P2JW097000-5-A00100-17FFFF5178F

***** WEDNESDAY,APRIL 7, 2021 ~VOL. CCLXXVII NO.80 WSJ.com HHHH $4.00

DJIA 33430.24 g 96.95 0.3% NASDAQ 13698.38 g 0.1% STOXX 600 435.26 À 0.7% 10-YR. TREAS. À 17/32 , yield 1.656% OIL $59.33 À $0.68 GOLD $1,741.50 À $14.50 EURO $1.1874 YEN 109.74 Netanyahu Gets First Bid to Form Coalition, but Path Is Steep Credit What’s News Suisse Hit Hard Business&Finance On Fund redit Suisse reported Ca $4.7 billion hit from the meltdown of Archegos, Debacle slashed its dividend and said its investment-bank- ing and risk chiefs would Swiss bank reports leave the bank. A1 unit lost $4.7 billion,  Big companies aremak- ing plans to stick with city- reduces dividend and center officebuildings, but cuts ties with staff they arecutting back on spaceand driving down BY MARGOT PATRICK rent prices foryearsto come,ananalysis shows. A1 Credit Suisse Group AG re-  Merchant groups have ported a$4.7billion hit from formed acoalition to push the meltdown of Archegos forstricter antitrust laws, Capital Management,slashed including measures they hope itsdividend and said itsin- could forceAmazon to spin off vestment banking and risk

some of itsbusinesslines. B1 OL chiefs would leave the bank. PO

S TheSwisslender wasthe  Japan’sToshiba said it

PRES hardest hit by the collapse late received a proposal for ac- Y/ last month of Archegos,aU.S. quisition from private-equity family investment firm, with firm CVC, adeal that could MOISK

LO itsunit that services hedge be valued at morethan KO funds registering the loss.The $20 billion if completed. B1

ALEX Archegos crisis emergedjust  Aramcoisinadvanced STANDOFF: Israeli Prime Minister Benjamin Netanyahu, right, and his last coalition partner Benny Gantz, left, attend the weeks afterGreensill Capital, a talks to sell up to a49% stake swearing-in ceremony for lawmakers in parliament in Jerusalem on Tuesday. Israel’s president gave Mr. Netanyahu the U.K. financefirm, filed forin- in itsoil pipelines to aconsor- first crack at forming a new government after the nation’s fourth deadlocked election in two years. A6 solvency and leftthe bank on tium of investorsfor between the hook forlosses. $10 billion and $15 billion. B1 Chief ExecutiveThomas Gottstein will stay in his job,  Major U.S. stock indexes but Chief Risk Officer Lara fell, with the S&P 500 and Warner leftthe bank Tuesday Nasdaq both slipping 0.1% White-Hot U.S. Stock Rally and head of investment bank- and the Dowlosing 0.3%. B13 ingBrian Chin will depart at  Topps is going public theend of April. through acombination with Thedouble blows of a SPAC that sees potential Masks Massive Value Swings Archegos and Greensill repre- forthe baseball card maker’s sent the bank’sbiggest test in expansion in the digital yearsand comes at atime of collectibles market. B1 leadership transition. Mr. BY GUNJAN BANERJI TheCboe Volatility Index, a percentageofthe index’stotal value—more than what all of Gottstein took over ayear ago  United Airlines said it gaugeofstock volatility based market value. Coca-Cola Co.iscurrently afterhis predecessor,Tidjane would start enrolling students Explosivemoves in individ- on options priced on the S&P Mammoth swingshave worth—in five sessions ahead Thiam, was forced out after in the pilot-training acad- ual stocks and sectorsare un- 500,recently closed at itslow- grownmorecommon across of itsJanuaryearningsreport. the bank wascaught spying on emyitagreed to buy before derpinning awhite-hot streak est level in morethan ayear. the stock market even as ma- Nvidia Corp.and PayPal Hold- an executivewho had recently the pandemic interrupted in the market. Yetunder the surface, the jor indexes keep touching re- ingsInc.each fell about $56 leftthe bank. itsplans to bolster hiring. B2 Major U.S. stock indexes market values of stocks within cords. And they haven’t been billion in market value in just Laterthis month, the bank’s have kicked off the second the S&P 500 are shrinking or limited to stocks such as days in March, according to longtime chairman, UrsRoh- World-Wide quarter with abang,powering swelling at arateapproaching GameStopCorp., which soared Bank of America. ner, is set to retire. He is to be higher and building on ablock- the firsthalf of 2020,when morethan 2,000% this year The S&P 500 slipped on succeeded by an outsider, buster rally that began in volatility soared at the start of beforefizzling,orViacomCBS Tuesdayafter signs of rapid LloydsBanking Group PLC  Biden said that all U.S. March 2020.The market’sas- the Covid-19 pandemic.That is Inc., which shed morethan economic recovery propelled Chief ExecutiveAntónio Horta- adultsshould be eligible for cent sincethen has been nearly according to Bank of America half its value in a few days in the broad U.S. stock indexto Osório. Covid-19 vaccines by April 19, relentless, pushing the S&P Corp.analystswho parsed the the midst of the blowupof another record close aday ear- PleaseturntopageA2 speeding up atimeline he set 500 to 17 highs in 2021 and re- 50 largest shifts—higher or Archegos Capital Management. lier.The DowJones Industrial out last month, as he urged cently hurtling past the index’s lower—in market value among Apple Inc., forexample, Averageslipped 0.3%, or about  Heard on the Street: Just the Americans to be patient 4000 mark forthe firsttime. companies in the S&P 500 as a gained $265 billion in market PleaseturntopageA2 start of a turnaround...... B14 and take precautions. A5  California plans to fully reopen its economy on Newofficetenants in the market monthly, June 15 assuming there is first quarterofeach year enough supply of vaccine Calls Grow to Abandon Rules for everyone ages 16 and 350 NewYork Washington D.C. Chicago Los Angeles older and Covid-19 hospi- talizations remain low. A3 Eased in the Pandemic 300 100  Some Democratic policy goals in Biden’s infrastruc- ture plan could soon bump 250 50 up against arcane Senate Some want regulations on outdoor dining, telehealth gone for good rules that limit what type of 200 0 legislation lawmakers can BY AARON ZITNER AND JULIE BYKOWICZ movewith his ability to rehire40employees. 2020 ’21 approvealong party lines. A4 Across the country, state and local gov- 150 One day early in the coronavirus pan- ernments have temporarily eased hundreds  Western and Iranian offi- Boston SanFrancisco Seattle demic, El Arroyo, a Tex-Mex restaurant in of regulations during the pandemic, aiming cials kicked off talks on re- Austin, banked just $186 in sales. Owner El- to help consumers social distance and busi- 100 100 viving the 2015 nuclear ac- lis Winstanley put a cheeky plea on the mar- nesses avoid economic disaster. Now, some cord against abackdrop of quee: “Now would be a good time to legalize want to abandon them for good. bitterrelations between 50 50 drive-up margaritas.” Lawmakers in Texas and at least 19 other Washingtonand Tehran. A6 Days later,Texas Republican Gov.GregAb- states that let bars and restaurants sell to-go bottdid just that by issuing temporaryap- cocktails during the pandemic are moving to  Israel’spresident gave 0 0 Netanyahu the firstcrack at proval of alcohol pickup and deliveryfromli- PleaseturntopageA8 2020 ’21 2020 ’21 forming a new government censed barsand restaurants. Mr.Winstanley after the country’s latest Source:VTS analysis changed his sign to credit the governor’s  California sets date to fully reopen...... A3 deadlocked election. A6  Jordan’sdeputy premier Companies Seek Cuts said authorities had neutral- Hair a Mess? ized what they said wasa mounting threat posed by a In Office Space, Rent Your Barber Salesforce. former crownprincewho had criticized the government of his half brother,the king. A6 Is Thrilled BY PETER GRANT presence while allowing em- #1 CRM.  ProsecutorsinDerek Chau- ployees to work remotely at iii vin’strial continued to focus Bigcompanies aremaking least part-time. on policetraining and tactics plans to stick with city-center Theterms under negotiation Newly vaccinated Ranked #1 for CRM Applications basedon in an effort to showthe ex-of- officebuildings, but they are showlandlords areoffering IDC 2020H1 Revenue Market ShareWorldwide. ficerused excessiveforce in his cutting back on spaceand long-termleases of four and visit salons with 19.8% restraint of George Floyd. A3 driving down rent prices for more yearsatdiscountsupto yearstocome,according to an 13% belowrent ratesreached in patchy home trims  Died: Alcee Hastings,84, analysis of U.S. office leasing the firstquarter of 2020 when longtime congressman. A4 trends prepared for The Wall factoring in concessions likepe- BY RACHEL LOUISE ENSIGN Street Journal. riods of free rent, according to TheJournal’sleasing infor- VTS. Companies arealso seek- At least onceaday,a JOURNAL REPORT mationcomes from the data ingonaverage about 10% less masked man with shaggy hair Artificial Intelligence: It’s firm VTS, which tracks tens of spacethan they were looking walks intoMikeMoriello’s Sau- time to create new thousands of negotiations forinthe firstquarter of 2020. gus, Mass.,barbershop.At benchmarksfor AI. R1-6 acrossthe U.S. between land- As Covid-19 vaccine rollouts first, the fifth-generation bar- 5.3% lords and tenants. Landlordand accelerateand moreworkers ber thinks he’sastranger. 4.8% CONTENTS Personal Journal A9-10 tenant discussions in seven of feel that it is safetogoback to Then he realizes another 3.9% Arts in Review.... A11 Property Report... B6 3.8% Business News...... B3 Sports...... A12 the largest officemarketsoffer the office, morecompanies longtime customer is returning Crossword...... A12 Technology...... B4 an early glimpse intothe evolv- might look to add officespace. forhis firstcut in morethan a Heard on Street.B14 U.S. News...... A2-5 ing workplacestrategies for But if the current tenor of nego- year.“Theguy might have a 2016 2017 2018 2019 2020H1 Markets...... B13 Weather...... A12 hundreds of companies after a tiations persists, it would be baseball caponand amask on Source: IDC, Worldwide Semiannual Opinion...... A13-15 World News...... A6-7 year of largely remotework. setting up building ownersfor a and long hair coming down to SoftwareTracker,October 2020. Rentproposals made during challenging period. his shoulders. I’ll be like‘Joe, I > the first quarter suggest that TheU.S.office-vacancyrate can’t believeit’syou!’ ” Mr. manycompanies in the biggest rose to 11.9% in the firstquarter Moriello said. markets—including NewYork, compared with 9.7% at the end Some Americans worried salesforce.com/number1CRM SanFrancisco, Chicagoand of 2019,according to datafirm about contracting Covid-19 in- CRM market includesthe followingIDC-defined functional markets:Sales ForceProductivity andManagement, Los Angeles—areembracing CoStar. Now, landlords are doorsskipped routine haircuts MarketingCampaign Management, Customer Service, Contact Center,Advertising,and Digital Commerce s 2021 Dow Jones & Company, Inc. Applications. ©2020salesforce.com, inc. Allrightsreserved.Salesforce.comisaregisteredtrademark of All Rights Reserved an emerging hybrid model: willing to offer rent discounts and other personal-careser- salesforce.com, inc.,asare other namesand marks. maintaining ashrunken office PleaseturntopageA4 PleaseturntopageA8 P2JW097000-0-A00200-1------XA

A2 | We dnesday, April 7, 2021 THE WALL STREET JOURNAL. U.S. NEWS IMF Lifts 2021 Growth Forecast to 6%

BY YUKA HAYASHI pand 6.4% this year and regain provide sizable positive spill- The IMF sees robustgrowthinthe global economy Amid the diverging eco- itspre-pandemic sizeafter an overstotrading partners,” the both this year and the next,led by the U.S. and China nomic fortunes, Ms. Gopinath WASHINGTON—The global estimated contraction of 3.5% report said. cautions the U.S. and other Advanced Emerging and U.S. China economyislikely to expand last year.The IMF earlier pro- Despite problems with vac- economies* developing economies† wealthynationsagainst tight- this year at the fastest pacein jected 5.1% growth in 2021. cine rolloutsinEurope and lo- 10% ening monetarypolicyprema- at leastfour decades as vac- China’s economy is projected calized surgesinCovid-19 turely.Higher interest ratesin cine rolloutsaccelerate and to expand 8.4% this year, ver- cases caused by variantsof advanced economies could in- advanced economies spend ag- sus an earlier forecast of 8.1%. the disease,the IMF raised its Global average crease borrowing costsand gressively to counter the Washingtonhas pledged to forecastsfor other major 5 debt burdens forcountries Covid-19 pandemic and related spendroughly $5 trillion since economies,particularly Can- that rely on overseas financing lockdowns,the International last spring to battle the ada, the U.K. and Italy. while drawing away invest- Monetary Fund said Tuesday. Covid-19 pandemic and its Therecoverywill be less ment capital. The IMF expects the world economic fallout, including the robust in manyemerging-mar- “Major central banks should 0 economytogrow6%this year, $1.9trillion package approved ketand developing economies provide clear guidance on fu- the most since1980,when it in March. TheFederal Reserve hit hardbyslumps in tourism ture actions with ample time started tracking dataona has slashed short-term inter- and commodity exportsand PROJECTIONS to preparetoavoid taper-tan- comparable set of countries. estrates almost to zero while often lacking the financial re- trum kinds of episodes,” Ms. That is an upgradefromapro- buying trillions of dollarsin sourcesneeded to cushion –5 Gopinath said, referring to jection for5.5%growththe securities.Other advanced their economies,the IMF said. 2019 2020 2021 2022 2013,when the Fed’sunex- IMF made in January. The economies,including the Euro- “Multispeed recoveries are *Includes U.S. †Includes China Source:International Monetary Fund pected suggestion that it pandemic cut global output by pean Union, Japan and the underway in all regions and might tighten policysent an estimated 3.3% in 2020,the U.K.,havepursued similar across income groups, linked economist, in thelatestedi- Output in Latin Americaand Treasuryyields soaring.Ad- worstpeacetime outcome strategies. to stark differences in the pace tion of itssemiannual World theCaribbean is projected to vanced-economyratein- since the Great Depression. “At$1.9trillion, the Biden of vaccine rollout, the extent Economic Outlook. expand 4.6%, up from 4.1%. As creases that areorderly and TheU.S.and China, the administration’snew fiscal of economic-policysupport, In sub-Saharan Africa, GDP awhole,emerging and devel- reflect stronger growth expec- world’sbiggest economies,are packageisexpected to deliver and structural factorssuch as is expected to expand 3.4% this oping economies areexpected tations need not pose difficul- driving the recovery. The U.S. astrong boost to growth in relianceontourism,” said Gita year,animprovement from the to grow 6.7%, up from a6.3% ties forother countries,she economyisprojected to ex- the United States in 2021 and Gopinath,the IMF’schief forecast of 3.2% in January. forecast in January. said.

Giant Ship Makes Waves in Florida continued to expand itsbusi- Credit ness with the company. Credit Suisse suspended its Greensill funds March 1, after Suisse to credit insurancethat Greensill wasincharge of arranging ran out. Theinsurancemade the Take aHit funds safer and let Credit Suisse market them as an al- ternativetomoney-market ContinuedfromPageOne funds, even though many of Credit Suisse struggled the underlying investments through aseries of mishaps in were sub-investment grade. recent years, causing surprise It demoted Eric Varvel, the one-off chargesthat dented its head of the asset-management earningsand undermined its unit that ranthe funds,in reputation as asafeplacefor March and named anew head theworld’srich to storetheir to the division. wealth. Mr.Gottstein promised Part of the recent decline in to runatighter ship and avoid Credit Suisse’ssharepriceis surprises. linked to worries that the bank To shoreupcapital, Credit will have to at leastpartially Suisse said it would suspend a compensateinvestorsinthe share-buyback program and Greensill funds. payareduced dividend Thefunds could take years through amix of capital and to clawback money from in- retained earnings. Mr. surersand the underlying Gottstein and the rest of the Greensill borrowers.Prelimi- executiveboardwon’t receive naryestimates inside the bank any2020 bonuses.Mr. Rohner peg the fund losses up to $1.5

GES is giving up part of his pay. billion, according to aperson

IMA Christian Meissner,aBank familiar with the matter. of AmericaCorp.and Goldman Threeweeks afterthe

GETTY Sachs Group Inc.veteran, will Greensill crisis,morebad news become head of the investment forthe Swisslender emerged. EDLE/

RA bank,Credit Suisse said Tues- Credit Suisse wasone of at

JOE day. Thebank hired Mr.Meiss- least six banks that had to un- HEAVY LOAD: The 1,200-foot-long CMA CGMArgentina arrived TuesdayinMiami, the largestcontainer ship to makeaport call in Florida. ner last year to lead anew unit load large stock positions connecting itswealthiest cli- when Archegos imploded. The entstoits investment bank.It NewYork-based family office put itsformer chief risk offi- 45 Cboe Volatility Index50largestfive-day changes in signs forthe stock market. cer, Joachim Oechslin, tempo- Stocks See market capamong S&P500 “We’reentering anew re- rarily back in that job and The bank was one of 40 stocks,asapercentageofthe gime,” said Eddie Perkin,chief named atemporaryhead of index’stotal value* investment officer of equities at compliance. at least six that had Eaton Vance. “It’snot just about Thebank’shead of equities Big Swings 35 35% PROJECTED to unload large the market going up and down, sales,Paul Galietto,akey con- 30 30 but who arethe individual win- tact on the Archegos account, stock positions. In Value nersand losers, and it’snot a will leave the bank this month, 25 25 simple thingtofigureout.” according to amemo reviewed To some investors, the re- by TheWall Street Journal. ContinuedfromPageOne 20 20 cent dash forrecords,despite Credit Suisse shares have builtupstakesinindividual 97 points, from itsown closing the swingsinindividual stocks, fallen by nearly aquarter since stocks with heavyborrowing record.The tech-heavy Nasdaq 15 15 highlightsthe market’sresil- March, but edged only slightly from banks.Archegos couldn’t Compositefell lessthan 0.1% ienceasinvestorshavebanked lowerTuesday. keep the positions going when and remains down about 2.8% 10 10 on aspeedy economic recov- “The one-two punch of one of the stocks fell sharply. from itsFebruaryhigh. ery. Millions of people in the Greensill and Archegos shreds Credit Suisse wasone of the Theincreased turbulencein 5 5 U.S. have been vaccinated, anyillusion that itsrolling rep- last banks to exit, the Journal individual stocks highlightsa businesses have reopened and utational crises areexcusable reported. Some analystsesti- salient feature of the market 0 0 manypeople have returned to anomalies,” said Nir Kossovsky, mated it would lose between over the past year: Market vol- May2020 ’21 2011 ’20 work,sending unemployment chief executiveofSteel City $3 billionand $4 billion from atility cancut both ways, lead- *Figures through March 29.Dataare foreach six-month period. to apandemic low. Meanwhile, Re,which helps companies the fire sale. ing to big swings, both up and Sources: FactSet (Vix); Bank of America (changes) the U.S. economyisexpected managereputational risk with Thomas Hallett, an analyst down, in stocks.Some analysts to grow about 6.5% this year, advisoryservices and insur- at Keefe, Bruyette &Woods said this is driven in part by the forindividual stocks.Bullish indexesand groups within the thefastest pacesince1984. ance. “The issue almost always Europe,said the longer-term popularity of the momentum options that profit if individ- market. Beaten-down corners Worries that rising Treasury boils down to siloed knowl- implicationsfor Credit Suisse trade in which investorsbuy ual stocks surge have been of the stock market have been yields would derail the stock edge,authority and account- could include amuch shorter shares of stocks that arerising growing costlier as investors outperforming their highflying rally,especially in the tech sec- ability, and not having across leash from regulators, who quickly and dump the relative account forthe growing likeli- growth counterpartsbythe tor, haven’t panned out. The organizational intelligence might curb the bank from en- losers. Otherssay dwindling li- hood that shares of certain largest margin since2001, ac- yield on the 10-year Treasury gathering and analysis around tering newbusinesslines or quidity—or howreadily buyers companies could abruptly cording to Dow Jones Market notesettled at 1.656% Tuesday reputational risk,” he said. restrict itsdividends and share canfind sellersand viceversa— jump higher as quickly as they Data. TheS&P 500’senergy and the Nasdaq Compositehas While the hole created by buybacks.Thereisalso the has magnified the market’s could fall, according to Bank sector just finished itsbest staged apowerful rebound the Archegos crisis is substan- risk that clients“potentially moves in either direction. of America. Investorstypically quarter on record,after apun- over the past week afterfalling tial, an otherwise strong per- take businesselsewhere,” he “Once you get these move- pay more for bearish options ishing 2020 in which it was intoacorrection—defined as a formanceatthe bank in the said. ments in markets going...they than bullish ones to protect the biggest stock-market lag- drop of at least 10%. It is now firstquarter offset some of the Last week,S&P Global Rat- really seem to have alot of against market crashes. gard.Tech stocks,long amar- off 2.8% from itsclosing high damage. Thebank said it ex- ings, Moody’s InvestorsSer- power,” said Benjamin Bowler, The shift among individual ket darling, have trailed. hit Feb. 12. pectsapretaxlossinthe quar- vice and Fitch Ratings all head of equity derivatives re- stocks highlights howfalling Some investorssaid they ex- “Weare optimistic,” said terended March of 900 million moved to anegativeoutlook search at Bank of America. volatility in the broader mar- pect the recent dynamics to per- Mona Mahajan,senior U.S. in- Swissfrancs,equivalent to on thebank’sratings. “Marketsare alot moreunsta- ket, such as in the S&P 500, sist, especially afterPresident vestment strategist at Allianz about $960 million. “Although clarity has been ble than meets the eye.” belies the big moves in stocks Bidenunveiled his $2.3trillion Global Investors. “Wethink Credit Suisse said itsdeal- provided around thesizeof The trend has trickled into and sectors. infrastructureplan, and that earnings will be quite strong. ingswith Archegos and Green- hedge-fund losses,the debate the options market and led in- Therehavealso been out- dwindlingcorrelations among We think stimulus will be de- sill need “substantial further around the high-risk,concen- vestorstobet on big moves sizedivergences among major stocks andsectorsare positive ployed into the system.” reviewand scrutiny.” It said its trated strategyatCredit Suisse boardformed acrisis team and has only just gotstarted,” Mr. hired outside help to investi- Hallettsaid. THE WALL STREET JOURNAL CORRECTIONS  AMPLIFICATIONS gate. (USPS 664-880) (Eastern Edition ISSN 0099-9660) Thecrises triggeredafun- Share-priceperformance, (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) damental re-evaluation among past three months Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036 TheU.S.administered an The U.K. government said boardmembersand Mr. UBS 10% Published daily except Sundays and general legal holidays. averageof3.1 million Covid-19 itsgoal is to offer everyadult Gottstein about howthe bank Periodicals postage paid at New York, N.Y., and other mailing offices. vaccine doses aday over the a Covid-19 vaccination by the should operate. Theoutcome Postmaster: Send address changes to The Wall Street Journal, 5 200 Burnett Rd., Chicopee, MA 01020. past week.AU.S.Newsarticle end of July.AWorld News ar- of the investigations could on Tuesdayabout the pan- ticle on Tuesdayabout the prompt thebank to alter its All Advertising published in The Wall Street Journal is subject to the applicable rate card, 0 copies of which are available from the Advertising Services Department, Dow Jones & Co. Inc., demicincorrectly said that pandemic incorrectly said the mix between itsmorereliable 1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the right not to wasthe averageoverthe past end of June. wealth-management franchise accept an advertiser’s order. Only publication of an advertisement shall constitute final –5 acceptance of the advertiser’s order. week. and still-volatile investment Letters to the Editor: Fax: 212-416-2891; email: [email protected] Noticetoreaders bank. AWorld News chart on Wall Street Journal staff Theinvestigations will ex- –10 Need assistance with your subscription? By web: customercenter.wsj.com; By email: [email protected] Tuesdayshowing the seven- membersare working remotely amine howthe bank,after By phone: 1-800-JOURNAL (1-800-568-7625) dayrolling averages of daily during the pandemic.For the pouring hugeamountsofin- –15 Reprints &licensing: confirmed Covid-19 cases for foreseeable future, please send vestment intorisk controls and By email: [email protected] India, the U.S. and Brazil in- reader comments only by oversight in recent years, al- By phone: 1-800-843-0008 –20 correctly swapped the labels email or phone,using the con- loweditself to getdeeply in- WSJback issues and framed pages: wsjshop.com Credit Suisse for the U.S. and Brazil. tactsbelow, not via U.S. Mail. volved in both situations. In –25 Our newspapers are100% sourcedfromsustainably certified mills. the case of Greensill, the bank Jan. 7MFeb. arch April GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS Readers can alert The Wall Street Journal to any errors in news articles by reviewedthe relationship sev- emailing [email protected] or by calling 888-410-2667. eral times in recent yearsbut Source:FactSet P2JW097000-5-A00300-1------XA

THE WALL STREET JOURNAL. ***** We dnesday, April 7, 2021 | A3 U.S. NEWS IvyLeague Acceptance Rates Hit New Lows

BY DOUGLAS BELKIN

Apandemic-fueled surge in JOURNAL applications translated intore- JOURNAL REET

cord-lowacceptancerates this ST REET year forthe country’selite LL ST WA

colleges,including most of the LL THE Ivy League. WA R

HarvardUniversity admit- FO THE

ted 1,968 candidates, or 3.4% R LEE of the57,435 people who ap- FO YHM

plied. Theprevious lowest ac- CHOU ceptanceratewas 4.6% two SER SICA

yearsago. Applications surged JES ERICA 43% over last year. Above left, GraceXia and her mother,AliceZhang, prepared to go to the San Mateo, Calif., CityHall to preparefor an Asian Uplift demonstration organized by Ms. Xia. Above Yale University accepted right, Echo Lei, her husband Henry Paoand their son Lukas, 4, at home in Princeton, N.J.The family recently attended aNew York Cityrally to protestviolenceagainstAsians. 4.6% of the 46,905 people who applied. Theapplicant pool grew by 33% over last year, when the school accepted 6.6% AttacksFuel Asian-American Activism of applicants. Columbia University in New York City wasthe second- BY SHAN LI publicly expressthe frustra- State University,San Bernar- Asian-Americans saythat the Asian Uplift, along with hardest school to getinto AND LIYAN QI tions and fearsthat have been dino. crime has amplified their sense friends,toraise awarenessof among the Ivies.Ofthe 60,551 growing over the past year as Last month, a75-year-old of vulnerability to violence. issues critical to the Asian- studentswho applied, just Silicon Valley industrial de- hatecrimes against Asian- woman in SanFrancisco, an im- “It could literally be me.It American community.Seeing 3.7% were accepted—down signer Ben Tang waswalking in Americans increased. migrant from China, fought off could be my mom,” said Echo her grandmother’s fear after from 6.3% last year. apark with his 6-year-old Some first-generation Asian an attacker afterhepunched Lei, 32,who moved to the U.S. attacks against elderly Asian Theeight schools making daughter aboutayear ago immigrantsare speaking openly her.Last week in NewYork from Chinafor graduateschool people,Ms. Xia said, partly up the IvyLeague and several when agroup of young men with their children forthe first City,aman was chargedwith adecade ago. motivated her. other highly selectivecolleges passed by and spat at them. time about racism and what it multiple countsofassault as a Afterthe shootings, Ms.Lei ManyAsian-Americans from lateTuesdaynotified appli- Theincident lefthim feeling meanstobeaminority in the hatecrime forkicking a65- and her husband, HenryPao, an earlier generation had adif- cantswhether or not they had frustrated, he said. In the two U.S.,achangeafter yearsofes- year-old Filipino-American bundled their 4-year-old son ferent experiencecoming of age secured a slot for the coming decades sincehehad moved pousing an immigrant ethos woman in the chest and stomp- intothe carand attended their in the U.S. The40-year-old Mr. fall’s first-year class. Notices from China and later became an that dictates that they work ing on her head and body after first-ever political rally,inNew Pao, who immigrated to the went out a week later than in American citizen, he had expe- hardand stay out of trouble. telling her she “didn’t belong York City,toprotest against U.S. from Taiwan as ateenager, previous years to give admis- rienced racism in the U.S. but Texas State Rep.Gene Wu,a here,” policesay. anti-Asian violence. “I actually said racism wasnever dis- sion officers time to vet the never felt unsafe. Nowhefelt first-generation Chinese immi- felt empoweredwhen Iwas cussed within his family.“My deluge of applications. likeheneeded to be extravigi- grant, said manyAsian-Ameri- standing there,” Mr.Pao said. “I parentsare first-generation Hundreds of additional col- lant when he wasout walking cans arenow questioning their ‘If you don’t speak want to do something.Iwant Asian immigrants,” said Mr. leges,including most elite with hischildren. long-held beliefs of howtonav- to do something forthe com- Pao, afinancial software spe- schools, stopped requiring an His tipping point came in igatelifeinthe U.S. Foryears, out, nobody will munity.Iwant to do something cialistinPrinceton, N.J. “Their ACTorSAT standardized-test March, when agunman killed “Manypeople in the past, hear you,’ said tech forthe kids.” mentality was, don’t getin scoreaspart of the admis- eight people at three Atlanta- even my ownparents, basically Cynthia Choi,the co-execu- trouble.” sions processthis year be- area spas,including six women said, ‘Hey,aslong as we’re designer Ben Tang. tivedirector of Chinese forAf- Ms.Lei’sfather,a53-year- cause it wasdifficult to safely of Asian descent.Itspurred a quiet and we work hard, and firmativeAction, co-founded old retiree who moved to the sit forthe exams during the realization: “Ifyou don’t speak we’rethe good minority,then Stop AAPI HateinMarch 2020 U.S. in 2019,said race wasn’t pandemic.The test-optional out, nobody will hear you,” he we will be protected,’” he said. to track incidentsofviolence somethingthe family had dis- policy boosted applications as said. Thecoronavirus pandemic Thegunman in the Atlanta and discrimination against cussed because it hadn’t been a the number of open seats de- Days later he attended his hasstarted to changethat, he shootings, RobertAaron Long, Asian-Americans and Pacific Is- problem in China and his clined when a disproportion- firsteverpolitical rally,inSan said, as people have realized has been chargedwith eight landers. She said her organiza- daughter hadn’t encountered atenumber of studentsde- Jose,Calif., in protest against that quietly pursuing the Amer- countsofmurder.Hetold po- tion, one of three backing the much discrimination aftermov- ferred admission due to the anti-Asian violence. Thousands ican dream won’t necessarily licehecarried out the shoot- initiative, has seen record do- ing to the U.S. pandemic. of other Asian-Americans came ward off violence. “It’snot pro- ingsbecause of asex addiction, nationsand people offering to They aretalking about it “Ten percent of the class out in cities acrossthe country tection,” he said. “Your number according to law-enforcement volunteer over the past year. now, and Mr.Lei attended his entering this fall were admit- that weekend,and manytook just hasn’t come up yet.” officials,who arestill investi- “We’reseeing people wanting firstrally on March 27 in tedayear ago, and decided to to social media to voicesupport Anti-Asian hatecrimes in 16 gating whether the rampage action,” shesaid. Princeton. “There’snoeasy fix, take agap year,” said Chris- and raise awarenessofrecent of the largest U.S. cities in- constitutes ahatecrime. GraceXia, ahigh school ju- butwehavetostart some- toph Guttentag,dean of under- anti-Asian hatecrimes.For creased 149% between 2019 and Regardlessofwhether police nior in SanMateo,Calif., is in where,” he said. “I would rather graduateadmissions at Duke manyofthem, it wasthe first 2020,according to an analysis ultimately decide to bring hate- the processofincorporating a speak up nowbeforeitgets University,wherea25% uptick time they had been moved to by researchersatCalifornia crime chargesinthe case,many nonprofitorganization called worse.” in applications drovethe ac- ceptance rate to a record-low 5.8% from 8.1% last year.“That left fewer places than usual.” California Sets June 15 Date to Fully Reopen Morethan 100,000 students applied to NewYork Univer- sity and the school accepted BY IAN LOVETT ministered more than 20 mil- the virus over the past several California Health and Human 12.8%—a record low. Among AND CHRISTINE MAI-DUC lion doses.The Democrat said months.Buoyedbythe vaccine Services SecretaryMark Ghaly thoseaccepted, 20% arethe he expected that number rollout, California is now see- said stateofficials would moni- firstintheir family to go to LOSANGELES—California would reach 30 million by the ing an averageoffivenew torhospitalization rates—in-

college, 20% arelow income, GES plans to fully reopen itsecon- end of April. cases aweek per 100,000 resi- cluding among those who have

and 29% come from tradition- IMA omyonJune 15,assuming “Wecan confidently sayby dents, down from apeak of been vaccinated—for signs that ally underrepresented groups, thereisenough supply of vac- June 15 that we canstart to more than 100 in January. additional variantsmight drive the school said. GETTY cine for everyone ages 16 and open up as business as usual, Themovewould allowCali- afourth wave of the disease At Dartmouth, wherethe AN/ older and Covid-19 hospitaliza- subject to ongoing mask wear- fornians to return to indoor currentlybeing seen in other acceptanceratedropped to tions remain low. ing and ongoing vigilance,” dining,museums,movie the- states andcountries. SULLIV 6.2% from 9.2% last year, 48% At anewsconferenceon Mr. Newsom said. aters, and other businesses Reopening theeconomy TIN

of accepted students identify JUS Tuesday, Gov. Gavin Newsom Theannouncement on that have been largely or en- would also be a crucial politi- as Black, indigenous or other Gov. Gavin Newsom said said getting the vaccine out Tuesdaywas testament to the tirely shut down over the past calvictoryfor Mr.Newsom, people of color,the school getting the vaccine out quickly quickly wasthe key to reopen- dramatic turnaround Califor- year.Requirementstowear whofaces apossible recall said, while 17%are the firstin was the key factor. ing.Sofar,the statehas ad- nia has made in controlling masks in public would remain. election this year. their family to attend college. “It is safe to say this is the most broadly diverse accepted classinthe long historyof TestimonyFocusesonPolice Dartmouth,” said LeeCoffin, vice provost forenrollment and dean of admissions and fi- Training in Chauvin’s Trial nancial aid. Applications were elevated at brand-name schoolsbut BY JOE BARRETT Eric Nelson, says Mr.Floyd didn’t teach itsofficerstouse were flat or down at many AND ERIN AILWORTH died from acombination of a their knee on the neck of a lesser-known institutions.The drug overdose and aheart suspect who is prone and rich aregetting richer and alot Prosecutorsinthe trial of condition. handcuffed. of other schools arestruggling, former Minneapolis policeof- Mr.Floyd was handcuffed “Wemay showthe younger said Bill Conley,founder and ficerDerek Chauvin continued and facedownduring the ar- officersinthe academywhat co-principal of Enrollment In- on Tuesdaytofocus on police rest,asMr. Chauvin knelt on that looks likebut we don’t telligenceNow,anenrollment- training and tactics in an ef- his neck,while two other offi- train leg neck restraintswith management consulting firm. fort to showMr. Chauvin used cers restrained his back and the officersin-service,” he “I think we aregoing to excessiveforce in his re- legs. Afourth officer kept by- said.“As far as my knowl- continue to see aseveresepa- straint of George Floyd. standersaway.Mr. Floyd edge, we never have.” ration of the elitefromthe sub Mr.Chauvin faces charges cried out several times that His testimonycame the eliteand everybody else,” he of second- and third-degree he couldn’t breathe and even- dayafter Minneapolis Police said. murder and manslaughter for tually appeared to lose con- Chief Medaria Arradondo tes- At the University of Penn- kneeling on Mr.Floyd’s neck sciousness. tified that Mr.Chauvin vio- sylvania,the acceptancerate formorethan nine minutes. Lt.JohnnyMercil, who has latedmultiple policies when fell to 5.7% from 9% last year. He has pleaded not guilty. been with the Minneapolis he restrained Mr.Floyd last TheMassachusetts Institute TheHennepin County medical PoliceDepartment since1996 May25. Mr.Arradondo tried of Technologyaccepted 4% of examiner ruled Mr.Floyd’s and heads the department to portray apolicedepart- applicants, down from 7. 3% death last year ahomicide. that trains officersonuse of ment that strives to treat citi- last year,while Princeton Mr. Chauvin’s defense lawyer, force, said the department zens with dignity and respect. dropped to 4% from 5.6% last Mr.Mercil on Tuesday year. made asimilar case.“The Acceptancerates cancon- cornerstone of our use of WILD CHILD tinue to shift as schools turn forcepolicyisthe sanctity of STUD EARRINGS to their wait lists to round out lifeand protection of the WITH MULTI-COLOR their classes,sonumbers public,” Mr.Mercil said. You SAPPHIRES & aren’t considered final until want to use the least amount BRILLIANT DIAMONDS thestart of the school year. of forcenecessarytomeet Last year,manyselective your objectives of control.” schools dug unusually deep When shown aphotoof intotheir wait listsbecause so Mr.Chauvin atop Mr.Floyd, manystudentsdecided to take Mr.Mercil testified that Mr. a gap year. Chauvin’s useofhis knee on Garden Bloom “That wasaunicorn year, Mr.Floyd’s neck isn’t taught

wait listswereoverutilized,” OL by the department.

PO PAULMORELLI.COM

HafeezLakhani, acollege S He said that while that counselor in NewYork and type of restraint mayocca- NYC: 895MADISON (72ND&MADISON) president of Lakhani Coaching, /PRES sionally happen,itwouldn’t TV PHL: 1118WALNUTSTREET said of highly selective T be authorized forsomeone

UR 212.585.4200

schools.“My best guessisthis CO who is handcuffed and under year will be the opposite.” Minneapolis Police Lt. Johnny Mercil testified Tuesday. control. P2JW097000-5-A00400-17FFFF5178F

A4 | We dnesday, April 7, 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 Sen. Sinema DigsIn As Progressives Call To EndFilibuster

BY ELIZA COLLINS bright pink shirt that said “DANGEROUS CREATURE.” PHOENIX—Sen. Kyrsten Ms.Sinema, while backing Sinema has emergedasthe most of herparty’s agenda, staunchest Democraticde- wasone of ahandful of Demo- fender of the filibuster,brush- cratstovoteagainst an effort ing off fire from the outspoken to tack a$15-an-hour minimum progressive wing of her party wage ontothe recent Covid-19 as she tries to stake out a bi- aid bill. She said she is trying

S partisan reputation in abattle- to work on abipartisan basis ground state. on the wagesissue and has PRES TheArizona lawmaker is recommended Arizona’smodel, TED one of just two Democratic wherethe minimum wage is

OCIA senatorswho have publicly currently$12.15 an hour and SS

/A said they would block the will continue to increase. party from eliminating the 60- Progressives complain

PHILLIP vote requirement to advance that she rubbed in her “no” J. most legislation, even as pres- vote with an exaggerated VID

DA surebuilds from party activists thumbs down and sayMs. President Biden’s infrastructure proposal might be able to pass with a simple majority, but Senate rules limit what can be included. eager to advancetheir agenda. Sinema’sstanceonthe filibus- House Democratshave terishurting Democrats’ abil- passed bills on voting rights, ity to get things done. immigration and guncontrol, Arizona stateSen. Martín RulesChallengeBiden Plan but all areexpected to be Quezada said that even though blocked in the 50-50 Senateun- Ms.Sinema campaigned as a lessthe rules arechanged. Ms. moderate, he expected her to Sinema said that is aproblem be moreprogressiveonceinof- BY ANDREW DUEHREN through the parametersofus- with the senators, not the rules. fice.Hesaid that if she doesn’t Bezos Backs Rise in ment will require concessions ing reconciliation again this “When youhaveaplace shiftbeforeher re-election in WASHINGTON—Some Dem- from all sides—both on the year and settle on when and if that’sbrokenand not working, 2024, he would consider ocratic policygoals in Presi- Corporate Tax Rate specifics of what’s included as to use it again. TheWhite and manywould saythat’sthe mounting aprimarychallenge. dent Biden’s $2.3trillion infra- well as how it gets paid for,” House is expected to soon roll Senatetoday, Idon’t think the Some Republicans and mod- structureplan could soon face Mr. Bezos wrote. He said Ama- out an additional package fo- solution is to erode the rules,” erateDemocratssay her ap- afamiliar obstacle: arcane Amazon.com Inc. Chief Ex- zon was “supportive of a rise cused on antipoverty and edu- shesaid in an interviewafter proach is in sync with Arizona Senaterules that limit what ecutive Jeff Bezos said he sup- in the corporate tax rate.” cation measures. two constituent eventsinPhoe- voters who areregistered as type of legislation lawmakers ports a rise in the corporate Amazon has taken advan- Spending funds and chang- nix last week.“Ithink the solu- one-thirdindependent, one- canapprovealong party lines. tax rate and supports Presi- tage of policies allowing com- ing the tax code are generally tion is forsenatorstochange thirdRepublican and one-third Republicanopposition to dent Biden’s focus on major panies to reduce tax liability. acceptable under reconcilia- their behavior and begin to Democrat, according to the Sec- the plan has leftDemocrats U.S. infrastructure spending. Amazon had $386.1 billion in tion’srules,meaning Demo- work together,which is what retary of State’s Office. preparing to advancethe Mr. Bezos made his support sales last year. It reported $1.8 cratswill still likely be able to thecountrywantsustodo.” Ms.Sinema wonin2018 by packagethrough reconcilia- public in a memo Tuesday. Am- billion in U.S. tax liability for approvemuch of the White While the other senator who driving up Democratic turnout, tion,aprocess that allows azon has faced scrutiny over 2020 after years of paying far House proposals through the has stated his opposition to including with Latinos,and lawmakerstoskirt the 60-vote its workplace policies and less or even reporting a nega- process. ending the filibuster,Joe Man- winning over partsofPhoe- threshold required formost some criticism from members tive tax liability. On infrastructurespending, chin of West Virginia, has sig- nix’ssuburban ring that voted legislation. of Congress over what they Amazon had an effective Democratsmay facedifficulty naled awillingnesstochange forDonald Trump in 2016. Those aspirations received view as low tax payments. Mr. income tax rate of 9.4% for trying to authorizenew or re- the process, Ms.Sinema hasn’t. Alooming test forMs. a boost on Monday when the Biden’s $2.3 trillion plan cen- 2020, less than half the statu- authorizing existing newpoli- In the interview, Ms.Sinema Sinema will be two pieces of chamber’s parliamentarian in- ters on fixing roads and tory corporate tax rate of 21%, cies forusing federal funds said she didn’t want to talk voting-rightslegislation, dicated that lawmakers could bridges, expanding broadband according to the progressive approved through reconcilia- abouthypotheticals,such as which expand voterparticipa- use the proceduremultiple internet access and boosting think tank Institute on Taxa- tion. Lawmakersare hoping to bringing back the “talking fili- tion and curb the role of big timesinone fiscal year.But research funding. tion and Economic Policy. passareauthorization of a buster” wheresenatorsmust campaign donors. Republicans even if Democratscan employ “We recognize this invest- —Sebastian Herrera highway bill beforethe end of be presentand talking on the saythe measures would the processmorefrequently, September. floor to block bills.That idea weaken safeguards,and the measures passed through rec- Howtouse the funds may hasbeen floated by President bills areunlikely to advancein onciliation will still need to the mechanisms and the deter- forwater infrastructure and ultimately be lefttostate Biden and Mr.Manchin. the SenateunlessDemocrats comply with anumber of Sen- mination of themechanisms to $100 billionfor overhauling transportation officials if law- Without elimination of the eliminate the filibuster. ate rules, including that they leadersinCongress,” while theelectricity grid, among makerscan approvenew fund- filibuster, or at least changes, Ms.Sinema supportsboth have adirect impact on the adding President Biden other measures.The plan also ing but not newpolicies it will be difficultfor Demo- pieces of legislation, but she budget. planned to meet with lawmak- includes $213 billion forbuild- through reconciliation, said cratstoget the 10 Republican has signaled no interest in Those rules could mean ersofboth parties next week. ing and retrofitting homes and Kevin DeGood,the director for votesneeded to movemanyof carving out aspecial exception that several provisions in the SenateMinority Leader $400 billion forexpanding ac- infrastructurepolicyatthe their priorities. to the 60-votethreshold for plan, including labor rules and Mitch McConnell (R., Ky.), who cess to long-term care for el- Center forAmerican Progress, Ms.Sinema, the firstDemo- voting-rightsbills,assome aclean electricity standard, has rejected the Biden’sad- derly and disabled Americans a liberal think tank. crat to win aSenateracein Democrats have suggested. mayhavetoberemoved from ministration’splan to raise through Medicaid. “There’swhat we all saythe Arizona in 30 years, keeps a TheSenate’sjob is “tocraft or amended in the final legis- corporatetax rates, said, “We Questions about what is- program does,and there’show lowprofile with the media, bipartisan solutions to solve lation, according to lawmakers do have alot of infrastructure sues are eligible to be passed the people who actually spend whilealso cutting an offbeat thechallenges we faceinour and aides. needs.But we need to credibly through reconciliation will be- the money viewwhat the pro- imageinthe Senate, where country,” she said. Asked how WhiteHouse presssecre- pay for them.” come morepressing as Demo- gram does,” said Mr.De- she is known formessage she thought both parties could tary Jen Psaki didn’t address The White House proposal cratsdecide howtouse the Good. State transportation di- shirtsand the colorfulwigs come together,given howpo- possible changes to the pack- provides $621 billion for sur- process. Aspokesman forSen- rectors officials will “just see she donned during the pan- larized the countryhas become, ageinher pressbriefing Tues- facetransportation, along with ateMajority Leader Chuck it as an ATM. What we need is demic when she wasn’t able to especially over elections,she day. On reconciliation, she said $100 billion forexpanding ac- Schumer(D.,N.Y.) said law- the federal government to ac- go to the salon. She recently responded: “I actually think I’ve the WhiteHouse will “leave cess to broadband, $111 billion makersstill need to sort tually assert some policy.” presided over the Senate in a gotaprettygood track record.” Civil-RightsActivistServedDecadesinCongress

BY ELIZA COLLINS Mr.Hastingswas acivil- wasvicechairman of the As ayounger man, Mr.Has- as Democratshold arazor-thin rights attorney before he be- House CommitteeonRules and tingswas jailed forparticipat- majority in the House.The ma-

Rep.Alcee Hastings, along- came the firstBlack federal chairman of the Subcommittee ing in civil-rights demonstra- jority will nowstand at 218 to GES

time Democratic congressman judgeinFlorida when Presi- on Legislativeand Budget Pro- tionsand in Congressheco- 211, with several vacancies,and IMA from Florida who wasdiag- dent Jimmy Carter appointed cess.Healso waschairman of chaired the Congressional will be 218-212 soon when Re-

nosed two yearsago with pan- him to the position in 1979.He the Commission on Security Homelessness Caucus. publican Rep.-electJulia Let- GETTY creatic cancer, waslater impeachedbythe and Cooperation in Europe. “Alcee Hastingswas atrail- lowofLouisiana is sworn in. CALL/

OBITUARY died at 84, his of- House on 17 articles,including Mr.Hastings“lived alifeof blazer throughout his career,” Thedetails of the special LL

ALCEE fice said Tuesday. bribery, perjuryand falsifying triumph over adversity and his said Democratic Whip James election to fill Mr.Hastings’ RO Q

HASTINGS Thelawmaker documents. TheSenatecon- brillianceand compassion was Clyburn of South Carolina. seat were still being worked /C 1936-2021 hadrepresented victed himoneight articles felt amongst his constituents, “For nearly three decades, he out, said Mark Ard, spokesman Florida’s 20th andremoved him from the colleagues,the nation and represented his constituents forthe Florida Department of SILBIGER

Congressional District—which federal bench. He was acquit- world,” his family said. with dignity,grace and an un- State.Itislikely another Dem- H RA

includes partsofBroward and ted in a related criminal trial. Colleagues praised Mr.Has- wavering commitment to the ocrat will win the safeblue SA Palm Beach counties—sincehe He subsequently was tings for his civil-rights work fight for justice.” district, which Mr.Hastings Rep. Alcee Hastings at an was elected in 1992. elected to Congress, wherehe and push to end homelessness. Mr.Hastings’sdeath comes won by 57 points in 2020. event in May 2018.

signed long-term leases. And gret signing short-term leases Masiello.Still, most companies Companies most office renters have con- in this market because in afew arecutting back on officespace. tinued to payevenduring yearsrentsmight rebound. Loomis Sayles &Co.,aBoston- Covid-19.But nowthe building “Guesswhat cycles do? They based investment firm, signed a Seek to Cut owners’ rent concessions will turn,” said MaryAnn Tighe, newlease in Februaryfor lock in lowerrevenue for S CBRE Group Inc.’schief execu- 230,000 squarefeet, one-third

manyyears. That in turn is PRES tive of the NewYork region. of what the firm had been leas- Space, Rent likely to lowerthe value of Morethan 45% of the ten- ing previously, “Weare…capital- their properties. ZUMA ants who arenegotiating with izing on our ability to support

TheVTS analysis does offer OM/ landlords want to makecom- morework from home,” Kevin ContinuedfromPageOne big landlords some encourage- SC mitmentsofseven yearsor Charleston, the firm’schief ex- NEW

just to keep the vacancyrate ment: Most tenantsinrecent T/ more, compared with 34% in ecutive, said in an email.

from climbing higher. weeks arelooking to sign long- OR 2019,according to VTS. Indeed, Onefintech tenant that be- “It’snot good forlandlords,” term deals,rather than cutting SP brokersreport that some ten- ganlooking for20,000 square OF

said Ryan Masiello, co-founder ties in favoroffull-time remote GE ants who have afew yearsleft feet in the Miami area earlier

and chief strategyofficer of work or cheaper officelocations IMA on theirleases arelooking for this year scaled that require- VTS. “It’smoredowntime, outside city centers. That sug- Rent proposals suggest that many companies in the biggest spaceearly to lock in attractive ment back to 12,000 square lowerrents, and they have to gestsmanybuildingscould re- markets—including Los Angeles—are embracing a hybrid model. terms. feet. That is because about half weather thestorm.” main profitable even if their Landlords arealso taking of workershaveindicated in While the pandemic has revenue takesahit. Co., which owns about 5million than twicethe number of ten- heart because scores of compa- surveysthey want to work from helped ignite the hottest U.S. Asteady stream of workers squarefeet of officespacein antsbegan searches in March nies,including Amazon.com home part of the time,accord- housing market in years,ithas returning to the officewould NewYork and Washington, D.C. compared with January. Inc.and Alphabet Inc.’sGoogle, ing to Donna Abood, head of upended much of the commer- also be welcome news in the According to the VTSanaly- “Six months agoweweredo- have recently said they plan to the Miami officeofAvison cial real-estateindustry. Hotel businessdistrictsofNew York sis,1,302 companies started ing one to two toursper week,” return to the officelater this Young,which is representing ownersfurloughed workers, City,Chicagoand other major searches forofficespaceinthe said JesseOttele,executive year.Fearsare easing that the the tenant. temporarily closed properties cities,whereretailers, food op- topseven marketsinthe first managing director of the Seat- popularity of working from NewYork and SanFrancisco and have been running at low eratorsand other small busi- quarter.That represented a40% tle officeofcommercial real-es- home would convincemany officemarketshavebeen hit es- occupancysincereopening. nesses have suffered with their drop-off in activity compared tate services firm Newmark companies to giveupmost of pecially hard. Rentsindeals Manymalls have struggled to customersworking at home with thefirst quarter of 2020, Group Inc. “Nowwe’redoing theirofficespace. currentlybeing negotiated in makemortgagepaymentsand rather than at the office. when 2,171 tenantsbegan onetotwo aday.” Thetech sector is one of the thosetwo cities aredownan collect rentsfromailing retail- Some landlords have been searches. Manybusinesses have said fewinwhich average spacere- averageof9%and 8%, respec- ers. Co-working firms firedstaff upfrontabout offering attrac- But the number of tenants they wanted moreofficeflexi- quirementsbeing negotiated tively,compared with leases ex- and some went under. tiveconcessions to close adeal. entering the market has started bility whilethey sort out how noware higher than what they ecuted in 2019,including rent Officetowers in the largest “We’resaying,‘Take advantage rising in recent weeks as the manypeople will work remotely were beforeCovid-19,according and landlordconcessions like U.S. cities were considered a of us,’” said Craig Deitelzweig, vaccination rollout progressed. and howoften. But companies to VTS. “Tech demand dropped. months of free rent and interior safer bet because their tenants chief executiveofMarx Realty In Seattle,for example,more arerealizing that they might re- But it’sback up again,” said Mr. work,according to VTS. P2JW097000-5-A00500-1------XA

THE WALL STREET JOURNAL. ***** We dnesday, April 7, 2021 | A5 U.S. NEWS Biden Says All Adults Shot-Eligible April 19

BY KEN THOMAS news,” the president said. “The Mr.Biden recently an- virus is spreading because we nounced anew target to ad- WASHINGTON—President have toomanypeople who’ve minister 200 million doses of Biden said that all U.S. adults seen the end in sight, think the vaccines by the end of his

should be eligible forCovid-19 we’reatthe finish line already. first100 days in office. S

vaccines by April 19,speeding Letmebedeadly earnest with Nearly 80% of teachers, PRES up atimeline he set out last you….We’restill in alifeand school staff and childcare UMA

month, as he urgedAmericans death race against this virus.” workershad received at least /Z to be patient and take precau- Mr.Biden had previously one shot by the end of March, TIMES

tions as the rollout continues called forstatesand territories the Centersfor Disease Control Y

andnew variantsspread. to makeall adultseligible for and Prevention said Tuesday. BA Everystate but Hawaii has the shotsbyMay 1. He put an Vaccinations appear to be PA AM

said it would meet that time- emphasis Tuesdayoncalling starting to reshape the pan- /T line.Oregonsaid Tuesdaythat forseniors, who aremost vul- demic in the U.S.,with the

everyone over age16would be nerable to severedisease,to Americanswho have long SHADD

eligible to sign up foravaccine getvaccinated. faced the highest mortality DIRK on April 19.Beforethe an- He also said the U.S. has riskincreasingly protected. Andrew Wilkins gotaCovid-19 shotinFlorida on Monday, the daythe stateloweredeligibilityto18. nouncement, the Biden admin- surpassed150 million shots But public-health researchers istration asked states if they sincehetook office. Thepace caution the pandemic is far from EarlierTuesday, at theVir- U.S. is certain that itssupply is thenation’s totaldeath toll to could meet the newtargetfor of vaccinations has increased over,and officials have pointed ginia Theological Seminaryin adequatetovaccinateevery morethan 555,600,according expanding eligibility,aperson to an averageof3.1 million to the spread of new, highly Alexandria, Va., the president American, “we’regoing to start to datacompiled by Johns familiar with the conversations doses aday administered over transmissiblevariants, along hinted at plans to broaden the giving the vaccines around the Hopkins University. said. thepast week, from about one with an increase in travel and U.S. distribution of excess sup- world to poor countries.” —Alexa Corse “There’salot of good news. million doses aday when Mr. looser restrictions in several ply of the vaccine around the The U.S. reported 603 and Talal Ansari But there’salso some bad Bidentook office. states,asreasons forconcern. globe.Mr. Biden said oncethe deaths forMonday, bringing contributed to this article. Deal Set Army-Developed Vaccine Begins Testing

To Hasten BY PETER LOFTUS cinesthat triggeradifferent against newer, moretransmissi- kind of immune response,or ble variantsofthe virus,includ- TheU.S.Armywill start test- which have adifferent routeof ing those firstidentified in the Production ing among adult volunteersan administration—such as anasal U.K. and South Africa, Dr.Mod- Army-developed Covid-19 vac- sprayorliquid formulation that jarrad said.

cine that researcherssay may CK canbeswallowed—mayprove “This vaccine maybeagood Of Doses protect against avariety of cor- TO useful as primaryvaccinations vaccine in terms of covering all onavirus variants. outside the U.S. or as booster different types of strains,” he Armydoctorsplanned to vaccines in the U.S. said. SHUTTERS

BY JARED S. HOPKINS start testing on Tuesdaythe A/ Vaccines nowinthe pipeline Thecurrently authorized protein-based shot in as many mayprove particularly useful vaccines in the U.S.—from Contract drug manufacturer as 72 adultsages18to55atthe as booster shotsinpeople who Pfizer Inc.with partner BioN- MRDC/EP

Catalent Inc. is expanding its Walter Reed ArmyInstituteof Y previouslyreceived Covid-19 Tech SE;Moderna Inc.; and

U.S. production of the Covid-19 ResearchinSilver Spring,Md., ARM vaccines that contain aharm- J&J—appear to retain some ef-

vaccine from Moderna Inc., a the institutesaid. Theteam will .S. less type of virus known as an fectivenessagainst the newer development that could ensure test whether the vaccine safely /U adenovirus,such as Johnson & virus variants. ERS

the U.S. has ample supply as it induces the desired immune re- LT Johnson’s and AstraZeneca Yet J&J’svaccine wasless

ramps up vaccinations. sponse in study subjects. WA PLC’s, because those people effective in the South Africa Catalent has reached an Initial resultsofthe study maydevelop immunity to the portion of alarge study,where

agreement with Moderna that could become available by mid- MICHAEL adenovirus in away that could that variant circulated widely, will increase the speed of vac- summer.Ifthe dataare posi- Initial results of the study at the Walter Reed Army Institute of lessen the effectivenessofa than in other countries where cine output at the contract tive, the Armylikely would try Research could become available by midsummer. booster shot based on the tech- the study wasconducted. And manufacturer’s Bloomington, to join with adrugcompanyto nology. the Pfizer and Moderna vac- Ind., plant this month to about further test and develop the among dozens in development, Next-generation Covid-19 Armyresearcherssay their cines had areduced neutraliz- 400 vials a minute, according vaccine,said Kayvon Modjar- manyaimed at improving upon vaccines could playarole in vaccine wasprotectiveinstud- ing effect against the strain in to people familiar with the rad, director of the institute’s available shots. About 229hu- vaccinations if they arediffer- ies of monkeysthat were ex- lab testsusing blood samples of matter. emerging infectious-disease man vaccine trials areunder entiated from the current crop, posed to the coronavirus. vaccinated people compared Catalent will shiftmanufac- branch. way,according to BioCentury, infectious-disease specialists Andlab testssuggest that with their effectsonthe origi- turing of the shot to one Theexperimental shot is which is tracking the efforts. and industryanalystssay.Vac- the vaccine could be protective nal viral strain. faster production line from two slowerones.New doses will be ready forshipping U.S. WATCH starting next month, the peo- ple said, and the upgraded plant will be able to fill an ad- FLORIDA WASHINGTON, D.C. ditional 80 million vials ayear. Theexpansion will help Wastewater Reservoir Officer to LieinHonor Moderna reach itsgoal of sup- Breach Is Controlled In Capitol Rotunda plying an additional 100 million doses to the U.S. by the end of Officials lifted evacuation or- ACapitol Policeofficer killed in Mayand another 100 million ders Tuesdayafternoon affecting the line of dutyonFridaywhen a dosesbythe end of July. morethan 300 homes near the man rammed his car into asecu- Production in the U.S. of reservoir of an old Florida phos- ritycheckpointwill lie in honor in severalauthorized vaccines phate plantthatexperienced a the U.S. Capitol Rotunda next has picked up speed as manu- breach and threatened to release week, congressional leaders said. facturers have scaled up pro- millions of gallons of wastewater Officer William “Billy” F. Evans, duction lines and taken other into the surrounding area. 41 years old, died when the sus- steps to increase output. Fordays, crewshave scram- pect drove his vehicle into abar- Theincreases come as gov- bled to avert afull-scale rupture ricade outside the Capitol build- ernors, under the urging of thatcould have set off a20-foot ing. One other officer wasinjured President Biden, expand eligi- wall of wastewater in Manatee in the crash. Policesaid the bility forthe shotsamong County,south of Tampa. Thatef- driver,identified as 25-year-old adults. fort succeeded in mitigating the Noah Green, exited his vehicle threat, officials said, allowing and threatened officers with a evacuatedresidents and business knifebeforebeing shotand killed. Catalent can owners to return immediately. —Lindsay Wise —Arian Campo-Flores potentiallymakeone ARKANSAS billion doses ayear MARYLAND Transgender Youth of Moderna’sshot. Navy Medic Accused Treatments Banned In Shootings Is Killed Arkansas’s Legislature out- A Navy medic was shot and lawed surgery and other gender- Demand could increase fur- killed in Frederick, Md., after he confirming treatments for trans- ther if Covid-19 vaccines work shot two men Tuesdayat a gender youth, after state safely during testing in chil- business park, leaving them with lawmakers on Tuesday overrode dren,paving the way for life-threatening injuries, accord- the governor’s veto of a bill. health authorities to makethe ing to Navy and police officials. The measure prohibits doc- shots available to youths. According to Navy officials, the tors from providing gender-tran- PRIVATEPORTRAIT Modernadeclined to com- 38-year-old medic wasinvolved in sition treatment, including sur- MARY CASSATT ment. ashooting incidentwith other gery and hormone therapy, to Catalent, of Somerset, N.J., Navy sailors. people under 18 years old. It Celebrated Impressionist. Favored model. is one of the world’sbiggest Frederick PoliceChief Jason doesn’t contain an exemption for contract drugmakersand Lando said the departmentre- transgender patients already re- Harmonious palette. This original oilis among acropofcompanies ceived acall thattherewas a ceiving treatment. asignificant exampleofMaryCassatt’s playing key roles making shooting at alocal businesspark, Senate sponsor Alan Clark, a modern approachtoportraiture.Asthe Covid-19 vaccines. wherepolicefound twomen who Republican, said his heart went most importantAmerican female painterof Last month, Catalent said it had been shot. The men were out to children who are “con- her age, Cassattisrenowned forher intimate would expand production of flown by helicopter to aBaltimore fused” about gender but that portrayals of themodernwoman captured Johnson &Johnson’s shot at trauma center,policesaid, and gender transition treatment isn’t throughathen-uniquefemale gaze.This its plant in Italy. were in critical condition. The sus- appropriate for minors. example, which features oneofher favored Catalent helps Moderna put pect traveled to the Fort Detrick Holly Hickson, executivedirec- models,displaysthe Impressionist style itsvaccine in vials forship- military base, wherepersonnel torofthe ACLU of Arkansas, that shehelpedtoshape.Painted in 1911. 1 ment, afinal production stage shotand killed him, according to called the lawillegal and said the Signed (lower right).Canvas: 26 /4”hx22”w; 3 1 known as fill-finish. Chief Lando. group would challenge it in court. Frame:36/8”h x32/8”w. #31-2878 Thenew deal builds on Cat- —Rachael Levy —Kris Maher alent’sagreement from last June to help produceMod- erna’s vaccine. As part of the expansion, Catalent is dedicat- ing ahigh-speed production line at its Indiana plant to do fill-finish.

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A6 | We dnesday, April 7, 2021 ** THE WALL STREET JOURNAL. WORLD NEWS Talks to Revive 2015 Nuclear Deal Begin Officials from West, Iran gather in Vienna Ship Believed to Be as Washington, Tehran Spying for Iran Hit remain at arm’s length An Iranian ship thought to BY SUNE ENGEL RASMUSSEN be used by Iran’s elite military force was attacked Tuesday VIENNA—Western and Ira- near Saudi-Yemeni waters, nian officials kicked off talks both U.S. and Iranian officials on reviving the embattled said, in an apparent escala- 2015 nuclear accord,amid the tion of a conflict between challengeofbitterrelations Iran and its regional foes. between Washingtonand Teh- The strikeonthe Saviz, be- ran, punishing U.S. sanctions lievedbyU.S. officials and oth- on the Islamic Republic and ers in the region to be used for GES moves by Iran to accelerateits intelligencecollection by Iran’s IMA nuclear activity. Islamic Revolutionary Guard

Theparties to the 2015 nu- GETTY Corps, wasattacked Tuesday clear agreement, which placed in the RedSea, officials said. limits on Iran’s nuclear activ- The attack came after VIENNA/

ity in exchangefor lifting in- IN revelations last month, re- ternational sanctions on the ported by The Wall Street TION

country, had said on Friday GA Journal, that Israel has been that they would gather in Vi- targeting ships carrying fuel DELE

enna fortalks.The Trump ad- EU and weaponry from Iran to ministration withdrew from Representatives from the European Union, left, and Iran gathered in Vienna on Tuesday, while U.S. delegatesworked at adifferenthotel. Syria for about the past 18 the deal in May2018 and months. At least a dozen placed sanctions on Iran. In lomatsfromIran, France, Ger- “As Coordinator I will inten- spokesman Ali Rabiei told re- made it clear that he intends to ships have been targeted, ac- return, Iran has takensteps to many, the U.K.,Russia and sify separatecontactsherein portersinTehran on Tuesday. aim foramorecomprehensive cording to the Journal report. breach the agreement and re- China—parties to the 2015 Vienna with all relevant par- Restoring the nuclear pact andlonger agreement. It wasn’t clear yet who sume nuclear activity. agreement—met Tuesdayafter- ties,including US.” presentsadiplomatic challenge. In time, Mr. Biden will also attacked the Saviz. Israeli of- Thegoal of the Vienna noon in one hotel in central Vi- Despitetensions between TheTrump administration im- seek to use anew nuclear pact ficials declined to comment. meeting is to producearoad enna. TheU.S.delegation, Washingtonand Tehran, the posed abarrageofsanctions on as a basis for follow-up nego- “We can confirm that no map forthe U.S. and Iran to headed by Robert Malley,the gathering in the Austrian capi- Iran, which Biden administra- tiations that include Iran’sbal- U.S. forces were involved in return simultaneously to com- WhiteHouse special envoy for tal marks a diplomatic break- tion officials have said they listic-missile program and its the incident,” said a Pentagon pliance with the deal. Iran, touched down in Vienna through. It comes six weeks wouldn’t liftall at once. Some support fordestabilizing spokeswoman. The parties agreed to con- on Tuesdayafternoon and will afterthe Biden administration sanctions arerelated to nuclear forces in the Middle East. Pictures by ship-tracking tinue talking in the coming stay at aseparatehotel nearby firstoffered to meet with Iran, activities; others, tied to Teh- Theprospectsfor such ne- sites have shown that the days in two parallel expert while European intermediaries the firstU.S.diplomatic over- ran’smissile program or alleged gotiations arecomplicated by vessel was equipped with meetings, one focused on how shuttle between the Iranian and turetoTehran in morethan terrorist activities,Mr. Biden sour relations between the U.S. surveillance equipment. the U.S. is to lift sanctions on American delegations. four years. That opening was maywant to keep in place. and two other parties to the Tasnim, a semiofficial Iran, the other on howIran “There’sunity and ambition followedbyweeks of back- Although Mr.Biden has said nuclear deal: Russia and China. news agency close to Iran’s will roll back itsnuclear activ- forajoint diplomatic process,” channel efforts. the 2015 nuclear deal wasthe Since2015,Moscow and Beijing hard-liners, said limpet mines ities to comply with the deal. Enrique Mora, the deputy head “It could be the start of best way to curb Iran’snuclear have come under U.S. sanctions had been used in the attack. American and Iranian negoti- of the European Union’sdiplo- correcting a bad process that ambitions,and that withdraw- and maybelessinclined to —Benoit Faucon atorsaren’t expected to meet matic service, said on Twitter has takendiplomacytoadead ingfromitand imposing sanc- support Washingtoninpushing and Gordon Lubold directly in Austria. Instead, dip- following Tuesday’smeeting. end,” Iran’sgovernment tions wasamistake, he has also Iran to accede to U.S. demands. Netanyahu Gets FirstTry To Form New Government

BY DOV LIEBER himingovernment, pointing their traditional alliances and to his continuing corruption campaign promises,Israel may TEL AVIV—Israel’spresident trial. He has denied allegations have to hold its fifth election has given Prime Minister Ben- of bribery, fraud and breach of since 2019. jamin Netanyahu the firstcrack trust, and under Israeli law One of the chief stumbling at forming anew government will have to step down if he blocks is Mr.Netanyahu’scor- afterthe fourth deadlocked securesany position lower ruption trial. He is the first election in two years, offering than that of prime minister. serving Israeli leader to face

him an opportunity to break He nowhas 28 days,with trial, and his political rivals say OL PO

the impasse and potentially the possibility of a two-week he is focused moreonstaying S

put him in abetterposition to extension, to build aruling co- in officetohelp shield himself PRES

fight corruption charges. alition beforeIsraeli President from the allegations than giving Y/ Israel’slongest-serving Reuven Rivlin can give some- priority to the nation’sneeds. MOISK

leader received the largest one else achancetoform a Mr. Rivlin on Tuesday said LO

number of recommendations government, or hand that re- he didn’t want to giveMr. Ne- KO forthe mandatefromlawmak- sponsibility directly to Israel’s tanyahu the mandatetoform a ALEX ersinthe Knesset on Mon- parliament. During a meeting government due to his legal Prime Minister Benjamin Netanyahu bumped elbows with a lawmaker in Jerusalem on Tuesday. day—52 out of atotal of 120 of his party Tuesday evening, problems,but is legally bound members. Mr.Netanyahu’sLi- Mr.Netanyahu vowedtoend to do so. Thecourt trying Mr.Netan- lawmakers who support anti- alition and passuponanoffer kudparty received the largest the cycle of elections.“We will “Itisnot an easy decision yahu, 71 yearsold, began hear- Arab andanti-LGBTpolicies. to become prime minister number of votes in March’s form agovernment forall the formefromanethical and ing witnesstestimonyonMon- Mr.Netanyahu will also have from Mr.Netanyahu’srivals,in election,winning 30 seats, citizens of Israel,” he said. moral perspective….Ifear for day. Legalanalystssaid it to rely on histraditional ultra- addition to drawing support partly by campaigning heavily Mr.Rivlin announced his my country,” Mr. Rivlin said. could take several yearsbefore orthodox allies. from some other opponents. on Israel’s rapid rollout of its decision afterhearing from Manyofhis opponentssay the trial is complete. Even then,Mr. Netanyahu Mr.Bennettsaid he is will- Covid-19 vaccination program. representatives from everyIs- Mr.Netanyahu aims to form a If Mr.Netanyahu succeeds would still be short of ama- ing to work with Mr.Netan- But Mr.Netanyahu still raeli party about who they government that would pass in forming acoalition, it jority and will have to per- yahu to form aright-wing gov- lacks aclear path to form a support forprime minister.He legislation to protect him, and would likely be the most right- suadeone of his staunchest ernment, but noted he wouldn’t coalition. Many party leaders warned that unless the coun- some of his allies have said they wing and religious in the critics—Yaminah party leader allowittotakeastancethat he have vowednot to sit with try’spolitical leadersset aside would support such amove. country’shistory, relying on Naftali Bennett—tojoin his co- views as tooextreme. Jordan Says Threat From Prince Contained

BY STEPHEN KALIN fore to makethe strongest AND SUHA MA’AYEH public accusations against An Extraordinary Prince Hamzah. AMMAN, Jordan—Jordan’s On Tuesday, the fate of the Full-Body Massage Chair deputy prime minister said au- mediation againwas thrown ® thorities had neutralized what intodoubt by the audio re- Zengineereedd for Maximum Relaxation they said wasamounting GES cording that people familiar

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tiveand mayhavecomplicated KHALIL what to do and who to meet mediation effortsbyelder Prince Hamzah, shown in 2015, has denied any wrongdoing. with from my fellow citizens, princes that had been ex- which people to meet from my pected to resolveaconfronta- Hamzah, declined to comment immediatethreat, Mr.Safadi homeland?” PrinceHamzah is tion at the topofthe usually on Mr.Safadi’sremarks.Mr. said. Rather,hesaid, the secu- heard saying in the recording Or $134 amonth with Interest FREE Financing† discreet Arab monarchy. A Dahlan, who is a professional rity forces reacted to efforts as he ordersthe military government gagorder an- mediator and friend of the they had observed by Prince chief’s cartobeprepared to +FREE Nationwide Delivery($450 Value) nounced Tuesdayagainst local family,inanearlier statement Hamzah aimed at stoking pop- leave.“Youcome to my house media discussing the royal- called the incident the result ular discontent with Jordan’s and say this? Have you come family breach also fedasense of “clumsy actions” by Jorda- sagging economyand present- here to threaten me?” Unrivaledinprecision.Uniqueinits ability to that it remained unresolved. nian officials and referenced ing himself as an alternative Therecording waswidely sense andinstantlyadjust massagepressure Ariftbetween King Abdul- the value of mediation and the ruler. shared online,and the Journal in realtime.Incomparable productquality lah II and PrinceHamzah burst rule of law. Family-mediation efforts has reviewed it. CALL .*')%/# $'+),.&-'')"',, -')&.)!+/(' intothe open over the weekend The events threaten to up- that were disclosed Monday King Abdullah in 2004 re- andexceptional massagequality. 888-717-9193 OR SCAN when the princewas effectively endpolitics in Jordan, aU.S. had been expected to reach a moved PrinceHamzah as put under house arrest and ally that has long nurtured an resolution afterthe Royal crown prince, a position that then accusedbythe govern- imageasanisland of stability Court released a letter it said put him next in line forthe ment of undermining national in the turbulent Middle East. PrinceHamzah had signed af- throne. security by contacting opposi- Thecountry—which borders firming his support forthe Themonarch has faced ris- ON SALE NOW at stores and galleries tion figuresbased abroad, un- Israel, Syria, Iraq and Saudi current king and crownprince. ing public dissatisfaction as nationwide and FurnitureForLife.com namedforeign entities and a Arabia—collaborates on coun- Those effortshad initially the government struggled to former RoyalCourt chief. terterrorism effortswith the stumbled, aperson familiar contain the coronavirus pan- †FREE financing available with approved credit. *Offers above may not be combined with any Theprincehas denied U.S.,which has come out in with the situation has said, demic and limit its impact on other offers. Chatwith aComfort Consultant for more details. All offers expire on 4/30/21. wrongdoing. Malik R. Dahlan, strong support of the king. when Mr.Safadi went on na- an economydependent on for- alongtime confidant of Prince PrinceHamzah posed no tional television the daybe- eign tourism and investment. P2JW097000-0-A006A0-1------NS

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THE WALL STREET JOURNAL. ** We dnesday, April 7, 2021 | A7 WORLD NEWS Oxford Brazil Variant Takes Hold in Canada Stops Test BY VIPAL MONGA “Obviously,we’recon- TheP.1 coronavirus variant which shares a1,350-mile bor- On Tuesday, Toronto, Can- AND KIM MACKRAEL cerned,” said Adrian Dix,the is astrain of the virus that ap- der with the U.S., has become ada’slargest city,ordered all Of Va ccine province’s health minister, on pearstobemorecontagious one of the biggest P. 1hot spots elementaryand secondary TORONTO—Canada’s West Monday. It is likely that the and betterable to reinfect outside of Brazil, wherethe schools to movetoremote Coast province of British Co- provinceisdoing moretesting people,according to research- variant has led to increasing learning,inresponse to the ris- On Yo uths lumbia is struggling to contain forthe variantsthan other ju- ersand doctors, and some infections among young peo- ing risks posed by the variants. the spread of ahighly conta- risdictions—including Brazil— medical professionals in Brazil ple and more deaths. In the U.S. overall, officials TheUniversity of Oxford gious coronavirus variant that which could help explain its fear it could be deadlier. OtherCanadian provinces have reported 289 cases of the said it has paused administer- originated in Brazil, and epi- relatively high P. 1case counts, TheB.1.1.7variant,first P. 1variant,according to the ing doses of the Covid-19 vac- demiologistssay the country’s he said. identified in the U.K.,also is Centersfor Disease Control cine it developed with Astra- relatively slowvaccination Canada, which is vaccinat- associated with ahigher risk and Prevention.Florida has re- Zeneca PLC in asmall U.K. rollout could leave it vulnera- ing people at aslowerpace of mortality than earlier forms corded the highest number of ble to a wider spread. than the U.S., the U.K. and Is- of Covid-19 and is responsible 15% P. 1cases,with 64, according to By Jenny Strasburg Thespread of the so-called rael, could suffer aworsening forthe vast majority of con- the CDC,followedbyIllinois in London P. 1Covid-19 variant has forced situation nationwide. firmed variant cases across Canadians who have received with 59 cases and Massachu- and Eric Sylvers the closureofthe popular “All of [the models] say Canada. at least one dose of a vaccine setts with 58. in Milan Whistler Blackcomb ski resort that the growth of these vari- Daniel Coombs,amathe- In British Columbia, the north of Vancouver,and the ants is too fast relative to the matics professor with exper- Covid-19 outbreak hit the Van- study to test the shot in chil- growing number of Covid-19 vaccine rollout,” said Sarah tise in epidemic modeling at couver Canucks NHL team. dren andteenagers, pending cases temporarily benched the Otto,aprofessor in the Uni- the University of British Co- have reported smaller num- According to the league,16 further information about rare city’s National Hockey League versity of British Columbia’s lumbia, said the P. 1variant has bers of the P. 1variant. As of players on the 26-person ros- blood-clotting issues in adults team, the Vancouver Canucks. zoology department. grownquickly in the province. Monday, Ontario had con- terhaveeither tested positive who have received it. Over the past month, 737 About 15% of Canadians have “I believethat there’sgoing to firmed a total of 103 cases of or have been in close contact TheOxford-led pediatric cases of P. 1 have been identi- received at least one dose of a be kind of aracebetween [the the P. 1variant. Alberta, which with an infected person, al- trial started in mid-February fied in British Columbia, ac- Covid-19 vaccine,according to U.K. variant] and P. 1 over the shares aborder with British though it wasunclear how and is aimed at testing the cording to the province. OxfordUniversity’s Our World next few weeks,” he said. “And Columbia, had reported 15 many had caught the P. 1 vari- vaccine in morethan 200 Of those infected people, In Data, compared with 47%in P. 1appearstobecatchingup.” cases of the Brazilian variant, ant. The team has postponed young people aged 6 to 17 215 remain ill. the U.K. and 32% in the U.S. TheCanadian province, and Quebec had reported two. games until at least Thursday. years. An Oxfordspokesman said Tuesdaythat no safety is- sues have arisen in the trial it- self, but broader concerns about rare clotting problems in adultshavetriggeredfurther regulatoryreviewsinthe U.K. and Europe to investigateany potential link with the vaccine. Oxfordiswaiting formore information from the U.K.’s drugswatchdog, the Medicines and HealthcareproductsRegu- latoryAgency, beforegiving anyfurther vaccinations to chil- dren or teenagersinthe pediat- ric trial, the spokesman said. The pause is the latest set- back forthe Oxford-AstraZen- ecashot, which has faced JOURNAL

questions about itsefficacy REET ST

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the vaccine foruse there. Eu- CARL rope’s primary medicines Girls walked home from school in Puerto Cachicamo last month. Gangs have recruited some youths who have been out of school because of the coronavirus crisis. watchdog,which has continued to recommend the shot, plans to updatethe public this week Colombian StudentsFall Prey to Drug Gangs on itsreview of clotting issues. Thepediatric study,funded by the U.K.’s National Institute BY KEJAL VYAS on averageoverthe past year, farms,virgin jungle and planta- fishing in the riversfor new tears. “I figuredinthe city, forHealth Research and Astra- compared with the global aver- tions of coca—the plant whose members,” one school admin- she could do that.” Zeneca,aims to enroll 300 vol- PUERTO CACHICAMO,Co- ageof95. Only seven out of the leavesare the rawingredi- istrator said.“With the kids ThreeofDanna’sschool unteersinOxford, London and lombia—The pandemic closed 35 countries in the region have ent in cocaine—PuertoCachi- out of class, this place turned teacherssaid she had sent two other U.K. sites.Ofthose, the only school in this re- fully reopened schools,leaving camo is so tied to the drug into an aquarium for them.” WhatsApp messages early in morethan 200 were expected motehamlet, long astronghold 114million young people out of economythat processed coca PuertoCachicamo became the pandemic,asking howshe to receivethe vaccine and the forMarxist guerrillas.With no the classroom in what Unicef had oncebeen accepted as cur- national news when an air could continue her classes. rest aplacebo,Oxfordsaid. internet connection forvirtual has called an unfolding “gener- rencyhere, said RigobertoSan- force fighter dropped a bomb “We’ll do everything we possi- TheNIHR referred questions classes,16-year-old Danna Mon- ational catastrophe.” chez,acommunity councilman. in Marchonacamp south of bly can,” an instructor told her to Oxford. An AstraZeneca tilla told her family she was But unlikeinother partsof A2016 peaceaccord offered herethat the Defense Ministry in an exchange. They arranged spokesman said the company leaving to find work,but in- the world, idle children in newhopes forthe hamlet said wasoperated by Miguel to send Danna, who had an in- wasawaiting the outcomes of stead, authorities say, she joined poor districtsinLatinAmerica when the Revolutionary Botache, a former FARC com- terest in social activism and a the regulatoryreviewsand de- anarco-trafficking rebel group. are particularly vulnerable to Armed Forces of Colombia, or mander who is one of Colom- talent fordebate, guides and clined to comment further. In March, Colombia’smili- powerful, cocaine-trafficking FARC,demobilized 13,000 bia’s most-wanted outlaws. homework assignments. Oxfordhasn’t disclosed how tary bombarded the group’s organizations.InColombia, Defense Minister Di- She sent in her last assign- many study participants have jungle camp,killing Danna, an- rightsactivistsdocumented ego Molano said army intelli- ment—an essayonpolitics and received adose of the vaccine other underagegirl and 10 oth- the recruitment of children in Strict pandemic gencehad been unaware of the economics—in June.Then she so far.The trial websiteshows ers. Residents heresaid her 22 of the country’s32prov- presenceofyouths when plan- abruptly told her teachersthat only one siteisrecruiting vol- death underscored agrim real- inces during the pandemic. lockdowns have led ning the bombing.Still, Mr. she could no longer continue unteers, ages 6to11yearsold. ity: Armed gangshavefound Agroup that researches the to widespread Molano said in severalradio and began to hang around town TheOxford-AstraZenecavac- fresh recruitsfromanample impact of drug-related vio- interviews that the minors likeother out-of-school youth. cine,apillar of the U.K.’s mass pool of youths who,likeDanna, lenceonchildren here, the Co- school closures. were justifiable targetsbe- Her sudden change, teach- inoculation drive, is authorized have been out of school because alition Against the Involve- cause they had been turned erssaid, made them suspi- forwidespread use in the coun- of the coronavirus pandemic. ment of Children in Colombia’s into“warmachines” by Mr. ciousthat she had been re- tryamong adultsover18. “I ask myself,‘Maybe if she Conflict, said armed groups re- Botache.Rightsgroups here cruited by the guerrillas. Globally,vaccine makersare stayed in school, had some cruited 220youths between 12 fighters. But some guerrillas criticized him fiercely, saying Mr.Montilla, who recovered hoping to roll out shotsto way to keep her mind occu- and 17 in 2020,an11% increase sought outfresh recruitsin the children were victims. his daughter’s charred and teenagersand children soon to pied, maybe we wouldn’t be at from 2019.But the number of this community,located on a In 2019,the Montilla family mutilatedremains from the expand protection beyond this cemetery,’ ” said her fa- child recruitscould be far river bank asix-hour driveon had moved herefromasmaller morgue, lost contact with adults. Pfizer Inc.and BioN- ther, Jhon Montilla, after lay- higher,because it is believed amuddy track from the pro- hamlet because PuertoCachi- Danna in December and said Tech SE said in March that ing flowers over Danna’sgrave few families report that their vincial capital. camo had one of the few he doesn’t knowhow she their Covid-19 vaccine safely on a recent day. children joined armedgangs ActivitiesinPuertoCachi- schools in the area that offered ended up at the camp. protectschildren aged 12 to 15. While the pandemic led to a for fear of retribution, said camo,with itsbilliardhalls and classwork up through the 10th Danna, likemanyyouths TheOxford-AstraZenecavac- global shutdown of schools,in Trian Zuñiga, who until March brothels,are limited forchil- grade.Danna and her grand- here, had grown up watching cine wasshown to be safeand Latin America stringent lock- wasthe tophuman-rightsoffi- dren,who oftentend to cattle mother,EsperanzaRueda, had coca farmersclash in recent effectiveagainst symptomatic downs have led children on cial in this province, Guaviare. or help pick coca.Atnight, they made apact to movetoacity years with the military as the Covid-19 in large-scale human averagetomissfar moreclass “It’s a perfect scenario for gather under astreetlight in in northern Colombia aftershe government had ramped up its trials in theU.K.and U.S. But days than elsewhereinthe the guerrillas who want to use the only playground. Thepan- finished school to complete effortstoeradicatedrug some expertssay the blood- world, according to Unicef. kids as shields,and the par- demicmeant that the St.Hel- her education there. crops, he said. clotting troubles seen in roll- TheUnited Nations agency entsare tooscaredtospeak ena school, serving 170stu- “She really wanted to learn “Between the guerrillas and outsare so rare that they might estimatesthat Latin American up,” Mr. Zuñiga said. dents, shut itsdoors. English,” said Ms.Rueda, who the army, the youth see little not showupinclinical trials. children missed 159 school days Sandwiched between cattle “The guerrillas arealways had raised Danna, wiping away hope here,” Mr.Montilla said. WORLDWATCH

CHINA 102 million trips, more than dou- ing a painting by Dutch master ble that of the year-earlier pe- Vincent van Gogh last year. Consumers Increase riod and equivalent to 94.5% of Police said Tuesday that they Travel Spending the trips made in the 2019 holi- have arrested a man they sus- day, said China’s Ministry of Cul- pect stole the van Gogh paint- China’s efforts to get its peo- ture and Tourism. ing, as well as another by Frans ple spending got a boost over —Jonathan Cheng Hals, also a Dutch master. the three-day traditional tomb- Neither painting—vanGogh’s sweeping holiday, with official NIGERIA “Parish Garden in Nuenen, Spring”

and private data showing travel GES and Hals’ “Two Laughing Boys”—

back up to pre-coronavirus levels Prison Attack IMA has been located, policesaid. by some metrics. Frees 1,800 Inmates Both paintings were stolen Swaths of China’seconomy, in GETTY lastyear from twodifferentmu- particular manufacturing and ex- More than 1,800 inmates es- SE/ seums in the Netherlands. ports, long ago regained their pre- caped from a prison in Nigeria’s The 1884 vanGogh wastaken virus levels. But consumer spend- southeast after it was attacked from the Singer Laren museum ANCE-PRES

ing, held back by travelrestrictions by gunmen on Monday, raising FR and the 1626 painting by Hals and caution overthe possibilityof fears that a new armed insur- wasstolen from the Hofje van aresurgence, has been apersis- rection is building in a majority ENCE Aerden Museum. It had been sto- AG tent laggardfor the pastyear. Christian part of the country, HELPING OUT: People push carts filled with vegetables for distribution in Yangon, Myanmar, as len twicebeforeand then recov- That, too, is starting to while the Muslim-dominated communities cope with an economic downturn during a continuing deadly military coup. ered by the police. The museums change as the nation emerges north is grappling with jihadist couldn’tbereached to comment. from the most recent major militancy and rampant criminal open the administrativebuildings in the capital of Imo state. NETHERLANDS Authorities didn’t disclose wave of new cases. China’s do- gangs. and then opened the cells. Policesaid an outlawedsepa- the name of the arrested man, mestic vaccination campaign is Dozens of armed attackers en- The assault wasamong ase- ratistgroup, the Indigenous Peo- Suspect Is Arrested who was held at his home in gaining steam, helping dispel teredthe prison yard in the town ries of coordinatedattacksin ple of Biafra, or IPOB, wasbehind in van Gogh Heist the Dutch town of Baarn. His concerns for travelers. Over the of Owerri at about 2a.m., officials which gunmen also targeted police the attack. The group denied in- lawyer couldn’t be located for recent holiday, which ended and eyewitnesses said. The gun- and military facilities with rocket- volvement. Dutch police arrested a 58- comment. Monday, Chinese travelers made men used explosives to blast propelled grenades and explosives —Gbenga Akingbule year-old man suspected of steal- —Giovanni Legorano P2JW097000-0-A00800-1------XA

A8 | We dnesday, April 7, 2021 THE WALL STREET JOURNAL. FROM PAGE ONE

showupwearing hatshave three times under lo- plants. “I’venever in the extrawork,Ms. Shays to brighten up her skin, leaving Bad Hair? troubling amateur haircuts callockdowns,few of my entirecareer felt said. it redand sore, Ms.Pavittsaid. hiding underneath. her female clientsre- moreappreciated,” Clientsdon’t seem to mind. “Maskne,” or acne caused by Home haircutswereafun sorted to cutting their she said. “You have people who would wearing amask,isalso acom- Your Barber novelty at the start of the pan- ownhair.Those arriving Jodi Shays,owner of sit down and winceduring a mon complaint. Other women, demic,but as restrictions with long pandemic locks Queen Bee Salon &Spa, waxand arenow like‘bring it though, sawtheir skin improve draggedon, those do-it-your- areleaning toward dra- which has locations in Cul- on,pour it on me,let’sgo,’ ” oncethey ditched makeup they Is Thrilled self trims oftenturned intosad matic cuts. Sought-after verCity,Calif., and Seattle, Ms.Shays said. Those who had wore in pre-pandemic life. hack jobs.“Alot of people styles include shagsand has also noticed adra- run-ins with home waxing kits Customerswho haven’t had couldn’t gettothe backs and amullet style popular- matic shiftincustomer areparticularly grateful. “The amanicureand pedicureina ContinuedfromPageOne just did the sides.Ifthey tried ized by Miley Cyrus. behavior.“We’vehad injuries have been pretty bad,” year have morecuticles to vices afterthe pandemic be- to do the back it kind of looks “People arereally some of the meanest she said. trim, said Aide Zhang,owner gan. With vaccine distribution likethe map of Maine,” Mr. excited to be here. Leave it to the pros clientsonour books Oneofthe victims: along- of 7Day Spainsuburban Chi- picking up,and people ventur- Abourasaid. Other men, he They’rereceptiveto suddenly start to time client of Chicagoaestheti- cago. But their nails aretypi- ing out, these customersare said, cut the very front of their doing something totally differ- treat us likegold,” she said. cian Yana Manukyan who cally in excellent shape from excitedly returning forcuts, hair tooshort but kept the ent,” Ms.Merrie said. Tips at hersalon, which spe- ripped open the skin of her thelong period without dam- manicures,waxes and facials. back quitelong,leaving them Coloring hair afteralong cializes in waxing and facials, eyebrowwhile attempting a aging polish. “It’seasier,actu- Thereunions areawelcome looking “likeanexotic bird hiatus is particularly labor-in- have doubled or even tripled in do-it-yourself wax, forcing a ally,” said Ms.Zhang. boost foranindustrythat has from the Amazon.” tensive, Ms.Merrie said. Ajob some cases.Few clientsshow visittothe emergencyroom When Elli Blonde showedup faced tough restrictions in Sometimes Mr.Abourahas that would take as little as two up lateanymore. forstitches.Ms. Manukyanhad at Centre Spaand Wellnessin manystates. But the months to break the bad news to cli- hoursbeforethe pandemic is Waxers typically recom- to carefully work around the Portage, Mich., in early March without the usual mainte- ents that it will take multiple nowtaking up to five,she said. mend monthly maintenance, so healingwound. forher firstpedicureinayear, nance—or worse, botched at- visitstofix their hair.“The While she hasn’t raised ayear without avisit makes Some clientshaveused she apologized forthe stateof home efforts—arepresenting damagehas been done.Iama prices at her salon, Alchemis- foraparticularly hairysitua- their free time to tryout her feet as soon as she sat unique professional chal- good barber but I’m not ama- tryBeauty,she finds custom- tion. Queen Bee is nowblock- beauty techniques popular on down. But the pedicurist said lenges. gician,” he said. One of the big- ersare nowroutinely tipping ing30to40minutes forap- social media, oftenwith disas- her feet looked good and asked BarberYoussef Abourais gest challenges: when some between 25% and 30% instead pointmentsinstead of the pre- trous results, said Sofie Pavitt, if she had done anyat-home also struggling to identifyloyal patches areveryshort. of the usual pre-Covid 20%. pandemic 20. Waxers are owner of aNew York facial treatments. “No,but I’m not clientsreturning to Tweed Although SarahMerrie’s Many have showedupwith noticing their forearms and studio.One rubbed rawgrated wearing shoes,” replied Ms. Barbers of Boston. Manywho Burbank, Calif., salon shut gifts likeflowers,candles and shouldersare oftensorefrom potatoall over her facedaily Blonde.

State-level beer wholesaler Calls Grow groups arelobbying against many of those bills.The beer industry over the past several To Cast yearshas lost market shareto premixed cocktails.The Center forAlcohol Policy—which re- Aside Rules ceives funding from beer dis- tributors, according to itsweb- site—published areport that ContinuedfromPageOne cautioned against making tem- makethose allowances perma- poraryCovid-erachanges per- nent.Manystatesthat made it manent. “Anemergencyrelated easier forhealthcareproviders (3) to ahealth pandemic is no time to work across state lines are to shoehorn major changes into

considering bills to indefi- JOURNAL the proven system of stateal- nitely ease interstatelicensing cohol regulation,” says the re- rules.LawmakersinWashing- REET port.The center didn’t respond ST

ton are pushing for Medicare LL to requestsfor comment.

to extend itspolicyofreim- WA Some city governmentssay

bursing for certain telehealth THE the measurewould encourage R

visits. Statesalso aretrying to FO underageconsumption and lock in pandemic rules that drunken driving. spawned new online services, “Therewasn’t anecessity

from document notarization to WITTPENN foritbeforethe pandemic. marijuana sales. Whyshould therebeaneces- Deregulation has long been a ONTË sity after?” Brian Moran of the BR central tenet among Republican Above, a customer at Austin restaurant El Arroyo, which can sell takeout alcohol under a pandemic allowance in Texas. NewEngland Convenience politicians,but manyofthe Storeand Energy Marketers coronavirus-inspired changes health wasavailable only for of state, who has sincebeen ap- Association said. have gained bipartisan support. residentsofcertain ruralareas pointedtothe Senate. Concerns “I’m aDemocrat. I’m not in- who oftenhad to log in from a included privacysafeguards stinctively antiregulation. But I medical officeorother ap- andworries that fraudulent Outdoor dining think this pandemic reminds us proved site. Toward the start of documentscould be notarized Thepandemic helped sweep that some regulations arefrom the pandemic,Congressautho- tooeasily. away state-level alcohol laws abygone eraand makeno rized Medicare’sparent agency “Notarization isn’t about that stoodinthe way of out- sense foranyone anymore,’’ to temporarily covertelehealth convenienceorefficiency,’’ said door dining in some areas,and said Sen. Brian Schatz(D.,Ha- from home in all communities, MattG.Miller,afull-time no- eateries arepushing to lock in waii), who is leading Senateef- and the agencyexpanded eligi- tary in SanFrancisco, who has those changes. fortstopermanently expand ble services. opposed bills to changethe In February, California State Medicare coverage fortele- Some 24.5 million Medicare statelaw.“Themoreregula- Sen. ScottWiener, aSan Fran- health. beneficiaries used telehealth tions yourelax,the moreyou’re ciscoDemocrat, co-authored Similarly,Republican Gov. between mid-March and mid- making fraud and abuse easier.’’ legislation with aRepublican MikeDunleavy of Alaska said in October.Ms. Bergansaid Social-distancing efforts lawmaker to makepermanent his stateofthe statespeech in there’snoway she could con- spurred Colorado to passemer- the coronavirus-erasuspension January: “Ifaregulation needs tinue her lawprogram if Medi- gencycoronavirus regulations of liquor laws that prohibited to be suspended during acrisis, care goes back to the old rules, allowing online sales of recre- drinking in sidewalk extensions we have to ask ourselves,why given the demands of traveling ational marijuanaand allowing known as parkletsand other wasitthereinthe firstplace, to in-person medical appoint- other states to qualifytowork have trouble finding aprovider patientstomeet online with outdoor dining spaces used by and canwelivewithout it?” ments. “It’sgiven me my in Idaho.The medical associa- oncethe emergencyrules ex- doctorswho prescribe medical multiple vendors. If approved Thepandemic turbocharged agencyand autonomyback tion also is concerned that out- pire. He and other nurse practi- marijuana. State lawmakers by two-thirds of the legislature amovetoward doing more over my life,” she said. of-stateproviderscould escape tionershad pushed forthe leg- have nowintroduced abill to and signed by the Democratic businessonline,spurred in part Hawaii’sSen. Schatzispro- taxes, rules on billing transpar- islaturetopermanently expand allowboth permanently.Regu- governor,itwould take effect in by newsmartphone apps and a posing legislation that would encyand patient-complaint their prescribing privileges,but latorsalready enshrined an- September.State legislatures in growing comfort with video- allowMedicaretocontinue processes that apply to Idaho abill to do so recently died.Al- other Covid accommodation, Connecticut and Arkansas also conferencing.Restaurantshad covering manyservices by doctors. ready,hesaid, patientslooking that recreational and medical areweighing bills to extend already recognized that more phone or videoconferencing af- Several states have allowed to movetophysicians’ practices consumerscan gettheir mari- outdoor dining allowances. patrons wanted to gettheir terthe pandemic ends.One nurse practitionerstosee pa- arefinding wait listsoffour to juana at drive-throughs and Mr.Wiener said he has spent meals,completewith alcohol, hurdle is the potential cost. As- tientswithout physician super- six months. walk-up windows. yearsstudying waystomod- deliveredtotheir homes.Doc- sessing aprior bill to expand vision, in part to bring medical “Even though alot of these ernize the state’sliquor laws, tors and nurses noticed their access to mental-health care, services to ruraland under- changes were born of social some of whichare 100 years patientswanting to maketheir the nonpartisan Congressional served areas. Manyalso ex- Brisk demand distancing,they also bring us old. “The pandemic is aterrible visitsvirtual. Budget Officesaid telehealth panded the scope of services Videoconferencing has in line with other kinds of “These regulations fall way would add to Medicarecostsby that certain healthcareworkers transformed work formanyof businesses that arerelying behind the technology,’’ said prompting beneficiaries to use could provide.InWest Virginia, the nation’s4.4 million notaries moreand moreone-com- ‘This pandemic MaryAlvord, aRockville,Md., moreservices,and that de- Shawn Blankenship,anurse public,who have answereda merce,” said Shannon Fender,a psychologist who said her pa- mand fortherapy would out- practitioner who runs two brisk demand forservices dur- lobbyist and spokeswoman for reminds us that tientshavebenefited from stripsupply,raising prices. health clinicsnear Charleston, ing the pandemic. NativeRoots, aDenver-based some regulations are emergencyrules that allow In another major switch started treating about 100 pa- Until 2012, all states re- cannabis retailer. therapy to be offered by video from traditional practice, as tients with anxiety and atten- quired people to notarizedocu- In the restaurant industry, from abygone era.’ acrossstate lines.Coronavirus, manyas40stateshavehon- tion deficit disorderslast year mentsinperson, according to beforethe pandemic,just afew she said, “has raised everyone’s ored licenses from other states when alocal psychiatrist closed the National NotaryAssocia- places allowedbarsand restau- comfort levels.Evenmyreluc- forphysicians,nurses,psychol- his practice. tion. By the time the pandemic rantstosell to-gococktails,in- tant patientsare saying,‘This ogistsand other health profes- Mr.Blankenship said he struck,morethan 20 states had cluding ahandful of local areas thing in all respects, but it is great.’ ” sionals,allowing them to pro- could treat the patientsthanks enacted laws allowing notaries such as NewOrleans. made us tryout newthingsata vide care acrossstate lines to Covid-emergencystate rules to work by video.Most other Thirty-three states and the very rapid pace. And the sky under certain conditions during that expanded the medications states allowedremotenotariza- District of Columbia passed didn’t fall,” he said. “Thereare Pushback the pandemic. that nurse practitionerscan tion on an emergencybasis. emergencyordersgreenlighting moreopen minds among law- Thederegulation push is Their goal wastodeliver so- prescribe to include Adderall, Some have resisted. Twoef- it during the pandemic,accord- makersthan thereotherwise spawning acounter-effort by cially distanced care,ease a Ritalin andother Schedule II fortstoallowremotenotary ing to the National Restaurant would be.” businesses and professional as- shortageofsome medical ser- narcotics,which areconsidered services in California failed in Association. TheDistrict, Wis- Dining in the Cole Valley sociations that stand to lose vices and help maintain doctor- to have high potential forabuse. recent years, amid opposition consin, Kentucky, Ohio and neighborhood of SanFrancisco from thechanges.Liquor and patient relationships as people Mr.Blankenship said that from the American Civil Liber- Iowa have already made such has spilled intoparking spaces conveniencestores, which take moved to escape the virus. because manyphysicians are ties Union, some notaries pub- allowances permanent, while fronting astring of barsand afinancial hit when restaurants At least four states this year hesitant to work with these licand Democrat AlexPadilla, otherstatesextendedpermis- restaurants. Theareas feature offer alcohol to go, arelobbying have considered bills to perma- drugs, his newpatients will the former California secretary sion intonextyear. spaced-apart tables and chairs to prevent the long-term loos- nently allowamedical profes- ringed with wooden trellises, eningoftakeout booze rules. sional to offer telehealth ser- lights, heat lamps and plants. State moves to allownurse vices with alicense from any Some cost $100,000 to build. practitionerstoperform more otherstate. Some residentsobject to pri- services without adoctor’s su- When governorseased the vate businesses eating up valu- pervision have spurred afight rules,“that wasatacit admis- able parking and sidewalk in some states with physician sion that licensing is obstruct- space, and cities that gaveup assistants, who saythe change ing the free flow of medical parking metersfor extraout- putsthem at acompetitivedis- services to whereit’sneeded,’’ door tables might not want to advantage. said Jeffrey Singer,aPhoenix permanently cede that revenue. Opponentscontend such surgeon. Dr.Singer,who is also Ownerssay this additional rules were therefor areason, asenior fellowofthe libertar- seating has helped keep their and that permanently revoking ianCatoInstitute, testified be- businesses afloat. They worry them would createhealth, fore the Idaho legislatureinfa- that it will be along time be- safety and fraud risks. vorofallowing residentsto fore people arecomfortable Covid-erarules have eased obtain telehealth services from dining indoors, and point out some daily challenges for health workerslicensed by that customersalready wanted Courtney Bergan, a34-year-old other states. moreoutdoor options. lawstudent in Baltimorewho TheIdaho Medical Associa- “It always seemed strangeto receives Medicare-funded ser- tion, which opposes the change, me that we didn’t have more vices forPTSDand several sees potential harm to patients. European-style outdoor seat- other illnesses through video- Susie Keller,chief executiveof ing,” said Megan Cornelius,part conferencing and by phone. the statephysicians’ group, owner of Zazie,abistroshe and Until the pandemic,none of said abill beforethe legislature two other longtime co-workers those services would have been could allowdoctorswith poor bought intotwo months before available to her through tele- recordsorwho areunder in- the pandemic struck.“It would health under Medicare. Tele- vestigation forviolations in Some state legislatures are weighing bills to extend outdoor dining allowances. be terrible to go back.” P2JW097000-2-A008A0-1------NS

THE WALL STREET JOURNAL. ** NY We dnesday, April 7, 2021 | A8A GREATER NEW YORK LawmakersBegin Voting on StateBudget

The $212 billion plan state’s top earners. Mr.Cuomo,aDemocrat, an- increase in stateeducation aid employment as aresult of the crat from Westchester County, Members of the Democrat- nounced the budget agreement and $105 million forprekin- pandemic.Under the final pro- said he was among the mem- includes funds for rent controlled Assembly and Sen- in aTuesdaynewsrelease. dergarten programs. posal, such people who can berswho pushed formore relief and payments atetook up budget bills start- “NewYork wasambushed Thebudget also includes $1 provide a taxpayer identifica- stringent eligibility criteria. ing in the afternoon and early and hit hardest by Covid, billion forgrantsand taxcred- tion number would be eligible “I am concerned about the to immigrant workers planned to continue voting devastating our economy and its to small businesses, in ad- to receiveabout $15,000 in fairness,because we aretar- into the evening,said Ms. requiring urgent and unprece- dition to federal aid. benefits. People without such geting some people for bene- BY JIMMY VIELKIND Krueger,aDemocrat from dented emergencyspending to One of the most conten- anumber who canestablish fits but ignoring otherswho Manhattan. managethe pandemic,” he tious pieces wasanew fund of they worked and lived in the also deserve benefits, such as ALBANY—NewYork state Even as thevoting began, said. about $2 billion forwhat pro- state last year would be eligi- mothers who voluntarily quit lawmakersbegan approving a aides to Gov.Andrew Cuomo Assembly Speaker Carl bletoreceivearound $3,000 because they had to stay home new state budget Tuesday af- and legislativeleaderscontin- Heastie, a Democrat from the in benefits. to take care of their kids,” he teragreeing to aroughly $2 ued to hash out details of sys- Bronx, said this was the most State Sen. GustavoRivera, a said. billionfund that would pro- tems to legalizemobile sports far-reaching budget he had Bronx Democrat, said during a Legislativeleaderschanged vide cash paymentstoimmi- betting in NewYork,aswell as seen during his time in office. $2B Mondayrally in the Capitol the program on Mondaytotry grant workersliving in the aproposal that could permit He said the spending plan “ad- complexthat benefitsfor such to addressthe concerns. countryunlawfully who didn’t threenew casinos in down- dresses the historic inequities Amount allocated for workers workerswere“morethan Amongthe changes,they receivefederal benefitsduring state areas, including in New that have existed fortoo long.” living in U.S. unlawfully earned through the blood, agreed to withhold income the coronavirus pandemic. York City. SenateMajority Leader An- sweat andtearsthat these taxes from the payments and The budget will total more State Sen. JoeAddabbo,a drea Stewart-Cousins said the folks have put intoour com- exclude former prison inmates than $212 billion forthe fiscal Queens Democrat who wasin- budget “makes NewYork bet- munities.” He pushed foran from applying. year that started on April 1, volved in thetalks,said Tues- ter for all.” ponentscall “excluded work- even greater amount of money Republicans still attacked including$112.2 billion for daythat therestill wasn’t afi- Thecontoursofthe plan ers,” who weren’t eligible to to be funneled intothe pro- the program, saying it was stateoperations,state Sen. Liz nal resolution on either became clear as bills were fi- receive federal assistance ap- gram. funded by unnecessarytax in- Krueger said during afloor matter, but added, “We’re go- nalized this week. A landlord proved in stimulus billsgoing Some Democratic legisla- creases. debate.The spending plan is ing to make this work.” group heralded more than $2 back to the onset of the pan- tors from suburban and up- “This outrageous scheme is buttressed by billions of dol- To ensure paychecks for billion, most of it federally demic. stateareas,however, were the latest in along line of larsinfederal aid and $4.3bil- stateemployees due on Thurs- funded, to assist tenants who Advocatesfor the fund said concerned that earlier drafts stategovernment’smisplaced lion in annualized revenue dayaren’t delayed, lawmakers had fallen behind on their these workersinclude many of the proposal didn’t include priorities,” said stateSen. from increasing corporate also passed ashort-term emer- rent.School-funding advocates immigrantsliving in the U.S. enough restrictions.Assembly- Daphne Jordan, a Republican taxesand income taxesonthe gencyspending appropriation. praised plans fora$1.4billion unlawfully who lost income or man TomAbinanti, aDemo- from Saratoga County. Man to Be Among Yo ungest Admitted To N.Y. State Bar

BY LAURA KUSISTO taking the law-school admis- sions exam. His father, also a MateusCosta-Ribeirohas lawyer, encouraged his son to graduated from lawschool, take the test, too. Theboy got wonacase beforeBrazil’s intolaw school but still had highest court and completed a three moreyearsofhigh master’s degree from Harvard school to complete. He ulti- University,all while still under mately petitioned ajudgeto the legal drinking age. take the final high-school ex- On April 15,hewill add to ams when he was14yearsold. that list of precocious accom- Four yearslater,Mr. Costa- plishments, becoming one of the Ribeiro graduated from law youngest people in recent de- school.Then, at just 18,he

cades to be admittedasamem- wonacase in front of Brazil’s (2) ber of the NewYork statebar. Supreme Federal Court, argu- At 21 years old, Mr. Costa- ing that astate’s lawregard- Ribeiro has cut aremarkable ing personal searches of em- JOURNAL

path, as lawschools aregener- ployees was unconstitutional REET ally encouraging studentsto because labor law in Brazil is ST LL

begin later in life, when they set by the federal government. WA have not only the knowledge Luís RobertoBarroso,ajus- THE

but the maturity for a career ticeonthe Supreme Federal R that caninvolvemultimillion- Court of Brazil, said: “He showed FO dollar lawsuitsand alter the empathyand that’satalent dif- JONES

course of people’s lives. ferent from knowledge.” Y Mr.Costa-Ribeirosaid he Mr.Costa-Ribeirogot into GABB brings a maturity beyond his HarvardLaw School’smaster Tio Taco + Tequila Bar in Marlboro, N.J., was the fourth restaurant Tommy Bonfiglio, above, opened during the pandemic. yearstohis legal career.“The of laws program, aone-year way youdeal with aclient, the degree popular among foreign METROMONEY | By Anne Kadet way youexplain atough deci- studentslooking to practicein sion that came from ajudge, the U.S. He said being so theway youtell someone that young sometimes put a Restaurateur Gobbles Up SpaceAmid Pandemic he or she is going to jail, you damper on his social lifebe- need some kind of lifeback- cause he couldn’t go to events bone to be able to manage that required he be of legal This time restaurant,” he says. these situations,” he said. age. Still, he said, he mostly last year, He had to delaythe open- Mr.Costa-Ribeiro, who blended in. “I never wanted to most restau- ing of anew Tommy’sinMor- grew up in Brazil’scapital of be defined by my age,” he said. rateurs were ris Plains,N.J., because,de- Brasília, said his path to the Thefinal hurdle wasthe re- mainly look- spiteoffering $25 an hour for lawbegan when he was13 quirement that he be 21 to ing for rent kitchen help,he’ssofar hired yearsold and his sister was take the bar exam. When he breaks. Tommy Bonfiglio, a just ahandful of the 100 learnedabout it, he wasstill New Jersey lawyer and the workersneeded to launch. 19 and he had ajob waiting at owner of three taverns, saw But no matter. Last week, Milbank LLP,amajor New a big opportunity. “One when the doors of the new York firm. He petitioned the thing I’ve learned is, every- Tio opened, the room filled NewYork State Court of Ap- thing comes back,” he says. with noisy patrons. The very peals and wasgranted a Last week,hepresided first customers, Janet and waiver to take the exam, over the launch of Tio Taco + Rich DiGangi—empty-nesters which he passed. Tequila Bar,the fourth restau- who live nearby—ordered John McAlary, executivedi- rant he’sopened during the drinks, three appetizers, a

AZIL rector at the NewYork State pandemic.ByJune,he’ll have burrito and a skirt steak. BR BoardofLaw Examiners, which expanded his enterprise to 10 “We’re definitely coming OF

T administersthe bar exam, said locations and his employee back. Probably every week,” UR Mr.Costa-Ribeirowas one of count from 350 to 1,100. said Ms. DiGangi, an execu- CO

AL theyoungest people to take Nearly all his restaurants tive assistant. “We’ll drag the exam. He noted that when are in New Jersey. The new- Sea Bright, N.J., in 2015, ex- We don’t hesitate.” everyone here!” added Mr. FEDER the test firststarted morethan est is located in Marlboro, panding to a second location Sure enough, landlords DiGangi, a plant manager. 100 yearsago, would-be law- N.J. An hour before the 4 at the Staten Island Mall and suddenly had time forMr. yers didn’t have to go to law p.m. opening, Mr. Bonfiglio then a third in Freehold, N.J. Bonfiglio.And their existing r. Bonfiglio wasn’t SUPREME Mateus Costa-Ribeiro, 21 years school,soMr. Costa-Ribeiro offered a quick tour. Business was booming. Then tenants—some who had occu- surprised at the suc- old, is slated to be admitted to likely isn’t the only one to pass “Up until two hours ago it the pandemic hit. pied their locations forde- M cessful opening. the state bar on April 15. the exam at such atender age. was guys with screwdrivers,” cades at below-market rents— With more people getting he said. “I’m nervous!” pon transitioning to were persuaded to leave. the Covid-19 vaccine, he’s Among those also on hand U takeout-only during “I think the pandemic pro- seeing long waits for a table were his wife, Yvette Bon- last spring’sindoor-din- vided an excuse for border- at all his locations every Gunman Kills 3, Self figlio, who runs the com- ing ban, Mr.Bonfiglio wassur- line businesses to get out,” weekend. “I’m over-the- pany’s charitable arm; his prised to find his restaurants says Mr. Bonfiglio. “A way to moon confident,” he says. daughter Andrea Bonfiglio, were still profitable.Others, save face.” The pandemic hasn’t pro- At Daughter’s Party the company’s chief market- he knew, were faltering. He He didn’t wrangle big dis- duced many stories like Mr. ing officer; and his younger sawanopportunity to snag counts, typically agreeing to Bonfiglio’s, says New York- daughter, Christina Bonfiglio, prime locations from land- market ratesonlong-term area retail broker David BY BEN CHAPMAN report gunshots, according to the chief brand officer. lords who typically wouldn’t leases that, in some cases, Firestein, a partner at SCG theofficials.The girl’smother, Mr. Bonfiglio, who is 61 givehim achance. “I’m a exceeded $500,000 ayear. Retail. It’s only in recent A 46-year-old man attend- 45-year-old Rasheeda Barzey, years old, grew up in Brook- small, independent guy,” he But he believes he’ssnagged months that more people be- ing his daughter’s birthday and the girl’stwo half-sisters, lyn, the son of a cop, and says.“‘Tommywho?’ They some of the most high-pro- came interested in expanding partyfatally shot thechild’s 16-year-old Chloe Spears and worked through Brooklyn want CheesecakeFactory. file,high-traffic locations their businesses, he says, mother and two of the 20-year-old Solei Spears, were Law School. Before he hit 50, “I didn’t wait for the NewJersey has to offer. adding that they aren’t likely woman’sother children in a found with gunshot wounds he had a big house on the stores to get offered,” he He also laid the foundation to snag the good locations Brooklynapartment before and declared dead at the Jersey Shore, a 25-person says. “I targeted the land- foramuch largerenterprise, Mr. Bonfiglio landed. “It’s killing himself, said New York scene, the officials said. firm and two daughters in lords saying, ‘You have a bad renting acorporateofficeand easy to say, ‘I’m going to Police Department officials. Policediscovered the 9- private school. “It was a tenant. You’re going to have poaching industryveterans wait until things look better,’ Joseph McCrimon, of Mount year-old girl hiding inside the beautiful life,” he says. a problem with them.’ ” from their employers,includ- but when things look better, Vernon, N.Y.,killed the three apartment, the officials said. That mighthavebeen it. His family backed him up. ing adirector of training and you’re not going to get that victims Mondaynight afteran Mr.McCrimon wasfound Except his wife, afellow“kid Thetightknit clan works to- aculinary-operations director. deal,” says Mr. Firestein. argument between him and the dead of aself-inflicted gun- from Brooklyn,” wanted to go gether seven days aweek, Hiring restaurant staff, Surveying his buzzing new mother inside her apartment shot wound to the head in a back to work.Mr. Bonfiglio laughing and squabbling,and meanwhile,has been difficult, restaurant in Marlboro, Mr. in theNew York City Housing walkway of anearby building, thought it would be funto gathersevery Sundayfor an asituation Mr.Bonfiglio attri- Bonfiglio said he would Authority’sVan DykeHouses the officials said. Twoguns start abusinessinvolving the Italian dinner.When apart, butes to the pandemic’sen- spend the evening celebrat- complex, the officials said. were recovered. family.The lawfirm wasn’t they’restill connected by an hanced unemployment bene- ing with drinks and a big Officersfound the bodies of Mr.McCrimon had been it. “I wouldn’t want anyone I endless, 24/7 group text chat. fits.“Yousee the headlines meal, and maybe sleep in the the three victims in the apart- convicted of manslaughter.He liketobealawyer!” he says. “We’re his partners in on unemployment, food, hun- next day. “And then on to ment afterMr. McCrimon’s9- wasreleased from stateprison He launched Tommy’s crime,” says daughter An- ger, deprivation—whatever Morris Plains! We got this!” year-old daughter called 911 in 2003,according to the state Tavern + Tap, an upscale drea Bonfiglio. “We jump they call it. Ihavejobs from during her birthdayparty to corrections department. sports bar and restaurant in right off the cliff with him. cleaning tables to running a [email protected] P2JW097000-2-A008B0-1------NS

A8B | We dnesday, April 7, 2021 NY ** THE WALL STREET JOURNAL.

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FAMILY & RELATIONSHIPS PERSONAL JOURNAL.

© 2021 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. We dnesday, April 7, 2021 | A9 HENSLEY DEREK Derek Hensley in the viral TikTok videos that showed him using a guitar to smash his partner’s daughter’s television screen, left, and removing the door from his children’s room. Below, Mr. Hensley with his family. Parents Shame Kids in TikTok Videos Real or staged, scenes of parents punishing children are a growing genre online, and child-safety experts say it isn’t OK

Real or not, such videos can that, per the app’s community ing brats,” implying that the not everyone views them as ajoke. FAMILY have serious consequences. guidelines, TikTok removes con- youngsterswouldn’t getupto Manypeople have accused Mr.Hen- &TECH After viewing the video, some- tent that depicts or promotes mischief.Hedecided it could be sley of abuse.Hesaid he has re- JULIE one reported Mr. Hensley to his lo- physical abuse or psychological the basis of avideo.The video, ceived death threats. Viewers have JARGON cal child protective services, and disparagement of minors. “We which he firstposted on Nov.8, reached out to 11-year-old Kiarra, he and his family had to go in for have not observed a notable vol- got5.7 million views.Comments featuredinthe TV-smashing video. a visit. “I’m upset that I had to put ume of videos depicting parents or rolled in, such as,“Nowthat’s “Some people put our addressin arents often worry my kids through that,” said Mr. caregivers disciplining children parenting done the right way” the commentsonher TikTok and about their kids being Hensley, a drug screener for the and violating our community and “Right on dad! Good job.” The said, ‘Do youlivehere? Wear all bullied online, but lately county and a part-time graphic de- guidelines,” she said. video generated so manyviews black in your next video if youneed some parents have be- signer who made T-shirts of the Even staged videos can be that Mr.Hensley qualified fora help,’ ” he said. P come the bullies. guitar-smashing clip. Still, he said, harmful, Dr. Hess said, in part be- creator account. He decided to “My kids aren’t actually being Numerous parents he isn’t sorry about making this cause they could inspire the pro- makemore, to see if he could punished in my videos,” he said. are taping themselves disciplining video or others of a similar nature. duction of real shaming videos. profit from the appetitefor “If my kids are being disciplined, their children, then posting the In videos that depict actual such videos. it’s not on camera, but they’re videos on TikTok to teach them a punishment, the harm to children He made another video of him- rarely in trouble anyway.” lesson. One mom filmed her kids ‘Adults have no idea is unlike discipline that happens self taking away the kids’ phones, TheTV-smashing video wasan scrubbing floors as a punishment off screen. “Even if their friends even bigger hit, for fighting. “So my kids want to what it’s like to be a don’t follow their parents on social with nearly 12 mil- be d—s, this is what I make them child in public in media, for so many kids today, so- lion views.Mr. Hen- do,” she said in the video. A father cial media is their world,” said Dr. sley said Kiarra’s filmed three kids squatting with front of the world.’ Hess. “Adults have no idea what TV wasalready on their backs against the wall and it’s like to be a child in public in the fritz and he had their arms stretched out, saying it front of the world.” Research has anew one forher. was punishment for acting up. shown that shaming children— “Wehad to start Two of the children in the video Why are parents doing this? publicly or privately—isn’t an ef- and stop that video were sobbing and one hit the cam- Some, it appears, aretrying to use fective method of discipline, Dr. so manytimes.I era when it got close to her face. the technique, however flawed, to Hess added. “Shaming doesn’t told her to back- In a TikTok video that went vi- correct their kids’ behavior. Some change behavior,” she said. “All it talk me,and she’d ral, a father swears at his daughter are poking fun at aspects of child- does is decrease self-esteem. laugh and we had and smashes her laptop because rearing—at their children’s ex- When kids are shamed, they often to start over,” he she had it in bed with her when pense.Others like Mr. Hensley are feel like they have to hate some- said. Mr.Hensley, she was supposed to be sleeping. riding a wave of popularity in this one, so they hate their parent for who has nearly The girl appears to be suppressing strange new genre. making them feel that way, or they 800,000 TikTok fol- laughter, and the father, respond- Free Hess, a pediatrician and hate themselves.” lowers,said he has ing to criticism in the comments child-safety expert, said that while Mr.Hensley said it wasthe made about $4,000 section, stated that it was fake. He there are kid-shaming posts on children’sidea forhim to createa off his videos. His couldn’t be reached for comment. other social-media networks, in- TikTok account. They told him theoryonthe popu- Afather in Williamson, W.Va., cluding Instagram and Facebook, he’sfunnyand that his videos larity of kid-sham- Derek Hensley,built aTikTok jug- she has recently noticed a particu- could do well. But he said he also to the tune of “WAP,” in ing videos is that it’shuman nature gernaut from aclip of him taking lar increase in them on TikTok. didn’t set out to makevideos that which he sang, “Ain’t no phones in to watch—and judge—howothers the door off his children’sroom. In “While we can’t begin to com- appeared to embarrassthem. He this house.” He tagged the kids in areparenting.Hesaid the only another viral video,Mr. Hensley ment on the individual discipline said he wasfixing adoor one day, some of his videos to help them thing that would cause him to put used aguitar to smash his partner’s choices parents make for their having removed it from itshinges, get more followers on their own down the cameraisifhis children daughter’s TV screen, supposedly families, our policies for TikTok when the Cardi Bsong “WAP” TikTok accounts. asked him to.When IspoketoKi- because she wasplaying video- focus on our commitment to the popped intohis head. He started Not all the commentsonhis arra, she told me she’sinonthe games instead of cleaning her room. safety of minors,” a TikTok singing his ownversion: “Ain’t no door-removal video,and subsequent jokeand likes being in the videos. He toolater said it wasstaged. spokeswoman said, explaining doorsinthis house...We ain’t rais- videos,havebeen supportive. And “They’refun to make,” she said.

Her daughter was killed by a How can we best help someone and people announce they are go- Finding Meaning as We drunk driver. She has gone on to else who is grieving? ing to have funerals, others will find great meaning and save thou- The first thing we want to do is say: “The person has been dead sands of lives. It doesn’t mean she witness their grief. Listen to un- awhile; do we need to do that?” I will ever understand why her derstand, not to respond. We need say yes. Because their grief has Grieve aYearofLosses daughter died. to sit with them. Say: “I don’t not been witnessed. Their grief Even though youfind meaning know what it is like to lose a loved has been left alone in isolation. We it is not worth the cost of losing one, especially during this time. need these rituals. A funeral is a BONDS sadnessthey woke up with, the irri- someone.But in time,meaningful But I am here for you.” marking of a life. ELIZABETH tability or anger they have is grief. connections mayreplacepainful We have the illusion that people BERNSTEIN memories.You will be able to fo- might forget their loved one has Does grief ever go away? What is the sixth stage of grief? cus on the meaning rather than died. We think that if they arenot We have this expectation that you Meaning. I think of meaning as the horrible aspectsofaloved one publicly crying,they areOK. The finish with grief at some point. You what we create afterward. dying.Your lossisnot atest, a truth is no one forgetsaloved one never finish with it. But that does IT’S BEEN A YEAR of profound We have the false idea not always mean pain. If we show loss. that our work is to make up forour grief,intime we will To process our grief—both big grief smaller. Our work is grievewith morelovethan pain. and small—we need to find mean- to become bigger and David Showing up means not avoiding ing in what we lost, says author grow around the grief. Kessler it, not pushing it away, not trying David Kessler. Sometimes, when peo- to bright-side it or find the silver Mr. Kessler has written six ple hear me talk of mean- linings. It goes back to taking the books about grief, including his ing, they tell me there is time to sit with it. In time the pain latest, “Finding Meaning: The no meaning in a murder diminishes. Sixth Stage of Grief.” He has coun- or a child dying of cancer I think we have an unrealistic seled health workers and first-re- or a brain tumor or a timeline of grief. I use the term sponders about handling trauma. pandemic. I say: “Correct. “early grief.” People think this During the pandemic, he has spo- The meaning is in us and would be the first week or month ken to staffers at companies, in- what we do after.” or year. I tell people my definition cluding The Wall Street Journal, Meaning occursinthe of early grief is the first two years. about coping with loss. small moments. Maybe Mr.Kessler’s ownlifehas been youbecome amoregener- How can we go forward? marked by grief.When he was13, ous person. Maybe you People oftensay we have to move he witnessed amassshooting at the become amoredeter- on. Iprefer“moveforwardwith it.” hotel he wasstaying in—acrossthe mined person. Maybe you A few years after my son died, I street from the hospital wherehis become akinder person. It was doing a lecture tour in Ger- mother wasdying.And in 2016,his canbefinding away to many. I went to Hamburg. It was 21-year-old son died suddenly. commemorateorhonor completely bombed in World War Here are edited excerpts from your loved one. lesson, something to handle,agift has died. We won’t ruin their mood II. In the center of Hamburg, they my conversation with Mr. Kessler. or ablessing.Lossiswhat hap- by bringing it up.Infact, we help have a church, St. Nikolai, which How can we find meaning after pens in life. Meaning is what we them by bringing it up and saying sits in ruins and was never re- Are we all experiencing grief, even loss? makehappen afterloss. that we understand their grief still paired. It stands in the heart of if we haven’t lost a loved one? Meaning is relativeand personal. It exists. this beautiful new city, completely Mr. Kessler: Yes. Everyone has lost takestime.You maynot find it for Is anger a part of grief? devastated. I thought on that lec- something this year: Theworld we months or even yearsafter loss. Absolutely. Anger is pain’s body- Now that we can start to see an ture tour about how to hold the knew, the rituals we used to have, Meaning does not equal under- guard. end to the pandemic down the loss of my son. And I thought of the eventsthat gotpostponed, a standing. When you find meaning, People seem to lean into sad- road, will we start seeing public St. Nikolai. There is a part of my loved one who died. Often, people it doesn’t mean you will under- ness or into anger. We all have our grieving rituals? heart that will forever be devas- SLER tell me they are“crying fornorea- stand why someone died. The ex- go-to emotions. But the person People have enormous pent-up tated by his death. But it does not KES son.” They maynot understand that ample I give is the founder of who is crying and the person who grief they want to share. I am mean I cannot build an amazing VID

DA the heavinessthey arefeeling,the Mothers Against Drunk Driving. has anger have the same pain. afraid that when things open up city around it. P2JW097000-0-A01000-1------NS

A10 | We dnesday, April 7, 2021 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL. | FAMILY & RELATIONSHIPS (6) TO CKPHO TO IS JOURNAL; REET ST LL WA /THE SEY BUS JOHN : LEFT OM FR Barking Up Buddy’sDNA Tree

BY JOHN BUSSEY three-quarters of HOW TO DECODE FIDO’S FAMILY HISTORY their genomic DNA. I GOT MY DOG’S DNA results back But that’s a dif- today. ferent story. Before I get to the big reveal, wo of the lead sleddogs in the scope of analysis,degreeto It turns out you’re probably wondering what Tpooch DNA-testIditarod are: which the DNA is scannedfor po- Buddy is first and could lead anyone to the excess of tential health risksand whether foremost a scent parsing pooch parentage. A simple •Wisdompanel.com youwanttotalk to one of their dog, 34% beagle and answer: I just wanted to know •Embarkvet.com vets aboutyour dog’sresults. 1% bluetick coon- what was snoring on the couch hound. next to me. Theservices screenfor more Just want a basic read on which Next, Buddy is Millions of pet owners have breeds, types and varieties than breeds are in your canine cock- 26% American Staf- wondered the same over the last youwill likely need (theysay tail? The low end of the price fordshireterrier. decade or so, driving what has be- 350-plus). Prices range from range will answer that. There are This canbethe po- come big business in pet genotyp- $99.99 to $159.99and vary for also cheaper services that pro- litename for pit Buddy, far left, is a mix of (clockwise from top ing. The gnawing question: Who reasons including the depth and vide their version of the basics. bull.It’scommon, left) beagle, American Staffordshire terrier, exactly is Fido? particularly in the Labrador retriever, American hairless terrier, Is he as purebred a cane corso southern U.S.,tofind Chihuahua and English cocker spaniel. as the breeder promised? Will the getting close to the DNA results I enance to this family. at least some pit in Westminster Dog Show see the got for my $124.99. Given this unclear lineage, I shelter dogs, so prev- true Welshness in this Sealyham? So what breed is he? “Total proposed to the home front that alent arethe breeds associated retriever, 5% English cocker span- There are no such lofty ques- mutts,” guessed Miranda Barrett, we name our new puppy Every- with the traitswecall pit bull. iel, 3% American hairless terrier, tions where my new puppy is con- who fostered my dog’s mom, thing Beagle. This was rejected. He Buddy is from Virginia. 3% Russell terrier and 1% whippet. cerned. Ever since dogs arrived in Rosie, and cared for Rosie’s litter, is Buddy. So far, though, I see more Then there’s the last 8%. The America from Europe half a mil- including my pup. Probably some So back to the question: What chicken than pit bull in Buddy. If thing about DNA tests is that they lennium ago (displacing indige- beagle, she said, a bit of terrier— is Buddy? he’s in the yard and the dog next sometimes reveal more than you’d nous dogs that had likely crossed a the list went on. When I stare into Buddy’s eyes door barks, Buddy essentially va- like to know. The shelter manager land bridge from Siberia thou- The manager at the dog shelter wondering what breed will domi- porizes, reassembling himself was right: Buddy is fully 8% Chi- sands of years earlier) they ha- figured Rosie had gotten frisky nate and he stares back wondering nanoseconds later on the couch. huahua, a tiny breed which seems ven’t shied from getting to know with Lewis, a 45-pound hound. She what’s for dinner, I can’t help but Maybe that is because the pit is more appetizer than dog. each other. Adjust for 500 years of also saw some Chihuahua in the recall that humans and dogs have diluted with a rainbow of other It is a fact I will break to Buddy interbreed frolicking and you’re mix, suggesting a gymnastic prov- a lot in common. Like roughly breeds. Buddy is also 19% Labrador gently, when he is older. JOURNAL REET ST LL WA THE R FO OCK SC GLA OR YL TA Diane Fitzgerald and Burt Richmond with their 1963, front, and 2013 Fiat 500s.

MY RIDE chase vehicle behind us. I came acult favoritebecause BY A.J. BAIME called him and alerted him it wassoadorable.[Fiat built about the Fiat. The chase theoriginal 500 from 1957 vehicle was a Mercedes to 1975.] FiatsThat Sprinter van and even with Burt and I were thrilled all the spare parts, spare when we learned that Fiat Will Make motorcycles, and all the lug- was going to reintroduce the gage, Burt managed to buy 500, in 2007. Because of all the old Fiat 500 and fit this the safety equipment that YouSmile tiny car inside the van. cars have to have today, Fiat When we got to the hotel, got the car as close to the Diane Fitzgerald, 67, a re- he rolled out this old car size and shape of the origi- tired president of the RPM and everyone was dazzled. nal as possible. In 2016, we Foundation (a nonprofit that We would collect cars like bought a 2013 500 and had provides services, funding this and keep them in our ga- it painted in the same color and mentoring to the next rage in Milan, then when we scheme as our 1963 500. The generation of car enthusi- had enough to fill ashipping two cars are 50 years apart. asts) living in Chicago, on container,wewould ship the The first time I got in the her 1963 and 2013 Fiat cars to the U.S. and restore 2013 Fiat, I was surprised by 500s, as told to A.J. Baime. them. (Weare still doing how zippy it was and how it could compete with any of y husband, Burt our modern cars. So now Richmond, and I ‘It is impossible to the 2013 Fiat is one of our M daily drivers. But the his- have been together for 25 years, and for all of be in a bad mood toric Fiat we take out on that time, we have been re- when driving them.’ weekends. storing and driving old cars. When we showupat At one time, we owned a events with these cars,the tourism company where we reaction is the craziest led car and motorcycle trips thing.Children think they through Europe. We kept a this.) Burt does all the me- were made forthem. garage in Milan with our chanical and electrical work, Women think of them as ac- fleet, and we would go to then we have upholstery cessories.Men think of the Alps, to Tuscany, the guys,body guys and chrome them as cool cars.Grand- south of France, and into guys.Ilikethe driving part, parentslovethem because Bosnia and Croatia. and Iwritethe checks. they bring back old memo- On one particular trip in TheFiat 500 wasavery ries.Itisimpossible to be in 1999, I was leading a group important carbecause of its abad mood when driving on motorcycles through the role in mobilizing Italy after them. Our dream wasto Italian Alps when I saw this World WarII. Therewerefew build atinytrailer so the 1963 Fiat 500 on the side of resourcesand fuel wasvery 2013 Fiat cantrailer our the road with weeds grow- expensive. So,Fiat built this 1963 Fiat, butthat has been ing up around it and a sign tinycar with a500-ccengine delayeddue to Covid. But that said vendesi (for sale in and four seats. Thecar was we areplanning to build the Italian). It was painted to affordable,and itsmodest tinytrailer this summer.In look like an old Ferrari. fuel consumption wasabig fact, it’stime forustoget Burt was driving the deal. Later, the Fiat 500be- started. P2JW097000-0-A01100-1------XA

THE WALL STREET JOURNAL. We dnesday, April 7, 2021 | A11 ARTS IN REVIEW

TELEVISION REVIEW | JOHN ANDERSON Olivia Liang as NickyShen, left, and TziMaasJin Shen, below, in the Marshaling theArt of theReboot showcreated by Christina M. Kim Francisco, knowing nothing has been settled between her and the The CW’s update of the 1972 series chops out stereotypes and the Old West forces of evil. It’s in Nicky’s Chinatown that things get more interesting, and where the show’s (re)creator Christina M. Kim moves us out of “Crouching Tiger, Hidden Dragon” world and into the marginally less magical city by the bay. It’s quite a shift in the show’s temperament. In Yunnan, people defied gravity. In San Francisco, Nicky faces off against two formidable, reality- based foes: a Chinese triad boss, and her own mother. One is already unhappy.“My daughter died three yearsago,” Mei-Li (Kheng Hua Tan) spitsat Nicky, beforestorming out of the room. “That honestly went better than Ithought it would,” quips her flakily stylish sister,Althea (Shan- non Dang). Theshowisnot with- out humor.Oraction: When the girls’ father,Jin (the veteranTzi Ma), is beaten by thugs, it is as-

The new ‘Kung Fu’ not only casts Asians as Asians but makes its hero a woman.

sumed at firsttobearandom as- sault. But as it turns out, mom has takenaloan from alocal gang boss and can’t payitback.This ignites a

(2) full-blown campaign by Nickyto

CW save her parents, and Chinatownit-

THE self,with amix of intelligence, martial artsand her newand re- IT’SBEEN NEARLY a half-century newedallies: the tech-savvyAlthea; since the slo-mo spinning back Althea’skung-fu-fluent fiancé,Den- kicks of “Kung Fu” first disrupted nis (TonyChung), who’s also astu- American living rooms, but the dent of everything ancient and Chi- original TV western retains a sin- nese; the sisters’ pre-med brother, gular place in the history of Holly- Ryan (Jon Prasida); and Nicky’sold wood yellowface: Not only was Da- boyfriend, Evan (Gavin Stenhouse), vid Carradine cast as Kwai Chang who happens to be an assistant Caine, Shaolin monk and martial- city district attorney. arts master, but the producers al- They’re not the Avengers, ex- legedly stole the idea from Bruce actly, but one can see “Kung Fu” Lee and then declined to cast him. developing into a series about a “You can’t make a star out of a 5- multitalented team whose special- foot-6 Chinese actor,” an ABC ex- ties will come into play in various ecutive reportedly said. ways. But never at the expense of Wiser heads are behind The physical combat. CW’s new “Kung Fu,” which not Therebooting of old TV series is only casts Asians as Asians but always agamble.Onthe one hand, makes its hero a woman. And name recognition is an advantage. moves the principal locale out of On the other,there’sthe inevitable the Wild West and into current- constituencythat wantsits old day San Francisco. And eliminates showback intact. Themakersof a lot of the Taoist profundities the new“Kung Fu” have takena that informed Carradine’s dia- scorched-earth policyasregards logue. And no one says “Grasshop- the legacyofits ancestor,and good per.” So, basically, it’s an entirely forthem: Thecast is attractiveand different show. Albeit with the committed; the storyline has multi- same name and a similar number ple avenues to pursue; Ms.Liang of slo-mo spinning back kicks. It’s cancarrythe show. And the thrust also much more fun. of the pilot, at least (the only epi- It has, predictably, a mystical California back to China on a trip spends three years immersed in magical and thoroughly malevolent sode made available), is not Asians journey at its center, the spiritual that, to the dismay of the Ameri- the study of tai-chi, kung fu and Zhilan (Yvonne Chapman), assaults against the world, but good against traveler being Nicky Shen (Olivia canized Nicky, is all about ar- the ancient lore of her adopted re- the monastery in search of an en- evil. From what one cantell, the Liang), a very modern young ranged marriage. In the ensuing ligion. chanted sword. Zhilan kills Nicky’s production itself makes apolitical woman who finds herself in the contest of wills, Nicky takes her Her tenure is disrupted, how- mentor, Pei-Ling (Vanessa Kai); statement, but the storyline won’t. figurative half-nelson of a classic mother’s traditionalism one step ever, when a gang of ninjas (yes, steals the storied weapon; and immigrant dilemma. Her tradition- further and joins an all-female there is a bit of pan-Asian appro- barely defeats the very capable Kung Fu minded mother has sent her from Shaolin monastery, where she priation afoot), led by the quasi- Nicky, who returns home to San Begins Wednesday, 8 p.m., The CW

SIGHTINGS |TERRYTEACHOUT Al Hirschfeld ‘Our Town’ drawing with Elizabeth Hartman, Henry ‘Our Town’IsHaving Fonda and Harvey Evans (1969) would be true today—is true today, all the time.” Perhaps most riveting of all, AMoment(Again) though, is the chapter that de- scribes a2013 production directed by Kate Powers and performed by WHEN AL HIRSCHFELD died in of the original Broadway production inmates of NewYork’sSing Sing 2003,the obituarypublished by the and the play’ssubsequent history Correctional Facility (professional NewYork Times,inwhich his pen- up to the turn of this century. women actorsplayedthe female and-ink theatrical caricatures had Firstperformed in 1938,“Our parts). Most of the inmates initially run, borethe following headline: “Al Town” tells the storyofGrover’s found the playirrelevant to their Hirschfeld, 99,Dies; He Drew Broad- Corners, aNew England village, and present lives and past experience. way.” Even though he also drew the ordinarypeople who live(and “A lot of people felt like: we don’t movie and TV starsand pop celebri- die) there. Theplayisnarrated by talk likethis,” said Jermaine Archer, ties of all kinds—the subjectsofhis an unnamed Stage Manager who who playedthe Stage Manager. 10,000-odd drawings, paintingsand steps in and out of the action as “This is not our play. This is not a printsrangefromJack Bennyand needed, and it is performed with no playabout us.Itwas writtenby Liberacetothe cast of “Frasier”—it curtain or scenery, athen-revolu- whitepeople forwhitepeople,and wasBroadway with which tionarydevice whose use by Wilder maybe we need to changesome of Hirschfeld’sname wasand is most made theatrical history. the language.” closely linked. Thevaulting,swoop- The10drawingsincluded in “It Yetthey were all wonoverinthe ing energy of his caricatures,which Goes So Fast” encompassafair end by the plain-spoken profundity embodied the personalities of his amount of historythemselves.“Our of what Wilder described as an “at- subjectswithout stooping to malice, Town” has been produced on Broad- tempt to find avalue aboveall price wasinimitable,and no one has been way four times,and Hirschfeld drew forthe smallest eventsinour daily able to take his place. all four of the men who have played life.” As another inmateput it, Hirschfeld drew Broadway forso the Stage Manager there—Frank “Hardcorekillers, rapists, murder- long that it is possible to put to- Craven (who created the role in ers, robbers, everyone leaveswith gether anearly unlimited number of 1938), HenryFonda, Spalding Gray Sherman spoketomorethan ahun- ton, and have come to regard it as tearsintheir eyes.” In the process, subject-specific exhibitions of his and Paul Newman. He also drew dred of the artistswho took part in the best production of anyplaythat they learned afundamental truth work.The latest one,“‘It Goes So Newman in adifferent role: “Our the dozen21st-centurystagingsdis- Ihaveeverseen. It is aprivilegeto about art that is at peril of getting Fast’: ‘Our Town’ by Al Hirschfeld,” Town” wasturned intoalong-for- cussed in the book,weaving ex- hear the thoughtsofMr. Cromer lost in the contentious shuffle of is an online showof10drawingsas- gotten TV musical in 1955 in which cerptsfromthese interviews intoa (who also playedthe Stage Man- cultural politics.Masterpieces—and sembled by the Al Hirschfeld Foun- Frank Sinatraplayedthe Stage series of tapestries that, takento- ager) and nine membersofhis cast “Our Town” is nothing if not amas- dation and curated by Howard Sher- Manager,with anot-yet-famous 30- gether,showhow “Our Town” has and design team about the classic terpiece, the greatest of all Ameri- man. It canbeviewedat year-old Newman co-starring as evolved over time intoaplaythat showthey made together.One of canplays—are universal.They alhirschfeldfoundation.org/exhibi- George Gibbs.Tocomparehis 1955 canbedone in all manner of ways them, Helen Hunt, replaced him as speak to all humans in all condi-

ION tions.Mr. Sherman is also the au- Newman, aprettyboy whose smile without violating itsessence. the Stage Manager in NewYork, tions,nomatterwhat our race or AT thor of the recently published “An- is aquick squiggle,with the New- Historically speaking,the most then playedthe role in SantaMon- religion or gender or politics may UND other Day’sBegun: Thornton man of 2002, his featuresstill hand- significant chapter is the one de- ica, Calif., and what she says about be,and in so doing have the miracu- FO Wilder’s ‘Our Town’ in the 21st Cen- some but etched by the passageofa votedtoDavid Cromer’s now-leg- the staging ringstrue: “Cromer is lous powertomakeusone. tury” (Methuen), an important book half-century, is an epitome in two endarystaging,which in 2009 the one who didn’t add anything, CHFELD consisting of oral histories of 12 drawingsofHirschfeld’sart. transferred from Chicagotoanoff- didn’t changeanything,just simply Mr. Teachout, the Journal’s drama HIRS productions of the playthat have The2002 production is also one Broadway theater whereitran fora turned the lightsonfor me about critic, is the author of “Satchmo at AL opened since2002 and prefaced by of the widely varied stagingschron- year and ahalf.Ireviewedhis “Our very immediateissues in the mar- the Waldorf.” Write to him at THE

© arichly detailed 34-pageoverview icled in “Another Day’sBegun.” Mr. Town” twice, in NewYork and Bos- riages and the growing up that [email protected]. P2JW097000-0-A01200-1------XA

A12 | We dnesday, April 7, 2021 THE WALL STREET JOURNAL. SPORTS

BY LAINE HIGGINS Baylor’sLong Road to aChampionship Indianapolis aylor had been chasing the NCAA men’sbasket- ball title it wononMon- Afterdecades of futility, coach ScottDrewbuilt abasketball powerhousefromthe ashes of scandal Bdaynight foraverylong time.Just howlong de- pends on howyou choose to calcu- “what if?” lateit. “I didn’t knowwhat we were It had been 73 yearssincethe missing out on,” said Butler.But he team’slast appearanceinthe na- gotthe inkling that it wassome- tional finals back in 1948. thing toobig not to see through. It had also been 18 yearssince Rather than declarefor the NBA coach ScottDrewtook over the pro- draftfollowing his sophomoresea- gram—which wasimmersed in one son, he came back to Waco.Three of the ugliest college-basketball of Baylor’s upperclassmen starters scandals ever—with the absurd also returned. promise to bring anational titleto “Wehad goals just to leave aleg- Waco,Texas. acyatBaylor and trytobethe best And it wasalso 388 days since team that Baylor’s ever had. That the Bears’ dream season in 2019-20 wasadriving force,” said Butler, made it afavoritetowin the NCAA who on Mondaywas named Most tournament—until it came to a Outstanding Player of the Final thudding end when the emerging Four.“Everybody came back better coronavirus pandemic canceled basketball players and just more March Madnessone week beforeit professional.” wasslated to begin. Baylor opened the 2020-21 sea- It’simpossible to knowwhether son by rattling off 18 straight wins. Baylor would have ended that tour- They clobberedop- nament in the kind of confetti ponentsondefense, showeritenjoyedinIndianapolis claiming the third- lateMondayafter itsoverwhelming most efficient unit 86-70 thumping of No.1Gonzaga. in the countryal- Thewin brought Gonzaga’sbid for lowing just 63 the firstundefeated men’stitle sea- pointsper game. son since1976toascreeching halt They ledthe nation and prompted Drew to jokeabout in 3-point shooting howlong it had been sinceBaylor percentageat even made it to the final. Jared Butler, above, led Baylor with 22 points in the title game. Right, Scott Drew celebrates. 41.2%. “Weweren’t alivethen,” Drew Again, the only deadpanned afterthe game. It wasadeeply undesirable job. university president Kenneth Starr signing tophigh- thing that could Baylor had been apowerhouse in Drew held walk-on tryoutstofill and the resignation of athletic di- school recruits, slowthe Bearswas the 1940s under longtime coach Bill the roster and spent most games rector Ian McCaw. likeJared Butler the pandemic.Drew Henderson, whose 201 career wins praying that his players could “keep Theallegations didn’t directly and Davion along with eight were aprogram record until Drew it close” and head intohalftime touch the men’sbasketball program, Mitchell. players tested posi- surpassed him in 2014. TheBears down lessthan 20.Hecalls his so the newleadership sawDrew’s It seemed to tivefor Covid-19 in reached the Final Four three times humble beginningsthe “lean years.” team as one worth investing in. be climaxing in early Februaryand in afive-year span. Aside from the scandals,Baylor Mack Rhoades and Linda Living- 2019-20,when the team went What followedwas an uttercol- wasn’t very good at basketball in stone,the athletic director and uni- Baylor rose to the No.1spot in the three weeks between games. lapse.Baylor tallied 32 losing sea- 2003.Itwasn’t until Drew’s fifth versity president hired in the wake polls from 16th in preseason rank- But from their firstgame in the sons in the second half of the 20th year at the helm, in 2008,that the of the 2016 scandal, were among ings. TheBearsearned the topseed NCAA tournament against Hart- centuryuntil Drew arrived before Bearscracked .500 and earned the the firstpeople Drew thanked Mon- to the Big 12 tournament and, pend- ford—a 79-55 clinic—it wasimme- the 2003 season. And Drew gotthe program’sfirst March Madnessbid daynight. “Wehaveanunbeliev- ing another postseason meltdown, diately clear that this Baylor team job when Baylor appeared to hit in 19 years. Bit by bit, the Bearsim- able administration…that have were poised to nab that honor for wascloser to the BearsofJanuary rock bottom. One of itsbasketball proved in the 2010s,winning at given us everyresource to be suc- the NCAA tournament as well. than the Bearsofearly March. They players had murdered ateammate least 20 games in nine of the last 10 cessful,” said Drew. Then came the coronavirus pan- rolled over Wisconsin, Villanova in June 2003.The previous coach, seasons. Around that time,Drewover- demic,which scuttled the 2020 Big and Arkansas en routetothe Final Dave Bliss, resigned when it Drew weathered anotherstorm hauled his scheme on the court, 12 tournament hoursbeforeitwas Four,wherethey easily dispatched emergedthat he had attempted to in 2016.Scandal onceagain rocked embracing man-to-man defense af- set to tip off and canceled March Houston afteropening up a25- frame the deceased as adrug Baylor’s athleticdepartment, which teryearsofplaying zone.Here- Madnessaday later. point halftime lead. dealer,aploytodispel allegations melted down over asexual-assault cruited adifferent style of playerto Among the manyunanswered And by Mondaynight against that some membersofthe team had scandal that resulted in the firing of match those needs,looking over- questions of that harried month for Gonzaga, therewas no doubt that accepted money to play. football head coach Art Briles and seas and fortransfersinaddition to Drew and his players wasabig the Bearswereall the way back. GES IMA when controversy is that anytime thereisinjustice municated with the club over the The Masters GETTY

calls.That’sthe happening,wewant everybody to issue.AnMLB spokesman declined N/

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StaysSilent has used repeat- Aspokeswoman forAugustaNa- Rob Manfred, who is amember, C. edly to navigate tional Golf Club deferred comment would attend. RED

when critics have to the club’schairman, Fred Rid- Representatives forAugusta JA On Vote Law questioned the ley.Hehasn’t spoken publicly on membersEmerson Electric Co. club’spractices the matter, but has ascheduled chief executiveDavid Farr,and BY ANDREW BEATON and demographic news conferenceWednesday. former Democratic Georgia Sen. A/REUTERS;

AND LOUISE RADNOFSKY makeup. Leading Masterssponsorsin- SamNunn declined to comment. AD

So far,Augusta cluding International BusinessMa- “Senator Nunn recommends that if TER GEORGIA HASBECOME a cul- National, itshigh- chines Corp.and Rolexalso de- youwant to discussanything re- LE KY tural flashpoint over a new voting profile members, clined to comment on their lated to Augustaorthe tourna- law. It has thrust the state’s big- the tournament’s relationship with the tournament; ment that youcontact their chair- GES; gest businesses and even MLB, Members at Augusta National. biggest corporate Mercedes-Benz and AT&T Inc. man of the club,” aspokeswoman IMA

which removed its All-Star Game sponsorsand even broadcasters didn’t respond to inquiries. said. ETTY from the state, into taking pointed gia’smost celebrated annual sport- have handled the situation and its Prominent Augustamembersin- And IBM, whose former chief /G stances on the legislation. ing event, the Masters, this week. convergencewith the Masterswith cluding BerkshireHathaway chair- executiveGinni Rometty is also an WU Almost everyone who’s anyone With the Mastersteeing off in the same sound heardwhen golf- man Warren Buffett, philanthro- Augustamember,said that “we HUK AC

in Georgia, including Coca-Cola Co. the eyeofthis hurricane,the ques- ersstand over aputt: silence. pist and co-founder of Microsoft don’t comment on the travel plans NW and DeltaAir Lines Inc., has had tion is whether it canagain count “It’sawidely televised event Bill Gates and former Secretaryof of our current or former execu- TIM

something to sayabout the law— on itsrich golf history, iconic set- and people arewatching,” said State CondoleezzaRicedidn’t re- tives.” P: except the AugustaNational Golf ting and famous azaleas to keep James Woodall, president of the spond to inquiries about their —Sabrina Siddiqui TO OM

Club,which is set to stageGeor- attention on the golf tournament Georgia NAACP. “The expectation plans,orwhether they had com- contributed to this article. FR

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THE WALL STREET JOURNAL. We dnesday, April 7, 2021 | A13 OPINION Joe Biden at His Worst BOOKSHELF | By Benjamin Shull

Howtoex- Maybe he really has toocynical about the motives rious academic record that Boors plain the changed due to some woke of his allies.) didn’t exist (he finished near rush of bad epiphany.Ormaybe we are In 2020,Republicans se- thebottomofhis law-school government, seeing aman of diminished cured 74 million votesfor classafter being disciplined citing false capacities acting out one long their presidential candidate, for plagiarism). Abroad crises,end- reaction to Kamala Harris narrowed their disadvantage And nothing about Mr. Bi- BUSINESS running con- playing the race card on him in the House, and tied Demo- den todaysuggestshe’sa WORLD stitutional in the 2020 primaries. cratsinthe Senate. In many president up to the heroic, The World in a Selfie limitations, Maybe the race card is be- states Mr. Biden won, he was arm-twisting,barnstorming By Holman W. that the Bi- ing playedpartly to control outpolled by GOP House can- public effort that it would By Marco D’Eramo Jenkins, Jr. den presi- Mr. Biden himself. didates.Especially because take to getsoradical apro- (Verso, 282 pages, $29.95) dencyinits Ihatetosay it but there’sa voters were told (falsely) by gram past aresistant public early days has become? reason telemarketers target pollstersthat Mr.Biden was and Congress—if he were, al- wo years ago, Rebecca Mead of the New Yorker I’m persuaded by one of its the elderly. You don’t have to running away with the elec- most by definition he would T published a long article, “The Airbnb Invasion of practitioners, Charles Blowof be old to be weak,ofcourse. tion, it’shardtodoubt even not be the kind of presidential Barcelona,” that addressed some of the challenges the NewYork Times,that a See those CEOs who have no manysupporterswanted a dog that unrepresentativeac- of unfettered tourism. Prior to the Covid-19 pandemic, key feature,the administra- thoughtofanything except check on his administration. tivistswould find so easy to Barcelona, year over year,found itself steadily drowning tion’srampant race-baiting,is howtoshield themselves from wag. in foreign visitors. Short-term rentals on Airbnb, often partly amatterofaticking interpersonal discomfort amid This “modern” leftob- illegally operated, filled the city’s apartment buildings and clock: “IfHispanics and Asians apolitical game that’slargely A combination of sesses about race and “iden- depressed the local housing supply. Barcelona’s main vote then the way they vote going over their heads. If Mr. tity” because it’stheir only tourist draws, including Park Güell and the Sagrada Familia now—a thirdofeach group Biden has lost his fastball, he flattery and racial claim to being progressive; in Church, were thronged by enormous quantities of visitors. voted for Trump—their com- won’t have forgotten asearing bullying convinces everyother way they arereac- In the summer of 2014, spurred by the drunken antics of binedvotes forRepublicans experience: howinsouciantly a tionaryheirstothe bureau- holiday-makers, protesterstook to the streetstobring will eclipse the Black vote for topfellowDemocrat, youthful him he has a mandate. cratic and technocratic elite attention to “the pestilenceofyoung visitorswho came to Democrats.” He means for and quicker on her feet, used that the New Deal and World Barcelona not to sample the local culturebut to enact inter- good. race against him in front of a WarIIdelivered intobeing nationallyrecognized tropes of partying.” Threeyearslater, Other clocks areticking national audience. Thefallout, Forall the Democratic dem- and now is in need of replac- 60%ofBarcelona residentsclaimed in asurvey that the city too. Mr.Biden is likely to be a obsequiously awarding Ms. agogueryabout the filibuster, ingbysomething truly of our had reached or exceeded itscapacity to host tourists. one-term president; everyhis- Harris the veepship,was the system is working the way own times. Hating tourists is nothing new, as the Italian journalist torical precedent suggeststhe hardly reassuring either. it should—thwarting legisla- On present trend, Mr.Biden Marco D’Eramo notes in “The World in a Selfie,” translated Democrats’ slim congressional Or take his recent and ludi- tiveenactmentsbased on is on his way to being afailed intoEnglish by Bethan Bowett-Jones and David Broder. majority won’t survivenext crous inaccuracies about ephemeralmajorities that and divisivepresident. Rich- Mr.D’Eramo quotes aBritish magazine article from 1848 year’s midterm elections. Georgia’snew election law have no stability in the body ardPosner, the retired federal lamenting that, forall their This still doesn’t explain (fourPinocchios,said the politic. appeals judgeand polymath, merits, the advent of the why Mr. Biden is lending his WashingtonPost). He sounded Mr. Biden might be in fine devoted abook,1995’s“Aging railroad and the steamboat presidency to unrepresenta- likeaman riffing on afew fettle foraman pushing 80 and Old Age,” to the changed had “afflicted our generation tive activist groups to pursue poorly understood lines that but that doesn’t mean he’sup incentives,declining capaci- with one desperateevil; they an agenda forwhich he has no somebody fedhim, making to riding herdonthe forces ties and shortened time hori- have coveredEurope with mandate. So much forthe talk himself a prop for an agenda that followedhim intothe zons that makeusdifferent Tourists.” Adam Smith, in his of amodest and dignified that he may not quite grasp. WhiteHouse.Mr. Biden did people in old agethan we “Wealth of Nations” (1776), “transitional” presidency. He, Youmight have had zero not wrestle the nomination were when young.Weimprove heaped mocking scorn on the or someone on his behalf,has faith in Donald Trump’sjudg- away from anybody (unlike in some wayswith agebut vogueofyoung men gallivant- substituted aTijuana-or-bust ment but at least youknew BarackObama or Mr.Trump). also become morepreytoour ing around the Continent on progressiveHail Marythat is he wascapable of asserting It landed on him. His career worstpropensities.Ironically, so-called Grand Tours. quickly becoming needlessly his ownjudgment—and of wasthat of an undistinguished one trait of the elderly,Mr. “The World in aSelfie,” andnoxiously divisive, that doubting the motives and in- but long placeholder. A habit Posner tells us,isusually ade- firstpublished in 2017, has has Mr.Biden uttering lies and centives of his advisersand of foolish grandiosity has re- siretoleave alegacyand rep- been updated in this English- demagogueryasscurrilous as camp followers.(Apresident peatedly brought trouble,such utation our survivorscan feel language edition to account for anyhis predecessor uttered. seldom goes wrong by being as convincing himself of aglo- proud of. the pandemic, which shut down international travel for a year. Mr. D’Eramo highlights tourism’s paramount role in the world economy, smartly observing that Covid “proved the centrality of tourism Partisanship Is Biden’s Way to the Highway through tourism’somission. Oncethis industryceased, not only airlines and shipping companies but aircraft By introduc- port this proposal. Most be raised to 28% from 21%. impact on the debate so far.) manufacturers and shipyards found themselves on the ing the ambi- Republicans don’t regard cli- Theplan would institutea Theadministration appears vergeofbankruptcy.” Thebook,“an inquiryintothe tious Ameri- matechangeasacrisis,and newcorporateminimum tax to have decided to movethe tourist age,” is somewhat disjointed, moving distractedly canJobs Plan, they reject moving away from and anew global minimum entireplan through the Senate at times from topic to topic and losing the thread in the the Biden ad- fossil fuels.They don’t place taxfor U.S. multinational using the budget-reconcilia- philosophical weeds. But in its more focused moments, ministration racial and gender inequalities corporations. tion procedure, which requires “Selfie” makes forabracing,provocativeexamination of POLITICS is betting it at thecenter of their vision Republicans arenomore only asimple majority.The an all-too-human pastime. & IDEAS all on itsabil- forsocial change. And they willing to repeal what they re- Senate parliamentarian’sre- One recurring theme here is our futile search, through ity to unify hesitatetoinvolvethe federal gard as the signature legisla- ported willingnesstoallow travel, for the “authentic.” Mr. D’Eramo saves his most By William the Demo- government moredeeply in tiveachievement of the more than one reconciliation biting commentary for UNESCO and its “World Heritage” A. Galston cratic Party areas—such as child care— Trump administration than bill on a single year’s budget listings, which he likens to a “kiss of death.” “Once the around abill that they regard as the prov- were Democratstorepeal the will encouragethis strategy. label is affixed,” he writes,“the city’s lifeissnuffed out; that will attract little to no inceoffamilies,churches and Affordable CareAct, the sig- But leading Republicans have it is ready for taxidermy.” That’s hyperbole, no doubt, but Republican support. There is nonprofits. natureachievement of the indicated their willingness to his commentary on the unintended consequences of no margin forerror in the Although the sticker price do businesswith Democrats preservation is compelling. Senate,and Speaker Nancy of the plan is $2.25 trillion, an on pieces of thebill—road, He claims that the attempt to enshrine the supposed Pelosi canaffordtolose only a analysis by the Committeefor An infrastructure bill bridges,dams,water systems, uniqueness of a place—he cites the historic centers of handful of Democratsinthe aResponsible Federal Budget ports and airports, as well as Luang Prabang in Laos, Porto in Portugal and San Gimi- House.Achieving unanimity finds that the full priceis some Republicans can broadband and measures to gnano in Italy—ends up flattening it, as the UNESCO label won’t be easy,and failure about $400 billion higher— support would help counter China’seconomic rise. calls forth the same infrastructure of hotels, restaurants would deal abody blowtothe thecost of clean-energy tax Whynot explorethe possibil- and street markets that serve tourist traps the world over. rest of the administration’s creditsthat add to the totalof Democrats in 2022. ity of adiscretebipartisan “Functioning as a ‘certificate of authenticity,’ ” he writes, agenda. “tax expenditures.” Most of agreement before moving on “the UNESCO label allows the tourist industrytocash in Reporters and punditsof- this totalwould be spent over to areas whereagreement is on the market value of the authentic.” tenrefer to the administra- eight years, while increased Obamaadministration. And unlikely? tion’s proposal as an “infra- taxation of corporations Republicans think thereisa Unlike1933 and 1965,the structure” bill, but it is much would payfor the plan over 15 viable alternative, at leastfor country is closely and deeply An ‘inquiry into the tourist age’ that takes more. Portions of the bill are years. roads,bridges and other pub- divided. TheBiden adminis- stock of the way we travel today and considers devoted to investmentsinsci- To the extent that the ex- lic projects—namely,user tration is betting that asser- ence, technologyand manu- penditures represent long- fees. tiveuse of itswafer-thin con- our often-futile search for the ‘authentic.’ facturing innovation needed term investments, this gapis President Biden has re- gressional majority will to counter the challengefrom unobjectionable.But not all jected this option because it cement the shiftinpublic atti- China. Other partsaddress provisions fitthis defini- would violatehis campaign tudes toward moreexpansive Mr. D’Eramo also demonstrates that the Airbnb effect is shortcomings in what the ad- tion—for example,the $400 pledge not to raise taxeson government. If the adminis- not limited to Barcelona. He explains how, in his Rome ministration calls the “infra- billionset aside to improve anyone making lessthan tration wins itsbet, it could apartment building, located near the Colosseum, 17 of the structure of care,” especially home-based care forelderly $400,000 a year. In a similar end the Reagan era. 40 units have now been turned into holiday homes or bed forchildren and the elderly. Americans and boost the vein, the progressive wing of If the administration and breakfasts. “Half of the original inhabitants,” he writes, Still othersare designed to wagesofhome health-care the Democratic Party has guesses wrong,itwill unravel “have moved away, taking advantage of the building’s address what the administra- providers. Thegoals maybe cooled to acarbon tax—widely itsgains among moderateand prime position to extract income from it.” He notes how tion regards as a climate cri- worthy, but such spending regarded as an efficient and suburban voters and restorea Airbnb rentals have proliferated in Italy’s major cities. sis.Woven through the entire isn’t investment. effectiveway of fighting cli- Republicancongressional ma- Often, he writes, the primary residents of these apartments plan is an emphasis on racial Theadministration is ask- matechange—because it jority.IfIwerePresident Bi- abandon them to liveinthe suburbs or the countryside. and gender equity and on ing the GOP to repeal asub- would impose some costs on den, Iwould take out an insur- So it was that when Covid shut down tourism, the eco- unionizing the workforce. stantial portionofthe 2017 lower-income Americans. ancepolicybydemonstrating nomic impact was felt far beyond the city centers. These longstanding Demo- taxbill Republicans sup- (Thereare waysofstructuring my opennesstohonorable Mr. D’Eramo is indebted to a number of thinkers—he craticgoals explain whyRe- ported all but unanimously. acarbon taxtoavoid this,but compromise beforegoing to frequently shunts in large blocks of quoted text—but his publicans areunlikely to sup- Thecorporatetax rate would that has had no discernible the mattresses. most constructive engagement is with Mark Twain, whose “Innocents Abroad,” published in 1869, is a seminal text of tourist literature. “Innocents,” which sold more copies in Twain’s lifetime than either “Huckleberry Finn” or “Tom Rob Manfred’s All-Star Error Sawyer,” recountsthe author’s journey,onboardachartered vessel called the Quaker City, through Europe, North Africa By Fay Vincent times participated in public players will getpaid no mat- ratesthem from the game’s and the Holy Land. It’s a delightful romp, as Twain, serving debates over policy. Moving terwherethe game takes history and leadership. as tour guide, offers up a host of amusing observations, ajor League Baseball directly to an economic sanc- place. MLB will getthe same Major League Baseball cycling between wanderlust and bemused irony. M decided last week to tion suggeststhat Mr.Man- television revenue.The only can’t become aweapon in the “Innocents” also provides Mr. D’Eramo the means to movethe All-Star fred believed the Georgia law people hurt by Mr. Manfred’s culturewars, ahostagefor compare one tourist age with another. In some respects, Game out of Atlantaafter the required drastic intervention. decision will be Atlanta’s onepolitical party or ideol- Twain’s journey, which took place in 1867, is unthinkable to Georgia Legislaturepassed But consider what he didn’t stadiumworkersand local ogy. It can’t be only forthe the modern traveler. In Paris, for instance, Twain’s party changes to the state’svoting do: He didn’t limit the number vendors. rich or thepoor,nor canit visits a morgue, “that horrible receptacle for the dead who laws that many, including of home games the Atlanta Thetalk shows and edito- only be forone race,asit die mysteriously and leave the manner of their taking off President Biden, called rac- Braves will play. He’dneed the rial pages arefull of ques- was until 1947. Baseball must adismal secret.” Not exactly a bucket-list item these days. ist. Activists urgedCommis- tions. What is thebasis for always stand abovepolitics But some aspects of the innocents’ voyage, Mr. D’Eramo sioner Robert Manfred to acting so forcefully against and itsdark elementsofcor- writes, prove enduring. punish Georgia. By rushing The commissioner Georgia? If Georgia is racist, ruption, greed and sordid Disappointment, it seems,isforever apart of the to do so without firstpro- howcan baseball talk of doing selfishness. It can’t go wrong tourist’sexperience. Twain, while in Milan, goes to see testing the substanceofthe politicized baseball businesswith China? Mr. by standing fornational Leonardo’s “Last Supper,” apainting significantly worn law, Mr.Manfred made ase- over a law he likely Manfred failed to spell out greatness. down and discolored over the years. He can’t help mock- riousmistake. specific criticisms of Georgia’s Thesituation calls to mind ing those around him who pretend to go intoraptures in Theuse of “muscle” or fi- hadn’t examined. voting law. Nowhe’sput him- the 2006 Duke lacrosse case, itspresence, and is decidedly unimpressed. Mr.D’Eramo nancial powertoinfluence self in the awkwardposition when manyerred—likeMr. drawsadirect line from Twain’sexperienceinMilan to policyisanancient tactic.The of having to defend Colorado’s Manfred has here—by leaping the copious negativereviewsthat nowpopulate term “boycott” has itsroots approval of the players’union voting laws. to aconclusion based on as- Tripadvisor.com. in 19th-centuryIreland, where to do that, and Braves owner During my time as commis- sumptions rather than care- For the past year, so many of us have been confined to the nationalist politician John Malone would surely re- sioner,Ilearned that the fully considered facts. I’ve reading about distant lands rather than actually visiting Charles Stewart Parnell urged sist. To movethe siteofthe American people viewbase- done thesame thing,tomy them. But with widespread vaccination on the horizon, and his followers not to deal with All-StarGame is one thing; to ball as apublic trust. They regret. Much rides on Mr. the prospect of traveling slowly becoming a possibility Charles Cunningham Boycott, ignoreunion and ownership want the game to stand for Manfred’sshoulderssohe again, we can look forward to once again mocking tourists ahighly unpopular British powers is quite another. the best and noblest of our must be prudent. Perhaps he even as we ourselves participate in tourism. Mr. D’Eramo’s land agent. A boycott is gen- Themidsummer All-Star nationalvirtues.They see nowsees howcomplicated refreshingly polemical if sometimes crotchety book should erally an actofdesperation, Game is an exhibition that baseball as the repositoryof these issues canbecome.I at least goad us to be more mindful of the pitfalls we and the original one was benefitsonly the city where their dreams,evenasthey wish him well. propagateastouristswhen, hallelujah, we canfinally largely unsuccessful. it’s played. It wasreported root for their favorite teams. travel again. Organizations likeMajor Tuesdaymorning that Den- They don’twant, and won’t Mr.Vincent was commis- League Baseballhavesome- verwill be the newhost. The accept, anything that sepa- sioner of baseball, 1989-92. Mr. Shull is a books editor at the Journal. P2JW097000-0-A01400-1------XA

A14 | We dnesday, April 7, 2021 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR CEOs vs. Shareholders Using Private Cash for Public Infrastructure

he intervention by prominent American ocratswho will raise taxeshereorexpand Robert Poole urges government to needed and no other option appears business executives into partisan cul- spending there. JoeBiden maybethe most anti- “invite private capital to play a major viable. Toll roads work in areas where T tural politics is a major event, and we businessPresident sinceFDR.His Administra- role in paying for portions of the [in- people have options. When there is no frastructure] plan” (“Build Infrastruc- option, toll roads become taxes placed wonder howmanyofthese tion is implementing,under Corporate execs are ture With Private Cash,” op-ed, April on the middle and lower classes. My CEOs have thought through the guise of “unity,” a Bernie 1). I doubt that “private capital” family lived with that in Pennsylvania the implications. To wit, they assisting an agenda that Sanders-Elizabeth Warren would do so without expecting to and New Jersey for many years. arepitting themselves against agenda that would vastly ex- “profit” from their investment. Would KENNETH KELLER the interestsoftheir own will hurt their business. pand government control over “private capital” be willing to accept Chesterton, Ind. shareholders. business and the economy. the yield on the 10-year Treasury note Companies have long This is where the interests as an acceptable return on their in- Although many successful projects sought to influence policies that affect their of shareholderscome in. TheHouse-passed vestment? I somehow doubt it. have been done in the U.S. using pub- business, and rightly so. They have the First PROAct is the most far-reaching labor legisla- Ultimately, taxpayers or users will lic-private partnerships, there re- Amendment right to petition the government. tion sincethe 1935 Wagner Act and would give have to pay for these infrastructure mains strong ideological opposition And as the reach of the state has grown, the union organizing ahugeadvantage.Itbans projects in one form or another. To by some in Congress to putting “pri- the extent that “private capital” is in- vate” money into “public” systems. success or failure of a firm or industry can de- right-to-work laws nationwide.Itwould re- volved it will expect a return on its Such opposition is rather illogical pend on defeating political predatorsinWash- ducehiring flexibility and makecompanies less investment that is greater than what given that shortfalls in public invest- ingtonorstate capitals.Wewish it were other- competitive. the Treasury can borrow money for. ment are what brought our highways wise, but this is today’s reality. The Biden tax increases would reduce the af- JAY HERSHBERG and bridges to where they are today, The CEO intervention into Georgia election ter-tax return on investment and make U.S. com- Brick, N.J. but it remains a major stumbling lawisdifferent. It concerns amatterthat panies less competitive globally with the high- block to using private capital. doesn’t directly affect Coca-Cola or Delta Air- est combined state-federal corporate tax rate in Toll roads make sense in some ar- RICHARD G. LITTLE, AICP lines, to cite two companies whose executives the developed world. Thecoming vast regula- eas where capacity increases are Williamsburg, Va. condemned the newlaw.The CEOs areinstead tory expansion will raise costsbydirecting in- injecting themselves intoaheated debateover vestment through political intervention rather election lawand the tension between ballot ac- than via projected returns on capital. Pandemic Puts Telemedicine in the Spotlight cess and integrity. None of this is in theinterestsofsharehold- As a retired endocrinologist, I read cians listened to the mother of a This is about the rules of politics,and it ersascommonly understood fordecades under with great interest “What the Pan- fussy newborn describe the infant’s means taking sides in adebatebetween the corporate law. It isn’t even in the interests of demic Taught Us About Telemedi- symptoms and current diet and de- electoral interests of the two parties. Republi- “stakeholders,” in the Business Roundtable’s cine” (Journal Report, March 29). Key termined the baby needed a different cans in Georgia tightened what they regarded definition, sincelowerprofits mean slower takeaways are that the clinician formula. The process and outcome as loose rules that accommodated the special wage increases for workers and higher prices needs to have a good “webside” man- were the same as if they had met in- circumstances of the pandemic.Democrats for consumers to make up for higher costs. ner and up to 25% of visits will re- person or over video. But phone ap- claim the rules are too restrictive and want to Perhaps these CEOs think they are buying main virtual. What isn’t stated is that pointments are much more accessible stigmatizethem as “Jim Crow 2.0” to help them cheap insurance against the growing political most disease states cure themselves, to the nearly 30 million Americans passanational election law(H.R.1) that would pressurefromthe leftbysiding with Democrats including Covid infections. who receive their care through feder- The truth is that many physician ally qualified health centers. Many impose voting rules they prefer. so publicly. They may also think they can ap- visits are unnecessary. The correla- don’t have the high-speed broadband, This is the kind of brawlthat most CEOs typ- pease the woke factions among their employees tion is convenience and need. Build it extensive data plans, digital savvy or ically avoid as toopolarizing,and even business and the public pension funds that are increas- and they will come. For those who computer access to readily access a lobbies likethe Chamber of Commerce tend to ingly trying to direct businesstoside with Dem- are truly ill, the need for laying on videoconferencing system. Almost all steer clear. Not this time. ocratic priorities. hands and examining the patient have a phone or access to one. Fed- By endorsing the (false) claims that Republi- They arefooling themselves.What the CEOs hasn’t changed. Bedside manner is at eral and state governments, which cans are denying the franchise, the CEOs are aredoing is helping Democratspasslegislation best an afterthought. What has approved Medicare and Medicaid re- supporting the direct electoral interestsofthe that will solidifyand expand their majorities in changed is the modern view that imbursement for phone visits during Democratic Party.IfH.R.1 passes,itwill impose Congress. This will not co-opt the left; it will technology cures all. the pandemic, need to continue to rules on all 50 states that will makeiteasier to embolden them. WARREN ROSS FEDERGREEN, M.D. pay for these phone appointments af- elect moreDemocrats. That’swhy NancyPelosi, The CEOs are also playing into the hands of Jensen Beach, Fla. ter the pandemic so everyone can continue to access healthcare. Chuck Schumer and President Biden are so in- the Republican Party’s growing anti-corporate Covid-19 also expanded telemedi- ELIZABETH BENSON FORER tent on passing it. wing that is already making haywith Big Tech’s cine by phone, and phone appoint- Chief executive This is all the moreremarkable because it is free-speech restrictions.The ultimateharm ac- ments can be as effective as video Venice Family Clinic happening when the Democratic Party has crues to shareholders, who expect CEOs and ones. Recently, one of our pediatri- Venice, Calif. taken a sharp left turn—on economics as well corporate boards to represent their interests as culture. These aren’t Bill Clinton’s NewDem- but are watching them do the opposite. A Soft-on-Crime Backlash The Democrats Seek to Strengthen Medicare In “DemocratsSee Medicareasa posing to expand itscoveragetoev- rosecutorspromising easier bail and year compared to 5,694in2017. “Victims arean PiggyBank” (op-ed, March 25), Chris eryone.Hecan’t have it both ways— Jacobs accuses Democratsofusing Democratscan’t both be cutting fewercriminal prosecutions have swept inconvenient truth that Larryignores,” Mr. Medicareasa“piggy bank” to pay Medicareand proposing to expand it P to power in several big cities in recent Vega told Philadelphia Weekly in December.“He forPresident Biden’s“Build Back at the same time. years, but a backlash may be never talks about the victims.” Better” agenda by pushing forH.R.3, Mr.Jacobs might very well be underway as crime spikes. Philadelphia Democrats Mr.Vegasays he’srunning “to the LowerDrugCostsNow Act. confusing the Democratic Party’s Witness last week’s develop- decline to endorse a make our city safer.” In reality,H.R.3 would make actions with the other side.Repub- ments in Philadelphia. Mr.Krasner remains popu- Medicarestronger.Democratspassed licans have worked fordecades to On March 31 the Demo- progressive prosecutor. lar in affluent neighborhoods this bill in the House in 2019,and cut Medicare, Medicaid and Social cratic City Committeevoted with less crime, but “a lot of proposed investing the significant Security by cutting taxesinanef- not to endorse incumbent Dis- pushback is coming from savingsfromnegotiated drug prices fort to bankrupt our federal coffers, trict Attorney LarryKrasner forMay’s primary those areas that areexperiencing ahigher rate intoexpanded vision, hearing and and they were silent when Presi- dental coverage forseniors. Sen. dent Trump included $500 billion election. He won in 2017 after denouncing the of guncrimes,” says Alan Butkovitz,Democratic Bernie Sanders, the chair of the Sen- in cutstoMedicareinhis proposed city’s policeand prosecutorsas“both systemi- ward leader for the 54th district. “The further ateBudget Committee, is pushing for budget. Democratsare leading the cally racist” and has spent his time in office you are away from the crimes, the more likely asimilar expansion of Medicareas fight foraffordable healthcarefor touting his efforts“to end massincarceration” you are to be for him.” part of Democrats’ next legislative seniors. by bringing fewer charges and urging lighter In poor, minority neighborhoods, backlash package. RICHARD FIESTA sentences.But Mr.Krasner nowfaces aprimary against Mr.Krasner is building.Philadelphia is Mr.Jacobs also accuses Demo- Executive director challengefromCarlos Vega,aformer homicide amachine-politics city whereincumbentsgen- cratsof“abolishing the current Alliance for Retired Americans prosecutor whom he fired. erally getanendorsement, but manyofthe Medicareprogram outright” by pro- Washington In December 2020,Mr. Krasner filed 525 ward leaderswho makeupPhiladelphia’sDem- chargesfor violent crimes,compared to 757in ocratic City Committeefeared that backing Mr. December 2017, the month beforehetook office. Krasner would turn off voters and hurt their SeveralBaseball RecordsSeemUnbreakable Thedecrease doesn’t reflect asafer city; nearly preferred judicial candidates. While reading FayVincent’s “Rog- tio of perfect games to complete 500 people were murdered in Philadelphia last Ward leaders will now have to endorse the ersHornsby’s Unbreakable Record” games cannot be exceeded mathemati- year, compared to 315 in 2017. Last year saw district attorney at some political risk. Demo- (op-ed, April 1) tributetoRogers cally no matterhow hardyou try. morethan 2,200 shootings, and the vast major- cratsmay be discovering that, even in progres- Hornsby and the unlikely chancethat HOWARD L. SIMONS ity of victims were black.Autothefts have risen sivePhiladelphia, public tolerancefor lawless- anyone will ever averagebetterthan Glenview, Ill. sharply, with some 9,295 vehicles stolen last ness has limits. .400 over afive-year period, Ithought of another astounding record that is Cy Young had 749completegames. rarely mentioned. In 1912 ChiefWilson To break that record apitcher would Biden’s Great-Power Test Begins hit 36 triples playing forthe Pitts- need to have 30 completegames a burgh Pirates. year for25years. That will never be he U.S. Navy announced Tuesdaythat on the islands but nowitmay be resuming.It Since1882 the MLB leader has av- broken. eraged about 17 triples.Noplayerhas NORBERT LESKA the TheodoreRoosevelt Carrier Strike seems determined to dominatethe waterways hit 15 triples since2015.Four players Conshohocken, Pa. T Group entered the South China Sea for of Southeast Asia, which among other things led the league in triples in 2019,and “routine operations” amid a would put it in a stronger po- each had 10. Chinese maritime militia China presses the sition to invade Taiwan. JIM LEEPER Volkswagen Must Remove standoff with the Philippines. Philippines at sea while Slowing or reversing the pro- Pittsburgh Bugs From Its Messaging China’sprovocation comes as cess will requirecoordination Russia has surgedforcesnear Russia rattles Ukraine. with “the Quad”—Japan, Aus- Consider Philip Humber,who made In light of the “Voltswagen” brand Ukraine.The Biden Adminis- tralia, and India—as well as 51 career startsbetween 2006 and blunder, VolkswagenAG’s corporate tration maybegetting an Southeast Asian countries 2013 forthe Mets, Twins,Royals, communications might consider early test of whether itsmodel of liberal multi- whose sovereignty is directly infringed by the WhiteSox and Astros.Hecompleted “Doltswagen” (“Ohm Goal: VW’s Joke exactly one of them, aperfect game Name Change Backfires,” Page One, lateralism candeter revisionist powers push- incursions. tossed forthe WhiteSox against the March 31). ingagainst U.S. interests. TheState Department said in Januarythat MarinersonApril 21, 2012. The1:1 ra- JIM ROWBOTHAM ThePhilippines began to sound the alarm the U.S.-Philippine defense treaty applied to New York last month over Chinese militia boats, at one attacks on the Philippines “inthe Pacific, point totaling 220, occupying the Whitsun which includes the South China Sea.” Fornow, Ambrose Bierce and Playing Reefwest of the archipelago. Thenaval China seeks to intimidateits neighborswith- Baseball on the Sabbath Pepper ... equivalent of Russia’s“little green men,” out firing ashot. Beijing is no doubt watching And Salt China’smilitary-affiliated flotillas canmas- closely howPresident Biden responds.Ifthe Regarding Randy Maniloff’s “When querade as fishing fleetstogiveBeijing plau- only response is tough talk and cruising past Blue Laws Applied at the Ballpark” THE WALL STREET JOURNAL sible deniability as it entrenches itself in dis- theislands,asitwas under Barack Obama, (op-ed, April 2): In “The Devil’s Dic- puted waters. PresidentXiJinping will conclude he canget tionary” by the satirist Ambrose Bierce, an unauthorized version of An analysis by two researchersfromthe away with this expansion and more. the Ten Commandments, appears un- U.S. NavalWar Collegelast week found “no evi- Russia’saims in stepping up itsmilitary der the letter D for Decalogue, ex- denceoffishing whatsoever during these la- presencealong Ukraine’sborder arelessclear, pressing the idea that playing base- ser-focused operations,but everyindication though President Vladimir Putin never shies ball on Sundays could be a religious of trolling forterritorial claims.” from an opportunitytotorment NATO.The requirement. His fourth command- Formorethan adecade China has been State Department on Mondaycalled forMos- ment reads: moving aggressively to establish dominancein cow to “refrain from escalatoryactions.” “Work not on Sabbath days at all, the waters surrounding the Philippines,Viet- Thesituation in the Western Pacific is more But go to see the teams play ball.” nam, Malaysia, Indonesia and Taiwan, building threatening to U.S. interests. But in China and FRANKLIN BOARDMAN militaryinstallations and harassing other na- Russia, theU.S.isdealing with regimes that Englishtown, N.J. tions’ commercial vessels.In2016 an interna- won’t be bound by international treaties or Lettersintended forpublication should tional court said China wasbreaking the law rules.Early indications arethat Team Biden be emailed to [email protected]. Please in the South China Sea. TheTrump Adminis- doesn’t intend forits domestic spending blow- include your city, state and telephone tration last summer sanctioned firms involved out to extend to the military. But hardpower number.All letters aresubject to “I suppose we could just ask her in the construction of illegal islands there. is the backbone of global order when multilat- editing,and unpublished letters cannot what she does around here, be acknowledged. China seemed to slowits militarybuildup eral institutions fail. but I’m rather enjoying the mystery.” P2JW097000-0-A01500-1------XA

THE WALL STREET JOURNAL. We dnesday, April 7, 2021 | A15 OPINION Biden Aims at Profit, Hits Workers Vaccine Passports By Phil Gramm den falls on workers. A2011 study by And Mike Solon MattJensen and Aparna Mathur of theAmerican Enterprise Institute Prolong he Biden administration has made astrong case that workersbear proposed an array of corpo- morethan 50% of the corporatetax rate taxincreases with a burden. But the record income gains Lockdowns Tgoal of raising some $1.33 in 2019 provide the strongest evi- trillion over the next 10 denceyet that the corporatetax is a years. That’sthree times the $409 bil- hidden taxonworkers. By Martin Kulldorff lion that the Congressional Budget Of- Giving American businessalevel And Jay Bhattacharya fice estimated wasthe cost of the 2017 playing field on corporatetax rates corporatetax cut. To getaclear picture triggeredablue-collar boom in which stens of millions areinocu- of who will paythese newtaxes,Amer- thelowest-wageearnersenjoyedthe lated against Covid-19,officials icans need to understand who bene- A fastest wage growth, 10.6%in2019 in places as diverse as New fitedfromthe 2017corporatetax cut. alone. Historically disadvantaged York state, Israel and China have in- Between the pandemic-induced re- groups likeveterans,high-school drop- troduced “vaccine passports,” and cession and the yearsofslowgrowth outsand the disabled experienced there’stalk of making them universal. following the 2008 subprime crisis,a their lowest unemployment ratesever. Theidea is simple: Onceyou’vere- brief respiteofstronger growth and Three-fourths of workershired in the ceived your shots, youget adocu- rising wagesliftedAmerica’sfortunes fourth quarter of 2019 were newen- ment or phone app,which youflash and spirits. Economic growth is gener- KLEIN trantsintothe labor market, manyfor- to gain entrytopreviously locked-

ally viewedassome abstract concept, VID going government benefitsfor ajob. down venues—restaurants, theaters, but when grossdomestic product, DA When income levels in 2019 were the sportsarenas,offices,schools. which wasprojected in 2016 to grow pateacorporatetax cut. panic incomes leapt $3,731—a third highest on record,when incomes rose It sounds likeaway of easing co- by only 2.1% on averageoverthe next Whobenefited from these gains? higher than their next best year ever the most ever in asingle year,when ercive lockdown restrictions,but it’s three years, instead rose 3% in 2018, Numerous studies and polls show recorded—and Asian-American in- the poverty ratesfell the most in ahalf the opposite. To see why, consider that smallincrease in growth made a that more than half of American comes surged$9,400,about two- acentury, and when America’slowest- dining.Restaurantsinmost partsof hugedifferencetoalot of Americans. households ownstocks,most through thirds morethan the previous high. income workersgained the most, we the U.S. have already reopened, at pension plans,401(k)s,individual re- Recordincome gains,especially knowwho really benefited from the limited capacity in some places.A tirement accounts, mutual funds and among lower-income Americans, 2017corporatetax cut. Does this sound vaccine passport would prohibit en- The2017corporatetax annuities.Beyondthe irrefutable caused the poverty rate to plummet like“aracetothe bottom” to you? trybypotential customerswho ha- benefitsthat flowedintoretirement 11% in 2019,the most in 53 years. The Forthose who burn sacrifices at ven’t received their shots. It would cutstriggeredthe blue- plans and annuities,critics never poverty rate fell the most forAsians thealtar of big government and be- restrict the freedom even of those collar wage boom. Higher concede that corporatetax relief sincerecords began in 1987 and for lievethat progressfor ordinarypeo- who have:Ifyou’revaccinated but helped averagefamilies,much less children the most in over half acen- ple cancome only through expanded your spouse isn’t, forget about dining rateswould reverse it. low-income workers. tury.The poverty rate forblacks and government, the Miracle of 2019 was out as acouple. Howdoes that viewsquarewith Hispanics hit historic lows.This cornu- aUFO,some inexplicable event best 2019 census datashowing that real copia, shown so vividly in the 2019 ignored. No one cheersprogress TheCBO responded to the in- median household income hit its census data, wasthe product of are- when peddling misery. What looks like an easing crease in economic growth by adding highest level ever forAfrican-Ameri- duction in the American corporatetax So as the chantsabout greedy cor- of restrictions is actually a $6.2 trillion to its10-year GDP esti- can, Hispanic and Asian-American rate from the highest rate in the world porations,overpaid CEOs and acor- mate—an extra$1,900 of annual in- workersand retirees? Or that the to roughly the averagerateamong de- rupt market system harmonizeinsup- coercive scheme. come on averagefor everyman, 2019 poverty rate wasthe lowest in veloped countries,and aconcentrated port of an increase in corporatetax woman and child in America. Thebig more than 50 yearsfor children, at effort to reduceregulatoryburdens. rates, it’simportant to remember who differencethis little bit of extra 14.4%, and the lowest ever forindi- TheWhiteHouse Council of Eco- really benefited from making U.S. cor- Planes and trains,which have con- growth created wasfully revealed in viduals (10.5%), forfamilies (8.5%), nomic Advisersin2015 described the poratetax ratesmoreglobally compet- tinued to operatethroughout the the census figures, when income and forhouseholds headed by unmar- potential effect of reducing the corpo- itive. The2017corporatetax-ratere- pandemic,would suddenly be off-lim- growth in 2019 wasthe most broad- ried women (22.2%). rate taxrateasfollows: “When effec- duction enhanced after-tax profits, itstothe unvaccinated. Theonly based and best ever recorded in a Moreimpressiveisthat, even after tivemarginal ratesare higher,poten- fueled arise in economic growth and places whererestrictions would be single year,and the poverty rate fell 10 yearsofeconomic expansion, the tial projectsneed to generatemore caused wagestospikeevenatthe end relatively eased would be those still the most in ahalf acentury. 2019 gains shatteredall recordsas income if the businessistopay the of the longest and weakest recovery of fully locked down, such as manylive- Even the toughest critics of the tax real household income leapt $4,379 taxand still provide investorswith the the postwarera.The reduction in cor- eventvenues and schools.Yet even cutswould grudgingly concede that in 2019 alone, 13 times the average required return. ...Alowereffective poratetax ratesworked forthe work- there, the passport idea depends on the 2017reduction in the corporate annual gain sincedatawerefirst col- marginal rate will tend to encourage ing people of America. keeping the underlying restrictions in taxrateincreased equity values.De- lected, almost half again morethan additional projectsand alargercapital place—giving officials an incentiveto spitethe pandemic,the averagevalue the next highest annual income gain, stock.” That wasthe Obama CEA. Mr. Gramm is aformer chairman do so formuch longer as leverageto of the DowJones Industrial Average, and aquarter morein2019 alone Howmuch of the benefitsofthe of the Senate Banking Committee and overcome vaccine resistance. S&P 500 and Nasdaq CompositeIn- than in the eight yearsbetween 2009 corporatetax-ratereduction went to avisiting scholar at the American En- The vaccine passport should dexhas doubled sincethe 2016 elec- and 2016.Black household incomes in workers? ACBO study estimated that terprise Institute. Mr. Solon is apart- thereforebeunderstood not as an tion when marketsbegan to antici- 2019 surgedbyarecord$3,328.His- 70%ofthe corporateincome-tax bur- ner of US Policy Metrics. easing of restrictions but as acoer- cive scheme to encouragevaccina- tion.Such measures canbelegiti- mate: Manyschools require The Democrats Are Stuck in 1964 immunization against common child- hood illnesses,and visitorstosome Likemanyofour ra- invoking the ghost of Jim Crow. timidation have changes to voting guise,evenasevidencetothe con- African countries must be vaccinated cial debates of late, Afterseveral states implemented procedures cleared by afederal court trarycontinues to mount. against yellowfever.But Covid vac- the discussion about morerigorous voter-identification re- or the JusticeDepartment. Once Actually,that’snot quitefair to cine passportswould harm, not bene- voting rightshas a quirementsinthe early 2000s,liber- again, the political leftclaimed the Democrats. According to the polls, fit, public health. certain broken-re- als cried foul and said the newlaws endofthe black franchise wasnigh. most Democrats—as well as most Theidea that everybody needs to cord aspect to it. would depressblack turnout. Not It’struethat black voterturnout Republicans,liberals,conservatives, be vaccinated is as scientifically UPWARD Republicans call for only wasthe photo-ID requirement overall dipped in 2016—basically re- blacks and whites,don’t object to baselessasthe idea that nobody MOBILITY voterrestrictions in upheld as constitutional in a6-3 Su- turning to pre-Obama levels—but if thingslikerequiring people to does.Covid vaccines areessential for the name of ballot preme Court ruling authored by lib- right-wing votersuppression efforts provewho they saythey arebefore older, high-risk people and their care- By Jason L. integrity,while eral JusticeJohn Paul Stevens, but in aretoblame,what explains the Pew voting.Liberal activistsand their takers and advisable formanyothers. Riley Democratspretend places such as Georgia and Indiana, ResearchCenter finding that in the friends in the political pressliketo But those who’vebeen infected are that it’s still 1964. minority voterturnout increased af- 2018 midterm elections “all major ra- obsessoversuch things, but outside already immune.The young areat That wasthe year beforeCon- terthe laws were passed. A2007 cial and ethnic groups sawhistoric that bubble none of this is espe- lowrisk,and children—for whom no gress passed the Voting Rights Act, jumpsinvoter turnout”? cially controversial. vaccine has been approved anyway— which might be the greatest achieve- Earlier this year,Kyle Raze, adoc- In a saner political environment, areatfar lessrisk of death than from ment of the civil-rights movement. By constantly invoking the toral candidate in economics at the Democratsand Republicans would the flu. If authorities mandatevacci- In 1964 only 6% of blacks in Missis- University of Oregon,produced apa- stipulateboth that JoeBiden won nation of those who don’t need it, the sippi were registered to vote,the ghostofJim Crow,they per on how the Shelby decision af- the presidencylegitimately and that public will start questioning vaccines lowest percentageinthe region. Two treatblack voters as if they fected the racial composition of the the pandemic election exposed sig- in general. yearslater,that number had climbed electorate. “Despitewell-founded nificant flaws in our voting system Effectivepublic health relies on to 60%, the highest in the South. “In were helpless children. fearstothe contrary,” he concludes, that ought to be addressed in a bi- trust. Thepublic has lost trust in of- everysouthern state, the gains were “the Shelby decision does not appear partisan fashion as soon as possible. ficials in part because they’veper- striking,” wrotethe latepolitical sci- to have widened the turnout gapbe- We have aclosely divided House and formed poorly—relying on lockdowns entist Abigail Thernstrom.“Some- HeritageFoundation study concluded tween black and white voters.” Senateand amidterm election 19 to disastrous effect—and in part be- times good legislation works pre- that “respondentsinphotoidentifi- Whytreat theblack electoratelike months off.Yet in lieu of asober cause they’vemade clear their dis- cisely as initially intended.” cation and non-photoidentification helplesschildren? It’sclear that discussion about voting procedures trust of the public.Trust, afterall, is In 1970, therewerefewerthan states are just as likely to report vot- when blacks aresufficiently moti- we have asurfeit of political postur- atwo-way street. Coercivevaccina- 1,500 black elected officials in the U.S. ing compared to respondentsfrom vated, they have little trouble meet- ing and scare-mongering,along with tion policies would erode trust even Todaythereare morethan 10,000, states that only required voters to ing the same requirementsthat other apresident who believes,Trumplike, further.Evenwell-informed people and they have included mayors of statetheir name.” groups meet and casting avote. that his job description includes maylegitimately wonder: Whyare large cities with significant black pop- Blacks votedatahigher rate than Democratscontinue to claim that Re- thingslikedetermining the location they forcing me to take this shot if ulations—Cleveland, Philadelphia, whites in 2008 and 2012 despite publicans areadvocating modern-day of Major League Baseball’s All-Star it’s so good forme? NewYork,Los Angeles,Detroit, thesesupposedly racist laws,and poll taxesand literacytestsindis- Game. Vaccine passportsare unjust and Washington—as well as governors, the trend predates the Obama presi- discriminatory. Most of those endors- congressmen, senators, atwice- dential campaigns,according to the ing the idea belong to the laptop elected black president and the cur- Census Bureau. “The 2012 increase class—privileged professionals who rent vicepresident. Black voterregis- in voting among blacks,” reads a New Yo rk Is in Trouble worked safely and comfortably at tration in the South, wheremost 2013 census news release,“contin- home during the epidemic.Millions blacks live,ishigher than in other ues what has been along-term By Richard Ravitch to the state’sschools.But that won’t of Americans did essential jobs at partsofthe countryand, in Missis- trend: since1996,turnout rateshave be enough to bring back residents theirusual workplaces and became sippi and Georgia, black voterturnout risen 13 percentagepointstothe ew York City has been the in- and jobs. immune the hardway.Now they has outpaced whiteturnout. highest level of anyrecent presiden- N cubator forartistic,commer- Thestate Legislatureseems to would be forced to risk adverse reac- Ideally,this historywould inform tial election.” cial and financial achieve- believethat the revival depends on tions from avaccine they don’t need. media discussions of “voter suppres- A2013 Supreme Court decision, ment.Ithas welcomed millions even more government spending, Passportswould enticeyoung,low- sion” and “disenfranchisement,” but Shelby County v. Holder,cited cur- fleeing poverty and dictatorship financed by taxing commercially risk professionals,inthe West and it seldom does.Nor does evidenceof rent black voterdataasajustifica- around the world. It has never been successfulNew Yorkers. Never the developing world, to getthe vac- increased black voter participation, tion forlifting the Voting RightsAct in serious trouble until now. mind that the statealready spends cine beforeolder,higher-risk but less including in states with stricter vot- requirement that states with ahis- Thefiscal crisis of 1975was a moreper person than anystate affluent membersofsociety.Many ing requirements, stop the leftfrom tory of racially motivated voterin- case simply of the city borrowing other than Alaska. Theproposals to unnecessarydeaths would result. money to coverits operating ex- raise the personal-income,capital- Thewidespread use of vaccines penses,accumulating alot of debt gains,corporate-franchise and es- againstpolio,measles,mumps,ru- when the banks stopped lending,and tate taxeswon’t compel people to bella, rabies and other pathogens has PUBLISHED SINCE 1889 BY DOWJONES&COMPANY ultimately needed federal help to invest hereoreventostayhere. A savedmillions of lives.Vaccines are Rupert Murdoch Robert Thomson payoff itsdebt. Cultureand com- successfulperson in NewYork pays one of the most important inventions Executive Chairman, News Corp Chief Executive Officer, News Corp merce weren’t meaningfully affected. 40% moreinstate and local taxes in human history—the reason that Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher Todayisadifferent story. The than aFloridian. before last year manyinthe West Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: city has over twice the national un- Economic revival depends on had forgottenthat infectious disease Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; employment rate.Given the number many things, but when people have could pose apopulationwide threat. Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; of commercial and residential ten- thecapacity to work remotely,relo- Those pushing forcoerciveCovid News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; antswho aren’t paying rent, the city cating fortax reasons becomes more vaccination threaten all this progress Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer will likely see asignificant reduction feasible.Policymakersshould focus by undermining public trust in vac- Andrew Dowell, Asia; AnthonyGalloway, Video & of property-tax revenue,which ac- on the challenge of keeping capital cines.Inthis sense,they aremore Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; countsfor morethan one-thirdof in New York. There are clear needs dangerousthan the small group of Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; municipal revenue. Hotels and res- formoregovernment spending,and so-called anti-vaxxershaveeverbeen. Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; taurantsare empty,the entertain- Washingtonisresponding gener- Florida Gov. Ron DeSantis and Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News ment industryclosed down. An ously,but we can’t recoverhere Texas Gov.GregAbbotthaveruled Thomas SanFilippo, Customer Service; enormous number of officesare without renewedpopulation growth out vaccine passportsfor their states. GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; empty because people have moved and private investment. Other politicians should followhis Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; out of the city or are working from example. Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International home. Mr. Ravitch, a Democrat, served WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: Congresshas been generous,allo- as chairman of the Urban Develop- Mr. Kulldorff, abiostatistician and LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head cating morethan $12 billion to New ment Corp.(1975-77), chairman of epidemiologist, is aprofessor at Har-

EDITORIAL AND CORPORATEHEADQUARTERS: York state, $6 billion to the city, $6 the Metropolitan Transportation Au- vard Medical School. Dr. Bhattacha- 1211 Avenue of the Americas, New York, N.Y., 10036 billiontothe Metropolitan Trans- thority(1979-83) and lieutenant gov- rya, aphysician and economist, is a Telephone 1-800-DOWJONES portation Authority, and $9 billion ernor of New York (2009-10). professor at Stanford Medical School. P2JW097000-0-A01600-1------XA

A16 | We dnesday, April 7, 2021 THE WALL STREET JOURNAL. P2JW097000-5-B00100-1------XA BUSITENECHNOLOGY: AUSSGMENTED-REALITY&FGLASSES GAININ TRACTIONANB4 CE

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S&P 4073.94 g 0.10% S&P FIN g 0.11% S&P IT g 0.38% DJ TRANS g 0.32% WSJ $ IDX g 0.25% LIBOR 3M 0.197 NIKKEI (Midday) 29685.77 g0.04% See more at WSJ.com/Markets MerchantsLobbyAgainstAmazon Toshiba

Coalition seeksstricter supplier Guernsey Inc., said Receives government agencies arebuy- antitrustlawstocurb ing more on Amazon’ssite, e-commerce giant’s but he is wary of selling there Buyout because it would mean giving retail-product business Amazon access to dataonhis prices,transactions and cus- BY RYAN TRACY tomers. Offer “I’ve never had a competi- WASHINGTON—Merchant torthat had that kind of in- groups have formed anational sight to my business,” he said. BY KOSAKU NARIOKA coalition to campaign for TheWall Street Journal has stricter antitrust laws,includ- reported on some of Amazon’s Japan’s Toshiba Corp.said ing measures they hope could tactics and use of seller data. Wednesdayitreceived apro- force Amazon.com Inc.tospin Allison Hill, chief executive posal foracquisition from pri- JOURNAL off some of its business lines. of the American Booksellers vate-equity firm CVCCapital Theeffort waslaunched REET Association, said some of the Partners,inadeal that could ST

Tuesday by trade groups that LL group’sroughly 1,800 indepen- be valued at morethan $20 bil-

represent small hardware WA dent bookstores have started lion if completed.

stores, office suppliers, book- THE “sleeping with the enemy”— Toshiba said it would seek sellers, grocersand others, R selling on Amazon’smarket- furtherdetails about the offer FO along with businessgroups place—to survive. and consider the proposal care-

from 12 cities, organizers say. SHEN “If a company was operat- fully.

Merchants plan to push their TING ing that marketplace and was Toshiba’smarket capitaliza- congressional representatives A trade group representing small hardware stores is part of the coalition Small Business Rising. not your competitor,they tion as of Tuesday’sclose was forstricter antitrust laws and would be offering very differ- slightly higher than ¥1.7tril- tougher enforcement of exist- with other sellers, apolicy BooksellersAssociation and marketplace, said he laid off ent support and services,” she lion, equivalent to $15.8 billion. ing ones. that could effectively separate the Alliancefor Pharmacy close to 40 employees in late said. TheNikkei newspaper said CVC Thegroups,which collec- Amazon’sretail-product busi- Compounding. 2019 after Amazon raised his Seventy-fiveofthe book- wasoffering a30% premium, tively represent thousands of nessfromits online market- The business owners come fees and struck deals with storegroup’smembersclosed suggesting the proposal would businesses,want federal legis- place. from different industries, but some of his supplierstosell down in 2020. value Toshiba at slightly more lation that would prevent the Membersofthe coalition, competition from Amazon is a products itself,cutting him An Amazon spokesperson than $20 billion. owner of adominant online dubbed Small BusinessRising, common thread. out of the supply chain. said the company’scritics “are CVCdeclined to comment. marketplacefrom selling its include the National Grocers Doug Mrdeza,aMichigan- David Guernsey,chief exec- suggesting misguided inter- Toshiba shares on the Tokyo ownproductsincompetition Association,the American based merchant on Amazon’s utiveofVirginia-based office PleaseturntopageB6 Stock Exchangeweren’t traded Wednesdaymorning because of aflood of buy ordersevenat the upper end of the day’strad- DER) ing range. VA Toshiba Chief ExecutiveNo- TH

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(4); Aramco SJ /W TIS Eyes Sale CUR UL PA Known for its trading cards, the company, has expanded into digital assets called NFTs. The deal to go public foresees opportunity in the digital-collectibles market. Of Stake in Topps segment revenue Pipelines SPAC Sees Digital TrophyinTopps $800 million Gift cards BY BEN DUMMETT BY DAVE SEBASTIAN His firm and private-equity DoorDash Inc.and Netflix Inc. talizeonthe fast emerging AND SUMMER SAID firm Madison Dearborn Part- Topps firstmarketed its market forcollectible NFTs,” 600 Candy Baseball-card maker Topps ners purchased Topps in 2007 sportsand entertainment digi- said Jason Mudrick, founder Saudi Arabia’senergy giant Co.isgoing public through a with a$385 million buyout talcollectibles apps in 2012. It and investment chief of is in advanced talks to sell up combination with aspecial- bid. recently expanded intonon- Mudrick Capital Management Digital to a49% stakeinits oil pipe- purpose acquisition company Topps,known forits Ba- fungible tokens, digital assets LP,whose affiliateisthe cards linestoaconsortium of U.S., 400 that sees potential for Topps’ zooka gumalong with trading also known as NFTs that use SPAC’s sponsor. Chinese and local investorsfor expansion in the digital col- cards, said it posted sales of technology behind cryptocur- TheSPAC’sinterest in between $10 billion and $15 lectibles market. $567 million in 2020, up 23% rencies to createunique to- Topps’ NFT expansion comes billion, according to people fa- Thedeal with Mudrick from the prior year. Founded kens,each with itsown identi- as the tokens have recently miliar with the matter. Physical 200 Capital Acquisition Corp.II in 1938,the companyhas li- fication that isn’t replicable. takenoff in popularity follow- cards Saudi Arabian Oil Co., values the combined entity at censing partnerships with Dis- These tokens serveasadigital ing the sale of digital art for known as Aramco, is in talks to about $1.16 billion, the compa- ney,Major League Baseball, deed fororiginal editions of millions of dollars.MikeWin- sell the minority stake to a nies said Tuesday. Michael Eis- Major League Soccer and the online art, music and even kelmann, agraphic designer group of investorsthat could forecasts ner, the former chairman and National Hockey League, memes. professionally known as Bee- 0 include U.S. buyout giant chief executiveofWalt Disney among others, and it provides TheSPACsees Topps as ple,last month sold his digital Apollo Global Management Co., will remain as Topps’ gift-cardofferingsfor compa- “well situated with auniver- image online at Christie’sfor 2019 ’20 ’21 ’22 Inc., energy investment firm chairman, the companies said. nies including Airbnb Inc., sally recognized brand to capi- PleaseturntopageB12 Source:the company PleaseturntopageB13 Paycom Makes CEO INSIDE Texas Storm Is a Windfall Highest Paid of S&P For Some Wall Street Firms

BY THEO FRANCIS to an independent calculation by ISSESG,anarm of proxy BYJULIET CHUNG higher than usual prices. Col- Avenue, Guggenheim, JPMor- Moveover, Elon Musk and advisoryfirm Institutional AND KATHERINE BLUNT lectively,two companies— gan’s asset-management arm Tim Cook.Thereisanew name Shareholder Services. Temple Generation I and Tex- and Pimcodeclined to disclose breaking intothe list of the The50-year-old executive Ahandful of Wall Street Gen Power—that ownmanyof thereturn on their investment highest-paid chief executives: started the software company firms that bet big on the the plantsmade morethan an or speak publicly about any Chad Richison,the founder and in 1998 and has runitsince. powersector in recent years estimated $200 million over profits. CEO of payroll processor Pay- He is Paycom’s largest share- ENERGY made millions in paper profits the storm’s course, according “We are proud of the plant comSoftware Inc. holder,with astake worth BP signals when the winter storm in to investorsinthe power-gen- staff’s performanceand sacri- The Oklahoma City billion- $3.2 billion. Asurge in the recovery for Texas boosted demand forthe eration companies. ficesthey made to keep the airelast year wasawarded stock pricelanded Mr.Richi- electricity generated by plants Owning more than 90% of lightsonfor Texans during compensation valued at $211 son on the billionaires list oil industryin they own. Temple and TexGen are over- this difficult time,” said Tem- million by Paycom, the com- kept by Forbes magazine.Late wake of pandemic. B3 SoftBank Group Corp.’s lapping setsofinvestment ple Chief Executive Dan Hud- panydisclosed in the annual last year,hesigned the Giving FortressInvestment Group firms. son in a statement. proxystatement it filed with Pledge created by Bill Gates LLC and Kennedy Lewis In- In the wake of the Texas Some of the plantsbene- the Securities and Exchange andWarren Buffett, publicly vestment Management LLC, a storm, therehavebeen state fitedfromhaving been built in Commission last week. promising to giveaway at $3 billion credit hedgefund in hearingsand public outrageat recent years to withstand ex- At the paypackage’score: an least half his wealth. NewYork,weretwo of the energy priceincreases that tremely cold weather.Temple award of restricted shares that His 2020 compensation biggest winnersinthe trade. were pushed ontoretailers. and TexGen also took steps to could wind up adding more packagemakes Mr.Richison Other significant investorsin- Some of the state’slargest manage risk. than $2 billion to Mr.Richison’s thehighest paid CEO in the clude Avenue Capital Group, power-generation companies Management teams were fortune over the next decade. S&P 500 based on disclosures Guggenheim PartnersLLC, JP- lost hundreds of millions of focused on the storm and its Paycom said the value of the so far, according to MyLogIQ. Morgan Chase & Co.’s asset- dollars each as they grappled potential severity as early as award is based on shareperfor- It is one of the five biggest management arm and Pacific with outagesand gas-supply two weeks beforeithit, inves- manceand Mr.Richison will re- CEO awardssinceatleast Investment Management Co. issues. tors said. They increasedstaff- ceivenone of the award unless 2010,according to the re- In February, when subfreez- Theplantslargely owned by ing levels,rented additional the company’ssharepricemore search firm’s data. PROPERTY REPORT ing temperatures forced the Wall Street firms took steps in equipment and had crewsof than doubles. Thebiggest CEO package American Dream’s state’sgrid operator to call for the days beforethe storm to workerssleeping at the plants Mr.Richison’s2020 com- remains a2018 stock award owner defaulted and widespread blackouts,some increase the chances they to take turns covering shifts. pensation wasworth closer to Tesla Inc. gavetoMr. Musk natural-gas plants in Texas would remain operational. In “Weknewweweregoing to $702 million, based on the valued at $2.3billion.The No. thatcould cost revenue were still able to sell electric- the end, they were among the have a week of hell,” said one value of the shares underlying 2award went to Mr.Cook, from other malls. B6 ity to powerhundreds of thou- few to actually make money. executive. the equity awards, according PleaseturntopageB2 sands of homes, oftenat Fortress, Kennedy Lewis, PleaseturntopageB12 P2JW097000-4-B00200-17FFFF5178F

B2 | We dnesday, April 7, 2021 **** THE WALL STREET JOURNAL. INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes citenotablereferences to mostparent companies and businesspeople in today’s edition. Articles on regional page inserts aren’t cited in these indexes.

A Fidelity Investments B13 P Airlines Hope for U.S.-U.K. Route Air France-KLM...... B2 Ford Motor...... B4 Paycom Software...... B1 Alphabet...... A4,B4 G PayPal...... A1 BY BENJAMIN KATZ Amazon.com Gamco Investors...... B12 Q ...... A4,B1,B6,R4 GameStop...... A1 Qualcomm...... B4 LONDON—British Airways Apollo Global General Motors...... B4 Management...... B1 Gunvor...... B13 R and Virgin Atlantic Airways Apple...... A1,B4 I Rivian Automotive.....B4 Ltd. arepushing forthe estab- Archegos Capital Robust AI...... R4 lishment of atravelcorridor Intermountain Management...... A1 Rocksbox...... B3 between the U.K. and U.S. AstraZeneca...... A5,A7 Healthcare...... R6 Royal Caribbean...... B14 without requirementsfor ex- B International Consolidated Airlines S pensiveCovid-19 testsand Bank of America...... A1 ...... B2 SafeGraph...... R2 Berkshire Hathaway.B14 quarantines on both sides of J Saudi Arabian Oil...... B1 the Atlantic,ascarriershere Bollinger Motors...... B4 Signet Jewelers...... B3 Johnson & Johnson....A5 BP...... B3 SL Green Realty...... B6 trytocapitalizeonarobust JPMorgan Chase...... B2 Burlington Northern Snap...... B4 vaccination driveand falling Santa Fe...... B14 K SoftBank...... B1 coronavirus cases. C Kansas City Southern Square...... B13 Contrasting that optimism, Canadian Pacific ...... B14 T Air France-KLM Group said it Railway...... B14 L Tesla...... B4 wonapproval foranother gov-

Carnival...... B14 ANN/REUTERS LG Chem...... B4 Topps...... B1 ernment-financed lifeline as it Catalent...... A5 Lloyds Banking Group A1 TM CBRE Group...... A4 Tornante...... B12 faces months of reduced traf- Lordstown Motors...... B4 HAR China Reform Fund Toshiba...... B1 ficamid soaring infections and M Triple Five...... B6 Management...... B13 slowvaccination effortsacross TIAN Coca-Cola...... A1 Magic Leap...... B4 U

continental Europe. CHRIS Credit Suisse...... A1,B14 Marx Realty...... A4 UBS...... B14 The diverging tacks high- Air travel remains low in continental Europe. Charles de Gaulle airport in France earlier this month. CVC Capital Partners..B1 MDClone...... R6 United Airlines...... B2 D Microsoft...... B4 Upskill...... B4 light howaresumption of air Moderna...... A5 Data Science Group....R6 V travel is moving at signifi- That hashampered European Tuesday, aviation executives in cine success on both sides of Mudrick Capital...... B1 cantly different speeds around carriers, dependent on inter- the U.K. pointed to guidance the Atlantic has emboldened E ViacomCBS...... A1 N - O the world. In the U.S., airlines national service. from theU.S.Centersfor Dis- them to push harder now. EIG Global Energy Virgin Atlantic Airways Newmark...... A4 Partners...... B13 ...... B2 aregearing up forabusy sum- “Large domestic marketsare ease Controland Prevention Executives arealso pushing Niantic...... B4 EssilorLuxottica...... B4 mer amid arelatively smooth doing great,” said AlexIrving, saying fully vaccinated travel- the U.K. government to move Norwegian Cruise Line W - X F ...... B14 Wells Capital vaccination driveacrossthe an aviation analyst at Bern- erscan fly again with lowrisk quickly on detailing which Facebook...... B4 Nvidia...... A1 Management...... B12 countryinrecent months.Chi- stein. “Europe doesn’t have to themselves and others. overseas air marketswill get Fiat...... A10 OpenAI...... R4 Xponance...... B12 nese travelersreturned to air- that. Ultimately it depends on In the U.S.,discussions are the green light forservice, portsindroveslatelast year, vaccine rolloutswhen govern- also underway to determine saying they need time to pre- though traffic fell again at the mentswill be comfortable un- what conditions arenecessary pare facilities,return parked start of the year as Covid-19 locking their borders.” forlifting restrictions on in- aircrafttoserviceand bring INDEX TO PEOPLE cases picked up in some parts TheU.K.government could ternational travel, according to back furloughed staff. B of the country. be atest case.Itispreparing people familiar with the mat- U.K. airlines hope an accel- A Horta-Osório, António O Travel between countries to disclose details of plans to ter. erating recovery in the U.S., Abood, Donna...... A4 ...... B14 Ottele, Jesse...... A4 has remained largely grounded allowresidentstofly interna- Theindustryhas floated the led by domestic travel,bodes B Huang, Matt...... B13 P amid awide array of country- tionally as early as next idea of easing U.S.-U.K.travel well forapickup in interna- Hudson, Dan...... B1 Bowler, Benjamin...... A2 Pandl, Zach...... B13 specific travel restrictions. month. Speaking to reporters requirements before, but vac- tional demand. K Perkin, Eddie...... A2 C Khan, Lina...... B6 R Charleston, Kevin...... A4 M Reuss, Mark...... B4 E Mahajan, Mona...... A2 Richison, Chad...... B1 United Ehrsam, Fred...... B13 Majors, Bascome...... B14 S Eisner, Michael...... B1 Masiello, Ryan...... A4 Sakwa, Steve...... B6 G - H Mitchell, Stacy...... B6 Scholes, Patrick...... B14 Readies Montour, Brandt...... B14 Gottstein, Thomas....B14 W Guernsey, David...... B1 N Wong, Tai...... B13 Hill, Allison...... B1 Nelson, Mark...... B3 Wu, Tim...... B6 Academy

aggressiveperformance ForPilots Paycom goals—which will generate tremendous value forour BY ALISON SIDER stockholders.” CEO Gets The company said it won’t United Airlines Holdings give Mr.Richison additional Inc.said it would start enroll- equity grantsuntil 2026.Pay- ing studentsinthe pilot train- Big Payday comdidn’t makeMr. Richison ing academy it agreed to buy available for comment. shortly before the pandemic The native of Tuttle, Okla., interrupted itsplans to bolster ContinuedfrompageB1 took Paycom public in 2014 hiring. who gotcompensation valued and held a14.2% stakeasof United plans to enroll 100 at $378 million from Apple mid-March, including through studentsinUnited Aviate Inc.in2011; followedbya trusts established forhis chil- AcademyinPhoenix this year, packageworth $280.6 million dren. In 2015,Mr. Richison with an initial classof20stu- in 2019 that Alphabet Inc.’s created the Green Shoe Foun- dentswho will start in the Sundar Pichai received from dation, anonprofit that pro- third quarter. the Google parent. vides therapiststohelp adults Theschool waspart of At nearly $23 billion, Pay- reconcile childhood traumas. United’s plan, before the pan- com’smarket capitalization is His family foundation has do- demic,totry to gain more just a fraction of those other nated to other causes. control over hiring earlier in companies, which range from Paycom provides online the process. Students who go about $635 billion forTesla to payroll and human-resources through United’straining pipe- nearly $2.1 trillion for Apple. services,competing with com- line will eventually be guaran- IBKR charges Paycom reported revenue of panies such as Automatic Data teed jobs at the airline,which $841 million last year. Processing Inc.and Workday plans to train 5,000 pilots Thepay figuresreflect total Inc., advertising an all-in-one through 2030,about half the compensation as reported un- servicethat simplifies lifefor number it says it will need margin loan der SEC rules in annual proxy employees and managers. Pay- over the period. statements, an approach that com’smarket value jumped to United firstannounced is largely standardized across $22.7billion based on Mon- planstopurchase aflight companies. It includes salary, day’sclosing stock pricefrom school in Februaryof2020, 1 bonuses, multiyear stock and $2 billion five yearsago. when airlines were racing to rates from option awards but can under- “Long ago, this company hirepilots as quickly as they statethe eventual value of eq- surpassed anything Icould could to keep up with what uity compensation at compa- have achieved alone, and our wasthen aboom in travel de- nies with rising stock prices. accomplishmentsare the sum mand and ashortagein Likemost other special CEO of everyone’sefforts,” Mr. trained pilots. Less than a paypackages,Mr. Richison’s Richisonwrote in his letterto month afterUnited’san- comes with strings. Thebig- join the Giving Pledge. nouncement, the dearth of pi- % gest chunk consistsof1.61mil- Afew other nine-figureor lots airlines had been prepar- 0.75 lion restricted shares awarded greater payouts have gone to ing for turned intoaglut, to him in November—roughly non-CEO officials at S&P 500 when carriershad to slash fly- 2.7% of the company’s shares companies or to topexecutives ing as demand evaporated. outstanding,Paycomnoted in at companies outside the S&P Now travel demand is rising its proxy filing. 500,according to figuresfrom again as vaccine distribution TO Half of those shares vest, or Equilar Inc., apay datafirm, has accelerated, and airlines % become fully his,only if Pay- and the companies’ securities arepreparing forwhat could com’sstock pricereaches filings. be abusy summer.United said 1.59 $1,000 within six years—and  Facebook Inc.reported last week it would resume the stays therefor 20 consecutive paying then-director Jan process of hiring pilots it had trading days.The other half Koum $1.9billion in 2014 in halted last year,beginning vestsifPaycom’sshareprice connection with the acquisi- with 300 pilotswho had job reaches $1,750 for 20 trading tion of WhatsApp,which Mr. offersand new-hiretraining days straight by late2030. Koum co-founded and ran; plans delayedbythe pan- Paycom shares rose slightly on  Snap Inc.reported pay- demic.Southwest Airlines Co. Monday to close at $377.98. ing founder and CEO Evan said Mondaythat it had re- “Mr. Richison’s recent per- Spiegel almost $638 million in called over 200 pilotswho had formanceequity award is 2017, partly as abonus tied to agreed to take extended time structured to align with stock- its initial public offering; off a cost-saving measure. holders’ interests, as it re-  Axon Enterprise Inc., Airline officials saythey ex- quires significant value cre- which makes Taser stun guns, pect to face a shortage of pi- ation forthem beforehecan reported paying CEO Patrick lotsinthe coming yearsas realizeany value from the Smith $246 million in 2018;and morepilotsreach retirement grant,” said Jason Clark,chair-  Walmart Inc.reported age, and the crunch could be ibkr.com/margin man of the Paycom board’s paying MarcLorealmost $244 exacerbated by thousands who compensation committee. million in 2016 afteracquiring accepted buyoutsand early re- “This award is entirely depen- Jet.com, which the executive tirementsthat airlines offered dent on Mr.Richison achieving had co-founded. last year to reducetheir labor bills. Paycom reported paying CEOChad Richison $211million lastyear, “The pandemic did set us Interactive Brokers Rated #1 ... Again markingone of the biggestpay packages among S&P500 CEOs back in aperiod of months,” in the pastdecade. said MaryAnn Schaffer, Best Online Broker 2021 by Barron’s* United’schief pilot. It cantake BiggestS&P 500 paypackages as long as five yearstogo Sundar Chad David through training and accumu- Elon Musk Tim Cook Pichai Richison Zaslav lateenough experienceto Trading on margin is only for sophisticated investors with Tesla Apple Alphabet Paycom Discovery work at amajor carrier.“We have quiteabit of planning to high risk tolerance.You may lose more than your initial investment. TOTAL COMPENSATION do to getthose folks started $2.28B $378M 281 211 156 now,” she said. Member -NYSE, FINRA, SIPC -*Interactive Brokers rated #1, Best Online Broker according to Barron’s Best Online Brokers Survey of 2021: February 21, 2021. For more information United and JPMorgan see,ibkr.com/info -Barron’s is aregistered trademark of Dow Jones &Co. Inc. YEAR Chase &Co. said they would [1] Margin Loan rate as of 02/01/2021. IB calculates the interest charged on margin loans 2018 2011 2019 2020 2014 offer scholarships to help de- using the applicable rates for each interest rate tier listed on its website.Rates shown apply to IBKR Pro clients only.Rates subject to change.For additional information on fray the cost of training for margin loan rates, see ibkr.com/interest some students, and United said 04-IB21-1453CH1436 Note:Reflects total compensation calculatedunder Securities and Exchange Commission rules. it plans to use itsschool as a Sources: the companies (total compensation); Equilar and ISSESG (ranking) tool to diversifyits pilot ranks. P2JW097000-0-B00300-1------NS

THE WALL STREET JOURNAL. NY We dnesday, April 7, 2021 | B3 BUSINESS NEWS Signet Acquires Jewelry-Rental Service Rocksbox

BY SUZANNE KAPNER That is more downscale than Signet, which bills itself Signet Jewelers Ltd. has as the world’s largest retailer long billed itself as theplace of diamond jewelry. formen to buy engagement Ms.Drosos said the acquisi- rings or other romantic gifts. tion is part of apush intoser- Now, it wantstotargetan- vices that will underpin Sig- other customer: women who net’s growth in coming years. get jewelry for themselves. The2,800-storecompanycur- S Theparent of KayJewelers, rently offers ear piercing and NEW

Zales,Jared and other mall- jewelryrepair and Ms.Drosos G based chains said it is wading said she plans to introduce intothe jewelryrental busi- new services. OOMBER

nesswith the purchase of Clothing rental had taken /BL Rocksbox Inc., acompanythat off beforethe coronavirus runs asubscription service. pandemic forced people to

Signet said it acquired the San shelter at home and cancel SHARRETT KE

Franciscocompanyfor an un- events,resulting in manypeo- LU disclosed price. ple abandoning their office BP is undertaking a strategic revamp intended to reduce its dependence on oil and increase investments in cleaner energy. Signet’scustomersskew wear or dressier wardrobes in older and male.Rocksbox’s favorofsweatpants or other customerstend to be younger, casual clothing.Startups such professional women who rent as Rent TheRunway pavedthe BP Signals Strong Results, jewelry for themselves, much way,and mainstream retailers, as they would adress or hand- including Bloomingdale’s and bag. Urban OutfittersInc., launched “Jewelryrental is comple- their own rental services. Recovery in Energy Industry mentarytoour traditional of- Jewelryrental hadn’t ferings,” Virginia Drosos, Sig- gained the same massappeal, net’schief executive, said in in part because of the diffi- an interview. culty of insuring pricey items, BY SARAH MCFARLANE disclose revenue or profit fig- Oil companies suffered the market on itsshare-buy- Signet derives almost half according to industryexecu- ures ahead of itsresults, said some of their worstresults back plans when it reports of itsrevenue from bridal jew- tives. LONDON—BP PLC said it itsperformancewas driven on record last year after first-quarter earningson elry. That is acategorythat Nevertheless, Signet wasin- hadasolid start to the year, by trading, higher oil prices Covid-19 lockdowns sapped April 27. tends to be purchased by men. terested in the space. It con- aided by higher energy prices and resilient operations. demand, sending prices “This is apositivean- Recallthe “He went to Jared” ducted asurvey beforethe and strong resultsfromits Shares of BP rose 3.5% in lower. nouncement from BP signal- tagline of that chain’sTVcom- pandemic that asked 1,300 trading division, giving the London Tuesday. Theindustryslashed costs, ing strong performancein mercials.Aspeople getmar- women who had bought jew- firstindication that major oil BP said it received around reduced workforcesand in the firstquarter of the year, ried later in life, Signet’s cus- elry in the past year whether companies areonthe road to $4.7billion in disposal pro- some cases, including BP,cut the earlier-than-expected tomers have gotten older. they would consider subscrib- recovery afterpandemic-in- ceeds during the firstquar- dividends. start of cash returns to By contrast, the majority of ing to arental service. Eighty- ducedlosses acrossthe in- ter. However, BP said it plans shareholders, while at the Rocksboxcustomersare Gen two percent said they would. dustrylast year. Thecompanyaims to sell same time providing evidence Zersand millennials,accord- Some rental services have Thecompanysaid Tuesday $25 billion of assetsbetween that it can deliver on its vari- ingtoMs. Drosos.They pay struggled during the pan- it wasontrack to lowernet the second half of 2020 and ous strategic initiatives,” said $21 amonth forasubscrip- demic.Latelast year,Rent The debt to $35 billion in the first 2025 andisoverhalfway to Mark Nelson, analyst at Killik tion,which allows them to Runway began allowing cus- quarter,alevel it hassaid meeting the goal, with $14.7 $25B &Co. borrow three pieces of jewelry tomerstobuy itsclothes,jew- could triggersharebuybacks. billion sold. BP is undertaking astrate- at atime.They canapply that elryand other accessories out- BP previouslysaid it expected One of the largest divest- Assets BP plans to sell over gic revamp intended to re- $21 feetoward apurchase. right without requiring them to reach the target between mentswas the sale of BP’s next few years duceits dependenceonoil, Roughly half of Rocksboxcus- to rent the items first. thefourth quarter of 2021 petrochemicalbusiness to while increasing investments tomerselect to buy apiece Ms. Drosos said she is less and the firstquarter of 2022. British chemicals company in cleaner energy such as they have rented, according to concerned about a shift away “This is aresult of earlier Ineos Ltd. for$5billion in wind and solar power. the company. from jewelryrental, noting than anticipated delivery of June.Itgot some of that to boost shareholder returns Other big oil companies, As jewelrygoes,Rocksbox’s that during the pandemic disposal proceeds combined money during the quarter as onceithas loweredits debt, includingRoyal Dutch Shell offeringsare modest, selling women sought out “Zoom- with very strong business well as proceeds from the re- committing to return at least PLC,are making similar for$50 to $150,acategory worthy” jewelry. “Earringsand performanceduring the first cent sale of an asset in Oman 60% of surplus cash as buy- moves amid an expectation known as fashion jewelrythat pendantsthat arevisible on quarter,” said BP Chief Execu- and the sale of an interest in backs. that the pandemic could ac- includes gold- and silver- Zoom calls have been strong tiveBernardLooney. data-mining companyPalan- Thecompanysaid on celerateashifttoward lower- plated items. sellers for us,” she said. Thecompany, which didn’t tir Technologies Inc. Tuesdaythat it would update carbon energy.

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BUSINESSOPPORTUNITIES COMMERCIAL REAL ESTATE CLASS ACTION

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B4 | We dnesday, April 7, 2021 **** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech Computerized GlassesArrive Samsung Expects Facebook, Apple and Niantic bet people are To Beat ready to embrace the face-borne devices Estimates

BY SARAH E. NEEDLEMAN BY TIMOTHY W. MARTIN AND JEFF HORWITZ AND KWANWOO JUNIN

Tech companies areacceler- Samsung Electronics Co. ating theirdevelopment of said it expectsa44% rise in computerized glasses forcon- operating profit forthe first sumers,inacompetition be- quarter,topping market expec- tween Facebook Inc., Apple Inc. tations amid aglobal shortage and othersthat proponentssay of semiconductorsand despite will usher in anew way forcon- shutdowns of some U.S. chip- sumerstouse technology. making facilities. Thedevicesfeatureaug- The world’s largest smart- mented reality,which overlays phone and memory-chip digital content ontoaperson’s maker forecastsoperating viewofthe real world. Aug- profit of 9.3trillion South Ko- mented reality has been avail- rean won, equivalent to about

able foryearsinsmartphone GES $8.3 billion, during the first

apps,such as Niantic Inc.’s hit IMA three months of the year.That game “Pokémon Go” and shop- compares with about 6.5 tril-

ping tools that enable people to GETTY lion wonfor the prior year’s G/

see howacoffee table might VC quarter. look in their living room. Now Sales of AR glasses and headsets are expected to grow to 23.4 million units in 2025, up from forecasts of one million units this year. TheSouth Korean firm also companies arepushing to put estimates revenue of 65 tril- the same technologydirectly in sells camera-equipped sun- Projected unit sales of Shareofglobal consumers sional andindustrial users lion won, up 17%fromthe front of consumers’ eyes,anef- glasses it calls Spectacles,isde- augmented-reality glasses who have used augmented rather than consumers. Micro- prior year. fort that could open up acate- veloping consumer AR glasses, and headsets, world-wide reality or virtual reality in the soft Corp.has takenthat ap- Samsung’sestimates topped gory of computing in the years and that Alphabet Inc.’sGoogle, pastyear, by age proach with itsHoloLens head- analysts’ forecast, gathered by to come if they canovercome whichentered the spacein2013 Consumer Commercial sets,and last week announced S&P Global Market Intelli- technical, ethical and financial with Google Glassbeforefocus- 20 million adeal worth up to $21.9billion gence, of about 9.1trillion won Ages hurdles. ing on sales to businesscus- 59.3% to build and support custom in operating profit and 61.4 Facebook last month said it tomers, is likely to tryacon- 15-29 versions of those AR gadgets trillion won in revenue. is working on AR glasses in tan- sumer playagain. forthe U.S. Army. Magic Leap The tech giant reports full dem with sensor-packed wrist- Apple,Snap and Google de- 15 Inc., astartup that has been de- earningsthis month. Samsung bands that candetect finger clined to comment. 30-44 54.5% veloping AR gear,shiftedits fo- is considered abellwether for movements, part of abroader TheARpush reflectsabelief cus toward businesscustomers the tech world, as it both push in researching the devel- among manytechnologiststhat 10 and last year replaced itsCEO makes major electronics prod- opment of software and hard- face-borne computerscould be with asenior Microsoftexecu- uctsitself and supplies com- ware to support the eyewear.As atransformational classof 45-59 33.4% tive. petitors, including Apple Inc. an interim step,the social-me- products, enabling people to With earlier models of and HuaweiTechnologies Co., dia giant this year is releasing look up directions on amap, 5 glasses,consumershad com- with components. eyewear with some tech capa- scroll through text messages or plained about battery lifeas Samsung and other semi- bilities in partnership with Es- call up arecipe right before 60+ 21.7% well as alack of functions be- conductor companies during silorLuxottica SA’s Ray-Ban their eyes—and without losing yond what could be done on a the pandemic have benefited 0 brand. sight of the real world. Tech smartphone or othertech gad- from ashort-term boom for Niantic Chief ExecutiveJohn companies see AR glasses as an 2021 ’22 ’23 ’24 ’25 gets.“Joeand Jane consumer memory chips from data cen- Hankelast week posted atweet opportunity to driveconsumers Sources: International Data Corp. (unit sales); Euromonitor International, 2020 survey forthe most part is comfortable ters ramping up capacity and touting progress on itsplanned to spend moretime in their of 20,203 digital consumers (age) with the tech they currently consumersbuying morede- AR glasses,which it is making ecosystems,wherethey can have,” said Ramon Llamas,re- vices to shifttoworking from in partnership with chip maker showads,sell productsand nologythat doesn’t liveinmy not be able to easily accommo- search director of augmented home. But now many buyers, Qualcomm Inc. pursue other moneymaking op- pocket; it lives on my face.” datepeople who rely on pre- and virtual reality at Interna- including automakers, have Other companies areguard- portunities. Virtual reality,orVR, is a scription eyewear.Stylish, all- tional Data Corp. encountered delays trying to ing their plans.Apple is work- “Tohaveachancetopoten- technological cousin of AR that day-wearable specs where Adoption of consumer-fo- purchase semiconductorsas ingonanARheadset forcon- tially pioneer anew eraisvery blocks out auser’s viewofthe digital content is projected cused AR glasses is expected to economies start to reopen. sumers,which analystsexpect exciting,” said Andrew Bos- real world forafully immersive through lenses areatleast a be slowatthe start, as analysts TheBiden administration is to hit the market as soon as worth,vicepresident at Face- experience. year away,analystssay. estimateearly iterations to cost expected to meet next week next year,and has plans forAR book Reality Labs,aFacebook Early consumer items will Augmented-reality headsets around the same as anew high- with chip makersand other glasses to follow. Analystsalso unit focused on augmented and have limitations with technol- and glasses already on the mar- end smartphone,which canbe manufacturers, with Samsung say Snap Inc., which already virtual reality.“This is atech- ogyand design, and they may ketprimarily target profes- at least$1,000. a likely participant.

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B6 | We dnesday, April 7, 2021 THE WALL STREET JOURNAL. THE PROPERTY REPORT American DreamDefault Fuels Nightmare

Developer nears loss tions to appeal to shoppers cial real estate. who were used to buying Mr.Hagen said the collat- of mall holdings after many products online. eral arrangement reflected the stopping payments on It featureda1,000-foot- fact the two banks preferred long indoor ski slope, a water to have the cash flow than be New Jersey complex park and a roller coaster. The stuck owning an equity share owners planned to open a gi- in the giant complexes. BY ESTHER FUNG ant indoor wave pool in March Even without having to op- 2020 but closed the complex eratethese properties,lenders Thedeveloper of American that monthunder pandemic aren’t keen on owning malls. Dream, the sprawling mall and restrictions, reopening in Oc- Rent revenue has been tum- entertainment center outside tober.Triple Five struggled to bling as more retailers divert NewYork City,isonthe verge collect rentswhile the $5.7 bil- resourcestotheir e-commerce of losing what amountsto lion project was closed. strategies,often giving them nearly half itsownership inter- Mr.Hagen noted that the moreleverageinnegotiations est in two other giant malls. lenderswould be able to with landlords. Triple Five Group de- collect rent revenue but “The lenders would have a faulted last year on mortgage wouldn’t be able to seizethe noncontrolling interest and paymentsfor American Dream property.Headded that the quite frankly they have no in- afterthe mall closed for transfer of revenue wouldn’t terest in running ashopping months during the pandemic have anyimpact on Mall of mall,” said Mr. Hagen.

andmanyretailersfailed to S America’soperations and that Officials from the city of make full rent payments. Triple Five retains the major- Bloomington said they would That defaultenables Triple PRES ity 51% interest. closely monitor the ownership Five’s lenderstoseizetheir TED In many cases, commercial of Mall of America. Triple Five

collateral: 49% of the revenue OCIA mortgages are backed by full said it had not qualified for SS

generated by the developer’s /A ownership of the related prop- anystate or federal aid and Mall of America in Blooming- erty,rather than just thereve- had requested financial aid

ton, Minn., and West Edmon- WENIG nue.But during the pandemic, from thecity,but these re-

tonMall in Canada, two of the SETH some lenders opted to extend quests had been denied. largest and moresuccessful Snowboarders hit indoor slopes at the American Dream megamall in East Rutherford, N.J., in 2019. or restructureloans in place “Over the past year,we malls in North America. of foreclosure, especially in have worked closely with our Kurt Hagen, senior vice Council in March. It “hasn’t Mall to securea$1.67 billion comment. cases wherethey feel that the lending partnerstochart a president of development at happened yetbut it’slikely to construction loan. The3-million-square-foot borrowerremains the best op- path through these difficult Triple Five,acknowledged the happen,” he said. JPMorgan Chase Bank and American Dream complexin erator of the property.Malls times,” said aMall of America likelihood of his firm losing Triple Five Group pledged Goldman Sachs Group Inc., NewJersey opened in October in particular aremorecompli- spokesman. “This path has po- that income stream when he the 49% interest in Mall of two of the lenders in the con- 2019 and it went all in on en- catedtooperatecompared sitioned the companyfor long- spoketothe BloomingtonCity America and West Edmonton struction loan, declined to tertainment and sportsattrac- with other types of commer- term success and growth.” Hotels and Malls, Losers in ’20, Starred in First Quarter

BY PETER GRANT was part of a broader market of SL Green Realty Corp., a Steve Sakwa, head of real-es- shares have bounced off the have to pick up some of the surge that liftedmanybeaten- big owner of Manhattanoffice tate research forEvercore. bottom, but their businessre- slackfromreduced business Shares of companies that down sectorsstarting latelast property likethe newdevelop- They were “selling the winners mains under pressurease- travel” for the lodging sector own shopping centers, hotels year,when investorsgained ment at One Vanderbilt, were to buy the losers.” commerce grows. to getback to 2019 levels of and NewYork officebuildings confidencethat the pandemic up 16%. Theeuphoria faded later in In the hotel sector,the sec- demand,Green Street’sMr. were decimated most of last would start coming to an end Meanwhile, the real-estate the quarter,both forreal es- ond quarter started with more Knott said. year but mounted afirst-quar- this year.“Investorsstarted laggardsduring the firstquar- tate and other companies that good news.The Centersfor REIT earningsseason be- tercomeback,asinvestorsbet saying, ‘give me as much of a terincluded some of the top benefited from the reopening DiseaseControl and Preven- gins later this month. Perfor- avaccine rollout canrevitalize reopening theme as youpossi- performersduring most of the theme.Inthe last week of tion said Fridaythat people mance for most companies is these hard-hit businesses. bly can,’ ” said Michael Knott, pandemic. For example, com- March, the S&P 500 wasup whoare fully vaccinated can expected to look weak when Real-estate investment Green Street’shead of U.S. re- panies that ownindustrial 1.2%, but REITs were up only travel safely within the U.S. compared with the firstquar- trusts overall rose 9% during search. real-estate shares rose 12% in 0.7%, according to Evercore. Still, businesstraveland terof2020,most of which oc- the three months,beating the Other topproperty per- 2020 because of strong de- Therecoverywill likely lodging demand aren’t ex- curred beforethe pandemic S&P 500’s 6% gain, according formersinthe firstquarter, mand from online retailerslike continue to be mixed for pected to recoveruntil next hit. to data-analytics firm Green including companies that own Amazon.comInc., according to REITs. Questionsstill hang year at the earliest. Compa- But investors have “looked Street. Fueling the REIT rally downtownofficeand apart- Evercore ISI. over the officesector because nies want to save money, and through and really don’t care was an 18% rise in the shares ment buildings,werebuoyed But in the first quarter, in- it isn’t clear howstrongly manylearned during the pan- about year-over-year de- of lodgingownersand a32% afterfirms began signaling dustrial REITsrose only 2.9%, companies will embracere- demic that Zoom meetingscan clines,” Mr. Sakwa said. “The gain by mall owners. plans to send moreemployees Evercore said. “Investors mote working afteritissafe be just as effective as travel. forwardindicatorsare starting Thereal-estaterecovery back to the workplace. Shares needed funding sources,” said to return to the office. Mall “Leisure travel is going to to look better. Merchants Try to Curb

%"0' 2.+4 74+'"10'# "06 Amazon

),446- 3&)' '405$ 1'/ ContinuedfrompageB1 JOURNAL ventions in the free market that would kill off independent REET ST

retailers and punish consum- LL

ersbyforcing small busi- WA

nesses out of popular online THE 8%55+ "%,1&/1. +!3-+/1 '/33%,'!*5 stores, raising prices, and re- R FO +*5!+(;,4. 1' ducing consumer choiceand convenience.” SHEN

“Amazon and third-party TING sellerscomplement each other, Amazon poses a challenge to local shops like hardware stores. and sellers having the oppor- tunity to sell right alongside a *! retailer’s products is the very U.K. Forms Agency sight power, a legal framework competition that most benefits that is expected to be in place &*4+ consumers and has made the As Tech Watchdog by next year. Meanwhile, the )/ '5/+% marketplacemodel so success- agency is hiring staff and will fulfor third-party sellers,” the begin drawing up what would spokesperson added. LONDON—The U.K. become a legally binding code Amazon also has developed launched a new regulatory of conduct for companies once 9%$$ +3!)". ),*1+8%+)%,1 its own public-relations cam- body aimed at policing alleged that legislation passes. paigns to showcase success anticompetitive behavior The new U.K. unit comes 8%+) -*85%). :) stories. At an event in Wash- among the world’s largest amid Europe’s biggest expan- ingtonin2019,sellersofbaby technology companies, adding sion of global tech regulation productsand cooking spices another agency to a growing in years. The continent has of- gaveout free samples and list of watchdogs scrutinizing ten led the world in regulating talked about how their start- their market heft. technology companies, but ups grew thanks to the Ama- Britain’s Digital Markets Washington and Beijing have (! zon marketplace. Unit will be tasked with mak- both begun to increase their &*4+ MembersofSmall Business ing sure tech giants like Face- own scrutiny recently. The U.S. Rising aimtocapitalizeonlo- book Inc. and Alphabet Inc.’s filed two major antitrust law- )/ '5/+% calbusinessowners’ connec- Google don’t exploit any mar- suits against Google and Face- tions to their hometowns by ket dominance to crowd out book in December. meeting with membersofCon- competition, officials here said. The two companies have gressand staff,writing letters, The new unit was unveiled last argued that they don’t abuse *5%6 245(%,#5*!). 3*,';+ 03!55!'"*- seeking coverage in local me- year but launched officially late their market power. dia, and other efforts. Tuesday. Britain’s new watchdog will 9*'7+/1:!55%. $5 “Those stories arepowerful It won’t be able to levy be housed inside the country’s and aremotivating forlawmak- fines until Parliament approves main antitrust regulator. ers,” said Stacy Mitchell, co-di- legislation governing its over- —Parmy Olson rector of the Institutefor Local Self-Reliance, aresearch and *! advocacygroup that spear- Amazon has also touted to said AlexCynamon, apolicy headed the Small BusinessRis- lawmakersits growing ranks analyst with research firm &*4+ ingcampaign. “It’sareal busi- of U.S. employees,including at Veda Partners. )/ '5/+% nessthat is really going to go warehouses in manycorners Proponentsofstricter anti- under with areal community of the country trust policycan count some that is going to suffer as are- Those against changing an- victories early in the Biden ad- sult.” Theinstitutehas previ- titrust lawhaveanother ad- ministration. Twocritics of 9/+" 3!55%,. $,!%&3*1 ,%*5 %+)*)% ously partneredwith unions vantage: Washingtongridlock. Amazon andother big tech andotherstooppose what it While discontent with large companies,Columbia Univer- );-%5/. 3+ viewsasexcessivecorporate technology companies’ power sity law-school professorsTim power. is bipartisan, Republicans and Wu and Lina Khan, have been The small-business owners Democratshaven’t reached named to jobs in the White might struggle to counter big consensus on howexactly to House and Federal Trade Com- businesses and their lobbyists, addressthose concerns and mission, respectively.(Ms. who are pressing Congress to may well fail to do so. Khan’s appointment still re- (( leave antitrust laws alone. “Competition policyand an- quires approval by the Senate.) &*4+ Amazon disclosed spending titrust reform is the likeliest TheSmall BusinessRising about $18 million on lobbying potential legislation affecting campaign won’t have its own )/ '5/+% last year on antitrust and the tech sector that this Con- staff and will rely on theexist- other issues, the second larg- gresscould pass, and yetIstill ing budgetsofmember organi- est among U.S. corporations. think it’sbelow50% odds,” zations. P2JW097000-0-B00700-1------XA

THE WALL STREET JOURNAL. We dnesday, April 7, 2021 | B7 P2JW097000-0-B00800-17F7DF7178F

B8 | We dnesday, April 7, 2021 THE WALL STREET JOURNAL. BIGGEST 1,000 STOCKS

Net Net Net Net Net Net Net How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg The following explanations apply to NYSE, s-New 52-week high. NYSE Arca, NYSE American and Nasdaq Stock t-New 52-week low. CanPacRlwy CP 376.26 -9.17 s ExtraSpaceSt EXR 137.16 2.15 GoldmanSachs GS 327.06 3.52 IBM IBM 134.22 -1.71 LibertyFormOne C FWONK 44.95 0.72 MizuhoFin MFG 2.90 -0.08 Market listed securities. Prices are composite dd-Indicates loss in the most recent Canon CAJ 22.88 -0.44 D E F ExxonMobil XOM 56.34 -0.16 GoodRx GDRX 41.15 1.13 IntlFlavors IFF 140.93 1.93 LibertyBraves A BATRA 29.69 -0.05 MobileTeleSys MBT 8.18 -0.09 quotations that include primary market trades four quarters. CanopyGrowth CGC 30.90 -0.93 DISH Network DISH 37.43 -0.26 F5Networks FFIV 215.35 0.07 Graco GGG 73.29 -0.37 IntlPaper IP 55.20 0.50 LibertyBraves C BATRK 28.94 -0.07 Moderna MRNA 133.53 3.62 as well as trades reported by Nasdaq BX FD-First day of trading. CapitalOne COF 132.03 -0.57 FMC FMC 112.83 -1.00 Grainger GWW 408.43 0.78 Interpublic IPG 29.59 0.11 LibertySirius C LSXMK 45.87 -0.02 s MohawkInds MHK 200.68 -0.51 (formerly Boston), Chicago Stock Exchange, h-Does not meet continued listing DTE Energy DTE 135.13 0.71 s Cboe, NYSE National and Nasdaq ISE. standards CardinalHealth CAH 60.24 -0.30 Danaher DHR 227.05 0.52 Facebook FB 306.26 -2.65 Grifols GRFS 17.05 -0.05 Intuit INTU 401.20 -0.94 LibertySirius A LSXMA 46.00 0.17 MolinaHealthcare MOH 233.34 -3.38 The list comprises the 1,000 largest lf-Late filing s Carlisle CSL 168.73 -0.20 Darden DRI 144.46 0.35 FactSet FDS 318.18 -2.37 GuardantHealth GH 162.02 3.02 IntuitiveSurgical ISRG 766.85 0.92 LightspeedPos LSPD 67.97 3.38 MolsonCoorsB TAP 52.41 -0.34 companies based on market capitalization. q-Temporary exemption from Nasdaq Carlyle CG 37.30 -0.22 DarlingIngred DAR FairIsaac FICO 505.01 6.22 Guidewire GWRE 105.56 3.16 s InvitatHomes INVH 32.85 0.50 EliLilly LLY 182.80 -2.09 Mondelez MDLZ 59.09 0.27 requirements. 72.22 -0.73 Underlined quotations are those stocks with CarMax KMX 126.33 -1.73 Farfetch FTCH 52.03 2.34 HCA Healthcare HCA 186.38 -1.62 iQIYI IQ 18.68 1.69 LincolnNational LNC 62.96 0.41 MongoDB MDB 296.50 6.90 t-NYSE bankruptcy Datadog DDOG 88.89 5.65 large changes in volume compared with the Carnival CCL 28.60 0.49 DaVita DVA Fastenal FAST 51.27 -0.17 HDFC Bank HDB 75.43 -0.41 IronMountain IRM 37.49 -0.07 Linde LIN 284.11 -1.29 MonolithicPower MPWR 374.54 -3.54 issue’s average trading volume. v-Trading halted on primary market. 106.95 0.15 vj-In bankruptcy or receivership or Carnival CUK 24.12 0.41 s DeckersOutdoor DECK 338.97 7.97 FedEx FDX 282.17 0.60 HP HPQ 32.29 -0.17 ItauUnibanco ITUB 4.82 -0.01 LithiaMotors LAD 382.68 -8.91 MonsterBev MNST 93.73 0.29 s Boldfaced quotations highlight those issues being reorganized under the CarrierGlobal CARR 42.81 0.23 Deere DE 375.61 0.80 Ferguson FERG125.26 -1.58 HSBC HSBC 29.35 -0.12 LiveNationEnt LYV 88.93 1.38 Moody's MCO 309.50 -1.39 whose price changed by 5% or more if their Bankruptcy Code, or securities J K L Carvana CVNA 277.60 10.27 DellTechC DELL 89.48 0.12 Ferrari RACE 209.19 -4.33 Halliburton HAL 21.26 -0.06 LloydsBanking LYG 2.34 -0.04 MorganStanley MS 79.09 1.09 previous closing price was $2 or higher. assumed by such companies. s Catalent CTLT 107.03 1.28 DeltaAir DAL 51.65 1.40 FidNatlFin FNF 42.64 0.91 HartfordFinl HIG 67.80 -0.50 JD.com JD 83.51 1.02 LockheedMartin LMT 378.97 0.22 Morningstar MORN 235.22 -1.47 Caterpillar CAT 230.64 -3.07 FidNatlInfo FIS 145.48 -0.59 Hasbro HAS 95.77 0.22 s Loews L 53.06 0.32 Mosaic MOS 30.96 -0.12 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and s DentsplySirona XRAY 64.16 -0.22 JPMorganChase JPM 152.54 -1.08 FifthThirdBncp FITB 38.33 0.10 HealthpeakProp PEAK LogitechIntl LOGI 107.37 -2.05 MotorolaSol MSI 188.70 -2.64 changes in the closing prices from 4 p.m. the previous day. Celanese CE 153.52 -0.20 DeutscheBank DB 12.26 0.05 32.57 0.29 JackHenry JKHY 155.32 -1.93 s Cemex CX 6.97 -0.20 DevonEnergy DVN 22.78 0.32 FirstHorizon FHN 17.22 -0.05 Heico HEI 130.01 0.84 s JacobsEngg J 131.96 -0.72 Lowe's LOW 194.20 0.47 NICE NICE 232.29 0.25 CenovusEnergy CVE 7.71 0.12 FirstRepBank FRC 169.04 1.57 Heico A HEI.A 117.28 -0.43 LufaxHolding LU 14.63 -0.09 NIO NIO 40.00 0.69 Tuesday, April 6, 2021 Net Net DexCom DXCM 373.00 4.84 JamesHardie JHX 32.14 -0.32 Centene CNC 62.64 -1.32 FirstSolar FSLR 84.21 1.09 HenrySchein HSIC 69.00 0.02 lululemon LULU 308.52 9.77 NRG Energy NRG 38.39 0.87 Net Stock Sym Close Chg Stock Sym Close Chg s Diageo DEO 170.08 0.86 JazzPharma JAZZ 162.75 -1.96 CenterPointEner CNP 23.24 0.30 DiamondbkEner FANG 75.46 0.06 FirstEnergy FE 34.80 ... Hershey HSY 160.76 1.41 J&J JNJ 163.39 -0.04 LumenTech LUMN 13.36 0.07 s NVR NVR 4837.78 10.34 Stock Sym Close Chg AmericoldRealty COLD 39.58 0.59 BectonDicknsn BDX 244.62 -0.47 CentraisElBras EBR 6.34 0.16 DigitalRealty DLR 144.67 -1.10 Fiserv FISV 123.69 0.82 Hess HES 71.48 0.72 JohnsonControls JCI 60.97 0.08 Lyft LYFT 64.24 -0.23 NXP Semi NXPI 212.91 -1.79 Ameriprise AMP 236.43 -1.85 BeiGene BGNE 329.30 -1.68 A B C CeridianHCM CDAY 86.56 -0.44 DiscoverFinSvcs DFS 98.92 0.02 FiveBelow FIVE 197.43 -1.72 HewlettPackard HPE 15.92 0.01 JonesLang JLL 182.44 -3.38 LyondellBasell LYB 104.79 0.58 s Nasdaq NDAQ 152.66 0.56 AmerisourceBrgn ABC 115.99 -1.02 BentleySystems BSY 48.11 0.21 Cerner CERN 72.19 -1.06 Five9 FIVN 167.97 5.48 HighwoodsProp HIW 43.48 0.12 Natera NTRA 104.83 -1.16 s s DiscoveryB DISCB 91.95 -5.27 JuniperNetworks JNPR 25.58 -0.13 ABB ABB 31.16 -0.16 Ametek AME 129.79 -0.92 Berkley WRB 77.93 0.72 FleetCorTech FLT 279.12 -1.83 M N s CharlesRiverLabs CRL 302.19 4.30 DiscoveryA DISCA 43.38 1.74 Hilton HLT 126.66 1.26 KB Fin KB 47.80 -0.65 NationalGrid NGG 60.34 0.34 s AECOM ACM 66.47 0.52 Amgen AMGN 249.10 -2.92 BerkHathwy A BRK.A 3969001365.00 Flex FLEX 18.510.20 CharterComms CHTR 613.39 7.89 DiscoveryC DISCK 36.87 0.77 Hologic HOLX 74.72 0.36 KE Holdings BEKE 60.16 1.30 M&T Bank MTB 153.02 -0.19 Natura&Co NTCO 17.58 0.60 AES AES 27.82 0.48 Amphenol APH 68.28 -0.54 BerkHathwy B BRK.B 263.06 0.40 CheckPoint CHKP 115.15 -0.45 Floor&Decor FND 101.54 2.41 s HomeDepot HD 313.78 -1.62 s s NatWest NWG 5.38 -0.08 BerryGlobal BERY Disney DIS 189.73 1.23 KKR KKR 51.18 0.02 MGMGrowthProp MGP 34.51 0.74 Aflac AFL 51.61 0.16 AnalogDevices ADI 161.71 -1.78 62.67 0.26 s FomentoEconMex FMX 80.78 2.20 Chegg CHGG 90.40 1.38 DocuSign DOCU 205.71 0.06 HondaMotor HMC 29.61 -0.82 KLA KLAC 346.60 -8.48 s MGM Resorts MGM 41.52 -0.18 NetApp NTAP 73.41 -0.92 AGCO AGCO 145.28 -0.54 AngloGoldAsh AU 22.70 -0.25 BestBuy BBY 120.74 2.75 CheniereEnergy LNG 70.73 -0.53 FordMotor F 12.92 0.22 s Honeywell HON 219.19 -0.08 KSCitySouthern KSU 262.69 -4.09 MKS Instrum MKSI 192.93 -3.93 NetEase NTES 107.27 1.73 AB InBev BUD 63.90 -0.44 BeyondMeat BYND 133.95 2.36 DolbyLab DLB 102.41 -0.78 AGNC Invt AGNC 17.01 0.01 s Fortinet FTNT 194.68 3.41 CheniereEnerPtrs CQP 42.94 0.46 DollarGeneral DG 205.63 -2.15 HorizonTherap HZNP 89.99 -0.83 Kellogg K 64.02 0.38 MPLX MPLX 26.17 0.05 Netflix NFLX 544.53 3.86 Ansys ANSS 358.42 -4.34 AnnalyCap NLY 8.71 0.02 Bilibili BILI 114.15 3.73 Chevron CVX 103.58 -0.93 Fortis FTS 43.79 -0.04 HormelFoods HRL 48.08 0.28 KeurigDrPepper KDP 35.07 0.07 MSCI MSCI 440.10 -0.51 Neurocrine NBIX 95.31 -0.64 Anthem ANTM 352.27 -2.62 Bill.com BILL 152.26 5.02 s DollarTree DLTR 117.61 -1.65 ASETech ASX 7.88 -0.04 Fortive FTV 71.20 -0.74 Chewy CHWY 82.55 1.70 DominionEner D 76.38 -0.03 s DR Horton DHI 93.38 0.74 KeyCorp KEY 20.32 0.03 MagellanMid MMP 45.05 0.47 NewFortressEner NFE 49.74 1.87 ASML ASML 628.00-12.49 Aon AON 234.22 0.24 Bio-Techne TECH 399.06 2.27 ChinaEastrnAir CEA 23.49 -0.20 FortBrandsHome FBHS 98.55 0.77 HostHotels HST 17.33 0.02 MagnaIntl MGA 89.77 -0.62 NewOrientalEduc EDU 14.74 0.45 ApolloGlbMgmt APO 47.80 0.12 Bio-RadLab A BIO 587.55 4.75 Domino's DPZ 380.68 9.04 KeysightTechs KEYS 145.95 -1.38 AT&T T 30.98 0.27 FoxA FOXA 37.05 0.65 ChinaLifeIns LFC 10.41 -0.02 DoorDash DASH 131.09 -2.46 HowmetAerospace HWM 31.40 -0.67 KimberlyClark KMB 138.05 -0.38 ManulifeFin MFC 21.79 -0.08 NYTimes A NYT 49.56 -0.50 AbbottLabs ABT 119.97 0.11 Appian APPN 136.75 2.59 Biogen BIIB 271.76 -6.12 ChinaPetrol SNP 52.92 0.08 FoxB FOX 35.77 0.64 HuanengPower HNP 14.22 0.03 MarathonOil MRO 11.14 -0.05 NewellBrands NWL 27.09 -0.13 Apple AAPL 126.21 0.31 BioMarinPharm BMRN 78.40 0.08 s Dover DOV 139.53 -0.64 KimcoRealty KIM 19.40 0.35 AbbVie ABBV 105.38 -0.76 Franco-Nevada FNV 131.96 1.22 ChinaSoAirlines ZNH 36.75 -0.09 Dow DOW 64.60 0.01 Huazhu HTHT 56.90 1.54 KinderMorgan KMI 16.70 0.04 MarathonPetrol MPC 53.68 -0.28 Newmont NEM 62.80 0.31 Abiomed ABMD 323.62 2.12 ApplMaterials AMAT 139.54 -3.51 BioNTech BNTX 117.15 1.78 Chipotle CMG 1487.48 35.39 FranklinRscs BEN 30.41 -0.13 s Hubbell HUBB 192.68 0.26 NewsCorp A NWSA 26.56 0.14 s Aptargroup ATR 145.97 1.28 BlackKnight BKI 74.60 -0.03 DrReddy'sLab RDY 62.94 0.82 KingsoftCloud KC 45.32 1.44 MaravaiLifeSci MRVI 32.82 -1.76 AcceleronPharma XLRN 138.62 -1.40 FreeportMcM FCX 35.01 -0.35 Chubb CB 161.04 1.13 DraftKings DKNG 63.80 1.17 HubSpot HUBS 490.52 15.25 KinrossGold KGC 7.25 0.21 s Markel MKL 1174.33 0.88 NewsCorp B NWS 24.54 0.02 s Accenture ACN 281.63 0.50 Aptiv APTV 144.28 2.27 BlackRock BLK 781.71 -2.31 ChunghwaTel CHT 39.49 -0.02 FreseniusMed FMS 37.05 0.11 Humana HUM 407.33 -5.82 KirklandLakeGold KL 35.47 0.13 MarketAxess MKTX 533.06 13.06 NextEraEnergy NEE 77.56 0.78 ActivisionBliz ATVI 97.32 -0.55 Aramark ARMK 38.78 0.25 Blackstone BX 74.62 -0.38 Dropbox DBX 27.81 -0.06 Church&Dwight CHD 88.21 0.74 Futu FUTU 148.26 0.26 JBHunt JBHT 169.30 -1.77 s Knight-Swift KNX 49.70 0.06 Marriott MAR 151.62 0.69 NielsenHoldings NLSN 25.56 0.03 Adobe ADBE 491.34 -0.28 ArcelorMittal MT 29.16 -1.13 Boeing BA 255.17 -4.19 DukeEnergy DUK 97.57 0.64 ChurchillDowns CHDN 230.68 1.91 DukeRealty DRE HuntingtonBcshs HBAN 16.10 -0.01 Kohl's KSS 60.00 0.93 Marsh&McLen MMC 124.48 0.06 Nike NKE 137.16 2.04 AdvanceAuto AAP 183.65 0.42 s ArchCapital ACGL 39.93 0.31 BookingHldgs BKNG 2422.00 12.82 43.06 0.22 G H I Ciena CIEN 55.90 -0.89 HuntingIngalls HII 207.37 -0.23 KoninklijkePhil PHG 58.48 -0.62 MartinMarietta MLM 344.06 0.05 NiSource NI 24.52 0.09 AdvMicroDevices AMD 81.44 0.01 ArcherDaniels ADM 58.04 0.52 BoozAllen BAH 82.50 -1.19 Dun&Bradstreet DNB 23.56 0.10 Cigna CI 239.13 -4.21 GDS Holdings GDS 82.84 2.52 HyattHotels H 86.12 0.43 KoreaElcPwr KEP 10.69 0.05 MarvellTech MRVL 50.85 -0.22 Nokia NOK 4.00 -0.05 Aegon AEG 4.81 -0.01 AresMgmt ARES 54.84 -4.29 BorgWarner BWA 46.67 -0.12 DuPont DD 77.05 -0.58 CincinnatiFin CINF 105.95 0.36 Dynatrace DT 50.63 0.73 GFLEnvironmental GFL 35.26 -0.44 IAC/InterActive IAC 228.00 2.61 KraftHeinz KHC 40.70 0.39 s Masco MAS 62.43 0.63 NomuraHoldings NMR 5.41 -0.05 AffirmHldgs AFRM 73.00 3.61 arGEN-X ARGX 282.03 -6.32 BostonBeer SAM 1225.30 14.22 Cintas CTAS 348.87 -5.17 s Gallagher AJG 130.01 1.71 ICICI Bank IBN 15.48 -0.35 Kroger KR 36.89 0.16 Masimo MASI 234.51 0.86 Nordson NDSN 202.99 0.47 AgilentTechs A 131.04 1.04 AristaNetworks ANET 307.87 -3.75 BostonProps BXP 104.26 0.24 ENI E 24.84 -0.11 CiscoSystems CSCO 52.03 -0.38 GameStop GME 184.50 -2.45 IdexxLab IDXX 492.90 1.59 L Brands LB 62.04 0.28 Mastercard MA 369.57 1.25 s NorfolkSouthern NSC 271.22 -3.41 AgnicoEagle AEM 60.59 0.57 Arrival ARVL 16.29 0.61 BostonSci BSX 38.95 -0.09 EOG Rscs EOG 72.30 0.51 Citigroup C 72.60 -0.15 s Gaming&Leisure GLPI 43.92 0.01 IHS Markit INFO 100.57 -0.26 LKQ LKQ 43.16 -0.69 MatchGroup MTCH 143.14 -1.01 NorthernTrust NTRS 105.71 -1.16 AirProducts APD 288.02 -1.49 ArrowElec ARW 114.76 0.16 BridgeBioPharma BBIO 57.75 -1.24 EPAM Systems EPAM 411.01 1.70 CitizensFin CFG 44.82 -0.09 Gap GPS 30.76 0.74 ING Groep ING 12.38 -0.06 LPL Financial LPLA 143.56 -1.62 MaximIntProducts MXIM 96.71 -0.61 NorthropGrum NOC 331.16 0.51 Airbnb ABNB 190.03 3.34 AspenTech AZPN 153.00 0.37 BrightHorizons BFAM 178.29 -2.11 EastWestBncp EWBC 74.51 0.18 CitrixSystems CTXS 141.98 -0.51 s Garmin GRMN 136.52 0.59 Invesco IVZ 25.83 -0.10 s L3HarrisTech LHX 209.32 1.47 McAfee MCFE 23.83 0.13 NortonLifeLock NLOK 21.95 -0.15 AkamaiTech AKAM 103.74 -0.12 Assurant AIZ 143.40 0.61 BristolMyers BMY 61.98 -1.18 EastmanChem EMN 111.57 0.41 Clarivate CLVT 26.65 -0.25 s Gartner IT 189.28 -0.61 IPG Photonics IPGP 225.34 2.40 LabCpAm LH 251.87 -0.80 McCormick MKC 89.73 0.65 NorwegCruise NCLH 31.08 1.37 s AlaskaAir ALK 73.74 2.65 AstraZeneca AZN 49.22 -0.31 BritishAmTob BTI 38.73 -0.20 Eaton ETN 141.12 -1.24 Cleveland-Cliffs CLF 18.47 -0.92 Generac GNRC 333.64 8.60 s IQVIA IQV 203.57 3.20 s LamResearch LRCX 652.48 -8.32 Novartis NVS 86.36 -0.91 Albemarle ALB 152.89 2.67 Athene ATH 51.10 0.04 Broadcom AVGO 483.87 -4.61 eBay EBAY 62.52 -1.17 McCormickVtg MKC.V 89.61 0.13 Clorox CLX 194.04 -0.36 s GeneralDynamics GD 185.11 -0.48 IcahnEnterprises IEP 56.65 -0.60 LamarAdv LAMR 97.25 0.55 s Novavax NVAX 178.76 1.47 Albertsons ACI 18.66 -0.01 Atlassian TEAM 223.13 1.90 BroadridgeFinl BR 156.13 -2.47 Ecolab ECL 220.83 1.95 McDonalds MCD 231.91 3.06 Cloudflare NET 72.21 1.04 GeneralElec GE 13.40 -0.06 Icon ICLR 203.48 0.18 LambWeston LW 80.92 0.32 NovoNordisk NVO 68.03 -0.30 Alcon ALC 71.56 -0.53 AtmosEnergy ATO 98.26 -0.36 BrookfieldMgt BAM 45.03 -0.37 Ecopetrol EC 12.60 -0.02 McKesson MCK 191.45 -3.16 Coca-Cola KO 53.19 0.38 GeneralMills GIS s IDEX IEX 215.01 0.35 LasVegasSands LVS Novocure NVCR 134.89 4.49 AlexandriaRlEst ARE 171.00 0.31 Autodesk ADSK 285.50 -2.82 BrookfieldInfr BIP 54.63 0.02 EdisonInt EIX 60.22 0.41 61.74 0.21 63.61 1.01 MedicalProp MPW 21.85 ... Coca-Cola Euro CCEP 51.75 0.61 s IllinoisToolWks ITW 223.18 0.88 s NuanceComms NUAN 44.23 -0.02 AlexionPharm ALXN 153.41 -0.71 Autohome ATHM 96.85 3.34 BrookfieldPropREIT BPYU 17.82 ... EdwardsLife EW 85.41 -0.33 GeneralMotors GM 61.94 0.90 Lear LEA 181.23 -0.42 Medtronic MDT 121.15 0.90 Cognex CGNX 85.54 0.20 Illumina ILMN 414.84 30.30 Nucor NUE 79.84 -0.67 Alibaba BABA 230.57 5.27 Autoliv ALV 94.90 -0.52 BrookfieldRenew BEPC 48.00 -0.52 ElancoAnimal ELAN 28.76 -0.20 Genmab GMAB 32.88 -0.59 Leidos LDOS 99.72 -0.20 MelcoResorts MLCO 21.21 0.71 ImmunityBio IBRX 18.80 -2.89 s Nutrien NTR 55.77 0.68 AlignTech ALGN 553.84 5.90 ADP ADP 189.41 -3.66 Brown&Brown BRO 46.95 0.27 CognizantTech CTSH 79.66 -0.67 Elastic ESTC 121.31 8.06 Genpact G 44.28 0.29 Lennar B LEN.B 84.51 -0.13 MercadoLibre MELI 1547.79 44.34 ImperialOil IMO 25.02 0.20 s NVIDIA NVDA 554.46 -5.04 Alleghany Y 649.24 8.04 AutoZone AZO 1431.85 15.97 Brown-Forman B BF.B 70.95 0.39 ColgatePalm CL 79.86 0.33 ElectronicArts EA 141.28 -0.26 Gentex GNTX 36.36 -0.17 Lennar A LEN 104.96 0.19 Merck MRK 75.79 -1.21 Incyte INCY 83.18 -0.07 s s Allegion ALLE131.50 1.47 Avalara AVLR 141.57 3.40 Brown-Forman A BF.A 66.78 0.96 Comcast A CMCSA 54.84 0.29 EmersonElec EMR 91.47 -0.14 GenuineParts GPC 117.47 0.24 LennoxIntl LII 326.63 3.38 MetLife MET 61.26 -0.32 s Infosys INFY 19.34 -0.03 O P Q AlliantEnergy LNT 54.82 -0.02 Avalonbay AVB 186.50 0.51 Bruker BRKR 68.36 0.89 Comerica CMA 71.51 -0.93 Enbridge ENB 36.77 -0.21 Gerdau GGB 5.33 0.18 LeviStrauss LEVI 24.12 -0.10 MettlerToledo MTD 1210.22 14.67 IngersollRand IR s Allstate ALL 117.83 0.34 Avangrid AGR 51.10 -0.23 BuildersFirstSrc BLDR 48.05 0.46 CommerceBcshrs CBSH 77.74 -0.03 EnelAmericas ENIA 8.40 0.01 GileadSciences GILD 66.23 -0.11 50.23 0.14 LiAuto LI 25.53 0.59 MicrochipTech MCHP 160.74 -3.08 s ONEOK OKE 51.26 0.23 s AllyFinancial ALLY 46.78 -0.14 s Avantor AVTR 31.18 0.94 Bunge BG 79.31 0.37 CiaSiderurgica SID 6.98 0.31 EnergyTransfer ET 7.81 -0.01 GSK GSK 36.02 -0.06 Inphi IPHI 183.30 -0.65 LibertyBroadbandA LBRDA 144.05 0.75 s MicronTech MU 93.49 -0.26 s OReillyAuto ORLY 514.26 5.15 AlnylamPharm ALNY 142.01 -0.64 s AveryDennison AVY 192.31 1.36 BurlingtonStrs BURL 305.49 5.41 ConagraBrands CAG 37.62 0.13 EnphaseEnergy ENPH 157.92 8.50 GlobalPayments GPN 208.28 -1.63 Insulet PODD 276.95 7.83 LibertyBroadbandC LBRDK 149.35 0.36 Microsoft MSFT 247.86 -1.21 OakStreetHealth OSH 60.93 1.77 s Alphabet C GOOG 2224.75 -0.80 AxonEnterprise AXON 145.60 -0.73 CBRE Group CBRE 79.64 -1.29 ConocoPhillips COP 52.58 0.37 Entegris ENTG 119.15 -1.26 Globant GLOB 217.52 4.04 Intel INTC 65.56 -0.98 LibertyGlobal A LBTYA 26.12 0.49 MidAmApt MAA 147.24 0.66 OccidentalPetrol OXY 25.35 0.04 Alphabet A GOOGL 2209.26 -9.70 BCE BCE 45.89 0.03 CDW CDW 171.52 -0.01 ConEd ED 75.69 0.41 Entergy ETR 101.90 1.37 GlobeLife GL 98.92 0.23 InteractiveBrkrs IBKR 74.74 -0.38 LibertyGlobal B LBTYB 26.10 -1.91 Middleby MIDD 164.92 1.48 Okta OKTA 228.55 1.72 AlticeUSA ATUS 32.69 0.48 BHP Group BHP 69.87 -1.27 CF Industries CF 45.61 0.19 ConstBrands A STZ 236.30 6.02 EnterpriseProd EPD 22.59 0.33 GoDaddy GDDY 83.01 1.15 ICE ICE 113.91 -1.20 LibertyGlobal C LBTYK 25.89 0.40 MiratiTherap MRTX 173.91 -3.07 s OldDomFreight ODFL 244.59 -1.71 Altria MO 51.38 0.06 BHP Group BBL 58.51 -0.81 s CGI GIB 84.72 0.16 ContextLogic WISH 15.52 0.20 Equifax EFX 185.02 -1.72 GoldFields GFI 10.23 -0.01 InterContinentl IHG 71.35 ... LibertyFormOne A FWONA 39.62 0.34 MitsubishiUFJ MUFG 5.45 -0.09 Continued on Page B9 AlumofChina ACH 10.57 -0.04 BP BP 25.10 0.84 CH Robinson CHRW 97.56 -0.12 ContinentalRscs CLR 26.02 0.30 Equinix EQIX 688.71 -1.53 Amazon.com AMZN 3223.82 -2.91 Baidu BIDU 226.55 4.26 CME Group CME 205.09 -2.35 Cooper COO 389.29 1.55 Equinor EQNR 19.76 0.29 Ambev ABEV 2.76 0.04 BakerHughes BKR 21.25 -0.16 CMS Energy CMS 61.71 0.23 Copart CPRT 112.85 -0.90 s Equitable EQH 33.17 -0.19 Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks Amcor AMCR 11.98 0.09 Ball BLL 87.99 1.12 CNA Fin CNA 46.20 0.03 Corning GLW 44.68 -0.80 EquityLife ELS 65.46 0.40 Amdocs DOX 72.33 0.20 BancoBilbaoViz BBVA 5.36 0.03 s CNH Indl CNHI 15.85 -0.19 Corteva CTVA 47.74 0.70 EquityResdntl EQR 71.60 -0.55 Amedisys AMED 270.27 -4.04 BancoBradesco BBDO 4.06 0.09 CRH CRH 46.98 -0.69 CoStar CSGP 861.14 12.90 ErieIndemnity A ERIE 225.52 2.64 April 6, 2021 Amerco UHAL 613.98 -7.31 BancodeChile BCH 23.43 -0.09 CRISPR Therap CRSP 121.63 -0.36 Costco COST 360.12 -0.70 EssentialUtil WTRG 45.66 -0.04 Money Rates Ameren AEE 81.50 0.01 BancSanBrasil BSBR 6.91 0.06 CSX CSX 97.11 -1.46 CoupaSoftware COUP 265.00 9.01 EssexProp ESS 275.86 0.06 AmericaMovil AMX 13.96 -0.01 BcoSantChile BSAC 24.59 0.07 CVS Health CVS 74.62 -0.42 Coupang CPNG 46.57 0.63 s EsteeLauder EL 295.00 -0.27 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a AmericaMovil A AMOV 13.91 0.11 BancoSantander SAN 3.48 0.01 CableOne CABO 1820.00-47.40 Credicorp BAP 146.55 6.54 Etsy ETSY 206.01 8.81 guide to general levels but don’t always represent actual transactions. AmerAirlines AAL 24.06 -0.17 BankofAmerica BAC 39.69 -0.11 CadenceDesign CDNS 143.46 -2.41 CreditSuisse CS 10.97 0.10 EverestRe RE 253.58 2.57 AEP AEP 86.77 0.48 BankofMontreal BMO 89.93 -0.82 CAE CAE 29.28 0.28 Cree CREE 117.57 1.83 Evergy EVRG 61.16 0.53 Inflation Week —52-WEEK— Week —52-WEEK— AmerExpress AXP 146.15 0.09 BankNY Mellon BK 47.78 -0.35 CaesarsEnt CZR 92.50 2.32 CrowdStrike CRWD 194.38 7.76 EversourceEner ES 87.68 0.09 Latest ago High Low Latest ago High Low AmericanFin AFG 115.75 0.64 BkNovaScotia BNS 62.17 -0.39 CamdenProperty CPT 111.30 0.51 CrownCastle CCI 176.62 -0.82 ExactSciences EXAS 136.46 2.71 Feb. index Chg From (%) Low n.a. 0.0300 0.0600 0.0000 AmHomes4Rent AMH 34.34 0.56 Barclays BCS 10.26 -0.07 CampbellSoup CPB 50.09 ... s CrownHoldings CCK 102.89 1.18 Exelon EXC 44.56 0.08 level Jan. '21 Feb. '20 Commercial paper (AA financial) AIG AIG 46.66 -0.09 BarrickGold GOLD 20.88 0.25 CIBC CM 98.76 -0.53 Cummins CMI 260.16 -1.36 eXpWorld EXPI 42.92 0.77 Bid n.a. 0.0600 0.1000 0.0100 90 days 0.11 0.05 0.26 0.04 AmerTowerREIT AMT 243.58 -1.17 BauschHealth BHC 31.24 -0.28 CanNtlRlwy CNI 116.67 -1.56 CureVac CVAC 92.54 -0.04 Expedia EXPE 174.70 -1.32 U.S. consumer price index Offer n.a. 0.0900 0.1100 0.0500 AmerWaterWorks AWK 152.80 0.77 BaxterIntl BAX 84.92 -0.36 CanNaturalRes CNQ 31.13 0.31 CyrusOne CONE 70.85 0.26 ExpeditorsIntl EXPD 109.94 -0.62 All items 263.014 0.55 1.7 Libor Treasury bill auction Core 270.696 0.35 1.3 One month 0.11013 0.11513 0.86350 0.10300 4 weeks 0.015 0.015 0.190 0.005 Three month 0.19738 0.20163 1.31988 0.17525 International rates Six month ADVERTISEMENT 13 weeks 0.020 0.020 0.280 0.015 0.20100 0.20675 1.22825 0.18950 26 weeks 0.035 0.040 0.290 0.035 One year 0.28625 0.28663 1.05313 0.27588 Week 52-Week Latest ago High Low Secondary market Euro Libor BusinessReal Estate&Auctions One month -0.580 -0.580 -0.360 -0.607 Prime rates Fannie Mae To advertise: email [email protected] or WSJ.com/classifieds Three month -0.550 -0.550 -0.142 -0.574 U.S. 3.25 3.25 3.25 3.25 30-year mortgage yields Six month -0.527 -0.526 -0.052 -0.543 Canada 2.45 2.45 2.45 2.45 30 days 2.511 2.614 2.622 1.751 One year -0.500 -0.498 0.008 -0.511 AUCTIONS COMMERCIAL PROPERTIES Japan 1.475 1.475 1.475 1.475 60 days 2.552 2.654 2.674 1.804 Secured Overnight Financing Rate Policy Rates Other short-term rates 0.01 0.01 0.13 0.01 Euro zone 0.00 0.00 0.00 0.00 Value 52-Week ,& +*$(" !' %+#) '!$ "+%( Switzerland 0.00 0.00 0.50 0.00 Week 52-Week Latest Traded High Low $B+*.775D@?"9 F.45 ?4 6E5 *?6H./ Latest ago high low Britain 0.10 0.10 0.10 0.10 DTCC GCF Repo Index %"D"6.)" %ID?4)A'#G (J@599546 /.D Australia 0.10 0.10 0.25 0.10 Call money "I"D67546 :5K59.I7546= 7?4065A /D.7 Treasury 0.028 56.250 0.151 -0.008 Overnight repurchase 2.00 2.00 2.00 2.00 MBS 0.038 29.400 0.169 0.002 6E5 6E.D.0)E!D5: D"@5 6D"@< "4: &6 2>= 9"D)5 AE.II?4) 7"99 "@D.AA 6E5 A6D556G U.S. 0.01 0.02 0.14 -0.04 8+3-=CCC;" @D5-,2B+31BC->- U.S. government rates Notes on data: U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, Discount and is effective March 16, 2020. Other prime rates aren’t directly comparable; lending practices vary widely by location; Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is CONNECTICUT 0.25 0.25 0.25 0.25 as of April 5, 2021. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal-funds rates Federal funds are Tullett Prebon rates as of 5:30 p.m. ET. 7&6,26/*,0 80&61/'"*--0)416/ $!1/21,5 Effective rate n.a. 0.0700 0.1000 0.0600 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; )0:,,, 7;<542< High n.a. 0.0800 0.1500 0.0800 Tullett Prebon Information, Ltd. (6-29"/ *.71-677'17291!2 3'"916-: ($ &+!"268+-#<%3) 5,1+) #7-/ &* (71-(*72 '&7&1*+ Dividend Changes 39 ,1+) &(71+ (120 &* "0# 8*(/ $1&!. 59 ,1+) 4*,,%&0 6! 47( &* "0# 8*(/ $1&!. Dividend announcements from April 6. #9%3(##3.+(( Amount Payable / Amount Payable / Company Symbol Yld %New/Old Frq Record Company Symbol Yld %New/Old Frq Record Increased RiverNorth Flex Mun II RFMZ ... .10 Apr30 /Apr16 MARYLAND Washington Fed Pfd. A WAFDP 4.8 .2234 Apr15 /Apr13 Bank OZK OZK 2.8 .28 /.2775 Q Apr19 /Apr12 Ellington Financial EFC 9.8 .14 /.10 M May25 /Apr30 Foreign Sabine Royalty Tr UBI SBR 7.0 .2379 /.21099 M Apr29 /Apr15 Luxfer Holdings LXFR 2.4 .125 Q May05 /Apr16

-+.!+& Initial KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; *&(. &)'('&(%$'!-+ First Republic Bk Pfd. L FRCpL 4.1 .23906 Apr30 /Apr16 S2:1: stock split and ratio; SO: spin-off. )'4((,((( E!G$@$D 0@" ) ,# &()'&*+ )"-*& ADVERTISEMENT *, -1*+J #= 61DDJ-6F9E BusinessReal Estate&Services E9C4 To advertise: email [email protected] or WSJ.com/classifieds or call 1(800) 366-3975 $",1#) +*.%-!2/0%' (& >F#$B@$D ;,5.;/ E$ :=)4( 0GB&GG$ 2*)5(5 9$" 2*)8;7 6$#&$ 3C CONNECTICUT %=" E>N$ 4:!3$ K/>:'$L "P 2)H$ D!LL8 @.5$$<87;I<0 &$.)#/ ($0 /,#) 9*; A?GG$ 3$$G/C-#?$B%,2*8;14+ ,$-2$*(-($ -&)(4.0 22 E$<@$G 0@""@$D E!G$C D1C49BA 9/-FE (OA &=&( 3%0"3"7$ 5,7%3 53&%31 "99%&"*0% 1*!% E$<@$G 0@""@$D -<#CGC 49%&"'*!05$$"'% '57&59"7",9/ +G*-,?A 9/-FE &&A &=&( ;: 7530# 103%%0)&*7(.3+'0-2;8- 9+ (&M== C11C &>7\D7 FDYVK_4:7>@D66">YK_ >@/HD6 7KY)D @7>\ HKV">Y R"V' DK6P KHHD66 V> ^%B+8 -? '3425%)% &%)/!5,0 2"3)3, 1)%.4,+ \"_D6 @7>\ ZK$TK7F"K ."7:>7V J-B\"_D6 @7>\ !K7V@>7FG ,L8 N].1*9A %];XAE9*[]; 0AC]A;CS3;/,X=*# (*/ ($ #!S3 - .*"++ M!.'"++ M!- 5$$%1%& )".# 3,(!"/#%& 1%/%1+% 31"'%/ 5$ 57!;82-:--- %*'#6 47=!7%*)'+!47 ,"0%#+- $4/-*=% ,**)".%!' $(()0/ $(*-&1!-2$$* .)'!')2,$'0 #%0'-& "$&%-115 !6,+ &9%-115 8#37.6)117 2"// -*(0 !0'/"+1 /826;2864/-- '''+.",#33#%+)/0 5-00- ).11$,)4-2 " )6,+6-3 ,043#+*-6 ,*0+6, 0246(+63767 14)5-$2 +$,2-0'/ )( ,$ +,.3$, 81..68+013 ,+#' /-1/6-+' MICHIGAN NOTABLE ,IG;,+"-+8 B86&!'@!7-476 7& AEEI2+"*D%8-B86:!74+67& 9*; COMMERCIAL 41%7!7# (!&9 3G6EEE6EEE '*== $4/1/!'!7# ,$-2$*(-($ -&)(4.0 !" PROPERTIES EVERYWEDNESDAY @!<8= M<86FCI<= S8 H..7 @N669L -)@ =#?;;/D6//4 @#8=66M CIMSG9 LES99S8& 466: B$6I IGA @D<::"<1GS44<= +I8 %E0 HH B%E0 ;) @H(JK 68"LSI< ?68F<8S<8?< LI6M< 5$$%1%& )".# *3,(!"/#%& 1%/%1+% 31"'% Advertise today: 5$ 57!;8#-:---6 wsj.com/classifieds .)'!')2,$'0 #%0'-& 2"// -*(0 !0'/"+1 /826;2864/-- !%#$" .,,82,,8GIEE "HF<>/0?F%5J?J08<>C "5-00- ).11$,)4-2 "5.%-,' 5-00- " "14)5-$2 +$,2-0'/ -&)(4.0$$, " ©2021Dow Jones &Company,Inc. "24*- #2$140!/ 14 ,$ +,.3$, " All Rights Reserved. %)?72 !3=? &B>=>35$$( )9 72203,=>)29 ;)>- $3B- :(2<0=985$$( +#29>/2<3,8$3B-5 "' *,2@3,5$)7. 46AA1. P2JW097000-0-B00900-1------XA

THE WALL STREET JOURNAL. We dnesday, April 7, 2021 | B9

NEW HIGHS AND LOWS WSJ.com/newhighs

52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE American 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 and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or lowinthe latest session. %CHG-Daily percentage change from the previous trading session. ExtraSpaceSt EXR 137.45 1.6 Hubbell HUBB 196.05 0.1 MINDTech9%PfdA MINDP 26.00 1.2 OfficePropNts2050 OPINL 27.06 1.1 SocialLvgI A SLAC 9.97 -0.2 WalgreensBoots WBA 57.05 -1.9 FTI Consulting FCN 146.52 -0.6 ICL Group ICL 6.31 1.0 MSC Industrial MSM 93.92 -0.1 OldDomFreight ODFL 248.86 -0.7 SonocoProducts SON 65.15 0.4 WasteConnections WCN 111.12 0.6 Tuesday, April 6, 2021 Facebook FB 311.35 -0.9 IDEAYA Bio IDYA 24.92 -3.5 MV Oil MVO 5.41 16.6 OldRepublic ORI 22.97 3.0 SouthJerseyUn SJIV 52.86 2.3 WasteMgt WM 132.54 0.5 FedAgriMtg C AGM 103.60 -1.0 IonAcqn2 Wt IACB.WS 1.51 12.4 MYR Group MYRG 76.14 1.4 ON Semi ON 44.59 -1.0 SouthwestAir LUV 64.64 1.8 Waters WAT 304.49 2.2 52-Wk % 52-Wk % 52-Wk % FederalSignal FSS 40.11 0.2 IQVIA IQV 203.79 1.6 Macrogenics MGNX 33.61 -1.6 OntoInnovation ONTO 72.55 -0.1 SpectrumBrands SPB 90.59 1.9 Watsco WSO 273.99 0.1 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg FederatedHermes FHI 31.86 -1.6 ITT ITT 93.19 -0.6 MainStreetCap MAIN 40.79 1.1 OwensCorning OC 96.24 1.3 SpragueRscs SRLP 23.15 1.0 WesBancoPfdA WSBCP 28.77 ... BGC Partners BGCP 5.67 5.2 ChurchillVI A CCVI 10.09 1.0 FidNatlFin FNF 42.65 2.2 Ichor ICHR 63.42 -2.8 ManhattanBridge LOAN 6.47 1.4 OxfordLanePfd2027 OXLCP 24.51 -0.2 StanleyBlackDck SWK 204.60 0.8 WesternDigital WDC 73.01 1.1 Highs B.RileyNts2026 RILYK 25.30 -0.5 Chuy's CHUY 46.54 2.4 FirstBancshares FBMS 38.49 -0.5 IDEX IEX 217.03 0.2 MarathonDigital MARA 57.75 -7.3 OxfordSquare OXSQ 5.04 5.9 StarGroup SGU 11.12 -0.2 Whirlpool WHR 236.90 0.4 B.RileyNts2023 RILYH 26.09 0.2 CodaOctopus CODA 9.63 7.6 FirstLongIsland FLIC 21.87 -0.7 Infosys INFY 19.41 -0.2 Markel MKL 1186.41 0.1 PAM Transport PTSI 66.29 -2.2 Starbucks SBUX 113.82 1.9 Williams-Sonoma WSM 188.23 2.2 AECOM ACM 67.31 0.8 B.RileyNts2023 RILYI 25.98 ... ColonyCapPfdG CLNYpG 25.73 0.3 FirstRepBkPfdL FRCpL 26.26 0.6 InMode INMD 80.22 -1.9 Masco MAS 62.86 1.0 PLBY Group PLBY 33.49 6.3 SummitHotelPfdE INNpE 24.93 0.2 WillisTowers WLTW 236.91 0.5 AcademySports ASO 33.74 -1.8 B.RileyNts2024 RILYO 26.25 1.0 ColonyCapPfdH CLNYpH 25.42 0.3 Flexsteel FLXS 41.91 5.2 Inovalon INOV 30.56 -1.4 MasoniteIntl DOOR 124.34 2.6 PRA HealthSci PRAH 158.26 0.2 SuperMicroComp SMCI 40.33 -1.6 WillScotMobile WSC 29.83 0.3 Accenture ACN 283.05 0.2 BWX Tech BWXT 68.67 0.3 ColonyCapPfdI CLNYpI 25.86 -0.2 FlirSystems FLIR 57.94 0.1 Inphi IPHI 184.42 -0.4 MasTec MTZ 99.99-0.3 ParkerHannifin PH 323.80 -0.6 SurgeryPartners SGRY 45.95 -0.8 WyndhamHtls WH 73.91 -0.4 AceGlblBus ACBAU 10.14 0.7 PartnerRePfdJ PREpJ 26.89 2.8 BankofAmPfd4 BMLpJ 25.98 0.4 CompassPfd CODIpB 25.92 0.3 FomentoEconMex FMX 80.83 2.8 InvitatHomes INVH 32.85 1.5 Maximus MMS 94.19 -0.2 Surmodics SRDX 58.60 -1.1 XAIOctagonPfd XFLTpA 25.69 0.2 AcmeUnited ACU 43.04 -1.0 PAVmed PAVM 6.52 19.7 BankofAmPfdE BACpE 25.52 0.4 CompassPfdC CODIpC 25.85 0.6 Forestar FOR 24.77 0.1 iStar STAR 18.52 1.4 McDonalds MCD 232.27 1.3 SustDevtI A SDAC 9.84 1.9 YumBrands YUM 114.70 3.1 AirLeasePfdA ALpA 26.97 1.9 PAVmedWtZ PAVMZ 4.83 28.5 BankofAmPfdL BMLpL 25.46 0.6 ComputerTask CTG 10.47 -1.0 Fortinet FTNT 195.51 1.8 JacobsEngg J 133.76 -0.5 Medtronic MDT 121.81 0.7 SustDevtI Wt SDACW 1.00 18.4 Z-WorkAcqnWt ZWRKW 0.97 5.7 AlaskaAir ALK 73.90 3.7 PeapackGladFinl PGC 32.20 1.3 BeazerHomes BZH 22.17 -0.5 Conn's CONN 23.72 5.1 FortressTechPfdB FTAIpB 25.46 0.3 JetBlue JBLU 21.96 0.4 Metlife pfA METpA 25.99 -0.8 Synnex SNX 121.50 0.4 Zhihu ZH 9.48 4.2 AlignmentHlthcr ALHC 24.80 0.3 PebblebrookPfdD PEBpD 25.05 0.3 BenchmarkElec BHE 32.56 -1.7 Core-Mark CORE 41.55 -0.1 FortressValueIV FVIV.U 10.06 0.2 JohnsonOutdoors JOUT 151.66 0.5 MetropolitanBk MCB 53.08 -0.7 TLGAcqnOneA TLGA 9.77 -0.2 AlkuriGlobalA KURI 9.78 0.2 PebblebrookPfdF PEBpF 24.70 ... 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PlymouthIndREIT PLYM 17.48 -0.5 Braskem BAK 15.39 2.7 CrackerBarrel CBRL 175.37 -0.2 FullerHB FUL 64.99 -0.4 Kennametal KMT 43.04 -0.1 MontroseEnvl MEG 59.62 0.2 TerraIncmVI Nts TFSA 25.90 -0.5 AlkuriGlobalWt KURIW 0.90 ... AltaEquipment ALTG 13.89 1.2 PortmanRidge PTMN 2.26 1.4 BriaCellTherapWt BCTXW 1.38 0.8 CrestwoodEquity CEQP 28.58 0.1 Gallagher AJG 130.12 1.3 KernelA KRNL 9.98 -0.9 Moody's MCO 311.90 -0.4 TexasRoadhouse TXRH 100.77 1.9 AstreaAcqnWt ASAXW 0.45 ... AmerEagle AEO 31.00 0.9 PostHoldings POST 109.39 1.3 BrighthousePfdB BHFAO 28.69 0.2 CrossAmerPtrs CAPL 19.60 1.7 Garmin GRMN 137.10 0.4 Knight-Swift KNX 50.52 0.1 MudrickCapII A MUDS 11.75 16.2 ThimblePointWt THMAW 1.04 -10.0 CatchaInvtA CHAA 9.72 -0.8 AmerEqInvPfdA 26.68 0.7 PotlatchDelt PCH 56.90 1.9 AELpA BrightView BV 18.10 -0.8 CrownHoldings CCK 103.13 1.2 GasLogPtrsPfdB GLOPpB 22.72 1.7 Kulicke&Soffa KLIC 56.68 1.1 MudrickCapII Wt MUDSW 2.75 231.8 ThomsonReuters TRI 90.98 ... PremierFinBncp PFBI 19.25 1.2 ChurchillVI A CCVI 9.81 1.0 Ametek AME 131.79 -0.7 Brooks Auto BRKS 101.63 1.2 CrownPropA CPTK 9.84 2.7 GeneralDynamics GD 185.70 -0.3 LG Display LPL 11.37 3.2 MudrickCapII MUDSU 12.97 23.3 ThunderBridgeIII A TBCP 10.00 0.3 PriorityIncmPfdG PRIFpG 25.05 0.4 DecarbonizII Wt DCRNW 1.06 -2.6 AmkorTech AMKR 27.50 -2.9 BurgundyTechWt BTAQW 1.29 9.5 CurtissWright CW 125.31 1.8 GeneralMotors GM 63.44 1.5 LGI Homes LGIH 156.00 1.1 MuellerWater MWA 14.58 -0.8 TimkenSteel TMST 12.85 1.9 ProvidentBncp PVBC 15.15 1.1 Galecto GLTO 5.77 -0.7 AmplitechWt AMPGW 6.49 -23.8 BusFirstBcshs BFST 24.95 -2.5 CustomTruckWt CTOS.WS 2.27 7.5 Gildan GIL 32.41 0.8 L3HarrisTech LHX 210.14 0.7 MyriadGenetics MYGN 33.97 -2.6 Toll Bros TOL 60.10 1.2 PulteGroup PHM 54.11 0.3 GigCapital4 GIG 9.56 -1.2 AmtechSystems ASYS 14.16 2.4 CCNeubergerIII A PRPC 9.95 1.4 DeckersOutdoor DECK 347.30 2.4 GladstoneInvt GAIN 12.99 2.6 LamResearch LRCX 666.64 -1.3 NCR NCR 39.45 0.4 Toro TTC 107.24 0.7 QAD A QADA 78.69 5.3 GigCapital4Wt GIGGW 0.84 -11.2 AngioDynamics ANGO 24.50 2.1 GlbNetLeasePfdA GNLpA 27.21 -0.7 LandstarSystem LSTR 171.09 -0.7 NVR NVR 4849.49 0.2 Tradeweb TW 79.69 3.0 CF Acqn V Wt CFFVW 0.92 14.3 Deluxe DLX 43.92 0.1 QuantaServices PWR 94.10 0.2 GracellBiotech GRCL 12.30 ... AnnalyCapPfdG NLYpG 25.18 0.8 GlbNetLeasePfdB GNLpB 25.96 0.1 LegacyHousing LEGH 19.51 -1.0 Nasdaq NDAQ 152.98 0.4 Transalta 9.85 1.3 CF Acqn V A CFV 9.95 0.9 DentsplySirona XRAY 65.09 -0.3 ResoluteForest RFP 11.71 0.1 TAC HH&L Acqn HHLA 9.60 -1.5 ApartmtInv AIV 6.50 -0.3 GlobalPtrsPfdB GLPpB 25.88 0.9 Lennar A LEN 106.24 0.2 Natuzzi NTZ 15.89 20.0 CGI GIB 85.13 0.2 DesignerBrands DBI 18.45 3.4 RetailValue RVI 19.68 1.7 Trimble TRMB 84.87 -1.0 Imara IMRA 7.90 0.1 ApolloStratII A APGB 9.95 -0.5 CMC Materials CCMP 198.06 0.8 Diageo DEO 170.74 0.5 GoodTimesRest GTIM 6.32 -4.2 Lennar B LEN.B 85.66 -0.2 Neogen NEOG 91.20 -0.7 RiverNorthPfdA RMPLp 25.58 0.7 TriumphBancorp TBK 96.74 0.3 ItiquiraAcqnWt ITQRW 0.54 -44.3 Apria APR 32.75 5.3 CNH Indl CNHI 16.14 -1.2 Dick's DKS 84.05 1.8 GoresTechPtrsII GTPBU 10.35 -0.1 LennoxIntl LII 328.96 1.0 NewResidentPfdA NRZpA 25.65 -0.7 RothCH III ROCR 9.94 2.9 TrueBlue TBI 23.29 -0.6 JoffFintechWt JOFFW 0.73 14.7 Aptargroup ATR 145.99 0.9 CSW Industrials CSWI 141.25 0.9 DimeCommBcshs DCOM 33.98 4.8 GraphicPkg GPK 18.81 1.0 LifeStorage LSI 89.49 1.2 NewResidentialPfdC NRZpC 23.21 0.2 RotorAcqnA ROT 10.10 1.6 TsakosEnergyPfdE TNPpE 25.17 3.2 LeoHldgsII Wt LHC.WS 0.71 ... ArchCapital ACGL 40.01 0.8 CVR Partners UAN 49.90 7.6 dMYTechII Wt DMYD.WS 9.60 5.4 GreatAjaxNts24 AJXA 25.66 ... Lindsay LNN 179.10 1.1 NexGenEnergy NXE 4.38 1.2 RotorAcqnWt ROT.WS 1.16 60.9 TwinDisc TWIN 10.44 -1.3 LuciraHealth LHDX 9.43 -11.5 Ardelyx ARDX 8.35 ... CapitalSouthwest CSWC 23.32 1.0 DollarTree DLTR 120.37 -1.4 GreenBrickPtrs GRBK 27.40 8.2 Loews L 53.36 0.6 NextGenAcqnII NGCAU 10.03 -0.1 SITECtrsPfdA SITCpA 26.20 -0.3 UFP Inds UFPI 80.25 1.0 MDH Acqn Wt MDH.WS 0.58 -1.7 ArlingtonAsstNt23 AIW 25.60 0.6 CapitalaFinNts22 CPTAG 24.80 0.1 Dover DOV 141.12 -0.5 GreenBoxPOS GBOX 19.90 28.6 LomaNegra LOMA 6.56 0.2 NocturneAcqn MBTCU 10.43 -0.6 SK Telecom SKM 28.01 0.3 UnitedRentals URI 341.00 -1.8 Metacrine MTCR 5.35 0.5 AstecIndustries ASTE 79.62 -0.8 CaraTherap CARA 28.25 14.0 Ducommun DCO 65.37 -1.0 GrowthCapA GCAC 9.72 0.3 LongboardPharm LBPH 18.95 3.8 NorfolkSouthern NSC 276.15 -1.2 SLM SLM 18.97 -0.6 Univar UNVR 22.65 0.3 MotionAcqnWt MOTNW 0.95 -1.0 AthenePfdC ATHpC 28.77 0.4 Carlisle CSL 169.88 -0.1 EPAM Systems EPAM 413.05 0.4 GuarantyBcshrs GNTY 39.12 -1.2 LouisianaPacific LPX 61.56 1.1 NoEuroOil NRT 4.96 10.0 SafeBulkersPfdC SBpC 24.73 1.6 Urstadt Pfd H UBPpH 25.60 1.1 PivotalInvtIII Wt PICC.WS 0.85 -16.0 AthenePfdD ATHpD 25.44 0.4 CatchaInvtWt CHAA.WS 0.99 4.8 EPR PropPfdG EPRpG 25.85 ... HalladorEnergy HNRG 2.39 3.2 Lowe's LOW 194.97 0.2 NovaMeasuring NVMI 99.79 -0.4 Sanmina SANM 43.36 -2.0 Urstadt Pfd K UBPpK 25.39 0.8 Puyi PUYI 4.46 0.2 AtlUnionPfdA AUBAP 28.49 2.1 CedarRealtyPfC CDRpC 24.07 -0.8 EagleMaterials EXP 139.89 -0.2 HavertyFurn A HVT.A 40.00 4.2 MDC Holdings MDC 61.81 1.1 NovusCapII A NXU 9.89 -0.3 SaratogaInvt SAR 26.68 0.8 UTime UTME 46.00 875.0 RMGAcqnIIIWt RMGCW 0.92 ... AtlasPfdD ATCOpD 26.20 -0.5 CentricusAcqnA CENH 10.00 3.6 EaglePointNts31 ECCW 25.37 0.2 HeartlandPfdB HTLFP 29.00 1.2 MDH Acqn A MDH 9.75 -0.1 NuSTAR PfdA NSpA 24.43 -0.4 SaulCentersPfdE BFSpE 26.57 -1.4 VarianMed VAR 176.99 0.1 SocialLvgI A SLAC 9.72 -0.2 AtlasPfdE ATCOpE 26.03 0.3 CenturyComm CCS 67.79 3.6 Eaton ETN 143.29 -0.9 HerculesCapital HTGC 16.80 1.1 MDU Rscs MDU 32.19 -0.8 NuSTAR PfdB NSpB 21.55 0.3 SciStratWt SSAAW 0.80 23.0 VirtuFinancial VIRT 32.35 -1.6 SportsVenturesWt AKICW 0.76 -7.3 AvantorPfdA AVTRpA 98.05 3.0 CharlesRiverLabs CRL 307.44 1.4 EllingtonFin EFC 17.30 0.9 HeritageCommerce HTBK 12.50 -0.6 MFAFin6.5%PfdC MFApC 23.94 1.4 NuSTAR PfdC NSpC 25.20 -0.2 Scienjoy SJ 18.50 34.2 Vishay VSH 26.50 0.7 SustDevtI Wt SDACW 0.64 18.4 Avantor AVTR 31.43 3.1 CharlesSchwabPfdJ SCHWpJ 25.35 0.5 EllingtonFinPfdA EFCpA 26.34 ... HighlandGlbAlloc HGLB 7.95 1.8 MGIC Investment MTG 14.12 -1.2 OFGBancorp OFG 23.74 -2.0 SeaSpine SPNE 21.75 13.2 VoltInfoSci VOLT 4.50 9.0 TuataraCapWt TCACW 0.90 -8.2 AveryDennison AVY 192.84 0.7 ChimeraInvPfdB CIMpB 25.00 0.7 Envista NVST 42.25 -2.0 HomeDepot HD 315.94 -0.5 MGMGrowthProp MGP 34.52 2.2 ONEOK OKE 52.11 0.5 SherwinWilliams SHW 259.58 1.2 VornadoPfdK VNOpK 26.14 0.9 VastaPlatform VSTA 9.18 -1.8 Avnet AVT 43.63 1.2 ChimeraInvPfdD CIMpD 24.97 1.0 Equitable EQH 33.70 -0.6 Honeywell HON 221.05 ... MGM Resorts MGM 42.74 -0.4 OReillyAuto ORLY 516.92 1.0 ShoeCarnival SCVL 63.47 -0.1 VornadoPfdM VNOpM 26.64 0.7 VineEnergy VEI 12.19 -2.0 BBQ Holdings BBQ 12.45 22.4 ChipMOSTechs IMOS 32.22 0.1 EsteeLauder EL 299.74 -0.1 DR Horton DHI 94.20 0.8 MI Homes MHO 63.45 0.6 OasisMidstream OMP 22.93 0.1 SnapOn SNA 236.08 -0.2 VoyaFinancial VOYA 66.06 1.0 XL Fleet XL 7.22 11.6

Biggest 1,000 Stocks | WSJ.com/stocks Net Net Net Net Net Net Net Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Continued From Page B8 Net Net Roblox RBLX 71.32 0.56 ServiceCorp SCI 52.39 0.38 StoneCo STNE 65.42 2.16 10xGenomics TXG 197.24 6.53 UGI UGI 41.59 0.12 ViacomCBS B VIAC 44.35 1.45 WestpacBanking WBK 18.84 -0.18 Net Stock Sym Close Chg Stock Sym Close Chg RocketCos. RKT 22.65 0.21 ServiceNow NOW 509.08 -4.94 Stryker SYK 248.39 -0.09 Tenaris TS 22.70 -0.31 US Foods USFD 38.68 0.51 ViacomCBS A VIACA 46.93 0.17 WestRock WRK 53.63 0.76 Stock Sym Close Chg Paysafe PSFE 14.30 0.15 s PulteGroup PHM 53.99 0.16 Rockwell ROK 262.92 -4.74 ShawComm B SJR 26.42 -0.17 SumitomoMits SMFG 7.20 -0.16 TencentMusic TME 20.16 1.13 UWM UWMC 7.94 0.19 Viatris VTRS 13.83 -0.22 Weyerhaeuser WY 37.14 0.40 OlinkHolding OLK 37.87 0.83 Pegasystems PEGA 120.04 2.13 Qiagen QGEN 49.97 0.32 RogersComm B RCI 47.34 0.45 s SherwinWilliams SHW 258.95 3.05 SunComms SUI 153.96 1.53 Teradyne TER 132.38 -0.30 Uber UBER 58.05 0.65 Vipshop VIPS 31.50 1.72 WheatonPrecMet WPM 41.37 1.15 OmegaHealthcare OHI 38.98 0.61 Peloton PTON 115.38 6.29 Qorvo QRVO 194.98 -3.34 Roku ROKU 359.37 31.08 ShinhanFin SHG 33.42 0.30 SunLifeFinancial SLF 51.10 -0.20 Tesla TSLA 691.62 0.57 Ubiquiti UI 289.06 -1.72 Visa V 218.65 -0.39 s Whirlpool WHR 234.37 0.86 Omnicom OMC 77.58 1.45 PembinaPipeline PBA 29.43 0.15 Qualcomm QCOM 138.06 -2.27 Rollins ROL 35.29 -0.10 Shopify SHOP 1156.14 10.19 SuncorEnergy SU 21.14 -0.01 TevaPharm TEVA 11.43 -0.13 UltaBeauty ULTA 315.47 -4.30 Vistra VST 17.88 0.20 Williams WMB 23.77 0.02 UnderArmour C UA 19.10 0.22 s ON Semi ON 43.57 -0.46 PennNational PENN104.09 -2.75 QualtricsIntl XM 32.62 1.07 RoperTech ROP 415.64 0.80 Sibanye-Stillwater SBSW 18.92 0.05 SunRun RUN 56.22 1.06 TexasInstruments TXN 194.59 -2.34 VMware VMW 150.72 -1.73 s Williams-Sonoma WSM 186.89 4.01 UnderArmour A UAA 23.26 0.29 OpenText OTEX 48.96 0.11 Pentair PNR 62.40 -0.32 s QuantaServices PWR 92.15 0.22 RossStores ROST 123.50 0.52 SignatureBank SBNY 223.61 -4.58 Suzano SUZ 12.49 0.28 TexasPacLand TPL 1595.49 7.50 Vodafone VOD 18.86 -0.01 s WillisTowers WLTW 236.78 1.13 Unilever UL 56.48 0.18 OpendoorTech OPEN 21.84 0.92 Penumbra PEN 274.04 -1.38 QuantumScape QS 49.38 0.01 RoyalBkCanada RY 92.65 -0.37 SimonProperty SPG 116.49 1.44 SynchronyFin SYF 42.19 -0.03 Textron TXT 56.88 -0.68 VornadoRealty VNO 45.92 0.13 Wipro WIT 6.53 -0.01 UnionPacific UNP 221.10 -2.37 Oracle ORCL 74.28 0.12 PepsiCo PEP 143.67 0.51 QuestDiag DGX 128.31 -1.20 RoyalCaribbean RCL 90.76 1.61 SiriusXM SIRI 6.34 0.04 Synopsys SNPS 257.36 -2.75 ThermoFisherSci TMO 468.74 3.35 VulcanMatls VMC 170.63 0.34 Wix.com WIX 299.40 1.40 UnitedAirlines UAL 59.48 0.19 Orange ORAN 12.42 -0.15 PerkinElmer PKI 132.97 1.98 RoyalDutchA RDS.A 39.86 0.05 Skyworks SWKS 188.88 -2.77 Sysco SYY 81.25 1.97 s ThomsonReuters TRI 90.34 0.01 Workday WDAY 254.90 -0.10 R S UnitedMicro UMC 8.91 -0.29 W X Y Z Orix IX 83.26 -2.07 PetroChina PTR 35.84 -0.16 RoyalDutchB RDS.B 37.51 0.20 SlackTech WORK 41.41 -0.07 3M MMM 194.84 -0.13 WynnResorts WYNN 136.37 5.30 T U V UPS B UPS 172.97 1.02 Oshkosh OSK 118.63 -2.22 PetroleoBrasil PBR 8.41 0.03 RELX RELX 25.84 -0.19 RoyaltyPharma RPRX 42.51 -0.19 SmithAO AOS 68.90 0.92 s Toro TTC 106.10 0.76 WEC Energy WEC 93.80 -0.01 XP XP 38.88 -0.13 s UnitedRentals URI 325.43 -6.10 OtisWorldwide OTIS 69.72 0.49 PetroleoBrasilA PBR.A 8.51 0.08 Ryanair RYAAY 114.12 -0.88 Smith&Nephew SNN 38.02 -0.01 TAL Education TAL 58.45 3.64 TorontoDomBk TD 66.36 -0.30 WEX WEX 218.93 3.76 XPO Logistics XPO 125.50 -1.13 RH RH 607.47 14.54 US Bancorp USB 56.23 -0.14 s OwensCorning OC 95.57 1.27 Pfizer PFE 36.05 -0.23 SAP SAP 128.45 -3.35 Smucker SJM 127.74 0.65 TC Energy TRP 46.95 -0.02 Total TOT 46.02 -0.01 W.P.Carey WPC 72.44 0.34 XcelEnergy XEL 68.16 0.05 RLX Tech RLX 10.07 -0.06 UnitedTherap UTHR 191.65 -1.10 OzonHoldings OZON 57.90 0.18 PhilipMorris PM 88.63 0.03 S&P Global SPGI 365.85 -1.32 Snap SNAP 56.88 2.77 TE Connectivity TEL 132.10 -0.67 ToyotaMotor TM 153.65 -1.73 Xilinx XLNX 130.40 -0.33 RPM RPM 94.34 0.31 UnitedHealth UNH 364.37 -5.81 WPP WPP 65.33 -1.04 PG&E PCG 11.44 -0.22 Phillips66 PSX 80.85 -1.21 SBA Comm SBAC 285.46 0.35 s SnapOn SNA 233.73 -0.55 TractorSupply TSCO 179.51 -0.84 XPeng XPEV 37.01 1.00 RalphLauren RL 123.70 0.39 Telus TU 20.33 0.07 UnitySoftware U 102.23 1.63 Wabtec WAB 79.39 -1.58 PNC Fin PNC 177.40 -1.36 Pinduoduo PDD 148.13 5.22 SEI Investments SEIC 62.35 0.09 Snowflake SNOW 236.01 3.69 TradeDesk TTD 669.63 16.45 Xylem XYL 106.51 0.09 RaymondJames RJF 127.33 -1.58 TJX TJX 67.64 -0.12 UnivDisplay OLED 242.10 -1.43 s WalgreensBoots WBA 55.70 -1.10 POSCO PKX 73.50 -1.41 PinnacleWest PNW 83.33 0.28 s SK Telecom SKM 27.85 0.08 SOQUIMICH SQM 53.84 0.02 s Tradeweb TW 79.27 2.30 Yandex YNDX 64.37 -0.37 RaytheonTech RTX 77.51 -0.40 T-MobileUS TMUS 131.43 0.03 UniversalHealthB UHS 137.02 0.65 Walmart WMT 140.10 0.67 Pinterest PINS SS&C Tech SSNC 72.59 0.43 SolarEdgeTech SEDG 277.25 8.28 TraneTech TT 167.64 0.19 s YumBrands YUM 114.08 3.44 PPD PPD 38.98 0.40 83.29 3.76 RealPage RP 87.61 0.03 TRowePrice TROW 176.56 0.06 Upstart UPST 144.30 3.78 WarnerMusic WMG 35.29 0.02 StoreCapital STOR 34.10 -0.21 Sony SONY 109.90 -1.49 TransDigm TDG 614.38 10.61 YumChina YUMC 59.87 0.66 PPG Ind PPG 153.57 0.01 PioneerNatRscs PXD 151.38 -0.80 RealtyIncome O 65.13 -0.12 TaiwanSemi TSM 122.44 -2.06 VEREIT VER 40.58 0.29 s WasteConnections WCN 110.92 0.64 SVB Fin SIVB 489.81 -0.21 Southern SO 63.11 0.45 TransUnion TRU 94.91 0.47 ZTO Express ZTO 29.60 0.43 PPL PPL 28.71 -0.10 PlainsAllAmPipe PAA 9.14 0.15 RegencyCtrs REG 57.28 ... TakeTwoSoftware TTWO 184.00 0.62 VF VFC 83.68 0.57 s WasteMgt WM 131.60 0.61 Salesforce.com CRM ZaiLab ZLAB 127.69 2.58 s PRA HealthSci PRAH 157.44 0.35 Playtika PLTK 26.88 0.09 RegenPharm REGN 478.68 -5.88 221.09 0.80 SoCopper SCCO 71.40 -0.30 TakedaPharm TAK 17.85 -0.35 Travelers TRV 151.75 -0.28 VICI Prop VICI 29.08 0.10 s Waters WAT 302.23 6.58 PTC PTC 144.31 -1.67 PlugPower PLUG 34.67 1.23 RegionsFin RF 21.08 0.09 Sanofi SNY 49.79 -0.39 s SouthwestAir LUV 64.10 1.13 Tapestry TPR 42.86 0.17 Trex TREX 96.351.49 VailResorts MTN 304.51 6.21 s Watsco WSO 271.28 0.39 ZebraTech ZBRA 491.16 -1.64 Paccar PCAR 92.85 -1.11 Polaris PII 136.65 -0.97 ReinsGrp RGA 128.35 1.56 SantanderCons SC 27.71 -0.05 Splunk SPLK 141.79 1.31 s Target TGT 205.43 0.08 s Trimble TRMB 82.92 -0.82 Vale VALE 18.31 0.03 Wayfair W 339.15 15.42 Zendesk ZEN 139.33 -0.09 PackagingCpAm PKG 139.46 2.00 Pool POOL 357.72 0.72 RelianceSteel RS 154.86 -2.09 Sasol SSL 15.00 0.07 Spotify SPOT 282.34 9.04 TataMotors TTM 20.84 -0.09 Trip.com TCOM 40.18 0.49 ValeroEnergy VLO 74.18 -0.44 Weibo WB 51.04 1.49 Zillow CZ 140.29 6.81 PagSeguroDig PAGS 48.30 0.66 PrincipalFin PFG 61.73 0.33 RenaissanceRe RNR166.50 0.50 Schlumberger SLB 27.44 -0.11 Square SQ 236.50 6.55 TeckRscsB TECK 20.18 -0.02 TruistFinl TFC 59.13 -0.02 s VarianMed VAR 176.98 0.13 WellsFargo WFC 39.85 0.37 Zillow A ZG 143.77 6.56 PalantirTech PLTR 23.27 -0.17 Procter&Gamble PG 136.50 0.05 Repligen RGEN 204.97 4.55 SchwabC SCHW 67.30 -0.85 s StanleyBlackDck SWK 203.97 1.55 TeladocHealth TDOC 181.86 0.61 Tuya TUYA 20.43 0.36 Vedanta VEDL 12.84 0.04 Welltower WELL 74.16 1.36 ZimmerBiomet ZBH 163.51 0.81 PaloAltoNtwks PANW 337.38 6.35 Progressive PGR 95.43 -1.19 RepublicSvcs RSG 101.58 0.53 ScottsMiracleGro SMG 249.98 -2.64 s Starbucks SBUX 113.15 2.13 TeledyneTech TDY 419.50 -1.44 Twilio TWLO 357.53 9.10 VeevaSystems VEEV 265.43 1.86 WestFraserTimber WFG 75.54 -0.57 ZionsBancorp ZION 55.43 0.10 s ParkerHannifin PH 317.17 -2.01 Prologis PLD 109.32 0.95 ResMed RMD 196.29 1.18 Sea SE 247.03 12.13 StateStreet STT 84.98 -0.42 Teleflex TFX 423.37 0.88 Twitter TWTR 67.00 2.76 Ventas VTR 54.56 0.87 WestPharmSvcs WST 291.28 1.72 Zoetis ZTS 155.90 -2.51 Paychex PAYX 95.42 -4.94 PrudentialFin PRU 93.04 0.29 RestaurantBrands QSR 65.86 0.38 Seagate STX 78.72 -0.48 SteelDynamics STLD 51.25 -0.57 Ericsson ERIC 13.52 0.12 TylerTech TYL 435.26 -1.89 VeriSign VRSN 205.58 -0.60 WestAllianceBcp WAL 92.49 -0.60 ZoomVideo ZM 329.79 5.83 PaycomSoftware PAYC 377.98 0.22 Prudential PUK 42.89 -0.86 RingCentral RNG 306.10 8.30 Seagen SGEN 145.25 1.52 Stellantis STLA 18.18 -0.14 TelefonicaBras VIV 7.97 0.11 TysonFoods TSN 75.89 1.27 VeriskAnalytics VRSK 180.89 -0.66 s WesternDigital WDC 72.82 0.78 ZoomInfoTech ZI 48.00 0.44 Paylocity PCTY 187.48 -1.14 PublicServiceEnt PEG 60.92 0.26 RioTinto RIO 78.78 -1.09 SempraEnergy SRE 134.24 0.40 Steris STE 194.50 -1.38 Telefonica TEF 4.55 -0.05 UBS Group UBS 16.23 0.22 Verizon VZ 59.11 0.24 WesternUnion WU 25.12 0.06 Zscaler ZS 182.12 6.93 PayPal PYPL 253.19 2.17 PublicStorage PSA 255.31 0.04 RobertHalf RHI 79.35 1.16 SensataTechs ST 59.46 -0.57 STMicroelec STM 38.91 -0.97 TelekmIndonesia TLK 23.65 -0.01 UDR UDR 44.05 0.24 VertxPharm VRTX 215.30 -0.02 WestlakeChem WLK 90.91 0.41 Zynga ZNGA 10.54 -0.12

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B10 | We dnesday, April 7, 2021 * THE WALL STREET JOURNAL. MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 33430.24 t96.95, or 0.29% Trailing P/E ratio 33.91 17.54 4073.94 t3.97, or 0.10% Trailing P/E ratio * 45.45 19.49 13698.38 t 7.21, or 0.05% Trailing P/E ratio *† 38.14 23.15 High, low, open and close for each P/E estimate * 21.35 15.40 High, low, open and close for each P/E estimate * 23.12 16.10 High, low, open and close for each P/E estimate *† 29.05 21.15 trading day of the past three months. Dividend yield 1.78 2.92 trading day of the past three months. Dividend yield * 1.45 2.42 trading day of the past three months. Dividend yield *† 0.76 1.15 All-time high 33527.19, 04/05/21 All-time high 4077.91, 04/05/21 All-time high: 14095.47, 02/12/21

Current divisor 0.15198707565833 34400 4050 14400

Session high DOWN UP Session open Close 13800 t 33200 3925 Close Open t

Session low 32000 3800 13200

30800 3675 12600 65-day moving average 65-day moving average 65-day moving average 29600 3550 12000

28400 3425 11400

Bars measure the point change from session's open 27200 3300 10800 Dec. Jan. Feb. Mar. Apr. Dec. Jan. Feb. Mar. Apr. Dec. Jan. Feb. Mar. Apr. *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* 865,318,991 23,595,613 Industrial Average 33544.79 33380.43 33430.24 -96.95 -0.29 33527.19 22653.86 47.6 9.2 11.8 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 525,386,819 16,166,951 Transportation Avg 14966.14 14827.90 14842.94 -48.26 -0.32 14891.20 7761.00 88.7 18.7 13.5 Most-active issues in late trading Decl. volume* 328,259,466 7,145,494 Utility Average 893.81 882.93 893.59 3.71 0.42 917.38 744.49 19.0 3.3 8.9 Volume After Hours Issues traded 3,432 282 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 42802.44 42593.32 42660.32 0.19 0.0004 42660.32 26633.07 60.2 8.8 16.5 Advances 2,002 147 Romeo Power RMO 6,306.9 12.52 -0.28 -2.19 13.13 12.19 Barron's 400 992.55 985.96 987.22 -0.80 -0.08 988.02 544.13 81.4 15.8 12.1 Declines 1,312 121 ViacomCBS Cl B VIAC 5,894.1 44.37 0.02 0.05 44.49 44.11 Unchanged 118 14 Discovery Series A DISCA Nasdaq Stock Market 5,506.1 43.50 0.12 0.28 43.65 43.17 New highs 285 5 Nasdaq Composite 13776.71 13674.28 13698.38 -7.21 -0.05 14095.47 7887.26 73.7 6.3 25.6 SPDR S&P 500 SPY 5,278.4 406.30 0.18 0.04 406.34 405.89 New lows 70 Nasdaq-100 13660.29 13551.60 13578.46 -19.70 -0.14 13807.70 8049.31 68.7 5.4 28.3 GlaxoSmithKline ADR GSK 5,109.7 36.12 0.10 0.26 36.20 36.00 Closing Arms† 0.88 0.39 VanEck Vectors Jr Gold GDXJ 3,810.3 47.91 … unch. 48.20 47.84 S&P Block trades* 4,553 163 SOS ADR SOS 3,592.5 4.97 0.47 10.44 5.00 4.50 500 Index 4086.23 4068.14 4073.94 -3.97 -0.10 4077.91 2659.41 53.2 8.5 16.1 Nasdaq NYSE Arca VanEck Vectors Gold Miner GDX 3,214.4 34.37 0.09 0.26 34.40 34.24 MidCap 400 2685.43 2663.11 2666.66 1.68 0.06 2682.61 1463.92 82.2 15.6 12.9 Total volume*4,047,455,200 205,900,933 SmallCap 600 1357.43 1342.68 1343.93 -2.08 -0.15 1397.66 677.65 98.3 20.1 12.9 Percentage gainers… Adv. volume*2,152,656,907 118,732,745 Decl. volume*1,834,586,685 86,104,187 Other Indexes Akebia Therapeutics AKBA 557.2 3.58 0.36 11.18 3.65 3.22 Issues traded 4,311 1,491 Russell 2000 2280.37 2257.55 2259.15 -5.73 -0.25 2360.17 1139.17 98.3 14.4 14.3 SOS ADR SOS 3,592.5 4.97 0.47 10.44 5.00 4.50 Advances 2,035 777 NYSE Composite 15920.28 15842.25 15877.96 7.62 0.05 15877.96 10537.04 50.7 9.3 8.7 Envista Holdings NVST 176.7 44.43 3.52 8.60 45.49 37.26 Declines 2,115 689 Lexicon Pharmaceuticals LXRX 301.9 6.00 0.35 6.19 6.00 5.62 Value Line 657.24 652.72 653.85 0.93 0.14 662.15 359.41 81.9 15.0 6.4 Unchanged 161 25 DraftKings Cl A DKNG 348.3 66.27 2.47 3.87 66.27 63.68 NYSE Arca Biotech 5647.54 5579.22 5587.63 -13.69 -0.24 6319.77 4591.73 21.7 -2.6 9.5 New highs 196 221 NYSE Arca Pharma 695.17 687.45 688.67 -4.95 -0.71 725.03 590.92 16.5 -0.1 9.7 ...And losers New lows 21 15 KBW Bank 122.25 120.68 121.66 -0.24 -0.20 123.35 62.74 81.5 24.3 5.0 FibroGen FGEN 1,249.4 24.31 -10.33 -29.82 34.64 23.97 Closing Arms† 0.82 0.86 § PHLX Gold/Silver 144.50 141.80 143.03 2.40 1.71 161.14 88.96 60.8 -0.8 20.6 Homology Medicines FIXX 67.6 8.35 -0.95 -10.22 9.30 8.22 Block trades* 20,795 873 § PHLX Oil Service 55.30 53.46 53.50 -0.22 -0.42 63.89 24.29 107.0 20.7 -26.8 Maxeon Solar Technologies MAXN 51.9 26.55 -2.00 -7.01 29.23 25.25 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 3304.48 3236.86 3266.10 -39.33 -1.19 3305.43 1585.38 106.0 16.8 37.2 Li Auto ADR LI 506.7 24.25 -1.28 -5.01 25.57 24.02 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 18.30 17.37 18.12 0.21 1.17 46.70 17.33 -61.2 -20.4 -5.5 GNW Genworth Financial A 695.4 3.35 -0.16 -4.56 3.52 3.06 Arms of less than 1 indicates buying demand; above 1 §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. International Stock Indexes Percentage Gainers... Percentage Losers Latest YTD Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg 0.18 World MSCI ACWI 688.76 1.22 6.6 UTime UTME 39.00 35.00 875.00 46.00 4.00 ... Moxian MOXC 5.11 -1.69 -24.85 7.38 0.52 864.3 0.42 MSCI ACWI ex-USA 342.41 1.44 4.9 Romeo Power RMO 12.80 4.78 59.60 38.90 7.71 29.3 Scholar Rock Holding SRRK 35.97 -9.16 -20.30 70.00 10.28 140.9 MSCI World 2876.23 3.26 0.11 6.9 Galectin Therapeutics GALT 2.80 0.73 35.27 3.85 1.65 62.8 Amplitech Group AMPG 10.25 -2.18 -17.54 19.80 0.54 1194.2 MSCI Emerging Markets 1346.91 8.12 0.61 4.3 Scienjoy Holding SJ 12.49 3.18 34.16 18.50 5.24 21.1 Praxis Precision Meds PRAX 28.12 -4.93 -14.92 60.95 23.90 ... Americas MSCI AC Americas 1581.96 0.184 0.01 7.8 Brooklyn ImmunoThera BTX 6.07 1.40 29.98 15.52 1.88 152.9 Cullinan Oncology CGEM 35.14 -5.88 -14.33 59.85 27.01 ... Canada S&P/TSX Comp 19104.14 77.35 0.41 9.6 GreenBox POS GBOX 19.90 4.42 28.55 19.90 0.18 9376.2 ImmunityBio IBRX 18.80 -2.89 -13.31 45.42 2.79 559.5 Latin Amer. MSCI EM Latin America 2341.72 9.467 0.41 –4.5 Second Sight Medical Prod EYES 9.43 2.03 27.43 20.00 0.69 1056.3 Harmony Biosciences Hldgs HRMY 28.98 -4.42 -13.23 52.74 26.51 ... Brazil Sao Paulo Bovespa 117498.87 –19.57 –0.02 –1.3 Target Hospitality TH 3.23 0.63 24.23 4.29 0.82 92.3 Applied Molecular Transpt AMTI 55.92 -8.39 -13.05 78.22 17.05 ... Chile Santiago IPSA 3310.41 –7.16 –0.22 15.8 FreightCar America RAIL 7.79 1.45 22.87 7.84 0.90 728.7 Ebang International EBON 5.53 -0.82 -12.91 14.95 3.80 ... Mexico S&P/BMV IPC 47985.43 –260.42 –0.54 8.9 BBQ Holdings BBQ 11.10 2.03 22.38 12.45 1.80 493.4 Chembio Diagnostics CEMI 4.92 -0.72 -12.77 15.89 3.01 -29.9 EMEA Stoxx Europe 600 435.26 3.04 0.70 9.1 Natuzzi ADR NTZ 15.00 2.50 20.02 15.89 0.37 2787.4 AgEagle Aerial Systems UAVS 7.29 -1.06 -12.69 17.68 0.30 1844.5 Eurozone Euro Stoxx 437.59 2.21 0.51 10.1 CompX IntlA CIX 20.88 3.47 19.93 22.76 12.41 34.8 Liberty TripAdvisor B LTRPB 50.38 -7.30 -12.66 134.00 3.68 1066.2 Belgium Bel-20 3942.78 4.15 0.11 8.9 Achilles Therapeutics ADR ACHL 17.86 2.94 19.71 18.95 14.73 ... Performant Financial PFMT 2.45 -0.35 -12.50 3.21 0.54 255.1 PAVmed PAVM Precision Biosciences DTIL Denmark OMX Copenhagen 20 1475.37 3.61 0.25 0.7 6.24 1.03 19.67 6.52 1.63 244.5 9.23 -1.26 -12.01 16.60 4.46 65.1 HighPeak Energy HPK 7.89 1.24 18.65 21.82 4.20 ... Avalon Holdings AWX 3.97 -0.54 -11.97 5.50 1.22 207.8 France CAC 40 6131.34 28.38 0.47 10.4 Germany DAX 15212.68 105.51 0.70 10.9 Most Active Stocks Volume Movers Ranked by change from 65-day average* Israel Tel Aviv 1630.45 –0.92 –0.06 8.8 Italy FTSE MIB 24761.12 51.12 0.21 11.4 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 713.28 4.85 0.68 14.2 Russia RTS Index 1426.86 –30.27 –2.08 2.8 Romeo Power RMO 202,062 2880.7 12.80 59.60 38.90 7.71 Scienjoy Holding SJ 49,263 815157 12.49 34.16 18.50 5.24 South Africa FTSE/JSE All-Share 68063.89 827.58 1.23 14.6 Sundial Growers SNDL 158,784 -70.0 1.02 -4.67 3.96 0.14 Mudrick Cap II Cl A MUDS 38,485 32200 11.50 16.16 11.75 9.70 Phunware PHUN Invsc 1-30 Lad Treasury PLW Spain IBEX 35 8634.60 57.00 0.66 6.9 150,694 915.1 1.92 11.63 3.34 0.56 9,398 24111 35.43 0.45 40.50 34.81 Castor Maritime CTRM 128,520 -32.9 0.57 -2.47 1.95 0.11 Principal Quality ETF PSET 547 10163 49.94 -0.12 50.65 34.37 Sweden OMX Stockholm 890.47 11.46 1.30 15.9 Zomedica ZOM 123,065 -28.1 1.40 5.26 2.91 0.06 Invsc RAFI Strat Dev xUS ISDX 835 4732 30.00 -0.97 30.30 18.96 Switzerland Swiss Market 11182.95 64.92 0.58 4.5 Turkey BIST 100 1420.59 –21.47 –1.49 –3.8 ViacomCBS Cl B VIAC 122,721 293.1 44.35 3.38 101.97 14.39 Invsc S&P EM Low Vol EELV 1,966 4541 23.69 0.13 23.77 17.80 U.K. FTSE 100 6823.55 86.25 1.28 5.6 Apple AAPL 79,350 -27.2 126.21 0.25 145.09 64.75 WBI BullBear Quality 3000 WBIL 364 4323 29.47 -0.14 29.61 24.85 U.K. FTSE 250 21994.48 261.81 1.20 7.4 NIO ADR NIO 67,672 -38.6 40.00 1.76 66.99 2.63 First Tr Nasdaq Retail FTXD 250 3328 31.86 -0.28 32.42 18.39 Ford Motor F 67,211 -17.4 12.92 1.73 13.62 4.52 BBQ Holdings BBQ 731 3030 11.10 22.38 12.45 1.80 Asia-Pacific MSCI AC Asia Pacific 207.30 0.19 0.09 3.7 SPDR S&P 500 SPY 61,552 -26.3 406.12 -0.06 407.24 264.89 Romeo Power RMO 202,062 2881 12.80 59.60 38.90 7.71 Australia S&P/ASX 200 6885.90 57.21 0.84 4.5 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least China Shanghai Composite 3482.97 –1.43 –0.04 0.3 5,000 shares =Has traded fewer than 65 days Hong Kong Hang Seng 28938.74 … Closed 6.3 Track the Markets 0.09 India S&P BSE Sensex 49201.39 42.06 3.0 Compare the performance of selected CURRENCIES & COMMODITIES Japan Nikkei Stock Avg 29696.63 –392.62 –1.30 8.2 global stock indexes, bond ETFs, Singapore Straits Times 3207.63 –2.11 –0.07 12.8 currencies and commodities at Currencies South Korea Kospi 3127.08 6.25 0.20 8.8 wsj.com/graphics/track-the-markets Taiwan TAIEX 16739.87 168.59 1.02 13.6 U.S.-dollar foreign-exchange rates in late New York trading Thailand SET 1579.66 … Closed 9.0 Get real-time U.S. stock quotesand track most-activestocks, new US$ vs, US$ vs, Sources: FactSet; Dow Jones Market Data highs/lows and mutual funds. Available free at WSJMarkets.com Tues YTD chg Tues YTD chg Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004331 23091 0.05 CREDIT MARKETS Argentina peso .0108 92.2688 9.7 Europe Brazil real .1788 5.5929 7.7 Czech Rep. koruna .04563 21.916 2.1 Canada dollar .7953 1.2574 –1.3 Denmark krone .1597 6.2629 2.8 Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Chile peso .001393 718.00 1.1 Euro area euro 1.1874 .8422 2.9 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000275 3636.50 6.3 Hungary forint .003290 303.92 2.3 notes and bonds major U.S. trading partners Ecuador US dollar 11unch Iceland krona .007924 126.20 –1.2 A consumer rate against its 5-year CDs Mexico peso .0496 20.1725 1.5 Norway krone .1178 8.4869 –1.1 benchmark over the past year 2.50% Uruguay peso .02262 44.2050 4.4 Poland zloty .2585 3.8688 3.6 Bankrate.com avg†: 0.47% 16% Asia-Pacific Russia ruble .01293 77.354 4.5 Lone Star Bank 0.71% Tradeweb ICE 2.00 Euro s Sweden krona .1161 8.6157 4.7

t Australian dollar .7664 1.3048 0.4 Switzerland franc 1.0738 .9313 5.2 1.00% Houston, TX 713-358-9400 Tuesday Close 8 China yuan .1529 6.5395 0.1 1.50 Turkey lira .1228 8.1429 9.5 Hong Kong dollar .1286 7.7766 0.3 Five-year CD yields Colorado Federal Savings Bank 0.75% Ukraine hryvnia .0359 27.8500 –1.8 0.75 0 s India rupee .01360 73.503 0.6 t Greenwood Village, CO 877-484-2372 1.00 UK pound 1.3825 .7233 –1.2 Yen Indonesia rupiah .0000689 14505 3.2 TAB Bank 0.75% Middle East/Africa 0.50 One year ago 0.50 –8 s Japan yen .009113 109.74 6.2 Ogden, UT (800) 355-3063 t WSJ Dollar Index Kazakhstan tenge .002324 430.26 2.1 Bahrain dinar 2.6546 .3767 –0.1 Federal-funds 0.25 CFG Community Bank 0.82% 0.00 –16 Macau pataca .1248 8.0135 0.3 Egypt pound .0637 15.7101 –0.2 target rate Malaysia ringgit .2420 4.1315 2.7 Israel shekel .3034 3.2955 2.6 Baltimore, MD 888-205-8388 1 3 6 1 2 3 5 7 10 20 30 t 2020 2021 New Zealand dollar .7057 1.4170 1.8 Kuwait dinar 3.3120 .3019 –0.7 0.00 month(s) years A M J J A S O N D J F M First Internet Bank of Indiana 0.96% Pakistan rupee .00653 153.035 –4.6 Oman sul rial 2.5972 .3850 0.01 maturity 2020 2021 Indianapolis, IN 888-873-3424 Philippines peso .0206 48.539 1.1 Qatar rial .2746 3.641 ... Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7468 1.3390 1.3 Saudi Arabia riyal .2666 3.7506 –0.03 Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0008934 1119.29 3.1 South Africa rand .0688 14.5323 –1.1 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields Sri Lanka rupee .0049998 200.01 8.0 Close Net Chg % Chg YTD % Chg Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 0.25 -1.50 Taiwan dollar .03515 28.449 1.3 Yield (%) 52-Week Total Return (%) Thailand baht .03195 31.300 4.2 WSJ Dollar Index 86.95 –0.22–0.25 2.30 Prime rate* 3.25 3.25 3.25 l 3.25 -1.50 Bond total return index Close Last Week ago High Low 52-wk 3-yr Libor, 3-month 0.20 0.20 0.18 l 1.32 -2.14 Sources: Tullett Prebon, Dow Jones Market Data U.S. Treasury, Barclays 2362.270 0.970 0.980 1.030 0.400 –4.215 4.307 Money market, annual yield 0.10 0.10 0.08 l 0.32 -0.25 Five-year CD, annual yield 0.47 0.47 0.44 l 0.89 -1.20 U.S. Treasury Long, Barclays 4140.550 2.250 2.320 2.400 1.090 –15.790 6.691 Commodities 30-year mortgage, fixed† 3.30 3.26 2.83 l 3.78 -1.13 Aggregate, Barclays 2222.260 1.570 1.600 1.630 1.020 1.076 4.838 Tuesday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.55 2.53 2.32 l 3.31 -1.32 Fixed-Rate MBS, Barclays 2210.550 1.770 1.830 1.850 0.980 –0.190 3.821 DJ Commodity Jumbo mortgages, $548,250-plus† 3.32 3.27 2.85 l 3.89 -1.38 802.83 7.27 0.91 836.48 433.70 65.76 9.74 High Yield 100, ICE BofA 3355.087 3.662 3.801 8.585 3.261 21.753 5.762 Refinitiv/CC CRB Index 1.76 195.13 106.29 10.75 Five-year adj mortgage (ARM)† 3.13 3.13 2.85 l 3.49 -1.18 185.84 0.96 45.24 Muni Master, ICE BofA 593.391 0.969 0.970 1.940 0.725 5.581 4.783 Crude oil, $ per barrel 0.68 66.09 -37.63 22.28 New-car loan, 48-month 4.04 4.05 4.02 l 4.44 0.31 59.33 1.16 151.08 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 895.584 4.930 5.046 6.657 4.295 15.471 3.993 Natural gas, $/MMBtu 2.456 -0.055 -2.19 3.354 1.482 32.61 -3.27 banks.† Excludes closing costs. Gold, $ per troy oz. 1741.50 14.50 0.84 2051.50 1664.80 4.61 -8.01 Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services P2JW097000-1-B01100-1------XA

THE WALL STREET JOURNAL. * We dnesday, April 7, 2021 | B11

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 July 2,386 2,430 2,381 2,425 61 67,517 Canadian Dollar (CME)-CAD 100,000; $ per CAD Coffee (ICE-US)-37,500 lbs.; cents per lb. April .7973 .7990 .7948 .7951 –.0034 167 Contract Open Agriculture Futures May 122.50 127.30 121.35 126.85 4.75 91,357 June .7985 .7990 .7948 .7951 –.0034 162,543 Open High hi lo Low Settle Chg interest Corn (CBT)-5,000 bu.; cents per bu. Sept 126.00 131.00 125.15 130.55 4.60 56,479 British Pound (CME)-£62,500; $ per £ Copper-High (CMX)-25,000 lbs.; $ per lb. May 553.75 561.50 552.25 554.25 1.00 602,184 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. April 1.3904 1.3918 1.3804 1.3823 –.0082 541 April 4.1500 4.1510 4.0845 4.1265 –0.0225 2,592 July 539.25 546.75 539.00 541.00 1.75 437,398 May 14.80 15.21 14.79 15.16 .32 318,837 June 1.3909 1.3922 1.3804 1.3825 –.0082 142,067 May 4.1400 4.1520 4.0715 4.1165 –0.0210 131,134 Oats (CBT)-5,000 bu.; cents per bu. July 14.75 15.07 14.75 15.03 .29 262,889 Swiss Franc (CME)-CHF 125,000; $ per CHF Gold (CMX)-100 troy oz.; $ per troy oz. May 375.50 377.50 372.25 374.00 1.00 2,564 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. June 1.0701 1.0761 1.0661 1.0758 .0057 43,825 April 1726.90 1744.80 1726.90 1741.50 14.50 4,438 July 372.00 373.75 369.25 370.50 .75 1,107 May 31.15 31.20 s 31.15 31.20 .25 1,938 Sept 1.0762 1.0787 1.0690 1.0785 .0057 153 May 1727.30 1745.00 1727.30 1742.00 14.30 1,588 Soybeans (CBT)-5,000 bu.; cents per bu. July 30.90 30.95 30.90 30.90 .05 3,133 Australian Dollar (CME)-AUD 100,000; $ per AUD June 1729.20 1746.70 1728.20 1743.00 14.20 377,832 May 1412.75 1431.00 1412.50 1418.75 6.00 284,632 Cotton (ICE-US)-50,000 lbs.; cents per lb. May 77.70 80.88 77.70 79.22 1.34 82,255 April .7659 .7667 .7607 .7664 .0010 165 Aug 1731.80 1748.30 1730.60 1745.00 14.30 37,243 Nov 1269.50 1280.50 1268.25 1271.25 2.25 219,840 Dec 77.91 80.74 77.91 79.41 1.54 71,329 June .7653 .7670 .7608 .7666 .0010 136,832 Oct 1737.60 1750.00 1732.80 1746.70 14.30 12,537 Soybean Meal (CBT)-100 tons; $ per ton. Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Mexican Peso (CME)-MXN 500,000; $ per MXN Dec 1733.80 1752.00 1733.80 1748.60 14.30 17,421 May 405.90 411.80 405.30 406.40 .10 137,755 May 108.70 109.60 108.00 109.20 .45 8,571 April .04944 .00039 390 Palladium (NYM) - 50 troy oz.; $ per troy oz. July 407.50 413.40 407.30 408.50 .40 115,959 July 112.00 112.95 111.50 112.70 .55 3,064 June .04887 .04929 .04871 .04914 .00039 132,379 April …… …2687.80 35.50 Soybean Oil (CBT)-60,000 lbs.; cents per lb. May 52.93 54.63 52.83 53.92 1.11 136,497 Euro (CME)-€125,000; $ per € June 2660.50 2699.00 2646.00 2690.20 35.50 9,982 Interest Rate Futures April 1.1820 1.1878 1.1799 1.1874 .0058 1,592 Platinum (NYM)-50 troy oz.; $ per troy oz. July 51.44 52.64 51.20 52.00 .83 128,681 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% June 1.1831 1.1893 1.1812 1.1888 .0058 629,408 April 1211.00 1240.10 1211.00 1237.80 30.80 1,188 May 13.16 13.16 13.11 13.13 –.03 7,848 June 184-050 185-120 183-210 185-070 1-18.0 1,136,288 July 1215.80 1248.70 1202.80 1240.50 30.70 63,548 July 13.41 13.41 13.38 13.38 –.05 786 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Index Futures Silver (CMX)-5,000 troy oz.; $ per troy oz. Wheat (CBT)-5,000 bu.; cents per bu. June 155-290 156-200 155-190 156-170 30.0 1,169,621 April 25.050 25.215 25.050 25.212 0.449 413 Mini DJ Industrial Average (CBT)-$5 x index May 622.00 627.50 613.75 615.50 –2.50 158,408 Sept 155-010 30.0 15 May 24.905 25.355 24.795 25.227 0.447 117,074 June 33417 33454 33266 33315 –100 94,874 July 617.00 622.25 611.75 612.75 –.75 125,655 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Sept 33213 33327 33159 33198 –103 264 Wheat (KC)-5,000 bu.; cents per bu. June 131-090 131-235 131-035 131-220 18.5 3,907,448 May 58.80 60.90 58.62 59.33 0.68 355,893 Sept 130-270 19.0 608 S&P 500 Index (CME)-$250 x index May 565.25 567.00 553.50 555.50 –7.50 94,875 June 3947.30 4073.20 s 4053.30 4064.00 –3.70 25,288 June 58.87 60.89 58.66 59.37 0.69 338,590 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% July 572.75 573.50 560.50 562.00 –7.75 79,732 Mini S&P 500 (CME)-$50 x index July 58.77 60.79 58.58 59.32 0.71 203,952 June 123-152 123-242 123-127 123-230 10.7 3,576,219 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. June 4069.75 4076.00 s 4052.25 4064.00 –3.75 2,606,684 Sept 58.40 60.21 58.07 58.84 0.76 134,467 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% April 146.100 147.100 146.050 146.475 .025 4,750 June 110-110 110-116 110-106 110-115 1.0 2,303,009 Sept 4060.00 4065.50 s 4042.75 4053.75 –3.75 5,461 Dec 57.28 59.04 57.07 57.84 0.77 304,765 May 151.700 152.750 150.950 151.775 …19,872 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Mini S&P Midcap 400 (CME)-$100 x index Dec'22 54.50 55.83 54.30 55.00 0.74 130,650 Cattle-Live (CME)-40,000 lbs.; cents per lb. April 99.9350 99.9350 99.9325 99.9325 –.0025 159,203 June 2660.30 2682.20 s 2644.30 2662.20 1.10 44,888 NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. April 121.425 122.850 121.225 122.725 1.350 21,045 May 99.9300 99.9350 s 99.9300 99.9300 141,923 Sept 2640.00 2672.70 2645.70 2660.00 1.10 1 May 1.7741 1.8256 1.7722 1.7941 .0217 117,867 June 124.275 125.125 s 124.175 124.625 .200 154,639 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Mini Nasdaq 100 (CME)-$20 x index June 1.7785 1.8277 1.7747 1.7960 .0212 71,688 Hogs-Lean (CME)-40,000 lbs.; cents per lb. June 89-315 90-160 89-315 90-155 19.5 136,521 June 13603.75 13655.00 13524.25 13570.00 –15.50 212,519 Sept 13590.00 13639.00 13515.00 13558.25 –15.25 782 Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. April 102.750 102.750 101.600 102.100 –.300 22,162 Eurodollar (CME)-$1,000,000; pts of 100% Mini Russell 2000 (CME)-$50 x index May 1.9667 2.0171 1.9599 1.9663 .0052 135,100 June 105.550 105.850 104.575 105.625 .025 105,963 April 99.8150 99.8200 99.8150 99.8175 .0025 186,714 June 2265.40 2280.90 2244.90 2263.10 11.20 473,706 June 1.9700 2.0108 1.9566 1.9629 .0073 68,074 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. June 99.8250 99.8300 99.8200 99.8250 .0050 1,201,393 Sept 2261.50 2275.90 2241.90 2258.90 11.20 249 Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. May 1023.30 1048.30 s 1023.20 1044.30 23.30 1,821 Dec 99.7300 99.7300 99.7250 99.7250 …930,624 March'23 99.3650 99.4150 99.3600 99.4050 .0500 1,198,995 Mini Russell 1000 (CME)-$50 x index May 2.511 2.568 t 2.453 2.456 –.055 288,395 July 912.20 924.30 s 909.90 915.10 13.00 991 June 2294.90 2298.10 s 2288.30 2290.90 –.50 9,573 Milk (CME)-200,000 lbs., cents per lb. June 2.589 2.637 2.534 2.536 –.046 112,521 Currency Futures U.S. Dollar Index (ICE-US)-$1,000 x index July 2.662 2.710 2.616 2.618 –.039 108,599 April 17.61 17.63 17.35 17.45 –.15 3,405 June 92.58 92.80 92.29 92.35 –.25 38,740 Sept 2.693 2.730 2.639 2.642 –.039 105,544 May 18.57 18.70 s 18.49 18.63 .06 3,842 Japanese Yen (CME)-¥12,500,000; $ per 100¥ Sept 92.53 92.75 92.29 92.33 –.25 609 Oct 2.706 2.749 2.658 2.661 –.041 127,437 Cocoa (ICE-US)-10 metric tons; $ per ton. April .9077 .9119 .9047 .9104 .0025 246 Nov 2.793 2.829 2.748 2.751 –.031 70,364 May 2,361 2,418 2,352 2,406 70 58,286 June .9086 .9125 .9051 .9109 .0025 165,499 Source: FactSet

| Cash Prices | wsj.com/market-data/commodities Tuesday, April 6, 2021 Bonds wsj.com/market-data/bonds/benchmarks 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 Tracking Bond Benchmarks months. Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Tuesday Tuesday Tuesday highs and lows for different types of bonds Energy Aluminum, LME, $ per metric ton *n.a. Wheat - Hard - KC (USDA) $ per bu-u 5.8550 Total Total Copper,Comex spot 4.1265 Wheat,No.1soft white,Portld,OR-u 6.7000 return YTD total Yield (%) return YTD total Yield (%) Coal,C.Aplc.,12500Btu,1.2SO2-r,w 60.900 Iron Ore, 62% Fe CFR China-s 170.9 Food close return (%) Index Latest Low High close return (%) Index Latest Low High Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.900 Shredded Scrap, US Midwest-s,m 451 Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays Steel, HRC USA, FOB Midwest Mill-s 1345 Beef,carcass equiv. index Metals Mortgage-Backed Fibers and Textiles choice 1-3,600-900 lbs.-u 212.78 2222.26 -2.9 U.S. Aggregate 1.570 1.020 1.630 2210.55 -0.9 1.770 0.980 1.850 Gold, per troy oz select 1-3,600-900 lbs.-u 201.22 U.S. Corporate Indexes Bloomberg Barclays 2160.56 -0.8 Ginnie Mae (GNMA) 1.710 0.290 1.840 Engelhard industrial 1739.00 Burlap,10-oz,40-inch NY yd-n,w 0.7200 Broilers, National comp wtd. avg.-u,w 0.9236 Handy & Harman base 1744.65 Cotton,1 1/16 std lw-mdMphs-u 0.7697 Butter,AA Chicago 1.8325 3320.70 -3.9 U.S. Corporate 2.220 1.740 3.390 1305.40 -0.9 Fannie mae (FNMA) 1.790 1.160 1.860 Cheddar cheese,bbl,Chicago Handy & Harman fabricated 1936.56 Cotlook 'A' Index-t *n.a. 153.00 Cheddar cheese,blk,Chicago 2001.59 -1.0 Freddie Mac (FHLMC) 1.800 1.140 1.870 LBMA Gold Price AM *Closed Hides,hvy native steers piece fob-u n.a. 178.50 3054.17 -1.9 Intermediate 1.530 1.080 3.120 Milk,Nonfat dry,Chicago lb. 118.25 LBMA Gold Price PM *Closed Wool,64s,staple,Terr del-u,w n.a. Coffee,Brazilian,Comp 4813.80 -7.2 Long term 3.360 2.730 3.850 593.39 -0.4 Muni Master 0.969 0.725 1.940 Krugerrand,wholesale-e 1812.72 1.1457 Grains and Feeds Coffee,Colombian, NY Maple Leaf-e 1830.15 1.7103 666.84 -4.6 Double-A-rated 1.870 1.300 2.290 418.97 -0.7 7-12 year 1.014 0.712 1.912 Eggs,large white,Chicago-u 1.0150 American Eagle-e 1830.15 Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 15.35 Triple-B-rated 479.94 -0.5 12-22 year 1.398 1.095 2.352 Mexican peso-e 2109.54 887.67 -3.5 2.460 2.010 4.180 Bran,wheat middlings, KC-u 159 Hams,17-20 lbs,Mid-US fob-u n.a. Austria crown-e 1711.49 High Yield Bonds ICE BofA 22-plus year Corn,No. 2 yellow,Cent IL-bp,u 5.5000 Hogs,Iowa-So. Minnesota-u 97.33 468.68 0.02 1.964 1.682 3.262 Austria phil-e 1830.15 Corn gluten feed,Midwest-u,w 178.3 Pork bellies,12-14 lb MidUS-u n.a. 502.64 1.5 High Yield Constrained 4.098 3.955 9.420 Global Government J.P. Morgan† Silver, troy oz. Corn gluten meal,Midwest-u,w 623.5 Pork loins,13-19 lb MidUS-u 1.0536 Engelhard industrial 25.1500 Cottonseed meal-u,w 460 Steers,Tex.-Okla. Choice-u n.a. 483.15 5.8 Triple-C-rated 6.877 6.877 18.112 596.00 -3.1 Global Government 0.930 0.460 0.960 Handy & Harman base 25.2780 Hominy feed,Cent IL-u,w 175 Steers,feeder,Okla. City-u,w 163.00 Canada Handy & Harman fabricated 31.5980 Meat-bonemeal,50% pro Mnpls-u,w 358 3355.09 0.8 High Yield 100 3.662 3.261 8.585 830.82 -3.8 1.420 0.610 1.520 Fats and Oils LBMA spot price *Closed Oats,No.2 milling,Mnpls-u 3.8800 452.77 1.2 Global High Yield Constrained 4.169 4.037 9.453 410.52 -2.4 EMU§ 0.333 0.010 411.523 (U.S.$ equivalent) *Closed Rice, Long Grain Milled, No. 2 AR-u,w 26.88 Corn oil,crude wet/dry mill wtd. avg.-u,w 57.0000 Coins,wholesale $1,000 face-a 20315 Sorghum,(Milo) No.2 Gulf-u 8.0175 Grease,choice white,Chicago-h 0.5350 344.28 1.9 Europe High Yield Constrained 2.511 2.511 6.622 769.54 -3.1 France 0.220 -0.160 0.390 Other metals SoybeanMeal,Cent IL,rail,ton48%-u,w 398.70 Lard,Chicago-u n.a. U.S Agency Bloomberg Barclays 539.06 -2.4 Germany -0.200 -0.530 -0.120 LBMA Platinum Price PM *Closed Soybeans,No.1 yllw IL-bp,u 14.1350 Soybean oil,crude;Centl IL-u,w 0.5496 Platinum,Engelhard industrial 1224.0 Wheat,Spring14%-pro Mnpls-u 7.3100 Tallow,bleach;Chicago-h 0.5600 1841.08 -1.4 U.S Agency 0.780 0.460 0.930 293.69 -0.5 Japan 0.350 0.190 0.420 Palladium,Engelhard industrial 2684.0 Wheat,No.2 soft red,St.Louis-u 6.4300 Tallow,edible,Chicago-u 0.6370 1612.47 -0.9 10-20 years 0.660 0.340 0.790 600.09 -2.9 Netherlands -0.080 -0.450 -0.010 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; 4019.77 -5.9 20-plus years 2.340 1.290 2.460 1021.00 -6.8 U.K. 1.100 0.410 1.170 M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly; Z=not quoted. *Data as of 4/5 Source: Dow Jones Market Data 2846.66 -3.0 Yankee 1.790 1.370 2.850 895.58 -4.1 Emerging Markets ** 4.930 4.295 6.657 *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 Exchange-Traded BANKRATE.COM® MMA, Savings and CDs Portfolios Global Government Bonds: Mapping Yields Average Yields of Major Banks Tuesday, April 6, 2021 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in Largest 100 exchange-traded funds, Type MMA 1-MO 2-MO 3-MO 6-MO 1-YR 2-YR 2.5YR 5YR latest session National average selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session Tuesday, April 6, 2021 Savings 0.07 0.05 0.05 0.07 0.09 0.14 0.18 0.15 0.27 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points Jumbos 0.13 0.05 0.06 0.08 0.10 0.15 0.19 0.15 0.28 Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago Closing Chg YTD ETF Symbol Price (%) (%) Weekly change 0.125 U.S. 2 0.159 t l 0.172 0.141 0.266 ARKInnovationETF ARKK 123.83 1.80 –0.5 Savings 0.00 0.00 0.00 -0.01 -0.01 0.00 0.00 0.00 0.00 1.125 10 1.656 t l 1.718 1.551 0.675 CommSvsSPDR XLC 76.34 0.25 13.1 Jumbos -0.01 -0.01 0.00 0.00 -0.01 0.00 0.00 0.00 0.00 l CnsmrDiscSelSector XLY 174.02 0.43 8.2 5.500 Australia 2 0.087 t 0.089 0.137 0.214 -7.8 -6.8 -5.5 EnSelectSectorSPDR XLE 48.98 –0.26 29.2 1.500 10 1.735 t l 1.794 1.842 0.780 7.7 9.2 10.3 FinSelSectorSPDR XLF 34.67 –0.20 17.6 Consumer Savings Rates HealthCareSelSect XLV 116.75 –0.38 2.9 0.000 France 2 -0.676 t l -0.638 -0.605 -0.496 -84.0 -79.4 -76.4 IndSelSectorSPDR XLI 99.76 –0.24 12.7 Below are the top federally insured offers available nationwide according to Bankrate.com's InvscQQQI QQQ 330.82 –0.07 5.4 0.000 10 -0.060 s l -0.079 -0.051 0.063 -178.1 -61.5 weeklysurveyofhighestyields.Forlatestoffersandreviewsofthesefinancialinstitutions,please -171.8 InvscS&P500EW RSP 144.57 0.13 13.4 iShCoreDivGrowth DGRO 49.06 –0.16 9.5 visit bankrate.com/banking/reviews. Information is believed to be reliable, but not guaranteed. 0.000 Germany 2 -0.694 s l -0.698 -0.688 -0.659 -85.9 -85.5 -92.7 iShCoreMSCIEAFE IEFA 73.35 –1.07 6.2 High yield savings s l iShCoreMSCIEM IEMG 65.60 0.54 5.7 0.000 10 -0.313 -0.325 -0.301 -0.425 -197.1 -202.7 -110.3 iShCoreMSCITotInt IXUS 71.62 –0.50 6.6 Bank Yield Bank Yield 0.050 Italy 2 -0.367 s l -0.395 -0.324 0.441 -53.1 -55.1 17.3 iShCoreS&P500 IVV 407.60 –0.06 8.6 Phone number Minimum (%) Phone number Minimum (%) iShCoreS&P MC IJH 266.02 0.08 15.7 0.900 10 0.702 s l 0.636 0.761 1.488 -95.6 -106.6 81.1 iShCoreS&P SC IJR 110.46 –0.10 20.2 Money market and savings account Six-month CD iShS&PTotlUSStkMkt ITOT 93.84 –0.03 8.8 s l Live Oak Bank $1 0.60 Presidential Bank, FSB $1,000 0.50 0.005 Japan 2 -0.119 -0.120 -0.119 -0.134 -28.4 -27.7 -40.2 iShCoreUSAggBd AGG 114.21 0.35 –3.4 iShSelectDividend DVY 115.73 0.13 20.3 (866) 518-0286 (800) 799-1424 0.100 10 0.111 t l 0.121 0.097 0.004 -154.7 -158.1 -67.4 iShESGAwareUSA ESGU 93.18 0.01 8.3 BrioDirect $100 0.60 BankDirect $10,000 0.50 0.000 Spain 2 -0.499 s l -0.506 -0.441 -0.119 -66.3 -38.7 iShEdgeMSCIMinUSA USMV 70.52 –0.03 3.9 (877) 369-2746 (877) 839-2737 -66.3 iShEdgeMSCIUSAMom MTUM 166.74 0.61 3.4 Vio Bank $100 0.57 First Internet Bank of Indiana $1,000 0.45 0.100 10 0.346 s l 0.306 0.397 0.721 -131.2 -139.7 4.3 iShEdgeMSCIUSAQual QUAL 124.59 –0.02 7.2 (888) 999-9170 (888) 873-3424 iShEdgeMSCIUSAVal VLUE 104.67 –0.20 20.4 0.125 U.K. 2 0.084 s l 0.074 0.101 0.101 -8.1 -8.2 -16.8 iShGoldTr IAU 16.61 0.97 –8.4 One-month CD One-year CD iShiBoxx$InvGrCpBd LQD 130.84 0.67 –5.3 4.750 10 0.799 t l 0.800 0.759 0.332 -85.9 -90.2 -34.6 iShiBoxx$HYCpBd HYG 87.26 0.17 –0.0 Lone Star Bank $1,000 0.20 CFG Community Bank $500 0.67 iShJPMUSDEmgBd EMB 109.63 0.34 –5.4 (713) 358-9400 (888) 205-8388 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close iShMBSETF MBB 108.38 0.17 –1.6 State Bank of India California $1,000 0.15 Live Oak Bank $2,500 0.65 iShMSCI ACWI ACWI 97.35 –0.11 7.3 iShMSCI EAFE EFA 77.15 –1.06 5.7 (877) 707-1995 (866) 518-0286 Corporate Debt iShMSCI EAFE SC SCZ 73.42 –0.88 7.4 Presidential Bank, FSB $1,000 0.10 Merrick Bank $25,000 0.65 iShMSCIEmgMarkets EEM 54.37 0.55 5.2 (800) 799-1424 (866) 638-6851 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific iShMSCIJapan EWJ 68.92 –1.51 2.0 expectations iShNatlMuniBd MUB 116.11 0.17 –0.9 Two-month CD Two-year CD iSh1-5YIGCorpBd IGSB 54.65 0.15 –0.9 Lone Star Bank $1,000 0.20 Comenity Direct $1,500 0.75 Investment-grade spreads that tightened the most… iShPfd&Incm PFF 38.61 0.08 0.3 (713) 358-9400 (833) 755-4354 Spread*, in basis points iShRussell1000Gwth IWF 251.32 0.07 4.2 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week iShRussell1000 IWB 229.55 0.03 8.4 State Bank of India California $1,000 0.15 Merrick Bank $25,000 0.71 iShRussell1000Val IWD 154.32 0.07 12.9 (877) 707-1995 (866) 638-6851 Credit Suisse CS 6.500 1.78 Aug. 8, ’23 161 –39 n.a. iShRussell2000 IWM 224.31 –0.29 14.4 VirtualBank First Internet Bank of Indiana $10,000 0.15 $1,000 0.70 State Street STT 3.550 1.01 Aug. 18, ’25 15 –10 n.a. iShRussell2000Val IWN 161.55 –0.33 22.6 (877) 998-2265 (888) 873-3424 iShRussellMid-Cap IWR 75.88 0.53 10.7 Principal Life Global Funding II … 1.250 1.13 June 23, ’25 27 –8 36 iShRussellMCValue IWS 111.56 0.22 15.1 Three-month CD Five-year CD iShS&P500Growth IVW 67.30 –0.10 5.5 Bank of America BAC 4.125 0.62 Jan. 22, ’24 29 –7 n.a. BrioDirect $500 0.25 Connexus Credit Union $5,000 1.00 iShS&P500Value IVE 143.40 –0.07 12.0 –7 iShShortTreaBd SHV 110.53 0.02 ... (877) 369-2746 (800) 845-5025 John Deere Capital … 1.500 1.75 March 6, ’28 42 50 iShSilver SLV 23.34 1.08 –5.0 Lone Star Bank $1,000 0.25 First Internet Bank of Indiana $1,000 0.96 Microchip Technology MCHP 2.670 0.75 Sept. 1, ’23 59 –6 n.a. iShTIPSBondETF TIP 125.27 0.06 –1.9 (713) 358-9400 (888) 873-3424 iSh1-3YTreasuryBd SHY 86.23 0.02 –0.2 Volkswagen America Finance … 3.350 1.34 May 13, ’25 47 –6 n.a. State Bank of India California $1,000 0.25 Comenity Direct $1,500 0.90 iSh7-10YTreasuryBd IEF 113.59 0.49 –5.3 Mastercard MA 3.375 0.43 April 1, ’24 10 –5 17 iSh20+YTreasuryBd TLT 137.84 0.68 –12.6 (877) 707-1995 (833) 755-4354 iShRussellMCGrowth IWP 105.37 0.80 2.6 …And spreads that widened the most iShUSTreasuryBdETF GOVT 26.27 0.32 –3.5 High yield jumbos - Minimum is $100,000 JPM UltShtIncm JPST 50.72 –0.02 –0.1 PIMCOEnhShMaturity MINT 101.89 0.02 –0.1 Money market and savings account Six-month CD American Honda Finance … 0.875 0.52 July 7, ’23 36 14 39 SPDRBloomBar1-3MTB BIL 91.49 –0.01 –0.0 Morgan Stanley MS 3.125 1.58 July 27, ’26 70 12 72 SPDR Gold GLD 163.22 0.80 –8.5 CFG Community Bank 0.66 BankDirect 0.50 SchwabIntEquity SCHF 38.32 –0.91 6.4 (888) 205-8388 (877) 839-2737 Metropolitan Life Global Funding I … 3.450 1.51 Dec. 18, ’26 65 10 67 SchwabUS BrdMkt SCHB 99.07 0.03 8.9 BrioDirect 0.60 Presidential Bank, FSB 0.50 Commonwealth Bank of Australia … 2.688 2.93 March 11, ’31 127 9 136 SchwabUS Div SCHD 73.98 –0.36 15.3 SchwabUS LC SCHX 98.60 0.05 8.4 (877) 369-2746 (800) 799-1424 Telefonica Emisiones SA … 4.895 3.99 March 6, ’48 167 8 172 SchwabUS LC Grw SCHG 134.60 0.10 4.8 Presidential Bank, FSB 0.55 First Internet Bank of Indiana 0.45 7 SchwabUS SC SCHA 101.53 –0.04 14.1 (800) 799-1424 (888) 873-3424 AbbVie ABBV 4.400 3.29 Nov. 6, ’42 97 98 Schwab US TIPs SCHP 61.10 0.11 –1.6 General Motors GM 4.875 0.97 Oct. 2, ’23 81 7 86 SPDR DJIA Tr DIA 334.37 –0.25 9.3 One-month CD One-year CD HP HPQ 6.000 4.05 Sept. 15, ’41 172 6 177 SPDR S&PMdCpTr MDY 486.16 0.09 15.8 Lone Star Bank 0.20 CFG Community Bank 0.67 SPDR S&P 500 SPY 406.12 –0.06 8.6 (713) 358-9400 (888) 205-8388 SPDR S&P Div SDY 119.64 –0.03 12.9 High-yield issues with the biggest price increases… TechSelectSector XLK 137.69 –0.43 5.9 State Bank of India California 0.15 Live Oak Bank 0.65 VanEckGoldMiner GDX 34.28 1.69 –4.8 (877) 707-1995 (866) 518-0286 Bond Price as % of face value Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week VangdInfoTech VGT 371.78 –0.18 5.1 VirtualBank 0.10 Merrick Bank 0.65 VangdSC Val VBR 168.23 –0.05 18.3 VangdExtMkt VXF 181.08 0.47 10.0 (877) 998-2265 (866) 638-6851 Prime Security Services Borrower … 5.750 3.32 April 15, ’26 111.156 2.28 107.400 VangdSC Grwth VBK 281.79 0.36 5.3 Two-month CD Two-year CD Onemain Finance … 7.125 3.35 March 15, ’26 117.030 0.78 114.965 VangdDivApp VIG 149.80 –0.19 6.1 VangdFTSEDevMk VEA 50.06 –0.87 6.0 Lone Star Bank 0.20 Comenity Direct 0.75 ADT Security … 4.875 4.42 July 15, ’32 104.000 0.75 101.250 VangdFTSE EM VWO 52.88 0.48 5.5 (713) 358-9400 (833) 755-4354 Murphy Oil MUR 7.050 6.60 May 1, ’29 102.750 0.75 101.750 VangdFTSE Europe VGK 64.52 –0.91 7.1 State Bank of India California 0.15 Merrick Bank 0.71 VangdFTSEAWxUS VEU 61.77 –0.53 5.8 (877) 707-1995 (866) 638-6851 HCA … 5.875 1.09 May 1, ’23 109.750 0.65 109.000 VangdGrowth VUG 266.31 0.12 5.1 VangdHlthCr VHT 229.28 –0.27 2.5 VirtualBank 0.15 Live Oak Bank 0.70 VangdHiDiv VYM 102.27 –0.08 11.8 (877) 998-2265 (866) 518-0286 …And with the biggest price decreases VangdIntermBd BIV 88.64 0.42 –4.5 VangdIntrCorpBd VCIT 93.26 0.46 –4.0 Three-month CD Five-year CD United Airlines Holdings UAL 4.250 3.03 Oct. 1, ’22 101.750 –0.48 101.625 VangdLC VV 189.95 –0.04 8.1 Lone Star Bank 0.25 Connexus Credit Union 1.00 Genworth Holdings … 4.900 5.59 Aug. 15, ’23 98.500 –0.48 97.750 VangdMC VO 227.16 0.49 9.9 (713) 358-9400 (800) 845-5025 VangdMC Val VOE 137.55 0.23 15.6 Nokia Oyj … 4.375 3.10 June 12, ’27 107.110 –0.39 106.625 State Bank of India California 0.25 First Internet Bank of Indiana 0.96 VangdMBS VMBS 53.48 0.13 –1.1 HCA … 5.375 2.21 Feb. 1, ’25 111.500 –0.25 111.500 VangdRealEst VNQ 94.13 0.26 10.8 (877) 707-1995 (888) 873-3424 VangdS&P500ETF VOO 373.26 –0.06 8.6 First Internet Bank of Indiana 0.25 Comenity Direct 0.90 Sprint Capital … 6.875 2.89 Nov. 15, ’28 127.000 –0.25 125.750 VangdST Bond BSV 82.18 0.12 –0.9 (888) 873-3424 (833) 755-4354 VangdSTCpBd VCSH 82.48 0.17 –0.9 Ball BLL 5.250 1.89 July 1, ’25 113.620 –0.22 113.250 VangdSC VB 218.51 0.13 12.2 Notes: Accounts are federally insured up to $250,000 per person. Yields are based on method of Meritage Homes MTH 3.875 0.00 April 15, ’29 101.250 –0.19 n.a. VangdTotalBd BND 84.97 0.35 –3.7 compounding and rate stated for the lowest required opening deposit to earn interest. CD VangdTotIntlBd BNDX Owens–Brockway Glass Container … 5.875 2.03 Aug. 15, ’23 108.780 –0.15 107.125 57.22 0.25 –2.3 figures are for fixed rates only. MMA: Allows six (6) third-party transfers per month, three (3) of VangdTotIntlStk VXUS 63.88 –0.58 6.2 VangdTotalStk VTI 211.80 0.04 8.8 which may be checks. Rates are subject to change. *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. VangdTotlWrld VT 99.49 –0.21 7.5 Source: Bankrate.com, a publication of Bankrate, Inc., Palm Beach Gardens, FL 33410 Note: Data are for the most active issue of bonds with maturities of two years or more VangdValue VTV 133.06 –0.10 11.9 Internet: www.bankrate.com Source: MarketAxess P2JW097000-1-B01200-1------XA

B12 | We dnesday, April 7, 2021 * THE WALL STREET JOURNAL. BANKING & FINANCE

Average wholesale prices Some Gain at Electric Reliability Council of Texas Ercot From Storm $50 per megawatt-hour estimate In Texas 40

ContinuedfrompageB1 30 Temple and TexGen Power also had secured multiple sourcesofnaturalgas when 20 they emergedfrombankruptcy in 2018,adecision that less- ened the impact of gas short- 10 ages that hit systemwide. Ad- ditionally,they made strategic

market decisions. 0 JOURNAL 2016 ’17’18 ’19 ’20

Typically,powercompanies REET

lock in some prices in advance Source:Potomac Economics ST in apracticeknown as hedg- LL ing.This helps them guarantee Whether the profitswill be WA THE

acertain amount of revenue fully realized is unclear,but R

by contracting to sell powerat much of the gains have al- FO certain prices,evenifthey ready been realized by the ON

missout on additional gains companies, said people famil- BINS should prices actually be iar with Temple and TexGen. RO

higher later.But TexGen Still, Texas lawmakersare JULIA bought back some of itshedge debating howtoaddressthe Shoppers lining up at agrocery store in Austin, Texas, in February.Some natural-gas plants in the statewerestill able to sell electricity. contractsinadvance of the storm’shugecosts,which have storm, said people familiar driven some retail powersup- last month. Forthe most part, the in- ing built on the Gulf Coast. At When the storm hit, living with thecompany’sopera- pliersand cooperatives to seek Investors in the plants de- vestment funds bought debt or the same time,older coal gen- quarters and provisions that tions, meaning it could sell bankruptcy protection and scribedtheir investmentsas bankruptcy claims at adis- eratorsand gassteam plants had been prepared at Temple more electricity directly into raised the prospect that other strengthening Texas’ energy count from existing lenders, or seemed poised for retirement in case employees needed to Texas’ power grid at the peak market participantsmight infrastructurewhile providing bought equity in the plants and few natural-gas plantshad quarantine for Covid-19 were price of $9,000 per megawatt have to help paytheir debts. gains to their ownpension and from shareholders afterthey been built because of low repurposed. Afacility the gen- hour during the storm. Some market participants endowment clients. were restructured. Sellers in- power prices in recent years. erator uses to storenatural Thedecision to unwind have sued the Electric Reliabil- Manyofthese Wall Street cluded lenders who had been Some investorssaid they be- gas for itself provided up to a some hedges limited potential ity Council of Texas,the firms started eyeing what are involved forasteady stream lieved renewable energy quarter of the gasthe plant losses forTexGen should its state’sgrid operator also nowTemple and TexGen in of interest paymentsand sourceshadn’t penetrated used during the storm, buffer- plants experience operational known as Ercot, over pricing 2016 as the companies’ debt weren’t interested in becom- Texas as deeply as some data ing the impact of systemwide failures during the storm. Gen- issues, potentially challenging started to getdistressed amid ing part-ownersofpower suggested. gas shortages. eratorsrisk losses if their itsability to collect payments. historically low power prices. plants. In both cases,senior Theplantscould generate TexGen wasable to profit powerplantsfail given that Ercothas maintained that TheTexas powermarket has secured lendersswapped their free cash flow off summertime despiteone plant remaining they areexpected to either prices were justified given the gotten increasingly competi- debt forequity in the restruc- energy demands.Asrenew- offline forabout half of the producethe powerthey con- power scarcity. tiveinrecent yearsamid the tured companies. ables became alargershareof storm when the lakesupplying tract to sell or to purchase re- Thestate senateinmid- rapid, federally subsidized Thefunds’ broad bet was the supply,some investorssaw watertoitfroze, the people placement poweratmarket March passed legislation re- build-outofwind and solar that energy prices would re- the potential foradditional familiar with itsoperations prices.Afailuretooperate quiring that the state’s utility power. bound. gains from increased power- said.TexGen also brought in and deliver power could have commission repricesome of In 2017, the companies, These firms reasoned that pricevolatility when the wind supplemental crewsofcon- cost aplant likeTemple more the electricity sold during the then called Panda Temple Texas’ population wasgrowing wasn’t blowing or the sun struction workerswho helped than $70 million a day during storm, but the House didn’t PowerLLC andExelon Genera- fast and electricity-thirsty wasn’t shining.Temple and weld shut burst pipes. the storm, said people familiar take up the measure. The tion Texas PowerLLC, filed for businesses,such as liquefied TexGen emergedfrombank- —Jonathan Randles with the plant. deadline for repricing passed bankruptcy. natural-gas projects, were be- ruptcy in 2018. contributed to this article. CompaniesSpeed Up Tax Analysis as IncreasesLoom

BY MARK MAURER might take. pared with 20.3%in2019.It Thecompanyspent $875 had 5,548 employees as of Feb. Financechiefs areconsider- million on rentsfor freight 28. ing their options to offset po- cars and other equipment for Theproposal, which marks

tential cost increases stem- the fiscal year ended Dec.31, Mr.Biden’sfirst detailed tax S ming from ahigher corporate down 11%fromthe previous proposal sincetaking officein PRES taxrateand other taxpropos- year.Union Pacific’seffective January, could be changed or UMA

als by the Biden administra- taxratewas 23.4%in2020, scaled back as it moves /Z

tion. down from 23.6%in2019.It through Congress. Republicans TNS President Biden last week expectstoallocateabout $2.9 oppose taxincreases,saying The blank-check company sees Topps as well situated with a universally recognized brand. outlined a$2trillion infra- billion forcapital expenditures they could spur slowerwage structureplan to be funded in in 2021, up 2.1% from 2020,the growth and job cuts. Demo- a majority of its stake, and to champions,and MarcLasry, part by raising the corporate companysaid. cratshaveverynarrow majori- Topps to fund transaction-related ex- the co-owner of the Milwaukee rate to 28% from 21% and in- FM Global, aJohnston, R.I., ties in the House and Senate penses, the companies said. Bucks, the companies added. creasing the minimum taxon mutual insurancecompany, is andwill need almost unani- Mr.Eisner’s firm, Tornante Topps is the latest company U.S. companies’ foreign profits. considering deferring atax in- mous backingtoadvance the Go Public Co.LLC,will roll all itsequity to go public through aSPAC, Theplan would also makeit centiveknown as bonus depre- packagewithout Republican intothe newpublic entity,the bypassing the traditional ini- tougher forforeign-owned ciation, financechief Kevin In- votes. companies said. The transac- tial-public-offering process. businesses with U.S. operations gram said. Bonus depreciation Companies won’t knowuntil Via SPAC tion includes a private place- Also known as blank-check to benefit from moving their allows companies to immedi- later which of the proposals ment of $250 million led by companies,SPACs raise money profitstolow-tax countries. ately deduct achunk of the actually comes to fruition. In Mudrick and institutional in- in an IPO and then look for a Theproposal, which is purchase priceofcertain as- manycases,they have already ContinuedfrompageB1 vestorsincluding GamcoIn- businesstocombine with, in a aligned with Mr.Biden’scam- modeled Mr.Biden’splan and $69.3 million. vestors and Wells Capital deal that gives the target an paign position, would reverse aremaking investmentsbased Topps and Mudrick said Management, the companies alternativeroutetothe public elements of the 2017tax over- Raising the on forecaststhey have ad- they expect the transaction to added. markets. haul that reduced the federal justed forpotential related generategross proceeds of up Topps will trade on the SPACssofar this year have taxratefor companies from minimum tax to 21% risks, said John Gimigliano, to roughly $571 million in Nasdaq under the ticker TOPP, raised more than the amount 35% to 21%. Raising the mini- also could bring a head of taxlegislativeservices cash. Theadditional capital the companies said. raised in all of 2020,according mum taxfor global intangible at professional-servicesfirm will go toward purchasing Also joiningthe combined to Dealogic. low-taxed income to 21% also greater tax burden. KPMG. shares from existing Topps entity’s boardare Jill Ellis, the Topps and the SPAC said could bring agreater taxbur- Based in Palo Alto, Calif., shareholder Madison Dearborn coach of the U.S. Women’s they expect the deal to close den. Uniphore, which sells software Partners, which intends to sell 2013 and 2019 FIFAWorld Cup in the second or thirdquarter. Companies such as railroad forvoiceanalysis,iswatching operator Union Pacific Corp., setssuch as equipment, as op- closely howthe plan could af- insurer FM Global and tech- posed to writing them off over fect itsU.S.taxes and those on nologyfirm UniphoreTech- several years. itsoverseas operations,CFO Investcorp SeeksDiverse Managers nologies Inc.are analyzing By deferring bonus depreci- Stephane Berthier said. steps they could take in re- ation andother incentives,FM Under Mr.Biden’splan, BY PREETI SINGH AltsSolutions unit to build out about $35 billion in assetsun- sponse to the suggested Global cantakedeductions in profit on domestic operations apipeline of diverse managers der management, in itseffort changes. futureyearswhen taxrates would be taxedat28%, while Investcorp HoldingsBSC is that might benefit from added to invest in midmarket private Based in Omaha, Neb., could be higher,hesaid. The profit on foreign operations teaming up with multistrategy capital and strategic guidance, managers. In 2019,the firm Union Pacific expectsthat the companyisn’t considering per- would be taxedat21%. Uni- investment firm Xponance according to Rishi Kapoor,co- joined with Dock SquareCapi- companymight have less manent changes to itsbusi- phore, which does businessin Inc. to broaden its ability to chief executiveofInvestcorp. tal, an advisoryand merchant money to invest if taxeswere ness, he said. the U.S.,Canada and several back diverse midmarket asset Tina Byles Williams,Phila- banking firm founded by for- to rise,Chief Financial Officer “Our taxplanning has taken Asiancountries,doesn'tplan managers. delphia-based Xponance’sCEO mer Florida Gov.Jeb Bush, as Jennifer Hamann said. The on an increased paceand in- to alter itsgrowthstrategyor Investcorp’sNew York- and chief investment officer, part of the drive. railroad companyisstill evalu- creased sense of urgencynow,” shiftthe location of itsopera- based Strategic Capital Group, joined theInvestcorp unit’s Late last year,Investcorp ating howtooffset these addi- Mr.Ingram said, referring to tions if the taxproposal be- which acquires positions in advisoryboardonJan. 31, ac- acquired a minority stake in tional costs, Ms.Hamann said. Mr.Biden’splan. Privately held comes law, Mr.Berthier said. midmarket North American al- cording to anewsrelease. Centre Lane Partners, a mid- She declined to comment on FM Global said it paid aglobal —Nina Trentmann ternativeasset managers, will Thepartnership is the sec- market private-equity and pri- potential actions Union Pacific taxrateof19.9% in 2020,com- contributed to this article. work together with Xponance’s ond by Investcorp,which has vate-credit manager.

YTD YTD YTD YTD YTD YTD YTD Mutual Funds Data provided by Net Net Net Net Net Net Net Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret TotRetBdI 10.50 +0.02 -1.1 GroCo 34.79 +0.13 5.8 IntlEq 29.19 -0.05 2.7 TotRt 10.27 +0.03 -2.6 ExplrAdml 131.02 +0.34 9.4 WndsrAdml 81.93 -0.18 14.7 ExtndIstPl 339.03 +1.49 10.5 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. Edgewood Growth Instituti GrowCoK 34.89 +0.13 5.9 Invesco Funds Y PIMCO Funds A ExtndAdml 137.39 +0.60 10.5 VANGUARD FDS IdxIntl 20.50 -0.05 5.9 e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnotese EdgewoodGrInst 54.50 +0.36 5.3 InvGrBd 11.58 +0.03 -2.3 DevMktY 55.05 +0.16 3.0 IncomeFd NA ... 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THE WALL STREET JOURNAL. ***** We dnesday, April 7, 2021 | B13 MARKETS Central Banks Retreat Stocks Slip From Records From the U.S. Dollar Wynn Resorts, Alaska Indexperformance, week-to-date In bond markets, the yield BY JULIA-AMBRA VERLAINE has driven itsslip as ashare on the10-year U.S. Treasury of reserves, along with an in- Air, Chipotle Mexican note declined to 1.656% from Among those paring U.S. crease in central-bank hold- Grill lead gains in travel 2.0% 1.718% on Monday.Yields have dollar holdingsinrecent ings of currencies including generally eased sincesettling months: central banks. the euro and Japanese yen. and leisuresector at 1.749% on March 31, their Thedollar’s shareofglobal That marksareversalafter highest sinceJanuary2020. Nasdaq Composite reserves decreased to itslow- the dollar’s shareofglobal re- BY JOE WALLACE 1.5 Thejump in yields had lim- est level since1995,according serves increased at the start of AND KAREN LANGLEY ited theappeal of technology to International MonetaryFund thepandemic.Demand fordol- S&P500 stocks,which oftenare traded figuresoncentral banks’ for- larswas so acuteinMarch Major stock indexesedged forhigh prices based on expec- eign-exchangeholdingsre- 2020 that the Federal Reserve lower, aday afternotching re- 1.0 tations of growth far intothe leased last week.The currency intervened to alleviate stresses cords on signs of rapid eco- future. nowstands at 59% of global re- in currencymarketsbylaunch- nomic recovery. Dowindustrials Thetechnologysector has serves as of December 2020—a ingafacility to facilitateshort- TheS&P 500 and DowJones underperformed the S&P 500 1.5percentagepoint decline term dollar lending from the Industrial Averagepulled back 0.5 in 2021 but is ahead of the over the quarter. U.S. to other central banks. on aquiet trading day, with broad stock indexsofar this TheWSJ Dollar Index Mr.Pandl said aretreat both indexesclosing at their month. slipped 0.25% Tuesday, its from havens will likely drag on second-highest levels in his- “It’snicetosee arespitein fourth decline in five sessions. the currencyasthe global tory. 0 yields,” said JP Coviello,senior It has fallen economyimproves and short- Stocks have investment strategist at Besse- April 5April 6 CURRENCIES around 8% term interest rates in the U.S. TUESDAY’S leapt to start mer Trust. “We’vereally taken from a year remain relatively low—making MARKETS the second Source:FactSet some pressureout of some of ago, afterthe pandemic fueled it appealing forinvestorsto quarter amid thegrowthier sectors.” arush intoultrasafeassets and move capital overseas. optimism that government Travel and leisurestocks pointing to risks such as the Among individual stocks, the dollar surgedagainst the Other analystssaid that spending,vaccinations and the were among the day’swinners, potential forvolatility in the shares of Illumina rose $30.30, euro and British pound. strong U.S. growth and rising relaxation of restrictions are with Wynn Resorts gaining U.S. government-bond market or 7.9%, to $414.84 afterthe ge- Although the dollar has interest ratesmight support unleashing aspell of swifteco- 4%, Alaska Air Group rising as well as apickup in coronavi- netic-sequencing firm said it edged higher year-to-date, the dollar over the short term. nomic growth. 3.7% and Chipotle Mexican ruscases. expected revenue to grow by a some on Wall Street expect Theyield on the benchmark Recentdataoffer evidence Grill adding 2.4%. Some worrythat aspurt of quarter or moreinthe 2021 fis- factorsincluding trade deficits 10-yearU.S.Treasuryclosed that arebound in activity and TheInternational Monetary inflation will prompt the Fed- calyear. and China’sexpansion to weigh down Tuesdayat1.656%, but hiring is under way ayear after Fund raised itsprojections for eral Reserve to raise interest Oil prices regained some on the currencythis year.Cen- is up roughly 0.7percentage the pandemic slammed the global economic growth for ratesbeforeits projections in- ground afterslumping on con- tral banksare the largest play- point year-to-date. brakes on the economy. this year and next, citing stim- dicate, pulling back some of the cerns that coronavirus out- ersinthe foreign-exchange TaiWong,head of base and “There’sawillingnessasthe ulus spending by the U.S. and monetarystimulus that helped breaks in India, Europe and market, overseeing nearly $12 precious metals derivatives economyreopens forpeople to otherrich nations and the ac- to powermarketshigher for other major economies will trillion in reserves,soinvestors tradingatBank of Montreal, getout and about,” said Keith celerating rollout of Covid-19 the past year. weigh on demand. watchtheir holdingsclosely. said gains in the dollar this Gangl,portfolio manager at vaccines. “The main risk is stillare- Futures forWest Texas In- “Several structural trends quarter would likely boost the Gradient Investments. “I think Investorsare betting that versal in Fedlanguage,” Mr. termediate, the main grade of skew the medium-term dollar currency’sshareofcentral the economy’sgoing to con- sectorssuch as banking and O’Reilly said, adding that he is U.S. crude,rose 1.2% to $59.33 outlook in anegativedirection, bank holdingswhen the IMF tinuetoreopen faster than mining will benefit from the re- also keepinganeye on an in- abarrel. including the widening U.S. next releases itsdatafor the people expected.” opening. crease in cases of Covid-19 in Overseas,the StoxxEurope trade deficit, China’sfinancial first quarter. Afterclosing at arecord Technologystocks also have theU.S. 600 rose 0.7% to arecordclose. opening and the European “The shareofdollarsasa Monday, the S&P 500 slipped climbed, afterwobbling at Newly reported U.S. Covid-19 Japan’sNikkei 225fell 1.3%, Union’seffortstocreateacom- global reservecurrencymay 3.97 points, or 0.1%, to 4073.94. times in the firstquarter. cases rose to morethan 79,000 and the Shanghai Composite mon bond market forthe re- improveoverthe coming TheDow Jones Industrial Aver- “It looks likethe U.S. [econ- forMonday, according to data Indexended the dayrelatively gion,” said Zach Pandl,head of quartersifthe dollar stays agefell 96.95points, or 0.3%, omy] has just hit the accelera- from Johns Hopkins University. flat. Early Wednesday, the Nik- foreign-exchangeresearch at strong,which it mayconsider- to 33430.24. Thetech-heavy tor,” said Brian O’Reilly,head In morethan half of states, keiwas flat, Hong Kong’sHang GoldmanSachs,which fore- ingthe largeryield pickup you Nasdaq Compositeedged down of market strategyfor Mediola- the seven-dayaverage of newly Seng Indexwas down 0.8% and castsaslightly weaker dollar getfor holding U.S. assetsver- 7. 21 points, or 0.1%, to 13698.38, num International Funds. reported cases is higher than the Shanghai Compositewas over thenext12months. sus most European ones,” said off 2.8% from itsFebruaryre- Yetinvestorssay therere- the14-dayaverage,indicating down 0.7%. S&P futures were Thedollar’s depreciation Mr. Wong. cord. mains ground forcaution, that infections arerising. flat. Patreon’s Financial Firms Launch Bitcoin Trade Group

Va luation BY JUSTIN BAER newmainstream investorsand early stages and, much likethe obvious what they are, he said. sus with nearly $10 trillion in the banks and brokersthat internet (oncewas), it’svery “It’schallenging because client assetsunder administra- Fidelity Investments, serve them. Earlier this year, fragile while it’sinthat stage.” policymakerswant to balance tion, opened in 2018 acustody Triples to Square Inc.and several other the total market value of bit- Theinternet emergedasa risk and reward,and even peo- businessthat stores and financial firms areforming a coin, the most popular digital major forceinglobal com- ple who spend time in this trades bitcoin forhedgefunds new trade group that aims to currency, touched $1 trillion merce in part because of a spacewould struggle to pre- and other professional inves- $4 Billion shape the way bitcoin and for the first time. handful of key policydeci- dict where this will go in the tors.InMarch, the Boston othercryptocurrencies are Still, the market’sfuturere- coming decade,” he said. “It firm became the latest money BY MARIA ARMENTAL regulated. mains far from settled. Advo- wasveryhardtosay where manager to seek regulatory The Crypto Council for In- cateshaveargued that crypto- Thecouncil’s the internet wasgoing to go.” approval to launch an ex- Patreon Inc., an online plat- novation will lobby policy currencies and the blockchain Thecouncil plans to ap- change-traded fund that tracks form that connectsmusicians makers, take up research proj- technologythat supportsthem creation comes as point aboardthat would in- the price of bitcoin. andothersartistswith fans, ectsand serveasthe burgeon- have the potential to create prices of manydigital clude representatives with Square,anelectronic-pay- wasvalued at $4 billion in its ing industry’svoiceinchampi- jobs and extend financial ser- each of the four initial mem- mentscompany, has been add- latest investment round, more oning the economic benefitsof vices to consumersevery- assetshave surged. bers. In time,Mr. Ehrsam said, ing bitcoin to itscorporate than tripling itsvalue since digital currencies and related where, at little or no cost. But the group will add an execu- balance sheet. And the firm’s September. technologies. Crypto investor policy makers and regulators tive team. Cash App consumer-finance Patreon said it raised $155 Paradigm and Coinbase Global around theworld will playa Mr.Ehrsam and former Se- platform allows userstobuy millioninthe latest round, led Inc., which operates acrypto- critical role in shaping the sions, including those that le- quoia Capital partner Matt and sell the digital currency. by newinvestor Tiger Global currencyexchange,also signed path forward. galized dataencryption and Huang founded Paradigm Coinbase, founded in 2012, Management,with participa- on as initial membersofthe “Cryptoisatamainstream resolved questions over sales three yearsago to invest in is thelargest U.S. cryptocur- tion from Woodline Partners group. inflection point,” said Fred taxes, Mr.Ehrsam said. The both cryptocurrencies and the rencyexchange. Thecompany, andseveral earlierinvestors, Thecouncil’slaunch comes Ehrsam,co-founder of Para- nascent cryptocurrency mar- companies that focus on that which serves 43 million cus- including WellingtonManage- as prices of manydigital as- digm and Coinbase’sformer ketissuretofaceits own market. tomersin100 countries,plans ment, Lone Pine Capital and setshavesurged, drawing in president. “It’sinits very crossroads, even if it isn’t yet Fidelity,aninvesting colos- to go public this month. NewEnterprise Associates. Tiger Global, the NewYork- based investment firm, has been amongthe moreactive Aramco tech investorsoflate. Recent investmentsinclude online sneaker reseller StockX LLC, EyesSale of automation software company UiPath Inc., Brazilian real-es- tate company Loft Holdings Unit Stake Ltd. and U.K. financial-technol- ogy startup Checkout Ltd. Thenew capital forPatreon ContinuedfrompageB1 comes afterthe closely held EIG Global Energy Partners, SanFranciscocompanyraised Chinese infrastructurefund $90million in capital in Sep- Silk Road Fund,and China tember, bringing itsvaluation Reform Fund Management S to morethan $1.2 billion. Co., aChinese private-equity NEW

TheCovid-19 pandemic has fund, along with Saudi pension G proved acatalyst forthe cre- funds,the people said.

ative economy, hit hardby Thetalks represent another OOMBER eventcancellations,lockdowns far-reaching attempt to mone-

and other measures takento tizeSaudi Arabia’sprodigious ON/BL curb the spread of the virus. oil assets—onceconsidered so WS DA Online platforms such as Pa- strategic that even aminority-

treon, BaronApp Inc.’sCameo stakesale seemed far-fetched. SIMON and Fenix International Ltd.’s With the ascension of Crown By holding on to a majority stake in the pipeline business, Saudi Arabia assures it remains in operational control of the assets. OnlyFans have emergedamong PrinceMohammed bin Salman, the winnersduring the pan- however, the 1970s and 1980s. would help ensureall players the country, including an east- lease of along-delayedintelli- demic as people looked foren- COMMODITIES kingdom has Theinclusion of Chinese in- in the group have enough eq- west crude pipeline that links gencereport that said Prince tertainment while artists been more vestorsinthe group negotiat- uity in the deal to makeit oil fields in the country’seast- Mohammed, the country’sday- looked forways to continue willing to lureforeign inves- ing forthe stakecould also worth their while. ern province to the port at to-dayleader,ordered the op- their work and makemoney. tors and cede some control add an element of geopolitical Still, thereisrecent prece- Yanbu along the Red Sea. It eration that led to Mr. Jack Conte, Patreon’schief over itsoil industryinex- tensions to anydeal. dent fortwo Western anchor couldn’t immediately be Khashoggi’skilling.PrinceMo- executiveand co-founder,said changefor cash. Over several AChinese investor is im- private-equity investorsteam- learned if all these pipelines hammed has acknowledged the therewas already a“changing years, PrinceMohammed pro- portant forSaudi Arabia since ingup. Abu Dhabi National Oil would be included in anydeal. killing happened on his watch tide” in the way artistswere moted an international listing the country accounts for a Co.persuaded BlackRock Inc. Thedeal is meant in part to but said he didn’t order it. connecting with their audi- of Aramcoshares beforedecid- large proportion of expected and KKR &Co. to drop their help Saudi Arabia raise money Alocal IPO of Aramco ences.The pandemic acceler- ing on alocal listing of avery global oil-demand growth. But individual bids and join forces from itsstate-owned energy shares in 2019 failed to attract ated it.The platform, which has small sliceofthe company. it would also provide an op- to secure a $4 billion mid- businesstofund investments significant foreign participa- drawnthe likes of Grammy- By holding on to amajority portunity for Beijing to in- stream pipeline deal in 2019. in technology, tourism and tion. International investors, winning guitarist SteveVai and stakeinthe pipeline business, crease itspresenceinaregion Under anyagreement, other industries.The kingdom though, have flocked to buy the “True Crime Obsessed” Saudi Arabia assures it re- long beholden to U.S. military Aramcoaims to sell the minor- has long sought to reduceits the country’ssovereign debt. podcast, has seen rapid growth mains in operational control of powerprojection. TheBiden ity stakefor between $10 bil- relianceonoil. Aramco, mean- Twobumper debt issues from in the past year and nowhas theassets. Adeal would set up administration is recalibrating lion and$15 billion in adeal while,wantsaninternational Aramcoalso drew overseas in- morethan 200,000 artistssup- ajoint venturebetween its relationship with Saudi that could value Aramco’snet- consortium to demonstratethe terest. ported by some seven million Aramcoand anywinning bid- Arabia, including trimming the work of oil pipelines at more attractivenessofthe country Thecompanyhired Moelis fans,companyofficials said. der,according to people famil- U.S. militarypresenceinthe than $20billion, these people as an investment destination &Co. latelast year to devise a Patreon, which isn’t profit- iar with the matter. That joint Mideast. said. Adeal could be an- forforeigners, according to strategyfor selling stakes in able,offersthree levels of venture would receive pro- Thefinal structureofany nounced as soon as this week. people familiar with the mat- some subsidiaries as the king- membership forcreatorsand ceeds from Aramcofor trans- winning group is still in flux, BloombergNewsreported ter. dom seeks cash to counter a takesa5%to12% cut of the porting oil along the pipelines. thesepeople said, and talks earlier this week that Apollo Saudi Arabia’sreputation pandemic-inspireddownturn, monthly income earned, plus a In some regard,the talks could still collapse.One possi- waspart of an investor group took ahit among foreign in- according to people familiar payment processing fee. As mark another step in apartial bility is that either Apollo or aiming to buy a $10 billion vestorsafter the 2018 killing with thematter. part of an international expan- reversal of Saudi Arabia’sna- EIGdropout of the consor- stakeinthe pipeline assets. of journalist Jamal Khashoggi —Sarah McFarlane sion, Patreon has added several tionalization of itsoil fields tium,according to people fa- Saudi Aramcooperates in 2018.InFebruary, the U.S. and Miriam Gottfried languages and currencies. and infrastructureduring the miliar with thematter. That morethan 90 pipelines across government cleared the re- contributed to this article. P2JW097000-0-B01400-1------XA

B14 | We dnesday, April 7, 2021 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Norwegian Bets Shots Will Give a Boost

Investorscheer cruiseline’s move to requirevaccines forpassengers, but notall companies would scoreequally if CDC gives nod

Cruise ships may not be able to JP Morgananalyst Brandt Mon- Six-monthth share-pricepperferformance than 50% are fully vaccinated. analyst Patrick Scholes, who pack as many passengers into their tour reasons that all industryplay- formajor cruiseline stocks At the same time, the majority pegged luxury at about one-third casinos as they would like for a erswill likely have to adopt the of younger Americans aren’t vacci- of Norwegian’s business versus while, but Norwegian Cruise Line same vaccination requirements. Carnival Norwegian Cruise Line nated, and many say they have no just 10% for Royal Caribbean Holdings still seems to value a Cruising out of the U.S. under any RoyalCaribbean plans to change that. More than Group. Carnival’s brands are good gamble. conditions would be apositivede- 100% 82% of adults under 30 haven’t known for being more mass mar- In an appeal to the U.S. Centers velopment forthe industry, given had a single vaccine dose, accord- ket on average. for Disease Control and Prevention that U.S. passenger ships have been 75 ing to the CDC, while a Pew Re- For its part, Carnival isn’t tak- on Monday, the company said it sidelined formorethan ayear now search poll taken in February ing a stance on vaccine require- would require all passengers and because of the pandemic.But Nor- 50 shows that 30% of American adults ments right now. However, it said crew to be vaccinated two weeks wegian’sspecific appeal clearly say they won’t get a vaccine. in a statement that it respects ev- before coming on board and hopes shows it understands akey point 25 It doesn’t seem likethe allureof ery company’s right to pursue to resume cruise operations from of differentiation forits business cruising will changemanypeople’s what it believes is right for its U.S. ports beginning July 4. that investorsmay have missed. 0 minds: AMarch survey from Cruise shareholders. The company previ- Thereisnoway to knowatthis While Carnival’s brands, espe- -25 Critic found that 80% of those who ously announced that it would point howthe CDC will respond. cially Carnival Cruise Line, are don’t plan to getvaccinated said a host a conference call Wednesday Still, shares of all three major known for catering to families and -50 vaccine requirement forcertain with analysts to give a business cruise lines rose this week,with younger adults, Norwegian’s pas- kinds of travel such as acruise update, and analysts expect the Nov. 2020 '21 Norwegian up asector-leading 12% sengers typically skew older. The wouldn’t changetheir thinking. topic of vaccinations to at least over the past two days.Some ana- company says passengers on its Source:FactSet Income also matters here. Peo- come up. lystsspeculated that the CDC Oceana Cruises and Regent Seven ple with lower income levels con- Carnival’s shares have been the could accept Norwegian’sproposal, Seas brands are predominantly those demographics set Norwegian tinue to be less inclined to get a best performing of the three major given it recently deemed travel over 65 years old, with passengers up particularly well for a vaccine vaccine than those with higher in- cruise lines over the past six “low risk” forthose who have been on its namesake Norwegian Cruise requirement. CDC data show that comes, Pew Research found. Nor- months, up 91%. If accepted, Nor- vaccinated. That would be great Line ships averaging about 52 75% of the U.S. population aged 65 wegian has the highest exposure wegian’s appeal could take some news forNorwegian, but it may years old. and older have received at least to luxury sailings of the big three wind out of Carnival’s sails. not benefit all cruise lines equally. U.S. vaccination data suggest one dose of a vaccine and more cruise lines, according to Truist —Laura Forman U.S. Is Primed For Spring Hiring Spree As Businesses Rebuild S NEW

G If you want them to come, you in January. Openings in the arts, better build it. entertainment and recreation sec- For businesses that got hit hard tor rose to 137,000 from 81,000. OOMBER by the Covid-19 crisis and that are That echoes thejob gains regis-

AN/BL hoping to ride the wave of demand teredinlast week’sbig jobs re-

MAD that will come as the crisis re- port—a snapshot of what the labor

RA cedes, building back their work- market looked likeasofmid-

ALEX forces will be key. After all, a res- March—which showedsignificant Canadian Pacific Railway last month said it would pay about $25 billion to acquire Kansas City Southern. taurant without enough cooks employment gains at restaurants can’t serve as many customers and and the like. And with far more a hotel without enough staff can’t people getting vaccinated against Railroads Gain Steam Again fill as many rooms. the novel coronavirus each daythan Signs are emerging that the even just afew weeks ago, moves to building-back process has begun. hireinpreparation forreopening The Labor Department on Tuesday could getevenmorepitched. Avail- said that as of the last day of Feb- able jobs on job-search siteIndeed Proposed merger, global transportation snags highlight value of rail network ruary there were a seasonally ad- were up 16.4%onApril 2fromtheir justed 7.4 million job openings in level on Feb. 1last year. the U.S., up from 7. 1 million a How effectively job openings Trains were the Teslas of the ington Northern Santa Fe, the railroads. A big one is the spread month earlier and the most since translate into job gains will obvi- 1800s. market value of North American of precision-scheduled railroad- January 2019. ously depend on how the course of Even after the wonder technol- railroads has risen sharply. That is ing—a management concept that Industries that have done well the pandemic transpires in the ogy went through several booms, despite a collapse in demand for has increased efficiency and train during the pandemic such as ware- months ahead. But it will also de- busts and bankruptcies, railroads the most lucrative commodity that speeds but annoyed some smaller housing have already been on hir- pend on how successful businesses still made up more than half of they hauled before Mr. Buffett’s customers. Kansas City Southern’s ing sprees. What was notable are at hiring. Filling a dishwashing U.S. market capitalization at the deal—coal shipped to power operating ratio, a measure of effi- about Tuesday’s report, however, job is harder than a lot of people turn of the 20th century just as plants—and the fact that volumes ciency, improved to 60.7% last year was the gains in job openings it might think—especially if the old cars and planes were about to ar- have been sluggish for about three from 72.8% a decade earlier. And, showed at businesses that were dishwasher left town during the rive on the scene. Their weight to- years. as concerns mount over global most damaged by the pandemic. pandemic or just got a job across day is far more modest, but recent An equal-weighted basket of warming, trains are well-placed to Job openings in the food services the street. The scramble for labor wobbles in the complex logistical shares of the remaining six Class 1 take advantage given their far and accommodation sector rose to might be about to get intense. web that delivers goods across the North American railroads bought greater fuel efficiency per ton mile 761,000 in February from 657,000 —Justin Lahart country and the world are a re- the day before Berkshire Hathaway than trucks for intercity freight. minder of how valuable their sys- announced the deal would have Railroads are also an excellent Change in job postings on Indeed sinceFeb.1,2020 tems still are. had a total return of 862% through hedge against rising energy prices, Last month’s deal to create the Monday compared with less than truck-driver shortages or worsen- 20% first freight-rail network that 300% for the S&P 500. Kansas City ing highway congestion. More ex- would link Canada, the U.S. and Southern, including the jump fol- pensive diesel often leads to an 10 Mexico is another. Canadian Pa- lowing announcement of its uptick in rail traffic. cific Railway, in its third attempt merger with Canadian Pacific, is Railroads aren’t the bargain 0 to hook up with a U.S. Class 1 rail- the best performer over that time they were when Berkshire Hatha- road, said it would pay about $25 with a more than 1,000% return. way pounced, fetching 24 times billion to acquire Kansas City A successful deal could bode forward earnings on average, ac- –10 Southern, the smallest of the ma- well for other players if it unlocks cording to FactSet, compared with jor U.S. lines. The deal is likely to further consolidation. Analyst Bas- 15 times back then, but it is hard –20 face a long approval process. Pre- come Majorsof Susquehanna Fi- to see them becoming less impor- vious bids to merge with Norfolk nancial Group notes that more tant in coming decades. What Mr. –30 Southern and CSX were unsuccess- deals could follow after 2022 if the Buffett said 12 years ago when he ful. official attitude toward consolida- announced his rail deal remains Since Warren Buffett’s Berk- tion has improved. true of the sector generally: “It’s –40 shire Hathaway said in November But even if the deal is blocked an all-in wager on the economic March 2020 ’21 2009 that it would pay $44 billion by the Surface Transportation future of the United States.” Note:Seasonally adjusted including assumed debt for Burl- Board, there are reasons to like —Spencer Jakab Source:Indeed Credit Suisse’s Turnaround Is Just Beginning

Crisis-hit stocks can become itsGreensill-related funds,the to- Pricetotangiblebookvalue ments, slow action to liquidate or increasingly competitivebusiness turnaround plays once the full ex- tallost market value is roughly 7 something else? Meanwhile, the of banking the world’swealthy. tent of the damage is clear. Credit billion francs.Ifvalued on the 2.5 times Greensill losses are still to be Thereare some glimmersoflight Suisse isn’t there yet, despite the same multiple of tangible book quantified and there remains a forshareholders. Thereisnosign best efforts of Chief Executive Of- value as UBS,Credit Suisse would question about what other risks yetthat the bank’slatesthigh-pro- 2.0 ficer Thomas Gottstein. be valued at roughly morethan 15 might be lurking. file missteps have impaired itsrep- The Swiss bank said Tuesday it billion francs morethan it is today. External and internal examina- utation with customers: Credit expects the collapse of U.S. family But none of this necessarily tions should provide some an- Suisse reported net asset inflows in 1.5 office Archegos to cost it 4.4 bil- means Credit Suisse shares offer swers, but Mr. Gottstein’s response the firstquarter,sofar.Also, lion Swiss francs, equivalent to value. They have traded at much isn’t as comforting as it might be. António Horta-Osório will soon take around $4.7 billion. Mr. Gottstein lower multiples than their cross- 1.0 UBS He is reversing his own July deci- over as chairman of the board, cut the dividend, suspended buy- town rival’s for nearly a decade, sion to combine the risk and com- bringing independenceand experi- backs and appointed new top man- despite a similar focus on wealth pliance departments under Lara enceinboth crisis management and agers to its investment bank, risk management. Mr. Gottstein’s latest 0.5 Warner, who has now left the com- turnarounds from his time at Brit- and compliance divisions. There actions only start the process of pany. The new interim chief risk ain’sLloydsBanking Group.More will also be external reviews into uncovering the problems underly- Credit Suisse officer is the same man who held speculatively,thereisthe chance the Archegos affair and the bank’s ing that discount. 0 the post from 2014 to 2019, while that Credit Suisse’scheap stock dealings with bankrupt supply- The Credit Suisse veteran was the new investment bank boss could makeitatakeover target. chain finance company Greensill. made CEO in February 2020 in an 2011 ’15 ’20 served from 2004 to 2008 on Leh- Overall, though, this feels more Credit Suisse stock only wob- attempt to draw a line under a Source:FactSet man Brothers’ senior team for Eu- like the beginning than the end of bled slightly on Tuesday, leaving spying scandal at the group. Since rope and Middle East. a process of corporate renewal. itsmarket capitalization down then, the bank has been touched question of why Credit Suisse’s Growth prospectsare likely to Those who see the Swiss wealth over 5billion francs sincelast by nearly every major financial Archegos losses are so much larger be lowerasthe bank’srisk man- manager’s shares as a bargain af- week’srevelationsofits exposure blowup: Luckin Coffee, Wirecard, than the other four banks servic- agement tightens.Any big overhaul ter a tough year need to be pre- to Archegos.Compared with the Greensill and now Archegos. ing the fund. Was it bigger posi- also will distract from the day-to- pared for further pain. start of March, beforeitsuspended There is still no answer to the tions, smaller margin require- dayoperation of the group in the —Rochelle Toplensky P2JW097000-0-R00100-1------XA ARTIFICIALJOURNINTELLIGENAL REPORT CE

© 2021 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. We dnesday, April 7, 2021 | R1 TIC O-MA X- MA How Can the Government Attract The AI Ta lent It Needs?

BY RYAN TRACY School of Computer Science. Megan McConnell is a Artificial intelligence could make McKinsey&Co. partner who advises public-sector or- rtificial intelligence has the poten- the government more efficient and ganizations on human-capital management, with a fo- tial to transform government, from effective. But first it has to hire the cus on AI. how it spends taxpayer money and Here is an edited transcript of the discussion. delivers services to how it protects people who can develop the new the public and fights wars. technology and make it all happen. But it can’t do that without a key APRESSING NEED A ingredient: talent. The problem is that the government The Wall Street Journal asked three experts to de- • WSJ: Why does the government need talent in the isn’t on the cutting edge of tech talent, in part be- bate the issue. Yll Bajraktari is executive director of area of artificial intelligence? cause it has to compete with the private sector, the National Security Commission on Artificial Intelli- • MS. MCCONNELL: We have to do it if we want to re- where the payoff is so much greater. gence, a group of industry executives and academics main a world superpower capable of delivering high- So, how does Washington attract—and keep—the that has studied the government’s AI needs. Martial quality critical services to the public effectively and people it needs to develop this new technology? Hebert is dean of the Carnegie Mellon University PleaseturntopageR5

Inside MentalRoadblocks to DriverlessCars Moving Targets Fewer Clouds Ahead BY IYAD RAHWAN cently disclosed that it has promises numerous benefits, As AI systems blow AND AZIM SHARIFF opened 27 investigations into concerns over safety and trust AI isn’t going to through bench- crashes of Tesla vehicles, and have become the defining is- marksresearchers As we get ever closer to the that four have been com- sue. The industry recognizes revolutionize weather establish, it’s time to era of driverless cars, a key pleted. Some of those investi- this. “People are ready to em- forecasting anytime soon, create testsfor question looms: How safe gations are related to the brace new vehicle technology, but it is already making more-elusive should autonomous vehicles company’s Autopilot driver-as- especially if it will make driv- predictions faster and —and more- be before we allow them on sistance system. Tesla didn’t ing safer,” said Greg Brannon, useful—skills. R4 the road in large numbers? respond to requests for com- AAA’s director of automotive more accurate. R2 The National Highway Traf- ment for this article. engineering and industry rela- fic Safety Administration re- Although AV technology PleaseturntopageR5

The Goading Robots Dr. Rahwan is a director of the Max Planck Institute for Human Development in Berlin. Dr. Shariff is an associate professor and Canada 150 research chair in moral psychology at the University of British Columbia in Vancouver. Jean-François Bonnefon, a research director at the Toulouse A study suggests how robots School of Economics in France and the former president of the European Commission could influence the way independent expert group on the ethics of driverless mobility, also contributed to this article. we behave in real life. R5 They can be reached at [email protected] P2JW097000-0-R00200-1------XA

R2 | We dnesday, April 7, 2021 THE WALL STREET JOURNAL. JOURNAL REPORT | ARTIFICIAL INTELLIGENCE

Damage in Louisiana from Hurricane Zeta in 2020.

Weather Forecasting: AI Can MakeItaBit Less Cloudy

The technology is “numerical weather prediction”— Worth officeofthe National 1,000 times moreefficient.” them, deep neural networkscould already helping increase mathematical models thatsimulate Weather Servicebegan advising Forinstance, the European Cen- predict rainfall in the next eight the speed and accuracy the world and atmosphere. In the thatunusually cold weather was terfor Medium-Range Weather hoursbetter than other state-of- pursuit of an ever moredetailed ren- on the way,and by aweekout Forecastscurrently simulatesthe the-art models. of predictions dering, today’smodels incorporate manymodels were estimating its globe as agrid of squares that are Governments and big businesses about 100 million piecesofdata intensitywithin afew degrees. 9kilometersonaside (roughly 5 have noticed the potential of AI. BYTED ALCORN eachday,alevel of complexitycom- Another challenge forAIisthat miles)and stacked 137 layers up Last October,the NOAA and Alpha- parable to simulations of the human it is bestatpredicting patterns that into the atmosphere. DeputyDirec- bet Inc.’sGoogle announced apart- my McGovern is brain or the birth of the universe. arecommon among the data it has torPeter Bauer says eachstepup nership to explorehow machine oneofthose rare Fordecades,this has produced trainedon—but weather matters in detail requires an exponential in- learning could help the agency people who moved steady improvements in forecast mostwhen it is extraordinary, such creaseinelectricity:The center’s moreeffectively use satelliteand to Oklahoma forthe accuracy.But in recent years, the as the Texasstorm, which tiedfor newest supercomputer will con- environmental data. This January, weather. proliferation of Earth-observation the coldesttemperaturesince1899. sume as much poweras6,000 the federal National Center forAt- Which isn’t to say satellites as well as newsensors, Justbecause AI hasn’t replaced households.Heand his colleagues mospheric Research invested $35 A she personally enjoys likethe air-pressuremonitorsinbil- are approaching the limits of what million in anew supercomputer the tornadoes that lions of mobile phones,have out- theycan affordorjustify, he says. with architecturemoresuitable for regularly tear through the stateor strippedscientists’abilitytointe- the latest AI techniques.And both the routine pummeling with golf-ball- gratethem into weather models. NOAA and its counterpart the Eu- sizehail. “I’monroofnumber three in And even crunching afraction of AI may prove Closertohome ropean Center have recently pub- 15 years,” she laughs. these data has demandedexponen- crucial for accurate Researcherssee promise forAIin lishedstrategies forincorporating But thatsevereweather is her tial increases in computing power short-term narrowerapplications,for example artificial intelligenceintotheir work. reason forcoming: Acomputer scien- to maketimely predictions. in using machine learning to create But some leading researchers tistwho formerly worked in robotics, The latest artificial-intelligence forecasts computed hyperlocal forecaststhatare more arecautious about overpromising. she wasrecruited by the University techniques work in afundamentally at a rapid speed. relevant forthe people receiving Stephan Rasp is no naysayer; he of Oklahoma’sschool of meteorology. differentway from older techniques them. Eventhe bestglobal models co-wroteone of the earlieststudies And lastfall, with $20million from by training neural networksonthis of weather aresimulatedataspa- showing thatAIcould efficiently the National ScienceFoundation, she deluge of data rather than on the tial resolutionofseveral kilometers, emulate certain aspects of forecast- launchedone of the country’s fore- laws of physics.Instead of using traditional forecasting methods so theymay accurately predict rain ing, and “artificial intelligence” is mostinstitutes applying artificial in- brute-forcecomputation to forecast doesn’t mean it won’tquickly alter in your county but don’t do as well even in the name of the startup telligencetoweather andclimate. weather basedonpresentcondi- them, however. Currentweather predicting rain on your block.Re- wherehenow worksasasenior AI is already making existing pre- tions,these networksreviewdata prediction is already so intensivein searcherssay deep learning mayal- data scientist, Climate.ai. But as he diction methods moreefficientand on weather from the pastand de- terms of computing powerthatit lowustodownscale from that sees it,much of the continuing re- contributing to increases in the velop their ownunderstanding of canrun only on the world’sfastest coarser geographytofiner-detail search is in theproof-of-concept speed and accuracy of forecasting, howconditions evolve. Rudimentary supercomputers, and scientists con- forecasts, by supplementing stage,having successfully applied and it shows promise fortracking AI techniques have been appliedto tinually trytopush the limits. Ma- weather forecastsfromconven- AI to simplifieddatasets butwith the paths of severe weather liketor- weather and climate fordecades, chine-learning techniques canre- tional methods with details such as fewexamples of actually improving nadoes and hail with greaterpreci- but recent advances in deep learn- ducepowerusage by emulating topographyinorder to interpolate weather and climate forecasts. sion. The technology isn’t going to ing and greateraccess to comput- parts of global weather models but howbroader weather patterns will He thinksitmay takeadecade replacetraditional weather forecast- erscapable of running them have with simpler computations and less be realized at specific locations. forthe field to determine whereAI ing but rather augmentand enabledaswiftuptick in research. power, and little change in accuracy. Machine learning mayalso prove canbeuseful andwhereitcannot. strengthen existing methods. AI techniques aren’t being used Sid Boukabara, principal scientist crucial foraccurate“nowcasting”— “If youhave ahammer,everything to generateforecastsontheir own, at the National Oceanic and Atmo- short-term forecastscomputed at a lookslikeanail. And Ifeellikethat’s at leastnot yet. Thatispartly be- spheric Administration’s Center for rapid speed thatisn’t feasible for whatweare doing at the moment.” Boosting efficiency cause traditional methods are SatelliteApplications and Research, traditional methods. Last spring, a Sincethe beginning of modern quitegood: Twoweeks ahead of thinks those gains will be signifi- pair of scientistsatGoogle Re- Mr.Alcorn is awriter in NewYork. weather forecasting in the 1950s,me- the winterstorm thatclobbered cant.“Forcertain components, it search showedthat,without any He canbereachedat teorologists have primarily reliedon Texasinmid-February, the Fort could be 10 times moreefficientto physical laws explicitly encodedinto [email protected].

top of it are used to inform pan- data in research at the national The Bias in demic response,” says Dr. Ho. “You level, there don’t appear to be Smartphone may, for instance, miss certain huge red flags,” he says. However, nursing homes, to the extent that when looking at regional-level Location Data our study shows that older popu- data, variations could occur, he lations are far less likely to be rep- says, depending on factors that resented in this data.” could include which apps are con- This data has been SafeGraph’s data is usedby tributing to the data, among oth- used by government morethan 1,000 organizations— ers. “With any data set, wherever during the pandemic including governmentorganiza- we’re trying to get information tions likethe Centersfor Disease about human behavior and what

Controland Prevention, academ- people are doing, we find issues S

ics and nonprofits—in efforts to particularly the finer you drill PRES monitor foot traffic as part of down,” he says. BY SUMAN BHATTACHARYYA TED Covid-19 research efforts. The Dr. Ho notes that mobility data OCIA

Mobility data from smartphones has Wall Street Journalhas previ- is just one of several tools used by SS helpedgovernmentand healthcareof- ously licenseddatafromSafe- public health authorities, including /A

ficials across the country make deci- A street in Brooklyn, N.Y., last month. Data that tracks people’s Graph foruse in itsreporting. A testing, hospitalization and fatality WENIG sionsinbattling the Covid pandemic, movements around cities and elsewhere can leave some people out. SafeGraph spokesperson says the rates and contact tracing. And SETH

likewhether to reducecapacityat companyprovides tools to help while smartphone mobility infor- S; public places or where to place test- professor at Stanford and one of cludes information about voters’ researchersmakeadjustments mation isn’t perfect, the solution PRES ing and vaccination centers. the authors of the study, race and age. The comparison forbias,aswell as aplatform for isn’t to ignore the data, but to TED

But the data may be flawed in The researchers suggest that showed that polling locations people to exchange observations make adjustments for bias where CIA many cases. A study from research- older people and people of color where more elderly and nonwhite with each other and with Safe- warranted, he says. “Our study SO AS

ers at Stanford Universityand Carn- may be less likely to carry smart- people voted were significantly Graph on “these and other poten- points toward ways in which we TE/ egie Mellon Universitysuggests phones or use apps that show more likely to be underrepresented tial research challenges.” can understand the sources of CA VO

that smartphone location data of- their location. They compared in the mobility data than locations Eli Fenichel, a professor of natu- bias, and as a result, think about AD ten leaves out some people who smartphone mobility data for elec- where more younger and predomi- ral-resource economics at Yale adjusting inferences to account for /THE could be most at risk from Covid-19: tion day in 2018 from geolocation nantly white people voted. University, says it’s important to these blind spots.” FEIG those who are over 65 years of age firm SafeGraph Inc., which in- That discrepancy “has pretty acknowledge the limitations of BILL

and those who are nonwhite. cludes no information on personal significant implications in the smartphone mobility data. “From Mr. Bhattacharyya is a writer in P: “Big data is not always represen- identities, with voter data for that ways in which this data and artifi- the reports that the data providers Philadelphia. He can be reached at TO tative data,” says Daniel Ho, a law day from North Carolina, which in- cial-intelligence systems trained on have given us in our use of the [email protected]. OM FR P2JW097000-0-R00300-1------XA

THE WALL STREET JOURNAL. We dnesday, April 7, 2021 | R3

C3 AI is solving previously unsolvable problems

Anti-money Inventory Laundering Optimization

Precision Health

Energy Predictive Management Maintenance

This is Enterprise AI.

©2021 C3.ai, Inc. All Rights Reserved. is amark of C3.ai, Inc. P2JW097000-0-R00400-1------XA

R4 | We dnesday, April 7, 2021 THE WALL STREET JOURNAL. JOURNAL REPORT | ARTIFICIAL INTELLIGENCE

BY JACKIE SNOW

The goal is to fuel advances in skills like reasoning and creativity.

and video, have broken through a passed. The judge could add moredif- succession of benchmarks. ficult requirements, such as going These faster and faster timelines from afive-line poem to something It’s Time to Come to beat benchmarks have researchers longer,insubsequentrounds. calling to structure benchmarks in a Like the Turing test, Lovelace was way that can keep up with the pace more of a thought experiment than Up With NewAI of innovation in AI. an actual test. When it first came “We now need to scale up the out, Dr. Riedl didn’t know of any AI benchmarks,” says Prem Natarajan, that could pass even one round. But the vice president of natural under- within a couple of years, papers doc- Benchmarks standing for Amazon Alexa. umenting systems that could create Amazon’s Alexa Prize, which chal- an image based on a text prompt lenges university students to create a started to come out.Earlier this year, chatbot that can naturally talk about DALL-E, a program out of the AI re- various subjects for 20 minutes and search lab OpenAI, could make The challenge now is to rectly identify which get a score from a panel of human whimsical illustrations based on a conversationalist is the human, the judges of at least 4.0 out of 5.0, is user picking a few phrases, like a create tests that can machine passes what Mr. Turing one of the company’s attempts to baby daikon radish in a tutu walking make AI truly useful called the Imitation Game. scale up a benchmark and make it a dog. Trying to passthe Turing Test last longer and test more abilities. “DALL-E is a very good example of wasthe goal forthe earliestAIef- The Alexa Prize has been held three a system that is potentially passing a BY JACKIE SNOW forts(although according to Michael times—the fourth iteration is ongo- round or two of the Lovelace test, Wooldridge, head of the computer- ing—without any team hitting either which is something in 2014 I didn’t ow do you measure artifi- sciencedepartment at the University the time or score, both of which are envision,” Dr. Riedl says. cial intelligence? of Oxford,Mr. Turing considered it needed to win. As farasheknows,his test hasn’t Since the idea first took largely justathoughtexperiment). Last month, the companyan- been usedbyany researchers. hold in the 1950s, researchers It wasn’t until the 1990s when nounced anew test calledthe Task- have gauged the progress of researchers started to shift the BotChallengethatitsaysisthe first AI by establishing benchmarks, benchmarks from matching human conversational AI challenge to incor- such as the ability to recog- intelligence to beating it on specific poratebothvoiceand images.The Accuracy vs. bias nize images, create sentences tasks, according to Prof. Wooldridge. test will seehow well an AI cango and play games like chess. “If you want a program to do some- back and forth betweenvoiceand im- As today’sAIsystems get smarter, H These benchmarks have thing for you, there is no reason for ages to get customersthe information it has laid barethe systems’short- proved a useful way to deter- theywant, starting comings,and this in turn has mine whether AI is better able to do more things— with cooking and promptedaneed to alter some and to drive researchers toward creating AI tools home-improvement benchmarks. Forinstance, facial-rec- that are even more useful. In the past couple of years, tasks. Afterthe con- ognition systems arestrikingly good In the past few years, AI systems have sur- benchmarks for understanding versation ends,the us- and yetcan’t alwaysrecognize passed many of the tests researchers have pro- erswill be asked to women with darker skin, in part be- posed, beating humans at many tasks. For re- natural language and judge the helpfulness cause the AI systems aretrainedon searchers, the mission now is to create deciphering digital images of the TaskBot on a data sets thatare weightedtoward benchmarks that could capture the broader kinds have been surpassed. scale of 1to5,aswell photosofwhitemen. of intelligence that could make AI truly useful— as provide free-form “The focus of all AI development benchmarks, for instance, that can reflect elusive feedback. wasall on accuracy,especially when it skills such as reasoning, creativity and the ability to “A lot of the useful came to benchmarks,” says Youjin learn. Not to mention areas like emotional intelli- it to be humanlike,” he says. “What things about AI is the interaction, Kong, an associate visiting professor gence that are hard enough to measure in humans. you want it to do is make the best how it brings in all these components of philosophyatOregon StateUniver- An AI system, for instance, can perform well decision possible.” Some advances into an integrated experience,” Mr. sitywho worksonethics and social enough that humans can’t always tell whether, say, were made, including an IBM com- Natarajan says. “The moment it be- philosophyinAI. “But what’sthe pur- an image or a paragraph was created by a human puter program beating chess cham- comes interactive, a new variable en- pose of competition to increaseaccu- or a machine. Or ask an AI system who won the pion Garry Kasparov in 1997, a ters into the benchmark, which is the racy if the data set itself is biased?” Oscar for best actress last year and it would have benchmark that was seen as a leap unpredictability of human responses.” The result is thatresearchersare no problem. But ask why the actress won, and the forward in AI development. trying to create balanced data sets af- AI would be stumped. It would lack the reasoning, terearlier benchmarksrarely consid- the contextualizing, the emotional understanding ered racism or sexism in the data sets that is needed to adequately answer. The AI spring Creativity or privacy forpeople includedinthem. “We’ve done the easy part,” says Jack Clark, co- benchmark Dr.Kong also points out thathow chair of the AI Index, a Stanford University report But advancements really picked up we evaluate human intelligenceis that tracks AI development. “The big question is, in the recent “AI spring,” which Creativity is another area that re- changing. The focus usedtobeall on what do really ambitious benchmarks look like in many would date as starting in searchers are struggling to develop IQ tests, but nowweare learning to the future, and what do they measure?” 2012. That was the year the Im- benchmarks for. “We don’t have a value social intelligenceand emo- After all, he says, “There is a big difference be- ageNet Challenge—a test to see if good definition of intelligence, and tional intelligence. This reframing tween telling me the right answer and telling me an algorithm could correctly detect we don’t have a good definition of could influencehow we measureAI’s the right answer with a very good explanation.” and identify what was shown in the creativity,” says Mark Riedl, an asso- competenceand intelligence. photos contained in a database of ciate professor at the Georgia Tech Gary Marcus, aprofessor emeritus

14 million pictures—saw a break- School of Interactive Computing. “But of psychology at NewYork University GES The Turing Test through. AlexNet, a type of AI algo- intelligence and creativity are inextri- and chief executiveofAIstartup Ro- IMA

rithm called a neural network, got cably linked.” bustAI, agreesthatareas such as ETTY A look back at benchmarks offers a vivid illustra- an error rate of 15.3%, a score 10.8 He proposedthe Lovelace2.0 test emotional intelligenceneed break- /G TO tion of how far AI has come, and the challenges it percentage points lower than the in 2014 as away to measurecreativ- throughs and will be hardtodefine

still faces. previous best attempt. After most ity. In the paper,heproposes having a with benchmarks. But thatshouldn’t CKPHO TO

The first benchmark came from the English competitors had error rates under human judge givethe AI acreative stopresearchersfromexploring those IS S:

computer scientist Alan Turing. In 1950, Mr. Turing 5% in 2017, the researchers behind task—say, create apoem or painta areas,saysDr. Marcus.“Benchmarks TO

wrote, “I propose to consider the question, ‘Can the contest said they would work picture—basedonaspecific request. If shouldn’t be the only way we do sci- PHO ,

machines think?’ ” To determine that, he described on a new, more challenging version. the human judge finds thatthe AI fol- ence,” he says. SJ an experiment—later dubbed the Turing Test—in In the past couple of years, sys- lowedthe request, as well as any

which a human judge considers a conversation be- tems that can understand natural other parametersthe judge might Ms. Snow is a writer in Washington, SIMON/W tween a person and a machine designed to gener- language, as well as those that can add, such as thatthe creation be D.C. She can be reached at ate humanlike responses. If the judge can’t cor- accurately decipher digital images novelorsurprising, then the AI has [email protected]. JOHNNY P2JW097000-0-R00500-1------XA

THE WALL STREET JOURNAL. We dnesday, April 7, 2021 | R5 JOURNAL REPORT | ARTIFICIAL INTELLIGENCE

Research Suggests Wanted: AI • MR. BAJRAKTARI: A lot of people about bias and fairness explicitly in think that compensation is the key our curriculum. This is something How Robots Could Workers for the thing that drives young people to that is going to become fundamen- go to the private sector. Honestly, tal to what we call AI. Affect Behavior Government we’ve talked to hundreds of compa- nies in the last two years, and a lot of people are still motivated by an • WSJ: Mr. Bajraktari, can you tell Arobotgoadedstudents ContinuedfrompageR1 opportunity to work on solving us about the commission’s recom- efficiently. I think it’s as big and as real-world problems, whether on mendation for a new U.S. Digital to takemorerisks simple as that. climate, healthcare, disaster-related Service Academy? • MR. HEBERT: Thereusedtobethis activities, there’s so many. BY LISA WARD viewthatAIisthis separatething • MR. BAJRAKTARI: We have three overthere, this separatespecialty big, bold ideas in our final report. an a robot encourage risk-taking be- issue thatone candeal with sepa- One is how you create Digital Corps havior? rately.Thatisdefinitely notthe within agencies [to recruit, train Anew study,titled“The RobotMade case. This is aset of skills and and place personnel]. Me Do It,” suggests it maybepossible. knowledge thatisnecessary across The second big idea is youneed The researcherslooked to seeifa3-foot, all the applications of government to create aNational ReserveDigi- C 9-inch robotnamedPepper could influ- and all functions. tal Corps.The militaryhas are- encestudents’inclination to makerisky • MR. BAJRAKTARI: If our govern- servecorps,but there’snothing decisions in alaboratorysetting. Better understanding ment doesn’t have the right AI tal- similar forcivilians who don’t howpeople interact with robots, especially the influence ent, it won’t know what to buy. It want to quit their full-time job, the machines mayexert in certain contexts,could be in- won’t know how to buy it intelli- Yll Bajraktari and theywanttocontribute creasingly important as robots start to become more gently. It wouldn’t know how to build somethingfor the mission. present in everyday life—including delivering packages, the systems it needs to build. Lack The one that you mentioned is a giving directions at airportsand motivating rehabilitation of AI talent has led to a waste of degree-granting university where patients during physical therapy. money, lost time, lost opportunities students would attend tuition-free, In the study,students repeatedly took acommonly for our agencies to move out in this have a highly technical education usedtesttoassessrisk-taking behavior,digitally pumping critical technology. If we allow the and graduate with a five-year ser- up aballoon while trying nottopop it.Each studenttook status quo to endure, most of the vice obligation. the test 30 times.For each balloon, theyearnedone Brit- government’s efforts to integrate AI ish penny(about 1.4 U.S. cents)for everypump.Ifthey will continue to struggle. stoppedpumping beforethe balloon burst,theykeptthe • WSJ: Dean Hebert, what do you money. If the balloon exploded, theylostthe money. think of this idea of a new Acad- Martial Hebert During the test,the robotencouragedsome stu- • WSJ: What kind of deficit is the emy? Would you be concerned dents to continue inflating the balloon before moving government facing right now? about competing with the govern- on to the next balloon, saying such phrases as, “Why ment for these students? nottry one moretime?” and “I think youhave time be- • MS. MCCONNELL: When you think fore an explosion.” If a student pumped more than 50 about the functions and the posi- • MR. HEBERT: I think we are very times,the robotwould saythings like, “Well done!” and tions that you need, right now most far from a situation where we are “Amazing.” And if the balloon exploded, the robotwould of that is being outsourced to con- actually competing. In fact, by hav- say such phrases as, “Well, do better next time” or “It tractors. We don’t have that much of ing the academy define what this wasn’t a good balloon.” that talent inside the federal govern- “AI in government” curriculum looks The students who took the test while in the pres- ment, and that’s a real problem. like, we all benefit from that. And enceofthe talking robotwere20% morelikely to keep • MR. HEBERT: In addition to the de- we now attract more students in pumping the balloon than the controlgroup,who took velopers of technology deployment, that space. the test without the robotpresent, and nearly 40% there is a need for AI literacy—being Megan McConnell • MS. MCCONNELL: If there’s an op- more likely to pop the balloon than the control group. able to understand the AI. That goes portunity to have students commit- “Receiving directencouragementfromthe robot at all levels, not just those who are One student said to us that by ted to public service early and re- overrode participants’ directexperiences and feedback,” close to the technology, but the deci- the time they will get the first job ward them with financial support says Yaniv Hanoch,anassociate professor at South- sion makers. interview with the government, for their education and some ser- amptonBusinessSchool in England and one of the pa- • MS. MCCONNELL: The thing is that they would already pass through vice due back, not only could you per’s co-authors. In fact, after the balloon popped, the for our competitors, there’s a lot several steps of getting hired in the bring more in, but we also know group thatkeptreceiving encouragementdidn’t change fuzzier of a line between the private private sector and receive an offer. that that’s often the best way to their behavior with subsequentballoons,while the stu- sector and government. For better or It usually takes 12 to 18 months for get more women and minorities dents who took the test without encouragementre- worse, we have to compete in the anybody to be cleared by the gov- into these fields. duced the number of times theypumpedthe next bal- employer marketplace for this talent. ernment and have access to tools loon, likely learning from the negative outcome. The competition is fierce. With de- and software systems. For young The talking robot was likely able to exert influence mand outstripping supply by four people, this is unacceptable. • WSJ: Once you’ve got these tal- on risk-taking behavior through positive and negative times, at least, we have to take re- • MS. MCCONNELL: Purpose and ented individuals in government, reinforcementinthe same way ahuman might, Dr.Ha- ally direct action. meaning. The governmenthas how do you get them to stay? noch says. The researchers, however, found that stu- done areally poor jobofcommu- dents who had no robotpresentacted the same as stu- nicating that. • MR. HEBERT: First,pay attention dents who had a robot that was present but silent. • WSJ: Dean Hebert, give us the If we’rejustwaiting forsome- to the fast cycle of change in that If robots caninfluencerisk-taking behavior,saysDr. view from your students. What do one to find ajob on [government- technology,then have tools and Hanoch, the implications aremany—and could have pos- they want when they’re looking for job website] USAJobs,there’sa procedures in placetocontinue itive or negative effects. For instance, he says, robots a job, and how does the govern- couple of issues with that. First, education and training of these could encourage soldiersortraderstotakeunnecessary ment become part of that? only 30% roughly of Americans people. risks, or conversely encourage gamblersornovicedriv- arelooking foranew job at any Second, it’s kind of the elephant erstoavoid dangerous behaviors. Still, forrightnow,at • MR. HEBERT: Theywantaninter- given time.Ofthose,not all have in the room: The differential in least, “it’s very theoretical,” he says. esting and exciting career.Alot of considered public service. The sec- compensation. emphasis has been put on AI as a ond thing is we knowthatwomen • MS. MCCONNELL: The question Ms.Ward is awriter in Vermont. She canbereachedat way to develop new, interesting and, to alarge extent, minorities that government should be asking [email protected]. products.Weneed to put moreem- will only put themselves forward is, “How can I be a launching pad or phasis on AI as away to improve forajob when they’re 100% confi- a major stop along this person’s ca- people’s lives [and howtheycan do dentintheir qualifications,versus reer path?” thatinagovernmentjob]. Thereare 60% foraman. Youhave seven- • MR. BAJRAKTARI: After 9/11, our alot of stories thatare notknown page job descriptions on USAJobs. government used to incentivize enough. Forexample,this idea of AI These groups maynever even people that spoke different lan- as enabling communities thatdo raise their hand. guages, specifically people that nothave access to anumber of spoke Middle Eastern languages. technological resources to nowhave You can have those kinds of pro- access to those resources—in • WSJ: To what extent do they grams where people with comput- healthcare, infrastructuremonitor- have concerns about ethics— ing skills are incentivized to stay. ing and manyother topics. about it being used for surveil- And then, you need to reskill the lance or war—when they think current workforce through online about a government job? training, recertification. • WSJ: How does the government make jobs • MR. HEBERT: This is foremost in Mr. Tracy is a Wall Street Journal attractive to young people? the mind of students. We are em- reporter in Washington, D.C. Email bedding now ethics and questions him at [email protected].

than-average AVs may be jorityofrespondents thought safety? We tried a de-biasing save thousands, if not hun- undermined by a host of if everyone drove as theydid, technique designed to help dreds of thousands, of lives psychological biases in the 66%ofaccidents would be people recognize their ten- in the long term that could minds of consumers. We in- eliminated. And the higher dency to inflate their own be lost while we perfect AV vestigated two of these bi- people ratedtheir owndriving driving skills. Interestingly, technology. ases in an article we pub- safety,the safertheywanted this intervention succeeded However, what we show is Pepper could be a very persuasive robot. lished on March 15. We AVstobebeforetheywere in reducing people’s assess- that if regulators were to al- asked a representative willing to adoptthem. ment of their own driving low the broad deployment of group of Americans how In addition, we found evi- skills, though not completely: 10%-safer AVs, psychological much safer AVs would have dence for a phenomenon People now only thought biases could interfere with to be, compared with hu- called “algorithm aversion.” It they were, on average, in the large-scale adoption and thus man drivers, for them to be refers to the reluctance of 60th percentile of drivers. prove to be a substantial willing to ride in such cars. humans to use superior but Unfortunately, however, they public health hazard insofar Mental Roadblocks If AVs were to eliminate imperfect algorithms. Our didn’t budge when it came to as they prolong the era of 10% of today’s accidents, study participants showed how safe they wanted AVs to relatively dangerous human To Driverless Cars thus being substantially more aversion to riding with be. This suggests that peo- driving. safer than the average hu- AVs than to riding with a hu- ple’s safety requirements for Focusing the discussion man, only 11% of people AVs may be particularly too much on safety may be ContinuedfrompageR1 from heretothere. Area- would be willing to adopt sticky, and more research is one of the problems.Before tions, upon the release of re- sonable timeline forwhen them. Even if AVs caused Excessive concerns needed to find ways to cali- the pandemic, the average sults from its latest public- AVsshould be rolledout en accidents at half the rate of over safety may keep brate them. American spent over 52 min- opinion survey in February. masse is when theyare at human drivers, only 37% of This leaves decisions utes a day commuting—time As the technology improves, leastassafeasthe average Americans would opt in. To AVs off the road— about safety thresholds for psychologists have found is

S AVs promise extraordinary driver.Then notonly would make matters worse, about costing many AVs in a difficult spot. A 2017 the least happy part of their

PRES safety benefits. A 90% reduc- we reap their economic and 15% of people would need thousands of lives Rand Corp. study illustrated day. AVs promise to give us tion in traffic fatalities—cited socialbenefits, but we would AVs to have a perfect the consequences of an ex- that time back—for working,

ZUMA in a 2015 report from McKin- also be saving lives.And im- safety record before they cessive safety threshold by for sleeping, for all sorts of

/IP3/ sey—is the most frequently portantly,wewould rapidly opt in. What might cause man driver, even if these two simulating 500 possible fu- activities.While safety RD repeated figure. begin to accumulate the such inflated safety de- modes of transportation ture scenarios. In almost all should always be the priority SA But these promises are data needed to driveAV mands from AVs? We iden- were equally safe. scenarios, if we wait for AVs of the AV industry, perhaps

MORIS manyyears, if notdecades, safety levels up even further. tify two primary reasons. Is there anything we can to be 90% (rather than 10%) the communication about from being realized.The chal- Unfortunately, the broad First,there’soverconfi- do to reduce people’s exces- safer than the average hu- AVs should focus more on RELIEN AU lenging part is howtoget acceptance of just-better- dence. In our study,the ma- sive expectations for AV man driver, we risk failing to these other benefits. P2JW097000-0-R00600-1------XA

R6 | We dnesday, April 7, 2021 THE WALL STREET JOURNAL. JOURNAL REPORT | ARTIFICIAL INTELLIGENCE

Israel’s Sheba Medical Center used synthetic data to help it plan the treatment of Covid-19 patients.

BY DOV LIEBER faster,” Mr. Phillips says. Made-Up Patients, Michael Lesh, the founder and esearchers in Israel chief executive of California startup were happy to get their Syntegra and a professor of medicine hands on data about Real-LifeMedical at the University of California San thousands of Covid-19 Francisco, sees a possible role for patients, including a 63- synthetic data in clinical drug trials, year-old father of two Results especially in cases where drug com- R who wasadmittedtothe panies are struggling to find study emergency room with subjects. Covid-19 and soon recovered. It wasthe ‘Synthetic-data technology’ could speed up medical “It’s truly radical. It could shave early days of the coronavirus pandemic years off the drug-approval process,” and the treatments usedfor this pa- innovations without compromising privacy says Dr. Lesh, adding that Syntegra tientcould provide invaluable insight has discussed using synthetic data in into the then little-understood virus. clinical trials with the U.S. Food and Normally, it would have been un- sor at Brunel University London and ScienceGroup, that helps clinicians Drug Administration. thinkable to share sensitive medical author of a study published in Nature decide when patients should be given The FDAsaid in statementthatit’s details, such as the patient’s use of in November showing the validity of a drug treatment such as remdesivir “following developments” in the syn- Lipitor for high cholesterol, so quickly, using synthetic data as a substitute or sent to the ICU. thetic-data spaceand “would encour- without taking measures to safeguard for real healthcare data. Sheba also was able to integrate age anyone seeking to use synthetic his privacy. But this man wasn’t real. its electronic health records with data approaches in aregulatory sub- He was a fake patient created by algo- those of Israel’s second-largest HMO, mission to FDAtoseekadvicefrom rithms that take details from real-life Testing ground Maccabi Health Services, to give cli- the relevant center at the FDA.” The data sets such as electronic medical Synthetic-data technology has been nicians a far broader view into the agency said it doesn’t commenton records, scramble them and piece around for several years, and there medical histories of Sheba’s Covid-19 talkswith privatecompanies. them back together to create artificial are many synthetic-data companies patients, helping them find links be- patient populations that largely mirror working in industries such as finance tween pre-existing conditions and the the real thing but don’t include any and insurance. A new wave of tech- virus’s toll on its victims. Close enough real patients. niques designed to better preserve “People were completely as- Not all synthetic healthcare data is Medical researchers and data scien- statistical patterns while protecting tounded by how quickly we did this,” built from the medical histories of tists say such “synthetic” healthcare privacy, however, cleared the way for says Eyal Zimlichman, the hospital’s real patients. data has the potential to speed up its use in healthcare more recently, chief medical officer and chief inno- MitreCorp., a U.S. nonprofit that medical innovation. The rapid digitiza- industry insiders say. While synthetic vation officer. If Sheba or Maccabi oversees federally funded research- tion of health records has created data isn’t widely used in healthcare had been using real patient data, it and-development projects across a troves of patient information that can yet, the Covid-19 pandemic acceler- would have taken many months for variety of fields, has created Synthea, an open-source tool that can gener- ate populations of fictional patients that aren’t based on medical records. Instead, Synthea enables research- The pandemic ers to create realistic patients from scratch, using health and disease sta- accelerated demand tistics, demographic data, academic for synthetic data research and other publicly available data sources. The program can simu- in healthcare. late what usually occurs to people with various health conditions from birth to death. Since the technology is open source, it is continually being committees to approve its use and tweaked by researchers to create make it privacy-friendly by stripping more-accurate disease models. out personal details, he says. The marriage of healthcare and Scientists aren’t yet relying solely synthetic-data technology comes at a on synthetic data for research, Dr. time when faith in the current meth- Zimlichman says. They are testing ods for protecting privacy of health- their hypotheses on synthetic data care data is eroding. first, then retesting them on real pa- Still, some privacy experts worry tient data before submitting studies that synthetic healthcare data in gen- to medical journals for publication, he eral hasn’t been sufficiently vetted to Sheba’s chief medical officer says ated demand for it as providers and says. The use of synthetic data is ensure that the anonymity it prom- synthetic data accelerated the researchers rushed to understand the sometimes described in the industry ises is irreversible. hospital’s Covid analysis. virus and find treatments. as a sandbox, allowing researchers to “My impression is that the work Israel, which has an advanced digi- easily test as many hypotheses as being done in this space has a lot of tal national healthcare system and they would like, without having to go potential but it isn’t being specifically be analyzed by algorithms and har- electronic medical records going back through the long process of request- scrutinized,” says Katrina Ligett, as-

nessed to improve disease-treatment 20 years, has become a strong test- ing real data. sociate professor of computer science GES

models and develop new products and ing ground for the technology. All In North America, a handful of at Hebrew University of Jerusalem, IMA services. But patient information isn’t four of the country’s HMOs and health systems and medical schools, and head of the program on internet GETTY

easy to get because privacy laws re- healthcare providers such as Sheba as well as government agencies such and society. SE/ quire medical data to be stripped of Medical Center, Israel’s largest hospi- as the U.S. Department of Veterans Prof. Ligett says mathematically names, addresses and other identifying tal, are clients of MDClone, an Israeli Affairsand National Institutes of speaking, you cannot have full privacy

details before it can be shared, a time- startup with a platform for creating Health, are using synthetic healthcare without introducing randomness into ANCE-PRES FR consuming process that can take synthetic data from medical records. data to study and develop new treat- the data that would impact accuracy.

months. Even those measures don’t Early in the coronavirus pandemic, ment options. But practitioners of synthetic-data ENCE AG satisfy some privacy advocates, who Sheba used MDClone’s platform to At Intermountain Healthcare, a science say they aren’t trying to cre-

point to studies showing that it is pos- synthesize data from its Covid-19 pa- health system based in Utah, re- ate an exact mirror image, just some- GUEZ/ CK

sible to re-identify patients even after tients. The hospital then invited data searchers have used synthetic data thing close to the real thing. JA data sets have been anonymized. scientists from around the country to produced from MDClone’s platform to “Synthetic data has to tell the Enter synthetic-data technology. glean whatever knowledge they could advance close to 80 projects aimed same story as the original data. It’s “The key advantage that synthetic about Covid from the data set. More at improving patient care, says Mike never 100% identical. The key is it data offers for healthcare is a large re- than 40 groups signed up to help, the Phillips, a radiologist by training and has to be close enough,” says Ziv UN/REUTERS; duction in privacy risks that have hospital says, including startups, aca- a partner of Intermountain’s venture Ofek, CEO of MDClone. ZVUL

bugged numerous projects [and] to demics and multinational companies. fund, which invests in startups that NEN RO

open up healthcare data for the re- The initiative ultimately led the spur healthcare innovation. Mr. Lieber is a reporter for The Wall P: search and development of new tech- hospital to implement an algorithm, “By democratizing the data, you Street Journal in Tel Aviv. Email him TO nologies,” says Allan Tucker, a profes- developed by Israeli company Data can get to these changes much at [email protected]. OM FR