P2JW083000-6-A00100-17FFFF5178F

****** WEDNESDAY,MARCH 24, 2021 ~VOL. CCLXXVII NO.68 WSJ.com HHHH $4.00

DJIA 32423.15 g 308.05 0.9% NASDAQ 13227.70 g 1.1% STOXX 600 423.31 g 0.2% 10-YR. TREAS. À 13/32 , yield 1.637% OIL $57.76 g $3.80 GOLD $1,724.70 g $13.10 EURO $1.1851 YEN 108.58 Boulder Mourns Victims as Suspect Is ChargedWith Murder Intel Sets What’s News Strategy To Speed Business&Finance Its Chip ntel’snew CEO is fast Itracking effortstorevive the semiconductor giant Revival with abroad plan that mixes increased outsourcing with acommitment to spend $20 Semiconductor maker billion on newfactories. A1 earmarks $20 billion  Powell, in a joint appear-

ancewith Yellen on Capitol GES to expand U.S. plants, Hill, said he doesn’t expect IMA will boost outsourcing the $1.9trillion stimulus package will lead to an unwel- GETTY SE/ BY AARON TILLEY come increase in inflation. A2  U.S. stocks ended lower Intel Corp.’snew chief exec- afterthe testimonybyPowell ANCE-PRES utiveisfast tracking effortsto FR and Yellen, with the S&P 500, revivethe semiconductor gi-

Dowand Nasdaq losing 0.8%, ENCE ant with abroad plan that AG

0.9% and 1.1%, respectively. B11 Y/ mixes increased outsourcing with acommitment to spend

 Robinhood Marketsfiled NNOLL $20 billion on newfactories paperworkwith the SEC for CO that could help addressa what is suretobeone of the ON global chip shortage. year’s most eagerly awaited JAS IN MEMORY: People gather foracandlelight vigil Tuesdaynight to honor the 10 victims killedMondaybyagunman at a Pat Gelsinger said Tuesday initial public offerings. B1 Boulder,Colo., supermarket.The 21-year-old suspect waschargedwith 10 countsoffirst-degree murder.A4 that Intel would rely more  GameStop’s sales fell heavily on third-party chip- slightly during itsimportant making partners, including for holidayquarter as coronavi- some of itsmost cutting-edge rus-related closingsweighed processors, starting in 2023. on the videogame retailer. B1 Biden Calls forNew Gun Laws But the newCEO,onthe job alittle morethan amonth,  Pfizer aims to expand its said Intel wasn’t abandoning vaccine businessbybecom- itshistoric rootsofbeing both ing aleader in the newgene- adesigner and manufacturer based technologybehind its As ShootingsRekindle Debate of chips and would retain successfulCovid-19 shots. B1 most production in-house.The  Hartford’s board unani- company, he said, also is re- mously rejected an unso- BY KRISTINA PETERSON expand background checks.He intensified along-running de- tle to addressgun violencebut newing efforts to make chips licited proposal by Chubb also called on Congresstoban bateonCapitol Hill about how would infringeonSecond forothersand targeting cus- to acquire the Connecti- WASHINGTON—President assault-style weapons such as to prevent such violenceand Amendment rights, underlining tomerssuch as Apple Inc.and cut-based insurer. B1 Biden called fortightening gun thekind used by the Boulder, moving it to the topofthe new the starkly different stances of chip rival Qualcomm Inc. laws afteradeadly shooting at Colo., suspect, who wasidenti- president’sagenda. the parties in the faceofde- To underpin those manufac-  Amazon.com tapped asupermarket in Colorado,re- fied Tuesdayas21-year- “I don’t need to wait another cades of massshootings. turing ambitions,Intel plans Adam Selipsky to become viving debateonCapitol Hill old Ahmad Al Aliwi Alissa. minute, let alone an hour,to “Everytime there’sashoot- to build two newchip facto- the next CEO of its cloud- and increasing pressureon TheMondayafternoon take common sense steps that ing we playthis ridiculous the- ries, commonly referred to as computing business. B4 Democratsasthey weigh trying shooting,inwhich 10 people will save lives in the future,” ater wherethis committeegets fabs— short for fabrication—  Musk,whose Tesla is on to changeSenaterules to more died, came lessthan aweek af- Mr.Biden, aDemocrat, said. together and proposes abunch at existing facilities in Ari- the defensiveinChina, easily passtheir priorities. teragunman opened fire at TheWhiteHouse said he was of laws that would do nothing zona, Mr.Gelsinger said, with praised the country’splans Mr.Biden urgedCongressto spas in the Atlantaarea, killing also contemplating unspecified to stop these murders,” said production from the $20 bil- to tackle carbon emissions. B3 passlegislation approved by eight people.The pair of kill- executiveactions. Sen. TedCruz(R.,Texas), a lion, multiyear investment due theHouse earlier this month ings, afteralull in such attacks Republicans said manyDem- member of the JudiciaryCom- to start therein2024. Intel  An ex-oil trader at Glen- that would among other things during the pandemic,swiftly ocratic proposals would do lit- PleaseturntopageA4 PleaseturntopageA2 core was charged with ma- nipulating fuel-oil prices. B5 Rally Performancesince theend of theprevious bull market World-Wide March 23, 2020 Feb. 12 U.S. Questions Shifts 50% Start of currentbull run Nasdaq peak  Biden called fortighten- One Year ing gunlawsafter adeadly Nasdaq AccuracyofDatafor Composite shooting at asupermarket in Later Colorado,reviving debateon 25 Capitol Hill and increasing The U.S. stock S&P500 AstraZenecaVaccine pressureonDemocratsas market bottomed they weigh trying to change out one year 0 Senaterules to moreeasily ago. At the time, LONDON—AstraZenecaPLC U.S. trials that the drug com- passtheir priorities. A1 few could have said it would updateand reis- pany might have used out-of-  Policeidentified a21-year- imagined the sue later this week efficacy date information in its public old man from aDenversuburb recovery that the –25 data from human trials of its disclosure of the vaccine’s ef- as the suspect in the killing market has seen fectiveness. Theday before, of 10 people in the Boulder since then, By Jenny Strasburg, AstraZeneca released interim attack. He was charged including 34 Thomas M. Burton data from alarge-scale U.S. with 10 countsofmurder. A4 record-highs for –50 and Joseph Walker trial that it said found its 2020 ’21  AstraZeneca said it the S&P 500 since Covid-19 vaccine to be 79% ef- last year’s low. B1 Source:FactSet Covid-19 vaccine afterU.S.of- fectiveinpreventing symp- would updateand reissue ficials took the rare moveof tomatic disease. efficacydatafromhuman publicly questioning their ac- Theresultsserved as a trials of itsCovid-19 vaccine curacy—the latest misstep by short-lived vote of confidence afterU.S.officials took the rare moveofpublicly ques- the British drug giant as it in the shot, which has been struggles to getits shot into cloudedbyuncertainty over tioning their accuracy. A1 Nigerian Gangs’ Brutal Business: American arms. previous, confusing efficacy  Hospitals are pressing TheNational Instituteof PleaseturntopageA6 the Biden administration to Kidnapping Schoolchildren Allergy and Infectious Dis- payout the remaining relief eases said Tuesdayithad been  Pfizer to expand vaccine funds that Congressgranted informed by the independent business using mRNA...... B1 last year to cover financial data-monitoring board work-  Heard on the Street: Data losses from the pandemic. A7 Criminals earn millions in ransom and further destabilize region ingwith AstraZenecaonthe snafu likely to linger...... B12  Netanyahu appeared to hold aslight edgeoverhis rivals in exit polls forIs- BY JOE PARKINSON AND GBENGA AKINGBULE the terrified hostages from the Federal College of Forestry, sitting shirtlessinaforest clear- rael’s election,but the pro- KADUNA,Nigeria—Thekidnap forransom ing,asum equal to around $1 million. Masked jections indicated that there businessisbooming acrossnorthern Nigeria, men wielding Kalashnikovs paced among the Salesforce. would be no clear winner. A8 and schoolchildren areits hottest commodity. 39 students—mostly young women—then be-  North Korea launched Just beforemidnight on March 11 gunmen gantohit them with bullwhips. several short-rangemissiles bargedintoaschool around 300 yardsfroma “Our lifeisindanger,” awoman screamed. #1 CRM. over the weekend, U.S. offi- militarytraining collegeinKaduna stateand “Just givethem what they want.” cials said, marking ashow seized dozens of students from their dormito- On March 13,the Nigerian armyfoiled an at- of defianceagainst Biden ries.Ittook lessthan 12 hoursfor the captors tempt to kidnap 300 morestudentsataboard- Ranked #1 for CRM Applications basedon and his administration. A9 to issue anow familiar demand, through a ing school lessthan 50 miles away.The follow- IDC 2020H1 Revenue Market ShareWorldwide. grainyvideo posted on Facebook. ing day, children were among agroup of 11 19.8%  Senior WhiteHouse offi- “They want 500 million Naira,” said one of PleaseturntopageA10 cials arevisiting Mexicoand Guatemala this week in abid to curtail asurge of migrants at theU.S.southern border. A3 INSIDE Farewell, Dancing Snoopy—  More packages, higher Hallmark Ends E-Cards prices and alonger window to deliver first-classmail un- iii derpin the Postal Service’s 10-year overhaul plan. A4 Sentimental fans rue loss of digital 5.3% 4.8% CONTENTS Personal Journal A11-12 greetings; ‘I was so upset’ 3.9% Arts in Review... A13 Property Report... B6 3.8% Business News.. B3,5 Sports...... A14 Crossword...... A14 Technology...... B4 BY SHARON TERLEP birthdays to Fridays.Nomore Heard on Street.B12 U.S. News...... A2-4,7 saxophone-playing Santa. No 2016 2017 2018 2019 2020H1 Markets...... B11 Weather...... A14 Eriq Fields gotanemail more animated Maxine,the Source: IDC, Worldwide Semiannual Opinion...... A15-17 World News.A8-9,18 from Hallmark Cards last week wisecracking,curmudgeonly SoftwareTracker,October 2020. that wasn’t heartfelt or funny. senior citizenwith her own > PERSONAL JOURNAL The111-year-old greeting- line of cards. Newly vaccinated card companywas shutting “I wassoupset when Isaw grandparents are down itse-cardserviceatthe it,” said Mr.Fields,a48-year- salesforce.com/number1CRM end of April. old global manager for a tele- getting together with CRM market includesthe followingIDC-defined functional markets:Sales ForceProductivity andManagement, No more emails with danc- comcompanywho lives in MarketingCampaign Management, Customer Service, Contact Center,Advertising,and Digital Commerce s 2021 Dow Jones & Company, Inc. Applications. ©2020salesforce.com, inc. Allrightsreserved.Salesforce.comisaregisteredtrademark of All Rights Reserved their grandchildren. A11 ing Peanutscharacterstocele- Richardson, Texas.“It threw salesforce.com, inc.,asare other namesand marks. bratehappy occasions from PleaseturntopageA10 P2JW083000-4-A00200-1------XA

A2 | We dnesday, March 24, 2021 **** THE WALL STREET JOURNAL. U.S. NEWS Powell Says Stimulus Isn’t Inflation Threat

BY PAUL KIERNAN to keeping the public’sexpecta- Thecentral bank last year packages,could fuel excessive on the $454 billion provided by trying to understand what all AND KATE DAVIDSON tions forfutureinflation under approved amajor shiftinhow inflation. Some critics in the the Treasurytosupport emer- this means,” Mr.Powell said, control, as they have been for it setsinterest rates, dropping past worried that the Fed’spol- gencyFed lending programs noting manylarge banks and WASHINGTON—Federal Re- decades,and that he didn’t be- itslongstanding practiceofpre- icies of keeping rateslow and under terms of the March 2020 industrial firms arevoluntarily serveChairman Jerome Powell lieveaone-time spending surge emptively lifting them to head buying bonds would encourage pandemic relief act. Most of engaged in similar analyses.“It told lawmakershedoesn’t ex- that leads to temporaryprice off higher inflation. TheFed is the federal government to bor- thoseprograms lapsed at the clearly canhavelonger-term pect the $1.9trillion stimulus increases would changethose nowaiming foraverage infla- rowand spend morethan oth- end of last year,and lawmakers implications—for our economy, package will lead to an unwel- expectations. tion of 2% over time,while also erwise,inflating government instead used the hearing to forour financial system and for come increase in inflation, but Thecentral bank leader pursuing itsgoal of maximum debts. Other critics saythe question thetwo policymakers the people that we all serve— he emphasized that the central made the remarks Tuesdayat employment. Fed’spolicies contributetoin- about issues ranging from cli- andIthink our obligation is to bank hastools to deal with ris- his firstjoint appearancewith Theconsumer-priceindex equality by pushing up prices of matechangetobudget deficits trytounderstand that.” ing pricepressures if necessary. TreasurySecretaryJanet Yellen rose by 1.7% in the year ended to the economic outlook. Republicanlawmakersalso “Wemight see some upward on Capitol Hill, wherethey tes- February,the latest sign of an Republicans homed in on an challenged Ms.Yellen on the pressureonprices.Our best tified on the government’span- upswing in prices afternearly a The U.S. central emerging effort among U.S. fi- Biden administration’splan to viewisthat the effect on infla- demic relief efforts. Both Mr. year of muted overall inflation nancial regulatorstoaddress raise taxestopay for an infra- tion will be neither particularly Powell and Ms.Yellen said they as the pandemic subdued con- bank is in no hurry risksstemming from climate structureand economic pack- large nor persistent,” he said continue to expect astrong eco- sumerspending.Coreprices, to change its easy­ change.The Fedrecently cre- age that could cost as much as Tuesday, reiterating comments nomic rebound this year as the which exclude volatile food and ated acommitteetostudy the $3 trillion. “It’sprettysimple: he has made repeatedly since vaccine distribution accelerates, energy costs, were up 1.3%. money policies. implications of climatechange If youcut taxes, youincrease themeasurewas enacted ear- social distancing measures ease Yields on Treasurysecurities forfinancial institutions and in- jobs.Ifyou raise taxes, you lier this month. and economic activity picks up. have risen on expectations that frastructure. Ms.Yellen has cost jobs,” said Rep.Roger Wil- Critics of the stimulus have But they emphasized the recov- strong economic growth fueled floated the idea of climate-re- liams (R., Texas), who owns an said it will cause asurge of eryisfar from complete. by stimulus measures and vac- assets, such as stocks,that are lated stress testsfor financial autodealer valued in financial consumer spending that will TheFed has held itsbench- cinations could push inflation owned mainly by the affluent. institutions. disclosures at morethan $50 coincide with an improving mark interest rate near zero higher.The yield on the bench- Tuesday’shearing beforethe Rep.Bill Posey (R., Fla.) said million. economytostoke consumer- sincethe effectsofthe Covid-19 mark 10-year Treasurynote, a House Financial Services Com- the pursuit of climate-change Ms.Yellen said President Bi- priceincreases.The measure pandemic slammed the U.S. key gaugeofborrowing costs mitteewas Ms.Yellen’sfirst mitigation measures “threatens den’spost-pandemic plans will includes $1,400 paymentsto economyayear ago. Mr.Powell throughout the economy, re- sincebeing sworn in as Trea- affordable energy and our re- likely need to be paid forwith most Americans and enhanced has said repeatedly in recent cently rose above1.7%for the surysecretary. She and Mr. cently acquired energy inde- taxincreases,such as returning unemployment benefitstodeal weeks that the Fedisinno firsttime sinceJanuary2020. Powell aredue to testifyagain pendence” and pressed Ms.Yel- the corporatetax rate to 28%. with the effectsofthe corona- hurrytochangeits easy-money Some economists and ana- beforethe SenateBanking len and Mr.Powell on the But she said those changes virus pandemic. policies until it attains itsgoals lystsworrythat the Fed’spoli- CommitteeonWednesday. purpose of testing banks’ vul- wouldn’t come until the pan- Mr.Powell said that the Fed forhigher inflation and a cies,particularly combined Thetwo officials arere- nerability to climaterisks. demic is over and would ulti- remained strongly committed strong labor market. with the recent large spending quired to testifyonceaquarter “It’sreally very early days in mately help theeconomy.

U.S. WATCH don’t have agood historyof Intel Sets working with customerslike that,” Bernstein Research ana- lyst Stacy Rasgon said. Plan for Intel, the largest U.S. chip maker by sales,had fallen out of favorwith investorsafter a Revival series of missteps.Graphics- chip maker Nvidia Corp.over- took Intel last year as the larg- ContinuedfromPageOne est U.S. chip companyby also said that within the year market valuation. Nvidia’s it would detail further expan- stock more than doubled last sion plans. year amid pandemic-fueled “Weare back with aven- salesoflaptops and video- geance,” Mr. Gelsinger said in games.Intel’sshares retreated an interview. 17%, though the stock has ral- Wall Street cheered the lied about 20% sinceIntel said plan. Thestock rose morethan in January that Mr. Gelsinger 6% in after-hours trading. would become CEO.

S “This putsthem in the best Intel’swoes dateback sev- position to getout products eral years. Thecompanyfell PRES that arecompetitiveasquickly behind Asian rivals after re- TED

CIA as possible,” Wedbush Securi- peated manufacturing mis-

SO ties analyst MatthewBryson steps.Apple also dropped Intel AS said, while cautioning “it’sgo- as achip supplier forsome Mac ing to be a long-term process computers, and the chip maker ESMAN/ to getIntel back to whereit has suffered market-share TAT once was.” losses and faced apush by ac- Concerns about the robust- tivist investor ThirdPoint LLC

ERICAN-S ness of the U.S. chip industry forstrategic changes.The com-

AM have growninWashingtonover panysaid in Januarythat it

TIN the past couple of yearsaspro- wasparting ways with CEO US

/A duction shiftedtoAsia. Those Bob Swan and hiring Mr.Gel- worries intensified in recent singer as hissuccessor. NNER

JA months amid aglobal compo- Intel’slateststumbles were Y

JA nent shortage. Car makers, in tied to itsso-called 7-nanome- BIG LOSS: Buildings were in ruins in Bertram, Texas, on Tuesday following a storm the night before. More severe weather was particular,havefelt the impact, tersemiconductors, aterm forecast to begin Wednesday night in parts of Arkansas and Louisiana, and then move into Tennessee, Mississippi and Alabama. causing them to idle some of that loosely describes perfor- theirproduction capacity. MINNEAPOLIS WASHINGTON CALIFORNIA OBITUARY President Biden pledged last month to fixthe chip shortages The company All Jurors Selected Senate Confirms Marine Commander George Segal, Actor and ordered areview to iden- In Ex-Officer’s Trial OMB DeputyDirector Fired Over Sinking In Film, Sitcom Roles tifyways to strengthen supply intends to rely more chains in critical fields such as on third­party chip­ After 11 days of questioning, The Senate on Tuesday A U.S. Marine Corps com- George Segal, the banjo semiconductors. Chip makers lawyers Tuesday finished select- voted63-37 to confirm mander was fired Tuesday fol- playerturned actor who was broadly welcomed the move, making partners. ing a 15-person jury panel in the Shalanda Young, alongtime con- lowing an investigation into the nominatedfor an Oscar for though warned therewas no trial of the former Minneapolis gressional staffer,asdeputydi- sinking of an amphibious assault 1966’s“Who’sAfraid of Virginia quick fixtocurrent supply bot- police officer accused of murder rector of the OfficeofManage- vehicle in the ocean off South- Woolf?” and starred in the ABC tlenecks.The U.S. industryhas in the death of George Floyd. mentand Budget. ern California that killed nine sitcom“The Goldbergs,” died argued foryearsthat the fed- manceand refers to how The group that will hear the PresidentBiden is planning service members last year. TuesdayinSanta Rosa, Calif., his eral government hasn’t suffi- densely transistorsare packed case against Derek Chauvin is to name Ms. Young acting direc- Col. Christopher J. Bronzi was wifesaid. He was87. ciently supported what it says on achip.Mr. Gelsinger said made up of 12 jurors and two al- torofthe officeafter his first relieved of command of the 15th Mr.Segal died of complica- arecritical chip-building ca- development of that chip was ternates. One extra person was choicefor the job, Neera Marine Expeditionary Unit by Lt. tions from bypasssurgery,Sonia pacities,including financial in- progressing well afterthe chosen in case one of the Tanden, withdrew amid criticism Gen. Steven R. Rudder, com- Segal said in astatement. ducementstobuild plants. companymodified itsproduc- seated jurors needs to be ex- of her pastcomments on social mander of U.S. Marine Corps AnativeofGreat Neck, N.Y., TheU.S.now accountsfor tion process. Thecompany cused between now and opening media. Forces, Pacific, a statement said. Mr.Segal wasalwaysbest about 12% of global semicon- aims to enter the final design arguments, which are scheduled The WhiteHouse has said it Gen. Rudder relieved Col. known as acomic actor but his ductor-manufacturing capac- stagefor the chip this year, for Monday. That extra person is searching forapermanent Bronzi “due to a loss of trust most famous role wasinahar- ity,downfrom37% in 1990 as with chips available to cus- will otherwise be dismissed, said OMB director,and some Demo- and confidence in his ability to rowing drama, “Who’sAfraid of other countries have subsi- tomers in 2023. Judge Peter Cahill. cratsclose to Mr.Biden have command,” the statement said. Virginia Woolf?” dizedgrowthoftheir chip Intel also said it had struck The court said the 15 were urged him to elevate Ms. Young The amphibious assault vehi- The entirecastofthe film, makers, according to the acollaboration with Interna- chosen from an initial jury pool to thatrole. cle had 16 people aboardwhen it based on Edward Albee’sac- Semiconductor IndustryAsso- tional BusinessMachines of 326, with lawyers questioning The OfficeofManagement sank rapidly in 385 feet of water claimed play, wasnominatedfor ciation, a trade group. Corp.around elementsof more than six dozen in court and Budget is an arm of the off the coastofSan Clemente Is- AcademyAwards: Elizabeth Tay- “Everyindustryneeds more chip design in abid to speed over the past few weeks. WhiteHouse tasked with craft- land on July 30, while it wasre- lor and RichardBurton forstar- semi capabilities,” said Mr. manufacturing innovation. The case against Mr. Chauvin ing the president’sbudget re- turning to aNavyship. Seven ring roles, Sandy Dennis and Mr. Gelsinger, who rejoined Intel Mr.Gelsinger also said the is the first stemming from the questtoCongressand analyzing Marines were rescued. One Ma- Segal forsupporting perfor- afterserving as the company’s companywould topits first- May 25 death of Mr. Floyd, a proposed regulations. rine waspronounced dead at the mances. The women wonOs- chief technologyofficer during quarter guidanceissued ear- Black man, which sparked pro- Ms. Young built relationships scene and the bodies of seven cars, the men didn’t. a prior stint. lier this year forsales and tests around the country over with lawmakers of both parties Marines and aNavyhospital To younger audiences, he was Intel, he said, is bidding on earnings. Sales arelikely to race and police violence. Mr. while serving as staff director corpsman were laterrecovered betterknown forplaying maga- aPentagon contract to build a reach $76.6 billion this year. Chauvin faces charges of sec- of the House Appropriations by an underwater team. zine publisher Jack Gallo on the commercial fab to meet U.S. That is down from arecord ond-degree murder—uninten- Committee. She playedalead In October,Lt. Col. Michael J. NBC series “JustShootMe” government security needs. $77.9billion in 2020,but Wall tional, while committing a felony; role in helping to reach acom- Regner wasrelievedofcommand from 1997 to 2003 and as Under itsenhanced out- Street had been expecting third-degree murder; and sec- promise in January 2019 that of the landing team of the First grandfather Albert “Pops” Solo- sourcing plan, Intel would ask sales of about $72.7billion, ond-degree manslaughter. He ended the longestgovernment Battalion, Fourth Marine Regiment, mon on the “The Goldbergs” others—including Taiwan according to analystssur- has entered a plea of not guilty. shutdown in U.S. history. 15th Marine Expeditionary Unit. since2013. Semiconductor Manufacturing veyedbyFactSet. —Erin Ailworth —Andrew Restuccia —Associated Press —Associated Press Co.and Samsung Electronics Co.—tomakecrucial compo- One-yearshareand index nentsofits chips.The move performance THE WALL STREET JOURNAL takesadvantage of adesign CORRECTIONS  AMPLIFICATIONS 120% (USPS 664-880) (Eastern Edition ISSN 0099-9660) approach Intel and others (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) have embraced: making semi- Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036 100 PHLX Theunleavened bread tanic Garden wasgiven incor- conductorsinaLego-brick-like Semiconductor Published daily except Sundays and general legal holidays. eaten on Passover, matzah, is rectly as Brooklyn Botanical manner.Mr. Gelsinger said the Periodicals postage paid at New York, N.Y., and other mailing offices. Index made usingflour and water, Garden in aMansion article on companywould, in some Postmaster: Send address changes to The Wall Street Journal, 80 200 Burnett Rd., Chicopee, MA 01020. with no yeast. In aReview ar- Fridayabout the NewYork cases,outsource the core com- ticle Saturdayabout Passover, City market. ponents of its central proces- All Advertising published in The Wall Street Journal is subject to the applicable rate card, 60 copies of which are available from the Advertising Services Department, Dow Jones & Co. Inc., the statement that matzah sors, the brain of a computer. 1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the right not to contains yeast, which is pre- Noticetoreaders Intel has pushed to build accept an advertiser’s order. Only publication of an advertisement shall constitute final vented from rising by adding Wall Street Journal staff chips forothersbefore, but 40 acceptance of the advertiser’s order. salt, referred to the matzah membersare working re- failed to draw significant busi- Letters to the Editor: Fax: 212-416-2891; email: [email protected] Intel eaten by the Israelites in the motely during the pandemic. ness. Mr. Gelsinger said Intel Need assistance with your subscription? 20 By web: customercenter.wsj.com; By email: [email protected] book of Exodus, based on the Forthe foreseeable future, wasmorefocused this time By phone: 1-800-JOURNAL (1-800-568-7625) author’s analysis of the bibli- please send reader comments and had already attracted “ex- Reprints &licensing: By email: [email protected] |Byphone: 1-800-843-0008 cal text. only by email or phone, using traordinaryinterest” from 0 WSJback issues and framed pages: wsjshop.com the contactsbelow, not via companies and governments Our newspapers are100% sourcedfromsustainably certified mills. The name of Brooklyn Bo- U.S. Mail. in what it was offering. –20 There are doubters the 2020 2021 GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS Readers can alert The Wall Street Journal to any errors in news articles by companywill succeed this time emailing [email protected] or by calling 888-410-2667. making chips forothers. “They Source:FactSet P2JW083000-4-A00300-1------XA

THE WALL STREET JOURNAL. **** We dnesday, March 24, 2021 | A3 U.S. NEWS U.S. Presses Mexicoon Border Surge

Officials visit for talks daybyhundreds of Mexican immigration agentsand Na- with the number of tional Guardofficersnear Mex- halted migrants on ico’ssouthern border showed that the enforcement efforts pace for 20-year high were focused on stopping mi- grants from reaching the U.S. Senior WhiteHouse offi- beforethey come close. cialsare visiting Mexicoand Mexico’slatestenforcement Guatemala this week in a bid campaign comes as the Biden to curtail a surge of migrants administration agreed to sup- at the U.S. southern border ply itssouthern neighbor with that is raising pressurefor the 2.7million doses of AstraZen- Biden administration to take eca’sCovid-19 vaccine,are- more aggressive measures. quest that represented aprior- ity forthe Mexican By Santiago Pérez government, Foreign Minister in Mexico City and Marcelo Ebrardsaid last week. Michelle Hackman “The U.S. also has common in Washington concerns with us,” he added, referring to migration.

The high-level meetings to U.S. Border Patrol agents GES

discussmigration and devel- made about 97,000 arrests of IMA opment in southern Mexico migrants crossing the border and Central America come as illegally in February, the most GETTY apprehensions at the U.S.- since2019,when therewas Mexico border are on pace to also asurge in U.S.-bound mi- MOORE/

hit highs not seen in 20 years. gration. Recordnumbersof JOHN “Expectations were created unaccompanied minors cross- Asylum seekers, most from Honduras, walked toward a U.S. Border Patrol checkpoint Tuesday near Mission, Texas. that with President Biden’s ing the border have posed the government there would be a greatest problem for U.S. im- how both countries are going viser on border issues,and bettertreatmentofmigrants,” migration authorities. to ensureaccesstoprotection Juan González, the National Mexican President AndrésMa- Thegovernment has appre- for people at risk.” Security Council’ssenior di- nuel López Obrador said at a hended an average of 523 un- TheBiden administration rector for the Western Hemi- news conferenceTuesday. accompanied minorsaday has rejected requestsfromre- sphere. They metwith Mr.Eb- “This has caused Central over the past three weeks,ac- portersand photographers, in- rard and senior Mexican American migrants, and also cording to an internal U.S. cluding from The Wall Street Foreign Ministryofficials to from our country, to want to Customs and Border Protec- Journal, to visit sheltershous- discussinternational coopera- crossthe border thinking that tion document seen by The ing unaccompanied children. tion fordevelopment and it is easier to do so.” Wall Street Journal. At that Rep.HenryCuellar (D., Texas) mechanisms for “orderly and TheBiden administration is rate,March would be arecord released photos this week safe” migration flowsinthe nowleaning moreonMexico’s month with some 16,000 en- from inside one such facility in region, including the protec- authorities to turn migrants counters. Texas showing makeshift, tion of migrant children, the back beforethey canreach the “It’sclear that the center of crowded conditions. ministrysaid in astatement. U.S. border.The government the U.S.-Mexicorelationship “Morehas to be done to ad- TheWhiteHouse said Mr. of Mr.LópezObrador an- focuses on migration and en- dressthis growing humanitar- González will travel to Guate- nounced last week restrictions forcement,” said Maureen ian crisis,” Mr.Cuellar said on mala with Ricardo Zuniga, the on nonessential travel across Meyer,director forMexicoand Twitter Monday. State Department’sNorthern itsborder with Guatemala, a Migrant Rightsatthe non- TheU.S.delegation is led Triangle special envoy,to measureitsaid wastocontain profit WashingtonOfficefor by RobertaJacobson, aformer meet with senior Guatemalan the Covid-19 pandemic. Latin America. “What’s miss- U.S. ambassador to Mexico government officials and non- But aparade conducted Fri- ingfromthis conversation is and the WhiteHouse’stop ad- government organizations. BostonHas FirstBlack, Female Mayor

BY JON KAMP on the city council in 2017, beating acrowded field. She Boston’snew acting mayor, hasalong background as a Kim Janey,onMondaynight community organizer and edu- became the firstwoman and cation advocate, including sev- Black person to lead NewEng- eral jobs with the nonprofit land’slargest city. Massachusetts Advocatesfor

The recent city council JOURNAL Children. president succeeded second- Shesaid she hasn’t decided Be TheBreeze REET

term mayorMarty Walsh fol- ST whether to runfor mayorthis

lowing his U.S. Senate confir- LL November.The race has al- WIND CHIME HOOPS

WA 18KGOLD, ROSE CUTDIAMONDS mation MondayasLabor ready drawnaracially diverse

secretary and his resignation THE list of at least five candidates, R

from hiscity job.Ms. Janey’s FO includingthree other women

rise,aswell as the diverse AK whoserveonthe city council. slateofwomen and men com- CZ It waslessthan 12 years

YM PAULMORELLI.COM

peting forBoston’stop job in SZ ago, in 2009,when now-U.S.

November’s municipal election, NA Rep.Ayanna Pressley became NYC: 895MADISON (72ND&MADISON) YA PHL: 1118WALNUTSTREET

marks significant changes fol- KA thefirst Black woman elected lowing an unbroken string of KimJaneybecame mayorafter MartyWalsh’scabinet confirmation. to that council. But observers 212.585.4200 white, male mayors sinceBos- believed Boston, amajority-mi- tonwas incorporated as acity terajudgeordered the city’s schools or build wealth by nority city that has become 199 yearsago. schools to desegregate. Ms. owning property. morediverse in recent decades, “That’senormously impor- Janey,55yearsold, said she “I think morethan ever would soon see morechanges. tant given Boston’shistoryand faced people yelling racial thereisacall, ademand, to “Weknewthat it wasjust in whereBoston wasnolessthan slursand throwing rocks while look at history, to acknowledge due time that the next mayor 50 yearsago,” said Rev.Dr. she rode abus intoapredomi- it, to tryasbest we cantore- would clearly be an African- GregoryG.Groover Sr., the nantly whiteneighborhood pair the harms,and to move American or aperson of color,” pastor at theCharles Street when she was11. forward,” Ms.Janey said. Rev. Groover said. African Methodist Episcopal She said in an interview Sheautomatically became Wide-open mayoralcontests Church in Boston’s Roxbury that the city still faces many acting mayorwhen Mr.Walsh don’t come toooften in Boston. neighborhood, where Ms. challenges,including the leg- stepped down lateMondayfol- Mr.Walsh’spredecessor, DESIGN YOUR EXTERIOR AS AWIDER INTERIOR. Janey spent part of her child- acyofsegregated neighbor- lowing his Senateconfirma- Thomas Menino,served for20 hood. hoods and barriersthat made tion. She is expected to be years. Elections in the heavily He referred to the antibus- it harder forminorities to get sworn in on Wednesday. Democraticcity areofficially ing movement of the 1970s,af- their children intogood Ms.Janey firstwon aseat nonpartisan. President of Oregon State Steps Down

BY MELISSA KORN dents, including top athletes. he would need to provide a and follow up on outstanding “Therewas alack of effec- plan to the board“to rebuild questions, and make the con- Oregon State University’s tive leadership at the Univer- trust and relationships with sultant’s findings public. board of trustees voted to ac- sity with respect to Title IX,” the university community.” “I hear and acknowledge cept the resignation of Presi- the Husch Blackwell report BoardChair Rani Borkar youfeel that I’vebetrayed you dent F. King Alexander,saying concluded, saying the school’s said Tuesdaythat as the trust- as your university president,” Tuesdayhecouldn’t regain the investigations of and responses ees heardfromstudents, fac- Dr.Alexander said in avideo community’s trust in light of to complaintsofsexual harass- ulty and othersinrecent days, address released last Wednes- recent revelations about how ment and assault were at times it became clear that “rebuild- day. “I knowthat therewas his prior school, Louisiana ing trust is no longer possible.” moreIcould have done at LSU State University,mishandled “Simply stated, Dr.Alexander given the powerofmyoffice claims of sexual misconduct. His prior school, no longer has the confidenceof and the expectation of com- The law firm Husch Black- the OSUcommunity,” she said. munity members.” well issued a scathing report LSU, is accused of Dr.Alexander offered his On Tuesday, Dr.Alexander earlier this month highlighting mishandling writtenresignation on Sunday, said he offered his resignation major shortcomingsinhow proposing he step down “to allow us to move on,” and LSU’sleadership responded misconduct claims. April 1. Theboardvoted unan- wanted the school to be able to—or, rather, didn’t respond imously Tuesdaytoaccept the to focus on its students. to—allegations of sexual ha- resignation, rather than tryto At last week’s board meet- rassment and assault. Dr.Alex- fire him forcause and facepo- ing,Dr. Alexander offered a ander waspresident of LSU slowand superficial, and re- tentially costly and protracted candid and harsh assessment from 2013 to 2019, and he be- sourcesfor survivorsweren’t litigation. He will be on ad- of what he said was a broken gan at Oregon State last July. prioritized. Theproblems were ministrativeleave until his de- model at LSU, but he defended LSUhired the lawfirm to identified in athletics and parturedate, while settlement his effortstoimproveTitle IX conduct an independent inves- other partsofthe university. terms are finalized. education and reporting there. tigation afterUSA Todayre- Last Wednesday, Oregon Oregon State’s boardalso He said the school didn’t even ported in November that the State’s boardvoted 12-2 to said last week it would hirean have ageneral counsel’soffice school had mishandled sexual- placeDr. Alexander on proba- outside consultant to evaluate or full-time Title IX coordina- misconduct claims against stu- tion through June 1; by then, the Husch Blackwell report tor when he arrived. P2JW083000-4-A00400-17FFFF5178F

A4 | We dnesday, March 24, 2021 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X **** THE WALL STREET JOURNAL. U.S. NEWS USPS Plan Sees Big Shift in Service Riot-Case Judge Hits Ten-year proposal ducing coststoaccount forthe boardofgovernors, said in an of the Postal Service’smore precipitous decline in mail vol- interview. “They’vealso told than 640,000 workersare ex- aims to plug losses umes.The agencyhas lost us that theonly placeyou get pected to weigh in. So could Prosecutors and adapt to a world money in each of the past 14 money is from the sale of your big usersofmail and busi- years, including a$9.2billion product. Theonly way that cir- nesses,including e-commerce with fewer letters netlossinits latest fiscal year. cle squares is if we cancharge giant Amazon.com Inc., that ForTalking “The biggest changehereis alittle morefor our product.” have been lobbying against in-

BY PAUL ZIOBRO that we have agrowthplan,” S In tandem with higher prices, creases in postal rates.

AND JENNIFER SMITH Mr.DeJoy said in an interview. PRES the Postal Servicewill look to ThePostal Serviceplans to To Media The plan confronts the op- changethe servicestandardfor movemorefirst-classmail and

More packages,higher posite courses that two of its ZUMA first-classmail, allowing it to packages by truck instead of A/ prices and alonger windowto key businesses have been on take up to five days to arrivein- by plane, whereitrelies on BY ARUNA VISWANATHA deliver first-classmail under- foryears. Annual revenue /DP stead of three.Overthe past third-party carrierssuch as pin the U.S. Postal Service’s from first-classmail is down eightyearsthe Postal Service FedEx Corp., amoveitsays WASHINGTON—Afederal

plan over thenextdecade to morethan 36% since2007. JENNINGS hasn’t been hitting itstargetof will save money and improve judgeoverseeing one of the larg- overhaul the agency’sopera- Meanwhile,revenue from delivering first-classmail within delivery times. est Capitol riot conspiracycases AEME

tions and avoid morethan packages has nearly tripled in GR the window96% of the time. Shifting morevolumes to chastised prosecutorsTuesday $100 billion in projected losses. that period with the explosion Mr.DeJoy’splan calls forslower Widening that windowwill also ground would also improveeffi- forspeaking to the media about Theproposals,disclosed in online shopping. first-classmail and higher prices. allowthe Postal Servicetouse ciencybyusing morespacein the investigation, saying it could Tuesday, arepart of Postmaster “You can’t chase the mail morelower-cost ground trans- trailers, the agencysays.“We hurt the defendants’ ability to General Louis DeJoy’s strategy down,” Mr.DeJoy said. “You the influx of packages, and its portation to haul mail across have put way toomuch of our receiveafair trial. to improvereliability,modern- have to ride the growth up.” growth trailed the industry. thecountryinstead of paying cubic foot movement up on air,” “This case will not be tried in izeoperations and financially ThePostal Servicehas long To addressthe decline in forcostlier air transportation. Mr.DeJoy said, while trucks in the media,” U.S. District Judge overhaul the cash-strapped structured itsvast network first-classmail, Mr.DeJoy pro- Messrs. DeJoy and Bloom the Postal Service’snetwork are Amit Mehtasaid at abrief hear- agency. Theplan hinges on leg- around thesortation centers poses raising ratesonfirst-class said they were committedto running at around 35% full. ing he scheduled on short notice, islativerelief long sought by the and truck routes needed to mail faster than the Postal Ser- continuing mail deliveryatsix ThePostal Servicewill ask afterthe topprosecutor who un- Postal Servicetoease itsfinan- moveflat letters.Mr. DeJoy vicehas been allowedtointhe days aweek. Their plan also Congresstointegrateits retiree til recently has runthe investiga- cial burdens forretiree benefits said it has missed out on op- past. Previously,the upper limit doesn’tinclude widespread health plans with Medicareand tion gaveaninterviewtoCBS’s as well as spending to build out portunities to expand itspack- wastied to inflation, but the layoffs or closures of local rescind arequirement that the “60 Minutes,” which aired on the network to capitalizeonthe agebusinesswith morepro- Postal RegulatoryCommission Post Offices. agencyprefund itsemployee Sunday. growth of e-commerce. cessing sites and equipment last year gavethe agencymore Theproposal will be re- retirement benefitsdecades out In the interview, Michael Mr.DeJoy projectsthe moves betterattuned to moving boxes leeway to raise prices. viewedbyaCongressthat has intothe future. Mr.DeJoy’s Sherwin, who lefthis post as would help the agencybreak from one destination to the “The government has told been split along partisan lines predecessor had sought similar acting U.S. attorney forthe Dis- even over the next decade, next. During the pandemic,for us to break even, to be self- and so far unwilling to answer legislativechanges.Despite trict of Columbia this month, through acombination of boost- instance, the Postal Service’s sustaining,” Ron Bloom,chair- the Postal Service’scalls forre- some bipartisan support, none spokeabout the broader investi- ing itspackagebusinessand re- packagearm wasstrained with man of the Postal Service’s lief.Unions representing many have advanced in Congress. gation, including the sprawling case beforeJudgeMehtaagainst alleged membersofthe Oath Keepersmilitia. Mr.Sherwin Suspect Charged With 10 Counts of Murder largely echoed commentshe made at the outset of the inves- tigation and in news conferences since, including about the possi- BOULDER, Colo.—Monday identified member of the bility of some defendantsfacing afternoon wasquiet at the household wasupset with Mr. sedition chargesfor their actions King Soopersgrocery storeon Alissa forplaying with the gun in the Jan. 6riot. Table Mesa Drive. A smatter- and took it, his sister-in-law JusticeDepartment rules gen- ing of shoppersmeandered told police. erally bar prosecutorsfrom through the aisles.Several Investigators subsequently speaking publicly about ongoing determined he had purchased investigations,and some former By Dan Frosch, what they described as a Ru- agencyofficials criticized Mr. Zusha Elinson gerAR-556 pistol on March 16. Sherwin forgiving the interview.

and Chris Cumming AN/REUTERS An AR-style semiautomatic At the hearing,the judgesaid

CLAR pistol is asmaller version of he would issue agag order if he

waited forCovid-19 vaccina- MC the popular AR-style rifle that sawfurther statementsinthe

tions at the pharmacy. At the ON has been used in many of the pressabout the case.Heex- YS

Starbucks,Logan Smith AL deadliest mass shootings. pressed surprise at seeing both brewed a coffee for his friend Thesuspect also had a the interviewand aseparate and co-worker Denny Stong. GES; 9mm handgun on him, a law- NewYork Times article on Mon- Then aman burst through IMA enforcement official said. daythat reported, citing law-en-

the store’sfront doors, shout- GETTY “This cannot be our new forcement officials,that prosecu- ing,“There’sanactiveshooter normal. We should be able to tors were considering sedition NGE/

in the parking lot!” RA feel safeinour grocerystores. chargesinthe Oath Keepers

Mr.Smith, 20 yearsold, ST We should be able to feel safe case.“Iwill not toleratecontin- sprinted outside and sawa in our schools,inour movie ued publicity in the media that I CHET

heavyset man who was wear- P: theatersand in our communi- believeaffectsthe fair-trial ingagreen tactical vest and TO ties,” said U.S. Rep.Joe Neguse, rightsofthese defendants,” the OM

armed with asemiautomatic FR who representsBoulder,at judgesaid. gunshoot another man in the An FBI official at the scene on Tuesday in Boulder, Colo., a day after a gunman killed 10 people at a Tuesday’snewsconference. At the hearing,John Crabb, back.Mr. Smith ranback in supermarket. Mourners paid their respects at a memorial for the victims. He and other lawmakers who runs the criminal division in andfrantically called 911. He hailed as aheroOfficer Talley, the U.S. attorney’s officein looked up as the shooter en- to drivehis brother’s black 51, who had worked forthe Washington, said the JusticeDe- tered the store, walked up to Mercedes sedan to Boulder and BoulderPoliceDepartment partment had referred the cir- 25-year-old King Soopersman- open fire at theKing Soopers. since 2010. cumstances around the “60 Min- ager Rikki Olds and shot her Mr.Alissa passed other King “Aboveall else he loved his utes” interviewand the New point-blank, killing her. Soopersalong the way to the family and his Lord Jesus York Times report to itsofficeof He shot and killed Mr. Boulder supermarket, according Christ,” his father,Homer Tal- professional responsibility.He Stong, aged 20, as well. to alaw-enforcement official ley, said. said the internal watchdog “It felt likeadream,” Mr. briefedonthe investigation. Among the other victims would examine whether Mr. Smith said on Tuesday. “But at “I canpromise youwe’ll hold wasKevinMahoney,61, of Sherwin had followedappropri- the same time,itfelt like, OK, him accountable,” said Boulder Boulder.Hehad just walked his atedepartment procedures in this is happening.What if I County District Attorney Mi- daughter down the aisle at her agreeing to the interviewand in- died today?” chaelDougherty at aTuesday wedding last summer,she vestigatewho had spoken to the Over the next half-hour or news conference, noting the in- wrote in aTwitterpost. Times. so,21-year-old Ahmad Al Aliwi vestigation could take up to a Theother victims included “Asfar as we candetermine, Alissa strode silently through year to conclude. Neven Stanisic,23; Teri Leiker, those rules and procedures were thestore armed with an AR- Massshootings, which were 51; Suzanne Fountain,59; Lynn not complied with,” Mr.Crabb style gunand killed 10 people, aregular occurrenceinAmerica Murray,62; Tralona Bartkow- said,referring to Mr.Sherwin’s according to witnesses and po- alittle over ayear ago, slowed iak, 49; and Jody Waters,65. interview. Mr.Sherwin declined lice. Among the victims,rang- during the pandemic.Before ing his junior and senior years, Alissa is believed to have lived, Minutes beforethe massa- to comment. ing in age from 20 to 65, was last week’sAtlantamassage- according to aspokeswoman neighborssaid they sawheavily cre, Mr.Smith wastalking to Days afterthe Jan. 6attack, Eric Talley,afather of seven parlor killingsofeight people, forJeffco Public Schools. armed law-enforcement offi- Mr.Stong about their plans to Mr.Sherwin said he had as- andamong the firstBoulder about ayear had passed since He posted frequently over cers,including the Federal Bu- go shooting in the mountains signed ateam of senior national- police officers to arrive. the last shooting in apublic thepast two yearsonFace- reau of Investigation, question- outside Boulder this weekend. security prosecutorstobuild “se- Afterexchanging fire with placeinwhich four or more book about mixed martial arts ing residentsofthe home He never sawhis friend again. dition and conspiracycharges police,Mr. Alissa eventually people were killed, according to and, to a lesser extent, about Mondaynight and going inside. Mr.Smith said he was related to the most heinous acts surrenderedtoSWATofficers the ViolenceProject, amass- videogames,vacation photos Authorities questioned Mr. struck by the near totalsi- that occurred in the Capitol.” whohad breached the store. shooting database runbytwo and Islam. Alissa’ssister-in-lawathis lenceduring the attack.The TheBiden administration Shot in the leg,heasked to university professors. Mr.Alissa previously home Mondaynight, according quiet wasbrokenonly by spo- considered keeping Mr.Sherwin, speak to his mother,according Mr.Alissa wasborn in Syria, pleaded guilty to a2018 misde- to the arrest affidavit. The radic gunfire, shoutsfrompo- who wasnamed to the position to an arrest affidavit. He has according to his Facebook page meanor third-degree assault woman, who wasn’t identified liceofficersand the blareof by the Trump administration, in been chargedwith 10 countsof and alaw-enforcement official charge,according to aspokes- in the document, told police an automated messageonthe charge of the investigation into firstdegree murder and one briefed on the investigation. He woman forthe Jefferson she had seen Mr. Alissa play- store’spublic addresssystem, the Capitol riot, TheWall Street count of attempted murder. is anaturalized U.S. citizen, ac- County District Attorney.He ing with what looked likea repeating: “Meat department. Journal reported last month. The Investigatorsare still puz- cording to the official. He grad- wassentenced to probation, ac- “machine gun” two days ear- Call holding on line 101.” probe has led to morethan 300 zlingoverwhat led Mr.Alissa, uated in 2018 from Arvada cording to court records. lier,and that Mr.Alissa had —Erin Ailworth, Jim Carlton alleged riotersfacing charges. who lived some 20 miles away West High School, wherehe Outside alarge two-story remarked howhehad gotten a and Jim Oberman —Sadie Gurman contributed in the Denversuburb of Arvada, wasonthe wrestling team dur- home in Arvada whereMr. bullet stuck in the gun. An un- contributed to this article. to this article.

tories that disqualifythem weapons and ban high-capacity notjust gunsafety measures from Mr.Manchin and Sen. Pat votesneeded to eliminateit. Shootings from gunownership.But with- ammunition magazines have butviolenceincommunities.” Toomey (R., Pa.) that would Mr.Biden hasn’t advocated for out the support of 10 Senate failed in the Senateinprevious Gun-control groups have have expanded background getting rid of the filibuster but Republicans,those bills stand years. A1994law that banned urgedthe president to take ex- checks to all commercial sales, said last week that he supports Rekindle no chanceofbecoming lawun- such weapons and limited such ecutiveaction, including ap- including all sales advertised bringing back arequirement lessabipartisan deal is struck magazines expired in 2004 and pointing asenior aide tasked online andatgun shows.Cur- that senatorsmust be present or Democratsdecide to change wasn’t renewed. with gun-policyoversight and rently,the checks areneeded and talking on the floor to Gun Debate the chamber’s rules to require Mr.Biden, asked if he had pursuing stricter enforcement only forsales by federally li- block bills. asimple majority to advance enough political capital to of existing rules. censed dealers. TheHouse bill Many Republicans said legislation instead of 60 votes. SenateMajority Leader expands background checks to Tuesdaythat expanding back- ContinuedfromPageOne “Ifthe filibuster is the only Chuck Schumer (D., N.Y.)said nearly all sales but includes ex- ground checks wouldn’t help mittee, which held agun vio- thing that stops awildly popu- Democrats said they the Senatewould vote on the emptions forfamily members preventmanymassshootings lencehearing Tuesday. “What lar proposal from becoming House-passed legislation, al- and some temporarytransfers because the shootersoften happens in this committeeaf- law, then…it should be part of would bring up for though he didn’t specifywhen. while hunting or at ashooting successfully cleared aback- terevery massshooting is the conversation as to whythe votes the House­ He also didn’t indicatewhether range, forexample. ground check. Democratspropose taking rules need to change,” said Democratswould seek to lower Mr.Toomey said he was TheBoulder suspect bought away guns from law-abiding Sen. Chris Murphy(D.,Conn.), passed legislation. the threshold forpassing legis- talking to colleagues about the Ruger AR-556 pistol used citizens because that’stheir who became an outspoken pro- lation to just asimple majority whether they could tweak the in theattack on March 16,ac- political objective.” ponent of tightening gunlaws if no bipartisan agreement can Manchin-Toomey proposal to cording to his arrest affidavit. Democrats, who narrowly afterthe Sandy Hook elemen- be reached. garner bipartisan support. Some Republicans,including control the 50-50 Senate, said tary school shooting in his moveforwardongun-control On Tuesday, the House bills “We’re having preliminary Sen. Marco Rubio of Florida, Tuesdaythat they would bring statein2012. measures in Congress,said, “I appeared short of even getting conversations,and Ihope we have supported so-called red up forvotes the House-passed Mr.Murphysaid he was hope so.Idon’t know. Ihaven’t all Democratsonboard, with canget something acrossthe flag laws aimed at allowing legislation to expand back- talking to both Democratic and done anycounting yet.” Sen. JoeManchin of West Vir- goal line,but it’sverydiffi- courtstotemporarily take guns ground checks to nearly all gun GOP colleagues in hopes of TheWhiteHouse didn’t ginia, who had helped crafta cult,” he said Tuesday. from people deemed danger- sales and extend the window reaching an agreement. elaborateonwhich executive bill expanding background Democratshavebeen under ous. ManyDemocratssupport forbackground checks to 10 ProposalsfromSen. Dianne actions the president is con- checks in 2013,saying he didn’t pressurefromthe party’s left such measures but want to days from three days,with the Feinstein (D., Calif.) and others templating,but presssecretary support the House legislation. wing to take action against the passadditional safeguards. goal of flagging people with to ban the manufactureand JenPsaki said the administra- The Senate narrowly filibuster,but the party is at —Ken Thomas criminal or mental-health his- sale of certain semiautomatic tion waslooking to “address blocked that 2013 legislation leasttwo votesshy of the 51 contributed to this article. P2JW083000-0-A00500-17FFFF5178F

THE WALL STREET JOURNAL. We dnesday, March 24, 2021 | A5

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A6 | We dnesday, March 24, 2021 **** THE WALL STREET JOURNAL. FROM PAGE ONE

health problems similar to Drugmaker blood-clotting issues among a very small number of vacci- natedEuropeans had shown To Update up in U.S. trials. AstraZenecaexecutives saw the additional data in its trial Shot Data sincethe mid-Februarypoint as needing further review, the people said. They were caught ContinuedfromPageOne off-guardbyTuesday’searly- resultsand large-scale produc- morningannouncement from tion problems.Morerecently, U.S. officials.Based on an reported cases of rare blood analysis so far of all available clotting in Europe raised con- U.S. trial data, the people cerns about the vaccine’s said, the company’sviewis safety,though European regu- the efficacynumberspre- latorsfound no link between sented to U.S. regulatorswill the clotsand the drug,and rec- be within 1or2percentage ommended itscontinued use. pointsofwhat AstraZeneca TheU.S.trials also showedno made public on Monday. link between the clotting and TheNIAID statement wasa the vaccine,and the NIAID significant deviation from statement Tuesdaydidn’t raise what areusually carefully questions about that finding or scripted drug trial releases— other safety-related issues. done in coordination with

In the U.S.,the seven-day S medicine regulators and with

averageofnew coronavirus NEW regard to how they might af- cases fell slightly,to53,441. G fect public perception of Texas said it plans to expand safety,aswell as howthey

vaccine eligibility to all adults OOMBER might affect acompany’s starting next week,joining a /BL share price. number of states that have Dr.Fauci said the data- CHENG

rolled back restrictions. A monitoring boardfelt Astra-

As of Tuesday, 17.6%ofpeo- I-HW Zeneca’snewsrelease about ple aged 18 and older were The AstraZeneca vaccine was paused by some European countries after blood clots were reported, but a regulator found no link. the results on Monday didn’t fully vaccinated, according to reflect the most recent and ac- the federal Centersfor Disease curatedatathat boardmem- Control and Prevention. Antibody Drug Cuts pared with 3.2% of patients re- forCovid-19 patients to prevent hospitals. The data could also bershad seen, and, “They TheAstraZenecashot is be- ceiving placebos, Regeneron said severe disease and hospitaliza- eventually prompt influential ex- were concerned about it and ing rolled out widely outside Risks, Study Says Tuesday. Study subjects getting tion. The drugs aretargeted at pert panels convened by the Na- they were really quiteharsh the U.S.—including acrossEu- ahigher dose had asimilar risk patients early in the disease, tional Institutes of Health and about it.” rope,whereitisakey plankin reduction, the companysaid. when the virus is thoughttobe the Infectious Diseases Society He said abig factor in NI- its vaccination drive. Regula- Regeneron Pharmaceuticals Regeneron said it would seek most susceptible to treatment. of America to issue treatment AID’sdecision to put out a tors thereand in dozens of Inc. said its antibody drug re- FDAauthorization forthe lower The therapies have been guidelines recommending the statement wasthat the agency other countries have approved duced the risk of Covid-19 hospi- dose after it provedsimilarly ef- scantily used,however, because drug’suse. had earlier issued itsown the shot for use. The U.K. has talization or death by about 70% fectivetothe higher dose cur- of whatdoctors sayisacum- In November,the U.S. Food news release containing the administered morethan 11 in alarge clinical trial, the most rently available. The change bersome processfor administer- and Drug Administration cleared AstraZenecaclaims.“So,we million doses.Dr. Anthony definitiveevidenceyet thatthe would effectively double manu- ing them and alack of robust Regeneron’sdrug and another an- felt it wasabsolutely neces- Fauci, President Biden’stop medicine can aid recovery early facturing capacityofthe medi- clinical trial data proving their tibody treatment made by Eli Lilly sary that we make a nonpejo- medical adviser and the direc- in the course of disease. cine going forward. The data ha- effectiveness. &Co. fortreating people with rative, nonaccusatorystate- tor of NIAID, said Tuesday he Among subjects in alate- ven’tyet been published in detail The newstudy data released mild or moderatesymptoms of ment to say, ‘Hey,you better still thinks the AstraZeneca stage trial receiving alower or in apeer-reviewedjournal. by Regeneron on Tuesdaycould Covid-19 who areathigh risk of gettogether with the [data shot is a good vaccine. dose of the antibody drug, 1% Regeneron’sdrug is among a help boost enthusiasm forthe developing severe cases. monitoring board] and work NIAID said the independent were hospitalized or died, com- handful of therapies authorized medication among doctors and —Joseph Walker this out,’ ” he said. data monitoring board work- Once AstraZeneca includes ingwith AstraZenecaincon- the morerecent data, Dr.Fauci ducting itstrials raised con- dated information from that Zenecawhat number to use in off of Feb. 17.Itsaid that it monitoring boardsuggested added, the effect on the shot’s cerns about the company’s trial.” It said that could have anypublic disclosure, accord- would “immediately engage” AstraZenecadoaninterim reported 79% effectiveness disclosures and had urgedthe “provided an incompleteview ing to one of these officials, with the monitoring board to analysis from data as of Feb- will probably be modest. “At drugmaker to work with it to of the efficacy data.” and it wasadamant that the shareits analysis of “the most ruary, but also look at data it the end of the day, it’sstill a ensurethat the most accurate, According to senior U.S. of- number should notbemore up-to-date efficacy data.” As- had accumulated since then. good vaccine,” he said. up-to-dateefficacydatawould ficials familiar with the mat- than 75%. traZeneca said it would issue AstraZeneca, meanwhile, Theuncertainty over the be made public. ter, the datathat the monitor- AstraZeneca, whichdevel- results of that analysis in the felt under pressuretodisclose shot’sefficacydataclouds As- NIAID said the monitoring ing boardwas reviewing oped thevaccine in partner- next two days. some results of the U.S. trials traZeneca’stimeline foremer- board, an independentbody showed efficacy of about 70% ship with the University of Ox- Thetwo sides’ positions as soon as possible,even gencyuse authorization in the that works alongside adrug to 79%, a number that shifted ford,said in itsown statement over the trial datacontinued though they were preliminary, U.S. It had said it hoped to ap- company to conduct trials, daily based on newdata. In re- Tuesdaythat itsdisclosureon to diverge last week,accord- the people said. Thecompany ply to the Food and Drug Ad- “expressed concern that Astra- cent days,the monitoring Mondaywas based on an in- ing to people familiar with the wasunder pressureinEurope ministration forauthorization Zenecamay have included out- boardhad debated with Astra- terim analysis with adatacut- matter. On Friday, the data and beyond to show whether quickly.

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THE WALL STREET JOURNAL. We dnesday, March 24, 2021 | A7 U.S. NEWS Hospitals Seek Rest Of Relief Payments

BY STEPHANIE ARMOUR yettobeallocated, HHS said from $53 billion to $122bil- AND MELANIE EVANS Thursday. Legislation enacted lion, down 4% to 10% from pre- this month adds an additional pandemic levels, according to Hospitals arepressing the $8.5 billion forrural hospitals. an analysis by consulting firm Biden administration to pay TheBiden administration Kaufman Hall forthe American out the remaining relief funds has focused on ongoing distri- Hospital Association, atrade

that Congressgranted last butions to coverthe cost of group representing nearly CK year to cover financial losses treating uninsured patients 5,000 hospitals and providers. TO from theCovid-19 pandemic, and is reviewing the program Manyhospitals have said

saying it has been more than to ensurethat guidelines for the relief allocated by Con- SHUTTERS

threemonths sincethe gov- the additional funds comply gress wasn’t enough to cover A/ ernment’s last announcement with federal statutes, an HHS the financial hit from the pan- /EP of a large disbursement. spokeswoman said. demic,with Moody’s Investors URENT

Congresslast year approved Thepandemic has weighed Serviceanalystsprojecting the LA $178 billion to create a relief heavily on hospital finances. weak economyand lingering

fund forhealth providers.The Expenses forstaffing,drugs, fear of contracting the virus ETIENNE last announcement about pay- supplies and services such as will leave some patientsun- A doctor and nurses treated a Covid-19 patient at a hospital near San Diego in January. outs from the Department of sterilization have risen, while able to pay or keep some pa- Health and Human Services, revenue from electiveproce- tients from seeking care this with HHS on plans forthe rest lost revenue.” tween September and Decem- whichoversees the disburse- dures has declined. While the year, dragging down hospital of the funding,said TomNick- At the nonprofit Billings ber,hesaid. At the peak of the ments, was Dec. 17, when the year-end surge in Covid-19 revenues. els, executivevicepresident Clinic in Montana, payouts surge,Billingsincreased itsca- department said it would send cases mayhavesubsided, hos- Hospital groups said the forgovernment relations at from the relief fund have to- pacity by 20%, adding new about $24.5billion to 70,000 pitals’ operating costshavere- lack of asecretaryincharge of the AHA. taled $19.7 million, lessthan beds in itsflagship hospital health organizations. mained high with increased in- HHS mayhaveadded to delays “Congress fortunately pro- half the roughly $43 million andrenting additional space Hospital groups worrythat fection-control measures. in payments. The Senate only videdusasizable amount of loss that the three-hospital for patients. they haven’t had any commu- Moreover, the case count has confirmed California Attorney funding forhospitals and pro- system has seen, said Scott Thelast federal payment, nication about further dis- plateauedatalarge number General Xavier Becerraassec- viders last year. However, the Ellner,the clinic’schief execu- early this year, was $275,000, bursementssincethe Biden and infection rates are rising retary on Thursday, in the face need continues,” he said. tive officer. Dr. Ellner said. administration took office. in some states of opposition from Republican “Thereare places wherewe Expenses soared with high “It’sbeen difficult to main- Of the original $178 billion Losses in revenue for2021 lawmakers. have surgesofCovid patients, demand fortemporarynurses tain normal operations through fund, $24 billion, or 14%, was areprojected to be anywhere Hospitals areeager to work and hospitals experiencing as the pandemic surgedbe- this pandemic,” he said. White House Gets Help Selling Skeptics on Va ccines

BY STEPHANIE ARMOUR announcements, and the Covid ANascar spokeswoman said tracks to vaccination sites. publicly highlighted the impor- spokesman said this month AND SABRINA SIDDIQUI Collaborative, acoalition of the association has been work- “It’s critically important to tanceofvaccinations forwork- that it manufactures vaccine leadersineducation, health ing with the WhiteHouse on us that we,asanindustry, ersinthe food-supply chain. dosesusing “our engineered WASHINGTON—TheBiden andeconomics,announced a supporting vaccination efforts, continue to playameaningful Francis Collins, director of cell-line system” and didn’t administration is enlisting the campaign Tuesdaythat will including helping driverscom- role in the fight against the National Institutes of comment on the criticism. help of groups including the runduring time donated by Covid,” Nascar President Steve Health, this month appeared TheU.S.Conferenceof Christian Broadcasting Net- media acrossTVand digital Phelps said. on the Christian Broadcasting Catholic Bishops said this work Inc.and Nascar to en- media platforms. One public­service Theadministration also Network’sCBN News to en- month that the J&Jvaccine couragemorepeople to getthe The public-servicecam- urgedthe American Farm Bu- couragepeople to getthe vac- raises moral concerns beyond Covid-19 vaccine,particularly paign featuresvideos with a pitch features videos reau Federation, an insurance cine.Healso responded to those raised by vaccines made membersofcommunities that newWillie Nelson recording withanew Willie companyand lobbying group criticism of the vaccines by by Pfizer Inc.and Moderna have been the most skeptical. and athletes representing 13 representing the agricultural some abortion opponentswho Inc., which used such cell lines Theadministration aims to sportsleagues and organiza- Nelson recording. industry, to participate. In rural say shots were developed us- for initial testing, but not for use such organizations to help tions,including the National areas,31% of people said they ing fetalcell lines—cells origi- production. The bishops said persuade conservatives,one of Football League,Major League would definitely getthe vac- nating from electiveabortions that when Pfizer and Moderna the demographic groups that Baseballand the National Bas- cine,compared with 42% in ur- decades agothat aregrown in vaccines aren’t available, it is polls showhavesignificant re- ketball Association. municatetothe public what ban areas and 43% in suburban labs and used in confirmation morally acceptable to receive luctancetoget the coronavi- Aspokesman forthe Chris- getting the vaccine would mean areas,according to the Kaiser testing or development. the J&Jvaccine,but that a rus vaccine. tian Broadcasting Network to them. Thecompanyhas also Family Foundation. Zippy Du- Johnson &Johnson’svac- person given a choice should TheAdCouncil, anonprofit said the group welcomes the joined with stateand local gov- vall,president of the federa- cine has faced criticism forus- pick the Pfizer or Moderna that produces public-service Biden team’s effort. ernmentstoconvert their race tion, said his organization has ing such cell lines.AJ&J vaccine over J&J’s. Congratulations!ADVERTISEMENT

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A8 | We dnesday, March 24, 2021 NY ***** THE WALL STREET JOURNAL. WORLD NEWS Netanyahu Has Edge in Exit Polls Brazilian High Court Israeli premier looks set to win most seats Boosts but facesanother uphill fight to form coalition Da Silva

BY FELICIA SCHWARTZ BY SAMANTHA PEARSON AND DOV LIEBER AND LUCIANA MAGALHAES

TEL AVIV—Israeli Prime SÃOPAULO—Brazil’sSu- Minister Benjamin Netanyahu preme Court ruled that the appeared to hold aslight edge judgewho convicted former over his rivals in exit polls for President Luiz Inácio Lula da Israel’s fourth election in two Silvaofcorruption wasbiased, years,but the projections indi- strengthening the leftist cate that therewill be no clear leader’s likely election bid winner and that the country next year. could be heading for another In aruling lateTuesday, the protracted period of deal mak- court concluded that Sergio ing before a new government GES Moro, the lowercourt judge is formed. IMA who oversawthe country’sCar Aftercampaigning on his Wash corruption trials,didn’t government’s successful GETTY act impartially in the case amid SE/ Covid-19 vaccination drive and accusations he coached prose- moves to establish diplomatic cutors. Thedecision throwsout

relations with several Arab ANCE-PRES Mr.daSilva’s2017conviction

states,Mr. Netanyahu’sLikud FR over allegations he received a partywas forecast to win 31 beachfront apartment as a ENCE

seatsinthe 120-seat parlia- AG bribe—a conviction that later ment in Tuesday’svote, accord- landed him in jail and barred ing to Channel 12’sexit poll. His HANA/ him from running in the last broader bloc of right-wing and KA presidential elections. religious supportersisexpected Afterbeing released from

to secureatotal of 53 seats. MENAHEM prison in 2019,Mr. da Silvahas That is shortofthe majority Voters cast ballots on Tuesday in the mostly ultra-Orthodox Jewish city of Bnei Brak, in the fourth national election in two years. emergedasthe country’smain Mr.Netanyahu needs and will opposition leader and stron- leave him seeking support ment, however. In addition, fi- seven to eight seats, has been ment partner,won’t be acon- “It wasn’t perfect but the gest challenger to President from ahost of smaller parties. nal resultsmight not emerge critical of the premier but has tender forthe premiership. whole world didn’t knowwhat Jair Bolsonaro, who is facing But it gives him an advantage until more-comprehensive leftopen whether he would His group is projected to win to do,” TelAviv resident Sinai growing criticism over his han- over Yair Lapid, the head of votercountsare released join himingovernment. Mr. seven seats—a striking col- Baksni, 50, said of Mr. Netan- dling of the pandemic.Brazil’s the second-largest party, Wednesdayorlater because of Netanyahu will need Mr. Ben- lapsefor the former general yahu’s response to the crisis. daily death toll from Covid-19 which is projected to have won coronavirus-related counting nett to form a majority coali- whofor the past three elec- “But he did the maximum and reached arecord3,251 Tuesday 18 seatsinthe Knesset, making delays.Israeli exit polls have tion. tions had been the figure most thought firstabout vaccines, as hospitals around the coun- it harder forananti-Netan- also been wrong in the past. “I will do only what is good likely to succeed Mr.Netan- morethan the rest of the tryare running out of beds yahu coalition to take shape. Tuesday’svotepittedMr. forthe stateofIsrael,” Mr. yahu. Their alliance, formed to world, and now we’re getting and faceshortages of oxygen Mr.Netanyahu wasquick to Netanyahu against an array of Bennettsaid afterthe exit respond to the coronavirus out of corona first.” andother supplies. claim victoryinthe race to challengers hoping to form a polls came out Tuesday. pandemic afterthe previous So far nearly 60% of Israelis TheSupreme Court’sruling form agovernment afterthe bloc to removehim from of- David Malik, a 33-year-old election last April, collapsed in have received at least one vac- is “practically checkmate” for exit polls were released. fice. In addition to Mr. Lapid, software engineer in TelAviv, December.Two elections in cine and about 50% arefully the country’sCar Wash cor- “It’sclear astrong majority a centrist, right-wingers Gid- said he votedfor Mr.Bennett 2019 were also inconclusive. vaccinated, an achievement ruption investigation, a of Israeli citizens areright eon Saar of the NewHope and because he believes he will Mr.Netanyahu had focused that hasenabled much of Is- sprawling probe that began in wing,and they want astrong, Yamina party leader Naftali makethe correct decision on his campaign largely around rael’seconomytoreopen with 2014overinflated contractsat right-wing and stable govern- Bennett also presented them- whether to join aNetanyahu- Israel’ssuccessfulvaccination special privileges forthose oil companyPetrobras,said ment that will preserveIsrael’s selves as potential leaders. led government. Mr. Malik is driveinanattempt to break who are vaccinated. Vera Chemim, aSão Paulo- economy, Israel’ssecurity and Channel 12’sexit poll in ad- critical of the premier but isn’t the deadlock,using “Getting Anumber of measures were based constitutional lawyer. the land of Israel, and that’s dition to two othersfromIs- surethereisanalternative. BacktoLife” as his center- used at the polls to limit the “This almost certainly means what we’ll do,” he wroteon rael’spublic broadcaster and “In the end, if Netanyahu piece slogan. spread of the virus,including [Mr. da Silva] will be eligible Twitter. Channel 13 suggest Mr.Ben- wins because of the vaccines Many of his longtime sup- theprovision of morevoting to runinthe next elections in Thepolls indicatethat nei- nett’ssupport will be critical if and the peacedeals,hemay porters applauded his efforts sites than usual and bringing 2022,” she said. ther Mr.Netanyahu nor his ri- Mr.Netanyahu is to knit to- just deserve it,” he said. to get as many Israelis vacci- mobile polling stations to retire- Afterhelping to lead the vals will be in aposition to gether anarrow right-wing BennyGantz,head of the nated afterprematurely lifting ment homes.Dedicated sites Car Wash probes,Mr. Moro quickly assemble acoalition to and religious coalition. Mr. Blue and White party and Mr. lockdowns last year and allow- were provided forthose infected accepted a job as justice min- command amajority in parlia- Bennett, forecast to have Netanyahu’sformer govern- ing infection rates to rise. with the virus or in quarantine. ister for Mr. Bolsonaro.

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THE WALL STREET JOURNAL. ** We dnesday, March 24, 2021 | A9 WORLD NEWS NorthKorea Fires MissilesFollowing U.S. Joint Exercise

North Korea launched sev- “Kim Jong Un likes to be eral short-rangemissiles over surewe’repaying attention to the weekend, U.S. officials him and that we knowhe’snot said,inanshowofdefiance happy with the administration againstPresident Biden and and itsactivities,” said An- hisadministration that was thonyRuggiero, former head widely anticipated following of the National Security Coun- joint U.S.-South Koreamilitary cil’sNorth Koreadirectorate exercises. under Mr. Trump. TheNorth Koreans “want By Vivian Salama sanctions relief,they do not and Nancy A. Youssef want to talk at this time,” said in Washington Mr. Ruggiero, now a fellow at and Andrew Jeong the Foundation forDefense of in Seoul Democracies.“Forthe Biden administration, this suggests Theweekend launches they need to acceleratetheir caused no damageand arebe- policy reviewand decide on ing viewedmoreasasymbolic howtorespond. Thelast thing threat than one intended to in- they want to do is conduct a flict damageorhit anyspe- policyreview afteralong- cific targets, two U.S. officials range missile launch.” said. During a tour through Asia South Korean defense offi- last week,Biden administra- cials earlier said they were tion officials emphasized a S monitoring unusual activity by need forunity among the U.S., PRES

North Korea’smilitaryina South Koreaand Japan against TED sector close to the South Ko- North Koreaand China. Just CIA SO

rean border,while on Monday, afterthose visits, Secretaryof AS North Korean leader Kim Jong State AntonyBlinken and

Un and Chinese leader Xi Jin- WhiteHouse national-security HMAN/ ping exchanged messages vow- adviser Jake Sullivan clashed RA ing unity amid rising U.S.- with their Beijing counterparts China tensions. over human rightsand recent SHAFIQUR North Koreafrequently U.S. sanctions on China. Refugees from Myanmar surveyed the aftermath of a deadly blaze that displaced thousands at a camp in Balukhali, Bangladesh. fired off short-range missiles Fordecades,the U.S. and even as Mr.Kim wasnegotiat- China have opposed Pyong- ing with former President yang’sdevelopment of nuclear Rohingya Refugee Camp Reels From Blaze Trump and his administration weapons and North Korea’s on adenuclearization deal. Mr. tendency to raise tensions on Trump maintained that the the Korean Peninsula through BY JON EMONT the camp that is home to been reduced to ash, along “Weare saved, though ev- short-rangemissiles weren’t a armed provocations. AND KRISHNA POKHAREL morethan 720,000 Rohingya with their possessions. erything is lost,” he said. violation of the terms laid out Beijing and Pyongyang also who fled a2017militaryof- “We are in turmoil now. It Bangladesh authorities are in his discussions with Pyong- have consistently protested As afiretorethrough fensiveinneighboring Myan- seems it would be betterifwe investigating the cause of the yang, which ultimately failed U.S.-led militaryexercises in aRohingya refugeecamp mar. die,aswelost everything,” fire, which wasn’t the first to to yield an accord. CBS News the region. Washingtonand its in Bangladesh, Dildar Begum The fire began Monday af- she said. strikethe Rohingya refugee earlier reported the missile allies have maintained those ran, terrified, from her fam- ternoon and burned through AnowarAzim, 25,said he camps. launches. maneuversare defensivein ily’s shanty to her brother’s the night, displacing an esti- tried to beat back the fire as it Many of the shelters in the TheBiden administration nature, and designed to deter home.“It looked likehellfire,” mated 45,000 people and in- approached his home but camps aremade from make- plans anew approach on aggression from North Korea. she said. juring morethan 560,a couldn’t. shift materials that burn eas- North Korea, State Depart- This month, the U.S. and Thefirethat destroyed her spokeswoman forthe U.N. His wifeemergedfrom ily. ment spokesman Ned Price South Koreaconducted annual home killed at least 15 people agency said Tuesday. their dwelling with his 1- “Conditions hereare dete- has said. However, U.S. rela- defense exercises,which relied and leftabout 400 miss- Oncethe fire wasfinally year-old daughter as thick riorating,with people suffer- tions with Beijing,akey inter- heavily on computer simulations ing, the United Nations’ refu- out, Ms. Begum, 48 years old, smokeand fire engulfed the ing from reduced access to locutor on Koreaissues,are at to avoid provoking North Korea gee agency said. walked back to her family’s area. health care,increased vio- an ebb,potentially complicat- and to minimizethe risk of Nonprofit organizations camp,passing burned cows They rushed to safety and lence, and inadequateliving ing effortstore-engagewith spreading the coronavirus,se- that operatetherewarn of and human corpses. arenow staying with rela- conditions,” DoctorsWithout Pyongyang. nior South Korean officials said. deteriorating conditions in Her family’s shanty had tives. Borderssaid. WORLDWATCH

CHINA-RUSSIA and authorities closed the airport UNITED KINGDOM as ash coated planes and planes Foreign Ministers parked at the terminal. Prince Harry Takes Criticize Sanctions The 8,373-foot volcano, 30 On Silicon Valley Job miles south of the capital, has The foreign ministers of China been active since early February. No longer a working member and Russia affirmed their coun- —Associated Press of the royal family, Prince Harry tries’ close ties at ameeting has a new job: executive at a Tuesday, amid intense criticism YEMEN Silicon Valley startup. and newWestern sanctions The Duke of Sussex will be- againstthem overhuman rights. Children’s Deaths in come chief impact officer of Bet- Wang Yi and Sergei Lavrov Civil War Highlighted terUp Inc., the fast-growing rejected outside sniping at their coaching and mental-health firm, authoritarian political systems Children accountedfor aquar- the company plans to announce. and said they were working to terofcivilian casualties overthe The role is the latest foray further global progress on issues pastthree years in Yemen’s into business for the duke who, from climate change to the coro- grinding warbetween Iran- with his wife, Meghan Markle, navirus pandemic. backed Houthi rebels and the in- relinquished roles as full-time On Tuesday, Mr. Wang ternationally recognized govern- working members of the British sharply criticized coordinated ment, achild relief agency said. monarchy and have tapped into sanctions brought by the Euro- Morethan 2,300 children were their celebrity with a string of pean Union, Britain, Canada and killed between 2018 and 2020, lucrative deals in recent months. the U.S. against Chinese officials Save the Children said Tuesday. “I intend to help create im- over human-rights abuses in The group said the actual toll pact in people’s lives,” Prince China’s far western Xinjiang re- waslikely to be much higher. Harry said in an emailed re- gion. “Yemeni children have been sponse to questions. “Proactive Mr. Lavrov said sanctions living through a horrific and end- coaching provides endless possi- were drawing Russia and China less nightmare for six years bilities for personal development, closer together and accused the now. Children continue to be increased awareness, and an all- West of “imposing their own killed and injured on a near-daily round better life.” rules on everyone else, which basis,” said the organization’s In the position, Prince Harry they believe should underpin the country director, Xavier Joubert. is expected to have input into world order.” Save the Children’sreport initiatives including product —Associated Press comes on the heels of aUnicef strategy and charitable contribu- statementissued Saturday, saying tions, and advocate publicly on GUATEMALA thateightchildren were killed and topics related to mental health. VICTORIANIDYLL 33 wounded this month alone. BetterUp CEO Alexi Ro- Volcanic Ash Closes The war has killed about bichaux declined to comment on JOHN ATKINSONGRIMSHAW Capital Airport 130,000 people—including more how Prince Harry would be com- than 12,000 civilians—and pensated and didn’t share de- Britishmaster. Incredible color. Rare subject. Ashift in wind blewash from spawned the world’s worst hu- tails of his employment agree- This original oiloncanvasbyJohnAtkinson an eruption at the Pacaya volcano manitarian crisis. ment. Grimshaw beautifullyshowcases the overGuatemala CityonTuesday, —Associated Press —Chip Cutter esteemedpainter’s masteryoverlight and atmosphere, anditrepresentsararely seen subject within hisoeuvre —adaytime scene. Theidyllic, jewel-toned landscapeexemplifies thetranquil tenorofhis celebratedautumnal compositions,drawing theviewerdeeper into thepicturesque countryside.Signedand dated 1869 (lower left). Canvas:36”hx30”w; 1 1 Frame:41/2”h x35/4”w. #31-2620

622 RoyalStreet,New Orleans,LA•877-677-2801 •[email protected] •msrau.com Since1912, M.S. Rauhas specialized in the world’s finest art, antiques and jewelry. Backed by our unprecedented125% Guarantee, we stand behind each and everypiece. HEVERRIA/REUTERS EC IS LU Soldiers swept the tarmac of La Aurora International Airport in Guatemala City, Guatemala, on Tuesday, after volcanic ash from Pacaya, some 30 miles away, forced the airport to close. P2JW083000-0-A01000-1------XA

A10 | We dnesday, March 24, 2021 THE WALL STREET JOURNAL. FROM PAGE ONE

armed men stormed through A Brutal thecampus gates. Habiba and her classmates were corralled intolines by the gunmen, and Business within minutes were forced to march intothe RuguForest. “When we sloweddown, one In Nigeria of them would runback to beat us with tree branch,” Habiba said. “I wasbarefoot. Only ContinuedfromPageOne about five of us had slippers.” people abducted from the town Thegroup walked forhours of Suleja, in Nigeria’sNiger deeper intothe forest, their feet state. and ankles lacerated by the This wasjust one weekend in rough terrain. what has become aroutine and Some 100 miles away,atthe brutal businessinAfrica’smost residenceofMr. Matawelle,the populous country. SinceDecem- Zamfaragovernor,officials fran- ber, heavily armed criminal tically tried to deducewhich gangshaveabducted and ran- criminal group had takenthe somed morethan 800 school- students,and waited forthem children,rocking Nigeria and to makecontact. (2)

drawing calls forurgent action S Mr.Matawelle,who had from theU.S.government, the spearheaded an amnesty policy PRES European Union and Pope Fran- offering money and vehicles to cis.Hundreds of school cam- TED repentant bandits, had appeared CIA

puseshavebeen closed across SO on local radio months earlier to four states forfear of moreat- AS giveahotline number forban-

tacks,leaving close to 15 million MBA/ ditstocall. Aftertwo days,a

Nigerian children out of ALA messagecame from the gunmen

school—morethan anyother AY holding the Jangebe girls. countryinthe world. Backinthe forest, Habiba SUND “Kidnapfor ransom has be- Some of the students kidnapped from aschool in Jangebe after their release this month. Criminal gangs takethe children forransoms. and her classmates were again come so normalized and institu- trekking at gunpoint. They no- tionalized that it nowbearsthe deaths of morethan 37,000 Ransom Economy “Wehaveseen this kind of ticed manyoftheir captorswere mark of legal enterprise,” said since2009,according to the ugly eventhappen in Katsina, scarcely olderthan them. The Bulama Bukarti, asecurity ana- Council on Foreign Relations,a Kidnappings,often targeting schoolchildren, have become Zamfaraand Niger states and kidnappersoffered them food— lyst andcolumnist with Daily Washington-based think tank. common in Nigeria, especially in the pastyear.Each kidnapping swiftly the governmentsacted but threw sand intoit. They re- Trust, northern Nigeria’slead- Nigerian security officials eventcan result in hundredsofhostages. and ensured the safeand timely fused to givethem water, so ing daily.Itisevenmorelucra- have raised alarms that there Kidnapping events by state/region rescue of the victims,sowhy is they were forced to dig with tive, “especially when it comes arenew signs of integration be- our case different?” the parents theirhands and suck wetsoil. to children,” he said. tween the terrorist group and said in awrittenstatement. “Wedrank directly from the Nigeria’swaveofviolent thecriminal networks. NIGER CHAD “Why should our innocent chil- ground, just likecowsdo,” she crime is widening an arcofin- BokoHaram released avideo dren payfor the failureofgov- said. stability that has spread into claiming responsibility forakid- Maradi ernment to provide security of When the group halted, the neighboring countries Niger, napping of 344 boys from a Niamey lifeand property?” gunmen brought another group Cameroon and Chad. Kidnap- school in Katsina in December. N'Djamena of seven hostages,and Habiba pershavebenefited from the Government officials said crimi- recognized her father,who was Kano weapons being takensouth from nal groups conducted the kid- Maiduguri Security measures bound and blindfolded. Three war-torn Libya. napping and BokoHaram played Thefederal government has months earlier,four membersof One former kidnapper,Auwal no role,but people familiar with BENIN pledged security measures.This Habiba’sfamily had been ab- NIGERIA Daudawa,who turned himself in the negotiations and terrorism Abuja month, the governor of Zamfara ducted from their villagebythe to the government in exchange analysts said the terror group’s state, Bello Matawelle,an- same criminal gang that raided foramnesty,said last month role wasmoresignificant. nounced adeployment of 6,000 her school. Habiba began to cry that buying guns in the coun- One person familiar with federal troops to attack bandit on seeing family membersshe try’snorth wasnow like“buying hostagenegotiations said Boko camps in the RuguForest. thought were dead. “I was bread.” Haram leader Abubakar Shekau, Mr.Buhari announced ano- shocked,” Habiba said. “I began In the northwest of the coun- Africa’smost wanted man with Lagosg flyzone over Zamfarastate—se- to cry, but my elder sister,Ral- try, criminal gangscarryout aU.S.bounty of $7 million on CAMEROON curity officials saylight aircraft iya, told me to be quiet because kidnappings, exploiting the inef- his head, sent emissaries to have flownintothe north carry- the banditswould beat me.” Kidnapping Yaounde fectivegovernment and weak work with bandit groups to help ing weapons forthe bandits— Hourslater,she could safely events 100 Port Harcourt Douala security presence. They are plot moreattacks and to raise 200 miles and said anyone seen carrying a movecloser to her father,who dominated by nomadic herders the bounty foreach abduction— 50 guninthe RuguForest would be wasstill blindfolded and didn’t 25 2014-2019 200 km from theFulani ethnic group, using the fear generated by shot on sight. knowshe wasthere. He had who have been feuding with BokoHaram to inducepayment. 2020-current Thepivot to amilitarized been wounded in his shoulder, farmersoveraccesstograzing “Wehaveestablished that policycomes afterseveral local and blood wasseeping through land.About 4,000 people have thejihadistsare here,” said Note:AsofMarch 12 governorsbacked an amnesty his shirt. “Baba,” Habiba said been killed in fighting since Yusuf Anka, aconflict analyst Source:The Armed Conflict Location &Event Data Project and dialogue with criminal she whispered to him. “Is it my 2015,according to SBM Intelli- based in Zamfara. “They arein- groups led by so-called repen- Habiba?” he replied. gence, apolitical-risk firm based serting themselves,and action “Right nowit’shardtosee a that he wouldn’t payransoms to tant bandits. Some hostages Herfather said thekidnap- in Lagos. This weekend, acrimi- needs to be takenquickly.” way to put astoptoit,” said Fu- release hostages,which is wor- have been released afteranex- perssuspected the family of be- nal gang attempted to assassi- Mr.Shekau, who swore alle- lan Nasrullah, aterrorism ana- rying the victims’ families. changeofprisoners, money or longing to acivilian militia that nateSamuel Ortom, the gover- giancetoIslamic State in 2014 lyst who has advised govern- “They must paythe ransom,” supplies such as vehicles. had tried to resist and told her nor of Benue state, who has and then split from the group in ment officials on the said Lovina Odige, whose Thegovernor of Niger state, not to reveal her family village. been vocalinsupporting the 2016,has been cultivating alli- kidnappings. “Ifthey don’t pay brother is among the hostages. Abubakar Bello, said the policy They were soon separated, as farmersagainst the herders. ances with criminal groups, the money they areprepared to “Ifthese studentswerethe gov- had largely failed as some of the Habiba and the Jangebe girls which would givehis organiza- kill the children.” ernor’schildren he would do ev- criminals used government were marched to another area. tion thecapacity to carryout President Muhammadu Bu- erything to getthem back.” money to buy moreweapons. Theschoolgirls weren’t Forest hideouts terrorist attacks acrossahari,aformer general who won Therehas been no morepub- The kidnapping and ransom aware,but talks to securetheir Thebandits, as they are broader geography. In recent back-to-back elections on a lic communication sincethe of 279 girls from Jangebe high freedomwereadvancing.The called in Nigeria, have become video messages,Mr. Shekau has promise to restoresecurity,said video published aday afterthe school in Zamfarastate last Zamfaragovernor’s team of me- sophisticatedand well-armed, claimed that BokoHaram has the region is facing acrisis and abduction. On Monday, more month is astudy in the violent diators, led by two repentant usingthe dense RuguForest, cells in the northwest, and ap- has urgedregional governorsto than aweek intothe students’ newbusinessmodel nowoper- banditswho were oncesenior which spreads acrossfour Nige- peared to addresspotential new stop paying ransoms. captivity,hundreds of parents ating across northwest Nigeria. kidnappers, were hashing out an rian states and several hundred recruitsinthe Fulani language. Nasir El-Rufai,governor in andstudentsgathered at the Shortly aftermidnight on agreement of money and an ex- squaremiles,asahiding place Nigerian intelligenceofficials Kaduna state, wherethe kidnap- collegecampus to demand the Feb. 26,15-year-old Habiba changeofcriminals being held and base from which to launch saythat BokoHaram isn’t the ping from the forestrycollege government do whatever neces- Ilyasu awoke to the sound of in the local jails with represen- attacks and then hold captives. only terror group seeking to ex- took place, has pledged publicly sarytobring back the captives. gunfireasdozens of heavily tatives of the kidnappers, ac- In the northeast, Boko ploit the nation’spowervac- cording to aperson familiar Haram, whose name roughly uum, saying that Nigeria’sIs- with the talks.Adelegation had translates as “Western educa- lamic State chapter and al traveled on motorbikes intothe tion is sinful,” began the attacks Qaeda affiliate, Al Ansaru, are forest and met the abductors’ on schools afteritdeclared war also trying to strikecooperation negotiators. on the Nigerian statein2009. deals with bandit groups. Twodays later,Habiba and Thejihadist group has kid- Thefusion of banditryand threeother hostages sawthe napped thousands of schoolchil- terrorism acrossnorthern Nige- kidnappersfiring their rifles dren to terrorizecommunities ria is magnifying an instability intothe air in celebration. “They andtoforce boys and girls into that nowstretches from the said it wasbecause aransom itssprawling camps. Lake Chad region acrossthe Sa- waspaid and that we could now Themassabduction that hel and Saharadesertsand up go home,” she said. drew international attention to Libya. Zamfaraauthorities deny wasBokoHaram’sinfamous kid- Gen. Stephen Townsend, the that they paid aransom. napping of 276schoolgirls from head of U.S. AfricaCommand, When Habiba gothome,she the town of Chibok in 2014, ig- told Congresslast year that Is- explained to her mother and un- niting theglobal #BringBack- lamicState and al Qaeda were cle that her father and sister OurGirls campaign. on the march in the Sahel and were alive. TheZamfaragover- Morethan 100 of those cap- that therehad been afivefold nor promised to intervene to re- tives were freed in two ex- increase in terrorist activity in solvethe case.Ten days later, changes in 2016 and 2017for a the region. Attacks targeting ci- they toowerereleased. prisoner swapand aransom of vilians have created hundreds of “I will go back to school once 3million euros,orabout $3.6 thousands of refugees. it’ssafe,” Habiba said. “But the million, according to govern- Trapped between the kidnap- kidnaps have to stop.They are ment officials and people in- persand an increasingly con- happening everywherehere, ev- volved in thenegotiations.The frontational government areci- eryday,toeveryone.” group aims to createacaliphate, vilians,who just want their —Kabiru Anwar contributed and is responsible forthe family membersback. Sleeping quarters of the schoolgirls who were kidnapped in Jangebe, who were eventually released. to this article.

Hallmark,family-owned and email, text or via Facebook. Ridge,N.C., is among those need acost- and time-effective demographic by allowing cus- Farewell, based in Kansas City,Mo.,de- But as people discovered whowill mourn the lossof strategyofsending paper tomerstograft personalized clined to say why it is cancel- they could celebratefriends Hallmark’s e-cards. cards. “I think I’m going to human faces ontocomic ani- ing the serviceorwhether and family free over social Thereare other options, have to take time to go into a mations settomusic,saw a Dancing therewill be areplacement. In media and through text mes- she said, but she finds the art- store, randomly buy 100 birth- 25% surge in subscriptions astatement, aspokeswoman sages,industrywide sales work on Hallmark cards to be daycards,20anniversary during thepandemic,said said Hallmark plans to “focus growth began to slow, accord- of higher quality and likes cards, even ‘Get well soon Chief ExecutivePaul Hanges. Snoopy! on investing in newdigital ca- ing to IBIS World. some of the trademarked char- cards,’just so Ican have them JibJab charges$2to$3for pabilities that will makeit Last year,James Hirschfeld, acters. She sends e-cards to in my officeorinthe den on monthly subscriptions.JibJab easier and more seamless for co-founder of e-cardstartup her husband, “just as a goof,” standby.” allows userstoemail or share ContinuedfromPageOne our customerstoexperience Paperless Post, told The Wall and to a90-year-old aunt who Credit forthe firste-card acrossmultiple social-media me. our brand and liveamorecar- Street Journal that the com- loves receiving them. “She goes to Judith Donath, who platforms,including Facebook, Thetiming seemed puzzling ing and connected lifefilled panyopted against investing thinks thecomputer is new wasadoctoral candidateat Instagram and Twitter. to some fans of the belea- with meaningful moments.” heavily in the businessofone- and exciting,” said Ms.Wil- MIT in 1994when she created ForThanksgiving last year, guered greeting-cards indus- Thepaper-cardpowerhouse to-one greeting cardsbecause loughby, who is 70. asitecalled TheElectric Post- Brett Schlank put the head of try. With physical cardsin launched itse-cardbusiness15 people younger than 30 “are “The grandchildren prefer card.Userscould choose from his 18-month-old-son atop a long-term decline, the virtual yearsago, joining awaveof not even engaging with digital real cardsbecause they’re anumber of images,from dancing turkey.Mr. Schlank, version onceseemed to offer a digital alternatives to physical greeting cards.” Instead the looking forthe cash,” she said. landscapes and animals to fa- who estimates he has sent lifeline.E-cardsales had stag- greeting cardsthat have accel- companyfocuses on online in- Another die-hard Hallmark mous paintings, and then em- thousandsofJibJab cards nated beforethe pandemic, erated the demise of thetradi- vitations and bulk holiday fan, Mr.Fields,isaprolific bed apersonalized message. over the years, said most but digital-cardcompanies say tional business. cards. However, the company card sender,with seven sis- Therecipient would receivean friends and family members Covid-19 has fueled aresur- For$5amonth, subscribers said, therehas been asurge in ters,49nieces and nephews email notification that di- appreciate them. gence as people seek ways to to Hallmark’se-cardservice interest in e-cards during the and ahost of friends and co- rected them to the siteand One exception is his celebrateand connect re- cancraft an unlimited number pandemic and Paperless Post workerswho all receivedigital provided them with a code to mother, Nancy Schlank, a 75- motely without worrying how of personalized e-cards, often has focused on them more in salutations. view the greeting. year-old retired preschool manyhands touched the enve- with animation and music,and the past year. With Hallmark nixing e- Hallmark competitor Jib- teacher.“I’m not agreat lover lope en route. send them to recipientsover Peggy Willoughby, of Holly cards, Mr.Fields said he’ll Jab, which captured ayounger of the computer,” she said. P2JW083000-4-A010A0-1------NS

THE WALL STREET JOURNAL. **** NY We dnesday, March 24, 2021 | A10A GREATER NEW YORK Business Leaders Warn Against Tax Rise

BY JIMMY VIELKIND JPMorganChase &Co. Chief workforce have resettled their propriately. He has said he is ceeding between executiveand pay for the restorations,” Mr. ExecutiveJamie Dimon,Citi- families in other locations, cooperating with the impeach- legislative aides. Mujica said Monday. ALBANY—Executives at ma- group Inc.Chief Executive generally with far lowertaxes ment investigation and a Mr.Mujicasaid additional Democrats in the Legislature jor Wall Street firms and other Jane Fraser,MorganStanley than NewYork,and the pro- probe overseen by Attorney federal aid—NewYork stateis passed budget proposals last NewYork employers warned ChiefExecutiveJames Gor- posed taxincreases will make General Letitia James intothe slated to receive $12.5 billion week that each raised more that increasing taxesaspart man, BlackRock Inc.Chairman it harder to getthem to re- harassment allegations. in unrestricted payments un- than $6.5 billion by increasing of the statebudget could lead LarryFink and other execu- turn,” the executives wrote. Freeman Klopott, aspokes- derthe bill, and billions more corporatefranchise and in- high-income earners who left tivesatmajor lawfirms and Kathryn Wylde,president of dedicated for health and edu- come-tax ratesand enacting a the stateduring the pandemic real-estatecompanies,aswell the businessgroup Partnership cation programs—and better- newsurcharge on income de- to stay away. as chambersofcommerce forNew York City and one of An increase could than-expected revenue pay- rivedfromcapital gains. In aletterdelivered Mon- around the state. Robert the letter’ssignatories,said mentswould allowthe stateto Michael Whyland, aspokes- daytoGov.Andrew Cuomo Thomson,the CEO of News theDemocratic governor has drive the wealthy to avoid $3.7 billion in planned man forAssembly Speaker and Democratic leadersofthe Corp,also signed the letter. been aforce of fiscal modera- permanently leave spending reductions. Carl Heastie,said Democrats stateLegislature, 250 business News Corp is the parent com- tion during his time in office. But he stopped short of in that chamberoppose Mr. executives said apackageof pany of The Wall Street Jour- “It’sobvious that there’s N.Y. , executives say. saying what effect the improv- Cuomo’scutsand seek reve- taxincreases proposed by the nal publisher DowJones &Co. great concern among business ing fiscal picturewould have nue for“sustainable solutions Assembly and Senatewould Thehighest-earning 5% of leadership that the governor is on taxation. Mr.Cuomo pro- to problems that existed long “jeopardizeNew York’srecov- taxfilersinthe stateaccount for in aweakened statebecause of posed a$193 billion budget in before Covid struck.” eryfromthe economic crisis morethan 60% of the roughly the supermajorities that Dem- man forthe statebudget office, Januarythat raised $1.5billion SenateMajority Leader An- inflicted by COVID-19” and $50 billion that NewYork raises ocrats have in both houses of said the Cuomo administration through a temporary income- drea Stewart-Cousins said she were unnecessary because of each year in stateincome taxes. the Legislature,” she said. is focused on the economyand taxsurcharge starting on peo- respectsthe businessexecu- the $1.9 trillion federal relief Theexecutives said remote- The governor also is grap- “putting out the welcome mat ple reporting morethan $5 tives’ position, but added that bill.Democratic leadersofthe working patterns during the pling with an impeachment forthe NewYorkerswho left million of income. morerevenue is needed to stateAssembly and Senate pandemic meant manyofthe fi- probe into accusations that he during thepandemic.” “Asofright nowwehave hasten the state’srecovery. have proposed increasing in- nancial, real-estateand legal sexually harassed multiple On Monday, Mr.Cuomo and the resourcesnecessaryso “Weare asking those who come taxesand levying anew professionals in this group may women and how his adminis- stateBudget Director Robert that therewould be no cutsin have alittle moretodoalittle surcharge on capital gains. permanently leave the taxbase tration handled Covid-19 in Mujicasaid during aconfer- the governor’s budget, so you moresothat we’renot looking Thebudget is due this month. if proposed taxesare approved. nursing homes. Mr.Cuomo has encecall with reportersthat wouldn’t requireany signifi- at thesame inequities year af- Theletterwas signed by “Manymembersofour denied touching anybody inap- budget negotiations arepro- cant level of taxincreases to ter year,” she said. At Least One Dead, Firefighter Missing in N.Y. Nursing-Home Blaze Panel Will Review Racial Inequities

BY JOSEPH DE AVILA on New Yorkers of color from othermarginalized communi- New York City is establish- ties as well. ing aracial-justicecommission The move comes as Evan- that will examine waysofdis- ston, Ill., has become the first mantling institutional racism city in the U.S. to establish a within city government and reparations program that will consider restorativemeasures payits Black residentsfor past such as reparations,Mayor Bill discrimination. Evanston plans de Blasio said Tuesday. to fund the program using tax The11-member panel will revenue generated from the reviewthe city’s charter and sale of recreational marijuana. makerecommendations forre- TheNew York City panel visions,the mayorsaid at a will include membersoforga- news conference. Thecommis- nized labor, religious leaders, sion is modeled in part on academics and nonprofit orga- South Africa’s Truth and Rec- nizers. Mr.deBlasio tapped onciliation commission, which Jennifer Jones Austin, chief

S wasformed afterthe nation executiveofthe Federation of ended apartheid. Protestant WelfareAgencies, PRES Thepanel also will identify an antipoverty organization, TED areas within city government to lead the commission as

OCIA that aresourcesofinequity chairwoman. SS

/A and will seek to make signifi- When itsreview is complete, cant changes to addressthose the commission will makerec-

WENIG issues and include apublic ommendations to amend the

SETH apology, the mayor said. city’s charter that would need “This is unlikeany ap- the approval of voters. NewYork stateand local po- residents received medical treat- dentwho died in the firehasn’t and bring him home,” he said. proach that you’veseen in the “The only way to uproot liceare investigating afireina ment, including some forserious been identified. The firefighter, who hasn’t historyofNew York City or racism in our city’s govern- nursing home in aNew York City injuries, county officials said. Two Rockland County fire coordi- been publicly identified and is honestly in anymajor city in ment structures is by attack- suburb thatleft at leastone res- firefighters were hospitalized; one nator Chris Kear said that first assigned to the Spring Valley America,” he said. ing it at the core through identdead and afirefighter wasreleased, officials said. responders were searching the volunteer department, was res- The panel will be rooted in charter revision,” Ms.Jones missing, officials said Tuesday. Investigators haven’tyet de- site for a missing firefighter. cuing a resident from the third the recognition that centuries Austin said at the news con- Morethan 100 residents at termined the cause of the “We have numerous teams floor when conditions worsened, of slavery,segregation and ference. the Evergreen Court Home for blaze. Representatives forthe digging through the rubble, and Mr. Kear said. He made a may- anti-Black racism helped Thecommission is expected Adults in Spring Valleywereevac- 200-bed facilitysaid the home’s we are currently going to bring day call, but other first respond- formed New York City’s insti- to deliver recommendations uatedafter the firebroke out at managementiscooperating in a mini excavator to start pull- ers couldn’t reach him before the tutional systems,according to forchanges to the city’s char- the Rockland County facilityabout with stateand local investiga- ing apart the remaining large section of the building he was in the de Blasio administration. ter by the end of the year. 1a.m. on Tuesday, according to tions, as well as conducting its pieces of rubble piece by piece collapsed, he said. Thecommission will exam- Mr.deBlasio said “every- stateand local officials. About 10 ownprobe of the fire. The resi- so we can locate this firefighter —Ben Chapman ine waystoaddressinstitu- thing should be on the table,” tional racism and its impacts including reparations.

METROMONEY | By Anne Kadet HealthcareWork Is Tough, but OffersBrighterFuturefor Some

rooms. “I saw a lot of trash,” As the pan- says Ms. Dolka, who speaks liesa English-Laing.The 34- demic wore four languages. year-old Brooklyn mother of on, some New But she wanted to work in two grew up on asmall goat Yorkers rein- healthcare. When she andproducefarm in ruralJa- vented them- learned through the agency maica. She worked as aseam- selves as en- where she took English stressand receptionist. But trepreneurs, artisans or classes that the 1199SIEU when she moved to NewYork online instructors teaching Training and Employment City in 2015 to join her hus- everything from yoga to Yid- Funds (TEF) were offering a band’sfamily,she had ahard dish. Then there’s 27-year- free certified nurse’s assis- time finding employment, old Chime Dolka. She, too, tant training program, she even afterearning her GED. launched a new career—as a jumped. She completed the Despiteapplying forfast-food nurse’s aide in a Brooklyn 200-hour course last Novem- gigs, officejobs and every- nursing home. ber and passed the state thing in between, the best

Resting in the park last exam. With the help of TEF’s JOURNAL she could land wasseasonal week following a long shift job-hunting prep and place- work delivering packages. REET

tending patients while wear- ment services, she landed ST “They say, ‘Have you

ing enough PPE to defend a her first gig. LL worked in the United

medieval warrior, Ms. Dolka WA States?’ I say, ‘No.’ Then they

says she’s fulfilling a dream. he work is intense. In THE say, ‘OK, NO!’ ” she laughs. R

“There is one thing I really an eight-hour shift, FO

want to do, that I want to T A she typically visits at self-described born accomplish with my life,” she least eight patients. She OV caregiver, she snapped

says. “Be a good nurse.” serves meals, tidies their FEDOR A up the opportunity to People like Ms. Dolka are space, checks their vital A enroll in the TEF program ETT

hard to find these days. The signs, helps brush their hair YV and started work in a Brook- 1199SEIU Training and Em- and teeth and takes them to lyn nursing home this month. ployment Funds—the educa- the bathroom. She helps weeks at the nursing home, tionally stressful. But for a community foundation. The Ms. English-Laing is afraid tion and job-placement arm them shower or gives them a Ms. Dolka works eight-hour some, it represents an op- organizations recruiting par- of catching Covid-19, and the of the city’s big healthcare sponge bath. shifts every Saturday and portunity. ticipants are now targeting work is as grueling as she workers’ union—says job or- “Yes, it is tiring. But when Sunday at a Manhattan bak- Most of the program’s 141 people who lost jobs in the expected. She stays moti- ders for certified nursing as- you are taking care of them, ery, arriving at 5:30 a.m. to participants so far are immi- pandemic—especially restau- vated by imagining each pa- sistants rose 25%, last year, when you are washing them, make bread and cookies. grants and people of color. rant and hotel workers. tient is her mother or father. to 1,000. And as some nurs- holding them, they are clean, Eighty-eight percent live in The move from burger “That helps me take better ing homes became hot spots they are happy,” Ms. Dolka he plans to maintain low-income neighborhoods flipper to nurse’s aide may care of them,” she says. for Covid-19 outbreaks, the says. “And that makes me S this schedule for two and 96% are women, Ms. Su not sound like an upgrade. Her shift starts at 7 a.m., positions got harder to fill. happy too.” years until she starts says. Of the 92 who gradu- But even entry-level health- before daycare opens, so she So who are the venturers She earns $18.85an nursing school. She doesn’t ated since the program care jobs typically offer bet- had to hire a babysitter. This stepping up for the job? hour—about $750 aweek. complain. “I’m working a lot, launched in 2019, 57 have ter pay, union benefits and costs $300 a week—nearly Ms.Dolka grew up in are- While it pays full benefits, but when I get home and I landed certified-nursing-as- more opportunity for ad- half her pay. moteTibetan village. Her the rent on the three-bed- see my daughter and my sistant jobs. vancement, says Roderick But if all goes as expected, mother fled to Queens after room apartment in husband, and we are all hav- After a year, they will be Jenkins, the Trust’s senior she’ll soon be earning her getting in trouble with Chi- Elmhurst, Queens,that she ing dinner together, it’s eligible for tuition assistance program officer for youth nursing degree. “It’s a hard nese authorities forentrepre- shares with her husband, good,” she says. on advanced degrees. and workforce development. job, but for me, it’s a step- neurial activities,she says. mom, and 2-year-old daugh- Ms. Dolka’s path isn’t for The program initially was He expects roughly a third of pingstone,” Ms. English-La- Ms.Dolka joined her in 2016. teris$2,500 amonth. everyone, says Jing Su, a aimed at home-health aides. the program grads will move ing says. “My future is She earned her GED, took “That’swhy I’m working two TEF program manager. Nurs- It expanded last year thanks on to higher-paying posi- brighter now.” English classes, and landed a jobs,” she says. ing-assistant jobs are physi- in part to a grant from the tions. job cleaning Manhattan hotel In addition to 40-hour cally demanding and emo- New York Community Trust, He canlikely bet on Me- [email protected] P2JW083000-2-A010B0-1------NS

A10B | We dnesday, March 24, 2021 NY ** THE WALL STREET JOURNAL.

“Myvictoryisproving that nothing can hold me back.” While serving in Iraq, an explosion took both of Greg’s legs. But it didn’t touch his spirit. Today,Gregis an entrepreneur,photographer and public speaker.DAV helps veterans of every generation get the benefits they’ve earned—helping morethan amillion veterans each year. Supportmorevictories forveterans®. Go to DAV.org. P2JW083000-2-A01100-1------XA

FAMILY & RELATIONSHIPS PERSONAL JOURNAL.

© 2021 Dow Jones & Company. All Rights Reserved. ** THE WALL STREET JOURNAL. We dnesday, March 24, 2021 | A11 JOURNAL REET ST LL WA

THE Paula Pimentel, left, R

FO waited ayearto

AK meet her grandchild, CZ Ben, and visit her YM

SZ daughter,Rani Wise. NA YA KA

BY CLARE ANSBERRY had affected him. Once vaccinated, ers called GaGa Sisterhood. She he says, “It felt like the weight of hopes to make it to Sophia’s 7th aula Pimentel held her AfterVaccine, the world got less.” birthday on June 5. only grandchild, Ben, His son told him, “If I knew it “I miss hugging her,” says So- now a year old, for the would be a year before I got to phia, a first-grader. first time last week. hug you again, it would have been In Boston, Rani Wise was wor- P Two weeks after re- a bigger hug.” ried that her son, Ben, would cry ceiving her second dose Grandparents Grandchildren, too, have been when he met his grandmother for of a Covid-19 vaccine, Ms. Pimentel counting the days until their grand- the first time. Instead, he sat on flew from Phoenix to Boston, woke parentswerefully vaccinated. her lap and listened while she read the next morning in her daughter’s When Jack Gianikos heard that to him. They spent the day to- apartment and cradled Ben, named his grandparents were getting the gether, giving Ms. Wise and her after her father, in her arms. That Visit Family husband, Tom, time to work. vaccine, he texted them to ask if afternoon, she took him out in his he could soon come for a weekend “He wasn’t crying forus,” says stroller and fed him. At bedtime, visit. “I’m really close to them,” Ms.Wise,founder of Rani Wise after she read him “Goodnight Emotional reunions follow Covid-19 says the seventh-grader, who lives Consulting,aservicefor women en- Moon,” Ben reached out to her and in Park Ridge, Ill. Before the pan- trepreneursand small nonprofits. gave her a kiss. separations; ‘Oh my gosh. I melted.’ demic, he would see his grandpar- “It wasasifhealready knewher, “Oh my gosh. I melted,” says ents, Nick and Maureen Gianikos, which he did in away.” Ms. Pimentel, 71, who had planned once or twice a month. to be with her daughter, Rani and older is fully vaccinated, ac- to see them, were still concerned Afew weekends ago, his grand- Wise, when Ben was born in March cording to the CDC. their parentscould potentially parents, fully vaccinated, droveto ‘We wanted to see our 2020. That trip and three subse- Caution remains.While the vac- spread infection while asymptom- Park Ridgeand took Jack back to quent planned visits were cines offer protection against seri- atic,sothe couple took arapid their Merrillville,Ind., home.“He’s grandchildren. That’s all scrapped because of the pandemic. ous illnessfromCovid-19 and ap- Covid-19 test beforemaking the probably grown4inches sincewe that mattered,’ says Fred Acrossthe country, afterayear pear to reducechances of five-hour drivetoChicago. They sawhim last,” says Mr.Gianikos. apart, newly vaccinated grandpar- transmission, some newly vacci- stayed with their daughter,39, who They wore masks in the carand out Goldenberg. entsare getting together with their nated grandparentsstill wear masks wascomfortable with them not in public but took them off in the grandchildren, celebrating missed in their children’shomes and offer wearing masks inside the house, house.They watched movies from birthdays,marveling at teenagers’ fist bumps rather than hugs. Many and wore masks when visiting their different couches and loveseats. growth spurts, delivering snacks to take rapid Covid-19 testsbefore 42-year-old son, who has small chil- Mr.Gianikos says fornow he’s Every day since Ben was born collegefreshmen. Manygrandpar- making long-delayedroad trips,to dren and wasmoreapprehensive. sticking to fist bumps rather than in March 2020, Ms. Wise had Face- entshad been delaying trips until put family membersatease. The6-year-old grandson wore hugs. “The vaccine doesn’t relieve Timed with her mother, carrying they gotthe vaccines and new “You need to deal with the his mask while reading to his grand- us from being cautious,” he says. her cellphone around the apart- guidelines from the Centersfor Dis- comfort level of your children,” parents. The4-year-old kissed them Some vaccinated grandparents ment so her mother could see Ben. ease Control and Prevention,which says Fred Goldenberg, a 69-year- with his mask on. At dinner,Mr. are still waiting to see their grand- Though 2,600 miles away, he grew came out earlier this month. old financial consultant in Tra- Goldenbergand his wifesat at one children. accustomed to Ms. Pimentel’s face Those who have received two verse City, Mich. He and his wife, endofthe table,distanced from the Donne Davis, 74, of Menlo Park, and voice. doses of the Pfizer or Moderna Debbie, went a year without seeing family.“We didn’t have aproblem Calif., hasn’t seen her 6-year-old Ms.Pimentel missed Ben’sbirth vaccine or a single dose of John- his children and nine grandchil- doing that. We wanted to see our granddaughter, Sophia, who lives but wastherefor his firstbirthday son & Johnson and waited two dren, who live in Chicago and grandchildren. That’sall that mat- in Burbank, for 13 months. “I ha- on Tuesday. They celebrated with weeks can gather privately without Georgia, and planned a road trip tered,” says Mr.Goldenberg. “It was ven’t wanted to fly, and Southern balloons,hatsand aCurious George masks with others at low risk for to visit them as soon as they hit an emotional reunion.” California has been a hot spot,” birthdaycake. “I keep pinching my- Covid-19, the guidelines say. More two weeks after their full vaccines. Mr. Goldenberg said he didn’t says Ms. Davis, who started an on- self,” says Ms.Pimentel. “I am so than 42% of the U.S. population 65 His adult children, though eager realize how much the separation line social network for grandmoth- relieved that I’m here.”

receiveanswers GoPeer—This online tutoring ser- Tech Help forStudents from fellowstu- vice pairs K-12 students with col- dents. Theon- lege students. The service requires line community an annual or monthly subscription, is moderated by plus a $20-an-hour tutoring fee Falling Behind in Math 1,500 subject- that goes to the student tutor. matterexperts and AI to en- Games and lessons FAMILY Many parents struggle to help surethe step- Khan Academy—This nonprofit of- &TECH their children with math because by-step expla- fers free online courses in nearly JULIE students are being taught to solve nations every subject and level for K-12 JARGON problems differently from how we provided are students, including AP courses. were instructed. (Thanks, Common correct. Core!) Another reason is that Prodigy—Studentswho use Prodigy ew things are more stressful while we might be able to solve Tutoring and learn math by playing games.There F for many parents than helping certain problems in our heads, we coaching is free content, and premium mem- their children with math. have trouble explaining the steps Tutor.com—This berships starting at $5 amonth al- Two national testing programs to our children. The online learn- online tutoring lowstudentstounlock extragame have shown widespread declines in ing site Brainly recently asked servicepairs areas and earn in-game rewards. math performance among elemen- more than 1,500 students to grade studentsand tu- tary- and middle-school students, their parents on how they have tors,who are Numberock—This site contains which they ascribe to the switch to helped them with schoolwork dur- available on de- music videos that teach elemen- remote and hybrid learning. ing the pandemic. Students most mand forrecur- tary-level math concepts and The stakes for falling behind often gave their parents B’s, but ring or one-time printable worksheets and games. are greater in math than in other 11% gave them an F. sessions.The subjects, because each skill builds After doing my own research serviceisfree YouTube channels on the next. “If you have a knowl- into what kind of tech solutions forstudents Numberblocks—A couple of years edge gap in fractions, you can’t could help and crowdsourcing with whose schools ago, my younger son, now 6, dis- solve linear equations,” said Damir an online parent group, I came up afterafreeseven-day trial I’m now or libraries join with Tutor.com. covered this show aimed at pre- Sabol, chief executive officer of with a list of educational apps and paying the yearly subscription fee schoolers. I credit it with develop- the math app Photomath. services that can help fill in the of $59 to receivepremium features Thinkster Math—Children in kin- ing his interest in math. Photomath, in a recent survey knowledge gaps in math. such as problem-solving anima- dergarten through grade 12 com- of 2,000 parents, found that 56% One caveat: Once kids find out tions.You start by aiming your plete an app-based assessment of Math Antics—This YouTube chan- have felt hopeless when trying to about these problem-solving apps, smartphone cameraatthe equation their math skills. A teaching coach nel has lessons on everything from help their children with math they could use them to cheat. But and pressing the shutterbutton. In uses it to develop a personalized algebra to statistics. homework during remote learning. you can use the screen-time set- an instant, the app spitsout the an- learning plan, with interactive I know I have. Other than when tings on kids’ devices to disable swer, along with step-by-step in- worksheets and video tutorials. A Math with Mr. J—The simple ani- baking, I don’t really think about the apps during school hours. structions on howtosolveit. coach reviews the child’s work to mation, designed to look like ION

AT fractions much, so when I had to provide feedback and tracks prog- drawings on a chalkboard, com- TR help my fifth-grader figure out Apps Brainly—This crowdsourcing app ress. There is a free one-week bined with the teacher’s serious US

ILL how to divide fractions by whole Photomath—I began using this to allows kids to search foranswers trial, after which various subscrip- voice-over explanations, makes J

WS numbers, I needed a refresher. brush up on fifth-grade math, and to questions or pose queries, and tion models are offered. concepts easy to understand. P2JW083000-0-A01200-1------NS

A12 | We dnesday, March 24, 2021 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL. | FAMILY & RELATIONSHIPS

BONDS ELIZABETH HOWTOGET YOUR BERNSTEIN SLEEP ON TRACK

ow are you sleeping?  Don’t chase sleep. Don’t After one year of a go to bed early. Don’t sleep pandemic—and a lot late. Don’t nap. of disturbed slumber— H it’s clear that our  Don’t go to bed until usual sleep strategies you’re sleepy. Learn the dif- aren’t working. Scientists say ferencebetweentirednessand many of the things we do to chase sleepiness. (Sleepinessis sleep are actually hurting us, and when your eyes aredrooping.) recommend a counterintuitive ap- proach instead: Stay in bed for less  Don’t stay in bed unless time, not more. you’re asleep. Tossing and I’ve been battling insomnia turning in bed reinforces your lately. I know I’m not alone. Ap- brain’s association between proximately 40% of the population wakefulness (and negative have had sleep problems during emotions) and the bed. the pandemic, according to a meta-analysis of 44 studies from  Re-establish daily 13 countries published online in routines. Eat meals at the February in the Journal of Clinical same time. Exercise at the Sleep Medicine. same time (not too late). Thepandemic has been asignifi- cant source of stressand worry.  Stick to your natural Our daily routines have been dis- circadian rhythm. You’re not rupted, affecting our circadian going to be able to easily rhythms.And social isolation has change whether you’re a led to mental-health problems such night owl or an early bird. as depression and anxiety. “Our brains have to feel like the world is safe and secure to be able to fall asleep,” says Wendy Troxel, same thing as sleepy.) And we a clinical psychologist, certified shouldn’t stay in bed unless we’re behavioral sleep medicine special- Can’tSleep? Here Are asleep. If we’re having trouble fall- ist and senior behavioral and so- ing asleep, we should go to an- cial scientist at Rand Corp. “Sleep other room, keep the lights low is a vulnerable state.” and do something pleasant but not We all knowwe’resupposed to Strategies That Work too absorbing. Read a book. (No have good sleep hygiene—keep a screens!) Do a crossword. Listen to consistent schedule; use the bed for some soothing music. sleep and sexonly; avoid alcohol, have about not sleeping. means more opportunity for frus- November in the journal Sleep We need to wake up at the same caffeine and bright lightsbefore Thebrains of people with insom- tration and failure. Before long, found that people who received time everyday.(Yes, weekends too.) bed and practiceother healthy nia act differently than the brains we’ve taught our brain to associate CBT-I years ago have been sleep- This helps regulateour circadian sleep habits. This is important. But of people who aresleeping well, ac- our bed with the negative emo- ing better and have better mental rhythm and keeps us from sleeping the American AcademyofSleep cording to Daniel J. Buysse, apro- tions we feel lying there. health during the pandemic than late, which would harm our ability Medicine recently declared it’snot fessor of psychiatryand sleep medi- “It’s Pavlovian,” says Philip those who did not. to sleep the following night. To fig- enough to solvechronic insomnia. cine specialist at the University of Cheng, a clinical psychologist and The treatment is typically six to ureout when to go to bed, calculate In an article published online in Pittsburgh School of Medicine.In sleep researcher at the Henry Ford eight sessions with a therapist, but the amount of time youare actually Februaryinthe Journal of Clinical people with insomnia, partsofthe Sleep Disorders and Research Cen- there is an abbreviated version, as asleep during the night. Then sub- Sleep Medicine,itrecommended a brain involved with self-reflection ter. “If you spend a lot of time in well as online programs to try at tract that from the time youneed series of treatments collectively andmonitoring the environment bed worried and frustrated and home. The primary component is to wake up.That’syour bedtime,for known as cognitivebehavioral ther- showhigher levels of activity dur- miserable, in time your brain “sleep restriction,” also called now. (Don’t giveyourself lessthan apy forinsomnia, or CBT-I. ing sleep compared with normal learns that your bed is a place to sleep retraining, which is limiting 6hoursinbed.) As your sleep gets Unlikerun-of-the-mill sleeping sleepers. do all of these things but sleep.” the amount of time we spend in back on track,start lengthening

OU problems,insomnia is aclinical dis- Ironically, insomnia is also CBT-I focuses on breaking this bed awake. To track this, we calcu- your time in bed slowly,by15min-

OUL order.Wehaveinsomnia when we driven by the things we do to try loop by helping us change the late our “sleep efficiency number,” uteintervals,totry to increase your

OP have difficulty falling or staying in to solve it, experts say. We start to thoughts and behaviors that are which is the percentage of time sleep duration. sleep three or moretimes aweek, chase sleep—waking up later, tak- counterproductive. Research we’re in bed that we’re asleep. The Finally, we need to challenge CHALIK and this lastsamonth or longer, ing naps, going to bed too early. shows it may have lasting effects— goal is at least 85%. our thinking about our sleep. EFI leading to daytime consequences, This diminishes our sleep drive, not just fixing our sleep problems To help boost our sleep effi- When we tell ourselves we “can’t BY such as fatigue,mood changes or which is our body’s need for sleep. in the present but helping us form ciency, we should avoid going to sleep” or “won’t be able to func- ION

AT difficulty concentrating.Sleep ex- It makes it harder to sleep when a sort of sleep resilience. A study bed unless we’re sleepy. (I’ve tion” the next day, we’re causing

TR pertsbelieveinsomnia is triggered we’re supposed to. And it creates a conducted by Dr. Cheng and col- learned the hard way that being ourselves a lot of anxiety, which US

ILL in part by the fear and anxiety we vicious cycle: More time in bed leagues and published online in bone-weary exhausted is not the further interferes with our sleep. (2) JOURNAL REET ST LL WA THE R FO ON+BANKS BRINS MY RIDE |A.J.BAIME Tesla Model 3s Rock for311 Star

Nick Hexum, 50, the Los all-wheel Angeles-based singer, song- drivecars writer, and guitar player with afterowning the band 311, on his family’s my Audi S6, Tesla Model 3s, as told to because you A.J. Baime. could accel- erateintoa rowing up, my dad in- corner and formed me a lot about the car G would be re- rock ’n’ roll culture. My first love of music was his 45 ally sure- collection—Chuck Berry, Jerry footed.Ihad Lee Lewis, Elvis. Cars were Nick Hexum of the band 311 and his wife, come to love always part of the imagery. Nikki, own a pair of Tesla Model 3s. adaptive You know: “Fun, fun, fun, ‘til cruise con- her daddy takes the T-Bird actually bought serial number trol because in L.A. freeway away.” We would go on car 311 of the Tesla Roadster, the driving, thereissomuch start- trips in the summer and it brand’s first model. He had ing and stopping. Adaptive got to be that I could identify been telling me to get one. I cruise controldoes thatfor the difference between a decided to wait until the you. The Tesla had all of this 1955, a 1956 or a 1957 Chevy, Model 3 came out because it technology.And the Autopilot just from one look. was the size I wanted and it is huge;itsteersfor you, so all Later, when Ihad some was cheaper than some of youhave to do is keep your success with my band, Isaw the cars I had been driving. hands on the wheel. this 1955 T-Birdparked across When Igot my Model 3 Now, my wifehas aModel the street from my manager’s performanceversion [Tesla’s 3, too. We put in ahuge so- office, and it had afor sale highestperformanceedition of lar array and twoTesla Pow- sign. Iboughtthatcar formy this model] twoyearsago,I erwalls,sothe sun powers dad and surprisedhim on his thoughtitwas the best-per- notjustour cars,but our 60th birthday. It wasthis forming carIhad driven, and house. When Iwas akid and tearful momentwhereIgot to have a$60,000 carthat Ifirst fell in love with cars,I to showmygratitude formy smoked someofthe moreex- neverimaginedIwould drive dad’slove and support,but pensivecarsIhad ownedwas acar poweredbythe sun. also forinstilling alove of awin-win. Because it is fully Ultimately, the thing that cars and rock ’n’roll in me. electric,thereisthis smooth made me an Elon Musk fan- Over the years, I have acceleration—the carhas no boy [Musk is the co-founder owned just about every gears, it justgoes—thatfeels and CEO of Tesla] is this: souped-up sports sedan from likeyou’re launching into hy- Most people are not going to all the German car makers. A perspace. You’re going from go out of their way to save Mercedes E55 AMG, a BMW zero to 60 mph in about 3.5 the environment. He created M5, an Audi S6. It wasn’t seconds.Atthe same time,it a car with a better driving about looking cool. I wanted is completely quiet. experience than what was killer performance. Thereare certain things in out there, from my point of The bass player in my acar that, onceyou have view, for a cheaper price. And band, P-Nut, was a super- them, youwould rather notdo you get to save the environ- early adopter of Tesla, and he without.Ihad come to love ment to boot. P2JW083000-0-A01300-1------XA

THE WALL STREET JOURNAL. We dnesday, March 24, 2021 | A13 ARTS IN REVIEW

Carol Causieestko, left, and Leo Barrientos in an Agnes suit with his father Abe, below

told, is about decreased cogni- tion—i.e., Alzheimer’s or some other form of dementia. But even those with a plan can have the wrong plan: Susan and her daugh- ter, Sophie, who is in her mid-30s, have assumed that Susan will spend her later years in an Air- stream trailer parked in Sophie’s backyard. But once Susan tries ne- gotiating the space wearing Ag- nes—which, in addition to inhibit- ing motion with weights and straps, also involves goggles that impose anticipated limits on vi- sion—the plan proves impractical bordering on dangerous.

The PBS special ‘Fast­ Forward’ prompts tough conversations about getting older (2) “Fast-Forward” maintains a /PBS chatty, upbeat tone, and more or

CITIES less has to given the contents: The future it envisions isn’t a wonder-

/TWIN land—it’s an obstacle course. It’s reassuring to hear Christine

INMENT Ritchie of Harvard note that Agnes TA doesn’t take into account the years

ENTER that elderly people will have to ad-

FLX just to the incremental diminish- ments they’re going to experience TELEVISION REVIEW | JOHN ANDERSON physically. She’s backed up during a sequence in which Drey, 35, the rather cocksure millennial son of Roger, puts on the MIT suit and ArtificiallyExpedited Aging tries to keep up in a fitness class full of seniors. He fails. Ellen Good- makeover is supposed do, knowing what you’ll know man, the Pulitzer to make you feel good then? Prize-winning about yourself. But This does not include “make newspaper col- when Susan finally more money,” though that would umnist (a credit Alooks in the mirror in be a good guess: Almost every- that goes unac- the opening moments of thing that “Fast-Forward” presents knowledged, “Fast-Forward: Look Into Your Fu- as a critical problem for the el- oddly), speaks on ture,” the Louisiana nurse has the derly—including suitable living behalf of the Con- reaction most of us would likely space and full-time care—can be versation Project, have: Horror. A resigned smile. Un- ameliorated by cash. But the show an initiativeof concealable fear. Through the mir- doesn’t go there. The problems it the Institutefor acle of cosmetics, prosthetics and confronts are the same ones likely HealthcareIm- a computer blueprint, the 52-year- to be faced by its specific sub- provement that old has been given the chance to jects—four millennials and one promotes plan- see what she’ll look like at 85. To Boomer or Gen X variety parent, ning with and by her credit, she doesn’t look away. whose expectations and prepara- elder family Some viewers will. “Fast-For- tions are given a kind of diagnos- membersbefore ward”—directed by Michael Erik tic scan. they lose the Hurtig, narrated by actress Rosa- “Fast-Forward” is intended to ability to commu- rio Dawson, and made with consid- instruct, not just about planning nicatetheir erable input from the Massachu- your old age but about what aging wishes.Much of setts Institute of Technology— will really mean to people, both “Fast-Forward” is asserts that by 2045 the average physically and emotionally. Social common sense. American will live to be 85. The in- isolation, for instance, “can be as Most of it is tent of the show is to point out harmful to one’s health as a pack about matters how few people are prepared for of cigarettes a day,” says Joseph people tend not such longevity, what they can do Coughlin, director of the MIT Age- to talk about. now, and what they should have Lab, which has developed a body- older. They include Roger, a 65- show’s audience, which is probably Which is precisely what the showis done already. In the makeup chair, suit—nicknamed Agnes, for Age year-old from Idaho who’s in good guilty of the same kind of procras- meant to remedy. they become their older selves, but Gain Now Empathy System—that health and hasn’t made a living tination/optimism. looks aren’t everything or the is used to impose several decades will “because I don’t need one Some things, of course, can’t be Fast-Forward: Look Into Your Fu- most important thing. The mes- of faux physical deterioration on now”—a response that will find planned for. The biggest fear peo- ture sage: What would and should you the show’s subjects, younger and sympathetic ears among the ple have about growing old, we are Wednesday, 10 p.m., PBS

ST.LOUIS SHAKESPEARE re- SIGHTINGS |TERRYTEACHOUT on account of increasing age, ill- cently announced that André De ness, or sundry other causes. (The Shields, lately of “Hadestown” and traffic jams in cities like Chicago one of the best actors in New Keep the (Virtual) CrowdsComing and Los Angeles, for example, have York, will be playing the title role long served as a disincentive for in a new production of “King Lear” people to see shows outside their that will open in June—outdoors neighborhoods.) and in front of a socially distanced Acase in point is NewYork’s live audience…if. Mint TheatreCompany, asmall but That ominousmonosyllable distinguished troupe that performs wasn’t part of the announcement, in an 88-seat off-Broadway house. of course,but it might just as well During the past year,the Mint has have been. Everybody knows that webcast free broadcast-quality ar- the restarting of the artsinAmer- chival videos of six of itsproduc- icaiscontingent on the success of tions.Asoflast week,those videos massvaccination and the tamping had been viewed15,598 times by down of potentially dangerous 8,932 households (manyofwhich Covid-19 variants. Yetthat isn’t watched morethan one show) in 48 stopping artsorganizations from different states and the District of preparing to reopen their doorsfor Columbia, plus 49 other countries. the firsttime sincelockdowns be- Of those households,75% had never ganayear agothis month. Some beforeseen aMint production. “Do already have or will do so within Iintend to continue streaming once days,among them museums and we’reback to producing shows for similar cultural institutions liveaudiences? Youbet Ido,” says throughout California, including Jonathan Bank,the Mint’sproduc- major art museums and the San ing artistic director. DiegoNaturalHistoryMuseum. I’ve spoken to the artistic direc- Thereare some restrictions—they tors of numerous theater compa- arelimited to 25% of capacity and nies that are webcasting their must enforce social distancing— shows, as well as some who are but the point is that it’shappening. only just preparing to do so, and As for live performances, they’ll they all say the same thing. They mostly be taking place outside on now see webcasting as a perma- limited schedules and with social nent part of their operations—one, distancing and attendance caps in André De Shields, who will play the lead in a St. Louis Shakespeare production of ‘King Lear’ lest we forget, that none of them place. Massachusetts’ Tanglewood, utilized prior to the pandemic. one of the country’s leading sum- Will other organizations follow mer music festivals, will be put- Prior to 2020,online experi- prior to the lockdown last March. Theater is my beat, and I re- Mr. Bank’s lead? Or will they try to ting on a six-week season from ences were seen as strictly second- TheMet’sdigital upgrade viewed webcasts from every part return to business as usual? That July 9 to Aug. 16, while New York’s best to in-person interactions.A proved to be prophetic oncethe of the U.S. in 2020, some of them remains to be seen, but there can Public Theater plans to mount a rare exception wasthe Metropoli- pandemic made online the only op- by regional companies whose work be no doubt that arts groups that single Shakespeare in the Park tanMuseum, which had upgraded tion forother cultural organiza- I already knew well, others by abandon web-based content—or production, “The Merry Wives of itssiteinthe 2010s with avariety tions,alifeline to art-hungrypa- troupes previously unknown to failed altogether to generate it in Windsor,” set to open on July 5…if. of educational offeringsfocused on trons, donorsand casual viewers. me. I had long been spreading the 2020—are not just missing an op- For despite all this hopeful the collection. OnceCovid hit, the Not only did the internet and word about regional theater in my portunity. They’re making a mis- news, the specter of Covid-19 still museum went further,developing streaming sites expand the ways drama columns for the Journal, take that will have far-reaching haunts the arts. Yet we are none- virtualtoursand education pro- that artscontent could be delivered but now my readers could see for consequences in a post-pandemic theless seeing the first stirrings of grams and digital performances to audiences,but they gaveart lov- themselves how good those com- nation whose art-loving citizens a post-Covid arts world, and when that, between March and December erseverywhereaccesstothe work panies were. At last, their work are likely to be shy of gathering in it comes to pass, we’ll find out last year,received well over three of regional organizations that had could be seen throughout America public for a long time to come. whether America’s arts institu- million online views,according to a hithertobeen known only to resi- and around the world—as well as MURPHY tions have truly learned the les- report issued by the Met on March dentsofand visitorstothe cities by theater lovers in their own Mr. Teachout is the Journal’s sons of audience engagement 9. That’sabout 75%ofin-person wherethey were located, thereby communities who were finding it drama critic. Write to him at TTHEW

MA taught by the pandemic. visitorship forthe eight months expanding their audiencebases. harder to attend live performances [email protected]. P2JW083000-0-A01400-1------XA

A14 | We dnesday, March 24, 2021 THE WALL STREET JOURNAL. SPORTS

BY LAINE HIGGINS These Underdogs Busted Yo ur Bracket fthe firstmen’scollegebas- ketball youwatched this sea- soncame when March Mad- Inessbegan last week,you Arecordnumber of upsets propelledfour double-digit seedstothe NCAAtournament’sSweet 16 might think that the Big Ten spent the season in misery, the Pac-12 wasdominant and the chaos of the pandemic had created an un- precedented level of parity. Youwould only be right about the last of those thingsafter the firsttwo rounds of the NCAA tour- nament. TheBig Ten’spowerful regular season landed nine teams in the tournament—and eight are nowgone.The Pac-12 waslargely ignoredfor most of the year and nowhas supplied 25% of the Sweet 16 field. Theunstable pandemic season, however, has produced an unpre- dictable tournament in which it seems that nearly anyteam can beat anyother. Through the first47games played, not including the tourna- ment’sFirst Four play-in games, the lower-seeded team has ad- vanced 16 times,ornearly 34%. (One game wasforfeited by Vir- ginia Commonwealth aftera Covid-19 outbreak on itsroster.) TheNCAAonly defines “upsets” as games in which the victorious team is seeded at least five spotsbelow their opponent, but 13 of those games met that standard—a record forthe firsttwo rounds of the tournament. TheSweet 16 slatein2021 in- cludes nearly as manyusual sus- pectsasCinderellas.Overall No.1 seed Gonzagacruised through the firstweekend of the tournament, as did fellowtop seeds Baylor and Michigan. Joining them are apair of No.2seeds,a No.15seed Oral Roberts, above,beatNo. 2Ohio Stateand No.7Florida to pair of No.3sand ahost of advancetothe Sweet 16. No.8seed Loyola Chicago,left, upset No.1Illinois. pluckyunderdogs, includ- ing four double-digit seeds. fore the NCAA tournament gotun- Championship.Teams were run- And yetthe sum totalof der way last Thursday. ning on fumes beforethe tourna- seeds advancing to the re- Most games were playedin ment even started. gional semifinal—94, or an empty arenas,which made the se- “It’sgruesome,” said Maryland averageof5.88—is an all- lection committee’susual prefer- guardDaryll Morsell of the final time high. encefor road wins nearly irrele- stretch of the regular season. One of the wildest vant in 2021. Additionally,the At least one upset over the thingsabout the 2021 majority of the scheduling casual- weekend canbepartially explained men’stournament is not ties were non-conferencegames. by agreat team having an unex- the number of upsets, but These contestsare vital compari- pectedly lowseed: Loyola Chicago. the waysinwhich they’re son pointswhen the committeede- TheRamblersfinished the year happening.Lower-seeded cides howtoseed the tournament with the most efficient defense in teams wontheir games by field. the country, according to sta- an averagemargin of 10.8 Consider the epic tistics compiled by Ken points, which is just ahair breakdown that befell Pomeroy,and aNET lessthan the tournament the Big TenConfer- ranking of tenth. Yet averageof13.5points. To ence. Despiteget- 4 the Selection Com- be sure, there’sbeen ting aleague-record Number of Pac-12 teams mitteepegged buzzerbeatersaplenty nine teams intothe them as an eight (Southern California, with nine games sincethe tournament, only seed with the likes Oregon, UCLA, Oregon play-in round decided by lessthan aren’t dropping or they can’t hang That created acontest in which No.1Michigan is of Oklahoma and three points. on to the ball and suddenly they the Longhorns had 23 turnovers still aliveafter the State) in the NCAA men’s North Carolina, Early-round games haven’t been become alot morebeatable.Highly and Abilene Christian shot 67 field firstweekend. basketball tournament whose NETrank- this lopsided since2013,which was seeded teams canrun intoanight- goals to Texas’s40. It didn’t even Although the con- Sweet 16 ingshovered in the the last time a15th seed made it to marewhen they come up against matterthat the Wildcatsmade just ferencedominated the mid-30s.Itput Loyola KI/REUTERS WS

the Sweet 16.Yearsago, Florida an opponent whose biggest 29.9%oftheir two-point attempts standingsall year—four Chicagoonadirect colli- KO Gulf CoastUniversity and its“Dunk strength is one of their weak- and 16.7%oftheir threes.Abilene teams were ranked in the top sion course with No.1Illi- SZ RU City” team made an unthinkable nesses. Christian ranintoabuzzsawinthe 10 of the Associated Presspoll in nois in the Round of 32 in the Mid- OR runthrough the firstweekend of That’swhat happened when second round on Monday, falling March—they also spent the better west region, agame the Ramblers TREV

the tournament; this year Oral third-seeded Texas lost 53-52 to 67-47toNo. 11 UCLA. part of the winter beating up on ultimately dominated 71-58. S; Robertsisdoing the same afterde- No.14Abilene Christian in the first But this tournament has been each other.The 14 toughest sched- Then thereare thingsabout the feating No.2Ohio State and No.7 round. TheLonghorns struggled even harder to forecast than usual ules in the Division Iall came from firstweekend of the NCAA tourna- PRES Florida en routetothe regional with turnoversthroughout the sea- thanks to the disruptions created the league. ment that few statistics canex- TED

semifinal. son and averaged 14.6 per by the coronavirus,which made it Additionally,ahandful of plain. Five teams from the Pac-12 OCIA SS

Single-elimination tournaments game—266th in Division Iand sixth extrahardtofigureout which Covid-19-related postponementsin Conferenceearned bids to March /A arealways moreunpredictable worstamong NCAA tournament teams were the strongest. Out- Januaryand Februarycompressed Madness, none higher than No.5 ST than extended playoff structures, teams.Their first-round opponent, breaks and subsequent cancella- the back end of the season. Some Colorado.Yet somehow, the so- MA AJ

likethe best-of-seven game format on the other hand, led the nation tions meant that the 68 teams teams,including Michigan State, called “ConferenceofChampions” P: used in the NBA. Catch adominant in forced turnoverswith 20.4 per playedahugerangeofgames—as playedasmanyassix games in the went acombined 9-1through the TO OM

team on anight when their shots game. few as 15 and as manyas30—be- final two weeks beforethe Big Ten round of 32. FR Weather TheWSJ DailyCrossword | Edited by MikeShenk Shown aretoday’snoon positions of weather systems and precipitation. Temperaturebands arehighs for the day. 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THE WALL STREET JOURNAL. We dnesday, March 24, 2021 | A15 OPINION NFL, Beeple See a Far-Off Future BOOKSHELF | By Sam Kean

Forhis $69 that oncecould be had for$1 hook fordelivering the game stands will be tweeting and Heated million, are- and nowsells forabout intothose highly engaged live-streaming spoilersto cent Chris- $1,700. He wouldn’t be the neighborhoods with the viewers at home waiting in- tie’sauction firstaspiring mover and heaviest concentration of terminably forthe same buyer gota shaker who looked around viewers,wherelocal third- events to showupontheir Arguments lot more forasplashypurchase to party bandwidth might break TV screens. BUSINESS than ajpeg makewithout undue concern down under the weight of Thecatch is anasty one: WORLD file with an forintrinsic value.Upon thousandsofsimultaneous Adding production value al- Einstein’s Fridge arguably placing his winning bid, Mr. streams. most automatically means By Holman W. meaningless Sundaresan drew out the Some seem to forget: The adding latency. Everyeffort By Paul Sen Jenkins, Jr. “authentic- dramabywithholding his internet is still aone-to-one to enrich the viewerexperi- (Scribner, 305 pages, $28) ity” badge identity forseveral days, architecture.Alivefootball ence, such as integrating attached, testifying that it then issued ahot-buttony game isn’t aNetflix show multiple cameraangles or ac- uring aphysics classItook in college, the professor wasn’t acopy of that which quotesaying he sought to that canbestoredinadvance cess to odds and stats, is a D introduced the unit on thermodynamics with aquote is infinitely and perfectly show“Indians and people of on local serversaround the technological liftthat intro- from Albert Einstein, who said that it is “the only copyable. color that they toocan be pa- nation forcustomerswho all duces morecomputational physical theoryofuniversal content which Iamconvinced An advertising rule of trons,” as if this were adis- watchondifferent schedules. and transmission lag. ...will never be overthrown.” Iwas suitably impressed. thumb holds that free media puted proposition. Of course telephony Yet within about 10 minutes my enthusiasm flagged. Sure, coverage is worth three times Beeple’sart mayormay wouldn’t have been born 150 the field might be eternal, but even Einstein’simprimatur the publicity value of apaid not be in demand in 50 years, The technological yearsago if real-time com- couldn’t glamorizethe grubby details of heat exchangeand ad. And anykind of ad im- but nonfungible tokens area munication weren’t possible. energy conservation. pression is always morevalu- plausible building block of possibilities are Video chat todaywould be Such is the fateofthermodynamics.It’sarguably the most able if it hitsthe right target the digital realities that hu- limitless until you try intolerable without non-laggy successfulscientific theoryinhistory, sweeping and precise audience. Idoubt manyWall mans might one dayinhabit communications.Soit’stech- and revolutionaryall at once. And virtually no one cares. Street types,techies and far morebeguilingly than is to implement them. nologically doable.But tryit “Einstein’sFridge: Howthe DifferenceBetween Hot and cryptocurrencymavens had possible todaywith alaptop with millions of avid simulta- Cold Explains the Universe,” awide-ranging book by the heardofthe Singapore-based screen or Oculus-style head- neous participantswho are British documentaryfilmmaker Paul Sen, setsout to rectify cryptoentrepreneur Vignesh set. And that’sjust one compli- geographically concentrated that situation. Mr.Sen knows the challengethat awaitshim. Sundaresan, who goes by the That world is coming.Un- cation in the glorious future and relying on thesame local In the book’sveryfirst sentence, he lamentsthat “thermo- online name Metakovan. He fortunately,aperson canalso of sportsstreaming.Interac- infrastructure. Tryitinsuper dynamics is adreadful name.” It implies abland focus on heat was all but unknown until he be born, getold and die tivity is the holy grail forin- high-def with all the bells flow and, to me at least, conjures up images of Victorians in forked up aking’sransom to while inevitable futures are creasing “fan engagement.” and whistles. stuffysuitstinkering with ownadubiously “original” laboring to be born. Unfortunately,interactivity Forthese reasons,this col- steam engines.It’safar cry copy of amontageofworks Which bringsustoare- requires lowlatency while ev- umn has been in lessofa from the romanceofrelativity by “Beeple,” aCharleston, lated news item: Amazon has erything else about digitiza- hurry than some to writeoff or the enigmatic koans of S.C.,graphic designer with a acquired rightstobecome tion tends to increase latency. the cable bundle as far as quantum mechanics.Mr. Sen sideline in digitalcreations the newproducer of “Thurs- On astreaming platform like livenewsand sportsare con- neverthelessmakes astrong that might be described as dayNight Football,” the red- YouTubeTV or CBS All-Ac- cerned. Yes, the technological case that thermodynamics is “Blade Runner”-meets-’70s- headed stepchild of NFL cess,the action is typically challenges canbesolved. everybit as lively as those other album-cover. rightsand still one of the delayed 42 seconds or more. Lots of companies are trying. fields—and vastly moreuseful Whoput the idea in the most popularthingsonTV This putsthe kibosh on mi- But likemanyvisionary forunderstanding what makes head of Beeple (alsoknown except forother NFL games. crobetting—betting on the things, it canbeeasier to vi- the universe tick. as MikeWinkelmann)toauc- Nerds quickly scrolled down next playorpitch, supposedly sualizethe futurethan to get Thehistoryofthermo- tion off aso-called nonfungi- to adetail: Thegames will the next big money maker for there. Ditto ownership of dynamics flips the relationship ble token? This is unreported still be seen on local TV in the sportsleagues. purely virtual properties in between scienceand technology and it’snoinsult to suspect a the home markets of the two It also makes ajokeout of purely virtualworlds.The on itshead. Nowadays,scientists stunt. Mr.Sundaresan claims teams playing—a concession social-media interactivity. dayisprobably alot further emphasizethe primacyof to be sitting on apile of to local fandom that is also a Over the 5G networks that off than the $69 million price fundamental research. Only after ethereum wealth—a crypto- concession to streaming’s Verizon and AT&T arerolling tagfor aBeeple collage youunderstand the basic science, they argue, canyou hope to currencyspawned in 2015 limitations.Amazon is off the out in stadiums,fans in the would suggest. apply it outside the lab.Not so with thermodynamics.Incase aftercase—steam engines,refrigerators, computer circuits— engineersand dedicated tinkerersbegan making impressive progressinthe field beforethey had anyreal understanding A Cease-Fire in the Election 2020 Wars of the underlying science. This topsy-turvyhistorymight explain, in part, the field’s Ihaveapro- dispute. Article I, Section 5of with the consequences. termine the validity of the inability to charm the public.Welovebold leaps that open up posal forre- the Constitution states that Notably,10Democrats electoral voteswith which it newvistas of thought; sweeping scientific breakthroughs are ducing the “each house shall be the votedagainst the motion to is presented. Thecontrary sexy.Tinkering isn’t. And even afterscientistsjumped into level of parti- judgeofthe elections,re- seat Mr.McCloskey.With to- presumption of the Electoral thermodynamics,their understanding came fitfully—a handful san polariza- turns,and qualifications of day’smuch narrowerDemo- Vote Count Act of 1887—that of men and women advancing piecemeal over acentury. tion in Con- itsown members.” As Karl craticmajority,evenfivede- Congressmay determine Contrast that to the theoryofrelativity and itslone,dreamy POLITICS gress: Both Rove pointsout in ahistori- fections would be enough to when electoral collegevotes heroinEinstein. Or quantum mechanics,which had the & IDEAS sides should calreview,the House over- defeat the current effort. We are“irregularly given”— feverish air of arevolutioninthe 1920s.Howeverimportant, stand down turned electoralresults59 will soon find out whether thereforelacks constitutional the historyofthermodynamics is messy. By William from elec- times between 1875and 1903, five Democratsare willing to foundation. In Mr.Sen’shands,that historyisstill pretty lively.Two A. Galston toralcontro- aperiod of intense partisan tell Speaker NancyPelosi that According to Messrs. Luttig main charactersin“Einstein’sFridge” committedsuicide versies that conflict in aclosely divided unseating aRepublican who and Rivkin, when “state legis- (Ludwig Boltzmann and Alan Turing); another (Emmy only intensifythe country’s politicalsystem. hasbeen sworn in would un- latures select presidential Noether) labored foryearswithout payorrecognition, divisions.House Democrats Objections to this proce- dermine President Biden’sef- electors, they exercise power only to end up on the coverofTime magazine.There’salso should abandon their efforts durearen’t constitutional but fort to restoreameasureof vested in them by the U.S. the book’stitular home appliance. Starting in the 1920s to reversethe outcome of political. Reversing the will civility to politics. Constitution, not by statelaw. Einstein collaborated on building several different models the race in Iowa’s Second of thepeople as determined As the powertosay what fed- of refrigerators, which seems likeabizarreaberration. Congressional District; Re- by stateinstitutions invites eral lawisrestswith the fed- Didn’t he have betterthingstodo? But Einstein adored publicansshould renounce endlessreprisals.This does It’s past time for both eral judiciary, it is the federal thermodynamics,sothe project wasanaturalfit forhim. the myth of the stolen 2020 nothing to enhanceeither na- courtsthat have the authority Much of Einstein’swork,infact, wasbuilt on 19th-century election. tional unity or the public’s parties to admit their and responsibility to resolve thermodynamics.EvenE=mc2,inshowing the equivalence Thefactsofthe Iowa con- confidenceinthe political defeats and accept the these disputes.” of massand energy,simply extended the idea of energy troversy aren’t in dispute. Af- system. Former Vice President conservation. terarecount found that the This processplayedout legitimate results. Mike Pence, whom Mr. Luttig Republicancandidate, Marian- most recently afterthe 1984 advised during the 2020 vote nette Miller-Meeks,had won election,inthe conflict over certification controversy, It’s arguably the most successful scientific the race by six votes, Iowa’s Indiana’sEighth Congressio- Nowtothe contribution found this logic compelling theory in history, sweeping and precise and stateboardofelections,com- nal district. When the Repub- Republicans must make. and risked his political future posed of three Republicans lican candidate, whom Indi- Last week J. Michael Lut- to followit. (As Bush v. Gore revolutionary. Ye t virtually no one cares. andtwo Democrats, voted ana’sRepublican secretaryof tig,aformer judgeonthe showed, placing the powerto unanimously to certifythe re- statehad certified as the win- Fourth U.S. Circuit Court of resolveelectoral disputes in sult. TheDemocratic candi- ner, arrived on Capitol Hill in Appeals, and David B. Rivkin thejudiciaryisnoguarantee Beyond the anecdotes,Mr. Sen also succeeds in showing date, RitaHart,objected that January1985,the Democratic Jr., aconstitutional lawyer, that these disputes will be thermodynamics’ wide application—capable of providing 22 valid ballotshad been ex- House majority refused to published a carefully reasoned rendered uncontroversial.) insightsintonearly everyother scientific field. In the 1800s cluded from the count and seat himand instead initiated op-ed on these pages arguing It is time forRepublican biologistsused it to showthat the energy that animals expend took her complaint to the acongressional investigation that theFramersdeliberately congressional leaderstoac- comes only from the calories they ingest. This disproved the House Administration Com- dominated by their party. minimized the role of Con- knowledgethat their mem- old “vitalist” notion that living matterwas infused with some mittee.Ms. Miller-Meeks re- Predictably,the Democrats gressinselecting the presi- bers’challenges to the elec- sort of mystical energy that differentiated it from nonliving sponded that this complaint determined that the Demo- dent.When electoral votes toralvotes of six states in the matter. Meanwhile,the thermodynamic concept of entropy should be dismissedbecause cratic candidate, Frank areunsealed and counted, 2020 election lacked either a explains everything from whychemical reactions take placeto her opponent had failed to McCloskey,had wonand voted Congress actsinapurely factualoralegal basis.The whytime flowsinonly one direction. (Atone point, Mr.Sen raise it in aspecial Iowa court to seat him. This outcome en- “ministerial” capacity—unless myth of the stolen election describes arefrigerator as “a deviceinside which time slows created to resolvesuch con- ragedevenRepublican moder- the count fails to producea hasprovokedviolenceand down,” largely by stalling themarch of entropy.) troversies. ates andopened the door to majority.Congress, Messrs. will continue to trouble the Modern scienceand technologyowe even more to TheHouse clearly has the Newt Gingrich’s takeover of Luttig and Rivkin say, has no republic until those who have thermodynamics.Inthe mid-20th century, Claude Shannon authoritytoadjudicatethis theGOP.Weare still living constitutional authority to de- nurtured it stand down. teased out the deep links between thermodynamics and information theory, paving the way foratelecommunications revolution. Toward the end of his book,Mr. Sen also describes some mind-bending cosmological theories about the It Shouldn’t Cost the Farm to Fix a Tractor connections between entropy,black holes and whether our seemingly three-dimensional universe is really just a2-D By Kevin O’Reilly ing manufacturers to provide to come out and fixhis tractor tor sold for $71,000. hologram. easy access to necessarytools, likeinthe old days.Instead he To Kris Folland,aMinne- My main quibble with “Einstein’sFridge” is Mr.Sen’s he equipment BarryHo- software,partsand documen- has to contract with one of sota-based farmer,itmakes tendencytoveer intoanalogies.Ajudicious few canbe T vis uses on his small tation. two nearby dealerships that simple financial sense to use helpful, and the author offerssome dandies.Iespecially Cape Girardeau, Mo., In areport forthe U.S. areauthorized by the manu- older equipment. “They’ve enjoyedthe one about the rowdypub patrons invading a cattle farm is alot different Public Interest Research facturer to makethe software stoodthe test of time,[are] quiet library, to illustrateachangeinentropy.Other analogies, from the tractor he learned to Group last month, I detailed fixes. well-built, easy to fix, and it’s though, arerather baroque.Toshowwhat happens when a drive as a kid. Today’s equip- howsoftware tools have be- “When harvest season easy to getparts,” Mr.Fol- massfalls intoablack hole,Mr. Sen sketches out ascenario ment is chock full of modern come instrumental to the re- starts in southeast Missouri, land told the Star-Tribune of involving some superintelligent fish who swim around a technologydesigned to im- pair process. With the proper everybody’s running multiple Minneapolis.“Older equip- shallowbut infinitely wide ocean. They’reblind and can’t feel prove efficiency and increase software,farmersand techni- combines,tractors, every- ment is away to reduceyour the waterontheir skin, but they have incredible hearing,and yields.Those digital features, cians canidentifyanissue thing.That means more cost per bushel to become they’rebeing pulled down adrain (in the ocean) while they however, requiredigital tools breakdowns,” he said. “Our moreprofitable.” ping each other with sonar.One fish is also somehowwearing to fix—tools that Mr.Hovis two dealerships’ servicetechs Reformmay come soon. awatch.Icould see wherehewas going with all this,but the can’t buy.Modern tractor New ones require can’t keep up with the de- Mr. Hovis filed a right-to-re- simpler the analogythe better: When multiple such analogies makerskeep their software in mand. Being asmaller farmer, pair bill in January. “Tome started piling up,itgetsabit dizzying. house. software that only I’m typically going to be the this is abipartisan issue.This Overall, though, Mr.Sen makes acompelling case forhow “I consider myself to be a authorized dealers last guyonthe list that gets is not about politics or any- vital thermodynamics is; Inow regret not heeding my professor bit of a handyman,” says Mr. the truck out to my house.” thing likethat,” he told me. back in college. But perhaps Ishouldn’t be so hardonmyself: Hovis, aRepublican member are allowed to use. Some farmersare choosing Farmers in Florida, Montana Even legendaryscientiststend to underestimatethe field. In of the Missouri House of Rep- to forgo newer equipment al- and Nebraska are also pursu- the early days of quantum mechanics,the physicist Niels Bohr resentatives.“When Itried to together,instead opting for ing legislative change, draw- wanted to jettison the firstlaw of thermodynamics—which buy the software tools I with atractor,authorizethe 30- or 40-year-old tractors ing support from statefarm states that energy is always conserved—tosalvageapet theory needed to do simple things repair,and clear the error they cankeep running on bureaus,farmersunions and of his.Half acenturylater,Stephen Hawking insisted that the like sync anew part to my code generated. Without it, their own. As aresult, older lawmakersfromboth parties. second lawofthermodynamics—which says that the entropy tractor,Icame up empty.And they’reforcedtogotothe machines arefetching high Legislators have an oppor- of the universe always increases—didn’t apply to black holes. because independent repair dealer forhelp or turn to prices at auction. According tunity to come together Eventually,both men conceded that they were wrong.The shops getthe same treatment hacking the digital compo- to farm equipment data com- acrossparty lines and help lesson is simple: Thermodynamics does not bowtoother fields; from manufacturers, I’m nentsinthe tractor,which panyMachineryPete, the farmersatatime when it is other fields bowtoit. forced to turn to the dealer some argueviolates the li- highest pricearoughly 30- increasingly difficult to turn a for repair.” cense they arerequired to year-old John Deeretractor profit tilling earth. Mr. Kean is the author of several books. His latest, “The He isn’t the only frustrated sign at purchase. sold forin1989 wasalittle Icepick Surgeon: Murder, Fraud, Sabotage, Piracy, and Other farmer.Manyare calling for Mr.Hovis can’t tinker him- over $7,200 in 2019 dollars. In Mr. O’Reilly is aright-to-re- Dastardly Deeds Perpetrated in the Name of Science,” will be “right to repair” laws requir- self or ask the local mechanic 2019,a1989 John Deeretrac- pair advocate with U.S. PIRG. published in July. P2JW083000-2-A01600-1------XA

A16 | We dnesday, March 24, 2021 ** THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR Jim Crow Is Not on the Georgia Ballot Are We Training Our Lawyers the Best Way?

he battle over voting rules is erupting audit “low-performing” local election directors Regarding Clifford Winston’s“Elim- petencyfilter.” Whynot focus on an again, andGeorgia is back as political and appoint temporaryreplacementstoforce inatethe Bar Exam forLawyers” (op- LLB (bachelor of laws) program for T ground zero.It’s“aredux of Jim Crow, change. In November two counties initially ed, March 16): Thewriter seems to undergraduates with appropriatefull- conflatethe American Bar Association tuition scholarships? Twoyearsofthe in asuit and tie,” says Demo- missed 5,000 ballots,somaybe Here are the actual and statelicensing authorities in sim- former liberal-artscanon, followedby crat and media favoriteStacey discipline is needed. plistic ways. TheCouncil of the ABA two yearsofthe same courses as the Abrams with her usual under- proposals being cast as Nowthe stuff that makes Section of LegalEducation and Admis- firsttwo yearsoflaw school, thereby statement. Theactual propos- headlines: TheSenatepassed sions to the Bar is recognized by the returning real rigor to the undergradu- als that have passed either the ‘voter suppression.’ abill to roll back no-excuses U.S. Education Department as the na- atedegree.The English have done House or Senateare morepro- mail voting.Absentee ballots tional accreditor of lawschools and something likethis forages. If the saic,and we thought youmight would still be available to serves as an independent arm of the graduateachieves aBaverage or bet- liketohear the facts. those obligated to be elsewhere, with adisabil- ABAinthat capacity.Typically,state ter, then eligibility forthe bar exam One plan would do away with signature ity,orage 65 andup. RepublicanHouse Speaker supreme courtsortheir designees reg- would be granted aftertwo yearsof matching,soelection workersaren’t squinting David Ralston has said he opposes this change, ulatewho is admittedtothe practice apprenticeship in alaw office. This at loopsand handwriting slantstoverifyabsen- so it might not happen. But even if it did, Geor- of law. Theimplication by Mr.Winston would allownewly minted lawyers, that the ABAhas anyauthority to dic- well educated and with two yearsof teeballots. Instead, mail ballotsand applications gia would hardly be an outlier: Morethan a tate statelicensing requirementsis hands-on experience, to affordtoac- would have afield forvoterstowritetheir state dozenstates save the absentee exception for simply wrong.Working with various cept employment at alesser starting ID numbers. Georgians who vote in person are people who need it. They includesuch bastions stakeholdersinlegal education, the salaryinthose urban and ruralareas already asked foridentification, and the stateof- of right-wing votersuppression as Connecticut council will continue to reviewand which arehardpressed forlegal repre- fers free IDs. and Delaware. improvelegal education standards for sentation. Theonly impediment is the Other ideas areanon-nefarious grab bag.The TheHouse,meantime,passed abill to rewrite lawschools as it has done formany resistanceoflaw-school academia and House bill would set an earlier deadline forre- the rules forweekend early voting.Asofnow, years. itsABA allies. questing amail ballot: Applications would be counties must offer ballotsonone Saturday. PATRICIA LEE REFO CHRISTOPHER DENTON, ESQ. due 11 days beforethe election, instead of four. Threeother weekend days areoptional. AHouse President, American Bar Association Elmira, N.Y. This is moving in the right direction, but the U.S. proposal would makemandatoryasecond week- Phoenix Postal Servicesays 15 days should be allotted, end day, but that would be the limit. One propo- An old adageobserves that the man Do we need morelawyerswith less who is his ownlawyer has afool for so voters receivetheir blank ballotswith enough nent argued foritasauniform standard, giving education? This is aconcept that his client. In 1975, in the case of time to mail back their completed ones. voters everywherethe same treatment. might not getaringing endorsement Faretta v. California,the Supreme TheHouse would set permanent rules forbal- But in populated areas,two Sundays of voting in all quarters. Perhaps Mr.Winston Court held that criminal defendants lot drop boxes. Counties would be capped at one would be pared to one Sunday, so it’sbeing cast should go to lawschool forthe stan- have aconstitutional right to refuse boxfor every100,000 activevoters. Boxplace- as an attack on black churches that urge “souls dardthree yearsand tell us which counsel and represent themselves in ment would be limited to county offices or early to the polls” afterservices.Only 3% of Georgia’s thirdofhis education wasunneces- statecriminal proceedings, thus estab- voting sites,and they’d be operational only dur- early in-person voters last year went to the polls sary. Historically,the cost of legal edu- lishing the constitutional right to be a ing regular voting hours. Theboxeswould need on aSunday, according to the AtlantaJournal- cation has been ameliorated by many fool. It seems that noweliminating “constant surveillance” by election staff or secu- Constitution. But 37% of them were black,the studentswho attend evening classes credentialing of lawyersentirely rity.Ballotswould have to be collected daily by newspapersays,compared with only 30% of while working during the day. To sug- would merely makefools of us all. gest that lesseducated “law persons” KEVIN F. BERRY two workers, to prevent anyone from being left Georgia’sregistered voters overall. would end up working in “the public Gladwyne, Pa. alone with apile of votes. This statewide comparison is alittle mislead- interest” sounds likewishful thinking. Afterlast year,that sounds likearestriction, ing,sincethe latterfigureincludes whiter rural Lastly,ifyou substitute“doctor” or In acountryasoverly regulated and but it’sthe wrong comparison. Last year wasthe places that don’t have Sundayvoting.Iflawmak- “airline pilot” forlawyer,Idaresay overly litigious as the U.S.,the last firsttime Georgia allowedany ballot drop boxes, erswant to makerural counties runasecond day Mr.Winston’sproposal would look thing we need is to eliminate“accept- under apandemic dispensation. As it expires, of weekend voting,then fine,but cutting aSun- much lessappealing to the consumer able legal education and statelicens- drop boxesare scheduled to disappear.Ifthe dayinmetropolitan areas merely foruniformity he claims he caressomuch about. ing requirements.” If anything,they Legislatureapproves them with caveats, absen- isn’t aconvincing argument. That’sprobably ROBERT MILLER, ESQ. should be made morestringent, and teevoterswould have moreoptions than the why, in anycase,lawmakersappear to have Delray Beach, Fla. unlimited federal subsidies forgradu- 2019 statusquo. abandoned the idea. ate-education loans should be elimi- Although Mr.Winston’sidea about nated or drastically reduced. TheHouse would also order that voterwait iii achieving affordability is laudable,he MARK A. PULLANO timesbemeasured at large precincts. If they Does anyofthis sound likeBull Connor at the seems to neglect the need fora“com- New York reached an hour,adjustmentswould be required precinct door? Georgia has had record voter beforethe next election. On the Senateside,one numbers in recent years,including outstanding bill would let workersbegin processing piled-up black turnout, and these proposals won’t reverse mail votes, in strict confidence, eight days be- that. Setting aside President Trump’sspurious FedSurrendersIndependence, CreatesRisk fore the election. Some states already do prepro- fraud claims,last year’s pandemic election put cessing,which cutsdelays in reporting final aspotlight on election flawslikesubjectivesig- Your editorial “Powell Catches the TreasurySecretaryJanet Yellen ap- numbers. It’sagood change, and other states— naturematchingand faulty deadlines.There’s Fiscal Bus” (March 16) correctly warns parently isn’t worried about the defi- ahem, Pennsylvania—should do the same. real work to be done to securevoter confidence that, in the current environment, cit because she and othersfocus on Another Senatebill would let stateofficials in ballot integrity before2022. therewill be strong “political pressure the level of interest expense as aper- ...tokeep rateslow as far as the eye centageofgross domestic product as cansee.” That is whythe Federal Re- opposed to the absolutelevel of debt. servemay turn to yield-curvecontrol That is aconvenient formulation A Police Officer’s Sacrifice (YCC). Supporting longer-term federal while the Federal Reserveand other debt (and thus pegging yields at polit- central bankersartificially depressin- ric Talley wasalatecomer to lawen- tim of this shooting.Hewas killed trying to ically favoredrates)ismoreprobable terest rates. forcement, joining the Boulder Police stop it—and he paid the terrible priceevery now, especially sincethe Fedhas ad- Theproblem with this thinking is E Department at age40after acareer in policeofficer in Americaacceptsasarisk each opted “flexible averageinflation tar- twofold: At some point the principal IT.His chief said he went into morning when he or she puts geting.” Policymakersare lesscon- needs to be paid off,either by refi- policing because he felt he As cops are demonized, on the badge. cerned with inflation than with higher nancing or actually running amean- had ahigher calling.Sowhen Eric Talley reminds us TheBoulder killing comes interest ratesongovernment debt. ingfulbudget surplus,and excessive shotsrang out Mondayinside aweek afterashooting spree But YCCisn’t without risk: It would deficit spending will inevitably drive encouragefurther deficit spending,in- interest rateshigher. aKing Soopersgrocery store of the risks they take. in Atlantalefteight innocent crease the “reach foryield,” distort Extending this logic further,ifrates in Boulder,Colo., he wasthe people dead. Though manyin credit marketsand increase duration were 50% lowerthe U.S. could com- firsttorespond. the media have declared they risk.Central bank credibility and inde- fortably borrow an additional $30 Talley’s younger sister,Kirstin Brooks,says knowthe motives of the two gunmen, there’s pendencewould suffer as the distance trillion tomorrow. she is not at all surprised that her brother ran so far no definitiveevidenceineither case and between monetaryand fiscal policy We’regoing to hear alot morein toward the fire. “I honestly know my brother, policebyour deadline had drawnnoconclu- shrinks.This isn’t arecipe forsound coming months about the unholy trin- when he heardtherewas ashooting in asuper- sions.All we really knowisthat the shooters policyunder arule of lawand would ity of MMT (modern monetary market, Iknowhis firstthought was‘Thereare were deranged enough to kill with impunity hinder long-run growth. theory), Keynesian multipliersand in- kids in there,’” she told the Washington Post. people they didn’t know. JAMES A. DORN terest expense as apercentageofGDP Talley wasthe father of seven children, ranging No doubt the horror at the killingswill de- Cato Institute to justifyfurther,massivedeficit from seven to 20 years old. volveinthe coming days intoone morefruit- Washington spending which we can’t affordand which will have deleterious effectson Because he responded, the 51-year-old be- lessdebateovergun control, and President Bi- Thefirst and foremost raison d’être the economy. Ask yourself: Whyare came one of 10 people killed by gunman Ah- den wasquick on Tuesdaytocall foraban on forthe Fedistoallowfor the separa- Bitcoin and other cryptocurrencies mad Al Aliwi Alissa, who wasshot in the leg certain rifles.Meantime,let us mourn the vic- tion of monetaryand fiscal policy- skyrocketing despitemassivevolatil- beforebeing arrested. America’spolicehave tims.And givethanks formen such as Eric making and, thus,tokeep political ity and lack of transactional liquidity? been demonized in the last year,soit’sworth Talley,who didn’t lose his lifeatthat Boulder hands off the dollar printing presses. GORDON GOULD noting that Officer Talley wasn’t merely avic- grocerystore.Hegaveit. This purpose has eroded gradually, Boulder, Colo. and nowsuddenly,asyou note. Thequantitative-easing policies Youcongratulate Jerome Powell Erdogan Tanks the Turkish Lira of the Fedthat were established in forgetting the legislaturetoshare the wake of the 2008 financial crisis in the burden of putting fiscal policy ecent interest-rateshifts in the U.S. gest economic problem and guesswhat, folks: never abated even as the economy as another crutch in the top-heavy slowly recoveredduring the Obama U.S. debt/GDP structure, which and other developed economies were There’sstill gambling at Rick’s. administration and morequickly pointstoward atruism: He nowhas R bound to have consequences foremerg- Theother newfactor is the global economic during the Trump administration, to payfor it. ing markets, and it looks like environment, which is much when full employment wasrealized With real inflation beginning to Turkey is firstinthe dock. Investors realize less hospitable than during and inflation wasunder control, the gain momentum, the market will de- Theliraplunged about 14% a return to normalcy thelast Turkish crisis two two policyobjectives of the Fedin mand higher yields while the Fedwill versus the dollar Mondayin yearsago. Thepandemic is the modern era. Fiscal policymakers want to keep them down. Yield-curve an incipient crisis that is was a mirage. straining economies every- never weaned themselves off debt control mayaccomplish that fora mostly but not entirely the where, and Turkey has been financing. while,but inflation-curvecontrol is fault of President Recep hit especially hardbythe col- That theeruption of the pandemic not in his fiefdom. Tayyip Erdogan. lapse of travel due to itsrelianceontourism. asked policymakersand the Fedto Thelesson is that marketswere take some extraordinarymeasures meant to be free,something recent This week’sliraruction wascaused by Mr. With the summer vacation season in doubt, es- doesn’t mean that we shouldn’t have Fedchairmen needed to relearn. Erdogan’ssacking on Saturdayofthe head of pecially forTurkey’s manyEuropean visitors, been healing our fiscal and monetary FRED EHRMAN thecentral bank.The main sin of the deposed it’snot clear howthe countrycan start earning houses during the past 13 yearsfor New York monetarymaestro, Naci Agbal, wastowagean itsway out of the financial hole. that, or another,kind of eventuality. aggressivebattleagainst inflation. He had One constant between this and the 2018 cri- Theyounger generations who will raised the policyrateto19% from 10.25% in an sis,sort of,isU.S.interest rates. Then, the Fed- have to paythis bill need to speak up, Pepper ... attempt to stabilizeconsumer prices that rose eral Reserve’sgradual increase in itspolicyrate vote up and put atruly rational valua- And Salt 15.6%year-on-year in February. Mr.Erdogan led investorstorotateout of riskier markets tion on their future, which is nowbe- preferstogoose economic growth as much as such as Turkey and intothe U.S. Several other ing distorted. THE WALL STREET JOURNAL possible no matterthe inflationaryconse- emerging marketsfelt the sting,too. JAMES GOTTSCHALK quences, and he seems to believethat higher This time,bond investorshavedone the Tequesta, Fla. interest ratescause higher prices. rate-raising as they have pushed the yields on Mr.Erdogan’sbad economic management U.S. Treasurys rapidly higher in recent months, CORRECTION isn’t news.Turkey on his watchhas suffered and there is nothing orderly about the capital repeated crises of various sorts, most recently flowsasinvestorstry to guesswhat sort of in- The Jones Act of 1920 requires with another inflation spikethat became acur- flation might hit the U.S. and what Fed Chair- that vessels transporting goods be- rencycrash in 2018.But two differences are man Jerome Powell might do about it. Turkey’s tween U.S. ports be U.S. built and notable this time. lirawas falling as aresult even beforeMr. Erdo- owned and crewed by U.S. citizens. One is that investorshad convinced them- gan hastened its decline this weekend. The Americas column “Capitalism selves Mr.Erdogan had finally seen the light Global investorsinrecent yearshavebe- and the Border Crisis” (March 22) on economic policy, and nowclaim to be sur- come morediscerning about good and bad eco- misstated those requirements. prised that he hasn’t. Mr.Agbal’sappointment nomic policies,sothere’sreason to hope Tur- Lettersintended forpublication should in November,along with the resignation of Mr. key’s distressthis week won’t spread to other be emailed to [email protected]. Please Erdogan’sson-in-lawwho had been finance emerging economies.But if U.S. yields continue include your city, state and telephone minister,was heralded as asign that compe- their ascent, investorswill start asking some number.All letters aresubject to tent people would be in charge of macroeco- tough questions about the risks they’retaking editing,and unpublished letters cannot “Just what I wanted, be acknowledged. nomic policy. YetMr. Erdogan is Turkey’s big- elsewhereinthe world. a carbon-sucking device.” P2JW083000-4-A01700-1------XA

THE WALL STREET JOURNAL. **** We dnesday, March 24, 2021 | A17 OPINION Incredible Shrinking Income Inequality

By Phil Gramm household income by taxespaid, Gini coefficients of U.S. household income inequality,1196967-2017 Thesimple solution would have And John Early and correct fortwo major disconti- been to isolatethe distortions nuities in the time-series dataon Census corrected Census published Income after transfers and taxes caused solely by the changes in he refrain is all toofamil- income inequality that were caused 0.500 data-collection techniques and ad- iar: Widening income in- solely by changes in Census Bureau justed the previous years’ measures equality is afatal flaw in data-collection methods,the claim 0.475 to reflect the effect of the changes. capitalism and an “exis- that income inequality is growing We made these adjustmentsand T 0.450 tential” threat to democ- on asecular basis collapses.Not they areshown in the nearby figure. racy.From1967 to 2017, income in- only is income inequality in America 0.425 Theblue line is the actual reported equality in the U.S. spiked 21.4%, not growing,itislowertodaythan Census Bureau measurement of in- and everyone from U.S. senatorsto it was50yearsago. 0.400 come inequality.The yellowline the pope says it’sanurgent prob- While the disparity in earned in- eliminates theeffectsofthe 1993 0.375 lem. Yetthe dataupon which claims come has become morepronounced and 2013 discontinuities caused about income inequality arebased in the past 50 years, the actual in- 0.350 solely by changes in measurement areprofoundly flawed. flation-adjustedincome received by technique.The black line shows in- the bottomquintile,counting the 0.325 come inequality when the value of value of all transfer paymentsre- all transfer paymentsreceived is 0.300 Its rise is an illusion ceived net of taxespaid, has risen counted as income,income is re- created by the Census by 300%.The topquintile has seen 1967 '70''75'80 '85'90 '952000 05 '10'15 duced by taxespaid, and the two itsafter-tax income rise by only Source:Census Bureau, Congressional Budget Office, Bureau of Economic Analysis, authors' calculations. technical corrections aremade. Bureau’s failure to account 213%. As government transfer pay- Lo and behold—income inequality mentstolow-income households ex- food with government issued debit Census Bureau has significantly is lowerthan it was50yearsago. for taxes and welfare. ploded, their labor-force participa- cards; and numerous other pro- changed howitcollectsand records Theraging debateoverincome tion collapsed and the percentageof grams in which government pays income statistics.In1993 and 2013 inequality in Americacalls to mind income in the bottom quintile com- forthe benefitsdirectly. the Census Bureau changed its theold Will Rogersadage: “It ain’t We have shown on these pages ing from government paymentsrose Americans pay$4.4trillion a methods in an effort to collect bet- what youdon’t knowthat gets you that Census Bureau income datafail above90%. year in federal, stateand local terinformation from high-income intotrouble.Itiswhat youdoknow to count two-thirds of all govern- In 2017,federal, stateand local taxes. Households in the toptwo households.These changes created that ain’t so.” We aredebating the ment transfer payments—including governmentsredistributed $2.8tril- earned-income quintiles pay82% of two major discontinuities and dis- alleged injusticeofasupposedly Medicare, Medicaid, food stamps lion, or 22%ofthe nation’searned the taxbill, although they never see torted the time-series so that the growing social problem when—for and some 100 other government household income.Morethan two- most of this money because it is de- changeinmeasured income in- all the reasons outlined above—that transfer payments—as income to thirds of those transfer payments ducted directly from their pay- equality in those yearswas as much problem isn’t growing,it’sshrink- the recipients. Furthermore, census went to households in the bottom checks.When measuring income in- as 15 times the averageannual ing. Those who want to transform datafail to count taxespaid as in- two income quintiles.Remarkably equality,however, the Census changefound forthe entire50-year the greatest economic system in the come lost to the taxpayer. When of- the Census Bureau chooses to count Bureau doesn’t reducehousehold in- period. At the time,the Census Bu- historyofthe world ought to get ficial government dataare used to only $900 billion of that $2.8tril- come by the amount paid in taxes. reau explained in detail what it had their factsstraight first. correct these deficiencies—when in- lion as income forthe recipients. Had it done so and counted all done.Italso explained the limita- come is defined the way people ac- Excluded from the measurement of transfer paymentsasincome,in- tionsthe changes imposed on the Mr. Gramm is aformer chair- tually define it—“income inequality” household income is some $1.9 tril- equality from 1967 to 2017would use of itsincome-inequality mea- manofthe Senate Banking Com- is reduced dramatically. lion of government transfers. These have increased by only 2.3% instead sure to look at changes over ex- mittee and avisiting scholar at the We cannow showthat if you include the earned-income tax of the reported 21.4%. That’sadif- tended periods.Insubsequent use American Enterprise Institute.Mr. count all government transfers(mi- credit, whose beneficiaries geta ferenceofalmost 90%—a rather of thedatabythe Census Bureau Early served twice as assistant nus administrativecosts) as income check from the Treasury; food large error. and others, however, those warn- commissioner at the Bureau of La- to the recipient household, reduce stamps,which let beneficiaries buy Twiceoverthe past 50 years, the ings have been neglected. bor Statistics. The Democratic Party’s Dangerous Immigration Experiment

What arethe Biden tions used to understand that with- theGreat Society, he at least had it, and simply crossing their fingers ready a“welfaremagnet” has been administration’sim- out aborder thereisnocountry. the good sense to financehis spend- that interest ratesdon’t rise.An- undermined by the reality of where migration priori- And without security,thereisno ing bonanzawith taxcuts—on the otherconcern is the left’sdetermi- poor immigrantssettled afterarriv- ties?Are they to border.“We must say‘no’toillegal rich!—that hadbeen proposed by nation to sever anyconnection be- ing,and by their use of public bene- erase the southern immigration so we cancontinue to John F. Kennedy.“Theprimarygoal tween work and benefits, something fits relativetothe native-born border forall in- say‘yes’ to legal immigration,” said of the Kennedy-Johnson taxpro- all the moreworrisome sinceitis underclass. Generally,the states UPWARD tentsand purposes, President Clinton, who responded to gram,” Johnson biographer Randall occurring while destituteforeign with the fastest-growing immigrant MOBILITY while legalizing ev- aspikeinillegal immigration in the Woods wrote, “was not integration nationals with little education are populations haven'tbeen the ones eryone currently in early 1990s by asking Congressfor with the well-to-do,per se,but cre- beinglured hereenmasse. with the most generous welfare By Jason L. the countrywithout additional funding,among other ation of thepolitical and economic Americahas along and proud benefits, which is some indication Riley authorization? thingsto“protect our borders, re- capital to fund measures of health, tradition of admitting poor migrants that migrantscome looking for An objectiveob- movecriminal aliens,reducework who don’t stay that way.These new- work rather than handouts. A2018 server mighteasily draw such con- incentives forillegal immigration comershavetended to be upwardly CatoInstitutereport comparing im- clusions.Sofar,the WhiteHouse [and]stopasylum abuse.” Today’s progressives are mobile because they came forthe migrantsand natives who qualify has ostentatiouslyreversedany These problems,you might have right reasons.Lawsbarring paupers forpublic assistancefound that “im- number of border-security provi- noticed, arestill with us,and in eager to see what happens datetocolonial times.The firstma- migrantsare lesslikely to consume sions enacted by the previous ad- some cases have worsened, yetthe when a large welfare state jor pieceofimmigration legislation, welfarebenefitsand, when they do, ministration and thrownits weight Democratic Party’s resolveseems passed in 1882, prohibited entry“to they generally consume alowerdol- behind amnesty legislation that long gone.Replacing it is agrowing opens its borders. anyperson unable to take care of lar value of benefitsthan na- would apply to morethan athirdof belief on the political leftthat peo- himself or herself without becoming tiveborn Americans.” the country’sestimated 12 million ple should be allowedtoenter the apublic charge,” and asimilar stip- Thequestion is howlong this will illegalimmigrants. And then there U.S. on their terms rather than education and welfare.” Mr.Woods ulation wasincluded in a1930 exec- remain true as America’swelfare arethe not-so-mixed messages to ours, and that it is our collective called the 1964 taxcut an economic utiveorder signed by President Her- statecontinues to expand and as potential migrants. Out one side of responsibility to take care of them “strokeofgenius”:“Month after bert Hoover.Earlier this month, the liberals inviteany and all to come itsmouth, the administration if they can’t take care of them- month, quarter afterquarter,the Biden administration quietly an- take advantageofit, perverse incen- shouts, “Don’t come,the border is selves.Milton Friedman said that major indices of growth moved up- nounced that it would no longer en- tives be damned. In countries like closed!” Out the other side,itwhis- open immigration and large welfare ward.” forceapolicythat limited the ad- Italyand France, generous aid pro- pers, “But if youdomakeittothe states areincompatible,and today’s Mr.Biden’splans to expand the mission of immigrantswho were grams have attractedpoor migrants U.S.,evenillegally,you’ll almost cer- progressives in Congressand the welfarestate arethe most ambi- deemed likely to become overly de- who aremorelikely than natives to tainly be allowedtostay.” WhiteHouse areeager to test that tious sinceLBJ’s, though one signif- pendent on government benefits. be heavy usersofwelfareand less This is no way to runasovereign proposition. icant differenceisthat Democrats What could go wrong? likely to be working.It’samistake nation. Even Democratic administra- When Lyndon Johnson launched todayare borrowing money to fund Theargument that the U.S. is al- to think it can’t happen here. Building on George Shultz’s Vision of a World Without Nukes

(Editor’s note: This article is signed tally inhumane,good fornothing but with him the world’sdirection on anddrove nuclear policy. As George work to be done,including securing by William J. Perry, Henry A. Kissin- killing, possibly destructiveoflifeon nucleararms.Weshared our con- told Congressthree yearsago, “I fear nuclearmaterials to prevent cata- ger and Sam Nunn.) earth and civilization.” He took that cerns that progressonreversing reli- people have lost that sense of dread.” strophic terrorism. viewand his most trusted advocate anceonnuclear weapons is slowing. Leadersofcountries with nuclear Fourth, nuclear-weapon states or the past 15 years, the three forit, George Shultz,toasummit We discussed howtechnology, par- weapons must recognizetheir re- should commit to conduct their own F of us and adistinguished with Soviet leader Mikhail Gorba- ticularly cyber risks to early warning sponsibility to work together to pre- internal reviews of their nuclear group of American and inter- chev in Reykjavik, Iceland, in 1986. and command-and-control systems, vent catastrophe. command-and-control and early national former officials and experts Reaganand Mr.Gorbachev has introduced newdangersofblun- warning systems.These “fail-safe” have been deftly and passionately weren’t able to agree at Reykjavik to der or mistake. We discussed the reviews would identifysteps to led by our latefriend and colleague, get rid of all nuclear weapons. But tensions and policyparalysis with Most Americans are too strengthen protections against cyber George Shultz.Our mission: revers- they didsucceed in turning the nu- both Russia and China. Characteristi- threatsand unauthorized, inadver- ing the world’s reliance on nuclear clear arms race on itshead, initiat- cally,George’s approach wasnot to young to remember the tent or accidental use of anuclear weapons,toprevent their prolifera- ing steps leading to significant re- be discouraged, but instead to get fear and dread of an atom weapon. These reviews should also tion intopotentially dangerous ductions in deployedlong- and back to work.Inthat spirit, we offer include options forestablishing hands, and ultimately ending them intermediate-range nuclear forces, five points. bomb or nuclear crisis. agreementsbetween nuclear powers as a threat to the world. Without a includingthe elimination of an en- Firstisthe need forabold policy precluding cyberattacks on nuclear bold vision, practical actions toward tireclassofmissiles.Twenty years to walk back from these increased command-and-control or early-warn- that goal won’t be perceived as fair afterReykjavik, George and physicist perils.This will requireaunited ef- Third, we must take action on ing assets. or urgent. Without action, the vision Sidney Drell organized asmall con- fort from Washingtonand U.S. allies practical steps that will reducethe Fifth, creating robust and accepted won’t be perceived as realistic or ferenceatthe StanfordUniversity’s on apolicythat reduces nuclear dan- risk of nuclear use todaywhile mak- methods to maximizedecision time possible. Hoover Institution to discusswhat it gerwhile maintaining our values and ing the vision possible.Here, there during heightened tensions and ex- George led this charge with the would take to bring the possibilities protecting our vital interests. Con- aresigns of progress. Afew weeks treme situations—especiallywhen tenacity of aU.S.Marine and the envisioned at Reykjavik to fruition. gressmust organizeitself to playa ago, PresidentsBiden and Vladimir leadersfear they maybeunder wisdom of aman who held four cab- This effort led to ajoint op-ed in the meaningfulrole. Putin agreed to extend the NewStart threat of attack—could be acommon inet positionsfor two presidents, in- Journal in January2007,which has Second, formanydecades,memo- Treaty forfiveyears, ensuring that conceptual goal that connectsboth cluding secretaryofstate forRonald been our guide ever since. ries of asmoldering Hiroshima and U.S. and Russian nuclear forces re- immediateand longer-term steps for Reagan. Reagan considered nuclear Over the several weeks before Nagasaki, and the fear generated by main limited, with verification and managing instability and building weapons to be “totally irrational, to- George’s death, each of us discussed theCuban missile crisis,informed transparency. Thereismuch more mutual security. George spokepassionately about howhis children, grandchildren and great-grandchildren were the motiva- PUBLISHED SINCE 1889 BY DOWJONES&COMPANY Notable & Quotable: De Blasio tion forhis extraordinarycommit- Rupert Murdoch Robert Thomson ment to nuclear threat reduction. He Executive Chairman, News Corp Chief Executive Officer, News Corp Seth Barron writing for City Jour- or another agency, and being told believed the lifeweleave to our de- Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher nal, March 19: that what they’vedone wasvery scendantsisthe most important Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: hurtfultoanother person and could if measureofthe lifewehaveled. Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; Amid astaggering wave of gunvi- ever repeated, lead to criminal George’s friend Bishop William Swing Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; olenceinNew York City,with shoot- charges, that’sanother important has writtenthat “atthe end of time, News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; ings this year measuring 42 percent pieceofthe puzzle.” the author of lifewill return to this Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer higher than the same period in 2020, Asked howthe NYPD would con- created and loved Earth and demand Andrew Dowell, Asia; AnthonyGalloway, Video & MayorBill de Blasio announced that frontsomeone who has done some- accountability forwhat we did to en- Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; he plans to deploythe NYPD to track thing “hateful” butcommittedno hanceordestroy it.” George Shultz Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; down and question people who have crime,deBlasio enlargedonhis pre- loved this earth and he spent his life Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; expressed “hate,” albeit without com- scription. “One of the thingsofficers enhancing it. Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News mitting anycrime or violation. aretrained to do is to givewarnings,” Thomas SanFilippo, Customer Service; Speaking to reportersabout anti- he said. “Ifsomeone has done some- Mr. Perry was secretary of de- GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; Asian attacks that have occurred thing wrong,but not rising to acrim- fense, 1994-97. Mr. Kissinger was sec- Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; around the country, the mayoren- inal level, it’sperfectly appropriate retary of state, 1973-77 and White Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International couraged people who have “wit- foranNYPD officer to talk to them to House national security adviser, WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: nessed or experienced anyact of saythat wasnot appropriate. ...Ias- 1969-75. Mr. Nunn, aGeorgia Demo- LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head hate” to report it. “Even if something sureyou if an NYPD officer calls you crat, is aformer chairman of the Sen-

EDITORIAL AND CORPORATEHEADQUARTERS: is not acriminal case,” the mayorex- or shows up at your door to ask ate Armed Services Committee and a 1211 Avenue of the Americas, New York, N.Y., 10036 plained, “a perpetrator being con- about something that youdid, that co-chairman of the Nuclear Threat Telephone 1-800-DOWJONES fronted by the city,whether it’sNYPD makespeople think twice.” Initiative. P2JW083000-0-A01800-1------XA

A18 | We dnesday, March 24, 2021 THE WALL STREET JOURNAL. WORLD NEWS WearyEurope DespairsOverVirus Severe Flooding Slow vaccine rollouts and a surge in cases Ravages deepen exhaustion; ‘It’s a catastrophe’ Australia

BY RUTH BENDER BY RHIANNON HOYLE AND ALICE URIBE BERLIN—Susan Tabbach feels drained. She has been SYDNEY—Unusually heavy juggling working and caring rainfall has caused widespread full-time forher three small flooding acrosseastern Aus- children at home during lock- tralia, triggering evacuation downs, while worrying about ordersfor roughly 18,500 peo- her elderly parents, who aren’t ple and disrupting supplies of vaccinated. commodities. She sees little prospect for Some partsofNew South relief.“I’m just exhausted,” said Wales state experienced their the 41-year-old architect from wettest week on record, Aachen, aGerman city near the prompting the closureofa Belgian and Dutch borders. “I major coal-haulagerailway

would likeatleast to knowthat G and cutstocoal production. my parentsare safe.” Thefloods destroyed crops

Europeans of all ages are OOMBER and drowned cattle that farm-

becoming exhausted with a Z/BL ersweren’t able to getto crisis that is entering its sec- higher ground. ond year and whose end OPPIT Hundreds of homes have

seems to be receding beyond SEN-K been inundated with waterand the horizon. Vaccinations are vast networks of road have progressing at a glacial pace, been damaged, authorities said. JOHANNS

Covid-19 cases arespiraling up A Poweroutages have occurred

again and increasingly unpop- LIES throughout the region, where ular governmentsimpose new A woman walked by a closed restaurant in Berlin. Soaring Covid-19 rates and months of lockdowns are putting a strain on Germans. an additional 20,000 residents restrictions weekly. have been warned they could The mixture of pessimism, ing the elderly and those with mail she gets excited “only to sinceresumed, but the few forhelp from children and need to movetosafety. resignation and anger con- serious conditions—manyof be disappointed again.” who have access to the vaccine teenagersstruggling with Roads were under morethan trasts with feelingsofopti- whom arestill waiting for Millions of Germansaged have been reluctant to take it, loneliness, anxiety and depres- 6½ feet of water, said Oliver mism elsewhereinthe West, their vaccines and will be for 70 and older,aswell as teach- spooked by the bad publicity. sion, eating disorders or sui- Sawaya, who fled his home in a especially in the U.S. and the months to come. ersand people with chronic Over 70%ofGermans are cidal thoughts. dinghywith his 72-year-old fa- U.K.,wherevaccinations are “It’sacatastrophe,” said diseases,haven’t been vacci- unsatisfiedwith the way the In Germany, the shareofchil- ther,Henry. Theproperty in Pitt progressing much faster and Mohammed Tabbach, Susan’s nated. Europe was late in or- government organized and dren and adolescentsreporting Town, about an hour’s drive attention is moving to reopen- 86-year-oldfather,who hasn’t dering the shots, lateinap- purchased vaccines,according anxiety,depressivesymptoms from Sydney,issurrounded by ing the economy. received an appointment for provingthem and has also to aDeutschlandtrend poll andpsychosomatic complaints creeks,which overflowedand Germanyisastriking case of his vaccination despitepeople from early March conducted increased compared with before cutoff escape routes. changing fortunes.The country his agetopping the list of those by Infratest Dimap for public the pandemic and the spring in- “You couldn’t see any- fared well in the firstphase of who authorities have decreed The Covid­19 broadcaster ARD. fection surge,according to a thing,” the 44-year-old lawyer the pandemic,and authorities should getinoculated first. “There aren’t enough vac- survey by the University Clinic said. “It looked as if youwere gained plauditsfor keeping in- “Everywhereelse they seem pandemic has taken cines in Europe to stop the HamburgEppendorf. in Sydney Harbour and you fections and deaths low. Now, to have enough vaccinations. a toll on Europeans’ third wave only with vaccina- Ms.Tabbach said if schools were on a boat.” afterfour months of largely in- Just here, something went tion,” German Health Minister and daycarecentersclose Australia had been braced effectivelockdowns and with a wrong somehow,” said the re- mental health. Jens Spahn, under pressure again, she will have to quit her forpotential flooding afterthe slow and bureaucratic vaccina- tired doctor from the seaside over the slowinoculation cam- job.She managed by often weather pattern ahead of its tion regime that hasn’t picked town of Wilhelmshaven, allud- paign, said Friday, appealing working at night oncethe chil- summer season changed to La up speed, infections aresoaring ing to the European Union’s to Germans to be patient. dren were in bed, but she said Niña, characterized by cooler- and the government is seeing botched vaccine procurement, been hit by manufacturing hic- Thepandemic has takena she feels there is no more en- than-normal waters in tropical itspoll ratingsplummet. which leftthe continent trailing cups and delivery delays. toll on people’s mental health ergy left to do that again. Pacific Ocean regions that drive The toll is proving particu- the West in deploying the shots. In afurther setback last acrosscountries and ages,sur- Her father,meanwhile,said increased rainfall, from the El larly heavy fortwo vulnerable Mr.Tabbach registered in week,the government tempo- veys show. But expertsare es- he fearsthat even oncehegets Niño event that typically brings groups:Children, who experts January to get a shot, but all rarily suspended inoculation pecially concerned about the his shot, it will be manymore dryspells and contributed to saycould suffer long-term he hasgottensofar arefour using avaccine made by As- growing psychological burden months until lifewill return to firesthat ravagedthe country’s psychological damagefrom letters with the same text tell- traZeneca PLC,one of three on children. something morenormal. easternstatesayear ago. months of forced isolation, ing him to be patient. His wife, approved in the EU,because of Therapeutic services, help- “It’snot about me,” he said. Still, authorities said the and those most at risk of dy- Brigitte Tabbach, said each concerns about possible rare lines and psychiatric hospitals “Ifwe’renot all vaccinated, scaleofthe flooding wasex- ing from the disease—includ- time shefinds aletterinthe side effects.Vaccinations have have seen asurge in demand then there’snopoint anyway.” treme.

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© 2021 Dow Jones & Company. All Rights Reserved. ***** THE WALL STREET JOURNAL. We dnesday, March 24, 2021 | B1

S&P 3910.52 g 0.76% S&P FIN g 1.41% S&P IT g 0.64% DJ TRANS g 1.85% WSJ $ IDX À 0.60% LIBOR 3M 0.201 NIKKEI (Midday) 28465.86 g 1.83% See more at WSJ.com/Markets Trading AppRobinhood FilesIPO Store

Offering is sure to be As is customary, the company buying of meme stocks like terest in the app that the coro- liveryprovider DoorDash Inc. Closings didn’t disclose anyofthe de- GameStop Corp.—caused the navirus pandemic occasioned, Robinhood has been amag- one of year’s most tails in the filing. clearinghouse that handles as individuals stuck at home netfor controversy,and it re- eagerly anticipated Apioneer in easy,commis- Robinhood’s trades to demand during lockdowns turned to day mains to be seen whether that Weighon sion-free trading,Robinhood it putupbillions to coverpo- trading—and beforethe IPO will temper the interest of pub- public listings hasbeen widely expected to tential losses. market scaled newheightsthis lic investorsatall. Moves to re- stageanIPO soon. Thefiling, Robinhood ultimately raised year. strict trading in GameStopand GameStop BY MAUREEN FARRELL which aperson familiar with $3.4 billion, mostly from exist- More than $126 billion has othersatthe height of the the mattersaid wasmade Mon- ing investors. An IPO would en- been raised in IPOs this year, frenzy drew howls of protest BY SARAH E. NEEDLEMAN Robinhood Markets Inc., day, putsthe companyontrack able the companytoraise addi- far outpacing all prior year-to- from customersand additional the popular securities-trading to start trading publicly by the tional capital to serveasan datetotals,according to Dea- scrutinyfromregulators. GameStop Corp.’ssales fell app, filed paperwork with the end of the second quarter,a added cushion and fund logic.Robinhood would join a Robinhood hadalready been slightly during itsimportant Securities andExchangeCom- timetable it outlined to inves- growth. rush of companies seeking to in theSEC’scrosshairs. In De- holidayquarter as coronavi- mission forwhat is suretobe tors upon seeking aswiftinfu- Investorshaveclamored for tappublic investors’ voracious cember,the firm agreed to pay rus-related closingsweighed one of the year’s most eagerly sion of capital this year. shares of Robinhood in the pri- interest in newshares since $65million forallegedly mis- on the videogame retailer, awaited initial public offerings. Theeight-year-old firm was vate markets, pushing up its latelast year,including dating- leading customersfor years whose shares have skyrocketed Robinhood announcedthe forced to pursue the funds valuation to $12 billion in a app operator Bumble Inc., on- about itsrelianceon“payment this year amid aWall Street filing,which it made confiden- when asurge of activity on its funding round in August. That line real-estate-rental business fororder flow,” or routing orders trading frenzy. tially,inastatement Tuesday. platform—driven by ferocious wasbeforethe explosion in in- Airbnb Inc.and digital-food-de- to high-speed tradersfor afee. But the Grapevine,Texas, companysignaled Tuesday that it is pushing aturnaround effort with the naming of a AYearAfter Rout, Long Stock RallyShifts newoperating chief,former Amazon.com Inc.executive Jenna Owens.Italso said it would continue making new BY JAMES BENEDICT nearly 550,000 people in the off astretch of sustained lead- tial. Yield on 10-yearTreasury note hirestoexecuteits transfor- AND CAITLIN MCCABE U.S.,eliminated millions of jobs ership by growth and technol- Recently, however, that rally mation. March 23,2020 March 23,2021 and restricted economic activ- ogystocks.Asinvestorspiled has stalled, sending the tech- 0.788% 1.6277% GameStophas been working One year ago, the U.S. stock ity,stock indexeshaverisen to back intothe stock market last heavy Nasdaq Composite to transform itsdecadesold market bottomed out, with the highs. year,they scooped up shares of briefly intoacorrection—a 10% Mounting concerns about bricks-and-mortar businessto S&P 500 hitting itstrough af- Behind the stunning rally companies that stood to bene- decline from arecent high. inflation have recently become moretechnology-cen- tera34% plunge in just 23 stand aseries of factors, in- fitfromthe pandemic.Unlike Sincethe index’srecent record affectedstocks. tric,aiming to avoid afate trading days. cluding, initially,the Federal sectorssuch as energy and re- on Feb. 12, growth and tech similar to retailerslikeBlock- At the time,few could have Reserve’s swiftemergency tail, which suddenly faced un- stocks have largely struggled. buster and Borders. Thecom- imagined the recovery that the measures to support financial certainty,technologystocks In contrast, other sectorshave panyhas been weatheringa market has seen, including 34 marketsand the economy. were lauded by some analysts PleaseturntopageB11 steep decline in foot traffic record highs forthe index Those helped push U.S. stocks as holding large growth poten- sincethe start of the pandemic sincelast year’s low. Despitea off their 2020 lowand kicked and, morerecently,shortages global pandemic that has killed in supply of hot items like 51% +6 Sony Corp.and Microsoft gy ner Corp.’snext-generation con- Share-priceperformanceofS&P 500 eE technology componentsduring the soles. Enphas It has also grappled with Sa latest bull run Sincethe Nasdaq’srecentrecordonFeb.12, long-term industrychanges, les growth and tech stockshave largely fo struggled. In contrast,other sectorshave including people increasingly rc S&P 500 inc rease 50 downloadinggames over the e. d 75 +2 surged, including energy and financials. co .9% 150% m du internet, software developers ri Holdings ng yPal S&P500 releasing morefree-to-play th Pa S&P500 sectors is p games and people accessing e performance 75.9% r io games through subscription d +210 l radyne Information technology services such as Microsoft’s te Te 96.4% In 04 XboxGame Pass. arch +2 LamRese Materials Afteradifficult year Chief 93.3 ExecutiveGeorge Sherman aterials +191 AppliedM Consumer discretionary said GameStopwas working to 91.7 become a“customer-obsessed From March 23, 2020 KLA +185 tech companythat delights to Nasdaq’speak on Industrials gamers.” He said the retailer Feb. 12,2021 NVIDIA 85.1 +181 plans to expand itsproduct of- Energy feringsinareas such as gam- ZebraT 85.0 echnologies ing computers, gaming TVs +180 Trimble Financials and mobile gaming,while re- 78.1 Monolithic ducing itsdependenceonthe Communication services console-gaming market and Sy Powe nops rS 72.4 improving customer service Cadenc ys yste ms Healthcare and warehouse management. HP Qo eD 56.8 “Weexpect to accelerate rv esign Sk o theseand other elementsof ywo Sy Real estate NXP ste our transformation while con- rk ms 50.6 rning tinuing to focus on allowing Br Se sS Co Micr oadc olutions Utilities the companytobuild upon its Apple mic 39.4 onduct progressand capitalizeonthe ochip om Qualc Consumer staples emerging console cycle,” said 500% Te or 34.8 Mr.Sherman. AMD s omm chnology In the latest quarter though, 400 GameStopfell short of Wall Street forecastsonrevenue 300 and profit and declined to give S&P500 bull markets financial guidancefor the cur- 200% 200 rent year.Shares fell more The currentrun is the thirteenthsinceWorld WarII. than 10% in after-hourstrad- ing. Thestock closed Tuesday 100 100 down 7% to $181.75. Thecompany’sfourth-quar- 0 0 terprofitnearly quadrupled 1950 1960 1970 1980 1990 2000 2010 2020 from ayear agoto$80.5 mil-

Source:FactSet (companies, sectors); TullettPrebon (yield); DowJones Market Data (bull markets) PleaseturntopageB2 Pfizer to Go It Alone INSIDE Hartford’s Board Rejects Bid

In Va ccine Expansion CK TO From Rival Insurer Chubb

BY JARED S. HOPKINS signmentswill include mRNA, SHUTTERS

and it will harnessthe new A/ BY LESLIE SCISM the March 11 proposal. In 2016, That fairly largesizelimits Pfizer Inc.aims to expand mRNA manufacturing network /EP Mr.Greenbergmergedabusi- the number of potential bid-

itsvaccine businessbybecom- it assembled in the past year. HONG Hartford Financial Ser- nessinsurer,ACE Ltd., with ders. Names bandied about by

ingaleader in the newgene- “Weare nowahead and we WU vices Group Inc.’sboardunan- thepersonal-property and analystsaspotential bidders based technologybehind its plan to maintain the gap,” Mr. imously rejected Chubb Ltd.‘s businessinsurer Chubb,and include Travelers Cos., Berk- successfulCovid-19 shots. Bourla said of the mRNA vac- BUSINESSNEWS unsolicited proposal to acquire kept the better-known name. shire Hathaway Inc., Allianz Pfizer will develop new cine market. Elon Musk the Connecticut-based insurer. Should Chubb abandon the SE and Munich Re. shotsusing the technology, He declined to saywhich vi- woos China Chubb,aglobal powerhouse Hartford takeover effort, its On Tuesdaymorning,Hart- called mRNA,totargetother ruses Pfizer is pursuing and to whose rootstrace back even boardmight still have deal- ford said its board, after con- viruses and pathogens beyond comment on futurevaccine with praisefor further than the 211-year-old making on itsplate. sulting with outside advisers, the coronavirus,Chief Execu- sales. He hopes mRNA can be itsclimate agenda. B3 Hartford’s,now must decide News of the Chubb pro- “determined that entering into tiveAlbert Bourla said. He said effectiveinareas whereexist- how to respond, if at all. posal, which surfaced last discussions regarding a the company’sscientistsand ing vaccines have uncomfort- Wall Street analystsand in- Thursday,may end up unleash- strategic transaction would engineersgained a decade’s able side effectsorprovide dustry executives and consul- ing other proposals,according not be in the best interests of worth of experienceinthe past subpar protection. tantssay it is unclear if to analystsand consultants. the companyand itsshare- year working on the Covid-19 Pfizer’s ambitions in mRNA Chubb’schief executive, Evan Hartford declined to comment holders.” vaccine with Germany’s BioN- arejust one way that the pan- Greenberg, would be willing to on the possibility of additional Theboardreaffirmed “its Tech SE, and is ready to pur- demic is poised to permanently increase the company’spro- approaches. commitment and resolvein sue mRNA on itsown. change the healthcareindustry. posal to alevel high enough to “I would be surprised if the continued execution of The “Thereisatechnologythat People’sembraceoftelemedi- forcetalks.Chubb didn’t re- therearen’t teams at virtually Hartford’s strategic business has proven dramatic impact and cine—which helped providers spond to requestsfor comment. everylarge global property-ca- plan.” dramatic potential,” Mr.Bourla care forthose in ruralareas and Neither companydesper- sualty insurer that arelooking In astatement last week, said. “Weare the best posi- reduced the need forpatients to ately needstodoadeal to ex- at potential mergers” with Chubb said the March 11 pro- tioned companyright nowto visit hospitals—is another. PROPERTY REPORT pand revenue and profits. Hartford right now, said Paul posal would value Hartford at take it to the next step because Pfizer’s vaccine businessin- Airportretail shops SinceMr. Greenbergisre- Newsome, an analyst at Piper $65 ashare. AnalystsatPiper of our sizeand our expertise.” cludes one of the world’stop- pin their hopes spectedinthe industryfor Sandler. Sandler said the $65 proposal Pfizer will increase research selling shots, pneumococcal yearsofabove-average under- Hartford’s market capital- price represented a premium and development in the tech- vaccine Prevnar 13,which last on hintofabump writing resultsevenashehas ization stood at about $24bil- of about 26% on its20-day nology, including adding at year had almost $6 billion in in travel. B6 shown abent foracquisitions, lion in the wake of the Chubb volume weighted average least 50 employees whose as- PleaseturntopageB2 he could well walk away from proposal. PleaseturntopageB2 P2JW083000-4-B00200-1------XA

B2 | We dnesday, March 24, 2021 **** THE WALL STREET JOURNAL. INDEX TO BUSINESSES BUSINESS & FINANCE

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

A Great Portland Estates Related...... B6 IronSource Blank-Check Deal Activision Blizzard...... B1 ...... B12 Robinhood Markets....B1 Americold Realty Trust Gunvor...... B5 Roblox...... B1 ...... B6 H Royal Caribbean...... B11 Apple...... B4 S Shows Investors’ Zeal forGames Hartford Financial AstraZeneca.A1,A18,B12 Services...... B1 Sanofi...... B2 B Hong Kong Exchanges Segra Capital...... B12 and Clearing...... B11 Silverstein Properties B6 Berkshire Hathaway...B1 BY PARMY OLSON 60%. necting app makers, particu- anyindividual app.Itcould, SL Green Realty...... B12 BioNTech...... B1 Husch Blackwell...... A3 Surging demand for games larly those in games, with ad- for instance, recommend net- C I Standard Chartered Bank...... B12 Pandemic demand forvid- has been a mixed blessing for vertisers. Thecompanysays works that provide video ads Cameco...... B12 Intel...... A1 Starwood Capital...... B6 eogames and consoles has some.Aglobal shortageof itssystemisused by 87% of and “playables,” demos of Carnival...... B11 ironSource...... B1 T liftedshareprices forgame computer chips,fueled in part the top 100 most downloaded games that usersplayinside Chubb...... B1 IWG...... B12 developersand their suppliers. by the sharp increase in de- mobile games,including Activ- other games.IronSource takes D L Tesla...... B3 Thoma Bravo Advantage Now, investor enthusiasm is mand forgames and the ision’s“Candy Crush Saga” acut of revenue from the ads. Derwent London...... B12 Lightstone...... B6 ...... B2 permeatingdeeper intothe graphics chips that power and the mobile edition of its Playables arearelatively Discord...... B1 Lineage Logistics...... B6 Tiger Global plumbing of theglobal game them,has hampered global popular“Call of Duty” fran- nascent ad technology. Hereis Dubai Duty Free...... B6 Loft...... B6 Management...... B2 industry. production of smartphones chise. It also counts Zynga how they work: If a player of Dufry...... B6 M Travelers...... B1 Israeli startup ironSource and game consoles such as Inc,the maker of “Words With “Call of Duty: Mobile,” afirst- E - F Moderna...... B2 TuSimple...... B5 Ltd., which provides advertis- Sony’s PlayStation. Friends,” as a client. person shooter game,wantsto Eaze Technologies...... B5 O V ing services forapp-based App-based games—different IronSource sells analytics buy new weapons but doesn’t Eris Exchange...... B3 ViacomCBS...... B11 game developerssuch as Ac- from those playedathome on tools to app developers, allow- have anyin-game currency, Extell Development....B6 Opendoor Technologies Volvo...... B11 FedEx...... A4 ...... B6 tivision Blizzard Inc., agreed personal computersorcon- ing them to see howpeople the playercan opt to playa W G P - R to merge with aspecial pur- soles—have also boomed. areusing their app—for in- 30-second demo of another Wellington Management pose acquisitions company in Global spending on videogame stance,how oftenthey open game inside “Call of Duty.” GameStop...... B1 Pfizer...... B1 ...... B2 Gap...... B6 Playtika...... B1 a deal that will take it public, software surged20% in 2020, theapp and which ads they That demo earnsthe playerin- Wirecard...... B5 GlaxoSmithKline...... B2 Powell's Books...... B6 valuing it at $11.1 billion. to $175 billion, according to arespending the most time game currency. Glencore...... B5 Regeneron Z Astring of game companies industrytracker Newzoo BV. on.The app makerscan also IronSource said it recently Goldman Sachs...... B4 Pharmaceuticals...... A6 Zynga...... B1,B2 have sought to tappublic mar- Mobile games made up about usethe servicetointegrate started providing technology kets as lockdowns have driven half of last year’s spending, it various mobile advertising that canautomatethe creation demand forin-home entertain- found. Of the $143 billion con- networks,such as Google’sAd- of such minigames and cali- ment. Shares of Roblox Corp., sumersspent on apps last Mob,intotheir apps.That net- bratehow challenging they INDEX TO PEOPLE apopular videogame platform year,$100 billion went to work will then showads to us- are. If auser installs the game forchildren, soared in their games,according to market ers. aftertrying it out in aplay- B Greenberg, Evan...... B1 Musk, Elon...... B3 public debut this month. intelligence firm App Annie. IronSource says itsservices able,the game maker behind Berkovich, Nadav...... B6 H N - O Shares in Playtika Holding IronSource makes games, help an app maker determine the demo pays “Call of Duty”- Bezos, Jeff...... B4 Hagenbuch, Florian.....B6 Newsome, Paul...... B1 Corp., an Israeli game devel- too, including the popular mo- which of several competing ad maker Activision, through Blau, Justin...... B4 Hamlin, Frank...... B2 Owens, Jenna...... B1 oper that makes social casino bile puzzle game “Sort It 3D.” networks would be most ap- ironSource.IronSource takesa Borsai, Les...... B4 Heredia, Emilio...... B5 P games such as “CaesarsSlots” But itsmain businessiscon- propriate, and lucrative, for cut of that revenue. Bourla, Albert...... B1 Bravo, Orlando...... B2 J Park, Edward...... B11 and “Poker Heat,” jumped in Bromley, Jordan...... B4 Jassy, Andy...... B4 Paulson, John...... B2 itsmarket debut in January. C K Pencz, Mate...... B6 Discord Inc., achat service popular with gamers, roughly Chamberlain, Matthew S Keqiang, Li...... B3 doubled itsvaluation,to$7 ...... B11 Kim, Stephen...... B12 Schieldrop, Bjarne....B11 Seifert, Cathy...... B2 billion, in afunding round late Chippas, Thomas...... B3 L Cohen, Ryan...... B1 Selipsky, Adam...... B4 last year. Courtney, Tim...... B11 Lichtenstein, David.....B6 Sherman, George...... B1 Thesurge in demand for F - G M Swift, Christopher...... B2 games has benefited larger Fraser, Jane...... B2 Mackay, Sebastian....B11 W tech companies,too.Sony Gelsinger, Pat...... A1 Miller, Dror...... B6 Walker, Jeff...... B4 Corp.said itsoperating profit forthe quarter ended in De- cember rose 20% thanks to start of the year,fueled by in- growth in itsgames divisions. GameStop dividual investorswho em- Itsshares areup103% in the braced companies championed past 12 months. in online forums likeWall- MicrosoftCorp.recently CK

Sales StreetBets. TheJanuaryrun-up posted record quarterly sales, TO in GameStop’ssharepriceled helped by stronger demand for to losses among hedgefunds videogames and the release of SHUTTERS

Decline and other investorswho next-generation Xboxcon- A/ placed heavy betsagainst the soles.

company’sstock performance. Activisionshares have shot SKI/EP

ContinuedfrompageB1 But the support wasalso up 63%inthe past 12 months. VEV

lion, or $1.19 ashare, helped driven by people who believe Electronic ArtsInc.stock is up PLA by an income-tax benefit. Sales that the recent addition of 38% in the past year,while ALEX in the quarter fell 3% to $2.12 Chewy Inc.co-founder Ryan ZyngaInc.’sshares have risen Global spending on videogame software surged 20% in 2020 to $175 billion. billion, though it noted it Cohen to the GameStopboard closed hundreds of stores over could lead to amuch-needed the past year and that ecom- business overhaul. tual-funds unit. was founded in 1985 by blue- split the companyintwo,say- merce accounted formorethan Mr.Cohen and two other Hartford While acombination of chip companies to provide lia- ing it would stick to itsown athirdofits totalbusiness. former Chewy executives Chubband Hartford would bility insurance. plan for a turnaround. GameStop’sshares have had joined the retailer’s boardin bring together two of the best- Mr.Greenberghelped trans- Over the years, Hartford aroller-coaster runsincethe January. Rejects Bid known U.S. insurers, it form ACEintoaleading in- shed its individual life-insur- wouldn’t changethe competi- surer. In ACE’s acquisition of ance arm and a unit that was GameStoprevenue,change Quarterly netincome/loss tivelandscape dramatically or Chubb in 2016,Mr. Greenberg winding down its once-indus- from previous year From Rival spark U.S. antitrust concerns, led the biggest deal in prop- try-leading business, as mea- Mr. Newsome said. There are erty-casualty insuranceatjust sured by sales,ofvariable an- 10% $100 million $80.5M hundreds of insurers compet- over $30 billion, according to nuities,among other changes. ContinuedfrompageB1 ing in the U.S. to sell business Dealogic. Big deals have been rela- sharepriceof$51.70 as of insurance. In Hartford, Mr. Greenberg tively scarce in the property- $2.1B 0 0 March 10. The shares jumped Chubb has atotal U.S. mar- sees an opportunitytoboost casualty insuranceindustryin t 3.3% nearly 19% last Thursday, ketsharefor property-casu- Chubb’sbusinessofselling in- recent years. TheCovid-19 –100 when the Chubb proposal be- alty premium of about 3.3%, surance to small and midsize pandemic injected uncertainty –10 came public. whileHartford’s is 1.8%, ac- businesses. about the economy, which is Hartford’s chief executive, cording to Piper Sandler. Mr.Greenberghopes to ac- just now abating. –200 Christopher Swift, has made Mr.Greenberggrewupina quire “a fiercely independent Chubb’soverturesurprised some acquisitions over the household wherepioneering company,” said Cathy Seifert, some because it and other –20 past few years as the firm nar- moves were the norm. He is a avicepresident and equity an- businessinsurersare enjoying –300 rowedits focus.Those include son of Maurice“Hank” Green- alyst at CFRA Research. double-digit premium-ratein- buying aspecialty insurer, berg, who built American In- Hartford wasone of the creases in manyproduct lines, –30 NavigatorsGroup,tobolster a ternational Group Inc.intoa hardest-hit U.S. insurers dur- thanks to the end of long- –400 franchise selling coverage to global financial-services behe- ingthe 2008-09 global melt- standing pricecompetition. small and midsizebusinesses. moth before leaving the com- down. Thefirm took federal The higher premium rates al- He also bought aunit from pany in 2005. aid, whichitfully repaid.A low companies to boost their –40 –500 Aetna Inc. to expand an em- Evan Greenberg worked at couple of yearslater,Hartford revenue and profit margins 2017 ’18 ’19 ’20 2017 ’18 ’19 ’20 ployee-benefitsgroup busi- AIGfor manyyears, then later fended off demands by hedge- without the integration and Sources: S&P Capital IQ;the company ness. Hartford also has a mu- took atop job at ACE, which fund manager John Paulson to other risks of an acquisition.

cells formaking proteins, ship with BioNTech ends in ADVERTISEMENT Pfizer Goes which then train the immune July,Pfizerwill take over R&D system to defend against a and manufacturing,and con- Showroom pathogen. Most vaccines tradi- tinue to have rightstocom- To advertise: 800-366-3975orWSJ.com/classifieds It Alone tionally use aweakened or in- mercializethe vaccine.Its activepart of avirus to trig- partner transferred certain ger an immune response. technical information to On Vaccines Pfizer’s firstforay intothe Pfizer,Mr. Bourla said. Until PORSCHE technologycame in 2018 when the contract ends,Pfizerhas it teamed up with BioNTech to the right of firstnegotiation ContinuedfrompageB1 makeaninfluenzavaccine forBioNTech’splatform for sales.Anext-generation pneu- based on the German firm’s vaccines against cytomegalovi- monia shot is under reviewby mRNA platform. Thepartner- rus and respiratory syncytial regulators with a decision ex- ship led to the companies’ virus,both of which cancause pected this summer,and the Covid-19 collaboration ayear flu-likesymptoms and, in companyhas other vaccines in ago. Pfizer came on boardto some cases, serious illness. the works. acceleratedevelopment, manu- “We consider it a great ac- Morevaccines could reduce facturing and distribution. knowledgment formRNA tech- Pfizer’s reliancefor growth on Thetwo companies will nologies that companies such its cancer drugs, which make continue to collaborateon as our partner Pfizer are get- up about one-quarter of sales Covid-19 shots. But aftercom- ting involved into building and athirdofthe NewYork pleting crucial steps such as their ownmRNA vaccine strat- company’s product pipeline. egy,” BioNTech said. Astronger vaccine unit Another reason forcommit- could help Pfizer competethe ting to mRNA,Mr. Bourla said, U.K.’s GlaxoSmithKline PLC is that Pfizer anticipates pro- and Sanofi SA of France, both $15B ducing the Covid-19 shots for of which have largervaccine at leastseveral yearsonthe businesses.Global vaccine Expected sales from the expectation that booster shots salesare forecast to total Pfizer-BioNTech shot this year will be needed annually or ev- morethan $64 billion in 2026, eryfew years. Theglobal mar- nearly double last year’s total, ketfor Covid-19 vaccines according to market-research would be worth morethan $15 firm Evaluate Ltd. designing and conducting clin- billion beginning in 2023 if an- Successinvaccines is chal- ical trials and securing spe- nual shotsare needed, Bern- lenging because they usually cialized rawmaterials for stein Research estimates. take morethan adecade to manufacturing,Pfizerisconfi- Pfizer,which is splitting develop,with manyfailing dent it candomRNA vaccines Covid-19 vaccine profit evenly during testing.Moreover, alone, Mr. Bourla said. with BioNTech, said it expects mRNA technologyisunproven “Welikeworking with Bi- roughly $15 billion in sales beyond Covid-19,and rivals oNTech, but we don’t need to from the vaccine this year.An- such as Moderna Inc.have work with BioNTech,” he said. alystsatJPMorganChase & more experience with it. “Wehaveour ownexpertise Co.forecast morethan $10 bil- With mRNA vaccines,mole- developed.” lion in sales for the shot next cules carryinstructions to When the flu-shot partner- year and $2.4 billion in 2025. P2JW083000-2-B00300-17FFFF5178F

THE WALL STREET JOURNAL. ** We dnesday, March 24, 2021 | B3 BUSINESS NEWS Musk PraisesChina ForClimatePlans In Charm Offensive

BY LIZA LIN “China in the long term will be our biggest market, both SINGAPORE—Elon Musk, wherewemakethe most num- whose Tesla Inc.isonthe de- ber of vehicles and where we fensiveinChina, praised the have the most number of cus- country’s plans to tackle car- tomers,” he added. bon emissions and expand its China accounted forabout a economy, saying it will be- fifth of Tesla’s global revenue come the automaker’s largest of $31.5billion in 2020,ac-

market in the long term. cording to public filings. The S

In ashort interviewwith U.S. is its largest market with PRES Chinesestate television pub- $15.2 billion in sales. TED lished three days afterhe On Monday, Mr.Musk was OCIA

sought to reassureChinese among the handful of foreign SS politicians about concerns that executives that participated /A

the company’svehicles pose a in avideoconferencewith CHER national security risk, Tesla’s Chinese Premier Li Keqiang, LO

chief executiveofficer said he according to aphotoposted JOHN was impressed by the carbon on the Chinese government’s The CFTC had been poised to reject ErisX’s proposal on the grounds that it was contrary to the public interest. emission goals set out in the website. Theexecutives took country’slatestfive-year eco- part in an annual state- nomic and social blueprint hosted high-level conference that wasagreed upon earlier during which Mr.Musk ad- Plan to Link Gambling on NFL this month. dressed concerns over how “I’dliketostrikeanopti- Tesla handles datafromcars mistic noteand I’m very confi- in China. dent that the future of China Mr.Musk’selectric-vehicle With FuturesMarkets on Hold is going to be great and that firm is under scrutinyin China is headed towardsbeing China, TheWall Street Journal the biggest economyinthe reported last week, as Beijing world and a lot of prosperity restricted the use of Tesla ve- BY ALEXANDER OSIPOVICH with the matter. Theagency framing them as an innovative move, likeafluctuation in the in thefuture,” he told state- hicles by militarystaff and AND DAVE MICHAELS believed that the proposed way forsports-linked busi- price of oil or a move in the runbroadcaster China Central employees of key state-owned NFL futures could promote nesses to managetheir risks. S&P500 stock index, but the Television in an interviewclip companies.Chinese authori- An exchangethat sought to gambling and that ErisX ErisX had hoped to capitalize contractscan also be tied to published Tuesday. ties areconcerned the data list futures contractsonNa- hadn’t proven their ability to on growing interest in sports events. gathered by the cars could be tional Football League games help firms hedgecommercial betting and a changing legal ErisX’scontractswouldn’t Tesla's quarterly revenue asource of national-security withdrew its proposal, halt- risks, this person said. environment forsuch wagers. have been open to small indi- leaks, according to people fa- ing—at least fornow—an un- In an interview, ErisX Chief Twenty-fivestatesand the vidual investors. ErisX said $10 billion miliar with the effort. usual effort to connect the ExecutiveThomas Chippas District of Columbia allow they were designed to fill the 4Q 2020 Mr.Musk told Chinese poli- growing world of sportsbet- said the exchangeintended to sportsbetting after a2018 U.S. hedgingneeds of businesses Other ticians and businessmen over ting with financial markets. resubmit itsproposal after Supreme Court ruling cleared such as sportsbook operators countries the weekend at China Develop- Theexchange, ErisX,pulled further consulting with the the way forstatesbeyondNe- that let bettors wageron 8 $3.0B ment Forum, where he spoke itsproposal just as the Com- sports-linked businesses that vada to legalizethe practice. games, stadium owners and via video link,that Tesla modity Futures Trading Com- it hopeswill use the newfu- ErisX’splan wastolist food and beveragevendors. would never provide the U.S. mission faced adeadline to ap- tures contractsaswell as three kinds of futures con- Forinstance, asportsbook 6 U.S. government with datacol- proveordisapproveit. other industryplayers such as tracts, with payoutsbased on licensed to operateinone $5.1 lected by itsvehicles in China Information on ErisX’sdeci- professional sportsleagues. the outcomes of individual statecould have used the or other countries. sion to withdraw itsplanned “Some additional time to NFL games,the point spreads ErisX futures contractstoad- 4 Theuse of dataand cutting- NFL futures contractswas engagewith the industrycould in those games,and what bet- dressacommon problem edgetechnologies have be- posted Tuesdayonthe CFTC’s strengthen the base of support tors call the over/under—bets whereits local customerstend come major points of friction website. An ErisX spokes- forthese contracts,” Mr.Chip- basedonthe totalnumber of to bet on the home team, re- and competition between the woman confirmed the ex- pas said. He said ErisX was pointsscoredinagame. sulting in an imbalanceinthe 2 U.S. and China in recent years. changehad withdrawnits pro- unaware of the CFTC’splans to Futures contractscan be firm’sbooks.Potentially,sta- Washingtoncited national- posal on Monday. reject the proposal, and added used to speculate on future dium operatorscould have China security concerns when it TheCFTC had been poised that the contractswould serve events or hedgeagainst risks. used the futures to hedge $2.6 0 applied punitiveactions on to reject ErisX’sproposal on alegitimatehedging purpose. Afirm placing afutures trade against the risk of reduced Chinesecompanies likeHua- the grounds that it wascon- ErisX’s main businessis will either makeorlose money revenue in case their local 2018 ’19 ’20 weiTechnologies Co.and Xi- trarytothe public interest, ac- cryptocurrencies.Itproposed based on some outcome.Typi- team didn’t makethe playoffs, Source:S&P Capital IQ aomi Corp. cording to aperson familiar the newfutures in December, cally that outcome is amarket ErisX said.

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B4 | We dnesday, March 24, 2021 NY **** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech Musicians Find Revenue in NFTs Amazon Selects BY ANNE STEELE Afterayear with no live Next CEO performances,musicians hope to connect with their fans on the blockchain and makeup For Cloud forlost revenue by selling them nonfungible tokens. Electronic-music artist Jus- Business tin Blau,known as 3LAU, fetched $17million in the past BY PAUL ZIOBRO month from NFTs, helped in part by atokenized release of Amazon.com Inc.tapped his three-year-old album “Ul- Adam Selipskytobecome the traviolet,” which grossed $11.6 next CEO of Amazon WebSer- million and briefly held the re- vices,bringing back an early cord forthe highest pricepaid hire of the cloud-computing for a single NFT, $3.6 million. unit to succeed Andy Jassy, (A record since broken by the who is set to succeed Jeff Be- artist Beeple.) zoswhen the companyfounder “It’saway to monetizeyour steps down later this year. fan base in away that’snever Mr.Selipsky, 54 yearsold, been possible,” said Mr. Blau, wasone of the firstvicepresi- who doesn’t expect the exorbi- dentshired to AWSin2005, tant prices to last. “I think this and he wound up running the technologywill definitely unit’ssales,marketing and U changethe world, but I’m cau- support functions.HeleftAm- X3LA

tiously optimistic because no SS azon in 2016 to become chief one really knows howtovalue An image from the audiovisual piece ‘Flow,’ which featured unreleased music from 3LAU and digital art from Slimesunday. executive officer of the data- this stuff.” analytics platform Tableau NFTs, digital collectibles original creator canset the Manatt, Phelps &Phillips LLP, Software Inc.in2016 before that areauthenticated or terms of this digital certificate ‘Whales’ Help Push how to lower the barrier to en- says he has been negotiating to Salesforce.com Inc.acquired it “minted” using blockchain of authenticity,called a“smart try for fans who aren’t million- carveout half directly forthe for more than $15 billion. technologyand purchased contract,” and it allows the Valuations Higher aires and don’t own cryptocur- artist based on the name and with cryptocurrencies,have creator to take a cut—in mu- rency. brand identity,with the re- burst intothe worlds of art sic,usually 10% to 30%—of “A lot of people who have maining 25% formusic-copy- Adam Selipsky, and sports. The frenzied new anyresales.Owning an NFT NFT valuations have surged transacted are not actually rightholders. who left market has excited musicians, doesn’t equate to owning the thanks to the market’s so- fans,” said Jeff Walker, whose “The driving forces forNFT Amazon in who auctioned off digital art, copyright to agiven asset, called whales, the relatively Stellwagen Ventures is aiming sales arebrand- and art-based, 2016, will start music,merchandise,tickets music or otherwise, but scar- few wealthy collectors who to develop a platform for despitehaving music at- his role leading and experiences for hundreds city helpspush up valuations. have made millions investing in transacting in NFTs that is tached,” he said. “So the trick AWS in the to millions of dollars. Late last year,electronic art- cryptocurrencies and are able more accessible for artists as hereismaking surethe releas- third quarter. So far,most buyersare ist and producer Deadmau5 to bet on new digital assets well as everyday music and ing artistskeep their fair speculatorshelping send sold NFT packs including digi- such as music on a speculative sports fans. share, while also considering prices soaring. Themusic talcollectibles such as ani- basis. Mr. Walker envisions a thevarious stakeholdersand Mr.Selipskywill become businessishoping the market mated stickersand virtual trad- While there is an overlap marketplace that doesn’t re- royalty participantsconnected AWSCEO during the third will develop forreal fan par- ing cardsfor some $100,000,as between fans of the early- quire buyers or sellers to be to the music.” quarter of the year, when Mr. ticipation. well as an audiovisual piecefor moving electronic artists and blockchain or cryptocurrency In the case of 3LAU, he split Jassy is moving up to replace From June through Friday, morethan $80,000. crypto collectors, the question experts, and allows transac- the NFT revenue with his art Mr. Bezos as Amazon’s CEO. some 29,800 NFTsinvolving In January, electronic label facing the music industry is tions via credit card. director MikeParisella, who In a note to employees an- musicians generated $42.5 Monstercat’sfirst drop brought goes by Slimesundayand who nouncing thehire, Mr.Jassy million in primary sales, with in morethan $500,000.Activity created digital visual effectsto said the cloud business, which an averageper-unit transac- accelerated in February, with as an NFT,raising over avisual artist—and forrights go with Mr. Blau’s music. has $51 billion in annual sales tion value of $1,427,according Shawn Mendes,Ozuna, Grimes $500,000 to benefit live-event holders, which could include a Charles Goldstuck,who co- and grew at arateofnearly to adatabasecompiled by mu- and Linkin Park’sMikeShinoda workers; and SteveAoki raked record label, producer or pub- founded Hitco Entertainment 30%inthe fourth quarter,is sic-technologyresearcher Che- joining the fray with song clips, in $4.25 million foradigital lisher,isbeing worked out in LLC with LA Reid, is an ad- set to continue expanding. rie Hu. avatar outfits, animations and art collection, including asin- real time. viser to the project, and is ex- Mr.Jassy said that less NFTs act as virtual deeds, digital art. gle piecethat went to John A50/50 split is becoming ploring opportunities in NFTs than 5% of global technology conveying ownership of adigi- This month, dance-music Legerefor $888,888.88. Post the norm between the musician forthe company’sartists, spending is on cloud services talasset.Each one gets up- duoDisclosureproduced a Malone said he would auction andvisual artist, sayartists, ex- which include Big Boi and at this point. “Wehavealot loaded to adigital ledger new song on Twitch and sold off the chancetoplaybeer ecutives and lawyers. From the Yella Beezy. moretoinvent forcustomers, whereittracks information it as asingle-copy NFT for pong with him in the Club- musical artist’s50%, music at- Mr.Goldstuck is among a and we have averystrong such as the dateitwas cre- $69,000; 3LAUset records house app on Thursday. torney Jordan Bromley,who growing chorus in the music leadership team and group of ated,when it wassold, for with his album reissue; Kings Compensation forthose in- leads the entertainment-trans- business seeking “democrati- builders to makeithappen,” how much and to whom. The of Leon released anew album volved—usually amusician and actions and -financegroup at zation of these opportunities.” he said in the memo.

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THE WALL STREET JOURNAL. ** NY We dnesday, March 24, 2021 | B5 BUSINESS NEWS Ex-Glencore Trader Is Charged TuSimple IPO Filing BY DAVE MICHAELS traderstosubmit ordersthat but plans to enter an updated energy-pricepublisher.Traders oncelightly policed and mostly would push up or down prices, plea on Wednesday, according to submit their prices to Platts unregulated until the 2008 fi- Aformer oil trader at min- to engineer amovethat would court records. An attorney for editors, who determine avalue nancial crisis.The allegation that Shows Big ing company Glencore PLC was improvethe profitability of Mr.Heredia declined to com- at theend of the day. tradersmanipulated areference chargedwith manipulating fuel other transactions in physical ment. AGlencorespokesman Authorities in Europe have priceinglobal oil marketsre- oil prices,inacase that echoes fuel oil, according to the charg- said thecompanyhas cooper- investigated whether trading calls similar criminal cases that Losses claims investigated in Europe ing document filed in court last ated with thecontinuing federal firms such as Glencore, Vitol DOJresolved in the past decade. sevenyearsago. week. investigation. and GunvorGroup Ltd. manip- Those found that bank traders BY HEATHER SOMERVILLE Theex-trader,Emilio Jose Thecase targetsconduct S&P Global Platts said it ulated prices through the Platts colluded to rig interest-rateand AND JENNIFER SMITH Heredia Collado,was charged firstrevealedbyThe Wall maintains a“robust, rigorous process, the Journal reported in foreign-exchangebenchmarks. under adocument that prose- Street Journal in 2013,inan and transparent methodology” 2013.The Commodity Futures Benchmark prices in the Self-driving company cutorstypically use when ade- article that showedtradersad- that allows it “topublish assess- Trading Commission, acivil physical oil market arederived TuSimple Inc.unveiled paper- fendant is to plead guilty.He mitting they could manipulate mentsreflectiveofmarket regulator in the U.S., also from information volunteered by work forits initial public of- wasarraigned TuesdayinSan prices on the Platts system. value.” Thecompanysaid anyef- probed the allegations more traders, sincetrading is done in fering Tuesdayshowing it has Franciscofederal court on one Platts said at the time that it fortstomanipulateits process than adecade ago. privateand buyersand sellers lost morethan $300 million count of conspiracyrelated to wasn’t aware of instances in haven’t been successful. TheJusticeDepartment’s aren’t required to publicly report over thepast three yearsin trading through aprocess man- whichtradersgamed itspric- Trades made during the fraud section, which chargedMr. prices.The benchmarks arethen the race to be the firstto aged by oil-pricebenchmark ingindexes. daily “Platts window”—the fi- Heredia, has steadily grownits used around the world to set launch fully autonomous long- publisher S&P Global Platts. Mr.Heredia, 49 yearsold, nal 30 to 45 minutes of trad- oversight of commodity trading prices forother purchases and haul trucks. Mr.Heredia directed other pleaded not guilty on Tuesday ing—arereported to Platts,an and other marketsthat were salesofphysical oil. TuSimple had already filed confidentially foraninitial public offering,The Wall Street Journal reported, and the Trial Alleges Tuesdayfiling offered the pub- lic the firstdetailed look at a startup that has attracted more funding than manyofits Sili- Wirecard Aided conValley counterpartsand maintained split operations in California and China. Marijuana Scam ItsChina connections have

BY REBECCA DAVIS O’BRIEN card.Onceone of Europe’smost promising technologycompa- $178M Wirecard AG and itsfugitive nies,Wirecardisinbankruptcy former No.2executiveplayeda following allegations of account- The self-driving-truck key role in an alleged scheme to ing fraud that include afictitious company’s net loss last year trickbanks intoprocessing mari- $2 billion on itsbalancesheet.It S juana sales,according to evi- is the subject of investigations in denceand testimonyatthe New multiple countries including Ger- PRES

York trial of two businessmen manyand the Philippines,and UMA caught the attention of U.S. chargedwith orchestrating the severalofits former executives /Z regulators. TheCommitteeon

plan. facecharges. /DDP Foreign Investment in the U.S., Federal prosecutorsinMan- Wirecard and Mr.Marsalek UP or Cfius,has identified TuSim- hattan sayWirecardwas one of areamong some 140uncharged GALL ple as acompanymeriting re-

several European banks that co-conspiratorsinthe Eazecase, SEAN viewbecause of itsties to opened fraudulent accountsto court filingsshow. TheFederal Prosecutors say Wirecard opened fraudulent accounts to disguise marijuana purchases. China and because autonomous disguise around $160 million in Bureau of Investigation exam- driving technologyisconsid- marijuana purchases made ined Wirecard’s role,The Wall deliberations Tuesdaymorning. U.S. banks and credit-card investigation; itsformer CEO ered acritical technologyfor through EazeTechnologies Inc., Street Journal reported last year. TheNew York trial has high- companies have policies against pleaded guilty to bank-fraud con- the Department of Defense. aCalifornia-based marijuana-de- Abankruptcy administrator for lighted Wirecard’s former role at engaging in the marijuana busi- spiracyand testified at trial. Cfius alerted TuSimple this liveryservice. During atrial this Wirecard didn’t respond to are- the heart of the global con- ness.Lawyersfor Messrs. Akha- Through itslawyers, the com- monththat it wasprobing a month, witnesses have testified quest forcomment. Alawyer for sumer-paymentsinfrastructure. vanand Weigand have argued panydeclined to comment. 2017Chinese investment in the that Wirecard’s former chief op- Mr.Marsalek declined to com- Eaze, in itseffortstoopen its U.S. banks and credit-cardcom- Wirecard’s alleged role was companythe IPO filing shows. erating officer,Jan Marsalek, ment. businesstocredit cardsfor on- panies knowingly turned ablind laid out primarily through the TuSimple,founded in 2015, wasdeeply involved in theal- Thetwo men on trial—Cali- line sales,was drawnintothe eyetomarijuana transactions trialtestimonyofOliver Har- has raised hundreds of millions leged scheme. fornia businessman Hamid “Ray” underbelly of European finance, because they were profitable. greaves, aU.K.payment-process- of dollarsfrominvestorsinits Mr.Marsalek,41yearsold, is Akhavanand German e-com- whereanetwork of bank insid- Thelawyershavealso sought ing executivewho said he facili- bid to replacehuman truck the subjectofaninternational merce consultant Ruben ers, payment-processing compa- to cast doubt on the govern- tatedthe alleged Eazescheme driverswith technology. The manhunt afterGerman authori- Weigand—werearrested in nies and former credit-cardexec- ment’stheorythat Messrs. alongside Messrs. Weigand and companyposted revenue of ties chargedhim with securities March2020.Both men have utives help movehundreds of Weigand and Akhavanwerecen- Akhavan. $1.8million last year and anet violations and fraud in connec- pleaded not guilty to bank-fraud millions of dollarsinhigh-risk in- tral players in the scheme. —Paul J. Davies lossof$177.9 million, according tion with thedemise of Wire- conspiracy. Thejurybegan its dustries. Eazehas cooperated with the contributed to this article. to the filing.

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B6 | We dnesday, March 24, 2021 THE WALL STREET JOURNAL. THE PROPERTY REPORT MoneyFlows to Food Warehouses U.S. Firms Criticize Online grocery buying, home delivery propel An Israeli need for cold storage near residential areas Bond Plan

BY PETER GRANT BY PETER GRANT

Asurge in online grocery U.S. real-estatecompanies shopping is intensifying de- that have borrowedbillions of mand forfood-storageware- dollarsinthe Israeli bond houses,sparking billions of market in recent yearsare fac- dollars in new real-estate de- ing newrules proposed by the velopment. Israel Securities Authority Shopping for groceries on- that would tighten the spigot. line wastaking off even before Therules would change the pandemic.Services like howbonds issued by many Amazon Fresh, FreshDirect JOURNAL foreign companies arerated in

and MisfitsMarket offered a REET away that would discourage convenient alternative to the ST Israeli mutual funds, a domi- LL

supermarket. Demand soared WA nant market player, from buy- when people started worrying ing them, according to market THE

that they could catchCovid-19 R participants. on a trip to the store. FO “You’rebasically marking an

Now, companies like Ameri- GADO ‘X’ on the entiresector,” said

cold Realty Trust and Lineage DEL NadavBerkovich,ananalyst Logistics LLC arebuilding or with IBI Investment House Ltd. preparingtobreak ground on ‘DEE’ The authority is proposing VID

tens of millions of squarefeet DA the changeinresponse to of temperature-controlled Many of the new facilities feature advanced robotics and data analytics. The deli department at Fresh Direct in the Bronx, N.Y. high-profile defaultsbyU.S. warehouses that canstore bond issuers. Most recently, meat, dairyproducts, produce the business “are popping up shipped to homes.These and warehouse companies,he pleted a$1.9billion funding All Year HoldingsLtd., a and other perishables. all over,” said Kristin Gannon, buildingscan storefoods at added, “no longer knewwhere round whose participants in- Brooklyn property owner that Manyofthe newfacilities amanaging director of real-es- different temperatures and of- their ordersweregoing to cluded BentallGreenOak,D1 is one of the largest U.S. issu- arelocated close to residential tate investment bank Eastdil ferroom forfood company come from” afterrestaurants, Capital Partnersand Oxford ersofIsraeli bonds,suffered neighborhoods and designed Secured. tenants to cook simple meals schools,stadiums and other Properties Group.Ithas 21 big losses and its bonds were to fulfill home ordersmoreef- In 2019,only about 5% of and preparemeal and grocery traditional outlets closed. newdevelopmentsand expan- delisted from the TelAviv ficiently.They also feature ad- groceries were purchased on- kits for home delivery. Developerssay that such sions this year, up from 10 in Stock Exchange. vanced robotics and dataana- line,according to Bain&Co. Grocerychains also are re- shortages should be avoided in 2020 and 11 in 2019. Theauthority this month lytics that will enable the That figure grew to 10% last thinking supply lines after the futurebecause modern Thereremain the dangers said All Year wasunder inves- service to pivot quickly if de- year; Bain forecastsitcould panic shopping in the pan- food-storagefacilities can of oversupply and the high tigation. Representatives for mand shifts among house- get as high as 12% by 2025. demic’searly days emptied adapt quickly when demand cost of developing storagefor All Year didn’t respond to re- holds, restaurants, schools, Many existing food build- shelves. shifts from, say, schools to frozen and perishable food. quests to comment. and grocery stores. ings areold and inefficient Thepandemic turned the households. Prologis Inc., alogistics About 30 U.S. real-estate Theglobal cold-storage and lack the safety featuresof supply chain“upside down,” Americold last year devel- company, is steering clear of companies have raised more construction market is ex- newdevelopment,said Neil said John Carrafiell,asenior oped arecord$461 million of thesector.Thomas Olinger, than 18 billion shekels,or$5.46 pected to swell to $18.6 billion Johnson,founder and chief ex- managing partner and co- cold-storagefacilities,more chief financial officer,said on billion, in the Israeli bond mar- in 2027 compared with $7 bil- ecutiveofProvender Partners founder of at real-estatein- than double theupper end of an earningscall last year. ket in the past decade,accord- lion in 2019,according to LLC. His company is planning vestment companyBentall- guidanceithad given investors. “There’sasignificant invest- ing to analysts. While the Israeli Emergen Research, a consult- warehouses whereperishables GreenOak,which has invested Lineage, arefrigerated-stor- ment in equipment…and there’s market has been open since ingcompany. Newplayers in can be stored, processed and in cold storage. Distributors agecompany, recently com- alarge labor component.” 2008 to all foreign issuers, pri- vate U.S. real-estatecompanies have used it the most. This is partly because most Brazilian Real-EstateStartup DrawsFunds privatereal-estatefirms aren’t able to borrow in the U.S. bond market on the corporate BY YULIYA CHERNOVA charge higher fees,making Capital, FifthWall, Monashees, level, although they areable to Company Logs about 15,000 homes on its startup offeringsmoreattrac- QED Investorsand Vulcan Capi- sell bonds backed by specific Brazilian real-estatestartup platform, mostly apartments in tivetoconsumers. Thereare tal. Loft’s Series Cround took properties. Loft Holdings Ltd. is riding a Robust Growth São Paulo and Rio de Janeiro, also fewerstartup competi- placemorethan ayear ago, U.S. real-estatefirms also booming local home-buying up from roughly 1,000 in early tors.Mr. Penczsaid Loft is the and totaled $175 million. have liked the Israeli bond market, helping it attract new 2020. Mate Pencz, Loft’s dominant digital “iBuyer,” a Mr.Penczco-founded Loft market because they can bor- capital. Loft Holdings Ltd. makes founder and co-chief executive, type of home flipper,inBrazil. with co-CEO Florian Hagen- rowthereatlowerinterest TheSão Paulo-based com- fast online offers for homes, declined to comment on the At the same time,thereare buch. Theduo previously pany raised $425 million at a buys them and then resells company’s financial metrics. fewerregulatoryroadblocks to started Brazil-based Printi, an valuation of $2.2 billion in a them. In the U.S., Opendoor While Brazil has suffered deploying technologyina online printing service. Series Dround just three Technologies which recently economically over the past user-friendly way,hesaid. Mr.Penczsaid Loft ex- years after its launch. went public through amerger year and has a long history of Loft, forexample,has been ceeded itsfinancial projec- $400M D1 Capital Partners, ahedge with aspecial-purpose acquisition currency depreciation and polit- completing the majority of its tionsin2020,which spurred fund that has been building a company, pioneered the model. ical instability, Mr. Pencz said mortgageclosingsand home theSeries Dround. He also Amount Lightstone Group large privateportfolio,led the Loft also has an online real- that his business shows how sales fully digitally. wanted to involveinvestors borrowed in the Israeli market deal, with participation from estate marketplace, wherepeo- tech startups in the country Several investorspartici- that participateinboth pri- an array of global investors. ple listtheir homes and Loft fa- can continue growing even pating in the Series D financ- vate and public marketsto Loft is already in the pro- cilitatesthe sale, making a through volatile times. ing aremaking their first help the companywhen it de- cess of raising about $100 mil- brokerage commission. In addi- “We started the business in forayintoLatinAmericaor cides to go public. ratesthan in the U.S. Issuers lion more in an add-on to the tion, the companymakes money the middle of a recession. We are returning after a long ab- Thecompany’sbusinesshas have included big names like deal that would boost itsvalu- by originating mortgages and never left that recession,” but sence, Mr. Pencz said been booming in Brazil despite Silverstein Properties Inc., ation to roughly $2.8billion selling other relatedservices. that hasn’t stopped the com- Newinvestorsinthe round the country’s tough economic the developer of the World post-money,according to peo- The company now has pany’s fast growth, he said. includeAdventInternational, situation. TradeCenter; Related Cos., ple familiar with the situation. Altimeter Capital Management, Newreal-estateloans in the developer of Hudson Yards Theinvestment in Loft Canada Pension Plan Invest- Brazil hit a five-year high re- in NewYork City;and Extell comes when ventureinvestors narydatafromEmerging Mar- than even in the U.S.,” said ment Board, DSTGlobal, Singa- cently as interest rates are at Development Co., adeveloper arepaying moreattention to kets PrivateEquity Associa- MatePencz, Loft’s founder and pore’ssovereign-wealth fund record lows,according to are- of ultraluxurycondominium startups in Latin America. tion, aNew York-based co-chief executive. GIC, Silver Lake,Soros Fund search report from financial skyscrapers. Overall, Latin American start- industry association. Part of the reason, he said, Management, Tarsadia and Ti- services company Banco San- Most borrowers have met ups completed 488 venture “VC-backed or tech compa- is that incumbent industry gerGlobal Management. Re- tander.Atthe same time home all their obligations and many rounds last year, up from 433 nies, in general, are leapfrog- players in the region tend to turninginvestorsinclude An- prices areup, the report arecritical of the proposed in 2019, according to prelimi- ging and growing faster here be lessdigitally savvyand dreessen Horowitz,Caffeinated showed. regulations.They saythe Israel Securities Authority is overre- acting to afew bad deals. “It’s silly,” said David Lich- Airport Retail Shops tenstein,chief executiveofde- veloper Lightstone Group, which has borrowedabout Pin Hope on Hints $400 million in the Israeli bond market. “Imagine if the U.S. had shut down the stock exchange after Enron.” Of Travel Rebound Aspokeswoman forthe au- thority said the newforeign-is- BY ESTHER FUNG in 2020 revenue to $697 mil- suer bond market is “a blessed lion from arecord$2billion a development” but also needs Travelersare starting to fly year earlier, according to the to be highly supervised “due to again, offering some relief to Moodie DavittReport, atravel itsspecial complexities and its beleagueredairport shops and retail-intelligence provider. risk profile that is not appro- restaurantsafter the pandemic TheU.S.has also felt the priatefor certain investors.” brought most travel to a pain.Longstanding retailers Themarket gotits first standstill. like Powell’sBooks shut down blackeye about two yearsago Duty-free outletsand other at thePortland International when bonds issued by Star- airport stores have been arare Airport in July,while Gap Inc. wood Capital Group backed by success story in the slumping said in October that it would aportfolio of malls defaulted. bricks-and-mortar world in re- close itsdoorsatPhiladelphia An Israeli court appointed a cent years. Airport retail en- International Airport. trusteetorun the company joys a captive audience. Trav- “You don’t have a shopper last year,according to Dror elersoften have time on their base going through the Miller, atrader forOportod hands and can be susceptible stores,” said Stephen Hillam, Delta, an investment firm that to buying asouvenir or luxury managing director at Pi In- is involved in oneofthe class- N/REUTERS

product on awhim, or as last- sight, aU.K.-based travel-re- SO action lawsuitsthat is pending minute presents. search specialist. OL involving thebond sale. CH

But the sharp decline in air Now, however, retailersand NI A spokesman for Starwood CY

travel last year pounded these restaurantsthat were finan- LU declined to comment. operations,and airports cially strong enough to survive The decline in air travel last year pounded airport shops, which are used to a captive audience. Theauthority has given in- around the world have re- the collapse in businesssee terested parties until April 21 ported that annual revenues signs of anascent recovery. demic-related costs. earnings call. performed a little better than to comment on the proposed shrank by more than half last Airport passenger volumes re- Airport retailersincities Dufryoperates morethan othersbecause of itsexposure regulations.Ifthey become fi- year.U.S.airport shops and cently reached their highest with fewer travel restrictions 2,300 shops in airports, cruise to domestic travel, Dufrysaid. nal, they will go into effect in restaurantsstand to lose $3.4 levels in ayear,though the have also benefited from con- linersand other tourist desti- Revenue in all itsairport loca- January. billion from July 2020 to the number of people passing tinued—albeit tepid—domestic nations around the world. It tions fell 72%last year from If the proposed regulations end of 2021, according to esti- through U.S. airportsisstill travel during the pandemic. owns the Hudson Group, 2019,while revenue in North go intoeffect, U.S. and other mates from the Airport Res- about half what it wasfor “What we expect is are- which runs the eponymous Americaoverthe period fell foreign companies canstill is- taurant &Retail Association. most days in 2019. These air- suming of travel, especially convenienceshops in U.S. air- by a slightly smaller 65%. sue bonds in Israel. But bonds That is more than three years port businesses arealso ear- domestic and interregional ports and temporarily closed Airport retail sales around issued by most U.S. real-estate of profits. marked to receive$800 mil- travel” by the end of the sec- morethan 700ofits more international flightsare still companies would getbelow-in- Dubai International Airport lion in relief as part of the ondquarter,said Julián Díaz than 1,000 stores during the tied to the uneven paceofvac- vestment-grade ratingsputting retailer Dubai Duty Free,one recent $1.9trillion Covid-19 González, chief executiveoffi- pandemic. As of early March, cinations acrossdifferent them off limitsfor manymutual of the world’stop duty-free stimulus package,which would ceratSwissduty-free chain it has reopened 635 of them. countries and their border funds,according to Israeli law- operators, posted a 65% drop help with rentsand other pan- Dufry Ltd., during aMarch TheNorth Americaregion controls. yers and market participants. P2JW083000-0-B00700-1------XA

THE WALL STREET JOURNAL. We dnesday, March 24, 2021 | B7 BIGGEST 1,000 STOCKS

Net Net Net Net Net Net Net How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg The following explanations apply to NYSE, s-New 52-week high. NYSE Arca, NYSE American and Nasdaq Stock t-New 52-week low. CadenceDesign CDNS 128.25 0.28 CommerceBcshrs CBSH 75.12 -1.75 Dun&Bradstreet DNB 23.99 -0.56 ExactSciences EXAS 132.01 -3.25 FoxB FOX 39.21 -1.94 GuardantHealth GH 142.98 -3.89 ING Groep ING 11.64 -0.36 Market listed securities. Prices are composite dd-Indicates loss in the most recent CAE CAE 27.14 -0.79 CiaSiderurgica SID 6.02 -0.30 DuPont DD 75.32 -2.24 Exelon EXC 42.80 0.01 Franco-Nevada FNV 123.24 -0.20 Guidewire GWRE 102.04 -1.00 InvescoIVZ 23.66 -1.45 quotations that include primary market trades four quarters. CaesarsEnt CZR 84.59 -3.88 ConagraBrands CAG 38.00 -0.27 Dynatrace DT 50.60 -1.16 eXpWorld EXPI 46.29 -4.90 FranklinRscs BEN 28.65 -1.33 HCA Healthcare HCA 183.66 -4.52 IPG Photonics IPGP 204.54 -7.36 as well as trades reported by Nasdaq BX FD-First day of trading. CamdenProperty CPT 108.91 0.72 ConocoPhillips COP 51.71 -0.53 ENI E 23.48 -0.60 Expedia EXPE 168.42 -4.67 FreeportMcM FCX 32.20 -2.81 HDFC Bank HDB 79.17 0.87 IQVIA IQV 186.99 -2.74 (formerly Boston), Chicago Stock Exchange, h-Does not meet continued listing CampbellSoup CPB 50.63 -0.39 ConEd ED 73.24 1.19 EOG Rscs EOG 69.65 1.42 ExpeditorsIntl EXPD 101.59 -1.48 FreseniusMed FMS 36.72 0.07 HP HPQ 29.58 -0.89 IcahnEnterprises IEP 57.10 -1.27 Cboe, NYSE National and Nasdaq ISE. standards CIBC CM 99.62 -0.95 ConstBrands A STZ 229.08 -1.64 EPAM Systems EPAM 373.83 -6.62 ExtraSpaceSt EXR 130.40 2.24 Futu FUTU 115.26 -8.57 HSBC HSBC 29.02 -0.32 Icon ICLR 183.32 -2.75 The list comprises the 1,000 largest lf-Late filing CanNtlRlwy CNI 113.86 0.70 ContextLogic WISH 16.56 -1.42 EastWestBncp EWBC 72.71 -3.26 ExxonMobil XOM 55.22 -0.69 Halliburton HAL 20.81 -0.73 IDEX IEX 197.88 -0.28 companies based on market capitalization. q-Temporary exemption from Nasdaq CanNaturalRes CNQ 28.90 -0.65 ContinentalRscs CLR 24.98 -0.78 EastmanChem EMN 106.60 -5.63 F5Networks FFIV 201.34 -1.60 G H I HartfordFinl HIG 67.30 0.01 IllinoisToolWks ITW 216.73 -2.38 requirements. CanPacRlwy CP 353.99 -2.54 Cooper COO 383.34 -3.03 Eaton ETN 132.93 -1.93 FMC FMC 108.02 -2.28 Hasbro HAS 96.75 -0.10 Illumina ILMN 416.43-13.49 Underlined quotations are those stocks with GDS Holdings GDS 85.02 0.86 t-NYSE bankruptcy Canon CAJ 22.12 0.02 Copart CPRT 107.39 -2.40 eBay EBAY 60.31 0.02 Facebook FB 290.63 -2.91 HealthpeakProp PEAK 31.74 0.10 ImmunityBio IBRX 34.41 -3.69 large changes in volume compared with the GFLEnvironmental GFL 33.05 -0.41 v-Trading halted on primary market. CanopyGrowth CGC 32.45 -1.01 Corning GLW 39.87 -1.10 Ecolab ECL 207.91 -0.16 FactSet FDS 320.40 6.02 Heico HEI 121.97 -3.26 ImperialOil IMO 22.75 -0.73 issue’s average trading volume. GSXTechedu GSX 73.44-10.35 vj-In bankruptcy or receivership or CapitalOne COF 122.41 -2.81 Corteva CTVA 45.85 -1.45 Ecopetrol EC 12.66 -0.70 FairIsaac FICO 471.93 0.13 Heico A HEI.A 113.56 -2.95 Incyte INCY 79.85 -1.82 Gallagher AJG 122.55 0.50 Boldfaced quotations highlight those issues being reorganized under the CardinalHealth CAH 57.70 -1.44 CoStar CSGP 830.76 2.95 EdisonInt EIX 59.05 -0.13 Farfetch FTCH 58.96 -3.04 HenrySchein HSIC 65.07 -1.23 Infosys INFY 18.71 -0.36 GameStop GME 181.75-12.74 whose price changed by 5% or more if their Bankruptcy Code, or securities Carlisle CSL 153.29 -3.01 Costco COST 340.34 5.85 EdwardsLife EW 79.77 0.11 Fastenal FAST 47.70 -0.28 s Hershey HSY 156.92 0.54 IngersollRand IR 47.14 -1.67 previous closing price was $2 or higher. assumed by such companies. Gaming&Leisure GLPI 42.01 -0.36 Carlyle CG 36.69 -0.33 CoupaSoftware COUP 260.98 2.94 ElancoAnimal ELAN 28.60 -1.17 Fastly FSLY 70.78 -0.74 Hess HES 66.96 -1.54 Inphi IPHI 161.63 -3.66 Gap GPS 27.87 -2.33 CarMax KMX 131.02 -1.28 Coupang CPNG 46.00 1.14 Elastic ESTC 115.42 -1.32 FateTherap FATE 87.19 -4.73 HewlettPackard HPE 14.76 -0.58 Insulet PODD 277.05 7.73 Garmin GRMN 126.16 -1.42 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and Carnival CCL 25.33 -2.15 Credicorp BAP 140.75 -3.63 ElectronicArts EA 133.05 1.64 FedEx FDX 266.81 -7.21 HighwoodsProp HIW 41.92 -0.32 Intel INTC 63.48 -2.15 Gartner IT 181.62 -1.42 changes in the closing prices from 4 p.m. the previous day. Carnival CUK 21.40 -1.68 CreditSuisse CS 12.89 -0.26 EmersonElec EMR 87.22 -2.13 Ferguson FERG 125.20 6.23 Hilton HLT 118.90 -4.02 InteractiveBrkrs IBKR 76.24 -1.77 Generac GNRC 303.57-10.16 CarrierGlobal CARR 40.29 -1.12 Cree CREE 101.76 -6.93 Enbridge ENB 36.20 -0.07 Ferrari RACE 202.82 -5.24 Hologic HOLX 72.73 -1.20 ICE ICE 111.65 0.10 GeneralDynamics GD 174.87 -1.69 s Carvana CVNA 274.17 0.25 CrowdStrike CRWD 190.60 -5.13 EnelAmericas ENIA 8.19 -0.06 FidNatlFin FNF 38.81 -0.22 HomeDepot HD 289.98 1.04 InterContinentl IHG 66.68 -2.22 Tuesday, March 23, 2021 Net Net GeneralElec GE 12.66 -0.47 Catalent CTLT107.40 -2.42 CrownCastle CCI 168.69 0.80 EnergyTransfer ET 7.72 -0.38 FidNatlInfo FIS 142.03 0.85 HondaMotor HMC 30.03 -0.90 IBM IBM 130.46 -0.09 Net Stock Sym Close Chg Stock Sym Close Chg GeneralMills GIS 61.19 -0.26 Caterpillar CAT 218.25 -7.77 CrownHoldings CCK 96.57 -1.56 EnphaseEnergy ENPH 155.97 -5.14 FifthThirdBncp FITB 36.34 -0.88 Honeywell HON 208.59 -3.54 IntlFlavors IFF 136.00 -1.30 Stock Sym Close Chg GeneralMotors GM 56.16 -1.94 HorizonTherap HZNP 86.19 -4.19 Amphenol APH 62.93 -1.78 BioMarinPharm BMRN 76.52 -2.00 Celanese CE 141.47 -5.47 Cummins CMI 255.50 -7.98 Entegris ENTG 102.24 -2.76 FirstHorizon FHN 16.34 -0.67 IntlPaper IP 51.54 -1.09 Genmab GMAB 32.74 -0.71 HormelFoods HRL 48.69 0.14 AnalogDevices ADI 150.49 -4.01 BioNTech BNTX 100.11 -6.89 Cemex CX 6.38 -0.29 CureVac CVAC 88.30 -5.99 Entergy ETR 98.11 0.43 FirstRepBank FRC 164.85 -2.11 Interpublic IPG 28.24 -1.03 A B C Genpact G 42.86 -0.35 DR Horton DHI 83.44 -1.05 Angi ANGI 15.70 -0.77 BlackKnight BKI 74.96 0.18 CenovusEnergy CVE 7.45 -0.37 CyrusOne CONE 68.27 0.36 EnterpriseProd EPD 22.30 -0.59 FirstSolar FSLR 80.52 -1.31 Intuit INTU 383.20 0.18 AngloGoldAsh AU 20.89 -0.62 BlackRock BLK 716.57-14.35 Centene CNC 64.06 -0.40 Equifax EFX 175.48 0.35 FirstEnergy FE 34.39 0.02 Gentex GNTX 34.52 -0.36 HostHotels HST 16.86 -0.70 ABB ABB 31.03 -0.53 IntuitiveSurgical ISRG 710.82 -3.91 AB InBev BUD 62.80 -0.59 Blackstone BX 73.19 -0.36 CenterPointEner CNP 21.88 -0.08 D E F Equinix EQIX 675.77 9.08 Fiserv FISV 121.29 -0.42 GenuineParts GPC 114.78 -0.55 HowmetAerospace HWM 30.37 -1.18 AECOM ACM 60.29 -1.42 Invitae NVTA 40.91 -1.88 AnnalyCap NLY 8.81 -0.11 Boeing BA 241.25 -9.98 CentraisElBras EBR 5.98 0.02 Equinor EQNR 18.83 -0.75 FiveBelow FIVE 192.20 -5.18 GileadSciences GILD 64.50 -1.03 HuanengPower HNP 14.29 -0.21 AES AES 25.58 -0.38 InvitatHomes INVH 31.05 -0.04 Anthem ANTM 351.83 0.69 BookingHldgs BKNG 2215.00-16.89 CeridianHCM CDAY 83.78 -0.46 DISH Network DISH 35.94 -1.60 Equitable EQH 30.96 -1.43 Five9 FIVN 166.98 2.38 GSK GSK 35.99 -0.68 Huazhu HTHT 55.55 -3.67 Aflac AFL 49.50 -1.05 s iQIYI IQ 28.91 0.87 Aon AON 223.98 0.58 BoozAllen BAH 80.05 0.22 Cerner CERN 71.73 -0.24 DTE Energy DTE 128.78 1.12 EquityLife ELS 63.70 0.16 FleetCorTech FLT 272.33 -6.05 GlobalPayments GPN 200.81 -3.06 Hubbell HUBB 178.03 -6.34 AGCO AGCO 135.19 -7.82 IronMountain IRM 36.26 -0.32 ApolloGlbMgmt APO 49.12 -0.30 BorgWarner BWA 44.30 -3.83 CharlesRiverLabs CRL 280.31 -7.82 Danaher DHR 220.32 -3.23 EquityResdntl EQR 71.81 -0.22 Flex FLEX 17.00-0.79 Globant GLOB 215.03 -0.96 HubSpot HUBS 457.85 -1.80 AGNC Invt AGNC 16.56 -0.11 ItauUnibanco ITUB 4.98 -0.11 Appian APPN 152.94 -7.15 BostonBeer SAM 1063.27 -7.40 CharterComms CHTR 645.45 7.83 Darden DRI 136.75 0.01 ErieIndemnity A ERIE 226.40 -3.88 Floor&Decor FND 95.50 -3.78 GlobeLife GL 96.25 -1.92 Humana HUM 404.01 -0.36 Ansys ANSS 333.53 -1.33 Apple AAPL 122.54 -0.85 BostonProps BXP 102.25 -0.19 CheckPoint CHKP 115.84 -1.36 DarlingIngred DAR 68.92 -2.25 EssentialUtil WTRG 43.39 0.89 FomentoEconMex FMX 75.06 -0.39 GoDaddy GDDY 76.89 1.43 JBHunt JBHT 155.95 -2.46 ASETech ASX 7.65 -0.14 J K L ApplMaterials AMAT 116.38 -2.95 BostonSci BSX 37.24 -0.99 Chegg CHGG 91.06 -1.54 Datadog DDOG 85.17 -0.01 EssexProp ESS 276.21 0.23 FordMotor F 12.21 -0.64 GoldFields GFI 9.21 -0.55 HuntingtonBcshs HBAN 15.30 -0.44 ASML ASML 558.87-17.12 Aptargroup ATR 140.77 -0.82 BridgeBioPharma BBIO 65.79 -3.32 CheniereEnergy LNG 70.89 -1.76 DaVita DVA 107.02 -3.02 EsteeLauder EL 281.28 -4.90 Fortinet FTNT 176.07 -3.05 GoldmanSachs GS 331.77 -7.56 HyattHotels H 79.81 -5.71 JD.com JD 83.51 -1.46 AT&T T 30.00 0.01 Aptiv APTV 139.48 -5.56 BrightHorizons BFAM 159.05 -4.40 CheniereEnerPtrs CQP 41.35 -1.94 DeckersOutdoor DECK 318.63-14.17 Etsy ETSY 219.67 -0.10 Fortis FTS 42.88 -0.05 GoodRx GDRX 36.76 -0.86 IAC/InterActive IAC 243.37 -4.70 Joyy YY 111.56 -1.52 AbbottLabs ABT 120.49 -0.98 Aramark ARMK 37.47 -1.50 BristolMyers BMY 62.62 -0.76 Chevron CVX 101.97 -0.57 Deere DE 357.49-14.10 EverestRe RE 241.36 -2.52 Fortive FTV 67.70 -0.51 Graco GGG 68.47 -0.96 ICICI Bank IBN 15.94 0.02 JPMorganChase JPM 149.46 -1.51 AbbVie ABBV 104.84 -1.06 ArcelorMittal MT 25.16 -1.86 BritishAmTob BTI 39.75 -0.06 Chewy CHWY 84.69 -1.19 DellTechC DELL 85.75 -1.60 Evergy EVRG 58.89 0.26 FortBrandsHome FBHS 87.52 -3.19 Grainger GWW 394.31 -5.40 IdexxLab IDXX 487.66 -3.71 JackHenry JKHY 151.83 2.60 AbCelleraBio ABCL 29.23 -1.35 ArchCapital ACGL 36.77 0.14 Broadcom AVGO 464.06-11.22 ChinaEastrnAir CEA 24.23 -1.26 DeltaAir DAL 45.64 -2.33 EversourceEner ES 84.47 2.22 FoxA FOXA 41.81 -1.84 Grifols GRFS 16.78 0.78 IHS Markit INFO 94.94 0.33 Continued on Page B10 Abiomed ABMD 298.62 -7.54 ArcherDaniels ADM 55.56 -0.87 BroadridgeFinl BR 147.27 -0.32 ChinaLifeIns LFC 10.43 -0.15 DentsplySirona XRAY 59.93 -2.51 AcceleronPharma XLRN 135.99 -7.65 AresMgmt ARES 54.41 -0.58 BrookfieldMgt BAM 44.80 -0.49 ChinaPetrol SNP 51.96 -0.83 DeutscheBank DB 12.29 -0.32 Accenture ACN 266.03 0.83 arGEN-X ARGX 294.52-12.55 BrookfieldInfr BIP 53.07 0.27 ChinaSoAirlines ZNH 37.75 -0.98 DevonEnergy DVN 21.74 -0.59 ActivisionBliz ATVI 91.38 -0.49 AristaNetworks ANET 286.01 -4.24 BrookfieldPropREIT BPYU 18.01 -0.17 Chipotle CMG 1451.29 6.96 DexCom DXCM 364.17 4.35 Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks Adobe ADBE 460.20 7.79 ArrowElec ARW 104.69 -4.33 BrookfieldRenew BEPC 45.28 -0.06 Chubb CB 157.38 0.33 Diageo DEO 165.66 -0.96 AdvanceAuto AAP 179.53 -3.46 AspenTech AZPN 148.46 -1.54 Brown&Brown BRO 45.62 0.28 ChunghwaTel CHT 38.78 -0.18 DiamondbkEner FANG 72.13 -3.18 AdvMicroDevices AMD 78.38 -1.92 Assurant AIZ 140.62 -0.13 Brown-Forman B BF.B 69.86 0.68 Church&Dwight CHD 85.71 1.20 DigitalRealty DLR 140.00 3.45 Money Rates March 23, 2021 Aegon AEG 4.50 -0.18 AstraZeneca AZN 49.40 -1.80 Brown-Forman A BF.A 65.51 0.58 ChurchillDowns CHDN 227.65 -5.32 DiscoverFinSvcs DFS 91.98 -2.70 AffirmHldgs AFRM 78.87 -3.12 Athene ATH 52.06 0.01 Bruker BRKR 61.27 -0.16 Ciena CIEN 53.94 -1.77 DiscoveryB DISCB 82.47 -6.43 AgilentTechs A 121.98 -1.63 Atlassian TEAM 222.92 1.18 BuildersFirstSrc BLDR 42.28 -2.59 Cigna CI 238.44 -3.96 DiscoveryA DISCA 71.68 -2.97 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a AgnicoEagle AEM 59.28 -1.12 AtmosEnergy ATO 94.18 0.64 Bunge BG 75.58 -2.08 CincinnatiFin CINF 104.64 -1.22 DiscoveryC DISCK 62.99 -1.75 guide to general levels but don’t always represent actual transactions. AirProducts APD 274.69 -4.13 Autodesk ADSK 269.00 3.04 BurlingtonStrs BURL 294.43 -9.57 Cintas CTAS 333.01 -3.32 Disney DIS 188.73 -4.13 Airbnb ABNB 187.14 -7.86 Autohome ATHM 100.97 -1.78 CBRE Group CBRE 74.98 -0.95 s CiscoSystems CSCO 50.01 -0.29 DocuSign DOCU 207.96 0.53 Week —52-WEEK— Week —52-WEEK— AkamaiTech AKAM 99.69 -0.50 ADP ADP 184.04 -0.35 CDW CDW 156.06 -3.24 Citigroup C 70.91 -1.05 DolbyLab DLB 97.55 -2.10 Inflation Latest ago High Low Latest ago High Low AlaskaAir ALK 65.66 -2.90 s AutoZone AZO 1323.57-17.65 CF Industries CF 44.79 -2.08 CitizensFin CFG 42.27 -1.17 DollarGeneral DG 197.09 3.13 Feb. index Chg From (%) Albemarle ALB 146.47 -5.68 Avalara AVLR 137.02 0.36 s CGI GIB 82.51 -0.04 CitrixSystems CTXS 138.36 0.62 DollarTree DLTR 109.86 -0.39 Low 0.0500 0.0200 0.0600 0.0000 Commercial paper (AA financial) Albertsons ACI 19.36 0.17 level Jan. '21 Feb. '20 Avalonbay AVB 184.75 -0.38 CH Robinson CHRW 95.11 -0.48 Clarivate CLVT 24.83 -0.60 DominionEner D 74.18 0.68 Bid 0.0700 0.0600 0.1000 0.0100 Alcon ALC 69.00 0.26 Avangrid AGR 48.56 0.73 CME Group CME 199.93 0.58 Clorox CLX 192.76 3.32 Domino's DPZ 374.42 5.10 90 days 0.12 0.15 2.53 0.04 AlexandriaRlEst ARE 165.89 -0.67 Avantor AVTR 28.51 -0.68 CMS Energy CMS 60.53 2.03 Cloudflare NET 72.37 -0.39 DoorDash DASH 131.76 -4.15 U.S. consumer price index Offer 0.1000 0.0800 0.2500 0.0500 AlexionPharm ALXN 152.18 -3.07 AveryDennison AVY 176.81 -3.62 CNA Fin CNA 44.68 -0.26 Coca-Cola KO 51.39 0.39 Dover DOV 133.62 -2.82 All items 263.014 0.55 1.7 Libor Alibaba BABA 237.67 0.55 CNH Indl CNHI 14.85 -0.70 Coca-Cola Euro CCEP 50.33 -1.30 Dow DOW 60.75 -2.76 Treasury bill auction AxonEnterprise AXON 139.62 -5.15 Core One month 0.10863 0.10813 1.01625 0.10300 AlignTech ALGN 518.88-11.72 BCE BCE CRH CRH 43.89 -0.91 Cognex CGNX 75.84 -3.16 DrReddy'sLab RDY 59.77 -0.32 270.696 0.35 1.3 45.76 -0.27 4 weeks 0.005 0.030 0.190 0.000 Three month 0.20063 0.19000 1.45050 0.17525 Alleghany Y 629.76 -2.33 BHP Group BHP 67.53 -1.64 CRISPR Therap CRSP 126.49 -6.51 CognizantTech CTSH 76.23 -0.50 DraftKings DKNG 69.75 -1.97 Allegion ALLE 119.29 -1.16 BHP Group BBL 56.03 -1.09 CSX CSX 92.92 -0.86 ColgatePalm CL 77.75 1.98 Dropbox DBX 27.35 0.03 International rates 13 weeks 0.015 0.030 0.280 0.000 Six month 0.20538 0.19788 1.23825 0.18950 AlliantEnergy LNT 53.07 1.56 BP BP 24.06 -1.29 CVS Health CVS 71.90 -1.57 Comcast A CMCSA 56.14 -0.23 DukeEnergy DUK 94.02 0.90 26 weeks 0.040 0.055 0.290 0.040 One year 0.27938 0.28075 1.06013 0.27588 Allstate ALL 111.86 -0.38 Baidu BIDU 261.55 -4.58 CableOne CABO 1810.26-17.44 Comerica CMA 66.84 -1.04 DukeRealty DRE 41.93 0.19 Week 52-Week AllyFinancial ALLY 43.63 -1.27 BakerHughes BKR 21.69 -0.62 Latest ago High Low Euro Libor AlnylamPharm ALNY 138.66 -5.49 Secondary market Ball BLL 85.33 1.01 One month -0.578 -0.579 -0.360 -0.607 Alphabet A GOOGL 2041.33 10.64 BancoBilbaoViz BBVA 5.10 -0.06 Prime rates Alphabet C GOOG 2052.96 14.37 BancoBradesco BBDO 4.16 -0.02 Dividend Changes Fannie Mae Three month -0.549 -0.550 -0.142 -0.574 AlticeUSA ATUS 34.69 -0.17 BancodeChile BCH 24.19 -0.39 U.S. 3.25 3.25 3.25 3.25 30-year mortgage yields Six month -0.521 -0.524 -0.052 -0.543 Altria MO 50.51 -1.13 BancSanBrasil BSBR 7.09 -0.17 Canada 2.45 2.45 2.95 2.45 One year -0.492 -0.491 0.008 -0.511 AlumofChina ACH 10.64 -1.27 BcoSantChile BSAC 24.98 ... Dividend announcements from March 23. 30 days 2.557 2.479 2.662 1.751 Amazon.com AMZN 3137.50 26.63 Japan 1.475 1.475 1.475 1.475 60 days BancoSantander SAN 3.36 -0.07 Amount Payable / 2.600 2.529 2.703 1.804 Secured Overnight Financing Rate Ambev ABEV 2.77 -0.11 BankofAmerica BAC 36.90 -0.76 Company Symbol Yld %New/Old Frq Record Amcor AMCR 11.37 -0.04 BankofMontreal BMO 87.10 -1.27 Policy Rates Other short-term rates 0.01 0.01 0.13 0.01 Amdocs DOX 78.61 -1.39 BankNY Mellon BK 44.37 -0.84 Increased Euro zone 0.00 0.00 0.00 0.00 Value 52-Week Amedisys AMED 269.20 -1.17 BkNovaScotia BNS 62.01 -0.69 SAR Switzerland 0.00 0.00 0.50 0.00 Week 52-Week Latest Traded High Low Amerco UHAL 579.85-11.63 Barclays BCS 9.82 -0.17 Saratoga Investment 6.9 .43 /.42 Q Apr22 /Apr08 Britain 0.10 0.10 0.10 0.10 Latest ago high low Ameren AEE 79.98 2.01 BarrickGold GOLD 20.24 -0.38 Reduced AmericaMovil A AMOV 13.38 -0.39 BauschHealth BHC 31.66 -1.30 Australia 0.10 0.10 0.25 0.10 DTCC GCF Repo Index AmericaMovil AMX 13.54 -0.23 BaxterIntl BAX 81.60 0.36 STRATS Tr Allstate 2006-3 GJT 1.1 .0175 /.01804 M Apr01 /Mar31 Call money Treasury 0.006 65.100 0.151 -0.008 AmerAirlines AAL 22.27 -1.56 BectonDicknsn BDX 240.26 -1.36 Overnight repurchase Initial 2.00 2.00 2.00 2.00 MBS 0.005 35.500 0.169 0.002 AEP AEP 84.64 1.01 BeiGene BGNE 335.39-20.57 U.S. 0.00 0.01 0.14 -0.07 AmerExpress AXP 136.08 -3.87 BentleySystems BSY 42.99 -0.92 XOMA 8.625% Pfd. Series A XOMAP 8.5 .7188 Apr15 /Apr02 AmericanFin AFG 113.53 -0.88 Berkley WRB 73.16 -0.11 U.S. government rates Notes on data: AmHomes4Rent AMH 32.85 0.05 BerkHathwy A BRK.A 377440-2962.75 Foreign U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, AIG AIG 44.98 -1.25 BerkHathwy B BRK.B 248.31 -2.05 Diana Ship 8.875 Pfd B DSXpB 8.5 .55469 Q Apr15 /Apr14 Discount and is effective March 16, 2020. Other prime rates aren’t directly comparable; lending practices vary AmerTowerREIT AMT 229.85 4.02 BestBuy BBY 118.81 -2.15 widely by location; Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is AmerWaterWorks AWK 144.15 4.10 BeyondMeat BYND 137.10 -2.50 Special 0.25 0.25 0.25 0.25 as of March 22, 2021. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted average AmericoldRealty COLD 37.42 0.21 Bilibili BILI 105.99 -0.89 Santander Consumer USA SC 3.3 .22 Mar31 /Mar29 for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal-funds rates Ameriprise AMP 221.57 -7.61 Bill.com BILL 155.65 3.69 Federal funds are Tullett Prebon rates as of 5:30 p.m. ET. AmerisourceBrgn ABC 113.77 -2.58 Bio-Techne TECH 376.47 -8.91 Ametek AME 121.67 -1.22 Bio-RadLab A BIO 571.00 -9.00 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and Effective rate 0.0700 0.0700 0.2800 0.0600 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; Amgen AMGN 245.04 -4.65 Biogen BIIB 267.21 -5.13 ratio; SO: spin-off. High 0.0800 0.0800 0.5000 0.0800 Tullett Prebon Information, Ltd.

Exchange-Traded BANKRATE.COM® MMA, Savings and CDs ADVERTISEMENT Portfolios Average Yields of Major Banks Tuesday, March 23, 2021 BusinessReal Estate&Auctions Largest 100 exchange-traded funds, Type MMA 1-MO 2-MO 3-MO 6-MO 1-YR 2-YR 2.5YR 5YR To advertise: email [email protected] or WSJ.com/classifieds latest session National average Savings 0.07 0.05 0.05 0.08 0.10 0.14 0.18 0.15 0.27 Tuesday, March 23, 2021 AUCTIONS OKLAHOMA Closing Chg YTD Jumbos 0.14 0.06 0.06 0.08 0.11 0.16 0.19 0.15 0.29 ETF Symbol Price (%) (%) Weekly change ARKInnovationETF ARKK 121.70 –2.42 –2.2 Savings 0.00 0.00 0.00 0.01 0.00 0.00 0.00 0.01 0.01 CommSvsSPDR XLC 75.35 –0.74 11.7 %!"& !$#"#! CnsmrDiscSelSector XLY 165.71 –0.94 3.1 Jumbos 0.00 0.00 0.00 0.00 0.01 0.01 0.00 0.00 0.01 EnSelectSectorSPDR XLE 47.83 –1.46 26.2 "#!$'%& FinSelSectorSPDR XLF 33.16 –1.40 12.5 HealthCareSelSect XLV 114.50 –1.01 0.9 Consumer Savings Rates IndSelSectorSPDR XLI 94.44 –1.75 6.7 InvscQQQI QQQ 317.22 –0.44 1.1 Below are the top federally insured offers available nationwide according to Bankrate.com's InvscS&P500EW RSP 138.08 –1.44 8.3 weeklysurveyofhighestyields.Forlatestoffersandreviewsofthesefinancialinstitutions,please iShCoreDivGrowth DGRO 47.42 –0.73 5.8 visit bankrate.com/banking/reviews. Information is believed to be reliable, but not guaranteed. iShCoreMSCIEAFE IEFA 71.69 –1.44 3.8 High yield savings iShCoreMSCIEM IEMG 63.84 –1.85 2.9 iShCoreMSCITotInt IXUS 69.88 –1.51 4.0 Bank Yield Bank Yield iShCoreS&P500 IVV 392.22 –0.78 4.5 Phone number Minimum (%) Phone number Minimum (%) (*@"8/;2'-5*!% iShCoreS&P MC IJH 252.75 –2.65 10.0 93- iShCoreS&P SC IJR 106.00 –3.46 15.3 Money market and savings account Six-month CD ., *6725 <+0/ =$$%85 &/% +('*)%% iShS&PTotlUSStkMkt ITOT 90.46 –1.10 4.9 Live Oak Bank $1 0.60 Presidential Bank, FSB $1,000 0.50 iShCoreUSAggBd AGG 114.02 0.25 –3.5 '2> #;;=70?)+0+25 >&2DD #FE24< *"F2"4;C1F <24"4< 0=2 725=;": !E242F": 1/-;2 <24"4< 7=J Vio Bank $100 0.57 First Internet Bank of Indiana $1,000 0.45 6-/.1).74$4. iShEdgeMSCIUSAQual QUAL 119.97 –0.67 3.2 A)&)71 9)7^ &W71);7;7> 0/Q2< >%20 <24"4*6FF24< 1042F <1 A2;172 :14E@<2F7 iShJPMUSDEmgBd EMB 109.14 –0.36 –5.8 Lone Star Bank $1,000 0.20 CFG Community Bank $500 0.67 ,U6;9 /4 W7 5;1\ W6 (;^ 9;M\ @6W8 <24"4< iShMBSETF MBB 108.56 0.05 –1.4 (713) 358-9400 (888) 205-8388 >*14324=24< <1 '@9+ !'@)) iShMSCI ACWI ACWI 94.13 –1.13 3.8 )7IK=\6\)1!?60+=)7\1KW6:R&W8 +=@/ ;3 -8%;8) State Bank of India California $1,000 0.15 Live Oak Bank $2,500 0.65 >%20 D&1 !# iShMSCI EAFE SC SCZ 71.60 –1.81 4.8 (877) 707-1995 (866) 518-0286 ;14D#&8 iShMSCIEmgMarkets EEM 52.89 –1.91 2.4 Presidential Bank, FSB $1,000 0.10 Merrick Bank $25,000 0.65 5%3+"#,$*'( 6//3%1 !/-1. 31.%-2#// 7))*(&%+0&" iShMSCIJapan EWJ 69.17 –1.50 2.4 (800) 799-1424 (866) 638-6851 $0&4 6(-,-+/*%' 5)'0/- iShNatlMuniBd MUB 115.80 0.07 –1.2 ZGGRZGVRZGG0 iSh1-5YIGCorpBd IGSB 54.65 0.04 –0.9 Two-month CD Two-year CD iShPfd&Incm PFF 37.98 –0.05 –1.4 K;99;)85!?60+=)R&W82[N Lone Star Bank $1,000 0.20 Comenity Direct $1,500 0.75 B??1,??1AC>> iShRussell1000Gwth IWF 241.40 –0.34 0.1 %$ %,J[#N DR J#NDHJ" L,J,][J] *EHY#E E# N[' ?4VRGV34X0R *B+#EOD FE#L[BL T*B+#EOD iShRussell1000 IWB 221.16 –0.86 4.4 (713) 358-9400 (833) 755-4354 !## [J -[S L,+,FFN+R #<:)48D+:%.E+ED1)47 iShRussell1000Val IWD 148.80 –1.42 8.8 State Bank of India California $1,000 0.15 Merrick Bank $25,000 0.71 iShRussell2000Gwth IWO 298.58 –3.29 4.1 (877) 707-1995 (866) 638-6851 iShRussell2000 IWM 217.06 –3.63 10.7 INVESTMENT PROPERTIES VirtualBank $10,000 0.15 First Internet Bank of Indiana $1,000 0.70 iShRussell2000Val IWN 155.16 –3.91 17.8 iShRussellMid-Cap IWR 72.98 –1.84 6.5 (877) 998-2265 (888) 873-3424 FLORIDA iShRussellMCValue IWS 107.33 –2.06 10.7 iShS&P500Growth IVW 64.43 –0.28 1.0 Three-month CD Five-year CD "$+ (**#*)$& '#!#"% iShS&P500Value IVE 138.78 –1.27 8.4 BrioDirect $500 0.25 Connexus Credit Union $5,000 1.00 $)#*&)!' &"(%* iShShortTreaBd SHV 110.52 –0.01 –0.0 (877) 369-2746 (800) 845-5025 iShSilver SLV 23.22 –3.01 –5.5 Lone Star Bank $1,000 0.25 First Internet Bank of Indiana $1,000 0.96 iShTIPSBondETF TIP 125.76 0.21 –1.5 1,+ &""0-#3". iSh1-3YTreasuryBd SHY 86.27 0.01 –0.1 (713) 358-9400 (888) 873-3424 *FC41 ,< iSh7-10YTreasuryBd IEF 113.96 0.49 –5.0 State Bank of India California $1,000 0.25 Comenity Direct $1,500 0.90 *0#<83688! 5 2$<; iSh20+YTreasuryBd TLT 137.49 0.90 –12.8 (877) 707-1995 (833) 755-4354 ,3 5= iShRussellMCGrowth IWP 101.40 –1.27 –1.2 iShUSTreasuryBdETF GOVT 26.27 0.21 –3.6 :1)7' 5/,)49+ %&( High yield jumbos - Minimum is $100,000 +*!#&"$( +")$'#% JPM UltShtIncm JPST 50.74 ... –0.1 8.A46B PIMCOEnhShMaturity MINT 101.94 0.02 –0.1 8/52&) '2&&! $8@% '@+( Money market and savings account Six-month CD "%$&!#!&$### SPDRBloomBar1-3MTB BIL 91.51 0.01 –0.0 ,C I,ECVH %GAHD RZGK! 'GBED# )'KB*XGBD#Q SPDR Gold GLD 161.81 –0.73 –9.3 CFG Community Bank 0.66 BankDirect 0.50 SchwabIntEquity SCHF 37.40 –1.35 3.9 (888) 205-8388 (877) 839-2737 MISSISSIPPI SchwabUS BrdMkt SCHB 95.45 –1.04 4.9 &TWXU:Y ZU:@ 'U0MLY SchwabUS Div SCHD 71.43 –1.11 11.4 BrioDirect 0.60 Presidential Bank, FSB 0.50 /4 T7"67W D! *+8O0Y3 SchwabUS LC SCHX 94.92 –0.90 4.4 (877) 369-2746 (800) 799-1424 'Y83YM ':0(77J MU08[L4.M U@ =U:@ VanEckGoldMiner GDX 32.64 –2.54 –9.4 (877) 707-1995 (866) 518-0286 VangdInfoTech VGT 355.26 –0.75 0.4 $!*:::& /# VangdSC Val VBR 161.52 –3.20 13.6 VirtualBank 0.10 Merrick Bank 0.65 14'-/.01$/ 6#" & >>37?>37;09< D #*2-=*:*+'-"8:E'8= VangdSC Grwth VBK 271.65 –2.47 1.5 (877) 998-2265 (866) 638-6851 VangdExtMkt VXF 175.81 –2.68 6.8 ,$0%!2-/% #$+1/1.) VangdDivApp VIG 143.65 –0.41 1.8 Two-month CD Two-year CD 24 (:$+0%/ VangdFTSEDevMk VEA 48.78 –1.51 3.3 Lone Star Bank 0.20 Comenity Direct 0.75 VangdFTSE EM VWO 51.77 –1.63 3.3 /1,)!'% +*!6 : &!+%'' VIRGINIA (713) 358-9400 (833) 755-4354 VangdFTSE Europe VGK 62.24 –1.46 3.3 -/+' *''%)) VangdFTSEAWxUS VEU 60.36 –1.40 3.4 State Bank of India California 0.15 Merrick Bank 0.71 VangdGrowth VUG 255.09 –0.41 0.7 (877) 707-1995 (866) 638-6851 66;0 -/+' :"*+(/+ &+9 ?F>B.3F<8>B VangdHlthCr VHT 226.11 –1.41 1.1 VirtualBank 0.15 Live Oak Bank 0.70 -%*+6!1#'/15 3) VangdHiDiv VYM 98.70 –1.02 7.9 (877) 998-2265 (866) 518-0286 VangdIntermBd BIV 89.11 0.33 –4.0 %(7'$! +?$C9"!E 5#@GG (* => =>;$! E7'$! (%$'"-* VangdIntrCorpBd VCIT 93.01 0.20 –4.3 Three-month CD Five-year CD 7C9E '<#5GG (* E?=,'2! A!FF'?+?! VangdLC VV 183.07 –0.79 4.2 %:<4:<0:51 ",+6!-+? &:<"=$) "==,E ?GA- 2"G)* 7C 9D1 VangdMC VO 219.47 –1.48 6.1 Lone Star Bank 0.25 Connexus Credit Union 1.00 %@$,'?!E -451 8-?=?# 4<1 :G-?=?# 4<1 :8-?=? +7&=A::H-62 VangdMC Val VOE 133.22 –2.02 12.0 (713) 358-9400 (800) 845-5025 %5<. !'6! /!+2/? VangdMBS VMBS 53.40 0.07 –1.2 State Bank of India California 0.25 First Internet Bank of Indiana 0.96 %:G-?=? !0?!,+=, 2'??,G $,'?! 3+?/DG. 0A# :A=H $G $&:A&H( VangdRealEst VNQ 91.00 –0.14 7.1 3+"?/'?" 8BG.,'+C (877) 707-1995 (888) 873-3424 VangdS&P500ETF VOO 359.41 –0.73 4.6 ,$.'!.%*# &$" /.*.' )#$(*# .*+ %!('!.%-'/ VangdST Bond BSV 82.27 0.09 –0.8 First Internet Bank of Indiana 0.25 Comenity Direct 0.90 !# %*"' VangdSTCpBd VCSH 82.42 0.09 –1.0 (888) 873-3424 (833) 755-4354 VangdSC VB 210.07 –2.86 7.9 (+()',&*' Notes: Accounts are federally insured up to $250,000 per person. Yields are based on method of VangdTotalBd BND 84.86 0.22 –3.8 6H?7(BH!;;!;# "!53:7!) 7&"?= H!3" 1;!81& /?J1&B?(( :99:731;!3E$ M'K :))19!&(A VangdTotIntlBd BNDX 57.28 0.26 –2.2 compounding and rate stated for the lowest required opening deposit to earn interest. CD 00.936690046 VangdTotIntlStk VXUS 62.30 –1.52 3.6 figures are for fixed rates only. MMA: Allows six (6) third-party transfers per month, three (3) of "*(8F+2$(%79$9298F& .7!<& J:)?3!:; ;&F3 3: 9:91J?7 ?337?)3!:;5A C&?7 6/&7&33 ,;!/A-!/&7/!&H 2?<915A VangdTotalStk VTI 204.02 –1.14 4.8 which may be checks. Rates are subject to change. D; ):;N1;)3!:; H@ 2:J(H&JJ 4?;L&7 2:<<&7)!?J -&?( I2:A ?;( 2:JJ!&75 D;3&7;?3!:;?J VangdTotlWrld VT 96.21 –1.24 3.9 Source: Bankrate.com, a publication of Bankrate, Inc., Palm Beach Gardens, FL 33410 %().7 !,") &,C"C,- &&'-('.772,."C(7' 9(C*#"<)*0 &6'' 0&3?!J5 ?3 ;>?2@%CA$&E)%$' ! 454),4/)//49 ! +66G%>* VangdValue VTV 129.29 –1.21 8.7 Internet: www.bankrate.com / *,,7.("C,,-&&'-%$(.7B,.-&(.0:?4-+A0 P2JW083000-0-B00800-1------XA

B8 | We dnesday, March 24, 2021 THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Contract Open Contract Open Contract Open Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Metal & Petroleum Futures Oct 2.746 2.751 2.693 2.698 –.053 131,502 Coffee (ICE-US)-37,500 lbs.; cents per lb. June .9195 .9232 .9192 .9203 .0004 158,197 May 130.10 130.60 127.45 127.60 –2.50 104,461 Canadian Dollar (CME)-CAD 100,000; $ per CAD Contract Open Sept 134.00 134.50 131.45 131.60 –2.40 51,973 April .7946 .7989 .7942 .7957 –.0039 189 Open High hi lo Low Settle Chg interest Agriculture Futures Sugar-World (ICE-US)-112,000 lbs.; cents per lb. June .7987 .7990 .7941 .7957 –.0039 159,426 Copper-High (CMX)-25,000 lbs.; $ per lb. Corn (CBT)-5,000 bu.; cents per bu. May 15.52 15.54 15.05 15.43 –.10 373,250 British Pound (CME)-£62,500; $ per £ March 4.1335 4.1335 4.0675 4.0880 –0.0610 1,288 May 551.25 556.00 547.75 551.25 2.25 668,058 July 15.29 15.31 14.92 15.18 –.11 239,925 April 1.3844 1.3865 1.3735 1.3760 –.0106 510 May 4.1445 4.1650 4.0550 4.0795 –0.0600 144,106 July 533.00 537.50 528.50 534.25 2.75 401,128 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. June 1.3863 1.3869 1.3744 1.3762 –.0106 141,689 Gold (CMX)-100 troy oz.; $ per troy oz. Oats (CBT)-5,000 bu.; cents per bu. May 30.85 30.85 30.85 30.85 –.05 2,243 Swiss Franc (CME)-CHF 125,000; $ per CHF March 1724.70 –13.10 1,229 May 369.00 379.00 369.00 378.25 9.75 2,975 July 31.00 31.00 s 31.00 30.95 –.05 2,892 June 1.0857 1.0858 1.0723 1.0732 –.0122 37,923 April 1738.50 1742.00 1722.70 1725.10 –13.00 177,700 July 368.75 376.50 367.50 375.75 9.50 607 Cotton (ICE-US)-50,000 lbs.; cents per lb. Sept 1.0824 1.0884 1.0751 1.0759 –.0122 136 Soybeans (CBT)-5,000 bu.; cents per bu. May 84.59 84.87 83.35 83.53 –1.09 94,203 May 1740.40 1743.00 1724.60 1726.40 –13.00 467 Australian Dollar (CME)-AUD 100,000; $ per AUD May 1418.75 1435.00 1414.25 1423.25 5.75 315,149 Dec 82.01 82.46 81.26 81.32 –.88 66,757 June 1741.20 1744.40 1725.20 1727.50 –12.90 238,329 April .7717 .7748 .7620 .7645 –.0110 299 Nov 1216.00 1231.00 1215.00 1223.50 7.50 202,415 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Aug 1743.10 1746.00 1727.20 1729.50 –12.90 33,597 June .7748 .7750 .7620 .7646 –.0110 127,946 Soybean Meal (CBT)-100 tons; $ per ton. May 114.40 114.80 111.35 111.50 –3.30 9,455 Mexican Peso (CME)-MXN 500,000; $ per MXN Oct 1734.90 1746.00 1728.80 1731.10 –13.00 9,017 May 396.60 402.70 396.00 398.80 2.20 158,511 July 117.35 117.35 114.50 114.55 –3.15 1,196 April .04800 .04852 .04786 .04803 –.00049 409 Palladium (NYM) - 50 troy oz.; $ per troy oz. July 397.20 402.80 396.60 399.50 2.30 101,781 June .04823 .04826 .04751 .04774 –.00049 122,556 Soybean Oil (CBT)-60,000 lbs.; cents per lb. March 2626.50 2626.50 2626.50 2612.60 16.70 4 Interest Rate Futures Euro (CME)-€125,000; $ per € June 2614.50 2644.50 2560.00 2617.30 17.10 9,617 May 57.56 58.25 s 56.45 57.02 .65 182,134 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% April 1.1942 1.1948 1.1850 1.1859 –.0091 1,207 Platinum (NYM)-50 troy oz.; $ per troy oz. July 53.90 54.62 s 53.48 53.82 .07 110,984 June 182-040 184-100 181-300 183-260 1-02.0 1,144,216 June 1.1956 1.1963 1.1864 1.1873 –.0091 630,178 March 1176.50 1176.50 1170.50 1173.80 –9.00 18 Rough Rice (CBT)-2,000 cwt.; $ per cwt. May 13.23 13.26 13.12 13.21 –.00 8,261 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% July 1191.00 1200.60 1173.60 1178.80 –9.30 39,051 Sept 12.92 12.94 12.87 12.91 –.01 531 June 155-000 156-100 154-280 156-050 29.0 1,191,121 Index Futures Silver (CMX)-5,000 troy oz.; $ per troy oz. Sept 154-210 29.0 3 Wheat (CBT)-5,000 bu.; cents per bu. Mini DJ Industrial Average (CBT)-$5 x index March 25.615 25.695 25.095 25.200 –0.541 719 Treasury Notes (CBT)-$100,000; pts 32nds of 100% May 628.00 644.50 t 621.00 634.75 7.50 175,224 June 32644 32689 32235 32306 –313 88,998 June 131-155 132-005 131-140 131-295 12.0 3,938,227 May 25.850 25.915 25.095 25.227 –0.542 128,530 July 620.00 633.50 t 612.50 626.25 7.00 118,019 Sept 32473 32570 32114 32178 –330 80 Sept 131-050 131-050 130-275 131-050 14.5 15 Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Wheat (KC)-5,000 bu.; cents per bu. S&P 500 Index (CME)-$250 x index 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% May 61.28 61.35 57.25 57.76 –3.80 420,437 May 577.00 587.00 t 566.50 582.00 3.75 99,797 June 3909.20 3937.40 3903.30 3899.80 –30.20 9,307 March 124-112 124-135 124-065 124-115 4.2 10,725 June 61.18 61.26 57.29 57.78 –3.71 310,887 July 583.50 592.75 t 573.00 588.25 4.00 69,623 Mini S&P 500 (CME)-$50 x index June 123-215 123-290 123-207 123-265 4.5 3,519,678 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. June 3933.25 3938.75 3890.50 3899.75 –30.25 2,530,555 July 60.92 60.98 57.18 57.64 –3.59 168,243 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% March 135.250 135.600 134.975 135.450 .375 1,479 Sept 3925.00 3928.25 3881.25 3889.75 –30.50 2,005 Sept 60.04 60.04 56.61 57.03 –3.27 122,641 March 110-143 110-143 110-143 110-141 .1 30,177 May 145.200 145.800 144.200 145.475 .375 19,614 Mini S&P Midcap 400 (CME)-$100 x index Dec 58.36 58.51 55.54 55.93 –2.78 306,960 June 110-121 110-128 110-120 110-122 … 2,249,398 Cattle-Live (CME)-40,000 lbs.; cents per lb. June 2599.50 2603.00 2513.70 2523.90 –67.80 46,382 Dec'22 54.62 54.76 52.74 53.02 –1.84 136,517 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. April 118.900 119.275 118.425 119.125 .350 47,048 Sept 2521.80 –79.90 1 March 99.9300 99.9325 99.9275 99.9300 –.0025 117,787 NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Mini Nasdaq 100 (CME)-$20 x index June 118.800 120.175 118.575 120.050 1.125 141,345 April 99.9400 99.9400 s 99.9300 99.9350 –.0050 178,814 April 1.8236 1.8264 1.7295 1.7489 –.0804 44,576 June 13069.00 13172.00 12979.00 13006.25 –65.50 221,951 Hogs-Lean (CME)-40,000 lbs.; cents per lb. 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% May 1.8241 1.8273 1.7315 1.7502 –.0801 110,000 Sept 13074.50 13158.25 12971.00 12995.50 –65.50 655 April 95.500 96.625 s 95.025 96.475 1.425 36,856 June 90-215 90-220 90-150 90-205 13.5 131,783 Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Mini Russell 2000 (CME)-$50 x index June 99.700 101.375 99.225 101.250 1.775 94,008 Eurodollar (CME)-$1,000,000; pts of 100% June 2264.50 2269.50 2168.90 2180.40 –80.90 488,778 April 1.9590 1.9591 1.8709 1.8964 –.0634 45,849 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. April 99.8250 99.8250 99.8175 99.8200 –.0025 162,836 Sept 2254.00 2264.10 2165.40 2176.20 –80.70 80 May 1.9575 1.9578 1.8697 1.8959 –.0625 131,441 May 935.20 950.90 s 922.00 942.40 16.20 2,059 June 99.8350 99.8350 99.8250 99.8300 … 1,166,452 Mini Russell 1000 (CME)-$50 x index Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. July 834.00 845.20 s 828.30 841.60 17.80 859 Dec 99.7350 99.7500 99.7300 99.7450 .0100 934,728 June 2217.60 2222.30 2195.10 2199.80 –20.00 9,298 April 2.578 2.581 2.502 2.508 –.074 47,143 Milk (CME)-200,000 lbs., cents per lb. March'23 99.4700 99.4900 99.4600 99.4800 .0150 1,143,477 March 16.24 16.25 16.24 16.24 …3,911 U.S. Dollar Index (ICE-US)-$1,000 x index May 2.614 2.615 2.551 2.554 –.065 272,268 April 16.82 16.83 16.67 16.71 –.11 3,579 June 91.81 92.40 91.77 92.35 .61 36,132 June 2.670 2.672 2.611 2.615 –.059 104,797 Currency Futures Cocoa (ICE-US)-10 metric tons; $ per ton. Sept 91.80 92.34 91.80 92.33 .61 486 July 2.725 2.730 2.670 2.674 –.057 94,342 May 2,506 2,511 2,443 2,447 –58 80,444 Japanese Yen (CME)-¥12,500,000; $ per 100¥ Sept 2.730 2.733 2.679 2.683 –.053 103,231 July 2,517 2,520 2,461 2,464 –51 66,687 April .9191 .9227 .9189 .9198 .0003 189 Source: FactSet

Bonds | wsj.com/market-data/bonds/benchmarks Cash Prices | wsj.com/market-data/commodities Tuesday, March 23, 2021 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— Tracking Bond Benchmarks separate from the futures price on an exchange, which reflects what the commodity might be worth in future Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week months. highs and lows for different types of bonds Tuesday Tuesday Tuesday Total Total Aluminum, LME, $ per metric ton *2254.0 Wheat - Hard - KC (USDA) $ per bu-u 6.1200 Energy return YTD total return YTD total Wheat,No.1soft white,Portld,OR-u 7.4250 Yield (%) Yield (%) Copper,Comex spot 4.0880 close return (%) Index Latest Low High close return (%) Index Latest Low High Coal,C.Aplc.,12500Btu,1.2SO2-r,w 60.900 Iron Ore, 62% Fe CFR China-s 160.5 Food Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.900 Shredded Scrap, US Midwest-s,m 451 Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays Steel, HRC USA, FOB Midwest Mill-s 1322 Beef,carcass equiv. index Metals 2217.17 -3.1 U.S. Aggregate 1.570 1.020 1.870 2209.91 -0.9 Mortgage-Backed 1.820 0.930 1.850 Fibers and Textiles choice 1-3,600-900 lbs.-u 194.86 Gold, per troy oz select 1-3,600-900 lbs.-u 184.43 U.S. Corporate Indexes Bloomberg Barclays 2157.29 -0.9 Ginnie Mae (GNMA) 1.800 0.290 1.840 Engelhard industrial 1737.00 Burlap,10-oz,40-inch NY yd-n,w 0.7150 Broilers, National comp wtd. avg.-u,w 0.8484 -0.9 Fannie mae (FNMA) Handy & Harman base 1726.20 Cotton,1 1/16 std lw-mdMphs-u 0.8128 Butter,AA Chicago 1.7000 3294.38 -4.7 U.S. Corporate 2.260 1.740 4.380 1305.58 1.820 1.110 1.850 Cheddar cheese,bbl,Chicago Handy & Harman fabricated 1916.08 Cotlook 'A' Index-t *90.50 144.00 Freddie Mac Cheddar cheese,blk,Chicago 3047.50 -2.1 Intermediate 1.550 1.080 4.290 2001.66 -1.0 (FHLMC) 1.830 1.080 1.860 LBMA Gold Price AM *1733.40 Hides,hvy native steers piece fob-u n.a. 171.50 Milk,Nonfat dry,Chicago lb. 115.00 LBMA Gold Price PM *1736.15 Wool,64s,staple,Terr del-u,w n.a. 4730.15 -8.8 Long term 3.460 2.730 4.550 591.75 -0.7 Muni Master 1.002 0.725 3.011 Coffee,Brazilian,Comp Krugerrand,wholesale-e 1795.40 1.2200 Grains and Feeds Coffee,Colombian, NY Double-A-rated 417.75 -0.9 7-12 year 1.052 0.712 3.005 Maple Leaf-e 1812.67 1.7829 660.31 -5.4 1.930 1.300 3.110 Eggs,large white,Chicago-u 1.3450 American Eagle-e 1812.67 Barley,top-quality Mnpls-u -0.9 12-22 year n.a. Flour,hard winter KC 15.15 879.50 -4.3 Triple-B-rated 2.500 2.010 5.240 478.02 1.442 1.095 3.327 Mexican peso-e 2089.46 Bran,wheat middlings, KC-u 191 Hams,17-20 lbs,Mid-US fob-u n.a. Austria crown-e 1695.17 High Yield Bonds ICE BofA 466.21 -0.5 22-plus year 2.036 1.682 3.906 Corn,No. 2 yellow,Cent IL-bp,u 5.4350 Hogs,Iowa-So. Minnesota-u 90.38 Austria phil-e 1812.67 Corn gluten feed,Midwest-u,w 185.7 Pork bellies,12-14 lb MidUS-u n.a. 497.38 0.4 High Yield Constrained 4.395 3.955 11.146 Global Government J.P. Morgan† Silver, troy oz. Corn gluten meal,Midwest-u,w 628.2 Pork loins,13-19 lb MidUS-u 1.0967 479.04 4.9 Triple-C-rated 7.252 6.939 18.951 596.71 -3.0 Global Government 0.900 0.460 0.960 Engelhard industrial 25.6500 Cottonseed meal-u,w 455 Steers,Tex.-Okla. Choice-u n.a. Handy & Harman base 25.2750 Hominy feed,Cent IL-u,w 175 Steers,feeder,Okla. City-u,w 155.25 3322.35 -0.2 High Yield 100 3.944 3.261 10.375 829.12 -4.0 Canada 1.430 0.610 1.520 Handy & Harman fabricated 31.5940 Meat-bonemeal,50% pro Mnpls-u,w 360 LBMA spot price *£18.5600 Oats,No.2 milling,Mnpls-u 3.9125 Fats and Oils 449.51 0.5 Global High Yield Constrained 4.367 4.037 11.098 411.80 -2.1 EMU§ 0.297 0.010 0.715 (U.S.$ equivalent) *25.7400 Rice, Long Grain Milled, No. 2 AR-u,w 26.88 Corn oil,crude wet/dry mill wtd. avg.-u,w 52.5000 342.21 1.3 Europe High Yield Constrained 2.637 2.564 7.954 771.18 -2.8 France 0.190 -0.160 0.430 Coins,wholesale $1,000 face-a 20180 Sorghum,(Milo) No.2 Gulf-u 7.9875 Grease,choice white,Chicago-h 0.5350 Other metals SoybeanMeal,Cent IL,rail,ton48%-u,w 398.30 Lard,Chicago-u 0.5500 U.S Agency Bloomberg Barclays 539.55 -2.3 Germany -0.210 -0.530 -0.120 LBMA Platinum Price PM *1183.0 Soybeans,No.1 yllw IL-bp,u 14.1950 Soybean oil,crude;Centl IL-u,w 0.6090 1842.19 -1.3 U.S Agency 0.740 0.460 1.150 Japan Platinum,Engelhard industrial 1195.0 Wheat,Spring14%-pro Mnpls-u 7.3525 Tallow,bleach;Chicago-h 0.5450 294.50 -0.2 0.320 0.190 0.420 Palladium,Engelhard industrial 2670.0 Wheat,No.2 soft red,St.Louis-u 6.6725 Tallow,edible,Chicago-u 0.5600 1613.51 -0.8 10-20 years 0.620 0.340 1.000 601.03 -2.8 Netherlands -0.090 -0.450 0.040

KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; 4014.76 -6.0 20-plus years 2.350 1.290 2.460 1024.77 -6.5 U.K. 1.070 0.410 1.170 M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly; Z=not quoted. *Data as of 3/22 -3.4 Yankee Emerging Markets ** Source: Dow Jones Market Data 2834.87 1.790 1.370 3.440 894.12 -4.2 4.937 4.295 7.162 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan Global Government Bonds: Mapping Yields Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session Manage Your WSJ Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago 0.125 U.S. 2 0.147 t l 0.149 0.115 0.290 1.125 10 1.637 t l 1.682 1.363 0.763 AccountOnline 5.500 Australia 2 0.096 t l 0.099 0.130 0.293 -5.4 -5.4 -2.6 1.500 10 1.743 t l 1.775 1.575 0.920 10.1 7.8 13.2 0.000 France 2 -0.632 s l -0.638 -0.623 -0.480 -78.1 -79.2 -79.8 0.000 10 -0.094 t l -0.057 -0.062 0.115 -173.7 -175.5 -67.4 Update your accountdetails anytime. 0.000 Germany 2 -0.702 t l -0.697 -0.683 -0.708 -85.1 -85.0 -102.6 It’s quick and easy. 0.000 10 -0.337 t l -0.306 -0.314 -0.378 -198.0 -200.4 -116.6 0.050 Italy 2 -0.403 t l -0.400 -0.326 0.525 -55.2 -55.4 20.6 0.900 10 0.607 t l 0.654 0.643 1.625 -103.6 -104.3 83.7 Visit theCustomer Center to: 0.100 Japan 2 -0.136 s l -0.138 -0.111 -0.201 -28.5 -29.2 -52.0 0.100 10 0.081 t l 0.082 0.120 0.069 -156.2 -161.5 -72.0 •Place delivery holds 0.000 Spain 2 -0.506 t l -0.502 -0.449 -0.184 -65.5 -65.5 -50.3 0.100 10 0.295 t l 0.342 0.370 0.757 -134.8 -135.6 -3.1 •Change an address 0.125 U.K. 2 0.050 t l 0.077 -0.026 0.071 -10.0 -7.7 -24.8 4.750 10 0.765 t l 0.819 0.720 0.418 -87.8 -87.9 -37.0 •Reportanissue Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close •Updateyourpaymentinformation Corporate Debt Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific •Resetyourpasswordand more expectations Investment-grade spreads that tightened the most… Spread*, in basis points Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Explorenow at customercenter.wsj.com DuPont de Nemours DD 2.169 1.80 May 1, ’23 165 –21 178 Royal Bank of Canada RY 2.250 0.66 Nov. 1, ’24 36 –19 56 JPMorgan Chase JPM 3.875 0.56 Feb. 1, ’24 25 –13 32 Bank of America BAC 4.000 0.79 April 1, ’24 47 –8 55 Barclays BACR 4.375 1.78 Jan. 12, ’26 95 –8 101 GlaxoSmithKline Capital … 3.375 0.38 May 15, ’23 23 –8 n.a. Kellogg K 2.650 0.63 Dec. 1, ’23 49 –7 n.a. Athene Global Funding … 2.450 2.09 Aug. 20, ’27 125 –6 120 …And spreads that widened the most Wells Fargo WFC 3.550 1.48 Sept. 29, ’25 65 14 54 Banco Santander SANTAN 2.749 3.29 Dec. 3, ’30 163 12 152 Volkswagen Group of America Finance VW 3.350 1.46 May 13, ’25 62 12 n.a. Oracle ORCL 5.375 3.70 July 15, ’40 135 11 104 Bank of America BAC 4.200 1.09 Aug. 26, ’24 78 10 n.a. Valero Energy VLO 4.900 4.24 March 15, ’45 187 9 182 Cenovus Energy CVECN 6.750 4.77 Nov. 15, ’39 240 8 235 Equitable Financial Life Global Funding … 1.800 2.07 March 8, ’28 77 7 72 High-yield issues with the biggest price increases… Bond Price as % of face value Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Ford Motor F 4.750 4.85 Jan. 15, ’43 98.625 1.38 97.690 Navient NAVI 5.625 6.43 Aug. 1, ’33 93.180 1.37 91.022 CF Industries CF 4.950 4.05 June 1, ’43 113.076 1.33 111.250 Lumen Technologies LUMN 7.600 6.19 Sept. 15, ’39 115.406 1.17 117.990 ZF North America Capital ZFFNGR 4.750 2.89 April 29, ’25 107.125 1.13 107.150 Hat Holdings I HASI 3.750 4.26 Sept. 15, ’30 96.030 1.03 97.430 W. R. Grace & Co. GRA 5.625 2.36 Oct. 1, ’24 110.949 0.95 110.125 …And with the biggest price decreases Continental Resources CLR 5.750 4.30 Jan. 15, ’31 111.000 –1.28 112.720 American Airlines AAL 3.750 8.38 March 1, ’25 84.750 –1.00 86.750 Bombardier BBDBCN 6.125 3.98 Jan. 15, ’23 103.688 –0.47 104.250 Seagate HDD Cayman … 4.750 1.71 June 1, ’23 106.479 –0.38 107.003 Brinker International EAT 3.875 3.14 May 15, ’23 101.500 –0.38 101.400 Videotron QBRCN 5.000 1.84 July 15, ’22 104.057 –0.31 104.375 ©2021Dow Jones &Co.,Inc.All rights reserved.3DJ8275 Ford Motor Credit … 5.875 1.83 Aug. 2, ’21 101.411 –0.31 101.574 Intesa Sanpaolo ISPIM 5.710 3.03 Jan. 15, ’26 111.887 –0.27 112.280

*Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread. Note: Data are for the most active issue of bonds with maturities of two years or more Source: MarketAxess P2JW083000-0-B00900-1------XA

THE WALL STREET JOURNAL. We dnesday, March 24, 2021 | B9 MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 32423.15 t308.05, or 0.94% Trailing P/E ratio 32.91 16.10 3910.52 t30.07, or 0.76% Trailing P/E ratio * 44.63 18.42 13227.70 t 149.85, or 1.12% Trailing P/E ratio *† 37.27 22.37 High, low, open and close for each P/E estimate * 21.38 13.27 High, low, open and close for each P/E estimate * 22.42 14.62 High, low, open and close for each P/E estimate *† 27.97 18.97 trading day of the past three months. Dividend yield 1.84 3.15 trading day of the past three months. Dividend yield * 1.49 2.51 trading day of the past three months. Dividend yield *† 0.78 1.18 All-time high 33015.37, 03/17/21 All-time high 3974.12, 03/17/21 All-time high: 14095.47, 02/12/21

Current divisor 0.15198707565833 32200 4050 14400

31000 3925 13800

29800 3800 13200

28600 3675 12600 65-day moving average Session high DOWN UP 65-day moving average Session open Close t 27400 3550 65-day moving average 12000 Close Open t 26200 3425 11400 Session low Bars measure the point change from session's open 25000 3300 10800 Dec. Jan. Feb. Mar. Dec. Jan. Feb. Mar. Dec. Jan. Feb. Mar. *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4p.m. to 6p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume*1,057,775,180 28,579,322 Industrial Average 32753.77 32356.28 32423.15 -308.05 -0.94 33015.37 20704.91 56.6 5.9 11.3 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 146,341,697 2,939,465 Transportation Avg 14235.39 13855.57 13906.55 -261.96 -1.85 14242.67 7305.31 84.4 11.2 11.0 Most-active issues in late trading Decl. volume* 905,109,148 25,418,161 Utility Average 862.24 846.23 859.13 11.46 1.35 917.38 673.89 27.5 -0.6 8.4 Volume After Hours Issues traded 3,379 278 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 41466.75 40913.24 41011.38 -463.87 -1.12 41966.28 24589.35 66.8 4.6 15.1 Advances 743 44 SPDR S&P 500 SPY 8,836.5 390.04 0.54 0.14 390.17 389.50 Barron's 400 963.80 939.27 942.27 -21.53 -2.23 978.36 500.47 87.7 10.6 10.4 Declines 2,553 226 Finl Select Sector SPDR XLF 4,983.0 33.29 0.13 0.39 33.40 33.11 Unchanged 83 8 iShares MSCI Emg Markets EEM Nasdaq Stock Market 4,836.3 52.69 -0.21 -0.39 53.10 52.66 New highs 60 3 Nasdaq Composite 13405.14 13202.43 13227.70 -149.85 -1.12 14095.47 7360.58 78.3 2.6 23.7 Fastly Cl A FSLY 4,183.8 71.00 0.22 0.31 71.59 70.50 New lows 106 3 Nasdaq-100 13180.66 12993.50 13017.79 -68.72 -0.53 13807.70 7469.62 72.3 1.0 26.0 Royalty Pharma RPRX 3,946.6 43.81 … unch. 43.85 43.81 Closing Arms† 2.08 0.94 Discovery Series C DISCK 3,543.9 63.16 0.17 0.27 63.85 62.99 S&P Block trades* 5,544 202 GameStop Cl A GME 3,373.4 162.13 -19.62 -10.80 198.50 151.00 500 Index 3949.13 3901.57 3910.52 -30.07 -0.76 3974.12 2447.33 59.8 4.1 14.7 Nasdaq NYSE Arca Intel INTC 3,299.7 67.50 4.02 6.33 67.92 63.29 MidCap 400 2589.77 2520.16 2530.91 -67.86 -2.61 2682.61 1337.95 87.6 9.7 11.2 Total volume*5,546,548,586 252,826,131 SmallCap 600 1326.79 1282.66 1289.25 -46.57 -3.49 1397.66 622.35 98.6 15.2 11.8 Percentage gainers… Adv. volume*1,456,037,237 48,249,366 Decl. volume*4,057,469,970 204,347,234 Other Indexes PLBY Group PLBY 133.7 21.25 2.95 16.12 22.50 18.30 Issues traded 4,255 1,477 Russell 2000 2264.14 2175.78 2185.69 -81.16 -3.58 2360.17 1052.05 99.3 10.7 13.1 Methanex MEOH 114.0 40.00 4.40 12.36 40.00 35.60 Advances 551 289 NYSE Composite 15551.58 15306.07 15346.53 -205.05 -1.32 15775.50 9658.32 58.9 5.7 8.0 Solid Biosciences SLDB 442.1 6.02 0.51 9.26 6.20 5.43 Declines 3,630 1,173 At Home Group HOME 399.1 32.89 2.01 6.51 34.80 30.88 Value Line 643.76 624.93 627.01 -16.75 -2.60 662.15 328.00 85.0 10.2 5.2 Unchanged 74 15 Intel INTC 3,299.7 67.50 4.02 6.33 67.92 63.29 NYSE Arca Biotech 5653.32 5429.40 5446.95 -206.37 -3.65 6319.77 4181.05 30.3 -5.1 6.6 New highs 66 14 NYSE Arca Pharma 696.37 685.49 686.73 -9.64 -1.38 725.03 520.82 31.9 -0.4 10.0 ...And losers New lows 229 2 KBW Bank 118.68 115.63 116.06 -2.45 -2.07 123.35 60.19 83.6 18.5 3.7 Takung Art TKAT 383.4 47.73 -6.07 -11.28 52.53 45.35 Closing Arms† 0.42 0.84 § PHLX Gold/Silver 138.87 134.89 135.28 -4.87 -3.47 161.14 78.95 56.8 -6.2 18.4 GameStop Cl A GME 3,373.4 162.13 -19.62 -10.80 198.50 151.00 Block trades* 28,872 1,009 § PHLX Oil Service 54.64 51.79 52.12 -3.46 -6.22 63.89 23.33 94.4 17.6 -27.5 GoDaddy Cl A GDDY 78.1 72.29 -4.60 -5.98 78.98 72.29 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 3082.23 2982.21 2994.21 -83.34 -2.71 3238.92 1427.73 100.7 7.1 31.3 Kellogg Co K 317.1 59.40 -3.19 -5.09 62.59 59.40 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 21.58 18.80 20.30 1.42 7.52 65.54 18.88 -67.1 -10.8 -6.5 MRKR Marker Therapeutics 186.7 2.47 -0.11 -4.26 2.59 2.45 Arms of less than 1 indicates buying demand; above 1 §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. International Stock Indexes Percentage Gainers... Percentage Losers Latest YTD Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg World MSCI ACWI 668.84 –5.34 –0.79 3.5 Dolphin Entertainment DLPN 18.33 12.88 236.33 18.33 1.96 814.0 Frequency Therapeutics FREQ 7.99 -28.30 -77.98 58.37 7.91 -53.5 MSCI ACWI ex-USA 337.29 –2.71 –0.80 3.3 Benitec Biopharma ADR BNTC 9.26 6.07 190.28 17.39 2.30 92.6 Windtree Therapeutics WINT 2.53 -1.32 -34.29 10.50 2.44 -73.6 MSCI World 2788.01 –21.64 –0.77 3.6 Movano MOVE 6.60 1.60 32.00 7.45 5.00 ... Jiayin Group ADR JFIN 10.26 -4.38 -29.92 30.00 1.88 181.5 MSCI Emerging Markets 1323.77 –12.50 –0.94 2.5 Liquid Media Group YVR 5.31 0.99 22.92 7.50 1.27 89.6 Anixa Biosciences ANIX 4.80 -1.99 -29.31 8.09 1.33 184.9 Americas MSCI AC Americas 1521.87 –12.13 –0.79 3.7 Direxion S&P Biotech Bear LABD 21.29 3.15 17.36 387.80 12.30 -93.5 Upstart Holdings UPST 118.48 -46.39 -28.14 165.66 22.61 ... Canada S&P/TSX Comp 18669.80 –145.33 –0.77 7.1 Oncolytics Biotech ONCY 3.60 0.53 17.26 4.70 1.20 136.8 Hall of Fame Resort Ent HOFV 4.03 -1.26 -23.82 12.31 1.09 ... Latin Amer. MSCI EM Latin America 2292.49 –21.80 –0.94 –6.5 Concord Medical Svs ADR CCM 4.04 0.56 16.09 5.89 1.13 143.7 WiMi Hologram Cloud ADR WIMI 6.85 -1.94 -22.07 29.50 3.20 ... Brazil Sao Paulo Bovespa 113261.80 –1717.06 –1.49 –4.8 Hoth Therapeutics HOTH 2.51 0.33 15.14 4.96 1.56 -20.3 Chemomab Therapeutics ADR CMMB 36.15 -10.17 -21.96 168.80 9.28 267.4 Chile Santiago IPSA 3274.38 –19.58 –0.59 14.6 Glory Star New Media GSMG 4.05 0.51 14.41 5.20 2.25 12.5 Ionis Pharmaceuticals IONS 43.59 -12.05 -21.66 64.37 42.36 -2.8 Mexico S&P/BMV IPC 46659.18 –566.26 –1.20 5.9 PermRock Royalty Trust PRT 6.58 0.79 13.64 6.95 1.30 246.3 Oriental Culture Holding OCG 11.12 -3.07 -21.63 25.85 2.82 ... EMEA Stoxx Europe 600 423.31 –0.86 –0.20 6.1 OncoCyte OCX 5.27 0.58 12.37 6.57 1.15 162.2 WAVE Life Sciences WVE 8.30 -2.23 -21.18 19.98 6.76 -16.8 Eurozone Euro Stoxx 423.75 –0.56 –0.13 6.6 Evolus EOLS 16.09 1.72 11.97 16.86 2.85 289.6 Integrated Media Tech IMTE 7.30 -1.95 -21.08 13.31 2.60 152.4 Belgium Bel-20 3880.73 –17.43 –0.45 7.2 VolitionRX VNRX 3.86 0.39 11.24 6.67 2.78 10.3 Navios Maritime Holdings NM 10.90 -2.88 -20.90 15.42 1.30 598.7 Summer Infant SUMR Evolving Systems EVOL Denmark OMX Copenhagen 20 1437.35 –13.05 –0.90 –1.9 20.00 1.98 10.99 24.00 1.88 852.4 2.99 -0.74 -19.84 5.63 0.58 382.3 Soliton SOLY 17.75 1.75 10.94 19.65 5.69 115.9 Sequential Brands Group SQBG 29.29 -6.97 -19.22 40.49 4.14 298.0 France CAC 40 5945.30 –23.18 –0.39 7.1 Germany DAX 14662.02 4.81 0.03 6.9 Most Active Stocks Volume Movers Ranked by change from 65-day average* Israel Tel Aviv 1606.70 … Closed 7.2 Italy FTSE MIB 24113.86 –148.98 –0.61 8.5 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 681.74 –2.47 –0.36 9.1 Russia RTS Index 1435.67 –31.95 –2.18 3.5 Sundial Growers SNDL 262,718 -50.7 1.21 -6.92 3.96 0.14 Dolphin Entertainment DLPN 165,919 29456 18.33 236.33 18.33 1.96 South Africa FTSE/JSE All-Share 65318.52 –592.75 –0.90 9.9 Liquid Media Group YVR 173,887 4491.2 5.31 22.92 7.50 1.27 WBI Pwr Factor Hi Div WBIY 673 8996 26.27 -1.76 27.43 13.70 Dolphin Entertainment DLPN SPDR S&P 400 Mid Cap Val MDYV Spain IBEX 35 8390.30 46.80 0.56 3.9 165,919 29455.5 18.33 236.33 18.33 1.96 12,911 7702 63.11 -3.01 68.11 31.44 Genius Brands Intl GNUS 130,735 331.5 2.63 10.04 11.73 0.20 Chardan Hlthcr Acqn 2 CHAQ 2,258 7363 10.10 0.80 11.37 9.58 Sweden OMX Stockholm 862.66 –2.11 –0.24 12.3 Benitec Biopharma ADR BNTC 123,386 31988.8 9.26 190.28 17.39 2.30 WBI BullBear Yield 3000 WBIG 408 6401 24.69 -1.68 25.66 21.75 Switzerland Swiss Market 11098.66 50.08 0.45 3.7 Turkey BIST 100 1377.43 –1.82 –0.13 –6.7 ProSh UltraPro Shrt QQQ SQQQ 100,686 15.5 13.43 1.36 128.45 11.76 Pacific Mercantile Bncp PMBC 2,669 5468 8.90 10.42 9.15 2.95 U.K. FTSE 100 6699.19 –26.91 –0.40 3.7 Zomedica ZOM 99,730 -42.7 1.80 -10.45 2.91 0.06 Frequency Therapeutics FREQ 19,185 5369 7.99 -77.98 58.37 7.91 U.K. FTSE 250 21331.76 –124.13 –0.58 4.1 Apple AAPL 95,012 -15.7 122.54 -0.69 145.09 58.58 Funko Cl A FNKO 31,166 4214 18.12 9.82 21.17 3.12 SPDR S&P 500 SPY 90,011 14.9 389.50 -0.79 398.12 233.80 Therapeutics Acquisition RACA 979 3897 11.00 0.00 21.44 10.32 Asia-Pacific MSCI AC Asia Pacific 206.29 –1.68 –0.81 3.2 AMC Entertainment Hldgs AMC 84,479 -47.8 10.66 -14.65 20.36 1.91 WBI BullBear Trd US 3000 WBIT 194 3382 19.94 0.47 20.70 16.00 Australia S&P/ASX 200 6745.40 –7.06 –0.10 2.4 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least China Shanghai Composite 3411.51 –31.93 –0.93 –1.8 5,000 shares =Has traded fewer than 65 days Hong Kong Hang Seng 28497.38 –387.96 –1.34 4.7 Track the Markets 0.56 India S&P BSE Sensex 50051.44 280.15 4.8 Compare the performance of selected CURRENCIES & COMMODITIES Japan Nikkei Stock Avg 28995.92 –178.23 –0.61 5.7 global stock indexes, bond ETFs, Singapore Straits Times 3131.74 3.66 0.12 10.1 currencies and commodities at Currencies South Korea Kospi 3004.74 –30.72 –1.01 4.6 wsj.com/graphics/track-the-markets Taiwan TAIEX 16177.59 –11.63 –0.07 9.8 U.S.-dollar foreign-exchange rates in late New York trading Thailand SET 1564.25 –2.11 –0.13 7.9 Get real-time U.S. stock quotesand track most-activestocks, new US$ vs, US$ vs, Sources: FactSet; Dow Jones Market Data highs/lows and mutual funds. Available free at WSJMarkets.com Tues YTD chg Tues YTD chg Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004333 23080 unch CREDIT MARKETS Argentina peso .0109 91.5635 8.9 Europe Brazil real .1811 5.5207 6.3 Czech Rep. koruna .04522 22.115 3.0 Canada dollar .7943 1.2590 –1.1 Denmark krone .1594 6.2753 3.0 Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Chile peso .001383 723.00 1.8 Euro area euro 1.1851 .8438 3.1 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000276 3619.50 5.8 Hungary forint .003234 309.23 4.1 notes and bonds major U.S. trading partners Ecuador US dollar 11unch Iceland krona .007979 125.33 –1.9 A consumer rate against its Five-year ARM, Rate Mexico peso .0480 20.8402 4.8 Norway krone .1157 8.6399 0.7 benchmark over the past year 2.50% Uruguay peso .02266 44.1250 4.2 Poland zloty .2566 3.8978 4.4 Bankrate.com avg†: 3.15% 16% Russia ruble .01309 76.404 3.2 2.00 s Asia-Pacific 5-year Euro Sweden krona .1164 8.5932 4.4 Credit Union of New Jersey 2.25% Australian dollar .7626 1.3113 0.9 adjustable-rate 4.00% Ewing, NJ 609-538-4061 Tradeweb ICE 1.50 8 Switzerland franc 1.0708 .9339 5.5 t China yuan .1535 6.5164 –0.2 mortgage (ARM) Turkey lira .1259 7.9442 6.8 t Tuesday Close s Hong Kong dollar .1287 7.7675 0.2 Citadel Federal Credit Union 2.50% 1.00 Ukraine hryvnia .0360 27.7500 –2.1 3.00 0 Yen India rupee .01377 72.598 –0.6 Exton, PA 800-666-0191 UK pound 1.3751 .7272 –0.6 One year ago 0.50 Indonesia rupiah .0000695 14395 2.5 WSJ Dollar Index

2.00 Associated Bank, NA 2.88% t –8 Japan yen .009209 108.58 5.1 Middle East/Africa 0.00 s 5-year Treasury Rockford, IL 800-682-4989 Kazakhstan tenge .002376 420.88 –0.1 Bahrain dinar 2.6550 .3767 –0.1 note yield 1.00 Apple Federal Credit Union 3.00% –0.50 –16 Macau pataca .1249 8.0059 0.2 Egypt pound .0634 15.7623 0.1 t Malaysia ringgit .2426 4.1225 2.5 Israel shekel .3034 3.2964 2.6 Fairfax, VA 800-666-7996 1 3 6 1 2 3 5 7 10 20 30 2020 2021 New Zealand dollar .6997 1.4292 2.7 Kuwait dinar 3.3093 .3022 –0.6 0.00 month(s) years A M J J A S O N D J F M Hanscom Federal Credit Union 3.00% Pakistan rupee .00642 155.840 –2.8 Oman sul rial 2.5974 .3850 ... maturity 2020 2021 Hanscom AFB, MA 800-656-4328 Philippines peso .0206 48.641 1.3 Qatar rial .2746 3.641 –0.01 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7433 1.3453 1.8 Saudi Arabia riyal .2666 3.7504 –0.03 Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0008823 1133.41 4.4 South Africa rand .0671 14.8948 1.4 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields Sri Lanka rupee .0050393 198.44 7.1 Close Net Chg % Chg YTD % Chg Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 0.25 -1.50 Taiwan dollar .03510 28.488 1.4 Yield (%) 52-Week Total Return (%) Thailand baht .03224 31.020 3.3 WSJ Dollar Index 87.01 0.52 0.60 2.37 Prime rate* 3.25 3.25 3.25 l 3.25 -1.50 Bond total return index Close Last Week ago High Low 52-wk 3-yr Libor, 3-month 0.20 0.19 0.18 l 1.45 -2.09 Sources: Tullett Prebon, Dow Jones Market Data U.S. Treasury, Barclays 2362.650 0.940 0.960 0.990 0.400 –3.609 4.435 Money market, annual yield 0.10 0.10 0.08 l 0.36 -0.25 Five-year CD, annual yield 0.48 0.44 0.44 l 1.01 -1.17 U.S. Treasury Long, Barclays 4126.140 2.270 2.310 2.400 1.090 –14.474 6.964 Commodities 30-year mortgage, fixed† 3.37 3.26 2.83 l 3.89 -1.06 Aggregate, Barclays 2217.170 1.570 1.570 1.870 1.020 3.073 4.924 Tuesday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.57 2.49 2.32 l 3.43 -1.34 Fixed-Rate MBS, Barclays 2209.910 1.820 1.750 1.850 0.930 0.853 3.941 DJ Commodity Jumbo mortgages, $548,250-plus† 3.41 3.29 2.85 l 4.00 -1.33 796.73 -15.56 -1.92 836.48 433.70 64.84 8.90 High Yield 100, ICE BofA 3322.353 3.944 3.949 10.375 3.261 30.787 5.602 Refinitiv/CC CRB Index -4.56 195.13 106.29 9.96 Five-year adj mortgage (ARM)† 3.15 3.16 2.85 l 3.56 -1.24 184.50 -2.41 43.97 Muni Master, ICE BofA 591.750 1.002 0.937 3.011 0.725 11.056 4.708 Crude oil, $ per barrel -3.80 66.09 -37.63 19.04 New-car loan, 48-month 4.05 4.03 4.02 l 4.44 0.42 57.76 -6.17 140.57 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 894.122 4.937 4.908 7.162 4.295 20.257 4.354 Natural gas, $/MMBtu 2.508 -0.074 -2.87 3.354 1.482 51.72 -1.22 banks.† Excludes closing costs. Gold, $ per troy oz. 1724.70 -13.10 -0.75 2051.50 1578.20 3.89 -8.90 Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services P2JW083000-5-B01000-1------XA

B10 | We dnesday, March 24, 2021 ***** THE WALL STREET JOURNAL. BANKING & FINANCE China Weighs NewCurbs on Fintech Firms

Regulators consider ensureonline platforms have China'sshort-term Theprospectiverules could short-term loans outstanding bined with credit guarantees to skin in the game,banks have a household debt cause problems forsmaller as of February, official data help reducerisks for stricter limits on proper grip on the risks they banks in China, which areoften shows. Aprecise breakdown banks.Lufax,which is unusual internet lenders’ fee- arerunning and consumer data 10 trillion yuan ill-equipped to assessthe cred- isn’t available,but asignifi- in itsfocus on lending to small isn’t misused. Beijing is con- itworthinessofnew customers cant shareofthis debt wasex- businesses,says it has shifted based businesses cerned both about financial sta- or to chase up delinquent bor- tended based on risk assess- to “a moresustainable risk- bility and about reining in 8 rowers. mentsmade primarily by sharing businessmodel” and BY XIE YU Western-style borrowing and Ji Shaofeng,amicrolending fintech groups,eventhough that by midyearasubsidiary spending habits among young industrycommentator and a most of the funding comes would guarantee afifth of the China’sinternet lenders people. former banking regulator in from financial institutions. loans it originates. faceanother setback,with po- Officials from the central 6 easternChina’sJiangsu prov- Thechanges could create However, such arrangements tential curbs on fee-based bank and the China Banking ince,said the outstanding bal- fewerdifficulties forAnt than arelikely to be replaced by a businessthat could push them and InsuranceRegulatory anceofconsumer debt written some others, sinceitfocuses unifiedcapital requirement, to take morerisk with their Commission, as well as advis- 4 under the facilitation model moreonco-lending.While co- said Mr.Zhi at KPMG. balance sheets. erstothose bodies,consulted could runintothe hundreds of lending ties up capital, it can Theremay be yetmoreregu- Regulatorsare considering with the industryinrecent billions of dollars. “People are bring in interest paymentsand latorychanges to come.AJan- stricter rules on what is known months and made clear their holdingtheir breath, as those fees,and letsthe fintech part- uary paper by the central bank as loan facilitation, people fa- unfavorable stanceonloan fa- 2 inside the circle areall aware ner sharelessdata. Anthas urgedinstitutions to collect as miliar with the mattersaid. In cilitation, the people said. of this hugeloophole that sometimespassed on risk by little information as possible this system, internet-lending Theregulatorsplan to intro- needs work from the regula- repackaging loans into asset- when carrying out credit rat- platforms assessborrowers, duceadefinition of the prac- tors,” Mr.Jisaid. backed securities. ingsofsmall businesses and in- 0 connect them with lendersand tice, the people said. This Such rules,ifimplemented, Thevalue of Ant’soutstand- dividuals.Ifrules to that effect sometimeshelp with risk man- would coveronly simple ar- 2014 '15'20 would be abig blowtosmaller ing co-lending loans is more areintroduced, that could make agement foroutstanding loans rangementswhereplatforms Note:1trillion yuan=$153.7 billion banks and fintech firms,said than twicethat of the loans it it harder forplatforms to iden- but don’t put capital at risk. connect borrowers and lenders Source:Wind Daniel Zhi, apartner at KPMG facilitated, people familiar tifygood customersand direct Thepotential changes would while banks do their ownrisk Chinawho leads itsfinancial- with the mattersaid. In con- them to banks. be on topofrestrictions on the assessment and handle issues tordidn’t respond to arequest strategy consulting service. trast, groups such as U.S.- Chinese authorities had industry’sother main model, such as overduerepayments. forcomment. “Medium-sized and small listed Lufax Holding Ltd., 360 flaggedconcerns about risk co-lending in partnership with In other cases,similar capi- Thechanges could affect Ant banks typically do not have suf- DigiTech Inc.and LexinFintech sharing and usageofconsumer banks.Rules issued in February talrequirementstoco-lending Group Co., Jack Ma’s embattled ficient independent resources Holdings Ltd. focused on loan databyinternet companies requireinternet groups to fund would apply.Another likely re- fintech giant, but arelikely to to deal with risk control and facilitation. even before they suspended at least30% of co-lending loans sult: much lowerfees forbasic be harder on itssmaller rivals, loan delinquencies,” Mr.Zhi Ant, Lufax,360 DigiTech Ant’s blockbuster initial public themselves by 2022. Previously, loan facilitation. several of which arelisted in said. He said morethan 80% of andLexinFintech declined to offering in November,said they were able to contributea ThePeople’sBank of China theU.S.Some of these busi- outstanding internet loans rely comment. Kevin Kwek,aSanfordC.Bern- sliver of capital and take an said relevant work wasbeing nesses capitalized on the chal- primarily on fintech companies’ In some cases,internet lend- stein analyst. “It appearswe outsizeshareofthe profit from led by the banking and insur- lenges facing Anttoincrease dataand risk-control systems. ershaveotherwise adapted aren’t quitedone yetwith the these unsecured loans. anceregulator and declined to market sharerecently,and Chinese consumershad the theirbusiness. Forexample, regulatorysweep-through,” he Overall, authorities want to comment further.The regula- their stock prices have surged. equivalent of $1.31 trillion in loan facilitation canbecom- said.

New Highs and Lows | WSJ.com/newhighs 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 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

Vuzix VUZI 30.65 -5.0 CA Healthcare CAHCU 9.93 -0.3 EmpowermentI EPWR.U 9.87 -1.6 GoresVII GSEVU 9.95 -1.7 Levere LVRAU 9.95 -0.2 PoweredBrandsWt POWRW 0.67 -33.2 SpartanAcqnIII SPAQ.U 9.98 -2.1 The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE Williams-Sonoma WSM 184.32 ... CBRE Acqn CBAH.U 10.01 -0.6 EnvlImpactA ENVI 9.61 -1.7 GoresMetroII GMIIU 9.96 -1.1 LibertyMediaAcqn LMACU 10.85 -4.6 PoweredBrands POWRU 9.87 -1.4 SportsVenturesA AKIC 9.55 -2.6 American and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or low CBRE Acqn A CBAH 9.71 -2.7 EpiphanyTechWt EPHYW 0.82 -18.0 GoresMetroII A GMII 9.75 -0.5 LibertyMediaA LMACA 10.31 -2.7 PrimaveraCapA PV 9.57 -2.5 SportsVentures AKICU 9.84 -1.9 in the latest session. %CHG-Daily percentage change from the previous trading session. Lows CBRE Acqn Wt CBAH.WS 0.98 -16.1 Epizyme EPZM 8.36 -6.5 GoresMetroIIWt GMIIW 1.21 -11.4 LiveOakMobility LOKM.U 9.97 -1.9 ProgressAcqn PGRWU 9.900.2 SportsTekAcqn SPTKU 9.87 -0.3 CCNeubergerIII PRPC.U 10.03 -1.5 EucratesBio EUCRU 9.90 -3.4 GoresTechPtrsII GTPBU 10.04 -0.5 LocustWalkA LWAC 9.69 -1.6 ProgressAcqnA PGRW 9.45-1.0 StratimCloud SCAQU 9.91 ... ABG Acqn I ABGI 9.85 -1.5 Tuesday, March 23, 2021 CF Acqn IV CFIVU 9.96 -1.5 EuropeanBiotech EBACU 9.77 -2.3 GrowthCapAcqn GCACU 9.85 -0.7 LocustWalkWt LWACW 0.56 -14.9 ProgressAcqnWt PGRWW 0.53-8.5 SupernovaPtrsIII STRE.U 9.90 ... AF Acqn AFAQU 9.76 -0.5 52-Wk % 52-Wk % 52-Wk % CF Acqn IV A CFIV 9.66 -0.9 EvoAcqn EVOJU 9.82 -1.0 HH&L Acqn HHLA.U 9.86 -1.3 LocustWalk LWACU 9.82 -3.2 PropSolnsII PSAGU 9.81 -0.5 SupernovaPtrsII SNII.U 9.89 -1.4 AccelerateAcqn AAQC.U 9.81 -0.8 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg CF Acqn V CFFVU 9.93 -0.7 FastAcqnII FZT.U 9.83 -0.6 HamiltonLaneI HLAHU 9.92 -0.1 LuxHlthTechAcqn LUXA 10.08 -1.8 ProspectorCap PRSRU 10.01 -1.5 SupernovaPtrsA SPNV 10.03 -2.5 AckrellSpacI Wt ACKIW 0.60 -6.0 CovaAcqn COVAU 9.92 -0.7 FS Devt II FSII 9.96 -1.1 HarmonyBio HRMY 27.08 -1.3 LuxHlthTechAcqnWt LUXAW 1.44 -16.9 ProvidentAcqnA PAQC 9.70 -0.7 SustDevtAcqnI SDACU 9.92 -0.4 FortressBioPfdA FBIOP 23.80 1.3 Organogenesis ORGO 21.75 -4.2 Adagene ADAG 18.55 -0.2 C3.ai AI 70.12 -6.1 FarPeakAcqnA FPAC 9.79 -1.1 Hayward HAYW 16.58 0.7 McapAcqn MACQU 9.84 -0.7 ProvidentAcqn PAQCU 10.20 -1.4 SwitchbackII A SWBK 9.97 -1.8 Funko FNKO 21.17 9.8 OwlRock ORCC 14.35 -0.1 AdaraAcqn ADRA.U 9.91 -0.7 Highs CartesianGrwth GLBLU 9.81 -0.7 FifthWall I FWAA 10.05 -0.7 HealthcareCap HCCCU 9.91 0.2 MDH Acqn MDH.U 9.80 -0.9 QellAcqnA QELL 10.03 -1.2 SwitchbackII SWBK.U 10.37 -1.7 GainTherap GANX 13.80 -8.0 OxfordSquare OXSQ 4.46 3.6 AditEdTech ADEX.U 9.89 -0.2 AGNC InvtPfdD AGNCM 25.58 0.9 CascadeAcqnWt CAS.WS 0.66 -20.2 FigureAcqnI FACA.U 10.15 -1.8 HlthcrSvcs HCARU 10.10 -1.5 M3-BrigadeII MBAC.U 9.80 -0.5 Queen'sGambitA GMBT 9.70 -1.3 TB SA Acqn TBSAU 9.71 -2.9 Gannett GCI 6.33 -10.9 PLBY Group PLBY 19.51 5.5 AdvancedMerg AMPI.U 9.90 -0.3 AdvantageSolnsWt ADVWW 3.46 -0.3 CentricusAcqn CENHU 9.87 -1.2 FinchTherap FNCH 16.48 -13.1 HlthcrSvcsA HCAR 9.71 -0.4 MarlinTech FINMU 9.88 -0.9 RLX Tech RLX 10.01 -0.5 TCW Spac TSPQ.U 9.85 0.1 GasLogPfdA GLOGpA 25.59 0.3 PacificMercBncp PMBC 9.15 10.4 AequiAcqnA ARBG 9.70 -1.5 Aemetis AMTX 26.26 6.0 ChesapeakeEner CHK 41.04 -2.5 FinservAcqnII FSRXU 9.87 -1.8 HealthCorCat HCAQ 9.82 -0.2 MasonIndlTech MIT.U 9.87 -0.6 RMGAcqnIII RMGCU 10.00 -0.9 TLG Acqn One TLGA.U 9.82 -1.2 GlobalShipLease GSL 17.85 -15.1 PartnerRePfdJ PREpJ 25.53 0.6 AgileGrowth AGGRU 9.75 -1.6 Alphatec ATEC 19.36 -4.5 ChesapeakeWtA CHKEW 18.75 -1.0 FinTechEvol FTEV.U 9.87 -0.8 HennessyCapV A HCIC 9.71 -0.7 MasonIndlTechA MIT 9.65 0.7 RechargeAcqnWt RCHGW 0.48 -19.5 TLGAcqnOneA TLGA 9.60 -0.7 GoresGugg GGPIU 10.50 ... PermRock PRT 6.95 13.6 AjaxI AJAX 10.04 -2.1 ArcLightCleanII ACTDU 10.03 0.1 ChurchillCapVI CCVI.U 10.16 -2.4 First HS Educ FHS 6.30 -3.8 HighlandTransI HTPA.U 10.16 -1.3 MissionAdv MACC.U 9.85 -1.0 RedBallAcqnA RBAC 9.86 -0.8 TZP Strategies A TZPS 9.60 -0.8 GreatAjaxNts24 AJXA 25.52 -0.9 PrimaveraCapWt PV.WS 1.54 ... AlphaCapAcqn ASPCU 9.94 0.2 AshfordHospPfdD AHTpD 23.56 -0.8 ChurchillCapVII CVII.U 9.95 -0.5 FirstResSustGrw FRSGU 9.95 -0.2 HighlandTransI HTPA 9.63 -2.9 MontesArchA MAAC 9.61 -1.0 ReinventTechY RTPYU 10.03-1.3 TZP Strategies TZPSU 9.82 -0.5 Hershey HSY 157.24 0.3 QuestResource QRHC 4.07 -5.2 AltimarAcqnA 9.82 -0.3 AtHomeGroup HOME 34.42 -7.3 ATAC ClassAccelA CLAS 9.58 -0.9 FortistarSust FSSIU 9.92 -0.3 HudsonExecII HCIIU 9.97 0.6 MonumentCirWt MONCW 0.57 -1.7 ReplayAcqn RPLA 9.55 -3.8 TailwindIntlAcqn TWNI.U 9.78 -1.3 HoeghLNG PfdA HMLPpA 26.81 0.1 RLJLodgingPfdA RLJpA 27.60 0.7 AtlasPfdE ATCOpE 25.86 0.1 AltimarAcqnII ATMR.U 9.97 -0.7 ClassAccelWt CLAS.WS 0.65 -5.9 FortistarSustA FSSI 9.65 ... HudsonExecIII HIIIU 9.92 -0.4 MonumentCircle MONCU 9.86 -1.2 RevivaPharm RVPH 5.85 -16.0 TastemakerA TMKR 9.70 -0.8 HomeDepot HD 293.43 0.4 RadiusHealth RDUS 26.16 -1.9 AtlasPfdI ATCOpI 26.85 0.7 AltitudeAcqnA ALTU 9.96 -3.0 ClassAccel CLAS.U 9.99 -0.5 FortistarSustWt FSSIW 0.62 -5.7 HumanCoAcqnA HMCO 9.85 -3.2 MotionAcqnA MOTN 9.78 -1.6 RevolutionHlthcr REVHU 9.91 -0.9 TekkorpDigitalWt TEKKW 0.91 -2.6 HomeFedBncpLA HFBL 31.99 0.3 ReadyCapNts2026 RCB 26.16 0.7 AutoZone AZO 1354.18 -1.3 AmericanWell AMWL 18.47 -1.8 ClimateRealI CLIM.U 10.05 -2.4 FortressCapA FCAX 9.68 -0.4 HumanCoAcqnWt HMCOW 1.11 -30.0 MusicAcqn TMAC.U 9.85 -1.2 RocketInternet RKTA.U 9.90 -0.5 TekkorpDigitalAcqn TEKK 9.83 -1.8 HovnanianPfdA HOVNP 19.52 1.8 ReconTech RCON 5.92 4.1 B.RileyNts2023 RILYH 25.96 0.3 AnzuSpecial I ANZUU 9.75 ... ClimateReal II A CLIM 9.69 -2.5 FortressVal III Wt FVT.WS 0.94 -23.0 IthaxAcqn ITHXU 9.83 -0.4 NewVistaAcqn NVSAU 9.86 -0.9 RosecliffAcqnI RCLFU 9.80 -0.2 ThayerVenturesA TVAC 9.82 -1.0 HudsonGlobal 18.27 -2.3 SITECtrsPfdA 26.01 0.4 ByteAcqn BYTSU 10.00 0.1 HSON SITCpA ApolloStratGrII APGB.U 9.90 -0.7 ClimateReal II Wt CLIM.WS 1.47 -39.3 FortressValueIII FVT.U 10.05 -0.9 IberePharm IBER.U 9.84 -1.0 NewburyStAcqn NBSTU 9.84 -1.4 RossAcqnII ROSS.U 9.93 -0.4 ThayerVenturesWt TVACW 0.74 -12.9 Babcock&WilcxNt26 BWSN 25.88 -0.5 InglesMarkets IMKTA 64.65 0.5 SaratogaInvt SAR 24.50 -1.1 ArctosNthStar ANAC.U 9.86 -1.0 Colicity COLIU 9.99 -1.6 ForumMergerIV FMIVU 9.91 -0.3 IgnyteAcqn IGNYU 9.99 -2.0 NextGenAcqnII NGCAU 9.75 -2.5 RothCH II A ROCC 9.88 -0.8 ThayerVentures TVACU 10.15 -1.2 BerryGlobal BERY 62.58 2.4 iQIYI IQ 28.97 3.1 SaulCentersPfdD BFSpD 25.64 0.2 AresAcqn AAC.U 9.83 -1.3 ComputeHealth CPUH.U 10.01 -1.3 4Dpharma LBPS 12.31 -10.7 InstilBio TIL 24.04 -2.2 NobleRockAcqn NRACU 9.80 -0.5 RothCH III ROCRU 9.95 -0.6 TherapAcquisition RACA 10.32 ... BioLifeSols BLFS 47.97 8.8 JPMChasePfdJJ JPMpK 25.33 0.2 SaulCentersPfdE BFSpE 25.37 -0.8 ArrowrootAcqn ARRWU 9.80 -0.7 ConcertPharm CNCE 5.50 -8.3 FoxWayneEntsA FOXW 9.55 -2.2 InterPrivateII IPVA.U 9.85 -1.1 NorthAtlAcqn NAACU 9.90 ... RotorAcqnA ROT 9.65 -0.4 ThimblePoint THMAU 9.85 -0.5 BiotechAcqnA BIOT 9.78 -0.1 KeurigDrPepper KDP 34.94 0.1 SchmittIndustries SMIT 6.77 -6.1 AspenGroup ASPU 6.00 -5.4 ConcordAcqnA CND 9.70 -0.3 FrazierLifeA FLAC 9.69 -1.0 InterPrivateIII IPVF.U 9.89 -0.5 NorthernGenII NGAB 9.80 -1.0 RotorAcqn ROT.U 9.93 -0.8 ThunderBridgeIII TBCPU 9.85 -1.1 BurgundyTechWt BTAQW 1.63 -16.1 Lantheus LNTH 20.71 -0.6 SilverSpikeII SPKBU 10.29 -1.1 AstreaAcqn ASAXU 9.84 -1.0 ConnectBiopharma CNTB 16.26 -9.9 FrazierLifesWt FLACW 0.86 -17.0 InvestindustrialA IIAC 9.74 -0.9 NorthernStarIII NSTC.U 9.93 -0.9 SCP&COHlthcr SHACU 9.85 -0.7 TigaAcqnA TINV 9.94 -1.2 CGI GIB 83.54 ... LeadEdgeGrowth LEGAU 10.02 -0.7 SmithAO AOS 68.47 -2.8 AstreaAcqnA ASAX 9.65 -1.0 ConsonanceWt CHFW.WS 0.93 -6.0 FreedomAcqnI FACT.U 9.90 -0.4 IsleworthHlthcr ISLEU 9.85 -0.8 NorthernStarIV NSTD.U 9.84 -1.7 SCP&COHlthcrA SHAC 9.60 -0.5 TuataraCap TCACU 9.90 -0.4 CKX Lands CKX 14.00 9.3 LegacyHousing LEGH 18.70 -1.2 Soliton SOLY 19.65 10.9 AstreaAcqnWt ASAXW 0.57 -8.1 CornerGrowthA COOL 9.65 -1.6 FrequencyTherap FREQ 7.91 -78.0 JoffFintech JOFFU 9.72 -1.4 NovusCapII NXU.U 9.99 -1.1 SVF Invt Wt SVFAW 2.80 -12.9 TurmericAcqnWt TMPMW 0.87 -36.4 CapitalaFinNts22 CPTAG 24.81 -1.8 LibertyGlobal A LBTYA 27.04 -1.1 SoundFinBancorp SFBC 42.90 ... AthlonAcqnA SWET 8.84 -1.4 CrownPropTech CPTK.U 9.85 -1.0 G&P Acqn GAPA.U 9.88 -0.4 JackCreekWt JCICW 0.67 -1.4 OdonateTherap ODT 3.17 -16.9 SVF Invt SVFAU 11.03 -3.2 Tuya TUYA 20.90 -9.4 ChimeraInvPfdA CIMpA 25.74 0.1 LiquidMedia YVR 7.50 22.9 StarGroup SGU 10.52 1.2 AthlonAcqnWt SWETW 0.70 -7.7 CrucibleAcqnA CRU 9.75 -2.2 G Squared I GSQD.U 9.85 -0.6 JackCreekInvt JCICU 9.87 -0.6 OmegaAlpha OMEG 9.95 -0.4 SVF Invt 3 SVFC 10.15 -0.9 UniversePharm UPC 4.34 -5.0 CiscoSystems CSCO 50.68 -0.6 LiveXLiveMedia LIVX 6.33 7.5 StratusProp STRS 31.00 4.4 AthlonAcqn SWETU 9.75 -1.3 D&ZMedia DNZ.U 9.90 -0.9 GX Acqn II GXIIU 9.85 -0.3 JawsMustang JWSM.U 10.07 -1.2 OneEquityPtrsI OEPWU 9.90 -0.9 SVF Invt 2 SVFB 10.25 -0.3 VPCImpactIII VPCC.U 9.85 -1.5 ColumbiaFin CLBK 18.05 -1.3 Lowe's LOW 183.80 -0.8 TakungArt TKAT 74.11 9.8 AtlCoastalAcqn ACAHU 9.92 -0.1 D&ZMediaWt DNZ.WS 0.61 -4.6 GabelliUtilityRt GUTr 0.10 -0.3 JowellGlobal JWEL 7.20 -3.8 OneEquityPtrsIWt OEPWW 0.70 -6.7 SandbridgeX2 SBII.U 9.84 -1.6 VectoIQII A VTIQ 9.80 -1.1 ConstellationI A CSTA 9.80 1.2 MasonIndlTechA MIT 9.80 0.7 TeekayLNG PfdB TGPpB 26.49 0.1 AtlasCrestII ACII.U 10.01 -1.2 DHC Acqn DHCAU 9.85 -0.7 Galapagos GLPG 78.80 -3.7 KKR Acqn I KAHC.U 9.93 -1.9 OrionAcqn OHPAU 9.80 -1.7 SciStratAcqn SSAAU 9.78 -0.4 VectorAcqnIIA VAQC 9.90 ... CostamarePfdE CMREpE 26.84 0.3 McKesson MCK 193.36 -2.1 Tele&DataPfdUU TDSpU 26.60 0.2 AusterlitzAcqnI AUS.U 10.02 -0.4 DecarbonizationII DCRNU 9.97 -1.7 Galecto GLTO 6.89 -3.0 KL Acqn A KLAQ 9.69 -0.4 OscarHealth OSCR 28.00 -5.1 SeniorConnectI Wt SNRHW 0.75 -17.0 VelocityAcqn VELOU 9.76 -0.9 Daseke DSKE 7.90 -7.8 MechanicalTech MKTY 18.90 -11.6 TencentMusic TME 32.25 3.0 AusterlitzAcqnII ASZ.U 10.00 -0.7 DelwindsInsA DWIN 9.67 -0.6 Gaming&Hosp GHACU 9.91 -0.6 KL Acqn Wt KLAQW 0.62 -14.5 OysterEnts OSTRU 9.78 -0.1 SeniorConnectI A SNRH 9.74 0.1 VickersVantageI VCKA 9.84 -0.5 Diodes DIOD 91.02 -9.2 MotorolaSol MSI 187.40 -1.0 TexasInstruments TXN 182.57 -0.7 AuthenticEquityA AEAC 9.65 -0.3 DelwindsInsWt DWIN.WS 0.51 -23.6 GenesisParkA GNPK 9.76 0.4 KL Acqn KLAQU 9.95 -0.5 OysterEntsA OSTR 9.62 -0.6 SeniorConnectI SNRHU 10.06 -0.6 VirginGroupII VGII.U 9.92 ... DolphinEnt DLPN 18.33 236.3 Movano MOVE 7.45 32.0 TownsquareMedia TSQ 12.51 -7.8 AuthenticEquity AEACU 9.93 0.3 DiamondHead DHHCU 9.85 -1.0 GigCapital4 GIGGU 9.91 -0.4 KademSust KSICU 9.80 -0.9 PWP Forward I FRWAU 9.75 -0.3 7GC A VII 9.70 -0.6 VirtuosoAcqnWt VOSOW 0.53 -5.0 DragoneerGrwIII DGNU 10.10 ... NatureSunshine NATR 21.36 -1.8 TractorSupply TSCO 176.82 -0.5 B.RileyPrin50 BRPMU 9.93 -0.4 DigitalTransform DTOCU 9.82 -0.4 GlassHouses GLHAU 9.93 -0.6 KairosAcqnWt KAIRW 0.60 -2.9 PathfinderAcqn PFDRU 9.82 -1.7 7GC VIIAU 9.91 -4.0 VirtuosoAcqn VOSOU 9.86 0.4 DriveShackPfdB DSpB 24.73 0.1 NeoGames NGMS 43.64 -0.6 TreanInsurance TIG 19.57 -2.1 BellerophonTherap BLPH 5.32 -6.9 dMYTechIV DMYQ.U 9.90 -1.0 GlenfarneMerger GGMCU 9.60 ... KairosAcqn KAIRU 9.97 -0.3 PeriphasCapA PCPC 24.00 -0.1 SevenOaksAcqnA SVOK 9.60 -2.4 VisionMarineTech VMAR 7.96 -6.3 DriveShackPfdC DSpC 24.94 0.1 NescoWt NSCO.WS 1.90 1.7 TsakosEnergyPfdF TNPpF 23.83 0.2 BenessereCapA BENE 9.84 -1.1 DragoneerGrowthII DGNS 10.36 -1.4 GlbPtrII A GPAC 9.65 -0.9 Kernel KRNLU 9.81 -0.8 PineTech PTOCU 9.80 -0.9 17Educ&Tech YQ 8.72 -5.8 ViveonHealth VHAQ.U 10.06 -1.3 DriveShackPfdD DSpD 23.56 -1.0 NewYorkMtgPfdD NYMTN 25.07 -0.5 USA Truck USAK 19.10 -12.2 BenessereCapWt BENEW 0.46 -9.6 DuneAcqnA DUNE 9.70 -0.6 GlobalPtrII GPACU 9.78 -1.3 LMFAcqnOppsA LMAO 9.75 -0.1 PioneerMergerA PACX 9.62 -1.4 SignifyHealth SGFY 24.24 0.6 VoyagerTherap VYGR 5.05 -10.6 EnerTransferPfdD ETPpD 23.95 0.6 NY MtgPfdC NYMTO 24.93 -0.1 US GlobalInv GROW 8.65 -7.9 BiotechAcqn BIOTU 9.90 -0.7 DuneAcquisitionUn DUNEU 10.03 -1.4 GlblSynergyWt GSAQW 0.57 -10.9 LazardGrowthI LGACU 9.90 -0.5 PioneerMerger PACXU 9.91 -1.4 SilverCrestAcqn SLCRU 9.85 -0.8 Waldencast WALDU 9.98 -0.9 Evolus EOLS 16.86 12.0 NewHoldInvtWt NHICW 2.75 -5.2 UnitedHealth UNH 371.54 0.4 BiteAcqn BITE.U 9.80 -1.0 ECPEnvlGrwOpps ENNVU 9.90 -0.9 GlblSynergyAcqnA GSAQ 9.70 -0.9 LeadEdgeGrowth LEGAU 9.92 -0.7 PivotalInvIII PICC.U 9.88 -0.7 SilverSpikeII SPKBU 9.87 -1.1 WarburgPincusI-A WPCA.U 10.00 -0.6 ExtendedStayAmer STAY 20.09 1.3 NomuraHoldings NMR 6.54 -0.5 UniversePharm UPC 5.72 -5.0 BlueRiverA BLUA 9.57 -1.4 EJF Acqn EJFAU 9.81 -0.8 GlobalSynergy GSAQU 9.98 -0.6 LefterisAcqnA LFTR 9.83 -1.6 PoemaGlobal PPGHU 9.97 -0.3 SilverBoxEngI SBEAU 9.83 -1.1 WindtreeTherap WINT 2.44 -34.3 FatBrandsPfdB FATBP 21.99 1.0 OFGBancorpPfB OFGpB 26.25 2.2 VineEnergy VEI 14.53 -0.6 BrightLightsWt BLTSW 0.71 -6.5 EQ Health EQHA.U 9.90 -0.8 GlobisAcqnWt GLAQW 0.53 -9.3 LeoHldgsII A LHC 9.65 -1.0 PontemWt PNTM.WS 0.87 -2.2 Slam SLAMU 9.87 -0.4 YatsenHolding YSG 12.96 -4.1 FarmerBros FARM 11.60 1.4 ONE GroupHosp STKS 10.90 5.6 Vipshop VIPS 46.00 0.7 BrightLights BLTSU 10.00 -1.4 EdifyAcqnWt EACPW 0.50 -10.5 GoalAcqns PUCKU 9.94 -1.1 LeoHoldingsII LHC.U 9.84 -0.7 Pontem PNTM.U 9.87 -0.9 SoaringEagle SRNGU 10.13 -1.6 Z-WorkAcqn ZWRKU 9.80 -0.2 FirstIndRlty FR 46.28 0.6 OramedPharms ORMP 12.73 5.3 VirginGroupII VGII.U 10.03 ... BroadscaleAcqn SCLEU 9.90 -0.6 EdifyAcqn EACPU 9.80 -0.3 GoldenFalconA GFX 9.65 ... LeoHldgsIII LIII.U 9.83 -0.9 PopulationHlthA PHIC 9.64 -1.6 SocialLvgI SLAC.U 9.92 -0.9 ZaniteAcqnA ZNTE 9.95 -1.3 FivePoint FPH 8.56 -7.5 OrchidIslandCap ORC 6.11 -1.7 VoltInfoSci VOLT 3.88 -3.1 Cadiz CDZI 8.55 -1.2 EmpowerIWt EPWR.WS 0.51 -9.5 GoresGugg GGPIU 9.93 ... LererHippeau LHAA 9.90 -0.3 Power&Dig XPDIU 9.99 -2.1 SolenoTherap SLNO 1.33 -6.7 ZaniteAcqnWt ZNTEW 1.26 -12.8

Biggest 1,000 Stocks | WSJ.com/stocks Net Net Net Net Net Net Net Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Continued From Page B7 Net Net NewsCorp A NWSA 26.11 -0.60 PalantirTech PLTR 23.26 -0.96 RPM RPM 88.97 0.21 SensataTechs ST 58.35 -3.93 TE Connectivity TEL 123.75 -4.76 UDR UDR 43.70 0.17 Wabtec WAB 74.01 -0.46 Net Stock Sym Close Chg Stock Sym Close Chg NewsCorp B NWS 24.17 -0.56 PaloAltoNtwks PANW 323.60 0.16 RalphLauren RL 113.56 -7.96 ServiceCorp SCI 49.46 0.56 Telus TU 20.93 -0.12 UGI UGI 40.39 -0.40 WalgreensBoots WBA 52.03 -1.08 NextEraEnergy NEE 74.02 2.33 ParkerHannifin PH 305.70 -5.28 RaymondJames RJF 117.99 -1.57 ServiceNow NOW 478.17 1.52 TJX TJX 64.53 -1.97 US Foods USFD 36.42 -0.88 Walmart WMT 133.94 1.57 Stock Sym Close Chg LibertyFormOne A FWONA 39.92 -1.15 McDonalds MCD 224.37 -0.70 NielsenHoldings NLSN 25.29 -0.89 Paychex PAYX 96.15 -0.43 RaytheonTech RTX 75.18 -1.74 ShawComm B SJR 26.89 0.16 T-MobileUS TMUS 124.39 -1.72 UWM UWMC 8.44 -0.34 WarnerMusic WMG 31.91 -0.62 LibertyBraves A BATRA 30.10 -0.41 s McKesson MCK 188.43 -3.95 JacobsEngg J 121.80 -1.39 Nike NKE 137.12 -1.15 PaycomSoftware PAYC 373.89 -4.86 RealPage RP 87.32 -0.05 SherwinWilliams SHW 725.94 5.70 TRowePrice TROW 168.54 -3.72 Uber UBER 53.49 -2.20 WasteConnections WCN 104.63 1.10 LibertyBraves C BATRK 29.42 -0.18 MedicalProp MPW 21.34 -0.06 JamesHardie JHX 28.88 -0.22 NiSource NI 23.52 0.10 Paylocity PCTY 174.28 -3.31 RealtyIncome O 62.95 0.49 ShinhanFin SHG 31.42 -0.27 TaiwanSemi TSM 114.89 -2.29 Ubiquiti UI 342.98 -3.41 WasteMgt WM 124.10 0.73 LibertySirius C LSXMK 45.06 -0.62 Medtronic MDT 115.03 -1.81 JazzPharma JAZZ 164.31 -6.28 Nokia NOK 3.98 -0.08 PayPal PYPL 243.77 -0.61 RegencyCtrs REG 54.85 -1.12 Shopify SHOP 1162.00 2.00 TakeTwoSoftware TTWO 173.85 1.97 UltaBeauty ULTA 309.53 -5.56 Waters WAT 270.69 -0.94 LibertySirius A LSXMA 45.13 -0.46 MelcoResorts MLCO 20.40 -0.46 JefferiesFin JEF 32.91 -1.00 s NomuraHoldings NMR 6.47 -0.03 Pearson PSO 10.82 -0.14 RegenPharm REGN 469.76-13.46 Sibanye-Stillwater SBSW 17.20 -0.92 TakedaPharm TAK 19.37 -0.53 UltragenyxPharm RARE 117.00 -6.57 Watsco WSO 251.90 -2.59 LightspeedPos LSPD 64.00 -1.63 MercadoLibre MELI 1446.65-29.46 J&J JNJ 160.35 -0.15 Nordson NDSN 198.13 -3.58 Pegasystems PEGA 115.74 -2.02 RegionsFin RF 20.06 -0.38 SignatureBank SBNY 217.55-12.17 Tapestry TPR 41.09 -2.57 UnderArmour A UAA 22.47 -1.01 Wayfair W 335.93 -9.54 EliLilly LLY 183.68 -2.16 Merck MRK 76.27 -1.24 JohnsonControls JCI 58.44 -1.52 NorfolkSouthern NSC 260.27 -0.35 Peloton PTON 113.35 3.81 ReinsGrp RGA 121.65 -1.93 SimonProperty SPG 110.41 -4.84 Target TGT 188.92 0.88 UnderArmour C UA 18.58 -0.85 Weibo WB 52.52 0.06 LincolnNational LNC 59.54 -2.85 MetLife MET 58.66 -1.45 JonesLang JLL 172.65 -2.76 NorthernTrust NTRS 97.82 -1.76 PembinaPipeline PBA 28.44 -1.01 RelianceSteel RS 141.41 -4.50 SiriusXM SIRI 6.24 -0.07 TataMotors TTM 20.67 -0.26 Unilever UL 56.02 0.35 WellsFargo WFC 38.24 -0.73 Linde LIN 267.88 -2.48 MettlerToledo MTD 1116.71-14.16 JuniperNetworks JNPR 24.88 -0.41 NorthropGrum NOC 314.14 -0.07 PennNational PENN 111.82 -1.34 RenaissanceRe RNR Skillz SKLZ 23.24 -1.50 UnionPacific UNP 208.05 1.78 Welltower WELL 70.99 -0.01 LithiaMotors LAD 371.48-11.52 MicrochipTech MCHP 149.98 -4.88 162.18 1.69 TeckRscsB TECK 18.77 -1.44 KB Fin KB 44.74 -0.69 NortonLifeLock NLOK 21.38 0.07 Pentair PNR 59.32 -1.29 Skyworks SWKS 175.38 -4.44 UnitedAirlines UAL 54.36 -3.97 WestFraserTimber WFG 63.98 -2.05 LiveNationEnt LYV 81.64 -2.64 MicronTech MU 85.40 -5.88 Repligen RGEN 206.58 -0.86 TeladocHealth TDOC 193.74 -3.54 KE Holdings BEKE 60.66 -3.78 NorwegCruise NCLH 26.60 -2.05 Penumbra PEN 264.74 -2.66 SlackTech WORK 40.97 0.17 UnitedMicro UMC 8.44 -0.13 WestPharmSvcs WST 283.25 0.76 LloydsBanking LYG 2.21 -0.02 Microsoft MSFT 237.58 1.59 RepublicSvcs RSG 96.82 0.16 TeledyneTech TDY 389.70 -4.50 KKR KKR 47.87 -0.89 Novartis NVS 86.26 -0.25 PepsiCo PEP 139.46 1.66 Smartsheet SMAR 67.26 0.61 UPS B UPS 159.86 -1.20 WestAllianceBcp WAL 92.20 -4.04 LockheedMartin LMT 353.61 -4.05 MidAmApt MAA 144.75 1.99 ResMed RMD 190.74 0.95 Teleflex TFX 399.28 -3.38 KLA KLAC 297.06 -8.30 Novavax NVAX 219.84-17.36 PerkinElmer PKI 127.25 -0.88 s SmithAO AOS 65.62 -1.86 UnitedRentals URI 299.93-11.55 WesternDigital WDC 65.46 -4.87 Loews L 51.02 -0.68 Middleby MIDD 160.69 -4.94 RestaurantBrands QSR 65.01 0.84 Ericsson ERIC 13.47 0.09 KSCitySouthern KSU 246.85 -2.24 NovoNordisk NVO 67.99 -3.06 PetroChina PTR 35.83 -1.24 Smith&Nephew SNN 36.99 -0.76 US Bancorp USB 53.58 -0.66 WesternUnion WU 24.62 -0.15 LogitechIntl LOGI 105.76 1.21 MiratiTherap MRTX 177.59 -6.65 RingCentral RNG 324.88 2.29 TelefonicaBras VIV 8.30 -0.07 Kellogg K 62.59 0.20 Novocure NVCR 139.13 -1.17 PetroleoBrasil PBR 8.15 -0.22 Smucker SJM 126.46 -0.79 s UnitedHealth UNH 368.50 1.64 WestlakeChem WLK 85.60 -6.10 s Lowe's LOW 180.40 -1.49 MitsubishiUFJ MUFG 5.74 -0.24 RioTinto RIO 74.30 -1.78 Telefonica TEF 4.81 0.03 s KeurigDrPepper KDP 34.61 0.03 NuanceComms NUAN 44.07 -1.13 PetroleoBrasilA PBR.A 8.24 -0.26 Snap SNAP 55.26 -2.90 UnitySoftware U 97.19 -3.15 WestpacBanking WBK 18.45 -0.43 LufaxHolding LU 13.99 -0.69 MizuhoFin MFG 3.09 -0.09 RobertHalf RHI 73.44 -2.06 TelekmIndonesia TLK 23.09 -0.70 KeyCorp KEY 19.26 -0.66 Nucor NUE 67.51 -2.04 Pfizer PFE 35.36 -0.64 SnapOn SNA 215.32 -4.73 UnivDisplay OLED 226.53 -7.33 WestRock WRK 48.33 -1.93 lululemon LULU 314.03 0.43 MobileTeleSys MBT 8.19 -0.29 Roblox RBLX 68.00 -2.00 10xGenomics TXG 174.16 -5.05 KeysightTechs KEYS 135.18 -2.25 Nutrien NTR 54.55 -1.45 PhilipMorris PM 88.05 -1.93 RocketCos. RKT 23.04 0.05 Snowflake SNOW 220.00 -0.75 Tenaris TS 21.28 -0.77 UniversalHealthB UHS 132.82 -4.49 Weyerhaeuser WY 33.56 -0.73 LumenTech LUMN 13.63 -0.74 Moderna MRNA 136.52 -9.08 KimberlyClark KMB 135.28 2.25 NVIDIA NVDA 522.83 -4.62 Phillips66 PSX 78.98 -1.60 Rockwell ROK 258.72 -3.15 SOQUIMICH SQM 52.08 -2.00 s TencentMusic TME 31.79 0.92 Upstart UPST 118.48-46.39 WheatonPrecMet WPM 38.10 -1.10 Lyft LYFT 61.56 -2.60 MohawkInds MHK 181.28 -1.87 KinderMorgan KMI 15.68 -0.10 Pinduoduo PDD 136.06 -1.09 SolarEdgeTech SEDG 278.37-10.80 VEREIT VER 38.01 -0.48 Whirlpool WHR 213.79 -7.76 MolinaHealthcare MOH 234.71 0.23 RogersComm B RCI 48.50 -0.08 Teradyne TER 113.12 -3.89 KingsoftCloud KC 43.87 -2.43 LyondellBasell LYB 100.26 -5.74 O P Q PinnacleWest PNW 79.90 0.17 Sony SNE 105.11 -1.78 VF VFC 76.46 -3.36 Williams WMB 23.01 0.02 MolsonCoorsB TAP 48.79 -1.06 Roku ROKU 342.24-14.08 Tesla TSLA 662.16 -7.84 KinrossGold KGC 6.72 -0.22 Pinterest PINS 71.24 -1.11 Southern SO 60.63 0.94 VICI Prop VICI 27.85 -0.35 s Williams-Sonoma WSM 180.01 0.01 M N Mondelez MDLZ 58.60 -0.23 ONEOK OKE 47.45 -1.04 Rollins ROL 33.96 -0.41 TevaPharm TEVA 11.34 -0.59 KirklandLakeGold KL 33.30 -1.10 PioneerNatRscs PXD 157.34 -1.32 SoCopper SCCO 68.17 -3.91 VailResorts MTN 299.28-14.21 WillisTowers WLTW 221.49 0.69 MongoDB MDB 305.00 -4.77 OReillyAuto ORLY 485.29 -5.55 RoperTech ROP 404.66 3.37 s TexasInstruments TXN 178.78 -1.32 PlainsAllAmPipe PAA 8.91 -0.44 SouthwestAir LUV 57.62 -1.84 Vale VALE 16.58 -0.43 Wipro WIT 6.38 -0.08 Kohl's KSS 55.54 -3.20 M&T Bank MTB 146.57 -2.85 MonolithicPower MPWR 336.70-11.54 OakStreetHealth OSH 57.13 1.55 RossStores ROST 116.68 -3.98 TexasPacLand TPL 1426.31-157.21 Playtika PLTK 25.96 -0.04 Splunk SPLK 138.22 -2.95 ValeroEnergy VLO 70.08 -2.20 Wix.com WIX 292.47 -3.74 KoninklijkePhil PHG 56.86 -0.55 MGMGrowthProp MGP 32.72 -0.04 MonsterBev MNST 89.62 0.57 OccidentalPetrol OXY 26.59 -0.87 RoyalBkCanada RY 92.01 -0.61 Textron TXT 52.18 -2.24 PlugPower PLUG 36.79 -2.12 Spotify SPOT 267.30 -8.17 VarianMed VAR 176.23 -0.07 Workday WDAY 257.39 0.12 KoreaElcPwr KEP 10.06 -0.27 MGM Resorts MGM 37.34 -1.69 Moody's MCO 290.78 0.49 Okta OKTA 225.62 3.12 RoyalCaribbean RCL 83.90 -5.00 ThermoFisherSci TMO 452.01 -2.65 Polaris PII 129.48 -6.61 Square SQ 223.20 -2.93 Vedanta VEDL 12.20 -0.15 WynnResorts WYNN 125.15 -7.72 KraftHeinz KHC 38.92 -0.63 MKS Instrum MKSI 167.11 -9.22 MorganStanley MS 79.12 -2.80 OldDomFreight ODFL 231.65 0.40 RoyalDutchA RDS.A 39.33 -2.06 ThomsonReuters TRI 88.65 0.74 Pool POOL 340.91 4.69 StanleyBlackDck SWK 192.77 -3.02 VeevaSystems VEEV 264.94 -2.33 XP XP 38.58 -1.18 Kroger KR 36.64 0.45 MPLX MPLX 24.70 -1.27 Morningstar MORN 233.12 2.33 OmegaHealthcare OHI 36.71 0.01 RoyalDutchB RDS.B 37.08 -1.88 3M MMM 188.33 -1.14 PrincipalFin PFG 57.94 -1.63 Starbucks SBUX 106.25 -1.32 Ventas VTR 53.76 -0.05 XPO Logistics XPO 116.79 -4.88 L Brands LB 57.48 -2.53 MSCI MSCI 420.76 1.40 Mosaic MOS 30.56 -1.79 Omnicom OMC 75.47 -1.68 RoyaltyPharma RPRX 43.81 -2.13 Toro TTC 100.69 -1.80 Procter&Gamble PG 132.60 2.42 StateStreet STT 79.38 -2.24 VeriSign VRSN 196.26 1.81 XcelEnergy XEL 65.44 1.69 LKQ LKQ 41.20 -1.78 MagellanMid MMP 42.51 -1.35 s MotorolaSol MSI 183.88 -1.83 ON Semi ON 38.58 -2.24 Ryanair RYAAY 109.25 -1.83 TorontoDomBk TD 64.93 -0.65 Progressive PGR 90.75 0.62 SteelDynamics STLD 44.80 -2.23 VeriskAnalytics VRSK 177.59 2.77 Xilinx XLNX 122.13 -3.22 LPL Financial LPLA 137.08 -7.70 MagnaIntl MGA 87.25 -3.40 NICE NICE 226.88 -2.18 OpenText OTEX 48.51 -0.78 SAP SAP 122.32 -0.63 Total TOT 45.70 -1.15 Prologis PLD 105.20 1.55 Stellantis STLA 16.62 -0.95 Verizon VZ 56.91 0.32 XPeng XPEV 36.33 -1.55 L3HarrisTech LHX 196.15 -1.89 ManulifeFin MFC 21.10 -0.42 NIO NIO 41.18 -1.76 OpendoorTech OPEN 25.62 -2.28 S&P Global SPGI 346.83 1.29 ToyotaMotor TM 151.34 -3.14 PrudentialFin PRU 88.43 -2.43 Steris STE 185.81 -0.74 VertxPharm VRTX 213.59 -5.23 Xylem XYL 100.40 -2.03 LabCpAm LH 238.78 -4.32 MarathonOil MRO 10.17 -0.66 NRG Energy NRG 35.82 0.04 Oracle ORCL 67.27 0.95 SBA Comm SBAC 274.14 0.04 s TractorSupply TSCO 172.64 -0.90 Prudential PUK 42.14 -0.08 STMicroelec STM 37.01 -1.22 ViacomCBS B VIAC 91.25 -9.09 Yandex YNDX 64.45 -0.83 LamResearch LRCX 544.41-15.62 MarathonPetrol MPC 52.44 -0.91 NVR NVR 4463.10-40.54 Orange ORAN 12.50 -0.07 SEI Investments SEIC 58.65 -1.43 TradeDesk TTD 724.31-16.54 PublicServiceEnt PEG 58.32 0.44 StoneCo STNE 66.32 -1.05 ViacomCBS A VIACA 91.18 -9.07 t YatsenHolding YSG 13.18 -0.57 LamarAdv LAMR 92.45 -0.09 MaravaiLifeSci MRVI 36.37 -0.45 NXP Semi NXPI 191.62 -8.78 Orix IX 89.17 -1.26 SK Telecom SKM 24.59 -0.71 Tradeweb TW 74.23 0.55 PublicStorage PSA 242.90 6.20 Stryker SYK 229.43 -2.65 Viatris VTRS 14.17 -0.62 YumBrands YUM 108.00 -0.75 LambWeston LW 78.00 -1.25 Markel MKL 1122.68 11.28 Nasdaq NDAQ 147.57 0.45 OtisWorldwide OTIS 66.96 0.14 SS&C Tech SSNC 67.28 -1.79 TraneTech TT 160.33 -3.97 PulteGroup PHM 48.34 -0.73 SumitomoMits SMFG 7.61 -0.24 s Vipshop VIPS 45.58 0.33 YumChina YUMC 60.18 -0.98 LasVegasSands LVS 59.35 -3.52 MarketAxess MKTX 526.12 4.84 Natera NTRA 100.35 -3.96 OwensCorning OC 85.21 -4.61 StoreCapital STOR 32.53 -0.21 TransDigm TDG 582.95-14.41 Qiagen QGEN 50.10 ... SunComms SUI 150.58 -0.25 VirginGalactic SPCE 30.93 -1.31 ZTO Express ZTO 28.22 0.79 Lear LEA 170.02 -9.07 Marriott MAR 142.42 -9.08 NationalGrid NGG 59.14 0.49 OzonHoldings OZON 53.67 -1.86 SVB Fin SIVB496.85-14.91 TransUnion TRU 88.76 -0.07 Qorvo QRVO 176.37 -6.91 SunLifeFinancial SLF 50.74 -0.69 Visa V 208.15 0.15 ZaiLab ZLAB 132.12 -6.38 Leidos LDOS 94.24 -1.23 Marsh&McLen MMC 116.93 -0.35 Natura&Co NTCO 18.18 -0.18 PG&E PCG 10.92 -0.19 Salesforce.com CRM 215.00 -0.17 Travelers TRV 147.00 -0.59 ZebraTech ZBRA 462.65 -1.12 Qualcomm QCOM 132.52 -1.57 SuncorEnergy SU 20.37 -1.17 VMware VMW 144.71 -1.29 Lennar B LEN.B 77.06 -1.20 MartinMarietta MLM 316.38 -5.44 NatWest NWG 5.27 -0.10 PNC Fin PNC 169.40 -1.82 Sanofi SNY 48.54 -0.75 Trex TREX 87.46-1.69 Zendesk ZEN 133.86 0.87 QualtricsIntl XM 34.71 -0.11 SunRun RUN 56.15 -1.23 Vodafone VOD 18.47 -0.15 Lennar A LEN 95.24 -1.77 MarvellTech MRVL 46.15 -1.52 NetApp NTAP 68.43 -2.11 POSCO PKX 67.43 0.24 SantanderCons SC 26.40 -0.51 Trimble TRMB 71.19 -3.99 Zillow C Z 134.49 -3.42 QuantaServices PWR 82.39 -2.66 Suzano SUZ 12.95 -0.18 VornadoRealty VNO 45.31 -1.74 LennoxIntl LII 301.60 -1.76 Masco MAS 56.88 -0.91 NetEase NTES 106.53 -3.53 PPD PPD 36.87 -0.59 Sasol SSL 13.69 -0.65 Trip.com TCOM 39.74 -1.47 Zillow A ZG 140.88 -3.01 QuantumScape QS 57.46 -6.83 SynchronyFin SYF 38.80 -1.74 VulcanMatls VMC 158.41 -3.63 LeviStraussLEVI 23.03 -1.79 Masimo MASI 227.91 -2.09 Netflix NFLX 535.09 11.98 PPG Ind PPG 147.47 -0.47 Schlumberger SLB 26.67 -0.98 TruistFinl TFC 56.08 -1.39 ZimmerBiomet ZBH 156.14 -4.10 QuestDiag DGX 125.21 -0.70 Synopsys SNPS 235.13 0.70 LiAuto LI 26.37 -0.45 Mastercard MA 355.27 -3.13 Neurocrine NBIX 88.23 -3.88 PPL PPL 28.57 -0.50 SchwabC SCHW 63.36 -1.41 t Tuya TUYA 21.00 -2.19 ZionsBancorp ZION 53.58 -1.70 Sysco SYY 77.78 -0.82 W X Y Z LibertyBroadbandC LBRDK 155.95 0.42 MatchGroup MTCH 145.89 -9.00 NewFortressEner NFE 49.44 -3.17 PRA HealthSci PRAH 147.80 -1.71 R S ScottsMiracleGro SMG 228.48 -5.01 Twilio TWLO 354.42 -5.38 Zoetis ZTS 156.04 0.41 LibertyBroadbandA LBRDA 151.22 0.85 MaximIntProducts MXIM 88.85 -1.81 NewOrientalEduc EDU 16.00 -0.34 PTC PTC 129.81 -0.33 Sea SE 216.64 -1.20 T U V Twitter TWTR 64.27 -0.94 WEC Energy WEC 92.37 3.61 ZoomVideo ZM 339.76 11.26 s LibertyGlobal A LBTYA 26.63 -0.30 McAfee MCFE 23.54 -0.21 NYTimes A NYT 48.26 -1.88 Paccar PCAR 91.17 -2.41 RELX RELX 24.74 0.11 Seagate STX 72.60 -2.67 TylerTech TYL 420.61 -0.09 WEX WEX 206.46 -7.04 ZoomInfoTech ZI 56.33 1.64 LibertyGlobal C LBTYK 26.33 -0.23 McCormick MKC 87.56 -0.29 NewellBrands NWL 25.14 -0.96 PackagingCpAm PKG 128.93 -1.52 RH RH 508.50-20.16 Seagen SGEN 143.84 -4.29 TAL Education TAL 63.41 -1.61 TysonFoods TSN 73.41 -2.06 W.P.Carey WPC 69.49 -0.42 Zscaler ZS 183.00 0.39 LibertyFormOne C FWONK 45.27 -1.68 McCormickVtg MKC.V 87.72 0.40 Newmont NEM 60.12 -0.77 PagSeguroDig PAGS 47.32 -0.47 t RLX Tech RLX 10.10 -0.05 SempraEnergy SRE 129.52 1.42 TC Energy TRP 45.42 -0.10 UBS Group UBS 15.71 -0.39 WPP WPP 62.43 -1.54 Zynga ZNGA 9.98 -0.05

YTD YTD YTD YTD YTD YTD YTD Mutual Funds Data provided by Net Net Net Net Net Net Net Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret TotRetBdI 10.54 +0.03 -1.1 GroCo 33.59 -0.47 2.2 IntlEq 28.47 -0.37 0.2 TotRt 10.25 +0.02 -2.8 ExplrAdml 125.92 -3.24 5.2 WndsrAdml 78.36 -1.39 9.7 ExtndIstPl 329.13 -9.08 6.9 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. Edgewood Growth Instituti GrowCoK 33.68 -0.47 2.2 Invesco Funds Y PIMCO Funds A ExtndAdml 133.37 -3.68 6.9 VANGUARD FDS IdxIntl 20.02 -0.31 3.4 e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnotese EdgewoodGrInst 52.47 -0.31 1.4 InvGrBd 11.57 +0.03 -2.5 DevMktY 53.98 -0.86 1.0 IncomeFd 11.96 -0.01 -0.4 GNMAAdml 10.65 +0.01 -0.7 DivdGro 33.85 -0.11 1.8 MdCpGrAdml 91.71 -1.02 0.5 and sapply. k-RecalculatedbyLipper,using updateddata. p-Distribution costsapply, Fidelity LowP r 54.28 -1.03 11.6 John Hancock Instl PIMCO Funds I2 GrwthAdml 131.31 -0.55 0.7 INSTTRF2020 26.49 -0.13 0.9 SmValAdml 69.41 -2.28 13.7 12b-1. r-Redemption charge mayapply. s-Stock split or dividend. t-Footnotespand r 500IdxInstPrem136.00 -1.04 4.5 Magin 12.94 -0.03 -0.8 DispValMCI 25.70 -0.65 10.2 Income 11.96 -0.01 -0.4 HlthCareAdml r 89.70 -1.57 -1.4 INSTTRF2025 27.83 -0.17 1.4 TotBd2 11.03 +0.03 -3.4 apply. v-Footnotesxand eapply. x-Ex-dividend. z-Footnote x, eand sapply. NA-Not Contrafund K6 19.10 -0.10 1.2 NASDAQ r 166.25 -1.88 2.8 JPMorgan I Class PIMCO Funds Instl HYCorAdml r 5.89 ... -0.5 INSTTRF2030 28.66 -0.22 1.9 TotIntlInstIdx r133.91 -2.05 3.4 available due to incompleteprice, performanceorcostdata. NE-Notreleased by Lipper; ExtMktIdxInstPre 89.22 -2.45 6.9 OTC 18.03 -0.18 2.9 CoreBond 11.92 +0.02 -2.6 IncomeFd 11.96 -0.01 -0.3 InfProAd 27.98 +0.06 -1.2 INSTTRF2035 29.43 -0.26 2.4 TotItlInstPlId r133.95 -2.05 3.4 data under review. NN-Fund nottracked. NS-Fund didn’texistatstart of period. FidSerToMarket 13.54 -0.15 NA Puritn 26.88 -0.27 3.3 EqInc 21.08 -0.18 7.1 Price Funds IntlGrAdml 158.94 -2.81 -0.8 INSTTRF2040 30.23 -0.30 3.0 TotSt 99.32 -1.11 4.9 IntlIdxInstPrem 47.01 -0.62 3.1 SrsEmrgMkt 25.55 -0.45 2.4 JPMorgan R Class BlChip 166.09 -0.72 0.3 ITBondAdml 12.07 +0.04 -3.7 INSTTRF2045 30.94 -0.34 3.5 VANGUARD INSTL FDS MidCpInxInstPrem 28.75 -0.54 6.4 SrsGlobal 14.81 -0.21 3.3 CoreBond 11.94 +0.03 -2.6 DivGro 61.70 -0.35 2.8 ITIGradeAdml 10.09 +0.03 -3.1 INSTTRF2050 31.04 -0.35 3.6 BalInst 45.05 -0.26 1.6 Tuesday, March 23, 2021 SAIUSLgCpIndxFd 20.51 -0.16 4.5 SrsGroCoRetail 23.35 -0.33 2.5 Lord Abbett A EqInc 34.59 -0.56 10.7 LTGradeAdml 10.62 +0.07 -9.3 INSTTRF2055 31.12 -0.35 3.6 DevMktsIndInst 15.69 -0.24 3.4 YTD YTD YTD Net Net Net SeriesBondFd 10.40 +0.03 -3.2 SrsIntlGrw 17.64 -0.18 -0.8 ShtDurIncmA p 4.21 ... 0.6 Growth 99.25 -0.66 2.4 DevMktsInxInst 24.53 -0.38 3.4 Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret MidCpAdml 271.78 -4.21 6.0 IntlGr 49.96 -0.88 -0.9 SeriesOverseas 12.49 -0.11 0.7 SrsIntlVal 10.72 -0.18 6.2 Lord Abbett F HelSci 97.91 -2.28 -1.0 MuHYAdml 11.90 +0.02 0.2 IntlVal 42.04 -0.70 4.4 ExtndInst 133.37 -3.67 6.9 GrwthInst 131.32 -0.55 0.7 American Century Inv Artisan Funds 5GlbFxdInc 10.90 +0.01 0.1 SmCpIdxInstPrem 27.70 -1.03 10.9 TotalBond 10.99 +0.02 -2.5 ShtDurIncm 4.20 ... 0.3 LgCapGow I 63.39 -0.41 3.6 MuIntAdml 14.71 +0.01 -0.5 LifeCon 22.66 -0.08 ... InPrSeIn 11.40 +0.02 -1.2 Ultra 75.58 -0.31 -0.5 IntlVal Inst 43.04 -0.39 8.0 EmgMktVa 30.65 -0.54 7.0 TMktIdxInstPrem112.99 -1.28 4.9 Fidelity SAI Metropolitan West MidCap 115.00 -1.93 1.7 MuLTAdml 12.09 +0.01 -0.5 LifeGro 41.40 -0.40 2.9 InstIdx 346.32 -2.66 4.5 American Funds Cl A Baird Funds EmMktCorEq 25.37 -0.43 4.5 USBdIdxInstPrem 12.00 +0.03 -3.2 TotalBd 10.45 +0.02 NA TotRetBdI 10.85 +0.03 -2.7 NHoriz 80.87 -0.90 -1.7 MuLtdAdml 11.22 +0.01 ... LifeMod 32.09 -0.22 1.4 InstPlus 346.34 -2.67 4.5 AmcpA p 40.55 -0.35 3.7 AggBdInst 11.38 +0.03 -3.0 IntlCoreEq 15.37 -0.28 5.5 Fidelity Advisor I Fidelity Selects TRBdPlan 10.18 +0.03 -2.7 R2020 23.28 -0.17 2.3 MuShtAdml 15.93 ... 0.1 PrmcpCor 31.66 -0.62 9.2 InstTStPlus 77.58 -0.87 4.9 AMutlA p 47.03 -0.30 5.9 CorBdInst 11.75 +0.02 -2.9 IntSmCo 21.42 -0.42 5.6 NwInsghtI 37.52 -0.27 1.8 Softwr r 27.25 +0.03 0.5 MFS Funds Class I R2025 19.91 -0.17 2.8 PrmcpAdml r165.78 -2.94 7.8 STAR 31.61 -0.27 1.7 MidCpInst 60.04 -0.93 6.0 BalA p 30.91 -0.17 2.7 BlackRock Funds IntSmVa 20.64 -0.44 7.9 Fidelity Freedom Tech r 27.25 -0.38 1.4 Growth I 160.79 -0.23 -0.6 R2030 29.41 -0.29 3.4 RealEstatAdml128.91 -0.20 7.1 TgtRe2015 15.75 -0.05 0.1 MidCpIstPl 296.10 -4.59 6.0 BondA p 13.38 +0.03 -2.7 HiYBlk 7.74 ... 0.3 TAUSCoreEq2 24.73 -0.44 7.6 FF2020 17.44 -0.14 1.6 First Eagle Funds ValueI 47.97 -0.36 6.3 R2035 22.07 -0.24 3.9 SmCapAdml100.74 -2.98 8.1 TgtRe2020 34.60 -0.17 0.9 SmCapInst 100.74 -2.98 8.1 CapIBA p 65.08 -0.52 3.9 HiYldBd Inst 7.74 ... 0.4 US CoreEq1 31.77 -0.50 7.0 FF2025 15.77 -0.14 2.1 GlbA 63.25 -0.69 3.2 MFS Funds Instl R2040 31.77 -0.39 4.4 SmGthAdml 95.51 -2.40 1.6 TgtRe2025 21.83 -0.14 1.3 SmCapIstPl 290.77 -8.60 8.1 CapWGrA 61.16 -0.63 3.3 BlackRock Funds A US CoreEq2 29.19 -0.52 8.2 FF2030 19.78 -0.20 2.6 Franklin A1 IntlEq 30.85 -0.40 0.7 PRIMECAP Odyssey Fds STBondAdml 10.78 ... -0.5 TgtRe2030 41.31 -0.32 1.9 STIGradeInst 10.94 +0.01 -0.4 EupacA p 68.66 -0.92 -1.0 GlblAlloc p 21.75 -0.18 1.0 US Small 44.29 -1.59 15.3 17.19 -0.23 3.7 7.69 +0.01 -1.0 Northern Funds 56.59 -1.79 5.4 FF2035 CA TF A1 p AggGrowth r STIGradeAdml 10.94 +0.01 -0.4 TgtRe2035 25.83 -0.23 2.4 STIPSIxins 25.88 ... 1.0 FdInvA p 72.47 -0.77 5.0 BlackRock Funds Inst StkIdx 43.86 -0.34 4.5 US SmCpVal 42.05 -1.74 22.1 FF2040 12.29 -0.18 4.6 IncomeA1 p 2.41 -0.01 6.1 Schwab Funds TotBdAdml 11.19 +0.03 -3.3 TgtRe2040 45.59 -0.45 3.0 TotBdInst 11.19 +0.03 -3.3 GwthA p 68.82 -0.59 1.9 StratIncOpptyIns 10.33 -0.01 0.2 Old Westbury Fds US TgdVal 28.45 -1.15 20.6 Freedom2025 K 15.75 -0.13 NA FrankTemp/Frank Adv 1000 Inv r 86.99 -0.81 4.1 TotIntBdIdxAdm 22.90 +0.05 -1.9 TgtRe2045 29.18 -0.33 3.5 TotBdInst2 11.03 +0.03 -3.3 Bridge Builder Trust LrgCpStr 17.55 -0.15 2.4 HI TrA p 10.22 ... 1.9 USLgVa 42.14 -0.87 12.3 Freedom2030 K 19.76 -0.20 2.6 IncomeAdv 2.39 -0.01 6.2 S&P Sel 59.99 -0.46 4.5 TotIntlAdmIdx r 33.49 -0.51 3.4 TgtRe2050 47.07 -0.54 3.6 TotBdInstPl 11.19 +0.03 -3.3 CoreBond 10.43 +0.03 -3.0 Parnassus Fds ICAA p 46.80 -0.38 5.7 Dodge & Cox Freedom2035 K 17.17 -0.22 3.7 FrankTemp/Franklin A TSM Sel r 69.71 -0.79 4.9 TotStAdml 99.37 -1.11 4.9 TgtRet2055 51.10 -0.58 3.6 TotIntBdIdxInst 34.37 +0.08 -1.9 CorePlusBond 10.29 +0.02 -2.6 ParnEqFd 56.01 -0.44 4.4 IncoA p 24.46 -0.18 4.6 Balanced 110.52 -1.33 8.6 Freedom2040 K 12.29 -0.18 4.6 Growth A p 135.95 -1.05 0.4 VANGUARD ADMIRAL TxMCapAdml206.19 -1.87 4.3 TgtRetInc 14.92 -0.03 -0.1 TotStInst 99.38 -1.12 4.9 PGIM Funds Cl Z N PerA p 61.20 -0.66 1.2 Intl Eq 13.86 -0.20 3.7 GblStock 14.74 -0.25 10.8 Fidelity Invest RisDv A p 81.67 -0.55 1.8 500Adml 362.10 -2.78 4.5 TxMIn r 15.67 -0.24 3.4 TotIntBdIxInv 11.46 +0.03 -1.9 ValueInst 50.44 -0.61 8.7 HighYield 5.51 +0.01 1.1 NEcoA p 59.79 -0.61 0.5 LargeCapGrowth 20.94 -0.11 1.8 Income 14.31 +0.03 -2.3 Balanc 29.18 -0.29 3.2 Guggenheim Funds Tru BalAdml 45.04 -0.26 1.6 USGroAdml 169.17 -1.55 -0.5 USGro 65.30 -0.60 -0.5 WCM Focus Funds TotalReturnBond 14.39 +0.04 -4.1 NwWrldA 87.93 -1.23 ... LargeCapValue 15.99 -0.24 8.6 Intl Stk 46.91 -0.75 7.3 BluCh 167.33 -2.40 2.6 TotRtnBdFdClInst 28.48 +0.06 -3.5 CAITAdml 12.21 +0.01 -0.7 ValAdml 50.44 -0.61 8.7 WellsI 28.38 -0.04 0.2 WCMFocIntlGrwIns 24.36 -0.23 -1.6 PIMCO Fds Instl SmCpA p 81.94 -1.39 3.0 Columbia Class I Stock 218.84 -4.20 13.6 Contra 16.67 -0.09 1.7 Harbor Funds CapOpAdml r188.84 -4.24 6.4 WdsrllAdml 74.93 -0.95 9.1 Welltn 45.11 -0.17 2.3 Western Asset AllAsset 12.69 -0.11 5.5 TxExA p 13.53 +0.02 -0.2 DivIncom I 27.26 -0.14 6.1 DoubleLine Funds ContraK 16.71 -0.09 1.7 CapApInst 101.22 -0.61 -2.9 EMAdmr 43.01 -0.68 3.3 WellsIAdml 68.76 -0.10 0.2 WndsrII 42.23 -0.53 9.1 CoreBondI 13.08 +0.03 -3.8 ShortT 9.84 ... 0.2 WshA p 53.18 -0.52 6.4 Dimensional Fds CoreFxdIncmI 11.08 +0.02 -1.7 CpInc r 10.97 -0.03 3.0 Harding Loevner EqIncAdml 85.20 -0.86 7.4 WelltnAdml 77.89 -0.30 2.4 VANGUARD INDEX FDS CorePlusBdI 11.95 +0.02 -4.3 P2JW083000-5-B01100-1------XA

THE WALL STREET JOURNAL. ***** We dnesday, March 24, 2021 | B11 MARKETS StocksFall AfterPowell, Ye llen Testimony

BY ANNA HIRTENSTEIN and Italy arealso weighing on Indexperformance, Tuesday Europe and an increase in U.S. preciated 1.9% against the U.S. AND AMBER BURTON sentiment. crude supplies.Rising bond dollar afterthe government “Itfeels likethe reflation yields have also prompted put forwardaplan to cool the Stocks fell as investorsdi- themeisrunning intoafew 0% some investorstopull money housing market through gested testimonybyFederal roadblocks,” said Sebastian from commodity markets, changes to taxincentives. Reserve Chairman Jerome Mackay,amultiasset fund traderssay. House prices have seen dou- Powell and TreasurySecretary manager at Invesco. “Weare S&P500 “Wehaveincreased con- ble-digit growth this past Janet Yellen about the U.S. probably in acyclical recov- -1 Dowindustrials cerns about vaccines and in- year,but these measures economy. ery, but we mayhavegotten Nasdaq Composite creased lockdowns,pushing could slowthe economy. TheS&P 500 ticked down ahead of ourselves.This is a the expected demand recovery In Asia, most major bench- 30.07points, or 0.8%, to pause forthought: Howrapid out afew months in time,” marks declined by the close of 3910.52. TheNasdaq Compos- is this recovery actually going -2 said Bjarne Schieldrop,chief trading Tuesdayand contin- itefell 149.85 points, or 1.1%, to be?” commodities analyst at Nordic uedfalling early Wednesday. to 13227.70. TheDow Jones Thebond market is stabi- bank SEB.Thereismoresup- Japan’sNikkei wasdown1.8%, Industrial Averagefell 308.05 lizing,with the 10-year Trea- ply of crude coming from Iran, Hong Kong’sHang Seng was points, or 0.9%, to 32423.15. sury noteyield easing down -3 he said. down 1.6% and the Shanghai Mr.Powell and Ms.Yellen forathirdstraight day, to Overseas,the pan-continen- Compositewas down 0.9%. expect astrong economic re- 1.637% from 1.682% on Mon- talStoxxEurope 600 edged S&P500 stock futures were bound this year day. Expectations foraneco- Russell 2000 down 0.2%, led by losses in down 0.1%. TUESDAY’S following the nomic recovery have pushed -4 travel stocks.The German MARKETS vaccine rollout bond yields higher in recent government imposed another butemphasized weeks,posing achallengeto 9:30 a.m. noon 4p.m. four-week lockdown, with re- AUCTION RESULTS Here are the results of Tuesday's Treasury auctions. that theU.S.recoveryisfar tech companies and other in- Source:FactSet strictions over the Easter holi- All bids are awarded at a single price at the market- from complete. dustries that benefitedfrom day. clearing yield. Rates are determined by the difference between that price and the face value. Mr.Powell also said he lowborrowing costs. coming summer season. Car- agood strong bit of evidence, Among European equities, 52-WEEK BILLS doesn’t expect the $1.9trillion “The major storyisstill nival Corp.dropped $2.15,or but the market is going to Swedish automaker Volvo Applications $119,012,771,600 stimulus packagewill lead to what’shappening in bond 7.8%, to $25.33, and RoyalCa- want to start to back up these tumbled 7% aftersaying that Accepted bids $35,210,626,200 " noncompetitively $248,621,600 an unwelcome increase in in- yields,” said Edward Park, ribbean Group shed $5,or hugepricemoves we’veseen the global chip shortage " foreign noncompetitively $3,200,000 flation butemphasized that chief investment officer at 5.6%, to $83.90. with some real earningsand prompted it to reduceproduc- Auction price (rate) 99.929222 (0.070%) thecentral bank has tools to Brooks Macdonald. “Inflation Though manyinvestorsstill seeing some real growth.” tion in the second quarter. Coupon equivalent 0.071% deal with rising pricepres- expectations have markedly expect abig economic re- In commodities,Brent- Turkey’s benchmark stock Bids at clearing yield accepted 22.27% sures if necessary. risen, so the big question in bound in 2021, some saythey crudefutures,the interna- indexfell 0.1%, extending de- Cusip number 912796F38 The bills, dated March 25, 2021, mature on March 24, Investorsare also reassess- themarket has been: What arestill awaiting moreproof. tional energy benchmark, clines afterPresident Recep 2022. ing their expectations fora will theFed do?” “I want to see moredata dropped 5.9% to $60.79abar- Tayyip Erdogan replaced the TWO-YEAR NOTES fast and widespread global re- ViacomCBS Inc.dropped confirming the strong recov- rel. Aftersurging formuch of central bank chief.Ithas lost Applications $163,322,070,000 covery,which had led to rising $9.09, or 9.1%, to $91.25,after ery, because Idothink we’ve 2021, oil prices have slid back roughly 10% this week so far. Accepted bids $70,774,350,800 " noncompetitively $104,182,700 betsearlier this year that the media conglomeratesaid gone about as far as we can in recent days.Analystsand TheTurkish liradepreciated " foreign noncompetitively $100,000,000 companies sensitivetoaneco- it would sell $2 billion of go without starting to see the tradersattributethe retreat 0.9% against the dollar,after Auction price (rate) 99.946102 (0.152%) nomic recovery would benefit. common shares and $1 billion evidence,” said Tim Courtney, to softening purchases of plunging 7. 5% on Mondayin Interest rate 0.125% RisingCovid-19 cases in Eu- of preferred stock. chief investment officer at Ex- crude by refinersinAsia, the biggest single-dayselloff Bids at clearing yield accepted 47.89% rope and recent extensions to Cruise line shares arefall- encial Wealth Advisors. “The Covid-19 restrictions that in nearly three years. Cusip number 91282CBU4 The notes, dated March 31, 2021, mature on March 31, lockdowns in Germany, France ing amid doubtsabout the fourth quarter earningswere threaten to knock demand in TheNew Zealand dollar de- 2023.

Long Daily purchases of Norwegian krone by the central bank 2.5billion kroner

Rally 2.0

Shifts 1.5

1.0 ContinuedfrompageB1 S surged, including energy and NEW

financials. G Driving investors’ interest in 0.5

technologyand growth stocks OOMBER

last year wasabelief that the /BL

0 ER

Covid-19 pandemic had acceler- EG Jan.2019'20 '21 ated trends that many expect JA

will persist. With morecon- $1 =8.56kroner ODIN sumers working from home Source:Russell Investments A key reason for the country’s ability to weather the shock is its sovereign-wealth fund. and shopping online,investors piled intoshares including Zoom Video Communications Norway Central Bank LooksBeyond Covid-19 Inc.,Amazon.comInc., Micro- softCorp.and PayPal Holdings Inc. BY ANNA HIRTENSTEIN areexpecting the currencyto faster,analystssaid. Investorswerewidely ex- hikes.” Meanwhile,some investors’ strengthen further this year. Akey reason forthe coun- pecting the Norwegian central While Norway’s bond mar- fear of missing out helped Norway’s central bank has On Tuesday, it depreciated try’sability to weather the bank to raise interest rates, ketissmall due to itsincome sustaingrowthstocks’ rise. signaled that it plans to take against the dollar. shockisits sovereign-wealth but not this fast. Manywere from natural resources, the Companiessuch as electric- the plungebymaking the “The economyhas weath- fund, which manages over $1.2 positioned forthe differential country’sdebt could draw vehicle makersTesla Inc.and countrythe firstdeveloped na- ered thecrisis very well and trillion.The government was between Norway’s policyrate moreinterest from investors NIO Inc., as well as fuel-cell tion to shiftfrompandemic- this is hawkishly acknowl- able to tapthe fund forfiscal and the rest of Europe to as the central bank raises rates companyPlug PowerInc., erapolicyand raise interest edged by NorgesBank,” said support without having to take widen by buying the krone, and yields rise,especially as quickly became favorites,in ratesbythe end of the year. Vasileios Gkionakis, global on moredebt. Thecentral said Andreas Koenig,head of manyother European bond part because of interest from Theoil-rich country’scen- head of foreign-exchange bank on behalf of the govern- global foreign exchangeat yields arecurrently in nega- moreindividual investors. tral bank,NorgesBank,said strategyatLombardOdier. ment morethan tripled its Amundi. Abiggerdifferenceis tive territory. All three stocks surged Thursdaythat a “It’salso areflation trade, daily purchases of itsown cur- likely to attractmoreforeign “They look attractivecom- 840% or morefromlast year’s CURRENCIES faster-than-ex- commodity countries aregoing rencylast summer,compared capital, he said. Mr. Koenig pared to Europe” at all maturi- trough until Feb. 12. They pected pickup in to do well. This is clearly bull- with the level at the end of currently owns morekrone ties,said Helen Anthony, a have sinceretreated. global economic activity cou- ish forthe Norwegian krone.” 2019. than the benchmark he tracks. fixed income portfolio man- Therecent pullback in tech pled with notable growth in Norway’s economyshrank The biggest source of in- Some aremoreskeptical ager at Janus Henderson. Nor- and growth stocks comes domestic house prices have 2.5% in 2020,according to come forthe sovereign-wealth about the krone’s direction. wegian bonds “look really at- amid mounting concerns prompted it to advanceplans central bank data. While it was fund has been Norway’s oil- “The issue going forward is tractive on aglobal basis,up to boost interest rates from the country’s worst decline and-gas industry, which is the howmuch canthe central to the five-year point.” zero. since 1944, it was less than largest in Western Europe. bank deviate from other cen- But they arestill outshone Rising interest rates TheNorwegian krone nearly everyother nation in Norway’s grossdomestic prod- tral banks without putting too by rising yields in the U.S., briefly strengthened, rising the region. Theeurozone’s uct and currencyfluctuate much pressureonthe cur- which aremaking longer-dated are problematic for 0.6% against the euroand 0.7% economycompressed 6.8% last with oil prices. Brent crude rency,” said Svein AageAanes, Treasurybonds look even growth and tech against the dollar,beforefall- year, according to the latest has risen about 20% this year, head of fixedincome at DNB moreappealing,she said. The ing back as benchmark oil estimates from the European as tradersincreasingly expect Asset Management. “There’s U.S. benchmark 10-year yield companies. prices tanked on concerns of Commission. Norway’s relative energy demand to pick up in clearly apossibility that it wasat1.655% Tuesday, com- longer-running energy demand resilience means that it can line with aglobal economic re- could be harder than expected pared with 1.404% forthe Nor- shocks.Investorsand analysts rein in loose monetarypolicy covery. to actually deliver those wegian equivalent.

about inflation, as both eco- nomic activity and Covid-19 vaccine distribution pick up. London MetalMarketLikelytoScale Back Changes Government bond yields have climbed, with the yield on the benchmark 10-year Treasury BY JOE WALLACE with that on other exchanges. Change in priceon 80% the trading ring open forafew notesurpassing 1.7% forthe But that proposal faces fierce London Metal Exchange moreyearsfollowing the out- firsttime in morethan ayear. Plans for the biggest over- opposition from brokers, who cryand maynot proceed with Risinginterest ratesare haul of the London Metal Ex- sayitwould hamper their the changetomargin pay- 60 particularly problematic for changeinover20yearsare ability to lend to small and Tin ments, according to a person growth and technologycom- likely to be pared back follow- medium-sizeclientsinthe familiar with the matter. Offi- panies,inpart because their ing an outcrybyaninfluential metals industry. Without being Copper cials intend to set out concrete earningsare expected to come group of traders. able to offer credit to compa- 40 plans by the end of June. further in the future. Rising Theproposed changes,out- nies likerecyclers, the ex- TheLME’sendeavors to re- yields increase the value of lined by LME Chief Executive change’sties to the physical cast itself have grownmore currentearningsrelativeto MatthewChamberlain in Janu- market would fray,brokers Aluminum imperativeasnew competition 20 futureones. ary, areaimed at enticing more and industrygroups including Nickel surfaces.Some trading execu- Investors’ changing focus money managerslikehedge the German Federation of tives expect anew copper con- has helped fuel arise in more funds to Metal Traderssay. tract on China’s International economically sensitivecompa- COMMODITIES speculateon “A lot of the small and mid- 0 Energy Exchange, forinstance, nies that areexpected to ben- prices for dle-sized entities rely on the to pose a long-term challenge efit, as the economymore copper and aluminum on the credit from the LME brokers,” to the status of LME prices as fully reopens. exchange. He is trying to draw said Kevin Tuohy, co-head of -20 the benchmark used in metal SinceFeb.12, the Russell anew clientele and boost trad- base metals at financial ser- deals.China accountsfor 1000 Value Index, which mea- ing volumes in the faceofcom- vices provider StoneX Group. about half of global demand sures the performanceof petition from ComexinNew Other proposals include for refined copper. large-cap value companies, York and the Shanghai Futures permanently closing the LME’s -40 For now, the LME remains has climbed 2.7%. Itsgrowth Exchangeand Shanghai Inter- storied open-outcryring, 2020 '21 the dominant venue formetal counterpart, the Russell 1000 national Energy Exchange. formed by atight circle of red Source:FactSet producers, fabricatorsand Growth Index, has fallen 5.3%. Quirks in market structure leather couches around which consumers. When companies On ayear-to-datebasis,the that evolved to meet the needs tradersgather to swapmetals moves,dealersopposed to the advisinginvestorstoplacewa- buy and sell base metals,they Russell 1000 Value Indexis of miners and smeltersinstead by shouting or using hand sig- plan say. Higher chargesfor gers on copper,nickel and oftendosoatapremium to outperforming itsgrowthpeer of money managershavemade nals.The exchangealso is telephone transactions could other base metals that will be LME prices.The exchange’s by the widest margin since some investorsreluctant to looking to bump up fees for end up pushing more trading required in vast quantities to forwardcontractsare there- 2001, according to aDow trade in the 144-year-old mar- telephone trades to funnel off the LME altogether,ac- decarbonizethe world econ- fore anaturalvehicle forlock- Jones Market Dataanalysis of ketplace. more activity ontoits elec- cording to some brokers. omyinthe coming decades. ing in prices on futuredeliver- the period ending March 23. Fund managersare cheer- tronic platform. Tradersare debating the Some investorsalso viewcom- ies of refined copper, Among the sectorsthat ing a suggestion to bring the Scrapping the ring would LME’sproposals at atime modities as a potential hedge aluminum or lead. have benefited the most from way the LME, owned by Hong makeitmoredifficult forbro- when copper prices have against declines in stocks and But the exchangefaces a the recent rotation intovalue Kong Exchanges and Clearing kers to makecomplextrades soared close to record highs, bonds,which have moved in test in luring investors while stocks: financials and energy Ltd. since2012, calculates that protectclientssuch as fueled by the rebound in tandem in recent months. stillcateringtoits traditional companies. margin paymentsintoline miners against adverse price China’seconomy. Analystsare TheLME is likely to keep physical users and brokers. P2JW083000-0-B01200-1------XA

B12 | We dnesday, March 24, 2021 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Inventories Fuel Uranium Prospects

Future demand growth is hard to predict, but a couple of years’ worth of supply discipline provides reason for optimism

It has been just over a decade Spoturanium (U3O8)price since the Fukushima nuclear acci- $90per pound dent and the nuclear fuel industry is cautiously betting its prospects have finally recovered. 80 Some of the optimism canbe seen in the sharepriceofCanadian 70 company Cameco,one of the larg- est minersofuranium behind num- ber one producer Kazatomprom, a 60 state-run companyinKazakhstan. Cameco’sU.S.-listed shares rose 50 170% over the past year,tolevels notseen since2014. 40 Thelast time Camecosaw posi- tiveyear-over-year net income growth was2015,when the spot 30

priceofuranium oxide hovered GES

above$35 apound formost of the IMA 20 year.Sincethen, the commodity’s ETTY

pricehas mostly stayed below$30, /G 10

though it seems to be recovering RBIS

quickly.AsofMonday, the spot CO

pricewas $29.60apound, up 7. 3% GLA/ 0 in one week,according to nuclear- BA 2010 '15'20 fuel market-research firm UxC. VA LLA

Uranium is mostly sold on con- PA Note:Figures through March 22. tractswith utilities rather than via Some countries reprocess used fuel rods rather than buy newly mined uranium. A processing facility in India. Source:UxC the spot market. Jonathan Hinze, president of UxC, notes that among significant uranium sourcesthat million pounds were locked up un- related stocks,says it is possible to intocost overruns and delays. nonsubsidized mines,the all-in utilities,suppliersand intermediar- der long-term contractswith suppli- be bullish on uranium minerseven Rather than pinning all hopes on cost of production canrangeany- ies stockpiled over the years. ers, according to UxC’sestimates. aftermodeling sharp declines in nu- the future, arealistic reason forop- wherefrom$10 apound up to $38. Another source of uncertainty is Expectations forso-called uncovered clear generation in the U.S. and timism is in the steady cutback of Thesupply-demand pictureap- in fuel supply from secondary uranium requirements, the amount partsofEurope.“We’refacing a uranium mining in recent yearsaf- pearsunchanged from 2020,but this sources, including tailings from that nuclear-powerplantsrequire structurally undersupplied market teryearsofoversupply.Since2016, masks the underlying dynamics of previously processed uranium that but don’t have contractsfor,are ex- over the next couple of years, even the world has progressively dug an opaque and long-cycle industry. can be enriched. Some countries pected to reach 33% of demand in thenextdecades,” he notes. lessand lessore with the exception In 2021 global uranium demand is supplement their needs by repro- 2025 and 81% by 2035. TheWorld Nuclear Association of 2019,when supply wasbumped expected to shrink slightly to 178 cessing used fuel rods rather than Thepowersource’s futureis estimates roughly 50 nuclear reac- up only slightly,according to data million pounds from 2020’s181 mil- buying newly mined uranium. tough to predict. Azero-emissions tors arebeing constructed in 16 from the World Nuclear Associa- lion pounds,with supply—both from While estimating the global push creates abullish backdrop. countries compared with about 440 tion. Compared to 2016,the world mining and from secondary stockpile is tricky, thereare indica- Fearsofnuclear powerfollowing operating today, including substan- mined 12.2% lessuranium in 2019. sources—staying constant around tions that inventoryisshrinking. Fukushima still loom large,though. tial capacity in China and the United For uranium, hopes for better 166 million pounds,according to Over the past five years, roughly 815 Adam Rodman, chief investment of- Arab Emirates.Yet nuclear-power market conditions spring not from UxC. Though that makes it seem like million pounds of uranium were ficerofSegraCapital,who oversees projectsare notorious forbeing can- a bullish future but from the bleak demand exceeds supply,thereare consumed in reactors, while 390 afund dedicated to nuclear energy- celed or postponed, oftenrunning past. —Jinjoo Lee Flexible OfficesWill Be Full AfterCovid-19 AstraZeneca Data Snafu If the sector finds itself in a new sweet spot, the old problem of intense competition will likely return Likely Co-working and flexible-office Share-priceperformanceofofficelandlords demic.Companies such as Google providers were hit hard and fast areopting foraso-called hub and by last year’s shift to remote 20% spokemodel: keeping acentral of- To Linger working. Their challenge as busi- fice as well as lotsofsmaller satel- ness recovers may be a more litelocations.This model could play crowded market. 0 to IWG’sstrengths.Itrecently AstraZeneca’s vaccine data flap Companies such as WeWork— signed adeal with StandardChar- is unlikely to cost the company which is in talks to go public,The teredBank that gives the bank’s much, at least in the near term. -20 IWG Wall Street Journal reported in Jan- DerwentLondon employees access to IWG’sglobal Wall Street should be paying close uary—and Regus owner IWG had a network of offices. attention anyway. SL GreenRealty harsher pandemic than regular of- -40 The alternative for companies is U.S. officials said they were told fice landlords.Ariskybusiness GreatPortland Estates to keep a large central office and AstraZenecamay have released out- model wherethey sign long leases ask workers to split their time be- dated information about trial results and sublet spaceonshort-term con- -60 tween this main base and home. forits Covid-19 vaccine—a surprise tractsmeant that manyoftheir ten- Landlords who own centrally lo- disclosurethat cast doubt on the antsbailed out quickly.WeWork’s cated office blocks will make it company’sassertion aday before global occupancyratedropped to -80 their business to promotethe ben- that resultsshowedthe shot to be 47%atthe end of 2020 and it lost Feb. 2020 '21 efits of this option, luring tenants highly effective. AstraZenecasaid in $3.2 billion, according to an investor with looser terms where neces- response it would shareanew anal- pitch seen by the Financial Times. Source:FactSet sary. London-based Great Port- ysis of the datawithin 48 hours. IWGalso racked up big losses. land Estates plans to almost dou- This situation is unusual, but in- They reacted to the crisis by even as tower blocks sat empty. time between home and the office ble the size of its pre-pandemic vestorscould find reasons not to slashing their capital spending and Investors are warming to flexi- in future. Some may turn to looser flexible office business to around worry: It won’t affect the company’s footprint where possible: Around ble-office providers, though. After office arrangements longer term, 20% of its total portfolio. finances in the short term. TheAs- 7% of all space returned to the plunging last spring, IWG’s stock accelerating a trend already build- The rise of WeWork a few years traZenecaCovid-19 vaccine has been Manhattan office market from has recovered and is now slightly ing before the pandemic. Real-es- ago attracted lots of imitators: widely used in places such as the March 2020 through February this up against the likes of Derwent tate analytics firm Green Street es- There is nothing complicated U.K.,and AnthonyFauci, the U.S.’s year came from flexible providers, and SL Green since February 2020, timates that flexible leases will about leasing an office and refur- topinfectious-disease expert, said Colliers data shows. By compari- before pandemic fears set in. grow from around 2% of total U.S. bishing it for itinerant tech work- Tuesdaythe vaccine is still likely son, traditional landlords have As long as work patterns re- office space today to one-tenth by ers. If the sector finds itself in a safeand effective. been cushioned by serving blue- main up in the air, the kind of ser- the end of the decade. new sweet spot, particularly one Those reasons make some chip tenants locked into long vice the likes of IWG provide may But it is tooearly to saywhether that takes business away from es- sense, but are ultimately short leases. U.K.-based Derwent Lon- be more in demand. Few compa- flexible-officeprovidersthemselves tablished landlords, the old prob- sighted. Data that can be trusted is don and New York-focused SL nies will be in a rush to sign a 10- will be the biggest winners. Alot lem of intense competition will the backbone of the pharmaceuti- Green both collected over 90% of year lease until they understand depends on which newworking ar- likely return with a vengeance. cals business; clinicians, regulators the rent they were due last year, how employees will divide their rangement dominates afterthe pan- —Carol Ryan and the general public must be able to trust that clinical results are valid to sell, approve or take medication. Concerns about data integrity are rare even for small The Housing Market Can Weather This biotechs. In the modern era, any issues on this front surrounding a giant like AstraZeneca are un- thinkable, and especially worri- The housing market is facing Average rate on a30-year in Texas without power,than any- important thingsgoing forit. First, some during a pandemic. rising interest rates, higher mate- fixed mortgage thing else.Evenso, home sales were even though mortgagerates have Doubtsabout integrity arehard rial costs and the simple fact that 20% RECESSION still substantially higher in February risen, outside of the past year,they to removeoncesowed. And agood the flurry of pandemic buying than they were ayear earlier,before areattheir lowest levels in the his- working relationship with U.S. drug probably pulled some demand for- the pandemic struck. tory of Freddie Mac data. One re- regulatorsisessential even forover- ward. But rather than a perfect The bigger concern is that with sult of this,pointsout Evercore ISI seas companies,sincethat is by far storm, those things may amount to 15 the spring selling season just analyst Stephen Kim, is that com- the world’smost lucrativemarket no more than a passing rain. starting, a confluence of factors pared with 2018 manyfewerhome- forpharmaceuticals.Aslowerdrug- Theyear sincethe Covid-19 cri- could hurt demand. ownershavealowermortgagerate approval process—almost agiven sis struck has been perversely good Borrowing costshavegone up, nowthan what is prevailing in the forAstraZenecagoing forward— 10 forthe housing market. Thecombi- with the averagerateona30-year market, adisincentivetobuy. makes it harder to competewith ri- nation of record-lowmortgage fixedmortgagerising to 3.09% from Moreover,the combination of re- vals developing other drugs. ratesand urbanites seeking more 2.65% earlierthis year,according to duced spending opportunities and And investorswho dismissthe spaceinthe suburbs helped fuel 5 Freddie Mac,and looking likely to government support led many current imbroglio aretaking arisk demand. And because job losses head higher still. That brings back Americans to save moreduring the that asimilar problem won’t emerge were lesspronounced among the memories of 2018,when the 30- pandemic while boosting their cred- in morelucrativeareas of the Astra- higher-income workerswho make year rate climbed afull percentage itworthiness.Asvaccinations con- Zenecabusiness. Forexample,the up the bulk of home buyers, the 0 point. Prices forlumber and other tinue and moresegmentsofthe company’soncologysales reached downturn didn’t createthe sort of 1975 '80'90 2000 '10'20 materials have shot up,prompting economyreopen, the hesitancysome $11.5billion in 2020,good for23% stumbling block housing typically Source:Freddie Mac via St.Louis Fed some home builderstoraise prices. people probably felt about buying a growth from ayear earlier.Ifdata runs up against during arecession. Finally,some home sales that typi- home will likely fade. Astrong econ- issues were to emerge on that front, TheNational Association of Real- Tuesdaythe Commerce Department cally come in the spring,such as by omyitself is no bad thing forthe the stock would getstung hard. tors on Mondayreported that sea- reported the same of Februarynew- parentsofyoung children seeking housing market. Housing might not With shares down 3.5% on Tues- sonally adjusted sales of existing,or home sales.Those drops were likely out spaceand schools in the sub- boom over the next year likeitdid day, investorscan still learn their previouslyowned, homes took astep due moretobad weather,including urbs,may have already happened. in the past year,but it could still do lesson the easy way. down in February from January, and the storm that leftmillions of people Even so,housing still has some just fine. —Justin Lahart —Charley Grant