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DJIA 34269.16 g 473.66 1.4% NASDAQ 13389.43 g 0.1% STOXX 600 436.61 g 2.0% 10-YR. TREAS. g 6/32 , yield 1.623% OIL $65.28 À $0.36 GOLD $1,835.90 g $1.60 EURO $1.2151 YEN 108.62 GasLines Grow on East CoastasFuel Pipeline Remains Shut Fighting What’s News Between Israel, Business&Finance Hamas .S.home prices rose Unearly everywhereinthe firstquarter,arapid price Escalates appreciation that shows little sign of fading soon with limited housing inven- Broader conflict looms tory and robust demand. A1 GES as airstrikes pummel  Americans are paying IMA down their credit-card targets in Gaza after debt at levels not seen in GETTY SE/ rockets reach Tel Aviv years, denting card issu- ers’ interest income. A1 BY FELICIA SCHWARTZ  The Dow sank 1.4% as ANCE-PRES FR inflation concerns dragged TEL AVIV—Fighting be-

down U.S. stock indexes. The GENCE tween Israel and Hamas inten- S&P 500 and Nasdaq fell 0.9% /A sified, with the Palestinian mil- US and 0.1%, respectively. B1 itant group launching hundreds CYR of rocketsfromGazaand Israel

 China’sfactory-gate prices GAN responding with airstrikes that jumped by the most in 3½ LO RESERVE: Drivers in Charlotte, N.C., above, and other parts of the East Coast lined up at gasoline stations on Tuesday, in have nowkilled morethan 25 yearsinApril, raising worries preparation for what could be a weeklong shutdown of the nation’s largest fuel pipeline because of a cyberattack. A3 people,asthe two sides pre- that inflationarypressures paredfor awider conflict. could spread globally. A8 Therocket fire reached cen-  Jobopeningshit are- tral Israel and the coastal city cord 8.1million at the end of TelAviv on Tuesdayeve- of March, reflecting awid- As Ransomware AttacksRise, ning, killing three Israelis. Si- ening gapbetween open rens blared, loud booms could positions and workerswill- be heardacrossthe city and ing and able to fill them. A2 light streaks from the missiles  MoreRepublican-led Consequences GetMoreSevere and Israel’sIronDome defense states arerejecting enhanced system crossed overhead in federal unemployment the night sky. payments, saying they pro- Thecyberattack that minating in Friday’sshutdown Hackers have grown adept senior JusticeDepartment of- Hamas,which rules Gaza, vide an incentivefor some knocked offline an essential of acritical gasoline pipeline at communicating about vul- ficial likened the phenomenon said it launched 130 missiles at people to avoid work. A2 gasoline pipeline shows how to the U.S. East Coast. The nerabilities on the so-called to “cyber weapons of massde- TelAviv and itssurroundings the dangerous,professional- pipeline’soperator,Colonial Dark Web, a network of com- struction.” on Tuesdayinresponse to  L Brands said that it is scale hack-for-ransom threat Pipeline Co., hassaid service putersthat canshareinforma- Thereisnoofficial U.S. what it said wasthe Israeli spinning off the Victoria’s is spreading rapidly,targeting could be offline until week’s tion anonymously. The ability clearinghouse to track ran- military’stargeting of civilian Secret business to its ex- end, threatening to raise to demand payment in crypto- somwarecases,but nearly buildings. isting shareholders. B1 By Robert McMillan, prices at the pump formil- currencylimitslaw-enforce- 2,500 were reported to the Thefighting,the biggest es-  Beijing is giving Sweden a Dustin Volz lions of people. ment tracking.And the growth Federal Bureau of Investiga- calation since2019,stems last chancetoreverse itsHua- and Tawnell D. Hobbs Attacks aregrowing in in insurancepolicies that tion last year,anincrease of from frustrations old and new, weiban, aChinese media out- number and scale as millions coverransomware payments 66% from 2019. with Palestinian grievances let said, raising the prospect of companies, schools, hospitals of people across the country hashelped seed an increas- While precise dataonat- over what they see as yearsof retaliation against Ericsson. B1 and other U.S. institutions. work or attend school re- ingly professionalized ransom- tacks areoften difficult to effortsbyIsrael to push them While ransomware has long motely,insome cases opening ware industry. come by,partly due to the de- out of Jerusalem fanned by a World-Wide been achallengefor small back doors to networks with- Senior officials in the Biden sirefor secrecyamong both PleaseturntopageA7 businesses,aconfluenceof out corporate or institutional administration have said that perpetratorsand victims,ran- factorshas emboldened at- security protections, security on itscurrent trajectory, the somware victims paid hackers  Biden administration faces  Fighting between Israel tackersinthe past year,cul- researchers said. problem will only getworse.A PleaseturntopageA5 Russian test overSyria aid... A7 and Hamas intensified, with the Palestinian militant group launching hundreds Inflation Fears of rocketsfromGazaand Is- Credit-CardDebt Home Prices Surge rael responding with air- Hit Stocks strikes,asthe two sides pre- pared forawider conflict. A1 A selloff in tech companies Falls, Bruising Banks spread to other sectors. B1 Across the Nation  ADallas judgedismissed the NRA’s chapter 11 case, BY ANNAMARIA ANDRIOTIS credit-cardbalances it had at calling into question the DowJones Industrial Average the beginning of March were group’splan to reincorporate Amid Tight Market Americans arepaying down paid off by the end of the in Texas as it faces allegations 35000 their credit-carddebt at levels month, which the companyde- of spending abuses and mis- not seen in years. That is good scribed as historically high. The BY NICOLE FRIEDMAN pandemic continues to reshape management in NewYork. A6 news for everyone but credit- companies’ calculations are howand wheremanypeople  ASenate panel deadlocked card issuers. based on the credit-cardbal- 34800 U.S. home prices rose nearly want to live. Remotework along party lines over a Large card issuers that ca- ancesthat they packaged into everywhereinthe firstquar- prompted buyerstoseek out Democratic election bill, in- tertoborrowers ranging from securities and sold to investors. ter, arapid priceappreciation morespace, while pandemic- Tuesday dicating the challenges party the affluent to the subprime SynchronyFinancial,the 34600 that shows little sign of fading related restrictions made vaca- leaderswill have passing it said that overall card bal- largest issuer of storecredit 34269.16 soon with limited housing in- tion houses moredesirable, through the full chamber. A4 ances—and thus the firms’ in- cards in the U.S.,said payment –1.4% ventoryand robust demand. real-estateagentssaid. terest income—are falling. To rateshavebeen higher than The median sales price for The housing boom has been  Rep. Liz Cheneydelivered makeupfor it, issuersare they averaged beforethe pan- 34400 existing single-family homes unusually widespread,with adefiant speech on the eve spending moreonmarketing demic. washigher in the quarter lowmortgagerates fueling of a vote that is expected and loosening their underwrit- Cardbalances at the three compared with a year earlier strong buyer interest across to oust her from the House ing standards. companies were down 9%, 17% 34200 for182 of the 183 metroareas the U.S.,especially forhigh- GOP’s leadership ranks. A4 Discover Financial Services and 7% in the firstquarter tracked by the National Asso- end properties.  Uber and Lyft will make said on itsearningscall last from ayear prior,respectively. ciation of Realtors, the group But first-time buyersinpar- all rides to and from Covid-19 monththat the shareofcard Theresultsreflect the pan- said Tuesday. In 89% of those ticular have struggled to keep 34000 Five-minuteintervals vaccination sites free until balances that were paid off at demic’s topsy-turvy effect on metroareas,median prices up with soaring prices,and July 4under anew partner- the end of the firstquarter was consumer finances.Ayear ago, Mon. Tues. rose by morethan 10% from a PleaseturntopageA4 ship with the WhiteHouse. A5 at thehighest level since2000. lendersexpected delinquen- Source:FactSet year earlier. Capital One Financial Corp. cies to surge and manybor- This week’spricedatawere  Heardonthe Street: Mortgage  Thenumber of migrant said that nearly half of the PleaseturntopageA2 the latest confirmation that the lenders need morevolume.. B12 families and unaccompanied children crossing theborder il- legally dropped in April forthe firsttime in nearly ayear. A6 Eager to Finally Say ‘I Do’? So Is Everyone Else INSIDE  Michigan’s governor iii threatened to seize profits from Enbridgeifitcontinues Va ccines trigger wedding boom, swamping caterers, dressmakers to operateapipeline through the Great Lakes after a

Wednesday deadline. A3 BY RAY A. SMITH Couples who put off ceremo- day.” GES

nies during the pandemic are After so many false starts, IMA CONTENTS Personal Journal A13-14 Afterayear of don’ts, competing with otherswho brides and grooms areeager

Arts in Review... A15 Property Report... B6 ETTY

Business News.. B3,5 Sports...... A16 brides and grooms arelining gotengaged during the lock- to get the show on the road. /G Crossword...... A16 Technology...... B4 up in a big way to say “I do.” down and those who had “I’m so excited for it to fi- Heard on Street.B12 U.S. News...... A2-6 RNER

Wedding caterers and ven- planned 2021 weddingsall nally be here,” said JoLissa VA Markets...... B11 Weather...... A16

ues arebooked solid. Sign-ups along. Jones, who married on Satur- CK

Opinion...... A17-19 World News..... A7-12 GAN on wedding-registrysites and So long,weekend wedding. dayafter postponing her wed- TO ME IS platforms aresoaring.Design- “Monday is the new Saturday ding twicein2020.“We > ers are racing to outfit bridal in Palm Beach,” said Caroline wanted April, but April wasall PERSONAL JOURNAL U.S. NEWS parties.And invited guests, Scarpinato, director of event booked up.” Thesave-the-date Parentslook to stave Districtattorneysays sick of being cooped up during services at the Breakers Palm postcards sent out by the 32- offheadphone-related Atlanta spa shootings the pandemic,are eager to Beach, aFlorida resort. “With year-old Houston criminal-de- join the party. such limited availability, cou- fense lawyer and her fiancé, hearing lossin will be prosecuted as s 2021 Dow Jones & Company, Inc. All Rights Reserved Theresult is alogjam of de- ples arewilling to host their Bradley White, read: “Third children. A13 hate crimes. A3 mand forvenues and services. event on a Monday or Thurs- PleaseturntopageA13 P2JW132000-4-A00200-1------XA

A2 | We dnesday, May 12, 2021 **** THE WALL STREET JOURNAL. U.S. NEWS Job Openings Rise as Hiring Cools StatesEnd Enhanced BY ERIC MORATH President Biden on Monday said he didn’t see evidence Job openings reached a re- that joblessbenefitswere Aid forthe cord 8.1 million at the end of keeping Americans from ap- March, reflecting awidening plying for jobs. gapbetween open positions The National Federation of Jobless and workers willing and able Independent Businesssaid to take those roles. Tuesdaythat 44% of small- BY JOHN MCCORMICK Available jobs rose by a business owners reported job AND SARAH CHANEY CAMBON seasonally adjusted 600,000 in openings they couldn’t fill in March to exceed the prior re- April, the highest level in re- MoreRepublican-led states cord of 7.6million set in No- cordsdating back to the 1970s. arerejecting enhanced federal vember 2018,the Labor De- “Finding qualified employees Covid-19 pandemic unemploy- partment said Tuesday. Data remains the biggest challenge ment payments, saying the ex- from job search siteIn- forsmall businesses and is tra$300-a-week supplement is deed.comseparately showed slowing economic growth,” providing an incentivefor job posting continued to rise NFIB chief economist Bill Dun- some people to avoid work as in April, ending the month kelbergsaid. “Ownersare rais- employers arestruggling to

24%higher than February S ingcompensation, offering bo- find labor. 2020’s pre-pandemic level. nuses and benefitstoattract On Tuesday, Iowa and Ten- PRES TheLabor Department said the right employees.” nessee joined the list of at the highest rate of open jobs TED Thenumber of job openings least nine states that aremov- CIA

wasinthe South, while the SO appearsatodds with April’s ing toward the elimination of strongest growth in openings AS lackluster hiring figures. Earn- the extrabenefitsahead of the

wasinthe Northeast. Govern- ALM/ ingsand hoursworked also program’sscheduled expiration

ment and privatedatashowed HW rose in April, and the rate at in September.The U.S. Cham- SC

increasing openingsincon- Y which workersquit their ber of Commerce has also

struction, manufacturing and MAR jobs—a proxyfor confidence called foranend to the bonus. hospitality. A Manchester, N.H., employment center. Hiring cooled to a seasonally adjusted 266,000 in April. in the labor market—increased “Federal pandemic-related Thegrowthinavailable to 2.4% in March, matching a unemployment benefit pro- jobs came as hiring cooled to a Therewerestill moreun- Change in job openings from Feb. 1, 2020, Production, record high. Those areall gramsinitially provided dis- seasonally adjusted 266,000 in employedAmericans—9.7 mil- in selected sectors manufacturing signsofatightening labor placed Iowans with crucial as- April from again of 770,000 lion in March—than open jobs, Loading, market. sistancewhen the pandemic the prior month, the Labor De- but thereare factorsecono- 50% stocking Some economiststhink the began,” Iowa RepublicanGov. partment said last week. mistssee forwhy workers Construction Labor Department maybe Kim Reynolds said in calling for “Employers arelooking to aren’t taking available posi- struggling to collect the data the pandemic-related benefit to hire, but temporaryfactorsare tions.Those include expanded 25 Child care andadjust it forseasonal ef- end June 12. “But nowthat our making people alittle hesitant unemployment benefits, fear fectsduring atime of rapid businesses and schools have re- to take jobs,” said Nick Bun- of contracting Covid-19 and a change. opened, these paymentsare ker, an economist at Indeed. lack of child care. “Our sense is therewas discouraging people from re- The number of available jobs Some unemployed workers 0 something going on with the turning to work.” “shows howdifficult it is to may not have the skills or de- Hospitality, seasonal adjustment process,” President Biden on Monday turn openings into hires.” sire to take available jobs in tourism RBC Capital Marketschief U.S. defended the enhanced bene- Therateofopenings, or fields such as manufacturing, –25 economist TomPorcelli wrote fits and said his administra- available jobs as ashareofall which added 134,000 available in anotetoclientsonMonday. tion would makeclear that filled and unfilled positions, jobs in March, or construction, The U.S. lost more than 20 people can’t turn down suit- wasalso arecordat5.3%in which added 72,000. –50 million jobs ayear agoinApril able jobs and keep collecting March. That is above the pre- Openingsinaccommodation at the start of the pandemic. benefits, except in specific cir- pandemic peak of 4.8% in late and food servicerose by TheLabor Department’s cumstances.His Democratic 2018,when the unemployment 185,000 in March to nearly one statistical armhas tweaked administration has said that –75 rate approached a50-year low. million. However, average howitseasonally adjusted other factorsare keeping TheSouth maintained the hourly wagesinthat sector, Feb. 2020 Jan. ’21 payroll dataduring the pan- workersonthe sidelines,such highest openingsrate, at 5.5% $16.63 an hour in March, was Source:Indeed demic and said moreofits as fear of getting sick during in March. That region broadly in line with what manypeople dataiscollected through the the pandemic and alack of has had fewerrestrictions and receiving unemployment bene- industry were more than $22 ing labor supply—should be internet rather than personal full-time child care. reopened from pandemic-re- fits receive, and workersoften an hour in March, and there temporary. A$300 enhance- outreach.However, seasonal Iowa’s unemployment rate lated restrictions ahead of start at lower wages. were about 350,000 jobs avail- ment to weekly jobless bene- adjustmentsused forthe April was3.7%inMarch, the most other partsofthe country. The A lack of available workers able in the broader transpor- fits and anearly 18-month ex- figureswereinline with ad- recent month available,well openingsrateinthe Northeast for restaurants could also re- tation, warehousing and utili- tension of paymentsfor some justmentsmade historically, below the national average of rose to 5.4% in March from flect that prospectiveemploy- ties sector. workers expireinearly Sep- Bureau of Labor Statistics 6% that month. The rate also 4.7% theprior month. The ees found better-paying jobs Mr.Bunker said that pan- tember.Most studentsare economist Angie Clinton said. isn’t much higher than the West had the lowest openings at warehouses and other em- demic-related unemployment also expected to attend school 2.9% recorded in the state rate,5.1%, but that waswell up ployers,Mr. Bunker said. Aver- benefits and partially remote in person in the fall, easing  Heard on the Street: A wage early last year beforethe pan- from February. agewages in the warehouse schools—two factorsrestrain- child-care issues. jolt may be coming ...... B12 demic arrived. Iowa,Mississippi, Missouri, Montana, North Dakotaand U.S. WATCH South Carolina have sent let- ters to the Labor Department asking to end their participa- RELIGION U.S., showsigns of hollowing out. CALIFORNIA OBITUARY earliestknown U.S. TV drama, tion in federal programs in- Overall, Reform Judaism, a 1939’s“On the Streets of New cluding the $300 supplemental Younger Jews Diverge moretheologically liberal tradition, Governor Proposes ‘St. Elsewhere’ Star York” on the nascentNBC net- benefit and extended pay- More in Their Faith remains the largestJewish de- Funds for Housing Norman Lloyd Dies work, to 21st-century projects in- mentsand benefitsfor gig- nomination: 37% of American Jews cluding “Modern Family” and economyand other workers Younger Jewish people in the identify as Reform, 17% identify as Gov. Gavin Newsom proposed Norman Lloyd, whose role as “The Practice.” not typically eligible forunem- U.S. aregrowing increasingly polar- Conservativeand 9% as Orthodox. $12 billion in new funding to get kindly Dr.Daniel Auschlander on Mr.Lloyd,whose energy was ployment benefits. ized in their religious engagement, Some 32% of Jews didn’tidentify more people experiencing home- TV’s“St.Elsewhere” wasasingle boundlessoff-screen as well, con- Under the enhanced bene- and aremorelikely than older with anyofthe religious branches. lessness in California into hous- chapter in adistinguished stage tinued to playtennis into his 90s. fits, unemployed workers are generations to be Orthodoxornot However, among Jews ages ing and to “functionally end fam- and screen career thatput him in In 2015, he appeared in the Amy eligible foranadditional $300 identify as religious at all. 18 to 29, 17% identified as Ortho- ily homelessness” within five the companyofOrson Welles, Schumer comedy “Trainwreck.” aweek on topofregular state Anew study by the PewRe- dox, up from 11% in 2013. Jews years. Alfred Hitchcock, Charlie Chaplin His most notable film part joblessbenefits, which average search Center found the Jewish who don’tbelong to anyreligious His proposal includes $8.75 and other greats, has died. He wasasthe villain who plummets $318 a week, according to the population in the U.S. has grown branch of the faith total 41% billion to expandastate program was106. off the Statue of Libertyin Labor Department. to about 7.5 million, up from about among this young age group, createdduring the pandemic that Mr.Lloyd’s son, Michael Lloyd, 1942’s“Saboteur,” directed by That meansthe average 6.4 million in 2013.But the Reform about the same as in 2013. Some converts hoteland motelrooms said his father died Tuesdayat Hitchcock, who also castMr. benefit recipient earns slightly and Conservativebranches of Ju- 8% areConservativeand 29% Re- and other properties into housing his home in the Brentwood Lloydinthe classic thriller 1945’s morethan the equivalent of daism, which were long the domi- form. forpeople in need. neighborhood of LosAngeles. “Spellbound.” working full time at $15 an nantJewish movements in the —Ian Lovett —Associated Press His credits stretchfromthe —Associated Press hour.

Total outstanding Mailedcredit-card debt when the pandemic hit. CORRECTIONS  AMPLIFICATIONS Debt Falls, U.S. credit-carddebt* solicitations† He then lost his part-time job in guest services for a sports $950 billion 350million team. He had already moved MarriottInternational stream on Amazon Prime, back in with his parents, and Inc.’s revenue forthe first which it is in Japan, but not in Bruising 300 900 he used his stimulus checks quarter totaled $2.3billion. In the U.S. 250 and unemployment benefitsto some editions Tuesday, aBusi- Banks start paying down his debt. In ness&Financegraphic misla- Noticetoreaders 850 200 August, Mr.Fraser gotajob in beled the gain as -$2.3billion. Wall Street Journal staff mortgagesales.InFebruary, membersare working re- ContinuedfromPageOne 800 150 he said, he paid off all his card The Japanese film “Stand motely during the pandemic. rowers to turn to credit cards debt. by Me Doraemon” is available Forthe foreseeable future, to make ends meet. 100 “I said, ‘I need to getmyfi- in the U.S. on Blu-ray and please send reader comments But then the government 750 nances in order whereifIlose DVD. An Off Duty article on only by email or phone, using steppedin,issuing stimulus 50 my job again…I canstayaway Saturdayabout Tokyosaid the contactsbelow, not via checks, expanding unemploy- from having to fall back on my that the movie is available to U.S. Mail. 700 0 ment benefits and making it parents,’ ” said Mr.Fraser,who 2020 '21 2020 '21 easy forborrowers to pause is 30 and lives in the Atlanta Readers can alert The Wall Street Journal to any errors in news articles by paymentsonmanymortgages *Includes general-purpose and store credit cards †Data areestimates area.“I’m not akid anymore.” emailing [email protected] or by calling 888-410-2667. and student loans,and the ex- Source:Equifax (debt); MintelComperemedia (solicitations) He nowmakes all his pur- pected jump in delinquencies chases with adebit card. didn’t happen. to debit cardsbecause they card balances on average Cardissuersare trying to THE WALL STREET JOURNAL Now, even as people return didn’t want to take on new equaled 18% of their spending recruit newcustomers, partic- (USPS 664-880) (Eastern Edition ISSN 0099-9660) to spending on their credit debt in an uncertain economy. limitsongeneral-purpose ularly those with good credit (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) cards, they arecontinuing to Carolina IxtaNavarro- credit cardsinMarch, com- scores who arelikely to use Editorial and publication headquarters: paydowntheir card balances. Gutiérrez had about $2,800 in pared with approximately 21% the cardsoften and carrybal- 1211 Avenue of the Americas, New York, N.Y. 10036 That signals many borrowers credit-carddebt when the pan- ayear prior and the lowest ances. American ExpressCo., Published daily except Sundays and general legal holidays. arefaring well even during the demic began, and wasmaking level sinceEquifax began track- which often caters to wealth- Periodicals postage paid at New York, N.Y., and other mailing offices. pandemic.But manycardissu- smallpaymentsonher Wells ing this metric in 2009. ier customers, said it spent $1 ersrely on growing card usage Fargo&Co.card. But then the Credit-cardspending in the billion in marketing expenses Postmaster: Send address changes to The Wall Street Journal, 200 Burnett Rd., Chicopee, MA 01020. and balances fortheir reve- government paused payments U.S. totaled nearly $3.9 trillion in the firstquarter,up21% nue,and they arewondering if on federal student loans,and on general-purpose and store from a year earlier. The com- All Advertising published in The Wall Street Journal is subject to the the pandemic trends will turn she started diverting the $500 cardslast year,down9%from pany’scardbalances in the applicable rate card, copies of which are available from the Advertising into a long-term shift. she used to spend each month 2019, according to the Nilson U.S. were down 11% in the first Services Department, Dow Jones & Co. Inc., 1211 Avenue of the Americas, “Weare very focused on re- on those loans to paydown Report, an industry publica- quarter from the year before. New York, N.Y. 10036. The Journal reserves the right not to accept an turning to growing loans,” Dis- her card instead. tion. Issuersmailed out an esti- advertiser’s order. Only publication of an advertisement shall constitute final acceptance of the advertiser’s order. coverChief ExecutiveRoger Ms.Navarro-Gutiérrez,a Spending is picking up as mated260 million credit-card Hochschild said. “Delinquen- 24-year-old elementary-school the U.S. emergesfromthe pan- solicitations in March, up 23% Letters to the Editor: Fax: 212-416-2891; email: [email protected] cies can’t getmuch lowerthan teacher who lives in Berkeley, demic,according to card issu- from Februaryand the highest Need assistance with your subscription? wherethey arenow,but if Calif., continues to use her ers. Even so,people arestill sinceMarch 2020 when they By web: customercenter.wsj.com; By email: [email protected] your loans keep shrinking, card but now pays it off each paying down their balances.At totaled about 309 million, ac- By phone: 1-800-JOURNAL (1-800-568-7625) your revenues come down month. JPMorganChase &Co, the total cording to Mintel Compereme- Reprints &licensing: [and] margins will getworse.” Credit-reporting firm Equi- dollar amount of credit-card dia. Thenumber of open credit- By email: [email protected] Some consumerscurbed fax Inc.said U.S. credit-card purchases in the firstquarter card accountsfell forthe first By phone: 1-800-843-0008 their credit-carduse because balances totaled $749 billion in increased3%fromthe prior time last year afteratleast WSJback issues and framed pages: wsjshop.com the thingsthey normally spent Marchfor general-purpose and year.But card balances were seven yearsofconsecutivein- Our newspapers are100% sourcedfromsustainably certified mills. money on, liketraveland din- store-only cards, down 2% from down 14%for the period. creases,according to Mercator ing at restaurants, weren’t an Februaryand down 14.5%from MatthewFraser said he had AdvisoryGroup,apaymentsre- GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS option last year.Othersshifted ayear prior.Consumers’ credit- about $30,000 of credit-card search and consulting firm. P2JW132000-2-A00300-1030041020C

THE WALL STREET JOURNAL. ** We dnesday, May 12, 2021 | A3 U.S. NEWS Gas Shortages Test East Coast Stations

Driversalong partsofthe Average U.S. pricefor agallon of regular,unleadedgasoline forstatesmostimpactedbythe pipeline shutdown fill up acar foraclient. He East Coastpiled intogas sta- said he called the BJ’sWhole- tionsonTuesday, resulting in $3.00 Florida Georgia Virginia North Carolina South Carolina Alabama sale Club wherehetypically long lines and shortages as mo- gases up,and wastold to $2.88per gallon $2.87 toristsreacted to what could hurryover. By the time he ar- be aweeklong shutdown of the 2.80 $2.79 $2.79 rived 15 minutes later,there nation’slargest fuel pipeline was no gas. because of acyberattack. $2.74$2.72 Energy SecretaryJennifer 2.60 Granholm said at Tuesdaythat By Collin Eaton, Colonial could makeadecision Amrith Ramkumar on restarting operations on and Valerie Bauerlein Wednesdaybut cautioned that 2.40 it would take afew days after Colonial Pipeline Co., oper- that forthe pipeline to be fully ator of a5,500-mile conduit for Colonial said active. She urgedconsumers 2.20 gasoline,diesel and refined May7ithad not to panic-buy fuel. “Much products, said Mondayithoped been hit by a as therewas no cause for to substantially restoreservice cyberattack. hoarding toilet paper at the by the end of the week.Itshut 2.00 beginning of the pandemic, the pipeline latelast week after thereisnocause forhoarding aransomware attack that U.S. Jan. MayJan. MayJan. MayJan. MayJan. MayJan. May gas now,” she said. officials have linked to a crimi- Note:Prices areasofMay 11. Source:AAA Thedisruptions come with nal gang known as DarkSide. theaverage U.S. priceofregu- The Colonial pipeline runs also formed at aSheetz conve- Plunging gasoline sales also ures showed. run them dry.” larunleaded gasoline already from Texas to NewJersey and niencestore near Raleigh-Dur- mean fewer customers in the Roughly 240gas stations Truck-stop operator Love’s approaching$3agallon and a carries about 45% of the fuel ham International Airport, one stations’ stores buying drinks acrossGeorgia, or about 5% of Travel Stops &CountryStores 6½-year high. ManyAmericans consumed on the East Coast, of the rare stations around and snacks.“Am Ilosing the state’stotal, had runout is “experiencing lowlevelsof areexpected to hit the road for according to the company’s that still had fuel. money? Hell yeah I’m losing of fuel by Tuesday afternoon, diesel and gasoline intermit- the Memorial Dayweekend and website. Theshutdown is par- Shortages in the area were money,” he said. according to GasBuddy,which tently” at locations in South summer vacations afterreceiv- ticularly worrisome forSouth- also afflicting gas-station own- Gasoline demand Monday compiles the data when driv- Carolina, North Carolina, Ten- ing Covid-19 vaccines,and eastern states,including North erslikeMikeWhalen, whose across the U.S. wasupabout ersreport such outages.In nessee and Virginia, aspokes- higher pump prices could mag- and South Carolina, Virginia family owns three locations 20% from aweek earlier,ac- Virginia and North Carolina, woman said. Thecompanyis nifypressure on millions of and Georgia; they have fewer that were out of fuel on Tues- cording to datacollected by that figure was about 7. 5%. leaning on itsfuel trading and consumerswho arealready fac- sources of fuel than do states day. Thevicepresident of fi- priceand fuel tracker Gas- “We’reseeing agas run,” hauling affiliates to deliver sup- ing higher costsfor everything farther up the Atlantic Coast. nancefor Whalen Corp.said Buddy.AcrossfiveSoutheast- said Patrick De Haan,Gas- plies acrossthe region, she said. from appliances to chicken. In the Raleigh, N.C., area on he doesn’thavealternative ern states—Florida, Georgia, Buddy’s head of petroleum Roger Homan, acaregiver, The national average gaso- Tuesday, cars were lined up 30 waysofgetting gasorany SouthCarolina, North Caro- analysis. “Now we’re going to said he went to four stations line priceTuesdaymorning deep to access adozenpumps sense forwhen his supply lina and Virginia—demand for see moredramatic [effects] as in theRaleigh-Durham area wasupabout 2centsat$2.985 at aBJ’sWholesale Club.Lines might be replenished. gasoline jumped 40%, the fig- people runtothe stations and Tuesdaymorning seeking to a gallon, according to AAA. Michigan Warns on Pipeline Profits

BY VIPAL MONGA border unlessthereisan LakeSuperior CANADA AND PAUL VIEIRA emergency. Canada’s lawyers Superior said the treaty came about be- DESIGNED IN GERMANY TORONTO—Michigan Gov. cause of U.S. effortstotrans- Gretchen Whitmer threatened Line 5 Straits of port oil-and-gas productsfrom pipeline Mackinac to seizeprofits from Canadian Alaska through Canada to the pipeline company Enbridge WISCONSIN Lake Lower48U.S.states. Inc.ifthe companycontinues Huron “Canada is seeking amutu- to operateapipeline through GreenBay ally agreeable solution that MINN. the Great Lakesafter a ONTARIO also respects environmental Wednesdaydeadline. andsafety concerns.But nei- In alettersent to Enbridge Milwaukee MICHIGAN ther this court nor any state Crude storage Lake Sarnia on Tuesday, Gov.Whitmer and and terminals Michigan court should act in away that Lansing Daniel Eichinger, director of Detroit bypasses and undermines the the state’s natural resources 100 miles Lake treaty,” said alegal brief filed Chicago Erie department, reminded the 100 km by the Canadian government companythe statehad re- ILL.IND.OHIO in theU.S.District Court of voked a permit that allowed Source:Enbridge the Western District of Michi- the Line 5pipeline to run ganonTuesday. along the bottomofthe Straits pation and use of State-owned abrief siding with Enbridgein Canada’sNaturalResources of Mackinac,between Lake bottomlands in the absenceof the case,and, on Tuesday, Minister Seamus O’Regan said Michigan and Lake Huron. The avalid and effectiveeasement Canada weighed in with its the government supportsthe Democraticgovernor has given constitutes an intentional tres- ownbrief in support of the continued mediation between the companyuntil Wednesday pass,” said the governor in her company. Enbridgeand the stateof to shut the pipeline. letter. She said the state Officials in Ottawa sayclos- Michigan, under the supervi- Michigan has said the pipe- would, if it wins in court, re- ing the pipeline would cut off sion of theU.S.District Court line poses an environmental quirethe companytodisgorge almost half the supply used to of the Western District of risk andthat anyspill from it “all profitsderived from its makegasoline,jet fuel and Michigan. “We remain confi- would threaten the Great wrongful use of the State’s home heating oil forresidents dent this will lead to a solu- Lakes. Enbridgehas said that property” afterthe Wednesday in central Canada. Theclosure tion,” theminister said in a section of the 68-year-old deadline. could lead to higher fuel costs statement. German Affordable Luxury pipeline has never leaked and Enbridgesaid it would con- and thousands of job losses in Although Canadian officials, that it is taking steps to pro- tinue to pursue itslawsuit and refineries,officials said. including itsambassador to It’s our goal to create affordable timepieces tect the lakes afternegotiating keep operating the pipeline. In itsfiling,Canada said the U.S. Kirsten Hillman and of quality.Honest, functional and to the point. a plan with former Gov. Rick “Our responsibility is to the thereshould be no shutdown Mr.O’Regan, have reached out Snyder to encase the pipes in people of Michigan and the until the U.S. and Canadian of- to counterparts in Washing- Alexanders of Atlanta -Lawrenceville, GA 404-634-3197 | Babs atunnel belowthe lakebed. Great Lakesregion,” an En- ficials work to resolvethe ton, the White House has so Jewelry -Ft. Myers, FL 239-432-1778 | Bassano Jewelry -NYC, NY 212-371-8060 | Chadwick'sJewelers -StSimons Island, GA 912-638- Enbridgehas refused the bridge spokesman said. “En- matter, as allowed under the far been reluctant to inter- 2236 | Danson Jewelers -Allendalle, NJ 201-962-3207 | Lamon Jewel- order, arguing in alawsuit bridgewill continue to deliver terms of a1977treaty between vene. ers -Gatlinburg, TN 865-325-2050 | O'Neils Estate Jewelry -Cape May, that Michigan doesn’t have the via Line 5safe, reliable and af- the North American countries. At aWhiteHouse press NJ 609-770-8261 | Orlando Watch Company -Winter Park, FL authority to close the line, fordable energy to fuel to the Thebrief said Canada has ini- briefing on Tuesday, Energy 407-975-9137 | Sofia Jewelry -Levittown, NY 516-470-9531 | State St. which transportsoil and natu- region’seconomies.” tiated discussions with the Secretary Jennifer Granholm Jewelers -Greensboro, NC 336-273-5872 | Stonehaven Jewelry - ralgas liquids from Superior, Thepotential closureofthe U.S. to resolvethis matter. said theBiden administration Cary,NC919-462-8888 | Worthmore Jewelers -Atlanta, GA 404-892- Wis.,torefineries in Michigan, 645-mile pipeline has become That treatyprohibitsau- wouldn’t weigh in on Line 5. 8294 | Your Favorite Jeweler -Tallahassee, FL 850-329-6089 Ohio,Pennsylvania, Ontario amajor issue forMidwestern thoritiesineither country “It’sincourt right now, so and Quebec. states and forCanada. The from blocking pipelines that that’swhereitsits,” she said. “Enbridge’scontinued occu- stateofOhio has already filed ship oil and gasacrossthe “It will be decided in court.” Death PenaltySought in AtlantaShootings

PAULMORELLI.COM BY CAMERON MCWHIRTER NYC: 895MADISON (72ND&MADISON) ATLANTA—A Georgia grand PHL: 1118WALNUTSTREET juryindicted Robert Aaron 212.585.4200 Long on multiple murder countsand other chargesfor the March 16 spa shootings here, and aprosecutor sig- Flower naled she would seek the death penalty,according to documentsfiled Tuesday. Power Fulton County District At- torney Fani Willis also filed paperswith the court that stateshe plans to prosecute theshootingsashatecrimes. Eight people,including six CK TO women of Asian descent, were CONCHPOSY killed in the attacks at three STUD EARRING

spas—two in Atlantaand one SHUTTERS in suburban Cherokee County. A/ Mr.Long,now 22 yearsold, /EP SER wascaptured by policeashe LES

wasfleeing the statetoward S.

Florida.Policesaid he told ERIK them he frequented the spas A makeshift memorial was set up in March at one of the scenes of the deadly attack in Georgia. forsex and committedthe vi- olencetolash out against rorism charge. the country. ditional penalties forcrimes what he considered tempta- Mr.Long also faces charges Georgia’s newhate-crimes motivatedbyavictim’srace, tion. forthe murdersatthe shoot- law doesn’t provide fora color,religion, national origin, The19indictmentsfiled in ing at the Cherokee County stand-alone charge.After a sex, sexual orientation, gender Fulton County on Tuesdayare spa. person is convicted of an un- or disability. forthe shootingsatthe two Mr.Long’slawyer,J.Daran derlying crime,ajurymust Defendantsconvicted of a Atlantaspas.They include Burns, didn’t respond to are- determine whether it is ahate felonywould faceatleast an four countsofmurder,four quest forcomment. crime,which carries an addi- extratwo yearsinprison if it countsoffelonymurder,five Theshootingssparked a tional penalty. is proved beyond areasonable countsofaggravatedassault national outcryfrommany Likenearly all states,Geor- doubt that they intentionally with adeadly weapon, five Asian-Americans against a gia has itsown hate-crime selected anyvictim or group countsofpossession of afire- rise in anti-Asian violenceand law. of victimsout of bigotry. arm during the commission of bigotryinrecent years. Rallies Last year,Gov.Brian Kemp Less than ayear old, the afelonyand one domestic ter- and protestswereheld across signed abill that imposes ad- lawremains untested. P2JW132000-5-A00400-17FFFF5178F

A4 | We dnesday, May 12, 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 Cheney

S Defiant NEW G

OOMBER In Speech BL O/ AG

DR Ahead of AL GES;

IMA PartyVote ETTY

/G BY KRISTINA PETERSON FP /A

EB WASHINGTON—Rep.Liz LO Cheney (R., Wyo.)said Repub- UL

SA licans who ignored former : President Donald Trump’s LEFT continuing false claims of a OM

FR stolen election were under- Senate MajorityLeader Chuck Schumer (D., N.Y.)and MinorityLeader Mitch McConnell (R., Ky.) debatedthe merits of voting legislation on Capitol Hill on Tuesday. mining democracy, in adefi- ant speech on the House floor on the eveofavoteexpected to oust her from the House Panel DeadlocksonElection Bill GOP’stop ranks. House Republicans areex- pected to vote Wednesday BY SIOBHAN HUGHES or her ballot, which Republi- morning to removeher as Arizona Enacts Gov. Doug Ducey signed Democrats say the new law cans call “ballot harvesting” chairwoman of the House GOP WASHINGTON—ASenate the newmeasureshortly after will hurt minority voters in par- and say invites fraud. conference, afterweeks of ten- committeedeadlocked along Mail-BallotLaw it waspassed by the Senate ticular. Some voters in harder- Under current rules,Demo- sion between Ms.Cheney and party lines Tuesdayovera on Tuesday, saying it is about to-reach areas may not receive cratswill need 60 votestoad- other GOP leaders over Mr. sweeping Democratic election election integrity. “Notasingle a warning notice before being vancetheir bill in the 50-50 Trump’srole in inciting the bill, indicating the challenges Republican lawmakers in Ari- Arizona voterwill lose their pulled from the list, they say. Senate, but haven’t drawnany Jan. 6riot at the Capitol and party leaderswill have passing zona passed alaw thatplaces righttovoteasaresult of “We’re passing abill thatcre- GOPsupport. Some Democrats his futureinleading the Re- the legislation through the full newlimits on mail ballots, this newlaw,” said Mr.Ducey, ates needlessbarriers to voting, have also raised concerns. publican Party.Party leaders chamber. marking another frontinana- aRepublican. and it will disproportionately af- TheDemocratic proposal have emphasized party unity, With a9-9 vote,the Rules tionwide fight over voting rules Democrats oppose the bill, fect the elderly,people from low touches manycornersofthe including with Mr.Trump, Committee was unable to ad- following the 2020 election. but Republicans control both socioeconomic status and people election process,fromhow while Ms.Cheney has insisted vancethe voting and cam- The measure would stop legislative chambers in Arizona who arelow-propensityvoters,” districtsare drawntohow the party cut ties with the for- paign measure, which largely ballots being automatically by narrow margins. GOP law- Sen. Christine Marsh, aDemo- campaigns arefinanced to the mer president. mirrorslegislation that passed mailed to voters if they don’t makers say creating a new crat,said on the Senate floor. processes forvoting.Among “Remaining silent and ig- the House mostly along party vote on an early ballot in two mechanism to remove names ARepublican-controlled other things, states would be noring the lie emboldens the lines in March. As a result of consecutive election cycles. Pro- from what has been known as statelegislaturecreated Ari- required to accept signatures liar.Iwill not participatein the deadlock,SenateMajority ponents of the new law said the permanent early voting list zona’sextensivevote-by-mail as proof of votereligibility,in that,” Ms. Cheney said on the Leader Chuck Schumer (D., the voters would remain regis- will help keep the list up-to- systemoveradecade ago,and essence voiding states’ voter- House floor Tuesday night. “I N.Y.)will have to use proce- tered to vote and would be date, accounting for things the option has been popular for ID requirements. Stateswould will not sit back and watch in duralsteps to hold avoteon warned before being pulled such as deaths and people years. have to provide at least one silencewhile otherslead our the legislation, which he has from the list. moving out of state. —Alexa Corse and Jon Kamp drop boxfor every45,000 res- party down a path that aban- said must passbyAugust to idents, overriding laws such as dons the rule of lawand joins counter voting changes pur- anew one in Georgia that lim- the former president’scrusade sued by GOP-controlled state some states,they said, were Republicans saythose “Why areDemocratsso its drop boxes. to undermine our democracy.” legislatures. writinglawstomakeitharder state-level effortsare aimed at hellbent on doing whatever it State agencies that admin- Mr. Trump was impeached Mr.Schumer and Senate forstudents, African-Ameri- tightening voting rules to takestorewireour democracy ister driver’s licenses,food by the Democratic-controlled Minority Leader Mitch McCon- cans and Latinos to vote. combat fraud. Mr. McConnell on athoroughly partisan ba- stamps,unemployment or dis- House this year foractions re- nell (R., Ky.), who aremem- “When youlose an election, said Democratswerepursuing sis?” Mr. McConnell asked. ability benefitswould be re- lated to the riot, in which his bersofthe committee, took youtry to persuade morevot- the voting legislation in Con- He accusedthe Democrats quired to turn over informa- supporters stormed the Capi- the rare step of showing up to erstovotefor you,” Mr. gress in a way that would re- of seeking to write new rules tion about residentstotolbuilding as Congresswas debate the bill. Schumer said at the committee duce Americans’ confidencein to tip the electoral scales in election officials in order to gathered to formalizePresi- Democratsargued that hearing,taking ajab at Repub- the accuracyand fairnessof their ownfavor,such as by al- automatically register voters. dent Biden’sElectoral College their goal was to expand vot- licans.“Youdon’t trytoban elections,such as by removing lowing avoter to authorize Republicans saythat creates victory. He wasacquittedin ing access at atime when the other side from voting.” voter ID requirements. anotherperson to return his the prospect for fraud. the Senate. Mr.Trump has claimed the election was stolen from him, and he has continued to make Payout Threatens CFTC Whistleblower Funds unfounded allegations even af- ter Mr. Biden took office. In a statement Tuesday, he said the BY ALEXANDRA BERZON executiveand other applicants ceed that amount. previouslybeen aproblem. election was “rigged and sto- and keep funding the whistle- Besidespaying awards, the Sinceits firstwhistleblower len from us.” TheCommodity Futures blower program. money is used to fund the award in 2014, the payments ContrarytoMr. Trump’s Trading Commission’swhistle- TheCFTC pays whistleblow- whistlebloweroffice, which at- have ranged from lessthan claims,nowidespread fraud blower program is in turmoil ersfrommoney it collectsin tractsand handles whistle- $250,000 to $30 million, ac- has been detected in the 2020 over apotential payout ex- enforcement penalties.But the blowers,who arethe source of cording to the agency, award- election, and the JusticeDe- ceeding $100 million to a for- agency’swhistleblowerfund or arehelping with about one- ingatotal of around $123 mil- partment under Mr.Trump mer Deutsche Bank AG execu- canbereplenished only when thirdofthe agency’sactivein- lion to 30 individuals. said there was no evidence of tive—one so large it would it falls below$100 million. Pen- vestigations. TheDeutsche Bank action anyfraud significant enough deplete the agency’s whistle- alties collected otherwise typi- Amid the uncertainty,most changed the equation. In 2015, to question the outcome. S blowerfunds and has led it to cally go intothe U.S. Treasury. other whistleblowerapplica- the CFTC announced its larg- Ms.Cheney,who wasone of seek congressional action. It would be difficult to PRES tions before the CFTC stalled est-ever fine,$800 million, 10 House Republicans to join Theexecutivehad provided quickly replenish the fund formanymonths,the people settling civil chargesagainst Democratsinvoting to im- ZUMA information that helped CFTC through newsettlementsafter familiar with the matter Deutsche Bank alleging false peach Mr.Trump,said the for-

and JusticeDepartment inves- alarge whistlebloweraward CALL/ said. In April the agencyis- reporting and Libor manipula- mer president continued to tigations that led to roughly because many of the agency’s LL sued itsfirst two whistle- tion. At the same time, pose a danger. RO

$2.5billion in settlements penalties are$5million or Q blower awards since Septem- Deutsche Bank agreed to pay “Todaywefaceathreat /C

with Deutsche Bank in 2015, less, according to aperson fa- MS ber,for $3 million and less $775 million in acriminal pen- Americahas never seen be- including$800 million with miliar with the matter. than $250,000, respectively. alty to the U.S. JusticeDepart- fore—a former president who

the CFTC.They alleged that The payout flap is creating WILLIA “Weknowthereare cases ment, and atotal of morethan provoked aviolent attack on M

the bank manipulated the Lon- sharp tensions inside the TO rightnow in limbo because $900 million in civil penalties this Capitol in an effort to don interbank offered rate,or agency, which regulates U.S. Sen. Grassley’sbill hasn’tmoved. thepayout could potentially to two other financial authori- steal the election, has resumed Libor,abenchmark interest futures and derivatives mar- depletethe funds,” said Jeb ties. his aggressiveeffort to con- rate used to set short-term kets,according to people fa- Thenation’s two largest finan- White, president of Taxpayers ADeutsche Bank spokesman vinceAmericans that the elec- loans for global banks. miliar with the matter. It also cial cops,the CFTC and the Against Fraud, an organization said the bank “disciplined or tion was stolen from him. He A unit of the German bank ledthe CFTC to seek legisla- Securities and ExchangeCom- that representswhistleblower dismissed individuals involved” risks inciting further vio- pleaded guilty to U.S. criminal tion that would expand its mission, launched whistle- attorneys. “What we’reseeing in the misconduct and strength- lence,” Ms. Cheney said. chargesand acknowledged whistleblower fund cap; a bill blower programs in the wake is ahyper-concern” about ened itscontrols in reviewing that it failed to adequately po- sponsored by Iowa Sen. Chuck of the 2008 financial crisis whether whistleblowers will andaddressing the matter. lice employees. Grassley,the ranking Republi- and the Bernie Madoff Ponzi- step forward, he said. Twoformer Deutsche Bank Some CFTC officials who can on the Judiciary Commit- scheme scandal, encouraging David Kovel, alawyer for traders were convicted in 2018 have reviewed the case inter- tee, has languished. insidersand otherstohelp the the ex-Deutsche Bank whistle- on chargesrelated to Libor nally have recommended the A CFTC spokeswoman in a agencies uncover fraud. blower, said his client “paid a manipulation. whistleblowerpayout, calcu- statement said that the whis- TheDodd-Frank Act, en- very high price, personally and Sen. Grassley’s officesaid it lated as apercentageofthe tleblower program “has been actedin2010,said whistle- professionally” in helping the is “working on abipartisan fix agencies’ legal settlements. critically important” and that blowers could collect between government’sinvestigation to restructurethe program But the application is under theagencyis“working with 10% and 30% of penalties or around 10 yearsago. “It is and avoid catastrophe.” A investigation by others, ac- Congresstoensurethe contin- settlements reached with the critically importantfor him spokesman forthe majority cording to people familiar ued success of the program.” companies accused of financial andotherslikehim that the Democrats on the Agriculture

with the matter. Agency lead- At issue is one of regula- misconduct. The $100 million award system works,” Mr. Committeesaid the committee AN

ershavecontended thereisno tors’front-line defenses CFTC capdidn’t anticipate Kovel said. wasworking with the CFTC on C-SP mechanism to paythe bank against white-collar crime. that a single award could ex- TheCFTC’sfund caphadn’t a potential solution. Rep. Liz Cheney of Wyoming

“The record-high home Median sales priceofexisting Change from second-home demand surged in March. “It’sreally not my Prices of prices arehappening across single-family homes in the U.S. previous year during the pandemic and con- dream or anything,” she said. nearly allmarkets, big and tinues to remain robust. The “But Ifelt likeIneeded to,for West small, even in thosemetros $500,000 biggest gainer wasKingston, mine and my mom’ssake, find s18% HomesRise that have long been consid- N.Y.,with a35.5% median-price aplacethat we could afford.” ered off the radar in prior increase from ayear earlier. Nationwide,the median ex- yearsfor manyhome seekers,” Kingston is in NewYork’sHud- isting-home sales pricerose Rapidly said LawrenceYun,NAR’s 400,000 son Valley,wheremanycity 16.2%inthe firstquarter to chief economist. Northeast dwellerstemporarily or perma- $319,200,arecordhigh in data Home sales rose in 2020 to s22% nently moved in the past year. going back to 1989,NAR said. ContinuedfromPageOne the highest level since2006 U.S. average Theonly metroareatopost Prices are rising so rapidly those with limited budgetsare and remained strong in the s16% adecline in the firstquarter they areoutweighing the ben- oftenlosing out to cash buyers. firstquarter.Economistshave 300,000 from ayear earlier was efit of rock-bottomborrowing South Thelength of time U.S. home- said the current housing boom s15% Springfield, Ill., wheremedian rates. In the first quarter, the ownersstayput,meanwhile, is less risky than the one in prices fell 2.4%, NAR said. typical monthly mortgagepay- has been steadily rising.Some the mid-2000s that ended with Midwest In theBoise,Idaho,metro ment rose to $1,067,from$995 have decided not to move, or acrash. Borrowers this time 200,000 s14% area, wheremedian home a year earlier, NAR said, even they postponed selling because aremorefinancially qualified, 1Q 2020 ’21 prices surged32.8%, Julie as mortgage rates declined. of concerns about letting buy- and mortgagelendersare Note:Dataare notseasonally adjusted. 1Q 2021 is preliminary. Cook struggled to find ahouse In manymetroareas,de- ersintotheir homes during a maintaining tighter standards. Source:National Association of Realtors within her budget. She and her mand would still exceed the pandemic. Still, brokersdescribe the mother moved to Boise from available supply even if some The shortageofhomes on currentmarket as frenzied. next as morepeople arepriced ready impacting the market, Florida in January. Ms.Cook buyers dropped out, real-es- the market is affecting home Manyhomes receivemultiple out of the market, especially if added skyrocketing costshave had looked at house listings tate executives said. “Despite shoppers around the country. offers within days.The typical mortgage rates tick higher. leftmanyfamilies facing the beforeshe moved and planned an 11% increase in our average The number of active listings home that sold in March spent Mortgage-finance company reality of being priced out en- to buy ahouse in Boise forun- sales price over the last year, on Realtor.com wasdown52% 18 days on the market, the fast- Fannie Mae is forecasting me- tirely,” Mr. Yun said. der $300,000.But by the time demand forour homes has from ayear earlier in the week est paceonrecord, NAR said. dian existing-home prices to Manyofthe metroareas she arrived, therewas little never been higher,” said Eric ended May1.(News Corp,par- Economistshavesaid the rise 11.5% in 2021, then slowto that posted the strongest price that amount could buy. Lipar,chief executiveofhome ent of TheWall Street Journal, paceofpriceincreases is likely a4%increase in 2022. increases in the firstquarter Ms.Cook ended up purchas- builder LGI Homes Inc., in an operates Realtor.com.) to slowlater in theyear and “With lowinventoryal- were vacation destinations,as ing atownhouse for$330,000 earnings call this month. P2JW132000-2-A00500-1------XA

THE WALL STREET JOURNAL. ** We dnesday, May 12, 2021 | A5 U.S. NEWS Uber,LyfttoGiveFree RidestoVaccine Sites

New partnership with administration official said. billions of dollarsinaddi- GES

While the companies were tional funding available to IMA White House comes already providing free or dis- states to aid their vaccination as demand for shots counted rides in some circum- outreach efforts, federal offi- GETTY stances, the rides will now be cials said, which will be allo- SE/ has been falling free to anyone in the U.S. who catedthrough the Federal is going to avaccination site EmergencyManagement ANCE-PRES

BY SABRINA SIDDIQUI to getthe shot, and Lyft and Agencyfromthe $1.9trillion FR AND STEPHANIE ARMOUR Uber will promotethe rides to coronavirus relief package ENCE

and from tens of thousands of signed intolaw in March. AG WASHINGTON—Ride-shar- vaccination sites through their State,local and community GUI/

ing companies Uber Technol- apps.The feature will launch leaderscan use FEMA assis- TE CA

ogies Inc.and Lyft Inc.will in the next two weeks. tancetofund the cost of in- UZ makeall rides to and from Theactions come as de- person, phone and online out-

vaccination sites free until mand forvaccines has de- reach to promotethe MARIE A

July 4under anew partner- clined in recent weeks, availability of the vaccinations EV ship with theWhiteHouse. prompting the administration and provide information about People checked in at a pop-up vaccination site in South Beach, Fla., on Sunday. WhiteHouse Covid-19 coor- to shiftits allocation method their safety and efficacy. The dinator Jeff Zientsdetailed to states as governmentsand money will also be dedicated won’t be paid by the federal mentsthrough Lyft and Uber. people who lack healthcare the newsteps in aTuesday privatecompanies explore toward making vaccinations government to ferryridersto Theride-sharing giantshad transportation benefitsor call with governorsaspart of waystoincentivize people to available to people through and from the vaccination partnered in recent months have limited public transpor- the Biden administration’sef- getvaccinated. their employers,doctorsor sites.Tuesday’sarrangement with pharmacies and other tation. fort to meet atargetof70% of Mr.Zientssaid that while other healthcareproviders. could nonethelesshelp the groups to provide free or dis- TheWhiteHouse reached the U.S. adult population get- the countrywas making good In addition, the White companies bring back riders counted transportation in cer- out to Lyft and Uber about ting at least one vaccine dose progress, “not everyone has House on Tuesdayannounced to their platforms,aswell as tain areas,with an emphasis possibly offering free rides to by July 4. President Biden had the chancetoget vacci- partnerships between vaccine encouragenew userstosign on low-income,uninsured and vaccination sites forall Amer- also met virtually with a natedyet. That’swhy we are providersand community col- up.The pandemic crushed the vulnerable communities. icans last week,according to group of governorstodiscuss using all of the tools at our leges to provide on-sitevacci- companies’ ride-hailing opera- Both companies lobbied to the official, who said both vaccination efforts. disposal and enlisting part- nations forstudents, staff and tions,and businesshasn’t re- become apart of Covid-19 re- companies agreed to the plan Theadministration will nersacrosssectorstomeet local residents. Outreach will turned to pre-pandemic levels. lief efforts. Lyft executives and will work in the coming provide data on about 80,000 the president’sgoal of getting runthroughout Mayand June Thetransportation partner- metwith Mr.Biden’stransi- weeks to integratethe vaccine vaccination sites to Lyft and 70%ofadult Americans with forthe sites hosted by retail ship will expand on effortsal- tion team in December and program intotheir apps. Uber as part of the transpor- at leastone shot by July 4th.” pharmacies. ready under way to aid with shared their analysis of public —Preetika Rana tation partnership,asenior Mr.Biden will also make Uber and Lyft said they ridestovaccination appoint- dataonthe millions of at-risk contributed to this article. Children Under 12 Could GetCovid ShotsbyLateFall

BY THOMAS M. BURTON viser AnthonyFauci told the property provisions to allow supplies to help supply medical able datasuggest that anti- panel that such steps to vacci- developing nations to produce Health officials say oxygen forpatients in India, he bodies elicited by vaccination WASHINGTON—Therewill nateyounger children will Covid-19 vaccines created by said, as the pandemic there with the currently authorized likely be enough evidence by probably occur in stages,pro- pharmaceutical companies, data on safety and rageslargely outofcontrol. vaccines areable to neutralize latefall this year to potentially gressing younger and younger, citing the need to stop the vi- effectiveness should RochelleWalensky, director the [U.K.] B.1.1.7variant but extend the use of Covid-19 as study evidenceaccumulates. rus’s spread globally. of the federal Centersfor Dis- have reduced neutralization” vaccines to manychildren un- Thetestimonyoccurred a Sen. RichardBurr (R., N.C.), be ready by then. ease Controland Prevention, againstthose firstidentified der age12, Biden administra- dayafter the Food and Drug the committee’sranking Re- testified that, despitethe wide- in South Africa and Brazil. tion health officials told aU.S. Administration greenlighted the publican, criticized that deci- spread U.S. vaccination cam- PeterMarks,the director of Senatepanel Tuesday. use of aCovid-19 vaccine from sion, calling on the U.S. to “let paign, continued mask-wear- the FDA’scenter that evalu- “Weexpect to have dataon Pfizer Inc.and BioNTech SE in the privatesector continue” the world, the Biden adminis- ing,social distancing and other ates vaccines,said the agency the safety and effectivenessof youngsters12through 15.That itsimpressiveperformanceon tration has just redirected a fundamental public-health continues to consider whether vaccines forchildren under 12” vaccine wasauthorized latelast vaccines so far. U.S. order of AstraZeneca PLC measures still arenecessary to to license atroubled vaccine by that time,David Kessler,the year by the FDAfor broad use Dr.Kessler acknowledged vaccine manufacturing supplies avoid Covid-19 variants that plant in Baltimorerun by administration’schief Covid-19 in people age16and older. that “a waiver alone won’t re- to India, which will allowthat could spread much more Emergent BioSolutions Inc. scientific officer,told the Sen- It also followed last week’s sult in the scale and speed” of nation to makeover20million quickly than the original virus. Thefacility made about 110 ateCommitteeonHealth, Edu- decision by the Biden adminis- vaccine production needed to doses of vaccine,Dr. Kessler While the U.S. vaccination million totaldoses of Johnson cation, Labor and Pensions. tration to support the tempo- end the global pandemic. said. campaign has had consider- &Johnson vaccine and Astra- Administration medical ad- rary waiver of intellectual To combat Covid-19 around TheU.S.isalso delivering able success, she said, “avail- Zeneca vaccine.

Total cryptocurrency value have traditionally shut down Threat of received by ransomware critical operations and de- addresses manded payment to provide keystorestorethem, in recent Hacking $350 million years, ransomware groups be- ganthreatening to publish 300 documentstaken from victims. Expands This shifthas given hackers 250 anew line of business—allow- ing them to collect payments ContinuedfromPageOne 200 even when victimswereable at least $350 million in cryp- to restore encrypted systems tocurrencypaymentsin2020, through abackup,said Charles afourfold increase from ayear 150 Carmakal, a senior vice presi- earlier,according to the block- dent with the cybersecurity chain analysis firm Chainalysis 100 firm Mandiant.“Alot of times, Inc. Other security expertsand these victims feel compelled to cybersecurity officials have es- 50 pay,” he said. timated the overall toll on the Ransomware gangsnow no- U.S. economy registers in the 0 tifycompanyemployees and billions annually. even partners when they have “The reason whyransom- 2016 '20 infiltrated avictim to maxi- ware is exploding is because Source:Chainalysis mizethe pressuretopay,said it’sscalable,predictable and Sherri Davidoff, chief execu- lucrative,” said AntonyP.Kim, offline during awidespread tiveofsecurity consulting apartner with the lawfirm campaign. firm LMG Security LLC.Onits Orrick Herrington & Sutcliffe The10,000-student Sheldon website, DarkSide says it is LLP’s cyber, privacy and data Independent School District in willing to sell information sto- innovation practice. “Ifthat Houston paid aransom of len from victims to short sell- isn’t abusinessmodel, Idon’t $206,931, negotiated down ers if a victim refuses to pay. know what is.” from about $350,000,after a Layeredtogether,all of TheFBI has foryearstold ransomware attack last year these online services make it companies that they shouldn’t rendered it inoperable. easy foragrowing pool of payransoms when victimized, “Wecould not function,” hackerstoget involved in ran- but the cybersecurity firm Bit- said SheldonSuperintendent somware with minimum ef- defender said that at least half King R. Davis. fort, Ms.Davidoff said. “It’s of all victims end up paying. TheUniversity of Califor- very point and click,” she said. Ransomware encryptsthe nia, SanFranciscopaid Last month the Justice De- BLOOMING GEMS contents of the victim’s com- $1.14million to ahacker last partment formed a task force puters, making them unusable June. The university has said intended to curtail the popular EMERALD ANDOPALRING until apayment is made,at the hacker encrypted datafor extortion schemes by making which point the hackersprom- important academic work.The them lesslucrativethrough ef- Mesmerizing gemstones. Ideal color.Breathtaking artistry. ise to givethe victims ade- university said in astatement fortstotargetthe entiredigi- This one-of-a-kind ring features an extraordinary 10.88-carat cryption key—a complexseries that it wasa“difficult deci- talecosystem that supports Colombian emerald surrounded on all sides by 4.45 total carats of letters and numbersthat sion” to pay the ransom. them, including howcriminals will unlock their systems. Of- DarkSide,the ransomware rely on digitalcurrencytoex- of opals displaying aremarkable play of color.The emerald itself tenvictims payransom be- linked by the FBI to the Colo- tract victim payments. boasts the brilliant green color for which Colombian emeralds are cause they have no backup nial pipeline incident, uses the In an interviewlast month, known, free of any bluish tinge. Its unique sculptural mounting is copies of infected systems or Tor anonymizing software to John Carlin, asenior official at dotted with diamond accents totaling 2.01 carats that radiate out because the effort required to keep its server’s location hid- the JusticeDepartment, lik- restorehundreds of computers den. Thegroup that makes the ened ransomware to “cyber from the central stone, resembling aflower in full bloom. #31-2995 is prohibitive. ransomware uses the digital weapons of massdestruction” “Weare on the cusp of a currencybitcoin forpayments. that, likenuclear weapons, global digital pandemic,driven It uses online hacking forums were growing more powerful by greed, a vulnerable digital to recruit “affiliate” partners and devastating over time. ecosystem, and an ever-widen- who canbreak intovictims’ Thesuccess of ransomware ing criminal enterprise,” Chris networks,and it is thought to operations has allowedcrimi- Krebs, the former topcyberse- operateout of Eastern Europe, nal hackerstodemand ever curity official in the Homeland according to security re- greater sums of money into Security Department under searchers. the tens of millions of dollars President Donald Trump,said TheDarkSide developers from victims and reinvest in congressional testimony didn’t respond to arequest to those profitsinnew tools and about ransomware last week. comment. On the “press” sec- services that enable moreand Schools,law firms,local tion forthe gang’swebsite, betterattacks,Mr. Carlin said. governments, airportsand they appeared to distance Speaking at anewsbriefing law-enforcement agencies themselves from the Colonial on Monday, Anne Neuberger, 622 RoyalStreet,New Orleans,LA•877-677-2801 •[email protected] •msrau.com have been hit. attack and blame an affiliate. President Biden’sdeputy na- A September hack cost hos- They said they would exert tional security adviser,said Since1912, M.S. Rauhas specialized in the world’s finest art, antiques and jewelry. pital chain United Health Ser- morecontrol over the compa- there was a “troubling trend” Backed by our unprecedented125% Guarantee, we stand behind each and everypiece. vices Inc.$67 million last year nies that their affiliates want of hackerstargeting compa- beforetaxes,and amonth to attack “toavoid social con- nies that have insuranceand later ransomware groups sequences in the future.” arericher,and thereforemore knocked dozens of hospitals While ransomware groups likely to pay a ransom. P2JW132000-4-A00600-1------XA

A6 | We dnesday, May 12, 2021 **** THE WALL STREET JOURNAL. U.S. NEWS NRA’s Bankruptcy Dismissed; TexasMove In Doubt

BY JONATHAN RANDLES

ADallas judgehas thrown the National Rifle Association out of bankruptcy court, calling intoquestion the gun-rights group’splan to reincorporate in Texas as it faces allegations of spending abuses and mis- management in NewYork. JudgeHarlin Hale of the U.S. BankruptcyCourt in Dallas dismissed the NRA’schapter 11 case,ruling that NRAChief Ex- ecutiveWayne LaPierrefiled /REUTERS theJanuarybankruptcy “to TIF

LA gain an unfair litigation advan- tage” and “toavoid astate reg-

ADREES ulatoryscheme.” An Army National Guardsman with a Honduran migrant and his two young daughters this week in Roma, Texas. The family had crossed the Rio Grande on a raft. Tuesday’sruling follows ar- gumentsbyNew York Attorney General Letitia James and the NRA’sformer ad agency, Ack- FewerFamilies, Children Cross Border erman McQueen Inc., that the bankruptcy wasfiled in bad faith and didn’t have avalid BY MICHELLE HACKMAN on pacetopreside over a20- border has been one of the than adozenemergencyshel- Union and other immigrant purpose. year high in illegal border most significant logistical and ters in convention centers, on advocacygroups,who sayitis Ms.James sued to dissolve Thenumber of migrant crossingsbythe end of the political challenges forthe Bi- armybases and at other loca- illegal because people in dan- the NRAinAugust, accusing families and unaccompanied federal budget year in Sep- den administration, which has tions.Thereare currently gerofbeing persecuted in Mr.LaPierreand other execu- children crossing the border tember. struggled in particular to care about 20,600 children in HHS their home countries shouldn’t tives of corruption and finan- illegally dropped in April for Thenumber of adultscross- forrecordnumbersofunac- custody as the government be immediately returned, un- cial mismanagement, which the firsttime in nearly ayear, ing is likely lowerthan the ar- companied children in itscus- works to unitethem with fam- der federal law. Mr.LaPierreand the NRAhave according to government data rest totals because manyat- tody. ily membersorother adults Theadministration has denied. TheNew York lawsuit disclosed Tuesday. tempt to crossthe border Theadministration made who canserveasguardians in stopped enforcing the pan- hascontinued while the NRA Customs and Border Protec- repeatedly afterbeing caught progress moving those chil- the U.S. until their immigra- demic policyagainst unaccom- has been in chapter 11. Ms. tion agentsarrested 48,226 and returned to Mexico. dren out of cramped and un- tion cases areresolved, apro- panied children, and Mexico James has oversight of the migrantstraveling as families Thereare likely multiple sanitaryborder facilities over cess that cantakeyears. has refused to take back ama- NRA, which has itsheadquar- and 16,933 children who ar- reasons forApril’sdrop-off in the past month—with just 455 TheBiden administration jority of families with young ters in Virginia but was rived on their own. Arrestsfor families and children crossing children in Border Patrol cus- has continued to enforce a children theadministration founded in NewYork in 1871 each of those groups of mi- the border.Significant among tody on Monday,downfroma public-health-emergencyor- has attempted to return. and is officially domiciled grantsdeclined by about 10% them is stepped-up immigra- high of 5,767onMarch 28. der,known as Title 42, which SinceOctober,the start of there. compared with March. tion enforcement by Mexico, To accommodatethe chil- allows agentstoturn away the government’sbudget year, Ms.James said afterTues- However, arrestsofsingle which has been morecarefully dren once they were moved migrantswithout formally ar- Border Patrol agentshavere- day’sruling that her officecon- adults rose by about 11.5% to policing itssouthern border out of the Border Patrol facili- resting them—a step that also corded 724,984 arrestsatthe tinues to pursue itsenforce- 108,301. As aresult, the num- with Guatemala as well as ties,the government rapidly eliminates achancefor the Mexicanborder.The agency ment action against the NRA ber of arrestsbyCBP ticked common migrant routes expanded itsnetwork of child migrantstoask forasylum. has used itsTitle 42 authority andthat the group can’t reor- up slightly from March to through the country, at the sheltersoverseen by the De- Thepolicyisthe subject of 536,793 times. ganizeinTexas without ap- about 173,400.That means the behest of the U.S. government. partment of Health andHu- several court challenges by —Alicia A. Caldwell proval of theNew York state Biden administration is still This year’s surge at the manServices,opening more theAmerican Civil Liberties contributed to this article. attorney general. In his ruling,JudgeHale said, “The NRAisasolvent and growing organization using States InvestigatePharmacyBenefit Managers this bankruptcy as atool to win itsdissolution lawsuit, and that is not an appropriateuse BY ANNA WILDE MATHEWS the Ohio Medicaid program managed-careprogram, start- of bankruptcy.” uses UnitedHealth, among oth- ing in 2022. But the stateMed- Mr.LaPierresaid that while Several states areinvesti- ers. In March, the statefiled its icaid agencysaid it had to de- the NRAisdisappointed in gating pharmacybenefit man- suit against Centene,which is ferits decision about Centene, some aspectsofthe ruling,the agers,with some saying they seekingmillions of dollarsin which is currently aMedicaid organization will continue its arefocused on whether the damages. plan in Ohio,due to the claims mission defending the Second companies fully disclosed de- Earlier,the statesued in the state’ssuit against the Amendment. “Weremain an tails about their businessand Cigna’sExpressScripts, alleg- company. independent organization that potentially received overpay- ing it had overchargedthe Ohio is also switching its canchart itsown course,even mentsunder statecontracts, Ohio Highway Patrol Retire- Medicaid program’s$3billion as we remain in NewYork to according to stateofficials and ment System, and United- pharmacybenefit to one firm, documents. GES Health’sOptumRx,alleging it rather than having each man- IMA States includingOhio,Okla- hadoverchargedthe Ohio Bu- aged-carecompanycontract Testimony by NRA

homa, Georgia, NewMexico, GETTY reau of Workers’ Compensa- with itsown PBM. Kansas,Arkansas and Missis- tion. Several states,according to employees pointed sippi, as well as the District of An OptumRx spokesman publicly available contractsand to internal problems Columbia, arescrutinizing said the companybelieves the stateofficials,havehired the MERRIMAN/ PBMs,according to the offices “allegations arewithout merit.” same lawfirm, Liston &Deas, at the nonprofit. TIN

of stateattorneysgeneral and JUS He declined to comment on to investigatePBMs.Those in- auditors, as well as public doc- Ohio Attorney General Dave Yost says many states besides his stateinvestigations.ACigna clude Ohio,Mississippi, Arkan- umentsincluding statecon- own are looking into PBMs. His office recently sued Centene. spokeswoman declined to com- sas and Kansas.W.Lawrence tractsand securities filings. ment. Deas,apartner with the firm, confront our adversaries,” Mr. Details about the investiga- mer,and “beforethis is all number of stateinvestigations, In itsmost recent quarterly said it wasalso working with LaPierresaid. tions’ focus typically aren’t done,Iwill be surprised if we with some dating back to early filing with the Securities and Georgiaand NewMexico. The TheNRA said when it filed public.Officials with some don’t have adozenormore 2017. ExchangeCommission, Centene number of states working with forbankruptcy that it wasdo- states said they were looking states” bringing complaints Pharmacybenefit managers noted the Ohio suit and said the firm is “certainly growing,” ing so “toexit what it believes at companies in their Medicaid against PBMs. typically work foremployers that “other states arereview- he said. is acorrupt political and regu- programs and state-employee ACentene spokeswoman and health plans,managing ing the practices of PBM ser- Brian Colón, the Democratic latoryenvironment in New plans.Among the companies said it “provides pharmacy drug benefitsand negotiating vice providers, including us, auditor forthe stateofNew York.” TheNRA said it in- under scrutinyare unitsof benefit programs forMedicaid pricing with pharmaceutical and could bring claims against Mexico, said his officeisexam- tended to use bankruptcy to Centene Corp., UnitedHealth and Medicareaccording to the companies and drugstores. us.” Arecent SEC filing by CVS ining “drugpricing practices reincorporateinthe friendlier Group Inc.and CVSHealth regulations,lawsand contrac- They oftenhavemanylines of said the companywas being in- forthe managed-careorganiza- jurisdiction of Texas. Corp. tual guidelines issued by state businessthat involvestate gov- vestigated by the “attorneys tionsand the pharmacybenefit JudgeHale’sdismissal of “I’m aware of manystates agencies.” TheOhio suit’s ernments, including handling general of several states,as managers” that servethe the NRA’schapter 11 case, that arelooking at this,” said claims are“unfounded and will thedrugbenefitsofstate em- well as the District of Columbia state’sMedicaid program and which has cost the organiza- Ohio Attorney General Dave be vigorously defended in ployees and working with man- regarding itsPBM practices,in- itsemployeeplan. Theauditor tion millions of dollarsinlegal Yost,aRepublican, whose of- court,” she said. aged-carecompanies that ad- cluding pricing and rebates.” is looking at whether compa- fees,putsinjeopardy the fice recently sued Centene,al- CVSChief PolicyOfficer and minister Medicaid benefits. Thestakesfor Centene and nies arecomplying with their group’sstrategytobattlethe leging it had misled the state’s General Counsel TomMoriarty At manylarge companies, othercompanies areparticu- contractsand whether the NewYork attorney general Medicaid program about its said that the companyworks includingUnitedHealth, Cen- larly high when states bring statehas been overcharged, he lawsuit and litigation with its pharmacy-related costs, result- with stateattorneysgeneral tene, Cigna Corp.and CVS, the suitsrelated to their Medicaid said. former ad agency. ing in overpaymentsbythe “todemonstratehow PBM so- same parent owns both aPBM programs,which areamajor Among the companies in In dismissing the case, state. Statesare at various lutionsdeliver drug cost sav- and amanaged-careoperation. businessfor managed-care NewMexico’sMedicaid pro- JudgeHale didn’t prohibit the stages of examining PBMs,he ingstoclients, including signif- Mr.Yost said his officeis firms.Ohio recently announced gram is Centene,and the state NRAfromfiling forbankruptcy said, but he expectsacouple of icant savingstostate budgets.” continuing itsinvestigation of the winnersofnew contracts employeeplan uses Cigna’sEx- asecond time.But he said if newsuitstobefiled this sum- He said CVSfaced alimited PBMs.Inaddition to Centene, forits $20 billion Medicaid pressScripts. the NRAdid refile,hecould ap- point an independent trustee to oversee the group,which es- sentially would strip Mr.LaPi- Major OffshoreWind Farm ReceivesFederal Approval erreand other managersof control. Thejudge’sruling comes af- BY TIMOTHY PUKO VineyardWind Chief Execu- President Biden has made several yearsoflocal opposi- tween each turbine,among teratrial that scrutinized Mr. tiveLarsPedersen said the wind power acornerstone of tion,high costsand missed other measures to mitigateen- LaPierre’sdecision to put the WASHINGTON—Thenation’s federal approval “isnot about his plan to reducegreenhouse- deadlines.VineyardWind itself vironmental harm. They said 150-year-old gun-rightsgroup firstlarge-scale offshorewind the start of asingle project, gasemissions that contribute wasalso delayedfor months they had considered wide-rang- into chapter 11 in January. A farm received itsfinal federal but the launch of anew indus- to climatechange. Shortly after afterthe Trump administration ing public comment and that lawyer forthe NRAsaid before approval, foreshadowing apo- try.” taking officeinJanuary, he broadened itsreview over the theproject wasessential to the trial that an unfavorable tential newenergy industryon Theproject would generate signed an order directing the wave of coming projectsand their broader effort to reduce ruling disrupting Mr.LaPierre’s the Atlantic Coast aftermore as manyas800 megawattsfor Interior Department to explore sought to solveconcerns over the greenhouse-gas emissions leadership could spell the end than adecade of false starts. Massachusetts ratepayers, doubling U.S. offshorewind migrating whales and commer- that contributetoclimate of theorganization. TheNRA VineyardWind, a$2.8billion enough to power400,000 production by 2030,aboon to cial fishing. change. has defended Mr.LaPierre. project off the coast of Massa- homesand businesses,the East Coast leadersvying to Wind-turbine technology “A clean-energy futureis TestimonybyNRA employ- chusetts,islikely to start con- companyand the Interior De- maketheir states newhubs in has developed rapidly in recent within our grasp,” Interior Sec- ees pointed to internal prob- struction within ayear and op- partment said. U.S. approval the growing renewable-power years, causing coststodrop. retary Deb Haaland said. lems at thenonprofit, includ- eration in 2023,project leaders wasneeded because the proj- business. And local support has grownas Vineyard Wind LLC,ajoint ing afailureofMr. LaPierreto said. TheBiden administration ect is in federal waters. Thedecision could be asig- East Coast states have become venturebetween Avangrid Re- disclose conflictsofinterest said Tuesdayithad approved VineyardWind wasjust the nificant turning point forde- morecommittedtoaddressing newables and Copenhagen In- with topvendors. theproject’sconstruction and firstofroughly 10 offshore velopment that has languished climatechangeand benefiting frastructure Partners, said it Mr.LaPierre, some board operations plans forasmanyas projectswaiting forpermit re- in the U.S.,while the same in- from growth in clean-energy would deploy the world’smost membersand lawyersfor the 84 turbines 12 miles off Nan- views at the Interior Depart- dustryhas flourished in Eu- jobs. powerful wind turbine, Gen- NRAsaid in bankruptcy court tucket, saying it could be ama- ment as investorsseek to rope. Bidenadministration offi- eral Electric Co.’sHaliade-X. that the organization has jor job creator and addresscli- meet growing demand for Apredecessor to Vineyard cialssaid the plan would re- —Katherine Blunt contributed strengthened itscompliance matechange. zero-emissions energy. Wind, Cape Wind, failed after quireamile of spacing be- to this article. controls in recent years. P2JW132000-4-A00700-1------XA

THE WALL STREET JOURNAL. **** We dnesday, May 12, 2021 | A7 WORLD NEWS Biden FacesRussian Test Over Syria Aid

Showdown looms as plies and funding distributed from Turkey and that previous U.N. tries to deliver attemptstocoordinateaid assistance to areas shipmentsfromSyrian-gov- ernment-controlled areas Assad doesn’t control though the conflict zone had faltered. BY MICHAEL R. GORDON “There are massive camps, AND JESSICA DONATI with tents and displaced peo- ple everywhere,” said Mark WASHINGTON—TheBiden Cutts, the senior U.N. official administration is bracing fora who oversees the shipment of showdownwith Russia over aid to northwest Syria. “Food, the deliveryofUnited Nations almost all of the tentsand aid to millions of Syrians out- vaccines forCovid all comes side the control of Syrian through the U.N. We spent President Bashar al-Assad, a yearsbuilding up amechanism flow that Moscow is poised to that really works.Why remove block in July. it at atime when the needs At stakeisthe U.N.’suse of are at their greatest?” the Bab al-Hawa border cross- As aprecautionarystep

ingbetween Syria and Turkey, GES against having the last re-

which the world body has used IMA maining border crossing to send about 1,000 truckloads blocked from U.N. use,some

of aid a month to a region in GETTY aid groups have been storing northwest Syria with apopula- SE/ aid within northwest Syria tion of morethan four million. that could last months,aid TheU.S.and itsallies say workers say. ANCE-PRES

theclosureofthe border to FR That, however, would be no the U.N. would put civilians in morethan astopgap until jeopardy,especially the 2.7 ENCE nongovernmental organiza- AG

million people in the area who D/ tions and foreign govern- have been displaced by the TA ments, who don’t requireU.N. conflict. TheU.N.also has just WA Security Council authorization REF

started itsCovid-19 vaccina- AA to use the crossing,can find tion campaign in the area, an Aid workers unpack Covid-19 vaccines at the Bab al-Hawa border crossing between Turkey and rebel held northwestern Syria. waystosend moreaid from effort not easily replaced by Turkey.Evenso, those aid or- another organization. Though Biden administra- ganizations saythey wouldn’t Moscow says,however, that tion officials arestill in the WhiteHouse Is Slow of Africa, haven’t said if they tants. be able to fully replacethe as- the crossing is aviolation of midst of apolicyreview of the planned to name one for the “A keyquestion is whether sistance provided by the U.N. the Syrian government’s sov- region, SecretaryofState Ant- To LayOut Strategy administration’s Syria policy. the U.S. administration con- “There are so many knock- ereignty andthat assistance ony Blinken has called on the The administration also nects this discussion of the on effectsthat aren’t automat- should be delivered from areas U.N. Security Council to ex- hasn’t outlined its diplomatic border crossing to other issues ically visible,” said aMercy controlled by the regime, pand itsuse of border cross- Russia’s looming decision strategy for trying to quell the relatedtothe conflict in Corps staffer working in Syria, which has gained the upper ings. The issue is expected to on Syria’s border is putting conflict in Syria or said whether Syria,” said Charles Thepaut, a noting that localorganizations hand againstthe opposition form part of the agenda if pressure on the Biden adminis- it plans to continue the deploy- visiting fellowatthe Washing- that makeuppart of acom- with thehelp of Russia and President Biden and Russian tration to spell out its strategy ment of the roughly 800 U.S. tonInstitutefor Near East plexsystemofhumanitarian Iran after a decade of war. President Vladimir Putin meet for coping with the crisis. troops in northeast Syria, who Policy. relief depend on the U.N. “It’sclear that the stakes in Europe in June,asthe Biden officials, who have are supporting the Kurdish-led “The room for compromise “There’snoway we canphysi- are quite high,” a U.S. official White House is hoping. named special envoys for Ye- Syrian Democratic Forces that is narrow,” he added. “There is cally replace what the U.N. is at the U.N. said. “We’ll be ac- TheU.N.’s use of border men and the crisis in the Horn are fighting Islamic State mili- only one border crossing left.” doing now; anything that hap- tively engaged both with like- crossings dates to 2014when pens will be lesseffective, less minded countries who are the Security Council approved efficient, and on amuch standing with us on this and aplan to send aid to Syrians secured aone-year extension representativefor Syria policy. ian tragedy,” said aspokesman smaller scale.” with otherswho have ex- through four crossings, with forU.N.use of the crossing. Moscow hasn’t yet said it forthe Russian Embassy,who Arab Gulf states areexplor- pressed some skepticism.” Turkey,Iraqand Jordan, to “Russia has been leveraging would veto the extension, leav- said delivering aid to northern ing sending humanitarian aid Current and former U.S. offi- reach civilians on both sides of itsSecurity Council choke- ing open the possibility of ne- Syria through government to areas controlled by the Syr- cials sayMoscow’s broader ob- the battle lines.Under Russian holds on these humanitarian gotiating continued use of the lines could be effective. ian government, astepsome jectiveistobuild up Mr.Assad’s pressure, the Security Council crossingstowin acceptanceof crossing in return forU.S.con- Aidorganizations say, how- former U.S. officials say Mos- authority,pressurethe Syrian later shrank the number of Assad and roll back sanctions cessions on Syria or in other ever,that the manySyrian cow would welcome and which opposition and perhaps wrest crossingsthe U.N. is authorized on his regime,” said James policy areas.“Termination of groups that form the fabric of they saymight be aprecursor concessions on Syria policy to use to one: Bab al-Hawa.In Jeffrey,who served as the thecross-border mechanism aid efforts in the country de- to broader acceptanceofMr. from the Biden administration. July, the Trump administration Trump administration’sspecial will notbecome ahumanitar- pend critically on the U.N. sup- Assad’s government. Israel, Hamas

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to the Al Aqsa Mosque,ana- BER

tionalist Israeli holidayaimed SA at showcasing claims to East Jerusalem and an emboldened MMED

Hamas looking to capitalizeon MOHA Palestinians’ widespread dis- Palestinians inspected a destroyed tower in Gaza City on Tuesday content with their political after a series of Israeli airstrikes that have killed over 25 people. leadersafter elections were canceled. from Gazathat exploded there facilities andtunnels on the Days of clashes between before reaching Israel. border that Israel said Hamas Palestinians and Israeli police One Israeli waskilled in the uses to launch attacks. in Jerusalem exploded into central Israeli coastal city Ris- Lt. Col. Jonathan Conricus, full-onconflict Mondayeve- hon LeZion and two when a an Israeli militaryspokesman, ning afterHamas launched house in Ashkelon washit, Is- disclosed some details of what dozens of rocketsitsaid were raeli emergency-response offi- he called several complexand to avengeIsrael’sactions in the cials said. large operations targeting the contested holy city.With both Hamas officials have seized militant group in Gaza. sides refusing to back down on the hostilities in Jerusalem Col. Conricus said 80 Israeli andrebuffing international to presstheir influenceand militaryaircraftsimultane- calls foracease-fire, fearshave statureamong Palestinians, ously bombed 150 rocket- risen about an outright war. particularly afterPalestinian launchingsites on Monday “Hamas and Islamic Jihad Authority President Mahmoud evening, a complex maneuver have paid and will payadear Abbas canceled elections in he said likely caused some ci- price,” Prime Minister Benjamin which Hamas waspredicted to vilian casualties.Israel has Netanyahu of Israel said. “This make significant gains. also trapped anumber of battle will take time,but we Hamas leader Ismail Hani- Hamas special-forcesopera- will restoresecurity to Israel.” yehsaid the group would con- tives in atunnel between Gaza TheBiden administration and Israel that the military condemned the rocket fire said Hamas planned to use to from Gazaand said it supports The White House launch an attack,hesaid. He Israel’s right to defend itself. wouldn’t sayhow manyopera- SecretaryofState Antony condemned the tives were there or where the Blinken spokewith Foreign rocket fire from tunnel was exactly. Minister Gabi Ashkenazi of Is- Israeli officials said the mil- rael on Tuesdaytocondemn Gaza into Israel. itary has also targeted senior the rocket fire and urge de-es- officials from Hamas and an- calation, State Department othermilitant group,Islamic spokesman Ned Price said. Jihad, killing 20 Hamas opera- WhiteHouse presssecre- tinue itsassault “unlessthe tives,including an antitank tary JenPsaki said that U.S. occupation stops all manifes- commander,aswell as two Is- officials have candidly raised tations of aggression and ter- lamic Jihad leaders. concerns with Israeli officials rorinJerusalem and the Meanwhile,Israeli Defense in recent weeks about evic- blessed Al Aqsa Mosque.” Minister BennyGantz ordered tions of Palestinian families in Hamashas launched more the mobilization of 5,000 Is- East Jerusalem, which than 600 rocketstoward Israel raeli reservetroops to expand “work[s] against our common sinceMondayevening,includ- operations and enhanceIsrael’s interestsinachieving asolu- ing six at Jerusalem in a first defense efforts, aDefense Min- tion to the conflict.” since2014, Israel’smilitary istryspokeswoman said. ThePalestinian Health Min- said. Mr.Netanyahu described “[Israel is] sending aclear istryonTuesdaysaid Israeli the attack on Jerusalem as a messagetoHamas,” Col. Conri- strikes in response to the bar- red line. Israel’s military said cus said. “A messagethat will ragesthat began Mondayeve- itsIronDome system inter- resonatefor some time that the ning have killed at least 28 cepted 200 of the Hamas rock- type of attack that they con- people, including 10 children. ets, while 150 of them ex- ducted againstJerusalem…is Israel’smilitarysaid it wasin- ploded inside Gaza. totally unacceptable and some- vestigating reportsthat chil- Militaryofficials said Israel thing that we won’t tolerate.” dren were killed and that has struck scores of Hamas —Dov Lieber in Tel Aviv and some casualties might have targets, including weapons- Anas Baba in Gaza City been caused by rocketsfired manufacturing sites, military contributed to this article. P2JW132000-0-A00800-1------XA

A8 | We dnesday, May 12, 2021 THE WALL STREET JOURNAL. WORLD NEWS At Least9Die in Russia In Shooting at aSchool

BY ANN M. SIMMONS five minutes later,according to authorities cited by TASS. MOSCOW—Atleast nine TheRussian MinistryofEdu- people were killed, including cation published alist of 21 seven children and a teacher, wounded individuals that in- when an attacker opened fire cluded 17 children aged between Tuesdayataschool in the 7yearsold and 15 yearsold. Russian city of Kazan, accord- In avideo messageposted ing to authorities.Afemale on social media, Rustam Min- worker also died and at least nikhanov,Tatarstan’s leader, 21 people were hospitalized, said the children were being officials said. treated forgunshot wounds, A statement posted on the fractures and bruising.Hesaid websiteofKazan, capital of authorities were working on the largely Muslim republic of determining a motive.

CK Tatarstansome 500 miles east Kremlin spokesman Dmitry TO of Moscow,said the four boys Peskov told reportersTuesday and three girls killed were that Russian President Vladi-

SHUTTERS eighth-graders. mirPutin wasreconsidering

A/ A19-year-old man has been regulations governing the sale /EP arrested and had in his pos- of rifles.

HONG session aweapon officially He said Mr.Putin had given

WU registered in his name,the instruction “to urgently work China’s consumer-price index rose 0.9% in April from a year earlier. Above, a woman shops for vegetables at a supermarket in Beijing. statement said. out anew regulation on the Russia’sInvestigativeCom- types of weapons that maybe mittee, the country’smain in- in civilian circulation…taking NewDataStir China Inflation Fears vestigations agency, said it intoaccount the type of small had opened acriminal case in arms used by the shooter,” Mr. relation to the attack. Peskov said. Thesuspect told officials “The fact is that sometimes BY STELLA YIFAN XIE Chinese producers,who gained crease prices forproductsin- ducers, demand has remained whilehewas being arrested types of small arms areregis- shareinglobal exportsduring cluding home appliances,cars largely intact, said Robin Xing, that he had planted abomb at teredashunting weapons, HONG KONG—China’sfac- the pandemic and sawover- and computers, economistssay. chief China economist at Mor- the school’sregistration desk, which in some countries are tory-gateprices jumped by the seas demand boom this year. Some warn that elevated pro- ganStanley in Hong Kong.Sup- the Russian statenewsagency, used as assault rifles,” Mr. most in 3½ yearsinApril, “Ifthe bargaining powerof ducerprices could be passed ply constraintsinmanyWest- TASS, reported, citing minis- Peskov said. driven by surging commodities Chinese producersisstrong, onto consumersmorequickly ern countries,coupled with try of education sources. TheRussian president ex- prices,raising concerns that thereisacertain possibility in the pandemic economy. government stimulus,prompted According to TASS, the pressed his sympathies and in- inflationarypressures could that the rise in Chinese prod- Covid-19 prompted consoli- China’sexportstosurge unex- shooting began at about 9:20 structed health officials to spread globally. uct prices will spill over onto dation in sectorsincluding pectedly by 32.3% compared a.m. local time when 714 chil- provide all necessary medical Thecountry’sconsumer- global inflation,” said Zhang transportation and catering, with ayear agoinApril. dren were at theschool, to- andpsychological assistance price index, a measure of in- Ning, an economist at UBS. giving some producers stron- “Chinese policymakersare gether with around 70 staff, to the survivorsofthe tragedy flation that tracks prices fora An indexofimport prices of gerpricing power, according in no rush to raise interest including 52 teachers. School and to the relatives of the basket of goods and services, goods from China to the U.S. has to Zhaopeng Xing,aShanghai- rates,” said Morgan Stanley’s officials sounded the alarm dead and injured. rose 0.9% in April from ayear climbed sincethe start of the Mr.Xing.“Anydrastic tighten- earlier,reaching aseven- pandemic androse to the high- ing will cause adouble monthhigh. Theproducer- estlevel sinceDecember 2018 Top politicians are whammyfor producersby GES priceindex, agaugeoffactory- as of March, according to the adding to their cost burdens.” IMA gate prices,rose 6.8% in April, U.S. Bureau of Labor Statistics. concerned about the TopChinese politicians were the fastest pacesinceOctober Manyeconomistsexpect already concerned about the GETTY surge in the cost of SE/ 2017, China’sNational Bureau China’sproducer-priceindexto surge in raw-materials costs. In of Statistics said Tuesday. continue to climb through the raw materials. April, Premier Li Keqiang and Theproducer figure was second quarter beforemoder- Vice Premier Liu He both ANCE-PRES

higher than the median fore- ating in thesecond half of this stressed the need to stabilize FR cast of 6.5% among economists year,assupply shortages may commodities prices to help ENCE

polled by TheWall Street persist in the near term. Ro- based economist with invest- companies’ costs. Thecountry’s AG Journal. Theconsumer number bust demand forconsumer ment bank ANZ. He added that campaign targeting high-pol- A/ wasinline with expectations. goods,disruption of mining the bank expects China’s con- luting industries such as steel OV

Aprolonged disruption in operations in countries such as sumer-price index to surpass millshas aggravated supply LESNIK

global supply chains and the South Africaand global ship- thegovernment target of 3% constraintsand further pushed KO

resurgenceofCovid-19 in some ping delays could boost the by the end of the year. up prices of some commodities. LIA TA

emerging marketsfueled com- rally in some commodities. While rising costsofraw NA modities prices’ climb.That in A global shortageofsemi- materials have squeezedprofit  Global stocks tumble on People placed flowers and toys at a makeshift memorial for turn pinched profit margins for conductor chips will further in- margins formanyChinese pro- Inflation fears...... B1 victims of a deadly shooting at a school in Kazan on Tuesday.

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THE WALL STREET JOURNAL. NY We dnesday, May 12, 2021 | A9 WORLD NEWS Queen Lays Out U.K.’s Legislative Agenda

Ceremonial opening of House of Lords. showidentification when cast- Thequeen, who unlikeoth- ing their ballotstoprevent Parliamentisher first ersinthe chamber didn’t wear voterfraud. It also announced major public eventsince amask,announced that her newimmigration laws to en- government’spriority was“to sure the removal of migrants PrincePhilip’sfuneral deliver anational recovery who don’t have a right to re- from the pandemic that makes main in the U.K. BY MAX COLCHESTER the United Kingdom stronger, Mr.Johnson recently ce- healthier and moreprosperous mented his position in Eng- LONDON—Queen Elizabeth than before.” land, gaining votes during lo- II undertook her firstmajor Thelast time the British calelections this month in public engagement sincethe public sawtheir monarch, many blue-collar areas. funeral of her husband, Prince Queen Elizabeth wassitting, In the speech, the queen Philip,announcing her govern- masked and alone in St. said the priority wasto“level ment’slegislativeagenda dur- George’s Chapel at Windsor up” all partsofthe U.K. She ing a pared-back ceremony in Castle,watchingasthe body also stressed the importance Britain’s Parliament. of her husband of morethan of the British union, following The queen, wearing a light 73 yearswas loweredintothe calls by the Scottish National blue hat and daydress instead royal vault. Party forasecond indepen- OL

of the traditional robes and a PO Thequeen and her family dence referendum. crown, sat alone in the House S remained in mourning until While Covid-19 curtailed of LordsonTuesday, with the April 22.She has sinceunder- some of the ceremonyofParlia-

consort’sgilded chair removed ON/PRES takenanumber of engage- ment’sstate opening,other as-

forthe firsttime in morethan CKS ments. Most recently she ad- pectspersisted. Thedoor of the a century as she opened Par- JA dressed the Royal Life Saving House of Commons was

liament. PrincePhilip,the CHRIS Society, adrowning-preven- slammed shut to showthat the country’slongest-standing The queen wasn’twearing her traditional robes and crownasshe gave aspeech in the House of Lords. tion charity, via a video call. queen has no placeinthat body. royalconsort, died last month With Britain emerging from Royalbodyguards,the Yeo- aged 99. Minister Boris Johnson’sgov- this ceremony Prince Charles nearly 3,000 precious stones, the pandemic following a men of the Guard, searched During aceremonyadapted ernment intends to put before and his wife sat on chairs off which instead lay on a pillow rapid vaccine rollout, the gov- Parliament forbombs,anod to meet Covid-19 guidelines, Parliament. to the side of the stage. by her side as she delivered ernment’sfocus is shifting to afoiled plot to blowupthe ermine-clad membersofthe At recent stateopeningsof Thequeen traveled to the the speech written for her by back to itsdomestic agenda of building by agroup led by Guy House of Lordssat socially Parliament, the queen’seldest venue by carrather than by the government. bolstering left-behind regions Fawkes in 1605.Asalso is tra- distanced in the country’sup- son, PrinceCharles,sat by her horse and coach. PrinceCharles walked by in the country. dition, aBritish lawmaker was per house.The 95-year-old side,ashehas done since Shedidn’t wear the Impe- her side, holding her hand, as Thegovernment announced ceremonially takenhostagein monarchread aspeech that PrincePhilip retired from pub- rial State Crown, aheavy piece she climbed and descended that it would tighten voting Buckingham Palace to ensure laid out the legislation Prime lic duties in 2017. But during of jewelryencrusted with thestairstothe stageinthe rules,requiring residentsto the queen’s safe return. WORLDWATCH

NORTHERN IRELAND flict that became known as The NEW ZEALAND ITALY Troubles. Ten Killed by Army in Though she acknowledged Bystanders Stop More Migrant Boats 1971 Found Innocent thatthe times were chaotic, Jus- Man in Knife Attack Reach Italian Island ticeKeegan ruled thatnone of A coroner in Northern Ireland the victims had been engaged in Shoppers and staff at aNew Several hundred migrants ruled Tuesday that 10 civilians paramilitary activityatthe time Zealand supermarket were being reached a tiny Italian island, killed during military operations theywereshot. Theyincluded a praised fortheir bravery Monday swelling to past 2,100 the num- in west Belfast half a century mother of eight, aCatholic priest after authorities said theyman- ber of arrivals in around 24 ago were innocent victims, clear- and aWorld WarIIveteran. aged to stopafrenzied man from hours. Italian state radio said ing them of suggestions that The verdict comes as former hurting others after he stabbed four boats arrived at Lampedusa they were shot for attacking soldiers press the U.K. govern- four people in arandom attack, island after being escorted the British soldiers. ment to ensure they aren’t pros- severely wounding three of them. last miles to port early Monday REUTERS

Family members, who had re- ecuted for conduct decades ago New Zealand Police Superin- by Italian coast guard or custom O/ quested a new inquest to clear when they were sent to enforce tendent Paul Basham said the police vessels. The 635 latest ar-

the names of their loved ones, the peace in Northern Ireland. actions of the bystanders in rivals followed more than 1,400 RRINELL

applauded as High Court Justice “We will now take the time Dunedin in detaining the man who arrived on Sunday. PA

Siobhan Keegan delivered her to review the report and care- until police arrived was “nothing Human traffickers, mainly ONIO

findings. The killings occurred in fully consider the conclusions short of heroic.” Police charged a based in Libya, take advantage ANT August 1971 as the British Army drawn,” a U.K. government 42-year-old man with four of calm seas to launch unsea- Migrants waited Tuesday to be moved to a quarantine ship off confronted protesters during the spokesperson said. counts of attempted murder. worthy boats toward Europe. Lampedusa island in Italy. More than 2,100 migrants have arrived early days of the sectarian con- —Associated Press —Associated Press —Associated Press at the island in about 24 hours.

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A10 | We dnesday, May 12, 2021 THE WALL STREET JOURNAL. THE WALL STREET JOURNAL. We dnesday, May 12, 2021 | A11

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Pan-American Life Insurance Group SMC Corporation(of America) Total Quality Logistics Headquarters: New Orleans, LA Headquarters: Noblesville, IN Headquarters: Cincinnati, OH Industry: Insurance Industry: Automation&manufacturing Industry: Transportation, hospitality &services palig.com www.smcusa.com www.tql.com Ball Horticultural Company C.R. England Lockton Pan-American Life Insurance Group (PALIG), aleading SMC Corporation is acomprehensive manufacturer Total Quality Logistics (TQL) creates greater supply Headquarters: West Chicago, IL Headquarters: West Valley City, UT Headquarters: Kansas City, MO provider of life, accident, and health insurance of automatic control equipment, including pneumatic chain efficiencies for customers by combining Industry: Retail, wholesale &distribution Industry: Transportation, hospitality &services Industry: Insurance throughout the Americas, has been delivering trusted technology. With technical centers in Japan, the industry-leading technologyand unmatched customer www.ballhort.com crengland.com www.lockton.com financial services since 1911. Comprised of more U.S., Europe, and China, our vision to be the global service. Customers and carriers turn to TQL to solve than 20 member companies, PALIG offers top- standard for sustainableautomation is realized through their transportation needs with competitive pricing, Ball Horticultural Company is aleader in all facets of C.R. England, the most reliable refrigeratedcarrier What makes Lockton stand apart is also what makes rated individual and group life, accident and health partnering with our customers to discover opportunities continuous communication, and acommitment to do it ornamental horticulture, including research, breeding, in the nation, provides acomprehensive range of us better: independence.Our 8,000 associates in more insurance, employee benefits, and financial services. for energy and resourcesavings by reducing overall right every time. production, and marketing. Ball Horticultural’s global transportation solutions to meet the requirements of than 125 countries focus on clients’ risk and insurance compressed air and electrical consumption. family of product development teams, suppliers, and arapidly evolving customerbase. As afamily-owned, needs. Lockton understands how to accomplish distribution companies “color the world” and live by its customer- and employee-focused corporation since remarkable results. For 12 years Business Insurance founder’s motto, “All the best and nothing else.” 1920, C.R. Englandisdriven to maintain leadership magazinehas named Lockton as a“Best Place to Work through time-tested services, technology, in Insurance.” In 2019 Lockton was named atop 50 and processes. company to work for in London by Best Companies.

Red River Technology LLC Solenis VSP Global Headquarters: Claremont, NH Headquarters: Wilmington, DE Headquarters: Rancho Cordova, CA Industry: Technology Industry: Oil, gas &chemicals Industry: Insurance www.redriver.com solenis.com vspglobal.com Blue Cross Blue Shield of North Carolina CTE Mediacom Communications Corporation Headquarters: Durham, NC Headquarters: Charlotte, NC Headquarters: Mediacom Park, NY As atechnologytransformation company, Red River Solenis is aleading supplier of specialty chemicals As ahealth-focusedvision care company, VSP Global Industry: Health care Industry: Industrial products &construction Industry: Telecom, media &entertainment brings togetherthe ideal combination of talent, and services to water-intensive industries. Driving serves nearly 90 millionmembers through anetwork of www.bluecrossnc.com cte1926.com www.mediacomcable.com partners and products to disrupt the status quo sustainability solutions,itoffers chemical and 40,000 doctors, empowering human potential through in technologyand drive success for business and equipment technologies and services designed to help sight. VSP Global’s businesses includeVSP® Vision Care; Blue Cross Blue Shield of North Carolina has been CTE has servedthe Southeast for nearly100 years by Mediacom Communications Corporation is the fifth government. Red River serves organizations well customers improve operational efficiencies, enhance Marchon® Eyewear, Inc.; Visionworks; Eyefinity; VSP committed to making health care better, simpler, and offeringafull line of products and expert support.The largest cable operator in the United States and the beyond traditional technologyintegration, with more product quality,protectplant assets, and minimize Optics, and VSP Ventures. Through VSP Eyes of Hope, more affordable since 1933. They’ve been driving companyservices, sells,and rents construction,forestry leading gigabit broadband provider to smaller markets than 25 years of experience in security, networking, environmental impact. more than 3millionpeopleinneed have gained access better health in North Carolina for generations, and paving products,power generation systems, and primarily in the Midwest and Southeast. Through its analytics, collaboration, mobility and cloud solutions. to no cost eye care and eyewear. working to tackle health challenges in North Carolina material handling and warehousingsolutions. The fiber-rich network, Mediacom provides high-speed communities. Blue Cross NC is afully taxed, not-for- family-owned companyisbased on the principlesof data, videoand phone services to more than 1.4 profit company with major operations centers across trust,integrity, and adesire to help its customers and million households and businessesacross 22 states. North Carolina. employees succeed.

SanMar Corp Southern Glazer’s Wine &Spirits Walbridge Headquarters: Issaquah, WA Headquarters: Miami, FL Headquarters: Detroit, MI Industry: Retail, wholesale &distribution Industry: Retail, wholesale&distribution Industry: Industrial products &construction www.sanmar.com www.walbridge.com Border States Electric Inspire Brands Menasha Corporation www.southernglazers.com Headquarters: Fargo, ND Headquarters: Atlanta, GA Headquarters: Neenah, WI SanMar believes that asimple t-shirt can create lasting Walbridge is aprivately-held global construction Industry: Wholesale &distribution Industry: Transportation,hospitality &services Industry: Mfg., packaging&containers, supply chain svcs Southern Glazer’sWine &Spirits is the world’s pre- connections, elevate lives and be apowerful canvas company serving abroad range of markets including borderstates.com inspirebrands.com www.menashacorporation.com eminent distributor of beveragealcohol,and proud to for good. Our products are used to support charities, be amulti-generational, family-owned company. The automotive,aviation, commercial, education, industrial to rep your favorite band, or to cheer on your team. manufacturing, mission critical, power and energy, and Border States Electric provides products and services Inspire Brands is amulti-brand restaurant company Menasha Corporationisaleading corrugated and company has operations across the United States and With 10 national distribution centers and acatalog of water/wastewater. The company self-performs concrete to construction, industrial and utility customers. The whose portfolio includes more than 32,000 Arby’s, plastic packaging manufacturer and supply chain in Canada. 30 brands, SanMar is the largest supplier of apparel placement,aswell as the rigging and transport of 100 percent employee-owned company is rated the Baskin-Robbins, Buffalo Wild Wings, Dunkin’, Jimmy solutions provider. Its Menasha Packaging Company and accessories to the imprinted sportswear and equipment for various industrial clients. seventh largest electrical distributor in the United John’s, Rusty Taco, and SONIC Drive-In restaurants designs and produces corrugated retail merchandising promotional products industries. States by Electrical Wholesaling magazine. worldwide. Founded in 2018, Inspire is building a packaging and displays and provides packout and portfolio of differentiated yet complementary brands. fulfillment services. Its ORBIS Corporationproduces Though each brand has its own distinct identity, they plastic reusable containers, pallets and packaging are all leaders in their respective categories. interiors, and provides supply chain management services. Sponsored by

Sellen Construction StandardTextile Headquarters: Seattle, WA Headquarters: Cincinnati, OH Industry: Industrial products &construction Industry: Manufacturer and distributor www.sellen.com standardtextile.com Clemens Food Group Kravet Inc. Ocean State Job Lot Headquarters: Hatfield, PA Headquarters: Bethpage, NY Headquarters: North Kingstown, RI Sellen Construction is acommercial builder that Avertically integrated company, Standard Textile Industry: Retail,wholesale &distribution Industry: Creators &dist. of decorative home furnishings Industry: Retail, wholesale &distribution specializes in commercial office, healthcare, arts is aleading global provider of total solutions in the www.clemensfoodgroup.com kravet.com www.oceanstatejoblot.com and nonprofit, high-rise residential, hospitality, life institutional textilesand apparelmarkets. Leveraging science, and education projects for some of the most textile design, manufacturing and laundry expertise, The Clemens Food Group is avertically coordinated Kravet Inc., establishedin1918, is the premier resource Founded in 1977, Ocean State Job Lot is agrowing, important and impactful regional clients. From large- and its global infrastructure, Standard Textile serves pork company. Clemens is actively involved in all parts and industry leader for home furnishingsavailable privately held discount retail chain. Ocean State Job scale high-rise campuses to smaller interior tenant customers in the health care, hospitality, interiors, and of the pork supply chain from animal production, exclusively to the trade. Afifth generation family Lot sells brand name, first quality merchandise at improvements, Sellen has delivered award-winning consumer markets worldwide. harvest, and further processing through delivery to business, Kravet Inc. has grown to offer fabrics, furniture, closeout prices. Shoppersfind an ever-changing array projects for clients since 1944. customers. With Hatfield operating as its flagship wallcoverings, trimmings, carpets and accessories. The of household goods, apparel, pet supplies, seasonal www.usbestmanagedcompanies.com brand, Clemens is currently the largest family-owned Kravet family of companies includes iconic brands Lee products, and kitchen pantry staples at afraction of pork processor in the United States. Jofa,Brunschwig &Fils, GP &JBaker, Donghia and Kravet. their typical price. The Wall Street Journal news organization was notinvolved in the creation of this content. Deloitte Private was notinvolved in the creation of this content. Contentapproved by each company. P2JW132000-0-A01200-1------XA

A12 | We dnesday, May 12, 2021 THE WALL STREET JOURNAL. WORLD NEWS India Struggles to Contain Variants Brazil Seeks AstraZeneca Surge puts pressureon labs thatdogenomic Pause for sequencing needed to track Covid mutations Pregnant

BY SAEED SHAH Women

India’slaboratories are BY SAMANTHA PEARSON struggling to keep up with a punishing Covid-19 surge,as SÃOPAULO—Brazil’shealth its scientists try to track and authority Anvisa has called for understand new mutations. the immediatesuspension of On Monday, the World the use of AstraZeneca’s Health Organization classified Covid-19 vaccine among preg- avariant firstidentified in In- nant women in the Latin

dia, known as B.1.617,asa GES American country.

“variant of concern,” saying IMA Anvisa said lateMondaythat preliminarystudies suggest it itsrecommendation wasthe re-

could be morecontagious than GETTY sult of “constant monitoring of other variants. TheWHO’ssci- SE/ adverse eventsrelated to Covid entistsdidn’t report anyevi- vaccines in use in the country,” dence that vaccines aren’t ef- without giving further details. ANCE-PRES

fectiveagainst the new FR Brazil’sFolha de S.Paulo variant. newspaper reported that Bra-

India is ramping up its ca- GENCE zil’shealth ministrywas inves- /A

pacity to do genomic sequenc- AR tigating the death of apreg-

ing to track changes in the vi- NK nant woman in Rio de Janeiro rus’sgenetic makeup by SA who had taken the vaccine. UN

examining positivetest sam- AR TheAstraZenecashot, which ples.Yet the effort in India, Relatives mourned as they arrived Tuesday for the cremation in New Delhi of their loved one who died due to Covid-19. is produced locally in Brazil by which is dealing with the thepublic research center Fi- world’sworst current Covid-19 ply,while getting the samples SaumitraDas,director of as religious festivals and elec- the firstwave, the government ocruz,isone of the main vac- outbreak,isafraction of the from India’sstatesisalogistical the National Institute of Bio- tion rallies were held. was reluctant to impose lock- cines being administered in scale of the genomic sequenc- challenge, scientistssaid. medical Genomics,based near “Super-spreading eventslit down measures that restricted Latin America’smost populous ing being done in the U.K. Ravi Vasanthapuram, avi- Kolkata in eastern India, who up likesparks,leading to abig economic activity nationally. country. Brazil has also relied On Tuesday, the Indian gov- rologist at the National Insti- is managing the sequencing fire.That could be crowding TheB.1.617variant has now on the CoronaVac shot, devel- ernment reported 3,876 more tuteofMental Health and work nationally, said he is in indoors with no Covid-appro- been found in morethan 30 oped by Chinesefirm Sinovac, deaths during the past 24 Neurosciences in Banga- talks to add morelabs to scale priatebehavior,rallies,all countries,according to the to fight the disease,which has hours, taking the toll to nearly lore, which is part of the se- up the work.Hesaid the these thingsadded up,” said WHO,including the U.S.,the killed morethan 420,000 people 250,000 fatalities,with nearly quencing network,said only B.1.617variant is outpacing Dr.Vasanthapuram. “On to U.K., France and Japan. in the country. 330,000 newcases added daily. 40%ofthe personnel at his other variants. that cauldron you drop a mu- B.1.617isthe fourth to be AstraZenecaand Fiocruz Tenlaboratories in India lab areable to work on the se- tant. Naturally it is going to classified by the WHO as a didn’t respond to requests to areworking on the sequenc- quencing.The rest areill with increase transmission.” variant of concern. comment. ing,with acombined capacity Covid-19 or quarantined after Epidemiological Thesame super-spreader Independent epidemiologi- SãoPaulo,Brazil’smost of processing 1,000 samples a exposure. events that contributed to the cal models forecast a peak in populous state, and several day. “The labs have done a “India is newtosequencing. models forecast a surge also helped more infec- India’ssecond wave around otherstatesonTuesdaysus- fantastic job to rise to the Only in the last month is the second­wave peak tious variants evolve and dis- the middle of this month. pended vaccination of preg- challenge,” said Shahid capacity reaching itsfull level. seminateinthe population, India is now attempting to nant women with the Astra- Jameel,avirologist who heads There are a lot of constraints around mid­May. said Dr. Jameel. increase vaccinations,some Zeneca shot. the scientific advisorycom- in terms of manpowerand re- TheB.1.617variant wasfirst states have imposed lock- SãoPaulo wasdue to start mittee for India’s national se- agents, which is getting sorted detected in the western Indian downs,and much of the public inoculating pregnant women quencing effort. out now,” said Dr.Vasan- state of Maharashtra in Octo- has returned to taking pan- with health problems Tuesday, But the surge has made it thapuram. In recent months in India, ber.The government an- demic precautions.But the toll but State Health SecretaryJean moredifficult forthe labs to do India is sequencing far less the changes in the virus added nounced itspresenceinlate will be punishing formonths Gorinchteyn said the state the sequencing work.Manyof than 1% of daily positive sam- to avolatile mix of riskyhu- March, but said at the time to come, experts say. would have to put the plan on the staff aresick, caring forsick ples.Anearly goal wastoaim man behavior, as the country that therewasn’t sufficient Thetask forIndia’sscien- hold because it didn’t have relatives or quarantining be- for5%ofcases,but that be- let down itsguard, public- datatoshowitwas behind the tistssequencing virus sam- enough dosesofCoronaVac or cause of possible exposure. came unrealistic when cases health experts say. surge in cases.Atthe time,the ples is to prevent another mu- other vaccines to coverthe Lockdowns aremaking it harder ballooned. Theworld leader, As the virus numbers government said therewere tation from fueling further shortfall. forstaff to gettolabs.Supplies the U.K.,has been sequencing dropped, some people stopped some 771variantscirculating, surges. Beyond that, sequenc- Brazil’shealth ministry such as reagentsneeded forse- up to 10% of samples at points wearing masks and social dis- including the B.1.1.7variant ing is important forupdating didn’t respond to requests to quencing work areinshort sup- in the pandemic. tancing,and large events such identified in the U.K. Unlike shots. comment.

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THE WALL STREET JOURNAL. ** NY We dnesday, May 12, 2021 | A12A GREATER NEW YORK NYPD Seeks More Officers And Overtime

Faced with spending vilian membersofthe depart- ment, according to the NYPD. cuts, commissioner Thecurrent fiscal year’s presses City Council budget allocates nearly $271 million in overtime forthe de- for more funding partment, according to Ber- nard O’Brien, a police budget BY KATIE HONAN analyst at the city’s Indepen- dent Budget Office. TheNYPD Stemming NewYork’srise in already has exceeded that violent crime and helping the amount this year, he said. city recoverfromthe pandemic Atotal of $837.5 million was will requiremoreofficersand spent on NYPD overtime last

overtime spending,said New year,and an averageof$740.4 /REUTERS

York PoliceDepartment Com- million over the past five years. GAR

missioner Dermot Shea. “Overtime is acritical tool in SE At aTuesdayCity Council maintaining public safety be- MIKE hearingonthe proposed bud- cause it affords us additional de- Police faced protesters last summer following the May 2020 killing of George Floyd, a Black man, while in Minneapolis police custody. getfor the coming fiscal year, ployment in neighborhoods with Mr.Shea said that overtime increasing levels of shootings NYPD said it recorded 416 year on June 30 that cut about day, Mr.deBlasio said the de- of Queens and is the chair of spending is at a15-year low. and other violence, including in shootingsfromJan. 1through $1 billion from the policede- partment’scurrent head count the financecommittee. He urgedagainst spending cuts our transit system and housing May2,upfrom227 shootings partment’sannual budget.The is the right number of officers. Mr.Dromm said probes into to his department, which lost developments,” Mr.Shea said. in the same period last year. reductions were in response to At Tuesday’shearing,some alleged policemisconduct dur- some funding last year and has As the city begins to emerge Therewere44homicides in nationwide protestsoverthe council membersquestioned ing protestswereareason to faced calls forfurther reduc- from apandemic-related shut- the city in April, up from 38 May2020 killing of George whether the city needs as reducethe number of officers. tionsfromsome lawmakers. down,morepolicewill be homicides in April 2020,ac- Floyd,aBlack man, while in manyofficersasMr. Shea said. Thecity’s Department of Inves- TheNYPD’sproposed an- needed at parades and other cording to the NYPD. Minneapolis policecustody. “I think there’samajor dis- tigation issued areport in De- nual expense budget forthe events,hesaid. NewYork state “Weneed to do much, much Many of the spending cuts connect here, and when you cember saying the department coming fiscal year is $5.44bil- is lifting Covid-19 restrictions moretostemthe violence,” theNYPD sawhavebeen re- talk about safety,Ithink you mishandled its response to the lion,which is 5.5% of the city’s on businesses this month. Mr. Shea said. stored as thecity has received have to have the public’satti- Black Lives Matterprotests. $98.56billion overall proposed Violent crime has surgedin NewYork City MayorBill de federal funding to fill Covid-19 tude and mind-set as well,” said Mr. Shea said he speaks to budget. Thereare 35,030 uni- New York City since the pan- Blasio and the council approved budget shortfalls. Councilman DannyDromm, a NewYorkerswho want more formed membersand 15,646 ci- demic began last year,and the abudget forthe current fiscal At anewsconferenceTues- Democrat who representsparts police patrols. N.Y. Prepares to Va ccinate Children Aged 12 to 15

BY JOSEPH DE AVILA Administration on Monday our best weapon to defeat the Expandinginoculations to only be able to consider legis- vaccinations forpeople as cleared that vaccine to be used virus,and we’retaking all the children as young as 12 also lation mandating coronavirus young as 12 comes as Covid-19 NewYork could begin ad- for children as young as 12. appropriateprecautions to en- could help effortsbyschool shots, which only have been cases continue to fall. ministering the Covid-19 vac- ANew York statepanel will sure the safety and effective- districtstoreopen classrooms approved on an emergencyba- NewYork’sstatewide cine to children aged 12 to 15 makeafinal recommendation nessofour vaccine program,” full time to middle- and high- sis, afterthe U.S. FDAgives seven-dayaverage positivity as soon as this Thursdayafter for vaccinating young people said Mr. Cuomo, a Democrat. school students. the vaccine full approval, Mr. rate dipped to 1.34% on Mon- federal health regulatorsgave following aseparatereview by More than 16.9 million TheBiden administration Cuomo said. day, the lowest figure since the green light to inoculate the U.S. Centersfor Disease doses of Covid-19 vaccines has said it won’t require That processcould take lateOctober and the 36th adolescents, stateofficials Controland Prevention,Gov. have been administered to date schools to mandateCovid-19 several months, he said. straight day of decline. said. Andrew Cuomo said Tuesday. in NewYork.Nearly 50% of the vaccinations forstudents. In “Iftherewas afederal ap- Covid-19 hospitalizations TheCovid-19 vaccine pro- If approved as expected, 12-to state’spopulation age18and NewYork,the stateLegisla- proval, it is going to be alegit- also continue to fall. There duced by Pfizer Inc.and BioN- 15-year-olds could begin re- up have been fully vaccinated. turewould have to passalaw imatetopic of discussion,” Mr. were 2,026 coronavirus pa- Tech SE previously had been ceiving the vaccine later this Health expertssay children to implement such amandate, Cuomo said Tuesdayatanews tients hospitalized in New approved forpeople aged 16 week, he said. also will need to be vaccinated Mr. Cuomo said. conference. York as of Monday, a21% drop and up.The Food and Drug “The Covid-19 vaccine is to help end the pandemic. NewYork lawmakerswould Thepending approval for from the previous week.

PRESENTS P2JW132000-2-A012B0-1------NS

A12B | We dnesday, May 12, 2021 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK

METROMONEY | By Anne Kadet Parks Are Fertile Ground for Volunteers

Casey pened—New Yorkers city- than 700, says Ms. Birn- Chamberlain, wide came through for their baum, raising a record director of the parks, volunteering time and $250,000. Hunters Point money, sometimes at record The numbers are even Parks Conser- levels. more impressive at Brook- vancy in “The pandemic had a sil- lyn’s Prospect Park, which Queens, recently made an ver lining for us, people are saw a volunteer surge for unusual offer to a sister con- more aware of how impor- new programs such as “It’s servancy, the Prospect Park tant parks are,” says Heather My Park Mondays” post- Alliance in Brooklyn. Could Lubov, executive director of weekend trash cleanups. he send some of his organi- the City Parks Foundation, The park saw a 142% in- zation’s volunteers to work which supports more than crease in new volunteers, to in Prospect Park? 600 volunteer groups in 400 1,600, and a doubling in vol- “We’ve gotten a lot of vol- parks citywide. unteer registrations, to unteer interest this year, to Count Karen “DJ Nett” 2,200, according to the Pros- the point where we don’t Lawson among the new park pect Park Alliance. have enough spots,” he champions. The 35-year-old Individual donations dou- wrote in an email. city correction officer and bled as well, to $2.4 million The volunteerism surge DJ was exercising in parks between July 2020 and started last summer, Mr. near her Jamaica, Queens, March 2021—thanks in part Chamberlain told me later. home last summer and no- to a 42% increase in the Locals laid off or working ticed how trashy they had number of donors, to 4,700. from home in the pandemic gotten. Rather than com- Last week, Alliance Presi- started spending more time plain, she posted fliers and dent Susan Donoghue took in the waterfront parks. organized a volunteer trash me on a tour of the park, vi- Quite naturally, they got in- pickup day around Baisley brant with spring colors, to terested in giving back. Pond Park. point out improvements the People came out to “A lot of people at the nonprofit is making, thanks weed—850 bags of inva- time were pointing fingers at to the windfall. They include sives!—plant bulbs—12,000 city agencies, but with bud- new benches and landscap- tulips and daffodils!—and get cuts, it’s not the employ- ing at the Drummer’s Grove meet their neighbors. And ees at fault,” she says. “As and upgraded restrooms, not the surge hasn’t stopped. community members, we to mention new picnic ta- Mr. Chamberlain says the should take responsibility for bles, coal bins and communal conservancy’s volunteer slots our own communities.” grills in the barbecue areas. are “sold out” through the “We wanted it to be really first week of June. ore than 30 resi- visible. You donate to us and Thank goodness. Last dents showed up for this is what we do with your year, the pandemic brought M the first cleanup, money,” says Ms. Donoghue. sharp cuts in public funding leading Ms. Lawson to found A The Alliance is hiring ad- for city parks. SEQ Cleanup, an all-volun- TINK ditional staff to oversee vol-

The resulting 1,600-person teer group that has since or- MAR unteers. reduction in seasonal main- ganized more than 20 events UL PA tenance and operations staff in six green spaces around Avolunteer cleans up Brooklyn’sProspect Park. There’sbeen asurge in volunteers during the pandemic. ndeed, as city residents last summer—from 2,600 to southeast Queens. take more responsibility 1,000—translated to a de- While the proposed city horticulture last year at Gov- and pruning rose bushes. helpers contributed 3,500 I for their parks, park offi- crease of about 32,000 budget for the coming fiscal ernors Island. While the photography hours of volunteer work last cials say they are taking worker-hours a week on av- year would restore last “I’m a wedding photogra- business is picking up, she year—a 35% increase over their volunteer programs erage, according to the city’s year’s cuts, Ms. Lawson said pher and had no work,” she plans to keep volunteering the same period in 2019. “It more seriously, offering ev- Department of Parks and the experience made her and says. With many gigs re- full throttle. “It’s like my was like having five full-time erything from formal horti- Recreation. others eager to care for local scheduled to 2021 or later, job,” she says. staff working 40 hours a culture-skills training to beer At the same time, the pan- parks, and they plan to keep Ms. Ozols started as a volun- week,” she says. and pizza appreciation par- demic produced more park going. “During this pan- teer gardener last August. It he volunteer surge has Donors came through as ties. traffic as New Yorkers used demic, I fell in back in love became a twice-weekly habit. been a tremendous well. Last year, after Gover- Volunteers always have “On Governors Island, all T their green spaces for every- with my hometown here in help through the pan- nors Island offered a dona- made a contribution, says thing from violin lessons and Queens,” says Ms. Lawson, the sounds and feelings of demic, says Merritt Birn- tion option with the pur- Mr. Chamberlain at the exercise classes to work who gave birth this past the pandemic went away,” baum, executive director of chase of a $3 ferry ticket, Hunters Point Parks Conser- meetings and comedy shows. month to twin girls. she says. “I could relax and the nonprofit the Friends of more than 6,600 passengers vancy. But thanks to the pan- Observersdarkly predicted Sarma Ozols, a 52-year- breathe again.” Governors Island, which runs did so, contributing nearly demic, “We really know how areturn to the decrepit park old who lives in Cobble Hill, She’s since put in nearly volunteering and fundraising $50,000. The number of an- important they are.” conditions of the 1970s. Brooklyn, is one of many vol- 200 hours weeding mugwort, programs for the 172-acre nual donors, meanwhile, But a funny thing hap- unteers who got hooked on planting ornamental grasses green space. A record 200 grew nearly 30% to more [email protected]

Physical distance cankeep yousafeand healthy. Butifanemotional distance forms between youand thoseclosest to you, it may be due to drug or alcohol use. Partnership to End Addiction workswith youto establish the connections that canhelpsavelives and end addiction.

Getsupporttohelp yourchild at DrugFree.org P2JW132000-0-A01300-1------XA

FAMILY & RELATIONSHIPS PERSONAL JOURNAL.

© 2021 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. We dnesday, May 12, 2021 | A13

From left: Onanoff’s BuddyPhones Cosmos+, LilGadgets premium wired headphones for kids, JLab headphones.

have to turn up the volume to compensate. S+

SMO What you can do

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FR models that include active noise cancellation.

FAMILY posed to toxic noise levels more concerning because  Get noise-canceling ear- &TECH at a younger age, they may they don’t block out back- buds. At some point—proba- JULIE reach the point where irre- ground noise as well as bly sooner than you’d like— JARGON Protecting versible damage has oc- over-the-ear headphones, children are going to curred at a younger age as with their foam ear cups. outgrow the kiddie over-the- well,” Dr. Cohen said. Studies have shown that ear headphones and beg for ow many times The daily recommended people on average turn up a pair of earbuds. Audiolo- have you walked Children’s safe volume level of any the volume of their earbuds gists say earbuds that fit into a room and sound is below 85 decibels, by 13 decibels above the properly can be used safely. had to yell that for a maximum of eight con- background noise, said Brian “The ones that seal well of- H dinner is ready, tinuous hours, according to Taylor, director of clinical fer some passive noise can- only to have Hearing the WHO. For every three- content development at cellation,” Dr. Cohen said. your kids stare blankly at decibel increase in Earbuds that offer you, if they look up from volume, the amount of active noise cancella- their screens at all? I can’t Here’s how parents can stave off safe listening time tion are expensive but count the number of times cuts in half. So if you even safer, audiolo- I’ve had to raise my voice headphone-related hearing loss are listening to music gists say. Apple’s Air- when my kids were en- at 100 decibels—the Pods Pro, Amazon’s grossed in a game or movie equivalent volume of a Echo Buds and Sam- they were listening to hair dryer—it’s only sung’s Galaxy Buds all through headphones. from excessive noise expo- become noticeable,according safe for 15 minutes. have technology that Were they just ignoring sure, according to the Cen- to hearing experts. Thedam- TomWalters, of blocks outside noise. me? I doubt it, because this ters for Disease Control and agemight not even showup Richmond, Vt., has a My colleague Joanna happens even when I an- Prevention. The World on astandardhearing test, teenageson with sig- Stern concluded that nounce there’s pizza. It Health Organization said but it canlead to difficulty nificant hearing loss the AirPods Pro and probably means that the last month that more than a understanding speech in in one ear.Doctorsha- the Echo Buds did the volume on their devices was billion young adults are at noisy environments, said Mi- ven’t been able to pin- best job of drowning cranked up too loud and I risk of permanent, avoidable chael Cohen, director of the point the cause. out the sound of a should do something about hearing loss due to unsafe MultidisciplinaryPediatric “The audiologists hair dryer. it before I lose my voice— listening practices, with Hearing Loss Clinic at Massa- have told us in no un- Onanoff’s BuddyPhones Cosmos+ over- and my temper. nearly half of all people ages chusetts Eyeand Ear,a certain terms,‘No in- the-ear noise-canceling headphones.  Limit the volume on Noise-induced hearing 12 to 35 in wealthy coun- teaching hospital. ear headphones,’ ” Mr. the devices them- loss is on the rise among tries listening to personal “Therecan be underlying Walterssaid. “Ifthey selves. Apple offers young people. Some audiolo- audio devices at unsafe damagetothe neurons of had their way,they’d have hearing-aid company Signia. ways to control volume from gists say they suspect the sound levels. hearing and we call that ‘hid- him wear no headphones,but That’s fine if you’re in a its iPhones and iPads. Start problem has only gotten Fortunately,safeguards den hearing loss,’ ” he said. he’s17after all.” classroom, where the aver- by going into the device set- worse during the pandemic, arereadily available.Noise- While children aren’t “Barring no-headphones,” age sound level is 60 deci- tings and tap on Sounds & when kids have been glued canceling and volume-limit- more susceptible to hearing he said, “they recommended bels, he said, but if you’re Haptics on newer models to their devices for school, ing headphones,aswell as loss than adults, the stakes over-the-ear,noise-canceling on an airplane, where it can (or Sounds on older de- entertainment and social settingsonthe devices them- of hearing damage are models,which is what he has. be 80 decibels, the music in vices), then choose Head- connection. selves,are tools parentscan greater for them. Their de- He wearsthem constantly, your earbuds could end up phone Safety and enable Re- An estimated 12.5% of use to protect kids’ ears. veloping speech can be af- which concerns me,but Ido louder than a lawn mower. duce Loud Sounds. You can children and adolescents be- Theimpact on children’s fected by hearing loss. Also, check his listening level from Noise-canceling models, drag the slider to choose the tween the ages of 6 and 19 hearing isn’t immediately ev- damage from noise exposure time to time and he seems to though more expensive, can maximum decibel level you have already suffered per- ident because it cantakesev- is cumulative. “Therefore, if be keeping it low.” help: When external noise is wish to allow through the manent hearing damage eral yearsfor hearing lossto children or teens are ex- Standard earbuds are neutralized, people don’t headphones.

day,” said Danielle Hirsch, chief ex- emailing and saying they wanted Vaccines ecutive and creative director of to come,” she said. “Everyone is Danielle Frankel, which makes ready to go.” bridal wear. The label, known for a Some brides who married in Trigger Boom pared-back style, has been making Zoom weddings last year plan to “a little more over the top” gowns, exchange vows in person before Ms. Hirsch said, to reflect the opti- family and friends. Lili Koenig, a In Weddings mistic mood of brides. television-news producer in New High-end venues such as the York City, at first postponed her Breakers Palm Beach and Arizona wedding from May 17 to Columbus ContinuedfromPageOne Biltmoreare filling up quickly for Day of last year. Then she decided Time’s The Charm.” the fall. “We are now starting to to marry in a Zoom ceremony on Ms. Jones said she was re- see more leads and bookings for her original wedding date. lieved, given all the talk about February through April 2022,” said Ms. Koenig, 31, moved the in- pandemic weight gain, that when Stacey Murtaugh, assistant direc- person event again, to Memorial she took her wedding dress out of tor of catering at Day 2021, even storage, it still fit. “Thank good- Arizona Biltmore. though she had ness,” she said. “I was very wor- In May of last Brides who married hoped for a Sun- ried.” Her hairstylist, though, was year, Newtanya day event. “That another matter. “She was so ex- Baptisteof Dallas last year via Zoom was the only date cited about getting her vaccine, postponed her now plan to exchange that we could she booked a trip to Vegas and wedding at a resort book without pay- forgot she had a wedding on our in Montego Bay, vows in person. ing more money wedding weekend.” Jamaica, to June or having to move Laura Kelly, who put off her 2021. She even to a different wedding last July, rebooked it for considered cancel- space,” she said. this July 3. Her guests, she said, ing it altogether because of the She also decided that she and are ready to celebrate after a year Lili and Perry Koenig after their virtual wedding ceremony in May 2020. pandemic. But Ms. Baptiste, a 31- her husband could hardly exchange of too little fun. year-old registered nurse, said she the very same vows they had re- “Being the fourth sibling in my realized that with vaccines and cited in their Zoom wedding. “He family and the last one to get mar- venue charged an extra $10 a head wedding-planning website The safety protocols, it was possible to is not happy to be writing new ried, I used to think nobody’s go- to change the date. A bridesmaid Knot. The U.S. wedding industry is host a wedding safely. ones, but it’s fun for me to do ing to care about my wedding changed her mind about the dress poised to bounce back after reve- “I said, You know what? This is that,” she said. when it’s my turn,” said Ms. Kelly, she chose two years ago. The cou- nue declined more than 20% in something that I really want, and Her husband, Perry Koenig, a 35-year-old elementary-school ple also had to line up a new offi- 2020, according to research firm we’re going to go forward.” said, “When Lili presented the idea teacher from Woodbridge, N.J. ciant. “Thankfully, the photogra- IBISWorld. Theinitial postponement, cou- to me to write new vows, I’m JR. “But now everybody’s super-ex- pher, the videographer, everybody Vaccine rolloutsappear to have pled with Covid worries,had re- pretty sure I laughed at first. But cited.” else was available,” Ms. Kelly said. opened the floodgates.“You’resee- duced the guest list from 80 to after thinking about it for a day or

SIMONS Rebooting the happy occasion Nearly one-half of couples plan- ing this momentum come back,” 30,including the bridal party. so, I realized that writing new wasn’t seamless, though. Her fi- ning weddings in 2020 postponed said James Marcum, chief executive Now, with vaccines available and vows really isn’t the worst thing ANIEL ancé needed his suit taken in after either their entire wedding or of David’sBridal retail chain. cities reopening,morepeople because we can talk about the last RD-D losing 20 pounds exercising and their reception, according to a sur- “Before, we would have six cli- want to attend. “The last weekend year together. Come May 17, 2021, WA

ED dieting during quarantine. The vey of more than 7,600 couples by ents a week. Now we have four a of April is when people started we will be married for 365 days.” P2JW132000-0-A01400-1------NS

A14 | We dnesday, May 12, 2021 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL. | FAMILY & RELATIONSHIPS

MY RIDE | A.J. BAIME This ’69Olds Is More Than a TV‑ShowProp Actor owns car from sitcom that launched him

Wilmer Valderrama, 41, an actor He drovethis 1950 Mercury, and on “NCIS,” on his 1969 Oldsmobile thereweresome amazing stunts. In Vista Cruiser and 1951 Mercury, as one,he’sspeeding from abad guy told to A.J. Baime. and he pulls a180,throwsthe car in reverse, and keeps going while WHEN I WAS growing up, I grav- firing agun out the window. Isaw itated to any TV show that movie and said: or movie that had SomedayIamgoing iconic cars in it. to have that car. “Knight Rider,” One day, the motorcycles when Iwas in “CHiPs,” about five years Actor Wilmer Valderrama, 41, in Los Angeles with his 1969 Oldsmobile Vista Cruiser. This car (which doesn’t James Bond with intoworking on run) was used in the filming of ‘That ’70s Show,’ in which Mr. Valderrama co-starred from 1998 to 2006. the Aston Martins, “Bat- “That ’70s Show,” Iwas man” with the Batmobile, “The driving through Laurel Canyonon Dukes of Hazzard.” I loved the way the way to VenturaBoulevard, 1951, not a1950;it’sprettyhard seat likeacouch. as Ido. cars actually played characters in wherewewereshooting the to find a’50,soIsettled fora’51. To me,itisnow invaluable.It’s Ihaveanother carthat Ilove, these movies and shows. show. Isaw this electric blue Mer- Ibought it on the spot for, I likeaHot Wheels toycar,only it’s even though it doesn’tevenhave Iwas really young when Ifirst curyonthe side of the road with think,$19,000,and Ilater putan- life-size. Itakeitout on Sundays, an engine in it. sawthe movie “Cobra.” Sylvester a“forsale” sign. Icouldn’t be- other $30,000 of goodnessintoit. or on datenightswith my fiancée. One dayback in 2006,we Stallone plays this copwho gets as- lieveit. Italked to the guy, and he It has aCorvette engine,anin- It is incredibly loud, so the neigh- found out that we were going to signed to protect the leading lady. said he had to unload it. It wasa credible stereo,and aback bench borsdon’t appreciateitasmuch be shooting the last episode of “That ’70s Show.” Iwent straight to the props department and said, “The showisending.Everyone’s going to want something from the show. I’m taking the Vista Cruiser.” They were,like, what? That cardoesn’t even run! Isaid, “I need that car. Howmuch?” Iconvinced the guys to sell it to me for$500,and this 1969 Oldsmobile VistaCruiser has been with me ever since. Ikeep it in showcondition—not carshow condition, but what it looked like when it wasonset. Inside there (3) areVelcrostickersfromwhere they put the in-car lighting for

JOURNAL when we were shooting ascene, and black tape from wherethey REET

ST taped in microphones.

LL Everytime Isee it, Iam18

WA again, embarking on this adven-

THE turewith my best friends,my R

FO brothersand sisters, and we’re shooting the opening sequence. BERL

Y It maynot run, but this car

EMIL changed my life.

facilitate that process of ef- his sisterincyber forthis fall. LETTERS fective adaptation? And how Both he and his sisterhave does the healthcare system straightA’s,and he requires adapt or address this effec- no help.Weare staying with tively? We need more behav- cyber.Myson says it’s harder Readers ioral health clinicians, but but much moreinteresting that is a longer term answer. and enjoyable. We don’t have a long time to —Jon Denenberg ShareKids’ think about interventions. Lafayette Hill, Pa. —Evan Saulino Struggles Portland, Ore. OUR NOW 14-year-old daughter turned 13 on March I’D LIKE TO SEE an article 18 last year basically when BY ANDREA PETERSEN addressing the potential posi- the Covid shutdown began. tive impacts of the pandemic She has been struggling a fter The Wall Street experience. More family time, ton. We also have an 11-year- A Journal published an less time commuting, parents old daughter struggling but article on the Covid-19 more actively tracking and not as bad. My motto: If it’s pandemic’s devastating im- participating in their child’s not on TikTok or in Snapchat, pact on the mental health of learning progress, flexibility it never happened. school-aged kids, readers of online learning to allow I am 53 years old and had shared the experiences of children to move at their own two heart attacks in Decem- their own children and grand- pace either faster or slower. ber. I survived (obviously) af- children. —Ed Jarrett ter having my best year in Here are edited excerpts The Villages, Fla. real estate sales of my 20 of some of their comments:

WE ARE LIVING with our son, his wife and our three grandchildren, ages 10, 11 and 12. We have seen up JOURNAL

close the damage REET imposed by elec- ST LL

tronic education. WA Between the pres- THE

sure of politics R and media, our FO children and

grandchildren are CARDONA totally confused— A

not to mention our ANDR own frustrations. ALEJ By God’s grace we

have remained MARIA healthy, but signif- Victoria Vial, a teenager in Miami, was featured in a Wall Street Journal icantly “bored, article about the experiences of children during the pandemic. bored, bored.” Not so for some of our family and friends, however. BOTH OF MY KIDS are get- year career here in Aspen, They have suffered Covid ill- ting distinguished honors (all Colo., but it came with a price ness and death. Grief! As) in cyber school. My son as I almost died. My 14-year- —Midge and Frank Whitson was struggling in brick and old daughter who has been St. Louis mortar school. He was identi- struggling during Covid was fied as gifted in both math the one who found me after I AM A FAMILY physician and literacy in second grade. my second heart attack and practicing in Oregon for the But by the time he was in gave me CPR until the ambu- last 20 years. We have an in- fifth grade, his literacy lance arrived. tegrated behavioral psycholo- teacher informed us in De- Thank God we are two gist in my clinic, and we’ve cember 2019 that he had not loving parents at home and seen a significant increase completed a single writing have a great school therapist especially in adolescent men- assignment all fall. The here at our daughters’ school tal health issues as well as school recommended therapy to assist. We hope they’ll be adult issues. While this is not and we actually went to our OK from all of this in the a surprise, the questions re- first appointment the day be- long run. God bless every main. How well will these fore the Pennsylvania shut- child who experiences this children, adolescents and down. Then he thrived online, pandemic. My heart literally adults adapt or cope espe- finished the fifth grade year cries for them all. cially as we reopen slowly? at his brick and mortar —Michael Latousek How can we help smooth or school, and then enrolledwith Basalt, Colo. P2JW132000-0-A01500-1------XA

THE WALL STREET JOURNAL. We dnesday, May 12, 2021 | A15 ARTS IN REVIEW (2) FX

TELEVISION REVIEW | JOHN ANDERSON moral weight of nonviolencebut its Alia Shawkat as Madeleine usefulnessinswaying public opin- Tress, above, and Justin Vivian ion. Similarly,heand the Black civil Bond and Kate Bornstein, rightsmovement understood the below, in FX’s ‘Pride’ Sweeping History need to playdownRustin’sinvolve- ment and his ownhomosexuality. One of the recurring conflicts cerely moving and even more valu- within “Pride” is between pragma- able than a cataloging of legisla- Made Personal tism and radicalism, of movements tive malpractices, or a parade of at war with themselves—“1980s: well-known people. Underground,” directed by An- Some of the people essential to thony Caronna and Alex Smith, is “Pride” aren’t well known at all— ssumptions will be lumped together as gay or queer ment, whose leaders (notably one example, dealing as it does Madeleine Tress, forinstance, who made in advance about cinema. Each filmmaker imposes Betty Friedan) resisted gay in- with the AIDS crisis. But the his- is afocus of director TomKalin’s “Pride,” the ambitious personal stylistic choices on the volvement for fear of alienating tory is one thing, the storytelling enchanted, subtly nostalgic opening six-part documentary tale of his/her/their decade, but mainstream America. Which was another. “Pride,” co-produced with chapter on the ’50s.She lost her about the history of they also operate in rather specific something the Christian Right and Killer Films (whose Christine Va- job as abusinesseconomist at the A chon has been a force in gay-ori- Commerce Department in Washing- LGBTQ+ civil rights in neighborhoods of the LGBTQ+ Phyllis Schlafly would exploit, as America. And some will be correct. community, with intersections. Ms. Dunye goes on to explain. ented cinema for decades), doesn’t tonfor being alesbian, but Tress Is it celebratory? Yes. Is it self- Cheryl Dunye’s chapter on the This echoes,inits way,the ap- try to do the impossible, to be all (playedbyAlia Shawkat in the dra- congratulatory? To a degree. Is it ’70s, for instance, begins with the proach of Bayard Rustin, amajor things to all people LGBTQ+. There matic re-creations) didn’t allowho- a sweeping, encyclopedic, overly lives of the filmmaker Barbara strategist forthe Rev.Martin Lu- are some things lost in such a mophobia to derail her life. Some ambitious, Ken Burns-ian attempt Hammer and the poet Audre Lorde ther King Jr., who,asrecalled in filmmaking philosophy, of course. people did: Sen. Lester Hunt, Dem- to be the last word on the subject? and eventually gets into the intra- Andrew Ahn’s“1960s: Riots&Rev- But most of them are boring. What ocrat of Wyoming,died by suicide On the contrary. mural wars of the women’s move- olutions,” understood not just the was gained was something sin- in his Washingtonofficein1954 af- Despite the breadth of the sub- terhis son’sprosecution forsolicit- ject and the decades-long arc of ing prostitution from amale under- the project—from “1950s: People coverpoliceofficer.The Had Parties” through “2000s: prosecution had been used as lever- Y2Gay”—the governing impulse in agebySenateRepublicans,includ- the series is for intimacy, a telling ing Joseph McCarthy, in pressuring of smaller personal stories that il- Hunt not to runfor re-election. At luminate the large themes. The an- the other end of the spectrum is ecdotal aside (or digression) is a Christine Jorgensen, the ex-GI stratagem employed by plenty of whose sexual reassignment surgery documentaries, as well as political in the early ’50s created asensa- speeches. But here it provides tion, and whose public persona was warmth and a pulse to what might aharbinger of gaypride itself. have in other hands been deadly These histories, so to speak, are dull historiography. “Pride” is very used by Mr. Kalin and others in much alive, partly because it goes the series to provide entrée to the deep rather than wide in wran- larger psycho-sociological, cultural gling the unwieldy, unmanageable or gender-theory issues at play in stories that make up an equally “Pride,” which is running in May untidy movement. rather than Pride Month (June) for Each episode of “Pride”—which a pretty simple reason. May 31 is will be available on Hulu the day the cutoff for Emmy Award nomi- after it makes its premiere on FX nations. “Pride” would seem like a (three episodes Friday; three more, contender. May 21)—is the work of a different director or directors, all of whom Pride come out of what’s generally Begins Friday, 8 p.m., FX

MUSIC REVIEW Uplifting Experiments in Jazz

BY MARTIN JOHNSON Close,the readersinclude Wayne Brady and AmyIrving. wo exceptional new jazz re- The 77-minute program begins Tcordings by veteran saxo- with “Creation Part I,” featuring phonists—Ted Nash and Mr. Brady and Ms. Close trading James Brandon Lewis—carry an verses of Mr. Hughes’s poem, uplifting message along with their backed by puckish unisons from T AR

music. trumpeter Wynton Marsalis and EW

On “Transformation: Personal saxophonist Sherman Irby, elevat- ST

Stories of Change, Acceptanceand ing the words into an urgent nar- ANK

Evolution” (Tiger Turn), Mr.Nash rative. This is followed by “Cre- FR

joins with Glenn Close and members ation Part II,” which is entirely ORD; of the Jazz at LincolnCenter Or- instrumental, highlighted by a poi- ALLF chestraonaseries of pieces that in- gnant baritone saxophone solo by

tegratespoken word and lushly ar- Paul Nedzela. This pair of tracks DIANE ranged instrumental segments. The sets the template for much of the : actress, who is afrequent collabora- recording: Words backed by music LEFT OM

torwith Jazz at LincolnCenter,and raise tension, and entirely instru- FR Mr.Nash, who has been involved mental passages resolve it. This James Brandon Lewis, above left, and Ted Nash, above right, have just released new albums. with theorganization formorethan pattern can be heard not only in 20 years, previouslyworked to- consecutive tracks, but sometimes gether on his 2016 recording “Presi- in a single work—as in “Rising Out los from Mr. Marsalis and saxo- and drummer Chad Taylor. both in Chicagoand NewYork, dential Suite, Eight Variations on of Hatred,” where Matthew Ste- phonist Victor Goines. Thetitle,opening track of this whereMessrs. Knuffke and Hoffman Freedom” (Motéma), which com- venson, an observant Jew, re- James Brandon Lewis’s “Jesup 51-minuterecording startswith a have performed in numerous out- bined music with excerptsof counts meeting Derek Black, a Wagon” (Tao Forms) is a celebra- searing saxophone solo that gives standing ensembles.There’saraw, speeches by American presidents white nationalist, in college and tion of George Washington Carver, way to the full ensemble backing unvarnished sensibility to “Jesup and other world leaders. Ms.Close the effects of their friendship. The the African-American agricultural Mr.Knuffke and showcasing Mr. Wagon” that adds to itspower. read the wordsofMyanmar Nobel serene harmonies and muted scientist and renaissance man, and Lewis’sbrilliant composition. The It’snot hardtohear masterslike LaureateAung SanSuu Kyionthat trumpet of Tatum Greenblatt an- takes its name from the mobile ed- cello,bassand drums createanin- Charles Gayle,Julius Hemphill and Grammy-winning recording. ticipate the neo-Nazi renouncing ucational facility that Carver terlocking rhythm that growsin David S. Ware in Mr.Lewis’stone Forthe newproject, Ms.Close his philosophy after attending (1864-1943) used to teach share- force, supporting afierysolo from and attack,and the spirit of great curated the spoken segments, with Shabbat dinners and their playing croppers about the value of differ- the cornetist. Thesubsequent six composerslikeTadd Dameron and atheme of positivechange, and Mr. music together. The recording ent crops and techniques. Mr. songsmaintain that fury and com- Oliver Nelson is suggested by the Nash conducted a15-member band. closes with “Reaching the Tropo- Lewis presents this music with the positional ingenuity.Mr. Parker is a superb interplayonthis recording. Theworks on “Transformation” pause,” from Tony Kushner’s “An- Red Lily Quintet, an extraordinary stalwart of the NewYork scene But the complex, visceral music on rangefromthe poet TedHughes’s gels in America,” with recitations collection of leading improvisers sincethe ’70s,when SoHo wasfull “Jesup Wagon” is uniquely his own. “Tales From Ovid” to aletterin by Mr. Brady and Ms. Close; rous- that also includes cellist Christo- of jazzlofts and art galleries.Mr. which Mr.Nash’sson comes out as ing, sweeping orchestrations from pher Hoffman, cornetist Kirk Taylor has established himself in Mr. Johnson writes about jazz for transgender.Inaddition to Ms. Mr. Nash; and stellar, intricate so- Knuffke, bassist William Parker the alternativemusic communities the Journal. P2JW132000-0-A01600-1------XA

A16 | We dnesday, May 12, 2021 THE WALL STREET JOURNAL. SPORTS Florida Is theHottest PlaceinHockey Man City

For the first time, the Tampa Bay Lightning and the Florida Panthers will face off in the playoffs Clinches Title BY LAINE HIGGINS

lorida is an oasis of BY JOSHUA ROBINSON white beaches, Key lime pie, alligators and bi- THE MOMENT ENGLISH SOCCER Fzarre headlines. For the had expected for months—in the past three decades, season that felt like it lasted hockey has struggled to make the years—finally arrived on Tuesday. Sunshine State’s shortlist. Without even kicking a ball, Man- But this season, with the de- chester City clinched its fifth Pre- fending Stanley Cup champions mier League title in 10 years. hailing from Tampa Bay and the The victory, sealed when sec- Florida Panthers enjoying unex- ond-place Manchester United lost pected success, the state is one of 2-1 to Leicester City, further con- the hottest destinations in the Na- firmed how much this era of Eng- tional Hockey League. For the first lish soccer has belonged to the up- time ever, Florida’s two franchises starts from Manchester. Fifteen will meet in the playoffs, which years ago, City wasn’t even the are set to begin for some divisions dominant team in its own town. as soon as Saturday. Sitting in the shadow of United, it “What has been terribly missed changed direction when it was ac- and needed down here is these quired by a half brother of the two teams doing great at the same ruler of Abu Dhabi in 2008. time,” said Bill Lindsay, an original But with the Premier League ti- Panther who now works for the tle secured—and the League Cup club as a broadcaster. in hand as well—it is now in posi- The teams have been in Florida tion not only to confirm its place for more than 30 years, with the as the dominant club in England— Tampa Bay Lightning joining the and in Europe. City will aim to win NHL as an expansion franchise in a third trophy this season, the 1992 and the Panthers following in Champions League, when it faces 1993. Executives at the Chelsea in the final on May 29. time questioned Above, Tampa Bay goaltender Andrei That said, manager Pep Guardi- whether a non-tradi- Vasilevskiy stops a shot by Florida’s ola insists that this remains his tional hockey setting Alexander Wennberg. Left, Kevin defining achievement, surviving a could build a fan base Connauton, left, and Daniel Walcott. 38-game grind. without the grass- “I always said that the Premier roots infrastructure of Stanley Cups with the Chicago League is the most important ti- municipal rinks and Blackhawks. Last September, the tle,” he said last week. frozen lakes that franchise installed Bill Zito as gen- City’s title may not have come helped the sport thrive eral manager with the mandate to with the kind of sheer dominance in colder climes like orchestrate a turnaround. The Pan- that defined Guardiola’s other two Minnesota and Massa- thers pulled it off in one season. championships in England—a re- chusetts. Nearly every prospect that Zito cord 100 points in 2017-18 and 98 The Lightning strug- signed or traded for has made an the following season—but no one gled in their first few impact. The biggest factor, Zito had ever faced a campaign like seasons, which made it says, is that “Coach Q” has full buy this one. hard to attract dedi- -in from his skaters: “If you watch With a shorter break after the cated fans in a town the games, you can just tell.” pandemic-interrupted 2019-20 sea- filled with snowbirds This season’s division realign- son that dragged into July, the de- with sports allegiances ment due to the pandemic has set fining challenge was always going to Northern states. It up a first-round playoff matchup to be how teams managed exhaus- came as a shock in between the two Florida teams. tion. Defending champion Liver- S

1996 when the Pan- Rather than taking the top four pool flamed out when the players’ PRES thers made a run to teams in each division and seeding legs could no longer maintain their the Stanley Cup Finals them first through eighth based on high-energy style. And title runs ZUMA A/ in their third season. their conference, East or West, the from Chelsea, Manchester United INHU

South Florida got be- NHL will pit the top seed in each and Tottenham never quite materi- /X hind the team, and Lindsay de- 2004 team, recalled that his par- Executives envisioned a spicy division against the fourth seed. It alized. (Two of them changed JING

scribed the energy inside the ents were unable to locate a Light- cross-state rivalry when the Pan- sets the two Floridian clubs up to managers midseason.) O GA

arena as electric. His walk from ning jersey for sale when they first thers joined the NHL. Nearly 30 square off in the postseason for But City, with the deepest squad S; rink to car, in flip flops, was akin visited from Canada during the years later, it has yet to material- the first time ever. in England, negotiated a relentless to walking down the red carpet. 2000-01 season. Now, the “Bolts” ize. One key ingredient was miss- “After two rounds you’re going schedule that has seen the club PRES “People would wait outside the are the city’s strongest sports ing: the Lightning and the Pan- to have two of the top four teams run away from its rivals in the TED CIA

practice facility and there would brand. “I can walk into the gas sta- thers have never been great at the in the league already out of the league and reach the semifinals of SO

be 100 fans out there every day,” tion and the guy behind the gas same time. playoffs. That’s unfortunate,” said three different cup competitions. AS Y/ he said. “You would go out to eat station has a Lightning hat on. He Until this year. The Panthers Andreychuk, who now serves as

and all of a sudden they’d be like, has no idea who I am, but he finished in second in the Central the Lightning’s vice president of SLADK ‘The manager picked up your wants to jump on the wagon with Division with 79 points, the Light- corporate and community affairs. NNE

bill.’ ” everybody else,” said Andreychuk. ning had 75 points to finish third He said the Florida teams have LY

The success proved fleeting. Meanwhile, the once-passionate in the division. some of the toughest possible GES;

The Panthers went 10 years with- South Florida hockey community Tampa was able to re-sign many roads to raising Lord Stanley’s Cup IMA out making the playoffs in the new lost interest, and for years the of the core players from its 2020 in July.

millennium, a drought that proved team had among the worst atten- Stanley Cup team and were ex- But win or lose, a Panthers- GETTY

all the more painful as Tampa Bay dance in the NHL. When the pected to challenge for a repeat Lightning playoff series stands to CH/

emerged from futility in the ’90s league announced capacity restric- this year. The Panthers, to put it inject Florida with a much-needed ERBA

to win the Stanley Cup in 2004. tions for the 2020-21 season, the kindly, were not. dose of hockey excitement. AU The Lightning later blossomed un- Panthers were the easy punchline. Florida squeaked into the NHL’s “Now you’re going to have the JOEL

der the ownership of Jeff Vinik, But that was before the team expanded 24-team playoff bubble Sunshine State Rivalry, the Alliga- P: who purchased the team in 2010. went on a tear and amassed the last summer in its first season un- tor Rivalry,” quipped Lindsay. TO OM

Dave Andreychuk, a Hall of highest points percentage in fran- der coach Joel Quenneville, who is “Whatever it gets named, this is FR Fame winger who captained the chise history. best known for winning three chapter one.” Man City can celebrate another title.

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NewYork City 65 48 pc 69 52 s Dublin 54 38 sh 56 42 sh Warsaw7751s 69 52 pc s OAFS LAZE RINGO Oklahoma City 62 45 c6951pc Edinburgh 56 41 sh 53 42 c Zurich 58 45 sh 57 43 sh Solvethis puzzle online and discussitatWSJ.com/Puzzles. MR SEXESAESOP P2JW132000-0-A01700-1------XA

THE WALL STREET JOURNAL. We dnesday, May 12, 2021 | A17 OPINION Jeff Bezos Wags the Dog, Part II BOOKSHELF | By Dan Blumenthal

Abook ex- member the scene in “Arthur” (in effect) washis statement our pressmostly has stopped How to Ride cerpt pub- when the dog is punished that hisPost ownership had crediting Mr.Bezos’ unsup- lished by whenever the elderly house- become a“complexifier” for ported claims about the Sau- Bloomberg keeper breaks wind. But Mr. him, i.e.,made him apolitical dis,itnever gotaround to in- News pur- Bezos’ perhaps reluctanceto target. vestigating and reporting the AWild Dragon portstotell confront his girlfriend only un- Thecomplexifier wasfor WashingtonPost owner’s be- BUSINESS “The Untold derlines his consciousnessof the Post. Facedwith the big- havior as thestory it should WORLD StoryofHow deception as he set out to pro- gest personal scandal of his have been in itsown right. Chaos Under Heaven Jeff Bezos moteanalternativenarrative career,Mr. Bezos’ firstin- It will be interesting to see By Holman W. Beat the aboutSaudi phone hackers. stinct apparently wastocite if we nowget some letters— By Josh Rogin Jenkins, Jr. Tabloids,” It all comes acropper in his Post ownership to propa- Mr.Bezosmay wish to assign (Houghton Mifflin Harcourt, 356 pages, $30) but it’shard Mr.Stone’sbook just as it did gate aphonyversion of events his security consultant Gavin to see the triumph it’stalking forsome of us in real time. so he could pose as amartyr de Becker to claim that Mr. National Security Council memo to President Trump, about. Thedisingenuous,circum- to afreepress.Mr. Stone calls Bezosbelieved and still be- A draftedinlate2016,laid out the factsveryclearly: Thejust-released “Amazon stantial case mounted by a it aPR“masterstroke,” but it lieves his conspiracytheory “China’saspiration is manifestly not to settle fora Unbound,” by reporter Brad hired consulting firm. AU.S. despiteoverwhelming evi- balanceofpowerwith the United States, [it is] to achieve Stone, makes evident all over attorney’s investigation qui- dencethat the National En- hegemonyoverits neighborsand the Western Pacific.” again that the National En- etly dropped. Thebrother’s The Washington quirer wasgoing about its Moreover,this “goal of hemispheric supremacyisn’t the whim quirer wasfactual, truthful lame attempt, afterthe En- tawdry businessasusual with of President Xi Jinping,” since2012 the head of the Chinese andwell-sourcedinevery- quirer exposed him as its Post’s owner spun a the brother’s help.Then Communist Party.“It stems from Party aspirations going back thing it reported two years source,toworm his way into tall tale and perhaps again, it maynot be agood decades; Xi is merely accelerating the timeline.” agoabout the married Mr.Be- thebillionaire’sgood graces look forapublic-company While afew foreign-policyexpertshad long been alarmed zos’ affair with a married he- by supporting theSaudi nar- this should be ‘news.’ CEO to be seen clinging to a by the CCP’sbid forprimacy, it took the advent of the Trump licopter pilot. rative. When the full exchange threadbarefantasy of his own administration, unconstrained by the conventional wisdom of Mr.Bezoslied outright or between his representatives invention rather than forth- the Sinocracy, to getWashingtontocounter Mr.Xi’sstepped-up wasextraordinarily disingenu- andthe tabloid areconsid- wasalie—an attempt to gas- rightly accepting the conse- ambitions.Josh Rogin’ssuperbly researched “Chaos Under ous in the counternarrativehe ered, the Enquirer apparently light the world with fakenews quences of ahighly unorigi- Heaven: Trump,Xi, and the Battle forthe Twenty-First Century” promoted, suggesting that be- never tried to blackmail Mr. from apurely self-interested nal rich-person indiscretion is the firstbook-length diveintothat newborn competition. cause of his ownership of the Bezos, as he alleged. motive. If youwonder of the sort tabloids exist to Thebook’smain theme is that, even with all of itsserious WashingtonPost he wasthe Themost humiliating reve- whether some media outlets publicize. downsides,Trumpian chaos and arelentlessdisregardfor victim of apolitical hit lation concerns his alleged promoted the false Steele dos- Ican’t leave this subject “how thingsare done” actually enabled his national-security hatched by the Trump admin- sexting of his privatepartsto sier not caring whether it was without referring to Bob policyteam to innovate. One istration and/or Saudi Arabia. his girlfriend, which undoubt- true,this episode won’t make Woodward’sgaudy,uncritical outcome of this creativity What soon became obvious at edly lent urgencytohis effort youwonder less. and infatuated embrace of wasanewwhole-of-govern- the time is even moreobvious to changethe subject to his In another countrywith a Mr.Bezos’ tall tale.All of us ment approach that brought in now. Mr.Bezosand his advis- heroic support forthe Post’s fine tradition of pressfree- in journalism makeplenty of Attorney General William Barr ershad early indications the coverage of the Saudi murder dom, politicians argued ade- mistakes,but honest mis- and FBI director Christopher real source of the leak wasn’t of dissident Jamal Khashoggi. cade agothat apublisher was takeswerecognizeand Wray. Both led effortsto Saudi Arabia bugging his According to Mr.Stone’sbook, “unfit” when his reporters gladly correct. Seldom will uncover avast CCPnetwork of phone. As the Journal re- the photowasn’t even of Mr. were found to have engaged youfind anewspaper admit- political influence, espionage, ported,itwas his girlfriend’s Bezos’ privateparts. The in illegal means to report true ting that it lied to youunless and technologytheftinthe U.S. brother,aHollywood press brother hadn’t been able to and newsworthystories about it canpush the blame off on Indeed, anew American agent. Unmentioned even now obtain such aphoto, so he re- the royalfamily. aplagiarizing or fabulizing focus on the CCP’scampaigns of is the obvious corollary. If Mr. portedly told the FBI he lifted Here Mr.Bezosisanews- reporter who will be said to internal subversion might be the Bezosdidn’t sharethe cou- apicturefromagay prostitu- paper owner who himself have defrauded his or her Trump administration’smost ple’sintimatetexts with the tion sitetohelp peddle his manufactured afalse storyin owneditorsand institution. enduring policyinnovation. brother,heknewhis par- storytothe Enquirer forare- his owninterest. Our great Nowthe WashingtonPost has Alongside Beijing’smilitary amour likely did. ported $200,000. correctiveissupposed to be an owner who fits this de- modernization and oft-flexed We’veall been there—re- Mr.Bezos’ most critical fib daylight. Unfortunately,while scription. diplomatic muscle,China has also been spreading itsinfluence inside the U.S. and throughout the West to weaken resolveand co-opt elites.Mr. Rogin,acolumnist forthe Global Opinions section of the WashingtonPost, reportsthat China “hawks” on The Village Agrees: Subsidize Families Team Trump enlisted foreign expertssuch as Australia’sJohn Garnaut, who had helped confront the CCP’smalign influence There’sabi- this pressureshould lift. But Nixon vetoed abipartisan bill poses afully refundable tax in his owncountry, to educateWashingtonabout howtodeal partisan con- deeper problems will linger. that would have helped fami- credit of $6,000 forsingle with similar threats. sensus that American women’slabor- lies payfor child care.Atthe parentsand $12,000 formar- In what could be the plot of athriller,Mr. Rogin traces families with forceparticipation peaked in urging of adviser PatBu- ried couples with children. Washington’seffortstoengagethe CCPthreat. TheFBI and children need 2000 at 60.3%and then fell chanan,Nixon objected in his Mr.Hawley’s bill is not neu- the Department of Justicebegan criminal investigations and help.Itsteadily.InJanuary2020, veto messagetocommitting tral abouthis preferred fam- prosecutions of U.S.-based scientistsrecruited by China to POLITICS emergeddur- right beforethe pandemic,it “the vast moral authority of ily form, even though it at- collect sensitiveinformation. Meanwhile,working with a & IDEAS ing Donald stood at 57.8%. Americaused the national Government to taches no stringstothe funds network of American academics,the Trump administration Trump’spres- to lead most advanced econo- the side of communal ap- families would receive. confronted the CCP’sinfluenceonU.S.collegecampuses. By William idencyasmies in women’slabor-force proaches to child rearing over In placeoftax credits, Sen. In turn, Beijing gavenoquarter,trying (unsuccessfully) to A. Galston concerns participation; the U.S. is now against the family-centered MittRomney is proposing a intimidatethen U.N. Ambassador Nikki Haley intosilenceon about the fed- behind allthe other English- approach.” child allowanceof$4,200 per the UyghursofXinjiang and threatening U.S. businesses with eral budget deficit faded. But speaking countries and most child under 6($350 amonth) sanctions if they supported Taiwan or Hong Kong. the issue has takenonfresh members of the Organization and $3,000 per child 6to17 Though the China hawks were influential, so were the urgencywith the pandemic’s forEconomic Cooperation and Cultural or economic ($250 amonth), administered business“doves” around Mr.Trump who tried to derail the hit to the economy. Development. through the Social Security confrontational approach. As Mr.Rogin shows,Beijing has Theeconomic downturn It is possible that U.S. differences needn’t Administration. Theallow- powerful friends.While Sino-American economic inter- hashit women harder than women’spreferences have preclude a bipartisan ancewould be limited to dependenceisexaggerated, thereisnoshortageofAmericans men, unlike past recessions. changed enough to account $15,000 ayear.LikeMr. Haw- who have made billions doing businesswith CCPbigwigs. Labor-force participation has forthis decline.But the rising child allowance. ley’s proposal, Mr.Romney’s Beijing has long relied on them to shape U.S. policy. dropped acrossthe board cost of child care compared does not dictateany particu- Mr.Rogin details the effortsofcorporatetitans to bend U.S. sincethe pandemic started, with women’swages is a lar use of the funds; unlike China policyinafriendlier direction. They opened separate but women with children have moreplausible explanation. Sen. Josh Hawley (R., Mo.) Mr.Hawley’s,itisagnostic channels to Beijing and delivered soothing messages to Mr.Xi. been especially slowtoreturn TheBiden administration has has criticized President Bi- about family structure. President Trump himself could never decide whether he wanted to the workforce.Women proposed apartnership with den’sapproach as “lefty so- According to the Census abig deal with Mr.Xi—or whether China should payfor its without children have re- the states to offer free pre-K cial engineering,” and J.D. Bureau, the median income of economic malfeasance. And the resultsofthis inner conflict turned in greater numbers. to all 3- and 4-year-olds.The Vance, apossible Senatecan- married couples with two were,unsurprisingly,messy.Onthe one hand, the Trump Men with children lead all administration also proposes didatefromOhio, said that it children is about $78,000.If administration challenged Beijing’slawlessmaritime claims in other groups; moremarried subsidizing child care for reflectsthe “preferences of both children areunder 3, the the South China Sea, embraced Taiwan and sanctioned the women than married men are children under 5bylimiting our ruling-classelites,” who cost of child care could total Shenzhen-based tech giant Huawei. Thepresident also imposed staying home to take care of some out-of-pocket coststo “want strangerstoraise their about $22,000,leaving the harsh tariffs on China—a moveWashingtoninsidersdismissed their children. 7% of family income. children,” over those of aver- family with anet cost of as insanity but which turned out to be apowerful political Thereasons forthis dis- This proposal has flaws. agefamilies,who “want more nearly $14,000—18% of its weapon. TheBiden administration has not yetremoved them. parity arecomplicated; some Putting aceiling on costs time with their children.” In pretax income—afteraccount- areindispute. Manywho hold would encouragefamilies to histelevised response to Mr. ing forMr. Romney’schild al- more-traditional views say choose gold-plated plans that Biden’sspeech last month, lowance. Does this createa Ye s, theTrump approach to China waschaotic. women choose to work less mayservetheir children no Sen. Tim ScottofSouth Caro- bias against child care outside Butout of it came innovations, including and spend moretime rearing better than lesspricey alter- lina chargedthat Democrats the home? Reasonable people children. Progressives counter natives,and providerswould intended to put Washington candisagree. whole-of-government problem solving. that unfair gender stereo- have an incentivetoraise “evenmoreinthe middle of What’snotable is that lib- typesare to blame.Many theirprices.Moreover,the your life, from cradle to col- erals,progressives,populists economistsargue that this is subsidy would be available to lege.” and conservatives nowagree On the other hand, Mr.Trump rhetorically blessed some of arational calculation since well-off families,not only the Defending the traditional that America’sfamilies need the most egregious Chinese human-rightsabuses,was person- men still earn morethan “low-and middle-income” family does notrequirere- help and that it is appropriate ally indifferent to the fateofTaiwan, and made promises to women. One thing is clear: As families whoare itsadver- jecting expanded government for government to provide it. the Chinese on technology-sanctions relief that undermined long as schools and child-care tisedbeneficiaries. help forfamilies.Some Re- It is certainly possible to find his owntrade policy. And toward the end of his presidency, it centersstayclosed, women But the real debateiscul- publicans areproposing to common ground on policies looked likeMr. Trump had finally sided with the doves,agree- will face intense pressures. tural, largely unchangedfrom givefamilies cash to use as that respect our economic ing to aweak trade deal. But then came the Covid-19 pandemic. As schools reopen, some of 50 years ago, when President they choose.Mr. Hawley pro- and cultural disagreements. Mr.Rogin’sresearch on the murkyorigins of the “Wuhan virus” is darkly fascinating.Herecountsthe Chinese coverup of the disease,its spread within China, itssuspected origins and much more. Indeed, we nowknowthat China’sbehavior Riding Off Into the Covid Sunset exacerbated the pandemic crisis and cost untold numbers of lives.For many, including Mr.Trump,Beijing’sbehavior By Alessandra Bocchi competed in showjumping. didn’t enjoybeing tied down. I order aftersix weeks. crystallized the natureofthe threat posed by the CCP. The It’sadangerous sport but are- suffered afaceand neck injury. Winston Churchill wasa doves were shoved aside and in his last year of power, Mr. Charlottesville, Va. warding one.Atfirst Ifell a When Iwent back to school I lover of horses.“Young men Trump let his hawks have their way.The administration tthe Brookhill Farm sta- lot, even as Islowly gained felt out of place. Icouldn’t have oftenbeen ruined sanctioned China’shuman-rightsabusersand economic outlaws, A ble hereinthe heart of confidenceinmyability.Like speak properly because my lip through owning horses,or cracked down on CCPfront groups operating in the U.S.,and “horse country,” I’m not all teens,Isometimes felt in- wasbrokenand Iworeaneck through backing horses,but accelerated militarychallenges to Beijing provocations. surprised when the manager vincible,and riding taught me collar that made it difficult to never through riding them,” Trump-eraChina hawks changed the course of Sino-American says therewas asurge of new Iwasn’t. study.Iwas riding again as he observed, “unlessofcourse relations and leftTeam Biden with ahard-nosed China policy. ridersduring Covid. People soon as Iwas able. they break their necks,which, But even so,American privateinvestment is still funding sought outdoor activities to It wastime to “get back on takenatagallop,isavery Chinese technologycompanies,and Beijing is still manipulating relievethe stressoflockdown The lesson I learned the horse” in the literal sense good death to die.” international organizations to serveits interests, growing its and found the joyand peace as well as the figurativeone of America’sappreciation for militarypower, and using itsdiplomatic and economic leverage that riding thesenoble ani- as a girl—‘get back on immediately confronting fail- horses persisted in the mod- to squeeze the U.S. out of Asia. mals canbring. the horse’—has never ureand trying again. Every ernperiod. John Barletta,a So far Mr.Biden has decided to maintain ahardline.But It reminded me that Amer- trainerwill teach youthat if Secret Service agent who preventing China from gaining hegemonyoverAsia even as it icaisacountrythat respects been more relevant. youdon’t getback on your guarded President Ronald Rea- tries to co-opt U.S. political, cultural and businessleadershas andcherishes horses deeply horse afteryou fall, you’ll find gan, said thatwhen Reagan become abureaucratic and diplomatic street fight. Beijing because of how they have your fear increasingly hardto firstgot elected, “hewould go increasingly sees relations with the U.S. as azero-sum game. shaped itshistory. Domestic Once Iwas relaxing on my overcome. back to his beloved ranch and It regards any opening for “cooperation”—on climate policy horses were introduced into horse afteratraining session, Horse riding canalso be his beloved horses.” Reagan or Iran, forexample—as achancetodistract Washingtonfrom North Americawith the Span- without my stirrups and with healing. “THR”—therapeutic likedtoquoteChurchill too: confronting itsmalfeasance. As Mr.Rogin observes,China has ish conquest in the 16th cen- long reins,and the animal horseback riding—“is effective “I’veoften said thereisnoth- long been grasping forgeopolitical dominanceand the U.S. is tury, and escaped horses bucked because another horse at improvingcoping skills and ingbetterfor the inside of a latetothe fight. TheTrump hawks believed that Washington spread in the Great Plains.To scared him. Thenextthing I in lessening one’sdifficulty man than the outside of a “still has avote” in whether China becomes hegemonic.But this day, American ranchers knew, Iwas waking up in an with emotional regulation,” a horse.” time is short. Mr.Biden must ignorethe distracting allureofa tend their herds on horses— ambulancewith my father al- study from the journal Mili- Nowthat we’rerecovering big market and illusoryoffersofhelp on vexing global problems theorigin of the unique form most tooinsistently trying to tary Medical Research con- from thetrauma of Covid-19, and continue the work of diminishing Beijing’spowerand of riding known as the West- rouse me.Iwokeupagain cluded. It found that veterans thosewords ring truer than influence. ern style,practiced by cow- with my hands tied to ahospi- who rode horses as part of ever. boys,awordIlearned as a talbed as aprecautionary their rehabilitation had an Mr. Blumenthal is Director of Asian Studies at the American teenager in Italy. measure, and called the doc- 87.5%likelihood of easing Ms.Bocchi is the Journal’s Enterprise Institute and the author, most recently, of “The China Ibegan riding as agirl and tors to free me because I their posttraumatic stressdis- Joseph A. Rago Fellow. Nightmare: The Grand Ambitions of aDecaying State.” P2JW132000-0-A01800-1------XA

A18 | We dnesday, May 12, 2021 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR A Time Bomb for the 2022 Elections Sen. Hawley Sounds Like the LeftonBig Tech

enateDemocratsmade apush Tuesday This would raise real concerns,though, about In “TheBig Tech OligarchyCalls nowwant their own“fairnessdoc- fortheir version of H.R.1, the House bill dual sovereignty and federal coercion. Congress Out forTrustbusters” (op-ed, May1), trine” forBig Tech sites they believe S to seizecontrol of election rules nation- would be dictating anational election code ap- Sen. Josh Hawley sounds morepro- aren’t treating them “fairly.” gressivethan conservativeashebe- But the FirstAmendment isn’t a wide.How they imagine they plying to stateoffices,too.The The unconstitutional moans the exceptionalism of American sword;it’sashield against govern- have anymandatefor this is a Founderswouldn’t recognize businesses and adoptsan“eat the ment meddling.ThereisnoFirst mystery. In aSenatedivided pieces of H.R.1 could this vision of federalism, with rich” mentality to decrywealth and Amendment right to speak on some- 50-50,Democratsdon’t even stategovernorselected under those who have accumulated it. one else’sprivateproperty.Telephone have the committeevotes to blow up the midterms. terms set by Washington. Citing political statementsmade by companies canberegulated as com- amend their ownbill. Respect forfederalism is Major League Baseball, Deltaand mon carriersnot because telephonyis At Tuesday’ssession of the part of the argument from New Coca-Cola, and moderation decisions indispensable but because no one rea- SenateRules Committee, the two sides took HampshireSecretaryofState Bill Gardner,a made by Big Tech, Sen. Hawley argues sonably expectsthe telephone network turns offering revisions that, with minor excep- Democrat who opposes H.R.1. His state’sconsti- politicians should weaponizeantitrust to filter out objectionable content. tions,failed 9-9.GOP Leader Mitch McConnell tution dates to 1783,and it includes election and undermine the rule of lawtogo When the Obama FCCdeclared broad- knocked Democratsfor trying “tohot-wireour guarantees that H.R.1 would squash, such as a afterbusinesses they disagree with band providerstobecommon carriers, based on purely political whims.Sen. conservatives howled. Then-D.C.Cir- democracyitself without asingle vote from the provision saying that resultsmust be released Hawley would abandon America’s cuit JudgeBrett Kavanaugh insisted other side.” Another worry: Theconstitutionally on election night. carefully constructed separation of broadband providershad aFirst dubious partsofH.R.1 makeitatime bomb for “This egregious over-reach of federal author- powers and provide the Biden admin- Amendment right to decide what con- the 2022midterms. ity that flagrantly ignores or diminishes the pro- istration an extraordinarytool to at- tent to carry—long the conservative Thebill has broad mandates that ostensibly visions of our stateconstitution is wrong,” Mr. tack industries it doesn’t like. Ironi- position from bakeries to parade orga- apply only to federal elections.Stateswould be Gardner said in March.“Thesimplicity of New cally,the morepowerthe Biden nizers. “Net neutrality” rules survived forced to offer no-excuses mail ballots. They’d Hampshireelections will be gone.” As forthe administration has to decimatebusi- only insofar as internet serviceprovid- have to count votesstraggling in 10 days late, claim that H.R.1 is needed to counter votersup- nesses,the morelikely woke capital- erspromised to provide an “unedited provided the postmarks were stamped Election pression, he added: “NewHampshirehas had the ism becomes as businesses attempt to service”—but not curated experiences. Day. They’d have to set up same-dayregistration thirdhighest voterturnout in the countryfor curryfavor with the American leftand From the internet’searliest days, and couldn’t withhold ballotsfromfelons,except each of the last four presidential elections.” the WhiteHouse. websites have promised usersjust If adopted, Sen. Hawley’s proposals that. Social media would be unusable those imprisoned. iii would giveupAmerica’splaceasa without content moderation. Thede- Wheredoes Congressget the powertomake If DemocratspassH.R.1 this summer,lawsuits world economic leader by turning our tails of that curation areuptoeach such rules? As 20 stateattorneysgeneral said would appear quickly.H.R.1 says legal challenges back on our historic celebration of en- website. TheFirst Amendment pro- in aMarch letter,the Constitution grantsCon- must be brought in the federal courtsofthe Dis- trepreneurial exceptionalism. tectsthat right no lessthan the edito- gressthe authority to set “the Time of chusing trict of Columbia. Given the judicial makeup STEVE DELBIANCO rial judgmentsofnewspapers. The the Electors.” But specifying the “Manner” is for there, perhaps the lawwould be upheld at first. President and CEO, NetChoice government simply cannot compel pri- statelegislatures.For presidential elections,see Howlong would it take to reach the Supreme McLean, Va. vate parties to publish, or associate youincourt, H.R.1. Court? Themidterms are18months out, and the with, speech they find repugnant. Forother federal races, H.R.1 has morelee- firstprimaries areonly 10 months away. While Sen. Hawley’s article has Sen. Hawley calls himself “conser- way:The Constitution letsstate lawmakersset State officials would have to preparetocom- much to agree with, it also highlights vative,” but he’sactually recycling the the continuing dilemma in ademo- “media access theory” of the 1960s rules forelecting Senatorsand Representatives, ply with H.R.1’sterms,ornot. Some states could cratic society based on traditional lib- left. Legislation likehis,and abill soon but “Congressmay at anytime by Lawmakeor resist, saying it’sinfeasible to adopt newelec- eral values of howmuch government to be signed by Florida Gov.Ron De- alter such Regulations.” Alegal problem hereis tion procedures on ashort timeline.H.R.1’sback- is enough. Theexamples cited arein- Santis, will be struck down by actual that H.R.1’smandates aresodetailed that they erswould sue to forcecompliance. Courtswould disputably real and present dangersto conservatives on the bench—assuming can’t help impinging on stateelections forGov- come down differently on which voting rules to an open flow of information and com- conservativeprinciples have survived ernor,Attorney General and so forth. enforce immediately.Itsounds likelast year’s merce.But doesn’t government inter- the relentlessonslaught of populism. To take one example,stateslikeGeorgia and pandemic messall over again. vention merely promoteevengreater BERIN SZÓKA Florida have restrictions on felon voting in their In anightmarescenario,achallengetoH.R.1 dependence rather than encouragein- TechFreedom constitutions.Amending those provisions is un- could reach the Supreme Court perhaps in Sep- dividual choicetocontrol anysuch ab- Washington likely or impossible before2022, even if every- tember 2022, as early voting is gearing up.The horrent behavior? body wanted to do so.Does that mean some fel- November elections might go forwardunder a Theimmediaterevocation of Sec- Most Republicans todaylikely are tion 230ofthe Communications De- leeryabout empowering Washington ons in such states could vote forCongressbut variety of different judicial H.R.1 kludges.But cencyAct as it pertains to big-tech to wreak morehavoc in the private not Governor? Similar questions apply to the then if the Justices struck down the lawin2023, media companies seems likeareason- sector,but institutional forces now rest of H.R.1’smicromanaging. they would put acloud over asitting Congress able and obvious correction of aself- joined at the hip—media, academia, Theoretically,statescould juggle H.R.1’srules elected by unconstitutional rules. inflicted problem, without interfering Hollywood, professional sports forfederal elections with separatestandards for The2020 election wasnogood forvoter con- with the basic rightsofatraditional leagues,Big Tech and other woke their own. But this looks difficult at best, and it fidence. Twoinarow would be worse. TheU.S. liberal society. CEOs,Democrats, etc.—represent a would confuse the public.What Democratswant doesn’t need Democratsforcing states to adopt JOE PAYNE threat that cannot be ignored. Demo- is forfrustrated states to throw up their hands anew election code that could be struck down Sharonville, Ohio cratspublicly beratetheir greedy cor- and followH.R.1 up and down the ballot. months before, or after, the next vote. poratepartners, but behind the scenes Conservatives fought the FCC’s they arepeas in apatricianpod work- FairnessDoctrine fordecades.Govern- ing together to take care of the help- A Jolt for White House Economists ment, they insisted, had no business lessmasses. forcing broadcasterstocarrythe COLIN WALSH speech of others. Yetconservatives Charleston, S.C. hiteHouse economistssay there’s number of newhires in March. In leisureand no “measurable” evidencethat the hospitality,job openingsincreased by awhop- W $300 federal unemployment bonus ping 267,000 but hires declined by 6,000. is discouraging unemployed Hmmm. Jobopeningsinstate Biodegradable PHA Is a Good, Green Choice people from seeking work. A Labor Department and local education grew by They were rebuttedbyTues- survey rebuts their asizeable 155,000—2.5times “Claim of Ocean-SafePlastic Seen including anaerobic digesters, indus- day’sBureau of Labor Statis- as much as hires. as Inflated” (Technology, March 22) trial compostersand certain types of tics’Joltssurvey,which jobless benefit claims. Overall job openingsin raises questions about the marketing landfills designed forbiodegradation. of polyhydroxyalkanoate(PHA), abio- In landfills that aresealed to prevent showedarecord8.1 million March increased by about degradable alternativetotraditional biodegradation, PHA is sequestered job openingsinMarch. 600,000 while newhires petrochemical plastic.Drinking straws intothe ground as carbon. That roughly equals the number that pay- ticked up amere200,000.The number of made with PHA arealready in use,and TÜV Austria, one of the most widely roll employment is down from the February workerswho quit their jobs also grew by other single-use productsare far accepted international standards for 2020 pre-pandemic peak.Job openingsin- 125,000.This is usually asign of astrengthen- along in development with major cus- biodegradability,has certified Danimer creased acrossthe economy, but especially in ing labor market, but in this case some quit- tomer brands.Unliketraditional plas- Scientific’sNodax PHA as amaterial food services and accommodation (185,000), ters maybeleaving their jobs because they tics sourcedfromnonrenewable fossil that will reliably degrade in conditions stateand local education (155,000) and arts figure they canmakemoreunemployedfor the fuels,PHA is sourcedfromrenewable ranging from industrial composting to and entertainment (81,000). Restaurantsare next six months afterDemocratsextendedthe natural ingredients. marine environments. While the time- reopening and expanding capacity as lock- bonus intoSeptember. Because PHA is anaturally occur- frame forcompletedegradation varies downs liftand morepeople getvaccinated, so This week the governorsofAlabama, Ar- ring substance, it will return to nature depending on real-world settings—in- upon disposal. Decades of research cluding the dimensions,form and appli- they need moreworkers. Moreschools arere- kansas,Mississippi and South Carolina an- have verified that PHA will naturally cation of the material—PHA will break opening,which means they need janitors, bus nouncedthey will forego federal funding for aerobically degrade when bacteria are down in months intonaturalelements, driversand security officials. the $300-a-week supplement to unemploy- present, such as within soil, freshwater unlikepetrochemical plastic that can Butthese jobs oftenpay lessthan what ment insurance, joining Montana Gov.GregGi- and marine environments, as well as in take centuries to degrade and leaves most workerscould makeonunemployment. anforte, who did so last week.Businesses will avariety of waste-treatment facilities, harmful microplastics behind. That explains whythe number of job openings be grateful to have workersback,and so will PHA is aprovensafeguardfor en- in manyindustries increased morethan the their customers. suring single-use items and containers Vaccination Debate Isn’t will biodegrade,evenifthey escape New, Interests Still Conflict proper waste-management streams and end up in the environment. This Hamas Tests Israel—and Biden To the sensible cost-benefit analy- reliability has led brands such as Pep- sis of Charles L. Hooper and David R. siCo,Bacardi, Nestle and MarsWrig- he jihadistsofHamas on Tuesday riotsbyreigniting itsmilitaryconfrontation. Henderson (“Youth PayaHigh Price ley to invest in PHA fortheir product launched the biggest single-dayrocket Regionalpolitics areatwork too. Hamas is forCovid Protection,” op-ed, May4), lines.Weseek to help solvethe prob- T attack on the Jewish State in memory, funded and supplied by Iran, whose Supreme it canbeadded that such consider- lem of global plastic waste. with hundreds flying toward Leader last week praised “the ations were discussed in the 1760s, STEPHEN CROSKREY Jerusalem and TelAviv as well Iran’s Palestinian ally pureblood of Resistancemar- during the Enlightenment smallpox-in- CEO, Danimer Scientific Inc. as the usual civilian targetsin reignites its conflict tyrs” in Palestine.The Biden oculation debate. Swissmathemati- Bainbridge, Ga. southern Israel. Israel struck Administration’scourtship of cian Daniel Bernoulliand French sci- back at 500targets in Gaza, with the Jewish state. Iran in renewednuclear negoti- entist and man of letters Jean le Rond CORRECTION and this has the potential to ationshas been met by Houthi d’Alembert calculated and argued become alargerconflict after escalation against Saudi Arabia about the comparativelife-expectancy risk and reward of being inoculated TheSenateconfirmed three arelatively long period of Mideast quiet. and nowHamas escalation against Israel. There- versus doing without. Both regretted judges to the D.C. Circuit afterDem- TheHamas attacks come afterdays of Pales- gime maythink that the moreits proxies clash the absenceofage-specific mortality ocratsinvoked the “nuclear option” tinian riotsinJerusalem, some prompted by with U.S. allies,the moreeager the U.S. Adminis- datafor smallpoxvictims.Bernoulli in 2013.The number wasmisstated long-running property disputes in theSheikh tration will be to makeconcessions. thought existing statistics compelling in the May11op-ed “Congressional Jarrah neighborhood. Israeli courtsruled in fa- TheBiden Administration will also have to re- enough to urge inoculation forall; Democrats’ Court-Picking (Not Pack- vorofJewish ownersand against Palestinian sist pressurefromits leftflank to distancethe d’Alembert advised waiting until fuller ing) Scheme.” leaseholderswho claim rightstothe property U.S. from akey ally engaging in self-defense. databecame available.Today, fora dating to Jordan’soccupation of East Jerusalem Sen. Bernie Sanderstweeted Tuesdaythat “we different health crisis,wehavesuch afterthe 1948 Arab-Israeli war. Thecase’sSu- areseeing howthe irresponsible actions of gov- dataand vastly bettermeans of immu- Pepper ... preme Court hearing wasdelayed. ernment-allied right-wing extremistsinJerusa- nization, which, if used intelligently, And Salt Mahmoud Abbas,who runs the Palestinian lem canescalatequickly intodevastating war.” makepolicy-formation easier. But d’Alembert also reminds us THE WALL STREET JOURNAL West Bank region adjacent to Jerusalem, has He must think Israel is firing those rocketson that in policy-making we cannot es- been held up as amoderatenegotiating partner itsown civilians. cape a troubling moral dilemma. The forIsrael. Yethis party fomented the Jerusalem TheWhiteHouse has given the Democratic state’s and individuals’ interests are violence, broadcasting that it “calls on everyone leftvirtually everything it could hope forsince too easily confounded. He said: The to raise the level of confrontation in the coming Inauguration Day, but if there’sone issue on state considers its citizens “indiffer- days and hoursinthe Palestinian lands,” accord- which the Administration still sounds morelike ently” and en masse, whereas “for ing to Palestinian Media Watch. the old guard, it’sthe Israeli-Palestinian conflict. each individual, the interest of self- The85-year-old Mr.Abbas,who has headed the It has not endorsed the left’sdistorted interpre- preservation comes first.” Palestinian Authority since2005 without stand- tation of the conflict as adichotomyofprivilege DAVID SPADAFORA ing forre-election, maywant to turn up the tem- and victimhood, with Israel responsible forev- Pinehurst, N.C. peraturetocompensatefor falling public confi- erywrong. Lettersintended forpublication should denceinhis rule.He’sincompetition with Hamas That position will come under pressureifca- be emailed to [email protected]. Please and even moreextremegroups,which he shut out sualties mount and passions rise.Let’shope Mr. include your city, state and telephone of powerinthe West Bank last month by postpon- Biden is prepared to affirm that America’stop number.All letters aresubject to “Our new health plan is really ing elections yetagain. Hamas,which promises regional allianceismoreimportant than the dic- editing,and unpublished letters cannot questionable, so stay away be acknowledged. the destruction of Israel, one-upped Mr.Abbas’s tatesofsocial-justiceideology. from the food trucks.” P2JW132000-0-A01900-1------XA

THE WALL STREET JOURNAL. We dnesday, May 12, 2021 | A19 OPINION Biden’s Not-So-Clean Energy Transition

By Mark P. Mills andrefineries.The supply 80% of global supply.Here of ETMs is entirely aspira- we find China utterly dom- he International Energy tional. And if it were pur- inant while the U.S. isn’t Agency, the world’spre- sued at the quantities dic- even aplayer. eminent source of energy tatedbythe goals of the Well buried in the report T information forgovern- energy transition, the is a warning about the ments, has entered the world would facedaunting “high emissions intensi- political debateoverwhether the environmental, economic ties” of ETMs.Energy use U.S. should spend trillions of dollars and social challenges, perpound mined is even to acceleratethe energy transition along with geopolitical trending up.This is no ar- favoredbythe Biden administration. risks. cane nuance. It’sthe key Youknow, the plan to use far more TheIEA stipulates up hidden factor that deter- “clean energy” and far lesshydro- front one underlying fact mines whether,ortowhat carbons—the oil, natural gasand that advocates of atransi- extent, aclean-energy ma- coal that todaysupply 84% of global tion never mention: Green- chine actually reduces car- energy needs.The IEA’s 287-page re- energy machines use far bon-dioxide emissions on port released this month, “The Role morecritical minerals than net. TheIEA datashow of Critical Minerals in Clean Energy conventional-energy ma- that, depending on the lo- Transitions,” is devastating to those chines do.“Atypical elec- cation and natureoffuture ambitions.Abettertitle would have tric carrequires six times mines,the emissions from been: “Clean Energy Transitions: Not the mineral inputsofa obtaining ETMs could wipe Soon, Not Easy and Not Clean.” conventional car, and an out much or most of the onshorewind plant re- emissions savedbydriving

quires nine times more E electric cars.

The International Energy mineral resourcesthan a OW Worseyet, radical in- Agency exposes the hidden gas-fired powerplant,” the CR creasesindemand will

report says.“Since2010, CHAD raise commodity prices, environmental costs and the averageamount of which reverberatethrough- minerals needed foranew unit of will beginonly after2035.This is a production takesplaceinareas of out the global economy. When it infeasibility of going green. powergeneration capacity has in- considerable problem forthe Biden high waterstress—and “pose con- comes to batteries,the IEA notes creased by 50% as the shareofre- administration’splan to achieve tamination risks through acid mine this could “eat up” theanticipated newables has risen.” That was 100% carbon-free electricity by 2035. drainage, wastewaterdischarge and reductions in manufacturing costs TheIEA assembled alarge body of merely to bring wind and solar to a In what maybecome the under- the disposal of tailings.” expected from the “learning effects” dataabout acentral, and until now 10% shareofthe world’selectricity. statementofthe decade,the IEA TheIEA falls backs on the usual of increased production. It’sanout- largely ignored, aspect of the energy As the IEA notes dryly,the transi- concludes that such long lead times admonition that mitigating these come that runs counter to the narra- transition: It requires mining indus- tion is a“shiftfromafuel-intensive “raise questions about the ability of risks will require“strengthening in- tiveofinevitably cheaper green-en- tries and infrastructurethat don’t to amaterial-intensiveenergy sys- supplierstoramp up output if de- ternational collaboration” forevery- ergy machines over time. exist. Wind, solar and battery tech- tem.” That meansashiftaway from mand were to pick up rapidly.” The thing from pollution to labor prac- If such areport had come from a nologies arebuilt from an array of liquids and gases whose extraction conditional “if” is adiscordant qual- tices.But the historyhereisn’t pro-hydrocarbon organization, the “energy transition minerals,” or and transport leave averylight ifier given the IEA itself has en- promising.IEA datashowthat ex- groupwould be dismissed, if not ETMs,that must be mined and pro- footprint on the land and aretrans- dorsed, and nearly all itsmember panded ETMmining will occur canceled outright. Credit the IEA for cessed. TheIEA finds that with a ported easily,cheaply and efficiently, states have already pledged, arapid mainly in countries with “low gover- boldly going wherefew policymak- global energy transition likethe one and toward big-footprint mines,the transition. Theclear consequenceis nancescores” where“corruption and ershavegone before. As President President Biden envisions,demand energy-intensivetransport of mas- that “deployment of clean energy briberypose major liability risks.” Obama might say, we can’t dig our forkey minerals such as lithium, siveamountsofrocks and other technologies is set to supercharge TheIEA maybethe firstmajor way out of this problem. graphite, nickel and rare-earth met- solid materials,and subsequent demand forcritical minerals.” agencytoflag the geopolitical risks als would explode,rising by 4,200%, chemical processing and refining. Credit the IEA foracknowledging of the energy transition, again with Mr. Mills is asenior fellow at the 2,500%, 1,900% and 700%, respec- Spooling up production can’t hap- that this will requireaglobal mining copious data. Todaythe oil-and-gas Manhattan Institute,apartner in tively,by2040. pen overnight. TheIEA observes boom that leavesinits wake all market is characterized by supply Montrose Lane, an energy-tech ven- Theworld doesn’t have the ca- somethingevery miner knows: “It manner of environmental implica- diversity.The topthree producers, ture fund, and author of “The Cloud pacity to meet such demand. As the hastaken on averageover16years tions.“Mining and mineral process- among them the U.S.,account for Revolution:How the Convergence of IEA observes,albeit in cautious bu- to movemining projectsfromdis- ing requirelarge volumes of wa- lessthan half of world supply.The New Technologies Will Unleash the reaucratese,thereare no plans to covery to firstproduction.” Start to- ter”—a serious issue when around topthree producersfor three key Next Economic Boom and aRoaring fund and build the necessary mines morrow and newETM production half of global lithiumand copper ETMs,however, control morethan 2020s,” forthcoming in October. Classroom Chaos in the Name of Racial Equity Is a Bad Lesson Plan

What should take school systems—reductions in sus- positioningitself to reinstatethe lent schools,all in the serviceofthe- blacks,but also lessthan the sus- priority in K-12 edu- pensions andexpulsions were fol- Obama administration guidance. ories based on racial paranoia that pension rate forwhitestudentsfrom cation, the physical lowed by an uptick in bullying and Last month, officials in the Educa- can’t withstand even the slightest families that weren’t intact. Statisti- safety of studentsor other disruptive behavior. Students tion Department’s OfficeofCivil scrutiny. As Gail Heriot, amember of caldisparities can’t automatically be racial balancein and teachersalikehavereported Rightsand the JusticeDepartment’s the U.S. Commission on Civil Rights, equated with discrimination, and school suspension feeling less safe. Fighting, gang ac- Civil RightsDivision announced that has noted, black studentsdispropor- pretending otherwise canlead to UPWARD rates? Barack tivity and drug use have increased. they were convening adiscussion of tionately go to school with other badpolicies that harm the very peo- MOBILITY Obama and Donald A2018 study of schools in Wisconsin “strategies foraddressing racial and blackstudents. “Ifteachersfail to ple you want to help. Trump had different found that “softerdiscipline policies, other disparities in the administra- keep order in those classrooms out Thepoliticians and policymakers By Jason L. answers to that pushed by the Obama administra- tion of school discipline.” Thegoal is of fear that they will be accused of who tell us that relaxing student dis- Riley question,and it tion, arehaving anegativeimpact racism, it is these minority students cipline will slowthe “school-to- probably won’t sur- on student test scores.” who will suffer most.” prison pipeline” must explain why prise youwherePresident Biden Thesad ironyisthat black stu- Going easy on badbehavior If,asopponentsofschool punish- students who attend public charter comes down. dents, in whose name this wasdone, ment insist, adult whiteracism schools with harsher discipline poli- In 2012, the Education Depart- were the ones most hurt by racial makes lifedifficult for rather than student behavior is driv- cies have lowerrates of criminal ac- ment released astudy showing that quotas in school discipline.A2017 thosestudentswho arein ing the black-whitedisparity in sus- tivity and incarceration later in life. black studentsweremorelikely than federal survey of school safety by pensions,why arewhitestudents Thedatasuggest that by punishing, their whitepeerstobesuspended the National Center forEducation school to getaneducation. disciplinedatdouble the rate of rather than indulging,lawlessbe- and expelled from school. This dis- Statistics found that 25% of black Asians? And what explains the fact havior in youngsters, we’redoing parity was taken as evidence of ra- studentsnationwide reported being that manyofthe teachers, principals them afavor.Antisocial habitsdon’t cial bias,and two yearslater thede- bullied, the highest percentageof to assess“the impact of exclusionary and school administrators deciding begin aftergraduation, and it’sfool- partment issued threatening any racial or ethnic group. school discipline policies and prac- which kids aresuspended arethem- ish to wait until then to address “guidance” letters to school districts To itscredit, the Trump adminis- tices,such as suspensions and selves black and brown? them. acrossthe country. Theletters es- tration revokedthese policies in school-based arrests, on our nation’s Theunwillingnessofthese critics Black children arealready more sentially warned that schools would 2018 under the direction of then-Ed- students, particularly studentsof even to consider nonracial explana- likely to attend the worst-performing facefederal civil-rightsinvestiga- ucation SecretaryBetsy DeVos,who color” and “also sharediverse strat- tions forgroup differences in school schools and to be taught by the tions if black suspension ratesdidn’t understood the strong link between egies foraddressing harmful and discipline rates is also troubling. In least-experienced teachers. Unlike come down. Schools were pressured violent school settingsand poor aca- discriminatoryschool discipline a2019 report by the Institutefor most low-income families,most to discipline students, or not, based demic performanceinaway that practicesand creating positive Family Studies,sociologistsNicholas teachershaveschool choice. TheBi- on race rather than behavior,and seemslost on progressives.Going school climates.” Zill and W. BradfordWilcox found den administration might keep that manyadministratorsand teachers easy on troublemakersmakes life School systems across the coun- that black studentsliving with both in mind beforeitreverts to apolicy obliged. much moredifficult forthe kids who trycould again find themselves married parentshad suspension that canonly makethe lives of these In NewYork,Los Angeles and are in school to get an education. forced to choose between acivil- ratesthat not only were lessthan children morechaotic than neces- Chicago—the nation’s three largest Yetthe Biden administration is rights investigation and more-vio- half as large as those forother sary. A Third Intifada Is Unlikely, but Hamas Is Trying to Start One

By Jonathan Spyer minutes people returned to the the Jordan. Athird intifada seems cancellation left Hamas determined identity,and to alesser extent by a square, and the chanting and singing unlikely. to exploit the moment and punish common sense of Palestinian na- Jerusalem picked up again. A colleague cover- Monday’srocket salvoonJerusa- theirrivals.The heightened emo- tionality.But their immediateinter- fter distant explosions,the ingthe Palestinian protestsatthe lem kicked off a night of heavy fire tions around the supposed threat to ests and political outlook diverge in A clearsky wassuddenly cov- Damascus Gateafew hundred yards from Hamas-controlled Gaza; the Is- the Al Aqsa mosque and Jerusalem important ways. ered with hundreds of birds, away told me later that the demon- rael Defense Forceresponded. are a perfect focus for this. The question is whether the pas- all flying east, away from the noise. stratorsgreeted the explosions with Hamas has firedatleast 630 rockets Why, then, is it still tooearly to sions aroused around the supposed It wasafew minutes after6p.m. whistling and applause. since. TheIDF has hit at least 500 declarethe opening of athirdinti- threat to the Al Aqsa mosque will Monday. Hamas had just launched a Jerusalem is carrying an excess targetsinthe strip in retaliation. At fada? When the second one launched override the differing outlooks and volley of seven rocketsfromthe of symbolic weight. TheOld City, the time Iwritethis,rocketsare still in 2000,crucially,the Palestinian Ar- interests, and whether a large part Gaza Strip at this city, the moment andspecifically the hill Jews know falling.Thereare dead and wounded abs possessed something resembling of theArabpopulation west of the of escalation in what has been a as the Temple Mount and Muslims on both sides. Jordan River will launch an uprising month of increasing violence, which as the Haram al-Sharif,isatthe In the course of Mondaynight, against Israel. Hamas is pushing in began in Jerusalem and is now center of the 150-year struggle be- demonstrations and riotstook place Jerusalem is a powder keg, that direction, in the waning days of spreading across Israel. tween Jews and Arab Muslims for in several Israeli localities with sub- Ramadan. But the shiftofthe epi- The crowds at IDF Square down- sovereignty west of the Jordan stantial Arab populations. In Lod, a but the shift of the focus to center of eventstoGazamay limit town, participantsinamarch to cel- River. What conflict begins there mob brokeintoand ransacked asyn- Gaza reduces the prospects the impact of this effort. Gazaisnot ebrate Jerusalem Day, the anniver- rarely stays confined within the mu- agogue.One Arab citizen of Israel aunifying symbol. TheWest Bank is saryofIsrael’sconquest in the 1967 nicipal boundaries.Israel is never- participating in theriot wasshot of unity against Israel. so far largely quiet. In Jerusalem and Six Day War, took shelter inside the thelesssome distanceaway from dead and an Israeli Jewish man has among Arab Israelis,the unrest, nearest buildings. But afterafew facing anew,broad uprising west of been arrested as asuspect. Nazareth, while fierce,remains geographically Haifa, Shfaram and other,smaller asingle,united nationalist move- limited and involves limitednum- towns also witnessed stormyscenes. ment. Hamas wasaround, but the as- bers. For as long as these divisions ThecontextofRamadan, always a cendancyofYasser Arafat’sPalestine hold, there’s little chance of a third PUBLISHED SINCE 1889 BY DOWJONES&COMPANY time of heightened religious and na- Liberation Organization and his Fa- intifada. Rupert Murdoch Robert Thomson tionalist tension, is crucial. Fearsof tahmovement’sdomination of the Still, when Ireturned from cover- Executive Chairman, News Corp Chief Executive Officer, News Corp a supposed Israeli threat to Jerusa- Palestinian Authority wasunchal- ing the Jerusalem Daydemonstra- Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher lem’sAlAqsa mosque arefueling the lenged. There’snocomparable unify- tions, the road wasfull of broken Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: unrest. Some clumsy policing,anim- ing force today. glassinthe seam-line neighborhood Deputy Editor in Chief Managing Editor Daniel Bernard, Chief Experience Officer; minent court ruling concerning a TheIsraeli Jewish and Palestinian whereIlive. Jewish youths who had Jason Anders, Chief News Editor; Louise Story, Chief Mae Cheng, SVP, Barron’s Group; Jason P. Conti, property dispute in the Sheikh Jar- Arab populations west of the Jordan attended the demonstration had News Strategist, Product &Technology Officer General Counsel, Chief Compliance Officer; Frank Filippo, EVP, Business Information & rahneighborhood and aseries of as- River are roughly of equal size. But clashed with local Arab young men Thorold Barker, Europe; Elena Cherney, Coverage; Services; Robert Hayes, Chief Business Officer, saults on ultra-Orthodox Jews have while Israeli Jews are gathered un- on theirway home.Jerusalem is a Andrew Dowell, Asia; AnthonyGalloway, Video & New Ventures; Kamilah Mitchell-Thomas, Chief added to the tension. der a single political authority and powder keg. Hamas is attempting to Audio; Brent Jones, Culture, Training &Outreach; People Officer; Josh Stinchcomb, EVP & Chief AlexMartin, Print &Writing; Michael W. Miller, Revenue Officer, WSJ | Barron’s Group; Thedecision by Palestinian Au- structure, the Arab population is di- light the fuse. Features &Weekend; Emma Moody, Standards; Christina Van Tassell, Chief Financial Officer; thority Chairman Mahmoud Abbas to vided intofour distinct groups: Arab Shazna Nessa, Visuals; MatthewRose, Suzi Watford, EVP, Consumer & Chief cancel Palestinian elections sched- citizens of Israel, Arab residents of Mr. Spyer is director of the Middle Enterprise; Michael Siconolfi, Investigations; Marketing Officer Stephen Wisnefski, Professional News uled forlater this monthexacerbated Jerusalem, the population of Gaza, East Center forReporting and Analy- the situation. It’sobvious Mr.Abbas and the population of the West Bank sis and aresearch fellow at the Mid- Paul A. Gigot canceled the polls because he and his under the Palestinian Authority. dle East Forum. He is author of Editor of the Editorial Page EDITORIAL AND CORPORATE HEADQUARTERS: Daniel Henninger, Deputy Editor, Editorial Page; 1211 Avenue of the Americas, New York, N.Y., 10036 Fatahmovement would be defeated These publics aremostly united “Days of the Fall: AReporter’s Jour- GerardBaker, Editor at Large Telephone 1-800-DOWJONES by their Islamist Hamas rivals. The by acommon Islamic religious ney in the Syria and Iraq Wars.” P2JW132000-0-A0200A-1------XA

A20 | We dnesday, May 12, 2021 A THE WALL STREET JOURNAL.

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S&P 4152.10 g 0.87% S&P FIN g 1.67% S&P IT g 0.24% DJ TRANS g 1.39% WSJ $ IDX g 0.10% LIBOR 3M 0.160 NIKKEI (Midday) 28448.18 g 0.56% See more at WSJ.com/Markets Stocks Tumble on Inflation Fears Victoria’s

Dow falls 475 points that have outpaced the Many technologystocks,in chief investment officer of In- Secret broader market this year.The By Caitlin McCabe, contrast, finished higher after dependent Advisor Alliance. as selloff spreads to fall marked theblue-chip in- Will Horner falling sharply earlier in the “Wehavealot of news flow as financial, industrial dex’ssteepest one-daydecline and Xie Yu session. TheNasdaq Compos- far as gasoline shortages,the Spinoff sincelateFebruarywhen wor- iteedged down 12.43 points, hack of the [Colonial Pipeline] and energy sectors ries about asharp rise in bond or 0.1%, to 13389.43, cutting its andclearly everyone has been yields blunted momentum in on expectations of afull eco- losses afterfalling as much as talking about the jobs report Planned Investorsaround the world thestock market. nomicreopening. 2.2% earlier in the day. [and whether that means] any- retreated from stocks Tuesday, Concerns about rising infla- On Tuesday, however, that TheS&P 500 dropped 36.33 thing or is it reflectiveof BY DAVE SEBASTIAN with a selloff in technology tion have loomed over markets trade reversed, as stocks rang- points, or 0.9%, to 4152.10, weaknessinthe economy.” companies spreading to other for much of this year as the ing from Home Depot to also paring earlier losses. “It’shardtotell with these LBrands Inc.said it is sectorsasconcerns about in- U.S. economyhas heated up, Chevron to American Express In bond markets, the yield crosscurrentsmoving as vio- spinning off Victoria’s Secret flation draggeddownU.S.in- boosted, in part, by pent-up pulled back 2.6% or more, on the 10-year U.S. Treasury lently as they are,” he added. to its existing shareholders, a dexesfor asecond day. demand and government stim- dragging the Dowdown. Only note edged up to 1.623% from Tuesday’s wild swings in coda in the company’s review The Dow Jones Industrial ulus.Fearsabout asustained two companies in the indexof 1.601% Monday, marking its the stock market sent the processfor the lingerie brand Average tumbled nearly 475 jump in inflation have weighed blue-chip stocks finished third consecutive session of Cboe Volatility Index, or VIX, afterlongtime companyleader pointsasinvestorspulled back on growth stocks, including higher.The indexclosed at gains.Yields rise as prices fall. known as Wall Street’s fear Leslie Wexner stepped aside betsonmanyofthe financials, those in the tech sector,while 34269.16,falling 473.66 points, “It’sabit of atopsy-turvy gauge, climbing.Ittraded as as chief executive last year. industrials and energy stocks cyclical shares have climbed or 1.4%. market,” said Chris Zaccarelli, PleaseturntopageB10 The move, which the com- pany had signaled, will result in thelingerie chain and the STREETWISE | By James Mackintosh faster-growing Bath &Body Works operating as two pub- licly traded companies.It comes afterthe company’s Five Tactics to Investing Amid Rising Prices boardevaluated the possibility of either aspinoff or sale of Victoria’s Secret. The single that in normal times it tends Inflation rate*, monthly The Columbus, Ohio-based most impor- to do significantly lesswell companysaid the separation tant question than stocks and doesn’t pro- 10% would giveeach companyfi- in investing vide an income.Because nancial flexibility.Itsaid it ex- this year is gold’svalue is underpinned pectsthe spinoff to qualifyas whether the by the notion that other peo- tax-free to LBrands and its rampant inflation of the mo- ple believeittobevaluable,it shareholders forU.S.federal ment is temporary, as the is also vulnerable to anything income-tax purposes. Federal Reserve believes, or that threatens that status.I 5 LBrands Chief Executive Consumer marks a historic shift. I ar- think thousands of yearsof Andrew Meslowwill serve as prices gued last week that we are historygiveitsolid support, CEO of Bath &Body Works af- on the cusp of a major but it is possible the rush to terthe spinoff,the company change and long-run infla- bitcoin could disrupt it. said. Victoria’sSecret CEO tion is now more likely. Martin Waters will continue Howbest to protect a Commodities as a 0 leading the stand-alone busi- portfolio against the losses Classic Hedge ness afterthe separation, L that rising prices oftenin- Inflation means rising Brands added. flict? Theinterplayoftiming prices and commodity prices Producer prices, Thecompanysaid additions and uncertainty prevents usually rise the most, as it manufacturing to the management teams and therebeing asingle simple takes a long time to build compositions of the boards for –5 answer. However, thereare new capacity to satisfy the both companies will be named useful strategies that canbe demand. later.Itexpectsthe transac- put to work now. Hereare Shares of miners, oil drill- tion to close in August. five approaches,along with ersand other commodity pro- RECESSION LBrands spoketopotential their biggest risks: ducershaven’t done so well buyersfor Victoria’sSecret as raw-material prices during –10 this year, according to people Golden Rule inflationaryperiods in the familiar with thematter, but 1995 2000 ’10 ’20 Ask on social media how past, but still outperformed didn’t reach adeal forthe lin- to protect against inflation, the rest of the market. Cop- gerie businessthat wasonce and the answer is simple: per and oil areupmorethan Annualized real return Inflationaryepisodes† Rest of the time its biggest brand. Just buy gold. Not so much 30% this year and lumber has In February2020,LBrands this year, when the price of almost doubled, while stocks Commodities struck adeal to sell amajority gold has fallen as inflation of global mining and major stakeinVictoria’sSecret to Syc- doubled from 1.3% to 2.6%. oil companies have strongly Gold amorePartnersfor about $525 But it is true that gold, his- beaten broader indexes. million. Thedeal unraveled a torically, has performed well Thetrouble with commod- Cheap vs. few months later after the when inflation is high, hold- ities is that unlessyou have expensivestocks Covid-19 pandemic hit. ing on to its value even in an oil tanker or agigantic Thecompanyalso said it S&P500 countries where inflation warehouse,they have to be expectstoturn aprofitfor the soared into double-digits, ac- bought through futures con- firstquarter and post higher cording to a study for Credit tracts, whose long-term re- 30-year Treasury sales,driven by stimulus pay- Suisse by academics Elroy turns depend moreonthe mentsand the relaxation of –5%0 5 10 15 Dimson, Paul Marsh and differencebetween various Covid-19 restrictions. Mike Staunton. futures prices than the un- *Change from previous year in priceindex†Eightepisodes since1926ofmorethan six months when inflation peaked above 5% beforefalling back —Cara Lombardo Thetrouble with gold is PleaseturntopageB11 Sources: Labor Departmentvia St.Louis Fed(inflation); Man Group (returns) contributed to this article. U.K. Probes Greensill, China Threatens Move on Ericsson

Cites Potential Crimes BY STU WOO

BY JULIE STEINBERG March, saying he bearscom- China is giving Sweden one AND DUNCAN MAVIN pleteresponsibility forthe com- last chancetoreverse itsban pany’scollapse.“To all of those on telecommunications-equip- TheU.K.’stop financial regu- affected by this,Iamtruly ment giant HuaweiTechnolo- lator said it wasinvestigating sorry,” he said. gies Co., aChinese statemedia failed financial firm Greensill Arepresentativefor the outlet said, beforeitcould re- Capital,citing allegations of companydeclined to comment taliateagainst competitor Er-

what it called “potentially crim- on the FCA’s investigation. icsson AB. GES

inal” matters. Founded by Australian-born Ericsson’sparticipation in IMA TheFinancial Conduct Au- Mr.Greensill, the company the next round of China’s

thority said it wascollaborating billed itself as atechnology massive5Gbuild-out is linked GETTY

with other U.K. enforcement startup that competed with tra- to whether Sweden changes SE/ agencies and authorities over- ditional banks such as Citigroup itsstanceonHuawei, accord- seas as part of itsinvestigation Inc.and JPMorganChase &Co. ing to the Global Times,a ANCE-PRES

into Greensill’scollapse.The Greensill’sgoal wastooffer Chinese Communist Party FR disclosurecame in aletterfrom supply-chain finance to compa- publication. the FCA to aU.K.Parliament nies that had fallen belowthe Swedish regulatorsbanned ENCE committeehearing testimony radar of traditional banks that wirelesscarriersfromusing AG AL/

on TuesdayfromGreensill preferredlarger, more-estab- the Chinese company’s5G AM

founder LexGreensill. lished clientele. equipment in October,citing RET

Mr.Greensill made his first Greensill counted former national-security concerns. OR CT

public commentssincethe firm U.K. Prime Minister David Cam- Huaweiischallenging the de- HE tumbled intobankruptcy in PleaseturntopageB2 cision in Swedish courts, with The telecom-gear maker is asking Sweden nottosanction Huawei. Ericsson’sstand at aShanghai expo. aruling expected in the com- ing weeks. navirus pandemic. ecutiveBörje Ekholm to mount 5G-equipment market. Itsfour Aspokesman forStock- AfterSwedish regulators a lobbying campaign on Hua- major state-owned wireless INSIDE holm-based Ericsson declined banned Huaweilast October, wei’sbehalf.Hecriticized carriersare conducting an- to comment. Aspokesman for Chinese officials and state- Swedish politicians and solic- other round of 5G equipment Sweden’sforeign-trade minis- controlled media outlets ited lawyerstohelp Huawei teststodetermine which sup- trydidn’t respond to requests called the decision unfair, fight the Swedish ban. He said plierstouse in the next phase forcomment. Ericsson shares saying that Huaweipresented of building nationwide cellular were down nearly 4% Tues- no security risks and that networks,the Global Times day, trading slightly lower Sweden wastrying to protect said in itsarticle published than itspeersamid abroadly ahomegrownchampion in Er- Monday. lowertech market. icsson. 8% In March, Chinese media Thewarning in the Chinese They threatened to retali- outletsand Communist Party- media is the latest example of ateagainst Swedish compa- Share of Ericsson sales in affiliated groups encouraged a Beijing using the heftofits nies doingbusinessinChina, China, vs. 1% in Sweden purge of Swedish retailer domestic market to protect including Ericsson and its Hennes &Mauritz AB’sH&M itsbusinessand foreign-pol- largest shareholder,Investor brand from much of the Chi- BUSINESSNEWS PROPERTY REPORT icyinterests. China last year AB,the investment company nese internet. The Washington Post ManyNew York hotels restricted importsofAustra- of Sweden’sinfluential Wal- Ericsson gets only 1% of its Themovecame afterthe names anew top areopening, testing lian wine,beef and other lenbergfamily that has major sales from Sweden, versus 8% fashion brand said it wasseek- goods afterAustralia enacted holdingsinseveral bigEuro- from China, wherethe com- ing to ensurethat itscotton editor as it seeksto the strength of the itsown Huaweiban and pean companies. panyalso employs 13,000 peo- didn’t come from the Chinese sustain growth. B3 touristsector. B6 called foraninvestigation of The prospect of retaliation ple and runs a factory. region of Xinjiang, where the Beijing’shandling of the coro- prompted Ericsson’sChief Ex- China is the world’slargest PleaseturntopageB2 P2JW132000-5-B00200-1------XA

B2 | We dnesday, May 12, 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 Emergent Biosolutions N - P Green Energy Sets aRecordPace Ackerman McQueen...A3 ...... A5 Novator Capital...... B3 Ahlstrom-Munksjö Oyj Equifax...... A2 Pfizer...... A5 ...... B11 F R BY DAVID HODARI Alphabet...... B5 Facebook...... B5 Rocket...... B3,B12 Amazon.com...... B3 Ford Motor...... B2 Royal Dutch Shell...... B2 Renewable power capacity American Airlines.....B11 G Ryohin Keikaku...... B3 grew at itsfastest pacethis American Express...... A2 S ARK Invest...... B12 General Electric...... B5 century in 2020, the Interna- AstraZeneca...... A5,B2 Greensill Capital...... B1 Salesforce.com...... B5 tional Energy Agencysaid H - I Sixth Street Partners.B3 Tuesday, raising itsgrowth B SoftBank...... B2,B3 Huawei Technologies..B1 forecast forwind and solar BioNTech...... A5 Southwest Airlines....A3 Intellia Therapeutics B12 power for this year and next. Birkenstock...... B11 Synchrony Financial...A1 According to the Paris- BP...... B2 J - K T Bridgewater Associates Johnson & Johnson....A5 based energy watchdog,re- Telefon AB L.M. newables were the only energy ...... B5 JPMorgan Chase...... A2 Ericsson...... B1 C - D Koniver Stern Group...B6 Tesla...... B12 source forwhich demand in- Kontoor...... B3 Capital One Financial.A1 Tokio Marine...... B2 creased last year,with Cathay Pacific Airways L U - V Covid-19 lockdowns hitting ...... B11 L Brands...... B1 Uber Technologies...... A5 consumption of all other fuels Coatue Management..B3 Liston & Deas...... A6 UWM...... B12 as government restrictions

Colonial Pipeline...A1,A3 Lonza...... B11 Virgin Galactic...... B12 shut factories,grounded planes S Credit Suisse...... B2 Lyft...... A5 and kept people at home. W - X NEW

Crispr Therapeutics..B12 G M Walt Disney...... B5 Theaddition to the world’s D - E Marriott...... A2 Wells Fargo...... A2 renewable electricity capacity

Discover...... A1 Meituan...... B4 Xerox...... B12 last year was45% morethan OOMBER in the prior year—the biggest jump since1999—as wind and RIZ/BL INDEX TO PEOPLE solar farms sprang up across RO

the world’smajor economies, JONNE theIEA said in areport. The Renewables grew at arecordratein2020, the International Energy Agency found. Solar cells in Brazil. B G Ohebshalom, Alex...... B6 increase of 280 gigawattsin Baron, Martin...... B3 Garg, Vishal...... B3 P 2020 waspartly driven by a the world’sdominant source ergy.Carbon emissions also Benioff, Marc...... B5 Gebru, Timnit...... B5 Pichai, Sundar...... B5 rush to completeprojectsbe- of energy.In2019,beforethe have snapped back from their Amazon Issues Bezos, Jeff...... B3 Greensill, Lex...... B1 R - S fore government subsidies coronavirus pandemic ham- 2020 plunge. Gupta, Sanjeev...... B2 Sustainability Bond Buzbee, Sally...... B3 Ryan, Fred...... B3 elapsed in China, the U.S. and meredglobal transportation Still, the recent accelera- C - D H Schroepfer, Mike...... B5 Vietnam. and industry, oil, natural gas tion in renewable energy Cameron, David...... B1 Halbert, David...... B3 W TheIEA raised its2021 and and coal accounted for81% of growth will outlast the pan- Chavez, Martin...... B3 M - O Welton, Rustin...... B3 2022growthforecastsby global energy consumption, demic,the IEA said. The Amazon.com Inc. has is- Conklin, Karlin...... B6 Marr, Chuck...... B6 Wood, Cathie...... B12 around 25%, with an addition the IEA says.That figure is ex- agencycategorizes hydro- sued its first sustainability Croak, Marian...... B5 Matsuzaki, Satoru...... B3 Y - Z of 270gigawattsincapacity pected to drop to 76%by powerand bioenergy,aswell bond, aiming to raise $1 bil- Dalio, Ray...... B5 Mitchell, Margaret...... B5 Yanai, Tadashi...... B3 expected this year and 280 2030,though rising overall de- as solarand wind, as renew- lion to support environmental Davidoff, Sherri...... A5 Mohan, Vijay...... B3 Zuckerberg, Mark...... B5 gigawattsnextyear. mand still means increased ables. and social projects, as inves- Growing demand forrenew- use of carbon-intensiveen- Some energy giantsinclud- tors clamor for more sustain- able powercomes as govern- ing RoyalDutch Shell PLC ability bonds to “green up” letsinChina. Other companies mentsand companies around Global renewable and BP PLChavesignaled their portfolios. China such as Japan’sMuji have the world trytocut carbon energy capacity their intentions to reduce The e-commerce giant gone the other way, advertis- emissions with the aim of lim- their dependenceonfossil fu- said Mondaythatthe bond ing its use of Xinjiang cotton. iting global warming.The 3,500 gigawatts els and invest in lower-carbon proceeds will fund renewable Threatens Thebusinessenvironment Paris Agreement, which the energy. energy,affordable housing, has forced Swedish compa- Biden administration rejoined 3,000 TheIEA expectssolar cutting resourcesused by nies that do businessinChina in February, calls forcutting powertoplayakey role in the buildings and helping under- Ericsson to consider exit strategies, emissions enough to keep 2,500 expansion of global renew- representedgroups enterthe said Jerker Hellström, direc- temperatures lessthan 2de- ables capacity,with additions technology workforce torofthe Swedish Center for grees Celsius abovepreindus- in 2022forecast to be 50% through training. Investors ContinuedfrompageB1 China Studies and member of trial levels. 2,000 FO higher than they were in 2019. oversubscribed to the sus- U.S. and U.K. governmentsand the Sweden-China Trade “Windand solar powerare RE It also forecastsstrong growth tainabilitybond, which ma- CA

human-rights groups have al- Council. giving us morereasons to be 1,500 ST forwind powerinthe next tures in twoyears and yields leged the Chinese government “I’m not saying that com- optimistic aboutour climate two years, albeit at alower 0.257%, an Amazon spokes- is committing genocide and panies arepreparing to leave goals as they break record af- rate than 2020. person said. 1,000 using forced labor. China has China, but forthe firsttime terrecord,” said IEA Executive However, the IEA said it ex- Amazon aims for net-zero called those accusations lies, they’rethinking seriously Director Fatih Birol,adding pectsnew capacity in China— greenhouse-gas emissions saying its actions in Xinjiang that thechallenges will be that greater use of lower-car- 500 long adriver of global renew- across its direct and indirect aremeant to combat terrorism toohigh,” Mr.Hellstrom said. bon electricity wasneeded for ables growth—toplateau as activities by 2040 and has and improve livelihoods. “Therewill be conditions for the world to achieveits car- 0 government subsidies end, de- rallied other big companies to H&M has stuck to its them to stay in China. What’s bon-reduction goals. spiteBeijing’spledgetoreach target the same year. 1990 2000 ’10’20 stance,which resulted in land- in it forChina? They always While renewables aregain- peak carbon emissions before —Dieter Holger lords closing some of its out- have to think about it.” ing ground, fossil fuels remain Source:International Energy Agency 2030.

because it hadn’t heardof nancingfor Greensill. finance, likening it to achecking sold the shares to avoid acon- TheWall Street Journal has British Greensill. Mr.Cameron regu- Thegovernment investiga- account forcompanies.“Tens of flict when the businessgrew, reported that Credit Suisse larly attended boardmeetings, tion ramps up pressureonMr. millions of businesses have ben- Mr.Greensill said. marketed the supply-chain fi- Mr.Greensill said. Greensill, who has been work- efited from that,” he said, refer- Mr.Greensill said he regret- nanceinvestmentsassafeprod- Probe Thecompanyplunged into ing with the company’sbank- ring to the industrythat has tedthat the businesshad be- ucts based on transactions that crisis in March afteritlost ruptcy adviserstosalvageparts built up in recent years. come tooconcentrated on asin- had already occurred. credit insurancethat wascru- of the business. But Greensill went beyond gle customer. Mr.Greensill also said the Greensill cial to itsbusiness. Credit TheFCA’s lettercited “a bread-and-buttersupply-chain Membersofthe parliamen- firm waslet down by itsbiggest Suisse Group AG froze $10 bil- number of allegations have finance, TheWall Street Journal tary committeeasked Mr. insurer, Tokio Marine Holdings lion in investment funds that been made in the pressregard- has reported.Much of the com- Greensill about the company’s Inc., whose yanking of coverage ContinuedfrompageB1 Greensill relied on to fuel much ing the circumstances of Green- pany’sbusinesswas extending use of futurereceivables,or of Greensill’sloans uncorked eron as an adviser,and itsmain of itsbusiness. Greensill’sbank sill’sfailure, some of which are loanstoasmall circle of bor- loans based on futurebusiness. the series of eventsthat culmi- financial backer wasJapanese wastaken over by authorities in potentially criminal in nature.” rowers close to Mr.Greensill, One committeemember likened nated in the firm’sunraveling. tech conglomerate SoftBank Germanyand is under investi- Some of Greensill’sblue-chip includingU.K.steel magnate the use of them to fraud. Committeememberspressed Group Corp.Greensill had tar- gation thereintoits accounting clientsincluded AstraZeneca Sanjeev Gupta, who the Journal Mr.Greensill denied he wasa himonthe fact that Greensill getedavaluation of $7 billion forloans to amajor client. PLC and Ford Motor Co.Green- has previouslyreported wasthe fraud and defended the use of hadbeen informed about the last fall when it sought to raise Thestartup’sbusinessmodel sill has also extended financing company’sbiggest client by rev- future receivables.Hesaid the insuranceproblems six months equity from newinvestors. required complexfinancial engi- to lesser-known companies,in- enue. businesswas properly de- beforecoveragewas pulled on Mr.Greensill said he hired neering.Itmade supply-chain cluding startup businesses and Mr.Greensill said he had scribed, and that investorsun- March1.“We had an overreli- the former prime minister to loanstocompanies,then pack- companies that areconsidered been introduced to Mr.Guptain derstood what they were pur- anceoninsurancegenerally,” he help Greensill increase itsbrand aged them up intonotes,selling higher-risk borrowers. 2015 by an executiveatanin- chasing.Hesaid the future said. “And we did toomuch of awarenessafter ablue-chip those on to investors, which Mr.Greensill defended the surancecompany. Mr.Gupta receivables were secured our insurancewith one pro- companychose adifferent firm served as off-balance-sheetfi- businessmodel of supply-chain wasanearly shareholder but against real assets. vider.” CORPORATEWATCH

PALANTIR TECHNOLOGIES HUBBARD FLIGHT ECO. Revenue Grows HAPPY FEET, At Data Analyzer Palantir Technologies Inc. HEALTHYPLANET. posted a wider loss for the first quarter, though revenue rose on improvements in sales to com- mercial and government custom- ers. The Denver-based data-analy- CK

sis company posted a loss of TO $123.5 million, compared with a loss of $54.3 million in the year- SHUTTERS

ago period. Revenue rose to A/ $341.2 million from $229.3 mil-

lion in the year-ago quarter. MA/EP Palantir expects its second- YA quarter revenue to be $360 mil- MA SA lion, higher than the average an-

alyst estimate on FactSet. The KIMIMA company expects annual reve- The car maker expects an 8.6% rise in global car sales and a 16% rise in revenue in the fiscal year. nue to grow by 30% or more for 2021 through 2025. car sales rose 3.4% for China, ago. PLAYTIKA —Matt Grossman 8.6% for North America and 6.1% The Winston-Salem, N.C.- for Japan, though sales fell 12% based apparel company posted a Mobile Games NISSAN MOTOR CO. for Europe. first-quarter loss of $263.3 mil- Boost Results Loss Narrowed Nissan Motor said it expected lion, compared with $7.9 million an 8.6% rise in global car sales in the year-ago quarter. Playtika Holding Corp. posted In Latest Quarter to 4.4 million units, a 16% rise in Excluding one-time items and first-quarter revenue growth, revenue to ¥9.1 trillion and a net those discontinued operations, boosted by its portfolio of casual Nissan Motor Co. said that it loss of ¥60 billion for the fiscal Hanesbrands reported an ad- games. posted a narrower loss in its year that started in April. justed profit that surpassed ana- The Israel-based mobile-gam- Hubbard Flight Ecoismade from recycled water fourth quarter, as its sales im- — Kosaku Narioka lyst expectations. ing company’s earnings declined bottles. Engineered aroundthe Hubbard Comfort proved in many parts of the Sales rose to $1.51 billion, up to $35.7 million from $35.8 mil- world. HANESBRANDS from $1.2 billion in 2020’s first lion a year earlier as expenses System andour revolutionaryinnersockdesign, The Japanese auto maker Clothing Demand quarter. Inner-wear sales grew increased. thesesustainableshoes aregood foryourfeetand said its net loss for the quarter by 35% year over year, while ac- Revenue increased to $638.9 good forthe planet. ended March 31 was ¥81.00 bil- Shows Improvement tive-wear sales increased 26%. million, better than analysts lion, the equivalent of $744.2 For the second quarter and were expecting and up from million, compared with a net loss Hanesbrands Inc. posted year, Hanesbrands issued ad- $534.2 million in the year-ago SAMUELHUBBARD.COM/FLIGHT of ¥710.5 billion a year earlier. sales growth in its inner-wear justed earnings guidance that quarter. Revenue from Playtika’s Fourth-quarter revenue in- and active-wear segments as was less optimistic than ana- portfolio of casual games rose USECODE WS10 FOR10% OFFORCALL866.615.5065 creased 7.3% from a year earlier clothing demand improved in the lysts had been expecting. 30% year over year. to ¥2.545 trillion. Fourth-quarter quarter compared with a year —Matt Grossman —Matt Grossman P2JW132000-2-B00300-1------XA

THE WALL STREET JOURNAL. ** We dnesday, May 12, 2021 | B3 BUSINESS NEWS Washington H&M Rival Aims to Sway China Post Names

BY MEGUMI FUJIKAWA AP’sBuzbee

TOKYO—While Swedish clothing retailer H&M has been Executive virtually wipedoff e-commerce sites in China, rival Muji is win- Editor ning applause there. TheJapanese chain has pub- licly sided with the Chinese BY JEFFREY A. TRACHTENBERG government in away that many AND BENJAMIN MULLIN Western and Japanese compa- nies won’t. Muji says it uses TheWashingtonPost cotton from the Xinjiang re- tapped Sally Buzbee as itsnext gion—wherethe U.S. State De- executiveeditor,asthe news partment says mostly Muslim outlet tries to sustain the Uyghursare forced to labor in rapid growth it enjoyedinthe internment camps—and doesn’t Trump years. see aproblem with advertising Ms.Buzbee,55yearsold, that fact. will succeed Martin Baron, Muji, aTokyo-based clothing who retired in February. She is and homewaresbrand owned the firstwoman to hold the ex-

by Ryohin KeikakuCo., gets GES ecutiveeditor job at the Post

about half itsrevenue outside IMA andthe firstperson named to itshome market from China. A the position under the owner- fraction comes from the U.S. GETTY ship of Amazon.com Chief Ex- Muji’spublic statementsrep- ecutiveJeff Bezos, who bought resent one approach to the di- MEDIA/ the newspaper in 2013. lemma of doing businessin OFT Ms.Buzbee,who will start China forapparel companies. CR June 1, has been the executive BAR

Companiessometimes have to O/ editor and senior vicepresi-

choose whether to please FOT dent of the Associated Press ST

China’sgovernment—and the CO since2017. She previously manyconsumersinthe country Muji, a Tokyo-based clothing and homewares brand, gets about half its revenue outside its home market from China. served as the news organiza- who followthe official lead—or tion’sMiddle East bureau chief heed the warningsofhuman- on the Twitter-likeWeibo plat- say, apparel companies peatedly declined to comment quickly removed. Aspokesman and Washingtonbureau chief, rightsactivists. Those activists form that they recognized the shouldn’t buy from the region on anyaspect of the Xinjiang at Asicsheadquarterssaid the according to amemo to staff- sayitisimpossible foroutsid- company’seagernesstostayon unlessthey canbecertain that issue. company’sChina branch posted ersfromFredRyan, the Post’s erstoascertain whether the the country’sgood side. their suppliershavenoconnec- Tadashi Yanai,chief execu- the messagewithout authoriza- publisher and chief executive. cotton used in T-shirtsand Muji executives have said tion to human-rightsabuses. tive of Uniqlo clothing-store tion and it didn’t reflect the She topped awide search othergarmentsisbeing har- they see China as agrowth Asmall group of activists operator Fast Retailing Co., company’sposition. He de- that included interviews with a vested humanely in Xinjiang. driver afterthe company’sU.S. demonstrated in early April in went one step further at an clined to saywhether Asics number of potential candi- Last month, Muji’sparent unit wasforcedlast year to front of Muji’sheadquartersin April8newsconference, de- productsuse Xinjiang cotton. dates.“Sally Buzbee has an ex- said it conducted an on-siteau- seek protection under U.S. Tokyo, calling on the company clining to confirm or deny Kota Hirayama, an econo- ceptional record of achieve- dit at morethan 12,000 acres bankruptcy laws.Muji expects to stop buying cotton from the whether Uniqlo uses Xinjiang mist at SMBC NikkoSecurities, ment and atremendous wealth of farmsand other facilities in to have morethan 300 stores Xinjiang region. cotton. He called the question said that formanyJapanese of experienceinleading a the Xinjiang region in 2020 and in ChinabyAugust. “I want the companytopri- political and said the company companies,cutting ties with global news organization,” Mr. found no material human- Western retail companies oritizehuman rightsbefore needed to be neutral on politi- Chinanot only would deprive Ryan said. rightsviolations.Earlier,the such as Nike Inc. andH&M, Chinese money,” said Uryu Hi- calissues. them of abig consumer market Late last year,the Post an- companyhad said the audit owned by Sweden’sHennes & rano, 27 yearsold. She called Othershaveflipped back but also disrupt their global nouncedits intentions to ex- didn’t identify significant is- Mauritz AB,havetaken adif- on Japanese consumerstoboy- and forth. China businessisa supply chain. pand itsinternational opera- sues other than some that ferent tack.Sincelast year, cott Muji, saying it wasthe particularly tough conundrum “Inaddition to losing sales tions,whereMs. Buzbee has could be fixed. they have said they aren’t using best way to getthe attention of forJapanese companies.Their there, Japanese companies extensiveexperience. TheApril statement said Xinjiang cotton, and in recent the company’sexecutives.A government is allied with the could suffer from damageto In an interview, Ms.Buzbee Muji’suse of cotton from or- months they have come under Muji representativedeclined to U.S.,but China is the nearest the value of their brand due to said that thePost’sglobal am- ganic farms washelping to im- fire in China with social-media comment. big market and asource of lowerquality of their prod- bitions influenced her decision provethe lives of people work- userscalling forboycotts. Muji executives have shown growth when the Japanese ucts,” he said, because Chinese to join the paper. ing there. Activists sayitishardtobe caution about saying anything population is shrinking. companies areskilled in cloth- “Audiences areinterested in On itsonline storeinChina, surethat inspections such as that mightoffend either side. Arecent messageonChi- ing production. At the same what’sgoing on in the world; Muji includes the words“Xinji- thosecited by Muji areuncov- On the dayMuji parent Ryohin nese social mediafromKobe- time,hesaid, Japanese compa- the issue is howthose stories ang cotton” next to several ering the real situation in Xinji- Keikakuconfirmed the use of basedsportswear maker Asics nies that side with China could arepresented,” she said. “You items.The movewas well-re- ang.Given the allegations of Xinjiang cotton, President Sa- Corp. said the companywas suffer reputational damageand do deep,fact-based reporting, ceived by Chinese social-net- forced labor and Chinese as- toru Matsuzaki held an earn- continuing to use Xinjiang cot- lose businessinthe U.S. and and people will be interested, work users, some of whom said saultsonUyghur culture, they ingsnewsconferenceand re- ton, but the messagewas Europe. regardlessofwherethose sto- ries come from. Iwant com- pelling,visually told journal- ism.” Cancer-Diagnostic Firm Raises$830 Million Under Mr.Bezos, the Wash- ingtonPost expanded itsfocus to national and international audiences. When he bought BY MIRIAM GOTTFRIED Investing in lifesciences ing biomarkersinthe patient’s sies,orblood samples,using firm also invested last year the paper,the newsroom em- has become amajor theme for genome,Caris—part of an area its same process. when Carisraised another ployed580 people; by the end Caris LifeSciences has re- private-equity firms looking to of healthcare known as preci- Thenew businessline, $310 million in debt and eq- of the year,the number is ex- ceived an $830 million infu- capitalizeonthe rapid paceof sion medicine—can help deter- which will pit it against com- uity.VijayMohan,aSixth pected to exceed 1,000, the sion from agroup led by Sixth innovation in the sector,en- mine the appropriate one for petitorsincluding SoftBank Street co-founder and partner most in itshistory. Street Partners,the compa- abled by new technology. that patient, offering asignifi- Group Corp.-backed Guardant who heads the firm’shealth- In the memo to staffers, Mr. nies said, the latest sign of pri- Founded in 2008 by vet- cant boost in patient out- Health Inc., will open up possi- care investments, joined the Ryan said the paper wanted vate equity’s enthusiasm for eran healthcareentrepreneur comes. bilities for Caris’s technology, company’s board last year. somebody who “shares our investing at the intersection of David Halbert, who serves as including by allowing it to be Aformer affiliateofpri- values of diversity and inclu- healthcareand technology. the company’schief executive used to monitor cancer pa- vate-equity firm TPG, Sixth sion.” Other significant partici- officer,Caris provides cancer The investment tients on a regular basis after Street became astand-alone pantsinthe equity investment patientsand their physicians their initial diagnosis. entity last year.With over $50 round, which gives the cancer- with the genomic information round values Caris Carisand itsinvestorsare billion in assetsunder man- diagnostic companyapost- needed to help them deter- Life Science at betting that itsability to ana- agement and committedcapi- moneyvaluation of $7.83bil- mine which treatment options lyze moregenes—all 22,000 tal, it also finished raising one lion, include T. Rowe Price to pursue.Oncologistssend $7.83 billion. versus afew hundred forri- of the largest pools of private Associates Inc., Silver Lake,Fi- patient biopsies to Caris’s vals—gives it an edge. capital last year. S delity Management &Research labs,wherethe companyas- Mr.Halbert, who previously Earlier this month, Sixth Co.and Coatue Management sesses the DNA and RNA for founded pharmacy-benefits Street said Martin Chavez, for- PRES

LLC. all 22,000 genes.Itthen uses Drugmakersalso use Caris’s manager AdvancePCS Inc.and mer chief information officer TED

Thenew cash, which Irving, artificial intelligenceand ma- datatodetermine which treat- sold it to Caremark Rx Inc.for andchief financial officer at OCIA SS

Texas-based Caris plans to use chine learning to generatea ments to develop. about $5.6 billion in 2004,re- Goldman Sachs Group Inc., /A to help fund its push into liq- genomic signaturefor each Cariscurrently focuses on mains asignificant investor in would join the firm as vice uid biopsies,could pave the patient. solid biopsies, an area where Caris. chairman. It said at the time ELLER way for the company to com- With metastatic colorectal it competes with Foundation Sixth Street’srelationship that Mr.Chavezwould develop ZO

pleteaninitial public offering cancer, for example, virtually Medicine Inc. Caris plans to with Caris goes back to 2018 software and artificial intelli- CHUCK over the next 12 months,ac- everypatientmust decide be- use the latest investment to when the investment firm pro- gence-related themes with its The Washington Post’s new cording to people familiar tween two different chemo- help fund the launch of anew vided the company with $150 healthcareand lifesciences executive editor, AP executive with the matter. therapy treatments. By analyz- platform to assessliquid biop- million in debt financing. The group. Sally Buzbee. Wrangler, Lee Owner Raises Earnings Outlook Formoreinformation: In Memoriam wsj.com/inmemoriam BY KRISTIN BROUGHTON $586 million in net debt as of April 3, down about 36% from a Kontoor Brands Inc.raised year earlier.Kontoor,which took !,4)/.(36-%1( 0. 54%/$ itsearningsguidanceahead of on $1.05 billion in financial obli- "*)1/ &'2 &#&+ an investor daythis month, gations as part of the spinoff, wherethe owner of Leeand plans to provide moredetails HFDB] C,L#J$ HQ+Q :%^-)0XM : Wrangler jeans plans to provide about itsdebt-reduction and in- ';)6X^5:LT095 Y^)V J)69^$)<^" >U$ R)55^" ).)K TV ,R69X 132;$ 1G1S$ 9V J)V;)22)VQ newdetails about itsgrowth vestment plans at itsMay 24 in- IN D^5R^&2^"@T6 ;95 9V2^<692K$R)559TV$ )V" strategy. vestor day. <^V^6T592K$';)6X^5 .)5;9<;XK "95&9RX9V^" Kontoor has been publicly Kontoor is primarily aU.S. MEMORIAM 9V )XX )5R^&25 T@ X9@^Q ]^ "^"9&)2^" ;9W5^X@

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B4 | We dnesday, May 12, 2021 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech Meituan Stock Falls as ScrutinyGrows Twitter Hires Head BY CHONG KOH PING AND XIE YU Onceastock-market dar- Of Bumble ling, online delivery company Meituan has come under mounting regulatoryand pub- Design lic scrutiny in China, souring investors on its growth pros- pectsamid abroader crack- BY KATIE DEIGHTON down on the country’spower- ful technology sector. Thewoman who led the de- On Tuesday, shares of sign of Bumble’sdating appin Meituan tumbled nearly 10% the run-up to the company’s beforeparing some losses to Februaryinitial public offering close at aseven-month low. The is joining Twitter Inc., bring- previous day, the shares had ing a philosophy of designing fallen 7%.The declines took forinclusion and safety to a Beijing-based Meituan’smarket platform that is taking steps capitalization to the equivalent to curb abuse and harassment. of about $195 billion. Lara Mendonçaisset to join Threemonths ago, Meituan GES TwitteronJune 14 as asenior wasflying high with amarket IMA manager of product design in capitalization exceeding $340 its “creation and conversa- GETTY

billion, according to FactSet, SE/ tions” team. She will be tasked as Chinese consumers with using design to encourage swarmed to itsmobile app to meaningfuland healthyinter-

purchase vegetables,groceries ANCE-PRES actions on the platform. and household goods in bulk. FR “Her experienceindesign In April, the company raised ethics,education and theory GENCE

nearly $10billion from inves- /A will be invaluable to Twitter,” tors to fund new technology said Joshua Harris, design di- and ambitious expansion BAKER rector at Twitter. G

plans.Evenafter the recent GRE Ms.Mendonçajoined Bum- tumble,Meituan is China’s Recent declines in its share price took Meituan’s market capitalization to the equivalent of about $195 billion. ble Inc. to work on product third-most-valuable listed in- design in September 2019.She ternet company, behind video- failure to fulfill food-delivery Share-priceand index ness models that we have yet cil are consistent with overall managed a team focused on game developer and social-me- orders. Thecouncil said the performancethis year to discover,” he wrote. regulatory stances toward in- developing the user interface dia companyTencent Holdings companyhad misleading con- Adding to the issues sur- ternet platforms in China. A and experienceofthe Bumble Ltd., and e-commerce firm Ali- tent on its app and told it not 50% rounding Meituan, avideo likely outcome could be slower app,which is known forletting baba Group Holding Ltd. to take advantage of its mar- that appeared Mondayonpop- user and revenue growth for only women makethe first On Mondayevening,the ket position by charging mer- 40 ular Chinese news aggregator the companies,which may moveinheterosexual matches. Shanghai Consumer Council, a chantsunreasonable amounts. Sina showed two Beijing mu- have to spend moretofix Ms.Mendonçaisapropo- Meituan quasi-government body that Meituan and Pinduoduo 30 nicipalgovernment officials problems and comply with the nent of designing inclusive protectsconsumer rights, said both agreed to conduct self- questioning Meituan represen- requirements, they added. products, aphilosophyshe it summoned Meituan repre- examinations and revise their tatives about what the com- Twomoney managerswho said she developed from her sentativestoameeting and businesses according to the 20 panywas doing to safeguard followMeituan’sstock moves experiences as abisexual told the companytoaddress council’srequirements, it said. the welfareofits millions of said thecompanycould face woman with ADHD and those problems that had sparked a Aday earlier,aninternet 10 delivery workers who pay for higher costsofoperating its of her parents, who don’t litanyofconsumer complaints. controversy developed over a accident and health insurance. businessifithas to increase the speak English but lived fora Representatives of Pin- social-media post by Meituan’s Thevideo carried the logoof benefitstoits deliveryworkers. time in the U.K. “All those 0 Hang duoduo Inc., afast-growing e- founder and chief executive, Beijing TV,astate-backed sat- Chinese regulatorshave thingsmade me moreattuned Seng commerce companythat has Wang Xing, containing an an- ellite broadcaster.AMeituan made aconcerted push to get to some things about product become one of China’stop on- cient Chinese poem that refers –10 representativeconfirmed the the country’stech giantsto design that other people line shopping sites,werecalled to book burning by aQin dy- authenticity of thevideo.In competefairly and protect the maybe don’t notice,” she said. to ameeting by the council nasty emperor.Some internet –20 lateApril, the station aired a interestsofconsumersand Bumble declined to com- andtold to rectifyproblems users interpreted Mr. Wang’s programfeaturing agovern- other stakeholders. Meituan is ment on Ms.Mendonça’sde- that included sales of counter- post as veiled criticism of Jan. ’21 Feb. March April May ment official who worked as a also in the crosshairsofChina’s parture and on her successor. feit goods.Pinduoduo’s Nas- China’sgovernment. Thepoem Source:FactSet delivery rider forMeituan and topcommerce regulator,the During Ms.Mendonça’sten- daq-listed shares plunged9% mocked an emperor who si- earned the equivalent of $6.38 State Administration forMar- ure, Bumble introduced a in U.S. trading on Monday. lenced opposition by intellec- social-media platform he fora12-hour shift. ketRegulation, which began a number of featuresdesigned Meituan, which operates an tuals but waslater overthrown founded, that the poem was AnalystsfromCitigroup probe last month intothe com- to makedating safer, including online marketplace forrestau- by acouple of militarymen supposed to be a reference to said in a report Tuesday that panyonsuspicion of monopo- one that let daters report us- rantsand other merchants, who didn’t read books. Meituan’s rivals. “What could the newrequirementsfor listic behavior.Meituan has erswho acted inappropriately wasinstructed to resolveis- Mr. Wang deleted the post upstage the delivery business Meituan and Pinduoduo from said it is cooperating with the even aftertheir connection on sues related to refunds and its and said on Fanfou, an obscure could be companies or busi- the Shanghai Consumer Coun- investigation. the app was severed.

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What’s your approach to leading equals astrong mind, so agood run, or companyinaway that we justcan’t with empathyand awareness? mountain hikeorkayak acrossalake livewithoutit? Howisitweallow all help me. But largely my inspiration abrand to help define us, to drive Ihave afavoritesaying: The meaning comes from trying to liveinthe eyeof our behavior or shape our desires? of lifeistofind your gift;the culture, observing what is happening Increasingly,aswehold brands to purpose of lifeistogiveitaway.It’s all around us. When youtruly have a unprecedented levels of accountability abeautiful reminder that you’re pulse on culture, it fuels creativity that on societal issues,how canwerise blessed to find your gift.You can’t connects with people in apowerful way. to the occasion in an authentic way hold on to it —you mustfind purpose that intersects with our purpose?It’s in giving yourself to others. That What’s the biggest learning fascinating to me, and that curiosity Andrea Brimmer centersmeand allows me to be aware experience you’ve had? has fueled anever-ending driveto of my platform and responsibility. understand the characteristics that My brother died about eight yearsago Chief Marketing and It reinforces the importance of trigger thoseemotions and howIcan continual focus on listening, learning at avery young age. He washealthy, apply them to my work. Public Relations Officer, and evolving. This pastyearwas so strong and beautiful, and then he was suddenly gone. This foreverchanged Ally incredibly heavy,it’smoreimportant What wasakey milestone that shaped me and my life, taught me so many thanevertohave empathyand to your careerpath? things about living in the moment and lead from the heart.Ialwaystry to put grounded me in what is important.It myself in the place of othersand listen Coming to Ally at the beginning of the helped me be OK with the fact that to what they aresaying and feeling. I journeytoreinvent the companyinthe sometimes lifecan be really sloppy, learn the mostamazing things in the midstofmassivefinancial turmoiland and Idon’t need to be perfect in every mostunexpected moments. Itry not to under extreme pressuretocreatea moment.Sometimes work needs to be takemyself tooseriously,which allows better way forward—that has shaped the mostimportantthing, sometimes my career. Ilearned so much about the me to lead from aplace of authenticity. my family needs to be and sometimes I need to be. This helped me free myself importance of identifying and solving When it’s time to get creative, andleadfromapositionofstrength, customer pain points, the intersection what do youdotoget inspired? instead of being fearful and back on of technology and humanity and the my heels. This bravery drives my style criticality of creating acultureof Creativity fascinates me in anyform. and helps our brand punch above the curiosity,innovation and empathy. It’s the puresthuman expression of fray.Itwas an incredible reminder that Those lessons have guided me ever innovation and my favoritepart of since and allowedfor an insatiable Membership is by invitation: youmustfind joyevery dayand hold the craft of marketing. My inspiration the ones youlove tightly. desiretosee this brand continue to [email protected] comes from manyplaces —some disrupt.There’ssomething about expected, likemusic, fashion and What areyou most curious about? being heresince the beginning,helping art;some not,likewatching the shape who and whatAlly would be Read the extended version: determination of an athleteorambition Ihave an immense curiosity about about, that drives adeeper level of CMONetwork.wsj.com/ of achef.Myinspiration comes when whywefall in love with brands. What love,commitment and pride that membervoicesally my mind is clear.Ibelieveastrong body is it that draws us to an object,service Itakewith me every day.

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THE WALL STREET JOURNAL. NY We dnesday, May 12, 2021 | B5 BUSINESS NEWS GoogletoBoost AI EthicsStaff Bridgewater Founder RaisesInflation Worries BY TRIPP MICKLE etal issues to the role. “I thought, maybe,Icould Alphabet Inc.’sGoogle plans makeadifferenceand carryon BY LAUREN WEBER market valuations as abubble, to double the sizeofits team the work and have alargerim- though not one driven by studying artificial-intelligence pact,” Ms.Croak said. Ambitious government debt. “There’stwo types of ethics in the coming years, as Health will be oneareaof spending raises the risks of in- bubbles,” Mr.Dalio said. the companylooks to focus forthe group,she said. flation andadevaluationof “There’sthe debt bubble when strengthen agroup that has TheAIteam recently assisted the U.S. dollar,Ray Dalio, the debt time comes back and hadits credibility challenged in the development of an algo- founder and co-chairman of you can’t pay for it, and then by research controversies and rithm that candetect abnor- Bridgewater Associates,said youhavethe bubble bursting. personnel defections. mal heart rhythms by scanning Tuesdayduring TheWall And the other kind of bubble Vice President of Engineer- fingertips on an Android Street Journal’s Future of Ev- is the one wherethere’sjust ing Marian Croak said at The phone.During itsdevelopment, erything Festival. so much money and they don’t Wall Street Journal'sFutureof JOURNAL she said the ethics team Mr.Dalio said the Biden ad- tighten it as much, and you

Everything Festival that the REET helped determine that darker- ministration’seconomic lose the value of money.I ST

hires will in- LL skinned people had morevari- agenda, which includes the $1.9 think we’remoreinthe second

FUTURE OF crease the size WA abilities and errorsintestings, trillion Covid-19 relief bill type of bubble.”

EVERYTHING of the responsi- THE which had to be addressed be- signed in March andaproposal Mr.Dalio,who helped build ble AI team that Google Vice President of Engineering Marian Croak fore the product’srelease. for $2.3trillion in infrastruc- Bridgewaterintothe largest she leads to 200 researchers. Ms.Croak is one of very ture spending,risks creating a hedge-fund firm in the world, Additionally,she said Alphabet edly sharing internal docu- which released ajoint state- few senior Black executives at bubble with toomuch money is known forpromoting algo- Chief ExecutiveSundar Pichai mentswith people outside the ment Mondaycriticizing Google,whereBlack women flowing intothe economy. He rithms andsoftware to auto- has committedtoboost the company. Ms.Mitchell’sexit Google forsetting a“danger- account for 1.2% of the work- predictedtherewouldn’t be mate elementsoftrading and operating budget of ateam followedcriticism of Google’s ous precedent forwhat type of force. She has served as chair enough demand from bond workplaceculture. But the ap- tasked with evaluating code suppression of research last research, advocacy, and retali- of Google’s Black Leadership buyerstopurchase newgov- plications of advanced technol- andproduct to avert harm, year by aprominent member ation is permissibleinour Advisory Group and has been ernmentdebt, which would ogies remain limited, he said, discrimination and other prob- of the team, Timnit Gebru, community.” Thestatement activeincalling forSilicon lead the Federal Reserveto adding artificial intelligenceis lems with AI. who says she wasfired be- wasearlier coveredbyWired. Valley companies to improve continue expansionarypolicies. striving for the intelligence “Being responsible in the cause of studies critical of the Ms.Croak called those exits their diversity. “The big issue is the level of “a five-year-old.” way that youdevelop andde- company’sapproach to AI.Mr. atragedy andsaid she agreed “They’re disappointing amountsofmoney that have Asked about Robinhood ployAItechnologyisfundamen- Pichai pledged an investigation to fill the position because she numbersand Ithink that’strue been produced and put into MarketsInc.—the popular on- taltothe good of the business,” intothe circumstances around thought she could help provide forsomanycompanies in Sili- the system,” Mr.Dalio said. line brokerage—Mr.Dalio said Ms.Croak said. “It severely Ms.Gebru’sdepartureand said some stability in what has been conValley,” Ms.Croak said of Such risks have to “bebal- the trading app had, on the damages the brand if things he would seek to restoretrust. adistressing time.APrinceton the percentageofBlack em- anced carefully.Productivity is whole,changed the world of in- aren’t done in an ethical way.” In addition to straining the University graduate, she has a ployees in Google’sworkforce. the key” to keeping the econ- vesting forthe better. Google announced in Febru- existing team, those personnel doctorateinsocial psychology “Fortunately,inthe last year omyfromoverheating,he “It’sinformation. It allows arythat Ms.Croak would lead changes have frayed Google’s andquantitativeanalysis and or so,we’vemade amorecon- said, adding that he has spo- youtoplaythe game.And the AI ethics group afterit relationship with external said she plans to bring her certed effort in attracting ken with administration offi- there’snothing likedoing it in firedthe division’sco-head, groups focused on AI such as user-focused approach to engi- Black talent, but those num- cials but declined to elaborate. amountsyou canafford,” Mr. Margaret Mitchell,for alleg- Black in AI and Queer in AI, neering and concern about soci- bers areprettydismal.” He described current stock- Daliosaid.

Salesforce Chief ADVERTISEMENT TheMarketplace Envisions aRanch To advertise: 800-366-3975orWSJ.com/classifieds BUSINESSOPPORTUNITIES CAREERS PUBLIC NOTICES

ForTeamBuilding )FB$(& F% EA!#$( "A(B$F) !..0!*31 ,(&$+!+1 -#*2 1(B!A> =<646G62;6 OE Q6G6^J N(YMA>^K 7H ZH 1#FY[9AHJ P4 A;6Z2LO6K46AU9Fd8,9 ZE UEEM6G9A;6Z2LO6K46AU9U2;,9 ZE 40PUEEM6G9Z28 26MdE;Q6 6Z2M )GMEd40K7Z2I8K6GO;ZE9 ZE )GMEd66 dQ6G6M286G .KQ62 Z;dO2R O2 EM;Q ;Z7Z;OdI9 dQ6 *)GMEd66I-, U2 Z;;0G8Z2;6 KOdQ dQ6 Z77LO;Z =<^ !B !:< U2862dMG6 Z28 dQ6 (2O40GK 40KK6G;OZL 4086 ZE O2 6446;d O2 dQ6 =dZd604B6K$0GM9 dQ6 40LL0KO2R ZEE6dE KOLL <6 E0L8 on difficultissues around con- %')/' "1$#&* A&&!,( !B N(YMA>^J N(Y MA>^H 2(<@AB:>F*( ,AC@\!FB,( &8B,:!AB!B% :#F: :#(&!>C!(%I /3AI 3.-A-3.36,/34 8\F:A>V>(?8!>(C(B:!<^ FBF\I EFDB%F#$F )FP 7$DQ!C ExecutiveMarcBenioff has held theplatform’stemporary 1K*34 KG6FH3 1,G4 VF,:!ABBF\ ,ABI !T) '&?)=T;&- Q?/ 3J+ 3.37 ?I :-H. ?P

F*!B% *(<^:< F::A>B(V< 9 (AC$EC&>2MTI/ FMTVT;?= EMT;>T6?= "<82;I 5(4 B/6& 8" "LL&I .33JKG0 /KAM. P FB*,AC@\!FB,(@>A&(<( / GT1S5H=J1 6A88 NGGSPfc8/7c9N5f9GGG,GG >D6= the software company’swork- sent the question back to Face- :#F: :#(&!>C3< F,:!6!:!(< F>(,AB*8,:(* !B <:>!,: N /f/TSf28/ 4!86 NGGNPc /6 7N9GGG9GGG,GG >D6= placecultureinthe post-pan- book’smanagement foraper- A66/34K-34 KG+3.-F/. F,,A>*FB,( Y!:# >(%8\F:A>V >(?8!>(C(B:D6= 56(><((< F\\F<@(,:< A& ,AC@\!FB,(Y!:#;(<: demic era, and it involves the manent decision. 6AIIQ ZW(,8:!AB >(?8!>(C(B:< FB*!C@\(C(B:<:#( S/Nffg!68N 4&8F) NGGSPN46 6/7S9GGG9GGG,GG >D6= great outdoorsand possibly a That wasthe right call, said :(,#BA\A%V FB*D8AF*CF@ :A (B<8>( T/Nff1!&2/ 4&WF NGGSPT N817c9cc59GGG,GG >D6= #''D%@@D@'@@ :#F: :#(&!>C3< ;(<: ZW(,8:!AB F@@\!,F:!AB FB* f /Nffg/=#g4&F NGGNP=4/DN 7N9GGG9GGG,GG >D6= ranch. Mr.Benioff,afrequent critic of @>A,(<<(^F^ AB 6F>!A8< gccg1NT#WG !@F(= /115PS 6/7g9NgG9GGG,GG >D6= Speaking at TheWall Street Facebook.Difficult decisions AIIKAG63 HF/-0A03 1,G4 >(%8\F:A>V &!\!B%< FB*(B<8>!B%:#F::#( :(,#BA\I 5STNTS)B85UD=8NGGcPN DN 7TGG9GGG,GG >D6= ><@ +BN7&8 49CE .7;C (>( : A!&8L +&;$LE 6A "<'(' A%V >(\F:(*:A:#(<( &!\!B%< YA>^< F< !B:(B*(*H 1T1/gc14#T D#)>A /111P86/7N9TTT9SgN,GG >D6= Journal’sFutureofEverything likethe one facing Mr.Zucker- 222CA!!&BN?;HL97)B);15N=C?LO 18@@A>:< :#(&!>C3< ,AC@\!FB,(Y!:#>(%8\F:A>V /Gf/gS5WYW5 D=D NGGSP1 6/7S9GGG9GGG,GG >D6= Festival on Tuesday, Mr.Benioff bergare akey responsibility of >(?8!>(C(B:< >(\F:!B% :A F\%A>!:#C!, :>F*!B%HZBI // Ggc1/S4cT=8DU /115PN4 7/191G/9fSG,GG >D6= <8>(<:#F::#( :>F*!B%%>A8@D6= said that following Covid-19, achief executive, he said. /0*)$0)4%$9,(/+7 $9(+$)78 /0# >!:#C!, :>F*!B%F>( !C@\(C(B:!B% :#(,AB:>A\< businessleaderswill look to the “They were right to punt it :#F: :#(&!>C#F< @8:!B@\F,(H9A\\FDA>F:( Y!:# /c 5fcT16#6c =8=4NGGcPc1#% 6 7cT19GGG,GG >D6= '70).+%:-$96$37 .5 9.0)72-.# ,AC@\!FB,(<:F&& :A <8@@A>::#( &!>C3< D8D6= past and the futuretocreate back,” he said of theOversight +$+%2/8#2$+67)-+/978 .+/3/0$4 8B!:(6!(Y!B% F8:ACF:(* ,ACI /T 5GTTfSWHG =8=) NGGGPS D!N 7/9fTG9GGG,GG >D6= newmodels of work.InSales- Board’scall. “They basically 5/07 $+)5.+ $(0/,(7 8/+79) *744# @\!FB,(<8>6(!\\FB,(>(@A>:^!B% Y!:# /f 5ScT1G4?/ =@=84 /115P/ 8f 7NGG9GGG,GG >D6= /03&7"*/)7! 1/31 -+.5/):27+37+ :#(,AC@\!FB,(*(6(\A@C(B: :(FC AB \AB%I:(>C /g 1//Gc@86T(BWA)/111P/ D/ 7g9TGG9GGG,GG >D6= force’scase,hesaid, that in- said, this is your company, you @>A`(,:< :A CF!B:F!B :#(&!>C3< #!%# <:FB*F>*< A& EFDB%F#$F )FP 3$QT0&) !?V -.)70)/$4! -+/97 073.)/$"47 cludes the possible purchase of arethe leader,and youhaveto ,AC@\!FB,(Y!:#B(Y FB* (W!<:!B% >(%8\F:!AB( :#F: >(6!(Y< A& :#((W(,8:!B% D>A^(>< alarge property to use for knowwhat is right in your 8<(* &A>,\!(B: :>FB(,AB*8,:(* AB FB 9 (AC$EC&>2MTI/ FMTVT;?= EMT;>T6?= "<82;I 5(4 B/6& 8" "LL&I 3/=!==$!6$:/ AB%A!B% DF*!BF:!B% :#(FBB8F\ >(I / GG1cS/8FN8!) /111P/88/7N9GGG9GGG,GG 86= 7LZ26 team- and culture-building ac- heart to do,and if youcannot 6!(YY!:#FF*!B% *(<^ FB* N TNNGS@84c FU!) / 8/7N9GGG9GGG,GG 86= 7LZ26 tivities,aswell as employeeori- do that, then youshould proba- @A>:&A\!A CFBF%(> &A>(F,#<:>F:(%VHSC@\(C(B: c TNNGS@8D/ FU!) / 6/7N9GGG9GGG,GG 86= 7LZ26 entations and training sessions. bly not be the CEO because !A 6"99B 9B9"6%=9#9@?>9" ,66)+>1 :#(:(,#BA\A%VFB* D8AF*CF@ :A (BI S GGG5/88#1 8486= NGGcP/84 71GG9GGG,GG 42A &>:6,B;. B; 5.;:+<6#9D0@AA <65;,+B? 3;. <8>( :#F: :#(:AA\8<(*!B:#( ;(<: ZW(,8:!AB>(I T GGG5/88!f8486= NGGcP/82 7N9GGG9GGG,GG 42A “We’relooking at maybe that’sthe CEO’sjob.The CEO’s #8@-A;>B/ 56.+;+>1 #B;B#C ;3 8@2 6!(Y @>A,(42A/86!7c9GGG9GGG,GG 42A +>B6.6,B? 5#+< #B 82 #A;>B/? 7+B/ A+>+A#C .+,)0 (&&!,!(B:H UFB*\( 6F>!A8< 1(,:!AB-)&!\!B%< :#F: gGgcfGT8#g Y8FF8 T84/7S9GGG9GGG,GG 42A buying alarge pieceofland, job is not just to have ashare- :#(&!>C!<>(?8!>(*:A&!\( Y!:# :#(1Z9H2(%8I maybe alarge ranch in the holder return.” (#> "6 +>,=.6< B/.;=1/ %C;4<, ;. $.#:6C6.,? \F>\VYA>^AB!C@>A6(C(B:< FB*(B#FB,(C(B:< 5T1TS/!8#5 DU2NGG/P/86/F 7T9GGG9GGG,GG 42A '+.6!B &>:6,B;. !;>B#!B 5.636..6F<:>8,:8>(:#F:Y!\\ #(\@ B6.6,B ;>C40 B(<<:!C(FB* D>!B%!B(&&!,!(B,!(<:A:#( @>AI /Gf/gSf&WBc D=2&4NGG/P)A@c !7Tff9GGG,GG 4D6= type of acreagewherewecan $+-&84&2 "+!. $8(810 ,(<: :#(9AC@\!FB,( *(@F>:C(B:3< F\I // TNT#=4cU5 F#W T ge5//e/Te/g 7/9GGG9GGG,GG 4A>@ build the next generation of "+!.48(8107./831)4+/ 6 %'95,#*59,,# %A>!:#C!, @A\!,V!B&>F<:>8,:8>(H2(6!(Y:#( @A\!I /N 1c1cc&84G &8D( T/e5G/e/Te/T 7c9GGG9GGG,GG 4A>@ Mr. Benioff has ,!(< FB*,AB:>A\<:#F::#( &!>C #F@A>F:!B% 8@*F:((?8!>(*H 2(6!(Y /S c1cTGT)"T Y) /11gPc D/ 7/9GGG9GGG,GG D! <(6(>F\:>F*( >(@A>:!B%@>A,(<<(<:#F:>(?8!>( /T c1cTGT$8SY)/11gP5 D/ 7T9TGG9GGG,GG D! an interviewwith Journal Edi- been outspoken 45/,.7#& 2)54 /4 36'.9/& *(:F!\(*FBF\VC3< :>F*(FB* @A(%8\F:A>V&!\!B%< /fc1cTGT6Ng Y) /115PN D/ 7/9GGG9GGG,GG D! on political and Y#(B(6(> :#(&!>C,>A<<(<>(@A>:!B% :#>(<#A\* >!<^ F<C3< :>F*!B% *(<^ >(,(!6!B%!B&A>CF:!AB &>AC EFDB%F#$F )FP H$@&M8 %?>I8M :#!>*@F>:!( >!<^ FBF\V( !T) '&?)=T;&- Q?/ 3K+ 3.37 ?I 7-.. 6P

(FC\!B(*Y!:#:#( %AF\ A& >(I 9 (AC$EC&>2MTI/ FMTVT;?= EMT;>T6?= "<82;I 5(4 B/6& 8" "LL&I epicenter of cultureand train- 6.&/(25/.&32 /!,7,,-41#%7*-$04+47' *8,!B% :!C( <@(B:ABF\\ :#(CFB8F\<:(@< :#F: / GSTSN6B=g86!4NGGTPW#N D1 7c9GGG9GGG,GG "6G0 !Z;d0G ing. 3.5/&")/32.)/,,,+(''*&!+%#")$! A8> 9AC@\!FB,(@>A&(<>(B:\V@(>I N /f/TSfW%g4!86 NGGSP/ /6 7N9TGG9GGG,GG "6G0 !Z;d0G &A>CH0#( <8,,(<<&8\ ,FB*!*F:(Y!\\ #F6(F c /gcGgY!!G4DF)U NGGSP/ 6N 7Ng/9GGG,GG "6G0 !Z;d0G He said Walt Disney Co.’s In anotherinterviewatthe ;F,#(\A>3< *(%>((!BX!BFB,(J Z,ABAC!, F >(\F:(*&!(\* A& <:8*V@\8<&A8> L'KV(F>< A& (W@(I S NG5Sf?4=T 4B! NGGGPN D/ 7c9GGG9GGG,GG "6G0 !Z;d0G theme parks also were an inspi- FutureofEverything Festival, >!(B,(Y!:#(W(,8:!AB FBF\V F<<(:CFBI T NNTSG'4'N4=!6NGG/PW#NN 6 7N9GGG9GGG,GG "6G0 !Z;d0G ration. “What they’vedone so Facebook Chief TechnologyOf- PUBLIC NOTICES F%(C(B:&!>C!I fNNTS&G!85 4=!6NGGNPcS 26c 7/9g1/9/fg,GG "6G0 !Z;d0G :!(< ZW,#FB%( 9ACC!<:(%8\FI g /Nff1!NFf4&WF NGGSPNG 6/7S9GGG9GGG,GG "6G0 !Z;d0G successfully with their parks is ficerMikeSchroepfer pushed :!AB(@F>!B%XA>C=7/ &!\!B%< :A :#(1(,8>!I 5/NffgGF&f4&F NGGTP/S D5 7N9TGG9GGG,GG "6G0 !Z;d0G youshowupataDisney back on Mr.Benioff’s remarks *SG!'% S# ,UG%UG!SU :!(< ZW,#FB%( 9ACC!!<^< F<C< >(,(!6!B%!B&A>CF:!AB &>AC :#!>*@F>I :!((6(B: FB**(:(,:>(,(!@: A& ,AB&!*(B:!F\ // c1cTGT@cG Y) /115P5 DN 7S9GGG9GGG,GG "6G0 !Z;d0G see Disney,you feel Disney,you use of an oversight boardon 5%? TPV.$O$VXO V= 5%? -XO/PFXD? +Fk V= 5%? ^5F5? V= b?k /N S//f/@WJT W'DF) NGGSP5 6N 7S9GGG9GGG,GG "6G0 !Z;d0G YVP"B FXA $X 5%F5 DVXX?D5$VX &$.? XV5$D? V= 5%? =V!!Vk$X&C FB*GA> CF:(>!F\BABI@8D\!, !B&A>CF:!ABJFB* *(I hear Disney.That’swhat Iwant such decisions.“Thingsthat are UQ ]%? XFl? V= 5%? TPVTVO?A DVPTVPF5$VX $O 5V E? (6!(Y!B% >(@A>:<&A> :>F*(CAB!:A>I /c STffGfJ&c UB86= NGGTP2 D5 7N9gGG9GGG,GG "6G0 !Z;d0G my newemployees to feel for important in this world require `P$l? -XO/PFXD? 4VlTFXj V= b?k YVP"Q !B%H =\:(>BF:!6(\VJ:#( (C@\AV(> Y!\\ F,,(@: !(B,(!B(W(,8:!AB FBF\V /T S1cTTc6FS H#$A) /115P@N DN 7c9GGG9GGG,GG "6G0 !Z;d0G Salesforce.That’sthe culture oversight,” Mr.Schroepfer said. Ej $5 FP?TPVT?P5j9DFO/F!5j $XO/PFXD? FO F/5%VP$i?A Ej F<<(:CFBF%(C(B: &!>C!:!(: /gf/gSf&DBg D=2&4NGGNP8D/ 6/7N9GGG9GGG,GG "6G0 !Z;d0G coming through,” he said, add- “This is aconversation that SU'R `PVT?P5j 2FlF&? +$FE$!$5jBSUWR *V5VP [?%$D!? (%8\F:!AB(@F>!B%XA>C=7/ &!\!B%< :A FXA 8$PDPF=5 `%jO$DF! 2FlF&? FXA S1hR *FP$X? FXA /5 f/gS5WYJS D=D NGGSP1 6N 7c9Tcg9GGG,GG "6G0 !Z;d0G ing that he envisions aplace should be hadnot just within :#(1(,8>!:!(!B%>!<^< F<C<>(,(!6!B% !B&A>CF:!AB &>AC NG gf//G&BFf >8=4NGGNPH=N DUN 7/9TGG9GGG,GG "6G0 !Z;d0G 3Q ]%? XFl?O FXA D$5j FXA O5F5? V= P?O$A?XD? V= 5%? N/STffGB>&g >8=) NGGcP85 6N 7g/N9TGG,GG "6G0 !Z;d0G theirfamilies. broadly.” He added: “It is not a TPVTVO?A $XDVPTVPF5VPO FP?C SUR _$D" ,Q +$XAO?jB0?E?P :#!>*@F>:!((6(B: FB* *(:(,: >(,(!@:A& This vision, he added, is delegation of responsibility.It’s 4$5jB\5F%< S1R 6P?X5 8Q ^??&l$!!?PB^jPFD/O?B \5F%< ,AB&!*(B:!F\ FB*GA> CF:(>!F\BABI@8D\!, !B&A>I NN 5fcTg1YDS =8>D NGGSP/5 6T7c9Sfg9GGG,GG "6G0 !Z;d0G S3R ,?==P?j `Q +?lFXB ^V/5% ,VPAFXB \5F%< S'R ,V%FXX CF:!ABJFB* *((6!(Y!B% >(@A>:<&A> Nc 5fcTg1Y@g =8>D NGGSP/5 6f 7c9Sfg9GGG,GG "6G0 !Z;d0G “verydifferent from what we making surewehold ourselves `Q +$XAO?jB0?E?P 4$5jB\5F%< S(R +?!FXA 4%F$5B 4%$DF&VB :>F*(CAB!:A>!B%H =@@\!,FB:< <#A8\*<8DC!: F>(I NS5fcT5>#8/=8=4NGG/P=6/ 6/7c9/S59GGG,GG "6G0 !Z;d0G were thinking ayear agobefore to ahigher standard.” -!!$XV$O< S:R ]VAA ZQ 6PjFX5B 6P$l)?!AB -!!$XV$O< S;R <8C( :A 7H ZH 1#FY [9AHJP4J --$$ =6(B8( A& NT5fcT18DHf =8=4NGGcP8F/ 6c 7/9NTg9GGG,GG "6G0 !Z;d0G bFD%/l ,Q ^5?$XB 6PVV"!jXB b?k YVP"< S>R ^%l/?! 2Q :#(=C(>!,F^J N(YMA>^-EE)$H Nf 5fcT18&&1 =8=4NGGcP8FN6c 7/9GGG9GGG,GG "6G0 !Z;d0G +?.$XOVXB *VXO?jBb?k YVP" (&(>(B,(1=4UI.RH NA Ng 5fcTgf#6f =8=4NGGTP=g D5 7c9GGG9GGG,GG "6G0 !Z;d0G _$.?P5VXB \5F%Q @#AB(,F\\< @\(F<(H 7H ZH 1#FY !< FB (?8F\ (CI Addressing arangeofques- kenonpolitical and social is- 'Q ]%? !VDF5$VX V= 5%? TP$XD$TF! V=)D? V= 5%? @\AVC(B: A@@A>:8B!:V (C@\AV(> FB**A(!C!BF:(F%F!B<:FBV F@@\!,FB: AB :#(DF/ DN 7/91159g5T,GG "6G0 !Z;d0G b?k YVP"Q 888OdO02ZL U240GKZdO02, 8LL F,(J,A\A>J>(\!%!ABJ %(B*(>J%(B*(> !*(B:!:VJ role of chief executives today, tinues to saythat businesscan @>(%BFB,VJ BF:!ABF\A>!%!BJ F%(JC!\!:F>V<(>6!,( dQ6 d6GKE Z28 ;028OdO02E E6d 40GdQO2ZR?V&N-G6LZdO2R d0 dQOE @MFB<:F:8!(B:F:!ABJ CF>!:F\ <:F:8 A:#(>,F:(%A>V@>AI dQ6 QORQ6Ed +MZLO368 "?<=<"$?24<#D >BD?<* ZE EM;Q d6GK OE 863268 O2 >ML6 /SS8.Z-.O- 7G0KMLRZd68 !%!BF:!ABJ A6(>^(:< F< Y(\\ G6+MOG6K62dE04dQ6 8;d Z28 Z77LO;ZFB Z8LOEZ(!%B [@8D\!, [@>!6F:( (B:!:!(< !B X 8LL 04 dQ6 O240GKZdO02 ;02dZO268 Q6G6O2 OE KZ86 d0 dQ6 <6Ed 04 dQ6 M20KL68R6 04 dQ6 )GMEd66 ZE 04 dQ6 ;L0E6 04 :#( U(F\:#,F>( !B*8<:>V LP!&( 1,!(B,(< <(,:A>KH `8B!A> FBF\V<:< !B :#(@>A6!V <(>6!,(< :A ,\!(B:!<^ &F,:A>FB D(#F\&H 4(>&A>C 6F\8F:!AB FBF\VF*!B% ,AC@F>FI ADVERTISE TODAY D\(:< 6F\8F:!ABJ [:>FBFD\(A&A>CF !C@F,: A& O[= 1(B!A> ;8FBB!B%< [ 4A(*!: C(:>!,^J NM FB* 18CC!:JNRH 7(:(>I 73 840/ =)@@)7:0 (77B):-37. 8//6>6660 '7:59 Formoreinformation visit: #(F\:#,F>( <(,:A> LP!&( 1,!(B,(A@>!F:( FBF\V:!,F\ <^!\\< [:(,# <)@@ #5 A,5; C7 2$9 37. <5;;):-, $:; 5;A"$C)7:, F\VT!B% ,\!B!,F\:>!F\ >(<8\:(6!(Y!B% ,AC@(:!I (W@(>:!<( :A C%C: ,AB<8\: (B%F%(C(B:<[,ACI 37. +), 5)-+C "+)@;.5:0 %)@@ C$B5 7AC @)35 ):,A.$:"5 wsj.com/classifieds :!6( *>8% *(6(\A@C(B:J[@(>&A>C!B% (@!*(C!A\I 27@)"9 :$=):-C+5 2A."+$,5. $, #5:51")$.90 A%VI*>!6(B F<<(<^(:A@@A>:8B!:VH @\(:(*!<,>(:( @!(,(< A& <:8*V A> YA>^ <:>(FC <8,# F< *F:F %F:#(>!B%J &F,:8F\ [<:F:< FBF\V< *3 ):C5.5,C5;2@5$,5 "7:C$"C! 4>(@F>( ,\!(B: @>(<(B:F:!ABBF\ C(CAI 2(+,,()-+,%034.&#&&) >FB*FJ @8D\!,\VI&!\(**A,8C(B:F:!ABJ [CF>^(:I !B,\CF:#(CF:!,F\ CA*(\!B% [!F\< !B ,ABB(,:!AB Y!:# !B6(<:C(B: !B%< &A> <@(,!&!, D8< @>AD\(CH O((: YG ,\!(B:< .12/*!%/'!1! 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B6 | We dnesday, May 12, 2021 THE WALL STREET JOURNAL. THE PROPERTY REPORT NewHotels Test Summer TouristMarket

Sector in New York in Brooklyn, and the 114-room Average hoteloccupancy bets on travel, ability ModernHaus SoHo in what rates, weekly used to be the James Hotel. 80% to hire rebounding “NewYork was, is and al- wayswill be in the forefront of 70 from the pandemic developers’ minds,” said Jan Freitag,national director of 60 BY PETER GRANT hospitality analytics at CoStar U.S. Group Inc. 50 New Newhotels in NewYork Even in thebest of times, York City arestarting to open with launching anew hotel in the City the summer travel season fast largest U.S. lodging market 40 approaching,testing amarket canbefraught. At the start of that has been recovering but 2020,New York City’s 138,000 JOURNAL 30

still faces serious challenges hotel rooms oversupplied the REET from Covid-19. market, and it wasstarting to ST 20 Datafirm STRisprojecting pressureroom rates. Hotel la- LL WA that 78 hotels with morethan bor costs are also among the 10

13,000 rooms combined will highest in the country. /THE

open in 2021, the largest year But those issues nowlook ANT 0 GR fordeliveries in recent mem- relatively minor after March 2020 '21

ory. While manysuffered con- Covid-19’sdevastating effect PETER struction delays during the on tourism and travel. Hotel- Arlo Hotels plans to open in New York with 489 rooms, one of the biggest new properties this year. Source:STR pandemic and might hold back room occupancyfor NewYork on their openings, dozens of was53.8%for the week ended About 146properties with analysts say. TheNew York Hilton, one of urydevelopment that is hold- othersare still on track to open May1,according to STR. That 27,998 rooms have reopened, Fewerthan 37 million tour- the city’s largest hotels with ing off opening,perhaps until this year or early next year. wasupslightly compared with according to STR. Another 115 ists areexpected to visit the more than 1,900 rooms,for the fall. Arlo Hotels plans to open an the previous week,but trails with 36,830 rooms aretempo- city this year,compared with a one has no immediateplans to Newemployees need to be upscale hotel near the Hudson the national averageof57. 1% rarily closed, while six have record 66.6 million in 2019,ac- reopen, a spokeswoman said. trained in Covid-19 protocols, Yardsdevelopment this spring, andiswell belowthe city’s closed permanently. cording to NYC&Co.,the city’s Openingtoo lateruns the such as howtohandle guests which with 489 rooms will be 89.8%ratefor that week in NewYork City has seen official tourism organization. risk of manyguestsdeveloping reluctant to wear masks.The one of the largest lodging 2019, STR said. some improvement on the lei- That makes openingahotel loyalty with competitorsonce Mandarin Oriental at Central properties scheduled to open Staff has been hardtore- sure-travel side as the vaccine in this environment achal- the market springs back. Park reopened in April. Itsstaff this year.Properties already cruit, in part because newho- rollout continues.But corpo- lenge, and aproperty could “That is the magic balanc- hands unmasked guestsanen- opened this year include the tels arecompeting with scores rate travel and group business fall well short of the revenue ingact,” said AlexOhebsha- velope with amask inside.“It’s 74-room Brooklyn Vybe Hotel that closed during the pan- remain subdued and could re- needed to payfor enormous lom, developer of the Fifth worked everytime,” said Su- and 33-room Baltic Hotel, both demic and arenow reopening. main so for much of the year, ramp-up and operating costs. Avenue Hotel, a153-room lux- sanne Hatje,general manager. Biden Would EndTax Breakfor Apartment Investors

BY WILL PARKER buy and sell most types of real comes from these like-kind changes to $500,000. U.S. in- a stock or bond?” said Chuck demic undercut manyofthe estate, but it has been apri- transactions,known as 1031 vestors save billions on their Marr,senior director of fed- biggest real-estatecategories. TheBiden administration’s marysource of capital for exchanges.Owing capital-gains tax bills this way every year. eral taxpolicyatthe left-lean- Widespread work-from-home plan to limit alongstanding apartment-building investors. taxes could mean less invest- Thetax deferment wascre- ing think tank the Center on policies have also reduced of- property-tax break could dis- Multifamily sales enjoyedtheir ment in existing affordable ated acenturyago to allowin- Budget and Policy Priorities. fice demand. rupt the businessofinvesting biggest year ever in 2019, housing,she said. “I think that vestorstoswapproperties In addition to capping like- Now, commercial real-es- in apartment buildings, discour- notching more than $184 bil- the industryconcern is that without being taxedasifthey kind exchanges,Mr. Biden’s tate professionals saythe pro- aging both amateur and profes- lion of properties sold. this will very much hamper had pocketed cash profits. But plan would raise the topcapi- posed taxlimit would cap sional investorswho helped Karlin Conklin,principal of transactions,and it will also proponentsofMr. Biden’splan tal-gains taxrateto43.4% large transactions and be a fuel record multifamily sales. InvestorsManagement Group, then hamper reinvestment in say there is little reason now from 23.8%. disincentive to investment. It Thetax treatment enables acompanythat purchases and improvements in local econo- forreal estate’sprivileged sta- TheBiden proposal has yet could also reduceeconomic investorstodefer capital-gains renovates aging apartment mies,” Ms. Conklin said. tus in the tax code. to become part of abill.But activity that is typically gener- taxesifthey invest profits complexes, said about one- President Biden proposed “Why would youtreat an property investorsalready ated by thereal-estatesector, from areal-estatesale intoan- thirdofthe capital that her limiting the profitsthat inves- investment in abuilding dif- view it as the latest threat to such as employment in reno- other property.Itisused to firm raises foracquisitions tors candefer from 1031 ex- ferently than an investment in their businessafter the pan- vating properties,they say.

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THE WALL STREET JOURNAL. We dnesday, May 12, 2021 | B7 MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 34269.16 t473.66, or 1.36% Trailing P/E ratio 29.57 20.05 4152.10 t36.33, or 0.87% Trailing P/E ratio * 37.89 24.68 13389.43 t 12.43, or 0.09% Trailing P/E ratio *† 36.73 27.96 High, low, open and close for each P/E estimate * 20.73 22.28 High, low, open and close for each P/E estimate * 22.97 22.75 High, low, open and close for each P/E estimate *† 28.79 26.73 trading day of the past three months. Dividend yield 1.74 2.78 trading day of the past three months. Dividend yield * 1.37 2.08 trading day of the past three months. Dividend yield *† 0.71 0.97 All-time high 34777.76, 05/07/21 All-time high 4232.60, 05/07/21 All-time high: 14138.78, 04/26/21

Current divisor 0.15198707565833 34600 4275 15000

33400 4150 14400

32200 4025 13800

31000 3900 13200 Session high 65-day moving average DOWN UP 65-day moving average Session open Close t 29800 3775 12600 65-day moving average Close Open t 12000 Session low 28600 3650 Bars measure the point change from session's open 27400 3525 11400 Feb. Mar. Apr. May Feb. Mar. Apr. May Feb. Mar. Apr. May *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* 994,117,115 21,619,841 Industrial Average 34572.74 34075.31 34269.16 -473.66 -1.36 34777.76 23247.97 44.2 12.0 11.3 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 341,136,760 13,794,836 Transportation Avg 15879.90 15524.10 15708.35 -221.11 -1.39 15943.30 7761.00 96.3 25.6 13.6 Most-active issues in late trading Decl. volume* 638,483,472 6,456,764 Utility Average 920.96 903.87 910.14 -9.79 -1.06 933.37 744.49 20.8 5.3 9.7 Volume After Hours Issues traded 3,496 278 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 43257.57 42691.73 43168.89 -316.54 -0.73 44054.28 28441.92 48.8 10.1 15.1 Advances 889 110 fuboTV FUBO 12,784.0 21.89 4.22 23.88 22.68 17.00 Barron's 400 1006.31 986.37 997.20 -9.10 -0.90 1018.25 583.52 66.2 17.0 10.9 Declines 2,488 152 SPDR S&P 500 SPY 6,352.6 413.57 -0.64 -0.15 417.84 413.39 Unchanged 119 16 General Electric GE Nasdaq Stock Market 5,794.9 13.08 -0.01 -0.08 13.10 13.05 New highs 75 6 Nasdaq Composite 13423.31 13107.67 13389.43 -12.43 -0.09 14138.78 8863.17 48.7 3.9 21.8 Minerva Neurosciences NERV 4,995.3 3.00 0.77 34.53 3.31 2.23 New lows 95 5 Nasdaq-100 13381.66 13094.76 13351.27 -7.81 -0.06 14041.91 9000.08 46.5 3.6 24.3 Ambev ADR ABEV 4,622.5 3.26 -0.01 -0.31 3.28 3.25 Closing Arms† 0.52 0.25 Sabre Corp. SABR 3,656.4 12.98 ...... 13.11 12.90 S&P Block trades* 5,561 195 Vanguard Russ 1000 Growth VONG 2,975.1 64.21 -0.31 -0.48 253.67 64.21 500 Index 4162.04 4111.53 4152.10 -36.33 -0.87 4232.60 2820.00 44.7 10.5 15.0 Nasdaq NYSE Arca Qualtrics International XM 2,695.3 33.02 -0.23 -0.69 33.37 32.50 MidCap 400 2725.28 2683.98 2712.95 -24.23 -0.89 2770.27 1550.70 69.1 17.6 11.8 Total volume*4,705,498,987 339,893,053 SmallCap 600 1340.91 1314.56 1337.38 -7.08 -0.53 1397.66 700.59 83.5 19.5 10.7 Percentage gainers… Adv. volume*2,409,516,446 97,550,884 Decl. volume*2,223,436,601 237,102,417 Other Indexes Minerva Neurosciences NERV 4,995.3 3.00 0.77 34.53 3.31 2.23 Issues traded 4,439 1,509 Russell 2000 2215.69 2157.14 2206.99 -5.71 -0.26 2360.17 1233.25 73.0 11.8 11.2 fuboTV FUBO 12,784.0 21.89 4.22 23.88 22.68 17.00 Advances 1,623 329 NYSE Composite 16516.83 16211.54 16355.62 -161.21 -0.98 16590.43 10829.44 47.9 12.6 8.6 Ra Medical Systems RMED 181.3 3.99 0.67 20.18 4.25 3.29 Declines 2,627 1,154 Upstart Holdings UPST 677.3 104.93 15.49 17.32 107.29 89.44 Value Line 665.67 652.88 661.26 -4.41 -0.66 674.01 381.09 67.2 16.3 5.5 Unchanged 189 26 Sientra SIEN 73.1 7.35 0.61 9.05 7.65 6.30 NYSE Arca Biotech 5498.70 5317.86 5463.58 22.83 0.42 6319.77 5128.49 -0.2 -4.8 5.4 New highs 38 14 NYSE Arca Pharma 725.20 718.62 720.37 -4.83 -0.67 725.20 613.07 11.8 4.5 10.6 ...And losers New lows 232 19 KBW Bank 133.56 130.22 130.97 -1.49 -1.13 132.77 62.74 99.0 33.8 5.7 Array Technologies ARRY 143.9 22.25 -2.70 -10.82 25.01 21.30 Closing Arms† 0.57 0.70 § PHLX Gold/Silver 157.37 151.11 157.14 2.42 1.56 161.14 112.57 33.5 9.0 23.3 InnSuites Hospitality IHT 810.4 5.92 -0.68 -10.30 6.80 5.51 Block trades* 25,464 1,378 § PHLX Oil Service 60.40 57.80 59.81 -0.08 -0.13 63.89 26.30 100.0 34.9 -28.2 Lemonade LMND 177.6 68.00 -5.85 -7.92 76.70 65.76 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 2982.84 2872.31 2976.01 8.90 0.30 3305.43 1691.57 72.5 6.5 30.1 Grocery Outlet Holding GO 122.5 38.00 -2.54 -6.27 40.54 36.13 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 23.73 20.71 21.84 2.18 11.09 40.79 16.25 -33.9 -4.0 20.0 TEN Tenneco 58.8 13.01 -0.82 -5.93 13.83 13.00 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 698.42 –8.08 –1.14 8.1 Bridgford Foods BRID 20.74 6.55 46.16 21.80 13.68 25.7 Larimar Therapeutics LRMR 8.36 -4.76 -36.28 25.87 8.36 -20.1 MSCI ACWI ex-USA 346.40 –5.89 –1.67 6.1 Sequential Brands Group SQBG 13.20 3.53 36.50 40.49 4.14 40.4 Alset EHome International AEI 4.16 -2.18 -34.38 29.49 3.95 ... MSCI World 2928.33 –33.24 –1.12 8.9 3D Systems DDD 24.03 6.26 35.23 56.50 4.60 234.7 Rackspace Technology RXT 19.01 -5.01 -20.86 26.43 15.25 ... MSCI Emerging Markets 1329.08 –17.27 –1.28 2.9 HF Foods Group HFFG 6.92 1.71 32.82 10.73 5.11 3.7 Rimini Street RMNI 6.13 -1.57 -20.39 10.72 3.04 42.2 Americas MSCI AC Americas 1610.74 –11.85 –0.73 9.7 Saga Communications Cl A SGA 27.43 6.31 29.88 28.58 16.25 12.0 Big Rock Ptrs Acqn BRPA 25.60 -6.37 -19.92 76.99 10.50 131.2 Canada S&P/TSX Comp 19274.04 –87.84 –0.45 10.6 FutureFuel FF 14.22 3.00 26.74 17.86 10.10 33.6 PMV Pharmaceuticals PMVP 28.01 -6.82 -19.58 63.22 27.91 ... Latin Amer. MSCI EM Latin America 2530.44 4.24 0.17 3.2 Ferro Corp FOE 21.78 4.20 23.89 22.00 9.50 111.0 RealReal REAL 16.43 -3.88 -19.10 30.22 11.43 28.7 Brazil Sao Paulo Bovespa 122964.01 1054.98 0.87 3.3 Roblox RBLX 77.65 13.65 21.33 83.41 60.50 ... Nano-X Imaging NNOX 21.30 -4.88 -18.64 94.81 20.26 ... Chile Santiago IPSA 3066.37 –36.33 –1.17 7.3 Evolving Systems EVOL 2.40 0.37 18.22 5.63 0.81 144.9 Rekor Systems REKR 11.26 -2.45 -17.87 25.38 3.09 181.5 Mexico S&P/BMV IPC 49655.29 –211.86 –0.42 12.7 Shockwave Medical SWAV 158.79 23.99 17.80 169.00 37.76 289.3 Biomerica BMRA 3.41 -0.71 -17.23 12.75 3.30 -55.8 EMEA Stoxx Europe 600 436.61 –8.78 –1.97 9.4 Nuveen Ins CA NXC 19.40 2.91 17.64 19.87 14.62 27.5 Viracta Therapeutics VIRX 8.86 -1.70 -16.10 24.80 3.92 -35.6 Eurozone Euro Stoxx 438.17 –8.08 –1.81 10.2 Plug Power PLUG 23.60 3.53 17.59 75.49 3.80 452.0 Greenbrook TMS GBNH 10.00 -1.74 -14.82 17.55 5.06 81.8 Belgium Bel-20 3998.61 –45.93 –1.14 10.4 Fluidigm FLDM 5.49 0.82 17.56 12.45 3.33 14.4 CarLotz LOTZ 5.57 -0.94 -14.44 12.90 5.00 -44.3 Domtar UFS Phio Pharmaceuticals PHIO Denmark OMX Copenhagen 20 1520.59 –34.00 –2.19 3.8 55.38 8.00 16.88 55.45 18.66 162.1 2.19 -0.36 -14.12 6.48 1.87 -11.3 Intl Game Technology IGT 20.37 2.92 16.73 20.72 5.57 195.6 Novavax NVAX 138.18 -22.32 -13.91 331.68 36.08 247.0 France CAC 40 6267.39 –118.60 –1.86 12.9 Germany DAX 15119.75 –280.66 –1.82 10.2 Most Active Stocks Volume Movers Ranked by change from 65-day average* Israel Tel Aviv 1623.56 –25.74 –1.56 8.3 Italy FTSE MIB 24396.01 –406.89 –1.64 9.7 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 695.94 –15.97 –2.24 11.4 Russia RTS Index 1552.63 –18.15 –1.16 11.9 Palantir Technologies PLTR 201,440 151.0 20.21 9.42 45.00 8.90 Sequential Brands Group SQBG 28,784 38066 13.20 36.50 40.49 4.14 South Africa FTSE/JSE All-Share 67241.20 –1136.03 –1.66 13.2 Sundial Growers SNDL 192,598 -49.1 0.74 1.07 3.96 0.14 Austerlitz Acqn I Cl A AUS 8,524 36992 9.91 0.25 10.10 9.85 ProSh UltraPro Shrt QQQ SQQQ Ferro Corp FOE Spain IBEX 35 8987.20 –157.10 –1.72 11.3 128,858 35.4 12.12 0.33 59.70 10.44 19,610 5260 21.78 23.89 22.00 9.50 Apple AAPL 125,672 24.7 125.91 -0.74 145.09 75.05 Supernova Ptrs II Cl A SNII 340 4139 9.85 -0.51 9.99 9.85 Sweden OMX Stockholm 884.50 –25.99 –2.85 15.1 SPDR S&P 500 SPY 115,552 39.4 414.21 -0.89 422.82 272.99 SPDR S&P 400 Mid Cap Val MDYV 10,921 2702 69.59 -0.91 71.45 35.14 Switzerland Swiss Market 10989.32 –134.35 –1.21 2.7 Turkey BIST 100 1444.87 –16.03 –1.10 –2.2 NIO ADR NIO 113,041 20.8 34.87 1.57 66.99 3.18 Warburg Pincus I-A Cl A WPCA 427 2648 9.90 -0.50 11.00 9.85 U.K. FTSE 100 6947.99 –175.69 –2.47 7.5 Plug Power PLUG 83,353 144.1 23.60 17.59 75.49 3.80 Bridgford Foods BRID 131 2386 20.74 46.16 21.80 13.68 U.K. FTSE 250 22167.14 –530.05 –2.34 8.2 Finl Select Sector SPDR XLF 82,529 41.5 37.08 -1.77 38.26 20.09 InnSuites Hospitality IHT 38,888 2327 6.60 3.29 8.45 0.75 Invesco QQQ Trust I QQQ 71,592 37.9 325.31 -0.14 342.80 215.99 Applied DNA Sciences APDN 13,431 2126 6.67 14.80 16.39 4.95 Asia-Pacific MSCI AC Asia Pacific 204.55 –3.68 –1.77 2.3 Cerecor CERC 69,107 10389.0 2.61 2.76 4.50 1.98 Northern Star Inv IV Cl A NSTD 118 1977 9.78 -0.26 10.19 9.78 Australia S&P/ASX 200 7097.00 –75.80 –1.06 7.7 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least China Shanghai Composite 3441.85 13.85 0.40 –0.9 5,000 shares =Has traded fewer than 65 days Hong Kong Hang Seng 28013.81 –581.85 –2.03 2.9 Track the Markets India S&P BSE Sensex 49161.81 –340.60 –0.69 3.0 Compare the performance of selected CURRENCIES & COMMODITIES Japan Nikkei Stock Avg 28608.59 –909.75 –3.08 4.2 global stock indexes, bond ETFs, Singapore Straits Times 3144.27 –38.14 –1.20 10.6 currencies and commodities at Currencies South Korea Kospi 3209.43 –39.87 –1.23 11.7 wsj.com/graphics/track-the-markets Taiwan TAIEX 16583.13 –652.48 –3.79 12.6 U.S.-dollar foreign-exchange rates in late New York trading Thailand SET 1578.93 –9.22 –0.58 8.9 Get real-time U.S. stock quotesand track most-activestocks, new US$ 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 .00004337 23060 –0.1 CREDIT MARKETS Argentina peso .0107 93.8549 11.6 Europe Brazil real .1915 5.2213 0.5 Czech Rep. koruna .04761 21.005 –2.2 Canada dollar .8262 1.2104 –5.0 Denmark krone .1634 6.1205 0.5 Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Chile peso .001423 702.50 –1.1 Euro area euro 1.2151 .8230 0.5 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000269 3712.01 8.5 Hungary forint .003388 295.20 –0.6 notes and bonds major U.S. trading partners Ecuador US dollar 11unch Iceland krona .008072 123.88 –3.1 A consumer rate against its 5-year CDs Mexico peso .0501 19.9628 0.4 Norway krone .1210 8.2627 –3.7 benchmark over the past year 2.50% Uruguay peso .02274 43.9850 3.8 Poland zloty .2669 3.7472 0.4 Bankrate.com avg†: 0.45% 16% Asia-Pacific Russia ruble .01348 74.161 0.2 s Sweden krona .1202 8.3190 1.1 Colorado Federal Savings Bank 0.75% 2.00 Euro Australian dollar .7843 1.2750 –1.9 0.80% Greenwood Village, CO 877-484-2372 Tradeweb ICE 8 Switzerland franc 1.1066 .9037 2.1

t China yuan .1555 6.4292 –1.6 Tuesday Close 1.50 Turkey lira .1207 8.2884 11.4 Five-year CD yields Hong Kong dollar .1287 7.7690 0.2 t Home Savings Bank 0.75% Ukraine hryvnia .0362 27.6500 –2.5 0.60 0 India rupee .01363 73.369 0.5 Salt Lake City, UT 801-487-0811 1.00 s UK pound 1.4141 .7072 –3.4 Yen Indonesia rupiah .0000704 14198 1.1 0.40 TAB Bank 0.75% Middle East/Africa One year ago 0.50 –8 s Japan yen .009206 108.62 5.1 Ogden, UT 800-355-3063 t Kazakhstan tenge .002341 427.11 1.4 Bahrain dinar 2.6522 .3771 ... Federal-funds WSJ Dollar Index 0.20 First Internet Bank of Indiana 0.96% 0.00 –16 Macau pataca .1249 8.0060 0.2 Egypt pound .0638 15.6787 –0.4 target rate Malaysia ringgit .2428 4.1185 2.4 Israel shekel .3039 3.2905 2.4 Indianapolis, IN 888-873-3424 1 3 6 1 2 3 5 7 10 20 30 t 2020 2021 New Zealand dollar .7272 1.3751 –1.2 Kuwait dinar 3.3271 .3006 –1.2 0.00 month(s) years J J A S O N D J F M AM CFG Community Bank 1.00% Pakistan rupee .00658 152.035 –5.2 Oman sul rial 2.5974 .3850 ... maturity 2020 2021 Baltimore, MD 888-205-8388 Philippines peso .0209 47.855 –0.3 Qatar rial .2747 3.641 –0.02 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7544 1.3255 0.3 Saudi Arabia riyal .2666 3.7503 –0.04 Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0008931 1119.69 3.1 South Africa rand .0714 13.9978 –4.7 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields Sri Lanka rupee .0050891 196.50 6.1 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 .03578 27.949 –0.5 Yield (%) 52-Week Total Return (%) Thailand baht .03208 31.170 3.8 WSJ Dollar Index 85.22 –0.08–0.10 0.26 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 0.16 0.18 0.16 l 0.42 -2.18 Sources: Tullett Prebon, Dow Jones Market Data U.S. Treasury, Barclays n.a. n.a. 0.940 n.a. n.a. n.a. n.a. Money market, annual yield 0.08 0.08 0.08 l 0.31 -0.37 Five-year CD, annual yield 0.45 0.47 0.44 l 0.83 -1.24 U.S. Treasury Long, Barclays n.a. n.a. 2.190 n.a. n.a. n.a. n.a. Commodities 30-year mortgage, fixed† 3.09 3.12 2.83 l 3.60 -1.47 Aggregate, Barclays n.a. n.a. 1.510 n.a. n.a. n.a. n.a. Tuesday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.39 2.40 2.32 l 3.07 -1.64 Fixed-Rate MBS, Barclays n.a. n.a. 1.690 n.a. n.a. n.a. n.a. DJ Commodity Jumbo mortgages, $548,250-plus† 3.11 3.15 2.85 l 3.70 -1.72 902.39 6.86 0.77 902.39 487.21 82.84 23.35 High Yield 100, ICE BofA 3378.155 3.739 3.789 6.888 3.261 16.448 5.709 Refinitiv/CC CRB Index 1.40 207.55 120.63 23.69 Five-year adj mortgage (ARM)† 3.07 3.18 2.85 l 3.32 -1.47 207.55 0.68 69.25 Muni Master, ICE BofA 598.105 0.850 0.864 1.629 0.725 5.273 4.912 Crude oil, $ per barrel 0.36 66.09 25.29 34.54 New-car loan, 48-month 4.06 4.05 4.02 l 4.44 -0.20 65.28 0.55 153.22 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 911.086 4.770 4.816 6.140 4.295 11.965 5.514 Natural gas, $/MMBtu 2.955 0.023 0.78 3.354 1.482 71.80 16.38 banks.† Excludes closing costs. Gold, $ per troy oz. 1835.90 -1.60 -0.09 2051.50 1676.20 7.72 -3.02 Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services P2JW132000-0-B00800-17F9AF7128E

B8 | We dnesday, May 12, 2021 THE WALL STREET JOURNAL. BIGGEST 1,000 STOCKS

Net Net Net Net Net Net Net How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg The following explanations apply to NYSE, s-New 52-week high. NYSE Arca, NYSE American and Nasdaq Stock t-New 52-week low. Chubb CB 167.76 -6.07 Eaton ETN 145.76 -1.66 GSK GSK 38.19 -0.34 LasVegasSands LVS 56.24 -0.90 NorthernTrust NTRS 118.40 -1.78 Roku ROKU 314.12 12.71 TradeDesk TTD 514.35 24.75 Market listed securities. Prices are composite dd-Indicates loss in the most recent ChunghwaTel CHT 40.70 -0.43 eBay EBAY 60.43 -1.01 GlobalPayments GPN 195.06 -0.25 Lear LEA 186.63 -4.00 NorthropGrum NOC 368.30 -5.50 Rollins ROL 36.95 -0.27 Tradeweb TW 82.97 -0.08 quotations that include primary market trades four quarters. Church&Dwight CHD 88.09 -1.30 Ecolab ECL 225.30 0.34 Globant GLOB 213.07 -0.43 Leidos LDOS 104.68 0.20 NortonLifeLock NLOK 23.35 2.27 RoperTech ROP 440.40 -4.00 TraneTech TT 182.75 -3.91 as well as trades reported by Nasdaq BX FD-First day of trading. Ciena CIEN 53.68 0.16 Ecopetrol EC 12.43 -0.26 GlobeLife GL 103.91 -1.95 Lennar B LEN.B 81.53 -2.63 NorwegCruise NCLH 27.66 -0.29 RossStores ROST 129.12 -1.84 TransDigm TDG 600.06 -1.31 (formerly Boston), Chicago Stock Exchange, h-Does not meet continued listing Cigna CI 260.86 -6.05 EdisonInt EIX 58.63 -0.36 GoDaddy GDDY 81.56 0.67 Lennar A LEN 103.45 -4.51 Novartis NVS 87.41 -0.57 RoyalBkCanada RY 98.66 -0.87 TransUnion TRU 104.83 -1.69 Cboe, NYSE National and Nasdaq ISE. standards The list comprises the 1,000 largest lf-Late filing CincinnatiFin CINF 118.15 -2.55 EdwardsLife EW 89.51 -0.89 GoldFields GFI 10.60 0.24 LennoxIntl LII 346.40 -7.11 Novavax NVAX 138.18-22.32 RoyalCaribbean RCL 81.28 -2.65 Travelers TRV 156.69 -4.98 companies based on market capitalization. q-Temporary exemption from Nasdaq Cintas CTAS 354.68 -6.06 ElancoAnimal ELAN 32.31 0.07 GoldmanSachs GS 359.92 -8.76 LeviStrauss LEVI 29.64 -0.23 s NovoNordisk NVO 76.62 0.34 RoyalDutchA RDS.A 39.24 -0.79 Trex TREX 106.10 -1.74 CiscoSystems CSCO Elastic ESTC 106.69 3.56 t GoodRx GDRX 30.59 -0.86 LiAuto LI Novocure NVCR 186.66 4.65 RoyalDutchB RDS.B 37.27 -0.80 Trimble TRMB 76.47 -1.27 Underlined quotations are those stocks with requirements. 52.83 -0.33 17.01 ... large changes in volume compared with the t-NYSE bankruptcy Citigroup C 74.87 -0.26 ElectronicArts EA 141.36 0.71 Graco GGG 76.77 -1.50 LibertyBroadbandC LBRDK 164.68 -1.11 NuanceComms NUAN 52.60 -0.13 RoyaltyPharma RPRX 41.68 0.19 Trip.com TCOM 37.16 0.35 issue’s average trading volume. v-Trading halted on primary market. CitizensFin CFG 48.99 -0.36 EmersonElec EMR 95.26 -0.12 Grainger GWW 462.70-11.52 LibertyBroadbandA LBRDA 160.35 -0.60 Nucor NUE 101.98 0.68 Ryanair RYAAY 117.76 -2.39 TruistFinl TFC 60.49 -0.40 vj-In bankruptcy or receivership or Nutrien NTR t Tuya TUYA 16.94 0.46 Boldfaced quotations highlight those issues being reorganized under the CitrixSystems CTXS 119.24 -0.05 Enbridge ENB 39.86 -0.19 Grifols GRFS 18.66 0.06 LibertyGlobal A LBTYA 28.03 0.26 61.47 -0.28 SAP SAP 137.83 -1.69 whose price changed by 5% or more if their Bankruptcy Code, or securities Clarivate CLVT 27.10 -0.72 EncompassHealth EHC 87.36 0.78 GuardantHealth GH 120.19 -1.59 LibertyGlobal C LBTYK 28.04 0.23 NVIDIA NVDA 572.25 1.62 S&P Global SPGI 379.67-10.69 Twilio TWLO 306.07 11.37 previous closing price was $2 or higher. assumed by such companies. Cleveland-Cliffs CLF 21.38 0.67 EndeavorEDR 30.77 1.61 HCA Healthcare HCA 206.76 -5.13 LibertyFormOne C FWONK 43.97 0.20 SBA Comm SBAC 291.45 -0.61 Twitter TWTR 52.88 1.07 Clorox CLX 185.94 -2.05 EnelAmericas ENIA 7.33 -0.14 HDFC Bank HDB 69.20 -0.30 LibertyFormOne A FWONA 38.64 -0.02 O P Q SEI Investments SEIC 61.98 -1.41 TylerTech TYL 394.02 1.80 TysonFoods TSN 79.44 0.62 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and Cloudflare NET 71.29 2.42 EnergyTransfer ET 9.53 -0.26 HP HPQ 33.59 -1.66 LibertyBraves A BATRA 27.24 0.28 ONEOK OKE 53.27 -0.69 SK Telecom SKM 31.58 0.37 UBS Group UBS 15.11 -0.32 changes in the closing prices from 4 p.m. the previous day. Coca-Cola KO 54.32 -0.59 EnphaseEnergy ENPH 121.42 3.30 HSBC HSBC 31.18 -0.63 LibertyBraves C BATRK 26.95 0.33 OReillyAuto ORLY 559.83 -2.64 SS&C Tech SSNC 73.11 -0.21 UDR UDR 46.12 -0.54 Coca-ColaEuro CCEP 56.16 -0.27 Entegris ENTG 109.19 0.99 Halliburton HAL 22.61 -0.13 LibertySirius C LSXMK 42.19 0.03 OakStreetHealth OSH 55.44 -1.32 StoreCapital STOR 33.76 -0.41 HartfordFinl HIG SVB Fin SIVB UGI UGI 45.80 -0.41 Tuesday, May 11, 2021 Net Net Cognex CGNX 74.83 -1.53 Entergy ETR 107.03 -2.08 63.99 -1.90 LibertySirius A LSXMA 41.99 0.01 OccidentalPetrol OXY 24.53 -2.10 583.90 8.00 US Foods USFD 38.85 -0.63 Net Stock Sym Close Chg Stock Sym Close Chg CognizantTech CTSH 72.64 -1.37 EnterpriseProd EPD 23.15 -0.05 Hasbro HAS 98.21 -1.18 EliLilly LLY 194.75 -0.01 Okta OKTA 237.90 7.15 Salesforce.com CRM 215.56 1.67 CoinbaseGlbl COIN 303.00 9.55 Equifax EFX 238.60 -0.57 HealthpeakProp PEAK 32.83 -0.68 LincolnNational LNC 68.11 -1.25 Sanofi SNY 51.95 -0.50 t UWM UWMC 6.79 0.07 Stock Sym Close Chg ApolloGlbMgmt APO 57.79 0.16 BostonProps BXP 107.59 -0.62 OldDomFreight ODFL 264.14 -5.99 ColgatePalm CL 82.44 -0.90 Equinix EQIX 718.04 -1.96 Heico HEI 138.19 -0.91 Linde LIN 298.61 -2.40 SantanderCons SC 35.12 -0.55 Uber UBER 46.21 0.42 Apple AAPL 125.91 -0.94 BostonSci BSX 42.53 -0.72 OmegaHealthcare OHI 36.08 -0.35 A B C Comcast A CMCSA 57.50 -0.01 Equinor EQNR 21.38 -0.20 Heico A HEI.A 129.35 -0.14 LithiaMotors LAD 365.73 -3.35 Sasol SSL 17.15 0.34 Ubiquiti UI 281.93 6.24 ApplMaterials AMAT 123.55 -1.14 BrightHorizons BFAM 133.69 -5.31 Omnicom OMC 83.74 -1.06 Comerica CMA 77.08 -0.71 Equitable EQH 33.38 -0.95 HenrySchein HSIC 80.39 -2.58 LiveNationEnt LYV 81.95 -1.11 Schlumberger SLB 31.26 -0.37 t UiPath PATH 74.81 9.41 t Applovin APP 53.46 -2.04 BristolMyers BMY 64.26 -0.44 ON Semi ON 37.17 0.15 ABB ABB 33.38 -0.13 s UltaBeauty ULTA 312.30-10.04 CommerceBcshrs CBSH 78.97 -0.70 EquityLife ELS 69.75 -0.45 Hershey HSY 168.92 -1.39 LloydsBanking LYG 2.62 -0.03 OpenText OTEX 46.08 -0.87 SchwabC SCHW 70.63 -0.47 AECOM ACM 68.60 0.06 Aptargroup ATR 153.99 -1.49 BritishAmTob BTI 39.41 -0.38 UnderArmour A UAA 23.04 -0.15 CiaSiderurgica SID 10.04 0.20 EquityResdntl EQR 74.19 -0.41 Hess HES 81.15 -1.41 LockheedMartin LMT 387.82 -5.32 OpendoorTech OPEN 17.45 0.68 ScottsMiracleGro SMG 242.64 0.67 AES AES 25.34 -0.39 Aptiv APTV 140.63 -3.15 Broadcom AVGO 440.07 3.97 UnderArmour C UA 19.19 -0.08 ConagraBrands CAG 37.95 -0.30 ErieIndemnity A ERIE 202.16 -6.47 HewlettPackard HPE 16.17 -0.24 Loews L 57.71 -0.72 Oracle ORCL 77.69 -2.46 Sea SE 228.77 6.22 Aflac AFL 55.22 -1.31 Aramark ARMK 36.92 -0.70 BroadridgeFinl BR 163.79 -1.84 Unilever UL 60.03 -0.42 ConocoPhillips COP 55.72 -1.28 EssentialUtil WTRG 46.73 -0.03 HighwoodsProp HIW 43.31 -0.86 LogitechIntl LOGI 105.70 -2.69 Orange ORAN 12.64 -0.26 Seagate STX 86.76 -2.56 AGCO AGCO 147.47 -3.66 ArcelorMittal MT 33.47 0.76 BrookfieldMgt BAM 45.81 -0.24 UnionPacific UNP 226.61 -1.83 ConEd ED 79.34 -0.51 EssexProp ESS 290.53 -0.83 Hilton HLT 121.83 0.25 Lowe's LOW 205.34 -5.97 Orix IX 82.37 -1.78 Seagen SGEN 139.07 3.14 AGNC Invt AGNC 18.08 -0.20 ArchCapital ACGL 39.58 -0.34 BrookfieldInfr BIP 53.65 0.10 UnitedAirlines UAL 52.70 -1.33 ConstBrands A STZ 234.04 -5.15 EsteeLauder EL 294.81 -3.58 Hologic HOLX 64.47 -0.62 t LufaxHolding LU 10.76 0.45 Oshkosh OSK 132.53 -0.51 SealedAir SEE 56.39 -0.43 Ansys ANSS 320.87 -2.30 ArcherDaniels ADM 66.89 -0.74 BrookfieldPropREIT BPYU 17.97 -0.05 UnitedMicro UMC 8.97 -0.27 ContinentalRscs CLR 30.44 0.25 Etsy ETSY 169.84 2.71 HomeDepot HD 330.66-10.46 lululemon LULU 322.04 -2.22 OtisWorldwide OTIS 77.62 -0.63 SempraEnergy SRE 138.54 -0.48 ASETech ASX 7.43 -0.31 AresMgmt ARES 52.46 -0.84 BrookfieldRenew BEPC 38.63 -0.57 UPS B UPS 214.33 -1.80 Cooper COO 388.31-13.51 EverestRe RE 265.57 -7.24 HondaMotor HMC 30.52 -0.78 LumenTech LUMN 14.11 -0.18 OwensCorning OC 105.59 -2.63 SensataTechs ST 56.87 -0.75 ASML ASML 630.66 3.40 arGEN-X ARGX 257.25 0.14 Brown&Brown BRO 51.98 -1.39 UnitedRentals URI 340.33 -7.81 Copart CPRT 121.04 -2.07 Evergy EVRG 62.45 -1.59 Honeywell HON 229.16 -1.78 Lyft LYFT 48.82 -0.34 OzonHoldings OZON 56.04 2.41 ServiceCorp SCI 54.28 -1.72 AT&T T 32.26 -0.37 AristaNetworks ANET 326.74 0.54 Brown-Forman B BF.B 77.72 -0.09 US Bancorp USB 60.15 -1.02 Corning GLW 45.14 -0.10 EversourceEner ES 84.02 -1.43 HorizonTherap HZNP 87.40 1.16 LyondellBasell LYB 112.53 -0.91 PG&E PCG 10.89 0.01 ServiceNow NOW 481.50 14.70 AbbottLabs ABT 118.39 -0.55 Arrival ARVL 19.00 -0.28 Brown-Forman A BF.A 72.10 -0.16 UnitedTherap UTHR 194.30 4.42 Corteva CTVA 47.09 0.10 ExactSciences EXAS 98.00 -0.84 HormelFoods HRL 47.22 -0.35 PNC Fin PNC 194.04 -4.52 ShawComm B SJR 29.84 0.02 AbbVie ABBV 114.89 -1.33 ArrowElec ARW 115.42 -1.90 Bruker BRKR 69.15 0.63 M N UnitedHealth UNH 411.70 -9.19 CoStar CSGP 847.49 7.77 Exelon EXC 44.44 -0.08 DR Horton DHI 99.60 -4.85 POSCO PKX 91.78 0.99 SherwinWilliams SHW 285.84 -2.81 Abiomed ABMD 280.30 -2.42 AspenTech AZPN 137.51 9.45 Brunswick BC 111.63 -3.19 UnitySoftware U 84.54 2.96 Costco COST 378.18 -3.30 Expedia EXPE 172.40 -0.69 HostHotels HST 16.99 -0.12 PPD PPD 46.10 -0.02 ShinhanFin SHG 37.61 -0.37 Accenture ACN 287.95 -2.66 Assurant AIZ 156.17 -3.79 BuildersFirstSrc BLDR 50.40 -1.90 M&T Bank MTB 162.00 -0.87 UnivDisplay OLED 200.09 -4.44 CoupaSoftware COUP 235.76 1.23 ExpeditorsIntl EXPD 117.67 -2.38 HowmetAerospace HWM 32.40 -0.18 PPG Ind PPG 178.99 -0.28 Shopify SHOP 1110.20 29.96 ActivisionBliz ATVI 95.34 2.17 AstraZeneca AZN 54.10 -0.28 t Bumble BMBL 50.65 -2.46 MGMGrowthProp MGP 34.01 -0.66 UniversalHealthB UHS 155.35 -1.70 t Coupang CPNG 36.25 -0.82 ExtraSpaceSt EXR 145.10 -2.74 HuanengPower HNP 14.70 -0.20 PPL PPL 29.34 -0.14 Sibanye-Stillwater SBSW 18.92 -0.09 Adobe ADBE 485.19 5.81 Athene ATH 62.43 0.14 Bunge BG 90.77 0.23 MGM Resorts MGM 38.76 -0.70 VEREIT VER 45.63 -0.89 Credicorp BAP 133.29 -0.21 ExxonMobil XOM 60.59 -1.99 Huazhu HTHT 57.33 1.62 PRA HealthSci PRAH 170.80 0.13 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Williams-Sonoma WSM 181.15 -5.89 QuestDiag DGX 137.85 -3.63 AB InBev BUD 74.35 -0.53 BookingHldgs BKNG 2247.68-15.42 ChinaLifeIns LFC 10.21 -0.10 EOG Rscs EOG 82.14 -2.41 Gentex GNTX 34.79 -0.33 KE Holdings BEKE 48.24 1.45 NICE NICE 226.61 -1.24 Target TGT 209.24 -4.79 WillisTowers WLTW 264.25 -4.63 AnnalyCap NLY 9.08 -0.05 BoozAllen BAH 81.70 -1.66 ChinaPetrol SNP 52.84 -1.22 EPAM Systems EPAM 454.09 -5.92 GenuineParts GPC 131.24 -2.36 KKR KKR 56.27 -0.82 NIO NIO 34.87 0.54 R S TataMotors TTM 21.35 0.30 Wipro WIT 7.55 -0.05 Anthem ANTM 394.49 -7.41 BorgWarner BWA 51.65 -1.28 ChinaSoAirlines ZNH 33.20 -0.17 EastWestBncp EWBC 76.64 -0.94 s Gerdau GGB 7.26 0.32 KLA KLAC 300.28 0.38 NRG Energy NRG 34.69 -0.77 TeckRscsB TECK 25.57 0.28 Wix.com WIX 289.90 8.31 Aon AON 254.12 -4.33 BostonBeer SAM 1083.90-52.98 Chipotle CMG 1393.25 1.41 s EastmanChem EMN 128.40 3.52 GileadSciences GILD 67.22 -0.26 s KSCitySouthern KSU 308.17 0.35 NVR NVR 4988.03-227.78 RELX RELX 25.71 -0.79 t TeladocHealth TDOC 145.79 4.74 Workday WDAY 236.90 4.61 Kellogg K 67.15 -1.06 NXP Semi NXPI 192.54 3.51 RH RH 653.43-26.88 TeledyneTech TDY 423.61 -8.37 WynnResorts WYNN 125.00 -0.73 KeurigDrPepper KDP 35.75 -0.63 Nasdaq NDAQ 159.73 -3.80 RLX Tech RLX 10.83 0.89 Teleflex TFX 400.72 -6.92 XP XP 43.95 1.32 KeyCorp KEY 22.75 -0.21 NationalGrid NGG 64.60 -0.91 RPM RPM 97.16 -0.76 Ericsson ERIC 13.29 -0.34 XPO Logistics XPO 148.11 -0.07 ADVERTISEMENT KeysightTechs KEYS 138.93 -0.97 NatlRetailProp NNN 46.36 -0.90 RalphLauren RL 134.05 -3.52 TelefonicaBras VIV 8.47 0.04 XcelEnergy XEL 71.03 -1.56 KimberlyClark KMB 134.21 -2.69 Natura&Co NTCO 18.73 0.16 RaymondJames RJF 133.26 -1.79 Telefonica TEF 4.87 -0.10 Xilinx XLNX 121.23 1.64 KimcoRealty KIM 21.08 -0.35 NatWest NWG 5.43 0.01 RaytheonTech RTX 84.33 -0.71 TelekmIndonesia TLK 22.51 -0.03 XPeng XPEV 24.93 -0.53 KinderMorgan KMI 17.97 -0.28 NetApp NTAP 76.74 -2.12 RealtyIncome O 66.19 -1.35 10xGenomics TXG 137.25 2.41 Xylem XYL 117.63 -2.17 BusinessReal Estate&Auctions KingsoftCloud KC 39.64 0.87 NetEase NTES 106.45 0.91 RegencyCtrs REG 64.52 -0.91 Tenaris TS 23.38 0.09 Yandex YNDX 63.28 0.03 To advertise: email [email protected] or WSJ.com/classifieds KinrossGold KGC 7.66 -0.08 Netflix NFLX 495.08 8.39 RegenPharm REGN 501.19 -1.15 TencentMusic TME 15.18 -0.05 YumBrands YUM 119.15 -2.77 KirklandLakeGold KL 41.55 0.60 Neurocrine NBIX 91.45 0.21 RegionsFin RF 22.44 -0.21 Teradyne TER 121.51 -0.33 YumChina YUMC 61.82 1.07 Kohl's KSS 58.99 -1.89 NewOrientalEduc EDU 14.28 -0.15 ReinsGrp RGA 127.10 -0.90 Tesla TSLA 617.20-11.84 ZTO Express ZTO 30.96 -0.38 KoninklijkePhil PHG 55.34 -1.05 NewellBrands NWL 28.98 -0.29 RelianceSteel RS 176.48 0.80 TevaPharm TEVA 10.25 ... ZaiLab ZLAB 150.06 0.61 ALABAMA MASSACHUSETTS KoreaElcPwr KEP 10.95 0.02 Newmont NEM 68.78 0.43 Repligen RGEN 175.46 0.33 TexasInstruments TXN 183.20 1.15 ZebraTech ZBRA 485.67 1.63 KraftHeinz KHC 43.26 -0.36 NewsCorp A NWSA 27.64 0.20 RepublicSvcs RSG 109.90 -2.15 TexasPacLand TPL 1727.98-22.59 Zendesk ZEN 138.39 6.46 Kroger KR 38.42 -0.44 NewsCorp B NWS 25.64 0.38 ResMed RMD 194.75 1.54 Textron TXT 67.13 -0.92 Zillow C Z 114.78 2.31 L Brands LB 67.57 -1.22 NextEraEnergy NEE 74.07 -0.73 RestaurantBrands QSR 68.02 -1.08 ThermoFisherSci TMO 464.00 0.53 Zillow A ZG 116.09 2.22 >;.5AJ,0 >J6,+5: LKQ LKQ 49.20 -0.76 NielsenHoldings NLSN 27.99 -0.09 RingCentral RNG 266.47 6.08 ThomsonReuters TRI 96.14 -0.13 ZimmerBiomet ZBH 167.55 -4.40 >/90T5O 0F0:, LPL Financial LPLA 148.32 -3.94 Nike NKE 137.12 0.72 RioTinto RIO 94.65 0.84 3M MMM 203.72 -3.61 ZionsBancorp ZION 58.54 -0.38 L3HarrisTech LHX 213.33 -3.69 NiSource NI 25.81 -0.66 RobertHalf RHI 89.68 -1.12 Toro TTC 113.59 -2.40 Zoetis ZTS 170.23 -0.94 S/OZ &:# <-->P )29& /-10-27. .5 /21.7&10"!4 %!0059-.!57 LabCpAm LH 276.10 -0.98 Nokia NOK 4.93 -0.05 Roblox RBLX 77.65 13.65 TorontoDomBk TD 70.72 -0.21 ZoomVideo ZM 300.25 11.76 LamResearch LRCX 592.43 5.98 NomuraHoldings NMR 5.28 -0.05 t RocketCos. RKT 17.14 -0.52 Total TOT 46.56 -0.71 ZoomInfoTech ZI 43.30 0.82 1+%&,#0&.)"20(.!%-&.)'$*//. LamarAdv LAMR 102.67 -1.22 Nordson NDSN 207.42 -1.26 Rockwell ROK 268.31 -2.50 ToyotaMotor TM 152.24 -2.82 Zscaler ZS 170.69 4.92 6+-.(' LambWeston LW 78.14 -0.76 NorfolkSouthern NSC 286.66 -3.69 RogersComm B RCI 50.95 -0.37 TractorSupply TSCO 191.26 -4.44 Zynga ZNGA 10.38 0.05 W8D:)?=6![[) MPI?=#I[[ 9C8D:VLK >Q 0,;>9 Dividend Changes A7%&"Caesarstone CSTE 5.3 .21 Q Jun01 /May18 STRATS Dom Res Ser 05-06 GJP 3.0 .0616 /.0637 M May17 /May14 1 9CEE8D!:V 9[8G#C8=)K4CC[ ID+ .I:)?'?CD: 9CEECD >?)I= RenaissanceRe Hldgs RNR 0.9 .36 Q Jun30 /Jun15 1 ;)I8:!'8[K X8[[V 7)6)[CB)+ .I:)?'?CD: ID+ .I:)?6!)Y Initial RenaissanceRe Pfd. E RNRpE 5.3 .33594 Q Jun01 /May28 ;8![+!D% QC:= Global Ship Lease Cl A GSL 6.7 .25 Jun03 /May24 RenaissanceRe Pfd. F RNRpF 5.3 .35938 Q Jun01 /May28 KKR IX 4.625% Nts 2061 KKRS 4.5 .29227 Jul01 /Jun15 Tsakos Energy Pfd D TNPpD 8.8 .54688 Q May28 /May25 9E77=%B ># >?E 8=B?EA>/=""EDA '.#1=%=&<&A- .# ;EAED:EA( Viatris VTRS ... .11 Jun26 /May24 Tsakos Energy Pfd E TNPpE 9.2 .57813 Q May28 /May25 16!A- @?#>#A 6%" 2<$>=#% +#$<&E%>A 2:6=7657E C%7=%E 24' 8"?57 A5D#E7B ,))*33,*3404 9E77=$C =$ -:D"Q 3)I[ Z=:I:) ;?C\)? "-$]$H S)??V9JR!D%F SJ4J R!D% >8,:!CD9CEBIDVK TD,J>[IGIEI 3)I[ Z=:I:) X!?E "-$]&]F SJ R!D%K>8,:!CD))? "*&( Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks Money Rates May 11, 2021 INVESTMENT PROPERTIES 8#@!. :A?$>. 3!"7= %0!?A 7=) Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a 33/5$$=$C)#"& guide to general levels but don’t always represent actual transactions. *(()146)(666 Week —52-WEEK— Week —52-WEEK— 01 /!* 3<" 59-4 &;A@ 69,9+'2 Inflation Latest ago High Low Latest ago High Low March index Chg From (%) March High 0.0700 0.0700 0.1500 0.0700 Commercial paper (AA financial) level Feb. '21 Low 0.0300 0.0300 0.0600 0.0000 '20 90 days 0.11 0.12 0.26 0.04 NEW JERSEY Bid 0.0500 0.0500 0.1000 0.0100 U.S. consumer price index Offer 0.0800 0.0700 0.1100 0.0500 Libor 1+%/)0&",..+'-)/0 2',*+'%# All items 264.877 0.71 2.6 Treasury bill auction One month 0.09375 0.10838 0.19513 0.09375 Three month 0.16025 0.17538 0.42400 0.15988 Core 271.713 0.38 1.6 4 weeks 0.010 0.000 0.130 0.000 %-,06 &7$18"# '"@ ("75"= Six month 0.19100 0.20663 0.67513 0.18950 C:X BPDP%XQ+N3VXU3 S> YS1M8U; +U\ BN(+U %X/X7SQVXU3 S>>XNM 13 weeks 0.015 0.015 0.175 0.015 /#;;; 59< :0< *-7%$2" International rates One year 0.26513 0.28288 0.76938 0.26513 V1738>+V87K QNSQXN38XM 3S (X MS7\ &SVQX3838/X7K"+779&+M:" +M98M" 26 weeks 0.035 0.035 0.185 0.035 "4%- +( "&+!4)$+( !431,'1 US =U+U&8U; SN VSN3;+;X 8UM1N+U&X QNS/8\X\P 745(6,%#+",%+", !+36%4+, Week 52-Week Secondary market Euro Libor /.4,* "602 %+ 3+..$%1( %(64, Latest ago High Low One month -0.574 -0.573 -0.436 -0.607 Fannie Mae Three month -0.544 -0.543 -0.231 -0.574 FEGF#EC- LG',CWGH BHWCD FEW'# D,L# %,C# 1+3/$ ",..+'-)/0 1(!( Prime rates (-" %$10-7-)/;!> 3;/4!.;; ?.+. 30-year mortgage yields Six month -0.526 -0.525 -0.112 -0.543 U.S. 3.25 3.25 3.25 3.25 One year -0.487 -0.496 -0.041 -0.511 EX78+(7X 5R@ R63: D3P TBU83 ZRI"III <42R42I2R 30 days 2.384 2.388 2.622 1.751 Canada 2.45 2.45 2.45 2.45 YS1M8U; *X+/XN !+77M" F, J17389!+V87K BUM3+3X\ 60 days 2.414 2.420 2.674 1.804 Secured Overnight Financing Rate R=&XM4:S1M8U;4V>:4Q\4V>Q78M3 [email protected] U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, Formoreinformation visit: U.S. government rates and is effective March 16, 2020. Other prime rates aren’t directly comparable; lending practices vary wsj.com/classifieds widely by location; Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is Discount as of May 10, 2021. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted average for HS3X$ C:8M +\/XN38MXVXU3 8M Q7+&X\ (K YB% )\SXM 0.25 0.25 0.25 0.25 overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal-funds rates US3 &SUM38313X 3:X 7X;+7 US38&X S> >SNX&7SM1NX M+7XP are Tullett Prebon rates as of 5:30 p.m. ET. ©2021Dow Jones &Company,Inc. Federal funds All Rights Reserved. Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; Effective rate 0.0600 0.0600 0.1000 0.0600 Tullett Prebon Information, Ltd. P2JW132000-0-B00900-1------XA

THE WALL STREET JOURNAL. We dnesday, May 12, 2021 | B9

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 July 147.65 151.65 147.55 150.10 2.05 115,542 June .9191 .9232 .9178 .9206 .0014 148,407 Agriculture Futures Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Canadian Dollar (CME)-CAD 100,000; $ per CAD Contract Open July 17.49 18.14 s 17.40 18.10 .61 435,664 May .8257 .8279 s .8248 .8272 .0006 638 Open High hi lo Low Settle Chg interest Corn (CBT)-5,000 bu.; cents per bu. Oct 17.52 18.13 s 17.46 18.09 .54 210,248 June .8262 .8280 s .8247 .8272 .0006 195,450 Copper-High (CMX)-25,000 lbs.; $ per lb. May 747.25 771.50 747.25 759.50 11.50 828 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. British Pound (CME)-£62,500; $ per £ May 4.7090 4.8200 4.7090 4.7785 0.0450 2,895 July 711.00 732.50 703.25 722.25 10.50 705,248 July 31.40 .05 2,696 May 1.4123 1.4166 1.4105 1.4158 .0023 584 July 4.6650 4.8035 4.6625 4.7620 0.0460 165,927 Oats (CBT)-5,000 bu.; cents per bu. Sept 31.30 .04 2,395 June 1.4120 1.4167 1.4104 1.4158 .0023 169,008 May 403.75 403.75 403.75 400.25 –2.75 1 Gold (CMX)-100 troy oz.; $ per troy oz. Cotton (ICE-US)-50,000 lbs.; cents per lb. Swiss Franc (CME)-CHF 125,000; $ per CHF July 410.25 412.00 401.25 407.50 –2.75 4,100 July 88.18 88.85 87.35 87.75 –.72 101,307 June 1.1108 1.1119 1.1072 1.1079 –.0034 40,630 May 1837.20 1838.10 1831.60 1835.90 –1.60 347 Soybeans (CBT)-5,000 bu.; cents per bu. Dec 85.90 86.10 85.02 85.53 –.57 92,940 Sept 1.1111 1.1145 1.1100 1.1106 –.0034 327 June 1836.20 1842.50 1817.80 1836.10 –1.50 350,502 May 1637.50 17.50 436 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD July 1837.80 1842.40 1819.50 1837.00 –1.60 267 July 1586.00 1625.50 s 1573.25 1614.75 27.25 344,294 July 116.70 117.15 112.15 115.75 –.80 11,424 May .7831 .7857 .7820 .7843 .0001 177 Aug 1837.60 1844.30 1819.80 1838.10 –1.70 108,243 Soybean Meal (CBT)-100 tons; $ per ton. Sept 120.00 120.00 114.60 118.70 –.80 1,226 June .7831 .7858 .7821 .7844 .0001 142,854 Oct 1835.90 1845.00 1822.40 1839.70 –1.80 13,856 May 453.70 453.70 444.60 449.50 5.10 426 Mexican Peso (CME)-MXN 500,000; $ per MXN July 442.30 452.20 438.20 447.00 4.70 196,717 Dec 1842.00 1848.10 1824.40 1841.80 –1.70 32,452 Interest Rate Futures May .04988 .05036 .05000 .05002 –.00013 10 Soybean Oil (CBT)-60,000 lbs.; cents per lb. Palladium (NYM) - 50 troy oz.; $ per troy oz. June .05000 .05025 .04981 .04987 –.00012 140,669 May …… …2923.20 –48.90 May 67.55 67.68 66.50 67.06 .96 160 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% July 63.80 65.29 63.11 64.80 .96 179,278 June 185-080 185-300 183-280 184-090 –1-07.0 1,130,201 Euro (CME)-€125,000; $ per € June 2956.00 2986.50 2910.50 2926.20 –42.00 8,520 May 1.2136 1.2183 1.2126 1.2154 .0006 1,820 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Sept 182-200 –1-07.0 3,148 Platinum (NYM)-50 troy oz.; $ per troy oz. June 1.2139 1.2190 1.2131 1.2160 .0006 685,735 May 13.84 13.84 13.84 13.74 –.14 117 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% May 1238.70 –24.30 1 July 14.24 14.25 14.03 14.07 –.14 8,056 June 157-150 157-260 156-240 156-300 –19.0 1,187,600 July 1253.70 1256.20 1216.00 1241.20 –24.30 62,894 Wheat (CBT)-5,000 bu.; cents per bu. Sept 155-110 –19.0 2,877 Index Futures Silver (CMX)-5,000 troy oz.; $ per troy oz. May 742.75 765.00 742.75 759.75 17.25 182 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Mini DJ Industrial Average (CBT)-$5 x index May 27.285 27.545 27.280 27.657 0.178 902 July 727.75 749.00 722.75 741.75 11.25 229,560 June 132-195 132-235 132-125 132-145 –5.0 4,248,642 June 34647 34732 33983 34183 –485 104,293 Wheat (KC)-5,000 bu.; cents per bu. July 27.400 27.700 27.180 27.667 0.175 145,481 Sept 131-240 131-275 131-170 131-190 –5.0 52,813 Sept 34560 34612 33881 34071 –488 1,487 May 707.00 707.00 706.00 702.50 7.00 8 Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% S&P 500 Index (CME)-$250 x index July 702.50 718.50 694.25 710.50 7.00 132,096 June 64.90 65.50 63.68 65.28 0.36 287,303 June 124-107 124-130 124-072 124-082 –3.2 3,415,292 June 4166.40 4184.40 4124.30 4146.20 –37.20 37,567 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. July 64.94 65.51 63.71 65.30 0.37 353,264 Sept 123-222 –3.0 28,127 Mini S&P 500 (CME)-$50 x index May 135.200 136.000 134.525 135.325 –.125 3,548 Aug 64.80 65.33 63.59 65.15 0.37 259,270 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% June 4176.75 4185.50 4103.75 4146.25 –37.25 2,596,737 Aug 148.675 149.625 147.550 148.850 .150 26,479 Sept 64.51 65.02 63.32 64.86 0.38 177,061 Cattle-Live (CME)-40,000 lbs.; cents per lb. June 110-128 110-131 110-123 110-125 –.5 2,296,757 Dec 4161.00 4166.00 4085.25 4127.00 –38.00 45,496 Oct 64.04 64.62 62.98 64.49 0.40 153,601 June 118.600 118.900 117.850 118.625 .400 85,572 Sept 110-102 110-107 110-098 110-098 –.9 855 Mini S&P Midcap 400 (CME)-$100 x index Dec 63.23 63.80 62.20 63.66 0.44 331,614 Aug 120.700 122.125 120.125 122.050 1.700 112,192 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. June 2732.30 2735.80 2678.00 2708.70 –24.90 44,552 NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Hogs-Lean (CME)-40,000 lbs.; cents per lb. May 99.9375 99.9400 s 99.9375 99.9375 167,619 Sept 2676.40 2704.40 –24.90 28 June 2.0164 2.0465 1.9964 2.0417 .0251 101,800 May 111.650 111.675 111.400 111.475 –.425 1,859 July 99.9200 99.9250 99.9150 99.9200 149,542 Mini Nasdaq 100 (CME)-$20 x index July 2.0157 2.0444 1.9954 2.0396 .0234 69,579 June 111.725 113.125 110.250 111.175 –.925 75,348 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% June 13316.50 13375.75 13065.25 13346.00 –10.75 231,289 Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. June 91-165 –7.0 180,251 Sept 13300.00 13362.00 13055.75 13334.25 –11.00 2,464 Mini Russell 2000 (CME)-$50 x index June 2.1341 2.1452 2.0947 2.1399 .0065 112,296 May 1585.50 1630.00 1550.50 1629.80 28.80 172 Eurodollar (CME)-$1,000,000; pts of 100% July 1564.10 1574.90 1544.50 1544.50 –63.00 1,432 May 99.8325 99.8375 99.8325 99.8325 …115,116 June 2202.00 2216.60 2152.10 2203.30 –6.30 447,859 July 2.1249 2.1395 2.0910 2.1348 .0075 92,755 Milk (CME)-200,000 lbs., cents per lb. Sept 2204.00 2211.90 2149.50 2199.80 –6.50 779 Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. June 99.8300 99.8350 99.8250 99.8300 … 1,364,660 May 18.90 19.00 18.82 18.89 .03 4,706 March'23 99.5600 99.5700 99.5350 99.5400 –.0200 1,167,045 Mini Russell 1000 (CME)-$50 x index June 2.927 2.970 2.881 2.955 .023 179,272 June 18.82 19.40 18.82 19.00 .18 4,534 June 99.4400 99.4550 99.4200 99.4200 –.0250 985,313 June 2339.50 2339.50 2304.60 2329.10 –18.90 8,947 July 2.971 3.013 2.928 2.999 .021 228,373 Cocoa (ICE-US)-10 metric tons; $ per ton. U.S. Dollar Index (ICE-US)-$1,000 x index Aug 2.978 3.021 2.939 3.007 .021 71,779 May 2,425 2,425 2,425 2,425 –48 33 Currency Futures June 90.23 90.34 89.96 90.12 –.06 39,829 Sept 2.964 3.007 2.926 2.994 .021 108,066 July 2,497 2,497 2,444 2,466 –48 81,182 Sept 90.26 90.30 89.93 90.11 –.06 1,058 Oct 2.981 3.023 2.945 3.011 .021 128,937 Coffee (ICE-US)-37,500 lbs.; cents per lb. Japanese Yen (CME)-¥12,500,000; $ per 100¥ Jan'22 3.248 3.280 3.220 3.275 .018 79,205 May 149.20 149.20 147.05 147.90 .30 47 May .9178 .9229 .9175 .9204 .0013 557 Source: FactSet

| Cash Prices | wsj.com/market-data/commodities Tuesday, May 11, 2021 Bonds wsj.com/market-data/bonds/benchmarks These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— separate from the futures price on an exchange, which reflects what the commodity might be worth in future Tracking Bond Benchmarks months. Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Tuesday Tuesday Tuesday highs and lows for different types of bonds Energy Aluminum, LME, $ per metric ton *2565.0 Wheat - Hard - KC (USDA) $ per bu-u 7.5050 Total Total Copper,Comex spot 4.7785 Wheat,No.1soft white,Portld,OR-u 7.3000 return YTD total Yield (%) return YTD total Yield (%) Coal,C.Aplc.,12500Btu,1.2SO2-r,w 59.700 Iron Ore, 62% Fe CFR China-s 228.9 Food close return (%) Index Latest Low High close return (%) Index Latest Low High Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 12.050 Shredded Scrap, US Midwest-s,m 451 Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays Steel, HRC USA, FOB Midwest Mill-s 1514 Beef,carcass equiv. index Metals n.a. Mortgage-Backed Fibers and Textiles choice 1-3,600-900 lbs.-u 237.25 n.a. n.a. U.S. Aggregate n.a. n.a. n.a. n.a. n.a. n.a. n.a. Gold, per troy oz select 1-3,600-900 lbs.-u 221.47 U.S. Corporate Indexes Bloomberg Barclays n.a. n.a. Ginnie Mae (GNMA) n.a. n.a. n.a. Engelhard industrial 1822.00 Burlap,10-oz,40-inch NY yd-n,w 0.7400 Broilers, National comp wtd. avg.-u,w 1.0449 Butter,AA Chicago Handy & Harman base 1829.10 Cotton,1 1/16 std lw-mdMphs-u 0.8550 1.8125 n.a. n.a. U.S. Corporate n.a. n.a. n.a. n.a. n.a. Fannie mae (FNMA) n.a. n.a. n.a. Cheddar cheese,bbl,Chicago Handy & Harman fabricated 2030.30 Cotlook 'A' Index-t *94.75 169.00 Cheddar cheese,blk,Chicago n.a. Freddie Mac (FHLMC) n.a. LBMA Gold Price AM *1834.15 Hides,hvy native steers piece fob-u n.a. 177.00 n.a. n.a. Intermediate n.a. n.a. n.a. n.a. n.a. n.a. Milk,Nonfat dry,Chicago lb. 132.25 LBMA Gold Price PM *1840.45 Wool,64s,staple,Terr del-u,w 3.85 Coffee,Brazilian,Comp n.a. n.a. Long term n.a. n.a. n.a. 598.11 0.4 Muni Master 0.850 0.725 1.629 Krugerrand,wholesale-e 1909.70 1.3733 Grains and Feeds Coffee,Colombian, NY Maple Leaf-e 1928.06 1.9609 n.a. n.a. Double-A-rated n.a. n.a. n.a. 422.74 0.2 7-12 year 0.878 0.712 1.602 Eggs,large white,Chicago-u 0.7650 American Eagle-e 1928.06 Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 19.80 Triple-B-rated 485.58 0.7 12-22 year 1.216 1.095 2.050 Mexican peso-e 2221.97 n.a. n.a. n.a. n.a. n.a. Bran,wheat middlings, KC-u 124 Hams,17-20 lbs,Mid-US fob-u 0.88 Austria crown-e 1802.89 High Yield Bonds ICE BofA 22-plus year Corn,No. 2 yellow,Cent IL-bp,u 7.3450 Hogs,Iowa-So. Minnesota-u 105.54 475.86 1.6 1.747 1.682 3.014 Austria phil-e 1928.06 Corn gluten feed,Midwest-u,w 202.3 Pork bellies,12-14 lb MidUS-u 1.8949 505.72 2.1 High Yield Constrained 4.172 3.955 8.195 Global Government J.P. Morgan† Silver, troy oz. Corn gluten meal,Midwest-u,w 592.9 Pork loins,13-19 lb MidUS-u 1.2554 Engelhard industrial 27.2500 Cottonseed meal-u,w 355 Steers,Tex.-Okla. Choice-u n.a. 488.27 6.9 Triple-C-rated 7.047 6.809 17.871 594.30 -3.4 Global Government 0.970 0.460 0.970 Handy & Harman base 27.5250 Hominy feed,Cent IL-u,w 150 Steers,feeder,Okla. City-u,w 164.00 Canada Handy & Harman fabricated 34.4060 Meat-bonemeal,50% pro Mnpls-u,w 330 3378.16 1.5 High Yield 100 3.739 3.261 6.888 826.44 -4.3 1.500 0.610 1.520 Fats and Oils LBMA spot price *£19.6800 Oats,No.2 milling,Mnpls-u 3.9500 455.73 1.9 Global High Yield Constrained 4.171 4.037 8.100 n.a. n.a. EMU§ n.a. n.a. n.a. (U.S.$ equivalent) *27.7350 Rice, Long Grain Milled, No. 2 AR-u,w 27.25 Degummed corn oil, crude wtd. avg.-u,w 68.0000 Coins,wholesale $1,000 face-a 22307 Sorghum,(Milo) No.2 Gulf-u 9.0838 Grease,choice white,Chicago-h 0.5150 345.00 2.2 Europe High Yield Constrained 2.573 2.434 6.011 756.81 -4.7 France 0.400 -0.160 0.400 Other metals SoybeanMeal,Cent IL,rail,ton48%-u,w 451.00 Lard,Chicago-u n.a. U.S Agency Bloomberg Barclays 532.45 -3.6 Germany -0.060 -0.530 -0.060 LBMA Platinum Price PM *1267.0 Soybeans,No.1 yllw IL-bp,u 16.4200 Soybean oil,crude;Centl IL-u,w 0.7330 Platinum,Engelhard industrial 1229.0 Wheat,Spring14%-pro Mnpls-u 8.8800 Tallow,bleach;Chicago-h 0.5450 n.a. n.a. U.S Agency n.a. n.a. n.a. 294.85 -0.1 Japan 0.320 0.210 0.420 Palladium,Engelhard industrial 2941.0 Wheat,No.2 soft red,St.Louis-u 7.6175 Tallow,edible,Chicago-u n.a. n.a. n.a. 10-20 years n.a. n.a. n.a. 591.67 -4.3 Netherlands 0.080 -0.450 0.080 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; n.a. n.a. 20-plus years n.a. n.a. n.a. 1015.95 -7.3 U.K. 1.150 0.420 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 5/10 Source: Dow Jones Market Data n.a. n.a. Yankee n.a. n.a. n.a. 911.09 -2.4 Emerging Markets ** 4.770 4.295 6.140 *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 Exchange-Traded BANKRATE.COM® MMA, Savings and CDs Portfolios Global Government Bonds: Mapping Yields Average Yields of Major Banks Tuesday, May 11, 2021 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in Largest 100 exchange-traded funds, Type MMA 1-MO 2-MO 3-MO 6-MO 1-YR 2-YR 2.5YR 5YR latest session National average selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session Tuesday, May 11, 2021 Savings 0.06 0.05 0.05 0.07 0.09 0.13 0.17 0.13 0.25 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points Closing Chg YTD Jumbos 0.13 0.05 0.06 0.08 0.10 0.14 0.18 0.14 0.27 Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago ETF Symbol Price (%) (%) Weekly change 0.125 U.S. 2 0.159 s l 0.153 0.157 0.179 ARKInnovationETF ARKK 106.12 2.06 –14.8 Savings 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.01 -0.01 1.125 10 1.623 s l 1.601 1.664 0.724 CommSvsSPDR XLC 76.56 –0.29 13.5 Jumbos 0.00 -0.01 0.00 0.00 0.00 -0.01 0.00 0.00 -0.01 CnsmrDiscSelSector XLY 172.49 –1.13 7.3 5.500 Australia 2 0.085 t l 0.091 0.087 0.234 -7.5 -6.6 5.4 EnSelectSectorSPDR XLE 52.27 –2.57 37.9 FinSelSectorSPDR XLF 37.08 –1.77 25.8 1.500 10 1.677 s l 1.666 1.707 0.971 5.7 6.2 25.6 HealthCareSelSect XLV 122.89 –1.08 8.3 Consumer Savings Rates l IndSelSectorSPDR XLI 103.89 –1.48 17.3 0.000 France 2 -0.632 s -0.646 -0.656 -0.524 -79.3 -80.2 -70.5 Below are the top federally insured offers available nationwide according to Bankrate.com's InvscQQQI QQQ 325.31 –0.14 3.7 1.500 10 0.226 s l 0.167 -0.036 -0.016 -139.4 -143.7 -73.1 InvscS&P500EW RSP 149.31 –1.20 17.1 weeklysurveyofhighestyields.Forlatestoffersandreviewsofthesefinancialinstitutions,please iShCoreDivGrowth DGRO 50.52 –1.10 12.7 visit bankrate.com/banking/reviews. Information is believed to be reliable, but not guaranteed. 0.000 Germany 2 -0.667 s l -0.685 -0.699 -0.753 -82.7 -84.1 -93.3 iShCoreMSCIEAFE IEFA 75.08 –1.24 8.7 iShCoreMSCIEM IEMG 64.99 –0.35 4.8 High yield savings 0.000 10 -0.158 s l -0.208 -0.299 -0.507 -177.8 -181.2 -122.2 iShCoreMSCITotInt IXUS 72.69 –0.93 8.2 Bank Yield Bank Yield iShCoreS&P500 IVV 415.87 –0.89 10.8 0.600 Italy 2 -0.246 s l -0.280 -0.362 0.530 -40.7 -43.6 34.9 iShCoreS&P MC IJH 270.58 17.7 Phone number Minimum (%) Phone number Minimum (%) –0.95 0.600 10 0.992 s l 0.936 0.741 1.880 -62.7 -66.8 116.5 iShCoreS&P SC IJR 109.76 –0.66 19.4 Money market and savings account Six-month CD iShS&PTotlUSStkMkt ITOT 95.04 –0.79 10.2 0.005 Japan 2 -0.130 t l -0.129 -0.124 -0.170 -29.1 -28.6 -35.0 iShCoreTotalUSDBd IUSB 52.96 –0.17 –3.0 BrioDirect $100 0.60 Presidential Bank, FSB $1,000 0.50 iShCoreUSAggBd AGG 114.18 –0.22 –3.4 (877) 369-2746 (800) 799-1424 0.100 10 0.076 t l 0.085 0.106 0.011 -154.3 -151.9 -70.4 iShSelectDividend DVY 121.17 –1.54 26.0 Vio Bank $100 0.57 BankDirect $10,000 0.50 iShESGAwareUSA ESGU 94.73 –0.74 10.1 0.000 Spain 2 -0.497 s l -0.505 -0.493 -0.192 -66.2 -37.3 (888) 999-9170 (877) 839-2737 -65.8 iShEdgeMSCIMinUSA USMV 72.32 –0.97 6.5 iShEdgeMSCIUSAMom MTUM 164.77 0.21 2.2 Live Oak Bank $1 0.55 TAB Bank $1,000 0.40 0.100 10 0.523 s l 0.471 0.384 0.798 -109.6 -113.3 8.3 iShEdgeMSCIUSAQual QUAL 127.26 –0.86 9.5 (866) 518-0286 (800) 355-3063 0.125 U.K. 2 0.077 s l 0.040 0.052 0.012 -8.4 -11.7 -16.9 iShEdgeMSCIUSAVal VLUE 105.73 –1.30 21.7 One-month CD One-year CD iShGoldTr IAU 17.52 ... –3.4 4.750 10 0.836 s l 0.791 0.778 0.272 -78.3 -81.3 -44.3 iShiBoxx$InvGrCpBd LQD 130.56 –0.37 –5.5 Lone Star Bank $1,000 0.20 Comenity Direct $1,500 0.70 iShiBoxx$HYCpBd HYG 87.04 –0.10 –0.3 (713) 358-9400 (833) 755-4354 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close iShJPMUSDEmgBd EMB 111.09 –0.23 –4.2 iShMBSETF MBB 108.45 –0.09 –1.5 State Bank of India California $1,000 0.15 CFG Community Bank $500 0.67 iShMSCI ACWI ACWI 98.80 –0.82 8.9 (877) 707-1995 (888) 205-8388 Corporate Debt iShMSCI EAFE EFA 78.93 –1.31 8.2 Presidential Bank, FSB $1,000 0.10 Merrick Bank $25,000 0.65 iShMSCI EAFE SC SCZ 74.68 –1.20 9.3 (800) 799-1424 (866) 638-6851 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific iShMSCIEmgMarkets EEM 53.56 –0.28 3.7 expectations iShMSCIEAFEValue EFV 53.16 –1.37 12.6 Two-month CD Two-year CD iShNatlMuniBd MUB 116.62 –0.10 –0.5 Investment-grade spreads that tightened the most… iSh1-5YIGCorpBd IGSB 54.79 –0.07 –0.7 Lone Star Bank $1,000 0.20 Comenity Direct $1,500 0.75 (713) 358-9400 (833) 755-4354 Spread*, in basis points iShPfd&Incm PFF 38.33 –0.65 –0.5 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week iShRussell1000Gwth IWF 250.85 –0.39 4.0 State Bank of India California $1,000 0.15 Merrick Bank $25,000 0.71 iShRussell1000 IWB 233.30 –0.86 10.1 (877) 707-1995 (866) 638-6851 GA Global Funding Trust GBLATL 1.625 1.24 Jan. 15, ’26 45 –26 70 iShRussell1000Val IWD 159.53 –1.28 16.7 VirtualBank $10,000 0.15 Live Oak Bank $2,500 0.70 iShRussell2000 IWM 218.96 –0.32 11.7 MassMutual Global Funding II MASSMU 0.850 0.33 June 9, ’23 17 –6 n.a. iShRussell2000Val IWN 163.00 –0.74 23.7 (877) 998-2265 (866) 518-0286 BNP Paribas BNP 4.625 2.20 March 13, ’27 140 –5 138 iShRussellMid-Cap IWR 76.90 –0.83 12.2 Three-month CD Five-year CD –5 iShRussellMCValue IWS 115.33 –1.20 18.9 Glencore Finance Canada GLENLN 6.900 3.84 Nov. 15, ’37 162 n.a. iShS&P500Growth IVW 67.65 –0.43 6.0 BrioDirect $500 0.25 CFG Community Bank $500 1.00 UnitedHealth UNH 3.750 0.91 July 15, ’25 11 –5 15 iShS&P500Value IVE 148.57 –1.35 16.1 (877) 369-2746 (888) 205-8388 Equinor EQNR 4.250 3.07 Nov. 23, ’41 87 –4 n.a. iShShortTreaBd SHV 110.51 ... –0.0 Lone Star Bank $1,000 0.25 Connexus Credit Union $5,000 1.00 iShSilver SLV 25.67 1.26 4.5 (713) 358-9400 (800) 845-5025 Caterpillar Financial Services … 0.450 0.30 Sept. 14, ’23 14 –3 13 iShTIPSBondETF TIP 127.49 –0.27 –0.1 –3 iSh1-3YTreasuryBd SHY 86.27 –0.01 –0.1 State Bank of India California $1,000 0.25 Comenity Direct $1,500 0.90 Intercontinental Exchange ICE 0.700 0.43 June 15, ’23 27 n.a. iSh7-10YTreasuryBd IEF 114.07 –0.17 –4.9 (877) 707-1995 (833) 755-4354 iShRussellMCGrowth IWP 102.80 0.11 0.1 …And spreads that widened the most iShUSTreasuryBdETF GOVT 26.32 –0.11 –3.4 High yield jumbos - Minimum is $100,000 JPM UltShtIncm JPST 50.73 0.02 –0.1 Domtar UFS 6.250 5.29 Sept. 1, ’42 307 48 253 PIMCOEnhShMaturity MINT 101.98 0.02 –0.1 Money market and savings account Six-month CD Deutsche Bank DB 15 n.a. SPDR Gold GLD 172.14 0.02 –3.5 3.700 1.23 May 30, ’24 93 SchwabIntEquity SCHF 39.23 –1.23 8.9 CFG Community Bank 0.62 BankDirect 0.50 Vodafone VOD 6.150 3.34 Feb. 27, ’37 113 9 111 SchwabUS BrdMkt SCHB 100.39 –0.74 10.3 (888) 205-8388 (877) 839-2737 Verizon Communications VZ 4.812 3.23 March 15, ’39 100 9 101 SchwabUS Div SCHD 76.69 –1.03 19.6 BrioDirect Presidential Bank, FSB SchwabUS LC SCHX 100.18 –0.80 10.1 0.60 0.50 General Motors GM 6.250 4.07 Oct. 2, ’43 183 8 184 SchwabUS LC Grw SCHG (877) 369-2746 (800) 799-1424 134.15 –0.22 4.5 HP HPQ 6.000 3.81 Sept. 15, ’41 157 8 160 SchwabUS SC SCHA 100.00 –0.27 12.4 Presidential Bank, FSB 0.55 Merrick Bank 0.40 Schwab US TIPs SCHP 62.27 –0.22 0.3 (800) 799-1424 (866) 638-6851 Oracle ORCL 5.375 3.64 July 15, ’40 141 7 140 SPDR DJIA Tr DIA 342.91 –1.39 12.1 Siemens Financieringsmaatschappij SIEGR 2.875 3.03 March 11, ’41 81 7 77 SPDR S&PMdCpTr MDY 494.22 –0.90 17.7 One-month CD One-year CD SPDR S&P 500 SPY 414.21 –0.89 10.8 SPDR S&P Div SDY 125.86 –1.26 18.8 Lone Star Bank 0.20 Comenity Direct 0.70 High-yield issues with the biggest price increases… (713) 358-9400 (833) 755-4354 TechSelectSector XLK 135.11 –0.30 3.9 Bond Price as % of face value VanEckGoldMiner GDX 37.64 0.70 4.5 State Bank of India California 0.15 CFG Community Bank 0.67 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week VangdInfoTech VGT 362.55 –0.09 2.5 (877) 707-1995 (888) 205-8388 VangdSC Val VBR 173.65 –1.04 22.1 VirtualBank 0.10 Merrick Bank 0.65 Murphy Oil MUR 7.050 5.63 May 1, ’29 109.000 0.75 107.250 VangdExtMkt VXF 177.41 –0.05 7.7 QVC QVCN 4.850 1.64 April 1, ’24 109.000 0.31 108.661 VangdSC Grwth VBK 269.12 –0.18 0.5 (877) 998-2265 (866) 638-6851 VangdDivApp VIG 154.68 –1.11 9.6 Two-month CD Two-year CD Transocean RIG 6.800 14.08 March 15, ’38 53.500 0.25 49.500 VangdFTSEDevMk VEA 51.25 –1.20 8.6 Hughes Satellite Systems … 6.625 4.05 Aug. 1, ’26 112.000 0.25 111.138 VangdFTSE EM VWO 52.36 –0.27 4.5 Lone Star Bank 0.20 Comenity Direct 0.75 VangdFTSE Europe VGK 66.91 –1.15 11.1 (713) 358-9400 (833) 755-4354 WeWork WEWORK 7.875 9.05 May 1, ’25 96.150 0.15 n.a. VangdFTSEAWxUS VEU 62.62 –1.01 7.3 State Bank of India California 0.15 Merrick Bank 0.71 Teva Pharmaceutical Finance … 6.150 Feb. 1, ’36 0.13 107.350 VangdGrowth VUG 264.62 –0.29 4.5 5.40 107.500 VangdHlthCr VHT 237.13 –0.64 6.0 (877) 707-1995 (866) 638-6851 Brinker International EAT 3.875 2.40 May 15, ’23 102.870 0.09 n.a. VangdHiDiv VYM 106.30 –1.13 16.2 VirtualBank 0.15 Live Oak Bank 0.70 VangdIntermBd BIV 89.15 –0.12 –4.0 (877) 998-2265 (866) 518-0286 …And with the biggest price decreases VangdIntrCorpBd VCIT 93.82 –3.4 –0.20 Three-month CD Five-year CD VangdLC VV 193.14 –0.84 9.9 Howmet Aerospace HWM 5.950 4.31 Feb. 1, ’37 118.530 –1.57 120.500 VangdMC VO 229.12 –0.79 10.8 Lone Star Bank 0.25 CFG Community Bank 1.00 L Brands LB 5.250 3.80 Feb. 1, ’28 108.500 –1.00 109.500 VangdMC Val VOE 142.75 –1.40 20.0 (713) 358-9400 (888) 205-8388 VangdMBS VMBS 53.49 –0.07 –1.1 CF Industries CF 5.375 4.01 March 15, ’44 120.250 –0.88 122.000 VangdRealEst VNQ 97.17 –1.26 14.4 State Bank of India California 0.25 Connexus Credit Union 1.00 VangdS&P500ETF VOO 380.86 –0.88 10.8 (877) 707-1995 (800) 845-5025 ADT Security ADT 3.500 1.98 July 15, ’22 101.750 –0.75 102.148 VangdST Bond BSV 82.29 –0.05 –0.7 BrioDirect 0.25 Comenity Direct 0.90 Occidental Petroleum OXY 7.500 5.08 May 1, ’31 118.750 –0.75 119.499 VangdSTCpBd VCSH 82.71 –0.04 –0.6 (877) 369-2746 (833) 755-4354 VangdShtTmInfltn VTIP 52.25 –0.11 2.3 Lumen Technologies LUMN 7.250 2.87 Sept. 15, ’25 117.750 –0.70 n.a. VangdSC VB 218.43 –0.65 12.2 Notes: Accounts are federally insured up to $250,000 per person. Yields are based on method of Teva Pharmaceutical Finance Netherlands … 3.150 4.39 Oct. 1, ’26 94.114 –0.64 94.037 VangdTotalBd BND 84.99 –0.20 –3.6 compounding and rate stated for the lowest required opening deposit to earn interest. CD VangdTotIntlBd BNDX Hat Holdings I … 3.750 4.34 Sept. 15, ’30 95.520 –0.63 95.980 56.78 –0.23 –3.0 figures are for fixed rates only. MMA: Allows six (6) third-party transfers per month, three (3) of VangdTotIntlStk VXUS 64.83 –1.08 7.8 VangdTotalStk VTI 214.44 –0.80 10.2 which may be checks. Rates are subject to change. *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. VangdTotlWrld VT 100.94 –0.87 9.0 Source: Bankrate.com, a publication of Bankrate, Inc., Palm Beach Gardens, FL 33410 Note: Data are for the most active issue of bonds with maturities of two years or more VangdValue VTV 138.91 –1.35 16.8 Internet: www.bankrate.com Source: MarketAxess P2JW132000-1-B01000-1------XA

B10 | We dnesday, May 12, 2021 * THE WALL STREET JOURNAL. BANKING & FINANCE China Seeks Leading Role In Blockchain

BY JAMES T. AREDDY work in ahouse sale,for exam- ple,the buyer,seller and bro- China, home of the Great kers would tapintothe same Firewall, is trying to bring or- system as lawyers, mortgage der to ascrappy corner of cy- bankersand title examiners. berspace—and in the process “Personally, I think the in- put its mark on the next-gen- ternet is averyold system,” eration internet. said He Yifan, an engineer and A Beijing-backed initiative investor who studied at Mas- aims to shape acategoryof sachusetts InstituteofTech- online record-keeping called nology and leads the Beijing- blockchain.Most commonly based BSN project. “This is the

associated with bitcoin,block- next stage of the internet.” S chain holds broad promise for Alittle over ayear intoits PRES businessand other uses but operation, the BSN endeavor

has been hobbled by a lack of boasts20,000 usersand thou- ZUMA G/

uniform technical standards. sands of blockchain-related TP With an offer of ultracheap projects. Apowerful stateac- Blockchain aims to allownumerous parties, as with pork sales in China, above,tointeract simultaneously and securely transferassets. server space, Beijing is beck- tor’sbid to build critical mass oning blockchain’sglobal com- forblockchain both excites and limit BSN’sappeal outside the munity of developerstoadopt unnerves atechnologyindus- country. But he said BSN’s Common Standards cryptocurrencies, said Irving the maturing of the internet. itsvision forthe technology. trywhereupstartshavetradi- goal isn’t to control informa- Wladawsky-Berger,atechnol- “The blockchain communityis Successcould put China in a tionally led breakthroughs. tion but to establish a frame- Are a Major Goal ogy consultant. He and others utterly fascinatedby[BSN] be- powerful position to influence Thepotential of blockchain work forblockchain to gain comparethe challenge with cause it’ssuch abig bold move,” future development of the in- already enthralls American cor- scale,just as programming en- howcomputer scientists spent said Alan Pelz-Sharpe, founder of ternet itself and promotein- porations: Boeing Co.has tested gineersdeveloped “http” to Popularization of the term decades constructing networks technology advisory Deep Analy- ternational use of Chinese in- it to organizeairspacefor better pave the way for webpages. “blockchain” is credited to the we nowknowasthe internet, sis in Massachusetts and who novations,likeahomegrown flight safety,while experiments Creation of the BSN is in line unidentified inventor of bitcoin and howitonly became trans- has studied the system. Global Positioning System and at Walmart Inc.use it to track with other Beijing effortstoin- who described a “chain of formativeonceAmerican-devel- BSN is acollaboration con- a digitized national currency. food. Gartner Inc.forecaststhat fluencefuturistic technologies blocks” in the 2009 framework oped TCP/IP programming pro- trolled by abranch of Beijing’s China is pitching its initia- newuses of blockchain could and become a“cyber great for creating individual units of tocols gained wide acceptance planning agency,the National tive, Blockchain-based Service generate$3trillion in value by power,” an ambition highlighted the cryptocurrency. Thatis one as the waytomakeavarietyof Developmentand Reform Com- Network,orBSN,asproviding the end of the decade. in itslatestfive-year plan. of the few things technologists differentsystems communicate. mission, units of China Mobile much-needed digital infra- China, with itscontrol of on- China leads the world in the agree on about blockchain, The promise of China’s Ltd.—the nation’sdominantcel- structurefor developers line content known as the Great deployment of 5G telecommu- which has since splintered into Blockchain-based ServiceNet- lular carrier—and credit-card world-wide: server space at a Firewall,might seem an inhos- nications networks and was numerous configurations. work is to enable blockchains on processor China UnionPay Co., few hundred dollars annually, pitable environment to explore the firsttolaunch asatellite The lack of common stan- its platform to interact, the so- as well as other major state-run programming tools to create the internet’scutting edge. Past forextra-secure quantum com- dards has kept blockchain from farelusive“interoperability” that businesses, and managed by blockchainsand, most criti- effortsbyBeijing to impose its munications.Chinese engi- realizing its potential beyond could become the magic keyto Beijing RedDateTechnology Co. cally,templates to standardize will on global internet architec- neersregularly challenge some basic functionality. ture have largely failed because Americans with advances in Afterthree decades,most in- of the controls,including na- artificial intelligence, big data verage,” he recently told aU.S. saying that with the system, ment money and muscle to ternet applications arelinks be- tional-securitylawsthat grant and the cloud-computing net- congressional research panel. “China controls the right to compel the blockchain commu- tween just two pointsatatime, the government dominion over works that host the BSN. One element of BSN gives internet access.” Mr.Hesaid nity,including leading cloud even at high connection speeds all datagenerated in the coun- Beijing’sproject worries Yaya Beijing important power: its gatekeeper authority for BSN companies likeAmazon.com achokepoint on potential uses. try. And despitetop-level gov- J. Fanusie,aformer Central In- ability to decide who can use outside of China will be gov- Inc., MicrosoftCorp.and Alpha- Blockchain’sselling point is ernment support forblock- telligenceAgencyresearcher at the technologyinthe first erned by a Singapore founda- bet Inc.’sGoogle,tosuspend to eventually allownumerous chain, Beijingbans use of its the conservativethink tank Cen- place. At a recent conference, tion now being established. competition and agree on asin- parties in atransaction to inter- poster child bitcoin as well as terfor aNew American Security one of BSN’skey people,Tan No centralized national-level gle blockchain solution. actsimultaneously and securely other cryptocurrencies. in Washington. “The Chinese Min, aresearcher at China blockchain alternativetoChina’s Microsoftdeclined to com- transfer assetsoverthe net. To Mr.Heconceded Chinese government aims forthe BSN to Mobile, spoke of the project’s exists. Replicating the model for ment, while Amazon and Google replaceemail chains and paper- government involvementmay giveChina strategic global le- powertodenyparticipants, the U.S. would requiregovern- didn’t respond to questions.

dustrials set recordsasre- billioninmonthly bond pur- gas, chief portfolio strategist looks likeyour economically ple and Microsoft also re- Stocks cently as Friday afteralack- chases. at Bessemer Trust. sensitivenames aregetting hit treated, while Tesla lost luster jobs report forApril Still, those commentsha- Investorsare keeping a related to these issues.” $11.84, or 1.9%, to $617. 20. sent stocks climbing on hopes ven’t been enough to assuage close eye on the sharp rise in Among the S&P 500’s11 Semiconductor giant Intel fell Decline that it would prompt the Fed- investors’ fear of inflation and the prices of commodities sectors, energy stocks suffered 93 cents, or 1.7%, to $55.04. eral Reservetofurther delaya eventual tightening of mone- such as corn and lumber, and the steepest fall Tuesday. Oc- Palantir Technologies,in tightening of monetarypolicy. tary policy. Many are betting manyremain concerned about cidental Petroleum dropped contrast, jumped $1.74,or Globally Federal Reservegovernor that inflation is likely to climb supply-chain issues and dis- $2.10,or7.9%, to $24.53,while 9.4%, to $20.21 afterthe data- Lael Brainardsaid Tuesday steeply in coming months, ruption of manufacturing. Exxon Mobil lost $1.99,or mining-software specialist re- that the central bank remains driven by Companies ranging from auto 3.2%, to $60.59. ported better-than-expected ContinuedfrompageB1 far from achieving itsinflation TUESDAY’S pent-up makerstosemiconductor gi- Other cyclical companies revenue and gaveastrong high as 23.73intraday, its and employment goals, noting MARKETS spending as antshave warned about sup- that posted big losses included forecast. highest intradaylevel since that risks remain even while well as supply ply-chain setbacks in recent home builder PulteGroup, Overseas,the pan-continen- March 10.The VIX has largely the U.S. outlook is bright. bottlenecks and a leap in com- months. whichfell $2.81, or 4.5%, to talStoxxEurope 600 dropped hovered below20for the past Other Fedofficials have said in modity prices. “Issues with the supply $59.54. RoyalCaribbean de- 2%. In Hong Kong,the Hang several weeks as the U.S. stock recent days that the economy “Inflation is an issue that is chain have been underappreci- clined $2.65,or3.2%, to Seng Indexfell 2%. Japan’s market has climbed to re- still needs the support of the on everyone’sminds right ated,” said ChristopherHar- $81.28. Nikkei 225slumped 3.1%, while peated records. central bank’snear-zerointer- now, and it is injecting alot of vey, head of equity strategy at Megacap tech companies South Korea’s Kospi index re- TheS&P 500 and Dowin- est-ratestanceand its$120 uncertainty,” said PeterLan- Wells FargoSecurities.“It Google parent Alphabet, Ap- treated 1.2%.

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

Adagene ADAG 11.11 10.8 BoqiiHolding BQ 3.70 -1.4 dMYTechIVWt DMYQ.WS 1.06 -12.4 HealthAssurance HAACU 10.10 -1.1 MarqueeRaineAcqn MRACU 9.97 -0.3 QellAcqnWt QELLW 1.20 1.5 Spartan II Wt SPRQ.WS 1.32 -1.5 The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE AdaptiveBiotech ADPT 30.41 2.9 BorqsTechs BRQS 0.81 0.6 DocumentSecSys DSS 2.45 -1.8 HealthAssuranceA HAAC 10.00 -1.2 MastechDigital MHH 15.00 1.2 QilianIntl QLI 4.08 -4.6 Splunk SPLK 110.28 4.8 American and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or low AevaTech AEVA 7.93 -2.1 BrainstormCell BCLI 2.92 3.7 DoorDash DASH 114.69 3.4 HealthAssurWt HAACW 1.64 1.7 MeaTech3D MITC 7.23 -5.2 QualigenTherap QLGN 1.61 -7.8 SumoLogic SUMO 15.80 3.0 in the latest session. %CHG-Daily percentage change from the previous trading session. AffirmHldgs AFRM 46.50 -2.7 BridgetownA BTWN 9.96 -1.1 DragoneerGrwA DGNR 9.95 -3.6 HeritageInsurance HRTG 8.54 -4.9 MedicusSciA MSAC 9.61 -0.6 Queen'sGambitWt GMBTW 0.85 -1.2 SupernovaPtrsII A SNII 9.85 -0.5 AgileTherap AGRX 1.28 -5.7 BridgetownWt BTWNW 1.75 -12.1 DuddellStreetA DSAC 9.68 -0.9 Hims&HersHealth HIMS 9.32 -4.1 MedTechAcqnWt MTACW 0.82 -4.5 RaMedicalSys RMED 3.25 -8.0 SupernovaPtrsA SPNV 9.80 ... Mesoblast MESO 6.67 -4.9 SwitchbackII Wt SWBK.WS 1.07 -0.8 Tuesday, May 11, 2021 AjaxI AJAX 9.84 0.3 Bridgetown2 BTNB 9.91 0.5 DyadicInt DYAI 3.82 4.1 HomePtCap HMPT 5.61 -3.0 ReataPharm RETA 79.40 -2.0 Akouos AKUS 12.03 3.8 BrightScholarEduc BEDU 4.62 -7.9 E.MergeTechWt ETACW 0.74 -4.8 Honest HNST 15.00 -9.5 MetenEdtechX METX 1.30 ... RecursionPharm RXRX 21.06 -1.6 SyrosPharm SYRS 4.75 3.6 52-Wk % 52-Wk % 52-Wk % Akoya AKYA 17.13 -6.5 BroadmarkRltyWt BRMK.WS 0.16 -9.0 ESM Acqn A ESM 9.75 -0.3 HothTherap HOTH 1.27 ... MissionAdvWt MACC.WS 0.53 -21.7 RedHillBio RDHL 5.91 0.7 TD Holdings GLG 0.99 -3.7 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg AlkamiTech ALKT 35.90 -7.4 BrookfieldBRP Nts BEPH 24.20 -1.0 EzgoTech EZGO 4.38 0.4 Hyliion HYLN 7.84 2.6 MolecularData MKD 0.73 3.2 RegionsFinPfdE RFpE 24.07 -0.4 TPGPaceBenII YTPG 10.03 -1.3 AlsetEHome AEI 3.95 -34.4 Bumble BMBL 49.53 -4.6 EbangIntl EBON 2.59 -2.0 IonAcqn1 A IACA 9.80 -1.2 MontaukRenew MNTK 8.50 -4.8 ReinventTechA RTP 9.75 -0.2 TSInnovA TSIA 9.91 -0.7 FedAgriMtg A AGM.A 93.86 2.5 Progressive PGR 107.44 -0.6 AltitudeAcqnWt ALTUW 0.91 -5.9 CASI Pharm CASI 1.32 -1.4 eGain EGAN 8.50 1.4 IonAcqn2 A IACB 9.93 -0.6 MorphoSys MOR 19.75 0.5 ReinventTechWt RTP.WS 1.50 -3.8 TailwindTwoA TWNT 9.65 -1.9 Highs Ferro FOE 22.00 23.9 RadiantLogistics RLGT 8.01 11.4 AmericanPubEdu APEI 24.97 -13.1 CFFinAcqnIII CFACU 10.03 0.1 EmergentBiosol EBS 55.07 -1.8 IderaPharm IDRA 0.98 3.8 NabrivaTherap NBRV 1.31 ... ReinventTechZ RTPZ.U 10.15 0.3 TalarisTherap TALS 13.22 -7.3 FiveStarBncp 26.65 1.0 FSBC RangeResources RRC 11.80 3.9 AmericanWell AMWL 11.89 -0.4 CM Life II A CMII 10.47 -3.6 EnvericBiosci ENVB 2.00 3.9 IdexBiometrics IDBA 20.35 -4.5 nCino NCNO 52.54 -1.2 ReinventTechZ A RTPZ 9.82 -0.6 TalisBiomed TLIS 10.05 -3.2 AlliantEnergy LNT 58.19 -1.7 FloraGrowth FLGC 6.00 -4.2 ReinventTechY A RTPY 10.02-0.9 Amesite AMST 2.02 -10.6 C3.ai AI 50.00 2.1 EverQuote EVER 29.35 4.8 InflaRx IFRX 3.24 1.8 NeuBaseTherap NBSE 4.70 0.4 RelayTherap RLAY 26.84 2.5 TeladocHealth TDOC 133.17 3.4 Ambev ABEV 3.28 1.9 ForestRoadII A FRXB 10.16 ... ReinventTechY Wt 1.40 ... RTPYW AppFolio APPF 110.22 -2.4 CYREN CYRN 0.55 -0.5 EvofemBiosci EVFM 1.12 2.5 Inhibrx INBX 14.27 8.3 NextCure NXTC 7.42 4.1 RelianceGlobalWt RELIW 0.55 -8.3 TernsPharm TERN 14.58 2.4 AmFinTrPfdC AFINO 25.83 ... FortressValueIV A FVIV 9.82 0.1 SagaComm SGA 28.58 29.9 Applovin APP 50.75 -3.7 CalitheraBiosci CALA 1.87 1.0 FtacHeraA HERA 9.75 -0.2 InovioPharma INO 5.81 -2.7 NextGenAcqnWt NGACW 1.20 -4.2 RibbitLeapA LEAP 10.32 -1.0 TherapeuticsMD TXMD 1.00 -1.0 AmericanNatl ANAT 142.44 16.1 GAMCO Investors GBL 23.46 3.0 SandersonFarms SAFM 175.83 2.7 ApreaTherap APRE 4.00 -2.8 Canoo GOEV 6.51 11.7 FTC Solar FTCI 11.67 -2.9 Inseego INSG 7.13 1.8 NorthernStarAcqn STIC 9.88 -1.6 RocketCos. RKT 16.48 -2.9 TianRuixiang TIRX 10.55 -0.6 AnteroResources AR 11.64 4.2 Gerdau GGB 7.27 4.6 SelectBancorp SLCT 13.94 -0.3 Aptinyx APTX 2.30 ... CapOneFinlPfdL COFpL 24.21 -0.8 FangddNetwork DUO 3.17 1.7 InterceptPharm ICPT 16.26 7.4 NorthernStrIV A NSTD 9.78 -0.3 RomeoPower RMO 6.80 0.8 Triterras TRIT 4.90 -3.7 ArborRealtyPfdA ABRpA 26.65 -0.2 GrahamHoldings GHC 668.31 ... SelectInterior SIC 11.25 3.4 AquestiveTherap AQST 3.22 -2.9 CapricorTherap CAPR 3.30 2.0 FarPeakAcqnWt FPAC.WS 0.80 -6.4 InterPrivateII A IPVF 9.70 0.1 Nuwellis NUWE 3.67 -8.2 Root ROOT 8.19 -0.1 Trxade MEDS 3.26 -8.4 ArcosDorados ARCO 6.68 2.7 GreatAjaxNts24 AJXA 25.66 -0.4 SilverBowRscs SBOW 14.40 7.2 NuZee 2.65 -4.8 Tuya 15.70 2.8 ArcturusTherap ARCT 25.22 -5.8 CaraTherap CARA 11.80 5.2 FinchTherap FNCH 12.05 -0.8 IonisPharma IONS 35.10 1.2 NUZE SQZ Biotech SQZ 11.17 -0.9 TUYA AuroraAcqnA AURC 10.90-5.7 GrupoSimec SIM 20.50 16.6 Smith-Midland SMID 13.98 5.5 ON24 ONTF 37.68 -2.1 UWM UWMC 6.25 1.0 ArrayTech ARRY 23.14 0.3 CarLotz LOTZ 5.00 -14.4 FirstCapital FCAP 42.85 -0.7 iQIYI IQ 12.56 0.8 SVF Invt SVFAU 10.22 -0.9 AusterlitzI Wt AUS.WS 1.56 46.5 Hookipa HOOK 16.15 5.7 SonocoProducts SON 69.83 -1.1 OnionGlobal OG 5.21 8.8 UiPath PATH 61.50 14.4 AssemblyBiosci ASMB 3.81 1.8 CatchaInvtA CHAA 9.65 ... FirstMarkHorizonWt FMAC.WS 1.06 -2.5 JawsMustangWt JWSM.WS 0.98 -1.0 SVF Invt SVFA 9.92 -0.7 B.RileyPfdB RILYL 28.00 1.5 HaymakerIII A HYAC 10.10 -0.5 SoMO Bancorp SMBC 44.31 0.5 Optinose OPTN 2.80 -1.4 UroGenPharma URGN 17.00 3.7 Astrotech ASTC 1.03 -2.7 CelyadOncology CYAD 5.25 -4.0 FlexionTherap FLXN 6.713.7 JawsSpitfire SPFR.U 10.21 -1.4 SVF Invt Wt SVFAW 1.50 -6.8 ByteAcqnA BYTS 10.00 2.0 Hershey HSY 172.16 -0.8 SouthwesternEner SWN 4.91 3.0 Otonomy OTIC 2.01 1.0 VyneTherap VYNE 3.11 2.4 AteaPharm AVIR 18.80 5.4 Centogene CNTG 8.61 0.3 FloraGrowth FLGC 4.48 -4.2 JawsSpitfireA SPFR 9.81 -0.2 SareptaTherap SRPT 67.68 1.4 BankofCommerce BOCH 13.59 0.7 HuttigBuilding HBP 6.68 5.2 StarBulkCarriers SBLK 23.29 5.0 OysterPtPharma OYST 16.25 4.3 Vapotherm VAPO 17.18 -2.4 Athersys ATHX 1.40 0.6 ChurchillV Wt CCV.WS 1.16 2.1 FortressCapWt FCAX.WS 0.72 -0.5 JFrog FROG 33.38 3.3 SarissaCapWt SRSAW 1.03 7.1 BellRingBrands BRBR 29.91 -0.8 InfoSvcsGrp III 5.25 4.6 StoneX SNEX 69.89 10.4 PMV Pharm PMVP 27.91 -19.6 VastaPlatform VSTA 7.44 -0.4 Atreca BCEL 9.19 4.0 ChurchillVII Wt CVII.WS 0.98 3.9 FortressValueIV Wt FVIV.WS 1.50 -14.3 KKRAcqnI Wt KAHC.WS 1.00 -3.3 ScionTechI Wt SCOAW 0.73 -5.1 BiglariA BH.A 808.00 1.2 InnSuitesHosp IHT 8.45 3.3 SummitMaterials SUM 32.64 6.4 PTC Therap PTCT 37.79 -0.4 Vaxcyte PCVX 15.51 5.4 AuriniaPharm AUPH 9.72 12.3 CidaraTherap CDTX 1.76 4.3 4D Molecular FDMT 28.74 -2.4 KinnateBio KNTE 22.50 0.5 Seer SEER 29.35 -1.5 BridgfordFoods BRID 21.80 46.2 IntlGameTech IGT 20.72 16.7 Tecnoglass TGLS 18.22 4.6 PainReform PRFX 2.18 -4.0 VectivBio VECT 13.09 -1.1 AusterlitzI A AUS 9.85 0.3 CloopenGroup RAAS 8.79 3.1 4Dpharma LBPS 10.20 -4.3 KiromicBiopharma KRBP 6.89 -4.2 SenseiBiotherap SNSE 9.66 -6.2 BrighthouseFin BHF 49.64 -0.9 iStarPfdD STARpD 26.98 3.8 TsakosEnergyPfdD TNPpD 25.05 -0.8 PanaceaAcqnII PANA 9.90 ... VectoIQII Wt VTIQW 1.14 -6.5 AusterlitzII A ASZ 9.81 -0.9 Co-Diagnostics CODX 7.39 1.0 4DpharmaWt LBPSW 0.76 -6.7 KismetThreeA KIII 9.61 0.2 17Educ&Tech YQ 4.82 4.5 BurgundyTechWt BTAQW 0.84 -4.8 J Alexander's JAX 11.75 3.6 UFP Tech UFPT 56.79 1.2 Paya PAYA 9.40 -2.5 Vertex VERX 16.79 0.9 AutolusTherap 4.60 4.4 Colonnade II A 9.67 0.4 FusionFuelGreen 9.48 1.7 KnowBe4 17.77 -4.4 ShoalsTech 27.00 -4.6 CallawayGolf ELY 34.26 13.2 KKRAcqnI A KAHC 10.02 1.7 UMH PropPfdD UMHpD 26.01 ... AUTL CLAA HTOO KNBE Paysign PAYS 3.25 2.6 SHLS ViantTech DSP 26.06 2.7 CapitalSrLiving CSU 51.25 0.8 KT KT 13.53 2.4 Univar UNVR 26.29 5.5 AvalonGloboCare AVCO 0.87 4.0 Colonnade II Wt CLAA.WS 0.93 -7.0 GBS GBS 3.56 -5.1 Lannett LCI 4.12 -1.7 PeridotII Wt PDOT.WS 1.06 -3.6 SigilonTherap SGTX 12.34 7.4 VinciPartnersInvt VINP 10.50 -1.2 CapitalaFinNts22 CPTAG 25.30 -0.3 KSCitySouthern KSU 309.63 0.1 Urstadt Pfd H UBPpH 26.44 -0.6 AxcellaHealth AXLA 3.12 0.9 Compass COMP 15.11 -5.6 GTT Comm GTT 1.37 -2.0 LarimarTherap LRMR 8.36 -36.3 PineIslandWt PIPP.WS 1.01 -1.4 SkillfulCrafts EDTK 1.92 -2.9 VirnetX VHC 4.04 -2.1 CentraisElBras EBR 7.77 5.9 Latham SWIM 30.50 1.1 WestPharmSvcs WST 339.65 0.4 AytuBioPharma AYTU 5.09 1.5 Compugen CGEN 6.75 -1.0 GainTherap GANX 9.02 -2.2 LazardGrowthI LGAC 9.75 -0.2 PlanetGreen PLAG 1.34 -11.8 SmartShareGlbl EM 6.54 0.4 VivintSmartHome VVNT 9.95 6.3 Clarus CLAR 21.27 6.5 LiquiditySvcs LQDT 28.14 4.5 WestRock WRK 60.82 1.7 BEST BEST 1.11 11.3 ConcertPharm CNCE 3.71 2.9 Galecto GLTO 5.03 -2.4 LefterisAcqnWt LFTRW 0.85 -2.0 PlumAcqnIA PLMI 9.80 ... Snowflake SNOW 187.10 3.9 VorBiopharma VOR 21.85 6.3 Constellium CSTM 17.83 5.0 LiveOakMobilityA LOKM 9.86 -0.9 Williams WMB 25.80 0.4 BoqiIntlMed BIMI 1.26 -4.3 ConnectBiopharma CNTB 14.43 -5.5 GalmedPharm GLMD 2.20 2.6 LendingTree TREE 165.30 -1.0 PluristemTherap PSTI 3.67 0.8 SoYoungIntl SY 6.93 4.5 Waitr WTRH 1.85 -4.7 Volaris VLRS 17.92 1.1 LongviewII Wt LGV.WS 1.20 14.3 XPEL XPEL 70.93 3.0 BaoshengMedia BAOS 3.05 -6.4 ContextLogic WISH 11.08 -0.8 GeminiTherap GMTX 9.25 -13.3 Lightng eMotors ZEV 6.85 -4.9 PowerbridgeTech PBTS 1.12 -8.6 SoaringEagleA SRNG 9.84 -0.7 WarburgPinI-A Wt WPCA.WS 0.90 -8.1 Cresud CRESY 6.85 -2.1 Luby's LUB 3.75 0.8 BaudaxBio BXRX 0.75 -0.9 CooTekCayman CTK 1.86 0.5 Geron GERN 1.22 11.2 loanDepot LDI 12.33 -4.4 PriviaHealth PRVA 28.00 -1.5 SoaringEagleWt SRNGW 1.58 6.6 WarburgPinI-B Wt WPCB.WS 1.02 -8.9 Domtar UFS 55.45 16.9 MasTec MTZ 118.88 2.5 Lows BenessereCapRt BENER 0.25 -3.9 CorvusPharm CRVS 2.45 -1.6 GlycoMimetics GLYC 2.11 3.2 Longeveron LGVN 5.28 -2.9 Progenity PROG 2.20 6.4 SocialCapHedIV IPOD.U 10.46 ... Waterdrop WDH 7.81 -6.8 DuPont pfA CTApA 92.25 0.4 NamTaiProperty NTP 20.58 5.5 BerkeleyLights BLI 40.22 -5.3 Coupang CPNG 36.15 -2.2 GoodRx GDRX 29.40 -2.7 LongviewII A LGV 9.75 -1.0 ProspectorCapWt PRSRW 0.80 -5.6 SocialCapHedosIVWt IPOD.WS 1.63 -5.0 WerewolfTherap HOWL 12.76 -6.3 DynagasLNG PfdB DLNGpB 24.37 0.5 NovoNordisk NVO 76.83 0.4 AconS2Acqn STWOU 9.13 -0.3 BeyondMeat BYND 100.82 2.3 Crexendo CXDO 5.02 1.1 GossamerBio GOSS 7.63 3.9 LordstownMotors RIDE 6.69 5.3 ProtalixBio PLX 2.75 -3.0 SocialCapHedIV A IPOD 10.06 -0.2 WindtreeTherap WINT 1.77 -5.7 ESM Acqn Wt ESM.WS 0.90 -4.9 OrrstownFinSvcs ORRF 24.77 -1.2 ADC Therap ADCT 20.54 -3.9 BigCommerce BIGC 43.80 -2.7 Cuentas CUEN 2.50 -4.5 GraybugVision GRAY 3.95 11.0 LuciraHealth LHDX 4.23 11.6 ProtaraTherap TARA 8.72 0.1 SocialCapHedVI A IPOF 9.88 -0.5 WunongNetTech WNW 6.61 -1.8 Eastern EML 31.84 1.4 PartnersBancorp PTRS 8.23 7.9 ARCAbiopharma ABIO 2.92 2.0 Biomerica BMRA 3.30 -17.2 DPCM Cap Wt XPOA.WS 1.02 -6.0 HTG Molecular HTGM 3.76 3.6 LufaxHolding LU 9.85 4.4 ProtoLabs PRLB 89.85 2.3 SocialCapHedVI Wt IPOF.WS 1.52 -11.1 XL Fleet XL 5.43 5.0 EastmanChem EMN 128.84 2.8 PartyCity PRTY 10.28 11.7 AST Space ASTS 7.05 -0.6 BioXcelTherap BTAI 28.00 8.6 DecipheraPharm DCPH 32.26 1.9 HUYA HUYA 14.78 3.5 LuxHlthTechAcqn LUXA 9.90 ... ProventionBio PRVB 6.15 2.5 SolenoTherap SLNO 1.02 -2.8 XpresSpa XSPA 1.06 -1.7 EllingtonFin EFC 18.98 5.1 PeabodyEnergy BTU 6.59 10.3 AVROBIO AVRO 7.45 8.2 BladeAir BLDE 7.05 0.9 Diginex EQOS 5.01 0.4 Haemonetic HAE 58.16 -0.5 LyraTherap LYRA 7.62 0.7 ProvidentAcqnWt PAQCW 0.72 1.3 Soligenix SNGX 0.95 -3.5 Yext YEXT 12.01 4.0 Evertec EVTC 44.36 3.2 Pearson PSO 12.01 0.7 AccelerateA AAQC 9.75 -0.3 BlueHatInt BHAT 0.72 -1.5 dMYTechIIIWt DMYI.WS 1.90 -7.7 HancockJaffe HJLI 5.01 1.1 M3-BrigadeIIWt MBAC.WS 0.63 -9.0 Pulmatrix PULM 0.82 5.0 SoligenixWt SNGXW 0.13 -2.6 ZeppHealth ZEPP 8.68 0.6 FS KKR Cap FSK 21.80 0.5 Potbelly PBPB 7.74 2.8 AcutusMedical AFIB 11.18 2.3 BoltBiotherap BOLT 19.87 -9.0 dMYTechIIIA DMYI 9.92 -1.2 HarmonyBio HRMY 25.65 -3.1 MarketAxess MKTX 431.19 2.0 Q&K Intl QK 1.62 2.3 SonnetBio SONN 1.45 -1.9 Zymergen ZY 32.22 -5.1

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 Stock 237.13 -3.53 24.4 ContraK 17.58 -0.06 7.0 Harbor Funds PIMCO Funds I2 ExtndAdml 134.58 -0.09 8.3 VANGUARD FDS IdxIntl 20.83 -0.21 7.6 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. DoubleLine Funds CpInc r 11.24 -0.03 6.0 CapApInst 101.90 +0.35 -2.2 Income NA ... NA GNMAAdml 10.65 -0.01 -0.6 DivdGro 36.58 -0.46 10.7 MdCpVlAdml 73.92 -1.04 20.5 e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnotese TotRetBdI 10.53 -0.01 -0.6 GroCo 34.15 +0.08 3.9 Harding Loevner PIMCO Funds Instl GrwthAdml 136.24 -0.32 4.6 INSTTRF2020 27.15 -0.14 3.4 SmValAdml 74.62 -0.76 22.7 and sapply. k-RecalculatedbyLipper,using updateddata. p-Distribution costsapply, Edgewood Growth Instituti GrowCoK 34.24 +0.08 3.9 IntlEq 29.41 -0.35 3.5 IncomeFd NA ... NA HlthCareAdml r 92.78 -0.79 3.6 INSTTRF2025 28.64 -0.16 4.3 TotBd2 11.05 -0.03 -2.9 12b-1. r-Redemption charge mayapply. s-Stock split or dividend. t-Footnotespand r EdgewoodGrInst 54.68 +0.25 5.6 InvGrBd 11.60 -0.03 -1.9 Invesco Funds Y Price Funds HYCorAdml r 5.96 -0.01 1.2 INSTTRF2030 29.60 -0.19 5.2 TotIntlInstIdx r139.32 -1.42 7.6 apply. v-Footnotesxand eapply. x-Ex-dividend. z-Footnote x, eand sapply. NA-Not Fidelity LowP r 58.32 -0.81 19.9 DevMktY 55.45 -0.26 3.7 BlChip 171.01 +0.20 3.3 InfProAd 28.50 -0.06 0.9 INSTTRF2035 30.50 -0.21 6.2 TotItlInstPlId r139.36 -1.43 7.6 available due to incompleteprice, performanceorcostdata. NE-Notreleased by Lipper; 500IdxInstPrem144.21 -1.26 11.1 Magin 12.97 -0.03 4.1 John Hancock Instl DivGro 66.44 -0.69 11.0 IntlGrAdml 158.66 -1.40 -1.0 INSTTRF2040 31.44 -0.23 7.1 TotSt 104.37 -0.76 10.5 data under review. NN-Fund nottracked. NS-Fund didn’texistatstart of period. Contrafund K6 20.13 -0.07 6.6 NASDAQ r 168.41 -0.16 4.1 DispValMCI 28.19 -0.38 20.9 EqInc 37.38 -0.49 20.1 ITBondAdml 12.09 -0.02 -3.0 INSTTRF2045 32.29 -0.25 8.0 VANGUARD INSTL FDS JPMorgan I Class ExtMktIdxInstPre 85.12 -0.05 8.3 OTC 18.37 -0.02 4.9 Growth 101.88 +0.02 5.1 ITIGradeAdml 10.10 -0.01 -2.1 INSTTRF2050 32.41 -0.26 8.1 BalInst 46.25 -0.24 5.1 FidSerToMarket 14.22 -0.10 10.6 CoreBond 11.94 -0.02 NA LTGradeAdml 10.66 -0.07 -8.2 DevMktsIndInst 16.49 -0.21 8.6 Tuesday, May 11, 2021 Puritn 28.07 -0.17 8.1 HelSci 99.90 -0.02 1.1 INSTTRF2055 32.50 -0.25 8.2 IntlIdxInstPrem 49.08 -0.65 7.8 EqInc 22.82 -0.28 NA MidCpAdml 283.85 -2.08 11.0 DevMktsInxInst 25.78 -0.32 8.7 YTD YTD YTD SrsEmrgMkt 25.80 -0.05 3.4 LgCapGow I 65.12 ... 6.4 IntlVal 44.42 -0.46 10.4 Net Net Net MidCpInxInstPrem 30.40 -0.25 12.6 JPMorgan R Class Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret SrsGlobal 15.36 -0.15 7.1 MidCap 118.58 -0.57 4.9 MuHYAdml 12.07 ... 2.0 LifeCon 23.05 -0.11 2.0 ExtndInst 134.57 -0.09 8.3 SAIUSLgCpIndxFd 21.81 -0.19 11.1 CoreBond 11.96 -0.02 NA GrwthInst 136.25 -0.32 4.6 SrsGroCoRetail 23.75 +0.06 4.3 NHoriz 81.43 +0.20 -1.0 MuIntAdml 14.82 -0.01 0.5 LifeGro 43.02 -0.31 6.9 American Century Inv IntlVal Inst 45.10 -0.76 13.1 DivIncom I 29.22 -0.34 13.7 SeriesBondFd 10.42 -0.02 -2.8 Lord Abbett A MuLTAdml 12.23 -0.01 1.0 InPrSeIn 11.61 -0.03 0.8 SrsIntlGrw 18.67 -0.22 5.0 R2020 24.02 -0.10 5.6 LifeMod 33.04 -0.20 4.4 Ultra 78.51 -0.21 3.4 Baird Funds Dimensional Fds SeriesOverseas 13.14 -0.19 6.0 ShtDurIncmA p 4.21 ... 0.9 MuLtdAdml 11.24 ... 0.3 InstIdx 363.09 -3.18 11.1 SrsIntlVal 11.30 -0.16 12.0 R2025 20.60 -0.10 6.4 PrmcpCor 33.53 -0.31 15.7 American Funds Cl A AggBdInst 11.39 -0.02 -2.6 5GlbFxdInc 10.92 -0.01 0.3 SmCpIdxInstPrem 28.00 -0.07 12.1 Lord Abbett F MuShtAdml 15.94 ... 0.2 InstPlus 363.12 -3.17 11.1 TotalBond 11.04 -0.02 -1.7 R2030 30.53 -0.17 7.3 STAR 32.49 -0.19 4.5 AmcpA p 42.18 -0.28 7.8 CorBdInst 11.77 -0.02 -2.3 EmgMktVa 32.57 -0.25 13.9 TMktIdxInstPrem118.97 -0.87 10.6 ShtDurIncm 4.21 ... 0.9 PrmcpAdml r172.75 -1.17 12.3 InstTStPlus 81.51 -0.60 10.6 Fidelity SAI R2035 22.99 -0.14 8.2 TgtRe2015 16.05 -0.07 2.0 AMutlA p 50.29 -0.52 13.2 BlackRock Funds EmMktCorEq 26.22 -0.16 8.1 USBdIdxInstPrem 12.02 -0.03 -2.8 Metropolitan West RealEstatAdml137.73 -1.72 15.1 MidCpInst 62.71 -0.45 11.0 TotalBd 10.50 -0.02 -1.6 R2040 33.18 -0.21 9.0 TgtRe2020 35.46 -0.18 3.4 BalA p 32.36 -0.20 7.5 HiYBlk 7.83 -0.02 2.2 IntlCoreEq 16.23 -0.19 11.6 Fidelity Advisor I TotRetBdI 10.89 -0.02 -2.1 SmCapAdml104.69 -0.67 12.6 MidCpIstPl 309.25 -2.27 11.0 Fidelity Selects PRIMECAP Odyssey Fds TgtRe2025 22.46 -0.14 4.3 BondA p 13.42 -0.03 -2.2 HiYldBd Inst 7.82 -0.03 2.1 IntSmCo 22.72 -0.26 12.1 NwInsghtI 39.42 -0.13 7.0 TRBdPlan 10.21 -0.02 -2.2 SmGthAdml 94.69 -0.09 0.8 SmCapInst 104.68 -0.68 12.6 Softwr r 27.76 +0.10 3.9 AggGrowth r 55.55 +0.04 3.5 TgtRe2030 42.66 -0.27 5.2 CapIBA p 68.31 -0.57 9.1 BlackRock Funds A IntSmVa 22.09 -0.20 15.6 Fidelity Freedom Northern Funds STBondAdml 10.80 ... -0.2 SmCapIstPl 302.16 -1.94 12.6 Tech r 25.58 +0.09 0.7 Schwab Funds CapWGrA 63.81 -0.62 7.8 GlblAlloc p 22.64 -0.12 5.2 LgCo 31.16 -0.28 11.1 FF2020 17.98 -0.09 4.8 StkIdx 46.50 -0.40 11.1 STIGradeAdml 10.98 ... 0.2 TgtRe2035 26.77 -0.18 6.1 STIGradeInst 10.98 ... 0.2 First Eagle Funds 1000 Inv r 91.95 -0.70 10.0 EupacA p 70.61 -0.78 1.8 BlackRock Funds Inst TAUSCoreEq2 26.28 -0.24 14.6 FF2025 16.30 -0.09 5.5 Old Westbury Fds TotBdAdml 11.21 -0.02 -2.8 TgtRe2040 47.40 -0.35 7.1 STIPSIxins 26.21 -0.03 2.5 GlbA 67.43 -0.63 10.1 S&P Sel 63.79 -0.56 11.1 FdInvA p 76.26 -0.56 10.5 EqtyDivd 23.79 -0.33 17.6 US CoreEq1 33.73 -0.30 14.0 FF2030 20.52 -0.13 6.4 LrgCpStr 18.28 -0.10 6.7 TotIntBdIdxAdm 22.71 -0.05 -2.6 TgtRe2045 30.45 -0.23 8.0 TotBdInst 11.21 -0.02 -2.8 Franklin A1 TSM Sel r 73.49 -0.54 10.6 GwthA p 70.68 -0.34 4.6 StratIncOpptyIns 10.36 -0.01 0.7 US CoreEq2 31.06 -0.28 15.5 FF2035 17.96 -0.13 8.4 Parnassus Fds TotIntlAdmIdx r 34.84 -0.36 7.6 TgtRe2050 49.14 -0.39 8.1 TotBdInst2 11.05 -0.03 -2.9 CA TF A1 p 7.79 -0.01 0.6 VANGUARD ADMIRAL ICAA p 49.33 -0.42 11.4 Bridge Builder Trust US Small 46.73 -0.26 21.9 FF2040 12.90 -0.10 9.8 ParnEqFd 59.78 -0.42 11.5 TotStAdml 104.40 -0.76 10.6 TgtRet2055 53.35 -0.42 8.1 TotBdInstPl 11.21 -0.02 -2.8 PGIM Funds Cl Z IncoA p 25.86 -0.22 10.5 CoreBond NA ... 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THE WALL STREET JOURNAL. ***** We dnesday, May 12, 2021 | B11 MARKETS CompaniesRushtoSell Junk Debt U.S. Oil Output BY PAUL J. DAVIES European high-yield Yields on CCC-rated bond issuance corporatebonds* Risky companies areselling $200 billion 25% Expected junk bonds at arecordpace, getting ultralowborrowing First four months U.S. Rest of year Europe costsand increasingly loose 20 To Decline borrowing terms,such as 150 “pick-your-poison” clauses. BY DAVID HODARI One recent example wasthe 15 debt package that funded the American oilproduction is buyout of Birkenstock GmbH. 100 set to drop again this year,

Themaker of frumpy but ex- 10 S with the shale industry’sout- pensiveGer- put showing few signs of re- PRES CREDIT man sandals 50 covery despiteabroader

MARKETS wastaken over 5 ZUMA pickup in economic activity, in April by the the Organization of the Petro-

private-equity fund of Bernard LEVINE/ leum Exporting Countries said

Arnault,the French billionaire 0 0 B. Tuesday. who controls LVMH MoëtHen- 2000 '05'10 '15'20 2015 '17'19 '21 In itsclosely watched

nessey Louis Vuitton SE. *ICE BofA High Yield indexes RICHARD monthly market report, OPEC Birkenstock recently sold Sources: Dealogic (issuance); FactSet (corporatebonds) Birkenstock sold the equivalentof$522 million in CCC-rated bonds. cut itsforecast forthe amount €430 million of CCC-rated it expectsproduction from its bonds,equivalent to around to demand such easy terms tently over the same period, Ahlstrom-Munksjö Oyj.Inall, ing dominated by the Euro- noncartel counterpartstoin- $522million, at the riskier because money has flooded leaving some investorscon- nearly 25% of European junk pean Central Bank’s bond-buy- crease in 2021 by 200,000 bar- end of the ratingsscale.The intothe junk-debt market and cerned about returns being bond deals have had pick- ing programs,said Esty Dwek, rels aday to 700,000. bonds,sold as part of adebt particularly intothe riskiest too low. your-poison clauses in the head of global market strategy Canada, Norway,Brazil, and package, yield just 5.25%, com- parts, where the likelihood of Buoyant marketshave first quarter of 2021, a sharp at French fund manager China will drive that overall fortably belowprevailing mar- default is highest. helped manycompanies ex- rise from previousquarters, Natixis.“TheECB is buying so increase,but ketrates.That is despitethe “Thereisalot of faith- tend the life of their debt and according to Covenant Review. much of the corporatebond COMMODITIES persistently debt being seven times the basedinvesting going on,” lowertheir borrowing costs, Among U.S. deals about 14% market that it is forcing yields lowcapital ex- company’s earnings. said Fraser Lundie,head of making them morestable,Mr. had such terms,the research down everywhereand forcing penditure and Thebonds also contain credit at Federated Hermes. Lundie said. “But particularly firm found in arecent survey. investors to take more credit the unexpected winter storm terms that allowthe firm to Triple-C bonds arethe most in triple-C-rated debt, the European corporatedebt risk,” Ms. Dwek said. Texas suffered in February take on extradebt with apick- overbought section of the shareofthe market trading in marketsare much smaller While she isn’t buying more mean U.S. supply is expected your-poison clause,aterm fixed-income markets, accord- distressed territory is at mul- than the U.S. because banks high-yield debt right now, Ms. to fall by 100,000 barrels aday coined by research firm Cove- ing to analystsatBank of tiyear lows,” he said. stillprovide amuch larger Dwek said she doesn’t expect a this year afterdropping nant Reviewtodescribe away America. Theflood of interest European borrowers espe- shareoffinancing.U.S.junk selloff,and therewill be more 800,000 barrels aday last forborrowers to getaround has helped maketriple-C cially have been able to sell bond issuanceofalmost $200 discrimination between bonds year,the cartel said. traditional limitsonborrowing. bonds the best performing debt at lowyields and with billion in the firstfour months in the futurebecause issuance Despiteits forecast fora The pick-your-poison nick- part of themarket globally, more aggressive terms. of 2021 is well ahead of the has been so large. rise in supply from outside the name comes from the fact that with returns of nearly 6.5% up “Europe is at the sharp end previousyear-to-daterecord Investment-grade yields are cartel this year,OPEC said in both cash being paid to share- to the end of April, they said. of the stick in terms of highly of $133 billion in 2015,accord- so lowinEurope that the mar- itsreport that “uncertainties holdersand extradebt being That contrastswith the worst aggressive, private-equity ing to Dealogic.Itisalso much ket is becoming uninvestable, persist particularly with re- added to the businesscould be performing bonds,30-year sponsored deals,” said Alastair larger than the $73 billion is- said Tomas Hirst, European gard to levels of investment “poison” for existing lenders, Treasurys,which have lost Gillespie,alegal analyst at sued in Europe. credit strategist at Credit whichisexpected to deter- but the clause letsthe owners nearly 14%, they added. Covenant Review. “Birkenstock But the small sizeofthe Sights. As well as investors mine thenon-OPEC supply of the companychoose be- Recentmonths have is one of the very aggressive debt marketsispart of the putting moremoney intohigh- outlook forthe yearstocome.” tween taking adividend or brought some volatility to top-tier transactions.” problem in Europe.Morein- yield debt funds, investment- Oil prices swung between borrowing more money. government bond and cur- Other deals to have simi- vestorsare being driven to gradefund managersare al- smallgains and losses before Birkenstock declined to rency markets, but risky cor- larly loose terms include Swiss buy junk bonds because the in- ready filling up their closing slightly higher on comment on itsdebt package. poratedebt has seen prices chemicals company Lonza AG vestment-grade end of the allowances forriskybonds Tuesdayastradersweighed Borrowers have been able rise andyields fall consis- and Finnish fiber company corporatecredit market is be- too, he added. signals that the Colonial Pipe- line—hit last week by a ran- somware attack that threat- ened its ability to supply oil Cathay Sees Strong Demand for Dollar Bonds productstothe U.S. East Coast—could have most or all of itsregular servicerestored BY FRANCES YOON Indexand share-price by the end of this week. performance, past twoyears Brent crude oil, the global CathayPacific Airways benchmark,ended the dayup 10% Ltd. sold itsfirst dollar bonds 0.3% at $68.55abarrel and in morethan two decades, Hang Seng Index West Texas Intermediate fu- 0 seizing on debt investors’ will- tures, the U.S. benchmark— ingnesstofund pandemic-rav- added 0.6% to $65.28 abar- -10 aged airlines as the industry’s rel.Brent oil, the global prospects improve. -20 benchmark, settled 23 cents Hong Kong’sflagship car- higher,or0.3%, to $68.55a rier sold a $650 million bond -30 barrel. West Texas Intermedi- duein2026,according to a atefutures,the U.S. bench- term sheet issued lateMonday -40 mark,gained 36 cents, or 0.6%, that wasseen by TheWall CathayPacific to $65.28 abarrel. Street Journal. The bond was -50 Airways In itsreport, OPEC leftun- issued with a yield of 4.875%, changed itsforecast forglobal lower than initial guidance of -60 Weekly oil demand in 2021. Thecartel 5.2%, pointing to robust de- estimates consumption will June 2019 '20 '21 mand. S rise by 6million barrels aday

Last June,Cathay Pacific NEW Source:FactSet this year to average96.5mil- received a roughly $5 billion G lion barrels aday,leaving de- bailout from theHong Kong passenger traffic wasdown mand 3.5% lower than it was

government and other inves- OOMBER 94%fromayear earlier.Hong beforecoronavirus pandemic

tors, including top sharehold- M/BL Kong’squarantine regime, restrictions shut factories,

ersSwirePacific Ltd., Air LA which requires most travelers grounded planes and kept peo- LE

China Ltd. and Qatar Airways KY to quarantine in ahotel for21 ple at home. Co. The airline had shelved plans to sell dollar bonds in October 2019 as passenger traffic fell sharply. days,isone of the world’s Theworld’spost-pandemic The airline received bridge strictest and has crimped air economic recovery,which has loansand issued newshares FactSet, and forittoreturn to Airlines have sold about $14 businessand/or strong gov- travel to the city. also prompted arebound in oil and preference shares as part profitability next year. billion in bonds globally so far ernment support,” said Mark Cathaypreviously shelved demand, has varied in recent of the funding package. Investorshavebeen more this year,upmorethan 50% Reade, head of fixed-income planstosell dollar bonds in months due to governments’ That fundraising wasfol- willing to buy debt sold by air- from the amount sold ayear research forMizuho Securities October 2019. The airline was differing levels of success in lowedbyrestructuring that lines in recent months.They earlier,according to Dealogic. Asia. then struggling with steep de- keeping coronavirus case num- cut thousands of jobs and shut have drawn reassurance from American Airlines Group Inc. Some bond investorsre- clines in passenger numbers bers at bayand rolling out asubsidiaryairline,and asale government support formany raised $10 billion via bonds main skeptical about the out- during antigovernment pro- vaccination programs. of convertible bonds in Janu- carriers, and are betting that and loans in March, while Ca- look forthe industry. Dhiraj tests, and drew criticism from While India and Brazil have arythat raised 6.74 billion higher inoculation rates thay’sregional rival Singapore Bajaj, abond fund manager for Chinese authorities aftersome suffered aresurgenceofcases Hong Kong dollars, the equiva- against Covid-19 will drivea Airlines Ltd. in Januaryissued Asia at LombardOdier,said it employees took part in dem- in recent months,the U.S., lent of $868 million. rebound in travel, firstondo- $500 million in bonds due is difficult to predict aturning onstrations. China and partsofEurope Cathay swung to a net loss mestic routes in large markets 2026. point foraviation and travel As of Monday, the carrier’s such as the U.K. have all suc- of HK$21.65 billion in 2020. likethe U.S.,and eventually “With the outlook forinter- bonds,given the Covid-19 vari- Hong Kong-listed shares had ceeded in bringing infections Analystsonaverage expect its internationally. national travel highly uncer- antsemerging in India and dropped 7. 5% so far this year, under control and lifting travel losstonarrow to about Unlikemanycarriers, Ca- tain, investorshaveshown a elsewhere. underperforming the bench- restrictions.Despitethat fast- HK$8.5 billion in 2021, accord- thaydoesn’t have domestic willingnesstoinvest in air- Cathay’smost recent traffic mark Hang Seng Index, ac- changing and uncertain back- ing to estimates compiled by flights. lines with extensive domestic figures, forMarch, showed cording to FactSet. drop,OPEC raised itsforecast forglobal economic growth in 2021 by 0.1 percentage point look forinacompany. Firms as their coupons and repay- March last year to 2.3% to- cope with inflation but not to 5.5% after a 3.5% contrac- Inflation with in-demand productscan ment at maturity aredirectly day, but that apparently lose horribly if the Fed sur- tion in 2020. raise prices come what may, tied to consumer prices.Un- small rise conceals a loss of prises everyone and jacks up OPEC and its allies agreed so attract premium valua- fortunately they areexpen- more than 20% in price, be- interest rates to kill infla- early last month to boost their Protection tions.But when prices are sive, with 10-year TIPS paying cause of the long duration. tion. The Fed’s change in ap- collectiveproduction by more rising everywhere, the 0.9% belowinflation. Inflation Something similar applies proach makes this less likely than 2million barrels aday weaker,lesspopular compa- needs to rise at least that to growth stocks, which than in the past, but it re- over May, June and July as In 5 Ways nies canpricemoreaggres- much over the decade just to promise larger profits far in mains entirely plausible, and they wageredonresurgent de- sively,and pricing powerbe- maintain purchasing power. If the future and so look less would hurt almost any bet mand as the pandemic ebbs in comes lessimportant. In such inflation fearspick up,TIPS attractive in an inflationary on inflation returning. partsofthe world. ContinuedfrompageB1 an environment thereisno prices arelikely to rise as environment. That provides Andrew Parker at Horizon Secondarydatacited by derlying commodity.The dan- point paying apremium valu- morepeople buy them. But another source of support Kinetics developed an ex- OPEC show that production geriswhat traderscall con- ation forpricing power, so forinvestorswho hold them for value, which tends to of- change-traded fund that from Saudi Arabia and Nigeria tango, when prices arehigher cheap,or“value,” stocks in to maturity the best return fer more immediate rewards. tries to avoid this problem rose in advanceofthe easing the further ahead the futures competitivesectorssuch as they canget is inflation, mi- American homeowners by buying stocks with expo- of those restrictions,while contract matures.Contango telecommunications or cable nus 0.9%. One limited alterna- have an easy way to take the sure to what he calls Libyan production slipped af- means along-term investor is TV become moreattractive. tive: U.S. individual investors other side of duration in the “spread” earnings. These in- terdisputes over budget pay- constantly buying high and Ben Funnell, amultiasset canand mostly should have form of the 30-year fixed clude owners of royalties, as mentsprompted the country’s then later selling low, making fund manager at Man Group, the maximum $10,000 ayear rate mortgage—which comes well as financial exchanges national oil companytode- anegative“roll” return. says these low-pricing-power in series ITreasurysavings with a free option to refi- that should benefit from vol- clareforce majeureand cut Put another way, if the stocks outperformed for bonds,whose interest rate nance if inflation never ar- atility induced by inflation. production. market correctly anticipates roughly the firstthree-quar- adjustswith inflation, but rives and yields fall. He argues that in ordinary inflation, there is no extra ters of each inflationaryepi- never goes below0%. Inigo Fraser-Jenkins, a times they will do fine and if money to be made betting sode in the U.S. sinceits entry strategist at Sanford C. Bern- there is inflation they should AUCTION RESULTS Here are the results of Tuesday's Treasury auction. on that inflation. Copper, the intoWorld WarII. But once Assets With Short stein, points out that long- outperform, even if stagfla- All bids are awarded at a single price at the market- clearing yield. Rates are determined by the difference biggest industrial metal fu- investorsstarted to anticipate Duration duration assets are hit not tion appears. between that price and the face value. ture, is in contango, so an in- the end of inflation the stocks Assets which rely on re- only by inflation itself, but But it is new and un- THREE-YEAR NOTES vestor has to think prices fell hardand, over inflation- turns far in the future will also by rising uncertainty tested, and even if it works, Applications $171,236,079,900 will rise enough to cover the aryperiods as awhole,actu- be hit by rising fears of an about inflation, which makes it is a compromise: The re- Accepted bids $88,769,313,900 " noncompetitively $43,500,400 regular losses on the roll. ally underperformed. inflationary spiral, and those them less appealing. turns from these stocks are " foreign noncompetitively $105,000,000 with fixed returns—bonds— likely to be less exciting than Auction price (rate) 99.764780 (0.329%) StocksWith Low Treasury Inflation- will be hurt the most. The Putting It AllTogether the rest of the market in Interest rate 0.250% Pricing Power Protected Securities 30-year Treasury yield is up The biggest problem in- normal times, and less re- Bids at clearing yield accepted 15.77% Cusip number 91282CCC3 This is the exact opposite TIPS arethe single best from a low of just over 1% at vestors face is to create a warding than outright infla- The notes, dated May 17, 2021, mature on May 15, of what shareholdersusually source of inflation protection the height of the panic in portfolio that will be able to tion bets if inflation appears. 2024. P2JW132000-0-B01200-1------XA

B12 | We dnesday, May 12, 2021 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Mortgage Lenders Need More Vo lume

Margins arefalling but originators likeRocket and UWMmay emerge with abigger piece of the pie

The dynamics of the mortgage $51 billion to $55 billion for the business are playing out at high second quarter, from just under speed. It might not always be fun $50 billion in the first quarter. In to watch, but investors shouldn’t part that reflects their relative mix turn away yet. of the type of mortgages: Rocket It has long been known that has a far-larger refinancing vol- high margins in the mortgage ume business that is much more

/REUTERS business spur intense competition, closely tied to the level of rates especially when rising rates crimp and has been expected to decline some demand for refinancing. So from 2020. MCDERMID with profitability for mortgage Both firms say they are expect- AN originators surging to incredible ing the purchase market to be far

BREND levels last year, it is no surprise stronger and are suggesting they Space-tourism venture Virgin Galactic is the brainchild of British billionaire Richard Branson. that the reaction this year is also could see big numbers there. fierce. Rocket said it is projecting record For the first quarter, originators quarterly purchase volume for it- such as Rocket Cos. and UWM self in the second quarter, and Space SPACs Face Threat Holdings reported drops in a key UWM said it could hit its own all- measure of what they earn when time purchase highs in the second originating and selling mortgages, or third quarter. called gain-on-sale margins. Those So for investors looking for pos- Investorsshould be worriedabout regulators’ eagerness to cool the market margins reflect both market sible upside as these stocks fall, spreads and pricing decisions by that is where it may come from. originators. Rocket noted that tight constraints For better or worse, space ma- such as Boeing and Lockheed Mar- don’t complete deals within a set Rocket and UWM guided to lev- on supply lately mean that it has nia is now synonymous with SPAC- tin or,morerecently,privatefirms time frame. Momentus’s deal with els even lower in the coming quar- many borrowers with approvals to mania. owned by billionaires,such as Elon Stable Road is currently at risk for ter. Investors seem to have been buy homes but who haven’t done On Monday, space-tourism ven- Musk’sSpaceX or Jeff Bezos’ Blue this reason. surprised by the pace of this so yet; inventory and seasonal ture Virgin Galactic reported Origin. Crucially,insidershad no Taking Virgin as abellwether, trend: Stocks of both companies strength could be big factors. first-quarter earnings six days af- easy way of getting out, making enthusiasm is certainly waning.Mr. are down more than 15% so far in UWM is expanding its loan catego- ter it originally intended, following spacestartups even riskier. Branson and Mr.Palihapitiyare- May. ries to its broker partners, such as the Securities and Exchange Com- All of this changed when former cently sold big chunks of their These margins do have some jumbo mortgages, as a way to cap- mission’s statement that some spe- Facebook executive turned SPAC stakes.OnMonday, the company context. Rocket expects its overall ture even more of their volume cial-purpose acquisition compa- investor Chamath Palihapitiya ac- hinted at itsnextflight being de- gain-on-sale margin to fall from and help them capture more of the nies, or SPACs, have improperly quired Virgin Galactic, a brainchild layedyet again, just as competition around 3.7% in the first quarter to purchase market overall. accounted for warrants. Redoing of British billionaire Richard Bran- from Blue Origin is heating up. under 3%, with the margin on In a market with many expen- the numbers resulted in an extra son. Amateur traders quickly em- Some analysts forecast that loans originated with partners, like sive stocks, particularly in lending, $49 million expense, which made braced a company that aims to space can become a trillion dollar brokers, to be around 1%. mortgage originators now feature Virgin’s losses look steeper. charge $250,000 for a few minutes market in 30 years’ time, but this UWM, which is entirely focused multiples of 10 times or less on This is mostly a cosmetic prob- of weightlessness in the lower is still science fiction. While Vir- on brokers, guided that its first- their 2022 earnings. That is some- lem, since it doesn’t involve a thermosphere. Case in point: The gin’s business model is feasible on quarter margin of about 2.2% thing for investors to keep watch- drain of cash. Still, investors en- stock hit new highs during the paper, it faces vast challenges. could fall to 1.1% or below. Those ing. amored with the final frontier GameStopmarket craze in Febru- Launching satellites is a promising are still levels high enough for —Telis Demos should be worried about regula- ary. area, but valuations above $2 bil- firms to be profitable and aren’t tors’ eagerness to cool the SPAC Virgin pavedthe way foranew lion for a startup seem very in- anything new to brokers accus- Price/earnings ratio on 2022 market. Dealogic data show new ecosystem. SpaceSPACs were flated. As for plans to mine aster- tomed to prior cycles. Gain-on-sale estimatedearnings formortgage issues slowing to a trickle, though emerging until very recently,in- oids, sketched by a couple of margins also tend to stabilize after originators versus financial stocks this could be in part due to cluding one chaired by former Boe- private companies in recent years, hitting lows. broader financial trends, or a ing Chief ExecutiveDennis Muilen- they are probably as ludicrous as So for now, a really key measure 20 times hangover from the record $103 bil- burg. In arecent report, IHS Markit they sound. will be volume—both from an lion already raised this year. highlights$10 billion worth of Regulatorsare right to worry overall market point of view and SPACs—public investment vehi- space-related SPAC transactions that SPACshaveopened adoor to whether attractive pricing to part- 15 S&P500 Financials cles that raise funds to acquirea that arewaiting to complete. The wild speculation. Yetthe conquest ners like brokers will help the privatecompany—have become a targetsare launch specialists of spaceisbyits natureaspecula- firms pick up share as they outlast shortcut to listing forglamorous Rocket Laband Astra, satellite-data tiveendeavor, and perhaps needed competitors with weaker balance 10 Rocket ventures with few revenues but analytics firms BlackSkyand Spire some irrational exuberancetohelp sheets and less efficient cost bold forecasts. Electric vehicles Global, and Momentus,a“last mile wake it from a50-year slumber.As bases. have been apopular theme,but the delivery” servicefor spacecraft. venturecapitalist Bill Janeway ar- Rocket is guiding to lower vol- 5 industryarguably most revolution- Yet some deals could fall gues,lofty expectations only ever ume for the second quarter, to UWM ized by the financing fad is space. through—and future ones might become reality through some form closed-loan volume of between Before2019,investorshad no not happen at all—if scrutiny in- of bubble that fuels the next tech- $82.5 billion and $87.5 billion, 0 clear way to embracetheir cosmic creases under new SEC Chairman nological revolution. Yousimply compared with $103.5 billion in dreams.Spacebusinesses were ei- Gary Gensler. SPACs must return can’t spell spacewithout SPAC. the first quarter. UWM is guiding Jan. Feb. March April May ther part of big conglomerates money to shareholders if they —Jon Sindreu to a small increase in volume, to Source:FactSet Cathie Wood’s ARK Employers, Prepare for a Wage Jolt Wasn’t Built for a Flood Over the years, the refrain of businesses complaining about how hard it is to find workers has be- come a bit like the boy who cried Name another fund manager Performanceoverthe wolf. But now the wolf actually that sells “Invest In The Future” pastthree months may have arrived. onesies and “Analyst” hoodies on He is asking for a fatter pay- its website. 10% check. Just as unusual as ARK Invest’s The Labor Department on Tues-

marketing has been its perfor- 0 S&P500 day reported that the number of S mance, growing its assets more unfilled job openings in the U.S. PRES quickly than any active exchange- rose to a record 8.1 million on the TED traded fund firm in history. Cathie –10 last day of March, lifting the job- OCIA

Wood’s firm went from about $3.5 openings rate—job openings as a SS

billion under management across percentage of the total number of /A

several funds shortly before the –20 open and filled jobs—to 5.3% from RLD pandemic struck to hit the $50 bil- 5% a month earlier. Before the WO A lion mark a year later. But that pandemic, the highest the job-

rapid growth has come back to –30 openings rate had ever hit in the /TULS bite her investors. 20-year history of the data was ARK Innovation ETF Even after a major tumble the –40 4.8% in 2018. SIMONS

past few months, the actual dam- If anything, the job-openings MIKE age isn’t obvious from a longer- March April May rate is higher now. Data from jobs Unfilled job openings rose to a record 8.1 million on the last day of March. term look at her funds’ perfor- Source:FactSet site Indeed.comshow that as of mance charts. So many investors May 7 job postings were a season- The job-openings rate more focused on the opportunity, piled in relatively recently, though, market cap of around $4.3 billion. ally adjusted 23% above their Feb. post-vaccination, to see family af- that her actual wealth-creation re- Another stock with a similar pat- 1, 2020, level. That is up from the 5% ter a year’s absence. There could cord is unimpressive. Analysts at tern and ownership is Crispr end of March, when postings were be mismatches between where job Bespoke Investment Group calcu- Therapeutics. 16% above that pre-pandemic level. 4 openings are located and the late that the money-weighted an- Ms. Wood’s “disruptive innova- Stories about businesses strug- places unemployed people are. nualized return of her funds since tion” jargon may be somewhat gling to find workers were a con- With demand for workers looking inception was 5.24% through Mon- novel. What her investors are ex- stant feature of the years leading 3 likely to intensify, many realize day. That is far less than a steady periencing isn’t. Fund managers up to the pandemic, but since that they can be picky. investment in a plain-vanilla S&P like Gerald Tsai in the 1960s who wage gains were middling Whatever the reason, if the dis- 500 index fund. rode Polaroid and Xerox to star- throughout that period, they be- 2 incentives to work are higher now, And ARK Invest’s paper gains dom or various dot-com visionar- gan drawing scoffs. If you really then the way to overcome them is have depended on some uncom- ies in the late 1990s wound up do- need people so badly, why not pay by raising the incentives. The big- fortably concentrated positions. ing poorly for clients who them more? 1 gest one is pay. Doing so might There are big, liquid bets such as discovered them after they became Theextremelevel of jobopen- not be the easiest thing for em- Tesla, of course, but also smaller hotshots. The culprit is unrealistic ingsnow,plus amountain of an- ployers to stomach. Companies companies like Intellia Therapeu- expectations and reversion to the ecdotal evidence, shows busi- 0 face investor pressure to maintain tics—which had just $58 million of mean for the bubbly sectors that nesses really arefacing severe 2001 ’05 ’10 ’15 ’20 profit margins, while many smaller sales last year—that could get hit got them there. Analyst Meb Faber labor needs,while last Friday’s Note:Seasonally adjusted businesses have experienced finan- hard if ARK begins to unload a lot points out that not one of the five disappointing April jobs report Source:Labor Departmentvia St.Louis Fed cial strains as a result of the pan- of shares as investor cash leaves Morningstar “fund managers of suggeststhat even with millions demic that give them less room to the funds. ARK funds owned the decade” through 2010 even of people out of work,filling posi- lowering the incentivetowork. maneuver. 16.52% of the company at the end managed to beat the market in the tions won’t be easy.Thereare Thereality is probably that, in Nevertheless, to keep pace with of 2020, more than any other in- next 10 years. The best of the disagreementsabout whyhiring the wake of an unprecedented cri- demand in a quickly growing econ- stitution by far, according to Fact- bunch, Bruce Berkowitz’s is so hardnow:Some people sis,thereare manythingshap- omy, businesses are going to need Set. Intellia rallied by 470% from Fairholme Fund, became the point to the continuing lack of pening at once. to add workers. If higher wages the beginning of 2020 to its peak worst. child-careoptions,for example, Some people may view high- are the only way they can do it, this January but has since re- Star managers can be dangerous while otherslay the blame on en- contact jobs as riskier than before, wages are going higher. treated by 27%, giving it a current to your wealth. —Spencer Jakab hanced unemployment benefits for example, while others may be —Justin Lahart