P2JW096000-6-A00100-17FFFF5178F

****** TUESDAY,APRIL 6, 2021 ~VOL. CCLXXVII NO.79 WSJ.com HHHH $4.00

DJIA 33527.19 À 373.98 1.1% NASDAQ 13705.59 À 1.7% STOXX 600 Closed (432.22) 10-YR. TREAS. À 1/32 , yield 1.718% OIL $58.65 g $2.80 GOLD $1,727.00 À $0.50 EURO $1.1813 YEN 110.18 Baylor Trounces Gonzaga 86-70toWin NCAA Hoops Title U.S. Aims What’s News ForGlobal Minimum Business&Finance Corporate he Supreme Court,ina T6-2opinion, ruled for Alphabet’sGoogle in a mul- TaxRate tibillion-dollar battle with Oracle over elements of Biden team, seeking Google’s Android smart- phone-operating system. A1 revenue, hopes to keep  Agreater share of people foreign firms from with lowcredit scores has having an advantage been falling behind on car paymentsinrecent months, a BY RICHARD RUBIN sign of stressamong consum- S AND KATE DAVIDSON

ers whose finances have been PRES

hit hardbythe pandemic. A1 TED WASHINGTON—Treasury

 Homeownersinarrears OCIA SecretaryJanet Yellen argued SS

would generally not face /A foraglobal minimum corporate foreclosure until 2022 un- taxrateMonday, seeking inter- der a proposal floated by national cooperation that is

the Consumer Financial CUMMINGS crucial to funding the Biden ad-

Protection Bureau. A3 ON ministration’s$2.3trillion in- RR frastructure proposal.  U.S. stocks climbed in the DA NO CONTEST: Players forthe Baylor Bears celebrate afterwinning college basketball’smen’s national championship Monday President Biden’sproposal firstsession afterFriday’s night in Indianapolis.TheyendedGonzaga’s chancetobethe first undefeatedchampion sincethe Indiana Hoosiersin1976. A12 to raise the corporatetax rate jobs report, with the Dow to 28% from 21% would push and S&P 500 rising 1.1% and the U.S. from the middle of the 1.4%, respectively,torecords. pack among major economies TheNasdaq added 1.7%. B11 to near the top. TheBiden plan  GameStop said it could would also impose a21% mini- raise hundreds of millions GoogleWins Copyright Fight mum taxonU.S.companies’ of dollarsfromstock sales foreign income,removeanex- in coming months,asthe port incentiveand raise taxes videogame retailer turns to on some foreign companies’ public marketstohelp sup- With Oracle in Supreme Court U.S. operations. port itsturnaround plan. B1 If the U.S. raises itstax rates and imposes higher burdens on  Coinbase’soffering pro- U.S. companies’ foreign profits, spectus classifies two hold- BY BRENT KENDALL build on each other’s products. that allowprograms,websites devices world-wide. aglobal minimum taxwould ersofsignificant stakes in AND TRIPP MICKLE The court, in a 6-2 opinion or apps to talk to one another. Oracle previouslysought as help prevent companies head- the cryptocurrencyexchange, MondaybyJusticeStephen “Google’scopying did not much as $9 billionindamages quartered in other countries including aco-founder,as WASHINGTON—TheSu- Breyer,threw out alower- violatethe copyright law,” from Google,though the com- from having asignificant po- independent directors. B1 preme Court ruled for Alpha- court ruling forOracle that Justice Breyer wrote. panymight have faced chal- tential advantage. That coordi-  SoftBank Group agreed bet Inc.’sGoogle in amultibil- said Android infringed its Oracle, which acquired the lenges in collecting that much nation and the ensuing taxrev- to pay $2.8 billion for a lion-dollar battle with Oracle copyrightsonthe Java soft- Java technologywhen it in penalty proceedings had it enue—not necessarily the aims 40% stake in Norwegian Corp.overelementsofware platform. Thehigh court bought SunMicrosystems Inc. won in the high court. of U.S.-based companies—rank warehouse-automation Google’sAndroid smartphone- said Google’scopying of some in 2010,accused Google of ille- Theruling didn’t do away high on the administration’s companyAutoStore. B1 operating system, adecision Java API code wasfair use. gally copying morethan 11,000 with copyright protections for PleaseturntopageA2 that could weaken software APIs, or application program- lines of Java API code to de- APIs but dealt ablowtothem  LG Electronics will exit copyright protections but al- ming interfaces,are prewrit- velop Android, which runs nevertheless, a potential set-  Democrats pitch international itsunprofitable smartphone low developers more room to tenpackages of computer code more than two billion mobile PleaseturntopageA6 corporate tax plan...... A2 businessafter yearsofstrug- gling to competewith indus- tryleadersApple and Sam- sung,aswell as other rivals. B3 Risky Borrowers Fall Behind China Is Creating World-Wide On CarPaymentsinPandemic Digital Currency, First  Yellen argued for a global minimum corporate tax ForaMajor Economy rate, seeking international BY ANNAMARIA ANDRIOTIS Shareofsubprime auto Shareofautoaccounts cooperation that is crucial AND BEN EISEN borrowers who aremorethan in deferment or other to funding the Biden ad- 60 days late on payments hardship status ministration’s $2.3 trillion Agreater shareofpeople Cyber yuan will let Beijing track spending infrastructure proposal. A1 with lowcredit scores has been 10% 10%  Senate Democrats offered falling behind on their carpay- in real time, pose challenge to dollar proposals to increase taxes mentsinrecent months, asign 10.9% 8 8 on U.S. firms’ foreign profits of stressamong consumers BY JAMES T. AREDDY puter code. and movethe system in the whose finances have been hit Cryptocurrencies such as same general direction as hard by the pandemic. 6 6 A thousand years ago, bitcoin have foreshadowed a the administration’splan. A2 Some 10.9%ofsubprime bor- when money meant coins, potential digital future for rowers with outstanding auto China invented paper cur- money, though they exist  TheSenate’s nonpartisan loans or leases were morethan 4 4 rency. Now the Chinese gov- outside the traditional global parliamentarian ruled in fa- 2.5% vorofaDemocratic effort to 60 days past due in February, ernment is minting cash dig- financial system and aren’t up from 10.7%inJanuaryand itally, in a re-imagination of legal tender like cash issued passadditional legislation 8.7% ayear prior,according to 2 2 money that could shake a by governments. through aprocess called credit-reporting firm Trans- pillar of American power. China’s version of a digital reconciliation, according to Union. It marked the sixth con- It might seem money is currency is controlled by its aspokesman forSchumer. A4 0 0 secutive month-over-month in- already virtual, as credit central bank, which will is-  The Minneapolis police crease and the highest level in 2020 ’21 2020 ’21 cards and payment apps sue the new electronic chief testified at the trial of monthly datagoing back to Jan- Note:Monthly rates Source:TransUnion such as Apple Pay in the U.S. money. It is expected to give Derek Chauvin that the for- uary2019. and WeChat in China elimi- China’s government vast new mer officer violated multi- More than 9% of subprime 60 days past due in the fourth creasing in what has otherwise nate the need for bills or tools to monitor both its ple policies when he knelt autoborrowers were morethan quarter, the highest quarterly been aperiod of relatively low coins. But those are just economy and its people. By on George Floyd’s neck for figure in datagoing back to consumer delinquencies,with ways to move money elec- design, the digital yuan will morethan nine minutes. A3  Consumer agency seeks to 2005. stimulus payments,unemploy- tronically. China is turning negate one of bitcoin’s major restrict foreclosures...... A3 Themissed paymentsare in- PleaseturntopageA6 legal tender itself into com- PleaseturntopageA8  McConnell threatened “serious consequences” for corporations that re- taliate against Republican- INSIDE Diners Start Dipping Back In, led efforts to pass new state election laws. A4 But Ketchup Can’t Catch Up  India recorded morethan iii 100,000 fresh Covid-19 cases

forthe firsttime,exceed- OL Pandemic turned restaurants into

ing the daily totals every- PO S whereelse in the world. A16 takeout specialists, boosting demand Plans change. /PRES

 Jordan’s royal family is TV T BY HEATHER HADDON based BlakeStreet Tavern,

trying to mediate ariftbe- UR CO AND ANNIE GASPARRO who has struggled to keep tween the country’smonarch PowerStore ketchup in stock formuch of and aformer crownprince, U.S. NEWS Supply chain problems are this year. the RoyalCourt said. A7 Minneapolis police reaching intoafar corner of Thepandemic turned many  Harvey Weinstein’s law- chief testifies Chauvin the businessuniverse: Ketchup sit-down restaurantsintotake- adapts. yers asked aNew York appeals packets. out specialists, making indi- court to grant the former violatedpolicies on use Afterenduring ayear of vidual ketchup packetsthe pri- movie producer anew trial. A3 of force. A3 closures,employeesafety mary condiment currency for Storage that’salwaysin  Died: Robert Mundell,88, fearsand start-stop openings, both national chains and sync with the needs of manyAmerican restaurants mom-and-pop restaurants. Nobel-winning economist. A2 arenow facing anationwide Packet prices areup13% since your business. ketchup shortage. Restaurants January 2020, and their mar- CONTENTS Opinion...... A13-15 aretrying to securethe table- ket share has exploded at the Arts in Review.... A11 Personal Journal A9-10 J topstaple afterCovid-19 up- expense of tabletop bottles,

Business News.. B3,5 Sports...... A12 WS

Capital Journal...... A4 Technology...... B4 R endedthe condiment world according to restaurant-busi- Crossword...... A11 U.S. News...... A2-6 FO S order.Managersare ness platform PlateIQ. Heard on Street.B12 Weather...... A11 TT using generic ver- Even fast-food giants

Markets...... B11 World News...... A7,16 WA sions,pouring out arepleading forpackets.

ANNA bulk ketchup intoindi- Long John Silver’s LLC, > vidual cups and hit- anearly 700-unit chain, BUSINESS&FINANCE ting the aisles of had to seek ketchup Hardhit by the Costco forsubstitutes. from secondary suppli- Learn moreat pandemic,gyms go to “We’vebeen hunt- ers because of the rush DellTechnologies.com/PowerStore ing high and low,” in demand.The indus- s 2021 Dow Jones & Company, Inc. All Rights Reserved the matinfightfor said Chris Fuselier, try’spandemic shiftto financial aid. B1 owner of Denver- PleaseturntopageA8 P2JW096000-5-A00200-1------XA

A2 | Tuesday, April 6, 2021 ***** THE WALL STREET JOURNAL. U.S. NEWS SenateDemocratsPitch Foreign-Tax Plan

BY RICHARD RUBIN fixthe problems with the cur- day. The senators’ proposal is senators’proposals areless proposed by the Biden admin- global commerce largely to rent system and provide long- the latest Democratic idea onerous than the WhiteHouse istration and my Democratic serveforeign marketsand that WASHINGTON—Senate term certainty forbusinesses tossed intoanalready complex version released last week. colleagues will makeAmerican those operations support Democratsoffered proposals and stability forfederal reve- infrastructure-spending debate. Thesenatorswould alter a workersand American compa- headquarters jobs in the U.S. Mondaytoincrease taxeson nues so that we remain globally The Biden administration is rule that hurtssome compa- nies lessable to competein The2017law lightened U.S. companies’ foreign profits competitive,” Mr.Warner said. seeking roughly $2.3trillion for nies with domestic research the global economy,” said Sen. taxes on U.S. companies’ for- and movethe system in the Theframework setsaside is- roads,bridges,transit, broad- and administrativeexpenses Rob Portman (R., Ohio). eign profits, so aU.S.company same general direction as the sues likethe corporatetax rate band and other spending over and foreign profits. They don’t Theproposals addressthe in the German market faces a Biden administration’s plan. and totalrevenue targets, focus- eight years, offset with 15 years endorse the administration’s running tension in interna- taxburden that looks more The new framework comes ing instead on howU.S.compa- of corporatetax increases. repeal of an export incentive tional taxation—whether to like itsGerman and British from across section of Demo- nies should be taxedonforeign Democratic lawmakersand or itscall to denysome deduc- taxcompanies equally based competitors. The2017law in- crats—FinanceCommittee income and export income and the administration must tionstoforeign-owned compa- on the location of their head- cluded special rules and a Chairman Ron Wyden of Ore- howforeign companies should now—with very slim majori- nies. quartersorthe location of minimum taxtolimit the ben- gon, progressivelabor ally be taxedonU.S.income.In ties—figureout what to spend, But as awhole,the rules their income.The U.S. didn’t efitsfromloading profitsinto SherrodBrown of Ohio and some respects, it is more whether to payfor it and how would be significantly tougher have apuresystemone way or low-tax countries. Mark Warner of Virginia, who friendly to companies than the to do so. on companies than the status the other before2017and it Democrats would push the built his fortune investing in Bidenplan, but it leavessome In international taxes, those quo,and corporations and their doesn’t have one now. system in the opposite direc- companies.Itisdesigned to importantdetails fordebate. choices canbecomplicated, advisersare warning that Dem- The2017tax law, which tion, so the U.S. would have a prompt other Democratstoof- “Thereisagreement that with each company’sconse- ocrats’ changes could makeU.S. passed without asingle Demo- biggerclaim on U.S. compa- fer their ideas. megacorporations arenot pay- quences depending on the lo- companies and their non-U.S. cratic vote,leaned toward nies’ profit, regardlessof “This framework is afirst ing their fair shareand we want cations of their operations and business lines intotakeover taxesbased on the location of wherethey areearned. That step in allowing us to find the jobs hereathome,” Mr. customers. targetsfor foreign-based firms. income, adopting a view that reflects a view that U.S. com- novel, creativeapproaches that Wyden told reportersonMon- In several instances,the “The massive tax increases U.S. companies engagein panies will shift jobs abroad.

owned by U.S. companies. The 2017 federal tax legislation cut tax bills forbig publicly tradedcompanies generally, separatefromtaxes the admin- U.S. Seeks TheU.S.has long had more but moreinsome sectorsthan others. istration is likely to propose stringent taxrules on itscom- soon on closely held firms and panies than other countries do, Effectivetax ratesfor selected sectors in the S&P500 high-income individuals— Corporate but businessgroups warn that a 2019 rate 2016 rate would generate$2trillion over significant disparity could lead DIFFERENCE 15 years. That is enough to pay to U.S. companies getting taken Utilities 17.9 pct.points foreight yearsofhigher spend- TaxChange over by foreign competitors. ing on roads,bridges,transit, Such tax-rate gaps could also Communication Services 17.5 broadband and other programs, reanimateinversions,transac- the administration has said. ContinuedfromPageOne tionsinwhich U.S. companies Consumer Discretionary 13.2 Other countries will wel- priorities. take foreign addresses,often come renewedU.S.engagement “Competitivenessisabout through mergers.The U.S. tax- Healthcare 9.7 in negotiations led by the Paris- more than howU.S.-headquar- rate cutsand Obama-eraregula- based Organization forEco- S&P500 8.9 teredcompanies fareagainst tions made them lessattractive. nomic Cooperation and Devel- other companies in global “It would take the pressure Financials 7.9 opment,agroup of advanced mergerand acquisition bids,” out of the system if therewas economies.But that won’t Ms.Yellen said in remarks to alignment along the global Industrials 7.8 guarantee aconsensus on cre- the ChicagoCouncil on Global minimum approach, if the U.S. ating aglobal minimum-tax AffairsonMonday. “It is about were to go forsuch ahigh off- Consumer Staples 7.8 system, said Daniel Bunn, vice making surethat governments shorerate,” said Manal Corwin, president of global projectsat have stable taxsystems that principal in charge of the Information Technology 6.3 the TaxFoundation, aconser- raise sufficient revenue to in- Washingtonnational taxoffice vative-leaning group. vest in essential public goods forKPMG LLP. 0 10 20 30 40% “You mayget countries like and respond to crises,and that Ms.Yellen faces another Source:S&P DowJones Indices FranceorGermanypotentially all citizens fairly sharethe bur- tough task—pushing the Biden attractedtothe Biden proposal, den of financing government.” proposal’scorporatetax in- tion to the wind.” negotiations among morethan one unlessthey canalso stakea but Idon’t knowthat youauto- Ms.Yellen’sremarks came as creasesthrough aclosely di- Manyofthe challenges that 100 countries.Those compli- biggerclaim to taxthe profits matically getfull endorsement financeministersprepared to vided Congress. On Monday, have slowedglobal corporate catedtalks have been advanc- of U.S. tech companies. from countries in the OECD ne- gather virtually forsemiannual Sen. JoeManchin of West Vir- taxnegotiations foryearsstill ing over the past few years, but Mr.Biden, aDemocrat, said gotiations,” he said. meetingsofthe International ginia, akey centrist Democrat, remain. they arefragile,and progress on Mondaythat he wasn’t wor- Although countries are MonetaryFund and World Bank said he would prefer a25% cor- In late2017, the Republican hasbeen slowedbythe pan- ried that higher taxeswould working together through the this week. poraterate. Congress’sbig taxoverhaul law demic. drivecompanies out of the U.S. international talks,each has its Should the Biden plan be en- “We’regoing to have some loweredthe U.S. corporaterate Thebig differencenow is Economistsgenerally think ownincentives built intotheir acted without aglobal mini- leveragehere, and it’smore formultinationals to 21% from that the Democrats’ domestic higher corporatetaxes are taxsystems: generating reve- mumtax,aU.S.addressbe- than just me,” he said to aWest 35%, and it created aminimum economic agenda depends borne in the short runby nue,protecting domestic indus- comes apotential disadvantage, Virginia radio station. “There’s taxonU.S.companies’ foreign partly on other countries’ fol- shareholders—including for- tries and attracting foreign in- meaning that foreign-owned six or seven Democratsthat income of at least 10.5%. Ms. lowing along with their owntax eignersand retirement ac- vestment. businesses operating overseas feel very strongly about this. Yellen’spredecessor,Steven policies.Although manycoun- counts—with longer-run effects —Andrew Duehren could be significantly more We have to be competitive, and Mnuchin, backed minimum tries have endorsed minimum on wagesand prices. and Theo Francis profitable than competitors we’renot going to throw cau- taxesaspart of international taxes, othersmight not accept Thecorporatetax changes— contributed to this article. U.S. WATCH Economist TENNESSEE Had the Ear StateWants Abortion Restriction Restored Of Leaders The stateofTennessee asked In U.S., EU the Supreme Court Mondayto reinstate a48-hour waiting pe- BY JAMES R. HAGERTY riod imposed on women seeking abortions, after lowercourts RobertA.Mundell,aNobel found it unconstitutional. Prize-winning economist who Tennessee asked the high helped embolden U.S. politi- court to reimpose the restriction cians to cut taxes while it appeals a136-page OBITUARY and provided in- opinion from afederal judge in ROBERTA. tellectual argu- Nashville, who found thatthe MUNDELL mentsfor Eu-

restriction imposed an undue S 1932-2021 rope’scommon burden on women’srighttoend currencydecades PRES pregnancy,the standardthe Su- before the launch of the euro, preme Court applies under a TED died in Italy at the age of 88. CIA

1992 precedentknown as SO The Canadian-born econo- Planned Parenthood v. Casey. AS mist, who wonhis Nobel in

“Although fourteen other OUX/ 1999, drew attention with his States have similar waiting-pe- RA early work on the trickypolicy

riod laws thatgenerally require JOHN implications of an increasingly twotrips to an abortion pro- HOOFING IT: Ranchers took part in a cattle drive through downtown Kissimmee, Fla., to promote a rodeo being held this weekend. global economy in which cur- vider,Tennessee is the only rencyrates were wobbly and Stateinthe Nation thatcannot ARKANSAS ferring them to other providers MONTANA in broadcasting he served with one nation’s fiscal and mone- enforce its lawbecause of a forthe treatment. the U.S. Armed Forces Broadcast tary choices could undermine federal judicial decree,” Tennes- Ban on Transgender “If [the bill] becomes law, Ex-Gov. Stephens Network during the Korean War. those of its trading partners. see said in its filing. Treatments Vetoed then we arecreating newstan- Dies at Age 91 Prior to his tenureasgover- He clashed both with Keynes- LastOctober,U.S. District dards of legislativeinterference nor,hewas amember of the ian economistspushing for Judge BernardFriedman found Gov. AsaHutchinson vetoed with physicians and parents as Former Montana Gov. Stan Montana Senate representing government spending binges the waiting period “burdens the legislation thatwould have theydeal with some of the Stephens has died. He was91. Havrefor 16 years beginning in and monetaristsfixated on majorityofabortion patients made his statethe firsttoban most complex and sensitive Mr.Stephens died Saturdayin 1969. During thattime, he served controlling the money supply. with significant, and often insur- gender-confirming treatments or matters involving young people,” Kalispell after severalmonths of as majorityleader and Senate His work inspired Arthur mountable, logistical and finan- surgery fortransgender youth. Mr.Hutchinson said. ill health, according to former president. Laffer and Jude Wanniski, ad- cial hurdles.” The Republican governor on The Republican Legislature stateSen. John Brendan. “He wasprobably the most vocates of “supply-side” eco- The Supreme Court is ex- Mondayrejected legislation that could still enact the measure, Mr.Stephens, aRepublican, decentperson you’deverwantto nomics andarchitectsofthe pected to seek aresponse from would have prohibited doctors sinceittakes only asimple ma- served as the state’s20th gover- meet,” said Mr.Brendan. “He Reagan administration’stax- the abortion providers thatchal- from providing gender-confirm- jorityofthe House and Senate nor between 1989 and 1993. He broughtdecency and honesty cutting program. He wasa lenged the restriction before ing hormone treatment, puberty to override agovernor’s veto in wasborn in Calgary,Alberta, and back to stategovernmentwhile prominent adviser to Euro- considering the application. blockers or surgery to anyone Arkansas. movedtoMontana when he was he wasgovernor.” pean authorities in the cre- —Jess Bravin under 18 years old, or from re- —Associated Press 19. During his decadeslong career —Associated Press ation of the monetary union.

CORRECTIONS  AMPLIFICATIONS THE WALL STREET JOURNAL (USPS 664-880) (Eastern Edition ISSN 0099-9660) (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) In some editions Monday, a cle about the weekend’sbox Encorecolumn in Monday’sIn- and sautéed for2minutes in Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036 Published daily except Sundays and general legal holidays. graphic with a Business & Fi- officeincorrectly referred to vesting in Funds and ETFs re- step 2, afterthe onions are Periodicals postage paid at New York, N.Y., and other mailing offices. nancearticle about employ- the film as “The Croods.” port incorrectly said are- cooked and before the spices Postmaster: Send address changes to The Wall Street Journal, ment changesatcompanies quired withdrawalcan be are added. A Feb. 27 Off Duty 200 Burnett Rd., Chicopee, MA 01020. reversed the order of the per- Thelast name of MikeFra- takenfromany one fund recipe neglected to indicate All Advertising published in The Wall Street Journal is subject to the applicable rate card, copies of centages,asashareoftotal tantoni, chief economist of the within the account. when the garlic is added. which are available from the Advertising Services Department, Dow Jones & Co. Inc., 1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the right not to accept an advertiser’s employees,that jobs cutsat11 MortgageBankersAssociation, order. Only publication of an advertisement shall constitute final acceptance of the advertiser’s U.S. companies represented. A wasmisspelled as Fratatoniin The illustration credit for Noticetoreaders order. corrected version of the Exchangearticles on Saturday Aly Miller wasincorrectly Wall Street Journal staff Letters to the Editor: Fax: 212-416-2891; email: [email protected] graphic is available at about the housing market. omittedfromanOff Duty arti- membersare working re- Need assistance with your subscription? WSJ.com/Corrections. cle Saturday about a towpath motely during the pandemic. By web: customercenter.wsj.com; By email: [email protected] By phone: 1-800-JOURNAL (1-800-568-7625) Required withdrawals along the Potomac River. Forthe foreseeable future, Reprints &licensing: The movie “The Croods 2” from aThriftSavingsPlan ac- please send reader comments By email: [email protected] |Byphone: 1-800-843-0008 was released during the pan- count aretaken proportion- In the recipe forMiddle only by email or phone, using WSJback issues and framed pages: wsjshop.com demic. In some editions Mon- ately from each fund held Easternlentil soup, ¼ cup the contactsbelow, not via Our newspapers are100% sourcedfromsustainably certified mills. day, aBusiness&Financearti- within the account. TheAsk minced garlic should be added U.S. Mail. GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS Readers can alert The Wall Street Journal to any errors in news articles by emailing [email protected] or by calling 888-410-2667. P2JW096000-4-A00300-1------XA

THE WALL STREET JOURNAL. **** Tuesday, April 6, 2021 | A3 U.S. NEWS Pandemic Chauvin Violated Policy, Chief Says Foreclosure BY ERIN AILWORTH Extension AND JOE BARRETT Minneapolis PoliceChief MedariaArradondo testified Proposed Monday that Derek Chauvin violated multiple policies BY ANDREW ACKERMAN when he knelt on George Floyd’s neck formorethan WASHINGTON—Home- nine minutes,the highest- ownersinarrearswould gener- ranking official yettocon- ally not faceforeclosureuntil demn the actions of the for- 2022 under aproposal floated mer officer in his murder trial. Monday by the Consumer Fi- Mr.Chauvin wasinitially nancial Protection Bureau, justifiedinrestraining Mr. among several “guardrails” the Floyd when he came to the aid agencysaid would help keep of other officersattempting to struggling borrowers in their arrest Mr. Floyd for allegedly homes as the economyrecovers using acounterfeit $20 bill, from the Covid-19 pandemic. Chief Arradondo said. But TheCFPB plan would gen- onceMr. Floyd stopped resist- erally prohibit mortgagecom- ing,the former officer violated panies from initiating foreclo- multiple policies on use of sures until afterDec.31. The force, de-escalation and re- aim is to ensurecompanies quirementstorender aid, thoroughly processalarge Chief Arradondo said. volume of borrowers expected “I vehemently disagree that to exit temporarypandemic- that wasthe appropriateuse relief programs that have al- of forcefor that situation,” REUTERS

lowedhomeownerstopost- said Chief Arradondo,explain- G/ pone monthly payments until ing that the officersarresting

the fall. Mr.Floyd should have continu- SENBER

“Wewill do everything in ally reassessed his level of re- RO NE

our powertoensureservicers sistance and his medical con- JA work with struggling families dition.“It is contrarytoour A composite illustration shows Minneapolis Police Chief Medaria Arradondo on the stand in the trial of Derek Chauvin, left. An image to find solutions that prevent training to indefinitely place of Mr. Chauvin kneeling on George Floyd’s neck was presented during testimony, where the chief condemned the ex-officer’s actions. avoidable foreclosures,” said your knee on aprone hand- Dave Uejio,the bureau’sacting cuffed individual foranindefi- In morethan three hourson stopped resisting arrest. will trytodemonstratethat declared the death ahomicide. director. nite period of time.” the stand, Chief Arradondo, “I think his testimonyisim- from the point of viewofoffi- Mr.Nelson has argued that An existing foreclosure Mr.Floyd washandcuffed who has been with the depart- portant in the sense that the cers facing an angrycrowd, Mr.Floyd died of acombina- moratorium forborrowers andfacedownduring the ar- ment since1989 and chief for chief said it goes beyond what’s that amount of time “goes by tion of drugs and an underly- with mortgages backed by the rest as Mr.Chauvin knelt on his about three years, tried to por- reasonable,” said Joseph Daly,a really quick.” ing heart condition. federal government currently neck and two other officersre- tray apolicedepartment that retired lawprofessor at Mitch- Aftershowing aclip of Earlier in the morning, the expires June 30.Monday’s strained his back and legs. A strivestotreat citizens with ell Hamline University in St. body camerafootagefromone emergency-room doctor who proposal, which would apply fourth officer kept bystanders dignity and respect. Paul. But he said Mr.Nelson of the other officers, Mr. Nel- treated Mr.Floyd said that a to both federally guaranteed away.Mr. Floyd cried out sev- “Weput alot of time,en- son got the chief to say it ap- lack of oxygen wasthe most and privateloans,would effec- eral times that he couldn’t ergy and resourcesintoour peared Mr.Chauvin’sknee was likely cause of death based on tively extend that moratorium breathe and eventually ap- training,” ChiefArradondo ‘I vehemently on Mr.Floyd’s shoulder blade, evidence gathered that night. through the end of the year, peared to lose consciousness. said, adding that when consid- not his neck, as it appears in “That was one of the more with some exceptions.The During cross-examination, ering response tactics,“The disagree that that bystander video. likely possibilities,” said Brad- CFPB said it is considering al- Mr.Chauvin’sattorney,Eric goal is to resolvethe situation was the appropriate On redirect from the prose- ford Wankhede Langenfeld, lowing mortgagecompanies to Nelson, asked Chief Arradondo as safely as possible,soyou cution, the chief said that was then the senior resident on begin foreclosures beforeDec. whether an officer needs to want to always have de-escala- use of force.’ afterthe ambulancearrived and duty at Hennepin County Med- 31 under certain conditions, consider all the factorsina tion layeredintothose actions shortly beforeMr. Floyd was ical Center. “I felt that at the forinstancewhen the mort- situation when determining of using force.” loaded ontoagurney.Upuntil time,based on the information gage firm “has determined whether to continue his use of Prosecutorshavesofar pre- then, Chief Arradondo said Mr. that I had, it was more likely that the borrowerisnot eligi- forceand the chief agreed that sented consistent opinion wasalso able to extract from Chauvin’sknee appeared to be than the other possibilities.” ble forany lossmitigation op- wastrue. Chief Arradondo also from policeofficials condemn- the chief the idea that Mr. on Mr.Floyd’s neck. On cross-examination, Dr. tions or if the borrowerhas acknowledged that officersare ing Mr.Chauvin’sbehavior. Chauvin’sknee wasn’t on Mr. Mr.Chauvin is chargedwith Langenfeld said that certain declined all available options.” oftenforcedtomakesplit-sec- Two lower-ranking police de- Floyd’s neck forthe entirenine second-degree and third-de- drugsincluding fentanyl could TheCFPB also on Monday ond judgmentsabout the partment officials testified minutes and 29 seconds. gree murder and manslaughter cause a lack of oxygen to the proposed aseries of related amount of forceneeded and last week that Mr.Chauvin “Nine minutes and 29 sec- in the May25incident. He has heart. Fentanyl is one of the consumer-friendly proposals that containing athreat can should have stopped restrain- onds seems like a long time,” pleaded not guilty. drugsfound in Mr.Floyd’s such as streamlined loan-mod- include restraining someone. ing Mr. Floyd when Mr. Floyd Mr. Daly said, but Mr. Nelson Themedical examiner has blood that night. ification options to borrowers who have suffered apan- demic-related hardship. Thebureau said it would Rights Groups Sue Rochester Over Policing seek public feedback on the measures through May 11. As of March23, approxi- BY REBECCA DAVIS O’BRIEN action status,was filed by issues.Hehighlighted city pro- he wasnaked and handcuffed. details of Mr.Prude’sdeath mately 2.57 million borrowers civil-rightsgroups on behalf of posals that, if implemented, He died aweek later at the and that the policedepartment were in apayment forbearance Asuit brought by civil-rights Rochester residentswho re- would let the mayorfireoffi- hospital,inwhat the county responded to the protestswith program, the mortgage-data groups against Rochester,N.Y., ported injuries and unjust ar- cers forcause,limit the use of medical examiner ruled ahomi- “extremeand unnecessary firm Black Knight Inc.reported accuses itspolicedepartment restslast year,inthe protests forcebypolice, and require cide,the result of asphyxiation force,” citing use of tear gas, Monday.The bureau said it an- of having a“pervasiveproblem that followedthe death of Mr. newofficerstoliveinthe city. and acutedrugintoxication. foam bullets, pepper balls and ticipated some 800,000 of of racism” and fostering acul- Prude, a Black man. The plaintiffs point to city The circumstances of his flash-bang grenades. those borrowers will exit their ture of violenceand impunity Thesuit seeks financial statistics showing that the po- death emergedlast September, Thesuit accuses the city and forbearanceprograms in Sep- uncheckedbycity officials. damages,aninjunction against liceuse forcemorefrequently, aftermonths of official silence, the department of creating and tember or October afterusing The96-pagecomplaint, filed racially biased policing and and with moreseverity, in when Mr.Prude’sfamily re- encouraging a“cultureofimpu- the full 18 months of relief of- Mondayinfederal court in theappointment of an inde- neighborhoods with larger leased body-camerafootageof nity forviolent, racist policing,” feredunder the programs. western NewYork,comes as pendent monitor to fixthe Black and Hispanic residents, the encounter, sparking demon- saying the department “has for “This potentially histori- Rochester confrontsthe fallout city’s policing practices. responding to routine events strations and calls forreform. decades turned ablind eyeto cally high volume of borrow- from misconduct allegations TheRochester PoliceDe- and peaceful protestswith “vi- NewYork stateAttorney racist actions by officers.” Be- ersexiting forbearancewithin andviolent confrontations in- partment didn’t respond to a olent, militarized tactics.” General Letitia James opened tween 2001 and 2016,police the same short period of time volving theRochester PoliceDe- request to comment. On March 23,2020,Roches- an investigation intoMr. department leadership sup- could strain servicer capacity, partment,including the death City Communications Direc- terPoliceDepartment officers Prude’sdeath. In February, a ported 16 of the 923 civilian al- potentially resulting in delays last year of Daniel Prude in po- torJustin Roj said Mayor responded to reportsofaman grand jurydidn’t indict anyof legations of forceagainst offi- or errorsinprocessing loss licecustody,which sparked Lovely Warren would welcome behaving erratically.They took the police officers involved. cers,according to the lawsuit, mitigation requests,” the bu- days of heated demonstrations. areview by the JusticeDepart- Mr.Prude intocustody,cover- Thelawsuit filed Mondayal- noting that the harshest penal- reau said. Thesuit, which seeks class- ment to addressany civil-rights ing his head with ahood while leges the city tried to stifle the ties were brief suspensions. S

PRES Weinstein Asks TED OCIA SS /A Court for New Trial ALD

HER BY DEANNA PAUL In a166-pageappeal, Mr. ON Weinstein’slawyersraised Harvey Weinstein’slawyers sevenpoints, including that ADENT

BR asked aNew York appeals ManhattanSupreme Court court to grant him anew trial, JusticeJames Burkeshouldn’t /THE arguing that the Manhattan have permittedtestimony judgewho oversawthe former from four women whose sex- MPKINS

TO Hollywood producer’s convic- ual allegations hadn’t resulted tion “woefully neglected” the in criminal charges.Judge ANY

TIFF obligation to ensureafair trial. Burke had ruled that their al- Manatee County officials said up to three million gallons of wastewater a day were leaking at the closed Piney Point phosphate plant. Mr.Weinstein, now69 legations were admissible un- years old, has maintained his der NewYork lawtohelp re- innocencesince ajuryfound but Mr.Weinstein’sexpected Second Wastewater Leak Feared in Florida him guilty in February2020 of defense that all the sexual en- two felonysex crimes.Hewas counters were consensual. sentenced to 23 yearsin Thedefense said that these BY ARIAN CAMPO-FLORES nearby homes and businesses. ter. He said it wasamix of old teeCounty administrator. prison.The conviction and women’s experiences weren’t AND ALISTAIR MACDONALD Morethan 300 homes near water from fertilizer produc- With that increase,hesaid, sentencing were viewedasa relevant to consent in the the reservoir,which is south tion,storm waterrunoff and “you cansee howwithin prob- high-profile victory forthe chargedincidentsand “merely Crewsraced to prevent the of Tampa, areunder evacua- saltwaterfromadredging ably 48 hours, if all those #MeToo movement,which depicted Weinstein as loath- uncontrolled release of mil- tion orders. Gov.Ron DeSantis project. Thestate Department flowscontinue,wewill be at a aims to highlight pervasive some.” lions of gallons of wastewater declared astate of emergency of Environmental Protection situation wherewewill no sexual harassment and mis- In itsfiling,Mr. Weinstein’s from abreach in the storage and cited fearsoverthe week- said levels of phosphorus, ni- longer have that risk of that conduct, especially in the legal team said his sentence pond of an old phosphate end of “a real catastrophic trogen and other substances in full breach.” workplace. wasexcessive, calling it “not plant in Florida while investi- flood situation.” the mixtureexceed water- Localofficials said they are merely lifeimprisonment, but gating apotential second leak Manatee County officials quality standards. worried about environmental a death sentence.” in the reservoir. said between two million and Thepumps have helped re- impacts from released waste- On Monday, aspokesman Early Monday, an infrared three million gallons aday were ducethe volume of wastewa- waterfromthe pond. Rep. from the Manhattandistrict at- droneidentified the second leaking out of abreach in the terinthe reservoir to below Vern Buchanan, a Republican torney’s officesaid: “Wewill re- possible breach, prompting a 79-acrepond at the now-closed 300 million gallons, from 480 who represents the area, said spond in our brief to the court.”

team of federal and stateen- Piney Point phosphateplant. million gallons at the outset of at theMondaypress confer- S Mr.Weinstein still faces gineerstohead to the Mana- On Sunday, the Florida National the problem. With additional ence that he had taken a heli- criminal prosecution in Cali- teeCounty sitefor further Guarddelivered two pumps pumping capacity that offi- copter tour to survey the area. PRES fornia foralleged sexcrimes analysis,said JacobSaur,di- that arebeing used to pump cials areactivating,the aim is “To see the water spewing TED going back morethan ade-

rector of public safety for the the waterintoTampa Bay, to morethan double the out, it looked pretty contami- OCIA cade.Los Angeles prosecutors SS

county,atanewsconference. thereby lowering the level so amount of wastewaterbeing nated,” he said. “I am con- /A announced charges on Jan. 6, Officials aretrying to avert a that crewscan repair the leak. removed from the pond, to 75 cerned about the threatsto 2020,the daythat his criminal

full-scale breach that could Mr. DeSantis said over the million to 100 million gallons public safety,homes,aswell WENIG trial on similar accusations

release a20-foot wall of weekend that the leaking wa- aday,from35million gallons as businesses,and then of SETH opened in NewYork.Hehas wastewaterand imperil terisn’t radioactivewastewa- aday,said ScottHopes,Mana- course marine life.” Harvey Weinstein denied all allegations. P2JW096000-4-A00400-17FFFF5178F

A4 | Tuesday, April 6, 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 China Looms Over InfrastructurePlan Path for Biden’s shortageofchips plaguing the American autoindustry underscores the arguments Agenda forthis pieceofthe package. This is one of several areas wheretraditional conserva- Widens tiveargumentsagainst fed- eral “industrial policy,” in BY ANDREW DUEHREN CAPITAL JOURNAL which the government picks By Gerald F. Seib specific industries to boost, WASHINGTON—TheSen- have fallen by the wayside in ate’snonpartisan parliamen- the faceofChinese advances. tarian Mondayruled in favor urking just behind the Allotting $180 billion in of aDemocratic effort to pass L domestic debatebreak- federal funding forresearch additional legislation through ing out over President and development. Govern- aprocess called reconciliation, Biden’s$2.3trillion infra- ment funding of purere- according to aspokesman for structureplans is apowerful CK search is one area broadly SenateMajority Leader Chuck TO foreign force: China. seen as alegitimateuse of Schumer (D., N.Y.), opening TheBiden team sees the federal dollars, and one the door forDemocratstoap-

plan—and wantsthe Chinese SHUTTERS whereChina has been run- provemorefiscal measures A/

to see the plan—as asign the EP ning faster.China nowranks along party lines in the Senate

U.S. intends to put itself in O/ second in the world in R&D this year. betterposition ALZ spending and has been clos- Democratshaveused recon- SC

to competeec- LO ing the gapwith the U.S. ciliation oncethis year to pass

onomically JIM Therewon’t be bipartisan the $1.9trillion coronavirus with Beijing. A highway-expansion project on Interstate 95 in Fredericksburg, Va., shown last week. agreement on all the specifics relief package,and lawmakers Thus,infra- of the Biden R&D proposal, had expected to be limited to structure Theadministration doesn’t ficials worryChina sees the nomic competition. particularly itshefty allot- using it only one moretime marks just the want this to go unnoticed in U.S. in along-term stateof Still, other elementsofthe ment of research funds for this year.With the parliamen- latest example of howthe Beijing.When President Biden decline and will act accord- plan areclearly constructed climate-changeinitiatives,but tarian’snew advicetolawmak- specter of along competition unveiled the plan, he men- ingly,and perhaps recklessly, with an eyetoward better the idea has broad support. ers, Democratscould nowpos- with China is beginning to tioned China six times,includ- as aresult. They areeager to competing with China, and in In asense,this proposal sibly use it athirdtime to color all manner of American ing this reference: “That’s head off that impression, and waysgenerally supported in marks the final reversal of a skirt the 60-votethreshold policymoves,inboth parties. what competition between the infrastructureprogram is both parties: budget processcalled “se- necessaryfor most legislation At itsheart, of course, the Americaand China and the akey part of that effort. Providing $50 billion for questration” that kicked in a to pass in the Senate. $2.3trillion infrastructure rest of the world is all about. “This is central to our na- semiconductor manufacturing decade agotoenforce caps on “This confirms the leader’s proposal is adomestic-policy It’sabasic question: Can de- tional security strategy,” Mr. and research. This proposal federal spending,aprocess interpretation of the Budget initiative, one that the admin- mocracies still deliver for Sullivan said in an interview. would put oomph and dollars that compelled some federally Act andallows Democratsad- istration argues will produce their people?” “Central, essential, founda- behind abipartisan initiative funded labs to close facilities. ditional tools to improvethe millions of jobs and an im- And when Secretaryof tional to our national security Congresspushed intoade- Creating an office in the lives of Americans if Republi- proved economy—and that State AntonyBlinken and na- strategy.” fense bill latelast year autho- Commerce Department, with canobstruction continues,” Republicans over the weekend tional security adviser Jake rizing research and subsidies a$50 billion budget, to work the spokesman forMr. tore into as largely aprogres- Sullivan met topChinese offi- fcourse,competition to increase domestic manu- on bringing supply chains Schumer said. Thespokesman sivewish list hiding behind cials in Alaska just beforeMr. with China also pro- facturing of semiconductors back to the U.S. Thepan- said Mr.Schumer hasn’t de- the disguise of infrastructure O and lessen dependenceon Biden unveiled his plan, they vides the administra- demic shocked Americans in cidedwhether to movefor- and financed by ajob-killing purposely constructed the tion with aconvenient selling China forthe computer chips manyways,including by re- ward with using reconciliation corporatetax increase. conversation so the firstitem point forits plan. And some nowessential to all manner of vealing the extent to which again and that “some parame- Yetsignificant pieces of the on the agenda wasadescrip- of the plan’sprovisions—ex- products. the U.S. depends on medical ters still need to be worked packagehavebeen con- tion of domestic initiatives. panded access to long-term Theleadersofthe congres- supplies made in China. out” around its use. structed with the expresspur- That allowedthem to tell the care under Medicaid, forex- sional push to help the semi- So,use some federal incen- The ruling will give Demo- pose of trying to put the U.S. Chinese what the administra- ample,orexpanded union or- conductor industryinclude tives to prompt companies to cratsmoreroom to maneuver on abetterfooting to com- tion wasdoing to fight the ganizing rights—certainly Sen. TomCottonofArkansas, bring those supply chains to passPresident Biden’s petewith China and itsown coronavirus—and what it in- don’t qualifyasessential to aconservativewho agrees back home—which, again, agenda, including his recently giant investmentsininfra- tended to do to build up its putting Americaonabetter with the Biden administration representsanew bipartisan announced $2.3 trillion infra- structureand key industries. competitiveposition. U.S. of- footing forinternational eco- on very little.The current impulse for2021. structureplan.The White House is expected to roll out another large packageinthe coming weeks,this time fo- Air Force Set to Retire Open Skies Planes cused on child-care and anti- poverty efforts. Aspokesman forSenateMi- nority Leader Mitch McCon- BY MICHAEL R. GORDON nell (R., Ky.) didn’t respond to a request for comment. WASHINGTON—TheU.S. Republicans have criticized Air Forcehas decided to retire the$2.3trillion plan over its the planes used fornearly wide scope and proposed tax three decades to fly monitor- increases on corporations.The ing missions over Russia, tak- hardening GOP opposition had ing astepthat raises ques- leftDemocratsalready prepar-

tions about whether President GES ing to use reconciliation to pass

Biden plans to rejoin a treaty IMA the infrastructureplan, possi- with Moscow that dates to the bly combining it with the com- end of the Cold War. GETTY ing antipoverty legislation to Then-President Donald SE/ muscle ahugepackagethrough Trump last year withdrew from Congressalong party lines. the 1992 Open Skies treaty, ANCE-PRES

which wasintended to lower FR the risk of conflict by allowing the post-Soviet Russian state ENCE AG McConnell and Western nations to conduct E/ RC

unarmed reconnaissanceflights FO

over each other’s territory. AIR RipsFirms

Trump administration offi- .S. cials alleged that Moscow had /U violated the accord by limiting OND

YM ForLaw

access forWestern flightsover HA

Russian territory, while using J. itsown flightsoverthe U.S. to Backlash

gather information on sensi- CHARLES tive American infrastructure. The decision to retirethe OC-135B Open Skies aircraft raises questions about whether PresidentBiden plans to rejoin atreaty with Moscow. BY LINDSAY WISE Mr.Biden criticized Mr. Trump’s decision to leave the as awing commander at Offutt and that they would be sent to maintain and that the White flightsofRussian territory,” WASHINGTON—SenateMi- treaty during thepresidential Air ForceBase in Nebraska the service’sboneyardatDavis House had directed them to be said Daryl Kimball,the execu- nority Leader Mitch McCon- campaign but hasn’t said wherethe monitoring planes Monthan Air ForceBase in Ar- given to foreign partnersor tivedirector of the Arms Con- nell threatened “serious con- whether he intends to re-enter arelocated, said that the move izona in the next couple of disposed of.Mr. Trump’sad- trol Association, anonprofit sequences” forcorporations the accord, which could pose appearstoclose the door on months. ministration neither found an research organization in that retaliate against GOP-led complicated legal issues. returning to the accord. “Since there is no longer a ally that wanted the aircraft Washingtonthat favors rejoin- effortstopassnew stateelec- ANational Security Council “These aircraft are nearly mission requirement for nor disposed of the planes be- ing the treaty. tion laws,asRepublicans in spokesman said the adminis- 60 yearsold, and it coststoo OC-135B,the Department of fore he left office. Former Trump administra- Washingtonand elsewherein- tration wasstill reviewing the much to operate them,” said theAir Forcehas moved to Retiringthe OC-135Bs tion officials say the treaty is tensified criticism over big matter and talking to allies. Mr.Bacon, who added the initiatestandardequipment shouldn’t preclude the U.S. no longer important formoni- corporations’ political stances. “Wewill makeadecision in treaty had been beneficial for dispositionactions in accor- from re-entering the Open toring Russian militaryactivi- “It’sjaw-dropping to see due course, and that decision the U.S. and itsallies.“Onceat dancewith regulations,” the Skies treaty,sinceWashington ties given improvementsin powerful American institu- is separatefrompreviously the boneyard, they’ll be reused spokeswoman said. could send U.S. officials on al- satellite technology. tions not just permit them- scheduled activities relating to forsparepartsand cut for Asenior Trump administra- lied planes,arms control advo- Some U.S. allies fear Mos- selves to be bullied, but join in aging equipment,” he said. scrap metal.” tion official told TheWall cates said. cow would carrythrough with the bullying themselves,” Mr. But Rep.Don Bacon (R., An Air Forcespokeswoman Street Journal in November “Wecan work with allies on itsthreats to withdrawalfrom McConnell (R., Ky.) said Mon- Neb.), aretired Air Forcebriga- said the two aging OC-135B that the specially equipped joint missions as we have in the pact as well if Washington day, warning against what he dier general who used to serve planes were no longer needed planes were toocostly to the past with respect to over- doesn’t rejoin it. described as private-sector ad- vocacy for progressive policy goals,fromenvironmental reg- ulation to gun control. Suit Over Trump’s Block of Twitter Critics Dismissed Mr.McConnell accused companies of “dabbling in be- having likeawokeparallel BY JESS BRAVIN who criticized him from fol- use of Donald J. Trump’sper- in a separate 12-page opinion teracting with his messages.” government,” and said that lowing his Twitter account. sonal Twitteraccount,” the de- sought to address a more re- Thejusticesuggested that they “will inviteserious conse- WASHINGTON—TheSu- In 2019,the Second U.S. partment said then. cent Twitter-related dispute: social-media networks such as quences if they become avehi- preme Court dismissed alaw- Circuit Court of Appeals,in Katie Fallow, an attorney the platform’s decision to per- Twitter, along with Ama- cle for far-left mobs to hijack suit over former President NewYork,found it unconstitu- with the Knight First Amend- manently suspend Mr.Trump’s zon.comInc., Google and other our country from outside the Donald Trump’spracticeinof- tional forthe president to pre- ment InstituteatColumbia account fortweetsitsaid glo- privatecompanies that domi- constitutional order.” fice of blocking individuals vent individuals from viewing University,which represented rified violenceafter apro- natethe digital sphere, could be Mr.McConnell pointed spe- an official social-media ac- the plaintiffs,said: “We’re Trump mob stormed the U.S. regulated to limit their power cifically to the backlash against count used to announcegov- pleasedwith what we were Capitol on Jan. 6 in an effort over who speaks and what is an election bill passed by the ernment policies. The Justice able to accomplish in this liti- to stop Congressfromcertify- said over their platforms. GOP-controlled Georgia legisla- Crafted in gold &platinum Department, representing Mr. gation—not just forcing Presi- ing Mr. Biden’s election. “Today’sdigital platforms turelast month along party Trump, appealed. dent Trump to unblock our cli- “The disparity between provideavenues forhistori- lines,which drew criticism Rush! TheSupreme Court’sun- entsand dozens of others Twitter’scontrol and Mr. cally unprecedented amounts from major Georgia-based cor- Service Available signed order on Mondaydi- from his Twitter account, but Trump’scontrol is stark,to of speech, including speech by porations and prompted Major rected the Second Circuit to also establishing a precedent saythe least,” JusticeThomas government actors. Also un- League Baseball to movethis dismissthe case as moot, as the that other courtshaveinvoked wrote. “Mr.Trump blocked precedented, however, is the summer’s All-StarGame and Trump administration’sJustice to preclude other public offi- several people from interact- concentrated control of so amateur draftout of suburban Department had recommended cialsfromsilencing their so- ing with his messages.Twitter much speech in the hands of a Atlanta. Mr.McConnell said the on the eveofPresident Biden’s cial-media critics,” she said. barred Mr.Trump not only few privateparties,” he wrote. legislation had been misrepre- inauguration in January. “That TheJusticeDepartment de- from interacting with afew No other justicejoined Jus- sented as racist by opponents. Immortalize Your Anniversary transition will moot this case, clined to comment. users, but removed him from tice Thomas’s statement, nor in Roman Numerals! as then-President Biden will JusticeClarenceThomas the entire platform, thus bar- didany put out ones of their  MLB commissioner faces JOHN-CHRISTIAN.COM 888.646.6466 have no ability to control the agreed the case wasmoot, but ring all Twitterusersfromin- own. decision on Masters...... A12 P2JW096000-0-A00500-17FFFF5178F

THE WALL STREET JOURNAL. Tuesday, April 6, 2021 | A5

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A6 | Tuesday, April 6, 2021 **** THE WALL STREET JOURNAL. U.S. NEWS Case Average Still Elevated In theU.S.

BY ANNE PALLIVATHUCKAL likely affected by the Easter holidays,compares with more Theaverage number of than 62,000 cases reported on newly reported Covid-19 cases Saturdayand morethan remained elevated in the U.S. 43,000 a week earlier. over the past week,evenas Hospitalizationshavealso the Easter holidayled to a flattened, with states over the drop in daily recorded infec- past month reporting between tions and deaths. 50,000 and around 40,000 While new cases are down Covid-19 patientsinhospitals, S

from their Januaryhighs,they according to the latest data PRES

have been trending higher in posted by theDepartment of TED

recent days.The seven-dayav- Health and Human Services. CIA SO

erage, which smooths out ir- The number of U.S. deaths AS

regularities in datareporting, from Covid-19 fell to 222 on Y/ was64,628onSaturday,while Sundayfrom676 aday earlier. the 14-dayaverage was63,222, Theseven-day averagestood SLADK NNE

according to aWall Street at 838onSaturday,compared LY Journal analysis of data com- with a 14-day average of 900. People waited in line Monday to receive a Covid-19 vaccine at a FEMA vaccination center at Miami Dade College, in Miami. piledbyJohns Hopkins Uni- TheU.S.has nowreported versity.When the seven-day more than 555,000 deaths averageishigher than the 14- from Covid-19 and more than Emergent to Boost &Johnson’s Covid-19 vaccine. J&J is taking over production of daythe additional $23 million is dayaverage,asithas been 30.7 million infections. Emergent operates a plant the vaccine ingredient at the from the Biomedical Advanced sinceMarch 24,itindicates Vaccine distribution has Output for J&J in Baltimore where a production Emergent plant. Research and DevelopmentAu- cases arerising.Half of states picked up,with the country problem recently ruined a batch The plant will no longer thority, apart of the Department arereporting higher seven-day administeringanaverage of of the main ingredient of J&J’s make the main ingredient for of Health and Human Services. It averages. 3.1 million vaccine doses over EmergentBioSolutions Inc. vaccine. The problem didn’t af- AstraZeneca PLC’s Covid-19 will be used forbiologics manu- TheU.S.reported more the past week, according to a said the federal governmentwill fect finished doses that have vaccine so it can focus exclu- facturing equipmentspecific to than 34,000 newinfections on Journal analysis of data from paythe contract drug manufac- already been distributed, and sively on J&J’s shot. J&J’svaccine. Emergentsaid J&J Sunday, according to the latest theCentersfor Disease Con- turer an additional $23 million to the plant isn’t yet authorized by Emergent, which lastyear re- will nowhave final sign-off for data compiled by Johns Hop- trol and Prevention.Morethan purchase newmanufacturing regulators to provide the ingre- ceived a$628 million federal con- manufacturing the main ingredi- kins University.Newly re- 18% of the U.S. population is equipmenttoboost production of dient for distributed doses. tract to manufactureCovid-19 entatEmergent’splant. ported cases tend to be lower nowfully vaccinated against the main ingredientfor Johnson In the wake of the problem, vaccines and drugs, said late Sun- —Peter Loftus toward the beginning of the Covid-19 and 32% have re- week,asfewerpeople get ceived at least one dose, CDC tested during the weekend and data shows. the U.S. isn’t back to normal, thesame period in 2020,be- acontroversial policythat re- The“two-case rule” has some states don’t report data DespiteCovid-19 cases fall- an analysis of foot-traffic data fore the pandemic forced state quired public schools to fully forced manyopened schools to on Sundays, and rise over the ing in most states from Janu- shows.Americans went out restrictions. close for10days afterreport- shifttoremotelearning,often course of the week. aryhighs and morepeople be- less in January, February and Meanwhile, NewYork City ing two unrelated Covid-19 with little advancewarning for Sunday’s figure, which was ing vaccinated, life in most of early March compared with officials said they were ending cases. families.

litigating as only amonopolist Supreme Court decision effec- High Court can. This behavior is exactly tively reaffirmed, said Pamela whyregulatoryauthorities Samuelson, aprofessor of law around the world and in the and information at the Univer- Sides With United Statesare examining sity of California, Berkeley. Google’s business practices.” Theruling provides reas- Shares of Google’sparent, surancetodeveloperswho Google Alphabet, rose 4.1% on the day, have made APIs central to the and Oracle wasup3.3%, out- creation of the software driv- performing the broader market ing the multibillion-dollar app ContinuedfromPageOne and the tech sector.The S&P economy, which could have back for companies that hold 500 rose 1.4%. been impaired by aruling in copyrightsinsoftware plat- Thedecade-old case had favorofOracle,said Ms.Sam- forms that took considerable been closely watched in tech uelson, who has been writing JOURNAL time and money to build. circles and beyond. Businesses aboutdigital copyright rules

REET JusticeClarenceThomas,in that rely heavily on copyright since the 1980s and wrote an ST dissent Monday, wrotethat protections,including in the amicus brief in support of LL thecourt’sgenerous fair-use movie,music and publishing Google. WA analysis in Google’sfavor “is industries,filed legal briefs “This opinion recognizes THE

R wholly inconsistent with the supporting Oracle that ex- theimportanceofbeing able FO substantial protection Con- pressed concerns about to reuse some elementsof LES gressgavetocomputer code.” Google’s claims to fair use of computer programs to make CO Some software and app de- content created by others. them compatible with other

TNEY velopers, especially emerging TheSupreme Court in its programs,” she said. “In to- UR

CO ones,supported Google in the ruling said it consciously day’sinteroperable world, you Tracy Van Buren struggled to keep up with payments on her Nissan Altima after losing her job. case,stressing the need for chose not to decide the broad- need to be able to use the some fair use of software in- est legal issue in the case: building blocks.” shape but have fallen into help from her daughter, terfaces to promotefollow-on whether API code waseligible ButKarsten Weide,adigi- Borrowers what is considered subprime, though she wasafew days be- technologies and interopera- forcopyright protection at all. tal-media analyst with Inter- which many lenders define as hind. She wasrecently hired bility among programs.Micro- “Given the rapidly changing national Data Corp., a market those with credit scores of to be aCovid-19 contact tracer softCorp. and a leading asso- technological, economic,and research firm, said the Su- Struggle 600 or lessonascale of 300 forapublic-school district and ciation of internet companies business-related circum- preme Court decision could to 850. hopes this will help improve also supported Google. stances,webelieveweshould encourage more software-re- Though subprime loans her finances. Kent Walker,Google’schief not answer more than is nec- lated lawsuits in the future— With Cars tend to carryhigh interest “It’sbeen very stressful,“ legal officer and senior vice essary to resolve the parties’ and more code copying. rates, they arethe only option Ms.Van Buren said. ”Istill get president forglobal affairs, dispute,” JusticeBreyerwrote Because the court didn’t for many car buyers. up and trytoforce myself to said the ruling provides legal rule on whether APIs areeligi- ContinuedfromPageOne When the coronavirus hit, be hopeful.” certainty to the next genera- ble forcopyright protection, ment benefitsand other mea- lenders toughened approval She said she is grateful, tion of developerswhose new Some software and software developerscould be- sureskeeping manyborrowers standards,making it harder though, that she still has the productsand services would gin to use a peer’s code with- afloat. Therising subprime de- forriskier borrowers to get car. benefit consumers. app developers out licensing it or securing linquenciespoint to an uneven credit.Subprime financing ac- Nick Goodwin wasinthe “Innovation happens by supported Google in permission, he said. economic recovery and adeep counted forabout 19% of the processofstarting trucking standing on each other’s “Startups will say, ‘I spent a divergence between those who number of autoloans and school when the pandemic hit shouldersand that is what’s the case. lot of time developing this cannavigatethe coronavirus leases originated in 2020, and didn’t qualifyfor unem- going on here,” Mr.Walker code and Google or someone downturn and those who can’t. down from about 22%ayear ployment benefits. But with said in an interview. “These else canjust come along and “We are seeing the separa- prior,according to Experian his girlfriend out of work, he aretools we use everyday, steal it,’ ” Mr. Weide said. tion between the consumers PLC. called his autolender to ask methods of operation in the for the court. Thecourt said Google’s who areback on their feet and That declinehas contrib- forhelp.The lender,Westlake everyday world. Theidea of So while the court assumed copying forthe Android sys- those who aren’t,” said Satyan uted to the increasing propor- Services LLC,said he didn’t fair use is beneficial forevery- Oracle’s Java API was eligible tem amounted to just 0.4% of Merchant, head of the auto-fi- tion of subprime delinquen- qualifyfor relief because he one in the industry.” forcopyright protection, it the 2.86 million lines of Java nancebusinessatTransUnion. cies.With fewersubprime wasn’t behind on his pay- Aside from the potential went on to saythat Google API computer code.Justice Car loans are a key indica- loans being made,the delin- ments. lossofbillions of dollarsin hadthe betterargument on Breyer compared the code at torofhow riskier borrowers quentborrowers makeupa Mr. Goodwin started miss- damages,the ruling is unlikely the doctrine of fair use,acon- issue to “a gaspedal in acar arefaring.The loans represent bigger share of the subprime ing the monthly payment, a to have amajor immediateim- cept designed to prevent copy- that tells the cartomove the biggest monthly debt pay- pool. roughly $560 bill on a Dodge pact on Oracle,which isn’t in rightsfromstifling the devel- faster or the QWERTY key- ment for many subprime bor- Lenders’ overall portfolios Ram, in May. “Things started the mobile-phone business, opment of newproductsand boardonatypewriter that rowers, who often don’t have have held up betterthan ex- getting difficult,” he said. though the chipping away of services. calls up a certain letter when mortgages or collegedebt. pected during the pandemic, “Neither of us [was] working; copyright protections could Lower-court decisions for you press a particular key.” Manywork in restaurants, ho- in part because of their more I’m doing side work to try to have longer-term ramifications. Oracle had soweduncertainty Joining the majority opin- tels and bars that have been well-off borrowers. The share scrape by to take care of our “The Google platform just about longstanding practices ionwereChief JusticeJohn hurt badly by Covid-19. of borrowers with midrangeto kids.” got bigger and market power among software developers Roberts and Justices Sonia So- Coronavirus relief measures near-perfect credit scores who Westlake gave him several greater. The barriers to entry who have long relied on estab- tomayor, Elena Kagan, Neil sometimesdidn’t reach these have missed auto-loan or lease extensions that prevented the higher and the ability to com- lished software interfaces as a Gorsuch and BrettKavanaugh. people,orhelped in only alim- payments remains close to 0%, truck from getting repos- petelower,” Oracle said.“They foundation fornew innovations In dissent, JusticeThomas, ited way.The government man- according to TransUnion. Sub- sessed. But when those ended, stole Java and spent adecade in computing,apracticethe joined by JusticeSamuel Alito, dated that borrowers be allowed prime delinquencies could im- Mr.Goodwin still couldn’t pay wrotethat Google’scopying to pause their monthly pay- prove in the next few months his monthly bill, and the truck wasunfair and contrasted it, mentsonfederal student loans with tax refunds and the new wasrepoed in October.Mr. forexample,with Apple Inc., and federally backed mortgages round of stimulus payments Goodwin said afamily friend which wrote its own code for forayear or more. That means and if the unemployment rate gavehim about $900 to getit similar purposes.The dissent- federal debt relief has been of continues to fall. back.Afterward, he received erssaid Oracle spent yearsde- greaterbenefit to homeowners TracyVan Buren of Gar- more monthly extensions be- veloping aprogramming li- and collegegraduates,manyof dena, Calif., lost her job as a cause he couldn’t paythe bill. brary that attracted software whom entered the pandemic bartender last spring and se- AWestlakeofficial said the developersand noted that with savingsand kept their jobs. cured a three-month deferral company“endeavors to keep Google’scopying came after

But the government’sreach from JPMorganChase &Co. all lines of communication JOURNAL the two sides couldn’t agree doesn’t extend to autoloans, on her carpayment, a$286 open forour customersand on licensing terms. REET

credit-cardlending or per- monthly bill forher Nissan Al- provide as much help as feasi- ST “Google decimated Oracle’s sonal loans,and banks and tima. Sincethen, she has re- ble to those suffering immedi- LL market and created amobile other lendershavewide dis- lied on income from a tempo- ate hardships.” WA operating system nowinover

cretion over whether to defer rary job with the U.S. Census Mr.Goodwin said he and THE 2.5billion actively used de- R

paymentsfor their borrowers. and occasional unemployment hisgirlfriend recently found FO vices, earning tens of billions

Many lenders granted cus- benefits. She fell behind on work and aremaking pay- ORD of dollarsevery year,” Justice tomersone to three months of paymentslatelast year and ments. But they can’t use the Thomas wrote. CLIFF

relief beforerequiring them to has been latebyafew days truck because it wasdamaged E Justice Amy Coney Barrett YC

start paying again. Some cus- with payments this year. during the repossession and CA didn’t participate in the case, tomersstarted the pandemic Ms.Van Buren said she needs a new transmission, he The dispute was over elements of Google’s Android smartphone- which was argued before she in relatively good financial made her March payment with said. operating system. The Google campus in Mountain View, Calif. joined the court. P2JW096000-0-A00700-1------XA

THE WALL STREET JOURNAL. Tuesday, April 6, 2021 | A7 WORLD NEWS U.S., Iran Face Fresh Obstacles at Talks

Bid to revive 2015 warinessofAmerican promises. 2015 deal, formally known as The U.S. killing of Iranian Maj. the Joint ComprehensivePlan nuclear deal features Gen. Qassem Soleimani last of Action. familiar characters, year heightened that mistrust. TheU.S.delegation is Afterthe Americans pulled staffed by experienced hands difficult circumstances out, Iran stopped adhering to who have been dealing with limitsthe deal placed on itsnu- Iran’s nuclear program for When American and Iranian clear activities,taking steps years. Rob Malley,the U.S. officials resume talks in Vi- that have brought it closer to special envoy for Iran, will be enna on reviving the 2015 in- being able to producean present, andthe U.S. team is ternational nuclear deal, the atomic weapon.Some Iranian expected to include his deputy, people driving the diplomacy officials question whether afu- Richard Nephew, asanctions areafamiliar cast of charac- tureU.S.administration won’t and proliferation expert. ters,including some of the key abandon the pact again. Signaling their support for figureswho negotiated the Iranian presidential elec- the Vienna talks,the European original accord working to put tions in June also have embold- nations that participateinthe it back together again. ened Tehran hard-linerswho deal plan to send the political arestriving to denyPresident directorsfromtheir foreign By Sune Engel Hassan Rouhani and his more- ministries to the opening of

Rasmussen in Vienna moderateallies adiplomatic S the session beforegovernment victory ahead of the vote. expertsget down to technical and Michael R. Gordon PRES in Washington TheBiden administration re- talks,aWestern diplomat said. TED

gards restoring the 2015 deal CIA Russiawill rely on MikhailUly-

But if the participantsin negotiated during the Obama SO anov,its permanent represen- Tuesday’sdiscussions arefa- administration as just astart- AS tativetointernational organi- AN/

miliar,the contextfor the talks ing point. President Biden has IR zations,inVienna. China is

has changed sharply,ashave said he intends to use the deal OF also expected to be repre-

some of the two sides’ objec- to pursue follow-on arrange- ION sented by alower-level official. tives.And while the steps mentsthat would impose more AT Fornow,Iranisrefusing to

needed forWashingtonand enduring limitsonIran’snu- GANIZ meet directly with U.S. officials.

Tehran to return to their com- cleareffortswhile addressing OR Instead, European diplomats

mitments arerelatively clear, Tehran’smissile program and GY will talk separately with the

the diplomatic choreographyto regional activities,especially its ENER Iranians and the Americans, getthereiscomplicated. support forlocal militias. and shuttle between the two Negotiating the original “The U.S. and Iran areso OMIC sides.Atthe heart of negotia- AT deal wasahugely technical ef- suspicious of each other that Iranian nuclear technicians worked on the Arak heavy water reactor’s secondary circuit in 2019. tions will be Iran’sbreaches of fort aimed at inventing aset it is going to be hard,” said the deal and the futureofsanc- of nuclear restraintsonIran. RobertEinhorn, aformer se- restoring the agreement. Russia and China. Both coun- lessplayedaconstructiverole tions imposed by the Trump These talks will be moreatest nior State Department official Achieving follow-on arrange- trieshavestrengthened ties and that similar cooperation administration, which not only of political will. forproliferation issues who is mentswill be even morediffi- with Iran since 2015. forany follow-on arrangements reimposed the sanctions lifted Former President Donald at theBrookingsInstitution, a cult.” While talks on the 2015 ac- could be lesslikely. under the 2015 deal but also Trump’swithdrawalfromthe Washingtonthink tank.“Re- Compounding the chal- cord occurred against the back- Iran’steam in Vienna will imposed sanctions on manyof deal in 2018 and the nearly turningtothe deal will be lenge, tensions have escalated ground of major tensions with be headed by Abbas Araghchi, the same sectorsofIran’secon- three yearsofsanctions that slower and more complicated between Washington and two Russiaoverits intervention in an influential deputy foreign omyunder antiterror powers, followed, crushing Iran’secon- than originally expected, even of the other parties to the Ukraine,former officials say minister who helped orches- or tied them to Iran’sdevelop- omy, have deepened Tehran’s though both countries support original seven-nation deal: Moscow and Beijing nonethe- trateTehran’sapproach to the ment of ballisticmissiles. Jordan’s RoyalFamilySaid to Seek Mediation to EndPublic Rift

BY STEPHEN KALIN brother Prince Hamzah burst Court said in a statement. cessful and I expect a resolu- ceived resemblancetohis late and repair aflagging economy. into the open over the week- Five elder princes met with tion shortly.” He is alongtime father,afoundational figure in PrinceHamzah, whom King AMMAN,Jordan—Theroyal end, shaking the image of the Prince Hamzah, who signed a confidant of Prince Hamzah. Jordan’s history. Abdullah II removed as heir- family is trying to mediate a U.S. ally as an island of stabil- letter affirming King Abdul- King Abdullah II has faced Mediation began Sunday, a apparent in 2004, denied riftbetween the monarch and ity in the Middle East. lah’sstatus as the inheritor of public dissatisfaction amid person familiar with the situa- wrongdoing in video state- aformer crownprince,the King Abdullah II has de- the Hashemites’ dynastic rule Jordan’seconomic struggles. tion said, even as Deputy ments Saturday. He criticized RoyalCourt said Monday, with cided to deal with the matter and the need to placenational PrinceHamzah, meanwhile, Prime Minister and Foreign his brother’s government,say- resolution expected soon, ac- “within the framework of the interest aboveall else,the has maintained broad support, Minister Ayman Safadi ac- ing Jordan had become “sty- cording to amediator close to Hashemitefamily” and en- Royal Court said. including among the monar- cusedPrinceHamzah of un- mied in corruption, in nepo- one of the parties. trusted it to his uncle, Prince Malik R. Dahlan,amediator chy’scoretribal base,because specified actions that allegedly tism and in misrule.” Confrontation between King Hassan,who has been in touch and afriend of the family,said of his willingness to criticize endangered Jordan, which is —Suha Ma’ayeh Abdullah II and his half with PrinceHamzah, the Royal those efforts “have been suc- thegovernment and his per- struggling to control Covid-19 contributed to this article.

TheOne and Only KRIS JENNER

WSJ. Magazine editor in chief Kristina O’Neill speakstomomager-mogul Kris Jenner about the final season of Keeping Up With the Kardashians, what’snextinthe Kardashian-Jenner empireand her recent WSJ. cover.

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A8 | Tuesday, April 6, 2021 ** THE WALL STREET JOURNAL. FROM PAGE ONE

king,with the research firm ley of California. Since Heinz western New York, is loyal to Ketchup saying Heinz holds nearly 70% hasthe majority of the mar- Heinz glassbottles,but has of the U.S. retail market for ket, it wasmost affected when tested various vessels during the condiment. But the more demand suddenly shiftedto the pandemic.Steel soufflé Can’t than 150-year-old brand retail as customerssheltering cups of ketchup often end up wasn’t prepared forthe pan- at home bought more ketchup. in the trash, while paper ones demic. KraftHeinz couldn’t Chef Justin Frayser last soak up the sauceand dryit Catch Up keep up with ordersfor itssa- month took adeep breath be- out, he said. “The ketchup ca- chets––the industryterm for fore calling his boss, Mr.Fuse- lamities areveryextensive,” ketchup packets. lier,todeliver the news that he said. ContinuedfromPageOne SteveCornell, KraftHeinz’s BlakeStreet Tavern’ssupply Earlier this year,many packetshas pushed up prices, president of Enhancers, Spe- order showed up without any Texas Roadhouse Inc.loca- costing the Louisville,Ky.- cialty andAway from Home boxes of Heinz. Covid-19 cost tions started running short on based company an extra half- BusinessUnit, said restaurants the Denversportsbar more Heinz bottles,forcing the 630- million dollars, executives need patience while it ramps than half of itssales last year, location steakhouse chain to said, sincesingle-serveispric- up supply.The companyplans but running out of the ketchup scramble forsubstitutes.Res- S ier than bulk. to open two new manufactur- brand they have served for18 taurant managersscoured the

“Everyone out thereis ing lines in April, and moreaf- yearsfelt likeanemotional NCEPT aisles of wholesalerssuch as grabbing forketchup,” Chief terthat, increasing production blow. “I didn’t want to throw CO Costco Wholesale Corp.for al- Marketing Officer Stephanie by about 25% foratotal of him intoapanic,” Mr.Frayser TER ternatives when the chain’s Mattingly said. morethan 12 billion packetsa said. JES usual supplierscame up short, Theketchup conundrum year.Kraft Heinz already is Mr.Fuselier panicked. “How ON/ spokesman Travis Doster said. strikes at acornerstone of running extrashifts at plants, canweservefrench fries with- “Wefeel likethe bottomof GARRIS

American diets. Thetomato and cut back on some varieties outHeinz ketchup?” wondered JO the barrel,” said Mr.Doster, spread is the most-consumed to focus on making more sin- Mr.Fuselier.BlakeStreet Cups are filled at a Jester Concepts restaurant in Minneapolis. whose companywent through table sauceatU.S.restaurants, gle-servepackets. Thecom- swapped in a generic version, 55 million ounces of ketchup with around 300,000 tons sold panyalso invented ano-touch and Mr.Fuselier asked servers Sometimes they’re even com- strictions on restaurantsare last year. to food-servicelast year,ac- ketchup dispenser to help to apologize to customers. pletely out,” Ms. Rili said. still taking a tough stance on Heinz packetsare nowalso cording to research firm Eu- meet demand forCovid-safe Paige Rili said she is regu- Covid-19 precautions are ketchup. running dangerously low, Mr. romonitor.Evenmoreiseaten alternatives to shared bottles. larly shorted on ketchup in her another factor slowing “Provide condimentsonly Doster said, and Texas Road- at home,and the pandemic “We’rebusy doing every- hometownofChattanooga, ketchup’sflowtodiners’ upon request, and in single house is taking drastic ac- helped push retail ketchup thing we can,” Mr.Cornell Tenn., making the condiment plates.Local health depart- use, non-reusable portions,” tion—testing alternatives to sales in the U.S. over $1 billion said. another hard-to-get item like mentslast year advised res- Texas officials wroteinthe Heinz.“I’m aHeinz person,” in 2020,around 15% higher Ketchup sold in the U.S. is toilet paper and hand sani- taurantstopull shared condi- state’s recommended operat- said Mr.Doster,aself-de- than 2019,Euromonitor data typically made in large domes- tizer.“Nowadays,you only get ment bottles off tables for ing guidelines. scribed “ketchup fiend” who showed. tic factories with tomatoes of- about two packets of ketchup sanitarypurposes.Evenstates Peter Kreinheder, owner of dresses his eggs with it. “But KraftHeinz Co.isketchup’s ten grown in the Central Val- going through adrive-through. that have liftedall capacity re- Ellicottville Brewing Co.in you can’t be loyal forever.”

tracks individuals. Chinese Themoney is programma- ble. Beijing has tested expira- tion dates to prompt users to Digitizing spend it quickly at times. It’salso trackable,adding a tool to China’s surveillance. The Yuan Thegovernment deploys hun- dreds of millions of facial-rec- ognition cameras, sometimes ContinuedfromPageOne using them to levyfines for draws: anonymity forthe user. activities such as jaywalking. Beijing is also positioning Adigital currencywould make the digital yuan forinterna- it possible to both meteout tional use and designing it to and collect fines as soon as an be untethered to the global fi- infraction was detected. nancial system, wherethe U.S. Cryptocurrencies such as dollar is king.China is em- bitcoin arefamous forvolatil- bracing digitization in many ity.But the People’sBank of forms,including money,ina China will ensuretherearen’t bid to gain morecentralized valuation differences between control while getting ahead the digital yuan and the paper startontechnologies of the bills and coins. Anti-counter- future. feiting measures will aim to “In order to protect our makeitimpossible foranyone currencysovereignty and legal besides the PBOC to create currencystatus,wehaveto new digital yuan. plan ahead,” said Mu Changc- Thecentral bank says it

hun, who leads the project at mayinitially impose limitson GES

the People’s Bank of China. howmuch digital yuan indi- IMA That an authoritarianstate viduals cankeep on their per-

and U.S. rival has takenthe son, as away to control howit GETTY G/

lead to introduceanational circulates and provide usersa VC digital currencyispropelling a dose of security and privacy. China’s central bank gave some people small amounts of digital yuan to test it. Above, a customer pays with the currency at a store. wonkytopic forcryptocur- It won’t use the newtech- rencytheoristsintoapoint of nologyasaway to getmore tion that technologycould up- eight yearsago to avoid Wash- sanctions,the participants, in- Hong Kong, Thailand and the anxiety in Washington. money into circulation, since end traditional currencies. ington’swrath in ashowdown cluding several who arenow United Arab Emirates. Asked in recent weeks how everyyuan issued digitally will While U.S. regulatorsfo- over taxes. Afterthe February in the Biden administration, China’sdigital strides draw digitized national currencies essentially cancel one yuan cusedonstopping Facebook, coup in Myanmar,the U.S. deemed it more threatening attention to howthe U.S. might affect the dollar, Trea- circulating in physical form. ultimately succeeding,China used sanctions to block the than the warhead. needs to modernizeits ownfi- surySecretaryJanet Yellen When bitcoin launched in accelerated itspursuit of a movement of topmilitaryoffi- Nicholas Burns, a longtime nancial infrastructure, accord- and Federal ReserveChairman 2009,most nations’ policy digitized yuan, launching tri- cials’ financial assets through American diplomat and favor- ing to Kevin Warsh, a former Jerome Powell have said this makers largely played down als in April 2020. banks.The Treasury’sdata- itetobeambassador in Bei- Fedgovernor nowatStanford is being studied in earnest, in- itssignificance. China paid at- Central bankersfromthe base of sanctioned individuals jing,told the group,“TheChi- University’s Hoover Institu- cluding whether a digital dol- tention. U.S. and other Western econo- and firms—the “Specially Des- nese have created aproblem tion. “Ifwewait 5or10years, lar makes sense someday. Always vigilant to threats, mies fret that what Facebook ignated Nationals and Blocked forusbytaking away our we maywell end up with some The dollar far outstrips all the leadership feared acrypto- planned with adigital cur- Persons List”—touches virtu- sanctions leverage.” very bad policychoices,” he other currencies foruse in in- currencycould undermine rencycould nowbedone by ally every nation on earth. As China’smarketing for said. ternational foreign-exchange government powerifpeople China, apowerful government. Beijing is especially discom- the digital yuan kicks intohigh trades,at88% in the latest began using it in earnest. “Thereisasort of Uber fitedbyafast-expanding part gear,anEnglish-languageani- rankingsfromthe Bank forIn- Zhou Xiaochuan, China’stop fear,” said asenior European of the sanctions register: more mation circulated online by An option for poor ternational Settlements. The central banker from 2002 to central banker who has spoken than 250 Chinese names,in- statebroadcaster CGTNshows Morethan 60 countries are yuan was used in just 4%. 2018,has said bitcoin both to Western counterparts, re- aman in an American-flag at some stageofstudying or dazzled and frightened him. In ferring to stressontaxi sys- shirt knocked out by agolden developing a digital currency, 2014, he launched aformal tems when the ride-hailing The digital yuan coin depicting digital yuan. according to research group Wire transfers study forapossible Chinese companyarrived in cities “This is one of the building CBDC Tracker.Digital curren- Digitization wouldn’t by it- digital currency. around the world. “You don’t could enable China blocks of China’smovetoward cies hold some of their biggest self makethe yuan arival in China hardly looked likea want another country’scur- to soften the bite of world market status and potential forthe 1.7billion bank-to-bank wiretransfers, currencypioneer.Its strict rency circulating among your greater involvementinsetting people globally who the World analystsand economistssay. government control of the citizens,” the banker said. U.S. sanctions. the framework of the global Bank says lack abank account. But it could gain traction on yuan, forinstance, rancounter TheU.S., as the issuer of economy,” the narrator says. TheBahamas has already is- the margins. It would provide to the rip-roaring trade in dollars that the world’s more Initially,the digital yuan sued a digital currency to ad- options forpeople in poor other major currencies. than 21,000 banks need to do won’t changesignificantly how dress financially underserved countries to transfer money. At the same time,afinan- business, has long demanded cluding politicians the U.S. ac- money circulates through populations.Some central Even limited international us- cial-technologyrevolutionwas insightintomajor cross-bor- cuses of atrocities against eth- China’sfinancial system. Un- banks saysuch currencies agecould softenthe biteof under way in China, with the der currencymovements. This nic minorities or of curtailing der the central bank’sdirec- would come in handy forfami- U.S. sanctions, which increas- frenetic adoption of the AliPay gives Washingtonthe ability freedoms in Hong Kong.Sanc- tion, the six biggest commer- lies of migrant laborerswho ingly areused against Chinese and WeChat apps making cash to freeze individuals and insti- tions left Carrie Lam, China’s cial banks—all government- make tiny fund transfers that companies or individuals. mostly unneeded, and turbo- tutions out of the global finan- topofficial in Hong Kong,with owned—will distributedigital arecumbersome and expen- The digital yuan resides in charging startupcompanies cial system by barring banks astockpile of cash in her yuan to smaller banks and to sive. cyberspace, available on the with ways to pay on the go. from doing transactions with home because banks feared app providersAliPay and Thesenior European cen- owner’s mobile phone—or on Then, in mid-2019,Face- them, a practice criticized as that accepting her business WeChat, which areexpected to tral banker noted that interna- acardfor the lesstech- book Inc.said it would pursue “dollar weaponization.” would risk exposing them, too, managesender-recipient inter- tional person-to-person money savvy—and spending it doesn’t itsown cryptocurrency. The American sanctions on to an American freeze. actions. transferscan take days and strictly requireanonline con- realization this could circulate North Koreaand Iran fornu- Thedigital yuan could give Unlikeelectronic transac- worried that speed and effi- nection. It appearsonascreen in a user base far bigger than clear programs hobble their those the U.S. seeks to penal- tions today, the digital yuan is ciency could eventually make with arepresentation of Mao. anynational population economies. Swissbanks aban- ize a way to exchange money designed to movefromAtoB the digital yuan apreferred In tests, morethan 100,000 brought immediaterecogni- doned their famous secrecy without U.S. knowledge. Ex- instantaneously,atleast in currencyfor remittances as people have downloaded amo- changes wouldn’t need to use theory removing a way banks countries deepen financial ties bile-phone app enabling them SWIFT,the messaging network andfinancial apps profit off with China. to spend small government that is used in money trans- fees and brief built-in delays China, with aworking handouts of digital cash. fers between commercial in such handoffs.The only model, is offering aready way “It’s pretty good,” said Tao banks and that canbemoni- necessarymiddleman is the formanaging digital cash. Wei, ayoung woman in Bei- toredbythe U.S. government. central bank. Mr. Mu has said President Xi last year called jing, after spending a test al- Thechancetoweaken the the digital yuan, because it is for China to seize opportuni- lotment to payfor her daugh- power of American sanctions state-backed, will reducerisks ties to set international rules ter’s birthday portrait. is central to Beijing’s market- to the financial system posed fordigital currencies,much as China has indicated the dig- ing of the digital yuan and to by China’sdominant payment Beijing has sought to influence ital yuan will circulate along- its efforts to internationalize platforms that areprivate and dominate an array of ad- side billsand coins forsome the yuan moregenerally. companies. vanced-technology standards time.Bankerssay Beijing aims Speaking at aforum last When aglobal TV audience such as for5Gtelecommunica- to digitizeall of itscash even- month, China’sMr. Mu, the turns itsattention to skaters tions,driverlesscarsand fa- tually. Beijing hasn’t said. central bank official, repeat- and bobsleddersinBeijing’s cial recognition. Digitized money letsthe is- edly said thedigital yuan is Winter Olympics next Febru- Askedduring arecent Sen-

suing government track GES aimed at protecting China’s ary, authorities areexpected ateappearancewhether the

spending in real time,speed IMA “monetarysovereignty,” in- to givevisiting athletes digital dollar could be digitized to relief to disaster victims or cluding by offsetting global yuan to spend while they are help the U.S. defend itssu- flag criminal activity.Beijing GETTY use of the dollar. in thespotlight, an indication premacy, the Fed’s Mr. Powell stands to gain vast new pow- In a2019 wargame at Har- of ambitions that stretch be- said researching that question erstotighten President Xi Jin- MEDIA/ vard University,veteran U.S. yond China’s shores. is a“very high-priority proj-

ping’s authoritarian rule. OFT policymakersscrambled to Beijing has joined an initia- ect.” Elementsofthis kind of CR craft a response to a nuclear- tivetodevelop protocolsfor “Wedon’t need to be the BAR

control already exist in China, O/ missile development by North the cross-border use of digital first,” he said. “Weneed to get

with digital paymentsthe FOT Koreasecretly funded with currencies,working with the it right.” norm. Mr.Muhas said the ST digitalyuan. Because of the Bank for International Settle- —Grace Zhu CO central bank will limit how it The digital yuan as seen on a mobile phone. currency’s power to undercut mentsand the central banks of contributed to this article. P2JW096000-2-A008A0-1------NS

THE WALL STREET JOURNAL. ** NY Tuesday, April 6, 2021 | A8A GREATER NEW YORK CityEnds Two-Case School ClosureRule

Parents say Covid-19 forced manyopened schools opt in forin-person instruc- greater consistency,” said Mr. Mondaythe way to beat “The city can’t changethe to shifttoremotelearning,of- tion for the remainder of the de Blasio,adding that the city Covid-19 isn’tbyclosing two-case rule without Albany’s policy caused hardship; tenwith little advancewarn- year. He said the policy made needed anew rule that makes schools. approval,” Mr. Mulgrew said. critics demand mayor ing forfamilies.The end result some parentswaryofchoos- sense. ButMichael Mulgrew,the NewYork City Council is that children arebounced ing in-person education. Theconsistencywill do president of the United Feder- member Brad Lander ap- devise a new plan back andforth, aparticularly Thecity has extended the “wondersfor instruction” and ation of Teachers, the city’s plauded the rollback,saying difficultsituation foryoung opt-in deadline for in-person “allowfor morestability,” said teachersunion, said the the rule wasarbitraryand de- BY MELANIE GRAYCE WEST studentswho need consis- instruction from Wednesday Schools Chancellor Meisha mayor’sannouncement isn’t a stabilizing, but criticized the tencyinschedules and learn- to Friday. Ross Porter. She said the cur- plan. lack of a new plan. NewYork City is ending a ing,parentsand educators Mr.deBlasio didn’t say rent policyoften resulted in Vaccines have driven down “It’sridiculous that, two controversial policythat re- have said. what would replacethe rule, older children being required the percentage of adults who months aftersaying they were quired public schools to fully NewYork City MayorBill only that the approach would to stay home and take care of test positivefor Covid-19,and reviewing it, the administra- close for10days afterreport- de Blasio said Mondaythe pol- be different and allowfor younger siblings, another dis- anychangetothe two-case tion is announcing that they ing two unrelated Covid-19 icywas being rolled back so more schools to be open. ruption to learning. rule has to take the safety of are planning to get rid of the cases. that parentscould makeanin- “Anything different than Thecity’s health commis- children and their families rule,and still don’t have a The“two-case rule” has formed choice on whether to the two-case rule will lead to sioner,DaveA.Chokshi, said into account, he said. plan,” he said. David GeffenHall UpgradesonPace ForEarly Finish

BY CHARLES PASSY Theproject has remained largely unchanged sincethe The$550 million renova- center and orchestra an- tion of Lincoln Center’s David nounced the current iteration Geffen Hall, home of the New in December 2019.Itisaradi- York Philharmonic,will be calrethinking of the venue completed nearly two years that opened in 1962,with a ahead of schedule in fall 2022, key goal being to improve its officials with the artscomplex oft-criticized acoustics. and the orchestrasaid Mon- To accomplish that, plans S

day. call forreducing the number CT Thequickened paceofthe of seatsinthe hall from the CHITE

project, one of the most ambi- current 2,738 to about 2,200. AR tious undertakingsbyany New In addition,the stagewill be

York City cultural institution moved forwardby25feet, HMITT in recent memory, is abyprod- with the orchestra positioned SC uct of the Covid-19 pandemic, so that concertgoerswill be officials said. seated in rows that wrap MOND DIA around the musicians. A rendering of Lincoln Center’s renovated David Geffen Hall. Concertgoers will be seated in rows that wrap around the musicians. The project also calls for a The $550 million greater emphasis on public tions during the pandemic, 31, has been able to forge W. May, co-chairman of the venues—notably,AliceTully space, with the hall’smain Philharmonic and center offi- ahead with the help of some Philharmonic’s board. Hall on itsmain campus and project is expected lobbyincreased to twiceits cials said they nowhave recent fundraising separate Theorchestrahasn’t an- the Frederick P. RoseHall at to be completed in current size. In addition, the raised $500 million. from the Geffen Hall capital nounced its2021-22season, the Shops at Columbus Circle. hall will include aspace, front- The orchestra, which is led campaign as well as cost-cut- but Philharmonic officials said In the meantime,the or- the fall of 2022. ing the street, that is being by music director Jaap van ting.The previous year’s bud- they expect the ensemble to chestraisn’t staying dormant. dubbed the Sidewalk Studio Zweden, hasn’t given a public get was $69.2 million. be performing during this pe- It will giveits firstmajor pub- and is envisioned as aplace concert with itsfull ensemble “The board is rolling up its riod that commences in the lic performances sincethe foravariety of educational of 100-plus musicians in more sleeves and underwriting sup- fall. Because of the work at start of the pandemic on April Originally, the work was to and community activities. than ayear.But it has kept the port for the orchestra during Geffen Hall, the Philharmonic 14-15atthe Shed at Manhat- be done in stages,allowing the Philharmonic and Lincoln players on the payroll, al- this difficult time,” said Peter will use other Lincoln Center tan’s Hudson Yards. orchestratoremain in the hall Center officials said that since though with areduction in sal- some of thetime.But with the the pandemic,they have made ary. During this time,the mu- ensemble having been forced changes to the project relating sicians have appeared in some to curtail concertsinthe to the HVAC system and air smaller events, such as the venue sinceMarch 2020,the filtration in keeping with the Philharmonic’sBandwagon se- project wasafforded much health and safety concerns of ries of concerts throughout morebreathingroom to pro- the Covid-19 era. thecity,and have worked on ceed. Theproject’ssteep $550 recording projects. “Wemoved expeditiously million cost has stayed the Philharmonic officials said forward,” said Deborah Borda, same,however. And despite the orchestra, which has a the orchestra’s president and the enormous challenges faced $52.6million budget in its chief executive. by performing-artsinstitu- current fiscal year ending Aug. GREATERNEWYORKWATCH

NEW JERSEY CONNECTICUT LONG ISLAND Vaccine EligibilityAge Teachers Out Sick Box Truck Crash Falls to 16 on April 19 AfterGetting Shots On LIE Kills Two NewJerseyisopening up SeveralConnecticut school A box truck hit an overpass Covid-19 vaccine eligibilityto districts have been forced to on the Long Island Expressway those 16 or older beginning April close or stopin-person learning and overturned on Monday, kill- 19, Gov. Phil Murphysaid Monday. foraday,after educators attend- ing the driver and a passenger, Mr.Murphy, aDemocrat,said ing vaccine clinics called in sick police said. the expansion comes twoweeks with side effects from the shot. The truck was headed east ahead of plan and added thatit Manchester schools reported on the LIE in North Hills around is the “righttime to put our pro- a shortage of teachers and bus 5 a.m. when it left the roadway gram into higher gear.” The an- drivers on Monday after a vac- and struck the overpass for nouncementcame the same day cine clinic for educators was Shelter Rock Road, Nassau LIFE SCIENCE thatthose 55 and older as well held there over the weekend. County police said. as people in other jobs categories A similar incident caused a The truck’s driver and sole became eligible forthe vaccine. Colchester elementary school to passenger were pronounced LABSPACE. Mr. Murphy has promised to close for a day last month and dead at the scene, police said. get 70% of the state’s adult forced Stamford schools to de- No other vehicles were involved population, or 4.7 million people, lay a return to in-person learning in the crash. LIFE SCIENCE vaccinated by the end of June. for one day. In Region 13, which Photos from the scene In New Jersey, 21.5% of the includes Durham and Middlefield, showed a Boar’s Head delivery state’s adult population are fully officials scheduled a day off for truck lying on its side next to WORKFORCE. vaccinated. Monday after a clinic was held. the expressway. —Associated Press —Associated Press —Associated Press Find all your businessneedsin MiddlesexCounty,New Jersey. Learnhow adeepcommitmentfrom localgovernmentand thecommunity hascreated theperfect ecosystemwhere businesses andresidentscan thrive. JOURNAL REET ST LL WA THE R FO SENG DiscoverMiddlesex.com/Biz ANDREW SPRING AWAKENING: Sandra Wiley of Brooklyn’s Flatbush neighborhood enjoyed the nice weather Monday in Prospect Park. Mild temperatures are forecast for much of the rest of the week. P2JW096000-2-A008B0-1------NS

A8B | Tuesday, April 6, 2021 NY ** THE WALL STREET JOURNAL.

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HEALTH & WELLNESS PERSONAL JOURNAL.

© 2021 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Tuesday, April 6, 2021 | A9

 A CT brain avoid problems scan at with word recall. Northwestern “I’m moredisci- Memorial. plined and habit- ual about things,”  Igor he says. Koralnik does Mr.McCoy aneurological says he’smade exam. significant prog- ress over the past month, although an evaluation at Northwestern in Januaryshowedhestill had some deficitsinshort-term memoryand processing speed. Now, he says he feels about 90% back to normal using the cop- ing mechanisms he learned in re- hab. “The strategies really help,” he says. Cognitive screening in post- Covid patients can help identify patients who need care. At Johns Hopkins in Baltimore, workers do cognitive screening tests on the

(2) phone with Covid-19 patients from a pulmonary clinic roughly four months after infection, says Tracy

MEDICINE Vannorsdall, a clinical neuropsy- chologist at Johns Hopkins School TERN of Medicine. “Nearly two-thirds of

THWES our patients are producing one or

NOR more low scores on cognitive test- ing and are really struggling” when compared with age-adjusted norms, she says. Once doctors Brain Rehab forLong Covid identify a problem, they conduct more in-depth neuropsychological exams and refer patients to cogni- tive rehabilitation therapy. Cognitive problems can trouble patients for months. Therapies for other trauma help some. Yale developed apost-Covid neurologyclinic in September after seeing howmanypatients were YOUR tion team helps patientswith by 81% of the participants. Patientswho perform belowav- coming in with neurological compli- HEALTH strategies,such as dividing atask It’s unclear what is causing the erageoncognitivetestsand feel cations,says Serena Spudich, chief SUMATHI intosmaller increments. Simple symptoms. Some scientists believe they areimpaired in their daily ac- of neuroinfectious diseases and REDDY techniques liketaking notes,using it may be caused by inflammation tivities getacognitivebehavioral global neurologyatYale and alead aplanner or app to record infor- triggered by the virus and damage evaluation, says Dr.Koralnik.Based researcher of the Covid Mind Study, mation, and setting electronic re- to tiny blood vessels in the brain. on the results, some patientsare re- which studies Covid’seffectsonthe he newest patients in minderscan help improvememory Another possible explanation is ferred to cognitiverehab. brain. “They expected to bounce cognitive rehabilitation and organization. Other tactics in- that the immune system mistak- Andrew McCoy is among them. back and they didn’t,” she says. programs didn’t suffer clude reducing screen time, enly attacks brain cells. Stress and The 55-year-old tested positive for Dr. Spudich says Yale started concussions, traumatic proper sleep, managing stress and mood changes may also result in the virus that causes Covid-19 in the clinic thinking it would be T brain injuries or strokes. exercise. October and says he started expe- They got Covid-19. People still riencing cognitive issues a month Cognitive problems are some of experiencing later. Suddenly, he could no longer the most persistent and common symptoms weeks remember common words. He had long-term symptoms that people or months after trouble remembering events from 85% struggle with months after getting their initial Covid the previous day and where he had Covid. Patients report short-term diagnosis are placed items. “My short-term Of 100 nonhospitalized long Covid memory problems, slow processing commonly re- memory was horrific,” says Mr. patients experienced four or more speeds, poor word recall and diffi- ferred to as long McCoy, a vice president for a For- neurologic symptoms more than six culty multitasking. To help them, Covid patients, tune 500 life-science company. “It weeks post-infection. doctors at medical centers includ- and makeupan affected my daily life in such an ing Mayo Clinic, Yale and Johns estimated 10% or incredibly negative way. I literally Hopkins are starting to refer some moreofall couldn’t tell you what I had for patients to cognitive rehabilitation Covid-19 cases, dinner the evening prior.” short-term. Months later,it is fully more typically used for patients according to A series of neuropsychology booked into the summer. Patients with concussions and other trau- studies and ex- tests showed he had cognitive def- with concentration and memory matic brain injuries. perts. Manyini- icits, he says. Dr. Koralnik referred problems can get detailed testing “Even if the mechanism causing tially had mild cases and weren’t biological changes to the body. him to Shirley Ryan AbilityLab, a and are then referred to cognitive symptoms is different, the prob- hospitalized. Thebrain fogthat patientsde- physical medicine and rehabilita- rehabilitation. “I’ve seen people lems are often the same,” says Neurological symptoms are scribe shares similarities with post- tion research hospital in Chicago. improve,” she says. “It’s not solv- Thomas Bergquist, a clinical neu- among the most common lingering traumatic brain injuries as well as There he met with a speech-lan- ing the underlying problems but ropsychologist who focuses on effects. In astudy published in the brain fogassociated with che- guage pathologist as well as occu- helping them develop tricks and neurocognitive disorders at Mayo’s March in the journal Annals of Clin- motherapy and chronic fatigue syn- pational and physical therapists. techniques.” brain rehabilitation clinic. Many ical and Translational Neurology, drome,says Igor Koralnik,chief of He learned to journal his daily For now, Dr. Spudich says, most patients have had difficulties re- Northwestern researchersfound neuro-infectious diseases and global eventsand nowroutinely fills eight patients are at least stable. Yale turning to work. “They can get that 85% of 100 nonhospitalized neurologyatNorthwestern Medi- to 10 pages in his journal everyday. researchers are following up to through the day, but they are just long Covid patientsexperienced cine in Chicago. He oversees the He meditates briefly throughout the 100 Covid patients with ongoing not nearly as efficient as they used four or moreneurologic symptoms NeuroCovid-19 Clinic at Northwest- day. He takespictures of his car neurological issues for five years to be and they’re much more morethan six weeks aftertheir in- ern Memorial Hospital and is senior when he parks in large lots. He tries to see if symptoms worsen or de- tired,” says Dr. Bergquist. fection. Themost common symp- author of the recent study looking to placethingsinthe same place velop into persistent brain disor- At Mayo’s clinic,arehabilita- tomwas “brain fog,” experienced at neurologic symptoms. and learned to use simpler wordsto ders, says Dr. Spudich.

WHAT’SYOUR WORKOUT? |JEN MURPHY Jimmie Johnson Goes ECCENTRIC TRAINING haking up your workout Scan be as simple as slow- Slow to Build Strength ing it down, says Brad God- bold, head strength and con- ditioning coach at New York University. Most of us are so immie Johnson is embarrassed pion retired from Nascar last No- focused on reaching the top J to admit that not only does he vember and at 45 years old is now of a pull-up that we lower own a grip-strength device, he training for his first IndyCar sea- out of it with relief rather uses it nonstop. “I carry it with me son. He says the switch between than with control. “The con- and try to burn out my forearms disciplines is akin to taking up a centric or rising phase of an daily,” he says. “I never thought I’d whole new sport midlife. exercise is like the engine of

be that guy.” A Nascar vehicle averages 3,000 a car,” he says. “The lowering, (2) Transitioning from 20 years of pounds and can reach speeds of up or eccentric phase, is like the Nascar racing to IndyCar racing to 200 miles an hour. IndyCars are brakes. Both are important.” HEUREUX

has forced the professional driver open-wheeled, weighing around Youdon’t need to lift L’ to rethink his strength-training 1,350 pounds and reaching speeds heavy weights. The concept,

program. “Grip strength is a big upwards of 230 miles an hour. Former Nascar pro Jimmie Johnson is preparing for his IndyCar debut. Mr.Godbold says,workswith GABRIEL part of being able to drive an In- For a driver, one of the biggest lightweights or body weight. dyCar,” he says. differences between the two sports the lowering phase of an exercise is we start and end with pushing ex- The next time youdoapush- CING; RA The seven-time Nascar cham- is that an IndyCar doesn’t have sloweddowntokeep the muscles ercises and in-between do explo- up,squat, biceps curl or bench I power steering as a Nascar car under tension foralonger period. sive push-ups,” he says. “I’ve never press, trytomakethe lower- SS

has, Mr. Johnson says. “It takes “Squatting 135 pounds for10 done so many push-ups in my life.” ing portion twiceaslong as GANA

much more upper-body strength to reps is nothing,” he says.“When Neck strength is critical, he the rising motion. “Adding a CHIP

control the car on turns.” He has youadd a2-to3-second pause on says. He recently purchased an 5-second tempo to the eccen- P: had to adjust his routine to focus the contraction, the weight sud- Iron Neck headset. The helmet-like tric portion of an exercise TO OM

not just on grip strength, but also denly feels twiceasheavy.” He also device can be attached to resis- overfivereps is the equiva- FR neck and forearm strength, core has made small tweaks to familiar tance bands or a cable pulley ma- lentofdoing 10 reps fast.” strength and stability and hand- exercises,likethe squat, so that his chine to work the muscles in the WISE OCK

eye coordination. “Essentially my core and back work harder.For ex- neck through a range of motion. CL core and lower back act as my an- ample,when he does squats, he An avid cyclist and distancerun- chor and I use my arms to fight holds an Olympic bar in acurling ner,Mr. Johnson has cut his mile- The Diet forces through the [steering] position acrosshis arms instead of agetofocus on high-intensity car- “I put in the work in the gym wheel,” he says. acrosshis shoulders. “This forces dio.“Irun 5to8miles,and if I’m and have been guilting myself into Neck strength, Jimmie Johnson me to support the weight through feeling good at 8[miles] go for10,” a cleaner diet,” he says. “I’ve tried says, is critical for IndyCar driving. The Workout my lowerback,” he says. he says.“It’snot what my trainers vegan, high-protein, Keto and right When taking acorner at 200-plus Explosive exercises like jump likemetodo, but Idid it so long now I’m embracing moderation. I miles an hour,Mr. Johnson, who squats and explosive step-ups keep forNascar it gives me aweirdfeel- love carbs but limit them.” weighs 175pounds,has to with- his legs strong. Explosive push- ing of accomplishment,” he says. Breakfast: “I grew up in SoCal stand gravitational forces three ups, where he pushes off the His trainers also have intro- and still love a breakfast burrito times his body weight. That’sthe ground and must land with control duced him to the SkiErg, an up- with eggs, avocado and salsa.” equivalent of 525 pounds smashing and slowly lower down, are a new right rowing machine that simu- Dinner: His family subscribes to youintothe side of your cardoor. addition. He will repeat them for lates Nordic skiing. “I despise it,” Sun Basket, a meal delivery ser- To build muscular endurance, he 15 seconds then get a 45-second he says. “We do various interval vice. “Every night feels like a sur- has adapted his routine to focus on break and repeat 10 times. “On training routines on it, and they’re prise,” he says. eccentric strength training,where days my trainer wants to be mean, always very painful.” Splurge: Ice cream. P2JW096000-0-A01000-1------NS

A10 | Tuesday, April 6, 2021 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL. D LT GES IMA S TIE’ HRIS /C PRESENHUBER A EV ALERIE /G CHER FIS URS PHILLIPS; CHER; FIS URS S; AU KR JEFF : LEFT

Artists Race to Join P TO OM FR

NFT Bandwagon, WISE OCK CL Stirring Disruption what to do with it,” Mr.  A still from 'Bom_Dia.05,' an NFT that Jeff Kraus made Fischer said of his tradi- last year.  An image from Urs Fischer’s ‘Chaos #1 Human,’ tional reliance on gallery his first NFT, which is slated to go up for auction April 11. sales. “NFTs are opening ev- BY KELLY CROW The47-year-old Swiss-born aretacking on classes to erything up, and I look to artist will offer his firstNFT, teach collectorsthe ropes.On work with people who take n NFT frenzy is “Chaos #1 Human,” on Fair April 26,Christie’seducation it as seriously as I do.” raging and art- Warning,anauction app,on arm will hold athree-dayon- His dealer, Larry Gago- ists want in. April 11. Theanimated work line course titled the “Com- sian, said Fair Warning’s From museum depictsa3Dscanofabrown prehensiveGuide to NFTs.” creator, Loïc Gouzer, told A darlings to digi- eggand acigarette lighter Mr. Fischer’s sculptures him on March 21 about Mr. tal upstarts, art- slowly colliding and moving have sold for as much as Fischer’s NFT auction, and ists across the marketplace through each other.Itispart $6.8 million and this gave him a couple of days to say nonfungible tokens of anew series exploring cul- spring, Christie’s plans to commit to selling more of could be a game-changer, tural artifactsthrough hun- ask at least $3 million for Mr. Fischer’s NFTs through roiling gallery loyalties and dreds of NFT pairingsofev- “Things,” his silvery rhinoc- his gallery. The gallery has reshaping what creators can eryday objectsthat will be eros sculpture from 2017. never tried to sell an NFT, demand financially and how capped with one amalgama- Yet Mr. Fischer’s decision to Mr. Gagosian said. “I just they work. tion of all 1,000 images. sell “Chaos #1 Human” has needed more time” to re- NFTsare tokens that Therest of the art world raised tension with his New search the logistics of add- amount to digital certifi- is still catching up to what York gallery, Gagosian, the ing NFTs to the gallery’s of- catesofauthenticity and al- NFTsdoand howthey might artist said, because the gal- ferings, he added. For now, lowimages that exist only transform transactions.Mu- lery hasn’t agreed to sell he is holding off. on screens to be traded and seum trustees said they are other of his NFTs after the Mr. Gouzer confirmed he tracked. adding cryptocurrencyto Fair Warning auction. alerted Mr. Gagosian with a Top-tier artistslikeDa- their portfolios—while deal- “Some things I do don’t shorter-than-usual time mien Hirst and John Gerrard ersand art advisersare try- fit into a box, and I want to frame, saying “crypto time already areconverting some ing to pinpoint which NFT pursue my ideas without moves seven times faster,” of their works intoNFTs. artistsare trendy.Auction worrying if the patronage but said he had hoped the Now, UrsFischer is diving in. houses,early out of the gate, model that exists knows gallery would have a role in Fair Warning’s auction. Bid- ding for Mr. Fischer’s piece—the app’s first NFT— will begin at $1,000. “I really don’t know much about it,” Mr. Gago- sian said of tokenized art.  Part of Generation 1 of 'Replicator,' a 2021 NFT by Michah “Seems like many artists are Dowbak, aka Mad Dog Jones.  Mr. Fischer’s 'Untitled being approached to get in- (Lamp/Bear),' from 2005-2006, seen in New York in 2011. volved with NFTs. It will be interesting to see how it all plays out. I hope it’s a suc- cess for Urs.” Typically, artists are bound by contracts drawn up by the galleries that rep- resent them and collect a share of sales. But some stars in elite spheres such as Gagosian have leeway to pursue side ventures. Mr. Fischer arranged to offer additional NFTs in the Chaos series both on Makers Place, a digital art platform, and at Pace, a rival gallery to Gagosian. He said he isn’t necessarily switching galler- ies, but the side arrange- ment with Pace—which is known for showing high- tech artists like Drift—sug- gests NFT savvy could be- come a gallery litmus test. It also has thrown into flux Mr. Fischer’s plans to show other digital works and a physical sculpture at Gago- sian in September, which objectslikescissorsand sions together or sell the gallery confirmed. The steaks forabody of work he them—a feat possible only artist said he hasn’t made a wasmulling,preferred the by leveraging the algo- final decision on where he pretend bottles.Heset out to rithms embedded in NFT will show his art next. “It’s animatethe objectshehad smart contracts, the artist messy,” he said. been scanning—but he hadn’t said. Marc Glimcher, Pace’s planned to sell them. Many artists are educat- president and chief execu- Fast-forward to a few ing themselves about the tive, said he and his team months ago, when Mr. phenomenon. Jeff Kraus, an took “about 15 seconds” to Fischer realized he could abstract artist who shows agree to work with the art- bundle and sell the images with the online platform ist and sell his NFTs. Mr. as NFTs instead of just Tappan Collective, said he Glimcher said there is prece- stashing them on a hard studied up a few years ago dent for artists switching drive. “I’m thankful for all out of curiosity about cryp- between the two galleries— these kids for figuring out a tocurrency and the immuta- Julian Schnabel and the es- solution to validating our ble qualities that NFTs lend tate of Willem de Kooning— digital work,” he said. the works put on the block- but landing Mr. Fischer Aless-established artist, chain, the digital ledger that would be a “huge coup.” Michah Dowbak,who goes tracks works from artist to “Galleries areall pressed by Mad Dog Jones,isalso owner in perpetuity. Be- fortime,but this NFT thing is looking forvalidation by cause the smart contracts something I’m determined to auctioning his NFT project, for such pieces can have invest time and attention to “Replicator,” at Phillips on royalty clauses embedded in because the artistsare invest- April 12. The35-year-old them, Mr. Kraus realized he ing,too,sothereissynchron- Mr.Dowbak amassed ahuge could sell his work as NFTs icity,” Mr.Glimcher said. online following by posting and stipulate that he re- Mr.Fischer said the idea and selling digital artworks ceives a particular share of forthe Chaos series came to as NFTs. Thetwist with his any resales of his works. him four yearsago from a “Replicator” piecefor Phil- If resale royalties become pair of vending machines he lips is that—true to itsti- standard, he said, NFTs sawduring alayover in the tle—his imageofaphoto- could be a windfall for art- Minneapolis airport. One copier in adowntownLos ists. That is partly why he showedaninteractivescreen Angeles officewill multiply thinks artists are pushing of “dancing soda bottles” and intomoreNFTsincoming into NFTs faster than galler- the other had rows of real months.Ifthe work at Phil- ies or collectors. “I think it’ll bottles behind glass. Mr. lips sells,the buyer will come down to the artists to Fischer,who wasalready tak- ownthose iterations.The lead the galleries into this ing photos and 3D scans of owner cankeep the ver- space,” he said. P2JW096000-0-A01100-1------XA

THE WALL STREET JOURNAL. Tuesday, April 6, 2021 | A11 ARTS IN REVIEW

ohn Lennon’s1970album MUSIC REVIEW | MARK RICHARDSON more forceful sonic profile. But the “John Lennon/Plastic Ono transformation doesn’t end there. Band” washis firstsong- Mr. Hicks describes his remit in based album following the the notes included with the set: Jdissolution of the Beatles— ARemix forModern “Yoko is very keen that in making he’dpreviously released The Ultimate Mixes Series, we three avant-garde albums with achieve three things: remain faith- Yoko Ono—and 50 yearsonitre- ful and respectful to the originals, mains his most highly regarded Listening and More ensure that the sound is generally solo work.Freed from the commer- sonically clearer overall, and in- cial demands of recording with the crease the clarity of John’s vocals. most successfulband in the world, Is tailoring historic albums for today’s tastes a good idea? ‘It’s about John’ she says.” Lennon drew inspiration from True to that vision, the Ultimate within: He and Ms.Ono had re- Mix of the record increases the cently undergone anew kind of clarity of the overall production therapy introduced by psychologist and brings the vocals forward. Arthur Janov,based on his book Though Lennon has one of the “The Primal Scream.” Thethera- most recognizable voices in pop peutic processinvolved re-experi- history, he himself didn’t care for encing childhood trauma and Len- its sound on record, and he often non had plenty to work through— used effects to mask it. Such pro- he barely knewhis father and was cessing has been pared back on removed from his mother’s care at these alternative versions. So age5;she died when he wasstill a while on the original version of teenager.Co-producer Phil Spector “Mother” Lennon’s voice seems as helped realizethe heady mix of if it’s cloaked in a fog and it’s fear,anguish and catharsis found barely louder than his piano part, on songslike“Mother,” “Working on the Ultimate Mix just a touch of ClassHero” and “God.” “Raw” is typically the firstadjectivede- ployedtodescribe “John Lennon/ Plastic Ono Band” and it’snot just referring to the lyrical content: The LP’sdark and atmospheric presence gives it aspecial mood. A new boxed set, “John Lennon/ Plastic Ono Band—The Ultimate Collection” (Capitol/UME), out Fri- day, documents the record’s cre- ation in exhaustive detail. Across six CDs and two Blu-ray discs, it gathers outtakes, demos, singles John Lennon and Yoko Ono in and in-studio jams, arranging the December 1968, left; the newboxed fragments in a way that invites ex- set, which is out Friday, above ploration and analysis. The collec- tion includes a 132-page book packed with archival photos, inter- that character remains for flavor. views and studio annotations. If The original “Isolation” unfolds you want to hear Lennon explain- behind a veil of reverb, while the ing how he intends to open the al- new version is comparatively bum with an ominous bell and are bright and airy, with every instru- curious what the home-recorded ment rendered in crisp detail. original of the closing “My It’s easy to imagine people unfa- Mummy’s Dead” sounded like, this miliar with “John Lennon/Plastic collection is for you. Ono Band” playing the Ultimate Mix of the LP on the streaming service of their choice and accept- A boxed set includes ing this clearer and more vibrant version with more prominent vo- archival materials and a cals as definitive. Anyone who new, cleaned up version loves the record has to admire the skill of the transformation, which of Lennon’s 1970 record. is dramatic if you listen closely in comparison with the original but probably subtle if you haven’t heard the album for a while. Among the manyextras in- Is the new version better? cluded with thebox is adisc that Maybe. It’s certainly bigger, louder might be the most significant in- and clearer. But it’s also worth clusion—a new“UltimateMix” of wondering if anything might be the record created by engineer lost. The 1970 mix of “John Len- Paul Hicks,which is also being is- non/Plastic Ono Band” is murkier, sued as astandalone offering.It’s yes, but it’s also softer and gentler, part of abroader trend of reimag- giving the songs a distinct emo- ining studio albums foranew era. tional bearing. Some of the pro- Thecommon practiceofremaster- duction choices were informed by ing involves tinkeringwith the ex- Lennon’s discomfort with his voice isting master tape in hope of im- and the presence of Spector, who proving sound. Remixing,inwhich wasn’t particularly keen on sonic an engineer or producer returns to definition. These qualities, which the multitrack tapes and, poten- some could hear as “flaws,” are tially,shifts the overall balanceand Album, have appeared in the past One imperative with new mixes heavy bass with higher quality. part of what made the album sonic attributes of each individual five years, and the Band’s1969 is that they need to sound good on When heard on such equipment, unique, and the idea of “correct- element, allows foramuch greater self-titled album wasreworked in headphones. The rise of private especially relative to more con- ing” them should make those who GES degree of modification. Lennon’s 2019.Such releases raise questions listening has changed notions of temporary recordings, the original value music history and in-the-mo- IMA

1971 album “Imagine” wasremixed about the importanceofartistic in- how records should sound, and “John Lennon/Plastic Ono Band” ment artistic judgment uneasy. ETTY in 2018; remixes of the Beatles’ tent, howchanging technologycre- this shift has been generational. can seem thin. /G “Sgt. Pepper’s Lonely HeartsClub ates newexpectations from listen- Beats by Dr. Dre Studio head- The new mix accentuates Klaus Mr. Richardson is the Journal’s OD WO Band” and the group’s1968 self-ti- ers, and what it means to phones, introduced in 2008 and Voormann’s bass and Ringo Starr’s rock and pop music critic. Follow AN

tled set, usually called the White “improve” an already classic work. marketed to the young, equated drums considerably, leading to a him on Twitter @MarkRichardson. SUS

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A12 | Tuesday, April 6, 2021 ****** THE WALL STREET JOURNAL. SPORTS Baylor Wins NCAA Men’sBasketball Title

The Bears overpowered the previously undefeated Gonzaga Bulldogs, 86-70, to claim the national championship

BY LAINE HIGGINS

INDIANAPOLIS—Baylor wonits firstNCAAmen’sbasketball champi- onship with adominating 86-70 win over Gonzaga, whose bid foranun- defeated title runovershadowedthe Bearsall season until the two teams met face-to-faceonMondaynight. Baylor jumped out to an early lead and overpoweredGonzagawith tough defense,tenacious rebounding and an even morelethal 3-point shooting attack than in the regular season, when it ranked No.1inthat department. Gonzaga’slossspoiled itsattempt to become the firstundefeated men’snational championship team sinceIndiana in 1976. Theblowout Baylor victorycame afteramuch anticipated meeting between the teams in December was called off because of Covid-19 issues in the Gonzagacamp.Four months later,itwas Baylor—which just a few weeks agosuffered adebilitat- ing Covid outbreak of itsown—that looked likethe world-beating team aiming forthe historybooks. Monday’schampionship wasset to pit two offensivepowerhouses against one another,albeit ones with markedly different styles.Gon- GES zaga favoredlayups and jumpersin IMA

the paint—and developed aspeedy ETTY style of playdesigned to getas /G manyattemptsinthe net as possi- WU HUK

ble (they made 63.7%oftwo-point AC

field goals in 2020-21). NW

Baylor,onthe other hand, fa- TIM voredthe long ball. TheBearsdomi- Baylor’s Davion Mitchell drives to the basket. The Bears beat Gonzaga with tough defense, tenacious rebounding and a lethal 3-point shooting attack. nated their opponentsthis year, spacing the floor and kicking it out prolific team in the NCAA tourna- team just six weeks agowhen they panicked,” said Baylor athletic direc- the title game.The Zagswereahis- to aquartet of sharpshooters, aver- ment to just 37 pointsinthe first were days removed from amajor torMack Rhoades.“They just knew torically efficient operation and shot aging anation-best41.2% from be- half by dominating the boards,out Covid-19 outbreak.Coach Scott and believed that pre-Covid compe- faster and betterthan nearly every yond the arc. rebounding the Zags16-10 overall, Drew,aswell as eight of his players, tition level that they’d getthat other team in Division Iand came When the two teams finally faced and forcing eight turnovers. Al- tested positiveand the entireteam back.” within 40 minutes of becoming the off in Indianapolis—121 days after though the teams had an equal spent 14 days in quarantine,either Baylor wasall the way back on firstundefeated NCAA champion the canceled firstmeeting—it came number of defensiverebounds,Bay- battling illnessorunable to train. Mondaynight. One of the reasons it sinceIndiana in 1975-76. down to aquestion of simple math- lor wasable to pull away on the Theteam gotjust three days of wasable to weather thelightning- TheBearsweredominant Mon- ematics.AsBaylor showed, three is scoreboardbecause it became a practices in beforeagrueling fast paceofthe game wasits depth. daynight, but it’shardtoknow abiggernumber than two. bully in the paint: the Bearsgrabbed stretch that included four games Drew said he considershis bench to whether they would have looked Forall the bluster about Baylor nine offensiverebounds to Gon- against ranked Big 12 teams in the be asecond starting lineup and on similarly unstoppable on Dec.5, and Gonzaga’sscoring,defense ulti- zaga’s three. span of nine days in lateFebruary Mondaynight the Bearsgot 21 when the two programs were slated mately wonthe day. It’ssomething In the opening minutes of the and early March. Fitnesswas an is- pointsoff the bench. to meet. It would have been Gon- that Baylor’s All American guard half,however, Baylor hadlittle need sue as the Bearsstruggled down the Contrast that with Gonzaga, who zaga’s fourth game of the 2020-21 JaredButler had said might be the forrebounds.The Bearsgot out to a stretch, suffering their firstlossof aredeeper than most tournament season had the game tipped off and case over the weekend. 9-0 lead in the early going and pro- the season to Kansas in their first teams with four players with areal- it’shardtosay if the hype around “Our big emphasis is on getting ceeded to makefivestraight 3- game post-pause and then falling to istic shot at playing in the NBAon these team would have reached the defensiverebounds,” he said on pointers. They would end the half Oklahoma State in the Big 12 tour- itsroster but tend to lean heavily on same feverpitch if they had runinto Sunday. It wasperhaps acounterin- shooting 57% on 14 attemptsfrom nament semifinal. Jalen Suggsinbig moments. In these Bears. tuitiveprediction foracontest be- behind the arc—even betterthan “Obviously,aspeople could see, Monday’sgame,the Zagsgot just But forBaylor,that matters little. tween the two most efficient of- their regular-season average. the firstfour or five games back we seven pointsfromtheir bench. Beating ateam you’vehad circled fenses in the country. It ended up Baylor’s depth and athleticism just weren’t at our pre-Covid level. Baylor’s victoryisall the more on the calendar sincethey crushed being spot on. shone throughout, something that But Ithink because we had an older, resounding considering the bluster youinthe second round two years Baylor wasable to limit the most would have been unthinkable forthe moremature group,nobody was surrounding Gonzaga’s31-0run to prior is everybit as sweet.

MLB commissioner RobManfred, left, team, the Braves.“This wasnei- is amember of Augusta National. ther our decision, nor our recom- mendation, and we aresaddened values as asport.” that fans will not be able to see “Major League Baseball funda- this event in our city,” the Braves mentally supportsvoting rights said in astatement. “Unfortu- forall Americans and opposes re- nately,business, employees and strictions to the ballot box,” Man- fans in Georgia arethe victims of fred said in his statement on the this decision.” decision. “Fair access to voting Therules backed by Georgia continues to have our game’sun- Republicans requireabsentee vot- wavering support.” erstorequest ballotsbyproviding Thedecision on whether to at- their driver’s license number,the tend the Mastersisparticularly last four digitsoftheir Social Se- combustible forManfred, and even curity number or acopy of some Goodell, because Georgia’snew other accepted form of identifica- lawspecifically clashes with one tion. Thesame information has to goal both leagues championed: be provided when the ballotsare voting access.Critics of the legis- mailed in. Under prior rules,peo- lation saythe newlaw restricts ple signed an absentee-ballot ap- just that. plication and signed an inside en- Both MLB and the NFL made velope containing the ballot when nonpartisan voting initiatives— they mailed it in. such as get-out-the-votecam- Thenew lawalso limited how paigns and voterregistration parties and voting groups mail out drives—integral aspectsoftheir absentee-ballot request forms social platforms in 2020.Itwas while limiting the number of bal- their attempt to boost social-jus- lot drop boxes. Republicanlegisla- ticeissues without wading too tors in the statesay these are deeply intodivisivepolitics.But needed to help ensurethat voting nowthe same organizations they is fair and quell concerns over RobManfred Pulledthe MLB All-StarGame partnered with in those efforts, voterfraud in the last election. such as Rock the Vote and RISE, Thestate’s governor,Republican have denounced Georgia’slaw that Gov.Brian Kemp,and other state From Georgia. Will He Attend the Masters? they sayrestrictsvoter access. Republican officials also affirmed While MLB’sdecision drew the integrity of Georgia’s2020 praise from the primarily liberal presidential election aftercon- BY ANDREW BEATON An NFL spokesman also had no premier annual sporting event was opponentsofthe law, it also drew ducting two statewide recounts comment on whether commis- set to take place—at the highly ex- backlash—from both the law’s and apartial audit of mail-in votes MAJOR LEAGUE BASEBALL sioner Roger Goodell, who is also clusiveclub whereits commis- backersand MLB’sAtlanta-area in one county. commissioner Rob Manfred’sdeci- amember,will attend. sioner happens to be amember. sion to pull the 2021 All-Star MembersofAugustaNational Last Friday, the league said it Game from Georgia in response to were highly visible during the wasremoving the game and its the state’svoting lawhas had the tournament’slast edition as the amateur draftfromGeorgia be- unexpected consequenceofgiving only spectatorsallowedtoattend cause of the newlaw that has him athornydecision about golf. and cheer on the players.Evenin been criticized by civil-rights Will Manfred travel to Georgia normal years, when tens of thou- groups who sayitwill makeit to attend the Mastersatthe sands of people roam the grounds, harder forpeople to vote.The leg- famed AugustaNational Golf Club they canbespottedintheir green islation’sbackerssay the changes /REUTERS this week? jackets. areneeded to preserveelection in- GAR

An MLB spokesman declined to Themembersalso servecritical tegrity. SE saywhether or not Manfred will roles at the Masters, overseeing It wasthe firstmajor event to MIKE

attend the tournament, which be- various functions and operations. getpulled from the stateand S, gins Thursday. Manfred, amember Forthis year’s Masters, the club came afteragrowing list of com- PRES at the exclusiveclub,was at last has said alimited number of fans, panies,including the Atlanta- year’s Masters, which took place which the club calls patrons,will based DeltaAir Lines Inc.and TED CIA

just five months ago, in November, be allowedtoattend. Coca-Cola Co.expressed their op- SO because of apandemic postpone- It took aremarkable sequence position to the law. Earlier in the AS ment. TheMLB All-StarGame will of eventstoturn setting foot at week,President Biden added to be playedatCoorsField in Denver, this golf major intosomething the pressurewhen he said he according to several news reports. that maybeinterpreted as apolit- would “strongly support” adeci- BAZEMORE/ In an open lettertoManfred, ical statement. Theweek after sion by MLB to movethe game. JOHN

Sen. Marco Rubio (R., Fla.) askedif MLB made the unexpectedly swift Manfred said last week that re- P: he would giveuphis membership decision to take itsAll-StarGame moving the All-StarGame was TO OM

because of the revised voting laws. away from Georgia, the state’s “the best way to demonstrateour FR P2JW096000-0-A01300-1------XA

THE WALL STREET JOURNAL. Tuesday, April 6, 2021 | A13 OPINION Asian-Americans Feel the Hate BOOKSHELF | By Andrew R. Graybill

Amid the Start with Mr.Long,who suppressorignore. As forthe Asian-American An Attack growing at- told policeheshot up those In athoughtfulMarch 19 community,which is itself tacks on massage parlors to remove piecefor the Weekly Dish on highly diverse,itisfar from Asian-Ameri- sexual temptation. He denied how debilitating this is for monolithic in itsreaction. On cans, the re- he killed thewomen because news coverage,Andrew Sulli- one side,thereare left-leaning Of ‘Klondicitis’ cent crimes of they were Asian. Perhaps evi- vancites the JusticeDepart- outfits such as Stop AAPI Hate, MAIN Brandon Elliot dencetothe contrarywill ap- ment’s 2019 Criminal Victim- which tracks hateincidents STREET and Robert pear,but as yetithasn’t. ization report to notethat “of and appearsall-in forthe nar- Stampede Aaron Long That hasn’t stoppedalmost those committing violence rative. Theoutfitisthe cre- By William bear particu- everypress report from lump- against Asians,you discover ation of othergroups such as By Brian Castner McGurn larattention. ing Atlantainwith all the that 24 percent such attacks Chinese forAffirmativeAction, (Doubleday, 269 pages, $28.95) Theway these other attacks deliberately tar- arecommittedbywhites; 24 one of the several Asian-Amer- two prominent cases arebeing geting Asian-Americans,orpercent arecommittedbyfel- ican organizations to endorse rian Castner’s “Stampede: Gold Feverand Disaster in reported in the pressillumi- from implying it’ssomehow lowAsians,7percent by His- Proposition 16,last year’s B the Klondike” begins in medias res,with the harrowing nates some of the holes in the Mr.Trump’sfault, or both. A panics; and 27.5 percent by Af- failed ballot initiativetoover- tale of Robert Henderson, asolitaryprospector newnarrativeof“hate.” classic of the genrewas a rican-Americans.” turn California’sban on race panning forgold in the YukonValley in the spring of 1895. Start with Mr.Elliot’sbrutal March 19 NewYork Times preferences. Picking his way over atreetrunk lying acrossafrigid MidtownManhattanbeatdown pieceabout the Atlantakillings On the other side,thereisa stream, Henderson fell and skeweredhis calf on one of the of a65-year old Filipina while under the headline “Racism In the woke narrative, growing worryamong Asian- branches.After freeing himself and reaching shore, he con- shouting at her,“Youdon’t be- and Sexism ShadowManyIn- Americans about what identity valesced in atent forthree weeks,leaching pus from his long here.” Mr.Elliot did this teractions forAsian-American it’s all about Trump, politics and the progressive wound with strips of bacon that, when discarded, were while out on lifetime parole Women.” It checked all the Covid-19 and white narrativeabout race means for devoured by wolves.Although Henderson’sleg healed, his formurdering his mother in boxes: “racialized misogyny,” them. Last week some of these “Klondicitis” never broke; oncehecould hobble he went 2002. Meanwhile in Atlanta, “the Trump administration re- supremacy. advocacygroups announced a right back to his quest, and in June 1896 struck paydirt on RobertAaron Long,a21-year- peatedly emphasized China’s newcoalition, whose firstde- astream he christened Gold BottomCreek.But his dreams old whiteman, has confessed connection to the Covid-19 mand is forthe Biden Justice came to naught—Henderson missed out on afar bigger to gunning down eight people, pandemic,” “capitalism based Five days later,aVoiceof Department to reinstatethe strikenearby and didn’t meet the deadline to file his own including six women of Asian on racial exploitation”—even Americaarticle put it this lawsuitagainst Yale forusing claim, which went to another man. descent, at three area massage while conceding,much further way:“In NewYork City,where race preferences to discrimi- Henderson’sstory—repletewith derring-do,suffering parlors. down in the piece, that “very anti-Asian hatecrime soared nateagainst Asian-American and failure—is emblematic of Mr.Castner’s historyofthe In the dominant narrative, little is known about the mo- nearly nine-foldin2020 over applicants—another issue pro- KlondikeGold Rush, which at itspeak,inthe summer of 1897, these attacks arebut the latest tivesofthe Atlantagunman.” the year before, only two of gressives would prefer to ig- drew morethan 100,000 manifestations of a system Meanwhile,the woke obses- the 20 people arrested last nore. Rather than invocations people to the border region built forwhitesupremacy. If sion with race and hateworks year in connection with these of left-wing abstractions such between Alaska and the Yukon. Asian-Americans find them- to diminish both the crime attacks were white, accord- as critical race theory, what Theauthor or editor of four selves attacked, the Biden andthe specific factssur- ing to New York Police De- thesepeople want arecom- previous books,including a WhiteHouse explains in a rounding it. Is the murder of partment dataanalyzedbythe mon-sense protections that memoir of his time as an memo, it’s because of pols eight innocent people anyless Center forthe Study of Hate will keep them safeand free explosive-ordnancedisposal who called Covid-19 names heinous if the motivation and Extremism. Eleven were from discrimination. officer during the Iraq War, like “Wuhan flu” and thus wasn’t race hatred? African Americans,six “Asian Americans don’t Mr.Castner bringstolifethe “stokedunfounded fearsand Mr.Elliot’scrime is an even were whiteHispanics and one need narratives,” says Linda last of the great 19th-century perpetuated stigma about tougher fitfor the white-su- wasaBlack Hispanic.” Yang, director of Washington North American gold rushes, Asian Americans and Pacific premacynarrativebecause the AssaultsonAsian-Ameri- Asians forEquality.“We need featuring acast of characters Islandersand have contributed 38-year-old attacker is Afri- cans cannot easily be the truth. And we need the both illustrious (Jack London, to increasing ratesofbullying, can-American. What makes squeezedintoaprogressive people who commit these ter- who returned from the Klondike harassment, and hatecrimes.” him particularly embarrassing narrativeofwhitesupremacy. rible crimes to be condemned, wealthyonly in grist forhis At best this narrative is is that his example raises the Moreover,criminal attacks on prosecuted andproperly iden- stories) and infamous (Frederick highly misleading.Messrs. El- larger issue of black-on-Asian Asian-Americans were going tified—no matterwhat race Trump,grandfather of the former liot andLong areliving exam- crime,which the narrative’s on long beforeMr. Trump and they are.” president, who operated arestaurant and brothel). They ples why. championsare desperateto Covid-19 arrivedonthe scene. [email protected]. sharethe stagewith swarms of cheechakos—or tenderfeet— who endured unimaginable horrors, including temperatures that dipped to 50 degrees belowzero. This is abook best read outdoorsonawarm spring day. Detente May Be an Option With North Korea To be sure, some of the argonautsgot rich, likethe husband-and-wifeteam of Clarenceand Ethel Berry. During Pity the Biden real-world consequences. To- easily as Stalin dropped years sula, and negotiating morato- the winter of 1896-97,while Ethel tended the family’s make- staffers day, arising China aligned of antifascist rhetoric to sign riums on testing newmissiles shifthomestead, Clarenceand his brother Fred worked their chargedwith with ahostile Russia poses the his pact with Hitler.Kim Jong and weapons could help stabi- claim along Eldorado Creek,burning through the permafrost developing a greatest threat to vital Ameri- Un’s flirtation with Donald lizeNortheast Asia in ways to reach bedrock; 12 feet down, Clarencehit apaystreak. North Korea can interests since the height Trump suggests that there is that benefit both the U.S. and Manyoftheir neighborstried the same approach, so that, strategy. After of the Cold War, and U.S. for- real interest in Pyongyang in Pyongyang. A pathway to de- when emerging from belowground at the end of ashift, GLOBAL 30 yearsofeign policy needs to be more exploring different kinds of re- tentethat sidesteps the nu- Clarence“could look acrossthe night-black valley and see, VIEW U.S. diplo- grounded. lationships with America. clear issue could uniteAmeri- claim by claim, Dante’sNinth Circle come to life, glowing macyand es- Thenuclear impasse isn’t Thehope that another canallies and consolidatea firesburning in afrozenhell.” TheBerrys extracted 500 By Walter calating sanc- the only factor shaping U.S.- round of sanctions will bring favorable balanceofpowerin pounds of gold worth $130,000 ($4 million in today’s Russell Mead tions, North Korearelations.North NorthKorea to itsknees is a a critical theater. money), a sum that, as Mr.Castner observes,itwould take Pyongyang’s Korea is a small country with distraction. While conditions The U.S. has made hard an averagelaborer of that era250 yearstoearn. nuclear arsenal continues to limited resources on the bor- in Pyongyang aresodesperate moral compromises before— More typical was the ordeal of Arthur Arnold Dietz. grow,North Korean missiles der of an expansionist super- that even foreign diplomats siding with Stalin against Hit- Though woefully inexperienced, in the spring of 1898 he getbetter, and the daywhen power—on which it almost en- report an inability to getbasic ler during World WarIIand attempted to lead 18 companions to the goldfields by the Kim dynasty canreliably tirely relies fordiplomatic and with Mao (at the height of the crossing the Malaspina Glacier, thus avoiding the throngs striketargets on the American economic support. Forthe Cultural Revolution) against that clotted the popular Chilkoot and White Pass trails. It mainland with nuclear-armed Kim dynasty,whose core polit- Sanctions won’t break the Soviet Union. Such deci- was a disaster from the get-go. Fifteen of the team got far ICBMs comes inexorably ical philosophyisbuilt around sions arenever pleasant and enough to endureasummer of lucklessdigging,then built closer. the concept of juche, aKorean Pyongyang, but it oftenlead to complications a10 x 20-foot cabin in which to ride out seven months of During those 30 years, U.S. term roughly translated as a does want some down the road. Theugly moral winter. Mr. Castner writes that “the men developed rheu- policymakershavepursued an mixture of self-relianceand choices an all-out struggle matism, bed sores, loose teeth that they pulled from their enticing goal: the abolition of unconditional sovereignty, distance from China. with Chinawould inevitably gums by hand.” Only Dietz and three others lived to tell of North Korea’sexisting nuclear near-total dependence on entail is one reason America their two years in the Klondike, with practically nothing to arsenal and averifiable North China is bad, even scary. should do itsbest to avoid show for their tribulations. Such was the fate of the vast Korean commitment to remain Thereshould be no illu- goods,China and North Korea such acontest. But if the cur- majority of miners, whose average haul was the equivalent nuclear-free.Itispolitically sions here. ForNorth Korea, look set to open cross-border rent confrontation with Beijing of about $5 ($150 today). “Only a few hundred dug out impossible foranAmerican foreign policyisatool to tradelater this month. Both continues to develop,Wash- enough to call themselves rich.” president to abandon this maintain the status quo at Chinaand Russia arelikely to ingtonwill need to think hard, goal; it is impossible as a home.North Koreaisnot in- scale back their sanctions en- and perhaps very fast, about practical matterfor an Ameri- terested in changing itspoliti- forcement as relations with howU.S.-North Korearelations The average haul for a Gold Rush prospector can president to achieve it. cal system or in giving up its the U.S. continue to worsen. might evolve. wasabout fivedollars. Onlyafew hundred In foreign policy, an un- nuclear deterrent. But the Instead of devising more Difficult and threatening as shakable commitment to an stronger China gets,the more futile strategies to achievethe North Koreacan be,itisnot dug out enough to come home rich. unreachable goal is neither a compelling is the cold machia- impossible, President Biden’s thegravest threat either to sign of wisdom nor a harbin- vellian logic behind Pyong- Koreastrategistswould do human rights or to American ger of success. During the so- yang’sdesiretodistanceitself well to think hardabout what strategic interestsinthe Indo- Mr.Castner is an engrossing writer,which is apparent in called unipolar moment of the from Beijing. could be gained by facilitating Pacific.Ifthe U.S. must, it can set pieces likethose featuring Dietz andthe Berrys,but 1990s,when the U.S. faced no Under the right circum- North Korea’sescape from andshould act resolutely with perhaps aboveall in narrating athrilling episode in which serious rivals or competition stances,North Korean foreign China’sorbit. Beginning to ad- allies against destabilizing Jack London pilotshis flat-bottomed boat, the YukonBelle, around theworld, American policycould changewith dressissues likethe Japanese North Korean actions in through the treacherous WhiteHorse Rapids.Heisjust as policymakerscould indulge blinding speed. Pyongyang citizens abducted over the Northeast Asia. But quietly ex- skillful in conjuring the social world of the Klondike, themselves in impossible isn’taccountable to anyone yearsand still held in the ploring other options is an av- especially in his indelible descriptions of the manyboom- dreams and vainglorious pos- domestically.The Kim dynasty North, reducing tensions on enue the Biden administration town settlements—Dyea, Dawson City, Skagway—that turing with few immediate canflip itsforeign policyas and around the Korean Penin- should not neglect. sprang up to outfitthe stampeders. In these sections the author reveals an unmistakable sympathyfor the few female characterswho populatethe book,such as Anna DeGraf,a 60-year-old widowwho made her way to the Klondikein The Progressive Case for Libel Reform 1898 in search of her son George,who had gone missing six yearsearlier; she clung to the belief—based on thin By Jeremy Lewin decay have reduced the repu- moreroom forvigorous pub- mitssignificant no-fault evidence—that he might be in the area. She never found tational cost of public deceit. lic exchangeoftruthful ideas. defamation liability,U.S. him, and instead directed her maternal affection to the udgeLaurenceSilberman Sullivan makes things worse As with anyregulation, the le- courtsinapost-Sullivan beleaguered prostitutes of Dawson City. J recently urgedthe Su- by stripping away nearly all galparametersofthe “mar- world should instead con- Given the graceofMr. Castner’s writing,itisall the more preme Court to overturn risk of legal liability for lying ketplaceofideas” must evolve vergeonthe settled standard disappointing when he occasionally lapses intofolksiness New York Times v. Sullivan about public figuresorissues. to keep pacewith vastly fordefamation of less-public (the ragged miner “stringyasthe gristle off atwo-bit steak”) (1964), the landmark decision By requiring plaintiffs to changed circumstances—espe- figures, which requires proof or mangles the facts(the 49ersdid not come to California in that severely curtails the abil- prove“actual malice,” it bars cially the digital revolution. of negligence, or breach of part to pryitloose from Mexico; that had already been ity of public officials and (un- accountability except on a Legalscholarswho reflex- objectivelyreasonable care. achieved in 1848 by the Treaty of Guadalupe Hidalgo, which der later precedents) public showing of aconscious intent ively venerate Sullivan might Therisk of abuse is also miti- concluded the U.S.-MexicoWar). And Mr.Castner’s insistence figurestosecuredamages for to lie,orveryclose to it. also consider how the cost of gatedbycontemporarydue- on using avariety of then-common racial terms like“squaw” lies about them. lies is borne by marginalized processdoctrines,constitu- and “Negro” is perplexing.Inanauthor’s note, he explains JudgeSilberman is acon- groups.Coronavirus misinfor- tional limitsonpunitive that while he finds them offensive, “I repeat them only as servative, but progressives Judge Silberman is a mation made apandemic that damages,and anti-Slapp stat- required, and in serviceofahistorically accuratestory.” should join him in calling for conservative, but he’s disproportionately claimed utes,which punish meritless But his deployment of such terms seems unnecessary, even areconsideration of Sullivan. poor,especially black and litigation brought to intimi- gratuitous. Reforming speech lawmay be right about Sullivan. brown, lives and livelihoods, date. Moreover,readersmay wish that Mr.Castner had pulled our best chancetoconfront even worse. Lies about elec- Anegligencestandard back occasionally from his propulsive storytelling to help America’sescalating crisis of tion fraud have fueled at- would bolster rigorous and his audiencediscern some meaning in this cavalcade of truth as algorithmically Scrapping Sullivan would temptstodisfranchise black honest media, sincefollowing immiseration, which had playeditself out by the middle of chargedecho chambersex- increase the risk of hugedam- voters.Women in politics and journalistic customs likedou- 1899.Heoffershistorical perspectiveonly in abrief but ploit cognitivebiases,and the ageawardsfor playing fast journalism suffer demeaning ble-sourcing would provide a provocativeafterword, focusing especially on the roles of sheer volume of digital con- and loose with the truth, lies,insinuations and sexual- shield against liability forin- greed and irrationality in luring so manyintowhat he calls tent makes fact-checking im- thereby heightening the in- ized harassment with alarm- advertent misrepresentations. “a naturally occurring pyramid scheme,whereprofits flowed possible.AsPresident Obama centivetobehonest. Progres- ing frequency. Qualified good-faith protec- to the luckyfew at thestart and the later arrivals were warned in 2020,weare fast sives should eagerly embrace Nor would such recalibra- tions would thus provide an guaranteed to lose all.” If his effort to imagine today’s approaching an “epistemolog- such movement toward a tion requirereturning to the incentivetointegrity and care migrant crisis as alatter-daygold-rush stampede feels abit ical crisis” in which democ- moretruthful society. pre-1964 regime in which def- in reporting and competitive strained, Mr.Castner’s largerpoint—that the romantic myth racy will cease to function Curtailing familiar speech amation lawsuitsweresubject advantages to honest outlets, of the frontier continues to obscurethe human costsofits andprogressonchallenges protections will seem anti- to no constitutional con- which have lost ground to ri- absorption and exploitation—shines as brightly as agold likeclimatechangewill prove thetical to liberal values of straints, and Jim Crow politi- vals that use falsehoods to nuggetinamountain stream. impossible. free expression. But free ex- cians manipulated Southern driveoutrageand clicks. This slide is fueled by the pression doesn’t requirepro- defamation laws to stifle re- Mr. Graybill is aprofessor of history and director of the virtual costlessnessoflying. tecting lies. Instead, cracking porting about segregation. Al- Mr. Lewin is asecond-year William P. Clements Center for Southwest Studies at Southern Hyperpartisanship and moral down on them would leave though much of Europe per- Harvard law student. Methodist University. P2JW096000-0-A01400-1------XA

A14 | Tuesday, April 6, 2021 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR Anatomy of a Biden Tax Hike Biden’s Chance for a New, Better Middle East

s the debate begins over President Bi- patentsinlow-tax jurisdictions. Walter Russell Mead wisely sup- and reopened diplomatic venues on the den’scorporatetax increases,the temp- TheBiden Administration wantstoeliminate portsthe Biden administration’s Palestinian Authority ceasing incite- A tation will be to focus on the headline this exemption on the theory that it “rewards strengthened commitment to growing ment to hatred and violence, “payfor Israel-Arab cooperation against an in- slay” and go-around appeals to the in- tax rates. Those rates are bad U.S. multinational corpora- The threat to American creasingly aggressiveIran(“Howto ternational community—all violations enough, but worselurks in the tions that shiftprofits and Bring Peacetothe NewMiddle East,” of the Oslo Accords. It would demand details.For one important ex- competitiveness is jobs overseas.” But the com- Global View,March 30). That would that the PA start observing the norms ample,diveintoMr. Biden’s panies operating on thinner certainly include maintaining Amer- of statehood, to which it supposedly plan fortaxing U.S. compa- bigger than higher rates. profit margins that benefit ica’scurrent sanctions leverageover aspires. nies’ global profits. most from this exemption of- that rogueregime.His expectation is RICHARD D. WILKINS We’retalking about the tax tenhaveinvested abroad to that Israeli acquiescenceand external Syracuse, N.Y. on global intangible low-tax income,known as betterservelocal customersordue to labor Arab pressurecould lead to Palestinian Gilti, which wascreated by the2017tax reform. costs or other factors. Bumping up their Gilti statehood. Mr.Mead gives no credit to former American multinationals were previously bill won’t encouragethem to re-shorejobs and But what kind of state? Under cur- President Donald Trump and his team chargedthe full U.S. corporatetax rate on their would limit the investmentsthey areprofitably rent, and anynear-prospective, leader- fororiginal thinking.Instead of roboti- ship,itwould be a“failed,” unstable, cally pushing the traditional Arab-Is- global profits, but only when they repatriated able to make. kleptocratic and despotic state—a dan- raeli peaceprocess as his predecessors their foreign earnings. That created astrong in- A third Biden whammy would require com- gertoitself and regional peace. There did, with completefailure, the Trump centivetopark foreign profitsoverseas.Gilti panies to calculate tax bills on a country-by- is still absolutely no sign of Palestinian team enjoyedanamazing success with taxesmanyforeign profitsasthey arise,but at country basis. Under the 2017 version of Gilti, leadersabandoning intransigent rejec- the Abraham Accords. half the topdomestic rate.That lesspunitiveap- companies canlump together all taxable over- tion of the legitimacyofasovereign If the Palestinians truly wanted proach allowedmorecompanies to return over- seas profitsand overseas taxcreditsinone fil- Jewish state. Absent that, or anywill- peace, they would have had it long ago. seas cash to the U.S. ing. Requiring companies to calculate taxable ingnesstocoexist with such astate, Several Israeli leadershaveoffered Gilti was flawed from the start and needs profits and tax credits individually for every anynew approaches will go nowhere. them aviable state, including part of fine-tuning,but Mr.Biden would makeitworse country in which a company operates will cre- Fundamental change, however, would, East Jerusalem, and it wasturned in every respect. Start with the rate. The 2017 ateamountain of compliancecostsfor business as nowwith the Abraham Accords, and down everytime.The majority of Pal- tax law set the statutory Gilti rate at half the and work for the Internal Revenue Service. previouslywith the Egypt and Jordan estinians still reject apeacetreaty with peacetreaties,beenthusiastically em- Israel, according to recent polls.In- regular corporaterate, so Gilti nowis10.5%. Mr. iii braced by the Israeli public. stead, they want TelAviv,Haifa and Je- Biden would increase that to 21%, three-quar- TheAdministration seems to understand Amoreeffectiveapproach would be rusalem. Sincethese areIsraeli cities, ters of the 28% rate he proposes forcompanies this would harm U.S. companies, which is why to quietly encouragethe political rise therewill not be peace. overall. Treasury Secretary Janet Yellen said Monday of moremoderatePalestinians.It SUMNER WEISMAN That’sthe statutoryrate, though, and the ef- she wants to end global tax competition. She would mean predicating renewedaid Framingham, Mass. fective rate companies actually pay is higher. promises to cooperate with the Organization This is because Gilti embedded double taxation for Economic Cooperation and Development’s in thetax code.Beforethe 2017reform, compa- effortstointroduceaglobal minimum tax. The U.S. HasaCybersecurity Warning System nies could claim acredit of 100% of foreign tax only problem: TheOECD isn’t dumb enough to paid against their U.S. tax bill, and also could propose anything like the Biden plan. America doesn’t need a new “Na- Itswarning system relies on infor- tional Cyber Vulnerability Early- mation sharing and partnerships carrylosses forwardorback.Gilti allows a TheOECD’scurrent discussions foraglobal Warning Center” (“Cybersecurity with the privatesector,the rest of credit of only 80% of foreign taxes, with no minimum taxinvolvealowerstatutoryrate Needs a New Alert System,” by V.S. government and the intelligence carry-forwards or carry-backs. than the newBiden Gilti, probably around 12%, Subrahmanian, op-ed, March 30). It community. This means today’s effective Gilti rate is at though it hasn’t published anumber.The OECD already has one. The Cybersecurity Many vulnerabilities and threats least 13.125%, so any U.S. company paying less is trying to find waystoallowcompanies to and Infrastructure Security Agency aren’t discovered by the government than that percentageofprofits in foreign taxes carrylosses forwardorbackward to smooth out (CISA), within the Department of but are regularly uncovered by hack- will owe TreasuryaGilti payment. Raising the tax liabilities over time. And the OECD would Homeland Security, is an efficient and ers who find bugs, notify companies statutory rate to 21% increases that effective offer a more generous investment exemption effective way to beat the drum about and often work with them to develop rate to 26.25%. This new Biden effective mini- by also exempting part of the profits attribut- critical vulnerabilities that can have fixes. In turn, CISA can immediately mum taxwould be higher than the statutorytax able to foreign payroll, acarve-out not included devastating effects on government issue directives, as it did during So- ratesinmost countries even in Western Europe, in current Gilti that would benefit servicecom- and private-sector networks. larWinds and the Microsoft Exchange Lost amid the universal hand- compromise, that mandate action for and that’sbeforethose countries apply deduc- panies with fewer tangible assets. wringing around the SolarWinds at- federal agencies and sound the clar- tions and exemptions. This doesn’t makethe OECD plan agood tack wasthat the processactually ion call for others to heed. TheBiden plan would further increase the idea. But it shows that even in Europe thereare worked. Within hoursofnotification Improving American cybersecurity effectiveGilti rate by expanding the taxbase limitstohow much governmentsare willing to from FireEye, CISArapidly used its requires everyone—government enti- on which it’spaid. Gilti nowexemptsthe first harm their companies to stifle low-tax competi- bullhorn to alert government agencies, ties and private-sector partners 10% of acompany’sreturns on tangible foreign tion from the likes of Ireland. private-sector partnersand the Amer- alike—working together to stop at- investmentssuch as factories.Congresscre- The Biden Administration and its progres- ican people about the hack and pro- tacks. But while there is always room ated this exemption because Gilti wassup- sive political masters have decided they don’t vided immediatesteps fornetwork for improvement, there is a warning posedtoapply only to big tech and pharma care about the global competitivenessofAmeri- defenderstomitigatethe compromise, system in place and it is working. companies and their ilk,which allegedly cancompanies.Now MembersofCongressneed which wasunprecedented in itssize, KEVIN BENACCI gamed global taxrules to book the profitsfrom to decide if they do. scope,scale and sophistication. Columbus, Ohio Each year,CISAissues thousands Mr. Benacci is former chief exter- of cyber alerts, updates,guides and nal affairs officer at the Cybersecu- directives to partnersthroughout rity and Infrastructure Security Sorry, the Economic Crisis Is Over Americaand the rest of the world. Agency.

t’sgetting harder forthe Biden Administra- workerswerethose in lower-wageservices jobs tion to claim we’reinaneconomic crisis that hurt by the pandemic. I demands morespending.It’scloser to the Other economic signals confirm that the The ‘Right to Repair’ Is a Complicated Issue truth to saythe economyisgrowing in away that economyisset to soar this year if newstrains calls forspending and monetaryrestraint. of Covid-19 don’t defeat the vaccines and the Kevin O’Reilly’s “It Shouldn’t Cost lockstep with farmers and want Thelatestevidencearrived Mondaywith politicians don’t do anything dumb.The bot- the Farm to Fix a Tractor” (op-ed, equipment users and operators to be March 24) gives a small and unfair able to repair their tractors and com- the Institutefor Supply Management’snews tomofthe recession mayhavebeen as early as look at “right to repair” policy, when bines. We also understand that new that itsMarch survey forservicebusinesses last April, and the economyhas been growing it’s a much larger issue that affects technology that has helped farmers hit 63.7.That’sanall-time high, and it signifies foratleast nine months. public safety, environmental regula- better use their resources and in- rapid growth and optimism. Theonly problem All of this castsmoredoubt about the Federal tions, intellectual-property rights and crease output isn’t as simple to fix as is that manybusinesses saythey can’t find Reserve’s super-accommodativemonetarypol- leads to illegal tampering. a 40-year-old tractor, which is why, enough workersorsupplies to meet their or- icy. It also makes President Biden’snew $4 bil- Illegal tampering by third parties as of this year, manufacturers have der books. lion spending plan acase of needlessexcess, but is a serious concern when overly provided equipment owners the tools That follows Friday’sblowout employment then anon-crisis is aharder thing to exploit. The broad so-called “right to repair” leg- to make the vast majority of repairs. report forMarch, with anet totalof1.07million longer he canpretend we’restill in crisis,the islation forces manufacturers to re- The agriculture industry doesn’t newjobs including revisions from the previous lesschancevoterswill catchonthat this recov- lease their proprietary information to need excessive regulation to operate two months.Wagegains were biggerthan they eryhas nothing to do with Bidenomics and was the public. A modern-day tractor more efficiently, and “right to repair” weighs over 15,000 pounds, on aver- isn’t the simple solution that special looked at firstglance, given that manyreturning inevitable oncethe pandemic eased. age, and if criminals tamper with the interest groups make it out to be. equipment’s back-end code, it poses DENNIS SLATER dangerous safety and emissions President, Association of Equipment Robert A. Mundell threats to the public. Manufacturers Equipment manufacturers are in Milwaukee he pantheon of great 20th-centuryecon- forms necessarytoprosper in asystemofmone- omistsincludes John MaynardKeynes, tary restraint. T Friedrich Hayek, Joseph Schumpeter Mundell is best known to readers of these Gramm, Early Respond on Income Inequality and Milton Friedman, among columns as an architect of afew others. Less well known He was an architect of supply-side economics.The In his March 31 letter about our The wholesale failure of public ed- but as tall as any of those gi- left derides this part of Mun- March 24 op-ed “Incredible Shrinking ucation in America has been a major supply-side economics Income Inequality,” Prof. Dennis Ap- impediment, making it more difficult antswas Robert Mundell,who dell’slegacyasapolitical side- pleyard makes the important point for the children of low-income fami- died on the weekend at age88. and the euro. line unrelated to his Nobel that in addition to ignoring two- lies to use education as a ladder to ACanadian by birth who work, but the two are linked. thirds of transfer payments and all climb into the American middle class settled at the University of It’sforgotten now, but the taxes, the Census estimates also omit and beyond. Massive government Chicagoand later Columbia,Mundell made his stagflation of the 1970s was a colossal failure capital gains. He observes that if our taxes and transfer payments have economics reputation as the foremost student of the Keynesian model. Mundell understood analysis left out capital gains, our re- been used to try to correct for prob- of the international monetary system. He won this partly as afailureofinternational econom- sults would share some of the bias in lems produced in part by government the economics Nobel in 1999 forhis work on ics,with the collapse of BrettonWoods trigger- the Census figures. Alex Kogan’s let- policy itself. The problem is that de- “optimum currency areas” and the monetary ing global inflation. ter in the same string makes the structive government policies made theory of the balance of payments. Mundell’sprescription, working with his Chi- same point concerning employer-pro- the economic pie smaller than it vided health benefits. The data in our would have been, leaving less for the His work led him to advocatefixed exchange cago colleague and friend Art Laffer,was to use article did, in fact, include both capi- makers of the pie to eat and for gov- rates, famously disagreeing with Friedman, who different policy levers to solve different eco- tal gains and employer-provided ernment to redistribute. favored a floating-rate system. The latter has nomic problems.Tax cutswould stimulate health benefits, avoiding those Cen- PHIL GRAMM dominated world monetaryaffairssincethe col- growth, while tighter money would slay infla- sus biases as well. Helotes, Texas lapse of Bretton Woods in 1971, but not for the tion. In that sense Paul Volcker,the great 1980s Prof. George Heitmann notes that JOHN EARLY betteriffrequent boutsofeconomic and finan- Federal Reserve Chairman, was a Mundellian. government transfer payments and Ridgefield, Conn. cial instability are evidence. Global capital marketswould financeU.S.bud- taxes produced the decline in income Mundell’s work laid the foundation for the getdeficitsuntil faster growth restored taxrev- inequality over the last half-century. euro, which has become aremarkably resilient enues, which is what happened. That is absolutely correct, but gov- Pepper ... reserve currency as he predicted in a paper as TheKeynesians predictednone of this.Mun- ernment policy was also a major con- And Salt early as 1969. Mundell argued that fixed rates dell’sideas ushered in the economic boom of the tributor to the rise in earned-income inequality. Nearly half of the rise in THE WALL STREET JOURNAL anchored in pricestability allowmoreefficient 1980s that, with the exception of the brief reces- earned-income inequality in the last trade and capital flows, while rapidly fluctuat- sion of 1990 caused by the savingsand loan cri- 50 years can be explained by a col- ing rateslead to economic dislocations or sis and an ill-advised taxincrease,continued to lapse in work effort in the bottom worse. He often called the euro-dollar rate the the end of the century. quintile and a decline in work effort most important price in the world. International monetaryreform wasthe one in the second quintile that accompa- Theeuroisinbad odor these days with econ- unfinished part of Mundell’spolicymix,and nied the explosion of transfer pay- omistswho sayyou cannot have acommon cur- these days we doubt anyone in Washingtoneven ments with the War on Poverty. Dur- rency without an underlying fiscal union. But understands the issue. The global economy is ing that same period work effort in Mundell himself believed that the euro would an afterthought. Theexception areChina’scen- the middle- and upper-income quin- lead to closer fiscal collaboration (see his writ- tral bankers, who became students of Mundell tiles grew significantly. ing nearby), in particular that the euro’smone- and areworking to turn the yuan intoareserve Lettersintended forpublication should tary discipline would reducethe ability of politi- currency to challenge the dollar and establish be emailed to [email protected]. Please cians to devalue their way out of borrowing and a yuan currency zone. include your city, state and telephone spending to excess.The eurozone’sproblems to- Bob Mundell’s ideas will live on, even if the number.All letters aresubject to day aren’t due to the euro but to the failure of countrythat firstput them to work nowforgets editing,and unpublished letters cannot be acknowledged. politicianstoimplement the supply-side re- that they brought two decades of prosperity. “He’s severely gluten-judgmental.” P2JW096000-0-A01500-1------XA

THE WALL STREET JOURNAL. Tuesday, April 6, 2021 | A15 OPINION The Abbas Who Is Shaking Up Israeli Politics

By Elliot Kaufman center-lefteconomy-focused moder- packagetorevive the Palestinian ates andanti-Netanyahu former Li- economy. Mahmoud Abbas boycotted on’t ask who wonthe Is- kudniks? If no grouping cancommand it; afunctioning economymay be raeli election. Thequestion amajority—which maybethe safest good forPalestinians but it presents comes naturally to Ameri- bet—it’ll be back to the polls forthe athreat to his patronagesystems.He Dcans,but lately Israeli elec- fifthtime since2019. refused to discussany plan that tions don’t have winners. It helps to see the biggerpicture. wasn’t aimed at satisfying his ulti- Elections assign bargaining positions Between 65 and 80 seatswerewon by matedemands,and he resented that GES forcoalition negotiations.Some posi- right-of-center parties,depending on some Palestinian businessmen at- IMA tions arestronger and some weaker. howone defines them. Some of these tended the conferenceanyway.

Themedia loves to allocatethe vote parties aresplit by their views of Mr. GETTY “Some of these individuals,labeled

between the “Bibi bloc” and the “anti- Netanyahu or by single issues.But if VIA ‘collaborators’ forworking with or Bibi bloc.” Afterthe March 23 election, Israel had atwo-party,American-style engaging with Israelis,” the State De- AFP the Bibi bloc,made up of four parties system, the right-leaning party would partment continued, “reported direct that support agovernment led by likely win clear majorities. ABLI/ and indirect threatsofviolence” from

Prime Minister Netanyahu, commands Those 11 seatsinneither bloc belong GHAR leading Palestinian Authority fac- 52 seatsinthe 120-seat Knesset, Is- to two parties,Yamina and Ra’am. tions.“They reported damagetoper-

rael’sparliament. Of those 52 seats, 30 Yamina, which wonseven,means AHMAD sonalproperty and businesses.There belong to the prime minister’s Likud “rightward.” It champions lowtaxes Ra’am party head Mansour Abbas speaks in Nazareth, April 1. were reportsthat the families of party,almost double the number held andthe rightsofJewish communities those targeted were pressured to dis- by the next largest party in the Knes- in the West Bank.Nevertheless, Mr. Pledging to pursue these interests mains coy about whom he’ll support ownthem, which would decrease Lapid, the Netanyahu challenger,has despitedisagreementswith other forprime minister as the Wednesday risks forattackerstoinjureorkill offeredYamina leader Naftali Bennett parties on largerquestions of Zion- deadline (extendible by two weeks) them, and that they and their family The head of the Arab the first“rotation” as prime minister to ism, Ra’ammade it intothe Knesset, approaches forthe Israeli president membersweredenied medical treat- join his coalition. Clearly,curbing set- whereitwill be the largest single to select aparty to trytoform agov- ment in PA health facilities,which al- Ra’am Party may be tlementsand offering “land forpeace” Arab faction. In some scenarios, it ernment. Ra’amand Mr.Netanyahu’s legedly contributed to greater health pivotal to the Netanyahu arefar from the opposition’schief con- could grant or denyMr. Netanyahu allies further to his right mayprove complications including death.” cerns.Toasmall party,the offer is ex- another term as prime minister. mutually unacceptable.But if Mr.Ab- TheState Department’slanguage government’s survival. traordinary, but joining with the left Never beforehas an Arab party had bas finds aZionist coalition he can is cautious,and the Biden administra- would betray Yamina voters.Itcould this kind of leverage. work with, in the long runitwon’t tion has expressed adesirefor en- cost Mr.Bennetteverything. In amajor speech in Nazareth on much matter which he picks. gagement with the Palestinian Au- set. Theanti-Bibi bloc,made up of Ra’am, which commands four Thursday, Mr.Abbas declared himself His stancethrowsintosharp relief thority.Sincetaking office, President seven parties that oppose Mr.Netan- seats, is breaking newground. It sep- “a man of the Islamic Movement, a theactions of amoreprominent Ab- Biden has allocated nearly $100 mil- yahu, commands 57 seats. (The 11 re- arated in Januaryfromthe Joint proudAraband Muslim, acitizen of bas: Mahmoud Abbas,president of the lion to the Palestinians.OnMarch 31 maining seatsare held by parties in Arab List, acollection of parties that the stateofIsrael.” He didn’t call him- Palestinian Authority. Serving his 17th theadministration confirmed that it neither bloc.) Both groupingsfall fordecades have marginalized them- self “a Palestinian.” Speaking in He- year of afour-year term, the ruler of views Israel’scontrol of the West short of amajority,but at least the selves by refusing to take part in any brew,hecalled forcoexistence. “We part of theWest Bank evades peace Bankasan“occupation,” areversalof pro-Netanyahu parties areready to sit government. When Ra’am’sleader, don’t have to agree on everything,” he talks with “preconditions” and quashes another Trump position. in agovernment together. Mansour Abbas,decided he waswill- said, “but we must giveourselves and internal dissent. AU.S. State Depart- As he attemptstorestart the old, Theanti-Bibi bloc is moreofacon- ing to ally with Zionist parties to play our children the right and opportu- ment document publishedMarch 30 moribund peaceprocess,Mr. Biden is struction of the mind. Even if Yair abiggerrole in Israeli politics,the nity to come to knowour neighbors.” notedreportsthat “Palestinian secu- dealing not with Palestinian peace- Lapid, Mr.Netanyahu’schief chal- splitwas inevitable. Thebottomline: “My approach is rity forces arrested, intimidated, and makersbut with the Palestinian lead- lenger,isgiven ashot at forming a Though Ra’amisanIslamist party, more ‘what canwesay yesto,’and tortured Palestinians following their erswho torturethem. He’sgot the government, what kind of coalition conservativeonreligious matters,it less ‘what canwesay no to.’ ” participation in an international con- wrongMr. Abbas. comprises secular Jewish ultranation- understands that Arab Israelis need Thespeech would have been more ferenceinBahrain.” alists, leftists, Arab anti-Zionists, cen- jobs,roads,security and reliable gov- compelling in Arabic.Still, Mr.Abbas The2019 conferencewas aU.S.-led Mr. Kaufman is an assistant edito- tristsled by aformer militarygeneral, ernment services,likeeveryone else. has shaken up Israeli politics.Here- workshop on an economic stimulus rial features editor at the Journal. The C-Suite Converts to the New Political Religion

votedcongregantsinthe FirstChurch privileged people in our society: I’m intothe armyofthe woke,these Ages forasobering lesson. of Antiracism. Penitentsline up to be not to blame,you understand; it’sall CEOs might want to acquaint them- Even as they’reprostrating them- shriven fortheir whiteprivilege, those other whitefolk. selves with otherhistorical figures selves beforetheir newmastersin FREE bending the knee beforethe altar of Therush by corporateleadersto who’vemade accommodations to the Georgia, next door in Alabama there’s EXPRESSION justiceand equity.They present pen- denounceGeorgia’snew voting law prevailing religious orthodoxy.It acautionarytableau on display. By Gerard Baker dantsofthe martyred St.George of will rank in infamyasone of the most doesn’t always end well. Theremay be no one as culturally Minneapolis forblessing from Holly- cowardly,cynical and socially de- My favoriteexample is Thomas compliant as Jeff Bezos. He’spledged aster Week,asthe culturewars wood prelates and IvyLeague di- structivemoves in modern American Cranmer. He wasthe 16th-century Amazon to the woke cause.He’s E rage on, is atimely moment to vines, solemnly chanting canticles history. archbishop of Canterburywho rose to turned aonce-great newspaper intoa reflect on the religious nature from the Black Lives Matterbreviary. prominenceasaloyal cleric under lectionaryofcultural correctness. of themodern ideologyour leaders Thehistoryofreligious waroffers HenryVIII. When the king forced him But in Alabama, his companyis seek to impose on us. warningsfor all of us,but most of all Today’s CEOs are like to choose between his faith and his fighting effortsfromits workersfor Astute historians have observed forthose lateconvertstothe newre- head, he jumped aboardthe reforma- higher payand betterconditions, that the wars of religion that seemed ligion in the big corner offices of Thomas Cranmer, the tion bandwagon and denounced and his apostasy has earned him the to define pre-Enlightenment history American corporations. 16th-century archbishop Rome.Unfortunately forCranmer opprobrium of the high priests. never really went away;the religions Themen who runMajor League and other religious opportunists, Last week Sen. Elizabeth Warren, just gotnew labels.Secular ideolo- Baseball, DeltaAir Lines,Coca-Cola with his finger to the wind. their world changed awkwardly when afteranunusually sharp Twitterex- gies that supplanted theold confes- and other giantshavebeen quick to QueenMary, the vengeful daughter of change, actually told the company sions seized the mind with the same mouth the required antiphonyofthe Henry’sdiscarded wife, came to the she would seek to break it up because sense of spiritual mission. Theloyal- modern liturgy.After long careersin There’snoneed to rehearse all the throne and reinstated Catholic pri- his minions had dared to mock her on ties they demanded were moredivi- which they seemed happy to let their argumentsabout the law. Sufficeitto macy. Cranmer,likethese modern- social media. siveand even moredestructivethan talentspropel them to unimaginable sayitexpands opportunities to vote dayCEOs,quickly pledged his loyalty Thelesson of Mr.Bezosand Cran- anything organized religion ever wealth, they’venow discovered that well beyond what existed even two to the neworder. meristhe same: Don’t think appeas- managed. thesociety that elevated them was yearsago and that it is morepermis- Mary’sresponse wastothank him ing the religious tyrantswill win you In the 19th centuryitwas nation- founded in evil. sivethan the prevailing laws in many forthe recantation, publicly parade it morethan areprieve, if that. These alism. In the 20th, communism and But instead of doing the honorable blue states. as an important endorsement of her contemptible so-called leadersare fascism. In the 21st woke cultural ni- thing,and stepping down in favorof But to some religions factsare ir- newregime,and proceed to have him knowingly,for the sakeofself-preser- hilism is the dominant confession, some less-privileged underling,they relevant, and bowing to the pressure burned at the stakeanyway. vation, stoking the flames of acul- andafanatical one. demonstrateacommitment to the from the media and Democrats, these Thewokeenforcers don’t burn turalwar. Themodern secularistswho de- faith by denouncing others. Hereyou titans of privateenterprise quickly heretics—not yet, anyway—but our These days,thank God, the fire is ride the hagridden mysticism of tra- have the essenceofthe newfaith and submittedtothe collectivewill. infinitely flexible modern clerisy figurative, but it maystill consume a ditional religion arenow the most de- morals of the woke classes,the truly Sincethey’venow been drafted don’t have to look back to the Middle CEO or two. Mundell on Money: Wisdom of a Nobel Laureate (1932-2021)

obert A. Mundell, the 1999 No- policies needed to restoreconvert- value of the pound, the dollar or the nitely,itishighly probable that the the eurointhe mark.Politics ruled R bel laureateineconomics,died ibilityofthe U.S. dollar to gold. ... yenonthe basis of aThatcher stan- capitalized value of the latterconsid- outthat solution. Yetserious policy Saturdayat88. Arelated edi- Theunderlying economic condi- dard, aVolcker standardoraNaka- erably exceeds that of the former. divergences within the EU would be torial appearsnearby.These areex- tions in 1981 and prospectsfor the sone standard? debilitating to the euroand cata- cerptsofhis contributions to the next two decades arenot as different Money is morethan an economic From “The Case for the Euro—II,” strophic foreurocapital markets. Journal editorial pages. from the 1950s and 1960s as they artifact; it is an idea, acentral feature March 25, 1998: Further steps toward policyharmoni- mayappear.The U.S. is still the domi- of civilization, the health of which Theeuroisnow virtually certain to zation and even elementsofpolitical From “Gold Would Serve Into the nant economy, and the hegemonic su- depends, in aliberal society,onthe come to pass. My ownviewisthat a union must be on the agenda soon af- 21st Century,” Sept. 30, 1981: perpowerofthe free world. Thedol- predictability of itsvalue,its stabil- well-run monetaryunion encompass- terthe euroislaunched. Sincethe breakdown of the U.S. lar is still the major currencyreserve ity,not only todaybut in the distant ing most of the membersofthe EU to- gold standardthe U.S. monetarysys- and gold is the only other major com- future. Money is,asKeynes said,a day, and most of Europe in the future, From “Threat to Prosperity,” temhas produced moredollarsthan ponent of international reserves.A link between the past, present and will be of enormous benefit to the peo- March 30, 2000: in theentireprevious historyofthe rerunofthe monetarystructureof future,inorder that long-term com- ple of Europe and also to the people of Theworld currencyproblem could republic.The prices of gold, oil, silver the 1950s and 1960s,without the mitmentsand contractscan be made the rest of the world, including the be solved by creating aworld central and other commodities have risen deadweight difficulties of underval- and kept at interest ratesthat ex- U.S. Membersofthe EMU will getnot bank producing an international as- more than tenfold and, barring a ued gold would probably serveus pressthe real scarcity of capital and just acurrencyonapar with the dollar set backed by reserves of dollars, drastic changeinthe monetarysys- well intothe 21st Century. the urgencyoftime,with as little yen, euros and gold. Some such ar- tem, prospectsare formoreofthe chanceofforecasting error as hu- rangement wasproposed at Bretton same in thefuture. From “The Debt Crisis: Causes and manly possible. The economist on gold vs. Woods but it fell afoul of political dif- Never beforeinU.S.historyhas Solutions,” Jan. 31, 1983: ficulties.Apattern recurrent in the theTreasuryhad to pay15% for30- Today, in 1983,the U.S. does not From “The Case for the Euro—I,” the ‘paper standard,’ the historyofmoney is that the domi- year bonds,implying an incredibly have agold standard, or aKeynesian March 24, 1998: 1980s debt crisis, and his nant countryrejectsmeaningfulmon- pessimistic outlook with respect to commodity standard, or aFriedman Thechangeover to anew currency etaryreform, probably because it in- inflation. It is these considerations paper standard. It has aVolcker stan- is never asimple process. Thehard hopes for the euro. volves powersharing and a that prompt aconsideration of the dard. But who canpredict the future part is the mental transformation on weakening of itsmonopolistic cur- the part of the public.Accustomed to rencyposition. But it is not ahealthy valuing and reckoning in national and the right to ashareininterna- sign that the only option forsmaller currencies,each of the 375million tional seignioragebut also greater in- countries is to fixtheir currencies to PUBLISHED SINCE 1889 BY DOWJONES&COMPANY people in theEuropean Union will fluenceinthe running of the interna- one of the G-3, asituation reminis- Rupert Murdoch Robert Thomson have to learn anew way of compar- tional monetary system. Therest of cent of the monetarycolonialism of Executive Chairman, News Corp Chief Executive Officer, News Corp ing and thinking about prices.There the world will getanalternativeasset the 19th century. Amultilateral solu- Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher is also an emotionaltransformation. to the dollar to use in international re- tion based on aworld central bank Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: Theloveaffair that people in some serves and anew and stable currency andaworld currencywould involve Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; countries have with their national that could be used as the focus forsta- some powersharing as well as a Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; money will come to an abrupt end, an ble exchangerates or currency boards. fairer distribution of international News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; emotional trauma akin to the lossof TheU.S.will getaneeded relief from seigniorage. Theadvantagesofsuch Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer national heritage. ... theeventually debilitating overuse of asystemwould be so great that all Andrew Dowell, Asia; AnthonyGalloway, Video & These costscannot be swept under the dollar as an international currency, countries could gain from it. Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; the rug. But against them must be set asingle-currencycontinent that vastly Not much canbedone if the lead- Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; the greater powerofthe euro. In- simplifies trade and investment, and a ersofthe major currencyblocs insist Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; stead of acurrencythat is legal ten- strong partner in Europe with an equal upon policies that lead to volatile ex- Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News der in asmall transactions area, Eu- stakeinconstructing an international changerates,But if agreement could Thomas SanFilippo, Customer Service; ropeans will gain acurrencythat monetarysystemsuitable forthe 21st be achieved on the desirability of GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; spans acontinent. Thebenefitswill century. fixedexchangerates amongcurrency Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; derivefromtransparencyofpricing, blocseach of which have subdued in- Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International stability of expectations and lower From “Making the Euro Work,” flation,itwould not be adifficult WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: transactions costs, as well as acom- April 30, 1998: step to go the extramile and build LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head mon monetarypolicyrun by the best Ioncethought that the best way around the G-3currencies aworld

EDITORIAL AND CORPORATEHEADQUARTERS: minds that Europe canmuster.... to createaEuropean currencywould central bank and an international 1211 Avenue of the Americas, New York, N.Y., 10036 Because the costsare paid but once, be to “Europeanize” the most impor- currencythat would be the property Telephone 1-800-DOWJONES while the savingscompound indefi- tant stable national currency, rooting of all nations. P2JW096000-4-A01600-1------XA

A16 | Tuesday, April 6, 2021 **** THE WALL STREET JOURNAL. WORLD NEWS India Daily Cases Surge to a High JapanVirus Toll Rises Daily count rise puts country ahead of U.S., Ahead of Brazil, prompting new lockdowns, travel curbs Olympics

BY ERIC BELLMAN BY PETER LANDERS AND VIBHUTI AGARWAL TOKYO—With just 3½ NEW DELHI—Ground zero months until the scheduled of the world’sCovid-19 out- beginning of the Summer break shiftedtoIndia on Mon- Olympics,Covid-19 cases are day as it recorded more than rising again in host nation 100,000 fresh cases forthe Japan and some areas are re- firsttime,topping the daily introducing curbs on night- totals everywhere else in the time activity. world. Thecenter of the latest TheSouth Asian nation is wave is Osaka, the city at the GES locking down neighborhoods center of the nation’s second- IMA and restricting travel even as most-populous urban area af-

it tries to ratchet up itsvacci- GETTY terTokyo.Daily cases in Osaka

nation drive to save lives and SE/ hit 666 on Saturday, setting a salvage its nascent economic record forthe city and outpac- recovery. ing Tokyo. On Monday, usually

With the number of newin- ANCE-PRES aslowday of the week,Osaka fections in the U.S. and Brazil FR reported 341 newcases to To-

retreating, India now has the ENCE kyo’s 249. most new cases in the world. AG The mayor of Osaka apolo- IN/

The financial center of Mum- SA gized afterseveral city em-

bai and the surrounding state HUS ployees who had gone out din-

of Maharashtra have been hit AD ing in groups contracted JJ

hard,dashing hopes that In- SA Covid-19.“This is unaccept- dia’smegacities mayhave Relatives and friends at a New Delhi cemetery on Monday took part in the burial of a person who succumbed to Covid-19. able,” said Mayor Ichiro Mat- seen the worstasthe most sui. “It will lead to distrust densely populated neighbor- morefrequent, weddingsbe- DailyconfirmedCovid-19 hasn’t been enough testing to thepublic campaign to con- among citizens.” hoods reached herdimmunity. came biggerand the number cases, seven-dayrolling measurewhich variantsare vincepeople to stay vigilant. It On Monday, Osaka and sev- “It’sspreading very fast, of people visiting places of average powering the surge,but the hasalso ratcheted up itsvacci- eral other areas—though not much morethan the first worship increased, creating accelerating rate of the spread nation drive, doling out more Tokyo—reinstated steps to phase,” said Deepak Baid, a moreopportunity forthe virus 250,000 of infections suggests a more than two million shots a day, curb infections. physician in charge of a to spread. Meanwhile,India viral form is spreading across up from less than one million With people growing weary Covid-19 unit in agovernment startedabig election season the country. afew weeks ago. To attract of pandemic-era restrictions, hospital in Mumbai. “It’s as five states with atotal pop- 200,000 “This is abig cause of morepeople to come forward, activity in Tokyo’s urban cen- spreading to all the age ulation of morethan 200 mil- worry, but what we see is the it opened up the shotstoev- ters is rising. “There is a pos- groups.” lion people arechoosing their opposite” of what happened eryone abovethe ageof45 sibility Tokyocould become As daily infections tumbled local politicians this month. 150,000 during the outbreak last year, this month. like Osaka,” said Dr.Shigeru to fewerthan 15,000 in Febru- Packed political rallies have said T. JacobJohn, aretired India has administered Omi, head of the government’s aryfromjust under 100,000 in become another avenue of in- professorofvirologyatthe morethan 70 million doses so Covid-19 expert panel. September,Indians started go- fection in the world’slargest 100,000 ChristianMedical Collegein far but has along way to go to TheOlympictorch relay ing out moreand being less democracy. India the southern city of Vellore. even reach itsinitial target of nowunder way in Japan is vigilant about the standard “The surge happened be- Brazil “Thereisnofear,noworry, no inoculating 300 million people likely to skip Osaka, Prime Covid-fighting measures. cause of super-spreader events 50,000 concern” this year, he said. by August. Only the U.S. and Minister Yoshihide Suga said Mobility data from Google likeweddingsand social gath- U.S. India has responded with China have given out more last week. Mr. Suga, who has showedactivity rebounding as erings, cricket matches, festi- new lockdowns, though noth- Covid-19 shots. expressed his determination to people started shopping and vals and election campaign 0 ing as tight as the national India is trying to increase carry through with the Olym- going to work again. rallies,” said GiridharaR. Sept. 2020 ’21 lockdown last year where the vaccinations in the harder-hit pics starting July 23, said on As predictionsofawinter Babu, epidemiologist at theIn- wholecountrywas forced to states,and some states are Monday that his government Note:asofApril 4 surgedidn’t come true late dian InstituteofPublic Health Source:Johns Hopkins CSSE stay at home for close to two even taking the vaccinations wasonguardagainst arise in last year,moreIndians became in Bangaloreand an adviser to months.The western megacity to the people. infections but didn’t think it optimistic that the worst was the government. “The general ing from abroad and newones of Mumbai and itsstate of Ma- “The idea is to send hospi- needed to reintroduceana- behind them. In mid-January, feeling wasthat the pandemic were emerging in India. One— harashtrahavebeen hardest tals to homes to help the el- tionwide state of emergency. when India started itsown was over.” ominously dubbed the double- hitand have just shut down derly and vulnerable group,” North KoreaonMondaybe- vaccination drive,citizens What allthe people rushing mutant virus—added an Indian malls,eateries, barsand said Chennai Corporation came the firstcountrytowith- gained ever moreconfidence to crowded eventsdidn’t know mutation to one that wasfirst places of worship to forcepeo- Commissioner G. Prakash. draw from the Olympics,citing and became less vigilant. wasthat morecontagious ver- recorded in America. ple to stay home. —Krishna Pokharel adesiretoprotect players Family gatheringsbecame sions of the virus were arriv- Indian scientists said there NewDelhi is ramping up contributed to this article. from Covid-19. U.K., More Upbeat Than EU on Covid, to Ease Curbs

BY JASON DOUGLAS ernment has said itsgoal of also allowedtoreopen. tion in neighboring countries offering everyadult avaccina- Thegovernment spelled out LONDON—British Prime means the U.K. can’t be compla- tion by the end of June re- itsroad map forreopening in Minister Boris Johnson said cent, as he confirmed that from mains achievable despitesup- February. Provided goals on the U.K. will begin to relax April 12 England will moveto ply disruptions. vaccinations,caseloads and more public-health restric- stagetwo of afour-step re- ThepaceofBritain’svaccine hospital occupancyare met, tionsstarting next week and opening plan. Scotland, Wales rollout has exacerbated ten- the next stageofreopening is remains on course to fully re- and Northern Ireland set their sions with the European Union duemid-May. That will allow open itseconomybythe sum- ownhealth policies and are over vaccine supplies,which forthe reopening of manyin- mer,after months of lockdown moving in asimilar direction. have been affected by produc- door venues and further relax- and aspeedy vaccination cam- “Wecan see the wavesof OL tion hiccups in Europe and In- ationsonhousehold mixing. PO

paign turned back adeadly sicknessafflicting other coun- S dia. EU leadersgavetentative Thefinal stage, slated forJune,

tide of infection. tries,and we’veseen howthis PRES backing in March to beefed-up will mean the lifting of nearly

TheU.K.’schanging fortunes storygoes,” he said at apress U/ vaccine export controls,but all remaining restrictions.

contrast with aworsening pic- conference. He urged Britons SEA said the bloc should tread Thegovernment has said its US

tureinother partsofEurope, to getvaccinated, keep prac- RO carefully to avoid threatening plans canbealtered or de-

whererising caseloads and fal- ticing social distancing and AN international supply chains. layeddepending on the course EF

tering vaccine rolloutsmean limit travel. ST Mr.Johnson on Mondaysaid of the epidemic, or if another governmentsare under pres- TheU.K. re-entered lock- Boris Johnson says the U.K. economy is on pace to fully reopen. starting April 12, nonessential worrisome variant of the virus suretotighten controls to beat down in January afterahighly stores canreopen and barsand emerges. back aresurgent pandemic. contagious newvariant of the the U.K. wasrecording 60,000 have fallen sharply.The U.K. restaurantscan servefood and “Wesee nothing in the France imposed anew na- coronavirus that causes newcases aday and thousands was recording around 1,200 drink outdoors. Limited mixing present datathat makes us tionwide lockdown last week, Covid-19 fueled a deadly win- of people were daily being ad- deaths aday on averagedur- of households outdoorswill be think that we will have to de- whileinGermanyChancellor tersurge in infections.That mitted to hospital. Almost ing the worstdays of January; permitted. Some large sporting viatefromthat road map,” Mr. Angela Merkel is pushing pow- variant, known as B.1.1.7, has 150,000 people areknown to nowitisrecording around 30. events aredue to go ahead to Johnson said. erfulregional governmentsto sincebeen detected in more have died with Covid-19 since Morethan 31 million peo- test measures to reduceinfec- Less clear forBritons eager implement tougher measures than 100 countries, including the pandemic began. ple,oralmost half the popula- tion.Libraries and outdoor at- forasummer getaway arethe to curb infections. the U.S. and much of Europe. Cases nowhavedeclined to tion ,havereceived at least tractionssuch as zoos,theme rules over international travel, Mr.Johnson said the situa- At itspeak in early January, around 2,700aday,and deaths one dose of vaccine. The gov- parksand drive-in cinemas are which is still restricted. WORLDWATCH

JAPAN Sea controlled by Tokyo but of promoting regulations thatde- claimed by Beijing. The official livered hundreds of millions of Uyghur, Hong Kong Japanese account didn’t give Mr. dollars of profit to the Bezeqtele- Conditions Criticized Wang’s responses, and Chinese comcompanyinexchange for state media didn’t immediately positivecoverage on the firm’s Japan’s foreign minister called report details of the phone call. popular news site, Walla. on his Chinese counterpart to China has rejected allegations —Associated Press take action to improve human- of human-rights violations against rights conditions for Uyghurs its Uyghur population and says INDONESIA and stop a crackdown in Hong its actions in Hong Kong arean Kong, according to an official internal matter.Beijing also says Flood Rescue Effort Japanese account of a call be- it has the righttopatrolaround Faces Obstacles tween the officials. the islands in the East China Sea, The unusually strong message known as the Senkakus by Japan Rescuers were hampered by from Tokyocomes shortly before and as the Diaoyu by China. damaged bridges and roads and Prime MinisterYoshihide Suga —Alastair Gale AIN/REUTERS a lack of heavy equipment Mon- SS

travels to the U.S. forasummit HO day after torrential rains caused

with PresidentBiden on April 16. ISRAEL NIR multiple disasters on remote

Japan is typically wary of an- PO eastern Indonesian islands as gering Beijing, which is its largest Trial Resumes well as in East Timor. trading partner.Tokyoisaclose For Netanyahu MMAD At least133 people died and ally of Washington but didn’tjoin dozens were missing in Indonesia, MOHA the U.S. and severalother nations Prime MinisterBenjamin Ne- GRIEF:Aferry collided with acargo vessel and capsized on ariver outside Bangladesh’scapital, and 27 deaths were reported in in March in imposing sanctions tanyahu’scorruption trial resumed Dhaka, killing at least25people, an official said Monday. Apassenger’s relativecollapses at the scene. East Timor.Atropical cyclone on China overits repression of its Monday, with akey witness causing the damage is expected to mostly Muslim Uyghur majority. painting apictureofanimage-ob- high-stakes political talkshosted coup attempt looks like,” he said. three separate cases. Monday’s affect the nations fordayswhile During the phone call on sessed Israeli leader forcing a by the country’sfigurehead presi- Taken together, the court tes- proceedings marked the begin- moving south toward Australia. Monday, Japanese Foreign Minis- prominentnewssitetoflatter his dentjustafew miles away. timony and political consulta- ning of the evidentiary phase, in Seasonal rains frequently ter Toshimitsu Motegi also family and smear his opponents. In a nationally televised ad- tions pointed to an increasingly which a long line of witnesses cause flooding and landslides in raised concerns with Chinese The testimonycame as Mr. dress, Mr. Netanyahu accused uphill struggle for Mr. Netanyahu are to take the stand against Indonesia, an archipelago of Foreign Minister Wang Yi about Netanyahu’schances of securing prosecutors of persecuting him as he fights for his political life. the prime minister. 17,000 islands where millions of the continued presence of armed another term in officefollowing in an attempt to undermine the Mr. Netanyahu has been The session focused on the people live in mountainous areas Chinese coast guard vessels lastmonth’sparliamentary elec- will of the voters and to drive charged with fraud, breach of most serious case againstMr. Ne- or near fertile flood plains. around islands in the East China tions appeared to be dwindling in him out of office. “This is what a trust and accepting bribes in tanyahu—in which he is accused —Associated Press P2JW096000-5-B00100-1------XA BUSINETECHNOLOGSSY: HITACHI DEAL&FMAKES BET ONINDATA B4ANCE

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S&P 4077.91 À 1.44% S&P FIN À 0.74% S&P IT À 2.02% DJ TRANS À 0.97% WSJ $ IDX g 0.41% LIBOR 3M 0.200 NIKKEI (Midday) 29867.74 g 0.74% See more at WSJ.com/Markets GameStopReadiesBig ShareSales Coinbase

High stock price stocksale would involvevari- Theshares ended 2020 at Thestock offering could di- endedApril 3fromthe compa- Insiders ous factors. just below $19. lute the company’s shares by rable period ayear earlier, presents opportunity Though it has had the abil- Juiced by individual inves- up to 5%, Telsey Advisory when the coronavirus’semer- to raise funds needed ity to sell up to $100 million in tors’enthusiasm, GameStop Group retail analyst Joseph genceforcedstore closures. GetRoles stock sinceDecember, shares peaked at $483 in in- Feldman said. GameStop had roughly 13% for turnaround effort GameStop—unliketheater tradaytrading Jan. 28—only Having apile of cash would fewerstoresthis year com- chain AMC Entertainment to trade just below $39 about help the companyfind acquisi- pared with a year earlier. BY DAVE SEBASTIAN HoldingsInc.—had resisted three weeks later. tion targetsdownthe road, GameStopisworking to Guarding raising cash in that manner as On Monday, the shares fell Mr. Feldman said. transform itsdecades-old GameStop Corp.said it retail investorshelped fuel a 2.4% to $186.95after the com- Thecompanyhad $508.5 bricks-and-mortar businessto could raise hundreds of mil- remarkable runupinthe com- panydisclosed the offering million in cash and cash equiv- become moretechnology-cen- Investors lions of dollarsfromstock pany’sstock price. Investors and issued a sales update. alentsasofJan. 30,according tric. sales in the coming months,as communing on Reddit also Last month, GameStopsaid to its latest annual report. The companyadded Chewy the videogame retailer turns boosted AMC shares. it had been evaluating “They’reinanenviable Inc.co-founder Ryan Cohen to BY JEAN EAGLESHAM to public marketstohelp sup- GameStop’sstock traded whether to increase the sizeof market position rightnow itsboardbeforeGameStop’s port its turnaround plan. under $3 apieceinApril last its stock-selling plans. with regard to their share furious rally earlier this year Fred Ehrsam’s ties to Coin- Thecompanysaid Monday year as the pandemic AGameStoprepresentative price,” Mr. Feldman said. afterthe tech executiveurged base Global Inc.run deep: He that it would sell up to 3.5 prompted the temporary clo- declined to comment beyond TheGrapevine,Texas,com- the companytofocus on e- co-founded the multibillion- million shares,adding that sure of the company’s bricks- thenewsreleases the com- panysaid itssales grew commerce and reduceits store dollar bitcoin exchange, was thetiming and sizeofany and-mortar locations. pany issued. roughly 11% forthe nine weeks PleaseturntopageB5 its president until 2017, owns millions of its shares and was part-owner of acompanyit Natural gas cash prices at the Percentage change in output bought last year. Houstonship channel of natural gas from Permian Under Coinbase’s plan to tap processing plants sinceJan. 1 the public markets,however, the SanFrancisco-based com- $400 per million BTUs 20% panyclassifies Mr.Ehrsam as Feb. 17 an independent director,securi- ties filingsshow. Thesame goes $400 0 forFredWilson, another Coin- base director who owns asig- 300 nificant stakeofthe company. That independentlabel al- –20 lows Coinbase,the largest U.S.- based cryptocurrencyexchange, to assign Messrs. Ehrsam and 200 –40 Wilson to an investor-protec- tion role that is required forev- erypublic company. –60 Mr.Ehrsam and Mr.Wilson didn’t respond to requestsfor 100 comment. S Coinbase is restricted in

PRES –80 Feb. 16 what it cansay publicly ahead

UMA of itslisting,which is expected /Z -85% PleaseturntopageB11 0 UER –100 LA

Jan. 2021 Feb. LPH Jan. 2021 Feb. RA Source:Natural Gas Intelligence Some suits allege gas suppliers gouged utilities. The suppliers have in turned sued overunpaid bills. Source:Wood Mackenzie SoftBank, Texas-FreezeGas Bills PrecipitateLawsuits Robot Firm Reach Deal BY CHRISTOPHER M. MATTHEWS ers, including Exxon Mobil parts of the state. AND COLLIN EATON Corp., Koch Industries Inc., Electricity prices also sky- BY CARA LOMBARDO BP PLC and Vitol. rocketed, and Texas power AND MAUREEN FARRELL The massivenatural-gas Some of the lawsuitsallege sales in a single week topped bills incurred during the Texas that gas suppliers engaged in S $46 billion, morethan five SoftBank Group Corp. freeze have kicked off a spate pricegouging during the PRES times what the state spent in agreed to pay$2.8billion fora

of lawsuitsaround the country storm, overcharging utilities. TED all of 2020.That has led to 40% stakeinNorwegian ware- as companies argue over who Some supplierssuch as Cono- CIA enormous bills for many resi- house-automation company Au- SO

is responsible for the tab. coPhillips, in turn, aresuing AS dentialand industrial power toStore,marking another big At least 30 lawsuitsrelated utilities and othersoverun- S/ users, and triggeredacontinu- bet by the Japanese conglomer-

to natural-gas contractshave paid bills. NEW ing political debateinTexas ateonrobot-enabled technol- been filed in four states since Other lawsuitscenter on over whether at least some of ogy. the Februarystorm that whether companies should be the chargesshould be re- AutoStore is controlled by MORNING

knocked out power formillions absolved from their contrac- S versed. Thomas H. LeePartners LP,

of Texans and sent gasprices tual obligations to supply gas LLA Thelargest group of gas while another private-equity soaring to their highest levels during partsofFebruary, DA suitssofar wasfiled by CPS firm, Sweden’s EQT AB,holds a

in years. Billions of dollarsare when freezing temperatures /THE Energy, a San Antonio-owned minority stake. Thedeal values collectively on the line. shut down avast swath of utilitycompanythat alleged the companyat$7.7billion in- RRES

Thelawsuitshavelaid bare Texas’ energy infrastructure. TO morethan adozengas suppli- cluding debt, the companies

the enormous pressurethe fi- Legalanalystsexpect more BEN erswere“profiteering from said Monday. nancial fallout from the storm lawsuitstobefiled in the A woman in Dallas got an electricity bill from Griddy Energy for scarcity during a declared di- SoftBank Chief Executive has put on natural-gas suppli- weeks ahead. $3,114.27. Natural-gas prices rose nearly 17,000% in some places. saster.” Masayoshi Son has been plac- ers and customers, including Texas is the nation’slargest Some were charging ing big betsonartificial intelli- public utilities and others. gasproducer,but both produc- caused a surge in demand for and regional storagefacilities 15,000% more for natural gas genceand internet-connected Thebulk of the suitsare in tion and powergeneration power and heat. that feed power plants across than prestorm prices,which devices foryears, predicting in Texas courtsand involve from gas dropped by about a Freezing waterand black- the state. Amid the disrup- CPS likened to paying $7,000 2017that super smart robots some of the world’slargest thirdduring the unusually outswreaked havoconevery- tions, natural-gas prices shot to refuel acar,according to would outnumber humans energy companies and trad- strong winter storm, which thing from wells to pipelines up nearly 17,000% in some PleaseturntopageB2 PleaseturntopageB5 INSIDE GymOwnersFight To GetAssistance JOURNAL BY JULIE BYKOWICZ added coststooperatere-

motely and safely even as the REET Brooklyn fitness-studio U.S. slowly resumes pre-pan- ST owner Katie Muehlenkamp’s demic life. Thefederal Pay- LL WA duties expanded during the check Protection Program pro- THE

pandemic to include tech sup- vided aid forsmall business, R FO

port forher online classes, but largely to coversalaries. S BUSINESSNEWS scouting for outdoor workout Gym ownerssay most of their TT LG Electronicsexits locations and extrascrub- expenses arefor facility leases WA

smartphone market downsofballet barres and and insurance. Gyms also ANNA yoga mats. didn’t receive special funding Katie Muehlenkamp, right, owner of The Bar Method Brooklyn, a fitness studio in New York. afteryears of Therewas also anew job streams likeones Congressal- struggling. B3 she didn’t expect, where suc- located to restaurantsand en- thereisstill some momentum lion in aid to the struggling in- TheBar Method Brooklyn. cess has been elusive—that of tertainment venues. in Congressfor helping small- dustry. “The restaurant industry and a de facto lobbyist. Ms.Muehlenkamp and businessowners. About 75 Re- “The pandemic forbusi- some industries as impacted Gyms and exercise facilities other gymownersare now publicans and Democratshave nesses likemine is not even as us have gotten morepublic have been walloped by long waging what they see as a co-sponsored House legisla- close to being over yet,” said attention, which is great for closures,capacity limitsand make-or-break campaign while tion to provide up to $30 bil- Ms. Muehlenkamp, who owns PleaseturntopageB2 Indeed Chief Navigates a Changed Market for Hiring

BY KATHRYN DILL tryveteran, witnessed up- world’slargest—postings racedtoadjust to the new That timing will be espe- close the job market’smassive plunged nearly 40% last jobs landscape.The company cially importantasCovid-19- Some five million jobs are shake-up over the past year: spring.They have been re- recently introduced avirtual ravagedindustries restart hir- COMMODITIES posted on internet job-search Millions of people were laid bounding ever since. TheLa- platform that manages the ing and need qualified people Tradersare worried platform Indeed Inc.right offorfurloughed, companies borDepartment said Friday nuts and boltsofhiring for fast, he says. thatrising coronavirus now. Itsleader,Chris Hyams, providing digital and essential that U.S. employers added a employers—from posting an “We’reobviously always says he wantstomakeitsim- services went on hiring seasonally adjusted 916,000 openingtosetting up video happy to see when people are caseswill slow pler to getone. sprees,and job interviews jobs in March, the best gain interviews.Mr. Hyams says getting jobs,” said Mr.Hyams, demand foroil. B11 Indeed’schief executive, a went virtual. sinceAugust. the aim is to shorten the time who spokewith TheWall 53-year-old technology-indus- On Indeed’sjob site—the Under Mr.Hyams,Indeed it takestofill ajob. PleaseturntopageB5 P2JW096000-4-B00200-1------XA

B2 | Tuesday, April 6, 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 GlobalLogic...... B4 R Alden Global Capital...B5 Goldman Sachs...... B12 Round Hill Music Alibaba...... B1 H Royalty Fund...... B12 Alphabet...... A1,B3 Hipgnosis Songs Fund S AMC Entertainment...B1 ...... B12 Samsung Electronics..B3 Apple...... B3 Hitachi...... B4 Sempra Energy...... B5 Archegos Capital Huawei Technologies..B3 Serena Ventures...... B12 Management...... B12 I SoftBank...... B1 AutoStore...... B1 Indeed...... B1 Southwest Airlines..B11 B Inscripta...... B4 Spire Missouri...... B2 Baker Hughes...... B5 J T C Jaws Spitfire Tencent...... A1,A8 Carnival...... B11 Acquisition...... B12 Tesla...... B2 CBDC Tracker...... A8 K Texas Instruments.....B1 ChargePoint...... B2 KKR...... B5 Thomas H. Lee Partners Chart Industries...... B5 L ...... B1 Chewy...... B1 Tribune Publishing...... B5 Coca-Cola...... A4 LG Electronics...... B3 U

Coinbase Global...... B1 M S Union Square Ventures

Coupang...... B1 Marriott InternationalB3 PRES Credit Suisse...... B12 ...... B11 Morgan Stanley...... B12 TED

United Airlines...... B11 CIA CVS Health...... B5 N Universal Music Group SO D Nomura...... B12 AS ...... B12

Delta Air Lines....A4,B11 Norwegian Cruise Line HUH/

V Y.

E - G ...... B3,B11 M

Vitol...... B1 NA EQT...... B1 O - P Vivo Electronics...... B3 Electric-vehicle investment in the U.S. lags behind that of China and Europe. An EVgo charging station in Northbrook, Ill. EVgo Services...... B2 Oppo Electronics...... B3 GameStop...... B1,B11 Oracle...... A1 X General Motors...... B2 Plug Power...... B5 Xiaomi...... B3 Plan to AddCharging Stations INDEX TO PEOPLE ForE-VehiclesFaces Challenges B Hyams, Chris...... B1 Oberg, Leeny...... B3 Bainum, Stewart...... B5 K Oh, Woody...... B3 Olsen, Hans...... B11 BY TIMOTHY PUKO that promotes clean energy. Biden plan, said analystsat anxiety,then youhaveavirtu- Bong-seok, Kwon...... B3 Kandiah, Gajen...... B4 R Thebuild-out of stations so Evercore ISI, an advisoryfirm. ous cycle in which EVsbecome C Kang, Tom...... B3 WASHINGTON—President far has often been hamstrung Tesla Inc.and General Mo- ubiquitous around the U.S.,” Kassam, Altaf...... B11 Redha, Hani...... B11 Cohen, Ryan...... B1 Biden’sambitious plan to fund by utilities, new competitors, tors Co. stand out as two po- Evercore ISI’sJames West Kim, Jeff...... B3 Rio, Frank Del...... B3 D anetwork of electric-vehicle consumer advocates and oil tential winners, they added. said. TheBiden plan is “a step Klein, April...... B11 S charging stations could be a companies all fighting in front Both would benefit from a in the right direction,” he said. Durkin, Helen...... B2 M Samant, Shashank...... B4 shot in the arm forthe EV in- of stateregulators—or dither- proposal to raise a cap on tax Mr.Biden included the new E Merchant, Satyan...... A6 Son, Masayoshi...... B1 dustry, but it leavesamyriad of ing over investment costs. breaks available to EV buyers, EV stations as one of several legal, technical and budgetary Building charging infra- which the pair had already initiatives in the infrastructure Ehrsam, Fred...... B1 Muehlenkamp, Katie..B1 W problems still to be addressed. structureis“really slowand maxed out. proposal designed to address F - H N - O Wilson, Fred...... B1 TheWhiteHouse is calling really expensive. We need a Other big winnerslikely in- climate change by supporting Feldman, Joseph...... B1 Neal, Terry...... B11 Wyss, Hansjorg...... B5 for500,000 newEVcharging whole lot more support,” Mr. clude the businesses that in- cleaner energy. stations—fivetimes the sizeof Nelder said. “It’sgoing to take stall and operatecharging sta- Transportation—heavily de- the national network now—as money,it’sgoing to take au- tions,such as ChargePoint pendent on oil forburning people have sent Congress part of a$174billion plan to thority,it’sgoing to take lead- and EVgo Services LLC. gasoline—is nowthe country’s Gyms Fight asking forhelp.What’sturning boost the EV industry in Mr.Bi- ership andthe federal govern- “Wehaveelectricity every- leading source of greenhouse- the tide is those voices.” den’s broad $2.3trillion infra- ment to step in.” gasemissions.Sothe adminis- In December,the trade structureproposal. While EV investment in the tration prioritized a push to- ForRelief group ditched two of itsthree Thestations areseen as key U.S. privatesector is on the ward electric cars,which are lobbyistsand instead enlisted to addressing the rangeanxiety rise,some analystssay,it morelikely to getenergy from its own membership from its many consumerscitewhen rul- pales in comparison to the in- 500 nuclear,wind or other sources Funding network of 50,000 clubs to ing out an EV purchase,out of dustry’s growth in China and of lower-emissions power. lobby their congressional rep- fear they maybestranded too European countries,where Thousands of new EV Last year battery-powered resentatives for relief. far away from acharging op- governmentshave spurred de- charging stations sought vehicles made up fewerthan ContinuedfrompageB1 By then, smaller fitness-fa- portunity. velopment with big subsidies 2% of U.S. autosales,and con- them. We have gotten less.” cility owners had grown frus- Whether Congressapproves and friendly regulations. sumershaven’t been shopping Squeezing support out of trated, thinking lawmakers the money is the immediate Advocatesand financial an- forelectric cars while gasoline the federal government is old were unfairly lumping them in question, especially given stiff alystssaid the U.S. needs a where. Let’sjust makesureev- prices were relatively low. hat to some industries.Air- with big-box gyms like Planet Republicanopposition. But be- similar plan to catch up. eryone feels comfortable they Consumersused to quick lines and restaurantsare Fitnessand assuming they yond that, an even biggerissue “Biden’splan could help su- can charge everywhere,” said fill-ups arealso scared off by a among those that have well- could all just weather the could be what rules it might set percharge” the market, said Cathy Zoi, chief executiveof shortage of fast charging sta- established political ties storm. About 15,000 of those forthat spending and foraccel- Anastasia Amoroso,astrate- EVgo Services,which operates tionsorbroken, occupied or thanks to trade groups and de- businesses—manyofthem af- erating the network build-out. gist at the private-banking morethan 800 charging sta- confusing-to-pay systems. cades or more of Washington filiated with brands likeOr- Theindustrymay need fed- arm of JPMorganChase &Co. tions in 34 states. Administration officials glad-handing. angeTheory, Pure Barre and eral intervention on permitting “The plan putsthe right and EVgo last year announced a have further said they want to But the fitnessindustryand CrossFit—formedtheir own and cost-sharing rules forEV similar incentives in placethat partnership with General Mo- competewith China, which manyothers—from bowling advocacy group, the Commu- charging stations to clear regu- have helped driveEVadoption tors,a$90 million investment has become a world leader in centers to small concert ven- nity Gyms Coalition, to supple- latorybottlenecks at stateand in Europe and China.” to triple its charging network the EV business through gov- uestotimber loggers—have ment IHRSA’s efforts. local levels,said Chris Nelder, Utilities and the autosec- over five years. Their venture ernment investment. been learning on the flyhow BrettEwer, the lobbyist for whostudies EV-grid integra- tor, both reliant on the EV aims to produce2,750 new Washington works. CrossFit, started working the tion at RMI, an energy and en- market as asource of newde- chargers by 2025.  Heard on the Street: A head Businessownerswho aren’t phones andsetting up Zoom vironment policyorganization mand, stand to gain from the “If we can get rid of range scratcher in grid plan...... B12 used to comparing notes with meetingsbetween ownersand competitorsare scrambling to their local congressional of- forgealliances.They arereori- fices. In Ohio,Mr. Ewer alongside othersinthe market. In anotherlawsuit, Exxon fied it of itsown, separate enting from local politics, thought of Dale King,agarru- Gas Bills “Nowthe bills have come subsidiary XTOEnergy Inc. forcemajeureonTexas gas wherethey areused to weigh- lous militaryveteran who had due and CPS,asitseems to said Macquarie Energy LLC re- supplies due to the storm. ing in on rules and regula- abrief star turn on Shark have intended from the start, fused to accept itsnoticeof Exxon and Macquarie declined tions,tofederal, wherethey Tank in 2017for his line of Precipitate wants to leave others holding forcemajeure, and Macquarie to comment. think they have the best natural ointments. (He walked the bag and shift the political maintained it was owed $11.7 —Andrew Scurria chanceofsecuring coronavirus away with a deal.) and regulatoryfallout away million to cover damages. and Alexander Gladstone relief.They arehiring pricey “Gym ownersare notori- Lawsuits from itself,” the Energy Trans- XTOsaid Macquarie noti- contributed to this article. lobbyistsand experimenting ously self-sufficient and wary fer units said in court papers. with grass-roots activism. of assistance, but this time it’s Chevron said it properly in- The fitness industry estab- much needed,” said Mr. King, ContinuedfrompageB1 voiced CPS.Occidental de- lished atrade group,the Inter- whose CrossFit studio in one of the lawsuits. clined to comment and Vitol national Health, Racquet and Portsmouth, Ohio,works with CPS alleged the charges, didn’t respond to requestsfor Sportsclub Association, 40 recovering addicts. from vendorsincluding affili- comment. years ago. But fitness centers In Februaryhemet over ates of Chevron Corp., Vitol Gas suppliershavealso haven’t needed much out of Zoom with staff members for and Occidental Petroleum been hit with lawsuitsfor fail- Washington, so they tended to Sens.Sherrod Brown(D.,Ohio) Corp., amounted to price ing to deliver fuel during the focus moreonthe stateand and Rob Portman (R., Ohio). gouging in violation of Texas storm. local politicians who typically Ms.Muehlenkamp also has law. The utility Spire Missouri have a more direct impact on met virtually with aHouse Of the roughly $670million Inc. has filed lawsuits against their businesses. member and plans to show CPS spent on natural gasdur- threegas marketers, seeking “The club industry is not a Rep.Carolyn Maloney (D., N.Y.) ing the weather event, the $135 millionindamages for real political industry,” said around her barrestudio this utility is disputing roughly what it alleges were breaches Helen Durkin, executivevice month. $527 million, aCPS spokes- of contract forhaving failed to president of public policy for Reps. MikeQuigley (D., Ill.) woman said. Thebills in dis- provide gasamid the cold the gymtrade group.Still, andBrian Fitzpatrick(R.,Pa.) puteinclude almost $257 mil- snap. when thepandemic hit, it introduced the$30 billion aid lion it waschargedbytwo Anothergroup of lawsuits quickly became clear that fed- package in February. affiliates of pipeline operator relates to declarations of eral aid could be the key to But supporters of the plan, Energy Transfer LP.Inasepa- “forcemajeure,” in which com- survival. including Mr.Quigley,worryit rate suit, ConocoPhillips al- panies citeaclause that ab- “Atfirst we thought, canwe is atough sell sincethe fed- leged latelast month that CPS solves them from contractual spend enough money on lob- eral government has already still owesit$19.6 million for commitmentstosupply gas byiststohelp us?” Ms.Durkin invested trillions of dollars in gasafter short-paying in- due to unforeseen events. Doz- said. “But really what seems relief and thereisaperception voices. ens of companies made such to be making adifferenceis that the countryismoving “What we believeisthat declarations after the freeze. the 20,000 or so emails our from crisis to recovery. this wasahugetransfer of Ahandful of suppliersto wealth at one of Texas’ worst Koch Industries invokedforce pointsinour history,” CPS majeurefollowing the storm Chief Executive Officer Paula but sayinseparatelawsuits Gold-Williams said in an inter- that the conglomeratehas re- view. When anaturaldisaster jected those declarations.The strikes,she said, “the result supplierssay Koch, in some can’t be that prices become cases,isrefusing to payfor unconscionable.” the gas they did provide, and In a response filed in court has argued that it is owed last week,Energy Transfer damages. said CPS had sued gas suppli- In five separatesuits, Mara- ersinanattempt to “divert at- thon Oil Corp., ARM Energy JOURNAL tention from itsown poor risk Management and marketing

REET management and failureto arms of EnLink Midstream, ST preparefor high natural-gas TargaResourcesand Chesa- LL demand in aseverewinter peakeEnergy Corp.haveasked WA storm.” Texas courtstocertifytheir THE

R It said CPS had exposed it- force majeure claims. FO

S self to the risk of volatile Koch, Chesapeake, Mara- TT prices by choosing to buy nat- thon, EnLink,and ARM Energy WA ural gasondaily floating Management declined to com-

ANNA prices and had bid up prices ment. Targadidn’t respond to Katie Muehlenkamp’s fitness studio operates at reduced capacity. for the supplies it needed requests for comment. P2JW096000-0-B00300-1------XA

THE WALL STREET JOURNAL. Tuesday, April 6, 2021 | B3 BUSINESS NEWS LG Calls It QuitsonSmartphones

The company’s overall ketresearcher Strategy Ana- lytics. It was strongest in the phone business has U.S.,its home market of South been in the red for 23 Koreaand Brazil. Thecom- pany’sfailures didn’t result

S straight quarters from alack of flash. LG has

NEW won various industry innova- G LG Electronics Inc.will exit tion awardsoverthe years itsunprofitable smartphone touting itsexperimental phone

OOMBER business after years of strug- designs and features. /BL gling to competewith industry ItsG8ThinQ devicefrom leaders Apple Inc.and Sam- 2019 boasted “Hand ID” tech-

HARRER sung Electronics Co., as well nology,whereafront-facing cameracould unlock the

ANDREW By Kwanwoo Jun phone by reading the lines and Finance chief Leeny Oberg in Singapore contoursofauser’s palm. The and Timothy W. upper displayofLG’sdual- Martin in Seoul screen Wing handset, released Marriott last year, could swivel 90 de- as fast-growing Chinese rivals. grees, forming a T-shape that It wasn’t an unexpected S made multitasking easier.It

move, following yearsofspec- NEW oncereleased acustomizable, To Stay G ulation about apullback and modular-design phone that let afterChief ExecutiveKwon usersswapinexternalbatter- Focused Bong-seok declared in January OOMBER ies within seconds. that all options were under Butthose flagship devices consideration regarding the failed to win abroad audience.

On Costs mobile division’s fate. WERMUTH/BL Just one of every10LG

TheSeoul-based firm, fol- AN phones were priced at $300 or EF

BY NINA TRENTMANN lowing aunanimous board ST more, meaning the company’s vote Monday, said it would Its G8 ThinQ smartphone can be unlocked by reading the lines and contours of a user’s palm. sales were overwhelmingly ca- MarriottInternational halt mobile phone production tering to buyersnot looking Inc.’sfinancechief plans to and sales by July 31. LG had cast record first-quarter for online-only campaigns. though ended the daydown for all the bells and whistles, hold the purse stringstight as oncebeen the world’sthird- operating profitsinadisclo- That hasleftLGinapre- 2.5%. said Woody Oh, aSeoul-based the hotel operator looks to largest phone maker by ship- suredue later this week,ac- carious position, given that its Themobile businessrepre- analyst at Strategy Analytics. Covid-19 vaccines to help its mentsand remains the biggest cording to industry analysts. other lines of businessinflat- sented about 8% of LG’s total With LG on the way out, ri- businessrecover from the U.S. vendor afterApple and LG,which firstbroke into screen televisions,kitchen ap- annual revenue last year. In a vals offering lower-priced harsh declines caused by the Samsung. mobile-phones businessin pliances and other gadgetry regulatoryfiling,LGsaid the phones in the U.S., South Ko- coronavirus pandemic. But LG’soverall phone busi- 1995,has found itself caught compete with the top players movewould hurt itsrevenue reaand Brazil, including Sam- “We are always looking for ness has withered in the past in the middle of a bifurcating forthe deepest-pocketed buy- in subsequent months,though sung, Alphabet Inc.’sGoogle waystosavemoney,” said six years or so. It has been in smartphone industry transi- ers, said TomKang, aSeoul- would ultimately help it im- Pixeland Chinese upstarts, LeenyOberg, the company’s thered for23straight quar- tioning to next-generation 5G based research director at prove its business and finan- could scoop up extramarket chief financial officer, adding ters,with the accumulated technology. Counterpoint Research, amar- cial health. Dropping the share, Mr. Oh added. that Marriott wants to spend losses exceeding $4.4 billion. On the high end, Apple and ketresearcher.About 90% of phone businesscould improve Chinese smartphone its funds efficiently. Themoveallows LG to give Samsung canfetch $1,000 or LG’sphones were being de- annual profit by up to 800 bil- brands—including Huawei TheBethesda, Md., com- priority to futuregrowthdriv- morefor their newest gadgets signed and engineered exter- lion SouthKorean won(equiv- Technologies Co., Xiaomi, pany has a portfolio of about ers,such as electric-vehicle by relying on powerful brands. nally,headded. “The big alent to about $708 million) in Vivo Electronics Corp.and 7,640 properties around the componentsand robotics,and On the lowerend, firms selling bosses start to think,‘Whyare the coming years, said Jeff Oppo Electronics Corp.—ac- world, with a large chunk run focus on ahome-appliances handsetsfor just several hun- we in this businessifall we Kim, deputy head of research counted forarecord57% com- by franchisees.Marriottlast business that boomed during dred dollarshaveekedout aredoing is putting our brand at Seoul-based KB Securities. bined market sharein2020, year slashed expenses as pan- the pandemic,the company profitsbyoutsourcing the en- on it?’ ” Mr. Kang said. LG represented just 2.2% of according to Strategy Analyt- demic-related travel restric- said.The South Korean elec- gineering and design work to LG Electronics’ shares rose the smartphone market in ics.Two decades ago, Chinese tions caused awidespread fall tronics giant, despite the mo- contract firms,while ditching after the smartphone-exit an- 2020, and was the ninth-larg- phone makers hadn’t cracked in bookings. Thecompany bile losses,isexpected to fore- pricier advertising channels nouncement Mondaymorning, est vendor, according to mar- 1% of global sales. ended 2020 with an annual net lossof$267 million,com- pared with net income of $1.27 billion the year before. “Weimmediately went intoa cost-cutting mode,” Ms.Oberg said, adding that this included savingsatboth the corporate and franchise levels.Marriott reported operating costsand expenses of $10.49billion for 2020,down45% from 2019,in part because of layoffs,fur- loughprograms and reduced work hours. It had 121,000 em-

ployees at the end of last year, S compared with 174,000 the year PRES before. This excludes workers

employedbyfranchisees and ZUMA certain other employees. has acquired Thequestion facing the A/EFE/

companyand itsfinancechief VIER

is howmanyofthese costswill GIO

come back as the economyre- GIOR covers and morepeople get The company is requiring passengers and crew to be vaccinated at least two weeks before sailing. vaccinated, analystssaid. “Time will tell howmuch of the reduction is sustainable,” said Norwegian Seeks Approval RichHightower, amanaging di- rector at the research arm of advisory firm Evercore Inc. Even though travel book- To Resume Sailings July 4 ings are rising, they aren’t at pre-pandemic levels,and there areconcerns whether corpo- BY DAVE SEBASTIAN duct mock sailings and apply planning materials for cruise rate travel—previouslyanim- foracertificateatleast 60 lines’ agreementswith local portant revenue and profit Norwegian Cruise Line days beforeoffering passenger authorities and establishing a generator forMarriott—will Holdings Ltd. asked federal cruises. plan forcrewand port person- return fully as companies have health authorities to let it sail Despite the CDC’s determi- nel’svaccinations.The update gotten used to working re- from U.S. portsstarting July 4, nation that travel is alow-risk didn’t specifywhen operators SAVE motely and virtual meetings. saying itsvaccination require- activity forpeople who have can resume sailing out of the ment forpassengersand crew been vaccinated, officials still U.S. $ is asufficient precaution adviseagainst it as Covid-19 Trade group Cruise Lines 100 against Covid-19. cases rise in the U.S. TheCDC International Association on Thecruise operator said still recommends against Monday slammed the CDC’s 45% Mondaythat itsCovid-19 vac- travel on cruise ships because update, calling the additional cination policymatches the of the “veryhigh” risk of instructions “burdensome” Reg. $29999 | SALE $199 99 Decline in operating costs and Centersfor Disease Control Covid-19 on such vessels. and “largely unworkable.” expenses in 2020 from 2019 and Prevention’s guidancethat TheCDC maintains that it It reiterated itscall last travel poses lowrisks forfully will followthe phased ap- month for the CDC to lift the vaccinated individuals.Norwe- proach outlined in itscondi- conditional-sailing order and gian and other major cruise tional-sailing order, a spokes- allowU.S.sailingstorestart in Changes to operations lines haven’t sailed in the U.S. man said in astatement. July. could generateadditional sav- sincecoronavirus outbreaks “Cruising safely and responsi- “With no clear path for- ings, Ms.Obergsaid, pointing on ships brought voyages to a bly during a global pandemic ward or time frame forre- to anew labor-management halt last year. is difficult,” the statement sumption in the U.S.,more system used in some of the Thecompanyisrequiring said. sailingsoriginating in the Ca- hotels Marriottmanages itself passengersand crew to be TheCDC on Friday issued ribbean and elsewhereare in the U.S. Thesystemhelps to vaccinated at least two weeks its latest update to the condi- likely to be announced, effec- betterpredict staffing levels beforeembarking on the ship. tional-sailing framework by tively shutting American depending on the level of Norwegian said the vaccina- providing operatorswith tech- ports, closing thousands of Can’tHear bookingsand will be rolled out tion requirement eliminates nical instructions on increas- American small businesses, further in the coming months. the need for the CDC’s condi- ing reporting frequencyof and pushing an entireindustry Voices On TV? Marriottisevaluating tional-sailing order, which re- Covid-19 cases and illnesses offshore,” the trade group whether to expand it interna- quires cruise operatorstocon- from weekly to daily,creating said. New AccuVoice® AV157 Speaker uses tionally to marketssuch as patented hearing aid technology to create Canada or Europe,aswell as 12 levels of dialogue clarity. to itsfranchise hotels,accord- Plans to Create the sizeofthe fleet departing gen testsbeforeboarding and ing to aspokeswoman. “The from U.S. ports, Mr.Del Rio said disembarkation, upgrading air-fil- Flat-screen TVs use tiny speakers with tinny sound. So many people full intention is to bring back ‘Bubbles’ On Board in alettertoCDC Director Ro- tration systems and providing have to use closed-captioning to watch amovie or sporting event. as many people as possible,” chelle Walensky. contactlessfood serviceonthe Our patented hearing aid technology lifts voices out of the soundtrack Ms. Oberg said. Norwegian shares rose ship. Norwegian has said it ex- and clarifies them. The result is remarkable. The AV157 has 12 levels of voice boost –incase you need extra clarity.Only 17" wide, it fits Analysts said the company Norwegian aims to create a about 7% Monday afternoon. pects to spend $300 million on just about anywhere. Hookup is simple –one connecting cord. could take a closer look at its “bubblelike” environmentfor its Shares of its competitors, Car- health-and-safetyinvestments, brand standards, for example passengers and crew through nival Corp. and Royal Caribbean, as well as other collateralobliga- the frequencyofcleaning mandatory vaccinations and by also rose. Royal Caribbean is tions. “It’sLike AHearing Aid YouPlug Your TV Into.” Techhive when guestsstayfor several implementing measures laid out also requiring passengers and Other countries, including nights, to bring down costs. by an expert panel the company crew to be fully vaccinated for Singapore, Italy and the U.K., Ms.Obergsaid the com- had hired, Chief ExecutiveFrank its coming sailings in Israel and have authorized cruises or set a panyiswatchingbookings Del Rio said. the Caribbean in the coming clear target date forthem to set daily and frequently updating If allowedtosail starting July months. sail. Great Sound. Made Simple. its forecasts. “U.S. occupancy 4, the companyplans to resume Other measures the company Almost 400,000 passengers 866-367-9869 levels arerising with vaccina- voyages at 60% capacityand has pledged forits sailings in- have sailed sincesome countries 60-Day Home Trial |FreeShipping tion rates,” she said. “Wehave would increase it by 20% every clude administering and paying began to allowcruises again in ®ZVOX &AccuVoice areregistered trademarks of ZVOX Audio. seen the paceofbookings 30 days and gradually increase forall passengers’ Covid-19 anti- July,according to CLIA. ORDER THE AV157 AT ZVOX.COM steadily increase.” P2JW096000-0-B00400-1------XA

B4 | Tuesday, April 6, 2021 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech Hitachi Deal Makes Bet on Data Startup RaisesCash Purchase of digital firm GlobalLogic seen ForGenome by manufacturer as efficiency, sales boost System

BY DAVID UBERTI BY BRIAN GORMLEY

Hitachi Ltd.’s $9.6 billion Startup Inscripta Inc.raised purchase of digital-engineer- $150 million in newventure ing firm GlobalLogic Inc. capital to roll out agenome-ed- amounts to a big bet that en- iting instrument that could help terprise software will unleash researchersinhealthcareand the powerofbig dataon other industries biologically en- heavy industry. gineer newproducts. The Japanese manufactur- NewinvestorsFidelity Man- ing giant follows astring of agement and Research Co.and other old-guardhardware T. Rowe PriceAssociates Inc.led businesses that are investing the Series Eround of financing. in fast-growing enterprise- Scientistsuse newgene-edit- software development, ana- ing techniques to makeprecise lystssay.Best known years changesinthe genetic code of agofor TV sets, video record- organisms to study howgenes ersand batteries,Hitachi is function, and to genetically pro- diving headfirst intothis area gram cells or microbes to pro- as coronavirus restrictions ducespecific proteins,enzymes have all but shoved industries and other molecules. S intodigitizing their busi- Researchersare genetically NEW

nesses—faster. G engineering microbes to makea That’swhereHitachi hopes variety of products. Scientists to employGlobalLogic’sengi- areengineering yeast to pro- OOMBER neering know-howinmanu- duce sweeteners, industrial E/BL

facturing, energy and other RU chemicals and componentsof

sectorstoexpand further out- TIM medications,said SriKosaraju, side Japan, said Gajen Kan- The Tokyo conglomerate is looking to expand overseas, and sees its new unit as key to that effort. A Hitachi Rail project in Hawaii. chief executiveofBoulder,Colo.- diah, chief executiveofHi- based Inscripta. tachi Vantara, the firm’s ment, in the hopes of vacuum- ate’sexisting software and services.” services unit last year as part Today, Crispr-based genome digital infrastructureseg- ing up dataand improving ef- services business, Lumada, Tech suppliershavetaken of abroader push toward editing is a manual, labor-in- ment. ficiency. Thetwo companies derives about 70%ofits reve- note of that demand. Hitachi, cloud-computing. tensive process, Mr. Kosaraju “Unfortunately,you only also overlap in industrial sec- nue from Japan. At Global- which sold itspower-tools “Hardware is a low-margin said. It frequently requires hear aboutasmall group of tors like auto manufacturing, Logic,morethan half the unit in 2017,joins agrowing business,” said RayWang, large numbersof96-well companies that aremaximiz- he said, as Hitachi automates firm’sclientsare in the U.S. list of companies that have di- founder of advisoryfirm Con- plates,along with gene-editing ing data,” he said. “You don’t plantmachineryand Global- and around one-thirdinEu- vested themselves of some old stellation Research Inc.“It’s reagents, to make changes to hear about the 99% that Logic helps digitize cars. rope,Mr. Samant said. product lines or gone on buy- highly capital-intensiveand the genetic code.Inscripta’s isn’t.” “Ifyou bring two compa- Thepricetag forGlobal- the growth just isn’t there.” system includes an instrument Digital services and the nies together,now you’recar- Logic is large, analysts noted, Software development, on that sitsonalab bench and dataanalytics that power rying that entire ecosystem,” but comes at a time when en- Old­guard hardware the other hand, is an entry automates genome editing. them have been acompetitive Mr.Samant said. His firm’s terprise software is in particu- point to an array of markets, Scientistsload microbes to be advantagefor manycompanies websitefeatures projectsin- larly high demand. firms are investing ranging from autonomous ve- edited and gene-editing re- during the pandemic,with cludinganartificial-intelli- Thepandemic has forced in fast­growing hicles to mobile devices,he agents into the machine, and global supply chains upended gence-powered battery meter chiefinformation officersto said. editsare made over the next and employees and customers fordefibrillators; aplatform help run companies remotely enterprise software. “You writethe software two to four days, he said. interacting virtually. to help awarehouse robotics- and rethink their relationships once, and then distributeit In addition to the instru- GlobalLogic employs more developer test itssystems,and with customers, said Tim over the internet,” Mr.Wang ment, Inscripta’ssystemin- than 20,000 people in India, amobile app that allows atool Crawford,CIO strategic ad- added. cludes reagentsand software Europe and the U.S. to help manufacturer to track and an- viser at AVOA LLC, a consult- ing sprees in high-growth sec- In this sense,Mr. Kandiah used to makethe genome edits companies on such digital alyze itsinternet-connected ing firm. Theright technology tors to diversify. said, GlobalLogic will help pull and to analyze the results. projects. products. can help drive those changes, In 2018,the chip maker 110-year-old Hitachi intoanew Inscriptaformed in 2015 and Shashank Samant, the San At the deal’sannounce- and software generally canbe Broadcom Inc. bought enter- era. introduced itstechnologyin Jose,Calif., firm’schief execu- ment on Wednesday, Hitachi moretailored to businesses’ prisesoftware companyCA “Wewerelooking fora 2019.Now,itisready to market tive, commands a small army ChiefExecutiveToshiaki Hi- needs, he said. Technologies for$18.9 billion. while,” he said of the com- it morewidely and said Gene- of developerswho will lay gashiharaalso framed it as “The value is not in the International BusinessMa- pany’shunt forthe right ac- Mill, asynthetic-biologyfoundry software on Hitachi products, part of an international push. hardware,” Mr.Crawford chines Corp.spun off itsmas- quisition. “Kissmanyfrogs,as at theUniversity of Liverpool, is like railroad or factory equip- TheTokyo-based conglomer- said. “It’s in the software and siveinformation-technology they say.” acommercial customer.

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THE WALL STREET JOURNAL. ** Tuesday, April 6, 2021 | B5 BUSINESS NEWS

ties.This has happened in Indeed Sees everygeneration. Obviously nothing likeCovid, but big recessions always cause JobMarket people to be moreopen- minded and look at what- ever you’redoing is an op- Changes portunity to develop new skills.

ContinuedfrompageB1 WSJ: Your LinkedIn profile has Street Journal recently from an amazing entry: “Musician his Austin, Texas,home. 1991 -1993. Tried to become a “But we’restill rock star.Failed. Would do it BOSS TALK along way all overagain.” from wherewe Mr.Hyams: Letmefirst just want to getto”in terms of be very clear,myLinkedIn full employment. profile is not theretohelp

Edited excerptsofthat JOURNAL attractemployers!I’m not conversation: looking forajob. REET

ST When Igraduated college

WSJ: Vaccines, economic fore- LL in 1989,Itaught public high

casts—thereseem to be more WA school special education,

reasons forjob seekers to feel THE and Iplayedmusic.Then in R

optimistic rightnow.How does FO 1993,right beforethe World

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form? KA ended up studying computer Mr.Hyams: Thereare actu- scienceand just fell in love INHEA

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on Indeed right nowthan MAR therewereright beforethe Indeed CEO Chris Hyams says, ‘I’m always drawn to people who have funny things on their résumé, because that’s my experience.’ WSJ: Sounds likeacareer les- pandemic.The big challenge son in theresomewhere, no? is that it’stough to find shareofemployerrequests of workersinthe U.S. work roles will be available as you, it would be ruined. Mr.Hyams: It would be irre- them. forinterviews over video. in afield whereremote fully remote. sponsible formetotell peo- And forsomanypeople, We launched our ownvideo work is an option. But for WSJ: Howshould lastyear’s ple,“Quit your job and try thereare entiresectorsthat interviewfeature, and we’ve the ones whereitisanop- WSJ: Whatdoyou look for graduatesand the Classof to become arock star.” But I areshut down, so people just seen that grow over tion, averylarge number of when youhireatIndeed? 2021 be approaching the job think it’sreally important arehaving to turn to new time.This is achangewe employers have takenjobs Mr.Hyams: TheDNA of the search? foremployers not to get opportunities.That’sreally think is going to be really that were not fully remote businessisthis mission, Mr.Hyams: That’sclose to stuck in this belief that whereour focus has been. significant. Finding time to beforeand made them that that we help people get home.Myeldest daughter is someone who has acareer Howcan we makethat sim- sneak out to interviewfor a way. jobs.When I’m hiring,the 25,myyoungest daughter path that has gone in differ- pler and faster forpeople to job is always ahugebarrier passion around that mission graduated in December of ent directions is someone getajob? that canbealmost entirely WSJ: And at Indeed? is areally important piece. 2019. who is unreliable or not eliminated with avideo in- Mr.Hyams: Indeed is one of Youhaveawhole lot lessof Thereisclearly no one committed. I’m always WSJ: Howhas the job-search terview. them. We didn’t have a re- the “That’snot my job” or answer. Iended up in afield drawntopeople who have processchanged in the pan- moteworkforce before. For “That’snot my problem.” completely different from funnythingsontheir ré- demic? WSJ: Areyou seeing an in- the last year,we’vehad whereIthought Iwas going sumé,because that’smyex- Mr.Hyams: Last March and crease in employers posting 10,000 people working from WSJ: Do youhave afavorite to be,and trying newthings perience. I’m sitting in my April, we sawanincrease of remote jobs? home and as we movefor- interviewquestion? helped to open my eyes to a office, my drum set is right morethan 1,000% in the Mr.Hyams: Fewerthan half ward,about 70%ofour Mr.Hyams: Ido. But if Itold lot of different opportuni- next to me.Istill gettoplay.

Thecompanyhas been holiday-shopping season, turned to the public markets GameStop shuffling itsmanagement sales fell slightly from a year to keep afloat during the ranks and is in the process of earlier as coronavirus-related Covid-19 pandemic. retooling itsboard, as the ma- closingsweighed on itsopera- AMC raised enough cash to Readies to jority of directorshavein- tions. take the prospect of an immi- formed the companythat they Thecompany, however, has nent bankruptcy filing off the plan to step down from the sincepointed to improving table, and its stock became a GES Sell Shares panel later this year. sales trends.Chief Executive darling of the retail-investing IMA Earlier this month, the George Sherman has said community.AMC’sstock price companysaid Chris Homeis- GameStopwill benefit from has more than quadrupled so GETTY

S/ ContinuedfrompageB1 ter, themerchandising chief, initiatives such as expanding far this year. count among other initiatives. plans to resign due to his di- its product selection to make GameStop’s fourth-quarter Mr.Cohen, one of the com- minished responsibilities. it lessdependent on the re- profit nearly quadrupled from pany’slargest shareholders, GameStophas hired several leases of newgaming consoles ayear earlier to $80.5 million, wasappointed in March to executives from Amazon.com from the likes of SonyCorp. or $1.19 a share, helped by an SMITH/VIEWPRES lead a board committee dedi- Inc. and Chewy for top posts. and MicrosoftCorp. income-tax benefit. Sales in JOHN cated to transforming the re- In GameStop’s most recent Aslateofcoronavirus- the quarter,which ended Jan. The videogame retailer has been shuffling its management ranks. tailer. quarter,which included the stricken companies have 30, fell 3% to $2.12 billion.

today. clothes,groceries or household SoftBank It employs giant cubes essentials. packed with bins.Robots, but AutoStore’s customersin- not humans,can travel across clude John Deere, Gucci and In Deal For the topofthe cubes,digging Texas InstrumentsInc., accord- out bins and delivering them to ing to the company’swebsite. stations whereworkersassem- SoftBank has been building AutoStore ble orders. out itsnetwork of investments It is especially useful in in global e-commerce and the smaller warehouses,which are related supply chain. It already ContinuedfrompageB1 proliferating in aracetospeed has stakes in some of the within 30 years. up the deliveryofgoods to con- world’slargest e-commerce AutoStore’s technology sumersincities. companies,including China’s makes it possible forware- Thecompany, which expects Alibaba Group Holding Ltd. and houses to be operated almost to turn aprofitin2021, has South Korea’sCoupang Inc. entirely by robots. benefited as manufacturersem- Under the deal, Thomas H. Thecompanywas founded bracetechnologyasaway to Leewill continue to be the ma- in 1996 and pioneered asystem cut costsand as e-commerce jority shareholder and along of densely storing and access- touches morepartsofeveryday with SoftBank and EQT have ing goods that is widely used life—whether shopping for representation on the board. CORPORATEWATCH

TRIBUNE The Wall Street Journal on company are Plug Power Inc., a Sunday reported the Tribune developer of hydrogen-fuel cell Panel Likely to See special board committee deter- technology, and Chart Industries New Bid as Better mined the bid was reasonably Inc., a manufacturer of engi- likely to lead to a proposal that neered equipment. The three Tribune Publishing Co. said a is superior to Alden’s $635 mil- companies said they intend to special-board committee may lion deal for Tribune. Tribune’s become major investors in form- deem a buyout offer backed by stock rose 31 cents, or 1.7%, to ing what they are calling the hotelier Stewart Bainum and in- $18.34 on Monday. FiveT Hydrogen Fund. vestor Hansjorg Wyss as better Messrs. Bainum and Wyss Plug Powerplans to commit than its merger agreement with have indicated they plan to con- €160 million, equivalenttoroughly Alden Global Capital LLC. tribute more than $600 million $188 million, to the fund, while In a statement Monday, the combined for the offer. Bakerand Chart both plan to publisher of the Chicago Tribune, —Micah Maidenberg commit €50 million, equivalentto Baltimore Sun and other news- $59 million, the companies said. Expressyourselfin14ktgold papers said the proposal by a BAKER HUGHES The fund will finance projects venture owned by Messrs. Bai- tied to the production, storage num and Wyss “would reason- Fund to Focus and distribution of hydrogen. It It’s your time to shine! Ouron-trend14ktyellowgoldnecklace ably be expected to lead to a On Hydrogen “will continually seek alliances showcases aplayful sideways single initial in achicdesign ‘superior proposal’ as defined in with industrial companies look- Tribune’s merger agreement” A trio of companies, including ing to build the hydrogen energy that’s sure to makeyou standout.The perfectway to addadash with affiliates of Alden. Baker Hughes Co., plans to back supply chain and form alliances Messrs. Bainum and Wyss of- a new fund focused on hydro- to grow projects at scale,” the of glamourtoyourday andapersonaltouch to everylook. fered to buy Tribune for $18.50 gen-technology investments. companies said. Investors will a share, or roughly $680 million. Joining the oil-field-services contribute first commitments of cash to the fund by early 2022, the companies added. $ —Micah Maidenberg 299 CVS HEALTH Plus Free Shipping Chain to Provide 14kt Yellow Gold Sideways Single Initial Necklace Antibody Testing 18"cable chain with a2"extender. CVS Health Corp. will offer Letter is approximately1"wide. Springring clasp. Covid-19 antibody testing nation- wide at its MinuteClinic loca- Shown larger for detail. S tions within CVS retail stores, NEW

G the company said Monday. CVS previously piloted anti- body testing at a subset of OOMBER

/BL about 100 MinuteClinic locations scan heretovisit

AR in Texas and Massachusetts. Ross-SimonsItem #934303 SK CVS has roughly 1,100 Minute- To receivethisspecial offer, use offercode: SIDEWAYS1 BHA Clinic locations within CVS Phar- macy stores in 33 states, plus 1.800.556.7376 or visitross-simons.com/sideways GABRIELA Washington, D.C. ACVS worker waits to check in people with vaccine appointments. —Matt Grossman P2JW096000-0-B00600-1------XA

B6 | Tuesday, April 6, 2021 THE WALL STREET JOURNAL. BIGGEST 1,000 STOCKS

Net Net Net Net Net Net How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg The following explanations apply to NYSE, NYSE s-New 52-week high. ChinaEastrnAir CEA 23.69 0.13 EOG Rscs EOG 71.79 -3.55 GenuineParts GPC 117.23 0.61 KB Fin KB 48.45 0.12 s Marsh&McLen MMC 124.89 1.74 Nucor NUE 80.51 0.63 Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. ChinaLifeIns LFC 10.43 ... s EPAM Systems EPAM 409.31 9.32 Gerdau GGB 5.15 0.04 KE Holdings BEKE 58.86 -2.02 MartinMarietta MLM 344.01 10.13 Nutrien NTR 55.09 0.60 listed securities. Prices are composite quotations dd-Indicates loss in the most recent four ChinaPetrol SNP 52.84 -0.88 EastWestBncp EWBC 74.33 -0.16 GileadSciences GILD 66.34 -0.10 s KKR KKR 51.16 0.81 MarvellTech MRVL 51.07 1.41 NVIDIA NVDA 559.50 7.03 that include primary market trades as well as quarters. ChinaSoAirlines ZNH 36.84 0.31 EastmanChem EMN 111.16 -0.13 GSK GSK 36.08 0.26 s KLA KLAC 355.08 7.79 s Masco MAS 61.80 0.81 trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. s s O P Q Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing Chipotle CMG 1452.09 13.63 Eaton ETN 142.36 2.87 GlobalPayments GPN 209.91 1.94 KSCitySouthern KSU 266.78 -0.20 Masimo MASI 233.65 -0.02 Chubb CB 159.91 0.92 eBay EBAY 63.69 0.58 Globant GLOB 213.48 3.41 Kellogg K 63.64 0.30 Mastercard MA 368.32 5.02 Nasdaq ISE. standards ONEOK OKE 51.03 -0.32 ChunghwaTel CHT 39.51 0.38 Ecolab ECL 218.88 2.03 GlobeLife GL 98.69 ... KeurigDrPepper KDP 35.00 0.50 MatchGroup MTCH 144.15 1.49 The list comprises the 1,000 largest companies lf-Late filing s OReillyAuto ORLY 509.11 1.29 Church&Dwight CHD 87.47 0.94 Ecopetrol EC 12.62 -0.21 GoDaddy GDDY 81.86 1.65 KeyCorp KEY 20.29 0.02 MaximIntProducts MXIM 97.32 1.87 based on market capitalization. q-Temporary exemption from Nasdaq OakStreetHealth OSH 59.16 2.34 ChurchillDowns CHDN 228.77 -2.46 EdisonInt EIX 59.81 1.52 GoldFields GFI 10.24 0.10 KeysightTechs KEYS 147.33 3.54 McAfee MCFE 23.70 0.15 Underlined quotations are those stocks with requirements. OccidentalPetrol OXY 25.31 -2.07 Ciena CIEN 56.79 0.19 EdwardsLife EW 85.74 1.90 GoldmanSachs GS 323.54 -4.10 KimberlyClark KMB 138.43 1.45 McCormick MKC 89.08 -0.16 large changes in volume compared with the t-NYSE bankruptcy Okta OKTA 226.83 -2.87 Cigna CI 243.34 1.51 ElancoAnimal ELAN 28.96 0.17 GoodRx GDRX 40.02 0.99 KimcoRealty KIM 19.05 -0.15 McCormickVtg MKC.V 89.48 0.56 issue’s average trading volume. v-Trading halted on primary market. s OldDomFreight ODFL 246.30 2.61 Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being CincinnatiFin CINF 105.59 1.45 Elastic ESTC 113.25 -1.28 Graco GGG 73.66 0.76 KinderMorgan KMI 16.66 -0.18 McDonalds MCD 228.85 3.64 OlinkHolding OLK 37.04 -0.16 whose price changed by 5% or more if their reorganized under the Bankruptcy Code, Cintas CTAS 354.04 5.73 ElectronicArts EA 141.54 3.58 Grainger GWW 407.65 1.30 KingsoftCloud KC 43.88 -0.06 McKesson MCK 194.61 1.04 OmegaHealthcare OHI 38.37 -0.09 previous closing price was $2 or higher. or securities assumed by such companies. CiscoSystems CSCO 52.41 0.80 EmersonElec EMR 91.61 1.20 Grifols GRFS 17.10 0.48 KinrossGold KGC 7.04 0.02 MedicalProp MPW 21.85 0.19 Omnicom OMC 76.13 0.22 Citigroup C 72.75 -0.39 Enbridge ENB 36.98 0.15 GuardantHealth GH 159.00 2.01 KirklandLakeGold KL 35.34 -0.07 Medtronic MDT 120.25 2.06 s ON Semi ON 44.03 1.14 CitizensFin CFG 44.91 -0.03 EncompassHealth EHC 80.87 -1.70 Guidewire GWRE 102.40 -0.06 Kohl's KSS 59.07 0.76 MelcoResorts MLCO 20.50 0.22 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and OpenText OTEX 48.85 0.55 CitrixSystems CTXS 142.49 2.17 EnelAmericas ENIA 8.39 -0.08 HCA Healthcare HCA 188.00 1.85 s KoninklijkePhil PHG 59.10 0.90 MercadoLibre MELI 1503.45 -7.05 changes in the closing prices from 4 p.m. the previous day. OpendoorTech OPEN 20.92 -0.83 Clarivate CLVT 26.90 -0.35 EnergyTransfer ET 7.82 -0.03 HDFC Bank HDB 75.84 -1.90 KoreaElcPwr KEP 10.64 0.24 Merck MRK 77.00 -0.09 s Oracle ORCL 74.16 2.35 s Cleveland-Cliffs CLF 19.39 -0.03 EnphaseEnergy ENPH 149.42 -13.27 s HP HPQ 32.46 0.41 KraftHeinz KHC 40.31 0.28 s MetLife MET 61.58 -0.02 Monday, April 5, 2021 Net Net Orange ORAN 12.57 0.21 Clorox CLX 194.40 1.57 s Entegris ENTG120.41 0.32 HSBC HSBC 29.47 0.21 Kroger KR 36.73 0.78 MettlerToledo MTD 1195.55 20.36 Stock Sym Close Chg Stock Sym Close Chg Orix IX 85.33 1.09 Net Cloudflare NET 71.17 -0.62 Halliburton HAL L Brands LB 61.76 -0.04 MicrochipTech MCHP 163.82 3.65 Entergy ETR 100.53 0.89 21.32 -0.60 Oshkosh OSK 120.85 1.31 Stock Sym Close Chg Coca-Cola KO 52.81 0.30 LKQ LKQ 43.85 0.90 MicronTech MU 93.75 1.34 AnnalyCap NLY 8.69 -0.03 BookingHldgs BKNG 2409.18 26.72 EnterpriseProd EPD 22.26 -0.01 HartfordFinl HIG 68.30 0.02 OtisWorldwide OTIS 69.23 -0.03 Coca-Cola Euro CCEP 51.14 0.04 LPL Financial LPLA 145.18 1.75 s Microsoft MSFT 249.07 6.72 Anthem ANTM 354.89 1.13 BoozAllen BAH 83.69 1.98 Equifax EFX 186.74 4.13 Hasbro HAS 95.55 0.09 s OwensCorning OC 94.30 0.51 A B C Cognex CGNX 85.34 1.03 L3HarrisTech LHX 207.85 4.23 MidAmApt MAA 146.58 -0.06 Aon AON 233.98 2.18 BorgWarner BWA 46.79 0.49 Equinix EQIX 690.24 12.24 HealthpeakProp PEAK 32.28 -0.43 OzonHoldings OZON 57.72 -0.28 CognizantTech CTSH 80.33 1.45 Equinor EQNR 19.47 -0.22 Heico HEI 129.17 1.19 LabCpAm LH 252.67 -0.03 Middleby MIDD 163.44 -2.05 ABB ABB 31.32 0.66 ApolloGlbMgmt APO 47.68 -0.33 BostonBeer SAM 1211.08 26.40 PG&E PCG 11.66 0.16 ColgatePalm CL 79.53 0.98 Equitable EQH 33.36 0.35 Heico A HEI.A 117.71 1.71 s LamResearch LRCX 660.80 21.50 MiratiTherap MRTX 176.98 -2.75 AECOM ACM 65.95 1.57 Appian APPN 134.16 -3.11 BostonProps BXP 104.02 -0.24 PNC Fin PNC 178.76 1.35 Comcast A CMCSA 54.80 0.05 EquityLife ELS 65.06 0.02 HenrySchein HSIC 68.98 0.31 LamarAdv LAMR 96.70 1.45 MitsubishiUFJ MUFG 5.54 0.07 AES AES 27.34 0.27 Apple AAPL 125.90 2.90 BostonSci BSX 39.04 0.46 s POSCO PKX 74.91 3.33 Comerica CMA 72.44 0.70 EquityResdntl EQR 72.15 -0.36 Hershey HSY 159.35 0.59 LambWeston LW 80.60 2.52 MizuhoFin MFG 2.98 0.06 Aflac AFL 51.45 0.03 s ApplMaterials AMAT 143.05 1.53 BridgeBioPharma BBIO 58.99 -0.37 s PPD PPD 38.58 0.28 CommerceBcshrs CBSH 77.77 0.71 ErieIndemnity A ERIE 222.88 0.43 Hess HES 70.76 -3.72 LasVegasSands LVS 62.60 0.75 MobileTeleSys MBT 8.27 0.05 AGCO AGCO 145.82 1.40 Aptargroup ATR 144.69 0.82 s BrightHorizons BFAM 180.40 3.64 PPG Ind PPG 153.56 1.60 CiaSiderurgica SID 6.67 0.23 EssentialUtil WTRG 45.70 0.98 HewlettPackard HPE 15.91 0.21 Lear LEA 181.65 1.52 Moderna MRNA 129.91 -2.64 AGNC Invt AGNC Aptiv APTV 142.01 1.27 BristolMyers BMY 63.16 0.23 PPL PPL 28.81 0.04 17.00 -0.02 Leidos LDOS 99.92 3.47 s Aramark ARMK 38.53 0.28 BritishAmTob BTI 38.93 0.60 ConagraBrands CAG 37.49 0.20 EssexProp ESS 275.80 -0.69 HighwoodsProp HIW 43.36 -0.74 MohawkInds MHK 201.19 2.91 s PRA HealthSci PRAH 157.09 0.93 Ansys ANSS 362.76 10.91 s Lennar B LEN.B 84.64 0.84 s ArcelorMittal MT 30.29 0.94 Broadcom AVGO 488.48 12.53 ConocoPhillips COP 52.21 -1.81 EsteeLauder EL 295.27 2.94 Hilton HLT 125.40 3.75 MolinaHealthcare MOH 236.72 1.24 PTC PTC 145.98 2.11 ASETech ASX 7.92 -0.05 s Lennar A LEN 104.77 1.34 s ArchCapital ACGL 39.62 0.21 s BroadridgeFinl BR 158.60 3.68 ConEd ED 75.28 0.99 Etsy ETSY 197.20 -11.00 Hologic HOLX 74.36 0.02 MolsonCoorsB TAP 52.75 0.85 Paccar PCAR 93.96 1.93 s ASML ASML 640.49 3.39 LennoxIntl LII 323.25 6.51 ArcherDaniels ADM 57.52 -0.13 BrookfieldMgt BAM 45.40 0.65 ConstBrands A STZ 230.28 0.66 EverestRe RE 251.01 -0.10 s HomeDepot HD 315.40 7.65 Mondelez MDLZ 58.82 0.38 PackagingCpAm PKG 137.46 1.89 AT&T T 30.71 0.24 LeviStrauss LEVI 24.22 0.53 s AresMgmt ARES 59.13 1.45 s BrookfieldInfr BIP 54.61 0.25 ContextLogic WISH 15.32 -0.33 Evergy EVRG 60.63 0.70 HondaMotor HMC 30.43 0.36 MongoDB MDB 289.60 -0.73 PagSeguroDig PAGS 47.64 -0.89 AbbottLabs ABT 119.86 0.92 LiAuto LI 24.94 -0.31 arGEN-X ARGX 288.35 5.99 BrookfieldPropREIT BPYU 17.82 0.01 ContinentalRscs CLR 25.72 -1.62 EversourceEner ES 87.59 1.12 s Honeywell HON 219.27 2.47 MonolithicPower MPWR 378.08 10.56 PalantirTech PLTR 23.44 0.37 AbbVie ABBV 106.14 -2.38 LibertyBroadbandA LBRDA 143.30 -0.29 AristaNetworks ANET 311.62 3.58 BrookfieldRenew BEPC 48.52 1.58 Cooper COO 387.74 2.25 ExactSciences EXAS 133.75 1.17 HorizonTherap HZNP 90.82 0.32 MonsterBev MNST 93.44 2.08 PaloAltoNtwks PANW 331.03 2.98 AbCelleraBio ABCL 28.09 -2.62 LibertyBroadbandC LBRDK 148.99 -0.15 Arrival ARVL 15.68 -0.56 Brown&Brown BRO 46.68 0.16 Copart CPRT 113.75 1.14 Exelon EXC 44.48 0.57 HormelFoods HRL 47.80 0.20 s Moody's MCO 310.89 4.58 ParkerHannifin PH 319.18 2.97 Abiomed ABMD 321.50 6.16 LibertyGlobal A LBTYA 25.63 -0.16 s ArrowElec ARW 114.60 2.46 Brown-Forman B BF.B 70.56 0.91 s Corning GLW 45.48 1.49 eXpWorld EXPI 42.15 -3.17 s DR Horton DHI 92.64 1.59 MorganStanley MS 78.00 -0.22 s Paychex PAYX 100.36 1.60 AcceleronPharma XLRN 140.02 1.99 LibertyGlobal B LBTYB 28.01 -3.99 AspenTech AZPN 152.63 -0.37 Brown-Forman A BF.A 65.82 1.18 Corteva CTVA 47.04 0.30 Expedia EXPE 176.02 0.09 HostHotels HST 17.30 0.19 Morningstar MORN 236.69 3.67 PaycomSoftware PAYC 377.76 1.01 s Accenture ACN 281.13 2.79 LibertyGlobal C LBTYK 25.49 -0.14 Assurant AIZ 142.79 0.49 Bruker BRKR 67.47 2.55 CoStar CSGP 848.24 -13.14 s ExpeditorsIntl EXPD 110.56 1.80 HowmetAerospace HWM 32.07 0.25 Mosaic MOS 31.08 -0.18 Paylocity PCTY 188.62 4.59 ActivisionBliz ATVI 97.87 2.33 LibertyFormOne A FWONA 39.28 0.61 AstraZeneca AZN 49.53 ... s BuildersFirstSrc BLDR 47.59 0.22 Costco COST 360.82 5.88 s ExtraSpaceSt EXR 135.01 -0.44 HuanengPower HNP 14.19 0.01 s MotorolaSol MSI 191.34 2.98 PayPal PYPL 251.02 3.48 Adobe ADBE 491.62 8.28 LibertyFormOne C FWONK 44.23 0.40 Athene ATH 51.06 -0.07 Bunge BG 78.94 -1.26 CoupaSoftware COUP 255.99 -6.29 ExxonMobil XOM 56.50 -0.89 Huazhu HTHT 55.36 -1.39 NICE NICE 232.04 6.50 Pegasystems PEGA 117.91 -0.08 AdvanceAuto AAP 183.23 -2.73 LibertyBraves A BATRA 29.74 0.46 Atlassian TEAM 221.23 -1.83 BurlingtonStrs BURL 300.08 0.79 Coupang CPNG 45.94 -1.37 s F5Networks FFIV 215.28 4.17 s Hubbell HUBB 192.42 2.03 NIO NIO 39.31 -0.35 Peloton PTON 109.09 -3.00 AdvMicroDevices AMD 81.43 0.34 LibertyBraves C BATRK 29.01 0.51 AtmosEnergy ATO 98.62 0.38 CBRE Group CBRE 80.93 0.88 Credicorp BAP 140.01 2.47 FMC FMC 113.83 1.91 HubSpot HUBS 475.27 -10.58 NRG Energy NRG 37.52 0.06 PembinaPipeline PBA 29.28 0.05 Aegon AEG 4.82 0.04 LibertySirius C LSXMK 45.89 0.35 Autodesk ADSK 288.32 4.42 s CDW CDW 171.53 2.09 CreditSuisse CS 10.87 0.17 s Facebook FB 308.91 10.25 Humana HUM 413.15 0.33 s NVR NVR 4827.44 42.26 PennNational PENN 106.84 -0.68 AffirmHldgs AFRM 69.39 -2.06 LibertySirius A LSXMA 45.83 0.14 Autohome ATHM 93.51 -1.75 CF Industries CF 45.42 -0.49 Cree CREE 115.74 0.51 FactSet FDS 320.55 3.54 s JBHunt JBHT 171.07 1.27 s NXP Semi NXPI 214.70 6.62 Pentair PNR 62.72 0.33 AgilentTechs A 130.00 2.50 LightspeedPos LSPD 64.59 0.19 Autoliv ALV 95.42 1.27 s CGI GIB 84.56 0.38 CrowdStrike CRWD 186.62 -0.41 FairIsaac FICO 498.79 -2.16 HuntingtonBcshs HBAN 16.11 0.13 s Nasdaq NDAQ 152.10 1.25 Penumbra PEN 275.42 1.11 AgnicoEagle AEM 60.02 0.35 EliLilly LLY 184.89 -0.35 s ADP ADP 193.07 3.67 CH Robinson CHRW 97.68 0.53 CrownCastle CCI 177.44 2.98 Farfetch FTCH 49.69 -3.21 HuntingIngalls HII 207.60 3.37 Natera NTRA 105.99 3.07 PepsiCo PEP 143.16 1.88 AirProducts APD 289.51 4.61 LincolnNational LNC 62.55 -0.35 AutoZone AZO 1415.88 -2.96 CME Group CME 207.44 1.35 s CrownHoldings CCK 101.71 1.33 Fastenal FAST 51.44 0.33 HyattHotels H 85.69 2.06 NationalGrid NGG 60.00 0.36 PerkinElmer PKI 130.99 1.11 Airbnb ABNB 186.69 -1.55 s Linde LIN 285.40 4.56 Avalara AVLR 138.17 -1.54 CMS Energy CMS 61.48 0.46 Cummins CMI 261.52 3.80 FedEx FDX 281.57 -1.97 IAC/InterActive IAC 225.39 -1.30 Natura&Co NTCO 16.98 0.52 PetroChina PTR 36.00 -0.52 AkamaiTech AKAM 103.86 1.03 LithiaMotors LAD 391.59 -6.96 Avalonbay AVB 185.99 -0.91 CNA Fin CNA 46.17 0.36 CureVac CVAC 92.58 1.39 Ferguson FERG 126.84 2.58 ICICI Bank IBN 15.83 -0.38 s NatWest NWG 5.46 0.03 PetroleoBrasil PBR 8.38 0.11 AlaskaAir ALK 71.09 1.60 LiveNationEnt LYV 87.55 -0.52 Avangrid AGR 51.33 1.08 s CNH Indl CNHI 16.04 0.32 CyrusOne CONE 70.59 1.01 Ferrari RACE 213.52 5.48 IdexxLab IDXX 491.31 4.95 NetApp NTAP 74.33 0.68 PetroleoBrasilA PBR.A 8.43 0.07 Albemarle ALB 150.22 -0.52 s LloydsBanking LYG 2.38 0.03 Avantor AVTR 30.24 0.79 CRH CRH 47.67 0.89 FidNatlFin FNF 41.73 0.45 IHS Markit INFO 100.83 1.33 NetEase NTES 105.54 -1.06 Pfizer PFE 36.28 -0.02 Albertsons ACI 18.67 0.27 LockheedMartin LMT 378.75 7.73 s AveryDennison AVY 190.95 2.88 CRISPR Therap CRSP 121.99 2.58 D E F FidNatlInfo FIS 146.07 2.02 ING Groep ING 12.44 0.12 Netflix NFLX 540.67 1.25 PhilipMorris PM 88.60 0.54 Alcon ALC 72.09 0.93 Loews L 52.74 0.49 AxonEnterprise AXON 146.33 3.27 s CSX CSX 98.57 1.31 FifthThirdBncp FITB 38.23 0.25 s Invesco IVZ 25.93 0.18 Neurocrine NBIX 95.95 -2.23 Phillips66 PSX 82.06 -1.10 AlexandriaRlEst ARE 170.69 0.97 DISH Network DISH 37.69 0.89 LogitechIntl LOGI 109.42 1.44 BCE BCE 45.86 0.26 CVS Health CVS 75.04 0.74 FirstHorizon FHN 17.27 0.05 IPG Photonics IPGP 222.94 5.14 NewFortressEner NFE 47.87 -1.73 Pinduoduo PDD 142.91 -1.02 AlexionPharm ALXN 154.12 0.91 DTE Energy DTE 134.42 1.39 s Lowe's LOW 193.73 2.41 BHP Group BHP 71.14 1.60 CableOne CABO 1867.40 38.12 FirstRepBank FRC 167.47 -0.47 s IQVIA IQV 200.37 2.31 NewOrientalEduc EDU 14.29 -0.21 PinnacleWest PNW 83.05 1.24 Alibaba BABA 225.30 0.94 Danaher DHR 226.53 1.45 LufaxHolding LU 14.72 0.15 BHP Group BBL 59.32 1.23 CadenceDesign CDNS 145.87 4.38 FirstSolar FSLR 83.12 -3.03 IcahnEnterprises IEP 57.25 2.20 NYTimes A NYT 50.13 -0.36 Pinterest PINS 79.53 1.80 AlignTech ALGN 547.94 2.89 Darden DRI 144.11 -0.17 lululemon LULU 298.75 -2.32 BP BP 24.26 -0.32 CAE CAE 29.00 0.17 FirstEnergy FE 34.80 0.49 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AllyFinancial ALLY 46.92 0.19 Deere DE 374.81 2.69 M N Polaris PII 137.62 2.69 BancoBradesco BBDO 3.97 -0.02 CanNtlRlwy CNI 118.23 0.47 Flex FLEX 18.31-0.04 ImperialOil IMO 24.82 -0.38 NielsenHoldings NLSN 25.53 0.20 AlnylamPharm ALNY 142.65 0.84 DellTechC DELL 89.36 0.28 Pool POOL 357.00 5.43 BancodeChile BCH 23.52 -0.13 CanNaturalRes CNQ 30.82 -0.76 Floor&Decor FND 99.13 0.24 Incyte INCY 83.25 0.24 M&T Bank MTB 153.21 0.04 Nike NKE 135.12 2.59 s s Alphabet A GOOGL 2218.96 89.18 DeltaAir DAL 50.25 1.42 PrincipalFin PFG 61.40 0.54 BancSanBrasil BSBR 6.85 0.08 s CanPacRlwy CP 385.43 0.17 FomentoEconMex FMX 78.58 1.71 s Infosys INFY 19.37 0.36 MGMGrowthProp MGP 33.77 0.13 NiSource NI 24.43 0.36 s Alphabet C GOOG 2225.55 87.80 s DentsplySirona XRAY 64.38 0.94 Procter&Gamble PG 136.45 2.17 BcoSantChile BSAC 24.52 -0.21 Canon CAJ 23.32 0.43 FordMotor F 12.70 0.53 IngersollRand IR 50.09 0.48 s MGM Resorts MGM 41.70 2.00 Nokia NOK 4.05 0.05 AlticeUSA ATUS 32.21 0.13 DeutscheBank DB 12.21 0.09 Progressive PGR 96.72 1.17 BancoSantander SAN 3.47 0.05 CanopyGrowth CGC 31.83 -0.23 Fortinet FTNT 191.27 4.88 s Inphi IPHI 183.95 3.41 s MKS Instrum MKSI 196.86 1.02 NomuraHoldings NMR 5.46 0.10 Prologis PLD 108.37 -0.13 Altria MO 51.32 0.32 s DevonEnergy DVN 22.46 -1.04 BankofAmerica BAC 39.80 0.31 CapitalOne COF 132.60 2.82 s Fortis FTS 43.83 0.43 Insulet PODD 269.12 4.30 MPLX MPLX 26.12 ... Nordson NDSN 202.52 0.14 PrudentialFin PRU 92.75 0.04 AlumofChina ACH 10.61 0.01 s DexCom DXCM 368.16 2.66 BankofMontreal BMO 90.75 0.70 CardinalHealth CAH 60.54 -0.34 Fortive FTV 71.94 1.04 Intel INTC 66.54 1.99 MSCI MSCI 440.61 12.06 s NorfolkSouthern NSC 274.63 3.45 s Prudential PUK 43.75 0.53 Amazon.com AMZN 3226.73 65.73 s s Diageo DEO 169.22 1.78 BankNY Mellon BK 48.13 0.66 Carlisle CSL 168.93 1.88 s FortBrandsHome FBHS 97.78 0.63 InteractiveBrkrs IBKR 75.12 1.45 MagellanMid MMP 44.58 0.39 NorthernTrust NTRS 106.87 1.24 PublicServiceEnt PEG 60.66 0.99 Ambev ABEV 2.72 0.05 s DiamondbkEner FANG 75.40 -5.82 BkNovaScotia BNS 62.56 0.32 Carlyle CG 37.52 0.13 FoxA FOXA 36.40 0.09 ICE ICE 115.11 0.91 MagnaIntl MGA 90.39 0.82 NorthropGrum NOC 330.65 8.41 s PublicStorage PSA 255.27 3.33 Amcor AMCR 11.89 0.23 DigitalRealty DLR 145.77 2.52 Barclays BCS 10.33 0.14 CarMax KMX 128.06 4.75 FoxB FOX 35.13 0.13 InterContinentl IHG 71.35 1.38 ManulifeFin MFC 21.87 0.13 NortonLifeLock NLOK 22.10 0.68 s PulteGroup PHM 53.83 0.35 Amdocs DOX 72.13 -0.27 DiscoverFinSvcs DFS 98.90 1.70 BarrickGold GOLD 20.63 0.26 Carnival CCL 28.11 1.25 Franco-Nevada FNV 130.74 0.83 IBM IBM 135.93 2.70 MarathonOil MRO 11.19 -0.60 NorwegCruise NCLH 29.71 1.99 Qiagen QGEN 49.65 0.36 Amedisys AMED 274.31 4.85 DiscoveryB DISCB 97.22 -13.95 BauschHealth BHC 31.52 -0.19 Carnival CUK 23.71 0.86 s FranklinRscs BEN 30.54 0.38 IntlFlavors IFF 139.00 0.15 MarathonPetrol MPC 53.96 -1.84 Novartis NVS 87.27 1.19 s Qorvo QRVO 198.32 5.42 Amerco UHAL 621.29 7.04 DiscoveryA DISCA 41.64 -1.67 BaxterIntl BAX 85.28 0.96 CarrierGlobal CARR 42.58 0.56 FreeportMcM FCX 35.36 1.60 IntlPaper IP 54.70 0.41 MaravaiLifeSci MRVI 34.58 0.41 Novavax NVAX 177.29 -8.53 Qualcomm QCOM 140.33 2.54 Ameren AEE 81.49 0.46 DiscoveryC DISCK 36.10 -0.98 BectonDicknsn BDX 245.09 3.51 Carvana CVNA 267.33 2.01 FreseniusMed FMS 36.94 0.24 Interpublic IPG 29.48 0.13 s Markel MKL 1173.45 16.50 NovoNordisk NVO 68.33 0.67 QualtricsIntl XM 31.55 -0.88 AmericaMovil AMX 13.97 0.28 Disney DIS 188.50 -0.47 BeiGene BGNE 330.98 -11.30 Catalent CTLT 105.75 -0.79 Futu FUTU 148.00 -5.60 Intuit INTU 402.14 6.91 MarketAxess MKTX 520.00 -0.28 Novocure NVCR 130.40 -2.95 s QuantaServices PWR 91.93 2.82 AmericaMovil A AMOV 13.80 0.18 DocuSign DOCU 205.65 -0.64 BentleySystems BSY 47.90 -0.04 Caterpillar CAT 233.71 0.97 IntuitiveSurgical ISRG 765.93 18.33 Marriott MAR 150.93 2.66 NuanceComms NUAN 44.25 -0.66 AmerAirlines AAL 24.23 0.37 s DolbyLab DLB 103.19 1.19 Continued on Page B10 s Berkley WRB 77.21 0.72 Celanese CE 153.72 1.83 G H I s InvitatHomes INVH 32.35 -0.32 AEP AEP 86.29 0.75 DollarGeneral DG 207.78 5.80 BerkHathwy A BRK.A 3955355175.00 Cemex CX 7.17 0.32 iQIYI IQ 16.99 0.35 AmerExpress AXP 146.06 1.49 s DollarTree DLTR 119.26 3.33 GDS Holdings GDS 80.32 -2.22 BerkHathwy B BRK.B 262.66 4.46 CenovusEnergy CVE 7.59 -0.28 IronMountain IRM 37.56 0.26 AmericanFin AFG 115.11 1.17 Centene CNC DominionEner D 76.41 0.69 s GFLEnvironmental GFL 35.70 0.28 BerryGlobal BERY 62.41 0.85 63.96 0.71 ItauUnibanco ITUB 4.83 0.06 s AmHomes4Rent AMH 33.78 -0.45 BestBuy BBY 117.99 2.23 CenterPointEner CNP 22.94 0.29 Domino's DPZ 371.64 -1.74 Gallagher AJG 128.30 1.69 Dividend Changes AIG AIG 46.75 0.37 BeyondMeat BYND 131.59 0.21 CentraisElBras EBR 6.18 0.21 DoorDash DASH 133.55 0.41 GameStop GME 186.95 -4.50 J K L AmerTowerREIT AMT 244.75 4.69 Bilibili BILI 110.42 -1.56 CeridianHCM CDAY 87.00 2.42 s Dover DOV 140.17 2.24 Gaming&Leisure GLPI 43.91 0.24 AmerWaterWorks AWK 152.03 1.44 Bill.com BILL 147.24 -2.63 Cerner CERN 73.25 0.55 Dow DOW 64.59 -0.01 Gap GPS 30.26 0.31 JD.com JD 82.49 -1.82 Dividend announcements from April 5. s AmericoldRealty COLD 38.99 0.25 Bio-Techne TECH 396.79 8.29 ChargePoint CHPT 28.14 -1.70 DrReddy'sLab RDY 62.12 -0.60 Garmin GRMN 135.93 3.42 JPMorganChase JPM 153.62 0.81 Amount Payable / s Ameriprise AMP 238.28 2.87 DraftKings DKNG Gartner IT 189.89 2.62 JackHenry JKHY 157.25 2.66 Bio-RadLab A BIO 582.80 2.89 CharlesRiverLabs CRL 297.89 3.72 62.63 -0.25 Company Symbol Yld %New/Old Frq Record AmerisourceBrgn ABC 117.01 0.12 Biogen BIIB 277.88 -0.83 CharterComms CHTR 605.50 -3.08 Dropbox DBX 27.87 0.48 Generac GNRC 325.04 1.24 s JacobsEngg J 132.68 2.73 s Ametek AME 130.71 2.05 BioMarinPharm BMRN 78.32 0.49 CheckPoint CHKP 115.60 2.00 DukeEnergy DUK 96.93 0.65 s GeneralDynamics GD 185.59 4.76 s JamesHardie JHX 32.46 0.58 Foreign Amgen AMGN 252.02 2.85 BioNTech BNTX 115.37 1.50 Chegg CHGG 89.02 0.77 DukeRealty DRE 42.84 -0.02 GeneralElec GE 13.46 0.18 JazzPharma JAZZ 164.71 -0.49 Grupo Aval Acciones ADR AVAL 4.9 .02462 M Apr13 /Apr05 Amphenol APH 68.82 1.77 BlackKnight BKI 74.63 -0.08 CheniereEnergy LNG 71.26 -0.54 Dun&Bradstreet DNB 23.46 0.02 GeneralMills GIS 61.53 0.61 J&J JNJ 163.43 0.60 AnalogDevices ADI 163.49 3.11 BlackRock BLK 784.02 17.19 CheniereEnerPtrs CQP 42.48 0.18 DuPont DD 77.63 -0.50 GeneralMotors GM 61.04 3.24 JohnsonControls JCI 60.89 0.99 AngloGoldAsh AU 22.95 -0.03 Blackstone BX 75.00 -0.19 Chevron CVX 104.51 -1.24 Dynatrace DT 49.90 0.35 Genmab GMAB 33.47 0.53 s JonesLang JLL 185.82 1.30 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: AB InBev BUD 64.34 0.55 Boeing BA 259.36 6.40 Chewy CHWY 80.85 -1.86 s ENI E 24.95 -0.10 Gentex GNTX 36.53 0.52 JuniperNetworks JNPR 25.71 0.09 spin-off.

ADVERTISEMENT New Highs and Lows | WSJ.com/newhighs 52-Wk % 52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg

Napco Security NSSC 37.41 2.7 Surmodics SRDX 58.41 3.7 The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE NCR NCR 39.31 3.3 Synnex SNX 120.61 2.7 TheMarketplace American and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or low NVR NVR 4844.86 0.9 Ternium 40.55 2.2 in the latest session. %CHG-Daily percentage change from the previous trading session. TX To advertise: 800-366-3975orWSJ.com/classifieds NXP Semi NXPI 216.43 3.2 TTEC TTEC 106.05 6.1 Monday, April 5, 2021 Nasdaq NDAQ 152.40 0.8 TTM Tech TTMI 15.25 1.0 NatWest NWG 5.52 0.6 Target TGT 205.80 2.3 52-Wk % 52-Wk % 52-Wk % COMMERCIAL REAL ESTATE BUSINESSOPPORTUNITIES Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Navient NAVI 14.54 0.8 TaylorMorrison TMHC 32.68 2.6 Neogen NEOG 90.35 0.7 TexasInstruments TXN 197.58 2.5 CharlesSchwabPfdJ SCHWpJ 25.23 0.1 HH&L Acqn HHLA 10.00 1.5 NewResidentialPfdB NRZpB 25.00 -0.2 Textainer TGH 31.73 2.1 Highs ChimeraInvPfdA CIMpA 25.98 -0.5 HP HPQ 32.62 1.3 %$$ .')"#- &+"( ,!*#-( NewResidentPfdA NRZpA 25.61 0.3 Textron TXT 58.02 0.9 132" !0-%,*)'2+('/)+. 3(%+%) ChimeraInvPfdB CIMpB 24.93 0.5 HalladorEnergy HNRG 2.34 10.7 5`)K?) =Kc)FE=!-) =#K=WEF)? VKF% VK2K``) @G)A!-K?N XF-L EA KF K'P`!K=)EA?;I?!+!KAZ=#)A)E'NEF ASML ASML 653.00 0.5 NewResidentialPfdC NRZpC 23.01 ... 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MagentaTherap MGTA 14.20 10.2 SaratogaInvt SAR 26.50 2.4 LuciraHealth LHDX 10.45 -4.7 PUBLIC NOTICES BuildersFirstSrc BLDR 49.04 0.5 FranklinCovey FC 30.66 2.8 Magnachip MX 26.98 7.7 SaulCentersPfdE BFSpE 26.41 1.9 MedTechAcqnWt MTACW 0.98 15.7 BurgundyTechWt BTAQW 1.13 2.7 FranklinRscs BEN 30.73 1.3 MaidenNts46 MHLA 21.75 -0.2 SchwabC SCHW 68.89 2.6 Metacrine MTCR 5.50 -3.0 BusFirstBcshs BFST 24.93 0.9 Frontier ULCC 19.50 1.5 MainStreetCap MAIN 40.59 1.3 ScottsMiracleGro SMG 254.34 1.0 MotionAcqnWt MOTNW 0.96 -8.6 3:7; %#97$? 7; %#9 0% #==?< 9# !6<$:0;? #< 0;#27$79097#% #= 0% #==?< 9# ;?22 8>679& 5:0B!!9H,AC D8TN] Q"(a__6Q-_a-2Q8F-&a$& CRA Intl CRAI 76.39 0.8 GainTherap GANX 16.19 2.6 Masco MAS 61.97 1.3 SherwinWilliams SHW 256.50 2.5 PropTechInvII A PTIC 9.73 1.3 NTT/ Q!C!9)* R:7VEG,^ A' [?7!9V 0#G=); CSW Industrials CSWI 139.06 2.0 Gaming&HospA GHAC 10.51 1.0 MasoniteIntl DOOR 122.37 0.4 SkylineChamp SKY 47.92 -0.1 PropTechInvII Wt PTICW 0.79 -9.0 NTT/ Q!C!9)* M9:? -)#'!0%&,LGBBA7B,); GB A'')= 9A :7VEG,^ 7@ 9A _Ja"&JFFF MN!B) P!\\!AB CSX CSX 98.85 1.3 Garmin GRMN 136.40 2.6 Maximus MMS 93.02 1.9 SnapOn SNA 235.38 1.1 ProspectorCapWt PRSRW 0.90 -9.1 [!%#9 U7B*=)* GB* 0)5)B9V Y!5) /#A7;GB*L '7\\V @G!*I7@ )?7!9V ;#G=); A' 'G,) 5G\7) A' 1;H + CVR Partners UAN 49.44 3.0 GasLogPtrsPfdA GLOPpA 23.72 -0.2 MetLife MET 62.67 ... SociedadQuimicaRt SQMr 5.00 -10.1 RMGAcqnIIIWt RMGCW 1.00 -5.7 )G,# MO[?7!9V 0#G=);4L A' 9#) 8AC@GBV G9 G@=!,) A' 1;H +(F @)= [?7!9V 0#G=) AB G CambiumNtwks CMBM 59.99 13.2 GasLogPtrsPfdB GLOPpB 22.58 0.6 Metlife pfA METpA 25.98 0.7 SonocoProducts SON 64.91 1.3 RomeoPower RMO 7.71 -3.1 @=A@A=9!ABG9) EG;!; 9#=A7%# G9)B*)= A'')= M9#) O+6&/0$44LH /#) :7VEG,^ Z!\\ A@)B AB Camtek CAMT 34.37 0.7 GasLogPtrsPfdC GLOPpC 22.92 -0.4 Microsoft MSFT 249.96 2.8 SouthwestAir LUV 64.32 2.7 RothCH III ROCR 9.65 -2.4 PAB*GV<@=!\ -+J +F+- GB* Z!\\ ,\A;) AB .)*B);*GV<@=!\ +aJ +F+-H /#) \)99)= A' A'')= 'A= 9#) CanPacRlwy CP 390.46 ... GeneralDynamics GD 185.66 2.6 MillerIndustries MLR 47.42 0.7 SpartanAcqnIII Wt SPAQ.WS 1.40 22.0 RothCH III Wt ROCRW 0.66 -15.0 :7VEG,^ G\AB% Z!9# 9#) 9)B*)= 'A=C; #G5) E))B *!;@G9,#)* 9A G\\ @)=;AB; Z#A Z)=) 9#) ;#G=)#A\*)=; A' 9#) 8AC@GBV G; A' Y)E=7G=V +(J +F+-J G9 9#) G**=);;); )\),9)* EV 9#) CapitalSouthwest CSWC 23.26 2.4 GlbNetLeasePfdA GNLpA 27.03 1.9 MiMedx MDXG 11.50 3.8 SpecialOppFdPfB SPEpB 29.24 ... SmartShareGlbl EM 7.52 -5.7 ;#G=)#A\*)=; GB* =)%!;9)=)* Z!9# 9#) *)@A;!9A=!); 'A= G\\ ,A==);@AB*)B,); EV 9#) 8AC@GBVH CapitalaFinNts22 CPTAG 24.72 0.5 GoalAcqns PUCK 9.93 1.1 MohawkInds MHK 201.51 1.5 SpectrumBrands SPB 88.05 1.3 SustDevtI Wt SDACW 0.64 -4.4 /#) \)99)= A' A'')= !; G5G!\GE\) AB 9#) Z)E;!9) A' 9#) 0),7=!9!); GB* [X,#GB%) :AG=* A' TB*!G G9 CaraTherap CARA 23.89 9.5 GoodTimesRest GTIM 6.02 11.9 MontroseEnvl MEG 57.38 5.4 StanleyBlackDck SWK 203.83 0.9 TPGPaceTechWt PACE.WS 1.26 1.4 ZZZH;)E!H%A5H!B GB* AB 9#) Z)E;!9); A' 9#) TB*!GB ;9A,^ )X,#GB%); Z#)=) 9#)8AC@GBV !; Carlisle CSL 169.61 1.1 GraphicPkg GPK 18.72 1.4 Moody's MCO 311.44 1.5 Stantec STN 43.89 0.6 ThimblePointWt THMAW 0.66 21.2 \!;9)* G9 ZZZHE;)!B*!GH,AC GB* ZZZHB;)!B*!GH,ACJ 9#) Z)E;!9) A' 9#) 1)%!;9=G= 9A 9#) Carlyle CG 38.11 0.3 GreatAjaxNts24 AJXA 25.59 -0.7 MotorolaSol MSI 192.84 1.6 StarGroup SGU 11.11 2.6 ThunderBridgeIIIWt TBCPW 0.80 ... :7VEG,^G9ZZZH\!B^!B9!C)H,AH!BGB*AB9#)Z)E;!9)A'9#)8AC@GBVG9ZZZHB!!9H,ACH CasellaWaste CWST 66.28 0.5 GreenPlains GPRE 31.80 -5.0 Moxian MOXC 7.38 26.2 SteelDynamics 52.59 1.7 twoA TWOA 9.75 ... YA= NTT/ Q!C!9)* ©2021Dow Jones &Company,Inc. STLD CavcoIndustries CVCO 242.06 4.1 GreenBoxPOS GBOX 16.12 11.1 MuellerWater MWA 14.48 2.2 SuperMicroComp SMCI 40.31 1.0 VineEnergy VEI 12.65 -5.7 6))@G^ :GB;G\J 8AC@GBV 0),=)9G=V All Rights Reserved. 6G9)] <@=!\ &J +F+- CedarRealtyPfC CDRpC 23.97 2.8 GuarantyBcshrs GNTY 39.05 3.4 MusicAcqnA TMAC 9.85 -0.4 SupernovaPtrsIII STRE.U 10.04 0.4 XL Fleet XL 7.25 -5.1 P2JW096000-0-B00700-1------XA

THE WALL STREET JOURNAL. Tuesday, April 6, 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 33527.19 s373.98, or 1.13% Trailing P/E ratio 34.00 17.56 4077.91 s58.04, or 1.44% Trailing P/E ratio * 45.45 19.49 13705.59 s 225.49, or 1.67% Trailing P/E ratio *† 38.14 23.15 High, low, open and close for each P/E estimate * 21.35 15.40 High, low, open and close for each P/E estimate * 23.12 16.10 High, low, open and close for each P/E estimate *† 29.05 21.15 trading day of the past three months. Dividend yield 1.79 2.91 trading day of the past three months. Dividend yield * 1.45 2.42 trading day of the past three months. Dividend yield *† 0.76 1.15 All-time high 33527.19, 04/05/21 All-time high 4077.91, 04/05/21 All-time high: 14095.47, 02/12/21

Current divisor 0.15198707565833 34400 4050 14400 Session high DOWN UP Session open Close 33200 3925 13800 t

Close Open t 32000 3800 13200 Session low

30800 3675 12600 65-day moving average

65-day moving average 29600 3550 65-day moving average 12000

28400 3425 11400

Bars measure the point change from session's open 27200 3300 10800 Dec. Jan. Feb. Mar. Dec. Jan. Feb. Mar. Dec. Jan. Feb. Mar. *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4p.m. to 6p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 868,821,953 23,237,536 Industrial Average 33617.95 33222.38 33527.19 373.98 1.13 33527.19 22653.86 47.8 9.5 11.0 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 521,287,512 11,925,713 Transportation Avg 14980.07 14787.33 14891.20 142.82 0.97 14891.20 7761.00 90.0 19.1 12.5 Most-active issues in late trading Decl. volume* 342,109,387 10,750,417 Utility Average 894.91 879.11 889.88 10.37 1.18 917.38 744.49 17.4 2.9 8.5 Volume After Hours Issues traded 3,433 285 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 42694.63 42445.86 42660.13 521.82 1.24 42660.13 26633.07 60.1 8.8 15.6 Advances 2,095 138 ViacomCBS Cl B VIAC 11,843.4 41.50 -1.40 -3.26 43.00 40.99 Barron's 400 988.78 977.16 988.02 10.86 1.11 988.02 540.87 82.7 15.9 11.3 Declines 1,238 133 SPDR S&P 500 SPY 6,355.8 406.46 0.10 0.02 406.66 406.10 Unchanged 100 14 Brooklyn ImmunoThera BTX Nasdaq Stock Market 6,186.1 7.70 3.03 64.88 8.35 4.67 New highs 318 10 Nasdaq Composite 13720.58 13582.76 13705.59 225.49 1.67 14095.47 7887.26 73.2 6.3 24.6 Discovery Series A DISCA 4,492.7 41.30 -0.34 -0.82 41.81 41.05 New lows 15 0 Nasdaq-100 13623.60 13420.81 13598.16 268.65 2.02 13807.70 8049.31 68.3 5.5 27.3 Intel INTC 4,415.2 66.67 0.13 0.20 66.70 66.48 Closing Arms† 1.15 0.95 BP ADR BP 3,944.6 24.23 -0.03 -0.12 24.37 24.17 S&P Block trades* 4,847 201 GlaxoSmithKline ADR GSK 3,907.5 36.00 -0.08 -0.22 36.08 35.94 500 Index 4083.42 4034.44 4077.91 58.04 1.44 4077.91 2659.41 53.1 8.6 15.3 Nasdaq NYSE Arca Petroleo Brasileiro ADR A PBRA 3,347.2 8.42 -0.01 -0.12 8.43 8.42 MidCap 400 2674.70 2650.03 2664.98 17.27 0.65 2682.61 1444.56 84.5 15.5 12.1 Total volume*4,488,525,215 238,910,216 SmallCap 600 1352.38 1337.91 1346.01 5.71 0.43 1397.66 674.65 99.5 20.3 12.3 Percentage gainers… Adv. volume*2,404,746,677 181,203,338 Decl. volume*2,043,957,892 56,488,238 Other Indexes Brooklyn ImmunoThera BTX 6,186.1 7.70 3.03 64.88 8.35 4.67 Issues traded 4,314 1,512 Russell 2000 2280.83 2253.94 2264.89 10.98 0.49 2360.17 1138.78 98.9 14.7 13.6 Illumina ILMN 153.5 426.51 41.97 10.91 432.73 384.00 Advances 2,498 1,125 NYSE Composite 15882.10 15752.24 15870.34 118.09 0.75 15870.34 10515.24 50.9 9.3 8.1 Cara Therapeutics CARA 185.6 26.27 2.45 10.29 28.80 23.75 Declines 1,670 370 IMPAC Mortgage Holdings IMH 117.1 2.23 0.16 7.73 2.27 2.05 Value Line 654.27 648.75 652.92 4.17 0.64 662.15 355.25 83.8 14.8 5.7 Unchanged 146 17 Garmin GRMN 143.5 145.80 9.87 7.26 145.80 135.93 NYSE Arca Biotech 5601.33 5555.73 5601.33 29.37 0.53 6319.77 4591.73 20.5 -2.4 8.4 New highs 269 396 NYSE Arca Pharma 697.18 690.85 693.62 1.28 0.18 725.03 590.92 15.4 0.6 9.3 ...And losers New lows 39 35 KBW Bank 123.44 121.34 121.89 0.49 0.41 123.35 62.74 85.6 24.5 4.1 Uranium Energy UEC 162.0 3.32 -0.23 -6.48 3.55 3.30 Closing Arms† 1.27 1.14 § PHLX Gold/Silver 142.05 139.38 140.63 0.70 0.50 161.14 88.96 57.4 -2.5 20.0 AeroCentury ACY 384.6 10.80 -0.67 -5.84 11.74 10.55 Block trades* 23,330 995 § PHLX Oil Service 55.12 53.09 53.72 -1.41 -2.56 63.89 24.29 110.2 21.2 -27.2 Xcel Brands XELB 1,083.3 2.82 -0.16 -5.37 3.05 2.80 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 3314.16 3255.28 3305.43 65.25 2.01 3305.43 1585.38 107.5 18.2 36.3 Groupon GRPN 130.0 48.00 -2.15 -4.29 52.00 48.00 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 18.40 17.35 17.91 0.58 3.35 46.70 17.33 -60.4 -21.3 -1.8 FTCH Farfetch Cl A 561.4 47.70 -1.99 -4.00 50.39 47.50 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 0.96 World MSCI ACWI 687.54 6.51 6.4 Chembio Diagnostics CEMI 5.64 2.12 60.23 15.89 3.01 -9.2 Elite Education EEIQ 8.80 -3.11 -26.11 35.20 3.58 ... 0.41 MSCI ACWI ex-USA 340.97 1.41 4.4 dMY Tech Grp II Cl A DMYD 22.00 6.37 40.75 23.49 9.80 ... Molecular Templates MTEM 9.51 -2.93 -23.55 18.44 7.51 -31.3 MSCI World 2872.97 31.08 1.09 6.8 Sequential Brands Group SQBG 29.42 7.20 32.40 40.49 4.14 287.1 ACADIA Pharmaceuticals ACAD 21.18 -4.41 -17.23 58.72 20.92 -51.1 MSCI Emerging Markets 1338.79 0.56 0.04 3.7 Vivos Therapeutics VVOS 9.35 2.00 27.21 14.41 5.64 ... Liberty TripAdvisor B LTRPB 57.68 -10.32 -15.18 134.00 3.68 1339.4 Americas MSCI AC Americas 1581.78 20.792 1.33 7.8 Moxian MOXC 6.80 1.41 26.16 7.38 0.52 1052.5 Tuya ADR TUYA 20.07 -3.27 -14.01 27.65 17.59 ... Canada S&P/TSX Comp 19026.79 36.47 0.19 9.1 U.S. Global Investors A GROW 8.91 1.79 25.14 9.50 0.90 773.5 TransMedics Group TMDX 34.52 -5.55 -13.85 49.50 11.51 183.9 Latin Amer. MSCI EM Latin America 2332.25 51.538 2.26 –4.9 Performant Financial PFMT 2.80 0.56 25.00 3.21 0.54 329.4 Zovio ZVO 3.66 -0.54 -12.86 7.34 1.31 145.6 Brazil Sao Paulo Bovespa 117518.44 2265.13 1.97 –1.3 Brooklyn ImmunoThera BTX 4.67 0.92 24.53 15.52 1.88 93.0 Ouster Cl A OUST 7.63 -1.12 -12.80 17.73 7.55 ... Chile Santiago IPSA 3317.57 –9.60 –0.29 16.1 Regional Hlth Properties RHE 6.42 1.25 24.18 15.77 1.06 435.9 Goosehead Insurance Cl A GSHD 96.83 -14.17 -12.77 174.80 37.26 141.7 Mexico S&P/BMV IPC 48245.85 999.59 2.12 9.5 ImmunoPrecise Antibodies IPA 12.81 2.42 23.29 33.34 2.50 355.1 Mechanical Technology MKTY 10.38 -1.52 -12.74 18.90 0.43 1573.4 EMEA Stoxx Europe 600 432.22 … Closed 8.3 Delcath Systems DCTH 15.10 2.85 23.27 25.18 6.06 23.9 Lion Group Holding ADR LGHL 3.20 -0.46 -12.57 8.93 1.75 ... Eurozone Euro Stoxx 435.38 … Closed 9.5 Greenwich LifeSciences GLSI 42.39 7.67 22.09 158.07 3.26 ... Discovery Series B DISCB 97.22 -13.95 -12.55 150.72 25.46 254.8 Belgium Bel-20 3938.63 … Closed 8.8 Nephros NEPH 8.04 1.43 21.63 10.00 5.08 19.8 Liberty Global Cl B LBTYB 28.01 -3.99 -12.47 58.31 16.52 69.6 Leaf Group LEAF Guardion Health Sciences GHSI Denmark OMX Copenhagen 20 1471.77 … Closed 0.5 8.53 1.50 21.34 8.85 1.03 527.2 2.17 -0.30 -12.15 8.40 0.99 -14.2 Target Hospitality TH 2.60 0.43 19.82 4.29 0.82 50.3 Sunworks SUNW 14.95 -2.05 -12.06 29.37 0.29 4385.4 France CAC 40 6102.96 … Closed 9.9 Germany DAX 15107.17 … Closed 10.1 Most Active Stocks Volume Movers Ranked by change from 65-day average* Israel Tel Aviv 1631.37 1.21 0.07 8.8 Italy FTSE MIB 24710.00 … Closed 11.1 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 708.43 … Closed 13.4 Russia RTS Index 1457.13 –0.24 –0.02 5.0 Castor Maritime CTRM 310,534 66.2 0.58 -20.98 1.95 0.11 Intl General Insurance IGIC 5,685 29558 7.88 -3.43 11.05 5.48 South Africa FTSE/JSE All-Share 67236.31 … Closed 13.2 Chembio Diagnostics CEMI 261,256 26103.6 5.64 60.23 15.89 3.01 Xtrackers MSCI Europe DBEU 3,163 3705 33.20 1.37 33.27 24.31 Xcel Brands XELB Kelly Services Cl B KELYB Spain IBEX 35 8577.60 … Closed 6.2 128,603 18570.0 2.98 54.40 4.15 0.51 326 2916 34.80 14.14 90.36 10.35 Sundial Growers SNDL 122,688 -76.8 1.07 -2.73 3.96 0.14 Spartan Acqn III Cl A SPAQ 277 2531 9.90 1.02 10.00 9.71 Sweden OMX Stockholm 879.01 … Closed 14.4 AMC Entertainment Hldgs AMC 95,515 -43.2 10.61 13.35 20.36 1.91 KFA LC Quality Div Index KLCD 291 1571 31.19 0.89 34.72 21.30 Switzerland Swiss Market 11118.03 … Closed 3.9 Turkey BIST 100 1442.06 11.87 0.83 –2.3 SPDR S&P 500 SPY 91,154 9.9 406.36 1.44 406.94 248.17 Leaf Group LEAF 11,845 1460 8.53 21.34 8.85 1.03 U.K. FTSE 100 6737.30 … Closed 4.3 Apple AAPL 87,676 -19.9 125.90 2.36 145.09 62.35 Xtrackers MSCI AW xUS DBAW 232 1458 33.00 0.14 33.23 23.32 U.K. FTSE 250 21732.67 … Closed 6.1 Zomedica ZOM 83,047 -51.4 1.33 -8.90 2.91 0.06 Nano-X Imaging NNOX 28,506 1451 48.55 17.47 94.81 20.26 Ford Motor F 81,769 1.4 12.70 4.35 13.62 4.41 AeroCentury ACY 46,925 1411 11.47 18.25 38.04 0.71 Asia-Pacific MSCI AC Asia Pacific 207.11 0.63 0.31 3.6 NIO ADR NIO 70,707 -36.3 39.31 -0.88 66.99 2.40 FlexShares Emg Mkrs Fact TLTE 179 1370 62.33 0.36 64.19 38.52 Australia S&P/ASX 200 6828.70 … Closed 3.7 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least China Shanghai Composite 3484.39 … Closed 0.3 5,000 shares =Has traded fewer than 65 days Hong Kong Hang Seng 28938.74 … Closed 6.3 Track the Markets India S&P BSE Sensex 49159.32 –870.51 –1.74 2.9 Compare the performance of selected CURRENCIES & COMMODITIES Japan Nikkei Stock Avg 30089.25 235.25 0.79 9.6 global stock indexes, bond ETFs, Singapore Straits Times 3209.74 28.06 0.88 12.9 currencies and commodities at Currencies South Korea Kospi 3120.83 8.03 0.26 8.6 wsj.com/graphics/track-the-markets Taiwan TAIEX 16571.28 … Closed 12.5 U.S.-dollar foreign-exchange rates in late New York trading Thailand SET 1579.66 –16.61 –1.04 9.0 Get real-time U.S. stock quotesand track most-activestocks, new US$ vs, US$ vs, Sources: FactSet; Dow Jones Market Data highs/lows and mutual funds. Available free at WSJMarkets.com Mon YTD chg Mon YTD chg Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004333 23080 unch CREDIT MARKETS Argentina peso .0108 92.1670 9.6 Europe Brazil real .1765 5.6663 9.1 Czech Rep. koruna .04545 22.000 2.5 Canada dollar .7985 1.2524 –1.7 Denmark krone .1588 6.2968 3.4 Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Chile peso .001386 721.50 1.5 Euro area euro 1.1813 .8466 3.4 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000272 3674.00 7.4 Hungary forint .003280 304.88 2.6 notes and bonds major U.S. trading partners Ecuador US dollar 11unch Iceland krona .007943 125.89 –1.5 A consumer rate against its Money Market/Savings Accts Mexico peso .0492 20.3166 2.2 Norway krone .1176 8.5054 –0.8 benchmark over the past year 2.50% Uruguay peso .02262 44.2050 4.4 Poland zloty .2574 3.8854 4.1 Bankrate.com avg†: 3.12% 16% Asia-Pacific Russia ruble .01309 76.371 3.2 BankDirect 0.50% Tradeweb ICE 2.00 Euro s Sweden krona .1149 8.7045 5.8 t Australian dollar .7653 1.3067 0.5 Switzerland franc 1.0684 .9360 5.8 0.40% Richardson, TX 877-839-2737 Monday Close 8 China yuan .1523 6.5669 0.5 Money market 1.50 Turkey lira .1233 8.1080 9.0 Hong Kong dollar .1286 7.7763 0.3 account yields First Internet Bank of Indiana 0.50% Ukraine hryvnia .0358 27.9500 –1.4 0.30 0 s India rupee .01365 73.271 0.3 t Indianapolis, IN 888-873-3424 1.00 UK pound 1.3899 .7195 –1.7 Yen Indonesia rupiah .0000689 14515 3.3 0.20 TAB Bank 0.50% Middle East/Africa One year ago 0.50 –8 s Japan yen .009076 110.18 6.6 Ogden, UT (800) 355-3063 t WSJ Dollar Index Kazakhstan tenge .002336 428.16 1.6 Bahrain dinar 2.6546 .3767 –0.1 Federal-funds 0.10 CFG Community Bank 0.56% 0.00 –16 Macau pataca .1248 8.0130 0.3 Egypt pound .0640 15.6221 –0.8 target rate Malaysia ringgit .2414 4.1425 3.0 Israel shekel .3018 3.3140 3.1 Baltimore, MD 888-205-8388 1 3 6 1 2 3 5 7 10 20 30 t 2020 2021 New Zealand dollar .7062 1.4160 1.7 Kuwait dinar 3.3088 .3022 –0.6 0.00 month(s) years A M J J A S O N D J F M BrioDirect 0.60% Pakistan rupee .00654 152.855 –4.7 Oman sul rial 2.5973 .3850 0.01 maturity 2020 2021 Montebello, NY 877-369-2746 Philippines peso .0206 48.508 1.0 Qatar rial .2746 3.642 0.01 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7453 1.3417 1.5 Saudi Arabia riyal .2666 3.7505 –0.03 Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0008889 1125.04 3.6 South Africa rand .0687 14.5541 –1.0 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields Sri Lanka rupee .0050178 199.29 7.6 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 .03512 28.475 1.4 Yield (%) 52-Week Total Return (%) Thailand baht .03192 31.330 4.3 WSJ Dollar Index 87.17 –0.36–0.41 2.56 Prime rate* 3.25 3.25 3.25 l 3.25 -1.50 Bond total return index Close Last Week ago High Low 52-wk 3-yr Libor, 3-month 0.20 0.20 0.18 l 1.39 -2.11 Sources: Tullett Prebon, Dow Jones Market Data U.S. Treasury, Barclays 2355.050 1.010 0.980 1.030 0.400 –4.952 4.319 Money market, annual yield 0.10 0.10 0.08 l 0.32 -0.25 Five-year CD, annual yield 0.47 0.48 0.44 l 0.90 -1.19 U.S. Treasury Long, Barclays 4112.240 2.290 2.340 2.400 1.090 –17.410 6.799 Commodities 30-year mortgage, fixed† 3.26 3.25 2.83 l 3.87 -1.13 Aggregate, Barclays 2216.020 1.620 1.600 1.630 1.020 0.649 4.845 Monday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.53 2.50 2.32 l 3.31 -1.32 Fixed-Rate MBS, Barclays 2206.890 1.850 1.830 1.850 0.980 –0.143 3.822 DJ Commodity Jumbo mortgages, $548,250-plus† 3.28 3.27 2.85 l 3.98 -1.39 795.56 -9.17 -1.14 836.48 433.70 65.33 8.74 High Yield 100, ICE BofA 3351.125 3.672 3.776 8.911 3.261 23.243 5.701 Refinitiv/CC CRB Index -2.63 195.13 106.29 9.70 Five-year adj mortgage (ARM)† 3.12 3.19 2.85 l 3.51 -1.02 184.08 -1.41 43.74 Muni Master, ICE BofA 593.064 0.980 0.962 1.940 0.725 5.841 4.779 Crude oil, $ per barrel -2.80 66.09 -37.63 20.88 New-car loan, 48-month 4.05 4.05 4.02 l 4.44 0.38 58.65 -4.56 124.88 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 892.961 4.962 4.992 6.692 4.295 15.739 3.937 Natural gas, $/MMBtu 2.511 -0.128 -4.85 3.354 1.482 45.06 -1.10 banks.† Excludes closing costs. Gold, $ per troy oz. 1727.00 0.50 0.03 2051.50 1664.80 2.98 -8.77 Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services P2JW096000-0-B00800-1------XA

B8 | Tuesday, April 6, 2021 THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Contract Open Contract Open Contract Open Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Metal & Petroleum Futures Wheat (KC)-5,000 bu.; cents per bu. Sept 1.0658 1.0734 1.0644 1.0728 .0074 151 Mini S&P 500 (CME)-$50 x index May 563.25 573.75 561.75 563.00 –2.00 95,643 Australian Dollar (CME)-AUD 100,000; $ per AUD June 4030.00 4073.75 s 4021.00 4067.75 57.75 2,551,210 Contract Open Sept 4019.75 4064.25 s 4011.00 4057.50 58.00 5,331 Open High hi lo Low Settle Chg interest July 571.25 580.75 568.50 569.75 –2.25 79,215 April .7621 .7661 .7600 .7654 .0050 159 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. June .7610 .7663 .7601 .7656 .0050 136,847 Mini S&P Midcap 400 (CME)-$100 x index Copper-High (CMX)-25,000 lbs.; $ per lb. April 144.000 147.300 144.000 146.450 2.575 5,120 Mexican Peso (CME)-MXN 500,000; $ per MXN June 2680.90 2680.90 s 2643.80 2661.10 17.90 45,334 April 4.0540 4.1620 4.0540 4.1490 0.1455 2,684 Sept 2658.90 17.90 1 May 149.600 152.300 149.600 151.775 2.550 19,654 April .04917 .04930 .04904 .04905 –.00012 390 May 4.0280 4.1600 4.0240 4.1375 0.1470 131,456 Mini Nasdaq 100 (CME)-$20 x index Cattle-Live (CME)-40,000 lbs.; cents per lb. June .04892 .04905 .04870 .04875 –.00012 133,235 Gold (CMX)-100 troy oz.; $ per troy oz. June 13339.00 13615.00 13304.25 13585.50 269.50 216,353 April 120.900 121.725 120.850 121.375 1.350 24,610 Euro (CME)-€125,000; $ per € April 1727.90 1729.70 1721.80 1727.00 0.50 5,362 June 123.150 124.775 s 123.125 124.425 1.875 152,296 Sept 13308.00 13601.00 13297.50 13573.50 269.50 764 April 1.1762 1.1823 1.1742 1.1815 .0054 1,237 Mini Russell 2000 (CME)-$50 x index May 1726.60 1733.20 1720.90 1727.70 0.40 1,617 Hogs-Lean (CME)-40,000 lbs.; cents per lb. June 1.1777 1.1838 1.1754 1.1829 .0054 631,532 June 2293.00 2298.30 2249.10 2263.10 11.20 469,711 June 1730.00 1734.40 1721.60 1728.80 0.40 377,700 April 102.100 103.000 s 101.950 102.400 .625 23,701 Sept 2287.00 2291.90 2245.90 2258.90 11.20 236 Aug 1732.10 1735.90 1723.60 1730.70 0.40 37,220 June 106.800 107.400 s 105.050 105.600 –.725 105,192 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Index Futures Mini Russell 1000 (CME)-$50 x index Oct 1731.90 1736.40 1726.80 1732.40 0.50 12,520 June 2275.40 2292.90 s 2264.70 2291.40 30.20 9,561 May 1013.20 1032.80 s 1013.20 1021.00 8.40 1,865 Dec 1733.50 1739.50 1727.20 1734.30 0.70 17,539 Mini DJ Industrial Average (CBT)-$5 x index U.S. Dollar Index (ICE-US)-$1,000 x index July 900.00 910.90 s 900.00 902.10 4.40 973 June 33236 33504 s 33157 33415 378 92,659 June 93.01 93.13 92.56 92.60 –.46 40,370 Palladium (NYM) - 50 troy oz.; $ per troy oz. Milk (CME)-200,000 lbs., cents per lb. Sept 92.96 93.09 92.55 92.59 –.45 561 April …… …2652.30 –1.10 April 17.54 17.65 17.52 17.60 .10 3,433 Sept 33120 33377 s 33054 33301 379 266 June 2659.50 2672.50 2620.50 2654.70 –1.10 9,903 May 18.46 18.70 s 18.40 18.57 .12 3,805 S&P 500 Index (CME)-$250 x index Platinum (NYM)-50 troy oz.; $ per troy oz. Cocoa (ICE-US)-10 metric tons; $ per ton. June 4067.70 57.80 20,596 Source: FactSet April 1212.80 1222.90 1206.70 1207.00 0.80 1,376 May 2,385 2,427 t 2,332 2,336 –56 60,735 July 1216.90 1225.00 1196.50 1209.80 1.20 63,486 July 2,420 2,450 t 2,360 2,364 –52 67,011 Silver (CMX)-5,000 troy oz.; $ per troy oz. Coffee (ICE-US)-37,500 lbs.; cents per lb. May 121.40 122.90 120.55 122.10 .50 94,064 Bonds | wsj.com/market-data/bonds/benchmarks April 24.935 24.935 24.935 24.763 –0.172 491 Sept 125.45 126.70 t 124.45 125.95 .55 56,444 May 25.050 25.140 24.660 24.780 –0.168 118,701 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. May 14.74 14.96 14.69 14.84 .13 323,067 Tracking Bond Benchmarks May 61.50 61.50 57.63 58.65 –2.80 359,421 July 14.76 14.87 14.69 14.74 .02 263,657 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week June 61.48 61.48 57.68 58.68 –2.80 336,151 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. July 61.25 61.35 57.62 58.61 –2.74 201,877 May 30.95 30.95 30.95 30.95 .20 1,938 highs and lows for different types of bonds Sept 60.18 60.54 57.14 58.08 –2.54 126,709 July 30.85 30.85 30.85 30.85 …3,153 Total Total Dec 59.04 59.26 56.15 57.07 –2.22 305,378 Cotton (ICE-US)-50,000 lbs.; cents per lb. return YTD total Yield (%) return YTD total Yield (%) May 78.75 79.60 77.65 77.88 –.07 82,865 Dec'22 55.47 55.58 53.36 54.26 –1.29 131,090 close return (%) Index Latest Low High close return (%) Index Latest Low High Dec 78.91 79.63 77.68 77.87 –.04 70,628 NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays May 1.8300 1.8330 1.7487 1.7724 –.0592 120,604 May 110.30 111.00 t 107.95 108.75 –1.20 8,671 2206.89 -1.1 Mortgage-Backed 1.850 0.980 1.850 June 1.8328 1.8352 1.7516 1.7748 –.0596 73,016 July 113.35 114.30 t 111.20 112.15 –1.10 2,556 2216.02 -3.2 U.S. Aggregate 1.620 1.020 1.630 Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. U.S. Corporate Indexes Bloomberg Barclays 2157.78 -0.9 Ginnie Mae (GNMA) 1.800 0.290 1.840 May 2.0214 2.0214 1.9297 1.9611 –.0612 138,481 Interest Rate Futures June 2.0111 2.0136 1.9250 1.9556 –.0602 68,234 3309.30 -4.3 U.S. Corporate 2.260 1.740 3.470 1303.09 -1.0 Fannie mae (FNMA) 1.860 1.160 1.860 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. June 183-190 184-140 182-180 183-210 3.0 1,135,895 -2.1 Intermediate 1997.87 -1.2 Freddie Mac (FHLMC) 1.870 1.140 1.870 May 2.593 2.616 2.488 2.511 –.128 281,397 3046.90 1.580 1.080 3.210 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% June 2.655 2.674 2.558 2.582 –.115 108,449 June 155-210 156-060 155-060 155-190 –3.0 1,172,554 4788.98 -7.6 Long term 3.400 2.730 3.910 593.06 -0.4 Muni Master 0.980 0.725 1.940 July 2.724 2.737 2.629 2.657 –.104 104,934 Treasury Notes (CBT)-$100,000; pts 32nds of 100% -4.9 Double-A-rated 418.70 -0.7 7-12 year 1.027 0.712 1.912 Sept 2.734 2.746 2.647 2.681 –.088 105,100 June 130-305 131-075 130-255 131-035 5.0 3,871,604 664.08 1.910 1.300 2.350 Oct 2.750 2.761 2.664 2.702 –.081 129,727 Sept 130-090 130-120 129-310 130-080 5.5 626 884.47 -3.8 Triple-B-rated 2.500 2.010 4.270 479.62 -0.6 12-22 year 1.408 1.095 2.352 Nov 2.833 2.836 2.743 2.782 –.073 70,185 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% June 123-062 123-137 123-042 123-122 6.0 3,571,354 High Yield Bonds ICE BofA 468.24 -0.1 22-plus year 1.978 1.682 3.262 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Agriculture Futures 501.81 1.3 High Yield Constrained 4.143 3.955 9.770 Global Government J.P. Morgan† June 110-096 110-108 110-095 110-105 .7 2,285,054 Corn (CBT)-5,000 bu.; cents per bu. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. 482.68 5.7 Triple-C-rated 6.946 6.939 18.330 n.a. n.a. Global Government n.a. n.a. n.a. May 561.25 564.50 549.75 553.25 –6.50 615,169 April 99.9375 99.9375 99.9350 99.9350 160,030 July 546.75 549.25 537.25 539.25 –6.00 429,257 May 99.9300 99.9300 99.9300 99.9300 143,070 3351.13 0.6 High Yield 100 3.672 3.261 8.911 n.a. n.a. Canada n.a. n.a. n.a. 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Oats (CBT)-5,000 bu.; cents per bu. n.a. EMU§ June 89-280 .5 136,008 452.02 1.0 Global High Yield Constrained 4.211 4.037 9.758 n.a. n.a. n.a. n.a. May 372.00 374.75 371.75 373.00 1.00 2,567 Eurodollar (CME)-$1,000,000; pts of 100% July 369.50 372.00 368.50 369.75 .50 1,100 343.76 1.8 Europe High Yield Constrained 2.560 2.560 6.878 n.a. n.a. France n.a. n.a. n.a. April 99.8175 99.8200 99.8150 99.8150 …184,350 Soybeans (CBT)-5,000 bu.; cents per bu. June 99.8250 99.8250 99.8200 99.8200 … 1,200,507 U.S Agency Bloomberg Barclays n.a. n.a. Germany n.a. n.a. n.a. May 1410.00 1421.00 1405.25 1412.75 10.75 286,234 Dec 99.7200 99.7300 t 99.7200 99.7250 .0050 929,559 Nov 1269.50 1280.75 1265.50 1269.00 5.25 219,242 March'23 99.3250 99.3650 t 99.3050 99.3550 .0300 1,205,549 1837.76 -1.5 U.S Agency 0.820 0.460 0.930 n.a. n.a. Japan n.a. n.a. n.a. Soybean Meal (CBT)-100 tons; $ per ton. 1610.06 -1.0 10-20 years 0.690 0.340 0.790 n.a. n.a. Netherlands n.a. n.a. n.a. May 411.50 417.90 405.70 406.30 –3.90 139,397 Currency Futures 3997.35 -6.4 20-plus years 2.390 1.290 2.460 n.a. U.K. n.a. July 412.40 419.10 407.60 408.10 –3.60 115,547 Japanese Yen (CME)-¥12,500,000; $ per 100¥ n.a. n.a. n.a. Soybean Oil (CBT)-60,000 lbs.; cents per lb. April .9043 .9095 .9032 .9079 .0041 241 2837.66 -3.3 Yankee 1.830 1.370 2.880 892.96 -4.4 Emerging Markets ** 4.962 4.295 6.692 May 52.55 53.15 52.34 52.81 .68 141,567 June .9043 .9101 .9036 .9084 .0041 166,014 July 50.73 51.50 50.70 51.17 .65 125,714 Canadian Dollar (CME)-CAD 100,000; $ per CAD *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds Rough Rice (CBT)-2,000 cwt.; $ per cwt. April .7959 .7999 .7941 .7985 .0026 168 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan May 13.11 13.20 13.10 13.16 .04 8,065 June .7945 .8000 .7941 .7985 .0026 161,514 British Pound (CME)-£62,500; $ per £ Sept 12.99 13.02 s 12.89 12.98 .04 686 April 1.3832 1.3914 1.3815 1.3905 .0079 547 Wheat (CBT)-5,000 bu.; cents per bu. Global Government Bonds: Mapping Yields June 1.3822 1.3917 1.3816 1.3907 .0079 138,066 May 607.00 625.00 607.00 618.00 7.00 162,072 Swiss Franc (CME)-CHF 125,000; $ per CHF Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in July 606.25 622.50 606.25 613.50 3.00 127,522 June 1.0628 1.0710 1.0614 1.0701 .0074 43,813 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session

Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago Cash Prices | wsj.com/market-data/commodities Monday, April 5, 2021 0.125 U.S. 2 0.172 t l 0.184 0.141 0.211 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— 1.125 10 1.718 t l 1.721 1.551 0.587 separate from the futures price on an exchange, which reflects what the commodity might be worth in future 5.500 Australia 2 0.089 l 0.089 0.137 0.214 -10.0 -1.1 months. -8.4 1.500 10 1.794 l 1.794 1.842 0.765 7.4 16.9 Monday Monday Monday 8.3 Energy Aluminum, LME, $ per metric ton *n.a. Wheat - Hard - KC (USDA) $ per bu-u 5.9300 0.000 France 2 -0.638 l -0.638 -0.605 -0.493 -81.0 -82.6 -71.8 Copper,Comex spot 4.1490 Wheat,No.1soft white,Portld,OR-u 7.6250 0.000 10 -0.079 l -0.079 -0.051 0.078 -179.0 -179.9 -51.9 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 60.900 Iron Ore, 62% Fe CFR China-s 167.7 Food Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.900 Shredded Scrap, US Midwest-s,m 451 0.000 Germany 2 -0.698 l -0.698 -0.688 -0.671 -87.0 -88.6 -89.6 Metals Steel, HRC USA, FOB Midwest Mill-s 1345 Beef,carcass equiv. index 0.000 10 -0.325 l -0.325 -0.301 -0.439 -203.6 -204.4 -103.5 Fibers and Textiles choice 1-3,600-900 lbs.-u 210.71 Gold, per troy oz select 1-3,600-900 lbs.-u 200.49 0.050 Italy 2 -0.395 l -0.395 -0.324 0.436 -56.7 -58.3 21.1 Engelhard industrial 1724.00 Burlap,10-oz,40-inch NY yd-n,w 0.7200 Broilers, National comp wtd. avg.-u,w 0.9236 0.900 10 0.636 l 0.636 0.761 1.531 -107.5 -108.4 93.5 Handy & Harman base 1727.25 Cotton,1 1/16 std lw-mdMphs-u 0.7563 Butter,AA Chicago 1.8375 Cheddar cheese,bbl,Chicago 0.005 Japan 2 -0.120 s l -0.123 -0.119 -0.132 -31.1 -35.7 Handy & Harman fabricated 1917.25 Cotlook 'A' Index-t *87.65 153.00 -29.2 Cheddar cheese,blk,Chicago LBMA Gold Price AM *Closed Hides,hvy native steers piece fob-u n.a. 177.50 0.100 10 0.121 s l 0.119 0.097 -0.009 -159.0 -160.1 -60.5 Milk,Nonfat dry,Chicago lb. 118.00 LBMA Gold Price PM *Closed Wool,64s,staple,Terr del-u,w n.a. Coffee,Brazilian,Comp 0.000 Spain 2 -0.506 l -0.506 -0.441 -0.131 -69.4 -35.6 Krugerrand,wholesale-e 1797.74 n.a. -67.8 Grains and Feeds Coffee,Colombian, NY n.a. Maple Leaf-e 1815.03 0.100 10 0.306 l 0.306 0.397 0.727 -140.6 -141.4 13.1 Eggs,large white,Chicago-u 1.0150 American Eagle-e 1815.03 Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 15.30 0.125 U.K. 2 0.074 l 0.074 0.101 0.090 -11.4 -13.5 Mexican peso-e 2092.17 -9.8 Bran,wheat middlings, KC-u 186 Hams,17-20 lbs,Mid-US fob-u 0.85 Austria crown-e 1697.37 4.750 10 0.800 l 0.800 0.759 0.313 -91.1 -92.0 -28.3 Corn,No. 2 yellow,Cent IL-bp,u 5.4950 Hogs,Iowa-So. Minnesota-u 96.25 Austria phil-e 1815.03 Corn gluten feed,Midwest-u,w 179.8 Pork bellies,12-14 lb MidUS-u n.a. Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close Silver, troy oz. Corn gluten meal,Midwest-u,w 614.2 Pork loins,13-19 lb MidUS-u 1.0246 Engelhard industrial 24.9000 Cottonseed meal-u,w 455 Steers,Tex.-Okla. Choice-u n.a. Corporate Debt Handy & Harman base 24.8950 Hominy feed,Cent IL-u,w 175 Steers,feeder,Okla. City-u,w 162.38 Handy & Harman fabricated 31.1190 Meat-bonemeal,50% pro Mnpls-u,w 340 Fats and Oils Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific LBMA spot price *Closed Oats,No.2 milling,Mnpls-u 3.8700 expectations (U.S.$ equivalent) *Closed Rice, Long Grain Milled, No. 2 AR-u,w 26.88 Corn oil,crude wet/dry mill wtd. avg.-u,w 57.0000 Coins,wholesale $1,000 face-a 19961 Sorghum,(Milo) No.2 Gulf-u 8.0075 Grease,choice white,Chicago-h 0.5350 Investment-grade spreads that tightened the most… Other metals SoybeanMeal,Cent IL,rail,ton48%-u,w 398.70 Lard,Chicago-u n.a. Spread*, in basis points LBMA Platinum Price PM *Closed Soybeans,No.1 yllw IL-bp,u 14.0750 Soybean oil,crude;Centl IL-u,w 0.5496 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Platinum,Engelhard industrial 1200.0 Wheat,Spring14%-pro Mnpls-u 7.1750 Tallow,bleach;Chicago-h 0.5600 Palladium,Engelhard industrial Wheat,No.2 soft red,St.Louis-u Tallow,edible,Chicago-u 2675.0 6.4550 0.6370 Canadian Natural Resources … 6.250 3.86 March 15, ’38 148 –10 178

KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; Commonwealth Bank of Australia … 2.688 2.92 March 11, ’31 118 –7 135 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 4/2 Source: Dow Jones Market Data Bank of Nova Scotia BNS 1.300 1.19 June 11, ’25 26 –6 38

International Business Machines IBM 3.300 1.39 May 15, ’26 44 –6 61 Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks Wells Fargo WFC 3.550 1.43 Sept. 29, ’25 45 –6 54 Money Rates April 5, 2021 McDonald's MCD 3.625 3.24 May 1, ’43 85 –5 97 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Siemens Financieringsmaatschappij … 1.200 March 11, ’26 –5 guide to general levels but don’t always represent actual transactions. 1.45 50 57 UnitedHealth UNH 2.375 0.69 Aug. 15, ’24 33 –5 42 Week —52-WEEK— Week —52-WEEK— Inflation Latest ago High Low Latest ago High Low Feb. index Chg From (%) …And spreads that widened the most level Jan. '21 Feb. '20 Switzerland 0.00 0.00 0.50 0.00 Treasury bill auction Britain 0.10 0.10 0.10 0.10 4 weeks 0.015 0.015 0.190 0.005 Telefonica Emisiones SA … 5.213 4.14 March 8, ’47 177 9 181 U.S. consumer price index Australia 0.10 0.10 0.25 0.10 13 weeks 0.020 0.020 0.280 0.015 All items 8 263.014 0.55 1.7 Overnight repurchase 26 weeks 0.035 0.040 0.290 0.035 Walt Disney DIS 1.750 1.30 Jan. 13, ’26 37 38 Core 270.696 0.35 1.3 U.S. 0.02 0.02 0.14 -0.04 Secondary market Lockheed Martin LMT 4.070 3.01 Dec. 15, ’42 64 7 International rates 74 U.S. government rates Fannie Mae Verizon Communications VZ 4.522 3.56 Sept. 15, ’48 119 7 124 Week 52-Week Discount 30-year mortgage yields Latest ago High Low 6 0.25 0.25 0.25 0.25 30 days 2.591 2.534 2.622 1.751 Principal Life Global Funding II … 1.250 1.26 June 23, ’25 33 36 Prime rates 60 days 2.635 2.576 2.674 1.804 HD 5 U.S. 3.25 3.25 3.25 3.25 Federal funds Home Depot 5.875 2.81 Dec. 16, ’36 109 115 Canada 2.45 2.45 2.45 2.45 Effective rate 0.0700 0.0700 0.1000 0.0600 Other short-term rates Pfizer PFE 3.400 0.60 May 15, ’24 23 5 Japan 1.475 1.475 1.475 1.475 High 0.1200 0.1200 0.1500 0.0800 n.a. Low 0.0300 0.0500 0.0600 0.0000 Week 52-Week Royalty Pharma RPRX 0.750 0.82 Sept. 2, ’23 65 5 Policy Rates Bid 0.0700 0.0600 0.1000 0.0100 Latest ago high low n.a. Euro zone 0.00 0.00 0.00 0.00 Offer 0.0800 0.0800 0.1100 0.0500 Call money High-yield issues with the biggest price increases… 2.00 2.00 2.00 2.00 Bond Price as % of face value Key Interest Rates Commercial paper (AA financial) Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week 90 days n.a. 0.07 0.26 0.04 Data are annualized on a 360-day basis. Treasury yields are per annum, Owens–Brockway Glass Container … 5.875 1.98 Aug. 15, ’23 108.930 1.31 107.248 on actively traded noninflation and inflation-indexed issues that are Libor 1.00 adjusted to constant maturities. Data are from weekly Federal Reserve One month 0.11038 0.10850 0.98513 0.10300 TRI Pointe Homes … 5.875 2.28 June 15, ’24 111.000 n.a. Three month 0.19975 0.20250 1.38738 0.17525 release H.15. Netflix NFLX 6.375 2.75 May 15, ’29 126.169 0.92 Six month 125.251 Week Ended 52-Week Week Ended 52-Week 0.20125 0.20288 1.23825 0.18950 One year 0.28050 0.28150 1.06013 0.27588 Apr 2Mar 26 High Low Apr 2Mar 26 High Low Howmet Aerospace HWM 5.900 3.00 Feb. 1, ’27 115.350 0.89 114.000 6-month Federal funds (effective) 0.04 0.04 0.21 0.04 Euro Libor 1-year 0.06 0.07 0.22 0.06 ADT Security … 4.875 4.50 July 15, ’32 103.250 0.88 100.750 0.07 0.07 0.10 0.04 2-year 0.16 0.14 0.26 0.11 One month -0.578 -0.579 -0.360 -0.607 Three month -0.550 -0.550 -0.142 -0.574 Commercial paper 3-year 0.35 0.31 0.35 0.13 Prime Security Services Borrower … 5.750 3.79 April 15, ’26 108.875 0.75 107.935 5-year 0.92 0.84 0.92 0.21 Six month -0.525 -0.524 -0.052 -0.543 Nonfinancial One year 7-year 1.39 1.30 1.39 0.39 -0.499 -0.495 0.008 -0.511 Sprint Capital … 8.750 3.40 March 15, ’32 148.490 0.68 147.905 1-month 0.06 0.07 1.42 0.06 10-year 1.72 1.65 1.72 0.55 2-month 0.07 0.07 1.24 0.06 Secured Overnight Financing Rate 20-year 2.29 2.25 2.32 0.99 American Airlines AAL 11.750 5.21 July 15, ’25 124.750 0.58 123.000 3-month 0.08 0.09 1.84 0.07 0.01 0.01 0.13 0.01 Financial Treasury yields (secondary market) 1-month 0.09 n.a. 0.17 0.08 Value 52-Week …And with the biggest price decreases 1-month 0.02 0.02 0.14 0.01 2-month 0.12 0.08 0.23 0.08 Latest Traded High Low 3-month 0.02 0.02 0.19 0.02 3-month 0.10 0.09 0.21 0.09 Murphy Oil MUR 7.050 6.72 May 1, ’29 102.000 –0.75 6-month 0.04 0.04 0.21 0.04 DTCC GCF Repo Index n.a. Discount window primary credit Treasury 0.040 57.900 0.151 -0.008 TIPS Prime Security Services Borrower … 5.250 2.82 April 15, ’24 107.002 –0.62 106.540 0.25 0.25 0.25 0.25 MBS 0.047 42.000 0.169 0.002 5-year -1.63 -1.69 -0.24 -1.84 –0.50 Treasury yields at constant 7-year -1.09 -1.14 -0.30 -1.44 Notes on data: Occidental Petroleum OXY 7.500 5.33 May 1, ’31 116.750 115.813 maturities 10-year -0.64 -0.67 -0.31 -1.05 U.S. prime rate is the base rate on corporate –0.35 1-month 0.02 0.02 0.15 0.01 20-year -0.14 -0.18 -0.08 -0.70 loans posted by at least 70% of the 10 largest Netflix NFLX 5.875 1.83 Feb. 15, ’25 115.000 114.875 3-month 0.02 0.02 0.19 0.02 Long-term avg -0.03 -0.07 0.03 -0.50 U.S. banks, and is effective March 16, 2020. Other prime rates aren’t directly comparable; Nokia Oyj … 4.375 3.03 June 12, ’27 107.500 –0.33 107.000 Notes on data: lending practices vary widely by location; Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates Discount rate is effective March 16, 2020. –0.21 Secured Overnight Financing Rate is as of April Dish DBS … 5.875 2.14 July 15, ’22 104.661 104.550 on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by 2, 2021. DTCC GCF Repo Index is Depository discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window Trust & Clearing Corp.'s weighted average for Ligado Networks … 15.500 15.12 Nov. 1, ’23 100.750 –0.13 100.750 primary credit rate is charged for discounts made and advances extended under the Federal overnight trades in applicable CUSIPs. Value Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; traded is in billions of U.S. dollars. Federal-funds Onemain Finance … 6.875 3.07 March 15, ’25 114.000 –0.13 112.700 Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid rates are Tullett Prebon rates as of 5:30 p.m. ET. yields for all TIPS with remaining terms to maturity of 10 years or more; Sources: Federal Reserve; Bureau of Labor *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread. Statistics; DTCC; FactSet; Sources: Federal Reserve; for additional information on these rate data and their derivation, Note: Data are for the most active issue of bonds with maturities of two years or more please see, www.federalreserve.gov/releases/h15/data.htm Tullett Prebon Information, Ltd. Source: MarketAxess P2JW096000-0-B00900-1------XA

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B10 | Tuesday, April 6, 2021 THE WALL STREET JOURNAL. BUSINESS & FINANCE Buyout Firm Seeks$1Billion forFund

BY PREETI SINGH main buyout funds with enter- at least$25 million to the En- Growth is targeting $4 billion fund in an exit by aflagship deliver higher returns. prise values of $500 million to core fund, the document forits fifthflagship vehicle. fund could suggest the firm’s To mitigatesuch conflicts, ProvidenceStrategic $2 billion, according to adoc- shows.Inaregulatoryfiling Thefirm didn’t respond to view of aportfolio company, the firm would invest from the Growth Capital Partners is ument used in marketing the last month, thefirm said it messages seeking comment. leading newinvestorsinthe Encorefund on the same eco- the latest private-equity firm fund that wasviewedbyThe planstohaveafirst close of Theinvestment committee businesstoplaceahigher or nomic terms as other third- pitching acontinuation fund Wall Street Journal. the continuation fund, which it forthe Encorefund includes lower value on it accordingly. party investors, the filing said. to investors, seeking $1 billion TheEncorefund’stargeted firm co-foundersMark Hastings Should Encore’sinvestment Moreover,the firm wouldn’t to back selected portfolio com- grossinternal rate of return is and PeterWilde,the firm’s in exit deals lead to higher requireconsent from investors panies as itsflagship funds 25%and itsgoal is to produce chief executiveand chairman, market values,the firm would in the Encorefund forsuch exit, according to people fa- returns of 2.5times invested respectively,aswell as John have an incentivetouse the transactions,orinpre-initial- miliar with the fundraising. capital, the document shows. 25% Clancy, amanaging director, continuation fund’sparticipa- public-offering financing TheBoston-based firm is Investorswould be chargeda the regulatoryfiling shows. tion as away to boost lessde- rounds forflagship fund port- pitching itsEncorefund to the 0.5% management feeonin- Continuation fund’s targeted Thefirm describes poten- sirable deals, the filing states folio companies,the filing said. largest investorsinits flagship vested money,while the firm’s gross internal rate of return tial conflictsthat mayarise as an example. Conflictscould also arise funds,describing it as itsfirst- shareofinvestment profits, from itsEncoreinvestment Potential conflictscould when the respectivepanels ever continuation vehicle,the known as carried interest, will strategy in the regulatory fil- also arise in the timing of ex- makedifferent determinations people said. be 20%, the document said. ing, including the possibility its from portfolio companies, on the timing of exits and in- As the fund’s general part- Thefirm canonly start collect- called PSGEncoreLP, after of sending signals about the as the filing said that the firm vestments, sinceMessrs. ner, the firm will invest $50 ing carried interest if the an- holding an initial closing for market value of aportfolio could see a gain from an ear- Wilde and Hastingsserveon million to $200 million from nual return from afund is 8% itsfifth flagship fund, which is companyinwhich an exit is lier exit that would let the En- the investment committees of the Encore fund in roughly 10 or more, the document shows. expected to occur by June 30. planned. The participation or core fund invest at alower both the firm’sflagship and portfolio companies held in its Thefirm expectstocommit ProvidenceStrategic nonparticipation of the Encore valuation with the potential to Encore funds.

Biggest 1,000 Stocks | WSJ.com/stocks Net Net Net Net Net Net Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Continued From Page B6 Net Net Stock Sym Close Chg Stock Sym Close Chg s SouthwestAir LUV 62.97 1.67 TRowePrice TROW 176.50 2.54 ToyotaMotor TM 155.38 1.22 UPS B UPS 171.95 0.67 Vodafone VOD 18.87 0.14 WheatonPrecMet WPM 40.22 0.32 Net Splunk SPLK 140.48 2.21 TaiwanSemi TSM 124.50 -0.30 s TractorSupply TSCO 180.35 3.85 UnitedRentals URI 331.53 -0.18 VornadoRealty VNO 45.79 -0.60 s Whirlpool WHR 233.51 8.21 Stock Sym Close Chg RocketCos. RKT 22.44 -0.11 Sea SE 234.90 -1.55 Spotify SPOT 273.30 0.20 TakeTwoSoftware TTWO 183.38 3.23 TradeDesk TTD 653.18 -5.66 US Bancorp USB 56.37 0.54 VulcanMatls VMC 170.29 3.90 Williams WMB 23.75 -0.15 s Tradeweb TW 76.97 0.97 s Williams-Sonoma WSM QuantumScape QS 49.37 0.07 Rockwell ROK 267.66 4.22 s Seagate STX 79.20 0.71 Square SQ 229.95 0.44 TakedaPharm TAK 18.20 -0.44 UnitedTherap UTHR 192.75 0.41 W X Y Z 182.88 0.80 QuestDiag DGX 130.13 0.69 RogersComm B RCI 46.89 -0.05 Seagen SGEN 143.73 0.33 s StanleyBlackDck SWK 202.42 1.76 Tapestry TPR 42.69 1.66 TraneTech TT 167.45 2.01 UnitedHealth UNH 370.18 3.11 WillisTowers WLTW 235.65 2.06 Starbucks SBUX 111.02 1.64 s Target TGT 205.35 4.63 TransDigm TDG 603.77 0.06 UnitySoftware U 100.60 -0.48 Wipro WIT 6.54 0.04 Roku ROKU 328.29 -3.61 SempraEnergy SRE 133.84 2.04 WEC Energy WEC 93.81 0.49 StateStreet STT 85.40 0.45 TataMotors TTM 20.93 -0.10 TransUnion TRU 94.44 2.18 UnivDisplay OLED 243.53 5.39 Wix.com WIX 298.00 4.70 R S Rollins ROL 35.39 0.56 SensataTechs ST 60.03 1.46 WEX WEX 215.17 -1.27 s SteelDynamics STLD 51.82 0.85 Travelers TRV 152.03 1.41 Workday WDAY 255.00 0.03 RoperTech ROP 414.84 4.49 ServiceCorp SCI 52.01 -0.36 TeckRscsB TECK 20.20 0.65 UniversalHealthB UHS 136.37 1.97 W.P.Carey WPC 72.10 -0.26 RELX RELX 26.03 0.43 Stellantis STLA 18.32 0.41 Trex TREX 94.860.07 WynnResorts WYNN 131.07 2.97 RossStores ROST 122.98 2.47 ServiceNow NOW 514.02 7.01 TeladocHealth TDOC 181.25 -1.54 Upstart UPST 140.52 -3.76 s WPP WPP 66.37 1.41 RH RH 592.93 -2.70 Steris STE 195.88 2.38 s Trimble TRMB 83.74 3.01 XP XP 39.01 -0.68 RoyalBkCanada RY 93.02 0.54 ShawComm B SJR 26.59 0.14 TeledyneTech TDY 420.94 3.51 VEREIT VER 40.29 0.35 Wabtec WAB 80.97 1.98 RLX Tech RLX 10.13 -0.82 STMicroelec STM 39.88 0.53 Trip.com TCOM 39.69 -0.45 XPO Logistics XPO 126.63 -0.85 RoyalCaribbean RCL 89.15 2.48 s SherwinWilliams SHW 255.90 6.15 Teleflex TFX 422.49 8.34 VF VFC 83.11 3.62 s WalgreensBoots WBA 56.80 2.05 RPM RPM 94.03 1.60 StoneCo STNE 63.26 -0.96 TruistFinl TFC 59.15 0.10 XcelEnergy XEL 68.11 1.32 RoyalDutchA RDS.A 39.81 -0.38 ShinhanFin SHG 33.12 0.18 Ericsson ERIC 13.40 0.33 VICI Prop VICI 28.98 0.14 Walmart WMT 139.43 3.81 RalphLauren RL 123.31 3.37 Stryker SYK 248.48 5.53 Tuya TUYA 20.07 -3.27 Xilinx XLNX 130.73 0.88 RoyalDutchB RDS.B 37.31 -0.15 Shopify SHOP 1145.95 -9.46 TelefonicaBras VIV 7.86 0.10 VailResorts MTN 298.30 3.27 WarnerMusic WMG 35.27 1.25 s RaymondJames RJF 128.91 2.40 SumitomoMits SMFG 7.36 0.16 Twilio TWLO 348.43 -3.61 XPeng XPEV 36.01 -0.94 RoyaltyPharma RPRX 42.70 -0.31 Sibanye-Stillwater SBSW 18.87 0.44 Telefonica TEF 4.60 0.07 Vale VALE 18.28 1.16 WasteConnections WCN 110.28 0.90 RaytheonTech RTX 77.91 0.63 SunComms SUI 152.43 -0.37 Twitter TWTR 64.24 0.41 Xylem XYL 106.42 1.78 Ryanair RYAAY 115.00 -0.74 SignatureBank SBNY 228.19 3.19 TelekmIndonesia TLK 23.66 0.05 ValeroEnergy VLO 74.62 -0.68 WasteMgt WM 130.99 1.71 RealPage RP 87.58 -0.09 SunLifeFinancial SLF 51.30 0.26 TylerTech TYL 437.15 5.33 Yandex YNDX 64.74 -0.23 SAP SAP 131.80 6.05 SimonProperty SPG 115.05 -0.15 10xGenomics TXG 190.71 4.92 VarianMed VAR 176.85 0.05 Waters WAT 295.65 10.93 RealtyIncome O 65.25 0.14 SuncorEnergy SU 21.15 -0.38 TysonFoods TSN 74.62 -0.25 YumBrands YUM 110.64 0.84 S&P Global SPGI 367.17 4.52 SiriusXM SIRI 6.30 0.03 Tenaris TS 23.01 -0.13 Vedanta VEDL 12.80 0.09 s Watsco WSO 270.89 3.67 RegencyCtrs REG 57.28 -0.34 SunRun RUN 55.16 -3.97 UBS Group UBS 16.01 0.16 YumChina YUMC 59.21 0.08 SBA Comm SBAC 285.11 3.93 Skyworks SWKS 191.65 3.95 TencentMusic TME 19.03 -1.08 VeevaSystems VEEV 263.57 -4.20 Wayfair W 323.73 -14.27 RegenPharm REGN 484.56 9.63 Suzano SUZ 12.21 0.08 UDR UDR 43.81 -0.55 ZTO Express ZTO 29.17 -0.93 s SEI Investments SEIC 62.26 0.35 SlackTech WORK 41.48 0.23 Teradyne TER 132.68 3.87 Ventas VTR 53.69 -0.71 Weibo WB 49.55 -0.46 RegionsFin RF 20.99 -0.07 SynchronyFin SYF 42.22 0.56 UGI UGI 41.47 0.22 ZaiLab ZLAB 125.11 -5.85 s SK Telecom SKM 27.77 0.26 SmithAO AOS 67.98 0.11 Tesla TSLA 691.05 29.30 VeriSign VRSN 206.18 4.28 WellsFargo WFC 39.48 -0.15 ReinsGrp RGA 126.79 -0.64 Synopsys SNPS 260.11 5.88 US Foods USFD 38.17 0.33 ZebraTech ZBRA 492.80 1.02 s RelianceSteel RS SS&C Tech SSNC 72.16 1.15 Smith&Nephew SNN 38.03 0.30 TevaPharm TEVA 11.56 0.08 VeriskAnalytics VRSK 181.55 1.74 Welltower WELL 72.80 -0.45 156.95 1.30 Sysco SYY 79.28 1.29 UWM UWMC 7.75 ... Zendesk ZEN 139.42 -0.38 RenaissanceRe RNR 166.00 1.00 StoreCapital STOR 34.31 0.01 Smucker SJM 127.09 0.84 s TexasInstruments TXN 196.93 4.87 Uber UBER 57.40 -0.20 Verizon VZ 58.87 0.57 WestFraserTimber WFG 76.11 2.17 Zillow C Z 133.48 0.07 Repligen RGEN 200.42 4.98 SVB Fin SIVB 490.02 6.69 Snap SNAP 54.11 -0.38 T U V TexasPacLand TPL 1587.99 -12.01 Ubiquiti UI 290.78 1.63 VertxPharm VRTX 215.32 2.28 WestPharmSvcs WST 289.56 4.79 Zillow A ZG 137.21 1.79 RepublicSvcs RSG 101.05 1.33 Salesforce.com CRM 220.29 1.57 s SnapOn SNA 234.28 2.54 s Textron TXT 57.56 0.53 UltaBeauty ULTA 319.77 6.15 ViacomCBS B VIAC 42.90 -1.74 WestAllianceBcp WAL 93.09 -1.28 ZimmerBiomet ZBH 162.70 2.70 ResMed RMD 195.11 0.67 Sanofi SNY 50.18 0.82 Snowflake SNOW 232.32 -4.47 TAL Education TAL 54.81 -1.50 ThermoFisherSci TMO 465.39 9.09 UnderArmour C UA 18.88 0.61 ViacomCBS A VIACA 46.76 -0.72 WesternDigital WDC 72.04 0.67 ZionsBancorp ZION 55.33 -0.08 RestaurantBrands QSR 65.48 -0.07 SantanderCons SC 27.76 0.55 SOQUIMICH SQM 53.82 -0.46 TC Energy TRP 46.97 0.16 s ThomsonReuters TRI 90.33 0.74 UnderArmour A UAA 22.97 1.00 Viatris VTRS 14.05 0.15 WesternUnion WU 25.06 -0.09 Zoetis ZTS 158.41 0.52 RingCentral RNG 297.80 -7.21 Sasol SSL 14.93 -0.14 SolarEdgeTech SEDG 268.97 -14.42 TE Connectivity TEL 132.77 1.98 3M MMM 194.97 2.27 Unilever UL 56.30 0.44 Vipshop VIPS 29.78 -0.36 WestlakeChem WLK 90.50 -1.05 ZoomVideo ZM 323.96 -2.27 RioTinto RIO 79.87 1.89 Schlumberger SLB 27.55 -0.55 Sony SONY 111.39 4.53 Telus TU 20.26 0.03 s Toro TTC 105.34 -0.02 s UnionPacific UNP 223.47 3.26 Visa V 219.04 2.18 WestpacBanking WBK 19.02 0.29 ZoomInfoTech ZI 47.56 -0.61 RobertHalf RHI 78.19 0.53 s SchwabC SCHW 68.15 1.71 Southern SO 62.66 0.33 TJX TJX 67.76 1.78 TorontoDomBk TD 66.66 0.92 UnitedAirlines UAL 59.29 1.47 Vistra VST 17.68 -0.04 WestRock WRK 52.87 0.68 Zscaler ZS 175.19 -0.58 Roblox RBLX 70.76 3.42 s ScottsMiracleGro SMG 252.62 2.62 SoCopper SCCO 71.70 2.29 T-MobileUS TMUS 131.40 3.75 Total TOT 46.03 -0.35 UnitedMicro UMC 9.20 -0.06 VMware VMW 152.45 0.05 s Weyerhaeuser WY 36.74 -0.10 Zynga ZNGA 10.66 0.18

Exchange-Traded Portfolios | WSJ.com/ETFresearch

Closing Chg YTD Closing Chg YTD Closing Chg YTD Closing Chg YTD Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) ETF Symbol Price (%) (%)

Monday, April 5, 2021 Closing Chg YTD iShMSCI ACWI ACWI 97.46 1.11 7.4 iShSilver SLV 23.09 –0.26 –6.0 SPDR DJIA Tr DIA 335.20 1.13 9.6 VangdHiDiv VYM 102.35 0.74 11.8 iShMSCI EAFE EFA 77.98 1.46 6.9 iShTIPSBondETF TIP 125.20 –0.29 –1.9 SPDR S&PMdCpTr MDY VangdIntermBd BIV 88.27 –0.30 –4.9 Closing Chg YTD ETF Symbol Price (%) (%) 485.70 0.70 15.7 iShMSCI EAFE SC SCZ 74.07 1.47 8.4 iSh1-3YTreasuryBd SHY 86.21 –0.02 –0.2 SPDR S&P 500 SPY 406.36 1.44 8.7 VangdIntrCorpBd VCIT 92.83 –0.33 –4.4 ETF Symbol Price (%) (%) iShCoreS&P MC IJH 265.82 0.70 15.7 iShMSCIEmgMarkets EEM 54.07 0.39 4.6 iSh7-10YTreasuryBd IEF 113.04 –0.28 –5.8 SPDR S&P Div SDY 119.68 0.79 13.0 VangdLC VV 190.02 1.42 8.1 iShCoreS&P SC IJR 110.57 0.44 20.3 ARKInnovationETF ARKK 121.64 0.65 –2.3 iShMSCIJapan EWJ 69.98 1.21 3.6 iSh20+YTreasuryBd TLT 136.91 –0.44 –13.2 VangdMC VO 226.06 0.68 9.3 iShS&PTotlUSStkMkt ITOT 93.87 1.20 8.9 TechSelectSector XLK 138.28 2.07 6.4 CommSvsSPDR XLC 76.15 2.11 12.8 iShNatlMuniBd MUB 115.91 –0.08 –1.1 iShRussellMCGrowth IWP 104.53 0.56 1.8 VangdMC Val VOE 137.23 0.76 15.4 iShCoreUSAggBd AGG 113.81 –0.20 –3.7 VanEckGoldMiner GDX 33.71 0.33 –6.4 CnsmrDiscSelSector XLY 173.27 2.27 7.8 iSh1-5YIGCorpBd IGSB 54.57 –0.05 –1.1 iShUSTreasuryBdETF GOVT 26.19 –0.21 –3.9 VangdMBS VMBS 53.41 0.09 –1.2 VangdInfoTech VGT 372.45 1.77 5.3 EnSelectSectorSPDR XLE 49.11 –2.39 29.6 iShSelectDividend DVY 115.58 0.65 20.2 iShPfd&Incm PFF 38.58 0.47 0.2 JPM UltShtIncm JPST 50.73 ... –0.1 VangdRealEst VNQ 93.89 0.38 10.5 VangdSC Val VBR 168.31 0.41 18.4 FinSelSectorSPDR XLF 34.74 0.78 17.8 iShESGAwareUSA ESGU 93.17 1.33 8.3 iShRussell1000Gwth IWF 251.15 1.73 4.2 PIMCOEnhShMaturity MINT 101.87 –0.02 –0.2 VangdS&P500ETF VOO 373.47 1.44 8.7 VangdExtMkt VXF 180.23 0.27 9.4 HealthCareSelSect XLV 117.20 0.70 3.3 iShEdgeMSCIMinUSA USMV 70.54 1.18 3.9 iShRussell1000 IWB 229.47 1.32 8.3 SPDRBloomBar1-3MTB BIL 91.50 –0.01 –0.0 VangdST Bond BSV 82.08 –0.05 –1.0 VangdSC Grwth VBK 280.78 0.48 4.9 IndSelSectorSPDR XLI 100.00 1.24 12.9 iShEdgeMSCIUSAMom MTUM 165.73 1.42 2.8 iShRussell1000Val IWD 154.21 0.88 12.8 SPDR Gold GLD 161.92 –0.04 –9.2 VangdSTCpBd VCSH 82.34 –0.06 –1.1 VangdDivApp VIG 150.08 1.34 6.3 InvscQQQI QQQ 331.05 2.00 5.5 iShEdgeMSCIUSAQual QUAL 124.61 1.23 7.2 iShRussell2000 IWM 224.97 0.55 14.7 SchwabIntEquity SCHF 38.67 1.36 7.4 VangdSC VB 218.22 0.39 12.1 InvscS&P500EW RSP 144.38 0.91 13.2 iShEdgeMSCIUSAVal VLUE 104.88 1.32 20.7 iShRussell2000Val IWN 162.09 0.48 23.0 SchwabUS BrdMkt SCHB 99.04 1.24 8.8 VangdFTSEDevMk VEA 50.50 1.51 7.0 VangdTotalBd BND 84.67 –0.15 –4.0 iShCoreDivGrowth DGRO 49.14 1.17 9.6 iShGoldTr IAU 16.45 –0.06 –9.3 iShRussellMid-Cap IWR 75.48 0.61 10.1 SchwabUS Div SCHD 74.25 1.27 15.8 VangdFTSE EM VWO 52.63 0.21 5.0 VangdTotIntlBd BNDX 57.08 –0.12 –2.5 iShCoreMSCIEAFE IEFA 74.14 1.41 7.3 iShiBoxx$InvGrCpBd LQD 129.97 –0.49 –5.9 iShRussellMCValue IWS 111.32 0.73 14.8 SchwabUS LC SCHX 98.55 1.36 8.4 VangdFTSE Europe VGK 65.11 1.72 8.1 VangdTotIntlStk VXUS 64.25 1.10 6.8 iShCoreMSCIEM IEMG 65.25 0.28 5.2 iShiBoxx$HYCpBd HYG 87.11 0.05 –0.2 iShS&P500Growth IVW 67.37 1.98 5.6 SchwabUS LC Grw SCHG 134.46 1.80 4.7 VangdFTSEAWxUS VEU 62.10 1.06 6.4 VangdTotalStk VTI 211.72 1.17 8.8 iShCoreMSCITotInt IXUS 71.98 1.10 7.1 iShJPMUSDEmgBd EMB 109.26 –0.12 –5.7 iShS&P500Value IVE 143.50 0.93 12.1 SchwabUS SC SCHA 101.57 0.57 14.1 VangdGrowth VUG 265.98 1.76 5.0 VangdTotlWrld VT 99.70 1.15 7.7 iShCoreS&P500 IVV 407.85 1.44 8.6 iShMBSETF MBB 108.20 0.01 –1.8 iShShortTreaBd SHV 110.51 ... –0.0 Schwab US TIPs SCHP 61.03 –0.31 –1.7 VangdHlthCr VHT 229.90 0.56 2.8 VangdValue VTV 133.19 0.81 12.0

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THE WALL STREET JOURNAL. ***** Tuesday, April 6, 2021 | B11 MARKETS Jobs Data Power Dow, S&P to Records

BY CAITLIN OSTROFF tions forunemployment bene- S&P500 sectorsperformance, Monday trillion coronavirus relief bill GameStop fell $4.50,or AND ALEXANDER OSIPOVICH fits have trended down since have also helped propel the 2.4%, to $186.95after it an- then and Friday’sreport offered Consumer discretionary stock market to records. nounced plans to sell as many TheDow Jones Industrial signs that hiring maybepicking Communications services Some investorshaveworried as 3.5million shares. Averageand S&P 500 surgedto up again. that the paceofgrowthand Shares of the videogame recordsasastrong jobs report “It wasablockbuster report Information technology torrent of government spend- retailer slid as much as 14%in and datashowing arebound in on all fronts, exceeding expecta- ing could spur inflation, morning trading beforeparing the services sector cheered in- tions in areally big way,” said S&P500 prompting the Federal Reserve losses.The stock has been on a vestorshoping forarobust Hani Redha, aportfolio manager Consumer staples to tighten monetarypolicy. Fed wild ride this year amid a economic recovery. at PineBridgeInvestments. officials have said they are frenzy of trading by individual TheDow gained 373.98 Other datareleased Monday Industrials looking forrecoveryinthe jobs investorsfueled by social me- points, or 1.1%, to 33527.19.The showedthe U.S. services sector Materials market,alongside sustained 2% dia. broad S&P 500 climbed 58.04 continuing to makegains after inflation, beforechanging inter- Overseas,major marketsin points, or 1.4%, to it wasbatteredbyshutdowns, Utilities est ratesoraltering bond pur- Europe were closed forthe Eas- MONDAY’S 4077.91. stay-at-home ordersand con- chases. terholiday, while marketsin MARKETS Thetechnol- sumercaution stemming from Financials On Monday, the yield on the China and Hong Kong were ogy-heavy Nasdaq the pandemic. Healthcare 10-year Treasurynoteslipped closed forthe Qingming Festi- Compositeadvanced225.49 TheInstitutefor Supply to 1.718% from 1.721% Friday. val. Early Tuesday, Japan’sNik- points, or 1.7%, to 13705.59. Management’sservices index Real Estate Bond yields fall when prices keiwas down 0.7% and South With the U.S. stock market rose to arecordof63.7in rise. Korea’sKospi wasdown0.1%. Energy closed Friday, it wasthe mar- March from 55.3 in February, Tenofthe S&P 500’s11sec- S&P 500 futures were down ket’sfirst reaction to the latest ahead of economists’ forecast -2%-1012tors rose,reflecting abroad 0.1%. jobs report, which showedthat of 59.2.Any reading above50 Source:FactSet rally that included robust gains U.S. hiring jumped in March. indicates an expansion. in economically sensitivesec- Employers added aseason- Recoveryinservices has State Street Global Advisorsin $1.25, or 4.7%, to $28.11. The tors likeconsumer-discretion- AUCTION RESULTS ally adjusted 916,000 jobs last laggedbehind manufacturing, Europe. Centersfor Disease Control and ary, industrials and materials Here are the results of Monday's Treasury auctions. All bids are awarded at a single price at the market- month, thebest gain sinceAu- and investorshavebeen watch- Stocks that were hammered Prevention issued updated guid- stocks,aswell as tech. clearing yield. Rates are determined by the difference gust.The fast paceofhiring ing forapickup in industries by the pandemic,likeairlines anceFridaythat will makeit Theonly sector to post aloss between that price and the face value. has bolstered hopes fora like leisure, travel and restau- and cruise-line operators, easier forcruise lines to begin wasenergy,which wasdragged 13-Week 26-Week strong economic rebound and rantstoindicateabroader eco- posted solid gains on Monday. returning to normal operations. down by adropinthe priceof Applications $178,430,068,500 $189,442,968,600 could continue driving inves- nomic rebound. DeltaAir Lines, Southwest “Without adoubt, the re- oil. Futures on Brent crude,the Accepted bids $64,539,837,500 $61,144,496,500 " noncomp $516,196,700 $426,007,700 tors to stocks hardest hit by “Manufacturing has been Airlines and United Airlines opening trade remains in good international benchmark, " foreign noncomp $400,000,000 $622,000,000 the Covid-19 pandemic. strong acrossthe board, but it were all up morethan 2.5%. order,” said Hans Olsen,chief slumped 4.2% to $62.15 abarrel Auction price (rate) 99.994944 99.982306 Manybusinesses laid off is easier to switch on afactory Norwegian Cruise Line shot investment officer of Fiduciary as countries including India and (0.020%) (0.035%) 0.020% 0.035% workerslast year as stateand and start making cars.What we up $1.99,or7.2%, to $29.71after Trust. China reported an increase in Bids at clearing yield accepted 70.06% 48.87% local governmentsimposed need to see is the services pick- it asked health officials to let it Afaster-than-anticipated vac- coronavirus cases that could 912796B57 9127964V8 Both issues are dated April 8, 2021. The 13-week bills measures to contain the spread ing up,” said Altaf Kassam, resume sailing from U.S. ports, cine rollout and stimulus spend- lead to another drop in global mature on July 8, 2021; the 26-week bills mature on of the coronavirus.New applica- head of investment strategyfor while Carnival shares gained ing from President Biden’s$1.9 oildemand. Oct. 7, 2021.

U.S. crude-oil price Demand Worries $65 abarrel Dent Oil Prices 60

55 BY AMRITH RAMKUMAR cases around the world and a sluggish vaccine rollout in Eu- Oil prices fell Monday, ex- rope would pressuredemand 50 tending arecent stretch of vol- forfuel in the weeks ahead. atility with some traderswor- French President Emmanuel S

ried that rising coronavirus Macron announced anational PRES 45

cases will halt arebound in lockdown last Wednesday,and TED

fuel demand. the pandemic is also worsen- CIA U.S. crude prices slid 4.6% inginother large economies SO 40 AS to $58.65abarrel, erasing such as India. theiradvance from latelast Even though manyanalysts week and dropping at least 4% viewedlast week’sOPEC deci- ERICAN/ 35 AM

forthe third sion as asign of confidence SA COMMODITIES time in nine that demand will surge,some Nov. 2020 Jan. ’21 ODES sessions. tradersare nowquestioning Source:FactSet AN/

Prices jumped Thursdayfol- thosewagers. TM lowing adecision by the Or- “The strong bullish re- gasoline prices that would fur- HAR

ganization of the Petroleum sponse to the production deci- ther pressureconsumersatthe ELI Exporting Countries and allies sion wasanoverreaction,” Jim pump.After U.S. crude prices Crude prices have wobbled around $60 in recent weeks, remaining up roughly 20% forthe year. to gradually increase supply in Ritterbusch,president of en- rose as high as $66 last month, the coming months as the ergy advisoryfirm Ritterbusch some investorshad worried tionarypressures forbusi- speculativeinvestorsslightly the de factohead of the cartel, global economyrecoversfrom &Associates,said in anote. that acontinued increase nesses and consumers. lowerednet betsonhigher has sought to maintain output the pandemic. Brent crude,the global would hurt the economyas Traderswill be monitoring U.S. crude prices in the two cuts, while other large produc- Oil prices have wobbled gaugeofoil prices,fell 4.2% to moreconsumersget vacci- dataonsupply and inventories weeks ended March 30,Com- erslikeRussia have pushed to around $60 in recent weeks, $62.15 abarrel Monday. nated and travel this summer. around the world in the com- modity Futures Trading Com- roll them back.The group has remaining up roughly 20% for Analystssay oil prices are Some on Wall Street have ingdays,with recent figures mission datashow. frequently changed course in the year but morethan 10% nowhovering around asweet even called forabroad com- indicating that oil marketsre- If demand falters, some in- the past year as forecasters belowaMarch 5peak. spot that supportsearningsfor modity “supercycle” that could main well supplied also pres- vestorsexpect OPEC+ to re- struggle to predict howde- Investorsare weighing energy producers without push up prices forarangeof suring energy prices lately. verselast week’sannounced mand will shiftduring the whether rising coronavirus causing amuch biggerclimb in rawmaterials andfuel infla- Hedgefunds and other supply increases.Saudi Arabia, pandemic.

an audit committeetooversee versity of Tennessee.“As soon panies that Coinbase has in- incentives,it’sverydifficult to dent if they ownmorethan Coinbase relations with itsauditor—in- as yourelax it even alittle, vested in recently.Mr. be independent,” said April 10% of the voting shares. For cluding, if necessary, referee- you start to lose the benefit.” Ehrsam’sfirm part-owned Klein,anaccounting professor the two Coinbase directors, ing disagreementswith the Mr.Neal said that, based on Tagomi HoldingsInc., abro- at New York University. “The that includes shares in the Insiders company’s management. Two his research of audit commit- kerage that Coinbase bought audit committeeare supposed companyheld by their invest- of the three directorsonCoin- tees at public companies,it last year,for example.These to be the ones that ask the ment firms—Union Square base’saudit committeeare was“morethan abit unusual co-investmentscould poten- good questions,not only of Ventures forMr. Wilson and Join Board Messrs. Ehrsam and Wilson. to see aco-founder and former tially createconflictsif, forex- the auditor but of the firm.” Paradigm for Mr. Ehrsam. Audit committees are a vi- president of acompanyserving ample,the audit committee The decision on whether a Mr.Ehrsam controls 8.9% of talsafeguardfor shareholders as an independent member of discusses their accounting director of apublic company totalvoting powerwhile Mr. ContinuedfrompageB1 in publicly traded companies, itsaudit committee.” treatment. These conflicts is independent isn’t just a Wilson has 8.1%, according to on April 14.The prospectus for regulatorssay.Former Securi- One concern is potential could force the men to recuse matterfor acompany’sboard. the prospectus.Soneither its offering says its board has ties and ExchangeCommission conflictsofinterest. Messrs. themselves from important The stock exchanges, and the breaches the 10% rule. determined that Messrs. Chairman Arthur Levittcalled Ehrsam and Wilson each own, corporate decisions. SEC, setdetailed criteria for Big investors who serve on Ehrsam and Wilson meet the the committees the “ultimate via their firms,stakesincom- “Whenever youhavemixed directors’ independence. an audit committeecan be ef- regulatory definition of inde- guardian of investor interests One Nasdaq rule says inde- fectiveadvocates forshare- pendent directors. and corporateaccountability.” pendent directorscouldn’t holders as a whole. But there Coinbase,valued at about $8 SEC rules,introduced after have worked forthe company is aconcern that they mayact billion in itslast privatefund- the Enron and WorldCom ac- within the past three years. to help existing investorsat raising round in 2018,ispre- counting scandals of the early Mr.Ehrsam stepped down as the expense of newones,or

paring to go public on the Nas- 2000s,say everydirector on ARD18 president of Coinbase in Janu- favorbig shareholdersover SW ONW

daq Global Select Market via a an audit committeemust be SX ary 2017. smaller ones. R R

direct listing—a nontraditional independent. Studies have FO Thetwo men appear to just Nasdaq,which canchallenge FO processwhereexisting share- found that fully independent qualifyunder the regulatory companies’ choiceofaudit- GES holderscan sell shares but the committees tend to improve GES criteria forindependence. Mr. committeemembers, has ap- IMA companydoesn’t raise any financial reporting by compa- IMA Neal, the accounting professor, proved the Coinbase shares for

cash. Other companies such as nies, according to academics. ETTY added that he believes the listing,securities filingsshow. GETTY SpotifySAand Slack Technolo- “The requirement forthe /G companyis“taking advantage TheSEC’scommentsonthe

gies Inc.took the same routeto audit committeetobe100% PEREZ/ of some vulnerabilities in the Coinbase prospectus haven’t BARRITT the market. independentisreally impor- Y regulations that permit this been published. Spokesmen for AIG MM

Likeevery public company, tant,” said Terry Neal, an ac- TA CR type of scenario to happen.” the SEC and Nasdaq Inc.de- Coinbase is required to have counting professor at the Uni- Fred Ehrsam, left, a co-founder of Coinbase, and Fred Wilson. Directorsaren’t indepen- clined to comment on Coinbase.

YTD YTD YTD YTD YTD YTD YTD Mutual Funds Data provided by Net Net Net Net Net Net Net Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret TotRetBdI 10.48 -0.01 -1.3 GroCo 34.66 +0.40 5.4 IntlEq 29.24 +0.21 2.9 TotRt 10.24 -0.01 NA ExplrAdml 130.68 +0.85 9.2 WndsrAdml 82.11 +0.85 15.0 ExtndIstPl 337.54 +1.07 10.0 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. Edgewood Growth Instituti GrowCoK 34.76 +0.41 5.5 Invesco Funds Y PIMCO Funds A ExtndAdml 136.79 +0.44 10.0 VANGUARD FDS IdxIntl 20.55 +0.18 6.2 e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnotese EdgewoodGrInst 54.14 +0.69 4.6 InvGrBd 11.55 -0.02 -2.6 DevMktY 54.89 +0.02 2.7 IncomeFd 11.99 ... NA GNMAAdml 10.67 ... -0.5 DivdGro 35.01 +0.44 6.0 MdCpGrAdml 94.63 +0.62 3.8 and sapply. k-RecalculatedbyLipper,using updateddata. p-Distribution costsapply, Fidelity LowP r 56.31 +0.37 15.8 John Hancock Instl PIMCO Funds I2 GrwthAdml 137.01 +2.50 5.2 INSTTRF2020 26.93 +0.14 2.6 SmValAdml 72.34 +0.35 18.9 12b-1. r-Redemption charge mayapply. s-Stock split or dividend. t-Footnotespand r 500IdxInstPrem141.88 +2.04 9.0 Magin 13.55 +0.22 3.8 DispValMCI 27.04 +0.20 16.0 Income 11.99 ... NA HlthCareAdml r 89.97 +0.61 0.5 INSTTRF2025 28.39 +0.18 3.4 TotBd2 11.02 -0.01 -3.4 apply. v-Footnotesxand eapply. x-Ex-dividend. z-Footnote x, eand sapply. NA-Not Contrafund K6 19.91 +0.32 5.5 NASDAQ r 172.30 +2.86 6.5 JPMorgan I Class PIMCO Funds Instl HYCorAdml r 5.93 +0.01 0.3 INSTTRF2030 29.32 +0.21 4.2 TotIntlInstIdx r137.43 +1.18 6.1 available due to incompleteprice, performanceorcostdata. NE-Notreleased by Lipper; ExtMktIdxInstPre 91.83 +0.29 10.0 OTC 18.84 +0.35 7.5 CoreBond 11.90 -0.02 -2.6 IncomeFd 11.99 ... NA InfProAd 27.87 -0.05 -1.4 INSTTRF2035 30.19 +0.24 5.1 TotItlInstPlId r137.47 +1.18 6.1 data under review. NN-Fund nottracked. NS-Fund didn’texistatstart of period. FidSerToMarket 14.09 +0.18 9.1 Puritn 27.74 +0.22 6.6 EqInc 21.86 +0.21 11.3 Price Funds IntlGrAdml 163.26 +1.16 1.9 INSTTRF2040 31.09 +0.28 5.9 TotSt 103.03 +1.27 9.1 IntlIdxInstPrem 48.30 +0.60 5.9 SrsEmrgMkt 26.21 +0.14 5.0 JPMorgan R Class BlChip 172.21 +2.66 4.0 ITBondAdml 11.98 -0.02 -4.0 INSTTRF2045 31.90 +0.31 6.7 VANGUARD INSTL FDS MidCpInxInstPrem 29.84 +0.21 10.5 SrsGlobal 15.19 +0.14 5.9 CoreBond 11.92 -0.01 -2.6 DivGro 64.13 +0.75 7.1 ITIGradeAdml 10.00 -0.02 -3.3 INSTTRF2050 32.02 +0.32 6.8 BalInst 45.79 +0.33 4.1 Monday, April 5, 2021 SAIUSLgCpIndxFd 21.40 +0.31 9.0 SrsGroCoRetail 24.09 +0.28 5.8 Lord Abbett A EqInc 35.83 +0.20 15.1 LTGradeAdml 10.66 -0.02 -8.5 INSTTRF2055 32.10 +0.31 6.8 DevMktsIndInst 16.15 +0.17 6.4 YTD YTD YTD Net Net Net SeriesBondFd 10.39 -0.01 -3.2 SrsIntlGrw 18.46 +0.21 3.8 ShtDurIncmA p 4.20 -0.01 0.4 Growth 102.70 +1.49 5.9 DevMktsInxInst 25.25 +0.27 6.5 Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret MidCpAdml 279.94 +1.90 9.5 IntlGr 51.32 +0.37 1.8 SeriesOverseas 12.96 +0.15 4.5 SrsIntlVal 11.10 +0.15 10.0 Lord Abbett F HelSci 99.85 +0.86 1.0 MuHYAdml 11.93 ... 0.5 IntlVal 43.42 +0.43 7.9 ExtndInst 136.78 +0.44 10.0 GrwthInst 137.01 +2.49 5.2 American Century Inv Artisan Funds 5GlbFxdInc 10.89 ...... SmCpIdxInstPrem 28.72 +0.14 15.0 TotalBond 10.99 -0.01 -2.4 ShtDurIncm 4.20 ... 0.4 LgCapGow I 65.66 +1.01 7.3 MuIntAdml 14.73 ... -0.3 LifeCon 22.90 +0.09 1.3 InPrSeIn 11.35 -0.02 -1.4 Ultra 78.60 +1.38 3.5 IntlVal Inst 44.18 +0.39 10.8 EmgMktVa 31.31 +0.14 9.5 TMktIdxInstPrem117.58 +1.45 9.2 Fidelity SAI Metropolitan West MidCap 119.40 +1.16 5.6 MuLTAdml 12.12 ... -0.2 LifeGro 42.55 +0.37 5.7 InstIdx 356.22 +5.12 9.0 American Funds Cl A Baird Funds EmMktCorEq 25.98 +0.13 7.1 USBdIdxInstPrem 11.98 -0.02 -3.3 TotalBd 10.45 -0.01 -2.3 TotRetBdI 10.84 -0.02 -2.7 NHoriz 82.77 +0.29 0.6 MuLtdAdml 11.22 ...... LifeMod 32.76 +0.21 3.5 InstPlus 356.23 +5.11 9.0 AmcpA p 42.09 +0.46 7.6 AggBdInst 11.35 -0.02 -3.1 IntlCoreEq 15.80 +0.17 8.6 Fidelity Advisor I Fidelity Selects TRBdPlan 10.17 -0.01 -2.7 R2020 23.76 +0.13 4.4 MuShtAdml 15.93 ... 0.1 PrmcpCor 33.34 +0.46 15.0 InstTStPlus 80.47 +1.00 9.2 AMutlA p 48.70 +0.42 9.6 CorBdInst 11.73 -0.01 -2.8 IntSmCo 22.02 +0.23 8.7 NwInsghtI 39.07 +0.59 6.1 Softwr r 28.40 +0.45 4.7 MFS Funds Class I R2025 20.38 +0.13 5.2 PrmcpAdml r173.70 +2.39 12.9 STAR 32.37 +0.20 4.2 MidCpInst 61.84 +0.42 9.5 BalA p 31.74 +0.23 5.4 BlackRock Funds IntSmVa 21.17 +0.22 10.8 Fidelity Freedom Tech r 28.36 +0.29 5.5 Growth I 168.69 +2.97 4.3 R2030 30.21 +0.22 6.2 RealEstatAdml133.03 +0.46 11.2 TgtRe2015 15.93 +0.05 1.3 MidCpIstPl 304.98 +2.06 9.5 BondA p 13.37 -0.01 -2.7 HiYBlk 7.81 +0.01 1.4 TAUSCoreEq2 25.79 +0.29 12.5 FF2020 17.75 +0.07 3.4 First Eagle Funds ValueI 49.55 +0.41 10.2 R2035 22.74 +0.19 7.1 SmCapAdml104.60 +0.50 12.5 TgtRe2020 35.17 +0.17 2.6 SmCapInst 104.60 +0.51 12.5 CapIBA p 66.65 +0.43 6.4 HiYldBd Inst 7.80 +0.01 1.4 US CoreEq1 33.07 +0.38 11.8 FF2025 16.09 +0.08 4.1 GlbA 65.01 +0.48 NA MFS Funds Instl R2040 32.83 +0.30 7.9 SmGthAdml 98.69 +0.47 5.1 TgtRe2025 22.27 +0.14 3.4 SmCapIstPl 301.90 +1.45 12.5 CapWGrA 63.35 +0.78 7.0 BlackRock Funds A US CoreEq2 30.43 +0.34 13.2 FF2030 20.23 +0.10 4.9 Franklin A1 IntlEq 31.57 +0.24 3.0 PRIMECAP Odyssey Fds STBondAdml 10.77 ... -0.6 TgtRe2030 42.26 +0.30 4.2 STIGradeInst 10.93 -0.01 -0.4 EupacA p 70.76 +0.56 2.0 GlblAlloc p 22.26 +0.16 2.6 US Small 46.41 +0.33 21.1 17.69 +0.12 6.8 7.71 ... -0.7 Northern Funds 58.65 +0.75 9.3 FF2035 CA TF A1 p AggGrowth r STIGradeAdml 10.93 -0.01 -0.4 TgtRe2035 26.50 +0.22 5.1 STIPSIxins 25.85 -0.02 1.1 FdInvA p 75.22 +0.83 9.0 BlackRock Funds Inst StkIdx 45.62 +0.66 9.0 US SmCpVal 44.35 +0.27 29.1 FF2040 12.69 +0.10 8.0 IncomeA1 p NA ... 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B12 | Tuesday, April 6, 2021 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Sports Stars Get in the SPAC Game Music Investors Blank-check companies draw in athletes, but investors shouldn’t spring for courtside tickets Tune In Google “Shaquille O’Neal inves- Number of 60 tor” and you’ll be inundated with a sports-related

list of activities that, much like his SPACsformed S To Legends physique, is surprisingly large. The 50 latest: advising blank-check com- PRES panies. TED 40 CIA Older song catalogs The hoops great isn’t alone. A SO list compiled by The Wall Street AS garner huge sums Journal in March catalogs a grow- ing roster of star athletes and 30 TITUTION/ sports executives who count them- Bob Dylan, StevieNicks and now ONS

selves as investors or advisers in -C Paul Simon. Older,established sing- 20 special-purpose acquisition compa- erssold their song catalogsfor

nies. They include Serena Wil- JOURNAL hugesums over the past year.The liams, Stephen Curry, Naomi 10 A challengefor investorsishow to Osaka, Tony Hawk and Colin Kaep- value neweracts. TLANT

ernick. /A Demand formusic publishing as- As of last month, there had 0 sets—the rightstothe underlying INTER

been 61 sports-related SPACs 2005 ’07 ’08 ’13 ’15 ’17 ’18 ’19 ’20 ’21 PO composition of asong—is growing

formed this year alone compared SA among record labels,buyout firms Note:Figures for2006,2009-12, 2016 had no YS

with just five for the entirety of sport-relatedSPACs based on the criteria Sporticouse; AL and hedgefunds.In2020,$4.67 bil- 2019, according to sports business 2021 data is through March 24 Hoops star Shaquille O'Neal said he started investing to build something lion of music catalogschanged publication Sportico. Source:Sportico more eternal than his basketball legacy. hands globally,a14% increase from Celebrities are drawn to SPACs 2019 based on datafromanalytics given the significant upside and stake in Google before it went ena Ventures has invested in just how glutted the investment firm MIDiA. limited need for their capital. public—currently serves as a stra- more than 50 early-stage startups. class has become: SPACs that Song catalogscan makegood in- Mr. O’Neal, like other athletes, tegic adviser for a SPAC that in The bigger question is why in- made their debut in March hov- vestmentsbecause of the royalty has said he started investing to February said it would merge with vestors are drawn to an invest- ered near their issue prices while paymentsthey generateand the di- build something more eternal than fitness and nutrition business ment class increasingly known for those in January and February versity they add to portfolios.Mr. his basketball legacy. Similarly, Na- Beachbody Co. its association with big names in rose by an average of 5% after Dylan sold his catalog to Universal tional Football League wide re- Tennis legend Serena Williams sports. their offerings. Music Publishing Group latelast ceiver Odell Beckham Jr. said he sits on the board of Jaws Spitfire Like scouting new talent, a Celebrities’ participation has year—at a$300 million pricetag, bets on startups because he Acquisition Corp., a SPAC that SPAC enables investors to play a the Securities and Exchange Com- according to industrytrade publica- doesn’t want football to define said in March it will merge with a hot new trend based on future po- mission concerned. Big-time ath- tions.Top actsfromthe 1960s and him. He recently signed on to be a three-dimensional printing tech- tential rather than a demonstrated letes can pack stadium seats in 1970s canget payoutsofmorethan strategic adviser for a SPAC spon- nology company. record. SPACs appeal to those with virtually any city they travel to, so 20 times their annual net royalties. sored by a technology-focused Just how successful can sports short attention spans, offering im- what else will fans follow them Adecade agothat multiple was9.2 venture-capital firm. stars be in a domain so far outside mediate gratification. into? The SEC recently put out an times on average, according to in- That stands in contrast with their arena, though? It is unclear the extent to which investor alert cautioning against vestment bank Shot TowerCapital. athletes’ history of being roped SPAC celebrity betting, much sports celebs are involved in the investing in a SPAC just because Newerartistsare cheaper but into lousy investments. like sports betting itself, is a crap- vetting process as SPACs evaluate someone famous endorses it. Stat- riskier.Royalty paymentsare high Basketball great Kareem Abdul- shoot. potential targets. But their name ing the obvious, it points out that soon afterasong is released but Jabbar once called the rallying cry Blindly throw all your money at recognition as sponsors or advis- loaded athletes can afford to take then quickly decay.Unlikeolder of former athletes turned inves- your favorite player every time ers no doubt helps their invest- big risks. song catalogsthat have settled into tors: “Dude, where’s my money?” and he or she will inevitably break ments to stand out in an increas- That many individual investors an established pattern, it is trickier Mr. O’Neal—whose first big in- your heart. As of 2014, Ms. Wil- ingly crowded field. That SPACs can’t was implied. to model the futurecash flowsof vestment was highly successful, a liams’s venture-capital firm Ser- need star power is a clear sign of —Laura Forman fresh releases. Newmusic isn’t growing as fast on digital platforms.Streams of tracks released in the 2000s arein- creasing at half the rate of songs Grid Proposal Contains a Head Scratcher from the 1960s,datacited by bro- kerage Jefferies shows.One reason might be that older listenershave been relativelatecomerstostream- When you have a fiscal hammer competitive, as Clarke Bruno, chief ing but arenow signing up. in the form of tax credits, perhaps executive officer of transmission Manymusic catalogsare in pri- everything looks like a nail. developer Anbaric Development vate portfolios,but thereare listed President Biden’s infrastructure Partners, notes. Because there is funds like Round Hill Music and plan proposes some tried-and- no offshore grid, U.S. offshore Hipgnosis that areaggressively trusted methods to spur clean-en- wind projects all need to buying song rights. Over 85% of ergy development such as a 10- build transmission lines from Round Hill’ssongsare morethan a year extension of existing tax scratch to connect to the shore. decade old compared with half at credits for solar and wind energy. The proposed plan also calls for Hipgnosis,according to Jefferies. More interestingly, it introduces a so-called Grid Deployment Au- That maymakethe latter’sincome an investment tax credit for high- thority within the Energy Depart- morevolatile.

voltage transmission lines. The S ment to “better leverage existing Of course,brave betsontoday’s goal is to incentivize the build-out rights of way” along roads and actscould payoff spectacularly if NEW

of at least 20 gigawatts worth of G railways. That would be a good they arebeing listened to in 30 transmission. That is roughly the first step, though eminent do- years’ time.Investorsthat want a

amount of transmission that could OOMBER main—the power of the govern- steadier beat canalways stick with

match the Texas grid’s very signif- /BL ment to take private property and the classics. —Carol Ryan icant wind generation. convert it for public use—remains

The administration is certainly MORRIS largely within state regulators’ Global recorded music revenue,

looking in the right direction: To UL hands. While the Federal Energy by segment reach Mr. Biden’s net-zero emis- PA Regulatory Commission has au-

VID Physical Streaming Downloads

sions goal by 2050, the U.S. will DA thority to grant natural-gas pipe- sales need to expand electricity trans- Biden’s infrastructure plan includes tax incentives for transmission lines. lines the right of eminent domain mission systems by 60% by 2030 under the Natural Gas Act, there is Performance Synchronization rights and may need to triple it by 2050, permitting, much of which is in credits were introduced for wind no equivalent authority for elec- according to research published by the hands of state and local au- and solar in 1992 and 2005, re- tricity transmission under the Fed- $20 billion Princeton University in December. thorities. “For most transmission spectively, the technologies were eral Power Act and little momen- That is because renewable energy- we need in the country, it’s not a much more expensive than they tum in Congress to grant that 15 rich places such as the windiest cost issue or an access-to-capital are today and not fully trusted by provision. regions aren’t necessarily close to issue, although transmission can investors. By contrast, transmis- The infrastructure plan is cer- population centers, where electric- be delayed because of cost alloca- sion line technology is well past tainly a helpful indicator of what 10 ity demand is. tion debates,” said George Bilicic, middle age: Modern high-voltage the Biden administration priori- While the clean-energy industry global head of power, energy and transmission lines have been tizes. Soon, however, it will come 5 probably won’t complain about a infrastructure at Lazard. around since the 1950s. to realize something that trans- new subsidy, the tax-credit pro- Tax credits were instrumental In that vein, it is true that a tax mission line developers have posal is a bit of a head scratcher in helping wind and solar take off credit for transmission could help known for a while: The devil is al- 0 given that the real roadblocks to because funding really was a bot- offshore wind, still relatively new ways in the details. 2010 ’15 ’20 transmission lines have to do with tleneck to development. When tax to the U.S., become more cost —Jinjoo Lee Source:IFPI Global Music Report 2021 Archegos Saga Not So Tragic for Wall Street’s Big Brokers

The saga of Archegos Capital ated $15.2 billion in revenue for Prime-services revenue acrossthe like a repurchase agreement or so much activity with clearing Management put the spotlight on the largest global investment largestglobal investment banks stock loan, according to Josh firms. a little-known but vital business banks, according to industry data Galper, managing principal at in- After the 2008 financial crisis, for Wall Street: prime brokerage. provider Coalition Greenwich. That $18 billion dustry consulting firm Finadium. hedge funds reportedly increased The resulting scrutiny could affect figure was down from 2019 as 16 Mr. Galper estimates that more their use of multiple prime brokers this engine of trading, but it might hedge funds dialed-down their than half of prime brokers’ financ- to reduce their risk of one failing. wind up playing into the hands of borrowing amid the coronavirus 14 ing revenue in the first half of A 2020 survey by Global Custodian the biggest banks. pandemic, but prime remains very 2020 was from synthetic rather found that clients with over $100 The biggest source of banks’ eq- important. Goldman Sachs Group 12 than physical financing. billion in assets under manage- uities-trading revenue was once this year told investors it was add- After Archegos, there may be ment use an average of more than cash trading, or the relatively ing record prime-brokerage client 10 changes in the prime business. four prime brokers. But what straightforward business of help- balances and that prime was “a Some could crimp the prime busi- seems like good housekeeping ing clients execute trades. But feeder into a variety of other reve- 8 ness, but might not be to the dis- might also have made it harder for while commissions narrowed over nue sources.” advantage of the biggest U.S. brokers to monitor a client’s risk the past decade or so, prime-bro- But banks have to carefully 6 firms, which so far have reportedly or exposure across firms. The larg- kerage revenue grew. manage their balance-sheet expo- steered clear of the losses poten- est brokers can now argue to cli- Prime brokers provide financing sures, so the ability to finance cli- 4 tially suffered by Credit Suisse ents that dealing with just one or for trading clients like hedge ents via prime brokerage does Group and Nomura Holdings. two firms that handle blocks of 2 funds, leading to both lending in- have its limits. Banks are strug- There could be a push for total-re- shares could avoid future messy come and trading activity. Banks gling to handle an influx of depos- 0 turn swaps to be standardized and scrambles to sell hedges or collat- can use their prime units to pool its while also trying to not in- centralized in a clearinghouse or eral that could create escalating trading and risk exposures to help crease their capital requirements. 2012 ’15 ’20 on exchanges. If this makes the losses. drive profitability across their This challenge can partly explain Source:Coalition Greenwich swaps less profitable, it could re- The Archegos episode may ulti- trading desks. Morgan Stanley in the appeal of total-return swaps, duce the availability of financing. mately serve as a reminder that, 2019 referred to prime as “sort of derivatives used to bet on a stock banks. So-called synthetic financ- But it also could make it relatively on Wall Street, tragedy for some the center of the machine” for eq- without owning it apparently em- ing can in some cases carry a more efficient for America’s giant can sometimes be followed by op- uities. braced by Archegos. They have ad- lower balance-sheet cost for a money-center banks to provide portunity for others. Last year, prime services gener- vantages for clients, but also bank than “physical” financing, swaps because they already have —Telis Demos