EU Moves to Isolate Belarus After Plane Was Forced Down

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****** TUESDAY,MAY 25,2021~VOL. CCLXXVII NO.121 WSJ.com HHHH $4.00

DJIA 34393.98 À 186.14 0.5% NASDAQ 13661.17 À 1.4% STOXX 600 445.07 À 0.1% 10-YR. TREAS. À 6/32 , yield 1.608% OIL $66.05 À $2.47 GOLD $1,884.60 À $7.90 EURO $1.2217 YEN 108.76 National Guard Winds Down Mission in Nation’s Capital Amazon What’s News Closes In On Deal Business&Finance For MGM mazon is nearing adeal Ato buy the Hollywood studio MGM foralmost $9 With price of almost billion including debt, apact $9 billion, film studio that would turn afilm oper- ation founded in the silent would build streaming era into a streaming asset assets for tech giant forthe e-commerce giant. A1  Ghosn is preparing for Amazon.comInc.isnearing a voluntary meeting with adeal to buy the Hollywood French investigators who studio MGMHoldingsfor al- plan to question him next most $9 billion including debt, week about payments he said people familiar with the made as head of Renault. A1 matter, apact that would turn  U.S. stocks rose, with afilm operation founded in the the Nasdaq, S&P 500 and silent eraintoastreaming as- Dow advancing 1.4%, 1% setfor the e-commerce giant. and 0.5%, respectively. B11 By Juliet Chung,  China’s efforts to re- GES Joe Flint strain cryptocurrencytrad- IMA ing and mining are adding and Erich Schwartzel to the wild moves in bit- GETTY H/ An agreement could be made coin and other markets. B1 SC public as early as this week,  U.S. shale drillers Cabot DIET people close to the situation

and Cimarex said they plan to KEVIN said,assuming the talks don’t merge in an all-stock deal that MOVING OUT:Troops from the National Guardprepare to leaveWashington, D.C.,Mondayastheir task of providing security fall apartatthe last minute. would combine firms oper- forthe U.S. Capitol following the Jan. 6attackconcludes.The Guardwill end itsmission Wednesday, the Pentagon said. A4 The deal would mark Ama- ating in differentregions. B1 zon’ssecond-largest acquisi- tion in history, behind its$13.7  Bank of America’s Mer- billion purchase of Whole rill Lynch Wealth Manage- Foods in 2017, and highlight ment unit banned trainee bro- the premium that content is kers from making cold calls in EU MovestoIsolateBelarus commanding as streaming their search fornew clients. B1 wars forceconsolidation and  Sales of new collateral- drivebiggerplayers to bulk up ized loan obligations are with assets. hitting records, lifted by a AfterPlane WasForcedDown The privately traded MGM recovering economy and wasvalued around $5.5 billion, demand from investors. B1 including debt, last December. Itsstock pricehas soared in  Lordstown Motors said European Union leaders Dominic Raab said Britain was arrested Mr. Protasevich be- Minsk,had no health problems recent days,fromabout $105 a it faces higher-than-ex- agreed to impose anew round suspending the operating per- fore allowing the plane to con- and wasbeing treated in ac- shareinmid-May, beforetalks pected costs, is cutting its of sanctions against Belarus mit of Belarus’snational airline tinue itsjourney. cordance with the law. were reported. Theshareprice 2021 production forecast and ban itsairlines from enter- and advising U.K. airlines to Theincident has raised “Right now, Iamcontinuing reached $150 Mondayafter- by at least 50% and needs ing the bloc’sairspaceand air- avoid the former Soviet coun- questions over the legality of to cooperatewith investigators noon,after TheWall Street to raise more capital. B3 try’sairspace. the plane’sgrounding.Mr. and making confessions re- Journal reported news of the  Nielsen’s finance chief By Benjamin Katz, TheEUcalled forthe re- Raab condemned the incident garding my role in organizing expected deal. is allocating funds to anew Parmy Olson lease of the journalist, 26- as “a shocking assault on civil massunrest in Minsk,” he said, Thefabled movie and TV TV-ratings platform after and Ann M. Simmons year-old Roman Protasevich, aviation and an assault on in- seated with hands clasped. studio had around $2 billion of the sale of the company’s and his traveling companion, ternational law,” which “repre- Exiled Belarusian opposi- long-term debt at the end of market-analytics business ports, aday afterthe country’s along with afull investigation sentsadanger to civilian tion leader Svetlana Tikha- March. It has long been con- earlier this year. B4 president forced aplane carry- of the incident. flights everywhere.” novskaya said he looked as sidered in play, but hired in- ing adissident journalist to On Sunday, President Alex- A video of Mr. Protasevich, though he had been forced to vestment banks LionTree LLC World-Wide land and then arrested him. ander Lukashenko of Belarus which circulated on opposition make the video. and MorganStanley latelast Lithuania has already ordered ajet fighter to forcea social-media accountsonMon- PleaseturntopageA6 PleaseturntopageA4 stopped flightsfromleaving or Ryanair commercial aircraftto day, showedhim in adark  EU leadersagreed to arriving through Belarus air- land as it waspassing through sweatshirt, saying he wasina  Capture of journalist shows  TV networks stick to the impose anew round of space. U.K. Foreign Secretary Belarus airspace. Authorities pretrial detention facility in crackdown’s reach...... A6 familiar with new shows..... B1 sanctions against Belarus and ban itsairlines from entering the bloc’sairspace and airports, aday after INSIDE TheWuhan LabLeakDebate: Lukashenko, the country’s president, forced aplane carrying adissident jour- nalist to land and then had Disused Mine at Center Stage him arrested. A1, A6  Biden sent Secretary of State Blinken to the Mid- Not predominant hypothesis, yet scientists call for deeper probe dle East in an effort to

safeguard the cease-fire OL

PO DANAOSHAN,China—On the outskirtsofa for escalating calls foramorethorough probe

between Israel and Pales- S villagedeep in the mountains of southwest intowhether the pandemic could have tinian militant group

/PRES China, alone surveillancecamerapeersdown stemmed from aChinese laboratory. Hamas following 11 days of toward adisused copper mine smothered in In April 2012, six minersherefell sick with intense fighting. A6 WENIG

CK amysterious illnessafter entering the mine to

 NewYork City public TO clear bat guano.Three of them died. SETH

IS By Jeremy Page, schools won’t offer remote Betsy McKay Chinese scientistsfromthe Wuhan Institute learning this fall, requir- BUSINESS&FINANCE SPORTS and Drew Hinshaw of Virologywerecalled in to investigateand, ing studentstoreturn to Cold calling goes the Exuberantcrowdsof aftertaking samples from batsinthe mine, classrooms in September, wayofthe landline for fans areback,and dense bamboo.Asnight approaches,bats identified several newcoronaviruses. MayordeBlasio said. A3 swoop overhead. Now, unansweredquestions about the min- traineebrokers at competitions begin to  Florida‘s governor signed This is the subterranean home of the clos- ers’ illness, the viruses found at the siteand BofA’s Merrill. B1 feel normal again. A16 est known virus on Earth to the one that the research done with them have elevated abill aimed at making big causes Covid-19.Itisalso nowatouchpoint PleaseturntopageA12 tech platforms moreaccount- able fortheir content deci- sions,amovewith political overtones that appeared likely to draw legal challenges. A4 Ghosn Braces forNextLegal Battle  TheFAA has determined that Mexico’s oversight of BY NICK KOSTOV Mr.Ghosn in late2019 “I’vebeen looking forward aviation falls short of top- evaded trialinJapan over alle- to it,” he said from an antique tier international standards BEIRUT—Fugitiveex-auto gations of financial misdeeds as armchair in aboutique hotel and plans to downgrade the executiveCarlos Ghosn said he the head of Nissan Motor Co. here. “I would have liked them country’ssafety rating. A10 is content with his lifeinLeba- by fleeing the countryinacon- to come much earlier.” As-a-service,  Opposition to the Tokyo non and ready forhis next chal- cert-gear box.Inaninterview, As thecenter of gravity of Olympics opening in two lenge—dealing with ateam of he said he has been preparing Mr.Ghosn’slegal jeopardy French investigatorswho plan forthe voluntarymeeting with moves from Japan to France, months has deepened in at your service. to question him next week the French investigators the 67-year-old denied wrong- Japan and spread to some prominent business lead- about paymentshemade as the through hourslong sessions doinginboth venues.Healso head of Renault SA. with his lawyers. PleaseturntopageA10 ers in that country. A10 Introducing APEX, technology  Scientistsare making as-a-service thatscales on demand, strides toward restoring lim- Nail Polishand Teeth Whitener Are Allthe Rage Now so nothing holds youback. ited vision to people affected by apreviously irreversible iii form of blindnesscaused by Learn moreat retinitis pigmentosa. A3 ‘Everyone wantstolook their best’asAmericastartstoreopen DellTechnologies.com/APEX

CONTENTS Opinion...... A17-19 BY SARAH NASSAUER and condoms are in high de- 25-year-old political consul- Arts in Review... A15 Personal Journal A13-14 Business News...... B3 Sports...... A16 AND SHARON TERLEP mand. Sales of perfume, nail tant thought, “I have amonth Capital Journal...... A4 Technology...... B4 polish, swimsuits, sun- to getready.” He ordered Crossword...... A15 U.S. News...... A2-4 Americansare cleaning up screen, tuxedos,luggage teeth-whitening gel on- Heard on Street.B12 Weather...... A15 nicely. and alarm clocks are line,has been using more Markets...... B11 World News..... A6-10 As vaccination rates climb climbing fast, according facial treatment masks and restrictions on human in- to companies that make and tanning outside, he > teraction ease,shopping carts these productsand said. “It will be awkward are filling up with items de- large retailers. meeting strangersagain,” signed to facilitatepeople’sre- When the mayorof he said. “Everyone wants entryintocivilization instead Washington, D.C.,an- to look their best.” of toilet paper and baking nounced that bars and Thesurge in grooming s 2021 Dow Jones & Company, Inc. All Rights Reserved flour. clubs would fully reopen Don’t productsand travel gear Deodorant, teeth whitener in June,Landen Lama, a sweat it PleaseturntopageA2 P2JW145000-6-A00200-2------XA

A2 | Tuesday, May 25, 2021 ****** THE WALL STREET JOURNAL. U.S. NEWS Brainard Warns of Digital Money Risks

The Fedgovernor says waysthat impose burdens and Ms.Brainardsaid the Fedis raise costsfor households and looking at how a central bank widespread use of businesses,” Ms.Brainardsaid. digital currencycan deal with privatefunds could She added “a predominance the public’s shift toward digi- of private moneys may intro- talpayments, while lowering affect paymentsystem duceconsumer protection and cost and speeding up financial financial stability risks be- transitions.The Fedalso BY MICHAEL S. DERBY cause of their potential volatil- would liketoextendaccessto ity and the risk of run-likebe- those who don’t currently Federal Reservegovernor havior.” have bank accounts with pri- Lael Brainardwarned that So-called stablecoins,which vate institutions. even privatemoney that ex- seek to tie the value of their The Fed isn’t alone among plicitly seeks stability relative respectiveofferingstothe dol- official attemptstolaunch to government money carries lar,aren’t risk free,Ms. Brain- fullydigital money.Central notable risks for the financial ardsaid. “It is not obvious banksaround the world also system, in remarks that reiter- that newforms of private are looking at digitizing their S ated her view that any rise in money that referencefiat cur- ownmoney and China is mov- inflation is unlikely to be en- rency, likestablecoins,can PRES ing aggressively on that front,

during. carrythe same level of protec- TED raising questions in some “Central bank money is im- tion as bank depositsorfiat CIA quarters about what that SO

portant for payment systems currency.” AS could mean forthe dollar as

because it representsasafe Ms.Brainardinher appear- EN/ the world’sglobal reservecur- settlement asset, allowing us- ancereiterated her expecta- OW rency.

erstoexchangecentral bank tion that inflation would rise CLIFF “It is very important forus liabilities without concern this year as the economy Federal Reserve governor Lael Brainard cautioned that private offerings come with risks. to follow many central bank’s aboutliquidity and credit quickly reopens,but she progresson[central bank digi- risk,” Ms. Brainard said Mon- doesn’t expect those pressures the experiencetogently guide Boston Fedexpectstooffer, conflict with what actual eco- talcurrencies] closely,includ- dayduring avirtual appear- to stick as modest longer-term inflation back down to target, within thenextfew months, nomic datasays about infla- ing China,” Ms.Brainardsaid, ancebeforeCoinDesk’sCon- inflation trends reassert them- and Ithink no one should some insight into what a Fed tion and the dollar’s value rel- although she offered no views sensus, a gathering for those selves.Longer-term inflation doubt our commitment to do digital dollar could look like. ative to other currencies. on how that might affect Fed involved in theprivatecrypto- expectations are“extremely so.” Thecentral bank’swork on At the same time,private effortsand the dollar more currency industry. well anchored,” she added. Ms.Brainard’scomments cryptocurrencyisinpart moti- digital currencies aregenerally broadly. The rise of private crypto- Ms.Brainardsaid the Fed on digital money come as the vatedbythe rise of private not being used as real world Fedofficials who have spo- currencies could unsettle this won’t let inflation take off. central bank’sown effort to digital money such as bitcoin. money and areinstead used a kensofar point to an evolu- otherwise fully functional “Ifwedid see inflation that launch afully digital dollar, Manyprivatecurrencysup- vehicle forinvestor specula- tionaryprocess with afully landscape, she said. moved persistently and mate- which some have dubbed Fed- portershope to supplant gov- tion and in manycases,crime. digital dollar, and Federal Re- “Thereisarisk that the rially aboveour goals,and in a coin, is heating up.The Fedis ernment money and frequently In recent days,China’sefforts serveChairman Jerome Powell widespread use of private manner that also threatened planning to release apaper accuse institutions such as the to restrain cryptocurrency has said it is important forhis moneys forconsumer pay- to have some impact on those this summer about itswork on Fedofbeing poor stewards trading and mining areadding institution to getits electronic mentscould fragment partsof long-term inflation expecta- afully digital dollar.Mean- and allowing their offeringsto to the wild moves in bitcoin dollar work right rather than the U.S. payment system in tions,wehavethe tools and while, aproject runbythe lose value,evenasthose views and other markets. be first to launch. FedBalanceSheet Seen at $9 Trillion

BY MICHAEL S. DERBY to the tune of $120 billion a month to provide stimulus to If the expectations of mar- the economybykeeping lon- ket participants arecorrect, ger-term borrowing costslow, the Federal Reserve’scollec- while the Fed’snear zero

MA tion of bonds, cash and other short-term target rate pins LA holdings could reach $9 tril- down shorter-dated credit lion by 2023, the Federal Re- costs.

LANDEN serveBank of NewYork said in Themajor debatefacing the S; a report Monday. Fediswhen to pull back on its EW

GN That compares with the asset purchases as the econ- current level of $7.9 trillion omyroarsback to lifewith and just over $4 trillion at the concerns increasing about OOMBER end of February 2020, before higher inflation pressures. A/BL

MJ thepandemic spurred ahis- Central bankersexpect the ris-

HA torically aggressiveattempt by ing pressures to be short- IR the central bank to help the lived, and most haven’t hinted AM

P: economyand steady unsettled as to when they might slow TO financial markets. the purchases, although min- OM

FR TheNew York Fed’sprojec- utes for their late April meet- The Dior cosmetic counter at Macy’s in New York City is starting to see more action, above, while Landen Lama, below, is stocking up tion of apossible high water ing indicated the door maybe on teeth-whitening gel and facial-treatment masks. mark for the balance sheet is opening to adiscussion about driven by what financial mar- that, in the viewofmanymar- spokesman. cooped up,” he said. kets have told the central bank ket participants. Shoppers Amid the pandemic,groom- Meanwhile,inrecent weeks they expect in regularly con- Theminutes also noted that ing routines shiftedtorituals sales of baking goods,cleaning ducted surveys. manyofficials echoed Chair- that felt good and away from supplies and paper and plastic TheNew York Fedsaid in man Jerome Powell’s viewthat Turn to ones intended to improveout- goods, all early pandemic fa- its2020 annual report forthe the Fedshould givemarkets ward appearances,said Eric vorites,are falling,according System Open Market Account plenty of advancewarning be- O’Toole,president of North to datafromNielsenIQ.U.S. that central bank guidance fore it begins reducing the Nail Polish Americafor Edgewell Personal sales of paper and plastic that ties the conduct of mone- purchases. CareCo.,with brands includ- products, which includes items tary policytohow the econ- In the most recent publicly ing Schick razors and Banana such as toilet paper,fell 18.3% omyperforms wasadding un- available forecasts, most big ContinuedfromPageOne Boat sunscreen. Women in- in the four weeks up to May1 certainty as to howmuch banks expect the Fed to start is smaller than pandemic- vested in skin-careand spalike compared with the same pe- biggerthe balancesheet might slowing itsasset buying at the driven rushes on hand sani- productsfor the home.Men riod last year.Baking supplies grow. start of next year.Meanwhile, tizer and disinfectant wipes. bought productsaimed at re- fell 35.6%. “The Committeehas pro- anumber of economistsex- Last year some brands had ducing itchinessoftheir new Church &Dwight Co.is vided outcome-based guidance sales double or triple as Amer- beards. counting on higher sales of on asset purchases,and the icansstayedhome and ramped Now, he said, both men and condoms,dry shampoo and size of the balance sheet will The major debate up their cleaning routines.In women arecleaning up facial women’s grooming products, evolvealong with changes in some cases storeshelves were and leg hair and spending Chief ExecutiveMatthew Far- economic conditions and prog- facing the Fed is emptied of those items for moreonhair products. rell said last month in a call ress toward the [Federal Open when to pull back on weeks.Fortunately,there’san “Caring foroneself became with Wall Street analysts. Market] Committee’sgoals,” ample supply of deodorant and areal personal and even intro- Sales of sexual health prod- the NewYork Fedwrote in its its asset purchases. mouthwash. spectiveexercise,while other ucts, which includes condoms, report. “Assuch, the outlook Beauty productsand teeth areas that relatemoretopre- were up 32% forthe week for the balance sheet remains whitenerswerebig sellers senting yourself to other peo- ended May1compared with a uncertain and the projections during the most recent quar- Last week,ahost of retail- ple took aback seat,” Mr. year ago, according to Nielse- presentedhereare meant to pect the central bank will sig- teratWalmart Inc., finance ersfromMacy’sInc.toTarget O’Toole said. “That’sbegin- nIQ data. be purely illustrativeand to nal ashiftinits monetarypol- chief BrettBiggs said in an in- Corp.reported strong sales ning to shiftback.” Consumersalso arepaying demonstratearangeofpossi- icy outlook at the end of this terview. “You cantell that the forthe spring quarter,noting Noel Kittredge, a 32-year- up forhigher-end grooming bilities.” summer. masks arecoming off,” he said. that apparel, beauty and old student from Albuquerque, products, in part because Theexplosivegrowthinthe TheNew York Fedreport Alarm clock sales doubled travel productswereall sell- N.M., recently shavedfor the manyAmericans had their dis- Fed’sholdingsthroughout said the Fed’sbalancesheet in April versus the same ingwell. firsttime in ayear.Hehas posable income increase amid 2020,which has carried for- could hold steady or shrink to- month last year at the coun- “The firstquarter felt likea ventured out only afew times the pandemic,executives said. ward intothis year,was fueled ward just under $7 trillion, try’slargest retailer,aspokes- firststeptowardsapost-pan- sincethe pandemic began and “They’rereally willing to primarily by aggressivepur- whichwould be well above woman said, while luggage demic world,” said Target felt especially nervous about pamper themselves,” said chases of Treasury and mort- whereholdingswerepre-pan- sales rose 400%. Partyware Chief ExecutiveBrian Cornell. being around people afterboth Vineet Kumar,chief executive gage bonds.The buying demic,depending on what sales more than doubled and Apparel sales rose 60% during his mother and grandmother of NativeDeodorant, abrand ramped up in March of last happens with the economy. balloon sales rose by 50%, she the quarter compared with the contracted the virus. of deodorantsand soaps year initially to help smooth Thereport also noted an said. same period last year,the Mr. Kittredge didn’t shave owned by Procter &Gamble troubled market conditions as explosive growth in cash last TheU.S.Centersfor Disease companysaid. Thereisstrong all that regularly beforethe Co.“They’resaying,‘I’m get- investorsdid whatever they year, as so-called currency in Control and Prevention says demand fordresses,cosmetics, pandemic,but as he makes ting prepared to go out so I could to turn holdingsinto circulation shot up by arecord vaccinated people don’t need sun care items,sporting goods plans to socializeitwas time, need to start investing in my- cash. $281 billion to just over to wear a mask or physically and activewear,said aTarget he said. “I’m tired of being self.’ ” Those purchases continue $2 trillion. distance in most settings,in- doorsoroutdoors. Afterbeing vaccinated ear- CORRECTIONS  AMPLIFICATIONS THE WALL STREET JOURNAL lier this month, JenRichards (USPS 664-880) (Eastern Edition ISSN 0099-9660) gother firsthaircut sinceFeb- (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) ruary 2020. Ms. Richards, an More than a dozen femi- manageratClearBridgeIn- on the Street column on Mon- Editorial and publication headquarters: 1211 Avenue of the Americas, NewYork, N.Y. 10036 Published daily except Sundays and general legal holidays. app designer,was cautious nist social-media accounts vestments, as Bourbeua. dayabout Amazon incorrectly Periodicals postage paid at NewYork, N.Y.,and other mailing offices. during the pandemic,she said, were deleted from Chinese so- said the company also is re- Postmaster:Send addresschanges to The Wall Street Journal, 200 BurnettRd., Chicopee, MA 01020. only buying groceries online cial-media sites last month. A Sea Ltd. is listed on the branding itsGoconvenience AllAdvertising published in The Wall Street Journal is subject to the applicable rate card, copies of and just seeing her girlfriend. World News article on Monday NewYork Stock Exchange. A stores. which areavailable from the Advertising Services Department, DowJones &Co. Inc.,1211 Avenue of the Nowshe is planning an in- about the #MeToo movement May8Exchangearticle about Americas, NewYork, N.Y. 10036. The Journal reserves the rightnot to accept an advertiser’s order.Only publication of an advertisementshall constitutefinal acceptanceofthe advertiser’s order. door birthdayparty with other in China incorrectly said more Grab HoldingsInc.incorrectly Noticetoreaders Letters to the Editor: Fax: 212-416-2891; email: [email protected] vaccinated friends,eating out- than two dozenaccountswere said Sea, agaming and e-com- Wall Street Journal staff Need assistancewith your subscription? side at restaurants, and updat- deleted. merce group,islisted on the membersare working remotely By web: customercenter.wsj.com; By email: [email protected] ing her appearance, she said. Nasdaq Stock Market. during the pandemic.For the By phone: 1-800-JOURNAL (1-800-568-7625) “I literally booked my hair- TheFriday’sMarkets arti- foreseeable future, please send Reprints &licensing: By email: [email protected] cut forthe dayafter Ireached cle in Saturday’sExchangesec- Amazon.comInc. is re- reader commentsonly by email By phone: 1-800-843-0008 full immunity,” the 34-year-old tion misspelled the surname of branding itsGogrocery stores or phone,using the contacts WSJback issues and framed pages: wsjshop.com said. “I feel likeImight need Peter Bourbeau, a portfolio under itsFresh label. AHeard below, not via U.S. Mail. Our newspapers are100% sourcedfromsustainably certified mills. some newclothes because all I’ve done for the past year is Readers can alert The Wall Street Journal to any errors in news articles by emailing [email protected] or by calling GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS just wear sweatpants.” 888-410-2667. P2JW145000-0-A00300-1------XA

THE WALL STREET JOURNAL. Tuesday, May 25, 2021 | A3 U.S. NEWS NewYork CitytoEnd Remote Instruction

BY LEE HAWKINS

NewYork City public schools won’t offer remote learning this fall,requiring studentstoreturn to class- rooms in September,Mayor Bill de Blasio said. About 582,000 students, or 61%, arestill taking remotein- struction at home,according to the latest estimates from the city’s Department of Edu- JOURNAL

cation, and thousands of other REET studentsleftthe district en- ST LL

tirely,causing a4%dropinen- WA rollment. THE

Mr.deBlasio said infection R ratesinschools have remained FO low“formonths and months,” JONES

praising the way that the Y

city’s schools have executed GABB health and safety protocols for Barry Honig, who lives in Tenafly, N.J., participated in a Bionic Sight trial and says he has gained some improvements from the gene therapy. the studentsthat have already returned this academic year. The announcement is a de- parturefromguidancethe Tools RestoreSome Vision to theBlind DOE offered in March, when it said that remoteinstruction would likely be necessaryin BY AMY DOCKSER MARCUS again. “This is the firsttime I veloping the therapy as atreat- pigmentosa patientswith adif- nostic,” said BrianBrooks,clin- the next academic year.Itis have felt it is attainable,” he ment formacular degeneration, ferent gene mutation. ical director of the National Eye also amajor step in Mr.de Scientists aremaking dra- said. aleading cause of vision lossin But retinitis pigmentosa can Institute. Blasio’s broader push to re- matic strides toward agoal A59-year-old father of three people over 50.Upto11million be caused by mutations in Restoring vision is acrucial open New York City. that onceseemed almost un- living in Tenafly,N.J., Mr. people in the U.S. suffer from morethan 70 different genes, goal forscientistsand clini- Thecity’s teachersunion imaginable: Restoring limited Honig said that testsfollowing the condition, according to the and doctorssay it is toocostly cians, and manyother strate- supports the move, saying it vision to people affected by a the treatment showedhewas Clarksburg, Md.-based non- and difficult to develop agene gies arebeing pursued in aca- believes schools aresafefor previouslyirreversible form of able to identifyobjectsby profit BrightFocus Foundation. therapy forall of them. “All demic labs and companies— most studentsbut some stu- blindnesscaused by an inher- sight—distinguishing,for ex- Theuse of gene therapy to these patientsare leftout,” including bionic eyes and stem- dentsmay need remotelearn- ited eyedisease called retinitis ample,the curved shape of a treat blindnessisn’t new. Lux- said Sheila Nirenberg, profes- cell therapies in addition to ing for medical reasons. pigmentosa. banana from the rounder shape turna, aprescription medicine sor at Weill Medical Collegeof drugsand optogenetics. “There is no substitute for In apaper published Mon- of an apple.Hesaid he wassur- approved in 2017 by the U.S. Cornell University and Bionic VedereBio Inc.ispursuing a in-person instruction. NYCed- day in the journal NatureMedi- prised by the improvement in Food and Drug Administration, Sight’sfounder.“What about version of optogenetic therapy ucatorswant their students cine,researchersworking with his vision. “Imagine youspend is used in children and adults them?” that doesn’t requiregoggles. physically in front of them. We Paris-based GenSight Biologics along time in adark tunnel with aform of retinitis pigmen- Optogenetics offersthe abil- Novartis acquired VedereBio, want as manystudentsback in SA reported that a58-year-old andall of asudden youare tosa caused by aspecific ge- ity to treat blindnesscaused by based in Cambridge, Mass.,last school as safely as possible,” man who wasdiagnosed with back in the light,” he said. “You netic mutation. Editas Medicine retinitis pigmentosa regardless year and hopes to launch a said Michael Mulgrew, presi- retinitis pigmentosa 40 years have to adjust.” of Cambridge, Mass.,istesting of the specific gene mutation clinical trial, said Cynthia agowas able to locateobjects GenSight said it is also de- Crispr gene editing in retinitis that underlies it. “It is gene-ag- Grosskreutz,vicepresident and placed on atable afterreceiv- global head of ophthalmology Some 61% of the ing an experimental therapy. HowOptogeneticsTries to Restore Partial Vision at theNovartis Institutes for AndNew York City-based Bi- An experimental technique has been shown to restore partial vision in people blinded BioMedical Research. city’s students are onic Sight LLC announced in by ahereditaryeye disease known as retinitis pigmentosa. “Atthe end of the daythe still taking March that four blind people in goal is to getittopatients that an early-stageclinical trial are need it,” she said. “The easier it instruction at home. able to detect light and motion In normal vision,lighthits the is forthe therapy to be admin- afterundergoing asimilar retina at the back of the eye. Photoreceptors Optic nerve istered, the morepatients will treatment. Those resultsha- Photoreceptor cells there have access to the treatments.” ven’t yetbeen published. convert the lightintoelectrical Thecurrent version of the dent of the United Federation Thepatients all had ad- signals thattravelthrough the Light optogenetics technologyhas of Teachers, which represents vanced cases of retinitis pig- retina to the ganglion cells. some limitations,according to 120,000 DOE employees. mentosa, whichaffectsmore The ganglion cells then send Retina Electrical the scientistsbehind the re- “Westill have concerns than two million people world- the signals via the optic nerve Impulses search. Asmall portion of the aboutthe safety of asmall wide.All underwent optoge- to the brain. The brain turns patients’ ganglion cells were number of studentswith ex- netictherapy,inwhich an in- those signals into images. treated, limiting the potential treme medical challenges.For jection is used to deliver agene benefit. Thetreated patients that small group of students, a intothe eyetoboost the light aren’t expected to regain all of remoteoption maystill be sensitivity of certain cells in Retinitis pigmentosa causes theirlost eyesight—they can’t the photoreceptor cells to break Camera necessary,” he said. theretina, alayer of tissue at Recordschanges in lightintensity. read, driveorrecognizefaces. Speaking to reporters, Gov. the back of the eye. Thecompa- down, resulting in vision loss. “It is not normal vision,” Andrew Cuomo said the state nies aredevelopinghigh-tech said Botond Roska of the Uni- Recent experiments with was working on a policy that goggles that processand am- versity of Basel and the Insti- optogenetic therapies show would apply to all districts. He plifylight in away that boosts tuteofMolecular and Clinical some restoration of vision. The said based on the current tra- the cells’ ability to send electri- OphthalmologyBasel, an expert therapies deliver agene to the Projector jectory of Covid-19 infections calsignals to the brain. in the study of vision and the ganglion cells thatmakes them and vaccinations,“Ithink Anand Swaroop, asenior in- retina and another author of sensitivetolight. Patients then there’snoreason whyevery vestigator at the National Eye the paper.“But it gives hope to wear special goggles,which school shouldn’t be open in InstituteinBethesda, Md., restorevision that is meaning- processthe light... September.” called optogenetic therapy an ful.” TheDemocratic governor exciting option forsome blind Mr.Honig,the father who said that remotelearning rein- people but not acure. Once participated in the Bionic Sight Optic nerve forced education inequality sight is lost completely,hesaid, ...and amplifyittohelp the trial, hopes the technologywill because it worked best for “Restoring vision that allows ganglion cells send electrical improveenough to allowhim studentsinhouseholds with high resolution, high sensitiv- signals to the brain. onceagain to see his wife’s internet access and an adult ity, and high detection is not dark hair and getatleast a who was present. simple.” Signals rough pictureofhis children’s “Some studentspaid avery Barry Honig,aparticipant in faces. Source:Sahel et al, ‘Partial recovery of visual heavy price for remote learn- the Bionic Sight trial, said that function in ablind patientafter optogenetic “I am notvisually greedy,” ing,” Mr. Cuomo said. “It was people had oftenasked him if therapy.’NatureMedicine Mr.Honig said. “That would be the best that we could do in a he would liketobeable to see AlbertoCervantes/THE WALL STREET JOURNAL amazing.” bad situation, but by no stretch of the imagination is remotelearning asubstitute for in-class participation.” BoyScouts’ AllegedVictims GetLittleClosure Studentswill be required to wear masks,and the DOE is encouraging all eligible stu- BY PEG BRICKLEY sions and morethan $100 mil- resolution that will equitably Scoutshavepushed back,in- scar andthat is never going to dentsand staff to getvacci- AND JOSEPH DE AVILA lion spent on legal fees haven’t compensatesurvivorsand en- sistingthat hundreds of mil- go away,” said Doug Kennedy, nated. With the exception of closed the gapbetween the ask surethat Scouting’smission lionsofdollarsofassets need 59,aprofessor at Virginia Wes- the flu vaccine for pre-K stu- When the BoyScoutsof and the offer.The Scoutshave continues.” On Friday, the Boy to stay within the organization leyan University who said he dents, all vaccination require- Americafiled for bankruptcy made progressinrecent days Scoutsdidn’t respond to are- and aren’t available to victims. wassexually assaulted as a mentsare set by the state, the last year and asked alleged vic- toward apotential agreement quest to comment on the status Theorganization claims to teen while on aBoy Scouts DOE said. tims of childhood sexual abuse with acoalition of lawfirms of negotiations. have put in placesome of the camping trip. Teacherswill be required to to step forward, roughly 84,000 that representsthe bulk of the Theorganization has apolo- strongest safety programs in Theorganization encouraged be in schools,too.Schools did, with manyhoping the legal victimswho have filed claims gized to those it failed to pro- thecountry. TheBoy Scouts survivorstofile claims afterit Chancellor Meisha RossPorter proceeding would help usher a over childhood abuse,people tect from sexual predators and have said they need to nail filed forbankruptcy in Febru- said therewould be no Covid- financial settlement—and some familiar with themattersaid. promised to provide fair com- down asettlement and emerge ary2020 but didn’t anticipate related accommodations in the closuretotheir ordeals. But the BoyScoutsare fur- pensation forsurvivors. The from bankruptcy by the end of that so many men would step fall forthe 28% of teachers But 15 months later,those ther apart from aseparateoffi- bankruptcy filing,made in Feb- the summer. forward. Asuccessfulexit from who have yettoreturn to who came forwardare still cial committeeofsurvivors, ruary2020,was supposed to “We’reatthe tipping point, bankruptcy would removethe school buildings. waiting as the BoyScouts’ od- other people said. Acourt hear- ease asettlement, halting a your honor,” Ms.Lauria said threat of futurelitigation hang- NewYork City joins anum- yssey through chapter 11 ap- ing that wasslated forMonday, last week in U.S. Bankruptcy ing over the BoyScouts. It ber of jurisdictions that have proaches the finish line without whereajudgewas to decide Court in Wilmington, Del. would also keep secret atrove announced plans to changethe aclear resolution of their whethertoallowvictims to The Boy Scouts’ If the victims’ request is of internal recordsofknown remote-learning option. New claims. vote on the BoyScoutssettle- granted, they could propose and suspected sexual predators Jersey has eliminated remote BoyScout lawyer Jessica ment,was delayedaweek,so bankruptcy filing their preferred terms forend- dating back nearly acentury. learning forfall, and Connecti- Lauria said in acourt hearing talks could continue. was supposed to ing the bankruptcy,the largest Hundreds of victims have cut informed school districts last week that the only way to Acentral disputeconcerns ever filed over sexual abuse. writtentothe judge, expressing they won’t be required to offer preservethe organization’s the financial cost of decades of ease a settlement. Themost recent offer from the their views and telling their remotelearning,but didn’t bar mission is to reorganizeit childsexual abuse that the vic- BoyScoutscarries avalue of stories. Manydetails of the them from offering it. rather than liquidating assets tims saythe BoyScoutsfailed roughly $1.2 billion, plus the abuseremain hidden under- Nationwide,about 51% of to paysex-abuse claims.Break- to prevent. Theorganization rights to uncertain recoveries neath redactions put in place schools arefully open, 48% of- ing up the BoyScoutswould estimates the damages due to race to layclaim to the organi- from insurancepolicies. by the bankruptcy court before feramix of remoteand in- harm 700,000 activeScouts, victims at between $2.4billion zation’sassetsand getting Victims’ representatives the documentswerepublic. person learning while 1% are she said. and$7billion. Theofficial sur- compensation to victims faster have spurned the proposal.The “Are youkidding me?” asked fully remote as of May 10, ac- But to turn the pageona vivors’ committeehas pegged and moreefficiently than upfront compensation under John Humphrey,59, asurvivor cording to a tracker from the legacyofsexual abuse and the the damages at morethan through litigation. that offer works out on average and information technology American Enterprise Institute resulting legal exposure, the $100 billion. Claimantshaveclashed with to about $14,000 per claim, less consultant in Dallas who is and Davidson College, which BoyScoutsneed to reach con- In recent weeks,the Boy the youth group over itstrove than what victims have re- chairman of the official bank- monitorsover8,500 of the na- sensus with most survivors, Scoutssaid that “considerable of real estate, investmentsand ceived from the dozens of Cath- ruptcy committeerepresenting tion’sroughly 13,500 public- who have the right to vote on progresshas been made as we other holdings, probing for olic dioceses and religious or- victims.“It’stime people woke school districts. anysettlement the organization continue to work with survi- waystocome up with compen- ders bankrupted by claims of up and realized what wasgoing —Jimmy Vielkind putsforth. vors,insurers, and other par- sation forlives upended by clergy abuse. on in those tents, in the car contributed to this article. Closed-door mediation ses- ties in the case toward aglobal childhoodtrauma. TheBoy “What happened to us is a rides home,inthe backyards.” P2JW145000-6-A00400-17FFFF5178F

A4 | Tuesday, May 25, 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 The Case for a Jan. 6 Commission National Guard to tryunprepared foraterrorist strike. Thefirst two public Pull Out figuresapproached to lead the commission turned down the assignment. Of Capitol “The commission could easily have failed,” says Philip BY NANCY A. YOUSSEF Zelikow,alawyer and diplo- AND LINDSAY WISE CAPITAL JOURNAL mat who wasits staff direc- By Gerald F. Seib tor. “It wascreated undercir- WASHINGTON—TheNa- cumstances and apolitical tional Guard, deployedtose- environment that wasquite curethe U.S. Capitol in the Arriving at the right an- politicized then, in many wake of the Jan. 6attack by a

sweroften startswith asking S waysthat people for- pro-Trump mob,will end its

the right question. That rule PRES get….Thepolitical environ- mission thereWednesday, the is worth pondering as the ment nowisworse than it Pentagon said. TED

Senatethis week considers CIA wasthen. And it wasnot Thetroops began arriving at

whether to approvecreation SO great then.” the Capitol hoursafter Trump of abipartisan commission to AS But in each case,the fear supportersbreached the Capi- EZ/

investigatethe ransacking of RT of what could happen if there tolbuilding while Congress the Capitol by an angrymob CO wasn’t an independent in- wascertifying the election of

of Trump supporterson JULIO quirycame to outweigh con- President Biden. Thenumber of Jan. 6. Supporters of then-President Donald Trump scuffling with police at the Capitol Building Jan. 6. cerns about the problems one troops at one point peaked at Themain might create. And in the end, 26,000,representing all 50 question that ble of reversing the very the 9/11 attacks,similar com- acommission will be turned each panel served the princi- states,three territories and the will be de- problems that produced the missions were created to in- intomerely acudgel forDem- pal purpose forwhich it was District of Columbia. Their bated is: What violenceinthe firstplace—se- vestigate, though they actu- ocratstobeat up Republicans created. strength has been gradually re- will happen if vere partisanship,rampant ally pursued slightly different fortheir role in setting the duced, and roughly 1,600 mem- such apanel is mistrust of the other side,a questions.Inthe case of the stagefor the Jan. 6violence, he Warren Commission bersremain at the complex. created? newwillingnesstoquestion Kennedy assassination, the and aplatform forcritiquing certainly didn’t end ThePentagon hasn’t pro- election results. T Thebetterquestion may key question beforethe War- Mr.Trump’scontinued refusal conspiracytheorizing vided an updated cost estimate be: What will happen if one In sum, Washingtonwill renCommission was: What to accept the outcome of last about the Kennedy assassina- sinceMarch, when it said it isn’t? have modeled anewthe be- happened?Inthe 9/11 after- year’s presidential election. tion, but it did producea hadspent $521 million. Al- Forstarters, therewill be havior that produced Jan. 6in math, the key question forthe Those arelegitimatecon- credible narrativearound though the soldiersare leaving, plenty of inquiries intothe the firstplace, perhaps in- panel created then was: How cerns.But they aren’t unprec- which the countrycould officials warn that the hard- eventsofJan. 6anyway. Doz- creasing the chances of more did this happen? edented, and nobody should unite—and it deflected the ened security measures around ens of trials of those who en- of the same down the road. In the aftermath of Jan. 6, be naiveinassuming the cre- dangerous theories that the the Capitol would remain. teredthe Capitol will unfold, versions of both questions are ation of either Warren Com- killing wasordered directly by TheCapitol Policetwicere- producing alot of newinfor- ne could makeaplausi- on the table. mission or the 9/11 Commis- the Sovietsorthe Cuban gov- quested the National Guardto mation and detail. Congres- O ble case that the three The House approved cre- sion wassimple or inevitable ernment. The9/11 Commission extend itsmission. sional committees,operating most traumatic days in ation of such acommission at the time. produced dozens of recom- Mr.Biden offered “deepest in atypically partisan fashion, Americainthe past 60 years last week,with 35 Republicans President Lyndon Johnson mendations on howtoprevent thanks andenduring gratitude will continue to call wit- were Nov.22, 1963,the day joining Democratsinbacking resisted creation of acommis- another terrorist attack. to the women and men of our nesses,hold public hearings President Kennedy wasshot; the idea. But the GOP congres- sion, largely outoffear that a With amodicum of biparti- National Guard” forthe effort. and issue reports. Journalistic Sept. 11, 2001, the dayterror- sional leadership,under pres- finding that the Soviet Union san trust, today’sconcerns inquiries will continue. istsstruck NewYork and surefromformer President or Cuba ordered the assassi- about acommission could be Buthere’sone other conse- Washington; and Jan. 6, 2021, Donald Trump, continues to nation could lead to nuclear addressed. But that modicum quenceifWashingtonchooses the daythe Capitol wasat- oppose the idea,and Senate war. The9/11 Commission ini- of trust seems nonexistent. Florida to movedownthe road with- tacked and democracy’swork GOP leader Mitch McConnell tially wasseen as ahot po- Morelikely the nation will out such acommission: The stopped by an angrymob. will trytostopitthis week. tato,largely because of wor- learn the answertothe key political system will have In the aftermath of the He maywell succeed. ries about who might be question: What happensifwe Takes Aim shown that it remains incapa- Kennedy assassination and TheRepublican fear is that blamed forleaving the coun- don’t do this? At Tech U.S. WATCH Platforms WHITE HOUSE Fund for Preparing BY JOHN D. MCKINNON For Storms Doubled Florida Gov. Ron DeSantis signed abill on Mondayaimed President Biden announced at making bigtech platforms Monday that he is doubling U.S. moreaccountable fortheir emergency spending to help content decisions,amovewith communities prepare for hurri- political overtones that ap- canes and other extreme peared likely to draw legal weather events, while launching challenges. a new effort at NASA to better Mr.DeSantis,apotential understand and track the impact GOP presidential contender of climate change. with ties to former President The $1 billion in spending is a Donald Trump,said the legisla- small fraction of what the U.S. tion could help conservatives spends on weather-related di- defend themselves from unfair sasters. Last year alone, the na- de-platforming and other on- tion endured 22 weather and cli- line restrictions.Social-media

mate-related disasters with S companies generally denythat losses greater than $1 billion their decisions to ban or other- PRES each. The disasters, including wise restrict content and users wildfires, hurricanes and snow- TED areskewedbypolitical bias. CIA

storms, had a cumulative price SO Thebill says that “social tag of nearly $100 billion. AS media platforms have unfairly

FEMA will provide $1 billion GLE/ censored, shadowbanned for the Building Resilient Infra- EA [and] de-platformed” Floridi- structure and Communities pro- ans. gram, which helps states, local It would prohibit tech plat- communities, tribes and territo- BERKSHIRE forms from banning Florida po-

ries to develop projects to pre- /THE litical candidates.The bill says

pare for and reduce risks from VER large social-media platforms

disasters and natural hazards. GAR maynot ban or deletethe ac- Officials pledged to increase count of aFlorida political can- BEN investment in climate research AFLOAT: Kayakers enjoyed a paddle on the Housatonic River at Woods Pond in Lenox, Mass., on Monday. didatefor morethan 14 days to improve understanding of ex- and authorizes afine of treme weather events and hone wrestled to the ground at aDe- dental work at the VA facilityin the European Union and a piv- thataccused PresidentDonald $250,000 aday forviolations decision making on climate resil- partmentofVeterans Affairs 2016. The officers said he failed to otal witness in 2019 impeach- Trump of withholding military aid related to candidates running ience, adaptation and mitigation. hospital securitycheckpoint. produceidentification, which Mr. ment proceedings, sued former from Ukraine while demanding forstatewide office. —Associated Press The justices didn’tcomment Olivasaid he already had put in a Secretary of State Mike Pompeo an investigation into political ri- Themeasurealso outlaws Mondayinrefusing to revivea bin thatwas about to be scanned. on Monday in an effort to re- valJoe Biden and his son Hunter. censoring or de-platforming SUPREME COURT lawsuit filed by Jose Oliva, 76 —Associated Press coup $1.8 million he racked up in The Senate acquittedMr. Trump. journalistic enterprises based years old, againstthree officers legal expenses. Mr. Sondland says Mr. on content, in an apparent re- Justices Reject Case who violently detained him in an WASHINGTON, D.C. Mr.Sondland alleges in the Pompeo “reneged on his prom- sponse to Facebook and Twit- On Police Chokehold altercation captured on camera. lawsuit, filed in federal court in ise” after learning the details of ter’sdecision, later reversed, Mr.Olivawas 70 at the time of Impeachment Figure Washington, thatMr. Pompeo Mr. Sondland’s testimony. to limit sharing of an October The Supreme Court rejected the incidentinElPaso,Texas. A Sues for Legal Fees had committedtoreimburse his A spokesperson for Mr. 2020 NewYork Post article an appeal from aretired federal Vietnam veteranwho spent25 legal expenses after he wassub- Pompeo called the lawsuit “ludi- that made allegations about law-enforcementofficer who years in federal lawenforcement, Gordon Sondland, the Trump poenaed by House Democratsto crous.” Hunter Biden, President Bi- wasput in achokehold and Mr.Olivahad an appointmentfor administration’s ambassador to testify in an impeachmentcase —Associated Press den’sson.

the most aggressiveforay yet big library, the MGM classics service, aperson familiar with more than $6 billion.Since Congress, the Federal Trade Amazon by atech giant intoHollywood. such as “The Wizard of Oz” that situation said. Sony Pic- then,MGM has had no chief Commission and the European Thestudio is best known for and “Gone with the Wind” tures ultimately ended up executiveofficer,instead hav- Union, among others, have classics such as “Singin’ in the were sold long agoalong with reaching amultiyear agree- ing an “officeofthe CEO” been looking intothe way Am- Nears Deal Rain,” as well as “Rocky” and the rest of the pre-1948 cata- ment with Netflix Inc. comprising executives across azon competes.Areport last “The Pink Panther.” MGM has a log and nowbelong to AT&T’s It is also investing heavily the company. Itsboardis year from Congresssaid Ama- libraryoftitles,including the Warner Bros. in livesports. In March, Ama- headed by Kevin Ulrich, co- zonhad monopoly powerover For MGM James Bond franchise,that, in Forbes and TheInformation zonstruck along-term deal to founder of NewYork hedge itssellers. At the time,Ama- contemporaryHollywood, is previouslyreported on Ama- stream the NFL’s Thursday fund AnchorageCapital Group, zonsaid: “The presumption most valuable as an asset that zon’s interest in MGM. MGM’s largest shareholder. that successcan only be the ContinuedfromPageOne canbeused to drivesubscriber Amazon has continued to MGM has weighed on its result of anti-competitive be- year to begin aformal process. sign-ups to Amazon’sPrime invest billions of dollarsinits The deal would long-term hedge-fund share- havior is simply wrong.” News of deal talks first Video streaming service. film and TV operations as well holdersinrecent years. Adeal Rep. Ken Buck of Colorado, emerged as AT&T Inc. agreed MGM also has aTVstudio as livesportstosupport its mark Amazon’s would mark along-awaited the ranking Republican mem- to combine itsmedia assets whose shows include the Hulu Primemembership offering. second­largest winfor Anchorageand other ber of the House Antitrust with DiscoveryInc. to form a hit “The Handmaid’sTale” and Thecompanyiscurrently in longtime hedge-fund holders, Subcommitteethat prepared newcompany, adeal that is FX’s “Fargo.” It also owns the production on aTVseries acquisition ever. including Highland Capital the report, expressed concern expected to spark even further premium pay-TV channel Epix. based on “Lord of the Rings,” Management LP and Davidson over apotential deal between media consolidation. MGM shares the James which has a first-season bud- Kempner Capital Management Amazon and MGM. The talks between Amazon Bond franchise with aholding get of $465 million. LP,all of which converted “This proposed mergerisyet and MGM have been on-again, companyowned by the Wil- Amazon has spent hundreds night franchise at an average their debt to equity when another example of Big Tech’s off-again sincethe start of this son/Broccoli family,who co- of millions of dollarsacquiring annual feeof$1.2 billion. MGM emergedfrombank- commitment to totaldomi- year,people close to both own the copyright to existing would-be theatrical releases TheMGM deal would mark ruptcy in late 2010. nanceinevery sector of our companies said. Amazon and Bond movies andcontrol the from major studios,likePara- the latest twist in what has Should adeal be finalized economy,” Mr.Buck said. Ama- MGM have been in exclusive futureofthe franchise.The mount Pictures’forthcoming been arockyjourney forthe between MGM and Amazon, it zondidn’t respond to arequest talks in recent weeks,the peo- next Bond movie,“No Time to “The Tomorrow War” starring studio. In 2018, it fired then- could heighten antitrust con- forcomment; MGM declined to ple said. Die,” was delayed by the pan- Chris Pratt. It also aggres- chief executiveGaryBarber cerns forthe technologygiant, comment. An acquisition of one the demicand is nowscheduled sively pursued adeal to forhaving preliminaryconver- which is already at the center —Benjamin Mullin, Cara most iconic entertainment for release in October. stream movies from SonyPic- sations with Apple Inc.for a of multiple probes because of Lombardo and Dana Mattioli brands in the world would be While Amazon is getting a tures Entertainment on its sale that valued the studio at its size and power. contributed to this article. P2JW145000-0-A00500-1------XA

THE WALL STREET JOURNAL. Tuesday, May 25, 2021 | A5 P2JW145000-4-A00600-1------XA

A6 | Tuesday, May 25, 2021 **** THE WALL STREET JOURNAL. WORLD NEWS Belarus Blogger WasKey ProtestOrganizer Exiled activist’s seizure from ESTONIA 500 miles 500 km international flight LATVIA Moscow alarms opposition LITH. Vilnius Minsk RUSSIA BY GEORGI KANTCHEV BELARUS MOSCOW—A young Belaru- sian journalist and activist has LAND PO so rattled his country’sleader UKRAINE that the longtime authoritar- ian ruler scrambled ajet fighter to ground the plane the and financial support to Mr.Lu- reporter wasonsohecould be kashenkoamid Western sanc- detained. Themovesends a tionsand warned EU leaders chilling messagetoopposition against interfering in the politi- supportersthat nowhereis calcrisis that engulfed Belarus safe from the reach of Presi- last year as protestsagainst its dent Alexander Lukashenko. leader continued to swell. Roman Protasevich,who was The public action was met living abroad and became one with abrutalcrackdown by CK

of the leading actorsbehind an- TO the authorities,with hundreds tigovernment protests follow- of protesters claiming torture ing last year’s widely disputed in custody.Sincethen, Mr.Lu- SHUTTERS

presidential vote,was seized in A/ kashenko’sgovernment has

Minsk on Sundayafter aRyan- EP employedlessviolent but air flight from Athens to Vil- O/ morefocused methods,target- nius,Lithuania, wasdiverted to ing leading opposition mem-

the Belarusian capital. DOLZHENK bers and the media. Mr.Lukashenko’sbrazen Last week,policeraided the GEY

movetocaptureMr. Prota- SER editorial officeofTut.by,the sevich speaks to his crack- Exiled Belarusians protest in Kyiv, Ukraine, where activist Roman Protasevich was headed when his plane was diverted to Belarus. country’slargest independent down on opponents, which has news site, and the homes of continued long aftermass member of the opposition, often Belarusian authorities in No- wasMr. Lukashenko’smain ri- between itswestern border several staff.Most other inde- street rallies that gripped that participating in demonstrations vember put NEXTA journalists valinlast August’spresidential and the rest of Europe.Along- pendent media organizations nation last year.Most of the and leading various social-me- including Mr.Protasevich on a vote,isalso living in exile in time ally,Belarus wasjoined in Belarus have been forced to protest leaders and reporters diagroups critical of the gov- list of people involved in ter- Lithuania.Other opponents at thehip with Moscow as close. who coveredthe unrest arein ernment. He wasexpelled from rorist activities as he became have takenrefugeinPoland or part of the Soviet Union, and On Monday, Mr.Lukashenko exile or jail. journalism school in Minskand the latest in astring of opposi- areinjail, such as Viktar the two countries arestill signed a law barring journal- “He’satthe topofthe list detained several times forpar- tion supporterstobesidelined. Babaryka, aprominent banker bound by linguistic,cultural istsfromcovering unapproved of political dissidents abroad ticipating in protests. Belarusian security forces who wasbarred from running and trade ties. rallies and making it moredif- andhas been keeping every- Last year,hecovered the have started several criminal in the election, and Maria Kale- Moscow has grownsuspi- ficult forprotesterstoorga- one informed about what’sgo- election andthe subsequent cases against Mr. Protasevich snikava,who led Mr.Babaryka’s cious of European Union and nizedemonstrations,the latest ing on in Belarus,” said Maryia crackdown on demonstratorsas fororganizing illegal protests presidential campaign. U.S. attemptstoexert morein- in a series of repressive mea- Rohava, aresearcher in East editor in chief of NEXTA,aBe- and disrupting social order.He Mr.Lukashenkoclaimed he fluenceinBelarus in recent sures aimed at curbing the op- European studies at the Uni- larus opposition channel on the has said he regardsthe allega- wonlast year’s presidential years. Mr.Lukashenko, after position. versity in Oslo,Norway,who messaging app Telegram. The tions as political repression. vote by alandslide,though earlier courting the West, “The crackdown on the op- herself fled Belarus latelast media outlet became one of the Mr.Protasevich is currently Western leaders say the elec- rushed to strengthen his ties position continues,thereare no year out of fear forher safety. country’smost reliable sources heading another Belarusian po- tion wasneither free nor fair. to Russia andMr. Putin in the stop signs now,” Ms.Rohava “Nowanother big voicehas of independent information and litical outlet hosted on Telegram Theveteran leader in power turmoil following the vote, said afterMr. Protasevich’sde- been suppressed.” livenewsvideos.Under Mr. called Belarus of the Brain, since1994has looked to his andhas accused the North At- tention. “Ifnoimmediateac- Mr.Protasevich, 26 years Protasevich’seditorship, which has amassed around a Russian counterpart,President lantic Treaty Organization of tionsare takenbythe West, old, leftBelarus in 2019 amid NEXTA grew to at least1.5 mil- quarter of amillion subscribers. Vladimir Putin, forbacking. building up itsforcesalong even such extraterritorial ac- pressurefromthe authorities. lion subscribersand helped fuel Belarusian opposition leader Russiahas long viewedBe- Belarus’s border. tions will become the new He had long been an active the protest movement. Svetlana Tikhanovskaya,who larus as an important buffer Mr.Putin offered political norm.”

ceased hostilities in Gaza. Au- “Instead, I heard the word the plane as sniffer dogsand EU to Set thorities in Gazadidn’t respond Minsk,” said Mr. Zviedris, 43. security personnel examined to arequest to comment. “Therewas shock.The pilot them,she said, and then ush- At asummit in Brussels on said something about Vilnius ered to two different buses. Sanctions Monday, Chancellor Angela airport and security reasons.” As passengerswaited, police Merkel of Germanydismissed Arthur Six,amarket-sur- officerswith adog asked Mr. the Belarus government’sex- veillanceofficer who wastrav- Protasevich to step off and take Over Jet planation forthe forced landing eling back to Paris from his belongingsout of his bag, as “completely implausible.” Greece, wasseated two rows Mr.Six said. He calmly did be- President Biden denounced behind Mr.Protasevich. Before fore reboarding one bus,which ContinuedfromPageOne thegrounding of the Ryanair the plane landed, he noticed then drovethe passengersto “Thisishow Raman looks flight, called forthe release of that Mr.Protasevich had the terminal, Mr.Six said. under physical and moral pres- Mr.Protasevich and said the started speaking strongly to In the customs hall, Mr.Six sure. Idemand the immediate U.S. is looking at taking some one of the stewardsand that sawMr. Protasevich being led release of Raman and all polit- action. his voice was shaking. to the front of the line, along ical prisoners,” she said, using “I welcome the news that Mr.Protasevich was“angry, with threeother people who the Belarusian spelling of his the European Union has called nervous and stressed, though looked likepoliceofficers. Mr. name,onher Twitteraccount. fortargetedeconomic sanc- he wasn’t shouting,” said Mr. Protasevich wasn’t on board Sincepresidential elections tions and other measures,and Six,who assumed that like the plane when it wascleared last summer that most West- have asked my team to develop himself and other passengers, to continue itsregularly ern countries considered appropriateoptions to hold ac- Mr.Protasevich wasprobably scheduled flight to Vilnius fraudulent, the EU has imposed countable those responsible,in upset about potentially missing from Athens,almost eight three rounds of sanctions on close coordination with the Eu- aconnecting flight in Vilnius. hours after landing in Minsk. Belarustargeting Mr.Lukash- ropean Union, other allies and On arrival in Minsk,passen- Neither were five or six enkoand close to 100 officials, partners, and international or- gers were told to remain in their other passengers, according to businessleadersand entities. ganizations,’’Mr. Biden said. seats. ALithuanian lifestyle Ireland’sforeign minister,who On Sunday, astatement on Thechief executiveofDub- blogger, who would only agree said on Mondayhewasn’t cer- Mr.Lukashenko’sofficial Tele- lin-based Ryanair Holdings to use her firstname,Raselle, tain whether Belarusian KGB

gram messenger app said Belar- PLC called it “a case of state- REUTERS filmed the incident from her officials were on the plane.

usian authorities received infor- sponsored hijacking.” Michael VIA seat at the front of the plane “That certainly would sug- mation that apassenger plane O’Learytold Ireland’sNewstalk Y and uploaded clips to YouTube. gest that anumber of other over the country’sairspacepos- radio channel that “itappears She said aflight attendant told people who leftthe plane were sibly had explosives on board, the intent of the authorities TYESLIV passengersthat legal issues had secret service,” said Simon Co-

and Mr.Lukashenkoordered a wastoremoveajournalist and @ZHEL prevented the plane from land- veney,Ireland’sforeign-affairs MiG-29jet fighter to escort the his traveling companion.” A still from the video showing Roman Protasevich, who was ing in Lithuania and that it had and defense minister,onIrish aircrafttoland in Minsk. “Webelievetherewere detained Sunday, in what he called a pre-trial detention facility. to divert to Minsk. state-owned broadcaster RTE. On Monday, Belarusian some KGBagentsoffloaded at Passengerswereeventually On Monday, the Belarusian transport authorities said the airport as well,” he said, also attended an economic fo- sharp turn. When the pilot got allowedtodeplane in groups of MinistryofForeign Affairs Gaza’s governing militant referring to the Belarus secret rum with Ms. Tikhanovskaya, ontothe loudspeaker,they ex- five to six people,said Audre said Minsk wasready to invite group, Hamas,had sent an service. Theairline wouldn’t and wasreturning home to the pected him to announcethat the Cek,34, aLithuanian medical- international expertstocon- email to Minsk National Air- comment further. Lithuanian capital of Vilnius. aircraftwas preparing to land in deviceindustryworker who duct an objectiveinvestigation. port on May23warning that a Mr.Protasevich had Around 15 minutes before Vilnius,recalled passenger Janis wastraveling with her mother. —Paul Hannon, Laurence bomb would explode on the wrapped up aholidaywith his landing,passengerssaid they Zviedris,aLatvian whowas They were told to leave their Norman and Juris Kaža Ryanair flight unlessIsrael girlfriend in Greece, wherehe were jolted as the plane made a seated in the plane’sninth row. belongingsonthe ground near contributed to this article. Blinken Heads to Mideast as Arab-Israeli Tensions Simmer

President Biden sent Secre- ter Benjamin Netanyahu, Pal- tween Israel’sJewsand its theWest Bank and the con- tary of State AntonyBlinken estinian AuthorityPresident two million Arab citizens, tested city of Jerusalem for a to the Middle East in an effort Mahmoud Abbas and other of- about afifth of itspopulation, longer-termsolution to their to safeguardthe cease-firebe- ficials involved in talks. over the Israel-Hamas conflict. decades-old conflict. tween Israel and Palestinian TheU.S., together with its An unidentified man TheBiden administration militant group Hamas follow- allies Egypt, Qatar and several stabbed two Israelis including wantstoreturn to abroader

ing 11 days of intense fighting. European nations,worked to asoldier in Jerusalem on Mon- S peaceprocess that it hopes persuade both Israel and lead- day, as Israeli policelaunched would culminate in two sepa- By Rory Jones ersofHamas to end their mili- an operation to track down PRES rate states forIsraelis and Pal-

in Tel Aviv tary campaigns.Washington andarrest those involved in ZUMA estinians. Yet, officials said it and William Mauldin doesn’t have direct contact communal violence that A/ is prematuretolaunch that in Washington with Hamas, which governs erupted earlier this month. processwhile the Israel- XINHU

Gazaand is designated by the Thetwo victims—one se- D/ Hamas conflict is raw.

“He will continue our ad- U.S. as aterrorist organization. verely wounded—were hospi- AWA “Weare not wavering from ministration’seffortstore- TheBiden administration talized, said Israeli medical that in anyway,” the State De- build ties to, and support for, says it playedanactive, if services. Israeli police said it MAR partment official said of aims AM

the Palestinian people and quiet part in effortstobroker fatally shot theassailant but MU for a two-state solution. “It’s leaders, afteryearsofne- acease-fireand credited Egypt didn’t provide further details. A knife-wielding Palestinian hurt an Israeli soldier and a civilian probably prematureatthis glect,” Mr.Biden said,while with acritical role because Palestinian media identified in Jerusalem before he was shot dead Monday, Israeli police said. time to invitethe parties to reaffirming the U.S.’s commit- Cairohas the ability to speak the attacker as 17-year-old Zurhi Washingtonoranywhereelse.” ment to Israel’ssecurity.“And directly to Hamas leaders. al-Tawil from East Jerusalem. A pected of taking part in the Theweeklong operation— One immediatepriority will he will engageother key part- This week marks the first spokesman forthe Israeli police disturbances, indicting about dubbed Lawand Order—will be helping the United Nations ners in the region.” Middle East trip as secretary didn’t respond to arequest to 150 suspects, it said Monday. include thousands of policeof- with the distribution of aid in Mr.Blinken leftMonday of statefor Mr.Blinken.The comment on the identity of the About 90% of those arrested ficers and border troops, po- Gazaand seeking to boost the and is set to return Thursday, visit comes amid heightened assailant. Aspokesman for were Arab citizens,with the lice said. role of the Palestinian Author- visiting Jerusalem; Ramallah tensions between the Palestin- Hamas couldn’t be reached fora remainder Israeli Jews,Israel’s Healing those communal di- ity,which governs in the West in the West Bank; Cairo; and ians and Israelis despitethe request to comment. Channel 12 reported. visions poses achallengefor Bank, in the territoryrather Amman, Jordan, said the State cease-fireFriday.The tensions During the past two weeks, Aspokesman forthe Israeli Israel as it navigates the frag- than that of Hamas. Department. He planned to have been exacerbated by the Israeli policehavearrested police didn’t respond to a re- ile cease-fire with Hamas and —Dov Lieber in Tel Aviv meet with Israeli Prime Minis- worst violence in decades be- more than 1,500 people sus- quest to comment. growing Palestinian calls in contributed to this article. P2JW145000-0-A00700-17FFFF5178F

THE WALL STREET JOURNAL. Tuesday, May 25, 2021 | A7

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A8 | Tuesday, May 25, 2021 NY THE WALL STREET JOURNAL. WORLD WATCH

CONGO Eruption’s Toll Rises As Lava Gas Kills 7 Seven more people have died as a result of the recent volcano eruption in eastern Congo, in- creasing the death toll to 22. Those killed Monday died from inhaling toxic gas when they were walking across a wide expanse of the cooling lava near the eastern city of Goma, the scientific director of the Volcanic Observatory of Goma, Celestin Kasereka Mahinda, said. Theyweretraveling on the road between Kibati and Goma thatwas cut off by aflowoflava about ahalf-mile wide, he said. With little warning Mount Nyiragongo turned the dark sky fiery red on Saturday night and then spewed torrents of lava into villages, killing at least 15 people and destroying more

than 500 homes, officials and S

survivors said. PRES On Monday, residents TED

searched for missing loved ones CIA

amid their destroyed homes on SO the outskirts of Goma, where AS light aftershocks were detected following the weekend eruption. BUMBA/ KA The volcano eruption caused TIN

about 5,000 people to flee from JUS one neighborhood of Goma, a Toxic gas from cooling lava near the Congo city of Goma killed seven people who were walking nearby, the scientific director of the Volcanic Observatory said. city of about two million people, across the nearby border into Ms. Suu Kyi’s supporters say bers of the junta that seized tem and lead to the layoff of people in the Italian Alps will fo- SAMOA Rwanda. About 25,000 others the proceedings are politically power in a coup nine months thousands of employees. cus on whythe lead cable sought refuge to the northwest motivated and are meant to dis- earlier in the West African na- DevelopmentMinisterJaroslaw snapped and whythe emergency New Leader Locked in Sake, the U.N. children’s credit her and legitimize the mil- tion, witnesses reported. Gowin said Poland wouldn’tshut brakedidn’tengage and prevent Out of Parliament agency said. itary’s seizure of power. If con- Therewas no immediate con- the lignitemine in Turow,onthe the cabin from careening back —Associated Press victed of any of the offenses, firmation as to whyameeting border with Germanyand the down the mountain until it Samoa wasplunged into a she could be banned from run- wasabruptly called at the military Czech Republic, but instead was pulled off the support line and constitutional crisis Mondaywhen MYANMAR ning in the election that the headquarters in Kati, but it came engaged in “very intensivediplo- crashed to the ground, the lead the woman who wonanelection junta has pledged to hold within justhours after the newcabinet matic and law-relatedefforts” to prosecutor said Monday. lastmonth waslocked out of Par- Suu Kyi Appears one or two years of its takeover. positions were announced, said secureundisturbed operation of The lone survivor of Sunday’s liamentand the previous leader In Person in Court The military ousted Ms. Suu severalwitnesses who spokeon the mine and connected power tragedy, a 5-year-old Israeli boy claimed he remained in charge. Kyi’s government after her party condition of anonymityfor fear of plantthatgenerates some 7% of living in Italy, remained hospital- The events marked the latest Myanmar’s ousted leader, won a landslide victory in a gen- recrimination by the military. Poland’senergy. ized in Turin in intensive care twist in a power struggle that Aung San Suu Kyi, appeared in eral election last November that The cabinet announced Mon- The EU’sCourt of Justiceon with multiple broken bones. The has been playing out in the court in person on Monday for would have given it a second day didn’t include Interior Secu- Fridayordered Poland to immedi- Israeli foreign ministry identified small Pacific nation since it the first time since the military five-year term in office. rity Minister Modibo Kone or ately stopoperation of the mine, him as Eitan Biran. His parents, elected its first female leader. arrested her when it seized Before the start of demo- Defense Minister Sadio Camara. heeding Prague’scomplaints that younger brother and two great- On Mondaymorning, Prime power on Feb. 1. cratic reforms a decade ago, —Associated Press it drained groundwater from grandparents were among the Minister-elect Fiame Naomi Myanmar state television Myanmar was ruled by the mili- Czech territory and thatPoland dead, the ministry said, correct- Mata’afaand her supporters MRTV broadcast on its evening tary for 50 years. POLAND recently extended its license ing an earlier statement that showedupatParliamenttoform news program the first photo of —Associated Press without proper prior environmen- had included Eitan among the anew government, but weren’t Ms. Suu Kyi, 75 years old, since Warsaw Defies EU tal assessment. victims. Italian media identified allowedinside. She and her FAST the coup. It showed her sitting MALI Court Order on Mine —Associated Press all the other victims as residents Partylater took oaths and ap- straight-backed in a small court- of Italy. pointedministers under atentin room, wearing a pink face mask, Military Rounds Up Poland’s government on Mon- ITALY The disaster occurred in one frontofParliament, actions that her hands folded in her lap. Top Leaders day defied an injunction by the of the most picturesque spots in opponents said were illegal. Tui- Alongside her were her two co- top European Union court that Probe Begins in Fatal northern Italy—the Mottarone laepa Sailele Malielegaoi, who defendants, former President Malian soldiers rounded up ordered the immediate closure Cable-Car Plunge mountaintop overlooking Lake wasprime ministerfor 22 years Win Myint and Myo Aung, the the president and prime minister of a major brown coal mine, Maggiore and other lakes near beforehis unexpected election former mayor of Naypyitaw, Monday, hours after a govern- with officials saying it would The investigation into Italy’s Switzerland. loss,said he remained in charge. Myanmar’s capital. ment shuffle left out two mem- shake the nation’s energy sys- cable car disasterthatkilled 14 —Associated Press —Associated Press

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A10 | Tuesday, May 25, 2021 ** THE WALL STREET JOURNAL. WORLD NEWS SurvivorsRecall Ordeal in Deadly China Marathon

Rapidly worsening trail runners—had died from exposure, in an incident that is weather led to the sparking anger and consterna- deaths of 21 elite tion throughout the country. On Monday, mountain-trail long-distance runners raceswerebeing canceled throughout China, people in- BY PHRED DVORAK volved in theraces said. Those AND WENXIN FAN moves followedanemergency meeting of Chinese sportsoffi- One of the last things cials Sunday night that called Zhang Xiaotao remembered on local governmentstomoni- beforepassing out wasa torsafety risks,and the launch fierce wind, freezing rain so of an investigation intoSatur- dense he could barely see and day’s race by the government

a numbness that left him un- in Gansu, the province where S able to control his body. it took place. PRES In accountsgiven to Chi- As China’smiddle class

nese statemedia and posted growsricher,the popularity of ZUMA G/

on his social-media account, city marathons and mountain TP the veteranrunner said he was raceshas surgedinrecent Rescuers gather in northern China, where freezing rain and gale-force winds killed 21 runners in an ultramarathon event on Saturday. in the toughest leg of agruel- years, attracting investors to ing 60-mile mountain race in organize new races, including to investigatethe inci- est wherethe ultramarathon from race participants. When China, had lefthis wind jacket northern China on Saturday many backed by local govern- dent. Effortstoreach the race took placeisajumble of the storm hit around noon, the with organizersbecause the when afreak storm hit, catch- mentsthat have embraced the operator,Gansu Shengjing mountains and reddish rock race leaderswereheading into forecast had been for a warm ing manyofthe racers by sur- events for economic-develop- SportsCo.,wereunsuccessful. structures that stretch sky- the highest and steepest part day, he told CGTN. He was hit prise.Hewrapped himself in a ment purposes.But some Among the dead: Liang Jing, ward on the edgeofthe des- of the course. by cold rain and wind as he foil survival blanket he was races have been plagued with one of China’sbest-known ert, aroughly 10-hour drive As the gale and rain hit, went into the steep leg. carrying,pressed the SOSbut- injuries and even deaths, marathon runners, who had northwest of the city of Xi’an. Wang Jinmin, arunner from “My eyesight became tononhis GPS locator,and which are often attributed to wonthe race,which traces a Videos of the course from Chongqing,spent afew min- blurred,” he said, “followedby then blacked out. inexperienced organizers. winding, rockypath alongthe runnersand the race organizer utes opening up his emergency my brain.” When Mr.Zhang returned Many other participants in YellowRiver in remoteGansu showathletes laboring up blanket. It wasimmediately Mr.Zhang,too,said in his to consciousness, hours later, this weekend’sdeadly race province, each of the three pre- slopes so steep they have to blown out of his shivering Weibo post that his sight he found that he had been res- have posted videos,photos vious yearsithad been held. use their hands, and winding hands,helater told CGTN, a started blurring when the rain cued by alocal sheepherder, and messages to social media “We’reall really struggling through narrow gullies and statemedia service, from a strengthened. He passed two who had brought him to a describing theirexperiences, to processhow this could have tunnels between sandy rock hospital bed. fellowrunners, both in bad cave stocked with quiltsand and Chinese internet usersare happened,” said SteveBram- pinnacles.Inthe toughest leg, Soon, he found himself lying shape, and tried to help one firewood. Mr.Zhang didn’t an- asking whyorganizersweren’t mer, who met Mr.Liang when wheremost of the runnersran on the ground, unable to move, by putting his arm around him swermessages to his accounts better prepared for emergen- he participated in asimilar intotrouble,the course climbs and his consciousnessfading. for support, he wrote. or calls to his phone.The Wall cies and morealert to the pos- trail-running competition that 3,300 feet to an elevation of To stay awake, he pinched At some point, the two must Street Journal confirmed the sibility of bad weather. Mr.Brammer directed in Hong around 7, 200 feet, without himself and bit his lips and have separated, although the authenticity of Mr.Zhang’sac- MayorZhang Xuchen of Kong.Mr. Liang had twice support staff. tongue,vowing to see his fam- memoryisvague,Mr. Zhang count with a colleague. BaiyinCity,the host of the placed second in that race,the On Saturdaymorning,the ily again. He managed to re- wrote. He fell repeatedly and ManyofMr. Zhang’sfellow event, said Sundaythat he was Vibram Hong Kong 100. weather wascold and windy, main conscious until rescuers finally lost consciousness. racers weren’t so lucky. By the riddled with guilt over the loss Twodays afterSaturday’s but racers hadn’t gotten any found him around 9p.m., 12 Later, he found out that both time rescue operations had con- of lives caused by asudden event, amorecompletepic- bad-weather warningsfrom hoursafter the race started. colleagues had died, he wrote. cluded on Sunday, 21 athletes— changeofweather,and that ture is now emerging. the organizers, according to LanRenxun, an associate —Qianwei Zhang including some of China’stop theprovincewould continue TheYellowRiver Stone For- multiple postsand videos law professor from southeast contributed to this article. Opposition to TokyoOlympicsGrows U.S. to LowerMexico’s

BY ALASTAIR GALE TheJapanese areskeptical. Air-SafetyRating Recentopinion polls show TOKYO—Opposition to the growing majorities opposed to BY ANDREW TANGEL week,people familiar with the TokyoOlympics openingin the Games taking place. A matter said. two months has deepened in mid-May survey by the Asahi U.S. officials areplanning to One U.S. official said the Japan and spread to some newspaper found that 83% of downgrade Mexico’saviation- American government wasex- prominent businessleaders people wanted the event to be safety rating in coming days, pected to acknowledgethat despiteorganizershighlight- canceled or postponed, up people familiar with the mat- Mexican authorities have ad- ing recent warm-up events as from 69% in April. tersaid, complicating are- dressed some of the FAA’s CK

evidencethat the Games can TO Concern about aspread of bound in what has become the concerns and to offer assis- safely go ahead. infection isn’t limited to Japan. world’slargest air-travel mar- tance resolving remaining is- On Sunday, Masayoshi Son, Asurvey takeninneighboring ket between two nations. sues.Aspokesman forMexi- SHUTTERS

the chief executiveoftechnol- A/ South KoreaonMay 21 by TheFederal Aviation Admin- can President Andrés Manuel ogyinvestment company Soft- polling companyRealmeter istration has determined that LópezObrador declined to

Bank Group Corp., painted a MA/EP showedthat 78%ofpeople Mexico’s oversight of aviation comment. scenario in which arriving ath- YA were against the TokyoOlym- safety falls short of the toptier Mexico, which has remained letes and officials triggered a MA pics taking placethis year. of international standards,the open to U.S. tourists through- SA newwaveofinfections with Behind Japan’s anxiety is a people said. Mexicohas aCate- out the pandemic,has been

virus variants, leading to KIMIMA slowrollout of vaccines.Japan gory 1air-safety rating and the largest international desti- deaths, moreemergencyshut- Despite protests, organizers say the Summer Games will be held. has just begun large-scale vac- would be dropped to Category nation from the U.S. during downs and further shrinkage cination of its elderly popula- 2, some of the people said. much of the past year. of Japan’s economy. Department warned Americans of theInternational Olympic tion. Tokyo and several other Thedowngrade would re- More than 2.3 million pas- Canceling the Games might against all travel to Japan be- Committee’scoordination com- major urban areas of Japan strict Mexican carriersfrom sengersflewnonstop between bringfinancial losses,but by cause of the risk posed by the mission forthe TokyoOlym- areunder astate of emer- increasing servicebetween the two countries last month, holding them, Mr.Son wroteon pandemic,raising itstravelad- pics,said about 80% of athletes gencyscheduled to last until U.S. cities and limit marketing with four times as manyseats Twitter, “I think we’regoing to visoryfor the countrytoits and officials were set to be the end of Mayand intended agreementswith U.S. airlines. being flowninMay compared lose something much bigger.” highest level—“Level 4: Do Not vaccinated, and strict restric- to drivedownnew virus cases. U.S. officials areexpected with the second-ranked U.K.- Hiroshi Mikitani,the chief Travel.” Americans arepermit- tions on movement would pre- Asked if the Olympics would to citeissues including insuffi- Spain market, dataprovider executiveofe-commerce com- tedtotraveltoJapan but do so vent contact with the public. take place during a state of cient legal authority, training OAG said. pany RakutenGroup Inc., told at theirown risk. “These Gameswill be safe emergency, Mr. Coates said: and compensation forMexican Adowngrade would have CNN that the Olympics were a Olympic organizerssay the foreveryone participating, “The answerisabsolutely yes.” air-safety regulators, some of the most significant effect on “suicide mission.” event won’t be canceled. On and importantly safefor the —Jessica Donati the people said. An announce- Mexican airlines operating to On Monday, the U.S. State Friday, John Coates,the head people of Japan,” he said. contributed to this article. ment is likely as soon as this and from the U.S. FROM PAGE ONE

wasaccused of abusing his posi- ties on the grounds of Ver- parties,saying they were a Thecourt ruled the paywasn’t those charges. Ghosn to tion as head of Nissan forper- sailles,the opulent former pal- public-relations problem rather justified. Mr.Ghosn—who initi- Serge Tournaireisleading sonal gain and conspiring to hide aceofKing Louis XIV. than alegal issue.Hehas said ated theproceedings—said he the French investigation. One of part of his deferred compensa- It is also investigating the paymentstothe Omani dis- would appeal and that he is Mr.Tournaire’smorerecent in- Face Legal tion,chargeshehas denied. whether Mr.Ghosn funneled tributor were legitimateincen- owedmoney. vestigations led to afive-year Lebanon doesn’t extraditeits millions of dollars of company tives. In all, Mr.Ghosn’sattorneys prison sentencefor former citizens,sothat trial is on in- funds through adistributor for Meanwhile,inthe Nether- said he faces morethan two Prime Minister François Fillon Challenges definitehold. But other legal Nissan and Renault in Oman lands, acourt last week or- dozenlegal cases or investiga- of France, who was found guilty proceedingsthat have sprung andintocompanies he con- dered Mr.Ghosn to repayabout tions triggeredbyJapan’salle- of financial wrongdoing.Mr. from it around the world are trolled. Nissan and Renault $6 million in salaryhewas paid gations and his departurefrom Fillon is appealing. ContinuedfromPageOne gaining pace. Franceisprobing make cars under an alliance by an Amsterdam-based joint Nissan and Renault, as well as He also wasinvolved in a said he doesn’t regret the year whether Mr.Ghosn abused his that Mr.Ghosn led. venturebetween Nissan and his subsequent escape from case that led to aconviction and ahalf he has spent stuck in position as chiefexecutiveof Mr.Ghosn has denied any Mitsubishi MotorsCorp., an- Japan. Mr.Ghosn can’t leave andmultibillion-dollar fine his boyhood home of Lebanon. Renault when he held two par- wrongdoing over the Versailles othercompanyinthe alliance. Lebanon.Interpol has issued a against UBS Group AG fortax Apart from working on his legal so-called rednotice, alerting evasion. TheSwissbank said at defenses,Mr. Ghosn spends a policeand border-control offi- the time it would appeal. dayaweek organizing abusi- cers around the world that he French authorities,mean- nesscourse at alocal univer- is wanted by Japan. Authorities while,havefrozena$7million sity.Hegoes on hikes with hereare holding his Lebanese Paris apartment owned by Mr. friends in the mountains passport. Ghosn’swife, asprawling home around Beirut, and he plays on- Mr.Ghosn, who also holds outside the capital that he line bridge. French and Brazilian citizen- owns with his ex-wife, and Mr.Ghosn has long said he ship,said he doesn’t regret morethan 10 million euros,or fled Japan because he didn’t fleeing Japan. about $12.2 million, from a thinkhecould getafair trial “I would have died in bank account in Luxembourg. there afterhis 2018 arrest. He Japan,” he said. “I wasfin- Those assetswon’t be freed nowsaid he is no longer sure ished.” Japan has said he would up until the French probes are

he would getafair hearing in JOURNAL have received afair trial had he resolved. French authorities France, either.French authori- remained. have allowedMr. Ghosn to con- REET

ties have seized millions of dol- ST Threeother former Ghosn tinue drawing his state-funded larsworth of assetsheld by Mr. LL associates arestill there, facing pension. Ghosn and his wife. WA chargesstemming from his ar- Another legal case is pro- THE

“I will see,” he said, regard- R rest and escape.The trial of ceeding closer to home.Mr.

ing his treatment by the French FO two Americans accused of or- Ghosn is fighting in court here justicesystem. “I’ll judgeon chestrating Mr.Ghosn’sspec- to stay in ahistoric pink man- the facts.” French authorities tacular escape startsnext sion that waspurchased and SÁNCHEZ

said the seizures arepropor- A month. And his former aide at renovated with Nissan money. tionatetothe allegations they Nissan, Greg Kelly,iscurrently Mr.Ghosn said it waspromised areinvestigating. IBARR standing trial for allegedly to him as part of his retirement GO

Mr.Ghosn’sescape quashed a DIE helping Mr.Ghosn conceal com- package. Nissan said it is the planned trial in Tokyo, wherehe Mr. Ghosn’s attorneys say he faces more than two dozen legal cases or investigations. pensation.Mr. Kelly is fighting rightfulowner of the property. P2JW145000-0-A01100-1------XA

THE WALL STREET JOURNAL. Tuesday, May 25, 2021 | A11

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A12 | Tuesday, May 25, 2021 ***** THE WALL STREET JOURNAL. FROM PAGE ONE Debate Over Leak Hypothesis

ContinuedfromPageOne intothe mainstream an idea oncedismissed as aconspiracy theory: that SARS-CoV-2,the GES virus that causes Covid-19, IMA might have leaked from alab in

Wuhan, the city wherethe first GETTY

cases were found in December SE/ 2019. Thelab researchersthus far

haven’t provided full and ANCE-PRES prompt answers,and there FR

have been discrepancies in ENCE some information they have re- AG leased. That hasled to de- mands by leading scientistsfor EISELE/ adeeper investigation intothe Wuhan instituteand whether thepandemic virus could have JOHANNES been in itslabs and escaped. Even some senior public- health officials who consider /REUTERS;

that possibility improbable now PETER back afuller probe.They saya S World Health Organization-led THOMA

team had insufficient access in P: Wuhan earlier this year to TO reach itsconclusion that alab OM FR leak was“extremely unlikely.” The Wuhan Institute of Virology, above, in Hubei province, China. Shi Zhengli, shown below in a lab in 2017, is the WIV’s leading bat coronavirus expert. Most of thosecalling fora fuller examination of the lab tioned forabout five hoursby Mojiang mine. netic sequence, it wouldn’t hypothesis saythey aren’t police, who deleted acellphone Afterrepeated requestsby have had an infectious RaTg13 backing it over the main alter- photograph of the mine.Villag- scientiststoclarifythe issue, virusthat could have escaped native—that thevirus spread erstold the reporter that local Dr.Shi said that the two vi- from the lab.Having only the from animals to humans out- officials had warned them not ruses were one and the same. genetic sequencealso raises side alab,inthe kind of natural to discussthe mine with out- She also revealed that the questionsabout the extent to spillover that has become more siders. WIV retested samples from the which it could have been used frequent in recent decades. Therewas no sign of nearby minersand established that as the basis forexperimentsto Thereisn’t yetenough evidence villages being evacuated or any they weren’t infected with createman-made viruses. foreither idea, they say, nor recent research activity at the SARS-CoV-2.And she disclosed Other scientists, however, arethe two incompatible.The mine.Itwas so overgrownthat that her team subsequently had saythat cannot be indepen- virus could have been one of itsentranceappeared to be in- found eight other SARS-type dently verified without viewing natural origin that wasbrought accessible. coronaviruses in the mine. the WIV’slab logs, sample re- back to alaboratoryinWu- On Friday, afterrepeated re- cordsand viral database and han—intentionally or acciden- questsfromscientiststoshare that research papersshowits tally—and escaped. Call forprobe the genetic sequences of the vi- employees were combining Agrowing number,however, Last year,27scientists ruses,Dr. Shi and colleagues re- some batcoronaviruses they including the director-general signed an open lettercondemn- leased ascientific paper on a had cultured with genetic ma- of theWHO and aprominent ing “conspiracytheories” sug- preprint server,meaning that it terial from others. U.S. researcher who has worked gesting that Covid-19 didn’t has yettobepeer-reviewed. with the Wuhan InstituteofVi- have anaturalorigin. Now, Thepaper said the eight were rology, agree that the WIV three of them sincecontacted almost identical to each other Lab experiments needs to provide moreinforma- by the Journal saythat on fur- pneumonia, with the same lung Critically,all six bat species and only 77.6%similar to SARS- One area of controversy is tion about itswork to categori- ther reflection alaboratoryac- markingsnow seen in many showedevidenceofcoronavirus CoV-2,although one part of the experimentsthe WIV was cally rule out alab spill. cident is plausible enough to Covid-19 patients. Still, blood co-infection, the researchers their genetic code wasa97. 2% doing to construct newviruses TheWall Street Journal re- merit consideration. Others andother testscouldn’t pin- found. In other words, the virus match. by combining elementsofexist- ported on Sundaythat three continue to deem it toounlikely point the cause. could easily exchangegenetic Manyscientistsquestion ing bat coronaviruses to deter- WIVresearchersbecame ill to justifyinvestigation. material with similar ones to whythe WIV didn’t announce mine whether they could be- enough in November 2019 that “I’m convinced that what createanew coronavirus—an the existenceofthose viruses come moreinfectious to they sought local hospital care, happened is that the virus was Sick miners environment ripe forthe cre- earlier,aswell as their connec- humans. according to apreviously un- brought to alab,they started Over the next week,fiveoth- ation of newviruses that could tion to the mine,and whythey Such experiments—some- disclosed U.S. intelligencere- to work with it…and some ersworking at the Mojiang potentially infect humans. waited so long to allowscien- times described as “gain-of- port, though officials expressed sloppy individual brought it mine,ages30to63, were ad- That research wasled by Shi tiststoexamine their se- function” research— have long differing views over the out,” said BernardRoizman,a mittedtothe same hospital. All Zhengli, the WIV’sleading bat quences.Such information been controversial among sci- strength of the evidence. White University of Chicagovirologist had similar symptoms. coronavirus expert. When the about the types of coronavi- entists. Supporterssay they House spokeswoman JenPsaki and one of the signers. Doctorsconsulted expertsin resultswerepublished in 2016 ruses that were circulating is arethe best way to identify said Mondaythe information On May13, agroup of 18 sci- respiratorydisease,including in the journal VirologicaSinica, critical in thesearch forthe potential sourcesoffuture came from aforeign entity,and entistsfromuniversities includ- Zhong Nanshan,who had led fewscientistspaid attention to pandemic’sorigins,they say. pandemics and to develop vac- that the U.S. needed additional ing Harvard, Stanfordand Yale thefight against China’s2002 RaBtCoV/4991. Dr.Shi didn’t respond to re- cines.Critics saythe risk of information to independently publishedanopen letterinthe and 2003 outbreak of severe Only afterthe Covid-19 pan- questsfor comment. harmful, genetically enhanced verifyit. academic journal Sciencecall- acuterespiratorysyndrome,or demic began did it become Manyscientistsare eager to viruses leaking from alab is TheBiden administration ing forserious consideration of SARS. moresignificant. In February examine the WIV’soncepub- too great. has recommended to the WHO the lab hypothesis and urging Dr.Zhong diagnosed pneu- 2020,Dr. Shi and her col- licly available database of some Some scientistssay work de- that it lead afuller investiga- research laboratories to open monia, most likely caused by a leagues published apaper in 22,000 samples and virus se- scribed by Dr.Shi fits abroad tion intothe possibility of alab theirrecords. virus, and recommended test- thescientific journal, Nature, quences,including 15,000 from definition of gain-of-function leak,backing acall by WHO Di- Among the signatories to ing forSARS antibodies and revealing the existenceofavi- bats. Thedatabasewas taken research. Thereare wide differ- rector-General Tedros Adha- the Scienceletterwas Ralph trying to identifythe type of ruscalled RaTG13.Sequencing offline in September 2019.Dr. ences of opinion about where nomGhebreyesus.Aninvesti- Baric,amicrobiologist at the bats in the mine. Shi told the WHO-led team in theboundaries aredrawn. gation should include other University of North Carolina Another thesis,writtenbya Februarythat the database was Dr.Shi has publicly de- laboratories in Wuhan, not just who worked with the WIV on a Ph.D.candidatesupervised by Beijing would be takenoffline afterbeing sub- scribed doing experiments, in- the WIV,and the team conduct- study to createanartificial cor- George Gao,the current head of jected to morethan 3,000 cy- cluding in 2018 and 2019,tosee ing it should include laboratory onavirus that infected human the Chinese Center forDisease sure to resist any berattacks. if various bat coronaviruses safety experts, according to a cells in the lab. Control and Prevention,said moves to undertake TheWHO-led team that vis- could use acertain spikepro- U.S. health official. “Weshould In an email, he said SARS- four of the minerstested posi- ited didn’t ask to viewthe data, tein on their surfaces to bind to be able to look at biosafety re- CoV-2’sgenetic structuresug- tivefor SARS antibodies. a deeper probe. according to PeterDaszak, an enzyme in human cells cordsand interviewstaff mem- gestsitoriginated in wildlife By mid-August 2012, three president of EcoHealth Alliance, known as ACE2. That is how bers,” the official said. andevolved naturally to infect were dead. Thesuspicion was aNew York-based nonprofit, both the SARS virus and SARS- Thematterislikely to be humans,and that he believes that it wasabat-borneSARS- who wasonthe team. Theda- CoV-2 infect humans. discussed during ameeting of that is the most likely scenario, like coronavirus,according to had revealed it was96.2% simi- tabase included information the Those experimentsinvolved the WHO’sdecision-making but “moreinvestigation and Mr.Li’sthesis.Chinese scien- lar to SARS-CoV-2 genetically, WIV had gathered through combining one bat coronavirus body,the World Health Assem- transparencyare necessaryto tists, who were still searching making it the closest known work with EcoHealth Alliance, with the spikeprotein of an- bly,which started Monday. Dip- define the origin of the pan- forthe origins of SARS,knew relativetothe pandemic virus. which wasfunded by the Na- otherand then infecting mice lomatic support foralab inves- demic.” that bat cavesinthe area were They said it wasfound in a tional InstituteofAllergy and genetically engineered to con- tigation is thin. Few Theshiftamong leading sci- apotential source. bat in Yunnan, the Chinese Infectious Diseases and collabo- tain human ACE2, Dr.Shi told governmentsare eager to entistsispartly due to conflict- Over the next year or so, provincethat includes the ratedwith the WIV to study the WHO-led team in February, champion aprobe that China ing statementsfromChinese WIVscientistsentered the Mojiang region mine,but didn’t coronaviruses in bats. Dr. according to itsreport. could easily veto. researchers. Some scientists Mojiang mine and took fecal saywhen or where. Daszaksaid earlier this year Onequestion nowdividing Beijing would be suretore- sayanother factor has been a samples from 276bats, identi- That revelation wasconsid- that because of his organiza- the scientific community is sist anysuch effort and has toning down of U.S. govern- fying six different species,ac- ered abreakthrough in the tion’s work with the WIV,“we whethersuch experiments tightly controlled access to in- ment rhetoric on the subject in cording to aresearch paper search forCovid-19’ssource, basically know” what viruses could have created SARS- formation thus far.Itdenies recent months. they published later. strongly indicating that it origi- were in the database,and none CoV-2.Manyprominent scien- that SARS-CoV-2 came from TheWHO-led team that vis- They extracted genetic ma- nated in bats. wascloser to SARS-CoV-2 than tistssay that would be impossi- one of itslabs or infected any ited Wuhan early this year con- terial from the samples and In the following weeks,how- RaTG13. ble with RaTG13,and that WIV staff,and it wantsthe cluded in ajoint report with sequenced fragments. Half of ever,some scientistsoutside Moreover,RaTG13 wasge- SARS-CoV-2 could only have WHO to investigate whether Chinese expertsinMarch that the samples tested positivefor China noticed striking similari- netically very distinct from been created out of avirus that the pandemic began outside Covid-19 most likely moved coronaviruses,including an ties in the sampling dates and SARS-CoV-2 and had never wasgenetically closer to it. Chinese borders. from batstohumans,via an- unidentified strain of aSARS- partial genetic sequences of the been successfully cultured in Ian Lipkin,aninfectious-dis- “The U.S. keeps concocting othermammal, and ranked a like one, according to the sci- virus called RaTG13 and the the lab,heand other scientists ease specialist at Columbia Uni- inconsistent claims and clamor- laboratory leak at the bottom entists. They called the virus one called RaBtCoV/4991, which on the WHO-led team said. versity who has worked closely ing to investigatelabs in Wu- of itslist. RaBtCoV/4991. Dr.Shi’steam had found in the If the WIV had only the ge- with Chinese research partners, han,” China’sforeign ministry Theteam, which spent three wasamong five scientistswho said in awrittenstatement. hoursatthe institute, had little last year co-wroteapaper dis- “Thisfully shows that some to go on beyond assurances missing the idea that the virus people in the U.S. don’t care from the institute’sown staff, wasmanipulated in alab.Now about factsand truth.” It cited team memberssay. he says he is concerned that the WHO-led team’sverdict on Themost detailed account of the WIV wasdoing experiments the implausibility of alab leak the miners’ illnesscomes in a on coronaviruses in laborato- and urgedWashingtontoinvite master’s thesis by Li Xu from ries at alowerbiosafety level the WHO to investigateearly the No.1School of Clinical than required in the U.S. U.S. cases.China’sNational Medicine at Kunming Medical Dr.Shi told the WHO-led Health Commission andthe University in southwest China. team that therehad been no WIV didn’t respond to requests His thesis describes howa leaks and none of her team had forcomment. 42-year-old man surnamed Lü tested positivefor Covid-19. Chinese authorities have ob- wasadmittedthereonApril 25, Several of Dr.Shi’sforeign structed independent effortsto 2012. research partnershavesaid investigatethe mine,setting up Mr.Lühad been clearing bat they found her laboratories and

acheckpoint nearby whereun- guano at the mine,inChina’s SHIMBUN/REUTERS work practices to be safe. “Shi identified men stopped several Mojiang region, sinceApril 2 Zhengli runs atight ship,” said MIURI

foreign journalistsinrecent andhad suffered from afever YO Maureen Miller,aninfectious weeks,onone occasion warn- and cough fortwo weeks.For disease epidemiologist at Co-

ing therewerewild elephants the previous three days,hehad A/THE lumbia University.“She was ahead. trouble breathing and had be- OK working to prevent exactly this TA

AJournal reporter reached guncoughing up rust-color mu- KA kind of pandemic.She knows the mine by mountain bikebut cus spottedwith blood. KI the seriousnessofworking with KO waslater detained and ques- ACTscanrevealedsevere A closed road near a Chinese mine where the bat virus called RaTG13 was found. coronaviruses.” P2JW145000-5-A012A0-1------NS

THE WALL STREET JOURNAL. ***** NY Tuesday, May 25, 2021 | A12A GREATER NEW YORK About Half of Voters in Poll Back Cuomo

Approval ratings sign, aslight decrease from were prepared to re-elect him margin,” Mr. Greenberg said. cooperating with the investi- demic-related restrictions on the 51% of respondentswho in rose to 37%, from 33% in April. “Lastmonth aplurality of gations intohis conduct and businesses and mask mandates appear to stabilize, but Aprilsaid the governor should Thegovernor’s favorability independentssaid he should that he did nothing wrong. are easing. survey offers a mixed stay. rating ticked up, but the per- not resign; nowindependents He has said he never “We’remanaging Covid, Thepoll of 793 registered centageofpoll respondents areevenly divided on that touched anybody inappropri- we’redoing well, the positivity bag for the governor voters showedthat Mr. whoapproveofhis manage- ately andapologized if his rate is not misunderstood to Cuomo’s approval ratings ap- ment of the pandemic ticked workplaceconduct offended sayit’sover,” he said. “I want BY JIMMY VIELKIND pear to have stabilized since down. anyone. to go forward, I want to learn March, when many of his fel- Thepoll has amargin of er- State officials said their from this past year. I want to Roughly half of NewYork low Democrats called for him rorofplus-or-minus 4per- 49 nursing-home policies were learn from the pain.” voters support NewYork Gov. to step down, and the Demo- centage points. craftedtopreservehospital Thepoll also found that Andrew Cuomo,ashefaces crat-dominatedstate Assembly Poll spokesman Steven Percentage of those surveyed capacity. New Yorkers, by a 62-32 mar- down investigations intoalle- launched an investigation that Greenbergsaid the situation who say he shouldn’t resign. On Monday, Mr.Cuomo said gin, would support alaw re- gations of sexual harassment could lead to his impeach- wasone wheresomeone could the Covid-19 infection rate in quiring collegestudentstobe and his administration’s han- ment. perceivethe governor’s politi- thestate had decreased to a vaccinated against the corona- dling of Covid-19 in nursing Thekey indicators in the cal glass as either half empty level not seen since last sum- virus beforethe fall semester. homes,apoll released Monday latest survey offered a mixed or half full. question, even while giving mer. Mr.Cuomo announced ear- shows. bag for the governor. “Democratscontinue to say Cuomostrongly negativefa- TheDemocratic governor lier this month that all stu- Forty-nine percent of voters While the percentageof Cuomo should not resign by a vorability,job performance hasmade aseries of appear- dentsatthe state’spublic col- surveyed last week by the Si- poll respondents who said he two-to-one margin, as Repub- and re-elect ratings,” Mr. ances in recent weeks to pro- leges would be required to ena CollegeResearch Institute should resign increased, the licans sayheshould resign by Greenberg added. mote the state’svaccination receiveinoculations to attend said Mr. Cuomo shouldn’t re- share of voters who said they a now larger than two-to-one Thegovernor has said he is effortsand announcethat pan- classes in the fall. GREATERNEW YORKWATCH Lang Vies forProgressive Mantle in D.A. Race

NEW JERSEY BY DEANNA PAUL

Indoor Mask Mandate As aManhattanprosecutor in Is Set to End Friday 2017, Lucy Lang secured murder convictions against two masked New Jersey is dropping its in- shooterswho opened fire on a door-mask mandate and lifting crowded street, killing Yvonne other restrictions put in place to Graham’s 28-year-old son. stop the spread of Covid-19 as The morning after the ver- infections fall and vaccinations dict, Ms.Graham told Ms. tick up, state officials said. Lang that she had slept all The state’smask mandate night forthe firsttime since will end formostplaces Friday, her son died—but that when but businesses can continue she woke up,she wasworried mask requirements if they about the mothers of the two choose, NewJerseyGov.Phil young men going to prison. Murphysaid Monday. Maskswill “I lost my son to the continue to be required at some streets, and they lost their locations such as public transpor- sons to the criminal-justice tation, certain stateoffices and system,” Ms.Graham said in in healthcarefacilities, he said. an interviewlast week. Unvaccinated people are “There’s no winning here.” strongly encouraged to continue Ms.Lang said her experi- wearing masks in indoor public ence with Ms.Graham and spaces. “We won’t have law en- othersdirectly affected by law JOURNAL

forcement checking people’s vac- enforcement has informed her REET cination status, but we are ask- campaign to lead the Manhat- ST LL

ing people to be responsible and tandistrict attorney’s office. WA to do the right thing, for your She has pledged to take seri- THE

own safety and the safety of ously the perspectives of R the community,” Mr. Murphy crime victims,offendersand FO

said. their families. OCHS —Joseph De Avila Ms.Lang,40yearsold, has

emergedfrom the field of CAITLIN MANHATTAN eight Democratic candidates Lucy Lang, 40 years old, campaigned recently in Union Square. She spentmorethan 12 years at the Manhattan district attorney’soffice. as aproblem solver with pros- TwoCandidates ecutorial skills,laying out a officeafter graduating from hand viewofhow grim prison side Minneapolis,and amem- knowthe functioning of the Raise Most Funds series of ideas that she said Columbia LawSchool in 2006. could be and the degradation berofthe group that created system that they areseeking to would makeprosecutions Shehandled some of the most that goes on,” he said. the police-prosecution guide. transform, and as aresult have Manhattan district attorney fairer and more equitable. serious offenses,including ho- Ms.Lang leftthe district “Lucyisgoing to do that, as been able to implement trans- candidatesAlvin Bragg and Tali Her plans aredrawn from micides,violent crime and do- attorney’s officein2018 to be- she’sdone her entirecareer.” formational change.” Farhadian Weinstein boastthe morethan 12 yearsinthe Man- mestic-violence cases. come executivedirector of the As aManhattandistrict at- At the core of her platform is biggestcampaign warchests hattandistrict attorney’s office Her interest in revamping John JayCollegeofCriminal torney candidate, Ms.Lang education, including keeping heading into the final month of and two yearsatacriminal- thecriminal-justicesystem Justice’s Institute for Innova- has drawn criticism for push- children out of the criminal-jus- the race,state filings show. justiceorganization whereshe crystallized in 2017when she tion in Prosecution, whereshe ing policychanges and writing ticesystem, working with local Ms. Farhadian Weinstein, a gained national attention as a taught acollege-level course in- advocated ending laws that articles from the sidelines at a organizations wherever possible former stateand federal prosecu- policyexpert advising prosecu- side aNew York stateprison. mandatelifeinprison after think tank.Assemblyman Dan and investing in programs that tor, raised morethan twiceas tors acrossthe country. Putting agroup of 10 Manhat- three violent offenses. Quart, acandidatewho has help people be successfulwhen much as anyofher opponents, Morethan adozenprogres- tan, mostly whiteprosecutors She organized ayearlong ef- minimal experienceinacrimi- they arereleased from prison. bringing in $2.2 million during the siveprosecutorshaveen- and 10 mostly Black and brown fort to createaguide forthe nal courtroom, has told voters Ms.Lang plans to combat latest reporting period between dorsed Ms.Lang,marking the inmates in aroom together,Ms. prosecution of policeofficersac- that they will never see true rising citywide violence by mid-January and May17. Her first time a contender for the Lang led roundtable discussions cused of violence, atype of case reform of the officeifthey creatingaspecialized gun campaign said it had raised $4.4 job has been backed by elected with the students, who then that has long proved challeng- elect aformer prosecutor.Ms. court staffed with attorneys million overall. prosecutorsacrossthe coun- draftedproposals forchange. ingfor district attorneys. The Lang rejects that notion. who aretrained to identifythe Mr.Bragg, aformer federal try. If elected, Ms.Lang would William Darrow,aformer policyrecommendations were “The reforms I’veimple- root causes of gunviolence. prosecutor and topNew York at- join the growing ranks of bureau chief at the Manhattan drawnupbyprosecutors, law- mented aren’t sitting in apol- She said she would address torneygeneral official, surpassed prosecutorswhose goals in- district attorney’s officewho enforcement expertsand family icypaper—they’retransform- domestic violence, which has her in cash on hand. He had $1.2 clude incarcerating fewerpeo- participated in the course at and community membersof ing the system today,” said Ms. been on the rise sincethe pan- million available as of lastweek, ple,tackling the root causes of minimum-security Lincoln Cor- people killed by policeofficers. Lang,noting that some of the demic, by creating a commu- compared with $803,000 forMs. crime and lessening racial in- rectional Facility,said the class “Tohavetruejusticereform, nation’smost successfulpro- nity-based way for victims to Farhadian Weinstein. Mr.Bragg equities in the justicesystem. showedthe human side of peo- we really need to listen to,em- gressivedistrict attorneys, in- feel less afraid to report. She has raised $2 million overall and Ms.Lang,who grew up in ple who have been prosecuted. powerand sharepowerwith cluding Chicago’sKim Foxx and also wantstochangethe city’s $712,000 overthe pastfour the West Village, began work- “People didn’t have any il- impacted communities,” said Brooklyn’sEric Gonzalez, are approach to substanceabuse months, his campaign said. ing as aprosecutor in the lusions about what prison was John Choi, the topprosecutor also people whoserved in the by focusing on treatment and —Deanna Paul Manhattan district attorney’s like, but this gaveusafirst- in Ramsey County,Minn., out- officesthey nowlead. “They rehabilitation. TwoBuildingsinHard-Hit SoHo Sell for$325Million

BY PETER GRANT of the firm, which has $8 bil- thedepths of the pandemic, lion of assetsunder manage- few investorswould have been Areal-estateinvestment ment, “are big believersinNew interested in properties that firm has agreed to pay about York over the long term,” and include high-traffic office, re- $325 million for two adjacent recently have been “actively tail and restaurant spaces. SoHo buildings, in a deal that looking fornew investments.” Investor demand, however, is the latest sign of improve- SoHo,which also endured wasstrong forthe SoHo build- ment foraneighborhood hit looting during racial-justice ingsafter they were put up for hard during the pandemic by protestslast year,has begun sale again earlier this year,Mr. the work-from-home trend and to attractbig weekend crowds Harmon said. Prospectivebuy- NewYork City’s diminished recently as newCovid-19 cases ersespecially liked that the tourism business. have plummeted and NewYork buildings’ location increases Northwood Investors’plan state has eased pandemic re- their chances of maintaining a to purchase the 11-storybuild- strictions. high occupancyrate, he said. ingsatthe corner of Broadway Balthazar andother restau- Theproperties are“on the 50- and Spring Street also is good rantsthat had been closed for yard line in SoHo,” he said. news forthe city’s commercial- much of the pandemic have re- Values of prime retail build- property market, which experi- opened, according to Mark Di- JOURNAL ingsinSoHo and other upscale

enced asharp decline in volume cus, head of the SoHo Broad- REET Manhattanneighborhoods afterCovid-19 struck.Investor way Initiative, abusiness- ST were falling even beforethe demand is starting to rebound, improvement district. LL pandemic,partly because of WA especially forwell-leased prop- “Friday, Saturdayand Sun- competition from online shop-

erties in strong locations. day, NewYorkersand people in /THE ping.Atthe height of the re-

TheSoHo buildings, which the tri-stateregion arecoming ANT tail boom about five yearsago, include180,000 squarefeet of to SoHo at numberscompara- GR the SoHo buildingsprobably officespaceand 60,000 square ble to pre-pandemic,” he said. would have sold formuch PETER feet of retail space, aremore YetSoHo continues to suffer The Manhattan properties at Broadway and Spring Street house office and retail space. morethan $400 million, Mr. than 90%occupied by tenants from sparse crowdsand sales Harmon estimated. such as theBalthazar restau- during theweek because large of lower rents. Manhattan commercial prop- began marketing the buildings Mr. Harmon predicted that rant and the Aritzia women’s numbersofofficeworkersand Thepandemic tarnished erty valued at $1.5billion was beforethe pandemic through a the market will getsteadily fashion boutique.Officetenants touristshaven’t returned to NewYork City’s luster as an sold, according to datafirm Cushman &Wakefield team hotter this year,partly be- include WeWork,acommercial Manhattan, Mr.Dicus said. investment mecca forglobal Real Capital Analytics. ledbyDouglas Harmon and cause some ownersare con- real-estatecompanythat pro- Thirty-eight SoHo stores real-estateinvestors. The Morethan $6.8 billion Kevin Donner. cerned that capital-gains taxes vides shared workspaces. closed during thepandemic. value of most properties be- traded during the same period Like many for-sale proper- might rise.“Manyownerswho ShivaViswanathan,aNorth- Twenty-one had reopened as came uncertain as the city’s in 2019, Real Capital said. ties, the SoHo buildings were have aproclivity to sell are wood senior managing director, of the end of the firstquarter, appeal waned as aplaceto Theseller of the SoHo takenoff the sales block when going to push the pedal down declined to comment on details according to the SoHo Broad- live, work and play. buildingswas afamily that the pandemic hit and investors because they want to getit of the deal. He said executives way Initiative, partly because In the firstquarter of 2021, owned them fordecades.They moved to the sidelines.During done this year,” he said. P2JW145000-2-A012B0-1------NS

A12B | Tuesday, May 25, 2021 NY ** THE WALL STREET JOURNAL.

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© 2021 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Tuesday, May 25, 2021 | A13

Reporter Laura Kusisto with her son. After his birth, she developed a life-threatening infection.

During my pregnancy I had an experienced and highly trained medical team, including a high-risk obstetrician, at a top New York City hospital system. When Iinterviewedmyown pro- viders, they said my symptoms were difficult to distinguish from normal postpartum complaints. Low-grade fevers,for example,are quitecommon among breast-feed- ing women, my midwifetold me for this article.When Iasked my obste- trician about the blood lossthe first night, he said his role as ahigh-risk specialist wastoprovide counseling prior to deliveryabout potential complications but he had no formal role in my postpartum care.Hesaid the blood waslikely hidden deep in my abdominal cavity,whereitwas difficult to identify. This rare com- plication waslikely caused in part by my genetic condition, which in- creased infection risk,hesaid. The pool of blood typically would have been reabsorbed harm- (2) lessly, meaning the standard course of treatment is to wait,

JOURNAL other doctors told me. Thepandemic also complicated REET

ST my medical care,and gavedoctors LL morereason to keep me at home WA rather than send me to the emer-

THE gencyroom. My hospital system re- R

FO ferred all questions to my doctors. TheU.S.has amaternalmortal-

ADLER ity rate double that of most other S

BES high-income countries,including Britain, Canada and Australia, ac- BY LAURA KUSISTO cording to the Commonwealth he evening I brought my ANew Mom’s Fund, ahealthcare newborn son home from research founda- the hospital last July, I tion. TheCDC says devoured pasta and that about two- sourdough bread smoth- thirds of preg- T nancy-related ered in fava bean dip. Crisis Shows By the next morning my appe- deaths arepre- tite had vanished. ventable; factors There were so many strange include lack of ac- things going on with my body af- cess to care,de- ter giving birth that I missed this Care Gaps layeddiagnoses warning sign. and missed warn- LikemanyAmerican women, ing signs.Black Iwasn’t scheduled to have my Like many American women, a WSJ women and those firstpostpartum exam until six on Medicaid are weeks aftermydelivery. Ihad lit- reporter didn’t realize how much could disproportionately tle idea howmuch could go wrong affected. beforethen. go wrong in the weeks after giving birth To help ad- For a week, burning some extra dress this, the 500 calories a day breast-feeding, American College I subsisted mostly on broth and ease Control and Prevention. so much more dangerous and diffi- tals have begun discharging most of Obstetricians and Gynecologists popsicles. Finally I took my tem- Doctors said there is a lack of cult to access care,” she said. women within a few days after recommended in 2018 that women perature and found I was running patient education about potential Iwas carefully monitored giving birth; the move reduces have contact with their providers a low-grade fever. When I called complications, which can include throughout my pregnancybecause I costs and families are often more much sooner than six weeks— my midwife, she ran through pos- preeclampsia, hemorrhage and in- have agenetic condition that in- comfortable at home. within three weeks after birth for sible symptoms and found nothing fection. They also highlighted a creased the risk of complications Christopher Glantz,aprofessor low-risk women and sooner for obviously amiss. An obstetrician typical six-week break in medical such as prematurelabor and post- of obstetrics and gynecologyatthe women at higher risk of complica- she spoke with said it was likely care between vaginal delivery and partum hemorrhage. In the spring, University of Rochester Medical tions. (The roughly 30% of women mastitis, a common infection while the first postpartum doctor’s ap- when Covid-19 cases in NewYork Center and co-director of NewYork who have cesarean sections some- breast-feeding. pointment, which can hinder early City were peaking,Irarely leftmy state’smaternalmortality review times already have a follow-up ap- Good news, she told me, I detection of problems. Some also Brooklyn home except to take 30- board, wasone of two independent pointment after two weeks.) didn’t need to go to the hospital, cited a dearth of physician re- minuteLyftrides to the hospital for physicians who examined my medi- Thedoctorswho authored the which was battling the Covid-19 search, training and experience extraultrasound scans and tests. 2018 recommendations said such a pandemic. We’re going to keep you seeing women during this period. When Iwent intolabor at full term, big changeischallenging.“It is old safe at home, she said. “What happens to a mom’s Iarrived at the hospital hoursearly habits. This is ahugecultureshift,” A week later I was back in the body once the baby is out is not in case something went wrong. said Tamika Auguste, chairwoman hospital fighting what had become well characterized,” said Alison Nothing did; afteraroutine la- 40% of Women’sand Infants’ services at a life-threatening infection. In the Stuebe, a professor of obstetrics bor,Idelivered ahealthy7.5-pound MedStarWashingtonHospital Cen- two weeks since I had given birth, and gynecology at the University baby boy. We named him Jonah. of maternal deaths from the ter, who co-wrotethe recommenda- I had developed a racing heart- of North Carolina School of Medi- Four hoursafter delivery, how- beginning of pregnancy to the end of tions.Mymidwifesaid that in her beat, lost 20 pounds and become cine. “There’s just not a lot of at- ever,Ifelt the room spin when a the first year after birth occur in the two decades of practice, she has too weak to change a diaper before tention paid to it.” nurse tried to help me out of bed. first 42 days postpartum seen most women afterabout six doctors detected that something Mara Murray Horwitz, a pri- My blood pressurehad fallen to weeks and found it effective. was seriously wrong. mary-care doctor and assistant 74/35,asign Iwas losing too The American College of Obste- My experience shows the gaps professor at Boston University much blood. tricians and Gynecologists also in U.S. postpartum healthcare, School of Medicine, said she didn’t My providers wrote in my med- calrecords forthis article.Heesti- supports in-home visits by a nurse doctors I interviewed for this arti- realize the “immense gaps” in the ical record that I improved quickly mates that about 1liter of blood in the days after birth, which is a cle told me later. Forty percent of healthcare system for postpartum after that first night and by the had leaked intomyabdomen fol- standard practice in other high-in- maternal deaths from the begin- patients until she struggled to get next afternoon was no longer lowing the deliveryleading to the come countries but isn’t always ning of pregnancy to the end of treatment for complications after dizzy or losing blood. Two days af- severedizzinessIexperienced. Dr. covered by insurance in the U.S. the first year after birth occur in her own pregnancy. “It opened my ter giving birth I walked out of the Glantz said that the pool of blood David Allen, a spokesman for the first 42 days postpartum, ac- eyes to the danger of the postpar- hospital with my husband and son. likely became infected soon after America’s Health Insurance Plans, cording to the U.S. Centers for Dis- tum period and the ways it can be In the past several decades, hospi- we arrived home with our newborn. PleaseturntopageA14

(bpm).Inadults, ahealthyresting The heart-rate measure on your have consequences,she says. creaseswereextreme.Dr. Snyder’s PERSONAL heartratecan range from 60 to fitness tracker can be a helpful Even if notprecise,directional ownelevatedheart rate alerted ASK JOURNAL 100 bpm. “It is highly variable. tool, physicians say. heart-rate patterns canbereveal- him to his Lyme Disease. There’snoso-callednormal,” says ing. Dr.Moayedi experienced that Can your heart-rate metrics Dr.Michael Snyder,professor of ge- first-hand when her ownheart rate help youget fit? Alltypes of netics at StanfordUniversity’s went up to 120 bpm on aday she sports reduced the resting heart School of Medicine.For athletes wastogiveaspeech. It wasn’t the rate in healthypeople and endur- WHY TRACKHEARTRATE? and the very fit,itcan be as low unusually high rate thatworried ancetraining and yoga reduced it as 40 bpm, according to the her most, it wasthe consistency significantly in both men and What can you learn from the American HeartAssociation. of the high reading. Normally, women, according to areviewof heart-rate metrics on your Heartrates generally in- heartratefluctuatesthrough- 191studies publishedinDecember fitness tracker? creasewhile one is walking, out the day, influenced by the 2018 in the Journal of Clinical running, or conducting a physical, mental and behav- Medicine.How much exercise it Zoom meeting. Alcohol ioral changes thatfollowa takes to lowerthe heartratede- The bottom line and altitude increasethe 24-hour cycle.She waspreg- pends on the person, Dr.Snyder Youmay use your fitnesstracker heartrate, as does stress. nant, and it turnedout she’d says.“Alot of people sayget 20 mostly to countsteps,but don’t ig- The abilitytomonitor become so severely iron-defi- minutesofagood workout every noreyour heart-rate metrics—they heartrates continuously, cientthatshe needed an in- day, but this exercise businessis cantell youalot about your health. rather than onceortwicea fusion. “Myheart wascom- notall worked out.” Devices nowdeliver avarietyof year in adoctor’s office, is pensating by beating really fast Dr.Harlan Krumholz,acardiolo- heart-rate measurements, including relatively new, and physicians so it could meet my body’s de- gistand professor of medicine at resting rate,walking rate and vari- warn thatthe devices aren’t al- mands,” she says. Yale University, says fitnesstrack- ability(the variation of time between waysaccurate. The makersoften “When you’re ill, your heartrate erscan be helpful in evaluating pa- beats). Some canbeprogrammedto don’t disclosethe algorithms almostalwayschanges,” says Dr. tients with heartpalpitations or notifyyou of apossible problem, they’ve usedorhow they’ve tested Snyder.“We think it’s betterthan rapid heartrates but haven’tbeen such as aheart rate thatisunusually the data the devices deliver,cardi- taking your temperature, particu- studiedenough to makeindividual- high, loworirregular.Without get- ologists and researcherssay. relation between howlong youlive larly forcoronavirus.” In astudy ized recommendations. ting fancy,however, your basic heart However, somedoctorssay it and alowerheart rate,” says Dr. publishedinNatureinNovember, “I don’t say‘track your heart

SI/REUTERS rate alone canberevealing. maybeworth noting if thereisa YasMoayedi, acardiologistand he and other researchersfound rate and trytoget it down ten

NTUS significantdifferenceinyour on-va- clinical associate at the University that26of32study subjects in- points,” he says.Instead, his advice

TA The details cation heartrateand your at-work Health Network in Toronto, Canada. fected with Covid-19 had elevated is generally to get moving: “More The heartrateisusually measured heartrate. “Fromanevolutionary Being in astressful environment heartrates as manyasnine days activity is betterthan lessactivity.”

MICHELE as the number of beats per minute standpoint, there’sdefinitely acor- foraprolongedtime certainly can beforesymptoms;inmost, the in- —Betsy Morris P2JW145000-0-A01400-1------NS

A14 | Tuesday, May 25, 2021 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL. | HEALTH & WELLNESS

ANATOMY OF AWORKOUT | JEN MURPHY ASurfer’s Workout for Healthy Joints

urfing will makeits your MCL at high risk,” he says. Olympic debut this Thehips,hesays,are what drive summer,but the two the lowerbody and initiatema- membersofthe U.S. neuvers. If the hips aretight, the S men’steam, John John body compensates by recruiting Florenceand Kolohe other muscles,which canlead to Andino,havebeen plagued by injuries. knee and ankle injuries.These While youcan’t prevent inju- types of injuries areextremely ries,you canmitigatethem by common in surfers,according to working on mobility and building KevynDean, the SanClemente, control in ranges of motion you Calif.-based high performance don’t typically use,hesays.The coach and medical director of averageperson maynot be riding USASurfing.Limited rangeof waves, but the same principle ap- motion and control in these plies when youstepoff acurb and jointsisoften the culprit, he roll your ankle,hesays.“When says.“Athletes spend most of youtrain in the rangeofmotion Kevyn Dean is the medical director for the U.S. Olympic surfing team. their time targeting muscle yougot injured in, it trains the strength,” he says.“Joint brain to have control in that awk- strength occursasanafter- ward position and quickly getout trol in that range. The following A good starting point is to thought.” of it the next time.” exercises build joint strength by squeeze all muscles—glutes, core, Surfers’ ankles have to be mo- The term mobility, he says, re- working the ankle, knee and hip hamstrings, quads—at 20% effort, bile enough so that their knees fers to the ability to have control joints in their end range of mo- he says. Perform each exercise for passovertheir toes when they through an entire range of mo- tion with control. one minute as a warm-up before SEATED FIGURE-FOUR stand up on the board, says Mr. tion. Try to dorsiflex your foot by The movements might be activity, or follow the suggested LEG HOVERS Dean. This requires the ankle to raising your toes toward your small, but they should not be pas- reps below to make it a workout. dorsiflex, or bend backward to- shin. Then reach down and pull sive, he says. When performing For Mr. Dean’s full workout, Why: This drill promotes hip flexion, ward the shin. “Ifyou can’t get the toes. They can probably lift a the exercises, try to contract all please visit WSJ.com. hamstring length and limb control, your ankle to dorsiflex, youwill few degrees higher, says Mr. of the muscles in the body. “This says Mr. Dean. bastardizethe stancebysquaring Dean, but you wouldn’t be able to will produce more pressure, ramp the back foot off and dropping hold that position without assis- up the nervous system and make Write to Jen Murphy at How: Sit with a tall spine, legs ex- the back knee inward,which puts tance because you don’t have con- this more of a workout,” he says. [email protected] tended straight in front of the body. Place a block, book or water bottle on the outside of the left foot. Bend the right knee so it falls open to the 90-90 STRETCH gles at the kneeand hip joints. Stay ground. The right foot will be close (6) tall through the spine as youlearn to the left thigh to form a figure- Why: This multitasking stretch forwardwith your upper body, four shape. Lift the left foot as high targets the muscles in and around keeping your back flat, hips square as it will go. Hover and then move JOURNAL the hips, including hip abductors and knees on the ground. Youcan the foot over the object while keep- REET and adductors, glutes, hip flexors placeyour fingertips on the floor ing both sit bones on the floor and ST

LL and the piriformis. forstability. Hold foracountof20 the back straight. Return to starting

WA and switch sides. position. Repeat 10 times and

THE How: Sit in a90-90 position. Your switch sides. R rightleg will be in frontofyou, cre- Option: If the 90-90 position is FO ating a90-degree angle at your challenging, tryplacing ablock, Option: If this is challenging, trysit- kneeand hip joints so thatyour book or cushion under the buttocks. ting with your back againstawall, BANKS

ER shin is perpendicular to your body If the frontkneeorthigh comes off then simply liftand hoveryour foot. LT or as close to your thigh as is com- the ground, placeasupport under- Build up to moving the foot side to WA fortable. Now, bend your leftleg neath. Start by holding this initial side.Gradually increasethe heightof VID

DA behind you, making 90-degree an- position until it feels comfortable. the object foranaddedchallenge.

toms were atypical for a se- and searching foraway to Crisis for rious infection, and she was saygoodbye. Iworried who thrown off because I didn’t would comfort him without have higher fevers and pain. me,whose voiceand heart- NewMom “As an OB/GYN, it is so im- beat were uniquely familiar portant to me to listen to in this world he had just en- women,” she said, adding tered. Would he need his ShowsGaps that “women’s symptoms mother and cryall the time? are sometimes not taken as Would he forget me? “He seriously as they should be.” is part of you and that is im- ContinuedfrompageA13 Thenextafternoon the possible to forget,” my sister an industry association, hospital told me to come texted me. said, “Health insurance pro- back in: Testsfromthe ER When I returned home, viders support evidence- had discovered bacteria in the caregiver we had hired based, high-quality, cost ef- my blood, which is asign of while I was in the hospital fective care.” sepsis,aleading cause of ma- placed my son in my arms. Adding morecarewould ternal mortality.Ihung up He had gained a pound and increase costsand demands and checked my temperature. learned to lock eyes with on doctors’ time.Scientists It had spiked to 103. me. I felt both wounded and saythere’sbeen relatively little research done on post- partum health outcomes, and doctorsnotethat ask- ing women to come in for appointmentsthat they don’t need could be disrup- tivefor them while caring foranewborn. Even doctors who sup- port adding more care say it’s hard to find the right balance. “We don’t know how much contact or care that we need that would be beneficial,” said Mark Clapp,

a maternal-fetal medicine JOURNAL specialist at Massachusetts REET

General Hospital. ST Nearly aweek afterIfirst LL realized Iwas running afe- WA

vermyobstetrician sent me THE R

to awalk-in clinic,wherethe FO doctor wasalarmed. She ex-

pedited my blood work, ADLER S

which showedmywhite BES blood cell count washigh, Ms. Kusisto plays with her son, now 10 months, at home. potentially indicating aseri- ous infection. My husband and I packed I spent the next eight grateful that he had thrived up our two-week-old baby days in the hospital. The without me. and went to the emergency pool of blood had turned Iwas dischargedfromthe room. An obstetrician there into an abscess the size of a hospital with an IV line in my told me my symptoms didn’t small watermelon, requiring leftarm and two surgical seem unusual; postpartum a blood transfusion, surgery drains in my abdomen that women can have high white and six weeks of antibiotics. made it hardtohold him. blood cell counts. She urged Due to pandemic visitor Breast-feeding didn’t go me to go home and take an restrictions,Iwasn’t allowed smoothly.Italked to athera- herbal sitz bath. I wanted so to see Jonah the entiretime. pist because Istruggled to badly to crawl back into bed The night I was admitted bond with my child aftera with my newborn, but I told to the hospital, when I long separation so early. her I was sure I wouldn’t get learned that I would be sep- I ultimately made a full better at home. arated from him, I pressed recovery, and the only last- Doctorsordered addi- the call button repeatedly ing mark is two small round tional blood work.The obste- looking for a nurse to help scars where the tubes for trician told me to makean me remove the IV and moni- the drains once were. When appointment with another tors so I could see him one I’m changing Jonah’s diaper doctor acouple of days later more time. Finally I ripped or rocking him to sleep in and dischargedme. the monitors off myself, and the afternoon light, it When I emailed the ob- navigated my way to the sneaks up on me that moth- stetrician from the ER seek- waiting room. erhood finally feels as I had ing comment for this article, Isat on agurney in ahall- imagined it: Tender and ex- she wrote that my symp- way breast-feeding my baby hausting. Possible. P2JW145000-0-A01500-1------XA

THE WALL STREET JOURNAL. Tuesday, May 25, 2021 | A15 ARTS IN REVIEW

Singer-songwriter Olivia Rodrigo performing in London earlier this month CK TO SHUTTERS A/ EP S/ RD AWA MARSHALL/BRIT JOHN

MUSIC REVIEW | MARK RICHARDSON Rodrigo is indebted to the vowel- as Ms.Rodrigomotorsthrough toogentle to pull it off.The one lyri- mangling indie-pop diction popu- neighborhoods she moves between calstumble comes on the record’s larized by Australian singer Lorde describing her ownfeelingsand last track,“Hope Ur OK,” itslone and the whispered closenessofBil- providing fragmentsofwhat led to outwardly facing moment.Here, Ms. On ‘Sour,’ a lie Eilish. this moment of sadness, and the Rodrigosingsofpeople she’sen- In aBillboardinterview, Ms.Ro- specificity of her images (“I still countered and lost touch with who drigo’ssongwriting partner and hear your voiceinthe traffic,we’re were having ahardtime—a boy producer Daniel Nigrosaid he gravi- laughing /Overall the noise”) abused by his parents, agirl whose Taste of Ta lent tatestoward “music youlisten to by turns what could have been acliché childhood dreams were crushed— yourself” and gets particular satis- intosomething that feels fresh and and wishes them well. Her delivery faction from helping artistsrealize real. On the moreupbeat “Deja Vu,” is moving but the sentiment is ulti- The introspective album from Olivia Rodrigo such songs. “Sour” is filled with which reached the top10, she sees mately trite, suggesting that intro- tunes of this kind, aimed at those an ex-boyfriend with anew flame spection is her strongest creative proves that she’s no one-hit wonder who arecurrently in the throes of enjoying all the thingsthey used to tool at this point. teenageheartbreak or have aclear Still, the musical crafton“Sour” memoryofwhat it felt like. This is never flags—Ms.Rodrigoand Mr. music forindoors, designed to be Nigrohaveastrong sense of mel- livia Rodrigoisalittle “DriversLicense.” On Spotify, the experienced through earbuds, ody,pacing and arrangement. The under five months into track is closing in on 800 million smartphone speakersand laptops. bulk of “Sour” wasrecorded at his her solo recording ca- streams,anabsurdly high number Thefirst track on “Sour,” “Bru- home studio,and it sounds hand- reer and she’salready forasong that hasn’t been out for tal,” is ascene-setterbut also abit made but also assembled with care. made history. On Jan. 8, half ayear. of an anomaly,asMs. Rodrigo Sometimes itscoffeehouse ambi- O speak-singsabout adolescent mis- she released her debut “Sour” (Geffen/Interscope), Ms. enceisalittle tootasteful—for an single,“DriversLicense,” amoody Rodrigo’sdebut LP,out now, offers eryoveracrunchypop-punk ar- album about teenagelifewritten ballad about lost love, and it was amorecompletepictureofanart- rangement. “Ifsomeone tells me and performed by ateenager,it an instant sensation. It immedi- ist we’ll be hearing from foralong one moretime /‘Enjoyyour youth,’ comes over as quitepoliteand ately leaped to No.1onthe Bill- time.Ininterviews the singer has I’m gonna cry” she shoutsinone grown-up,asifdesigned to appeal boardHot 100 and stayed therefor characterized herself as amusical line,later adding “I’m anxiousand to kids and their parentsequally. eight weeks—one of only ahandful omnivore, but the artistic lineage nothing canhelp” and “I wish peo- Hereand there, one yearns forthe of times an artist’sfirst single has of her ownwork is well-defined. ple liked me more.” It’sanawk- bass-heavy quakeofMs. Eilish’s topped the chart, and the firsttime Thesongsare mostly ballads,the ward-yearsdispatch whose details do,and wondersifhe’sthinking music,orLorde’singratiating one has lasted so long in the pole subject is fleeting romanceand the could apply to millions of teenag- about the experiences they once sneer.But that’snot the kind of re- position. Ms.Rodrigo, who was17 emotional crush of the breakup, ers; and it feels convincing on re- shared (“And Ibet that she knows cord Ms.Rodrigowanted to make— yearsold when “DriversLicense” and the hushed style is built on in- cord,evenifthe person delivering Billy Joel /’Cause youplayedher at least this time out. came out and turned 18 in Febru- timacy. One of Ms.Rodrigo’sheroes the messageisinreality awealthy ‘UptownGirl’”). “Sour” presentsahighly specific ary, wasalready famous to young is Taylor Swift, and the influenceis pop star who currently graces the Ms.Rodrigo’svocal phrasing is persona operating within narrow audiences as an actressin“High obvious even though their music covers of several magazines. warm and conversational but less thematic parametersand it works School Musical: TheMusical: The sounds very different. Thefourth “DriversLicense” and advance compelling when she’strying to im- well on itsown terms,proving that Series” on Disney+. She’drecorded track here, “1 Step Forward, 3Steps single “Deja Vu” aretwo of the al- bue asong with attitude.“Jealously, massivefirst single wasanything as part of the cast and appeared on Back,” borrowselementsfroma bum’sbest songsand both draw on Jealously,” which appearslateinthe but afluke. the show’ssoundtrack album. But composition by Ms.Swift, who something Ms.Rodrigolearned set, sounds as if she’saiming forthe her existing celebrity can’t fully ac- with her frequent collaborator Jack from Ms.Swift: Lyrical details strutting verveofanuptempo Lana Mr. Richardson is the Journal’s count forthe runaway success of Antonoff gets acredit. Vocally,Ms. heighten emotion. On the former, Del Raytune,but her tone is abit rock and pop music critic.

Weather TheWSJ DailyCrossword | Edited by MikeShenk Shown aretoday’snoon positions of weather systems and precipitation. 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A16 | Tuesday, May 25, 2021 THE WALL STREET JOURNAL. SPORTS

Here’s atheory: It’sthe JASONGAY memories youdon’t see coming that you wind up remembering Phil Mickelson at 50 Is Still aThrill the most. Themo- mentsthat drop out of nowhere, likethey belong to some- body else.Because they’renot sup- A veteran pro’s dramatic victory at the PGA Championship makes golf history posed to happen. They’reabit of a shock,eventoyou. Phil Mickelson on Sunday. Those four wordsalone: When wasthe last time anyone had thought about Phil Mickelson on a Sunday?And yettherehewas,atage 50,trium- phantly striding up the 18th fair- way,Tiger Woods’sformer foil, nowthe newly crowned King of Ki- awah, mobbed in the chaos of a khaki shortsWoodstock. This wasPeteand AliceDye’s primo ocean course,waves crash- ing,sun primed to set, alaughably beautiful vision on an ordinaryday, and nowit’sasunburned preppy madhouse.Golf seldom stirslike this,and to have it happen aftera year likethe past one,when proto- coled players were asked to make these walks on near-empty tracks? And to have it happen to Phil the Thrill? Thescene felt likearaptur- ous release. Phil! Phil! Phil! Mickelson needed awedgeof policejust to pryloose from the galleryand walk ontothe 18th green. Phil! Phil! Phil! Howcould youeverdream of something likethis? “I just believed it waspossible,” Mickelson says later,“but every- thing wassaying it wasn’t.” He thought he still had tricks in the bag.You don’t keep grinding likehedid if youdon’t. Youdon’t showup, afive-time major winner nowoutside the world’stop 100,if youdon’t think it canhappen, that somehowyou will eventually sum- Phil Mickelson walks through the gallery of fans on the 18th hole at Kiawah Island’s Ocean Course during the final round of the PGA Championship. mon the old sorcery and do it one moretime.It’stoo hardtobother absurdly tense—an unexpected Thefirst inkling it might really far morefun when it’sone step age43and Roger Federer and Ser- otherwise.It’ll getembarrassing chance, true historyonthe line— be Phil’sday occurred on the par-3 from disaster,because that’sa ena Williams will playWimbledon fast, if youdon’t believe. but Mickelson maintained awiz- fifth, when he holed astaggering product that mortal hackersrecog- this summer on the cusp of 40.The And yetprettymuch everyone ard’sstudied calm. He would not bunker shot forabirdie. nize. Mickelson couldn’t avoid trou- former benchmarks of sporting ob- else had moved on. At least one getunfocused and impulsiveand It wasthe sort of crafty,why- ble,but he avoided catastrophe, solescenceare vapors. Over the sportsbook had Mickelson at 300- blast himself intotrouble. the-hell-not magic that Mickelson and Koepka, worn down by his sur- weekend, Francebid adieu to the to-1 to win the 2021 PGAChampi- Phil remained Phil, used to deliver all the time, gically repaired knee,failed to 109-year-old cycling legend Robert onship.He’dbeen regularly missing though. He took big back when he waspack- plungeaknife. Contenderselse- Marchand, who set world records cutsand entered this event ranked shotsand nearly suf- aged, fairly or not, as whereonthe leaderboard(Louis at age100 and 105—that’smore 115th in the world. He wasalong feredsome very big Woods’sclosest rival, Oosthuizen, Kevin Streelman) never than double aMickelson. shot’slong shot, aname brand still, misses,and the final 115th but nowhewas do- made abig move. When Mickelson In victory, Mickelson talked but as betsgo, anostalgic lark. round playedout ing it as ahalf-cen- blasted a366-yardtee shot on the about the extrawork he’ddone, He hadhis doubts, too. nervily.Mickelson Phil Mickleson’s world tenarian who 16th—the longest of the week,and and the physical maintenance, and “I knowwhat my problem is,” he waspaired with the golf ranking before the hadn’t wonamajor not from ayoung gun, but acool- over the years, he’sbecome more said in April, aftermissing another muscular comet PGA Championship. He since2013. headed elder—it felt likehigher disciplined with both his diet and cut, at the Valspar Championship. Brooks Koepka, 31, is now 32nd. Ooooooooooohh- forces were in play. Thetourna- regimen—don’t gethim going on “I’m not physically able to keep my who’s wonfour ma- hhh—yes! Thecrowd ment wasMickelson’stowin. his coffee—but this championship focus.AsI’vegottenolder,Ihavea jors, including the PGA roared on the bluff. And then he wonit, tapping in a felt likeasurprise even to him. hardtime focusing.” twice, and the two of them Mickelson shot his arms two-putt, to finish out 70-69-70-73. Maybe even abit of ashock.Phil On Sunday, he kept focused, al- swerved around the front nine— skyward. They’llreplaythat shot It’sthe sixth major of his career, Mickelson had stood in this posi- most comically so.How manytimes three bogeysand three birdies for always. the second at the PGA, and this tion before, morethan afew times, did we watchMickelson, clinging to Phil, and abogey,two birdies and a Theback nine proved to be as time he did it with his brother, but this is the one that he didn’t afragile lead, step to the ball and buzzard forBrooks.Mickelson vs. edgyasthe front—a little bit of Tim, serving as caddie.Mickelson, see coming. then take asudden step back,clos- Koepka had been presented as a magic,alittle bit of uh-oh.Itbe- who turns 51 on June 11, is nowthe Nobody did. ing his eyes and visualizing aposi- battle forthe ages,but it wasstart- came riveting theater.It’sfascinat- oldest person to win agolf major, That’swhy yousaw that pande- tiveoutcome? This wasadifferent ing to look likeabuddy movie gone ing to watchagiftedplayerthrash but what is old anymore, anyway? monium on Sunday. Golf will re- trick in the bag.The situation was awry. acourse,but championship golf is TomBrady wonaSuper Bowl at member it forever. So will he.

Fans AreActing Crazy. It’s aReturn to Normal.

BY BEN COHEN AND ANDREW BEATON playoffs made it hard to ignore the symmetry that sports provided. BEFORE HE COULD MAKE HISTORY The unforgettable night in March as the oldest golfer to win a major 2020 when the NBA suspended its championship, Phil Mickelson had season was the official beginning to get to the 18th green. The only of the pandemic for many Ameri- thing in his way was a sea of hu- cans. The sights and sounds of manity. playoff basketball in full arenas Never has a professional athlete felt like the end was in sight. been so thrilled to be engulfed by Mickelson won at the same time a mob of beer-soaked fans. First that 15,000 people in the heart of they followed Mickelson. Then New York did something that they surrounded him. By the time seemed impossible one year ago: cops and PGA Championship offi- They gathered indoors without cials had barreled through rows masks, breathed in the faces of and rows of people to create a strangers and screamed for hours narrow pathway for the 50-year- straight because the Knicks were old champion to squeeze through, in the NBA playoffs. the scene was already an unforget- The return of thunderous table snapshot of a triumphant crowds to Madison Square Garden moment: Sports are back because and the Barclays Center at the sports fans are back. Brooklyn Nets’ game the night be- The New York Knicks allowed 15,000 fans into Madison Square Garden for Sunday’s playoff game against the Hawks. “Considering where we are in fore was a cathartic moment for the world right now, it was sort of this city that was ravaged by day, exactly three months later, as Lakers. games. In a state that was early to weird,” said Tim Mickelson, Phil’s Covid-19 and became synonymous the city’s testing positivity rate When is an arena half-full and relax Covid restrictions and permit brother and caddie. “But it was with the first, devastating wave of plummeted below 1%. not half-empty? When it’s in Phila- full outdoor stadiums, the Texas also pretty darned cool to see.” coronavirus disruption last When this season began, the delphia and 76ers star Joel Embiid Rangers lead Major League Base- The last year has seen Tom spring. only scenario that would’ve is begging the crowd for more ball with their average attendance Brady win the Super Bowl, LeBron More than 90% of the nearly sounded more unlikely than the noise. of more than 27,000 fans per James win the NBA championship 30,000 fans at the two games in Knicks hosting a playoff game was “It felt like 30,000,” Sixers game. Others are headed in that and the Los Ange- New York were the idea of the Garden rocking at coach Doc Rivers said of the crowd direction. Monday is the first day les Dodgers win vaccinated, accord- nearly full capacity in May because of roughly 11,000. the Mets will no longer require the World Series. The atmosphere at ing to the Knicks so many people had been vacci- The atmosphere at NBA playoff fans to show proof of a negative Naomi Osaka won and Nets. nated. games will only get rowdier as the test to enter Citi Field as they the U.S. Open, and NBA games will only The existence of The players and coaches who postseason goes on. The Miami open their own fully vaccinated Rafael Nadal won get rowdier as the full sections with- have become accustomed to work- Heat, Atlanta Hawks and Dallas sections. the French Open. out masks or social ing in mostly empty offices had to Mavericks announced plans for It presents sad New York sports Nick Saban and Al- postseason goes on. distancing was a adjust to the flabbergasting expe- near-full arenas at their games fans with a dilemma they haven’t

abama won an- powerful incentive rience of playing in front of living, later this week, and Kyrie Irving experienced in more than two de- OL PO

other college foot- for anyone who breathing human beings. The will make his return to Boston in cades: Should they watch the first- S ball national might be skeptical words they used—amazing, incred- front of a crowd that has been place Mets or the playoff Knicks? championship, and Sue Bird and of the vaccine: get the shot, and ible, weird—made it sound like waiting for two years to give the It’s been so long since people /PRES the Seattle Storm won another get back to being a lunatic at they had stepped foot on another ex-Celtics star his performance had a fantastic excuse to act like WNBA title. There were two green games. planet. review. idiots that many of them were ea- WENIG

jackets fitted at the Masters, a If the Knicks have a home-court But it wasn’t just New York And this is only the first round. ger for the opportunity. SETH Kentucky Derby doping contro- advantage in the playoffs, it will where the Covid restrictions that As vaccination rates tick higher Knicks fans spent their Sunday versy and NCAA tournaments in be almost entirely because of have governed life in sports facili- and the nation’s Covid rates evening cursing at Hawks star bubbles. those vaccines. On the night of ties changed dramatically this plunge, it seems almost certain Trae Young, while Mickelson re- But only with the return of Feb. 23, when they lost to the week. The Utah Jazz had more that the NBA Finals will be electric quired an escort to battle his way huge, noisy, unabashedly exuber- Warriors in front of 1,981 fans, than 13,000 fans in uniform white and played in front of packed are- through a pack of maniacal golf BURKE/REUTERS; ant crowds over the past week are nearly 1.8 million doses of the vac- shirts at their game on Sunday nas by the middle of July. fans juggling Bud Lights. OFF GE

sports beginning to feel normal cine had been administered in New night, while nearly 12,000 fans Soon the crowds piling into NBA “It was slightly unnerving,” P: again. York City. That number had in- watched the Phoenix Suns beat Le- arenas may look small compared Mickelson said, “but exceptionally TO OM

The first weekend of the NBA creased to nearly 8 million by Sun- Bron James and the Los Angeles to the ones at outdoor baseball awesome.” FR P2JW145000-0-A01700-1------XA

THE WALL STREET JOURNAL. Tuesday, May 25, 2021 | A17 OPINION God Save the Thomas Court BOOKSHELF | By Matthew Hutson

ForClarence datewas atax and thus consti- precedent contradict the origi- side with conservatives so he Thinking Thomas, any tutional. He has sided with the nal meaning of the Constitu- canwriteamajority opinion chancehecourt’sliberal wing on other tion,” says John Yoo, aUniver- morenarrow than what Jus- might become cases too, such as when he sity of California, Berkeley, tice Thomas would likely chief justice blocked the Trump administra- lawprofessor who once write. Outside the Brain has long since tion’sbid to end the Obama-era clerked forJusticeThomas. Count this as avictoryfor MAIN passed. But at Deferred Action forChildhood “Heisn’t really trying to win JusticeThomas.Only 2½ years STREET 72,heiscom- Arrivals program. At the same the case that daybut is in- ago, he issued atart dissent The Extended Mind ing intohis time,the Robertscourt has steadaiming forfive, 10,20 from the court’sdecision not By William own. Forcir- lately been shytotakeupcon- yearsahead, when the court to consider another abortion- By Annie Murphy Paul McGurn cumstances tentious issues from abortion mightcome to itssenses.” restriction case,accusing the (Houghton Mifflin Harcourt, 338 pages, $28) have now to gunrights. court of ducking itsresponsi- made it as plausible to speak Enter ClarenceThomas.As bility.Hecalled on the Roberts n1998 philosophersAndy Clark and David Chalmerspub- of the Thomas court as the JanCrawfordGreenburgnoted He’s not chief justice, court to showsome backbone: I lished an article titled “The Extended Mind,” in which they Roberts court. in her 2007 book,“Supreme “Some tenuous connection to a wondered, “Wheredoes the mind stop and the rest of the Thetriggerwas the replace- Conflict,” formanyyearsJus- but never before has politically fraught issue does world begin?” Human beingshavelong relied on technology— ment of JusticeRuth Bader ticeThomas has been dis- he had the power and not justifyabdicating our judi- print or digital—toremember thingsand playwith ideas.We Ginsburgwith JusticeAmy Co- missed unfairly as Antonin Sca- cial duty.Ifanything,neutrally liveand work and learn in crowds—online or off.The self is ney Barrett. This movegave lia’ssidekick.Infact, the men influence he has now. applying the lawisall the permeable; no mind is an island. Sure,the brain sitsisolated conservatives a6-3 majority, weren’t only brothers-in-arms moreimportant when political in askull, but it feeds on interaction with the outside world. depriving Chief JusticeJohn but brothers—just listen to Jus- issues areinthe background.” Cognitivescientistshavesinceexplored the philosophers’ Roberts of the ability to swing ticeThomas’stremendous eu- Todaythe changes on the That’sthe whole reason, he question in several related fields,including embodied, situated decisions to the liberal side— logy forScalia—whose signifi- court have leftJusticeThomas wrote, the FramersgaveSu- and distributed cognition—respectively,how thought is shaped unlesshemanages to bring cant disagreementsonissues uniquely empowered. First, the premeCourt justices lifetime by bodily experience, physical environmentsand social BrettKavanaugh along with from natural lawtodeference newconservativemajority tenure. exchange. In her book “The Extended Mind,” sciencewriter him. to precedent helped each hone nowrequires two defections He made similar remarks Annie MurphyPaul takesoneach in turn. “Our scientific This gives JusticeKa- his ownposition while increas- forthe liberals to triumph. about the Second Amendment journals mostly proceed from the premise that the mental vanaugh JoeManchin-like ing their mutual respect. Second, as the associatejus- becoming “a disfavoredright” organisadisembodied, placeless, asocial entity,a‘brain in a powers over anycase in which Among the thingsthese two ticewith the most seniority,it afterthe court passed on sev- vat,’ ” she complains at the beginning.“Our historybooks spin the chief might go south on his great judges shared wasanun- falls to JusticeThomas to as- eral guncases.Asherightly tales that attributeworld-changing breakthroughs to indi- moreconservative-minded col- derstanding that amajority sign the majority opinion noted, this waswhen lower vidual men, thinking great thoughtsontheir own.” While this leagues.It’sabig changefrom opinionisn’t the only way to when the chief justicecomes courtswereflouting key Su- criticism maybeoverstated, the days when JusticeAn- leave amark.LikeScalia— down on the dissenting side. preme Court rulingssuch as her effortstoupset these thonyKennedy could easily whose greatest contribution That presents Chief Justice District of Columbia v. Heller interpretations is fascinating, moveback and forth, heresid- mayhavebeen his fearlesssol- Roberts with adilemma: Since (2008) and McDonald v. Chi- sure-footed and wide-ranging. ing with conservatives to itary1988 dissent in Morrison he cannolonger dictatethe cago (2010). First, Ms.Paul argues,wepay strikedownspeech limitsin v. Olson on the unconstitution- outcome by himself,choosing Nowthe Supreme Court has toolittle attention to the body. Citizens United v. FEC (2010), ality of the independent coun- the dissenting side without agreed to hear acase about a At the ground level, people differ and thereunearthing in sel—manyofJusticeThomas’s JusticeKavanaugh invites a NewYork gunlaw and another in their interoception, or percep- Obergefell v. Hodges (2015) a most powerful contributions Thomas majority opinion. about aMississippi abortion tion of internal states.Heartbeat constitutional right forgay haven’t come through majority Take Dobbs v. Jackson restriction. If the court does awarenesssometimes correlates couples to marry. opinions.Instead, they have Women’s Health Organization, theright thing,itwill take up with decision-making ability,as Forawhile,Chief Justice come through dissents, con- which the court recently de- one dealing with Harvard’s arousal alertsustodanger before Robertslooked as though he currencesand commentson cided to hear.Itinvolves a discrimination againstAsian- we become consciously aware might become the newAnthony denials of petitions to hear an Mississippi lawthat would Americans. of it. Meditation supposedly Kennedy.The chief pulled his appeal. limit most abortions after15 On the Supreme Court, it’s increases such abilities.Ms. Paul ownKennedy in 2012, even be- “His writings areoften of weeks of pregnancy. We don’t good to be chief.But right now notes that we might also be made fore JusticeKennedy retired, the ‘emperor has no clothes’ knowifthe chief votedtohear it maybebettertobeClarence smarter by movement. Exercise or when he savedObamaCareby variety whereheargues that the case.But even if he didn’t, Thomas. merewalking sharpens perception; forstudents, participating ruling that the individual man- practiceand Supreme Court he nowhas an incentiveto Write to [email protected]. in recess canimproveclasswork.Wegain aspecial benefit from gestures.Speakersmoving their hands help speakers think and listenerslisten. Gesturecomes beforespeech in evolution, child development and even individual utterances. Hatred of Jews Hardens Israel’s Resolve Working her way outward,Ms. Paul argues that the spaces around us expand our minds.Encountering naturecan have TheGazawar insight that droveHerzl into the far leftthinks it already is. than fill Israel with persecuted salutaryeffects, whether it’sawalk in the woods or looking spilled into Zionism wasthat though the Whatever theirmotives or Jews.The constant threat of out an officewindow. Greeneryreduces rumination and Americalast ideals of the liberal enlighten- theirpolitics,those who chal- destruction by hostile neigh- anxiety,increases attention and creativity,and lifts one’smood week as some ment were beautiful and ap- lengethe placeofJewsin borswelded Israeli immigrants and physical health, Ms.Paul notes.Built spaces canalso be pro-Palestin- pealing,European Jews would Americachallengethe basis of intoasingle people.Itforced mind-altering,for good or bad. Open offices were meant to ian and pro- perish horribly if they en- Americaitself.Jew-hatred Israel to build the militaryand help collaboration but typically increase distraction and GLOBAL Hamas dem- trustedtheir fatetothem. aims to destroy the habitsand intelligencecapabilities that so reduceinteraction. Walls increase privacyand some types of VIEW onstrators Many Israelis—whether de- beliefs,howeverimperfectly oftenhumiliateand frustrate creativity.Wework best when we candesign our ownspaces crossed the scended from Holocaust survi- developed, that allowour di- itsfoes.Jew-hatred drovethe and control when we work solo and work jointly.Then, Ms. By Walter line separat- vors,Jewsexpelled or fleeing versepopulation to livein creation of both the Israeli nu- Paul notes,there’sthe spaceofideas.Thinkersbenefit from Russell Mead ing protest persecution and discrimina- peaceand that makeour de- clear program and the Israeli notebooks,sketchpads,architectural models,concept maps from mob vio- tion acrossthe Middle East, or mocracywork.Whether it tech sector that makes the and big or multiple computer screens.You canmakethe lenceinseveral U.S. cities. Jews who endured oppression brandishes atiki torchor countryadesirable economic world your whiteboard—and in turn an extrabrain lobe. Past anti-Jewish violencein and discrimination in the So- wraps itself in a(misappropri- partner for great powers Finally,Ms. Paul says,wecan merge with other minds. Americahas generally come in viet Union—believefromfa- ated)Palestinian flag,Jew-ha- around the world. First, by copying experts, or whoever has gone before, and one of three forms.Ithas ei- milial and personal experience tred is the implacable enemy Anti-Semites also made Is- learning from their wisdom and mistakes.Orbysharing one’s ther been perpetrated by ade- that Herzl gotitright. of theAmerican way. rael tough. Missiles from Gaza, expertise: Teacherssometimes learn morethan their students, ranged individual likeinthe Americans have tried to missiles from Lebanon, and because they arereviewing and organizing material. Second, 2018 shooting at Pittsburgh’s build acountrythat could unceasing incitements to Ms.Paul notes,webenefit from working with peers. Open- Tree of Lifesynagogue,byan proveHerzl wrong.The U.S. Anti-Semitic violence genocide from Iranian mullahs minded debatehelps people find flawsintheir arguments, and outgrowth of communal ten- has sought to form anational busily enriching uranium all motivates participantstolearn moreinpreparation. We also sions as in the 1991 Crown identity that transcends race is un-American and promotethe idea among Israe- learn betterfrompeers’ stories and gossip than we do from Heightsriots, or by an attack and tribe,inwhich anyone—in- threatens Biden’s lis that their enemies areim- drytextbooks.Third, thinking as agroup letsustackle projects on aparticular Jewish individ- cluding Jewish Americans and placable and irrational and can that simply elude the grasp of one person, such as operating ual such as the 1915 lynching Palestinian-Americans—can be Mideast agenda. be deterred only through anavyvessel or aparticle accelerator.Groups as small as a of Leo Frank. truly at home and as American strength. married couple help membersthink by delegating memory Last week brought some- as apple pie.The countryisn’t TheBiden administration duties (whereare the yard thingsversus the house things?). thing different: Mobs visited thereyet, but manyofuswant In one of history’sgreat iro- would likeIsrael to softenits Idon’t mind the book’sstudy-heavy spans.Each finding widespread violence on ran- to keep trying. nies,anti-Semitism has been a approach. It’surging Jerusa- adds something,and Ms.Paul stringsthem together coher- domJews, or in some cases Risingviolenceagainst major forcebehind the cre- lemdomoretoaccommodate ently,while interspersing literaturereview with anecdotes— “Jewish-looking” non-Jews. Jews in the U.K.,Germanyand ation and rise of the Jewish Palestinian hopes and support of James Watson’sdiscovering the structureofDNA using Thetargets have no responsi- Francehas been winning Herzl state. It wasn’t only that anti- Washington’seffortstonegoti- cardboardcutoutsorPixar filmmakers’ refining stories bility forIsraeli policy. Given newconverts, but so far the Semitism droveRussian Jews ateapeaceful compromise through spirited discourse. the policypreferences of U.S. American Jewish community to migratetoPalestine,that with Tehran on itsnuclear Jews documented in polling, has yettoexperienceanything anti-Jewish immigration legis- program. manywerelikely anti-Trump, akin to the murderous hatred lation in the U.S. and else- Last week’sshocking scenes Notebooks, sketch pads, talking withothers—all anti-Netanyahu, critical of Is- increasingly prevalentinEu- wheregavepersecuted Jews won’t help makethat case. help us to improve our thought processes. We make rael’s treatment of Palestin- rope.Last week’sattacks,how- no other refuge than British Twodecades of poorly judged ians and pro-Black Lives Mat- ever,likely caused some U.S. Palestine,orthat European and oftenerratic U.S. Middle theworld our whiteboard—an extrabrain lobe. ter. None of this meant Jews to wonder,perhaps for Holocaust survivorschose Is- East policyhaveeroded Israeli anything to the mob. All the the firsttime,ifHerzl had a rael in the 1940s.Without the confidenceinAmerica’swis- attackersseemed to care point. anti-Semitic violence and ex- dom and steadfastness. As Idohavetwo quibbles about science-writing practices that about was that their victims Modern anti-Semitismin pulsions that swept the Arab anti-Semites in both parties arenot exclusivetothis book.Ms. Paul mentions manystudies were,orlooked, Jewish. That Americacomes not only from world afterthe Israeli Warof trytoclawtheir way into demonstrating correlation but not causation. Controlled wasenough. thefar left. Some on the far Independence, the struggling mainstream American politics, experimentsinwhich researcherssubject participantsto Nothing about last week’s right, addicted to conspiracy Jewish statewould never have Israelis will be moreskeptical particular conditions and then compareoutcomes present the violencewould have surprised theories andquack history, become the regional super- than ever about the value of most convincing results. Authorsneedn’t add adisclaimer to Theodor Herzl,architect of the want to recast the U.S. as the poweritistoday. U.S. commitments—and of the everycorrelational finding—reminding us that outside factors Zionist movement. Thecore racially exclusionarysociety Anti-Semitism did more strength of American ideals. maybeatplay—but one or two would be nice. Fortunately, Ms.Paul usually doesn’t hang her hat on such studies,asthey mostly accompanycausal studies. But she does rely heavily on studies of brain scans to justify Marbury v. the Education Department claims about what happens when humans think under certain conditions.What matters in most cases is howthingsaffect By Steve H. Hanke tion Sciences. Congresscre- expulsion rates—objectivere- retary of State James Madison behavior,not howthey affect the brain activity that is some- And John Yoo ated the NBES in 2002 to ad- search based on sound statis- refused to recognizeMar- times correlated with behavior.This fallacyissometimes vise the Education tics is moreimportant than bury’sappointment and de- called neurorealism. What areyou going to do with the fact hen Rep.Tom Cole Department on itsresearch ever. liver his commission. In ade- that hippocampal activation predictsmemoryperformance? W (R., Okla.) asked Ed- and statistical work.The But the department is pre- cision writtenbyChief Justice Flexyour hippocampus? ucation Secretary NBESismandated to deter- venting the NBESfromevalu- John Marshall,the high court Ms.Paul does provide some practical advice, drawing on Miguel Cardona about the mine whether the depart- ating thenew policies.Until found that Adams’ssignature cross-domain principles.Tohelp our crowded minds offload department’sproposal to em- ment’s“technical and scien- the new members are seated, had made Marbury’sappoint- information, she suggests, we canfind waystouse methods bracethe NewYork Times’s tific peer review” processis the boardlacks aquorum and ment final and that refusal to like making notes and confiding in collaborators. We should “1619 Project,” Mr.Cardona sound, whether itsresearch is can’t meet. That’swhere Mar- deliver the commission was createcognitiveloops,inwhich we use external tools or replied: “I canassureyou “scientifically valid,” and bury v. Madison comes in. “violativeofavested legal problem-solving partnerstohelp us work out ideas.We that Idowant to work with Like Marbury, our case right.” should createsituations in which these thingshappen youand otherstolisten to startswith arefusal to deliver On April29, we wroteMr. naturally.And we should alter our ownmental states occa- different perspectives.... Biden’s secretary presidential commissions. Cardona. We offered to send a sionally with exercise or nature. (I’m not suresuch altered We have adivided country, WhiteHouse officials notified courier to pick up our com- states aretruly mind-extending in theway that her other but our education system is defies the Supreme us in early Januarythat the missions and begin our work. methods are, but they’restill agood idea.) going to uniteus.” But we Court’s foundational president had signed and the We want to meet, elect a By removing the brain from the vat, Ms.Paul writes, canattest the department secretaryofstate had pro- chairman, hireanexecutive thinking “can become as dynamic as our bodies,asairyasour isn’t eager to hear critical decision from 1803. cessed our commissions.With director and take other ac- spaces,asrich as our relationships—as capacious as the whole voices.Its effort to shut them that, we became federal offi- tions mandated by statute. wide world.” And if youargue that only the privileged have out defies Marbury v. Madi- cers.But the Education De- It would be asad dayifthe access to untouched nature, large monitors, accomplished son (1803), the foundational whether itsactivities “are ob- partment won’t deliver the Biden administration contin- mentorsand abundant classroom supplies,well, Ms.Paul has Supreme Court case that rec- jective, secular,neutral, and commissions or even acknowl- ues to defy Marbury. But it beat youtothe punch. Seeing smartsnot as sheer brainpower ognized the power of judicial nonideological.” Given this ad- edge their existence. maytakealawsuit to educate but as amingling of mind and milieu, she suggests, might reviewand established the ba- ministration’sresurrection of In 1801 President John Ad- the educrats. prompt us to look forways to improvethe surroundingsand sic principles of the separa- Obama-eradepartmental guid- ams signed William Marbury’s supportsavailable to those lessfortunatethan we.“Acknowl- tion of powers. ance and regulations on divi- commission as ajusticeofthe Mr. Hanke is aprofessor of edging thereality of the extended mind,” Ms.Paul concludes, Late in his term, President siveissues—such as threaten- peace, but Thomas Jefferson applied economics at Johns “might well lead us to embracethe extended heart.” Trumpappointed eight peo- ing schools with civil-rights became president beforeMar- Hopkins University.Mr. Yoo is ple,including the two of us,to investigations based on racial bury’scommission had been aprofessor of law at the Uni- Mr. Hutson is the author of “The 7Laws of Magical Thinking: the National Boardfor Educa- disparities in suspension and delivered. Jefferson and Sec- versity of California, Berkeley. How Irrational Beliefs Keep Us Happy, Healthy, and Sane.” P2JW145000-0-A01800-1------XA

A18 | Tuesday, May 25, 2021 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR Justices, Please Take the Harvard Case In California, 2+2=4 May Be Thought Racist

early everyday we learn of another case No one thinks Harvardisdiscriminating be- In “California LeftistsTry to Can- Mathematics is the reduction of of governmentsorotherssetting policy cause of animosity toward Asian-Americans, celMath Class” (op-ed,May 19), Wil- uncertainty. To this end, mathemati- N based on the color of one’sskin. This is much lessbecause it believes they areinferior. liamson M. Everscorrectly quotes cians build tools to characterize sub- some of the antiracist dogmas being tle patterns in data. After rigorous contrarytothe equal rights But it is no lessugly when, say, promoted that will frustratemath training, mathematicians are also fought forand woninthe Civil The Court needs to a talented Chinese-American learning.However, manyofthe im- well equipped to detect flawed rea- Warand civil-rightsmove- affirm the principle of young woman is denied an provementsrecommended forclass- soning. The left’s mathematics pro- ment, and the Supreme Court equal shot at Harvardbecause room instruction (i.e.,teaching math posals before California’s Instruc- has arareand valuable chance racial equality or the of her skin color—and told she in the contextofpractical problem tional Quality Commission to reaffirm that principle if it U.S. will resegregate. must accept this in the name solving forlife, paying attention to demonstrate a lack of ability to inter- decides to hear the appeal in of diversity or to correct for students’ learning modes,using com- pret data and to construct well-rea- Students for Fair Admissions some historic wrong she had mon sense about prerequisites,etc.) soned arguments. They are not seri- v. Harvard. no part in. have been known fordecades and ous commentators on mathematics. iii TheSupreme Court should addressthis—not been used and promoted by teachers DAVID H. LUBBERS, PH.D. Theparticularsconcern whether Harvard least because of itsown role in allowing this al- who areskilled in math education. Augusta, Ga. Thebest teachersalready use those discriminates against Asian-Americans in its location by race.The issue continues to roil col- techniques and aresuccessfulwith As ahigh-school math teacher with admissions decisions.Harvardwon in the lower lege admissions because in a series of cases— them, independent of what color 30 yearsexperience, Iamcertain the courts but the Asian-American plaintiffs have from Bakke (1978) to Grutter v. Bollinger (2003) their students’ skin is. newframework isn’t forthe sakeof appealed to the High Court. The larger stakes to the two Fisher v. University of Texas (2013, Theknown, good curriculum im- some “social justice” abstraction. It is arewhether the Supreme Court will wink as 2016) cases—the Court has hedged on the cen- provementshavenothing to do with acoverup to dupe the public.Califor- Americadivides in waysthat have proved so de- tral issue. The Justices sometimes say the use racism; associating them with racism nia has targeted, but never closed, its structive in the past. of race is tolerable for one reason or another, isn’t going to help studentswith yawning public-school achievement Thetemptation will be forthe Justices to and sometimes it is not. math so much as pit students gap. To makethe problem appear to give Harvard a pass given its contentious sub- Theway to settle this is foraCourt majority against each other in yetanother do- go away,California has retreated from ject. TheHigh Court has already takencases on to embracethe plurality opinion of Chief Justice main of human productivity. competencytests, standardized tests gunrightsand abortion forthe next term start- John Robertsin a 2007 case involving schools ANDREW GRIFFIS and itsown high-school exit exam. Tucson, Ariz. Now California is desperate to take ing in the autumn. And youcan imagine the re- in Seattle: “The way to stop discrimination on the starch out of math. The objectiv- luctance to add the combustible issue of race the basis of race is to stop discriminating on the Ihavetaught mathematics in Cali- ity of math is equated with a “white to the docket. basis of race.” fornia public schools.Itwas common supremacy culture in the mathemat- This would be amistake, and not only on iii to have immigrant studentswho ics classroom.” The focus on “getting the meritsofthis case.AsJusticeClarence Taking the Harvard case is arguably more couldn’t speak English, and math the right answer” and teaching math Thomas pointed out in 2018 when the Court important than deciding either the gunorabor- classwas oftenthe day’sbright spot. in a “linear fashion” is deemed op- passed on Kansas and Louisiana laws involv- tion cases. If the Justices abdicate on the race Why? Because mathematics is the pressive. Taking the rigor out of math ingMedicaid funds forPlanned Parenthood issue now, the virus of racial separatism will universal language. Whenever Iput and removing all the metrics and in- clinics,Supreme Court Justices aregiven life- spread ever moredeeply intoAmerican life. In up y=mx+b or a2+b2 =c2, astudent dexes, under the rubric of fighting time tenureprecisely so that a“politically afew yearsitmay be much harder to eradicate from China or Bulgaria or Bolivia im- racism, is a ruse to hoodwink the mediately knewwhat we were cover- public into believing its tax money is fraught issue” will not prevent them from ap- without considerable social harm. TheU.S. ing and went to work with success. well spent. plying the lawneutrally. would slide toward the racially divisivepolitics Istudied international education JEFFREY R. SMITH This is what is at stakeinHarvard.InAmer- of countries like Malaysia, where government in grad school and have school math Alameda, Calif. icatodaythe principle that drovethe civil- bias by race is ingrained in lawand policytoun- books in Arabic,English, French and rightsmovement—equality forall—is fast giv- happy effect. Japanese and worked with Korean Iwas one of 16 studentsinmy ing way to the viewthat race must be a TheJustices should knowthereisover- and Spanish texts. Themathematics graduating classatasmall high dominant factor in everydecision from college whelming public support forthe principle of ra- wasimmediately comprehensible, school in Arkansas.While it wasa admission to eligibility for a federal farm pro- cial equality,rather than the“racial equity” and all of them—regardlessofthe great experienceoverall, Iwas in fora gram to the makeup of corporateboards to who standard that uses government to dictate out- authors’ region, religion, race or eth- rude awakening when Igot to college. gets priority for a Covid vaccine. comes by race. A 2019 Pew survey found that nicity—sought the same objective: Ienrolled in amath classwheremany Harvard’sclaim that it doesn’t discriminate 73%ofAmericans say“colleges and universities teaching masteryofthe material peershad takenAP/IB courses in high correctly.Mathematics is theepit- school and realized within acouple of against Asian-Americans is self-evidentlyfalse. should not consider race or ethnicity when mak- ome of asubject that cutsthrough weeks howdeep the hole wasthat I In the name of diversity, it favors blacks and ing decisions about student admissions.” The societal barriers. needed to dig myself out of.Itwasn’t Hispanics foradmission while pretending that number is 62%for blacks and 65% forHispanic- The“woke” seem to liveadream- afun semester.It’sdisappointing to this won’t penalizeapplicantswhose race is un- Americans. world of their creation that has lit- read about California’seducation offi- favored. Thediscrimination manifestsitself in Citizens in two of the nation’smost left-lean- tle grounding in the world they live cials targeting math in this way,espe- themuch higher SATscoresrequired of Asian- ing states—Washingtonand California—re- in. Their potential damagewon’t cially given howimportant STEM is to Americans, as well as a subjective personality cently rejected ballot initiatives that would stop just because studentswill no the state’sown economic health. Isee rating system that consistently assigns Asian- have allowedracial preferences forstate hiring, longer be able to do mathematics. this unfortunatetrend continuing Americans far lower scores. contractsand university admissions.InCalifor- Removethe need to properly master sincemath,especially at lowerlevels, It is true that the racial discrimination al- nia the measurewas defeated 57%-43% and lost math skills,and STEM studies col- deals almost entirely in absolutes,so leged in Harvard isn’t the same as that of the in 52 of 58 counties. lapse likeahouse of cards. Taking if the student gets the wrong answer, away the ability to do mathematics it’salittle harder to “equitably” juke Jim Crow South. In that erafederal government The14th Amendment guarantees equal pro- means studentscannot become engi- the stats. intervention wasrequired to break the state-en- tection of the law, and Title VI of the Civil Rights neersordoctors. They can’t become ANDREW BARNETT forced discrimination against black Americans. Act makes discriminationbyraceillegal. What computer scientists. They can’t be- Dallas Race preferences were rooted then in the false the plaintiffs ask is forthe Court to affirm, at long come aplumber or electrician or claim of African-American inferiority. last, that these wordsmean what they say. carpenter.Consider architectureand I wonder what Katherine Johnson, accounting.The “can’t” list goes on Dorothy Vaughan and Mary Jackson, and on. NASA’s African-American “Hidden New Jersey Is No. 1, Alas Don’t make mathematics the new Figures” women, would say about dismal science. this were they still alive. ew Jersey comes in it at number one also explains why New Jersey Members of the MIKE WALKER DAVID J. GROSS Meridian, Idaho St. Augustine, Fla. in a new ranking of states. Too bad it’s U.S. House of Representatives signed letters to N forhow much itscitizens will payin TreasurySecretaryJanet Yellen,House taxesovertheir lifetimes. Speaker NancyPelosi and SenateMajority An averageNew Jersey resident will payan Leader Chuck Schumer asking that the $10,000 Wind Power Is Popular Across Rural America estimated $931,698 in taxesfor his lifetime of annual caponthe state-and-local tax(SALT) toil, according to anew study from the finan- deduction be repealed. Some saythey will hold Re RobertBryce’s “Rural America states have direct wind jobs. cial technologycompanySelf.That’snearly the infrastructurebill hostageifthe SALT cap GetsBad Vibrations from Big Wind” Wind projectsalso protect the twicethe $525,037 forthe averageAmerican. remains. (op-ed, May6): Thereality is that character of agricultural communi- It’sevenmorethan the $734,563 their neigh- But the moresensible reading of NewJer- wind projectsare driving unmatched ties.Farmersgrowcrops and ranch- borsinhigh-tax NewYork will pay. sey’s dismal taxnumberswould be to recog- investment and creating newoppor- ersgraze cattle right up to the base Thestudy is based on the 2019 Consumer nizethat restoring the SALT deduction is only tunities in ruralAmericainways of awind turbine,and atypical wind that improvereal lives. project leaves98% of land undis- Expenditures Report from the Bureau of Labor aBand-Aid—and mainly helps the affluent. Wind projectspay over $1.6billion turbed. Thelease paymentstofarm- Statistics, and includes taxesonincome,prop- TaxesinNew Jersey arehigh forall residents. in local and statetaxes everyyear— ersand ranchersfor hosting wind erty,consumption (sales tax) and owning acar. Thereal problem is that the stateisdominated newrevenue communities invest in turbines also provide steady income It reportsthat NewJersey also ranks No.1in by public unions that work with politicians to schools,roads and emergencyser- to keep the family farm in the family. taxesasashareofearnings: 49.51% on esti- tax, spend and elect, and then do it again. vices.They also createnew jobs that Mr.Bryce claims communities are mated lifetime earningsof$1,881,648.Oh, yes, If the state’sCongressional Memberswant let young people stay and grow in rejecting wind, but communities dis- the denizens of the Garden State canalso ex- to deliver fortheir constituents, they should their communities so they don’t face agree.That’swhy wind has grown pect to paythe most in lifetime property taxes: push their local and statecounterpartstocut the awfulchoiceofleaving home to exponentially over the past decade. $378,087. NewJersey’s taxestodeliver real relief and find work to support afamily. TheLawrenceBerkeley National Lab- This grim news will not surprise Garden maketheir statecompetitiveagain. They won’t 120,000 Americans acrossall 50 oratorysurveyed wind-farm neigh- State residents. Thehigh amount of income do that as long NewJersey residentskeep re- borsand found 92% of people re- ported positiveorneutral NewJerseyans fork over to their governments electing them. Jews Who Leave the Faith experiences. Are Still Treated as Jewish HEATHER ZICHAL CEO China’s Hostage Foreign Policy Some Jews elected conversion to American Clean Power Association survivein14th- and 15th-century Washington famous Chinese saying is kill the ria and the Chinese government. Spain. Othersdid so foreconomic chicken to scare the monkey—that is, Mr.Yang’strial is scheduled to begin May and social mobility,asattempted by All we need to knowiswhat wind A make an example of one to scarethe 27,and it looks likeChina will bar Canadian the families of Benjamin Disraeli and investor Warren Buffetthas to say many. China is treating Aus- diplomatsfromattending as Felix Mendelssohn, and by Gustav about wind turbines: “[W]e getatax tralia likethe chicken, and the To punish Canberra, observers. Last week Ms. Mahler himself,orweremotivated credit if we build alot of wind farms. by real belief,aswith Jean-Marie That’sthe only reason to build them. latest example is hostageYang Payne criticized the legal Beijing puts an (born Aaron) Lustiger,Archbishop of They don’tmakesense without the Hengjun, who will facetrial in proceedingsas“aclosed and Paris from 1981 to 2005,who taxcredit.” Mr.Buffett’swords China this week on allegations Aussie writer on trial. opaque processtodate.” The proudly described himself as aJew. should be applied morewidely. of espionage. Chinese embassy responded In anycase these convertswere, in FRITZ GROSZKRUGER In 2018 Australia angered with a statement demanding the end, viewedassuspect by many Dumont,Iowa Beijing by banning Chinese telecom companies that Australia “respect China’sjudicial sover- of their adopted faith. Huaweiand ZTEfromits 5G mobile network. eignty and refrain from interfering in any As Diane Cole writes in her review Mr.Yang,awriter and Australian citizen, had form in Chinese judicial authorities’ lawful of James McAuley’s “The House of Pepper ... the bad luck of traveling to China afew handling of the case.” Fragile Things” (Books,May 8), And Salt months later. China’sarbitrarydetentions and hostagedi- wealthyJewsoften attempted to In January2019,authorities detained him on plomacy make a mockery of the law. The mes- gain acceptancetosociety through THE WALL STREET JOURNAL assimilation but, “despitetheir vaguechargesofendangering national security, sageisclear that if anation failstobend to Bei- riches,all their effortsprovedoflit- although Aussie Foreign Minister Marise Payne jing’swill, itscitizens who travel to China may tle or no avail.” said last week that China has “not provided any become political hostages. John Gross, aformer editor of explanation or evidencefor the charges.” He has Last year Chinese authorities detained Aus- the Times LiterarySupplement, been in Chinese custody formorethan two tralian TV anchor Cheng Leion allegations of concisely summed up the predica- years, and Ms.Payne said Mr.Yang has had “no providing state secrets to foreign forces. And ment: “TobeJewish is to belong to access to his family,and limited, delayedaccess two Canadians,Michael Spavor and Michael aclub from which no one is allowed to his legal representation.” Kovrig, were snatched in December 2018 fol- to resign.” China-Australia relations have sincewors- lowing the arrest in Canada of Huaweiexecutive IRA SOHN ened. Canberracalled last year foranindepen- Meng Wanzhou.China blocked Canadian diplo- New York dent probe intothe origins of Covid-19,and matsfromattending their trial; the men await Lettersintended forpublication should Beijing responded by slapping tariffs and a court judgment. be emailed to [email protected]. Please traderestrictions on arangeofAustralian These tactics mayscare some monkeys, but include your city, state and telephone commodities.Ms. Payne further infuriated they have also awakened the world to the real- number.All letters aresubject to Beijing this spring when she killed two invest- ity that, under Chinese hegemony, everyone editing,and unpublished letters cannot be acknowledged. ment agreementsbetween the stateofVicto- could become the chicken. “Our hybrid is greener than theirs.” P2JW145000-0-A01900-1------XA

THE WALL STREET JOURNAL. Tuesday, May 25, 2021 | A19 OPINION It’s ‘Open Season’ in Minneapolis In the War On Cancer, By Heather Mac Donald firstthree months of 2021 compared with the same period in 2020. lSharpton and civil-rights Through May16, the number of Science Is attorney Benjamin Crump shooting victims in NewYork City is led amarch in downtown up 78.6%overayear ago. In the A Minneapolis Sundayinad- Bronx,the number is up 165.7%. Winning vanceofthe firstanniver- Themedia and Democratic politi- saryofGeorge Floyd’s death on May cians attributethe crime increase to

25.Former Minneapolis policeoffi- S the pandemic and attendant shut- By Robin L. Smith

cerDerek Chauvin wasconvicted of PRES downs. But the violencesurge of Floyd’s murder last month. 2020 beganonly afterthe George ifty yearshavepassed since TED Messrs. Sharpton and Crump Floyd riots, morethan two months President Nixon declared war OCIA

SS F didn’t visit North Memorial Health afterCovid-19 devastated the econ- on cancer in his 1971 State of Hospital,wheretwo recent victims /A omy. No industrialized countrysaw theUnion address: “The time has ZO

of ayearlong explosion of violence UZ anything comparable; crime dropped come in Americawhen the same in Minneapolis areonlifesupport. in the U.K. and Canada, wherelock- kind of concentrated effort that . . . On April 30 Ladavionne GarrettJr., ALLER downs were moreseverethan in the took man to the moon should be YA

10,was riding in acar with his par- MA U.S. turned toward conquering this entswhen agunman opened fire.A A Black Lives Matter display on a White House security fence, July 4, 2020. Of the at least 100 homicide vic- dread disease.” Todayweare closer bullet piercedLadavionne’shead; tims in MinneapolissinceMay 25, than ever to that goal. doctorsput him in amedically in- carjackings222%. Thecrime in- ThirdPrecinct and to prevent the 2020,only one waskilled by acop. Cancer killed 10 millionpeople duced coma and removed part of his crease began afterFloyd’s death and torching and looting of businesses Thevictim wasasuspected gunrun- world-wide last year,and doctors skull to relieveswelling on the brain. has never let up.Nor has the assault during the May2020 riots, newly re- ner who had tried to runoveroffi- diagnosed 19 million newcases.Yet On May15, 9-year-old Trinity Otto- on lawenforcement that began with tired lieutenant Kim Voss wroteina cers beforeshooting at them scientistshavemade startling prog- son-Smith wasjumping on atram- the arson destruction of the Third February2021 op-ed. through his carwindow, causing ress in understanding,preventing poline at afriend’shouse when bul- Precinct building on May28, 2020. Theareaaround what is now them to return fire.Thereislittle and treating it. “I’vehad an oncolo- letsfired from apassing carstruck Officersare routinely punched, called George Floyd Squareisstill evidencethat the Minneapolis Police gist tell me that this is averyexcit- her in the head. She is also in criti- kicked and hit with projectiles. burned-out and desolate, isolated Department systemically violates ing time to have cancer,” amedical calcondition at North Memorial, in Therewas anear-riot in downtown within acivilian-enforcedpolice-free blacks’ civil rights, but Attorney journalist quipped this month at the the room next to Ladavionne’s. Minneapolis in the early hoursof zone.“Iamafraid. Iamfrustrated. I General Merrick Garland has opened FifthInternational Vatican Confer- May22following ashootout among am mentally ill right now,” alocal acivil-rightsinvestigation intothe ence, an annual gathering of medi- club patrons.Two people were killed barbecue shop owner told the Star Minneapolis PoliceDepartment any- cal, scientific and religious experts. Homicideshavemore in that shootout and eight wounded. Tribune in March. City Council way.Ifhistoryisany guide,the re- Panelistsdescribed progresson Respondingofficerscalled for member AlondraCano told the pa- sulting consent decree will cause manyfrontsinthe battle against than doubled in ayear. backup acrossthe Twin Cities at pershe hearsfromsenior citizens crime to increase in the city as offi- cancer: Threechildren have been what the department called an “ex- who sleep in the bathtub to avoid cers back off further from proactive shot in thepastmonth. ceptionally chaotic scene.” Thepre- being shot at night and whose bus policing. vious weekend, officersweremaced, routes forpicking up medications Thevictims of that additional Promising and amazing and pelted with rocks and debris and groceries have been disrupted crimeincrease will, as always,be while trying to disperse disorderly by the autonomous zone.The Floyd disproportionately black.Atleast advances in vaccination, Nineteen children in Minneapolis crowds. family has pledged $500,000 of its three-quartersofMinneapolis’sho- diagnostic tests, immune have been shot this year,anincrease AfterFloyd’s death, the Minneap- $27million wrongful-death settle- micide and shooting victims are of 171% over the same period in olis City Council called forabolish- ment from the city to black business black,though the city is lessthan a therapy and gene testing. 2020.Their relatives wonder where ingthe policedepartment and re- ownersatGeorge Floyd Square. That fifthblack.Messrs. Sharpton and the protestersare.“Whyain’t no- placing it with a“newtransforma- won’t compensatethe barbecue- Crump have no answers to that di- body mad about a10-year-old, my tive model forcultivating safety.” shop owner and his neighborsifdin- lemma, so they ignoreit. •New vaccines against human grandson, fighting forhis life?” Abolitiondidn’t happen, but “some ersand shoppersstill have to dodge While policeneed to train relent- papillomavirus,which causes cervi- asked Sharrie Jennings, Ladavi- folks” in the community gotthe bulletsand employees arestill get- lessly in de-escalation and sound caland throat cancer,are in late- onne’s grandmother,ataMay 17 messageanywaythat “they have a ting carjacked. tactics,they arenot the problem in stagetrials.Scientistsare also test- mayoralevent. “Because acop didn’t sort of open season on their ene- As lawlessasMinneapolis has be- minority communities; criminals are. ing vaccines formelanoma, shoot him, is that why?” Ms.Jen- mies,” said Alicia Smith, the execu- come,itishardly atypical. Drive-by As long as the policeare demonized leukemia, lung and renal cancers. ningswarned of “a deadly summer” tivedirector of the CorcoranNeigh- shootingsand homicides jumped na- and scapegoated, law-abiding resi- •Infiveyearstheremay be a forkids if the mayorand policechief borhood Organization. tionwide during and afterthe Floyd dentsofhigh-crime neighborhoods simple blood test costing lessthan don’t “stepup.” Laterthat day, An- Attrition is accomplishing the riots. Homicides rose 50% in Chicago will continue to liveinfear and $500 that candetect 70%ofall can- iyaAllen, 6, wascaught in ashoot- same goal as defunding.Atleast 200 in 2020,46% in NewYork City,and wonder whynoone protestswhen cers in the earliest stages.When pa- out between rival gangswhile in her officershaveresigned or gone on 38% in LosAngeles.The U.S. sawthe their loved ones aremurdered by tientswith breast, prostateand thy- mother’s car. Aniyadied on May19. leave sinceMay 2020,leaving the largest annual percentageincrease gangswith guns. roid cancer spot the disease early, Minneapolis homicides between MinneapolisPoliceDepartment un- in homicides in recorded historyin their five-year survival rate is 99%. Jan. 1and last week were up 108% derstaffed by nearly athird. Offi- 2020.That increase has continued in Ms. Mac Donald is afellow at the •New Crispr gene-editing tech- compared with the same period in cers’“morale and mission” were de- 2021. Thenumber of shooting vic- Manhattan Institute and author of nologydeploys amolecular defense 2020;shootingswereup153%, and stroyed by the failuretodefend the tims in Chicagowas up 43% in the “The WaronCops.” system borrowedfrombacteria, which use this system to kill invad- ing viral cells by unzippering their DNA to rip it apart. Scientistsare The Rise of Woke Anti-Semitism using Crispr to repair or rewrite flawedgenes.The therapy cured start. In the past most of the anti-Se- latest conflict in the Middle East nistsofmodern progressivism are sickle-cell anemia in the firstthree mitic attacks in the U.S. have been fits—or rather,has been made to fit— used to such gymnastics.Aslong as patientstoreceiveit, and soon it theproduct of the usual depraved the binaryclassification of the hu- thenarrativecan be sculpted to fit will take on cancer.Manytrials of FREE minds: whitesupremacistsorsick in- manraceintooppressor and victim the largerobjective, it will do. Crispr therapies in the U.S. noware EXPRESSION dividuals deciding to take out their on the basis of identity that they now Allthis contributes to an uneasy in phase 2for leukemia, lymphoma, By Gerard Baker pathologies on the group most often see as the defining dialectic of his- sense of awidening clash of civiliza- myeloma and more. In China, Crispr blamed forsociety’s flaws. tory everywhere. tions that is increasingly the objec- is showing promise against lung here’ssomething especially un- Occasionally there’sbeen a To be sure, the explicit identifica- tiveand likely outcome of the mod- cancer. T settling about the newest erup- broader political subplot. Outbursts tion of Palestinians with disadvan- ernleft’sprogram. Theembraceof •Immunologist Carl June pio- tion of the oldest hatred. Anti- of anti-Semitic violenceoccurred at tagedAfrican-Americans isn’t com- critical race theoryand woke ideol- neered the use of CART-cell ther- Semitism has been so routine and times with the encouragement of pletely novel. As American racial ogyinthe cultural and political es- apytofight HIV in the 1990s,after enduring apart of human history black leaderssuch as Louis Farrakhan tensions of the 1960s coincided with tablishment, likeits moretraditional which simpler drugsarose and that it’seasy to become almost numb or the nowsupposedly respectable Al earlier episodes of Israeli-Arab con- Marxist forebears, neatlyreduces all turned AIDS into“kind of likea to fresh instances of it. Sharpton.But mostly they haven’t oc- flict, organizations such as Mr.Farra- tensions in human relations to asim- treatable illness, just likehigh blood Forastatistical pictureofhow curred as the kind of street-level re- khan’sNation of Islamsought to plifying narrativeofoppressor and pressure,” he says.Now this therapy consistent—and contemporary—Jew- sponse to geopolitical eventsthat is makethe connection. But the wide victim, only this time not on the basis is used against breast cancer and hatred is,look at the Federal Bureau toocommon among political activists penetration of this notion intothe of economics but race. leukemia and shows broad promise. of Investigation’s hate-crime data. in Europe,especially on the left. consciousnessand discourse of We canonly hope that the cease- “When Ibecame acancer doctor We liveinanage of heightened This latest outbreak,however, has prominentelected figuresinthe fire in Gazawill lead to an ebbing in in the early days,itwas horrible,” awarenessofethnic and racial vic- come about in direct response to the Democratic Party is new. anti-Semitic violence in the U.S. The Andrew Pecora, a hematologist and timhood, butinthe quarter-century recent conflict in Gaza. While politi- It takesextraordinaryintellectual Jewish people knowall toowell that oncologist, said at the Vatican con- cians of all parties denounceanti-Se- flexibility to represent the Jewish the hatred maywane but it never dis- ference. “Wehad no idea. We gave mitic violence, the rhetoric of some people,especially those in Israel, as appears. Historytells us it is at its medicines generically,and we’d It’s the oldest hatred, leading leftist Democratshas helped part of some grand global historical most virulent when it canbehitched hope forthe best. It has come so nourish resentmentsand prejudices. pattern of white-supremacist aggres- to alargerideological messageofvic- far.” Nowcancer doctorscan isolate but its resurgence signals It’sone thing—even if it’swrong—to sion, but these ascendant protago- timhood, resentment and retribution. one flawedgene among the 22,000 a wider disturbance condemn the actions of the Israeli that makeupthe human genome. government in defending itscitizens, “Wecan define it, we canaddressit in society’s soul. quiteanother to question the charac- with adrug, and, pretty soon, we’re terofthe Jewish stateitself.Rep.Il- The Lost Wisdom going to be able to genetically fix han Omar,with astrong track record it,” said Dr.Pecora. the bureau has kept records, hate of promoting anti-Semitic tropes,has Theconferencealso heardfrom crimes against blacks have declined talked of “war crimes” committedin Of the Busy Signal Robert Hariri, chief executiveofCe- dramatically—by morethan athird Gaza. Her colleague Alexandria Oca- lularity, of which Iamaboard between 1996 and 2019,the latest sio-Cortez has described Israel as an By Mike Kerrigan corner, but we channeled our inner member.Celularity is exploring the year of full data. By contrast, the “apartheid” state, aweighty accusa- HymanRoth from “The Godfather use of placental stem cells to re- number of anti-Semitic crimes— tion of violentracism with historic f I were permitted one phone Part II” and didn’t ask who gavethe placeorrepair defectivegenes at which are, proportionatetothe share resonance. ‘I call,” my 18-year old daughter, order.Weaccepted the limitsof the heart of major diseases.Dr. Har- of Jews in the population, much more Thesame Democrats, including Molly, recently told me, “and technologyinherent in both the busy iri discovered that postbirth pla- frequent than antiblack crime—has President Biden, who have pounced my lifedepended on that person signal and telephoning generally. centacan be arich source of stem, scarcely changed. on otherexamples of hatecrime in picking up,I’d call you.” Hownice, I Still extant rotary phones,after progenitor and immune cells,which Jews themselves knowbetterthan the last few months—sometimes be- thought, but she wasn’t finished: all, demanded saintly patiencewhen canbeturned intotwo kinds of anyone that, as banal as this ancient fore the evidenceofthe criminal mo- “Not mom.” Ouch. dialing.Sodid early cordlessmodels, weapons against disease: geneti- evilis, outbreaks of anti-Semitism tivation wasevenclear—have been Sure,Itend to pick up moreoften which playedback selected digitsin cally modified T-cells to target spe- canbeaharbinger of something oddly silent about people throwing than Devin, my wife, does,especially series, like involuntary Morse code. cific antigens and recently discov- morepervasive, asignal of awider explosivedevicesatJewish-owned when it’sfamily calling.But unlike ered “natural killer” cells that may disturbanceinasociety’s soul. That’s businesses and shouting “F— the my daughter,Idon’t assume I’m be- fight broader targetsincancer and the inescapable sense one gets from Jews.” ing screened whenever my call goes Old-fashioned phones virally infected cells.Best of all, the therecent rash of assaultsthat have Thewider political and cultural directly to voicemail. In fact, Idon’t placentacan provide T-cells and NK unfolded in NewYork,Los Angeles, environment is what makes this out- mind at all. taught us to be patient and cells forall patientswithout the Florida andelsewhere. break of anti-Semitism especially un- I can’t blame Molly, or any other to appreciate the advances need fordonor matching. Thepolitical contextisnew,for a settling.For manyprogressives,this digital nativewho grew up with the “The way we look at it is,nature instant-gratification expectations our kids take for granted. is alot smarter than we are,” Dr. that smartphones engender.These Hariri said in asession on advances cherubic callerssimply have never in cell therapy.The placentafroma PUBLISHED SINCE 1889 BY DOWJONES&COMPANY experienced frontier justiceasad- Land lines—which is to saylines— single birth “can servethousands, Rupert Murdoch Robert Thomson ministered by the busy signal. reminded callersthat aright to pri- potentially hundreds of thousands Executive Chairman, News Corp Chief Executive Officer, News Corp Forthem, the options have always vacy extended no farther than the of recipients. That scalabilityisvi- Matt Murray Almar Latour been a successful conversation or a length of the cord. tally important to becoming part of Editor in Chief Chief Executive Officer and Publisher shot at voicemail. By contrast, most Against that experience, so what atherapeutic regime.” Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: Deputy Editor in Chief Managing Editor Daniel Bernard, Chief Experience Officer; peak-hour calls made in my 1980s if the person I’m calling today If youget cancer today, youare Mae Cheng, SVP, Barron’s Group; David Cho, adolescenceresulted in the dreaded doesn’t pick up? At least the call much betteroff than youwould Jason Anders, Chief News Editor; Louise Story, Chief Editor of Barron’s Group; Jason P. Conti, General News Strategist, Product &Technology Officer busy signal, telephony’s equivalent connects, and Ineed neither the pa- have been 10 yearsago. If youget Counsel, Chief Compliance Officer; Frank Filippo, Thorold Barker, Europe; Elena Cherney, Coverage; EVP, Business Information &Services; Robert Hayes, of beingtold “Ask Again Later” by tienceofJob to dial nor aSwiss cancer in 2030,you will fareeven Andrew Dowell, Asia; AnthonyGalloway, Video & Chief Business Officer, New Ventures; the then-popular Magic 8-Ball. banker’s discretion to ensurepri- better. Combine that with effortsin Audio; Brent Jones, Culture, Training &Outreach; MatthewHutchison, Chief Communications Officer; Thebusy signal wouldn’t have put vacy.Meanwhile this “phone” lets prevention to reducethe incidence AlexMartin, Print &Writing; Michael W. Miller, Kamilah Mitchell-Thomas, Chief People Officer; Josh Stinchcomb, EVP & Chief Revenue Officer, youthrough to voicemail even if the me order apair of khakis fornext- of cancer,and one day“the big C” Features &Weekend; Emma Moody, Standards; technologyhad existed. Thebusy daydeliveryfromapark bench while will be merely another letterofthe Shazna Nessa, Visuals; MatthewRose, WSJ | Barron’s Group; Christina Van Tassell, Chief Financial Officer; Suzi Watford, EVP, Enterprise; Michael Siconolfi, Investigations; signal didn’t care if youwerethe listening to Brahms. alphabet. Consumer & Chief Marketing Officer Stephen Wisnefski, Professional News queenofEngland. Thebusy signal Trust me,mychild. That’sa told yousomeone had beaten youto pretty good trade. Dr.Smith is founder and chair- Paul A. Gigot the punch, plain and simple.The manofCura Foundation and Stem Editor of the Editorial Page EDITORIAL AND CORPORATE HEADQUARTERS: Daniel Henninger, Deputy Editor, Editorial Page; 1211 Avenue of the Americas, New York, N.Y., 10036 busy signal was bigger than you. Mr. Kerrigan is an attorney in for Life, co-sponsors of the Fifth In- GerardBaker, Editor at Large Telephone 1-800-DOWJONES Call waiting was just around the Charlotte, N.C. ternational Vatican Conference. P2JW145000-0-A02000-1------XA

A20 | Tuesday, May 25, 2021 THE WALL STREET JOURNAL.

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S&P 4197.05 À 0.99% S&P FIN À 0.47% S&P IT À 1.76% DJ TRANS À 0.87% WSJ $ IDX g 0.23% LIBOR 3M 0.141 NIKKEI (Midday) 28537.05 À 0.61% See more at WSJ.com/Markets Frackers to Create $14 Billion Firm China Curbs

BY COLLIN EATON Global oil and gas M&Avolume Year-to-dateperformance U.S. shale drillers Cabot Oil $100 billion 100% On Bitcoin &Gas Corp.and Cimarex En- Cimarex Energy ergy Co.said Mondaythat 75 they plan to merge in an all- stock deal, combining compa- 80 nies that had amarket capi- 50 AddVolatility talization of about $14billion as of Friday. 25 Thecombination of Ci- 60 China’seffortstorestrain tile,speculativenature of the marex,anoperator in Texas, cryptocurrencytrading and cryptocurrencymarket,” said Oklahoma and NewMexico 0 mining areadding to the wild FanLong,aco-founder of Con- primarily focused on oil, and moves in bitcoin and other flux,agovernment-backed pub- 2010 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18 ’19 ’20 ’21* Cabot, anatural-gas producer markets. lic blockchain network in in the Northeastern U.S., 40 China. He said the authorities bringstogether two firms op- Market capitalization of U.S. By Elaine Yu in Hong could take further action to re- erating in different regions oil and gas producers† Kong and Chong Koh strict or eliminateways for and extracting different com- Ping in Singapore Chinese citizens to exchange CabotOil &Gas modities. 20 yuan intocryptocurrencies in It follows astring of tie-ups Already down hardfromre- theover-the-counter market. between American fracking Exxon Mobil cordsset this year,bitcoin and On Sunday, Huobi,amajor companies as the energy indus- $249.4 other digital currencies sold off cryptocurrencyexchange, said try emergesfromthe Covid-19 billion 0 sharply last week afterChinese it would stop selling mining pandemic.Recent deals have authorities renewedpressure machines and related services mostly paired up rivals in the S&P500 on the country’sbanks and to newusersinmainland same or similar regions. payment companies to curb China. It will also suspend fu- Having amix of assetsin –20 cryptocurrency-related transac- tures contracts, exchange- oil, gasand natural-gas liquids tions.Marketsstumbled again traded productsand leveraged should protect the company Jan. Feb. March April May afterapowerful superregulator investment productstonew us- against priceswingsinany chaired by Vice Premier Liu He ersinafew countries and re- single commodity,aparticular pledged to crack down on bit- gions. OKEx,another popular benefit for shareholders that Cimarex Energy/ coin mining and trading.The digital-currencyexchange, on have sharpened their demands CabotOil &Gas priceofbitcoin fell below Mondaysaid itsown token, for better investment returns $32,000 early Monday, down OKB,can no longer be traded Chevron in recent years, said Thomas from over $44,000 aweek ear- with theChinese yuan. Jorden, chief executiveofficer 200.7 14.2 lier.LateMonday, bitcoin re- Spokespeople forthe Sey- of Cimarex. Conoco bounded 14%to$39,131.63. chelles-based OKEx and Huobi “It’sabetterway to ride Phillips China is trying to rein in said they strivetobeinregula- through the cycles in our busi- 75.1 cryptocurrencyactivities even tory complianceinthe jurisdic- ness,” Mr.Jorden said. “The Diamondback as thecountryhas embraced tions in which they operateand Energy demands of our sector,in Hess thetechnologyunderlying bit- arecommittedtoserving and terms of returning free cash 25.1 coin and has plans to roll out protecting their customers’ in- flow to our owners, [tell us 13.8 itsown digital yuan that will be terestsand assets. Both ex- that] these swingsinour cash controlled by itscentral bank. changes have operations in flow arepoison, and this is EOG Beijing also wantstoshut down multiple countries. Devon just awonderfulantidoteto Resources cryptocurrency-mining activi- “Crypto-related activities volatility.” Energy ties because they consume have posed two serious issues RecentU.S.shale deals have 46.7 23.4 massiveamountsofelectricity, in China,” namely financial sta- included the all-stock combi- Pioneer oftenfromcoal-fired power bility and energy consumption, nation of Colorado’s Bonanza Natural 17.2 plants, while the country said Shen Wenhao,aBeijing- PleaseturntopageB2 Occidental pledged to manageits carbon PleaseturntopageB11 *M&A volume as of Monday. Resources Petroleum †AsofFriday, May21. 36.8 emissions.  Oil companies look to satisfy Sources: Dealogoc (M&A volume); FactSet (performance); “The Chinese government  Peer trading in demand forgreen power...... B2 S&P Global Market Intelligence(market cap) does notlikethe highly vola- cryptocurrencies rises...... B11 Apple, Epic Close Merrill Bans Trainees’ Cold Calls

Out Arguments on BY RACHEL LOUISE ENSIGN

Bank of America Corp.’s App Store Fairness Merrill Lynch Wealth Manage- ment unit is banning trainee brokersfrommaking cold BY TIM HIGGINS erly prohibited third-party app calls,avestigeofanera when stores on the iPhone and re- the industrypushed hot GES Apple Inc. spent the final quired app developers to use stocks on anyone who would IMA momentsofits high-profile itsin-app payment system pick up the phone.

courtroom fight against Epic that takes a commission of as MerrillonMondayrolled GETTY Games Inc.arguing the video- much as 30%. out arevampedadviser-train-

game maker’s antitrust lawsuit Apple has denied it is amo- ing program that prohibits CTION/

wassimply away forittoget nopoly,pointing to other ways participants from cold calling LLE out of paying foraccessto Epic’s game “Fortnite” can be and directswould-be brokers CO iPhone users. distributed. Thecompanyhas to use internal referrals or “Nothing would be paid to said itsrules around the app LinkedIn messages to land cli- PICTURE

Apple foruse of itsintellectual storeensurethe safety and re- ents. Thedecision comes after LIFE property forthe use of the liability of apps forusers. Ap- the program’s3,000 trainees

platform,” RichardDoren, a ple has argued itsfees are were told to stop outbound AN/THE

lawyer forApple,told the similar to othersand that Epic recruiting effortstofind new YM court. He warned of “mayhem” is merely trying to get out of customerslast year after WA AN

if Apple’sreview processisn’t paying its fair share. problematic phone calls. ST required. Instead of traditional clos- Theannouncement formal- Stockbrokers at Merrill Lynch using binoculars to read the board, in a photo from the 1950s. Epic,the “Fortnite” creator, ingargumentsheld beforea izes ashiftthat executives argued the appropriatesolu- jury, the judge had asked the have signaled formonths. said in April. “Thereisalso an Merrill’straining program, practiceofpoaching from tions to itsclaim that Apple two sides to prepare for a de- “Weare leaning much more opportunity to be much more firstestablished in 1945,was otherfirms.The program abuses itsmarket powerin- bate-style end to the trial that heavily on leads and referrals modern in terms of the way meanttobethe firm’spipe- pays abase salaryof$65,000 clude allowing developersto has lasted morethan three from the broader company,” we arereaching out to pro- line fornew advisers afterit ayear.Participantswho fail operatetheir ownapp stores on weeks in Oakland, Calif. Merrill President Andy Sieg spective clients.” cut back on the expensive PleaseturntopageB2 the iPhone and to use their own Toward the end of the al- payment systems within apps. most four-hour hearing,Judge U.S. District Judge Yvonne GonzalezRogers, too, ques- Gonzalez Rogerswill rule in tioned howEpic’sproposals INSIDE Sales of Bundled Junk Loans the coming months on Epic’s would compensate Apple. claim that Apple has improp- PleaseturntopageB4 Surge as Investors Seek Yield TV Networks Bet Ratings BY SEBASTIAN PELLEJERO alysts said. Many are expect- lying loans, making them On Franchises and Reboots ingstrong growth to prompt popular among institutions Sales of securities backed Fedtightening,eroding re- restricted to investment- AUTOMOBILES by bundles of risky corporate turns on corporatebonds. grade debt, such as banks and BY JOE FLINT but, on the negativeside,it Electric-truck maker loans arehitting records, Yields on CLO bonds typically insurers. AND SUZANNE VRANICA shows the networks aren’t tak- Lordstowncutsits liftedbyarecovering economy rise with interest rates. At the same time,the eco- ing anyrisks,” said Garth and demand from yield- TheCLO market’srecord nomic rebound is improving As ratings fall and viewers Tiedje,executivevicepresi- production forecast as starved investors. sales pacemarks areversal the prospectsofmanycompa- decamp to streaming plat- dent of videoinvestment for costssoar. B3 Issuance of new collateral- from this time last year,when nies whose loans arebought forms with fewerornocom- Horizon Media. ized loan obligations, which pandemic fearscaused debt by CLOs.Just six nonfinan- mercials,broadcastersare em- While that trend hasn’t daz- buy up loans to companies prices to plummet, freezing cial, junk-rated companies de- bracing the adagethat zled Madison Avenue,which with junk credit ratingsand sales of newfunds.Support faulted during the firstquar- imitation is the strongest form will decide in coming weeks package them into securities, from theFed, including cut- terofthis year,according to of television. howmuch to gamble on the totaled over $59 billion as of ting interest ratestonear zero Moody’s InvestorsService— Thebig four U.S. broadcast next wave of predictable pro- May20, according to data and buying the highest-quality the lowest level since2018. networks arerehashing exist- gramming,broadcast networks from S&P Global Market Intel- bonds from certain types of Theratingsagencyexpects ing material morethan ever, areexpected to benefit from ligence’s’ LCD.That is the CLOs,has sincehelped bring the trailing 12-month default banking on familiar content to an uptick in TV ad spending. highest-ever figure forthat investors back. rate to fall to 3.9% by the end hold on to audiences and ad- Afteryearsofratingsero- period in data going back to CLOs have become a$760 of December,from7.5%in vertisers. Theyearslong surge sion, the networks took an es- HEARD ON THE 2005. billion market, accounting for March. in remakes and spinoffs is set pecially big hit during the STREET Theprospect of rising infla- 70%ofnew leveraged loan Ratings firms are now put- to hit newheightsthis fall, af- pandemic,with all of them Dalian Wanda makes tion and ashiftaway from the purchases last year,according ting some CLOsecurities on ternetworks unveiled their down double-digit percentages Federal Reserve’seasy money to Citi. Because CLOs’ loan review forpossible upgrade, prime-time schedulestoad- in total viewers in 2020 from killing afterending policies aremaking bonds tied holdings arediversified, the which analystssay could spur vertisers last week. the previous year and most AMCties. B12 to so-called CLOs attractiveto bonds canachievehigher demand in the months ahead. Reboots “are asafer bet PleaseturntopageB4 awider rangeofinvestors, an- credit ratingsthan the under- PleaseturntopageB10 P2JW145000-4-B00200-2------XA

B2 | Tuesday, May 25, 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 E Nissan Motor...... A1 Allianz...... B2 Enel Americas...... B2 Nvidia...... B12 Amazon.com Epic Games...... B1 O ...... A1,A2,B2,B4 Extraction Oil & Gas...B2 OKEx...... B1 AMC Entertainment.B12 Exxon Mobil...... B2 P Andreessen Horowitz G Pioneer Natural ...... B11 GameStop...... B12 Resources...... B2 Apple...... B1,B2 GenSight Biologics.....A3 Progressive...... B12 AT&T...... B4 Geodis...... B4 R B Grupo Aeroméxico....A10 Rakuten...... A10 Banca Carige...... B10 H Renault...... A1 Banca Monte dei Paschi Heineken...... B2 Royal Dutch Shell...... B2 di Siena...... B10 Huobi Technology...... B1 Ryanair...... A6 Banco BPM...... B10 Bank of America...... B1 I S Bionic Sight...... A3 Iberdrola...... B2 Sea...... A2 Bonanza Creek Energy Intesa Sanpaolo...... B10 Shopify...... B4 ...... B1 K SoftBank...... A10 BP...... B2 Kellogg...... B2 T Broadcom...... B12 L Tencent...... B11

C Total...... B2 /REUTERS

Las Vegas Sands...... B12 BP Cabot Oil & Gas...... B1 U CE M Cerberus Capital UniCredit...... B10 OUR

Management...... B10 Mediobanca...... B10 TS

Uniswap Labs...... B11 GH

Chevron...... B2 Merck...... B2 LI China Citic Bank...... B11 Merrill Lynch...... B1 V Lightsource BP signed deals this year to supply Amazon, Verizon and aunit of Allianz. ALightsource installation in Britain. Cimarex Energy...... B1 MGM...... A1 Verizon Communications Coinbase Global...... B11 Microchip Technology ...... B2 Comcast...... B4 ...... B12 ViacomCBS...... B4 Oil CompaniesTap Growing D Microsoft...... B2 W Dalian Wanda...... B12 N Walt Disney...... B4 Delta Air Lines...... A10 Nielsen...... B4 WarnerMedia...... B4 Appetitefor Green Electricity INDEX TO PEOPLE BP, Shell and Total take amoreinternational ap- agreed to supply Amazon, the looking forways to servicethis A J Sanders, Bridget...... B3 proach to sourcing power. world’slargest corporatebuyer market,” said Miranda Ballen- Adams, Hayden...... B11 Jorden, Thomas...... B1 Sanyal, Dev...... B2 seek deals to supply “We’reactively exposed to of renewable energy,with elec- tine, chiefexecutiveofthe Re- B K Sieg, Andy...... B1 big clients in a pivot different forms of energy in a tricity from awind farm in the newable Energy BuyersAlli- Smith, Jeff...... B3 way that pure-playrenewable Netherlands. Amazon plans to ance,agroup that represents Ballentine, Miranda....B2 Kamal, Fahad...... B11 Son, Masayoshi...... A10 away from fossil fuels companies don’t have,” said Dev powerits entireoperations with corporatepurchasers. Blancato, Philip...... B11 L Sanyal,BP’shead of gasand renewable energy by 2025. When companies sign Burns, Steve...... B3 T Lai, Lennix...... B11 BY SARAH MCFARLANE low-carbon energy.“We’rebasi- “There’sfew companies that power-purchase agreements, C Tiedje, Garth...... B1 M cally getting our wind from the canoffer the natureofsolutions they typically agree to buy en- Chatterjee, Surojit....B11 Tunis, Ryan...... B12 Businesses are buying more Nordics,and we’retaking solar that we’reoffering to acom- ergy for10to20years, often Maselli, Frank...... B2 D V renewable power,and major oil from Spain…We’reproviding a panylikeAmazon,” Shell Chief directly from arenewables de- Musk, Elon...... B12 Defend, Monica...... B11 van Beurden, Ben...... B2 companies want apieceofthe blended offer.” ExecutiveBen vanBeurden said veloper,orfromapowertrader N Dinges, Dan...... B2 W action. Corporatepower-purchase earlier this year,noting the whose portfolio includes elec- Nicklaus, Frank...... B2 European oil companies in- agreementsare an area of focus companycould be aone-stop tricityfromlow-carbon proj- E Wang, Jianlin...... B12 cluding BP PLC and Royal forBP’ssolar-powerjoint ven- shop forelectricity,aviation ects. Thedeals givebuyerscer- O Wertz, Boris...... B11 Ebersole, Ashley...... B11 Dutch Shell PLC arebuilding ture Lightsource BP,which this fuel and natural gasfor trucks. tainty over futurepowercosts, F - G O'Leary, Michael...... A6 Whaley, Ryan...... B3 newwind and solar projects year signed deals to supply Am- Corporateprocurement is a although thereisarisk that Fan Long...... B1 R - S Z andstriking deals to supply azon, Verizon Communications small part of the overall renew- electricity could become Ghosn, Carlos...... A1 Rovner, Susan...... B4 Zukauckas, Linda...... B4 electricity to big corporatebuy- Inc.and aunit of insurer Alli- able powermarket, but it’s cheaper than expected. erslike Amazon.com Inc.and anz SE.Mr. Sanyal said there growing fast. Companies “This is averycost-competi- Microsoft Corp., treading into wasgrowing demand from cus- bought arecord25gigawattsof tiveway forcorporates to ad- When Frank Maselli joined the domain of traditional power tomersseeking to reducetheir dresstheir sustainability re- Merrill Dean Witter in 1983 as a companies. emissions and that these deals lated targets,” said Frank rookie broker,hewas given a Themoves come as more provided BP with asource of Nicklaus, partner at Nomura seat in acavernous room businesses look to limit their stable,low-risk cash flowsand Greentech Capital AdvisorsLLC. Ends Some filled with other trainees carbon emissions,with compa- returns.However, BP says re- 25 But major oil companies face wherehemade 1,000 calls a nies buying arecordamount of turns in this businessare stiff competition. Largeutilities dayfrom8a.m. to 9p.m. renewable power last year and 8%-10%, lowerthan what it gets Gigawatts of electricity likeSpain’s Iberdrola SA and It- Cold Calls “I have abond, Ihaveitfor on track to hit afresh high this from itstraditional oil and gas bought by companies in 2020 aly’s Enel SpAare also trying to two days,itmight be gone to- year,according to datafrom business. Green powersupply is sign up big corporatecustom- morrow,” he would tell the BloombergNEF.Oil companies still afledgling businessalong- ers. Enel, the world’s largest re- ContinuedfrompageB1 strangerswho picked up. saysecuring long-term deals to side BP’sgiant hydrocarbon op- newables companybycapacity to meet the goals arekicked About 1% of the people he di- supply electricity will provide a erations. renewable energy globally last outside of China, says more out or moved to other roles in aled would bite, aratethat newsource of income and un- Exxon Mobil Corp.and year,up25% from the previous than half itsexpected renew- the bank.Inrecent years, only wasconsidered successful, derpin their expansion into Chevron Corp.haven’t entered year,according to BNEF.That able production between 2021 asmall portion of trainees said Mr.Maselli, who now wind and solar powerasthey this business, another example amount of renewable energy is and 2023 is coveredthrough completed the program. Suc- runs afirm that trains advis- seek to reducetheir dependence of the divergenceinstrategies equivalent to around four times long-termcontractswith cus- cessfulrecruitsoften had ex- ersonsales techniques.After on fossil fuels and preparefor a between the U.S. and European California’swind power-genera- tomers. In March, Enel started tensivepersonal networks afew years, trainees devel- lower-carbon economy. majors. Those U.S. companies tion capacity at the end of last building itsfirst large-scale and were lessreliant on cold oped reliable clientsand no Powersupply has historically have sourcedrenewable energy year,according to the U.S. En- combined wind farm and bat- calling,trainees said. longer hadtocold call. Mor- been regional, with utilities fortheir ownuse. ergy Information Administra- tery storagesiteinTexas,to While cold calling offers ganStanley mergedwith Dean generating and providing elec- In Europe,Shell and Total tion.New deals continue to be supply around 50% of the elec- theopportunity foragifted Witter in 1997. tricity to homes and businesses SE arealso seeking deals to struck at arapid pace, rising tricity needed for Kellogg Co.’s salesperson to build anet- Theadventofthe national in an area, stateorcountry. supply companies with renew- 75%inthe firstfour months of North American manufacturing work from scratch, it is hard do-not-call registryin2003 Some of these traditional power able energy as they start to the year versus the same period facilities. to succeed that way in an era made cold calls risky. Wide- suppliershavebeen tapping pivot away from oil in anticipa- ayear ago, the BNEF data Iberdrola—for yearsado- when no one picks up.Per- spread caller identification, into demand from businesses tion of fallingdemand and look showed. mestic,fossil-fuel-focused sonalreferrals lead to are- the decline of landline phones forgreen powerfor several to boost their credentials in “Energyprovidershavere- group beforeexpanding intore- sponse around 40% of the and the proliferation of spam years, and have decades of op- lower-carbon energy. ally recognized that large en- newables—is also seeking to time,Merrill executives said, calls have sincemade it even erational know-how. Still, oil ex- On Thursday, France’sTotal ergy consumersthat have sig- capitalizeongrowing appetite but lessthan 2% of people harder to getstrangersonthe ecutives saytheir global reach said it agreed to supply solar nificant buyer powerhavemade forlow-carbon energy and has who arecold called even an- phone.Beforethe pandemic, and vast trading operations powertoU.S.drugmaker Merck their preferencefor zero carbon signed supply deals with Apple swerthe phone. in-person eventssuch as sem- givethem an edgeascompanies &Co. Earlier this year Shell energy very clear,and they’re Inc.and Heineken NV. Therevampedprogram is inarsoninvesting were the intended to bring the firm’s best way to land newclients, prospecting techniques into Mr.Maselli said. 4.0146 shares of Houston- the digital eraand boost com- But Merrill and other firms Frackers basedCabot stock foreach pletion rates. It is also an- continued to embracecold shareofCimarex they hold. other step in integrating Mer- calling,which senior advisers Cimarexhas about 560,000 viewedasariteofpassage. Plan to net acres in the Permian Ba- Pre-pandemic,Merrill ex- sin, the largest U.S. oil field, pected trainees to reach out and the AnadarkoBasin, in to at least45prospectsa Merge Oklahoma and neighboring 45 week and hold meetingswith states. six.Some current and former Meanwhile,Cabot has Number of prospects trainees participantssaid they were ContinuedfrompageB1 about 173,000 net acres in the were asked to reach per week. told to reach out to dozens Creek Energy Inc.and Extrac- Marcellus Shale in the North- more. Manyturned to pur- tion Oil &Gas Inc. earlier this eastern U.S. chased listsofphone numbers month,and Pioneer Natural Thecompanies expect the to meet the quotas. Resources Co.’s purchases in combined firm, which would rill’sstoried “thundering By then, the pitch had recent months of smaller ri- be based in Houston, to gener- herd” of financial advisers changed.Merrill trainees vals in the Permian Basin of ate$4.7billion of free cash moreclosely intoBank of were encouraged to focus on West Texas and New Mexico. flow from 2022 to 2024 with America,which bought the investing goals rather than Mr.Jorden will become around $55-a-barrel oil and brokerageinthe depths of the products. Would-be advisers CEOofthe combined com- with natural-gas prices of financial crisis. greeted prospectswith pany. Cabot’sCEO,Dan $2.75 per million British ther- Thechanges areintended phrases like: “We’reinthe Dinges, will serveasits execu- mal units. to makeiteasier fortrainees processofreviewing financial tivechairman. Itsboardwill It would also have an an- withoutanexisting network plans and would lovetore- have five directorsfrom nual base dividend of 50 cents to succeed. viewyours,” trainees said. Cabot, and five from Cimarex, ashare, paid quarterly,and ex- “We’regoing to open up They were expected to bring including Mr.Jorden. pectstopay avariable divi- thepossibility of acareer in in $12 million in assetsbythe Last year’s sharp drop in dend and special dividend. wealth management to a end of the 3½-year-long pro- energy prices illustrated the Thecompanies said the much broader selection of in- gram. (The asset goals remain need to manageoil-and-gas combined firm would have an dividuals,” Mr.Sieg said on the same in the revamped companies around market vol- enterprise value of about $17 call with reportersMonday. program, but it shortens to 18 atility, and in recent months, billion. Trainees will getmorere- months.) the industry’semergencefrom Thedeal, expected to close ferrals from the bank’spool of Thepandemic threw Mer- that downturn has enabled Ci- in the fourth quarter,would 66 million retail customers, rill’sadvisertraining intodis- marex and Cabot to better also provideabout $100 mil- people familiar with the mat- array.Trainees started work- plan howitwill deliver invest- lion in cost savingsfromgen- tersaid. They will be encour- ing from home,wherethey ment returns,Mr. Dinges said. eral and administrativeseg- aged to contact prospects were cut off from holding in- “Wehaveour feet back un- mentsofthe companies in over LinkedIn,which has a person meetings. They were der us again,” Mr.Dinges said. the first18months to two higher hit rate than cold call- encouraged to continue cold In recent years, and partic- yearsafter the transaction, ing,they said. calling,they said. ularly following the height of they said. Cold calling has been a Some trainees called peo- the pandemic,shale drillers Mr.Jorden said the compa- mainstay of adviser-training ple on the do-not-call list, a have scooped up their rivals nies have yettocome up with programs acrossthe industry Merrill executivesaid in a formuch lowerpremiums than anew name forthe combined sincetheir inception. As stock memo earlier reported by In- they had in the firsthalf of the entity.Mr. Dinges quipped that ownership became wide- sider,which canlead to regu- last decade. they are taking suggestions. spread in the 1980s,broker- latorypenalties.InJuly,the ShareholdersofDenver- Cimarex shares fell 7. 1% agefirms hired droves of bank told trainees to stop based Cimarex,the companies Monday, while Cabot shares young trainees to work the prospecting fornew business said, will own50.5% of the retreated 6.8%, both in New phones. indefinitely. combined entity,receiving York Stock Exchange trading. P2JW145000-2-B00300-1------XA

THE WALL STREET JOURNAL. ** Tuesday, May 25, 2021 | B3 BUSINESS NEWS Businesses Split on Mask Rules E-Truck Startup As guidance shifts, Lordstown Cuts enforcement has become more difficult for small companies Output Forecast

BY JULIE WERNAU BY BEN FOLDY past year.While investorsini- tially sawimpressivereturns, SANDUSKY,Ohio—When the Electric-truck startup Lords- shares of manyhavesincere- CDC said it was safefor fully town Motors Corp.said Mon- treated as the startups missed vaccinated people to stop wear- dayitfaces higher-than-ex- targetsand added costsin ing facemasks,Angela Warren pected costs, is cutting its2021 their earliest days as publicly- quietly changed the sign at the production forecast by at least traded companies. gymshe co-owns,from“masks 50% and needs to raise more Mr.Burns reiterated the

aremandated” to “masks are JOURNAL capital as it tries to launch its company’splans to begin pro- recommended.” electric pickup this year. duction in September and de- REET

Theclientsather gymlook a ST Thecompanysaid that with- liver itsfirst vehicles by year-

lot likethe city of Sandusky. LL out additional capital, it will end. Thecompanydidn’t have Some can’t be bothered with WA finish the year with between anysales in the firstquarter.

masks or Covid-19 at all. Many THE $50 million and $75million on Thetruck maker is in talks R

arevaccinated. Otherssay they FO hand, down from the $200 mil- to securemorefinancing,Mr.

never will be.“Don’t judge,” she VEY lion forecast the companypro- Burns said, including discus- tells people. vided in March. sionsoveranasset-backed fi- GAR

In communities across MC “Capital maylimit our abil- nancing plan as well as pursu- America, masks have become a ity to makeasmanyvehicles as ing an award through afederal

symbol of the personal anxiet- MADDIE we would like,” said Steve loan program aimed at spur- ies that have divided friends Better Half Family Diner is struggling on how to handle the lifting of mask rules in Sandusky, Ohio. Burns, Lordstown’schief execu- ring e-vehicle manufacturing. andneighbors. People have tive, on acall with analysts. “Wehavezerodebt, and we been forced to makedifficult gentle scolding. mask-wearing frequenting busi- [a mask], you’rewelcome to “Wewanted to makesureev- have alot of assets,” Mr.Burns decisions,weighing their physi- Ms.Repp said she heard nesses with strict rules,and step outside and we canhelp erybody knewthe worst, worst said. “There’sfolks that want caland mental health against about Ohio’s decision to liftthe those who didn’t support masks youthere,” Mr.Whaley said. case.” Thecompanyreported to financethat.” theireconomic livelihoods and mask mandate on the local taking their businesselsewhere. “Some people made adecision having $587 million on hand at Lordstownreported alossof those of others. news.Now she and the owner By the time the CDC came to go somewhereelse.It’sfine. the end of the firstquarter. $125.2 million forthe firstquar- Businessownerscan’t blame arestruggling to decide out with itsnew guidance, mask It’syour perspective.” Shares in LordstownMotors ter, compared with alossof their decisions on a faraway whether to take the signs down wearing in Sanduskywas al- Forbusinessownerswho dropped 9% to $8.80inafter- $11.9million ayear earlier.It corporateparent.Their deci- or keep them up. ready completely different in want to keep mask rules in market trading.The stock has said it spent about $92 million sions on masks have meant “It’sstill out there. The different establishments— place, the state’sdecision to re- fallen 52%this year,through in the latest quarter on research confronting friends,neighbors Covid-19 is still out there,” she sometimes on the same block. movemasking requirements theclose Monday, amid ques- and development, up from $8.5 and co-workersdaily.Inthe said, adding that she is unvacci- felt likeagut punch after tions about the strength of its million ayear earlier. 60% of Americathat lives in cit- nated. months of confrontations. preordersand production plans Thecompanyblamed the ies with fewerthan 50,000 peo- By March 2020,Covid-19 had The state’s decision “I feel likewelost our back- as well as increased competi- higher costsonCovid-related ple,that canbeadeeply per- shut down the whole city.San- ing,” said Bridget Sanders, 33, tion from legacy automakers. expenses and industrywide sonaltask. duskylost 30% of itsgeneral to remove masking who owns asalon downtown. LordstownMotorsisone of supply-chain issues that have “We’re not big enough that fund overnight. Cedar Point requirements felt Ms.Sanderssays she doesn’t several electric-vehicle start- increased prices forpartsand people cansegregatefromeach amusementpark delayedits trust Covid-19 vaccines.Before, upstogopublic in arash of equipment. other,” said Eric Wobser,the opening and temporarily shut like a gut punch. she could point to the state mergers with special-purpose —Micah Maidenberg city manager.“We only have down many of itsrides. rules to enforce mask wearing acquisition companies over the contributed to this article. one downtown. If you’regoing People started sniping at in thesalon. Now, she said, it to go downtown, you’regoing each other about masks. will have to getpersonal.

therewhether you’reRepubli- “It wasverymuch ahead At SanduskyHardware, afew “A mask is not going to kill GE

can, Democrat, Black or white.” scratcher when people would doorsdownfromthe diner, you,” she said. “Put the mask IMA When the Centersfor Dis- selfishly do this whole civil lib- owner Jeff Smith, 48,said cus- on.”

ease Control and Prevention erties thing,” said Trent Beard, tomersknowthey don’t need to TheCDC’schangeinguid- GETTY

changed itsguidancethis who owns acoffee house down- wear amask in his storeand ancepushes the decision about SE/ month, businesses grappled town. “You’realready wearing arerelieved that they canlet mask wearing mostly down to with whether to followsuit. pantsand shoes and ashirt, down their guard. businessowners. At the family diner on Wash- right? No one told youyou had Ryan Whaley,43, owns inter- “A lot of them have been re- ANCE-PRES FR ingtonStreet, several large to wear them.” estsinseveral smallbusinesses lying on theguidanceand the

signs told customerstowear Little by little,businessown- in the city,including aspeak- mandates to take the onus off GENCE

masks unlessthey were seated. erssay,people started to gravi- easy-style barwherethe front of them,” said Wendy Parmet, a /A When amasked couple stood tate toward the businesses pageofits menu says,“No poli- professor at Northeastern Uni-

around toolong talking to an- wherethey felt most comfort- tics.Noreligion. No name drop- versity.“Don’t blame me,blame JELINGER other table that wasunmasked, able.Soon, Sanduskyhad a ping.” AfterCovid-19,some peo- the governor.Don’t blame me, GAN

Jackie Repp, the diner’s 53- strangesplit in itseconomy, ple suggested he add that to the blame the CDC.Now youhave ME year-old manager,gavethem a with those who supported list. “Ifyou don’t want to wear to blame them.” Lordstown Motors’ electric pickup truck Endurance.

From difficult to treat to the threshold of acure.

What if medicine could shift from relieving symptoms to eliminating the root cause of disease? That’sthe philosophy driving new cell and gene therapies and breakthrough possibilities of the Bio Revolution. It’sone of the megatrends we’reinvesting in to transform healthcareall the way down to the genetic level. To us, there’snothing morevaluable.

Gain moreinsights that matter at Bayer.com/megatrends P2JW145000-5-B00400-1------NS

B4 | Tuesday, May 25, 2021 NY ***** THE WALL STREET JOURNAL.

MEDIA & TECHNOLOGY WSJ.com/Tech RobotsTakeOnWarehouse Tasks

Automation stepped ner Inc.The research firm forecasts that demand for ro- up as businesses find botic systems that deliver they can’t hire human goods to human workers will quadruple through 2023. workers fast enough “Wehavebeen benefiting from that significantly since BY JENNIFER SMITH thesecond half of last year,” said Jerome Dubois,co-founder Therobotsare coming to andco-chief executiveofrobot- labor-strapped North Ameri- ics provider 6River Systems,

can warehouses. which is owned by Shopify Inc. NIELSEN Growing numbersofself- “The driver hereisnot to re- Nielsen CFO Linda Zukauckas driving machines areshuttling ducecosts, but simply to serve clothing andsportsequipment the customer’s needs.They down warehouse aisles,pull- simply cannot hire.” Nielsen ing bins of groceries and in- Thegrowthofe-commerce dustrial partsfromhigh stacks demand during the coronavirus and handing off goods to hu- pandemic added strains to Invests in manworkerstohelp deliver what wasalready atight labor ordersfaster.Some logistics market forlogistics.U.S.ware- operators are testing forklifts housing and storagecompanies Ratings that can be operated from re- added nearly 168,000 jobs be- motelocations,allowing em- tween April 2020 and April ployers in tight labor markets 2021,federal figuresshow, a Platform ODIS

to draw from ageographically GE rise of 13.6%. But sector pay- broader pool of workers. A remote-operated forklift with tech from Phantom Auto at work in a Geodis warehouse in France. rolls contracted by 4,300 jobs BY MARK MAURER Thepush toward automa- from March to April, according tion comes as businesses say Kenco Logistics Services LLC, mated storageand retrieval in various regions.Itcould to the Labor Department. Nielsen Holdings PLC’s fi- they can’t hirewarehouse athird-party logistics provider system set to go online this also let Kencoaccessuntapped Manylogistics employers nancechief Linda Zukauckas is workersfast enough to meet based in Chattanooga, Tenn. fall that uses robotstofetch sections of the labor market, saythey can’t add enough staff allocating funds to anew TV surging online demand forev- Kenco is rolling out a fleet goods packed closely together such as people whoare dis- to keep pacewith strong de- ratingsplatform afterthe sale erything from furnituretofro- of self-driving robots from Lo- in dense rows of stacks. abled, Ms. Montgomery said. mand as the U.S. economy of itsmarket-analytics busi- zenfood in pandemic-dis- cus Robotics Corp.tobridgea Kencoand France-based lo- Logistics-automation com- emergesfromthe pandemic. ness earlier this year. rupted supply chains.The labor gap by helping workers gistics provider Geodis SA are panies saydemand fortheir Thestaffing shortfall is TheNew York firm, which crunch is accelerating the fill online ordersatthe com- also testing remote-operated technology has grown during driving up wagesaslogistics tracks consumer media habits adoption of robots and other pany’slargest e-commerce forklifts equipped with tech- the pandemic as companies operatorscompetewith in radio,video-streaming and technologyinasector that site, in Jeffersonville,Ind. The nology from startup Phantom look forways to cope with big heavyweightsincluding Ama- traditional television, plans to still largely relies on workers companyisalso testing auton- Autothat drivers can operate swingsinvolume when work- zon.com Inc., which plans to increase itscapital expendi- pulling carts. omous tractorsthat towcarts remotely using real-time video ers are scarce and social dis- hireanother 75,000 ware- tures to improvethe way it “This is not about taking loaded with pallets. and audio streams. tancing requirementslimit house workers this year.Lo- measures TV audiences,Ms. over your job,it’sabout taking To save on labor and space Thetechnologyallows op- building occupancy. gistics-staffing firm ProLogis- Zukauckas said. Alarge chunk care of those jobs we can’t at adistribution center for eratorstoswitch between ve- “Robotsare beginning to tix said itsaverage starting of that money is budgeted for fill,” said Kristi Montgomery, heating,ventilation and air- hicles in different locations fill that void,” said Dwight payfor warehouse workers Nielsen One,anew product vicepresident of innovation, conditioning equipment, the depending on demand, open- Klappich,asupply-chain re- was$16.58anhour in April, that will combine ratings from research and development for companyisinstalling an auto- ingupthose jobs to workers search vice president at Gart- up 8.9% from April 2020. both streaming and liveTV when it debutsnextyear. Nielsen in December un- core part of Apple Chief Exec- veiled plans forthe project, Apple, Epic utiveTim Cook’s growth plans which it hopes will become the for the future: the digital ser- U.S. standardfor ratingsbythe vicesoffered by the company. fall of 2024, and eventually for Close Out Apple’sservices businessgen- the world. erated about $54 billion in the Streaming services have past fiscal year.Hefaced with- surgedinpopularity during Arguments ering questions on the topic the pandemic,while traditional from the judge on Friday. pay-TV providershavecontin- Nick Rodelli, head of CFRA’s ued to lose subscribers. Cur- ContinuedfrompageB1 legal edgeresearch, estimates rent metrics fortraditional TV “One of the issues that has that app storecommissions, viewing aren’t comparable to concerned me throughout the along with money made from thoseused to measurestream- course of this trial is that your making Google the default ing,rendering anew system client doesn’t seem to be in- search engine on itsdevices, necessary, said Surinder Thind, terested in paying for the ac- account for40% of Apple’s senior vicepresident of equity

cess to customerswho use pretax income.OnMonday, /REUTERS research at Jefferies LLC,afi- iOS,” she told Epic’slawyer, Mr.Rodelli said in anoteto nancial-services firm. saying that Epic is “attacking investorsthat Epic nowholds Some of the money forNiel- the fundamental way in which “a slight edge in winning.” BEHRINGER sen One will come from the

Apple is generating revenue.” Thetwo sides began the VICKI company’srecent $2.4billion GaryBornstein, the Epic morning debating howtode- Attorneys Veronica Moye and Gary Bornstein speak with Judge Yvonne Gonzalez Rogers. divestment of Global Con- lawyer,defended Epic’spro- fine the market at the center nect—a businesssincere- posal, saying he expected Apple of the case.Epic would like Epic’s view of the market and ready raised the idea of letting ated by SteveJobs,” Dan namedNielsenIQ that mea- could find waystoprofitfrom JudgeGonzalezRogerstocon- itssubstitutes could hurt con- app developers provide a link Swanson, an Apple lawyer, sures retail shopping behavior itsintellectual property and sider the distribution of apps sumersbecause they pick a or inform usersinthe app that said of the company’slateco- forpackaged-goods companies. noted it already has amodel on iPhones as the market while particular digitalecosystem, they could leave to find founder. The price came from Thesale,toprivate-equity firm forhow itsbusinesscould look: Apple emphasized that there such as Apple’s iOS operating cheaper waystopay forpur- what wasfound on adigital Advent International Corp.in the Mac computer lineup. aremanycompeting devices. system, knowing they are chases outside of the Apple videogamedistribution plat- March, gives Nielsen more “Apple canstill have an app “The issue here is the mo- walled gardens.“Your eco- system—something currently form called Steam and was flexibility to invest in other ar- storeonyour phone and en- nopoly that they have on the nomic substitutes destroy that prohibited under Apple rules. cheaper than what was found eas of itsbusiness, it has said. courage people to use it,” Mr. distribution of apps ontothat consumer choice,” she said. Her sharp questions to Mr. in physical stores at the time, Earlier this month, Nielsen Bornstein said. “Ifpeople platform,” Mr. Bornstein, the Furthermore, she questioned Cook on Fridaysurprised some Mr. Swanson said. reported a2.5%rise in revenue value what Apple is providing, Epic lawyer,said. “Thereisno whythe market shouldn’t be close observersalong with her Mr.Bornstein, Epic’slaw- to $863 million in the first and I’m surethereare some path ontothat platform, other defined as mobile games. statementsthat suggested she yer, responded that therewas quarter compared with ayear who do on the developer side than the one that they control BeforeMonday, the judge finds partsofApple’sbusiness no evidencethat Apple felt earlier.Itposted net income of and the consumer side, those that has led to decreased inno- gave each side a list of topics uncompetitive, such as itsin- pressureonpricing from com- $573million, up from anet people cancontinue to shop at vation and higher prices.” she wanted to hear more apppayment system. petition. lossof$18 million ayear ear- the App Store.” Judge Gonzalez Rogers be- about and instructed them to On Monday, Apple defended Thejudgehas said it would lier,due partly to the separa- Sincethe trial began May3, ganimmediately probing their be prepared to talk about po- its30% commission. “That take her several weeks to ren- tion of the market-analytics Epic attorneyshaveattacked a arguments, suggesting that tential remedies.She has al- commission rate wasn’t cre- der a verdict. business.

votedtoChicago-based action Networks series “ChicagoMed,” “Chi- Notice to Warrantholdersof cago Fire” and “ChicagoP.D.,” Tri-ContinentalCorporation while the new “Law & Order” of Distribution from NetAssets Stick With series “For the Defense” is joining Thursday’slineup of This notice is to inform Warrantholders of Tri‑ContinentalCorporation “Law &Order: SVU” and “Law (the “Corporation”),asrequiredbyits Charter, that theCorporation on May21, 2021,declaredadistribution of $0.5354per share Reboots & Order: Organized Crime.” (composedof$0.2388 from ordinaryincome and$0.2966 from While fall network slates capitalgain) payableonJune24, 2021,tothe holdersofCommon areheavy on drama—a poten- Stock of record at theclose of business on June16, 2021.The capital ContinuedfrompageB1 tially sober offering as many gain portion of thedistribution will be paid in additional shares of taking similar hits in viewer- Americans look to movepast a Common Stock or,atthe option of theCommon Stockholder, 75%in shares and25% in cash;50% in shares and50% in cash;or100% ship among key demographics. difficult year—lighter fareis in cash. “It’shardfor newshows to getting rehashed, too. NBC is Thenumberofshares of Common Stock that each Warrant is entitled launch in broadcast,” said developing newversions of to purchaseand theprice at whichthe shares arepurchasable may Channing Dungey,chairman of 1980s comedies “Night Court” be adjusted,pursuanttothe Corporation’s Charter, foradditional AT&T Inc.’sWarner Bros.Tele- and “Kate and Allie.” shares of Common Stock issued in paymentofthe distribution. vision Group, one of the larg- Susan Rovner, chairman of However, thereisnoadjustment to be madefor cash paid outto Common Stockholders,and cash payments will tend to reduce the est producersofTVprograms. entertainment content for

netasset value of theCommon Stock subsequently purchasable on She added that areboot re- CBS NBCUniversal, said itsfran- theexerciseofWarrants. quires an exciting underlying ‘CSI: Vegas’ will be the latest from CBS’s ‘CSI’ crime franchise. chises areboth solid perform- Each Warrant nowentitlesholders to purchase24.19 shares of idea to last long afteropening. ersand have strong afterlives Tri‑ContinentalCommon Stock at aprice of $0.93 per share. If Atrade association repre- media, ad buyerssaid. Compa- sumption is going,” said John on the company’sstreaming holders wishtoexercisetheir Warrantsinorder to receivethe June senting TV networks alleged nies areexpected to spend 15% Swift, Omnicom Media Group’s platform, Peacock,and in re- distribution,theyshould do so on or before June14, 2021,inorder that Nielsen undercounted more on U.S. advertising this chief operating officer for runs.NBCUniversal is aunit of to ensurethattheybecome aCommon StockholderofrecordbyJune 16,2021. viewership during the pan- year than in 2020. Ad-buying North America. Comcast Corp. demic in part because the company GroupM expects na- CBS is the most aggressive Fox Corp.’sFox and Walt To exerciseWarrants, complete andsignthe Form of Election on the back of thecertificates.Thensendthe certificates, together with the measurement company’s tional TV advertising to re- network in betting on fran- Disney Co.’sABC arealso min- necessarypayment,to: method formaintaining its bound, growing 6.6%this year chises this fall. Themost- ing their archives.ABC is household panels wasinade- and 2% next year,reversing viewednetwork has three launching anew version of its RegularMail ExpressMail Tri‑ContinentalCorporation Tri‑ContinentalCorporation quateduring the crisis.Amea- last year’s 6.7% plunge. And “FBI” shows—“FBI,” “FBI In- 1980s hit “The Wonder Years,” PO Box219371 c/oDST AssetManager surement watchdog’sreview with demand foradspaceout- ternational” and “FBI: Most this time about aBlack family Kansas City,MO64121‑9371 Solutions, Inc. found Nielsen undercounted pacing available supply,net- Wanted.” The“NCIS” franchise in Alabama in the 1960s.Fox 430W7th Street,STE 219371 TV viewers by as much as 6% works areseeking sharply jettisoned itsNew Orleans edi- has areboot of the 1970s Kansas City,MO64105‑1407 in February. Thetrade group higher prices. tion but added one in Hawaii. camp classic “Fantasy Island,” Checksshould be drawntothe orderofTri‑Continental Corporation. has called for a full audit. Advertisersare expected to And “CSI: Crime Scene Investi- and another Gordon Ramsay Anyquestionsregarding Warrantsorthe distribution should be Nielsen “continues to work shift more dollars to stream- gation,” which spawned three cooking show in the works. addressedtoTri‑Continental Corporation at theabove‑listed addressesorbycalling 800.345.6611, Option 3. Youcan also visit with all of our clientsclosely” ing services, where a number spinoffs,isback with anew Not everyone is thrilled theCorporation’s website at columbiathreadneedleus.com/investor/ as well as with industry of new players from Viacom- version. with the franchise frenzy. forinformation relating to theCorporation. groups and auditors, as it has CBS Inc.’sParamount Plus, “‘Franchise’ is abad word “It becomes very hard and done through the pandemic NBCUniversal’sPeacock and only if you do the exact same frustrating when the thing May25, 2021 Ryan C. Larrenaga, Secretary and in recent days,said WarnerMedia’s HBO Max will thing,” said CBS Entertain- you’vebeen doing most of Mainak Mazumdar,chief data be fighting forbudgetsagainst ment President Kelly Kahl, your lifeiscoming up with an Tri-ContinentalCorporation and research officer. incumbentslike Alphabet who said each showhas its original idea and turning it 225FranklinStreet As corporations gain confi- Inc.’s YouTube and Roku Inc. ownidentity despitesharing into aTVshow,” writer-pro- Boston,Massachusetts 02110-2804 denceinthe reopening U.S. But brands arestill pouring source material. CBS is a unit ducer MikeRoyce,whose cred- 800.345.6611,Option3 economy, networks will likely money into television. of ViacomCBS. its include “Everybody Loves see aboost from higher ad “The ad dollarshavenot NBC has a similar strategy. Raymond,” said of the current spending acrossmost types of caught up with wherecon- Wednesdaynight remains de- landscape. P2JW145000-0-B00500-1------XA

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B6 | Tuesday, May 25, 2021 THE WALL STREET JOURNAL. BIGGEST 1,000 STOCKS

Net Net Net Net Net Net How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg The following explanations apply to NYSE, NYSE s-New 52-week high. s Citigroup C 78.03 0.38 Endeavor EDR 28.83 -1.14 HartfordFinl HIG 65.24 -0.17 Lear LEA 187.03 -1.26 Paccar PCAR 91.84 -0.19 TC Energy TRP 50.62 0.47 Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. CitizensFin CFG 49.32 -0.07 EnelAmericas ENIA 6.90 0.02 Hasbro HAS 94.12 0.06 Leidos LDOS 102.95 0.21 PackagingCpAm PKG 151.50 1.34 TE Connectivity TEL 134.54 1.65 listed securities. Prices are composite quotations dd-Indicates loss in the most recent four CitrixSystems CTXS 115.84 0.03 EnergyTransfer ET 10.29 0.10 HealthpeakProp PEAK 33.45 0.51 Lennar B LEN.B 76.36 0.81 PagSeguroDig PAGS 45.51 -0.49 Telus TU 22.13 ... that include primary market trades as well as quarters. Clarivate CLVT 29.69 1.04 EnphaseEnergy ENPH 140.87 -1.41 Heico HEI 135.11 1.78 Lennar A LEN 95.03 0.44 PalantirTech PLTR 21.22 0.47 TFI Intl TFII 92.90 0.70 trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. Cleveland-Cliffs CLF 18.56 0.50 Entegris ENTG 113.18 3.37 Heico A HEI.A 125.61 1.38 LennoxIntl LII 342.75 0.02 PaloAltoNtwks PANW 364.52 2.07 TJX TJX 66.36 -0.68 Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing Clorox CLX 178.82 0.47 Entergy ETR 106.80 0.16 HenrySchein HSIC 77.59 -0.72 LeviStrauss LEVI 27.53 0.17 ParkerHannifin PH 305.87 0.05 T-MobileUS TMUS 137.73 1.68 Nasdaq ISE. standards CloudflareNET 78.88 4.08 EnterpriseProd EPD 23.91 0.20 s Hershey HSY 174.10 0.34 LiAuto LI 20.81 0.32 Paychex PAYX 101.89 1.14 TRowePrice TROW 187.88 -4.29 The list comprises the 1,000 largest companies lf-Late filing Coca-Cola KO 54.80 0.18 Equifax EFX 237.50 0.76 Hess HES 84.19 2.25 LibertyBroadbandC LBRDK 166.97 2.72 PaycomSoftware PAYC 336.44 6.20 TaiwanSemi TSM 113.63 1.78 based on market capitalization. q-Temporary exemption from Nasdaq Coca-ColaEuro CCEP 60.78 -0.70 Equinix EQIX 723.30 -1.92 HewlettPackard HPE 16.36 0.13 s LibertyBroadbandA LBRDA 162.87 2.53 Paylocity PCTY 170.39 2.50 TakeTwoSoftware TTWO 185.02 0.66 Underlined quotations are those stocks with requirements. Cognex CGNX 77.35 0.40 Equinor EQNR 21.47 0.32 HighwoodsProp HIW 45.08 0.74 LibertyGlobal A LBTYA 27.30 -0.12 PayPal PYPL 257.17 6.48 TakedaPharm TAK 17.28 -0.14 large changes in volume compared with the t-NYSE bankruptcy CognizantTech CTSH 71.10 -0.14 Equitable EQH 32.75 -0.23 Hilton HLT 123.59 2.61 LibertyGlobal C LBTYK 27.19 -0.19 Paysafe PSFE Tapestry TPR 43.40 0.51 issue’s average trading volume. v-Trading halted on primary market. 11.64 -0.32 CoinbaseGlbl COIN 225.30 0.95 s EquityLife ELS 71.06 0.62 Hologic HOLX 62.74 0.32 LibertyFormOne C FWONK 44.99 0.53 Pearson PSO TargaResources TRGP 38.65 0.09 Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being 12.04 0.12 ColgatePalm CL 84.40 0.17 s EquityResdntl EQR 76.18 1.18 HomeDepot HD 314.84 -0.93 LibertyFormOne A FWONA 40.31 0.42 Pegasystems PEGA 122.02 1.11 s Target TGT 225.41 0.32 whose price changed by 5% or more if their reorganized under the Bankruptcy Code, Comcast A CMCSA 55.66 0.58 ErieIndemnity A ERIE 196.72 -1.90 HondaMotor HMC 31.10 0.12 LibertyBraves A BATRA 28.04 0.59 previous closing price was $2 or higher. or securities assumed by such companies. Peloton PTON 101.16 0.26 TataMotors TTM 21.52 0.22 Comerica CMA 77.25 -0.38 EssentialUtil WTRG 47.50 0.47 Honeywell HON 225.00 1.80 LibertyBraves C BATRK 27.45 0.55 PembinaPipeline PBA 32.23 0.22 TeckRscsB TECK 23.05 -0.04 CommerceBcshrs CBSH 78.14 -0.75 EssexProp ESS 292.36 4.24 s HorizonTherap HZNP 95.22 1.24 LibertySirius C LSXMK 42.24 0.68 PennNational PENN 80.18 2.61 TeladocHealth TDOC 142.33 1.81 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and CiaSiderurgica SID 8.50 -0.02 EsteeLauder EL 302.46 5.71 HormelFoods HRL 49.26 -0.16 LibertySirius A LSXMA 42.36 0.60 Pentair PNR 68.06 0.06 TeledyneTech TDY 410.67 4.43 changes in the closing prices from 4 p.m. the previous day. ConagraBrands CAG 38.23 0.06 Etsy ETSY 165.18 -2.38 DR Horton DHI 91.10 0.57 LightspeedPos LSPD 72.76 2.39 Penumbra PEN 246.83 -8.33 Teleflex TFX 403.47 1.95 ConocoPhillips COP 56.10 0.45 EverestRe RE 263.57 -0.72 HostHotels HST 17.01 0.07 EliLilly LLY 201.02 1.14 PepsiCo PEP 147.85 0.75 Ericsson ERIC 13.36 -0.17 Monday, May 24, 2021 Net Net ConEd ED 78.38 -0.58 Evergy EVRG 62.63 0.10 HowmetAerospace HWM 34.04 0.28 LincolnNational LNC 69.28 0.63 PerkinElmer PKI 144.61 -0.16 TelefonicaBras VIV 8.35 0.14 Stock Sym Close Chg Stock Sym Close Chg ConstBrands A STZ 236.48 -0.80 EversourceEner ES 83.30 -0.79 HuanengPower HNP 14.36 0.08 Linde LIN 301.27 2.70 PetroChina PTR 40.59 0.48 Telefonica TEF 5.15 ... Net ContinentalRscs CLR 31.94 1.36 ExactSciences EXAS 109.48 3.19 Huazhu HTHT 56.26 -0.58 LithiaMotors LAD 347.59 -10.64 PetroleoBrasil PBR 9.58 0.16 TelekmIndonesia TLK 22.76 -0.08 Stock Sym Close Chg ApolloGlbMgmt APO 57.44 0.01 s BristolMyers BMY 67.29 0.24 Cooper COO 394.50 6.07 Exelon EXC 46.03 0.19 Hubbell HUBB 188.93 0.60 LiveNationEnt LYV 91.72 2.46 PetroleoBrasilA PBR.A 9.84 0.16 10xGenomics TXG 166.17 8.00 Apple AAPL 127.10 1.67 BritishAmTob BTI 39.75 -0.17 Copart CPRT 128.14 1.12 Expedia EXPE 171.10 3.04 HubSpot HUBS 506.95 2.24 LloydsBanking LYG 2.74 0.01 Pfizer PFE 39.81 -0.14 Tenaris TS 22.78 0.04 A B C s ApplMaterials AMAT 134.58 5.92 Broadcom AVGO 459.19 7.95 Corning GLW 44.01 0.48 ExpeditorsIntl EXPD 124.03 1.94 Humana HUM 442.79 -3.21 LockheedMartin LMT 387.71 0.49 PhilipMorris PM 98.16 0.74 TencentMusic TME 15.25 0.12 Corteva CTVA 45.15 0.45 ExtraSpaceSt EXR 146.91 1.08 JBHunt JBHT 171.09 0.40 Loews L 58.58 0.84 Phillips66 PSX 85.51 1.22 Teradyne TER 127.69 2.81 ABB ABB 33.75 0.10 Applovin APP 70.31 1.96 BroadridgeFinl BR 159.45 0.18 CoStar CSGP 844.33 5.64 ExxonMobil XOM 59.61 0.69 HuntingtonBcshs HBAN 15.64 -0.10 LogitechIntl LOGI 113.54 3.01 Pinduoduo PDD 130.41 1.12 Tesla TSLA 606.44 25.56 ADT ADT 10.49 0.29 Aptargroup ATR 149.26 -0.37 BrookfieldMgt BAM 49.36 0.47 Costco COST 383.45 2.73 F5Networks FFIV 185.52 1.62 HuntingIngalls HII 215.95 2.28 Lowe's LOW 190.66 -1.81 PinnacleWest PNW 86.49 0.51 TevaPharm TEVA 10.78 -0.24 AECOM ACM 64.78 0.16 Aptiv APTV 141.46 1.00 BrookfieldInfr BIP 54.04 0.23 CoupaSoftware COUP 239.11 5.21 FMC FMC 116.74 -0.14 IAC/InterActive IAC 252.63 3.38 LufaxHolding LU 12.61 0.37 Pinterest PINS 62.91 2.05 TexasInstruments TXN 188.69 3.68 AES AES 25.70 0.34 Aramark ARMK 37.44 0.29 BrookfieldPropREIT BPYU 18.49 0.05 Coupang CPNG 40.50 2.49 Facebook FB 324.63 8.40 ICICI Bank IBN 17.78 0.14 lululemon LULU 318.19 4.99 PioneerNatRscs PXD 151.64 0.92 TexasPacLand TPL 1506.44 -33.56 Aflac AFL 56.37 0.38 ArcelorMittal MT 31.19 0.39 BrookfieldRenew BEPC 42.42 -0.05 Credicorp BAP 132.01 -3.00 FactSet FDS 328.94 0.79 s ICL Group ICL 7.08 0.27 LumenTech LUMN 14.35 0.05 PlainsAllAmPipe PAA 10.50 0.17 Textron TXT 67.41 0.80 AGCO AGCO 133.44 0.53 ArchCapital ACGL 39.93 ... Brown&Brown BRO 52.16 0.07 CreditSuisse CS 10.77 0.08 FairIsaac FICO 500.30 8.57 IdexxLab IDXX 549.71 10.37 Lyft LYFT 53.31 0.99 PlainsGP PAGP 10.94 0.24 ThermoFisherSci TMO 462.46 0.12 s AGNC Invt AGNC 18.58 0.08 ArcherDaniels ADM 66.62 -0.36 Brown-Forman B BF.B 79.58 -0.20 Cree CREE 97.05 0.76 Farfetch FTCH 41.34 1.16 IHS Markit INFO 105.13 0.58 LyondellBasell LYB 111.60 1.10 Playtika PLTK 27.31 0.47 ThomsonReuters TRI 95.47 0.54 Ansys ANSS 338.77 8.51 AresMgmt ARES 54.26 -0.74 Brown-Forman A BF.A 73.81 -0.07 CrowdStrike CRWD 214.35 3.75 Fastenal FAST 52.85 0.48 s ING Groep ING 13.59 0.08 PlugPower PLUG 27.20 -0.69 3M MMM 202.61 0.75 ASETech ASX 7.75 0.23 arGEN-X ARGX 266.75 -1.46 Bruker BRKR 69.76 0.67 CrownCastle CCI 186.24 0.69 FederalRealty FRT 113.15 0.64 Invesco IVZ 27.00 0.12 M N Pool POOL 430.74 1.49 Toro TTC 110.00 -0.48 ASML ASML 658.95 19.73 s AristaNetworks ANET 336.46 4.33 BuildersFirstSrc BLDR 44.48 0.52 CrownHoldings CCK 110.73 0.47 FedEx FDX 311.84 2.24 IPG Photonics IPGP 207.54 3.65 TorontoDomBk TD 73.13 0.10 AT&T T 29.75 -0.26 Arrival ARVL 18.63 -0.31 Bunge BG 86.80 -0.05 M&T Bank MTB 161.58 -0.87 PrincipalFin PFG 65.76 0.10 CubeSmart CUBE 42.94 0.24 Ferguson FERG 137.93 0.39 s IQVIA IQV 242.58 3.62 Total TOT 47.90 0.60 AbbottLabs ABT 117.29 0.16 s ArrowElec ARW 123.65 1.50 BurlingtonStrs BURL 320.61 -2.06 MGMGrowthProp MGP 35.98 0.63 ProcoreTech PCOR 86.21 -2.41 AspenTech AZPN 144.17 2.11 s CBRE Group CBRE 88.76 1.58 Cummins CMI 255.53 -1.26 Ferrari RACE 212.22 0.99 IcahnEnterprises IEP 57.79 0.38 Procter&Gamble PG 137.96 -0.04 ToyotaMotor TM 162.78 1.62 AbbVie ABBV 115.91 -0.21 FidNatlFin FNF s MGM Resorts MGM 41.74 2.04 Assurant AIZ 159.14 0.23 CDW CDW 168.56 0.89 CureVac CVAC 114.57 -0.77 47.05 0.33 Icon ICLR 232.20 1.12 Progressive PGR 97.46 -1.68 TractorSupply TSCO 181.78 -1.56 AbCelleraBio ABCL 32.62 0.59 FidNatlInfo FIS 151.04 0.67 MKS Instrum MKSI 186.58 4.41 AstraZeneca AZN 57.47 0.07 CF Industries CF 53.03 0.70 CyrusOne CONE 74.21 0.33 IDEX IEX 220.76 0.80 s Prologis PLD 118.15 0.62 TradeDesk TTD 555.57 15.85 Abiomed ABMD 279.58 -0.42 FifthThirdBncp FITB 41.87 -0.05 IllinoisToolWks ITW MPLX MPLX 28.86 0.14 Athene ATH 62.70 -0.14 CGI GIB 90.64 0.43 232.07 0.08 Proofpoint PFPT 171.07 -0.09 Tradeweb TW 81.17 0.24 Accenture ACN 284.85 1.47 D E F FirstHorizon FHN 19.01 -0.01 Illumina ILMN 399.99 1.37 MSCI MSCI 462.85 5.97 Atlassian TEAM 222.60 -1.05 CH Robinson CHRW 97.72 1.14 PrudentialFin PRU 106.33 0.58 TraneTech TT 182.10 0.01 ActivisionBliz ATVI 96.50 1.13 FirstRepBank FRC 190.46 0.79 ImperialOil IMO 32.36 -0.05 MagellanMid MMP 49.69 0.76 AtmosEnergy ATO 98.43 0.25 s CME Group CME 217.31 -0.47 Prudential PUK 42.64 0.22 TransDigm TDG 614.92 13.92 Adobe ADBE 497.83 9.76 DISH Network DISH 44.42 0.37 FirstEnergy FE 37.92 -0.09 Incyte INCY 82.91 0.15 MagnaIntl MGA 97.33 -0.10 Autodesk ADSK 287.48 5.80 CMS Energy CMS 63.77 -0.38 PublicServiceEnt PEG 63.46 0.44 TransUnion TRU 109.29 0.99 AdvanceAuto AAP 190.65 -4.29 DTE Energy DTE 142.17 1.50 Fiserv FISV 115.86 1.64 Infosys INFY 18.67 -0.05 ManhattanAssoc MANH 133.64 1.27 Autohome ATHM 76.74 -1.71 CNA Fin CNA 47.72 0.29 PublicStorage PSA 278.45 1.72 Travelers TRV 158.73 -0.35 AdvMicroDevices AMD 77.44 0.27 DXC Tech DXC 37.33 0.05 FiveBelow FIVE 181.70 2.63 IngersollRand IR 49.59 0.72 ManulifeFin MFC 20.72 0.13 Autoliv ALV 103.78 0.72 CNH Indl CNHI 16.73 -0.02 PulteGroup PHM 56.02 0.25 Trex TREX 97.030.80 Aegon AEG 4.71 -0.02 Danaher DHR 253.91 1.34 Five9 FIVN 172.42 2.30 Insulet PODD 256.77 3.25 MarathonOil MRO 11.97 0.37 s ADP ADP 197.04 1.76 CRH CRH 51.49 0.95 Qiagen QGEN 48.13 0.36 Trimble TRMB 77.94 1.22 AffirmHldgs AFRM 53.15 -0.21 Darden DRI 141.36 0.60 FleetCorTech FLT 273.02 1.29 Intel INTC 56.96 0.88 MarathonPetrol MPC 60.73 1.14 AutoZone AZO 1448.40 -11.86 CRISPR Therap CRSP 115.60 0.03 Qorvo QRVO 178.63 2.07 Trip.com TCOM 39.34 -0.43 AgilentTechs A 133.34 1.04 DarlingIngred DAR 68.31 0.29 Flex FLEX 18.100.10 InteractiveBrkrs IBKR 66.88 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OmegaHealthcare OHI 36.58 0.47 SteelDynamics STLD 62.06 0.52 XcelEnergy XEL 71.67 -0.37 ,"" !ANX" 'TAG7KF #)XTF)A"GFTS XS XN K"ASF AD V7S&YFSS Omnicom OMC 83.20 0.31 s Stellantis STLA 18.79 0.10 Xilinx XLNX 123.77 0.96 >2T&S) N&[F< AY @M 07YF L1L@ >N)F 9A.<@4F $-5.E/ "@7-8< ON Semi ON 39.34 1.12 Steris STE 190.00 -0.53 XPeng XPEV 29.13 0.55 XTF&Y6&NFGNAXNNFYG N)F #K)F[F /FFN&Y+ XN N)F ?"XKF OpenText OTEX 45.91 0.14 STMicroelec STM 36.71 0.50 Xylem XYL 115.90 0.43 XYG N&[F SFN A7N XVA6F; !)F #K)F[F /FFN&Y+ KXY VF OpendoorTech OPEN 15.17 0.05 StoneCo STNE 62.99 0.10 Yandex YNDX 66.66 1.77 XNNFYGFG TF[ANF"3 6&X N)F 6&TN7X"[FFN&Y+ ?"XNDAT[ Oracle ORCL 79.38 0.35 Stryker SYK 257.15 1.50 YumBrands YUM 120.52 0.81 s GFNX&"FG &Y N)F SK)F[FK&TK7"XT ?TF?XTFG ?7TS7XYN NA Orange ORAN 12.89 0.03 SumitomoMits SMFG 7.43 0.07 YumChina YUMC 65.14 0.20 ZTO Express ZTO #FKN&AY -BL AD N)F ,KN>N)F 9;@E56:8E8< NA VF SFYN NA !ANX" Orix IX 88.85 0.62 SunComms SUI 167.37 2.01 31.45 -0.58 Oshkosh OSK ZaiLab ZLAB 162.64 -2.11 'TAG7KF #)XTF)A"GFTS; 131.64 -0.15 SunLifeFinancial SLF 54.34 0.34 OtisWorldwide OTIS 78.13 0.56 SuncorEnergy SU ZebraTech ZBRA 501.62 7.29 2Y XGG&N&AY NA N)F X??TA6X"S NA VF SA7+)N XN N)F #K)F[F 23.54 0.39 OwensCorning OC 105.16 1.36 SunRun RUN 44.85 -1.12 Zendesk ZEN 136.92 1.56 /FFN&Y+HN)F #K)F[F 5&"" TF:7&TFN)F ?XSS&Y+ AD KFTNX&Y OzonHoldings OZON 56.72 1.93 Suzano SUZ 12.16 0.04 Zillow C Z 112.93 3.10 TFSA"7N&AYS XN XSF?XTXNF F4NTXATG&YXT3+FYFTX" [FFN&Y+ PG&E PCG 10.58 0.30 SynchronyFin SYF 46.40 0.18 Zillow A ZG 114.86 3.37 AD N)F IA[?XY3 NA VF KAY6FYFG XN N)F SX[F "AKXN&AY AY PNC Fin PNC 193.99 0.51 SyneosHealth SYNH 88.71 1.59 ZimmerBiomet ZBH 167.86 0.54 @R 07YF L1L@ XN @@J@B X;[; >2T&S) N&[FDD% Largest 100 exchange-traded funds, latest session #A"&K&NATS DAT N)F IA[?XY3 @1 =XT"SDATN !FTTXKF Monday, May 24, 2021 Closing Chg YTD (7V"&Y L ETF Symbol Price (%) (%) (1L !ME1 Closing Chg YTD 2TF"XYG ETF Symbol Price (%) (%) iShTIPSBondETF TIP 127.63 0.24 –0.0 ARKInnovationETF ARKK 108.73 2.73 –12.7 iSh1-3YTreasuryBd SHY 86.30 0.02 –0.1 CommSvsSPDR XLC 78.26 1.82 16.0 iSh7-10YTreasuryBd IEF 114.32 0.10 –4.7 CnsmrDiscSelSector XLY 170.22 0.99 5.9 iShRussellMCGrowth IWP 104.88 0.98 2.2 EnSelectSectorSPDR XLE 52.68 1.00 39.0 iShUSTreasuryBdETF GOVT 26.34 0.08 –3.3 FinSelSectorSPDR XLF 37.76 0.48 28.1 JPM UltShtIncm JPST 50.75 ... –0.1 HealthCareSelSect XLV 124.48 0.10 9.7 PIMCOEnhShMaturity MINT 102.01 0.03 –0.0 SPDR Gold GLD IndSelSectorSPDR XLI 103.68 0.62 17.1 176.35 0.18 –1.1 SchwabIntEquity SCHF 39.95 0.60 10.9 InvscQQQI QQQ 332.51 1.68 6.0 SchwabUS BrdMkt SCHB 101.62 0.99 11.7 InvscS&P500EW RSP 150.21 0.58 17.8 THE SchwabUS Div SCHD 77.05 0.31 20.1 iShCoreDivGrowth DGRO 50.91 0.51 13.6 SchwabUS LC SCHX 101.44 1.03 11.5 iShCoreMSCIEAFE IEFA 76.48 0.57 10.7 MARKETPLACE SchwabUS LC Grw SCHG 136.89 1.69 6.6 iShCoreMSCIEM IEMG 65.04 0.87 4.8 SchwabUS SC SCHA 100.92 0.63 13.4 iShCoreMSCITotInt IXUS 73.62 0.67 9.6 Schwab US TIPs SCHP 62.29 0.24 0.3 iShCoreS&P500 IVV 420.77 1.01 12.1 SPDR DJIA Tr DIA 343.96 0.56 12.5 ADVERTISE TODAY iShCoreS&P MC IJH 269.84 0.51 17.4 SPDR S&PMdCpTr MDY 493.01 0.52 17.4 iShCoreS&P SC IJR 111.01 0.51 20.8 SPDR S&P 500 SPY 419.17 1.02 12.1 iShS&PTotlUSStkMkt ITOT 96.22 0.94 11.6 SPDR S&P Div SDY 125.35 0.26 18.3 (800)366-3975 iShCoreTotalUSDBd IUSB 53.07 0.11 –2.8 TechSelectSector XLK 138.61 1.78 6.6 iShCoreUSAggBd AGG 114.45 0.10 –3.2 Formoreinformationvisit: VanEckGoldMiner GDX 39.43 0.36 9.5 iShSelectDividend DVY 121.66 0.30 26.5 wsj.com/classifieds VangdInfoTech VGT 372.00 1.74 5.1 iShESGAwareUSA ESGU 95.88 1.04 11.4 VangdSC Val VBR 173.58 0.46 22.1 PRODUCTS AUCTIONS iShEdgeMSCIMinUSA USMV 72.71 7.1 0.33 VangdExtMkt VXF 180.00 0.89 9.3 iShEdgeMSCIUSAMom MTUM 167.90 1.72 4.1 VangdSC Grwth VBK 272.54 0.86 1.8 iShEdgeMSCIUSAQual QUAL 128.64 0.95 10.7 VangdDivApp VIG 155.33 0.49 10.0 &41= %:64:= '664:)4, iShEdgeMSCIUSAVal VLUE 106.88 0.63 23.0 VangdFTSEDevMk VEA 52.17 0.62 10.5 iShGoldTr IAU 35.88 0.11 –1.0 VangdFTSE EM VWO 52.56 0.94 4.9 iShiBoxx$InvGrCpBd LQD 131.58 0.27 –4.7 VangdFTSE Europe VGK 68.74 0.64 14.1 <8.<+ /-9>" *<+!9/-!" iShiBoxx$HYCpBd HYG 87.21 0.11 –0.1 VangdFTSEAWxUS VEU 63.54 0.68 8.9 iShJPMUSDEmgBd EMB 111.31 0.11 –4.0 VangdGrowth VUG 269.52 1.64 6.4 $3)52#041=(;3?6;:57 iShMBSETF MBB 108.44 0.06 –1.5 VangdHlthCr VHT 240.37 0.15 7.4 iShMSCI ACWI ACWI 100.00 0.79 10.2 VangdHiDiv VYM 107.06 0.37 17.0 333$5<==)(!:%<1")-:++9;$1-0 iShMSCI EAFE EFA 80.52 0.61 10.4 VangdIntermBd BIV 89.30 0.06 –3.8 5<==)(!: %<1")-:++9;6 ##27&//8 &/*4.',' iShMSCI EAFE SC SCZ 75.66 0.54 10.7 VangdIntrCorpBd VCIT 94.11 0.13 –3.1 iShMSCIEmgMarkets EEM 53.58 0.83 3.7 VangdLC VV 195.62 1.03 11.3 iShMSCIEAFEValue EFV 53.85 0.50 14.1 VangdMC VO 232.17 0.91 12.3 iShNatlMuniBd MUB 116.74 0.04 –0.4 VangdMC Val VOE 143.38 0.62 20.5 BUSINESSOPPORTUNITIES iSh1-5YIGCorpBd IGSB 54.86 ... –0.6 VangdMBS VMBS 53.47 0.06 –1.1 iShPfd&Incm PFF 38.65 0.36 0.4 VangdRealEst VNQ 99.10 1.25 16.7 iShRussell1000Gwth IWF 255.36 1.39 5.9 VangdS&P500ETF VOO 385.32 1.01 12.1 #&,!($+")%+'*),&, iShRussell1000 IWB 236.16 1.01 11.5 VangdST Bond BSV 82.36 0.02 –0.7 56A%., @A9 $(F%FA-:>-F/A-%.F $!D8C4 %@@?%E #%7%#+F6 iShRussell1000Val IWD 160.53 0.58 17.4 VangdSTCpBd VCSH 82.83 0.04 –0.5 $J%F+:@%E %##:?@F, $B?2A 2.:9F/ 7:FA@F+%E iShRussell2000 IWM 221.40 0.65 12.9 VangdShtTmInfltn VTIP 52.39 0.15 2.5 iShRussell2000Val IWN 164.44 24.8 $'(;*" I.2%@+#" (G= 0.62 VangdSC VB 219.46 0.73 12.7 iShRussellMid-Cap IWR 77.55 0.69 13.1 VangdTotalBd BND 85.20 0.12 –3.4 $(AA), A1?+F6 +@> 0%, &A2%, (F.+7 iShS&P500Growth IVW 68.77 1.46 7.8 VangdTotIntlStk VXUS 65.79 0.72 9.4 >""$8=<-1 !&$;3;<4&<(((+>,0:7?2'+*,. ©2021 Dow Jones &Company,Inc. iShS&P500Value IVE 149.56 0.51 16.8 VangdTotalStk VTI 217.14 1.01 11.6 All Rights Reserved. iShShortTreaBd SHV 110.52 ... –0.0 VangdTotlWrld VT 102.20 0.80 10.4 71&;3 !-) ;/!-)1&<;-/#;/6"=<-)%=-39")54+$-1 iShSilver SLV 25.75 0.86 4.8 VangdValue VTV 139.88 0.41 17.6 P2JW145000-0-B00700-1------XA

THE WALL STREET JOURNAL. Tuesday, May 25, 2021 | B7 MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 34393.98 s186.14, or 0.54% Trailing P/E ratio 29.41 20.66 4197.05 s41.19, or 0.99% Trailing P/E ratio * 37.11 25.56 13661.17 s 190.18, or 1.41% Trailing P/E ratio *† 35.68 28.52 High, low, open and close for each P/E estimate * 20.25 22.48 High, low, open and close for each P/E estimate * 22.42 23.15 High, low, open and close for each P/E estimate *† 27.85 27.98 trading day of the past three months. Dividend yield 1.74 2.70 trading day of the past three months. Dividend yield * 1.38 2.09 trading day of the past three months. Dividend yield *† 0.74 0.95 All-time high 34777.76, 05/07/21 All-time high 4232.60, 05/07/21 All-time high: 14138.78, 04/26/21

Current divisor 0.15198707565833 34600 4275 15000

33400 4150 14400

32200 4025 13800

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

Session low 28600 3650 12000

Bars measure the point change from session's open 27400 3525 11400 Feb. Mar. Apr. May Feb. Mar. Apr. May Feb. Mar. Apr. May *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4p.m. to 6p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 788,928,203 14,548,283 Industrial Average 34472.51 34253.87 34393.98 186.14 0.54 34777.76 24465.16 40.6 12.4 11.5 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 524,221,482 6,169,611 Transportation Avg 15631.62 15498.90 15609.81 134.03 0.87 15943.30 8470.09 84.3 24.8 12.9 Most-active issues in late trading Decl. volume* 258,845,061 8,051,507 Utility Average 914.81 907.33 907.57 -0.96 -0.11 933.37 749.40 18.8 5.0 9.8 Volume After Hours Issues traded 3,453 278 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 43789.75 43461.44 43657.79 418.72 0.97 44054.28 29985.34 45.6 11.3 15.5 Advances 2,174 122 Ambev ADR ABEV 5,739.8 3.32 -0.01 -0.30 3.35 3.32 Barron's 400 1005.70 998.34 1002.06 3.73 0.37 1018.25 633.41 58.2 17.6 10.6 Declines 1,153 143 Twitter TWTR 3,927.9 56.96 -0.10 -0.18 57.24 56.62 Unchanged 126 13 Real Estate Sector SPDR XLRE Nasdaq Stock Market 3,545.5 42.80 ...... 42.81 42.80 New highs 202 8 Nasdaq Composite 13708.85 13551.01 13661.17 190.18 1.41 14138.78 9324.59 46.5 6.0 22.5 SPDR S&P 500 SPY 3,402.3 419.56 0.39 0.09 419.63 419.06 New lows 26 1 Nasdaq-100 13687.60 13500.12 13641.75 230.01 1.72 14041.91 9389.98 44.9 5.8 25.2 Zynga ZNGA 3,288.0 10.38 -0.01 -0.10 10.40 10.30 Closing Arms† 0.93 1.19 SPDR S&P Bank KBE 3,049.7 54.52 ...... 54.52 54.45 S&P Block trades* 4,549 141 Ault Global Holdings DPW 2,998.0 2.71 0.36 15.32 2.80 2.35 500 Index 4209.52 4170.16 4197.05 41.19 0.99 4232.60 2955.45 42.0 11.7 15.4 Nasdaq NYSE Arca Ford Motor F 2,814.4 13.11 0.05 0.38 13.14 13.04 MidCap 400 2712.31 2692.43 2702.28 12.44 0.46 2770.27 1695.33 59.4 17.2 11.5 Total volume*3,487,874,476 169,494,608 SmallCap 600 1355.42 1343.33 1349.63 6.17 0.46 1397.66 775.34 74.1 20.6 10.3 Percentage gainers… Adv. volume*1,824,280,653 139,142,594 Decl. volume*1,610,168,740 30,106,185 Other Indexes Ault Global Holdings DPW 2,998.0 2.71 0.36 15.32 2.80 2.35 Issues traded 4,387 1,516 Russell 2000 2237.13 2218.15 2227.34 12.07 0.54 2360.17 1355.53 64.3 12.8 11.0 Retractable Technologies RVP 169.4 10.09 1.03 11.37 10.29 9.06 Advances 2,159 1,294 NYSE Composite 16508.52 16375.00 16464.69 89.69 0.55 16590.43 11331.97 45.3 13.4 9.0 Optinose OPTN 50.3 3.16 0.16 5.33 3.44 3.00 Declines 2,018 210 Gerdau ADR GGB 152.3 6.40 0.24 3.90 6.40 6.14 Value Line 668.02 661.73 665.70 3.97 0.60 674.01 416.68 59.8 17.0 5.5 Unchanged 210 12 Jaws Acquisition Cl A JWS 200.9 14.00 0.50 3.70 14.00 13.50 NYSE Arca Biotech 5629.07 5555.30 5556.45 -38.55 -0.69 6319.77 5128.49 -1.2 -3.2 6.0 New highs 126 90 NYSE Arca Pharma 740.50 736.43 736.56 -0.28 -0.04 738.22 613.07 14.9 6.8 11.7 ...And losers New lows 43 6 KBW Bank 133.28 131.85 132.72 0.42 0.32 134.54 68.00 95.2 35.6 6.6 Lordstown Motors RIDE 1,955.5 8.75 -0.92 -9.51 9.76 8.71 Closing Arms† 0.94 1.57 § PHLX Gold/Silver 164.44 162.91 163.99 0.93 0.57 166.01 112.57 32.0 13.7 24.8 Star Bulk Carriers SBLK 63.4 21.90 -0.82 -3.61 22.85 21.50 Block trades* 20,103 834 § PHLX Oil Service 61.17 60.08 60.80 0.14 0.23 63.89 26.30 100.3 37.1 -28.0 Aptorum Group APM 119.0 2.70 -0.10 -3.57 2.80 2.70 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 3141.81 3079.67 3122.98 70.88 2.32 3305.43 1802.31 73.3 11.7 31.3 GrafTech International EAF 112.4 13.30 -0.49 -3.55 13.79 12.80 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 20.51 18.38 18.40 -1.75 -8.68 40.79 16.25 -34.7 -19.1 13.7 CWEN Clearway Energy Cl C 53.2 25.86 -0.84 -3.15 26.70 25.86 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 0.66 World MSCI ACWI 706.20 4.63 9.3 Scopus BioPharma SCPS 10.25 4.29 71.98 47.86 5.13 ... NGM Biopharmaceuticals NGM 16.81 -11.57 -40.77 32.12 14.93 -16.9 0.17 MSCI ACWI ex-USA 349.87 0.59 7.2 MMA Capital Holdings MMAC 26.96 9.86 57.66 29.00 16.36 12.6 China Green Agriculture CGA 10.63 -4.35 -29.04 17.73 1.77 304.2 MSCI World 2966.44 23.31 0.79 10.3 Petros Pharmaceuticals PTPI 4.11 1.13 37.92 5.96 1.80 ... Puxin ADR NEW 1.97 -0.57 -22.44 12.39 1.95 -67.5 MSCI Emerging Markets 1326.68 –3.36 –0.25 2.7 Virgin Galactic SPCE 26.89 5.82 27.62 62.80 14.21 70.8 China Online Educ ADR COE 10.21 -2.42 -19.16 31.00 10.20 -62.2 Americas MSCI AC Americas 1629.51 15.35 0.95 11.0 Verastem VSTM 3.98 0.79 24.76 4.08 1.08 114.0 New Oriental Edu ADR EDU 9.07 -2.03 -18.29 19.97 9.05 -20.0 Canada S&P/TSX Comp 19527.30 … Closed 12.0 Kiromic Biopharma KRBP 7.90 1.52 23.82 18.50 4.95 ... EZGO Technologies EZGO 5.00 -1.04 -17.22 19.44 4.38 ... Latin Amer. MSCI EM Latin America 2481.50 13.14 0.53 1.2 Regional Hlth Properties RHE 13.51 2.41 21.71 27.72 1.13 1025.8 TAL Education Group ADR TAL 35.57 -7.36 -17.14 90.96 34.26 -33.3 Brazil Sao Paulo Bovespa 124031.62 1439.15 1.17 4.2 Brooklyn ImmunoThera BTX 16.97 2.98 21.30 80.67 1.88 637.8 Onconova Therapeutics ONTX 7.66 -1.57 -17.01 28.95 2.85 22.8 Chile Santiago IPSA 2761.44 12.66 0.46 –3.4 Jiuzi Holdings JZXN 10.19 1.78 21.17 49.01 7.00 ... Euro Tech Holdings CLWT 3.17 -0.53 -14.32 5.15 1.29 138.0 Mexico S&P/BMV IPC 49457.93 –320.88 –0.64 12.2 Veritiv VRTV 60.19 10.00 19.92 60.73 10.79 478.2 89bio ETNB 19.40 -3.22 -14.24 42.36 18.01 -25.4 EMEA Stoxx Europe 600 445.07 0.63 0.14 11.5 Aptorum Group APM 2.80 0.42 17.65 14.23 1.16 -11.4 Altimmune ALT 12.05 -1.96 -13.99 35.10 5.71 73.4 Eurozone Euro Stoxx 446.87 0.91 0.20 12.4 Recon Technology RCON 10.90 1.54 16.45 10.90 0.75 421.5 Aerpio Pharmaceuticals ARPO 1.74 -0.28 -13.86 2.50 0.75 123.1 Belgium Bel-20 4071.96 10.77 0.27 12.4 Xcel Brands XELB 2.74 0.36 15.13 4.15 0.65 211.4 Stable Road Acquisition SRAC 10.42 -1.61 -13.38 29.18 9.75 6.3 Taiwan Liposome ADR TLC Poseida Therapeutics PSTX Denmark OMX Copenhagen 20 1590.33 … Closed 8.5 4.89 0.63 14.79 12.65 4.07 -6.7 8.35 -1.18 -12.38 17.62 7.63 ... Inhibrx INBX 19.18 2.41 14.37 50.97 14.27 ... 1847 Goedeker GOED 5.00 -0.70 -12.28 17.75 4.80 ... France CAC 40 6408.49 22.08 0.35 15.4 Germany DAX 15437.51 … Closed 12.5 Most Active Stocks Volume Movers Ranked by change from 65-day average* Israel Tel Aviv 1694.58 2.44 0.14 13.0 Italy FTSE MIB 24891.24 –83.76 –0.34 12.0 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 710.46 3.50 0.49 13.7 Russia RTS Index 1570.90 1.35 0.09 13.2 Castor Maritime CTRM 158,725 66.1 0.36 -14.22 1.95 0.11 Scopus BioPharma SCPS 39,454 56118 10.25 71.98 47.86 5.13 South Africa FTSE/JSE All-Share 66054.92 –184.01 –0.28 11.2 Sundial Growers SNDL 132,150 -45.8 0.72 -4.86 3.96 0.14 IQ Hedge L/S Tracker ETF QLS 1,762 17501 27.00 0.56 27.03 21.98 Virgin Galactic SPCE Kiromic Biopharma KRBP Spain IBEX 35 9205.50 1.50 0.02 14.0 130,100 805.7 26.89 27.62 62.80 14.21 1,669 9885 7.90 23.82 18.50 4.95 AMC Entertainment Hldgs AMC 111,532 17.0 13.68 13.25 20.36 1.91 MMA Capital Holdings MMAC 1,365 4593 26.96 57.66 29.00 16.36 Sweden OMX Stockholm 904.65 3.21 0.36 17.7 Ford Motor F 110,779 60.1 13.06 -2.03 13.62 5.57 Tishman Speyer II Cl A TSIB 254 3195 9.74 -1.12 10.21 3.72 Switzerland Swiss Market 11225.58 … Closed 4.9 Turkey BIST 100 1452.18 0.34 0.02 –1.7 New Oriental Edu ADR EDU 106,994 534.1 9.07 -18.29 19.97 9.05 NGM Biopharmaceuticals NGM 5,074 2480 16.81 -40.77 32.12 14.93 U.K. FTSE 100 7051.59 33.54 0.48 9.1 NIO ADR NIO 66,860 -29.8 35.89 5.37 66.99 3.40 Invsc S&P 500 EW Real Est EWRE 371 1618 35.25 1.16 35.55 24.49 U.K. FTSE 250 22483.73 84.31 0.38 9.7 Apple AAPL 62,869 -38.7 127.10 1.33 145.09 78.27 Frontier Acquisition Cl A FRON 84 1549 9.65 -0.41 10.51 9.65 Obalon Therapeutics OBLN 59,497 2017.3 3.90 14.04 10.77 0.66 Annovis Bio ANVS 12,454 1455 56.17 -6.38 97.97 3.83 Asia-Pacific MSCI AC Asia Pacific 204.21 0.10 0.05 2.1 ProSh UltraPro Shrt QQQ SQQQ 56,460 -43.5 11.21 -5.08 53.10 10.44 First Tr Nasdaq Oil Gas FTXN 560 1283 16.90 0.78 17.52 8.88 Australia S&P/ASX 200 7045.90 15.64 0.22 7.0 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least China Shanghai Composite 3497.28 10.73 0.31 0.7 5,000 shares =Has traded fewer than 65 days Hong Kong Hang Seng 28412.26 –46.18 –0.16 4.3 Track the Markets 0.22 India S&P BSE Sensex 50651.90 111.42 6.1 Compare the performance of selected CURRENCIES & COMMODITIES Japan Nikkei Stock Avg 28364.61 46.78 0.17 3.4 global stock indexes, bond ETFs, Singapore Straits Times 3123.61 5.72 0.18 9.8 currencies and commodities at Currencies South Korea Kospi 3144.30 –12.12 –0.38 9.4 wsj.com/graphics/track-the-markets Taiwan TAIEX 16338.29 36.23 0.22 10.9 U.S.-dollar foreign-exchange rates in late New York trading Thailand SET 1551.85 –0.59 –0.04 7.1 Get real-time U.S. stock quotesand track most-activestocks, new US$ vs, US$ vs, Sources: FactSet; Dow Jones Market Data highs/lows and mutual funds. Available free at WSJMarkets.com Mon YTD chg Mon YTD chg Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004337 23057 –0.1 CREDIT MARKETS Argentina peso .0106 94.2132 12.0 Europe Brazil real .1880 5.3185 2.4 Czech Rep. koruna .04809 20.794 –3.2 Canada dollar .8303 1.2045 –5.4 Denmark krone .1643 6.0872 –0.1 Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Chile peso .001370 729.80 2.7 Euro area euro 1.2217 .8186 –0.01 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000268 3734.50 9.1 Hungary forint .003520 284.07 –4.4 notes and bonds major U.S. trading partners Ecuador US dollar 11unch Iceland krona .008085 123.68 –3.2 A consumer rate against its New car loan Mexico peso .0503 19.8611 –0.1 Norway krone .1200 8.3314 –2.9 benchmark over the past year 2.50% Uruguay peso .02266 44.1250 4.2 Poland zloty .2726 3.6687 –1.7 Bankrate.com avg†: 4.01% 16% Russia ruble .01361 73.450 –0.8 2.00 Asia-Pacific s Sweden krona .1203 8.3130 1.0 First Command Bank 2.75% Tradeweb ICE Euro Australian dollar .7752 1.2900 –0.8

New car loan t Switzerland franc 1.1151 .8968 1.3 4.20% Fort Worth, TX 888-763-7600 Monday Close 1.50 8 China yuan .1558 6.4193 –1.7 t Turkey lira .1192 8.3881 12.8 Hong Kong dollar .1288 7.7646 0.2 First Savings Bank of Hegewisch 2.75% 1.00 Ukraine hryvnia .0364 27.4500 –3.2 3.90 0 India rupee .01373 72.843 –0.3 Chicago, IL 773-646-4200 s UK pound 1.4157 .7064 –3.5 One year ago 0.50 Yen Indonesia rupiah .0000697 14355 2.2 3.60 Cambridge Savings Bank 3.24% t Japan yen .009194 108.76 5.3 Middle East/Africa 0.00 –8 s Prime rate Cambridge, MA 888-418-5626 WSJ Dollar Index Kazakhstan tenge .002337 427.86 1.5 Bahrain dinar 2.6550 .3767 –0.1 t 3.30 PNC Bank 3.37% –0.50 –16 Macau pataca .1250 8.0020 0.1 Egypt pound .0638 15.6690 –0.5 Malaysia ringgit .2412 4.1460 3.1 Israel shekel .3078 3.2492 1.1 Washington, DC 888-PNC-BANK 1 3 6 1 2 3 5 7 10 20 30 2020 2021 New Zealand dollar .7216 1.3858 –0.4 Kuwait dinar 3.3269 .3006 –1.2 3.00 month(s) years J J A S O N D J F M AM Frost Bank 3.74% Pakistan rupee .00651 153.703 –4.2 Oman sul rial 2.5973 .3850 0.01 maturity 2020 2021 Houston, TX 800-513-7678 Philippines peso .0208 48.029 0.03 Qatar rial .2746 3.642 0.01 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7532 1.3277 0.5 Saudi Arabia riyal .2666 3.7503 –0.04 Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0008900 1123.60 3.5 South Africa rand .0718 13.9248 –5.2 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields Sri Lanka rupee .0050754 197.03 6.4 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 .03581 27.926 –0.6 Yield (%) 52-Week Total Return (%) Thailand baht .03193 31.320 4.3 WSJ Dollar Index 85.13 –0.20–0.23 0.15 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 0.14 0.15 0.14 l 0.37 -2.18 Sources: Tullett Prebon, Dow Jones Market Data U.S. Treasury, Barclays 2371.290 0.940 0.960 1.030 0.400 –4.057 4.672 Money market, annual yield 0.08 0.08 0.08 l 0.29 -0.37 Five-year CD, annual yield 0.45 0.45 0.44 l 0.81 -1.26 U.S. Treasury Long, Barclays 4157.760 2.250 2.300 2.400 1.090 –14.795 7.447 Commodities 30-year mortgage, fixed† 3.14 3.09 2.83 l 3.57 -1.52 Aggregate, Barclays 2232.270 1.520 1.550 1.630 1.020 –0.390 5.245 Monday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.41 2.39 2.32 l 2.92 -1.72 Fixed-Rate MBS, Barclays 2214.240 1.770 1.780 1.850 0.980 –0.370 4.042 DJ Commodity Jumbo mortgages, $548,250-plus† 3.16 3.12 2.85 l 3.64 -1.72 881.50 7.93 0.91 904.26 518.73 69.51 20.49 High Yield 100, ICE BofA 3374.279 3.753 3.770 6.266 3.261 14.897 5.762 Refinitiv/CC CRB Index 2.09 207.96 129.16 20.96 Five-year adj mortgage (ARM)† 3.06 3.06 2.85 l 3.32 -1.54 202.96 1.04 56.69 Muni Master, ICE BofA 597.888 0.864 0.876 1.285 0.725 3.559 4.921 Crude oil, $ per barrel 2.47 66.27 32.81 36.13 New-car loan, 48-month 4.01 4.06 4.01 l 4.44 -0.22 66.05 3.88 98.65 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 912.453 4.774 4.774 5.645 4.295 8.758 5.565 Natural gas, $/MMBtu 2.886 -0.020 -0.69 3.354 1.482 66.72 13.67 banks.† Excludes closing costs. Gold, $ per troy oz. 1884.60 7.90 0.42 2051.50 1676.20 8.65 -0.45 Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services P2JW145000-0-B00800-1------XA

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THE WALL STREET JOURNAL. Tuesday, May 25, 2021 | B9

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Contract Open Contract Open Contract Open Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Metal & Petroleum Futures Aug 120.475 120.525 119.475 120.100 –.825 141,815 Mexican Peso (CME)-MXN 500,000; $ per MXN Mini S&P Midcap 400 (CME)-$100 x index Hogs-Lean (CME)-40,000 lbs.; cents per lb. June .05001 .05026 .04989 .05021 .00028 142,691 June 2727.70 2728.00 2682.00 2700.20 13.40 44,417 Contract Open June 113.475 113.800 112.800 113.350 –.875 37,216 Sept .04941 .04975 .04940 .04970 .00029 1,810 Sept 2700.70 2701.60 2684.80 2695.60 13.30 28 Open High hi lo Low Settle Chg interest July 115.600 116.150 114.900 115.325 –1.225 78,180 Euro (CME)-€125,000; $ per € Mini Nasdaq 100 (CME)-$20 x index Copper-High (CMX)-25,000 lbs.; $ per lb. Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. June 1.2189 1.2236 1.2176 1.2218 .0031 703,790 June 13383.25 13686.00 13356.50 13635.25 230.25 229,210 May 4.4720 4.5500 4.4720 4.5415 0.0455 980 July 1507.10 1514.80 1390.00 1439.00 –14.00 1,362 Sept 1.2199 1.2257 1.2199 1.2240 .0031 11,124 Sept 13360.50 13673.50 13348.75 13623.75 229.75 3,092 July 4.5020 4.5415 4.4440 4.5255 0.0445 137,465 Sept 1366.00 1366.00 1240.00 1304.20 1.20 455 Mini Russell 2000 (CME)-$50 x index Gold (CMX)-100 troy oz.; $ per troy oz. Milk (CME)-200,000 lbs., cents per lb. Index Futures June 2210.20 2237.40 2200.50 2226.10 13.80 451,601 May 1882.10 1883.60 1882.10 1884.60 7.90 76 May 18.95 18.95 18.94 18.95 …4,481 Sept 2204.70 2232.70 2198.00 2222.30 13.60 1,749 Mini DJ Industrial Average (CBT)-$5 x index June 1883.50 1887.90 1875.70 1884.50 7.80 177,547 June 18.01 18.13 17.50 17.55 –.58 4,812 Mini Russell 1000 (CME)-$50 x index June 34150 34427 34101 34352 199 95,212 July 1884.30 1888.70 1876.80 1885.50 7.90 1,553 Cocoa (ICE-US)-10 metric tons; $ per ton. June 2352.80 2363.10 2333.50 2356.30 24.10 9,487 Sept 34000 34308 33994 34241 200 1,812 Aug 1885.60 1890.00 1877.90 1886.70 7.80 281,810 July 2,448 2,491 2,383 2,389 –67 64,036 S&P 500 Index (CME)-$250 x index U.S. Dollar Index (ICE-US)-$1,000 x index Oct 1887.30 1891.30 1879.70 1888.40 7.90 15,162 Sept 2,490 2,530 2,433 2,437 –62 63,627 June 4172.60 4198.70 4144.10 4193.80 42.00 40,185 June 90.02 90.11 89.75 89.84 –.17 38,669 Dec 1887.90 1893.20 1881.40 1890.50 8.00 47,191 Coffee (ICE-US)-37,500 lbs.; cents per lb. Mini S&P 500 (CME)-$50 x index Sept 89.98 90.07 89.79 89.85 –.16 2,482 Palladium (NYM) - 50 troy oz.; $ per troy oz. July 149.60 150.45 147.45 149.00 –1.10 103,635 June 4151.50 4206.25 4142.50 4193.75 42.00 2,550,371 May …… …2730.10 –45.20 Sept 151.40 152.35 149.45 151.00 –1.10 73,222 Sept 4142.00 4196.00 4133.50 4184.00 42.25 54,896 Source: FactSet Sept 2780.00 2825.00 2732.00 2739.20 –45.50 7,966 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Platinum (NYM)-50 troy oz.; $ per troy oz. July 16.66 16.92 16.54 16.83 .16 396,413 May 1175.80 8.00 1 Oct 16.80 17.07 16.72 16.98 .14 249,198 July 1171.20 1183.70 1162.00 1177.60 8.20 62,647 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Bonds | wsj.com/market-data/bonds/benchmarks Silver (CMX)-5,000 troy oz.; $ per troy oz. July 33.50 33.50 s 33.38 33.50 .50 932 May 27.885 27.900 27.740 27.887 0.414 182 Sept 33.00 .25 1,815 July 27.690 28.015 27.550 27.905 0.419 142,557 Cotton (ICE-US)-50,000 lbs.; cents per lb. Tracking Bond Benchmarks Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. July 82.70 82.93 82.12 82.82 …79,484 July 63.87 66.14 63.63 66.05 2.47 485,249 Dec 83.00 83.35 82.60 83.29 .07 105,373 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Aug 63.61 65.87 63.45 65.78 2.42 309,341 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. highs and lows for different types of bonds Sept 63.26 65.42 63.07 65.32 2.33 197,881 July 117.60 117.75 115.50 117.05 –.90 10,526 Total Total Oct 62.78 64.89 62.63 64.79 2.25 158,225 Sept 120.70 120.70 118.35 120.00 –.85 1,432 return YTD total Yield (%) return YTD total Yield (%) Dec 61.89 63.85 61.73 63.73 2.08 329,438 close return (%) Index Latest Low High close return (%) Index Latest Low High June'22 59.61 61.28 59.53 61.16 1.77 140,996 Interest Rate Futures NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays June 1.9925 2.0458 1.9874 2.0420 .0538 43,922 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Mortgage-Backed July 1.9918 2.0453 1.9861 2.0412 .0536 126,360 June 185-150 186-160 185-040 186-000 1-02.0 1,028,255 2232.27 -2.5 U.S. Aggregate 1.520 1.020 1.630 2214.24 -0.7 1.770 0.980 1.850 Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Sept 183-230 184-260 183-160 184-120 1-03.0 172,480 U.S. Corporate Indexes Bloomberg Barclays 2156.95 -0.9 Ginnie Mae (GNMA) 1.760 0.290 1.840 June 2.0720 2.1219 2.0697 2.1177 .0492 42,016 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% July 2.0751 2.1258 2.0718 2.1217 .0508 143,817 June 157-150 158-000 157-100 157-220 14.0 1,087,294 3347.12 -3.2 U.S. Corporate 2.140 1.740 2.510 1308.55 -0.7 Fannie mae (FNMA) 1.780 1.230 1.860 Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Sept 155-280 156-130 155-230 156-040 14.0 172,742 June 2.850 2.894 2.832 2.886 –.020 23,844 Treasury Notes (CBT)-$100,000; pts 32nds of 100% 3079.57 -1.1 Intermediate 1.420 1.080 2.000 2007.94 -0.7 Freddie Mac (FHLMC) 1.770 1.210 1.870 July 2.920 2.967 2.903 2.960 –.017 293,980 June 132-170 132-220 132-150 132-200 6.0 3,849,103 Long term 597.89 0.4 Muni Master 0.864 0.725 1.285 Aug 2.948 2.984 2.924 2.979 –.017 80,821 Sept 131-205 131-255 131-180 131-235 6.0 589,493 4849.03 -6.5 3.340 2.730 3.580 Sept 2.948 2.981 2.922 2.975 –.018 127,786 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% 672.29 -3.9 Double-A-rated 1.820 1.300 1.990 422.56 0.2 7-12 year 0.892 0.712 1.278 Oct 2.967 3.002 2.945 2.995 –.018 134,840 June 124-067 124-100 124-062 124-092 3.0 3,266,894 Jan'22 3.272 3.284 3.238 3.277 –.018 81,055 Sept 123-195 123-232 123-192 123-227 3.5 488,158 896.41 -2.6 Triple-B-rated 2.370 2.010 3.090 485.40 0.6 12-22 year 1.231 1.095 1.738 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% High Yield Bonds ICE BofA 476.65 1.7 22-plus year 1.723 1.682 2.728 Agriculture Futures June 110-128 110-135 110-127 110-132 .4 2,083,810 Sept 110-101 110-108 110-100 110-105 .4 229,714 505.37 2.0 High Yield Constrained 4.188 3.955 7.490 Global Government J.P. Morgan† Corn (CBT)-5,000 bu.; cents per bu. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. July 652.25 658.50 645.50 657.25 –2.25 629,918 May 99.9425 99.9425 s 99.9400 99.9400 188,072 488.23 6.9 Triple-C-rated 6.998 6.809 17.155 594.70 -3.3 Global Government 0.970 0.460 1.010 Dec 540.00 542.50 529.00 540.25 –6.25 531,115 July 99.9200 99.9250 99.9200 99.9200 149,161 Oats (CBT)-5,000 bu.; cents per bu. High Yield 100 826.02 -4.4 Canada 1.520 0.610 1.560 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% 3374.28 1.3 3.753 3.261 6.266 July 358.50 365.25 354.25 357.25 1.25 3,073 June 91-255 7.0 172,855 Dec 354.50 362.25 354.50 355.00 –.25 1,025 455.73 1.9 Global High Yield Constrained 4.174 4.037 7.491 n.a. n.a. EMU§ n.a. n.a. n.a. Soybeans (CBT)-5,000 bu.; cents per bu. Eurodollar (CME)-$1,000,000; pts of 100% Europe High Yield Constrained 756.82 -4.7 France 0.400 -0.160 0.450 July 1520.75 1525.75 1506.25 1522.75 –3.50 303,742 June 99.8525 99.8625 s 99.8525 99.8625 .0100 1,394,225 344.85 2.1 2.610 2.434 5.631 Dec 99.8000 99.8100 s 99.7950 99.8100 .0100 894,855 Nov 1353.00 1363.25 1341.00 1362.25 1.75 283,513 U.S Agency Bloomberg Barclays 531.87 -3.7 Germany -0.040 -0.530 -0.010 Soybean Meal (CBT)-100 tons; $ per ton. March'23 99.5250 99.5450 99.5200 99.5400 .0200 1,143,898 July 398.10 402.10 396.00 400.20 1.30 155,478 June 99.3900 99.4150 99.3850 99.4050 .0200 996,645 1847.23 -1.0 U.S Agency 0.730 0.460 0.840 294.47 -0.3 Japan 0.330 0.230 0.420 Dec 393.00 395.30 387.80 394.50 .90 91,937 Soybean Oil (CBT)-60,000 lbs.; cents per lb. Currency Futures 1617.48 -0.6 10-20 years 0.600 0.340 0.710 591.04 -4.4 Netherlands 0.090 -0.450 0.130 July 65.42 66.23 64.23 65.13 –.36 154,851 4045.05 -5.3 20-plus years 2.330 1.290 2.460 1019.09 -7.0 U.K. 1.130 0.430 1.210 Dec 56.67 57.86 55.86 57.58 .35 125,947 Japanese Yen (CME)-¥12,500,000; $ per 100¥ June .9182 .9201 .9176 .9194 .0011 151,476 Rough Rice (CBT)-2,000 cwt.; $ per cwt. 2862.21 -2.5 Yankee 1.720 1.370 1.960 912.45 -2.3 Emerging Markets ** 4.774 4.295 5.645 July 13.19 13.22 13.11 13.15 –.04 6,613 Sept .9186 .9208 .9184 .9201 .0011 1,417 Sept 13.43 13.47 13.34 13.40 –.02 2,357 Canadian Dollar (CME)-CAD 100,000; $ per CAD *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds Wheat (CBT)-5,000 bu.; cents per bu. June .8290 .8305 .8274 .8301 .0011 202,012 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan July 667.00 668.75 653.25 662.25 –12.00 213,489 Sept .8283 .8304 .8275 .8301 .0011 5,501 Sept 670.75 671.25 656.25 665.75 –11.25 88,888 British Pound (CME)-£62,500; $ per £ Wheat (KC)-5,000 bu.; cents per bu. June 1.4150 1.4172 1.4112 1.4158 .0002 167,838 Global Government Bonds: Mapping Yields July 618.00 620.25 606.25 615.25 –8.75 116,496 Dec 1.4147 1.4173 1.4118 1.4161 .0001 2,018 Dec 634.50 636.00 622.50 632.25 –7.50 49,724 Swiss Franc (CME)-CHF 125,000; $ per CHF Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in Cattle-Feeder (CME)-50,000 lbs.; cents per lb. June 1.1141 1.1170 1.1113 1.1156 .0015 42,781 May 136.400 136.600 136.200 136.275 –.950 1,893 Sept 1.1171 1.1195 1.1141 1.1182 .0015 343 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session Aug 153.000 154.450 152.825 154.125 .425 25,727 Australian Dollar (CME)-AUD 100,000; $ per AUD Country/ Spread Under/Over U.S. Treasurys, in basis points Cattle-Live (CME)-40,000 lbs.; cents per lb. June .7732 .7758 .7706 .7755 .0021 135,793 Yield (%) Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago June 117.250 117.375 116.500 116.750 –.925 40,732 Sept .7730 .7761 .7710 .7758 .0022 1,211 0.125 U.S. 2 0.151 t l 0.155 0.157 0.168 1.625 10 1.608 t l 1.629 1.566 0.659 Cash Prices | wsj.com/market-data/commodities Monday, May 24, 2021 5.500 Australia 2 0.078 t l 0.081 0.087 0.270 -7.2 -7.2 9.7 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— 1.500 10 1.654 t l 1.685 1.688 0.876 4.7 6.6 21.5 separate from the futures price on an exchange, which reflects what the commodity might be worth in future 0.000 France 2 -0.625 s l -0.629 -0.647 -0.525 -77.5 -78.3 -69.8 months. 1.500 10 0.236 t l 0.248 0.085 -0.036 -137.1 -137.1 -69.7 Monday Monday Monday 0.000 Germany 2 -0.649 t l -0.644 -0.694 -0.684 -79.9 -79.8 -85.8 Energy Aluminum, LME, $ per metric ton *2403.0 Wheat - Hard - KC (USDA) $ per bu-u 6.4525 Copper,Comex spot 4.5415 Wheat,No.1soft white,Portld,OR-u 8.2500 0.000 10 -0.137 t l -0.127 -0.255 -0.479 -174.4 -174.6 -114.0 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 59.700 Iron Ore, 62% Fe CFR China-s 188.0 Food 0.600 Italy 2 -0.250 t l -0.236 -0.334 0.371 -38.9 19.7 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 12.050 Shredded Scrap, US Midwest-s,m 451 -39.9 Steel, HRC USA, FOB Midwest Mill-s 1596 Beef,carcass equiv. index 0.600 10 1.019 t l 1.041 0.786 1.604 -58.8 -57.8 94.3 Metals choice 1-3,600-900 lbs.-u 246.22 Fibers and Textiles select 1-3,600-900 lbs.-u 223.70 0.005 Japan 2 -0.125 s l -0.126 -0.132 -0.180 -27.5 -27.9 -35.3 Gold, per troy oz Broilers, National comp wtd. avg.-u,w 1.0623 Burlap,10-oz,40-inch NY yd-n,w 0.7500 0.100 10 0.082 t l 0.083 0.069 -0.006 -153.6 -66.7 Engelhard industrial 1880.00 Butter,AA Chicago 1.8200 -152.6 Cotton,1 1/16 std lw-mdMphs-u 0.8057 Handy & Harman base 1880.15 Cheddar cheese,bbl,Chicago 158.00 Cotlook 'A' Index-t 0.000 Spain 2 -0.507 t l -0.500 -0.478 -0.292 -65.7 -65.4 -46.6 Handy & Harman fabricated 2086.97 *87.70 Cheddar cheese,blk,Chicago 153.00 Hides,hvy native steers piece fob-u LBMA Gold Price AM *1877.65 n.a. Milk,Nonfat dry,Chicago lb. 129.75 0.100 10 0.547 t l 0.559 0.406 0.695 -106.0 -106.0 3.5 Wool,64s,staple,Terr del-u,w LBMA Gold Price PM *1875.90 n.a. Coffee,Brazilian,Comp 1.4130 0.125 U.K. 2 0.039 t l 0.046 0.052 -0.043 -11.0 -10.7 -21.7 Krugerrand,wholesale-e 1959.62 Grains and Feeds Coffee,Colombian, NY 1.9964 Maple Leaf-e 1978.46 Eggs,large white,Chicago-u 0.7650 4.750 10 0.813 t l 0.834 0.746 0.178 -79.4 -78.5 -48.3 American Eagle-e 1978.46 Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 17.40 Mexican peso-e 2279.84 Bran,wheat middlings, KC-u 127 Hams,17-20 lbs,Mid-US fob-u n.a. Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close Austria crown-e 1849.94 Corn,No. 2 yellow,Cent IL-bp,u 6.6900 Hogs,Iowa-So. Minnesota-u 107.33 Austria phil-e 1978.46 Corn gluten feed,Midwest-u,w 203.0 Pork bellies,12-14 lb MidUS-u n.a. Corporate Debt Silver, troy oz. Corn gluten meal,Midwest-u,w 586.7 Pork loins,13-19 lb MidUS-u 1.2986 Engelhard industrial 27.7500 Cottonseed meal-u,w 370 Steers,Tex.-Okla. Choice-u n.a. Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific Handy & Harman base 27.7850 Hominy feed,Cent IL-u,w 185 Steers,feeder,Okla. City-u,w 158.00 expectations Handy & Harman fabricated 34.7310 Meat-bonemeal,50% pro Mnpls-u,w 308 Fats and Oils LBMA spot price *£19.5500 Oats,No.2 milling,Mnpls-u 3.8425 Investment-grade spreads that tightened the most… (U.S.$ equivalent) *27.8000 Rice, Long Grain Milled, No. 2 AR-u,w 27.25 Degummed corn oil, crude wtd. avg.-u,w 68.5000 Spread*, in basis points Coins,wholesale $1,000 face-a 22492 Sorghum,(Milo) No.2 Gulf-u 7.5875 Grease,choice white,Chicago-h 0.5150 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Other metals SoybeanMeal,Cent IL,rail,ton48%-u,w 414.80 Lard,Chicago-u n.a. Principal Life Global Funding II … 0.875 1.11 Jan. 12, ’26 30 –12 40 LBMA Platinum Price PM *1198.0 Soybeans,No.1 yllw IL-bp,u 15.3650 Soybean oil,crude;Centl IL-u,w 0.7717 Platinum,Engelhard industrial 1178.0 Wheat,Spring14%-pro Mnpls-u 8.1475 Tallow,bleach;Chicago-h 0.5600 Caterpillar Financial Services … 3.650 0.24 Dec. 7, ’23 9 –11 23 Palladium,Engelhard industrial 2791.0 Wheat,No.2 soft red,St.Louis-u 6.7575 Tallow,edible,Chicago-u n.a. Royal Bank of Canada RY 1.200 1.13 April 27, ’26 32 –9 42 Toronto–Dominion Bank TD 2.650 0.45 June 12, ’24 13 –9 n.a. KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly; Z=not quoted. *Data as of 5/21 GE Capital International … 4.418 3.02 Nov. 15, ’35 141 –7 148 Source: Dow Jones Market Data Goldman Sachs GS 4.000 0.50 March 3, ’24 18 –6 n.a. Delta Air Lines DAL 7.000 2.62 May 1, ’25 182 –5 183 Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks John Deere Capital … 2.250 1.09 Sept. 14, ’26 28 –5 n.a. Money Rates May 24, 2021 …And spreads that widened the most MetLife MET 3.000 0.91 March 1, ’25 10 10 2 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Volkswagen Group of America Finance VW 0.875 0.67 Nov. 22, ’23 52 8 47 guide to general levels but don’t always represent actual transactions. International Business Machines IBM 3.000 0.55 May 15, ’24 23 7 23 Nordea Bank NDASS 3.750 0.56 Aug. 30, ’23 41 7 43 Inflation Week —52-WEEK— Week —52-WEEK— Latest ago High Low Latest ago High Low 5 April index Chg From (%) 3M MMM 3.000 0.85 Aug. 7, ’25 4 7 level March '21 April '20 Switzerland 0.00 0.00 0.50 0.00 Treasury bill auction Morgan Stanley MS 3.875 0.66 April 29, ’24 34 3 35 Britain 0.10 0.10 0.10 0.10 4 weeks 0.000 0.000 0.130 0.000 ABN AMRO Bank ABNANV 4.750 1.60 July 28, ’25 79 2 82 U.S. consumer price index Australia 0.10 0.10 0.25 0.10 13 weeks 0.015 0.015 0.175 0.015 All items Aetna … 6.625 3.03 June 15, ’36 143 2 145 267.054 0.82 4.2 Overnight repurchase 26 weeks 0.030 0.030 0.185 0.030 Core 273.968 0.83 3.0 High-yield issues with the biggest price increases… U.S. -0.02 0.00 0.14 -0.04 Secondary market International rates Bond Price as % of face value U.S. government rates Fannie Mae Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Week 52-Week Discount GLBMRN 1.00 Latest ago High Low 30-year mortgage yields Global Marine 7.000 17.32 June 1, ’28 59.000 n.a. 0.25 0.25 0.25 0.25 30 days 2.409 2.415 2.622 1.751 Liberty Interactive LINTA 8.250 6.07 Feb. 1, ’30 114.500 0.50 114.671 Prime rates Federal funds 60 days 2.441 2.449 2.674 1.804 L Brands LB 5.250 3.76 Feb. 1, ’28 108.729 0.47 108.220 U.S. 3.25 3.25 3.25 3.25 OXY 0.47 100.854 Canada 2.45 2.45 2.45 2.45 Effective rate 0.0600 0.0600 0.1000 0.0600 Other short-term rates Occidental Petroleum 2.700 1.76 Aug. 15, ’22 101.125 High 0.0700 0.0700 0.1500 0.0700 Japan 1.475 1.475 1.475 1.475 Sprint S 7.125 1.99 June 15, ’24 115.125 0.40 115.125 Low 0.0200 0.0200 0.0600 0.0000 Week 52-Week 0.38 Policy Rates Bid 0.0500 0.0500 0.1000 0.0100 Latest ago high low MGM Resorts International MGM 6.000 1.96 March 15, ’23 107.125 107.200 Euro zone 0.00 0.00 0.00 0.00 Offer 0.0700 0.0800 0.1100 0.0500 Ford Motor F 8.500 2.31 April 21, ’23 111.449 0.32 111.188 Call money Teva Pharmaceutical Finance Netherlands … 4.100 5.03 Oct. 1, ’46 86.765 0.27 84.437 2.00 2.00 2.00 2.00 …And with the biggest price decreases Key Interest Rates Commercial paper (AA financial) Data are annualized on a 360-day basis. Treasury yields are per annum, 90 days 0.09 0.12 0.25 0.04 Howmet Aerospace HWM 5.950 4.52 Feb. 1, ’37 116.000 –0.75 117.510 Dish DBS … 5.875 July 15, ’22 –0.43 104.250 on actively traded noninflation and inflation-indexed issues that are Libor 2.29 104.000 Teva Pharmaceutical Finance … 3.650 2.54 Nov. 10, ’21 100.500 –0.38 n.a. adjusted to constant maturities. Data are from weekly Federal Reserve One month 0.09100 0.09750 0.19513 0.09100 release H.15. Three month 0.14088 0.14963 0.37125 0.14088 Ford Motor F 4.750 4.76 Jan. 15, ’43 99.820 –0.31 99.875 Week Ended 52-Week Week Ended 52-Week Six month 0.17663 0.18650 0.57163 0.17663 Nokia Oyj NOKIA 6.625 4.23 May 15, ’39 129.900 –0.30 130.345 May 21 May 14 High Low May 21 May 14 High Low One year 0.25825 0.26450 0.68175 0.25825 Cleveland–Cliffs CLF 6.250 6.07 Oct. 1, ’40 102.056 –0.29 n.a. Federal funds (effective) 6-month 0.03 0.04 0.19 0.03 Euro Libor Navient NAVI 6.500 1.92 June 15, ’22 104.750 –0.26 104.750 0.06 0.06 0.10 0.05 1-year 0.05 0.05 0.19 0.05 One month -0.575 -0.575 -0.455 -0.607 L Brands LB 9.375 2.46 July 1, ’25 126.772 –0.23 126.750 2-year 0.16 0.16 0.19 0.11 Commercial paper Three month -0.547 -0.545 -0.322 -0.574 3-year 0.34 0.33 0.35 0.13 Six month -0.522 -0.526 -0.134 -0.543 *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. Nonfinancial 5-year 0.84 0.83 0.92 0.21 One year -0.486 -0.488 -0.076 -0.511 Note: Data are for the most active issue of bonds with maturities of two years or more 1-month 0.04 0.04 0.29 0.04 7-year 1.30 1.30 1.39 0.39 Source: MarketAxess 2-month 0.04 0.04 0.22 0.04 10-year 1.64 1.65 1.72 0.55 Secured Overnight Financing Rate 3-month 0.05 0.05 0.31 0.05 20-year 2.27 2.25 2.32 0.99 0.01 0.01 0.13 0.01 Financial 1-month 0.05 0.06 0.17 0.05 Treasury yields (secondary market) Value 52-Week Dividend Changes 2-month n.a. 0.08 0.23 0.08 1-month 0.00 0.01 0.14 0.00 Latest Traded High Low 3-month 0.09 0.10 0.21 0.09 3-month 0.01 0.02 0.17 0.01 Dividend announcements from May 24. 6-month 0.03 0.04 0.19 0.03 DTCC GCF Repo Index Discount window primary credit Amount Payable / Amount Payable / TIPS Treasury -0.001 42.400 0.151 -0.008 0.25 0.25 0.25 0.25 MBS 0.014 34.458 0.169 0.002 Company Symbol Yld %New/Old Frq Record Company Symbol Yld %New/Old Frq Record 5-year -1.82 -1.86 -0.47 -1.86 Telephone & Data Pfd. UU TDSpU 8.0 .55208 Jun30 /Jun15 Treasury yields at constant 7-year -1.27 -1.25 -0.47 -1.44 Notes on data: Increased maturities 10-year -0.83 -0.88 -0.44 -1.05 U.S. prime rate is the base rate on corporate Ashland Global Holdings ASH 1.3 .30 /.275 Q Jun15 /Jun01 Stocks 1-month 0.00 0.01 0.14 0.00 20-year -0.24 -0.28 -0.08 -0.70 loans posted by at least 70% of the 10 largest Chemung Financial CHMG 2.8 .31 /.26 Q Jul01 /Jun17 NVIDIA NVDA 4:1 /Jul20 3-month 0.01 0.02 0.17 0.01 Long-term avg -0.12 -0.13 0.03 -0.50 U.S. banks, and is effective March 16, 2020. Element Solutions ESI 1.0 .06 /.05 Q Jun15 /Jun01 Other prime rates aren’t directly comparable; Equitable Holdings EQH 2.2 .18 /.17 Q Jun07 /May31 Foreign Notes on data: lending practices vary widely by location; Gaming & Leisure Prop GLPI 5.8 .67 /.65 Q Jun25 /Jun11 Flex LNG FLNG 10.7 .40 Q Jun16 /Jun02 Discount rate is effective March 16, 2020. Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates GMAC Capital Tr Ser2 ALLYpA 5.9 .3754 /.37391 Q Aug16 /Aug13 Maverix Metals MMX 0.8 .0125 Q Jun15 /May31 on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by Secured Overnight Financing Rate is as of May 21, 2021. DTCC GCF Repo Index is Depository LCI Industries LCII 2.5 .90 /.75 Q Jun18 /Jun04 Patria Investments PAX 2.7 .106 Jun16 /Jun02 discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window Trust & Clearing Corp.'s weighted average for Mosaic MOS 0.8 .075 /.05 Q Jun17 /Jun03 Tenaris ADR TS ... .28 SA May26 / primary credit rate is charged for discounts made and advances extended under the Federal overnight trades in applicable CUSIPs. Value Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; traded is in billions of U.S. dollars. Federal-funds Initial Special Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid rates are Tullett Prebon rates as of 5:30 p.m. ET. JOANN JOAN 2.9 .10 Jun25 /Jun11 Apollo Investment AINV 8.8 .05 Jul07 /Jun17 yields for all TIPS with remaining terms to maturity of 10 years or more; Sources: Federal Reserve; Bureau of Labor L Brands LB 0.9 .15 Jun18 /Jun04 Sources: Federal Reserve; for additional information on these rate data and their derivation, Statistics; DTCC; FactSet; Merchants Bncp Pfd. C MBINN ... .4084 Jul01 /Jun15 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; please see, www.federalreserve.gov/releases/h15/data.htm Tullett Prebon Information, Ltd. Mesa Royalty Trust MTR 7.1 .27139 Jul30 /May30 S2:1: stock split and ratio; SO: spin-off. P2JW145000-1-B01000-1------XA

B10 | Tuesday, May 25, 2021 * THE WALL STREET JOURNAL. BANKING & FINANCE

finitiv.That is abovethe re- Bundled cord lowof0.98fromMarch ItalySeekstoEase Mergers 2018 but down from 1.31 points in December. Junk Debt BlackRock Inc.said in a BY GIOVANNI LEGORANO Italian banks by assets TheTuscan bank wasna- noteithas recently pared CLO AND PATRICIA KOWSMANN tionalized in 2017 after years exposure, seeking to reduce Intesa €1,000 billion of coming close to failure, Is Booming holdings of debt with limited When Mario Draghi ranthe weighed down by bad loans upside.Some CLO tranches ha- European Central Bank,he UniCredit and alegal scandal. Rome ven’t traded consistently, 942

pushed, unsuccessfully,toget CK agreed with European authori- ContinuedfrompageB1 wroteKKR analystsinarecent

the region’sfeeble banks to BPM TO ties to reprivatizethe bank by “That supportsthe CLO note, asign that therecould merge and clean themselves up. 197 April 2022. market because investors see be some fragility lurking un- NowasItaly’s prime minis- Montedei Paschi UniCredit is also interested much lesstail risk as those is- derneath the market’ssurface. SHUTTERS

ter, he is trying again, hoping 146 A/ in exploring atie-up with suersget upgraded,” said Tom “Despitethe high volume of to spur aconsolidation wave BancoBPM SpA, Italy’s third- Shandell, chief executiveof activity,wedonot believethat

BPER CE/EP

among the country’sbelea- LA largest bank by assets, people Marble Point Credit Manage- liquidity acrossthe [CLO] 129 guered lenders. Italy’s banking PA familiar with the matter said. ment, which manages $6.2 bil- market has been uniform and sector,stuffed with soured BancaMediolanum Mr.Orcel could opt to snap lion in assets, including CLOs. as robust as it mayseem,” CHIGI loans and weighed down by 64 up both banks or just BPM, ac- “The default environment they wrote. CreditoEmiliano TILI/ high costs, has long loomed as AT cording to bankers. has been very benign and will Still, around two-thirds of the weakest link among coun- 59 O At an event last month, be because the capital markets respondentstoarecent JP-

triesthat sharethe eurocur- Note:€1=$1.22 FILIPP BPM’sChief Executive areopen to companies that Morgan survey said they plan rency. Source:FactSet Prime Minister Mario Draghi Giuseppe Castagna signaled it maybestruggling alittle bit,” to add CLO holdingstotheir Last week,Mr. Draghi’sgov- wants to participate in deals, he added. portfolio in the next six ernment simplified procedures nation hosting itsown vast changeintone when it comes butasanacquirer.“We need Thecombination has ana- months.InJapan, wherelow for banks to benefit from tax collection of regional banks. to the possibility of mergers. three large national banks that lystsand investorsexpecting a and negativeinterest rates breaks when they merge,ef- And unlike the strong growth “A once-in-a-lifetime win- cancompeteatnational and banner year forCLO issuance. fectively giving them more in the U.S.,Italy’s economy dowofopportunity opened up European level,” he said. BankofAmericaprojectssales time to access these benefits. has barely grownfor years, to solvethe problems Italian Banco BPM declined to to totalaround $360 billion The recovery is The move is raising expec- creating adifficult backdrop banks have had foryears,” comment further.UniCredit this year,including refinanc- tations among Italian bank ex- for banks to operate. said Antonio Amendola, a and MPS declined to comment. ings, while Citibank expects boosting the ecutives formergers to come. Italy’s banks became a portfolio manager at asset Italy is also trying to sell around $290 billion. Both fig- prospects of junk­ Also helping: an economy flashpoint during the Euro- manager AcomeA SGR. BancaCarige SpA, another ures would surpass2018’sall- bouncing back from the pan- pean sovereign-debt crisis ear- UniCredit is likely to troubled lender that in 2019 time high. rated companies. demic and M&A banking vet- lier last decade.Several re- emerge as an acquirer.Last was rescued by the country’s “You’regoing to see aton eran Andrea Orcel taking the quired statebailouts. Afterthe year,itlost itsspot as the deposit protection fund. The of activity in the next few helm last monthatUniCredit crisis,Italian banks ignored largest bank in the countryby fund, which is fedwith contri- months,” said Ryan Kohan, SpA, the country’ssecond- calls by Mr. Draghi and other assets after rival Intesa San- butions from banks,iscur- loan portfolio manager at have made investorsthere largest bank. regulatorstomerge.Rome paolo SpA took over UBI rently shortlisting potential Western Asset Management. some of the biggest buyers of “Thereisaveryfavorable playedarole by keeping trou- Banca SpA. Mr.Orcel, who re- candidates. Critics sayCLOs allowcom- CLO debt in recent years, the contextsoIthink that in the bled banks aliveinstead of cently became CEO,was previ- It is unlikely that foreign panies to borrow morethan market has started to come next 12 months we could see pushing forsales or liquida- ously head of investment buyerswill playarole in Ital- they cansupport, exposing in- back,analystssaid, afterscal- moretransactions,” said Alberto tions, which could harm de- banking at UBS Group AG and ian deals.Cross-border merg- vestorstolosses in adown- ing back purchases in 2020. Nagel, chief executiveofinvest- positors or savers who in- made acareer forging Euro- erstocreatereal European turn. Awaveofleveraged loan DJ Lucey, senior portfolio ment bank Mediobanca SpA. vested in bank bonds. pean bank deals. heavyweightsare harder to downgrades hit CLO managers manager at asset manager Sun Consolidation is seen as a Shareprices of Italian Atargetfor UniCredit is carryout due to resistance last year,causing some portfo- LifeCapital Management, says way forbanks to reducecosts banks have been among the BancaMontedei Paschi di from national authorities and lios to surpass limits on low- his firm has favoredinvest- and slash their way to more worstperformersglobally for Siena SpA, aperennial trouble because thereisnoeurozone- rated holdings or breach col- ment-grade-rated CLO bonds profits. Compared with the years, but have bounced back spot forthe European banking wide deposit insuranceplan. lateral tests. over other similarly rated U.S.,Europe’sbanking scene is this year as the economy has system, according to people —Ben Dummett Some investorsare hesitant debt, believing thereisstill highly fragmented, with each recovered. Investorssense a familiar with the matter. contributed to this article. to add to CLO holdings. As of room for gains. Friday, the averagetriple-A- “CLOs are relatively cheap ratedCLO bond issued in May next to arguably very rich cor- paid an extrayield, or spread, poratecredit markets. There’s Former Trump Iran EnvoyJoins Cerberus of 1.16 percentagepointsover alot of good news priced into the London interbank offering the rest of the investment- rate,orLibor,according to Re- grade markets,” he said. BY CHRIS CUMMING pressurecampaign aimed at calrisk,hesaid. Washingtonpowerplayers ex- using economic and diplomatic Theprivate-equity industry tend beyond Mr.Quayle,with Sales of newcollateralized Extrayield overthe London Former State Department means to forcethe government haslong been apopular desti- former TreasurySecretary loan obligations* interbank overnight rate on Iran envoy Brian Hook has in Tehran to negotiateanew nation forformer politicians, John Snow serving as the newtriple-A-ratedCLO bonds, joined private-equity firm Cer- nucleardeal following the U.S. diplomatsand political appoin- firm’schairman. Mr.Hook said by month† berus Capital Management to withdrawalin2018 from an tees.Decades ago, both Bill he has known both men for $150 billion 2.25 percentagepoints help oversee international in- agreement reached during the Clinton and the elder Mr.Bush manyyearsand that at ameet- vestments, the asset manager Obama administration. worked as adviserstoprivate- ing last year in California, Mr. said Monday. Mr.Hook wassenior adviser equity firms aftertheir presi- Quayle suggested he consider a 125 2.00 Mr.Hook wasnamed vice to Secretaries of State RexTil- dential terms ended. Morere- role at Cerberus following his chairman of Cerberus Global lerson and MikePompeo be- cently,the list of those who State Department departure. InvestmentsLLC,the NewYork fore becoming Iran envoy. have moved from government Among the significant ac- 100 1.75 firm’saffiliatefocused on in- He also held diplomatic to privateequity includes for- complishmentsduring his ternational business. He will roles in the administrations of mer TreasurySecretaryTimo- State Department tenureunder 75 1.50 be working under former U.S. PresidentsGeorge H.W. Bush thyGeithner and former House President Trump,Mr. Hook Vice President Dan Quayle, andGeorge W. Bush. Speaker Newt Gingrich. lists the signing of peace who has been with the private- At Cerberus,Mr. Hook’sre- Former diplomatswho agreementsbetween Israel and 50 1.25 equity firm formorethan two sponsibilities will be broad and found work with buyout shops four Arab states; helping end decades and is chairman of the global, he said. He will help include former U.N. envoy theyearslong feud between global arm. oversee investment and fund- John Bolton, nowsenior ad- Qatarand itsPersian Gulf ri- 25 1.00 Mr.Hook leftthe State De- raising acrossasset classes viser to the Rhône Group,and vals; and negotiating the re- partment last year afterserv- and all geographies outside the former SecretaryofState Colin lease from Iranian prisons of ingfor two yearsasU.S.spe- U.S.,aiming to improvethe Powell, who headed the board U.S. Navy veteranMichael 0 0.75 cial representativefor Iran. He value of companies the firm of advisersfor Leeds Equity Whiteand Princeton Univer- 2010 ’15 ’20 2017 ’18’19 ’20 ’21 spearheaded the Trump admin- owns.Among his areas of fo- Partners. sity graduatestudent Xiyue *2021 data is as of May20†May2021dataisasofMay 21 istration’sso-called maximum- cus will be managing geopoliti- Cerberus’sties with former Wang. Source:S&P Global Market Intelligence’sLCD (issuance); Refinitiv (spread)

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

DiamondrockPfd DRHpA 29.59 0.8 GranitePointMtg GPMT 14.23 1.3 MagnumOpusWt OPA.WS 0.63 5.0 PiperSandler PIPR 126.95 1.0 SpragueRscs SRLP 25.24 1.4 YumChina YUMC 65.63 0.3 HomologyMed FIXX 5.94 -2.6 The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE American and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or low DianaShipping DSX 4.95 9.6 GreatAjaxNts24 AJXA 25.99 0.5 MaximIntProducts MXIM 101.07 1.9 PlayAGS AGS 11.21 10.7 Squarespace SQSP 54.42 9.6 Zoetis ZTS 178.71 0.2 iHuman IH 9.11 -9.9 in the latest session. %CHG-Daily percentage change from the previous trading session. DimeCommBcshs DCOM 35.87 -1.8 Hershey HSY 175.09 0.2 MayvilleEngg MEC 19.18 9.5 PLxPharma PLXP 13.84 9.0 SteelPtrsPfdA SPLPpA 23.49 0.3 ImpelNeuro IMPL 12.83 -4.2 DouglasEmmett DEI 35.38 1.9 HessMidstream HESM 25.20 1.2 McGrathRent MGRC 86.83 0.7 PlymouthIndREIT PLYM 19.80 0.6 Stellantis STLA 18.88 0.5 Lows InterceptPharm ICPT 16.12 -4.5

Monday, May 24, 2021 EPAM Systems EPAM 485.91 1.5 HiltonGrandVac HGV 46.86 2.8 Medifast MED 330.77 4.4 Progyny PGNY 59.86 2.7 Synnex SNX 128.00 3.2 AdverumBiotech ADVM 3.34 -1.4 KKRAcqnI A KAHC 9.67 -0.8 52-Wk % 52-Wk % 52-Wk % ESM Acqn A ESM 9.92 -0.2 HorizonTherap HZNP 97.36 1.3 MerchantsBncpPfdC MBINN 26.63 0.5 Prologis PLD 119.04 0.5 Target TGT 228.50 0.1 AlliedHealthcare AHPI 3.57 -5.0 KiniksaPharm KNSA 13.64 -1.9 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg E2openWt ETWO.WS 4.39 15.2 HuttigBuilding HBP 7.00 -0.4 MethodeElec MEI 47.51 1.3 ProtagonistTherap PTGX 36.50 3.0 TaylorDevices TAYD 12.43 0.1 AltitudeAcqn ALTUU 9.92 -3.3 LCattertonWt LCAAW 0.63 -3.8 AshfordHospPfdF AHTpF 25.90 0.5 CaliforniaRscs CRC 30.56 1.7 E2open ETWO 13.94 7.1 ICL Group ICL 7.08 4.0 MillicomIntl TIGO 46.18 1.7 QuestResource QRHC 5.49 8.5 Tech&EnerWt TETCW 1.44 2.7 AltitudeAcqnWt ALTUW 0.65 -14.6 LandcadiaIV Wt LCAHW 0.71 2.6 Highs AtlasNts2027 ATCOL 26.24 0.9 CamdenProperty CPT 125.05 1.4 Eastern EML 33.00 -1.4 IDT IDT 30.16 1.2 MineralsTechs MTX 84.98 0.9 RBB Bancorp RBB 23.70 1.3 TeekayLNG un TGP 15.54 0.2 AmicusTherap FOLD 8.82 0.2 LazardGrowthI LGAC 9.71 -1.0 ADP ADP 198.35 0.9 CIBC CM 112.58 0.3 ElancoAnimalUn ELAT 53.95 0.7 ING Groep ING 13.63 0.6 MizuhoFin MFG 3.21 0.9 RF Industries RFIL 7.75 2.0 Tenneco TEN 15.48 5.5 ArcoPlatform ARCE 23.19 -1.1 LeoHoldingsIII A LIII 9.66 -0.7 AG Mortgage PfdB MITTpB 24.90 0.5 Avalonbay AVB 204.44 1.5 CanPacRlwy CP 83.07 2.1 EndeavourSilver EXK 7.25 0.7 IQVIA IQV 243.94 1.5 Mondelez MDLZ 64.02 0.5 RadNet RDNT 26.44 -0.3 TexasCapBcshsPfdB TCBIO 26.39 0.3 Atreca BCEL 8.68 -4.1 LevereA LVRA 9.65 -0.5 AGNC Invt AGNC 18.63 0.4 AvidTechnology AVID 31.59 -2.3 CapitalSouthwest CSWC 25.65 2.6 Entravision EVC 4.71 1.8 Icon ICLR 234.22 0.5 MorganStanley MS 90.20 1.5 RangerEnergySvcs RNGR 8.11 14.1 TivityHealth TVTY 26.21 2.3 AxcellaHealth AXLA 3.10 -5.7 LiveOakMobilWt LOKM.WS 0.96 -18.9 AberdIncmCRt ACPr 0.26 0.2 BP Midstream BPMP 14.32 1.8 CapitalaFinNts22 CPTAG 25.08 ... EquityLife ELS 71.27 0.9 InfoSvcsGrp III 6.19 3.8 MurphyOil MUR 21.95 4.6 Ranpak PACK 24.59 3.0 Torm TRMD 10.16 3.6 B.RileyPrin150A BRPM 9.63 ... LogicBioTherap LOGC 4.11 -3.7 AccelerateWt AAQC.WS 1.04 ... BabcockWilcoxPfdA BWpA 25.20 -0.3 CarterBkshrs CARE 16.20 8.1 EquityResdntl EQR 76.74 1.6 Interface TILE 15.58 1.6 NamTaiProperty NTP 26.16 -2.9 ReconTech RCON 10.90 16.5 US BancorpPfdM USBpR 25.11 0.1 BlackDiamond BDTX 12.90 1.6 MetenEdtechX METX 0.95 -32.3 AdvEmissions ADES 7.34 1.7 BankJamesFinl BOTJ 17.85 9.6 CatalystPtrs CPARU 10.16 0.5 EssaPharma EPIX 34.73 2.2 inTEST INTT 13.93 2.4 NationalGrid NGG 67.77 0.6 RedRockResorts RRR 42.85 5.3 USD Partners USDP 6.87 7.7 BrightScholarEduc BEDU 3.76 -6.0 NewOrientalEduc EDU 9.05 -18.3 Agiliti AGTI 18.29 6.7 BentleySystems BSY 55.00 3.4 Centene CNC 74.39 0.3 EvansBancorp EVBN 38.25 0.5 Intra-Cellular ITCI 40.84 -3.6 Natuzzi NTZ 18.65 7.7 RegionalMgmt RM 47.11 3.9 UiPath PATH 88.62 8.1 BuildAcqnWt BGSX.WS 0.90 -5.0 NymoxPharm NYMX 1.50 -9.0 AlliantEnergy LNT 58.53 -0.1 Blackstone BX 91.84 0.5 CntlValCmntyBk CVCY 21.41 2.3 EvercoreA EVR 150.32 0.8 Intuit INTU 442.71 1.6 NetApp NTAP 79.82 0.9 ReinventTechY Wt RTPYW 2.11 5.0 Univar UNVR 27.42 0.3 CFFinAcqnIII CFACU 10.01 0.2 1847Goedeker GOED 4.80 -12.3 AmerFirstMultifam ATAX 6.40 2.4 BlockHR HRB 25.96 -5.1 CharahSolutions CHRA 6.63 -1.3 ExlService EXLS 101.84 1.7 InvitatHomes INVH 36.23 2.0 Netstreit NTST 22.83 2.4 RenalytixAI RNLX 35.71 5.4 Universal UVV 60.95 -0.2 ChinaOnlineEduc COE 10.20 -19.2 OneSmartIntl ONE 1.73 -12.2 AmHomes4Rent AMH 38.23 2.3 BlueOwlCapital OWL 12.44 4.3 ChimeraInvPfdB CIMpB 25.67 1.1 ExpeditorsIntl EXPD 124.26 1.6 IronMountain IRM 43.87 1.6 NewtekBusSvcs NEWT 33.77 2.4 RichmondMutBncp RMBI 14.75 -0.3 UsanaHealth USNA 105.47 2.8 ChurchillVI A CCVI 9.75 -0.1 Puxin NEW 1.95 -22.4 AmerisBancorp ABCB 59.85 -4.1 BlueRidgeBkshs BRBS 17.60 2.5 ChimeraPfdC CIMpC 25.14 ... FGFinancial FGF 8.40 3.7 J.Jill JILL 17.44 4.8 NexPointResidentl NXRT 51.67 2.3 Roblox RBLX 89.64 8.2 Verastem VSTM 4.08 24.8 ClearwaterPaper CLW 28.12 -0.9 Quhuo QH 4.45 -2.2 Amrep AXR 15.15 9.3 BlueknightEner BKEP 4.04 4.9 ChimeraInvPfdD CIMpD 25.19 0.4 FS KKR Cap FSK 21.87 0.8 Joann JOAN 14.40 -2.6 NomadFoods NOMD 30.74 0.2 RoyalBkCanada RY 102.73 0.1 VeriSign VRSN 226.14 1.4 CoherusBioSci CHRS 13.15 -2.2 ReinventTechZ Wt RTPZ.WS 1.20 -4.8 AngelPond POND.U 9.93 0.6 BostonProps BXP 115.29 2.6 Citigroup C 78.36 0.5 FarmerBros FARM 13.08 2.3 Jabil JBL 55.99 1.9 NortonLifeLock NLOK 27.55 2.9 SLGreenRealty SLG 79.42 2.8 Veritiv VRTV 60.73 19.9 Colonnade II Wt CLAA.WS 0.72 5.4 RibbitLeapUn LEAP.U 10.51 -2.7 AB InBev BUD 76.18 0.3 Brainsway BWAY 11.19 10.5 CityOfficeREIT CIO 11.69 2.2 FirstBancorp FNLC 31.18 -0.7 JazzPharma JAZZ 182.56 -0.6 NovoNordisk NVO 82.23 0.5 SafeBulkers SB 4.46 7.6 VerraMobility VRRM 15.51 1.4 DouYuIntl DOYU 7.12 -1.6 RothCH III ROCR 9.61 -0.9 AnnalyCapPfdG 25.65 0.6 NLYpG BrandywineRealty BDN 14.22 1.7 CocaColaCon COKE 368.54 3.9 FirstCmwlthFin FCF 15.69 -1.7 HancockHdgEquity HEQ 12.93 1.4 OasisMidstream OMP 24.97 3.5 SantanderCons SC 37.98 1.2 Vertiv VRT 24.47 2.9 ESM Acqn Wt ESM.WS 0.62 -2.4 ShiftTech SFT 6.17 -11.5 AnzuSpecialI A ANZU 9.83 1.9 BristolMyers BMY 67.96 0.4 ColonyBankcorp CBAN 19.59 3.9 FirstIndRlty FR 51.52 2.3 Joint JYNT 58.98 5.0 OasisPetrol OAS 86.80 0.8 ScientificGames SGMS 69.43 5.4 ViaviSolutions VIAV 17.35 1.8 EnelChile ENIC 2.83 -4.7 SigilonTherap SGTX 11.35 -1.0 Apria APR 34.50 -1.1 Broadstone BNL 22.08 1.7 CommVaultSys CVLT 75.13 5.8 FlameAcqnA FLME 10.02 4.2 KT KT 14.47 4.1 OldRepublic ORI 26.54 0.5 ScorpioTankers STNG 23.37 -0.4 VineEnergy VEI 15.12 -2.7 EvokePharma EVOK 1.09 -12.7 SilverSpikeII Wt SPKBW 0.92 -1.0 ArborRealtyPfdA ABRpA 27.27 -0.4 BrookfieldProp BPY 18.57 0.7 EngGr-Cmg CIG 2.49 2.9 FlameAcqnWt FLME.WS 0.91 8.7 KenonHoldings KEN 36.77 5.2 Olin OLN 48.50 2.1 SelectBancorp SLCT 14.45 2.4 WaldencastA WALD 10.04 1.9 FortressValueIV Wt FVIV.WS 1.00 3.8 SmartShareGlbl EM 5.79 -6.3 AresCommRealEst ACRE 15.29 0.9 BrooklineBcp BRKL 17.14 -1.4 CornerstoneBldg CNR 17.70 1.9 FlexLNG FLNG 15.55 0.1 KeurigDrPepper KDP 36.98 1.7 OrrstownFinSvcs ORRF 25.91 ... SelectMedical SEM 40.09 2.3 WashFedPfdA WAFDP 26.32 ... 4D Molecular FDMT 25.29 0.2 StrategicEd STRA 71.91 -0.9 AriesIAcqn RAMMU 10.00 0.3 Build-A-Bear BBW 10.67 4.5 CostamarePfdC CMREpC 26.25 -0.5 FriedmanInds FRD 10.95 -0.8 KilroyRealty KRC 71.58 2.9 OsirisAcqn OSI.U 9.99 -0.2 ShockwaveMed SWAV 177.55 3.3 WaysideTech WSTG 29.55 7.5 FrontierAcqnA FRON 9.65 -0.4 Supernova III Wt STRE.WS 1.00 4.8 AristaNetworks ANET 339.59 1.3 Cadiz CDZI 12.93 2.1 CostamarePfdE CMREpE 27.50 0.2 FullHouse FLL 11.10 6.6 KraftHeinz KHC 44.95 0.9 PDS Biotech PDSB 9.16 5.0 ShoeCarnival SCVL 68.82 0.8 WestPharmSvcs WST 339.89 1.8 GSXTechedu GOTU 18.60 -12.0 TAL Education TAL 34.26 -17.1 ArlingtonAsstNt25 AIC 25.62 1.3 CBRE Group CBRE 89.35 1.8 Cushman&Wkfd CWK 19.13 2.9 GasLogPtrsPfdA GLOPpA 24.45 1.4 KuraSushiUSA KRUS 42.40 4.4 PRA HealthSci PRAH 175.31 0.3 SkyWaterTech SKYT 29.73 10.1 WhitingPetrol WLL 43.23 3.3 GX Acqn II A GXII 9.62 -0.3 TPG Pace Solns TPGS 9.81 -0.5 ArlingtonAssetPfC AAICpC 24.99 0.6 CI Financial CIXX 18.53 0.9 CustomersBancorp CUBI 36.89 1.1 GasLogPtrsPfdC GLOPpC 23.44 1.0 LaredoPetrol LPI 53.26 1.7 PangaeaLogistics PANL 4.29 10.3 Smith-Midland SMID 16.55 6.0 Wiley A JW.A 63.64 1.5 Gaming&HospA GHAC 9.64 -1.0 Tech&EnerA TETC 9.68 ... ArrowElec ARW 124.35 1.2 CME Group CME 219.72 -0.2 Cutera CUTR 39.05 -0.4 GlobalCordBlood CO 6.23 -1.4 LibertyBroadbandA LBRDA 163.87 1.6 ParamountGroup PGRE 10.94 0.8 SoundFinBancorp SFBC 44.93 3.7 Wiley B JW.B 65.63 0.9 GoresVII A GSEV 9.82 -0.1 Valneva VALN 26.43 -6.1 AshfordHospPfdH AHTpH 25.71 1.2 CTS CTS 38.79 1.2 DIRTT Envl DRTT 3.91 12.0 Global-EOnline GLBE 33.00 3.4 LifeStorage LSI 98.18 0.6 Perficient PRFT 74.18 0.9 SouthJerseyUn SJIV 57.29 0.8 Winmark WINA 202.42 3.9 GrafAcqnIV GFOR.U 9.83 ... ViantTech DSP 20.59 5.3 AshfordHospPfdI AHTpI 25.79 1.7 CVR Partners UAN 66.60 4.1 Denbury DEN 64.13 2.7 GoldenOcean GOGL 10.89 1.0 MFAFinPfdB MFApB 25.03 0.5 PhibroAnimal PAHC 29.27 -2.0 SparkEnergyPfdA SPKEP 26.14 0.3 XPEL XPEL 81.00 0.2 GulfportEnergy GPOR 59.90 -0.9 Vimeo VMEOV 52.08 -8.6 AshfordHospPfdD AHTpD 25.85 1.6 CVS Health CVS 90.61 -0.1 DeutscheBank DB 15.22 2.0 GrahamHoldings GHC 685.00 -1.2 MV Oil MVO 6.78 1.5 Photronics PLAB 13.64 1.1 SpecialOppFdPfB SPEpB 29.78 0.9 Yeti YETI 91.55 1.0 HUYA HUYA 14.32 -1.7 VirginGrpII A VGII 9.84 -0.1

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 10.55 +0.01 -0.4 CpInc r 11.24 +0.03 6.1 IntlEq 29.93 +0.13 5.3 PGIM Funds Cl Z BalAdml 46.61 +0.29 5.9 WdsrllAdml 81.14 +0.58 18.1 MdCpGrAdml 95.35 +1.07 4.6 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. E GroCo 34.91 +0.55 6.2 I HighYield 5.56 ... 3.0 CAITAdml 12.28 ... 0.2 WellsIAdml 71.21 +0.19 4.5 MdCpVlAdml 74.25 +0.47 21.0 e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnotese GrowCoK 35.01 +0.55 6.2 TotalReturnBond NA ... NA CapOpAdml r199.95 +1.68 12.6 WelltnAdml 82.54 +0.48 8.5 SmValAdml 74.54 +0.32 22.5 and sapply. k-RecalculatedbyLipper,using updateddata. p-Distribution costsapply, Edgewood Growth Instituti InvGrBd 11.62 +0.01 -1.7 Invesco Funds Y PIMCO Fds Instl DivAppIdxAdm 42.15 +0.21 10.3 WndsrAdml 85.96 +0.39 20.4 TotBd2 11.07 +0.01 -2.7 12b-1. r-Redemption charge mayapply. s-Stock split or dividend. t-Footnotespand r EdgewoodGrInst 56.46 +0.98 9.1 LowP r 58.52 +0.29 20.3 DevMktY 55.65 -0.09 4.1 AllAsset NA ... NA EMAdmr 43.59 +0.25 4.7 VANGUARD FDS TotIntlInstIdx r141.14 +0.86 9.0 apply. v-Footnotesxand eapply. x-Ex-dividend. z-Footnote x, eand sapply. NA-Not Magin 13.17 +0.18 5.7 TotRt NA ... NA EqIncAdml 92.32 +0.36 17.1 DivdGro 36.54 +0.15 10.6 TotItlInstPlId r141.18 +0.86 9.0 available due to incompleteprice, performanceorcostdata. NE-Notreleased by Lipper; F NASDAQ r 171.92 +2.40 6.3 J PIMCO Funds A ExplrAdml 129.94 +0.79 8.5 INSTTRF2020 27.34 +0.13 4.2 TotSt 105.60 +1.01 11.8 data under review. NN-Fund nottracked. NS-Fund didn’texistatstart of period. Fidelity OTC 18.85 +0.34 7.6 John Hancock Instl IncomeFd NA ... NA ExtndAdml 136.48 +1.16 9.8 INSTTRF2025 28.86 +0.15 5.1 VANGUARD INSTL FDS 500IdxInstPrem145.90 +1.45 12.4 Puritn 28.30 +0.24 9.0 DispValMCI 28.38 +0.15 21.7 PIMCO Funds I2 GNMAAdml 10.66 +0.01 -0.5 INSTTRF2030 29.86 +0.18 6.2 BalInst 46.62 +0.29 5.9 Contrafund K6 20.54 +0.26 8.8 SrsEmrgMkt 25.90 +0.04 3.8 JPMorgan I Class Income NA ... NA GrwthAdml 138.69 +2.16 6.5 INSTTRF2035 30.79 +0.20 7.2 DevMktsIndInst 16.77 +0.11 10.5 Monday, May 24, 2021 ExtMktIdxInstPre 86.31 +0.74 9.8 SrsGlobal 15.55 +0.06 8.4 CoreBond 11.97 +0.02 -1.8 PIMCO Funds Instl HlthCareAdml r 94.51 -0.05 5.5 INSTTRF2040 31.76 +0.22 8.2 DevMktsInxInst 26.21 +0.17 10.5 Net YTD Net YTD Net YTD FidSerToMarket 14.39 +0.14 11.9 SrsGroCoRetail 24.29 +0.38 6.7 EqInc 22.93 +0.10 16.8 IncomeFd NA ... NA HYCorAdml r 5.94 ... 1.0 INSTTRF2045 32.65 +0.25 9.2 ExtndInst 136.48 +1.17 9.8 Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret GrowthCompanyK6 20.45 +0.31 6.3 SrsIntlGrw 19.18 +0.17 7.9 JPMorgan R Class Price Funds InfProAd 28.52 +0.08 0.9 INSTTRF2050 32.78 +0.25 9.4 GrwthInst 138.70 +2.16 6.5 SrsIntlVal 11.48 +0.07 13.8 BlChip 175.01 +2.71 5.7 A DivIncom I 29.50 +0.15 14.8 IntlIdxInstPrem 49.97 +0.28 9.8 CoreBond 11.98 +0.01 -1.9 IntlGrAdml 161.59 +1.18 0.8 INSTTRF2055 32.86 +0.24 9.4 InPrSeIn 11.62 +0.03 0.9 B TotalBond 11.05 +0.01 -1.6 DivGro 66.75 +0.40 11.5 MidCpInxInstPrem 30.66 +0.23 13.5 ITBondAdml 12.11 +0.02 -2.7 IntlVal 44.77 +0.22 11.2 InstIdx 367.34 +3.64 12.4 D Fidelity SAI EqInc 37.64 +0.22 20.9 American Century Inv Baird Funds SAIUSLgCpIndxFd 22.06 +0.21 12.4 L ITIGradeAdml 10.12 +0.02 -1.8 LifeCon 23.19 +0.10 2.6 InstPlus 367.37 +3.64 12.4 TotalBd 10.51 +0.02 -1.4 Growth 104.37 +1.60 7.7 Ultra 79.67 +1.26 4.9 AggBdInst 11.42 +0.02 -2.4 Dimensional Fds SeriesBondFd 10.44 +0.02 -2.5 Lord Abbett A LTGradeAdml 10.74 +0.03 -7.4 LifeGro 43.45 +0.29 8.0 InstTStPlus 82.48 +0.79 11.9 Fidelity Selects HelSci 101.20 +0.12 2.4 MidCpAdml 287.40 +2.53 12.4 LifeMod 33.30 +0.17 5.2 American Funds Cl A CorBdInst 11.80 +0.02 -2.1 5GlbFxdInc 10.92 ... 0.3 SeriesOverseas 13.56 +0.10 9.4 ShtDurIncmA p 4.21 ... 1.0 MidCpInst 63.49 +0.56 12.4 Softwr r 28.47 +0.45 6.6 LgCapGow I 66.68 +1.05 8.9 MuHYAdml 12.08 ... 2.2 PrmcpCor 33.94 +0.26 17.1 AmcpA p 42.75 +0.42 9.3 BlackRock Funds EmgMktVa 32.20 +0.19 12.6 SmCpIdxInstPrem 28.27 +0.15 13.2 Lord Abbett F MidCpIstPl 313.12 +2.76 12.4 Tech r 26.19 +0.45 3.1 MidCap 119.53 +0.82 5.7 MuIntAdml 14.81 ... 0.5 STAR 32.81 +0.19 5.6 AMutlA p 50.51 +0.21 13.7 HiYldBd Inst 7.82 +0.01 2.2 EmMktCorEq 26.15 +0.15 7.8 TMktIdxInstPrem120.42 +1.17 11.9 ShtDurIncm 4.21 ... 1.0 SmCapInst 105.12 +0.65 13.1 First Eagle Funds NHoriz 82.85 +0.71 0.7 MuLTAdml 12.23 ... 1.1 TgtRe2015 16.13 +0.05 2.5 BalA p 32.63 +0.17 8.4 BlackRock Funds A IntlCoreEq 16.45 +0.11 13.1 USBdIdxInstPrem 12.04 +0.01 -2.6 SmCapIstPl 303.41 +1.86 13.1 Fidelity Advisor I GlbA 68.38 +0.38 11.6 R2020 24.19 +0.12 6.3 MuLtdAdml 11.23 ... 0.3 TgtRe2020 35.70 +0.16 4.1 BondA p 13.43 +0.01 -2.1 GlblAlloc p 22.70 ... 5.4 IntSmCo 23.02 +0.17 13.6 M STIGradeInst 10.98 ... 0.2 BlackRock Funds III NwInsghtI 40.25 +0.54 9.3 Franklin A1 R2025 20.77 +0.12 7.2 MuShtAdml 15.93 ... 0.2 TgtRe2025 22.64 +0.12 5.1 CapIBA p 68.80 +0.21 9.9 IntSmVa 22.26 +0.15 16.5 Metropolitan West STIPSIxins 26.28 +0.05 2.8 iShS&P500IdxK497.43 +4.93 12.4 LgCo 31.53 +0.31 12.4 Fidelity Freedom IncomeA1 p 2.53 +0.01 12.2 R2030 30.82 +0.19 8.3 PrmcpAdml r175.36 +1.60 14.0 TgtRe2030 43.03 +0.25 6.1 CapWGrA 64.50 +0.38 9.0 TotRetBdI 10.91 +0.02 -1.9 TotBdInst 11.23 +0.02 -2.6 BlackRock Funds Inst TAUSCoreEq2 26.47 +0.19 15.4 FF2020 17.28 +0.07 5.5 FrankTemp/Frank Adv R2035 23.23 +0.16 9.4 RealEstatAdml140.36 +1.60 17.3 TgtRe2035 27.02 +0.17 7.1 EupacA p 72.17 +0.38 4.1 TRBdPlan 10.23 +0.02 -2.0 TotBdInst2 11.07 +0.01 -2.7 EqtyDivd 24.07 +0.11 19.0 US CoreEq1 33.99 +0.26 14.9 FF2025 15.81 +0.07 6.3 IncomeAdv 2.51 +0.01 12.4 R2040 33.57 +0.26 10.3 SmCapAdml105.12 +0.64 13.1 TgtRe2040 47.89 +0.33 8.2 FdInvA p 77.31 +0.67 12.1 TotBdInstPl 11.23 +0.02 -2.6 StratIncOpptyIns 10.36 +0.01 0.7 US CoreEq2 31.27 +0.22 16.3 FF2030 19.85 +0.10 7.3 FrankTemp/Franklin A PRIMECAP Odyssey Fds SmGthAdml 95.81 +0.85 2.0 TgtRe2045 30.79 +0.23 9.2 GwthA p 71.66 +0.90 6.1 N TotIntBdIdxInst 34.06 +0.02 -2.7 Bridge Builder Trust US Small 46.98 +0.15 22.5 FF2035 17.35 +0.10 9.5 Growth A p 143.72 +1.57 6.1 AggGrowth r 56.51 +0.40 5.3 STBondAdml 10.80 +0.01 -0.1 TgtRe2050 49.69 +0.37 9.3 ICAA p 49.71 +0.41 12.3 TotStInst 105.66 +1.02 11.9 CoreBond 10.47 +0.01 -2.2 US SmCpVal 46.04 +0.06 34.0 FF2040 12.44 +0.08 11.0 RisDv A p 88.78 +0.66 10.9 Northern Funds STIGradeAdml 10.98 ... 0.2 TgtRet2055 53.95 +0.41 9.3 IncoA p 26.03 +0.09 11.3 S CorePlusBond 10.35 +0.01 -1.6 US TgdVal 31.12 +0.08 32.4 Freedom2025 K 15.79 +0.07 6.4 StkIdx 47.04 +0.47 12.4 STIPSIxAdm 26.26 +0.05 2.7 TgtRetInc 15.21 +0.05 2.2 ValueInst 54.55 +0.23 18.2 N PerA p 64.85 +0.65 7.2 G Intl Eq 14.72 +0.09 10.2 USLgVa 45.85 +0.26 22.6 Freedom2030 K 19.83 +0.09 7.3 O Schwab Funds TotBdAdml 11.23 +0.02 -2.6 TotIntBdIxInv 11.35 +0.01 -2.7 W NEcoA p 61.67 +0.54 3.6 LargeCapGrowth 22.24 +0.25 8.1 Dodge & Cox Freedom2035 K 17.33 +0.10 9.5 Guggenheim Funds Tru 1000 Inv r 93.06 +0.93 11.4 TotIntBdIdxAdm 22.70 +0.02 -2.7 USGro 66.58 +1.16 1.4 NwWrldA 93.27 +0.67 6.0 LargeCapValue 17.43 +0.11 18.9 Balanced 116.78 +0.58 16.8 Freedom2040 K 12.44 +0.08 11.0 TotRtnBdFdClInst 28.70 +0.05 -2.2 Old Westbury Fds S&P Sel 64.54 +0.64 12.4 TotIntlAdmIdx r 35.29 +0.21 9.0 WellsI 29.40 +0.08 4.5 WCM Focus Funds SmCpA p 85.17 +0.56 7.1 GblStock 16.03 +0.12 20.5 Fidelity Invest LrgCpStr 18.55 +0.15 8.2 TSM Sel r 74.38 +0.72 11.9 TotStAdml 105.64 +1.02 11.9 Welltn 47.80 +0.28 8.4 WCMFocIntlGrwIns 26.53 +0.28 7.2 TxExA p 13.67 +0.01 1.2 C Income 14.28 +0.02 -1.4 Balanc 30.68 +0.25 8.7 H TxMCapAdml220.49 +2.20 11.9 WndsrII 45.72 +0.32 18.1 Western Asset WshA p 57.68 +0.37 15.4 Calamos Funds Intl Stk 49.40 +0.21 13.0 BluCh 172.57 +2.99 5.8 Harbor Funds P V TxMIn r 16.74 +0.10 10.4 VANGUARD INDEX FDS CoreBondI NA ... NA Artisan Funds MktNeutI 14.20 +0.03 2.2 Stock 240.70 +1.88 26.3 Contra 17.90 +0.24 9.2 CapApInst 104.70 +2.10 0.5 Parnassus Fds VANGUARD ADMIRAL USGroAdml 172.49 +3.01 1.5 ExtndIstPl 336.81 +2.88 9.8 CorePlusBdI NA ... NA IntlVal Inst 46.07 +0.18 15.6 Columbia Class I DoubleLine Funds ContraK 17.94 +0.23 9.2 Harding Loevner ParnEqFd 60.22 +0.61 12.3 500Adml 388.19 +3.85 12.4 ValAdml 54.55 +0.23 18.2 IdxIntl 21.10 +0.13 9.0 CorePlusBdIS NA ... NA P2JW145000-5-B01100-1------XA

THE WALL STREET JOURNAL. ***** Tuesday, May 25, 2021 | B11 MARKETS Tech, Communications StocksLeadWay

BY ANNA HIRTENSTEIN wort Hambros.“This is reflect- S&P500 sectorsperformance, Monday Some investorsremain on weekend with aforecast that it AND ALEXANDER OSIPOVICH ing the fact that we hit the fast- edgeabout inflation. Thestock will reach $80 by summer. Communications est part of the recovery.Growth, services market’sstrong performance Futures on gold, atradi- Stocks advanced, led by re- while continuing,isgoing to be this year has been underpinned tional hedgeagainst inflation, bounding shares of technology at adecelerating pace.” Technology by easy-money policies from the ticked up 0.4%to$1,884.60 a and communications compa- Cryptocurrencies continued Real estate Federal Reserve. Anyshiftby troy ounce, their highest settle- nies,asinvestorsgrewmore adramatic stretch of trading. the central bank to amoreinfla- ment sinceearly January. The comfortable with the inflation Bitcoin rebounded aftersud- Consumer tion-fighting posturecould un- precious metal has climbed in discretionary outlook and the paceofthe denly dropping over the week- dermine the rally,investorssay. seven of the past eight trading economic recovery. end to nearly $30,000 and was S&P500 Philip Blancato, chief execu- sessions. TheNasdaq Compositerose trading at $39,131.63 lateMon- tiveofLadenburgThalmann In bond markets, the yield 190.18 points, or 1.4%, to day. It gotaboost when Tesla Energy AssetManagement, said he is on the benchmark 10-year 13661.17, adding to itsrecovery Chief ExecutiveElon Musk— concerned about astock-mar- Treasurynotefell to 1.608% Materials afteritekedout asmall gain one of the most influential fig- ketcorrection as soon as the from 1.629% Friday. Yields fall last week and snapped afour- ures in cryptomarkets— Industrials Fedbegins to dial back itsbond when prices rise. week losing streak. tweeted that North American purchases.Mr. Blancatohas cut Overseas,the pan-continen- TheS&P 500 bitcoin minershad committed Financials back his firm’sholdingsoftech talStoxxEurope 600 ticked up MONDAY’S climbed 41.19 to publish dataontheir use of stocks over the past three 0.1%. Early Tuesday, Japan’s MARKETS points, or 1%, to renewable energy,astepthat Consumer staples months,while adding to its Nikkei wasup0.6%, Hong 4197.05. TheDow could alleviate concerns over holdingsoffinancials,industri- Kong’sHang Seng Indexwas up Jones Industrial Averagegained bitcoin’simpact on the environ- Healthcare als and smaller-cap companies, 1% andthe Shanghai Composite 186.14points, or 0.5%, to ment. But bitcoin is down 40% Utilities as well as emerging-markets wasup1.3%. U.S. stock futures 34393.98. from itsmid-April peak. 0% 0.511.5 stocks. were up 0.2%. Investorsare keeping a close “Decentralized financeis “The reality is,thereare se- eyeoninflation indicators to facing itsfirst real challenge Source:FactSet rious pocketsofinflation, and determine whether arecent sinceinception. We don’t think it’sgoing to affect the con- AUCTION RESULTS rise in prices is temporaryor that this is the end; the bubble erswere Twitter,which rose Korea. sumer,” Mr.Blancatosaid. “I Here are the results of Monday's Treasury auctions. All bids are awarded at a single price at the market- part of alonger-term trend. En- has not really popped yet,” said $2.61, or 4.8%, to $57.06, and Virgin Galactic shares think inflation will become a clearing yield. Rates are determined by the difference ergy and materials companies MonicaDefend, global head of Tesla,which gained $25.56, or jumped $5.82, or 28%, to headwind that slows down peo- between that price and the face value. that canpassalong higher research at Amundi. “Central 4.4%, to $606.44. Google parent $26.89after the space-travel ple’sspending.” 13-Week 26-Week coststoconsumershavebeen banksare ready to playinthe Alphabet, Facebook and Mi- companysaid it completed its Increasesinraw-materials Applications $169,558,372,100 $155,304,984,500 an increasingly popular trade, digital currencyfield. Iexpect crosoft all gained morethan firsthuman spaceflight on Sat- prices have been among the Accepted bids $62,296,484,100 $59,015,936,500 " noncomp $551,647,600 $484,443,600 whiletech companies’ shares with the central banks in play, 2%. urdayfromNew Mexico. warning signs forthose wor- " foreign noncomp $200,000,000 $1,000,000,000 and bonds have laggedbehind. therewill be moreregulation to In corporatenews, shares of Earningsseason is winding ried aboutinflation. In com- Auction price (rate) 99.996208 99.984750 “Inflation concerns have less- come and moretransparency.” Moderna rose $2.72,or1.7%, to down.Quarterly earningsare modities,futures on benchmark (0.015%) (0.030%) 0.015% 0.030% ened, there’smoreofawider Tech and communications $164.17after the vaccine maker due this week from chip maker Brent crude oil rose 3% on Bids at clearing yield accepted 24.63% 71.84% recognition that inflation will be were the best-performing sec- struck adeal with Samsung’s Nvidia on Wednesdayand tech Mondaytosettle at $68.46a 912796D55 912796H77 Both issues are dated May 27, 2021. The 13-week bills transitory,” said Fahad Kamal, tors of the S&P 500 on Monday. biotech division to manufacture companies Salesforce.com and barrel. AnalystsatGoldman mature on Aug. 26, 2021; the 26-week bills mature on chief investment officer at Klein- Among the day’sstronger gain- itsCovid-19 vaccines in South Dell Technologies Thursday. Sachs put out anoteoverthe Nov. 26, 2021.

denominated accountsatbanks China Adds and the popular Chinese mobile payment apps WeChat Payand Alipayinpeer-to-peer transac- Bitcoin tions. Lennix Lai, adirector at OKEx,said that while China has Volatility disallowedcryptocurrencyex- changes and ICOs within its borders, it hasn’t outlawedthe ContinuedfrompageB1 owning of digital currencies by based partner at JunZeJun Law itscitizens.“People areallowed Offices.Hesaid it wasthe first to mine bitcoins,they can time thecabinet-level financial transfer bitcoins to othersand regulator had mentioned bit- settle their trade in renminbi,” coin mining publicly and linked Mr.Lai said, using another it to financial stability.The re- name forthe Chinese currency, cent messages from regulators adding that “thereare alot of “could signal the beginning of a bitcoin natives and believersin JOURNAL

series of newmovementstaken China.” REET by the Chinese government to In response to aWall Street ST LL

crack down on crypto-related Journal query, aspokesman for WA activities from multiple an- Ant Group Co., which owns Ali- THE

gles,” he said. pay, pointed to astatement it R China, the world’smost pop- issued in 2019.“Alipayclosely FO ulous nation, has been ahotbed monitorsover-the-counter ORENTE

forcryptocurrencytrading and transactions to identifyirregu- LL

mining.In2017, concerns about lar behavior and ensurecompli- OR

capital flight led Beijing to im- ance with relevant regulations.” VICT pose bans on Chinese crypto- Anytransactions on the plat- Hayden Adams built Uniswap, a decentralized exchange with volume of $36.6 billion in April, after being laid off as an engineer. currencyexchanges and digital- form that areidentified as be- currencyfundraisingsknown as ing related to bitcoin or other initial coin offerings. virtual currencies will result in Peer Trading RisesinCryptoSector Authorities subsequently in- astoppageofpayment services, structed Chinese platforms and the statement said. financial institutions to stop “Wetakeour complianceob- BY ALEXANDER OSIPOVICH safeguards against money Monthly volume on quoting prices that other mar- providing virtual-currency ligations seriously,and will laundering,or“knowyour cus- decentralized exchanges ketparticipantscan trade trading services.They also or- continue to take action against Coinbase Global Inc., which tomer” measures in which an against. dered the closing of operations anyillegal transactions,” said a has made billions running exchangeconfirms the identity $140 billion Mr. Adams’s breakthrough, that produce—or mine—cryp- spokesperson at Tencent Hold- cryptocurrencymarkets,is of tradersusing the platform. inspired by ablog post by tocurrencies,eventhough in- ings Ltd., which owns WeChat facing competition from anew That could raise redflagsfor 120 Ethereum founder Vitalik Bu- dustryparticipantssay mining Pay. breed of upstartsthat look government authorities,espe- terin, was to design a system still takesplaceinpartsofthe Some Chinese banks have lesslikethe NewYork Stock cially as DEXes gain popularity, of “automated market mak- 100 country, such as the southwest- also warned their customers Exchange and more like Nap- said Ashley Ebersole,aformer ers.” These arecomputer pro- ern regions.Last week,authori- against using their accountsfor ster,the defunct music-shar- Securities and ExchangeCom- grams that build up pools of ties in Inner Mongolia, aChi- cryptocurrencytransactions. ing service. mission attorney. 80 tokens contributed by Uniswap nese border region, sought help China Citic Bank Corp., forin- Decentralized exchanges are “Ifalot of money is moving usersand determine prices us- from the public to report on stance, said in an April state- peer-to-peer networks for across your platform, regula- 60 ing amathematicalformula, cryptocurrency-mining activi- ment that no institution or per- swapping digital tokens. Last tors could have serious prob- based on the supply of tokens ties. son mayuse the bank for month, $122billion in transac- lems if you’renot asking even in the pools. Cracking down on Chinese transactions related to assets tions took place on DEXes, as basic questions to knowwho’s 40 In exchange for posting to- bitcoin minerswon’t affect the such as bitcoin and litecoin. they are known, up from less involved in thosetransactions kens intothese pools,Uniswap supply of bitcoin—as cracking “China is clearly uneasy than $1 billionayear earlier, and wherethey’relocated,” 20 usersget asmall percentage down on minersof, say, metals about the volatility of crypto according to dataprovider said Mr.Ebersole,who is now of the value of everytrade,ef- might affect the supply and markets,” said ClaireWilson,a Messari. apartner at BryanCaveLeigh- 0 fectively letting them earn a thus the priceofmetals.That is partner at consulting firm Hol- Uniswap, the largest decen- ton Paisner LLP. yield fortheir cryptoassets. 2020 '21 because the bitcoin algorithm land &Marie in Singapore. “In tralized exchange, had volume There is evidence of crimi- Morethan 100,000 usersare releases newbitcoins to miners theory, it would be possible for of $36.6 billion in April, com- nals using decentralized ex- Source:Messari now acting as such “liquidity at apredetermined rate,re- pared with $110 billion at changes. After the September providers” on Uniswap. gardlessofhow manyminers Coinbase, Messari data show. theftof$281 million from Ku- Uniswap, but his team has It is unclear howmuch of a arecompeting forthem. China has been a Hayden Adams, a 27-year-old Coin, an overseas cryptoex- handed governanceofthe pro- threat DEXes pose to central- Cryptocurrencyexchanges Brooklyn, N.Y.,native,built the change, the thieves used Un- tocoltoabroad community of ized exchanges.One major that operateoffshorecan be ac- hotbed for first version of Uniswap after iswaptotrade $10.5 million of users that can vote on policy limitation is that they can be cessed by people in China using cryptocurrency being laid off from his job as stolen coins forether,akey changes. used only forcrypto-to-crypto virtual privatenetworks that an engineer at Siemens AG. step in their effort to launder Communitymembersgain trading,soinvestorsseeking help them bypassthe country’s trading and mining. Unlikeconventional crypto the proceeds of the heist, ac- voting powerbased on their to swapdollarsfor digital cur- internet restrictions.Some of exchanges,DEXes don’t require cording to Elliptic,ablock- holdingsofUNI, adigital to- rencies must use Coinbase or the exchanges have been facili- userstohand their digital to- chain-analytics firm. kenthat wasdistributed by other conventional exchanges. tating bitcoin and other digital- kens to the exchangetobeable Another analytics firm, Uniswap’s team last year. The Still, the incumbentshave currencytrades with China’s astate to issue atotal ban on to trade.That appeals to trad- Chainalysis,has linked the Ku- total, fully diluted value of takennote. Coinbase listed domestic currency, the yuan. crypto. However, on apractical ersworried about losing their Coin thefttoacriminal syndi- those tokens is about $24bil- competition from decentral- Such transactions typically level, such aban would be ex- holdingstohackers who have a cate working on behalf of the lion, anumber sometimes ized platforms as apotential take placeoverthe counter in tremely difficult to enforce,” long historyoftargeting crypto North Korean government. cited as Uniswap’s valuation. businessrisk beforegoing what is known as the peer-to- she said. exchanges fortheft. Mr.Adams,the creator of About 21% of UNI tokens public last month. peer market. They have proved As farback as 2013,acon- There is no central author- Uniswap, said in an interview were set aside forthe Uniswap Mr.Adams predicted that challenging forChinese regula- sortium of Chinese government ity on adecentralized ex- that he was “no fan” of hack- team, while an additional 18% major exchanges would even- tors,banks and payment com- agencies and regulatorsissued changetodecide who is al- ersorscammers. But he were designated forinvestors. tually tapintoUniswap’sli- panies to track and curb,be- warningsabout the anonymity, lowedtotrade,orwhat tokens stressed that Uniswapwas That meansMr. Adams and quiditypools,essentially be- cause they involvedirect fund borderlessand unregulated na- canbetraded. Uniswapcan be simply aprotocol—a way for othercurrent and futureUn- coming front-end interfaces transfersbetween individuals. ture of bitcoin and told domes- used to trade morethan computerstotalk to each iswapLabs employees owna with slickapps and websites In essence, aperson who tic financial and payment insti- 30,000 unique tokens. other—that could be used for digital stash worth morethan that rely on Uniswapbehind wantstobuy bitcoin using tutions not to carryout bitcoin- “It’slikeeBay. If youwant good or evil. $5 billion at today’sprices,al- the scenes to power trading. yuan canbematched with an- related activities.The to sell something,you canlist “It is like the internet,” he though they can’t tapityet, To some extent, that is al- other individual who is looking authorities said they wanted to it,” said Boris Wertz, founding said.“Thereare good things due to afour-year vesting ready happening.Coinbase’s to sell the digital currencyand protect the legal currencysta- partner of Version One Ven- that happen on the internet, schedule. wallet service, which letspeo- receiveyuan. Thebuyer sends tusofthe yuan, prevent money tures, aventure-capital firm and there are bad things that Several yearsago, Mr.Ad- ple hold cryptoassets, con- yuan directly to the seller using laundering and maintain finan- that invested in Uniswap last happen on theinternet. The ams was jobless and living in nectstoUniswapand other amobile payment app or an cial stability. year alongside Andreessen internet is this neutral infra- his father’s house outside New DEXes, allowing customers to online bank transfer,and the Last Tuesday, three Chinese Horowitz, one of Silicon Val- structure.” York.Having recently gotten buycoins unavailable on Coin- seller authorizes theexchange self-regulatorygroups issued a ley’s most prominent VC firms. Moreover,because there into crypto, he started a proj- base’s exchange. to release the bitcoin to the similar noticeand said finan- Decentralized exchanges isn’t acentral set of servers ect: building adecentralized Thereisroom forboth cen- buyer afterconfirming the pay- cial institutions need to in- hark back to the initial vision that runs Uniswap, it can’t be exchangebased on the tralized and decentralized ex- ment. crease their monitoring activi- of cryptocurrencies as anew shut down.Itisalso unclear Ethereum blockchain network. changes to grow,according to Records on multiple crypto- ties and terminateand report type of financial system, free howthe government could re- Early DEXes struggled to Coinbase Chief Product Officer currencyplatforms last week virtual-currency-related trans- from middlemen. But some quireany entity to act as a provide good prices for their Surojit Chatterjee.“Crypto showedhundreds of people ea- actions that violatethe coun- lawyerswarn that DEXes gatekeeper and identity people usersbecause they didn’t have isn’t azero-sum game,” he gertobuy and sell cryptocur- try’slaws. could be on a collision course using the protocol. Mr.Adams a way to attract market mak- said. “We see DEXes as a way rencies including bitcoin, tether —Jing Yang with regulators. leads UniswapLabs,afirm ers—firms that continually to expand opportunities for and dogecoin using their yuan- contributed to this article. DEXes generally don’t have that has developed much of buy and sell financial assets, our users.” P2JW145000-0-B01200-1------XA

B12 | Tuesday, May 25, 2021 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Wanda, AMC Get a Happy Ending Bitcoin’s Va lue Lies Chinesereal-estate company’sacquisition of U.S. cinema giantpaysoff,but it mostly comes down to luck In a Love of Dalian Wanda Group’s Holly- wood adventure has finally come to a satisfying close—thanks to Uselessness one last crazy twist. The Chinese real-estate con- The chances that bitcoin will glomerate has sold almost all of its ever become real money or make a remaining stake in U.S. cinema gi- productive contribution to society ant AMC Entertainment, accord- seem close to nil. Then again, the ing to a regulatory filing Friday. same is true for so many things. Wanda’s two representatives will On Monday, the price of bitcoin also resign from the theater found some footing after a turbu- chain’s board of directors. lent weekend, rising to almost But Wanda probably won’t shed a $37,000—still a painful 37% drop tear forthe end of the nine-year re- from the start of the month. Inves- lationship.The companymade a GES tors are engaged in the rational surprise killing afterAMC’sshare IMA but onerous task of figuring out pricerallied this year,fueled by the whether virtual currencies are im- GETTY

meme-stock phenomenon, where SE/ mensely valuable because they can frenzied online traderspushed up threaten governments’ fiat money, the shareprices of small-caps—most or just worthless digital tokens.

notoriously game retailer GameStop. ANCE-PRES Lately, their price has seemed to AMC has surged470%in2021 FR fluctuate at the whim of a single

afterthe companyfound itself on ENCE man: prominent crypto cheer-

the brink of bankruptcy last year AG leader and Tesla Chief Executive N/

due to the pandemic.The com- CO Elon Musk. This month, he said his

panyhad amarket value of $5.4 MA company will no longer accept bit- billion Friday, but it wasvalued at coin as payment for electric cars, LERIE

about $200 million in April of last VA allegedly because of the emissions year,mostly because it managed Wanda made a surprise killing after AMC’s share price rallied this year, fueled by the meme-stock phenomenon. generated by computers verifying to raise money through issuing transactions and “mining” tokens. newshares at the higher prices. largest movie chain afterbuying leveraged companies,which made in 2016, according to Dealogic. But One estimate puts bitcoin’s carbon Wanda spent $700 million to buy rival Carmikeand U.K.-based billions of dollarsofdeals abroad in Beijing’s clampdown as well as a footprint on a par with Portugal’s. AMC in 2012, and the company Odeon. Wanda also bought Legend- the early 2010s,aspart of abroader deteriorating Sino-U.S. relation- Thereisprobably another rea- said it has doubled itsmoney. aryEntertainment, the film studio official campaign against capital ship have slowed such deals dra- son. While Tesla pledged not to sell Wanda started selling AMC shares behind movies like“Godzilla vs. outflowsand heavy leverage. HNA matically: They only amounted to itsstash of bitcoins,getting paid in in December and has accelerated Kong” and “The Dark Knight,” for Group and Anbang Insuranceran $32 billion last year, although deal a noncash volatile asset poses ac- those sales this year as the Red- $3.5 billion in 2016.Its chairman intosimilar trouble.Aspart of its volume might also have been af- counting problems forany company. dit-fueled frenzy continued to Wang Jianlin, onceChina’srichest movetoparedowndebts,Wanda fected by the pandemic. Ultimately, cryptocurrencies drivedebt-laden AMC’sshare man, has previouslyexpressed in- sold nearly $10 billion of theme Despite the happy ending, have no convincing use case: They pricehigher. terest in buying one of the major park and hotel assets to two other Wanda’s foray abroad into Tinsel- are a slower, more pollutive alter- YetWanda’sHollywood adven- Hollywood studios. Chinese developersin2017. town still looks mostly like a cau- native to bank transfers. turewasn’t the blockbuster it had That Hollywood dream shattered Driven by the likes of Wanda, tionary tale: It was lady luck, not Thevalue of modern money hoped for.Under Wanda’smanage- when Beijing took action against China’s outbound mergers and ac- the company, who saved the day. doesn’t come from artificial scar- ment, AMC became the world’s the country’s acquisitiveand overly quisitions hit a record $215 billion —Jacky Wong city,but rather the powerofthe is- suer—of which governmentshave plenty.Cryptodoes currently pro- vide loopholes forillegal transac- Statutory corporatetax ratesbyjurisdiction tions,financial engineering and the circumvention of capital controls, Global Minimum Tax India but none of this is socially produc- Brazil tive. As China has hinted this past France week,officials will squash these in- Could Affect Markets Germany novations if they gettoo big. Japan But must a useless asset be U.S. worth nothing? Not necessarily. China Uselessness has a long, illustri- The U.S. Treasury Department or incentives. Switzerland ous history across civilizations. wants a global minimum corporate Anumber of major American Thailand Smartphone games, sofa pillows tax rate of 15%, a reduced ask from companies makemorethan 50% U.K. and soap operas are all pointless the 21% level it previously sug- of their income internationally, Singapore things that occupy a lot of people’s gested. If the policy ever came to and have both foreign effective Hong Kong time. Financial markets can love it pass, that could still have a taxrates andconsensus 2022ef- Ireland too: The Reddit-fueled mania for marked impact on international fectivetax ratesbelow15%, ac- videogame retailer GameStop ear- Macau markets. cording to an analysis by Gold- lier this year wasn’t reliant on the On a headline basis, the 15% tax man Sachs.That list includes Cayman Isl. 0 15% rate 21%rate illusion of the company being would move several countries not Nvidia Corp., Broadcom Inc., Las Jersey 0 worth that much, or even the typically considered tax havens— VegasSands Corp.and Micro- 0% 10 20 30 40 50 promise of finding a greater fool, Thailand, the U.K. and Vietnam, chip Technology Inc.The ana- Source:Organization forEconomic Cooperation and Development but mostly a sense of community for example—onto the safe side of lystssee fewerimpactsinEu- and fun. GameStop stock remains the line. rope,wheremost companies the equity market have outper- could increase corporate debt lev- up 2,800% this year, suggesting In both Hong Kong and Singa- already payabove21% as it is. formed considerably since the els at the margin by exacerbating that meme investments can remain pore, headline corporatetax rates Paradoxically, the lower the global financial crisis, something the bias toward debt financing in vogue for protracted periods. sit between 15% and 21%. But in minimum proposed, the greater which hasn’t been unnoticed by that is already embedded in most Mr.Musk’sposition of loving reality,asnoted by Asia econo- the threat to the most obvious ha- policy makers. Even if we leave the tax systems. cryptoand undermining itsrole ap- mistsatCiti, their effectivetax vens such as Jersey, the Cayman idea of a global minimum tax While it is still unclear whether pearscharacteristically odd at first ratesare made considerably Islands and the British Virgin Is- aside, the Biden administration a global minimum tax will ever sight. But it could be prescient. lowerbyvarious breaks and in- lands. Since those territories have plans to double the tax on global come to pass, the worm seems to If cryptocurrencies’ role in pay- centives and a15% level would 0% corporation tax rates, they will intangible low-tax income repatri- have turned on corporate tax lev- mentsisde-emphasized, they can likely still cause issues.Ireland be hit under an agreement on any ated from abroad, known as Gilti. els generally. Companies that pay simply be astore of value that a and Macau, with corporatetax level and a lower proposal is more One interesting possibility very low corporate taxes—and dedicated network uses to diversify ratesat12.5% and 12%, respec- likely to garner broad interna- raised by credit analysts at Danske their investors—should brace for and gamble.The environmental tively,would both be caught even tional support. Bank is that a global minimum impact. damagecan be reduced if the cur- without considering anybreaks Relatively less-taxed sectors of tax—and higher rates in general— —Mike Bird rencies don’t changehands much. This militates in favorofthe recent boom in cryptofunds and perhaps U.S. regulatorseventually greenlight- ing cryptoExchangeTraded Funds. Inflation Starts to Hit Auto and Home Insurers Fans call bitcoin “digital gold” and, indeed, gold is ubiquitous in portfolios—ofteninthe form of fu- tures and ETFs—while having little Investors hunting for signs of U.S. motor-vehicle insurancepriceindex, change from ayearearlier attributable to ajump in construc- industrial use.Ithas an advantage inflation pressure should keep an tion costs. Forsome types of poli- at being seen as astore of value be- eye on something they might not 10% cies,such as home and auto, sus- cause of itshistoryincoin produc- usually think about: the cost of in- tained inflation canbepriced into tion. But the sudden popularity of suring a car or home. 5 renewalterms.Thereare,how- nonfungible tokens suggestsmod- Last year, insurers were often ever,also businesses forwhich ern cultureisready to embracedig- lowering premiums for auto cus- premiums collected todayhaveto ital assetsasvaluable collectibles. tomers who were driving a lot less 0 coveryearsofpossible future Crypto’s decentralized nature and therefore getting into fewer claims.Ifpersistent wage inflation makes it hard for proponents to accidents. Now, as life in the U.S. occurs, forexample,itcould hit agree on a strategy to please hold- begins to return to normal, con- –5 commercial policies such as work- ers and governments. But if it is to sumers’ motor-vehicle insurance ers’ compensation, according to become a portfolio staple, it may costs are again rising. The recent Mr.Tunis. need to embrace the reality that it U.S. consumer-price index update –10 Meanwhile, coming Atlantic is just auseless—but not necessar- had that component up 6.1% in storm season activity is expected ily worthless—facet of the great April from a year earlier, ending a to be above average, according to human adventure. Monthly long string of decreases and jump- –15 forecasts by Colorado State Uni- —Jon Sindreu ing the most since 2018. 2018 ’19 ’20 ’21 versity hurricane researchers. The question for insurers is Note:Consumer-priceindexfor all urban consumers, U.S. cityaverage So even as premium rates rise, Priceofone bitcoin whether premium increases will be Source:Labor Department there could still be pressure on big enough. Part of the cost of profitability from increases in both $60,000 covering a claim to repair or re- month it was monitoring such more sophisticated technology and frequency and severity, particu- place a car or home is under pres- things as the pace of people re- components within vehicles that larly if rebuilding costs are unusu- 50,000 sure. Factors include the global turning to the office, lumber make repairs and replacement ally high. chip shortage, the scarcity of prices and the chip shortage. The more costly. Insurers have also U.S. property-and-casualty in- 40,000 rental cars and the increased price company’s April underlying ratio been trying to keep up with an- surance stocks largely did better of lumber and other building ma- of accident-year, noncatastrophe other kind of inflation, the so- than banks and many other finan- terials. The consumer-price-index loss and loss-adjustment expense called social inflation marked by cials in 2020, though banks have 30,000 measure of vehicle-repair costs to net earned premium was about higher jury awards. mostly surged ahead this year. has been on the rise. 70%, higher than about 67% during Some of these priceincreases Like banks, insurers would also 20,000 At the same time, it is unclear the prior month. might be only transitory. Histori- benefit from higher yields in their how quickly people will return to There are some longstanding cally,cost surgescan still some- investment portfolios, and gener- 10,000 their old driving habits and what trends that could come to the fore- times hit businesses such as ally rising prices could help extend that will do to accident frequency. ground for insurers as the pan- homeownersinsurance. Ryan Tu- the so-called hard market of Perhaps they still aren’t driving to demic wanes. Fitch Ratings earlier nis of Autonomous Research higher policy pricing. But they 0 work as often. But are they taking this month noted long-term chal- noted that a2009 jump in ratios might be in for a bumpier ride D J FM AM a lot more road trips? lenges in the severity of losses for of losses and expenses to premi- for now. 2020 ’21 Progressive said earlier this commercial auto coverage, such as ums forhome policies waslargely —Telis Demos Source:CoinDesk