P2JW092000-5-A00100-17FFFF5178F ***** FRIDAY,APRIL 2, 2021 ~VOL. CCLXXVII NO.76 WSJ.com HHHH $4.00 DJIA 33153.21 À 171.66 0.5% NASDAQ 13480.11 À 1.8% STOXX 600 432.22 À 0.6% 10-YR. TREAS. À 20/32 , yield 1.680% OIL $61.45 À $2.29 GOLD $1,726.50 À $12.70 EURO $1.1779 YEN 110.60 Baseball Is Back, and So Are (Some of) the Fans Biden’s What’s News Economic Plan Hits Business&Finance Obstacles PEC and an alliance of Oother topoil producers agreed to boost their collec- At Outset tiveproduction by morethan two million barrels a day over coming months,betting Infrastructureproposal on resurgent demand. A1 drawscriticism from Automakersare reporting Republicans, demands ajump in U.S. vehicle sales in the opening months of 2021, from Democrats but chip shortages and other supply-chain snagsthreaten BY ANDREW DUEHREN to derail that momentum. A1 AND KRISTINA PETERSON TheS&P 500 closed above /REUTERS 4000 forthe firsttime,ris- TS WASHINGTON—President ing 1.2% to arecord4019.87. OR Biden’s $2.3trillion infrastruc- SP TheNasdaq and Dowgained Y tureplan encountered immedi- DA 1.8% and 0.5%, respectively. B1 TO atehurdles on Capitol Hill, A whereRepublicans criticized TheArchegos blowup is /US the proposed corporatetax in- spurring calls fortougher reg- creases as anonstarter and ulation of the shadowy swap PENNER some Democratsbegan to trades that fueled billions AD jockey fortheir owndemands. of dollarsoflosses at global BR STANDING ROOM:The NewYork Yankees’ Gerrit Cole pitches to the TorontoBlue Jays’Cavan Biggio at the opening daygame Mr.Biden’splan would pro- investment banks. A1, B1 in the Bronx Thursday.Crowds,cappedatlimited capacity,returnedtoregular-seasongames forthe first time in ayear. vide $621 billion forsurface Factories world-wide transportation, $400 billion for arestruggling to keep up long-term care forelderly and with soaring demand forall disabled people under Medicaid types of goods as the global and $300 billion fordomestic economic recovery from the manufacturing,along with hun- pandemic accelerates. A2 OPEC, AlliestoBoost Output, dreds of billions of dollarsfor otherefforts. It also includes a Initial jobless claims in series of taxincreases on com- the U.S. rose to 719,000 last panies,including raising the week but remained near corporatetax rate to 28% from their lowest levels sincethe Expecting Stronger Demand 21%, that the WhiteHouse said onset of the pandemic. A2 would coverthe cost of the TSMC,the world’slargest spending over 15 years. contract chip maker,said it BY SUMMER SAID troleum Exporting Countries put in place earlier this year. Russia, meanwhile, has said While both parties circled would invest $100 billion over AND BENOIT FAUCON and a group of other big pro- It plans to end those cutsalto- the world already needs more around passing amajor infra- the next three yearstoin- ducersled by Russia agreed to gether by the end of July,del- oil to feed resurgent econo- structurepackagefor years, crease production capacity. B1 OPEC and an allianceof boost output in Mayby egates said. mies in many regions. disagreement about itsscope other topoil producersagreed 350,000 barrels a day, and by Theagreement made public Thedecision is another andhow to payfor it stymied Airlines thatfocus on of- to boost their collectivepro- the same amount again in Thursdaybetween the two sharp swerveinOPEC’szigzag previous efforts. If Democrats fering leisuretravelerscheap duction by morethan two mil- June, according to delegates. groups,together called OPEC+, oil strategyoverthe past year, movetopassaninfrastructure fares arelaunching IPOs as lion barrels aday over the They agreed to then increase wasacompromise between underscoring the difficulty packagewithout Republican air travel shows more coming months,betting on re- output by an additional Saudi Arabia, OPEC’s de facto among forecastersinthe support, itsscope could be lim- signs of rebounding. B1 surgent demand as they and 450,000 barrels a day in July. leader,and Russia. Saudi Ara- group—and elsewhere—tocall ited by Senaterules constrain- China approved amerger therest of the world assess Saudi Arabia, meanwhile, bia had sought to maintain the start of asustained global PleaseturntopageA4 between chemical firms the economic consequences of agreed to start easing sepa- cuts, skeptical of aquick re- recovery from the pandemic. Sinochem and ChemChina, the pandemic’s trajectory. rate,unilateral cuts of one turn in oil demand during the Traderstook the OPEC eas- Package aims to lift economy paving the way foranother TheOrganization of the Pe- millionbarrels aday that it pandemic. PleaseturntopageA8 over the long term................. A4 giant state-run enterprise. B1 World-Wide U.S. Trims S&P 500 Speeds Past 4000 Inside Archegos’s The S&P 500 closed above 4000 for the first time, buoyed by Biden’sinfrastructure a continuing rebound in technology stocks. The broad stock plan encountered immediate Its Forces gauge jumped 46.98 points, or 1.2%, to 4019.87. B1 hurdles on Capitol Hill, where Epic Meltdown Republicans criticized the pro- 4000 Thursday posed corporatetax increases Stationed 4019.87 as anonstarter and some Democratsbegan to jockey S&P500 Banks were eager to finance Bill Hwang’s fortheir owndemands. A1, A4 In Mideast 3500 big bets—until they realized their exposure Thepresident has directed 7/12/19: 3013.77 the Pentagon to begin remov- First close above 3000 ing some militarycapabili- BY GORDON lUBOLD Bill Hwang was in trouble. of large bets on major AND WARREN P. STROBEL 3000 stocks. ties and forces from the Gulf On Thursday of last week, Because the wagers had region in the first steps of the firm managing the for- WASHINGTON—President been made in part with so- an effort to realign the U.S. mer hedge-fund trader’s Biden has directed the Pentagon called total-return swaps— global military footprint wealth arranged a confer- to begin removing some mili- 2500 investments made by banks away from the Mideast. A1 tary capabilities and forces 8/26/14: 2000.02 By Gregory on behalf of clients for a Thesergeant overseeing from the Gulf region in the first First close above 2000 Zuckerman, fee—they had obscured Mr. Derek Chauvin on the night steps of an effort to realign the Juliet Chung Hwang’s large exposure to 2000 of George Floyd’s death tes- U.S. global militaryfootprint and Maureen Farrell several companies. tified that the former offi- away from the Mideast, changes 434 Archegos shocked its lend- cercould have stopped re- that come as Saudi Arabia en- 1,227 trading days Fastest 1,000 ence call with executives at ers when it told them the straining Floyd shortly after pointmilestone dures rocket and drone attacks 1500 on record some of the largest invest- size of its portfolio and how he quit resisting arrest. A3 from inside Yemen and Iraq. ment banks in the world. little cash it was holding, 2015 ’16 ’17 ’18 ’19 ’20 ’21 PleaseturntopageA9 Manystatesare broadly In moves that haven’t been The urgent topic: mounting expanding Covid-19 vaccine previouslyreported, the U.S. Sources: FactSet; DowJones Market Data (trading days) losses at Mr. Hwang’s family eligibility this week,unleash- has removed at least three Pa- office, Archegos Capital Firm’s blowup shows gap in triot antimissile batteries from Management, from a handful swaps regulation...................... B1 ing more demand in a time the Gulf region, including one of still-tight supplies. A6 ThePfizer-BioNTech vac- from PrinceSultan Air Base in cine remains highly effective Saudi Arabia, that had been six months afterits second put in placeinrecent years to SupplyWoesThreatenAutoSalesMomentum help protect U.S. forces. dose,asign that protection Other capabilities,including could last even longer. A6 an aircraftcarrier and surveil- BY NORA NAUGHTON 11.3% forthe three-month pe- businessatthe end of March monthcompared with ayear The Supreme Court lancesystems,are being di- riod, according to industry 2020,when the economybe- earlier,industryforecasts unanimously upheld a reg- verted from the Middle East to Automakersare reporting a datafirm WardsIntelligence. gantoshut down to limit the show. ulatory rollback of federal answermilitaryneeds else- jump in U.S. vehicle sales in Theindustry’sannualized sell- spread of the coronavirus. Forthe U.S. carbusiness, it limits on media ownership wherearound the globe,ac- theopening months of 2021, ing paceinthe quarter hit 16.8 Auto-industrysales in Janu- has been achoppy start to the in local markets. A3 cording to U.S. officials.Addi- boosted by continued con- million vehicles,according to aryand Februarywerestill off year. Aglobal shortageof Ashooting in Orange, tional reductions areunder sumer demand and some eas- Wards, asign that the level of 3.3% and 13%, respectively,ac- semiconductors has disrupted Calif., that left four people, consideration, officials said. ier year-agocomparisons,but demand is about on par with cording to automotive-data production at manyU.S.facto- Mr.Biden, aDemocrat, chip shortagesand other sup- what it wasbeforethe firm Motor Intelligence. March PleaseturntopageA2 including a 9-year-old boy, pledged aftertaking office ply-chain snagsthreaten to de- Covid-19 pandemic. sales, however, areexpected to dead and awoman critically injured wasatargetedat- that he would recalibrate the rail that momentum. Theincrease is in part be- leap,with carcompanies post- Heardonthe Street: CarMax U.S.-Saudi relationship, taking Overall, U.S. autosales rose ing driven by the collapse in ing double-digit gains forthe pulls into the passing lane.. B12 tack,investigatorssaid. A3 several tough steps against the Democracy advocates kingdom, including freezing Martin Lee and Jimmy Lai the sale of offensive weapons Revolutionary War Re-Enactors were among seven veteranac- that Riyadh has used in itssix- INSIDE tivistsfound guilty on charges year militaryintervention in Rebel Against the Pandemic tied to a2019 massdemon- Yemen.Healso made public an stration in Hong Kong. A16 intelligencereport saying iii CrowN Prince Mohammed bin CONTENTS Markets....................