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***** TUESDAY, JUNE 29, 2021 ~ VOL. CCLXXVII NO. 150 WSJ.com HHHH $4.00

DJIA 34283.27 g 150.57 0.4% NASDAQ 14500.51 À 1.0% STOXX 600 454.94 g 0.6% 10-YR. TREAS. À 17/32 , yield 1.478% OIL $72.91 g $1.14 GOLD $1,779.60 À $3.00 EURO $1.1924 YEN 110.62 Rescuers Push On for Fifth Day at Site of Condo Collapse What’s Facebook News Antitrust

Business&Finance Lawsuits Tossed federal judge dismissed Aantitrust lawsuits against Facebook filed by the U.S. government and most By Judge states, a major win for the company before the cases Federal court’s decision even got off the ground. A1 deals a blow to bid by  Juul agreed to pay $40 million to North Carolina to FTC, 46 states to rein settle a lawsuit alleging that in social-media giant the e-cigarette maker had targeted underage users. A1 BY BRENT KENDALL  A botched overhaul at the PCAOB heightened an “envi- WASHINGTON—A federal ronment of fear and distrust” judge dismissed antitrust law- among the staff, according to a suits against Facebook Inc. report the SEC commissioned filed by the U.S. government but then kept secret. B1 and most states, a major win for the company before the  The NCAA Division I cases even got off the ground. Council proposed an in-

ALEXIA FODERE FOR THE WALL STREET JOURNAL U.S. District Judge James terim policy for the associ- SEARCHING: Rescue crews comb through the rubble of the collapsed Miami-area condo tower Monday morning, searching Boasberg in Washington on ation that would suspend a for survivors as efforts entered their fifth day. The death toll rose to 11, with 150 people unaccounted for. A3 Monday granted the social- bylaw that prohibits ath- media giant’s requests to dis- letes from monetizing their miss lawsuits filed by the Fed- name, image and likeness. A2 eral Trade Commission and  Stocks and commodities state attorneys general in De- are advancing together in cember. The dismissals, which a manner that signals de- came in a pair of rulings, came mand for riskier invest- Juul Agrees to Pay $40 Million before any pretrial proceed- ments remains robust. A1 ings had progressed.  The Nasdaq and S&P 500 Judge Boasberg said the closed at records, rising 1% FTC’s lawsuit was “legally in- and 0.2%, respectively. The For Allegedly Targeting Teens sufficient” because it didn’t Dow industrials fell 0.4%. B1 plead enough allegations to support monopolization claims  Bitcoin’s price rose after BY OMAR ABDEL-BAQUI brought against the vaping ternal Juul documents will be said. “In addition, we support against Facebook. The judge, billionaire Ricardo Salinas AND JENNIFER MALONEY company by state officials, deposited at a North Carolina the attorney general’s desire to however, said the commission Pliego said his bank was school districts and young peo- university and will be made deploy funds to generate ap- can try again and gave it 30 working toward becoming Juul Labs Inc. agreed to pay ple. Those cases are pending. available to the public by July propriate science to support days to attempt to file an the first Mexican lender to $40 million to the state of North Carolina’s lawsuit al- 2022. The settlement funds, to North Carolina’s public health amended lawsuit. accept the cryptocurrency. B1 North Carolina to settle a law- leged Juul designed and mar- be paid over six years, will interventions to reduce under- The judge dismissed the case  Millions of homeowners suit alleging that the e-ciga- keted its e-cigarettes to attract support scientific research on age use.” brought by 46 states in its en- behind on mortgage payments rette maker had targeted un- teenagers and misrepresented youth vaping cessation and Juul didn’t admit wrongdo- tirety, on the grounds that the would get added protections derage users, resolving the the potency of their nicotine. curbing youth use. ing as part of the settlement. attorneys general waited too from foreclosure through 2021 first of a string of legal and Juul has said it didn’t target “Welookforwardtowork- Once one of the country’s long to bring their claims. under new CFPB rules. A4 regulatory challenges facing young people and is working ing with Attorney General most valuable startups, Juul The rulings dealt a direct, the once-hot startup. to regain the public’s trust. Stein and other manufacturers has been widely blamed by early blow to bipartisan gov-  The UAW’s board elected The lawsuit by the attorney As part of the North Caro- on the development of poten- parents and government offi- ernment efforts to pursue Big Ray Curry, who most recently general of North Carolina was lina settlement, announced by tial industrywide marketing cials for a surge in teen vaping Tech giants on allegations served as the union’s secre- slated to go to trial in July, one state Attorney General Josh practices based on science and from 2017 to 2018. The com- they have unlawfully monopo- tary-treasurer, to succeed of hundreds of similar cases Stein on Monday, a trove of in- evidence,” a Juul spokesman PleaseturntopageA4 PleaseturntopageA6 Rory Gamble as president. B1 World-Wide Cost Imperils Access Tech Shares Steady Advances  The recent approval of a Lift Markets high-price Alzheimer’s drug The tech-heavy Nasdaq raises the prospect that the To Alzheimer’s Drug climbed 140.12 points, or 1%, In Stocks, Materials federal Medicare system to 14500.51, a record. B1 could threaten to sharply BY JOSEPH WALKER former U.S. health officials and curtail which patients will AND THOMAS M. BURTON health-policy experts said. Nasdaq Composite Show Faith in Risk qualify for a medicine that “Medicare can’t afford to 15000 has limited clinical benefit. A1 The recent approval of a treat this as business as Monday 14,500.51 BY AMRITH RAMKUMAR  Rescue crews continued high-price Alzheimer’s drug usual,” said Andy Slavitt, a buoyed in recent days by tech- AND HARDIKA SINGH forafifthdaytosearchfor raises the prospect that the fed- former Medicare acting ad- s0.98% nology stalwarts like Microsoft survivors in the rubble of a eral Medicare system could ministrator and Biden admin- Corp. and Facebook Inc. as well 14000 Stocks and commodities are collapsed condo tower in threaten to sharply curtail which istration senior adviser. as consumer-focused stocks surging together in a way few Surfside, Fla. The death patients will qualify for a medi- The Centers for Medicare such as Chipotle Mexican Grill on Wall Street have ever seen, toll rose to 11, with 150 cine that has limited clinical and Medicaid Services, the Inc. Facebook’s market value on benefit but is likely to cost bil- agency overseeing Medicare, is a sign that demand for riskier Monday hit $1 trillion for the people unaccounted for. A3 13000  The president of the condo lions of dollars in coming years. reviewing Aduhelm’s approval investments remains robust. first time after a federal judge association told residents in Biogen Inc. priced the drug and will have more informa- The S&P 500 and S&P GSCI dismissed antitrust lawsuits April their building was in Aduhelm at $56,000 a year. tion soon about its coverage, a gauge of commodities enter the against the social-media giant. desperate disrepair and urged Wall Street analysts estimate spokesman said. last few days of the second Shares rose more than 4%. 12000 them to pay the $15 million it could eventually surpass $5 “Whether or not that drug quarter up about 8% and 13% With the advance, Facebook in assessments needed to billion in yearly sales, mostly will be covered by Medicare for the period, respectively. became the fifth U.S. public paid by Medicare, while some and Medicaid is an outstand- This would mark the first time company to achieve the $1 tril- fix structural problems. A3 health economists warn the ing question, something HHS that both indexes climbed at lion milestone, punctuating a  Lawyers representing bill would be multiples higher. will have to deal with,” De- 11000 least 5% in five consecutive nearly uninterrupted rise for the Trump Organization Medicare normally pays un- partment of Health and Hu- JFMAMJ quarters, according to a Dow major indexes since April 2020. made a last-ditch effort to conditionally for approved PleaseturntopageA6 Jones Market Data analysis of Last week, Microsoft hit a mar- persuade New York prose- medicines. To limit the finan- Source: FactSet figures going back 50 years. ket value of $2 trillion, joining cutors not to pursue tax-re- cial hit from Aduhelm, however,  A guide to the new drug for The S&P 500 hit its 32nd re- Apple Inc. as the only U.S. firms lated charges that could come Medicare could restrict access, Alzheimer’s...... A11 cord of the year on Monday, PleaseturntopageA2 as soon as this week. A4  The Supreme Court or- dered a lower court to recon- Hands Off sider whether St. Louis officers U.S. Demand Drives used excessive force in 2015 The Chocolate when kneeling on a shackled Global Recovery suspect who later died. A3  The high court declined Fountain to consider a Virginia school iii board’s plea to exclude a transgender boy from the Buffets are back— Americans are buying, buoyed by savings men’s bathroom. A2 and federal stimulus during pandemic  U.S. troops in northeast with new policies Syria came under rocket fire BY TOM FAIRLESS cheting through financial after Iran-backed militias and gloves AND STELLA YIFAN XIE markets and causing disloca- vowed revenge for U.S. air- tions such as shipping bot- strikes in Iraq and Syria. A8 BY JAEWON KANG A gusher of money is tlenecks in East Asia, effects AND HEATHER HADDON  Ethiopia declared a unilat- spilling out from the U.S. on currencies and booming eral cease-fire in its war in the economy and rippling commodity prices. northern Tigray region, hours The pandemic-era prohibi- around the world, driving “We see an inflation wave after separatist fighters en- tion on pigging out at the buf- the global recovery to an ex- coming,” said Angelo Troc- fet is officially over. tent it hasn’t in decades and chia, chief executive of Ital- tered the provincial capital. A8 Americans are once again giving confidence to busi- ian eyewear company Safilo Ransomware is lining up for fried chicken, su- nesses to invest in meeting Group SpA, whose factory in CONTENTS Opinion...... A15-17 shi rolls and carrot cake––pref- the huge American demand. China is producing at full ca- Arts in Review... A13 Personal Journal. A11-12 Business News B3-4 Sports...... A14 erably on the same plate. The U.S. economy, turbo- pacity and contending with the enemy. Capital Journal...... A4 Technology...... B4 Supermarkets and restau- charged by stimulus worth higher prices for materials Crossword...... A13 U.S. News...... A2-4,6 rants are restocking self-serve almost $6 trillion and hun- such as plastic. “We need to Heard on Street B10-11 Weather...... A13 food bars that they closed last gry for the world’s goods, is know what central banks are Protect your data. Markets...... B10 World News...... A8-9 year. But the spreads can be playing the role China played going to do.” Defend your organization. different. Complimentary in the aftermath of the 2008 Through the mid-2000s, > gloves are offered near the financial crisis, economists the U.S. was the main loco- Preserve your reputation. utensils. Reservations may be say. motive for global growth, required. The chocolate foun- While other countries until China’s explosive ex- Learn how at DellTechnologies.com/Cyber tain is roped off. largely welcome a burst of pansion provided a second, Some buffets are offering demand from the world’s and often leading, driver of s 2021 Dow Jones & Company, Inc. All Rights Reserved fewer items as labor and food largest economy, the force of the world’s economy. Now, PleaseturntopageA10 America’s expansion is rico- PleaseturntopageA10 .

A2 | Tuesday, June 29, 2021 **** THE WALL STREET JOURNAL. U.S. NEWS Fed Officials Divided on a Two-Speed Taper

BY PAUL KIERNAN also began discussing when leaning a little bit toward the Fed officials are debating interest you pay on your mort- week that the Fed’s asset pur- and how to begin reducing, or idea that maybe we don’t need whether to scale back gage,” San Francisco Fed Presi- chases aren’t “specifically tar- WASHINGTON—As Federal tapering, asset purchases as an to be in mortgage-backed se- mortgage-bond buying earlier dent Mary Daly, told reporters geted to the housing market.” Reserve officials discuss how initial step toward weaning the curities with a booming hous- or faster than purchases of last week. “My best-guess esti- Mr. Kaplan and other advo- to eventually scale back their economy off such support. ing market and even a threat- Treasury bonds. mate is that we are having a de cates of a two-speed taper—in- easy-money policies, they are One option suggested at the ening housing bubble here, Fed’s asset holdings minimis effect on mortgage in- cluding former White House debating whether to start by meeting was to start scaling according to some people.” terest rates with our mortgage- economic adviser Jason Fur- reducing purchases of mort- back the mortgage-bond pur- Boston Fed President Eric $8 trillion backed securities purchases.” man and former Treasury Sec- gage-backed securities to chases earlier or more quickly Rosengren suggested on May 5 Theaveragerateona30-year retary Lawrence Summers—say avoid adding more fuel to the than the Treasury debt pur- that Fed officials should think fixed-rate mortgage has fallen the mortgage-bond purchases housing boom. chases, officials said. Call it a about a two-speed taper. “The 6 to3.02%asoflastweek,ac- hold down mortgage rates. The Fed has bought $982 bil- two-speed taper. mortgage market probably cording to Freddie Mac. Fed Chairman Jerome Pow- lion of the mortgage bonds “There are some unintended doesn’t need as much support U.S. Treasury Fed governor Lael Brainard ell hasn’t publicly weighed in since March 5, 2020, and cur- consequences and side effects now,”hesaid. 4 securities said June 1 that the monetary on the debate. But the last time rently plans to keep buying at of these purchases that we are Other Fed officials argue policy effect of the purchases Fed officials were preparing to least $40 billion each month. seeing play out,” Dallas Fed against the idea, saying the of Treasurys and mortgage pare back a bond-buying pro- Those purchases, along with the President Robert Kaplan said in combined purchases of mort- 2 bonds “is roughly the same.” gram, in 2013, Mr. Powell— Fed’s monthly purchases of $80 an interview, referring to the gage and Treasury securities She added, “so in that sense then a governor but not chair- billion of Treasury debt, aim to mortgage-bond purchases, lower long-term interest rates Mortgage-backed the [current] composition is man—initially favored tapering hold down long-term borrowing which he thinks are contribut- overall—not just mortgage effective,” she said. Treasurys “all the way to the 0 securities costs to stimulate the economy ing to skyrocketing home rates. They say other factors are New York Fed President ground” before starting to re- as it recovers from the effects prices. He had said previously contributing to the hot housing 2020 ’21 John Williams, said last month duce the pace of mortgage- of the pandemic. that he was questioning market, including a dearth of Source:Federal Reserve that the mortgage-bond pur- backed securities. Fed officials, Fed officials at their June whether the purchases are still homes for sale. They view the chases, “dollar for dollar, have including Mr. Powell, ultimately 15-16 policy meeting reaffirmed needed. “I’ve shared my views” mortgage-bond purchases as securities, which pushes up pretty powerful spillovers into decided to taper purchases of plans to continue holding at the policy meeting, he said. they do the Treasury pur- their prices. Bond prices and other financial conditions such both Treasury and mortgage short-term interest rates near St. Louis Fed President chases—as a way to push down yields move inversely. as corporate bond rates and bonds at the same pace. zero and continue the asset James Bullard, in a June 18 long-term rates throughout the The mortgage bond buys are other kinds of similar securi- —Michael S. Derby purchases for some time. They CNBC interview, said, “I’m economy by buying long-term “not really directly affecting the ties.” He reiterated this past contributed to this article. U.S. WATCH NCAA

SUPREME COURT Two of the six officers were later convicted of misdemeanor Proposes Justices Decline negligent homicide and fined $1 Transgender Case and sentenced to probation. Mr. Torres’s nephew, Richard New Policy The Supreme Court declined Molina, said the family was in on Monday to consider a Vir- communication with the city to ginia school board’s plea to ex- find a proper way to memorial- On Profit clude a transgender boy from ize his uncle. the men’s bathroom. —Associated Press BY LAINE HIGGINS The closely watched case AND LOUISE RADNOFSKY

centered on Gavin Grimm, who SHAWN THEW/EPA/SHUTTERSTOCK SOUTH CAROLINA twice won decisions at the MEMORIAL: Mayor Gavin Buckley, right, shooting survivor Phil Davis, and Summerleigh Winters, Under pressure to overhaul Fourth U.S. Circuit Court of Ap- daughter of slain Capital Gazette staffer Wendi Winters, opened a memorial Monday in Annapolis, Storm Threatens its vision of amateurism in peals, in Richmond, Va., after the Md., for five newspaper employees killed in a 2018 mass shooting in their office. Coastal Areas college sports, the National Gloucester County school board Collegiate Athletic Association imposed policies limiting him to OLYMPICS Olympics in London. Joe Campos Torres, a Mexi- Tropical Storm Danny formed on Monday indicated that it the girls’ room or a stand-alone A Japanese newspaper over can-American, was a Vietnam Monday afternoon off South would allow athletes in all 50 unisex lavatory. The court said it Biden Won’t Attend the weekend reported that prep- Warveteranwhowasbeatento Carolina’s coast, and forecasters states to make money from wouldn’t consider the case. Jus- The Tokyo Games arations were under way for first death by Houston police officers said the storm is expected to their names, images and like- tices Clarence Thomas and Sam- lady Jill Biden to attend the in 1977. race inland over the U.S. South- nesses as soon as July 1 with- uel Alito indicated they would President Biden won’t attend Games. Michael LaRosa, press At a ceremony Sunday, Hous- east while dumping several out forfeiting their eligibility. have heard the board’s appeal. the Summer Olympics in Tokyo, secretary for Dr. Biden, didn’t say ton Police Chief Troy Finner gave inches of rain in some spots. In making the move—which “Trans youth deserve to use but a U.S. delegation will go, the whether she plans to go but said a formal apology to Mr. Torres’s The fourth named storm of is still one step from final ap- the bathroom in peace without White House said Monday. her team is “assessing feasibility relatives and promised to work the 2021 Atlantic hurricane sea- proval—the NCAA bowed to being humiliated and stigmatized “He will certainly be rooting and waiting for the naming of with the family to build a monu- son formed close to South Caro- the actions of numerous state by their own school boards and for the athletes,” press secretary the presidential delegation.” ment in Mr. Torres’s name. lina’s coast and had top sus- legislatures around the coun- elected officials.” Mr. Grimm said. Jen Psaki said. —Alex Leary The apology to the family tained winds of 40 mph with try, which have already moved A Gloucester County school Some recent U.S. presidents came amid calls for police re- higher guests. to make it legal for college ath- board representative couldn’t be have attended foreign Olympics HOUSTON form following the 2020 killing Danny emerged from a tropi- letes to profit from their im- reached to comment. and others haven’t. President of George Floyd in Minneapolis. cal depression off the coast, and ages. Some of those laws are While the Supreme Court or- George W. Bush, for example, Chief Apologizes for Mr. Torres, 23 years old, had forecasters said rapid weakening set to take effect on Thursday. der declining to weigh in creates attended the Olympics in Athens 1977 Police Killing been arrested on a disorderly is expected after landfall. The NCAA move continues no national precedent and allows in 2004 and Beijing in 2008, conduct charge. The officers A tropical storm warning was a period of change that inten- the issue to return in a future while President Barack Obama Houston’s police chief publicly beat Mr. Torres for hours, then posted earlier Monday for a sified last week with a land- case, the trend among lower stayed home for the Olympics in apologized to the family of a took him to the Buffalo Bayou swath of the Southeast coast mark Supreme Court decision courts has been to recognize the Rio de Janeiro in 2016. First lady man killed by six officers more where they beat him again and from Edisto Beach to South in which justices unanimously rights of transgender students. Michelle Obama led the U.S. del- than four decades ago, calling it dumped his body in the water, Santee River, South Carolina. said the NCAA had unlawfully —Jess Bravin egation attending the 2012 a “straight-up murder.” the Houston Chronicle reported. —Associated Press limited schools from compet- ing for player talent by offer- ing better benefits, harming Performance since end of March 2020, weekly managing member at Spectrum college athletes in the process. Management Group. “When we In a meeting Monday to ad- Stocks, ARK Twitter Chipotle Commodities Bank of America see divergence in certain sec- dress the rapidly changing en- Innovation ETF Mexican Grill tors, other sectors are picking vironment surrounding college 250% up.” athletes’ rights, the NCAA Di- Materials She is favoring large tech- 200 nology companies such as Mi- Still Rising crosoft and Google parent Al- TheNCAAboardof phabet Inc., as well as directors plans to 150 companies more tied to con- ContinuedfromPageOne sumer activity such as Home vote on the interim to reach that threshold. Depot Inc. policy Wednesday. The persistent climb and 100 Investors are pouring tens of flurry of records underscore billions of dollars each week on how the broadest measures of average into global stock-ex- market performance remain re- 50 change-traded and mutual markably strong, masking vola- funds, Bank of America figures vision I Council proposed an tility under the surface. Even as from data provider EPFR Global interim policy for the associa- traders cope with mammoth 0 S&P 500 show. In May, individual inves- tion that would suspend a by- swings in everything from tors pushed stockholdings to law that prohibits athletes April Jan. April Jan. April Jan. April Jan. April Jan. Tesla Inc. stock to the price of 2020 ’21 2020 ’21 2020 ’21 2020 ’21 2020 ’21 their highest level in nearly 3½ from monetizing their names, lumber and concerns about the years, increasing them for the images and likenesses. The longer-term economic outlook, Source: FactSet Note: Commodities measured by S&P GSCI index fourth consecutive month, ac- proposals must be approved many investors remain confi- cording to figures from the by the NCAA board of direc- dent that an expanding econ- deems risky, including stocks broad stock index and is also that it might raise interest American Association of Indi- tors, which meets Wednesday. omy and rising corporate prof- and commodities, than the known as Wall Street’s “fear rates sooner than expected, in- vidual Investors. Investors have “While opening NIL activi- its will support further gains. benchmarks it tracks. It also is gauge,” recently hit its lowest vestors unwound some of those also lowered their bond and ties to student-athletes, the And with returns from rela- protecting against pullbacks us- level since February 2020. wagers. cash allocations in recent policy leaves in place the com- tively safe assets such as bonds ing options, which allow the Markets remain calm even In June, splashy bets such as months. mitment to avoid pay-for-play still limited due to ultralow in- holder to buy or sell an asset at though traders are rapidly Tesla and tech companies have Households and corpora- and improper inducements terest rates—or even negative a specific price in the future. shifting their expectations for rebounded, leading stocks tions are expected to buy tied to choosing to attend a when factoring in inflation— Although frenetic trading in the economy and which sectors higher as they have for much of roughly $500 billion in U.S. particular school,” said the traders keep favoring high-per- individual stocks and sectors will outperform. For much of the coronavirus pandemic. stocks through year-end as in- NCAA in a statement. forming investments. has jolted investors throughout 2021, bets that the Fed would Some traders now anticipate dividuals continue trading According to the Division I “There’s nowhere else to go the year, the S&P 500 hasn’t be slow to pare its easy-money the Fed to limit the economy’s stocks and companies buy back Council’s proposals, any student in our view,” said Jeff Garden, dropped 5% or more from a re- policies and let consumer acceleration over time. more shares, Goldman Sachs athlete in the country will be chief investment officer at Lido cord in nearly eight months, prices rise pushed up govern- A slower-growing economy analysts recently estimated. able to cash in once the policy is Advisors. “You’re not going to the longest stretch since Febru- ment-bond yields and sectors makes the reliable revenue They project household de- approved by the board of direc- be able to find what you’re ary 2018, according to Dow directly linked to the economy, growth of tech companies more mand for equities to reach a re- tors, no matter if the athlete’s looking for in the safer invest- Jones Market Data. The Cboe such as shares of banks and attractive, investors say. cord $400 billion by year-end. state has a law allowing athletes ment spaces.” The firm holds a Volatility Index, which mea- manufacturers. After the cen- “It’s really been such a good Still, the record demand to profit from their names, im- larger position in trades it sures expected swings in the tral bank signaled this month market,” said Leslie Thompson, from fast-trading individuals ages and likenesses. The board and the prolonged period of is scheduled to vote on the in- placid trading for major in- terim policy Wednesday. THE WALL STREET JOURNAL CORRECTIONS  AMPLIFICATIONS dexes have some on Wall Street At least six states are set to (USPS 664-880) (Eastern Edition ISSN 0099-9660) tempering their expectations. permit undergraduate athletes (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) “We’ve already had a phe- to sign endorsement deals start- Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036 The Democratic Party con- spelled as Khataib Hezbollah nomenal run,” said Mona Ma- ing on Thursday. Some 19 states Published daily except Sundays and general legal holidays. 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For the foreseeable future, supply-chain disruptions and The NCAA said that athletes Reprints & licensing: please send reader comments rising prices are affecting the in the 31 states either without By email: [email protected] In some editions Monday By phone: 1-800-843-0008 , only by email or phone, using largest U.S. companies. Eco- legislation, or where bills are WSJ back issues and framed pages: wsjshop.com the name of the Kata’ib Hez- the contacts below, not via nomic data points like Friday’s still up for debate, can also Our newspapers are 100% sourced from sustainably certified mills. bollah militia group was mis- U.S. Mail. jobs report also will be in focus “engage in this type of activity as the tug of war between dif- without violating NCAA rules GOT A TIP FOR US? 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THE WALL STREET JOURNAL. ***** Tuesday, June 29, 2021 | A3 U.S. NEWS Suit Over Florida Condo Death Toll Rises to 11 Excessive BY VALERIE BAUERLEIN The Miami-Dade Police De- AND ALICIA A. CALDWELL partment has released the Force Is names of eight residents who SURFSIDE, Fla.—Rescue died in the collapse: Leon Oli- crews kept tunneling into the wkowicz, 80 years old; Luis Revived rubble of a collapsed condo Bermudez, 26; Anna Ortiz, 46; tower Monday, their fifth day, Christina Beatriz Elvira, 74; BY JESS BRAVIN trying to locate survivors at a Antonio Lozano, 83; Gladys AND BRENT KENDALL site where no one has been Lozano, 79; Manuel LaFont, found alive since Thursday. 54; and Stacie Dawn Fang, 54. WASHINGTON—The Su- There have been occasional They are working to identify preme Court took a harder line tapping sounds and other po- the other three confirmed against police misconduct Mon- tential signs of life, officials dead. day, ordering a lower court to said, but they have tapered off. Officials said they are focus- reconsider whether St. Louis of- Eleven people are confirmed ing on finding survivors, while ficers used excessive force in dead, eight of whom have been preserving evidence and pre- 2015 when kneeling on a shack- identified. There are 150 unac- paring for an investigation into led suspect who later died. counted for in the collapse the cause of a structural col- The order, among dozens of that occurred early Thursday. lapse of historic proportions. It actions by the justices, came as “Please Don’t Give Up,” read is rare because it doesn’t ap- the court cleared its docket in one handwritten sign affixed to pear to have been prompted by its final week before starting its a roadblock barrier near the outside forces such as a natu- summer break. The court also site. Candles, flowers and pho- ral disaster, and potentially re- turned away notable cases in- tos of the missing were lined up flects the failure of multiple volving work-from-home in- along the edge of a tennis court systems within the building all come taxes and marijuana. that is temporarily occupied by at once, engineers said. In the excessive-force case, search-and-rescue officials. U.S. Rep. Debbie Wasserman the Eighth U.S. Circuit Court of Family members and Schultz said it was significant

Appeals in St. Louis had dis- friends got private updates on ALEXIA FODEREthat FOR THE WALL STREET JOURNAL the federal government missed a lawsuit filed by Nicho- the methodical grid search People leave flowers at a memorial near the partially collapsed building in Surfside, Fla. had already employed investi- las Gilbert’s parents, concluding rescuers were conducting. Res- gators from the National Insti- that the officers acted reason- idents planned a twilight vigil tute of Standards and Technol- ably after finding Mr. Gilbert on the beach late Monday. Penthouse Had penthouse, which increased the a penthouse put undue stress ogy, part of the U.S. apparently attempting to hang “I’m trying to cope,” said building’s height by about 9 on the south tower, though any Department of Commerce that himself while in a holding cell. Pablo Rodriguez, 40 years old, Height Exemption feet with an additional floor. possible irregularity related to investigated the collapse of the Several officers responded, whose mother and grand- That put the tower slightly the building is receiving new at- twin towers following the but Mr. Gilbert, 5 feet, 3 inches mother are both unaccounted above the town’s legal height tention from local authorities af- Sept. 11, 2001, terrorist at- tall and 160 pounds, resisted, for. He said knowing federal in- SURFSIDE, Fla.—The develop- ordinance at the time. ter its sudden collapse. tacks. and a struggle ensued. Ulti- vestigators are on the ground, ers of the collapsed Surfside The property owners built The tower’s rooftop apart- “They’re a fact-finding, not mately, officers shackled Mr. looking into the cause, pro- condominium tower worked the penthouse after the Surf- ments would have added sig- a fault-finding agency,” she Gilbert and held him on his vided a little comfort because around local building codes by side town commission granted nificant weight but they were said. “We have buildings like stomach. it suggested any negligence adding a penthouse that wasn’t a special exemption to local accounted for in the revised de- this up the Florida coast, up “Three officers held Gilbert’s would be punished or building part of the original plan, a review height limits, according to a sign, said Roberto Leon, a pro- the East Coast.” limbs down at the shoulders, bi- codes reformed. It’s “really all of town building records shows. 1981 article in the Miami Herald. fessor of construction engineer- Emails released by the town ceps, and legs. At least one we have left,” he said. Plans submitted by the de- That allowed for these rooftop ing at Virginia Polytechnic Sunday and Monday included other placed pressure on Gil- Surfside Mayor Charles veloper of the Champlain Tow- apartments at Champlain Tow- Institute and State University, correspondence from the bert’s back and torso. Gilbert Burkett said he knows family ers South initially called for 12 ers South and a little later at who reviewed the plans. condo board and town officials tried to raise his chest, saying, members are in agony as they floors of residential units. The Champlain Towers North. —Will Parker in recent years that show resi- ‘It hurts. Stop,’” the court’s un- wait. He said he saw a school- developer decided to add a It isn’t clear if the addition of and Laura Kusisto dents were concerned about signed opinion said. aged daughter of one of the the effects of nearby construc- Mr. Gilbert stopped strug- missing on watch beside the tion. There are conflicting re- gling after 15 minutes and his rubble, looking at her phone. Diaz said he and other elected family members are frustrated through layer by layer, he said. ports on potential structural breathing became abnormal. “She was reading a Jewish officials met Monday with with the pace of the rescue ef- The team is using dogs, so- hazards at the Champlain Officers couldn’t find a pulse, prayer to herself, sitting at the families. “The pain in their forts. Crews have to work nar equipment, cranes and Towers South building, and the court said. site where one of her parents face, their expressions, it’s un- carefully to avoid causing fur- drones to seek open spots signs the condo association Mr. Gilbert, who was white, presumably is,” the mayor said like anything I’ve seen before,” ther collapse or injuring them- where people might have found was set to make costly repairs died in a manner foreshadow- at a news conference. “That re- he said. “It’s very difficult to selves, he said, noting that one shelter, Mr. Jadallah said. “Ev- in advance of a required 40- ing the killing of George Floyd, ally brought it home to me. She know that a loved one could rescue worker tumbled 25 feet eryone believes the search- year recertification process. a Black suspect who died after wasn’t crying, she was just still be alive….and just sit down the pile of rubble over and-rescue operation should A 2018 email released by Minneapolis police officer Der- lost, she didn’t know what to there and wait.” the weekend. cease after a certain period of the town showed that the en- rick Chauvin knelt on his back do,whattosay,whototalkto.” Miami-Dade Fire Rescue As- The floors of the building time,” he said. It doesn’t work gineering firm estimated that for nearly 10 minutes in May Miami-Dade County Com- sistant Chief Ray Jadallah have compressed into a dense that way, he said, especially on the cost of needed major re- 2020. Last week, a Minnesota mission Chair Jose “Pepe” said he understands that some mound, and must be gone a complex and unstable site. pairs exceeded $9.1 million. state judge sentenced Mr. Chauvin to 22 ½ years impris- onment in Mr. Floyd’s murder. In 2019, a federal magistrate Board President Warned of Need for Repairs judge dismissed the Gilbert family’s lawsuit, finding that the St. Louis officers enjoyed BY DEBORAH ACOSTA The purpose of the letter, determine the full structural bar holding it together is get Mr. Morabito fully signed qualified immunity, a doctrine dated April 9, 2021, was to ex- problems of the building, and rusting and deteriorating be- on delayed the roofing work that insulates officers from lia- SURFSIDE, Fla.—The presi- plain to residents the worthi- they could be far worse, she neath the surface,” Ms. Wod- until the end of 2020, he said. bility unless their alleged mis- dent of the Champlain South ness of the construction proj- wrote. nicki wrote. “The concrete de- An attorney for the condo conduct violates clearly estab- Towers condo association told ects for the 40-year-old “It is impossible to know terioration is accelerating. association, Donna DiMaggio lished constitutional rights. residents in April their build- building ahead of the follow- the extent of the damage to The roof situation got much Berger, told the Journal on The Eighth Circuit went a ing was in desperate disrepair ing week’s meeting about a the underlying rebar until the worse, so extensive roof re- Sunday that the 2018 engi- step further, declaring that the and urged them to pay the $15 proposed special assessment concrete is opened up. Often- pairs had to be incorporated.” neer’s report was fairly rou- officers’ actions were permissi- million in assessments needed of $15 million to be paid by Ms. Wodnicki didn’t re- tine and didn’t raise alarms. ble responses to Mr. Gilbert’s to fix structural problems, in residents. spond to requests for com- “Concrete spalling, rebar de- behavior. a letter reviewed by The Wall Florida buildings are re- ment. terioration—these are not un- The Supreme Court ordered Street Journal. quired to be recertified for ‘The concrete The letter states that Mr. usual events when you have the Eighth Circuit to reconsider The condo building col- electrical and structural deterioration is Morabito was newly rehired buildings exposed to corrosive its ruling, because it was “un- lapsed into a pile of rubble safety after 40 years, and the as the supervising engineer conditions,” Ms. Berger said. clear whether the court thought Thursday, leaving at least 11 building had begun that pro- accelerating,’she for the construction project. She wasn’t available for the use of a prone restraint—no people dead and 150 unac- cess. wrote in April letter. Brett Marcy, the represen- comment Monday. matter the kind, intensity, dura- counted for, officials said. Ms. Wodnicki explained in tative for Morabito Consul- “A lot of this work could tion, or surrounding circum- The condo board president, the letter that an engineer, tants, said the firm’s 2018 re- have been done or planned for stances—is per se constitutional Jean Wodnicki, wrote that the Frank Morabito, was hired in port had said that some in years gone by. But this is so long as an individual appears concrete damage to the build- 2018 to do an inspection of times the damage is more ex- repairs needed to be made “in where we are now,” Ms. Wod- to resist officers’ efforts to sub- ing would “multiply exponen- the building and provide an tensive than can be deter- the near future.” Also, al- nicki wrote in the letter. “We due him.” Mr. Gilbert, who was tially over the years, and in- estimate of what would be re- mined by inspection of the though the board voted to have discussed, debated, and 27 years old, had been arrested deed the observable damage quired for the 40-year inspec- surface,” she wrote. hire Mr. Morabito as the engi- argued for years now, and will for trespassing in an abandoned such as in the garage has got- tion, which was due later this “When you can visually see neering consultant for the continue to do so for years to building and failing to appear in ten significantly worse over year. The initial inspection the concrete spalling (crack- construction work in 2019, the come as different items come response to a traffic ticket. the years.” from 2018 wasn’t enough to ing), that means that the re- long contracting process to into play.” Pacific Northwest Bakes in Triple-Digit, Record Temperatures BY ORLA MCCAFFREY How the Northern Heat Dome Formed AND ZUSHA ELINSON Deep low pressure in the LOW Aleutian Islands of Alaska PRESSURE SEATTLE—A record-break- SYSTEMS ing heat wave continued to lastweek,aswellasin scorch the Pacific Northwest Hudson Bay in Canada, L on Monday, causing cracks in provided favorable roads, increased hospital ad- conditions for the building missions, and closures of sum- ofaheatdomeoverthe L mer schools and public transit. Northwest and Portland reached a record Southwest Canada. high of 115 degrees Monday af- These two cold and wet ternoon, exceeding the previous L high of 112 set Sunday, accord- low-pressure systems ing to the National Weather have become slow Service. Before the weekend, moving, forcing the area the record high for the city was between to experience L 107 degrees in 1981. high pressure and dry Seattle reached 108 degrees weather. Monday, beating its prior re- DOM EAT E cord of 104 degrees reached This creates a sinking H Saturday. Several summer motion of air, which warms L SINKING schools in western Washington and dries the air mass, AIR canceled classes for the day. leading to a prolonged TheOregonHealthAuthor- period of clear skies and L ity said it had seen a spike in extremely high STATIONARY the number of heat-related ad- temperatures. JET STREAMS missions to emergency rooms MARANIE STAAB/BLOOMBERG NEWS and urgent-care centers. Residents sought shelter at a cooling center Portland, Ore., where it was 115 degrees on Monday. Source: NOAA Stephanie Stamm/THE WALL STREET JOURNAL The extreme temperatures caused cracks in roads and The Portland area’s public and light rail system, said it Puget Sound Energy were with- Needle early Monday after- breeze helped those at Seattle’s highways, including Interstate transit agency, TriMet, sus- wouldrunbothservicesat out power Monday afternoon. noon. It was about 20 degrees Cal Anderson Park, where Ben 5, which runs through Seattle pended light rail and streetcar lower speeds to reduce heat Both Seattle and Portland warmer inside his apartment Kramer flew a rainbow-colored and Portland, the Washington service until Tuesday due to on the tracks and make sure opened cooling stations for than outside, Mr. Roach, 58 kite. State Department of Transpor- the heat. Summer school and overhead power lines remain people who needed help to es- yearsold,said. “It helps me keep my mind tation said. On Monday after- community college classes connected, as heat can inter- cape the heat. “It might be OK for me, but off [the heat] for a while,” the noon, one such crack forced were also canceled Monday. fere with the process. Gary Roach and his dog, it’s dangerous for her,” he said. 31-year-old said. “But in the the closure of two southbound Sound Transit, which oper- In western Washington, Princess, arrived at a cooling Some people chose to try to words of ‘The Sandlot,’ I’m still lanes of I-5 near Seattle. ates Seattle’s commuter trains about 13,600 customers of center near the Seattle Space find relief outdoors. A steady baking like a toasted cheeser.” .

A4 | Tuesday, June 29, 2021 PWLC101112HTGKRFAM123456789OIXX **** THE WALL STREET JOURNAL. U.S. NEWS Warning Signs Flashing for Democrats President To Focus On Deal’s Roads and CAPITAL JOURNAL By Gerald F. Seib Bridges BY KEN THOMAS

Almost six months into WASHINGTON—President President Biden’s first year, Biden plans to open a sales some yellow warning lights pitch this week for the roads, are flashing for Democrats. bridges and broadband at the The president’s party has center of the bipartisan infra- plenty to feel good about, to structure deal, seeking to shift be sure. The economy’s re- the focus away from its compli- covery from the coronavirus cated legislative path in Con- slide is proceeding apace, gress and his own messaging and the stock market, which stumbles. former President Donald Mr. Biden will travel to La Trump predicted would col- Crosse, Wis., on Tuesday to lapse upon his departure, ac- highlight ways he believes the tually is up 10% since the Bi- plan negotiated with Republi- den inaugural. Mr. Biden’s cans and Democrats would bol- approval rat- ster the economy and help fam- ings are solid, ilies and small businesses. and the infra- Wisconsin is a top presidential structure deal battleground and was narrowly

struck last ERIC GAY/ASSOCIATED PRESS carried by Mr. Biden in 2020. It week with Migrants from Venezuela look out from a Border Patrol vehicle after they crossed the U.S.-Mexico border and turned themselves in. also is home to Sen. Ron John- Senate Repub- son (R., Wis.), one of the most licans has the potential to crats have lost some work- designed to fight crime, par- steady reopening of the econ- news—and whether such vulnerable Republican senators become a long-sought bipar- ing-class voters for cultural ticularly in big cities, by omy and social life have been problems will be offset by seeking re-election next year. tisan achievement. reasons, and the woke rheto- freeing Covid-19 relief funds success stories. Yet the pace the trends moving in the The White House has backed ric among party progressives so they can be used to hire of vaccinations has slowed right direction for the Biden both the roughly $1 trillion in- et Democrats control may exacerbate that problem. more law-enforcement per- significantly, and the White administration. frastructure deal and a sepa- Congress by the nar- That’s why so many Republi- sonnel and to invest in anti- House acknowledges it will Still, continued weakness rate, broader antipoverty effort Y rowest of margins, cans are using the spread of violence programs. fall just short of Mr. Biden’s with working-class voters that could cost trillions more and face a Republican con- critical race theory—which Beyond critical race goal of getting at least one would spell trouble for Dem- and is expected to draw only gressional leadership intent, advances the argument that theory and crime, Republi- dose of coronavirus vaccine ocrats in some key congres- Democratic support. above all, on winning back America remains in the grip cans have identified immi- to70%ofadultsbyJuly4. sional races, especially in Mr. Biden is seeking to put control in next year’s mid- of systemic racism—as a cud- gration as a third Demo- The rise of the Delta variant states such as Wisconsin, the focus back on the contents term elections. They are gel against Democrats. cratic weak spot. After a of the Covid-19 virus could Ohio and Pennsylvania. The of his agenda, leaving the pro- probing for Democratic weak But Democrats’ problems surge of unaccompanied mi- create troublesome pockets of key to pushing back, says one cess and timing to Congress, af- spots—and finding some. with working-class voters nors crossing the southern infections among the non-vac- prominent Democratic opera- ter he was forced to back away Mr. Biden’s win last year don’t break entirely along ra- border illegally early this cinated this summer, meaning tive, will be to keep the focus from issuing a veto threat to masked Democrats’ continu- cial lines. They also lost year, the numbers actually the White House remains un- on the economy, where Dem- the infrastructure bill if it isn’t ing problems with working- ground in 2020 with work- have been declining over the der pressure to keep vaccina- ocrats think their programs tied directly to the larger parti- class voters, the party’s tra- ing-class Hispanics and Black last two months. Still, the tion numbers moving up. are striking chords with san bill. Some Republican sena- ditional base. Despite his men, and some party ana- pace is high. Mr. Trump used working-class voters, and not tors had said that threat could image as a working-class lysts trace that decline to immigration to rally Republi- eyond all those poten- to “fall for the bait” by div- undermine their support. kind of guy, Mr. Biden actu- the emergence of Democratic cans in 2016 and 2020, and tial midterm problems, ing in on cultural issues. Underscoring the fight over ally won a lower share of the activists’ calls to “defund the hit away at the topic again B Democrats face a more Beyond that, Democrats the two tracks, in a statement working-class vote, both police.” Crime strikes hard in in his first big postelection subtle one: Mr. Trump won’t may have found a model in Monday, Senate Minority white and nonwhite, than did many Black and Hispanic rally in Ohio over the week- be on the ballot in November an unlikely place. Eric Ad- Leader Mitch McConnell (R., former President Barack neighborhoods. end. He certainly will try to 2022. Disdain for the former ams, the Brooklyn borough Ky.) said Mr. Biden should push Obama in 2012, according to Now a jump in urban ho- keep the theme alive. president drove an untold president who leads the tally congressional Democratic lead- data compiled by Catalist, a micides—which the Federal Beyond those problem ar- number of voters—especially in New York City’s Demo- ers to also delink the fate of the Democratic analytics firm. Bureau of Investigation says eas, the coronavirus pan- college-educated whites— cratic mayoral primary, suc- bipartisan bill from the broader Meantime, House Democratic rose 32.2% in the last three demic still has the potential into Democrats’ arms last ceeded by crafting an image antipoverty plan. “The presi- candidates underperformed months of 2020 in cities to surge anew and blemish fall, and his absence will as a blue-collar candidate dent cannot let congressional Mr. Biden slightly among with populations of at least what has been a good-news lessen that motivation. who connected with work- Democrats hold a bipartisan bill white working-class voters. a million—has created a po- trend for the Biden adminis- It’s impossible to say how ing-class Black and Hispanic hostage over a separate and Some new political cur- litical headache for Demo- tration and congressional these factors will evolve, voters—and by taking on his partisan process,” he said. rents threaten to continue crats. Mr. Biden pushed back Democrats. The surge in vac- whether a rise in inflation party’s progressives on po- In the Senate, which is cur- that trend. Over time, Demo- last week with an initiative cinations nationally and the will mar the good economic licing and public safety. rently on break, Democrats aim to pass the bipartisan infra- structure bill by drawing enough Republican votes to reach the 60-vote threshold re- Trump Company in Last Bid to Avert Charges quired for most legislation to advance. BY CORINNE RAMEY other financial records. AND REBECCA BALLHAUS Even if Mr. Weisselberg and the Trump Organization were Lawyers representing the to be charged only with tax Trump Organization made a crimes in coming days, prosecu- CFPB last-ditch effort Monday to per- tors could continue their inves- suade New York prosecutors tigation and bring additional not to pursue tax-related charges or charge other defen- Offers Aid charges that could come as dants in the future. soon as this week, arguing the Legal experts said it is rare company was being unfairly to charge an individual or com- On Late targeted, people familiar with pany for failure to pay taxes on the matter said. employee benefits. They The Manhattan district at- couldn’t recall any cases that Mortgages torney’s office and New York at- involved such conduct alone, al- BY ANDREW ACKERMAN torney general’s office have for though they said such charges months been investigating are sometimes included in Millions of homeowners who whether Trump Organization larger cases. are behind on their mortgage Chief Financial Officer Allen Charging the Trump Organi- payments would get added pro- Weisselberg and other execu- zation with evading taxes on tections from foreclosure tives received benefits such as employee benefits, when other through the end of 2021 under a cars, apartments and private companies haven’t been set of rules completed Monday school tuition and illegally charged with similar conduct, by the Consumer Financial Pro- avoided paying taxes on them. could appear politically moti- tection Bureau.

Mr. Weisselberg is expected CRAIG RUTTLE/ASSOCIATED PRESS vated, said Bridget Crawford, a Under the rules, mortgage to be charged this week, putting Manhattan District Attorney Cyrus Vance Jr.’s office and the state attorney general are investigating. tax-law professor at Pace Uni- lenders generally can’t foreclose additional pressure on him to versity. “It looks like scapegoat- on a home without first contact- cooperate against his boss, for- “In my more than 50 years In a statement, Mr. Trump The fringe-benefit investiga- ing,” she said. ing homeowners to see if they mer President Donald Trump. of practice, never before have I reiterated his contention that tion is part of a broad criminal State and federal prosecutors qualify for a lower interest rate Mr. Trump isn’t expected to be seen the district attorney’s of- the probe, led by Democratic probe into whether the Trump consider various factors when or some other loan change. charged at this time, said his fice target a company over em- Manhattan District Attorney Organization, run by Mr. investigating companies for po- “We want servicers and lawyer, Ronald Fischetti. ployee compensation or fringe Cyrus Vance Jr. and New York Trump’s sons, and its officers tential criminal activity. Federal homeowners to be actively en- During virtual meetings last benefits,” Mr. Fischetti said in a Attorney General Letitia James, overvalued and undervalued its prosecutors tend not to bring gaged in loss-mitigation week and Monday with prose- statement. “Even the financial was a partisan “witch hunt.” He assets on loan, tax and insur- charges against companies throughout the summer and cutors, lawyers for the Trump institutions responsible for said his company was being in- ance documents for financial themselves, instead bringing the fall so that we can get as Organization argued that charg- causing the 2008 financial cri- vestigated for things that are gain. Prosecutors have subpoe- them into cooperation agree- many people as possible to a ing companies for neglecting to sis, the worst financial crisis “standard practice throughout naed banks, town officials and ments with the expectation that good outcome,” said Diane pay taxes on fringe benefits was since the Great Depression, the U.S. business community, insurance brokers and obtained they would hand over informa- Thompson, a senior adviser to unheard of. were not prosecuted.” and in no way a crime.” Mr. Trump’s tax returns and tion on individual wrongdoing. the agency’s acting director. If a modification isn’t possi- ble or a homeowner doesn’t re- disease, the disease of nicotine sleek devices took off in 2017, Drug Administration, which spond, the foreclosure can pro- Juul Settles addiction. They did it to teen- Juul-related posts exploded on will decide whether they can ceed after the rules go into agers across North Carolina Instagram and Twitter with remain on the U.S. market. effect on Aug. 31. and this country simply to photos posted by young peo- Youth vaping fell in 2020 The purpose of the rules, Lawsuit for make money,” Mr. Stein said at ple using the product. after federal restrictions agency officials said, is to en- a press conference on Monday. Juul made efforts to repair raised the legal age for pur- sure that mortgage companies “Their greed is not only repre- its frayed relationships with chasing tobacco products to 21 thoroughly process the large $40 Million hensible, it is unlawful.” regulators and lawmakers after and took fruity-flavored e-cig- number of borrowers expected Under the North Carolina a new CEO took the helm of arette cartridges off the U.S. to exit from temporary pan- settlement, Juul is barred from the e-cigarette maker in 2019. market. demic-relief programs that ContinuedfromPageOne using most social-media adver- As sales fell and regulatory Juul also is on trial facing have allowed homeowners to pany has faced regulatory tising, advertising near pressure increased, it halted charges that it broke antitrust postpone monthly payments crackdowns and federal inves- schools, and sponsoring sport- most of its U.S. advertising, re- laws when tobacco company until the fall. An existing fore- tigations into its marketing ing events and concerts. Juul versed its overseas expansion Altria Group Inc. took a 35% closure moratorium for bor- practices, reversing a once-me- voluntarily had stopped doing and cut about 3,000 jobs. It stake in the startup in 2018. rowers with mortgages backed teoric rise that had it on pace such marketing. stopped selling sweet, fruity The Federal Trade Commission by the federal government ex- to generate $2 billion in sales Juul’s first marketing cam- and mint flavors in the U.S. in is pushing to unwind that pires July 31. in 2019. paign in 2015, called “Vapor- anticipation of federal restric- deal. Testimony in the trial Consumer groups praised

In 2020, the company re- ized,” pitched the brand as a tions implemented in 2020. wrapped up last week and a JULIA WALL/THE NEWS & OBSERVER/ASSOCIATED PRESS Monday’s rules. Melissa Steg- ported a loss of $777 million cool lifestyle accessory with The company’s valuation has ruling is expected in a few The state settlement with man, senior policy counsel at on sales of $1.5 billion, accord- images of people in their 20s plummeted to about $4 billion months. North Carolina Attorney the Center for Responsible ing to a disclosure Juul made and 30s, which critics say from $38 billion in 2018. Thirteen other attorneys General Josh Stein bars the Lending, said the regulation to employees. made the brand attractive to Juul’s products are now un- general have sued Juul, includ- company from using most equips homeowners with key “Juul sparked and spread a teens. Later, as sales of the der review by the Food and ing the District of Columbia. social-media advertising. protections. .

A6 | Tuesday, June 29, 2021 ** THE WALL STREET JOURNAL. U.S. NEWS Common Viruses Make A Comeback

Social distancing kept I was also surprised to see it spreading at this time of the exposure down, but year,” Ms. Tsukidate said. bugs could spread fast At Perth Children’s Hospital in Australia, infectious dis- as countries reopen eases researcher David Foley isn’t surprised. His country ex- BY MIHO INADA perienced a similar out-of-sea- son flare-up of the virus that Doctors in France are call- infected Toranosuke—respira- ing it the immunity debt: tory syncytial virus or RS vi- When people avoided each rus—during the Southern other during the pandemic, Hemisphere’s summer months they failed to build up the im- after an unusually quiet winter. munity against viruses that There was “an increased comes from normal contact. population that was suscepti- As regular life resumes, so- ble, helping the virus to spread

ciety may find payments on more easily,” Dr. Foley said. SHIHO FUKADA FOR THE WALL STREET JOURNAL that debt coming due, in the Doctors around the world Miwako Tsukidate with her 16-month-old son, Toranosuke, who was hospitalized for a week after coming down with the RS virus. form of worse-than-normal vi- who treat infections are get- ral disease outbreaks. ting ready for another year or lungs, it is also a significant on RS virus antibodies to their Disease Control and Preven- It may have been borrowing In early June, 16-month-old two full of such anomalies. As cause of death in the elderly. babies but only when they have tion issued a warning in early from the future by creating Toranosuke Tsukidate came people strove to avoid the vi- At Maimonides Children’s had a recent infection, she said. June about increased cases of greater room for viruses to run down with a common virus that rus that causes Covid-19, they Hospital in Brooklyn, N.Y., Rabia Since May, the number of the virus in the South after a rampant later. Robert Cohen, a caused a fever topping 106 de- ended up staying away from Agha, director of the pediatric cases has eased, but “RSV will year of low activity. The U.K., professor at a pediatric research grees Fahrenheit. The bug was many other viruses and bacte- infectious diseases division, en- definitely come back and at- France and Japan have also center near Paris called Activ, spreading rapidly through his ria that cause common ail- countered an RS virus wave tack a larger population be- seen a return of RS virus. calls this “immunity debt.” Tokyo daycare, said his mother, ments—influenza, chickenpox, this spring. She found the me- cause last season few children Figures recently released in Dr. Cohen said the hygiene Miwako Tsukidate, 27, and the strep throat, RS virus and dian age of infants treated was got infected,” Dr. Agha said. Japan show the profound effect measures adopted during the boy was hospitalized for oxy- more. Now as normal life re- just 6 months, down from 17 Toranosuke’s pediatrician, exposure to viruses such as flu pandemic bring “an immediate gen treatment for a week. sumes in many countries, expo- months the previous season. Akifumi Tokita, said older tod- and RSV can have on a nation’s and indisputable benefit” be- By the time Toranosuke was sure to those bugs is returning. The immune system of small dlers, age 3 or 4, were also health. Deaths caused by pneu- cause common illnesses have discharged, his mother ob- RS virus, transmissible by babies tends to be weaker, so turning up with high fevers be- monia—a common complica- been suppressed. But at some served the beds around him droplets and contact with con- more of this year’s patients cause of RS virus. He attributed tion of viral infections—last point almost all children are filling up with children suffer- taminated surfaces, is usually ended up in intensive care. this to their lack of normal ex- year in Japan fell by more than going to get RS virus, chicken- ing the same ailment, which is minor in children but occasion- Dr. Agha thinks the differ- posure to the virus, which in 17,000, far outweighing the pox and viruses that cause usually more common in the ally leads to hospitalization. Be- ence had to do with mothers turn meant they couldn’t build 3,466 deaths attributed to colds, which could mean larger fall. “I was surprised to see cause it can cause inflamma- not being exposed to the virus up immunity little by little. Covid-19. As a result, Japan’s outbreaks when the bugs make how it took off so quickly, and tion of small airways in the while pregnant. Mothers pass In the U.S., the Centers for overall mortality fell. up for lost time, he said.

The FDA acted over the ob- and Medicaid Services, which jections of some of its statisti- oversees Medicare, has a num- Alzheimer’s cians and outside medical ad- ber of options for limiting a Mixing visers, who said further studies drug’s use, though it doesn’t of- were needed to prove the drug ten use them. Drug Cost worked. “Medicare has the ability to Vaccine After the approval, some not cover this drug,” said Peter doctors and economists said it Bach, director of the Center for Risks Access wasn’t worth spending so much Health Policy and Outcomes at Types Seen on a drug that hasn’t been Memorial Sloan Kettering Can- ContinuedfromPageOne proven to work, especially one cer Center, who chairs an exter- man Services Secretary Xavier with the risk of brain bleeds. nal committee advising Medi- Effective Becerra said during an inter- Three of the FDA’s medical ad- care on payment decisions. BY JENNY STRASBURG view livestreamed on YouTube visers resigned from their Among the most extreme AND DENISE ROLAND

on Thursday. posts. DAVID A. WHITE/BIOGEN/EPA/SHUTTERSTOCK options is that CMS could de- “We’re going to be making Aside from the medicine it- Biogen said it wants to limit who gets Aduhelm to Alzheimer’s cide not to cover Aduhelm if it Alternating a dose of some pretty heady decisions self, there is the cost of infusing patients in the early stage of the disease with mild symptoms. determines the drug falls short Covid-19 vaccine made by about how it’s treated, if it will the drug, brain-imaging tests of being reasonable and neces- Pfizer Inc. with one from As- be reimbursed, how much, and and doctor visits, said Scott A. The high cost of Aduhelm, a prescriptions. sary treatment, said Dr. Bach, traZeneca PLC is safe and so forth,” he added. Small, director of Columbia new Alzheimer’s drug, will test Analysts polled by FactSet who supports taking action. provides a strong immune re- Meanwhile, Biogen said it University’s Alzheimer’s Dis- Medicare’s coverage which expect $103 million in Aduhelm CMS has rarely made such a sponse against the disease, a wants to limit who gets ease Research Center. The total normally pays unconditionally sales this year, $946.3 million move for a drug before, new study shows. Aduhelm to Alzheimer’s pa- cost will be around $100,000 for approved medicines. in 2022 and $5.4 billion in though it has for other medi- Researchers said the find- tients in the early stage of the annually per patient, he said. $40 billion 2025. cal products. ings support the practice of disease with mild symptoms. Paying for the treatment will Medicare Part B Biogen said it expects Alz- Denial of coverage would mixing vaccines in certain cir- The federal government and largely fall on Medicare, which drug spending* heimer’s specialists to be the likely cause an uproar from pa- cumstances. The U.K.-funded the company may need to move provides health insurance to 30 primary prescribers of the med- tients. study found that mixing the quickly. “I’m not quite certain people 65 years and older and icine, and there aren’t enough A more likely option is that Pfizer and AstraZeneca doses how we’re going to accommo- covers most of the six million in the U.S. to manage the mil- CMS standardizes the criteria improved on the immune re- date all the patients who want Americans with Alzheimer’s. 20 lions of patients the company through what it calls a national sponse provided by a two-dose it,” said Richard Isaacson, di- Medicare, through its Part B thinks might benefit from the coverage determination, for regimen of the AstraZeneca rector of the Alzheimer’s Pre- benefit, typically pays for all in- drug. As a result, patient up- which it will pay for Aduhelm shot. Alternating the shots vention Clinic at Weill Cornell fused drugs like Aduhelm ad- 10 take will occur gradually over across the program’s nearly 59 provided less of a key immune Medicine and New York-Presby- ministered by doctors who use years, the company said. million enrollees, said Anand response, however, than that terian hospital. it as prescribed by the terms of The company told investors Shah, a former senior official provided by two doses of the The weeks since Aduhelm’s FDA’s approval. 0 this month that 2021 sales with Medicare and the FDA Pfizer shot. approval have been the busiest In clearing Aduhelm, the 2015’16 ’17 ’18 ’19 will be modest before increas- who is now a senior adviser to The interim findings, led by of his professional career, Dr. FDA approved the drug for all ing into billions of dollars in Morgan Stanley. the University of Oxford but Isaacson said. As many as 200 Alzheimer’s patients, rather *Part B drugs, such as Aduhelm, are infused U.S. sales. Aduhelm’s cost and the “ab- not yet reviewed by indepen- or given in settings like doctors' offices and patients have called or emailed than tailoring its use for the hospital outpatient departments. “We want to make sure that sence of consensus among clini- dent scientists, support the the clinic to ask about taking early-stage patients studied in Source: Medicare Payment Advisory the patients who we are focus- cians may tilt the agency to- practice under way in several the drug, he said, in addition to Biogen’s clinical trials. Biogen Commission, Kaiser Family Foundation ing on are the ones similar to wards limiting access only to countries, including Canada other doctors asking for advice estimates one million to two the patients who were included certain patients,” said Dr. Shah. and parts of Europe, of mixing on what to tell their patients. million Alzheimer’s patients $37 billion total spending on in our clinical development pro- Private health insurers that vaccine types, researchers Aduhelm was the first Alz- match the people in its studies. Part B drugs in 2019, according gram,” Chirfi Guindo, Biogen’s administer the Part B benefit said. In some cases, health of- heimer’s drug to be approved in If only one million patients to Kaiser Family Foundation. head of global product strategy also could place restrictions on ficials have supplemented one nearly two decades when the get Aduhelm, Medicare would Medicare spent $136 billion on and commercialization, said in Aduhelm’s use, which could kind of shot with a different Food and Drug Administration face about $57 billion annually total outpatient drug spending an interview. mean who gets access would one because of supply issues. cleared it this month. in new spending, surpassing the in 2019, including pharmacy The Centers for Medicare vary by region or insurer. In other instances, revised health advice related to vac- cine side effects has called for nize the defects in the govern- appointee, said the FTC’s prin- ability permissions to compet- “This sends a signal that a different second shot. For in- ment complaints filed against cipal problem was that it didn’t ing apps. “There is nothing the antitrust laws are not stance, in parts of Europe, Facebook Facebook. We compete fairly make enough allegations to unlawful about having such a good enough,” Mr. Hovenkamp health officials have recom- every day to earn people’s time support its claims that Face- policy in general,” the judge said of the rulings. mended against younger and attention and will continue book has a monopoly in what said. There could have been le- Lawmakers from both par- adults getting the AstraZeneca Scores Win to deliver great products for the FTC described as a market gal concerns with how Face- ties have argued that current shot because of very rare but the people and businesses that for personal social-networking book implemented its policy, law is insufficient to restrain sometimes deadly blood clot- use our services.” services. The commission, he but the issues the FTC raised powerful technology compa- ting linked to the vaccine. Vs. FTC An FTC spokeswoman said said, made only a bare mini- didn’t involve current Face- nies, but it isn’t clear whether That guidance came out after the commission “is closely re- mum allegation that Facebook book conduct and thus were Democrats and Republicans many younger adults had al- ContinuedfromPageOne viewing the opinion and assess- had a dominant market share out of reach, he said. will find enough consensus to ready gotten a first injection lized the marketplace. They ing the best option forward.” exceeding 60%, and that no Not everything in the ruling get something passed. of the AstraZeneca shot. They also served as a reminder that New York Attorney General was bad for the FTC. The The46statesmadeargu- are now being offered a Pfizer antitrust cases—particularly Letitia James, a Democrat, led judge rejected Facebook’s con- ments similar to those of the shot or one by Moderna Inc. against dynamic tech-sector the states’ lawsuit. Her office tention that the commission FTC, while also alleging that A separate study out of Ox- firms that offer free, nontradi- also said it was considering its The FTC and states couldn’t challenge its Insta- Facebook degraded personal ford—also not peer-reviewed— tional products—can be diffi- options. ‘have been knocked gram and WhatsApp acquisi- privacy and exploited con- found that the AstraZeneca cult to win before federal News of the judge’s deci- tions now that several years sumer data because it had no vaccine provides a strong courts that have narrowed the sions fueled a rise in Facebook’s out at the earliest have passed since those deals rivals to keep it in check. bump to immunity when given reach of antitrust laws over shares, which ended 4 p.m. stage’ of the case. were completed. Judge Boasberg, in turn, of- as a third dose, or booster, several decades. trading on Monday up 4.2%, Sizable acquisitions must be fered similar rejections of the more than six months after “This really stings for the valuing the company above $1 reviewed by the government states’ claims as he did to the two doses of the same shot. agencies,” said George Wash- trillion for the first time. before they are consummated. FTC’s, with one notable excep- The AstraZeneca vaccine, ington University law profes- The FTC alleged Facebook other social network of compa- The FTC allowed Facebook to tion: He said the states, unlike developed with Oxford, is a vi- sor William Kovacic, a former engaged in unlawful monopoli- rable scale exists in the U.S. acquire Instagram and Whats- the federal government, can’t ral-vector shot, using an al- FTC chairman. “The FTC and zation by buying up potential “These allegations—which App in 2012 and 2014, respec- challenge Facebook’s past ac- tered, harmless cold virus to the states I’m sure used the future rivals such as Insta- do not even provide an esti- tively, but argued in its lawsuit quisitions years after the fact. ferry genetic material into hu- best talent they had to bring gram and WhatsApp instead of mated actual figure or range that time has shown the deals The proceedings in the man cells. It instructs them to these cases, and they have competing with them, and was for Facebook’s market share at to be anticompetitive. Facebook litigation stand in create Covid-19 spike proteins, been knocked out at the earli- seeking to force the social-me- any point over the past ten University of Pennsylvania contrast to the Justice Depart- spurring an immune response est stage.” dia giant to unwind those years—ultimately fall short of law professor Herbert Hoven- ment’s antitrust case against against Covid-19. The shot isn’t Even if the FTC is able to transactions. The commission plausibly establishing that kamp said while the FTC likely Alphabet Inc.’s Google, which approved for use in the U.S. successfully amend its lawsuit, also argued Facebook imposed Facebook holds market has ways it could amend its al- the government filed last Oc- Vaccines from Pfizer and he added, “this adds complex- anticompetitive conditions power,” the judge wrote. legations to at least get its case tober. There, Google chose not Moderna are messenger RNA ity and delay to a case that was that limited how third-party Judge Boasberg also said out of the starting gate, the rul- to file a motion seeking to vaccines, named after the mo- already going to be difficult.” app developers could access the FTC didn’t have a valid ing would almost certainly in- have the lawsuit dismissed at lecular couriers that deliver Facebook said it was pleased the social-media platform. challenge to Facebook’s policy crease calls in Congress to pass the outset. A trial in that case genetic instructions to cells to “that today’s decisions recog- Judge Boasberg, an Obama of refusing to grant interoper- new antitrust legislation. has been scheduled for 2023. trigger the immune response. .

A8 | Tuesday, June 29, 2021 **** THE WALL STREET JOURNAL. WORLD NEWS Variant Surges Across Vulnerable Africa

Record cases lead to pling compared with the start of June, according to data shortages of ICU beds from the KwaZulu-Natal Re- and oxygen, as nations search Innovation and Se- quencing Platform. In Uganda, reimpose lockdowns Delta was found in 97% of test samples sequenced recently, BY GABRIELE STEINHAUSER while in Congo it was detected AND JOE PARKINSON in 79% of samples, the World Health Organization said. JOHANNESBURG—The Health experts in the U.K., more-transmissible Delta vari- where Delta also has driven a ant of Covid-19 is surging surge in infections, say that across Africa, the continent without public-health restric- with the least vaccines and tions the average person in- weakest healthcare systems, fected with this variant passes feeding fears among epidemi- it to between five and eight ologists and political leaders people—making it more than of a public-health disaster that twice as contagious as the origi- could echo the tragedy that nal strain that emerged in China unfolded in India in the spring. in 2019. Delta also appears more The speed of the takeover effective than earlier versions of of the variant, which was first the virus at evading the body’s identified in India and is forc- immune responses generated by ing governments around the previous infections, according globe to tighten restrictions on to laboratory experiments. social and economic activities, While full vaccination ap- has shocked health experts in pears to offer high levels of Africa, a continent that—in protection against Delta, ex- part due to its younger popu- perts in South Africa warned

lation—has recorded fewer EMMANUEL CROSET/AGENCE FRANCE-PRESSE/GETTYover IMAGES the weekend that anti- Covid-19 deaths than other re- A woman is tested for Covid-19 in Johannesburg, South Africa. The president reimposed restrictions for two weeks to curb rising cases. bodies triggered by infection gions. Some are warning that from an earlier strain in labo- previous infection from an- tuaries have run out of space. tals are turning patients away projected to top earlier peaks, peaks in cases. ratory experiments appeared other strain of the virus might “We are in the grip of a dev- forlackofbedsandoxygen. said the Africa Centres for Dis- “It is frightening to see less able to fend off the new not protect against Delta, leav- astating wave that by all indi- Governments, struggling to ease Control and Prevention. what is going on across the variant. This finding is espe- ing swaths of the population cations seems like it will be rebound from the region’s During the past week, cases on continent,” said John Nkenga- cially dangerous for countries that were believed to be im- worse than those that preceded worst recession on record, had the continent jumped by 31%, song, the director of the Africa with little access to vaccines mune once again vulnerable. it,” South African President been reluctant to impose new while the number of deaths CDC. “This is the first time that were counting on previous In South Africa, families Cyril Ramaphosa said Sunday lockdowns until they saw the rose by 19%, the agency said. that we are beginning to see infections to blunt the force of have been driving ailing rela- in an address in which he im- speed of the Delta’s spread. The variant has been identi- countries report that their new transmission waves. tives across state lines to try posed new lockdown rules. The variant ripped through fied in at least 13 of the conti- health system…the hospitals Anecdotal evidence sug- to secure one of the country’s Africa’s third wave of infec- India in April and May, killing nent’s 54 countries, although are completely overwhelmed.” gests, however, that protection few remaining intensive-care tion comes at a perilous mo- nearly 400,000 people accord- few African nations have the In South Africa, the conti- from previous infection from beds. On a recent June night, ment for the continent: Just ing to the government and capacity for large-scale ge- nent’s most industrialized the Beta variant that was until every one of the 30 Covid-19 1.1% of its 1.3 billion people more than one million, accord- nome sequencing. In several— economy and the country with recently dominant in South Af- patients in the intensive-care are fully vaccinated, medical ing to some epidemiologists. including Uganda, Congo and the most sophisticated ge- rica is good enough to keep unit of Uganda’s largest hospi- supplies have been depleted, Across Africa, at least 20 South Africa—Delta has be- nome-sequencing program, symptoms mild in most cases, tal died as the oxygen supplies doctors are physically and countries are experiencing come the dominant strain Delta now appears to be re- said Alex Sigal, a virologist at ran out. In Zambia’s capital, mentally exhausted and, in sharp increases in infections within just a few weeks, coin- sponsible for nearly three- the Africa Health Research In- Lusaka, doctors say the mor- some cases, unpaid, and hospi- that have surpassed or are ciding with unprecedented quarters of infections, a tri- stitute in South Africa. North Korea Watches Kim’s Weight

BY ANDREW JEONG Kim recently acknowledged economic situation worsens.” his grandfather, Kim regime North Korea’s food situation, Mr. Kim, believed to be observers say, as it arouses SEOUL—Kim Jong Un has and he urged the nation’s lead- about 5-foot-6, tips the scales at nostalgia of better times shed some weight. Much of ers to resolve shortages re- roughly 320 pounds, Seoul’s spy among North Koreans. North Korea is now in tears. sulting from lower agricultural agency has said. That is nearly Whatever is behind Mr. Kim’s Photographed recently at output, which he attributed double the normal weight range weight loss, some South Ko- Workers’ Party meetings, Mr. largely to crop failures caused for someone Mr. Kim’s height. rean experts say he is unlikely Kim looks slimmer, prompting by last summer’s typhoons. After his father, Kim Jong Il, to have shed the pounds by

U.S. CENTRAL COMMAND the regime’s carefully choreo- “We can’t rule out that Mr. died nearly a decade ago, Kim design. “In North Korea, being The U.S. military carried out airstrikes on a militia installation in graphed state media to run in- Kim listened to his doctor and Jong Un, then 27 years old, overweight is a sign of author- Syria following militia-drone attacks on its forces. terviews with ordinary North lost weight,” said Nam Sung- was a relatively svelte 198 ity and power,” said Kim Chun- Korean citizens. They voiced wook, a professor of North Ko- pounds in his first year leading sig, a former senior Seoul offi- concerns about the country’s rean studies at South Korea’s North Korea. Since then, he cial who oversaw North Korea Militias Backed by Tehran leader held across the impov- Korea University. “His regime, has gained about 14 pounds an- policy. “That is why Kim Jong erished nation. though, is trying to create nually, Seoul’s spy agency said. Un gained weight in the first Attack U.S. Troops in Syria “We were most heartbroken public sympathy for him Mr. Kim’s weight gain was place and why he is unlikely to when we saw our dear General through such interviews as the to help him better resemble have lost weight on purpose.” Secretary had become emaci- BY JARED MALSIN Group, an organization that ated,” said a middle-aged tracks extremist propaganda. North Korea man, referring to U.S. troops in northeast The prospect of deeper hos- one of Mr. Kim’s official titles. Syria came under rocket fire tilities has raised concerns “Tears came out naturally.” Monday night after Iran- among some lawmakers who No topic inside highly cen- backed militias vowed to retal- said the White House should sored North Korea is more ver- iate for U.S. airstrikes earlier consult more fully with Con- boten than the health of the rul- that day in Iraq and Syria, a gress. President Biden on Mon- ing Kim leader. South Korean sign fighting may be evolving day said Article II of the Con- officials recently have said they into sustained confrontation. stitution gave him the authority noticed no significant change to A spokesman for the U.S.-led to take action to defend U.S. Mr. Kim’s health. Those remarks coalition, Col. Wayne Marotto, troops, adding that even law- followed a November spy- said multiple rockets were makers “who are reluctant to agency assessment that the dic- fired at U.S. troops and that acknowledge that have ac- tator, despite chronic smoking American forces responded by knowledged that’s the case.” and obesity, appeared to be fine. firing artillery at the rocket The Pentagon said that the But Pyongyang watchers launching positions. There airstrikes, which targeted two sense Mr. Kim’s skimpier fig- were no U.S. injuries, he added. militia installations in Syria ure has potential political un- The rocket attack, which a and one in Iraq, came in re- dertones, providing stark im- pro-militia news agency said sponse to militia drone attacks agery that the supreme leader occurred near Syria’s al-Omar that presented a growing dan- is suffering alongside his citi-

oil field, came as the Biden ad- gertoU.S.troopsinIraq.The zens who face food shortages KOREAN CENTRAL NEWS AGENCY/KNS/ASSOCIATED PRESS ministration warned Monday Iraqi site that was struck, a U.S. and an economic crisis. Mr. Kim Jong Un’s recent weight loss has prompted speculation about his health. that it stood ready to defend official said, was a base from U.S. troops. which drones were operated. Secretary of State Antony Sen. Chris Murphy (D., WORLD WATCH Blinken said that President Bi- Conn.) said the possibility that den is “fully prepared to act fighting might escalate points and act appropriately and de- to the need for a greater con- AFRICA flict. The U.S. last month im- export items, including potash—a an altercation in August 2019 in liberately to protect U.S. inter- gressional role. posed sanctions on officials in common fertilizer ingredient, pe- Moscow, where he was studying ests,” if Iran-backed militias “The pace of activity di- Ethiopia Declares Ethiopia, one of its key allies on troleum products and tobacco Russian and visiting his girlfriend. continued to attack American rected at U.S. forces and the Unilateral Cease-Fire the African continent, pointing to industry exports. “I regret that the appellate forces in the region. repeated retaliatory strikes allegations of widespread atroci- Belarus’s authoritarian presi- court has not corrected this The U.S. airstrikes, which against Iranian proxy forces Ethiopia declared a unilateral ties against civilians in Tigray. dent, Alexander Lukashenko, has gross injustice, but it does not in Iran-backed militia groups said are starting to look like what cease-fire in its eight-month war It was unclear how the Tig- denounced the EU sanctions as any way affect the seriousness killed four of their members, would qualify as a pattern of in the northern Tigray region on rayan forces would respond to part of a “hybrid war” waged by with which I and the U.S. govern- highlight the challenge facing hostilities under the War Pow- Monday, hours after separatist the cease-fire declared by the the West against Belarus. ment will continue to pursue this the Biden administration as it ersAct,”hesaid. fighters entered the provincial government of Ethiopia’s Nobel On Monday, the Foreign Min- matter for Trevor to get him re- attempts to deter attacks with- That act requires the presi- capital in a blow to the govern- Peace Prize-winning Prime Min- istry said that Belarus would leased so that he can go home out provoking an escalation. dent to consult with Congress ment of Africa’s second-most- ister Abiy Ahmed. There was move to suspend a readmission and be with his family,” U.S. Am- “We are fully prepared…to before deploying U.S. troops in populous nation. also no immediate response agreement with the EU that is bassador John Sullivan said. respond and take revenge,” a hostile situation, and says Witnesses said that hundreds from neighboring Eritrea, whose intended to stem illegal migra- Mr. Reed was accused of as- said Ahmed al-Maksusi, a that the use of force must be of Tigrayans took to the streets troops have been fighting along- tion. The announcement follows saulting police officers who were commander of one of the mili- ended after 60 to 90 days, if of Mekelle waving flags and side the Ethiopians. Mr. Lukashenko’s warning that driving him to a police station tias that was hit early Monday, the Congress doesn’t approve. singing, as rebel fighters armed —Nicholas Bariyo his country will no longer try to after picking him up following a according to SITE Intelligence While the U.S. military with AK-47 rifles, known as the stemaflowofillegalmigrants night of heavy drinking at a hasn’t conclusively identified Tigray Defense Forces, marched BELARUS from other countries to the EU. party. The U.S. has sought his who carried out the rocket at- in columns through several city —Associated Press release, saying the evidence tack Monday night, an Ameri- suburbs. Throughout much of EU Sanctions Prompt against him was weak. can official said it appeared to the day, Ethiopian troops aboard Retaliatory Moves RUSSIA Mr.ReedisoneoftwoAmer- be the work of an Iranian- camouflaged military trucks icans imprisoned in Russia under backed militia group. The U.S. were leaving the city following Belarus on Monday retaliated Court Rejects Appeal controversial circumstances. forces near the al-Omar oil several days of strategic set- to the European Union sanctions From U.S. Citizen President Biden said the two field are deployed at a com- backs in an increasingly bloody by halting cooperation on stem- men are being “wrongfully im- plex dubbed Green Village. guerrilla war, the witnesses said. ming illegal migration and deny- A Moscow court rejected an prisoned” in Russia and raised The airstrikes have compli- The capture of Mekelle, which ing entry to EU officials. imprisoned American’s appeal their plight with Russian Presi- cated Washington’s ties with also serves as the de facto capi- The EU on Thursday put new against his nine-year sentence dent Vladimir Putin at their Baghdad. A spokesman for Iraqi tal for many humanitarian-aid bruising economic sanctions on for assaulting police officers. summit in Geneva this month. Your Legacy Prime Minister Mustafa al-Ka- agencies operating in the region, Belarus over last month’s diver- The Moscow City Court on Mr. Putin had opened the door Brought to Life dhimi criticized the attacks as and the federal government’s sion of a passenger jet to arrest Monday upheld the sentence is- to possible discussions about a Family Crest Rings - Research Included “a blatant and unacceptable vi- declaration of a cease-fire, could a dissident journalist. The sanc- sued last year by a lower court, prisoner swap with the U.S. JOHN-CHRISTIAN.COM 888.646.6466 olation of Iraqi sovereignty.” mark a decisive shift in the con- tions target the country’s top which convicted Trevor Reed for —Associated Press

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THE WALL STREET JOURNAL. ** Tuesday, June 29, 2021 | A9 WORLD NEWS Severe Weather Swings Disrupt Panama Canal Alternating heavy rain, solve the water problem,” said Several countries, such as Ricaurte Vásquez, chief of the the U.S., have developed large extreme drought Panama Canal Authority. There reservoirs and river transfers to hinder 50-mile is too little water during the offset growing water shortages. dry months, or too much all at Cities such as New Orleans or channel’s operation once as warmer weather causes Italy’s Venice have developed le- bigger storms to hit the area, vees and barriers to contain BY SANTIAGO PÉREZ including nearby hurricanes. flooding and sea-level rise. Mi- Canal authorities are work- ami Beach is planning to invest PANAMA CITY—The Panama ing on a $2 billion plan to $1 billion to raise roads, lift sea Canal faces a creeping threat build infrastructure to manage walls and install pump stations from climate change, including and preserve freshwater re- to drain storm water. droughts so intense that ships serves—an amount equal to But a project of the size sometimes reduce their cargo the canal’s annual contribu- planned by the Panama Canal so as not to run aground, and tions to Panama’s government doesn’t exist anywhere else in giant storms that almost over- coffers. On Monday, officials the world, said Daniel Muschett, whelm its dams and locks, ca- said they would choose from who heads the canal’s environ-

nal officials say. among 30 proposed solutions ment and water division. TARINA RODRIGUEZ FOR THE WALL STREET JOURNAL The canal hasn’t had a ma- and put those out for bids in Unlike Suez, a flat seawater A 1,200-foot-long container vessel traverses the Panama Canal, through which 4% of global trade passes. jor disruption like the one suf- canal whose stream flow is de- fered by the Suez Canal in late fined by the tide, the Panama is problematic for ships that March, when a container me- Canal is a much more complex NICARAGUA sometimes carry as many as gaship ran aground for almost The canal authority infrastructure that relies on 13,000 containers at a time. Re- a week, tying up a chunk of has a $2 billion plan freshwater and uses a system of Caribbean Sea Panama Canal ducing cargo during the dry global shipping at a time of locks as aquatic elevators, lift- COSTA RICA season means higher costs, rising bottlenecks in the to better manage the ing ships almost 90 feet above lower fuel efficiency and more world’s supply chains. waterway. sea level onto a navigable wa- San Jose Colón pollution, said Lars Nielsen, But the Panama waterway terway, and then lowering them Lake Gatún chief of operations for the Panama City faces more serious long-term down the other end. David Americas for A.P. Moller-Maersk challenges that could also dis- The Panama waterway de- Santiago PANAMA A/S, the Danish shipping firm. rupt global shipping. The big- about two years. The projects, pends on rainwater to fill reser- Gulf of Apartadó Pressure on Panama’s water- gest problem is diminishing with a completion target of voirs and lakes that provide tril- Panama shed intensified after a $5 bil- rainwater needed to operate the 2028, are expected to be a lions of gallons of freshwater to COLOMBIA lion expansion of the canal’s 50-mile waterway, through combination of new dams and fill the locks, which empty into system of locks in 2016 to ac- which 4% of global trade passes. reservoirs, using treated sew- the sea after every use. Its daily commodate larger vessels. A 100 miles Pacific Ocean Medellín Four of the past seven years age water, or finding alterna- water consumption is triple that growing urban population and have been among the driest tivefreshwatersourceslikedi- of New York City. Every time a 100 km agriculture have also drawn wa- since 1950, according to esti- verting flows from other ship traverses the waterway, ter away from the area. mates from the state-run Pan- rivers. Authorities have also the canal uses between 200 mil- Deforestation adds to the ama Canal Authority. considered pumping desali- lion and 350 million gallons of who studies how different dams and increase the risk of threat. A rainforest that sur- “Our challenge is how to nated seawater. water—enough to fill as many landscapes in the rural tropics landslides and sedimentation rounds the canal is now about as 500 Olympic pools. affect ecosystems and climate that can clog narrow passages half its original size, diminish- Fortunately for the canal, change. of the waterway such as the dif- ing its ability to act as a Trade Artery Grows tor. “The boom in maritime Panama is the world’s fifth-rain- The Panama Canal Authority, ficult Culebra Cut. sponge and store excess water, trade increases the strategic iest country. But the supply of which charges tolls as high as In 2010, a giant storm forced which regulates water levels Increasingly Vital value of the canal at a time freshwater is no longer steady, $1 million for the biggest cargo the canal to close temporarily for the area during the dry when you can’t find space on with very strong storms at the ships, last year introduced a forthefirsttimesincetheU.S. months. The canal authority, ships, or empty containers for end of the wet season or long freshwater surcharge of more invasion of Panama in 1989. along with the Smithsonian The Panama Canal’s impor- that matter.” spells of dryness. Canal officials than 10% depending on the Hurricanes are now inching Tropical Research Institute, has tance to global shipping grows A disruption in the canal’s say they have faced more chal- depth of Lake Gatún. The artifi- closer to the canal. Eta and Iota reforested more than 20,000 as skyrocketing demand for operations can hurt exporters lenges during the past 12 years cial lake carries ships for about pounded Central America at the acres along the watershed. consumer goods has sparked and consumers. than the rest of the canal’s exis- 20 miles of their transit across end of the Atlantic hurricane But reforestation won’t solve congestion in the world’s busi- Chilean wines and Ecuador- tence since 1914. the isthmus and is the main res- season late last year. the problem, canal officials say. est shipping routes. ean bananas are shipped to “We are seeing more fre- ervoir to fill its locks. “The locks were designed “If you don’t start the dry “The pandemic meant less the U.S. East Coast through quent and more severe ex- A decline in Lake Gatún’s for more homogeneous and season with maximum water shopping and more shipping,” the canal, as is copper from treme weather events, and the depth means ships can’t go less volatile weather. Because levels, you already have prob- said Carlos Urriola, executive Chile to Europe and liquefied past isn’t a good prediction of through fully loaded. Authori- of a new reality, we have to lems, and this has been more president of Manzanillo Inter- natural and petroleum gas the future anymore,” said Jef- ties also face the possibility of change the water-storage and frequent in the last five to national Terminal, a Panama- from one U.S. coast to the ferson Hall, a scientist at the reducing the number of ships management process,” Mr. seven years,” Mr. Muschett said. based logistics and port opera- other. Panama-based Smithsonian that cross the canal. Monster Vásquez said. —José de Córdoba Tropical Research Institute storms test the resistance of When water levels drop, that contributed to this article.

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A10 | Tuesday, June 29, 2021 ** THE WALL STREET JOURNAL. FROM PAGE ONE

fet” to keep gamblers inside its casino by offering unlim- The Buffet ited food for one price. Golden Corral, which calls itself the nation’s largest grill- Makes a buffet chain, has made changes—gloves in nearly all buffet stations and replace- Comeback ment of serving utensils every 20 minutes. The company, ContinuedfromPageOne based in Raleigh, N.C., cor- costs balloon. Sometimes em- doned off most of its signature ployees have to serve the food chocolate fountains for the first behind plexiglass, instead of time in its 48-year history, with allowing guests to serve them- workers dipping fruit for cus- selves. tomers instead to avoid crowd- None of that bothers Kevin ing and improve sanitation. Schu. “It felt like a blessing,” “The buffet business will never said Mr. Schu, 34, who went be the same,” said Chief Execu- with a friend to Yummy Buffet tive Officer Lance Trenary.

in Coal Township, Pa., at the TAYLOR GLASCOCK FOR THE WALL STREET JOURNAL (2) Betsy Standage, who lives end of last month to find a Self-serve food bars are re-opening with some changes. Right, people wait in line to enter Golden Corral on June 16, in Cicero, Ill. in Arizona, said she has been packed restaurant. He had hunting for buffets over the soup, sushi rolls, sesame seed crowds and sanitized every- since covered up the security before opening, and lasts until amount of guests in line. It is past year with her husband. balls and ice cream. “It felt thing in her midst. gaps by the fountain with sheet 8 p.m., she said. Some custom- limiting walk-in customers. She finally found one she liked amazing,” said Mr. Schu. “I tried everything. Every- pans to discourage dipping. ers go three to four times a Diego Lacayo, a 31-year-old in Show Low, Ariz., that had Outside of Chicago, in Ci- body was excited,” said Ms. Workers now dip fruit into the week, particularly those with electrician in Las Vegas, made no distancing requirements cero, Ill., locals have awaited Sanchez, who made three trips molten chocolate for custom- kids. “They are getting a lot of a reservation at Bacchanal as and allowed customers to the opening of a new Golden to the buffet for chicken, fish, ers. “The guests are not getting value for their buck,” Ms. Mu- soon as he heard it was com- serve themselves. When food Corral buffet. A line of several mashed potatoes and banana to the chocolate fountains on saitif said. The all-you-can-eat ing back and had about four is served by someone else, she dozen people stretched out- pudding. their own,” he said. buffet is $10.99 for lunch for plates of bone marrow, lobster said, it isn’t the same. “You side into the parking lot by a At the Cicero Golden Corral, The owners said they are adults, and $15.99 for dinner. bisque and tiramisu. He and want to take a spoonful of nearby Walmart on opening it has taken entrepreneurial ef- focused on cleaning, even get- Las Vegas allowed buffets to other customers spoke at the what you want,” said Ms. day last month. Some dressed forts by co-owners Linda and ting the carpet cleaned multi- restart last month, too, though entrance and in lines about Standage. up for the occasion. Hassan Musaitif to coax cus- ple times a week. “It’s immacu- some are now asking custom- how happy they were to be Other fans say returning to Alma Sanchez, a dental as- tomers—particularly kids—to late,” Ms. Musaitif said. Still, ers to make reservations. Bac- back, giving each other sugges- buffets feels like a reunion. Jer- sistant working inside the lo- not sneak behind the plexiglass the biggest challenge in run- chanal Buffet, a $74.99-a-head tions on where to find certain emy Betts, who lives in Trem- cal Walmart, brought her part- walling off the chocolate foun- ning the buffet is retaining smorgasbord of crab legs, dishes. “I missed the entire pealeau, Wis., recently went ner, in-laws and six kids. Ms. tain to dip their fruit into the enough workers, she said. shrimp cocktail and prime rib buffet experience,” he said. back to a buffet he has been Sanchez, 34, who got drive- flowing sweets. The owners Turnover has been high, as at Caesars Entertainment Inc.’s Americans get a taste of in- going to for roughly 20 years. through food only occasionally hung signs discouraging the with other restaurants, she namesake casino in Las Vegas, dulgence and excess at a flat He was surprised that the at McDonald’s at the height of act, but some kids reached said. Customer demand has is one of them, taking bookings price through buffets, which quality and variety of food the pandemic, was delighted around the plastic’s side to dip been strong a month after the for the first time since 2012. began to gain mass popularity ranging from pepper chicken that she could eat with her in their strawberries regard- grand opening, the owners The company said it introduced in the U.S. in the 1940s in Las to lo mein had remained the family though she asked for a less, Mr. Musaitif said. The said. The line starts out into a reservation system to limit Vegas. The El Rancho Vegas same as before. “I had been table farther away from the brother and sister duo has the parking lot a half an hour wait times and reduce the introduced a “Buckaroo Buf- waiting,”hesaid.

The U.S.’s economic and po- the rapid climb in raw-materi- litical influence in Asia has als costs. Surging oil, iron-ore U.S. Buying been undermined by China’s and metals prices helped push rise over a decade. Places such China’s factory-gate prices up as Australia and Taiwan are 9% in May from a year earlier, Aids Global more vulnerable to economic the biggest surge in nearly 13 coercion from China. years. China’s economy is ex- Rising prices are a head- Recovery pected to grow by 8.5% this ache for policy makers in year, according to the OECD. emerging markets such as Bra- ContinuedfromPageOne The U.S. economy is ex- zil and Russia, where inflation China, while still growing pected to make its strongest has hit multiyear highs. strongly, is expected to slow recovery since the early 1980s, Both countries have raised later in the year, as its govern- growing 6.9% this year, ac- their benchmark interest rates ment seeks to rein in credit. cording to the OECD. three times this year to prop Europe’s slower economic re- A lot of output in other up their currencies, pushing covery, amid weak consumer countries is dependent on U.S. up borrowing costs even spending, is helping to blunt consumer spending, which is though the countries are still global inflation and demand. expected to rise by around wrestling with the pandemic. The U.S., in contrast, has 10% year-over-year in 2021 af- Even a short burst of inflation approved stimulus spending ter adjusting for inflation, ac- can unsettle investors and about seven times as large as cording to Oxford Economics. force down currencies, hurting a share of world GDP as Americans’ incomes have companies’ and households’ China’s fiscal stimulus after risen through the pandemic. ability to service debt that is the 2008 financial crisis. U.S. households built up $2.6 often denominated in dollars The most recent U.S. spend- trillion in “excess savings,” ac- or euros. ing program alone is expected cording to a Moody’s calcula- Brazil’s central bank raised to lift output by up to 0.5 per- tion that compares their 2020 its key interest rate to 4.25% centage point in Japan, China behavior to that of 2019, and on June 16, hours after Fed of- and the eurozone over the they are spending heavily on ficials signaled they expected

next 12 months, and by up to 1 foreign-made goods. JILL CONNELLY/BLOOMBERG NEWS to raise rates sooner than was percentage point in Canada The U.S. is projected to add Americans’ shopping helps other economies come back but sows currency and inflation complications. anticipated. Eight days later, and Mexico, according to the about $170 billion in addi- Mexico’s central bank said it Organization for Economic Co- tional imports every year “Companies are now ac- Consumption expenditure by the wages they pay here are would lift its benchmark rate operation and Development. through 2026, says HSBC. tively carrying out capital country, share of world total just enough to buy food,” Mr. to 4.25%, noting a depreciat- The OECD in May raised its America will spend a record spending that they had put López said. ing peso and rising inflation in forecast for global economic $876 billion more on imports off,” said Ayumi Hayashida, The Fed’s easy-money poli- the U.S. Italy growth this year to 5.8%, the than it receives for its exports manager of public and inves- 2009 cies have given cover to gov- “We cannot increase or de- fastest since 1973. this year, a measure known as tor relations at industrial-ro- 2017 ernments, even highly in- crease [rates] without taking “These are enormous num- the current-account deficit, bot maker Yaskawa Electric France debted emerging markets, and into consideration what the bers. U.S. fiscal policy is on a while China will receive $274 Corp. Its orders from North central banks around the Fed is doing,” because of capi- scale we’ve not seen before in billion more for its exports America jumped 26% in the U.K. world to throw open the tal flows and the exchange peacetime,” said Adam Posen, than it pays for imports, ac- three months to February ver- floodgates on their own econ- rate, said Mr. Heath. a former Bank of England pol- cording to the International sus the previous quarter. omies with cheap lending and “It’s making our life a little icy maker. “There is going to Monetary Fund. The booming U.S. housing Germany generous state spending. more complicated at the cen- be an extent to which Europe, market has driven Uponor Oyj, “Knowing that the Federal tral bank because we’re re- China and Japan are free-rid- a Finnish piping manufacturer Japan Reserve is going to try to hold sponsible for inflation and in- ing on U.S. fiscal largess.” Unlike post-2008 whose products are used in itsratesfortwoyearshas flation has been picking up,” The effects of muscular U.S. The U.S. import demand roughly one in three new U.S. given us a lot of breathing he said. “On balance, Mexico is growth on the global financial contrasts with the aftermath homes, to add new production China room,” said Jonathan Heath, benefiting” from the strong system far outweigh those of of the financial crisis, when lines “as fast as our engineers deputy governor of Mexico’s U.S. recovery. China, now or after 2008, be- many households instead fo- can commission” them at a re- U.S. central bank, in an interview cause China’s capital market cused on paying down debt. cently purchased factory in on May 31. “Under normal cir- remains relatively insulated, Expectations of a yearslong Minnesota, said CEO Jyri Luo- 5 5 5% cumstances, we would defi- Canada’s inflation while the dollar dominates in- expansion in the U.S. are spur- makoski. nitely be increasing rates.” In Canada, strong U.S. ternational debt markets and ring businesses around the Rich profits for shipping Source: Deloitte The scale of the U.S. growth is driving up exports, foreign-exchange reserves. world to invest in capacity. companies such as A.P. Moller- bounce, however, is causing pumping up the oil price and Other nations benefit from Morgan Stanley expects global Maersk A/S, CMA CGM SA and had already opened their bor- stresses and strains around helping drive the Canadian surging trade, but many face inflation-adjusted investment Hapag-Lloyd AG are spurring ders to Americans. Aa few, like the world. While the China- dollar’s value to a six-year the risk of rising inflation, a to rise by more than a fifth by them to expand their fleets. Finland, remain closed. driven boom drove up prices high versus the U.S. dollar. Ca- stronger dollar and higher the end of 2022 from pre-pan- Orders for new container ships U.S. airlines including Delta of raw materials, the U.S. is nadian inflation has risen to bond yields, which can act as a demic levels, following years in the first five months of and Alaska Air have begun or- pushing up prices for a sweep- 3.6%, a 10-year high, pressur- restraint on their recoveries. of tepid growth. 2021 were nearly twice orders dering aircraft from foreign ing range of consumer goods. ing Canada’s central bank to The U.S. dollar has risen That’s important for China, for 2019 and 2020 combined, manufacturers such as Eu- High demand for electron- pull back on its extraordinary against other currencies since where rising investment and according to maritime data rope’s Airbus and Embraer of ics such as laptops, cellphones stimulus despite a third wave Fed officials signaled in mid- strong export demand will provider VesselsValue Ltd. Brazil amid a resurgence in and television sets during the of Covid-19 infections that is June they expect to raise in- help offset a much slower re- Meanwhile, tourist destina- U.S. flights. pandemic has created a short- expected to weigh on growth. terest rates by late 2023. To covery in domestic consump- tions are eagerly awaiting The American boom is age of tin, pushing prices for The central bank slowed its offset depreciation in their tion, according to the OECD. American travelers. Marriott trickling through to money the metal close to records. asset-purchase program in own currencies and to control “The massive stimulus International Inc. saw an im- migrants send back from the Blunting the global demand April, becoming the first inflation, central banks in Rus- package in America is defi- mediate 40% increase in U.S. U.S. to family in Asia, Africa has been weak household con- Group of Seven central bank to sia, Brazil and Turkey have nitely good news for us and bookings to the European and Latin America. In Mexico, sumption expenditure in the do so. raised interest rates several our industry,” said Lin Guo’ai, Union in the two weeks after remittances last year equaled EU and in major Latin Ameri- Meanwhile, the European times in recent weeks. co-founder of Myatu Pedelec about 3.8% of GDP, up from can economies such as Mexico Central Bank ramped up its A global march toward Technology Co., an electric- around 2.9% in 2019, which and Brazil. bond-buying in March in an higher interest rates, with the bike maker in Guangzhou. was already a high, according effort to force down govern- Fed at the center, would risk Its foreign orders rose by Americans paid off to Mexico’s central bank. ment bond yields, blaming a stifling the recovery in some more than 80% last year, with debt after the 2008 “There was a huge correla- Costlier steel rise in borrowing costs world- places, especially at a time nearly two-thirds of new or- tion between those stimulus Some shipbuilders are ask- wide stemming in part from when emerging-market debt is ders coming from U.S. clients. financial crisis. Now, checks hitting and money just ing buyers to pay extra for de- “inflation expectations and the high. It has risen to a record The company is spending 120 they are spending. going straight out of the coun- livery of new vessels because GDP growth expectations in of over $86 trillion, according million yuan ($18.8 million) to try,” said Alex Homes, CEO of of rising steel prices. Wildlife the United States.” The ECB’s to the Institute of Interna- build a new factory. wire transfer company Money- World, a U.K. supplier of food stimulus helps to pin down tional Finance. German engineering compa- Gram International Inc. and houses for animals and borrowing costs while holding If the Fed continues to keep nies are seeing a surge in de- the bloc announced plans this Honduran student Javier cameras to watch wildlife, has down the exchange rate of the rates low, however, that could mand for equipment to furnish spring to allow vaccinated López says the $800 his three seen a nearly sixfold jump in euro against the dollar, crucial stoke global asset-price bub- Asian factories that export to American tourists to visit. older siblings send him each the cost to ship its goods to for a bloc that is heavily de- bles. Central banks in Scandi- the U.S. Taiwan Semiconduc- The EU ended more than a month from the U.S. buys food markets, said sales manager pendent on exports. navia and South Korea have tor Manufacturing Co. has an- year of tight restrictions on for him, his grandfather and Vanessa McDonald. Two months later, the ECB signaled plans to tighten mon- nounced large-scale invest- U.S. travelers on June 18, urg- an uncle and pays for his Eng- It passes on some of the warned of increased risks of a etary policy in part to restrain ment plans to raise production ing governments to allow lish lessons in San Pedro Sula. costs as surcharges. “Everyone correction in eurozone resi- potential asset bubbles. of chips, in large part destined Americans to enter the bloc The 22-year-old said he lives is accepting significant price dential real-estate markets For the U.S., its demand for the U.S. Farmers in coun- even if they aren’t fully vacci- in a house built with money increases,” Ms. McDonald said. amid signs of overvaluation. boom could help strengthen tries such as Brazil are order- nated, but the decision is in his sister earned abroad. “I’ve never seen this level of —Anthony Harrup, Juan economic ties with allies just ing machinery to help supply the hands of national govern- “If my sister hadn’t emi- demand.” Carlos Rivera and Megumi as China increasingly turns in- the growing U.S. market with ments. Tourist-heavy econo- grated, it would have been China’s hundreds of thou- Fujikawa contributed to this ward economically. products such as oils. mies such as Greece and Italy hard to have a house because sands of factories are feeling article. .

THE WALL STREET JOURNAL. ** NY Tuesday, June 29, 2021 | A10A GREATER NEW YORK NYPD Beefs Up Patrols in Times Square

After area shootings, that sprang up along Eighth Avenue between Penn Station Mayor de Blasio said and the Port Authority Bus officers would target Terminal after the city re- housed thousands of homeless illegal street vendors people in area hotels during the Covid-19 pandemic. BY BEN CHAPMAN Earlier this month, the AND KATIE HONAN NYPD had deployed additional officers and a mobile com- The New York Police De- mand post on Eighth Avenue partment is adding dozens of to address the increase in patrol officers in Times crime. Square after two shootings in Local business leaders have the area in the past two said rising crime in and months in which tourists were around Times Square is hin- hit by stray bullets, New York dering a reopening of the area City Mayor Bill de Blasio said from the Covid-19 pandemic. Monday. Tom Harris, acting presi- The latest shooting oc- dent of the Times Square Alli- curred Sunday evening when a ance, a nonprofit group that tourist from upstate New York promotes the neighborhood was struck in the back after a and its businesses, said the gunman opened fire at a area was still seeing a re- group of people near Seventh bound in foot traffic, despite Avenue and West 46th Street, more crime. said NYPD officials. Mr. Harris said more than The victim, Samuel Poulin, 185,000 people visited Times was in stable condition Mon- Square on average each day day, they said. He is a 21-year- last week, up from about old Marine, according to mili- 35,000 on average each day

tary officials. SPENCER PLATT/GETTY IMAGES after the pandemic struck the The shooter might have Police were on patrol in Times Square on Monday, following another shooting in the area Sunday night. city in March 2020. fired his weapon during a dis- Before the pandemic, more pute involving unlicensed ment agencies to target illegal violent crime in recent A 4-year-old girl and two Two tourists were shot in than 365,000 on average vis- street vendors or panhandlers, street vendors, he said. months. NYPD records show women were hit by stray bul- separate incidents within a ited each day, according to fig- police officials said. Investiga- “We are going to flood the from Jan. 1 through June 27, lets during a midday shooting block of each other on Eighth ures kept by his organization. tors hadn’t identified suspects zone in Times Square with ad- six shootings have occurred in May 8 that stemmed from a Avenue in Midtown in April Mr. Harris said additional in the shooting, they said. ditional officers to make sure Patrol Bureau Midtown South, dispute among unlicensed and May, according to the offi- officers in the neighborhood The increased patrols in this situation is resolved,” the which includes Times Square. street vendors, according to cials. would raise comfort levels. Times Square include uni- mayor said. There were no shootings police officials. The two The officials said the in- “We just need to make sure formed and undercover offi- Times Square and the there at this time last year or shootings in Times Square crease in crime has been that we create an environment cers, Mr. de Blasio said. The southern part of Midtown in other recent years, accord- weren’t connected, the offi- fueled by business closures where people are safe,” he patrols will join other govern- Manhattan have seen a rise in ing to NYPD records. cials added. and an illegal drug market added. Expanded Summer-School Enrollment Tops 200,000

BY LEE HAWKINS ational program announced in ing to the teachers union. term when New York City will have experienced while being gram—roughly 102,000 of April is being offered to all The city’s Department of discontinue remote learning, away from their classrooms. them were required to partici- The number of sign-ups for students this year, a departure Education said Monday that and about 582,000 students Michael Mulgrew, president pate; 27,000 attended as part New York City’s in-person, ex- from the traditional practice there is no limit on capacity, who haven’t been inside of of the United Federation of of 12-month special-education panded summer-enrichment of requiring summer school and encouraged more families school buildings since March Teachers, which represents programs. The department rec- program for K-12 students has primarily for those who must to sign up for the program, 2020 will be required to re- about 120,000 DOE employees, ommended that another surpassed a previous estimate retake a failed course, or need which launches July 6. turn. But the head of the city’s said the DOE told the union 48,000 students who weren’t in of 200,000 students, Mayor Bill the classes to graduate or be “This is a response to the teachers union said the sum- that the district would focus jeopardy of repeating a grade de Blasio said Monday, as promoted to the next grade. aftermath of the pandemic,” mer session won’t be used as a mostly on social and emotional but needed more help attend, schools prepare to focus less on The program, free to students, Mr. de Blasio said, “but it is forum for preparing for fall by learning during the summer the agency said. The agency learning gaps and more on tran- is expected to be planned something that we also intend identifying and addressing the session, not achievement gaps. hasn’t disclosed how many in sitioning to in-person learning. around fun more than the to do in the future.” degree of learning loss that the Last year, about 177,000 stu- this year’s session are required The expanded $120 million learning loss that occurred The in-person summer pro- nearly 1 million students in the dents enrolled in the DOE’s re- to attend or will attend as part summer-camp-style recre- during the pandemic, accord- gram is a prelude to the fall nation’s largest school system mote summer-learning pro- of special-education programs.

Our gold starfish necklace

Evokingsunnybeach-combingdays by theshore,thisprettystarfish is glowing in 14kt gold. Beautifullycrafted by expert Italian goldsmiths, it's a piece to treasure long after summer has gone. STEPHANIE KEITH/GETTY IMAGES A customer picked up a frozen margarita to go in Bushwick, Brooklyn, in April 2020. N.Y.Lawmakers Seek Special Session to Extend Booze Policy

BY JIMMY VIELKIND be a catalyst for action. Republicans in the state “The legislators are voted Senate said they are eager to ALBANY—After permission in to represent the people. take up an alcohol-to-go bill to sell alcoholic drinks to-go Give the people what they and called on Democrats who expired last week, some New want, which is to continue al- control the chamber as well as York state lawmakers are push- cohol-to-go, as it is,” he said. the state Assembly to call a ing for a special session to pass Steve Malito, counsel to the session as soon as possible. a measure extending the prac- Metropolitan Package Store Spokesmen for Assembly tice and act on other items. Association, which represents Speaker Carl E. Heastie and Bars and restaurants were liquor stores, said alcohol-to- Senate Majority Leader An- allowed to sell alcoholic drinks go would reduce sales in liquor drea Stewart-Cousins declined along with food under an stores—which were deemed to comment. emergency order signed by Rich Azzopardi, a senior ad- Gov. Andrew Cuomo at the viser to Mr. Cuomo, said: “We start of the pandemic last Liquor store owners know this was a lifeline for March. The temporary ar- this industry during the last 15 $ rangement proved popular oppose keeping the months and, if the legislature with many patrons, a poll pandemic’s rule to seeks to continue this practice 199 showed, and proprietors com- now that the emergency has Plus Free Shipping plained when the Democratic allow alcohol-to-go. been lifted, we’ll certainly en- governor ended the pandemic- gage with them.” related orders on June 25. State Sen. Liz Krueger said Restaurateurs said they are there were likely other bills to 14kt Gold Starfish Necklace from Italy now looking to members of the essential businesses during be considered, but she didn’t 7 state Assembly and Senate for the pandemic and not required see an urgent need for a spe- Polished 14kt gold. ⁄8"-wide pendant. relief. Legislators considered a to close, as restaurants were. cial session. 18"lengthcablechainwithlobsterclasp. bill that would have continued “Why should local, commu- Among the unfinished busi- a limited form of alcohol-to-go nity-based wine and liquor ness before summer recess on Also available in 20" $219 for another year, but the mea- stores bear the brunt of subsi- June 10: A governance bill that sure stalled amid opposition dizing restaurants and other would split the role of the Shown larger for detail. from liquor store owners. competing businesses without chair of the Metropolitan Dominick Purnomo, a co- any regulatory help for our Transportation Authority and owner of the Albany restau- own survival?” he asked. He its chief executive. The mea- scan here to visit rants Yono’s and dp, An Amer- said he would support a com- sure would allow Mr. Cuomo Ross-Simons Item #871076 ican Brasserie, said to-go prehensive overhaul of the to name new leadership for To receive this special offer, use offer code: STARFISH29 drinks would allow him to state’s alcoholic beverage con- the agency, which oversees keep an extra bartender work- trol law; liquor stores have New York City’s subways and 1.800.556.7376 or visit ross-simons.com/starfish ing. He said he hoped the previously asked for the abil- buses as well bridges, tunnels abrupt end of the policy would ity to sell snacks and mixers. and commuter railroads. . HEALTH & WELLNESS PERSONAL JOURNAL.

© 2021 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Tuesday, June 29, 2021 | A11

hard to conduct and often incon- clusive, according to a 2018 article in the American Society for Nutri- A host of startups tion’s journal Advances in Nutri- are selling tailored tion. Many studies that do exist diets based on have been sponsored by the nutri- genetic analysis tion companies themselves, some- of the microbiome, times in collaboration with aca- or microorganisms demics at elite institutions like in the gut. Harvard, Stanford University and King’s College. Dietary guidance based on a pa- tient’s microbiome is all new, says Shivam Joshi, a primary-care and lifestyle-medicine physician at NYU Langone Health and Bellevue Hospital, in New York. “We don’t know how helpful it is, or how useful it is. There’s a lot of hetero- geneity, and not a lot of evidence. We can’t recommend it to people.”

There is little rigorous independent research showing how well the new approach works.

One early microbiome startup, San Francisco-based uBiome Inc., has failed; its founders were charged in March with healthcare and securities fraud. Attempts to locate and seek comment from the founders or their attorneys were unsuccessful. A quantum leap in DNA-se- quencing technology has made the study of gut microbes faster and cheaper; along with the ability to monitor health changes in real time with smartphones and glu- cose monitors, the field has drawn intense interest from scientists, academics and doctors. Viome, Zoe and similar compa- nies have sold several hundred- thousand at-home test kits, ac-

F. MARTIN RAMIN/THE WALL STREET JOURNAL|, STYLING BY JUDITH TREZZA cording to company reports, and consumers use the kits to collect samples, send them in for analysis, BY BETSY MORRIS miology at King’s College London receive personalized nutrition ad- and director of the Twins UK vice and, in some cases, custom- ancy Holloway has ‘Precision study—as well as a founder of Zoe, ized supplements. been on a diet all her the health-science company that de- Zoe, which began selling its pro- life. She has tried veloped Ms. Holloway’s program. gram nine months ago, says it has them all, losing weight Low-calorie, low-fat and eat-this- sequenced the genes of more than N and then gaining it not-that approaches aren’t working, 1,000 species of microbes, identify- back, at one point Nutrition’ Is he says. When it comes to nutrition, ing the top 15 correlating with both weighing 300 pounds. “we’ve had a lot of amazing advice good gut health, and bad. Zoe’s test Four months ago, though, she that’s gotten us nowhere.” kit, analysis and an app cost $59 a began a diet based on an analysis of Gut health depends on a complex month for six months, or $149 a her microbiome, the trillions of mi- interaction between the food you month with coaching. croorganisms in her gut. Now, she On the Rise eat and the microbes in your gut, Viome, founded five years ago, says she is losing 5 pounds a month. Dr. Spector says. There are 26,000 says it analyzes blood and stool to Ms. Holloway says on the diet chemicals found in foods, he says. provide ratings on metrics including she has found that avocado, frowned They combine with more than 1,000 gut health and immune health, and upon on many other weight-loss those of identical twins—respond to tions; in some cases, there are di- different species of microbes in the to design individualized supplement plans, “is the perfect food for my food in significantly different ways. etary supplements. The companies gut, then mix in your blood with packages. It says that its sequencing body.” Fresh fruits and vegetables The studies reflect the belief among collect genetic information in da- your body’s own chemistry to influ- technology allows it to analyze the no longer make her feel sick. many scientists that more finely- tabases they say they hope will ence your 20,000 genes and other gene expression of a variety of gut “It’s insane,” says Ms. Holloway, tuned nutrition could help curb the one day be big enough to tackle pathways, he says. microorganisms. a 70-year-old retired nurse and a nation’s chronic-disease epidemic. chronic diseases. There is a dearth of rigorous The diet advice is often surpris- participant in the long-running Many of the new ventures engi- Traditional medicine hasn’t paid independent research showing ing. “I grew up with Popeye telling Nurses’ Health Study at Harvard neer diets that they say reduce in- much attention to nutrition—and how well the new approach works. me spinach was healthy for you,” University. “If you feed your body flammation, improve digestion and still doesn’t. But research has ex- While there’s strong evidence that says Naveen Jain, the entrepreneur what it wants, it will take care of all counter autoimmunity, with weight ploded in the past five years sug- the interaction of diet and micro- who is founder and chief executive those calories, and you don’t have loss often a byproduct. Programs gesting the importance of the gut biome plays a big role in health officer of Viome. Not so for himself: to worry about them,” she says. typically consist of a test kit, gene- microbiome to overall health, and and disease, the research is He says an analysis of his micro- A crop of “precision nutrition” sequencing analysis of stool sam- the ways it can be affected by food. mostly associative, according to a biome found his gut microbes startups are racing to develop and ples (and in some cases blood) “It’s really important to break February 2021 review in the Jour- couldn’t metabolize the high levels engineer individualized diet pro- against a database of gene-se- the mold about what we’ve been nal of Human Nutrition and Di- of oxalic acid in all the spinach he grams, based on growing evidence quenced microbes, and an app that told about nutrition,” says Tim etetics. Studies on the relation be- was eating. “There is no such thing that people’s gut microbes—even explains and makes recommenda- Spector, professor of genetic epide- tween health and nutrition are as universally healthy food,” he says.

The treatment would work over lead of CMS. A CMS spokesperson stage of memory loss and cogni- years, not weeks or months. Dr. said the agency is reviewing the tive decline in which people can A Guide to the New Aisen estimates that patients with FDA’s decision and will have more still independently perform daily mild cognitive impairment, which information soon. activities. Many people diagnosed is often a precursor to dementia, with MCI go on to develop demen- Alzheimer’s Drug might get an extra year or two be- Who is eligible for Aduhelm? tia. In mild dementia, some help is fore they start losing their ability The FDA didn’t restrict the new needed with daily activities but in- to function independently. treatment to a particular group of dividuals can still manage their YOUR at an infusion center or a doctor’s personal care, such as HEALTH office. It’s unclear how long pa- What are the main bathing and dressing, tients would need to take it; the side effects? without assistance. SUMATHI clinical trials ended after a year. In clinical trials, All the trial partici- REDDY Patients undergoing treatment more than a third of pants had amyloid in must also get periodic MRI scans patients who took their brains. fter the FDA approved a con- to see if they develop small brain Aduhelm had small A troversial new Alzheimer’s bleeds or brain swelling, which are brain bleeds or an What about patients drug earlier this month, doc- the most common side effects of accumulation of with moderate or se- tors are fielding lots of questions the treatment. fluid detected by vere Alzheimer’s. Can about it from patients and their MRI. Most of the they get the treat- caregivers. What does the drug do and why is time, the problem ment? Should they? The drug, called Aduhelm, re- it controversial? resolved on its own, Scientists say they are moves amyloid, a sticky substance In clinical trials, the treatment was but some people re- technically eligible to re- in the brain that is a defining fea- effective at removing amyloid ported confusion or ceive the treatment un- ture of Alzheimer’s disease. But from the brain. But it’s unclear ex- dizziness. And there der the FDA’s broad cri- some doctors say it’s unclear actly what effect that will have for is a small risk that a teria. But many say they whether removing amyloid will ac- patients. One trial showed some more serious com- wouldn’t recommend it tually slow the progression of the patients had a slower cognitive de- plication could de- for these patients be- disease. Clinical trials yielded cline than those taking a placebo, velop, such as a cause there isn’t yet mixed results. but another trial didn’t show that. macro hemorrhage safety and efficacy data Alzheimer’s, a progressive brain So some experts think more con- or major edema. Pa- A patient in Rhode Island received an infusion of Aduhelm. for people with more se- disorder that affects memory and clusive evidence is needed to jus- tients whose MRI vere disease. cognitive skills, is the most com- tify the risks and cost associated scans show brain bleeds should Alzheimer’s patients. But doctors “Patients with moderate or se- mon cause of dementia. Its biolog- with the treatment. pause treatment. saythattheonlypatientswho vere dementia are unlikely to ben- ical hallmark is sticky protein clus- Patients who showed positive should receive the treatment are efit from this drug,” says Dylan ters—called amyloid plaques—in results experienced a modestly How much does the treatment cost those with milder memory symp- Wint, director of the Lou Ruvo the brain, as well as tangles of fi- slower progression of disease, but and will insurance cover it? toms or in the early stages of dis- Center for Brain Health at Cleve- bers, composed of tau protein. not a reversal of symptoms or im- Biogen set the price of the drug at ease, because that is who it has land Clinic in Las Vegas, who has We asked doctors what patients provements in memory or cogni- about $56,000 a year, which been tested on. no financial relationship with need to know about the new tion. “The expectation is that there alarmed many doctors and patients. Aduhelm and wasn’t involved in drug—and what questions they will be a modest slowing of de- Doctors and patients are waiting to What was the profile of the pa- the drug trials. “If someone is al- should be asking their doctors. cline,” says Paul Aisen, director of see if the Centers for Medicare and tients in the clinical trials? ready having difficulty with basic the Alzheimer’s Therapeutic Re- Medicaid Services, the federal In the clinical trials, the majority activities of daily living—dressing, What is this new treatment and search Institute at the University agency that oversees the health in- of patients had mild cognitive im- grooming, or feeding themselves— what does it involve? of Southern California, who is also surance program for seniors, will pairment, often referred to as MCI, this drug is unlikely to help them Aduhelm, made by Biogen, is a a consultant to Biogen and worked provide coverage for the treatment. and some had mild dementia due and I would not recommend it for

JESSICA RINALDI/REUTERS monthly infusion that can be done on the development of the drug. Private insurers often follow the to Alzheimer’s. MCI is an early them.” .

A12 | Tuesday, June 29, 2021 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL. FacesART REVIEW of America

BY WILLIAM MEYERS River to Ellis Island with a large- format view camera, tripod and Asheville, N.C. magnesium flash powder, and hen I saw “Italian found his life’s work. Family Looking “The Madonna of Ellis Island for Lost Baggage, (Russian Family)” (c. 1905), Ellis Island” “Climbing Into the Land of Prom- W (1905) at the ise, Ellis Island” (1905) and the Asheville Art Mu- other pictures in the section show seum exhibition “Our Strength Is that, although he had no formal Our People: The Humanist Photo- training in photography, Hine had graphs of Lewis Hine,” the family a natural ability to take pictures seemed like old neighbors. Al- that were not only technically cor- though I didn’t know their names, rect but poignant. There must the mother and her three children, have been a language barrier, but with their anxious faces, had been he could somehow persuade the around often enough to have be- young woman in “Italian Immi- come familiar. “Italian Family” is grant From Albania, Ellis Island” American art in the same way that (c. 1905) to look intently at the Ansel Adams’s “Monolith, the Face camera. The resulting portrait is of Half Dome, Yosemite National documentary but also beautiful, if Park, California” (1927) is—not “beauty,” as British philosopher

just a picture of America, but now Roger Scruton wrote, is what “de- ART2ART CIRCULATING EXHIBITIONS (2) a part of America. mands to be noticed.” Throughout “Italian Family” is one of 65 vin- his career, Hine made stunning in the “Children at Work” section. her back. “Irish Steel Worker, Lewis Hine’s ‘Sadie, a Cotton Mill tage prints in Asheville from the pictures of human faces. These pictures were taken for the Pittsburgh” (1908), “Young Track- Spinner, Lancaster, South Carolina’ private collection of Michael Mattis Twelve-year-old Rob Kidd, the National Child Labor Committee walker, Pennsylvania Railroad” (1908), above, and ‘Powerhouse and Judith Hochberg. Hine’s work subject of “Carrying-in Boy, Glass- (NCLC), and they brought the pho- (1920) and “German Steel Worker, Mechanic’ (c. 1920-21), left was mostly known through publica- works, Alexandria, Virginia” (1911), tographer wide recognition. Hine, Pittsburgh” (c. 1908) are part of a tions; he seldom made more than presents one of the haunting faces whohadagraduatedegreeinsoci- group of six portraits in which the two or three prints ology, made careful notes about his subjects paused from their work queasy looking at it. from any given nega- subjects, so we know that “Sadie, a to present themselves to the cam- The Depression found Hine tive, so those here, a Cotton Mill Spinner, Lancaster, era. The museum uses the well- scrambling, like so many others, few as large as 20-by-16 South Carolina” (1908) is 9-year-old known “Powerhouse Mechanic” (c. for work. In 1938, he applied for a inches, are a rare Sarah “Sadie” Phifer, and that when 1920-21) to advertise its exhibi- Guggenheim grant to finance a chance to see his inter- the picture was taken she had been tion; the young man’s tensed arm project he titled “Our Strength Is pretations of the im- working 11-hour shifts at the mill muscles are parallel with one of Our People,” the phrase used as ages. Whitney Richard- for a year and a half and was paid the inert spokes on the machine the title of the present exhibition; son, the museum’s 48centsaday.Shewas4feettall; he services. he was turned down. Medical ex- associate curator, hung Hine measured the children against Hine devoted his career to docu- penses for his wife and his son the work in four sec- the height of his jacket’s buttons. menting the dignity of labor and drained his resources and he had tions; the first, appro- The NCLC later used Hine’s work the contribution of immigrants, to go on relief. When he died two priately, is “Ellis Island when it successfully lobbied Con- themes that explain his photo- years later, his work was largely Immigration,” that be- gress to pass the Fair Labor Stan- graphs’ continuing pertinence. “Em- forgotten, but, like Walt Whitman’s ing where Hine’s pho- dards Act in 1938. pire State Building Construction,” “Leaves of Grass,” it is too intrinsi- tographic career be- The subjects in “The American the fourth section, has only three cally a part of America to remain gan. Lewis Hine (1874- Worker” section are identified by pictures from what was to be his fi- in oblivion. The Asheville show 1940) came from the sex, occupation and, occasionally, nal project. The building, a classic prompts us to remember. Midwest to teach at ethnicity. Hine had toiled several of American architecture and engi- the progressive Ethical years at various menial jobs be- neering, was the tallest in the world Our Strength Is Our People: The Hu- Culture School in Man- fore going to college and so had by the time of its completion; Hine manist Photographs of Lewis Hine hattanandwasasked sympathy for people who labored. photographed the men erecting it Asheville Art Museum, through Aug. 2 by its headmaster to The woman in “Scrublady, New as it went up floor by floor, shoot- take pictures of arriv- York” (1920) is on her knees ing the 100th from a bucket. “Two Mr. Meyers writes on photography ing immigrants for cleaning the tile floor with a rag; Connectors on a Girder, Empire for The Wall Street Journal. See classroom use. Hine her face is turned away but we State Building” (1930) was taken at his photographs on Instagram crossed the Hudson sense her weariness in the arch of such an elevation that it makes me @williammeyersphotography.

ANATOMY OF A WORKOUT JEN MURPHY Drills to Build Up Stamina And Speed

acrosse is a physically in- L tense sport that requires players to use netted sticks to scoop up, carry and shoot a ball into a goal, all while evading opponents. The sport requires speed, agility and coordination, says Dr. Karen M. Sutton, the

Stamford, Conn.-based chief JULIE BIDWELL FOR THE WALL STREET JOURNAL (3) medical officer for World La- Karen M. Sutton is chief medical officer for World Lacrosse. crosse and a sports-medicine surgeon at the Hospital for Special Surgery. “You also train the body for when you and arms by your sides. Bear need dexterity and stamina, need to suddenly lunge to down through your feet and as as well as the ability to catch a Frisbee while playing you jump off the ground, ex- dodge quickly.” with your kids, or swerve tend your arms and legs into Being able to think on your shopping cart. an ‘X’ position. Land as gently your feet and change direc- The following drill will help as you can with your feet to- tions quickly is crucial on the increase your stamina and gether and lower yourself back field, says Dr. Sutton, a 45- dexterity, with a focus on into a squat position. Increase year-old former Duke Univer- quick movements and coordi- the height of your jump as you sity lacrosse player. These nation. Start slow and focus get more comfortable. Repeat skills also help you avoid inju- on control, Dr. Sutton says. 10 to 12 times. ries in day-to-day life. Onceyouhavefullcontrolof Option: If this move is too As we age, we tend to a movement, build speed. difficult, reduce the height of slow down. Training for the jump or eliminate it all to- speed and agility can come in Star Jumps  gether.Keeponelegonthe handy whether you want to Why: This plyometric exer- ground and extend your oppo- improve your 5K time or cise is a great way to build site leg and arms into an ‘X’ avoid injury the next time strength and stamina, espe- position. As this becomes youneedtosprinttocatch cially in your legs. “Think of easier, add a small hop into the subway. We also tend to them as an upgraded jump- the mix. move in a forward plane of ing jack,” says Dr. Sutton. motion. Working other planes How: Start in a squatting po- See more drills from in dynamic ways can help sition with your feet together Dr. Sutton on WSJ.com . THE WALL STREET JOURNAL. Tuesday, June 29, 2021 | A13 ARTS IN REVIEW MARIO ANZUONI/REUTERS

arly on, media-savvy rap- MUSIC REVIEW | MARK RICHARDSON Tyler, the Creator performing per, producer and mogul on Sunday Tyler, the Creator (born Tyler Okonma and raised Ein Los Angeles County), canceled before canceled was with like so many musical art- Searching and Success Twitter fingers / Protestin’ outside ists before him, knew that contro- my shows, I gave them the middle versy was a great way to get at- Tyler, the Creator celebrates and confronts his past on his new album finger”). His more serious raps are tention when no one knows who never didactic; he never claims to you are. Between 2007 and 2010, have all the answers, and he has an his mostly teenage collective Odd Tyler must have spent some time woozy atmosphere, and it feels Sonically, “Call Me” is dense infectious curiosity to go with his Future Wolf Gang Kill Them All, thinking about how to follow it. both humid and sun-bleached. and busy, filled with jazzy sam- deep self-belief. which included eventual stars like With his sixth album, “Call Me if On the advance single “Lumber- ples, thick synths and syncopated While traveling the world and rapper Earl Sweatshirt and singer You Get Lost” (Columbia), out now, jack” a few tracks later, Drama’s drums. A lot of the album feels as spending freely seem to come easy Frank Ocean, issued a string of in- he’s lowered the stakes slightly background shouts create a feeling if it’s being overheard in the on these songs, lasting relation- fluential homemade mixtapes. while further refining his craft. In of communal celebration. Here Ty- street, in a good way. It sounds ships are trickier. Tyler is confident Much of the music coming from one sense, the record is a loving ler’s rapping is low key and mush- like a group of people having a when bragging about owning ex- the camp featured shocking lyrics tribute to the rap mixtapes of the mouthed, bringing to mind under- good time somewhere just out of pensive guitars and lots of houses, filled with homophobia, misogyny early 2000s, when stars like Lil sight. And the beats also evoke the but intimacy is still a mystery. Two and violent imagery—the grisly B- Wayne and 50 Cent would put out idea of travel, touching on an ar- tracks of epic length, “Sweet / I movie stories of hip-hop’s horror- unofficial releases on CD or online. rayofgenres(R&B,jazz,reggae, Thought You Wanted to Dance” and core subgenre were a point of Atlanta-based DJ Drama (Tyree rock) as we hear about Tyler’s ex- “Wilshire,” are about promising but comparison—only some of which Simmons) was a cornerstone of otic adventures in far-flung lo- ultimately doomed romances. Each seemed played for laughs. Tyler’s this scene, and Tyler enlists him to cales, usually while a Rolls-Royce is laced with humor and funny full-length debut LP, 2011’s “Gob- serve as this album’s master of cer- ferries him from one location to asides (“Felt like dirty dishes ’cause lin,” picked up where the early emonies. Drama’s ad-libs, running another. we was in sync”) but they’re brac- work left off in terms of its grim commentary and hype-man encour- Woven through the celebratory ingly honest about material objects subject matter. agement serve as a framing device materialism are observations about being no substitute for love. Had he stuck with the shock on a record that celebrates Tyler’s what Tyler has struggled against The album’s titular line appears tactics—Eminem was a major in- success with warmth and humor. and what it means to achieve in a repeatedly throughout the record, fluence—Tyler, now 30 years old, The first track, “Sir Baudelaire,” world that doesn’t seem to want sometimes voiced by Tyler and probably would have remained a finds Tyler borrowing the French you to. On “Massa,” a complicated sometimes by DJ Drama. It sug- cult artist. But with each new re- poet’s name for the semi-autobio- track about the artist’s own past gests a desire to be there for lease he has let more of his per- graphical character at the center and also his challenges as a Black someone, and also suggests that sonality show, and his musical tal- of the album’s narrative. He’s a ground legend MF Doom, who died musician, he feels underappreciated the rapper has found where he’s ent developed in parallel. His 2017 wealthy aesthete who searches for late in 2020. “Salad-colored emer- (“I paint full pictures of my per- supposed to be. But here, on this record, “Flower Boy,” was newly love and looks past those who ald on finger, the size of croutons” spective on these drum breaks / third excellent full-length album in vulnerable and easily his best would dismiss him. “Swim trunks is among the song’s memorable im- Just for you to tell me, ‘It’s not a row, it’s clear that he owes his work to that point, and with 2019’s in the trunk, Geneva water the ages. Along with “Rise!” and “Jug- good,’ from your lunch break”) yet success to the fact that he never “Igor”hesnaggedbothaGrammy best,” Tyler raps in the first of gernaut,” it’s one of a few party- proud of what he’s done for his stops searching. and had his first No. 1 LP on the several references to that Swiss starting cuts on the record, and all family. While on “Manifesto,” he Billboard 200. city, a symbol of luxury. The song’s are elevated by Tyler’s consum- brags about not shying away from Mr. Richardson is the Journal’s “Igor” was a breakthrough and de-tuned guitar imparts a warm, mate skill in the producer’s chair. his controversial reputation (“I was rock and pop music critic.

Weather The WSJ Daily Crossword | Edited by Mike Shenk Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day. 100s Edmonton 60s <0 1234 5678 9101112 62 Participant in a 25 Throw off 90s “Jeopardy!” Vancouver 60s 0s 26 Grappling hook Calgary 13 14 15 tournament 10s attachment Seattle Winnipeg 70s 16 17 18 80s 20s 63 Pucker-inducing 80s 80s 29 SeaWorld killer 30s 19 20 21 64 Like the whale Portland Helena Montreal Bismarck Ottawa Marianas Trench Eugene Billings Augusta 40s 22 23 24 25 26 30 Speak with one’s 90s Boise Down Mpls./St. Paul Toronto Albanyy Boston 50s head bowed, Milwaukee 27 28 29 30 31 Hartford 60s 1 Fix a program perhaps Pierre Sioux Falls Buffalo Neww York Detroit Cleveland 70s 32 33 34 35 Newspaper Reno Salt Lake City Des Moines 2 Basis of Cheyenne Chicago 90s Philadelphia Omaha Pittsburgh 80s monotheism section Sacramento 90s 35 36 37 38 Denver Kansas Indianapolis Washington D.C. 90s San Francisco City Springfield 3 Film for which 36 Sir’s counterpart Topeka 39 40 41 Colorado Charleston Richmond 100+ Mira Sorvino 70s Las Springs St. Louis Louisville 37 Like some 100s Vegas Wichita won the Best 60s Nashville Raleigh 42 43 44 45 formulas and Los Angeles 80s Santa Fe Oklahoma City DANNY Charlotte Supporting Memphis identities Phoenix Albuquerque Columbia 46 47 48 49 50 Actress Oscar San Diego 70s Warm Rain Little Rock Atlanta 38 Relaxing Tucson Dallas Birmingham 51 52 53 54 4 Mag. workers retreats El Paso 80s Cold Ft. Worth Jackson T-storms Mobile Jacksonville 55 56 57 58 5 Cloak-and-dagger 40 Suit wearer’s 40s 80s Austin group Houston Stationary Snow accessory 50s Neww Orleans Orlando 59 60 61 70s 80s San Antonio Tampa 6 Halloween treat 70s 90s 41 Low-pH stuff Honolulu Miami Showers Flurries 62 63 64 60sAnchorage 7 “Chilly Scenes of 45 Mambo legend 70s 70s Winter” writer Tito Ice RISING COSTS | By Mike Shenk Beattie 47 Basketball’s U.S. Forecasts Today Tomorrow Today Tomorrow Across 8 Microwave sound City Hi Lo W Hi Lo W City Hi Lo W Hi Lo W 27 Dipped in a vat, 43 Become Garnett s...sunny; pc... partly cloudy; c...cloudy; sh...showers; perhaps slippery, in a 9 Lincoln Center Omaha 84 67 t 85 65 pc Frankfurt 77 58 t 69 56 t 1 Capitol capper 49 Skilled t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice way Orlando 89 74 t 86 74 t Geneva 73 54 t 69 54 t show Today Tomorrow 5 Scrape souvenir 28 Braying beasts 50 Settle a tab, and Philadelphia 95 76 pc 95 77 s Havana 86 73 t 87 73 t 44 “Li’l Abner” 10 Reason to City Hi Lo W Hi Lo W 31 Med. insurance a feature of the Phoenix 104 85 t 101 83 t Hong Kong 89 84 t 90 84 t 9 Only state with creator request seconds Anchorage 64 55 pc 65 55 pc Pittsburgh 90 71 t 85 68 t Istanbul 84 70 s 85 70 s a nonrectangular group answers to 3-, 6-, Atlanta 82 71 t 87 70 t Portland, Maine 92 69 s 89 70 t Jakarta 88 75 sh 86 76 c state flag 46 Pack purchaser 11 Company abbr. 10- and 30-Down Austin 84 70 t 88 72 t Portland, Ore. 97 65 s 90 63 s Jerusalem 86 73 s 86 69 s 32 Downed 48 Lift 12 Lofty verse 52 Take a load off Baltimore 96 75 s 97 75 s Sacramento 98 61 s 91 59 s Johannesburg 70 52 s 70 51 s 13 “National Velvet” 33 Full or first Boise 104 75 s 104 72 s St. Louis 89 74 t 83 72 t London 65 55 t 64 56 sh writer Bagnold Boston 97 78 s 94 75 pc Salt Lake City 94 70 s 93 68 pc Madrid 88 60 s 94 63 s quarter, e.g. 51 Scare off 15 Few and far 55 Light touch between Burlington 90 73 pc 87 68 t San Francisco 74 60 pc 71 61 pc Manila 93 81 t 92 81 t 14 Window piece 34 Schnauzer 53 Do some simple 56 Numbered hwy. Charlotte 90 71 pc 92 71 pc Santa Fe 67 53 t 74 56 t Melbourne 60 49 pc 60 49 s math 18 House break? Chicago 81 71 t 82 67 t Seattle 90 63 s 82 60 s Mexico City 66 56 t 67 56 t 15 Go through sound 57 H look-alike Cleveland 87 72 t 83 68 t Sioux Falls 84 61 pc 87 63 s Milan 87 65 pc 84 64 pc dough 35 Rock concert 54 Tetley product 20 Churlish Dallas 87 74 t 89 75 pc Wash., D.C. 95 77 pc 98 78 s Moscow 69 60 t 64 60 pc 58 Williams in Denver 7657pc7957pc Mumbai 88 80 t 89 80 sh 16 Pleads equipment 55 Spade or 23 Enters the pool Cooperstown Detroit 86 72 t 80 67 t International Paris 69 57 t 66 54 t 37 Fixes Hammer Honolulu 88 76 s 88 74 pc Rio de Janeiro 74 65 pc 66 62 sh 17 Meditation goal Previous Puzzle’s Solution Today Tomorrow 58 Microscopic, Houston 85 75 t 89 75 t Riyadh 114 85 pc 115 87 s 19 “How 38 Fill completely RIVAL ATEAM SRI City Hi Lo W Hi Lo W maybe Indianapolis 88 72 t 82 69 t Rome 85 66 pc 85 67 pc disgusting!” ON I CE LODGE PEN Kansas City 78 69 t 79 68 r Amsterdam 67 57 t 63 56 t San Juan 88 78 s 88 78 sh 39 Rooter’s cheer CASH I NG I NON ODD 59 Top story Las Vegas 101 82 t 98 83 t Athens 94 77 s 96 76 s Seoul 85 69 pc 82 69 c 20 Spectrum hue KNEE COLA APTS Little Rock 91 74 c 91 75 c Baghdad 119 86 s 121 86 pc Shanghai 86 75 pc 84 75 c 40 Hopkins of YES TAR CACT I 60 Choreography F I RES I DECHAT Los Angeles 86 68 pc 83 68 pc Bangkok 98 81 t 97 81 t Singapore 85 78 t 87 79 c 21 June birthstone “Gimme a Break!” SPAR WOE ERS Miami 88 78 sh 87 78 t Beijing 80 69 t 88 69 pc Sydney 6351sh6551pc bit 41 Coder’s creation ARMEDCONFL I CT Milwaukee 80 70 t 83 65 pc Berlin 85 65 pc 72 59 t Taipei City 93 82 c 97 80 c 22 Stopped idling 61 Accusatory CFO ERR IRKS Minneapolis 81 66 c 88 66 pc Brussels 70 56 t 60 54 t Tokyo 79 68 r 76 69 c DEC I S I ONTREE 24 Copernicus on 42 Road crew’s words from CHEST Y I N LES Nashville 92 72 t 87 73 t Buenos Aires 54 45 pc 54 47 pc Toronto 84 72 t 81 67 c the moon, e.g. supply Caesar ASHE BARN ALUM New Orleans 88 77 t 87 77 t Dubai 107 91 s 107 90 s Vancouver 83 64 s 76 61 s C V S RUMMAG E S A L E

New York City 95 78 pc 95 75 pc Dublin 69 49 pc 67 51 s Warsaw 8462pc8362t s SEE ERWIN CAMEL Oklahoma City 77 68 t 82 68 t Edinburgh 67 50 pc 64 48 pc Zurich 70 55 t 66 55 t Solve this puzzle online and discuss it at WSJ.com/Puzzles. INS ONSET OPART . A14 | Tuesday, June 29, 2021 THE WALL STREET JOURNAL. SPORTS

BY JOSHUA ROBINSON London England’s Inevitable Germany Clash s the European Cham- pionship’s infamous Group of Death battled Talk of the ‘Old Enemy’ has faded some, but one source of angst remains: penalty shootouts Afor survival last Wednesday, it ap- peared that any of four teams could be England’s opponent in the chant as their own. tournament’s knockout round. Dur- (Even Jürgen Klins- ing a frantic hour of play, the mann launched into a Three Lions were variously set to rendition during Ger- face France, Portugal and even many’s celebrations Hungary. for winning that tour- When the dust settled, however, nament.) the inevitable had happened: their “Thereisnopoint opponent would be Germany. For fearing the past. You England, it was always going to be can’t go back and Germany. change it,” England No single opponent has caused forward Marcus Rash- more Sturm und Drang in the ford said. “What we minds of English fans than the can change is the re- country that also gifted them the sult of the next game.” modern process for brewing beer As long as that and the aspirin to cope with its ex- game gets settled in cesses. And on Tuesday, they will 90 or 120 minutes that meet in a major tournament on is. Because if the jin- British soil for only the second goistic chatter around time since England defeated what Germany has cooled, was then West Germany in the fi- nothing continues to nal of the 1966 World Cup at provoke instant Wembley Stadium. Weltschmerz for Eng- Ever since then, England fans land like the idea of have wrapped up their soccer his- facing the four-time tory in an unhealthy dose of jingo- world champions in a ism that turns matches into oppor- penalty shootout. The tunities to dredge up World War twin shootout failures II. It reached a peak during Euro at the 1990 World Cup 1996, held here, when the Daily and Euro 1996 remain Mirror tabloid famously indelible in British his- printed the headline tory, more painfully fa- “Achtung! Surrender!” miliar to the general before an England- public than the surren- Germany semifinal. England’s Teddy Sheringham, above, and Gareth Southgate, left, lost a shootout against Germany in 1996. der at the Battle of Germany did not Yorktown. follow the instruc- drive in the summer sea’s Thomas Tuchel. war”gagfromBBCcultcomedy So how best to cope with penal- tion and went on to of 2010, when Ger- “The gaffer at Liverpool has Fawlty Towers, in which John ties has been a biennial question win the whole tourna- manyonceagain been influential of course at Liver- Cleese, as a British hotelier, re- for England for more than two de- ment. eliminated England pool,” England and Liverpool mid- peatedly blurts out World World II cades. The Three Lions finally Yet while the country from a World Cup. His fielder Jordan Henderson said of references to German visitors. earned some catharsis at the 2018 endlessly obsesses over its generation simply has Klopp. “But because of the cha- Best not to mention, then, quite World Cup in Russia, winning the history with Germany, Eng- no connection to Eng- risma he’s got, a lot of people love how one-sided this matchup has first penalty shootout in their his- land’s players do not. land’s German operas. him, even if you’re a neutral fan.” been over the years. This unre- tory in the round of 16. Except “I’m not really looking Besides, Sterling All of which has helped soften quited rivalry is more Mets-Yan- that was against Colombia. Tues- into the history, the bat- knows that no one has the tone around this edition of kees than Yankees-Red Sox. Ger- day night it will be Germany, a na- tles,” England star Raheem benefited more in re- England-Germany. England captain many has won four World Cups to tion that has won six consecutive Sterling said. “Whatever’s cent years from German Harry Kane has specifically asked England’s one and three European major-tournament shootouts dat- happened in the past has soccer than English soc- the team’s fans not to sing “Ten Championships to England’s none. ing back to 1982. happened.” cer. The Bundesliga has German Bombers,” a dated chil- The Three Lions only ever out- Not that any of those will mat- Sterling, 26, wasn’t provided the Premier dren’s song about the Royal Air lasted the Germans at a major ter to the current squad. The only born when Germany League with some of the Force shooting down the Luft- tournament three times in nearly a one that could prove challenging knocked out England in most innovative Fußball- waffe. And after the matchup was century. for these players to ignore is the the semifinals of the trainers in the game. The set, only one tabloid went back to In fact, there is such a lack of defeat against Germany, here at 1990 World Cup. He past two English clubs to win the old jokes. animosity reflecting back from Wembley Stadium, at Euro 1996. was still in diapers a Champions League final “Don’t Mention Before,” the across the North Sea that during That’s because the man who during Euro 1996. were led there by decidedly Daily Star screamed on its back Euro 1996, as England sang that missed England’s decisive penalty And he wasn’t yet Teutonic coaches, Liverpool’s page last week, a not-so-subtle ref- “football’s coming home,” German that night, Gareth Southgate, is old enough to Jürgen Klopp and Chel- erence to the “Don’t mention the supporters cheerily adopted the now their manager. Simone Biles Locks Down Track Stars Another Olympic Berth Beat the Heat At U.S. Trials

BY LOUISE RADNOFSKY and you could see that in the gym- nastics….I feel like there’s a lot of BY RACHEL BACHMAN St. Louis expectations that I put on myself SIMONE BILES WAS SUCH an ob- and that everybody also puts on Eugene, Ore. vious lock for the Olympic team me as well, so it’s hard to feed AS EXTREME TEMPERATURES at that she might have been able to that out.” the U.S. track and field trials here arrive at the Dome at America’s She deflected any suggestion of provided a surprise preview of the Center, sit back and wait to be a physical problem, though. “I’m sweltering conditions expected at thrown a uniform. She is, after all, just old, I’m always in pain. Some- the Tokyo Olympics this summer, undefeated in all-around competi- thing always hurts.” blazing performances from freshly tion since 2013, with five Olympic Biles will lead the four-woman minted Team USA members showed medals and 25 world medals to U.S. squad that is a heavy favorite they are capable of generating her name. to win its third straight Olympic plenty of their own heat. That isn’t the Simone Biles way, team competition in Tokyo. After The huge squad that qualified for though. The 24-year-old treated decades of wrangling over Olympic Tokyo over the past week, plus six trials as a full-on competition of squad selection, American gymnas- marathoners, will likely make up the kind that’s been hard to come tics has now unofficially landed on nearly one-quarter of the more than by for the past year and a half. a simpler way to determine the 600 overall expected to head to To- And in doing so, she both reaf- other places: just take the athletes kyo for Team USA, or more than firmed her status as the sport’s in the order they finish at trials. 130 athletes. That would be the greatest ever and hinted at the “Our goal was that the athletes U.S.’s biggest Olympic track team pressures on her. were going to pick themselves,” ever, according to Olympic historian On the first night of competi- said Tom Forster, the women’s Bill Mallon. The full team will be tion, Biles brought back out her team high-performance team coor- named later this week. double-twisting double-somersault dinator, saying he saw that as a Top U.S. women’s 100-meter dismount on the balance beam, way to restore integrity to gym- Simone Biles has five Olympic medals and 25 world medals to her name. qualifier Sha’Carri Richardson will among other stellar mo- nastics after decades of se- bring to Tokyo the second-fastest ments, to have one of lection controversies. theteamthisyear.OnSunday,it star Yul Moldauer, who is 24, and time in the world this year. Trayvon her highest all-around Sunisa Lee was, in went to Grace McCallum, the Shane Wiskus, a 22-year-old who Bromell clocked a 9.80 time in the scores in years. 4 the pre-pandemic fourth-place all-around finisher trained at the University of Minne- men’s 100-meter final. On the second summer of 2019, the and another 18-year-old Minneso- sota before the school cut the Noah Lyles won the 200 meters, Number of gold night, however, she second-best all- tan. men’s gymnastics program last an event he’s dominated in recent expressed visible medals won by Simone around gymnast in In addition to the four-member year. Two-time Olympian Sam Mi- years, in 19.74. Two spots behind disappointment at Biles at the 2016 the U.S. Being able teams, countries at this Olympics kulak, 28, finished fourth to make him clinching the third qualifying performances that Olympics. She added a to say that again can send up to two other gymnasts his third team. spot was Erriyon Knighton, a 17- weresubparonlyfor bronze on beam. two years later was to compete in the all-around and The University of Michigan’s year-old from Tampa, Fla., who Simone Biles. a long fight for the 18- individual apparatus events. Cameron Bock, Malone’s Stanford turned pro at age 16. She was annoyed at year-old from St. Paul, In women’s gymnastics, the U.S. University teammate Brandon Bri- Allyson Felix came from behind imperfect vault landings on Minn., who is thought to will send Jade Carey—a 21-year- ones, and two program veterans in the women’s 400-meter final to her first rotation, then stayed on be the first Hmong-American on old with vault and floor exercise who have been put on standby be- qualify for her fifth U.S. Olympic the uneven bars after a close an Olympic gymnastics team. medal potential who directly fore, Allan Bower and Akash Modi, team. shave. She took a fall on the bal- Lee has pushed through injury earned one of those spots in inter- will serve as alternates. The U.S. hurdlers were as blister- ance beam. Biles pressed on and and family losses to be here with a national competition—and My- In the only complicated call, 24- ing as ever in events they often completed her floor routine with phenomenally difficult uneven bars Kayla Skinner, a 2016 Olympic al- year-old Alec Yoder was picked for dominate. Sydney McLaughlin set a her usual high-powered tumbling, routine that makes her a strong ternate who is also strongest on the sole individual berth the U.S. world record of 51.90 in the though less-than-polished land- individual medal contender as well vault. men have, as a potential medal women’s 400-meter hurdles final, ings, to easily clinch her spot at as a key member of the team. Other contenders for the contender on the pommel horse. while men’s 400-meter hurdler Rai the top of the scoreboard and the Jordan Chiles arrived to train women’s team fill out the alter- Yoder was picked, men’s high Benjamin approached the world re- U.S. Olympic roster. alongside Biles in Spring, Texas, nates roster, in a year in which the performance director Brett Mc- cord of 46.78 with his trials-win- But the distress caught by tele- under coaches Laurent and Cecile U.S. is trying to take almost as Clure said, on how his routine’s ning time of 46.83. vision cameras zooming in on her Landi two years ago—at a time many replacements as team mem- difficulty value compared with face served as a reminder that when she was almost done with berstoTokyototrytokeepa other countries’ prospects—edging Biles considers herself to be her the sport. With an extra year of squad intact in the face of poten- out still rings specialist Alex Diab, only rival, the demands she places training due to the pandemic, tial coronavirus infections. In who will be the individual alter- on herself are every bit as great as however, she came out swinging in women’s gymnastics, they will in- nate. those from sponsors and fans, and 2021, winning the Winter Cup in clude Kayla DiCello, Kara Eaker, As a team, the U.S. men have the biggest risk to everything she February, finishing second in the Emma Malabuyo and Leanne only an outside shot at a medal. issettohaveinTokyoisanin- all-around to Biles at the GK U.S. Wong. McClure has said they have some jury. Classic and third at the national The men’s team was selected in of the highest execution scores in “Simone night one kicked Si- championship. By finishing third a similar fashion. the world, but not the difficulty to mone night two’s butt,” she said here, the 20-year-old cemented The new national champion, 21- challenge countries such as China, on Sunday. “It wasn’t my best per- her team spot. year-old Brody Malone, finished on Japan and Russia unless those

formance. I kind of got in my head A half-dozen gymnasts have top at trials. He was followed by countries have significant mis- FROM TOP: LYNNE SLADKY/ASSOCIATED PRESS (2); CARMEN MANDATO/GETTY IMAGES; PATRICK SMITH/GETTY IMAGES today and started doubting myself, been circling the fourth berth on former University of Oklahoma takes. Sydney McLaughlin set a world record. .

THE WALL STREET JOURNAL. **** Tuesday, June 29, 2021 | A15 OPINION Milton Friedman, Wrong on China? BOOKSHELF | By Kate Bachelder Odell “I predict that couldn’t exist without a free this leverage. Look at Australia. capitalism in China is far from Tarring China will economy, he emphasized that In April 2020, Prime Minister over. No one knows how last- move increas- the opposite didn’t hold: A free Scott Morrison called for a gen- ing Mr. Xi’s actions will prove, ingly toward economy could exist without uine World Health Organization or the real costs of China’s political free- political freedom. investigation into the origins of many inefficiencies. After all, The Nic Stick dom if it con- Today some would argue Covid-19. It came on the heels there was a day, not so long MAIN tinues its suc- that global capitalism isn’t the of other decisions that irked ago, when the received wis- STREET cessful move Chinese Communist Party’s Beijing, such as Canberra’s deci- dom held that America was Big Vape By William to economic enemy but its ally. There’s sion to ban Huawei on security doomed to lose its global dom- By Jamie Ducharme McGurn freedom.” some truth to this. Certainly grounds from participating in inance to another brand of So spoke without the prosperity deliv- its 5G rollout and criticism of Asian state-directed insider (Holt, 336 pages, $29.99) Milton Fried- ered by global trade and in- Beijing over its treatment of the capitalism—Japan Inc. man in 2003. It seemed a good vestment, Beijing wouldn’t be Uyghurs. Meanwhile, China faces The Devil’s Playbook idea at the time, especially af- in a position to modernize its significant constraints, in- By Lauren Etter ter the transformations of the military,ortouseitsinvest- cluding a rapidly aging soci- dictatorships in Taiwan and ments and foreign aid to ex- It’s bigness, not ety and a grossly skewed (Crown, 468 pages, $29.99) South Korea into messy but pand its influence overseas. male-to-female sex ratio, both functioning democracies. But But Mr. Xi’s relative immunity capitalism, that lets consequences of its disastrous wo Stanford graduate students on a smoke break in as Joe Biden is now finding from foreign pressure has less Beijing get away with population policies. China T 2004 had an idea: a less lethal cigarette. Adam out, Chinese President Xi Jin- to do with any unique genius doesn’tevenhaveaconvert- Bowen and James Monsees knew that people “smoke ping operates from a very dif- of what some call its “market so many abuses. ible currency. And the wreck- for the nicotine but die from the tar.” The pair set out to ferent premise: that the West Leninism” than something ing ball Mr. Xi is taking to deliver a nicotine buzz without combustion and the 70 has had its day, and Beijing’s much more prosaic: the coun- Hong Kong doesn’t exactly in- carcinogens in cigarette smoke. The firm Messrs. Bowen blend of Communist Party rule try’s 1.4 billion population. China’s response? An all- spire confidence about Bei- and Monsees founded, known now as Juul Labs, is among and state capitalism is the Size has always been out war on Australian exports. jing’s appreciation for inter- the most reviled enterprises in the country, accused of ticket to Make China Great China’s lure. In the 1930s, a Australian wines were particu- national financial centers. hooking teenagers on nicotine and castigated by trial lawyers, Again. Shanghai-based American larly hard hit, as China im- Plainly China-style capital- politicians, anti-tobacco groups and affluent parents. He appears to be getting businessman named Carl Crow posed tariffs of up to 220% set ism is on President Biden’s Jamie Ducharme’s “Big Vape: The Incendiary Rise of away with it. Under Mr. Xi, wrote a book called “400 Mil- to last for five years. Austra- mind. When he announced his Juul” is a capably reported and readable account of the Beijing has carried out geno- lion Customers” noting the lian beef, barley, lobster, tim- American Jobs Plan back in company’s origins and current battles. Public-health experts cide against China’s Uyghur vast riches that might be had ber and coal have also been March, the president sold this were split between harm-reduction enthusiasts and anti- minority, threatened Taiwan if you could sell each Chinese hit, which is particularly hard huge increase in the federal nicotine fundamentalists. Juul’s potent, with invasion, shut down a an apple a day. Half a century for an export-oriented econ- role in the economy as a way smooth nicotine salt “kept smokers pro-democracy newspaper in later, when the population had omy such as Australia’s. “to win the global competition satisfied,” unlike weaker competitors, Hong Kong, covered up the or- more than doubled and China That’s why most foreigners with China in the upcoming but nonsmokers who were “experiment- igins of Covid-19, and so on. began opening up, the details doing business in China are so years.” Milton Friedman may ing” could take a heavy hit. There were Even so, China’s economy con- changed, but the dream was quick to run up the white flag once have been a tad too opti- no long-term studies about the health tinues to boom—it grew more the same: Imagine selling ev- when Beijing shows displea- mistic about prospects for effects of “vaping,” or inhaling than 18% in the first quarter ery Chinese a Coke! sure. John Cena, professional freedom in China. But if Joe vapor instead of smoke. But a 2015 from a year earlier—and This bigness is Mr. Xi’s wrestler and star of the new Biden seriously intends for the study from Public Health England, Friedman now looks to have trump card. Any normal-size “Fast & Furious” movie, re- U.S. to outcompete China, which Ms. Ducharme, a writer for gotten it colossally wrong nation, even a relatively large cently issued a groveling apol- surely the Friedman prescrip- Time magazine, mentions, found about capitalism and freedom. one such as Vietnam or Japan, ogy after referring to Taiwan tion for a freer, more nimble that e-cigarettes are 95% less harm- Or did he? simply lacks the leverage over as a “country” during an inter- U.S. private sector would serve ful than cigarettes. In reality Friedman was investors and other countries view. Hollywood appreciates him better than a paler ver- Messrs. Bowen and Monsees built never as deterministic as to get away with what China that China now offers a larger sion of Xi Jinping’s govern- the company in fits and starts, and sometimes portrayed. While he does routinely. box office than the U.S. ment-directed growth. Juul ran ads in 2015 that made its did maintain that a free society Nor is Mr. Xi shy about using All that said, the story of Write to [email protected]. device “look like an object of desire” for cool young adults. Juul dumped the ads and started running testimonials from former smokers, but that didn’t stop anti-tobacco groups from accusing the company of The Iran Deal May Still Be Dead pitching its product to teenagers. If Juul “had a target on its back,” Ms. Ducharme writes, that’s because “it had put By Blaise Misztal turning to the JCPOA, in the Sherman, said days later that Gulf and Arabian Sea as part one there.” And Jonathan Ruhe words of the Biden administra- “until the last detail is nailed of a general strengthening of Juul committed $30 million to youth prevention, tion. Iran also insists it should down, and I mean nailed America’s global force posture removed most flavored offerings from convenience stores, o deal is better than be allowed to continue using down, we will not know if we and broader increase in de- hardened online age-verification, left social media, and ‘N a bad deal,” then- advanced centrifuges for nu- have an agreement.” fense spending. Military exer- endorsed raising the buying age to 21. All of this was Secretary of State clear enrichment, well beyond Even if both governments cises with these capabilities, received by groups like the Campaign for Tobacco-Free John Kerry opined during nu- what the JCPOA permitted. But nail those details down, they and strategic communications Kids as insufficient, insincere or both, and maybe it was. clear negotiations for the the White House wants these may not stay that way. The to publicize them, would help But what would have been enough? Obama administration with machines destroyed. winner of the June 18 Iranian prove the seriousness of At times, Juul was caught coming and going. The Iran before ultimately clinch- Meanwhile, the U.S. has ex- presidential election, Ebrahim Washington’s intentions. company resisted hiring people with experience in the ing the Joint Comprehensive panded its sanctions on Iran’s Raisi, is a hard-liner skeptical Given its diminishing pres- regulated tobacco industry, ostensibly out of contempt for Plan of Action in 2015. Now, vital banking and energy sec- of the deal. He’ll assume office ence in the region, America Big Tobacco. Someone with that background might have as discussions about returning tors, as well as its Islamic in early August and has already should also make clear that it helped the company avoid its advertising blunders and to the JCPOA drag on, Presi- Revolutionary Guard Corps. said he won’t meet with Mr. Bi- backs Israel if it takes military better manage e-cigarette regulation the Food and Drug dent Biden should prepare for These entities would remain den even if an agreement is action in self-defense against Administration was writing. But then “the disruptor” Juul a no-deal outcome. blacklisted for ties to terror- struck. In Washington the Iran, doubling down on the Bi- became “the co-conspirator,” Ms. Ducharme says, accepting Whether supportive of ism even if Washington lifts Democratic majority is slim den administration’s recent in 2018 a $12.8 billion investment from cigarette-maker President Obama’s agreement enough that Congress could re- support for the Jewish state’s Altria, designed in part to lend Juul regulatory expertise. or President Trump’s with- view and effectively block freedom of action. Since July The Altria investment receives an extended treatment in drawal from it in 2018, many Re-entering it will JCPOA re-entry. 2020 Israel’s covert strikes Lauren Etter’s “The Devil’s Playbook: Big Tobacco, Juul, assumed Tehran would rejoin To prepare for the looming have taken thousands of cen- and the Addiction of a New Generation.” In 2018, Altria told some version of the deal, be harder than possibility of a no-deal future, trifuges off line and set back the FDA that it would discontinue its line of e-cigarettes, but driven by a desire for eco- most people imagine. the Biden administration Tehran’s mass-production of soon after, it invested in Juul behind the FDA’s back.Then nomic benefits or diplomatic should start by reiterating Mr. advanced centrifuges, delaying again, regulators were threatening Juul with extinction due cooperation. Here’s how to prepare. Obama’s 2009 pledge that the its breakout time. Building on to teen vaping. Ms. Etter, a reporter for Bloomberg News, Yet getting back into the White House will “use all ele- the welcome replenishment of notes that former FDA head Scott Gottlieb’s “cage-rattling original agreement was never ments of American power to Israel’s Iron Dome intercep- had the unfortunate effect of torpedoing upcoming rounds going to be so easy. Iran’s nu- all the JCPOA’s nuclear-re- prevent Iran from developing tors, Washington should also of private investment,” making money from the big bad clear program has advanced lated sanctions. The Biden ad- a nuclear weapon.” Specifi- ensure Jerusalem has adequate cigarette-maker Altria look more attractive to Juul. much further than the JCPOA ministration’s position that cally, the administration precision-guided munitions to accounted for. The original many U.S. sanctions—hun- should convey unmistakably prevent a nuclear Iran and de- deal has no provisions regard- dreds, according to Secretary its readiness to use military ter, or if necessary prevail The founders of Juul developed a way to inhale ing Iran’s extra enrichment and of State Antony Blinken—will options if necessary to stop against, reprisals from Tehran nicotine without the tar. In risk-averse centrifuge manufacturing facil- remain on the books is irrec- Tehran from producing and Hezbollah. ities, nor the irreversible oncilable with Iran’s demand enough highly enriched ura- It may not be what Mr. Bi- America, that wasn’t good enough. know-how Iranian scientists for total economic relief be- nium for a nuclear weapon. den wanted, but these steps have gathered from operating fore rolling back its nuclear The Pentagon can bolster are likely the best way to pre- advanced centrifuges in viola- breaches. the credibility of such state- vent a nuclear Iran, or a bad The most engaging part of Ms. Etter’s book has to do tion of the deal. It’s not surprising, there- ments with updated contin- deal that enables it. with “a formidable group of wealthy parents whose children “The Iranian program has fore, that six rounds of delib- gency plans and force deploy- had fallen prey to Juul” at schools like Sacred Heart, in grown, become more sophisti- erations in Vienna have been ments for neutralizing Iran’s Messrs. Misztal and Ruhe Atherton, Calif. (tuition: $47,826). A Manhattan mom on the cated,” Rafael Grossi, head of inconclusive. “It remains un- nuclear facilities. This could are, respectively, vice presi- Upper West Side married to “the founder of a well-known the International Atomic En- clear whether Iran is willing include deploying Massive dent for policy and director of private-equity firm” didn’t “give it another thought” when ergy Agency, warned last and prepared to do what it Ordnance Penetrator muni- foreign policy at the Jewish her son “asked her for an incense burner. He’s so spiritual, month. “Linear return to 2015 needs to do to come back into tions and strategic bombers to Institute for National Security she thought, affectionately,” Ms. Etter writes. “How was it is no longer possible.” Tehran’s compliance,” Mr. Blinken told the British territory Diego of America. possible,” the mother asks, “that there had been a teen continued stonewalling of in- the House Foreign Affairs Garcia in the Indian Ocean, as cultural revolution and most adults hadn’t even noticed?” vestigations into its nuclear Committee this month. Mr. well as boosting the U.S. Walter Russell Mead is How indeed. weapons work will, “at a mini- Blinken’s top deputy and a key Navy’s carrier and missile-de- away. An investment manager with kids at Sacred Heart tapped mum, severely complicate” re- negotiator for the U.S., Wendy fense presence in the Persian out a mafioso-style note to Kevin Burns, at the time CEO of Juul: “From here on out, I’m going to go out of my way to fight the bulls—that you all are doing there and will be more than vocal about it. I have deep ties in the investment Remnants of Lives at a Disaster Site world and am from Washington DC and have deep ties there, all of which I will leverage to the max.” By Bob Greene now, and the grief will be no sufficient term—closure. laminated name card from These parents are presented as “grassroots” campaigners less shattering. In 1979, four months after “National Restaurant Associa- bent on extinguishing Juul. But what about society’s obliga- hey’ll know it when Today the television cam- an American Airlines flight tion, 60th Restaurant Hotel- tions to, say, the middle-aged black man who has never kicked T they find it. As if their eras are still present across from Chicago to Los Angeles Motel Show, May 19-23, 1979, his smoking habit with nicotine gum or patches? Or the blue- hearts can be broken Collins Avenue from the rub- crashed on takeoff, killing 273 McCormick Place, Chicago.” A collar kid, age 19 or 20, who leaned on cigarettes to manage any further. ble of the condominium. As people instantly, I went to the ballpoint pen with “Joe D. the stress and boredom of a long deployment to Afghanistan? It may be a paperback the rescue mission turns into Cook County, Ill., morgue to Tarrico Trucking, Mentebello, One certainty: They don’t know anyone at Sacred Heart. novel, left on a bedside table a search for remains, those speak with Dr. Robert Stein, Calif.” on the barrel. A Polar- Readers may think that Juul was killing kids after lung last Wednesday night with a courageous searchers are the county medical examiner. oid photo of one man accept- illnesses emerged in 2019. Credit to Ms. Ducharme for credit-card receipt placed as a aware of what else to be He took out a key, walked to a ing a toast from another, and, reporting that the Centers for Disease Control and Preven- bookmark where the person looking for. locked drawer, and removed a on the back, “Promoted to Sr. tion had “fairly clear-cut data” that bootleg cannabis who was reading stopped. thick notebook with a blue Acct.” Keys on a plastic fob, products, not Juul, were making kids ill. But the CDC for Itmaybeagrocerylist, plastic cover. made in the image of a smil- many weeks “refused to draw firm conclusions,” content to handwritten and pinned to a The Miami condo Inside were more than ing, dancing Mickey Mouse. let the public stay confused. (Sound familiar?) Savor the corkboard in the kitchen, a re- 1,000 photographs of items These were the last pre- irony that marijuana attracts none of the scrutiny into long- minder of what to bring home collapse brings back that rescue and recovery cious clues to lives taken term harm and teen addiction that has doomed vaping. from the supermarket in the memories of earlier workers had found among the away in the most terrible of Juul is waiting for the FDA to decide whether it can stay morning. wreckage. Because 30 of the ways. Before long, some of the on the market. Ms. Etter faults Juul for seeking “monster It may be a magazine with catastrophes. bodies still had not been posi- loved ones of the lost families growth” rather than a “diligent, plodding path that might the mailing label still intact, tively identified, Stein had of Collins Avenue will sit in a have earned” the company “buy-in from regulators and or a wristwatch with an in- been given the photographs in quiet room with compassion- permission from society.” That’s a conveniently unfalsifiable scription engraved on the In unfathomable moments the hopes that they could ate police detectives and be thesis that is contradicted by the evidence in her book: Re- back, or a phone bill un- of mass death, when because somehow help mothers and asked to look at such items. moving its popular flavored products and killing its social- opened in its envelope. of the circumstances the iden- fathers, husbands and wives, Perhaps it will bring them a media accounts are odd things to do for a company that The second wave of heart- tities of the lost souls may be sons and daughters in coming measure of peace. As if peace, wants “monster growth.” achefromwherelastweek difficult to determine, the ar- to terms with the sudden in times like these, on streets Marlboros are still on the shelves, and many Americans the condominium collapsed in tifacts—such a cold word—in deaths that had changed their like this, is ever possible. now think vaping is more dangerous than lighting up a Surfside, Fla., will be delayed, their proximity must be pre- lives forever. cigarette. Investors won’t be eager to make another big bet and will be more private than served and cataloged. Those A South Vigo High School Mr. Greene’s books include on trying to save the lives of smokers. No one should call what is currently unfolding. artifacts may turn out to be class ring. A blue-green neck- “And You Know You Should this sad state of affairs a victory for public health. For some families it may the only way for their families tie with an emblem of Charlie Be Glad: A True Story of Life- come weeks or months from to achieve—another all-too-in- the Tuna on the material. A long Friendship.” Mrs. Odell is an editorial-page writer at the Journal. . A16 | Tuesday, June 29, 2021 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR

It’s the Entitlements, Stupid The Filibuster Won’t Protect Us From Politics

en. Joe Manchin’s public support Sunday ican entitlements. It is also harrowing reading “Ignorance and despotism seem seems all of our institutions, including for at least $2 trillion in new spending for anyone who fears American decline. Enti- made for each other,” wrote Thomas legacy media, the academy and even S Jefferson. How shocked and dismayed corporations, are in fevered disarray. in a partisan budget bill is a huge win for tlements always grow over time, as politi- hewouldbetoread“TheFilibuster William Butler Yeats could have been the political left. This means a cians add benefits and in- Helps Nobody, and That Means You” describing our leaders when he wrote: giant tax-and-spend bill this The guaranteed nature crease eligibility. (op-ed, June 21), Mike Solon and Bill “The best lack all conviction, while the year is likely, and the biggest of Biden’s spending is Social Security benefits Greene’s paean to legislative paralysis worst are full of passionate intensity.” expansion of the entitlement have increased often since the and electorate indifference. JIM RICE state since the 1960s is now therealthreat. program began, and its for- “Through the filibuster,” Messrs. Oakhurst, Calif. possible. mula based on the increase in Solon and Greene proudly announce, The entitlements are by far average wages means benefits “Americans enjoy the unique freedom Messrs. Solon and Greene recite a the biggest long-term economic threat from the rise faster than inflation. Medicaid was once a not to be politically active.” Their uto- litany of constitutional rights and Biden agenda. Tax increases can be repealed by safety-net program but now covers 37% of Cali- pia is a comatose, distracted society then make the astounding claim that a future Congress. Spending on infrastructure fornians. Food stamps and nutrition programs where indifferent constituents while “tinkering with these rights would re- will slow as funding falls. The courts may block started as help for the poor but now cover tens away their time “playing, praying, fish- quire a supermajority in both ing, tailgating” and so on, and pay no houses.” Not even a unanimous Con- his racial preferences. But entitlements that of millions of Americans. Medicare started as attention to the man behind the cur- gress would be sufficient to tinker spend automatically based on eligibility are coverage for seniors but now Democrats want tain. No worries about the duty of citi- with, aka amend, the Constitution. nearly impossible to repeal, or even reform, and it to cover anyone over age 55. zens to be politically active, or at least Our Founding Fathers were far too they represent a huge tax-and-spend wedge far For a while, in the 1990s and 2000s, entitle- aware. Perhaps Jefferson should have wise to exclude the states from this into the future. ment reform was in the political air. But it al- said, “Democracy—use it or lose it.” “tinkering” process. The media won’t talk about this, and Repub- ways failed, even when Republicans controlled LOU RACE The article further asserts that the licans are so far missing in action. But Ameri- the government. George W. Bush tried to reform Los Angeles duopoly enjoyed by the Democratic cans need to understand the stakes. Medicare and Social Security, but his party and Republican parties saves us from iii made him expand the first and fled from the Bravo to Messrs. Solon and Greene government “with fractured parties” Hoover Institution scholars John Cogan and second. A GOP majority failed by a single vote for putting their finger on our most that “would make compromise more important right: the right to be left difficult.” Given the track record of our Daniel Heil document nearby the entitlement to reform ObamaCare in 2017, as three Senators alone. As they point out, the filibuster Congress since 2008, it is difficult to expansions of the Biden Families Plan. It’s an defected. forces upon the Senate a “broad con- realistically imagine a body in which important piece that lists how far the progres- The result is that on present trend the U.S. sensus on important new legislative compromise would be more difficult. sive left wants to go in expanding government’s is falling into the same entitlement trap as proposals.” This is especially impor- RICHARD T. REDANO reach into American family life. Federal child Western Europe. Entitlement spending requires tant at the present moment, when it Knoxville, Tenn. care, government paid family leave, free com- higher taxes, which grab 40% or more of GDP. munity college, a $3,600 tax credit per child, a Economic growth declines as more money flows permanent expansion of ObamaCare premium to transfer payments instead of investment. The subsidies, universal pre-K, permanent expan- entitlement state becomes too large to afford Low Taxes, Responsible Spending for Arizona sion of the earned-income tax credit to workers but also too politically entrenched to reform. without children, and more. Incentives for upward mobility erode as depen- Regarding your editorial “Arizona’s than Gov. Ducey’s in two ways. First, Almost Maybe 2.5% Flat Tax” (June our state is billions of dollars in debt We’d highlight two points. First is the dis- dency on the state grows. 21): You are correct that this will make and I’m the kind of conservative who honesty about costs. Entitlements always start The Biden Families Plan will greatly acceler- our state more competitive for jobs. believes in paying off debts, not burden- small but then soar. The Biden Families Plan is ate the pace of all this. Other spending priori- Because Arizona didn’t shut down busi- ing future generations, and leaving Ari- even more dishonest than usual. ties—notably defense—will be crowded out by nesses and schools the way many blue zona better prepared for inevitable eco- For example, it pretends the child tax credit automatic entitlement increases. Taxes on the states did during the pandemic, we nomic downturns. My proposal would ends in 2025, so its cost is $449 billion over the rich won’t be nearly enough to pay for it all. Tax have surplus reserves and billions of save Arizona $270 million each year 10-year budget window that is used for recon- increases on the middle class are an eventual dollars from Washington that we will thanks to reduced debt-service costs— ciliation bills that require only 51 votes to pass certainty, probably a value-added or carbon tax, devote to this critical tax reform. money that could fund future tax cuts, if the Senate. But a future Congress will never re- or both. Arizona attracts many new resi- we wanted. Second, I’m concerned the peal the credit. An honest accounting would iii dents from blue states like California governor’s long-term projections are show how the credit will cause the deficit to ex- Most remarkable is that Democrats are at- and Illinois that have crippled their too optimistic, so my request was sim- economies with high taxes, heavy reg- ple: Do most of the tax cut right away plode in year 11 and beyond and thus require 60 tempting this economic, social and fiscal trans- ulation and unfunded liabilities. We and leave the rest until we can confirm Senate votes to pass. formation without a mandate from voters. In get frustrated that some out-of-staters that revenues match projections. Second, these programs aren’t intended as 1933 and 1965 at least they had historic majori- try to impose blue-state tax-and-spend My intent is not to water down an a “safety net” for the poor or those temporarily ties after landslide victories. In 2020 they won policies here. Gov. Doug Ducey’s tax effort to cut taxes, limit the size and down on their luck. They are explicitly designed a narrow White House victory in the Electoral reforms will ensure that Arizona emu- scope of government and increase Ari- to make the middle class dependent on govern- College, lost seats in the House, and now have lates the policies of successful and zona’s prosperity—quite the opposite. ment handouts. only a 50-50 split in the Senate. business-friendly states like Florida We can cut taxes, remain one of the Sen. Bernie Sanders and the left understand They may get away with this because they and Texas. most attractive states in the country KARRIN TAYLOR ROBSON that “universal” benefits are more politically have the press in their pocket, and because for investment and pay our bills. STATE REP. DAVID COOK durable. The only entitlement to be reformed most Republicans these days are preoccupied Phoenix Ms. Robson, a Republican, is a can- Globe, Ariz. in our lifetimes was Aid to Families with Depen- with the culture war. Only a decade ago the Tea didate for governor of Arizona. dent Children, also known as welfare, in 1996. Party fought ObamaCare. Now most Beltway But cash welfare was never a middle-class pro- conservatives worry more about Big Tech than Your editorial correctly identifies Thinking Through Autism gram, and the work requirement in that reform they do Big Government. If the Biden Families Arizona’s economic success, healthy is nowhere in the Biden Families Plan. Plan passes, these conservatives will find them- tax revenues and surpluses, and the To a Heartfelt Christianity Mr. Cogan’s 2017 book, “The High Cost of selves spending the rest of their careers as tax threat posed to growth and prosperity I read Jory Fleming’s “The Faith of Good Intentions,” is a superb history of Amer- collectors for the entitlement state. by a voter-passed tax hike on those an Autistic Man” (Houses of Worship, making over $250,000 a year. June 18) with a sense of awe and Unfortunately, many of your read- wonder. Mr. Fleming’s description of Ducey’s Flat Tax and Arizona’s Future ers saw me identified as the lone GOP his Christian faith brought tears to “holdout” on the tax-cut proposal and my eyes. He boils faith down to a few likely assumed I was opposed to tax basic principles: love, mutual recogni- his week Arizona Gov. Doug Ducey will earlier version of the budget, with one Republi- relief. Let me set the record straight. tion, resilience and prayer, and his T sign a 2.5% flat tax, a moment that will can voting no and arguing that the state should I support tax cuts and have proposed concept of an “autistic circuit define his legacy. The bill’s passage was pay down more debt. A second attempt to pass record tax cuts, but they are smaller breaker” is a great antidote to the worth the political drama and the flat tax failed when Demo- emotional diatribes we see on social will go far to maintain Ari- Undoing an 8% top rate, crats decided not to show up, media. This autistic man, through a zona’s competitiveness. while flattening the tax leaving the House without an Endangered Prairie Chicken rational and logical explanation of his Arizona currently taxes in- in-person quorum, since some Also Holds Up Renewables faith, touched my heart. Perhaps he’s come under a progressive rate code, is a big deal. GOP lawmakers planned to dial more of a “feeler” than he thinks. MIKE SARACENO structure, starting at 2.59% in remotely. Regarding your editorial “Biden’s up to 4.5%. The ballot last No- The bill eventually passed Prairie Chicken Fillet” (June 23): Sig- Newtown, Pa. vember carried an initiative to add a 3.5% sur- the House last Thursday, after tweaks that won nificant portions of the 21 million acres in the Biden administration’s tax on earnings above $250,000 for single fil- over the GOP holdouts. No Arizonan will have to proposed land grab have potential for A Modest Proposal to Breyer, ers. It narrowly passed, meaning the combined pay the threatened 8% rate, since the provisions other mineral deposits aside from oil top rate was set to hit 8%, higher than all of Ar- forestalling it are immediate. The 2.5% flat tax and gas, including rare earths and Sotomayor and Kagan izona’s neighbors except California. Nevada will be phased in by 2024, provided state reve- copper, critical to development of al- The three liberal justices argue andTexashavenoincometax. nue stays strong. Cities, which receive a cut of ternative energy sources. President that California’s rule requiring farm- Mr. Ducey’s budget will cut rates for all tax- income-tax proceeds, will get 18% instead of the Biden has promised to fast-track de- ers to allow union organizers onto payers. The Legislature can’t repeal the voter- current 15%. velopment of these critical metals. their property three hours a day for approved surtax, so above the 2.5% flat rate, “Every Arizonan—no matter how much they Environmental groups reflexively fight 120 days a year is merely “access reg- there will still be a second bracket on income make—wins with this legislation,” Mr. Ducey development of any new mine any- ulation,” not a physical taking (“Big over $250,000. But the budget also has a provi- said. “It will protect small businesses from a where, and Mr. Biden’s prairie-chicken Win for Property Rights,” Review & gift will further enable them to block Outlook, June 24). I’d like to take sion adjusting the flat tax downward for those devastating 77 percent tax increase, it ensures production of metals vital to the new them up on their implicit offer. Arizonans, so no one will pay a top rate above working families and all Arizona taxpayers get energy sources for which they cry—a As these justices likely have nicer 4.5%. That’s the same as today. to spend their money how they choose, and it situation that defies common sense. dens than I do, I’ll come over one Republicans control the Legislature by two will help our state stay competitive so we can M.A. KAUFMAN night (I’ll even bring the beer and seats in each chamber, so a single GOP defector continue to attract good-paying jobs.” That’s Spokane Valley, Wash. munchies) and merely access, not could block the bill. The House split 30-30 on an worth celebrating. take, their living quarters for a few hours. As they probably have bigger Hong Kong Tries and Fails TVs than I do, also schedule me for The FTC’s Facebook Face Plant football-season access. Next, I’ll need To Defend the Indefensible a temporary easement to their rest- hat an embarrassment. Federal Judge book had a more than 60% market share in the I wonder why John K.C. Lee, a se- rooms (see: beer, supra). nior Hong Kong official, would bother I’ll bring a copy of their dissent if I James Boasberg Tuesday threw out “Personal Social Networking Services” market, W to write such a rationale for his and need to explain or defend myself. the Federal Trade Commission’s law- it didn’t detail the metrics or methods it used his government’s actions against the GREG DEBSKI suit seeking to break up Face- to calculate this figure. Apple Daily newspaper (“Hong Kong Howell, N.J. book after finding the agency A judge tells the agency “Such an unsupported as- Defends the Arrests of Journalists,” failed Antitrust 101: Demon- to come back when it sertion might (barely) suffice Letters, June 24). It only makes them strating a monopoly. in a Section 2 case involving a look foolish. I would be embarrassed— Pepper ... The FTC sued Facebook in has proof of monopoly. more traditional goods mar- that is what happens when one tries And Salt December under Section 2 of ket, in which the Court could to defend the indefensible. the Sherman Act, which makes reasonably infer that market In his 1963 American University THE WALL STREET JOURNAL it unlawful for a company to “monopolize, or share was measured by revenue, units sold, or address, John F. Kennedy said that it attempt to monopolize” a market. The lawsuit some other typical metric,” the judge writes. would be sad to think that Soviet leaders really believed their own pro- says Facebook acquired Instagram (2012) and “But this case involves no ordinary or intuitive paganda. Sad indeed, especially con- WhatsApp (2014) to neutralize future competi- market.” sidering what Hong Kong, including tors. As evidence, the FTC cited statements by “PSN services are free to use,” he added, and its present leadership, once enjoyed, CEO Mark Zuckerberg such as “It is better to Facebook’s market share could vary enormously and what is being lost. Then again, buy than compete.” based on what is being measured. one cannot rule out fear as a motiva- We said the FTC lawsuit was weak, not least The judge is dismissing the lawsuit without tion. For Mr. Lee and those like him, because the FTC had approved Facebook’s $1 prejudice so the FTC can re-file an amended another freedom that has been lost is billion Instagram purchase in 2012. Most complaint within 30 days. But his rebuke is a the freedom to keep silent. MITCH HERRING WhatsApp users are overseas, and Facebook’s timely reminder to Biden regulators and Mem- own instant-messaging app still has four times bers of Congress who are eager to use antitrust Rochester, N.Y. more users in the U.S. law to punish Big Tech. The law matters, and Letters intended for publication should The more basic problem, as Judge Boasberg courts have a long history of examining, and be emailed to [email protected]. Please notes, is that the agency failed to show that dispatching, facile lawsuits that aren’t based on include your city, state and telephone Facebook has a monopoly in social media, which persuasive evidence and careful legal argument. number. All letters are subject to “. . . and someone’s been using is step one in bringing an antitrust suit under You can’t break up big businesses merely be- editing, and unpublished letters cannot my computer, which would be acknowledged. Section 2. While the government claimed Face- cause they are big. explain that browser history.” . THE WALL STREET JOURNAL. Tuesday, June 29, 2021 | A17 OPINION Biden’s Plan for an Entitlement Society

By John F. Cogan other promises families earning 1.5 hide their true expense. The Ameri- And Daniel L. Heil times their state’s median income can Families Plan is no exception. that Washington will cover all daycare The plan proposes that the $100 he federal government’s expenses above 7% of family income billion annual expansion of the child system of entitlements is for children under 5; still another tax credit will suddenly expire at the the largest money-shuf- promisesworkersupto12weeksof end of 2025, reducing the tax credit T fling machine in human federally financed wage subsidies to from a high of $3,600 to $1,000. All history, and President Bi- take time off to care for newborns or other programs in the plan are as- den intends to make it a lot bigger. sick family members. sumed to be permanent. Why only His American Families Plan—which The American Families Plan phase out the child tax credit? The he recently attempted to tie to a bi- would follow longstanding govern- obvious answer: Its expiration re- partisan infrastructure deal—pro- ment practice and make temporary duces the 10-year estimated cost by poses to extend the reach of federal emergency programs permanent. In $465 billion. entitlements to 21 million additional March, Congress enacted the Ameri- The gimmicks don’t stop there. The Americans, the largest expansion can Rescue Plan, which expanded Af- Biden administration proposes to use since Lyndon B. Johnson’s Great So- fordable Care Act subsidies and re- more than $200 billion in new busi- ciety. fundable tax credits for child care ness taxes to finance the American and low-wage workers. The expan- Families Plan. Amazingly, it also pro- sions were sold as temporary mea- poses to use that same money to fi- For the first time in sures to combat the effects of pan- nance future Medicare spending. history, more than half demic lockdowns. A month later, Mr. Properly accounting for these Biden asked Congress to make them gimmicks, and the plan’s overly opti- of all Americans would permanent. mistic revenue assumptions from its be on the federal dole. These programs extend eligibility Internal Revenue Service compliance for benefits high up the income lad- initiatives, pushes the American der. Two-parent households with Families Plan deficit to more than $1

two preschool-age children and in- DAVID KLEIN trillion during the next 10 years. The For the first time in U.S. his- comes up to $130,000 would qualify president claims that his plan is part tory—except possibly for the pan- for federal cash assistance for day- benefits, and more than 80% of sin- distribution would receive 40% of of a budget that is “putting the na- demic years 2020 and 2021, for care. Single parents with two pre- gle-parent households would be on the new entitlement benefits. tion on a fiscally responsible path.” which we don’t yet have data—more schoolers and incomes up to the entitlement rolls. Our estimates are for a full-em- Hardly. If passed, it would accelerate than half of working-age households $113,000 would qualify. And some The share of households receiving ployment economy, not one in reces- the pace of entitlement expansions would be on the entitlement rolls if families with incomes over $200,000 assistance would be higher in some sion. So the percentage of U.S. that began in the late 1960s. Improv- the plan were enacted in its current would be eligible for health-insur- areas of the U.S. than in others. This households receiving benefits from ing the safety net is one thing, but form. Contrary to Mr. Biden’s asser- ance subsidies. Other parts of the is primarily because federal eligibil- at least one federal entitlement pro- spending more than $1 trillion on tion that his plan “doesn’t add a plan, such as paid leave and free ity for many of the American Fami- gram would only increase if the U.S. mainly middle-class entitlements single penny to our deficits,” his community college, have no income lies Plan’s programs, particularly its economy were to falter. and financing this expenditure with plan would add more than $1 trillion limits at all. refundable tax credits, don’t account Where will the money come from debt robs future generations while to the national debt over the next Our analysis shows that the for geographical differences in in- to finance this largess? Mr. Biden enriching today’s. decade. American Families Plan would add comes and living costs. claims that taxes on the rich will en- The American Families Plan pro- 21 million Americans to the list of We estimate that most of the Bi- tirely finance his American Families Mr. Cogan is author of “The High poses several new entitlement pro- federal entitlement beneficiaries. den plan’s entitlement benefits Plan. But his proposed revenue heist Cost of Good Intentions” and a se- grams. One promises students the With these additional recipients, would go to middle- and upper-in- falls woefully short of the plan’s true nior fellow at Stanford University’s government will pick up the entire 57% of all married-couple children come households. Households in the cost. Presidential budgets for years Hoover Institution. Mr. Heil is a pol- cost of community-college tuition; an- would receive federal entitlement upper half of the nonelderly income have been littered with gimmicks to icy fellow at Hoover. Progressives Disdain America but Love Being Free to Do So last few years. “I’d look at the flag stop oppressing Uyghurs or threaten- You can denounce what your country told is defined by white privilege, xe- that once stirred such emotion in me ing Taiwan. Unless they have ham- stands for and get elected to Con- nophobia and ruthless oppression of and feel absolutely nothing,” he mer-throwing competitions at re-ed- gress. minorities. FREE writes. ucation camps, it would be the last That’sfine.It’sallpartofthe Think of that. What kind of endur- EXPRESSION Perhaps in Mr. Rhodes’s case, like medal ceremony that athlete ever strange, perhaps ultimately unsus- ing appeal must a country have, what By Gerard Baker Michelle Obama’s, we’ve reached the took part in. tainable, contradiction of living in a kind of values must it convey to the point where you can be proud of your That’s true not only of communist genuinely free society. But can we at world that it can so easily supersede his July Fourth, that sacred country only when your boss or China. In most countries in the least acknowledge that it is an ex- the strenuous efforts of its own peo- T day when we commemorate someone in your immediate family is world, if a talented athlete had been traordinary privilege? ple to defame it? the hijacking of the American running it. That doesn’t sound like trained, developed and selected from This failure to understand Ameri- Progressives are playing a self-de- continent by a gang of white suprem- America to me. It sounds more like a thousands to represent the nation, can greatness lies at the heart of a feating game with immigration. They acists in a desperate bid to hold onto hereditary tyranny. delightful paradox in the progres- seem to think that when the mi- their slaves, I have a question for But what about all those others sives’ approach to immigration. grants get here, they’ll swallow the progressives: What do you want this who seem to despise everything this If a Chinese athlete made a Does it occur to them that the education system’s prevailing propa- country to be? country stands for even now that the show of discomfort at her main reason the U.S. has a persistent ganda and hate the country. It I understand the many frustra- people they like are in charge, like immigration crisis isn’t that nativist doesn’t work like that. Like me, peo- tions with its flaws. We all have most of our academics, the staff who national anthem, she’d be Americans want to keep people out? ple will come here and feel above all those. I understand anger at the myr- run HR departments for big Ameri- persecuted, not celebrated. It’s that people keep trying to get in. an overwhelming sense of gratitude iad inequalities and injustices. The can companies, the prime-time hosts That’s the thing about an open bor- for what this country has given them. work of progress is never even close on CNN? I wonder in particular what der. People can go both ways, but So go ahead, enjoy your freedom to complete. sort of country they imagine would they never do, do they? to turn away from the flag, to de- But is there anything that would be better than this. then went and publicly trashed it all, If the world had no borders, where nounce what it stands for. But could actually make them love this coun- Last weekend Gwen Berry, an Afri- the public opprobrium would be un- do progressives think the world you maybe also just acknowledge for try? Do they understand why so can-American athlete, qualified to relenting. would choose to live? Polling has a moment how precious that freedom many people—not only in America— represent her country at next In America, you disrespect the in- consistently shown that, if they is? Perhaps take one day a year to re- admire it? month’s Olympics. When the national stitutions of your country, and you could, by overwhelming margins peo- flect that despite your own antipathy, Ben Rhodes, a former Obama anthem was played, she turned away get lionized by the media. You take a ple from all over the world would for nearly 250 years people have White House official, captures in a and covered her head with a T-shirt. knee or turn away from the flag or choose to come here. been proud to call this country home. new book, “After the Fall: Being Imagine if a Chinese athlete did refuse to take the field or the court Blacks from Africa, Latinos from The Fourth of July seems like a American in the World We’ve Made,” that—maybe raised a fist in defiance while the national anthem is played, Central and South America and good day to remember what was re- the progressive’s lament on glimps- and then went to a press conference and you get nodding assent from the Asians from Kamchatka to Kerala are ally achieved back then—and how as- ing a familiar American flag these and demanded that the government authorities who control the sport. yearning to live in the country we are tonishingly enduring it has proved. Attacking the Press Couldn’t Make a Winner Out of Shaun Donovan By Barton Swaim the credentials of a top mayoral can- un-American and not consistent with Donovan’s four-minute performance, Obama when he meant Mr. Trump. didate, but still has not been able to our values as New Yorkers as a city omitting the rebuttal. He was, in short, a terrible actor. he Democratic primary for connect with voters.” of tolerance that occurred over the It was, in short, a setup. Mr. Don- I thought of the Two Minutes Hate of T New York mayor doesn’t have I mention this to relate a bizarre past few years.” He falsely claimed ovan, whose candidacy had loitered “1984,” in which the citizens of Oce- an official winner. But it has episode from Mr. Donovan’s cam- the editorial board had endorsed near the bottom of the polls for the ania would give themselves to unre- some losers, among them Shaun paign, such as it was. The Journal’s Donald Trump’s use of the term entire campaign, needed a way to get strained antipathy toward the enemy Donovan, who claimed 2% of the editorial page editor invited several “Kung Flu” and had therefore con- into the news, and he, or someone in of the day. But the people who en- vote. mayoral candidates to discuss their tributed “to the hate crimes we see his campaign, had the bright idea of gaged in the Two Minutes Hate were Mr. Donovan boasted quite a ré- even yesterday in Atlanta.” picking a fight with the Journal. genuine in their loathing, whereas sumé. He attended the prestigious AfterMr.Donovanconcludedhis The incident captured something Mr. Donovan’s four-minute perfor- Dalton School before earning three He evidently decided a four-minute fulmination, the editor sadly indicative of the present mo- mance was obviously insincere. degrees from Harvard: a bachelor’s show of hatred was his rebutted his charges. The candidate ment. Mr. Donovan evidently felt Mr. Donovan won’t strike anybody in engineering, a master’s in public proceeded to take respectful ques- that the only way he could appeal to as a man of passion and outrage. But administration and a master’s in ar- onlyhope.Butheproved tions on housing, crime and taxes for New York’s progressive electorate somehow he came to believe that the chitecture. He was Mayor Mike unable to pull it off. an hour or so. It all felt deeply weird. was to exhibit detestation for a pub- surest way to connect with left-wing Bloomberg’s housing commissioner What on earth was the point of his lication that critiques progressive voters was to express full-on hatred and President Obama’s housing sec- denunciatory preface? policy failures. of the other side. That he couldn’t do retary and budget director. We found out the following day, It didn’t work, perhaps because it convincingly, and that the effort Mr. Donovan tried to position views and prospects. The exchanges when Mr. Donovan’s campaign sent Mr. Donovan oozed insincerity. He did nothing to vivify his candidacy, is himself as progressive yet competent were mostly lively and engaging. The out an email with the all-caps head- looked like a mild-mannered man one of the few happy signs of an oth- and conciliatory. He didn’t get far. An meeting with Mr. Donovan took line SHAUN DONOVAN DIRECTLY straining to be bumptious. He fum- erwise dreary campaign season. email to supporters sums up his cam- place on March 17 via Zoom. It was a CASTIGATES THE WALL STREET bledoverhiswords,asifhehad paign nicely. The subject line: “Ex- polite discussion in all respects but JOURNAL EDITORIAL BOARD. In it tried but failed to memorize a script. Mr. Swaim is a Journal editorial perts agree!” The first line of the one. was a link to a YouTube video of Mr. At one point he condemned Mr. page writer. email quotes the New York Times: As the meeting began, the candi- “Political observers agree that Mr. date expressed a need to preface his Donovan has the credentials of a top remarks with a denunciation of his mayoral candidate.” The full sentence hosts. Mr. Donovan told us he was The GOP Should Love SALT Deductions in the Times article, if you bothered “deeply concerned” about our “willful to find it, read: “Many political ob- disregard for facts but also the willful By John Tamny repealing the cap is that low-tax, pand the federal government, all servers agree that Mr. Donovan has turning a blind eye to the racist and mostly Republican-leaning states the while shrinking the ability of ill President Biden seek to would end up subsidizing waste in cities and states to tax, and there- W repeal the $10,000 cap on high-tax Democratic ones. That’s fore to control their own policies. federal deductions for state one way of looking at it—the wrong Basically the cap turns the Found- PUBLISHED SINCE 1889 BY DOW JONES & COMPANY and local taxes, known as SALT? way. It ignores that the top 1% of ers’ vision of a federal government Rupert Murdoch Robert Thomson Many conservatives say the SALT taxpayers account for around 40% with powers “few and defined” on Executive Chairman, News Corp Chief Executive Officer, News Corp cap, part of the Tax Cuts and Jobs of federal tax revenue. They, not its ahead. Matt Murray Almar Latour Act of 2017, should remain in place their states, would receive the ben- Republicans should press Mr. Bi- Editor in Chief Chief Executive Officer and Publisher because repeal would primarily aid efit of the SALT deduction. den to endorse repeal of the SALT Neal Lipschutz Karen Miller Pensiero DOW JONES MANAGEMENT: Deputy Editor in Chief Managing Editor Daniel Bernard, Chief Experience Officer; high-income households in Demo- At the same time, Republicans deduction, which aggrandizes and Mae Cheng, SVP, Barron’s Group; David Cho, cratic states. Open and shut case for have long believed that the federal encourages the growth of national Jason Anders, Chief News Editor; Louise Story, Chief Editor of Barron’s Group; Jason P. Conti, General News Strategist, Product & Technology Officer Republicans, right? Not so fast. government should be limited in government. Better yet, they could Counsel, Chief Compliance Officer; Frank Filippo, Thorold Barker, Europe; Elena Cherney, Coverage; EVP, Business Information & Services; Robert Hayes, For one thing, they should sup- size and scope so that Americans one-up him by replacing the deduc- Andrew Dowell, Asia; Anthony Galloway, Video & ChiefBusiness Officer, New Ventures; port any change in the tax code that exercise democratic choice at the tion with a SALT credit against fed- Audio; Brent Jones, Culture, Training & Outreach; Matthew Hutchison, Chief Communications Officer; reduces the burden on the rich. Pre- state and local level. Cities and eral taxes paid. State taxes would Alex Martin, Print & Writing; Michael W. Miller, Kamilah Mitchell-Thomas, Chief People Officer; cisely because they’re already states, in this view, should be the likely rise, but that beats sending Features & Weekend; Emma Moody, Standards; Josh Stinchcomb, EVP & Chief Revenue Officer, Shazna Nessa, Visuals; Matthew Rose, WSJ | Barron’s Group; Christina Van Tassell, wealthy, the rich are most capable of laboratories for domestic policy. more money to Washington. Chief Financial Officer; Suzi Watford, EVP, Enterprise; Michael Siconolfi, Investigations; investing unspent wealth. By reduc- Repealing the SALT cap might Consumer & Chief Marketing Officer Stephen Wisnefski, Professional News ing their tax burden, repeal of the not restore that vision, but it would Mr. Tamny is vice president at SALT cap would expand the capital direct money away from Washing- FreedomWorks and author of Paul A. Gigot base that matches commercial ideas ton and toward states and localities. “When Politicians Panicked: The 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 with investment. The SALT cap is manna from heaven New Coronavirus, Expert Opinion, Gerard Baker, Editor at Large Telephone 1-800-DOWJONES The standard argument against for national politicians eager to ex- and a Tragic Lapse of Reason.” . BUSINESSTECHNOLOGY: SMART BASSINET MAKER & SEEKS FINANCE FUNDING FOR GROWTH B4

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S&P 4290.61 À 0.23% S&P FIN g 0.81% S&P IT À 1.11% DJ TRANS g 0.95% WSJ $ IDX À 0.08% LIBOR 3M 0.147 NIKKEI (Midday) 28791.20 g 0.88% See more at WSJ.com/Markets S&P, Nasdaq Climb to Records Ex-Audit

BY JOE WALLACE 0.4%, to 34283.27, weighed long way to go and there is this week in the run-up to Fri- market capitalization above $1 Regulator AND ALEXANDER OSIPOVICH down by losses at Boeing and still strong growth,” said Frank day’s employment report. That trillion for the first time, be- Chevron. Øland, chief strategist at Dan- is expected to show the econ- coming the fifth U.S. company The Nasdaq Composite and Shares have marched higher ske Bank. “But of course you’re omy added 683,000 jobs in to achieve the milestone. Draws S&P 500 advanced to records since mid-May, boosted by a probably past the peak growth June. Shares of the social-media gi- on Monday, powered by gains robust economic recovery, the momentum in the U.S., so data Money managers also will ant surged $14.27, or 4.2%, to in technology stocks. prospect of further fiscal stim- will begin to look less impres- parse eurozone data on con- $355.64. Blistering The tech-heavy Nasdaq ulus and low bond yields that sive, and that could be a con- sumer prices on Wednesday The gains in tech stocks climbed 140.12 points, or 1%, to prompted investors to snap up cern.” for signs of whether inflation came as the yield on the 10- 14500.51. The S&P ticked up stocks. Danske has dialed down its is taking off globally. year Treasury note fell to 9.91 points, or 0.2%, to 4290.61, Some investors are none- holdings of U.S. stocks and Tech was the best-perform- 1.478% from 1.535% Friday. Criticism adding to its gains after the theless concerned the market bought more shares in Europe, ing sector of the S&P 500. Ap- Falling bond yields lead inves- broad-based index posted its could hit a rough patch be- where Mr. Øland said the eco- ple and Microsoft both gained tors to buy shares of fast- BY JEAN EAGLESHAM biggest weekly advance since cause of signs that growth has nomic recovery is still acceler- more than 1%, while Intel and growing technology companies AND DAVE MICHAELS February last week. peaked as well as jitters over ating. Tesla both advanced more whose future revenue becomes The Dow Jones Industrial inflation and monetary policy. Investors said financial than 2%. relatively more attractive A botched overhaul at the Average fell 150.57 points, or “This recovery still has a markets are likely to be quiet Facebook closed with a PleaseturntopageB10 government’s auditing regula- tor heightened an “environ- ment of fear and distrust” among the staff that led to whistleblower allegations and Mexican Billionaire Plugs Bitcoin for Bank the ouster of the board’s chair- man, according to an official BY JOE WALLACE Price of one bitcoin Number of new report that the Securities and AND ANTHONY HARRUP bitcoin wallets created Exchange Commission commis- Elon Musk says Tesla will no longer sioned but then kept secret. 600,000 Bitcoin’s price rose after accept bitcoin due to concerns for climate. The January report by for- billionaire Ricardo Salinas $60,000 mer SEC Chairman Harvey Pitt Pliego said his bank was work- lays bare deep divisions within ing toward becoming the first 500,000 the Public Company Account- Mexican lender to accept the ing Oversight Board, which cryptocurrency. China banned financial institutions oversees the audits of compa- 55,000 and payment companies from The price of bitcoin climbed 400,000 nies valued in total at trillions to $34,721.11 Monday, up 6.3% cryptocurrency related transactions. of dollars. from where it stood at 5 p.m. It also alleges organizational ET Friday, according to Coin- PleaseturntopageB2 Desk. The digital currency has President Nayib Bukele of 300,000 lost almost half its value since 50,000 El Salvador announces plan it hit an all-time high of over to build the country’s $63,381.20 in mid April, dur- financial infrastructure 200,000 using bitcoin technology. UBS ing a wave of speculation May 2021 June spurred on by celebrity advo- cates, including Tesla Inc. 45,000 NumberNb of f active i addresses* dd* Chief Executive Elon Musk. Ricardo Salinas Pliego says Embraces Mr. Salinas Pliego tweeted his bank was working toward 1.4 million over the weekend that he rec- becoming the first Mexican ommends the use of bitcoin. lender to accept bitcoin. 1.3 Flexibility “Me and my bank are working 40,000 1.2 to be the first bank in Mexico At Work to accept #Bitcoin,” he added. 1.1 Some hours later, he BY MARGOT PATRICK tweeted again in Spanish to 1.0 say the digital currency was a UBS Group AG will allow good way for investors to di- 35,000 0.9 around two-thirds of its staff versify their holdings. “I think to mix working from home and 0.8 that any investor should start the office as an employment learning about cryptocurren- 0.7 perk after determining it cies and their future. At won’t hurt productivity. @BancoAzteca we are working 30,000 0.6 The Swiss bank, a big em- to bring them to our clients,” May 2021 June May 2021 June ployer in several countries in- the post said. cluding the U.S., told staff on Representatives for Banco *Unique addresses that ever appeared in a transaction of the native coin in the network Monday about its commitment Azteca SA didn’t respond to a Sources: CoinDesk (price); Glassnode (wallets) to flexible working. It marks a request for further details or departure from other major comment. nuel López Obrador. Mr. Salinas Pliego said he had Alejandro Díaz de León said eral, or even directly offer a banks, including Morgan Mr. Salinas Pliego is chair- The second Twitter post 10% of his liquid assets in- earlier this month that Mexi- portfolio of these crypto as- Stanley, Bank of America man of Grupo Salinas, which was accompanied by a graphic vested in bitcoin, which he can regulations call for keep- sets,” he said. Corp. and Goldman Sachs groups his business interests showing the price of a cup of said “protects citizens from ing a “healthy distance” be- Cryptocurrencies have Group Inc., that are pressuring ranging from retail and bank- coffee rising over time. “The government expropriation.” tween virtual assets and the gained interest from main- employees to return to the of- ing to broadcasting and tele- dollar has quietly robbed you The Mexican central bank financial system. stream financial firms and fice as coronavirus lockdowns communications. He has a net of your purchasing power has been wary of cryptocur- “Financial institutions corporations globally. Master- and safety measures ease. worth of $15.8 billion, accord- since 1913. Buy bitcoin!” the rencies, warning that they aren’t permitted to finance card Inc. said it plans to sup- UBS in an internal an- ing to Forbes, and is close to image said. could be confusing for con- leveraged positions in crypto port some cryptocurrencies on nouncement said staff whose Mexican President Andrés Ma- In a tweet last November, sumers. Bank of Mexico Gov. assets, receive them as collat- PleaseturntopageB10 PleaseturntopageB2 INSIDE Investors Undeterred on Green ETFs

BY MICHAEL WURSTHORN

Investors have lost a bundle this year betting on solar- panel and wind-turbine mak- ers. Their response: to double down. A year ago, green stocks and the funds that track them rallied tremendously after the market’s recovery from a pan- RETAILING TECHNOLOGY demic-induced swoon. Playboy owner buys Home-security firm Solar-panel and wind-tur- Australian lingerie ADT is counting on its bine companies were among firms benefiting from a surge company Honey relationship with of investor- and consumer- Birdette. B3 Google. B4 driven demand for renewables, despite many being small un- profitable ventures. This year, returns are trail- ing the broader stock market. That is thanks, in part, to UAW Elects Fourth stocks having run so far and uncertainty around the Federal Reserve’s interest-rate course President in 3 Years and how its actions may ulti- BY NORA NAUGHTON tiyear federal investigation into mately affect growth stocks.

corruption that pierced its top Exchange-traded funds that CATE DINGLEY/BLOOMBERG NEWS The United Auto Workers’ ranks, resulting in more than a track renewable-energy in- Clean-energy ETFs have slipped after a 2020 run-up. A wind turbine under construction in New Mexico. board elected a new president dozen convictions, including dexes have posted double-digit Monday, as the union looks to the two presidents who pre- declines this year. BlackRock’s management firms say that, its clean-energy benchmark turers of alternative batteries, overcome a corruption scandal ceded Mr. Gamble. iShares Global Clean Energy for now, large pullbacks in used by BlackRock funds to fix will eventually transform and tries to navigate disruption The Justice Department and ETF has fallen 18% since De- share prices don’t reflect in- the problem of having too transportation and other facets playing out in the car business. the UAW reached a civil settle- cember; Invesco Ltd.’s popular vestors’ desire to bet on green much money in mostly small, of everyday life. Ray Curry, who most re- ment in December, which in- Solar ETF has posted a 17% companies. hard-to-trade companies. Mr. Gerber has put more cently served as the UAW’s sec- cludes a six-year period of inde- decline. “It’sanareawherewesee Such changes don’t happen client cash into Invesco’s retary-treasurer, will succeed pendent oversight by a court- Even so, money continues continuous demand,” said Ari often, said S&P’s Mr. Rajendra, clean-energy fund, contribut- Rory Gamble, who plans to re- appointed monitor. to pour in. Rajendra, a senior director of but intense demand from in- ing to the $446 million of total tire at the end of the month. Mr. Curry, 55 years old, will Professional money manag- strategy and volatility indexes vestors warranted the index’s inflows into ETF this year. He Mr.Currywillserveinthetop be tasked with steering the ers and individual traders at S&P Dow Jones Indices. revamp to 82 stocks from just shuns oil stocks, which are job at least until the union’s union out of the corruption in- have invested $6.2 billion in At BlackRock, the world’s 30. The firm also lowered the among the stock market’s best next presidential election, in vestigation as well as respond- green-energy ETFs this year, largest asset manager, clean criteria for the inclusion of performers this year. June 2022. ing to an industrywide shift to according to data from Refini- energy funds reported $2.7 stocks, among other things. “The more speculative the He will be the fourth leader electric vehicles, which threat- tiv Lipper. billion in inflows this year and Ross Gerber, chief executive stock, the higher the valua- in three years for the union ens to reduce the number of The inflows are on course $1 billion into a European of Gerber Kawasaki Wealth & tion. But in this market, peo- that represents nearly 400,000 auto-factory jobs over time. to eclipse last year’s record clean-energy fund, according Investment Management, said ple care more about fantasy auto workers nationwide. The Union leaders have said they $7.2 billion. to FactSet. Interest was so renewable-energy stocks, from than reality,” said Mr. Gerber. UAW has been rocked by a mul- PleaseturntopageB2 Index makers and asset- high that S&P had to broaden solar-panel makers to manufac- PleaseturntopageB2 .

B2 | Tuesday, June 29, 2021 **** THE WALL STREET JOURNAL. INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes cite notable references to most parent companies and businesspeople in today’s edition. Articles on regional page inserts aren’t cited in these indexes. following whistleblower allega- nior staff were taken by the auditors colluded with a for- tions in 2019. The whistle- board as a whole, the report mer PCAOB official to get a A Golden Corral...... A10 N Ex-Audit blower alleged that Mr. Duhnke finds. sneak peek at regulatory in- ADT...... B4 Goldman Sachs...... B1 Nvidia...... B10 was pushing out longstanding That conclusion is disputed spections. KPMG in 2019 paid Grupo Salinas...... B1 Airbus...... A10 P executives, in some cases out by some people close to the $50 million to the SEC to re- Alaska Air...... A10 H Regulator Pfizer...... A6 Alphabet...... A2,B4 of retaliation, and engaged in a PCAOB whistleblowers. Mr. Pitt solve allegations related to the Hapag-Lloyd...... A10 PLBY Group...... B3 Altria Group...... A4 Happiest Baby...... B4 politicized attempt to run wasviewedbyMr.Duhnkeas scandal, and said it had Apple...... A1,B1,B10 Principal Financial...... B3 down the watchdog. an ally, those people say. Mr. learned important lessons. Home Depot...... A2 Q Under Fire AstraZeneca...... A6 Honey Birdette...... B3 The SEC is investigating Mr. Pitt resigned as SEC chairman The report found the watch- B Humana...... B4 Qualcomm...... B10 Duhnke over his handling of in- in 2002 following a political dog has been slow to update I Banco Azteca...... B1 Quantum Loophole.....B6 ContinuedfrompageB1 ternal complaints, The Wall firestorm that involved the its ethics code after the scan- R Bank of America...... B1 ING Groep...... B1 dysfunction. There were no re- Street Journal this month re- dal. “The board has not treated Biogen...... A1 Intellia Therapeutics B10 Rocket...... B11 cords documenting the ratio- ported. He has denied any alle- this project as a critical prior- BioNTech...... A6 Invesco...... B1 S BlackRock...... B1 J nale for several staff firings, gation of wrongdoing, saying The report alleges ity,” which was a mistake, the Boeing...... B10 Safilo Group...... A1 and confusion about the roles he was making long-overdue report said. Juul Labs...... A1 Salvatore Ferragamo B11 Broadcom...... B10 K of the PCAOB’s board members changes at the organization organizational The report was delivered to Burberry...... B10,B11 SoftBank...... B10 has “created some dysfunc- and was the subject of a “well- the SEC in January. But the C Kering...... B11 T dysfunction at the L tional behavior” by them, the coordinated smear campaign.” agency didn’t publish it or Chipotle Mexican GrillA1 Tesla...... A2,B1,B2 report found. The Pitt report says a “lack PCAOB. share it with the PCAOB, ac- TPG Real Estate CMA CGM...... A10 loanDepot...... B11 Current SEC Chairman Gary of sensitivity” on the part of cording to people close to the Corp Group Banking...B6 LVMH Moët Hennessy Partners...... B6 Corry Capital...... B6 Louis Vuitton...... B11 U Gensler this month ousted Wil- Mr. Duhnke, his staff and the watchdog. M liam Duhnke as PCAOB chair- other four board members cre- North Carolina Rep. Patrick Cradlewise...... B4 UBS...... B1 D Marriott International Uponor Oyj...... A10 man and is replacing the rest ated “cultural angst” that led PCAOB. Mr. Pitt said he was McHenry, the top Republican Delta Air Lines...... A10 ...... A10 UWM...... B11 of the five-member board. to the whistleblower com- “fiercely independent” and not on the House Financial Ser- E Marvell Technology...B10 V A PCAOB spokeswoman plaints. The board failed to anyone’s ally in his review of vices Committee, obtained the MediaTek...... B10 didn’t return a request for consider the impact on the the PCAOB report after requesting it from Embraer...... A10 MGIC Investment.....B11 VesselsValue...... A10 F Microsoft...... A1,B1,B10 VGI Partners...... B10 comment. An SEC spokesman staff of firing seven senior offi- Mr. Pitt’s report concludes the SEC. Moderna...... A6 Volkswagen...... B2 declined to comment. Mr. cials, and several midtier ones, that the PCAOB needed shak- In a letter dated Monday, Facebook...... A1 W Fannie Mae...... B11 Moller-Maersk...... A10 Duhnke said he hasn’t seen the without warning or explana- ing up when Mr. Duhnke came Mr. McHenry wrote that the Ford Motor...... B2 MoneyGram Walmart...... A10 report and cannot comment on tion, the report found. on board, but the execution committee was investigating Freddie Mac...... B11 International...... A10 Y it. But the report clears Mr. was the problem. the SEC’s decision to overhaul G Morgan Stanley...A10,B1 Myatu Pedelec Yakult Honsha...... B10 Mr. Pitt, who ran the SEC Duhnke, a former senior Re- Mr. Duhnke was part of a the PCAOB. It wasn’t immedi- General Motors...... B2 Technology...... A10 Yaskawa Electric...... A10 from 2001 to 2003 during the publican congressional aide, of new board appointed in 2018 ately clear whether House Bush administration, was com- any political intent in his ef- after the PCAOB was rocked by Democrats, who control the missioned by the SEC to inves- forts to modernize the watch- an exam-cheating scandal, in committee, would co-sponsor INDEX TO PEOPLE tigate how the PCAOB was run dog. The decisions on firing se- which prosecutors said KPMG the inquiry.

B Gobbetti, Marco B10,B11 Murphy, Matt...... B10 Brito, Carlos...... B2 H R C Off Peaks, Hamers, Ralph...... B2 Rajendra, Ari...... B1 Carr, Ryan...... B11 Houston, Dan...... B3 Reyna, Rene...... B2 Curry, Ray...... B1 J S D Salinas Pliego, Ricardo Green ETFs Jones, Gary...... B2 Devine, Colin...... B3 K ...... B1 Diamond, Susan...... B4 T G Karp, Harvey...... B4 Tan, Hock...... B10 L-M Keep Allure Gamble, Rory...... B1 Thompson, Leslie...... A2 Likosar, Jeff...... B4 Tsai, Rick...... B10 Garden, Jeff...... A2 W George, Bose...... B11 Mahajan, Mona...... A2 ContinuedfrompageB1 Gerber, Ross...... B1 Malik, Atif...... B10 Whitworth, Brendan...B2 “So with solar, you have a lit- tle bit of the fantasy in there, too.” truck factory in North Carolina. Invesco’s solar ETF jumped He was elected to serve on the 233% in 2020, while Black- UAW union’s board of directors in Rock’s global clean-energy 2014 as a regional leader, and fund soared 140%—easily the in 2018 was elected secretary- best years ever for both as Elects New treasurer, the second-highest valuations of green stocks rank at the union. Mr. Curry climbed to dizzying heights. said he plans to build on these Although both funds have President efforts as president, making declined in the year to date, transparency a priority among valuations are elevated.

ContinuedfrompageB1 leaders. Invesco’s solar ETF trades DUSTIN FRANZ FOR THE WALL STREET JOURNAL would like to organize new bat- The latest leadership shake- at a forward price/earnings ra- Panels are tested at First Solar. By one estimate, clean-energy companies trade at a 70% premium tery plants and factories owned up comes after a period of high tio of 36, versus 21 for the S&P to traditional energy companies. by electric-vehicle startups. turnover for the UAW’s govern- 500, according to FactSet. “It will be up to us to navi- ing board. Mr. Gamble was Meanwhile, clean-energy Fund and index performance, year to date Investors already are expe- gate through this monumental elected in late 2019 to succeed companies trade at a 70% pre- 20% riencing some of that volatil- shift in mobility and manufac- former UAW President Gary mium to traditional energy ity. Clean-energy stocks have turing,” Mr. Curry said. “My Jones, who later pleaded guilty companies based on a ratio of rallied alongside growth priority is to grow our member- to embezzlement of union enterprise value to earnings S&P 500 stocks in recent weeks. ship across all sectors.” funds. The union’s current lead- before interest, taxes, depreci- 10 Invesco’s solar fund is up Mr. Curry is a military vet- ers say they are working to re- ation and amortization, a nearly 11% over the past eran who joined the UAW in gain the trust of their members. standard valuation yardstick, month, while BlackRock’s ETF 1992 as an employee at a semi- The union has struggled to strategists at Bank of America has added 2.2%. 0 broaden its influence in the said. The willingness of investors automotive industry in recent They noted this valuation to continue pouring money years, with failed organizing was down from highs earlier into this part of the market efforts at Volkswagen AG and this year but still well above –10 shows they are positioning for Tesla Inc. The UAW faces sev- the five-year average. Invesco a potential longer-term read- eral new organizing opportu- With stocks pricey, they Solar ETF justment of the energy sector nities in the automotive sector and funds that track them may and economy. –20 iShares in coming years, with General be more vulnerable to market Global Clean Rene Reyna, head of the- Motors Co. and Ford Motor or political changes. Their al- Energy ETF matic and specialty product Co. planning to open several lure may dim, for example, if strategy at Invesco, said ex- battery factories, as well as the Fed begins to raise inter- –30 pectations are premised on a electric-vehicle upstarts pre- est rates earlier than expected, Jan. 2021 Feb. March April May June belief that technology will paring to assemble vehicles in taking some of the shine off eventually bring the cost of the U.S. growth stocks. Source: FactSet batteries, solar panels and Frank Stuglin, formerly a re- Or volatility could increase other green efforts down gional director covering south- if there are hiccups for a $1 Green stocks rallied last ministration would hasten the enough to garner wider adop- east Michigan, was elected to trillion infrastructure plan year after Mr. Biden won No- U.S.’s transition toward wind tion—and big profits.

ERIK SCHELZIG/ASSOCIATED PRESS succeed Mr. Curry as the UAW’s agreed to by President Biden vember’s presidential election, and solar energy and away In that sense, clean energy Ray Curry joined the union in ’92. secretary-treasurer. and some U.S. senators. as investors bet the new ad- from fossil fuels. is the “hope trade,” he said. CORPORATEWATCH UBS Keeps CARNIVAL count to shares of common AB INBEV stock of Carnival Corp. Flexible Share Sales of up to —Dave Sebastian New North American $500 Million Weighed Leader Is Named HONDA Work Plan Carnival Corp., which is set to Anheuser-Busch InBev SA restart cruises in the U.S. start- Electric SUV Called named Brendan Whitworth as the ContinuedfrompageB1 ing July after more than a year Prologue Planned chief executive of Anheuser-Busch roles, tasks and locations al- of hiatus, said it could sell up to and zone president for North low it will be offered the hy- $500 million in shares from time Honda Motor Co. said it will America, effective Thursday. brid option of working from to time. release a new electric SUV, the Mr. Whitworth is the Bud- the office and from home. The cruise operator on Mon- Prologue, in early 2024, and an weiser brewer’s U.S. chief sales It is rolling the program out day said it plans to use proceeds electric Acura SUV later that officer, and held various leadership across countries in coming from its equity offering program year. Both will use General Mo- positions in the country for eight months. The bank said the to buy ordinary shares of Carni- tors Co.’s electric-vehicle plat- years. He will succeed Michel flexibility would still be sub- val PLC, its dual-listed entity in form, as the companies previ- Doukeris, who is set to become ject to other approvals, such the U.K., on at least an equiva- ously disclosed. Honda said it Anheuser-Busch InBev’s global as by line managers, and lent basis. It said it could use re- will introduce a number of elec- CEO on Thursday. Mr. Doukeris “doesn’t mean that you can maining proceeds to fund its op- tric vehicles later this decade will succeed Carlos Brito, who work wherever and whenever erations. based on a proprietary EV sys- built the company into the world’s you want.” Carnival said it plans to sell tem. Honda said this spring that largest brewer during his more The bank looked into mov- the shares only when the ordi- it is planning to have a fully than 15 years in the job. ing to a hybrid model in re- nary shares of Carnival PLC are electric lineup globally by 2040. —Dave Sebastian sponse to employees saying trading in a U.K. market at a dis- —Mike Colias they wanted more flexibility INTELLIA THERAPEUTICS on a permanent basis, and that the practice would make it a Shares Climb on more attractive employer. Gene-Editing Data It also said it already has reviewed which roles could be Intellia Therapeutics Inc. done on a hybrid basis and shares jumped nearly 50% Mon- those that can’t, such as in- day after the company reported branch personnel and some positive interim data from an regulated jobs. early-stage clinical study of a The move is being champi- gene-editing candidate treat- oned by Ralph Hamers, who ment. Shares added 50% to started as chief executive in close at $133.43. November. After the onset of The candidate treatment, the pandemic last year forced NTLA-2001, is being developed many employees to plug in for transthyretin amyloidosis. It from home, UBS executives is the first CRISPR/Ca9-based had said teams adapted therapy candidate to be adminis- quickly to interacting with tered via intravenous infusion each other and clients via for precision editing of a human

video calls and other digital Carnival is set to restart cruises in the U.S. starting July after LUCY NICHOLSON/REUTERS gene, Intellia said. channels. more than a year of hiatus. —Matt Grossman . THE WALL STREET JOURNAL. Tuesday, June 29, 2021 | B3 BUSINESS NEWS Principal Financial Quits Life Insurance

After strategic review, of reserves related to its over- fering of stock of its U.S. life Life insurers earn much of Holdings Ltd. Resolution Life all annuities and life-insurance insurance unit, now known as their profit by investing cus- is the newest acquisition vehi- firm will discontinue businesses. Equitable Holdings Inc. tomers’ premiums in bonds cle for a British firm specializ- consumer sales, focus The company said the ini- Some insurers have di- until claims come due. While ing in the winding down of tiatives would regroup Princi- vested through sales. U.S. interest rates are up from life-insurance policies. Part of on benefits programs pal around U.S. and interna- In these instances, buyers the depths of 2020 when the its profit equation is building tional retirement services, life typically have been private-eq- Covid-19 pandemic was rapidly up economies of scale. BY LESLIE SCISM insurance and other financial uity-backed firms and other spreading, more insurers have Principal Financial Chief Ex- products sold as part of em- investment entities. Those in- thrown in the towel on offer- ecutive Dan Houston said in a Principal Financial Group is ployers’ benefits programs and vestment firms are employing ings highly dependent on in- news release that the changes planning to exit from most of asset management. different strategies in search terest income. The pace of di- are aimed at bolstering the its business of selling life-insur- The moves are the result of of profits, including earning vestitures picked up last year. company’s position in markets ance and annuities to American a strategic review initiated in fees on the money they man- “The decline in interest with higher growth opportuni- consumers, becoming the latest February. age for their insurers and add- rates and the likelihood of the ties. He said the moves would household-name life insurer to Principal follows on the ing more alternative invest- ‘low for long/forever’ sce- “reduce complexity and risk, get out of these products. heels of numerous rivals shed- ments to the insurers’ nario” is driving deal activity, improve our return profile” Iowa-based Principal Finan- ding life-insurance and annuity portfolio mixes, and gaining said Colin Devine, an industry and increase cash flow. cial said Monday that it is dis- businesses. U.S. life insurers economies of scale. consultant with C. Devine & The company also an- continuing sales of all U.S. re- have been struggling with ul- The fixed annuities that Associates. nounced a new $1.2 billion

tail “fixed annuities” and much tralow interest rates and a slug- EVAN AGOSTINI/INVISION/ASSOCIATED PRESS Principal Financial aims to di- In 2017, MetLife hived off share-repurchase authoriza- of its consumer life-insurance gish sales environment for the Dan Houston, CEO, said the vest are somewhat akin to much of its U.S. retail life-in- tion. business, and would pursue large middle-income market. move reduces the firm’s risk. bank certificates of deposit, in surance operations into Principal Financial said the strategic alternatives for the Over the past decade, doz- that consumers hand over Brighthouse. In January, Voya review was undertaken as a policies and contracts it has on ens of U.S. life insurers have off operations to its sharehold- lump sums in exchange for Financial Inc. closed on the part of a cooperation agree- its books. divested blocks of older poli- ers to create Brighthouse Fi- promised interest payments sale of substantially all of its ment with one of Principal’s It is considering potential cies, and even entire operating nancial Inc., French giant AXA and the return of the principal individual life-insurance busi- largest investors, Elliott In- divestiture of about $25 billion units. While MetLife Inc. spun SA pursued an initial public of- at a future date. ness to Resolution Life Group vestment Management LP Playboy Owner Expands Business, To Buy Australia Lingerie Retailer BY OMAR ABDEL-BAQUI equity firm Rizvi Traverse. In the past decade, Playboy TheownerofthePlayboy has focused on earning money

brand is purchasing an Austra- through licensing deals, plac- JOE BURBANK/ORLANDO SENTINEL/ZUMA lian lingerie retailer for $333 ing its name and distinctive SeaWorld sees Tom Iven as a seasoned theme-park executive. million, according to people logo on clothing lines, night- familiar with the matter, as clubs, casinos, fragrances and the former magazine publisher more. tries to expand its business The company in March SeaWorld Replaces beyond licensing its famous 2020 ceased publication in the bunny-ear logo. U.S. of its print magazine, Honey Birdette, the linge- which had struggled with Its Operating Chief rie brand PLBY Group Inc. is profitability for years. BY DAVE SEBASTIAN ing chief in April 2020 and pre- acquiring, has around 60 phys- Honey Birdette, which sells viously served as chief strategic ical stores primarily located in sex toys in addition to linge- SeaWorld Entertainment officer, starting in 2018. Australia, with a few in the rie, has garnered attention in Inc. said Chief Operating Offi- SeaWorld on Monday didn’t U.S. and the U.K. Australia for its provocative cer Walter Bogumil has been specify the reason for Mr. The company expects reve- marketing, such as video mall terminated, effective Sunday, Bogumil’s termination. Mr.

nue of more than $73 million RAPHAËL PUEYO/LE PARISIEN/MAXPPP/ZUMAads PRESS featuring models wearing after about three years with the Bogumil told The Wall Street for the fiscal year that ends Playboy stopped publishing a print magazine in the U.S. in 2020. bondage collars. company. Journal that he wasn’t termi- this month, representing Meanwhile, some competi- SeaWorld said it named Tom nated for cause, and that he growth of over 40%. stores, according to people fa- year after a special-purpose ac- tors in the lingerie retail in- Iven as its next chief operating wasn’t given any reason for his The company plans to use miliar with the matter. quisition company, or SPAC, ac- dustry such as Victoria’s Se- officer, effective Monday. termination. its reputation as a pleasure In the coming months, new quired it in a deal that valued cret are moving away from The 62-year-old was senior A SeaWorld spokesman said and leisure lifestyle brand to retail stores will open in Dal- the brand at $415 million. Play- relying on supermodels in ad- vice president of park opera- Mr. Iven, whom it sees as a sea- accelerate Honey Birdette’s ex- las, Miami and New York, the boy had been taken private in vertising and are incorporat- tions at Six Flags Entertain- soned theme-park executive, pansion in different markets people said. 2011 by founder Hugh Hefner, ing inclusivity into their mar- ment Corp. recently became available to through online and physical Playboy went public last who died in 2017, and private- keting. Mr. Bogumil became operat- work for the company.

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Gain more insights that matter at Bayer.com/megatrends . B4 | Tuesday, June 29, 2021 THE WALL STREET JOURNAL. BUSINESS NEWS Insurer Humana ADTBetsonGoogleTie-Up Makes Its Interim Alarm system- quired video-doorbell company Ring, as well as SimpliSafe Inc. provider began selling and Vivint Smart Home Inc. Google’s Nest ADT benefits from the ar- CFO Permanent rangement by tapping into products this spring Google’s analytics capabilities and reaching a larger group of BY KRISTIN BROUGHTON national search for her succes- BY KRISTIN BROUGHTON digitally-savvy customers, Mr. AND DAVE SEBASTIAN sor. Ms. Diamond will serve on Likosar said. Google benefits, the office’s leadership team. Security-system provider meanwhile, by having access Health insurer Humana Inc. “Given the strategic nature ADT Inc. is betting on its part- to ADT’s staff of roughly 5,700 named Susan Diamond as chief of the CFO role, Susan also nership with Google’s smart- technicians and its customer financial officer, effective im- will be able to continue to home business to increase rev- service capabilities, he said. mediately, giving its interim contribute in a meaningful enue as it struggles to turn a Under the seven-year part- finance chief the permanent way to our home health busi- profit three years nership, both companies also role. ness, a key component of our CFO after going public. agreed to invest $150 million Ms. Diamond took over as overall company strategy,” JOURNAL The company, each that will go toward engi- CFO of the Louisville, Ky.- Bruce Broussard, Humana’s

best known for its FROM TOP: RICHARDneering, B. LEVINE/ZUMA PRESS; ADT designing and mar- based company on an interim chief executive and president, home alarm systems, last sum- ADT generates revenue by installing security systems and keting of new products. basis following the resignation said in a press release. The mer announced the deal with providing monitoring systems. Below, finance chief Jeff Likosar. In connection with Google’s of former finance chief Brian company declined to comment Google, whose Nest business investment, ADT also repaid Kane, who stepped down ear- beyond its release. makes thermostats and smoke the first quarter, due in part to $300 million in debt. The com- lier this month after about The company earned $828 detectors that customers can fewer installations during the pany had $9.7 billion in net seven years in the role. Ms. Di- million during the first quar- monitor from their phones. Un- pandemic, compared with a debt as of March 31, compared amond joined Humana in 2006 ter, compared with $473 mil- der the agreement, Alphabet $300 million loss a year ear- with $10.3 billion a year ear- and has held various leader- lion a year earlier. Total reve- Inc.’s Google invested $450 lier. It hasn’t reported a full- lier, according to S&P Global ship positions at the company, nue rose 9%, to $20.67 billion. million in the Boca Raton, Fla.- year profit since its public list- Market Intelligence, a data including on its Medicare team Ms. Diamond will receive a based firm, taking a 6.6% stake. ing in 2018. provider. and in its finance division, base salary of $750,000, and is In late April, ADT began Total revenue for the quar- The companies are explor- where she led its enterprise eligible for an annual bonus. selling Google’s hardware, in- ter slipped 5%, to $1.3 billion. ing ways to develop new offer- planning and forecasting divi- Additionally, she will receive cluding its smart display and ADT expects sales to bounce ings, such as cameras, door- sions. $400,000 in restricted stock speakers, to its home-security back as the economic recovery bells, thermostats and Her appointment comes as units and $400,000 in options, customers, Chief Financial Of- takes hold, particularly in light analytics capabilities, Mr. Humana is pushing further the company said in a regula- ficer Jeff Likosar said. The two of the recent housing boom. Likosar said. An example: If into the home healthcare busi- tory filing. companies are working on in- Increasing recurring someone opens a customer’s ness. The company in April tegrating their devices—for monthly revenue—what it front door and trips an alarm, agreed to acquire the remain- example, ensuring ADT’s sys- earns from providing alarm the smart-home system could ing 60% stake in Kindred at tems recognize Google voice monitoring and other ser- rectly from Google, he said. gather information from other Home, taking full control of commands and temperature vices—is a priority for the com- Home security systems devices, such as motion detec- the home-health and hospice controls, he said. They are also pany. Recurring revenue made have historically required pro- tors, to assign a threat level to business in which it currently drawing up plans for new up 80% of ADT’s total quarterly fessional installation, but the the incident, he said. holds a 40% stake. Ms. Dia- products and services, he said, revenue as of March 31. rise of smartphone-connected Before its 2018 listing, ADT mond led the $5.7 billion ac- though he declined to provide Adding new customers who and do-it-yourself products in wasownedbyprivate-equity quisition, which was the larg- specific sales figures and fore- want to use Google’s Nest prod- recent years has expanded the firm Apollo Global Manage- est in Humana’s history, the casts. Google declined to com- ucts will help the company market, according to Jennifer ment Inc. which acquired it in company said Monday. She ment. achieve that goal, Mr. Likosar Kent, vice president of re- 2016 and merged it with two also led Humana’s acquisition “We envision over time this said. The company has about search at Parks Associates, a other companies, Protection 1 of home-health company One would be our core offering,” 6.6 million recurring customers. market research firm. and ASG Security. Apollo still Homecare Solutions earlier said Mr. Likosar. ADT currently “As we have jointly ac- Approximately 34% of U.S. owns 73.4% of ADT’s shares this month, the company said. generates revenue by installing quired more customers, and households with broadband outstanding. During her time as interim security systems and providing we have an offering in the cus- access had a home-security CFO, Ms. Diamond also held monitoring systems to homes tomer’s home, there are op- system last year, up from 27% the title of segment president and businesses in the U.S. portunities to expand the ser- five years earlier, according to CFO JOURNAL of Humana’s home business, a The partnership is expected vices that a given customer Parks Associates. wsj.com/ role she took over in 2019. Hu- to bolster ADT’s revenue, he might have, ” Mr. Likosar said. Competitors in the industry WSJ news/ mana on Monday said it is cre- HUMANA said. The company reported a ADT acquires the Nest hard- include Amazon.com Inc., .COM ating a new division for home Susan Diamond has held net loss of $48 million during ware it offers to customers di- which three years ago ac- cfo-journal solutions and is conducting a various leadership positions.

TECHNOLOGY WSJ.com/Tech Smart Bassinet Maker Seeks Funding for Growth BY ROLFE WINKLER babies. In 2020, his company, times revenue in a future over the $1,495 cost for the pand the market, and tempt miliar with the product plans. Happiest Baby Inc., rang up buyout or sale while project- extra hour or two of sleep it customers who would other- The company also wants to Harvey Karp turned a best- sales of $57 million, up more ing revenue next year over buys them each night. The wise buy secondhand Snoos offeritsownadviceline, selling baby book into a robot than 10 times compared with $150 million. bassinet “listens” to babies for well below the retail moving it closer to a com- bassinet that is among the 2017, according to a presenta- The justification for that and if they start crying it price, said Dr. Karp. pany like exercise-bicycle- hottest products for yuppie tion prepared for prospective rich valuation is partly based rocks them and plays womb- The company is looking to maker Peloton Interactive parents. Now he is looking for investors that was reviewed on what the company says in like sounds to put them to raise around $40 million, at a Inc., which packages a sub- fresh capital to finance new by The Wall Street Journal. its presentation is a “recur- sleep. For fussier babies it roughly $150 million valua- scription service with its own products and expand to new As valuations for health- ring-revenue model.” Except rocks faster and plays differ- tion, so it can invest in new high-end devices. Happiest markets to justify the rich technology companies have its revenue doesn’t recur for ent, louder sounds. A special products, international ex- Baby’s subscription could of- exit he is promising investors. increased in recent months, very long, since babies grow swaddle holds babies in place pansion and more, Dr. Karp fer baby sleep coaching to Dr. Karp, a pediatrician, hit Happiest Baby is looking to- out of its star product by six on their backs, reducing the said. The presentation says new parents and more. it big with his smart bassinet, ward its own potential bil- months. risk of sudden infant death the company aims to be prof- Dr.Karpdeclinedtocom- called the Snoo, that auto- lion-dollar exit, the presenta- So for its next act, Happi- syndrome, or SIDS. itable within 18 months. Dr. ment on the company’s new mates some of his popular tion suggests, arguing that it est Baby wants to become a The company will have to Karp declined to comment on product plans. techniques for calming fussy will be worth upward of 10 lifestyle brand for new par- fend off rivals with their own the company’s bottom line Another route to bigger ents, grabbing a bigger slice smart-baby beds. Another sales, Dr. Karp said, will be of what they spend on their startup, Cradlewise Inc., is lowering the price of its sig- babies and, soon, their tod- rolling out a robot bassinet Happiest Baby nature product so that it is dlers too. To do that, it is later this year that converts affordable to a wider swath planning to sell its first crib, to a crib and that the com- wants to become a of parents. One pathway to [saved: December 30, 2019 11:18 A12/P12] 25501.docx the presentation shows, and pany says can be used until lifestyle brand for lower consumer costs is per- offer a subscription advice babies reach 24 months. suading insurance companies BlackRock Science and Technology Trust line for sleep-deprived moms The Cradlewise product new parents. and employers to subsidize Transferable Rights Offering for Common Shares of Beneficial and dads, according to the doesn’t hold babies on their the Snoo’s cost. Interest presentation and a person fa- backs. To avoid rolling babies To do that, Happiest Baby NYSE Symbol “BST” miliar with the company. onto their sides or stomach the is working on a number of NYSE Rights Symbol “BST RT” “We want to build a strong device moves only vertically, other than to say it is “ap- studies it hopes will show, Ex-date was June 17, 2021 company by providing things not laterally, said co-founder proaching profitability.” among other benefits, that of great value to families,” and CEO Radhika Patil. One new product the com- the Snoo can help reduce Record date was June 18, 2021 said Dr. Karp. He said the A key driver of sales for pany has talked about with postpartum depression by Last trading day for rights is July 13, 2021* company considers its busi- Happiest Baby has been a investors is a crib for older buying new moms extra sleep. Offer expires July 14, 2021* ness to have recurring reve- Snoo rental program charging babies, since they grow out of The company is also seek- *Unless extended nue because it can rent out $139 a month, amounting to a the bassinet by six months. ing approval from the Food the Snoo device to several third of revenue last year Among the features being dis- and Drug Administration to For more information and a prospectus, contact: customers. compared with near-zero rev- cussed are sensors that moni- market the Snoo as a medical Many parents swear by the enue in 2017. The company tor babies’ breathing and device that can reduce the Snoo and are happy to fork hopes the lower price will ex- heart rate, said a person fa- risk of SIDS.

Call Toll-Free: +1-866-482-5136

Dealer Manager

June 29, 2021

An investment in BlackRock Science and Technology Trust (the “Company”), a diversified, closed-end management investment company, is subject to investment risk, including the possible loss of the entire principal amount invested. Investment return and the value of shares will fluctuate. The rights offering is subject to certain risks, including economic dilution and voting dilution.

All of the costs of the rights offering, including offering expenses and sales load, will be borne by the Company's investment advisor, BlackRock Advisors, LLC, and not the Company or any common shareholders. The rights are transferable and have been admitted for trading on the NYSE during the course of the offer; however, there can be no assurance that a market for the rights will continue.

Investors should carefully consider the Company’s investment objectives, policies, risks, charges and expenses before investing. The Company’s prospectus supplement and prospectus, which contain this and other information about the Company and the rights offering, can be obtained by calling the phone number listed above. An investor should carefully read the Company’s prospectus before investing. The information in this communication is not complete and may be changed. This communication is not an offer to sell these securities and is not soliciting an offer to buy these securities, nor shall there be any sale of these securities in any state where the offer, solicitation or sale is not permitted.

UBS Securities LLC is acting as dealer manager for the rights offering. In the U.S., securities underwriting, trading, and brokerage activities and M&A advisory activities are provided by UBS Securities LLC, a registered broker/dealer that is a wholly owned subsidiary of UBS AG, a member of the New York Stock Exchange and other principal exchanges, and a member of SIPC.

© UBS 2021. All rights reserved. GLENN CHAPMAN/AGENCE FRANCE-PRESSE/GETTY IMAGES The Snoo listens to babies and if they start crying it rocks them and plays womb-like sounds to put them to sleep.

wsj_20210629_b004_p2jw180000_0_b00400_1______xa2021.crop.pdf 1 29-Jun-21 06:29:21 . B6 | Tuesday, June 29, 2021 THE WALL STREET JOURNAL. BUSINESS & FINANCE Chile’s Corp Group Files for Bankruptcy TPG to Turn BY SOMA BISWAS Old Alcoa Plant Corp Group Banking SA, a holding company that owns minority stakes in Chilean and Colombian banks, filed for Into Data Center bankruptcy protection in Dela- ware amid talks to restructure nearly $2 billion in debt. BY MARIA ARMENTAL num smelter. The property is The company, which is near an area of northern Vir- based in Santiago, Chile, has no TPG and developer Quan- ginia known as “Data Center operations of its own and earns tum Loophole Inc. plan to Alley” that is one of the nearly all of its revenue from give an old Alcoa Corp. plant world’s largest data-center dividend payments tied to its in Maryland new life as a markets because of its con- stake in Chilean bank Itaú Cor- data-center development. centration of data centers, pbanca, according to a court TPG’s real-estate arm and technology companies and filing. These payments have Quantum Loophole are form- government agencies. shrunk in recent years as the ing a joint venture to rede- The site’s industrial zoning bank’s performance has deteri- velop a roughly 2,100-acre and access to significant orated, according to the filing property in Maryland’s Fred- power capacity will help at- in the U.S. Bankruptcy Court in erick County into a project tract a tenant base that is Wilmington. Corp Group owns designed to address surging “intensely focused on speed a 26.2% stake in Itaú Corp- demand for computing and of delivery,” Ty Newell, man- banca and a 10.3% stake in Itaú cloud-based services while aging director at TPG Real

Corpbanca’s Colombian unit. RODRIGO GARRIDO/REUTERS reducing the data centers’ en- Estate Partners, said in a Itaú Corpbanca has opera- Corp Group’s dividend payments from its stake in Itaú Corpbanca have shrunk in recent years. vironmental impact. The de- statement. tions in Chile, Colombia and velopment aims to incorpo- TPG Real Estate Partners Panama and a branch in New more than $500 million in un- of unsecured bondholders filed Corp Group is also in talks rate sustainable sources of launched in 2009 and man- York, according to the filing. secured bonds in September, a lawsuit in a Chilean court in with Itaú Corpbanca about power and water, including ages some $5.6 billion of as- Itaú Corpbanca is controlled then urged bondholders to join January and this month sought loans of more than $1.2 billion the use of recycled wastewa- sets. by Brazil’s Itaú Unibanco SA negotiations to restructure its to freeze the company’s assets the bank made to Corp Group ter to cool the data centers. Maryland officials identi- and its affiliates, as well as by debt late last year. But bond- and unravel a number of Corp parent Corpgroup Interhold The venture plans to sell fied the Eastalco site for re- Chilean billionaire Álvaro holders have “refused to nego- Group’s old transactions, the SpA, which are backed by guar- or lease lots within the site, development and, after the Saieh Bendeck, according to tiate on the basis of the com- court filing said. Corp Group antees from Corp Group. The for example, to data-center state adopted an economic- Itaú’s public filings. pany’s proposals,” according to said it believes the bondhold- parent company isn’t a part of landlords, government agen- development incentive to at- Corp Group defaulted on its court filing. Instead a group ers’ lawsuit is without merit. Corp Group’s bankruptcy filing. cies or cloud-based compa- nies. “We are almost building a Thepropertyisnear ADVERTISEMENT city, in roads, in sewage, in Corry Capital Closes Fund water, in power,” said Quan- an area of northern tum Loophole’s Chief Execu- Virginia known as The Marketplace Focused on Life Settlements tive Josh Snowhorn, who es- To advertise: 800-366-3975 or WSJ.com/classifieds timated the development ‘Data Center Alley.’ BY CHRIS CUMMING people in the hopes of collect- could attract some $15 billion ing more than the purchase to $20 billion in additional BUSINESS OPPORTUNITIES FRANCHISE Corry Capital Advisors has price when the policy matures capital investment as it closed its latest fund to invest or the policyholder dies. grows over the next decade. tract data centers to the
  !() $! *$!)+ 6     in life settlements, a strategy So-called noncorrelated in- Although TPG didn’t dis- state, helped connect Quan-    7       -   .- that aims for consistent re- vesting strategies—those de- close the size or terms, the tum Loophole with the Alcoa       8          -  turns unaffected by broader signed to deliver consistent investment includes taking a team, Mr. Snowhorn said.         .        economic conditions. returns regardless of stock- roughly 20% stake in Quan- The venture intends to               -            The fund, CCA Longevity III market swings, changes in in- tum Loophole, along with two preserve historical buildings  /  -      8 .- ) DAC, closed with $534 million, terest rates or other economic seats on the company’s on the site and plans to plant   !!!"#$"%&'(#%)"# said Bill Corry, the firm’s factors—have grown in popu- board, one of which would be trees and take other steps to founder and general manager. larity in recent years. More an observer, Mr. Snowhorn reduce visibility from public The sum makes it the larg- private-markets investors have said. roads and nearby properties. COMMERCIAL REAL ESTATE est fund in the Vero Beach, started to look into strategies He added that the develop- Launched last year, Quan- THE MARKETPLACE Fla., firm’s 15-year history, such as financing litigation ment’s initial goal is to reach tum Loophole seeks to build
     ADVERTISE TODAY surpassing its $478 million and acquiring rights to music one gigawatt in transmission environmentally sustainable   !  "##  !$% &' (800) 366-3975 predecessor, which closed in and pharmaceutical royalties. power capacity, with the po- data-center developments
          late 2019. The firm has about Once a niche strategy, life- tential to more than double andraisedalittlemorethan      
           For more information visit: $2 billion in assets under settlements investing is now that amount. $13 million in seed funding      !"#   
  $ wsj.com/classifieds management, Mr. Corry said. done by major asset managers, The venture paid $100 mil- this year. The company is   % & '   ( ) *  +',) +-     ) , -      .   Life-settlement investing including Apollo Global Man- lion for the property, which looking at other properties © 2021 Dow Jones & Company, Inc. '  / 0123) #'!4## 45,5*+
  All Rights Reserved. involves buying active life-in- agement Inc. and Blackstone was formerly the site of the around the country to de- surance policies from older Group Inc. Alcoa Eastalco Works alumi- velop, Mr. Snowhorn said.

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THE WALL STREET JOURNAL. * Tuesday, June 29, 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 34283.27 t150.57, or 0.44% Trailing P/E ratio 29.00 21.76 4290.61 s9.91, or 0.23% Trailing P/E ratio * 37.26 27.21 14500.51 s 140.12, or 0.98% Trailing P/E ratio *† 37.25 31.50 High, low, open and close for each P/E estimate * 20.12 23.38 High, low, open and close for each P/E estimate * 22.52 24.99 High, low, open and close for each P/E estimate *† 29.21 30.25 trading day of the past three months. Dividend yield 1.83 2.56 trading day of the past three months. Dividend yield * 1.35 2.01 trading day of the past three months. Dividend yield *† 0.70 0.89 All-time high 34777.76, 05/07/21 All-time high 4290.61, 06/28/21 All-time high: 14500.51, 06/28/21

Current divisor 0.15188516925198 36300 4400 14300

35200 4275 14000

34100 4150 13700

33000 4025 13400 65-day moving average Session high 65-day moving average DOWN UP 31900 3900 13100

Session open t Close

65-day moving average Close Open t 30800 3775 12800 Session low Bars measure the point change from session's open 29700 3650 12500 Mar. Apr. May June Mar. Apr. May June Mar. Apr. May June *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 4 p.m. to 6 p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 919,143,919 22,401,784 Industrial Average 34449.65 34186.13 34283.27 -150.57 -0.44 34777.76 25595.80 33.9 12.0 12.3 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 274,797,082 8,035,402 Transportation Avg 14993.54 14751.19 14834.57 -142.40 -0.95 15943.30 9052.64 63.9 18.6 12.9 Most-active issues in late trading Decl. volume* 639,943,196 14,341,417 Utility Average 897.36 889.44 893.21 4.14 0.47 933.37 764.39 16.9 3.3 7.8 Volume After Hours Issues traded 3,522 286 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 44910.78 44709.49 44886.05 69.34 0.15 44886.05 31093.80 44.4 14.4 16.6 Advances 1,387 122 Marin Software MRIN 17,671.9 8.74 1.24 16.53 8.80 7.15 Barron's 400 1015.05 1007.13 1011.83 -0.95 -0.09 1018.25 657.08 54.0 18.7 11.1 Declines 1,997 160 Finl Select Sector SPDR XLF 13,067.4 36.83 0.17 0.46 36.88 36.63 Unchanged 138 4 SPDR S&P 500 SPY 0.04 Nasdaq Stock Market 7,359.2 427.62 0.15 427.65 427.33 New highs 150 10 14500.51 0.98 46.9 24.6 0.05 Nasdaq Composite 14505.19 14417.20 140.12 14500.51 9874.15 12.5 iShares MSCI Emg Markets EEM 5,514.4 55.58 0.03 55.73 55.41 New lows 17 4 14524.98 1.25 45.8 27.4 Nasdaq-100 14530.07 14400.59 179.80 14524.98 9961.16 12.7 General Electric GE 4,653.5 12.92 0.03 0.19 12.97 12.86 Closing Arms† 1.55 0.85 Cenovus Energy CVE 3,838.2 9.39 … unch. 9.39 9.31 S&P Block trades* 5,240 229 Voya Financial VOYA 3,723.1 61.15 … unch. 61.15 61.15 500 Index 4292.14 4274.67 4290.61 9.91 0.23 4290.61 3053.24 40.5 14.2 16.5 Nasdaq NYSE Arca Invesco QQQ Trust I QQQ 3,001.0 353.41 -0.30 -0.08 353.71 353.33 MidCap 400 2727.69 2686.48 2699.85 -26.63 -0.98 2770.27 1748.61 53.4 17.0 11.4 Total volume*4,224,927,818 174,577,641 SmallCap 600 1390.32 1365.39 1374.93 -13.83 -1.00 1414.12 799.86 67.6 22.9 10.5 Percentage gainers… Adv. volume*2,721,225,086 74,318,204 23.55 Decl. volume*1,458,129,278 93,977,320 Other Indexes Universe Pharmaceuticals UPC 843.6 3.62 0.69 3.90 3.01 16.53 Issues traded 4,599 1,525 Russell 2000 2342.19 2307.22 2322.34 -12.06 -0.52 2360.17 1398.92 63.4 17.6 12.2 Marin Software MRIN 17,671.9 8.74 1.24 8.80 7.15 3.86 Advances 2,109 747 NYSE Composite 16658.79 16522.49 16573.72 -85.06 -0.51 16708.74 11777.08 40.7 14.1 9.9 GTT Communications GTT 150.8 2.69 0.10 2.69 2.59 Declines 2,312 747 674.56 -0.78 54.2 5.8 Transocean RIG 1,244.6 4.48 0.16 3.70 4.48 4.30 Value Line 680.06 671.44 -5.27 685.08 431.15 18.6 Unchanged 178 31 5920.70 -0.72 5.1 8.3 Hudson Pacific Prop HPP 116.4 28.33 0.72 2.61 28.33 27.61 NYSE Arca Biotech 5978.62 5888.10 -43.16 6319.77 5128.49 3.2 New highs 207 190 NYSE Arca Pharma 744.48 741.58 743.41 1.38 0.19 750.72 613.07 17.2 7.8 12.3 ...And losers New lows 32 25 KBW Bank 126.71 124.84 125.73 -1.61 -1.26 134.82 69.65 72.3 28.4 6.5 Pegasystems PEGA 51.9 136.50 -4.15 -2.95 140.75 136.50 Closing Arms† 0.49 1.28 § PHLX Gold/Silver 142.78 139.37 140.43 -1.56 -1.10 166.01 124.73 12.6 -2.6 20.7 Graybug Vision GRAY 109.0 5.96 -0.14 -2.30 6.14 5.89 Block trades* 20,694 785 § PHLX Oil Service 66.05 62.52 63.06 -3.22 -4.85 69.77 26.30 93.6 42.3 -25.9 Herman Miller MLHR 84.3 46.95 -1.00 -2.09 48.86 45.26 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 3333.68 3274.06 3323.14 81.66 2.52 3323.14 1943.90 71.0 18.9 36.3 Washington Prime Group WPG 93.3 2.39 -0.05 -2.05 2.45 2.36 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 16.46 15.39 15.76 0.14 0.90 40.28 15.62 -50.4 -30.7 -2.2 EIX -1.94 Edison Intl 70.6 56.51 -1.12 57.63 56.51 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 722.05 0.02 World MSCI ACWI 0.14 11.7 Marin Software MRIN 7.50 3.69 96.85 7.52 1.14 443.5 CEL-SCI CVM 13.69 -11.39 -45.41 40.91 9.00 -13.0 354.98 –0.36 MSCI ACWI ex-USA –1.28 8.7 QAD Cl B QADB 86.30 38.30 79.79 86.90 27.37 207.0 Exelixis EXEL 18.02 -5.40 -23.06 27.35 17.91 -20.7 3025.22 0.01 MSCI World 0.28 12.5 Intellia Therapeutics NTLA 133.43 44.60 50.21 144.40 16.54 553.4 Acurx Pharmaceuticals ACXP 6.24 -1.65 -20.91 8.74 5.60 ... 0.09 MSCI Emerging Markets 1380.90 1.31 6.9 Auddia AUUD 5.89 1.79 43.66 6.45 2.21 ... Kiromic Biopharma KRBP 7.99 -2.01 -20.10 18.50 4.95 ... 30.89 256.8 -19.60 1197.9 Americas MSCI AC Americas 1675.05 3.86 0.23 14.1 Wireless Telecom WTT 3.39 0.80 3.90 0.94 Meta Materials MMAT 7.96 -1.94 18.40 0.36 Canada S&P/TSX Comp 20145.25 –85.01 –0.42 15.6 New Senior Invt Group SNR 8.92 2.01 29.09 8.97 3.02 157.1 Oblong OBLG 3.25 -0.71 -17.93 12.25 1.37 116.7 Latin Amer. MSCI EM Latin America 2661.42 –2.99 –0.11 8.6 ReShape Lifesciences RSLS 7.64 1.64 27.33 32.31 1.98 239.6 Volt Info Sci VOLT 4.50 -0.87 -16.20 5.40 1.09 260.0 Brazil BOVESPA 127429.17 173.56 0.14 7.1 iSpecimen ISPC 8.08 1.65 25.66 8.20 5.67 ... GTT Communications GTT 2.59 -0.50 -16.18 8.52 1.37 -68.6 Chile S&P IPSA 2914.07 … Closed 2.0 Verve Therapeutics VERV 45.00 9.01 25.03 48.86 29.50 ... Tempest Therapeutics TPST 13.36 -2.54 -15.97 41.55 13.06 -50.2 Mexico S&P/BMV IPC 50351.21 –198.65 –0.39 14.3 JinkoSolar Holding ADR JKS 52.85 9.85 22.91 90.20 17.03 195.3 Build-A-Bear Workshop BBW 17.08 -2.69 -13.61 21.00 1.96 725.1 22.70 ... -13.18 35.2 EMEA STOXX Europe 600 454.94 –2.69 –0.59 14.0 Graphite Bio GRPH 22.70 4.20 24.40 18.45 Canterbury Park Holding CPHC 14.76 -2.24 18.00 10.20 19.82 -58.1 -12.28 408.4 Eurozone Euro STOXX 454.40 –3.17 –0.69 14.3 Enveric Biosciences ENVB 2.60 0.43 15.04 1.85 Altus Midstream ALTM 62.00 -8.68 72.35 9.44 19.68 54.6 -12.15 -38.8 Belgium Bel-20 4154.38 –25.55 –0.61 14.7 Qumu QUMU 3.71 0.61 10.50 2.39 Applied Therapeutics APLT 21.76 -3.01 37.20 13.58 QADA 19.41 113.0 ALGS -11.35 ... Denmark OMX Copenhagen 20 1647.41 11.38 0.70 12.4 QAD Cl A 87.05 14.15 87.34 37.02 Aligos Therapeutics 23.75 -3.04 37.51 12.82 Unico American UNAM 5.17 0.83 19.05 8.60 4.01 -7.1 KalVista Pharmaceuticals KALV 24.79 -3.17 -11.34 45.00 9.62 95.8 France CAC 40 6558.02 –64.85 –0.98 18.1 Germany DAX 15554.18 –53.79 –0.34 13.4 Most Active Stocks Volume Movers Ranked by change from 65-day average* Israel Tel Aviv 1690.12 2.02 0.12 12.7 Italy FTSE MIB 25227.10 –283.40 –1.11 13.5 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 730.86 –2.28 –0.31 17.0 264,389 96.85 15005 -0.51 Russia RTS Index 1669.75 –2.33 –0.14 20.3 Marin Software MRIN 5498.3 7.50 7.52 1.14 L Catterton Asia Cl A LCAA 1,499 9.70 10.74 9.63 174,624 2.56 3352 12.45 South Africa FTSE/JSE All-Share 65809.35 –406.13 –0.61 10.8 ContextLogic WISH 289.4 14.40 32.85 7.52 Ikonics IKNX 7,916 20.87 27.50 3.12 Virgin Galactic SPCE 109,087 -1.91 Athena Tech Acquisition ATHN 3295 -0.10 Spain IBEX 35 8913.70 –181.30 –1.99 10.4 352.4 54.84 62.80 14.27 259 9.70 10.00 9.50 Sundial Growers SNDL 108,780 -49.2 0.98 0.91 3.96 0.14 Lifeway Foods LWAY 541 2707 5.33 3.29 8.89 2.23 Sweden OMX Stockholm 914.37 –2.29 –0.25 19.0 AMC Entertainment Hldgs AMC 98,737 -35.7 58.11 7.49 72.62 1.91 QAD Cl A QADA 1,310 2610 87.05 19.41 87.34 37.02 Switzerland Swiss Market 12009.17 9.47 0.08 12.2 Turkey BIST 100 1373.25 –18.61 –1.34 –7.0 NIO ADR NIO 88,279 21.0 49.40 9.61 66.99 6.71 Magnum Opus Acqn Cl A OPA 202 2489 9.59 -0.93 10.05 9.56 78,782 -1.51 2198 0.21 U.K. FTSE 100 7072.97 –63.09 –0.88 9.5 Ford Motor F -2.2 14.96 16.46 5.74 Corazon Cap V838 Cl A CRZN 299 9.69 9.95 9.66 69,694 -0.73 2193 29.09 U.K. FTSE 250 22533.42 –112.59 –0.50 10.0 Finl Select Sector SPDR XLF 34.5 36.66 38.60 22.49 New Senior Invt Group SNR 12,909 8.92 8.97 3.02 Carnival CCL 63,451 130.7 26.15 -7.04 31.52 12.11 Carney Tech Acqn II Cl A CTAQ 817 2011 9.69 -0.10 15.00 9.60 Asia-Pacific MSCI AC Asia Pacific 209.52 0.25 0.12 4.8 Apple AAPL 61,915 -26.8 134.78 1.25 145.09 87.82 Frontier Acquisition Cl A FRON 195 1958 9.68 -0.72 10.78 9.65 Australia S&P/ASX 200 7307.30 –0.75 –0.01 10.9 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least 3606.37 –0.03 China Shanghai Composite –1.19 3.8 5,000 shares =Has traded fewer than 65 days 29268.30 –0.07 Hong Kong Hang Seng –19.92 7.5 Track the Markets S&P BSE Sensex 52735.59 –0.36 India –189.46 10.4 Compare the performance of selected CURRENCIES & COMMODITIES Japan NIKKEI 225 29048.02 –18.16 –0.06 5.8 global stock indexes, bond ETFs, Singapore Straits Times 3126.88 5.28 0.17 10.0 currencies and commodities at South Korea KOSPI 3301.89 –0.95 –0.03 14.9 wsj.com/graphics/track-the-markets Currencies 0.50 Taiwan TAIEX 17590.97 87.98 19.4 U.S.-dollar foreign-exchange rates in late New York trading Thailand SET 1579.17 –3.50 –0.22 9.0 Get real-time U.S. stock quotes and track most-active stocks, new US$ 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$ (%) CREDIT MARKETS Americas Vietnam dong .00004343 23025 –0.2 Argentina peso .0105 95.6017 13.7 Europe Brazil real .2030 4.9259 –5.2 Czech Rep. koruna .04690 21.321 –0.7 Canada dollar .8106 1.2337 –3.1 Denmark krone .1604 6.2363 2.4 Consumer Rates and Returns to Investor TreasuryBenchmark yield Yields curve Forex Race Chile peso .001361 735.00 3.4 Euro area euro 1.1924 .8387 2.4 U.S. consumer rates Selected rates andYield to Rates maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000270 3703.00 8.2 Hungary forint .003402 293.97 –1.0 notes and bonds major U.S. trading partners Ecuador US dollar 11unch Iceland krona .008096 123.52 –3.3 A consumer rate against its 5-year CDs Mexico peso .0504 19.8248 –0.3 Norway krone .1172 8.5302 –0.6 2.7 1.1 benchmark over the past year 2.50% Uruguay peso .02299 43.4950 Poland zloty .2649 3.7754 Bankrate.com avg†: 0.45% 12% Asia-Pacific Russia ruble .01384 72.274 –2.4 3.5 Colorado Federal Savings Bank 0.75% 2.00 s Sweden krona .1174 8.5149 Euro Australian dollar .7569 1.3212 1.6 Five-year CD yields 0.80% Tradeweb ICE 6 Switzerland franc 1.0872 .9198 3.9 Greenwood Village, CO 877-484-2372 t China yuan .1549 6.4561 –1.2 Monday Close 1.50 Turkey lira .1151 8.6902 16.9 t 0.75% Hong Kong dollar .1288 7.7624 0.1 Home Savings Bank Ukraine hryvnia .0366 27.3500 –3.5 0.60 0 India rupee .01346 74.275 1.7 Salt Lake City, UT 801-487-0811 1.00 s UK pound 1.3884 .7203 –1.6 Yen Indonesia rupiah .0000692 14445 2.8 TAB Bank 0.75% Middle East/Africa 0.40 One year ago 0.50 –6 s Japan yen .009040 110.62 7.1 Ogden, UT 800-355-3063 t Kazakhstan tenge .002344 426.70 1.3 Bahrain dinar 2.6547 .3767 –0.1 Federal-funds WSJ Dollar Index 0.1 –0.5 0.20 First Internet Bank of Indiana 0.95% 0.00 –12 Macau pataca .1250 7.9990 Egypt pound .0638 15.6677 target rate Malaysia ringgit .2412 4.1460 3.1 Israel shekel .3069 3.2585 1.4 t Indianapolis, IN 888-873-3424 1 3 6 1 2 3 5 7 10 20 30 0.00 2020 2021 New Zealand dollar .7031 1.4223 2.2 Kuwait dinar 3.3213 .3011 –1.0 1.00% month(s) years J A S O N D J F M A MJJ CFG Community Bank Pakistan rupee .00633 157.875 –1.6 Oman sul rial 2.5972 .3850 0.01 maturity 1.3 1.7 2020 2021 Baltimore, MD 888-205-8388 Philippines peso .0206 48.627 Qatar rial .2701 3.702 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7445 1.3432 1.7 Saudi Arabia riyal .2666 3.7504 –0.03 Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0008848 1130.19 4.1 South Africa rand .0701 14.2617 –2.9 l Interest rate Last ( )Week ago Low 0 2 4 6 8 High (pct pts) Corporate Borrowing Rates and Yields Sri Lanka rupee .0050226 199.10 7.5 –0.7 Close Net Chg %Chg YTD % Chg Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 0.25 -1.75 Taiwan dollar .03586 27.887 Yield (%) 52-Week Total Return (%) 6.2 WSJ Dollar Index 1.91 l Thailand baht .03135 31.900 86.62 0.07 0.08 Prime rate* 3.25 3.25 3.25 3.25 -1.75 Bond total return index Close Last Week ago High Low 52-wk 3-yr Libor, 3-month 0.15 0.14 0.12 l 0.30 -2.19 Sources: Tullett Prebon, Dow Jones Market Data U.S. Treasury, Barclays 2389.220 0.960 0.970 1.030 0.400 –3.507 4.595 Money market, annual yield 0.08 0.08 0.08 l 0.28 -0.44 2.060 –11.717 Five-year CD, annual yield 0.45 0.45 0.43 l 0.74 -1.28 U.S. Treasury Long, Barclays 4317.210 2.060 2.400 1.090 7.760 Commodities 30-year mortgage, fixed† 3.16 3.18 2.83 l 3.37 -1.41 Aggregate, Barclays 2250.380 1.510 1.530 1.630 1.020 –0.475 5.309 Monday 52-Week YTD Pricing trends on someClose raw materials, Net chg % Chg or commodities High Low % Chg % chg 2.46 l -1.59 15-year mortgage, fixed† 2.45 2.32 2.83 Fixed-Rate MBS, Barclays 2213.470 1.780 1.830 1.850 0.980 –0.373 3.809 3.17 l -1.59 DJ Commodity 881.99 3.63 0.41 908.66 556.54 58.48 20.56 Jumbo mortgages, $548,250-plus† 3.21 2.85 3.41 3.202 14.356 High Yield 100, ICE BofA 3424.063 3.318 5.837 3.202 6.194 Refinitiv/CC CRB Index 210.94 0.25 53.93 Five-year adj mortgage (ARM)† 3.43 3.20 2.85 l 3.43 -1.02 0.52 212.25 137.04 25.71 Muni Master, ICE BofA 599.678 0.828 0.809 1.201 0.725 3.145 4.808 Crude oil, $ per barrel 72.91 -1.54 83.65 New-car loan, 48-month 4.11 4.01 4.01 l 4.44 0.39 -1.14 74.05 35.79 50.27 3.617 3.46 111.64 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 923.897 4.671 4.645 5.149 4.295 6.864 6.477 Natural gas, $/MMBtu 0.121 3.617 1.641 42.46 banks.† Excludes closing costs. Gold, $ per troy oz. 1779.60 3.00 0.17 2051.50 1677.70 0.27 -6.00 Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services .

B8 | Tuesday, June 29, 2021 * THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Contract Open Contract Open Contract Open Futures Contracts Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Metal & Petroleum Futures Sept 609.00 631.75 608.75 609.00 –5.50 100,270 British Pound (CME)-£62,500; $ per £ S&P 500 Index (CME)-$250 x index Cattle-Feeder (CME)-50,000 lbs.; cents per lb. July 1.3882 1.3940 1.3877 1.3880 .0003 1,086 Sept 4270.20 4281.20 s 4269.30 4280.40 9.10 9,198 Contract Open 156.350 Sept 1.3890 1.3943 1.3876 1.3881 .0003 163,227 Mini S&P 500 (CME)-$50 x index Open High hi lo Low Settle Chg interest Aug 159.625 159.650 156.050 –3.200 21,697 Sept 161.250 161.250 158.750 159.075 –2.175 6,873 Swiss Franc (CME)-CHF 125,000; $ per CHF Sept 4275.00 4282.00 s 4264.25 4280.50 9.25 2,459,229 Copper-High (CMX)-25,000 lbs.; $ per lb. Cattle-Live (CME)-40,000 lbs.; cents per lb. Sept 1.0929 1.0931 1.0875 1.0895 –.0021 42,059 Dec 4266.00 4272.00 s 4254.25 4270.25 9.00 49,598 June 4.2885 4.2885 4.2885 4.2780 –0.0210 228 June 123.100 123.300 121.700 122.100 –.725 1,395 Dec 1.0938 1.0956 1.0903 1.0921 –.0021 93 Mini S&P Midcap 400 (CME)-$100 x index Sept 4.2790 4.3085 4.2520 4.2785 –0.0110 122,250 Aug 123.150 123.200 121.125 121.600 –1.200 127,994 Australian Dollar (CME)-AUD 100,000; $ per AUD Sept 2730.10 2730.70 2679.40 2693.00 –29.70 42,802 Gold (CMX)-100 troy oz.; $ per troy oz. Hogs-Lean (CME)-40,000 lbs.; cents per lb. July .7590 .7602 .7556 .7566 –.0021 180 Dec 2700.00 2731.40 2688.50 2699.90 –31.50 n.a. June 1779.60 3.00 34 July 102.525 104.950 102.125 104.950 3.000 24,261 Sept .7590 .7604 .7557 .7568 –.0020 137,429 Mini Nasdaq 100 (CME)-$20 x index July 1780.30 1783.90 1770.00 1779.80 2.80 1,392 s 14512.50 Aug 100.375 102.775 99.975 102.775 3.000 88,789 Mexican Peso (CME)-MXN 500,000; $ per MXN Sept 14350.00 14519.75 14333.25 173.50 226,437 Aug 1782.00 1786.10 1770.40 1780.70 2.90 349,755 s 14500.00 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. July .05036 .05046 .05016 .05036 .00017 14 Dec 14326.25 14505.00 14322.00 173.75 791 Oct 1783.10 1786.60 1773.60 1782.70 2.90 19,285 July 771.70 842.30 716.30 800.00 20.70 619 Sept .05002 .05014 .04976 .05000 .00017 139,474 Mini Russell 2000 (CME)-$50 x index Dec 1786.30 1790.10 1774.90 1784.90 2.80 64,068 2316.20 Sept 774.00 805.00 721.90 797.30 23.30 994 Euro (CME)-€125,000; $ per € Sept 2336.70 2338.60 2299.40 –15.80 422,259 Feb'22 1788.20 1791.90 1778.40 1786.90 2.90 10,148 2311.80 Milk (CME)-200,000 lbs., cents per lb. July 1.1928 1.1950 1.1909 1.1929 –.0008 2,310 Dec 2325.00 2332.90 2296.60 –15.50 127 Palladium (NYM) - 50 troy oz.; $ per troy oz. June 17.20 17.22 17.19 17.20 .02 4,334 Sept 1.1956 1.1964 1.1921 1.1942 –.0008 673,248 Mini Russell 1000 (CME)-$50 x index June 2695.90 62.60 1 s 2414.20 July 16.63 16.94 16.58 16.78 .13 4,368 Sept 2408.80 2414.90 2405.60 4.50 7,691 Sept 2634.00 2704.50 2630.00 2699.40 62.20 8,959 Cocoa (ICE-US)-10 metric tons; $ per ton. U.S. Dollar Index (ICE-US)-$1,000 x index Platinum (NYM)-50 troy oz.; $ per troy oz. Index Futures 91.88 July 2,351 2,351 2,351 2,351 …40 Sept 91.82 92.01 91.69 .03 33,242 June 1096.90 –5.90 7 91.86 Sept 2,378 2,389 2,352 2,380 … 108,854 Mini DJ Industrial Average (CBT)-$5 x index Dec 91.74 91.98 91.68 .03 985 Oct 1111.00 1116.10 1092.10 1099.50 –6.20 47,358 34164 Coffee (ICE-US)-37,500 lbs.; cents per lb. Sept 34398 34411 34067 –169 105,708 Silver (CMX)-5,000 troy oz.; $ per troy oz. 34051 July 158.50 163.20 157.70 162.25 5.00 284 Dec 34280 34291 33967 –173 246 Source: FactSet June 26.218 0.136 8 Sept 158.20 163.70 157.50 162.70 4.90 127,997 Sept 26.220 26.335 25.875 26.254 0.128 109,793 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. July 16.98 17.26 16.80 17.23 .33 26,019 Aug 73.99 74.45 s 72.62 72.91 –1.14 416,743 | wsj.com/market-data/bonds/benchmarks Oct 17.40 17.64 17.16 17.61 .30 429,720 Bonds Sept 73.27 73.70 s 71.92 72.20 –1.13 366,622 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Oct 72.32 72.77 s 71.06 71.31 –1.09 142,635 Sept 33.30 33.30 33.30 33.30 .05 1,543 Dec 70.73 71.07 s 69.53 69.78 –0.96 312,241 Tracking Bond Benchmarks Nov 32.00 32.25 32.00 32.25 .25 2,095 June'22 67.09 67.40 s 66.12 66.35 –0.79 147,895 Cotton (ICE-US)-50,000 lbs.; cents per lb. Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Dec 64.27 64.56 s 63.43 63.67 –0.68 166,526 July 85.17 85.17 85.17 86.66 .23 5 highs and lows for different types of bonds NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Dec 87.19 87.94 86.80 87.43 .25 144,579 July 2.1480 2.1558 2.1166 2.1182 –.0311 19,620 Total Total Orange Juice (ICE-US)-15,000 lbs.; cents per lb. YTD total return YTD total Aug 2.1496 2.1582 2.1190 2.1208 –.0307 128,974 return Yield (%) Yield (%) July 119.00 119.50 116.30 116.65 –2.45 1,210 close return (%) Index Latest Low High close return (%) Index Latest Low High Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. 120.25 2.2166 Sept 123.00 123.15 120.00 –2.50 8,792 July 2.2625 2.2665 2.2146 –.0473 21,444 Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays Aug 2.2619 2.2650 2.2159 2.2177 –.0435 138,723 Interest Rate Futures -0.8 1.780 Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. 2250.38 -1.7 U.S. Aggregate 1.510 1.020 1.630 2213.47 Mortgage-Backed 0.980 1.850 July 3.502 3.631 s 3.485 3.617 .121 3,907 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% U.S. Corporate Indexes Bloomberg Barclays 2155.98 -1.0 Ginnie Mae (GNMA) 1.770 0.290 1.840 Aug 3.525 3.653 s 3.505 3.593 .073 215,913 Sept 189-100 191-280 189-020 191-140 2-18.0 1,183,872 Sept 3.503 3.629 s 3.486 3.572 .072 207,003 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% 3407.03 -1.5 U.S. Corporate 2.060 1.740 2.320 1308.05 -0.7 Fannie mae (FNMA) 1.780 1.230 1.860 Oct 3.511 3.631 s 3.492 3.576 .068 152,016 Sept 158-300 160-070 158-270 160-020 1-10.0 1,159,472 -0.6 1.410 -0.7 Freddie Mac 1.770 Nov 3.537 3.669 s 3.536 3.617 .066 94,631 Treasury Notes (CBT)-$100,000; pts 32nds of 100% 3093.75 Intermediate 1.080 1.600 2007.46 (FHLMC) 1.210 1.870 s 3.778 132-085 Jan'22 3.702 3.828 3.699 .064 99,779 Sept 131-295 132-105 131-285 13.0 4,251,981 5041.03 -2.9 Long term 3.110 2.730 3.580 599.68 0.7 Muni Master 0.828 0.725 1.201 Dec 131-025 131-185 131-025 131-165 15.0 198 Agriculture Futures 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% 686.00 -2.2 Double-A-rated 1.770 1.300 1.990 423.66 0.5 7-12 year 0.856 0.712 1.173 June 123-277 123-292 123-277 123-282 4.5 38,406 Corn (CBT)-5,000 bu.; cents per bu. -0.8 2.280 1.1 12-22 year 1.157 Sept 123-065 123-120 123-065 123-110 4.5 3,510,912 914.78 Triple-B-rated 2.010 2.610 487.85 1.061 1.663 July 637.75 676.50 636.75 636.50 –16.75 79,278 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% 2.7 1.617 Dec 519.00 548.25 517.50 519.25 –16.75 603,701 High Yield Bonds ICE BofA 481.08 22-plus year 1.535 2.443 June 110-092 110-093 110-087 110-090 1.0 12,270 Oats (CBT)-5,000 bu.; cents per bu. 3.5 Sept 110-037 110-047 110-037 110-046 1.0 2,034,213 512.67 High Yield Constrained 3.869 3.869 6.927 Global Government J.P. Morgan† July 377.75 388.75 377.75 377.50 1.00 414 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. -2.7 0.920 Dec 376.00 386.25 376.00 376.00 .75 2,180 497.85 9.0 Triple-C-rated 6.484 6.467 14.777 598.56 Global Government 0.460 1.010 June 99.9200 99.9200 99.9200 99.9200 120,644 Soybeans (CBT)-5,000 bu.; cents per bu. July 99.9050 99.9100 99.9025 99.9050 138,302 3424.06 2.8 High Yield 100 3.202 3.202 5.837 833.83 -3.5 Canada 1.420 0.610 1.560 July 1329.75 1365.75 1326.00 1329.75 –41.50 35,880 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Nov 1269.75 1319.00 1267.00 1269.75 –22.00 369,217 3.0 3.979 -3.4 EMU§ 0.454 Sept 95-045 17.0 93,819 460.79 Global High Yield Constrained 3.979 6.705 406.54 0.010 411.523 Soybean Meal (CBT)-100 tons; $ per ton. Eurodollar (CME)-$1,000,000; pts of 100% -4.2 0.350 July 348.20 354.20 344.20 347.20 1.40 19,819 347.96 3.0 Europe High Yield Constrained 2.424 2.352 4.685 760.30 France -0.160 0.450 July 99.8650 99.8650 99.8600 99.8625 … 285,798 Dec 356.70 360.90 350.50 354.90 4.10 152,902 Sept 99.8550 99.8600 99.8500 99.8550 … 997,633 U.S Agency Bloomberg Barclays 535.15 -3.1 Germany -0.110 -0.530 -0.010 Soybean Oil (CBT)-60,000 lbs.; cents per lb. Dec 99.7900 99.7950 99.7850 99.7900 .0050 1,020,083 July 59.60 62.62 59.31 59.71 –2.99 28,875 1850.86 -0.9 U.S Agency 0.790 0.460 0.840 294.77 -0.1 Japan 0.320 0.260 0.420 June'23 99.2000 99.2250 99.1950 99.2150 .0200 944,171 Dec 57.04 60.47 56.91 57.24 –2.92 187,403 1617.40 -0.6 10-20 years 0.670 0.340 0.710 595.12 -3.7 Netherlands 0.020 -0.450 0.130 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Currency Futures July 13.13 13.25 13.06 13.15 –.08 602 4150.32 -2.9 20-plus years 2.160 1.290 2.460 1032.37 -5.8 U.K. 1.040 0.430 1.210 Sept 13.49 13.57 13.42 13.51 –.04 6,359 Japanese Yen (CME)-¥12,500,000; $ per 100¥ Wheat (CBT)-5,000 bu.; cents per bu. July .9024 .9052 .9013 .9049 .0025 589 2893.22 -1.4 Yankee 1.690 1.370 1.850 923.90 -1.0 Emerging Markets ** 4.671 4.295 5.149 637.00 .9053 July 638.00 655.00 637.00 –14.25 21,189 Sept .9034 .9057 .9017 .0024 193,650 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds Sept 640.25 659.25 639.25 640.75 –11.25 188,044 Canadian Dollar (CME)-CAD 100,000; $ per CAD ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan Wheat (KC)-5,000 bu.; cents per bu. July .8128 .8138 .8099 .8102 –.0023 691 July 600.25 623.25 600.00 600.25 –5.75 19,011 Sept .8134 .8139 .8099 .8102 –.0023 188,750 Global Government Bonds: Mapping Yields Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in Cash Prices | wsj.com/market-data/commodities Monday, June 28, 2021 selected other countries; arrows indicate whether the yield rose(s)orfell(t) in the latest session These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points separate from the futures price on an exchange, which reflects what the commodity might be worth in future Coupon (%) Maturity, in years Latest(l)-2 -101234Previous Month ago Year ago Latest Prev Year ago months. 0.125 U.S. 2 0.254 t l 0.270 0.143 0.166 Monday Monday Monday 1.625 10 1.478 t l 1.535 1.592 0.636 Aluminum, LME, $ per metric ton *2451.0 Wheat - Hard - KC (USDA) $ per bu-u 6.4650 Energy Australia 0.072 t l 9.6 Copper,Comex spot 4.2780 Wheat,No.1soft white,Portld,OR-u 8.4500 5.500 2 0.076 0.072 0.264 -17.8 -20.2 63.450 Coal,C.Aplc.,12500Btu,1.2SO2-r,w Iron Ore, 62% Fe CFR China-s 220.1 Food 1.000 10 1.597 s l 1.579 1.643 0.878 12.5 5.1 23.0 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.950 Shredded Scrap, US Midwest-s,m n.a. France -0.628 t l -77.6 Steel, HRC USA, FOB Midwest Mill-s 1740 Beef,carcass equiv. index 0.000 2 -0.624 -0.644 -0.608 -87.8 -90.1 Metals choice 1-3,600-900 lbs.-u 235.39 0.165 t l -76.7 Fibers and Textiles 0.000 10 0.199 0.178 -0.120 -130.6 -132.8 Gold, per troy oz select 1-3,600-900 lbs.-u 209.13 1.0618 0.000 Germany 2 -0.643 s l -0.643 -0.653 -0.696 -89.3 -92.1 -86.4 Engelhard industrial 1781.00 Burlap,10-oz,40-inch NY yd-n,w 0.7700 Broilers, National comp wtd. avg.-u,w 1.7675 Handy & Harman base 1780.30 Cotton,1 1/16 std lw-mdMphs-u 0.8602 Butter,AA Chicago 0.000 10 -0.188 t l -0.151 -0.180 -0.481 -166.0 -167.9 -112.8 148.50 Handy & Harman fabricated 1976.13 *95.95 Cheddar cheese,bbl,Chicago Cotlook 'A' Index-t 151.50 0.600 Italy 2 -0.325 t l -0.290 -0.312 -0.073 -57.6 -56.7 -24.1 LBMA Gold Price AM *1783.25 Hides,hvy native steers piece fob-u n.a. Cheddar cheese,blk,Chicago Milk,Nonfat dry,Chicago lb. 128.00 t l LBMA Gold Price PM *1786.65 Wool,64s,staple,Terr del-u,w n.a. 0.600 10 0.883 0.923 0.916 1.304 -58.8 -60.4 65.7 1851.93 Coffee,Brazilian,Comp 1.4708 Krugerrand,wholesale-e 2.0735 0.005 Japan 2 -0.109 t l -0.108 -0.131 -0.140 -36.0 -38.6 -30.8 Maple Leaf-e 1869.74 Grains and Feeds Coffee,Colombian, NY Eggs,large white,Chicago-u 0.7450 l American Eagle-e 1869.74 n.a. 0.100 10 0.061 s 0.051 0.085 0.010 -141.1 -147.6 -63.7 Barley,top-quality Mnpls-u Flour,hard winter KC 18.30 Mexican peso-e 2154.99 148 Bran,wheat middlings, KC-u Hams,17-20 lbs,Mid-US fob-u 0.73 0.000 Spain 2 -0.490 t l -0.479 -0.498 -0.441 -74.1 -75.6 -60.9 Austria crown-e 1748.44 Corn,No. 2 yellow,Cent IL-bp,u 6.5400 Hogs,Iowa-So. Minnesota-u 107.19 t l Austria phil-e 1869.74 156.6 0.100 10 0.452 0.485 0.474 0.455 -102.0 -104.3 -19.2 Corn gluten feed,Midwest-u,w Pork bellies,12-14 lb MidUS-u n.a. 521.9 Silver, troy oz. Corn gluten meal,Midwest-u,w Pork loins,13-19 lb MidUS-u 1.1307 0.125 U.K. 2 0.060 t l 0.084 0.063 -0.066 -19.0 -19.3 -23.4 26.1500 335 Engelhard industrial Cottonseed meal-u,w Steers,Tex.-Okla. Choice-u 118.00 t l 26.1430 4.750 10 0.725 0.781 0.798 0.175 -74.6 -74.7 -47.3 Handy & Harman base Hominy feed,Cent IL-u,w 195 Steers,feeder,Okla. City-u,w 162.13 Handy & Harman fabricated 32.6790 Meat-bonemeal,50% pro Mnpls-u,w 353 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close LBMA spot price *£18.8000 Oats,No.2 milling,Mnpls-u 3.9600 Fats and Oils *26.1300 (U.S.$ equivalent) Rice, Long Grain Milled, No. 2 AR-u,w 27.25 Degummed corn oil, crude wtd. avg.-u,w 68.0000 21394 Coins,wholesale $1,000 face-a Sorghum,(Milo) No.2 Gulf-u 7.7138 Grease,choice white,Chicago-h 0.5850 Corporate Debt Other metals SoybeanMeal,Cent IL,rail,ton48%-u,w 365.30 Lard,Chicago-u n.a. Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific LBMA Platinum Price PM *1101.0 Soybeans,No.1 yllw IL-bp,u 13.5550 Soybean oil,crude;Centl IL-u,w 0.7067 expectations Platinum,Engelhard industrial 1107.0 Wheat,Spring14%-pro Mnpls-u 9.6900 Tallow,bleach;Chicago-h 0.6100 Palladium,Engelhard industrial 2679.0 Wheat,No.2 soft red,St.Louis-u 6.5500 Tallow,edible,Chicago-u n.a. Investment-grade spreads that tightened the most… Spread*, in basis points Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week 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 6/25 UNH 1.20 30 –21 Source: Dow Jones Market Data Unitedhealth 3.450 Jan. 15, ’27 49 Goldman Sachs GS 4.250 1.38 Oct. 21, ’25 48 –7 n.a.

Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks Philip Morris International PM 3.875 3.20 Aug. 21, ’42 115 –6 123 Money Rates June 28, 2021 Morgan Stanley … 3.875 1.23 Jan. 27, ’26 33 –5 37 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Pacific Gas And Electric … 3.150 2.42 Jan. 1, ’26 152 –5 154 guide to general levels but don’t always represent actual transactions. Verizon Communications VZ 0.750 0.54 March 22, ’24 8 –5 12

Week —52-WEEK— Week —52-WEEK— Banco Bilbao Vizcaya Argentaria S.A. … 1.125 1.32 Sept. 18, ’25 42 –4 n.a. Inflation Latest ago High Low Latest ago High Low May index Chg From (%) 0.00 Berkshire Hathaway Energy … 6.125 2.74 April 1, ’36 126 –4 n.a. level April '21 May '20 Switzerland 0.00 0.50 0.00 Treasury bill auction Britain 0.10 0.10 0.10 0.10 4 weeks 0.045 0.045 0.115 0.000 Australia 0.10 0.10 0.25 0.10 U.S. consumer price index 13 weeks 0.050 0.045 0.150 0.015 …And spreads that widened the most All items 269.195 0.80 5.0 0.055 Overnight repurchase 26 weeks 0.055 0.165 0.030 Northwestern Mutual Global Funding … 1.700 1.70 June 1, ’28 45 4 n.a. 275.893 Core 0.70 3.8 U.S. 0.04 0.04 0.14 -0.04 Secondary market Unitedhealth UNH 3.750 1.00 July 15, ’25 10 4 n.a. International rates U.S. government rates Fannie Mae Bank of New York Mellon BK 3.450 0.36 Aug. 11, ’23 10 3 n.a. Week 52-Week Discount 30-year mortgage yields Latest High Low 2.457 Caterpillar Financial Services … 3.300 0.61 June 9, ’24 15 3 n.a. ago 0.25 0.25 0.25 0.25 30 days 2.452 2.622 1.751 60 days 2.495 2.490 2.674 1.804 Prime rates Federal funds Philip Morris International PM 4.250 3.27 Nov. 10, ’44 124 3 121 U.S. 3.25 3.25 3.25 3.25 Effective rate 0.1000 0.1000 0.1000 0.0500 Other short-term rates 0.35 10 3 Canada 2.45 2.45 2.45 2.45 Toronto–Dominion Bank* TD 3.500 July 19, ’23 10 High 0.1100 0.1100 0.1500 0.0700 Japan 1.475 1.475 1.475 1.475 Week 52-Week Low 0.0200 0.0300 0.0700 0.0000 Toyota Motor Credit … 2.150 1.91 Feb. 13, ’30 40 3 40 Latest ago high low Policy Rates Bid 0.0800 0.0900 0.1000 0.0100 Volkswagen America Finance … 0.875 0.74 Nov. 22, ’23 48 3 n.a. Euro zone 0.00 0.00 0.00 0.00 Offer 0.1100 0.1100 0.1200 0.0500 Call money 2.00 2.00 2.00 2.00 High-yield issues with the biggest price increases… Commercial paper (AA financial) Bond Price as % of face value Key Interest Rates 90 days 0.11 n.a. 0.25 0.04 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Data are annualized on a 360-day basis. Treasury yields are per annum, Libor Teva Pharmaceutical Finance Netherlands Iii … 2.800 2.30 July 21, ’23 101.000 1.50 99.250 on actively traded noninflation and inflation-indexed issues that are One month 0.10425 0.09588 0.18825 0.07263 Firstenergy FE 7.375 3.28 Nov. 15, ’31 135.750 1.50 133.000 adjusted to constant maturities. Data are from weekly Federal Reserve Three month 0.14725 0.13788 0.30375 0.11800 0.16663 release H.15. Six month 0.16375 0.38425 0.14825 Sprint Capital … 6.875 2.61 Nov. 15, ’28 128.450 0.95 126.750 Week Ended 52-Week Week Ended 52-Week One year 0.24750 0.25088 0.55588 0.23325 Jun 25 Jun 18 High Low Jun 25 Jun 18 High Low Nordstrom JWN 6.950 3.79 March 15, ’28 118.569 0.80 n.a. 6-month 0.06 0.06 0.17 0.03 Euro Libor Federal funds (effective) 1-year 0.09 0.08 0.17 0.04 One month -0.583 -0.579 -0.484 -0.607 4.83 117.250 0.66 0.10 Occidental Petroleum OXY 6.450 Sept. 15, ’36 115.770 0.06 0.10 0.05 2-year 0.26 0.20 0.26 0.11 Three month -0.552 -0.548 -0.399 -0.574 0.47 Commercial paper 3-year 0.40 0.47 0.13 Six month -0.528 -0.526 -0.319 -0.543 L Brands LB 6.750 4.42 July 1, ’36 125.320 0.54 121.313 5-year 0.90 0.85 0.92 0.21 One year -0.484 -0.489 -0.225 -0.511 Nonfinancial 7-year 1.26 1.24 1.39 0.39 3.21 108.320 0.45 0.05 Navient NAVI 5.875 Oct. 25, ’24 107.850 1-month 0.03 0.29 0.02 10-year 1.50 1.51 1.72 0.55 Secured Overnight Financing Rate 2-month 0.06 0.05 0.14 0.03 20-year 2.05 2.08 2.32 0.99 0.05 0.05 0.13 0.01 Telecom Italia Spa TITIM 5.303 1.91 May 30, ’24 109.570 0.45 n.a. 3-month 0.07 0.05 0.17 0.04 Financial Treasury yields (secondary market) Value 52-Week 1-month 0.08 0.05 0.17 0.05 Latest Traded High Low …And with the biggest price decreases 0.10 1-month 0.04 0.03 0.12 0.00 2-month n.a. 0.23 0.08 0.05 9.02 94.251 –0.75 3-month 0.11 0.07 0.21 0.07 3-month 0.04 0.15 0.01 DTCC GCF Repo Index Rite Aid RAD 7.700 Feb. 15, ’27 97.500 0.06 6-month 0.06 0.17 0.03 Treasury 0.042 49.050 0.151 -0.008 Discount window primary credit American Airlines AAL 3.750 6.06 March 1, ’25 92.500 –0.50 92.100 TIPS MBS 0.065 49.200 0.169 0.002 0.25 0.25 0.25 0.25 5-year -1.56 -1.54 -0.79 -1.86 Notes on data: Dell … 7.100 2.37 April 15, ’28 129.487 –0.44 n.a. Treasury yields at constant 7-year -1.15 -1.11 -0.73 -1.44 -0.81 U.S. prime rate is the base rate on corporate maturities 10-year -0.80 -0.63 -1.05 loans posted by at least 70% of the 10 largest L Brands LB 6.950 4.62 March 1, ’33 120.830 –0.42 117.350 1-month 0.04 0.03 0.12 0.00 20-year -0.35 -0.36 -0.08 -0.70 U.S. banks, and is effective March 16, 2020. -0.24 3-month 0.05 0.04 0.15 0.01 Long-term avg -0.25 0.03 -0.50 Other prime rates aren’t directly comparable; Prime Security Services Borrower … 5.250 2.64 April 15, ’24 106.970 –0.32 106.750 lending practices vary widely by location; Notes on data: Discount rate is effective March 16, 2020. Nokia Oyj NOKIA 2.51 110.250 –0.32 Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates Secured Overnight Financing Rate is as of 4.375 June 12, ’27 110.483 DTCC GCF Repo Index on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by June 25, 2021. is Depository Trust & Clearing Corp.'s weighted Royal Caribbean Group RCL 5.250 2.74 Nov. 15, ’22 103.360 –0.27 103.375 discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window average for overnight trades in applicable primary credit rate is charged for discounts made and advances extended under the Federal CUSIPs. Value traded is in billions of U.S. dollars. 3.55 119.500 –0.25 Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; Federal-funds rates are Tullett Prebon rates as Ford Motor F 6.625 Oct. 1, ’28 119.000 Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid of 5:30 p.m. ET. yields for all TIPS with remaining terms to maturity of 10 years or more; Sources: Federal Reserve; Bureau of Labor *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. Sources: Federal Reserve; for additional information on these rate data and their derivation, Statistics; DTCC; FactSet; Note: Data are for the most active issue of bonds with maturities of two years or more please see, www.federalreserve.gov/releases/h15/data.htm Tullett Prebon Information, Ltd. Source: MarketAxess .

THE WALL STREET JOURNAL. * Tuesday, June 29, 2021 | B9 BIGGEST 1,000 STOCKS

Net Net Net Net Net Net Net How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg The following explanations apply to NYSE, s-New 52-week high. t EnphaseEnergy ENPH 188.33 12.94 ImperialOil IMO 30.61 -1.67 MitsubishiUFJ MUFG 5.50 -0.04 Pegasystems PEGA 140.65 0.28 SempraEnergy SRE 137.28 -0.19 Ericsson ERIC 12.68 0.06 Verizon VZ 56.18 -0.20 NYSE Arca, NYSE American and Nasdaq Stock -New 52-week low. 121.40 3.65 85.61 -1.22 2.90 -0.02 126.92 5.43 57.40 -0.82 8.74 ... 197.82 3.48 Market listed securities. Prices are composite dd-Indicates loss in the most recent Entegris ENTG Incyte INCY MizuhoFin MFG Peloton PTON SensataTechs ST TelefonicaBras VIV VertxPharm VRTX Entergy ETR 102.33 0.75 Infosys INFY 21.29 0.04 MobileTeleSys MBT 9.41 -0.03 PembinaPipeline PBA 32.04 -0.58 ServiceCorp SCI 53.09 -0.76 Telefonica TEF 4.65 -0.09 Vertiv VRT 27.08 -0.07 quotations that include primary market trades four quarters. 75.61 -0.48 552.17 7.18 46.00 2.18 FD EnterpriseProd EPD 23.61 -0.62 IngersollRand IR 48.84 -0.14 Moderna MRNA 222.94 3.00 PennNational PENN ServiceNow NOW TelekmIndonesia TLK 22.26 -0.43 ViacomCBS B VIAC as well as trades reported by Nasdaq BX -First day of trading. 28.84 -0.10 (formerly Boston), Chicago Stock Exchange, h-Does not meet continued listing Equifax EFX 237.45 -1.54 Insulet PODD 283.24 4.90 MohawkInds MHK 189.89 -5.83 Pentair PNR 66.75 0.02 ShawComm B SJR 10xGenomics TXG 201.40 11.67 ViacomCBS A VIACA 49.55 1.02 Cboe, NYSE National and Nasdaq ISE. standards Equinix EQIX 798.52 15.12 Intel INTC 57.48 1.57 MolinaHealthcare MOH 254.03 -0.62 Penumbra PEN 280.92 -2.36 SherwinWilliams SHW 272.49 -1.50 Tenaris TS 21.78 -0.85 Viatris VTRS 14.38 -0.19 The list comprises the 1,000 largest lf-Late filing Equinor EQNR 21.22 -0.52 InteractiveBrkrs IBKR 65.37 -1.25 MolsonCoorsB TAP 54.83 -0.25 PepsiCo PEP 147.04 0.63 ShinhanFin SHG 36.75 -0.19 TencentMusic TME 15.80 0.01 Vipshop VIPS 19.10 -0.19 companies based on market capitalization. q-Temporary exemption from Nasdaq Equitable EQH 30.06 -0.91 ICE ICE 118.79 -0.53 monday.com MNDY 232.34 -0.03 PerkinElmer PKI 154.85 2.42 Shopify SHOP 1494.99 21.45 Teradyne TER 132.75 3.20 VirginGalactic SPCE 54.84 -1.07 EquityLife ELS 75.88 0.14 InterContinentl IHG 67.14 -2.06 Mondelez MDLZ 63.19 0.01 PetroChina PTR 49.08 -1.52 Sibanye-Stillwater SBSW 16.66 -0.21 Tesla TSLA 688.72 16.85 Visa V 234.09 -3.23 Underlined quotations requirements. are those stocks with t EquityResdntl EQR 77.74 -0.83 IBM IBM 145.29 -1.55 MongoDB MDB 389.23 10.00 PetroleoBrasil PBR 11.88 -0.07 SignatureBank SBNY 247.10 -9.34 TevaPharm TEVA 10.25 -0.11 VMware VMW 159.50 2.38 large changes in volume compared with the -NYSE bankruptcy v ErieIndemnity A ERIE 192.31 -1.45 IntlFlavors IFF 148.79 -0.17 MonolithicPower MPWR 374.48 8.80 PetroleoBrasilA PBR.A 11.75 -0.02 SimonProperty SPG 130.20 -0.87 TexasInstruments TXN 191.53 3.36 Vodafone VOD 17.08 -0.21 issue’s average trading volume. -Trading halted on primary market. vj-In bankruptcy or receivership or EssentialUtil WTRG 46.90 0.08 IntlPaper IP 60.71 0.03 MonsterBev MNST 91.46 -0.66 Pfizer PFE 39.12 0.14 SiriusXM SIRI 6.51 -0.01 TexasPacLand TPL 1552.94-23.15 VornadoRealty VNO 47.09 -1.19 Boldfaced quotations highlight those issues being reorganized under the EssexProp ESS 305.65 -1.70 Interpublic IPG 31.86 -0.85 s Moody's MCO 365.75 0.76 PhilipMorris PM 98.67 -0.37 Skyworks SWKS 182.70 4.00 Textron TXT 67.20 0.01 VulcanMatls VMC 176.99 -0.62 whose price changed by 5% or more if their Bankruptcy Code, or securities EsteeLauder EL 314.54 -1.41 s Intuit INTU 486.99 0.90 MorganStanley MS 87.70 -0.70 Phillips66 PSX 85.42 -4.62 SlackTech WORK 44.55 0.35 ThermoFisherSci TMO 505.10 12.23 previous closing price was $2 or higher. assumed by such companies. Etsy ETSY 198.41 13.61 s IntuitiveSurgical ISRG 912.41 4.06 Morningstar MORN 251.12 1.20 Pinduoduo PDD 124.91 -2.69 Smartsheet SMAR 73.89 0.43 ThomsonReuters TRI 98.15 -0.12 WXYZ EverestRe RE 251.55 -4.69 37.72 -0.23 Mosaic MOS 30.43 -0.77 PinnacleWest PNW 82.73 0.10 SmithAO AOS 70.37 1.10 MMM 196.50 1.75 InvitatHomes INVH 3M WEC Energy WEC 90.96 0.86 EVRG 61.72 0.06 15.69 -0.20 s MotorolaSol MSI 215.11 -0.51 Pinterest PINS 78.80 1.96 Smith&Nephew SNN 43.33 -0.47 TTC 108.88 -0.19 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and Evergy iQIYI IQ Toro W.P.Carey WPC 77.15 -0.38 ES 81.46 1.17 42.95 -0.21 NICE NICE 247.56 4.02 PioneerNatRscs PXD 160.24 -4.93 Smucker SJM 130.84 1.42 70.39 -0.91 changes in the closing prices from 4 p.m. the previous day. EversourceEner IronMountain IRM TorontoDomBk TD WPP WPP 68.13 -1.56 EXAS 131.01 2.44 6.16 -0.05 NIO NIO 49.40 4.33 PlainsAllAmPipe PAA 11.17 -0.02 Snap SNAP 66.22 -1.45 46.19 -1.40 ExactSciences ItauUnibanco ITUB TotalEnergies TTE Wabtec WAB 82.09 -0.82 EXC 44.87 0.24 NRG Energy NRG 40.84 2.35 PlainsGP PAGP 11.68 -0.07 SnapOn SNA 219.07 -2.75 177.07 -1.03 Exelon ToyotaMotor TM WalgreensBoots WBA 52.21 0.05 Monday, June 28, 2021 Net Net EXPE163.55 -7.44 NVR NVR 4884.42 39.92 Playtika PLTK 24.49 0.09 Snowflake SNOW 247.67 0.58 183.45 3.16 Expedia JKL TractorSupply TSCO Walmart WMT 138.10 -0.43 Stock Sym Close Chg Stock Sym Close Chg s 125.77 0.02 NXP Semi NXPI 206.18 2.01 PlugPower PLUG 34.14 2.29 SOQUIMICH SQM 47.09 -0.10 79.89 3.87 Net ExpeditorsIntl EXPD 77.12 -1.11 TradeDesk TTD WarnerMusic WMG 36.69 0.13 165.59 -0.80 JD.com JD Nasdaq NDAQ 177.11 -0.96 POOL 456.54 0.77 SoFiTech SOFI 19.26 0.76 84.76 -0.50 Stock Sym Close Chg BancodeChile BCH 19.82 -0.39 ChinaSoAirlines ZNH 32.08 -0.41 ExtraSpaceSt EXR 154.33 0.28 Pool Tradeweb TW WasteConnections WCN 119.89 -0.25 63.01 -1.65 JPMorganChase JPM Natera NTRA 116.63 1.48 PFG 63.14 -1.22 SolarEdgeTech SEDG 284.66 16.95 182.74 2.74 BancSanBrasil BSBR 8.45 -0.14 Chipotle CMG 1507.81-10.94 ExxonMobil XOM 165.24 -1.35 PrincipalFin TraneTech TT WasteMgt WM 139.18 0.07 190.55 0.79 JackHenry JKHY NationalGrid NGG 64.61 -0.03 PCOR 93.51 -1.01 Sony SONY 98.47 0.22 656.30-16.92 ABC BcoSantChile BSAC 19.95 -0.54 Chubb CB 158.95 -3.34 F5Networks FFIV 133.90 -2.94 ProcoreTech TransDigm TDG Waters WAT 343.96 6.18 110.09 -1.92 JacobsEngg J Natura&Co NTCO 23.14 0.36 PG 135.32 0.40 Southern SO 61.49 -0.04 109.52 -1.59 BancoSantander SAN 3.96 -0.10 ChunghwaTel CHT 40.69 -0.27 FMC FMC 34.80 -0.20 Procter&Gamble TransUnion TRU Watsco WSO 281.11 0.26 ABB ABB 34.46 -0.03 s 355.64 14.27 JamesHardie JHX NatWest NWG 5.69 -0.10 PGR 97.33 0.48 SoCopper SCCO 64.45 0.03 149.45 -2.27 BankofAmerica BAC 41.56 -0.06 Church&Dwight CHD 85.06 0.83 Facebook FB 181.93 0.85 Progressive Travelers TRV Wayfair W 317.42 -4.08 ADT ADT 11.03 -0.04 337.03 4.95 JazzPharma JAZZ NetApp NTAP 82.46 0.02 Prologis PLD 121.62 -0.38 SouthwestAir LUV 53.23 -1.32 101.81 1.62 BankofMontreal BMO 102.94 -1.69 Ciena CIEN 57.53 -0.61 FactSet FDS 164.02 -0.19 Trex TREX Weibo WB 52.29 -0.10 AECOM ACM 63.67 -0.26 506.37 5.39 J&J JNJ NetEase NTES 111.30 4.50 Proofpoint PFPT 173.49 0.12 Splunk SPLK 144.19 2.95 81.66 0.61 BankNY Mellon BK 50.86 -0.13 Cigna CI 240.04 2.94 FairIsaac FICO 67.56 0.47 Trimble TRMB WellsFargo WFC 45.79 -0.59 AES AES 26.53 0.31 53.56 1.57 JohnsonControls JCI Netflix NFLX 533.03 5.96 PrudentialFin PRU 102.20 -2.13 Spotify SPOT 271.56 5.18 35.59 -0.14 BkNovaScotia BNS 65.00 -0.80 CincinnatiFin CINF 117.38 -1.70 Farfetch FTCH 202.22 -2.05 Trip.com TCOM Welltower WELL 82.96 -1.06 Aflac AFL 53.37 -0.85 51.65 -0.12 JonesLang JLL Neurocrine NBIX 98.32 -1.97 Prudential PUK 39.44 -1.05 Square SQ 246.60 6.66 55.21 -0.92 Barclays BCS 9.77 -0.12 s Cintas CTAS 379.59 1.33 Fastenal FAST 27.68 -0.01 TruistFinl TFC s WestPharmSvcs WST 363.20 3.14 AGCO AGCO 129.61 -1.92 117.23 -2.04 JuniperNetworks JNPR NewOrientalEduc EDU 8.13 0.01 PublicServiceEnt PEG 60.24 0.38 StanleyBlackDck SWK 204.84 0.02 65.30 8.99 BarrickGold GOLD 20.70 -0.19 CiscoSystems CSCO 52.96 -0.10 FederalRealty FRT 18.45 0.44 TuSimple TSP WestAllianceBcp WAL 92.28 -2.93 AGNC Invt AGNC 17.20 -0.02 293.99 2.04 JustEatTakeaway GRUB 26.63 0.01 304.50 -0.25 Starbucks SBUX 112.24 -0.80 BauschHealth BHC 29.45 -0.45 Citigroup C 71.51 -0.04 FedEx FDX NewellBrands NWL PublicStorage PSA Tuya TUYA 22.52 -1.43 WesternDigital WDC 69.99 -0.76 AMC Ent AMC 58.11 4.05 139.16 -0.09 KB Fin KB 50.47 -0.34 62.65 -0.03 54.47 0.86 StateStreet STT 82.10 -1.13 BaxterIntl BAX 81.65 -0.54 CitizensFin CFG 46.03 -1.30 Ferguson FERG Newmont NEM PulteGroup PHM Twilio TWLO 394.12 10.43 WesternMidstrm WES 21.37 -0.66 Ansys ANSS 349.13 5.65 205.42 1.20 KE Holdings BEKE 48.95 -2.72 25.62 -0.11 49.33 0.78 SteelDynamics STLD 58.63 -1.61 BectonDicknsn BDX 243.70 2.50 CitrixSystems CTXS 117.37 1.41 Ferrari RACE NewsCorp A NWSA Qiagen QGEN Twitter TWTR 68.29 0.36 WesternUnion WU 22.91 -0.61 ASETech ASX 8.25 -0.15 43.85 -0.89 KKR KKR 60.52 -0.24 24.18 -0.01 187.33 3.98 Stellantis STLA 20.16 -0.18 BeiGene BGNE 358.01 -5.33 Clarivate CLVT 26.73 -0.26 FidNatlFin FNF NewsCorp B NWS Qorvo QRVO TylerTech TYL 453.06 -0.24 WestlakeChem WLK 89.68 -1.62 ASML ASML 704.11 17.90 143.54 -3.43 KLA KLAC 322.26 6.00 75.15 1.29 139.72 2.07 Steris STE 207.23 0.43 BentleySystems BSY 61.91 1.06 Cleveland-Cliffs CLF 20.62 -0.58 FidNatlInfo FIS NextEraEnergy NEE Qualcomm QCOM TysonFoods TSN 73.60 -0.90 WestpacBanking WBK 19.45 -0.30 AT&T T 28.78 -0.11 38.68 -0.82 KSCitySouthern KSU 284.44 -2.03 24.61 -0.71 37.74 0.10 STMicroelec STM 37.12 0.60 Berkley WRB 74.17 -0.52 Clorox CLX 179.48 2.83 FifthThirdBncp FITB NielsenHoldings NLSN QualtricsIntl XM UBS Group UBS 15.55 -0.13 WestRock WRK 52.97 -0.31 AbbottLabs ABT 115.70 2.98 17.45 -0.41 Kanzhun BZ 38.00 -4.05 152.36 -1.99 91.19 -1.12 StoneCo STNE 67.91 0.46 BerkHathwy B BRK.B 276.61 -1.77 Cloudflare NET 106.04 1.20 FirstHorizon FHN Nike NKE QuantaServices PWR UDR UDR 49.78 -0.08 Weyerhaeuser WY 34.00 -0.29 AbbVie ABBV 113.00 0.02 186.67 -1.98 Kellogg K 64.41 0.48 25.16 0.06 30.86 1.90 Stryker SYK 260.36 -2.64 BerkHathwy A BRK.A 416304-2829.99 Coca-Cola KO 54.26 -0.06 FirstRepBank FRC NiSource NI QuantumScape QS UGI UGI 46.90 -0.39 WheatonPrecMet WPM 43.92 -0.11 Abiomed ABMD 312.44 0.90 92.71 4.84 KeurigDrPepper KDP 34.88 0.02 5.40 -0.05 131.66 2.03 SumitomoMits SMFG 7.10 0.01 BerryGlobal BERY 65.52 -0.57 Coca-ColaEuro CCEP 59.23 -1.98 FirstSolar FSLR Nokia NOK QuestDiag DGX UWM UWMC 9.25 -0.15 Whirlpool WHR 215.64 -0.43 Accenture ACN 293.90 -0.76 38.06 0.37 KeyCorp KEY 20.67 -0.59 5.19 -0.02 SunComms SUI 174.55 -0.57 BestBuy BBY 114.83 1.78 Cognex CGNX 82.79 0.48 FirstEnergy FE NomuraHoldings NMR Uber UBER 51.11 -0.62 Williams WMB 26.24 -0.54 ActivisionBliz ATVI 95.40 3.14 108.13 -0.86 KeysightTechs KEYS 154.41 1.09 218.69 -1.98 SunLifeFinancial SLF 51.43 -0.39 BeyondMeat BYND 155.70 7.69 CognizantTech CTSH 70.15 -0.34 Fiserv FISV Nordson NDSN RS Ubiquiti UI 309.89 -3.49 Williams-Sonoma WSM 159.49 0.24 s Adobe ADBE 588.80 9.14 195.46 -2.26 KimberlyClark KMB 131.97 -1.10 NSC 263.51 -2.34 SuncorEnergy SU 23.77 -0.87 Bilibili BILI 126.85 2.40 CoinbaseGlbl COIN 246.69 22.15 FiveBelow FIVE NorfolkSouthern 26.77 -0.43 UiPath PATH 71.28 1.51 WillisTowers WLTW 231.37 -4.13 AdvanceAuto AAP 204.51 0.08 184.34 1.18 KimcoRealty KIM 20.84 -0.24 NorthernTrust NTRS 114.60 -1.67 RELX RELX SunRun RUN 57.52 3.14 Bill.com BILL 186.60 -2.86 ColgatePalm CL 81.72 0.26 Five9 FIVN 689.37 -1.35 UltaBeauty ULTA 343.12 -5.74 Wipro WIT 7.87 0.04 AdvMicroDevices AMD 87.08 1.46 255.08 -7.26 KinderMorgan KMI 17.97 -0.32 NorthropGrum NOC 370.21 -3.10 RH RH Suzano SUZ 12.06 0.20 Bio-Techne TECH 444.98 8.44 Comcast A CMCSA 56.10 -0.32 FleetCorTech FLT 9.03 -0.03 UnderArmour C UA 18.53 -0.57 Wix.com WIX 299.33 -3.75 AffirmHldgs AFRM 64.43 0.03 104.43 -0.09 KirklandLakeGold KL 38.83 -0.96 NortonLifeLock NLOK 27.04 0.06 RLX Tech RLX SynchronyFin SYF 48.49 -1.31 Bio-RadLab A BIO 643.70 10.14 Comerica CMA 71.74 -1.94 Floor&Decor FND 88.75 0.01 UnderArmour A UAA 20.99 -0.70 Workday WDAY 242.91 -0.09 AgilentTechs A 147.93 0.65 84.29 -0.31 Kohl's KSS 54.83 -2.37 29.14 -1.89 RPM RPM SyneosHealth SYNH 88.34 -0.62 Bio-RadLab B BIO.B 640.00 60.40 CiaSiderurgica SID 8.67 -0.05 FomentoEconMex FMX NorwegCruise NCLH 128.83 -3.23 Unilever UL 59.51 -0.07 WynnResorts WYNN 120.76 -3.30 agilon health AGL 39.92 0.52 14.96 -0.23 KoninklijkePhil PHG 50.09 -0.51 92.30 -0.19 RaymondJames RJF Synopsys SNPS 274.03 5.06 Biogen BIIB 340.27 -7.66 ConagraBrands CAG 35.83 0.18 FordMotor F Novartis NVS 85.11 -1.61 UnionPacific UNP 219.13 -2.14 XP XP 44.98 0.07 AgnicoEagle AEM 61.04 -1.28 s 247.04 5.01 KoreaElcPwr KEP 11.00 0.02 194.50 4.71 RaytheonTech RTX Sysco SYY 76.22 -0.82 BMRN 84.43 -0.36 ConocoPhillips COP 59.59 -1.72 Fortinet FTNT Novavax NVAX 67.83 -0.30 UnitedAirlines UAL 52.49 -1.39 XPO Logistics XPO 140.61 -9.51 AirProducts APD 289.05 0.51 BioMarinPharm 45.25 -0.35 KraftHeinz KHC 40.88 0.19 83.26 0.46 RealtyIncome O BioNTech BNTX 228.44 -1.58 ConEd ED 73.82 -0.05 Fortis FTS NovoNordisk NVO 64.23 -0.83 UnitedMicro UMC 9.50 0.07 XcelEnergy XEL 67.06 -0.04 Airbnb ABNB 149.94 0.27 70.21 0.28 Kroger KR 39.36 0.15 222.81 1.56 RegencyCtrs REG TUV 77.44 -0.83 ConstBrands A STZ 229.39 0.79 Fortive FTV Novocure NVCR 542.70 -7.85 UPS B UPS 205.23 -0.38 Xilinx XLNX 135.36 3.24 AkamaiTech AKAM 116.97 0.02 BlackKnight BKI 98.89 1.52 L Brands LB 70.97 -1.30 54.42 -0.10 RegenPharm REGN 878.74 4.71 ContinentalRscs CLR 36.63 -2.77 FortBrandsHome FBHS NuanceComms NUAN 20.34 -0.26 TAL 24.50 -0.37 UnitedRentals URI 318.05 5.08 XPeng XPEV 45.31 3.15 Albemarle ALB 169.05 2.28 BlackRock BLK 38.31 -0.05 LKQ LKQ 48.59 -1.26 95.11 -1.58 RegionsFin RF TAL Education 99.25 0.70 Cooper COO 395.50 -0.93 FoxA FOXA Nucor NUE 148.74 -4.54 TC Energy TRP 50.45 -0.79 US Bancorp USB 57.54 -0.31 Xy XYL 119.20 2.35 Albertsons ACI 20.26 0.18 Blackstone BX 36.20 -0.19 LPL Financial LPLA 137.15 -5.42 59.44 -1.63 RelianceSteel RS lem BlueOwlCapital OWL 12.75 -0.27 s Copart CPRT 133.61 0.33 FoxB FOX Nutrien NTR 201.18 9.56 TE Connectivity TEL 133.03 -0.77 UnitedHealth UNH 401.46 -3.49 Yandex YNDX 70.89 0.36 Alcon ALC 70.16 -0.42 144.45 -0.78 L3HarrisTech LHX 219.51 -1.52 s 799.40 38.16 Repligen RGEN 239.96 -8.42 Corning GLW 40.99 0.09 Franco-Nevada FNV NVIDIA NVDA 108.78 -0.02 22.44 0.07 UnitySoftware U 110.49 0.34 YumBrands YUM 116.11 -1.14 AlexandriaRlEst ARE 184.36 -0.31 Boeing BA 32.54 -0.64 LabCpAm LH 270.06 2.82 RepublicSvcs RSG Telus TU 2204.55-77.11 Corteva CTVA 44.34 0.18 FranklinRscs BEN 247.09 2.59 TJX 66.49 -1.04 UnivDisplay OLED 225.02 4.89 YumChina YUMC 65.72 -0.28 s AlexionPharm ALXN 184.14 1.40 BookingHldgs BKNG 36.74 -0.50 LamResearch LRCX 646.96 16.52 ResMed RMD TJX 85.83 -1.65 Cosan CSAN 19.79 -0.05 FreeportMcM FCX OPQ 64.42 -0.69 TMUS 145.04 -0.30 UniversalHealthB UHS 148.32 -2.86 ZTO Express ZTO 30.21 -0.51 Alibaba BABA 228.59 0.09 BoozAllen BAH 41.83 0.04 LamarAdv LAMR 103.00 -2.71 RestaurantBrands QSR T-MobileUS 47.92 -1.03 CoStar CSGP 84.92 -3.35 FreseniusMed FMS s 197.25 0.54 Upstart UPST 123.89 1.69 172.36 -1.35 AlignTech ALGN 621.52 6.54 BorgWarner BWA t LambWeston LW 79.88 -0.80 ONEOK OKE 55.44 -1.11 RingCentral RNG 306.93 4.92 TRowePrice TROW ZaiLab ZLAB 1037.77 2.55 s Costco COST 396.54 2.03 FullTruck YMM 17.81 -1.92 119.61 3.08 VEREIT VER 46.84 -0.29 s 527.13 16.48 Alleghany Y 664.25 -7.97 BostonBeer SAM LasVegasSands LVS 51.37 -1.31 OReillyAuto ORLY 561.57 4.41 RioTinto RIO 84.46 -0.56 TaiwanSemi TSM ZebraTech ZBRA 116.73 -3.07 CoupaSoftware COUP 262.54 6.93 Futu FUTU 178.05 9.06 178.09 4.27 VF VFC 80.17 -2.71 147.76 1.12 Allegion ALLE 139.33 0.48 BostonProps BXP Lear LEA 175.00 -2.91 OakStreetHealth OSH 60.33 -1.21 RobertHalf RHI 88.94 -0.75 TakeTwoSoftware TTWO Zendesk ZEN 43.33 -0.77 Coupang CPNG 38.25 0.85 16.89 -0.04 VICI Prop VICI 31.32 -0.56 124.18 5.57 AlliantEnergy LNT 57.11 -0.02 BostonSci BSX Leidos LDOS 102.11 -1.10 Oatly OTLY 25.30 0.90 Roblox RBLX 93.04 6.04 TakedaPharm TAK Zillow C Z 22.90 0.41 Credicorp BAP 123.71 4.18 GHI 42.61 -0.87 VailResorts MTN 321.93 0.65 124.53 5.57 Allstate ALL 129.75 -1.03 Braskem BAK Lennar A LEN 98.41 1.32 OccidentalPetrol OXY 31.24 -1.67 RocketCos. RKT 20.02 -0.12 Tapestry TPR Zillow A ZG 59.39 -1.06 CreditSuisse CS 10.57 -0.20 44.05 -1.26 Vale VALE 22.43 -0.25 ZBH 163.70 -2.15 AllyFinancial ALLY 50.22 -0.53 BridgeBioPharma BBIO GDS Holdings GDS 80.98 1.08 Lennar B LEN.B 79.44 1.53 Okta OKTA 247.41 1.28 Rockwell ROK 283.24 -2.40 TargaResources TRGP ZimmerBiomet 17.24 -0.01 Cree CREE 101.05 2.46 s s TGT 241.26 0.71 ValeroEnergy VLO 77.72 -4.37 ZION 53.45 -2.03 AlnylamPharm ALNY 166.20 -9.19 BrightHealth BHG GFLEnvironmental GFL 31.53 -0.47 LennoxIntl LII 337.79 6.78 OldDomFreight ODFL 255.58 1.97 RogersComm B RCI 52.65 0.06 Target ZionsBancorp 144.15 -3.40 s Cricut CRCT 40.42 -1.57 TTM 22.90 0.25 Vedanta VEDL 14.35 0.15 s Zoetis ZTS 187.08 -0.15 Alphabet A GOOGL 2450.72 0.55 BrightHorizons BFAM Gallagher AJG 140.68 -1.22 LeviStrauss LEVI 27.46 0.09 Omnicom OMC 78.54 -1.70 Roku ROKU 440.33 9.39 TataMotors 66.40 -0.34 s CrowdStrike CRWD 255.09 1.85 TeckRscsB TECK 22.58 -0.43 VeevaSystems VEEV 318.75 6.31 ZoomVideo ZM 388.86 16.39 Alphabet C GOOG 2536.39 -3.51 BristolMyers BMY GameStop GME 213.25 3.74 LiAuto LI 33.71 2.03 ON Semi ON 38.66 1.15 Rollins ROL 33.97 -0.07 39.67 0.24 CrownCastle CCI 198.03 1.50 s s TeladocHealth TDOC 170.42 5.32 Ventas VTR 58.01 -0.30 ZoomInfoTech ZI 53.38 -0.47 AlticeUSA ATUS 34.36 -0.48 BritishAmTob BTI Gaming&Leisure GLPI 46.08 -0.16 s LibertyBroadbandA LBRDA 167.91 0.27 OpenText OTEX 51.78 0.70 RoperTech ROP 468.04 1.97 Broadcom AVGO 472.80 10.60 CrownHoldings CCK 102.02 -0.28 32.66 -1.33 17.86 0.75 121.78 -1.79 TeledyneTech TDY 421.48 -6.18 s VeriSign VRSN 228.69 0.96 Zscaler ZS 221.27 2.43 Altria MO 47.18 -0.44 s Gap GPS s LibertyBroadbandC LBRDK 173.51 0.42 OpendoorTech OPEN RossStores ROST BR 160.81 0.12 CubeSmart CUBE 47.06 -0.62 78.50 0.04 101.67 -0.91 Teleflex TFX 406.39 -5.82 VeriskAnalytics VRSK 173.98 -0.72 Zynga ZNGA 10.78 0.13 AlumofChina ACH 14.75 -0.32 BroadridgeFinl Garmin GRMN 144.27 -0.10 LibertyGlobal C LBTYK 27.88 -0.45 Oracle ORCL RoyalBkCanada RY s BAM 51.98 -0.22 Cummins CMI 241.27 0.42 s 11.46 -0.09 83.45 -5.77 Amazon.com AMZN 3443.89 42.43 BrookfieldMgt Gartner IT 240.37 -1.58 LibertyGlobal A LBTYA 27.95 -0.47 Orange ORAN RoyalCaribbean RCL BIP 54.31 0.41 CureVac CVAC 63.61 0.35 s 40.35 -1.54 Ambev ABEV 3.53 0.09 BrookfieldInfr Generac GNRC 409.19 13.14 LibertyFormOne A FWONA 43.93 0.46 Orix IX 86.49 -1.01 RoyalDutchA RDS.A s BPYU 19.07 0.12 38.86 -1.48 Amcor AMCR 11.55 -0.06 BrookfieldPropREIT GeneralDynamics GD 188.87 -0.94 LibertyFormOne C FWONK 49.61 0.70 OtisWorldwide OTIS 81.66 0.01 RoyalDutchB RDS.B BEPC 42.28 1.95 D E F 96.79 0.14 41.90 -0.68 Amdocs DOX 78.08 -0.77 BrookfieldRenew GeneralElec GE 12.89 -0.27 LibertyBraves A BATRA 27.61 -0.40 OwensCorning OC RoyaltyPharma RPRX Brown&Brown BRO 52.97 -0.52 60.55 0.92 60.56 2.34 106.69 -2.64 Amerco UHAL 572.98 0.95 DISH Network DISH 41.75 -0.66 GeneralMills GIS LibertyBraves C BATRK 26.98 -0.29 OzonHoldings OZON Ryanair RYAAY Dividend Changes Brown-Forman B BF.B 75.30 0.19 58.64 -1.66 10.35 0.18 141.47 1.11 Ameren AEE 81.92 0.18 DTE Energy DTE 131.00 -0.27 GeneralMotors GM LibertySirius C LSXMK 46.94 -0.14 PG&E PCG SAP SAP Brown-Forman A BF.A 71.86 -0.47 42.08 -0.02 191.60 -1.76 s 410.80 -1.56 AmericaMovil A AMOV 15.22 0.10 DXC Tech DXC 39.04 -0.42 Genmab GMAB LibertySirius A LSXMA 47.11 -0.31 PNC Fin PNC S&P Global SPGI Dividend announcements from June 28. s Bruker BRKR 75.76 1.22 125.51 -2.14 77.26 -0.45 322.84 3.74 AmericaMovil AMX 15.30 0.02 s Danaher DHR 271.69 5.13 GenuineParts GPC LifeStanceHealth LFST 28.25 0.15 POSCO PKX SBA Comm SBAC BuildersFirstSrc BLDR 45.24 0.03 6.16 -0.01 46.16 0.06 62.57 0.05 AmerAirlines AAL 21.39 -0.83 Darden DRI 141.82 -2.29 Gerdau GGB LightspeedPos LSPD 86.17 1.98 PPD PPD SEI Investments SEIC Amount Payable / Bumble BMBL 57.01 -1.69 67.70 -0.18 168.44 1.23 32.10 -0.06 AEP AEP 84.90 0.13 DarlingIngred DAR 66.04 0.54 GileadSciences GILD EliLilly LLY 228.22 -2.00 PPG Ind PPG SK Telecom SKM Company Symbol Yld % New/Old Frq Record Bunge BG 79.35 0.24 39.88 0.10 28.25 -0.05 73.53 -0.03 AmerExpress AXP 164.78 -4.67 Datadog DDOG 106.44 0.38 GSK GSK LincolnNational LNC 63.11 -2.47 PPL PPL SS&C Tech SSNC BurlingtonStrs BURL 319.10 -6.92 189.63 -2.60 168.57 -0.65 35.06 -0.47 Increased AmericanFin AFG 124.18 -2.72 DaVita DVA 121.82 0.15 GlobalPayments GPN Linde LIN 289.69 4.58 PRA HealthSci PRAH StoreCapital STOR CBRE Group CBRE 86.72 -0.51 228.98 2.23 140.10 1.41 556.88 -7.83 AmHomes4Rent AMH 39.41 -0.22 DeckersOutdoor DECK 382.37 1.71 Globant GLOB LithiaMotors LAD 335.36 -6.39 PTC PTC SVB Fin SIVB Matson MATX 1.9 .30 /.23 Q Sep02 /Aug05 CDW CDW 173.79 2.02 96.19 -1.83 88.64 -0.34 244.57 2.70 AIG AIG 47.96 -1.06 Deere DE 349.89 -0.10 GlobeLife GL LiveNationEnt LYV 88.29 -4.31 Paccar PCAR Salesforce.com CRM CF Industries CF 48.98 -2.35 87.51 0.62 135.59 0.33 53.22 0.31 Saul Centers BFS 4.8 .55 /.53 Q Jul30 /Jul16 AmerTowerREIT AMT 271.79 5.25 DellTechC DELL 99.75 0.25 GoDaddy GDDY LloydsBanking LYG 2.55 -0.05 PackagingCpAm PKG Sanofi SNY CGI GIB 91.49 0.17 368.71 -0.06 55.53 -0.90 36.67 -0.91 AmerWaterWorks AWK 157.33 2.10 DeltaAir DAL 43.12 -1.31 GoldmanSachs GS LockheedMartin LMT 380.07 -1.94 PagSeguroDig PAGS SantanderCons SC CH Robinson CHRW 94.27 -1.52 37.13 -0.18 27.38 0.60 15.22 -0.79 Stocks AmericoldRealty COLD 39.03 -0.07 DenaliTherap DNLI 75.05 0.37 GoodRx GDRX Loews L 54.51 -1.11 PalantirTech PLTR Sasol SSL CME Group CME 215.22 -2.90 75.14 0.16 378.47 2.90 32.02 -1.33 Ameriprise AMP 246.57 -2.07 DentsplySirona XRAY 63.22 -0.96 Graco GGG LogitechIntl LOGI 121.80 1.05 PaloAltoNtwks PANW Schlumberger SLB Meta Materials MMAT 1:2 /Jun28 CMS Energy CMS 60.01 -0.12 443.76 0.82 303.82 2.08 73.28 -0.50 AmerisourceBrgn ABC 114.74 -1.60 DeutscheBank DB 13.09 -0.22 Grainger GWW Lowe's LOW 193.21 0.55 ParkerHannifin PH SchwabC SCHW CNA Fin CNA 45.55 -0.81 17.81 ... s 106.91 1.30 191.16 1.84 Tempest Therapeutics TPST 1:15 /Jun28 Ametek AME 133.23 -0.42 DevonEnergy DVN 28.41 -1.35 Grifols GRFS LufaxHolding LU 11.66 -0.59 Paychex PAYX ScottsMiracleGro SMG CNH Indl CNHI 16.43 -0.21 125.68 2.45 373.50 4.70 281.12 -2.23 Amgen AMGN 242.84 0.16 DexCom DXCM 427.16 -3.20 GuardantHealth GH lululemon LULU 363.79 0.10 PaycomSoftware PAYC Sea SE CRH CRH 51.23 -1.02 115.68 0.52 194.40 1.04 86.21 -0.29 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and Amphenol APH 68.40 0.47 Diageo DEO 193.64 -0.34 Guidewire GWRE LumenTech LUMN 13.79 -0.26 Paylocity PCTY Seagate STX s CRISPR Therap CRSP 151.63 9.11 62.52 -2.23 293.65 4.05 161.10 3.92 AnalogDevices ADI 170.57 2.91 DiamondbkEner FANG 92.47 -3.84 GulfportEnergy GPOR Lyft LYFT 58.73 -2.77 PayPal PYPL Seagen SGEN ratio; SO: spin-off. CSX CSX 95.32 -0.59 206.92 -0.70 AB InBev BUD 74.03 -1.42 Dick's DKS 99.10 -2.11 HCA Healthcare HCA LyondellBasell LYB 101.69 -0.23 AnnalyCap NLY 9.19 -0.03 CVS Health CVS 84.12 0.04 DigitalRealty DLR 152.69 0.48 HDFC Bank HDB 74.35 -0.55 Anthem ANTM 380.90 0.08 CableOne CABO 1897.59 -6.00 DiscoverFinSvcs DFS 119.04 -4.53 HP HPQ 29.81 0.10 MN Aon AON 240.93 -2.78 CadenceDesign CDNS 137.10 2.34 DiscoveryB DISCB 66.00 ... HSBC HSBC 29.31 -0.47 | WSJ.com/ETFresearch s ApolloGlbMgmt APO 61.53 -0.05 CAE CAE 30.80 -0.91 DiscoveryA DISCA 30.57 -0.29 Halliburton HAL 22.71 -1.23 M&T Bank MTB 147.01 -4.32 Exchange-Traded Portfolios Appian APPN 144.64 5.13 CaesarsEnt CZR 100.54 -1.89 DiscoveryC DISCK 28.97 -0.29 HartfordFinl HIG 62.24 -1.18 MGMGrowthProp MGP 36.49 -0.40 134.78 1.67 CamdenProperty CPT 134.78 -0.44 176.57 -1.78 Hasbro HAS 93.61 0.07 MGM Resorts MGM 42.39 -1.50 Closing Chg YTD Apple AAPL Disney DIS Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) ApplMaterials AMAT 140.99 4.80 CampbellSoup CPB 45.86 0.10 DocuSign DOCU 284.15 4.95 HealthpeakProp PEAK 33.55 -0.44 MKS Instrum MKSI 176.90 3.61 114.61 -2.36 Applovin APP 82.12 -2.74 CIBC CM DolbyLab DLB 100.04 -0.02 Heico HEI 140.77 -2.00 MPLX MPLX 28.90 -0.49 SPDR DJIA Tr DIA 342.80 –0.48 12.1 105.56 -1.00 s 534.47 2.72 Closing Chg YTD Aptargroup ATR 140.71 -0.21 CanNtlRlwy CNI DollarGeneral DG 215.02 3.11 Heico A HEI.A 126.90 -1.37 MSCI MSCI Monday, June 28, 2021 SPDR S&PMdCpTr MDY 491.41 –1.00 17.0 35.84 -1.01 48.47 -1.26 ETF Symbol Price (%) (%) Aptiv APTV 154.70 -1.07 CanNaturalRes CNQ DollarTree DLTR 99.38 1.03 HenrySchein HSIC 74.33 -0.68 MagellanMid MMP Closing Chg YTD SPDR S&P 500 SPY 427.47 0.20 14.3 76.78 -0.40 92.80 -1.57 Aramark ARMK 37.03 -1.53 CanPacRlwy CP DominionEner D 75.24 0.13 s Hershey HSY 174.54 -0.58 MagnaIntl MGA ETF Symbol Price (%) (%) iShMSCI ACWI ACWI 101.55 –0.03 11.9 SPDR S&P Div SDY 122.52 –0.67 15.7 30.55 -0.48 Canon CAJ 23.05 -0.46 463.53 5.55 86.18 -3.14 ManhattanAssoc MANH 145.19 -0.42 79.47 –0.64 8.9 ArcelorMittal MT Domino's DPZ Hess HES ARKInnovationETF ARKK 130.23 3.78 4.6 iShMSCI EAFE EFA TechSelectSector XLK 146.75 1.05 12.9 38.76 -0.54 CanopyGrowth CGC 24.88 0.26 DoorDash DASH 175.60 -1.12 HewlettPackard HPE 14.53 -0.21 ManulifeFin MFC 19.67 -0.35 74.51 –0.49 9.0 33.98 –1.11 –5.7 ArchCapital ACGL CommSvsSPDR XLC 81.56 1.13 20.9 iShMSCI EAFE SC SCZ VanEckGoldMiner GDX ArcherDaniels ADM 60.79 -0.67 CapitalOne COF 156.00 -3.99 DouglasEmmett DEI 34.01 -1.30 HighwoodsProp HIW 45.21 -1.35 MarathonOil MRO 13.39 -0.68 55.55 0.09 7.5 397.24 1.07 12.3 CnsmrDiscSelSector XLY 177.97 0.02 10.7 iShMSCIEmgMarkets EEM VangdInfoTech VGT s AresMgmt ARES 63.67 0.96 CardinalHealth CAH 57.25 -0.03 Dover DOV 148.99 -0.32 Hilton HLT 120.72 -3.76 MarathonPetrol MPC 60.50 -2.05 52.16 –1.04 10.5 173.55 –1.44 22.0 DimenUSCoreEquity2 DFAC 26.69 –0.37 ... iShMSCIEAFEValue EFV VangdSC Val VBR 315.23 1.53 Carlisle CSL 189.72 -0.23 62.90 -0.39 HOLX 67.47 1.58 MaravaiLifeSci MRVI 42.32 -0.38 117.10 0.13 –0.1 arGEN-X ARGX Dow DOW Hologic 53.47 –3.38 41.1 iShNatlMuniBd MUB VangdExtMkt VXF 189.61 –0.20 15.1 362.82 0.60 s CG 46.83 -0.15 s 58.35 2.37 314.28 0.65 1182.08-13.52 EnSelectSectorSPDR XLE AristaNetworks ANET Carlyle Doximity DOCS HomeDepot HD Markel MKL iSh1-5YIGCorpBd IGSB 54.76 0.02 –0.7 VangdSC Grwth VBK 291.49 0.26 8.9 16.16 -0.49 CarMax KMX 129.01 1.61 73.04 1.15 32.70 0.23 469.62 1.66 FinSelSectorSPDR XLF 36.66 –0.73 24.4 Arrival ARVL DrReddy'sLab RDY HondaMotor HMC MarketAxess MKTX iShPfd&Incm PFF 39.19 0.10 1.8 VangdDivApp VIG 154.23 –0.05 9.3 86.22 -4.10 Carnival CCL 26.15 -1.98 52.71 1.04 216.79 -1.95 t MQ 28.12 -0.38 HealthCareSelSect XLV 125.89 0.15 11.0 ArrowheadPharm ARWR DraftKings DKNG Honeywell HON Marqeta iShRussell1000Gwth IWF 271.24 0.81 12.5 VangdFTSEDevMk VEA 51.88 –0.65 9.9 s 61.42 -1.31 Carnival CUK 23.00 -0.89 s 30.31 0.10 s 95.85 -0.07 Marriott MAR 135.87 -4.27 IndSelSectorSPDR XLI 101.81 –0.53 15.0 Asana ASAN Dropbox DBX HorizonTherap HZNP iShRussell1000 IWB 241.92 0.14 14.2 VangdFTSE EM VWO 54.69 0.24 9.1 140.73 -0.22 s CarrierGlobal CARR 47.88 0.82 100.01 0.29 47.77 0.01 Marsh&McLen MMC 138.95 -0.75 InvscQQQI QQQ 353.71 1.22 12.7 AspenTech AZPN DukeEnergy DUK HormelFoods HRL iShRussell1000Val IWD 158.61 –0.43 16.0 VangdFTSE Europe VGK 67.80 –0.78 12.5 156.56 -1.97 Carvana CVNA 305.47 5.31 48.08 -0.02 89.58 0.73 MartinMarietta MLM 358.15 -1.12 InvscS&P500EW RSP 150.51 –0.42 18.0 Assurant AIZ DukeRealty DRE DR Horton DHI iShRussell2000 IWM 230.44 –0.79 17.5 VangdFTSEAWxUS VEU 63.90 –0.37 9.5 60.07 0.72 Catalent CTLT 109.61 0.45 DNB 21.66 -1.13 16.95 -0.62 s MarvellTech MRVL 58.60 2.30 iShCoreDivGrowth DGRO 50.28 ... 12.2 AstraZeneca AZN Dun&Bradstreet HostHotels HST iShRussell2000Val IWN 166.79 –1.31 26.6 VangdGrowth VUG 286.41 0.81 13.1 s 66.71 -0.20 Caterpillar CAT 216.27 -0.04 DD 77.12 0.58 HWM 33.88 -0.96 Masco MAS 58.11 0.13 iShCoreMSCIEAFE IEFA 75.42 –0.59 9.2 Athene ATH DuPont HowmetAerospace iShRussellMid-Cap IWR 79.40 –0.26 15.8 VangdHlthCr VHT 247.57 0.19 10.7 TEAM 263.23 -1.46 Celanese CE 148.35 -1.84 s Dynatrace DT 59.99 0.31 Huazhu HTHT 53.32 0.53 Masimo MASI 248.20 4.06 iShCoreMSCIEM IEMG 67.48 0.16 8.8 Atlassian iShRussellMCValue IWS 115.03 –0.75 18.6 VangdHiDiv VYM 104.55 –0.39 14.2 AtmosEnergy ATO 98.75 -0.18 Cemex CX 8.58 -0.08 ENI E 24.53 -0.71 Hubbell HUBB 184.74 -0.90 Mastercard MA 367.68-11.93 iShCoreMSCITotInt IXUS 73.76 –0.47 9.8 iShS&P500Growth IVW 72.56 0.93 13.7 VangdIntermBd BIV 89.83 0.21 –3.3 Autodesk ADSK 293.36 4.62 CenovusEnergy CVE 9.39 -0.35 EOG Rscs EOG 82.97 -4.68 HubSpot HUBS 594.45 12.14 MatchGroup MTCH 161.53 -0.46 429.35 0.21 14.4 iShCoreS&P500 IVV iShS&P500Value IVE 147.32 –0.61 15.1 VangdIntrCorpBd VCIT 94.90 0.23 –2.3 ADP ADP 196.63 -0.73 Centene CNC 74.30 0.40 s EPAM 521.06 -2.09 Humana HUM 444.88 3.17 s MaximIntProducts MXIM 104.60 1.94 269.04 –1.03 17.1 EPAM Systems iShCoreS&P MC IJH SHV 110.49 0.01 –0.0 200.57 0.28 14.1 1496.16 16.89 CenterPointEner CNP 24.63 -0.12 72.30 -1.88 161.78 -0.22 MCFE 27.93 -0.41 iShShortTreaBd VangdLC VV AutoZone AZO EastWestBncp EWBC JBHunt JBHT McAfee iShCoreS&P SC IJR 112.89 –1.03 22.8 24.21 0.12 –1.5 237.92 –0.14 15.1 165.49 2.06 CentraisElBras EBR 9.03 0.07 115.59 -1.19 14.33 -0.28 McCormickVtg MKC.V 88.31 1.51 iShSilver SLV VangdMC VO Avalara AVLR EastmanChem EMN HuntingtonBcshs HBAN iShS&PTotlUSStkMkt ITOT 98.80 0.14 14.6 127.77 0.15 0.1 140.70 –0.66 18.3 212.38 -1.56 CeridianHCM CDAY 99.10 1.05 146.50 -0.19 154.48 2.02 McCormick MKC 88.15 0.87 iShTIPSBondETF TIP VangdMC Val VOE Avalonbay AVB Eaton ETN IAC/InterActive IAC iShCoreTotalUSDBd IUSB 53.43 0.23 –2.1 86.15 0.03 –0.3 53.36 0.11 –1.3 52.40 0.14 Cerner CERN 78.50 0.05 s 68.82 0.92 17.54 0.07 McDonalds MCD 231.09 -1.33 iSh1-3YTreasuryBd SHY VangdMBS VMBS Avangrid AGR eBay EBAY ICICI Bank IBN iShCoreUSAggBd AGG 115.19 0.29 –2.5 113.48 0.54 10.6 102.61 20.8 s 35.85 0.17 34.94 3.27 208.24 0.76 6.84 -0.13 192.06 0.72 iShRussellMCGrowth IWP VangdRealEst VNQ –0.29 Avantor AVTR ChargePoint CHPT Ecolab ECL ICL Group ICL McKesson MCK iShSelectDividend DVY 116.80 –0.83 21.4 366.06 -1.84 s 631.90 11.26 20.43 -0.07 iShUSTreasuryBdETF GOVT 26.52 0.28 –2.6 VangdS&P500ETF VOO 394.32 0.21 14.7 AveryDennison AVY 209.40 0.73 CharlesRiverLabs CRL Ecopetrol EC 14.58 -0.26 IdexxLab IDXX MedicalProp MPW 98.33 0.31 14.3 172.06 -0.12 s 721.36 0.07 57.63 0.63 s 112.96 -0.35 123.74 -1.19 iShESGAwareUSA ESGU JPM UltShtIncm JPST 50.72 0.01 –0.1 VangdST Bond BSV 82.13 0.05 –0.9 AxonEnterprise AXON CharterComms CHTR EdisonInt EIX IHS Markit INFO Medtronic MDT 73.70 0.19 8.6 iShEdgeMSCIMinUSA USMV 101.96 –0.01 –0.1 82.64 0.04 –0.7 BCE BCE 49.21 -0.15 CheckPoint CHKP 117.93 1.20 EdwardsLife EW 102.58 -0.99 ING Groep ING 13.20 -0.29 MercadoLibre MELI 1570.72 29.00 PIMCOEnhShMaturity MINT VangdSTCpBd VCSH iShEdgeMSCIUSAMom MTUM 172.84 0.16 7.2 166.58 –0.01 –6.6 52.33 0.02 2.4 BHP Group BHP 72.81 -0.42 Chegg CHGG 84.61 1.66 ElancoAnimal ELAN 35.32 0.28 Invesco IVZ 27.13 -0.29 Merck MRK 76.86 -0.34 SPDR Gold GLD VangdShtTmInfltn VTIP iShEdgeMSCIUSAQual QUAL 132.80 0.45 14.3 39.74 –0.60 10.4 225.69 –0.73 15.9 BHP Group BBL 59.64 -0.38 CheniereEnergy LNG 86.46 -0.98 Elastic ESTC 148.70 -0.09 IPG Photonics IPGP 212.72 1.74 MetLife MET 59.75 -1.27 SchwabIntEquity SCHF VangdSC VB 105.10 –0.19 20.9 104.23 0.15 14.6 85.79 –2.7 BP BP 26.46 -0.86 CheniereEnerPtrs CQP 43.05 -0.67 ElectronicArts EA 142.98 4.39 IQVIA IQV 243.39 -1.95 s MettlerToledo MTD 1381.67 29.65 iShEdgeMSCIUSAVal VLUE SchwabUS BrdMkt SCHB VangdTotalBd BND 0.27 33.88 ... –6.6 Baidu BIDU 205.18 2.54 Chevron CVX 103.99 -3.31 EmersonElec EMR 95.03 -0.97 IcahnEnterprises IEP 55.47 -0.51 MicrochipTech MCHP 152.32 3.55 iShGoldTr IAU SchwabUS Div SCHD 75.30 –0.29 17.4 VangdTotIntlBd BNDX 57.07 0.21 –2.5 134.05 0.43 –3.0 BakerHughes BKR 22.65 -0.90 Chewy CHWY 83.00 2.65 Enbridge ENB 39.84 -0.40 Icon ICLR 215.28 -1.87 MicronTech MU 83.38 1.35 iShiBoxx$InvGrCpBd LQD SchwabUS LC SCHX 103.95 0.24 14.3 VangdTotIntlStk VXUS 66.14 –0.41 9.9 87.92 0.7 Ball BLL 81.87 -0.94 ChinaEastrnAir CEA 21.45 -0.20 Endeavor EDR 27.08 -0.61 IDEX IEX 219.92 0.10 s Microsoft MSFT 268.72 3.70 iShiBoxx$HYCpBd HYG –0.01 SchwabUS LC Grw SCHG 146.08 0.90 13.8 VangdTotalStk VTI 222.80 0.11 14.5 BancoBilbaoViz BBVA 6.33 -0.16 ChinaLifeIns LFC 10.05 -0.17 EnelAmericas ENIA 7.22 -0.06 IllinoisToolWks ITW 224.63 1.70 MidAmApt MAA 170.09 -0.06 iShJPMUSDEmgBd EMB 112.34 0.19 –3.1 SchwabUS SC SCHA 104.51 –0.72 17.4 VangdTotlWrld VT 103.87 –0.11 12.2 BancoBradesco BBDO 4.41 -0.05 ChinaPetrol SNP 52.59 -0.64 EnergyTransfer ET 10.37 -0.35 Illumina ILMN 481.50 6.84 Middleby MIDD 171.86 0.74 iShMBSETF MBB 108.24 0.16 –1.7 Schwab US TIPs SCHP 62.38 0.13 0.5 VangdValue VTV 137.25 –0.44 15.4

52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % New Highs and Lows 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 Cutera CUTR 49.86 2.8 Facebook FB 358.14 4.2 IdexxLab IDXX 633.74 1.8 Microsoft MSFT 268.90 1.4 RXR Acqn Wt RXRAW 1.09 22.7 US BancorpPfdM USBpR 25.74 0.5 DouYuIntl DOYU 6.81 -2.8 The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE DCPMidstrmPfdC DCPpC 25.15 0.5 FifthWall I FWAA 12.40 ... IHS Markit INFO 114.08 -0.3 MisterCarWash MCW 22.95 10.3 RegionsFinPfdC RFpC 29.92 0.1 UnitedBancshares UBOH 36.06 5.8 EQ Health A EQHA 9.57 ... American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low DIRTT Envl DRTT 4.43 8.6 FinTechAcqnVI FTVIU 10.86 -0.1 IberePharmWt IBER.WS 1.00 17.3 ModelPerformWt MPACW 1.00 14.2 Revolve RVLV 71.30 0.5 US12mthNtlGas UNL 10.09 1.8 ElevationOnc ELEV 10.58 2.2 in the latest session. %CHG-Daily percentage change from the previous trading session. Danaher DHR 272.34 1.9 FirstAdvantage FA 21.37 3.9 Ikonics IKNX 27.50 12.4 ModelPerform MPACU 10.48 ... RexfordIndlRealty REXR 59.76 -1.0 VaalcoEnergy EGY 3.70 -5.7 EquinoxGold EQX 7.02 -1.8 DataIO DAIO 7.24 -5.1 FirstFinNW FFNW 15.06 0.4 IndLogistics ILPT 26.77 -1.7 MolecularPtrs MOLN 21.13 5.2 RiceAcqnWt RICE.WS 6.29 2.6 VeriSign VRSN 231.43 0.4 ExcellonRes EXN 2.15 -3.6 18.61 -4.8 Monday, June 28, 2021 DataKnights DKDCU 10.43 0.4 FlameAcqnWt FLME.WS 1.14 25.2 InMode INMD 98.12 -0.2 MonumentCirWt MONCW 1.04 -5.5 RiceAcqnA RICE VerraMobility VRRM 15.94 -3.4 Exelixis EXEL 17.91 -23.1 DataKnightsA DKDCA 10.05 0.1 ForesightAcqnWt FOREW 1.51 0.7 Inovalon INOV 33.69 0.8 Moody's MCO 367.95 0.2 RiceAcqn RICE.U 21.50 9.3 VerveTherap VERV 48.86 25.0 Femasys FEMY 7.65 -6.7 52-Wk % 52-Wk % 52-Wk % DataKnightsWt DKDCW 0.60 1.9 Fortinet FTNT 247.33 2.1 IntelliaTherap NTLA 144.40 50.2 MoringaAcqnWt MACAW 1.00 8.5 RocketInternetWt RKTA.WS 1.44 2.3 VictoryCapital VCTR 32.80 -1.8 FinServIIA FSRX 9.66 -0.5 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Descartes DSGX 69.65 2.6 G&P Acqn Wt GAPA.WS 1.00 15.9 Intuit INTU 491.39 0.2 MotorolaSol MSI 216.18 -0.2 RogersComm B RCI 53.18 0.1 WRBerkleyDeb60 WRBpG 27.03 0.4 ForumMergerIV A FMIV 9.66 -0.1 ROP 468.12 0.4 WRBpH 26.92 0.2 ApolloMedical AMEH 62.62 9.9 CovaAcqnWt COVAW 1.00 1.1 DigitalTransWt DTOCW 1.03 6.0 G&P Acqn GAPA.U 10.16 0.2 IntuitiveSurgical ISRG 914.55 0.4 MountainCrstIIIRt MCAER 0.64 5.9 RoperTech W.R.BerkleyDeb61 Frontier ULCC 17.03 -3.2 RCLFW 1.12 11.3 WARR.WS 1.04 11.2 AresMgmt ARES 63.77 1.5 Calix CALX 49.00 2.0 DigitalBrdgPfdH DBRGpH 25.77 0.4 GMS GMS 48.95 0.6 iSpecimen ISPC 8.20 25.7 MusicAcqnWt TMAC.WS 1.00 2.4 RosecliffAcqnIWt WarriorTechWt FullTruck YMM 17.01 -9.7 Highs SPGI 414.77 -0.4 WTS 144.54 1.6 ArrowrootAcqnWt ARRWW 1.05 7.7 CapitalaFinNts22 CPTAG 25.23 -0.1 DigitalBrdgPfdJ DBRGpJ 25.93 -0.1 GMedInnovWt GMVDW 1.39 22.2 ItiquiraAcqnWt ITQRW 1.01 10.0 NewSeniorInvt SNR 8.97 29.1 S&P Global WattsWater GH Research GHRS 17.05 1.8 ACRpC 25.90 -0.2 SLM Pfd B SLMBP 61.75 3.4 WST 364.53 0.9 AcresCmclPfdC Asana ASAN 64.26 -2.1 CapsteadMtgPfdE CMOpE 25.78 0.2 DigitalOcean DOCN 57.89 8.2 Gartner IT 243.70 -0.7 JoffFintechWt JOFFW 1.12 5.3 NewYorkMtgPfB NYMTP 25.49 0.5 WestPharmSvcs GeminiTherap GMTX 6.35 -0.6 AFAQW 1.04 6.1 SWK Holdings SWKH 17.99 0.2 WHG 22.22 2.2 AF Acqn Wt AspenInsPfd AHLpD 27.37 1.2 Carlyle CG 47.28 -0.3 DillardsCapPfd DDT 26.34 0.2 GasLogPfdA GLOGpA 25.95 0.4 JackCreekWt JCICW 1.00 4.9 NewYorkMtgPfdD NYMTN 26.47 0.2 Westwood GlbBloodTherap GBT 32.52 -8.9 ACBAW 1.01 20.4 SaulCentersPfdD BFSpD 26.87 0.9 WTT 3.90 30.9 AceGlblBusWt AspenInsPfd AHLpE 26.99 0.5 CarrierGlobal CARR 47.94 1.7 DimeComPfdA DCOMP 26.25 0.3 GasLogPtrsPfdA GLOPpA 25.01 0.2 HancockHdgEquity HEQ 13.43 3.9 NY MtgPfdC NYMTO 25.69 1.1 WirelessTel HarmonyGold HMY 3.70 -2.3 ACBAU 10.60 1.5 SciStratWt SSAAW 1.01 2.7 XYF 17.88 9.4 AceGlblBus AthenaTechWt ATHN.WS 1.01 0.1 CatalystPharma CPRX 6.22 -1.8 dLocal DLO 51.81 7.7 GasLogPtrsPfdB GLOPpB 23.51 0.3 KademSustWt KSICW 1.00 6.8 NextGenII Wt NGCAW 2.94 14.7 XFinancial HealthSciences2 HSAQ 9.74 ... ADRA.WS 1.00 15.7 ScorpioTankers STNG 24.67 -5.7 XOMAO 25.21 0.4 AdaraAcqnWt Athene ATH 67.29 -0.3 CatchaInvtWt CHAA.WS 1.04 10.6 Domo DOMO 84.00 ... GasLogPtrsPfdC GLOPpC 24.52 0.5 KademSust KSICU 10.07 0.1 NextGenAcqnII NGCAU 11.19 0.3 XomaPfdB IMV IMV 2.16 -1.8 Seaboard SEB 4189.96 -4.5 ZIM 49.90 -8.1 AditEdTechAcqnWt ADEX.WS 0.96 7.8 ACAHW 1.11 7.3 CDR 17.54 -2.2 DorianLPG LPG 15.68 -4.4 Generac GNRC 412.10 3.3 KismetThreeWt KIIIW 0.98 9.3 NobleRockWt NRACW 1.10 23.4 ZimIntShipping IberePharmA IBER 9.60 1.4 AtlCoastalWt CedarRealty ShockwaveMed SWAV 201.99 3.8 ZBRA 529.01 3.2 Adobe ADBE 589.41 1.6 ATLC 44.16 1.7 CLDX 35.16 7.6 DoubleVerify DV 45.81 1.1 GlenfarneMergerWt GGMCW 1.10 22.0 KismetTwoWt KAIIW 1.01 4.8 NorthernOil&Gas NOG 20.68 -5.4 ZebraTech KademSustA KSI 9.54 -0.1 Atlanticus CelldexTherap SilverBoxI Wt SBEAW 1.10 11.1 ZTS 187.93 -0.1 AegonCapSec AEB AEB 25.84 -0.4 ATRC 80.98 -0.4 CHTR 726.66 ... Doximity DOCS 59.69 4.2 GlobalPtrsPfdB GLPpB 27.97 0.8 Kulicke&Soffa KLIC 63.69 2.6 NVIDIA NVDA 803.15 5.0 Zoetis LeadEdgeGrwA LEGA 9.69 -0.2 AtriCure CharterComms SkylineChamp SKY 54.00 -0.7 ZUO 18.64 -0.4 AfricanGoldAcqn AGAC.U 10.30 -0.2 AUUDW 2.25 83.0 CHMIpB 26.35 0.9 DriveShackPfdB DSpB 26.66 ... GlobusMedical GMED 78.15 -1.8 LMFAcqnOppsWt LMAOW 0.70 4.1 1847GoedekerWt GOED.WS 2.50 3.2 Zuora LiveVox LVOX 8.10 -4.3 Auddia CherryHillPfdB Smith-Midland SMID 24.41 7.9 AfricanGoldWt AGAC.WS 0.97 5.0 AUUD 6.45 43.7 CPK 124.94 -0.6 DBX 30.49 0.3 GAMCW 1.01 8.6 LCY 12.65 -0.4 LPRO 43.95 ... MSDA 9.83 -0.6 Auddia ChesapeakeUtil Dropbox GoldenArrowWt LandcadiaIII A OpenLending SplashBeverageWt SBEV.WS 1.23 0.9 MSD Acqn A AgileGrowthWt AGGRW 1.04 18.5 AVTRpA 110.92 0.5 CSSE 46.81 8.6 DLNGpB 24.69 0.5 GBRGW 0.70 21.2 LEGOW 2.18 -12.9 OTEX 51.84 1.4 OPA 9.56 -0.9 AvantorPfdA ChickenSoupA DynagasLNG PfdB GoldenbridgeWt LegatoMergerWt OpenText SportsTekAcqnWt SPTKW 0.95 16.2 Lows MagnumOpusA AldelFinWt ADF.WS 1.00 33.8 AVTR 35.89 0.5 CTAS 381.71 0.4 DT 60.65 0.5 GBRGU 10.74 -0.2 LBRDA 168.37 0.2 PAYX 107.28 1.2 MQ 27.33 -1.3 Avantor Cintas Dynatrace GoldenbridgeAcqn LibertyBroadbandA Paychex Sprinklr CXM 25.37 16.9 AchillesTherap ACHL 10.27 -6.0 Marqeta AldelFin ADF.U 10.28 1.6 CDMO 25.70 -2.5 CLRMW 1.00 ... EPAM 527.04 -0.4 GDP 14.73 0.5 LBRDK 174.86 0.2 PEBpG 26.62 1.0 MRSN 13.25 -5.1 AvidBioservices ClarimAcqnWt EPAM Systems GoodrichPetrol LibertyBroadbandC PebblebrookPfdG Starrett A SCX 9.92 -3.8 AdvMergerPtrsA AMPI 9.67 -0.1 MersanaTherap ALXN 185.11 0.8 EQHA.WS 1.00 ... GRA 69.27 0.2 LGF.A 21.21 4.5 PWPPW 3.24 -5.1 GLUE 18.01 1.4 AlexionPharm AvidTechnology AVID 39.67 3.1 CommVaultSys CVLT 82.17 -0.8 EQ Health Wt GraceWR LionsGate A PerellaWeinbergWt SunstonePfdH SHOpH 27.38 0.7 AlussaEnergyA ALUS 9.44 -3.5 MonteRosaTherap ALF 22.50 8.7 EBAY 68.97 1.4 GRPH 24.40 22.7 MDCA 5.83 3.9 PTOCW 1.01 5.3 ORIC 17.72 -3.5 Alfi Axonics AXNX 68.19 -3.3 comScore SCOR 5.04 5.7 eBay GraphiteBio MDC Partners PineTechWt SupernovaPtrsIII STRE.U 10.23 0.4 AngloGoldAsh AU 18.30 -1.4 OricPharm TKNO 30.89 11.9 29.83 -0.4 1.00 7.7 135.17 -3.5 9.62 -2.3 AlphaTeknova BoaAcqnWt BOAS.WS 1.04 7.0 Confluent CFLT 55.12 15.2 EnstarPfdD ESGRP GreatAjaxNts24 AJXA 26.05 -0.4 MDH Acqn Wt MDH.WS PiperSandler PIPR Synaptics SYNA 151.59 2.3 ArrowrootAcqnA ARRW 9.61 -0.1 OriginalBark BARK ALINpB 24.67 0.7 AlteraIPfdB BellRingBrands BRBR 31.41 1.7 Copart CPRT 134.04 0.2 EnstarPfdE ESGRO 28.10 0.8 GrowthCapWt GCACW 0.82 7.4 MSCI MSCI 535.82 0.5 PlumasBancorp PLBC 32.44 0.7 TBSAAcqnWtTBSAW 1.02 14.9 B2Gold BTG 4.16 -0.5 PanAmerSilver PAAS 27.85 -0.6 24.70 1.1 AlteraPfdE ALINpE Bioventus BVS 19.94 -2.4 CornerGrowth2 TRONU 10.35 0.1 Entravision EVC 6.68 1.9 GrupoSimec SIM 31.73 -3.4 MagnumOpusWt OPA.WS 1.04 2.9 PresidioPropPfdD SQFTP 24.94 1.1 TCW Spac Wt TSPQ.WS 1.00 7.8 BigSkyGrowth BSKYU 9.91 1.3 PineTechA PTOC 9.60 -1.4 AmerFirstMultifam ATAX 7.11 1.7 BrookfieldMgt BAM 52.53 -0.4 Corvel CRVL 133.05 0.8 EstablishLabs ESTA 85.45 -0.3 HalladorEnergy HNRG 3.05 4.6 MagnumOpus OPA.U 10.14 0.6 PriorityIncmPfdI PRIFpI 25.62 -0.5 TRowePrice TROW 198.00 0.3 Cel-Sci CVM 9.00 -45.4 Similarweb SMWB 17.81 -2.3 AnalogDevices ADI 171.16 1.7 BrookfieldProp BPY 19.20 0.4 Costco COST 397.42 0.5 EvoAcqnWt EVOJW 1.07 18.3 HarrowHlthNts26 HROWL 26.60 0.6 MarinSoftware MRIN 7.52 96.9 PriorityIncmPfdE PRIFpE 25.65 0.5 Target TGT 242.24 0.3 ChinaOnlineEduc COE 7.89 -6.3 Supernova III A STRE 9.69 0.2 AnavexLifeSci AVXL 31.50 16.6 BrookfieldPropREIT BPYU 19.18 0.6 Cricut CRCT 42.65 -3.7 ExpeditorsIntl EXPD 128.03 ... HarvardBioSci HBIO 8.20 3.2 MarvellTech MRVL 58.88 4.1 PriveterraAcqnWt PMGMW 1.14 13.6 TeekayLNG PfdB TGPpB 27.83 -0.1 ClearwaterPaper CLW 27.75 1.3 TCV Acqn TCVA 9.96 -0.6 AnnalyCapPfdI NLYpI 26.46 0.3 Bruker BRKR 76.00 1.6 CrossTimbers CRT 12.23 -1.6 FAT Brands FAT 16.00 12.9 Hershey HSY 175.86 -0.3 MasonIndlTechWt MIT.WS 1.00 -1.7 PriviaHealth PRVA 49.82 7.0 TroikaMediaWt TRKAW 0.85 14.3 ColiseumAcqn MITAU 9.86 0.2 TempestTherap TPST 13.06 -16.0 AnzuSpecial I Wt ANZUW 1.10 1.2 Buckle BKE 48.35 -1.4 CrowdStrike CRWD 260.82 0.7 FatBrandsWt FATBW 10.71 20.6 HorizonTherap HZNP 98.33 -0.1 MaximIntProducts MXIM 104.97 1.9 ProtagonistTherap PTGX 45.02 0.6 TuataraCapWt TCACW 1.15 49.4 DHB Capital A DHBC 9.60 -0.1 TernsPharm TERN 12.68 -4.5 ApogeeEnt APOG 43.76 -6.5 CF Acqn V Wt CFFVW 1.18 -4.1 CubeSmart CUBE 47.87 -1.3 Figs FIGS 50.40 12.1 HoulihanLokey HLI 81.57 0.7 MediWound MDWD 6.22 -1.2 QAD B QADB 86.90 79.8 TwelveSeasII Wt TWLVW 1.01 5.8 DT Midstream DTMw 39.74 -0.3 Tredegar TG 13.47 -2.7 ApolloGlbMgmt APO 61.75 -0.1 CIT PfdB CITpB 27.26 0.7 CumulusMedia CMLS 14.80 7.9 Fabrinet FN 96.21 0.7 HudsonTech HDSN 3.48 0.3 MettlerToledo MTD 1387.32 2.2 QAD A QADA 87.34 19.4 TwoHarborsPfdC TWOpC 25.25 0.2 DataKnightsA DKDCA 9.86 0.1 Waterdrop WDH 6.31 -3.6

Data provided by Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD Mutual Funds 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 Intl Stk 49.47 -0.40 13.2 BluCh 186.63 +1.48 14.4 Harbor Funds PIMCO Funds A ExplrAdml 136.10 -0.51 13.7 WndsrAdml 84.64 -0.65 19.6 IdxIntl 21.23 -0.08 10.5 Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. Stock 239.58 -1.79 26.1 Contra 18.76 +0.15 14.4 CapApInst 114.76 +1.05 10.1 IncomeFd NA ... NA ExtndAdml 143.85 -0.27 16.0 VANGUARD FDS MdCpGrAdml102.05 +0.52 12.0 18.80 +0.14 14.4 10.64 +0.01 -0.6 36.41 -0.15 10.9 72.88 -0.48 19.4 e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e DoubleLine Funds ContraK Harding Loevner PIMCO Funds I2 GNMAAdml DivdGro MdCpVlAdml NA ... NA 11.25 -0.01 8.0 NA ... NA NA ... NA 147.40 +1.30 13.3 74.56 -1.05 23.0 and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, TotRetBdI CpInc r IntlEq Income GrwthAdml INSTTRF2020 27.73 +0.03 5.6 SmValAdml 99.51 -0.20 11.1 11.15 +0.03 -1.8 12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r Edgewood Growth Instituti GroCo 38.03 +0.35 15.7 Invesco Funds Y PIMCO Funds Instl HlthCareAdml r INSTTRF2025 29.34 +0.02 6.9 TotBd2 5.98 ... 2.1 142.00 -0.50 10.5 apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not EdgewoodGrInst 62.05 +0.47 19.9 GrowCoK 38.14 +0.35 15.7 DevMktY 57.13 -0.15 6.9 IncomeFd NA ... NA HYCorAdml r INSTTRF2030 30.40 +0.02 8.1 TotIntlInstIdx r 28.69 +0.07 1.5 142.04 -0.50 10.5 available due to incomplete price, performance or cost data. NE-Not released by Lipper; Fidelity InvGrBd 11.70 +0.03 -0.8 John Hancock Instl Price Funds InfProAd INSTTRF2035 31.38 +0.01 9.2 TotItlInstPlId r data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. 500IdxInstPrem149.33 +0.35 15.0 LowP r 58.08 -0.49 19.4 DispValMCI 27.89 -0.35 19.6 BlChip 186.79 +1.33 12.9 IntlGrAdml 171.17 +0.54 6.8 INSTTRF2040 32.41 +0.01 10.4 TotSt 108.41 +0.18 15.1 Contrafund K6 21.52 +0.17 14.0 Magin 13.90 +0.10 11.6 JPMorgan I Class DivGro 67.12 -0.18 12.1 ITBondAdml 12.17 +0.03 -2.1 INSTTRF2045 33.35 -0.01 11.6 VANGUARD INSTL FDS 10.18 +0.02 -1.0 47.44 +0.10 8.2 ExtMktIdxInstPre 91.18 -0.17 16.0 NASDAQ r 182.57 +1.76 12.8 CoreBond 12.02 +0.01 -1.3 EqInc 36.62 -0.47 17.6 ITIGradeAdml INSTTRF2050 33.49 -0.01 11.7 BalInst Monday, June 28, 2021 11.11 +0.09 -3.9 16.69 -0.09 10.8 FidSerToMarket 14.81 +0.02 15.1 OTC 20.19 +0.18 15.2 EqInc 22.69 -0.16 15.7 Growth 112.15 +0.54 15.7 LTGradeAdml INSTTRF2055 33.58 -0.01 11.7 DevMktsIndInst Net YTD Net YTD Net YTD 294.66 -0.14 15.6 26.09 -0.14 10.9 GrowthCompanyK6 22.26 +0.20 15.8 Puritn 28.99 -0.02 11.7 JPMorgan R Class HelSci 108.67 +0.43 9.9 MidCpAdml IntlVal 44.61 -0.39 10.8 DevMktsInxInst Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret 12.15 ... 3.1 143.84 -0.27 16.0 IntlIdxInstPrem 50.09 -0.26 10.1 SrsEmrgMkt 27.06 +0.03 8.4 CoreBond 12.03 ... -1.3 LgCapGow I 71.55 +0.41 16.9 MuHYAdml LifeCon 23.42 -0.07 3.6 ExtndInst 46.04 -0.43 15.5 14.82 ... 0.8 147.41 +1.30 13.3 American Century Inv IntlVal Inst Columbia Class I MidCpInxInstPrem 31.33 -0.09 16.4 SrsGlobal 15.79 -0.06 10.1 Lord Abbett A MidCap 124.57 +0.08 10.2 MuIntAdml LifeGro 44.03 -0.29 9.4 GrwthInst 85.30 +0.48 12.3 29.43 -0.02 14.9 12.27 ... 1.6 InPrSeIn 11.69 +0.03 1.5 Ultra Baird Funds DivIncom I SAIUSLgCpIndxFd 22.58 +0.05 15.0 SrsGroCoRetail 26.45 +0.23 16.2 ShtDurIncmA p 4.20 ... 1.0 NHoriz 90.67 +0.35 10.2 MuLTAdml LifeMod 33.65 -0.20 6.3 11.47 +0.03 -1.6 MuLtdAdml 11.23 ... 0.4 InstIdx 374.74 +0.87 15.0 American Funds Cl A AggBdInst Dimensional Fds SeriesBondFd 10.50 +0.03 -1.8 SrsIntlGrw 19.71 -0.07 10.9 Lord Abbett F R2020 24.49 -0.01 7.6 PrmcpCor 34.56 -0.05 19.3 11.86 +0.04 -1.2 MuShtAdml 15.93 ... 0.3 InstPlus 374.75 +0.86 15.1 AmcpA p 42.76 +0.08 13.3 CorBdInst 5GlbFxdInc 10.91 +0.01 0.2 SeriesOverseas 13.76 -0.05 11.0 SrsIntlVal 11.30 -0.10 12.0 ShtDurIncm 4.20 ... 1.0 R2025 21.07 -0.01 8.8 STAR 33.50 -0.11 7.8 PrmcpAdml r180.99 +0.07 17.6 InstTStPlus 84.67 +0.14 15.2 AMutlA p 50.07 -0.09 13.2 BlackRock Funds EmgMktVa 33.28 -0.03 16.4 SmCpIdxInstPrem 29.43 -0.16 18.1 TotalBond 11.14 +0.03 -0.6 Metropolitan West R2030 31.33 -0.02 10.1 TgtRe2015 16.32 +0.02 3.8 10.97 +0.03 -1.3 RealEstatAdml145.35 -0.54 22.3 MidCpInst 65.09 -0.03 15.6 BalA p 32.64 +0.04 9.3 HiYldBd Inst 7.91 ... 4.0 EmMktCorEq 27.25 +0.03 12.4 TMktIdxInstPrem123.94 +0.19 15.2 Fidelity SAI TotRetBdI R2035 23.65 -0.03 11.3 TgtRe2020 36.21 +0.03 5.6 SmCapAdml108.18 -0.79 16.7 MidCpIstPl 321.02 -0.15 15.6 BondA p 13.50 +0.03 -1.5 BlackRock Funds A IntlCoreEq 16.38 -0.10 12.6 USBdIdxInstPrem 12.11 +0.03 -1.9 TotalBd 10.58 +0.02 -0.5 TRBdPlan 10.29 +0.03 -1.3 R2040 34.22 -0.04 12.5 23.02 +0.02 6.9 SmGthAdml102.47 +0.15 9.2 TgtRe2025 SmCapInst 108.18 -0.78 16.7 CapIBA p 68.48 -0.15 10.0 GlblAlloc p 23.01 ... 6.9 IntSmCo 22.84 -0.11 12.7 Fidelity Advisor I Fidelity Selects Northern Funds PRIMECAP Odyssey Fds 43.81 +0.02 8.0 STBondAdml 10.77 +0.01 -0.3 TgtRe2030 STIGradeInst 10.96 +0.01 0.2 CapWGrA 65.20 -0.12 10.7 BlackRock Funds III IntSmVa 21.73 -0.18 13.7 NwInsghtI 42.33 +0.32 14.9 Softwr r 30.21 +0.14 13.1 StkIdx 47.99 +0.11 15.0 AggGrowth r 60.29 +0.17 12.3 27.54 +0.01 9.2 STIGradeAdml 10.96 +0.01 0.2 TgtRe2035 STIPSIxins 26.26 +0.02 2.7 EupacA p 71.30 -0.25 7.2 iShS&P500IdxK509.11 +1.17 15.0 LgCo 32.27 +0.08 15.0 Fidelity Freedom Tech r 28.20 +0.28 11.1 Nuveen Cl I Schwab Funds 48.86 ... 10.4 STIPSIxAdm 26.24 +0.02 2.6 TgtRe2040 TotBdInst 11.30 +0.03 -1.8 FdInvA p 76.47 +0.09 14.2 BlackRock Funds Inst TAUSCoreEq2 NA ... NA 17.53 ... 7.0 HYMunBd 18.51 ... 7.5 NA ... NA 31.45 ... 11.6 FF2020 First Eagle Funds 1000 Inv r TotBdAdml 11.30 +0.03 -1.8 TgtRe2045 TotBdInst2 11.15 +0.03 -1.8 GwthA p 75.17 +0.37 11.3 EqtyDivd 23.56 -0.17 16.5 US CoreEq1 34.48 -0.05 16.5 16.06 ... 8.0 67.73 -0.25 10.6 Old Westbury Fds NA ... NA 50.77 -0.01 11.7 FF2025 GlbA S&P Sel TotIntBdIdxAdm 22.81 +0.04 -2.1 TgtRe2050 TotBdInstPl 11.30 +0.03 -1.8 49.91 +0.06 14.0 StratIncOpptyIns 10.38 ... 1.2 31.60 -0.07 17.5 20.19 -0.01 9.1 LrgCpStr NA ... NA NA ... 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B10 | Tuesday, June 29, 2021 ***** THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS & COMMENTARY Cultured Milk Meets Investor Activism

Relationship between Japan’s midsize companies and foreign investors will make or break country’s shareholder revolution

Japan’s Yakult Honsha is a and operating income growth of company that overseas investors 145% and 184%, respectively, by might not be familiar with, even if 2030 didn’t receive an overwhelm- they know its most famous prod- ing market response. The stock uct, the red-capped probiotic yo- closed down a little more than 4% gurt-like drink sold in many parts on Thursday. of the world. What happens next will be in- The company is an interesting teresting precisely because it study in Japanese corporate gover- doesn’t involve a corporate giant nance and the relationship of mid- like Toshiba, where shareholders size listed companies—Yakult has voted against the re-election of a market capitalization of around Chairman Osamu Nagayama on $9 billion—with overseas inves- Friday, a rarity among Japanese tors. Case in point: its relationship companies. Nor does it involve a with VGI Partners, a global equity prominent activist fund like Elliott asset-management firm in Austra- Management, which would send lia. VGI owns around 1% of the chills down the spine of any com- company, making up around 4.5% placent executive. and 6% of its global and Asia-fo- Cases like the one between cused listed funds, respectively. Yakult and VGI mean more for the

It is easy to see Yakult’s prom- JUSTIN CHIN/BLOOMBERG NEWS country’s corporate-governance ise. Despite existing since the Existing since the 1930s, Yakult Honsha is a trusted brand in an increasingly health-conscious market. improvements, which in large part 1930s, it is a trusted brand in an will require either proactive rela- increasingly health-conscious mar- two non-Japanese members—the VGI says would have been the nat- There is a perhaps-predictable tionships with management or the ket, with significant room to ex- legacy of a relationship with ural and immediate follow-up to difference of opinion over share- ability of international activists to pand in China and the U.S. Danone that ended last year—to recent investments in U.S. distri- holder payouts, too. Yakult convince domestic investors of But it would be difficult to find having none. Other Western inves- bution. VGI says the company stresses that it is continually rais- their cases. a corporate-governance drama tors also voted against the ap- dragged its feet on implementing ing its dividends, but VGI would Right now, the successes of the more emblematic of the occasional pointments. Calvert Research & a marketing strategy. Yakult says like the company’s payout ratio to Japanese shareholder-focused rev- frictions between restive foreign Management, for example, votes it selected three influencers to move closer to those of the top 10 olution that then-Prime Minister investors and traditional Japanese against any board that isn’t major- promote its products and the cri- food and beverage companies in Shinzo Abe ushered in still hang in companies. VGI voted against the ity independent. teria for nomination to the board Japan, which sit around 40%. the balance. Companies like Yakult management’s board nominees last Yakult and the Australian asset are a wealth of appropriate knowl- Yakult released details of its may well determine the project’s week, the youngest of whom is 58. manager are tussling over Yakult’s edge and experience, without re- long-term vision last week, but eventual record of success. Theboardhasgonefromhaving use of digital marketing, which gard for age. projections for consolidated sales —Mike Bird Nvidia Gets Help From Friends

It says something when inves- Industry opposition has been lyst Atif Malik. But that support be forthcoming. Apple, which uses Share-price and index performance, tors seem genuinely surprised that seen as a major impediment to the seems lukewarm at best. Only Me- Arm processors in its iPhones, past 12 months not everyone is opposed to Nvidia’s proposed deal, which was an- diaTek Chief Executive Rick Tsai iPads and now Mac computers, has 125% planned takeover of Arm Holdings. nounced last September. The acqui- was quoted as saying the chip in- yet to publicly comment on the Nvidia’s share price jumped 5% sition would give Nvidia—now the dustry would benefit from the com- transaction. But the deal still faces Nvidia Monday afternoon following a re- world’s second-largest chip com- bination. Broadcom CEO Hock Tan long odds given the need for ap- 100 port that Broadcom, MediaTek pany by market capitalization— simply noted that “Nvidia has as- proval from governments that are and Marvell Technology have control over a key technology that sured the industry” that it will ex- now approaching the semiconduc- Arm deal voiced support for its proposed powers the bulk of the world’s mo- pand its investment in Arm and tor business with a more national- 75 announced deal to buy Cambridge, U.K.-based bile devices and that also is making continue licensing the technology istic bent. In a note to clients Mon- Arm from SoftBank Group.The large inroads into markets such as on a fair basis. Marvell chief Matt day, Citi’s Mr. Malik called China Sunday Times reported positive personal computers and data cen- Murphy told the paper he was the biggest hurdle to the transac- 50 comments from Nvidia’s three fel- ters. Qualcomm, Google and Mi- counting on regulatory authorities tion, saying that country is “less low chip makers over the weekend. crosoft, all of which use Arm-based to address the industry’s concerns, likely to support a deal that would The deal is under national security chips in their products, are report- but that he “wouldn’t be sad” to see them potentially losing access 25 review by U.K. authorities, with a edly opposed to the arrangement. see the deal blocked. However, in a to Arm.” PHLX Semiconductor report due July 30. Regulators in Against this backdrop, positive statement sent to The Wall Street For Nvidia, having fewer ene- index the U.S. and China also will have to comments from any peer qualifies Journal on Monday, Mr. Murphy mies on the deal isn’t quite the 0 clear the transaction for it to go as “a big step forward” for the pro- said he was supportive of the deal. same as having friends. 2020 ’21 forward. posed deal, according to Citi ana- Support from others could still —Dan Gallagher Source: FactSet MARKETS function of money, as their ac- Bitcoin ceptance as a form of payment Nasdaq, is limited and they aren’t a good reserve or value refer- Gets New ence,” they said. S&P Set Banco Azteca, launched in 2002, began as the consumer Booster credit arm of the Elektra retail Records chain, which targets low-in- come customers. It is now ContinuedfrompageB1 Mexico’s ninth-largest com- ContinuedfrompageB1 its network and Bank of New mercial bank by assets. when bonds are yielding less, York Mellon Corp. has in- The prospect of greater said Michael Mullaney, direc- vested in a cryptocurrency regulatory oversight of crypto tor of global markets research startup. trading in the U.S., China and at Boston Partners. “On days But regulators have raised Europe has weighed on the when rates are down, tech has concerns about potential risks price of bitcoin and other digi- been winning,” he said. to financial stability stemming tal currencies in recent Energy was the worst-per- from the adoption of crypto- months. forming sector of the S&P 500 currencies by banks. The Basel China’s central bank this on Monday, dragged down by a Committee for Banking Super- month ordered the country’s drop in the price of oil. Futures vision, the top global standard largest banks and payment on Brent crude setter for banking regulation, processors to take a more ac- MONDAY’S oil for August de- cited the volatility of digital tive role in curbing cryptocur- MARKETS livery fell 2% to currencies in proposing sub- rency trading and related ac- settle at $74.68 a stantial buffers for banks deal- tivities. barrel. ing in them. In the latest crackdown, the The Organization of the Pe- Mexico’s central bank, fi- U.K.’s lead financial regulator troleum Exporting Countries nance ministry, and national over the weekend told con- and its allies are set to meet

banking and securities com- sumers that Binance Holdings on Thursday. The cartel is ex- SEATTLE AVIATION IMAGES/ZUMA PRESS mission said in a statement Ltd.’s U.K. entity wasn’t per- pected to discuss a modest in- Boeing shares fell 3.4% on bad news for the updated version of its 777 long-haul airliner. Monday that cryptocurrencies, mitted to conduct operations crease in production. including bitcoin and others, related to regulated financial In corporate news, shares of over the weekend that federal Share-price and index performance, Monday aren’t legal tender in Mexico, activities. The notice from the Intellia Therapeutics surged regulators told the plane 3.5% and that financial institutions Financial Conduct Authority $44.60, or 50%, to $133.43. The maker an updated version of aren’t allowed to offer opera- has no direct impact on the biotech company on Friday re- its 777 long-haul airliner 3.0 tions using them to clients. services provided on Bi- ported positive interim data wasn’t ready for certification “Although they can be ex- nance.com, a Binance spokes- from a clinical trial using the and likely wouldn’t be until 2.5 changed, they do not fulfill the person said by email. new technology of gene-editing late 2023. Tesla to treat a rare disease. Stocks will continue to per- Shares of Boeing dropped form well if money managers 2.0 $8.42, or 3.4%, to $239.96, retain confidence that inflation weighing on the Dow. will die down, keeping bond 1.5 The Seattle Times reported yields at relatively low levels, Microsoft said Edward Park, chief invest- 1.0 Apple ment officer at Brooks Mac- donald. “Investors deploying AUCTION RESULTS 0.5 Here are the results of Monday's Treasury auctions. capital will have the option of All bids are awarded at a single price at the market- clearing yield. Rates are determined by the difference losing money in the bond mar- S&P 500 between that price and the face value. 0 ket after inflation, losing it in Index cash or putting it into risk as- 13-Week 26-Week –0.5 Applications $214,199,346,900 $201,866,742,300 sets,” he said. Accepted bids $64,936,522,900 $61,517,700,300 In overseas markets, the 9:30 a.m. noon 4 p.m. " noncomp $424,302,500 $401,507,300 Stoxx Europe 600 dropped " foreign noncomp $0 $128,400,000 Source: FactSet Auction price (rate) 99.987361 99.972194 0.6%. Burberry Group slid (0.050%) (0.055%) 0.051% 0.056% nearly 9% in London after the Bids at clearing yield accepted 1.52% 40.09% fashion company said Chief Ex- 0.9%, Hong Kong’s Hang Seng down 0.2%. 912796F61 912796A90 ecutive Marco Gobbetti would Index was down 0.5% and the On Monday, bitcoin traded Both issues are dated July 1, 2021. The 13-week bills BENEDICTE DESRUS/SIPA USA/ASSOCIATED PRESS mature on Sept. 30, 2021; the 26-week bills mature on leave at year-end. Early Tues- Shanghai Composite was down at $34,721.11, up $2,072.97 or Mr. Salinas Pliego said Banco Azteca could start to accept bitcoin. Dec. 30, 2021. day, Japan’s Nikkei was down 0.6%. U.S. stock futures were 6.35%. . THE WALL STREET JOURNAL. Tuesday, June 29, 2021 | B11 HEARD ON THE STREET Burberry’s CEO Exit Fannie, Freddie Revamp Hints at Talent War Benefits Mortgage Players Monday brought disappointment for designer label Burberry,and While the giants’ shares Share performance since June 21 for deal makers in the world of Eu- plunge, other stocks 10% ropean luxury goods. A top-level poaching incident may strike two mayseeaboostfroma of the most commonly cited listed change in policy takeover targets off the industry 0 shopping list for a while. Fannie Mae and Freddie Mac Burberry said Chief Executive may have been waylaid on their Marco Gobbetti will leave in De- journey back to private hands. But –10 cember to join Italian shoemaker the way things are moving, some Salvatore Ferragamo. He has been big players in the mortgage busi- Rocket Companies in the job less than five years and ness could end up in a better place. –20 loanDepot is stepping down while the British The Supreme Court ruling last Fannie Mae brand’s turnaround is still only half week that the government’s sweep Freddie Mac complete. During Mr. Gobbetti’s of the housing giants’ profit didn’t –30 tenure, Burberry’s shares have re- exceed their regulator’s statutory turned 9% annually, lagging bigger authority and that presidents can brands such as Hermès and Prada. readily replace the head regulator –40 Burberry’s board, which only was a one-two blow to Fannie and heard about Mr. Gobbetti’s plans Freddie’s shares, which are down over the weekend, must now hunt more than 40% in the past week. It –50 10-minute intervals for a new boss as well as reassure means the Biden administration investors that lead designer Ric- can now appoint a new chief over- June 21 22 23 24 25 28 cardo Tisci won’t follow him out Source: FactSet seer rather than keep the holdover the door. The company’s shares fell DAVE BENETT/GETTY IMAGES FOR BURBERRY from the Trump administration, 8.7% in London on Monday. Burberry CEO Marco Gobbetti who was seeking to release the Both Salvatore Ferragamo and companies from government con- Rocket Cos., UWM Holdings or already mitigated by the economic Burberry have long been consid- ings and would be a mouthful. Add servatorship during his term. loanDepot. recovery, notes KBW analyst Bose ered takeover targets, although the a 30% takeover premium to the But many stocks in the broader Proponents of the prior admin- George. More volume flowing former is family controlled. Some value of its equity and Burberry mortgage sector actually traded istration’s approach might say that through the system would also be shareholders are betting that the comes with an £11 billion price tag, higher. For them, Fannie and Fred- the GSEs in their current state a boost to insurers. Though longer pandemic will compel weaker or $15.3 billion at current exchange die’s overhaul path under the prior narrowed or distorted the market term, more expensive or con- brands to sell up to one of the rates—a risky bet considering its administration wasn’t necessarily by discouraging growth of other strained Fannie and Freddie guar- large, cash-rich European luxury still-unsettled outlook. An opportu- all that great for their economics. types of mortgages. Some big antees might potentially have ex- houses, such as Gucci-owner Ker- nistic buyer could have picked it up Preparing the government-spon- banks, too, might have seen their panded the role of private ing. The hiring of one of the top for a lot less last year. sored enterprises to attract private share of the mortgage business mortgage insurance. CEOs in the business suggests that Meanwhile, Salvatore Ferrag- investor capital involved steps like Any new direction for the GSEs the Ferragamo family is serious amo’s move to hire Mr. Gobbetti raising their capital requirements, isn’t likely to spark a new boom about turning the brand around by suggests that the pandemic has yet still needing to boost their re- for mortgage stocks, as volumes themselves. The company’s shares caused a rethink among some inde- turns. To many in the sector, that More constrained Fannie are already historically quite large. fell 1.4% despite the positive hire. pendent luxury brands. To attract a was a recipe for higher fees and and Freddie guarantees And originators face much more The timing is bad for Burberry, boss of Mr. Gobbetti’s caliber, the tighter access to guarantees. In immediate concerns such as rising which is most famous for its controlling family would have had one illustrative moment last year, might have grown private rates, the constrained supply of checked trench coats. Several years to give him assurances that they news of a pandemic-related fee mortgage insurance. homes and narrowing loan profit- into a makeover, the brand was be- wouldn’t meddle with his strategy. bump sent mortgage originators’ ability. Investors also weren’t pric- ginning to show signs of improve- Underperforming names now rec- shares down sharply. ing in much if any radical Fannie ment. Sales fell 10% over the pan- ognize that they need to change to Under President Biden, the and Freddie overhaul to begin demic-struck 12 months through compete against giants such as GSEs’ regulator may try to roll pick up with a smaller footprint with, according to Jefferies analyst March, but the label has been LVMH Moët Hennessy Louis Vuit- back some of those measures, or for government-guaranteed loans, Ryan Carr. Plus, Mr. Biden’s full selling more items at full price—a ton, the world’s biggest luxury put in place other initiatives with though they benefit from being plans for the entities remain un- sign that its image is improving company, whose hand has been the primary aim of making mort- able to cheaply unload credit risk. clear. among shoppers. Now, investors strengthened by the crisis. gages cheaper and more widely Mortgage insurers such as MGIC But broadly speaking, reorient- must wait for a new boss to be Investors may still hope that Sal- available. If GSEs were to cut fees, Investment offer additional credit ing Fannie and Freddie policy to- found and see whether he or she vatore Ferragamo will be polished or expand the types of borrowers protection on GSE guarantees. ward things that make their ser- changes direction. up and sold in a few years’ time at or loans they back, that could in- They might benefit if the Biden ad- vices cheaper or broader would be The uncertainty will likely weigh a higher valuation. For now, crease the market size for the ministration puts more measures welcome for many stocks in a on Burberry’s share price, in theory though, the tougher outlook for firms that originate many so- in place to help homeowners stave mortgage sector that is already making it a more appealing take- smaller luxury brands points to a called qualified mortgages—the off default as pandemic measures dealing with quite a lot. over target. But the stock still fight for the best executives rather type that the GSEs buy—such as wind down, though credit risk is —Telis Demos trades at 24 times projected earn- than major deals. —Carol Ryan

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