P2JW091000-5-A00100-17FFFF5178F ***** THURSDAY,APRIL 1, 2021 ~VOL. CCLXXVII NO.75 WSJ.com HHHH $4.00 DJIA 32981.55 g 85.41 0.3% NASDAQ 13246.87 À 1.5% STOXX 600 429.60 g 0.2% 10-YR. TREAS. g 7/32 , yield 1.749% OIL $59.16 g $1.39 GOLD $1,713.80 À $29.90 EURO $1.1732 YEN 110.72 Tumultuous Times Biden What’s Meme stocks, SPACs and a fire sale fuel dramatic start to 2021. Unveils News Performanceinthe first quarter DowJones Industrial Average 8% Public Business&Finance Works inancial markets went 6 Fintooverdriveinthe firstquarter,with investors Package large and small embracing Nasdaq risk and driving aturbulent 4 Composite start to the year. A1, B7 Index President’s $2.3 trillion The Dow industrials gained 7.8% during the proposal would boost quarter,while the S&P 500 2 corporate taxes to pay climbed 5.8% and the Nas- daq added 2.8%. B13 for roads, research Micron Technologyand 0 BY ANDREW RESTUCCIA Western Digital areeach ex- AND TARINI PARTI ploring apotential deal for Kioxia that could value the President Biden unveiled a Japanese semiconductor com- –2 Jan. Feb. March $2.3trillion infrastructureplan panyatabout $30 billion. A1 centered on fixing roads and Huaweisuffered ararede- Year-to-dateperformancecompared to the S&P500 10-yearTreasury yield CBOE Volatility Index bridges, expanding broadband cline in revenue during the GameStop ARK Innovation ETF Viacom internet access and boosting fourth quarter last year,as funding forresearch and devel- 1,500% 20% 150% 2.0% 40 U.S. sanctions hammered its opment, plus higher corporate businessand sales outside of taxestopay forthe package. 1,000 100 30 China fell particularly hard. B1 “It’snot aplan that tinkers 0 1.0 around the edges,” Mr. Biden Ford is scheduling more 50 20 500 said during a speech in Pitts- downtime at several U.S. burgh. “It’saonce-in-a-gener- factories, including its two S&P500 0 –20 0 0 10 ation investment in America.” major truck plants, amid a Jan. Feb. March Jan. Feb. March Jan. Feb. March Jan. Feb. March Jan.Feb.March TheDemocratic president global chip shortage. B1 Sources: FactSet; TullettPrebon (Treasurys) cast his plan as afundamental Dozens of prominent shiftineconomic thought Black executives called on cor- away from the small-govern- porations to fight Republican- ment,tax-cutting approach led legislation they saywould InvestorsEmbraced Big Risks embraced decades ago under limit voting access forBlack Ronald Reagan, a Republican. voters in numerous states. B1 “Here’sthe truth: We all will do betterwhen we all do well,” H&M said it would Mr.Biden said, arguing that stand by a human-rights In aWild Quarterfor Trading the coronavirus pandemic had position that angered Bei- exposed longstanding inequali- jing and triggeredthe brand’s ties in the country. “It’stime to disappearance from the in- BY AKANE OTANI near historically lowlevels. The ket,” said Sandi Bragar,manag- build our economyfromthe ternet in China. B1, B2 Quarterly Review 10-year U.S. Treasuryyield is ing director in planning strat- bottomupand from the middle Shares of Deliveroo sank Financial marketswent into Prices for NFT digital art around 1.7%,compared with egyand research at wealth up,not the topdown.” 26% in their trading debut overdrive in the first quarter and collectibles soar ......B7 0.9% at the start of the year. management firm Aspiriant. The measure, which comes as investorsshunned the of the year. SPAC mania is taking a Stocks aresitting near records, It is a stark shift from how afterMr. Biden signed a Amazon-backed food-deliv- Meme stocks such as breather.............................B13 with the S&P 500 up 5.8% for money managersstarted 2021. $1.9trillion coronavirus relief erystartup’soffering. B4 GameStopCorp.surged. Celeb- the year and the DowJones In- When 2021 began, investors bill intolaw, is the firstofa rities doveintoblank-check dustrial Averageup7.8%. Factor didn’t knowthat Democrats two-part economic plan that Microsoftagreed to companies.Christie’sauc- such as ViacomCBS Inc.and in social media and afew would win control of the Sen- he hopes to movethrough build custom augmented- tioned off anonfungible tokeN DiscoveryInc. to decline. rounds of government stimulus ate, allowing the government Congressinthe coming reality headsetsfor the attached to adigital imagefor If thereisaunifying theme, checks,and it almost makes to push through abiggerstim- PleaseturntopageA2 U.S. Armyinadeal valued $69 million. And just before it is that investorsbig and small sense whymanyinvestorshave ulus packagethan manyhad at up to $21.9billion. A3 the quarter’s end, afiresale of showednofear of risk-taking to been so drawntospeculative expected. They didn’t know Greg Ip: Growth from stocks that Archegos Capital start 2021. In fact, they em- cornersofthe market. what would happen as corona- infrastructureiselusive......... A2 World-Wide Management had bet on braced it. Interest ratesjumped “There’salot of money just virus cases surged to new What’s in Biden’s corporate caused well-known companies in the quarter,but they remain swishing around in the mar- PleaseturntopageA4 tax plan......................................... A2 Biden unveiled a$2.3tril- lion infrastructureplan France Faces centered on fixing roads SuitorsEye $30Billion Pfizer Shot Effective and bridges,expanding New Lockdown broadband internet access and boosting funding for Deal for Chip Maker In Children 12 to 15 research and development, plus higher corporatetaxes to payfor the package. A1, A2 BY CARA lOMBARDO of the people said. BY JARED S. HOPKINS when vaccines that adults AND DANA CIMILLUCA The Tokyo-based company GES have been getting could also TheCovid-19 vaccine from IMA Pfizer and BioNTech safely hadbeen planning an initial TheCovid-19 vaccine from be made available to children. Micron TechnologyInc.and public offering before shelving Pfizer Inc.and BioNTech SE Likeother authorized vac- protectschildren between the GETTY Western Digital Corp.are each it in late September,citing the safely protects children be- cines,the Pfizer-BioNTech shot ages of 12 and 15,the firms SE/ exploring apotential deal for coronavirus pandemic and tween the ages of 12 and 15,the hasn’t yetbeen cleared foruse said, resultslikely to lead to Kioxia HoldingsCorp.that market volatility. companies said, resultslikely to in adolescentsunder 16. inoculations within that age could value the Japanese semi- An IPO later this year is ANCE-PRES lead to inoculations within that Health expertssaid children group beforethis summer. A1 conductor companyatabout still apossibility should the FR agegroup beforethis summer. will need to be vaccinated for J&J said one batch of its $30billion, according to peo- companyfail to reach agree- Thevaccine was100% effec- apopulation to movepast pan- Covid-19 vaccine didn’t meet ENCE ple familiar with the matter, as ment on adeal with one of the AG tiveinprotecting against demic restrictions,likemask- quality standards at acon- aglobal scramble formemory suitors, the people said. symptomatic disease in astudy ing and physical distancing. tract manufacturer and the chips used in smartphones and Kioxia is considered a MARIN/ of morethan 2,200 children, Given the Pfizer-BioNTech doses weren’t distributed. A6 other devices heatsup. crown-jewelasset in Japan, VIC the companies said Wednes- results, adolescentsinthe U.S., Derek Chauvin defended Adeal forKioxia, controlled and—given the additional po- DO day. Researchersalso didn’t at least, could start getting LU his actions to abystander af- by private-equity firm Bain litical sensitivities of transfer- French President Emmanuel find anysafety concerns. PleaseturntopageA6 terholding George Floyd to Capital, isn’t guaranteed, and ring ownership of key technol- Macron announced ana- Thefindings, though ex- the ground with his knee for it isn’t clear howone might be ogylikethat in chips—any tional lockdown Wednesday pected, were much anticipated J&J says a batch of its about nine minutes,accord- structured. Should adeal transaction would requirethe as Covid-19 casessoar.A7 by parents, health authorities vaccine was ruined..................A6 ing to video playedatthe come together, it could be fi- blessing of the government and school officials.They have U.S. cases rising despitepickup former policeofficer’s trial. A3 nalized later this spring,some PleaseturntopageA4 been waiting forsigns on in paceofvaccinations...........A6 Russia has begun mobi- lizing troops along itsborder with Ukraine, presenting a No Fooling: fresh challenge to the U.S. Huawei BanPuts and threatening to upend a cease-firebetween Ukraine Exclusive and pro-Russia fighters. A16 Competitor in aBind Cybersecurity TheWhiteHouse decided College Is Fake not to renewaban on H-1B iii and other work-based visas Ericsson reaps windfall in 5G business, but is about that were imposed last year in You might get into response to the pandemic. A3 CEO worries about repercussions in China SRIIOTA, but you TheNCAAfaced abarrage to change. BY STU WOO sought law firms to help of skeptical questions by the Supreme Court as it sought can never go Huawei fight the ban. to defend tight limitsonthe Few companies have Mr. Ekholm says that in types of compensation col- BY RACHEL WOLFE gained more from the U.S.- an increasingly intertwined ON APRIL 20 YOU WILL led campaign against China’s world he is just looking after legeathletes canreceive. A3 Southern Rhode Island In- Huawei Technologies Co. his company’s interests. Af- SEE EVERYTHING. Ashooting at aSouthern stituteofthe Artsisthe most than Ericsson AB. The Swed- ter the Swedish 5G ban, Bei- California office building exclusivecollegeyou’venever ish business, in a tailspin a jing threatened to retaliate Join us on April 20 for the launch of Omnis,™ killed four people, includ- heard of. Why? It’s not real. few years ago, now sur- against Ericsson’s business ing a child, police said. A4 It is,however, perfectly passes Huawei in selling cel- in China, where it runs a ma- the most advanced cybersecurity platform suited to this high-anxiety mo- lular equipment in much of jor factory and gets 8% of its combining the pervasive visibility of NETSCOUT CONTENTS Opinion.............