P2JW095000-5-A00100-17FFFF5178F ADVERTISEMENT There’salwaysmoretodiscover about ETFs. Take acloserlook on page R6. ***** MONDAY,APRIL 5, 2021 ~VOL. CCLXXVII NO.78 WSJ.com HHHH $4.00 Last week: DJIA 33153.21 À 80.33 0.2% NASDAQ 13480.11 À 2.6% STOXX 600 432.22 À 1.2% 10-YR. TREASURY g 17/32 , yield 1.721% OIL $61.45 À $0.48 EURO $1.1760 YEN 110.71 In a Second Pandemic Easter, Christians Gather to Rejoice Retail What’s S PRES Investors News TED OCIA SS /A TY Pull Back Business&Finance BALIL ODED Trading rading activity among S; Tnonprofessional investors PRES has slowedinrecent weeks TED Activity after a blockbuster start to CIA the year, with the group SO AS plowing less money into Y/ Retreat marks sharp everything from U.S. stocks DELA reversal from frenetic to bullish call options. A1 OME pace that occurred at The world’s top eco- JER nomic officials plan to fo- S; beginning of year cus on the prospect of new PRES coronavirus variations and TED BY CAITLIN MCCABE shutdowns undermining CIA SO the global rebound at avir- AS Individual investorskicked tual meeting this week. A1 O/ off2021 at asprinter’s pace. AMaryland hotel magnate Now, they arefinally showing and aSwissbillionairemade a MINCHILL signs of fatigue. bid forTribune that the news- JOHN Trading activity among non- paper chain is expected to P: professional investorshas favoroveratakeover deal it TO slowedinrecent weeks aftera OM already struck with Alden. B1 FR blockbuster start to the year, ISE with thegroup plowing less SoftBank plans to lead KW money intoeverything from an investment of nearly $1.2 OC U.S. stocks to bullish call op- billion intogenetic-testing CL IN PRAYER:Clockwisefromtop,parishionersworship at their church’s EastersunriseserviceinManasquan, N.J.;Apostolic tions. Daily averagetrades for provider Invitae in the form Pentecostals pray in Soweto, South Africa; and EasterMassiscelebratedatthe Church of the Holy SepulchreinJerusalem. at leasttwo online brokerages of convertible debt. B1 have edged down from their “Godzilla vs.Kong” had the 2021 highs.Acrossthe industry, best box-officedebut sincethe traffic to brokeragewebsites,as pandemic began, in aboost to well as the amount of time the entertainment industry. B1 Virus Strains Test Global Rebound spent on them, has fallen. Individual purchases of While Covid-19 ravaged stocks were down 60% on anet the broader American econ- basis near the end of March, omy, the largest U.S. em- BY YUKA HAYASHI in the U.S. and China and by ingthe issues facing central The annual spring meeting and traffic to retail brokerage ployers added morejobs than the accelerating paceofvacci- bankersand financeministers. of the IMF and the World Bank siteshas declined, with visits they cut, an analysis found. B1 Theworld’stop economic nations in manyrich coun- “The longer it takes to speed will bring together policymak- to Robin Hood’s down 63%. Carl Icahn said he is officials plan to focus on the tries. Yet a new wave of lock- up vaccine production and ersfromthe Group of 20 na- Thedecline in enthusiasm hiring a former chief in- prospect of newcoronavirus downs—from Europe to rollout, the harder it will be to tions and others. Thepan- marksasharp reversal from vestment officer at GE to variations and shutdowns un- Canada—is threatening that achievethese gains,” she said. demicresponse,including just afew months ago, when be CEO of his firm. B3 dermining the global rebound growth, as manylow-and In areport to be released vaccine distribution and aid to individual investors’ frenetic at avirtual meeting this week, middle-income nations with Tuesday, the IMF plans to raise struggling nations,isexpected activity took center stageinfi- while weighing measures to limited resources lag behind. itsforecast forglobal growth to dominatethe conversations. nancial markets. As shares of World-Wide prevent lasting damagetothe “The windowofopportu- for2021, from the 5.5% expan- Officials also plan to discuss “meme stocks” soared in Janu- poorest and most vulnerable nity is closing fast,” said sion projected in January, Ms. PleaseturntopageA9 PleaseturntopageA2 populations. Kristalina Georgieva, manag- Georgievasaid last week.That Jordan’sgovernment ac- The international economy ing director of the Interna- would followanestimated Outlook: Productivity looks James Mackintosh: ETFs are cused ayounger half-brother is recovering faster than many tional MonetaryFund, co-host 3.5% contraction in 2020,the ready to pick up....................... A2 variations on a theme.......... B9 of the country’sreigning mon- economistsprojected just with the World Bank of the worst peacetime outcome Tech gains in M.B.A. talent Billionaire Foley is overlooked arch of plotting to destabilize weeks ago, poweredbygrowth virtual gathering, in preview- sincethe Great Depression. amid pandemic.......................... B4 SPAC star......................................B9 the kingdom, as ariftwithin the royalfamily threatened to upend politics in the critical U.S. Middle Eastern ally. A1 Big Firms Crowd IntoMarket Personal Guarantees J&J is taking over manufac- turing of itsCovid-19 vaccine at acontract manufacturer’s ForHouses, Driving Up Prices On Debt Weighon plant that makes the main in- gredient, afteraproduction problem ruined abatch. A6 Small Businesses BY RYAN DEZEMBER Total value of U.S. neighborhoods to investors. Some Democrats are rental homes “We certainly wouldn’t ex- cool to Biden’s proposed Abidding warbroke out $5 trillion RECESSION pect every single-family com- tax increases on corpora- this winter at anew subdivi- munity we sell to sell at a50% Pledges by owners to cover obligations tions as part of a $2.3 tril- sion north of Houston. But the grossmargin,” the builder’s fi- lion infrastructureplan. A4 prize this time was the entire nancechief,Bill Wheat,said at loom large after pandemic shutdowns 4 NewYork Gov. Cuomo and subdivision, notjust asingle a recent investor conference. statelawmakersare nearing a suburban house,illustrating From individuals with BY RUTH SIMON his business. Roughly $1.5 budget agreement that would the rise of big investorsasa smartphones and a few thou- AND HEATHER HADDON million in personal invest- 3 increase corporateand income potent newforce in the U.S. sand dollarstopensions and ment nowsitsinthe balance. taxesby$4.3billion ayear. A3 housing market. private-equity firms with bil- Thevise is tightening on Thepandemic repeatedly D.R. Horton Inc.built 124 lions, yield-chasing investors ownersofrestaurants, fitness closed his five locations for Authorities have made houses in Conroe,Texas, 2 are snapping up single-family centersand other small U.S. portions of the year. sharply fewer arrests and rented them out and then put houses to rent out or flip. businesses trying to hold on On topofthat, Mr.Wentz, deportations of immi- the whole community, Amber They are competing forhouses until the economyfully re- 53 yearsold, has apersonal grants in the U.S. illegally PinesatFostersRidge, on the 1 with ordinarypeople,who are opens.And unlikeatmost big guarantee on one location since Biden took office. A3 block. A Who’s Who of inves- armed with the cheapest companies,the burden is of- that makes him responsible The Chinese-American tors and home-rental firms mortgage financing ever, and tendeeply personal. foraround $540,000 in rental community in Atlantaheld a flocked to the December sale. 0 driving up home prices. Townsend Wentz bor- paymentsoverfiveyearsand Thewinning $32 million bid “You nowhavepermanent rowedfromhis family to an additional $175,000 fora memorial and interment for 2005’10 ’15 ’20 DaoyouFeng,avictim of last came from an online property- capital competing with a open his firstPhiladelphia liquor license.The guarantee month’s spa shootings. A3 investing platform Fundrise Source:John Burns Real Estate Consulting young couple trying to buy a fine-dining restaurant in weighs on Mr.Wentz as he LLC,which manages more house,” said John Burns, 2014. Thechef tapped the eq- juggles phone bills,tax obli- Hong Kong’s government than $1 billiononbehalf of twicewhat it typically makes whose eponymous real estate uity in his home,erased any PleaseturntopageA10 is seeking to limit public about 150,000 individuals. selling houses to the middle consulting firm estimated that semblanceofaretirement ac- access to details in com- Thecountry’smost prolific class—an encouraging debut in in manyofthe nation’stop count and diverted college Biggest companies post a net pany records that identify home builder booked about the businessofselling entire PleaseturntopageA6 funds forhis daughter into gain in jobs.................................. B1 owners and directors. A7 JOURNAL REPORT Stir-Crazy Grown-Ups Breathe Investing in Funds:The Rift in Royal Family Buffets Jordan lockdown year’s topstock- New Life Into Hula Hoops BY SUMMER SAID ified actions that allegedly put Saturdaydenying wrongdoing fund managers. R1-6 iii AND JARED MALSIN Jordan, which is struggling to and saying he had effectively control the spread of Covid-19 been placed under house ar- CONTENTS Outlook....................... A2 Adults are trying to twirl away pandemic DUBAI—Jordan’sgovern- and repair aflagging economy, rest.Healso said some of his Arts in Review... A13 Personal Journal A11-12 BusinessNews.......B3 Sports....................... A14 ment accused ayounger half- at risk. supportershad been arrested. Crossword.............. A14 Technology............... B4 stress, extra weight and boredom brother of the country’sreign- “Therewerecertain