Children 12 to 15 Are Cleared by FDA to Get Pfizer Vaccine

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****** TUESDAY,MAY 11, 2021 ~VOL. CCLXXVII NO.109 WSJ.com HHHH $4.00

DJIA 34742.82 g 34.94 0.1% NASDAQ 13401.86 g 2.5% STOXX 600 445.39 À 0.1% 10-YR. TREAS. g 7/32 , yield 1.601% OIL $64.92 À $0.02 GOLD $1,837.50 À $6.40 EURO $1.2130 YEN 108.84 New Clashes in Jerusalem Spark Fears of Wider Conflict Pipeline What’s News Attack Risks Business&Finance Closure he cyberattack that T forced the closure of the top U.S. fuel pipeline For Week threatens to disrupt gasoline supplies for millions, as the conduit’sowner es- Estimate of disruption timated it would take at least through week’s end comes as FBI points to restore service. A1, A6 to a hacker group  European governments known as DarkSide are acting to limit hedge funds’ participation in the Thecyberattack that forced market for new sovereign-

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 Marriott swung to a GETTY as the conduit’sowner esti- lossfor the firstquarter, SE/ mated on Mondaythat it but the hotel company would take at least through pointed to rising demand week’s end to restore service. ANCE-PRES

in the U.S. and Canada. B1 FR By Collin Eaton,

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GHAR Thenew timeline by the driver-assistancesystem. B1 ownersofthe Colonial Pipe-  Elliotthas astake in Duke line, a 5,500-mile system that AHMAD Energy and is pushing the ON EDGE:Palestinians run forcoverfromteargas fired by Israeli security forces in protestsatJerusalem’s Al Aqsa Mosque transports fuel from Texas to utility to add directors and compound. Israel carriedout airstrikes in Palestinian territory aftermilitantsinGaza fired abarrage of rockets. A8 New Jersey, came as the Fed- possibly take other actions eral Bureau of Investigation to boost its stock price. B1 said it believed the attack involved acriminal gang with  Startup mortgagelender Eastern European ties known Better is planning to go as DarkSide. public through a merger Children 12 to 15 AreCleared Colonial Pipeline Co.said with a special-purpose ac- Monday it hoped to substan- quisition company. B1 tially restoreserviceonthe  TheS&P 500,Nasdaq pipeline,which it shut Friday, and Dowretreated 1%, 2.5% By FDAtoGet Pfizer Vaccine by the end of this week. and 0.1%, respectively, as TheColonial Pipeline trans- technology and other portsabout 45% of the fuel growth stocks tumbled. B9 consumed in the East Coast, U.S. health regulators have the vaccine’suse to children as gotalittle brighter,” President Theauthorization could according to the company’s  Vice Media’s plans to forthe firsttime cleared a young as 12. Biden said. also bolster schools’ effortsto website. go public through a nearly Covid-19 vaccine’suse in chil- Themovecomes aftera Theexpansion “isasignifi- open classrooms full-time to TheAlpharetta,Ga.-based $3 billion SPAC deal would dren, paving the way formany study of 2,260 adolescents cant step in the fight against middle- and high-school stu- companynoted that restoring leave existing investors to be immunized before sum- found the two-dose shot the Covid-19 pandemic,” Acting dentsfor five days aweek,su- itsnetwork,incoordination with control of the firm. B3 mer camps and the start of worked safely in that age FDACommissioner Janet perintendentsand education with the Energy Department  NBC said it wouldn’t broad- group. Woodcock said. “Today’saction leaderssaid. Manydistricts andother federal agencies, cast the Golden Globes next By Jared S. Hopkins, Itsexpanded use is ex- allows forayounger population have already made public full- will take time,and that it was year,amovethat comes as the Thomas M. Burton pected to boost a vaccination to be protected from Covid-19, time reopening plans for this bringing segmentsback online organization that oversees and Jennifer Calfas campaign seeking to immunize bringing us closer to returning fall, though uncertainty in stages. the event has drawnfire. B3 as manypeople as possible be- to asense of normalcyand to PleaseturntopageA7 PleaseturntopageA6 the next school year. fore dangerous variantsable ending the pandemic.” World-Wide Millions of people ages 16 to elude shots emerge. Wider Dr.Woodcock said the  Novavax delays plans to seek  DarkSide criminal group was yearsand older have takenthe use of the vaccines also could agencymade itsdecision after clearances for its vaccine... A7 involved in hack...... A6 shot from Pfizer Inc.and part- permit easing of pandemic arigorous and thorough re-  The WHO raises concerns  Hack sparks questions about  TheFDA authorized ner BioNTech SE.The U.S. measures. viewofdataonthe vaccine’s over strain from India...... A9 lax cyber oversight...... A6 use of the Covid-19 shot Food and Drug Administra- “The light at the end of the safety and effectivenessinthe  British Columbia tames a  Heard on the Street: Attack from Pfizer and BioNTech tion’sdecision Mondaywidens tunnel is growing,and todayit adolescents. variant...... A9 highlights obstacles ...... B10 forchildren ages 12 to 15, amovethat is expected to boost the country’svacci- Used-Car Change in the average Used cars nation campaign. A1 pricepaid +16.7% Pentagon Weighs Scrapping  TheWHO classified a Buyers 15% coronavirus variant first Feel Price seen in India as aglobal Big Cloud-Computing Project “variant of concern,” saying Pinch preliminarystudies showed it maybemoretransmissible The average price 10 BY JOHN D. MCKINNON judgeinApril refused the Pen- Her commentsfolloweda than some other variants. A9 paid for a used tagon’smotion to dismiss Pentagon report to Congress,  Pentagon officials are vehicle hit a record WASHINGTON—Pentagon much of Amazon’s case. released beforethe latest court considering pulling the plug of $25,463 in April, Newcars officials are considering pull- Afew days later,Deputy ruling,that said another Ama- on the JEDI cloud-comput- about $2,800 +9.6% ing the plug on the star- Defense SecretaryKathleen zonwin in court could signifi- ing project, which has been higher than the 5 crossed JEDI cloud-computing Hicks said the department cantly draw out the timeline for mired in litigation from Ama- same month a project, which has been mired would review the project. the program’simplementation. zonand faces continuing year earlier and in litigation from Amazon.com “We’regoing to have to as- “The prospect of such a criticism from lawmakers. A1 the first time it Inc.and faces continuing criti- sesswhereweare with regard lengthylitigation processmight has exceeded cism from lawmakers.  China said itspopulation to the ongoing litigation bring the futureofthe JEDI $25,000. Tight TheJoint Enterprise De- around JEDI and determine Cloud procurement intoques- hit 1.41178 billion in 2020, 0 eking out atinyrise from supplies are fense Infrastructure contract what the best path forwardis tion,” the Jan. 28 report said. the 1.4005 billion official data limiting options for Jan. July ’21 wasawarded to Microsoft forthe department,” Ms.Hicks Ms. Hicks and other Penta- 2020 showedin2019,asign of buyers. B1 Source:J.D.Power Corp.in2019 over Amazon, said at an April 30 security gonofficials said thereisa which has contested the award conferenceorganized by the pressing need to implement a demographic challenges. A8 in court ever since. A federal nonprofit Aspen Institute. PleaseturntopageA2  Attorneys general from 44 states and territories urged Facebook to drop M’Lady Is plans to launch aversion of Europe Seeks to Curb Instagram for children. A3  Biden pushed back against Doing the Republicans and business HedgeFunds on Bonds groups who sayenhanced job- Yard Work lessbenefitsare discouraging BY ANNA HIRTENSTEIN market, according to bankers Americans from working. A4 iii who worked on the deals.  U.S. trade groups and Tourist shutdown European governments are France has also limited order As-a-service, firms areseeking apause to a acting to limit hedgefunds’ sizes, an official said. rule that allows the govern- at British castles participation in the market for Millennium Management, at your service. ment to block foreign telecom- newsovereign-bond issuance, Brevan Howard,DoubleLine, gear importsand other deals means staffisaway following asurge in demand Tenaron Capital Management deemed asecurity threat. A2 from the firms. and BlueBayAsset Manage- Introducing APEX, technology  TheBiden administration BY ALISTAIR MACDONALD Thepushback was ment areamong the hedge prompted by unusually large funds that have been activein as-a-service thatscales on demand, said it would enforce legal AfterCovid-19 firstsent Brit- orders placed by hedge funds the primarymarket forsover- protections against discrimi- so nothing holds youback. nation forgay and transgen- ain intolockdown in the spring fornew bonds,which canthen eign bonds in recent months, der patientsseeking health- of 2020,the ownersofHigh- potentially be sold—some- according to bankers. Some clereCastle,where“Downton times within hours—tothe Eu- hedgefunds have put in or- Learn moreat care under the ACA. A3 Abbey” wasset, had to banish ropean Central Bank fora ders for as much as €3 billion DellTechnologies.com/APEX visitors and send staff away. profit, bankers, investors and of bondsinasingle offering, CONTENTS Opinion...... A15-17 They closed shutters and agovernment official said. Or- whichisfar morethan they Arts in Review... A13 Personal Journal A11-12 Business News.. B3,5 Sports...... A14 shrouded furniturewith dust der books,which track de- canrealistically buy,the bank- Capital Journal...... A4 Technology...... B4 covers in its250 plus rooms. mand fornew bonds and help ers said. Crossword...... A13 U.S. News...... A2-7 Fiona Herbert—Lady Carnar- determine the prices,havebal- Largeinvestment firms, Heard on Street.B10 Weather...... A13 von—whose family owns the looned since hedge funds be- pensionfunds,insurersand Markets...... B9 World News..... A8-10 grandhome,poured herself a gan to pile into this trade. banks’ treasury departments coconut waterand settled intoa Thedebt-management of- areusually the biggest buyers > house that had never been so ficesofSpain and Italy have of government bonds in the emptyinits 350-year history. placed caps ranging from €500 primarymarket. Countries is- “The house and Igot to know million to €1 billion, equiva- suing bonds typically seek to each other,” she said. “I thought I lent to $608 million to $1.2 avoid investorswith ashort- did knowit, but it felt different.” billion, on orders from hedge term horizon. That is because s 2021 Dow Jones & Company, Inc. All Rights Reserved Her alone time is coming to funds forbonds directly issued hot money flowing quickly in PleaseturntopageA10 by countries in the primary PleaseturntopageA10 P2JW131000-5-A00200-1------XA

A2 | Tuesday, May 11, 2021 ***** THE WALL STREET JOURNAL. U.S. NEWS GroupsSeek to Halt Rule on Foreign Technology

BY KATY STECH FEREK conduct espionageagainst tailersofcommunications tech International Business In proposing the rule,the introduced by May19, but Americans,which Huaweihas equipment and services,called Machines Corp.has pushed agencysaid that the “informa- Commerce officials said in a U.S. trade groups and com- denied. on Commerce to suspend im- back against the rule without tion and communications tech- noticepublished on the Fed- panies areasking the Com- TheTrump-eraregulation plementation while the Biden explicitly saying howthe regu- nologyand services supply eral Register that they will merce Department to pause a wasdrafted with the telecom- administration “reviews the lations could affect itsrela- chain is critical to nearly ev- miss that deadline. Trump-eraregulation that al- munications industryinmind, best path forwardtoworking tionship with overseas suppli- eryaspect of U.S. national se- In past statements, the lows thegovernment to block but it allows officials to block with industry on securing the ersthat it relies on forthe curity. It underpins our econ- Commerce Department has foreign telecommunication- manytechnologytransactions [information and communica- software,cloud services and omy; supportscritical said the newregulations could gear importsand other busi- involving critical U.S. infra- tions] supply chain,” according consulting it provides. infrastructureand emergency affect as manyas4.5 million nessdeals deemed asecurity structureifthey determine to an April 28 lettertothe “This massively over-broad services; and facilitates the U.S. companies and cost them threat, saying the measureis thereisanational security risk. agency. and deeply flawedrule should nation’s ability to store…vast $20 billion annually to comply, overly broad. In recent letters,some of TheU.S.Chamber of Com- be scrapped beforeitinflicts amounts of data.” including the expense of hiring Therule wasproposed in the groups and companies merce,the National Association seriouseconomic harm and Commerce officials have lawyerstointeract with the 2019 in response to rising U.S. asked Commerce officials to of Manufacturers, Information confusion,” said Chris Padilla, previously said they are com- government. concerns about Chinese tech- hold off on enforcing the regu- TechnologyIndustryCouncil the head of IBM’sgovernment ing up with apreclearance Theagencyhas said it plans nologyfinding itsway intothe lations, which took effect and the Software Alliancehave and regulatory affairs. program to allowbusinesses to dedicate four people to re- U.S.,including telecom giant March 22,until the Biden ad- said that the regulations give A Commerce spokesperson to voluntarily submit deals for viewing riskytransactions— HuaweiTechnologies Co.’s ministration canmakeits own the U.S. government overly said the department “appreci- review, which could givebusi- “anincredibly lean staff,” said sales of broadband equipment assessment of security risks broad powers that could lead ates theparticipation of in- nesses certainty that a future the Internet & Television As- to ruralphone companies and among U.S. imports. to costly investigations into dustryand will as always care- transaction wouldn’t triggera sociation, the U.S. cable-televi- internet providers. TheTelecommunications In- businessdeals while doing lit- fully consider all commentsas costly investigation or un- sion industry’strade group,in U.S. officials contend the dustryAssociation, which rep- tle to protect U.S. national se- part of the rule-making pro- winding. an April 28 lettertothe gear could be used by China to resentsmanufacturersand re- curity. cess.” That programwas set to be agency.

because it is led by Jeff Bezos. Entrepreneurs’ PathwaytoU.S.Clears JEDI Mr.Trump,aRepublican, has blamed Mr.Bezosfor what he viewedasunfavorable cov- BY MICHELLE HACKMAN President Donald Trump’s planstomarket the program TheU.S.currently has no Project erageofhis administration in administration opposed the as part of its efforts to revive visa available forstartup the WashingtonPost, which Mr. WASHINGTON—TheBiden program because it relies on an it. Those moves respond to re- founders, though the idea en- Bezosbought in 2013 for$250 administration plans to revive authority known as parole, questsfromventure-capital joys broad bipartisan support. Imperiled million. ThePost said itsedito- an immigration program that which allows the U.S. to let in firms, which want the admin- Foreign entrepreneursmust rial decisions areindependent. letsforeign entrepreneurs foreignerswithout visas so istration to put resources be- use other visa categories, At the time,the Trump work in the U.S. long as thereisa“significant hind a program that could although none are a perfect fit. ContinuedfromPageOne WhiteHouse referred questions TheInternational Entrepre- public benefit.” It published a lowthousands of foreign An official with USCIS,which cloud program that serves to the Pentagon, which denied neur rule,proposed by Presi- noticesaying it intended to startup founderstomovetoor runs the program, said it re- most of itsbranches and de- that Mr.Trump or administra- dent BarackObama’sadminis- terminatethe program, though remain in the U.S. ceived just 30 applications for partments. tion officials had anyimpact on tration three days beforeheleft it ultimately never did. The “Immigrantsinthe United the program from 2017to2019, TheJEDI contract, valued the selection process. officein2017, allows foreign program withered anyway be- Stateshavealong historyofen- and just one wasapproved. US- at up to $10 billion over 10 Beforethe latest court fight, entrepreneurstowork in the cause startup foundersand trepreneurship,hardwork,and CIS has estimated that, if the years,aims to allowthe Penta- Oracle Corp.—one of the origi- countryfor up to five years, so venture-capital firms inter- creativity,and their contribu- program is runproperly,about gon to consolidate its current nal bidders—had sued to halt long as their startups attract at preted the noticeasasign the tions to this nation areincredi- 3,000 foreign entrepreneurs patchwork of datasystems, the contract awarding process. least $250,000 in U.S. venture Trump administration wouldn’t bly valuable,” said acting U.S. would qualifyayear,leading to give defense personnel better Its2019 lawsuit claimed that capital, hire10employees or approveapplications. Citizenship and Immigration about 100,000 jobs being cre- access to real-time informa- an Amazon employee who meet other benchmarks. TheBiden administration Services Director TracyRenaud. ated over adecade. tion and put the Defense De- worked forthe Pentagon in partment on astronger foot- 2016 and 2017helped steer the ing to develop artificial- procurement processtofavor U.S. WATCH intelligencecapabilities that Amazon, which then hired him areseen as vital in the future. back.Ajudgesubsequently re- Some lawmakersand gov- jected those allegations,allow- ernment-contracting experts ing the bidding process to said JEDI should be scuttled be- moveforward. cause itssingle-vendor,winner- Amazon has maintained that take-all approach is inappropri- it gotnofavorable treatment ateand outmoded for from the Pentagon at anypoint, mammoth enterprises likethe but the issue resurfaced last Department of Defense.These week,with Sen. MikeLee (R., people said the Pentagon should Utah) and Rep.Ken Buck (R., movetoanincreasingly popular Colo.) sending aletter request- approach to enterprise cloud- ing aJusticeDepartment inves- computing that includes multi- tigation intoalleged conflicts ple companies as participants. by that employee and others. Spreading out the work also In April, Sen. Chuck Grassley reduces the risk of legal chal- (R., Iowa)wrote alettertoPen- lenges from excluded compa- tagonofficials raising concerns nies, they said. Rep.Steve Womack (R., Ark.) called on the Pentagon last Microsoftsaysitis week to start fresh with anew contract-bidding processthat readytocontinue would “enable best-in-classca- S theproject despite pability by prioritizing the on- PRES going competition that acloud theproblems withit.

UMA environment canpromote.” /Z Should the Pentagon scuttle JEDI, the government could seek to patch together a new about the agency’soversight of cloudprogram by expanding the project and seeking more SENTINEL/TNS several existing Defense De- details about alleged conflicts partment information-technol- of interest and possible impro-

ORLANDO ogycontracts, said John prieties,which some critics and A/ Weiler, a longtime JEDI critic rival companies said might who is executivedirector of have skewedthe initial procure- BUXED the IT Acquisition Advisory ment steps in Amazon’sfavor.

MIREZ Council, a public-private con- Several of the concerns

RA sortiumthat advises govern- raised in both letters had been ment andindustryontech- reviewedpreviously.Afederal

RICARDO procurement best practices. judgein2019 concluded that SHOOTING AFTERMATH: A man was killed outside a federal office building in Orlando, Fla., on Monday, and a suspect was arrested Microsofthas acknowl- the former Amazon employee after a chase, authorities said. Above, family members wait for a relative who was inside the building during the shooting. edged the problems created by “did not taint” the program. the delays but said it is ready A Pentagon inspector-gen- FEDERAL RESERVE VIRGINIA COLORADO WASHINGTON, D.C. to continue the project. eral report determined last “Weagree with the U.S. year that the Pentagon adviser Economy Still Needs Newcomer Gets GOP Motive Sought in Watchdog Faults [government] that prolonged didn’t violateany ethical obli- Aid, Official Says Nod for Governor Mass Shooting Threat Monitoring litigation is harmful and has gations or givepreferential delayedgetting this technology treatment to Amazon. Federal ReserveBank of Chi- Virginia Republican leaders A shooting at a birthday The Capitol Policeforce was to our militaryservicemem- cago PresidentCharles Evans nominated political newcomer party inside a trailer-park home hobbled by inadequate intelligence berswho need it,” the company said on Mondaythatthe weaker- Glenn Youngkin for governor, in Colorado Springs that killed gathering ahead of the Jan. 6 said. “Westand ready to sup- THE WALL STREET JOURNAL than-expected April jobs report betting on the former private- six people before the gunman siege, awatchdog says in anew port theDefense Department (USPS 664-880) shows the challenges the U.S. equity executive, who ran on took his own life stunned a internal report, alarming lawmak- to deliver on JEDI and other (Eastern Edition ISSN 0099-9660) (Central Edition ISSN 1092-0935) economyhas in restarting activ- Donald Trump’s policy agenda, to state weary of gun violence just ers who areconcerned fortheir mission critical DoD projects.” (Western Edition ISSN 0193-2241) ity, in comments thatsuggested turn around the party’s fortunes weeks after another Colorado ownsafetyamid rising threats Amazon declined to com- Editorial and publication headquarters: anychange in monetary policy in a state that has moved mass shooting killed 10 people. againstmembers of Congress. ment for this article. 1211 Avenue of the Americas, lies well off in the distance. sharply toward the Democrats. Police on Monday were inves- Capitol PoliceInspector Gen- Thecompanyhas con- NewYork, N.Y. 10036 For the Fed to start reducing The state’sgeneral election in tigating what led the gunman, eral Michael Bolton wasset to tended in court that then- Published daily except Sundays and its support for the economy, November is poised to be one of who they said was the boyfriend testify Mondayinthe firstof President Donald Trump ex- general legal holidays.Periodicals postage “we’re going to have to see the most widely watched in 2021. of one of the victims, to walk three House hearings this week erted improper pressureon paid at NewYork, N.Y.,and other mailing more strong employment num- It is expected to serveasanearly into the crowded party early on whatwentwrong during the the Pentagon to keep the con- offices. bers” and inflation moving sus- indicatorofthe GOP’s direction Sunday and open fire. Jan. 6riot. Lawmakers areinves- tract from going to Amazon Postmaster:Send addresschanges to The Wall Street Journal, 200 BurnettRd., tainably up to the central bank’s and strength following Mr. Sixadults were killed at the tigating the riots as theycontem- Chicopee, MA 01020. 2% target, Mr. Evans said in a Trump’spresidency and test the home at the Canterbury Mobile plate overhauling security. AllAdvertising published in The Wall television interview on CNBC. intensityofDemocratic turnout. Home Park on the eastside of Many lawmakers are receiv- CORRECTIONS Street Journal is subject to the applicable It will “take quite some time The topRepublican contend- Colorado’ssecond-largestcity, ing threats and worry for their rate card, copies of which areavailable for us to actually see it in the ers were Mr.Youngkin, who and aseventh died at ahospital, safety after the U.S. Capitol was AMPLIFICATIONS from the Advertising Services Department, data, assess it,” before the Fed stepped down lastyear as co- authorities said. The shooterwas so easily breached on Jan. 6 by DowJones &Co. Inc.,1211 Avenue of the Americas, NewYork, N.Y. 10036. The pulls back on stimulus, he said. chief executiveofThe Carlyle the boyfriend of afemale victim supporters of President Donald Journal reserves the rightnot to accept “I can’t give you a time frame.” Group Inc., one of the world’s at the partyattended by friends, Trump who wanted to overturn The name of Space Explo- an advertiser’s order.Only publication of Mr. Evans is a voting member largestprivate-equityfirms; Pete family and children, policesaid. the election. ration Technologies Corp. an advertisementshall constitutefinal of the rate-setting Federal Open Snyder,anentrepreneur and Authorities didn’t release the In a statement Friday, the wasgiven incorrectly as Space acceptanceofthe advertiser’s order. Market Committee. It currently longtime GOP fundraiser; names of the victims, gunman Capitol Police said that there Exploration TechnologyCorp. Letters to the Editor: has its short-term interest-rate Amanda Chase, astate legislator; or disclose a possible motive. has been a 107% increase in in an April 26 Business&Fi- Fax: 212-416-2891; email: [email protected] target set near zero, as it and Kirk Cox, former speaker of Nor did they release any further threats against members of nancearticle about Elon Musk. Need assistancewith your subscription? By web: customercenter.wsj.com; presses forward with $120 bil- the Virginia House of Delegates. details on what weapon or Congress this year compared By email: [email protected] lion a month in asset buying. The GOP in Virginia picked weapons were used. with 2020 and “provided the Noticetoreaders By phone: 1-800-JOURNAL Mr.Evans attributed the short- their nominee at a convention Officials were still in the pro- unique threat environment we Wall Street Journal staff (1-800-568-7625) fall to the challenges of restarting via a ranked-choice voting sys- cess of identifying the victims, currently live in, the Department membersare working re- Reprints &licensing: the economyafter pandemic- tem, which allowed delegates to Sandy Wilson of the El Paso is confident the number of cases motely during the pandemic. By email: [email protected]; driven shutdowns. He cautioned list candidates by preference. County Coroner’s Office said will continue to increase.” Forthe foreseeable future, By phone: 1-800-843-0008 thatitisimportanttodistinguish Gov. Ralph Northam, aDemo- Monday. Mr.Bolton’sreport said that please send reader comments WSJback issues and framed pages: between one-time pricechanges crat,can’trun forasecond con- The attack follows a series of the department“has experienced only by email or phone, using wsjshop.com and enduring increases in inflation. secutiveterm. Mr.Youngkin will mass shootings across the U.S. issues” because of the increase in the contactsbelow, not via Our newspapers are100% sourcedfrom sustainably certified mills. The Fedbroadly expects inflation face the winner of the June 8 this year, including one on March threats overthe lastfiveyears U.S. Mail. to jump this year but nottosig- Democratic primary.Former Gov. 22 at a crowded supermarket in and recommended thatthe force nificantly exceed its 2% target for Terry McAuliffeisafront-runner Boulder, Colo., that killed 10 peo- hiremoreagents who arededi- Readers can alert The Wall Street Journal to any errors in news articles GOTATIP FORUS? an extended period. forhis party’snomination. ple, including a police officer. catedtoassessing threats by emailing [email protected] or SUBMIT IT AT WSJ.COM/TIPS —Michael S. Derby —Joshua Jamerson —Associated Press —Associated Press by calling 888-410-2667. P2JW131000-2-A00300-1030041020C

THE WALL STREET JOURNAL. ** Tuesday, May 11, 2021 | A3 U.S. NEWS StatesUrge Facebook To Scrap Children’s Instagram

BY MATT GROSSMAN

Attorneys general from 44 states and territories urged Facebook Inc.toabandon plans to launch aversion of

Instagram for children, citing (2) behavioral and privacycon- cerns about social media’s effects on young people. JOURNAL

In alettertoFacebook REET

Chief Executive Mark Zucker- ST bergon Monday, the officials LL said that research has painted WA THE

agrim pictureofchildren’sso- R

cial-media use,referencing FO linkstomental-health prob-

lems and bullying. WELSH

Theletteradds bipartisan ALEX weight to pressurethat Face- A classroom at St. Catherine of Siena School in California’s San Fernando Valley. The Catholic school is slated to close its doors because of low enrollment. book has faced over itsplans foranunder-13 Instagram version sinceMarch, when Mr. Zuckerbergspokeabout the Catholic School Enrollment Plunges concept in acongressional hearing.InApril, Democratic law- makersalso sent Mr.Zucker- Over 200 closed in Student enrollment in MaryPat Donoghue,execu- bergalettercriticizing the plan. past year, accelerating Catholic schools,change from tive director of the Secretariat Facebook nowprohibitschil- a trend as pandemic ayearearlier of Catholic Education forthe dren under age13fromjoining 0% United StatesConferenceof itsapps and websites,but Mr. takes a financial toll Catholic Bishops,said the larg- Zuckerberghas acknowledged est factor driving down enroll- that many children join by ly- BY IAN LOVETT -2 ment is declining engagement ing about their age. Secondary in the Catholic Church. Catho- AFacebook spokesman said SANFERNANDO,Calif.— -2.5% lics makeup20% of the U.S. Mondaythat the company Catholic schools acrossthe -4 population, according to a 2019 would work with regulators countryare struggling to keep PewResearch Center analysis, and lawmakersasits plans for the doorsopen, afterapan- down from 24%in2007. the Instagram children’s ver- demic year that leftmanyfami- -6 “It’snot happening in avac- sion evolve. Thecompany lies unable to paytuition and Total uum,” said Ms.Donoghue.“The hasn’t said when it would the church without extrafunds -6.4% overall priority that people are launch the service. to coverthe difference. -8 placing on faith in our society Thegroup of attorneysgen- At least 209 of the country’s Elementary has changed.” eral, which includes the top nearly 6,000 Catholic schools -8.1% Other factorshavecontrib- prosecutors from Texas, New have closed over the past year, -10 uted to the decline as well: En- York and California, warned according to the National Cath- rollment fell sharply in the that social media promotes a olic Educational Association. 2011 '15'20 early 2000s,during the preoccupation with personal Moreclosures areexpected this Source:National Catholic church’ssex-abuse scandal, and appearanceand social status summer,and some schools Sonia Parra helps a student at St. Catherine of Siena School. Educational Association fell again afterthe financial in children. have takentoGoFundMe in an crash in 2008.Some secular Mr.Zuckerbergsaid in effort to stay open. though still cheaper than most anybody out,” Mr.Carroll said. Catholic social-scienceresearch families areturned off by the March that, used with supervi- Nationwide,Catholic school privateschools,has risen to an When schools closed last institutebased at Georgetown church’sopposition to abortion sion, social media canhelp enrollment fell 6.4% at the start averageofabout $4,800 forel- spring,Catholic education offi- University.Atthe time,almost or same-sexmarriage, said young people maintain connec- of this school year,the largest ementaryschool and $10,000 cials said, manyfamilies were all studentswereCatholics, and Carol Ann MacGregor,vicepro- tions with friends.During a single-year decline sincethe forhigh school. unwilling to keep paying tu- classes were oftentaught by vost of Loyola University New congressional hearing,hesaid NCEA began tracking such data Formanyofthe lower-in- ition forremotelearning. priests, nuns or membersof Orleans.Meanwhile,moreof his ownchildren use Messenger in the 1970s. come families Catholic schools ManyCatholic schoolshave male religious orders, who the most devout Catholics are Kids,aservicethe company Urban dioceses have been serve, especially in urban areas, resumed in-person instruction earned salaries far lowerthan home-schooling their children, launched afew yearsago to en- hit especially hard: Enrollment the cost became toomuch once morequickly than nearby pub- their public-school counter- in some cases because they able youth under age13tochat in schools runbythe Catholic the pandemic hit and the econ- licschools.About 85% of Cath- parts. don’t believeCatholic schools or video call with contactsap- Archdiocese of LosAngeles was omycratered. In Boston, 11 of olic schools were open in per- Today, about 1.6million stu- arefocused enough on the proved by their parents. down 12% at the start of this the 111 schools in the archdio- son on anygiven daythis dentsattend Catholic schools, faith. In their letter, the attorneys school year.Inthe Archdiocese cese closed this year. school year,according to the according to the NCEA.About Until recently,the major general rejected that argu- of NewYork,enrollment was “They were serving popula- NCEA.That reopening has 80%ofstudentsare Catholic, Catholic school-enrollment de- ment, writing,“Thereare myr- down 11%. tions that were hardest hit by helped boost enrollment 1.6% and layteachershavealmost clines were concentrated in the iad other—and safer—ways for While enrollment has been the economic shutdown,” said sinceSeptember,though not completely replaced priestsand Northeast and Midwest, where young children to connect fallingfor decades,the pan- TomCarroll,superintendent nearly enough to makeupfor nuns,which has driven up the ashrinking percentageofthe with family and friends.” demichas added to the chal- forthe Archdiocese of Boston. declines in initial enrollment at cost. Though religious instruc- population remains engaged Adam Mosseri, head of In- lenges schools arealready fac- Whenschools hit financial dif- the beginning of the school tion remains acorepieceof with the church. stagram, told The Wall Street ing,Catholic education leaders ficulties in past years, he year. Catholic education, Massisno Butenrollment is nowalso Journal last month that the said. Thepercentageofthe added, the archdiocese could Even beforethe pandemic longer adaily part of most falling in partsofthe West, children’splatform wasinthe population that identifies as help keep them afloat. That hit, about 100 Catholic schools schools. wherethe Catholic population early stages of planning and Catholic has been falling,espe- wasn’t possible during the pan- were closing each year,accord- “Education is not simply has been morestable.The would likely giveparentstools cially in the Northeast and demic,asin-person services ing to the NCEA.In1970, some about educating amind but is Archdiocese of LosAngeles, to monitor children’s activity Midwest. Charter schools and shut down and donations plum- 4.4million studentsattended about forming ahuman spirit,” home to the country’slargest rather than filter the content home-schooling networks now meted. “Because all entities of Catholic elementaryand sec- Paul Escala, superintendent of Catholic school system, an- they cansee.The companyhas attractstudentswho might the Catholic Church were under ondaryschools,according to theLos Angeles archdiocese’s nounced in March that it would also said the version would be once have gone to Catholic extraordinarystressatthe the Center forApplied Re- schools, said of the system’s close six elementaryschools at free of advertisements. schools.Catholic school tuition, same time,nobody could bail search in the Apostolate, a mission. the end of this year. Gay, Transgender HealthPolicyReversed

BY TARINI PARTI by refusing to perform proce- dures they opposed on religious TheBiden administration or other grounds,such as gen- said it would enforce legal der-reassignment surgery. protections against discrimi- TheJusticeDepartment is- nation forgay and transgen- sued a memo in January, just der patientsseeking health- beforePresident Biden took care under the Affordable Care office, that sought to limit the Act,reversing aTrump-era impact of the Supreme Court policy that sought to more ruling from June.That memo, narrowly define the scope of sent by the then-acting head S sexdiscrimination under the of theJusticeDepartment’s health law. PRES civil rightsdivision, John Dau-

TheDepartment of Health TED kas,acknowledged the court’s and Human Services said Mon- CIA ruling was sweeping but said SO

daythat the administration was AS the department shouldn’t ex-

using itsauthority under Title TIN/ tend the interpretation further

IX of the Civil RightsAct to en- MAR to areas wherelongstanding

forcethe ACA’sprohibition YN gender-based policies on bath-

based on sexdiscrimination. UEL rooms and sportsteams could CQ

HHS Secretary Xavier Bec- JA come into play. errasaid the department’sde- Health and Human Services Secretary Xavier Becerra said ‘fear of “Unlikeracial discrimina- cision wasbased on aSu- discrimination can lead individuals to forgo care.’ tion, the Supreme Court has preme Court ruling last year never held that areligious em- Bell Hora that allows the agencytoin- lead individuals to forgocare, it waschanging the policyim- ployer’sdecision not to hire terpret the antidiscrimination which canhaveserious nega- plemented in the Obama ad- homosexual or transgender section of the ACA, which tivehealth consequences,” Mr. ministration to moreclosely persons ‘violates deeply and - bans bias “onthe basis of race, Becerrasaid. “It is the position align with the ACAtext,which widely accepted views of ele- color,national origin,sex,age of the Department of Health doesn’t explicitly mention gen- mentaryjustice’ or that the or disability,” in amoreexpan- and Human Services that ev- der identity as aprotected government has a‘compelling’ sive way. eryone—including LGBTQ peo- category in healthcare. interest in the eradication of TheSupreme Court ruling ple—should be able to access “When Congressprohibited such conduct,” the memo said. in Bostock v. Clayton County healthcare, free from discrimi- sexdiscrimination, it did so TheJusticeDepartment re- said abedrock federal civil- nation or interference, period.” according to the plain mean- scinded the memo later that rightslaw prohibited employ- That section of the health- ingofthe term, and we are month, afterMr. Biden took ersfromdiscriminating care law concerning discrimi- making ourregulations con- office. against workersonthe basis nation has been the source of form,” Roger Severino,then- Thechangewould affect the of their sexual orientation or debateinrecent years. In director of the Officefor Civil 1.4million transgender adults Aaron Faber -NYC, NY |Bassano Jewelry NYC, NY |Exquisite gender identity.The 6-3 opin- 2016, a federal judge in Texas Rights, said when the reversal and 150,000 transgender teen- Timepieces –Naples, FL |Guven Fine Jewelers Bufford, GA |Joseph ion, by JusticeNeil Gorsuch, said the lawdidn’t extend was proposed. agersages13to17inthe U.S., Gann -Boston, MA |Little Treasury Jewelers -Gambrills, MD |Martin rejected administration argu- civil-rightsprotections to Some health groups and according to the Williams In- Pulli -Philadelphia, PA |Orlando Watch Company -Winter Park, FL | mentsthat federal civil-rights transgender people. Democratsatthe time said the stitute, aresearch group at Whittens Fine Jewelers -Wilmington, DE |Worthmore Jewelers - law provides no protection to Andunder the Trump ad- changemade it easier fordoc- theUCLA School of Lawthat Atlanta, GA |Old Northeast Jewelers -St.Petersburg/Tampa, FL LGBT employees. ministration, HHS’s Office for tors and hospitals to discrimi- studies sexual orientation and MeisterSinger USA 727-896-4278 “Fear of discrimination can Civil Rights said in 2019 that nateagainst transgender people gender-identity policy. P2JW131000-5-A00400-17FFFF5178F

A4 | Tuesday, May 11, 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 GOP Leaders Try to Harness a Rebel Army

ers, who fashioned them- energy and support of Mr. Democrats’ leftward moveon selves as the “Young Guns”: Trump and his considerable policyand culturecould Paul Ryan, Eric Cantor and base of supporters. servetoweld together Kevin McCarthy. Mr.Ryanbe- To securethat energy and Trump foot soldiersand came speaker but he,too, support, Mr.McCarthyispre- moretraditional party lead- eventually leftCongressin pared to jettison Ms.Cheney ers. frustration. Mr.Cantor was and her conservativevoting CAPITAL JOURNAL beaten in aRepublican pri- record in favorofRep.Elise et amovement that is marybyatea party upstart. S Stefanik of NewYork,aone- fundamentally anties- By Gerald F. Seib That left Mr.McCarthy, time Trump critic who actu- Y tablishment tends, PRES who todayisthe topHouse ally votedagainst his admin- eventually,togrowjaundiced Republican. And he is,to TED istration’ssignaturepolicy about those who assume OCIA

When the teaparty move- some extent, struggling to SS achievement, the 2017tax-cut roles in the establishment.

ment emergedin2009,Re- manageanangryarmyofin- /A package, and criticized his Thetea party movement publican leadersassumed surrectionistswithin his own decision to withdraw from arose from anger over tax-

they could humor itsfollow- party,this time in the form of HARNIK the Paris climateaccords. payerbailoutsoffinancial ersand capturetheir inten- former President Donald But Ms.Stefanik nowisa companies and homeowners

sity,while keeping them un- Trump and his followers. ANDREW Trump loyalist and has his who took unreasonable risks der control. House Minority Leader Kevin McCarthy (R., Calif.) wants to backing,which has become a leading up to the financial They were wrong.Instead, ow,asbefore, Mr. channel the energy of Trump supporters to take back the House. moreimportant credential crisis of 2008 and 2009.It the party’s McCarthyistrying to forTrump followers than a morphed intoanger at leaderswere N former president over his un- Ms.Cheney has aquite bend to this forcein conservativevoting record. Obamacareand federal debt. consumed by hopes he canuse itsenergy in substantiated 2020 election different view, of course.She Thequestion facing Mr. That angeroverfederal the movement next year’s midterm elections. claims and to point afinger has made it clear that refusal McCarthyand other party debt evaporated when the they tried to Firsthepaid homagetoMr. of blame at him over his role to accept the outcome of a leadersiswhether they are Trump administration began corral, and by Trump personally by visiting in the Capitol insurrection. valid national election will again mistaken in assuming ringing up record budget def- the grass- him at his newheadquarters Farmorethan is commonly become adefining character- they canchannel the energy icits. Teaparty leadersem- rootsanger they thought they in Mar-a-Lago, and then by realized, this is an attempt istic of the Republican Party and anger of agrass-roots braced Mr.Trump anyway, could use to their advantage. backing away from criticism not to expand Mr.Trump’s if allowedtostand, and that movement without being largely because he shared Teaparty energy helped of Mr.Trump’sclaims that role in the party but to con- aparty must confront such overtaken by it. their animus toward the po- propel Republicans intoa the 2020 election wasstolen, trol it. ManyRepublicans an argument rather than sim- They mayberight in mak- litical establishment. House majority and make and of the role he playedin think Ms.Cheney only keeps ply movepast it. ing such an assumption. Ultimately,the teaparty John Boehner the speaker of sparking the Jan. 6insurrec- the spotlight on Mr.Trump Mr.McCarthyand other Much of politics todayisde- movement wasdefined the House—yet he wasnever tion at the Capitol. by continuing to publicly call House Republican leaders fined by who youare against mostly by itsdistrust of that able to contain the movement Now, famously,Mr. McCar- him out over the 2020 elec- think they arepursuing a morethan what youare for, establishment; it wasless he wasriding and eventually thythis week appearsset on tion, thereby making it harder moreforward-looking goal, and opposition to liberals, about ideologyand more resigned in frustration. engineering the ouster of Rep. to movepast that chapter. which is to take back control Democratsand the Biden ad- about attitude.And eventu- Thetask of riding herd Liz Cheney from aHouse They thinkshe is the one en- of the House in next year’s ministration’saggressive ally,ofcourse,itbucked off over the teaparty caucus fell leadership position because abling the former president midterm elections.Doing so, agenda maybeenough to the Republican leaderswho to three younger House lead- she continues to challengethe and his lovefor attention. they believe, will requirethe unifydisparateRepublicans. tried to ride it. Aid to States Has Strings: No Tax Cuts

BY RICHARD RUBIN plement Congress’sintent to prevent indirect federal fund- WASHINGTON—TheBiden ing of state tax cuts. administration will begin dis- Administration officials said tributing$350 billion to state Mondaythat states that cut and local governmentsthis taxesmust showthat they used month, giving them money to other funding sources—not the payfor pandemic-related newfederal aid—tofinance costs, fill revenue shortfalls those taxcuts. Otherwise,they and pay for water, sewer and have to giveback the federal broadbandprojects—but not money. Under the lawand the OL

PO to cut state taxes. newTreasuryrules,govern- S Money could start flowing mentsreceiving the money

/PRES to state, local and tribal gov- also can’t use the money for ernments within days, senior debt service, pension contribu- ONIS administration officials said tions or rainy-dayfunds. KLEP on Monday. Statesthat accept the fed-

CHRIS “These governmentshave eral aid will be required to re- President Biden, at the White House on Monday, played down the effects of enhanced unemployment benefits on the labor market. endured unprecedented strains, port anytax cutsthat bring forcing manytomakeunten- their revenue belowinflation- able choices,” said Deputy Trea- adjusted 2019 revenue levels. Biden Defends Extra Pay for Jobless surySecretaryWally Adeyemo. That analysiswon’t penalize Manystate and local govern- states forincorporating federal mentsstruggled during the taxcutsintotheir statetax pandemic as taxrevenue tem- systems.Statescan then tryto BY KEN THOMAS theprevious month and well sick during the pandemic and mentsfor benefit recipients, porarily dropped and busi- showthat they experienced AND KATE DAVIDSON belowthe one million jobs lack of full-time child care, the WhiteHouse said. States nesses closed. But the shortfalls economic growth, raised other economistsexpected to see.A which has affected women in eased those requirementslast were,insome cases,not as bad taxesorcut spending in areas WASHINGTON—President separate report showed there particular. year as the pandemic spread as initially feared or nonexis- outside of programs funded by Biden pushed back against Re- were 7.4million unfilled jobs Mr.Biden on Monday and businesses acrossthe tent, and the federal aid could the newfederal money. publicans and businessgroups in the U.S. playeddownthe effectsofen- country shut down. leave some governmentsun- “States are clearly permit- who sayenhanced joblessben- Republicans on Capitol Hill hanced joblessbenefitsonthe Earlier studies of the extra usually flush. California Gov. tedtofund taxcutsout of efits are discouraging Ameri- have argued enhanced benefits labor market, saying “wedon’t weekly unemployment pay- GavinNewsom, expecting a growth aboveaninflation-ad- cans from working,defending forunemployedworkersare seemuch evidenceofthat.” He ments, which Congressini- $75.7billion budget surplus, justed baseline,” said Jared his economic prescriptions holding back the recovery by also said the administration tially set at $600 a week last proposed on Mondaya$100 Walczak, vicepresident for and saying his administration making it harder forbusi- would work with states to year,found they weren’t af- billion stimulus and relief plan. stateprojectsatthe TaxFoun- would make clear that people nesses to fill openings, espe- makeclear that, under the law, fecting the rate at which peo- TheTreasuryDepartment dation, aWashingtongroup can’t turn down suitable jobs cially in low-wagesectors workersreceiving benefits ple were returning to work also released rules that spell that generally favors lowertax andkeep collecting benefits, wherethe benefitsmay be who areoffered asuitable job during the pandemic.But out howstate and local gov- rates and fewer breaks. except in specific circum- biggerthan the paycheck.The can’t refuse the position and economists cautioned at that ernmentscan use the money— Disagreementsoverhow stances. U.S. Chamber of Commerce keep collecting benefits, with time that the payments could and how they can’t. The most much aid stateand local gov- “I never said and no serious last week called on Congress some limited exceptions,such become a bigger factor in re- controversial pieceisaprohi- ernmentsneeded stalled pas- analyst ever suggested that to end the extrapayments ducing labor supply as the bition on using the money to sageofrelief bills in the second climbing out of the deep,deep now, several months before health risksfromthe pan- pay for state tax cuts. half of 2020.When Democrats hole our economywas in they are set to expire. Republicans say demic receded. Republican-led states ar- took full control of the House, would be simple, easy, imme- Under relief bills passed by SenateMinority Leader gued that the condition was Senateand WhiteHouse in diateorperfectly steady,” Mr. Congress, unemployedworkers enhanced benefits Mitch McConnell (R., Ky.) said vagueand unconstitutional, early 2021, they moved quickly Biden said at the WhiteHouse are eligible for an additional are holding back Mondayheheardconcerns and several have filed law- to incorporatestate and local on Monday. $300 aweek on topofregular aboutinflation, increased suits. Administration officials aidintothe lawthat President TheU.S.economyispoised state jobless benefits, which the economy. costsand supply-chain back- said they were trying to im- Biden signed in March. for rapid growth this year as average$318 aweek,accord- ups during his discussions vaccination ratesclimb and ing to the Labor Department. with workersand business consumer and business activ- That meansthe averagebene- leaders last week in his home ity picks up,spurred in part by fitrecipient earns betterthan as because they have children state. “Almost everyemployer aflood of federal aid. But Fri- the equivalent of working full who can’t go to school because Ispokewith specifically men- S NEW

day’slackluster employment time at $15 an hour.Those en- of the pandemic. tioned the extra-generous job- G report has fueled concerns hanced benefitsare available “We’ll insist that the lawis lessbenefitsasakey force amongpolicymakersthat a until September, for a maxi- followedwith respect to bene- holding back our recovery,” OOMBER

shortage of workers could re- mumofnearly 18 months— fits,but we’renot going to Mr.McConnell said on the BL strain the paceofthe recov- about three times longer than turn our backs on our fellow Senate floor. S/ ery. most states typically allow. Americans,” Mr. Biden said. Bidenadministration offi-

U.S. employers added asea- TheBiden administration Thepresident is also direct- cials have said they don’t see REYNOLD

sonally adjusted 266,000 jobs has said other factorsare ing Labor SecretaryMarty evidencethat overly generous ANI EF

in April, the Labor Department keeping workers on the side- Walsh to work with states on joblessbenefitsare reducing ST said, asharp slowdownfrom lines, such as fear of getting reinstating job-search require- labor supply. The Treasury Departmentset rules on howfederal aid can be used. California Governor’s Stimulus Plan Adds More Cash Assistance

BY CHRISTINE MAI-DUC Thebudget proposal, if tancetorentersto$5.2billion in March by President Biden. in the past few months. avoid being recalled.” passed by the Legislature, and is proposing a further $2 California’seconomyis Mr.Newsom is facing a Mr.Newsom didn’t directly California Gov.Gavin would send $600 tax-rebate billion in aid to help with util- starting to turn around from likely recall election later this respond to questions at anews Newsom proposed a $100 bil- checks to households making ity expenses. the Covid-19 pandemic-induced year.Political veterans in Sac- conferenceMondayabout any lion economic stimulus plan up to $75,000 and an additional Mr.Newsom didn’t detail downturn. Mr.Newsom closed ramentohavesaid his chances link between the proposal and that would triple the state’s $500 to families if they have how he would spend the rest large portions of the state’s of beating back avotetore- the recall election. direct cash assistanceprogram children. Thecost of the new of the money, but is expected economylast year as it became movehim depend largely on Coupledwith paymentsfor to reach an estimated two- checks is about$8.1billion. to do so this week leading up acoronavirus hot spot. With the trajectoryofthe state’s low-income Californians an- thirds of residents. “California’srecoveryis to his presentation of are- the state’s7-daytest positivity economy and the pandemic. nounced in February,Mr. Mr.Newsom said Monday well under way,but we can’t vised state budget on Friday. rate at 1.1%,the lowest since John Cox, Mr.Newsom’s Newsom’slatestproposal that the state is expecting an be satisfied with simply going In addition to itsbudget the pandemic began, California 2018 Republican opponent would bring the stateprogram unprecedented $75.7billion back to the way things were,” surplus,California is getting is on track to meet Mr. who has said he would runin to $11.9billion, asum that statebudget surplus,due Mr. Newsom said. The Demo- $27 billion in additional funds Newsom’s target to fully reopen arecall, accused the governor would exceed statespending largely to booming taxreve- crat also said he would double as part of the federal corona- the economyJune 15.Covid-19 of “making one-time pay- last year for the University of nues from wealthy residents. the amount of direct assis- virusaid bill signed intolaw spread has faded significantly mentstoCalifornians to California system. P2JW131000-0-A00500-1------XA

THE WALL STREET JOURNAL. Tuesday, May 11, 2021 | A5

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A6 | Tuesday, May 11, 2021 **** THE WALL STREET JOURNAL. U.S. NEWS Pipeline Industry’s Cybersecurity Has Little U.S. Oversight

BY DAVID UBERTI body enforcing standards for AND CATHERINE STUPP oil-and-gas companies,said Tobias Whitney,vicepresident The ransomware attack on of energy security solutions at Colonial Pipeline Co.hit an FortressInformation Security, industrythat largely lacksfed- acompanythat helps energy eral cybersecurity oversight, a firms vetbusinesspartnersfor situation that has contributed cyber readiness. to uneven investmentsindigi- “Therearen’t anymillion- taldefenses that leave the oil- dollar-a-daypotential fines as- and-gas sector vulnerable to sociated with oil-and-gas infra- similar hacks in the future. structureatthis point,” he Thetemporaryshutdown of said. “There’snoannual audit.” Colonial’spipeline,the largest Colonial Pipeline said Fri- conduit forgasoline and diesel daythat it proactively shut CK to the East Coast, follows down its 5,500-mile pipeline, TO warningsbyU.S.officials in re- which stretches from the Gulf cent months of the danger of Coast to NewJersey,after a

SHUTTERS cyberattacks against privately ransomware attack on itscom- A/

EP held infrastructure. It also puter networks.The company

O/ highlightsthe need foraddi- said Mondaythat the hack af- ALZ tional protections to help fected only itsinformation SC

LO shield the oil-and-gas compa- technology, rather than con-

JIM nies that powermuch of the trol systems used to runthe AColonial Pipeline facilityinBaltimore. Aransomware attack shut down the company’sfuel pipeline from the Gulf CoasttoNew Jersey. country’seconomic activity,cy- pipeline,and that it aims to berexpertsand lawmakerssay. restore substantial service by “The pipeline sector is abit week’s end. of the Wild West,” said John Aspokeswoman forthe TSA Attack Traced to Criminal Gang Cusimano, vice president of said it is working with the Cy- cybersecurity at aeSolutions,a bersecurity and Infrastructure consulting firm that works Security Agencytorespond to Pipeline hackers based security.Ransomware is aprac- 5,500-mile line from the Gulf meaning that other criminal with energy companies and the Colonial Pipeline incident. ticehackersuse to lock up com- Coast to Linden, N.J.,has been groups canpurchase it to carry otherindustrial firms on cy- TheEnergy Department held in Eastern Europe, puter systems and demand a offline forfour days following a out attacks and then sharethe bersecurity. calls with representatives U.S. says, but no direct payment from victims fortheir ransomware attack on itsinfor- proceeds with the hackerswho Mr.Cusimano called for from the energy sector Mon- release. mation-technologysystems,in- developed it, Ms.Neuberger rules similar to the U.S. Coast daytokeep them abreast of a link to Russia found President Biden and others stead referring obliquely to “the said. Guard’s2020 regulation of the federal law-enforcement inves- said theRussian government latest news.” Expertssay such abusiness maritime sector,requiring tigation into what happened, BY DUSTIN VOLZ didn’t appear to have ahand in “Weare apolitical, we do not model has recently grownmore companies operating ports White House deputy national the attack,but he criticized participateingeopolitics,” the popular as ransomware attacks and terminals to put together security adviser Anne Neu- Acriminal gang believed to Moscow fortolerating criminal group said in itspost. It said it have proliferated and increas- cybersecurity assessmentsand berger said. be basedinEastern Europe was hackerswithin itsborders. wasn’t tied to a“defined” gov- ingly been used to target critical plans for incidents. TheEnergy Department will involved in thehack that has led Anne Neuberger, deputy na- ernment and added: “Our goal systems at hospitals,schools More than two-thirds of ex- also launch a100-day“sprint” to the shutdown of the main tional security adviser forcyber is to makemoney,and not cre- and elsewhere. ecutives at companies that to improvepipeline security, pipeline supplying gasoline and and emerging technology, said ating problems forsociety.” Ms.Neubergerdeclined to transport or store oil and gas Ms.Neubergersaid Monday, fol- diesel fuel to the U.S. East during aseparateWhiteHouse Thegroup that posted the comment on whether Colonial said their organizations are lowing asimilar plan unveiled Coast, U.S. officials said Mon- pressbriefing that officials be- statementdidn’t respond to a has paid aransom, and the com- ready to respond to a breach, last monthtoshoreupelectric day, as President Biden and oth- lieved DarkSide wasacriminal request forcomment. Thestate- panyhasn’t said so publicly ei- according to a2020 survey by utilities and moreaggressively ersdecried the ransomware at- group and confirmed that Colo- ment didn’t sayhow much ther. the lawfirm Jones Walker LLP. vettheir foreign suppliersfor tack that wasused as agrowing nial shut down itsnetworks be- money wasbeing demanded. DarkSide,which says it has But manydon’t take basic pre- potential cyber threats. global problem. fore the ransomware infected U.S. officials and cybersecu- broken into networks on more Ms.Neubergerurged compa- Theorganization, known as anyofits operational control rity investigatorsinvolved in re- than 80 companies dating back nies to invest moreinmeasures DarkSide,isarelatively new systems. sponding to the pipeline hack to August 2020,claims to be an Future pipeline hacks to prevent attacks,adding, hacking group that Western se- Asked if therewerepossible have viewedDarkSide as alead- experienced team of ransom- “The government remains open curity researcherssay is likely ties to the Russian government ing suspect in the attack since ware creatorsthat had previ- could ripple across and willing to partner to sup- based in Eastern Europe,possi- or other groups,Ms. Neuberger itsdiscoverylast week,accord- ously made millions of dollars theU.S.powergrid, port those efforts.” She didn’t bly in Russia. Theorganization said: “Our intelligenceagencies ing to people familiar with the infecting victims with ransom- specifydetails of such support. created the malicious computer arelooking forany ties to na- matter. They have come to that ware. one lawmaker said. Many industry groups pre- code that resulted in the shut- tion-state actors.” determination in part due to DarkSide also claims to en- ferpublic-privatepartnerships down, officials said. In Russia, China and else- commonalities in the malicious gage in extortion, threatening to remain voluntary and have “The FBIconfirms that the where, the line between crimi- code used in the attack that link to publicly publish databelong- cautioned against regulatory DarkSide ransomware is re- nalhacking groups and state- it to previous attacks carried ing to itsvictims,ifthey don’t cautions such as encrypting overreach. sponsible forthe compromise of backed cyber operations is outbythe group,one of the paythe ransom. Thehackers dataorconducting dryruns of Suzanne Lemieux,the the Colonial Pipeline networks,” oftenmurky, security experts people said. saythey arewilling to sell in- attacks,said Andy Lee, who American Petroleum Institute’s aFederal Bureau of Investiga- say, as governmentsoften toler- TheFBI on Fridaysent out side information about publicly headsthe firm’sprivacyand manager of operations security tion spokesman said Monday. atecriminal activity as long as an internal all-pointsbulletin traded companies if these com- security team. and emergencyresponse pol- “Wecontinue to work with the it is targeted overseas and asking forany information panies refuse to meet their ran- “The overconfidenceissue icy, said that oil-and-gas com- companyand our government sometimes recruit hackersfrom about the DarkSide group,ac- som demands. is aserious phenomenon,” Mr. panies largely adhere to secu- partners on the investigation.” those groups to carryout their cording to two people familiar Colonial on Mondaysaid the Lee said. rity recommendations from the Thehack of Colonial Pipe- ownobjectives. with the matter. TheFBI didn’t situation continued to evolve Electric utilities aregov- National InstituteofStandards line Co., disclosed over the Earlier Monday, DarkSide immediately respond to are- but that it wasworking on a erned by rules enforcedbythe and Technology. She criticized weekend, has prompted intense posted astatement on the dark quest forcomment on the bulle- plan to return to serviceina North American Electric Reli- the electricity sector’s frame- concern among senior U.S. offi- webclaiming that itsgoal was tin. phased approach with agoal of ability Corp., a nonprofit that work forcreating compliance cials within the Biden adminis- solely to makemoney and de- TheFBI has been investigat- “substantially restoring opera- reviews companies’ security costswith few security payoffs. tration, manyofwhom have al- nied it wasconnected to afor- ing the DarkSide ransomware tional servicebythe end of the measures and has the power Oil-and-gas companies see ready viewedransomware as a eign government. TheDarkSide code sincelast October,Ms. week.” to impose million-dollar fines cybersecurity measures as a digital blight capable of jeopar- statement didn’t directly men- Neubergersaid. It is aransom- —Robert McMillan if they don’t meet standards. competitive advantage in the dizing national and economic tion Colonial Pipeline,whose ware-as-a-servicevariant, contributed to this article. Thereisnosuch regulatory market, she said.

Mr. Biden and current and Shareofcompaniesineach sector thatreportedbeing victims to ransomware attacks in 2020 Limited fuel supplies in Disruption former U.S. security officials Tennessee areparticularly said the Russian government 0% 20 40 60 80 concerning,asthe stateis didn’t appear to have a direct Energy,oil/gas &utilities highly dependent on the pipe- May Last hand in the attack,but the Healthcare line,said TomKloza,global president criticized Moscow head of energy analysis for fortolerating criminal hackers Localgovernment Oil Price Information Service, within its borders. or OPIS,anIHS Markit com- For Week Business&professional services “So far,thereisnoevi- pany. dencefromour intelligence Technology &telecom Gasoline futures prices ContinuedfromPageOne people that Russia is in- have surgedand areupmore Retail DarkSide created the mali- volved,” Mr.Biden, aDemo- than 50% in 2021. cious code that resulted in the crat, said.“Although thereis Construction &property “Thisishappening at the Colonial Pipeline’s shutdown, some evidencethat the ac- worsttime heading intothe FBI officials said Monday. tors’ransomware is in Russia. Education summer and also to the most The organization is a rela- They have some responsibility Centralgovernment vulnerable area,” said Michael tively newhacking group that to deal with this.” Tran, managing director for Western security researchers Energy marketswerevola- Financial services global energy strategyatRBC said is likely based in Eastern tile in response to the pipe- Manufacturing &production Capital Markets. Europe, possibly in Russia. line disruptions. Gasoline fu- TheEast Coast is the least Thegroup posted astate- tures in NewYork ended the Media, leisure&entertainment energy-secureU.S.region be- ment earlier Mondayclaiming dayup0.3%at$2.13 agallon, Distribution &transport cause of the dearth of refiner- itssole goal wastomake afterthey had advanced as ies there, he said. money and denied it wascon- much as 4.2% in overnight Based on asurvey of 2,006 organizations hit by ransomware attacks. The data held forransom included encrypted and non-encrypted information. Traderswerepreparing for nected to aforeign govern- trading.But analystssaid Source:SophosState of Ransomware 2021 report Siemond Chan/THE WALL STREET JOURNAL arise in European fuel ex- ment. It didn’t mention the prices forgasoline,particu- portstothe U.S. Shipments Colonial Pipeline or how larly spot prices in regions af- said Bob Yawger,director of Average U.S. pricefor agallon Gasoline futures prices from the continent have much money wasbeing de- fected by the closure, could the futures division at Mizuho of regular,unleadedgasoline tended to rise following simi- manded.“We areapolitical, continue to increase if the Securities USA. lar disruptions,including a we do not participateingeo- pipeline isn’t back in service “That’sstill significant $3.00 agallon $2.20 agallon 2016 Colonial Pipeline shut- politics,” the group said in in afew moredays. enough to makeadifference,” down following aleak.Weekly the statement. Gas prices have been surg- he said. “This just shows how Wednesdaygovernment up- TheBiden administration ing, pushing up the national fragile the situation is.” 2.80 2.00 dates on U.S. energy stock- issued an emergencywaiver averagepriceofagallon of “Every hour counts at this piles, importsand exports extending hoursfor truck regular,unleaded gasoline to point as we getcloser and will nowbeinevengreater driversdelivering fuel across $2.96 agallon, according to closer to Memorial Dayweek- focus,analystssaid. 17 states,including several the AAA.That national aver- end,” he added. 2.60 1.80 Thecybersecurity recovery acrossthe Southeastern U.S. agecould soon pierce $2.99 Some consumerswerebrac- forthe Colonial Pipeline could that depend on the pipeline and hit a 6½ year high. Gaso- ing forcontinued fuel-pricein- take up to and possibly longer formuch of the fuel they con- line prices could rise 3cents creases,which come as prices than afew moredays,said sume.Speaking briefly on to 7centsagallon this week in of everything from food to ap- 2.40 1.60 Marc Ayala, adirector of in- Monday, President Biden said affected areas such as Missis- pliances also surge. dustrial control system secu- he is prepared to take addi- sippi, Tennessee and in East “Gas is so volatile to begin rity at consulting firm 1898 & tional action, depending on Coast states, from Georgia to with that adding another factor 2.20 1.40 Front-month contract Co., part of Burns &McDon- howlong it takesfor the Delaware, AAA estimated. is just another aggravation,” nell in Houston. pipeline to resume operations. Even aroughly weeklong said MattJackson, a40-year- JFMAM JFM AM “Given thebreadth of the Mr.Biden said ransomware delaycould reducethe old judicial aide and paralegal Sources: AAA (gasoline price); FactSet (futures) unknowns,the discovery, con- wasagrowing problem in amount of fuel held in stock- student in Philadelphia who tainment, decontamination need of aglobal response and piles. That would likely am- travels 10 miles everybusiness his drivehome Mondayafter- more closely,” he said. and remediation effort will be said moreinvestment in criti- plifypressureonconsumers daytoand from the court noon and wasbracing for Southeastern states from lengthyand likely result in a calinfrastructurewas neces- at thepump with demand set building whereheworks. prices to continue rising ahead Alabama to Maryland could gradual return to operations,” sary to safeguard critical sys- to rise in the coming weeks as Mr. Jackson noticed that a of aplanned Memorial Day seesporadic outages and a Mr.Ayala said. tems from debilitating moremotoriststravelafter gallon of regular,unleaded trip to the New Jersey Shore. scramble forfuel supplies —Robert McMillan cyberattacks. getting coronavirus vaccines, gasoline cost morethan $3 on “I’m just going to watchit later this week. contributed to this article. P2JW131000-4-A00700-1------XA

THE WALL STREET JOURNAL. **** Tuesday, May 11, 2021 | A7 U.S. NEWS Unions SayMexico Auto-Parts Maker Violates Trade Deal

BY YUKA HAYASHI ance with all applicable labor laws and regulations,” he said. WASHINGTON—U.S.and AFL-CIO President Richard Mexican labor groups filed a Trumka said the alleged ha- complaint against aMexican rassment wasa“textbookvio- auto-partsmanufacturer,al- lation of the labor laws Mexico leging that it violated the U.S.- has pledged to uphold.” Mexico-Canada Agreement by Other complainantswere suppressing itsworkers’ rights theServiceEmployees Inter- to unionize. national Union (SEIU), Public Thecomplaint, filed Monday Citizen and SNITIS—the Sindi- with the U.S. government, is cato Nacional Independiente the firstcase that seeks to use de Trabajadores de Industrias anew labor-disputeprovision ydeServicios Movimiento of the USMCAtrade agreement 20/32. signed intolaw last year by U.S. union leaderswere

former President Donald amongthose pressing for /REUTERS Trump with bipartisan support. tougher labor-enforcement The complaint provides an provisions in theUSMCA. early test of President Biden’s They said that itspredecessor MCDERMID pledgetopress forstrict ad- agreement, the North Ameri- AN herence to labor and environ- canFreeTrade Agreement, BREND mental rules under existing didn’t have sufficient mea- Steven Donziger arrived Monday for his trial on criminal contempt-of-court charges in New York. trade agreements. sures,leading to U.S. manufac- Aspokesman forthe U.S. turing job losses. Trade Representative’soffice, The USMCA’s provision for which will be one of the agen- labor-disputesettlement, Trial Begins of Lawyer Who cies reviewing the complaint, known as the Rapid Response said the agencywould care- Labor Mechanism, makes it fully reviewit. Mexico’sEcon- easier forlabor unions to omyMinistrysaid it hadn’t bring complaints against spe- Sued Chevron in Ecuador Case been notified of the complaint cific facilities in Mexico. and had no comment. Still, the dispute, which The complaint from the la- could result in apunitivestep BY SARA RANDAZZO “Mr. Donziger takes his re- to abide by those orders, and Donziger to hirenew lawyers. bor groups led by AFL-CIO al- against the companyincluding AND REBECCA DAVIS O’BRIEN sponsibility to his clients, the for not complying with Judge TheManhattanU.S.attor- leges that Tridonex, an auto- the imposition of an import people of Ecuador” seriously, Kaplan’sorder to turn over all ney’s officedeclined to prose- partsfactorylocated in the tariff by the U.S.,could take NEW YORK—Steven Mr. Garbus said. his email accountsand elec- cuteMr. Donziger,saying it months to unfold. Donziger oncestood to gain Mr.Donziger firstsued tronic devices to aforensic ex- didn’t have the resources. Acommitteemade up of of- hundreds of millions of dollars Chevron predecessor Texaco pert forChevron’seventual JudgeKaplan named Ms. It is thefirst case that ficials from the Trade Repre- forwinning a$9.5billion envi- Inc. in NewYork in 1993 on use. JudgeKaplan found him Glavin, awhite-collar lawyer,to sentative’sofficeand the Com- ronmental-contamination ver- behalf of native Ecuadoreans in civil contempt of court after prosecuteMr. Donziger instead. seekstouse alabor merce Department will first dict against Chevron Corp.in who alleged the company’soil Chevron repeatedly told the Chevron isn’t aparty in the disputeprovision of reviewthe case.And if it de- Ecuador. operations in the Amazon judgeofinstances the com- criminal contempt trial, termines aviolation has oc- Now, that judgment has were sickening them. Thedis- pany said showed he was still though the firstwitnesscalled theUSMCA. curred,the U.S. will then re- been discredited, Mr.Donziger pute later moved to Ecuador, profiting from his fraud, in- wasapartner at Gibson, Dunn quest the Mexican government has lost his NewYork lawli- whereajudgein2011 issued cludinghis paying an execu- &Crutcher LLP,the lawfirm to investigatethe case and cense,and he is on trial for the $9.5 billion judgment tivecoach with apledgeof that represented Chevron in come up with a remedy. criminal chargesthat he against Chevron. 0.007% of anyjudgment col- the racketeering lawsuit Mexican state of Tamaulipas, If the disputeisn’t resolved flouted a judge’s orders. TheSan Ramon, Calif.- lected from Chevron,out of against Mr. Donziger. “harassed and fired” workers then, an international panel of Thecontempt-of-court trial based oil companyhas spent Mr.Donziger’s share. Judge TheSecond U.S. Circuit whoweretrying to organize experts will review under the that started Mondaybefore the past decade punching Kaplan later brought charges Court of Appeals in March de- with aMexican labor group provisions of USMCA. U.S. District JudgeLoretta back,securing aU.S.court de- of criminal contempt afterMr. nied Mr.Donziger’s request to seeking to improvewages and U.S. Trade Representative Preska is the latest twist in a cision finding that Mr. Donziger’s continued refusal lift his home confinement. working conditions. Katherine Taihas said in re- legalsagainvolving Chevron Donziger and his colleagues to follow the directives. Several dozenprotesters, A lawyer representing the cent weeks she waseager to and Mr.Donziger that has corrupted the legal processin “He made the decision not including actressSusan Saran- workers,Susana Prieto, was take steps to enforce the rules lasted nearly three decades Ecuador by manufacturing evi- to comply with that judgment don and musician Roger Wa- jailed foramonth by local of- of the USMCA. As aHouse and spanned the globe. dence, pressuring judges and from the beginning,” Ms. ters of Pink Floyd, joined Mr. ficials beforeagreeing to aban congressional staffer forthe “StevenDonziger…has in- ultimately ghostwriting the fi- Glavin said Monday. Donziger outside the court- on appearing in labor court, Democrats, Ms.Tai playeda tentionally and repeatedly dis- nal judgment in the case. Ms.Glavin and the judge house Monday morning. the complainants said. significant role in designing obeyed court order aftercourt Those conclusions came in frequently interrupted Mr. Thetwo celebrities were Tridonex, asubsidiaryof and negotiating the USMCA, order after court order,” Rita a 2014 ruling by U.S. District Garbus’s opening,saying he among supporters who made Philadelphia-based Cardone which replaced Naftalast year. Glavin, a private lawyer serv- Judge Lewis Kaplan that also wasn’t addressing issues rele- it into the courtroom forthe Industries Inc., manufactures “Myviewisthat we did our ing as the prosecutor,said ordered Mr.Donziger to relin- vant to the charges at hand. trial.Beforethe trial formally autopartsexported to the U.S. very best to put in the most during opening statements quish his 6.3% contingencyfee Mr. Donziger, 59 years old, began, Mr.Donziger asked the market. effectivetools forenforcement Monday. interest in the case to Chevron has been under home confine- court to open morespaces for ACardone spokesman said that we knowhow,” Ms.Tai Martin Garbus,anattorney and forbade him from profit- ment in his apartment on public viewers and to allowhis thecompanydoesn’t believe said during aSenatehearing forMr. Donziger,said in his ing from the Ecuador judg- Manhattan’s Upper West Side clientsinEcuador to listen re- the allegations in the complaint last month. “I am not afraid to opening remarks that his cli- ment or trying to enforce it in since Judge Kaplan called for motely. areaccurateand would wel- use the enforcement tools.” ent “is innocent of every sin- the U.S. Mr.Donziger denies the criminal contempt trial in JudgePreska said she had come afull inquiry. “Wefully Shenoted that the U.S. has gle charge.” He said the court he acted fraudulently in Ecua- August 2019.His contempt staff working to free more supportour Tridonexworkers “a number of concerns” with had greenlighted an intimida- dor. trial has been delayedrepeat- physical spacefor viewers,but beingrepresented by aunion Mexico’s performanceofits tion campaign by Chevron Mr.Donziger is nowgoing edly, both by the coronavirus reaffirmed an earlier decision andare committedtocompli- commitments under USMCA. against Mr. Donziger. to trial over his alleged refusal pandemic and requestsbyMr. against a remote feed.

12 yearsand older last week. Pfizer Shot Pfizer and BioNTech also have Novavax asked European regulatorsto authorizethe two-dose shot Delays Cleared for forchildren 12 yearsand older. Covid-19 vaccines forchildren under 12 years might be Covid-19 Adolescents available in the U.S. by the end of the year.Pfizerrecently Va ccine said it anticipates asking the ContinuedfromPageOne FDAinSeptember to authorize around when children could its vaccine’s use in children 2 BY PETER LOFTUS getvaccinated, forinstance, to 11 yearsold should ongoing could upset preparations. studies prove positive. Novavax Inc.has delayed “The vaccination is the Children areatlowerrisk of plans to seek regulatoryclear- ticket forthe most normal Covid-19 infection than adults, ances forits Covid-19 vaccine, school year possible next according to health experts, while shortages in rawmateri- year,” said Fairfax County,Va., and when they areinfected als areslowing the ramp-up in

Public Schools Superintendent S they tend to experiencemilder production of doses,the com- ScottBrabrand, whose district symptoms.Yet some canbe- pany said. plans to offer in-person in- PRES come seriously ill and some Thedelays mayset back ef- struction full-time this fall. TED can spread the virus. forts to increase vaccinations CIA

Morethan 114million peo- SO During arecent gathering in developing countries,which pleinthe U.S. have been fully AS hosted by the American Acad- have been dealing with limited

vaccinated, mostly adults, ac- HILL/ emyofPediatrics,about 20% of doses of currently available cording to the federal Centers pediatricians attending said shotsand arelooking forward forDisease Control and Pre- SICA they were already giving vacci- to Novavax’s. JES vention. Health expertssaid Schools could get a boost in resuming in-class teaching. Teenagers are vaccinated in Connecticut. nations to people at least 16 Previously,Novavax said it children will need to be inocu- yearsold, while 60% had en- expected to completerequests lated to reach the community- Thursday, according to Peter as soon as possible while school superintendentsofrolled with their stateasavac- forregulatoryauthorizations wide immunity necessaryto Marks,who heads the FDAdi- other parentswant to wait. largerdistrictssaid they prob- cinator,according to the AAP. of itsCovid-19 vaccine in the drop pandemic precautions vision that regulates vaccines. Some public-schoolsystems ably wouldn’t immediately re- ThePfizer-BioNTech vac- U.S.,U.K.and other European fully.About one-quarter of the Some adolescentswould be areplanning to encourage quirestudentstobeinocu- cine is among three autho- countries by the end of June. U.S. population is under 18 fully vaccinated beforethey families to gettheir children lated against Covid-19 for in- rized foruse in the U.S.,along Now, the companysays it ex- yearsold. head off to summer camps,ac- immunized and to offer shots. person learning because the with shotsfromModerna Inc. pectstocompletethose filings “We’resaving children from cording to health experts, and TheSchool District of Phila- vaccine is authorized for and Johnson & Johnson. by the end of September. ending up sick and going to manywould be protected delphia is working with the lo- emergencyuse rather than TheU.S. authorized the Novavax also said Monday the hospital,” said William against the symptomatic dis- calhealth department and the fully approved. Pfizer-BioNTech shot in De- it pushed back the timetable Gruber,apediatrician and se- ease by the time their next Children’sHospital of Philadel- Los Angeles Unified Super- cember foruse in people 16 forwhen it expectstoreach nior vice president of Pfizer’s school year starts. phia to help students receive intendent Austin Beutner said yearsand older afteratrial in- full production output of about vaccine clinical research. First, acommitteeofex- vaccines,Superintendent Wil- the district would await fur- volving 44,000 subjects. 150 million doses amonth to “We’realso expanding on that pertsadvising theCDC is ten- liam Hite said. ther guidancefromfederal au- Vaccines typically take the fourth quarter from aprior herdimmunity protection that tatively scheduled to meet “Everystepwetaketoward thorities to determine whether yearstodesign, test and bring target of the thirdquarter. is going to be so critical forus Wednesdaytoreview the getting morepeople in our Covid-19 vaccinations would to market. Afterresearchers Thedelays and shortfalls to resume our normal lives.” study dataand decide whether communities vaccinated is a be required. “Down the road, made rapid discoveries about are the latest to hit the small Pfizer Chief ExecutiveAl- to recommend giving the shots step closer to putting all of one might have that expecta- the virus,Pfizerand BioNTech Gaithersburg, Md., companyin bert Bourla expressed thanks to youths,aCDC spokes- this behind us,” said Tulsa, tion,” he said. “But we’ll wait moved quickly partly by bet- itseffort to bring one of the to the children and their fami- woman said. Okla., Public Schools Superin- for health authorities first to ting on apromising but un- most closely watched Covid-19 lies who volunteered to study Thefederal government is tendent Deborah Gist. The tell us it’sappropriate, and I proven gene-based technology, vaccines in development the vaccine’s use. working with states,phar- Tulsa system, she said, is look- expect that to come in the known as mRNA.They said across the finish line. Since adolescents will take macychains,pediatricians ing into vaccinating students weeks and months ahead.” they also savedtime by test- Thedelays could especially the same shot older people and other groups to determine over the final weeks of the WhiteHouse presssecretary ing multiple candidates,and affect countries wheremany get, inoculations in the youn- the logistics of administering school year and during a new JenPsaki has said the federal combining phases of its clini- people remain unvaccinated, gergroup could start in phar- the shotstochildren, the summer learning program. government wouldn’t require caltrial. Regulatorsalso re- including low-income nations. macies and mass-vaccination spokeswoman said. Districtsgenerally require schools and districtstoman- viewedthe study datafaster Health authoritiesworld-wide sitesassoon as states deem Surveys suggest that some studentsbevaccinated against date student vaccinations. than they usually do. have been counting on them eligible.Expanded eligi- parents will seek to get their infectious diseases such as Canadian health regulators —Bojan Pancevski Novavax’sshot to help meet bility could come as early as adolescent children vaccinated measles and mumps.Several cleared the vaccine forchildren contributed to this article. demand in those countries. P2JW131000-6-A00800-1------XA

A8 | Tuesday, May 11, 2021 ****** THE WALL STREET JOURNAL. WORLD NEWS Israeli Airstrikes Hit Hamas in Gaza

Concerns of wider strikes,including 10 children. including one that wasinter- Israel’smilitarysaid it killed cepted. One of the rockets conflict mount after eightHamas operatives and aimed at Jerusalem hit ahouse, retaliation for rockets said that it waslooking intothe causing light injuries to people S fired at Jerusalem reportsabout children’sdeaths. there, Israeli officials said. PRES Israeli officials said they Beyond Jerusalem, more TED

were preparing forseveral than 100 rocketswerefired to- CIA BY FELICIA SCHWARTZ days of fighting and possibly ward other Israeli areas,in- SO AS AND DOV LIEBER widening Israel’smilitaryef- cludingcommunities in the fortstodemonstratethat it south near the Gazaborder. ILLEAN/ JERUSALEM—Israel carried doesn’t tolerateattacks on its MilitantsinGazaalso firedan out airstrikes in Palestinian soil or citizens. antitank missile toward

territoryafter militantsin “The current conflict could Sderot, injuring acivilian MAHMOUD Gazafired abarrageofrockets continue forsome time.Wedo standing near atargetedvehi- Palestinians and Israeli securityforcesclashed at the Al Aqsa Mosque compound in Jerusalem Monday. at Jerusalem forthe firsttime not seek escalation but whoever cle, Israel’s military said. since2014, raising fearsofa chooses to escalatewill feel the Israel’semergency-services Hamas claimed responsibil- the Noble Sanctuaryand Jews looming court decision on wider conflict following days weight of our arm,” Prime Min- agency, Magen David Adom, ity forthe rocket fire,saying it as the Temple Mount. whether to evict Palestinians of clashes between Palestinians ister Benjamin Netanyahu said. said one of the rocketshit an was“in retaliation to [Israel’s] It has become afocal point from theirhomes in the East and Israeli police in the con- State Department spokes- ambulance in southern Israel crimes andaggression on the of Palestinian anger over what Jerusalem neighborhood of tested holy city of Jerusalem. manNed Pricesaid the U.S. and injured the driver. holy city andbrutality against they see as yearsofeffortsto Sheikh Jarrah. Israel’sSu- Israel’smilitaryonMonday condemned Hamas rockets Therocketswerelaunched our people in Sheikh Jarrah and push them out of Jerusalem preme Court delayedahearing said it had begun striking tar- fired into Israel, calling them as thousandsofyoung Jewish Al Aqsa Mosque.” Aspokesman and limit their access to land on the evictions scheduled for gets in Hamas-ruled Gazainre- “an unacceptable escalation.” nationalistsweremarching forthe group,Abu Obeida, said they claim, as well as infring- Monday, in part because of the sponse to morethan 150 rock- He said the U.S. recognized Is- through Jerusalem. Earlier it would step up itsattacks if ingontheir basic rights. The heightened political tensions etsfromGaza. Thetargets rael’sright to defend itself but Monday, morethan 300 people Israel ramps up theirs. situation has been aggravated associated with the decision. included eight Hamas opera- urged“all sides to ensurecalm were injured when Israeli po- Israeli policesaid they used by right-wing Jewish Israeli ef- Israel considersall of Jeru- tivesand aHamas terror tun- and de-escalatetensions and licefired flash grenades,tear riot-control methods after fortstoassert control in East salem itssovereign territory nel. Israel also bolstered its avoid violent confrontations.” gasand sponge-tipped bullets hundreds of Palestinians be- Jerusalem, which Israel claims and governs all of its inhabit- troops on the border with Gaza. Israel’smilitarysaid seven at Palestinian worshipersat ganthrowing stones and as part of itsundivided capital. ants, but Palestinians want the ThePalestinian Health Min- rocketswerefired from Gaza the Al Aqsa Mosque compound, shooting fireworks at them Palestinians and Israeli po- eastern portion of the city to istryinGazasaid 21 people toward Jerusalem and the according to Palestinian med- near an entrance to the com- licehaveclashed in recent be the capital of a future Pal- were killed in the Israeli air- nearby city of Beit Shemesh, ics and social-media videos. pound, knowntoMuslims as days amid tensions over a estinian state. China’s Population Grows a Bit, Posing Challenges

BY LIYAN QI last year,which would represent tility rate of 1.64 last year. tion hasinashort time moved inces in the south to help out driver,older people worried an 18% drop from the 14.65mil- Thedatashowedasharp to the forefront of Beijing’seco- with thepension pool. about pension payouts—and China said itspopulation hit lion the year before, atrend that rise in the percentageofChi- nomic concerns.The trend of Births will probably drop with just one child to help them 1.41178 billion in 2020,eking is likely to increase pressureon nese aged 60 and aboveto feweryoung people to replace further in the coming yearsas in their old age—become reluc- out atinyrise from the 1.4005 Beijing to ease remaining birth 18.7%ofthe population from moreretirees has been clear for the one-child policyhas re- tant to spend. billionofficial datashowedin restrictions. 13.3%in2010. years, but dealing with it has sulted in ashrinking number of Leadershavepointed to au- 2019,underlining howthe It wasthe fourth straight Theportion of Chinese aged largely been kicked down the childbearing women, said Yi tomation as one thing that will world’smost populous nation is year of declining births aftera between 15 and 59 stood at road as leadershavefocused on Fuxian, aU.S.-based researcher help offset declines in the going to have to faceits demo- brief rise in 2016,the firstyear 63.35% in 2020,downfrom mounting debt, atrade warwith and alongtime critic of China’s working-agepopulation, which graphic challenges sooner than afterChina ended the three-de- 70.1% in 2010. the U.S. and reining in aonce population policies. has been shrinking since2012, expected.. cade-old one-child policy. Thepandemic’seffect on the freewheeling privatesector. “What’sdisastrous for according to official data. But Thecensus indicated that Mr.Ning said China’sfertil- population count wasunclear. Now, Beijing cannolonger China’seconomybehind the economistshaveexpressed China’spopulation has only ity rate,the averagenumber of While China quickly curbed the ignorethe demographic dataisafundamental demo- doubt about that strategy. In risenby72million sincethe babies awoman will have over spread of infections within its shadowoverlong-term growth. graphic shift,” Mr.Yisaid. March, researchersatChina’s last survey in 2010. her lifetime,dropped to 1.3last borders, demographerssay cor- Pension shortfalls in the north- Theaging of the population central bank released apaper At anewsconferenceafter year,which he acknowledged as onavirus concerns probably eastern Rust Belt have forced is expected to be amajor drain calling forastronger response the release,Ning Jizhe,head of alow level. By comparison, the contributed to suppressing thecentral government to ask on the country’ssavings. And to the demographic outlook. the National Bureau of Statistics, U.S.,also in afertility slump, births. state-owned enterprises as well just when China is turning to —Grace Zhu said therewere12million births last week reported atotal fer- China’sdemographic situa- as wealthier and younger prov- consumption as agrowth contributed to this article.

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THE WALL STREET JOURNAL. ***** NY Tuesday, May 11, 2021 | A9 WORLD NEWS Seychelles Struggles Concerns With Surge in Cases Raised

BY NICHOLAS BARIYO and the remainder received As- Over India traZenecashotsproduced at the Seychelles,which has vacci- Serum InstituteofIndia. nated ahigher proportion of According to the health Va riant itspopulation against corona- ministry, morethan one-third virus than any other country, of newactivecases arepeople TheWorld Health Organiza- is struggling to contain anew who are fully vaccinated. Au- tion classified acoronavirus surge in Covid-19 infections, thorities in the Seychelles ha- variant firstspottedinIndia

raising questions about the ef- ven’t said how many of those S as aglobal “variant of con- fectiveness of a Chinese shot cases arose among people vac- cern,” saying preliminary PRES the island nation has adminis- cinated with the Chinese shot. studiesshoweditmay be

teredtothe majority of its “The rate of transmission ZUMA vaccinated residents. remains high and is of con- A/ By Suryatapa In recent days,arush of pa- cern,” the health ministrysaid XINHU Bhattacharya, tientsseeking treatment has Monday. Jason Douglas overwhelmedthe Seychelles’s In the Seychelles, “most of SEN/ and Drew Hinshaw

sole coronavirus treatment the cases which have occurred LIANG center,asthe pristine archipel- aremild cases,” said Kate Avaccination clinic in Richmond, British Columbia, whereefforts targeted the P.1coronavirus variant. moretransmissible than some agoof115 islands in the Indian O’Brien, director of immuniza- other variants. Ocean battles itsworst wave tions at the World Health Or- TheWHO didn’t report any of infections,according to the ganization on Monday. “The evidence suggesting that cur- health ministry. Thedaily rate Sinopharm vaccine really re- ProvinceinCanada rently authorized vaccines of Covid-19 symptomatic infec- quires two doses.And some of would be lesseffectiveagainst tions has jumped to morethan the cases that arebeing re- the variant. 300 cases,bringing the cumu- ported areoccurring either Thevariant, known as lativetotal to 8,172and forcing soon afterasingle dose,or LimitsVirulent Strain B.1.617, is being studied by sci- the government to reinstitute soon after a second dose.” entistsaround the world as lockdown measures. Christina Etoile said her sis- they try to figure out its role Although that number is ter, Eve, a42-year-old nurse, in thefast-growing Covid-19 low, it is an outsizeproblem for gother second shot of Sino- BY KIM MACKRAEL “I think that [British Colum- 1,510 by early April. Thereare surge in India, which reported atinygeographically isolated pharm in early March, but three bia] did areally good job of currently atotal of 2,063 cumu- more than 366,000 new daily nation with apopulation of just weeks later,she gotahigh fe- ACanadian provincecurbed combining effectivenonphar- lativeP.1 cases on record in the cases on Monday. Thevariant 100,000.The daily case rate is a ver, drythroat and acough. an outbreak of the P. 1corona- maceutical interventions with province, although researchers has already spread to more higher number of infections per “She tested positivefor cor- virus variant believed to have the vaccination strategyofget- saythat is likely asignificant than 30 countries,according capitathan India’soutbreak. onavirus and had to be treated originated in Brazil through a ting vaccines to as manypeo- undercount because not all pos- to the WHO,including the U.S., at thesame hospital where combination of targeted vacci- ple as possible,” said James itiveCovid-19 cases undergo the U.K., France and Japan. she works,” Ms.Etoile said. “I nations and physical-distanc- Lawler, an infectious-diseases full genome sequencing. Thesurge in India rose rap- The nation leads the don’t think the vaccine gave ing rules,moves health ex- physician and co-director of Officials in British Columbia idly in April, overwhelming her much protection.” perts say can offer lessons to the Global Center forHealth closed the Whistler Blackcomb hospitals. Anecdotally speak- world in the share of Sinopharm couldn’t be other jurisdictions dealing Security at theUniversity of ski resort in lateMarch aftera ing, “the pattern nowisthat its population that reached to comment. with rising variant cases. Nebraska MedicalCenter.“It’s sharp rise in reported Covid-19 one person in the family gets Thenewscomes afterthe British Columbia was an importantlesson showing cases,manyofwhich were it, the whole family seems to is inoculated. WHO recommended the Sino- among the biggest-known P. 1 that thetools that we already identified as the P. 1variant. getit,” said Soumya Swamina- pharm vaccine for emergency hot spotsoutside Brazil in have at ourdisposal…also work Theprovincelater blanketed than, the WHO’schief scien- use on Friday, clearing the early April, and the latest data against P. 1and even some of the area with vaccines in a tist, in an interview. “This is shot for global use. available from the provincial the moreconcerning variants.” five-day blitz. unlikethe firstwave. And so I On Sunday, with hospitals Thedecision, announced by government suggest that vari- TheP.1 variant is astrain of Likeother partsofCanada, think what we’reseeing is in thecapital Victoria over- the international health body ant accountsfor roughly one the Covid-19 virus that is esti- British Columbia is delaying more transmissible.” whelmed with patients, the afterweeks of deliberation, is in three newCovid-19 cases. mated to be as much as 2.2 the second doses of Covid-19 Thevariant became the health ministry issued guide- expected to help alleviate ase- The Western province has at- times as contagious and as vaccines to offer afirst vac- fourth so classified by the WHO. lines on howpeople who have vere shortage of doses in the tracted attention from public- much as 61% morecapable of cine dose to as manypeople as TheU.N.agencyhas also given tested positivefor Covid-19 developingworld, as vaccine health experts in Canada and reinfecting people compared possible.Scientistshavefound the same designation to the should treat themselves from exports from Covid-19-struck abroad, with many saying de- with previousversions of the that the strategyofadminis- B.1.1.7variant firstidentified in home while the government India grind to a halt. cisiveactions by the provincial coronavirus,according to stud- tering one shot to reach more southeast England, the B.1.35 scrambles to build moremake- It will also boostBeijing’s government in recent weeks ies in Brazil. P. 1isbelieved to people, embraced this year in variant found in South Africa shift treatment centers. bid to playaleading role helped slow the spread. be amajor factor in the surge the U.K.,can help prevent and the P. 1variant discovered Therenewedinfection surge in the fight against the pan- Expertssaid British Colum- of Covid-19 cases in Brazil this deaths and hospitalizations. by researchersinBrazil. comes as ashock afterthe gov- demic,officials and analysts bia’s strategy focused in part year and, morerecently, across Across the province, newly TheWHO doesn’t generally ernment vaccinated morethan said. The authorization came on traditional methods of South America,making many reported Covid-19 cases are recommend border closures. 60% of the population. with caveats, as the WHO said dealing with Covid-19,such as younger people gravely ill. down by about 40% from their But manynationshavere- Some 38,000 of the population therewas toolittle datato banning indoor dining and British Columbia firstre- peak in mid-April. stricted travel to countries wasgiven the shot from Chinese showwhether the vaccine was placing further limitsonin- ported 11 P. 1cases in lateFebru- —Vipal Monga wherevariantsofconcern state-owned firm Sinopharm effective in people over 60. door fitness activities. ary, anumber that ballooned to contributed to this article. have been identified.

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A10 | Tuesday, May 11, 2021 ** THE WALL STREET JOURNAL. WORLD WATCH

GERMANY third such incident in five weeks. The CoastGuardcutterMaui Priests Defy Pope, and fiveother surfaceships were Bless Gay Couples escorting the submarine, USS Georgia, as it surfaced and en- Catholic priests across Ger- teredthe strait, when 13 Islamic many are blessing same-sex Revolutionary GuardCorps Navy couples in defiance of a recent fast in-shoreattack craft armed Vatican ban on the practice, the with machine guns, or FIAC, ap- latest effort by liberal German proached the American ships, Catholics to build a more pro- John Kirbytold reporters Monday. gressive version of their church. Two of the Iranian boats The blessings have been broke away toward the Maui scheduled to be performed at and the USS Squall, a coastal about 100 churches and other patrol ship, at high speed with venues in early May, many of their weapons uncovered and them on Monday evening. Ger- manned, the Navy said. The re- man clergy have performed such maining 11 FIAC positioned blessings for years, but typically themselves near the American in private and not in churches. ships, the U.S. Navy said. “It’stime to be visible in the After the crews of the Maui church,” said Holger Woltering, and Squall issued bridge-to- whose 2017 civil marriage with bridge warnings, blasted the Lennart Woltering wasblessed ship’s horn, and used an acoustic CK

forthe second time on Thursday warning device, the Maui fired TO in the town of Geldern in north- roughly 30 warning shots from a western Germany. The ceremony .50-caliber machine gun, the SHUTTERS

wasrecorded forstreaming on Navy said. The Iranian fast A/ the internet. “It’sreally,really time boats, which were roughly 300 to change these rules,” he said. yards from the American ships, ZE/EP The ceremonies were orga- didn’t retreat but rather moved IKID TS nized as aresponse to astate- in within 150 yards, leading the KUR

mentinMarch by the Vatican’s U.S. to fire a second round of AB

doctrinal office, approvedbyPope warnings, the Navy said. The ZUR Francis, prohibiting blessings of two boats then withdrew. FREE: Opposition leader Nika Melia left the prison in Rustavi, Georgia, on Monday after the European Union posted his bail. Mr. Melia gayrelationships on the grounds U.S. defense officials said was arrested Feb. 23 after police stormed the headquarters of the United National Movement, the biggest opposition party. thatGod “cannotblesssin.” they didn’t know the motive of German Catholics saw that the Iranian maneuver. The Is- a bus in eastern Afghanistan— pending on the sighting of the the Islamic State’s affiliate in Af- Europe-bound migrants capsized document as aimed particularly lamic Revolutionary Guard Corps the latest in relentless violence new moon that determines the ghanistan. off Libya, aU.N. migration official at them. Navy didn’t respond to a request that has gripped the country. start of the holiday. The U.S. and NATO arewith- said Monday. The wreck wasthe —Francis X. Rocca to comment. No one claimed responsibility The announcement comes drawing the lastoftheir military latest disasterinthe Mediterra- —Nancy A. Youssef forthe bombing. Responding to amid heightened violence in the forces from Afghanistan. The final nean Sea involving migrants IRAN the cease-fireannouncement, the country and follows a brutal at- 2,500-3,500 American soldiers and seeking abetterlifeinEurope. AFGHANISTAN governmentinKabul—which has tack on a girls’ school on Satur- roughly 7,000 allied NATO forces SafaMsehli, aspokeswoman U.S. Fires Warning facedrising attacksasU.S. and day in Kabul that killed as many will leave by Sept. 11 at the latest. forthe International Organization Shots at Boats Taliban Announce NATO troops pull out of Afghani- 60 people, most of them stu- —Associated Press forMigration, said the wreck took Holiday Cease-Fire stan—called forapermanent dents between 11 and 15 years placeSunday. She said fishermen A U.S. Coast Guard ship ac- truce. Astatementfromthe pres- old. The death toll from the at- LIBYA rescued 40 migrants and returned companying a Navy guided-mis- The Taliban on Monday an- idential palacechastised the Tali- tack continues to climb. them to the shore. She said the sile submarine fired more than a nounced a three-day cease-fire ban forthe increasing violencebut The Taliban have denied re- Vessel With Refugees boatwas among nine others car- dozen warning shots at a swarm for the Muslim holiday of Eid al- said the governmentwould also sponsibility for the attack, which Capsizes and 5Drown rying morethan 700 migrants in- of Iranian fast boats during a Fitr that marks the end of the observethe holidaycease-fire. occurred in a mostly Shiite tercepted Sundaybythe Libyan tense encounter in the Strait of holy month of Ramadan this The Taliban said the cease- neighborhood of Dasht-e-Barchi At leastfivepeople, including coastguardoff the coastofthe Hormuz on Monday, a Pentagon week. But hours later, a roadside fire would begin on either in western Kabul, where past at- awoman and achild, drowned North African country. spokesman said, in at least the bombing killed 11 passengers on Wednesday or Thursday, de- tacks have been carried out by when aboatcarrying at least45 —Associated Press FROM PAGE ONE

European 10-yeargovernment bond yields from hedgefunds in the pri- tive of the agency. Firms that port the market. Funds Face marymarket is making it diffi- put in unrealistically large or- Despitethe small allocation 2.0% cult to pricethe bonds,asitis ders would be penalized with sizes and the narrow profit moredifficult to gaugethe asmaller allocation than other margin from reselling the Backlash 1.5 real demand, said Benjamin de firms that put in more“rea- bonds to the ECB, sovereign- Forton, adebt-capital markets sonable orders,” he said. bond sales have grownattrac- Italy director at BNP Paribas. “The relationship between tivefor hedgefunds because On Bonds 1.0 Forinstance, Spain at- what could be considered as a they aresometimes able to tracted €130 billion of orders good transaction and the sheer make a quick profit. Leverag- 0.5 for a 10-year bond offering in sizeofthe order book is bro- ing,orusing borrowedmoney ContinuedfromPageOne January. But as bankers ham- ken,” Mr.Requin said. “One to makepurchases,can in Spain and out of their debt canmake meredout final terms of the maybeconfronted with asky- many cases amplify returns. prices volatile and potentially 0 sale andthe proposed price rocketing order book,but Some hedgefunds borrow driveaway other buyers, climbed, demand forthe which is in fact of poor quality. money from their prime bro- which could increase their –0.5 Germany bonds abruptly halved. That In that case,tightening the kers,which aredivisions within borrowing costs. wasbecause hedgefunds pricemight be challenging or investment banks that provide Hedgefunds became bigger pulled their ordersastheir al- riskyifyou aretargeting a financing fortrading clients, to –1.0 players in Europe’ssovereign- ready-slim profit margins transaction of [a] certain size.” placebetsthat areleveraged up bond market afterthe ECB put 2020 ’21 shrank,bankerssaid. Thegov- Italy’s treasurysaid it to five times on such deals,ac- forwardaprogram last year to ernment ultimately raised €10 doesn’t have caps “but in our cording to one investor.That Allocations forgovernment bond issuances/ buy as much as €1.85 trillion of billion, with the bulk of the constant dialogue with market means that forevery eurothat syndication deals,inApril 2021 debt to backstop credit mar- Pension funds/ Hedge buyersbeing traditional asset participantsweemphasized the hedgefund invests, its kets, and have stepped up their Portuguese10-year Insurers funds managers. Hedgefunds got that therewon’t be advan- prime broker has contributed activity in 2021. Thecentral about 5.5% of the bonds sold, tagesininflating orders.” an additional €4,allowing them bank purchases government Investmentﬁrms 46.3% Banks 35.5 9.834.3 .7 bankers on the deal said. Spain’s debt-management of- to buy morebonds without ty- bonds only in the secondary “Swiftmoves in fast-money fice didn’t respond to requests ing up their owncapital. market,creating an opportu- Spanish 15-year account ordershavemeant to comment. In 2021, sizable drops in de- nity forinvestorstobuy bonds 53.3 19.9 15.2 5.1 4.6 new-bond execution wasat Hedgefunds have sought to mand hit a€4billion Austrian directly from the governments times potentially morechal- turn profitsfromcentral-bank bond issuanceinJanuary, a€14 and sell them to the ECB. Irish 20-year lenging,” Mr. de Forton said. stimulus programs previously. billion Italian debt sale in Feb- In October,the firstissuance BlueBayiswilling to pur- TheFederal Reserve’sTrou- ruaryand a€6billion Spanish of European common debt at- 29 31 18 13 7 chase all the bonds it offersto bled Asset Relief Program dur- issue in April, bankerssaid. tracted an unprecedented €233 buy,aspokeswoman said. Mil- ing the 2008-09 financial cri- Theheightened interest billion in orders, according to Note:‘Others’category notshown Centralbanks lennium and Brevan declined to sis drovedistressed-debt from hedge funds in new sov- the European Commission. Sources: TullettPrebon (yields); BNP Paribas (allocations) official institutions comment. DoubleLine and Ten- investorstosnap up assets ereign debt is likely to con- That wasthe most ever in re- aron didn’t respond to multiple such as mortgage-backed se- tinue because the ECB in- cordsdating back to 2003. €17billion. encourages them to placelarge requeststocomment. curities and U.S. bank debt creased the paceofits bond Around 80% of the bids were Banks that rundebt sales for orders, according to bankers. France’s debt-management cheaply and sell them to the purchases in March, bankers from hedgefunds,according to governmentstend to allocate That meansanoffer to buy officeasked banks in March to Fed. Thecorporate-bond mar- said.Governmentsthat ha- abanker who worked on the lessthan 10% of an issuanceto about €2 billion in bonds could hold talks with hedgefunds to ket in Europe is another area ven’t limited participation are deal. Thecommission, which is hedgefunds.The firms typi- net the hedgefunds about €20 encouragethem to put in wherethis trade happens,as likely to continue to see in- the executivearm of the Euro- cally receiveonly around 1% of million of the securities. smaller orders, according to the ECB also buysinvestment- flated orderbooks and riskier pean Union, ultimately raised what they offer to buy,which Therecent surge of interest Anthony Requin, chief execu- grade corporatedebt to sup- deals, they said.

owns the Ardgowanestatein to welcome back visitorstoa M’Lady Is western Scotland. house he said wasmeant to be When lockdown closed Bel- used to entertain. voir Castle,Emma Manners, the Lady Carnarvongot used to Doing the DuchessofRutland, put her having Highclerefor herself and youngest son, Lord Hugo, 17,to family.“It wasthe trees,the work on the lawn mower, while peace, listening to the birds,and Yard Work she weeded flowerbeds fortwo walking through the wildflower hoursaday.The castle,north of meadows and the beetle banks,” London, wasasetting in “The she said. ContinuedfromPageOne Crown” and has 15,000 acres. S Mr.ShawStewart has had an end. TheU.K.isbeginning to “There’salot of flower PRES the Ardgowanestatealmost to emerge from the pandemic,and beds,” she said, adding that himself forayear.That’sthe ZUMA historic homes arescheduled to family membersenjoyedtheir firsttime it has been so empty

reopen Monday. newroles. WIRE/ in its800-year history, he said. When the pandemic washed Eleanor Campbell, the Duch- A The12th Baronet of Greenock

up on the gravel drives of Brit- essofArgyll, cleared out the at- ON/P andBlackhall rather liked it, ain’sstately homes, most of tic of her family’s turreted cas- WS having been rushed off his feet LA which depend on hordes of pay- tle on the west coast of running the estatefor tour NNY

ing visitorstofund the expen- Scotland.The duchessfound DA groups and weddings. siveupkeep,they reverted to an World WarIIhelmets, “a lot of The DuchessofRutland at Belvoir Castle during an eventrelatedto‘The Crown,’which filmed there. “In relationships people ask earlier time when the family had rubbish” and letters. forspacewhen thingsaren’t go- the runofthe house. Her family lives in what was the needs of visitorsinstead of sometimes comes acrossvisi- nanceteam checking and repair- ing well,” he said. “I am defi- Although without the “Up- once the servants’ quartersofa owners. Most families have tors wandering around in his ing the 330-year-old building’s nitely in arelationship with this stairs, Downstairs” armyof home so large that she doesn’t turned their homes intobusi- family’s privatespace. stone walls and aclocksmith re- house.” staff,the aristocratsthemselves knowhow manyrooms it has. nesses,which charge entryfees, “Ifyou aregiving your chil- setting its50-odd clocks. Thehouse hostsabout 22 dusted thousands of books in Thearmies of butlers, maids host eventsand runcafes. dren areally good earfulthen During the lockdown, it took weddingsayear,and bottles of ancient libraries,wound dozens and footmen that line the drives Highclere’sbutler divides his yousuddenly realizethat there him 13 hoursevery time he cut alcohol and softdrinks have of clocks,sorted through vast of the fictional portrayals of servicebetween the Carnarvon arealot of people tuning in,” the grasson25acres,every been delivered and the house is attics andput their heirsout to Britain’supper crust went away family and the 1,200 daily visi- Ms.Campbell said. week.Heand his wifespend 45 being cleaned ahead of itsfirst mowthe lawns. afterWorld WarII, when U.K. tors the house normally hosts. Britain’sthree lockdowns minutes everynight walking reservation onceitreopens. Some of the earls,barons, governmentsincreased taxes Ownerstypically liveinparts have halved revenue at stately around the house to check the Ludo,ashelikes to be called lords and ladies confessthey and working-classwages rose. of the mansions cut off from homes, with visitor numbers security,aswell as forthings instead of Sir Ludovic,will be had rather enjoyedbeing home “It’snot like‘Downton Ab- visitorsand labeled private. down 75%, according to Historic likeleaks or moths,which could pitching in—he described how alone in their grand palaces. bey,’ ” Ms.Campbell said. “It is “Thereare signs,but it is Houses,which represents1,500 damagethe carpets. wedding guestswho had seen “One of the thingsabout hav- usually me doingthe washing amazing howpeople can’t read,” houses,castles and gardens. Mr.Compton—who is aplain his portrait in Ardgowan’sgreat ing alot of people in your house up.” said RichardCompton, who Ahead of the reopening,Mr. Mr.because his family lost their hall would be confused when he is youdoappreciateprivacy,” Thestaff that stately homes owns Newby Hall, outside York, Compton has three people peeragewhen the last lordpro- appeared, working behind the said Ludovic ShawStewart, who retain these days mainly tend to in northern England, and who cleaning Newby Hall, amainte- duced no male heir—can’t wait bar, later that night. P2JW131000-4-A010A0-1------NS

THE WALL STREET JOURNAL. **** NY Tuesday, May 11, 2021 | A10A GREATER NEW YORK NewYorkCityTaxis Roll Back IntoTown

The number of cabs on the streetsofNew York City fell to about 2,200 in preparing to get back April last year from 11,300 one on the road has picked month earlier,according to the Journal analysis of TLC data. up as Covid rules ease By the end of the year,the number of taxis on the streets BY PAUL BERGER each month had climbed to AND COULTER JONES more than 5,000. Taxi vehicle numbersde- NewYork City taxis that idled clined in January following a formost of the pandemic are surge in Covid-19 cases in the getting ready to hit the streets city.InMarch of this year,the as Covid-19 restrictions ease and last month for which the TLC businesses preparefor afull re- published data, therewere opening,city officials say. about 4,700 cabs on the road. Officials at the city’s Taxi Driverswho worked & Limousine Commission say through most of the pandemic the number of cabs entering say it has been tough. the regulator’s inspection fa- PeterDeSantis,67, survived cility in Queens to have a taxi by carrying hospital workers medallion pinned to their hood who pre-booked rides using an

has ticked up in recent weeks. JOURNAL app called Curb.Healso Thecity-issued metal shield worked foracity program that REET

gives adriver the right to pick ST hired driverstodeliver food to

up street hails.Manytaxi driv- LL homebound New Yorkers. ersand fleet operatorsput WA He worked 10-hour shifts,

their medallions into storage THE sometimes six days aweek, R

during thepandemic to save FO andearned lessthan $200 a

on costs, such as insurance, OY day, excluding expenses,he that canrun to several thou- said. MOLL sand dollars a year. Taxis made 62,000 trips a CKIE

TylerWilliams rolled into JA day, on average, in March. the inspection facility last Officer Abelardo Alejos recently added a new medallion to a cab at the NYC Taxi & Limousine Commission Garage in Queens. That is about 72% lower than week in anew Ford cabthat pre-pandemic levels, but the has spent the past year in Taxis rely on Manhattan’s pected to pick up acrossthe placed intostorage during the and airportsaren’t busy highest such number sincethe storage. central businessdistrict and city in thecoming weeks as pandemic. enough to warrant getting lockdowns began, according to “This cabwill be on the NewYork City’s airportsfor capacity limitsand curfews Mr.Gonzalezsaid so far 30 back in their cabs. the Journal analysis. road within a week,” said Mr. most of their fares. areliftedonbars, restaurants, medallions have returned to MohamedIsmail, 71 years TLC commissioner Aloysee Williams,who works forataxi Averagecab farerevenuesa retail stores and entertain- the street, including ashield old, hasn’t driven sinceMarch Heredia Jarmoszuk said she fleet operator in Brooklyn. dayplummeted 97% to ment venues,although social- for a Tesla Model 3 they took 2020.Mr. Ismail said that expectsmoretaxis to return to TheTLC,which regulates $119,000 from $3.6 million last distancing measures requiring to the garage last week. other driversaren’t making the streetsinthe coming the city’s roughly 13,500 me- spring during thefirst wave of people to maintain a6-foot Mr.Gonzalezsaid average enough money to convince weeks as curfewsonbarsand dallions, doesn’t release data the pandemic, according to a separation largely will remain daily fareboxrevenuesfor the him that it is worth returning restaurants are lifted. on howmanyofthe shields Wall Street Journal analysis of in place. firm’svehicles wasabout to his vehicle. Morecabs will return in the areinstorage.But Rubin Var- TLC data. Nicholas Williams and $38,000 in April, up 55% com- He hassurvived so far on coming months as tourism in- ghese, who oversees the TLC Revenues languished at 75% Adriel Gonzalez, co-founders pared with January. However, Social Security income and un- creases andworkersreturn to garage in Queens, said the fa- to 85% belowpre-pandemic of DriveSally,aride-shareand that is still belowthe pre-pan- employment payments. “When offices, she said. cility has seen an uptick in levels formost of the rest of taxi-rental firm, said 200 of demic averagedaily fareboxof everything is normal, Iwill be “I think it will be slow and medallion installations during the year. the 300 medallions they man- about $100,000, he said. back to work,” he said. steady,” she said. “The cab recent weeks. Businessactivity is ex- age on behalf of owners were Some driverssay streets The number of yellow cabs drivers will come back.” Crotty Gets Key Nod Lincoln Center SproutsGreen Oasis In Manhattan Race BY ELIZABETH YUAN Lincoln Center has laid the BY DEANNA PAUL Ms.Crottyisaformer Man- groundwork for a Manhattan hattanprosecutor who has oasis—by blanketing its Josie Liz Crotty is cementing a worked as acriminal- defense Robertson Plazawith artificial position as themost tradi- attorney formorethan ade- grass. tional,law-and-order candi- cade.She presentsherself as a Theresult is apastoral set- datefor Manhattandistrict at- centrist, “safety first” candi- ting around the center’s famed torney in a group of more dateincontrast with her oppo- Revson Fountain that is de- progressivecontenders,with nentswho have campaigned on signed forlounging,reading

former NewYork City police plans to jail fewerpeople and and people-watching. GES

commissioner Raymond Kelly end racial disparities in the Dubbed “The Green,” the IMA endorsing her campaign Mon- justicesystem. transformed space opened to day. Ms.Crottysaid she is the the public on Mondayand will GETTY Mr.Kelly’s backing added to only candidatewho hasn’t re- host pop-up performances, SE/ agrowing support forMs. leased alist of crimes she part of Lincoln Center’s “Re- Crotty from current and for- won’t prosecute, and is more startStages,” launched last ANCE-PRES

merpoliceofficers, including concerned with being afair month to activateall the cam- FR four unions representing the prosecutor than aprogressive pus’s outdoor spaces for per- ENCE

NewYork PoliceDepartment one. formances and rehearsals. AG

sergeants, lieutenants, captains Her chances will depend on The Green also will offer a Y/

and detectives. whether atraditional law-and- canteen and aplacetocheck CLAR

Mr.Kelly’s endorsement order vision resonates with ev- out books from the New York A.

came two days aftera4-year- eryday Manhattanresidents Public Library. THY

oldgirl in astroller and two during acitywide surge in Thespace’sdesigner,Mimi TIMO women were shot in Times shootingsand violent crime. Lien, says she wasinspired by The synthetic lawn at Josie Robertson Plaza will be used for performances throughout the summer. Square,adding to concern “The job of district attorney the work of sociologist and New about gunviolenceand crime is about public safety,” she York University Professor Eric in wheelchairs to navigate. seums have been using their fa- formances and film screenings in the city. said. “We’remissing the boat Klinenberg, whose book,“Pal- Instead she decided upon cades or other exterior walls in keeping with Covid-19 so- “Liz Crotty is the whole in the sense that crime is real.” aces forthe People,” proposes synthetic turf: 15,000 squarefeet andspaces to displayart. Lin- cial-distancing considerations. package, someone who knows SinceMs. Crotty announced howsocial infrastructure—from of SYNLawnNew York’swater- coln Center has done the same Supporting Lincoln Center’s the courtroom from both sides her candidacyinAugust, she public libraries to churches, proof,soy-backed artificial grass with Amanda Phingbodhipak- approach to cultural engage- as aprosecutor and adefense has campaigned on positions parks and other shared spaces— to coverthe area. When the in- kiya’s giant “WeBelong Here,” ment in public spaces during attorney,and knows that po- that favortraditional policing canstrengthen civic life. stallationcloses in September, and itsNYPL branch will feature Covid-19 is a $2 million grant liceofficersare an irreplace- methods. She called forhun- “That kind of thing is very thelawnwill be repurposed for an outdoor reading room over- by the Stavros Niarchos Foun- able partner in keeping the dredsofadditional officersto much behind the genesis of an at-risk-youth facility’s play- looking Amsterdam Avenue. dation as part of its$100 mil- city safe,” said Mr.Kelly,who be deployedtopatrol thecity’s this project for me,” said Ms. grounds in upstateNew York. In all, Lincoln Center says lion global-relief initiative. worked as commissioner under transit system. Lien,aTony-winning set de- Other New York City cul- “Restart Stages” would offer Thebasic premise behind two mayors,David Dinkins,a She has also advocated for signer, for “Natasha, Pierre & tural institutions have been re- morethan 150 performances “Restart Stages,” Lincoln Cen- Democrat, and Michael the reinstatement of the TheGreat Cometof1812,” and working their outdoor spaces at stages across itscampus, terPresident and Chief Execu- Bloomberg, who ranasboth a NYPD’santicrime unit, the MacArthur Fellow. to accommodatehealth consid- mostly free,via TodayTix’slot- tiveHenryTimms said, is: “We Republican and independent. plainclothes team that tar- Ms.Lien said she initially erations during the pandemic. tery, and employ thousands. have these 16 acres of space. Ms.Crottyisamong eight getedviolent crime.The unit considered real grass, which TheBrooklyn Public Library The underused Jaffe Drive What canwedowith that candidates running in the June wasdisbanded in June.That would requireupkeep,get began aprogram in April to has metamorphosed intoan spacetoservethe artistic 22 Democratic primary to suc- month, the city logged205 damaged and be difficult for bring al frescoreading rooms to underground jazzclub.The community and servethe city ceed ManhattanDistrict Attor- shootings, the highest forthe the visually impaired or those 22 of its60branches.Some mu- Greenitself will feature per- during a difficult time?” ney Cyrus VanceJr.,athree- month since1996. term Democrat who announced “What separates me from this year he wouldn’t seek re- the other candidates in this election. race is my refusal to knuckle N.J. Lawmakers Threaten to Strike Back Thewinner is likely to be undertoantipolicesentiment the next district attorney in a when communities beset by borough whereDemocrats rising crime knowweneed to BY JOSEPH DE AVILA supposed to be implemented U.S. Rep.Josh Gottheimer entering the congestion zone. widely outnumberRepubli- all work together to restore AND PAUL BERGER earlier this year. But an envi- (D., N.J.)said he plans to write They will be setbyasix-mem- cans. public safety,” Ms.Crottysaid. ronmental review by the Fed- to the Transportation Depart- ber panel chosen by the MTA. Agroup of NewJersey law- eral Highway Administration ment to urge the Biden admin- Thepanel will have the makersisthreatening to retal- was held up under the Trump istration to reject New York’s powertogrant credits, dis- iateifNew York moves for- administration. plan. He said he supports the countsorexemptions to cer- ward with itsplan to charge TheBiden administration effortsofstate lawmakersin tain groups,including those driversafee to enter Manhat- resumed the reviewprocess at NewJersey to strikeback with who have paid tolls on cross- tan’scentral businessdistrict. the end of March. The review ings. But it would be bound by State Sen. Joseph Lagana is expected to be completed the program’sgoal to reduce and Assemblyman Christopher later this year,paving the way If N.Y. launches congestion, while raising Tully,both Democrats, said for final design and construc- about $1 billion in annual rev- they arecrafting legislation tion of the tolling infrastruc- congestion pricing, enues to pay for mass-transit that would requirenonresi- ture. TheMetropolitan Trans- they say they would upgrades in New York. dentstopay statesales taxon portation Authority, which is Mr.Tully said NewJersey tolls when driving between controlled by New York state, tax interstate tolls. drivers shouldn’t be expected NewJersey and NewYork at has said chargesmay begin in to fixthe financial problems of crossingssuch as the George early 2023. the subway system. Washington Bridge. Mr.Lagana said NewYork’s KenLovett, an MTAspokes- Thetax revenue would be congestion-pricing plan, if ap- asales taxonout-of-state man said: “Congestion pricing used to reimburse NewJersey proved,would unfairly punish drivers. will benefit everyone who driverswho have to payso- commuters from his state. NewYork’scongestion comes to NewYork,including

GRI/REUTERS called congestion-pricing fees “NewJersey is not NewYork charge would apply to vehicles those from NewJersey,by to travel into Manhattan, un- City’s piggy bank,” Mr.Lagana entering azone covering most providing reduced traffic and ALLE

O der New York’s new program. said. “Ifthey moveforward of Manhattanbetween 60th better air quality.”

CARL Thecongestion-pricing pro- with this scheme,itwould be Street and Battery Park.Those Gov.Andrew Cuomo’s office Liz Crotty has presented herself as a centrist, ‘safety first’ gram, which wasestablished irresponsible not to find away chargesare expected to apply didn’t respond to arequest for candidate in her campaign for Manhattan district attorney. by NewYork statein2019,was to protect our residents.” onceeach daytomost vehicles comment. P2JW131000-2-A010B0-1------NS

A10B | Tuesday, May 11, 2021 NY ** THE WALL STREET JOURNAL.

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HEALTH & WELLNESS PERSONAL JOURNAL.

BY CLARE ANSBERRY  Chris and Kristin Hamilton and their girls gathered hris Hamilton, his photostohonor his mother, wifeKristin and Rona, who diedlastyear. their three daugh- ters held amemo- Crial servicerecently about meeting her father forhis mother, in the 1980s at the fire de- Rona, who died last year, partment and how kind he days afterthe pandemic-re- was. “I might not have lated lockdown began. heard that story if we They picked theweekend didn’t have the funeral,” of her April 23 birthdayand Ms. Gonzalez says. Those set out chairsfor 20 rela- stories and the chance to tives and close friends in honor her father publicly the yard of their Broomall, and in his parish church Pa., home.Acelebrant offi- gave the family “a sense of ciated. Thegirls,ages9,7 peace,” she says. and 6, wroteand read Elisa Chase, interna- poems about gardening tional director of the non- with Nana. profit Celebrant Founda- Mr. Hamilton, an only tion and Institute in child whose father died a Montclair, N.J., noticed an decade ago, delivered a eu- uptick in requests over the logy that he had been think- past month for someone to ing about for the past 13 officiate at a memorial ser- months. He had wanted to vice. The institute is affili- honor his mother’s life with ated with 1,500 certified a gathering, but the pan- celebrants who are inde- demic made doing so safely pendent contractors. “One impossible for months. “The woman I spoke with says guilt and weight on my she was so afraid that if shoulders for the last year she waited much longer, has been lifted,” he says. people wouldn’t come,” Across the country, as re- Ms. Chase says. For the strictions ease and vaccina- memorials, some families tions become more avail- are booking restaurants able, families are holding with outdoor seats, sending long-delayed memorial ser- Families gather for save-the-date cards and vices for those who died last Remembering Loved memorial services creating table centerpieces year. Some are being held that reflect a loved one’s on a loved one’s birthday or as pandemic favorite sports team. the one-year anniversary of Ones,aYearLater restrictions ease Others aren’t ready for a death, often in parks, a ceremony just yet. “A yards and cemeteries. Such truly meaningful memorial rituals allow people to share involves relatives coming pent-up grief, according to David in from around the country,” says Kessler, who has written six books Sabila Khan, of Jersey City, N.J., about grief. whose 76-year-old father, Shafqat “It’snever toolatetohavea Khan, died of Covid in April 2020. meaningfulceremony,” says Alan “There is still too much uncer- Wolfelt, founder of the Center for tainty.” For the one-year anniver- Loss &LifeTransition,inFort Col- sary of their father’s death, her lins,Colo., which offersresources brother flew from Dallas so the forcaregiversand the bereaved. He family, now all vaccinated, could recalls one family holding aservice visit his grave. It was the first 28 yearsafter aloved one died. “At time the immediate family had the time,the patriarch thought it been together since her father waseasier,faster and cheaper not died, says Ms. Khan, who co- to have afuneral,” says Dr. founded the Facebook group Wolfelt—a decision the family re- Covid-19 Loss Support for Family grettedand ultimately rectified. and Friends. What’s Your Grief, an education For much of the past year, the and support website, recently Hamiltons remembered Rona polled followers on Facebook and through their own private rituals. Instagram, asking who planned to Kristin and the girls picked recipes hold memorial services for loved From left, GiGi and Lola Hamilton; the Hamilton family with grandmother Rona, center, on a Florida vacation. from Rona’s recipe box to bake ones who died last year. cookies on the anniversary of her Two-thirds of the 166 respon- death and made a memory board dents said they did, with the ma- too much of a mess to gather,” her uncle, who died last year and Church in West Hempstead, N.Y., with photos. But they always jority envisioning an intimate, in- wrote one woman who lost both was an active member of the for a limited-capacity requiem wanted to do something more and, formal gathering and a smaller parents last year, “but I am put- church. They plan to invite ex- Mass for the 68-year-old retired with vaccines available, her birth- percentage favoring a traditional ting together a gathering on tended family and friends to a firefighter and JetBlue attendant. day approaching and weather funeral or service. One respondent Mom’s b day in May so my siblings park in Baltimore, perhaps in the In the church, an urn with his warm enough to be outside, they will host an outdoor potluck at her and family can be together.” fall if it feels safe, for a celebra- ashes rested in a wreath of flowers turned to Beth Palubinsky, a certi- home in July, a year after her Litsa Williams, a clinical social tion with food and live music. “In next to a photo of Mr. Gismondi fied celebrant, to officiate and help mother died. “Many people have worker and co-founder of the many ways, that will capture a lot holding a lobster, one of his favor- organize. She incorporated Rona’s stories that need to get out about What’s Your Grief site, says “when more of who my uncle was,” Ms. ite foods. His teenage grandsons love for gardening into the memo- how she changed their life,” she you have a funeral, you have the Williams says. wrote tributes, printed in the pro- rial, where guests could plant

(3) says. Another follower will hold a opportunity to look around and Even months after a death, gram, about how “Pop Pop” loved wildflowers in the Hamiltons’ yard.

N service for her mother this month see how many lives were touched families are finding comfort in to make others laugh. His older Ms. Palubinsky says having that TO that her eight aunts and uncles by a person” and that experience mourning together. On April 5, a daughter, Lisa Miller, delivered a year between Rona’s death and her MIL

HA can attend. is hard to capture online. year after Ralph Gismondi died of eulogy. Afterward, a woman ap- memorial gave the family time to

TIN Others are reluctant but feel Her own family was unable to Covid, his family and friends gath- proached Lori Gismondi Gonzalez, think about how to celebrate her

KRIS compelled. “I personally am still have a Greek Orthodox funeral for ered at St. Thomas the Apostle his other daughter, and talked life. “Grief softens a bit,” she says.

children with double-digit weight gain everyday,both in primarycare Kids’ Pandemic Weight and in the weight clinic.Manychil- dren started skipping breakfast, waking up five minutes beforere- Gain Alarms Doctors moteclasses started, she says.This shiftedtheir eating intothe later hours, and they snacked morebe- YOUR have doubled since the start of the cause they were home all day. HEALTH pandemic. One 14-year-old patient who was SUMATHI At the I.D.E.A.L. pediatric already obese gained 37 pounds, REDDY weight management clinic at Chil- and went from prediabetic to devel- dren’s National Hospital in Wash- oping Type 2diabetes,Dr. Shepard ington, D.C., many of the children says.An8-year-old who wasobese ediatricians say they are see- with obesity gained 20 to 30 but whose weight had stabilized be- P ing alarming weight gains in pounds during the pandemic, says fore the pandemic gained 20 children and adolescents as Nazrat Mirza, the clinic’s medical pounds,developingnew onset pre- many return for in-person visits director. “We were so alarmed at diabetes and worsening liver func- for the first time since the pan- the accelerated weight gain that tion related to fatty liver.And a7- demic began. we decided we have to see all our year-old girl in her primary-care Doctors say they are seeing patients even if it’s just touching GES clinic wasinthe overweight range normal-weight children become base,” she says. IMA at her last checkup in 2019 and

overweight or even obese, over- Among her primary-care pa- GETTY gained 32 pounds,moving intothe weight children become obese, and tients, Dr. Mirza says, she has seen Likemanyadults, kids aresnacking moreand moving less, doctors say. obese range. obese children add more weight. an acceleration in the number of Thechallenge, doctorssay,is Doctors also report increases in children jumping from the 10th or that even when children return to weight-related health conditions, 20th percentile for body mass in- the study and a pediatrician at ranges to determine whether a their normal routines of in-person such as high blood pressure, high dex to the 70th or 80th. CHOP. The data indicated the per- child is overweight or obese. If the school, exercising and eating more cholesterol and fatty A May study in the centage of children categorized as BMI percentile is 85 to 94, a child regularly,the weight probably won’t liver disease. And some journal Pediatrics found overweight grew to about 16% is considered overweight; 95 and automatically come off. children with prediabe- that the percentage of from about 14%, Dr. Jenssen says, above is considered obese. “It’seasier to prevent obesity tes are being diagnosed children ages 2 to 17 although those numbers weren’t Like many adults, kids are than it is to treat it,” says Ellen with Type 2 diabetes. 15.4 who are obese in- published in the study, which fo- snacking more and moving less. Rome,head of the Center forAdo- “I’ve been really Percentage of creased to 15.4% in June cused on obesity. Doctors attribute the weight gain lescent Medicine at Cleveland shocked by the amount children who to December 2020 com- Dr. Jenssen said the biggest in- to a loss of routine over the past Clinic Children’sHospital in of kids who have gone were obese in pared with 13.7% in the crease in obesity was in children year—especially with remote Cleveland. “Oncethat weight is from normal weight to arecent study year-earlier period. Re- ages 5 to 9; their obesity rate went schooling—which has disrupted on, our biggest challengeisto obese in a short period searchers at Children’s to 16.8% from 14.2%. Children and kids’ usual eating, activity and keep them from gaining at the of time during the pan- Hospital of Philadelphia adolescents from lower-income sleep habits. Kids are also often same rate and to allowthem to demic,” says Rachana analyzed pre-pandemic households and those who are La- eating without supervision, with grow in height and to not develop Shah, medical director and pandemic body tino also showed larger-than-aver- parents working from home. an eating disorder in trying to of the healthy weight 300 mass index calculations age increases. “Teenagers are going to sleep lose the weight.” program at Children’s Newpatients from more than 500,000 Obesity and overweight catego- at 1 a.m. or 3 a.m. and napping Doctorssay they arecareful to Hospital of Philadelphia. seenper month visits to doctors’ offices rizations in adults use body mass during the day,” says Dr. Mirza. avoid focusing on weight and calo- The clinic is seeing 300 at CHOP’s in 2019 and 2020. index, a calculation based on a “They’re up the whole night and ries when discussing the topic of new patients a month healthyweight “We found a pretty person’s height and weight. Be- they’re also snacking.” being overweight or obese with now; the next appoint- program striking increase in obe- cause children’s height and weight Elizabeth Shepard, medical di- families.“We do not use the word ments aren’t available sity rates,” says Brian don’t always increase proportion- rector of the pediatric weight clinic diet,” says Dr.Shah. “Wefocus on until August. Referrals Jenssen, first author of ally, doctors use BMI percentile at StanfordChildren’s, says she sees changes and goals.” P2JW131000-0-A01200-1------NS

A12 | Tuesday, May 11, 2021 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL. | HEALTH & WELLNESS

ANATOMY OF AWORKOUT | JEN MURPHY ShakeUp Your Fitness Routine

If your home workout isn’t make your old routine feel delivering the burn you new. Here, he offers two crave, or you’re bored after workouts—one for the upper

along winter of endless body and one for the core. H AC push-ups and squats, here (Go to WSJ.com to find one KIRP are new routines that will targeting the lower body RIA

keep you challenged through and an interval workout for DA spring. cardio.) Perform these dur- BY

Adam Maronde, perfor- ing the week or string them IONS AT

mance manager at the Mayo together for a full-body TR US

Clinic in Minneapolis, says a workout. If you haven’t been ILL fresh workout doesn’t re- exercising regularly, check quire new equipment. Small with a doctor before start- PUSH-UP WITH KNEE TOUCH the oppositehand and kneetotouch, wider stancewith the feet will provide changes such as varying rep- ing a new routine. Listen to Start in aplank position with hands then pressback up to the starting posi- morestability. If this is achallenge, slightly wider than shoulder width. tion and continue alternating sides.Try start by doing kneepush-ups and draw- etitions or adding isometric your body and modify ap- Bend the elbows to lowerthe chestto to avoid letting the hips drop to either ing the oppositehand and kneeinto holds to your exercises can propriately. the ground. Pause at the bottom. Bring side as the hand and kneetouch. A center to touch. Complete10to12reps

THE WORKOUT: for three seconds. UPPER-BODY BLAST Completethree rounds.Use thestretches as recovery time ontrasting repeti- between exercises.Rest60to “Ctions is an easy way 90 seconds between rounds. to make your same old routine challenging,” Mr. Doorway Pectoral Stretch Maronde says. For the work- Stand in an open doorway. out below, perform loaded Raise each arm up to the side, repetitions for the first round bentat90-degreeswith palms of exercises. The weight forwardresting on the door should be challenging. You frames.Stepforward with one can use dumbbells or water foot until youfeelastretch in bottles, and for the push-up, your shouldersand chestwith- shape and your shoulder toward the floor until your grab the right side of the tlebell or other weightedob- he suggests wearing a back- out leaning forward. Hold for blades feel astretch. Pause arm is fully extended. Lift door frame with your right ject justoutside your shoul- pack loaded with books. 20 seconds and switch sides. and lowerthe arms down. the weightuptoward your hand. Keep the hand in line der,with your arm bentat For the second round, Hold lightweights or water torsobydriving your elbow with your shoulder. Sink your 90 degrees, palm facing lighten the load or use body Bent-Over T’s bottles foranaddedchallenge. up to the ceiling. Keep your hips back and down and lean forward. weight and perform at a nor- Stand with feet shoulder- Complete12sets. elbowclose to your body as your torso forward as you Engage your core and mal pace. widthapart.Bend at the it passes the ribs.Keepyour pull your body away from the avoid shrugging your shoul- In the final round, use the knees as if performing a One-Arm Rowwith Weight spine long and hips square. door until you feel a stretch. dersasyou pressthe same load as round two and squat, then hinge forward, Start in astanding lunge po- Squeezeyour shoulder blade Hold for 20 seconds. Repeat weightoverhead, until your perform slow and controlled keeping your back at a45-de- sition with your rightfootin at the topofthe movement, on the opposite side. arm is completely straight repetitions on a 3:1:3 tempo, gree angle from the floor.Ex- frontand lefthand holding a then slowly lowerdown. Re- and your bicep is by where you raise or lower the tend both arms straightdown dumbbell, kettlebell or water peat10times on each side. One-Arm Overhead Press your ear. weight or your body for three in frontofyou, palms facing bottle.Lean slightly forward. with Weight Slowly lowerdown. seconds, pause one second forward. Raise both arms up Rest your righthand on your Doorway Lat Stretch Stand with feet hips-width Repeat10times and switch and then reverse directions until your body forms aT rightthigh. Lowerthe weight Stand facing a doorway and apart. Hold adumbbell, ket- sides.

THE WORKOUT: be flatagainstthe floor.To 10 times, keeping your core CORE CHALLENGE engage your core,think about engaged. drawing your naveltoyour ime under tension is spine.Hold for45seconds. Bridge Pose “Tthe amount of time Lie on your back,knees bent, a muscle is held un- Leg Raises feet flat on the floor hip-width der tension or strain during a Lie on your back with legs apart and arms by your sides. set,” says Mr. Maronde. “In- extended and arms by your Push through your heels to lift creasing the time under ten- sides. Lightly press your your glutes and lowback off sion is a great way to in- palms into the ground and on the floor.Your body should be crease the intensity of your an exhale, lift the legs up as in astraightline from your core work.” The workout be- high as they will go without knees to your shoulders. Do low combines dynamic move- your lower back arching up notarchthe lowback. ments, like leg raises, with from the floor. Pause at the Squeezeyour glutes at the static movements like dead top and on an inhale slowly top, then slowly lowerdown bug. Mr. Maronde says the lower your legs down until to the floor.Repeat10times. static hold is a chance to ac- your feet hover just above tivate the core while reinforc- the ground. Repeat 10 times. Dynamic Lateral ing proper form. Bridge Hold Complete two to three Hollow Body Rocks Lie on your leftside with your rounds. Rest 60 seconds Lie on your back.Extend elbowdirectly beneath your between. your arms straightsoyour shoulder and legs stacked.En- elbows arebyyour earsand gage your core and liftyour Dead Bug both shoulder blades areoff hips offthe floor until youare Lie on your back.Liftyour legs the floor.Push your lower balancing on your forearm with your knees bentata90- back to the floor and keep and feet.Your body should degree angle.Raise your arms your toes pointedasyou lift form adiagonal line,head to up toward the ceiling with your legs offthe floor.Do feet.Donot let the hips dip your wrists above your shoul- notlet your lowerback arch. forwardorback.Hold for30 ders. Your lowerback should Begin to rock back and forth seconds.Switch sides.

RUSSIAN TWIST Sit on the floor and lean back until your torsoisabout 45 de- greestothe floor.Keep your heels on the ground, knees bent. Reach both arms out in frontand clasp hands together.Twistyour torsotodrawyour hands to the righthip while keeping your chestlifted. Crossover to the lefthip.Repeat 10 times on each side. Foranaddedchallenge hold amedicine ball or weightortry to hover the feet offthe ground. P2JW131000-0-A01300-1------XA

THE WALL STREET JOURNAL. Tuesday, May 11, 2021 | A13 ARTS IN REVIEW

MUSIC REVIEW | MARK RICHARDSON St.Vincent’s Sin City Her latest has a’70s-NewYork vibe and drawsonher father’s releasefromprison

ew recordsbySt. theevent gives her license to Vincent, the proj- exploreaworld of sin, cheap ect of 38-year-old thrills,regret and, hereand singer-songwriter there, redemption. NAnnie Clark,are To accompany the theme, one part of a built around both the plea- largermultimedia work.Like sures and limitations of be- David Bowie,one of her in- ing “bad,” Ms. Clark and her fluences,Ms. Clark views co-producer Mr. Antonoff— each album as an opportu- he also co-wrote four nity to present anew per- songs—look to early-1970s sona, with songslinked by New York for inspiration. in-jokes and references.As That was the time of glitter an artist, she favors com- and grime, of glam rock and plexity.Her melodies areal- funk, and the record’s most waysalittle knotty,the pro- pronounced signifiers of the duction has two or three era are its groove-heavy morelayersthan some keyboards, choppy wah-wah might find advisable.And guitar that brings to mind her music smacks of effort. Bowie’s “Fame,” and promi- Youcan hear the strain in nent backing vocals from Lynne Fiddmont and Kenya Hathaway that sometimes suggest the “doo-doo-doo” refrain from Lou Reed’s “Walk on the Wild Side.” But it bears mentioning that “Daddy’s Home” could never be mistaken for a record released in the ’70s— Ms. Clark doesn’t do pas- tiche. Though she draws from a wide range of influ- ences, her music always sounds like hers alone. The album begins with “Pay her voiceand in her ar- Your Way in Pain,” a synth- rangementsasshe tries to driven tune with a stutter- squeeze thingsin. Ms. step beat and a thick, al- Clark’ssongssound built most garish mass of backing rather than channeled, and vocals that conjure Bowie— they rarely go down easy.On think “TVC 15” and “Young 2017’s“Masseduction” she Americans”—and Prince. It’s collaborated with Jack An- a song about feeling like a tonoff—the busy songwriter stranger in the world, and and producer who has it’s filled with great lines, worked closely with Taylor including “So I went to the Swift, Lana Del Rey and park just to watch the little Lorde, among others—but children / The mothers saw she certainly wasn’t doing my heels and they said I so hoping to makethe pop wasn’t welcome.” St. Vincent’s charts. That record hit No. In an unusual touch, Ms. sixth album is

10,her highest placement so Clark plays sitar on almost out Friday. MICHAEL Y far,but she’ll never quite half these songs, and the in- CKER

swim with the mainstream. strument’s curling notes im- ZA In pressnotes and early part a feeling of second- interviews the sixth St.Vin- hand exotica that fits the cent album, “Daddy’s Home” subject matter. “Down and graphs in a prison visitation away. “Somebody Like Me” air of unease. “Daddy’s Home” can’t (Loma Vista), out Friday, is Out Downtown” is the al- room while meeting with is a lovely ballad with swells By the penultimate track, quite match Ms. Clark’s 2014 described as especially per- bum’s most explicit nod to her father, who is clad in a of pedal steel guitar that “Candy Darling,” Ms. Clark album “St. Vincent” or sonal, though we’veheard its New York inspiration, “government green suit.” finds Ms. Clark seeing her- sees the tenderness and vul- 2011’s “Strange Mercy” on a that before. She is not acon- both in its title and lyrics And the Beatlesesque “Live self, through the eyes of an- nerability lurking inside of song-by-song basis, and her fessional artist, and she (“I was flying / Over the in the Dream” is a slow psy- other, as someone worthy of tough exteriors, and the fear brand of dense, off-kilter art builds her creativeworlds Empire State,” “Bowery chedelic ballad that puts the love: “Paint yourself white that recklessness hides. It’s pop remains impenetrable from the ground up.This John forgotten but not sitar front and center, with clip on the wings climb named for the transgender to those not in tune with time,however, the record gone”). It builds from a words that are a wash of straight to the top of a actress, an associate of her frequency. But this re- comes with ahighly specific spare opening to a thunder- perspectives and images, a building / Does it make you Andy Warhol, to whom Lou cord’s carefully unfolding backstory: Ms.Clark’sfather ous chorus that verges on liquid light show rendered an angel or some kind of Reed memorably paid trib- structure gives it an emo- served nine yearsinprison overcooked but the grandi- in sound. freak to believe enough in ute in 1969 on the Velvet tional punch that builds forfinancial crimes and was osity helps drive home the In the LP’s final third, it somebody like me.” As on Underground song “Candy with each song, landing it released in 2019.But afew allure of metropolitan glam- becomes softer and gentler. many songs here, the drums Says.” The alienated outcast among her best. details aside,the record isn’t our. On the title track, over There’s a feeling of accep- by Mr. Antonoff are light of of “Pay Your Way in Pain” “about” his imprisonment or electric keyboards and clat- tance and human connec- touch but also busy, as if hasn’t changed much, but Mr. Richardson is the the relationship between fa- tering drums, Ms. Clark tion, even if self-destructive nervously searching for a she seems closer to finding Journal’s rock and pop ther and daughter.Rather, sings about signing auto- tendencies haven’t gone place to land, adding to the her place in the world. music critic.

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NewYork City 64 45 pc 64 48 pc Dublin 55 40 sh 54 42 sh Warsaw7856s 75 50 pc s LACE GOTO ATONE Oklahoma City 55 48 r6345pc Edinburgh 60 45 pc 57 43 sh Zurich 59 46 r5744sh Solvethis puzzle online and discussitatWSJ.com/Puzzles. KNEE SNOW RENTA P2JW131000-0-A01400-1------XA

A14 | Tuesday, May 11, 2021 THE WALL STREET JOURNAL. SPORTS

BY BEN COHEN The Pickup Basketball Game Is Back ne of the firstthings that Adam Roussas wanted to do when Oenough of his friends They got their shots. Then they missed lots of shots. Playing again feels normal—and painful. had been fully vaccinated wasone of the manythings he had desperately missed during the pandemic.Hetextedhis pickup basketball group chat: Did anyone else want to playagain? “My lungsmay not be ready,” wroteRoussas,amedical student, “but my figurativeheart is.” Beforethe pandemic,Roussas had astanding Thursdaymorning pickup game with abunch of guys in their 20s and 30s in Tucson, Ariz., wherethey kneweach other through college, church and their local coffee shop.Ithad been more than ayear sincethey last played. But nowitwas time.They were so eager to getback on the court that when they realized their regular gymwas still closed, they scouted the area to find an outdoor hoop wherethey could playassoon as possible. “Assoon as everyone gotfin- ished getting vaccinated, we were out therealmost immediately,” said Ryan Reid, acollegestudent. So howwas it? “Excellent and horrible at the same time,” said Andy Littleton, a church pastor. “Rough,” said MikeAlmeroth, a creativedirector.“All the random core muscles that IforgotIneeded were sorefor the next, youknow, couple of weeks.” “I wish Icould sayfun,” Reid said, “but Iwas so out of shape that afterfour possessions Ifelt likeIhad to throw up.” They couldn’t wait to getback the next week.With morethan half of American adultsnow vaccinated, the countryhas entered anew Andy Littleton goes up for a basket during a pickup game. The return to pre-Covid life is not so much one giant leap as a progression of small, personal steps. stageofthe pandemic.But there won’t be aformal declaration that ball had an official blessing from the world. Theprobability of being torlook forwardtodestroying each wind. Thesun. Theheat. Thedou- the worsthealth crisis in acentury the nation’stop expert on infec- infected with the coronavirus after other forafew hoursevery week. ble rims on the hoops and the is over.The return to pre-Covid life tious diseases.Itwas exhilarating vaccination and suffering Covid-19 Likemost pickup games,some of workout classes forelderly women is not so much one giant leap as a to return. It wasalso weird. symptoms from abasketball the players in this one arebetter on the other side of the court. And progression of small, personal “There’sabit of amental hurdle game—especially outdoors—was than others, and none of them are they’restill not ready forthe most steps—likefeeling comfortable getting back intosomething that suddenly lowerthan the chances of particularly good. They gottheir beloved pickup basketball routine: enough to playpickup basketball has been wrong forayear,” Alm- twisting your ankle,wrecking your shots. Then they missed lotsof the post-game burrito. again. eroth said. back or inflicting the predictable shots. Just being out therewith each Some gyms have been open for Roussas,who is completing an forms of bodily pain betterknown “I would sayI’m LanceStephen- other wasenough. In the early days months and some games haven’t MD/MBAprogram beforestarting a as exercise. son-esque,” Reid said. “Sometimes of the pandemic,Littleton would waited forvaccines,but one of the residencyinemergencymedicine Roussas kept in shape through- the best playeryou’veeverseen in ride his bicycle past the court and manylessons of the past year is next year,believes he wasthe first out the pandemic by walking your life. Other times even I’m con- wonder if it wassafetoplay. But that people have appetites forrisk in his game to getvaccinated. By around his neighborhood, doing fused with what I’m doing.” his wifeisahospital nurse,and his that can’t always be explained by the end of March, everyadult in Ar- pull-ups on the swing set in his lo- “I’m likethe dogecoin of basket- 82-year-old mother wasliving with who they are, wherethey liveor izona waseligible.Onthe very first calpark and stuffing abackpack ball,” said Almeroth. “I’m either them, and he decided it wasmore what they do.Everybody is making dayofApril, he texted thegroup with his medical textbooks to lift your best-performing asset or I’m a responsible to be careful. “I need to decisions in conditions of uncer- chat. weights. liability,but either way I’m not tak- do my best to be agood example to tainty,and nobody is giving permis- They haddiscussed restarting Then he woke up the morning af- ing myself tooseriously.” others,” the pastor remembers sion to getback to normal. their game at various points terplaying three hoursofbasket- But not everyone compares thinking. Except, as it turns out, when it throughout the pandemic before ball with such nasty blistersonhis themselves to NBAplayers and As it happens,ifyou want to un- comes to pickup basketball. deciding that it didn’t feel appro- feet that he asked his girlfriend to cryptocurrencies.The scouting re- derstand human behavior during “Ifyou’revaccinated and I’m priate. They were generally behav- bring home 18-gaugeneedles from port on Roussas? the pandemic,thereare worse vaccinated, we canplayapickup ing in similar waysbased on asimi- her laboratory. “Most people describe me as a places to study than apickup bas- game tomorrow,” Dr.AnthonyFauci lar toleranceofrisk,and they “Don’t let ’emsit,’” he said. “Just waterbuffalo,” he said. ketball game. told the MSNBC host Chris Hayes figuredtheir pickup basketball drain ’em.” Their games aredifferent nowif It wasimportant one year agoto last month. (The 80-year-old for- game could wait. They kept wait- That kind of pain is onesign of a only because everything in lifeis be cautious and not play. It’simpor- mer basketball star added: “I’ll ing. good pickup game.Another one is different now. They would playin- tant nowtoberesilient and start probably destroy you, but that’s But the extraordinarydevelop- the eclectic mix of people.Abas- doorsifthey could, but their gym playing again. OK.”) ment of highly effectivevaccines ketball court might be the only remains closed, so they found “I’m really proud of our group But this weekly game in Arizona wasamiraculous turn of eventsfor placeinthe world whereacollege themselves on an outdoor court forholding out,” Littleton said, “but wasplaying beforepickup basket- mediocrebasketball players around kid, afuturedoctor and their pas- battling unfamiliar elements. The also forgetting back together.”

Will Medina Spirit Run In the Preakness?

BY JIM CHAIRUSMI available. In a statement, Churchill Downs FORTHE SECOND TIME IN THREE said that if the findings are up- years, the Kentucky Derby winner held, Medina Spirit’s win would be might not be the first horse that invalidated and Mandaloun de- crossed the finish line. Now the clared the winner. question is whether Medina Spirit The situation forces organizers will be allowed to run in Satur- of the Preakness at Pimlico Race day’s Preakness Stakes after a Course in Baltimore to make a de- failed drug test put its Derby win cision on whether to allow Medina in peril. Spirit to run before the investiga- Medina Spirit held off Mandal- tion in Kentucky is fully com- oun by a half-length to win the pleted. The post-position draw for 147th running of the Kentucky the second leg of the Triple Crown Derby on May 1. But on Sunday, was initially set to take place on trainer Bob Baffert revealed that Monday but was postponed until Medina Spirit had failed a post- Tuesday afternoon. race drug test, which could ulti- Baffert said he still planned to mately lead to the enter Medina horse’s disqualifi- Spirit as well as cation. In 2019, ‘There’s problems in stablemate Concert Jockey John Velasquez celebrates with trainer Bob Baffert after Medina Spirit’s victory in the Kentucky Derby. Maximum Security Tour in the Preak-

was disqualified af- racing, but it’s not ness. Baffert’s at- With his distinctive white hair tucky Derby, regulators in Arkan- clean up its drug problem. The S ter veering off torney Craig Rob- and dark glasses—and his frequent sas upheld a ruling that an illegal federal legislation will remove Bob Baffert,’ Baffert PRES course and imped- ertson said they appearances in the winner’s circle substance had been found in two oversight of medication and test-

ing two rivals dur- said. would seek a tem- after horse racing’s richest races— of Baffert’s horses but voted to re- ing issues from states to an inde- ZUMA ing the race. porary injunction if the 68-year-old Baffert has become duce Baffert’s 15-day suspension to pendent authority that would con- SMI/

Baffert said Me- the Preakness the sport’s most recognizable fig- a fine of $5,000 for each horse. tract the U.S. Anti-Doping Agency ON

dina Spirit was doesn’t allow Med- ure. His horses have earned more In 2019, the New York Times re- to oversee enforcement. In an in- /IC

found to have 21 picograms of be- ina Spirit in the race. than $320 million in prize money. ported that Justify had failed a terview prior to the Kentucky OCK tamethasone, which is twice the “If Pimlico takes an action to He broke the sport’s Triple Crown drug test after winning the 2018 Derby, USADA chief executive Tra- legal threshold allowed in Ken- try to bar either Bob Baffert or drought in 2015 with American Santa Anita Derby, prior to sweep- vis Tygart said horse racing’s cur- SPURL tucky. Betamethasone is a corticos- Medina Spirit, we will go to court Pharoah and then did it again in ing the Triple Crown. After an in- rent antidoping system is “really BRIAN teroid used to treat inflammation and seek action to prevent that 2018 with Justify. vestigation, the California Horse poor, with major loopholes in it.” and joint pain in horses. Baffert from happening,” Robertson said. But amid the celebrations, ques- Racing Board agreed with Baffert’s “We have to have sanctions that

denied wrongdoing and said that “A person and a horse is innocent tions have surfaced about the le- defense that the positive was a re- deter—so someone who might be JOURNAL; “at no point in time, has anyone in until proven guilty. Any type of at- gitimacy of Baffert’s success fol- sult of tainted feed. willing to cheat says ‘It’s not REET

my barn or any of my veterinari- tempt to punish someone at this lowing five failed drug tests in the The renewed scrutiny on Baf- worth it because I might be kicked ST

ans” administered betamethasone stage would be unlawful.” past year, including Medina Spirit. fert’s barn comes as the sport’s out of the sport for a long period LL to Medina Spirit. The Maryland Jockey Club and “There’s problems in racing, but Triple Crown races banned the use of time.’ “ Tygart said. “But people WA

According to Kentucky regula- 1/ST Racing, the owners of Pim- it’s not Bob Baffert,” Baffert said of Lasix, a drug used to prevent are going to still take the risk. We THE R

tions, the horse won’t be disquali- lico, said in a statement that they on Sunday. respiratory bleeding that is also saw that in cycling and other FO fied until a split sample—collected are reviewing the case. “We are Last September, the Baffert- seen as a performance enhancer. sports. People will try to get away A

at the same time as the first sam- consulting with the Maryland Rac- trained filly Gamine finished third Several horsemen interviewed with it. We’ve got to detect it and O’HAR ple—confirms the initial test re- ing Commission and any decision in the Kentucky Oaks, but was dis- by The Wall Street Journal pointed sanction them in a way that sult. The Kentucky Horse Racing regarding the entry of Medina qualified after testing for betame- to the passage of the Horseracing doesn’t allow them to profit from CAITLIN

Commission didn’t respond to a Spirit in the 146th Preakness thasone. Baffert was fined $1,500 Integrity and Safety Act, which is their cheating, which currently P: request for comment on when the Stakes will be made after review for the violation. set to take effect in July 2022, as happens pretty regularly and eas- TO OM

split sample results would be of the facts,” the statement said. A few weeks before the Ken- an opportunity for the industry to ily I think.” FR P2JW131000-0-A01500-1------XA

THE WALL STREET JOURNAL. Tuesday, May 11, 2021 | A15 OPINION Robert Mueller’s Revenge BOOKSHELF | By Alan Pell Crawford

Federal Judge On Dec.10, 2019,the New port. What thejudgedoesn’t headlines reported that ajudge The Road Amy Berman York Times reported that, af- point out is that Mr.Barr then had all but called Mr.Barr a Jackson has terconsulting with her caucus, called Mr.Mueller to ask what liar.Some who should know an answerfor Speaker NancyPelosi decided he’dgot wrong and, according better—e.g., Neal Katyal,acting all those hop- the House would moveahead to aJusticespokesman, Mr. U.S. solicitor general during the To Yo rktown ing to heal with two articles of impeach- Mueller conceded therewas Obama administration—have MAIN and move on ment.Each would focus nar- nothing inaccuratebut felt the piledonbytalking up possible STREET from the rowly on Ukraine.Athirdim- media coverage wasmisinter- criminal charges. Winning Independence Trump years: peachment charge,tied to Mr. preting it and wanted more This is atest forMerrick By William Nothing do- Mueller’s report, was “too released. Weeks later,when Garland. As attorney general By John Ferling McGurn ing. much of areach.” Mr.Mueller testified before he surely hasaninterest in (Bloomsbury, 701 pages, $40) Her answer In short, Mr.Mueller’s first theHouse JudiciaryCommit- keeping confidential his own comes by way of aFreedom of shot at Mr.Trump wascollu- tee—the perfect opportunity department’sinternal deliber- mericans from childhood areregaled with stirring Information Act lawsuit sion with the Russians, for to tell the world about the ationsoncontroversial issues. A tales of Lexingtonand Concord, the crossing of the brought by the left-leaning which he found no evidence. ball Mr.Barr had hidden—he Whether the JusticeDepart- Delaware,Saratoga, and Valley Forge. They aretold Citizens forResponsibility and His second shot wasobstruc- again retreated intovague ment appeals JudgeJackson’s almost nothing,unfortunately,about what took placeduring Ethics in Washington. In her tion of justice, but he punted generalities. outrageous decision will tell the RevolutionaryWar afterthat. These storied eventsoccur, ruling,JudgeJackson orders on adecision about whether us whether Mr.Garland really and then—abracadabra!—Yorktown, with little in between the JusticeDepartment to what he found wasacrime. is asquareshooter,ashehas and few connections drawn. In “Winning Independence,” makepublic an internal March This shot didn’t hit itsmark Ajudge’sludicrous been sold. historian John Ferling seeks to fill in the blanks. 2019 memo to then-Attorney either when Congressdeclined Meanwhile,therehavebeen Morethan three yearspassed between the last major General Bill Barr about to act on it. tirade targetsformer almost no public defenses of battle in the North (Monmouth, June 1778) and the surrender whether to prosecutePresi- Plainly the judgeishoping AttorneyGeneral Mr.Barr.Partly this is because at Yorktown. The war was in fact won duringthose years, dent Trump. the thirdtime’sthe charm. If he is loathed by Democratsfor when the British, stalemated in the North, shiftedtoa Thepretense is that this is she can’t getMr. Trump, William Barr. launching an investigation into “Southern strategy,” based on the notion that vast numbers about Mr.Barr,whom the maybe she canatleast tarnish the Federal Bureau of Investi- of loyalistsinGeorgia and th- judgeaccuses of being “disin- his attorney general. gation’s 2016 Trump-Russia eCarolinas would rally to the genuous” about his handling One of the judge’scom- We areleftwith afederal probe.Partly it’sbecause some cause of King and Country of special counsel Robert plaintsisthat in reducing the judgereaching intointernal Republicans arealso soreat and put down the rebellion. Mueller’sreport on Russian in- 448-pageMueller report to a JusticeDepartment communi- him fornot backing Mr. Thousands didfight for terferenceinthe 2016 presi- four-pagesummaryofits prin- cations in a way that, if al- Trump’sclaims that Mr.Biden the British, but not enough. dential election. In reality,her cipal conclusions and releas- lowedtostand, would jeopar- wonthe 2020 election because Aftershocking losses at Kings tirade is but the latest expres- ing it to the public,Mr. Barr dizethe ability of anyattorney of widespread election fraud. Mountain and the Cowpens, sion of Mueller Madness: the wastrying to “hide the ball.” general to getcandid advice None of this changes the re- as well as in numerous skir- great liberal frustration that, Theidea is ludicrous,given from his staff.Inanargument ality of Mr.Mueller and his re- mishes, it became increas- in the end, therewas no that Mr.Barr made public al- that sounds lesslikethe words port: He found no underlying ingly evident to the Tories “there” thereinthe Mueller most the full report—complete of adispassionatejudgethan crime, his investigation was that the momentum was not report. with itshundreds of pages de- the fantasies of anaked parti- not obstructed, and he was with the Crown, and any We knowthis not from Mr. tailing Mr.Trump’sbad behav- san such as Democratic Rep. never able to citeasingle case eagerness to fight plunged. Trump or Mr.Barr but from ior—only three weeks later.In Adam Schiff,JudgeJackson involving theobstruction stat- TheContinental Army’swar their fiercest foes.When his letterMr. Barrduly noted claims to know—without proof uteinwhich agovernment of- of attrition took its toll. After Democratsfinally did get Mr.Mueller’s point that the and apparently without appre- ficial—much lessapresident— Yorktown, the British will to around to impeaching Mr. report didn’t “exonerate” the ciation forhow the JusticeDe- wasprosecuted forexercising win drained away completely. Trump,they made aconscious president. partment functions—that Mr. his legitimateauthority.Inrul- These events and their consequences receive a thorough decision to ignorethe Mueller Now, two yearslater,Judge Barrhad already made his de- ing as she has,JudgeJackson going over in “Winning Independence,” and in Mr. Ferling’s report. Instead, their (first) Jackson revives the special cision beforethe memo.Her has shown herself to be an- reconstruction of the Yorktown campaign, he shows how impeachment wasoveracounsel’scomplaint that the opinionisareminder of how other bitterpartisan who can- the choices the British faced might have led to different phone call Mr.Trump made to attorney general’sletterdidn’t egregious prosecution could not bring herself to facethese outcomes. Ukrainian President Volod- fully capture“the context, na- be if left to judges. facts. In August 1781, when Lord Cornwallis,the British ymyr Zelensky. ture, and substance” of his re- Afterher ruling,gleeful Write to [email protected]. commander in the South, had takenhis armytoYorktown, Va., he had an opportunity,howeverfleeting,toget his army out of danger.French warships allied with George Washington’s Continentals had been spottedinthe Chesapeake Bay, and Strengthen Asia to Weaken Beijing their arrival would makeescape impossible.Until then, Cornwallis might still break through the forces under the TheAmerican as U.S.-China policyshould be derstood that the advantages tary road leads nowheregood, Marquis de Lafayettesurrounding the port. debateover thoroughly debated. They are this provided were fleeting. peaceislikely to hold. No Cornwallis would have to act quickly,however. “Ifhewas- China policy right, too, that unlessthat When China in particular and countryother than America going to fight his way out,” Mr.Ferling writes,“August 31 is heating up. policystands on arealistic the rest of Asia in general be- canact as the linchpin of an [1781] wasthe dayheshould have begun his preparations Last month, assessment of the costsand came fully developed, Tokyo’s alliancethat canhold the win- fortaking flight. But Cornwallis did not attempt to escape, Foreign Af- consequences,Americacould windowofsupremacywould dowfirmly closed. Doves may and he wassubsequently criticized forit”—at the time by GLOBAL fairspub- find itself committedtopoli- close.Looking at Chinese not like that reality, but they Sir HenryClinton, the British commander in chief,and by VIEW lished an arti- cies that voters at home and weakness, the decline of the will like the consequences of historians.Clinton “said that the armyinYorktown should cle by Charles allies abroad might be unwill- colonial empires and the feck- failure even less. have darted forsafety within twelvehoursofdiscovering By Walter Glaser calling ing to support when the go- lessAmerican passivity of the Theoutlook brightens over that the French had arrived,” Mr.Ferling writes.“Historians Russell Mead on theU.S.to ing gets tough. isolationist 1930s,Japan’s the long term. TheU.S.isnot who agree with Clinton’sassessment point to Cornwallis’s retreat from But the biggest problem hawks made the fatal decision condemned to an endless nearly three-to-one numerical advantageoverLafayette’s East Asiancommitmentsas with the U.S. China policyde- to trytoimpose Japanese su- struggle against an inexora- small army.” Until Washingtonand the ComtedeRocham- American powerdeclines.In batetodayisnot that it is premacyonAsia. bly rising China. On the con- beau arrived with their troops,that small forceunder prominent publications rang- toohawkish. It’sthat the dis- China today, likeJapan trary: As the rest of Asia Lafayettewas about all that stood in the Redcoats’ way. ing from the National Interest cussion is framed toosimplis- then, is acountrywhose rises,Beijing’schanceatsu- Thehistorians arguethat Cornwallis “could have to the Atlantic,analystsar- tically.Itoverstatesthe dan- rapid development seems to premacybegins to shrink— punched through the rebel force, possibly even guethat the U.S. should mod- gerofwar,minimizes put Asian and therefore and Washington’sIndo-Pacific demolishing it, beforemarching back to South Carolina,” erateits China policyfor the Washington’schances of ob- global supremacywithin allies will be able to bear Mr.Ferling writes,and destroying the Continental army oppositereason: Beijing is a taining itsobjectives peace- reach. But Beijing has lucked moreofthe coststhat keep- under Gen. Nathanael Greene,head of the Southern papertiger and doesn’t de- fully,exaggeratesBeijing’sas- ing the peacerequires. Department. It wasunder Greene’scommand that the servethis attention. Further sets, and inflates the Nothing,including retreat Americans were winning the war, even when losing battles: out in the liberal mists, some challengeintoaninexorably China’s opening and appeasement, is risk-free. Britishcasualties at GuilfordCourt House in March 1781—a blame hotheaded China growing,almost unbeatable As China sees itshegemony tactical defeat forGreene—weresoseverethat, in hawks forviolenceagainst threat. In the long runAmeri- to grab supremacy windowclosing,Beijing’s Parliament, Charles James Foxdeclared: “Another such Asian-Americans and want a canprospectsare much will vanish once its hawks could pressfor a victorywould ruin the British Army.” softerAmerican China policy brighter than manyhawks or Japan-style dash forpower. as away of building commu- doves understand, but for neighbors develop. Americaand itsallies must nity at home. that reason the short-term guardagainst this.Overthe Some historians argue that the British could Thepushback is under- perils maybegreater even long haul, maintaining U.S. al- have escaped defeat and might have eventually standable—the American dis- than some hawks have ac- intoafortuitous moment, not liances as Asia rises will pose cussion has moved very far, knowledged. an era. As India, Indonesia, complexmoral and practical dealt a mortal blow to the rebellious colonists. very fast. Council on Foreign Thesimplistic framing is Vietnam, the Philippines, difficulties that test the inge- RelationsPresident Richard wrongtocast the U.S. as a Thailand, Bangladesh and nuity of Washingtondiplo- Haasshas urgedWashington declininghegemon increas- Burma all reach their poten- mats. Theappropriatemix of “It has even been contended that once Greene was to makeaformal commit- inglyfearfulofaninevitably tial, arising Asia will become engagement and competition defeated, Cornwallis might have marched back to the ment to defend Taiwan rising China. Beijing is not toobig forany country, even in America’sChina policywill Chesapeake to take part in a giant British pincer move- against aChinese attack, the predestined ruler of Asia. China, to dominateorcon- be hardtodiscern on issues ment,” Mr. Ferling writes. “With Clinton coming south to while George Soros has As with Japan in the 1930s, trol.The U.S. goal shouldn’t ranging from the Belt and assail the Allies from one side,and Cornwallis coming north termed Xi Jinping the most China is merely acountry be to crush China but to pro- RoadInitiativetotrade policy to attack the armies of Washington and Rochambeau from dangerous enemythat open tempted to exploit atempo- moteAsia. and tech standards. the other side,the British armymight have inflicted a societies face. And Secretary rary windowofopportunity In the short to medium But the big pictureisclear. mortal blow on its enemy.” of State AntonyBlinken re- to transform the region in a term, Washingtonneeds to Aflourishing Asia is the an- Of course none of this happened. Cornwallis didn’t take the peated his predecessor Mike way it hopes could guarantee work with allies to keep Bei- swertothe U.S.’s China prob- chance, and whether the plan might have worked is impos- Pompeo’s characterization of itsprimacyfor the long term. jing from exploiting itswin- lem. Asia’speoples and coun- sible to know. He stayed put and wastrapped. TheFrench Beijing’streatmentofChinese Japan wasthe firstgreat dowofopportunity.China has tries want to be independent fleet arrived, Washingtonand Rochambeau laid siegetothe Uighursasa“genocide.” Asian nation to develop mod- its hawks, but the leadership and rich. Washington’sjob is town, and Cornwallis surrendered, effectively ending the war. Thedoves areright that ern industrial capabilities, is pragmatic. As long as Bei- to help that Asian Dream Mr.Ferling’sdiscussion of what Cornwallis might or somethingasconsequential and Japanese strategistsun- jing understands that the mili- come true. might not have done when French warships appeared in the Chesapeakedemonstrates the strength of this well researched but sometimes unfocused book and itsweakness. Less concerned, apparently,with the warthan with the Appropriating ‘Apartheid’ to Bash Israel planning of the war, Mr.Ferling oftenseems to devotemore wordstowhat didn’t happen as to what did. His fair-minded By Warren Goldstein tion Registration Act, the wasanArabjudgethat con- and cultural disputeconcern- assessmentsofthe decisions commandersmade or did not Group Areas Act, and the Sep- victed former Israeli presi- ing national identities. make, based on the information they had, will be of greater Johannesburg, South Africa arateAmenities Act. Black dent Moshe Katzav. So whythe lie? Because Hu- interest to specialiststhan to general readers. uman RightsWatch ac- SouthAfricans were denied Thereisacontinuing and man RightsWatch seeksto As forhow this material is conveyed,authorshave H cuses Israel of apart- thevoteand equality before bitterdisputearound estab- delegitimizeIsrael, to portray their verbal tics, and it might come as no surprise—given heid. Yetinmaking the thelaw until 1994. lishing aPalestinian statein it falsely as astate founded on his interest in the options that generals faced—that Mr. accusation in an April 27 re- In contrast, within the bor- the West Bank and Gaza, the cardinal sin of racism, Ferling’s commanders forever “opt to” do this or that, or port, the group brazenly ac- dersofthe stateofIsrael, all which aren’t legally part of Is- thereby denying it the moral “opt not to.” He repeatedly says “additionally” when “also” knowledges that it has “de- citizens—Jews,Arabs or oth- rael. ThePalestinian leader- righttoexist. would suffice, “utilize” when he means “use,” and “prior to” tached the term apartheid erwise—have the right to ship hasconsistently rejected Theirony is that this itself when “before” would better serve. Things happened “in a from itsoriginal South African vote and completeequality concerted effortstocreatea is aform of prejudice. Unjustly flash,” officers were “bitterly disappointed” when things context.” separatePalestinian statein applying the apartheid canard didn’t go their way,entreaties “fell on deaf ears,” This is immoral. “Apartheid” these territories,fromthe to the Jewish statefalls Washington “rolled out the red carpet” for a French has asacred historical mean- Human Rights Watch United Nations partition plan squarely within the widely ac- admiral, and a British prisoner found that two years in ing,sanctified by the blood and in 1947 to Prime Minister cepted International Holocaust captivity was (surprise) “no bed of roses.” Soldiers in the suffering of millions of South traduces the sacred Ehud Olmert’soffer in 2006. Remembrance Alliancedefini- mass are routinely referred to as “soldiery.” These might Africans who were oppressed memories of South SuccessiveIsraeli governments tion of anti-Semitism, which seem like quibbles, but over the course of nearly 700pages anddiscriminated against on have demonstrated that they includes “claiming that the ex- of small print, the stock phrases,clichésand peculiar word thebasis of race.Inappropri- African victims. arewilling to payahugeprice istenceofthe State of Israel is choices begin to grate. Theclaim that commanders“should ating the word,Human Rights foralasting two-statesolu- aracist endeavor.” have known” something that they didn’t seems presumptuous. Watchpresentsagrotesquely tion. Israeli overtures have Therecan be no greater Still and all, Mr.Ferling ends on astrong note. His account distorted pictureofboth South beforethe law. They partici- been met with terrorist at- desecration of the memoryof of the siegeofYorktown is in momentsgripping.Alexander African historyand the current pateside by side in elections, tacks,rocketsand mortars. the victims of apartheid than Hamilton led the assault on Redoubt 10,akey Britishdefense, reality in Israel. and Israeli Arabs hold high- No one who truly under- ripping the word out of South and by what he called a“happy coincidence,” the attack Apartheid wasastate-en- ranking positions throughout stands the systematic racism African soil, detaching it from came off almost exactly as planned. By the end of “Winning forced national system of ra- the Israeli government, in- and denial of basic human its original meaning, and Independence,” it becomes clear howrarely that wasthe case. cial discrimination that mani- cludingthe Knesset and the rightsthat made apartheid in- weaponizing it in the cause of fested in aslewofoppressive Supreme Court. Afterthe re- famous could, with anyinteg- another form of bigotry. Mr. Crawford is the author of “Twilight at Monticello: laws aimed at obliterating the cent election, an Arab-led rity,apply the term to the Is- The Final Years of Thomas Jefferson,” among other books. human rightsofanentire party holds the balanceof raeli-Palestinian conflict—a Mr. Goldstein is chief rabbi His book on the American Revolution in the South, “This race—among them the Popula- powerinthe Knesset, and it complexpolitical, religious of South Africa. Fierce People,” will be published in the spring of 2022. P2JW131000-0-A01600-1------XA

A16 | Tuesday, May 11, 2021 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR The Real Infrastructure Problem Is Biden’s DaycarePlan Good forChildren?

he economic damagefromthe cyber at- gastoback them up.Nuclear and coal plantsthat Regarding J.D. Vanceand Jenet Er- reps will visit daycarecenterstoget tack that shut down the 5,500-mile Colo- provide baseload powerare shutting down be- ickson’s “Biden’sDaycare Plan Is Bad “cardcheck” signatures and campaign T nial Pipeline—the country’slargest fuel cause of environmental regulations,and they forFamilies” (op-ed, May4): Attacks dollarswill flow to Democratsvia the on advocacyfor expanding availabil- serviceworkersunion (SEIU). Theat- pipeline—shouldbelimited. can’t competewith cheaper The Colonial Pipeline ity and accessibility to developmen- tempt to unionizehome health aides But it’saglaring reminder that gasorsubsidized solar and tally supportivechild care forAmer- failed, but Democratssee opportunity cyber vulnerabilities in U.S. en- shutdown is a warning wind. ica’schildren aremind boggling.The in unions signing up grandma and the ergy and other systems arethe TheEnergy Information Ad- authorspoint to aCanadian study high-school teenagebabysitter. Every- real infrastructureproblem of worse to come. ministration says 2021 could set writtenbyeconomistsinstead of one pays morefor less, but the Demo- that President Biden should be arecordfor the most nuclear looking to U.S. research by those who cratswin. addressing. retirements. NewYork Gov.An- study child development and educa- JOE BOCCUZZI Colonial transportsabout 100 million gallons drew Cuomo ordered the Indian Point nuclear tion. As aparent and pastor who val- Stamford, Conn. of refined productseach dayfromthe Gulf Coast plant, whichhas historically provided aquarter ues the foundation my university-ed- to NewYork Harbor,supplying nearly half of the of the powertoNew York City and Westchester, ucated children received attending a It is certainly true that when cou- East Coast’sfuel. Thepipeline’sprivateoperator to shut down last month. So nowfossil fuels— state-licensed child-carecenter,I ples divorce,the parent who has don’t look to economistsfor child-de- scaled back on work,orstopped work- says it learned Fridaythat it washit by aransom- namely natural gas—will makeup93% of down- velopment expertise. ing entirely,isinadisadvantaged fi- ware attack and took “certain systems offline to stateNew York’selectric capacity. As acommunity member Ihave nancial position. Forexample,acou- contain the threat.” Mr.Cuomo has severely compromised the come alongside low-income working ple marries at 28,inthe next four In ransomware attacks,criminals use com- grid’s reliability in NewYork and Northeast by families to help them apply forchild- yearsthey have two children. The puter code to seizecontrol of information sys- blocking pipelines to deliver moregas to power care programs sponsored by federal mother stops working afterthe first tems and then extort businesses to unlock them. plantsand heating fuel to households.The result and stategovernments, only to find child is born. In year six of the mar- Sometimes they also threaten to dump sensitive is the region is becoming morereliant on gas out thereare not nearly enough spots riagethe couple divorces. Themother intel on the web. TheFBI says the DarkSide crim- compressorstopush morefuel through pipe- to meet demand, transportation is of- is 34 and hasn’t worked in five years. inal network believed to be based in Eastern Eu- lines.Pipelines and compressorsare vulnerable tenanobstacle and the half-daypro- It is likely she will have to re-enter rope perpetrated the attack. to bad weather andcyber attacks. gram offered doesn’t help parents the workforce at an entry-level posi- Some in the media areminimizing the attack TheDepartment of Homeland Security re- who areatwork all day. tion. She has primarycustody of a Less than half of eligible children five-year-old and two-year-old. She is by noting that DarkSide is only aftermoney and ported in February2020 that aransomware at- have access to pre-K programs in their awarded three yearsofspousal sup- purportedly doesn’t extort schools and hospi- tack shut down anaturalgas compressor facility communities.Longitudinal studies port, oftencalled “rehabilitativesup- tals.Small consolation. These thieves arebent fortwo days,though it didn’t saywhere. An at- point to the value and effectivenessin port.” She no longer has the option to on causing damageand have exposed an enor- tack on gasinfrastructureduring the winter will quality early childhood education to stay home and care forher kids be- mous vulnerability in the U.S. energy system by have the potential to cause moredamageas affect children’scognitive, emotional cause she needs to re-enter the work- taking down acritical fuel artery. morecoal and nuclear plantsretire. and social development. Ihaveper- forceand ramp up her career so she Fortunately,therewas plenty of fuel in stor- This will be obvious to hackersoffshore, sonally helped families transition cansupport herself and her children. agebeforethe shutdown, and the pipeline whether they areindependent criminals or their young children from aneighbor’s Privatedaycare is prohibitively expen- should be back online this week.But meantime state-affiliated groups.Russia’sforeign intelli- apartment wherethey were watching siveand she no longer has aspouse to gasoline will have to be transported by trucks, gencemay have picked up moreleads on Amer- television forhoursonend while their sharechild care.Affordable,public parentswereatwork,tochild-care daycarewould makeitpossible for which is lessefficient. Transportation bottle- ica’scyber vulnerabilities when itsproxies pene- classrooms wherethey areengaged in this mother to re-enter the workforce. necks were already snarling supply-chains,and trated SolarWinds software and purloined developmentally appropriatecare. This isn’t an academic point, as 19 the pipeline shutdown won’t help. information from government agencies,includ- TheBiden administration’splan to million children liveinsingle-parent iii ing the Federal Energy RegulatoryCommission expand child care isn’t compulsory. It households in the U.S. Yetthis is the world that the climate-change and Energy Department. will help families,help employers get SOPHIE COQUILLETTE KOVEN lobby wants. TheBiden Administration should Manyutilities and energy companies also use stable workersand help our children. Riverside, Conn. be putting money intoshoring up cyber vulnera- SolarWinds.The U.S. government could help PAM STRADER bilities,but instead it’susing the “infrastruc- companies harden their information systems, Greensboro, N.C. Child care outside the home wasn’t ture” label to remakethe energy economy, but the risks to infrastructurewill grow unless available in the ’60s and ’70s when squeeze fossil fuels,and makethe grid morevul- the U.S. makes the energy system moreresilient Ihaveexperiencewith child-care my children were young.The thought nerable,not less. and redundant. That won’t happen with Mr.Bi- issues,having owned Child CarePro- of such athing never entered my fessionals,Inc.for 21 years. President mind. Ihad adegree in elementary Texas’snearly week-long poweroutagein den’s500,000 newEVcharging stations and Biden’splan sounds likeasimple solu- education, so Icould have continued Februaryshowedhow grid problems cancas- rooftopsolar panels on everyhome. tion but one with manyrisks.Ihave to teach. However, my ownchildren cade.After wind turbines froze, gaspower Just the opposite. Thegrid and other infra- interviewedand screened hundreds of were my priority. plantscouldn’t makeupfor the lost generation structurewill become morevulnerable as more applicantsfor child-carepositions in As Ilook back,those five yearsbe- and surging demand from homes that use elec- systems getelectrified and connected. TheGov- privatehomes and only placed those I fore school were agift. With each of tric-poweredheaters. Some gaspipelines and ernment Accountability Officewarned in March felt had the educational background my four children, Iwas able to teach compressorsalso froze or shut down because that home solar panels,EVchargers and “smart” and experiencewith knowledgeof them, lovethem, do outdoor activities they rely on electricity. appliances that companies control remotely are age-appropriateactivities and agenu- and be therefor the inevitable ill- Poweroutages also affected watertreatment creating newentrypointsfor cyber criminals to ine lovefor children. Finding the nesses.Itwas aspecial, magical time systems in Texas and rippled acrossthe Mid- take over the grid. number of good daycareworkersis and went by much toofast. NowI west, which relies on gasfromTexas forpower Defending the U.S. against cyber attacks is only one of my concerns. hear about mothersagonizing about SUSAN L. DINEEN the decision to put their children in and heating.The outageexposed howthe U.S. the Biden Administration’smost important in- Cincinnati daycareand Ifeel forthem. No one grid is becoming lessreliable as it becomes more frastructurejob,but that’snot what its$2.3tril- canreplaceamother’s care. reliant on intermittent renewables and natural lion proposal would do. Likeall Democrats, President Biden JOAN V. MCKINLEY assesses the “success” of agovernment program by itsinputsnot by its It’seasy to imagine all these gov- Afghanistan’s Terror Future outputs. President Biden will predict- ernment-funded child-careproviders ably makeaspeech about the newDe- refusing to work during the next pan- he U.S. withdrawal from Afghanistan un- gious minorities simply forexisting,and terror- partment of Child Careand the thou- demic.Then what? dermines American security interests, ist violence to scare anyone who thinks of re- sands of “good union jobs” that will DIANA BRYAN T but the humanitarian disaster maybe sisting. result from the bill. Child-careunion Atherton, Calif. more immediate. The attack on a school in Kabul Afterthe bombingsthe U.S.-backed govern- over the weekend is alikely preview. ment in Kabul blamed the Taliban, which Even in Afghanistan, Saturday’s bombings blamed Islamic State’s Afghan affiliate. These Section 1031 Helps Many and Is No Loophole stoodout as particularly depraved. It began extremist organizations have clashed in the when a suicide bomber detonated a car at the past, but the Afghan government accuses them Regarding “New Proposal Takes nificant part of our economy. Govern- gates of a mixed-gender school. As surviving of coordinating attacks on the capital. Some Aim at Real-EstateTax Loophole” (U.S. ment should never be in the position studentsfled, two morebombs exploded have argued that the Taliban would control Is- News,April 29): A1031 like-kindex- of creating roadblocks to their success. nearby.This leftmorethan 80 dead and nearly lamic State. Good luck with that. changehas never been atax loophole. PHYLLIS SCANLAN twice as many wounded. The Taliban is on the march again, closing Like-kind exchanges allowinvestorsto Wheaton, Ill. Thebombingsweretimed to ensurethat in on several provincial capitals. Islamic State exchangeone property foranother schoolgirls, who attend classes on a different and al Qaeda militants will take advantage of similar “like-kind” property and pay Ihaveowned asmall apartment gains taxeslater when theproperty is building since1983.Itismysole re- schedule than boys, were the primary victims. the security vacuum. Meantime,the U.S. has de- liquidated. Section 1031 of the Internal tirement income.Itakeoffense to the And it’s no accident the attack took place in a ployedjet fighters, bombers, an aircraftcarrier Revenue Code is an established statute term taxloophole when it refers to predominantly ShiiteHazarapart of Kabul. Re- and Army Rangers to cover the retreat. as legislated by Congressoriginally as howcapital gains aretreated on in- ligious minorities and women were among A U.S. presence can’t thwart every horrific part of the Revenue Act of 1921. Like- vestment property.I’venever been eli- those who suffered the most under Taliban rule attack, but leaving means accepting there will kind exchanges facilitatethe overall giblefor an individual retirement ac- in the 1990s. They won’t fare any better if the be moreofthem. If the Kabul government falls, flow of the real-estate-investment in- count; this building is my retirement group retakes control of the country. the U.S. has an obligation to offer asylum to dustry, with about 15% of all commer- account. As Iage out of the ability to Expect even moreviolenceasU.S.and allied translatorsand otherswho risked their lives to cial-real-estatetransactions in the U.S. actively managethis property,unlikea forces completetheir withdrawalthis summer: work with the allies.President Biden owns the being like-kind transactions.Addition- retirement account in which the value Attacks on girls forgoing to school and on reli- withdrawal—and its consequences. ally,those who rely most on section cangrowtax-free with stocks and 1031aren’t large corporations,but in- bonds,then taxedupon withdrawal, I dividual Americans who owninvest- have no such option. Othershavecon- ment property,fromurban apartments tributed yearly to retirement accounts Joe Biden, Labor Economist to farms to forests. that they candrawonafter acertain According to astudy by Profs.David age; all my spareincome has gone into fter adisappointing April jobs report, assured employers that moregovernment aid is C. Ling and Milena Petrova, nearly this building. President Biden on Mondaytold employ- the key to morerapid hiring. 88% of exchanged properties aresold STEPHANIE SZMYD A ersthey have nothing to worryabout. Naturally he addressed government hiring afterone round, oftenresulting in Santa Rosa, Calif. His viewfromMt. Olympus,er, the WhiteHouse first. “Todaywe’reopening aportal forstate and higher paid taxamountsovertime tells him there’snoproblem with the federal un- local governmentstoapply forthe firstfunds than would have otherwise been due. Afterreading about all the potential employment bonus,and if thereis, the answer from the American Rescue Plan,” he said. He’s This reinvestment accelerates the ve- implications forestates due to pro- is morespending. offering money to hiremoreteachersand civil locity of money and preventsextended posed taxchanges,Ihaveonly one holdingperiods that lead to stagna- question: Is thereanETF forestateat- Theusually camera-shyPresident briefed the servants,but staterevenueshavelargely re- tion. Furthermore, the study states torneys? pressonshort noticetoaddressthe claim that ex- bounded sincethe pandemic’searly days.The that the repeal of section 1031 would STEPHEN HORWITZ panded paymentsare slowing the jobs recovery. giveawayswill subsidizepublic budgetsunder harm tenants, property ownersand Bethesda, Md. “There’sbeen alot of discussion sinceFriday’sre- the guise of employment policy. the economyoverall with adecrease in port that people arebeing paid to stay home ThePresident also touted relief checks and real-estateprices and long-term rent rather than go to work,” Mr.Biden said. taxcreditsaspotential jobs boosters. TheMarch increases,toname afew. Pepper ... That’sanunderstatement. Employers nation- bill authorized grants for16,000 restaurantsand JOHN HARRISON, DBA And Salt wide have complained formonths that Washing- expanded the employee-retention taxcredit to Alternative &Direct Investment ton’s$300-a-week bonus has made it harder to offset wage costsfor small and medium-size Securities Association THE WALL STREET JOURNAL find willing workers. YetMr. Biden brushed businesses.Yet these incentives makelittle Indianapolis aside the complaints, saying he and his staff senseamid agrowing economyinwhich the Theadministration’sproposed “don’t see much evidence” that the paymentsare clearest dragsonjob growth aregovernment- changes to 1031 exchanges have huge a“major factor.” mandated capacity restrictions and the federal implications forsmall farmerswhose Theperverse incentiveofthe bonus is clear, bonus fornot working. property values have risen because de- andthe evidencegoes beyond the anecdotes Mr.Biden also took aswipe at employers,say- velopment has changed the best use of from tens of thousands of employers.The ing “people will come back to work if they’repaid their property.Ifthese farmerswish to 266,000 net newjobs in April far undershot adecent wage.” That’sdespitea3.9%increase in sell their farms so they maycontinue economists’forecasts,and the Labor Depart- real averagewages from March 2020 to 2021, as farming in amoreappropriateloca- ment’slatestJoltssurvey showedsome 7.4mil- well as hiring bonuses that employers arenow of- tion, the 1031 property-exchangepro- lion unfilled positions.Bank of Americaecono- fering to lureworkersfromthe couch. vision allows them to continue their mist Joseph Song notes that anyworker earning ThePresident intended his remarks to depict lifework elsewhere. Farmersare asig- lessthan $32,000 annually would getaraise by his Administration as the driver of job growth Lettersintended forpublication should going on unemployment, according to aFox instead of itsmain hindrance. It wasatall order. be emailed to [email protected]. Please Businessreport. But the bright side is that his urgent appearance include your city, state and telephone Mr.Biden could reducethe self-inflicted dam- showedthat moreAmericans arefiguring out number.All letters aresubject to agebyasking Congresstorepeal the bonus, that when the government pays people not to editing,and unpublished letters cannot “Do you carry any cards for be acknowledged. which is available through Labor Day. Instead he work,millions choose not to. the loss of a beloved loophole?” P2JW131000-2-A01700-1------XA

THE WALL STREET JOURNAL. ** Tuesday, May 11, 2021 | A17 OPINION The Fed Is Playing With Fire

By Christian Broda month of bond purchases. Change in unemployment by months afterthe startofthe recession litical leadership.Eventually,the And Stanley Druckenmiller Not only is the recovery happening choice between fiscal discipline— at record speed, excesses of fiscal 1980 1981 1990 2001 2007 2020 2020 Forecast lowertaxes or higher spending—and ith Covid uncertainty policyare already visible.Consumers 12 % forcing the central bank’shand be- receding fast, and sev- arespending likenever before,con- comes an easy one for politicians to eral quartersdeep into struction is booming,and labor make. W the strongest recovery shortages areubiquitous,thanks to 10 With these risks in mind, and with from anypostwarre- direct government transfers. Two- unambiguous evidenceofastrong recession, the Federal Reserve’sguid- thirds of all relief checks were sent covery,the Fedshould be doing more ancecontinues to be the most accom- afterthe vaccines were proved effec- 8 than just reanchoring inflation expec- modative on record, by a mile. tiveand the recovery wasaccelerat- tations to aslightly higher level. Fed Keeping emergencysettingsafter the ing.Opportunistic politicians didn’t policyhas enabled financial-market 6 emergencyhas passed carries bigger let the pandemic go to waste. Espe- excesses.Today’shigh stock-market risks forthe Fedthan missing itsin- cially afterthe Trump years, Con- valuations,the cryptocraze, and the flation target by a few decimal gresshas decided to satisfyits long 4 frenzy over special-purpose acquisi- points. It’stime forachange. list of unmet desires. tion companies,orSPACs,are just a Isn’t the Fed’sindependencesup- few examples of the response to the posed to act as acounterbalanceto 2 Fed’saggressivepolicies.The central Clinging to an emergency these political whims? bank should balancerather than fuel Theemergencyconditions arebe- asset prices.The pernicious defla- policyafter theemergency hind us.Inflation is already at histor- 0 tionaryepisodes of the past century has passed, Chairman ical averages.Serious economists started not because inflation wastoo soundlyrejected pricecontrols 40 close to zero but because of the pop- Powell courts assetbubbles. yearsago. Yetthe Fedregularly dis- -2 ping of asset bubbles. tortsthe most important priceof 0612 18 24 30 36 42 48 54 60 66 72 77 With itsnarrow focus on inflation all—long-term interest rates. This be- Source:Haver Analytics,Goldman Sachs expectations, the Fed seems to be TheAmerican economyisback to havior is risky, forboth the economy fighting the last battle.Just because prerecession levels of grossdomestic at largeand the Feditself. sures to monetizethe deficit will in- spent to prop up the bond market, the Fedhasn’t faced big trade-offs in product and the unemployment rate Futurefiscal burdens will put the evitably rise over the years. TheFed foreigners have continued to be net recent decades doesn’t mean trade- has recovered70% of the initial pan- kind of political pressureonthe cen- should be adapting policytodayto sellers. TheFed chooses to interpret offs aren’t coming or that they no demic hit in only six months, four tral bank that hasn’t been seen in de- minimizethese risks. this troubling sign as the result of longer exist. Chairman Jerome Pow- times as fast as in atypical recession. cades.The federal government has Therisks arenolonger hypotheti- technicalities rather than doubts ell needs to recognizethe likelihood Normally at this stageofarecovery, added 30% of GDP in extrafiscal defi- cal. Fordecades Treasurys have been about the soundness of current and of futurepolitical pressures on the the Fedwould be planning itsfirst citsinonly two years, right as the the preferred asset forforeigners past policies. Fedand stop enabling fiscal and mar- rate hike. This time the Fedistelling baby-boomer retirement wave is be- looking to hedgeglobal portfolios.It America’sdeep divisions also ket excesses. The long-term risks marketsthat the firsthikewill hap- ginning to accelerate. TheCongres- wasthereforeshocking and unprece- make the central bank’sindepen- from asset bubbles and fiscal domi- pen in 32 months, 2½ years later sional Budget Officeprojectsthat in dented that in the midst of last dencecrucial. Fighting inequality nancedwarf the short-term risk of than normal. In addition, the Fed 20 yearsalmost 30% of all yearly fis- year’s stock-market meltdown and and climatechangeare very far from putting the brakes on abooming continues to buy $40 billion amonth calrevenueswill have to be used while the Cares Act wasbeing de- the Fed’scentral mission. There’sa economyin2022. in mortgages even as housing is solely to payback interestsongov- bated, foreignersaggressively sold reason central bankersare supposed clearly running out of supply.And ernment debt, up from acurrent level Treasurys.This wasdismissed by the to be unpopular.Inflation is often Mr. Broda is apartner at Duquesne the central bank still isn’t even think- of 8%. Moretaxes simply won’t be Fedasaproblem in the plumbing of the result of afragmented society Family Office LLC, where Mr. Druck- ing about ending $120 billion a enough to bridgethe gap, so pres- financial markets. Even aftertrillions that feels unrepresented by weak po- enmiller is chairman and CEO. Britain’s Elections Offer Tea Leaves for the U.S.

pandemic governance; the path to the middle of reopening,thanks in Therising optimism as Covid re- Thethirdand most relevant lesson economic recovery;the rapidly shift- large part to the success of the vacci- cedes,and growing confidenceabout forAmericans from the British vote ing alignmentsoftwo-party politics nation rollout. Voters seem to have economic recovery,may be the key maybeanaccelerating party political FREE and the intensifying culturewars rewarded incumbentseverywherein feature of American politics in the realignment. EXPRESSION over identity,historyand social cohe- the U.K. next year.Itsurely pointsupagain TheConservatives succeeded By Gerard Baker sion—carrydistinct echoes over here. In England, which the Conserva- the opportunity Donald Trump again by consolidating their steady So when Britswent to the polls tives dominate, the party made squandered last year with his erratic transformation intoapopulist na- fter the trauma of the presi- last week,the resultsdemand some deeper inroads intoformer Labour performance. tionalist party—appealing to work- A dentialelection and itsafter- scrutiny. Because last year’s local heartlands. Thesecond important takeaway ing-classvoterswho have become in- math, watching election results elections were postponed on account Butevenonabad night forthe foroutsidersisreneweduncertainty creasingly alienated from the main out of Britain canfeel likeasoothing of the pandemic,this wasthe first left, incumbent Labour mayors easily about the cohesion of the U.K. itself. left-leaning party and the cultural, exercise in escapism intoagentler nationwide election sinceDecember prevailed in major cities such as Lon- Scottish voters rejected indepen- academic and establishment elites and weirder world of Anglo-Saxon 2019,when Boris Johnson and his don, Manchester and Liverpool. denceinareferendum in 2014. But that dominateit. In aparliamentary politics. ConservativeParty returned with a the Brexit vote in 2016,when alarge special election in Hartlepool in With placenames out of Harry thumping majority.Votersacrossal- majority of Scotsvoted to stay in the Northeast England, the Tories Potter,charactersout of P.G. Wode- most the entireU.K.got achanceto Incumbents did well, the European Union,has changed the trounced Labour again in itsheart- house, and intertwined political and participateinsomething likeaU.S. wider political context. Nicola Stur- land with amessagethat wonso personal narratives out of Anthony midtermelection. nation is divided, and the geon, the firstminister of Scotland, manyworking-classvotersinthese Trollope, politics over therecan look In the returns from county,subur- parties are realigning. freshfromher party’s success last areas in 2019: We shareyour values likeaplotline of semifictional idio- ban and metropolitan districtswith week,isdemanding anew referen- and we will look out foryour inter- syncrasy.That itsleading protagonist names likeFoggy Furze, LowerSpit- Sound familiar? dum to take Scotland out of the U.K. ests. is aprime minister of distinctly Fal- taland HeadlessCross,wherethe Theconstitutional rules arecom- Theleftand itscheerleadersinthe staffian manner only adds to the gen- major-party candidates vied with plex. Areferendum likely requires the establishment continue to pour con- eral sense of acountryinhabiting a characterssuch as Count Binface, In Wales,which has anational as- assent of Parliament in Westminster, tempt on what they regard as anar- political imaginarium. who wearsacape and atrash canon sembly,Labour consolidated itshold and Mr.Johnson is implacably op- row-minded bigotrythat supports But forall the national eccentrici- his head, it waspossible to discern at on power. And in Scotland, the result posed. Once Covid is out of the way, ideas such as control of borders, be- ties,the deeper trends at work in least three important outcomes that wasalmost arepeat of the last elec- political and legal wrangling is likely. lief in thevirtues of traditional cul- Britishpolitics have global reso- should resonateacrossthe Atlantic. tions in 2016,with the pro-indepen- But Northern Ireland is also in tur- ture, pride in national history, and a nances—not least forbemused ob- Thefirst is the distinct advantage denceScottish National Party falling moil over the messy half-in, half-out rejection of identity politics. serversonthis side of the Atlantic. of incumbency. just short of amajority in the re- arrangement with the EU that Mr. Sound familiar? TheU.K.remains culturally and This wasthe firstelection held gional parliament but itsgoverning Johnson negotiated there. Theinteg- Perhaps those supposedly deplor- politically the closest nation on earth anywhereinthe nascent post-Covid ally,the Green Party,making more rity of the U.K. remains uncertain— able values areasenduring in Florida to the U.S.,and the largertrends at world. While the U.K. remains under than enough gains to secureanother with largerimplications forBritain’s and Wisconsin as they areinFoggy work over there—pandemic and post- tight restrictions,the countryisin term. relations with the rest of the world. Furzeand HeadlessCross. Congressional Democrats’ Court-Picking (Not Packing) Scheme

By Alan Gura In one neat court-picking trick,the than those elsewhereatinterpreting possible under their new, constitu- Thespeech-control bill would re- bill would strip 93 of 94 local federal the First Amendment. tionally dubious rules. peal these fast-track rules,leaving ongressprobably won’t pack district courts, and 11 of the 12 re- While historical quirks oncemade Understanding that election only anoteadvising courtsthat they C the Supreme Court. But court gional appellatecourtsthat review Washingtonthe only placewhere speech cases aretime-sensitive, Con- have a“duty” to “advance” and “ex- picking posesareal threat to their decisions,oftheir powertohear Americans could sue to stop federal gress designed a system in 1974 to pedite” campaign speech cases “to Americans’ rights. FirstAmendment challenges to Con- violations of their rights, Congress speed them along.Ordinaryfederal thegreatestpossible extent.” But Court picking is when Congress gress’sregulation of political speech. ended that restriction in 1962. The cases candragonfor years, decided federal lawalready instructsjudges uses itsauthority over federal-court All such claims—by Alaskans,Floridi- SenateJudiciaryCommitteecalled up to three times (by adistrict that good cause existstoexpedite jurisdiction to stuff politically sensi- ans or anyone in between—would be the limit “anunfair imposition upon judge, athree-judgeappellatepanel urgent constitutional claims.And tivecases from throughout the coun- confined to the District of Columbia. citizens who seek no morethan law- andanenbanc hearing by alarger time oftenappearsdifferently to tryintoone court that leans itsway, Appealswould be heardonly in the fultreatmentfromtheir Govern- judges andlitigants. In 2013 the D.C. to be buried therefor as long as pos- D.C. Circuit—the court over which ment” and noted that it caused sub- Circuit refused to expediteanimpor- sible.Court-picking’sevil genius is SenateDemocratsexercised the “nu- stantial delays as cases from far and Their election bill triesto tant Second Amendment case that itsstealth. Americans would notice clear option” in 2013,ramming wide cloggedthe D.C. District Court. had languished undecided for more four newjustices,but not changes to through four judges who shiftedits Court-picking Washingtonfor all game thejudiciaryby than four yearsbecause the delay technocratic statutes that exciteonly ideological balance. Imagine if Repub- federal political-speech claims is a routing all legalchallenges wasn’t “soegregious or unreason- civil-procedureprofessors. Despite licans had passed avoting-rightsbill remarkable step backward. able” to merit relief. (The challeng- featuring in Congress’s most radioac- that forced Californians wishing to Ensuring Americans’ right to ac- to theDistrictofColumbia. ers, whom Irepresented, wonseven tive bill—the so-called Forthe People challengeittosue in Louisiana, and cess local courts isn’t good only for months later.) Act,orH.R.1, which would transform appeal to some of the country’smost litigants. It’s also good for the law. Congressknewwhat it wasdoing elections and limit Americans’ rights conservativejudges. TheSupreme Court preferstolet the appellatepanel or the full court) be- when it streamlined election speech to speak about them—court-picking Some complex and discrete legal law “percolate” among the various fore reaching the justices.But when cases.And the court-pickersknow has escaped notice. fields arebest assigned to special- courts before deciding who’s right. voters file election speech cases,the what they’re doing by proposing to It shouldn’t. H.R.1’scourt-picking ized courts. TheD.C.Circuit has Stuffing all the most important cases district judgeonly gathersfactsand, repeal these measures.The only provision would shut courthouse some unique authority to reviewad- intothe D.C. courtsdeprives the jus- if the issues aresignificant, certifies value of the court-picking gambit is doorsthroughout the country, attempt ministrative cases involving federal tices of the benefit of the diverse the matter for an en banc decision that it exposes the cynicism of to game the outcome in critical cases, agencies, and Congress created the perspectives held by federal judges by theappellatecourt. That means would-be speech regulators, who denythe Supreme Court the benefit of Federal Circuit in 1982 to hear ap- from all 50 states. the case is decided only oncebefore fear exposing their schemes to rapid the federal judiciary’sbroad and di- peals in patent cases nationwide.But TheSupreme Court would eventu- going to the Supreme Court. Plain- constitutional scrutinybythe na- verseperspectives,and repeal mea- all federal judges should be conver- ally have achancetoreview the tiffs challenging the 2002 McCain- tion’s federal courts. sures that expediteimportant lawsuits sant in the Constitution, and Wash- cases that lawmakersdirect to Feingold campaign financelaw have questioning government power. ington-based judges arenobetter Washington. But the court-pickers another one-stop option on their Mr.Gura is the vice president for trytostretch out “eventually” in the way to the Supreme Court: apanel litigation at the Institute for Free hope of running as manyelections as of three D.C. judges. Speech.

PUBLISHED SINCE 1889 BY DOWJONES&COMPANY Rupert Murdoch Robert Thomson Executive Chairman, News Corp Chief Executive Officer, News Corp Notable & Quotable: Pete du Pont, 1935-2021 Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: From Pete du Pont’s Nov. 10, 2000, wasabout values likethe quality of Regardlessofwhether Mr.Goreis Deputy Editor in Chief Managing Editor Daniel Bernard, Chief Experience Officer; column for the Journal online. Du education, family and ethics,and the successfulinhis attempt to overturn Jason Anders, Chief News Editor; Louise Story, Chief Mae Cheng, SVP, Barron’s Group; Jason P. Conti, Pont served as governor of Delaware characterand trustworthinessofthe the result in Florida, this basic divi- News Strategist, Product &Technology Officer General Counsel, Chief Compliance Officer; Frank Filippo, EVP, Business Information & (1977-85), was acandidate for the man who will next lead us.Those are sion is going to bedevil American so- Thorold Barker, Europe; Elena Cherney, Coverage; Services; Robert Hayes, Chief Business Officer, 1988 Republican presidential nomina- not bad waystopick apresident. ciety forsome yearstocome.The Andrew Dowell, Asia; AnthonyGalloway, Video & New Ventures; Kamilah Mitchell-Thomas, Chief tion, continued his Journal column It is also clear that these concerns Democratic Party is being pushed Audio; Brent Jones, Culture, Training &Outreach; People Officer; Josh Stinchcomb, EVP & Chief AlexMartin, Print &Writing; Michael W. Miller, Revenue Officer, WSJ | Barron’s Group; until2014, and died Saturday at 86: arenot evenly spread acrossthe left. Mr.Gore, as either president or Features &Weekend; Emma Moody, Standards; Christina Van Tassell, Chief Financial Officer; country. Thereare indeed two Ameri- leader of the party,ismoreliberal Shazna Nessa, Visuals; MatthewRose, Suzi Watford, EVP, Consumer & Chief In short, the 2000 election was cas, one bicoastal, urban, industrial, than Mr.Clinton; newly elected sena- Enterprise; Michael Siconolfi, Investigations; Marketing Officer Stephen Wisnefski, Professional News not primarily about “the economy, and politically very liberal; the other tors likeHillaryClinton and JonCor- stupid,” nor the efficiencyofgovern- rural, with smaller cities and towns, zine are very left. People in the rural Paul A. Gigot ment, nor the number of programs traditionalbeliefs about family and center will not take kindly to this Editor of the Editorial Page EDITORIAL AND CORPORATE HEADQUARTERS: Daniel Henninger, Deputy Editor, Editorial Page; 1211 Avenue of the Americas, New York, N.Y., 10036 proposed or their cost, nor just how morality,and amoderate-to-conser- leftward tilt and will be in continual GerardBaker, Editor at Large Telephone 1-800-DOWJONES government should be reinvented. It vativepolitical outlook. tension with the other America. P2JW131000-0-A01800-1------XA

A18 | Tuesday, May 11, 2021 THE WALL STREET JOURNAL.

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S&P 4188.43 g 1.04% S&P FIN g 0.12% S&P IT g 2.53% DJ TRANS g 0.09% WSJ $ IDX À 0.03% LIBOR 3M 0.168 NIKKEI (Midday) 2 8705.95 g2.75% See more at WSJ.com/Markets MarriottPointstoRise in Demand Tesla’s

Hotel chain reports a In mainland China, the hoteloperator's occupancy in March wasnearits comparable pre-pandemic Autopilot loss for the first level, driven by demand from leisureand businesstravelers. quarter; sees hopeful 1Q 2021 comparable systemwide revenue per available room Quarterly revenue Quarterly profit/loss As Factor signs in leisure travel by region, change from previous year $5 billion $400 million BY DAVE SEBASTIAN –46% GreaterChina* 77% In Crash WORLD-WIDE MarriottInternational Inc. –31 Middle East swung to alossfor the first &Africa In Doubt quarter,though it pointed to 300 rising demand in the U.S. and –46 U.S. and Canada 4 Canada, its largest region, as BY REBECCA ELLIOTT Covid-19 vaccine rollouts ac- –54 Asia Pacific celerated. Federal safety officials have Thehotel chain, whose Caribbean & raised doubtsthat afatal April 200 portfolio encompasses more –56 Latin America crash of a Tesla Inc.car in- than 7,600 properties world- volved the vehicle’s advanced wide,saw demand in leisure –80 Europe 3 driver-assistance system. travel pick up momentum, es- 1Q 2021 1Q 2021 TheNational Transporta- pecially in ski and beach re- $2.3B –$11M tion Safety Boardissued apre- sort destinations, Chief Execu- Stock price liminaryreport Mondaythat tive Anthony Capuano said. $150 laid out some of the early evi- Marriott also sawgreen denceithas gathered, while shootsinspecial corporateand 2 stopping short of drawing con- group bookingsascompanies clusions about what caused 125 slowly began their return to Monday 0 the crash. offices,though bookingsinthe $140.66 Testsatthe crash sitenorth U.S. and Canada forthose cate- –4.11% of Houstonusing arepresenta- gories remain belowpre-pan- 100 tivevehicle showedthat one demic levels,Mr. Capuano 1 of the featuresthat would added. –100 have been needed to use ThecompanyonMonday Tesla’s driver-assistance sys- posted anet lossof$11 mil- 75 tem, known as Autopilot, lion, compared with aprofitof wasn’t available in that area, $31 million in the same period the agency said. last year.Adjusted earnings Local officials in Texas had were 10 centsashare, ahead of 50 0 –200 said that one of the two men Wall Street estimates. 2020 2021 2019 ’20 ’21 2019 ’20 ’21 riding in the car was found in Revenue fell to $2.32 billion the front passenger’s seat and from $4.68 billion. Analysts *Mainland China, Hong Kong, Macau and Taiwan Sources: the company(revenue per available room, revenue, profit/loss); FactSet (stock price) the other in the back seat. polled by FactSet were looking The local constable’s office for$2.38 billion. almost the same as in March mainland China, whereoccu- Marriottiskeeping an eye watching that very carefully said, based on its early inves- Comparable systemwide 2019 due to demand from both pancyisnear the pre-pan- on rising wagesasdemand as we see demand come tigation, that it washighly revenue per available room, a leisureand businesstravelers, demic level,” Mr.Capuano said. recovers,FinanceChief Kath- back,” Ms.Obergsaid. PleaseturntopageB5 closely watched industrymet- Mr.Capuano said. In Europe, The company sees demand leen Obergsaid. Theannual Thecompanyalso has seen ric known as RevPAR, fell meanwhile,occupancyfell 33.5 from businesstravelersaccel- wage inflation would risk cut- increases in labor and material 46.3%to$45.68world-wide percentagepointsto13.1%, ac- erating in the fall as busi- ting againstsome of the costs costsfor construction, Mr. from ayear earlier.Occupancy cording to the company. nesses reopen, though leisure the companyhad saved, she Capuano added. Various mea- Mortgage fell 15.3 percentagepointsto “While recovery trajectories bookingsremain the main said. sures to improveproductivity 37.7%. vary from region to region, the driver of recovery in the U.S., “I’d sayroughly 50% of a such as adjusted staffing lev- In mainland China, occu- resiliencyofdemand has been executives said on aconfer- full-service cost structureis els at managed hotels will re- Startup pancyreached 66% in March, most keenly demonstrated in ence call. related to labor,and we are PleaseturntopageB2 Joins SPAC T-Mobile’s Hiring Pledge Off to Slow Start BY MAUREEN FARRELL

Startup mortgagelender BY DREW FITZGERALD “We’vemoved from a growth from acombination Better plans to go public by AND ALLISON PRANG phase in 2020 wherewewere with aclose competitor was merging with aspecial-purpose focused on combining the two unrealistic.The companies in acquisition company, according T-Mobile US Inc.said in companies,and that causes us 2019 said their pending to people familiar with the 2019 that itsmergerwith to look forsome efficiencies, mergerwould spur morehir- matter. wirelessrival Sprint Corp. to wherethe resultsofthose ing. BetterHoldco Inc.plans to would be “jobs-positivefrom efficiencies turn out to be Mr.Sievert said the Belle- merge with AuroraAcquisi-

DayOne.” S growth,” Mr.Sievert said in vue, Wash., companystill has tion Corp., aSPACsponsored More than ayear intothat an interview. “Nowwe’rehir- moreworkersthan T-Mobile by investment firm Novator NEW

marriage, the combined com- G ing and hiring as rapidly as and Sprint would have em- Capital,atavaluation of panyhas fewerpeople work- we can.” ployedhad their mergerdeal roughly $7 billion, the people

ing foritthan before. OOMBER T-Mobile recently decided collapsed. said.The transaction could be

T-Mobile’sbig spending on /BL to shut down TVision, the T-Mobile isn’t the only completed this week. next-generation wirelesstech- television channel bundle it telecom companywith adi- SoftBank Group Corp.,

nologyhas yettoshowupin MORRIS launched in November.A minished workforce. AT&T which recently invested $500

itshead count, which dropped UL companyspokesman said all Inc.had about 16,000 fewer million in Better, could put in over the past year despite PA employees in that division employees at the end of 2020 an additional $1.3billion VID

thousands of newjob open- DA will be offeredpositions in compared with the prior year, through aPIPE, or privatein- ings. Thecellphone carrier re- Critics say T-Mobile’s promise of job growth was unrealistic. otherpartsofthe company, according to securities filings. vestment in public equity,a ported 75,000 full-time and though employees who want Thedecline reflected changes common feature of SPAC merg- part-time equivalent workers Chief ExecutiveMike restrained itshead count. But to work in the TV industry at WarnerMedia, which elimi- ers. Bettermight place$400 at theend of last year, Sievert said the coronavirus he said the companyhas will need to find jobs else- nated thousands of positions, million of that with other in- roughly 5,000 fewerthan it pandemic coupled with a 6,000 open positions it ex- where. as well as cutsinwirelessre- vestors. Theremaining $200 had when it closed itsmerger faster-than-expected combi- pectstofill as the economy Critics saythe layoffs show tail jobs. millionofthe $1.5billion PIPE with Sprint. nation with itserstwhile rival rebounds. T-Mobile’spromise of job PleaseturntopageB2 PleaseturntopageB9 Duke Energy Faces Push by INSIDE Used-Car Buyers Find Activist to Expand Its Board Scarcity, High Prices

BY NORA NAUGHTON age, which is straining inven- BY CARA LOMBARDO loweredDuke’slong-term debt ported last year that NextEra tories on the new-car side and rating,partly in response to the Energy Inc., the largest public A monthslong rise in used- leading moreconsumersto Activistinvestor Elliott recent settlement of litigation utility in the U.S., made atake- carsales has leftbargain hunt- shop the preowned market. At Management Corp.has astake concerning the cleanup of ash over approach to Dukethat was erswith increasingly limited the same time, used-car sup- in DukeEnergy Corp.and is from the company’scoal-fired rebuffed. It subsequently made options on lotsacrossthe U.S. pliesweretight heading into pushing the utility to add direc- plants. another approach about adeal Theaverage pricepaid fora the year because people were tors and possibly take other ac- Dukeinawrittenstatement forjust DukeEnergy Florida, BUSINESS preowned vehicle hit arecord hanging on to their leased ve- tions to boost itsstock price, didn’t comment on Elliott’s according to people familiar Tysontoimprove staff, of $25,463 in April, about hicles longer,according to an- according to people familiar stakebut cited its“strong prog- with the matter. So far at least, capacitytokeeppace $2,800 higher than in the alysts, executives and dealers. with the matter. ress over the last year that has nothing has come of that. same month last year,accord- Rental-car companies also had Dukehas been in discussions cleared apath forwardfor DukeonMondayreported with demand for ing to research firm J.D. pared back their fleetsearly in with Elliott, the people said. El- growth, resolved equity needs mixed first-quarter results, with chicken. B2 Power. It also wasthe first the pandemic,leaving them liottmight also urge Duketo profit and revenue just under time that the averageused-car with fewervehicles to sell sell some assetsormakeopera- what analystshad forecast. The pricehad exceeded $25,000, later in the year. tional improvements, some of companyhad $992 million in the firm said. The higher used-car prices thepeople said. ThesizeofEl- net income,upfrom$938 mil- Theclimb,which began last arefurther challenging afford- liott’sposition couldn’t be $55B lion forthe same period last year,has surprised some deal- ability for Americans in need learned. year,and totalrevenue of $6.15 S erswho saythey don’t see the of new rides and come as de-

Based in Charlotte, N.C., Long-term debt of Duke billion, up from $5.95billion. It PRES trend ending soon. mand forvehicles overall con- Duke, which has amarket value Energy Corp. said itsmain electric utilities “What is normally adepre- tinues to rebound afterauto UMA

of around $79billion and some and infrastructuredivision ben- /Z ciable assethas been appreci- sales collapsed last spring.

$55 billion of long-term debt, efited from higher ratesand fa- TZ ating,” said Phil Maguire, who Shoppersalso are paying

provides electricity to nearly vorable comparisons. KUR owns Maguire Family Dealer- top-dollar fornew cars and CK

eight million customersinsix at apremium valuation, settled Elliott, which has morethan JA ships, agroup of 13 stores in trucks as automakersand states,including the Carolinas, rate cases and coal ash litiga- $40 billion under management, NewYork state. “It’scertainly dealers that are thin on stock some Midwestern states and tion, and accelerated our clean has along record of investing COMMODITIES surreal, and Iguesswecan all pareback their discounts. The Florida.Itdistributes natural energy transformation, all of in powerand utility companies. Corn prices have agree that it’sananomaly.” averagepricepaid foranew gasto1.6 million customersin whichhas led us to increase It previouslytargetedcompa- surgedroughly 50% as Dealerssay they arehaving to model climbed to anear re- Ohio,Kentucky, Tennessee and our long-term EPS growth rate nies includingEvergyInc. and paymoretokeep their lots cord of $37,572 per vehicle in the Carolinas. and outperform the S&P Utility SempraEnergy. Chinesepurchases stocked. April, up about 7% from ayear In recent months,Moody’s Index.” —Katherine Blunt contributed rise. B9 Thesurge is being driven in earlier,according to J.D. InvestorsServiceand others TheWall Street Journal re- to this article. part by the global chip short- PleaseturntopageB5 P2JW131000-4-B00200-1------XA

B2 | Tuesday, May 11, 2021 **** THE WALL STREET JOURNAL. INDEX TO BUSINESSES EARNINGS WATCH

These indexes citenotablereferences to mostparent companies and businesspeople in today’s edition. Articles on regional page inserts aren’t cited in these indexes. REVLON company said, as selling, general Coty said its prestige fra- company posted a loss of $14.3 and administrative expenses de- grance business in the U.S. con- million in the three months A Evergy...... B1 Q Weak Demand for clined by $28.9 million year over tinued strong growth in the ended March 31, compared with ABB...... B10 Extraction Oil & Gas...B3 Qorvo...... B9 Makeup Cuts Sales year. The program aims to focus quarter, but its mass-beauty the year-earlier loss of $121.8 Align Technology...... B9 F Qualcomm...... B9 on boosting the company’s Rev- cosmetics and fragrances lagged million. Excluding items, Ener- Ameresco...... B10 Revlon Inc. reported a decline lon and Elizabeth Arden brands as people continued to lack so- gizer’s adjusted profit was better Facebook...... A3,B9 S in first-quarter sales amid the in key markets and expanding cial occasions to use the prod- than expected by analysts. Apollo Global Management...... B2 H Sanderson Farms...... B2 pandemic’s continuing drag on e-commerce capabilities. ucts because of the pandemic. Sales climbed to $685.1 mil- AT&T...... B1 Hannon Armstrong Schneider Electric.....B10 demand for makeup. —Matt Grossman Overall, Coty’s Americas sales lion from $587 million. The New York-based cosmet- fell 6% year over year. —Matt Grossman Aurora Acquisition...... B1 Sustainable SDCL Energy Efficiency Infrastructure Capital Income Trust...... B10 ics company posted first-quarter COTY Globally, Coty’s prestige-prod- B ...... B10 Sempra Energy...... B1 sales of $445 million, down from Cosmetics Maker uct sales grew by 6.5%, but US FOODS Better Holdco...... B1 Huawei Technologies.A2 SoftBank...... B1 $453 million in the year-ago mass sales declined by 14.3%. quarter. Coty affirmed previous guid- Loss Narrows BioNTech...... A1,B4 I Space Exploration Loses $18.5 Million Bonanza Creek Energy Technologies...... A2 The pandemic cut revenue by ance for full-year revenue of As Volume Rises Instagram...... A3 about $44 million, Revlon esti- Coty Inc. reported a slight de- $4.5 billion to $4.6 billion...... B3 Sprint...... B1 International Business mated. Sales of cosmetics have cline in sales year over year as —Matt Grossman US Foods Holding Corp. C Machines...... A2 T been lower since last year as the coronavirus pandemic ham- posted a narrower loss for the Cardone Industries.....A7 L Tesla...... B1,B9 lockdowns and social distancing pered demand for its cosmetic ENERGIZER HOLDINGS latest quarter as case volume Chevron...... A7 reduced occasions such as busi- brands. picked up and expenses fell. Lam Research...... B9 T-Mobile...... B1 Revenue Gains Civitas Resources...... B3 TuSimple...... B9 ness meetings and parties. The New York-based com- The Rosemont, Ill., food-ser- M For the quarter, the company pany posted a loss of $18.5 mil- vice distributor posted a loss of CME Group...... B9 Tyson Foods...... B2 At Battery Firm Colonial Pipeline Maguire Family posted a total loss of $97.4 million, compared with a loss of $24 million for the fiscal first U ...... A1,A6,B9,B10 Dealerships...... B1 lion, compared with a loss of $271.6 million a year earlier. Energizer Holdings Inc. re- quarter, compared with a loss of $216.6 million in the year-earlier Revenue declined to $1.03 bil- corded stronger sales for its re- $132 million in the prior year. Coty...... B2 Marriott International Uber Technologies....B10 quarter. lion from $1.06 billion a year ear- cently completed quarter on Sales fell to $6.3 billion from CureVac...... B4 ...... B9 US Foods...... B2 A restructuring program has lier but in line with the average stronger demand. $6.34 billion. V D N helped reduce Revlon’s costs, the analyst forecast. The St. Louis-based battery —Dave Sebastian DoorDash...... B10 NextEra Energy...... B10 Verizon Communications Duke Energy...... B1 Novator Capital...... B1 ...... B2 E P Vestas Wind Systems ...... B10 Eaton...... B10 PBF Energy...... B10 Vice Media...... B3 Elliott Management...B1 Pfizer...... A1,B4 Energizer...... B2 Pilgrim’s Pride...... B2 W EQT...... B3 PlusAI...... B9 Walt Disney...... B3 INDEX TO PEOPLE

B K Resnick, Josh...... B4 Banks, Dean...... B2 King, Donnie...... B2 S Baszucki, Dave...... B4 Krosby, Quincy...... B9 Sarandos, Ted...... B3 Bell, Mike...... B9 L Sievert, Mike...... B1 S C Leeney, Jack...... B3 Smith, Shane...... B3 Strüngmann, Thomas.B4 PRES Capuano, Anthony...... B1 M

Swensen, David...... B3 UMA

D /Z Maguire, Phil...... B1 Dubuc, Nancy...... B3 T

Martin, David...... B9 TIMES E Turner, Craig...... B9 Y Meyer, Peter...... B9 BA

Ellison, Jennifer...... B9 Moore, Jeff...... B2 U PA AM

Enzelberger, Markus...B4 O Ulbrich, Claudia...... B4 /T

H Oberg, Kathleen...... B1 V ORD

Hopp, Dietmar...... B4 Ozkardeskaya, Ipek.....B9 Vestberg, Hans...... B2 CLIFF R. I R Z S Icahn, Carl...... B1 Read, Roger...... B10 Zuckerberg, Mark...... A3 DOUGLA Twoworkers preparechicken and beef at La Cabana RestaurantinTampa, Fla. Reopening restaurants’ demand forchicken is booming.

phone shops forced to close T-Mobile or runonlimited schedules Demand forChicken PressesTyson during theearly months of the coronavirus crisis.Wire- Hiring lessexecutives have said the pandemic helped speed exist- BY JACOB BUNGE prices have hit records. While mated meat-processing sys- paying an additional $60 mil- ing plans to trim their retail processorslikeTyson, Pil- tems,said Chief Executive lion in itsmost recent quarter Lags base and reach moresub- Thebiggest U.S. chicken grim’sPride Corp.and Sander- Dean Banks. to buy meat from rival suppli- scribersonline. producer is struggling to keep son Farms Inc.contend with Severecold weather in Feb- ers. Verizon, the country’slarg- pacewith rising demand for production problems,fast-food ruaryalso cut intoTyson’s Those and other costsdi- ContinuedfrompageB1 est cellphone carrier by sub- crispy sandwiches and wings. chains arepromoting new chicken production. Eggs lost minished Tyson’s profit from Filingsshow Verizon scribers, has closed some Tyson Foods Inc. said it is chicken sandwiches heavily. on farms hit by poweroutages chicken forthe quarter that Communications Inc.em- stores and thinned the ranks raising wagestoimprove and other problems cost the ended April 3, the companyre- ployed about 3,000 fewer of retail managerswho over- staffing at itspoultryplants, companyaweek’sworth of ported on Monday. Surging people by the end of 2020.An seestore-level workers. The spending tens of millions of poultryproduction, Mr.King feed-grain prices—tradition- additional 10,000 employees companyreported about $515 dollarstobuy meat from com- said. Tyson separately was ally the costliest part of rais- areexpected to fall off its million of severanceliabilities petitorsand even bringing in a $65B dealing with a decline in its ing poultry—and pandemic-re- rolls later this year afterthe in an April securities filing. newmale birdtohelp breed number of successfully lated expenses reduced company sells amajority Jeff Moore, the chief of bigger flocks. Value of the U.S. chicken hatched chicks,and Mr.King Tyson’soperating income in stake in Verizon Media, owner telecom industryadvisory Understaffed processing industry said the company is bringing chicken to $6 million forthe of such brands as AOLand Wave7Research, said some lines and problems on farms in a different variety of male period, compared with $99 Yahoo,toprivate-equity firm stores were expected to close and hatcheries have cut into chicken to breeding farms to million the previous year. Apollo Global Management afterSprint and T-Mobile the Arkansas-based meat gi- boost flocks. Tyson’soverall quarterly Inc.for $5 billion. merged. Thetwo brands, ant’schicken production, exec- Wingsalso have become asta- Tyson also is ramping up a profit jumped 27%, outpacing Thetelecommunications which had roughly 8,800 utives said, at the same time ple on manyrestaurants’ pan- new chicken-processing plant analysts’ expectations,with sector employedabout stores in early 2020,were that reopening restaurants’ de- demic takeout and delivery in Tennessee,and Mr.King averageprices rising acrossall 690,000 people at the end of down to about 7, 500 locations mand forchicken is booming. menus. said the companyisconsider- of its product lines. The com- April, according to prelimi- this year. “Aswelook through the Covid-19 spread rapidly last ing newfacilities that would panywarned itsfiscal 2021 naryseasonally adjusted data “You’dhave, in some cases, summer,chicken supply versus year among meat-plant work- help bring production morein poultryresultswould likely from the U.S. Labor Depart- stores that were literally demand will be very tight,” ers,deepening the industry’s balancewith demand. Mean- fall short of last year’s,and ment. That is down from within astone’sthrow of each Donnie King,Tyson’schief op- long-running difficulties keep- while,Tyson is spending heav- shares were unchanged on 699,000 workersayear ear- other,” Mr.Mooresaid. “For erating officer, said on a con- ing plantsfully staffed. ForTy- ily to makeupfor shortfalls, Monday. lier.Overall employment in Starbucks,itmay makesense. ference call Monday. son, which produces about one- thesector has steadily de- In wireless, it does not.” TheU.S.meat industryis fifthofthe country’spoultry, clined from apeak of nearly Kyeisha Jones worked for one of many sectors trying to 15% to 20% of plant workers 1.5million in 2001. Sprint forthree yearsinthe meet demand as the U.S. econ- currentlydon’t showupona Government statistics don’t company’sOverland Park, omyrebounds from the typical workday, Mr.King said, tell the whole storyofatele- Kan., headquarters, beforethe Covid-19 pandemic. Manufac- because of child-careneeds and comindustrythat has out- companylaid her off in April turers,restaurants, trucking coronavirus-related concerns. sourcedmanyjobs.Contrac- 2020,the same month T-Mo- companies and other indus- Government stimulus pay- tors who retrofit cell towers bile’smergerclosed. As alead tries are struggling to fill jobs, ments, which proponentshave sometimes appear in official development representative, while logistical snarls and said remain necessarytosup- figuresasconstruction work- Ms.Jones’steam of around surging consumer demand port unemployed people still ers, forinstance. five provided leads forthe drive shortages of everything struggling with the pandemic’s “All the places whereyou companytomakepresenta- from computer chips to economic impact, have also would expect to see growth tionstobusinesses. ketchup, pushing prices made it harder to keep jobs mayhavebeen farmed out,” “They kept telling us that higher. staffed, Tyson executives said. said MichaelMandel,chief we were not going to be laid In the$65 billionchicken “Wesimply have been un- economist forthe Progressive off,” said Ms.Jones,who is 35 industry, prices for boneless, able to getpeople consistently PolicyInstitute, acenter-left yearsold. Then she had a skinlesschicken breast have back to work,” said Mr. King. think tank.“It used to be the work call whereher team morethan doubled sincethe Tyson has been raising wages person that came intoyour membersthought they were startofthis year,and wing and investing in moreauto- housetoinstall the phone going to meet their newde- waswith the phone company. partment head. They were Nowthe person who sells you told they were being let go. hourly workers. Hotel-manage- the cellphone might not work “None of us sawitcom- Marriott ment companies said they forthe phone company.” ing,” she said. have offered higher wages, Verizon Chief Executive sign-on bonuses and more Hans Vestbergsaid in an in- Telecommunications Is Upbeat flexible work schedules to at- terviewlast week that his sector employment* tract workers, among other company’sshrinking em- measures. ployeebase doesn’t reflect all 1.5 million Amid Loss Failing to hireenough the people working on com- workers entails the risk of pany projects, including out- 1.4 having to reducestays amid side contractorshired to in- ContinuedfrompageB1 surging demand, denting the 1.3 stall newcellular tower main afterthe pandemic and path to recovery afterthe equipment and drape fiber- could help offset wage infla- lodging industrywent through 1.2 optic cables to newlocations. tion, Ms. Oberg said. itshardest year ever that saw “Fromthat point of view, 1.1 In March 2020,asU.S.lock- shutdowns emptying hotel we areemploying morepeo- downs were beginning,Mar- rooms. ple than ever,” he said. 1.0 riottfurloughed about two- Last week,rival Hilton AT&T in February agreed thirds of its4,000 staff at the Worldwide HoldingsInc. to sell a30% stakeinits Di- 0.9 company’sBethesda, Md., posted aquarterly lossof$108 recTV satelliteunit to TPG, headquarters.Italso fur- million as itschief executive another private-equity firm, 0.8 loughed about two-thirds of said rising Covid-19 cases and for$1.8billion. TheDallas itscorporatestaff abroad and tightened travel restrictions, companysaid the movewill 0.7 tens of thousands of hotel especially in Europe and Asia transfer about1,100 employ- staff,frommanagerstohouse- Pacific,weighed on demand in eestoanew businessoutside 0.6 keepers—some of whom aren’t Januaryand February, though of itsprevious owner’s con- 1990 '952000 '05'10 '15'20 expected to return. it saw improvement in March trol. Hotels,along with the and April. HyattHotels Corp. Note:Seasonally adjusted; total people as of Many job cutsthroughout end of December broader hospitality sector,are posted a wider quarterly loss the industrytargetedcell- Source:U.S. Bureau of Labor Statistics facing challenges in hiring of $304 million. P2JW131000-4-B00300-1------XA

THE WALL STREET JOURNAL. **** Tuesday, May 11, 2021 | B3 BUSINESS NEWS Vice SPAC Deal ComesIntoFocus Media companyseeks $3 billion valuation, would leave current shareholders in control UNIVERSITY ALE

/Y BY BENJAMIN MULLIN

Vice Media Group’s plans

MARSLAND to go public through a nearly $3 billion mergerwith ablank-

MICHAEL check firm would leave exist- David Swensen died last week. inginvestorswith control of the companyand remove Vice’s onerous financial obli- Ya le Plans gations to private-equity firm TPG, according to people fa-

miliar with the matter. S

Searchfor Theblank-check firm, 7GC PRES &CoHoldings, is preparing to UMA

pitch institutional investorson /Z Investment the deal beginning this week, the people said. Under the proposed trans- PICTURES Successor action, existing Vice shareholders—including TPG, Walt INMENT TA BY JULIET CHUNG Disney Co., A&E Networks AND DAWN LIM Group,merchant bank Raine Group and founder Shane

Investment pioneer David Smith—would wind up with a ALBUM/ENTER Swensen wasthe faceofYale combined 75%ownership of

University’s endowment for the company, the people said. MEDIA/

morethan 35 yearsbefore he Therest would be owned by VICE died last week.Behind the Vice’s new investors. The company’slines of businessinclude news,the Refinery29 brand and Vice Studios, maker of “Judy &Punch,” starring Mia Wasikowska. scenes,Yale began confronting Thedeal calls forVice’sex- afuturewithout him yearsago. isting investorstoexchange There is no guarantee that tioned the rosy revenue pro- There is no guarantee that has started to rebound, many Theuniversity has ramped their shares forcommon stock 7GC &CoHoldings, which has jections used by some startups institutional investorswill of thesecompanies saythey up preparationsfor this mo- in the public company, simpli- raised $230 million, will com- that are merging with SPACs. want to fund the proposed would benefit from scale and ment sinceMr. Swensen was fying the overall ownership plete its deal with Vice. In itspitch, 7GC &CoHold- Vice Media transaction. Vice morecapital. Longtime inves- diagnosed with late-stagerenal structure,according to the TheInformation reported in ings plans to tell potential in- has long promoted the pros- tors arealso looking forop- cancer in 2012, said people fa- people familiar with the mat- March that Vice Media wasin vestorsthat Vice Media is dif- pect of becoming aconsis- portunities to exit. miliar with the matter. His ill- ter. That includes TPG, which advanced talks to go public in ferent from other new-media tently profitable new-media Executives from Group Nine ness brought newurgencyto currently owns preferred stock adeal with 7GC &CoHold- companies because it has sev- colossus. Mr. Smith, the com- Media Inc.havelaunched a succession planning on the part in Vice Media that entitles the ings. CNBC reported Sunday eral lines of business, includ- SPAC to purchase adigital-me- of both Mr.Swensen and Yale. private-equity firm to receive that an investor roadshowwas ing its Virtue ad agency, Vice dia company. BuzzFeed Inc.is In the yearsafter his diag- additional equity if thecom- coming soon. Studios film and TV produc- in talks to go public through a nosis, Mr.Swensen gaveregu- panydoesn’t hit certain perfor- Blank-check companies,also tion arm and Refinery29,afe- SPAC.The Athletic,asports- lar updates on his health to mancetargets,the people said. known as special-purpose ac- male-focused brand it ac- 25% news website, waspursuing a Yale’sinvestment committee. Thedeal would value Vice quisition companies,raise capi- quired in 2019. deal with news publisher Ax- He also kept and regularly re- at nearly $3 billion, including talbygoing public.They then 7GC &CoHoldingswill sell Ownership stake of the new ios but nowiseyeing one with vised alist of potential succes- debt, amajor discount comput those proceeds—and other potential investorsonthe investors under SPAC plan the New York Times Co. sors. He discussed what he pared with the $5.7 billion val- funds raised from institutional promise of growth and profit Under the proposed Vice viewedastheir strengths and uation set in Vice Media’slast investors—intoacquisitions.For in its pitch, one of the people Media deal, Chief Executive weaknesses with people who major equity-investment their targets, aSPACmergerof- said. Vice generated about NancyDubuc would continue in will play arole in determining round, a$450 million infusion fers an alternativeroutetoan $600 million in revenue in pany’sfounder,projected reve- her position, as would other who gets the job,including from TPG in 2017. initial public offering. 2020 and wasprofitable in the nue would near $1 billion in Vice Media executives.Mr. Yale President PeterSalovey 7GC &CoHoldingswas TheSPACmarket, which fourth quarter,the person 2015.Those goals have eluded Smith would remain executive andsome membersofthe en- founded by tech investor Jack washot at the beginning of said, though it wasn’t profit- the companyinrecent years chairman. Theproposed deal dowment’sinvestment commit- Leeney. Theblank-check com- the year, has begun to cool. able forthe full year.The com- as the digital-media sector calls forMr. Smith and Ms. tee, said some of the people. panyishoping to completethe Some SPAC investorshaveat- pany projects that it will gen- came under pressure. Dubuc to retain their seatson Some of these candidates deal sometime this summer, tributed the dimming enthusi- erateabout $680 million of Several other digital-media Vice’s boardofdirectors, the work at the Yale Investments depending on howlong it takes asm to new scrutiny from the revenue this year and reach $1 companies areexploring SPAC people said. Mr.Leeney,of7GC Office,asthe endowment is the Securities and Exchange Securities and ExchangeCom- billion by the end of 2023,the deals or mergers with rivals. &CoHoldings, would also get known, while otherswereex- Commission to reviewthe deal. mission. Theagencyhas ques- person said. Even though the ad market aboardseat, the people said. ternal candidates.Mr. Sw- ensen’sthoughtsare expected to inform howYale’sleadership weighs howtoreplacethe un- NBC DropsBroadcast official dean of endowment in- “...Rage Against the Dying of The Light” vesting. Yale on Fridaysaid it would Of Golden Globesin’22 – Dylan Thomas announceaprocess forap- pointing anew investment BY JOE FLINT about the concerns,the press chief; the people familiar with association said the allega- “I’d been reading under moonlight! The first light source themattersaid Yale plans to NBC said it will not broad- tions “simply repeat old tropes designed for lamps conduct asearch. University cast the Golden Globes next aboutthe HFPAand reflect un- This Keep It Simple lamp spread trustees recognizethat the role year afterseveral majorenter- conscious bias against the sunshine all across the room.” This revolutionary lighting will evolvewith anew invest- tainment companies and stars HFPA’sdiverse membership.” solution will deliver up to ment chief,said one of the peo- indicated that they would not TheHFPAlast week an- – Jean Kauffman ple.Still, the person said trust- participateinthe awards nounced anew set of changes 10 times morelight than ees believeMr. Swensen built showorwork with the Holly- to addressits diversity and the single bulb you arenow an endowment culture and wood Foreign PressAssocia- oversight, including expanding KEEP IT SIMPLE! using – for only 32 watts! framework that will endure. tion, the organization that itsmembership by 50% over MyLight has combined Mr.Swensen’slong tenure oversees the event. the next 18 months. Its patented LED bulb array created immensewealth for At issue is howthe HFPA Those effortsweren’t classic lamp design may appear to be “upside the IvyLeague university.He runs the Globes.The organiza- enough to appease its critics. with arevolutionary down”– but the 4bulb outlasted several Yale presi- tion, comprising 87 foreign In thepast few days,Netflix, light source. The dentsand oversawthe endow- journalists, has long been crit- Amazon and WarnerMedia The Lamplight light spread of light is actually combination delivers source focuses light ment’sgrowthfrom$1billion icized by Hollywood execu- said they would not partici- exactly whereit’s down and out, perfect for when he started in 1985 to tivesfor itssmall sizeand pate in the Golden Globes un- exponentially needed. " Swing arm task light. $31.2 billion as of June 2020. outsizeinfluence. Specifically, less there was an overhaul. morelight for extends 6”.. His investment philosophy the organization has been crit- NBC said it believes the reshaped the way endowments icized foraccepting paid trips HFPAwantstoreform but reading or any and foundations invest, trans- and other perks from studios “changeofthis magnitude other task. The forming the businessofendow- in return foraccess. Thegroup takestime and work.” NBC TM KIS ! Available in ment management from a has also been under fire forits said it is “hopeful we will be Lamp SATIN BRASS backwaterfunction to apresti- lack of diversity and earlier in aposition to air the showin Underlighting (shown) gious business. this year confirmed it had no January 2023.” is overrated VERMONT He advocated that large in- Black members. In astatement Monday, the BRONZE vestorsshould embraceventure In response to aLos Ange- HFPAboardvowedtomake capital and privateequity.The les Times report this year “transformational changes.” In your lamps, the new BRUSHED SILVER endowment model’swidespread “retrofit” CFL and LED adoption helped createanarms bulbs do not produce US PATENTS race to accumulateever-bigger 10,378,698 warchestsasthe costsof the same amount of task Light Source S 10,422,488 ! Lamp’sheight higher education soared. light as ordinary bulbs. adjusts from Thequestion of when, or PRES Just as we’ve gotten 43” to 58”. whether,Mr. Swensen would TED

CIA older and our eyesight has declined, Seeing is Believing step down, wasadelicateone. Soft linen SO lampshade Mr.Swensen at one point AS OUR LIGHT HAS FAILED US. 100% risk free trial and diffuses told senior Yale administrators ambient light 3year guarantee and advisersthat he planned to for less glare. INVISION/ YOU NEED:

retireinlate2022, one of the S/ The patented KIS lamp and people familiar with the matter US Lamplight projects amassive RA •Upto300 footcandles for said. As the datedrewcloser, ST reading but you’regetting amount of illumination on Mr.Swensen changed his mind, AN only 30 to 50 footcandles.* your reading material. Reader

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B4 | Tuesday, May 11, 2021 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech InvestorsSeek Next BioNTech RobloxUsers, Sales Pioneering work on SoarinFirst Report Covid-19 vaccine sparks new interest in German companies Since Public Debut

BY RUTH BENDER BY SARAH E. NEEDLEMAN on consoles,computersand mobile devices that features BERLIN—Asmall German Roblox Corp.’sfirst-quarter millions of games made by its company’s success in coming revenue morethan doubled as users. Thecompanyprovides up with the West’sfirst the videogame company con- game-creation tools and shares Covid-19 vaccine is drawing tinued to benefit from pan- revenue with itsdevelopers attention from investorsina demic-fueled demand forat- from salesofthe platform’s

countrywherebiotech has JOURNAL home social entertainment. virtualcurrency. Playersbuy struggled to raise funding in Thegrowthcame as more Robux with real money and use REET

recent years. ST usersspent moremoney on it to acquireperks.

Mainz-based BioNTech SE LL Roblox, primarily in the form SanMateo,Calif.-based Rob- partneredwith U.S. pharma- WA of virtual currency, called loxsaid revenue rose to $387

ceutical giant Pfizer Inc.to THE Robux,used to buy in-game million, up from $162million a R

develop the first coronavirus FO items like pets and costumes year ago. Bookings, which pri-

vaccine approved in the U.S. TZ for players’ avatars. marily represent the value of and Europe last year.Domestic Still, the companyposted a Roblox’svirtual currency, rose rival CureVac NV is hoping its SKUBA nearly 82% wider lossinthe at aslightly higher rate to ownshot will getapproved in period, itsfirst quarterly report $652.3million. Analystspolled

Europe in the coming weeks. MARZENA since it started trading publicly by FactSet were expecting Now, moreGerman and in- Mainz, Germany-based BioNTech had never brought a product to market before the pandemic. in March,onhigher coststo bookingsof$573million. ternational investorsare look- support itsgrowthand ex- Thenet losswidened to ingtoinvest in the search for and invented aspirin. YetGer- ots’ sink so much nice money U.S. venturecapitalists’ inter- penses tied to itsdirect listing. $134.2 million, or 46 centsa the next hidden geminGerman many-based startups have intosuch ‘idiotic’ companies?” est in German startups,said Robloxsaid Mondaythat share, from $74.4million, or biotech, venturecapitalists, ex- struggled to attractfunding in Mr. von Bohlen said. Markus Enzelberger, aSwitzer- theresultsreflect strong en- 44 cents, in the year-agoquar- ecutives and analystssay. recent years, investorsand ex- Mr.Hopp holds just under land-based partner at U.S. gagement among users, most ter. That included $51.9mil- In 2020,German biotech ecutives said. 50% of CureVac directly and healthcarefund Versant Ven- of whom are under the age of lion in advisory, legal and companies raised a record of Much investment in the sec- viahis investment company tures. Last year,Versant 13.The companydidn’t issue a other expenses tied to the di- €3.05billion, equivalent to torhas concentrated on the Dievini Hopp Biotech Holding teamed up with Boston-based newoutlook forthe current rect-listing process. Analysts $3.7 billion, through venture U.S.,wherefirms raised $100 GmbH, Mr. von Bohlen said. RA Capital Management to lead quarter,but has previously were projecting alossof22 capital, shareofferingsand billion last year,according to BioNTech had never a€66 million financing round warned that growth is likely to cents a share. convertible bonds,triple the Ernst &Young.China’sbiotech brought aproduct to market forT-KnifeGmbH, of Berlin, slowassocial-distancing Shares in Robloxrose 5% in amount for2019,according to sector,while still afraction of beforethe pandemic and which is developing cell thera- guidelines ease. It is working after-hourstrading.The com- Ernst &Young. While half of the U.S., has also grownrapidly ended 2019 with alossof€179 pies to treat solid tumors. to attractusersofolder demo- panyscheduled an earnings that went intoBioNTech and recently,asthe government ManywealthyGermans are graphics and expand geo- call with analystsfor Tuesday CureVac,companies working has prioritized the sector. also reassessing their previous graphically in regions such as morning beforemarketsopen. on non-Covid-19 related treat- Luring investment in bio- aversion to German biotech Western Europe and East Asia. Mr.Baszucki said Roblox mentsalso gotimportant fi- tech is always difficult because firms,investment fund manag- Robloxisattracting more won’t be issuing guidancewith nancing rounds. of the heavy risks involved. 2.05 ers said. userstoits platform, with the itsearningsresultsand in- “People in the industry Most experimental drugsfail “We’regetting calls from number of averagedaily users stead will report monthly met- used to say, ‘Ifacompanyisn’t testing.Adding to the difficul- Billions of euros of first- family offices and other peo- at 42.1 million in the quarter, rics,aswell as host investor based in Boston or California ties that German biotech start- quarter revenue for BioNTech plesaying they would liketo up 79% from last year, driven events once or twice a year. or in the U.S. generally,then it ups faced raising capital has invest with us in healthcare,” by growth outside itscore Last week,game companies will be difficult to attractU.S. been adearth of taxand other said Thomas Strüngmann,who market of the U.S. and Canada. Activision Blizzard Inc.and investors,’ ” said Claudia Ul- government incentives encour- with his twin brother,An- Averagebookingsper daily Zynga Inc.also reported brich, founder and chief execu- aging the riskyinvestments, million. On Monday, the com- dreas,isafounding investor user,which representsthe strong results for the March- tiveofHanover-based Cardior said Alexander Nuyken, head of panyreported asurge in first- andmajority shareholder in amount of Robux purchased, ended quarter.They expressed Pharmaceuticals GmbH, which Ernst &Young’sLifeSciences quarter revenue to €2.05 bil- BioNTech. rose 46% to $15.48. confidenceincontinued, is developing RNA therapies branch forEurope,Middle lion from €27.7 million in the While German biotech exec- “Even forcountries coming though likely moremodest, against heart failureand seek- East, India and Africa. year-earlier quarter and raised utives and their investors out of Covid, we have seen growth ahead as more econo- ing to raise €50 million to €60 For years, few Germans in- itsforecast forCovid-19 vac- hope the current enthusiasm amazing stickinesswith our mies reopen in many parts of million foracrucial clinical vested heavily in German bio- cine revenue to €12.4billion will revive Germany’s contri- daily activeusersand book- the world. study. “That’schanging,” Dr. tech and their investments from just under €10 billion af- butions to drug development, ings,” Dave Baszucki, chief ex- Roblox’spublic-market de- Ulbrich said. were met with skepticism, said ter signing additional orders. they warn hurdles remain. ecutiveand founder of Roblox, but earlier this year came after Germany, onceknown as Friedrich vonBohlen, who BioNTech shares have more One problem is that Ger- said in an interview. “Hours the companyditched original the world’spharmacy, wasa manages the biotech invest- than quadrupled in value since manystill lacks apool of expe- peruser is moving moreto- plans foratraditional public leading source of medical in- mentsofSAP SE software theWorld Health Organization rienced executives to lead ward historic levels,but we’re offering in December,when novation during the 19th and company co-founder Dietmar declared apandemic on March companies to commercial suc- very optimistic.” DoorDash Inc.and Airbnb Inc. 20th centuries. Its scientists, Hopp. “It was like the joke of 11, 2020. cess,RACapital Managing Di- Founded in 2004, Roblox soared beyond expectations in forinstance, discovered X-rays the town: How can these ‘idi- Thesuccess has heightened rector Josh Resnick said. operates afreeonline platform their initial public offerings.

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THE WALL STREET JOURNAL. Tuesday, May 11, 2021 | B5 BUSINESS NEWS

Hertz Global Holdings Inc. Mazda sport-utility vehicles. Used-Car and Enterprise Holdingssaid “It’sonly hardtofind them at they aretaking the unusual a decent price point.” step of buying used cars to fill Dealers say competition is BuyersSee holes in their fleetsasthe mi- also intensifying at wholesale crochip shortagecontinues to auctions, with many used-car dent new-vehicle stock. sellersbidding up the priceto High Prices “If you don’t need that ve- secure supplies. hicle right now, just wait,” ScottSmith,president of said Ivan Drury, an analyst for Smith AutomotiveGroup,a ContinuedfrompageB1 car-shopping websiteEd- dealership chain in the Atlanta Power. munds.com. “You arenot go- area, said he recently paid Thelow inventoryand in- ing to get anything you want, closetothe original sticker creasing prices on dealership whether that be the price, the price for two-year-old Nissan lotsreflect alargerretail selection or those little things Sentrasatauction—a higher trend, with consumerspaying that youreally don’t want to cost that his businessislikely morefor everything from compromise on.” to pass along to customers.

household goods to food GES He added that inventory “The retail pricefor used

items.Manufacturershave IMA challenges arelikely to worsen cars has become areal moving struggled sincelast year to before they improve and that target,” Mr.Smith said. “I’ve keep up with customer de- GETTY circumstances might not nor- never seen amarket likethis.” mand as they recovered from AN/ malize until next year. Theelevated resale values Covid-19-related production Robert Santoro, a 37-year- are helping to boost earnings SULLIV stoppages and nowface new old NewYork City attorney,is forcar companies,whose TIN

supply-chain disruptions. JUS among the carshopperswho lending arms have been able TheU.S.autoindustry, like- The average price paid for a preowned vehicle hit a record of $25,463 in April. can’t wait. He is looking for a to sell off leased vehicles for wise,isstill trying to regain used cartoreplacealeased moremoney than previously its footing following a roller- Therecent chip shortage from a year earlier, according newand used-car datatodeal- vehicle that he has to turn anticipated.General Motors coaster 2020.Car companies has only made it harder for to car-shopping websiteTrue- ers. back in this summer.Mr. San- Co.said Wednesdaythat itsfi- lost nearly two months of pro- automakerstorestock,and Car. Rental-car firms,which are toro said he washoping to nancing unit posted arecord duction when the pandemic dealershavebeen increasingly Meanwhile,retailersstarted big sellersintothe used-car spend lessthan $20,000 but first-quarter pretax profit, firsthit in the spring of last steering shopperstoward used April with about 18% fewer market, arealso holding on to isn’t surethat will be possible. driven in part by surging val- year and were short on inven- cars to offer them something preowned cars and trucks on their vehicles longer as leisure “I’vebeen most surprised ues for the used cars it keeps tory when demand forcars to buy. their lots than they did in the travel bounces back and as by howthe prices just keep on its books. and trucks roared back over U.S. sales of used-vehicles prior-year month, according to getting replacementsfor their going up,” said Mr.Santoro, —Ben Foldy the summer. hit 3.4million in April, up 58% vAuto, afirm that provides fleets becomes tougher. who is looking at Honda and contributed to this article.

could have been operating vert, araised manhole and, stroyed by the fire, the NTSB miles per hour. recoveredsofar show Autopi- NTSB without anyone in the driver’s eventually,atree, damaging said. The executive also said the lot was not enabled.” seat. Both men died in the the front of the vehicle’s lith- Theinitial report echoes car’ssteering wheel wasfound TheNTSBsaid it wascon- crash. ium-ion battery case,the statements from Tesla last to be deformed, “leading to tinuing to collect data on the Reviews TheNTSBsaid the vehicle NTSB said. month about the crash. A the likelihood that someone crash, including the dynamics owner’s home-security system Theagencysaid that the re- Tesla executivesaid during an wasinthe driver’s seat at the of the incident and the post- showedthe owner entering sulting fire destroyed the vehi- earningscall that the company time of the crash.” He didn’t mortem toxicologytest re- TeslaCrash the driver’s seat of the Model cle and damaged amodule had conducted astudy along provide details about howthe sults. S sedan and the other person that canrecorddatatied to in- with authoritiesinwhich it companycame to that conclu- “All aspectsofthe crash re- entering the front passenger’s formation such as vehicle tried to replicatethe likely sion. All the seat belts, post main under investigation,” it ContinuedfrompageB1 seat. speed, air-bag deployment and crash scenario. The company crash, were found to be un- said, adding it planned to is- likely the vehicle didn’t have TheNTSBreport didn’t ad- whether seat beltswerebuck- said that adriver-assistance buckled, he said. sue a final report with safety anyone in the driver’s seat at dresswhen the owner eventu- led. TheNTSBsaid it had feature that helps with steer- Tesla didn’t immediately re- recommendations to prevent the time of the crash, spurring ally found dead in the back takenthe devicetoalab for ingdidn’t engageinthe test, spond to arequest forcom- similar crashes. questions about howthat may seat moved within the vehicle. further analysis. while another feature,adap- ment on theNTSB’sprelimi- TheNTSBhas said itsprobe have unfolded. Theearly as- The vehicle traveled about Another onboardstorage tive cruise control, only acti- nary report. Soon afterthe also would examine the vehi- sessment leftquestions about 550 feet beforedriving over a devicethat could yield clues vatedwhen adriver wasbuck- crash, Tesla Chief Executive cle fire that took hoursto whether or howthe vehicle curb,hitting adrainagecul- about what happened wasde- led in and traveling at above5 Elon Musk tweeted, “Datalogs completely extinguish.

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

iStarPfdD STARpD 26.09 0.9 OxfordSquare OXSQ 5.22 1.8 Tenaris TS 24.02 -2.2 ViperEnergyPtrs VNOM 19.48 -2.2 AthenaTechWt ATHN.WS 0.80 -15.8 FlexionTherap FLXN 6.93 -4.5 ProtaraTherap TARA 8.91 -8.2 The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE J Alexander's JAX 11.20 3.5 PBF Logistics PBFX 16.70 0.4 TenetHealthcare THC 67.85 -2.9 Vodafone VOD 20.36 0.8 Athersys ATHX 1.47 ... FortressCapWt FCAX.WS 0.82 -6.3 Pulmatrix PULM 0.84 -3.8 American and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or low JPMorganChase JPM 163.73 ... PGT Innovations PGTI 28.11 -1.3 Tennant TNC 87.40 -1.4 VulcanMatls VMC 194.17 -0.5 AuriniaPharm AUPH 9.90 -1.4 4D Molecular FDMT 29.17 -8.5 Q&K Intl QK 1.75 -9.3 in the latest session. %CHG-Daily percentage change from the previous trading session. JackintheBox JACK 124.53 1.0 PNC Fin PNC 203.88 -0.2 Tenneco TEN 15.00 8.0 WPP WPP 70.36 -0.3 AutolusTherap AUTL 4.71 -11.0 4Dpharma LBPS 10.80 -2.4 Queen'sGambitWt GMBTW 0.86 -15.7 JacobsEngg J 145.97 1.7 POSCO PKX 92.19 1.0 Terex TEX 55.60 -2.0 WasteConnections WCN 124.95 0.2 AvalonGloboCare AVCO 0.88 -4.4 4DpharmaWt LBPSW 0.77 -3.2 ReataPharm RETA 82.00 -0.4 Monday, May 10, 2021 JanusHenderson JHG 38.09 0.1 PPG Ind PPG 181.35 -0.1 TerrenoRealty TRNO 64.87 -0.6 WasteMgt WM 144.54 1.3 AxcellaHealth AXLA 3.44 -6.3 FreedomI A FACT 9.76 -0.8 RecursionPharm RXRX 22.77 -16.9 HancockHdgEquity HEQ 12.68 -0.3 PVH PVH 121.18 -3.1 TetraTech TTI 3.71 -4.9 Waters WAT 320.39 0.9 AytuBioPharma AYTU 5.34 -6.8 GainTherap GANX 9.50 -4.5 RedBallAcqnWt RBAC.WS 1.00 ... 52-Wk % 52-Wk % 52-Wk % JohnsonControls JCI 66.69 0.2 PacificPremBncp PPBI 47.43 -2.1 TexasPacLand TPL 1773.95 -0.2 Watsco WSO 307.81 1.7 BEST BEST 1.13 -5.7 Galapagos GLPG 70.77 -2.0 RedHillBio RDHL 6.00 -3.5 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg JonesLang JLL 202.61 0.7 PackagingCpAm PKG 156.54 0.9 Textron TXT 69.16 ... WattsWater WTS 140.39 1.9 BM Tech BMTX 9.02 -2.5 Galecto GLTO 5.20 -1.2 RegionsFinPfdE RFpE 24.38 -0.7 JuniperIndlWt JIH.WS 4.00 3.6 PacWestBancorp PACW 45.65 -1.9 TheBancorp TBBK 25.50 2.7 WeingartenRealty WRI 33.52 -0.2 B.RileyPrin250 BRIVU 9.96 ... GaleraTherap GRTX 5.87 6.4 ReinventTechA RTP 9.85 -0.1 CBRE Group CBRE 88.24 -0.4 EquityLife ELS 70.73 0.4 KB Fin KB 53.67 -0.3 ParamountGroup PGRE 10.87 -0.1 3M MMM 208.95 2.1 WellsFargo WFC 47.35 0.1 BaoshengMedia BAOS 3.20 -7.6 Geron GERN 1.25 -6.0 RelayTherap RLAY 27.37 -6.1 CF Acqn VIII Wt CFFEW 0.82 7.0 EthanAllen ETH 32.15 1.3 Highs KB Home KBH 52.48 0.3 ParkerHannifin PH 324.68 -0.9 Timken TKR 92.39 -1.8 WernerEnterprises WERN 49.76 1.4 BenessereCapRt BENER 0.26 -0.2 GlycoMimetics GLYC 2.15 -5.3 RibbitLeapA LEAP 10.47 -3.2 CF Industries CF 55.97 -0.8 Euroseas ESEA 22.60 7.9 AECOM ACM 70.04 -0.8 KBR KBR 41.80 -0.6 PartnerRePfdJ PREpJ 26.90 0.5 TimkenSteel TMST 15.50 13.1 WesBanco WSBC 39.53 -1.5 BeyondMeat BYND 103.16 -3.2 GoodRx GDRX 31.35 -9.5 RocketCos. RKT 17.23 -2.4 CGI GIB 91.33 -1.0 EvercoreA EVR 148.28 -1.9 HF Foods 5.11 -8.6 Root 9.35 -9.0 Aflac AFL 57.35 0.7 KSCitySouthern KSU 309.39 0.9 PartyCity PRTY 9.63 11.1 TItanIntl TWI 11.82 -3.9 WescoIntl WCC 111.95 -1.7 BigCommerce BIGC 45.90 -1.4 HFFG ROOT CI Financial CIXX 17.55 0.7 Evertec EVTC 43.48 0.1 Haemonetic HAE 59.63 -1.8 SVF Invt SVFAU 10.31 -0.4 AGNC Invt AGNC 18.45 -0.2 KeurigDrPepper KDP 36.81 -0.6 Paychex PAYX 102.61 -0.6 Toll Bros TOL 68.88 -1.1 WestBancorp WTBA 27.78 0.7 Biomerica BMRA 4.11 -6.4 CKX Lands CKX 19.58 7.9 ExpeditorsIntl EXPD 121.04 1.2 HancockJaffe HJLI 5.21 -5.0 SVF Invt Wt SVFAW 1.60 0.6 A-MarkPrecMet AMRK 42.33 1.7 KeyCorp KEY 23.44 -0.5 PeabodyEnergy BTU 6.27 15.4 Torm TRMD 10.05 5.0 WestFraserTimber WFG 91.53 0.5 BioXcelTherap BTAI 29.50 -0.4 CNA Fin CNA 49.08 -0.3 ExtractionOil XOG 47.12 6.7 HomePtCap HMPT 6.00 -8.0 ScopusBio SCPS 5.21 -5.3 AXIS Capital AXS 58.61 -2.0 KimbellRoyalty KRP 12.81 1.7 PeapackGladFinl PGC 33.13 -1.7 TorontoDomBk TD 71.67 ... WestPharmSvcs WST 336.55 ... BladeAir BLDE 7.65 -11.3 CNH Indl CNHI 17.13 -0.5 ExxonMobil XOM 64.02 0.2 Honest HNST 16.50 -12.6 Seer SEER 32.36 -14.8 AbbVie ABBV 117.20 0.4 KimcoRealty KIM 21.86 -0.1 Pearson PSO 11.99 0.2 TowneBank TOWN 33.10 -2.1 WesternMidstrm WES 22.20 4.0 BlueCity BLCT 6.53 -3.9 CNO Financial CNO 27.86 1.3 FastAcqnII A FZT 9.99 -0.2 HothTherap HOTH 1.36 -7.4 SenseiBiotherap SNSE 10.78 -8.7 Abercrombie&Fitch ANF 42.30 0.1 KinderMorgan KMI 18.42 2.3 PembinaPipeline PBA 32.38 0.6 TractorSupply TSCO 200.75 0.1 WestlakeChem WLK 105.54 -1.0 BridgetownWt BTWNW 1.98 1.4 CONSOL Energy CEIX 14.11 -0.7 FRP Holdings FRPH 58.00 -1.0 IonAcqn3 IACC 9.86 -0.3 17Educ&Tech YQ 5.06 -9.3 AcadiaHealthcare ACHC 64.72 -0.9 Kirby KEX 70.51 -0.3 PennyMacMtgPfA PMTpA 26.35 0.2 Tradeweb TW 83.55 0.6 WestlakeChemPtrs WLKP 27.57 0.9 Bridgetown2 BTNB 9.93 -0.6 CRA Intl CRAI 87.18 -3.8 FS KKR Cap FSK 21.33 -0.1 WestpacBanking 20.80 0.9 InozymePharma INZY 15.50 -0.9 SkillfulCrafts EDTK 2.07 -2.8 AcadiaRealty AKR 22.29 -1.0 KiteRealty KRG 21.90 -2.2 PennyMacPfdB PMTpB 26.72 ... TraneTech TT 187.98 1.6 WBK BrightScholarEduc BEDU 5.03 -7.7 CRH CRH 51.46 -0.9 FarmlandPtrsPfdB FPIpB 26.49 -0.5 WestRock WRK 60.56 -0.1 InterceptPharm ICPT 16.41 -1.2 SmartShareGlbl EM 6.84 -9.5 Accenture ACN 294.10 -0.3 Knight-Swift KNX 50.96 1.5 PenskeAuto PAG 93.45 -0.3 Travelers TRV 162.71 0.5 BroadscaleAcqnA SCLE 9.70 ... CSX CSX 104.87 ... Fastenal FAST 54.32 0.9 Weyerhaeuser WY 41.68 2.0 IonisPharma IONS 35.32 -0.8 SoaringEagleA SRNG 9.93 -1.2 AcuityBrands AYI 194.59 -1.8 Knoll KNL 25.28 2.2 Pentair PNR 69.88 1.6 Trex TREX 111.04 -0.9 Bumble BMBL 52.99 -8.4 CVS Health CVS 87.18 0.9 FederalRealty FRT 118.50 -0.1 Whirlpool WHR 257.68 -0.5 iQIYI IQ 13.02 -4.2 SocialCapHedosIVWt IPOD.WS 1.76 -6.7 Acushnet GOLF 53.50 0.2 KraftHeinz KHC 44.26 0.3 Perficient PRFT 68.99 -0.5 TriPointe TPH 26.35 -1.1 CASI Pharm CASI 1.45 -9.4 Cabot CBT 63.50 -1.4 FederalSignal FSS 43.47 ... WhitingPetrol WLL 42.75 -2.6 JawsMustangWt JWSM.WS 0.98 -3.8 SocialCapHedIV A IPOD 10.15 -0.5 Adecoagro AGRO 10.200.9 L Brands LB 71.35 2.2 PetroChina PTR 41.60 3.6 Tronox TROX 23.86 -1.1 CM Life II A CMII 10.89 -9.2 CaesarsEnt CZR 106.85 -1.0 FederatedHermes FHI 34.03 1.9 Wiley B JW.B 62.09 1.6 JFrog FROG 34.53 -0.9 SocialLvgI Wt SLAC.WS 0.86 4.4 AdvanceAuto AAP 210.18 2.0 LGI Homes LGIH 188.00 -1.2 PhilipMorris PM 98.62 0.7 TruistFinl TFC 62.10 -1.1 C3.ai AI 53.21 -4.8 Caleres CAL 27.05 -4.7 FedEx FDX 317.00 -1.7 Williams WMB 25.71 0.9 KiniksaPharm KNSA 14.13 0.5 Soligenix SNGX 1.00 -19.5 AffiliatedMgrs AMG 176.84 0.4 LKQ LKQ 50.77 0.4 PioneerNatRscs PXD 175.37 -0.1 TsakosEnergyPfdD TNPpD 25.00 0.7 CalitheraBiosci CALA 1.93 -6.2 CallonPetrol CPE 46.00 -3.2 Ferguson FERG 134.30 0.2 Williams-Sonoma WSM 194.69 0.2 KiromicBiopharma KRBP 7.02 -10.4 SonnetBio SONN 1.52 -2.5 agilon health AGL 34.47 ... L3HarrisTech LHX 221.49 -1.0 Plexus PLXS 96.30 -0.9 TurquoiseHill TRQ 21.89 -1.4 Canoo GOEV 7.00 -8.3 CamdenProperty CPT 124.69 0.5 Ferroglobe GSM 4.85 -5.3 WillisTowers WLTW 271.87 -0.4 KismetThreeWt KIIIW 0.48 -17.7 Splunk SPLK 113.68 -3.5 AlamoGroup ALG 165.98 -2.3 La-Z-Boy LZB 46.74 1.9 PlymouthIndREIT PLYM 19.68 3.6 TwinDisc TWIN 12.93 -1.6 CaraTherap CARA 12.12 -1.4 Cameco CCJ 20.27 -2.1 FidNatlFin FNF 47.19 0.4 Wipro WIT 7.69 0.5 LefterisAcqnWt LFTRW 0.87 -1.0 SwitchbackII Wt SWBK.WS 1.20 -25.7 Alcoa AA 44.42 -0.4 LabCpAm LH 280.69 -0.4 Pool POOL 449.44 0.2 UFP Inds UFPI 89.97 -0.3 CatchaInvtA CHAA 9.68 -0.5 CIBC CM 108.73 0.5 FifthThirdBncp FITB 43.06 -0.3 18.95 -1.2 79.90 -1.8 WolverineWwide WWW 44.74 -2.2 LendingTree TREE 170.29 -7.8 SyrosPharm SYRS 4.87 -3.7 AlexandriaRlEst ARE 181.77 0.6 LakelandBcp LBAI Popular BPOP UFP Tech UFPT 55.95 1.5 CatchaInvtWt CHAA.WS 0.65 ... CanNaturalRes CNQ 34.75 -0.1 FinInstitutions FISI 33.00 -1.5 LamarAdv 107.47 -2.0 PortmanRidge 2.46 ... Woodward WWD 130.75 -1.4 LiveOakMobilWt LOKM.WS 1.07 -4.7 TCW Spac Wt TSPQ.WS 0.69 -1.4 AlexionPharm ALXN 172.59 0.8 LAMR PTMN UGI UGI 46.73 1.3 Centogene CNTG 9.01 -6.9 CanPacRlwy CP 404.43 0.2 FirstAmerFin FAF 66.87 -0.5 LandstarSystem 182.63 1.2 PostHoldings 117.91 -0.2 WooriFin WF 30.64 1.8 loanDepot LDI 13.56 -8.3 TD Holdings GLG 1.04 -14.3 AlfiWt ALFIW 0.89 26.8 LSTR POST UMB Fin UMBF 99.98 -0.5 ChurchillV Wt CCV.WS 1.16 -10.9 CapitalOne COF 160.37 -0.2 FirstBanCorp FBP 13.22 -3.3 Latham SWIM 30.26 2.5 PostalRealty PSTL 20.96 -0.1 XPEL XPEL 69.49 7.6 LogicBioTherap LOGC 4.51 -3.5 TomiEnvl TOMZ 2.74 -5.0 Alleghany Y 737.89 -0.9 UMH Prop UMH 22.57 -0.1 CloopenGroup RAAS 8.95 -0.4 CapitalSrLiving CSU 51.09 4.9 FirstBancshares FBMS 40.46 -2.7 Lazard LAZ 47.35 -1.3 PotlatchDelt PCH 65.67 -0.2 XPO Logistics XPO 149.89 0.8 LordstownMotors RIDE 7.34 -7.8 TPGPaceBenII YTPG 10.05 0.3 AlleghenyTechs ATI 24.86 -1.5 UMH PropPfdD UMHpD 26.00 ... Co-Diagnostics CODX 7.62 -6.4 CapitalaFinance CPTA 24.30 8.1 FirstBank FRBA 14.41 6.1 Leggett&Platt LEG 59.16 0.7 PowellIndustries POWL 37.28 ... Xylem XYL 121.00 0.4 LuciraHealth LHDX 4.49 -7.5 TPG Pace Solns TPGS 10.02 ... Allegion ALLE 144.76 0.9 US Cellular USM 38.33 3.3 Colonnade II A CLAA 9.68 -0.3 CapitalaFinNts22 CPTAG 25.40 0.1 FirstChoiceBncp FCBP 33.50 -1.3 Lennar A LEN 110.61 -0.1 PrecisionDrilling PDS 29.00 -4.5 Yeti YETI 90.65 -1.7 LufaxHolding LU 10.25 -7.5 TalarisTherap TALS 15.19 -6.0 AllianceData ADS 127.99 -2.3 Umpqua UMPQ 19.62 -0.8 ComputeHlthWt CPUH.WS 0.94 -10.3 Capri CPRI 59.60 -4.6 FstCmntyBcsh FCBC 31.25 -1.9 Lennar B LEN.B 86.22 -0.2 PremierFinBncp PFBI 19.30 -1.6 YumBrands YUM 122.73 0.6 LuxHlthTechAcqn LUXA 9.98 -0.6 TalisBiomed TLIS 10.26 -9.6 AlliantEnergy LNT 58.18 2.1 UnionPacific UNP 231.26 -0.5 ConcertPharm CNCE 3.75 -6.0 Carlisle CSL 196.34 0.6 FirstEagleAltCap FCRD 4.43 0.2 LennoxIntl LII 356.36 1.6 PrincipalFin PFG 67.97 0.2 ZionsBancorp ZION 60.44 -0.6 MedicusSciA MSAC 9.65 -0.1 TeladocHealth TDOC 140.10 -6.6 AllisonTransm ALSN 46.40 ... UnitedBkshrsWV UBSI 41.68 -1.0 ConnectBiopharma CNTB 15.27 -1.7 CarrierGlobal CARR 45.65 1.3 FirstHorizon FHN 19.44 -0.8 LexingtonRealty LXP 12.75 -0.4 Progressive PGR 107.15 0.5 MetenEdtechX METX 1.38 -7.9 Triterras TRIT 5.38 -13.2 Allstate ALL 136.18 1.7 UPS B UPS 219.59 -0.6 CooTekCayman CTK 1.88 -12.5 CasellaWaste CWST 68.64 -0.7 FirstLongIsland FLIC 22.91 1.1 LibertyBroadbandA LBRDA 163.24 -0.4 Prologis PLD 117.61 0.2 MolecularData MKD 0.76 -6.6 Trxade MEDS 3.53 -5.1 AllyFinancial ALLY 55.14 -0.8 UnitedRentals URI 354.60 0.2 Lows Coupang CPNG 36.88 -4.8 CatchMarkTimber CTT 12.78 -0.8 FirstRepBank FRC 191.76 0.4 LibertyBroadbandC LBRDK 168.52 -0.3 ProtagenicWt PTIXW 0.63 25.0 MorphoSys MOR 20.24 -5.7 Tuya TUYA 16.37 -5.3 AltraIndlMotion AIMC 68.07 -2.5 US Bancorp USB 62.27 -0.3 Coursera COUR 33.67 -3.7 Caterpillar CAT 245.78 0.7 FiveStarBncp FSBC 26.43 2.4 LifeStorage LSI 97.28 0.4 ProvidentFinSvcs PFS 25.62 -0.2 AVROBIO AVRO 7.84 -8.8 Movano MOVE 5.15 -1.2 UWM UWMC 6.60 -3.4 AlumofChina ACH 16.93 6.9 USComdtyIndxFd USCI 41.22 -0.7 DHC Acqn A DHCA 9.68 0.3 CedarRealtyPfC CDRpC 25.83 1.3 Flowserve FLS 43.71 -0.1 LincolnElectric LECO 136.04 0.7 PrudentialFin PRU 108.56 0.7 AccelerateDiag AXDX 6.80 -2.7 nCino NCNO 54.32 -1.9 UiPath PATH 62.01 -5.2 Ambev ABEV 3.22 2.9 USCopperIndex CPER 29.60 -0.5 DecibelTherap DBTX 6.84 -10.3 Celanese CE 171.00 -0.8 Fluor FLR 25.07 -1.3 LincolnNational LNC 71.19 0.1 Prudential PUK 44.99 -0.2 AcutusMedical AFIB 11.20 -1.9 NeuBaseTherap NBSE 4.89 -7.2 UniversePharm UPC 3.02 -4.1 Amcor AMCR 12.76 ... US Steel X 29.97 -1.4 DecipheraPharm DCPH 32.36 -4.1 Cemex CX 8.81 -1.6 FootLocker FL 64.82 -0.9 Linde LIN 303.87 0.7 PulteGroup PHM 63.91 1.0 Adagene ADAG 11.73 -6.7 NeuroBoPharm NRBO 2.81 ... 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QuestDiag DGX 142.80 1.8 AgileTherap AGRX 1.38 -5.4 Nuwellis NUWE 4.35 -3.7 ViantTech DSP 27.12 -15.2 AmFinTrPfdC AFINO 25.81 0.2 UnumGroup UNM 30.82 1.4 EbangIntl EBON 3.06 -11.0 ChampionX CHX 25.78 -4.6 FranklinRscs BEN 35.54 1.7 LouisianaPacific LPX 76.35 1.1 QurateRetailPfd QRTEP 106.14 0.1 Agrify AGFY 7.53 0.4 OlinkHolding OLK 26.00 -11.7 VistraWt VST.WS.A 0.22 -9.1 AmericanFin AFG 130.57 -0.7 UrbanEdgeProp UE 19.50 -1.3 EnvericBiosci ENVB 2.05 -10.0 CharterComms CHTR 704.10 0.2 FreeportMcM FCX 46.10 -2.8 Lowe's LOW 215.22 1.4 QurateRetailA QRTEA 14.62 2.4 Akoya AKYA 18.50 -3.1 OnionGlobal OG 5.60 -17.3 VivintSmartHome VVNT 10.03 -2.7 AmHomes4Rent AMH 37.73 -1.2 UrstadtProp A UBA 19.04 -0.9 EverQuote EVER 29.99 -2.8 Chemours CC 35.53 -1.4 FullerHB FUL 70.58 -0.6 LyondellBasell LYB 116.77 -0.5 RCI Hospitality RICK 74.85 -0.6 AltitudeAcqnWt ALTUW 1.00 -8.1 Optinose OPTN 2.94 -4.8 VorBiopharma VOR 21.94 -9.5 AIG AIG 52.70 1.4 Vale VALE 23.02 -0.1 EvofemBiosci EVFM 1.16 -0.8 CheniereEnergy LNG 83.35 -1.2 GAMCO Investors GBL 23.40 0.5 M&T Bank MTB 166.41 -0.2 RPM RPM 99.30 0.5 AmericanWell AMWL 12.71 -8.4 Otonomy OTIC 2.05 -4.6 VoyagerTherap VYGR 3.89 -4.6 AmericanNatl ANAT 124.18 0.7 ValleyNatlBncp VLY 14.74 -0.9 Amesite 2.50 -5.9 FastAcqnII A FZT 9.79 -0.2 Chevron CVX 113.11 -0.4 GATX GATX 106.31 0.7 MDC Holdings MDC 63.86 ... RPTRealty RPT 13.28 -1.5 AMST PainReform PRFX 2.43 -8.1 WarburgPincusI-A WPCA 9.85 ... Ameriprise AMP 269.29 -0.6 ValmontInds VMI 265.09 -2.0 Applovin 54.47 -3.1 FtacHeraWt HERAW 0.86 -1.1 ChickenSoupA CSSE 37.50 -0.1 GMS GMS 47.11 -1.1 MDU Rscs MDU 35.02 -0.3 RalphLauren RL 142.06 -1.5 APP Paya PAYA 9.67 -3.8 Waterdrop WDH 8.26 -12.4 Ametek AME 139.07 -0.2 Valvoline VVV 32.63 0.4 AquestiveTherap 3.27 0.9 FTC Solar FTCI 12.02 -2.8 ChimeraInvt CIM 13.78 -0.2 Gallagher AJG 154.03 -0.2 MI Homes MHO 74.85 -0.9 RangeResources RRC 11.69 -1.0 AQST Paysign PAYS 3.41 -3.9 WindtreeTherap WINT 1.84 -5.9 Amrep AXR 12.04 3.8 Vedanta VEDL 16.32 1.6 ArchimedesWt 0.65 -7.1 FangddNetwork DUO 3.38 -10.6 ChoiceHotels CHH 118.95 -0.8 Gaming&Leisure GLPI 47.50 -2.1 MRC Global MRC 12.11 -1.2 RaymondJames RJF 138.56 -1.2 ATSPW PeridotII Wt PDOT.WS 1.08 -4.3 WunongNetTech WNW 7.20 -5.9 Andersons ANDE 32.00 1.7 Veritex VBTX 36.13 -2.4 ArcturusTherap ARCT 28.88 -9.1 FinchTherap FNCH 12.20 -2.1 PowerbridgeTech 1.22 -7.9 XL Fleet 5.67 -7.0 Cigna CI 272.81 2.2 Gap GPS 37.06 0.6 MSC Industrial MSM 95.50 0.4 Rayonier RYN 38.98 2.5 PBTS XL AB InBev BUD 75.77 0.4 VictoryCapital VCTR 30.75 ... AteaPharm AVIR 19.45 -7.9 FirstReserveA FRSG 9.70 -3.0 Progenity PROG 2.34 -13.6 YatsenHolding YSG 8.70 -4.6 CimarexEnergy XEC 73.91 -0.6 Garmin GRMN 145.20 -0.8 MVB Financial MVBF 44.21 3.6 RaytheonTech RTX 87.04 -0.8 AnnalyCap NLY 9.28 -0.5 CincinnatiFin CINF 122.80 0.3 GatesIndustrial GTES 18.35 0.2 MaidenNts43 MHNC 24.05 -0.3 RedRockResorts RRR 39.99 2.0 AnnalyCapPfdG NLYpG 25.40 -0.2 CiscoSystems CSCO 54.14 -0.5 GencoShipping GNK 17.00 -0.3 Manitowoc MTW 28.33-3.2 RegencyCtrs REG 67.14 0.1 AnteroResources AR 11.40 1.9 Citigroup C 76.84 0.1 GeneralDynamics GD 197.51 -0.1 Manpower MAN 125.07 0.5 RegionalMgmt RM 46.29 0.6 Anthem ANTM 406.00 1.3 Citizens&Northern CZNC 25.26 0.9 Genesco GCO 57.45 -3.7 MarathonPetrol MPC 61.11 -0.3 RegionsFin RF 23.26 -1.0 Aon AON 260.97 ... CitizensFin CFG 50.35 -0.2 GenuineParts GPC 135.93 0.1 MarineMax HZO 70.89 1.3 RelianceSteel RS 181.21 -0.9 ApolloGlbMgmt APO 58.49 -1.0 Clarus CLAR 20.12 2.0 Gerdau GGB 7.14 0.3 Markel MKL 1250.00 -0.4 RepublicFirstBncp FRBK 4.61 -1.6 ApolloInv AINV 15.27 -1.5 CleanHarbors CLH 96.47 -0.6 GettyRealty GTY 32.28 -0.6 Marsh&McLen MMC 139.22 -0.1 RepublicSvcs RSG 113.28 1.1 ApolloMedical 35.59 3.4 AMEH Cleveland-Cliffs CLF 22.90 -1.9 GIIIApparel GIII 34.86 -4.8 MartinMarietta MLM 383.71 -0.8 ResourcesConnect RGP 15.09 -1.4 AppleHospREIT 16.08 -2.3 APLE CoastalFinl CCB 33.76 8.2 GladstoneComm GOOD 21.64 -0.5 Masco MAS 68.54 0.4 RetailOppor ROIC 18.27 -1.6 AppliedIndlTechs AIT 107.07 0.7 Coca-Cola KO 55.50 0.7 GladstoneLand LAND 23.04 1.7 MasTec MTZ 117.82 3.8 RetailPropofAmer RPAI 12.24 -2.6 Aptargroup ATR 158.97 -1.3 Coca-ColaEuro CCEP 57.61 -0.7 GlobalCordBlood CO 5.23 1.0 MatadorRscs MTDR 30.33-2.7 Rexnord RXN 52.78 -0.4 ArborRealtyPfdB ABRpB 27.00 -0.2 Comcast A CMCSA 59.11 -1.0 GlobeLife GL 108.22 -0.1 MayvilleEngg MEC 18.22 4.9 RioTinto RIO 95.97 0.7 ArborRealtyPfdA ABRpA 26.63 0.2 Comerica CMA 79.84 -1.0 GoldRoyalty GROY 5.35 ... McKesson MCK 204.66 2.3 RobertHalf RHI 91.28 0.5 ArcBest ARCB 93.96 -2.0 ComfortSystems FIX 88.53 -0.7 GoldenEnt GDEN 44.28 3.3 Medifast MED 296.50 5.9 RossStores ROST 134.22 -1.5 ArcelorMittal MT 33.96 -1.1 CommercialMetals CMC 33.50 -0.1 GoldenOcean GOGL 9.68 1.7 MeritageHomes MTH 120.19 1.3 RoyalBkCanada RY 100.34 0.4 ArcelorMittalNts MTCN 79.08 -1.0 CommVehicle CVGI 13.61 -1.3 GoldmanSachs GS 376.98 -0.6 MesabiTrust MSB 39.61 -2.2 RuthsHospitality RUTH 28.73 -0.8 ArcherDaniels ADM 68.68 0.9 CommScope COMM 18.71 -1.3 Goodyear GT 20.25 -2.7 MethodeElec MEI 47.48 -2.8 Ryanair RYAAY 121.40 0.6 Arconic ARNC 36.98 -1.3 CommunityBkrs ESXB 9.19 1.9 Graco GGG 79.37 -0.3 MetLife MET 67.68 -0.3 RyderSystem R 89.65 -0.8 ArcosDorados ARCO 6.43 0.5 CiaSiderurgica SID 10.33 0.7 GrafTechIntl EAF 13.89 -6.0 MetropolitanBk MCB 64.33 -2.5 SEI Investments SEIC 63.83 0.2 AresCommRealEst ACRE 15.15 -0.7 CompassDiversif CODI 27.19 -0.3 GrahamHoldings GHC 668.05 1.4 MidAmApt MAA 160.52 1.5 SK Telecom SKM 31.80 -0.3 ArgoGroup ARGO 58.29 0.4 Conduent CNDT 7.80 -2.9 Grainger GWW 479.87 1.8 MillerHerman MLHR 45.94 3.5 SLM SLM 20.82 -2.0 AristaNetworks ANET 331.85 -0.7 ConnectOneBncp CNOB 28.43 -1.6 GraphicPkg GPK 19.70 0.2 MillicomIntl TIGO 45.44 3.0 SPX FLOW FLOW 71.62 ... ArlingtonAssetPfB AAICpB 25.00 0.5 ConsldComm CNSL 9.09 3.9 GreatAjaxNts24 AJXA 25.84 0.5 MineralsTechs MTX 84.74 -0.4 STAG Indl STAG 37.16 0.5 ArlingtonAssetPfC AAICpC 24.75 0.8 Constellium CSTM 17.66 -1.5 GreatWesternBncp GWB 35.10 -2.5 ModineMfg MOD 17.27 -2.7 SVB Fin SIVB 592.34 -2.1 ArmstrongWorld AWI 106.86 1.5 Volaris VLRS 17.89 -0.1 GreenPlains GPRE 32.57 -6.3 MohawkInds MHK 231.80 -1.4 SachemNts2025 SCCC 26.44 2.2 ArrowFinancial AROW 38.26 0.2 CooperT&R CTB 59.64 -1.0 Greif A GEF 66.03 -2.2 MolinaHealthcare MOH 273.01 0.3 SafeBulkers SB 4.43 10.5 AthenaTechA ATHN 10.00 3.0 CorePoint CPLG 10.59 -3.5 Griffon GFF 29.19 -1.5 MolsonCoorsB TAP 61.11 0.1 SafetyInsurance SAFT 87.88 1.5 Athene ATH 63.36 -1.2 CornerstoneBldg CNR 15.64 -1.2 GrindrodShipping GRIN 8.86 -0.6 Mondelez MDLZ 62.67 0.4 Saia SAIA 249.30 -2.5 Atkore ATKR 90.08 -2.2 CorpAmAirports CAAP 6.37 -5.6 GrupoSimec SIM 17.00 6.3 Moog B MOG.B 91.82 7.8 SandersonFarms SAFM 173.27 -0.8 AtlasAir AAWW 75.48-1.0 Covanta CVA 15.60 -1.4 GuarantyBcshrs GNTY 40.64 -1.3 Moog A MOG.A 91.13 -1.3 SandySpringBncp SASR 48.22 -0.5 Atotech ATC 23.86 2.0 CovenantLogist CVLG 23.96 -1.0 Guess GES 30.20 -3.8 MorganStanley MS 88.88 -1.4 SantanderCons SC 36.53 -0.7 AutoZone AZO 1542.30 0.8 Crane CR 99.93 -0.6 HCA Healthcare HCA 217.28 0.7 Mosaic MOS 37.40 -4.0 Schlumberger SLB 32.87 -0.8 Avalonbay AVB 199.48 0.7 Cresud CRESY 6.81 5.4 HNI HNI 45.17 0.3 MotorolaSol MSI 203.18 0.7 SchnitzerSteel SCHN 56.99 -1.2 AveryDennison AVY 226.19 0.1 Crocs CROX 109.91 -4.3 HP HPQ 36.00 -0.9 MuellerIndustries MLI 48.06 -1.7 SchwabC SCHW 72.54 -0.9 Avient AVNT 54.21 -1.9 CrossCtyHlthcr CCRN 17.39 1.5 HSBC HSBC 32.17 0.7 MuellerWater MWA 15.05 -0.7 ScorpioTankers STNG 21.13 1.7 Avnet AVT 45.32 -1.4 CubeSmart CUBE 43.11 1.1 HVBancorp HVBC 20.45 -0.3 MurphyOil MUR 20.74 3.0 SculptorCapMgmt SCU 27.11 -2.2 AxaltaCoating AXTA 34.20 -0.1 Cullen/Frost CFR 124.81 -1.6 HancockWhitney HWC 50.28 -1.1 MusicAcqnA TMAC 9.92 0.5 SealedAir SEE 57.94 -0.4 BCE BCE 49.43 0.9 Cushman&Wkfd CWK 18.89 -1.9 Hanesbrands HBI 22.82 -2.1 NCR NCR 50.00 2.2 SelectBancorp SLCT 13.20 3.4 BHP Group BHP 82.07 1.8 DISH Network DISH 47.05 -0.2 HanmiFinancial HAFC 22.29 -1.3 NOV NOV 17.81 -0.5 SelectInterior SIC 10.88 19.1 BHP Group BBL 68.05 1.2 DTE Energy DTE 145.43 1.7 HanoverIns THG 142.62 -1.0 NVR NVR 5308.48 0.1 SempraEnergy SRE 140.46 0.9 BP Midstream BPMP 14.04 1.9 DXC Tech DXC 35.30 0.1 HarrowHlthNts26 HROWL 25.09 0.7 NamTaiProperty NTP 20.16 -1.2 ServisFirstBcshs SFBS 67.71 -1.1 B RileyFin RILY 78.95 1.4 DanaherPfdB DHRpB1445.98 1.5 Harsco HSC 22.70 -4.5 Nasdaq NDAQ 166.79 -0.6 ShawComm B SJR 30.00 0.8 B.RileyPfdB RILYL 27.57 0.2 DataKnights DKDCU 10.10 ... HawaiianElec HE 45.97 0.4 NationalFuelGas NFG 53.33 0.6 SherwinWilliams SHW 293.05 0.5 B.RileyPrin150Wt BRPMW 1.30 13.6 DaVita DVA 129.59 0.9 Heico A HEI.A 131.44 -1.2 NationalGrid NGG 65.82 0.8 ShinhanFin SHG 38.54 1.6 BancoBilbaoViz BBVA 6.05 0.2 Deere DE 400.34 -0.7 HeliosTechnologies HLIO 76.98 -1.4 NatlRetailProp NNN 49.00 -2.6 ShoeCarnival SCVL 66.28 -4.0 BancoSantander SAN 4.04 1.3 Deluxe DLX 48.38 1.7 HenrySchein HSIC 83.45 2.9 NationalVision EYE 53.68 0.3 SignetJewelers SIG 68.36 -3.6 BankofAmerica BAC 42.94 -0.3 Denbury DEN 61.50 -4.2 HercHoldings HRI 114.74 -1.9 NatWest NWG 5.80 -3.6 SilverBowRscs SBOW 13.68 20.0 BankofMontreal BMO 98.28 0.4 DentsplySirona XRAY 69.54 0.9 HerculesCapital HTGC 17.72 -0.8 Navient NAVI 17.70 -0.5 SimonProperty SPG 128.25 1.4 BankNY Mellon BK 52.82 0.9 DesignerBrands DBI 19.93 -4.3 HeritageCommerce HTBK 12.65 -1.3 NavigatorHldgs NVGS 11.98 -3.1 SimpsonMfg SSD 119.77 -1.6 BkNovaScotia BNS 66.15 0.4 DevonEnergy DVN 27.32 -0.8 HeritageCrystal HCCI 34.91 -2.2 Netstreit NTST 21.55 -0.9 SiteOneLandscape SITE 206.26 -0.8 BankwellFin BWFG 30.00 -1.0 Diageo DEO 184.66 0.1 Hershey HSY 171.14 1.1 NewHome NWHM 6.94 -2.0 SmithAO AOS 73.05 1.6 BaringsBDC BBDC 10.56 -0.5 DianaShipping DSX 4.28 1.8 Hess HES 84.27 ... NewJerseyRscs NJR 43.94 -0.2 Smucker SJM 139.57 1.4 BarrettBus BBSI 79.73 1.1 Dick's DKS 91.80 -0.7 HewlettPackard HPE 16.74 -0.4 NewellBrands NWL 30.10 0.7 SnapOn SNA 259.99 1.5 BeaconRoof BECN 60.93 -1.3 DimeCommBcshs DCOM 35.06 -0.9 HibbettSports HIBB 84.46 -0.7 Newmark NMRK 13.18 -0.5 Soliton SOLY 22.55 24.5 BeazerHomes BZH 26.12 -0.8 DineBrands DIN 100.70 -1.3 HollyEnergy HEP 21.85 3.0 NewsCorp A NWSA 27.97 ... SonocoProducts SON 69.44 0.2 Belden BDC 54.82 -3.7 DiscoverFinSvcs DFS 121.44 -0.6 HomeBancShares HOMB 29.76 -2.1 NewsCorp B NWS 25.79 -0.4 Southern SO 66.93 0.1 BellRingBrands BRBR 27.67 6.3 Domtar UFS 49.05 -1.6 HomeDepot HD 345.69 0.6 NexGenEnergy NXE 4.85 -6.3 SoCopper SCCO 83.29 5.6 Berkley WRB 82.43 -0.7 Donaldson DCI 65.47 -0.3 Honeywell HON 232.65 0.9 NielsenHoldings NLSN 28.42 1.6 SoMO Bancorp SMBC 44.15 0.5 BerkHathwy B BRK.B 295.08 0.5 Dover DOV 155.77 0.4 DR Horton DHI 106.89 0.6 NiSourceUn NIMC 109.03 1.1 SouthsideBcshs SBSI 43.02 0.1 BerkshireHills BHLB 25.44 -0.9 Dow DOW 70.60 -0.4 HowardHughes HHC 113.20 -0.9 NiSource NI 26.60 1.9 SpectrumBrands SPB 97.27 0.2 BerryGlobal BERY 69.24 -0.1 DukeEnergy DUK 108.00 2.9 HowmetAerospace HWM 33.89 -2.9 NobleMidstream NBLX 15.73 -0.6 StanleyBlackDck SWK 225.00 0.5 BestBuy BBY 128.57 2.8 DunxinFinl DXF 2.98 -10.9 HubGroup HUBG 74.90 0.8 NorfolkSouthern NSC 295.14 0.2 StanleyB&D Un SWT 131.98 0.5 Big5SportingGds BGFV 34.95 3.1 DynagasLNG PfdB DLNGpB 24.36 ... Hubbell HUBB 201.06 -0.8 NorthAmConstr NOA 14.42 -0.9 StarBulkCarriers SBLK 23.27 -1.7 BiglariB BH 167.96 5.4 EMCOR EME 127.33 -0.8 HudbayMinerals HBM 9.60 -2.4 NorthernOil&Gas NOG 17.75 -5.0 Starrett A SCX 9.00 11.7 BlackRock BLK 880.80 -1.9 ENI E 25.50 -0.4 Humana HUM 475.44 1.1 NorthernTrust NTRS 121.67 0.8 StateStreet STT 89.28 0.7 Blackstone BX 91.41 -1.6 EOG Rscs EOG 86.60 1.7 JBHunt JBHT 183.80 1.2 NorthfieldBanc NFBK 16.92 -1.1 SteelDynamics STLD 66.27 1.0 BlockHR HRB 24.10 1.7 EPAM Systems EPAM 466.97 ... HuntingIngalls HII 223.79 1.1 NorthropGrum NOC 378.61 0.9 Stepan SCL 139.30 -1.2 BlueLinx BXC 70.38 1.2 EQT EQT 21.53 1.3 Huntsman HUN 32.35 -1.8 NovoNordisk NVO 76.67 0.8 SterlingBancorp STL 26.74 -0.8 BoiseCascade BCC 78.35 5.8 EagleBulkShip EGLE 51.47 -0.6 HuttigBuilding HBP 6.49 14.4 Nucor NUE 103.98 2.6 StevenMadden SHOO 43.56 -3.6 BootBarn BOOT 75.65 -4.4 EagleMaterials EXP 152.21 1.5 IDACORP IDA 104.96 0.6 NuSTARLogNts NSS 25.05 0.1 StewartInfo STC 62.44 -1.2 BorgWarner BWA 54.21 -1.6 EaglePointNts31 ECCW 25.62 0.6 IDT IDT 25.71 2.6 Nutrien NTR 62.37 0.6 StifelFinlPfdC SFpC 28.35 -0.5 BostonPrivFin BPFH 15.47 -1.9 EasternBankshares EBC 22.54 -0.4 ING Groep ING 13.48 -0.6 nVentElectric NVT 32.34 0.6 SunLifeFinancial SLF 55.07 -0.1 BostonProps BXP 110.54 ... Eastern EML 31.50 3.6 Invesco IVZ 28.95 ... O-I Glass OI 18.77 -0.7 SunCokeEnergy SXC 8.06 -0.5 BrighamMin MNRL 18.84 -2.8 EastmanChem EMN 127.44 -0.1 ITT ITT 101.32 0.8 ONEOK OKE 54.78 1.1 SuncorEnergy SU 24.13 -1.2 BrighthouseFin BHF 49.63 ... Eaton ETN 149.38 -0.1 iHeartMedia IHRT 24.07 1.1 OReillyAuto ORLY 568.63 ... SynchronyFin SYF 47.22 0.3 BrixmorProp BRX 23.10 -0.9 EdgewellPersonal EPC 45.48 2.1 IllinoisToolWks ITW 242.07 0.3 OasisMidstream OMP 24.20 2.0 TC Energy TRP 51.92 0.5 BroadridgeFinl BR 167.54 0.9 ElementSolns ESI 23.56 -2.5 ImperialOil IMO 31.93 -1.1 OceaneeringIntl OII 15.83 -8.8 TE Connectivity TEL 138.99 -1.1 BrookdaleSrLiving BKD 7.74 3.4 Eltek ELTK 8.80 -9.7 InfoSvcsGrp III 5.05 1.4 OldDomFreight ODFL 276.09 0.2 Telus TU 22.00 0.4 BrookfieldMgt BAM 47.02 -0.8 Embraer ERJ 13.10 -2.0 InglesMarkets IMKTA 67.60 -0.4 OldRepublic ORI 26.48 -0.2 TFI Intl TFII 90.15 -0.1 BrooklineBcp BRKL 17.10 -1.5 EmersonElec EMR 96.90 0.3 Ingredion INGR 96.94 0.4 Old2ndBcp OSBC 14.45 0.2 TJX TJX 74.65 -1.1 Brown&Brown BRO 54.37 -0.6 EnableMidstream ENBL 8.71 -1.3 InnSuitesHosp IHT 6.76 82.6 Olin OLN 47.13 -2.2 TRowePrice TROW 192.10 0.5 Brunswick BC 117.62 -0.9 Enbridge ENB 40.35 1.0 Inotiv NOTV 30.43 2.9 Omnicom OMC 86.38 -0.2 TargaResources TRGP 38.93 -1.3 Buckle BKE 46.72 -3.6 EncoreWire WIRE 82.24 -1.3 InsteelInds IIIN 41.66 -2.2 OneLiberty OLP 25.66 1.1 Target TGT 217.39 -0.3 BuildersFirstSrc BLDR 53.99 -0.1 Enerplus ERF 6.36 1.8 IntlPaper IP 62.87 0.7 Oracle ORCL 80.72 -0.3 TasekoMines TGB 2.66 4.6 Bunge BG 92.38 -0.9 EnPro NPO 96.16 0.6 Interpublic IPG 33.71 -2.0 OrrstownFinSvcs ORRF 24.75 0.6 TaylorDevices TAYD 12.40 1.2 BurgundyTechWt BTAQW 0.90 -5.6 EnstarPfdE ESGRO 27.97 -0.3 InvitatHomes INVH 35.48 0.9 Oshkosh OSK 136.45 -0.7 TeckRscsB TECK 26.72 -1.4 BurlingtonStrs BURL 334.18 -0.7 Equifax EFX 242.13 -0.2 IronMountain IRM 42.17 1.2 OtterTail OTTR 49.45 -0.8 Tecnoglass TGLS 16.20 31.0 CBIZ CBZ 35.18 -1.2 Equinor EQNR 22.02 -1.1 iStar STAR 18.86 -0.1 OwensCorning OC 109.90 1.2 Telephone&Data TDS 26.03 3.1 P2JW131000-0-B00600-1------XE

B6 | Tuesday, May 11, 2021 THE WALL STREET JOURNAL. BIGGEST 1,000 STOCKS

Net Net Net Net Net Net How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg The following explanations apply to NYSE, NYSE s-New 52-week high. BristolMyers BMY 64.70 0.26 s Cleveland-Cliffs CLF 20.71 -0.41 s EastmanChem EMN 124.88 -0.09 s Garmin GRMN 142.38 -1.18 MicronTech MU 80.85 -5.13 Shopify SHOP 1080.24 -28.36 Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. BritishAmTob BTI 39.79 -0.03 Clorox CLX 187.99 4.98 s Eaton ETN 147.42 -0.10 Gartner IT 231.16 -2.84 Microsoft MSFT Sibanye-Stillwater SBSW 19.01 -0.36 listed securities. Prices are composite quotations dd-Indicates loss in the most recent four 247.18 -5.28 that include primary market trades as well as quarters. Broadcom AVGO 436.10 -16.48 Cloudflare NET 68.87 -2.75 eBay EBAY 61.44 1.66 Generac GNRC 305.21 -22.17 s MidAmApt MAA 159.38 2.35 SignatureBank SBNY 252.89 -2.17 trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. s BroadridgeFinl BR 165.63 1.43 s Coca-Cola KO 54.91 0.40 Ecolab ECL 224.96 -3.47 s GeneralDynamics GD 194.60 -0.22 Middleby MIDD 183.10 0.27 s SimonProperty SPG 126.75 1.81 Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing s BrookfieldMgt BAM 46.05 -0.39 s Coca-ColaEuro CCEP 56.43 -0.38 Ecopetrol EC 12.69 0.45 GeneralElec GE 13.35 0.05 MitsubishiUFJ MUFG 5.61 0.01 SiriusXM SIRI 5.96 -0.08 Nasdaq ISE. standards BrookfieldInfr BIP 53.55 0.03 Cognex CGNX 76.36 -1.22 EdisonInt EIX 58.99 0.41 GeneralMills GIS 63.83 0.78 MizuhoFin MFG 3.04 0.02 s SiteOneLandscape SITE 201.39 -1.59 The list comprises the 1,000 largest companies lf-Late filing BrookfieldPropREIT BPYU 18.02 -0.07 CognizantTech CTSH 74.01 -0.80 EdwardsLife EW 90.40 -1.77 GeneralMotors GM 57.41 -1.58 MobileTeleSys MBT 8.71 -0.07 Skyworks SWKS 165.95 -9.17 based on market capitalization. q-Temporary exemption from Nasdaq BrookfieldRenew BEPC 39.20 -0.69 CoinbaseGlbl COIN 293.45 29.75 ElancoAnimal ELAN 32.24 -0.64 Genmab GMAB 37.24 -0.16 Moderna MRNA 158.55 -4.60 SlackTech WORK 41.04 -0.19 Underlined quotations are those stocks with requirements. s Brown&Brown BRO 53.37 -0.32 ColgatePalm CL 83.34 1.16 Elastic ESTC 103.13 -5.05 Genpact G 46.88 -0.25 s MohawkInds MHK 226.48 -3.26 s SmithAO AOS 72.25 1.12 large changes in volume compared with the t-NYSE bankruptcy Brown-Forman B BF.B 77.81 1.13 s Comcast A CMCSA ElectronicArts EA 140.65 -1.77 Gentex GNTX 35.12 -1.19 s MolinaHealthcare MOH 268.74 0.90 Smith&Nephew SNN 43.48 -0.51 issue’s average trading volume. v-Trading halted on primary market. 57.51 -0.60 Brown-Forman A BF.A 72.26 0.76 s s Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being s Comerica CMA 77.79 -0.79 EmersonElec EMR 95.38 0.33 GenuineParts GPC 133.60 0.14 MolsonCoorsA TAP.A 55.39 -2.61 s Smucker SJM 138.49 1.89 whose price changed by 5% or more if their reorganized under the Bankruptcy Code, Bruker BRKR 68.52 -0.81 CommerceBcshrs CBSH 79.67 -0.32 s Enbridge ENB 40.05 0.39 s Gerdau GGB 6.94 0.02 s MolsonCoorsB TAP 59.56 0.05 Snap SNAP 52.14 -2.56 previous closing price was $2 or higher. or securities assumed by such companies. s Brunswick BC 114.82 -1.09 s CiaSiderurgica SID 9.84 0.07 EncompassHealth EHC 86.58 1.22 GileadSciences GILD 67.48 0.94 s Mondelez MDLZ 62.07 0.22 s SnapOn SNA 255.37 3.81 s BuildersFirstSrc BLDR 52.30 -0.06 ConagraBrands CAG 38.25 0.30 EndeavorEDR 29.16 -2.45 GSK GSK 38.53 0.18 MongoDB MDB 254.39 -5.93 Snowflake SNOW 193.82 -12.22 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and t Bumble BMBL 53.11 -4.88 ConocoPhillips COP 57.00 -0.10 EnelAmericas ENIA 7.47 -0.10 GlobalPayments GPN 195.31 -6.10 MonolithicPower MPWR 321.86 -20.93 SOQUIMICH SQM 55.36 0.34 changes in the closing prices from 4 p.m. the previous day. s Bunge BG 90.54 -0.78 ConEd ED 79.85 1.76 EnergyTransfer ET 9.79 0.10 Globant GLOB 213.50 -4.38 MonsterBev MNST 91.60 0.35 SolarEdgeTech SEDG 213.34 -7.06 s BurlingtonStrs BURL 328.65 -2.36 ConstBrands B STZ.B 241.24 3.93 EnphaseEnergy ENPH 118.12 -4.84 s GlobeLife GL 105.86 -0.13 Moody's MCO 333.62 -0.88 Sony SONY 97.40 0.36 s CBRE Group CBRE s Monday, May 10, 2021 Net Net 86.59 -0.31 ConstBrands A STZ 239.19 -1.73 Entegris ENTG 108.20 -6.51 GoDaddy GDDY 80.89 -0.17 MorganStanley MS 86.47 -1.23 s Southern SO 66.31 0.05 Stock Sym Close Chg Stock Sym Close Chg CDW CDW 171.42 -3.45 ContinentalRscs CLR 30.19 -0.26 Entergy ETR 109.11 0.80 GoldFields GFI 10.36 -0.12 Morningstar MORN 253.32 -8.78 s SoCopper SCCO 80.45 4.28 Net s CF Industries CF 54.65 -0.45 Cooper COO 401.82 -2.52 EnterpriseProd EPD 23.20 -0.05 s GoldmanSachs GS 368.68 -2.21 s Mosaic MOS 35.51 -1.49 SouthwestAir LUV 61.35 -0.31 Stock Sym Close Chg Amedisys AMED 261.73 1.60 Avalara AVLR 122.76 -2.87 s CGI GIB 90.12 -0.93 Copart CPRT 123.11 -1.45 s Equifax EFX 239.17 -0.39 t GoodRx GDRX 31.45 -3.29 s MotorolaSol MSI 200.41 1.34 t Splunk SPLK 113.74 -4.08 A B C Amerco UHAL 632.00 11.59 s Avalonbay AVB 196.99 1.46 CH Robinson CHRW 101.73 2.22 Corning GLW 45.24 -0.76 Equinix EQIX 720.00 6.55 s Graco GGG 78.27 -0.27 NICE NICE 227.85 -5.99 Spotify SPOT 228.21 -11.20 Ameren AEE 85.84 0.86 Avangrid AGR 51.63 0.67 CME Group CME 208.05 5.13 Corteva CTVA 46.99 -1.87 s Equinor EQNR 21.58 -0.24 s Grainger GWW 474.22 8.58 NIO NIO 34.33 -2.61 SquareSQ216.43 -16.92 CMS Energy CMS 64.91 0.92 ABB ABB 33.51 -0.60 AmericaMovil AMX 14.84 0.03 Avantor AVTR 30.48 -0.74 CoStar CSGP 839.72 -10.95 Equitable EQH 34.33 -0.68 Grifols GRFS 18.60 0.37 NRG Energy NRG 35.46 0.70 s StanleyBlackDck SWK 220.69 1.00 s CNA Fin CNA 48.21 -0.13 s s AECOM ACM 68.54 -0.57 AmericaMovil A AMOV 14.69 0.04 s AveryDennison AVY 221.58 0.12 Costco COST 381.48 -2.84 s EquityLife ELS 70.20 0.31 GuardantHealth GH 121.78 -13.61 NVR NVR 5215.81 4.43 Starbucks SBUX 114.30 -0.04 s CNH Indl CNHI 16.78 -0.08 AES AES 25.73 -0.06 AmerAirlines AAL 22.00 ... AxonEnterprise AXON 129.00 -5.74 CoupaSoftware COUP 234.53 -3.31 EquityResdntl EQR 74.60 0.55 s HCA Healthcare HCA 211.89 1.37 NXP Semi NXPI 189.03 -8.89 s StateStreet STT 87.83 0.60 s CRH CRH 50.54 -0.45 s s Aflac AFL 56.53 0.42 AEP AEP 87.56 0.37 s BCE BCE 49.15 0.44 t Coupang CPNG 37.07 -1.86 ErieIndemnity A ERIE 208.63 -1.70 HDFC Bank HDB 69.50 -1.89 Nasdaq NDAQ 163.53 -1.03 s SteelDynamics STLD 63.98 0.62 s CSX CSX 103.16 0.03 s AGCO AGCO 151.13 -2.67 s AmerExpress AXP 158.68 -0.30 s BHP Group BHP 80.83 1.45 Credicorp BAP 133.50 12.38 EssentialUtil WTRG 46.76 0.12 HP HPQ 35.25 -0.32 Natera NTRA 90.59 -11.24 Stellantis STLA 18.16 -0.13 s CVS Health CVS 85.85 0.74 s s s AGNC Invt AGNC 18.28 -0.04 s AmericanFin AFG 127.83 -0.87 s BHP Group BBL 66.84 0.76 CreditSuisse CS 10.15 -0.24 EssexProp ESS 291.36 2.48 HSBC HSBC 31.81 0.21 NationalGrid NGG 65.51 0.49 Steris STE 207.64 -3.86 CableOne CABO 1742.48 -13.75 s Ansys ANSS 323.17 -9.21 s AmHomes4Rent AMH 36.97 -0.44 BP BP 26.62 -0.11 Cree CREE 92.07 -3.61 EsteeLauder EL 298.39 -4.96 Halliburton HAL 22.74 -0.21 NatlRetailProp NNN 47.26 -1.28 STMicroelec STM 36.13 -1.20 s CadenceDesign CDNS 124.14 -4.91 Etsy ETSY 167.13 1.62 HartfordFinl HIG 65.89 -0.76 Natura&Co NTCO 18.57 -0.46 ASETech ASX 7.74 -0.45 AIG AIG 51.92 0.73 Baidu BIDU 183.44 -8.11 CrowdStrike CRWD 187.58 -1.60 StoneCo STNE 59.80 -2.69 CAE CAE 30.84 -0.54 EverestRe RE 272.81 -0.29 Hasbro HAS 99.39 0.24 s NatWest NWG 5.42 -0.20 ASML ASML 627.26 -31.31 AmerTowerREIT AMT 248.62 1.13 BakerHughes BKR 24.63 ... CrownCastle CCI 183.19 -0.13 Stryker SYK 255.98 1.20 Ball BLL 89.87 -0.83 s CaesarsEnt CZR 104.68 -1.07 Evergy EVRG 64.04 0.22 HealthpeakProp PEAK 33.51 -0.01 NetApp NTAP 78.86 -0.66 AT&T T 32.63 0.47 AmerWaterWorks AWK 156.00 3.83 CrownHoldings CCK 112.61 -0.93 SumitomoMits SMFG 7.33 0.01 AmericoldRealty COLD 38.59 0.22 s BancoBilbaoViz BBVA 5.92 0.01 s CamdenProperty CPT 123.27 0.58 s EversourceEner ES 85.45 1.38 Heico HEI 139.10 -2.53 NetEase NTES 105.54 -4.32 AbbottLabs ABT 118.94 -0.01 CubeSmart CUBE 42.65 0.47 SunComms SUI 165.98 0.35 s Ameriprise AMP 264.10 -1.55 BancoBradesco BBDO 3.97 ... CampbellSoup CPB 50.15 0.60 s Heico A HEI.A 129.49 -1.51 Netflix NFLX 486.69 -17.15 s s AbbVie ABBV 116.22 0.47 Cummins CMI 270.74 4.35 ExactSciences EXAS 98.84 -5.66 SunLifeFinancial SLF 54.48 -0.04 AmerisourceBrgn ABC 123.25 2.39 BancodeChile BCH 22.12 -0.80 s CIBC CM 108.16 0.49 s HenrySchein HSIC 82.97 2.36 Neurocrine NBIX 91.24 0.20 s Abiomed ABMD 282.72 -14.09 CureVac CVAC 105.79 5.39 Exelon EXC 44.52 -0.16 SuncorEnergy SU 23.34 -0.29 s Ametek AME 137.09 -0.24 BancSanBrasil BSBR 7.37 0.02 CanNtlRlwy CNI 113.17 0.81 Expedia EXPE 173.09 -0.37 s Hershey HSY 170.31 1.82 NewOrientalEduc EDU 14.43 -0.50 s Accenture ACN 290.61 -0.92 CyrusOne CONE 70.61 0.54 SunRun RUN 40.80 -4.84 Amgen AMGN 252.62 -1.59 BcoSantChile BSAC 23.65 -0.04 s CanNaturalRes CNQ 34.32 -0.04 s ExpeditorsIntl EXPD 120.05 1.38 s Hess HES 82.56 0.03 s NewellBrands NWL 29.27 0.20 ActivisionBliz ATVI 93.17 -1.63 Suzano SUZ 13.10 0.16 Amphenol APH 67.06 -1.05 s BancoSantander SAN 3.96 0.05 s CanPacRlwy CP 398.70 0.95 D E F ExtraSpaceSt EXR 147.84 0.60 s HewlettPackard HPE 16.41 -0.07 Newmont NEM 68.35 1.02 s Adobe ADBE 479.38 -9.35 SynchronyFin SYF 46.02 0.12 AnalogDevices ADI 150.79 -6.47 s BankofAmerica BAC 42.05 -0.13 Canon CAJ 23.85 -0.07 s ExxonMobil XOM 62.58 0.15 HighwoodsProp HIW 44.17 -0.29 s NewsCorp B NWS 25.26 -0.11 SyneosHealth SYNH 82.64 -0.18 s AdvanceAuto AAP 208.59 4.12 s DISH Network DISH 46.46 -0.07 AngloGoldAsh AU 22.63 -0.47 s BankofMontreal BMO 97.47 0.38 CanopyGrowth CGC 24.18 -1.08 F5Networks FFIV 182.72 -1.56 Hilton HLT 121.58 -1.86 s NewsCorp A NWSA 27.44 ... Synopsys SNPS 232.39 -9.45 AdvMicroDevices AMD 75.99 -2.82 s DTE Energy DTE 144.15 2.46 s AB InBev BUD 74.88 0.29 s BankNY Mellon BK 52.27 0.45 s CapitalOne COF 157.38 -0.33 FMC FMC 118.36 -2.05 Hologic HOLX 65.09 -0.54 NextEraEnergy NEE 74.80 0.27 Sysco SYY 85.64 -0.62 Aegon AEG 4.74 -0.06 s DXC Tech DXC 34.52 0.02 s AnnalyCap NLY 9.13 -0.05 s BkNovaScotia BNS 65.71 0.27 s Capri CPRI 56.75 -2.75 Facebook FB 305.97 -13.11 s HomeDepot HD 341.12 1.87 s NielsenHoldings NLSN 28.08 0.43 t AffirmHldgs AFRM 57.00 3.00 Danaher DHR 259.03 0.55 s Anthem ANTM 401.90 5.33 Barclays BCS 10.33 0.07 CardinalHealth CAH 58.33 0.17 FactSet FDS 335.11 -1.94 HondaMotor HMC 31.30 0.37 Nike NKE 136.40 -1.41 T U V AgilentTechs A 131.87 -2.03 Darden DRI 140.69 -1.69 s Aon AON 258.45 -0.07 BarrickGold GOLD 23.93 0.01 s Carlisle CSL 194.38 1.18 FairIsaac FICO 492.90 -3.27 s Honeywell HON 230.94 2.15 s NiSource NI 26.47 0.49 s agilon health AGL 33.48 -0.01 DarlingIngred DAR 72.30 -0.41 TAL Education TAL 54.21 -1.86 s ApolloGlbMgmt APO 57.63 -0.59 BauschHealth BHC 27.53 -0.55 Carlyle CG 44.51 -0.22 Farfetch FTCH 41.02 -3.74 HorizonTherap HZNP 86.24 -1.69 Nokia NOK 4.98 -0.12 AgnicoEagle AEM 68.51 -0.66 Datadog DDOG 76.86 -0.43 s TC Energy TRP 51.19 0.24 Apple AAPL 126.85 -3.36 BaxterIntl BAX 86.49 -0.13 CarMax KMX 127.91 -2.08 s Fastenal FAST 53.75 0.50 HormelFoods HRL 47.57 0.43 NomuraHoldings NMR 5.33 0.03 AirProducts APD 293.53 2.98 s DaVita DVA 127.98 1.18 s TE Connectivity TEL 136.50 -1.50 ApplMaterials AMAT 124.69 -8.26 BectonDicknsn BDX 246.63 7.24 Carnival CCL 26.27 -0.49 s FederalRealty FRT 116.23 -0.14 s DR Horton DHI 104.45 0.58 Nordson NDSN 208.68 -0.15 Airbnb ABNB 146.73 -4.48 DeckersOutdoor DECK 330.01 -11.28 s Telus TU 21.74 0.08 t Applovin APP 55.50 -1.76 BeiGene BGNE 303.32 -8.65 Carnival CUK 22.74 -0.39 s FedEx FDX 309.27 -5.42 HostHotels HST 17.11 -0.47 s NorfolkSouthern NSC 290.35 0.54 AkamaiTech AKAM 111.23 0.42 s s Deere DE 391.40 -2.82 s TJX TJX 72.99 -0.79 s Aptargroup ATR 155.48 -2.08 BentleySystems BSY 45.62 -2.85 CarrierGlobal CARR 45.41 0.57 s Ferguson FERG132.90 0.30 s HowmetAerospace HWM 32.58 -0.99 s NorthernTrust NTRS 120.18 0.90 Albemarle ALB 159.48 -3.24 DellTechC DELL 99.68 -1.38 T-MobileUS TMUS 135.81 -3.31 Aptiv APTV 143.78 -4.99 s Berkley WRB 80.88 -0.57 Carvana CVNA 242.18 -5.63 Ferrari RACE 199.56 -0.94 HuanengPower HNP 14.90 0.23 s NorthropGrum NOC 373.80 3.17 Albertsons ACI 19.34 0.16 DeltaAir DAL 45.43 -0.68 s TRowePrice TROW 190.21 0.98 Aramark ARMK 37.62 -0.47 BerkHathwy A BRK.A 4394602329.00 Catalent CTLT 104.80 -2.76 s FidNatlFin FNF 46.38 0.19 Huazhu HTHT 55.71 -1.69 NortonLifeLock NLOK 21.08 -0.02 Alcon ALC 68.39 -1.77 s s DentsplySirona XRAY 69.12 0.65 TaiwanSemi TSM 112.31 -4.52 s ArcelorMittal MT 32.71 -0.35 s BerkHathwy B BRK.B 292.33 1.40 Caterpillar CAT 242.61 1.62 FidNatlInfo FIS 149.46 -2.13 s Hubbell HUBB 197.49 -1.69 NorwegCruise NCLH 27.95 -0.53 s AlexandriaRlEst ARE 179.14 1.00 s DeutscheBank DB 13.84 -0.30 TakeTwoSoftware TTWO 169.02 -1.05 ArchCapital ACGL 39.92 -0.87 s BerryGlobal BERY 67.95 -0.08 Celanese CE 167.20 -1.43 s FifthThirdBncp FITB 42.24 -0.11 HubSpot HUBS 486.43 -23.23 Novartis NVS 87.98 0.02 s AlexionPharm ALXN 171.81 1.38 s s DevonEnergy DVN 26.01 -0.21 TakedaPharm TAK 16.96 0.09 s ArcherDaniels ADM 67.63 0.61 s BestBuy BBY 125.79 3.45 Cemex CX 8.48 -0.14 s FirstHorizon FHN 19.00 -0.15 s Humana HUM 469.97 4.89 Novavax NVAX 160.50 -15.50 Alibaba BABA 219.53 -5.78 DexCom DXCM 342.69 -16.05 Tapestry TPR 47.02 -2.10 AresMgmt ARES 53.30 -0.36 Bilibili BILI 94.64 -7.03 CenovusEnergy CVE 7.66 -0.24 s FirstRepBank FRC 188.64 0.77 s JBHunt JBHT 180.47 2.20 s NovoNordisk NVO 76.28 0.62 AlignTech ALGN 554.50 -43.84 s Diageo DEO 183.41 0.17 s TargaResources TRGP 37.73 -0.50 arGEN-X ARGX 257.11 -6.59 Bill.comBILL 142.07 -12.16 Centene CNC 69.56 -0.89 FirstEnergy FE 37.65 0.13 HuntingtonBcshs HBAN 15.76 -0.04 Novocure NVCR 182.01 -10.44 s Alleghany Y 723.36 -6.44 DiamondbkEner FANG 82.76 -1.45 s Target TGT 214.03 -0.68 s AristaNetworks ANET 326.20 -2.32 Bio-Techne TECH 408.23 -14.82 CenterPointEner CNP 24.50 0.01 Fiserv FISV 116.15 -1.50 s HuntingIngalls HII 219.37 2.38 NuanceComms NUAN 52.73 -0.08 s Allegion ALLE 142.55 1.30 CentraisElBras EBR DigitalRealty DLR 151.03 -0.15 TataMotors TTM 21.05 0.47 Arrival ARVL 19.28 0.76 Bio-RadLab A BIO 603.65 -4.36 7.27 -0.08 FiveBelow FIVE 195.77 -0.73 IAC/InterActive IAC 234.76 -6.64 s Nucor NUE 101.30 2.54 s AlliantEnergy LNT 57.95 1.21 CeridianHCM CDAY 83.93 -3.47 s DiscoverFinSvcs DFS 118.74 -0.72 s TeckRscsB TECK 25.29 -0.36 ArrowElec ARW 117.32 -0.18 Biogen BIIB 275.61 1.57 Five9 FIVN 166.49 -3.65 ICICI Bank IBN 16.67 -0.01 s Nutrien NTR 61.75 0.36 s Allstate ALL 134.49 2.23 Cerner CERN 77.35 0.67 DiscoveryB DISCB 74.29 -2.00 t TeladocHealth TDOC 141.05 -9.99 AspenTech AZPN 128.06 0.99 BioMarinPharm BMRN 76.39 -1.38 FleetCorTech FLT 283.19 -2.47 ICL Group ICL 6.84 -0.15 NVIDIA NVDA 570.63 -21.86 s AllyFinancial 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Boeing BA 232.93 -2.54 s CheniereEnergy LNG 81.68 -0.97 DolbyLab DLB 95.96 -0.68 IPG Photonics IPGP 187.50 -9.80 Telefonica TEF 4.97 0.14 Fortinet FTNT 204.29 -7.48 OakStreetHealth OSH 56.76 -1.35 Altria MO 50.68 0.73 Autodesk ADSK 276.05 -9.71 BookingHldgs BKNG 2263.10 -63.98 CheniereEnerPtrs CQP 41.85 0.54 DollarGeneral DG 218.86 -1.34 IQVIA IQV 231.49 -2.90 TelekmIndonesia TLK 22.54 -0.26 s Fortis FTS 45.49 0.19 OccidentalPetrol OXY 26.63 -0.76 s AlumofChina ACH 16.37 1.06 Autohome ATHM 92.24 -0.78 BoozAllen BAH 83.36 -0.75 s Chevron CVX 109.57 -0.45 DollarTree DLTR 116.04 -0.21 s ITT ITT 99.74 0.78 10xGenomics TXG 134.84 -11.52 Fortive FTV 71.63 -1.19 Okta OKTA 230.75 -6.52 Amazon.com AMZN 3190.49-101.12 Autoliv ALV 102.01 -1.83 s BorgWarner BWA 52.93 -0.87 Chewy CHWY 67.83 -3.17 DominionEner D 79.46 1.01 IcahnEnterprises IEP 60.53 0.98 s Tenaris TS 23.29 -0.52 s FortBrandsHome FBHS 111.96 0.40 s OldDomFreight ODFL 270.13 0.56 s Ambev ABEV 3.21 0.09 ADP ADP 194.40 -0.49 BostonBeer 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AutoNation AN 104.61 -1.16 s BostonProps BXP 108.21 0.05 ChinaLifeIns LFC 10.31 -0.04 t DoorDash DASH 120.45 -4.44 IDEX IEX 226.86 0.86 Teradyne TER 121.84 -6.33 FoxA FOXA 38.83 0.51 s Omnicom OMC 84.80 -0.16 Amdocs DOX 76.40 -0.42 s AutoZone AZO 1519.62 12.42 BostonSci BSX 43.25 0.12 ChinaPetrol SNP 54.06 0.40 s Dover DOV 153.45 0.54 s IllinoisToolWks ITW 239.06 0.78 Tesla TSLA 629.04 -43.33 Franco-Nevada FNV 148.32 0.44 ON Semi ON 37.02 -1.61 ChinaSoAirlines ZNH 33.37 0.06 s Dow DOW 68.73 -0.31 Illumina ILMN 380.46 -3.48 TevaPharm TEVA 10.25 -0.15 s FranklinRscs BEN 34.68 0.58 OpenText OTEX 46.95 -0.99 Chipotle CMG 1391.84 -34.21 DrReddy'sLab RDY 72.20 1.18 s ImperialOil IMO 31.01 -0.35 TexasInstruments TXN 182.05 -5.71 s FreeportMcM FCX 42.74 -1.23 OpendoorTech OPEN 16.77 -1.93 Chubb CB 173.83 -2.56 DraftKings DKNG 45.34 -3.08 Incyte INCY 81.39 -1.35 s TexasPacLand TPL 1750.57 -2.68 FreseniusMed FMS 39.40 ... s Oracle ORCL 80.15 -0.25 ChunghwaTel CHT 41.13 0.23 Dropbox DBX 25.43 0.73 Infosys INFY 18.36 -0.02 s Textron TXT 68.05 -0.03 ADVERTISEMENT Futu FUTU 119.77 -10.23 Orange ORAN 12.90 0.11 Church&Dwight CHD 89.39 1.96 s DukeEnergy DUK 103.74 2.88 IngersollRand IR 50.12 -0.41 ThermoFisherSci TMO 463.47 -4.98 Orix IX 84.15 1.40 s Cigna CI 266.91 5.73 DukeRealty DRE 46.12 0.19 Insulet PODD226.75 -7.44 ThomsonReuters TRI 96.27 -0.93 G H I s Oshkosh OSK 133.04 -0.94 s CincinnatiFin CINF 120.70 0.35 Dun&Bradstreet DNB 22.75 0.17 Intel INTC 55.97 -1.70 s 3M MMM 207.33 4.26 OtisWorldwide OTIS 78.25 0.06 TheMarketplace Cintas CTAS 360.74 0.07 DuPont DD 81.68 -1.17 GDS Holdings GDS 70.88 -3.51 InteractiveBrkrs IBKR 67.92 -1.68 Toro TTC 115.99 -0.52 s OwensCorning OC 108.22 1.30 s CiscoSystems CSCO 53.16 -0.27 Dynatrace DT 45.37 -1.41 GFLEnvironmental GFL 32.05 -0.64 ICE ICE 114.28 -0.53 s TorontoDomBk TD 70.93 -0.01 OzonHoldings OZON 53.63 -4.09 To advertise: 800-366-3975orWSJ.com/classiﬁeds s Citigroup C 75.13 0.05 s ENI E 25.24 -0.11 s Gallagher AJG 150.79 -0.37 InterContinentl IHG 69.93 -1.91 Total TOT 47.27 -0.63 PG&E PCG 10.88 -0.06 s CitizensFin CFG 49.35 -0.09 s EOG Rscs EOG 84.55 1.45 GameStopGME 143.22 -17.89 IBM IBM 146.17 0.71 ToyotaMotor TM 155.06 1.41 s PNC Fin PNC 198.56 -0.35 CitrixSystems CTXS 119.29 -1.74 s EPAM Systems EPAM 460.01 -0.19 s Gaming&Leisure GLPI 46.10 -1.01 IntlFlavors IFF 142.71 -3.74 s TractorSupply TSCO 195.70 0.24 s POSCO PKX 90.79 0.88 Clarivate CLVT 27.82 -0.14 EastWestBncp EWBC 77.58 -1.12 s Gap GPS 35.66 0.22 s IntlPaper IP 62.08 0.44 TradeDesk TTD 489.60-171.83 PUBLIC NOTICES PPD PPD 46.12 0.02 s Interpublic IPG 32.79 -0.68 s Tradeweb TW 83.05 0.52 s PPG Ind PPG 179.27 -0.22 Intuit INTU 392.54 -8.50 s TraneTech TT 186.66 2.98 PPL PPL 29.48 0.23 IntuitiveSurgical ISRG 834.79 -22.30 TransDigm TDG 601.37 -6.62 PRA HealthSci PRAH 170.67 -1.63 GFBU'# F! EA*SU' ,A'BUFG Exchange-Traded Portfolios | WSJ.com/ETFresearch s InvitatHomes INVH 35.17 0.31 TransUnion TRU 106.52 0.31 PSBusinessParks PSB 156.07 -0.93 Z#!#j#<(# Si U#j#)I O?%# d: dU?d (#jd?S< *<%#' ETF Symbol Price (%) (%) PalantirTech PLTR 18.47 -1.28 Closing Chg YTD t Tuya TUYA 16.48 -0.93 EFDB!FSUF GFP 7$DQ*C JD.com JD 71.40 -4.11 PaloAltoNtwks PANW 341.34 -1.00 ETF Symbol Price (%) (%) iShTIPSBondETF TIP 127.83 0.05 0.1 Twilio TWLO 294.70 -12.45 s JPMorganChase JPM 161.22 -0.02 s ParkerHannifin PH 316.32 -2.94 *T) %&?)=T;&- Q?/ 3J+ 3.37 ?I :-H. ?P

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RealtyIncome O 67.54 -0.56 Wabtec WAB 80.86 -1.01 s LincolnNational LNC 69.36 0.06 9N W99f9\+bX +D_`FNGGWT" 6N $W&GGG&GGG1GG @#j: -?(d:j s RegencyCtrs REG 65.43 0.07 WalgreensBoots WBA 55.11 0.58 Amount s Linde LIN 301.01 2.08 9c WXffGfbCc *^86Y NGGXT2 _" $N&gGG&GGG1GG @#j: -?(d:j Payable / RegenPharm REGN 502.34 5.59 Walmart WMT 140.82 0.62 Company Symbol Yld %New/Old Frq Record LithiaMotors LAD 369.08 -10.85 9W WffNWgaF; b\__F NGGWTYN c6c $N&WNf&"GG1GG @#j: -?(d:j s RegionsFin RF 22.65 -0.24 WarnerMusic WMG 36.74 0.11 LiveNationEnt LYV 83.06 3.10 s 9X W;cXXc6`W a0A]F 9;;"T\N _N $c&GGG&GGG1GG @#j: -?(d:j ReinsGrp RGA 128.00 1.74 WasteConnections WCN 123.62 0.28 Increased s LloydsBanking LYG 2.65 0.06 s WasteMgt WM 143.26 1.88 9f XgfWcW-Y" _8`FNGGcTX 9X6N $9&WXc&GGG1GG @#j: -?(d:j s RelianceSteel RS 175.68 -1.56 Arbor Realty Trust ABR 7.6 .34 /.33 Q Jun01 /May21 LockheedMartin LMT 393.14 2.80 s Waters WAT 317.63 2.98 9g f9gWfC_^g _Y2C4 NGGNT8_9 69 $N&GGG&GGG1GG @#j: -?(d:j Repligen RGEN 175.13 -12.67 s Loews L 58.43 -0.01 s Barings BDC BBDC 7.7 .20 /.19 Q Jun16 /Jun09 s RepublicSvcs RSG 112.05 1.17 Watsco WSO 305.43 4.99 9" f9gW"+,bW _Y_ NGGWT; 6N $c&Xcg&GGG1GG @#j: -?(d:j LogitechIntl LOGI 108.39 -6.17 Brigham Minerals MNRL 5.4 .32 /.26 Q May28 /May21 ResMed RMD 193.21 -1.95 Wayfair W 321.10 15.61 9; fgG"gF2@9 ]8a NGGNT4 _N $9&GGG&GGG1GG @#j: -?(d:j s Lowe's LOW 211.31 2.91 Brinks BCO 1.0 .20 /.15 Q Jun01 /May17 RestaurantBrands QSR 69.10 -0.38 Weibo WB 48.67 0.76 NG gf99GC^`f Z8Y4 NGGNTaYN _*N $9&XGG&GGG1GG @#j: -?(d:j t LufaxHolding LU 10.31 -0.84 s WellsFargo WFC 46.60 0.06 EFC M RingCentral RNG 260.39 3.35 N9 WXffG^ZCg Z8YF NGGcT8" 6N $g9N&XGG1GG @#j: -?(d:j Ellington Financial 10.1 .15 /.14 Jun25 /May28 lululemon LULU 324.26 -5.98 s RioTinto RIO 93.81 0.64 Welltower WELL 74.31 0.22 NN "fcXg;,_W Y8Z_ NGGWT9" 6X $c&Wfg&GGG1GG @#j: -?(d:j Great Ajax AJX 6.0 .19 /.17 Q May31 /May20 LumenTech LUMN 14.29 0.30 s RobertHalf RHI 90.80 0.48 s WestFraserTimber WFG 86.92 0.44 Nc "fcXg;,\g Y8Z_ NGGWT9" 6f $c&Wfg&GGG1GG @#j: -?(d:j HireQuest HQI 1.2 .06 /.05 Q Jun15 /Jun01 Lyft LYFT 49.16 -0.91 Roblox RBLX 64.00 -3.90 s WestPharmSvcs WST 333.73 0.05 NW "fcX"Z089 Y8Y4 NGG9TY69 69 $c&9W"&GGG1GG @#j: -?(d:j Materion MTRN 0.6 .12 /.115 Q Jun11 /May27 s LyondellBasell LYB 113.44 -0.62 t RocketCos. RKT 17.66 -0.43 WestAllianceBcp WAL 104.98 -1.72 NX "fcX;8_af Y8Y4 NGGcT8`9 6c $9&NXg&GGG1GG @#j: -?(d:j Microchip Technology MCHP 1.2 .413 /.39 Q Jun04 /May21 M N Rockwell ROK 270.81 0.13 WesternDigital WDC 68.62 -3.03 Nf "fcX;8CC; Y8Y4 NGGcT8`N 6c $9&GGG&GGG1GG @#j: -?(d:j RLI Corp RLI 0.9 .25 /.24 Q Jun18 /May28 RogersComm B RCI 51.32 0.56 s WesternMidstrm WES 21.89 0.85 Ng "fcXgf06f Y8Y4 NGGXTYg _" $c&GGG&GGG1GG @#j: -?(d:j Sabine Royalty Tr UBI SBR 6.3 .2516 /.23794 M May28 /May17 s M&T Bank MTB 162.87 -0.28 Roku ROKU301.41 -15.59 WesternUnion WU 25.80 0.69 s WestlakeChem WLK 102.60 -0.99 N" "9WW9\6`W Y^_`FNGGNTN8 _9 $N&GGG&GGG1GG @#j: -?(d:j Southside Bancshares SBSI 3.1 .33 /.32 Q Jun03 /May20 MGMGrowthProp MGP 34.67 -0.57 Rollins ROL 37.22 0.10 N; ""9Xf906f F_FYNGGWT0[Z9 _N $9&;;"&g"X1GG @#j: -?(d:j s WestpacBanking WBK 20.66 0.18 Timken TKR 1.3 .30 /.29 Q Jun03 /May21 MGM Resorts MGM 39.46 -0.46 RoperTech ROP 444.40 -0.06 8%%SdS:R?V&N3j#P?dS8PP :! dU# SD,>N?@AM !4-L&=K&) '707)&4)K 'EK81 -A2 I+ H/$K:$5<" 5/IG7:G781 Special Medtronic MDT 126.90 0.20 s SempraEnergy SRE 139.02 1.20 ZimmerBiomet ZBH 171.95 -0.54 *C7:EG$D7 .EMMC+7B>:<.-6$#+<$"".., Merck MRK 78.17 -0.24 ServiceNow NOW 466.80 -16.71 ZoomVideo ZM 288.49 -6.75 8=.,=$CBB>.=+<34D5"2>9&<1(=C?<.B/<%<"=.B-<,*"B>9;A@@0 s MetLife MET 66.47 -0.21 s ShawComm B SJR 29.82 0.25 ZoomInfoTech ZI 42.48 -0.50 $00'5.1%5. 9-:5&%,'&7-/8( ;A%*B&:7KH&L&); F1F8QGJ83OO1 ///M7":"E4)66-M4&H KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: MettlerToledo MTD 1244.55 -34.01 s SherwinWilliams SHW 288.65 1.42 Zscaler ZS 165.77 -3.55 spin-off. MicrochipTech MCHP 143.31 -6.44 s ShinhanFin SHG 37.98 0.58 Zynga ZNGA 10.33 -0.66 P2JW131000-1-B00700-1------XA

THE WALL STREET JOURNAL. * Tuesday, May 11, 2021 | B7 MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 34742.82 t34.94, or 0.10% Trailing P/E ratio 29.98 20.44 4188.43 t44.17, or 1.04% Trailing P/E ratio * 37.89 24.68 13401.86 t 350.38, or 2.55% Trailing P/E ratio *† 36.73 27.96 High, low, open and close for each P/E estimate * 20.73 22.28 High, low, open and close for each P/E estimate * 22.97 22.75 High, low, open and close for each P/E estimate *† 28.79 26.73 trading day of the past three months. Dividend yield 1.72 2.73 trading day of the past three months. Dividend yield * 1.37 2.08 trading day of the past three months. Dividend yield *† 0.71 0.97 All-time high 34777.76, 05/07/21 All-time high 4232.60, 05/07/21 All-time high: 14138.78, 04/26/21

Current divisor 0.15198707565833 34600 4275 15000

33400 4150 14400

32200 4025 13800

31000 3900 13200 65-day moving average Session high 65-day moving average DOWN UP 65-day moving average 12600 Session open Close 29800 3775 t

Close Open t 28600 3650 12000 Session low Bars measure the point change from session's open 27400 3525 11400 Feb. Mar. Apr. May Feb. Mar. Apr. May Feb. Mar. Apr. May *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4p.m. to 6p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 997,865,041 24,128,447 Industrial Average 35091.56 34741.57 34742.82 -34.94 -0.10 34777.76 23247.97 43.4 13.5 12.0 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 347,214,792 7,125,305 Transportation Avg 16170.05 15927.26 15929.46 -13.84 -0.09 15943.30 7761.00 93.5 27.4 14.5 Most-active issues in late trading Decl. volume* 636,487,949 16,703,723 Utility Average 927.98 910.43 919.93 10.03 1.10 933.37 744.49 20.8 6.4 10.2 Volume After Hours Issues traded 3,483 281 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 44038.85 43482.36 43485.43 -543.24 -1.23 44054.28 28441.92 46.6 10.9 15.4 Advances 1,104 88 Energy Transfer ET 11,128.4 9.78 -0.01 -0.10 9.80 9.70 Barron's 400 1021.21 1006.20 1006.31 -11.95 -1.17 1018.25 583.52 63.0 18.1 11.3 Declines 2,247 182 SPDR S&P 500 SPY 7,365.5 417.37 -0.57 -0.14 418.87 416.40 Unchanged 132 11 Microsoft MSFT Nasdaq Stock Market 6,062.5 246.60 -0.58 -0.23 247.49 233.04 New highs 713 22 Nasdaq Composite 13687.93 13401.74 13401.86 -350.38 -2.55 14138.78 8863.17 45.8 4.0 21.9 Sesen Bio SESN 5,868.0 2.39 ...... 2.44 2.37 New lows 52 1 Nasdaq-100 13648.49 13358.62 13359.08 -360.55 -2.63 14041.91 9000.08 43.7 3.7 24.3 iQIYI ADR IQ 4,604.4 13.09 -0.07 -0.53 13.18 13.05 Closing Arms† 0.96 1.25 General Electric GE 3,937.7 13.33 -0.03 -0.19 13.51 13.32 S&P Block trades* 5,740 201 iShares MSCI Emg Markets EEM 3,761.1 53.45 -0.26 -0.48 53.82 53.29 500 Index 4236.39 4188.13 4188.43 -44.17 -1.04 4232.60 2820.00 42.9 11.5 15.4 Nasdaq NYSE Arca Verastem VSTM 3,597.7 2.94 -0.01 -0.34 2.95 2.71 MidCap 400 2780.08 2737.07 2737.18 -33.09 -1.19 2770.27 1550.70 64.5 18.7 12.2 Total volume*4,814,102,132 254,240,855 SmallCap 600 1378.51 1344.46 1344.46 -29.80 -2.17 1397.66 700.59 77.7 20.2 10.9 Percentage gainers… Adv. volume*1,372,847,937 66,785,500 Decl. volume*3,378,817,978 184,775,311 Other Indexes 3D Systems DDD 953.9 20.79 3.02 16.99 22.34 17.50 Issues traded 4,429 1,501 Russell 2000 2271.24 2212.59 2212.70 -58.93 -2.59 2360.17 1233.25 67.5 12.0 11.3 Adv Emissions Solutions ADES 79.9 5.25 0.62 13.39 5.55 4.63 Advances 991 349 NYSE Composite 16685.89 16516.80 16516.83 -73.61 -0.44 16590.43 10829.44 46.4 13.7 9.1 Nautilus NLS 125.5 17.70 1.82 11.46 17.96 15.88 Declines 3,249 1,132 AMC Entertainment Hldgs AMC 1,384.6 10.75 1.01 10.37 10.90 9.70 Value Line 675.58 665.63 665.67 -8.34 -1.24 674.01 381.09 63.1 17.0 5.8 Unchanged 189 20 CarParts.com PRTS 254.0 15.69 1.41 9.87 15.98 14.28 NYSE Arca Biotech 5535.30 5436.60 5440.75 -94.55 -1.71 6319.77 5128.49 -2.3 -5.2 5.9 New highs 332 487 NYSE Arca Pharma 729.59 722.04 725.20 3.16 0.44 725.20 613.07 11.6 5.2 11.4 ...And losers New lows 147 32 KBW Bank 134.73 132.46 132.46 -0.31 -0.23 132.77 62.74 93.3 35.3 6.1 InnSuites Hospitality IHT 3,475.2 5.39 -1.00 -15.65 6.59 5.19 Closing Arms† 0.75 0.72 § PHLX Gold/Silver 159.61 154.65 154.72 -1.56 -1.00 161.14 112.57 31.0 7.3 22.7 Fluent FLNT 107.9 2.55 -0.45 -14.86 3.00 2.50 Block trades* 25,340 1,071 § PHLX Oil Service 63.35 59.87 59.89 -1.83 -2.97 63.89 26.30 100.2 35.1 -28.4 Rackspace Technology RXT 111.8 20.71 -3.31 -13.78 24.02 20.52 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 3078.39 2965.42 2967.11 -144.92 -4.66 3305.43 1691.57 67.2 6.1 29.7 CarLotz LOTZ 1,933.4 5.85 -0.66 -10.14 6.89 5.05 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 19.75 17.07 19.66 2.97 17.80 40.79 16.25 -28.7 -13.6 14.1 NVAX Novavax 707.4 145.50 -15.00 -9.35 168.72 142.10 Arms of less than 1 indicates buying demand; above 1 §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. International Stock Indexes Percentage Gainers... Percentage Losers Latest YTD Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg World MSCI ACWI 706.50 –3.86 –0.54 9.3 InnSuites Hospitality IHT 6.39 2.89 82.57 6.76 0.75 710.6 Rekor Systems REKR 13.71 -5.20 -27.50 25.38 3.09 242.8 0.27 MSCI ACWI ex-USA 352.29 0.95 7.9 Protagenic Therapeutics PTIX 3.27 1.14 53.52 7.00 1.05 161.6 Trade Desk Cl A TTD 489.60 -171.83 -25.98 972.80 269.00 60.4 MSCI World 2961.57 –17.84 –0.60 10.1 Tecnoglass TGLS 16.03 3.79 30.96 16.20 3.45 288.1 Village Farms Intl VFF 8.37 -2.74 -24.66 20.32 2.86 145.5 MSCI Emerging Markets 1346.35 –2.22 –0.16 4.3 Obalon Therapeutics OBLN 2.87 0.67 30.45 10.77 0.66 277.6 Magnite MGNI 28.56 -7.28 -20.31 64.39 4.60 374.4 Americas MSCI AC Americas 1622.59 –17.26 –1.05 10.5 Cue Biopharma CUE 14.38 3.12 27.71 31.69 10.69 -47.8 Insmed INSM 25.99 -6.59 -20.23 45.44 22.67 5.4 Canada S&P/TSX Comp 19361.88 –110.86 –0.57 11.1 Soliton SOLY 22.41 4.41 24.50 22.55 5.69 127.5 Dynavax Technologies DVAX 7.90 -1.91 -19.47 12.44 3.55 93.2 Latin Amer. MSCI EM Latin America 2526.20 7.82 0.31 3.0 Alfi ALF 4.57 0.87 23.51 5.60 2.41 ... Staar Surgical STAA 111.51 -26.28 -19.07 139.97 34.41 185.6 Brazil Sao Paulo Bovespa 121909.03 –129.08 –0.11 2.4 Datasea DTSS 3.31 0.63 23.51 6.24 1.69 61.5 CEVA CEVA 42.40 -9.76 -18.71 83.95 29.50 27.2 Chile Santiago IPSA 3102.70 –17.65 –0.57 8.6 Annovis Bio ANVS 28.61 5.14 21.90 47.99 3.36 683.8 Applied UV AUVI 8.61 -1.95 -18.47 35.78 4.52 ... Mexico S&P/BMV IPC 49867.15 618.13 1.26 13.2 Exterran EXTN 4.58 0.82 21.81 8.93 2.77 -19.5 Amer Shared Hospital AMS 2.80 -0.61 -17.89 5.04 1.41 76.1 EMEA Stoxx Europe 600 445.39 0.46 0.10 11.6 uCloudlink ADR UCL 12.99 2.29 21.40 24.77 8.56 ... Twist Bioscience TWST 96.33 -20.41 -17.48 214.07 34.16 145.7 Eurozone Euro Stoxx 446.25 –0.61 –0.14 12.2 Live Ventures LIVE 45.00 7.51 20.03 45.57 6.46 497.6 Alset EHome International AEI 6.34 -1.34 -17.45 29.49 4.60 ... Belgium Bel-20 4044.54 0.47 0.01 11.7 SilverBow Resources SBOW 13.38 2.23 20.00 13.68 3.06 188.4 Onion Global ADR OG 5.79 -1.21 -17.29 11.71 5.60 ... Select Interior Concepts SIC Revolve Group RVLV Denmark OMX Copenhagen 20 1554.59 –3.29 –0.21 6.1 10.64 1.71 19.15 10.88 2.03 247.7 48.16 -9.99 -17.18 59.92 12.90 245.2 Cellect Biotechnology ADR APOP 2.97 0.47 18.80 7.15 1.65 -24.8 PubMatic PUBM 36.99 -7.63 -17.10 76.96 22.42 ... France CAC 40 6385.99 0.48 0.01 15.0 Germany DAX 15400.41 0.76 0.005 12.3 Most Active Stocks Volume Movers Ranked by change from 65-day average* Israel Tel Aviv 1649.30 0.60 0.04 10.0 Italy FTSE MIB 24802.90 190.86 0.78 11.6 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 711.91 –6.50 –0.90 14.0 Russia RTS Index 1570.78 –6.73 –0.43 13.2 Sundial Growers SNDL 141,700 -63.3 0.73 -4.39 3.96 0.14 Austerlitz Acqn I Cl A AUS 699 10982 9.89 -0.25 10.10 9.87 South Africa FTSE/JSE All-Share 68377.23 –142.30 –0.21 15.1 Protagenic Therapeutics PTIX 124,894 78484.2 3.27 53.52 7.00 1.05 Cue Biopharma CUE 12,977 4537 14.38 27.71 31.69 10.69 Ocugen OCGN Star Peak II Cl A STPC Spain IBEX 35 9144.30 85.10 0.94 13.3 117,109 44.8 10.17 10.72 18.77 0.17 4,129 3133 9.93 -2.65 12.25 9.70 PolarityTE PTE 114,579 2708.9 1.20 23.18 2.38 0.55 Hennessy Cap Inv V Cl A HCIC 4,975 3051 9.90 -1.20 10.54 9.60 Sweden OMX Stockholm 910.49 0.74 0.08 18.5 Palantir Technologies PLTR 103,509 30.8 18.47 -6.48 45.00 8.90 IQ Hedge L/S Tracker ETF QLS 179 2905 26.82 -0.46 27.00 20.83 Switzerland Swiss Market 11123.67 –49.90 –0.45 3.9 Turkey BIST 100 1460.90 19.57 1.36 –1.1 NIO ADR NIO 91,146 -1.9 34.33 -7.07 66.99 3.18 Soliton SOLY 6,972 2395 22.41 24.50 22.55 5.69 U.K. FTSE 100 7123.68 –6.03 –0.08 10.3 Precipio PRPO 88,725 734.7 4.44 15.63 9.18 0.65 FT Dorsey Wright MomentumDVLU 314 2294 24.69 -0.47 25.20 12.48 U.K. FTSE 250 22697.19 –78.09 –0.34 10.8 Apple AAPL 87,308 -13.3 126.85 -2.58 145.09 75.05 Fanhua ADR FANH 1,308 2063 13.36 0.00 22.91 11.79 SPDR S&P 500 SPY 80,279 -2.5 417.94 -0.99 422.82 272.99 Invsc DWA Basic Matls MomPYZ 396 1723 91.83 -2.38 96.18 44.04 Asia-Pacific MSCI AC Asia Pacific 208.23 0.70 0.34 4.2 ProSh UltraPro Shrt QQQ SQQQ 66,864 -29.5 12.08 7.57 59.70 10.44 SemiLEDS LEDS 61,173 1632 8.70 9.43 13.44 1.93 Australia S&P/ASX 200 7172.80 91.97 1.30 8.9 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least China Shanghai Composite 3427.99 9.12 0.27 –1.3 5,000 shares =Has traded fewer than 65 days Hong Kong Hang Seng 28595.66 –14.99 –0.05 5.0 Track the Markets 0.60 India S&P BSE Sensex 49502.41 295.93 3.7 Compare the performance of selected CURRENCIES & COMMODITIES Japan Nikkei Stock Avg 29518.34 160.52 0.55 7.6 global stock indexes, bond ETFs, Singapore Straits Times 3182.41 –17.84 –0.56 11.9 currencies and commodities at Currencies South Korea Kospi 3249.30 52.10 1.63 13.1 wsj.com/graphics/track-the-markets Taiwan TAIEX 17235.61 –49.39 –0.29 17.0 U.S.-dollar foreign-exchange rates in late New York trading Thailand SET 1588.15 3.12 0.20 9.6 Get real-time U.S. stock quotesand track most-activestocks, new US$ 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 .00004336 23062 –0.1 CREDIT MARKETS Argentina peso .0107 93.8528 11.6 Europe Brazil real .1913 5.2287 0.7 Czech Rep. koruna .04744 21.080 –1.8 Canada dollar .8261 1.2105 –5.0 Denmark krone .1631 6.1307 0.6 Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Chile peso .001435 697.00 –1.9 Euro area euro 1.2130 .8244 0.7 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000270 3706.81 8.3 Hungary forint .003390 294.99 –0.7 notes and bonds major U.S. trading partners Ecuador US dollar 11unch Iceland krona .008039 124.40 –2.7 A consumer rate against its Money Market/Savings Accts Mexico peso .0502 19.9392 0.3 Norway krone .1209 8.2727 –3.6 benchmark over the past year 2.50% Uruguay peso .02280 43.8650 3.6 Poland zloty .2660 3.7601 0.7 Bankrate.com avg†: 0.08% 16% Asia-Pacific Russia ruble .01345 74.327 0.4 s Sweden krona .1198 8.3452 1.4 BankDirect 0.50% 2.00 Euro Australian dollar .7829 1.2773 –1.7 Tradeweb ICE Switzerland franc 1.1098 .9011 1.8 0.40% Richardson, TX 877-839-2737 8 China yuan .1558 6.4166 –1.8 Monday Close t 1.50 Turkey lira .1208 8.2810 11.3 Hong Kong dollar .1288 7.7656 0.2 Money market First Internet Bank of Indiana 0.50% Ukraine hryvnia .0359 27.8500 –1.8 0.30 0 India rupee .01361 73.486 0.6 account yields Indianapolis, IN 888-873-3424 1.00 s UK pound 1.4117 .7084 –3.2 Yen Indonesia rupiah .0000704 14198 1.1 t 0.20 TAB Bank 0.50% Middle East/Africa One year ago 0.50 –8 s Japan yen .009188 108.84 5.3 Ogden, UT 800-355-3063 t WSJ Dollar Index Kazakhstan tenge .002343 426.74 1.3 Bahrain dinar 2.6550 .3767 –0.1 Federal-funds 0.10 CFG Community Bank 0.52% 0.00 –16 Macau pataca .1249 8.0040 0.2 Egypt pound .0638 15.6713 –0.5 target rate Malaysia ringgit .2435 4.1075 2.1 Israel shekel .3068 3.2593 1.4 Baltimore, MD 888-205-8388 1 3 6 1 2 3 5 7 10 20 30 t 2020 2021 New Zealand dollar .7273 1.3749 –1.2 Kuwait dinar 3.3213 .3011 –1.0 0.00 month(s) years J J A S O N D J F M AM BrioDirect 0.60% Pakistan rupee .00657 152.115 –5.2 Oman sul rial 2.5974 .3850 ... maturity 2020 2021 Montebello, NY 877-369-2746 Philippines peso .0209 47.792 –0.5 Qatar rial .2746 3.642 0.01 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7543 1.3257 0.3 Saudi Arabia riyal .2667 3.7502 –0.04 Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0008954 1116.83 2.9 South Africa rand .0712 14.0492 –4.4 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields Sri Lanka rupee .0050761 197.00 6.3 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 .03601 27.770 –1.1 Yield (%) 52-Week Total Return (%) Thailand baht .03213 31.120 3.6 WSJ Dollar Index 85.30 0.02 0.03 0.35 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 0.17 0.18 0.16 l 0.43 -2.19 Sources: Tullett Prebon, Dow Jones Market Data U.S. Treasury, Barclays 2370.890 0.940 0.950 1.030 0.400 –3.887 4.706 Money market, annual yield 0.08 0.08 0.08 l 0.31 -0.37 Five-year CD, annual yield 0.45 0.47 0.44 l 0.84 -1.23 U.S. Treasury Long, Barclays 4153.290 2.230 2.220 2.400 1.090 –14.251 7.357 Commodities 30-year mortgage, fixed† 3.08 3.14 2.83 l 3.60 -1.47 Aggregate, Barclays 2231.520 1.510 1.520 1.630 1.020 0.260 5.271 Monday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.37 2.41 2.32 l 3.07 -1.64 Fixed-Rate MBS, Barclays 2216.270 1.700 1.680 1.850 0.980 –0.384 4.107 DJ Commodity Jumbo mortgages, $548,250-plus† 3.10 3.16 2.85 l 3.70 -1.71 895.53 -3.95 -0.44 899.47 487.21 82.39 22.41 High Yield 100, ICE BofA 3386.958 3.618 3.649 6.888 3.261 17.325 5.839 Refinitiv/CC CRB Index -0.81 206.96 120.63 22.86 Five-year adj mortgage (ARM)† 3.07 3.18 2.85 l 3.32 -1.46 206.16 -0.39 68.05 Muni Master, ICE BofA 598.277 0.843 0.870 1.634 0.725 5.319 4.934 Crude oil, $ per barrel 0.02 66.09 24.14 33.80 New-car loan, 48-month 4.05 4.05 4.02 l 4.44 -0.20 64.92 0.03 168.93 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 913.522 4.736 4.823 6.140 4.295 12.662 5.711 Natural gas, $/MMBtu 2.932 -0.026 -0.88 3.354 1.482 60.57 15.48 banks.† Excludes closing costs. Gold, $ per troy oz. 1837.50 6.40 0.35 2051.50 1676.20 8.39 -2.94 Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services P2JW131000-1-B00800-1------XA

B8 | Tuesday, May 11, 2021 * THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Contract Open Contract Open Contract Open Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Metal & Petroleum Futures Wheat (KC)-5,000 bu.; cents per bu. June .9208 .9222 .9172 .9192 –.0017 148,205 Sept 34605 34883 s 34516 34559 –21 1,453 May 713.25 713.25 713.25 695.50 –32.25 13 Canadian Dollar (CME)-CAD 100,000; $ per CAD S&P 500 Index (CME)-$250 x index Contract Open July 730.00 736.00 700.75 703.50 –33.25 132,445 May .8255 .8279 s .8242 .8266 .0029 649 Open High hi lo Low Settle Chg interest June 4232.80 4236.90 s 4173.60 4183.40 –41.80 37,609 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. June .8244 .8280 s .8244 .8266 .0029 194,260 Mini S&P 500 (CME)-$50 x index Copper-High (CMX)-25,000 lbs.; $ per lb. May 132.975 135.775 132.975 135.450 3.725 4,118 British Pound (CME)-£62,500; $ per £ June 4226.75 4238.25 s 4172.00 4183.50 –41.75 2,614,829 May 4.7865 4.8985 s 4.7080 4.7335 –0.0325 3,264 Aug 145.600 149.100 145.475 148.700 4.425 26,299 May 1.4007 1.4157 1.3998 1.4135 .0138 516 Dec 4211.00 4218.50 s 4154.25 4165.00 –41.00 45,085 July 4.7800 4.8880 s 4.6875 4.7160 –0.0325 170,420 Cattle-Live (CME)-40,000 lbs.; cents per lb. June 1.3999 1.4159 1.3999 1.4135 .0138 163,371 Gold (CMX)-100 troy oz.; $ per troy oz. June 116.350 118.400 116.100 118.225 2.200 92,985 Mini S&P Midcap 400 (CME)-$100 x index Swiss Franc (CME)-CHF 125,000; $ per CHF May 1835.60 1845.60 s 1835.40 1837.50 6.40 350 Aug 119.000 120.575 118.425 120.350 1.500 105,445 June 2769.50 2778.00 2725.40 2733.60 –33.20 44,673 June 1.1118 1.1138 1.1096 1.1113 .0005 40,291 June 1835.40 1846.30 1830.50 1837.60 6.30 364,952 Hogs-Lean (CME)-40,000 lbs.; cents per lb. Sept 2753.00 2769.30 2723.30 2729.30 –33.20 28 Sept 1.1132 1.1165 1.1125 1.1140 .0006 311 July 1835.30 1846.60 s 1834.90 1838.60 6.20 202 May 111.750 111.975 111.375 111.900 –.075 2,048 Mini Nasdaq 100 (CME)-$20 x index Australian Dollar (CME)-AUD 100,000; $ per AUD Aug 1836.10 1848.40 1832.80 1839.80 6.30 77,930 June 112.500 112.675 111.075 112.100 –.750 83,325 June 13718.00 13752.00 13305.50 13356.75 –353.00 229,326 May .7852 .7891 .7828 .7842 –.0005 186 Oct 1837.80 1849.50 1835.50 1841.50 6.10 13,678 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Sept 13703.75 13739.25 13294.00 13345.25 –353.50 2,052 June .7850 .7892 .7828 .7843 –.0006 142,630 Dec 1841.30 1851.60 1836.80 1843.50 6.30 31,747 May 1666.80 1711.20 s 1600.00 1601.00 –85.00 214 Mini Russell 2000 (CME)-$50 x index Mexican Peso (CME)-MXN 500,000; $ per MXN Palladium (NYM) - 50 troy oz.; $ per troy oz. July 1710.50 1733.50 s 1607.50 1607.50 –63.00 1,512 June 2268.10 2277.70 2200.10 2209.60 –58.30 449,105 Milk (CME)-200,000 lbs., cents per lb. May .04988 .05028 .05011 .05015 .00004 10 May …… …2972.10 43.00 Sept 2269.00 2273.40 2197.80 2206.30 –58.30 771 May 18.89 18.96 18.82 18.86 .04 4,664 June .04996 .05018 .04991 .04999 .00004 142,303 June 2915.50 3000.00 2915.50 2968.20 43.10 9,192 Mini Russell 1000 (CME)-$50 x index June 18.90 18.98 18.76 18.82 –.07 4,462 Euro (CME)-€125,000; $ per € Platinum (NYM)-50 troy oz.; $ per troy oz. June 2373.00 2374.20 2347.70 2348.00 –25.80 8,950 Cocoa (ICE-US)-10 metric tons; $ per ton. May 1.2175 1.2180 1.2128 1.2148 –.0019 2,137 May 1263.00 10.70 1 U.S. Dollar Index (ICE-US)-$1,000 x index May 2,473 2,473 2,473 2,473 51 33 June 1.2176 1.2187 1.2136 1.2154 –.0019 686,677 July 1258.00 1281.40 1250.60 1265.50 11.00 62,544 July 2,470 2,528 2,466 2,514 51 84,393 June 90.22 90.33 90.02 90.19 –.03 37,004 Silver (CMX)-5,000 troy oz.; $ per troy oz. Coffee (ICE-US)-37,500 lbs.; cents per lb. Index Futures Sept 90.16 90.30 90.01 90.17 –.03 991 May 27.710 27.940 27.435 27.479 0.017 1,024 May 153.00 153.00 s 148.35 147.60 –4.70 47 July 27.680 28.005 27.420 27.492 0.015 145,878 July 152.95 153.45 147.50 148.05 –4.85 115,310 Mini DJ Industrial Average (CBT)-$5 x index Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Sugar-World (ICE-US)-112,000 lbs.; cents per lb. June 34722 35000 s 34611 34668 –18 98,426 Source: FactSet June 65.57 65.75 63.95 64.92 0.02 317,262 July 17.35 17.75 17.26 17.49 …436,126 July 65.25 66.00 63.96 64.93 0.05 335,046 Oct 17.48 17.77 17.33 17.55 –.01 205,514 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Aug 65.00 65.60 63.82 64.78 0.07 256,092 Bonds | wsj.com/market-data/bonds/benchmarks Sept 64.75 65.19 63.53 64.48 0.10 174,172 July 31.50 31.50 31.25 31.35 –.05 2,765 Oct 64.43 64.74 63.16 64.09 0.12 154,248 Sept 31.26 –.24 2,395 Cotton (ICE-US)-50,000 lbs.; cents per lb. Dec 63.37 63.80 62.29 63.22 0.15 328,278 Tracking Bond Benchmarks NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. July 89.40 89.67 87.07 88.47 –1.19 103,036 Dec 86.70 87.00 84.93 86.10 –.79 92,546 June 2.0600 2.0776 s 1.9958 2.0166 .0060 114,597 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Orange Juice (ICE-US)-15,000 lbs.; cents per lb. July 2.0566 2.0772 s 1.9960 2.0162 .0044 66,175 May 113.55 113.55 113.55 113.55 2.10 51 highs and lows for different types of bonds Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. July 114.75 116.85 114.75 116.55 2.10 11,854 Total Total June 2.2050 2.2170 s 2.1128 2.1334 .0065 113,221 return YTD total Yield (%) return YTD total Yield (%) July 2.1826 2.2045 s 2.1071 2.1273 .0049 82,800 Interest Rate Futures close return (%) Index Latest Low High close return (%) Index Latest Low High Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. June 2.970 2.971 2.898 2.932 –.026 190,702 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays July 3.015 3.015 2.948 2.978 –.026 221,166 June 186-220 187-070 185-070 185-160 –1-15.0 1,133,625 2216.27 -0.7 Mortgage-Backed 1.700 0.980 1.850 Aug 3.019 3.021 2.957 2.986 –.025 72,962 Sept 183-270 –1-15.0 3,147 2231.52 -2.5 U.S. Aggregate 1.510 1.020 1.630 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Sept 3.004 3.004 2.945 2.973 –.024 108,277 U.S. Corporate Indexes Bloomberg Barclays 2158.23 -0.9 Ginnie Mae (GNMA) 1.690 0.290 1.840 Oct 3.017 3.023 2.963 2.990 –.025 129,042 June 157-290 158-120 157-130 157-170 –14.0 1,182,157 Sept 155-300 –14.0 2,715 Jan'22 3.282 3.284 3.235 3.257 –.020 78,365 3339.72 -3.4 U.S. Corporate 2.160 1.740 2.840 1309.96 -0.6 Fannie mae (FNMA) 1.710 1.160 1.860 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Agriculture Futures June 132-225 132-305 132-180 132-195 –4.5 4,220,422 3075.89 -1.2 Intermediate 1.430 1.080 2.330 2009.90 -0.6 Freddie Mac (FHLMC) 1.700 1.140 1.870 Sept 131-285 132-030 131-230 131-240 –5.0 50,190 Muni Master Corn (CBT)-5,000 bu.; cents per bu. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% 4830.23 -6.9 Long term 3.350 2.730 3.720 598.28 0.4 0.843 0.725 1.634 June 124-117 124-152 124-102 124-115 –1.2 3,394,765 May 766.75 770.50 744.75 748.00 –24.75 1,342 670.56 -4.1 Double-A-rated 1.830 1.300 1.990 422.82 0.3 7-12 year 0.872 0.712 1.607 July 726.50 730.75 708.50 711.75 –20.50 711,629 Sept 123-260 123-292 123-242 123-252 –1.5 25,421 Oats (CBT)-5,000 bu.; cents per bu. 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% 894.05 -2.8 Triple-B-rated 2.380 2.010 3.460 485.74 0.7 12-22 year 1.210 1.095 2.055 May 403.00 –2.50 1 June 110-133 110-137 110-128 110-130 –.5 2,280,293 July 412.75 416.50 408.75 410.25 –4.25 4,011 Sept 110-107 –.1 439 High Yield Bonds ICE BofA 476.00 1.6 22-plus year 1.743 1.682 3.014 Soybeans (CBT)-5,000 bu.; cents per bu. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. 507.04 2.4 High Yield Constrained 3.955 8.195 Global Government J.P. Morgan† May 1621.00 1627.00 1613.25 1620.00 –1.00 762 May 99.9375 99.9375 s 99.9350 99.9375 166,418 4.055 July 1576.50 1593.75 1575.25 1587.50 –2.25 349,906 July 99.9200 99.9250 99.9200 99.9200 149,981 489.45 7.1 Triple-C-rated 6.890 6.809 17.896 595.65 -3.2 Global Government 0.950 0.460 0.960 Soybean Meal (CBT)-100 tons; $ per ton. 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% May 439.00 446.40 439.00 444.40 1.90 464 June 91-235 –4.5 180,390 3386.96 1.7 High Yield 100 3.618 3.261 6.888 827.52 -4.2 Canada 1.480 0.610 1.520 July 437.90 444.80 436.00 442.30 .50 196,730 Eurodollar (CME)-$1,000,000; pts of 100% EMU§ Soybean Oil (CBT)-60,000 lbs.; cents per lb. May 99.8350 99.8375 99.8325 99.8325 –.0050 114,758 456.66 2.1 Global High Yield Constrained 4.085 4.037 8.100 405.90 -3.5 0.465 0.010 411.523 May 66.81 66.81 66.20 66.10 –.28 217 June 99.8350 99.8350 99.8250 99.8300 –.0050 1,364,873 345.46 2.3 Europe High Yield Constrained 2.529 2.434 6.011 760.29 -4.2 France 0.350 -0.160 0.350 July 64.12 64.58 63.22 63.84 –.64 182,624 March'23 99.5600 99.5750 99.5500 99.5600 –.0100 1,169,589 Rough Rice (CBT)-2,000 cwt.; $ per cwt. June 99.4350 99.4600 99.4250 99.4450 –.0050 977,373 U.S Agency Bloomberg Barclays 534.73 -3.2 Germany -0.110 -0.530 -0.090 May 14.19 14.19 s 13.82 13.88 –.31 219 July 14.49 14.55 13.95 14.21 –.28 8,001 Currency Futures 1847.54 -1.0 U.S Agency 0.710 0.460 0.840 294.61 -0.2 Japan 0.320 0.210 0.420 Wheat (CBT)-5,000 bu.; cents per bu. 10-20 years May 768.50 769.00 746.00 742.50 –31.00 361 Japanese Yen (CME)-¥12,500,000; $ per 100¥ 1617.75 -0.6 0.580 0.340 0.710 594.53 -3.8 Netherlands 0.020 -0.450 0.030 May .9209 .9219 .9171 .9191 –.0017 652 July 754.00 760.75 727.25 730.50 –31.25 233,032 4045.59 -5.3 20-plus years 2.310 1.290 2.460 1023.20 -6.6 U.K. 1.100 0.420 1.170 2862.27 -2.5 Yankee 1.720 1.370 2.180 913.52 -2.2 Emerging Markets ** 4.736 4.295 6.140 Cash Prices | wsj.com/market-data/commodities Monday, May 10, 2021 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— separate from the futures price on an exchange, which reflects what the commodity might be worth in future months. Global Government Bonds: Mapping Yields Monday Monday Monday Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in Copper,Comex spot 4.7335 Wheat,No.1soft white,Portld,OR-u 7.3000 Energy selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session Iron Ore, 62% Fe CFR China-s 229.6 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 59.700 Shredded Scrap, US Midwest-s,m 451 Food Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 12.050 Steel, HRC USA, FOB Midwest Mill-s Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago 1515 Beef,carcass equiv. index 0.125 U.S. 2 0.153 s l 0.143 0.157 0.147 Metals choice 1-3,600-900 lbs.-u 235.52 Fibers and Textiles 1.125 10 1.601 s l 1.576 1.664 0.679 Gold, per troy oz select 1-3,600-900 lbs.-u 220.08 Burlap,10-oz,40-inch NY yd-n,w 0.7400 Broilers, National comp wtd. avg.-u,w 1.0449 5.500 Australia 2 0.091 t l 0.097 0.087 0.229 -6.2 -5.2 6.8 Engelhard industrial 1841.00 Cotton,1 1/16 std lw-mdMphs-u 0.8622 Butter,AA Chicago 1.7825 1.500 10 1.666 s l 1.635 1.707 0.901 5.7 21.1 Handy & Harman base 1840.45 6.7 Cotlook 'A' Index-t *95.50 Cheddar cheese,bbl,Chicago 169.50 Handy & Harman fabricated 2042.90 0.000 France 2 -0.646 t l -0.637 -0.656 -0.561 -79.8 -78.5 -72.2 Hides,hvy native steers piece fob-u Cheddar cheese,blk,Chicago 176.75 LBMA Gold Price AM *1820.50 n.a. Milk,Nonfat dry,Chicago lb. 1.500 10 0.167 t l 0.169 -0.036 -0.032 -143.3 -140.8 -72.2 LBMA Gold Price PM *1836.55 Wool,64s,staple,Terr del-u,w 3.85 132.25 Coffee,Brazilian,Comp 1.4009 0.000 Germany 2 -0.685 t l -0.675 -0.699 -0.773 -83.7 -82.4 -93.3 Krugerrand,wholesale-e 1911.21 Grains and Feeds Maple Leaf-e 1929.59 Coffee,Colombian, NY 1.9950 0.000 10 -0.208 s l -0.212 -0.299 -0.532 -180.7 -178.9 -122.1 Eggs,large white,Chicago-u 0.7650 American Eagle-e 1929.59 Barley,top-quality Mnpls-u n.a. 0.600 Italy 2 -0.280 t l -0.247 -0.362 0.535 -39.6 37.5 Flour,hard winter KC 19.60 -43.2 Mexican peso-e 2223.71 Bran,wheat middlings, KC-u 122 Hams,17-20 lbs,Mid-US fob-u 0.86 0.600 10 0.936 t l 0.967 0.741 1.814 -66.4 -61.1 112.5 Austria crown-e 1804.31 Corn,No. 2 yellow,Cent IL-bp,u 7.2450 Hogs,Iowa-So. Minnesota-u Austria phil-e 1929.59 Corn gluten feed,Midwest-u,w 197.0 106.04 0.005 Japan 2 -0.129 s l -0.130 -0.124 -0.166 -28.2 -27.9 -32.6 Pork bellies,12-14 lb MidUS-u n.a. Silver, troy oz. Corn gluten meal,Midwest-u,w 598.6 0.100 10 0.085 t l 0.085 0.106 0.000 -151.4 -149.2 -68.9 Pork loins,13-19 lb MidUS-u Engelhard industrial 27.7500 Cottonseed meal-u,w 353 1.2064 Steers,Tex.-Okla. Choice-u 0.000 Spain 2 -0.505 s l -0.509 -0.493 -0.183 -65.8 -65.8 -34.4 Handy & Harman base 27.5350 Hominy feed,Cent IL-u,w 150 n.a. Steers,feeder,Okla. City-u,w Handy & Harman fabricated 34.4190 Meat-bonemeal,50% pro Mnpls-u,w 330 155.25 0.100 10 0.471 t l 0.485 0.384 0.790 -112.9 -109.3 10.1 LBMA spot price *£19.6800 Oats,No.2 milling,Mnpls-u 3.9325 Fats and Oils 0.125 U.K. 2 0.040 t l 0.049 0.052 -0.004 -11.3 -10.0 -16.4 (U.S.$ equivalent) *27.3750 Rice, Long Grain Milled, No. 2 AR-u,w 27.25 4.750 10 0.791 s l 0.776 0.778 0.239 -80.8 -80.2 -45.1 Coins,wholesale $1,000 face-a 22136 Sorghum,(Milo) No.2 Gulf-u 8.9738 Degummed corn oil, crude wtd. avg.-u,w 68.0000 Other metals SoybeanMeal,Cent IL,rail,ton48%-u,w 428.00 Grease,choice white,Chicago-h 0.5150 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close LBMA Platinum Price PM *1244.0 Soybeans,No.1 yllw IL-bp,u 16.1450 Lard,Chicago-u n.a. Platinum,Engelhard industrial 1271.0 Wheat,Spring14%-pro Mnpls-u 8.6825 Soybean oil,crude;Centl IL-u,w 0.7083 Corporate Debt Palladium,Engelhard industrial 3005.0 Wheat,No.2 soft red,St.Louis-u 7.5050 Tallow,bleach;Chicago-h 0.5400 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific Aluminum, LME, $ per metric ton *2518.5 Wheat - Hard - KC (USDA) $ per bu-u 7.4350 Tallow,edible,Chicago-u 0.6200 expectations

KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; Investment-grade spreads that tightened the most… M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly; Z=not quoted. *Data as of 5/7 Spread*, in basis points Source: Dow Jones Market Data Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week

UBS UBS 4.125 1.43 April 15, ’26 67 –14 n.a. Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks Wells Fargo WFC 3.000 1.34 Oct. 23, ’26 56 –6 67 Money Rates May 10, 2021 Volkswagen Group of America Finance VW 4.250 0.68 Nov. 13, ’23 53 –5 58 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Bank of Montreal BMO 3.300 0.42 Feb. 5, ’24 14 –4 18 guide to general levels but don’t always represent actual transactions. PayPal Holdings PYPL 1.350 0.42 June 1, ’23 26 –4 28 Week —52-WEEK— Week —52-WEEK— Shell International Finance RDSALN 6.375 2.97 Dec. 15, ’38 78 –4 n.a. Inflation Latest ago High Low Latest ago High Low March index Chg From (%) Swedbank SWEDA 0.600 0.40 Sept. 25, ’23 25 –4 n.a. March Switzerland 0.00 0.00 0.50 0.00 Treasury bill auction level Feb. '21 Britain 0.10 0.10 0.10 0.10 –3 '20 4 weeks Delta Airlines, Inc. Retirement Plan … 4.500 2.71 Oct. 20, ’25 242 247 Australia 0.10 0.10 0.25 0.10 0.010 0.000 0.130 0.000 U.S. consumer price index 13 weeks 0.015 0.015 0.175 0.015 All items 264.877 0.71 2.6 Overnight repurchase 26 weeks 0.035 0.035 0.185 0.035 …And spreads that widened the most Core 271.713 0.38 1.6 U.S. -0.01 0.00 0.14 -0.04 Secondary market GA Global Funding Trust GBLATL 1.625 1.49 Jan. 15, ’26 71 24 n.a. International rates U.S. government rates Fannie Mae BNP Paribas BNP 4.625 2.21 March 13, ’27 145 10 138 Week 52-Week Discount 30-year mortgage yields Intercontinental Exchange ICE 4.000 0.53 Oct. 15, ’23 37 9 n.a. Latest ago High Low 0.25 0.25 0.25 0.25 30 days 2.357 2.401 2.622 1.751 Prime rates 60 days 2.387 2.432 2.674 1.804 International Business Machines IBM 7 Federal funds 3.000 0.54 May 15, ’24 24 20 U.S. 3.25 3.25 3.25 3.25 Effective rate 0.0600 0.0700 0.1000 0.0600 Other short-term rates Canada 2.45 2.45 2.45 2.45 Verizon Communications VZ 4.862 3.49 Aug. 21, ’46 116 7 115 High 0.1000 0.1500 0.0700 Japan 1.475 1.475 1.475 1.475 0.0700 Low 0.0300 0.0400 0.0600 0.0000 Week 52-Week Apple AAPL 3.850 2.96 May 4, ’43 80 5 60 Latest ago high low Policy Rates Bid 0.0500 0.0600 0.1000 0.0100 Banque Federative du Credit Mutuel BFCM 3.750 0.52 July 20, ’23 38 5 n.a. Euro zone 0.00 0.00 0.00 0.00 Offer 0.0800 0.0800 0.1100 0.0500 Call money 5 2.00 2.00 2.00 2.00 Commonwealth Bank of Australia CBAAU 3.305 3.44 March 11, ’41 125 125 Key Interest Rates Commercial paper (AA financial) High-yield issues with the biggest price increases… 90 days 0.15 0.11 0.26 0.04 Data are annualized on a 360-day basis. Treasury yields are per annum, Bond Price as % of face value on actively traded noninflation and inflation-indexed issues that are Libor Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week One month 0.09813 0.10725 0.19513 0.09513 adjusted to constant maturities. Data are from weekly Federal Reserve 2.50 release H.15. Three month 0.16750 0.17638 0.43350 0.15988 Transocean RIG 7.500 15.82 April 15, ’31 59.000 53.000 Six month 0.19250 0.20488 0.67513 0.18950 Week Ended 52-Week Week Ended 52-Week Teva Pharmaceutical Finance Netherlands … 4.100 5.09 Oct. 1, ’46 86.000 0.75 85.588 May 7Apr 30 High Low May 7Apr 30 High Low One year 0.26700 0.28113 0.76938 0.26700 6-month Rite Aid RAD 7.700 8.20 Feb. 15, ’27 97.740 0.49 n.a. Federal funds (effective) 0.04 0.04 0.19 0.04 1-year 0.06 0.05 0.19 0.05 Euro Libor Navient NAVI 5.625 6.13 Aug. 1, ’33 95.725 0.48 0.06 0.07 0.10 0.05 2-year 0.16 0.17 0.19 0.11 One month -0.570 -0.574 -0.430 -0.607 94.150 3-year 0.32 0.35 0.35 0.13 Three month -0.542 -0.544 -0.225 -0.574 Commercial paper WeWork WEWORK 0.38 5-year 0.81 0.86 0.92 0.21 Six month -0.526 -0.526 -0.112 -0.543 7.875 9.02 May 1, ’25 96.250 n.a. Nonfinancial 7-year 1.26 1.31 1.39 0.39 One year -0.489 -0.493 -0.041 -0.511 American Airlines AAL 3.750 7.24 March 1, ’25 88.563 0.31 88.000 1-month 0.29 0.04 0.29 0.04 10-year 1.60 1.63 1.72 0.55 2-month 0.04 0.04 0.25 0.04 20-year 2.16 2.18 2.32 0.99 Secured Overnight Financing Rate Nokia Oyj NOKIA 4.375 2.55 June 12, ’27 110.250 0.30 3-month 0.05 0.05 0.39 0.05 110.459 0.01 0.01 0.13 0.01 Financial Treasury yields (secondary market) 1-month 0.07 0.07 0.17 0.07 Value 52-Week …And with the biggest price decreases 1-month 0.01 0.01 0.14 0.01 2-month n.a. 0.09 0.23 0.08 Latest Traded High Low 3-month 0.02 0.01 0.17 0.01 3-month 0.12 0.10 0.21 0.09 –0.72 6-month 0.04 0.04 0.19 0.04 DTCC GCF Repo Index Ford Motor F 7.450 4.08 July 16, ’31 127.818 128.875 Discount window primary credit TIPS Treasury 0.011 48.260 0.151 -0.008 Dish DBS … 7.750 4.37 July 1, ’26 115.378 –0.62 115.750 0.25 0.25 0.25 0.25 5-year -1.83 -1.67 -0.37 -1.84 MBS 0.020 34.220 0.169 0.002 Howmet Aerospace HWM –0.40 Treasury yields at constant 7-year -1.20 -1.06 -0.42 -1.44 Notes on data: 5.950 4.19 Feb. 1, ’37 120.100 120.500 maturities 10-year -0.85 -0.77 -0.42 -1.05 U.S. prime rate is the base rate on corporate Netflix NFLX 5.875 1.61 Feb. 15, ’25 115.505 –0.37 115.875 1-month 0.01 0.01 0.14 0.01 20-year -0.29 -0.26 -0.08 -0.70 loans posted by at least 70% of the 10 largest 3-month 0.02 0.01 0.17 0.01 Long-term avg -0.15 -0.12 0.03 -0.50 U.S. banks, and is effective March 16, 2020. –0.36 Other prime rates aren’t directly comparable; CIT CIT 6.125 2.66 March 9, ’28 121.520 121.570 Notes on data: lending practices vary widely by location; CF Industries CF 4.950 3.87 June 1, ’43 115.875 –0.33 116.588 Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates Discount rate is effective March 16, 2020. on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by Secured Overnight Financing Rate is as of May –0.25 7, 2021. DTCC GCF Repo Index is Depository Occidental Petroleum OXY 7.500 4.99 May 1, ’31 119.500 119.229 discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window Trust & Clearing Corp.'s weighted average for primary credit rate is charged for discounts made and advances extended under the Federal overnight trades in applicable CUSIPs. Value Lumen Technologies LUMN 5.800 1.89 March 15, ’22 103.250 –0.22 103.625 Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; traded is in billions of U.S. dollars. Federal-funds Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid rates are Tullett Prebon rates as of 5:30 p.m. ET. *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. yields for all TIPS with remaining terms to maturity of 10 years or more; Sources: Federal Reserve; Bureau of Labor Note: Data are for the most active issue of bonds with maturities of two years or more Sources: Federal Reserve; for additional information on these rate data and their derivation, Statistics; DTCC; FactSet; please see, www.federalreserve.gov/releases/h15/data.htm Tullett Prebon Information, Ltd. Source: MarketAxess P2JW131000-5-B00900-1------XA

THE WALL STREET JOURNAL. ***** Tuesday, May 11, 2021 | B9 MARKETS Share-priceand indexperformance, Monday Corn Prices Shoot Up 50% 0%% Dowindustrials

-2 Nasdaq Composite On China, Fuel-Oil Demand

-4 BY RYAN DEZEMBER Futures priceperformanceoverthe pastyear Investorshavepumped AND KIRK MALTAIS Corn money intocommodities,a 120% popular moveaimed at offset- -6 Micron Technology America’sbiggest cash crop ting inflation risk elsewherein Qorvo has rarely been more expen- 100 their portfolios.Open interest Lam Research sive. Corn prices have risen in agricultural commodity fu- -8 roughly 50% in 2021 and a tures,ameasureoftrading ac- bushel costsmorethan twice 80 Soybeans tivity,rose last month to are- what it didayear ago. cord $315 billion, according to -10 Corn has been one of the JPMorgananalysts. 60 9:30 a.m. noon 4p.m. sharpest risers in the broad David Martin,chief invest- rally in rawmaterials that is ment officer with Martin Fund Source:FactSet prompting companies to boost Management, said the New prices forgoods and fueling 40 Wheat York commodity trading firm concern among investorsthat began placing bullish betson inflation corn prices last fall and is cur- Technology Shares 20 COMMODITIES could hobble rently trading derivatives with thepost-pan- an eyetoward even higher demiceconomic recovery. 0 prices.“If the weather isn’t WeighonMajor Lumber prices have shot to pristine…there’sgoing to be morethan four times what is massiveshortages,” he said. typical,pushing up home –20 Wagers that corn prices will prices and obliterating renova- June 2020 ’21 rise—by hedgefunds and other Stock Indexes tion budgets. Copper,acog of speculators—outnumber bets industryfound throughout the Speculativenet positions in corn futures,weekly on adecline 17 to 1, according home and in electronics, hit re- to the Commodity Futures 400,000 contracts of 5,000bushels BY CAITLIN OSTROFF long way and gone up alot in a cord prices Friday.Crude oil Trading Commission data. AND JULIA CARPENTER relativity straight line,” said hasn’t cost so much since2018 Near-term corn prices that MikeBell,global market strate- and soybeans aretrading at 300,000 aremuch higher than those Technologyand other gist at J.P. MorganAsset Man- their loftiest level since2012. laterinthe year areunusual growth stocks tumbled, with agement. “So the hurdle for With corn climbing toward a 200,000 and indicateamarket short on majorindexesclosing at ses- furthergains becomes higher.” record,Americans canexpect supply,analystsand traders sion lows. Climbing commodity prices, to paymorefor all sortsof 100,000 say. Grain elevatorsinIowa, TheS&P 500 dropped 44.17 supply-chain issues and chip items at the grocerystore as Oklahoma and elsewhereare points,or1%, to 4188.43after shortages areadding to pro- well as at the gasoline pump. 0 offering premiums to futures closingFridayatits 26th reducing costs, which arelikely to Corn is akey ingredient in prices,according to trading cord of the year.The Nasdaq feed through to individual con- making productsranging from –100,000 firm StoneX Group Inc. Compositefell 350.38points, or sumersand corporateprofits, tortilla chips and chicken “The market is basically tell- 2.5% to 13401.86.The Dowlost said Ipek Ozkardeskaya,senior wings to bourbon and Coca- –200,000 ing farmersand elevatorsand 34.94 points, analyst at SwissquoteBank. Cola. About40% of the U.S. ▼Negativepositions anyone else who stores grain indicatebets prices will fall. MONDAY’S or 0.1%, to “Fromamarket perspective, crop is blended intomotor –300,000 to sell. Sell now,” said Craig MARKETS 34742.82 after because everyone knows that fuel. Turner, acommodities broker rising more inflation is going higher,the Analystssay high corn Feb. 2019 ’20’21 at Daniels Trading in Chicago. than 300 pointsearlier in the real question is whether the prices arelifting makersoffer- Sources: FactSet (performance); CommodityFutures Trading Commission (positions) U.S. farmersare holding session and briefly crossing the rise in inflation is going to be tilizer and farm equipment, back alot of corn in hopes of 35000 milestone forthe first durable or not,” Ms.Ozkardes- while helping consumer-prod- and North Dakota, settled will reduceits exports. In Ar- even higher prices,said Jeffrey time. kaya said. “Inflation is ahead- ucts and food companies jus- Mondayat$6.09 abushel. gentina, the Paraná River is too Currie,head of commodities Shares of semiconductor wind forgrowthstocks.Value tify their ownpriceincreases. Farmershaveafew factors shallowfor fully loaded boats research at Goldman Sachs companies were among the big- is going to be morecapable of U.S. farmers, who areseeding to thank forhigh prices. to passfromthe country’sinte- Group Inc. gest decliners. Align Technol- carrying the weight of inflation fields for abig autumn harvest, China is on acorn-buying rior to Atlantic shipping lanes. Therehasn’t been abig corn ogy, LamResearch, Qorvo and on their shoulders.” arealso benefiting. binge while racing to fatten At home,the reopening rally in years, and when prices Qualcomm fell morethan 6%. Concerns that higher infla- Bushels fordeliverythis millions of hogs to replacethe economymeans moredrivers have risen it is usually because Big tech stocks also came under tion mayerode the value of fu- month ended Mondayat$7.48, pigsithad to kill during an and greater demand forthe of poor harvests. pressure: Tesla dropped 6.4% tureearningsare likely to be down 3.2% from Fridaywhen outbreak of African swine fever corn that becomes ethanol and Some farmersare hoping to and Facebook fell 4.2%. drivinginvestorsaway from futures hit their highest level beforethe pandemic.China is is blended intogasoline. makeupfor losses sustained “They areseen as bellwether technologystocks as well, trad- since2012. Back then, drought expected this year to import On Wall Street, newtrading when they sold lowduring last names forglobal growth,” erssaid. withered the Midwest crop and about four times what it nor- rules allowspeculatorsto year’s market panic.Othersare QuincyKrosby, chief market Prices of gasoline could con- pushed prices to arecordof mallybuysfromabroad, most makelargerbetsthan ever on flush with subsidies showered strategist at Prudential Finan- tinue to rise following the shut- $8.31. of it from U.S. farmers. agricultural commodities while on growers during the trade cial,said of the semiconductor down of Colonial Pipeline’s Moreactively traded futures Corn-growing regions of exchangeoperator CME Group warwith China and canafford companies.“In other words, if 5,500-mile pipeline from the forDecember delivery, aprice SouthAmericaare parched. Inc.this month widened by to gamble,said PeterMeyer, youlook at all the areas they’re Gulf CoasttoLinden, N.J. Ac- gaugefor the crop being Brazil expectsameager saf- 60% the threshold fordaily head of grains and oilseeds an- in—5G,cybersecurity,cloud, cording to the AAA,gasoline planted between western Ohio rinha, or second crop,which priceswingsincorn futures. alytics at S&P Global Platts. gaming—it’ssobroad. Ithink prices could rise 3centsto7 this is again consolidation, pull- centsagallon this week in ing back,allowing the market states most affected by the to just consolidate.” shutdown. Startup Tech stocks drovemuch of In other corporatenews, last year’s market rally,atrend MarriottInternational shares that has reversed in 2021 as in- fell 3.9% afterthe hotel chain Joins vestorshavepiled intoshares said it swung to alossfor the of value stocks in the financial firstquarter. and energy sectorsthat tend to In bond markets, the yield SPAC farebetterduring an economic on the 10-year Treasuryticked recovery. up to 1.601% from 1.576% Fri- “I’dsay this is afairly resil- day. ContinuedfrompageB1 ient market forthe most place, Overseas,the pan-continen- is to come from Aurora, whose again with the exception of talStoxxEurope 600 edged up sponsor is the investment vehi- growth end of the spectrum, 0.1%. TheBritish pound rose 1% cle of Icelandic billionaireThor which is telling,” said Jennifer against the dollar.The Scottish Bjorgolfsson. Ellison, principal at Bingham National Party fell one seat Therehas been an explosion Osborn &Scarborough. “We short of an outright majority in in deal activity involving tend to getashiftinatrend the country’sparliament, SPACs, which raise money in an

when we have arecession and prompting optimism that Scot- AI initial public offering and then US

then anew cycle starting.So land mayavoid holding another PL look forabusinesstocombine not surprising at all to see vote on splitting away from the PlusAI plans to merge with a SPAC, giving the company a market capitalization of $3.3 billion. with, as privatecompanies what wasleading the markets U.K. Early Tuesday, Japan’sNik- seek amorestreamlined route in the last cycle nowlagging in keiwas down 2.8%, Hong to the public marketsthan this one.” Kong’sHang Seng Indexwas Makers of Self-Driving Trucks Go Public through atraditional listing. Stocks have ground higher down 2.3% and the Shanghai Founded in NewYork in in recent days afterFederal Re- Compositewas down 0.5%. S&P BY JENNIFER SMITH public offering on the Nasdaq ization efforts,” Plus Chief Ex- 2014,Betterprovides home serveofficials reiterated their futures were down 0.6%. Stock Market. ecutiveand co-founder David loans forconsumersthrough commitment to easy financing Autonomous truck compa- Plusplans to merge with Liu said, as the company itswebsiteand banks such as conditions to aid the economic nies arelooking to public Hennessy Capital Investment steps up production and aims Ally Financial Inc. recovery.President Biden also AUCTION RESULTS marketsfor financial backing Corp.Vinatransaction that to fill thousands of contracted Betterhad morethan $850 Here are the results of Monday's Treasury auctions. is proposing additional fiscal All bids are awarded at a single price at the market- as they trytotaketheir tech- would bring the company, ordersand vehicle reserva- million in revenue in 2020 and clearing yield. Rates are determined by the difference spending.Aweaker-than-ex- between that price and the face value. nologyintofull production at which is based in California tionsfromChinese and U.S. morethan $200 million in net pected jobs report on Friday acommercial scale. and China, about $500 million fleets. profit, according to people fa- boosted optimism that the gov- 13-Week 26-Week PlusAI Corp.’sagreement in grossproceeds and amar- Thetransaction would in- miliar with thecompany’sfi- Applications $161,270,943,200 $182,930,964,300 ernment and central bank are Accepted bids $62,974,948,700 $59,659,054,300 to merge with aspecial-pur- ketcapitalization of roughly cludea$150 million private nances. likely to continue with support- " noncomp $545,294,000 $448,716,300 pose acquisition company $3.3 billion. placement of shares with Likeother mortgagelenders, " foreign noncomp $395,000,000 $126,000,000 ivepolicies. Auction price (rate) 99.996208 99.982208 could makethe startup the Theagreement is expected BlackRock Inc., D.E. Shaw Betterrode awaveofhome Butsome money managers (0.015%) (0.035%) second autonomous driving to close in the thirdquarter, Group and other institutional buying and refinancing activity 0.015% 0.035% areconcerned that stocks’ high Bids at clearing yield accepted 37.83% 36.84% provider to list on aU.S.ex- the companies said Monday. investors. as interest ratesreached lows, valuations maymean the rally 9127964B2 912796H51 change. Rival TuSimple Hold- Thedeal would provide “a Plus has received around extending $25 billion in loans will lose steam. Both issues are dated May 13, 2021. The 13-week bills ings Inc.made itsdebut last significant cash infusion for $600 million in totalfunding, in 2020 and $14billion in the mature on Aug. 12, 2021; the 26-week bills mature on “Markets have come quitea Nov. 12, 2021. month in a$1.35 billion initial us to expand our commercial- Mr.Liu said. firstquarter of 2021 alone.

YTD YTD YTD YTD YTD YTD YTD Mutual Funds Data provided by Net Net Net Net Net Net Net Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Stock 240.66 -1.17 26.3 ContraK 17.64 -0.33 7.4 Harbor Funds PIMCO Funds I2 ExtndAdml 134.67 -2.93 8.3 VANGUARD FDS IdxIntl 21.04 -0.12 8.7 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. DoubleLine Funds CpInc r 11.27 -0.04 6.3 CapApInst NA ... NA Income NA ... 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NA-Not Fidelity LowP r 59.13 -0.11 21.6 DevMktY 55.71 -0.37 4.2 BlChip 170.81 -4.29 3.2 InfProAd 28.56 +0.03 1.1 INSTTRF2035 30.71 -0.23 6.9 TotItlInstPlId r140.79 -0.82 8.7 available due to incompleteprice, performanceorcostdata. NE-Notreleased by Lipper; 500IdxInstPrem145.47 -1.53 12.1 Magin 13.00 -0.25 4.4 John Hancock Instl DivGro 67.13 -0.29 12.1 IntlGrAdml 160.06 -4.02 -0.1 INSTTRF2040 31.67 -0.25 7.9 TotSt 105.13 -1.29 11.3 data under review. NN-Fund nottracked. NS-Fund didn’texistatstart of period. 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B10 | Tuesday, May 11, 2021 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Food Delivery Offers EateriesEmptyCalorie

After a hard year for U.S. res- self has said it expectsmost restau- taurants, food-delivery platforms rantstoopt forits most expensive appear to be giving them a break. tier. They aren’t expecting to make any That isn’tbychance: DoorDash’s less money, though. lowest tier includes asmaller deliv- Last month, DoorDash introduced eryradius and offersmarketing only athree-tiered commission structure at an added cost. It also excludes a forU.S.restaurant partners. Uber restaurant from participating in its Technologies’Uber Eatshas been eater loyalty program, rendering the experimenting with similar tiered restaurant lessappealing to manyof structures domestically formonths. the platforms’ high-value eaters. Deliveryplatforms saytiered Uber Eatsisstill testing out vari- plans aremeant to giverestaurants ous pricing equations,but the lesser moreoptions.They could use the tiersalso don’t appear to be any goodwill. Having long argued against moreattractive. In one such test re- steep fees,regulatorsimplemented viewedbyThe Wall Street Journal, temporarycommission caps across thereare just two options fordeliv- manyareas over the past year.Data ery. Thelower-priced 5% commis- show deliveryplatforms added fewer sion with afixed $1.99 feemeans restaurants between April and De- eaterscan find arestaurant on the cember last year than they did dur- platform only when they explicitly BAEZ/REUTERS ing the same months in 2019. search forit. It isn’t even that cheap: VIN

AL Some of that has to do with res- On a$30 order,the math works out Local solar installations face fewer permitting hurdles than solar farms. Panels at a Puerto Rico hospital. taurants’ pinched budgets. But it is to atotal payment of nearly 12% of also likely because the common the food sold. Arestaurant’sonly practiceofadding restaurantsto other option is to effectively paya platforms without explicit agree- totalofnearly 27% on the same $30 Energy EfficiencyMissesOut mentshas fallen out of favor. food order—likely still not enough to In California, platforms nowneed spareeatersfrompaying sizable de- agreementsinplace with restaurants liveryfees outside of Uber’s ownloy- to deliver their food. Deliverywork- alty program. Projects lack excitement of wind turbines, hydrogen but offer solid paybacks ersoften showedupand crowded Thereality is that no one has kitchens unexpectedly,while delivery much choice. Deliveryplatforms platforms received ordersfor items need to charge high commissions to Low-energy lightbulbs and roof- els, and combining them with stor- privately owned, but Ameresco is restaurantsnolonger served. This showtheir investorsattractivere- top solar panels can cut home- age batteries builds resilience to listed in New York. Established in wasaproblem morebroadly last turns in the presenceoffierce com- owners’ power bills. Investors can power cuts. Local solar installa- 2000, it operates in the U.S. and year when restaurantsunexpectedly petition. Uber is determined to be benefit from the green retrofit of tions avoid the costs and power Europe. Hopes are already high: closed to cut costs, unbeknown to profitable by the end of the year.Its public and commercial buildings as loss associated with transmission The shares trade at 39 times for- deliveryplatforms still listing their Eatsbusinesslost hundreds of mil- governments and companies set lines and face fewer permitting ward earnings, ahead of wind tur- menus. lions of dollarsinthe firstquarter. ambitious decarbonization targets. hurdles than stand-alone solar bine maker Vestas and green-en- Thebet on tiered pricing has to Profitability startstolook likemore Properties use lots of energy. farms. ergy utility NextEra Energy. be that options aremorepalatable of astretch if commissions broadly Keeping them illuminated and The process of greening build- Electrical-equipment manufac- forrestaurantsinitially,opening the decline.Deliveryplayers have been temperate consumes about 40% of ings has started, but many schools, turers are another way in. ABB, door foranupsell down the road. explicit that they will upcharge de- energy and generates roughly 36% universities, hospitals, offices and Eaton and Schneider Electric DoorDash’snew tiersstart as lowas liveryfees to eaterswhen restau- of energy-related greenhouse-gas factories still need to be done. Ar- make products and smart-integra- 15% of the order—a far cryfromthe rantsselect lower-tier plans. emissions in Europe. Renovations guably in pole position to benefit tion technology used in upgrades. 30% plus that some restaurantshave Investorshoping a post-pandemic can be costly, but companies are are energy-service companies, or Some have an ESCO business. reported paying forservices in the world finally looks moreeconomical increasingly accountable for green- ESCOs. They custom design the These companies’ shares have past. But forarestaurant looking for forrestaurantsshould remember house-gas emissions and decar- renovation of an existing facility risen by more than half in the past aplan that includes comprehensive that, when it comes to delivery, bonization promises are piling up. to reduce its energy usage and year and trade at around 23 times discoveryand deliveryservices,not someone always picks up the tab. Politicians are acting. President provide the customer’s desired forward earnings. all options makesense.DoorDash it- —Laura Forman Biden’s jobs plan includes a target combination of higher resilience There are funds focused on the of constructing or retrofitting two and lower costs and emissions. opportunity. New York-listed Han- Uber Eats’adjustedEbitda* Uber Technologies shareprice million homes and commercial Some building owners pay for non Armstrong Sustainable In- buildings, while the European the overhaul and reap the savings. frastructure Capital has a sizable $100 million $60 Union wants to overhaul 35 million Others avoid the upfront costs and energy-efficiency holding, while inefficient buildings by 2030 as instead sign an energy perfor- London-listed SDCL Energy Effi- 50 part of a “Renovation Wave.” mance contract with the ESCO, ciency Income Trust focuses 0 Energy-efficiency renovation which then earns a set percentage squarely on the area. 40 projects on average deliver savings or sometimes all of the cost bene- As ever in the popular green-en- upward of 25%, according to the fits. These so-called energy-as-a- ergy sector, investors need to care- International Energy Agency. In- service projects were a $13 billion fully consider how the price they –100 30 stalling more efficient lighting, market in North America in 2020 pay matches up with the growth heating and cooling systems are and will be worth nearly $34 bil- prospects on offer. Still, energy ef- 20 proven ways to cut energy usage lion by 2029, according to re- ficiency is a trend with meaningful –200 and emissions. Integrating them searcher Guidehouse Insights. implications for a range of differ- 10 into smart digital systems offers The approach is popular in both ent companies. They may be less additional gains, though it can be the U.S. and China, with Europe photogenic than wind farms and Quarterly Projections complex. expected to follow. Some ESCOs less exciting than hydrogen, but –300 0 Buildings can generate their are divisions of utilities or equip- these wallflowers of green energy 2020 ’21 2020 ’21 own energy, cut bills and reduce ment makers but others are stand- shouldn’t be overlooked. *Earnings beforeinterest, taxes, depreciation and amortization emissions with rooftop solar pan- alone. Most big U.S. players are —Rochelle Toplensky Source:FactSet Market-Leadership Shift Pipeline Attack Highlights Obstacles Is Reassuring Amid Rally Thereisnogood time forama- jor fuel conduit, such as Colonial Pipeline’s,togoout of service. But with the newly vaccinated U.S. pop- Value stocks globally just re- Global value stocks vs.global growth ulation ready to getout and travel, corded their strongest short-term stocks,12-week relativeperformance this is alousy one. performance against growth stocks The5,500-mile artery, which car- in over a decade. In a market rid- 15% ries roughly 45% of the gasoline dled with signs of froth and eu- 10 and diesel fuel consumed on the phoria, that’s a healthy develop- East Coast, shut down on Friday af- ment. 5 ter aransomware attack—the type The MSCI All Country World in which attackersgain control of Value Index—heavy on less-expen- 0 systems and demand payment in sive financial, healthcare and in- return forunlocking the victim’s –5

dustrial stocks—is beating its networks and data. GES

growth-stocks equivalent by 11.3 –10 Theattack’simpact will depend IMA percentage points over the past 12 on howlong the disruption lasts. If weeks. That’s its biggest advantage the pipeline is up and running by ETTY –15 /G

since mid-2009, when the equity Wednesday, it won’t be significant TT

market was climbing off the floor –20 or lasting,said Roger Read, equity PLA following the global financial cri- 2009 ’12 ’15 ’18 ’21 analyst at Wells Fargo, in areport.

sis. Note:MSCIACWorld, Value and That is because refinerstypically SPENCER Of course, that follows last Growth indexesused, total return have some crude oil and refined U.S. retail gasoline prices are around the highest they’ve been in three years. year’s even-larger outperformance Source:FactSet product inventoryonhand. by richly valued growth stocks, the Alonger outagehas the potential to datafromGasBuddy.Gasoline week.But the incident highlights greatest since the heat of the dot- rest of the world in aggregate are to increase fuel prices as the indus- cracks—or the differencebetween morethan just the vulnerability in com bubble. In general, growth still at or near record highs. tryresortstomoreexpensivework- the priceofcrude oil and the price Colonial Pipeline’snetworks. stocks—led not just by the U.S. Banks, industrial stocks and the arounds with limited capacity.One of gasoline—touched multiyear It places aspotlight on the fact FAANG set but the emerging Chi- materials and energy sectors immediateoption is relying more highs in recent weeks,according to that so much of U.S. refining capac- nese technology sector—have should all benefit from the brim- on East Coast refining capacity.The arecent report from BofA Global ity in the U.S. is concentrated on trounced their more staid peers ming economic recovery as vacci- sharepriceofPBF Energy,which Research. Compliancewith the Re- the Gulf Coast. Theregion accounts globally over the last decade. nations are rolled out globally, as has refineries in the East Coast, fell newable Fuel Standard, which sets foralmost half of U.S. petroleum There is no magic formula that well as from modest inflationary 2.4% on Monday. That is only alim- annual quotas forthe quantity of refining capacity.Practically no new says value and growth stocks must pressure. ited option because the majority of ethanol and biodiesel that must be major refineries have been built equilibrate. Tech stocks carry a Skeptics would argue that the U.S. refineries areonthe Gulf blended intofuels,has been the sincethe 1970s,inpart because of premium price, but the companies recent rotation is simply a further Coast. Another option is sourcing main driver of that pricesurge,ana- stringent environmental rules.On are experiencing tremendous earn- sign of exuberance—hot money locally through rail and road, lystssaid. But if the pipeline disrup- topofthat concentration, other ex- ings growth. Still, after last year’s spilling from one market sector though both have limited capacity. tion lastslonger,itwould start isting rules such as the Jones Act rally, a period of rebalancing into another. Ships could provide supplies,but tightening inventorylevels. As of createneedlessbottlenecks foral- would be positive for the market But for investors who find the the number of available vessels is last week,datafromthe U.S. Energy ternativemodes of fuel transporta- in general, making it less depen- consensus forecasts of U.S. and constrained by the Jones Act, Information Administration showed tion, while the Renewable Fuel dent on a handful of high-price global growth relatively persua- which barsforeign-flaggedships U.S. gasoline inventorywas at 235.8 Standardadds alayer of cost and names. sive, and who don’t believe the from moving between U.S. ports. million barrels,which is at the complexity forrefinersthat is ulti- Bank of America analysts see an Federal Reserve and other central Another alternativeissourcing re- lowerend of the five-year range. mately passed down to consumers. analogy with the rotation toward banks will be shocked into action fined productsfromEurope. Thepipeline operator said Mon- While the government can’t pre- value after the internet stock bub- by higher inflation soon, increas- Just as Americans gear up for dayafternoon that it plans to grad- dict the timing of futurecyberat- ble burst in 2000. But there is a ing market breadth should be summer travel, U.S. retail gasoline ually resume itswork,with the goal tacks,itstill has afew thingsitcan clear difference so far: Broad stock taken as a sign of health. prices arearound the highest they of “substantially restoring opera- use in itstoolbox. indexes both in the U.S. and the —Mike Bird have been in three years, according tional service” by the end of the —Jinjoo Lee