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***** TUESDAY,MARCH 23,2021~VOL. CCLXXVII NO.67 WSJ.com HHHH $4.00

DJIA 32731.20 À 103.23 0.3% 13377.54 À 1.2% STOXX 600 424.17 À 0.2% 10-YR. TREAS. À 14/32 , yield 1.682% OIL $61.55 À $0.13 $1,737.80 g $3.60 EURO $1.1934 YEN 108.85 Gunman Kills 10, Including Police Officer, in Colorado Biden What’s Advisers Draw Up &Finance Big eon Black is stepping Ldown as Apollo’s chair- man, the latest in a Proposal governance overhaul prompted by revelations of his ties to disgraced fi- Up to $3 trillion plan nancier Jeffrey Epstein. B1 would focus on roads,  Matt Zames is stepping down as president of Cer- climate and be pitched berus afteronly three years to president this week in the role,the private-equity firm plans to announce. B1 BY KEN THOMAS  A fire at a factory of a AND ANDREW DUEHREN leading auto-chip maker dealt a further blow to car WASHINGTON—Administra- makers that have already tion officials arecrafting aplan slashed output because of a GES foramultipart infrastructure semiconductor shortage. B1 IMA and economic packagethat

GETTY could cost as much as $3 tril-  Thebond-market rout is lion and fulfill key elementsof

hitting investor betsonthe NGE/

RA President Biden’scampaign safest U.S. firms, dragging ST agenda, according to people in- returns on investment-grade volved in thediscussions. corporatedebt to their sec- CHET RUSH TO SAFETY: People are evacuated from a King Soopers grocery store in Boulder, Colo., after a gunman opened fire Thefirst proposal would ond-worst start on record. B1 Monday, killing 10 people, including a police officer. A suspect was in custody, police said, but no motive was known. A3 center on roads,bridges and  TheNasdaq rose 1.2% to other infrastructureprojects close at 13377. 54, poweredby andinclude manyofthe cli- gains in tech stocks.The S&P mate-changeinitiatives Mr.Bi- 500 and Dowadvanced0.7% den outlined in the “Build Back and 0.3%, respectively. B11 Better” plan he released dur- Hospitals Hide Prices on Web, ingthe 2020 campaign.  Powell said in testimony That packagewould be fol- prepared fordeliveryTuesday lowedbymeasures focusing on that theU.S.’srecov- education and other priorities, eryremains far from complete including extending the newly and the Fed plans to con- Undermining DisclosureRule expanded child taxcredit that tinue providing support. A2 is scheduled to expireatthe  -backed food-de- endofthe year and providing liveryserviceDeliveroo set Hospitals that have pub- bedded code in their websites soratthe University of Wash- Health System and NYU Lan- foruniversal prekindergarten apricerangefor itsplanned lished their previously confi- that prevented Alphabet Inc.’s ingtonwho studies human gone Health. Some regional and tuition-free community listing with an upward dential prices to comply with and other search en- interactions with computers. systems also had such code on college, the people said. valuation of $12 billion. B1 anew federal rule have also gines from displaying pages “It’sone thing not to optimize their websites,including Mich- Thepackages could facea blocked that information from with the pricelists, according your sitefor searchability,it’s igan’sBeaumont Health and difficult through the nar-  ’s lira plunged 7. 5% websearches with special cod- to the Journal examination of another thing to tagitsoit Novant Health in Winston-Sa- rowly divided Congress, and in itsbiggest single-dayselloff morethan 3,100 sites. can’t be searched. It’s a clear lem, N.C. Democratsaren’t all in agree- since2018 afterthe abrupt Thecode keeps pages from indication of intentionality.” Penn Medicine,NYU Lan- ment on howthey should ouster of the country’scen- By Tom McGinty, Wilde Mathews appearing in searches,such as Among websites where the gone and Novant Health said move forwardwith their tral-bank chief last week. B1 and Melanie Evans those related to ahospital’s Journal found the blocking that they used blocking code spending and taxproposals.  Japanese prosecutors name and prices,computer-sci- code were those forsome of to direct patientsfirst to in- Mr.Biden is expected to be charged an American fa- ing embedded on their web- enceexpertssaid. Theprices the biggest U.S. healthcare formation they considered briefed on details of the pro- ther-son team with assist- sites,according to aWall areoften accessible other ways, systems and some of the larg- more useful than raw pricing posals this week,and the peo- ing in his es- Street Journal examination. such as through links that can est hospitals in cities includ- datafor which they also in- PleaseturntopageA4 cape from Japan. B2 The information must be requireclicking through multi- ing NewYork and Philadel- cluded links.Universal Health disclosed under afederal rule ple layers of pages. phia. They includehospitals uses the blocking code to en-  Fed chief pledges support for World-Wide aimed at making the $1 trillion “It’stechnically there, but owned by HCAHealthcareInc., sureconsumersacknowledgea recovery...... A2 sector moreconsumer friendly. good luck finding it,” said Chi- Universal Health Services Inc., disclosurestatement before  Gerald F. Seib: Filibuster tests But hundreds of hospitals em- ragShah,anassociateprofes- the University of Pennsylvania PleaseturntopageA5 Biden and Senate...... A4  Administration officials are assembling a plan for a multipart economic and jobs The Real Impact of EVs package that could cost as AstraZeneca Cruise LinesDread much as $3 trillion as away Electric cars produce fewer emissions overall than their to enact key elementsofBi- Va ccine Is gasoline-powered counterparts, but a close look at their den’s campaign agenda. A1 environmental footprint shows there are caveats. A8 Another LostSeason  Asuspect wasincustody following ashooting that left Found 79% BY JULIE BYKOWICZ workersscrape by on amix of 10 people dead, including a Lifetime CO₂₂eemismissions policeofficer,atagrocery AND TED MANN low-paying odd jobs and gov- ernment help. storeinBoulder,Colo. A3 Effective PORTCANAVERAL,Fla.— “I never thought Iwould be  Hospitals that have pub- BY JENNY STRASBURG Terminal Three, acavernous standing in afood line for lished their previouslyconfi- Gasoline $155 millionstructurebuilt hours,” said James Cox, a 50- dential prices to comply with AstraZenecaPLC’sCovid-19 powered forCarnival Cruises,isdecked year-old porter,who used to anew federal rule have also vaccine wasshown to be safe 78 tons out with the company’ssigna- earn $27 an hour wrangling blocked that information and 79% effectiveinpreventing tureblue paint, hundreds of passengersand their luggage. from websearches,according symptomatic disease in widely Electric beechwood seatsand aposh “Just the degradation of it. to aJournal examination. A1 anticipated U.S. clinical trials, 36 tons VIP room with table lamps so Yousay to yourself,‘Wow, I  AstraZeneca’s Covid-19 providing avoteofconfidence newthat sales tags still hang am really at this point.’ ” forthe shot and apathway for from some. Likethe rest of the mari- vaccine wasshown to be safe itsauthorization in the U.S. It sitsempty,near vast, va- time tourism industry, Port and79% effectiveinprevent- Theinterim trial data cant parking lotsand fleetsof Canaveralwas mothballed at ing symptomatic disease, providing apathway forits showedthe vaccine,developed idle shuttle buses.Sparsely thestart of the coronavirus in partnership with the Univer- populatedhotels and restau- pandemic.One year on, as authorization in the U.S. A1 sity of Oxford, was80% effec- rantssurround what wasonce other partsofthe economy  The U.S., and al- tiveinparticipantsaged65 the world’ssecond-busiest blink back to , the U.S. lies in leveled sanc- and over,agroup previous As- cruising port.Waylaid port PleaseturntopageA2 tions against Chinese offi- traZenecatrials lacked in large cials over the repression of numbers. Theshot wasalso mainly Muslim Uyghurs. A6 found to be 100% effectivein A Chef Who Can’t Smell? preventing serious illnessand  TheU.S.and will en- hospitalization acrossagesand gage on climatechangeata Covid Forces Creative Solutions virtual conferencewith offi- ethnicities. cials from dozens of European Thecompanysaid it would iii continue to analyze the data countries and Canada. A6 and plans to request emer- Food and wine professionals try  The Supreme Court gencyauthorization in the U.S. seemed ready afterMonday by mid-April. ideas to cope with changes in palates Plans change. argumentstopareunion orga- If authorized by the Food nizers’ ability to visit farm- andDrugAdministration, the BY STEVE GARBARINO afalaya,awhite-tablecloth res- workersinCalifornia fields. A3 vaccine could be available in taurant whereheischef and PowerStore  Thehigh court agreed to May, joining three other autho- Thefirst thing TomRamsey oftenrecommends accompa- consider the JusticeDepart- rized shots in the U.S.’s accel- tasted aftertemporarily losing nying wines. He was optimis- ment’sbid to reinstateadeath erating vaccine drive. Astra- his ability to tasteand smell tic. But after release from the sentence for Boston Mara- Zeneca said it would have 30 wasatrayofhospital food. hospital,his palateagain di- adapts. thon bomber Tsarnaev. A3 million doses available immedi- Forthe NewOrleans-based ex- minished. ately in theU.S., and afurther ecutive chef and certi- Mr.Ramsey wasn’t ready to  The Senate confirmed Storage that’salwaysin Boston Mayor Marty 20 million doses soon after. fied sommelier,who giveup. Theconcept of “hell” Walsh as secretary of La- Theadvance on the medical contracted Covid in late forchefs and sommeliersis sync with the needs of front comes as states widen el- January, the dish was taste and smell loss. Pal- bor in a 68-29 vote. A4 igibility forshots. West Vir- sublime. ate-deprivation for your business. ginia on Mondayopened vacci- “I still couldn’t smell them is akin to a mu- CONTENTS Opinion...... A13-15 nations to everyone in the anything,” said Mr. sician losing his hear- Arts in Review.... A11 Personal Journal A9-10 Business News.. B3,5 Sports...... A12 stateoverthe ageof16, while Ramsey,who is 55.“But ing. Capital Journal...... A4 Technology...... B4 NewYork,Ohio and Arizona man, the food tasted Some chefs and Crossword...... A11 U.S. News...... A2-5 expanded or moved up eligibil- delicious,fantastic.It sommelierswho Heard on Street.B12 Weather...... A11 ity forthe vaccines. wasapork stew with rice,” he found their tasteand smell di- Markets...... B11 ...... A6-7 Nationwide,newly reported recalls. “It gave me a new ap- minished from Covid arede- coronavirus cases fell below preciation of taste.” veloping their owncreative > 40,000,but the seven-dayav- Consider that Mr.Ramsey workarounds and coming up erageedged higher forasec- usually tastetestsdishes daily, with ideas to resuscitatetheir ond dayinarow,signaling a such as duck confit crepinette senses. Learn moreat PleaseturntopageA5 (“orangezest, local exotic “Toretrain my nose I’m DellTechnologies.com/PowerStore mushrooms, citrus gremolata constantly picking thingsup s 2021 & Company, Inc. All Rights Reserved  Metric signals new Covid-19 in aroasted redpepper vinai- and looking forsmells,” said cases may be rising...... A5 grette”), an appetizer at Atch- PleaseturntopageA8 P2JW082000-4-A00200-1------XA

A2 | Tuesday, March 23, 2021 **** THE JOURNAL. U.S. NEWS Fed Chief Says Recovery Has Far to Go

BYPAUL KIERNAN ahearing beforethe House purchasing at least $120 bil- surySecretaryJanet Yellen 19 to let five of the special the economy. Fedofficials and Financial Services Committee. lion amonth of Treasurydebt areset to appear Wednesday programs—including one that privateeconomistsexpect the WASHINGTON—Federal Re- “But the recovery is far from and mortgage-backed securi- beforethe SenateBanking lent directly to midsizecom- stimulus measures,combined serveChairman Jerome Pow- complete, so,atthe Fed, we ties until the economic recov- Committee. panies and another that with arelaxing of pandemic- ell reiterated Mondaythat the will continue to provide the erymakes “substantial fur- Thepackage, known as the bought local-government related restrictions as vacci- U.S. economy’srecoveryre- economythe support that it ther progress.” CaresAct, provided the Trea- debt—expireatthe end of nation progresscontinues, mainsfar from completede- needs foraslong as it takes.” Amajor federal relief pack- sury Department $454 billion 2020.That opened up arare will powerthe strongest eco- spiterecent improvement and TheFed has held itsbench- agepassed last year requires with which to backstop ex- public riftbetween the Fed nomic growth the U.S. has that the central bank plans to mark interest rate near zero the heads of the Fedand traordinarylending programs and Treasuryand triggereda seen sincethe early 1980s. continue providing support. sincethe effectsofthe TreasuryDepartment to tes- by the Fed. Mr.Powell said partisan fight over whether Mr.Powell has said repeat- “The recovery has pro- Covid-19 pandemic slammed tifybeforeCongressevery Mondaythat the facilities had the Biden administration edly in recent weeks that the gressedmorequickly than theU.S.economyayear ago. quarter on their effortsto helped unlock almost $2 tril- should have access to the Fedisinnohurrytochange generally expected and looks Most central bank officials support the U.S. economy lion in credit to support busi- money. itseasy-money policies until to be strengthening,” Mr. don’t expect to raise the rate during the pandemic.After nesses,cities and states. Sincethen, however, Con- itsforecastsmaterialize in Powell said in testimonypre- until2024atthe earliest. The Tuesday’shearing in the Then-TreasurySecretary gresshas approved nearly $3 theform of higher inflation pared fordeliveryTuesdayin Fedalso plans to continue House,Mr. Powell and Trea- Steven Mnuchindecided Nov. trillion in fiscal support for andastrong labor market. U.S. WATCH

MINNESOTA WASHINGTON Jury in Chauvin Trial Alleged Nears Selection Spy Appears in Court

Lawyers in the trial of the An alleged North Korean - former Minneapolis police officer ligenceoperativeappeared in fed- accused of murder in the death eral court in Washington to face of George Floyd are close to charges of laundering funds to seating a full—and diverse—jury evade U.S. and United Nations panel to decide a case that sanctions. sparked a national reckoning on Mun Chol Myong wasextra- race and policing. dited from Malaysia lastweek af- In 10 days of lengthy and at terwaging anearly two-year legal times emotional questioning the battle againstthe U.S. request. two sides so far have settled on Mr.Mun is the firstNorth Korean 14 jurors, including five men and national to be broughttothe U.S.

JOURNAL nine women in the trial against from overseas to face criminal . Of those, eight charges, U.S. authorities said. The REET

ST identified themselves as white, move prompted Pyongyang to cut

LL four as Black and two as multi- off ties with Kuala Lumpur. WA racial. Late Friday, Judge Peter According to an indictmentun-

THE Cahill said he wanted to seat 15 sealed Monday, Mr.Mun worked R

FO jurors, with the hope of having foraSingapore-based company at least 14—12 jurors and two and wasaffiliatedwith North Ko-

JONES alternates—when opening argu- rea’sintelligenceorganization. He IO ments are scheduled to get un- relocatedtoMalaysia after Singa- AV

OCT der way on March 29. poreexpelled him in 2017 forvio- Apassenger-lessDisneycruise ship pulls into Port Canaveral, Fla. The industry shutdown has had far-reaching economic consequences. The jury is significantly more lating U.N. sanctions on North Ko- racially and ethnically diverse rea, the indictmentsaid. From Cruise-line quarterly earnings beforeinterest, taxes, least temporarily, what was a than the general population in 2013 to 2018, he conspired with Cruise Lines depreciation and amortization growth industry. In 2019, both Minnesota as a whole and others to processsome $1.5 mil- about 14 million cruise-goers in Hennepin County, where Min- lion in transactions thatviolated Carnival Royal Norwegian departed from the U.S.,gener- neapolis is located and where U.S. and U.N. sanctions, prosecu- Caribbean CruiseLine Fear Lost $6billion ating arecord$55.5 billion for the trial is taking place. tors said. theU.S.economyand support- —Erin Ailworth North Koreahas denied the ing morethan 436,000 U.S. and Joe Barrett accusations againstMr. Mun. Season 4 jobs,according to the cruise At acourt hearing on Monday, lines association. SAFETY Mr.Mun appeared via videocon- Theindustry’s“Big 3”— ferencefromaU.S. jail and spoke ContinuedfromPageOne 2 global cruise line operators More Pedestrians through atranslator. He asked cruise industry is waiting anx- Carnival Corp., RoyalCarib- Killed in Crashes the court to appointafederal iously forWashington’sgo- bean andNorwegian Cruise public defender as his attorney. ahead to sail again—and wor- 0 Line HoldingsLtd.—took ma- A big drop-off in driving early —Aruna Viswanatha ried that asecond summer jor financial hits. in the coronavirus pandemic season is about to be lost. With revenue deeply de- didn’t lead to a reduction in U.S. OBITUARY Othercountries including pressed over the course of pedestrian deaths, a nonprofit –2 , Italy and the U.K. 2020,the companies raised safety group said, citing speed- Lakers Hall of Famer have authorized cruises or set cash with hugebond and stock ing as a likely factor and saying Elgin Baylor Dies aclear target datefor them to issues,according to industry the finding is another sign of set sail. Almost 400,000 pas- –4 analystsand corporatefilings. heightened roadway dangers in Elgin Baylor,the Lakers’ 11-time sengershavesailed sincesome 2017 '20 2017 '20 2017 '20 The Big 3 have told investors the Covid-19 era. NBA All-Star who soared through countries firstbegan allowing Source:S&P Capital IQ they have enough cash on In the firsthalf of 2020, the 1960s with ahigh-scoring cruises in July 2020,according hand to makeittothe 2022 2,957 pedestrians were killed in style of basketball thatbecame to the industry’s trade group. asense of normalcybyJuly. carrying passengers between cruising season. motor-vehicle crashes, six more the model forthe modern player, But to getstarted in the Theme parks,casinos, U.S. ports. The problem: Can- They also have aggressively than in the same stretchof died Monday. He was86years old. U.S.,the cruise industryneeds and hotels are operating with adahas banned cruises until pared expenses,furloughed 2019, according to areport from Mr. Baylor died of natural direction from the federal restrictions and safety mea- February 2022. workersand in some cases sold the Governors HighwaySafety causes, the Lakers said. Centersfor Disease Control sures,and the cruise industry About 60% of all visitorsto off older,less-efficient ships. Association, which represents With a silky-smooth jumper and Prevention. said it can do the same. Alaska arrived by Even standing still is expen- statehighway-safetyoffices that and fluid athleticism, Mr. Baylor TheCDC liftedits no-sail or- “I hatetospeculate, but I in 2019,according to an Octo- sive. Carnival told investorsin supplied the preliminary data. played a major role in revolution- der in October and replaced it think CDC looks at it and feels ber Federal Maritime Commis- Februarythat it expected to That is despite the fact that izing basketball from a ground- with aconditional set of rules; like, ‘Is this arisk we really sion report. burn through an averageof Americans drove 16.5% fewer bound sport into an aerial show. industry officials said the 40 need to take?’ ” said Brian Sa- U.S. Sens.Dan Sullivan and $600 million in cash amonth miles than in the first half of The 6-foot-5 Mr. Baylor spent pages of rules areeither indeci- lerno,senior vicepresident of Lisa Murkowski of Alaska, just to keep vessels main- 2019. As a result, the report parts of 14 seasons with the pherable or impractical, such as global maritime policyatCruise both Republicans, have asked tained, sustain corporateoper- said, the nationwide pedestrian Lakers in Minneapolis and Los ameasurerequiring cruise lines Lines International Association, theCanadian government to ationsand invest in prepara- death rate jumped about 20% on Angeles during his Hall of Fame to conduct “simulated voyages” the cruise industry’smain trade tionstoreturn to sea. a mileage-driven basis—to 2.2 career, teaming with Jerry West with volunteer passengers. group.“To have an industry Cruise-related , deaths per billion vehicle miles throughout the ’60s in one of “I refer to it as the ‘impos- sidelinedlikethis,based on a The industry is including ports, said they have traveled from 1.8 in the corre- the most potent tandems in sible-to-sail order’because no bad perception, is alot to ask.” been trying to call Washing- sponding period of 2019. basketball history. businesscould operateprofit- Competitors are taking ad- waiting anxiously ton’s attention to their plight —Scott Calvert — ably,” said Capt. John Murray, vantage of the vacuum. for Wa shington’s over the past year.Unions Port Canaveral’schief execu- -based Genting representing port workers on tive officer. Cruise Lines said in aMarch go­ahead to sail. both coastssaid workershave TheCDC said guidanceis 12 financial filing that Crystal lost hundreds of thousands of coming soon. “Futureorders Serenity would begin sailing hours since the pandemic hit. and technical instructions will from the Bahamas in July,dis- In Port Canaveral, Phil addressadditional activities to embarking in the Americas— reconsider itsban and intro- Charlton, who has worked in

help cruise lines preparefor but bypassing U.S. and CDC ju- duced legislation to allow theindustrysince1985,has S and return to passenger - risdiction. One week later, Alaska-bound cruise ships to takenapart-time flowerdeliv- tions in amanner that mitigates RoyalCaribbean Group said it bypass Canada. Either plan is eryjob along with his wife, Ol- PRES

Covid-19 risk among passen- would send itsown cruise out predicated on the CDC allow- ivia, also a port employee. UMA /Z gers,crewmembers,” spokes- of Nassau in June,similarly ing the resumption of cruises. Now, passenger-lessvessels CNG

manJason McDonald said,de- avoiding U.S. ports. “The CDC—best scientists pull intothe terminal afew /S

clining to comment further. Alaska-bound cruises face in theworld. What they are times amonth forsupplies and TER

A spokesman an extrahurdle.Most of those not designed foristobeareg- maintenance. On arecent after- LES

didn’t respond to arequest to ships areforeign-flagged, so ulator of tourism in America. noon, the Disney Fantasy blared WILL comment. they would have to makea They’renot good at that,” Mr. afew melancholy strains of SUPER : Lilly Bumpus, an 8-year-old cancer survivor from Theorder waswrittenbe- stop in Canada, because U.S. Sullivan said in an interview. “When YouWish Upon aStar” San Bernardino, Calif., learned Monday that she had set a record fore vaccines were approved, lawforbids such ships from Thepandemic wiped out, at as it passed by JettyPark. by selling 32,484 boxes of Girl Scout cookies in one season. and the CDC hasn’t said whether it will revise the guid- ancetoincorporatevaccinated CORRECTIONS  AMPLIFICATIONS crew and passengers. (USPS 664-880) (Eastern Edition ISSN 0099-9660) Without CDC direction, (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) cruise lines can’t begin the Asurvey by the Federal World News article about for- Springs is west of Durango. and publication headquarters: monthslong processofimple- ReserveBank of NewYork eign businesses in Myanmar. 1211 Avenue of the Americas, , N.Y. 10036 menting safety measures and showedthat households last Thesurname of John Published daily except Sundays and general legal holidays. recalling thousands of workers year saved36% of the first The brother of ’ Magufuli,Tanzania’sformer Periodicals postage paid at New York, N.Y., and other mailing offices. from around the world, indus- round of their relief pay- girlfriend, Lauren Sanchez, has president, wasmisspelled in Postmaster: Send address changes to The Wall Street Journal, 200 Burnett Rd., Chicopee, MA 01020. try officials said. ments, paid down debt with denied he wasthe source of one instanceasMagafuli in an All published in The Wall Street Journal is subject to the applicable rate Washington’shesitancy 35% of the money and mostly leaked photos of Mr. Bezos. A April 9, 2020,Coronavirus card, copies of which are available from the Advertising Services Department, Dow Jones might in part reflect the cruise spent the rest of it. TheOut- Business News article on Sat- Pandemic article about the & Co. Inc., 1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the industry’s troubles at the be- look column in Monday’sU.S. urdayabout Amazon.com East African nation. right not to accept an advertiser’s order. Only publication of an advertisement shall ginning of the pandemic. News sectionincorrectly said Inc.’s expansion in Saudi Ara- constitute final acceptance of the advertiser’s order. Cruise lines continued sail- 36% of households savedthe biamisidentified him as Ms. Noticetoreaders Letters to the Editor: Fax: 212-416-2891; email: [email protected] ing despite known risks from firstround, 35% paid down Sanchez’s brother-in-law. Wall Street Journal staff Need assistance with your subscription? thecoronavirus,aninvestiga- debt and the rest mostly membersare working remotely By web: customercenter.wsj.com; By email: [email protected] tion by The Wall Street Jour- spent it. Pagosa Springs,Colo., is during the pandemic.For the By phone: 1-800-JOURNAL (1-800-568-7625) nal found. Portsrefused entry east of Durango, Colo. An Off foreseeable future, please send Reprints &licensing: By email: [email protected] to ships with passengers sick TotalSE’s name wasincor- Duty article Saturdayabout reader comments only by By phone: 1-800-843-0008 with Covid-19, and giant ves- rectly given as TotalSAin Sunbelt vacation destinations email or phone,using the con- WSJback issues and framed pages: wsjshop.com sels were stuck at sea. some editions Mondayina incorrectly said that Pagosa tactsbelow, not via U.S. Mail. As therollout of Covid-19 Our are100% sourcedfromsustainably certified mills. vaccines picks up,President Readers can alert The Wall Street Journal to any errors in news articles by emailing [email protected] or by calling GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS Biden is predicting areturn to 888-410-2667. P2JW082000-5-A00300-1------XA

THE WALL STREET JOURNAL. ***** Tuesday, March 23, 2021 | A3 U.S. NEWS Ten Dead, Portland StrifeComplicates Reopening Including BY IAN LOVETT Officer, in PORTLAND,Ore.—When the fencethat had surrounded the federal courthouse herewas Colorado removed earlier this month, city leaderstouted it as asign that Portland wasreturning to Shooting normal afternine months of proteststhat oftenturned vio- lent. BY ZUSHA ELINSON But within days,bands of AND DAN FROSCH rioterswereback in down- town Portland. They blocked A gunman killed 10 people, streets, brokewindows,threw including apoliceofficer, acan of beer at policeand, Mondayafternoon at asuper- once again, vandalized the market in Boulder,Colo., au- courthouse.Thirteen people thorities said. were arrested following apro- Thesuspect wasincustody, test on March 12 and the fence police said at a press briefing around the courthouse is now (2) Monday evening. back up.

Alivetelevision feed earlier Theviolencedowntownhas JOURNAL showedofficersleading aman become apersistent roadblock REET

away from the scene,hand- in Portland’sattemptstore- ST

cuffed, bloodied and shirtless, open and reviveits economy LL

after the shooting in the King as vaccinations spread, WA

Soopers store. Covid-19 cases fall, and busi- THE R

“I promise the victims and nessrestrictions areloosened. FO the people of the stateofCol- Localofficials who had sup-

orado we will secure justice,” ported the racial justicepro- TRINCA said Boulder County District testslast summer arenow N SO

Attorney Dougherty. pledging to crack down on MA Theslain policeofficer was those causing the destruction. Christine Azar helped check out a customer at her shop Azar Indulgences in downtown Portland last week. Eric Talley, 51 years old, who “The community is sick and had been with the Boulder de- tired of people engaging in peacefully protest,” said Ms. nity’s reputation,” the mayor plywood. Hotels recently smashed and atrip to pick up partment since 2010. actsofcriminal destruction Azar,37. “I don’t believein said in an interviewbefore agreed to add asurtax room pizza wasdelayedbecause a PoliceChief Maris Herold and violence,” MayorTed people stopping me from earn- this month’sviolence. “But I’m charge, with the revenue ear- shooting forced policetoclose said Officer Talley wasthe Wheeler said at anewsconfer- ing an income and providing starting to see green shootsas marked toward marketing a road. first officer to respond to re- encelast week.The rioters, he formyfamily.You don’t get we enter the spring.” Portland to tourists. “Duringthe day, Portland ports of shots fired at the su- said, were harming the cause change from destruction.” In recent months, the pace Part of the challengeiscon- feels likePortland. But as soon permarket around 2:30 p.m. of racial justice, and “also Local officials have blamed of demonstrations has slowed. vincing residents and visitors as night hits, it feels like you Thechief,fighting back tears, standing on the air hose of the the vandalism and looting Thecity has awarded about that the city is safe. As in liveinabad neighborhood, called his actions “heroic.” economic recovery foralot of largely on agroup of left-wing $500,000 in grantstorepair many cities, crime rates have whetheryou do or not,” Ms. Theshooter’s motiveisn’t our small businesses.” anarchists. Mr.Wheeler was businesses damaged by riots increased. Homicides climbed Johan said. yetknown, Boulder police The past year has been es- tear gassed while attending or protests. Agroup of busi- 60% in Portland last year over Black activistsand civic Cmdr.KerryYamaguchi said at pecially difficult forbusi- onedemonstration last sum- nesses formed the Rose City the previous year and burglar- leadershavecalled foranend the press conference. nesses in downtownPortland. mer,and used pepper spray on Downtown CollectiveinDe- ies rose 30%. to the violence, saying it is Thegunman used an AR- In addition to the hardships of aresident who confronted him cember,amid frustration TraciJohan, a35-year-old harming the cause of racial jus- stylerifle in the attack,law- the pandemic that were felt in January. about ongoing destruction in mother of three who near tice. Businessowners, mean- enforcement officials said. nationwide,last summer’s ra- “Therereally wasthe per- the neighborhood, and the downtown, no longer goes out while,havecriticized lawen- Witnesses told local televi- cial justice protests stretched fect storm in Portland—it’s group has nowhanded out alone at night. In the past few forcement fornot prosecuting sion stations that a man sud- on formorethan 100 days been very difficult on the com- $22,000 for merchants to re- weeks,she said, the driver’s moreofthose arrested during denly opened fire,sending here; rioters, some connected munity and on the commu- pair windows and take down side windowonher carwas riots, saying it has led to an shoppersintoapanic and try- to the loosely organized far- environment of impunity.A ing to getout as policerushed leftgroup antifa, smashed spokesman forthe district at- to the scene. windows and looted shops; torney’s officecontested that “My is breaking as we federal officersweredeployed; characterization, saying that watch this unspeakable event the ,afar-right morethan half of arrestsfor unfold in our Boulder commu- group, held a rally. property crime and arson since nity,” Colorado Gov.Jared Po- Some businesses were hit May28haveled to charges. lis wrote on . more than once. Plywood has Still, after the most recent President Biden wasbriefed lingered on manyoftheir win- outburst of violence, local offi- on the shooting, White House dows since June. cials said they plan to use new presssecretaryJen Psaki said About 25% of small busi- tactics to bring the riotsunder on Twitter. nesses have closed, consoli- control. At the March 12 dem- datedorare looking fornew onstration, afterthe crowd locations, according to a sur- brokeseveral windows, police veybythe local business said,officersboxedthe crowd Housing group Bricks Need Mortar,and in usingatechnique known as 33% owe at least$15,000 in “kettling” that civil-rights deferred rent. groups have criticized. Chris Supply ChristineAzar’sdowntown Davis, adeputy chief of the chocolateshop,AzarIndul- Portland PoliceBureau, said gences,closed one location for thetactic allowedpoliceto Weighs good last year,while the other end the demonstration with- wasshut from last March until out use of tear gas. November. —Kim Mackrael On Sales “I believeinthe right to An empty commercial space is seen available for lease in downtown Portland. contributed to this article.

BY NICOLE FRIEDMAN Therecord-lownumber of Justices Question Union-Access Law TikTok Code homesonthe market is limit- ing purchases heading intothe Doesn’t Pose spring selling season. BY JESS BRAVIN used forcommercial farming. enter farm property under cer- stead argued foramore sales typically slowin Several justices said the tain conditions,while the fed- sweeping rule that would de- the winter beforeclimbing in WASHINGTON—TheSu- court already addressed the is- eral counterpart required spe- clareataking whenever the Spying Risk, thespring,asfamilies tryto preme Court seemed ready af- sue in 1956,when it considered cific justification in individual government limited aproperty buy homes and movebefore terMondayargumentstopare aproperty-rightsargument cases whereunion representa- owner’s “right to exclude” oth- StudyFinds the start of anew school year. back union organizers’ ability against National Labor Relations tives couldn’t reach employees ers, such as in regulations pro- For-sale listingsofpreviously to visit farmworkersinCalifor- Boardorderstoadmit union or- through other means. viding access to public coast- BY EVA XIAO owned homes usually rise in nia’sagricultural fields,but it ganizersontofactorygrounds. “You don’t want to prevail lines across private property. February. wasunclear whether the jus- “This is not aproblem of al- under Babcock,though?” Jus- JusticeSonia Sotomayorlike- HONG KONG—The computer But in the past year,home- tices viewedthe case narrowly waysopen or always closed ticeKavanaugh said. Mr. wise pushed back when Califor- code underlying TikTok doesn’t ownershavebeen reluctant to or as an opportunity to dramat- doorsfor union organization on nia’slawyer,state Solicitor Gen- pose anational security threat sell due to concern about the ically expand property rights. companyproperty,” the court eral Michael Mongan, argued to the U.S.,according to anew coronavirus and fierce competi- California growers argue said then, in NLRB v. Babcock & The case involves the court should uphold the ac- study by university cybersecu- tion forhomes.Therewere1.03 that organizer’s access rights, Wilcox Co.Rather,the labor cess rule under precedentsthat rity researchers. million homes forsale in the authorized in 1975under the boardcould requireaccess the ability of labor approved land-use regulations ReleasedMondaybythe Uni- U.S. at theend of February, un- stateAgricultural Labor Rela- “when the inaccessibility of organizers to visit as long as they didn’t destroy a versity of Torontocybersecurity changed from the revised Janu- tions Act,amountstoagovern- employees makes ineffective property’s economic value. group Lab, the report arylevel,which wasthe lowest mental taking of their private the reasonable attempts…to workers on farms. “That test really fails to comes aftergovernment offi- in datagoing back to 1982, the property forpublic use,for communicatewith them capturethe significant inter- cials in multiple countries,in- National Association of Real- which the Constitution requires through the usual channels.” ests in the right to exclude at cluding in the administration of tors said Monday. Thelevel was they be paid just compensation. “It seems likeyou’reasking stakeinphysical invasion ,suggested the down 29.5%fromFebruary Thestate contends that the us to reinvent the wheel,” Jus- Thompson said the case hadn’t cases,” she said. “I suspect popular Chinese-owned short- 2020,arecordannual decline, access regulation, which allows ticeBrett Kavanaugh told been framed to addressthe that there’sverylittle eco- video app could aid Beijing in according to NAR. union organizerstomeet with Joshua Thompson,alawyer for Babcock precedent. nomic damagethat’sbeing spying overseas. Theshortagewas the key workersduring lunch and im- the Pacific LegalFoundation, an Pacific Legal’sgoals are done,” by the rare appearance Citizen Lab, which releases reason existing-home sales mediately beforeand afterwork advocacygroup representing broader than simply limiting of union organizers—limited regular reportsoncensorship dropped 6.6%inFebruaryfrom under restricted conditions, the growers.Hesaid the grow- the union access rights, which in number to two per 30 work- and surveillancebyChinese so- Januarytoaseasonally adjusted lacks the characteristics of real erslikely would win under the typically are exercised only a ers, under the regulation. cial-media apps,found no evi- annual rate of 6.22 million. property.Itdoesn’t involveare- Babcock rule,because the Cali- few dozentimes annually in a A decision in the case, Ce- denceof“overtly malicious be- corded easement, forinstance, fornia regulation gaveblanket state with 16,000 agricultural dar Point Nurseryv.Hassid, is havior” afteratechnical U.S. existing-home sales and existsonly when the land is authorization fororganizersto employers. Mr. Thompson in- expected before July. analysis of TikTok,which is Feb. 2021 owned by Beijing-based Byte- 7 million 6.22M Dance Ltd. Theapp,built around algo- 6 CourttoConsider Boston Bomber’sSentence rithms that serveupstreams of short videos,isnomoreintru- sivethan when it 5 BY BRENT KENDALL TheJusticeDepartment bridgewhile trying to flee the of pretrial publicity and the comes to datacollection, the re- AND JESS BRAVIN filed itshigh-court appeal in region days later.Tamerlan type of evidencedefendants searchersfound. the final months of the Trump waskilled during aconfronta- areentitled to introduceto Theresearcherswarned 4 WASHINGTON—TheSu- administration, urging the tion with police. mitigate their punishment. therecould be security issues preme Court agreed to con- court to put the case “back on President Biden opposes The Trump administration they didn’t find. They also said 3 sider the JusticeDepartment’s track toward itsjust conclu- capital punishment, and dur- moved aggressively to imple- theChinese government could bid to reinstateadeath sen- sion.” ing last year’s campaign said ment the death penalty aftera use“unconventional ways” to tencefor convicted Boston Thejustices will hear the he would work to end the lengthy hiatus, and put 13 in- forceByteDancetohand over 2 Marathon bomber Dzhokhar case during their next term. death penalty at both the fed- mates to death in itsfinal datausing the country’sna- Tsarnaev. Tsarnaev and his older eral and statelevels. Although months.Nofederal executions tional security laws. Thecourt said Mondayit brotherTamerlan planted the JusticeDepartment is currently arescheduled, and Nevertheless, the study 1 would reviewanappeals court pressure-cooker bombs at the seeking to reinstatethe death the Biden administration can didn’t find “immediatesecurity ruling from July that said the marathon finish line in April penalty imposed on Tsarnaev, achieveamoratorium either issues with TikTok,” said Pel- death sentencecouldn’t stand 2013, killing three people and the legal issues in the case are viaaformal declaration or, laeon Lin,lead author of the re- 0 because atrial judge hadn’t injuring morethan 260,in- of broader concern to prosecu- unofficially,bynot initiating search, which also noted that no Feb. 2020 ’21 properly screened jurors about cluding 17 who lost limbs. tors,such as the vetting the processtoinflict the death evidencehas surfaced of Beijing Note:Seasonally adjustedannual rate their exposuretopretrial pub- They also shot andkilled a judges must do to ensureju- penalty on some 50 federal in- using extraordinarymeasures to Source:National Association of Realtors licity about the case. campus policeofficer in Cam- rors aren’t prejudiced because mates under such sentences. access dataonTikTok users. P2JW082000-4-A00400-17FFFF5178F

A4 | Tuesday, March 23, 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 FilibusterTests Biden, Senate Walsh Confirmed

which by definition have half As Labor Secretary of the seatsinthe Senate— have 84% of the nation’spop- ulation. Fiftyyearsago, the BY AMARA OMEOKWE shaped his outlook on the La- most-populous 25 states had bor secretaryrole and “the virtually the same shareof WASHINGTON—TheSenate struggles working people and the population as today. Dem- confirmed Marty Walsh as La- families faceeach and every ocratstodayhold 29 of the 50 bor secretary, sending an ad- day.” CAPITAL JOURNAL seatsinthese most-populous vocate of organized labor to He has pledged to givepri- By Gerald F. Seib states.They held the same an agencythat has signaled ority to work at the Labor De- number half acenturyago. itsintent to focus on worker partment’sOccupational Similarly, today the 10 protections and inequality in Safety and Health Administra- When RichardArenberg, a least-populous states, which thelabor market during the tion, including increasing the longtime Democratic congres- have 20 Senate seats among Bidenadministration. number of inspectorsthere. sional staffer,co-wroteabook them, have 2.8% of the na- Mr.Walsh wasconfirmed President Biden has directed in 2012 defending the Sen- tion’s population. Half a cen- with bipartisan supportona OSHA to set atemporary

ate’sfilibuster,hewas pleas- BARRIA/ tury ago, the share was vir- 68-29 vote Monday. He had standardtorequireemployers

antly surprised to getanice OS tually identical, 2.7%. The been servinginhis second to develop coronavirus safety

reaction from ahigh-level re- CARL Senate seats among these term as Boston mayor, where protocols. viewer: He received acompli- President Biden is likely torn by the debate over the filibuster. least-populous states are he garnered areputation for Mr.Walsh has also signaled mentarynote evenly divided between the building bridges between ad- support forlabor-related pri- from then-Vice islation to broaden voting senator to stop action on a two parties today, just as vocatesfor stronger workers’ orities forthe Biden adminis- President Joe access, and a big bill to re- bill and requires a 60-vote they were half a century ago. rightsand the businesscom- tration, such as raising the Biden. build the nation’s infrastruc- majority to cast a “cloture” munity. federal to $15 “It should ture while also tilting it vote to move forward. It was he biggest thing that Mr.Walsh grew up in Bos- an hour and passageofthe be required away from fossil fuels. designed to protect both the has changed is that toninanIrish immigrant Protecting the Right to Orga- reading for rights of the minority party T family and worked construc- nizeAct, legislation that manyofthe largest this session of the Senate. nanutshell, the argu- and of less-populous states, states used to be bipartisan— tion jobs and joined alocal would drastically reshape U.S. Great job,” reads the note I ment is that the filibuster and to force lawmakers to that is,they had senators union earlier in his career. labor law. that hangsinthe officeofMr. is being abused morefre- compromise. from both parties., During his confirmation Thebill, known as the PRO Arenberg, who nowteaches quently to obstruct the Sen- It also once was a practice Florida, Michigan and Illinois, hearing,heemphasized his Act,aims to boost union at BrownUniversity.Itwasn’t ateand that this is amore used only rarely, but now is forexample,each had one ties to organized labor and membership and the ability of just Mr.Biden who liked the acuteproblem because the deployed with numbing reg- senator from each party.To- his blue-collar background, workerstoorganize, among book; the foreword wasco- Senateisgrowing ever more ularity. A good barometer is day, Texas and Florida areall saying those factorshad othermeasures. writtenbyTed Kaufman, a anti-democratic (with asmall the rising number of cloture Republican red, Michigan and longtime Biden Senateaide “D”)asthe population shifts votes to try to stop filibus- Illinois all Democratic blue. who took over Mr.Biden’s to urban centers. ters. In the last full session States have become morepo- Senateseat when his former Alook at the factsshows of Congress, in 2019 and larized internally. Ex-Gov. Greitens Runs bossbecame vicepresident. that the firstcomplaint cer- 2020, there were 298 cloture Bottomline: Thefact that Thenotemerely under- tainly is true,but the second votes. In the session 20 senatorsofthe two parties scores howMr. Biden is be- isn’t. Overall, the picture years prior, there were 58. have forgottenhow to com- For Senate in Missouri ing torn by the debateover that emergessuggeststhe So the first complaint promise on big issues isn’t the filibuster,now under sus- filibuster,and the Senate holds: The filibuster is being the result of filibuster abuse, BY LINDSAY WISE “Nowthe people of Missouri tained attack from critics on morebroadly,are more abused. but rather the cause of it. need afighter in the United his Democratic Party’s left. symptoms of political divi- Yet the second complaint Mr.Biden knows that every Missouri’sformer governor, StatesSenate,” said Mr.Greit- Thedebatehas brought both sions than the cause of them. doesn’t. Structurally, the time one party has changed Eric Greitens,who resigned in ens. “They need somebody who the Senateand the Biden ad- “I acknowledge, and have Senate is no more or less Senaterules to itsshort-term 2018 amid legal troubles and a is gonna go, as Iwill, as I’m ministration to an important for years, that the filibuster “anti-democratic” than advantage, it has been vic- sexscandal, said on FoxNews committedtodo, to defending inflection point; both will live has been abused,” says Mr. usual. The chamber was de- timized by itsown changes on Mondaythat he is President Trump’sAmerica with the consequences of this Arenberg. “I just don’t think signed to ensure some bal- later,when powershifted. foraSenateseat to be leftopen Firstpolicies.” moment foryearstocome. the solution is getting rid of ance between the interests A bipartisan group of 20 by Republican Sen. RoyBlunt. When Mr.Greitens resigned, The pressure is building it. If the problem is polariza- of urban and rural parts of lawmakers is trying to find Mr.Blunt, aclose ally of Mi- he faced allegations he had sex- as Democrats in a Senate di- tion—the tendency of one the country, and to force a ways to show the Senate can nority Leader Mitch McConnell ually abused and blackmailed a vided 50-50 between the two party to grab the keys to the reconciliation of the inter- work better under current (R., Ky.), said this month he woman and misused the donor parties see Republican fili- bulldozers,” then getting rid ests of these two Americas. rules, in a bid to head off at- wouldn’t runfor re-election in list forhis veterans’ charity to busters as the main obstacle of the filibuster is “just go- This is frustrating to urban tempts to kill the filibuster. 2022. His departureisthe lat- raise campaign money.Mr. Gre- to the next two big Demo- ing to make it worse.” states,but nothing new. To- The president likely is one est of several retirementsby itens admittedanaffair but de- cratic priorities: passing leg- The filibuster allows one day, the 25 largest states— observer wishing them well. veteranSenateRepublicans. nied abuse. Statehood Debate for D.C. Splits Down Party Lines

BY ELIZA COLLINS the Supreme Court would re- main as afederal area under Democratsand Republicans the legislation. sparred over statehood for D.C. would be the firstnew Washington, D.C.,with propo- stateadmittedtothe U.S. nentssaying Mondaythat res- sinceHawaii in 1959,and pro- identsweredue full voting ponentshavealready de- rightsand critics calling it a signed American flagsthat fit partisan powergraband argu- 51 stars. ing the city’s unique status Congressional Research Ser- raised constitutional hurdles. vicelegislativeattorney Mai- TheHouse Committeeon non A. Schwartz,one of the Oversight and Reform held a hearing’switnesses,said while hearingonthe H.R.51legisla- Congressdoes have the au- tion that would giveresidents thority to form new states, full representation in Congress, therewas no historical prece- with two senatorsand one dent in which astate was Housemember,rather than formed from land that was one nonvoting House delegate. previouslydesignated as aseat Residents’powerinpresiden- in the federal government. tial elections would remain the “Reasonable minds candif- same,with three electors. fer,” she said of the legisla-

The effort to make D.C. the CK tion. “Any constitutional chal- 51st statehas gained broad TO lengetoH.R.51cannot be supportinthe Democratic predicted with anycertainty.”

Party, and has the backing of SHUTTERS John Harrison, a professor

President Biden. Thebill is ex- A/ at pected to pass the House, but /EP School of Law, said there are

itsfutureinthe Senate— THEW some constitutional questions.

where60votes would be re- WN Because Maryland originally

quired forits passageand only SHA gaveupland forthe federal 42 of the 50 Democratic sena- Statehood proponents rallied near the Capitol on Monday. The District of Columbia is represented by one nonvoting House delegate. district—and the constitution tors currently areco-spon- says no statecan be formed sors—is uncertain. government. said Rep.Carolyn Maloney (D., statehood to increase their Mr.Biden in the 2020 election. within astate without the Democratssay that resi- “The disenfranchisement of N.Y.), chairwoman of the over- voting powerinCongress. Ms.Bowser demurred when statelegislators’ consent—the dentsofWashington, D.C., Washingtonians is one of the sight committee. “H.R.51isanunconstitu- asked howshe expected pro- Maryland legislaturemay have nearly half of whom areBlack, remaining civil-rightsand vot- Republicans arguethat Con- tional bill, Ithink most people spectiveD.C.senatorstovote. to give its approval for D.C.’s deserve the same representa- ing-rightsissues of our time,” gressdoesn’t have the author- hererealizethat Ithink this is Were the bill to become formation as the 51st state. tion as other Americans.Resi- said MayorMuriel Bowser, ity to makeD.C.astate with another political game that law, most of present-day “Creating anew stateout of dentspay federal taxes, regis- who wasawitnessatthe regular legislation, and instead the Democratsare playing,” Washington, D.C.,would take it would probably—again, no- terfor selectiveserviceand hearing.“D.C. residentshave it would requireamending the said Rep.James Comer (R., the name State of Washing- body knows because this is so fight in the military, but they all the responsibilities of citi- Constitution, a much higher Ky.), the topRepublican on the ton, DouglassCommonwealth, unusual—come within the re- don’t have afull voiceinCon- zenship,but they have no con- barthat requires ratification Oversight Committee. in honor of Frederick Doug- quirement forthe consent of gressand local leadership can gressional voting rightsand by three-quartersofthe states. Thecity votesheavily Dem- lass. An area around the the Maryland legislature,” he be overruled by the federal only limited self-government,” They also sayDemocratswant ocratic—93% of voters backed WhiteHouse,the Capitol and said in an interview.

the public will remember big formassivetax hikes and paign, Mr.Biden proposed add to the federal debt, which passthrough reconciliation, Advisers stepstotackle the pandemic. other job-killing left-wing poli- morethan $3 trillion in gross has risen nearly 25% over the meaningDemocratscouldn’t Some details of the strategy cies,” Sen. Mitch McConnell of taxincreases over adecade. past year to $21.8trillion. The passboth of the newpackages under consideration were re- Kentucky, the GOP leader,said Progressives point to polling president has said he intends that way this year.Some Re- Ready Next ported Mondaybythe New on the Senatefloor Monday. data, such as from , to pay for new permanent publicans have expressed in- York Times. Senior administration offi- showing that people think com- spending programs,but his ad- terest in infrastructureproj- TheWhiteHouse declined cials have discussed raising panies and wealthypeople pay visershavealso argued that ects, but bipartisan agreement Big Proposal to elaborateonthe proposals. taxesoncompanies,among toolittle in taxes. But the pres- investmentsthat boost the has been elusivefor years, “President Biden and his otheroptions,tooffset the ident would need nearly every economy’slong-term growth held up by disagreements team areconsidering arange cost of at least part of the potential might be worth fi- about the pricetag and howto ContinuedfromPageOne of potential options forhow to spending packages.Ifthe pro- nancing,especially with inter- payfor it. ple warned that the strategyis invest in working families and posals add up to $3 trillion The price tag of the est ratesexpected to remain Consolidating theinfra- preliminary. Mr.Biden, aDemo- reform our taxcode so it re- over adecade,that would rep- near historic lows. structureand education-re- crat, would need to sign off on wardswork,not wealth,” resent 1% of GDP and a5%in- next package is sure Mr.Biden is expected to dis- lated proposals intoone pack- the legislativestrategyonhow WhiteHouse presssecretary crease in federal spending be- to draw objections cusshis agenda during his agecould also be tricky. “We to proceed with the proposals JenPsaki said in astatement, yond current projections. firstformal news conference should showsome level of dis- forthem to moveforward. adding that “any speculation Democratsare also explor- from Republicans. Thursdayand in his firstad- ciplineasitrelates to what we Mr.Biden on Mondaynight about futureeconomic propos- ing raising the topmarginal dresstoajoint session of Con- put in abill that we call an in- pitched his ideas to Demo- als is premature.” income-tax rate forhigh-in- gressinthe coming weeks. frastructurebill,” said Rep. cratic senators, specifically on Thepricetag of the next come individuals,increasing To passabill without the Stephanie Murphy(D.,Fla.). infrastructureand education packageissuretodrawobjec- capital-gains taxes, and tight- Democrat in the narrowly di- 60 votestypically needed to Democratspassed a$1.5tril- while saying he wantstomake tions from Republicans,who eninginternational taxrules vided Congressonboardtoad- advance legislation in the Sen- lion infrastructurebill in the the taxsystemfairer,accord- opposedthe recently signed on companies,according to vancethe taxincreases,given ate—nowsplit 50-50—Demo- House last year without includ- ingtoaperson familiar with $1.9trillion coronavirus relief lawmakersand aides.Sen. Ron Republicans’ widespread oppo- cratswould need to use apro- ing anyrevenue increases. It thevirtual meeting. lawastoo costly. Wyden (D., Ore.), chairman of sition to raising taxes. cess called reconciliation, went nowhereinthe Senate, He said he hopesRepubli- “We’rehearing the next few the SenateFinanceCommittee, Mr.Biden and his advisers which they used to passthe then controlled by Republicans. cans will lend their support months might bring aso-called is expected to detail morein- must also decide howmuch of coronavirus relief bill. —Richard Rubin butcalled on Democratsand ‘infrastructure’ proposal that ternational-tax proposals soon. their proposal to financewith Budget laws limit the num- and Kate Davidson allies to stick together,arguing mayactually be aTrojan horse During hispresidential cam- moreborrowing that would ber of bills that Congresscan contributed to this article. P2JW082000-2-A00500-1------XA

THE WALL STREET JOURNAL. ** Tuesday, March 23, 2021 | A5 U.S. NEWS False MemoriesPlanted, Erased in Study

BY BRIANNA ABBOTT memory,” said Aileen Oeberst, witnessstand or therapists’ of- plored area of research: how events that definitely didn’t whether they could reverse the study’s lead author who fice and want to figure out if to undo false memories. happen butcould have taken the false memories over two ResearchersinGermany now heads the Department of that particular memoryistrue Thestudy involved 52 peo- place, as research suggests additional interviews. andthe U.K. said they were Media Psychology at the Uni- or false,” said Dr.Dennis,who ple,averaging 22 yearsofage, that falsememories aremore First, one interviewertold able to plant false memories versity of Hagen in Germany. wasn’t involved in thestudy. at theJohannes Gutenberg likely to be picked up if they thevolunteersthat memories and then help study volunteers Scientistshavelong studied False-memoryresearch has University of Mainz,Germany, areplausible to that person. might not be based on their root them out, work that sug- thefallibility of human mem- been controversial. Cognitive as well as their parents. In their conversations,the ownexperiences but rather on gestspotential remedies to ory. Thefindingsconfirm previ- scientistsand psychologistsof- Thestudy had two parts. In interviewers told the subjects sourcessuch as family stories ease the problem of erroneous ous research, psychologistsand tendisagree on howeasy it is thefirst part, the researchers that their parentshad provided or photographs, and they recollections. cognitivescientistssaid, though to develop false memories and details about eventsintheir asked forthe origin of each Thescientistsused inter- they cautioned about itsreal- howoften that occurs. It has childhoods.Then the interview- recollection. Then during a views to convincesome study world potential sincethe study also been controversial partly Scientists have ersintroduced four “memories” second session, anew inter- subjects they had undergone wasconducted among arela- because policeinvestigations that the interviewers said the viewersaid that repeatedly be- childhood eventsthat didn’t tively small number of subjects and court proceedingsrely on long studied the parentshad told them about— ing asked to remember events happen to them, such as get- in alab over afew weeks,and thequality of memories. fallibility of human two real and two fabricated. could lead to the creation of ting lost or being in acar acci- itsfindingsmight be hardto Some psychologistsexpress At the end of the three in- falsememories and asked the dent, according to areport apply to an individual person. concerns that people canbe memory. terviews,volunteerssaid they volunteerstothink back and published Mondayinthe scien- Some research suggeststhat cajoled intoconfessing crimes had some level of memory reflect on whether that applied tific journal Proceedingsofthe true memories tend to be stron- they didn’t commit or into about the fakeevents27% of to anyofthe incidents. National AcademyofSciences. gerfor people than false ones, making incorrect accusations. the time afterthe interviewers Afterthose interviews, Then the researcherssaid NancyDennis,amemoryre- Meantime,otherssay the big- sought to plant false memories mildly suggested an event. fewerstudy subjectssub- they used other interviewtech- searcher and an associatepro- gerproblem is that defendants in the subjects. First, research- When interviewers were more scribed to the fakememories, niques that prompted the vol- fessor of psychologyatPennsyl- oftenpoint to false-memory erssent aquestionnairetothe aggressive, participantssub- though afew people still de- unteerstoreassessthe memo- vania State University.Yet research to discredit testi- parentsofvolunteers, asking scribed to the made-up events scribed the false memories in ries and help realizethey might people canalso have vivid false monyfromreal victims or eye- them whether their child had 56% of the time,the study said. detail, the study found. be false or misremembered. memories or weaker true mem- witnesses and get allegations undergone negativeexperiences Some people still outright Overall, volunteershad more “What we canshowinprin- ories,making them difficult to dismissed. likegetting stung by awasp or rejected the fakeeventsorsaid confidenceintheir true memo- ciple is that it’spossible to tease apart on an individual ba- In the newstudy,research- running away from home. they had no memoryofthem. ries and described them in empowerpeople to really sis.“Thehardpart is when you erssought to provewhat they Theinvestigatorsalso asked In the second part of the fuller detail than the memories identifywhat might be afalse want to take someone on that said wasarelatively unex- the parentstosuggest two study,researcherstried to see that were false,the study found.

shortofcompliancewith the Hospital new rule. Some 45% of the 2,267 short-term, children’sand rural Price Data hospitals that Turquoise has ratedsofar scored athree or loweronthe company’sfive- Shielded point rating of compliance. Manyhospitals with lowratings disclosed only sticker prices for ContinuedfromPageOne procedures,not actual ratesne- viewing prices, spokeswoman gotiated with insurers. Jane Crawford said. Some hospitals list prices in “We are making NO efforts spotsontheir websites that to hide any information,” Ms. require many scrolls or clicks Crawford wrote in an email. to reach. That canmakethe Afterthe Journal ap- information hardtofind, com- proached hospitals about its puter-science experts said. findings, the search-blocking UPMC, a40-hospital system code was removed from sites based in Pittsburgh, has placed including those of HCA, Penn the pricelistsoneach hospi- Medicine and Beaumont, and tal’swebsite, which canre- of SouthDakota-based Avera /REUTERS quire seven clicks to reach Health, Tennessee-based Bal- from UPMC.com. Auser navi- OUNIS lad Health, Maine’s Northern gatesthrough links with labels URK

LightHealth and Gundersen KO including “Locations,” “Hospi- Health System in Wisconsin. tals,” “Patients&Visitors,” and SICA

An HCAspokesman said the JES “Patient Information” to reach search blocker was“alegacy The University of Pennsylvania Health System was among hospitals found to have blocking code hiding prices on their websites. them. UPMC,which removed code that we’veremoved.” blocking code from price-data Avera, , Beaumont and they have long kept secret to one way hospitals have fallen addition to the insurers’ prices. provided by Turquoise Health websites fortwo hospitals af- Northern Light said the code comply with afederal rule short of the rule’srequire- The rule also says that the Co., astartup working with the terthe Journal reached out, had been leftontheir websites that took effect Jan. 1 as part ments, expertsonthe new datafile with all of the rates price-transparencydata. The didn’t includethe negotiated by mistake. AGundersen of aTrump administration regulation said. has to be displayedpromi- program searched for atag in commercial ratesfor insurers Health System spokesman said push to increase transparency “They’retaking an active nently on apublic website, the pages’ background coding in itsdata. Thehealth system awebsitevendor had inserted in healthcare pricing. For the step to makesomething and that a hospital has to en- that instructssearch engines did offer other datapointsre- the code. firsttime,the rule is revealing harder to find,” said Thomas sure the data“areeasily ac- nottoindexthe page. quired underthe rule,such as Computer-science experts the prices that insurers nego- Barker, a healthcare attorney cessible and without barriers.” TheJournal found 164 web- sticker prices and cash prices. said such code canbeused tiate formanyhospital ser- at Foley Hoag and former offi- Hospitals that violatethe pages hosting disclosure files AUPMC spokesman said during webpage development vices. cial at the Department of rule faceapenalty of up to for307 hospitals that con- that navigation of itssiteis to prevent search engines These prices have been Health and Human Services.“I $300 a day. tained versions of that block- consistent with that of other from storing an incomplete opaque, even to employers and would sayitviolates the spirit “Weexpect hospitals to ing syntax.Some pages in- health-system websites,and copy as a backup, known as a consumerswho payfor cover- of the rule.” comply with these require- cludeinformation formore that it only takesaround three cached copy. age, and canvarywidely de- Therule requires hospitals mentsand will enforce these than one hospital within asys- clicks to get to the data from Thecode is typically re- pending on who pays. to release prices forall ser- rules to makesureAmericans tem. Thecode wasremoved the webpages forindividual moved when apageiscom- Federal officials who devel- vices.Hospitals typically have know the cost of their health- from pages with data for 182 hospitals. He said UPMC is pleted,expertssaid. Some oped the regulation said the asticker price, which canbea care in advance,” an HHS hospitals afterthe Journal watching how other hospitals hospital ownerssaid they had data could help consumers to starting point fordiscounted spokesman said. contacted their owners. and regulatorsrespond to the recently completed their pric- find betterdeals and help doc- ratesthey negotiatewith in- To identifywebpages hidden Turquoise,which has rule’srequirements. The ing-datapages to comply with tors and employers to select surers. Hospitals also have from search results, the Jour- searched forpricedisclosures blocking code wasonthe hos- the rule. the hospitals wherethey steer cash prices forthe uninsured. nalwrote aprogram that read on the websites of U.S. hospi- pital sites in error, he said. Hospitalsare supposed to patients for service. Thenew regulation requires the contentsof3,190 disclosure tals sinceJan. 1, has found —Rob Barry disclose priceinformation that Theuse of blocking code is disclosureofthose rates, in pages whose addresses were that manyfacilities arefalling contributed to this article.

Vaccine Is Metric Signals New fices are closed over the week- end. The seven-day average of Cases MayBeRising newly reported cases, which Safe, 79% helps smooth out irregularities in data reporting, stood at Newly reported coronavirus 54,308 on Sunday, according to Effective cases in the U.S. fell below a Wall Street Journal analysis 40,000, but the seven-day av- of data compiled by Johns erage edged higher for a sec- Hopkins University. The 14-day ContinuedfromPageOne ond day in a row, signaling a average was 53,989. rise in infections aftera rise in infections after a When the seven-day aver- monthslong decline.Some monthslong decline. age is higher than the 14-day states have been relaxing mask The U.S. reported 33,645 average, it indicates that cases S requirementsand other coro- new cases for Sunday, accord- are rising. navirus restrictions. PRES ing to data compiled by Johns After a broad and sharp de-

TheAstraZenecashot is al- ZUMA Hopkins University. Sunday’s cline from the fall surge, cases

ready widely used elsewhere. A/ figure was a decline from the have been flattening in recent TheU.S.trials provide the larg- 55,285 cases reported the pre- weeks and many states have XINHU

est-scale clinical testsyet of A/ vious day and also down from started to see new infections

the vaccine amid widespread DD the more than 38,222 new edge higher. scrutinyofits efficacy and re- WA cases reported a week earlier. Thirty states had a higher portsofserious blood-clotting NAL Data tends to be lower at seven-day average than 14-day issues in asmall number of AH the beginning of the week, as average as of Sunday. AR people in Europe who received testing is slower and some of- —David Hall HAJ the shot. TheU.S.trials identi- Asoldier in Uganda lastweek received the AstraZeneca vaccine, which is approvedinover70nations. fied no increased risk of seri- ous blood clotting. said the analysis would be sub- AstraZenecasaid Monday Much is riding on global ac- tions to measurehow well Johnson &Johnson forthe U.S. Thesummaryofthe U.S. mittedfor publication in a that independent U.S. safety ceptanceofthe Oxford-Astra- shotswork compared with market. That one-dose shot was trial results, released Monday, peer-reviewedjournal. monitorsran aspecific review Zenecashot, which is the most those who receiveaplacebo. found to be 66.1% effectiveat didn’t break out efficacy Blood-clotting concerns led of severe blood clotting,orse- widely used in manypartsof TheU.S.trials provide a protecting people from develop- against Covid-19 variants.All more than adozenEuropean rious thrombotic events, based the globe,and the cheapest. much clearer set of datafor the ing moderateand severecases of the“variantsofconcern” countries,including Germany on the trial data, including a Thevaccine has been autho- vaccine than previous trials. of Covid-19 at least 28 days af- were present in the study,said and Italy,totemporarily halt severecondition known as ce- rized foruse in morethan 70 U.K. trial resultsofthe vaccine, tervaccination. Thenumber Mene Pangalos,AstraZeneca’s useofthe vaccine this month. rebral venous sinus thrombosis, countries,and is core to plans released latelast year,pre- jumped to 85.4%against severe executivevicepresident for Most resumed administering or CVST,that has been linked to supply hundreds of millions sented arangeofefficacy, be- disease alone. biopharmaceuticals research the vaccine afterEuropean and to asmall number of deaths in of doses to poor and middle-in- tween 62%and 90%,depending and development, and Prof. U.K. medicine regulatorsagain Europe among people who re- come countries this year.The on anumber of factorsinclud- Ann Falsey of the University of endorsed the shot’suse despite ceived the vaccine.Itfound no vaccine canbestoredand ing dosing.That rangewas dif- Rochester School of Medicine, the rare clotting issues.The increased risk of thrombosis transported using normal re- ficult to comparewith U.S. trial Crafted in gold &platinum Rush! aprincipal investigator on the cases weren’t proven to be among 21,583 participantswho frigeration, and canlast for resultsofrival vaccines,one Service trial. They said thestrong re- linked to the vaccine,but regu- received at least one dose of morethan six months at that from Inc.and Germany’s Available sultsare encouraging evidence latorssaid they couldn’t rule the vaccine,and no cases of temperature. BioNTech SE and another from that the vaccine holds up outaconnection, either. CVST,AstraZenecasaid. TheU.S.trial involved Moderna Inc.Both were found against newerstrains—and es- They said that thevaccine is Theblood-clotting issues 32,449 participantsaged18and to be morethan 94%effective pecially as protection against an important weapon in pre- that have arisen in Europe’s over,with about 20% 65 or in U.S. trials.While short of severedisease.They will pro- venting death and serious ill- rollout of the vaccine in recent over.The dataanalysis is based that efficacyrate, AstraZen- vide moreinformation soon ness resulting from Covid-19 weeks are so rare,however, re- on 141symptomatic Covid-19 eca’s79% is much higher than with full results, they said. andthat itsbenefitsoutweigh searcherssaid they areun- cases,meaning that 141partici- the 50% benchmark set by Theinterim resultshaven’t potential risks.The U.K. alone likely to showupinclinical tri- pantsfell ill. Clinical trials of global regulators. Your Anniversary Immortalized yetbeen reviewedbyindepen- has administered morethan 11 als,evenones as large as the vaccines depend on dozens of TheU.S.inFebruary autho- In Roman Numerals dent researchers. AstraZeneca million doses of the vaccine. U.S. trial. participantsdevelopinginfec- rized the Covid-19 vaccine from JOHN-CHRISTIAN.COM 888.646.6466 P2JW082000-0-A00600-2------XA

A6 | Tuesday, March 23, 2021 THE WALL STREET JOURNAL. WORLD NEWS Abuse of UyghursDraws Sanctions Canadian Pair Await In coordinatedeffort, also sanctioned two North Ko- rean officials under its three- U.S., Canada, European month-old human-rightssanc- Verdicts allies hit China officials tions regime. While the Biden administra- forrepressing minority tion coordinated with the EU In China on sanctions against The U.S., Canada and allies this month over the poisoning BY JONATHAN CHENG in Europe leveled sanctions of opposition leader AlexeiNa- against Chinese officials over valny, moving together against BEIJING—Chinese authori- the repression of mainly Mus- China is morechallenging and ties opened and closed the es- lim Uyghurs in a coordinated delicate, given itseconomic pionagetrial of the second Ca- blacklisting that is part of Bi- heft. nadian at the center of along- den administration efforts to TheEUand the U.K. are running standoff with both forgecoalitions against Bei- both seeking to boost com- Canada andthe U.S. without jing. mercial ties with China, with delivering a verdict. itslarge market and deep pool Michael Kovrig,are- By Ian Talley of investment. searcher on leave from Can- in Washington Both aretrying to maintain ada’sdiplomatic service, at- and Laurence Norman a delicate—and frequently di- tended the hearing on Monday visive—balancebyconfronting with his lawyer, Beijing No. 2 in Brussels /REUTERS China on human rightsand IntermediatePeople’sCourt

Monday’sbarrageofsanc- PETER otherissues while pursuing said, adding that it would is- S tions from the U.S.,Canada, the trade and investment. sue averdict at alater

U.K. and the European Union THOMA Starting with the Trump date. Mr.Kovrig has been target current and former offi- A fence rings a vocational-skills education center in the Uyghur Autonomous Region. administration, the U.S. began charged with “probing into cials and aparamilitaryorgani- imposing sanctions on Chinese statesecretsand intelligence” zation involved in carrying out ropean lawmakers, as well as international human rights,” cine diplomacy. officials over Xinjiang and on behalf of foreign actors. the massdetention campaign several think tanks and academ- said U.S. SecretaryofState Separately on Monday, Mr. Hong Kong.The sanctions ha- Thetrial began three days af- against Uyghurs in China’s ics,proscribing them from busi- AntonyBlinken, who wasar- Blinken and the foreign minis- ven’t deterred Beijing,which terasimilar hearing forMichael northwestern Xinjiang region. nesswith or travel to China. riving in Brussels on Monday ters of Canada and the U.K. has continued its clampdown Spavor in the northeastern Chi- Forthe EU and the U.K.,the The Chinese foreign minis- fordiscussions with the EU said the evidenceofChina’s in Hong Kong and Xinjiang, nese city of Dandong,onthe decision marks the firstuse of trysaid the EU movewas and the North Atlantic Treaty abuses in Xinjiang is over- and manyofthe blacklisted border with North Korea. That human-rightssanctions against “based on nothing but lies and Organization security alliance. whelming.They cited satellite Chinese officials are believed hearing concluded in amatter China sincethe crackdown on ,” meddles in TheBiden administration imagery, Chinese government to have few assets overseas. of hours, also without averdict. theTiananmen Squaredemoc- China’sinternal affairsand un- has placed working with allies documentsand witnessac- TheBiden administration Mr.Spavorran anonprofit that racy movement in 1989.U.K. dermines China-EU relations. and like-minded partnersat counts. TheU.S., U.K. and Can- sees particular need forcollec- organized academic,tourist and Foreign SecretaryDominic Raab Theallied move—which the forefront of itsChina ada aremembersofthe so- tiveaction with sanctions to businesstrips to North Korea. called out China for“industrial- freezesany assetsheld by strategy. One of President Bi- called five-eyes intelligence- ensure they are effective and, Messrs. Spavor and Kovrig scale human-rightsabuses” those targeted and bans their den’sfirst multicountrymeet- sharingalliance, along with if less financially punitive, at were arrested in December against the Uyghurs. travel—is the type of collec- ingswas with the leadersof and Zealand. least to createadiplomatic 2018,days afterCanadian au- TheU.S., which has applied tiveaction the Biden adminis- Australia, and Japan, In addition to the Chinese cordon of censure, U.S. offi- thorities detained Meng Wan- similar penalties over the past tration says the U.S. and itsal- three countries struggling targeted on Monday, the U.S. cials said. zhou, the chief financial officer year,has gone further than its lies need to take to counter against China over territoryor and EU also imposed sanctions “Nowhereinthe world have of Chinese telecom-equipment allies in labeling China’sac- Beijing as it appliesincreas- facing economic punishment. on senior figuresinMyan- unilateral sanctions actually maker HuaweiTechnologies tions genocide. ingly coercivemeasures at At their meeting this month, mar’s militaryfor last month’s led to ademocratic transition Co., on behalf of the U.S.,which China has dismissed the alle- home and abroad. the so-called Quad countries coup. The EU added a Libyan in the absenceofamultilat- is seeking her extradition on gations of abuses and immedi- “A united trans-Atlantic re- agreed to coordinateonvac- militia and itsleader to its eral and coordinated ap- fraud charges. Thecases have ately retaliated Mondayfor the sponse sends astrong cine production and distribu- blackliststhat the U.S. had proach,” a senior administra- locked China intoadiplomatic EU action by blacklisting 10 Eu- to those who violate or abuse tion to vie with China’svac- previouslydesignated, and tion official said. rowwith Canada and the U.S. U.S. to Engage Beijing on Climate Change at Summit

BY SHA HUA soften its approach. AND WILLIAM MAULDIN During SecretaryofState AntonyBlinken’sconfirmation HONG KONG—The U.S. and hearing in January, Sen. Mitt China aretiptoeing toward co- Romney(R.,Utah) told him: “I operation on climatechange hope you’re never tempted to despiterecent and testy high- giveininyour strategywith level talks,with the two gov- regardstoChina in order to ernments’ chief climateenvoys obtain aclimateadvantage scheduledtocome together for that SecretaryKerrymight be formal discussions this week. promoting.” Mr.Blinken shook TheU.S.climateenvoy,John his head in apparent agree- Kerry, will join his Chinese ment. counterpart, Xie Zhenhua, at a Chinese policymakerslike- virtualconferenceonTuesday. wise worrythat the U.S. could China will chair the meeting of trytoleveragecooperation on topofficials from dozens of climatetoextractconcessions European countries,the Euro- in other areas, said Li Shuo, a pean Union and Canada. Beijing-based senior policyad- Tuesday’sconference, viser at . known as the Ministerial on GES Following Mr.Blinken’s ClimateAction, is an annual IMA Alaska talks with his Chinese meeting of major counterparts, the official Chi- GETTY

andpollutersthat wasset up SE/ nese-languagereadout pub- by China, theEuropean Union lished by China’sstate news and Canada afterthe U.S. agency Xinhua on Saturday

moved to exit from the Paris ANCE-PRES said Washingtonand Beijing accord in 2017. Mr.Kerry’sde- FR would set up aworking group cision to join the event is in- on climate change. GENCE

tended to signal that the U.S. is /A In response to arequest for back at the climatetable,peo- confirmation from TheWall ple familiar with the plans said. BAKER Street Journal, aState Depart- G

Theevent marks the first GRE ment spokesman said the two formal engagement between People cross Beijing under polluted skies. Chinese leader has emphasized the country’s need to restrain carbon emissions. sides discussed the climate Messrs. Kerryand Xie in the crisis in Alaska but didn’t two months sincethe Biden ad- tion’s China strategy, which The State Department and made the issue apriority,vow- on theParis accord together. form aformal working group. ministration took office, though looks to carveout cooperation China’senvironmental protec- ing to makethe U.S. aglobal AfterMr. Kerrywas named cli- Mr.Kerrysaid during a the two have spoken informally on issues likeclimatechange tion ministryconfirmed leader and re-entering the mate envoy by Mr. Biden, the pressconferenceinJanuary about the possibility of setting and the Covid-19 pandemic Messrs. Kerry’sand Xie’sat- landmark international accord Chinese government reap- that the U.S. intended to work up amoreformal mechanism while the two powers compete tendance at Tuesday’s virtual known as the Paris Agreement, pointed Mr. Xie to the role he with Chinaonclimatechange of engagement to tackle cli- for global influence and the climatemeeting.China said from which former President held formorethan adecade as a“critical stand-alone issue” mateissues,the people said. control of critical technologies. both men wouldn’t meet sepa- Donald Trumpwithdrew,say- beforestepping down in 2018. without trading at the expense It comes on the heels of Beijing also wantstoput rately during the virtual con- ing it was unfair to the U.S. TheBiden administration is of other concerns.Mr. Kerryis talks last week in Alaska be- the rivalryonamorepredict- ference, while the State De- Chinese President Xi Jinping under domestic political pres- coordinating his work with the tween the most senior Ameri- able track afterrelations went partment declined to comment has likewise made it known he suretohew to the tough rest of security canand Chinese foreign-affairs intonear-freefall during the on whether Mr.Kerrywould takesclimateseriously,using a stanceithas promised on team, one of the people famil- officials, who sniped openly Trump administration. interact directly with his Chi- policymeeting this month to China. Republican lawmakers iar with the mattersaid. over human rights, aggression “Climateisanexistential is- nese counterpart. reiterateChina’sneed to re- and China hawks in the secu- Washingtonand Beijing against other countries and sue.It’spossible to work on it Climatehas emergedasa strain carbon emissions and rity establishment have have shown adesiretoramp the U.S. role in the world. even when thereisgreat promising area for collabora- reach carbon neutrality. warned that Mr.Kerryand cli- up leadership and rally coun- Given the tensions,the powercompetition,” one of the tion for the world’s two larg- Mr.Xie and Mr.Kerry, as matenegotiations might be tries to set ambitious goals Kerry-Xie interaction marks a people familiar with the com- est emitters of greenhouse secretaryofstate in the used by Beijing as a wedge to ahead of a United Nations cli- test of the Biden administra- ing Kerry-Xie meeting said. gases.President Biden has Obama administration, worked divide the administration and mateconferenceinNovember. Rights Group Asks FCC to Punish Chinese State Broadcaster

BY JAMES T. AREDDY ances as propaganda broad- but afterthe U.K. last month shores,while nearly all con- languages,CCTVpotentially the FCCcomplaint is U.S. citi- cast around the world, includ- withdrew the license that al- tent produced by foreign or- reaches more than 90 million zenYuYingzeng,who spent Agroup that helped force ing in the U.S.,the group says. lowedCGTNtobroadcast, a ganizations is blocked from its American households,accord- nearly two yearsimprisoned China’sstate broadcaster off In the 32-pagecomplaint spokesman accused British au- domestic print, broadcast and ing to 2016 datafromSarah in after she and her U.K. airwaves is taking itscase with theFCC that the Spain- thorities of “oppressing CGTN online platforms. Cook, an analyst at Washing- husband, Briton PeterHum- to the U.S. by asking the Fed- based group made public Mon- for political reasons based on Governmentsinthe U.S. and ton-based Freedom House. phrey, were convicted of ille- eral Communications Commis- day it requested an investiga- some other Western countries TheFCC is wrestling with a gally possessing personal in- sion to punish China Central tion of CCTV and unspecified have takensteps to limit the number of China-related chal- formation while running a Television for airing informa- punitiveaction on behalf of SafeguardDefenders reach of China’sstate-con- lenges,said JessicaRosenwor- corporate-investigation busi- tion it knew was false. the complainants. trolled media outlets, as have cel, the agency’s acting chair- ness, accusations they deny. An FCC spokeswoman said The FCC spokeswoman de- says television station privateonline services such as woman, in aspeech last week. Ahead of their trial, they Mondaythat the agencyisre- clined to comment.CCTVoffi- knowingly aired false Twitter. TheTrump administra- They includeaplan to replace appeared on CCTVbroadcasts viewing the complaint from cials couldn’t be reached, but tion categorized CCTVasafor- equipment in U.S. phone net- around the world in what Mr. SafeguardDefenders, which in the past have defended its information. eign mission, akin to aconsul- works from Chinese makers Humphrey said were coercive centersonallegations that in- global-television productions ate, and forced the broadcaster such as HuaweiTechnologies and stage-managed conditions dividuals of various nationali- as law-abiding and unbiased. and bureaus of other Chinese Co.and responding to cyber where he was drugged, caged ties were paraded beforethe In the U.K.,regulatorybody government-run media to cut theftblamed on Chinese state and forced to read ascript Chinese network’scameras Ofcominrecent months has ideological bias.” itsstaff numbersinthe U.S. actors. She said the FCCis that included an apology. while they were detained and takenactions against CGTN,an Thegrowing presenceof China responded by canceling taking steps to limit services China’sgovernment has said forced to makefalse state- international channel of CCTV, China’sstate-run media in visas of some American report- provided by Chinesetelecom the pair broke the law. ments, including expressions based in part on complaints Western countries is stoking ers, including staff members operatorsinthe U.S.,though SafeguardDefenderssays it of remorse or guilt that they from Safeguard Defenders. concern among policymakers from TheWall Street Journal. television wasn’t a subject of originally filed acomplaint to say were coerced. China’sForeign Ministry that Beijing aims to influence With itsprogramming in her prepared remarks. the FCCinlate2019 but has Beijingused their appear- didn’t respond to questions, public opinion beyond Chinese English, Chineseand other Among the people named in so far not received aresponse. P2JW082000-0-A00700-1------XA

THE WALL STREET JOURNAL. Tuesday, March 23, 2021 | A7 WORLD WATCH WORLD NEWS

NIGER won the most votes in Kosovo’s Feb. 14 parliamentary election, Gunmen Kill 137 in but the left-wing party still Villages Near Mali needed at least three votes of non-Serb minority parties to cre- Gunmen aboard motorcycles ate a new cabinet. Vetevendosje! have attacked a series of vil- won 58 of the parliament’s 120 lages near Niger’s troubled bor- seats. der with Mali, leaving at least Mr. Kurti named the coronavi- 137 people dead in the deadliest rus pandemic as his top chal- violence to strike the African lenge and pledged to secure vac- country in recent memory, the cines for 60% of Kosovo’s government said Monday. population this year. Kosovo is The latest village massacres the only European country that come amid a escala- has not started administering tion in attacks following the vaccines yet. election of Niger’s new presi- —Associated Press dent, Mohamed Bazoum, several weeks ago. AUSTRALIA Government spokesman Ab- Dozens of Towns

dourahmane Zakaria confirmed S the latest death toll, reading a Isolated by Flooding statement on national televi- PRES

sion’s Monday evening broad- Floodwaters isolated dozens ZUMA

cast. of towns in Australia’s most A/ Less than a week ago, he populous state of New South

read another grim announce- Wales as record rain continued -ANSI/DP

ment about attacks that ulti- to inundate the country’s east AL

mately killed at least 66 people. coast on Monday. HANI —Associated Press About 18,000 people had Houthis in San’a this month rode in a procession for fighters allegedly killed in fighting with Saudi-backed Yemeni forces. been evacuated from flooding in KOSOVO New South Wales by Monday Parliament Approves and emergency services feared Saudis Propose Ye men Cease-Fire up to 54,000 people could be New Government displaced with rain forecast to continue until Wednesday. BY STEPHEN KALIN as containing nothing new. Washingtonhas backed the faces unrelenting international Kosovo’s parliament on Mon- A year ago, vast swaths of “Any positions or initiatives Saudi-led coalition sincethe criticism over itsrole in the day approved a new government New South Wales had been RIYADH— un- that don’t recognizethat Ye- Obamaadministration gave war, and eliciting aresponse facing the challenges of manag- charred by unprecedented wild- veiled a proposal for a cease- men has been subjected to the green light forits initial from the Houthis,who have dis- ing the coronavirus as confirmed fires following years of drought fire aimed at disentangling it- hostility and blockade for six intervention. TheU.S.has sold paraged the recent U.S. efforts. cases mount in the small Balkan that gripped most of the state. self from Yemen’scivil war, as years, and don’t separate the weapons to Saudi Arabia and Riyadhisstruggling to ex- country. Some of the same areas rebel forces pressanoffensive humanitarian aspect from any othercoalition members, in- tricateitself from the costly During a second extraordinary were now being by inundated by and the Biden administration political or militarybargain or cluding the United Arab Emir- andunpopular conflict. When session, lawmakers voted 67-30 heavy rain. seeks to extricatethe U.S. liftthe blockade arenothing ates,and supplied it with in- CrownPrinceMohammed bin in favor of the cabinet presented Thousands of people have from the six-year conflict. neworserious,” said the telligence and other support. Salman, just months intohis by Prime Minister Albin Kurti. been affected with 40 flood Theproposal announced group’sspokesman, Moham- Thelatestproposal is in position as defense minister, The 17-member cabinet includes warnings and 20 evacuation or- Mondayincludes anationwide med Abdel Salam. intervened in 2015 to halt the six female ministers. ders along the state’s Mid North cease-fire, reopening of the announce- advanceofIranian-aligned Mr. Kurti’s Self-Determination Coast, and in western Sydney. airportinthe capital San’a ment, the State Department TheHouthi rebels Houthi rebels who had just Movement, or Vetevendosje!, —Associated Press and the country’slargest port said SecretaryAntonyBlinken overrun the capital San’a, at Hodeidah,aswell as the had spoken with PrinceFaisal dismissed the Saudi officials said the fighting start of political consultations by phone to reiterateU.S.com- would last only afew weeks.

GES proposal, saying it under United Nations supervi- mitment to Saudi Arabia’sde- Sincethen, the warhas IMA sion, which have so far failed fense and support forefforts contains nothing new. ragedondespiterepeated me- to resolvethe conflict between to end the conflict in Yemen. diation effortsbythe U.N. and GETTY the Saudi-backed forces and U.S. officials said they would others. Meanwhile,Saudi Ara- SE/ the Houthi rebels. welcome the commitment of bia has failed to restoreYe- “Wewant the guns to fall both parties to acease-fireand line with past Saudi state- men’sinternationallyrecog-

ANCE-PRES completely silent. That is the apolitical processtoresolvethe mentsand the agenda previ- nized government to power.

FR initiativeand that is the only conflict. “Wecall on all parties ously set out by the U.N.’sspe- TheHouthis,onthe other thingthat canreally help us to commit seriously to acease- cial envoy forYemen. It also hand,havetaken control of ENCE

AG gettothe next step,” Saudi fire immediately,” aState De- tracks closely with terms laid most of the country and have Foreign Minister PrinceFaisal partment spokesperson told re- outbyU.S.special envoy for stepped up a campaign of fir- HANA/ bin Farhan told reportersMon- portersMonday, calling it “one Yemen, Tim Lenderking, dur- ingmissiles and drones into KA day. “Wehope that we can step in the right direction.” ing his meetingsinthe region Saudi Arabia, hitting civilian have acease-fireimmediately, TheU.N.also welcomed the this month. sites and key energy infra-

MENAHEM but the onus is on the Houthis.” Saudi announcement, which it Saudi officials saythe public structure. ELECTION FIGHT: Israeli Prime Minister Benjamin Netanyahu, TheHouthis,who are said aligns with itsown initia- natureofthe announcement President Biden launched a center, campaigned in Jerusalem on Monday ahead of Tuesday’s aligned with Saudi archenemy tive, deputy spokesman Far- wasaimed at clarifying the po- fresh push in February to end election, the nation’s fourth in the past two years. , dismissed the proposal han Haq told reporters. sition of the kingdom, which the conflict.

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A8 | Tuesday, March 23, 2021 **** THE WALL STREET JOURNAL. FROM PAGE ONE Are Electric Cars Better for the Environment?

Battery-powered EVs produce fewer emissions overall than their gasoline-fueled counterparts, but there are caveats

Car makersincluding GeneralMotorsCo. and AG areretooling Carbon dioxide emissions of twoofthe their companies to makeelectric vehicles on the premise thattheir most popular vehicles in their categories: battery-poweredmotorsare cleaner than gasoline-burning engines. a Toyota RAV4 and a AreEVs really betterfor the environment, though?Acloselook at all the factors GASOLINE shows theyare—but it’s acomplexanswerwith some asterisks. 78.0 tons of The environmental cost of acar includes both building it and fueling it.That CO2 emissions at 200,000 miles means factoring in emissions associatedwith oil drilling and powerplant smokestacks, as well as from mining metals such as nickel and cobalt thatare 60 needed forelectric-car batteries. The Wall Street Journal enlistedthe help of researchersatthe University of Torontotoexamine this question. We began by comparing the environmental impactoftwo popular cars thatare bestsellersintheir categories:amidsizesedan thatruns on electricityand amore 40 lightweightcompactSUV thatusesgasoline. EV 36.0 tons of By , JessicaKuronen and ElbertWang CO2 emissions at 200,000 miles EV 20 12.2 tons of CO2 off the assembly line

GASOLINE 7.4tons of CO2 off the assembly line 0 5,000 miles 20,600 36,000 100,000 200,000 driven DISTANCE DRIVEN ASSEMBLYLINE 5,000 MILES 20,600 MILES 36,000 MILES 100,000 MILES 200,000 MILES Building both aTesla Model 3 Oncetheyhit , the Forevery mile driven, generat- By 36,000 miles,the length of By the centurymark,the By the time we get to 200,000 and aToyotaRAV4generates tables start to turn. The RAV4 ing the electricity forthe Tesla the RAV4 basic warranty,the lifetime emissions of the RAV4 miles,the lifespan of atypical severaltons of greenhouse gas burns gasoline,which is refined emits 34%ofthe emissions Model 3’soverall lifetime are77% morethan the Model 3. car, the emissions comparison emissions to smelt the alum- from crude oil extracted from associatedwith making and emissions arelower. isn’t even close. inum, manufacturethe compon- wells around the world. At burning the gasolineconsumed Their consumer value remains ents and assemble the vehicle. 5,000 miles,the RAV4 also in the RAV4 engine. Emissions will vary basedon somewhatsimilar.The total Building and operating the needsits first motoroil change. wherethe Tesla is charged. cost of buying aRAV4, filling it RAV4 has generated 78 tons of But building aTesla actually At 20,600 miles,the green- The abundanceofhydropower with gasoline,maintaining it greenhouse gases.The Model 3 generates moreemissions The Tesla refills with electricity, house gas emissions from in the Pacific Northwest makes and then reselling it at 100,000 has generated lessthan half: because of the metals needed and doesn’t need motoroil building and driving the two the electricity therecleaner. miles netsout to $33,500, 36 tons. forits -ion battery. changes.Generating electricity cars areroughly the same, We usedanational average according to Consumer createsemissions,but the U.S. according to the University forour calculations. Reports.For the Model 3? The Model 3also comes out Before it rolls off the assembly grid is getting cleaner each of Torontoanalysis. Abit moreat$34,800. ahead in ’s line,the Tesla has generated year,burning lesscoal and total cost of ownership,at 65%moreemissions than using morerenewables and Then the Tesla pulls ahead. $49,800 to $51,000. the RAV4. natural gas.

Paths to Reduced Emissions SCENARIO1 SCENARIO 2 SCENARIO 3 SCENARIO 4 Thatisthe tale of twocars. But howdothose BUSINESSASUSUAL HYBRID NATION CALI DREAMING MIX OF STRATEGIES numberstranslate overthe next fewdecades to Whathappens if gasoline- Whathappens if drivers, Whatifstatespush aggressive Whatifthe U.S. promotes worriedabout wherethey the environmental impactofthe entireU.S.fleet, poweredengines continue to mandatessimilar to California, EVs, and also pursues other dominate forthe foreseeable could charge their EVs, flock which said lastfall thatit strategies to reduce currently morethan 280million light-duty future? to hybrids instead? wanted all newcarssoldinthe emissions,such as improv- vehicles?How quickly the U.S. fleet switches In this scenario,whereEVs don’t Gasoline consumption would statetobeEVs by 2035? ing fuel efficiency,making to electric motors will have ahuge effectonthe reach morethan 10% of new fall in half and emissions Emissions would drop cars lighterand decreasing country’soverall emissions.Light-dutyvehicles carsales by 2050, gasoline would be lower, but still to 35.4gigatons—belowthe miles traveledper person? above the 39 gigatons to currently contribute17% of the U.S. total. demand is basically flat. two-degreethreshold. Emissions would fall the stay on target to meet the Electricity use would grow most. Gasdemand would Emissions from U.S. vehicles Paris goals. To help preventthe global average temperature would be nearly 49 gigatons, astronomically,aswould drop.Electricity and from rising morethan 2degrees Celsius,agoal well above the target to stay demand forminerals,but minerals demand would within Paris Agreementlevels. gasoline would shrink to rise—but notassharply as in of the Paris Agreement, cumulativeU.S.vehicle 8% of 2020 levels. the California-style scenario. emissions should be limited to 39 gigatons between2019and 2050,according to the UniversityofToronto researchers. Cumulativegreenhouse Electricity demand, Cumulativebattery Gasoline consumption, gas emissions, 48.9 billion kilowatt-hours 993.5 minerals, million tons millions of barrels aday in gigatons We looked at four possible scenarios forthe 1.8 42.0 future, using the UniversityofToronto data. 8.1 In all four,cumulativeemissions continue to rise 39 GIGATON GOAL 35.4 1.4 steeply.Two scenarios stay under the 39 gigaton 35.2 goal—barely.Itcomes down to reducing gasoline 584.1 consumption, which has abigger effecton 1.1 cumulativeemissions than ariseindemand forelectricityand minerals with EVs. 392.6 3.4

1.6 106.6 0.2 0.6 Sources: AlexandreMilovanoff,Heather MacLean and I. Daniel Posen at the University of TorontoDepartmentofCivil &Mineral Engineering 2019 2050 2019 2050 2019 2050 2019 2050 Printdesign by Erik Brynildsen and Angela Calderon/THE WALL STREET JOURNAL

of scent. Youget the river- bad, when walking into a din- “The limited tastethat I and Sicilian whites.Now some smell following getting Covid Working banks,the decaying fish, the ing room,” she said. have right nowgives me hope. wines tastelikemud, and oth- in December.“When Ilost my freshwater,the agricultural Afterdiscovering she had I believe I can retrain my pal- ers, like nothing.” taste, Ithought, ‘Uh-oh, I’m in chemicals.” lost her palate, she felt “just ate, and I’m actually curious to ForJulia Hinojosa Ham, a trouble,’ ” she said. Some taste On Sense Since the pandemic began, general disbelief,” she said. “I see if my preferences in both former sommelier,everything resurfaced about 10 days after doctorshavepuzzled over why kept eating though, thinking wine and food change,” she post-Covid tasted like“licking her initial symptoms,she said, the coronavirus causes as to myself,‘On this next biteI’ll said. whitepaper.” She lost her and it wasfully restored after Of Smell manyas80% of patientstoex- tastesomething.’ Irepeated Ms.Crunden is focusing on senses of tasteand smell a month. perienceanosmia, atemporary that habit forweeks.I’vebeen the buying aspect of wine for around Thanksgiving due to Smell took longer.Three lossofsmell.Most patientsre- trying lotsofthingstoawaken her restaurant as she regains the virus. weeks afterrecovering from ContinuedfromPageOne covertheir sense of smell the palate: burnt citrus,eating her palate, she said, relying on “For agood month Iate the virus,Ms. Tidwell still had Mr.Ramsey.“And thereis within aweek or two.But a chilies, chewing mint.” her training as asommelier hot, hot jalapeños,” she said. no sense of smell at all. muscle memory, howthings smaller subset lose their sense Now, she said, she has and trusted vendors. She first noticed she couldn’t She said she nowhas about smelled on every shift, every of smell for much longer, and slowly regained some sense of “I’m still struggling with smell when she sprayed on her 75%ofher sense of smell second of everyday.” Some when it returns,some of them tastes she finds in wine,“spe- floral and fruit notes,” she favorite perfume. “I wear Es- back,adding,“Ihavegood things he canboth smell and develop parosmia, acondition cifically earthier notes,like said. She grew up in abeach téeLauder Belle,” said Ms.Hi- days and bad days, though.” re-create in his memory. in which their favoritefoods tree bark,moss, cedar, town on the East Coast and nojosa Ham, 50.“Icouldn’t When she regains her full “For smells,citrus is and familiar scentshave .” She said those smells still misses the smell of the smell it.” palate, she plans to treat her- one…rosemary, turmeric,” he changed, doctorsand re- aremuch moreenhanced than Atlantic.“Iused to find alot TheFairhope,Ala.-based self to East Coast blue-point said. “I cansmell the nutty searchers say. she recalls pre-Covid. of that brinyaroma in Spanish veteranofthe restaurant busi- oysters with a bottle of Egly- smellyou getoff prosciutto, Craving aglassofwine a ness, now a financial adviser, Ouriet “Les Crayeres” Blanc de and the toasty smell when you monthafter recovering from said she pines for getting her NoirsBrut, aChampagne from cook amushroom. Those are Covid, Susann Crunden, acer- “original” palateback.“It’s Northern France, which has the things I’m looking for.” tified sommelier and restau- been threemonths sinceI’ve “notes of toasted brioche, Mr. Ramsey, who is still on rant manager in Seattle, said regained both tasteand smell. raspberry, Calamansi limes supplemental oxygen, is work- she finally took agamble,hav- But now, an interesting thing: and candied pineapples,” Ms. ing on newideas forrestau- ing had no tasteorsmell for Everything tastes sweet to Tidwell said. rant recipes from home,with a 35 days.Inmid-January, she me—a glassofwater,anolive. “NowI’m managing it all temporarychef filling in for popped aBeaujolais “togauge And Iamnot fond of anything better,” she said. “I’m relying him. He said he also focuses if Icould tasteitatall. All I sweet.” But, she added, “I’ve upon my memoryuntil my on memories of smells of his got,” she said, “was asour as- learned to appreciatethe smell comes entirely back.” childhood. “Growing up on the tringent juice.” Yetshe said, senses I have.” Equipped with fresh oeno- Mississippi Delta, I can evoke “it was something.” Braithe Tidwell, asomme- logical acumen, and her sense the specific smell when the Ms.Crunden, 37,cultivated lier and beveragedirector at of taste, she reasons: “Maybe I MSEY

wind picks up the mineral her tastefor wine while study- RA Brennan’s, aFrench Quarter- canbecome atriple threat

quality indicativeofanincom- ing in Rome. “But since I was RT based culinarydestination again: knowledge, taste, and ing thunderstorm,” he said. young,Iwas always the per- UA known forits vast yeah, smell. But two out of ST “It’sareally strong touchstone son to notice a smell, good or Chef Tom Ramsey, right, at a picnic in 2015. selection, lost her sense of three isn’t bad.” P2JW082000-4-A008A0-1------NS

THE WALL STREET JOURNAL. **** NY Tuesday, March 23, 2021 | A8A GREATER NEW YORK NYC Public High Schools Reopen New Yo rk Residents Move brings district closer to full-time, 50 and Up broader in-person learning in September Can Get BY LEE HAWKINS Va ccine NewYork City public high schools reopened forin-person learning on Monday, and BY TALAL ANSARI MayorBill de Blasio laid out plans to allowfully remote NewYork statewill expand students to return to class- Covid-19 vaccine eligibility to rooms this academic year. those 50 yearsofage and About 55,000 high-school older starting Tuesday, Gov. students returned to school said. buildings, astepthe city hopes “Tomorrow morning,50 will bring it closer to the long- and above, makeyour appoint- term goal of reopening schools ment and getyour vaccine,” GES on afull-time,larger-scale ba- the Democrat said Monday. IMA sis in September. Currently, those 60 and

Thenumber of studentsre- ETTY aboveare eligible forthe vac- /G

turning wasjust under 20% of GO cine,inaddition to healthcare the city’s 282,000 high-school workers and other groups. NTIA

students. In-person classes are SA A total of 12.2 million resi-

only open to studentswho M. dentswill be eligible forthe opted in November forahy- vaccine beginning Tuesday, ac-

brid curriculum of remote in- MICHAEL cording to the NewYork State struction and some in-person Students at Brooklyn’sJames Madison High School were among the roughly 55,000 high schoolers who returned to classrooms Monday. Department of Health. learning.Under the high- Morethan five million resi- school reopening plan, about schools to reopen forsome in- some in-person learning. The who switch to the hybrid lives on ’sUpper dents, or 25% of the state, half of theschools would be person learning,but the mayor city had barred these students model likely would be allowed East Side,said she and her hus- have received at least one able to serve “all or most” of kept middle- and high-school from switching to the hybrid to go back beforethe end of band decided during the No- dose of the Covid-19 vaccine, their studentsfivedays a studentsremoteuntil recently. model but changed itspolicy April. Plans forthe return of vember opt-in period to keep according to the statehealth week. The number of schools In-person instruction at middle after the U.S. Centers for Dis- older studentswill be an- theirchildren home because department. Morethan 13%, or offering in-person learning schools resumed on Feb. 25. ease Controland Prevention nounced soon, the mayorsaid. she and her son have asthma. 2.7million individuals,have five days aweek is expected to Mr. de Blasio called the re- announced new school-safety Schools that have seen their “The situation wassobad completed their vaccination. increase in the coming weeks. opening of schools “the single guidelines on Friday. enrollment drop in the pan- that we thought it would be Despite recent gains in in- Thereturning high-school most important thing we can Thestudentswill be able to demicwon’t have to return crazy to opt them in then, be- oculations after atroubled ini- students have spent much or do” forthe city,its families opt in between Wednesday funding,hesaid. Thedecision cause it wasclear that schools tial rollout,Mr. Cuomo said ra- all of the academic year fully and their children. and April 7, the mayor said. follows months of pushback were going to close,” she said. cial disparity remains an issue. remote. Schools opened in late “It’sachancetostart ad- Thenew CDC guidelines say from school administrators, But the city’s low infection “Westill have not reached September and early October, dressing the pain they’vebeen K-12 studentsshould remain at parentsand acoalition of city ratesamong younger students fairnessand equity in the num- but Mr.deBlasio closed all through. It’s a chance to start least 3feet apart in class- council memberswho said re- prompted Ms.Levitinthe past public schools in mid-Novem- closing that Covid achieve- rooms rather than the previ- turning the funds would mostly two months to email her 9- ber afterthe city’s Covid-19 ment gap and moving us for- ously recommended 6feet. Ex- affect low-income schools. year-old daughter’s school to Atotal of 12.2million positivity rate surpassed 3%. ward,” he said. pertssay the guidelines could Some parentswho enrolled ask about enrolling her in in- Thecity had set that threshold Mr. de Blasio said that stu- speed up the reopening of their children in the city’s person instruction. people will be for closure in the summer. dents who chose fully remote schools nationwide. fully remotecurriculum last “We’vebeen moreorless eligible for the shot City officials later reconsid- learning in November would Mr. de Blasio said students fall saythey areeager to get isolated forayear,and we see ered the threshold and in De- soon have an opportunity to at the3Ktoelementarylevels them back intothe classroom. howitaffectsher mood and starting Tuesday. cember allowedelementary opt intoahybrid model of and those with special needs YuliyaLevit, aparent who her studying,” she said.

ber of vaccines,” Mr.Cuomo City Faces a Lopsided Economic Recovery said, noting that alowerpro- portion of minorities have been vaccinated compared BY KATE KING level workerswill need training with their whitecounterparts. to fill available,morehighly- “Covid killed twiceasmany Ayear afterthe pandemic skilledpositions.“Theimpact Black people as whitepeople,” ground ’s econ- is overwhelmingly on our local he said. “Justicesays let those omytoanear standstill, most bricks-and-mortar retail and who were afflicted most be the big companies and white-col- serviceeconomy,” she said. firstinreceiving the vaccine.” laremployees have emerged Thepandemic’simpact on Statewide,the percentage inconvenienced but intact, poor NewYorkersisreflected of people testing positive for while manysmall businesses in the added strain on the so- Covid-19 on averageeach week and low-wageworkersare still cial safety net. Medicaid enroll- was at 3.3%, according to the struggling to stay afloat. ment in NewYork City has in- lateststate data, down from The economic engines that creased everymonth sincethe 4% in early Februaryand powerthe nation’slargest start of the pandemic.Nearly nearly 8% in early January. city—Wall Street, the tech in- 3.9million residentswereen- In NewYork City,that S dustryand large corpora- rolled in the healthcarepro- seven-dayaverage has pla- NEW

tions—have weathered the G gram forlow-income and dis- teaued, remaining between 6% pandemic betterthan many abled people as of last month, and 7% forweeks now, worry-

initiallyexpected. MayorBill OOMBER a14.6% increase from February ing some epidemiologists. de Blasio’s officeestimated in 2020,according to the state Nearly half of newcases in

Januarythat the city’s econ- GLE/BL Department of Health. the city have been tied to anew,

omy contracted 0.6% in 2020 NA And while affluent New morecontagious variant first compared with 2019,afar Yorkershavebeen able to pay detected in the U.K.,oravari-

brighter picturethan the MICHAEL their bills,othershavebeen ant specific to NewYork state, 12.9% decline in grosscity The economic engines that power NYC have weathered the pandemic better than many expected. forced to take advantageof according to the city’s health product predicted last April. measures such as mortgage department data. Thestate’s Still, nearly eight yearsafter sided,” said James Parrott, an On March 16, Mr. Rechler was though their buildingsare only and student-loan forbearance firstknown case linked to a he wonelection on aplatform economist at . reminded that one year earlier 10% occupied. RXRRealty owns and eviction moratoriums.Jen- highly transmissible Brazil vari- of reducing income inequality, “Half or moreofthe economy he had held acompanywide 18.8 million squarefeet of nifer March, executivedirector anthad been identified in an el- the term-limited Mr.deBlasio is relatively unscathed. The call to inform employees the ClassAofficespaceinthe city, of the nonprofit Citizens’ Com- derly Brooklyn resident with no is preparing to leave officedur- other part of the economy, companywas switching to re- and Mr.Rechler said he expects mitteefor Children of New travel history, Mr.Cuomo said. ing acrisis that has delivered a whereface-to-faceservices are motework.After everyone employers to start experiment- York,said she is particularly disproportionateblowtothe conducted and most workers left, he walked around the ing this spring with bringing worried about single-parent city’s most vulnerable residents. arepaid by the hour or on a emptyofficeand filmed the workersback intothe office. households andimmigrant NewYork City counted project basis—that sector has eerie scene on his phone. KathyWylde,chief executive families who maynot be eligi-

626,400 fewerprivate-sector just been devastated.” “The panic is setting in,” he of the Partnership forNew ble forthe same level of gov- S jobs by the end of Januarycom- Themayor,whose office wroteinhis journal that night. York City,said the business ernment support as Americans. pared with ayear earlier,boost- didn’t provide a comment for A year later, he feels more group has been checking in Thepandemic’srelatively PRES ing the rate to this article,has said he is hopeful. The vacancy rate for with big banks and found that light impact on high-earning TED

13.1% from 3.8%. TheBronx, committedtoaneconomic re- rental apartmentsinhis com- most large residential and com- NewYorkersmeans the city OCIA SS

whichalready had the city’s covery that gives priority to pany’sportfolio,which in- mercial landlords arecollecting hasn’t lost as much personal- /A highest joblessnumberspre- equity and focuses on the cludes 1,120 luxuryunitsinthe rent and paying their mort- income and business-tax reve- FFER

pandemic,suffered the worst, hardest-hit communities. city, is about 6%, up from 3% gages. But businesses that nue as city officials initially TA AL

with unemployment jumping to Scott Rechler, chief execu- pre-pandemic but not as high couldn’t work remotely were feared. Still, long-term fiscal Y

17.7%from5.3%, according to tiveofRXR Realty,keeps a as he would have predicted at forced to layoff workers. Many challenges loom. MAR the stateDepartment of Labor. daily journal and starts every the start of the crisis. of those job losses arelikely The city will need to grap- More than five million New “It’shardtoimagine how morning by reading that day’s Officetenants, meanwhile, permanent, Ms.Wylde said, ple with declining housing val- Yorkers have gotten at least thingscould be anymorelop- entry from the previous year. arestill paying rent even andthose low-wage, entry- ues,among other things. one dose of the inoculation. Cultural Ve nuesAre Reopening,but Some Fear It’s TooSoon

BY CHARLES PASSY formerswere“feeling well.” mayor said. cancellations,such as with the Ms.Robertson also said that Nevertheless, Mr.Cuomo Armory, and promptsmore Thecoronavirus-related theArmoryrequires that all said the state is “going to get concern and confusion

cancellation of adanceevent artists, crew and staff be tested GES much moreaggressive” about throughout the industry.

at aNew York City cultural beforethey arriveonsiteto IMA itsreopening plans.“NewYork “Wewant performersto venue has prompted concerns ensuresafety. needs to have arebirth after feel safe. We want audiences

about whether such spaces can NewYork state is relaxing GETTY this Covid nightmare, and it’s to feel safe,” she said. be safely reopened at this time. restrictions on cultural venues SE/ not going to happen on its At least one arts presenter ThePark Avenue Armory, a and allowing spaces to reopen, own,” he said. has resumed performances prominent Manhattanarts with a33% capacity limit and a Jack Sterne,aspokesman for without incident. Works & ANCE-PRES

presenter,announced this past maximum of 100 people indoors FR Mr.Cuomo,said the statestill Process, anonprofit organiza- weekend that it wascanceling and 200 outdoors, starting has “the tightest restrictions on tion that partners with artists

a coming presentation of “Af- April 2. Some venues,such as GENCE indoor activities in the coun- to develop new pieces, held a terwardsness,” awork created theArmory, received approval /A try,” but the vaccination pro- program featuring choreogra- by dancer,director and chore- from the statetoreopen earlier. gram is helping to makeitpos- pher Caleb Teicher at Manhat- ographer Bill T. Jones,because In light of the cancellation REUTER sible forindustries to restart. tan’sSolomon R. Guggenheim three performersinvolved had at the Armory, avenue that Some artsprofessionals Museum this past weekend.

tested positivefor Covid-19. wasseen as an especially safe DOMINICK have expressed concern about DukeDang,general man- Theevent, which wassched- option because of itscavernous Three performers in Bill T. Jones’s‘Afterwardsness’ testedpositive. venues reopening toosoon. ager of Works & Process, said uled to start Wednesdayand interior,New York City Coun- Ilana Levine,aveteran Broad- his organization has added an runthrough March 31, has cilman Mark Levine said the committee. holding capacity-restricted in- way actressand host of two extralayer of safety by having nowbeen postponed to later statemight be moving toofast. MayorBill de Blasio also door classes,which Gov.An- programs on the Broadway performersremain together in the spring. “It would be better to wait has questioned some of the drew Cuomo approved as of Podcast Network,said she is for14days without anyout- Armoryfounding president alittle longer to getthis state’sreopening decisions.In Monday, as being premature. eager to getback on stage. But side contact beforeaperfor- and executiveproducer Re- right,” said Mr.Levine,who particular,hecited the move “Wehaveareal disagree- she worries about what may mance. “The bubble mitigates becca Robertson said the per- chairs the council’shealth to let fitnessstudios start ment with the state,” the happen if arestart resultsin so much risk,” he said. P2JW082000-2-A008B0-1------NS

A8B | Tuesday, March 23, 2021 NY ** THE WALL STREET JOURNAL.

Jacob Sanchez Diagnosed with autism

Lack of speech is asign of autism. Learn the others at autismspeaks.org/signs. P2JW082000-0-A00900-1------XA

HEALTH & WELLNESS PERSONAL JOURNAL.

© 2021 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Tuesday, March 23, 2021 | A9

ACold Comfort III GEE MC WimHof CHUCK

KUIPERS; Puts Stress

ADRIAN On Ice Wim Hof, an METHOD; eccentric Dutchman

HOF known as the Iceman, has become WIM

P: a wellness guru. TO OM FR

BY BETSY MORRIS For years, the Iceman, as Mr. versity of California, San Fran- Hof says he has visited Mr.Dorsey him, the findings to date are good Hof is called, gained publicity— cisco, says Mr. Hof was exactly and that they messageeach other. enough. “We have much more con- itting in a barrel chest- and some ridicule—for daredevil what she had been looking for af- Twitterhad no comment. trol over anxiety and the immune high in ice cubes seems feats such as sitting for hours on ter meeting him at a wellness con- Mr. Hof’s son, Enahm Hof, now system. We’ve got a plan and it’s more like torture than a ice and climbing part of Mount ference. She had been searching 37, founded a company, Innerfire fully endorsed by science so it’s birthday treat. Everest half naked. His ideas for a for natural ways to cause short in- BV, 11 years ago to impose struc- now getting to tens of millions of But not for Wim Hof. long time were considered fringe. termittent bouts of acute stress ture on a growing number of re- people or more,” he says. “That’s S But scientists are interested in because they are believed to build quests for his father. Innerfire, run nice, but I want it to go to billions The eccentric Dutchman, who celebrated his 61st birthday his ability to survive dangerous a kind of stress resilience that by four of Mr. Hof’s six children, of people.” With so many people last year by spending 61 minutes conditions and to influence physio- might inoculate against chronic offers weekends and expeditions suffering from chronic disease and in ice, has gone from stuntman logical responses thought to be in- stress. “We’re very curious about with Mr. Hof, online courses, a mo- depression, he doesn’t understand caricature to wellness guru. voluntary, like immune system and the method,” she says. bile app and an academy for aspir- why science takes so long. His techniques, combining hy- inflammatory responses. Dr. Epel has two studies under ing instructors as well as a lot of Mr. Hof’s career was born out poxic breathing with ice baths and his teachings at no cost. “Once of tragedy. He was in the Pyrenees cold showers, have been adopted people begin to take on the course, working as a mountain guide when by a cult following of extreme ath- they begin to spread it,” Mr. Hof his wife died by suicide in 1995. letes and tech entrepreneurs. Sci- says. “We have no control and we “That’s the way it actually began— entists are studying his almost su- don’t want to have control.” the real trial of my life,” he says. perhuman ability to eliminate fear Mr.Hof has spent alot of time “We were left behind with broken and control his immune response. in labs as researchershaveattached hearts, four kids and no money.” Now, a lot of regular people are him to monitors, had him swallow Swimming in icy cold water had taking his advice. for years been a pastime. Now, he Amanda Henry, a sixth-grade found it stopped the rumination teacher in Sutter Creek, Calif., says and pain. Cold water causes you to the stress of distance learning be in the moment, he says. “Going pushed her into 5 a.m. cold show- into the cold brought a lot of ers and Wim Hof breathing. She space, like stillness in my mind. It says the practice helps her to keep gave me moments of time to stop her patience. If she finds a student the agony, the why, why, why annoying, she says, “I take a deep thousand times a day.” breath and tell myself, ‘I will be He began taking on public OK. I don’t have to have the stress stuntsto help support his family. response right now.’ ” One of the records he has set was The techniques have struck a Participants in a 2019 Wim Hof event in Poland on a three-hour cold in 2000 for swimming under ice in chord during the coronavirus pan- exposure hike. At right, instructor Chuck McGee III relaxes in an ice bath. Finland, after losing his way and demic because they teach people almost dying during practice. He how to tolerate extreme discom- gave up an attempt to climb Mt. fort. “Challenging nature makes us In 2013, researchers at Radboud way at UCSF, one on pandemic de- Everest not because he was wear- strong and stimulates our deeper University Medical Center in the pression and one that compares ing only shorts and shoes but be- physiology,” Mr. Hof says. “We are found that 12 people the effects of high-arousal tech- cause of a prior foot injury. mammals, but we’ve forgotten how trained by Mr. Hof and then in- niques like Mr. Hof’s to those of It is counterintuitive that his to be mammals.” His advice to jected with E. coli had milder flu- exercise and lower-intensity medi- sensorsand runhim through MRI method has become so popular, people who shudder at the thought like symptoms than an untrained tation. In May, she recruited Mr. machines. Small studies indi- because it can be brutal. Chuck of cold water: “Just do it once.” control group. In 2019, tests indi- Hof to teach his practices to cate that Mr.Hof is able to influ- McGee III, who became one of Mr. The techniques have serious cated a significant decrease in in- healthcare providers in a virtual encethe autonomic part of the ner- Hof’s first U.S. instructors in 2016, risks. The Wim Hof Method web- flammation in 13 people suffering seminar on emotional well-being. vous system responsible for recalls his first ice bath as “awful. site says the breathing can cause spinal arthritis over eight weeks of Mr.Hof has been popular with involuntaryfunctions likeheart Painful. All I was looking to do lightheadedness and loss of con- training in breathing, meditation so-called bio-hackersinterested in rate,breathingand the fight-or- was to get out.” Still, he quit bar- sciousness and the technique isn’t and cold exposure, according to a pushing human physiologytothe flight response.They suggest that tending to start Iced Viking meant for people with certain proof-of-concept study published extreme and aregular on the pod- his method could improveimmune Breathworks, a company from medical conditions. Warnings on in the journal PLOS One. There cast circuit. When TwitterChief Ex- response and reducechronic in- which he teaches the Wim Hof the site advise against the practice was no effect in the control group, ecutiveJack Dorsey told podcast flammation. Dr.Epel believes the techniques all over the world. if you have epilepsy, heart disease according to scientists at Radboud host Ben Greenfield two yearsago practices warrant further study be- “Last year was the best I’ve had or if pregnant or on a prescription and Amsterdam UMC and Univer- that Mr.Hof is “someone Ilearned cause they have the potential to im- in my business,” Mr. McGee says. for high blood pressure. It advises sity of Amsterdam. alot from” and that he,too,takes provehealth and slowaging. “While we cannot control our envi- anyone with a serious medical Elissa Epel, a professor in the cold showers and eatsone meal a Mr. Hof is such a believer that ronment, we can control our reac- condition to consult a . psychiatry department at the Uni- day, the commentswent viral. Mr. he often overstates the science. To tion to it and our breath,” he says.

BY ANNE MARIE CHAKER formanceand injuryprevention. Getting Back Into Exercise? If you want to be outside, see he sun is out, the ground is what your environment has to of- thawed and you are ready to fer: Grab a kettlebell and dumb- T bells and alternate kettlebell lace up your sneakers and StartSlowand Change It Up run. Not so fast, Usain Bolt. swings with lunges and squats in After a long winter cooped up, your backyard. An empty play- people are looking to reignite their ground can be used for pull-ups, exercise routines. Because of the angled push-ups, hanging lateral pandemic’s stay-at-home effect, raises and Bulgarian split squats. many of us are starting from a lower baseline of activity, and that Nutrition and Rest creates more risk of injury. One temptation, particularly for those frustrated with a few pounds Go Gradual gained during the pandemic, may Many people reach first to run- be to make sweeping dietary ning. It’s easily accessible, and the changes along with guilt-ridden idea of simply heading out the bouts of exercise. Resist the urge door is appealing. But if you are to do anything too dramatic. generally sedentary during the Incorporate two to three rest week, don’t suddenly try running a days a week of non-intensive activ- half-marathon on Saturday. ity—walking, yoga, meditation or Running puts a lot of strain on stretching. Personal trainer and the body, from the tibia to the gym owner Gunnar Peterson sug- soles of the feet and the hip flex- volume,high intensity activity,we followed by a run for one minute; different stances canbeagreat way gests coming up with a plan for ors. “When you strike your foot don’t allowthat adaptation to oc- the next running day could be a to diversifyyour workouts, says the week taking into account your down to the ground, there is a cur,and so it putsyou moreatrisk three-minute walk and two-minute Meghan Wieser,acoach and physi- schedule, expectations and level of rapid acceleration of force your forinjury,” Dr.Blauwet says. run; the next time could involve a caltherapist in EllicottCity,Md. fitness. Don’t set yourself up for body feels,” says Cheri Blauwet, a walk for two minutes and a run for disappointment and beat yourself sports medicine physician at Vary Routines three. “That pattern naturally Strength Training up for missing days but rather Brigham and Women’s Hospital Dr. Blauwet recommends mixing eases you in,” she says. Manypeople feel they need to plan days off to rest and recover. and Spaulding Rehabilitation Hos- any running with some walking to She also advises against the stretch beforeexercising,but a “Look at that off day as a day you pital in Boston. minimize stresses on muscles and same activity on back-to-back days. growing body of research has found reloaded,” says the former head Our muscles,tendons and liga- ligaments. Run-walk combinations So if yourun one day, do something that pre-exercise stretching doesn’t strength and conditioning coach mentsrespond bettertoslow offer a good approach. Rather than different the next day. Take advan- significantly reducerisk of injury. for the Los Angeles Lakers. changes,doctorssay.Our bodies are running straight for a half-hour, tage of the equipment your outdoor “Strength training has morebene- “Be cautious, be smart, be GES designed to adapt to increases in try breaking activity into five-min- environment offers. Walking up and fits,” says Dr.Wieser,byincreasing slow,” says Mr. Peterson. “There’s IMA load, or stimulus,inagradual way. ute increments: The first day could down high-school stadium stairsat the ability forthe body to with- a reason the Tortoise and the Hare

GETTY “When yourapidly introducehigh involve a walk for four minutes varying ratesofspeed and using stand load, which in turn helps per- is a popular story.” P2JW082000-0-A01000-1------NS

A10 | Tuesday, March 23, 2021 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL. | HEALTH & WELLNESS

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WHAT’SYOUR WORKOUT? | JEN MURPHY while he restrains her with a resis- tance band. As soon as she lands, she jumps to balance on the oppo- An Olympian Restarts HerTraining site foot. He might hold one end of a resistance band while Ms. Shif- frin holds the other and does jump he only thing skier Mi- the world she’draced anyspeed discipline in lunges. He’d normally challenge kaela Shiffrin could con- down. An Oc- over ayear.She finished with four her stability even more by adding trol this past year was tober back in- medals to become the most deco- a weight plate, but now attaches her workout soundtrack: jurysidelined ratedU.S.alpine skier in world her ski boot to the band to create T . Due to cor- her further. championship history. She ended a bouncing effect. onavirus,the two-time Afteryearsof this weekend’sFIS World Cup Fi- Other clever equipment fixes Olympic gold medalist and six-time domination, nals in Lenzerheide,Switzerland, in include using adish towelbe- world found herself pre- she entered fourth placeoverall. neath her feet to do hamstring paring forher season in the 2020-21 curls on awood floor.Ms. Shiffrin her home garage using equipment season in un- The Workout is always game to bound over low hacks and video .She be- familiar terri- Ms.Shiffrin makes speeding down a hurdles laterally or on one foot, came one moreavid exerciser try- tory:coming mountain in atuck position at 80 but she groans when Mr.Lackie ing to keep fitwithout agym. from behind. miles per hour look effortless. In has her do bear crawls,anexer- Ms.Shiffrin says learning to “I’vehad to the offseason, she focuses on power cise that targetsthe core and manage situations that are out of playcatch-up and strength, squatting loads of up shoulder muscles.She startson your hands is a secret of her sport. allseason,” to 295 pounds.When the season all foursinatabletop position, “As a ski racer, you spend your she says.“Forquiteawhile Iwas strength and conditioning coach, starts, her Olympic clean, amove- hoversher knees slightly off the whole career trying to control the one being chased.” Toronto-based Jeff Lackie,would ment wherethe barbell is liftedoff floor and moves oppositehand something that should be uncon- While her European competitors spend one of everythree weeks the ground to rest acrossthe chest, and foot to crawlwhile maintain- trollable,” she says. “When every- trained on glaciersduring the North working with her throughout the is 135 pounds,but she focuses on ing aneutral spine. thing lines up on a run and you’re American summer,Ms. Shiffrin summer.“We had to revert to Face- velocity.Adevice attached to the “It looks and feels so awk- in control of the uncontrollable, barely touched skis.“My training Time calls and me critiquing work- barbell measures howquickly she ward,” she says.“My arms aren’t it’s the greatest adrenaline rush program and schedule changed out videos,” Mr.Lackie says.Hewas lifts the bar. strong enough to hold my body in you can get.” completely,” she says.Typical train- able to join her in Europe forthe “In-season, she’s in mainte- that position, and my hip flexors The26-year-old took amostly ing trips to South Americawereoff Alpine World Cup race season. nance mode,” Mr. Lackie says. always start to cramp.” involuntarybreak of 10 months due to travel bans.And when the Her creativeeffortshavepaid “The focus is on mobility, core With the season over, Ms. Shif- from racing last year.After asix- state-of-the-art gymwhereshe off.Ms. Shiffrin delivered her best- strength and plyometric exer- frin will take a short rest before week hiatus following the Febru- trains in Avon, Colo., shut down, ever performanceatthe FIS Alpine cises.” Training reaction time and diving back into on-snow training ary2020 death of her father,Jeff she scrambled to buy equipment World Ski Championships in Cort- explosive power have been key to in California in late April to pre- Shiffrin, she tried to return last online to createahome gym. ina d’Ampezzo, Italy in February. her workouts. Ms. Shiffrin will pare for the 2022 Winter Olympics March, just as the pandemic shut Forthe past six years, her Theevent marked the firsttime perform single-leg side bounds in Beijing.

BY ANDREA PETERSEN the brain. From birth to age use disorder problems later two and then puberty to the on in life. early to mid-20s. We often Advicefor refer to these as periods of What risk factors make it plasticity. The environment more likely that a teen will has for better or worse a re- abuse alcohol or drugs? Parentsto ally big impact on the brain. The first big one is genetics. That’swhy the It looks like genet- Keep Kids message is delay, ics is about 50% to delay, delay. Because 60% of the risk. On younot only protect top of that, you OffDrugs their brain. Youalso have adverse child- lowerakid’srisk hood experiences, dults are increasing thattheywill de- like violence in the their use of alcohol and velop asubstance- home, substance A use disorder during abuse in the home, drugs to cope with pandemic-related stress. Jes- their lifetime.Ninety death of a parent, sica Lahey worries that many percent of people separation and di- teens will be tempted to do who have asub- vorce. They really the same. stanceuse disorder affect your overall Ms.Laheyisthe author of report theystarted using mental and physical health. “The Addiction Inoculation: drugs and alcohol beforethey The higher your adverse child- Raising HealthyKids In a were 18. hood experiences score, the CultureofDependence,” more likely you are to have which will be publishedApril Why is it a bad idea to let substance-use disorder during 6. She taughtmiddle school kids have an occasional sip your lifetime. Academic failure and high school English for of wine? Won’t that take is a big one. morethan twodecades,in- some of the mystique out of cluding fiveyearsataresi- drinking? What can parents do to dential treatmentcenterfor We let my older son have protect kids from problems teens with substanceuse sips and his own small glass with alcohol and drugs? disorders. Ms.Lahey,whose of wine once he was in his Get a grip on your own use first book wasthe bestsell- teens. There was this whole and model healthy behaviors. ing “The GiftofFailure,” has romanticism about raising my Have regular talksabout twosons,ages 22 and 17, kid like a European kid so safety and health. Come at and has battledher ownad- moderation is key. Then those conversations from a diction to alcohol. In her newbook,Ms. La- heydetailshow to have conversations with teens thatwill help them refuse that offeredbeerorvape pen. Edited excerpts from an interview:

How has the pandemic affected drug and alcohol use by teens? I think it is going to take a couple of years to get a really accurate GES picture of what hap- IMA

pened with substance GETTY use. We went into this Regular conversations can help your child refuse drugs and alcohol. pandemic with drug and alcohol use among adolescents falling. they’ll believe alcohol is not a placeofevidenceand data and With the pandemic, we’re big deal and they won’t go notlecturing. If your eighth- seeing more suicidal ideation, crazy when they go off to grader says to youeverybody is more anxiety, depression. I college. drinking youcan say, ‘That’snot worry about kids handling It was completely 100% true.Only 24%ofkids aredoing their emotions, their depres- wrong. Europe has the high- it.’” My bigmessage is one of sion, their anxiety by using est rate of alcoholism in the transparentopennessand sup- alcohol and drugs. world. The other thing we port and repeatedconversa- know is that kids of parents tions about drugs and alcohol. What do alcohol and drugs who say no alcohol and It is notjustone conversation. do to the teen brain? drugs, that these are illegal It is manyconversations Adolescence is the second of before age 21, that total pro- overmanyyears. If we are two incredible periods of hibition—those kids are a lot starting in middle school, we growth and maturation of less likely to have substance- arestarting toolate. P2JW082000-0-A01100-1------XA

THE WALL STREET JOURNAL. Tuesday, March 23, 2021 | A11 ARTS IN REVIEW

IN 2011, SINGER Lana Del Rey re- leased “Video Games,” asingle that introduced her to the wider public but wasnot her debut. She’dal- ready issued adigital EP as Lizzy Grant in 2008 and afull-length al- bum introducing her newmoniker in 2010 (albeit with adifferent spelling than she nowuses), “Lana Del RayA.K.A. Lizzy Grant.” But these releases,when she wasstill tethered to her birth name,were heardbyalmost no one and have been writtenout of her canon. From “Video Games” forward, she wroteabout star-crossed lovers moving through scenes dense with references to film and music his- tory and sang her songsinawhis- pered croon that radiated glamour. This shadowy mode became synon- ymous with her stagename and her music,which sold and streamed in big numbers, and carried her to widespread fame. On her 2019 record “Norman F— ing Rockwell!” she shared her tales of existential romanceatthe edge of the apocalypse,and they at- tained an extralayer of meaning because of who wassinging them. While her songsunfold likelittle movies and cancarrypsychological insight, they also touch on what it’s liketobeLana Del Rey.“NFR!” topped manycritics’ listsin2019 and wasaclear breakthrough for the singer,sofollowing it wasinev- itably going to be tricky. Her sev- enth studio album, “Chemtrails Over the CountryClub,” out now, sounds similar to itspredecessor on acasual listen and featuresa few newwrinkles,but it’smissing the detail that makes her best work so remarkable. Musically,“Chemtrails” extends the sound of “NFR!” Onceagain, she mostly works with GES and producer Jack Antonoff,who Lana Del Rey in 2019; IMA co-writes and co-produces almost her new record is GETTY all of the material—Rick Nowels, ‘Chemtrails Over the

her creativepartner on earlier Country Club’ CHIN/ work,writes and produces one

track.Asin2019,the tempos are ANDREW slowand the arrangementsare minimalist, led by piano or acoustic MUSIC REVIEW |MARK RICHARDSON guitar. Themost appealing twistshere areher experimentswith vocals. Tainted by Expectation She’sbecome amoreresourceful singer over the years, and on many of these tracks she uses the upper Lana Del Rey’s new album features her signature moodiness but lacks her usually vivid imagery end of her rangeinnovel ways, conveying new vulnerability.The gating the mu- sentsareal risk. and weirdlyrical turns areinrela- Ms.Mitchell’s1970LP“Ladies of opener,“White sic business Ahandful of recurring images tively short supply on this outing. the Canyon” that featuressingers Dress,” finds her but had the te- and motifs suggest aloose concept. Aside from the title track,acom- Zella Dayand Natalie Mering,who in this mode.It’s nacity to suc- Both “Tulsa Jesus Freak,” which in- paratively weak number about sub- recordsasWeyes Blood. one of her best ceed. dulges Ms.Del Rey’s fascination urban ennui that feels informed by Haditclosed her previous re- songstodate, Thehigher with loveand lust among the streaming TV dramas such as “Big lease,“ForFree” would have been a looking back at voicethat car- down-and-out, and “Yosemite,” Little Lies,” the songsare mostly bold claim that the younger singer her lifeatage ries through about aromantic pair who seal minor scenes about intense infatua- deserved to be mentioned in the 19—she’s35 “WhiteDress” themselves off from the world and tion with few surprises.“Wild at same breath as one of her heroes. now—when she pops up regu- become obsessed with each other, Heart” and “Dark but Just aGame” But herethe gesturedoesn’t feel waswaiting ta- larly on contain the phrase “No morecandle arereasonably moody and tuneful earned, and the folkymelody bles and living in “Chemtrails,” in the wind,” which is nearly identi- but lyrically indistinct, which is not sounds almost medieval and hence the moment with and we’ve caltoaline from her 2018 epic something youcan sayabout most out of placenexttothose crafted no hint of what never heard “Mariner’s Apartment Complex.” of her work. with Mr.Antonoff and Mr.Nowels. wastocome. her sound Theuse of the line is quintessential Thepenultimatetrack,“Dance Ms.Del Rey set ahigh bar last time She’salways had quitelikethis Lana Del Rey,taking an overex- Till We Die,” opens with aline and “Chemtrails” can’t reach it— an ear forlyrical before. On posed element from pop culture— about Ms.Del Rey interacting with though the music hereisstrong specificity,and hereshe name- “NFR!” she oftensounded dryly in this case,Elton John’s1973trib- her idols: “I’m coverin’ Joni and I’m and her voicehas grownricher,the checks two emerging rock bands amused and sometimes even bored utetoMarilyn Monroe,later dancin’ with Joan /Stevie is callin’ uncharacteristically vaguelyrics fail from that time—“Listening to by the parade of men in her life, reworked to honor PrincessDiana— on the telephone”—that would be to transport youtoMs. Del Rey’s WhiteStripes when they were and her offhand put-downs added and situating it effectively intoher , Joan Baezand Stevie usually immersiveworlds. white-hot” and “I wasn’t famous, momentsoflevity.Here, singing owncinematic universe.Italso Nicks—butitdoesn’t build upon just listening to KingsofLeon”— with amorefragile tone,she places her in the lineageofthese that memorable kickoff.The song Mr. Richardson is the Journal’s and positions herself as adreamer sounds likesomeone forwhom a icons. serves mostly to set up the closing rock and pop music critic. Follow who had alot to learn about navi- potentially doomed affair repre- Unfortunately,such odd asides number,acover of “For Free” from him on Twitter @MarkRichardson.

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NewYork City 62 46 s5549r Dublin 54 38 c5342sh Warsaw4732pc4636c s URAL NAPRECENT Oklahoma City 65 39 pc 59 40 r Edinburgh 53 39 r5242sh Zurich 49 28 pc 57 31 s Solvethis puzzle online and discussitatWSJ.com/Puzzles. DULY DRYDELTS P2JW082000-0-A01200-1------XA

A12 | Tuesday, March 23, 2021 THE WALL STREET JOURNAL. SPORTS

he National Collegiate Athletic Association has NCAA Left Women Out of ‘Madness’ built itstrademarked T“March Madness” phrase intoone of the most pow- erfulbrands in sports. It’splastered The ‘March Madness’ phrasehas been used only forthe men’s basketball tournament on the courts, arenas and broadcasts forthe lucrativeNCAAmen’sbasket- ball tournament—and absent from the women’stournament. Thereason forthat absenceis

By Rachel Bachman, Louise Radnofsky and Laine Higgins

that the NCAA has withheld use of the “March Madness” brand from women’scollegebasketball. It has used the phrase to turn the men’s tournament intoabillion-dollar jug- gernaut, and at the same time de- clined to use it forthe women’s tournament that has growninpop- ularity in recent years. Theresult is that the NCAA has held back avaluable asset from the women’stournament even as it now says it is committedtoputting it on an equal footing with the men’s tournament. Agiant “March Mad- ness” logoissplashed acrossthe center of men’stournament courts in Indianapolis,while the women’s courtseither have no obvious tour- nament logoorsimply say“NCAA Women’sBasketball.” TheNCAAhas been under pres- sureinrecent days afterimages of the sharply contrasting weight training facilities, The NCAA says it organizes men’s and women’s basketball ‘under one food and other aspectsof umbrella.’ It only lets the men’s tournament use the ‘March Madness’ brand. the men’sand women’s tournamentswent viral which have acombined 2.5million for“entertainment in the natureof on , spurring followers,featureonly players, basketball tournamentsbetween outrage—and pledges coaches and fans forthe men’s collegeteams.” from the association to tournament, which tipped off last Douglas Masters, the NCAA’s long- do better. On Friday, Thursday. So does the NCAA’s time trademark lawyer,confirmed NCAA senior vicepresi- March MadnessLiveapp. that “March Madness” applied to the dent of basketball Dan Theclosest thing the women’s women’stournament as well as the Gavittsaid the NCAA has event—which tipped off Sundayon men’s. But he also said that regis- “organized basketball un- ESPN networks and ABC—has to a trantslikethe NCAA canmakea der one umbrella with recognized brand is the social-me- businessdecision not to use the the goal of consistency dia handle “@ncaawbb.” Those trademark forcertain situations. and collaboration.” Twitterand accounts TheNCAAisanonprofit organi- TheNCAAhas pre- have acombined following of about zation that existstosupport its served the “March Mad- 695,000.The women’stournament’s membership of morethan 1,000 col- ness” brand forthe men app,“NCAA DI Women’sBasket- leges and universities.Itmust even though itstrade- ball,” launched this year. strikeabalancebetween generating mark registrations forthe “March Madness” has become revenues and promoting the “inclu- phrase allows itsuse for such apopular brand that manypeo- siveculture” mentioned in the mis- both men’sand women’s ple use it to refertothe men’sbas- sion statement on itstax form. tournaments. TheNCAA ketball tournament itself.Inrecent Themen’sbasketball tournament, confirmed that itsbroadcast agree- brand identity.” Veteransportsexec- women’sbasketball made at least years, the number of which launched in 1939,has abroad- mentsfor the men’stournament do utiveAnucha Browne Sandersthen one request to use the March Mad- searches for“March Madness” cast deal with CBS and Turner that not prohibit it from using the brand- served as the NCAA vicepresident of nessbrand in recent years, accord- soared past those for“NCAA tourna- pays the NCAA nearly $1 billion a ing forthe women’stournament. women’sbasketball championships. ing to aperson familiar with the ment,” according to Google Trends. year and runs through 2032. The It has maintained the practice On Sundayafternoon, however, matter. Therequest wasrebuffed by Not having access to the well- men’stournament generates about even when it had achanceto the NCAA sent anew statement the NCAA,this person said. known brand is costing the women’s 80% of the NCAA’s annual revenue. changeit. TheNCAAunveiled a omitting that sentence, which it TheNCAAspokesperson ac- basketball tournament, said Jeff TheNCAAsold the rightstoits bold new“March Madness” logo said wasinaccurate. TheNCAA’sre- knowledged that “therelikely have Hunt, founding partner of Legend women’stournament, which about five yearsago, but didn’t ex- visedstatement came lessthan an been staff discussions over the Labs,anAustin-based consulting launched in 1982, and manyofits tend the brand’suse to the women’s hour afterthe Journal contacted yearsregarding the use of March firm that specializes in brand cre- other sportschampionships to ESPN tournament. the former executive, who nowgoes Madnessinconnection with the ation, projection and protection. for$500 million over 14 yearsor Over the weekend, the NCAA ini- by Anucha Browne,according to her women’sbasketball tournament.” “There’snoquestion in my mind about $35 million ayear.ESPN has tially assigned responsibility for LinkedIn profile. In aMondaystatement, the that the value of the women’stour- expanded itscoverageofthe that decision to itswomen’sbasket- In astatement to the Journal, NCAA said it would work with staff, nament would go up pretty dramat- women’stournament in recent years. ball leadersbeforereversing course Browne said she wasproud of ath- membership and media partners“to ically if they were able to have the This year it’seliminating regional to saythat wasinaccurate. letes forspeaking up and that she determine the best way forwardfor halo of the March Madnessbrand- broadcasts, meaning everywomen’s In astatement to TheWall Street was“confident that the current women’sbasketball, including the ing as well,” Hunt said. tournament game will be on on Saturday, the NCAA said NCAA leadership will assessevery- use of March Madnesslogos in the TheNCAAsays it started using television forthe firsttime. in part, “When the current version of thing and work hardtoinsurethat future.” “March Madness” in 1982. Afterex- On the topic of the March Mad- the March Madnesslogos and brand- they work in partnership with stu- TheMarch Madnessbrand has tensivewrangling,itregistered the nessbrand, an ESPN spokesperson ing were developed five yearsago, dent athletes to provide afirst class been apowerful tool forthe men’s trademark in 1993,and wroteinits referred the Journal to the NCAA. women’sbasketball leadership at championship experience.” tournament. The@MarchMadness to the U.S. Patent and —Jim Oberman that time chose to pursue their own TheNCAAexecutives overseeing Twitterand Instagram accounts, Trademark Officethat the mark was contributed to this article.

BY JARED DIAMOND much of the last 10 yearsworking in the front officefor the Arizona Dia- CHICAGOWHITE SOXGENERAL mondbacks,the Boston Red Soxand manager Rick Hahn has long envi- Makes aReturn LosAngeles Angels. sioned aspring likethis one,when Hahn said he wouldn’t have been the team he helped rebuild would surprised if La Russa haddismissed enter the season as one of the best To the Dugout anyquestions about his fitnessfor in baseball. But he never could have the role by pointing to his résumé. expected who would be occupying Instead, he “wanted to confront the manager’s officewhen the White them head on and very clearly had a Soxgot there: Hall-of-Famer Tony plan forhow he wasgoing to go La Russa,a76-year-old who last led about addressing them.” adugout adecade ago. That included surroundinghim- With the WhiteSox widely seen self with arelatively young,modern as aserious World Series contender staff that featuresbench coach Mi- in 2021, owner JerryReinsdorf guel Cairo, pitching coach Ethan reached intothe past to find anew Katz andanalytics coordinator Shel- skipper.Heconvinced La Russa to ley Duncan, the son of La Russa’s return to the franchise he previously longtime wingman, Dave Duncan. helmed from 1979 to 1986,anunex- “The thing Iknowbest and enjoy pected choicethat stunned the in- the most is being downstairsinthe dustryjust as the WhiteSox appear dugout,” La Russa said. ready to emerge. Chicago’sbig rebuild beginning When La Russa’s name firstcame with atrade of pitcher Chris Sale up as acandidateinside the front ahead of the 2017season has re- office, Hahn admitted, “I didn’t sulted in astable of talent on the think that it wasgoing to have legs Tony La Russa had the reputation for being the ultimate innovator. The White Sox think he hasn’t lost his touch. roster,including outfielder Luis Rob- in the end.” That’slikely because the ert, sluggerEloyJiménezand ace idea of La Russa managing the that wasthe product of aconsensus eyebrows. Paul Konerko, the star and two with the St.Louis Cardinals pitcher LucasGiolito. They joined a WhiteSox at this stageofhis life from Chicago’stop executives.But WhiteSox firstbaseman from 1999 in 2006 and 2011. Thequestions lineup that also includes firstbase- sounds so bizarre. At atime when there’slittle doubt who ultimately through 2014, said that Renteria about La Russa revolved more man José Abreu and shortstop Tim clubs arepursuing younger candi- drovethe decision: Reinsdorf, the “didn’t deservetogo,” but nowit’s around whether he could relatewith Anderson. Meanwhile,the White dates believed to be betterequipped 85-year-old chairman who has long up to the players to maintain their today’splayers and could still be on Soxonly improved this winter,ac-

to connect with modern players and said that approving the dismissal of positivemomentum with La Russa. the cutting edgeofthe sport. quiring starter LanceLynn and OREALE/REUTERS

navigatearapidly changing game, La Russa 35 yearsago wasthe big- “You getpaid to do ajob,and “I never thought the résumé had closer Liam Hendriks. MP the WhiteSox picked the third-old- gest regret of his career. you’vegot to getoverit,” Konerko anyimpact,” La Russa said in are- Together,they have transformed CA est manager in history. In astatement in October,Reins- said. “That goes all the way up.If cent telephone interview. “Everyone the WhiteSox intoapotential pow- JOE

He is nowthe man largely re- dorfsaid La Russa’s hiring “isnot you’renot the owner,what Ijust of the questions and criticisms and erhouse,one that La Russa believes GES;

sponsible forensuring Chicago’s based on friendship or what hap- said applies to you.” concerns,Ithought they were all le- is talented enough to competewith IMA long,painful climb out of mediocrity pened yearsago, but on the fact Doubtsabout La Russa were gitimate.” anybody.Acomputer projection on ETTY ends at itsintended destination—a that we have the opportunity to heightened when it wasrevealed Actually,one criticism did bother the analytics websiteFanGraphs O/G

WhiteSox championship forthe have one of the greatest managers that he hadbeen arrested last year La Russa—thathehad been away predictsthe WhiteSox to win the AT firsttime since2005. in the game’shistoryinour dugout fordriving under the influence, the from the game fortoo long to still American League Central. “That wasreally the part that at atime believeour team same charge to which he pleaded understand it. Formuch of his ca- In the end, it’slikely nothing else MAND wasabit of aquestion: Howwas he is poised forgreat accomplish- guilty in 2007.InDecember,La reer La Russa hadthe reputation for will matter.

going to be able to relate? Or how ments.” Russa pleadedguilty to reckless being the ultimateinnovator,an “Ifthey lovehim, hatehim, what- CARMEN strongly did he want this? And how That theWhiteSox had avacancy driving.Inastatement released at early adopter of aggressivebullpen ever—it should not matterifyou much washegoing to put intoit?” forthe position at all wassurpris- that time,the WhiteSox said, usageand other strategies that data have ateam that cangowin,” Hahn said. “I wasstruck very early ing.Rick Renteria guided the White “Therecannot be athirdstrike.” analytics have sinceelevated to Konerkosaid. “You hope all the LEE/REUTERS;

on by howhumble he was.” Soxtotheir best record in 15 years Theincident only further fanned ubiquity.Inhis interviewwith the coaches aregreat, youhope the Y In their public statements, Hahn during the 2020 campaign. They concerns about La Russa,despitehis WhiteSox,Hahn said, La Russa used manager’s great, and I’m surethese KIRB

and executivevicepresident Ken firedRenteria anyway and replaced impressivetrack record.Hehas won thephrase “observational analytics.” guys are, but if they’renot, the play- P: Williams have described the La him with La Russa. six pennantsand three titles as Equally important, La Russa never ershavetotakeitupon themselves TO OM

Russa hire as acollaborativeprocess Themoveimmediately raised manager—one with the A’sin1989 actually retired, but rather spent to just go out thereand getitdone.” FR P2JW082000-2-A01300-1------XA

THE WALL STREET JOURNAL. ** Tuesday, March 23, 2021 | A13 OPINION TheChristian BakerWho Said ‘No’ BOOKSHELF | By Frank Gannon

Jack Phillips Civil Rights Commission pelled to createcakes with him to see the “errorsofhis Something New is America’s (2018), the Supreme Court messages he deeply objectsto. thinking.” That’ssome deal for most famous ruled 7-2 for Mr. Phillips. But In her court filing,Ms. someone yousay is a“good baker.People it did so narrowly,ongrounds Scardina says she asked for a person”:Changeyour thinking have taken that the commission had dis- birthdaycake, not acakecele- or Iwill trytoruin you. Came Along him all the played“clear and impermissi- brating her transition, and ac- Thegood news is that there MAIN way to the ble hostility” to Mr. Phillips’s cuses Mr. Phillips of refusing are some encouraging recent STREET Supreme religious beliefs.(One com- herbecause she is transgen- precedentsfromthe Supreme Rock Me on the Water Court in missioner compared Mr.Phil- der.But her storyhas shifted. Court should Mr. Phillips end By William hopes of get- lips’s invocation of his Chris- In her original complaint to up there again. In a 5-4 deci- By Ronald Brownstein McGurn ting it to tian beliefs to defenses of the commission, she wrote sion in Nifla v. Becerra (2018), (, 439 pages, $29.99) forcehim to slavery and the Holocaust.) that she’dtold the bakerythe forexample,the court ruled bake them one of his custom The court left unresolved the design was “intended for the that California couldn’t force eople of acertain agewill remember—with cakes. This week he’s back in key constitutional question: celebration of my transition pro-life crisis pregnancy cen- P embarrassment or nostalgia, or both—“Rock Me on the dock, again defending his Can the government compel from male to female.” ters to post information about the Water,” aseminal song from Jackson Browne’s refusal to bakeacustom cake people to createspeech or ar- how to obtain a state-funded 1972debut album. Ron Brownstein borrowsthe title for with amessagehesays goes tistic expressions to which abortion—in effect, advertis- his admiring,perhaps occasionally tooadmiring,cultural against his Christian faith. they profoundly object? Jack Phillips is again ing forthe very thing they ex- historyofLos Angeles in the early 1970s.Hebelieves that, Mr.Phillips owns Master- Thelatesttrial started ist to oppose. in those few years, L.A. came to dominateAmerica’s piece Cakeshop in Lakewood, MondayinColorado state in court for refusing Meanwhile, in Janus v. Af- popular culture, transforming not only the music scene Colo., and holds traditional court. It dates to 2017, when to bake a cake with a scme (2018)—the court ruled but movies, television and politics as well. views on marriageand sexual- Autumn Scardina called Mr. 5-4 to strike down an Illinois It was quite a transformation. As Mr. Brownstein nicely ity.The firstlegal action Phillips’sshop.She requested message he objects to. law requiring public employ- observes,inthe mid-1960s LosAngeles wasdismissed as against him came via the Col- acustom cake—pink on the ees to payfees to unions that “a vapid desert of silicone and sunburn.” While the rest of orado Civil RightsCommis- inside,blue on the outside— support political speech these America was on of exploding or imploding over sion, when in 2012 he declined reflecting her gender transi- AfterMasterpieceturned workers may object to. Since civil rights, urban unrest and the warinVietnam, American to bakeacustom cake fora tion. When the shop refused, down this cake, Ms. Scardina these cases,the Supreme movies,records and TV shows were (in the wordsofRonnie same-sex wedding and found she complained to the com- called to request another.This Court has likely growneven Milsap’s later song) “lost in the Fifties.” himselfaccused of unlawful mission. one would feature Satan stronger on upholding the In 1961, Newton Minow, the FCC chairman, described discrimination on the basis of Thecommission pursued smoking ajoint. Mr.Phillips faithful’s FirstAmendment American television as “a vast wasteland.” Mr. Brownstein sexual orientation. This time the case but dropped it in declined, again because of the rights, with quips that it would have been equally accurate to call it “a he’sbeing sued because he 2019 afterMr. Phillips filed a message. replacing AnthonyKennedy vast cornfield.” He makes the wouldn’t bakeacakecelebrat- federal lawsuit against the “Jack didn’t single Scardina andAmy Coney Barrettre- point by listing the CBS ing a gender transition. state. Ms.Scardina then filed out forbeing transgender,” placing . schedule for May 4, 1970, the “Jack is being targeted for her ownsuit. Given that Mr. Ms.Waggoner says.“He Back in Lakewood, there is day Ohio National Guardsmen his religious beliefs,” says Phillips has already lost 40% wouldn’t bakecakes with no shortage of other bakers opened fire on a crowd at Kent Kristen Waggoner,general of his businessbecause he those messages foranyone.” happy to sell Ms.Scardina State University. Viewers that counsel forthe AllianceDe- hasstopped making his sig- This is abaker who won’t cakeswith the messages she night could watch “Gunsmoke” fending Freedom,who de- naturecustom wedding cakes, even make Halloween cakes, wants, Ms.Waggoner points (which had premiered in 1955), fended Mr.Phillips in his first these suitsare plainly aimed she adds,and serves everyone out. But this won’t do.Be- followed by “Here’s Lucy” (suc- case and continues to repre- at harassing him intosubmis- regardless of gender identity cause what Ms.Scardina re- cessor to 1951’s “I Love Lucy”), sent him. “His opponents are sion. or sexual orientation. ally wantsisnot acake. She “Mayberry R.F.D.” (a spin-off of weaponizing the lawtopunish A2017New York Times It’snot clear exactly why wantstoforce Jack Phillips to 1960’s “ Show”) and destroy him because he profile opened with this lead: Ms.Scardina wanted acake expressspeech he objectsto— and “The Doris Day Show.” won’t createexpression that “Jack Phillips bakes beautiful featuring Satan, apart from or forcehim out of businessif By 1972, CBS shows like “All violates hisChristian faith. cakes, and it is not astretch provokinghim. When asked he doesn’t do it. in the Family” and “M*A*S*H*” They want to makethe lawan to call him an artist.” As an whyshe ordered the Satan “Todayit’sJack,” Ms.Wag- were addressing topics like big- arm of cancel culture.” artist, he argues that his cus- cake,she said she wanted to goner says.“Tomorrow it otry, the so-called generation gap In the firstgo-round, Mas- tomcakes arespeech, and believeMr. Phillips wasa“good could be you.” and the war. Meanwhile,MaryTyler Moorewas bringing the terpiece Cakeshop v. Colorado that he shouldn’tbecom- person” and hoped to persuade Write to [email protected]. challengeofsecond-wavefeminism to the patriarchyofa Minneapolis newsroom. In 1974—the apogee year forL.A’.s influence, in Mr.Brownstein’sview—newsitcoms introduced an African-American family (“Good Times”)and amulticul- America’s Back—Against a Wall tural neighborhood (“Chicoand the Man”). Through the first stages of 1960s turmoil, Mr. Brown- Anyone who Relations with allies are decline. DespiteRussia’seco- Team Biden’sbet on arobust stein notes, the Hollywood studios continued to churn out thought inter- also bumpy.The Biden admin- nomicproblems,Mr. Putin has trans-Atlantic response in de- formula flicks. Big changes began in 1967 with “Bonnie and nationalpoli- istration threatened sanctions been gleefully and successfully fense of the Rubio looks shaky. Clyde” and its transgressive celebration of criminality, and tics would against European companies defying Washingtonsincehis As the EU sinks intoyet an- “The Graduate,” which “condensed the generation gap into calm down participating in the Nord 2008 invasion of . In other round of economic stag- a single bedroom,” as Mr. Brownstein puts it. In 1970, the onceDonald Stream 2project. And on are- Chinaalong record of eco- nation and internal wrangling Oscar forbest picturewent to “Midnight Cowboy,” akind GLOBAL Trump left cent trip to Delhi, Defense Sec- nomic progress, capped—as of- following itsshambolic vaccine of X-rated buddy film. “The Godfather,” “Chinatown” and VIEW center stage retary warned In- ficial numberstell it—by sup- rollout, it maynot be much “Blazing Saddles” followed, as well as the Vietnam has had arude dia against purchasing S-400 pressing Covid-19,has ignited a help beyond imposing the occa- documentary “Hearts and Minds.” By Walter awakening.Af- missile systems from Russia. sense of triumphalism. Biden sional round of largely sym- As forthe music scene,itwas reaching newlevelsof Russell Mead terthe Alaska Badrelations with China administration evocations of bolicsanctions. technical competenceand expressiverange. In addition to confrontation andRussia and the troubled American values sound to Chi- Thethirdproblem is trade. “career-redefining albums” by Linda Ronstadt, Joni Mitchell between topU.S.and Chinese stateofthe world can’t be nese Communist Party earslike Thepart of the Rubio that most and Mr.Browne,therewererecords from other artists, officials and the slanging match blamed on the Biden team, but 19th-centuryQing Dynasty offi- foreign countries care most including Neil Young,Frank Zappa, TomWaitsand Gram between PresidentsBiden and the ideas driving this adminis- cials bleating obliviously about about is access to U.S. markets. Parsons—refining the distinctive“SoCal sound.” Mr.Young’s , the world is as tration’sforeign policyare Chinese superiority as the Mid- During the Cold War, American “On the Beach” wasanunexpectedly bleak ecological lament; fraught as ever.American rela- heading forsevereand serious dle Kingdom fell helplessly be- policymakersbelieved that Zappa moved engineering intothe realm of art; Mr.Waits tions with Russia areattheir tests. Central to the Biden ap- hind the West. openingU.S.markets, even used his gravelly Sprechgesang to channel Jack Kerouac and lowest ebb sincethe Kennedy proach is the belief that the withoutfull reciprocity from Jack London; and Parsons explored his concept of “cosmic administration and U.S.-China path to global stability involves trade partners, wasvital to the American” music on ahaunting solo album that wasrecorded relations at their frostiest since reinvigoration of American Three problems stand network of alliances Washing- in 1973and released posthumously the next year. HenryKissinger went to China leadership in the serviceofthe tonwas building around the Mr. Brownstein, a veteran reporter and now a senior in 1971, while Beijing and Mos- “rules-based international or- athwart Biden’s plans world. Neither Biden Demo- editor at the Atlantic,makes all this cultural history cow aremoreclosely aligned der,” sometimes called Rubio. for a rules-based cratsnor Trump Republicans memorable by telling much of his storythrough profiles of than at anytime sincethe Supporting international insti- areinterested in the kind of figureslikeJack Nicholson, Norman Lear,George Lucas, Ms. death of Stalin. tutions,promoting human international order. economic statesmanshipthat Ronstadt and Mr. Browne, and the Eagles’ Don Henley and It is notjust the big boys rightsand pushing back seekstobuild American alli- Glenn Frey. Of Warren Beatty, he writes: “He drove down who aretesting the Biden team. against revisionist powers may ancesthrough nonreciprocal Sunset Boulevard in his black Lincoln Continental, a shark Officials at Washington’sFort cause short-term disruptions What this meansinpractical trade liberalization. It remains inside a whale, and flirted with women in the next lane.” McNair tightened security after until adversaries recognizethe terms is that both countries to be seen howattractiveaRu- reportsofIranian threats strength of the U.S. position, will take alot of convincing bio without U.S. trade sweeten- against the facility.North Korea but ultimately aprincipled and that “Americaisback.” Per- erswill be. Americachanged dramaticallyinthe 1970s. is said to be moving toward forward-looking American suading them mayrequire Theoutlook is not all bad. Themovies, music and television shows newtestsoflong-rangemis- stand will prevail. moretoughnessand risk-taking China’scapacity forself-sabo- siles. TheTaliban announced This would be ahappy out- than Team Biden canlivewith. tage in foreign policyisun- coming out of Los Angelesled theway. that it plans to impose “Islamic come,and Monday’sannounce- Thesecond problem is Eu- matched sinceWilhelm II.Rus- rule” on Afghanistan when mentsofsanctions against Chi- rope.Washington’sAsian allies ’scontinuing economic American forces leave.Mean- nese officials and afirm arefor the most part so wor- stagnation limitsMr. Putin’s Some major culture-shaperswerenot so famous.Robert while, U.S. Special Forces have involved in therepression of ried about China that they wel- reach. Americapossesses an Wood, forinstance, began running CBS’sLos Angeles affiliate arrived in Mozambique to train UyghursinXinjiang by the Eu- come all the American leader- array of assetsthat no rival can in 1960.The station endorsed RichardNixon forgovernor in local troops in the faceofama- ropean Union, Canada, the U.S. ship they canget. Europe is a match. But even if Mr.Biden’s 1962, and in 1964 Wood delivered an on-air editorial de- jor offensivebyISIS-aligned mi- and United Kingdom offers different matter. China is far goal of restoring global stabil- nouncing Berkeley’s Free Speech protestersas“witless litia groups.Authorities in Be- hope that allied cooperation away,and Russia poses little ity through renewedU.S.lead- agitators.” Afew yearslater,now in NewYork and network larus have largely crushedthe will grow.But thereare three direct threat to countries like ership is not amission impossi- president, he realized that changewas inevitable if CBS were democracymovement in that big problems with this strategy, Germany, France, Italy and ble,achieving it will requirea to remain profitable,and his outlook changed accordingly. country, and the Burmese mili- and the administration needs Spain. Curious observers mix of strategic insight, steely He hit it off with writer-producer Norman Lear,defending his tary,despitefacing unprece- to bracefor even moreturmoil. should knowmoreafter Secre- will and ideological flexibility scriptsfromcarping and interference. They were together in dented opposition at home and Thefirst is that Russia and tary of State AntonyBlinken’s that no president has brought the control room on Jan. 12, 1971, when the firstepisode of criticism abroad, shows no sign Chinaare convinced that the scheduled meetingsthis week to the table sincethe end of the “All in the Family” wasbroadcast. From that moment Ameri- of relaxing itsgrip on power. U.S. has sunk intoirreversible with European officials,but Cold War. canTV—Americaitself—would never be quitethe same. Probably the most important figure in Mr. Brownstein’s portrait gallery is the agent-impresario-mogul David Geffen. He was 20 when he started out in the William Morris A 1,000-Word Story on My Friend’s Wall Agency’s mailroom, and he was 29 when he sold his Asylum to Warner Communications for $7 million. A By Allan Ripp nection with one of his oil With his parentsoften trav- rie and dreamlikescene,re- brashly seductive operator who channeled Svengali and P.T. paintings, “The Rosebush.” It eling,chezMorris wasparty flecting the artist’sown Barnum, Mr. Geffen created or curated American popular childhood friend emailed hung in Morris’sliving room. central formyhigh-school harrowing lifestory.” Anarra- culture during the 1970s by discovering, befriending, bank- A recently.Morris and I Despiteits sweet title,“The friends.Kids would getstoned torwith aEuropean accent de- rolling, counseling, recording and managing many of L.A.’s have spoken twiceinthe Rosebush” (1951)isasinister or pair off in bedrooms.I scribes Koerner’s links to biggest talents and brightest stars. past 50 years, but arush of ex- work of Hitchcockian sus- spent my time studying the Giotto and howhis narrative What does all this popular history add up to? Mr. citement came over me when I pense.Agaunt farmer,clad in painting.Myfriends said style“fell out of fashion with Brownstein argues that, thanks in no small part to L.A.’s sawthe subject line: “Henry overalls, shuffles into the “Wow” when Ishowedthem the rise of Abstract Expres- cultural revolution, Americans became moresuspicious of Koerner.” lowerframe clutching aknife theconverging plot lines. sionism.” authority,moresensitivetowomen’srights, morelenient Koerner,anAustrian refu- in one hand and coiled rope in On avisit to Pittsburgh 15 With Covid restrictions lim- toward premarital sexand moretolerant generally.Henotes geewhose parentsand brother the other.You mayassume he years ago, I dropped in on iting viewingsand an art mar- the ironythat manyofthese changes were brought about by died in extermination camps, plans to slaughter the large Morris’smom, who gavemy ketchasing other styles,Rose- apparently chauvinistic white males. He notes as well that became arenowned American kids aprivateshowing.They bush hasn’t fetched its the music scene was somewhat behindhand. Male musicians painter and illustrator,creat- became instant “Rosebush” $500,000 asking price. My refused to believe that “chicks” could really rock. ing50coversfor Time Maga- A painting I admired fans.But the work stayed family jokes that we could With a book so rich in detail, it may be ungrateful to zine in the 1950s and ’60s, in my youth is up for mostly unseen until December, combine arecent point out what isn’t there. Mr. Brownstein overlooks from JFK and RoyWilkins to when it came up forauction at settlement with my son’smed- musicians likeHarryNilsson, Lori Lieberman and PattiDahl- Maria Callas,LeonardBern- auction at Sotheby’s. Sotheby’s,asIlearned from ical-school tuition to makea strom. Therewas also alively comedy scene that wasjump- stein and BarbraStreisand.His speaking with Morris andhis bid. But nowthat I’m vacci- started in 1972when JohnnyCarson moved “The Tonight “magic realism” canvases were elder brother,David, who told nated, Ihaveabetteridea. To Show” to Burbank and Mitzi Shoreopened the Comedy shown at the Museum of Mod- pig wallowing in the dirt. But me he had nightmares about whoever acquires my favorite Store, whereanew brand of humor developed, morefree- ern Art and the Whitney. there’shis wife, hoeing in a thepainting.“It scared me to painting,Ioffer to come clean wheeling and lessneurotic than itsEast Coast counterpart. Koerner settled in Pitts- mound of pea pods—might she think the farmer had anything your house and sharpen your L.A.’s cultural revolution ended with awhimper around burgh, whereIknewhim for be the intended target? in mind besides pruning his knives in exchangefor visita- 1975, Mr.Brownstein suggests, with BruceSpringsteen’s the dancing cherub statues Moreominously,abare- garden,” David says. tion rights. I’m dying to know “Born to Run” andthe nascent punk scene in Manhattan’s adorning hishome and be- footed black girl in braids sits Avideo wasproduced by if the farmer has shown his East Village, among other harbingersofashifteastward. cause Iwent to high school near the pig,watchinghens Sotheby’s, with eruditecom- hand. But its effects are still with us, for better or worse. Mostly, with his daughter. I never peck around the animal. Could mentarycalling the work “a it is hardnot to think,for better. caught anyofKoerner’s exhib- we be about to witnessakid- masterfulsubversion of hyper- Mr. Ripp runs apress rela- its, but Ihad apowerful con- napping,orworse? realistic painting within an ee- tions firm in New York. Mr. Gannon was aspecial assistant in the Nixon White House. P2JW082000-0-A01400-1------XA

A14 | Tuesday, March 23, 2021 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR Reconsidering Times v. Sullivan No Inflation Panic Yet, but There Is Concern

enior Judge Laurence Silberman of the ingbyopinion surveysoncollapsing trust in the Alan S. Blinder is correct that with Prof.Blinder uses macroeconomic D.C. Circuit Court of Appeals knows how press. the slack in the economyand high un- anecdotes to arguethat upwardof4% S to court media outrage. His gun-control Think of the way the media trashed the Cov- employment thereisnorisk of wage inflation is no big deal. But it is abig inflation (“There’sNoNeed to Panic deal when yourecognizethat infla- opinion became the template ington, Ky., high school stu- An influential judge says About aLittle Inflation,” op-ed, March tion is atax on the accumulation of forthe Supreme Court’sland- dent forhis silenceand half 16). But he overlooks priceinflation, wealth. Sen. must mark Heller decision that the the ‘actual malice’ smile as he wasassailed by an which happens when toomanydollars be smiling. Second Amendment is an indi- adult after a pro-life rally in arechasing toofew goods and ser- Even worse, inflation is aregressive vidual right not limited to mi- standard needs revision. 2019.The WashingtonPost vices.With recent stimulus payments taxonwealth. Theprofessional class litias. Now he’s caused a stir and CNN settled the young and high stock prices Americans are is already shifting assetstoprotect with adissent suggesting that man’slawsuits, but would the feeling wealthy. Plus they have pent- against inflationaryheadwinds.Mary the landmark libel ruling, New York Times v. outlets have shown more caution without the up demand afterayear of being shut B. Flyover, on the other hand, has few Sullivan, should be reconsidered. protection of Times v. Sullivan? in. They areready to spend, but as in- such assetsand instead spends rela- iii Or recall Sarah Palin’s suit against the New creasing demand begins to outstrip tively moreofher money on fuel and Judge Silberman’s partial dissent comes in York Times forclaiming in 2017she had incited supply,prices must rise to bring groceries,the very elementsmissing thingsintobalance. from Mr.Blinder’s preferred measure a case in which two former Liberian officials the deranged man who shot Rep.Gabby Giffords JOHN GIMMY of inflation. sued the authors of a report suggesting they in 2011. Theeditorial wasclearly false,the edit- Chesapeake City, Md. Everyyear,inflation saps the took bribes (Tah v. Global Witness). Themajor- ing process was remarkably slipshod, and the spending powerofadollar earned, ity opinion upheld a lower-court decision dis- Times ranacorrection. Ajudgetossed the suit TheFederal Reserveiscapable of putting futuresavingsfurther out of missing the case on v. Sullivan logic under the actual-malicestandarduntil the Sec- nipping anysurge of inflation, but it reach forpeople already being leftbe- that the report was not written with “actual ond Circuit Court of Appeals reinstated it, and has made clear it will be behind the hind. What little savingsisavailable is malice,” defined as arecklessdisregardfor the it is now headed for trial. curveasinflation rises.Ithas an- largely in checking andsavingsac- truth. That’s the standard the High Court cre- Judge Silberman also has the liberal press nounced that it will not boost interest countsthat don’t even keep up with ated in 1964 that makes defamation cases in alather because he called them out forone- ratesuntil it is confident we have current inflation, let alone just alittle broughtbypublic figuresagainst the press sided bias.Hesays the NewYork Times and reached full employment and until in- more. Then add the compounding im- nearly impossible to win—even if the reported WashingtonPost “are virtually Democratic flation substantially exceeds 2% annu- pact of inflated incomes on inflated ally foraconsiderable period. taxbills.Once4%inflation is baked in, facts turn out to be false. Party ,” and that most of the press LLOYD B. THOMAS, PH.D. Ms.Flyover’s taxbill will be forever JudgeSilberman analyzesthe factsand follows their lead. He says the Journal news higher,while her purchasing power shreds the majority argument on the malice section “leans in the same direction,” which we Columbia, Mo. will trend ever lower. point even under the current Times v. Sulllivan think is wrong.The guiding ethic of our report- JACOB R. BORDEN, P.E. standard. But moreprovocativeisthat he goes ers is to play the news straight. TheFed’s“foresight” in the 1970s Trine University on to saythat the Supreme Court created itsac- The judge cited our editorial pages, along sleepwalked us over 10 yearsinto Angola, Ind. tual-malice standard out of whole cloth, with with and the , as rare 14.5%inflation, 18.5%mortgagerates, no basis in the Constitution, overturning libel exceptions.But he noted they arecontrolled by 7. 5% unemployment and aseverere- Thefactsthat Prof.Blinder doesn’t standards that had evolved over centuries in “a single man and his son”—Rupert and Lachlan cession in 1980.The Fed’srepression citeare what worryme. When Istud- common law. Murdoch—and that manyDemocratsare calling of interest rateshas already inflated ied economics at Princeton in 1981 asset prices.Itisnow favoring spend- (using Prof.Blinder’s textbook),the Thejudgenotes that the Times ruling oc- forthe giant tech platforms to censor news ing that will movethe national debt yield on the 10-year Treasurystood at curred in unique historical circumstances—to from conservativepublications.Hesays apress held by the public toward 150% of 14%asofthe end of December,while wit, the struggle forcivil rightswhen Southern so one-sided is dangerous to democracy. GDP if the Democratskeep passing the CPI-U inflation rate stood at 8.9%. politicians used defamation lawtostifle report- iii multitrillion-dollar stimulus spending Thereal risk-free rate of return was ing on and criticism of Jim Crow.But JudgeSil- As for Times v. Sullivan,JudgeSilberman con- bills in afast recovering economy. thereforeapositive5.1% or so.Incon- berman, whose former clerks include Justice cedes that prospectsfor overturning it areslim. Thebig risk comes when interest trast, todaythe CPI-U stands at 1.7% AmyConey Barrett, says the times have But JusticeClarenceThomas has called forasim- ratesregresstohigher historic aver- (March 10), while the yield on the 10- changed and the “actual malice” standard has ilar reconsideration, and who knows who else ages that increase the cost of govern- year Treasurystands at 1.71% (March effectively given the press a status above the might agree if the legal factsare presented in the ment debt. Even averysmall rise in 18), forareal risk-free rate of return Constitution that harms democracy. right case.JudgeSilberman’sopinion pointsto short-term ratesshook the markets of what is effectively zero. As journalistswehaveaninterest in preserv- differences on howtodefine actual malicethat recently.The Fedshould at the very Even relying on currentmeasures least hedgethis risk by lengthening of inflation, the real rate of return has ing Times v. Sullivan. We correct mistakes.But nowexist in the Second and D.C. circuits, which the maturity of most government dropped from positive5.1% in 1981 to we’ve had to defend against baseless defama- would be grounds forthe Justices to take Tah v. debt. They should also caution Con- zero or,let’sbeserious,lessthan zero tion suits that were eventually dismissed, and Global Witness on appeal. gressabout the sorryhistoryofcoun- today(when Iamretired). Sorry, Prof. the cost isn’t trivial. The Wall Street Journal In any case the Silberman opinion ought to tries whose debt exceeds GDP. Blinder,but I’m starting to panic. has resourcestodefend itswriters, but threats inspire some reflection about the low state of ED KAHL THOMAS PORTH against small publications could have achilling the media and its ideological conformity. The Woodside,Calif. Hockessin, Del. effect on robust journalism. (The British rule survival of a free press depends in part on the that the “loser pays” for the opponent’s legal FirstAmendment. But in the long runitalso re- costs would help here.) quires support from apublic that wantsittobe On the other hand, it’shardtodenythat free.Apress that violates itsprivileges with im- ACase forthe ContinuedWearing of Masks manyinthe media have takenabad turn in re- punity,born of legal protection from adubious It appearsthat the stateofTexas enforcedamask requirement in the cent —oftenunder the protection of the constitutional interpretation, is morevulnera- will provide anicelittle test of how boutique gymIown in Florida. Ialso actual-malicestandard. Thepublic agrees,judg- ble than righteous journalists think. cowedthe American public will re- adjusted my online to read main, afterafull year of the govern- “Masks required forworkouts.” And I ment and the pressengaged in the ru- increased membership fees by 40% A Warning to Pelosi on Iowa ination of society with Covid because Ithought that we might lose lockdowns and mask mandates (“On clientsbecause of my strict rules. he eight-seat House Democratic majority But as the reality of Mrs. Pelosi’sIowa Business: No Shoes,NoMask,NoSer- Theoppositehappened: Igot so has been remarkably disciplined so far in bloody-mindednesssetsin, vulnerable Members vice?,” Exchange, March 13). If some manyphone calls from membersof T 2021, passing radical legislation on elec- arefacing questions.OnMondayPoliticolisted restaurantsrequiretheir patrons to chain gyms who didn’t feel comfort- tions and unions with few defections.But the lim- four Democratic Congressmen who have spoken wear amask when away from their ta- able in their gyms around people huff- bles,and some restaurantsallowtheir ing and puffing without masks.Ihad itsofloyalty to Speaker NancyPelosi will be publicly against reversing Iowa’s election in the customerstoappear with barefaces, to limit the number of membersal- tested as the party moves to overturn an Iowa last week.Another said anonymously that expel- then some places will do abooming lowedtowork out per hour,and we House race and expel from Congressthe certified ling Ms.Miller-Meeks would be “political mal- businessserving the free people of reached maximum capacity fast. winner. practice. While we would gain one seat, we Texas,and the rest will do business Themask-required rule opened up GOP Rep.Mariannette Miller-Meeks wascer- would lose alot morenextyear.” with those Texans who have no prob- aniche,and everything worked out tified the winner of Iowa’s 2nd district last year, Ask Republicans,who suffered in the Georgia lem remaining in health bondage. very well formygym, my clientsand prevailing by 47 votesinthe firstcount and six Senateraces from trying to overturn the 2020 CAROL A. KUJAWA me.Weare aCovid-free zone,and my votesafter acounty-by-county recount. The presidential election.In1938,the last time the Everett, Wash. clientsand “guest clients” from gym losing candidate, Democrat RitaHart,pointsto House kicked out a sitting Member over elec- chains areloving it. 22 votesshe says should have been counted and tion disputes,New Hampshirevotersseated When Gov.Ron DeSantis withdrew CORNELIA GYURA asked the House to seat her under the Federal him again in the next election. Democrats’ 1985 statewide mask mandates forgyms,I Pompano Beach, Fla. Contested Elections Act—bypassing Iowa’s spe- reversal of an Indiana election succeeded in the cial court process for election disputes. shortterm but invigorated ’s rise At aHouse Administration hearing this to GOP leader. Amazon Policy Could Provoke Antitrust Move month, where Democrats hold a 6-3 majority, Fewpoliticians think about long-term insti- Regarding Ryan T. Anderson’s When Isearched for“When Harry Mrs. Pelosi’s Members were unanimous in ta- tutional interestsanymore, but let’shope there “Amazon Won’t LetYou Read My Became Sally” on Amazon, one of the bling Rep.Miller-Meeks’smotion to dismissthe areenough worried about political blowback to Book” (op-ed, March 17): Not long firstitems on the resulting list was challenge. That’sthe firststeptoward arecom- stop Mrs. Pelosi from a power play that would agoIdownloaded asam- “Let HarryBecome Sally: mendation to overturn the election. deepen the rancor on Capitol Hill. ple of “When HarryBe- Responding to the Anti- came Sally,” but re- Transgender Moment,” mained unsurewhether I by Kelly R. Novak.Ama- wanted to spend the zonisfeaturing abook Universal Basic Income Hype money to buy the full rebuttal(it gottwo book.Now that Amazon stars) to abook that it is erhaps you’veheardthat auniversal basic ketturnover among lowerearners. has said “not from us,” I censoring. income is an idea whose time has come. Full-time employment rose in both groups made suretobuy the full BART LEVIN P Liberals arehyping the supposed success but wasslightly loweramong the free-cash re- ebook right away (from Carbondale, Colo. of UBIfromasmall experiment in Stockton, Calif. cipientsatthe beginning and slightly higher at Apple Books). On closer scrutiny, it looks likeacase study in pol- the end. Hencethe study cagily concludes: “Un- Although Ifind Ama- As aboy,Iidentified itics influencing academic research. conditional cash enabled recipientstofind full- zon’sforay intobook my best reading material Theidea behind UBI is to provide abase level time employment” (our emphasis)—not that it banning sad, Iamheart- from the Catholic of unconditional cash to everyone.Milton Fried- actually increased employment. Most media ig- ened by what Ihope will Church’sIndexofForbid- man oncesuggested that aquasi-UBI in the form nored this nuance. be the consequences: den Books.Wherecan I that other book sellers, likeApple, find this modern equivalent? Does Am- of anegativeincome taxwould be amoreeffi- Studentsofincentives might also point out start to gain moremarket share, thus azon publish one? cient way to alleviate than the social that people receiving free cash might be more weakening Amazon’smarket power. During the lockdowns,finding good welfarebureaucracy. likely to claim they areworking even if they’re As competitorsgrowstronger,Ama- reading is atreasure. Yetnow liberals want aUBI not to replacewel- not. In anycase,the unconditional Stocktoncash zonmay be protected from antitrust LAWRENCE JOHNSTON fareprograms,but to supplement them. Con- grantsare temporary, and there’sagraverrisk enforcement, which maybeagood Monkton, Md. gress’spandemic checks and potpourri of refund- that recipientswould drop out of the labor force thing.Let us hope Amazon’sstrategy able taxcredits, including $3,600 foreach child if the grantsweremade permanent. of strengthening itscompetitorsin underage 6, areessentially aUBI. Democrats Thestudy says free-cash recipientswerevir- this way works,asI’m sureitintends. Pepper ... want to makethese handoutspermanent, and in tuous,and “lessthan 1% of tracked purchases Good luck with your book,Mr. An- And Salt supportthey’retouting arecent study of asmall were fortobacco and alcohol.” But about 40% of derson. NowifIcan only find where privately funded experiment in Stockton. “Study: the money loaded ontotheir prepaid debit cards to getthose discontinued Dr.Seuss THE WALL STREET JOURNAL books. Employment rose among those in free money ex- waseither transferred to apre-existing bank ac- DANIEL ROTH periment,” an AP declared. count or withdrawnascash. Researchersdon’t Richmond, Va. Not quite. Thestudy randomly selected 125 knowhow this money wasspent. Stocktonresidentsfromlow-income neighbor- Theresearcherswerepromoting UBI on their CORRECTION hoods and gavethem $500 amonth on aprepaid Twitterfeeds lessthan halfway through the ex- debit card.Another 200 residentsserved as the periment. One claimed “it’sembarrassingly control group.Asian/Pacific Islandersand home- straightforward, without #guaranteedincome, An engraving on the March 19 op- ownerscomprised alargershareofthe debit-card youget aguaranteed recession.” Their progres- ed page depicted Sen. Thomas W. recipientsthan of the control group ,which could sivebias is transparent. Ferry (R., Mich.). The caption mis- have biased the results. They conclude that even UBI is “not nearly identified him. Thestudy’s small sample and relianceon enough,” and they also want ahigher minimum Lettersintended forpublication should self-reported outcomes arebiggerproblems. wage,universal ,and rental assistance, be emailed to [email protected]. Please It’sdifficult to assessastatistically significant among other income transfers. Theleftwants include your city, state and telephone effect on employment among such asmall to obliterateCongress’s1996 bipartisan reform number.All letters aresubject to group over aone-year period—from Feb. 2019 that linked welfaretowork,and they’rewell on editing,and unpublished letters cannot “You’d think they’d be be acknowledged. to Feb. 2020—especially given high labor-mar- their way. more Zen about Bling.” P2JW082000-0-A01500-1------XA

THE WALL STREET JOURNAL. Tuesday, March 23, 2021 | A15 OPINION The Dubious Origins of Long Covid

By Jeremy Devine veys on persistent symptoms.Based December 2020,likely sensing an in- on the resultsofthese,Body Politic tuitivelink with the emerging idea of ong Covid,” or post- produced the firstreport on long long Covid syndrome,this same or- Covid syndrome,isan Covid in May. ganization spearheaded aletter—also emerging condition But manyofthe survey respon- signed by Body Politic—tocongres- ‘L that has attracted dentswho attributed their symp- sional leadersurging morefederal greatmedia atten- toms to the aftermath of aCovid-19 funding be dedicated to investigating tion—and nowfederal funding.The infection likely never had the virus long Covid. National Institutes of Health last in the firstplace. Of those who self- Thegovernment listened and now month announced a$1.15 billion ini- identified as having persistent will further perpetuatepatientdenial tiativetoresearch the “prolonged symptoms attributed to Covid and of mental illnessand psychosomatic health consequences” of Covid-19 responded to the firstsurvey,not symptoms.Two days afterthe NIH’s infection. even aquarter had tested positive funding announcement, SolveME/ Thetopic deserves serious study. forthe virus.Nearly half (47.8%) CFS announced it waslaunching the Some patients, particularly older never had testing and 27.5%tested Long COVID alliance, which Body Pol- ones with co-morbidities,doexperi- negative forCovid-19.Body Politic itic shortly joined. Itsmission: “to encesymptoms that outlast acorona- publicized theresultsofalarger, transform the current understanding

virus infection. But such symptoms second survey in December 2020.Of THARD of Long COVID and related post-in- canalso be psychologically generated the 3,762respondents, amere600, GO fectious illnesses”—including ME/ VID

or 15.9%, had tested positivefor the DA CFS. virus at anytime. Acentral feature underlying Echoes of chronic fatigue Whyinclude the reported symp- This subjugation of scientific rigor patientswho felt their chronic and manypsychosomatic-symptom dis- toms of those who never had acon- to preconceived belief reflectsacom- numerous medical complaints—in- ordersisafixed belief that one is ill in the effort to blame the firmed infection? “Due to the severe mon dynamic encountered in clinical cluding fatigue,“brain fog,” and an in- and unlikely to recover. By drawing coronavirus for a host of lack of testing available in manyar- practice. Patientswho struggle with ability to exert themselves physically attention to and legitimizing the eas and the prevalenceoffalse nega- chronic and vaguesymptoms often or mentally—werebeing dismissed by ever-present threat of long Covid, questionable symptoms. tives,wedonot believepeople’sex- vehemently reject aphysician’sdiag- their physicians and neglected by the medical authorities will lead alarge periences with COVID-19 symptoms nosis that suggestsanunderlying medical community. group of impressionable patientsto should be discounted because they mental-health issue,inpart because Sinceits inception, the organiza- believethat their Covid-19 symp- or caused by aphysical illnessunre- did not receiveapositivetest result,” of the stigma around mental illness tion has insisted, contrarytothe pre- toms have not resolved and that lated to the prior infection. Long the survey authorswrote in their and the false belief that psychologi- vailing view among medical practitio- they arehelplessvictims of an unre- Covid is largely an invention of vocal firstreport. “Webelievefuturere- cally generated symptoms aren’t ners, that avariety of ever-changing lentingsickness. In the past century, patient activist groups.Legitimizing search must consider the experiences “real.” biological disease mechanisms ex- the media has playedacritical role it with generous funding risks wors- of all people with COVID-19 symp- By relinquishing the need forob- plain their membership’schronic in perpetuating psychogenic ill- ening the symptoms the NIH is hop- toms,regardlessoftesting status,in jectiveserological confirmation, and symptoms and disability.The organi- nesses—chronic brucellosis in the ing to treat. order to betterunderstand the virus by claiming that long Covid canman- zation is fundamentally resistant to 1940s, chronic Epstein Barr virus in Theconcept of long Covid has a and underscorethe importanceof ifest in amind-boggling 205 different the idea that chronic fatigue is a the 1980s,and today(although sci- highly unorthodoxorigin: online sur- early and widespread testing.” symptoms,the Body Politic Covid-19 symptom of an underlying mental- entifically debunked) chronic Lyme veys produced by Body Politic,which This didn’t perturb NIH Director Support Group offered itsreadership health issue—which mainstream disease.Itisthereforealarming to launched in 2018 and describes itself Dr.Francis Collins,who has repeat- exactly this attractivealternative, medicine would assert is oftenthe witnessthe recent proliferation of atop itswebsite’shomepageas“a edly supported the Body Politic leading patientsaway from treat- case.This is obvious from itswebsite, uncritical andsensational media queer feminist wellnesscollective Covid-19 Support Group’spatient-led mentsthat could actually ease their whereone “myth” the group claims stories about long Covid. merging the personal and the politi- research initiatives,promoting the symptoms. to debunk is that ME/CFS is caused TheNIH’sdecision is avictoryfor cal.” In March 2020,the group’sco- surveysinaseries of official Body Politic wasn’t the only pa- by depression and anxiety. pseudoscienceand will do moreto founderscreated theBody Politic posts. In the announcement of the tient advocacygroup that drovethe In 2017, frustrated by the lack of harm than help patients. Covid-19 Support Group,and as part NIH’sdecision to commit $1.15 billion NIH funding commitment. SolveME/ mainstream recognition of their con- of their mission of “cultivating pa- to long Covid research, Dr.Collins ex- CFS (which stands formyalgic en- dition, SolveME/CFS hired alobbyist Dr. Devine is aresident psychia- tient led research,” the organization plicitly referred to the Body Politic cephalomyelitis/chronic fatigue syn- to pressurefederal agencies to com- trist at McMaster University in Ham- coordinated aseries of online sur- research surveys. drome) wasfounded in 1987 by mit morefunds to research. Then, in ilton, Ontario. Western Culture Elites Are Giving Away Lenin’s Rope

weapon it nowholds in itsincreas- hangman, and they’vestepped up have had agood laugh on their way ing the opportunities forsome of ingly existential struggle with Amer- production over the past year. back to Beijing. Indeed they are theirmost disadvantaged children icaisthe gleeful enthusiasm forself- Theintellectual movement to probably chuckling at much of what that come from admission to selec- FREE destruction that characterizes so which they subscribe has been the they see in the values and principles tive schools on the basis of talent. EXPRESSION much of eliteopinion in the U.S. forcebehind the planned destruc- to which America’snew masters— We aretold that’sdiscriminatory. By When Yang Jiechi, the Communist tion—figuratively and literally—of sorry, nongendered leadership fig- Leveling down is the result. Party’s foreign-affairschief,lectured the principal pillarsofAmerica’sau- ures—demand loyalty. And of course it’sinthe fanatical he capitalistswill sell us the SecretaryofState AntonyBlinken thority in the world: the idea that This isn’t about the maternity insistenceonthe qualities that divide ‘T rope with which we will aboutAmerica’shuman-rightsre- the greatest nation on the planet was flight suitsfor fighter pilotsorup- rather than uniteAmericans—race, hang them.” cord,its treatment of minorities and dated requirementsfor Armyhair- sexual orientation and multifarious That quote, attributed to Lenin, itssystem’sinnateinequity,every- styles the commander in chief “gender”—as the principal character- wasacolorfulmetaphor forwhat thing he said could have been lifted How can a nation prevail proudly hailed earlier this month. istics of identity.How bitterly ironic Marxistscall the internal contradic- straight from the pages of the Demo- It’s about the elevation of victim- that Marxist theories of structural tions of capitalism. Belief in the in- cratic Party’s presidential election in an ideological struggle hood as the prime signifier of honor oppression that were discredited by herent inevitability of the West’sim- platform, culled from - when its leaders believe in modern America. Whether you’re the experienceofAmerica’sideologi- minent collapse sustained the Soviet winning stories,orjotted an opportunistic young hoodlum caladversaries in thelast century Communists right up to the moment down in astudent’snotes from lec- its values are evil? looting or amember of the ce- arenow rampant in the most influen- in 1989 when their own system tures delivered daily at America’stop lebrity plutocracyseeking better tial strataofAmerican society in this proved moreself-annihilating than universities. publicity,don the mantle of ahapless one.Lenin mayget the last laugh. anything capitalism could muster. In fact, it probably was. founded on universal ideals of human innocent exploited by an inherently TheChinese have proved much But the old maxim has takenona In response,avisibly discomfited freedom and dignity.Instead, it in- unjust system, and you’regolden. It’s moreadept than their Russian prede- newand moreplausible form today. Mr.Blinken mumbled something sists, likethose Chinese Communists, hardtoimagine asuccessfulsociety cessorsatadapting the preceptsof It wasondisplaylast week in the barely coherent that at least America that all along this claim to aunique in which the claim to being the vic- Marxism to economic reality.As firstencounter between President Bi- deals with itsproblems in the open. status in the world has been afraud, tim of some oppressor—oftenaspu- Lenin predicted, they’vehad plenty den’sforeign policyteam and the He then complained, likeabested de- meresloganeering behind which rious claim—is the quickest routeto of help from American capitalistsin modern claimantstoMarxism-Lenin- bater,that his opponent had gone Americahas been—and remains—a advancement. the process. ism’sprimacyinthe Chinese Com- over his allottedtime. forcefor repression and exploitation. It’s about the destruction of the But our cultural elites have also munist Party. Thelargertruth is that the people How can a nation prevail in a idea of academic excellencethat now been busy exporting the hangman’s It wasevident from the moment who control America’sleading cul- global ideological struggle when its seems to have much of the educa- rope acrossthe Pacific.Atleast the thetwo sides sat down that an em- tural institutions and nowits govern- leadersbelieveits values areintrinsi- tional establishment in itsgrip.Dem- capitalistshavebeen selling it to boldened Chinese leadership under- ment have been eagerly manufactur- cally evil? ocratsincontrol of major cities them. Much of modern America stands that the greatest ideological ing ideological rope forthe Chinese Mr.Yang and his colleagues must acrossthe countryare busy eliminat- seems intent on giving it away. After Covid, Services Are Where the Trade Action Is

By James Bacchus parativeadvantagesinsectorssuch value added by services such as bank- partisan project. It failed because bids discrimination against imports as construction and engineering, ing,insurance, transportation and developing countries were reluctant morewidely to services trade. he U.S. economy’sservicesec- but global trade in services is other sectorsisincluded in the goods to provide market access without U.S. Newnegotiations should center on T torwas hit hardbythe weighed down with regulatory, li- tally,morethan half of all U.S. ex- concessions on agricultural subsidies removing barrierstotrade in services Covid-19 pandemic.Lately, censing and other barriersequiva- portscan be attributed to the ser- and trade remedies such as counter- that have arisen from digital technol- however, it is showing signs of lent to tariffs of between 30% and vicessector. vailing duties.Frustrated by this fail- ogies.Therewerenosmartphones in bouncing back.InJanuary, the ISM 50%onU.S.exports. Rules on tradeinservices were ure, the U.S. and several dozencoun- Non-ManufacturingIndexrecorded Despitethese restrictions,services firstagreed in the treaty that estab- tries ventured outside the WTOand itshighest level sinceFebruary arethe fastest-growing sector of in- lished the World Trade Organization proposed aTrade in Services Agree- Thepandemic showcased 2019.The indexdipped again last ternational trade.The pandemic in 1994. At the time,lessthan 2% of ment. President Trump wasfixated month, though, which should spur forced aslowdowninthe trade of the world’spopulation had internet on manufacturingand abandoned thedigital economy, where PresidentBiden to makeapriority goods,but as the world turned in- access.Todayit’snearly 59%, yetthe those talks when he entered the theU.S.has enormous of eliminating barriers to U.S. ex- ward,growthinthe trade of services rules haven’t been updated since WhiteHouse in 2017. Without Ameri- portsofservices. sharply increased. While services ex- 1997,when WTOmember countries canparticipation, they collapsed. comparative advantages. TheU.S.isprimarily aservice portsmakeuponly afifth of all inter- agreed to some trade liberalization in TheBiden administration should economy, although manyAmericans national trade,they have grownat financial services and basic telecom- renewthose talks,ideally within the don’t realizeit. While services ac- three times the rate of goods exports munications services.Most global WTO. Negotiations should focus on 1997.Ahost of novel waysofprovid- count for79% of grossdomestic in the past decade. rules on services trade still think it’s ending the widespread discrimina- ing services digitally have been de- product and 82% of jobs,they con- Theline between manufacturing the mid-’90s. tion in services trade by encouraging visedsincethen, and Americans are stituteonly 33% of all exports. The and services is getting blurry. Nearly Until recently,opening foreign regulatorycooperation, mutual rec- in the forefront of providing them. U.S. could do far betterinthe ex- athirdofthe grossvalue of goods marketstoexportsofU.S.construc- ognition, and harmonization; spur- TheU.S.isthe largest trader of port department if trade in services derives from the services that go into tion, engineering,transportation, lo- ring domestic regulatoryreforms; services in the world, ranking firstin were freer.Americans enjoycom- making and delivering them. If the gistics and other services wasabi- and applying the WTOrule that for- both exportsand importsofcommer- cial services.Inaglobal “grand bar- gain” reducing barrierstotrade the U.S. would gain the most, with anet PUBLISHED SINCE 1889 BY DOWJONES&COMPANY Notable & Quotable: Meat welfarebenefit of $131 billion. Elimi- Robert Thomson nating foreign barrierstoservices Executive Chairman, Chief Executive Officer, News Corp D.J. Summers reporting for Den- of Colorado jobs in the meat indus- trade and digitally enabled trade Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher ver’s KDVR-TV, March 19: tryand wasjust in Greeley and Fort could createasmanyasthree million Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: Morganwherethe statepartnered newAmerican jobs.Fromhealthcare Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; [Gov.Jared] Polis announced a to provide the lifesaving vaccine to to education, services that oncehad Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; statewide “Meat Out Day” to be cel- meat processing workers. Governor to be delivered facetofacecan now News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; ebrated on March 20 whereColora- Polis is enthusiastic about howhis be delivered remotely. Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer dans areasked to abstain from all proclamation is drawing needed at- Mr.Biden had alot to sayinhis Andrew Dowell, ; AnthonyGalloway, Video & things meat. tention and support forour ranchers campaign about manufacturing jobs. Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; In response,morethan two dozen and agricultureeconomy,” Shelby He knows wherethe swing votesare. Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; Colorado counties have declared a Wieman, Colorado Deputy PressSec- Nowheneeds to showthat he knows Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; “MeatInDay.” ...“Ithink itsfine retary stated. howmost Americans work,todayand Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News people don’t eat meat but Idon’t en- Anycard-carrying member of the in the future. His trade policymust Thomas SanFilippo, Customer Service; joyapolitical figure telling us what National Cattlemen’sBeef Associa- makefreer trade in services ahigh GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; to do,” Erin Karney,the IndustryAd- tion who ordersaplant-based menu priority. Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; vancement Director forColorado item from anyofthe Colorado res- , Deputy Editor, Editorial Page Jonathan Wright, International Cattleman’sAssociation said. ... taurantsparticipating in the 36th Mr. Bacchus is aprofessor of WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: “Governor Polis is thrilled that annual MeatOut Day will have their global affairs at the University of LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head his recent proclamation helped start meal paid for! Central Florida and an adjunct

EDITORIAL AND CORPORATEHEADQUARTERS: agrassrootsmovement of support Thegovernorsofboth Nebraska scholar at the .He 1211 Avenue of the Americas, New York, N.Y., 10036 forcattlemen andthe beef industry. andWyoming have declared meat served as aDemocratic U.S. represen- Telephone 1-800-DOWJONES Governor Polis is astrong supporter celebrations forSaturday,aswell. tative from Florida, 1991-95. P2JW082000-0-A01600-1------XA

A16 | Tuesday, March 23, 2021 THE WALL STREET JOURNAL.

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© 2021 Dow Jones & Company. All Rights Reserved. ****** THE WALL STREET JOURNAL. Tuesday, March 23, 2021 | B1

S&P 3940.59 À 0.70% S&P FIN g 1.30% S&P IT À 1.93% DJ TRANS g 0.10% WSJ $ IDX g 0.11% 0.191 NIKKEI (Midday) 29243.44 À 0.24% See more at WSJ.com/Markets Apollo’s Black Quits as Chairman Plant Fire

Billionaireco-founder had formally assumed the title the couple has given hundreds $158 million for tax- and es- wish to take some time away Worsens of chief executiveofficer from of millions of dollars to fund tate-planning services,far from the public spotlight that cites toll from scrutiny Mr.Black,atransition the New research intothe disease more than waspreviously comes with my daily involve- of Epstein ties; ex-SEC York firm announced in Janu- through afoundation they es- known. ment with this great public Shortage ary,saying then that it would tablished in 2007.She has con- Thereview found no evi- company,” Mr.Black wroteina chief named successor take place before Mr. Black’s tinued to struggle with the dence that Mr. Black was in- letter to Apollo’s board that 70th birthdayonJuly 31. disease in recent months,ac- volved in the criminal activi- thefirm included in asecuri- BY MIRIAM GOTTFRIED Thefirm had previously cording to a person familiar ties of Epstein, who was ties filing.“It will be good for Of Chips said Mr.Black would be stay- with the matter. Mr.Black, indicted in 2019 on federal my family and me to step back , the billionaire ing on as chairman. Instead, meanwhile, has been dealing sex-trafficking charges involv- and become moreprivatefor a co-founder of Apollo Global he is ceding the role to former with his ownhealth issues for ing underagegirls.Helater period of time.” BY YANG JIE Management Inc., is stepping Securities and ExchangeCom- the past several weeks,the killed himselfinjail. As the owner of a roughly down as chairman of the in- mission Chairman JayClayton, person said. “The relentlesspublic at- 18%stake,Mr. Black said he TOKYO—A fire at afac- vestment giant in an unex- who wasnamed lead indepen- Themoveisthe latest in a tention and media scrutiny intends to remain the firm’s tory of one of the world’s pected movethat is the latest dent director last month. series of changes at the firm concerning my relationship largest shareholder. leadingautochip makers in agovernanceoverhaul Mr.Black cited health is- sincethe conclusion of an in- with Jeffrey Epstein—even Themoveannounced Mon- has added to the troubles of kicked off by revelations of his sues for himself and his wife dependent review intoties be- though the exhaustiveDechert daymarks amajor milestone carmakersthat already have ties to disgraced financier Jef- in announcing his step back. tween Mr.Black and Epstein. Reportconcluded therewas no forone of the biggest and slashed production because frey Epstein. DebraBlack wasdiagnosed Thereview,bylaw firm evidenceofwrongdoing on my most successfulprivate-equity of asemiconductor shortage. Apollo also said Monday with stage-two melanoma Dechert LLP,revealedthat Mr. part—have takenatoll on my firms on Wall Street. Mr.Black ThefireFridaylefta that co-founder Marc Rowan more than a decade ago, and Black paid Epstein a total of health and have caused me to PleaseturntopageB10 swath of charred equipment in the factoryowned by a subsidiaryofRenesas Elec- tronics Corp.inHitachinaka, Cerberus northeast of Tokyo. Thecompanysaid it would take at least amonth President to restart the operations. Shares of Japan’sthree leading carmakers—Toyota Zames Motor Corp., Motor Co.and Honda Motor Co.— allfell by morethan 3% on To Leave Monday, worsethan the overall market, while Rene- sas shares were down 4.9%. BY MIRIAM GOTTFRIED Renesas said heat from an electrical problem inside a MattZames is stepping single pieceofequipment down as president of Cer- caused the fire and contami- berus Capital Management nated clean rooms needed to LP afteronly three yearsin makesemiconductors. the role,the private-equity S It said two-thirds of the NEW

firm plans to announce. G chipsmade at the fire-af- Thedeparturecame as a fected factorywereautomo- surprise to Cerberus execu- tivechips. tives, who wanted Mr. Zames OOMBER Renesas’s chief executive, /BL to stay,according to people fa- Hidetoshi Shibata, said Sun- ORIO

miliar with thematter. He said RT daythe impact on global

he felt he had accomplished a SA chip supplies would be sig- lot and wasready to trysome- nificant. MarikoSemetko, a

thing new, the people said. GUILLEM credit analyst at Moody’s Mr. Zames, who previously Credit qualityisthe weakestindecades. Marriott,operator of Barcelona’sWHotel, wasamong those downgraded during the pandemic. Japan, said the fire was served as chief operating offi- likely to damp the recovery cer of JPMorgan Chase & Co., LargestholdersofU.S.investment-grade corporatebonds,bymarket value of global autoproduction was hired in 2018 as part of a PleaseturntopageB2 series of moves at the New York investment firm that in- cluded the naming of firm vet- eran Frank Bruno as co-chief Deliveroo executivealongside co-founder Stephen Feinberg. As president, Mr.Zames had broad responsibilities at $4.47trillion $3.63$2.65 $1.19 Aims for NewYork-based Cerberus, which manages over $50 bil- lion in assets acrosscredit, Foreign investors Lifeinsurance Mutual Households $12 Billion private equity and real estate and is known for investments companies funds in struggling companies like Sources: CreditSights, Federal ReserveSystem(holders) Va luation Avon ProductsInc.Heoversaw the firm’s investments in the BY PARMY OLSON financial-services sector,in- AND BEN DUMMETT cluding big stakes in Ger- Rout Hits Safest Corporate Bonds many’s AG and LONDON—Deliveroo, Commerzbank AG. backed by Amazon.com Inc., With Deutsche Bank,Cer- BY SEBASTIAN PELLEJERO Total returns through March 19 tively little additional risk. set apricerangefor its berus took on the unusual role While fearsofwidespread planned London listing with 6% of becoming a paid adviser to Thebond-market rout is downgrades and defaults an upward valuation of $12 the bank. That put Mr. Zames dealing aparticular blowtoin- sparked steep declines during billion, posing atest forcon- in the position of both trying vestors’ betsonthe safest U.S. 4 S&P500 the pandemic’smarket plunges, tinued investor appetitein to fixDeutsche Bank,which companies,dragging returns on moves by the Federal Reserve online food-deliveryservices. had been suffering from years investment-grade corporate 2 to support the economy and In December,U.S.peer of losses, restructuring, legal debt to their second-worst corporatebalancesheetsfueled DoorDash Inc.priced itsinitial fines and management turn- start on record. 0 arecovery. Companies bor- public offering at $102 a over andattempting to sal- Bonds from highly rated High-yield bonds rowedmorethan $1 trillion, share, easily surpassing the vage Cerberus’s investment. companies have lost 5.3% this and investment-grade bonds re- SanFranciscocompany’s ex- Cerberus’sstake in year,counting pricechanges –2 turned 7. 5% last year. pected pricerangeof$90 to Deutsche Bank, which it first and interest payments, through Theextrayield investorsde- $95.Part of that enthusiasm disclosed in 2017, was valued March 19.That is their second- –4 mand to hold highly ratedcor- wasdue to the explosion of at less than half of what it worststart in datagoing back Treasurys poratebonds instead of Trea- home deliverybrought about paid by the time itsadvisory to 1996,the worstbeing last –6 Investment-grade surys reached 1percentage by the coronavirus pandemic. relationship with the bank year’s pandemic-fueled selling, bonds pointthis month, itshighest But as vaccinations increase in ended in 2019,The Wall Street according to BloombergBar- Jan. 2021 Feb. March level sinceDecember,upfrom manyrich countries, including Journal reported. Recently, clays data. That compares with Sources: S&P Global (S&P 500); BloombergBarclays (bonds) 0.88 percentagepoint in mid- the U.S. and Deliveroo’s home Deutsche Bankshares have aminus 0.05% return forhigh- February. While the gaphas market of the U.K.,itisun- been rebounding. yieldbonds and a1.7%gain in flation andreducing the appeal firsttime sinceJanuary2020. sincenarrowedslightly—and clear howsustainable delivery Mr.Zames,50yearsold, corporateloans to highly in- of bonds’ fixedpayments. Fall- Investorstypically prize remains extremely lowbyhis- growth will be if people start had developed areputation as debted borrowers. ing bond prices recently pushed bonds from blue-chip compa- torical standards—it has to flock back to restaurants. afix-it man forbanks.Hehad Eroding demand areexpec- the yield on the benchmark 10- nies such as Apple Inc.and Am- heightened investors’ worries Deliveroo’s backersthink helped steer JPMorgan tations that vaccines and new year Treasurynote, agaugeof azon.comInc.because they of- that extended selling in Trea- thereisstill room to grow. through the $6 billion “Lon- stimulus money will boost the borrowing coststhroughout the ferhigher returns than suryscould tighten financial Earlier this month, Deliveroo’s don whale” trading fiasco. economy, lifting growth and in- economy, above1.7%for the government debt, with rela- PleaseturntopageB11 PleaseturntopageB2 Firing Sets OffPlungeinTurkish Lira INSIDE

BY CAITLIN OSTROFF bank governor who had re- ing costsand bolstering halts. TheNasdaq-listed peatedly raised interest rates growth. Money managers are iShares MSCI Turkey ex- Turkey’s currency tumbled in an effort to tame inflation concerned that he might allow change-traded fund fell 19% in 7. 5% on Monday, in itsbiggest sincehis appointment in No- the currencytodepreciate, U.S. trading. single-dayselloff since2018, vember.Foreign investorssay and accept elevated inflation Thetumult within Turkey’s following the abrupt ouster of the moverenewedconcerns levels,tolowerinterest rates. financial marketshighlighted /REUTERS the central-bank governor last that the central bank has lost “We’rereally trying to the risks of investing in emerg- VIS week. itsindependencefrompoliti- gauge what the level of com- ing marketsbut showedmuted DNA FA Thelirafell to as lowas calinfluence,diminishing pol- mitment to the lirais,” said Si- signs of spilling over fornow. 8.280 a dollar from 7. 219, be- icymakers’ credibility and mon Harvey,senior foreign- TheMexican peso and South

fore regaining some ground to sapping appetitefor Turkish exchangemarket analyst at African rand edged down ANUSHREE trade at 7.804 adollar,accord- assets. broker MonexEurope.“We slightly against the dollar. ing to Tullett Prebon. Thenew governor,Sahap knowinTurkey that interest Shares in Spanish bank AUTO MAKERS Stocks traded in Turkey Kavcioglu, tried on Sunday to ratesare politically sensitive.” BBVA fell morethan 7% in Ma- Prosecutorschargeda ’s first also plunged. reassuremarketsbysaying Turkey’s benchmark Borsa drid. Turkey accountsfor father-son team with tweetwas sold as a Theturmoil comes after taming inflation is the bank’s Istanbul 100 stock index PleaseturntopageB11 President Recep Tayyip Erdo- main objective. He also plunged9.8%Monday, its assisting Carlos Ghosn nonfungible tokenfor ganonFridayunexpectedly pledged to foster economic sharpest selloff sinceJune  Heard on Street: Turkey escape from Japan. B2 about $2.9 million. B10 firedNaci Agbal, the central- stability by lowering borrow- 2013,triggering two trading adopts wrong heterodoxy B12 P2JW082000-4-B00200-1------XA

B2 | Tuesday, March 23, 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 Ford Motor...... B1 O Father and SonAre Charged Allianz...... B3 G Oracle...... A3 Alphabet...... A1,B4 Gala Games...... B10 P Amazon.com...B1,B3,B12 GameStop...... B5 Polyient Games...... B10 Apollo Global H In Ghosn’s Escape From Japan Management...... B1 R HCA Healthcare...... A1 Apple...... B11,B12 Renault...... B2 Honda Motor...... B1 AstraZeneca...... A1,B11 Renesas Electronics...B1 BY SEAN MCLAIN During 2019,when Mr. B Technologies.A6 Royal Caribbean...... A2 Ghosn was free on bail, Peter I ...... B10 S TOKYO—Japanese prosecu- Taylor flew to Japan on sev- Barings BDC...... B10 Inspire ...... B10 ...... B12 tors chargedanAmerican fa- eral occasions to meet with ...... B4 Intel...... B11 GES Sony...... B5 ther-son team with assisting the former CEO, including on BlackRock...... B10 J Carlos Ghosn, theformer Nis- IMA the dayofthe escape,accord- State Street...... B10 Blackstone...... B10,B12 san Motor Co.and Renault SA ing to court records released

JPMorgan Chase...... B10 GETTY ByteDance...... A3 T chairman, in his escape from during the extradition case in K SE/ C Taiwan Semiconductor Japan aboardaprivatejet. the U.S. Prosecutorsused sur- Kansas City Southern Manufacturing...... B2 MichaelTaylor, a60-year- veillance camera footage and Caesars Entertainment ...... B11 Tesla...... B11 old former Green Beret and testimony from drivers, hotel ANCE-PRES

...... B3 FR Knotel...... B5 Total...... A2 longtime security operative, workersand airport personnel Canadian Pacific and his son PeterTaylor,28, to reconstruct the movements

Toyota Motor...... B1 ENCE Railway...... B11 L Twitter...... B4 were accused of harboring a AG of Mr. Ghosn and the Taylors. Carnival...... A2 Lowe's...... B3 criminal. If convicted they face Y/ In December 2019,after ...... B5 M U MIL amaximum sentenceofthree FA gathering at the Grand Hyatt Crown Resorts...... B12 Universal Health years. At the time of his es- OR hotelnear Mr.Ghosn’shome Services...... A1 YL

D ...... B11 cape,Mr. Ghosn wasfacing TA in Tokyo, the Taylors and Mr. Deliveroo...... B1 ...... B4,B5,B11 V chargesfor alleged financial Peter Taylor, left, and his father, Michael Taylor, a former Green Ghosnsplit intotwo groups. crimes,which he denies. Beret, face a maximum sentence of three years if convicted. Theelder Mr.Taylor,Mr. DoorDash...... B3 N Vanguard...... B10 AJapanese lawyer forthe Ghosn and Mr.Zayek leftto E - F ...... B12 ViacomCBS...... B2,B4 Taylors declined to comment husband’scase in Tokyo. They Following the Taylors’ arrest boardabullet train forOsaka, Etsy...... B3 News Corp...... B4 Z on howthey will respond to areseeking her extradition, in the U.S. in May, the elder while PeterTaylor leftfor the Facebook...... B4 Nissan Motor...... B1,B2 Video the charges. They arrivedin said Hiroshi Yamamoto, the Mr.Taylor maintained that his Tokyoairport, the court re- FirstEnergy...... B2 Novant Health...... A1 Communications...... B3 Japan on March 2 afteranun- deputy chief prosecutor. son waskept in the dark about cords show. successful bid to avoid extra- Mrs. Ghosn, aU.S.citizen, manyofthe details of the es- Thegroup that went to dition from the U.S. is currently living with her cape plan. Theindictment filed Osaka entered ahotel near The indictment of the Tay- husbandinLebanon, which MondaybyprosecutorsinTo- Kansai International Airport INDEX TO PEOPLE lors marks the latest front in has no extradition treaty with kyoalleged that both men and leftwith alarge musical the sprawling legal battle Japan. “All accusations against playedarole in the escape. equipment box, in which Mr. A H - I N against Mr.Ghosn. Thetrial of Mrs. Ghosn and attemptsto Theindictment said the Ghosn washiding,according Agbal, Naci...... B1 Harris, Josh...... B10 Nadella, Satya...... B4 Greg Kelly,aformer Nissan extraditeher arebaselessand Taylors, along with athirdal- to prosecutors. Michael Taylor B Ittelson, Brendan...... B3 Nozaki, Masahiko...... B2 executiveindicted alongside arepart of arelentlesscam- leged accomplicenamed helped load the boxontoapri- Black, Debra...... B1 J P Mr. Ghosn, has been going on paign intended to put pressure George Zayek, handledMr. vate jet that flew to Turkey, Black, Leon...... B1 Jaluria, Rishi...... B3 Pachter, Michael...... B5 sinceSeptember.InFebruary, on Mr. Ghosn,” said a spokes- Ghosn’sluggage,helped him whereMr. Ghosn boarded a C - E K Pettit, Andy...... B10 two pilotsand amanager of woman for the Ghosns. changeclothes in aTokyo ho- second private jet for Beirut, R thecompanythat chartered Thefiling of chargesmarks teland then guided him to a they say. Cohen, Ryan...... B5 Kavcioglu, Sahap...... B1 the jet used in the escape were the end of the formal interro- hotel in Osaka. Mr.Ghosn has said he es- Emerson, Richard.....B10 L Rowan, Marc...... B1 convicted of smuggling Mr. gation period for the Taylors, Mr.Zayek is an American caped because he didn’t be- F Lacaille, Rick...... B10 S Ghosn into Turkey. allowing them to apply for citizen of Lebanese origin, and lievehecould getafair trial in Feldman, Joe...... B5 Lee, Allison...... B10 Semetko, Mariko...... B1 Tokyoprosecutorsalso bail. But it is unlikely that ei- alongtime associateofthe el- Japan, while Japan says its Foley, Jane...... B11 M Shibata, Hidetoshi...... B1 have issued an arrest warrant ther of them will have abail der Mr.Taylor.Mr. Zayek, who courtsare independent and Smith, Edward...... B11 G Martin, Scott...... B11 forMr. Ghosn’swife, Carole request granted, given their is believed to be in Lebanon, treat defendants fairly. Gensler, Gary...... B10 McNamara, Paul...... B11 T Ghosn, alleging she lied when alleged role in helping Mr. couldn’t be reached to com- —Chieko Tsuneoka Ghosn, Carlos...... B2 Murphy Healey, Kerry Taylor, Michael...... B2 answering questions about her Ghosn escape. ment. contributed to this article. Gross, Michael...... B5 ...... B10 Taylor, Peter...... B2

billion in pretax profit. Shareand indexperformanceonMonday Fire Sudden shortages of other ViacomCBS Seeks partsand materials have 1% also hit the global supply S&P500 Worsens chain in recent weeks. To Raise $3 Billion TheFebruaryfreezeand 0 Ford in Texas caused Chip Woes chemical plantshutdowns BY KIMBERLY CHIN days to buy up to an additional and hitsupplies of plastics $300 million in ClassBstock andother materials used in –1 ViacomCBS Inc.plans to anduptoanadditional $150 ContinuedfrompageB1 manyproducts, including raise roughly $3 billion in cap- million in convertible pre- this year,while automakers cars. ital in concurrent offerings, ferred stock,ViacomCBS said. said they were still assess- Problems at Renesas were –2 with the companysaying some Paramount+ replaced the ingthe impact. already contributing to the Nissan of the proceeds would go to- company’sCBS All Access ser- Mr.Shibatasaid the com- semiconductor bottlenecks. Toyota ward its streaming efforts. vice and will effectively serve panywas trying to makeup An earthquake in Febru- –3 Themovecomes as the as ahome base forone of Hol- forthe lost production at aryhalted the Hitachinaka GM companycapitalizes on arun- lywood’s largest studios, fea- other plantsbut didn’t know factoryfor afew days,trim- Honda up of itssharepriceshortly turing an extensivelibrary whether that waspossible. ming inventory. afterlaunching itsnew along with newshows,live Thecompanyestimated the Renesas’s executivevice –4 streaming serviceParamount+. news,sportsand movies from revenue losses at the equiv- president, MasahikoNozaki, Shares of the media com- the Paramount and alent of $160 million a said the companyhad inven- pany surged40% sincethe studios. month. tory to maintain shipments launch of the streaming plat- Themedia giant faces chal- Carmakershavealready foronly amonth. –5 form earlier this month and lenges as it introduces acon- been struggling with a Theearthquakeand fire gained 169% sincethe beginning sumer brand in acompetitive shortageofsemiconductors carried afeeling of déjà vu of the year.Its shares closed at and expensivestreaming video stemming in part from an forRenesas,because the –6 $100.34onMondaybut fell market. Thestreaming wars unexpectedly strong come- same factorywas one of the 4.3% in after-hourstrading fol- led to arush in newmovie and back afterthe coronavirus hardest-hit by eastern 10 a.m. 11 Noon 1234 lowing news of the offerings. television series productions, pandemic hit last year.That Japan’sdevastating earth- Source:FactSet Thecompanyplans to raise with billions of dollarsspent by leftfactories ill-prepared to quakeonMarch 11, 2011. $2 billion from an offering of Netflix Inc., Amazon.comInc. increase production quickly. It wasoffline forabout gerrole recently during the conductor Manufacturing itsClassBcommon shares and and Walt Disney Co.’sDisney+. Ford Motor Co.said in three months and mobilized chip shortage. Co.tomeet customer de- another $1 billion from aman- ViacomCBS said in February February it expected to cut thousands of people,includ- Renesas said this month mand morequickly. datoryconvertible preferred that it had 30 million paying output by as much as 20% in ing customers’ workers, to it had brought back to Japan Thefirewill delaypart of stock offering.Underwriters subscriberstoits video- the firstquarter,costing the makerepairs. some production originally that production, Renesas will be given an optional 30 streaming services. company$1billion to $2.5 Thefactorytook on abig- outsourcedtoTaiwan Semi- said.

lion, following the issuanceof ing,according to people famil- Deliveroo at $3.5 billion, ac- in December.Shares in Just future. Deliveroo newshares. iar with the matter. cording to aperson familiar Eat Takeaway.com NV,which “Itisunclear as to whether As part of the offering,De- Deliveroo on Mondayset a with thematter. bought U.S. rival Grubhub last the level of demand foronline liveroo said existing share- pricerangefor itslisting of Deliveroo said at the time it year for$7. 3billion,havede- food deliverywill be sus- Aims for holdersalso will sell aportion between £3.90 and £4.60 a planned to use the money clined by 26% sincetheir high tained,” the companysaid. of their stakes,but that share, which would giveita from Amazon to grow itsnet- last October. Manyrestaurantswere money won’t go to the com- market value of between £7.6 work of delivery-only kitchens Deliveroo warned in itsIPO struggling to remain in busi- Rich Value pany. billion and £8.8 billion, or and expand intoother mar- documentsthat the revenue nessduring the pandemic and Amazon owns a16% stake $10.5 billion and $12 billion. kets.The companywas growth the companyachieved if moreshut their doors, it in Deliveroo.Itcouldn’t be de- Amazon led a$575million founded by former banker in 2020,asaresult in part to would limit the selection on ContinuedfrompageB1 termined whether Amazon investment in the companyin William Shu in the London Covid-19 lockdown restric- Deliveroo’s platform, the com- IPO wasexpected to value the and other existing sharehold- May2019—several months af- neighborhood of Chelseain tions,might not continue in panyadded. companyataround $10 bil- erswill sell down anyoftheir terclosing down itsown res- 2013. lion,according to people fa- positions as part of the IPO. taurant-deliveryservice in the Last year,Deliveroo lost miliar with thematter. Typically,those decisions are U.K.—and became the £226.4million and cut aquar- ADVERTISEMENT Deliveroo plans to raise £1 made dependingondemand startup’sbiggest investor. terofits workforce,the com- billion, equivalent to $1.4bil- and the pricing of the offer- That investment round valued panysaid in documentsfiled as part of itsIPO. The Marketplace But the company’s2020 To advertise: 800-366-3975orWSJ.com/classifieds revenue increased by 54% to £1.19 billion, and sales have accelerated morerecently.The PRODUCTS totalvalue of transactions processed in Januaryand Feb- ruarygrew121% from the year before, the companysaid in a trading updateonMonday. Lockdowns have been a mixed blessing forfood-deliv- erycompanies: Consumers stuck at home have placed moreorders, but manyofthe restaurantsondeliveryplat- forms have struggled to stay afloat. Thefood-deliveryindustry, meanwhile, suffersfromrazor thin margins and fierce com- petition,and shares of food- AUCTIONS

S deliverycompanies have de- clined in recent months as the THE MARKETPLACE PRES +"-!&% "# *,'$!& )($% spread of vaccines has in- &:2027 ,..F *?E@3C *96.B6GG !?E>E!-< ADVERTISE TODAY

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/A 'F7)49.F C,; &GH;F889,. ,C $.3F;F83- "7;/< 0J+ LALJ aways. wsj.com/classifieds NG '17< #!E=27F;, ©2021Dow Jones &Company,Inc. JUS fallen by more than aquarter All Rights Reserved. The companyplans to raise £1billion, equivalentto$1.4 billion, following the issuanceofnew shares. sincethe companywent public P2JW082000-0-B00300-1------XA

THE WALL STREET JOURNAL. Tuesday, March 23, 2021 | B3 BUSINESS NEWS Zoom to License Its Video Technology

Companies would be Zoom VideoCommunications Shareand indexperformance able to embed service quarterly revenue $900 million 800% in their own products Zoom minus the branding 800 700 700 600 BY AARON TILLEY 600 500 Afterayear in which Zoom 500 Video Communications Inc.’s 400 software became the go-to 400 300 video-call app formanypeople 300 stuck at home, the tech com- 200 panynow is trying to get 200 other businesses to adapt it as 100 100 their own. S&P500 Zoom Chief TechnologyOffi- 0 0 cerBrendan Ittelson said Mon- CK TO 2018 ’19 ’20 2019 2020 2021 daythat the companywould start selling itsvideoconferenc- Sources: S&P Capital IQ (revenue); FactSet (performance)

ing technologysoother compa- SHUTTERS nies canembed it in their own A/ Zoom and othershaveenjoyed person gatherings. products. Thecalls would still /EP during the pandemic has be- “Zoom is in asituation

runoverZoom, he said, but PELED come an increasing concern for wherethey’vegotteninsane N

wouldn’t carrythe company’s DA executives and investors. Busi- amountsofgrowthduring the brand. TheSan Jose,Calif., Zoom has benefited from the shift to remote work and school. A piano lesson via Zoom. nesses such as food-delivery pandemic,but they need to companysofar has relied company DoorDash Inc., online find additional drivers,” said largely on usersmaking calls as Amazon.com Inc., which intoaplatform that offersso- cord annual sales,which qua- marketplace Etsy Inc.and Rishi Jaluria,ananalyst forin- viaZoom’sapp. also offersvideoconferencing lutions to businesses with vari- drupled to $2.65 billion in home-improvement store vestment research firm D.A. Businesses that opt forthe technologythat businesses can ous needs,” Mr.Ittelson said in 2020,and forecast that reve- Lowe’s Cos.that benefited Davidson &Co. newarrangement would pay embed in their software tools. an interview. nue would rise morethan 41% from changes in spending hab- Zoom’sMr. Ittelson said cus- Zoom forcalls made on aper Selling the technologyfor Zoom has been among the this year. itshavesaid they arebracing tomershavebeen asking for minutebasis,with the first otherstointegratewould enable biggest beneficiaries of the Itssuccess fueled ameteoric forthem to shiftagain. the ability to integratetheir 10,000 minutes each month healthcareproviderstomoredi- pandemic-erashifttoremote rise in Zoom’sstock.Shares Zoom shares have re- tools moretightly with itsvid- free,Mr. Ittelson said. rectly offer patientsvirtual work,gaining popularity peaked in October at $588.84, treated about 20% over the eoconferencing technology. The Packaging itsservicedi- checkups,Mr. Ittelson said. A among schools and individual up from $65 when the com- past three months amid con- companyhas allowedcustom- rectly intocustomer apps is an social-media companycould add usersaswell as companies that panystarted public trading in cern the Covid-19 vaccine roll- erstointegrateits videocon- approach that putsZoom more streaming to itsapp,hesaid. use itspaid servicetoconnect 2019,giving Zoom amarket out could weaken growth ferencing feature previously, directly in competition with “We’relooking to definitely with staff and customers. valuation topping $170 billion. prospectsbyhelping to bring but those applications included services offered by otherssuch expand our businessand move Zoom this month posted re- Maintaining the growth about the return of morein- the Zoom brand. CaesarsSuesInsurance CarriersOverPandemic-LossDenial

BY DAVE SEBASTIAN the lawsuit filed Fridayinthe insurershavehad the upper “Wewill certainly honor atewith local restrictions. otherfailing equipment that Eighth Judicial District Court hand so far. Of the morethan Covid-19-related claims where A cavalcade of restaurants, closed factories.The insurance CaesarsEntertainment Inc. of Clark County, Nev. 200 rulingsinsuitspitting they arepart of our policies retailersand othershurt by is also known as “businessin- sued agroup of insurancecar- Thecompanysaid it has businesses against insurers, and coverisclear,” Allianz pandemic restrictions have come” coverage. riers, accusing them of declin- paid morethan $25 million in morethan 80% have been in fa- said.“However, manybusi- sued to forcetheir insurersto However, in awin forinsur- ing to coveranestimated loss premiums to securethe all- vorofinsurers, according to a nesses will not have purchased coverbillions in business ancepolicyholders, the U.K. of more than $2 billion from risk policyportfolio providing Covid-19 litigation-tracking ef- coverthat will enable them to losses. Millions of businesses Supreme Court in January theCovid-19 pandemic. more than $3.4 billion in cov- fort at the University of Penn- claim on their insurancefor acrossthe U.S. have “business ruled that insurersmust pay The casino and hotel com- eragelimits. Caesars, which sylvania Carey LawSchool. Covid-19 pandemic losses.” interruption” insurance. out disputed claims related to panyalleges in the lawsuit wasformed as aresult of El- Thecorporate-insurance Caesars, likeother casino Insurancecompanies have the coronavirus to a range of that it had purchased property dorado Resort Inc.’scombina- arm of Allianz SE, which was owners, shut down itsproper- largely refused to payclaims businesses.Rulingsfrom insurancecoveragetoprotect tion with CaesarsEntertain- one of the firms named as a ties in March 2020 as Covid-19 under that coverage,citing a courtsoutside the U.S. nor- against “all risk of physical ment Corp.last year,swung to defendant, said it wouldn’t lockdowns began, the start of standardrequirement for mally don’t have an impact on lossordamage” and resulting alossof$1.76 billion in 2020. comment on individual situa- what Chief ExecutiveThomas physical damage. That is aleg- insurance-coveragedisputes in businessinterruption. Most of Thesuit is the latest case of tions,though it has been eval- Reegwould later call “the most acy of its origins in the early American courts, wherejudges the policies don’t exclude loss acompanytrying to recover uating claims during the pan- challenging year that we’vehad 1900saspart of property in- rely on individual statelaws, or damagecaused by avirus lost businessduring the pan- demic on acase-by-case basis operationallyand personally to suranceprotecting manufac- said industryexecutives and or pandemic,Caesarssaid in demicthrough insurance. The to determine coverage. date.” Itsproperties nowoper- turers from broken boilers or academics.

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B4 | Tuesday, March 23, 2021 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech U.K. Investigating Proposed Merger Of Book Publishers

BY JEFFREY A. TRACHTENBERG Penguin U.K. said it is cooperating with the TheU.K.’scompetition reg- probe.Bertelsmann has said

S ulator said it is investigating the transaction, subject to reg- ’spro- ulatoryapprovals,isexpected PRES posed acquisition of rival pub- to close this year.

UMA lisher Simon &Schuster,a Penguin Random House ac- /Z deal that would createabehe- counted forabout 25% of all GES moth in the book industry. print books sold in the U.S. in IMA

A The Competition and Mar- 2020 through Oct. 24,accord- OP

/S kets Authority is examining ing to book tracker NPD Book-

ES the proposed mergeronthe Scan, while Simon &Schuster

JAM grounds it maylessen compe- accounted for9.1%. Market- Y

MA tition, and said it would de- sharefigures forthe U.K. Oncethe pandemic is no longer asignificantthreat, Microsoft expects apartial work-from-home schedule to be routine formanyofits jobs. cide by May19whether to weren’t immediately available. proceed to asecond phase, Thesecond-largest pub- signalingmoreintense con- lisher in the U.S.,HarperCol- cerns over competition. lins Publishers, accounted for Microsoft Prepares to Reopen Last November,Penguin about 11% of print books sold Random House’s parent, Ger- in the U.S. during the same pe- man media giant Bertelsmann riod. HarperCollins,likeThe SE,agreed to acquireSimon & Wall Street Journal, is owned Offices for Hybrid-Work Era Schuster from ViacomCBS by News Corp. Inc. for almost $2.18 billion. Theproposed mergerhas Penguin Random House is faced opposition from agents the world’s largest consumer and a leading trade group for BY KIMBERLY CHIN roughly 20% of Microsoft’s out how to keep business go- hybrid work environments. book publisher, with aroster authors, who have argued that morethan 160,000 employees, ing with employees scattered Microsoftisbetting that the that includes bestselling au- the deal would give too much Microsoft Corp., one of the the companysaid. at home.Likelast year,actions hybrid-work erawill spawn a thorssuch as John Grisham market powertoPenguin Ran- firstAmerican companies to Microsoftsaid it doesn’t ex- aren’t uniform. newwaveofrequirementsto and Dan Brown. dom House. ask staff to shifttoremote pect to recall all employees Manycompanies arestill accommodateemployees.The At the time the deal was The Authors Guild said the work morethan ayear agoas soon. Oncethe pandemic is no holding off on bringing workers companyposted ayear of announced, Markus Dohle, resulting company“would ac- the coronavirus pandemic hit, longer asignificant threat to back to the office. Google par- strong growth amid the pan- chief executiveofPenguin count forapproximately 50% is ready to begin welcoming communities, Microsoft said, ent Alphabet Inc.iskeeping demic,ascompanies adapted Random House,said it of all trade books published, employees back to the office. the companyexpectsapartial most of itsstaff working re- to navigatethe remote-work shouldn’t raise competition creating ahugeimbalancein Microsoft’sRedmond, Wash., work-from-home schedule to motely until at least September. environment and embraced the concerns,and noted that over the U.S. publishing industry.” headquartersand nearby cam- Social-media company Twitter kind of cloud-computing ser- the past decade manysmall News Corp,which was puses will start shifting to a Inc.said most of itsstaff would vices and workplace-collabora- newpublishersemerged. among those interested in ac- hybrid-work approach on Many companies are be able to keep working re- tion tools the companysells. “Therehavebeen alot of new quiring Simon &Schuster,also March 29,with some employ- motely afterthe pandemic has Itsvideogaming business successfulentrantsinthe mar- spokeout against the pro- ees returning to officedesks still holding off on ended. Facebook Inc.has has enjoyedsignificant success ket,” he said. posed deal. while otherswork from home, bringing workers moved toward having asub- among people stuck at home, the companysaid Monday. stantially largerportion of em- and its Teams workplace-col- “Our goal is to giveemploy- back to the office. ployees working remotely. laboration software also expe- ees further flexibility,allowing Thenumber of Americans rienced large growth in user people to work wherethey feel working from home has surged numbers. most productiveand comfort- during the pandemic,and many Half of the company’swork- able,while also encouraging be routine formanyofits jobs. corporateleadersexpect that to forceormorecould take ad- employees to work from home Thecompanypreviously has continue.According to aglobal vantageofflexible work ar- as the virus and related vari- said it would allowsome survey by Microsoftthat was rangements,MicrosoftChief antsremain concerning,” Mi- workerstowork remotely on a released on Monday, 73%of ExecutiveSatyaNadella said CK TO crosoftsaid in ablog post. permanent basis with their workerssaid they want flexible at TheWall Street Journal’s Thesoftware company’sof- manager’s approval. work-from-home policies to CEO Council Summit.

fice locations spanning 21 coun- With the Covid-19 vaccine stay,and 65% of employees re- Executives at other compa- SHUTTERS tries will be ready to accommo- rollout progressing,the shift ported wanting morein-person nies have cited challenges with A/

dateadditional workersin to hybrid work is shaping up time with their teams afterthe training, integrating new em- IN/EP RA

compliancewith guidancefrom to be acritical challengefor pandemic.About 66% of busi- ployees and finishing projects Y

local authorities,the company companies this year,not un- nesses were considering rede- with workersplugging away AND said. Theinitial guidanceaffects likelast year’s rush to figure signing offices to accommodate from their homes. The proposed merger has faced opposition from agents, authors.

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THE WALL STREET JOURNAL. ** Tuesday, March 23, 2021 | B5 BUSINESS NEWS Knotel to Appoint WeWork Veteran Michael Gross CEO

Two others with ties backed by WeWork co-founder coming one of WeWork’sfierc- Adam Neumann. est rivals. to shared-office firm LikeWeWork and other In August 2019,Knotel said expected to join rival flexible-officecompanies,Kno- it had reached avaluation of telleases officespacelong- more than $1 billion. in the sublet business term and effectively subletsit Mr.Gross’s firstmajor task to companies through short- as CEO will be reducing the BY MAUREEN FARRELL term deals.The onset of the startup’slosses.The company

coronavirus pandemic early said in lateJanuarythat it JOURNAL Knotel Inc.isplanning to last year took amajor biteout plans to close anumber of lo- REET

announcethat former WeWork of the once-booming industry cations as part of the restruc- ST

Vice Chairman Michael Gross as many customers didn’t re- turing process. LL will join as chiefexecutive, as new their contracts. “I see bankruptcy not as a WA

the real-estatestartup seeks a Knotel’srevenue dropped reflection on the product, THE R

turnaround afteritfiled for significantly and it has faced which wasinmanyrespects FO

bankruptcy. lawsuitsoverunpaid rent from ahead of itstime,but as asign OY In addition to Michael landlords. The company filed of the uncertainty in the mar- MOLL Gross, Knotel plans to an- forchapter 11 bankruptcy pro- ket,” Mr.Gross said in an in- CKIE

nounce that Eric Grossand tection forits U.S. business terviewMonday. “It’svery JA Yoav Gerywill become co- earlier this year and is in the compelling to have Newmark Knotel filed for chapter 11 bankruptcy protection for its U.S. business this year. presidents. processofcompleting asale to behind us.Wehavedeep re- Eric Gross, Michael’s real-estateservices firm New- sources.” the days afterMr. Neumann has reported. tions outside of real estate brother, most recently served mark Group Inc. At WeWork,Mr. Gross, who stepped down as chief execu- In hiring Mr.Gross,Knotel’s and itsparty-heavy culture. He as an executiveatWeWork, NewYork-based Knotel, had previously served as CEO tive in the wake of the failed newownersare signaling a had abus painted with Kno- the shared-officepioneer that founded in 2016,has raised of boutique hotelchain Mor- IPO. clear break from the com- tel’s logo parked outside We- flamed out ahead of aplanned hundreds of millions of dollars gans Hotel Group,playedakey WeWork is in negotiations pany’s former CEO and co- Work’sheadquarters. After in 2019. from investors. It expanded role in the company’sfund- that would lead to another at- founder, Amol Sarva. WeWork’sfailed IPO,hetold Mr.Gerymost recently was rapidly for years and was one raising effortsand itsmove tempt at apublic listing Mr.Sarvawas arelentless the that “it’s president of Selina Ltd., a of themoreaggressivecom- intoselling flexible office through a merger with a spe- critic of WeWork’sstrategy time to dance.” global experience-focused hos- petitorsinthe co-working and spacetobig businesses.He cial-purpose acquisition com- underMessrs. Neumann and —Konrad Putzier pitality companythat was flexible-office-spacesector,be- leftthe companyin2019 in pany,The Wall Street Journal Gross, including itsacquisi- contributed to this article. GameStop Prepares to Post First Results Since Rally

BY SARAH E. NEEDLEMAN Some GameStopsharehold- facing. it has failed to insulateitself eogame industry,GameStop that the companyspecializes in ershavesaid they believethe “Thereisnot an institutional against. “The fourth quarter is struggled as the health crisis selling—only accelerated. To- Weeks after GameStop Corp. retailer canliveuptoits lofty investor alivewho is consider- generally their moneymaking hammered foot traffic to its day, spending on game down- playedastarring role in aWall newstock price with help from ing going long at $200” ashare, quarter,” said Telsey Advisory bricks-and-mortar stores.The loadsand virtual goods within Street trading frenzy,the video- Ryan Cohen,the Chewy Inc.co- Mr.Pachter said. “This is not a Group analyst JoeFeldman. companyinitially resisted clos- games together outweigh cash- game retailer’s financial perfor- founder recently added to the dot-com that’sjust starting up.” Still, he said it isn’t agood sign ing itsdoorsearly in the pan- register sales of hardcopies. manceand fundamentals arere- company’sboard. GameStop’s Analystsexpect the retailer that the companypreviously demic,saying it wasessential Developersalso have been re- turning to center stage. closing sharepriceof$194.49 to post itsstrongest quarterly disclosed that sales fell 3.1% for likegrocery stores,before leasing moregames free,and GameStopisslated Tuesday on Mondayismorethan 10 revenue and profit in two years, the nine-week holidayperiod placing increased focus on e- digital-game subscription ser- to issue itsfirst quarterly earn- times as much as it wasatthe bolstered by awinter holiday endedJanuary2. commerce.Ithas sinceclosed vices,such as Microsoft’sXbox ingsreport sinceaReddit com- start of the year,though the shopping season that included Forthe period ended in Jan- hundreds of stores over the Game Pass,havebeen growing munity successfully encouraged stockpeaked at $483 in intra- the release of next-generation uary, GameStopisprojected to past year.Itcurrently has in popularity. hordes of people to buy shares daytrading in lateJanuary. gaming consoles from Microsoft post aprofitof$88 million, or morethan 4,800. GameStopexecutives ha- of it and other heavily shorted Wedbush Securities analyst Corp.and SonyCorp.But some $1.35 ashare, on morethan While GameStop’sonline ven’t publicly addressed the public companies,sparking a Michael Pachter said it isn’t also saythe company’sperfor- $2.2 billion in revenue,accord- sales shot up,ayearslong trend trading frenzy and the on- congressional hearing and the possible forGameStop’sresults manceshould reflect challenges ing to aFactSet poll of analysts. of people opting to download slaught of attention it has re- development of at least two to reflect itsroughly $14billion created by the pandemic and Even though 2020 was ex- games over the internet—rather ceived from investorsand reg- Hollywood productions. valuation given the issues it is long-term industrychanges that ceptionally strong forthe vid- than buy those printed on discs ulators.

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B6 | Tuesday, March 23, 2021 THE WALL STREET JOURNAL. BIGGEST 1,000 STOCKS

Net Net Net Net Net Net Net How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg The following explanations apply to NYSE, s-New 52-week high. NYSE Arca, NYSE American and Nasdaq Stock t-New 52-week low. EquityLife ELS 63.54 0.20 Infosys INFY 19.07 0.32 MitsubishiUFJ MUFG 5.98 -0.03 Pentair PNR 60.61 -0.41 Sibanye-Stillwater SBSW 18.12 -0.09 Tesla TSLA 670.00 15.13 Viatris VTRS 14.79 0.01 Market listed securities. Prices are composite dd-Indicates loss in the most recent EquityResdntl EQR 72.03 0.60 IngersollRand IR 48.81 -0.64 s MizuhoFin MFG 3.18 ... Penumbra PEN 267.40 0.62 SignatureBank SBNY 229.72 -8.63 TevaPharm TEVA 11.93 0.41 Vipshop VIPS 45.25 -0.20 quotations that include primary market trades four quarters. ErieIndemnity A ERIE 230.28 5.29 Inphi IPHI 165.29 0.97 MobileTeleSys MBT 8.48 ... PepsiCo PEP 137.80 3.30 SimonProperty SPG 115.25 -1.44 TexasInstruments TXN 180.10 4.12 VirginGalactic SPCE 32.24 -0.90 as well as trades reported by Nasdaq BX FD-First day of trading. EssentialUtil WTRG 42.50 0.05 Insulet PODD 269.32 8.29 Moderna MRNA 145.60 1.86 PerkinElmer PKI 128.13 -0.27 SiriusXM 6.31 0.23 TexasPacLand TPL 1583.52-91.93 Visa V 208.00 1.10 (formerly Boston), Chicago , h-Does not meet continued listing EssexProp ESS 275.98 0.64 s Intel INTC 65.63 1.87 MohawkInds MHK 183.15 -0.59 PetroChina PTR 37.07 -0.34 Skillz SKLZ 24.74 -0.99 TXT 54.42 -0.89 Vistra VST 16.70 -0.60 Cboe, NYSE National and Nasdaq ISE. standards EsteeLauder EL 286.18 0.96 InteractiveBrkrs IBKR 78.01 -0.45 MolinaHealthcare MOH 234.48 1.31 PetroleoBrasil PBR 8.37 -0.12 Skyworks SWKS 179.82 4.03 ThermoFisherSci TMO 454.66 9.65 VMware VMW 146.00 0.02 The list comprises the 1,000 largest lf-Late filing Etsy ETSY 219.77 4.36 ICE ICE 111.55 0.35 MolsonCoorsB TAP 49.85 0.65 PetroleoBrasilA PBR.A 8.50 -0.18 SlackTech WORK 40.80 ... ThomsonReuters TRI 87.91 0.53 VOD 18.62 -0.12 companies based on market capitalization. q-Temporary exemption from Nasdaq EverestRe RE 243.88 -1.95 InterContinentl IHG 68.90 -0.74 Mondelez MDLZ 58.84 0.73 Pfizer PFE 36.00 0.47 SmithAO AOS 67.48 ... 3M MMM 189.47 0.76 VornadoRealty VNO 47.05 -1.02 Underlined quotations are those stocks with requirements. Evergy EVRG 58.63 -0.91 IBM IBM 130.55 1.65 MongoDB MDB 309.77 7.09 PhilipMorris PM 89.98 0.73 Smith&Nephew SNN 37.75 -0.15 Toro TTC 102.49 -0.47 VulcanMatls VMC 162.04 -3.23 large changes in volume compared with the t-NYSE bankruptcy EversourceEner ES 82.25 0.11 IntlFlavors IFF 137.30 -0.01 MonolithicPower MPWR 348.24 5.06 Phillips66 PSX 80.58 -1.68 Smucker SJM 127.25 0.86 TorontoDomBk TD 65.58 -0.24 v-Trading halted on primary market. issue’s average trading volume. ExactSciences EXAS 135.26 1.60 IntlPaper IP 52.63 -0.95 MonsterBev MNST 89.05 1.13 Pinduoduo PDD 137.15 -4.65 Snap SNAP 58.16 -0.20 Total TOT 47.64 -0.41 W X Y Z vj-In bankruptcy or receivership or Exelon EXC 42.79 -0.18 Interpublic IPG 29.27 -0.32 Moody's MCO 290.29 2.50 PinnacleWest PNW 79.73 -1.06 SnapOn SNA 220.05 -5.35 ToyotaMotor TM Boldfaced quotations highlight those issues being reorganized under the 154.48 -4.10 WEC Energy WEC 88.76 -0.06 eXpWorld EXPI 51.19 -0.54 Intuit INTU 383.02 1.74 MorganStanley MS 81.92 -1.02 PINS Snowflake SNOW 220.75 -0.07 s whose price changed by 5% or more if their Bankruptcy Code, or securities 72.35 -0.66 TractorSupply TSCO 173.54 0.56 WEX WEX 213.50 -1.75 EXPE 173.09 -6.89 IntuitiveSurgical ISRG 714.73 7.24 Morningstar MORN 230.79 -6.66 SOQUIMICH SQM 54.08 -0.46 previous closing price was $2 or higher. assumed by such companies. PioneerNatRscs PXD 158.66 -4.82 TradeDesk TTD 740.85 7.64 W.P.Carey WPC 69.91 1.33 ExpeditorsIntl EXPD 103.07 -0.23 InvitatHomes INVH 31.09 0.48 Mosaic MOS 32.35 -0.96 SolarEdgeTech SEDG 289.17 8.23 PlainsAllAmPipe PAA 9.35 0.02 Tradeweb TW 73.68 -0.03 WPP WPP 63.97 -0.52 ExtraSpaceSt EXR 128.16 1.81 iQIYI IQ 28.04 0.27 s MotorolaSol MSI 185.71 2.49 t Sony SNE 106.89 1.63 Playtika PLTK 26.00 0.21 TraneTech TT 164.30 0.20 Wabtec WAB 74.47 -1.18 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and ExxonMobil XOM 55.91 -0.58 IronMountain IRM 36.58 0.78 NICE NICE 229.06 1.22 Southern SO 59.69 -0.01 PlugPower PLUG 38.91 0.63 TransDigm TDG 597.36 -4.16 WalgreensBoots WBA 53.11 0.57 changes in the closing prices from 4 p.m. the previous day. F5Networks FFIV 202.94 2.69 ItauUnibanco ITUB 5.09 0.02 NIO NIO 42.94 -0.41 SoCopper SCCO 72.08 -0.06 Polaris PII 136.09 0.71 TransUnion TRU 88.83 1.30 WMT 132.37 0.63 FMC FMC 110.30 0.41 NRG Energy NRG 35.78 -1.26 SouthwestAir LUV 59.46 -1.59 Pool POOL 336.22 -4.58 Travelers TRV 147.59 -1.71 WarnerMusic WMG 32.53 -0.72 Net Net Facebook FB 293.54 3.43 J K L NVR NVR 4503.64 68.65 Splunk SPLK 141.17 6.13 Monday, March 22, 2021 PrincipalFin PFG 59.57 -0.82 Trex TREX 89.15-1.29 WasteConnections WCN 103.53 0.66 Stock Sym Close Chg Stock Sym Close Chg FactSet FDS 314.38 2.94 NXP Semi NXPI 200.40 -1.64 Procter&Gamble PG 130.18 2.17 SPOT 275.47 3.36 Trimble TRMB Net JD.com JD 84.97 -0.02 75.18 0.50 WasteMgt WM 123.37 1.80 FairIsaac FICO 471.80 12.93 Nasdaq NDAQ 147.12 1.38 Progressive PGR 90.13 -0.81 Square SQ 226.13 1.29 Stock Sym Close Chg Ball BLL 84.32 3.07 Chubb CB 157.05 -2.18 Joyy YY 113.08 -2.32 Trip.com TCOM 41.21 -0.69 Waters WAT 271.63 2.93 Farfetch FTCH 62.00 2.12 Natera NTRA 104.31 0.99 Prologis PLD 103.65 3.27 StanleyBlackDck SWK 195.79 -0.88 BancoBilbaoViz BBVA 5.16 -0.42 ChunghwaTel CHT 38.96 0.14 JPMorganChase JPM 150.97 -4.17 TruistFinl TFC 57.47 -1.07 Watsco WSO 254.49 0.81 A B C Fastenal FAST 47.98 0.35 NationalGrid NGG 58.65 0.10 PrudentialFin PRU SBUX 107.57 1.23 t BancoBradesco BBDO 4.18 ... Church&Dwight CHD 84.51 1.42 JackHenry JKHY 149.23 1.10 90.86 -1.12 Tuya TUYA 23.19 -1.93 W 345.47 10.11 FateTherap FATE 91.92 1.63 Natura&Co NTCO 18.36 -0.20 StateStreet STT 81.62 -2.54 BancodeChile BCH 24.58 -0.23 ChurchillDowns CHDN 232.97 -7.23 JacobsEngg J 123.19 -0.18 Prudential PUK 42.22 -0.12 Twilio TWLO 359.80 4.00 Weibo WB 52.46 0.18 s ABB ABB 31.56 0.20 FedEx FDX 274.02 -5.56 s NatWest NWG 5.37 0.08 SteelDynamics STLD 47.03 -0.16 BancSanBrasil BSBR 7.26 -0.12 CIEN 55.71 0.29 JamesHardie JHX 29.10 0.11 PublicServiceEnt PEG 57.88 -1.03 Twitter TWTR 65.21 -1.02 WellsFargo WFC 38.97 -0.66 AECOM ACM 61.71 -0.23 Ferguson FERG118.97 0.23 NetApp NTAP 70.54 0.38 STLA 17.57 -0.08 BcoSantChile BSAC 24.98 -0.68 CI 242.40 -0.86 JazzPharma JAZZ 170.59 -1.76 PublicStorage PSA 236.70 3.24 TylerTech TYL 420.70 0.66 Welltower WELL 71.00 0.28 AES AES 25.96 -0.35 RACE 208.06 11.00 NetEase NTES 110.06 0.99 Steris STE 186.55 -0.69 BancoSantander SAN 3.43 -0.04 CincinnatiFin CINF 105.86 -1.14 JefferiesFin JEF 33.91 0.17 PulteGroup PHM 49.07 0.08 TysonFoods TSN 75.47 -1.28 WestPharmSvcs WST 282.49 5.34 Aflac AFL 50.55 -0.61 FidNatlFin FNF 39.03 -0.31 Netflix NFLX 523.11 10.93 STMicroelec STM 38.23 1.16 BankofAmerica BAC 37.66 -0.87 Cintas CTAS 336.33 3.28 J&J JNJ 160.50 0.46 Qiagen QGEN 50.10 0.20 UBS Group UBS 16.10 0.07 WestAllianceBcp WAL 96.24 -3.41 AGCO AGCO 143.01 -0.90 FidNatlInfo FIS 141.18 -0.56 Neurocrine NBIX 92.11 -0.11 StoneCo STNE 67.37 0.46 BankofMontreal BMO 88.37 -0.83 s CiscoSystems CSCO 50.30 1.32 JohnsonControls JCI 59.96 -0.04 Qorvo QRVO 183.28 3.43 UDR UDR 43.53 0.19 WesternDigital WDC 70.33 -0.25 AGNC Invt AGNC 16.67 0.08 FifthThirdBncp FITB 37.22 -1.09 NewFortressEner NFE 52.61 0.61 Stryker SYK 232.08 2.08 BankNY Mellon BK 45.21 -1.14 C 71.96 -1.05 JonesLang JLL 175.41 0.39 Qualcomm QCOM 134.09 3.07 s UGI UGI 40.79 -0.67 WesternUnion WU 24.77 0.32 Ansys ANSS 334.86 10.61 FirstHorizon FHN 17.01 -0.25 NewOrientalEduc EDU 16.34 -0.13 SumitomoMits SMFG 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15.78 -0.14 Nordson NDSN 201.71 -0.45 RaymondJames RJF 119.56 -0.15 BeyondMeat BYND 139.60 0.21 Comerica CMA 67.88 -1.47 TC Energy TRP 45.52 -0.15 UPS B UPS 161.06 1.77 WynnResorts WYNN 132.87 -2.61 AdvMicroDevices AMD 80.30 1.24 Fortis FTS 42.93 0.16 KingsoftCloud KC 46.30 -2.44 s NorfolkSouthern NSC 260.62 0.16 RaytheonTech RTX 76.92 -1.44 Bilibili BILI 106.88 -1.98 CommerceBcshrs CBSH 76.87 -2.49 TE Connectivity TEL 128.51 -0.64 UnitedRentals URI 311.48 -4.52 XP XP 39.76 0.12 Aegon AEG 4.68 -0.15 Fortive FTV 68.21 0.53 KinrossGold KGC 6.94 0.02 NorthernTrust NTRS 99.58 -3.03 RealPage RP 87.37 -0.03 Bill.com BILL 151.96 5.62 CiaSiderurgica SID 6.32 -0.10 KirklandLakeGold KL Telus TU 21.05 0.19 US Bancorp USB 54.24 -0.97 XPO Logistics XPO 121.67 -3.08 AffirmHldgs AFRM 81.99 4.62 FortBrandsHome FBHS 90.71 -0.79 34.40 -0.60 NorthropGrum NOC 314.21 5.56 RealtyIncome O 62.46 0.71 Bio-Techne TECH 385.38 10.14 ConagraBrands CAG 38.27 0.42 TJX TJX 66.50 -0.11 UnitedHealth UNH 366.86 1.28 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-0.31 TataMotors TTM 20.93 -0.29 VailResorts MTN 313.49 0.16 ZTO Express ZTO 27.43 -1.18 Alcon ALC 68.74 0.59 G H I L3HarrisTech LHX 198.04 0.54 Nutrien NTR 56.00 -0.99 ResMed RMD 189.79 4.19 BA 251.23 -4.59 Corteva CTVA 47.30 0.23 TeckRscsB TECK 20.21 -0.07 Vale VALE 17.01 -0.24 ZaiLab ZLAB 138.50 6.03 AlexandriaRlEst ARE 166.56 0.67 LabCpAm LH 243.10 2.88 NVDA 527.45 13.62 RestaurantBrands QSR 64.17 -0.08 BookingHldgs BKNG 2231.89-55.85 CoStar CSGP 827.81 9.15 GDS Holdings GDS 84.16 -1.20 TeladocHealth TDOC 197.28 6.30 ValeroEnergy VLO 72.28 -1.42 ZebraTech ZBRA 463.77 3.82 AlexionPharm ALXN 155.25 4.31 LamResearch LRCX 560.03 17.72 RingCentral RNG 322.59 5.57 BoozAllen BAH 79.83 0.08 Costco COST 334.49 5.58 GFLEnvironmental GFL 33.46 0.35 TeledyneTech TDY 394.20 7.81 VarianMed VAR 176.30 -0.15 Zendesk ZEN 132.99 3.51 Alibaba BABA 237.12 -2.67 LamarAdv LAMR 92.54 -0.80 O P Q RioTinto RIO 76.08 -0.47 BorgWarner BWA 48.13 -0.89 CoupaSoftware COUP 258.04 9.31 GSXTechedu GSX 83.79 -2.81 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RKT 22.99 -0.08 BostonSci BSX 38.23 0.06 CreditSuisse CS 13.15 0.07 Gaming&Leisure GLPI 42.37 0.25 OakStreetHealth OSH 55.58 0.40 Telefonica TEF 4.78 -0.07 VeriSign VRSN 194.45 2.40 ZionsBancorp ZION 55.28 -1.17 AlliantEnergy LNT 51.51 -0.26 Leidos LDOS 95.47 0.52 Rockwell ROK 261.87 3.57 BridgeBioPharma BBIO 69.11 1.45 Cree CREE 108.69 1.92 Gap GPS 30.20 -0.79 B LEN.B 78.26 1.40 OccidentalPetrol OXY 27.46 -0.64 TelekmIndonesia TLK 23.79 0.06 VeriskAnalytics VRSK 174.82 2.95 ZTS 155.63 2.51 Allstate ALL 112.24 -1.00 Okta OKTA 222.50 8.97 RogersComm B RCI 48.58 0.17 BrightHorizons BFAM 163.45 -3.91 CrowdStrike CRWD 195.73 1.10 Garmin GRMN 127.58 1.87 Lennar A LEN 97.01 1.89 10xGenomics TXG 179.21 1.45 VZ 56.59 0.35 ZoomVideo ZM 328.50 2.24 AllyFinancial ALLY 44.90 -0.31 OldDomFreight ODFL 231.25 0.64 Roku ROKU 356.32 8.81 BristolMyers BMY 63.38 0.68 CrownCastle CCI 167.89 2.27 Gartner IT 183.04 0.19 LennoxIntl LII 303.36 2.24 Tenaris TS 22.05 -0.05 VertxPharm VRTX 218.82 2.71 ZoomInfoTech ZI 54.69 5.85 AlnylamPharm ALNY 144.15 -0.01 OmegaHealthcare OHI 36.70 0.20 Rollins ROL 34.37 0.59 BritishAmTob BTI 39.81 0.54 CrownHoldings CCK 98.13 1.65 Generac GNRC 313.73 8.10 LeviStrauss LEVI 24.82 -0.19 s TencentMusic TME 30.87 0.45 ViacomCBS B VIAC 100.34 2.99 Zscaler ZS 182.61 1.05 Alphabet A GOOGL 2030.69 3.73 Omnicom OMC 77.15 0.72 RoperTech ROP 401.29 6.29 Broadcom AVGO 475.28 0.82 Cummins CMI 263.48 -2.42 GeneralDynamics GD 176.56 -1.06 LiAuto LI 26.82 0.54 Teradyne TER 117.01 2.10 ViacomCBS A VIACA 100.25 2.99 ZNGA 10.03 0.05 Alphabet C GOOG 2038.59 -4.61 ON Semi ON 40.82 0.73 RossStores ROST 120.66 -0.65 BroadridgeFinl BR 147.59 1.41 CureVac CVAC 94.29 -1.35 GeneralElec GE 13.13 -0.09 LibertyBroadbandC LBRDK 155.53 1.73 AlticeUSA ATUS 34.86 0.59 OpenText OTEX 49.29 -0.05 RoyalBkCanada RY 92.62 -0.58 BrookfieldMgt BAM 45.29 0.14 GeneralMills GIS 61.45 1.38 LibertyBroadbandA LBRDA 150.37 2.68 s Altria MO 51.64 1.09 OpendoorTech OPEN 27.90 0.37 RoyalCaribbean RCL 88.90 -1.82 BrookfieldInfr BIP 52.80 0.04 D E F GeneralMotors GM 58.10 -1.72 s LibertyGlobal A LBTYA 26.93 0.61 AlumofChina ACH 11.91 0.21 Oracle ORCL 66.32 0.06 RoyalDutchA RDS.A 41.39 -0.57 BrookfieldPropREIT BPYU 18.18 0.09 Genmab GMAB 33.45 1.07 s LibertyGlobal C LBTYK 26.56 0.43 Amazon.com AMZN 3110.87 35.91 DISH Network DISH 37.54 0.26 Orange ORAN 12.57 0.12 RoyalDutchB RDS.B 38.96 -0.64 Dividend Changes BrookfieldRenew BEPC 45.34 1.07 Gentex GNTX 34.88 -0.67 LibertyFormOne C FWONK 46.95 0.57 Ambev ABEV 2.88 0.01 DTE Energy DTE 127.66 -2.27 s Orix IX 90.43 -0.03 RoyaltyPharma RPRX 45.94 -0.85 Brown&Brown BRO 45.34 0.58 GenuineParts GPC 115.33 -1.98 LibertyFormOne A FWONA 41.07 0.24 Amcor AMCR 11.41 0.11 Danaher DHR 223.55 2.49 Oshkosh OSK 118.48 -1.82 Ryanair RYAAY 111.08 -1.92 Brown-Forman B BF.B 69.18 0.45 Gerdau GGB 5.00 -0.17 LibertyBraves A BATRA 30.51 -0.20 Dividend announcements from March 22. Amdocs DOX 80.00 -0.59 Darden DRI 136.74 -3.05 OtisWorldwide OTIS 66.82 -0.04 SAP SAP 122.95 -0.22 Brown-Forman A BF.A 64.93 0.75 GileadSciences GILD 65.53 1.07 LibertyBraves C BATRK 29.60 -0.13 Amedisys AMED 270.37 1.37 DarlingIngred DAR 71.17 -0.70 OwensCorning OC 89.82 -1.07 S&P Global SPGI 345.54 -1.83 Amount Payable / Bruker BRKR 61.43 0.74 GSK GSK 36.67 0.04 LibertySirius C LSXMK 45.68 0.51 Amerco UHAL 591.48-14.55 Datadog DDOG 85.18 1.15 OzonHoldings 55.53 -0.88 SBA Comm SBAC 274.10 8.03 Company Symbol Yld %New/Old Frq Record BuildersFirstSrc BLDR 44.87 -1.03 GlobalPayments GPN 203.87 -1.60 LibertySirius A LSXMA 45.59 0.73 Ameren AEE 77.97 -0.83 DaVita DVA 110.04 0.21 PG&E PCG 11.11 -0.15 SEI Investments SEIC 60.08 -0.74 Bunge BG 77.66 -0.52 Globant GLOB 215.99 2.72 LightspeedPos LSPD 65.63 2.40 AmericaMovil A AMOV 13.77 0.07 DeckersOutdoor DECK 332.80 -5.90 PNC Fin PNC 171.22 -4.57 SK Telecom SKM 25.30 0.25 Increased BurlingtonStrs BURL 304.00 -3.00 GlobeLife GL 98.17 -0.79 EliLilly LLY 185.84 1.55 AmericaMovil AMX 13.77 -0.10 Deere DE 371.59 -0.89 POSCO PKX 67.19 2.39 SS&C Tech SSNC 69.07 -0.29 Granite Point Mtg Trust GPMT 6.9 .25 /.20 Q Apr19 /Apr01 CBRE Group CBRE 75.93 -0.81 GoDaddy GDDY 75.46 2.24 LincolnNational LNC 62.39 -1.35 AmerAirlines AAL 23.83 -1.14 DellTechC 87.35 -0.28 PPD PPD 37.46 -0.61 StoreCapital STOR 32.74 0.21 INDB Q CDW CDW 159.30 1.27 GoldFields GFI 9.76 -0.28 Linde LIN 270.36 1.24 Independent Bank 2.2 .48 /.46 Apr09 /Mar29 AEP AEP 83.63 -0.04 DeltaAir DAL 47.97 -1.03 PPG Ind PPG 147.94 0.52 SVB Fin SIVB 511.76-32.85 CF Industries CF 46.87 -1.30 GoldmanSachs GS 339.33 -4.87 LithiaMotors LAD 383.00-12.40 Medifast MED 2.4 1.42 /1.13 Q May06 /Mar30 AmerExpress AXP 139.95 -0.76 DentsplySirona XRAY 62.44 -0.32 PPL PPL 29.07 -0.52 .com CRM 215.17 2.97 s CGI GIB 82.55 0.91 GoodRx GDRX 37.62 0.31 LiveNationEnt LYV 84.28 -0.40 PermRock Royalty Trust PRT 2.5 .0465 /.0237 M Apr14 /Mar31 AmericanFin AFG 114.41 -1.87 DeutscheBank DB 12.61 -0.05 PRA HealthSci PRAH 149.51 -0.54 SNY 49.29 -0.63 CH Robinson CHRW 95.59 -1.11 Graco GGG 69.43 -0.11 LloydsBanking LYG 2.23 ... Preferred Bank LA PFBC 2.4 .38 /.30 Q Apr21 /Apr07 s AmHomes4Rent AMH 32.80 0.72 DevonEnergy DVN 22.33 -0.37 PTC PTC 130.14 0.48 SantanderCons SC 26.91 0.15 CME Group CME 199.35 -3.31 Grainger GWW 399.71 -0.83 LockheedMartin LMT 357.66 2.59 AIG AIG 46.23 -0.60 DexCom DXCM 359.82 15.19 Paccar PCAR 93.58 -1.48 Sasol SSL 14.34 -0.19 Shoe Carnival SCVL 1.0 .14 /.09 Q Apr19 /Apr05 CMS Energy CMS 58.50 0.15 Grifols GRFS 16.00 -0.10 Loews L 51.70 -0.70 AmerTowerREIT AMT 225.83 3.97 DEO 166.62 -0.57 PackagingCpAm PKG 130.45 -0.57 SLB 27.65 0.60 UDR UDR 3.3 .3625 /.36 Q Apr30 /Apr09 CNA Fin CNA 44.94 -1.02 GuardantHealth GH 146.87 1.32 LogitechIntl LOGI 104.55 3.01 AmerWaterWorks AWK 140.05 1.69 DiamondbkEner FANG 75.31 -0.50 PagSeguroDig PAGS 47.79 -0.44 SchwabC SCHW 64.77 -1.28 CNH Indl CNHI 15.55 -0.14 Guidewire GWRE 103.04 0.10 s Lowe's LOW 181.89 2.40 AmericoldRealty COLD 37.21 -0.16 DigitalRealty DLR 136.55 3.04 PalantirTech PLTR 24.22 -0.10 ScottsMiracleGro SMG 233.49 -1.40 Reduced CRH CRH 44.80 -0.36 HCA Healthcare HCA 188.18 -0.42 LufaxHolding LU 14.68 -0.29 Ameriprise AMP 229.18 0.75 DiscoverFinSvcs DFS 94.68 -0.10 PaloAltoNtwks PANW 323.44 6.59 Sea SE 217.84 2.94 Cross Timbers Royalty Tr CRT 7.2 .0373 /.08666 M Apr14 /Mar31 CRISPR Therap CRSP 133.00 3.39 HDFC Bank HDB 78.30 0.50 lululemon LULU 313.60 4.89 AmerisourceBrgn ABC 116.35 0.43 DiscoveryB DISCB 88.90 5.20 ParkerHannifin PH 310.98 -0.07 Seagate STX 75.94 1.31 Permian Basin Royalty Tr PBT 3.9 .0115 /.01649 M Apr14 /Mar31 CSX CSX 93.78 3.01 HP HPQ 30.47 0.39 LumenTech LUMN 14.37 0.39 Ametek AME 122.89 2.13 DiscoveryA DISCA 74.65 -2.62 Paychex PAYX 96.58 0.74 Seagen SGEN 148.13 1.51 SJT M CVS Health CVS 73.47 0.29 HSBC HSBC 29.34 -0.60 LYFT 64.16 -2.40 San Juan Basin Royalty Tr 5.2 .053 /.05466 Apr14 /Mar31 Amgen AMGN 249.69 3.75 CableOne CABO s DiscoveryC DISCK 64.74 -1.26 PaycomSoftware PAYC 378.75 6.22 SempraEnergy SRE 128.10 -0.52 1827.70 70.54 HAL 21.54 -0.25 LyondellBasell LYB 106.00 -0.77 Amphenol APH 64.71 0.55 CadenceDesign CDNS 127.97 2.49 Disney DIS 192.86 1.72 HartfordFinl HIG 67.29 -0.39 Paylocity PCTY 177.59 2.44 SensataTechs ST 62.28 -0.07 Foreign AnalogDevices ADI 154.50 2.59 CAE CAE 27.93 -0.31 DocuSign DOCU 207.43 1.76 HAS 96.85 0.92 M N PayPal PYPL 244.39 3.10 ServiceCorp SCI 48.90 -0.18 Enerplus ERF 1.8 .0125 M Apr15 /Mar31 Angi ANGI 16.47 -0.48 Pearson PSO ServiceNow NOW 476.65 5.81 CaesarsEnt CZR 88.47 -0.85 DolbyLab DLB 99.65 0.41 HealthpeakProp PEAK 31.64 -0.29 10.96 -0.12 Kirkland Lake Gold KL 2.2 .1875 Q Apr14 /Mar31 AngloGoldAsh AU 21.51 -0.45 CamdenProperty CPT 108.19 1.17 DollarGeneral DG 193.96 6.18 Heico HEI 125.23 -0.03 M&T Bank MTB 149.42 -2.65 PEGA 117.76 1.27 ShawComm B SJR 26.73 -0.36 AB InBev BUD SherwinWilliams SHW 720.24 13.99 63.39 -0.90 CampbellSoup CPB 51.02 1.23 DollarTree DLTR 110.25 2.13 Heico A HEI.A 116.51 1.17 MGMGrowthProp MGP 32.76 -0.27 Peloton PTON 109.54 1.23 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and AnnalyCap NLY 8.92 0.01 CIBC CM 100.57 -0.59 DominionEner D 73.50 0.15 HenrySchein HSIC 66.30 -0.51 MGM Resorts MGM 39.03 -1.00 PembinaPipeline PBA 29.45 -0.38 ShinhanFin SHG 31.69 0.59 ANTM 351.14 -2.99 CanNtlRlwy CNI 113.16 -3.66 Domino's DPZ 369.32 5.62 Hershey HSY 156.38 1.68 MKS Instrum MKSI 176.33 4.09 PennNational PENN 113.16 -4.21 SHOP 1160.00 39.05 ratio; SO: spin-off. AON 223.40 0.50 CanNaturalRes CNQ 29.55 -0.55 DoorDash DASH 135.91 0.88 Hess HES 68.50 -0.11 MPLX MPLX 25.97 -0.07 ApolloGlbMgmt APO 49.42 2.13 CanPacRlwy CP 356.53-21.95 Dover DOV 136.44 0.89 HewlettPackard HPE 15.34 0.06 MSCI MSCI 419.36 9.00 Appian APPN 160.09 8.43 Canon CAJ 22.10 0.11 Dow DOW 63.51 -0.40 HighwoodsProp HIW 42.24 -0.38 MagellanMid MMP 43.86 -0.22 Apple AAPL 123.39 3.40 CanopyGrowth CGC 33.46 -0.99 DrReddy'sLab RDY 60.09 1.08 Hilton HLT 122.92 -1.47 MagnaIntl MGA 90.65 -1.16 Exchange-Traded Portfolios | WSJ.com/ETFresearch ApplMaterials AMAT 119.33 4.47 CapitalOne COF 125.22 -1.21 s DraftKings DKNG 71.72 -0.26 Hologic HOLX 73.93 1.90 ManulifeFin MFC 21.52 -0.20 Aptargroup ATR 141.59 2.28 Capri CPRI 53.29 -1.90 DBX 27.32 0.46 HomeDepot HD 288.94 -0.16 MarathonOil MRO 10.83 -0.19 Closing Chg YTD Aptiv APTV 145.04 -0.90 CardinalHealth CAH 59.14 0.46 DukeEnergy DUK 93.12 0.40 HondaMotor HMC 30.93 -0.92 MarathonPetrol MPC 53.35 -0.41 Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) Aramark ARMK 38.97 -0.14 Carlisle CSL 156.30 -0.82 DukeRealty DRE 41.74 0.79 HON 212.13 -0.78 MaravaiLifeSci MRVI 36.82 1.46 Schwab US TIPs SCHP 61.09 0.41 –1.6 ArcelorMittal MT 27.02 -0.45 Carlyle CG 37.02 0.54 Dun&Bradstreet DNB 24.55 0.34 HorizonTherap HZNP 90.38 0.80 Markel MKL 1111.40 -9.04 Monday, March 22, 2021 Closing Chg YTD SPDR DJIA Tr DIA 327.24 0.38 7.0 ArchCapital ACGL 36.63 -0.28 CarMax KMX 132.30 -0.94 DuPont DD 77.56 0.46 HormelFoods HRL 48.55 0.58 MarketAxess MKTX 521.28 11.16 ETF Symbol Price (%) (%) Closing Chg YTD SPDR S&PMdCpTr MDY 473.19 –0.54 12.7 ArcherDaniels ADM 56.43 -0.40 Carnival CCL 27.48 -1.48 Dynatrace DT 51.76 0.86 DR Horton DHI 84.49 0.86 Marriott MAR 151.50 -0.78 ETF Symbol Price (%) (%) iShMSCIEmgMarkets EEM 53.92 –0.30 4.4 SPDR S&P 500 SPY 392.59 0.80 5.0 AresMgmt ARES 54.99 0.79 Carnival CUK 23.08 -1.07 E 24.08 -0.19 HostHotels HST 17.56 -0.26 Marsh&McLen MMC 117.28 0.40 iShMSCIJapan EWJ 70.22 –0.66 3.9 SPDR S&P Div SDY 116.11 –0.31 9.6 arGEN-X ARGX 307.07 1.10 CarrierGlobal CARR 41.41 0.50 EOG Rscs EOG 68.23 -1.85 HowmetAerospace HWM 31.55 -0.27 MartinMarietta MLM 321.82-10.24 ARKInnovationETF ARKK 124.72 1.93 0.2 iShNatlMuniBd MUB 115.72 0.08 –1.3 TechSelectSector XLK 131.87 1.97 1.4 AristaNetworks ANET 290.25 5.03 Carvana CVNA 273.92 4.70 EPAM Systems EPAM 380.45 0.85 HuanengPower HNP 14.50 0.77 MarvellTech MRVL 47.67 0.67 CommSvsSPDR XLC 75.91 0.84 12.5 iSh1-5YIGCorpBd IGSB 54.63 0.04 –1.0 VanEckGoldMiner GDX 33.49 –1.18 –7.0 AspenTech AZPN 150.00 1.18 Catalent CTLT 109.82 3.81 EastWestBncp EWBC 75.97 -2.15 Huazhu HTHT 59.22 -0.63 Masco MAS 57.79 0.47 CnsmrDiscSelSector XLY 167.28 0.66 4.0 iShPfd&Incm PFF 38.00 0.24 –1.3 VangdInfoTech VGT 357.96 1.83 1.2 Assurant AIZ 140.75 -2.96 EastmanChem EMN 112.23 0.43 Hubbell HUBB 184.37 0.88 Masimo MASI 230.00 9.69 EnSelectSectorSPDR XLE 48.54 –0.96 28.1 Caterpillar CAT 226.02 0.73 iShRussell1000Gwth IWF 242.23 1.49 0.5 VangdSC Val VBR 166.86 –1.07 17.3 AstraZeneca AZN 51.20 1.99 Eaton ETN 134.86 1.60 HubSpot HUBS 459.65 11.43 Mastercard MA 358.40 1.89 FinSelSectorSPDR XLF 33.63 –1.29 14.1 Celanese CE 146.94 -0.70 iShRussell1000 IWB 223.07 0.68 5.3 VangdSC Grwth VBK 278.52 0.48 4.1 Athene ATH 52.05 2.41 eBay EBAY 60.29 0.56 HUM 404.37 -5.45 MatchGroup MTCH 154.89 2.19 HealthCareSelSect XLV 115.67 0.87 2.0 Cemex CX 6.67 -0.03 iShRussell1000Val IWD 150.94 –0.01 10.4 VangdExtMkt VXF 180.66 –0.07 9.7 Atlassian TEAM 221.74 2.65 Ecolab ECL 208.07 0.49 MaximIntProducts MXIM 90.66 1.34 IndSelSectorSPDR XLI 96.12 –0.06 8.5 CenovusEnergy CVE 7.82 -0.18 JBHunt JBHT 158.41 -3.90 iShRussell2000Gwth IWO 308.74 0.11 7.7 VangdDivApp VIG 144.24 0.45 2.2 AtmosEnergy ATO 93.54 -0.55 Ecopetrol EC 13.36 -0.01 InvscQQQI QQQ 318.61 1.88 1.6 Centene CNC 64.46 0.22 HuntingtonBcshs HBAN 15.74 -0.24 McAfee MCFE 23.75 -0.80 iShRussell2000 IWM 225.23 –0.75 14.9 VangdFTSEDevMk VEA 49.53 0.04 4.9 InvscS&P500EW RSP 140.10 0.13 9.8 Autodesk ADSK 265.96 4.46 CenterPointEner CNP 21.96 -0.30 EdisonInt EIX 59.18 -0.29 HyattHotels H 85.52 -1.48 McCormick MKC 87.85 1.31 iShRussell2000Val IWN 161.48 –1.82 22.6 VangdFTSE EM VWO 52.63 –0.21 5.0 iShCoreDivGrowth DGRO 47.77 0.48 6.6 Autohome ATHM 102.75 1.77 CentraisElBras EBR 5.96 -0.13 EdwardsLife EW 79.66 0.25 IAC/InterActive IAC 248.07 6.04 McCormickVtg MKC.V 87.32 1.56 iShRussellMid-Cap IWR 74.35 0.30 8.5 VangdFTSE Europe VGK 63.16 0.35 4.8 iShCoreMSCIEAFE IEFA 72.74 0.06 5.3 Autoliv ALV 89.87 -3.75 CeridianHCM CDAY 84.24 1.26 ElancoAnimal ELAN 29.77 -1.32 ICICI Bank IBN 15.92 -0.25 McDonalds MCD 225.07 2.63 iShRussellMCValue IWS 109.59 –0.29 13.0 VangdFTSEAWxUS VEU 61.22 –0.03 4.9 iShCoreMSCIEM IEMG 65.04 –0.18 4.8 ADP ADP 184.39 0.46 Cerner CERN 71.97 0.02 Elastic ESTC 116.74 5.15 IdexxLab IDXX 491.37 6.49 s McKesson MCK 192.38 2.61 iShS&P500Growth IVW 64.61 1.46 1.2 VangdGrowth VUG 256.14 1.47 1.1 iShCoreMSCITotInt IXUS 70.95 –0.01 5.6 s AutoZone AZO 1341.22 16.46 CharlesRiverLabs CRL 288.13 1.45 ElectronicArts EA 131.41 3.01 IHS Markit INFO 94.61 -0.73 MedicalProp MPW 21.40 0.47 iShS&P500Value IVE 140.57 –0.01 9.8 VangdHlthCr VHT 229.34 0.84 2.5 iShCoreS&P500 IVV 395.30 0.79 5.3 Avalara AVLR 136.66 1.54 CharterComms CHTR 637.62 7.88 EmersonElec EMR 89.35 0.86 ING Groep ING 12.00 -0.30 MDT 116.84 0.22 iShShortTreaBd SHV 110.53 0.01 ... VangdHiDiv VYM 99.72 0.06 9.0 iShCoreS&P MC IJH 259.64 –0.49 13.0 Avalonbay AVB 185.13 2.34 CheckPoint CHKP 117.20 0.52 ENB 36.27 ... Invesco IVZ 25.11 -0.34 MelcoResorts MLCO 20.86 -0.22 iShSilver SLV 23.94 –1.52 –2.6 VangdIntermBd BIV 88.82 0.24 –4.3 Avangrid AGR 47.83 -0.12 Chegg CHGG 92.60 0.91 EnelAmericas ENIA 8.25 -0.05 IPG Photonics IPGP 211.90 0.27 MercadoLibre MELI 1476.11 27.22 iShCoreS&P SC IJR 109.80 –1.40 19.5 iShTIPSBondETF TIP 125.50 0.48 –1.7 VangdIntrCorpBd VCIT 92.82 0.22 –4.4 Avantor AVTR 29.19 0.49 CheniereEnergy LNG 72.65 1.39 EnergyTransfer ET 8.10 0.12 IQVIA IQV 189.73 1.40 Merck MRK 77.51 ... iShS&PTotlUSStkMkt ITOT 91.47 0.52 6.1 iSh1-3YTreasuryBd SHY 86.26 –0.01 –0.1 VangdLC VV 184.53 0.76 5.0 AveryDennison AVY 180.43 0.92 CheniereEnerPtrs CQP 43.29 -0.32 EnphaseEnergy ENPH 161.11 6.16 IcahnEnterprises IEP 58.37 -0.34 MetLife MET 60.11 -1.18 iShCoreUSAggBd AGG 113.73 0.19 –3.8 iSh7-10YTreasuryBd IEF 113.40 0.33 –5.5 VangdMC VO 222.77 0.51 7.7 AxonEnterprise AXON 144.77 0.02 Chevron CVX 102.54 -0.84 Entegris ENTG 105.00 2.13 Icon ICLR 186.07 0.07 MettlerToledo MTD 1130.87 7.72 iShSelectDividend DVY 113.54 –0.50 18.0 iSh20+YTreasuryBd TLT 136.26 1.12 –13.6 VangdMC Val VOE 135.96 –0.26 14.3 BCE BCE 46.03 0.67 Chewy CHWY 85.88 3.35 Entergy ETR 97.68 -0.76 IDEX IEX 198.16 -0.98 MicrochipTech MCHP 154.86 4.80 iShESGAwareUSA ESGU 90.48 0.84 5.2 iShRussellMCGrowth IWP 102.70 1.31 0.0 VangdMBS VMBS 53.36 0.09 –1.3 BHP Group BHP 69.17 0.34 ChinaEastrnAir CEA 25.49 0.22 EnterpriseProd EPD 22.89 0.40 IllinoisToolWks ITW 219.11 0.42 MicronTech MU 91.28 0.77 iShEdgeMSCIMinUSA USMV 68.39 0.90 0.8 iShUSTreasuryBdETF GOVT 26.21 0.27 –3.8 VangdRealEst VNQ 91.13 0.71 7.3 BHP Group BBL 57.12 0.02 ChinaLifeIns LFC 10.58 -0.01 Equifax EFX 175.13 0.95 Illumina ILMN 429.92 14.02 Microsoft MSFT 235.99 5.64 iShEdgeMSCIUSAMom MTUM 160.83 1.41 –0.3 JPM UltShtIncm JPST 50.74 ... –0.1 VangdS&P500ETF VOO 362.07 0.79 5.3 BP BP 25.35 -0.09 ChinaPetrol SNP 52.79 -0.50 Equinix EQIX 666.69 13.63 ImmunityBio IBRX 38.10 2.57 MidAmApt MAA 142.76 1.24 iShEdgeMSCIUSAQual QUAL 120.78 0.89 3.9 PIMCOEnhShMaturity MINT 101.92 –0.01 –0.1 VangdST Bond BSV 82.20 0.02 –0.8 BIDU 266.13 8.66 ChinaSoAirlines ZNH 38.73 0.27 Equinor EQNR 19.58 0.05 ImperialOil IMO 23.48 -0.36 Middleby MIDD 165.63 2.27 iShGoldTr IAU 16.57 –0.24 –8.6 SPDRBloomBar1-3MTB BIL 91.50 ... –0.0 VangdSTCpBd VCSH 82.35 0.02 –1.1 BakerHughes BKR 22.31 -0.31 Chipotle CMG 1444.33 23.13 Equitable EQH 32.39 -0.23 Incyte INCY 81.67 2.30 MiratiTherap MRTX 184.24 5.61 iShiBoxx$InvGrCpBd LQD 129.09 0.36 –6.5 SPDR Gold GLD 163.00 –0.15 –8.6 VangdSC VB 216.25 –0.52 11.1 iShiBoxx$HYCpBd HYG 86.37 0.36 –1.1 SchwabIntEquity SCHF 37.91 0.05 5.3 VangdTotalBd BND 84.67 0.28 –4.0 iShJPMUSDEmgBd EMB 109.53 0.22 –5.5 SchwabUS BrdMkt SCHB 96.45 0.56 6.0 VangdTotIntlBd BNDX 57.13 0.09 –2.4 iShMBSETF MBB 108.51 0.09 –1.5 SchwabUS Div SCHD 72.23 0.35 12.6 VangdTotIntlStk VXUS 63.26 –0.01 5.2 iShMSCI ACWI ACWI 95.21 0.51 4.9 SchwabUS LC SCHX 95.78 0.77 5.3 VangdTotalStk VTI 206.37 0.54 6.0 iShMSCI EAFE EFA 76.50 0.09 4.9 SchwabUS LC Grw SCHG 129.71 1.45 1.0 VangdTotlWrld VT 97.42 0.45 5.2 iShMSCI EAFE SC SCZ 72.92 0.04 6.7 SchwabUS SC SCHA 101.47 –0.69 14.0 VangdValue VTV 130.88 0.11 10.0

New Highs and Lows | WSJ.com/newhighs 52-Wk % 52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg SouthwesternEner SWN 4.79 0.9 GlbPtrII A GPAC 9.75 -0.5 The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE SpectrumBrands SPB 87.77 -2.0 GlblSynergyWt GSAQW 0.67 -1.0 American and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or low StarBulkCarriers SBLK 17.88 -0.8 GlblSynergyAcqnA GSAQ 9.71 0.1 in the latest session. %CHG-Daily percentage change from the previous trading session. StoneMor STON 5.37 7.4 GoldenFalconAcqnUn GFX.U 10.10 -0.5 StoneX SNEX 66.29 -0.6 GoresMetroII GMIIU 10.09 -1.4 StratimCloud SCAQU 10.05 ... GoresMetroIIWt GMIIW 1.40 -11.4 Monday, March 22, 2021 SuperMicroComp SMCI 39.37 1.0 GoresMetroII A GMII 9.80 -1.4 52-Wk % 52-Wk % 52-Wk % SuperiorGroup SGC 29.33 -4.4 GroupNineA GNAC 9.70 -0.1 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg support.com SPRT 9.45 231.8 HarmonyBio HRMY 28.76 -7.2 Synaptics SYNA 144.45 2.5 HaymakerIII HYACU 9.92 -0.4 50.38 2.7 CiscoSystems CSCO LandmarkInfrPfdA LMRKP 26.27 1.8 Synnex SNX 112.00 6.5 Hayward HAYW 16.61 -0.7 CitiTrends 98.90 -5.7 Highs CTRN Lantheus LNTH 20.50 2.2 Ternium TX 38.50 -0.5 HealthcareCap HCCCU 9.95 -0.5 CtznCmntyBcp CZWI 13.03 0.9 LegacyHousing LEGH 18.40 -1.7 TakungArt TKAT 52.20 65.1 ABB ABB 31.75 0.6 IthaxAcqn ITHXU 9.90 -0.1 ClearSignTech CLIR 5.43 10.6 LendingClub LC 22.68 -1.5 Tecnoglass TGLS 11.10 -1.7 AFC Gamma AFCG 24.95 -4.8 IvanhoeCapA IVAN 9.71 -3.7 CodaOctopus CODA 9.32 6.3 Levere LVRAU 10.15 ... TeekayLNG PfdB TGPpB 26.49 0.2 AGNC InvtPfdD AGNCM 25.50 -0.6 JackCreekWt JCICW 0.68 -4.9 ColumbiaSportswr COLM 112.40 1.3 LibertyGlobal A LBTYA 27.01 2.3 Tele&DataPfdUU TDSpU 26.40 1.1 AcceleronPharma XLRN 146.15 4.1 Kernel KRNLU 9.95 -0.3 CommVehicle CVGI 11.25 7.3 LibertyGlobal C LBTYK 26.79 1.6 TencentMusic TME 31.12 1.5 AclarisTherap ACRS 27.94 3.5 LazardGrowthI LGACU 9.95 -0.3 CommunityFin TCFC 35.68 -1.1 LibertyTripAdvA LTRPA 7.74 -7.0 Theratechnologies THTX 3.99 12.9 AcmeUnited ACU 42.50 -0.2 LibertyMediaA LMACA 10.52 -1.4 CerveceriasUnid CCU 18.89 -0.5 LiquidMedia YVR 4.58 30.9 TractorSupply TSCO 174.56 0.3 AdvanceAuto AAP 187.33 -1.6 LightJumpWt LJAQW 0.52 ... Conduent CNDT 7.22 -5.2 LiveXLiveMedia LIVX 5.47 12.3 TransMedics TMDX 49.50 8.0 Aegion AEGN 29.80 5.9 LocustWalkWt LWACW 0.78 -12.9 ConstellationI Wt CSTA.WS 1.04 19.7 LongviewII LGV.U 10.19 1.2 TsakosEnergyPfdF TNPpF 23.75 0.3 Aemetis AMTX 23.53 12.2 MDH Acqn MDH.U 9.91 ... Cubic CUB 76.10 7.9 Lowe's LOW 183.60 1.3 UGI UGI 41.84 -1.6 AffiliatedMgrs AMG 150.49 -0.2 MarlinTech FINMU 9.95 -0.3 CustomersBncpPfdC CUBIpC 25.74 1.2 Macrogenics MGNX 33.11 7.3 USA Tech USAT 12.78 1.5 Affimed AFMD 8.60 1.9 MarlinTechA FINM 9.65 -0.5 DCPMidstrmPfdC DCPpC 24.05 0.4 ManhattanBridge LOAN 5.94 1.0 USA Truck USAK 18.27 11.1 Alphatec ATEC 19.30 2.7 MedicusSci MSACU 9.50 -1.0 Danaos DAC 56.19 -0.4 MarineMax HZO 63.99 -5.2 Upstart UPST 165.66 31.6 AltaEquipment ALTG 13.52 -1.6 MissionAdv MACC.U 9.95 -0.1 Daseke DSKE 7.78 0.3 McKesson MCK 192.45 1.4 VinceHolding VNCE 12.00 9.1 AltaEquipWt ALTG.WS 3.52 1.8 MontesArchA MAAC 9.73 -0.2 DineBrands DIN 92.06 -0.3 MizuhoFin MFG 3.19 ... VineEnergy VEI 14.52 2.2 AltaEquipPfdA ALTGpA 28.01 1.3 MonumentCircle MONCU 9.95 -0.3 Diodes DIOD 90.95 2.2 MotorolaSol MSI 186.67 1.4 Whirlpool WHR 222.82 1.4 Altabancorp ALTA 42.63 -3.2 MonumentCirWt MONCW 0.58 -4.8 DiscoveryC DISCK 66.70 -1.9 Nathan's NATH 73.27 -3.5 WholeEarthBrds FREE 14.95 -0.1 Altria MO 51.72 2.2 MoringaAcqn MACAU 9.84 -0.1 DraftKings DKNG 74.38 -0.4 NatWest NWG 5.42 1.5 WillametteValley WVVI 9.50 6.1 AmerAcqnOpp AMAOU 10.00 -0.1 MusicAcqn TMAC.U 9.95 ... DuPont pfA CTApA 92.01 0.1 NaviosMaritime NMCI 11.88 7.0 Williams-Sonoma WSM 181.46 3.0 AmHomes4Rent AMH 33.24 2.2 Navistar pfD NAVpD 12.52 -0.8 DuckhornPtf NAPA 20.73 2.1 NaviosMaritimPf NMpG 17.65 -1.6 WisdomTreeInvs WETF 6.49 -0.6 AmerSoftware AMSWA 21.92 -2.2 NewVistaAcqn NVSAU 9.98 -0.5 DuosTechs DUOT 8.50 -1.5 NaviosMaritime NM 15.42 10.0 YorkWater YORW 51.90 -6.0 AmnealPharm AMRX 7.45 2.9 NobleRockAcqn NRACU 9.87 -0.7 elfBeauty ELF 29.24 2.5 NaviosMaritime NMM 29.89 7.9 Zedge ZDGE 16.94 2.0 ArlingtonAsstNt23 AIW 25.40 0.6 NorthAtlAcqn NAACU 9.91 -0.2 ENDRA LifeWt NDRAW 0.97 11.5 NeoGames NGMS 43.60 5.0 ArlingtonAssetPfB AAICpB 23.44 0.7 ESCO Tech 115.84 -4.4 OdonateTherap ODT 3.83 -79.2 ESE Nesco NSCO 9.29 -0.7 Lows AshfordHospPfdG AHTpG 23.36 0.5 EllingtonFinPfdA EFCpA 25.25 2.3 OneEquityPtrsIWt OEPWW 0.73 -6.3 NewtekNts2024 NEWTL 26.88 2.7 AshfordHospPfdH AHTpH 23.43 2.5 EnerTransferPfdD ETPpD 23.79 0.7 AF Acqn AFAQU 9.80 -0.1 OscarHealth OSCR 29.75 -2.5 NomuraHoldings NMR 6.53 0.6 AshfordHospPfdI AHTpI 23.48 0.1 EnerTransferPfC ETPpC 23.27 0.5 Adagene ADAG 18.66 -10.4 OysterEnts OSTRU 9.90 -0.2 NorfolkSouthern NSC 269.96 0.1 AshfordHospPfdD AHTpD 23.41 0.2 Euroseas ESEA 15.13 -20.9 AdaraAcqn ADRA.U 9.95 -0.2 OysterEntsWt OSTRW 0.48 -4.0 NorthAtlAcqnA NAAC 9.85 0.6 AshfordHospPfdF AHTpF 23.65 0.7 Evolus EOLS 15.37 3.5 AequiAcqnA ARBG 9.72 ... PWP Forward I FRWAU 9.90 -0.3 NuvationBio NUVB 15.08 -0.8 AssuredGuarNts AGOpF 27.81 2.8 ExtendedStayAmer STAY 19.78 1.9 AfricanGoldAcqn AGAC.U 9.91 -0.5 PatriaInvts PAX 16.26 -3.7 OasisPetrol OAS 65.58 9.4 AtHomeGroup HOME 33.97 0.7 FastAcqn FST.U 14.95 5.1 AlphaCapAcqn ASPCU 9.95 -1.5 PeridotAcqnII PDOT.U 9.85 -0.2 OramedPharms ORMP 12.10 13.3 AthenaTech ATHN.U 10.00 ... FatBrandsPfdB FATBP 21.18 5.0 ApolloStratGrII APGB.U 10.01 -0.6 Playtika PLTK 25.28 0.8 OrchidIslandCap ORC 6.08 0.2 AtlasPfdH ATCOpH 25.80 0.2 FarmerBros FARM 11.48 1.5 ArchimedesTech ATSPU 9.86 -0.4 PoemaGlobal PPGHU 9.97 ... Organogenesis ORGO 21.48 12.8 AtlasPfdI ATCOpI 26.65 1.3 FirstInternetBncp INBK 41.55 -2.1 ArrowrootAcqn ARRWU 9.92 ... PoweredBrandsWt POWRW 0.95 -4.7 Orix IX 90.98 ... AutoZone AZO 1343.92 1.2 FivePoint FPH 8.35 4.9 AthenaTech ATHN.U 9.87 ... PriveterraAcqn PMGMU 9.90 -0.9 OrthoClinical OCDX 20.26 5.6 BRP DOOO 83.86 0.7 FortressValueIV FVIV.U 10.03 0.2 AtlCoastalAcqn ACAHU 9.93 -0.1 ProgressAcqnA PGRW 9.65-0.5 PacificMercBncp PMBC 8.60 -1.8 B.RileyNts2028 RILYT 26.13 0.9 FrequencyElec FEIM 13.06 3.2 AusterlitzAcqnI AUS.U 10.07 -0.2 ProspectorCap PRSRU 10.13 -0.2 PermRock 5.81 11.1 BRileyFin6.50%SrNt RILYN 27.05 1.2 GasLogPfdA GLOGpA 25.10 0.5 PRT AuthenticEquityA AEAC 9.66 -0.4 QuantumFinWt QFTA.WS 0.31 8.3 ByteAcqn BYTSU 9.99 0.4 GencoShipping GNK 12.56 -3.1 PitneyBowesNt43 PBIpB 24.60 1.9 BiotechAcqn BIOTU 9.96 0.1 RLX Tech RLX 10.14 -47.8 BankofSC BKSC 23.26 4.9 GlbShipNts24 GSLD 25.91 1.1 PrimaveraCapWt PV.WS 1.40 12.0 BrightLightsWt BLTSW 0.75 -4.9 RevivaPharm RVPH 7.00 -7.5 Big5SportingGds BGFV 17.77 -3.7 GoldmanSachsBDC GSBD 20.44 0.7 PriorityIncmPfdF PRIFpF 25.77 1.7 BuildAcqn BGSX.U 9.86 0.3 RevolutionHlthcr REVHU 10.05 0.4 BigLots BIG 72.27 0.2 GoPro GPRO 13.79 -1.3 ProtagonistTherap PTGX 32.10 -0.2 Cadiz CDZI 8.85 -5.6 SCP&COHlthcrA SHAC 9.68 -0.1 BioCryst BCRX 14.24 -10.9 GreatAjaxNts24 AJXA 25.88 1.8 ProvidentFin PROV 18.23 -3.2 CF Acqn VIII CFFEU 9.95 0.1 SciStratAcqn SSAAU 9.99 -0.3 BiotechAcqnWt BIOTW 0.90 6.3 GridDynamics GDYN 16.85 1.9 PureCycleUn PCTTU 49.95 1.1 CartesianGrwth GLBLU 9.89 -0.6 ScionTechII SCOBU 9.94 0.6 BloominBrands BLMN 29.45 -1.3 HavertyFurn HVT 40.42 -1.8 PureCycleTechWt PCTTW 21.00 1.3 ChesapeakeWtA CHKEW 19.50 -2.4 SeniorConnectI A SNRH 9.79 -1.1 Box BOX 26.47 4.8 HibbettSports HIBB 78.32 -1.5 QuestResource QRHC 4.06 8.3 ChurchillCapVII CVII.U 10.01 -0.7 17Educ&Tech YQ 9.16 -6.4 BraemarHtlsPfd BHRpB 20.53 1.4 HireQuest HQI 16.87 0.2 RH RH 540.49 2.5 ClarimAcqn CLRMU 9.80 -0.7 ShoalsTech SHLS 29.00 4.0 BrookfieldPropPf2A BPYPO 25.00 2.0 HomeFedBncpLA HFBL 31.96 2.9 RadiusHealth RDUS 25.82 14.6 ClassAccelWt CLAS.WS 0.66 6.2 SilverSpikeII SPKBU 9.96 -0.2 BuildAcqn BGSX.U 10.10 0.3 HovnanianPfdA HOVNP 19.00 2.2 RekorSystems REKR 22.45 -3.9 ClimateReal II Wt CLIM.WS 1.91 8.3 TCW Spac TSPQ.U 9.90 -0.6 BurgundyTechWt BTAQW 1.70 -4.6 HudsonGlobal HSON 17.81 7.3 ReliantBancorp RBNC 29.50 -1.5 CrownPropTech CPTK.U 9.90 0.1 TLG Acqn One TLGA.U 9.85 ... CBD Pao CBD 5.54 5.3 Independence ACQRU 10.73 0.1 RockyBrands RCKY 50.96 1.4 D&ZMediaWt DNZ.WS 0.63 -7.1 TZP Strategies TZPSU 9.93 -0.4 CGI GIB 83.06 1.1 InglesMarkets IMKTA 63.35 3.8 Rogers ROG 199.50 -3.3 DHB Capital DHBCU 9.86 0.4 TailwindIntlAcqn TWNI.U 9.90 -0.5 CNB Fin PfdA CCNEP 26.99 1.1 InnovAge INNV 27.18 -5.3 SI-BONE SIBN 35.68 0.6 DiamondHead DHHCU 9.96 -0.6 TailwindTwo TWNT.U 9.91 -0.5 CTI BioPharma CTIC 4.13 4.1 InstilBio TIL 29.49 1.4 SMTC SMTX 6.00 0.3 DragoneerGrowthII DGNS 10.45 -0.2 Tech&Energy TETCU 9.90 0.4 Caleres CAL 22.87 11.3 Intel INTC 66.38 2.9 SachemCapital SACH 5.68 6.1 ECPEnvlGrwOpps ENNVU 10.00 -0.3 ThayerVenturesA TVAC 9.85 0.4 CaliforniaBncp CALB 19.51 -3.3 InterstateP&LPfdD IPLDP 26.80 0.6 SafeBulkersPfdD SBpD 24.39 1.7 FinchTherap FNCH 18.01 -10.2 ThunderBridgeIII TBCPU 9.93 ... CapitalProduct CPLP 11.95 3.9 KKR Acqn I KAHC.U 10.16 1.3 SafeBulkersPfdC SBpC 23.94 1.9 First HS Educ FHS 6.48 -2.2 Tuya TUYA 21.14 -7.7 CapitalaFinNts22 CPTAG 24.94 1.4 KSCitySouthern KSU 260.29 11.1 SaratogaInvt SAR 24.33 1.3 FirstResSustGrw FRSGU 9.97 -0.3 TwelveSeasII TWLVU 9.78 -0.5 CapStarFin CSTR 19.13 -6.7 KSCitySo Pfd KSUp 62.00 -7.6 SenecaBiopharma SNCA 2.67 23.2 FlameAcqn FLME.U 9.92 -0.6 VectorAcqnIIA VAQC 9.95 -0.2 CapsteadMtg CMO 6.66 1.1 KeurigDrPepper KDP 34.73 1.3 SesenBio SESN 3.57 -1.9 ForesightAcqn FOREU 9.91 -0.3 VirtuosoAcqn VOSOU 9.90 -0.5 CapsteadMtgPfdE CMOpE 25.59 0.6 Kirkland's KIRK 33.32 1.2 SierraOncology SRRA 20.43 1.1 FortistarSustWt FSSIW 0.65 -5.4 VirtuosoAcqnWt VOSOW 0.56 ... CentralGarden CENT 53.40 ... LCattertonAsia LCAAU 10.15 0.7 Smith-Midland SMID 13.65 -0.6 FreedomAcqnI FACT.U 9.92 0.3 YatsenHolding YSG 13.39 -3.2 ChimeraInvPfdA CIMpA 25.70 0.4 LDHGrowthI LDHAU 10.42 -1.1 SoundFinBancorp SFBC 41.94 0.9 GX Acqn II GXIIU 9.88 ... ZaniteAcqn ZNTEU 9.77 -0.7 P2JW082000-0-B00700-1------XA

THE WALL STREET JOURNAL. Tuesday, March 23, 2021 | B7

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B8 | Tuesday, March 23, 2021 * THE WALL STREET JOURNAL. MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 32731.20 s103.23, or 0.32% Trailing P/E ratio 33.22 14.45 3940.59 s27.49, or 0.70% Trailing P/E ratio * 44.63 18.42 13377.54 s 162.31, or 1.23% Trailing P/E ratio *† 37.27 22.37 High, low, open and close for each P/E estimate * 21.38 13.27 High, low, open and close for each P/E estimate * 22.42 14.62 High, low, open and close for each P/E estimate *† 27.97 18.97 trading day of the past three months. Dividend yield 1.82 3.51 trading day of the past three months. Dividend yield * 1.49 2.51 trading day of the past three months. Dividend yield *† 0.78 1.18 All-time high 33015.37, 03/17/21 All-time high 3974.12, 03/17/21 All-time high: 14095.47, 02/12/21

Current divisor 0.15198707565833 32200 4050 14400

31000 3925 13800

29800 3800 13200

Session high 28600 3675 12600 65-day moving average DOWN UP Session open Close 65-day moving average t 65-day moving average 27400 3550 12000 Close Open t

Session low 26200 3425 11400

Bars measure the point change from session's open 25000 3300 10800 Dec. Jan. Feb. Mar. Dec. Jan. Feb. Mar. Dec. Jan. Feb. Mar. *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4p.m. to 6p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume*1,009,797,814 26,533,284 Industrial Average 32810.35 32512.53 32731.20 103.23 0.32 33015.37 18591.93 76.1 6.9 11.0 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 405,488,399 11,133,936 Transportation Avg 14451.80 14137.93 14168.51 -13.62 -0.10 14242.67 6703.63 111.4 13.3 11.0 Most-active issues in late trading Decl. volume* 586,925,692 14,601,914 Utility Average 849.47 841.43 847.67 0.11 0.01 917.38 610.89 38.8 -2.0 7.5 Volume After Hours Issues traded 3,380 281 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 41643.97 41267.46 41475.25 224.06 0.54 41966.28 22462.76 84.6 5.8 14.8 Advances 1,449 100 SPDR S&P 500 SPY 10,486.5 392.66 0.07 0.02 392.96 392.52 Barron's 400 967.71 958.94 963.80 0.49 0.05 978.36 455.11 111.8 13.1 10.5 Declines 1,825 168 Zynga ZNGA 5,599.0 10.02 -0.01 -0.10 10.08 10.01 Unchanged 106 13 Apple AAPL Nasdaq Stock Market 5,507.5 123.16 -0.23 -0.19 123.50 115.24 New highs 119 6 Nasdaq Composite 13455.64 13278.78 13377.54 162.31 1.23 14095.47 6860.67 95.0 3.8 23.1 ViacomCBS Cl B VIAC 5,108.6 96.59 -3.75 -3.74 100.79 95.60 New lows 30 1 Nasdaq-100 13167.46 12943.14 13086.51 219.52 1.71 13807.70 7006.92 86.8 1.5 25.1 Invesco QQQ Trust I QQQ 4,907.0 318.40 -0.21 -0.07 318.97 318.40 Closing Arms† 1.26 0.78 AMD 4,309.0 80.25 -0.06 -0.07 80.31 80.08 S&P Block trades* 5,146 205 BAC 4,291.9 37.74 0.08 0.21 37.77 37.40 500 Index 3955.31 3914.16 3940.59 27.49 0.70 3974.12 2237.40 76.1 4.9 14.2 Nasdaq NYSE Arca Ford Motor F 4,126.3 12.80 -0.05 -0.39 12.87 12.80 MidCap 400 2614.29 2589.03 2598.77 -15.38 -0.59 2682.61 1218.55 113.3 12.7 11.5 Total volume*5,269,606,502 219,246,374 SmallCap 600 1358.02 1330.51 1335.82 -19.27 -1.42 1397.66 595.67 124.3 19.4 12.3 Percentage gainers… Adv. volume*3,063,349,785 96,864,437 Decl. volume*2,132,831,981 121,220,971 Other Indexes Takung Art TKAT 2,003.6 61.50 12.50 25.51 63.00 46.80 Issues traded 4,251 1,481 Russell 2000 2294.04 2258.70 2266.84 -20.70 -0.90 2360.17 1002.40 126.1 14.8 13.7 ION Geophysical IO 1,644.2 3.09 0.51 19.77 3.44 2.62 Advances 1,830 853 NYSE Composite 15595.60 15496.56 15551.58 -10.68 -0.07 15775.50 8777.38 77.2 7.1 7.9 Chiasma CHMA 1,380.1 3.87 0.43 12.50 4.48 3.44 Declines 2,291 603 FreightCar America RAIL 197.1 4.37 0.37 9.25 4.45 3.93 Value Line 647.40 641.66 643.76 -3.09 -0.48 662.15 305.71 110.6 13.2 5.5 Unchanged 130 25 Beasley Broadcast Cl A BBGI 318.8 3.14 0.25 8.65 3.85 2.90 NYSE Arca Biotech 5681.64 5576.25 5653.32 73.73 1.32 6319.77 3952.22 43.0 -1.5 7.1 New highs 131 38 NYSE Arca Pharma 696.62 686.86 696.37 6.37 0.92 725.03 494.36 40.9 1.0 9.9 ...And losers New lows 82 5 KBW Bank 120.44 117.83 118.52 -2.77 -2.29 123.35 56.19 110.9 21.0 3.3 IONS 572.0 44.53 -11.11 -19.97 55.64 40.00 Closing Arms† 0.56 1.51 § PHLX Gold/Silver 142.16 140.08 140.15 -1.42 -1.00 161.14 74.66 87.7 -2.8 20.9 WAVE Life Sciences WVE 105.8 9.00 -1.53 -14.53 10.53 8.90 Block trades* 28,105 914 § PHLX Oil Service 56.28 54.84 55.58 -0.81 -1.44 63.89 22.65 145.4 25.4 -26.0 QuantumScape QS 662.7 58.90 -5.39 -8.38 64.29 58.19 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 3112.44 3040.67 3077.55 66.18 2.20 3238.92 1342.12 129.3 10.1 31.0 MP Materials MP 480.4 42.24 -2.91 -6.45 46.00 41.55 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 22.29 18.87 18.88 -2.07 -9.88 65.54 18.88 -69.3 -17.0 -6.8 AVEO AVEO Pharmaceuticals 278.6 9.69 -0.66 -6.38 10.57 9.41 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 0.41 World MSCI ACWI 674.18 2.77 4.3 support.com SPRT 7.10 4.96 231.78 9.45 0.96 606.3 Odonate Therapeutics ODT 3.96 -15.07 -79.19 46.50 3.83 -82.5 MSCI ACWI ex-USA 340.00 –0.13 –0.04 4.1 Jiayin Group ADR JFIN 14.64 6.42 78.10 30.00 1.88 383.2 RLX Technology ADR RLX 10.15 -9.31 -47.84 35.00 10.14 ... MSCI World 2809.65 13.51 0.48 4.4 Takung Art TKAT 49.00 19.32 65.09 52.20 0.77 5168.8 Euroseas ESEA 10.95 -2.90 -20.94 15.13 1.60 473.3 MSCI Emerging Markets 1336.27 –0.57 –0.04 3.5 Summer Infant SUMR 18.02 5.02 38.62 24.00 1.75 863.6 iShares MSCI Turkey ETF TUR 23.15 -5.42 -18.96 30.09 17.62 27.5 Americas MSCI AC Americas 1534.00 10.13 0.66 4.5 Recon Technology RCON 5.07 1.27 33.42 5.55 0.75 235.8 SuperCom SPCB 1.85 -0.39 -17.41 3.09 0.31 409.4 Canada S&P/TSX Comp 18815.13 –38.87 –0.21 7.9 Hall of Fame Resort Ent HOFV 5.29 1.29 32.25 12.31 1.09 ... Terns Pharmaceuticals TERN 22.55 -4.70 -17.25 28.36 14.83 ... Latin Amer. MSCI EM 2314.29 –32.92 –1.40 –5.6 Upstart Holdings UPST 164.87 39.59 31.60 165.66 22.61 ... Lizhi ADR LIZI 9.38 -1.93 -17.06 16.75 1.95 35.9 Brazil Sao Paulo Bovespa 114978.86 –1242.72 –1.07 –3.4 Liquid Media Group YVR 4.32 1.02 30.91 4.58 1.27 52.1 Canaan ADR CAN 22.97 -4.65 -16.84 39.10 1.76 653.1 Chile Santiago IPSA 3293.96 –24.44 –0.74 15.3 Dyadic International DYAI 6.87 1.54 28.89 10.98 3.71 72.2 So-Young Intl ADR SY 10.01 -2.02 -16.79 17.40 8.03 14.8 S&P/BMV IPC 47225.44 197.40 0.42 7.2 Integrated Media Tech IMTE 9.25 1.88 25.51 13.31 2.60 213.6 Applied Molecular Transpt AMTI 53.98 -10.12 -15.79 78.22 17.05 ... EMEA Stoxx Europe 600 424.17 0.82 0.19 6.3 Creatd CRTD 6.52 1.29 24.67 19.41 2.10 -27.6 Flux Power Holdings FLUX 13.09 -2.26 -14.72 22.50 3.80 101.4 Eurozone Euro Stoxx 424.31 –0.24 –0.06 6.7 Oriental Culture Holding OCG 14.19 2.76 24.15 25.85 2.82 ... Kaspien Holdings KSPN 23.51 -4.01 -14.57 63.10 2.52 691.6 Belgium Bel-20 3898.16 25.35 0.65 7.6 Mercurity Fintech ADR MFH 9.56 1.83 23.67 13.14 1.00 624.2 Silverback Therapeutics SBTX 51.51 -8.63 -14.35 63.41 24.22 ... DarioHealth DRIO Aravive ARAV Denmark OMX Copenhagen 20 1450.40 10.08 0.70 –1.0 24.22 4.45 22.51 31.85 4.30 431.2 7.93 -1.31 -14.18 14.94 3.65 96.8 FreightCar America RAIL 4.00 0.70 21.21 4.56 0.76 410.4 Olema Pharmaceuticals OLMA 38.14 -6.16 -13.91 60.27 32.12 ... France CAC 40 5968.48 –29.48 –0.49 7.5 Germany DAX 14657.21 36.21 0.25 6.8 Most Active Stocks Volume Movers Ranked by change from 65-day average* Tel Aviv 1606.70 20.49 1.29 7.2 Italy FTSE MIB 24262.84 63.42 0.26 9.1 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 684.21 2.51 0.37 9.5 Russia RTS Index 1467.62 –6.43 –0.44 5.8 Sundial Growers SNDL 324,104 -38.9 1.30 -12.75 3.96 0.14 Dyadic International DYAI 26,975 18666 6.87 28.89 10.98 3.71 South FTSE/JSE All-Share 65911.27 … Closed 10.9 support.com SPRT 279,089 184114.4 7.10 231.78 9.45 0.96 Summer Infant SUMR 1,043 9811 18.02 38.62 24.00 1.75 Hall of Fame Resort Ent HOFV Odonate Therapeutics ODT Spain IBEX 35 8343.50 –149.50 –1.76 3.3 248,692 2820.4 5.29 32.25 12.31 1.09 25,798 5723 3.96 -79.19 46.50 3.83 Apple AAPL 107,732 -5.0 123.39 2.83 145.09 53.15 Jiayin Group ADR JFIN 76,813 2953 14.64 78.10 30.00 1.88 Sweden OMX Stockholm 864.77 1.91 0.22 12.5 RLX Technology ADR RLX 106,566 786.3 10.15 -47.84 35.00 10.14 Creatd CRTD 7,135 2737 6.52 24.67 19.41 2.10 Switzerland Swiss Market 11048.58 81.21 0.74 3.2 Turkey BIST 100 1379.25 –149.74 –9.79 –6.6 AMC Entertainment Hldgs AMC 87,860 -45.6 12.49 -10.34 20.36 1.91 Turkcell Iletisim ADR TKC 8,598 2579 4.88 -11.11 6.36 4.36 U.K. FTSE 100 6726.10 17.39 0.26 4.1 Naked Brand Group NAKD 82,283 -61.3 0.85 -7.71 3.40 0.07 Franklin Lib US Low Vol FLLV 173 1946 42.96 0.73 43.25 26.22 U.K. FTSE 250 21455.89 35.58 0.17 4.7 ProSh UltraPro Shrt QQQ SQQQ 80,784 -6.6 13.25 -5.42 161.25 11.76 Americas Tech Acqn Cl A ATA 385 1558 9.91 -0.20 10.30 9.82 Ford Motor F 79,633 -0.6 12.85 0.16 13.62 3.96 WISeKey Intl Hldg ADR WKEY 26,225 1524 12.40 14.71 18.49 3.90 Asia-Pacific MSCI AC Asia Pacific 207.97 –0.52 –0.25 4.0 Jiayin Group ADR JFIN 76,813 2953.1 14.64 78.10 30.00 1.88 Integrated Media Tech IMTE 19,088 1407 9.25 25.51 13.31 2.60 Australia S&P/ASX 200 6752.50 44.28 0.66 2.5 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least China Shanghai Composite 3443.44 38.78 1.14 –0.9 5,000 shares =Has traded fewer than 65 days Hong Kong Hang Seng 28885.34 –105.60 –0.36 6.1 Track the Markets India S&P BSE Sensex 49771.29 –86.95 –0.17 4.2 Compare the performance of selected CURRENCIES & COMMODITIES Japan Nikkei Stock Avg 29174.15 –617.90 –2.07 6.3 global stock indexes, bond ETFs, Singapore Straits Times 3128.08 –6.46 –0.21 10.0 currencies and commodities at Currencies South Korea Kospi 3035.46 –4.07 –0.13 5.6 wsj.com/graphics/track-the-markets Taiwan TAIEX 16189.22 118.98 0.74 9.9 U.S.-dollar foreign-exchange rates in late New York trading Thailand SET 1566.36 2.40 0.15 8.1 Get real-time U.S. stock quotesand track most-activestocks, new US$ 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 23077 –0.01 CREDIT MARKETS Argentina peso .0109 91.5601 8.9 Europe Brazil real .1817 5.5044 6.0 Czech Rep. koruna .04577 21.848 1.7 Canada dollar .7987 1.2521 –1.7 Denmark krone .1605 6.2317 2.3 Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Chile peso .001395 716.80 0.9 Euro area euro 1.1934 .8380 2.4 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000281 3559.40 4.0 Hungary forint .003262 306.52 3.2 notes and bonds major U.S. trading partners Ecuador US dollar 11unch Iceland krona .007986 125.22 –2.0 A consumer rate against its 30-year mortgage, Rate Mexico peso .0486 20.5670 3.5 Norway krone .1176 8.5042 –0.9 benchmark over the past year 2.50% Uruguay peso .02257 44.3050 4.6 Poland zloty .2596 3.8523 3.2 Bankrate.com avg†: 3.33% 18% Asia-Pacific Russia ruble .01337 74.780 1.0 2.00 Sweden krona .1174 8.5149 3.5 TBK Bank, SSB 2.85% Australian dollar .7748 1.2907 –0.7

30-year fixed-rate Euro Switzerland franc 1.0828 .9235 4.4 4.00% Dallas, TX Tradeweb ICE 1.50 9 s 214-365-6900 t China yuan .1537 6.5078 –0.4 mortgage Monday Close Turkey lira .1281 7.8036 4.9 s .1288 7.7662 0.2 t Dearborn Federal Svgs Bk 3.00% 1.00 hryvnia .0360 27.7500 –2.1 3.00 0 Yen India rupee .01382 72.377 –0.9 Dearborn, MI 313-565-3100 UK pound 1.3865 .7212 –1.4 One year ago 0.50 Indonesia rupiah .0000694 14403 2.5 2.00 Middlesex Savings Bank 3.00% t –9 Japan yen .009187 108.85 5.4 Middle East/Africa 10-year Treasury 0.00 s Natick, MA 877-463-6287 WSJ Dollar Index tenge .002375 421.01 –0.1 dinar 2.6522 .3771 ... t note yield 1.00 Prairie State Bank and Trust 3.13% –0.50 –18 Macau pataca .1250 8.0030 0.2 Egypt pound .0636 15.7347 –0.1 Malaysia ringgit .2431 4.1130 2.2 Israel shekel .3031 3.2993 2.7 Mt Zion, IL 800-597-2977 1 3 6 1 2 3 5 7 10 20 30 2020 2021 New Zealand dollar .7163 1.3961 0.3 Kuwait dinar 3.3112 .3020 –0.7 0.00 month(s) years A M J J A S O N D J FM Teachers Federal Credit Union 3.13% Pakistan rupee .00641 156.050 –2.7 Oman sul rial 2.5974 .3850 ... maturity 2020 2021 Farmingville, NY 631-698-7000 Philippines peso .0206 48.539 1.1 rial .2746 3.642 0.01 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7459 1.3407 1.5 Saudi Arabia riyal .2666 3.7507 –0.03 Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0008877 1126.50 3.8 South Africa rand .0679 14.7194 0.2 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields Sri Lanka rupee .0050439 198.26 7.0 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 .03522 28.394 1.1 Yield (%) 52-Week Total Return (%) Thailand baht .03238 30.880 2.8 WSJ Dollar Index 86.50 –0.09–0.11 1.76 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 0.19 0.18 0.18 l 1.45 -2.10 Sources: Tullett Prebon, Dow Jones Market Data U.S. Treasury, Barclays 2355.230 0.970 0.960 0.990 0.400 –2.567 4.344 Money market, annual yield 0.10 0.10 0.08 l 0.36 -0.25 Five-year CD, annual yield 0.48 0.45 0.44 l 1.02 -1.16 U.S. Treasury Long, Barclays 4087.880 2.320 2.290 2.400 1.090 –11.508 6.606 Commodities 30-year mortgage, fixed† 3.33 3.27 2.83 l 3.93 -1.13 Aggregate, Barclays 2211.420 1.590 1.570 1.950 1.020 3.869 4.838 Monday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.53 2.51 2.32 l 3.43 -1.39 Fixed-Rate MBS, Barclays 2206.180 1.820 1.750 1.850 0.930 1.841 3.886 DJ Commodity Jumbo mortgages, $548,250-plus† 3.37 3.31 2.85 l 4.00 -1.42 812.29 1.00 0.12 836.48 433.70 72.45 11.03 High Yield 100, ICE BofA 3317.428 3.936 3.957 10.740 3.261 32.768 5.519 Refinitiv/CC CRB Index 0.28 195.13 106.29 12.67 Five-year adj mortgage (ARM)† 3.17 3.21 2.85 l 3.56 -1.06 189.06 0.15 51.60 Muni Master, ICE BofA 590.998 1.029 0.941 3.268 0.725 12.221 4.665 Crude oil, $ per barrel 0.13 66.09 -37.63 26.85 New-car loan, 48-month 4.03 4.03 4.02 l 4.44 0.42 61.55 0.21 163.48 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 892.875 4.949 4.961 7.396 4.295 22.096 4.214 Natural gas, $/MMBtu 2.582 0.047 1.85 3.354 1.482 61.17 1.69 banks.† Excludes closing costs. Gold, $ per troy oz. 1737.80 -3.60 -0.21 2051.50 1567.00 10.90 -8.20 Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services P2JW082000-1-B00900-1------XA

THE WALL STREET JOURNAL. * Tuesday, March 23, 2021 | B9

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Contract Open Contract Open Contract Open Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Metal & Petroleum Futures May 145.500 146.550 144.600 145.100 .425 18,824 Sept 1.0805 1.0892 1.0795 1.0881 .0065 139 Mini S&P 500 (CME)-$50 x index -Live (CME)-40,000 lbs.; cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD June 3893.50 3944.50 3885.00 3930.00 30.25 2,531,029 Contract Open April 118.600 119.425 118.375 118.775 .375 48,719 Sept 3880.25 3934.00 3875.25 3920.25 30.50 1,908 Open High hi lo Low Settle Chg interest April .7726 .7757 .7707 .7755 .0005 385 June 118.975 119.525 118.350 118.925 .250 141,263 June .7723 .7759 .7707 .7756 .0005 127,730 Mini S&P Midcap 400 (CME)-$100 x index Copper-High (CMX)-25,000 lbs.; $ per lb. Hogs-Lean (CME)-40,000 lbs.; cents per lb. Mexican Peso (CME)-MXN 500,000; $ per MXN June 2607.30 2613.70 2581.70 2591.70 –15.00 46,954 March 4.0975 4.1500 4.0965 4.1490 0.0255 1,645 Sept 2601.70 –15.00 1 April 94.575 95.125 94.000 95.050 .800 38,253 April .04808 .04852 .04790 .04852 –.00009 409 May 4.1075 4.1460 4.0760 4.1395 0.0265 143,919 June 100.450 100.475 97.625 99.475 –1.125 93,867 Mini Nasdaq 100 (CME)-$20 x index June .04765 .04828 .04756 .04823 –.00009 120,870 June 12807.00 13157.00 12788.50 13071.75 227.25 222,596 Gold (CMX)-100 troy oz.; $ per troy oz. Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Euro (CME)-€125,000; $ per € Sept 12800.00 13144.50 12783.75 13061.00 226.75 558 March 1737.80 –3.60 1,179 May 900.00 933.60 s 864.00 926.20 39.60 2,055 April 1.1885 1.1955 1.1883 1.1950 .0033 1,225 Mini Russell 2000 (CME)-$50 x index April 1745.60 1747.00 1726.40 1738.10 –3.60 189,788 July 822.90 832.00 s 790.10 823.80 14.70 821 June 1.1900 1.1969 1.1893 1.1964 .0033 626,990 June 2278.00 2290.90 2250.20 2261.30 –17.80 489,560 May 1747.80 1747.80 1728.10 1739.40 –3.50 460 Milk (CME)-200,000 lbs., cents per lb. June 1747.50 1749.20 1728.60 1740.40 –3.50 227,593 Sept 2273.30 2285.70 2246.60 2256.90 –18.40 78 March 16.25 16.26 16.24 16.24 –.01 3,924 Mini Russell 1000 (CME)-$50 x index Aug 1745.00 1746.00 1730.70 1742.40 –3.40 32,440 Index Futures April 16.93 17.15 16.78 16.82 –.20 3,505 June 2224.80 2228.30 2206.20 2219.80 13.70 9,299 Oct 1740.00 1747.80 1733.00 1744.10 –3.50 9,065 Cocoa (ICE-US)-10 metric tons; $ per ton. Mini DJ Industrial Average (CBT)-$5 x index U.S. Dollar Index (ICE-US)-$1,000 x index Palladium (NYM) - 50 troy oz.; $ per troy oz. May 2,484 2,513 2,466 2,505 12 81,888 June 32467 32688 32314 32619 116 89,829 June 92.11 92.18 91.70 91.74 –.18 34,039 March 2595.90 –30.70 5 July 2,488 2,524 2,480 2,515 966,490 Sept 32368 32569 32219 32508 110 66 Sept 92.07 92.13 91.69 91.72 –.18 485 June 2611.50 2651.00 2550.00 2600.20 –30.70 9,555 Coffee (ICE-US)-37,500 lbs.; cents per lb. S&P 500 Index (CME)-$250 x index Platinum (NYM)-50 troy oz.; $ per troy oz. May 129.00 130.45 126.90 130.10 1.10 104,938 June 3909.20 3932.90 3886.30 3930.00 30.20 5,157 Source: FactSet March 1182.80 –16.10 50 Sept 132.90 134.30 130.85 134.00 1.05 51,940 April 1196.90 1200.90 1163.50 1184.00 –16.10 38,022 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Silver (CMX)-5,000 troy oz.; $ per troy oz. May 15.76 15.86 15.51 15.53 –.23 374,438 March 25.955 25.955 25.540 25.741 –0.551 941 July 15.47 15.55 15.27 15.29 –.16 238,218 Bonds | wsj.com/market-data/bonds/benchmarks May 26.340 26.350 25.450 25.769 –0.552 129,357 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. May 30.90 30.90 30.90 30.90 …2,243 April 61.55 61.90 60.39 61.55 0.13 21,784 July 31.00 31.00 s 31.00 31.00 .05 2,892 Tracking Bond Benchmarks May 61.60 62.04 60.35 61.56 0.12 414,244 Cotton (ICE-US)-50,000 lbs.; cents per lb. June 61.48 61.91 60.27 61.49 0.18 314,653 May 84.95 85.16 84.17 84.62 –.06 94,727 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week July 61.07 61.62 60.02 61.23 0.22 167,516 Dec 82.53 82.75 81.86 82.20 –.31 67,354 highs and lows for different types of bonds Dec 58.69 59.04 57.71 58.71 0.24 308,598 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Total Total Dec'22 54.67 55.09 54.22 54.86 0.22 135,538 May 115.10 115.50 114.30 114.80 –.85 9,470 return YTD total Yield (%) return YTD total Yield (%) NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. July 117.45 117.80 117.30 117.70 –.90 1,193 close return (%) Index Latest Low High close return (%) Index Latest Low High April 1.8251 1.8410 1.7976 1.8293 .0070 50,035 Mortgage-Backed Bloomberg Barclays May 1.8256 1.8412 1.7965 1.8303 .0083 110,673 Interest Rate Futures Broad Market Bloomberg Barclays Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% 2211.42 -3.4 U.S. Aggregate 1.590 1.020 1.950 2206.18 -1.1 Mortgage-Backed 1.820 0.930 1.850 April 1.9402 1.9742 1.9162 1.9598 .0167 47,627 March 184-270 2-22.0 751 2154.38 -1.1 Ginnie Mae (GNMA) 1.800 0.290 1.840 May 1.9426 1.9732 1.9164 1.9584 .0147 129,422 June 180-310 183-000 180-310 182-240 2-14.0 1,154,983 U.S. Corporate Indexes Bloomberg Barclays Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Treasury Bonds (CBT)-$100,000; pts 32nds of 100% 3284.11 -5.0 U.S. Corporate 2.290 1.740 4.500 1303.26 -1.0 (FNMA) 1.820 1.110 1.850 April 2.507 2.592 2.478 2.582 .047 60,393 March 156-270 1-08.0 823 May 2.540 2.628 2.515 2.619 .053 266,584 June 154-130 155-140 154-100 155-080 1-05.0 1,198,954 3042.46 -2.2 Intermediate 1.580 1.080 4.390 1997.85 -1.2 (FHLMC) 1.830 1.080 1.860 June 2.606 2.682 2.575 2.674 .050 105,496 Treasury Notes (CBT)-$100,000; pts 32nds of 100% July 2.654 2.739 2.635 2.731 .049 92,775 March 132-240 12.5 24,429 4703.88 -9.3 Long term 3.500 2.730 4.730 591.00 -0.8 Muni Master 1.029 0.725 3.268 June 131-095 131-240 131-070 131-175 10.5 3,979,190 Sept 2.651 2.742 2.643 2.736 .050 102,971 658.01 -5.7 Double-A-rated 1.950 1.300 3.220 417.20 -1.1 7-12 year 1.079 0.712 3.267 Oct 2.680 2.757 2.658 2.751 .049 130,976 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% March 124-072 2.7 11,383 876.69 -4.5 Triple-B-rated 2.530 2.010 5.350 477.32 -1.1 12-22 year 1.468 1.095 3.563 Agriculture Futures June 123-190 123-267 123-180 123-220 3.0 3,503,539 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% High Yield Bonds ICE BofA 465.30 -0.7 22-plus year 2.065 1.682 4.075 Corn (CBT)-5,000 bu.; cents per bu. March 110-143 110-143 110-138 110-140 .2 30,240 High Yield Constrained Global Government J.P. Morgan† May 558.00 558.75 546.75 549.00 –8.75 674,236 June 110-118 110-128 110-117 110-122 .2 2,272,934 496.73 0.3 4.439 3.955 11.400 July 538.75 539.50 529.50 531.50 –7.25 395,027 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. 478.83 4.8 Triple-C-rated 7.266 6.939 19.071 595.32 -3.2 Global Government 0.930 0.460 0.960 Oats (CBT)-5,000 bu.; cents per bu. March 99.9325 99.9325 99.9300 99.9325 117,257 May 366.50 369.25 363.25 368.50 2.50 3,105 April 99.9350 99.9400 s 99.9350 99.9400 .0050 180,341 3317.43 -0.4 High Yield 100 3.936 3.261 10.740 827.02 -4.2 Canada 1.470 0.610 1.520 Dec 349.25 5.50 606 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Soybeans (CBT)-5,000 bu.; cents per bu. June 90-070 14.0 131,025 449.15 0.4 Global High Yield Constrained 4.390 4.037 11.310 410.67 -2.4 EMU§ 0.327 0.010 0.715 May 1418.75 1423.75 1405.25 1417.50 1.25 318,508 Eurodollar (CME)-$1,000,000; pts of 100% 342.02 1.3 Europe High Yield Constrained 2.654 2.564 8.183 769.40 -3.1 France 0.210 -0.160 0.430 Nov 1220.00 1221.50 1210.25 1216.00 –4.00 201,348 April 99.8275 99.8300 99.8225 99.8225 –.0050 156,715 Soybean Meal (CBT)-100 tons; $ per ton. June 99.8350 99.8400 99.8300 99.8300 –.0050 1,171,848 U.S Agency Bloomberg Barclays 538.42 -2.5 Germany -0.190 -0.530 -0.120 May 408.80 408.80 t 395.40 396.60 –11.30 161,321 Dec 99.7450 99.7500 t 99.7250 99.7350 –.0100 965,402 July 408.20 408.20 395.90 397.20 –10.40 99,549 March'23 99.4550 99.4850 99.4500 99.4650 .0100 1,126,129 1839.31 -1.4 U.S Agency 0.770 0.460 1.150 294.32 -0.3 Japan 0.330 0.190 0.420 Soybean Oil (CBT)-60,000 lbs.; cents per lb. May 53.90 56.37 s 53.26 56.37 2.50 184,770 Currency Futures 1611.73 -0.9 10-20 years 0.640 0.340 1.000 599.79 -3.0 Netherlands -0.070 -0.450 0.040 July 51.53 54.00 51.04 53.75 2.25 109,512 20-plus years Rough Rice (CBT)-2,000 cwt.; $ per cwt. Japanese Yen (CME)-¥12,500,000; $ per 100¥ 3989.37 -6.6 2.400 1.290 2.460 1018.64 -7.0 U.K. 1.120 0.410 1.170 May 13.16 13.23 13.13 13.22 .07 8,232 April .9205 .9209 .9181 .9195 .0008 175 2829.54 -3.5 Yankee 1.820 1.370 3.480 892.87 -4.4 Emerging Markets ** 4.949 4.295 7.396 Sept 12.93 12.93 12.87 12.91 …523 June .9218 .9218 .9185 .9199 .0008 158,128 Wheat (CBT)-5,000 bu.; cents per bu. 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 May 627.50 630.75 t 621.25 627.25 .25 178,326 April .7986 .8018 .7976 .7996 –.0009 184 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan July 619.50 622.00 t 613.25 619.25 …117,441 June .7985 .8019 .7975 .7996 –.0009 159,866 Wheat (KC)-5,000 bu.; cents per bu. British Pound (CME)-£62,500; $ per £ May 587.50 587.50 t 574.25 578.25 –7.25 101,442 April 1.3869 1.3878 1.3821 1.3866 –.0007 520 Global Government Bonds: Mapping Yields July 592.00 593.00 t 580.50 584.25 –7.00 68,877 June 1.3843 1.3882 1.3822 1.3868 –.0007 143,134 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. (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 March 134.800 135.225 134.625 135.075 .400 1,540 June 1.0780 1.0869 1.0767 1.0854 .0065 39,436 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, March 22, 2021 0.125 U.S. 2 0.149 l 0.149 0.113 0.362 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— 1.125 10 1.682 t l 1.729 1.370 0.932 separate from the futures price on an exchange, which reflects what the commodity might be worth in future 5.500 Australia 2 0.099 t l 0.105 0.137 0.270 -5.6 -7.3 months. -5.0 1.500 10 1.775 t l 1.817 1.615 1.150 9.1 29.5 Monday Monday Monday 8.6 Energy Aluminum, LME, $ per metric ton *2188.0 Wheat - Hard - KC (USDA) $ per bu-u 6.0825 0.000 France 2 -0.638 t l -0.633 -0.611 -0.488 -78.8 -79.5 -83.1 Copper,Comex spot 4.1490 Wheat,No.1soft white,Portld,OR-u 7.4250 0.000 10 -0.057 t l -0.045 -0.093 0.101 -174.7 -177.1 -75.3 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 60.900 Iron Ore, 62% Fe CFR China-s 156.4 Food Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.900 Shredded Scrap, US Midwest-s,m 451 0.000 Germany 2 -0.697 t l -0.692 -0.685 -0.678 -84.6 -85.3 -102.2 Metals Steel, HRC USA, FOB Midwest Mill-s 1321 Beef,carcass equiv. index 0.000 10 -0.306 t l -0.290 -0.336 -0.321 -199.6 -201.7 -117.5 Fibers and Textiles choice 1-3,600-900 lbs.-u 193.35 Gold, per troy oz select 1-3,600-900 lbs.-u 183.34 0.050 Italy 2 -0.400 t l -0.387 -0.351 0.518 -54.9 -54.8 17.4 Engelhard industrial 1732.00 Burlap,10-oz,40-inch NY yd-n,w 0.7150 Broilers, National comp wtd. avg.-u,w 0.8484 0.900 10 0.654 t l 0.672 0.597 1.622 -103.5 -105.5 76.8 Handy & Harman base 1736.15 Cotton,1 1/16 std lw-mdMphs-u 0.8237 Butter,AA Chicago 1.6650 Cheddar cheese,bbl,Chicago 0.100 Japan 2 -0.138 t l -0.134 -0.111 -0.140 -29.5 -48.3 Handy & Harman fabricated 1927.13 Cotlook 'A' Index-t *91.25 143.75 -28.8 Cheddar cheese,blk,Chicago LBMA Gold Price AM *1737.20 Hides,hvy native steers piece fob-u n.a. 176.00 0.100 10 0.082 t l 0.116 0.120 0.091 -160.7 -161.1 -76.3 Milk,Nonfat dry,Chicago lb. 114.00 LBMA Gold Price PM *1735.20 Wool,64s,staple,Terr del-u,w n.a. Coffee,Brazilian,Comp 0.000 Spain 2 -0.502 t l -0.494 -0.468 -0.150 -65.5 -49.4 Krugerrand,wholesale-e 1808.92 1.2059 -65.1 Grains and Feeds Coffee,Colombian, NY 1.7688 Maple Leaf-e 1826.32 0.100 10 0.342 t l 0.347 0.323 0.728 -134.8 -138.0 -12.7 Eggs,large white,Chicago-u 1.3450 American Eagle-e 1826.32 Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 14.95 0.125 U.K. 2 0.077 t l 0.098 -0.023 0.130 -6.3 -21.4 Mexican peso-e 2105.13 -7.3 Bran,wheat middlings, KC-u 194 Hams,17-20 lbs,Mid-US fob-u n.a. Austria crown-e 1707.91 4.750 10 0.819 t l 0.840 0.681 0.563 -87.1 -88.6 -29.2 Corn,No. 2 yellow,Cent IL-bp,u 5.4150 Hogs,Iowa-So. Minnesota-u 89.85 Austria phil-e 1826.32 Corn gluten feed,Midwest-u,w 186.0 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 634.9 Pork loins,13-19 lb MidUS-u 1.0630 Engelhard industrial 25.6500 Cottonseed meal-u,w 455 Steers,Tex.-Okla. Choice-u 114.00 Corporate Debt Handy & Harman base 25.6950 Hominy feed,Cent IL-u,w 175 Steers,feeder,Okla. City-u,w 154.50 Handy & Harman fabricated 32.1190 Meat-bonemeal,50% pro Mnpls-u,w 375 Fats and Oils Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific LBMA spot price *£18.8300 Oats,No.2 milling,Mnpls-u 3.8300 expectations (U.S.$ equivalent) *26.1750 Rice, Long Grain Milled, No. 2 AR-u,w 26.88 Corn oil,crude wet/dry mill wtd. avg.-u,w 52.5000 Coins,wholesale $1,000 face-a 20590 Sorghum,(Milo) No.2 Gulf-u 7.9650 Grease,choice white,Chicago-h 0.5350 Investment-grade spreads that tightened the most… Other metals SoybeanMeal,Cent IL,rail,ton48%-u,w 406.60 Lard,Chicago-u 0.5500 Spread*, in basis points LBMA Platinum Price PM *1173.0 Soybeans,No.1 yllw IL-bp,u 14.1400 Soybean oil,crude;Centl IL-u,w 0.5897 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Platinum,Engelhard industrial 1180.0 Wheat,Spring14%-pro Mnpls-u 7.3100 Tallow,bleach;Chicago-h 0.5450 Palladium,Engelhard industrial 2675.0 Wheat,No.2 soft red,St.Louis-u 6.5975 Tallow,edible,Chicago-u 0.5600 CVS Health CVS 6.250 2.00 June 1, ’27 115 –14 n.a.

KEY TO CODES: A=ask; B=bid; BP=country bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; Nationwide Building Society NWIDE 3.900 1.34 July 21, ’25 48 –10 M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly; Z=not quoted. *Data as of 3/19 50 Source: Dow Jones Market Data TCI Communications … 7.875 1.47 Feb. 15, ’26 62 –9 n.a.

Societe Generale SOCGEN 3.875 1.17 March 28, ’24 85 –9 Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks n.a. –9 Money Rates March 22, 2021 Toyota Motor Credit TOYOTA 1.800 1.02 Feb. 13, ’25 17 n.a. American Honda Finance HNDA 0.550 0.71 July 12, ’24 39 –8 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a 41 guide to general levels but don’t always represent actual transactions. Pacific Gas and Electric … 4.500 4.32 July 1, ’40 193 –8 193 –8 Week —52-WEEK— Week —52-WEEK— Banco Santander SANTAN 2.749 3.21 Dec. 3, ’30 153 157 Inflation Latest ago High Low Latest ago High Low Feb. index Chg From (%) level Jan. '21 Feb. '20 Switzerland 0.00 0.00 0.50 0.00 Treasury bill auction …And spreads that widened the most Britain 0.10 0.10 0.10 0.10 4 weeks 0.005 0.030 0.190 0.000 U.S. consumer price index Australia 0.10 0.10 0.25 0.10 Lloyds Banking LLOYDS 4.050 0.69 Aug. 16, ’23 54 16 13 weeks 0.015 0.030 0.280 0.000 57 All items 0.55 1.7 263.014 Overnight repurchase 26 weeks 0.040 0.055 0.290 0.040 8 Core 270.696 0.35 1.3 American Honda Finance HNDA 1.200 1.33 July 8, ’25 47 39 U.S. 0.00 0.02 0.14 -0.07 Secondary market International rates Nationwide Building Society NWIDE 4.000 2.06 Sept. 14, ’26 120 8 n.a. U.S. government rates Fannie Mae Eaton ETN 4.150 3.34 Nov. 2, ’42 96 5 Week 52-Week Discount 30-year mortgage yields n.a. Latest ago High Low 0.25 0.25 0.25 0.25 30 days 2.616 2.496 2.662 1.751 Walt Disney DIS 1.750 1.25 Jan. 13, ’26 39 4 41 Prime rates 60 days 2.663 2.547 2.703 1.804 Federal funds U.S. 3.25 3.25 3.25 3.25 Fidelity National Information Services FIS 0.600 0.81 March 1, ’24 49 4 46 Canada 2.45 2.45 2.95 2.45 Effective rate 0.0700 0.0700 0.2800 0.0600 Other short-term rates Japan 1.475 1.475 1.475 1.475 High 0.0900 0.0800 0.5000 0.0800 Pricoa Global Funding I … 3.450 0.52 Sept. 1, ’23 37 4 n.a. Low 0.0500 0.0200 0.0600 0.0000 Week 52-Week Policy Rates Latest ago high low Bid 0.0700 0.0700 0.1000 0.0100 Shell International Finance RDSALN 4.000 3.45 May 10, ’46 106 4 n.a. Euro zone 0.00 0.00 0.00 0.00 Offer 0.0800 0.0800 0.2500 0.0500 Call money 2.00 2.00 2.00 2.00 High-yield issues with the biggest price increases… Key Interest Rates Commercial paper (AA financial) Bond Price as % of face value Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Data are annualized on a 360-day basis. Treasury yields are per annum, 90 days 0.12 0.10 2.53 0.04 on actively traded noninflation and inflation-indexed issues that are Libor Continental Resources CLR 5.750 4.14 Jan. 15, ’31 112.280 1.48 114.125 adjusted to constant maturities. Data are from weekly Federal Reserve One month 0.10738 0.10750 1.01625 0.10300 CF Industries CF 4.950 4.14 June 1, ’43 111.747 1.25 release H.15. Three month 0.19050 0.18200 1.45050 0.17525 111.125 Six month 0.20413 0.19750 1.23825 0.18950 Week Ended 1.11 52-Week Week Ended 52-Week One year 0.27625 0.28100 1.06013 0.27588 Howmet Aerospace HWM 5.870 1.05 Feb. 23, ’22 104.375 103.375 Mar 19 Mar 12 High Low Mar 19 Mar 12 High Low 6-month 0.06 0.21 0.05 1.03 Federal funds (effective) 0.05 Euro Libor Ford Motor F 4.750 5.02 Jan. 15, ’43 96.500 99.000 1-year 0.07 0.09 0.23 0.07 One month -0.575 -0.578 -0.360 -0.607 0.07 0.07 0.74 0.04 2-year 0.15 0.16 0.44 0.11 Three month -0.543 -0.549 -0.142 -0.574 Zenith National Insurance FFHCN 1.00 3-year 0.32 0.33 0.51 0.13 8.550 5.05 Aug. 1, ’28 121.250 n.a. Commercial paper Six month -0.520 -0.523 -0.052 -0.543 5-year 0.85 0.82 0.85 0.21 One year -0.490 -0.490 0.008 -0.511 NAVI 1.00 Nonfinancial 7-year 1.31 1.24 1.31 0.39 Navient 6.125 4.33 March 25, ’24 105.000 105.500 1-month 0.07 0.07 1.60 0.06 10-year 1.66 1.57 1.66 0.55 2-month Secured Overnight Financing Rate … 0.95 0.07 0.07 1.56 0.06 20-year 2.32 2.20 2.32 0.99 Teva Pharmaceutical Finance Netherlands 4.100 5.03 Oct. 1, ’46 86.700 86.500 3-month 0.09 0.09 1.84 0.07 0.01 0.01 0.13 0.01 Financial Treasury yields (secondary market) Value 52-Week …And with the biggest price decreases 1-month n.a. 0.08 2.15 0.08 Latest Traded High Low 2-month 1-month 0.01 0.04 0.14 0.00 n.a. 0.09 2.27 0.08 –2.01 3-month 0.13 0.09 2.44 0.09 3-month 0.02 0.04 0.19 -0.01 DTCC GCF Repo Index Sprint S 7.125 2.31 June 15, ’24 114.865 114.875 6-month 0.05 0.06 0.21 0.05 Discount window primary credit Treasury 0.005 50.700 0.151 -0.008 –0.58 TIPS MBS 0.004 32.320 0.169 0.002 Ford Motor Credit … 3.350 2.39 Nov. 1, ’22 101.500 101.721 0.25 0.25 0.25 0.25 5-year -1.70 -1.64 0.41 -1.84 Notes on data: CF Industries CF –0.33 Treasury yields at constant 7-year -1.12 -1.13 0.35 -1.44 3.450 1.64 June 1, ’23 103.875 104.200 U.S. prime rate is the base rate on corporate maturities 10-year -0.63 -0.67 0.35 -1.05 –0.25 20-year -0.08 -0.14 0.47 -0.70 loans posted by at least 70% of the 10 largest Topaz Solar Farms BRKHEC 5.750 4.56 Sept. 30, ’39 114.750 n.a. 1-month 0.01 0.04 0.15 0.01 U.S. banks, and is effective March 16, 2020. 3-month Long-term avg 0.03 -0.03 0.62 -0.50 0.02 0.04 0.19 0.01 Other prime rates aren’t directly comparable; –0.25 lending practices vary widely by location; W. R. Grace & Co. GRA 5.625 2.63 Oct. 1, ’24 110.000 110.125 Notes on data: Discount rate is effective March 16, 2020. Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates Secured Overnight Financing Rate is as of Steel X 6.650 7.24 June 1, ’37 94.375 –0.25 94.593 on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by March 19, 2021. DTCC GCF Repo Index is discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window Depository Trust & Clearing Corp.'s weighted HCA HCA 5.875 1.74 May 1, ’23 108.500 –0.21 average for overnight trades in applicable 108.575 primary credit rate is charged for discounts made and advances extended under the Federal CUSIPs. Value traded is in billions of U.S. dollars. –0.19 Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; Federal-funds rates are Tullett Prebon rates as Seagate HDD Cayman … 4.750 2.58 Jan. 1, ’25 107.750 107.968 Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid of 5:30 p.m. ET. yields for all TIPS with remaining terms to maturity of 10 years or more; Sources: Federal Reserve; Bureau of Labor *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread. Sources: Federal Reserve; for additional information on these rate data and their derivation, Statistics; DTCC; FactSet; Note: Data are for the most active issue of bonds with maturities of two years or more please see, www.federalreserve.gov/releases/h15/data.htm Tullett Prebon Information, Ltd. Source: MarketAxess P2JW082000-2-B01000-1------XA

B10 | Tuesday, March 23, 2021 ** THE WALL STREET JOURNAL. BANKING & FINANCE EU Rules Challenge U.S. Funds

Many will be required themselves. said. “Weview[the newregu- to disclose ESG data Forexample,U.S.fund man- lation] as acatalyst to acceler- S ager Barings’s Ireland-based ate that transition.” NEW on companies that Global High Yield Credit Strat- Europe’sprescriptiveap- G egies Fund has astake in In- proach to ESGdisclosurecould

may not be available spireBrands Inc., the U.S.- have big knock-on effectsout- OOMBER

AP based owner of Arby’s, side the continent. JPMorgan BY JEAN EAGLESHAM A/ Dunkin’ and other restaurant Chase &Co. estimates that /DP

AND ANNA HIRTENSTEIN chains.InspireBrands is pri- nearly $7.2 trillion is invested FREEMAN/BL vately owned and doesn’t dis- along ESGguidelines,upfrom Scores of U.S. fund manag- close manyofthe metrics that an estimated $3 trillion last CHARISIUS ersare being forced to comply Barings might have to report year, with 80% of that money DEMETRIUS

with sweeping new European TIAN on forits fund, such as any in Europe. Leon Black

rules on climateand other CHRIS gender pay gap. “The big unknown is…how sustainable-financeissues,re- Surging appetiteamong investors forgreen investments means ABaringsspokesman said, established these standards quiring them to disclose the thatrules on disclosurewill become increasingly important. “ESG topics areakey focus become beyond Europe,” said Apollo’s potential harm their invest- area” forthe firm, which Andy Pettit,European policy mentscould do to the environ- tentativesteps toward impos- Thedisclosureaffectstril- doesn’t comment on specific in- research director at Morning- ment and society. ing similar rules. The Securi- lionsofdollarsinassetsfor vestmentswithin itsportfolio. star. Black Fund companies including ties and ExchangeCommission fund companies that actively InspireBrands didn’t respond TheSEC,which stymied Vanguard Group, BlackRock already is focusing on climate- market funds in the EU.That to arequest forcomment. calls fortighter ESGrules Inc.and StateStreet Corp. related disclosures by compa- includes around 55 U.S. firms In manycountries,includ- under the Trump administra- Resigns that sell investment products nies.While anybig changes that manage Ireland- and Lux- ing the U.S.,companies aren’t tion, has in recent weeks in theEuropean Union come will take years, they could embourg-based funds from the required to report ESGdata. shown arenewedenthusiasm under the newrules that took changethe way companies U.S.,two common places for For example, only about one- forthe topic.The regulator ContinuedfrompageB1 effect this month, though de- disclose information about di- overseas funds due to favorable thirdofS&P 500 companies hasmade ESGan“enhanced has long been the faceof tails arestill being completed. versity, carbon emissions and taxenvironments, according to discloseddiversity informa- focus” of itsinspections of Apollo,despiteeffortstokeep “Thereare manyissues to worker pay. dataprovider Morningstar Inc. tion, such as anygender gap firms; set up an enforcement alow profile sinceheand Mr. be resolved, it is causing anxi- These environmental, social One-thirdofthe 100 largest amongemployees,intheir an- task forcetopursue mislead- Rowanand athirdfounder, ety,” said Rick Lacaille, global and governance, or ESG, dis- cross-border investment man- nual reports for 2020 accord- ingESG disclosures; and re- Josh Harris, started the firm lead forenvironmental, social closures have historically been agersthat distributetheir ing to arecent Wall Street quested public comment on in 1990.The men, alumni of and governanceinvesting at governed mostly by a hodge- funds into Europe have a U.S. Journal review of morethan climatedisclosure. defunct investment bank State Street, whose SPDR ex- podgeofvoluntaryframe- parent company, according to 160 reports. “It’stime to movefromthe Drexel Burnham Lambert Inc., change-traded funds aresome works and private data firms. areport last year by the ac- Fund manager BlackRock, question of ‘if’ to the more have built Apollo intoacredit- of the most popular. Europe’snew Sustainable Fi- counting firm Pricewater- which has made abig on difficult question of ‘how’ we and-private-equity behemoth, Surging investor appetitefor nanceDisclosureRegulation houseCoopers. ESG, predictsthe European obtain disclosureonclimate,” managing $455 billion in as- green investmentsmeans that requires banks,private-equity One concern of some fund initiativewill reinforce the acting SEC Chair Allison Lee sets with agoal of reaching rules on disclosure, both for firms,pension funds,hedge managersisthat the rules may global trend toward the green- said in aspeech last week. $600 billion in the next few traditional funds and those that funds and other asset manag- have gotten ahead of reality. ing of financial products. “Our Gary Gensler,President Bi- years. call themselves sustainable,will erstomeet manyESG require- Manyfunds will be required to ambition is to movemore den’snominee to head the “Over the past 30-plus become increasingly important. ments. It applies to all funds, disclose information on com- money into sustainable prod- SEC, in a recent Senate hear- years, my co-founders, Marc, In the U.S.,the Biden ad- even if they don’tsell them- panies,including datathat the uctsthan anyother asset man- ing backed increased SEC Josh Harris and I, have worked ministration is taking the first selves as sustainable. companies maynot disclose ager in Europe,” aspokesman guidance on such disclosures. extremely hardtomakeApollo afranchise built forenduring success,” Mr.Black said. “I be- lievestrongly that Apollo’s Dorsey’s First Tweet Sells for $2.9 Million best days lie ahead.” He said the firm’sfirst- quarter earningswould exceed BY MARIA ARMENTAL tavi, technically owns adigi- that the digital certificateis NFT of atweet from Tesla artist who goes by the profes- analysts’ expectations and that talcertificateofthe tweet— signed using cryptography Inc.CEO ,but Mr. sional name of Beeple,sold a fundraising forthe year is on Thefirst tweet that Twit- “just setting up my twttr,” and includes the tweet’s Musk ultimately changed his digital imageonline at Chris- track to come in at the high ter Inc.Chief ExecutiveJack according to Valuables,an metadatasuch as when the mind. Cryptocurrencyinves- tie’sfor $69.3 million, making end of aprojected $15 billion Dorsey posted to the micro- NFT marketplacefor buying tweet wasposted. torJustin Sun, who paid are- him the third-most-expensive to $20 billion. The company blogging sitein2006 has sold andselling tweetsthat ran “This is not just atweet!” cord $4.6million in a2019 living artist afterJeff Koons has yettoannounceadatefor as anonfungible tokenfor the auction. NFTswork on Mr.Estavitweeted Monday. “I charity auction to have lunch and David Hockney itsfirst-quarter report. about $2.9million, the latest theblockchain, similar to think yearslater people will with , wasthe Theoverall NFT market Apollo shares rose 4.52% to digital collectible to haul in likebitcoin, realizethe true value of this second-highest bidder forthe ballooned last year to at least $49.42. more than $1 million amid a and serveasdigital certifi- tweet, likethe Mona Lisa NFT of Mr.Dorsey’s first $338 million, from about $41 Apollo has added several in- flurryofinterest from buy- catesofauthenticity forev- painting.” tweet. million in 2018,according to dependent directors, besides ers. erything from art to memes. Mr.Estavicouldn’t be An array of content cre- NFT sales-tracking website Mr.Clayton, sincethe conclu- Thewinning bidder,Malay- Mr.Dorsey’s tweet itself reached forcomment on atorshaveset their sightson NonFungible.comand L’Ate- sion of the Dechert review. On sia-based company will continue to liveonTwit- Monday. He wasalso the the NFT market afterMike lier,aresearch firm affiliated Monday, it added two more, BridgeOracle CEO Sina Es- ter, Valuables said, adding highest bidder to securean Winkelmann, aself-taught with BNP Paribas SA. Richard Emerson,president of Pendral Capital, and Kerry NFTs Spark a Digital Land Grab in Videogames Murphy Healey, president of

BY MARCO QUIROZ-GUTIERREZ Gameswithin “The Sandbox” $455B world will be playable forearly Investorsare pouring mil- userswhen the team releases Assets under management at lions of dollars into land. But the product in April. theselush fields and rolling “The firstlandownersand hills exist only within video- games in ‘The Sandbox,’and games. that areplayable,are also po- Just as physical land ap- tentially the ones that have the the Milken Center forAdvanc- peals to investors, digital real highest chances of monetizing ing the American Dream, ef- estateisluring both investors early on,” said Sébastien Bor- fectiveimmediately. and dedicated gamers, said get, co-founder and chief oper- Apollo’s board now has 13 Craig Russo,the co-founder of ating officer. members, including nine inde- Polyient Games,aninvest- Mr.Russo of Polyient pendent directors, and is even- ment fund and startup incuba- Games said his firm invested tually expected to total15 torfocused on the intersection $800,000 in Citadel of the members. Beforethe recent of electronic games and so- Sun, another kingdom in spateofgovernancechanges, called nonfungible tokens. “Mirandus,” which is set to re- the boardhad seven directors Those aredigital identifiers lease a test version later this total, including four indepen-

that help verifythe authentic- MES year.Polyient is considering dent directors. ity of an asset. GA charging gamerswho traverse Thefirm said this month

NFTswork on the block- GALA its kingdom as part of a mis- that it would abandon itsdual- chain, similar to cryptocurren- Some real estate in the unreleased fantasy role-playing game ‘Mirandus’ has sold for seven figures. sion—the digital equivalent of classsharestructureand cies such as . Thediffer- a toll road. move to a“one share, one enceisthat each bitcoin canbe in games such as “Fortnite,” Playerscan rent out land to “Mirandus” creator Gala Several analystssaid the vote” regime. exchanged foranother bitcoin “Minecraft” and “World of other gamers, charge others Games.That purchase topped long-term viability of NFT-en- Mr.Rowan, 58 yearsold whileone NFT cannot be ex- Warcraft.” NFT-enabled games forusing it or sell it—either the$1.5million paid fornine abled digital games requires and the architect of Apollo’s changed foranidentical NFT. allowplayers to trade game within the game or on athird- adjacent plotsinthe virtual attracting mainstream users highly successfulinsurance Just this month, adigital col- assetsfor cryptocurrency, sell- party exchangesuch as Open- pet universe “Axie Infinity.” whoaren’t deeply versed in strategy, has already moved to lage by the artist Beeple sold ing them foracoin that canbe Sea. Thetransactions areusu- Last month, virtual world cryptocurrencies or NFTs. put his stamp on the firm, an- at Christie’s for$69.3 million. converted to dollarswhen ally backed by agame’sunique “The Sandbox” sold about $2.8 Mr.Schiermeyer of Gala nouncing amerger with Themarket fordigital real they scoresomething betteror cryptocurrency, which canbe million of land in apair of Gamessaid two dedicated Athene Holding Ltdthis month estatewas bolstered recently switch to a new adventure. converted to and sales that have the company players in the Philippines are that valued the Apollo insur- by apandemic-fueled climb in In some games,players can then intoU.S.dollars. valuing itsdigital properties at in the processofbuying a ance affiliateat$11 billion. gaming and excitement around buy digital deeds forreal es- Digital land purchases have about $37 million. house—in thereal world— Apollo already owns alarge cryptocurrencies.Manysee tate in the form of an NFT, brought in millions of dollars. Theland in this virtual with their earningsfroman- chunk of Athene and the in- NFT-enabled games as aboon which proves the authenticity Agroup of people last month world hostsdifferent games otherNFT-enabled game by surer representsabig portion forthe multibillion-dollar vid- of aplot in aspecific game. paid $1.6million forCitadel of within each plot andplayers Gala, “Town Star.” of itsassetsunder manage- eogame industry. Thereal estatewill appreciate the Stars,alarge kingdom in canmovefromplot to plot, “I see areally interesting ment. Thecompanies said the Gamersfor yearshave as moreplayers join the game theunreleased fantasy role- changing the game they play opportunity to provide a deal wasaimed at simplifying spent big on gear—such as and scarce land is sold to other playing game “Mirandus,” said as they explorethe world. Dig- meaningfulincome forpeople the relationship and better weapons,armor or tools to players who requirethe plots Eric Schiermeyer,aco-founder ital land ownerscan build around theworld to tapinto aligning the interestsofboth strengthen their characters— forcertain tasks and missions. of Zyngaand chief executiveof games within their borders. thegames market,” he said. setsofshareholders.

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 10.51 +0.02 -1.3 GroCo 34.06 +0.40 3.6 IntlEq 28.84 +0.15 1.5 TotRt 10.23 +0.03 -3.0 ExplrAdml 129.16 +0.13 7.9 WndsrAdml 79.75 -0.21 11.7 ExtndIstPl 338.21 -0.52 9.9 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. Edgewood Growth Instituti GrowCoK 34.15 +0.40 3.6 Invesco Funds Y PIMCO Funds A ExtndAdml 137.05 -0.21 9.9 VANGUARD FDS IdxIntl 20.33 +0.06 5.0 e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnotese EdgewoodGrInst 52.78 +0.57 2.0 InvGrBd 11.54 +0.03 -2.7 DevMktY 54.84 +0.02 2.6 IncomeFd NA ... 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FidSerToMarket 13.69 +0.07 6.0 Puritn 27.15 +0.07 4.3 EqInc 21.26 +0.02 8.0 Price Funds IntlGrAdml 161.75 +1.32 0.9 INSTTRF2040 30.53 +0.12 4.0 TotSt 100.43 +0.55 6.0 IntlIdxInstPrem 47.63 +0.09 4.4 SrsEmrgMkt 26.00 +0.04 4.2 JPMorgan R Class BlChip 166.81 +1.49 0.8 ITBondAdml 12.03 +0.02 -4.0 INSTTRF2045 31.28 +0.13 4.7 VANGUARD INSTL FDS MidCpInxInstPrem 29.29 +0.05 8.4 SrsGlobal 15.02 +0.02 4.7 CoreBond 11.91 +0.02 -2.8 DivGro 62.05 +0.38 3.4 ITIGradeAdml 10.06 +0.02 -3.4 INSTTRF2050 31.39 +0.13 4.7 BalInst 45.31 +0.20 2.2 Monday, March 22, 2021 SAIUSLgCpIndxFd 20.67 +0.15 5.3 SrsGroCoRetail 23.68 +0.27 4.0 Lord Abbett A EqInc 35.15 -0.08 12.5 LTGradeAdml 10.55 +0.08 -9.9 INSTTRF2055 31.47 +0.13 4.7 DevMktsIndInst 15.93 +0.04 4.9 YTD YTD YTD Net Net Net SeriesBondFd 10.37 +0.03 -3.4 SrsIntlGrw 17.82 +0.08 0.2 ShtDurIncmA p NA ... 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NA LgCapGow I 63.80 +0.56 4.2 MuIntAdml 14.70 +0.01 -0.6 LifeCon 22.74 +0.06 0.3 InPrSeIn 11.38 +0.05 -1.4 Ultra 75.89 +0.91 -0.1 IntlVal Inst 43.43 -0.06 9.0 EmgMktVa 31.19 +0.24 8.9 TMktIdxInstPrem114.27 +0.62 6.1 Fidelity SAI Metropolitan West MidCap 116.93 +0.90 3.4 MuLTAdml 12.08 +0.01 -0.6 LifeGro 41.80 +0.16 3.9 InstIdx 348.98 +2.43 5.3 American Funds Cl A Baird Funds EmMktCorEq 25.80 +0.12 6.3 USBdIdxInstPrem 11.97 +0.03 -3.4 TotalBd 10.43 +0.03 -2.5 TotRetBdI 10.82 +0.02 -3.0 NHoriz 81.77 +0.95 -0.6 MuLtdAdml 11.21 ... -0.1 LifeMod 32.31 +0.12 2.1 InstPlus 349.01 +2.44 5.3 AmcpA p 40.90 +0.28 4.6 AggBdInst 11.35 +0.03 -3.3 IntlCoreEq 15.65 +0.05 7.4 Fidelity Advisor I Fidelity Selects TRBdPlan 10.15 +0.03 -3.0 R2020 23.45 +0.06 3.1 MuShtAdml 15.93 +0.01 0.1 PrmcpCor 32.28 +0.13 11.4 InstTStPlus 78.45 +0.43 6.1 AMutlA p 47.33 +0.22 6.6 CorBdInst 11.73 +0.03 -3.0 IntSmCo 21.84 +0.10 7.7 NwInsghtI 37.79 +0.31 2.6 Softwr r 27.22 +0.37 0.4 MFS Funds Class I R2025 20.08 +0.05 3.7 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P2JW082000-6-B01100-1------XA

THE WALL STREET JOURNAL. ****** Tuesday, March 23, 2021 | B11 MARKETS Stocks Climb, Powered by Tech Sector

BY JOE WALLACE U.S. bond yields than thereis Indexperformance, Monday demic prompted newdemand government bond yields,the AND ALEXANDER OSIPOVICH downside,” said EdwardSmith, forhomes with spacetowork slump in Turkey’s currency 3% head of asset allocation re- remotely. means thereis“plenty of Stocks climbed as gains in search at U.K. investment firm Tech wasthe best-perform- scope forchoppy trading con- technologyshares poweredthe Rathbone Investment Manage- ing sector of the S&P 500 on ditions” in broader financial Nasdaq Compositehigher. ment. Stocks “that delivered 2 Monday. In all, seven of the in- markets, Ms.Foley said. S&P500 Thetech-heavy indexrose exceptional returns last year Technology sector dex’s11sectorswereinposi- In other overseas markets, 162.31 points, or 1.2%, to areprobably not going do so tiveterritory. Financial stocks the StoxxEurope 600 ticked 13377. 54, recovering some well fornow,” Mr.Smith were the worst-performing up 0.2%. Shares of AstraZen- ground afteritdeclined last added. 1 Nasdaq Composite sector. eca advanced 3.3% afterthe week. The S&P 500 gained Among major technology In corporatenews, railroad British drugmaker said its 27.49, or 0.7%, to 3940.59. The stocks, Apple, Intel, Microsoft S&P500 operator Kansas City South- Covid-19 vaccine wasshown to DowJones Industrial Average and Tesla all gained morethan 0 Dowindustrials ern rallied $24.93 ashare, or be safe and 79% effectivein added 103.23,or0.3%to 2% on Monday. 11%, to $249.09after agreeing preventing symptomatic dis- 32731.20. Manyinvestorsexpect bond to be bought by Canadian Pa- ease in U.S. clinical trials. Investorscontinued to train yields to keep rising as the cific Railway in a transaction Early Tuesday, Japan’sNik- their attention economypicks up speed,pos- -1 valued at about $25 billion. kei225 Stock Averagewas up MONDAY’S on bond markets ing achallengetotech stocks S&P500 NewYork-listed shares of Ca- 0.2%, Hong Kong’sHang Seng MARKETS after a drop in that led the broader market Financials sector nadian Pacific slid $21.95,or Indexwas down 1.3% and the the priceofU.S. higher in 2020. -2 5.8% to $356.53. Shanghai Compositewas down government debt last week. That doesn’tmean investors In currencies, Turkey’s lira 1.2%. U.S. stock futures were 9:30 a.m. noon 4p.m. Ten-year Treasurynotes re- should abandon tech stocks, slumped morethan 7% to 7.78 down 0.1%. coveredsome ground Monday, according to Mr.Smith. Shares Source:FactSet per dollar afterPresident Re- sending yields down to 1.682% of giants such as Apple,Micro- cepTayyip Erdogan firedthe from 1.729% on Friday. Yields soft and Facebook have proved stocks in recent months,while 6.6%inFebruaryfromthe pre- country’stop central banker AUCTION RESULTS fall when bond prices rise. resilient on some days when selectively trimming the firm’s vious month, asteeper decline late last week. Here are the results of Monday's Treasury auctions. All bids are awarded at a single price at the market- Yields have climbed for Treasury yields have shot up, holdingsoftechnologyshares. than economistsexpected, TheTurkish stock market clearing yield. Rates are determined by the difference seven consecutiveweeks,dent- he said. However, Mr.Smith “Wehavepared back some amid tight inventoryand se- also tumbled on the news, between that price and the face value. ing segmentsofthe stock mar- addedthat money managers of the hottertech names,” he vere weather in partsofthe with the benchmark Borsa Is- ketthat had benefited from should be cautious about cor- said. country. tanbul 100 stock indexfalling 13-Week 26-Week Applications $182,330,825,700 $161,662,130,100 severalyearsoflow interest nersofthe market with ele- Investorshavekept aclose Still, the February sales 9.8%. Accepted bids $59,028,377,200 $55,921,965,100 rates. Tech stocks,inparticu- vatedvaluations,such as elec- eyeonthe Federal Reserveto marked a9.1% increase from a Thelira’sslide mayadd to " noncomp $517,108,900 $525,659,700 " foreign noncomp $1,000,000,000 $1,000,000,000 lar,havesuffered from the tric-car stocks. see whether it will addressthe year earlier,according to the investors’ nervousnessaround Auction price (rate) 99.996208 99.979778 jump in longer-term govern- ScottMartin,chief invest- rise in bond yields,but the U.S. National Association of Real- emerging-market assets, ac- (0.015%) (0.040%) 0.015% 0.041% ment borrowing costs. Future ment officer of Kingsview central bank has so far indi- tors.The U.S. housing market cording to Jane Foley,head of Bids at clearing yield accepted 19.17% 22.15% earningsare worth lesswhen Wealth Management, said that catedthat it isn’t concerned. hasboomed in the past year, currencystrategyatRabobank. 912796B32 912796F53 Both issues are dated March 25, 2021. The 13-week bond yields rise. he had been adding beaten- Newdatashowedsales of as buyers took advantageof Combined with concerns bills mature on June 24, 2021; the 26-week bills mature “There is moreupside for down energy and financial previouslyowned homes fell lowinterest ratesand the pan- aboutthe trajectoryofU.S. on Sept. 23, 2021.

the interest-ratesensitivity,” Rout Hits said Josh Chastant,fixed-in- come analyst at GuideStone Capital Management, an invest- Safest ment manager with over $16 billion in assets. Credit quality has fallen to Bonds itsweakest point in decades. Companiesincluding hotel op- erator MarriottInternational ContinuedfrompageB1 Inc.and furniturecompany conditions and disrupt corpo- Steelcase Inc.suffered down- rate borrowing. grades afterpandemic borrow- Companiesare still issuing ing,leaving morethan 50% of bonds.They raised over $138 the U.S. market nowatthe low- billion through bond sales dur- est rung of the investment- ingthe firsttwo months of the grade ladder,according to Mor- year,according to datafrom ganStanley. the Securities Industryand Fi- MorganStanley and asset nancial MarketsAssociation. manager BlackRock areamong That marksaretreat from the manyinstitutions that have borrowing bingeoflast spring recommended that clientscut but remains elevated compared theirholdingsofinvestment- S

with the same period in 2019. gradebonds relativetostocks PRES

With spreads still histori- or higher-yielding debt such as TED

cally narrow,investorsaren’t high-yield bonds and private CIA getting properly compensated credit. Thelatterinvolves spe- SO AS forriskier corporatedebt, said cialistfunds making loans to

David Kotok, chief investment smaller companies that don’t GUREL/

officer at Cumberland Advisors, trade frequently,often without AH

which manages around $4 bil- banks involved. EMR lion in assets. Despitethe sell- Investment-grade corporate A currency-exchange shop in Istanbul on Monday. The new central bank chief has expressed a preference for lower interest rates. off, his firm has preferred in- bondsinthe U.S. arestill more vestment-grade corporate attractive to foreign investors HowmanyTurkish lira Turkey’s BorsaIstanbul 100 to buy or sell a currency at a bonds with shorter-dated ma- compared with those from Eu- Turkish $1 buys* index predetermined rate on a spe- turities. rope or the U.K.,after adjusting 7.2 Turkish lira 1600 cific date. “The time to chase yield is forforeign-exchangehedging Mr.McNamarasaid he ex- when spreads areverywide,” costs, some analystssaid. With Lira Sinks pectshigh volatility in the lira 7.4 he said. “When thereisno billions of dollarsofdebt out- 1550 this week as he and other in- prevalent fear of default, and side theU.S.producing nega- vestors await more clarity on spreads areverytight, that you tive returns aftertaking infla- Almost 8% 7.6 Mr. Kavcioglu’s policies. only getafew basis pointsby tion intoaccount, moreforeign 1500 Some investorsalso grew sacrificing credit quality,his- investorshaveturned to the concerned that Turkey would 7.8 U.S. investment-grade market. ContinuedfrompageB1 restrict their ability to sell lo- “Fromthe perspectiveof morethan 10% of profit for 1450 cal assets to stem the market Bonds from highly needing to put money to work, BBVA through its 49.9% stake 8.0 turmoil. Lütfi Elvan, Turkey’s foreign investorsare getting a in Turkish bank Garanti BBVA, minister of financeand trea- 1400 rated companies better entrypoint,” said Josh according to Jefferies. 8.2 sury, issued astatement Mon- have lost 5.3% this Lohmeier,portfolio manager at Thelirahad been one of the day indicating that Turkey asset manager AvivaInvestors. best-performing emerging- wouldn’t impose capital con- year so far. Foreign investorsadded the market currencies this year as 8.4 1350 trols or determine a fixed ex- most investment-grade and investors March 15 March 22 March 16 March 22 change rate. high-yield corporatebonds to CURRENCIES cheered the re- *Scale inverted to showchanges in the strength of the lira Anycutstointerest rates their portfolios in 2020,ac- cent interest- Sources: TullettPrebon (currencies); FactSet (index) maynot be made immediately. tory shows that is abad trade.” cording to Feddatacompiled rate increases.Overseas In Mr.Kavcioglu’sstatement Theculmination of ayears- by research firm CreditSights, money managershad added a possessed. rising by the end of European Sunday,hesaid the schedule long rally that droveyields to followedbylife-insurancecom- net $4.6billion to Turkish Mr.Kavcioglu, the Turkish trading to an annual cost formonetarypolicymeetings, record lows leftthe bonds par- panies and mutual funds.To- stocks and local currency central bank’sfourth chief in equivalent of $442,000 forev- wherebenchmark ratesare ticularly sensitivetochanges in gether,those three groups held bonds during Mr. Agbal’s ten- less than two years, is afor- ery$10 million of bonds over set, will remain unchanged. interest rates, ameasureknown morethan $10.7 trillion of com- ure, betting that higher inter- mer member of parliament afive-year contract. That is up Thenextmeeting would be on as duration, analystssaid. Bond panybonds at the end of last est rates would help limit in- from Mr.Erdogan’sJustice from $306,000 at Friday’s April 15. prices moveinthe oppositedi- year—or 66% of the totalout- flation and stabilize the lira. andDevelopment Party and close,according to IHS Markit, “Ifyou’recommittedtothe rection of interest rates, and standing market. BeforeMr. Agbal’sappoint- forthe pro-govern- and is the highest it has been meeting schedule,then you thelonger the duration of a Households,hedgefunds and ment at the central bank,in- ment newspaper Yeni Safak. sinceearly last November. don’t have ameeting this bond, the steeper the move. private-equity funds were the vestorssold Turkish assetsfor He has publicly sided with Mr. Theyield on Turkey’s local- week to cut interest rates, so 1 At around 8 /2 years, the du- biggest sellersofcorporate much of 2020 as lowinterest Erdogan’s preferencefor lower currencybond maturing in there’sashort reprievefor in- ration on the BloombergBar- bonds last year,dumping anet ratesand high credit expan- interest rates. November 2030 rose to 17.8% vestors,” said Kieran Curtis,an clays U.S. investment-grade $16 billion of bonds combined. sion increasedimports. The Mr.Agbal’sdismissal came from 13.7%Friday, according emerging-markets fund man- bond indeximplies an 8.5% Institutional investorssuch currencyweakened, prompt- on the heels of aThursday to IHS Market. ager at Aberdeen StandardIn- change in pricefor every1% as pensionfunds that need to ing multiple rounds of inter- rate increase that surpassed “It is as completeasurprise vestmentswho had bought moveininterest rates. That is match long-term liabilities with vention to stabilizethe lira expectations and pushed lend- as I can remember in 20-plus lira-denominated bonds under nearly 40% higher than the av- assetsaren’t always fully even as investorsspeculated ing ratesto19% from 17%. yearsofdoing this job,” said Mr. Agbal’s tenure. erageduration from 1992 to hedged on interest rates, said that thecurrencywould con- Theprospect of arenewed Paul McNamara, an investment “The next movewill defi- 2008,according to datacom- Mr.Lohmeier.Rising yields can tinue to depreciate. Thecen- rate-cutting cycle under Mr. director at GAM Investments nitely be down,” Mr.Curtis piled by MorganStanley help improvefunding ratios, tral bank at one point sold its Kavcioglu is prompting con- in London, who manages added. “The question has Wealth Management, and more pushing such investorstobuy ownreserves and those bor- cerns about the country’s emerging-market debt funds. been, when are rates going to than three yearshigher than it morefixed income and cut back rowedfromdomestic banks to prospects. He had bet on the appreciation go down, and how far.” wasinthe trough of the on riskier assetssuch as stocks. such adegree that it owed Thecost of insuring Tur- of the lirainrecent months —Joanne Chiu, Jared Malsin 2008-09 recession. His firm is buying investment- moreforeign-currencyre- key’s government debt against through forwardcurrencycon- and Paul J. Davies “There’s not awhole lot of grade bonds with maturities serves to the banks than it default leapt sharply Monday, tracts, which are agreements contributed to this article. buffer in investment-grade cor- ranging from six to eight years porate-bond yields to manage or morethan 20. Fed’s Payments to Treasury Rose in 2020

BY PAUL KIERNAN statement. system and support the econ- down 1.2% from 2019. Thecentral bank is required omyduring the coronavirus At the same time, the cen- S WASHINGTON—TheFederal to use itsearningstocover its pandemic. tral bank’sinterest expenses—

PRES Reserve sent moreprofitto ownoperating expenses and TheFed earns interest on mostly its payments to banks

TED the Treasury Department last send the bulk of anysurplus to those assets, while paying in- on reserves—tumbled to $8.6 year as the income from its the Treasury’sgeneral fund, terest on the money banks billion in 2020 from $40.95 OCIA

SS swelling asset holdings offset wherethe money helps payfor park at the central bank, billion in 2019. /A theimpact of lowerinterest the federal government. called reserves. Theoperating expenses of

ANES rates. TheFed last year cut short- Theasset purchases ex- the central bank’sboardof RG TheFed sent $86.89billion term interest rates to near panded the Fed’sbalancesheet governors, the Fed’s12re- VA

DO to Treasuryin2020,up58% zero and began large-scale to $7.36 trillion in 2020 from gional reserve banks, and the from $54.89 billionin2019, purchases of government debt $4.17 trillion in 2019. Bureau of Consumer Financial MIAN

DA the central bank said on Mon- and mortgage-backed securi- TheFed’sinterest income in Protection rose to $7.89billion Amazon.com bonds are regarded as blue chips. dayinanannual financial ties to steady the financial 2020 was$101.54 billion, in 2020, up 7.9% from 2019. P2JW082000-0-B01200-1------XA

B12 | Tuesday, March 23, 2021 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Blackstone’s CrownDeal Is Loaded In Its Favor

Offerhas some of the hallmarksofagood bet

Financial markets are often compared to casinos. Sometimes that turns out to be quite true:

GES Blackstone is placing a timely bet

IMA in Crown Resorts that looks likely to turn out well. GETTY Theprivateequity firm has of- SE/ feredthe equivalent of $6.2 billion to buy the troubled Australian ca- sino operator CrownResorts,ac- ANCE-PRES

FR cording to exchangefilingsMonday. The gambling regulator of New ENCE

AG South Wales state said last month Technology giant Apple was among the best performers in the stock market last year, with investors optimistic about its growth prospects. that Crown isn’t suitable to hold the license for its new Sydney ca- sino, after a scathing report— which the regulator had commis- Market Reshuffle Has Room to Run sioned—found the company had facilitated money laundering. Since then, two royal commissions have been announced to look into Things look good for cyclicals as rising rates affect companies at different stages of maturity differently Crown’s existing casinos in Mel- bourne and Perth. Crown’s chief executive has resigned. The economy’s prospects are Yieldonthe 10-yearTreasury note imagine that the yield on the 10- Blackstone already owns 10% of looking up, but so are interest year Treasurynotegoes up by 2 Crown. It also bought stakes in rates. That has been roiling the 1.8% percentagepointsand the discount some Las Vegas resorts and casi- stock market, hammering the rate on futureearningsisbumped nos, including Bellagio and MGM shares of the fast-growing compa- 1.6 up to 8% as aresult. Thevalue of Grand from MGM Resorts in 2019 nies that, until recently, were in- those earningsdrops to about $129. and 2020 and then leased them vestors’ favorites while sending 1.4 Nowconsider amoremiddling, back to the casino operator. the shares of companies that cyclical company—amanufacturer, Crown’sprime real estate—its didn’t do as well during the pan- 1.2 say, with earningsthat fluctuate skyscraper casino-hotel in Sydney demic higher. with the economy, and that have overlooking the harbor is the city’s To understand why, think of the 1.0 lately been expected by investors tallest building—is surely agood bet two major elements that go into to grow by 5% over the long haul. all by itself,especially if Blackstone evaluating what an investment is 0.8 With adiscount rate of 6%, itsfu- manages to buy at itslowball bid. worth. First, you need to consider tureearningsare valued at about Thebid representsa20% pre- how much money you expect it 0.6 $22. Nowimagine that arevivalin mium to Friday’sclose,but is still will provide in the years ahead. the economypushes Treasury lowerthan Crown’ssharepricewas Next, since cash today is worth 0.4 yields up,sending itsdiscount rate at the beginning of 2020.Black- more than hoped-for cash tomor- to 8%. But the bettereconomy stone’soffer pricetranslates to an row, you need to apply a discount Oct. 2020 Jan. ’21 promptsinvestorstoraise their enterprise value to next year’s esti- rate—typically the yield on the 10- Source:TullettPrebon long-term growth expectations for mated earningsbeforeinterest, year Treasury note, plus a pre- the companyto8%—not necessar- taxes, depreciation and amortization mium for the risk you are taking far-off future. The pandemic didn’t struggled this year, as the yield on ily because itslong-term outlook ratio of 11.6, according to S&P Global on—to that expectation. put a dent in their businesses, and the 10-year Treasury pushed to has brightened specifically,but be- Market Intelligence. That is lower Changes in both growth as- in some cases even pushed sales 1.73%—and looks likely to go cause rising growth fuels optimism. than manyU.S.casino names like sumptions and the discount rate higher. Think of companies such as higher still if the hoped-for recov- Nowthe expected value of that LasVegas Sands and Wynn Resorts. can have big effects on valuation, Apple, Netflix and Amazon.com. ery comes true. company’sfutureearningsis$25. Other biddersmay emerge, and that might offer a clue to why By the same token, the end of the To see why, consider the valua- The cyclical companies that though Blackstone has the advan- the stock market’s deck has been pandemic, and the combined ef- tion of acompanythat is expected could fall under this rubric—indus- tage of being apurefinancial reshuffled so violently, points out fects of the substantial savings to increase itsearningsby20% a trial conglomerates, retailers, capi- buyer.Other casino operatorsfrom Robert Barbera, the director of the households built up over the past year forthe next 25 years. Say it tal-equipment makers, airlines— the U.S. or Macau might also face Center for Financial Economics at year and the latest round of sup- nowearns $1 ashare, and investors vastly outnumber the handful of regulatoryscrutiny, and Crownmay . port from the government, might areputting adiscount rate of 6% big companies that drove the stock be toobig apreyfor itsAustralian The stocks that were among the not improve their growth pros- on itsfutureearnings. Astandard market’s performance last year. rivals likeStarEntertainment. best performers last year were the pects. Their business might even discounted cash-flowanalysis The upheaval in the stock market Blackstone has good odds of win- shares of companies that investors be in for a bit of a hangover. would placeavalue of about $182 may have only just begun. ning the crownjewelDownUnder. expect to grow strongly into the Shares of these companies on those futureearnings. Now —Justin Lahart —Jacky Wong

Forwarddividend yield Return on average capital employed Turkey Adoptsthe Wrong 40% 2018 Sinopec 8.3% 2019 2020 7.2 30 Kind of Heterodoxy TotalEnergies 6.7 20 ExxonMobil 6.2 Economic policy is undergoing a exchangerate, which raises import bit of a revolution, with many costs, and so the main focus of the BP 5.4 10 once-heterodox ideas about central bank must be the currency. growth, inflation and monetary To strengthen it, pushing up rates Chevron 5.1 policy finding validation. Turkey’s is an essential tool. Less orthodox 0 faith that it can tame inflation by policies likefloating pegsand capi- Saudi Aramco 4.0 lowering interest rates is unlikely talcontrols canhelp,but only if im- –10 to be among them. plemented coherently.Turkey has Shell 3.6 AramcoBPChevron*Shell TotalEnergies Late Friday, Turkish President Re- used them chaotically to stem pan- cepTayyip Erdogan firedthe gover- ics rather than as part of acredible *2020 return on average capital employednot disclosed forChevron nor of the country’scentral bank, long-term currencystrategy. Sources: FactSet (yield); the companies (return on average capital employed) Naci Agbal, and replaced him with Anysupport from dollar reserves Sahap Kavcioglu, apolitical ally.The won’t last long: They were being Turkish lirafell 7. 5% against the U.S. drained by an averageof$4billion a Aramco’s Shares Remain a Curiosity dollar Monday, and could be in for month beforethe Turkish central prolonged turbulence. bank raised rateslast year.Turkey’s Theimportanceofmonetary-pol- foreign-exchangereserves stand at Oil company Saudi Aramco’s first waysaboon. Themarginal govern- tioning will be achallenge. Aramco icyindependence, which has proven $17billion, though that falls to a full year as one of the world’slarg- ment royalty it pays rises from 15% mayhavetoabsorb morepain yet. ineffectiveatbattlingsluggish negative$18 billion excluding swaps est public companies wasmarked by to 45% when the Brent benchmark Theclosely held shares had aless growth and inflation, is oftenover- with banks and other governments. acrude pricewar,aglobal pandemic exceeds $70abarrel. volatile year than global peersand stated. Investorsare rediscovering Central bankers are increasingly and proliferating decarbonization Controlled by Saudi Arabia, nowtrade near the initial public of- the advantages of coordination be- attuned to the importance of pro- promises.The crisis showedboth Aramcoremains the globe’sswing fering price. Global investorshave tween governmentsand central viding coherent “forward guid- the resiliencethat the company supplier.Itisabalancing act: Man- bought the group’sbonds but not banks,evenindevelopingnations. ance” to investors. Mr. Erdogan’s promised and itspolitical role that agement estimated during the IPO manyofits shares.That is unlikely Theproblem forTurkey is less latest move offers little hope that kept international investorsaway. that a$1abarrel pricerise would to change: 2020 confirmed fears that the central bank is under Mr. his brand of monetary heterodoxy Despitelow demand, commodity add $1.5billion to free cash flow, that political interferencecould Erdogan’scontrol and morethat he can succeed. —Jon Sindreu prices and margins,Aramcogener- while 100,000 morebarrels aday forceAramcototakesteps against seems likely to misuse that control. ated ahealthy13.2% return on aver- would generate$1.1 billion. Aramco itseconomic interests. A4%divi- Contrarytothe consensus view Turkish central bank’s agecapital employed, according to currently has around 4million bar- dend yield is also lowfor the sector, that higher interest ratestame infla- foreign reserves full-year results released Sunday. rels aday in sparecapacity,com- partly because the stock remains tion, the Turkish president believes Free cash flow of $49 billion still pared with last year’s 9.2million overvalued relativetoearnings. they push it higher by raising firms’ $40 billion Net foreign-reserve assets wasn’t enough to fund $75billion in barrels aday averageoil output. Theoil industry’slonger-term fu- borrowing costs. This is probably dividends and itsacquisition of 70% Saudi Arabia’sunilateral produc- tureisdarkening as commitmentsto whyhedismissed Mr.Agbal, who of chemical giant SABIC, shifting the tion cut kept together the global decarbonizekeep rolling in from tightened policyagain last week.Mr. 20 companyfromanet-cash position cartel comprising of the Organiza- companies and governments. With Kavcioglu’sarticles in the local press intonet debt. Yetitremains much tion of the Petroleum Exporting plentiful reserves and lowcosts, suggest that he agrees with Mr.Er- lessleveraged than most producers. Countries,Russia and afew others. though, Aramcowill likely keep dogan and maylowerrates again. He 0 Theoil-pricerebound this year Oil demand will recoverasecono- pumping oil longer than anyone else. hasalso writtenthat the lirahas will boost Aramco’snextquarterly mies reopen, but the path is uncer- Theworld is still coming to been kept toostrong and under- results, but not as much as those of tain, making it complicated for terms with the seismic changes of mined Turkey’s competitiveness. –20 itspeers. Saudi officials’ January producerstoagree howtoincrease the past year and howthey will af- This is wishful thinking.The text- decision to cut production by an ad- supply.Thereisalso arisk that fect industries including oil and gas. book link between interest ratesand Net foreign-reserve assets, excluding swaps ditional million barrels aday wasin- higher prices might enticeU.S. YetAramcowill likely continue to inflation maynot be strong in West- –40 strumental in supporting prices shale producerstoabandon their playits role as the central banker ern countries,but they don’t suffer 2018 ’19 ’20 ’21 through the latest wave of the pan- newfound capital discipline.Mos- of oil, itsstock-market listing more from regular currencycrises.In Notes: Using short-term central-bank borrowings as a demic,but will also hit Aramco’s cow and Riyadh areatodds once acuriosity than areality forglobal emerging markets, most inflation proxyfor swaps. $1 =7.219 Turkish lira revenue.And higher prices aren’t al- again,sokeeping the cartel func- investors. —Rochelle Toplensky comes from precipitous falls in the Source:Central Bank of the Republic of Turkey