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Fund’sMeltdownSets OffScrambleAt BanksGoldman, MorganStanley move largeblocks of stock linkedto Archegos fund

The number of people seek-ing bankruptcy fell sharplyduring the pandemic as gov-ernment aid propped up in-come and staved off housingand student-loan obligations.

Bankruptcy filings by con-sumers under chapter 7 weredown 22% last year comparedwith 2019, while individual fil-ings under chapter 13 fell 46%,according to Epiq data. Afterholding above 50,000 filings amonth in 2019 and in the firstquarter of 2020, bankruptcyfilings have remained below40,000 a month since lastMarch when the pandemic hit.

By contrast, commercialbankruptcy filings rose 29%,with more than 7,100 businessesseeking chapter 11 protectionlast year, according to Epiq.

The downward trend in per-sonal bankruptcies bucks pre-dictions by analysts and econ-

PleaseturntopageA2

Going Back to the Office?Nap Time Is Over (Maybe)

i i i

Short snoozes, a hit with remote workers,are hard to give up; don’t pull a Costanza

BY RAY A. SMITH

For 115 years, the NationalCollegiate Athletic Associa-tion has been tightening itsgrip on what became themultibillion-dollar college-sports industry, with the lu-crative annual men’s basket-ball tournament as itsflagship.

In the next few months,however, the NCAA stands tolose control of its empire’sfuture over an issue itsmember schools long hoped

to avoid: athlete compensa-tion.

College athletes have his-torically been classified as“amateurs,” even as theyhelped generate billions fortheir schools and made mil-lionaires of their coaches.NCAA rules have longcapped athletes’ compensa-tion at little more than tu-ition, room and board.

But public sentiment thatonce supported the existingmodel has reversed, andlong-silent athletes have be-

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BY RACHEL BACHMANAND LAINE HIGGINS

U.S. personal bankruptcyfilings,monthly

Source: Epiq AACER

70,000

0

10,000

20,000

30,000

40,000

50,000

60,000

’20 ’212019

Feb. 202129,190

Eviction freeze is extendedby three months...................... A2

Goldman Sachs Group Inc.and Morgan Stanley were quickto move large blocks of assetsbefore other large banks thattraded with Archegos CapitalManagement, as the scale ofthe hedge fund’s losses becameapparent, according to peoplewith knowledge of the transac-tions. The strategy helped limitthe U.S. firms’ losses in lastweek’s epic stock liquidation,they said.

Losses at Archegos, run byformer Tiger Asia manager BillHwang, have triggered the liq-uidation in excess of $30 billionin value. Banks were continuingto sell blocks of stocks linked toArchegos Monday, traders said.

“This is a challenging timefor the family office ofArchegos Capital Management,our partners and employees. Allplans are being discussed asMr. Hwang and the team deter-mine the best path forward,” acompany spokeswoman said ina statement Monday evening.

Archegos took big, concen-trated positions in companiesand held some positions in a

PleaseturntopageA6

By Maureen Farrell,Margot Patrickand Juliet Chung

ISMAILIA, Egypt—The vastcontainer ship that blockedthe Suez Canal for six dayswas freed and began movingnorth to an anchor point,

opening the critical waterway,as hopes grow that global sup-ply delays will begin to ease.

Engineers raced throughoutMonday to finish the job ofdislodging the Ever Given af-

By Rory Jones,Amira El-Fekki

and Summer Said

PersonalBankruptcyDeclined inPandemicBY SOMA BISWASAND HARRIET TORRY

ter partially refloating theship at dawn, taking advan-tage of an unusually high tideto make the job easier.

Tugboats helped pull thevessel out from the side of thecanal where it had been stuck,before straightening its head-ing. Egyptian television im-ages showed tugboats blaringtheir horns as they towed theEver Given to safety. Once sta-bilized it was towed toward ananchor point at a lake fartherup the canal system, enablingships already in the canal net-

work to travel.In the evening, Osama Ra-

bie, chairman of the Ismailia-based Suez Canal Authority,which runs the 120-mile ship-ping route, said it had beenopened to hundreds of ves-sels that had been waiting totraverse.

Mr. Rabie said that clear-ing the backlog would takeabout three days, thoughsome shipping industry vet-erans suggested it could belonger.

Still, shipping firms, ship-

owners and management com-panies are girding for weeks ofdelays that could ripple far be-yond European and Asianports, which send the mostgoods through the canal.

Valid Diab, general managerat Turkish company Observa-tor Shipping Co., which is re-sponsible for provisions andother shipping services forthree ships caught in the jam,

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Ship Is Freed After Six Days,Opening Suez to Global Trade

Tethered with a hawser to a tugboat, the Ever Given moves along the Suez Canal after being freed Monday.

NCAAFacesReckoning on PayAthlete-compensation case reachesSupreme Court as politicians pile on

SUEZ

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Selloff is latest twist forViacom investors..................... A6

Heard on the Street: Risks ofinvestment banks shown...B10

How a supermoon helpedfree the ship.............................. A8

Chauvin’s Murder Trial Begins

Former Minneapolis police officer Derek Chauvin listens toopening arguments Monday as he goes on trial in the killingof George Floyd, whose death sparked a wave of unrest. A3

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When high-school teacherRyan Tibbens learned he wouldbe resuming in-person schoolin March, he embarked on amission. He wanted to continuethe naps he’d been taking whileworking from home over thepast year.

“I didn’t want to pull theclassic ‘Seinfeld’ epi-sode where GeorgeCostanza sleepsunder his desk,”said Mr. Tibbens,who is 37 and livesin Berryville, Va. Sohe bought a cot on-line and installed it ina backroom at school. He napsthere for about 12 minutes dur-ing his 30-minute lunch breakat least three days a week.

Although he says he got per-mission from school adminis-

trators, he said, “I’m still a lit-tle paranoid that somebody’sgoing to walk in and not knowwhat’s going on, and be like,‘Who’s this hobo in the back?’ ”

Mr. Tibbens is one of thelucky ones. Many people re-turning to offices in the comingmonths face an end to one ofthe secret perks of workingfrom home: the daily nap. Peo-

ple who say they rarelynapped before thepandemic have pickedup the habit over thepast year, worn outby dramatic work-lifebalance challengesthat have extendedthe work day, Zoom

fatigue, insomnia and the sim-ple fact that remote workmakes short snoozes possible.

In a survey of 2,000 employ-ees working from home con-

PleaseturntopageA11

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CONTENTSArts in Review... A13Business News...... B3Capital Journal...... A4Crossword.............. A13Heard on Street. B10Markets...................... B9

Opinion.............. A15-17Personal Journal A11-12Sports....................... A14Technology............... B4U.S. News............. A2-6Weather................... A13World News..... A8-10

s 2021 Dow Jones & Company, Inc.All Rights Reserved

>

What’sNews

The container ship thatblocked the Suez Canal forsix days was freed, open-ing the critical waterway,as hopes grow that globalsupply delays will begin toease. An unusually hightide aided engineers in dis-lodging the vessel. A1, A8 Lawyers made openingstatements and testimonybegan in the trial of for-mer Minneapolis police of-ficer Derek Chauvin, who ischarged with murder in thekilling of George Floyd. A3 Biden said his adminis-tration is adding new vaccinesites, ashe called for continuedprecautions and the CDC chiefdescribed a feeling of “im-pending doom”with Covid-19cases rising recently. A3 Covid-19 vaccines fromModerna and from Pfizerand partner BioNTech arehighly effective in prevent-ing infections in real-world conditions, federalhealth officials said. A3 AWHO-led team investi-gating the origins of the pan-demic found that data exam-ined during a recent missionto China was insufficient toanswer critical questions. A8The Biden administrationplans to give wind-powerdevelopers access to more ofthe Atlantic Coast and starta slate of new environmen-tal reviews in an attempt tojump-start the country’s off-shore wind business. A4 The Supreme Court ex-amined whether Goldman’sgeneric assertions of corpo-rate ethics and integritycould expose the firm to ashareholder class action overallegedly false statements. B3

Goldman andMorganStanley were quick to

move large blocks of assetsbefore other large banks thattraded with Archegos, as thescale of the hedge fund’slosses became apparent. Thestrategy helped limit the U.S.firms’ losses in last week’sepic stock liquidation. A1 The number of peopleseeking bankruptcy fell dur-ing the pandemic as govern-ment aid propped up incomeand staved off housing andstudent-loan obligations. A1The Biden administrationsaid a national evictionmoratorium would be ex-tended for three months. A2 Southwest Airlines saidit is buying 100 new Boeing737MAX jets, the largestMAXorder since U.S. regulatorslifted a flight ban last year. B1 Amazon-backed onlinefood-delivery service De-liveroo said it would price itsinitial public offering at thelower end of expectations. B1 The S&P 500 retreatedfrom a record, slipping0.1%, while the Nasdaq fell0.6%. The Dow rose 0.3%. B9 Online car retailer Cazoosaid itwouldgopublic througha deal with a blank-check firmthat values the combinedentity at $8.1 billion. B1Abiddingwar has eruptedover Cubic, which had agreedto sell itself to two private-equity firms before a newsuitor surfaced last week. B1A Florida investor has ex-pressed interest in joining aneffort by aMaryland hotelmagnate to acquire TribunePublishing and wrest it awayfrom hedge fund Alden. B3

Business&Finance

World-Wide

P2JW089000-5-A00100-17FFFF5178F

A2 | Tuesday, March 30, 2021 THEWALL STREET JOURNAL.

U.S. NEWS

originated from an executiveorder signed in September bythen-President Donald Trump,protects tenants who havemissed monthly rent paymentsfrom being thrown out of theirhomes if they declare financialhardship.

“The Covid-19 pandemic haspresented a historic threat tothe nation’s public health,” theWhite House said Monday.“Keeping people in their homesand out of crowded or congre-gate settings—like homelessshelters—by preventing evic-tions is a key step in helping to

stop the spread of Covid-19.”A series of conflicting court

rulings have called into ques-tion the legality of the mora-torium. At least three federaljudges—in Tennessee, Ohioand Texas—have ruled themoratorium is unlawful. TheJustice Department is appeal-ing those cases.

Other judges have rejectedchallenges to the moratorium.In a December ruling in Loui-siana, a federal judge said theCDC had clear legal authorityto “take those measures that itdeems reasonably necessary to

prevent the spread of disease,so long as it determines thatthe measures taken by anystate or local government areinsufficient.”

That decision followed asimilar ruling from Georgia inOctober.

Other cases are in progress,including one in which Real-tors associations and severalhousing providers are chal-lenging the moratorium in aWashington, D.C., federal court.

Monday’s extension comesas the administration seeks todistribute some $46.6 billion

in rental assistance authorizedby Congress. The aid is beingadministered by state and lo-cal governments, many ofwhich are still setting up theirassistance programs.

Millions of renters have beenunable to pay some or even allof their rent since March 2020,when the pandemic began. Ananalysis by the Urban Institute,a Washington think tank, foundthat the amount of unpaid rentcould exceed $52 billion. It esti-mated that the average house-hold that has fallen behind onrent owed $5,586.

WASHINGTON—The Bidenadministration announced athree-month extension to a na-tional eviction moratorium, amove designed to help millionsof tenants who have fallen be-hind on their rent even ascourts have disagreed onwhether the relief is legal.

The Centers for Disease Con-trol and Prevention extendedthe eviction moratoriumthrough June 30. It had beenset to expire Wednesday.

The moratorium, which

BY ANDREW ACKERMAN

Eviction Freeze Is Extended 3 Months

Walgreens Boots AllianceInc. is expected to reportquarterly earnings of $1.13 ashare Wednesday, down from$1.52 a year earlier. A photocaption on Monday with aMarkets calendar of theweek’s events incorrectly saidthe change would be an in-crease.

The Dividend Changes ta-ble in Saturday’s Exchangesection incorrectly said Vul-can Materials Co. announceda 1:3 reverse stock split.

The name of Tarsadia Capi-tal, one of the investors inBrazilian real-estate startupLoft Holdings Ltd., was givenincompletely as Tarsadia in aProperty Report articleWednesday about Loft.

Notice to readersWall Street Journal staff

members are working remotelyduring the pandemic. For theforeseeable future, please sendreader comments only byemail or phone, using the con-tacts below, not via U.S. Mail.

Readers can alert The Wall Street Journal to any errors in news articles byemailing wsjcontact@wsj.com or by calling 888-410-2667.

CORRECTIONS AMPLIFICATIONS

U.S.WATCH

HONORED: A procession for Officer Eric Talley arrived for a funeral Mass in Denver on Monday. Officer Talley was one of 10 people killed in the Boulder store shooting.

MICHAEL

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WASHINGTON—The Su-preme Court on Mondayagreed to decide whether Ken-tucky’s Republican attorneygeneral can step in to defend astate abortion law after an-other official dropped thestate’s legal defense followingtwo losses in court.

The case won’t give the jus-tices a direct opportunity toweigh in on abortion rights,but their eventual decisioncould clarify how much lati-tude an attorney general en-joys to keep litigation aliveamid changes in a state’s po-litical leadership.

The underlying dispute in-volves a 2018 Kentucky law thatsought to ban the procedureused most commonly in sec-ond-trimester abortions, knownas dilation and evacuation. Anabortion clinic and two doctorschallenged the law, and a fed-eral trial judge in 2019 ruledthe law placed an undue burdenon a woman’s constitutionalright to terminate a pregnancybefore viability. A federal ap-peals court later agreed, in a 2-to-1 ruling issued last year.

When the litigation began,Republican Matt Bevin wasgovernor of Kentucky andDemocrat Andy Beshear wasattorney general. Mr. Beshearlater defeated Mr. Bevin in the2019 gubernatorial election,while Republican Daniel Cam-eron won the state race for at-torney general.

After last summer’s ap-peals-court ruling against theabortion law, Mr. Beshear’s ad-ministration decided againstmaking a further legal bid todefend it. Mr. Cameron thensought the right to intervenein the case so that he couldask the appeals court to recon-sider the case and, if neces-sary, to appeal to the SupremeCourt. The appeals court re-jected that request, again on a2-to-1 vote.

The Supreme Court saidMonday it would consider Mr.Cameron’s appeal of that re-jection. The Kentucky attorneygeneral argues he has theright and authority to keepthe case alive. A group of 20other states filed an amicusbrief urging the high court tohear the appeal.

The American Civil LibertiesUnion, representing the abor-tion-rights plaintiffs in thecase, said Mr. Cameron waitedtoo late to intervene in thecase and was seeking to makenew legal arguments that thestate had already forfeited.

The Supreme Court willhear arguments in the caseduring its next term, whichbegins in October.

Conservatives now hold a6-3 majority on the court afterformer President DonaldTrump appointed three jus-tices, including Justice AmyConey Barrett, whose back-ground suggests she may beskeptical of the current scopeof abortion rights. She suc-ceeded Justice Ruth BaderGinsburg, a leading court sup-porter of abortion rights whodied last year.

BY BRENT KENDALL

High CourtToWeighState AG’sStanding

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NEW MEXICO

State Sues to StopNuclear Fuel Facility

New Mexico sued the U.S.Nuclear Regulatory Commissionon Monday over concerns thatthe federal agency hasn’t doneenough to vet plans for a multi-billion-dollar facility to storespent nuclear fuel in the state,arguing that the project wouldendanger residents, the environ-ment and the economy.

New Jersey-based Holtec In-ternational wants to build acomplex in southeastern NewMexico where tons of spent fuelfrom commercial nuclear powerplants around the nation couldbe stored until the federal gov-ernment finds a permanent solu-tion.

The complaint filed in federalcourt contends the commissionoverstepped its authority regard-

ing Holtec’s plans and that grant-ing a license to the companycould result in “imminent andsubstantial endangerment” toNew Mexico. The state cited thepotential for surface and ground-water contamination, disruptionof oil and gas development inone of the nation’s most produc-tive basins and added strain onemergency response resources.

The commission didn’t re-spond to questions about NewMexico’s complaint. It has main-tained over the course of the li-censing process that it has fol-lowed procedure and that publichearings have been held and anenvironmental review was done.

Holtec, which is seeking a 40-year license, has said the storageproject is needed because theU.S. has yet to find a permanentsolution for dealing with thetons of spent fuel building up atcommercial nuclear-power plants.

—Associated Press

IOWA

Two Students KilledAfter Boat Capsizes

Emergency workers recoveredthe body of an Iowa State Uni-versity student on Monday, aday after a school crew clubboat capsized during practice ona lake, killing one other student.

The students were practicingSunday morning at Little WallLake in Hamilton County whenthe scull capsized, the universitysaid. Three members were res-cued by people who live aroundthe lake, officials said, and a diveteam recovered the body of onestudent later in the day.

The search for the missingstudent was called off Sundaynight, but resumed around 7a.m. Monday. Hamilton CountySheriff Doug Timmons said so-nar technology was used to helppinpoint the likely location of the

body, and the body was recov-ered around 9:45 a.m.

Sheriff Timmons said windsat the time of the accident werearound 20-25 mph, which madeconditions on the lake “prettyrough.” With air temperaturesaround 37 degrees, the waterwould have been cold enoughfor hypothermia to set in withinminutes.

—Associated Press

MIDWEST

Fire Danger FlaggedFor Several States

Strong winds, warmer condi-tions and low humidity are com-bining to create a fire dangeracross several states, includingparts of Nebraska, Kansas, Iowaand Missouri.

The National Weather Serviceon Monday issued red flagwatches and warnings for most

of all four states. A red flagwarning means that critical fireweather conditions are present.

—Associated Press

WEST VIRGINIA

House Passes BillTo End Income Tax

The West Virginia House ofDelegates passed its version ofa bill that would eliminate thestate’s personal income tax.

The House passed the bill ona 77-23 vote Monday. It nowgoes to the state Senate.

The House version would re-duce statewide income taxes by$150 million annually until theyare eliminated. The bill doesn’t ad-dress other tax increases to bal-ance out the cuts. Under the bill, aspecial fund would be establishedto tap other state income sources,including lottery proceeds.

—Associated Press

cent months, she said.Now Ms. Robertson, 60

years old, is living in cheaperhousing and thinks she maynot have to go the bankruptcyroute.

“I can use that money to-wards some of these debts andit helps in my negotiating pro-cess,” she said. “That’s goingto help me get my debt paid.”

Bankruptcy filings, a lastresort for consumers in direstraits, typically follow finan-cial distress from a divorce,medical emergency or unem-ployment. People often file forbankruptcy when faced withimmediate home foreclosure,eviction or creditor lawsuitsthat have led to wages beinggarnished. Filing for bank-ruptcy halts wage garnish-ments, vehicle repossessionsand property foreclosures.

Filings also usually pick upwithin three months after arise in the unemployment rate,according to researchers atthe University of Illinois at Ur-bana-Champaign, BrighamYoung University and HarvardBusiness School.

Unemployment jumped to14.8% last April, from 3.5%ahead of the pandemic, andwas 6.2% this past February.

The federal moratorium onevictions has helped SaraSmith, who lost her job as anIT operations manager in SanDiego shortly before the pan-demic started. She moved toRochester, N.Y., where she hasfamily, and has fallen behindon rent. She also is strugglingwith some $30,000 in credit-card and medical debts.

“Everything feels stacked

against you in this situation,”Ms. Smith, 46, said. Despite thegovernment measures to help,she wants to file for bank-ruptcy to have a fresh start.

“I wish I’d done it sooner.All that enhanced money[from unemployment bene-fits], I could have had as a sav-

ings account now,” she said.Most people filing for bank-

ruptcy do so under chapter 7,which allows them to clear un-secured obligations, such ascredit-card debt, but in manycases forces them to give upassets such as homes, cars orretirement savings in the pro-cess. Chapter 13 is a more ex-pensive type of bankruptcythat allows borrowers to keephomes and other assets.

The year-over-year drop inbankruptcy filings betweenJanuary and September 2020was steeper among home-owners than for those whodon’t own property, said Ji-alan Wang, a professor at theUniversity of Illinois at Ur-bana-Champaign.

Economists said the gov-ernment measures could onlytemporarily lower the bank-ruptcy rate.

Some expect filings to pickup later this year or next, astemporary relief expires and

financial bills incurred duringthe pandemic come due.

“There’s a serious case tobe made that this is hiding adeeper problem and in the fu-ture people have to pay a mul-tiple of the debt they weren’table to maintain before thepandemic,” said Jaromir Nosal,a Boston College economist fo-cusing on household finance.

Joseph Brusuelas, chiefeconomist at accounting andconsulting firm RSM US LLP,said financial firepower pro-vided by government stimu-lus—the latest aid packagewas $1.9 trillion—and thebridge provided by moratoriacould limit future financialstress in households.

“We’re really talking abouta forbearance issue,” Mr.Brusuelas said. “It’s in noone’s interest to foreclose on

homes and autos after a pub-lic-health crisis.”

For now, government mora-toria continue to provide acushion for people strugglingto pay bills. This week, thegovernment extended a pauseon evictions to at least the endof June. A reprieve from stu-dent-loan payments was ex-tended earlier to at least Octo-ber.

Under the relief law signeda year ago, borrowers withgovernment-backed mortgagescan enter forbearance plansthat add overdue payments toloans at zero interest. Someprivate lenders offer similarforbearances on mortgages aswell as credit cards and autoloans, according to MelindaOpperman, president ofCredit.org, a nonprofit creditcounseling organization.

omists that disruptions fromCovid-19 lockdowns and re-strictions early in the pan-demic would lead to a sharpincrease in filings.

Economists and bankruptcylawyers said federal suspen-sions of evictions, home fore-closures and student-loan obli-gations have helped limitbankruptcies—though theyworry bankruptcy rates couldgo up after aid ends.

Household spending alsodropped as people stayedhome, canceled travel and so-cially distanced to avoid thecoronavirus. Several rounds ofgovernment aid padded in-comes with direct payments tohouseholds and enhanced un-employment benefits. The per-sonal saving rate rose.

Elaine Robertson, a rehabil-itation counselor in Aynor,S.C., said she considered filingfor bankruptcy to deal withthe roughly $10,000 of credit-card debt she accumulatedwhen rent, utility and legalbills piled up after her separa-tion in 2018.

But government stimuluschecks issued last year and themoratorium on student-loanpayments gave her breathingroom to negotiate with debtcollectors that sued her in re-

ContinuedfromPageOne

PersonalBankruptcyDeclines

Government aidstaved off housingand student­loanobligations.

P2JW089000-0-A00200-1--------XA

THEWALL STREET JOURNAL. * * Tuesday, March 30, 2021 | A3

BY JOE BARRETTAND ERIN AILWORTH

Federal officials haveflagged to investigators pay-ments to a California outpa-tient clinic that received moregovernment funds for treatinguninsured Covid-19 patientsthan all but one medical pro-vider in the U.S., a person fa-miliar with the matter said.

Elite Care Medical GroupInc. has received about $81million under a relief programmeant to ease financial strainson hospitals and doctors car-ing for Covid-19 patients whocan’t pay their own bills, ac-cording to government dataupdated March 25. The De-partment of Health and Hu-man Services reimburses pro-viders for their care, includingemergency room visits and theuse of ventilators, at rates setfor Medicare patients.

Only Harris Health Systemin Houston received morethrough the program thanElite Care, according to thedata. Harris Health’s two hos-pitals have received $86 mil-lion for treating about 3,000

quire, according to Californiarecords.

Mr. Wynn said Elite Care’sdoctors have treated patients’nasal areas to reduce viral loadin the nose, which sped recov-ery to prevent Covid-19 fromspreading. “The specializedtreatments provided havesaved many lives, helped manyavoid hospitalization, andhelped prevent long-term dam-age to the muscles of the heartand lung,” he said in an email.

No studies of nasal spraysusing chemical compounds orantibodies to combat the coro-navirus have been shown toprevent transmission or to re-duce hospitalizations anddeaths, said Adarsh Bhimraj,who leads development ofCovid-19 treatment and man-agement guidelines for the In-fectious Diseases Society ofAmerica.

“I think you need some mini-mal evidence” of benefits to pa-

MINNEAPOLIS—Prosecu-tors said jurors should trusttheir eyes in the murder trialof a former police officer ac-cused of killing George Floyd,but the defense said the casewas more complicated thanthe viral video that sparked awave of unrest last summer.

“You can believe your eyes.It’s homicide, it’s a murder,”Jerry Blackwell, a special assis-tant attorney general, said ofthe widely seen video depictingthe 9 minutes and 29 secondsthat prosecutors say the formerofficer, Derek Chauvin, held hisknee on Mr. Floyd’s neck.

Mr. Chauvin’s attorney, EricNelson, asked jurors to look atthe totality of the evidence andnot any outside factors beforemaking their decision. “Thereis no political or social cause inthis courtroom,” he said. “Theevidence is far greater than 9minutes and 29 seconds.”

Monday’s opening state-ments launched a nationallytelevised trial that in the com-ing weeks will delve into thecircumstances of the May 25,2020, death of Mr. Floyd, whichsparked months of protests,sometimes violent unrest and adebate about police tactics andthe use of force against Blacksuspects. The White House saidPresident Biden is watching thetrial closely and supports a po-lice-accountability bill namedafter Mr. Floyd working its way

U.S. NEWS

through Congress.Prosecutors punctuated

opening statements by playingfor the jury the video thatdrew outrage last year when itwent viral. It depicted Mr.Chauvin holding Mr. Floyddown on the street, his kneeon his neck, as bystanderspleaded with officers to stop.

Mr. Chauvin “betrayed thisbadge, when he used excessiveand unreasonable force uponthe body of Mr. George Floydwhen he put his knees uponhis neck, and his back, grind-

ing and crushing him until thevery breath, no ladies andgentlemen, the very life lefthis body,” Mr. Blackwell said.

Mr. Chauvin, 45 years old,watched intently and tooknotes. He has pleaded notguilty to charges of second-de-gree murder—unintentional,while committing a felony;third-degree murder; and sec-ond-degree manslaughter.

“Derek Chauvin did exactlywhat he was trained to do in his19-year career,”Mr. Nelson said.“The use of force is not attrac-

tive,” but it can be necessary.Mr. Nelson described Mr.

Floyd, who was 46, as appear-ing drunk to witnesses when heentered a convenience store andused a fake $20 bill to buy ciga-rettes. Store clerks tried twiceto get him to pay for the ciga-rettes or give them back beforecalling police, Mr. Nelson said.

He said Mr. Floyd’s friendswill testify that he fell asleep inthe car and that they couldn’twake him before police arrived.Mr. Nelson said evidence willshowMr. Floyd took a combina-

tion of methamphetamine andfentanyl as police approachedto hide the drugs from them.

Mr. Floyd resisted arrestthroughout the incident andstruggled with the officerseven after he was placed onthe ground, Mr. Nelson said.The evidence will show Mr.Floyd died of a combination ofhis heart conditions and thedrugs he had taken, he said.

Three other officers werecharged with abetting second-degree murder and man-slaughter and are expected to

face trial in August. Lawyersfor the other defendants havemade filings indicating theyaren’t guilty.

Government officials haveput together a massive secu-rity plan to try to prevent thewidespread looting and arsonthat rocked the city last sum-mer, including the burning of aprecinct house. Large militaryvehicles and Minnesota Na-tional Guard troops stoodwatch behind barriers andfencing surrounding the Hen-nepin County Government Cen-ter in downtown Minneapolis,where the trial is taking place.

The proceeding is the U.S.’shighest-profile trial to moveforward during the Covid-19pandemic, with lawyers, thejudge, witnesses and otherparticipants wearing masksand sitting in socially distantplaces separated by plexiglass.

Court officials also took ex-traordinary steps to protect ju-rors who will be under intensepressure. The jurors’ nameshave been withheld from thepublic and they enter the court-room through passages thataren’t accessible to the public.

Shortly before court pro-ceedings got under way, BenCrump, lead attorney for thefamily of Mr. Floyd, and Floydfamily members held a newsconference outside the build-ing. At one point, they knelton the ground as Al Sharptonkept time for 8 minutes and 46seconds—the original estimateof time that Mr. Chauvin hadhis knee on Mr. Floyd’s neck.

“They say trust the system?They want us to trust the sys-tem? Well this is your chanceto show us that we can trustyou,” said Mr. Floyd’s brother,Terrence Floyd.

Attorneys Clash as Chauvin Trial OpensEx-officer’s lawyer asksjury to look at totalityof case; prosecutorssay it’s a homicide

Floyd family supporters Ben Crump, the Rev. Al Sharpton and Brandon Williams, nephew of George Floyd, kneel outside the courthouse.

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sions in the seven-day averagecompared with 4,600 admis-sions in the prior seven-dayaverage.

“I’m going to reflect on therecurring feeling I have of im-pending doom,” Dr. Walenskysaid. “We have so much to look

uninsured Covid-19 patientsthrough February, said ChiefExecutive Officer EsmaeilPorsa.

Elite Care offers primarycare as well as specialties in-cluding plastic surgery and gy-necology, according to its web-site. It is one of threeoutpatient centers operated byAnthony H. Dinh, a surgeon, inOrange County, Calif. Togetherthey have received some $146million through the relief pro-gram, federal records show.Dr. Dinh said in an email thathe needed time to prepare aresponse to questions abouthis practice.

Richard Wynn, a lawyer forDr. Dinh, said Elite Care andrelated entities have identifiedbilling errors and are review-ing bills submitted to HHS.“Elite Care Medical Group hasallocated and set aside fundsfor reimbursement after theaudit,” Mr. Wynn said.

Dr. Dinh’s outpatient cen-ters aren’t licensed, accreditedor certified for the type of in-tensive care that acutely illCovid-19 patients typically re-

tients, such as fewer hospital-izations, before using newtreatments, Dr. Bhimraj said.

HHS has referred paymentsto Dr. Dinh’s Elite Care clinic toits Office of Inspector General,the person familiar with thematter said. A spokesman forthe Inspector General’s officesaid it couldn’t confirm ordeny continuing investigations.An HHS spokeswoman said theagency can recover moneyfrom doctors who providedfalse or incomplete informa-tion to the relief program.

The aid to Elite Care is partof a $178 billion healthcare re-lief fund Congress establishedlast year to bolster the indus-try during the pandemic.About $2.2 billion has beendisbursed for treatment of un-insured Covid-19 patients.More than 24,100 doctors,hospitals and clinics have beenpaid sums as small as $3 fromthe fund, HHS data show.

Dozens of hospitals have re-ceived less aid from the fundthan Elite Care, the data show,including public systems inplaces such as Texas that at

times have been overrun by thepandemic. Public hospitals thattreated large numbers of costlyCovid-19 patients should corre-spond with bigger payouts un-der the relief program as it wasdesigned, said Karyn Schwartz,a health-policy expert at theKaiser Family Foundation.

Public hospitals also typi-cally care for more uninsuredpatients than other facilities,she said, adding that it madesense to see institutions suchas Harris Health in Texas,among top aid recipients.Texas didn’t follow otherstates by expanding Medicaidcoverage in recent years, shesaid. About 20% of the state’snonelderly population is unin-sured, according to the KaiserFamily Foundation, comparedwith 9% in California, whichdid expand Medicaid.

The year-end surge inCovid-19 cases pushed inten-sive-care units near capacityfor hospitals across Harris andOrange counties; Harris Countywas also hit hard months ear-lier, as cases in Texas soaredduring the summer.

BY MELANIE EVANS

HHS Flags Covid-19 Relief Payments Made to California Clinic

Elite Care Medical Group received $81 million, the second-highestamount in federal aid for treating uninsured Covid-19 patients.

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Covid-19 vaccines fromModerna Inc. and from PfizerInc. and partner BioNTech SEare highly effective in prevent-ing infections in real-worldconditions, federal health offi-cials said, further evidencethat vaccinations can slow thespread of the virus.

The vaccines were 90% ef-fective at reducing the risk ofinfection two weeks after asecond dose, according to astudy of nearly 4,000 health-care workers, first respondersand other essential workerspublished by the U.S. Centersfor Disease Control and Pre-vention on Monday.

In addition, the data indi-cated the vaccines can reducethe risk of coronavirus infec-tions whether or not theycause symptoms, the CDC said.

“This study shows that ournational vaccination effortsare working,” CDC Director Dr.Rochelle Walensky said. “Theauthorized vaccines are thekey tool that will help bring anend to this devastating pan-demic.”

The findings are in linewith real-world results of thetwo vaccines in the U.K. andIsrael. They are also consistentwith results from clinical trials

run by the companies thatfound the mRNA vaccines tobe highly effective at protect-ing against symptomaticCovid-19. The companies arestill conducting their ownanalyses of whether the vac-cines reduce asymptomatictransmission.

The CDC study looked at3,950 volunteers in six statesover 13 weeks from Dec. 14,2020, to March 13, 2021.

Study subjects swabbedtheir noses themselves weekly,regardless of whether they haddeveloped symptoms. ThenCDC researchers tested theswabs for signs of infection.

About 11% of infectionsdidn’t result in symptoms,though 58% of the infectionsoccurred in people whose in-fections were identified bytesting before they developedsymptoms or knew they wereinfected, according to thestudy.

Researchers reported threeinfections across 2,479 peoplewho were fully vaccinated,having received two doses sev-eral weeks apart. There wereeight infections among 477people who received one dose.

There were 161 infections inthe unvaccinated workers, thestudy found. There were nodeaths, the CDC said.

BY JARED S. HOPKINS

Real-WorldDataConfirmShotsWork

President Biden said Mon-day his administration is add-ing new vaccine sites, as heand other officials askedAmericans to keep taking pre-cautions and the head of theCenters for Disease Controland Prevention described afeeling of “impending doom”with Covid-19 cases rising re-cently.

Mr. Biden said the adminis-tration is more than doublingthe number of pharmacies inthe federal program and open-ing additional mass vaccina-tion sites. He said 90% ofadults would be eligible forvaccination by April 19, and90% will have a vaccinationsite within 5 miles of their res-idence. Several states havebeen broadening their eligibil-ity requirements for vaccineappointments in recent days.

Officials said the U.S. is av-eraging 2.7 million vaccina-tions a day over the past sevendays and reported 3.28 millionvaccinations on Sunday.

The president also called ongovernors and local officials tomaintain or reinstate maskmandates and said statesshould pause their reopeningefforts.

Although the U.S. has vacci-nated more people than anyother country, administrationofficials said the spread of newvariants that are more trans-

missible, an increase in traveland loosened restrictions inseveral states could lead to asurge in cases and deaths.

“With vaccines there’s hope,which is a very good thing, tostate the obvious, but peopleare letting up on precautions,which is a very bad thing,” Mr.Biden said.

CDC chief Rochelle Walen-sky said Monday that the mostrecent data show the seven-day average growing to about60,000 cases a day, which shesaid was a 10% increase com-pared with the prior seven-dayperiod. She said hospitaliza-tions were up to 4,800 admis-

forward to, so much promiseand potential of where we areand so much reason for hope,so right now I’m scared.”

Dr. Walensky said shewanted Americans to continueto follow the CDC’s guidelinesto change the trajectory of thepandemic and discouragednon-essential travel. She saidthe U.S. was seeing moretravel now than any other timein the coronavirus pandemic.

“I’m speaking today notnecessarily as your CDC direc-tor…but as a wife, as a mother,as a doctor, to ask you to justplease hold on a little whilelonger,” she said.

BY TARINI PARTI

U.S. Urges Caution on Virus Cases

CDC chief Rochelle Walensky testifying earlier this month. On Monday she said she felt ‘impending doom.’

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PresidentBidensaidmorevaccinesitesarecomingbutwarnedagainstcomplacency.

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CAPITAL JOURNALBy Gerald F. Seib

growth of the zero-emissionspower source to slow climatechange and increase the coun-try’s blue-collar employment.

Roughly 10 proposals arewaiting in line at the Bureau ofOcean Energy Management.Earlier this month it completeda review for the nation’s firstlarge-scale project—the $2.8billion project off the coast ofMassachusetts called VineyardWind—after delays during theTrump administration.

Much of the concern centerson how wind turbines mightaffect shipping, whale migra-tions and commercial fisheries.

The New York Bight isamong the country’s threemost prolific areas for scal-lops, said David Frulla, a law-yer who represents the Fisher-ies Survival Fund, a groupincluding most of the country’sAtlantic Ocean scallop boats.

More turbines will make itharder for large fishing boatsto navigate by disrupting theradar they depend on at night,Mr. Frulla said.

Administration officialssaid the Commerce and En-ergy departments will spendmore than $1 million for re-search to help the wind andfishing industries to coexist.

WASHINGTON—The Bidenadministration plans to givewind-power developers accessto more of the Atlantic Coastand start a slate of new envi-ronmental reviews in an at-tempt to jump-start the coun-try’s offshore wind business.

White House officials saidMonday they want to fast-trackleasing in federal waters off theNew York and New Jerseycoasts, a priority forwind-powerinterests and state officials.

The industry wants to lo-cate wind turbines in the shal-low waters south of Long Is-land and east of New Jerseyknown as the New York Bight,an area where commercialfishing interests have sued tostop previous leasing, saying itcould risk millions of dollarsin business for scallopers, inparticular.

The administration is alsomoving the permitting processfor a project known as OceanWind off the southern coast ofNew Jersey. White House offi-cials say they are beginning en-vironmental reviews of OceanWind, the first of what it hopesare 10 reviews starting this year.

President Biden wants rapid

at the same point in his presi-dency, in part because formerPresident Barack Obama hadtrouble convincing the Republi-can-controlled Senate to fill hisopen positions.

Judge Ketanji Brown Jack-son, of Washington, D.C.’s U.S.District Court, is considered aleading contender for thenomination to succeed MerrickGarland on Washington’s ap-peals court, after he steppeddown to become attorney gen-eral, according to people fa-miliar with the process.

Democrats have a larger op-portunity on the lower-leveldistrict courts, where there are

U.S. relations with Chinaare a minefield of potentiallyexplosive problems, yet thebiggest risk is a subtle one:the danger that China over-estimates the decline of U.S.

power andacts accord-ingly.

If China isconvinced, asits representa-tives and me-

dia organizations proclaim,that the U.S. and the entireWestern liberal order are inthe early stages of a long-term decline, an emboldenedChinese leadership may over-step, become overly provoca-tive and compel America torespond forcefully. The riskarises in many areas, includ-ing in the South China Sea,in commerce and, above all,in Hong Kong and Taiwan.

This risk, in fact, helps ex-plain many of the Biden ad-ministration’s opening stepstoward China. Its strategy isto counteract the Chinese

61 slots to fill, compared with97 at the same point in Mr.Trump’s presidency, accordingto Mr. Wheeler’s analysis.

The Biden administrationbenefits more if judges takesenior status rather than re-tire because judges continueto hear cases. More than 60judges in December were eligi-ble for senior status based ontheir age and years of service,creating a significant potentialopportunity for Mr. Biden,said Marin K. Levy, a profes-sor at Duke Law School.

Though judicial picks areimportant to both parties’bases, judges don’t always rulein favor of the president whochose them. In Mr. Trump’scase, several of his appointedjudges ruled against his law-suits challenging the 2020election results.

President Bill Clinton ap-pointed Supreme Court Jus-tices Ruth Bader Ginsburg andStephen Breyer, who ruledagainst him in a unanimouscourt decision in 1997 that al-lowed Paula Jones’s sexual-ha-rassment lawsuit to proceed.

Mr. Biden will need to keepthe Democratic caucus unifiedto fill the vacancies, with hisparty holding a narrow Senatemajority with Vice PresidentKamala Harris serving as a tie-breaking vote.

Fallon, executive director ofDemand Justice, a nonprofitpushing for more liberaljudges. Mr. Biden, he said, “hasan immediate opportunity rightoff the bat to make dozens ofappointments in the first year.”

Nonetheless, Mr. Biden in-herits a much smaller opportu-nity to tip the ideological bal-ance of the federal judiciarythan Mr. Trump, who placed 54appeals-court judges in hisfour years, flipping the overallmakeup of the circuit courts tomajority Republican-appointed.In all, 54% of full-time judgeson those courts were Republi-can-appointed when Mr.Trump left office, up from 40%at the beginning of his term.

“He’s not going to accom-plish as much as PresidentTrump did and everybody un-derstands that,” said William &Mary law professor Neal Devins.

Mr. Biden has just seven va-cancies on the federal circuitcourts, the appellate judgeswhose power is only surpassedby the Supreme Court. Mr. Bi-den inherits the smallest num-ber of circuit-court openingssince the early months of Ron-ald Reagan’s presidency in 1981,according to an analysis byRussell Wheeler, a visiting fel-low at the Brookings Institu-tion. Mr. Trump had nearlythree times as many vacancies

President Biden has thefirst chance to put his stampon the federal judiciary asdozens of federal judges havestepped down from activeduty in recent months.

There are at least 68 judicialvacancies on the federal districtand circuit courts, and Mr. Bi-den’s first slate of judicial nomi-nations is expected to come asearly as this week. That is fewerthan the 116 that President Don-ald Trump had in his firstmonths in office in 2017, andrelatively few are at the appel-late level, but it gives Mr. Bidenan opening to begin offsettinghis predecessor’s judicial legacy.

Mr. Biden’s options havebeen bolstered by about 18judges—10 appointed by Dem-ocrats, eight by Republicans—who have cleared the way forthe president to appoint a suc-cessor by taking senior statusbecause he was sworn in onJan. 20. That compares with 10during the first two months ofMr. Trump’s term. Seniorjudges have a lighter workloadand fewer responsibilities.

“We have seen a lot of swift-ness on the part of federaljudges that were clearly wait-ing out Trump to take seniorstatus or retire,” said Brian

BY LAURA KUSISTOAND KEN THOMAS

BidenHas First Chance at Court Picks

China. Yet it brings togetherthe four most powerful de-mocracies China has to takeinto account in its region.

So it was no accident thatone of President Biden’s firstbig diplomatic initiatives wasto convene an unprecedentedvirtual summit of the Quad’sleaders. Afterward, the lead-ers cosigned an opinion col-umn proclaiming intention towork together to fight climatechange and to produce anddistribute coronavirus vac-cines to Indo-Pacific nations.

China’s territorial claims andto reassure allies that Amer-ica will maintain a militarypresence in the area.

Perhaps most important,the effort to demonstrateAmerican clout is seen in theunprecedented importancethe Biden administration hasplaced on the Quad—the in-formal coalition of the U.S.,Australia, Japan and India.

The Quad isn’t a formalalliance, and certainly isn’t amilitary one, and it isn’t ex-plicitly designed to counter

ing anti-China alliance withCold War overtones.

There are distinct limits tothe Quad’s potential to coun-ter Chinese strength. Its fournations have economic tiesto China that they want topreserve, and all are wary ofallowing it to be seen as aprovocative military alliance.Yet America’s ability to con-vene the Quad, and to help itproduce coordinated actionin vaccine distribution, wasperhaps the most meaningfulway the Biden administrationcould signal to China that itshouldn’t go too far in dis-counting America’s clout.

C ountering the percep-tion of U.S. weaknessmay be most important

on the crucial question ofTaiwan, which China consid-ers a breakaway province.U.S. officials fear ChinesePresident Xi Jinping may bestarting down a path towardforcing Taiwan to accept re-unification with the Chinesemainland, using militaryforce if necessary. Its effortsto quash democracy in HongKong may be a trial run.

If that’s the case, the bestway to deter Mr. Xi may be toconvince him now that if hemakes such a move he wouldhave to worry about the reac-tion of a strong and interna-tionally influential America,not a weak and retreating one.

Their op-ed didn’t evenmention China, but the vac-cine initiative was, amongother things, a clear move tocounter China’s own effortsto use vaccine donations toexpand its influence in theregion. Perhaps more point-edly, the four leaders sig-naled their intention to coun-ter China’s territorial claimsin the South China Sea.

China certainly has noticed.It has vacillated between call-ing the Quad a meaninglesstalking society and a menac-

narrative of a politically di-vided and declining Americaby trying to establish a pic-ture of enduring U.S. eco-nomic, diplomatic and mili-tary strength before fullyengaging with Beijing. Themessage is simple: Don’t un-derestimate American power.

Thus, the administrationhas delayed either jumpinginto new trade talks withChina or lifting the tariffsthe Trump administrationimposed on Chinese goods.The president hopes to showfirst that the U.S. has con-quered the pandemic, is fullyrecovered economically, andhas begun working with Con-gress to invest in America’seconomic infrastructure.

T hose steps, it’s hoped,would allow the ad-ministration to begin

negotiating from a positionof enhanced strength. Thusdid newly installed U.S. TradeRepresentative Katherine Taijust declare, in an interviewwith The Wall Street Journal,that the administration isn’tready to lift those tariffs: “Nonegotiator walks away fromleverage, right?” she said.

At the same time, the Bi-den administration has con-tinued the Trump team’spractice of sending U.S. Navyships through the SouthChina Sea both to show thatthe U.S. doesn’t accept

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Fear of a Miscalculation Haunts China Policy

President Biden convened a virtual summit meeting with the leaders of Australia, Japan and India.

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U.S. Plans to BoostWind-Power Projects

breaks on the books, providingan unfair advantage to thewealthiest heirs every year. Thisproposal will eliminate thatloophole once and for all,” Mr.Van Hollen said in a statement.

Currently, an individual whopurchased $1 million of stockin 1993 that is worth $10 mil-lion doesn’t owe any incometaxes on that $9 million gain ifthey die today, a rule that en-courages people to hold on toappreciated assets. They mightowe estate taxes if their totalestate tops that tax’s exemp-tion of more than $11 millionper person.

Under the Van Hollen pro-posal, the first $1 million of thatgain would be free from incometaxes, but the remaining $8 mil-lion would be considered a capi-tal gain. Rep. Bill Pascrell (D.,N.J.), a senior member of theHouse Ways and Means Com-mittee, also introduced a similarbill with a $1 million exemptionon Monday. That exemption ismuch larger than the Obama ad-ministration plan first releasedin 2015, which called for$100,000 per person and wentnowhere in the Republican-con-trolled Congress. It isn’t knownwhether the new version wouldhave the support of all Demo-crats in today’s 50-50 Senate.The Biden administration isweighing eliminating the cur-rent rules for stepped-up basisin the coming legislative pushon infrastructure, education,and child care.

Mr. Van Hollen released the

draft legislation along withSens. Cory Booker (D., N.J.),Bernie Sanders (I., Vt.), Eliza-beth Warren (D., Mass.) andSheldon Whitehouse (D., R.I.).The support for the $1 millionexclusion from prominent pro-gressives like Mr. Sanders andMs. Warren is a sign that theultimate landing point forDemocrats on capital gains willinclude a sizable exemption forthe professional class.

Republicans have attackedpossible tax increases, arguingthat they would slow the econ-

omy’s growth. Senate MinorityLeader Mitch McConnell (R.,Ky.) said Monday that he couldsupport legislation focused oninfrastructure—but not tax in-creases.

“I’m not interested in rais-ing taxes across the board onAmerica. I think it will sendour economy in the wrong di-rection,” Mr. McConnell said.

Democrats have also consid-ered raising the capital-gainstax rate for the highest earnersto more closely reflect the topmarginal income-tax rate. Cur-rently, the top capital-gains taxrate is 23.8%. Going much

higher starts yielding diminish-ing returns because people justhold on to assets rather thansell them and pay the tax.Changing the capital-gains taxtreatment of assets at deathwould reduce the incentive forwaiting and make it easier forDemocrats to raise the rate. Itwould also make it tougher forsome people to pass their busi-nesses to their children.

Raising the corporate tax rateto 28% from21%, collectingmoretaxes on multinational compa-nies’ foreign earnings and raisingthe top income-tax rate are allalso options Democrats are con-sidering. During the campaign,Mr. Biden and his teamendorsedraising the top income-tax rateto 39.6% from 37%.

The Van Hollen bill also con-tinues the existing exclusion ofprofits from sales of a principalresidence.

The Tax Policy Center esti-mated that Mr. Biden’s capital-gains plan—using the Obamaexemptions thresholds and a39.6% top rate—would produce$373 billion over a decade. Al-though it had a much lowerper-person exemption, theObama proposal had more gen-erous rules for non-primaryresidences and certain farmand business assets than theVan Hollen version.

The higher exemptions in Mr.Van Hollen’s bill would likelymean less revenue but shieldmore people, particularly in thehigher-income states repre-sented by Democrats.

WASHINGTON—Progres-sive Senate Democrats sug-gested that their new plan totax unrealized capital gains atdeath should come with a $1million per-person exemption,setting that line 10 times ashigh as an earlier Obama ad-ministration proposal andshielding a larger swath of up-per income households.

A discussion draft releasedMonday by Sen. Chris VanHollen(D.,Md.) and othersmarks a firstattempt to put details on an ideathat President Biden endorsed inthe campaign. Capital-gains tax-ation is likely to spur significantdebate as Democrats look toraise money from high-incomehouseholds to pay forMr. Biden’sproposed spending on infra-structure and social programs.

Under current law, someonewho dies with appreciated as-sets— including homes, busi-nesses and stocks in taxableaccounts—doesn’t have to paycapital-gains taxes on that in-crease. Instead, the heirs haveto pay capital-gains taxes onlyafter they sell and only ongains after the original owner’sdeath. That “stepped-up basis”is a longstanding feature of thetax code, but it has come underincreasing attacks from Demo-crats who see wealthy people’sprofits escaping the incometax.

“The stepped-up basis loop-hole is one of the biggest tax

BY RICHARD RUBINAND ANDREW DUEHREN

ExclusionSeen inCapital-GainsTaxPlan

SomeDemocratssee$1millionexemptionintaxingunrealizedcapitalgainsatdeath.

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U.S. NEWS

Sunday night, marketing theblocks to a select number of cli-ents and responding to big in-vestors who called to ask aboutadditional blocks of stock thebank might be unloading, saidtraders.

Banks on Monday soldblocks of stocks in companiesthat also saw selling late lastweek. Those included DiscoveryInc., U.S.-listed Chinese tutor-ing company GSX Techedu Inc.,Chinese e-commerce platformVipshop Holdings Ltd. and Via-comCBS, again.

Wells Fargo & Co., which onMonday sold blocks of stock,including in ViacomCBS andGSX, also told clients Monday ithad finished liquidating its ex-posure.

Credit Suisse and Nomuraweren’t major sellers Friday,traders said.

Credit Suisse said Monday itwas too early to quantify theexact impact it faced, but thatit could be “highly significantand material” to its results forthe first quarter, which endsthis month. Nomura said it wasowed about $2 billion by a U.S.client. A person familiar withthe matter said the trades inquestion were related toArchegos.

Shares in Nomura fell 16%, arecord single-day drop. CreditSuisse’s U.S.-listed shares tum-

Morgan Stanley and now con-sults for banks and hedgefunds. “But no one knows theaggregate.”

The steep losses at Archegoscome as a council of top U.S.regulators known as the Finan-cial Stability Oversight Councilis already scheduled to meet onWednesday to discuss hedge-fund activity during the pan-demic-triggered crisis. Themeeting is the first for the riskcouncil during the Biden ad-ministration, which has pledgedto scrutinize financial weak-nesses revealed by the pan-demic-triggered market tumultfrom March 2020. The councilis made up of the heads of theTreasury Department, FederalReserve and other agencies.

Mr. Dweck, the consultant,pointed to a case that many onWall Street are hearing echoesof this week: Long-Term CapitalManagement, a massive hedgefund that blew up in 1998.Firms learned the full extent ofthe hedge fund’s problems onlywhen government officialssummoned them to Long-Term’s offices to pore over itsrecords, he said.

“The upshot is, you’re goingto have stuff like this happen,”Mr. Dweck said.—Quentin Webb, Justin Baer

and Peter Rudegeaircontributed to this article.

mix of stock and swaps. Swapsare a common arrangement inwhich a trader gets access tothe returns generated by aportfolio of shares or other as-sets in exchange for a fee.

Losses threatened to spillover into the prime brokeragebusinesses that have been han-dling the firm’s trading. Thegroup of large Wall Streetbanks includes Goldman, Mor-gan Stanley, Credit SuisseGroup AG, Nomura HoldingsInc., UBS Group AG andDeutsche Bank AG, said peoplefamiliar with the firm’s trading.

On Thursday, Archegosasked banks handling its busi-ness to meet to hash out astrategy to liquidate its hold-ings, said a person familiarwith the meeting. The firm’slargest positions had turnedsharply negative following along run-up. A proposalemerged for all the banks tohold off on large trades and totalk further over the weekend,but the call ended without anyagreement.

On Friday morning, banksstarted seizing Archegos’sstock, and Goldman Sachsstarted selling in size. It quicklybecame clear there would belittle to no coordination amongthe banks.

Goldman and Morgan eachraced to liquidate positions tiedto Archegos.

The discussion among primebrokerages was extremely un-usual and has happened only ahandful of times in recentmemory, in some cases avertingliquidations.

The decision to sell earlyhelped insulate Goldman fromlosses that have hit otherbanks. Goldman expects the re-sults of the Archegos accountto be “immaterial” to its finan-cial results for the first quarterending this week, according toa person familiar with the mat-ter.

Morgan Stanley sold 45 mil-lion shares of ViacomCBS Inc.

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Steps CutLosses onArchegos

Shares in Nomura fell 16%, a record single-day drop, after a selloff at Archegos.

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bled 11.5%, the biggest declinein a year. In New York on Mon-day, Goldman fell 0.5% andMorgan Stanley fell 2.6% on aday when the Dow Industrialsrose 98 points and the S&P 500declined modestly.

The Archegos episode is thelatest in a history of blowups toreveal that while Wall Streetbanks bill themselves as secondto none in gathering informa-tion relevant to investing, theyoften struggle to know what is

going on next door. That short-fall is germane to the Archegosliquidation because it seemsclear that the banks didn’t real-ize until too late that they wereholding similar positions, withmalign implications for effortsto keep markets in those sharesfrom falling further.

“You can have a suspicionthat maybe this person is doingthis trade with a bunch of otherpeople,” said Jay Dweck, a for-mer trading and risk-manage-ment executive at Goldman and

Goldman andMorgan raced toliquidate positionstied to Archegos.

more than 75% as concernsabout the wisdom of the dealwere compounded by the shut-ting of movie theaters andcancellation of sporting eventsearly in the pandemic—twolarge revenue drivers for thecompany’s Paramount moviestudio and CBS TV network.

By March 2020, Viacom-CBS’s shares had fallen by somuch that National Amuse-ments Inc., the holding com-pany that owns a controllingstake in ViacomCBS, had to re-structure its credit facilitiesbecause its ViacomCBS sharesthat were pledged as collateralwere too low. From that lowpoint, the stock began a steadyclimb. The pandemic proved tobe a boon for streaming, some-thing that ViacomCBS Chief Ex-ecutive Bob Bakish had pledgedto make the company’s priority.

As Americans hunkereddown at home, ViacomCBSadded additional content to itsCBS All Access streaming ser-vice, putting more than 3,500episodes of shows from net-works such as Comedy Cen-tral, BET and Nickelodeon onthe subscription service. Thecompany also struck expandeddistribution deals with Alpha-bet Inc.’s YouTube TV andWalt Disney Co.-controlledHulu + Live TV.

ViacomCBS Inc. lost morethan half of its market capital-ization last week—yet it stillremains nearly four times asvaluable as it was a year ago.

The wild gyrations in themedia giant’s stock since the2019 combination of CBS andViacom have been unlike that ofany other large media companyover the past couple of years,according to Dow Jones MarketData. ViacomCBS’s stock hasmoved by 2.43% on average ev-ery day over that period, com-pared with an average of 1.74%for all the S&P 500 stocks.

The swings partly reflectthe myriad challenges Viacom-CBS had faced over that pe-riod, from having to integrateboth companies to dealingwith the coronavirus pandemicto readjusting its priorities tofocus on streaming. The stockhad risen roughly ninefold overthe course of a year before lastweek’s collapse, which cameamid an avalanche of forcedselling by New York-basedhedge fund Archegos CapitalManagement and banks.

Another media company,Discovery Inc., suffered similarlosses last week as part of thefund’s unwinding. Both compa-nies are cable-TV conglomer-ates that have bet big onstreaming video.

“Discovery was strongerheading into the pandemic be-cause their networks have heldup better in the long run,” me-dia analyst Michael Nathansonsaid in an interview. “Discov-ery’s networks tended to skewolder and have had more dura-ble viewing habits because ofthe genres they’re in. WhereasViacom’s skew a lot youngerand tend to see more erosionin viewership.”

ViacomCBS declined tocomment.

In the months that followedthe announcement of the Via-comCBS merger, the stock fell

BY DAVID MARCELISAND BENJAMIN MULLIN

ViacomCBS SelloffIs Latest Twist inInvestors’ Wild Ride

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move hundreds of thousandsof cubic feet of sand aroundthe ship’s bow.

Salvagers made significantprogress late Friday after free-ing the rudder and turning onthe ship’s engines, people fa-miliar with the operation said.

To help remove the backlogof vessels in the Red Sea andthe Mediterranean, the SuezCanal Authority is expected totry to increase the number ofships moving through the wa-terway. In normal circum-stances, the daily maximum is106, according to the WorldShipping Council.

Many shipowners had al-ready decided to reroute downthe coast of Africa to the Capeof Good Hope, adding weeks tothe journey and increasingfuel costs.

Salvagers originally worriedthat freeing the ship couldtake weeks, as it would needto be lightened by taking offfuel and ballast water and pos-sibly removing its roughly20,000 containers with heli-copters.—Costas Paris, Stephen Kalin

and Benoit Fauconcontributed to this article.

be moving.“There is a lot of talk on

the radio that we will startmoving today and we shouldget ready,” said Angelino Cruz,a radio operator aboard a Eu-ropean-operated crude tanker,which is in line behind theEver Given.

Despite the backlog of ves-sels waiting to traverse, free-ing up the Suez Canal shouldeventually relieve the growingstrain on the global shippingindustry and the transport ofoil, gas and consumer goodsbetween Asia and Europe.Some 13% of global maritimetrade and 10% of seaborne oilshipments travel through thecanal.

Reopening the Suez willalso ease pressure on Mr. Sisi,who in 2015 inaugurated anexpanded canal meant to in-crease government revenueand help turn the page on theupheavals of the Arab Springand the army takeover thatbrought him to power. No rev-enue boom has materialized.

Those involved in the res-cue effort had predicted thatthe process could take severaldays as dredgers worked to re-

The backlog has created thepotential for many ships, boththose delayed at Suez andthose redirecting around Af-rica, to hit their destinationports all at the same time. InEurope, the mass of ship arriv-als “will be a huge handlingchallenge for container termi-nals” and for the “inland logis-tics system of barges, road,and rail,” said TurlochMooney, an associate directorfor maritime and trade at con-sulting firm IHS Markit.

Maersk warned that in theshort term there will be abrief period where Europeanports will see light volumesbecause of the delays. Then itforecasts a surge as delayedvessels arrive.

“There will be a bit of up-heaval in the scheduling,” saidStefano Messina, chairman ofGruppo Messina, a shippingcompany based in Genoa, oneof Italy’s busiest ports.

President Abdel Fattah AlSisi of Egypt cast the opera-tion as a national triumph.

“Today, Egyptians haveproven that they are always re-sponsible, and that the canaltheir ancestors died for, and

which their fathers defendedwith their lives, bears witnessto how Egyptians always de-cide their fate according totheir will,” he wrote on Twitter.

A person involved in the ef-fort said a large rock forma-tion in the side of the canalthat had been wedging thebow in place was broken up,helping to free the Ever Given.

A video taken near thescene showed workers cheer-ing “Allahu akbar,” or “God isthe greatest,” as the ship be-gan to break free.

Over 360 vessels were wait-ing to pass through the canal,blocked since the Ever Givenveered into its east side dur-ing stormy weather last Tues-day. Some of the ships caughtbehind in the canal werealerted that they could soon

Over 360 ships werewaiting to use thecanal. Others wentaround Africa.

WORLD NEWS

In the report, which was sub-ject to approval by the Chineseauthorities, the WHO-led teamcalled for closer scrutiny of Chi-nese hospital data and bloodsamples from before December2019. Such analysis could pro-vide clues as to how long the vi-rus was spreading before thefirst confirmed cases.

The WHO team also recom-mended more extensive test-ing of Chinese farms supplyingwild animals for food and fur,to help establish when, where

and how the new coronavirusbegan spreading in humans.

The report also left openthe possibility that the virusoriginated outside China andthen entered the country—ahypothesis that Chinese au-thorities have advanced butthat the U.S. and other West-ern governments have resisted.

It cited Chinese researchinto cases of various other dis-eases linked to internationalgatherings in Wuhan in late2019, and called for a consid-

eration of health data fromclinics at the Military WorldGames in October that year.Chinese officials have sug-gested that a U.S. delegationto those games might have in-troduced the virus to Wuhan.

The final report declaredthat the virus very likelyspread from bats and then tohumans via another smallmammal species such as mink,raccoon dogs or ferret badgers,either on a farm or in the wild.

It cast doubt on a theory,

supported by Chinese officials,that the initial Wuhan out-break began spreading fromfrozen food. “This would beextraordinary in 2019 wherethe virus was not widely circu-lating,” the report said.

But the report recom-mended further study intowhether the virus had laterspread via frozen food, after itbegan circulating widelyaround the globe.

It stopped short of rulingout altogether the hypothesisthat the virus could have es-caped as the result of a lab ac-cident, but said it would be“extremely unlikely” becausethere is no record that anylaboratory, in China or else-where, had been working witheither Covid-19, or another,closely related virus.

The team said it didn’t con-sider a hypothesis that the vi-rus was deliberately engineeredin a lab for release becauseanalyses of the genome haveruled that out, the report said.

Most of the research for thereport was conducted by Chi-nese scientists, almost all ofwhom work for the state. Un-der the terms of that study,China conducted the bulk ofthe research, which was pre-sented to the team of interna-tional scientists recruited bythe WHO, during their visit inJanuary and February.

China’s foreign ministryand national health commis-sion didn’t respond to re-quests to comment.

The 319-page report seen bythe Journal was presented tomember states as the final copy.It was broadly consistent withthe conclusions announced lastmonth at the end of the WHO-led team’s trip to Wuhan. AWHO spokesman didn’t respondto a request to comment.

On Sunday, U.S. Secretaryof State Antony Blinken saidon CNN the U.S. has “real con-cerns” about the methodologyand the process behind the re-port, including “the fact thatthe government in Beijing ap-parently helped to write it.”

Zhao Lijian, a Chinese for-eign ministry spokesman, dis-puted that Monday.

“When will the WHO expertsbe invited to the United Statesfor a visit on origin-tracing?”Mr. Zhao asked, questioningwhen they would be granted ac-cess to a U.S. military lab whereChinese officials have sug-gested—without presenting evi-dence—that the virus mighthave originated. He said Chi-nese authorities had provideddata of particular concern to theWHO-led team “item by item.”

Still, there were areaswhere the team said it didn’thave enough data from Chinato draw firm conclusions.

A World Health Organiza-tion-led team investigating theorigins of the pandemic foundthat data examined during a re-cent mission to China was insuf-ficient to answer critical ques-tions as to when, where andhow the virus began spreading.

The long-awaited reportpresents the findings of thefour-week mission completedearlier this year by WHO-ledinvestigators to Wuhan, theChinese city that was the siteof the first confirmed corona-virus cases in December 2019.

The investigators had littlepower to conduct a thoroughand impartial investigationduring their trip. China ini-tially resisted internationalpressure for an inquiry intothe source of a pandemic thathas killed 2.8 million people.

The final report, which wasdistributed to WHO memberstates but has yet to be madepublic, was reviewed by TheWall Street Journal on Monday.

By Drew Hinshaw,Jeremy Page

And Betsy McKay

Key Virus-Origin Questions UnansweredChina data insufficientto determine howCovid-19 beganspreading, WHO says

Peter Ben Embarek of the WHO-led team displays a chart showing paths of transmission in Wuhan.

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SUEZ, Egypt—To get the gi-ant container ship blocking theSuez Canal unstuck, engineersneeded the stars to align. Actu-ally, the sun, Earth and moon.

After several days trying todislodge the Ever Given cargoship, which had veered offcourse and embedded itself inthe side of the canal, the sal-vage team pinned their hopeson this week’s full moon, when,beginning Sunday, water levelswere set to rise a foot-and-a-half higher than normal hightides. That would make it eas-ier to pull the 1,300-foot vesselout from the side of the canalwithout unloading a large num-ber of the 18,000 or so contain-ers it was carrying.

The engineers would haveto work fast to make the mostof this narrow window. The ef-fect would last only a fewdays. But it would be their bestshot at freeing up the canal—and with it, billions of dollars’worth of global trade flows inthe process.

Tides are higher when thereis a full or new moon, whichoccurs when the moon is in di-rect alignment with the sun,with either the Earth or moonin the middle of the three. Thiscauses a greater gravitationalpull on the Earth. As a result,high tides are higher, and lowtides are lower. They areknown as spring tides and oc-cur twice a month.

This time the effect was am-plified by the first supermoonof the year, when a full mooncoincides with the closest pointto Earth in its elliptical orbit.

Supermoons occur severaltimes a year, and this one isknown as the worm moon, forthe earthworms that begin toappear in the soil in theNorthern Hemisphere at thistime of year.

When it became clear thattugboats alone wouldn’t beable to dislodge the Ever Given,the rescue effort began lookingto the supermoon’s pull on thetides and how it might helpfree the vessel.

According to people in-volved in the operation, muchof the work to dredge hun-dreds of thousands of cubicfeet of sand was undertakenwith the higher water levels inmind. Dredgers were assignedto the area and worked aroundthe clock.

Lars Mikael Jensen, head ofA.P. Moller-Maersk A/S’s globalocean network, said Mondaywas a particularly importantday, when water levels beganto peak. “In the last couple ofdays all the available tug powerhas been allocated,” he said.Higher tides could give the sal-vage team the lift it needed torefloat the Ever Given.

BY RORY JONESAND AMIRA EL-FEKKI

How aSupermoonHelpedFree Ship

The once-stuck container ship Ever Given was pulled free and floated in the Suez Canal on Monday and towed by tugboats past people watching from the banks.

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confirmed his vessels hadstarted to move. Marine datatracker FleetMon showed thatone of them, the Jeddah, SaudiArabia-bound Sea Star, whichis loaded with cattle, startedto move south.

Two container vessels inthe Great Bitter Lake near thecenter of the canal network,the Jeddah-bound YM Wish,and the Ever Globe, a sistervessel to the Ever Given, alsostarted moving, FleetMontracking showed. The EverGiven itself was preparing toenter the Great Bitter Lake,where it will anchor, Marine-Traffic tracking showed.

Canal managers were givingpriority to vessels carryinglivestock because they wererunning out of animal feed, ac-cording to a person involvedin the operation.

Shipping companies said itcould take several days toclear the queue of ships nowwaiting to pass through, whilemany big lines have alreadyrerouted vessels, in some casesaround the southern tip of Af-rica, adding two weeks of sail-ing time and tens of thousandsof dollars in costs per vessel.

A.P. Moller–Maersk A/S, theworld’s largest container ves-sel operator, said Monday thatthe company and its partnershad three ships backed up inthe canal and 34 vessels at an-chor waiting to enter it. Thecompany already redirected 15vessels around Africa. It saidit could take six days or morefor the complete queue ofbacklogged ships to passthrough the canal.

“As the Ever Given has nowbeen dislodged there is stilluncertainty to passage clear-ance and the ripple effects ofthis incident,” Maersk said.

ContinuedfromPageOne

Suez CanalIs ClearedFor Traffic

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THEWALL STREET JOURNAL. * * * * Tuesday, March 30, 2021 | A9

Mr. Bolsonaro has spentmuch of the pandemic playingdown the dangers of Covid-19,promoting unproven cures forthe disease, and disparagingface masks. But as the dailydeath toll has become the high-est in the world over recentweeks, the president has bowedto demands from centrist poli-ticians in exchange for theircongressional support.

One of those demands hasbeen the removal of Mr. Araújo,a critic of Beijing, whom oppo-sition politicians have blamedfor recent delays in shipmentsof vaccines from China.

Mr. Araújo didn’t respond torequests for comments Mon-day, sent via the foreign minis-try. The federal governmenthas defended its handling ofthe pandemic, saying it is do-ing everything possible tospeed up vaccinations. Brazilhas fully vaccinated about 2%of its population so far.

Mr. Bolsonaro said CarlosAlberto Franco França wouldsucceed Mr. Araújo.

Political scientists said theywere skeptical the shake-upwould bring about real change.“If you play musical chairs inthe cabinet but the policiesdon’t change, then this situa-tion will continue,” said CarlosMelo, a political scientist atBrazil’s business school Insper.

—Jeffrey T. Lewiscontributed to this article.

SÃO PAULO—Brazilian Pres-ident Jair Bolsonaro unveileda deep cabinet shuffle as hisadministration comes underpressure over a Covid-19 surgeacross the country that is kill-ing more than a hundred Bra-zilians an hour.

Mr. Bolsonaro announcedthe exit of Foreign MinisterErnesto Araújo on Monday af-ter swaths of Congress de-manded the diplomat’s ouster,blaming him for scupperingvaccine supply deals. Thepresident said he was alsochanging his defense and jus-tice ministers, chief of staffand two more top governmentofficials as he tries to shore uphis political base amid grow-ing calls for his impeachment.

With less than 3% of theworld’s population, Brazil hasaccounted for as much as athird of global deaths fromCovid-19 in recent days, as ahighly contagious new variantfrom the Amazon, P.1, wreakshavoc in the country.

A preliminary study Fridaylinked the strain to a sharprise in the deaths of youngerBrazilians.

Brazil’s seven-day averagedaily death toll has risen to arecord of 2,595, pushing thetotal number of fatalities fromthe disease above 310,000.

BY SAMANTHA PEARSONAND LUCIANA MAGALHAES

Bolsonaro Shakes UpCabinet Over Covid

Brazilian President Jair Bolsonaro faces calls for his impeachmentas Covid-19 deaths in the country have surged above 300,000.

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HONG KONG—Rising raw-materials costs and unrelent-ing supply-chain constraintsare prompting many Chineseexporters to increase prices forthe goods they sell abroad,raising fears it may add toglobal inflationary pressures.

The fears have deepened inrecent days, after a groundedcontainer ship blocked theSuez Canal, further strainingglobal supply lines stretchedby the coronavirus pandemicand stronger-than-expecteddemand for computer chipsand other goods.

Rene de Jong, director ofResysta AV, an outdoor furni-ture manufacturer based in thesouthern Chinese city of Fos-han, said he plans to raiseprices by around 7% on neworders this summer.

That’s largely becauseprices of chemicals and metalsthat are used to produce cush-ions, foams and frames in thecompany’s factories in Chinaand Indonesia have climbedrapidly in recentmonths. Shipping freight rateshave also climbed roughly 90%since June, though they areoften paid by clients.

“In my nearly 25 years in

China, I’ve never seen anythinglike this. I’ve never seen ship-ping costs like this beforewhile steel and aluminumprices shot through the roof,”he said, adding that the com-pany’s profit margins are un-der pressure.

Other Chinese exportersraising prices include apparelbusinesses and a toy whole-saler who told The Wall StreetJournal his company hasraised prices for new ordersacross the board by 10% to 15%since the beginning of March.

Price increases from Chi-nese factories alone aren’t nec-essarily enough to push infla-tion higher in the U.S. andelsewhere. Much of the stingcould be absorbed if Westernretailers choose to eat the costincreases themselves withoutpassing them on to consumers,though doing so would squeezeretailers’ profit margins.

Also, official inflation calcu-lations in the U.S. encompassfar more than just the con-sumer goods people buy fromabroad. Before the pandemic,more than 60% of consumerspending in the U.S. was onservices like dining out ortraveling, rather than on con-sumer goods.

Still, price increases by Chi-

nese factories add yet anothersource of upward pressure onglobal prices at a time whenthe cost of everything fromlumber to steel and cotton ishigher. Some economists andinvestors worry that the tril-lions of dollars of stimulus un-leashed world-wide will ulti-mately lead to more inflationthan policy makers anticipate,especially if recent bottlenecksin global supply chains persist,though there are fierce debatesover how bad the problemcould become.

“There’s definitely a risk[that inflation will increase].It’s not just the position of ex-porters. It’s everything, fromthe bottlenecks caused inglobal shipping to the idea thatthe stimulus might unleashmore demand than supply cankeep up with,” said NickMarro, lead analyst for globaltrade at the Economist Intelli-

gence Unit. Even so, “it’ssomewhat premature to as-sume that we are going to seerunaway inflation at thispoint.”

What’s clear is that Chinesemanufacturers making prod-ucts for the rest of the worldare finding it increasingly hardto hold the line on costs, espe-cially after the pandemic andlockdowns hurt their profitslast year. In the past, Chinesefactories with cheap laborwere often a force for keepingglobal prices for everythingfrom jeans to sofas lower, butthat’s becoming less true asthe factories’ own costs climb.

Prices for imports fromChina to the U.S. rose 1.2%over the past year, the fastestincrease since 2012, with mostof the increase coming in thethree months ended in Febru-ary, according to data from theU.S. Bureau of Labor Statistics.

One positive for Americanconsumers is that the U.S. dol-lar has remained stronger thisyear than many economists ex-pected, which gives its shop-pers more buying power whenpaying for imported goods.Many families accumulatedsavings during the pandemic,making it easier for them topay a little more.

BY STELLA YIFAN XIE

China Raises Prices for the WorldEmployees making chips at a semiconductor factory in Nantong, China, where manufacturers have raised export prices.

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A10 | Tuesday, March 30, 2021 THEWALL STREET JOURNAL.

The Iowa Hawkeyes defeat the Grand Canyon Antelopes in a first-round game of the 2021 NCAA Men’s Basketball Tournament, top.Bottom, NCAA President Mark Emmert, second from left, testifies before Congress in 2020 alongside other leaders in college athletics.

The NCAA also organizesnational championships, andhas drawn sharp criticism forthe inferior marketing, ameni-ties and Covid-19 testing forthe women’s basketball tour-nament compared with themen’s. The issue intensifiedthe pressure on Mr. Emmertand prompted a letter of “deepconcern” from 36 Democratsin the U.S. House, a constitu-ency he needs for the NCAA’spreferred vision of playercompensation to prevail inCongress.

The NCAA’s rule-makingprocess can make effecting bigchanges nearly impossible. Aproposal must survive a wind-ing path—the NCAA has morethan 150 committees, threetimes as many as the U.S. Con-gress—and gain support fromschool representatives fromacross the country with widelyvarying budgets and goals.

“The association that all ofus are part of has failed to ar-ticulate a clear vision for thefuture of college athletics,”said Jack Swarbrick, directorof athletics at Notre Dame.

Shifting opinionPublic opinion on athlete

compensation is shifting. Be-tween 2013 and 2017, theshare of Americans who saidscholarships were sufficientcompensation for college ath-letes dropped from 71% to60%, according to Seton HallUniversity, which regularlypolls the public on sports top-ics. Two years later, 60% be-lieved college athletes shouldbe allowed to profit from theuse of their name, image orlikeness while 32% said theyshouldn’t.

Other forces have driventhe change. The value of livesports broadcasts has ex-ploded, driving college-athlet-ics revenues. The public hasgrown increasingly aware ofthe risk of long-term damagefrom concussions sufferedplaying football.

Increased attention on ra-cial-justice issues emphasizedthe poor optics of restrictingthe earnings of largely Blackfootball and men’s basketballplayers while mostly whitehead coaches take home, in

many cases, their respectivestate’s highest public salary.

When the pandemic andlockdowns sent some collegestudents home to study re-motely, many of the athletesremained on campus to playgames. Some are now holed upin Indianapolis hotel rooms forthe basketball tournament.

In 2019, California lawmak-ers voted 112-0 to give collegeathletes in the state the rightto earn money from their ath-letic fame. Mr. Emmert pushedback, writing to Gov. GavinNewsom that the bill wouldremove the “essential elementof fairness and equal treat-ment that forms the bedrockof college sports.”

Then, last December, theSupreme Court announced itwould hear arguments in Al-ston v. NCAA, a case broughtby Shawne Alston, a formerWest Virginia football player,and other athletes that ques-tioned whether the associationengaged in anticompetitivepractices by capping educa-tional benefits athletes couldreceive.

The class action is the lat-est in a string of athlete law-suits alleging that NCAA rulesviolate federal antitrust law.To fend off these challenges,the NCAA spent $33 million onlegal fees in 2019, up from $14million five years earlier.

In April 2020, prodded in

reasonably limited college ath-letes’ compensation.

“Regardless of how thisshakes out, one thing seemsclear: College athletes will bebetter off in six months thanthey are today,” said GabeFeldman, professor of sportslaw at Tulane University.

Mr. Emmert’s $2.7 millionannual compensation and theNCAA staff of about 450 full-time employees suggest he’scomparable to the commis-sioner of a pro sports league.He says he’s much more likethe United Nations secretary-general, with the richest con-ferences known as the PowerFive—Atlantic Coast, Big Ten,Big 12, Pac-12 and Southeast-ern—in the role of the U.N. Se-curity Council.

“We’ve got big countries,we’ve got little countries,we’ve got countries with nu-clear weapons, countries with-out them,” Mr. Emmert said.

In 2014 the NCAA’s bigcountries—the Power Five—secured from the NCAA’sBoard of Governors permis-sion to bypass the Byzantinemembership-wide legislationprocess and enact many oftheir own rules. The group,nudged by a court ruling, be-gan allowing schools to fill thegap between an athletic schol-arship and a school’s reportedfull cost of attendance, typi-cally several thousand dollars,

to help athletes pay for thingslike groceries, laundry andplane tickets home.

In 2014, top-division foot-ball conferences launched afour-team national playoffthey sold to ESPN for nearly$6 billion over 12 years. Yet ascoaches’ salaries soared past$1 million, NCAA rules govern-ing athletes mostly remainedas they were in the 1950s.

At the 2014 men’s basket-ball Final Four, Connecticutguard Shabazz Napier said hesometimes went to bed hungrywhile the university sold jer-seys bearing his number. Aftera national backlash, the NCAAquickly lifted its limit on thenumber of meals that schoolscould provide to athletes. Mr.Napier, who went on to playsix seasons in the NBA, de-clined to comment.

Schools proposed about 100or so rules changes each year,said Amy Huchthausen, com-missioner of the Division-IAmerica East Conference, and,“they were about recruitingcalendars and when to startthe soccer season.” When itcame to the issue of playercompensation, “No onewanted to tackle it,” she said.

Defenders of the traditionalmodel of college sports pointout that athletes already re-ceive a free college education.

Under liberalized rules, ath-letes are “going to competewith us when we’re going outto attract national brands forsponsors and ticket sales forpeople to support our pro-grams,” said North Carolinaathletic director Bubba Cun-ningham.

Kendall Spencer, a formerlong jumper at the Universityof New Mexico, predicted thatin the absence of a nationwidelaw, top athletes would gravi-tate to schools in states wherethey could make the mostmoney. That would erode thecompetitive equity he sees asa hallmark of college sports.

‘Level field’“When I line up against the

athlete from Alabama or Stan-ford or Berkeley, I want toknow that there’s as level of aplaying field as there can be,”said Mr. Spencer, who is now alawyer who competes profes-sionally in long jump.

Former Clemson quarter-back Trevor Lawrence, the an-ticipated No. 1 pick in the 2021National Football League draft,is potentially worth more than$2 million annually in social-media value alone. That’s ac-cording to an estimate byOpendorse, a digital platformthat connects athletes withsponsors or fans who want topay them for endorsements orin-person appearances.

Of the 50 most-followedNCAA athletes on social me-dia, 23 compete outside thesports of football and men’sbasketball, including 19 femaleathletes, said Blake Lawrence,co-founder of Opendorse.

Even athletes with more-modest followings could, un-der new rules, earn money inways now prohibited. Louis-ville softball player CeleneFunke said she has turneddown offers in her native Car-mel, Ind., to give privatecoaching to children.

Rule changes could createmore questions. How wouldcompanies secure group-li-censing agreements to featureentire teams in a videogameor a pack of sports cards? Un-like professionals, college ath-letes have no recognized play-ers’ union through which tocollectively bargain.

Mr. Swarbrick, formerly apracticing lawyer, said the Su-preme Court won’t detail whatthe NCAA’s financial rules forathletes should be, but coulddecide the scope of the associ-ation’s rule-making authority.

“We just need some clarityabout where those limits are,where those lines are,” hesaid. “Because it’s not produc-tive for anybody right now.”

part by the California law, theNCAA Board of Governors ap-proved areas for “moderniz-ing” the name-image-likenessrules. The changes would allowathletes to be paid by thirdparties for endorsements andpublic appearances but wouldforbid schools from payingathletes directly. Proposalsoutlining the changes were tobe considered at a January2021 NCAA convention.

Days before the convention,the Justice Department’s anti-trust division warned theNCAA not to adopt new poli-

cies that could violate anti-trust law. After the SupremeCourt agreed to consider thebreadth of the association’sauthority to adopt restrictionson athlete compensation inthe name of amateurism, theNCAA halted its plan.

The court could reinforcebroad authority for the NCAA,which would give the associa-tion greater leverage as it ne-gotiates with state and federallawmakers, or find it has un-

‘The most pivotalyear in collegesports history sinceits founding.’

Former Clemson quarterback Trevor Lawrence, the anticipated No. 1 pick in the 2021 NFL draft.

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come loud critics of the sys-tem. Numerous playersmarked the start of this year’sNCAA tournament by tweeting“#NotNCAAProperty.”

The tension has created ascramble to define the futureof college athletics. State andfederal politicians in both par-ties have proposed dozens ofbills that would let collegeathletes earn money fromtheir name, image and like-ness—a step that is forbiddenunder current NCAA policy. Ahandful of state laws have al-ready passed, including one inFlorida that takes effect July 1.The NCAA itself has called forfederal legislation to overridea chaotic patchwork of stateoversight.

Now the NCAA faces a weeklike no other. The U.S. Su-preme Court is set to hear ar-guments in a case related tocollege-athlete compensationon Wednesday, three days be-fore basketball’s men’s FinalFour begins. A ruling is ex-pected by the end of June.

“I genuinely believe thatthis year will be the most piv-otal year in college sports his-tory since its founding,” NCAAPresident Mark Emmert said.

The landscape could soonlook much different, with col-lege athletes winning eco-nomic rights that would fur-ther blur the line betweenthem and paid professionals.As soon as this summer, col-lege athletes might be able toaccept money to endorse aproduct on Instagram, teachsports lessons or video-recorda greeting for a fan

Radical changeSalaries for athletes are off

the table for now, but someproposals take a big step inthat direction, requiringschools to share some athleticrevenues with them. Thatwould radically change collegeathletics’ century-old notion ofamateurism.

Athletes and their advo-cates argue that they risk in-jury to help generate hugesums for their universities, allwhile under stricter limitsthan other college students.

Critics fear that even amodest change, such as allow-ing athletes to endorse prod-ucts, could set off biddingwars for recruits, further di-vide the wealthiest and poor-est athletic departments andsiphon revenue that wouldotherwise help support thedozen or so other teams that atypical athletic departmentfunds outside of football andmen’s basketball. They also ar-gue that college sports helpgive many athletes a chance atan education they might nototherwise have.

The roots of college sports’pre-eminent governing bodydate to 1906, when severaldozen colleges founded whatbecame the NCAA to curbdeaths from dangerous playsin football. Today it oversees24 men’s and women’s sportsat more than 1,000 schools.Nearly 80% of the NCAA’sroughly $1 billion annual bud-get comes from the sale of TVand marketing-rights fees, ledby the men’s basketball tour-nament. Most of that money isredistributed to NCAA-mem-ber schools.

The NCAA acts as the sher-iff of college sports, punishingteams that violate its rulesgoverning things from thenumber of football practicesbefore the first game (no morethan 25) to the modes oftransportation that can beused during an athlete recruit-ing visit (no limousines).

ContinuedfromPageOne

NCAAFaces PayReckoning

MYANMAR

U.S. Suspends TradePact After Violence

The Biden administration con-demned the Myanmar govern-ment’s latest crackdown on pro-testers and said the U.S. wassuspending relations establishedwith the country under a 2013trade pact after security forcesthere unleashed deadly violenceon anticoup demonstrators overthe weekend.

“We condemn this abhorrentviolence against the Burmesepeople, the Burmese junta con-tinues to use lethal force against

its own people,” White Housepress secretary Jen Psaki saidMonday. “We continue to makeclear that we will impose costson the military regime for thedeadly violence against peacefulprotesters and the suppressionof all of human rights.”

Soldiers and police gunneddown at least 90 protestersover the weekend, including sixchildren between the ages of 10and 16, according to the Assis-tance Association for PoliticalPrisoners, a nonprofit that ismonitoring the junta’s attemptto crush political opposition.

Saturday’s attack appeared tobe one of the most brutal by se-

curity forces on protesters dem-onstrating against the Feb. 1 mil-itary coup in the SoutheastAsian nation.

The Biden administration, af-ter expressing increasing concernabout the crackdown on politicalopposition and human-rightsabuses, directed U.S. Trade Rep-resentative Katherine Tai onMonday to suspend trade tieswith Myanmar that the U.S. es-tablished in 2013. That year’sTrade and Investment Frame-work Agreement, or TIFA, wassuspended immediately until thereturn of a democratically electedgovernment, Ms. Tai’s office said.

—Gordon Lubold

CZECH REPUBLIC

Billionaire Among 5Dead in Alaska Crash

A helicopter carrying guidesand guests from a lodge on aheli-skiing trip in Alaska’s back-country crashed, killing the pilotand four others, including theCzech Republic’s richest man.

The only other person on-board was in serious conditionbut stable Sunday at an Anchor-age hospital, Alaska State Troop-ers said. The five people killed inthe Saturday accident were iden-tified as Petr Kellner, 56 yearsold, and Benjamin Larochaix, 50,

both of the Czech Republic;Gregory Harms, 52, of Colorado;and two Alaska residents, SeanMcManamy, 38, of Girdwood, andthe pilot of the Airbus AS350B3, Zachary Russel, 33, of An-chorage, troopers said.

Mr. Kellner was a businessmanwith a net worth over $17 billion,according to the Forbes 2020 listof the world’s richest people. Heowned a 98.93% stake in the PPFGroup, an international invest-ment company. The group oper-ates in 25 countries in Europe,Asia and North America with as-sets of $52 billion. PPF Groupconfirmed Mr. Kellner’s death.

—Associated Press

INDONESIA

Hundreds EvacuatedAfter Refinery Fire

More than 900 people from anearby village were evacuatedafter a massive fire broke outearly Monday at the PertaminaBalongan Refinery in Indonesia’sWest Java province, officials said.

About 20 people were injured,including refinery workers andseveral villagers who sufferedburns while passing through thearea, the local disaster mitigationagency said. The cause of thefire was still being investigated.

—Associated Press

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will only be allowed to admita limited number of peopleeach day.

Moreover, slots must bebooked in advance, with res-ervations accepted up to 14days ahead of time.

Mr. Benepe said the gardenalready has welcomed a surgeof patrons since it reopenedlast August. He noted thateven with the capacity re-strictions, visitation in Octo-ber was higher than it hadbeen during the same monthin 2019, well before the pan-demic.

The Brooklyn Botanic Gar-den isn’t alone in this regard.In general, the city’s greenspaces have seen an uptick ofvisitors during the past year,especially because they havebeen among the few attrac-tions to remain open when somuch else was closed.

“Our parks became a sanc-tuary of sanity,” said MitchellJ. Silver, commissioner of theNew York City Department ofParks and Recreation.

Officials with the depart-

ment said they don’t trackvisitation numbers, but Mr.Silver noted that New YorkCity’s parks definitely weremore crowded in 2020 than inthe previous year.

Some sunny springweather has added to the de-mand.

Officials with the UnionSquare Partnership, the non-profit organization that helpsmaintain Union Square Parkin Manhattan, said the greenspace was particularly busythis past Saturday when ithosted its regular greenmar-ket.

Andrew Coté, who runs agreenmarket stand that sellshoney, said he had his best

sales day in 13 months on Sat-urday. He said he completelyran out of some of the specialvarieties he offers.

For New Yorkers seekingout the cherry blossoms, theBrooklyn Botanic Garden isn’tthe only option. There aretrees located throughout thecity, including in Central Park,Flushing Meadows CoronaPark in Queens and the NewYork Botanical Garden in theBronx.

Meanwhile, Hachi Maki, anew Japanese restaurant onManhattan’s Upper West Side,is celebrating cherry-blossomseason in an altogether differ-ent way. It is offering a sushidish of salmon marinatedwith a soy sauce that hasbeen infused with cherry-blossom extract.

Max Zumwalt, head chefand partner of the restaurant,said the extract adds a “sub-tle strawberry-cherryish fla-vor” and he already has solddozens of orders of the dish.

“Everybody has loved it,”he said.

are too often left behind,” Gov.Andrew Cuomo said.

The number of Covid-19cases in New York and NewJersey has been climbingsteadily. According to a Wall

Street Journal analysis of datafrom Johns Hopkins Univer-sity, the seven-day average ofnew Covid-19 cases in NewYork has eclipsed the 14-dayaverage for the past five days,

a worrisome sign. In New Jer-sey, the 7-day average hasbeen worse than the 14-dayaverage since March 11.

New York City’s health com-missioner, Dave A. Chokshi, on

GREATER NEW YORK

Monday warned against indoorgatherings for coming holidaysand urged people to stay ingroups of fewer than 10.

Last week, about 478,000doses of vaccine were admin-istered in New York City, ac-cording to Mayor Bill de Bla-sio, with nearly 3.9 millionshots given to date.

Demand for vaccines consis-tently has outstripped supplyin New York, with some resi-dents traveling across thestate for a shot, while othershave struggled to secure ap-pointments. New York City of-ficials on Monday said walk-upinoculations for people aged 75and up would be permitted ata few mass-vaccination sites.

Public officials have beenasking for increased ship-ments. And now with vaccinesupply increasing, age require-ments are dropping. NewYorkers age 30 and up repre-sent about 63% of the totalpopulation of the state, orsome 12.2 million people, ac-cording to figures from theU.S. Census Bureau. According

to state data, the number ofvaccines distributed by thefederal government to NewYork has continued to in-crease, with some 828,000first doses arriving the weekbeginning March 22, up from699,790 the prior week.

State data show that nearly30%, or 5.8 million, of NewYork state residents have re-ceived at least one dose, whilenearly 16% are fully vacci-nated. Some 80% of doses dis-tributed have been adminis-tered in the state, data show.

In New Jersey, more than32% of residents have receivedat least one shot, while 17.6%are fully vaccinated, data show.

New Jersey Gov. Phil Mur-phy expanded vaccine eligibil-ity on Monday to workers inrestaurants, grocery stores,warehouses and the hospitalityindustry, among others, whileloosening restrictions on thesize of general outdoor gather-ings and indoor capacity limitsat large venues. People age 55and older will be eligible forvaccination beginning April 5.

New York state will makeCovid-19 shots available toresidents age 30 and up start-ing on Tuesday, while NewJersey on Monday opened vac-cine eligibility to include morepublic-facing workers.

New York follows nearly ev-ery other state in opening vac-cine eligibility to more adults,beating a target set by the Bi-den administration to make allU.S. adults eligible by May 1.

New Yorkers age 16 andolder will be able to beginscheduling vaccine appoint-ments starting April 6.

“As we continue to expandeligibility, New York will doubledown on making the vaccineaccessible for every communityto ensure equity, particularlyfor communities of color who

BY MELANIE GRAYCE WEST

New Yorkers Age 30 and Up Can Get ShotAbout 30% of residentshave gotten at leastone dose; nearly 16%are fully vaccinated

discussion.“We have been working

with the legislature aroundthe clock to deliver a budgetthat supports New Yorkers inneed and sets the state on acourse to reimagine, rebuildand renew New York, as wemove beyond the pandemic,”Mr. Klopott said.

Wealthy people account formost of the state’s income taxbase: The highest-earning 5%of filers—who currently pay atop tax rate of 8.82%—accountfor more than 60% of the reve-nue that is raised.

Mr. Cuomo has questionedthe need to raise taxes, point-ing to the latest federal coro-navirus relief bill—which pro-vided $12.5 billion in direct aidto the state and billions morededicated for health and edu-cation programs.

Business executives fromaround the state warned lastweek that increasing taxes tothe level proposed by legisla-tors would discourage peopleworking remotely outside NewYork because of the pandemicfrom returning to the state.

Advocates of raising taxessaid Monday they were phon-ing Assembly Speaker CarlHeastie and Senate MajorityLeader Andrea Stewart-Cous-ins to urge them to stay withtheir revenue plans.

Both the Assembly and Sen-ate have proposed raising rev-enue to increase school aid.They also plan to fund stateprograms to help undocu-mented immigrants, tenantsand business owners who wereaffected by the pandemic.

“This is the last hour. We’vegot to hold this line to makesure we get every cent thatour communities deserve,” As-semblyman Ron Kim, a QueensDemocrat, said during a vir-tual rally on Monday.

Mr. Kim and others at therally said billionaires saw theirwealth increase, while manyNew Yorkers employed in theservice sector lost their jobs.

State Sen. Tom O’Mara, aRepublican from ChemungCounty, said raising taxes is“not necessary under the cur-rent circumstances, given thewindfall that the federal gov-ernment has given us.”

ALBANY—Union leaders andDemocratic state lawmakersmade a final push Monday toincrease taxes on the wealthyas part of a roughly $200 bil-lion state budget due this week.

Gov. Andrew Cuomo hasn’tyet discussed taxes with lead-ers of the Democrat-controlledstate Assembly and Senate,people familiar with the bud-get negotiations said Monday.But top aides for the executiveand legislative branches spokeover the weekend about bothrevenue and spending pro-grams, officials said.

The people said lawmakersare settling on their plans forspending programs before de-ciding on a tax package. Mr.Cuomo included a $1.5 billionincome tax increase when heproposed a $193 billion budgetin January.

Leaders of the Senate andAssembly each proposed rais-ing more than $6.5 billion of

revenue by increasing incometaxes, corporate taxes, thestate’s estate tax and placing a1% surcharge on income derivedfrom capital gains. The Senateand Assembly plans would eachspend more than $200 billion.

During negotiations, aidesto Mr. Cuomo have rejectedproposals to increase the es-tate tax or levy a new sur-charge on capital gains, thepeople said. Under currentNew York law, capital gains aretaxed at the same rate as wageincome. But discussions areongoing about raising the cor-porate and income-tax ratesfor the state’s top earners, thepeople said. The state’s cur-rent fiscal year ends Wednes-day, the legal deadline for anew budget to be in place.

Freeman Klopott, a spokes-man for Mr. Cuomo’s budgetoffice, said all issues are under

BY JIMMY VIELKIND

N.Y. LegislatorsWeigh Tax Rise

Getting to see the cherryblossoms at the Brooklyn Bo-tanic Garden might be thehottest ticket in town thisspring.

Officials with the 111-year-old institution, which isknown for its collection of200-plus cherry blossomtrees, said they are anticipat-ing a sizable number of visi-tors during the blooming sea-son that typically reaches itsheight from mid to late April.

Further fueling interest isthe fact the botanic gardenwas closed during the peakperiod last year because ofthe Covid-19 pandemic.

“There’s no questionthere’s pent-up demand to getthe flower fix,” said AdrianBenepe, the botanic garden’spresident and CEO.

Complicating the picture,however, is that New YorkState has capacity restrictionsfor outdoor attractions, suchas gardens and zoos. Thatmeans the Brooklyn garden

BY CHARLES PASSY

Cherry Blossoms Are a Blooming DrawThe pandemic forced the closing of the Brooklyn Botanic Garden last spring, but this year it’s open with capacity restrictions.

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York City Mayor Bill de Blasiosaid at an unrelated briefingMonday. “What I want to makesure is there’s a maximum fo-cus on supporting the commu-nities hardest hit, that borethe brunt of unfair drug laws,that really deserve the oppor-tunity now to gain from thisnew business.”

The legislation finalizedSaturday night would establisha state Office of Cannabis Man-agement that would issue li-censes for growing marijuana,as well as its sale for recre-ational use by retail stores ordelivery services. It would le-galize the possession of up tothree ounces of marijuana andallow New Yorkers to cultivatemarijuana for personal use.

Under the bill, taxes gener-ated from marijuana sales

would be deposited in a fundto cover the administration ofthe state’s marijuana program.Remaining funding would besplit between education, com-munity grants and drug treat-ment. The state would study anew system for determiningwhether drivers are impairedbecause of marijuana use.

In an interview Monday,New York City Public AdvocateJumaane Williams said com-munity grants funded by mari-juana sales should be directedto areas that have seen themost arrests for the drug un-der its prohibition. Mr. Wil-liams also said a stipulationfor the automatic expunging ofcriminal records included inthe proposed law would helpthose previously convicted ofmarijuana offenses.

“We have to undo a lot ofhidden damage,” said Mr. Wil-liams. “And the damage isbased on the racial impact ofhow we were enforcing mari-juana laws that everybodyknew had to change.”

State Sen. Liz Krueger, aDemocrat from Manhattan whosponsors the bill, said Sundaythe law would help address ra-cial disparities in the enforce-ment of marijuana prohibitions.According to NYPD figures,more than 90% of those ar-rested on marijuana charges in2020 were minorities.

Gov. Andrew Cuomo, SenateMajority Leader Andrea Stew-art-Cousins and AssemblySpeaker Carl Heastie finalizedthe details of a plan to legalizeadult-use cannabis Saturdaynight. Tax collections from the

state’s newly establishedadult-use cannabis programare projected to reach $350million annually, according toMr. Cuomo’s office, and thenew industry is estimated tocreate 30,000 to 60,000 newjobs statewide.

The bill proposes a new taxstructure for the drug, withdifferent rates depending onthe product type being sold. A9% state tax would be as-sessed at the retail level andan additional local tax rate of4% of the retail price also as-sessed at the point of sale.

Opponents of the bill in-clude some law-enforcementorganizations and the NewYork State PTA, who on Mon-day held a briefing in Albanyto voice their concerns.

New York State Association

of Chiefs of Police ExecutiveDirector Patrick Phelan at thebriefing said his group op-poses the legislation based ontraffic-safety standards.

There is no reliable road-side test for determiningwhether drivers are under theinfluence of marijuana, hesaid. “You need to prepare forthe impaired-driving issuesbefore you legalize the drug,”Mr. Phelan said.

New York Police Depart-ment spokesman Sgt. EdwardRiley on Monday said theNYPD is reviewing the pro-posed legislation. NYPD offi-cials have said the departmenthas deprioritized marijuanaenforcement.

A spokesman for the NewYork City police union de-clined to comment

State legislation to legalizemarijuana would bring a mea-sure of fairness to communi-ties that have historicallyborne the brunt of drug en-forcement laws, New York Cityofficials said Monday.

New York is set to becomethe 15th state in the countryto legalize recreational use ofmarijuana after state lawmak-ers this weekend reached anagreement on its sale for useby adults starting next year.The state decriminalized useof the drug in 2019.

The measure is expected tobe voted on and approved onTuesday.

“I think this legislation inAlbany has achieved a lot ofwhat we hoped to see,” New

BY BEN CHAPMAN

Lawmakers Are Poised to Approve Marijuana Legalization

Last week, about 478,000 Covid-19 doses were administered in New York City, says Mayor de Blasio.

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$1.5BIncome tax increase proposedby Gov. Cuomo.

‘There’s no questionthere’s pent­updemand to get theflower fix.’

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To all our doctors:

For the past year,you have done the unbelievable.

And you continue to do so.

There are not enough wordsto describe our appreciation.

So we will just humbly say…

Thank You.

You are amazing.

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PERSONAL JOURNAL.HEALTH &WELLNESS

into subpar work. Relax, then refreshand go back to it,” she said.

Ideally, naps should be less than30 minutes and taken earlier in theday to avoid interfering with night-time sleep, said Harneet K. Walia,medical director of sleep medicineand continuous improvement of theMiami Cardiac and Vascular Instituteat Baptist Health South Florida.

Some sleep experts say it’s best tonod off somewhere that isn’t the bedyou sleep on at night. David Dinges,chief of the division of sleep andchronobiology at the University ofPennsylvania Perelman School ofMedicine’s psychiatry department,recommends napping in a partially-reclined chair or anywhere else whereyou’re not lying completely flat,rather than in bed. “The temptationmight be to take a nap in bed becauseit’s right there. Don’t do it,” he said.“It’s going to be really hard to wakeup from.”

Marcus Esther, a criminal defenseattorney in Houston, learned that thehard way. He gradually succumbed totaking naps in his bed during quietperiods in his workday after settingup a workstation in his bedroom. Af-ter the 28-year-old almost missed avirtual court appointment a fewweeks ago following a longer-than-ex-pected nap, he acknowledged thebedroom setup was a mistake.

He doesn’t nap anymore, he said,and is taking advantage of his re-cently reopened workplace. “I’drather be in the office or someplacenot at home,” he said.

ber identified two dozen planetsoutside our solar system that mayhave conditions more suitable forlife than our own world. All ofthem orbit stars at least 100 lightyears away, according to theirstudy in Astrobiology.

NASA’s $10 billion James WebbSpace Telescope, set for launch inOctober, will play a key role in thestudy of promising exoplanets andtheir atmospheres, including po-tential biosignatures on potentiallyhabitable worlds. Three more ad-vanced space-based telescopessuitable for such studies are on thedrawing board.

“We think the next-generationtelescopes will have the capabilityto study atmospheres of smallplanets,” says astrophysicist SaraSeager at the Massachusetts Insti-tute of Technology. “The goal is tolook for signs of life by way ofgases in an atmosphere that don’tbelong. We’re going to be lookingfor the proverbial needle in the

A view of Titan, a Saturn moonNASA plans to explore, in a colormosaic from the Cassini spacecraft.

The Search forAlien Life Ramps UpIf life does exist beyond Earth—be it primitive or advanced—

scientists say they may find a trace of it soon

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On Mars, a robotic rovercalled Perseverance issearching for life fromthe dawn of time. Scien-tists, though, are look-ing for life signs in even

stranger places, from clouds on Ve-nus and methane lakes on Titan, tothe alien atmospheres of worldscircling distant stars. They arescanning for alien radio signals,seeking signs of industrial pollu-tion on faraway exoplanets andscrutinizing puzzling interstellarobjects that have intercepted oursolar system.

The expanding quest for cluesto life beyond Earth—and for signsof extraterrestrial intelligence—isedging into the mainstream of as-tronomy and planetary explora-tion. In addition to NASA’s Marsrover missions, dozens of researchteams are searching for biosigna-tures of early microbial life, whilethe search for plausible evidenceof alien civilizations is gaining re-spectability.

Indeed, for the first time in ageneration, the National Aeronau-tics and Space Administration issupporting efforts to seek signs ofadvanced civilizations elsewhere inthe cosmos, researchers say. If lifedoes exist beyond Earth—be itprimitive or advanced—scientistsmay find a trace of it soon.

“If you’re talking about lookingfor life, even intelligent life, thismay be the special time,” says SethShostak, senior astronomer at theSETI Institute, a nonprofit in

SCIENCEJOURNALROBERTLEE HOTZ

ducted by career and jobs websiteZippia in late April last year, 33% saidthey took naps while working fromhome. Yet while dozens of studieshave shown the benefits of takingnaps, such as increased alertness,stigma about napping at the officeendures.

“There’s such a stereotype againsta sleepy worker putting their headdown at the desk, even though that’sexactly what they should do. But athome, nobody’s going to know,” saidJames B. Maas, chief executive ofconsulting firm Sleep for Success anda retired professor and chair of psy-chology at Cornell University.

Not long after Bradley Hall beganworking from home last year, hestarted to spend at least 30 minutesof his one-hour lunch break nappingon the couch 10 feet away from hisdesk. “That’s one of the big advan-tages of working from home,” saidthe 61-year-old information technol-ogy programmer and tester in Min-ersville, Pa.

He believes the naps have helpedhim be more productive in the after-noons. Naps while working from

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Return to theOffice MeansEnd of Naps

home have become more importantto him after a bout with Covid-19 inJanuary, from which he said he stillsuffers fatigue.

Although his company has encour-aged employees to take breaks whileworking from home, he admits tosometimes feeling like he is gettingaway with something illicit. He ex-pects to return to in-person work inthe coming months, at which point hewill say goodbye to the practice.“That’s something that I would neverdo at the office,” he said.

Investment fund manager JoeMaruschak thought naps were indul-gent until he began working fromhome. “I became brutally aware ofwhat my body is saying. And not justwhen to rest, but when I’m produc-tive and when I’m not,” said the 54-

year-old in Eugene, Ore. In June, hebegan taking 45-minute naps afterfeeling sluggish post-lunch.

“Every day feels like two days tome,” he said about working fromhome. “The beginning of the day, Iwork from 5 in the morning to noon.And then I take a quick nap. and Iwake up and it’s like my other day.”

The naps give him a secondwind—and he’s not looking forwardto dropping the routine when he goesback to an office. “I will totally missthe naps,” he said.

Employers are increasingly sensi-tive to employees’ need for down-time, said Johnny C. Taylor Jr., chiefexecutive officer of the Society forHuman Resource Management, atrade group, but they’re still unlikelyto sanction in-office naps.

While employers have increasinglydiscussed the need to ensure workersget breaks, he said, “I can tell you Ihave not heard one employer—andwe survey a lot—talk about naps.”

Hybrid work arrangements, involv-ing a mix of days at home and in theoffice, offer some hope to nap con-verts. “As flexible work environmentscontinue to rise, we do expect to seeworkers outfitting their workday tobetter suit their needs,” said KathyMorris, Zippia’s marketing manager.

Joslyn Branham has been relyingon hourlong “refresher” naps duringher lunch break. The 28-year-old,who interns in social media and dataanalysis in Columbus, Ohio, says thenaps recharge her when she feelstired by midday. “Instead of poweringthrough that, it’s best to just not give

Don’t be the office George. ‘Seinfeld’s’ George Costanza (Jason Alexander) couldn’t resist a work nap.

Mountain View, Calif., thatsearches for intelligent beings.“We have the technological capa-bility to find life on other worldsand that ability is improving.”

To advance its search for primi-tive life, NASA is preparing a $4.25billion mission to Europa aroundJupiter for launch in 2024 or so tostudy whether the moon’s frozenoceans and ice volcanoes are favor-able for alien biology. In 2027, theagency plans to send its $1 billionDragonfly mission to a moon ofSaturn called Titan to analyze itslakes of liquid methane. “We thinkTitan has all the ingredients forlife,” says planetary scientist SarahHörst at Johns Hopkins University,who studies alien atmospheres.

Private philanthropists areramping up their efforts as well. In2016, technology investor Yuri Mil-ner gave $100 million for a 10-yearsearch of a million nearby stars forintelligent extraterrestrial radiochatter. This year, the SETI Insti-tute is upgrading its 42 radio tele-scopes with a $1.2 million grantfrom Franklin Anto-nio, co-founder ofQualcomm.

NASA is expand-ing its range of re-search. This pastAugust, 53 scien-tists from 13 coun-tries, sponsored bythe space agency,started brainstorm-ing ways to detectadvanced intelligentlife on Earth-likeplanets around dis-tant stars by usingnew ground-basedtelescopes and or-bital observato-

ries—without increasing their cost.The space agency had formallyabandoned the search for extrater-restrial intelligent life in 1993.

“After 30 years, NASA wants toget involved again,” says astro-physicist Hector Socas-Navarro atthe Institute of Astrophysics in theCanary Islands, lead author of astudy on the proposals in the jour-nal Acta Astronautica. “Exoplanetscience has changed the picturetremendously because now wehave the possibility of studyingthousands of planets.”

So far, astronomers have con-firmed the existence of more than4,000 worlds orbiting other stars.Moreover, it now seems likely thatmost stars have planets; and thattens of billions, in the Milky Wayalone, are Earth-sized planets inthe habitable zone of their stars,where liquid water—and so per-haps life—could exist.

In fact, Earth may not even bethe best place for life in the uni-verse. Researchers at WashingtonState University this past Decem-

NASA’s Perseverance rover will spend the nexttwo years searching for signs of past life on Mars.

haystack. It’s going to be messy.”To be sure, in the search for life

beyond Earth, scientists risk ridi-cule when provocative hints ofalien life are debunked.

Last year, scientists detected anunexpected trace of phosphine inthe clouds of Venus, which somespeculated could be a potentialsign of biological activity on aplanet long dismissed as a lifelesshellscape. The find, published lastSeptember in Nature Astronomy,triggered a fusillade of harsh cri-tiques from within the scientificcommunity contending the keychemical had been misidentified. Italso fueled more research, includ-ing plans for a privately fundedmission to Venus.

At NASA’s request, other scien-tists also are trying to identify re-vealing signs of alien industry thatcould be detected across the vastvoid between the stars. One suchclue might be polluted air, accord-ing to a study led by researchersat NASA’s Goddard Space FlightCenter in Maryland.

They are studying industrialchlorofluorocarbons, widely usedas refrigerants on Earth untilbanned to protect the ozone layer,and nitrogen dioxide, often a by-product from burning fossil fuelsas possibilities. They found that analien civilization producing aboutthe same level of nitrogen dioxideas on Earth could be detected by

telescopes fromup to 30 lightyears away.

Researchersalso are consid-ering other po-tential techno-signatures,including alienartifacts.

In 2017, sci-entists spotteda curious ob-ject from an-other star thathad intersectedour solar sys-tem—the firstever detected.Astronomershave been ar-guing whetherthe object,

which they named Oumuamua, isan asteroid, a comet or an alienspaceship. Earlier this month, sci-entists at Arizona State Univer-sity theorized it might be a splin-ter of nitrogen ice from a Pluto-like exoplanet.

“We are trying to brainstormall the techno-signatures we canthink of,” says astrobiologist JacobHaqq-Misra at the Blue MarbleSpace Institute of Science, a non-profit research organization basedin Seattle. “We are in the Pokémonstage: we want to collect them all.”

So far, when it comes totechno-signatures, it’s all hypo-thetical. The researchers say theyhave more than just technical hur-dles to overcome. Many astrono-mers consider such efforts a wasteof time, Dr. Haqq-Misra says.

“There are a lot of astronomerswho still giggle at the idea oftechno-signatures,” Dr. Haqq-Misrasays. “We are trying to reduce thegiggle factor.”

Technicians conduct final tests of NASA’s James WebbSpace Telescope, scheduled for launch later this year.

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A12 | Tuesday, March 30, 2021 THEWALL STREET JOURNAL.

I n a recent Wall StreetJournal article “The Powerof Friendship Across Gen-

erations,” (March 3, 2021)Clare Ansberry wrote aboutclose friendships betweenpeople who are 15 years ormore apart in age. These in-tergenerational friendshipstend to be long-lasting andenriching. Readers respondedwith their own stories. Hereare edited excerpts of theircomments.

LOVE THIS STORY. Pre-Covid I taught a strength-training course in my com-munity and the majority ofthe women who regularly at-tended were 15-20 yearsolder than me. They havemade my life so much fuller

It’s great to have a circle offriends not solely dependentupon where you work and notnecessarily your age.

—Stephen ParsonsFranklin, Tenn.

WHAT A JOY it was to read“Friendship’s Power AcrossGenerations.” All of the sto-ries are inspiring and re-newed my gratitude for myown cross-generationalfriendship with Sarah who is17 years older.Our friendship was sparked

by an orange feline who livedin a cat colony on the collegecampus where I was a profes-sor and Sarah was an aca-demic adviser. A chance inter-action with the spunky felineled me to leave a note onSarah’s office door as she alsowas the head of a campus an-imal-advocacy group.To say that the cat, Midas

Mulligan, (who I adopted)transformed both our lives isan understatement. A be-quest to the veterinary col-lege at NC State University inMidas Mulligan’s name willguarantee that our friendshipwill live on to benefit thelives of many other felines.

—Lisa M. GreenRaleigh, N.C. CA

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cause their stance is too narrow.You’ll have better balance andmore stability if you have a widerstance.How: Start with your feet to-gether. Take a wide step to theright so the feet are more thanhip-width apart. Hold a golf club,head down, in the center of yourbody. Slide your right hand downto the head of the club. Keep yourknees and elbows slightly bent asyou rotate the hips and shouldersto bring the head of the club be-hind your right shoulder, then re-turn to neutral. “The hips, chestand shoulders will rotate in thisdrill while the feet remain plantedon the ground,” he says. Repeat 10times then switch sides, bringingthe left hand to the base of theclub and rotate to the left. Repeat10 times.

Single-Leg Upper-Body RotationWhy: “Rotating the body to swinga golf club requires balance—something that diminishes withage,” he says. “Single-leg balancemoves like this ensure your domi-nant leg isn’t doing all of thework, which can lead to muscularimbalances and injury.”How: Cross your arms over a golfclub so it rests horizontally acrossyour chest. Take a step forwardwith your right foot. Keep theright knee soft and in line withyour shoelaces as you lean forwardwith a flat back, and lift the backfoot to hover off the ground. Keepyour hips square to the floor andyour eyes on the ground as you ro-tate your upper body right andthen left through the backswingand follow through motions. Per-form 10 times and switch legs.

Every golfer wants to hitthe ball farther.

“There’s a commonmisconception that hit-ting...harder will result ina longer shot,” says Joey

Diovisalvi, founder of Joey D GolfSports Training Center in Jupiter,Fla. “You want to swing faster, notharder.” In general, he says, if youhave good speed when the clubhead makes contact with the ball,it creates a more aggressive trajec-tory. The golf swing is an explosivemovement, he says, “but you wantto create controlled speed—notchaotic speed—and that takesstrength, flexibility and mobilityand balance.”

Mr. Diovisalvi says club-headspeed begins with building astrong, stable foundation in thelegs and core. It also requires afull range of motion through thehips and spine. Golfers coil theirbodies during the backswing tofollow through after the point ofimpact. If you don’t have the mo-bility in your mid-back and hips tobring the club fully back, you arecheating your swing, he says.

Mr. Diovisalvi has worked withgolf greats including Dustin John-son, Brooks Koepka and VijaySingh. He notes that Mr. Johnsonmakes speed training a key part ofhis workouts. “For the past 10years, Dustin has used swing sticksof different weights and will swing10 times to the right and 10 timesto the left, and might do 60swings,” he says. “He’s buildingstrength to build speed, and at thesame time the repetition createsmuscle memory.”

He sprinkles these exercisesinto a dynamic warm up for hisathletes, but says they can bestrung together for a single work-out as well. “Less is more tostart,” he emphasizes. “As soon asyou start to feel your form fallapart, bring the speed down to apoint where you can maintain con-trol and proper form.”

The WorkoutSide Step and Backswing, SideStep and Follow ThroughWhy: A lot of players struggle be-

Side Step With Torso RotationWhy: Watch some of the best play-ers and you’ll notice their hips ro-tate toward the shot, while theirtorso turns away from it. The bodyis almost twisted, as if it werewringing itself out like a towel. Asit unwinds, it releases energy.“The greater your range of motionthrough the hips, torso, chest andshoulders, the more speed you’llbe able to generate with yourswing,” says Mr. Diovisalvi.How: Stand with feet together. Holda golf club horizontally with onehand on each end of the club.Reach the club behind the head andrest it on the shoulders, just belowthe neck. Step the feet beyond hipwidth. Hinge at the hips and keepknees soft as you move the upperbody through the backswing andfollow-through motions by drop-ping the right shoulder toward theground as your chest opens to theleft and left shoulder to the groundas your chest opens to the right.Your follow-through foot will natu-rally pivot so the heel comes off theground. Repeat 10 times.

Take Away and TurnWhy: “When you try to swing withyour hands and arms you end uplifting the club and lose distanceon the ball,” he says. “You want tothink about turning through theentire upper body. This exerciseworks on range of motion in theupper body and separation of theupper and lower body.”How: Hold a 3-pound dumbbell ora water bottle in each hand. Stepyour feet beyond hip width.Slightly hinge at the hips and keepknees soft. Keep the arms hangingstraight down with the dumbbellstouching. Keep elbows soft as youswing your right arm into a one-arm backswing. Think of it as anexaggerated one-arm reverse fly.Your gaze should remain down andhips square to the floor. Start slowand gradually increase speed. Re-peat 10 times then switch armsand perform 10 one-arm follow-throughs with the left arm.

For the full workout Mr. Diovisalvirecommends, please visit WSJ.com.

ANATOMY OF A WORKOUT | JEN MURPHY

Drills for a Better Golf Swing

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A Journal article on friendships that span different ages featured Melissa Lewelling, 29, andJen Walker, 48, who have developed a close and long-lasting bond.

LETTERS

with their perspectives on lifeand general awesomeness.And on the flip side, a close

friend who is 12 years youngerthan me is always energeticand fun to have in my life. In-tergenerational friendships areincredible gifts.

—Julie LucasSide Lake, Minn.

TWENTY YEARS AGO, Ijoined the local Elks Lodge. Iwas the younger guy in my40s. I befriended many won-derful people. I enjoyed talkingwith them, getting to knowthem and just being someonein their circle. The older folkswere just interesting.Today, I’m getting to be

the older guy, befriending theyounger members. I’ve beenin several leadership positionsthroughout the years and justabout everyone knows me.

Friendship AcrossGenerations: ReadersTell Their Own StoriesBY CLARE ANSBERRY

Joey Diovisalvi has worked with golf greats including Dustin Johnson.

Mr. Diovisalvi demonstrates the‘Take Away and Turn’ drill.

PERSONAL JOURNAL. | HEALTH & WELLNESSNY

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THEWALL STREET JOURNAL. Tuesday, March 30, 2021 | A13

WeatherShown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.

City Hi Lo W Hi Lo W City Hi Lo W Hi Lo WToday Tomorrow Today Tomorrow

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Anchorage 38 24 c 33 18 cAtlanta 71 62 pc 73 38 tAustin 83 57 pc 69 43 cBaltimore 68 51 s 68 42 rBoise 51 31 s 64 38 sBoston 57 46 s 63 53 rBurlington 61 46 pc 61 35 rCharlotte 72 59 s 73 44 tChicago 63 34 pc 45 25 pcCleveland 70 45 s 47 29 rDallas 79 48 pc 64 41 pcDenver 37 21 sf 51 29 sDetroit 68 40 pc 49 24 cHonolulu 81 72 r 82 70 shHouston 82 70 sh 72 47 tIndianapolis 68 40 pc 47 26 cKansas City 56 33 pc 52 27 pcLas Vegas 69 49 s 74 54 sLittle Rock 67 46 t 55 34 rLos Angeles 83 61 s 88 62 sMiami 85 76 pc 85 71 pcMilwaukee 59 33 pc 42 24 sMinneapolis 42 23 c 36 22 sNashville 75 56 pc 56 33 rNew Orleans 81 70 t 81 50 tNew York City 60 49 s 63 45 rOklahoma City 65 40 pc 61 36 s

Omaha 50 26 pc 47 24 sOrlando 84 68 t 88 67 pcPhiladelphia 65 50 s 68 44 rPhoenix 85 58 s 88 62 sPittsburgh 71 51 pc 55 29 rPortland, Maine 49 40 s 56 45 pcPortland, Ore. 57 36 pc 68 41 pcSacramento 79 46 s 82 49 sSt. Louis 69 40 pc 52 30 pcSalt Lake City 48 29 pc 57 37 sSan Francisco 75 53 s 77 53 sSanta Fe 63 24 s 58 29 sSeattle 54 36 pc 58 41 cSioux Falls 43 21 pc 41 20 sWash., D.C. 69 55 s 67 44 r

Amsterdam 72 43 s 68 45 sAthens 63 50 sh 57 48 shBaghdad 79 54 s 87 60 pcBangkok 99 82 pc 99 82 pcBeijing 69 50 c 74 54 pcBerlin 72 42 pc 73 45 pcBrussels 75 47 s 73 47 sBuenos Aires 71 62 s 71 63 sDubai 90 72 s 92 72 sDublin 63 46 pc 53 44 cEdinburgh 62 47 c 53 39 sh

Frankfurt 76 42 pc 75 44 sGeneva 76 45 s 76 47 sHavana 91 69 sh 90 67 pcHong Kong 84 75 pc 82 74 pcIstanbul 50 43 sh 52 43 pcJakarta 89 77 t 87 77 tJerusalem 60 44 s 57 44 pcJohannesburg 75 54 pc 78 58 cLondon 74 48 s 70 48 pcMadrid 72 47 pc 74 49 sManila 95 79 s 96 79 pcMelbourne 66 55 pc 72 55 pcMexico City 81 54 s 82 52 sMilan 74 46 s 75 46 sMoscow 43 39 r 46 42 rMumbai 93 78 pc 93 78 pcParis 78 45 s 78 47 sRio de Janeiro 87 75 t 82 73 tRiyadh 87 64 s 97 72 sRome 67 46 s 66 47 sSan Juan 85 75 pc 85 74 sSeoul 62 36 pc 68 42 pcShanghai 64 56 t 61 59 tSingapore 89 77 t 88 79 shSydney 68 62 pc 70 62 sTaipei City 87 71 c 81 70 pcTokyo 67 58 c 68 55 sToronto 64 47 c 47 28 rVancouver 48 36 pc 50 41 cWarsaw 59 45 pc 69 46 sZurich 72 39 s 73 41 s

Today Tomorrow

U.S. Forecasts

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SIBILANCE | By RobertWemischnerAcross1 Brat’s antithesis

6 Member of Kirk’sbridge crew

10 Salon supply

14 Watchmaker’smagnifier

15 They may clash

16 The E inHOMES

17 “Last Night oftheWorld”musical

19 One ofColumbus’sships

20 Concerning

21 Subtlealternative to“Hey you!”

22 Holiday mo.

23 Polite assent

25 Makes into law

28 Pay beforetaxes

31 Ump’s call

34 “This ___ test”

35 Miners’ finds

36 Topic for Marx

40 Campaignbarometer

41 Org. formotorists

42 Spuds have them

43 Intersectingartery

47 Home of urbangators,purportedly

48 Aretha classic

53 Shout uponmaking adiscovery

54 Iridescentgemstone

56 Spanishstewpot

57 “Dear me!”

59 Braised entree

61 Bonkers

62 At some time inthe past

63 Bolivian city

64 Title document

65 Nicholas II, forone

66 Daisy’slook-alike

TheWSJ Daily Crossword | Edited by Mike Shenk

1 2 3 4 5 6 7 8 9 10 11 12 13

14 15 16

17 18 19

20 21 22

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36 37 38 39

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Previous Puzzle’s Solution

s

Solve this puzzle online and discuss it atWSJ.com/Puzzles.

W A T C H P B S F A I T HA L O H A E R A O W N E RI O N I C A I M N O T E SS N I C K E R D O O D L ET E C H C L E A R R E A

I S H F E L L A SH A M W O R D O F M O U T HI R I N A K I D O L D I EM A D E T O O R D E R E N SO B S E S S D Y EM S T L E A V E U C L A

R E V O L V I N G D O O RO P E R A B E D L O D G EC H A I N O R E O R E O ST I M E S W T O W A S N T

Down1 Revlon cosmeticsbrand

2 Cacophony

3 Sudden winds

4 English townknown for itssalts

5 French article

6 Quake: Prefix

7 Boots fromAustralia

8 Plunder

9 Adm.’s service

10 Line of descent

11 “The Very HungryCaterpillar”author-illustrator

12 VietnamVeteransMemorialdesigner Maya

13 Coral or Caspian

18 On ___ with (asgood as)

22 Crime lab matter

24 A long time

25 Biblical twin

26 “Poems are madeby fools like me”poem

27 Method: Abbr.

29 Shankar’sinstrument

30 Lithuania, before1990: Abbr.

31 Make a point

32 Compensationfor chores,maybe

33 Lie

37 Lip

38 Joined a jury

39 Comes downwith

40 Dell purchases

44 Mrs., in Madrid

45 Pencil part

46 Wriggly fish

49 Commander inchief, for short

50 Choose

51 County of Ireland

52 Selfish sort

54 Has

55 Layout unit

57 Obsolete

58 Weed whacker

59 Boozer

60 FICA funds it

ARTS IN REVIEW

New albums by Montrealinstrumental rock outfitGodspeed You! BlackEmperor appear sporad-ically but seem to arriveright on time. Godspeed

is a large band with a fluctuatingmembership—most of the timethere are nine or 10 people—thatincludes guitars, bass, drums andstrings. When the group firstgained wide notice in 1998, it wasslotted as a “post-rock” entityalongside projects like Scotland’sMogwai and, slightly later, theAustin, Texas, outfit Explosions inthe Sky. These bands used the ba-sic instrumentation of rock to cre-ate highly cinematic pieces influ-enced by film scores and thehypnotic repetition of classicalminimalism. Though Godspeedworks with specific structural pa-rameters—it favors long composi-tions, gradual builds and titanic,emotionally cathartic climaxes—itfinds untapped expressive possi-bilities within these strictures.Since the collective is deeply com-mitted to radical politics and seessociety on a sure path to destruc-tion, Godspeed’s records can beheard as soundtracks to the apoc-alypse, and when a new album isannounced—particularly during a

time of calamity—it’s hard not tothink about the state of the worldwhen listening.

“We wrote it on the roadmostly. When that was still aplace. And then recorded it inmasks later, distanced at the be-ginning of the second wave.” Soreads a note from the band—gui-tarist Efrim Manuel Menuck issometimes called the leader ofGodspeed, but both he and thegroup at large reject the label—is-sued on March 3 introducing proj-ect’s seventh album, “G_d’s Pee atState’s End!” (Constellation), outFriday. The new LP continues thegroup’s powerful second act thatbegan with 2012’s “’Allelujah!Don’t Bend! Ascend!,” which cameafter a 10-year break from record-ing and won Canada’s Polaris Mu-sic Prize for album of the year.

On “State’s End!” Godspeed fur-thers the more expansive approachto guitar layering found on theirlast few records—it’s a particularlyheavy album, at times—and inte-grates samples of shortwave radiobroadcasts into its sound. Theghostly and static-laden voicesfrom the airwaves bolster a para-noid undercurrent, and the musicplays off of and then explodes thattension. The opening track—it has

a long multi-part title most easilyshortened to “A Military Alpha-bet”—begins with squelchingtransmissions and then a guitarenters, sounding like a distortedbagpipe, with a round tone and ananchoring drone note. As it builds,more guitars emerge and the pieceturns ferocious, a thrilling blast ofenergy that steadily gains forceacross 18 minutes.

The record’s pacing is exquisite:each of the two long tracks is fol-lowed by a shorter one that zeroesin on a single mood. On “Fire atStatic Valley,” the second track, achiming guitar figure backed by abass drone atop a throbbing kickdrum conjures foreboding, bringingto mind barren landscapes and end-less gray skies.

The nearly 20-minute “Govern-ment Came” (again abbreviating amuch longer title) is named for a

phrase uttered by a voice pluckedfrom the ether—the full title liststhree different radio frequenciesthe band pulled from—which fadesin as the piece begins. It’s a dis-tressed transmission from someonewho seems utterly alone, and it’sinterrupted by a cutting guitar riffthat hits like classic rock. Stringsare more prominent here comparedwith the opening track, and thepiece eventually turns grand andimpossibly dramatic, fist-pumpingmusic with a symphonic sense ofscale. “Our Side Has to Win (forD.H.)” closes the record on a moresomber note. Here the strings offera mournful lament, bringing tomind the work of composer GavinBryars, particularly his elegy “TheSinking of the Titanic.”

On the vinyl edition of “State’sEnd,” which this old-school bandwould surely describe as definitive,the two long pieces are found on a12-inch disc and the shorter oneson a 10-inch disc. To play the al-bum in the correct order, one hasto jump between the two discs witheach new track. Those accustomedto the convenience of the streamingera will doubtless find this fussi-ness annoying—and for them, thisexcellent record will be available onthe usual platforms—but it’s a typi-

cal gesture from this one-of-a-kindproject. Godspeed You! Black Em-peror puts special emphasis on thephysical world—instead of project-ing video in concert, they use loopsof 16mm film, and vinyl copies ofthe band’s debut album come withan envelope of ephemera, includinga flattened Canadian penny crushedon the train tracks behind thegroup’s studio. And the band’smembers are skeptical of thingsthat seem too easy—“the internetis a petty tyrannical monster,” wenta band missive announcing a festi-val appearance in 2010, “all that re-ally matters is the shows. Andphysical engagement in the world.”“G_d’s Pee at State’s End!” mightrequire time for its lengthy piecesto sink in, but the stirring and emo-tionally resonant music more thanrewards the effort.

Mr. Richardson is the Journal’srock and pop music critic. Followhim on Twitter @MarkRichardson.

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‘Long compositions,gradual builds andtitanic, emotionallycathartic climaxes.’

MUSIC REVIEW | MARK RICHARDSON

Soundtrack to the End TimesGodspeed You! Black Emperor layers guitars, strings and radio broadcasts in a one-of-kind project

The bandperforming in2019; its newalbum is outFriday

P2JW089000-0-A01300-1--------XA

A14 | Tuesday, March 30, 2021 * * * * THEWALL STREET JOURNAL.

I can’t. I can’t do it. Itfeels like my super-power has met itsKryptonite.

I can’t hate theMichigan Wolverines.

In basketball.Careful readers of this column—

there must be at least two or threeby now — know that it harborsminimal affection for the athleticactivities at a certain Big Ten uni-versity based in Ann Arbor. I prom-ise this distaste is (mostly) harm-less, good-natured fun, and it isreally only because I attended an-other Big Ten school, Wisconsin,and there are days when it feels like10 out of every 10 staffers at theJournal went to Michigan.

(I’m exaggerating a bit, of course.There are just a lot of Michiganpeople here. Even on Zoom, all theblue and maize is a little much. Yes,I know technically, it’s maize andblue, but give me a break.)

Usually, this office rivalry, whenwe’re in an office, centers on foot-ball, which is great fun for me, be-cause Wolverine football hasn’tbeen very good lately. Michigan iscoached by a very expensive eccen-tric, Jim Harbaugh, who is delight-fully easy to poke fun at. I am notsaying anything outrageous here.Just ask anybody in Columbus. Or

Pac-12 Has Dominated theMadnessThe conferencewas largely ignored. But three of itsmen’s basketball teams reached the Elite Eight.

SPORTS

East Lansing. Or Bloomington, forthat matter.

But this Michigan men’s basket-ball team? I can’t summon my usualedge. They’re chugging along in theNCAA tournament. They’re due toplay UCLA Tuesday in the EliteEight for a shot at the Final Four,and I just…cannot…gener-ate…the…necessary…anti-Wolver-ine…rage.

(I kind of even want them to win.No offense, Bruins!)

The main reason I’m OK withthis Michigan outfit is the coach:Juwan Howard, who arrived twoseasons ago and has found a way tolift a program recovering from thedeparture of a longtime, successfulcoach, John Beilein.

But I liked Howard looonnnnnngbefore that. Along with Chris Web-ber, Jalen Rose, Jimmy King andRay Jackson, Howard was a mem-ber of the Fab Five, the iconic Mich-igan team of the early 1990s, whichdid not win a title—stuff happened,as they say—but left a profoundmark on the game with their talentand style.

If you saw the Fab Five, you ha-ven’t forgotten them. In their time,they were the greatest sensation incollege basketball, a bigger dealthan a lot of NBA clubs, and if thatsounds like hyperbole, I’ll assume

you weren’t watching.Now Howard’s home, after a

lengthy NBA career in which heplayed for eight teams, made anAll-Star team and wound down askind of a beloved Gandalf figure forthe LeBron James-era Miami Heat.He worked as an assistant coach fora while in Miami before he signedon as the boss in Ann Arbor for the2019-20 season.

Howard’s Wolverines have beensolid from the get-go. In his firstyear, they were 19-12, and appearedready for a tournament bid, untilCovid-19 derailed March Madness.They began this season ranked onthe unimpressed edge of the top 25,but vaulted into the top 10 in earlyJanuary and have stayed theresince. They may have beaten Wis-consin twice along the way, but whoknows, I forgot, it was a while ago.

After earning a No. 1 seed for thetournament, Michigan continues tomake noise. Sunday’s victory overFlorida State took the Wolverines to23-4. They’re getting by withoutstar Isaiah Livers, who is out with afoot injury, and they’re favoredagainst UCLA. It won’t be a shockto see them make the last weekendin Indianapolis.

OH GOD WHAT IS THE MATTERWITH ME. I DON’T RECOGNIZEMYSELF. THEY’RE GOING TO RE-

JASON GAY

Please Call a Doctor, I’m Rooting for Michigan

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from the 3.68 million people whotuned in for the Big Ten’s tourna-ment final between Ohio State andIllinois, also the most-watched col-lege basketball game of the season.The No. 2 Buckeyes and top-seededIllini were eliminated from thisyear’s NCAA tournament in the firstand second rounds, respectively.

“We’re in a little bit of a differ-ent time zone and a lot of mediabased on the East Coast, they don’tsee as many of our games as theydo some on the East Coast and def-initely in the Midwest,” said Oregoncoach Dana Altman. He noted thatgames that tip off at 7:30 p.m. inEugene, Ore., don’t end until thewee hours of the morning in theEastern time zone.

About 776,000 viewers tuned infor the second meeting of Los An-geles rivals USC and UCLA inMarch, but the 10 other Pac-12games nationally broadcast on ca-

ble networks topped out at around200,000 viewers, according to Niel-sen. Players like USC’s superstarbrothers Evan and Isaiah Mobley,who this season averaged 16.5 and9.5 points per game, respectively,and combined for another 82 pointsover three games in Indianapolis,got precious little exposure beforeMarch Madness.

USC coach Andy Enfield said thatPac-12 coaches with experienceworking in other conferences are indisbelief. “We get together and wekind of just shake our head becauseit’s like the Pac-12 doesn’t existsometimes,” said Enfield.

Enfield grew up in a basketball-obsessed family in Pennsylvaniaand couldn’t recall seeing a singleUSC basketball game during hischildhood despite being enamoredwith the Trojans’ football team andits jerseys.

“I wanted to be a football player

because of USC uniforms. But thatwas on Saturday afternoons. I wasalways in bed by 9 p.m.,” he said.

To be sure, evaluations based onthe “eye test” that come fromwatching teams play are but a smallelement of the dozens of metricsand rankings the NCAA’s selectioncommittee considers when seedingthe 68 teams for the tournament.Among the more quantifiable fac-tors are strength of schedule andhow teams fare against stiff compe-tition from other conferences.

Those are areas where teams inthe Pac-12 were adversely affectedby scheduling changes brought onby the coronavirus pandemic. In aneffort to reduce travel, most teamsin the league swapped cross-coun-try home-and-home series againstpowerhouse programs on the East-ern Seaboard for local competitionfrom the West Coast and MountainWest conferences.

USC kept seven non-conference games afterhaving 14 in 2020, whileUCLA and Oregon State’snonleague schedulesboth contracted signifi-cantly this season, goingfrom 14 to six and 12 tofive, respectively.

Truncated schedulesweren’t the only waythat coronavirus affectedthe Pac-12’s fortunes.

Strict health protocolsin several Western stateswhere the league’s uni-versities are located, in-cluding California, Ore-gon and Washington,meant that the majorityof teams in the Pac-12were not able to conductoffseason practices withthe usual rigor.

Stanford, for example,wasn’t even allowed tohold practices on cam-pus until the end of Jan-uary.

This meant that ittook teams longer thanusual to find theirgroove, to say nothing ofthe stops and starts thatcame with Covid-19 out-

breaks across college basketball.It’s also worth noting that the

Pac-12 team that got hottest inMarch—Oregon State—also had un-usually high roster turnover from2019-20 to 2020-21. The Beaversreturned just eight of their 15 play-ers this season and coach WayneTinkle had to sign four transfersfrom junior colleges and mid-ma-jors to fill out his bench.

Oregon State gelled when it mat-tered most. After spending most ofthe regular season well outsidecontention for an at-large bid tothe NCAA tournament, the Beaverswon three games in three days tobecome surprise Pac-12 tournamentchampions. They made it to theirfirst Elite Eight since 1982 beforebeing eliminated on Monday.

All the success this month won’tchange one thing: the Pac-12 teamsremain big underdogs in the EliteEight. On Tuesday, USC will faceoverall No. 1 seed Gonzaga whileUCLA will play No. 1 Michigan.

VOKE MY WISCONSIN DEGREEAND THEY’RE NEVER GOING TOLET ME BACK INTO MADISONEVER AGAIN.

But it’s true: Michigan’s an up-beat story, even it has the madden-ing side effect of making my Wol-verine frenemies happy. You shouldhear how excited they are! Insteadof enduring tired jokes about OhioState, proud alums are talking upfreshman Hunter Dickinson and keycontributors like Eli Brooks,Chaundee Brown and Franz Wag-ner.

Michigan’s now a basketballschool, didn’t you hear? The Wol-verine women had themselves anexcellent tournament run, too, mak-ing the Sweet 16 for the first time,and giving powerhouse Baylor afright before falling in overtime.

Football? Football? What’s that?Is that a spring club sport?

(Do I feel warmer toward thisMichigan run because I don’t haveto deal with it in the office, becausewe’re not all back in the office yet?Quite possible! If I had to watch aparade of Wolverines grandly strutpast my desk asking “Seen anygood college basketball lately?” Imight feel differently. I’m notashamed to pettily admit that.)

It bears mentioning that theWolverines are the only Big Tenteam left in the tournament—theywere the only Big Ten team to actu-ally make it out of the openingweekend. In fact, if you removeMichigan from the equation, the BigTen had a worse March than thatboat in the Suez Canal. My Badgersmanaged to beat an underperform-ing North Carolina team in theopening round, but as expected,they were a light snack for the Bay-lor men in the next game.

No. 1 seed Illinois? Lost to SisterJean and Loyola. Ohio State? Lostto Oral Roberts. Iowa? Gone. Michi-gan State? Gone. Purdue? Gone.Maryland? Gone. Rutgers? Got awin, for the first time in eons, butgone, too.

It’s down to Michigan, it really is.If they get through UCLA, it’s likelythey’re going to run into that jug-gernaut Gonzaga (which plays USCin the other Tuesday quarterfinal),and that will be a tall mountain toclimb. But it’s been an unpredict-able year. I never thought I’d still bewearing a mask to the supermarket,and I never thought I’d be typingthis:

Go…Blue?

Through three rounds ofthe men’s NCAA tourna-ment, one conferencehas outperformed all therest. It isn’t the blue

blood Atlantic Coast or Big Eastconferences. Nor is it the Big Ten,which got an unprecedented nineteams into the tournament only tosee eight of them knocked out be-fore the Sweet 16.

It’s the Pac-12—the once-mightyconference that no one paid atten-tion to until it rose up this weekendto supply 37.5% of the tournament’sElite Eight. It might have been fourhad Southern California and Oregonnot met in the Sweet 16. Instead, itbecame the first conference inNCAA tournament history to putthree teams seeded No. 3 orlower—No. 6 USC, No. 11 UCLA andNo. 12 Oregon State—into the re-gional finals. On Monday night, Or-egon State’s season came to an endin the Elite Eight with a 67-61 lossto No. 2 seed Houston. The Beaversrallied from a 17-point halftime def-icit but a late-game rally fell short.

The Pac-12 was written off formost of the regular season afterjust two of its teams cracked theAssociated Press Top 25 by March.Now the city of Los Angeles alonehas more teams left competing forthe title than the entire U.S. east ofthe Mississippi River.

UCLA—decades removed from its10 titles under John Wooden in the1960s and ’70s—is the second teamever to advance from the play-inround to the Elite Eight after de-feating No. 2 Alabama 88-78 inovertime on Sunday.

The conference’s tournament runhas revived familiar gripes that thesports and media powers in theEast misjudge the strength of playin the West because the gamesstart too late. The pandemic, how-ever, made it particularly difficultto evaluate the Pac-12, even usingunemotional analytics metrics, be-cause of the schedule downgradesteams in the conference made toavoid travel outside of the region.

It’s literally true that almost noone can say they saw this coming.Pac-12 basketball games regularlydrew the smallest cable televisionaudiences of the major athletic con-ferences in the 2020-21 season.

The Pac-12’s most-watched gameof the season was its tournamentchampionship between OregonState and Colorado, which drew 1.16million viewers, according to Niel-sen data. That audience is a far cry

BY LAINE HIGGINS

Juwan Howard and Michigan take onUCLA in the Elite Eight on Tuesday. Olympic Fans

Take a HitIn Refund Fight

THE TOKYO HOSTS of this sum-mer’s Olympic Games are in astandoff with ticket-selling middle-men over who should bear the costsof hefty service charges on hun-dreds of thousands of tickets to anevent that will ban foreign specta-tors because of the Covid-19 pan-demic. With neither side acceptingresponsibility, the costs are set tobe borne instead by disappointedspectators.

CoSport, the longtime authorizedticket reseller for the U.S. and sevenother countries, said that it distrib-uted tickets for organizers on itsturf by adding a 20% service fee tothe face value of tickets—by agree-ment with Tokyo organizers—tocover costs such as currency con-version fees and credit-card fees.

CoSport’s chief executive AlanDizdarevic said that those costscould double as it now seeks re-funds from Tokyo in yen to pass onto American customers’ credit cardsin dollars. “There’s nothing to giveback of the 20%, because it’s allbeen spent,” he said. “There was noprofit.”

Japanese organizers have saidthat they will refund only the facevalue of the tickets, arguing thatbecause the surcharges varied byreseller, they wouldn’t have the in-formation to compute additionalmoney due. “What Tokyo 2020 willrefund to ATRs is the face value oftickets,” the committee said in astatement to The Wall Street Jour-nal on Friday.

Tokyo 2020 chief executiveToshiro Muto has said that around600,000 tickets had been sold topeople overseas.

BY LOUISE RADNOFSKY

The No. 11 seed UCLA Bruins are the second team ever to advance from the play-in round to the Elite Eight.

The Tokyo Games begin on July 23.

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CambridgeValuesInvesting With KeynesBy Justyn Walsh(Pegasus, 237 pages, $27.95)

BOOKSHELF | By Philip Delves Broughton

Corkage Dilemma: A Wine-Wine Solution

A top Miami business-man brought a 1959Chateau Latour for a

friend’s birthday dinner at aprominent local Italian res-taurant. He offered to buy atop champagne from the winelist so that the restaurantcould earn a good profit. Themanager refused, so the cele-brants left and took theirbusiness elsewhere.

Restaurateurs earn muchof their profit from customerswho order good wines withtheir meals, and many chargea “corkage” fee to encouragecustomers to do so. I get it: Adiner who pays $25 to open abottle of swill may be unprof-itable. Some states help therestaurateurs—but assuredlynot the customers—by ban-ning corkage.

In some cities, notably

those heavily reliant on tour-ism, where repeat business ishardly a foregone conclusion,many of the best restaurantsrefuse to allow customers tobring their own wines at all.In California, almost all res-taurants allow corkage. But,in Miami and New York doz-ens of top restaurants don’t.

While most will be flexiblewith regular customers, a feware utterly rigid about theirrules.

Like many wine collectors,my wife and I generallyavoid restaurants that hewto a rigid no-corkage policy.We want to bring a wine

from our own cellar that al-most certainly won’t be onthe wine list. Assuming winecollectors are desirable cus-tomers, this is a lose-loseoutcome.

As a businessman, I wouldhate to lose my best custom-ers, which invites a simplequestion: If wine collectorsare desirable customers, be-cause of their overall spend-ing and because they intro-duce friends to therestaurant, why not haverules that welcome them,while discouraging the cork-age-to-save-money crowd?Perhaps set corkage at themedian price on the wine list.Perhaps set a minimum billper person, if customersbring wines of their own.

I had a more recent andslightly different experienceat the aforementioned Italianrestaurant. I wanted to bring

a 50-year-old wine for mywife’s birthday. A manager,perhaps chastened by theprevious episode, agreed toone of the above win-winchoices. But a more seniormanager angrily rescindedthe offer in a terse email, inwhich he said the fellow whoshowed flexibility was “amanager in training and heabsolutely misspoke. We can-not accommodate thisrequest.”

This foolish response un-dermines managerial initia-tive and assures another lostcustomer. My friend and Iboth eagerly share our storieswith our wine-collectorfriends. There are myriadwin-win compromises. Whynot give one of them a try?

Mr. Arnott is foundingchairman of Research Affili-ates.

By Rob Arnott

Restaurants needto profit, but rigidpolicies deter diners.

In this frenzied moment of limitless stimulus andGameStop fever, the notion of value investing seemsalmost quaint. Why waste your time bargain hunting for

good companies at good prices, and then wait decades foryour returns to compound, when there’s a snappy little ETFright there waiting to catapult you to riches in months?

John Maynard Keynes is best remembered as aneconomist who made the case for governments to spendtheir way out of recessions. But as an investor, he was akind of proto-Warren Buffett, a diligent savant who couldcrunch the numbers, discern the qualitative aspects of atoothsome investment and remain unflustered by the churnof the markets.

As a young man at Cambridge University in the firstdecade of the 20th century, he was a committed aestheteand sensualist with a contempt for money-making. But as

he grew older, Justyn Walshwrites in “Investing WithKeynes,” he came to see thevalue of money as a “means ofsecuring the conditions for awell-lived life.” Keynes amassedfortunes for himself and King’sCollege, Cambridge, which heserved for many years as bursar.

When Keynes died in 1946,his net assets totaled some $30million in today’s money. Whilehis books had sold well, he hadmade the bulk of his fortune byinvesting smartly, often from hisbed in the mornings after digest-

ing the news. During his 25 yearsrunning the King’s College endowment, he generated anannual return of 16%, adapting his investment style toflourish even during the Great Depression and World War II.

Mr. Walsh, a former investment banker and the chiefexecutive of an asset-management firm, explains how.Keynes lived an extraordinary and vivid life. A precociousboy and student, he joined the civil service after Cambridge.He attended the Paris Peace Conference after World War Ias an economic adviser with the British delegation. He wasappalled by the terms imposed on the defeated countries ofEurope and accurately predicted a “final civil war betweenthe forces of reaction and the despairing convulsions ofrevolution, before which the horrors of the late German warwill fade into nothing.”

But he was more than an adviser and pontificator. InMarch 1918, as the Germans prepared their final springoffensive on the Western Front, their guns trained on Paris,Keynes heard that the private collection of Edgar Degas wasto be auctioned. Keynes proposed to the British treasury thatit bid on some of the works, offsetting the cost against anyoutstanding debts already owed by France to Britain. He thensnuck into Paris to attend the auction in person and bought27 drawings and paintings, works now worth millions, fornext to nothing. It was an early lesson in value investing.

During the next decade, Keynes went through the hazingthat almost any investor must endure. Not even as brilliantan intellect as his could resist the fevered markets of theRoaring Twenties. He bought as the market ran up, and inthe final two years of the 1920s lost 80% of his net worth.He initially described the Wall Street crash of late 1929 as acorrection but soon changed his view.

In the 1930s, writes Mr. Walsh, Keynes “switched frommarket timer to value investor, seeking to profit from swingsin the market rather than participating in them.” As he wroteto the King’s College Estates Committee, trying to time themarket was “impracticable and indeed undesirable. Most ofthose who attempt it sell too late and buy too late, and doboth too often, incurring heavy expenses and developing toounsettled and speculative a state of mind.” The true investor,in Keynes’s mind, was focused on “ultimate values” ratherthan “exchange values.”

Identifying real value took hard-headed analysis but alsoa more nuanced view of the world than most investorspossessed. Keynes constantly sought to balance hisknowledge as an academic economist with the practicalitieshe saw and experienced as an investor. It was no good tohave economists constantly speaking of the long run, hewrote, as “in the long run we are all dead.” He was equallydismissive of people with too much faith in quantitativedata. “When statistics do not seem to make sense, I find itis generally wiser to prefer sense to statistics.”

He was always bracingly modern in his thinking. Economicorthodoxy, he wrote, required constant examination andreinvention. There is a clear intellectual line from Keynes toBenjamin Graham, the evangelist of value investing, and toMr. Buffett and his many disciples. This is most glaring inKeynes’s six key principles: focus on the intrinsic value of astock, represented by its projected earnings; make sure youhave a large margin of safety between the price you pay andthat intrinsic value; think for yourself and be contrarian ifnecessary; maintain a steadfast holding of stocks, to limittransaction costs; concentrate your portfolio in a few greatcompanies; and have the right temperament, balancing“equanimity and patience” with decisiveness. As Mr. Walshsummarizes: “The value investor focuses on specific stocksrather than the broader index, and remembers always thatthere is no such thing as an undifferentiated ‘stock market’—there is only a market for individual stocks.”

For students of investment history and psychology, Mr.Walsh’s book is full of evocative anecdotes. The author tellsthe tale of Keynes’s protégé, the Italian economist PieroSraffa, who took an extreme value approach of waiting for“the one perfect investment” for his inherited fortune. Afterthe bombing of Hiroshima and Nagasaki, he supposedly piledinto Japanese government bonds and made a fortune in theyears that followed as Japan recovered.

I wish that Keynes were around today, as he could easilyhave been describing the past year when he wrote: “It isbecause particular individuals, fortunate in situation or inabilities, are able to take advantage of uncertainty and igno-rance . . . that great inequalities of wealth come about.” Hewould doubtless have had strong opinions on our currentinvesting environment.

Mr. Delves Broughton is the author of “The Art of the Sale:Learning From the Masters About the Business of Life” anda partner at the Brunswick Group.

John Maynard Keynes was both a far-seeingeconomist and a shrewd investor, a savant whowas undaunted by the churn of the markets.

OPINION

“My predeces-sor. Oh God, Imiss him.”

So spokeJoe BidenThursday inhis first pressconference aspresident. InFebruary Mr.Biden had saidhe was “tired

of talking about DonaldTrump” and vowed to spendthe next four years talkingabout the American people.Evidently it’s not to be. Mr. Bi-den’s presser was chockablockwith references to Mr. Trump,including the accusation thathe’d let unaccompanied minors“starve to death” on the otherside of our southern border.

Mr. Biden’s inability to stoptalking about his predecessorspeaks to the Trump codepen-dency that has followed theTrump presidency. For thewhole promise of Mr. Biden’s2020 campaign was this: Electme and we will put DonaldTrump behind us.

Voters bought it, but the Bi-den administration remains asfixated on Mr. Trump as ever.We saw this after the horrificshootings in Atlanta that tookthe lives of eight innocent peo-ple, including six women ofAsian descent. White Housepress secretary Jen Psaki saidthe president had no desire to“attribute motive.” But shethen went right for the old go-to when she claimed “there’sno question that some of thedamaging rhetoric that we sawduring the prior administra-tion” has “elevated threatsagainst Asian-Americans.” Themessage was unmistakable:The shootings were partly Mr.Trump’s fault.

All Trump’s CodependentsNot a single member of the

press questioned this asser-tion. Meanwhile, investigatorssay they have no evidence thekiller was even motivated byanti-Asian bias.

In this way Mr. Trump func-tions much the way the de-posed Farmer Jones does inOrwell’s “Animal Farm.” Eachtime the animals that replacedJones as rulers of the farm dosomething contrary to theirpromises, they deflect difficultquestions by bringing up thefarmer. “Surely, comrades,”they ask, “you don’t wantJones back?” Same with Dem-ocrats and Mr. Trump.

Nancy Pelosi understandsthis perfectly. Unlike the presi-dent, the House speaker ad-mits the situation at the bor-der is a crisis. But she says it’sall Mr. Trump’s fault. That’sthe beauty of the Trump co-dependency: If something yourside does blows up in yourface, blame it on Mr. Trump.

Likewise with Mrs. Pelosi’scall for a 9/11-style commissionto investigate the Jan. 6storming of the Capitol. As thespeaker proposed it, the com-mission would be stacked withseven Democrats against fourRepublicans. It’s a handy wayto distract attention from theBernie Sanders agenda she’spushing through Congresswhile damning the oppositionimplicitly as white suprema-cists, insurrectionists or theequivalent of al Qaeda.

Then there’s AndrewCuomo, governor of New York.No one benefited more fromthe Trump presidency than Mr.Cuomo, especially over thepast year.

As Mr. Trump played theheavy, Mr. Cuomo wrote abook on “Leadership Lessons

From the COVID-19 Pandemic,”which landed on the New YorkTimes bestseller list. The In-ternational Academy of Televi-sion Arts and Sciences threwin an Emmy for his press con-ferences. Alas, karma hascaught up with Mr. Cuomo.Without Mr. Trump as his foil,he’s become just a governorwhose administration coveredup Covid deaths in nursinghomes—and another male polaccused by women he workedwith of sexual harassment.Plainly Mr. Cuomo has a badcase of Trump withdrawal.

He’s not alone. Turns outthat among the most codepen-dent are the same news outletsthat spent the past four yearsas proud members of “the re-sistance.” In a 2017 interviewwith the New York Times,President Trump alluded tothis by predicting he’d be re-elected because “newspapers,television, all forms of mediawill tank if I’m not there be-cause without me, their ratingsare going down the tubes.”

He didn’t win, of course, buta Washington Post piece lastTuesday conceded Mr. Trumphad a point. “Trump’s variousscandals and outbursts helpedreporters build résumés, sellbooks, land lucrative commen-tary gigs and win awards,” itreported. By contrast, post-Trump “traffic to the nation’smost popular news sites” has“plummeted” over the past

five weeks. CNN and MSNBChave respectively lost 45% and26% of their prime-time audi-ences over the same time.

But no one has sufferedmore for its codependencythan the Lincoln Project, a su-per PAC launched in 2019 byRepublican Never Trumpers.The group has emerged fromthe elections as discredited asMr. Trump. When news brokethat co-founder John Weaverhad regularly sent young menexplicit messages soliciting sexin exchange for help with theircareers, several key players inthe organization resigned.

In response to the scandal,the board announced an exter-nal investigation, with co-founder Steve Schmidt insist-ing that he and the group’sleaders were unaware of anyinappropriate behavior untilthis January. But the Associ-ated Press reports that theleaders learned of the allega-tions against Mr. Weaver lastsummer. The question has be-come distinctly Nixonian:What did the Lincoln Projectleaders know and when didthey know it?

On top of this, the LincolnProject increasingly looks likea clever grift. According toFederal Election Commissiondata, of the nearly $90 millionin donations it raised, morethan half was directed to con-sulting firms controlled by theLincoln Project’s founders. Inshort, they lined their ownpockets.

When Mr. Biden won in No-vember, the received wisdomwas that Mr. Trump’s voterswould be absolutely lost with-out him. Who would havethought that would be eventruer of his critics?

Write to mcgurn@wsj.com.

Some of the formerpresident’s biggestcritics are finding ithard to quit him.

MAINSTREETBy WilliamMcGurn

The old Mid-dle East peaceprocess isdead: The Is-raeli-Palestin-ian dispute nolonger domi-nates the re-gional agenda.But the geo-p o l i t i c a lchanges that

precipitated the demise offerthe Biden administration anopportunity for a fresh ap-proach to ending the conflict.

The Israeli-Palestinianpeace process was once thegreatest diplomatic show onearth. From George H.W.Bush’s sponsorship of the Ma-drid Conference through Presi-dent Trump’s “Deal of the Cen-tury,” every U.S. president inmodern history invested time,treasure and political capitalin the search for Middle Eastpeace. No diplomatic effort inU.S. history has been as high-profile, sustained or intense.Liberal, conservative, Republi-can and Democratic presidentsall hoped to snare the ultimatediplomatic trophy—and theNobel Peace Prize that wouldsurely come with it.

President Biden may be offto a more cautious start, but inthis regard he is accepting thenew normal. Rather than ap-point a high-profile specialrepresentative to jump-startcomprehensive negotiations,Mr. Biden seems content to re-sume humanitarian and educa-tional aid to the Palestiniansand reopen diplomatic con-tacts. U.S. diplomats will at-tempt to dissuade Israel fromtaking steps (like dramatic set-

How to Bring Peace to the New Middle Easttlement expansions or annexa-tions on the West Bank) thatcould foreclose future peacepossibilities, while looking tomake the status quo less bur-densome for Palestinians.

That makes sense. The oldpeace process developed at atime when the U.S. had no se-rious rival for world leader-ship, the Middle East matteredmore to the global economythan it does today, and Arabstates were more powerful inthe region than they are now.Under those circumstances,promoting the peace processwas a necessary aspect ofAmerica’s diplomatic balanc-ing act that helped maintainWashington’s alliances withthe Arab world while support-ing Israel.

Since then, the leading Arabstates have either fallen intochaos (Syria and Iraq) or be-come so worried about Iranthat they have little energy todevote to the Palestiniancause. At the same time, Is-rael’s attractiveness as a trad-ing partner and source of tech-nology and investment hasdramatically increased. As theGulf states look to shift awayfrom an unhealthy dependenceon oil, business and tech part-nerships with Israel are toogood to pass up.

Arab security interestspoint in the same direction.Common concerns about theIran nuclear deal and theObama administration’s “pivotto Asia” launched the strategicrapprochement between Arabsand Israelis that culminated inthe 2020 Abraham Accords.Any signal that the Biden ad-ministration intends to return

to President Obama’s MiddleEast policy would likely drivethe Arabs and Israelis moreclosely together and increasethe Arab states’ willingness tooverlook the Palestinians inthe interest of the wider Arabworld.

For Americans, peace be-tween Israelis and Palestiniansremains an important biparti-san goal, and the new regionalalignments offer the U.S. arare diplomatic opportunity tobuild a powerful coalitionaround a novel approach tothe Palestinian issue. Like allopportunities, this one has aprice tag attached, but the ad-ministration has little to loseand much to gain from trying.

The old peace process wasabout resolving the Israeli-Pal-estinian dispute as a means toreduce the antagonism be-tween Israel and the Arabworld. A new process wouldentail engaging the increas-ingly robust Israeli-Arab en-tente to resolve the disputebetween Israelis and Palestin-ians, with a credible U.S. com-mitment to regional securityagainst Iran as the cornerstoneof a new Middle East reality.

If America would clearlycommit to work with Israeland the Arab states to frus-trate Iran’s drive for regionalsupremacy, even a right-wingIsraeli government, grudginglyand with conditions, might

well accept a Palestinian statein return—and Arabs wouldunite to press the Palestiniansto accept such a state andwork with the U.S. to make it asuccess. Developing regionalagreements with Israel and theArab states would not precludecontinued American nucleardiplomacy with Tehran.

Definite commitments onaddressing Iran’s regional rolewould attract significant Re-publican support, strengthen-ing the administration’s handwith partners who rememberwhat happened to the Irandeal and the Paris Accordswhen the White Housechanged hands in 2017. Theprospect of a Palestinianstate, and a bipartisan Ameri-can commitment that stabi-lizes U.S. policy in a region ofmassive importance to the Eu-ropean Union, might even per-suade key EU countries tosupport a tougher line onnonnuclear Iranian malevo-lence, including its supportfor terrorism.

Promoting Arab-Israeli rec-onciliation while getting astate for the Palestinians andsolidifying a favorable balanceof power in the Middle Eastwould be an extraordinary ac-complishment. The price—aserious commitment to workwith partners to rein in Iran—would be significant, but thebenefits of even partial suc-cess would be huge. If the Bi-den administration is seriousabout buttressing Americanprestige and shoring up U.S.global alliances, exploring theprospects for a new kind ofMiddle East peace processshould be high on its to-do list.

Political shifts couldresolve the Israeli-Palestinian conflict.

GLOBALVIEWBy WalterRussell Mead

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A16 | Tuesday, March 30, 2021 * * * * THEWALL STREET JOURNAL.

The China-Iran Axis

A nyone who thought the world wouldwarm to U.S. interests once DonaldTrump left the scene has received a

rude awakening in the lasttwo months. The latest signis the weekend’s pact be-tween China and Iran, an ex-ample of U.S. adversariesuniting to advance their stra-tegic ambitions.

The two sides signed what they describedas a 25-year “strategic partnership” thatamounts to a significant deepening of ties.China will invest several hundred million dol-lars in a variety of Iranian projects, includingnuclear power, ports, and oil and gas develop-ment. In return China will get a steady supplyof Iranian oil. The two will also deepen theirdefense cooperation as China will transfersome military technology.

Apologists for the 2015 Iran nuclear deal aresaying this doesn’t add up tomore than the sta-tus quo, and thus shouldn’t interfere with re-newed U.S. courtship of Iran. Don’t believethem. This is a big deal that advances the stra-tegic interests of both sides—at the expense ofthe U.S. and stability in the Middle East.

The deal helps Iran dodge American sanc-tions, and the cash infusion will ease economicpressure on the ruling mullahs. Iran will havea long-time buyer for its oil exports that werereduced by U.S. sanctions. The foreign-ex-change income, if that’s how the payments aremade, will finance the Islamic RevolutionaryGuard Corps and proxy forces in Yemen, Syriaand Iraq.

The countries will also form a Chinese-Ira-nian bank with the aim of evading the U.S. dol-lar dominance in world trade that gives U.S.sanctions their bite. Breaking the dollar’s holdon global trade and finance is a major goal ofRussia, China and Iran. China believes that U.S.fiscal profligacy is putting the dollar’s role asthe world’s reserve currency at risk, and theywant the Chinese yuan to replace it.

The deal expands China’s influence in theMiddle East, which it wants for access to energyand rawmaterials as well as to increase its eco-nomic sway. China has also been courting theSaudis and Gulf states with economic lures. Asthe shale revolution has made the U.S. less de-pendent onMiddle Eastern oil, those oil export-ers need access to the China market. If the U.S.is seen as unreliable, these countries can hedge

their bets with China. American influence in thePersian Gulf is not a birthright.

The China-Iran tie also complicates U.S. stra-tegic interests. President Bi-den and Europe want Iran torejoin the 2015 nuclear deal,but an Iran backed by China isunder less pressure to do so.The same goes for aiding theirHouthi proxies who want to

take over Yemen. China and Russia can blockany attempt to putmore global pressure on Iranthrough the United Nations.

All of this shows the folly of believing thatletting adversaries dominate their regions willhave benign consequences the U.S. can ignore.American isolationists on the right and leftwant to grant Russia, China and Iran “spheresof influence” and have the U.S. retreat.

But the more powerful they become in theirregions, themore these adversaries are likely tocooperate on a global scale to undermine Ameri-can economic and security interests. Think Iranand Russia in Syria; or China and Russia evadingUnited Nations sanctions to aid North Korea; orChina and Russia working through Cuba to propup Venezuela’s regime.

i i iPresident Biden and his team of liberal inter-

nationalists say they want to revive the “rules-based” international order that they think Mr.Trump dismantled. It’s a pleasant fiction. Thatorder was already erodingwith the rise of theseregional adversaries, who extended their influ-ence with little American challenge during Ba-rack Obama’s Presidency. The notion that theU.N. and other multinational institutions thatinclude these adversaries are going to enforceglobal rules against their rogue allies defies ex-perience. Theywill undermine those rules whenit serves their interests.

The world is becoming more dangerous,never mind Mr. Biden’s hopes. North Korea isagain firing missiles, China is threatening Tai-wanmore aggressively, Iran is adding to its nu-clear violations, and Russia continues to under-mine U.S. purposes wherever it can. While Mr.Biden is preoccupied with “transforming” theU.S. economy, the world is also transforming—and not in a good way.

If Mr. Bidenwants to restore the rules-basedglobal order, the U.S. and its allies will have todo it. They can start by dropping illusions aboutthe designs of their adversaries.

Beijing gains influenceand helps Tehran evade

U.S. sanctions.

School Choice Advances in the States

T he pandemic has been a revelation formany Americans about union controlof public schools that refuse to re-

open. That awakening ishelping to spur some wel-come reform progress as sev-eral state legislatures aremoving to expand schoolchoice.

One breakthrough is inWest Virginia, where the Legislature passed abill creating the state’s first education savingsaccount (ESA) program. GOP Gov. Jim Justicesigned it on Saturday. The law requires thestate to set up ESAs by July 2022.

The funds would first be available to stu-dents currently enrolled in public school orabout to enter kindergarten, with no cap on thenumber who can qualify. In 2026 private- andhome-schoolers could be eligible if programparticipation is less than 5% of statewide pub-lic-school enrollment. The state education de-partment estimates students will receive about$4,600 each—the average amount of state per-pupil aid—in the program’s first year. Familiescan use the funds for private-school tuition, tu-tors and more.

Meanwhile in Georgia, the House passed abill last week that would expand eligibility forthe state’s voucher program for special-educa-tion students. The Senate, which had alreadypassed the legislation, voted to approve Houseamendments on Monday and the bill is headedto Republican Gov. Brian Kemp’s desk.

In South Dakota this month, RepublicanGov. Kristi Noem signed a bill that expands eli-

gibility for the state’s tax-credit scholarshipprogram to students already enrolled in pri-vate schools. Last school year the program

provided nearly 800 studentswith scholarships of about$1,800.

The teachers unions re-main powerful, as demon-strated in Kentucky, whereDemocratic Gov. Andy

Beshear vetoed a bill last week that would es-tablish a new tax-credit scholarship program.But the state legislature voted late Monday tooverride the veto, meaning low- andmiddle-in-come families will have access to a scholarshipfund of up to $25 million financed by tax-credit-backed private donations.

Families could use their portion toward pri-vate education in the state’s most populatedcounties, and for tutoring and other expenseselsewhere. The bill would also allow public-school students to switch school districts.

Two Arizona bills to expand tax-creditscholarships and education savings accountshave passed the Senate and are now in theHouse. An Indiana bill creating an ESA pro-gram passed the House, as it has in Missouri.A Florida bill that would consolidate statescholarship programs into ESAs for some200,000 students is still percolating in theSenate.

Nearly 50 school-choice bills have been in-troduced this year in 30 states. It’s a testamentto how school shutdowns have made the ad-vantage of education choice more evident, andits need more urgent.

The union shutdownshave increased supportacross the country.

The Myanmar Cauldron

T he situation in Myanmar (aka Burma)is unraveling fast. Twomonths ago, af-ter losing badly in national elections,

the military suspended thecountry’s quasi-democraticgovernment and detained itselected leader, Aung San SuuKyi. Hopes that the coupmight be peacefully reversedhave been dashed, and thejunta is now using violence to suppress opposi-tion. MoreWestern sanctionsmight not changethe mind of the generals—especially if Russiaand China arm and supply them—but solidaritywith the protesters is a statement about Ameri-can values.

U.S. Trade Representative Katherine Tai an-nouncedMonday that the Administration “willsuspend all U.S. trade engagement withBurma,” strongly condemning “the Burmese se-curity forces’ brutal violence against civilians.”The violence reportedly includes a Sunday as-sault at the funeral for a protester killed Satur-day. More than 100 people were reportedlykilled Saturday in protests across the countryas the military deployed live ammunition. Thatadded to the 300 who had already been killedin the weeks since the generals seized power.

The unpredictable situation could roil geopol-itics in Asia. China, Myanmar’s most powerfulneighbor, has been reluctant to condemn the re-

pression, and Chinese factoriesin Myanmar were attackedearlier this month.

Other powers are alsojockeying for advantage. A se-nior Russian defense officialrecently met with Myanmar’s

top general. India, which wants to balance Chi-nese influence, is also shying away from full-throated condemnation of the junta. A diverseBuddhist-majority country, Myanmar’s insta-bility could also lead to more ethnic fighting,and Reuters reported Monday that Thailand“is preparing for a potential flood of refugees”along the border.

Western economic influence in Myanmar islimited, with 84% of the country’s importscoming from the East Asia and Pacific regions.China wants above all to retain its accessthrough the country to the Indian Ocean. It willtake deft diplomacy by the Biden Administra-tion to safeguard U.S. and allied interests as theMyanmar cauldron burns hotter. In the mean-time, the U.S. is right to stand with the democ-racy protesters risking their lives.

The military guns downcivilians as resistanceto the coup grows.

REVIEW & OUTLOOK

OPINION

Media Free Rein Has Come at a Grave CostJudge Laurence Silberman’s coura-

geous call for the Supreme Court torevisit the federalization of statedefamation laws, and the editorialpage’s discussion of the issue despiteits journalistic self-interest in pre-serving the “actual malice” barrierto legal accountability, are not onlycommendable—they are overdue(“Reconsidering Times v. Sullivan,”March 23).

In the half-century since NewYork Times v. Sullivan was decided,increasingly emboldened and corpo-ratized media outlets have ex-ploited the zone of protectiongranted to them to stoke politicaland cultural partisanship and divi-siveness to near berserk levels, tothe point where polling data showsthat today’s approval of the press ison the same order of popular sup-port that hornet’s nests, trafficjams, clogged sewer pipes and Con-gress enjoy.

But the legal questions involved inrestriking the balance between pro-tecting the reputational interests ofpublic figures and the First Amend-ment values of free speech and freethought in the robust marketplace ofideas shouldn’t rest on the slenderreed of polls and popularity. Just asSullivan arose out of the historicalneeds of investigative reporting, re-visiting it must account for the en-trenched corporate concentrationand political orientation of tradi-tional media, social media, and inter-net-infrastructure and communica-tion-device companies.

Reforming the “public figure” and“actual malice” doctrines wouldn’tnecessarily move media outlets andplatforms toward a more objectiveviewpoint—that type of movementisn’t the province of any court any-way. But it would certainly discour-age members of the press, whetherleft or right of center, from impugn-ing the reputations of the peoplethey report on based on demonstra-bly false information.

STEVEN SARFATTICabin John, Md.

Your editorial about Judge Silber-man’s recent opinion calling for theSupreme Court to revisit Sullivan istoo generous by far to the jurist. It isnot asking too much of a sitting fed-eral judge to expect that he refrainfrom writing a politicized op-ed in theguise of a judicial opinion.

Judge Silberman’s language, assail-ing the news coverage of publicationsas “dangerous,” “shocking” and “athreat to a viable democracy,” is be-yond injudicious. You should continueto offer your editorial views on suchmatters. Judges should know better.

FLOYD ABRAMSNew York

Your editorial understates the con-sequences of Sullivan, which decreedspecial First Amendment rights forthe media. What was supposed to pro-tect media in its reportage broughtabout the deterioration of journalisticstandards to the point of virtual non-existence.

Sullivan dealt with a false and de-famatory claim published by theTimes concerning L.B. Sullivan, an Al-abama public official. The Times de-fended itself claiming that it did notknow what it published was falsewhen it ran. Yet a review of its ownpast reporting would have alerted areasonably prudent publication of theneed to do more to verify the claim.The Sullivan decision made it unnec-essary for the Times to verify theclaim. The Times was spared from le-gal accountability because it was igno-rant that what it published was false.

Judge Silberman is correct. The ac-tual-malice standard should be re-placed. While traditional libel lawmade the defamer absolutely liable forthe publishing false information aboutsomeone, a middle ground is avail-able: Ditch the actual-malice standardin favor of a negligence standard. If apaper publishes false, damaging infor-mation about a public person withouthaving made an effort to verify it, thepaper could be held liable.

DANIEL JOYOsprey, Fla.

LETTERS TO THE EDITOR

Letters intended for publication shouldbe emailed to wsj.ltrs@wsj.com. Pleaseinclude your city, state and telephonenumber. All letters are subject toediting, and unpublished letters cannotbe acknowledged.

Gov. DeSantis’s Misguided Attack on ‘Elites’Florida Gov. Ron DeSantis is cor-

rect about one thing in his essay“What I’ve Learned From the Pan-demic Year: Don’t Trust the Elites”(Review, March 20). The problem isthat he is one of them, with degreesfrom Yale and Harvard Law. Thepublicity campaign Gov. DeSantisdeemed “most damaging,” namely“15 Days to Slow the Spread,” wasintroduced by then-PresidentTrump. Everyone at first was baffledby the coronavirus. But some werequick studies, especially after mas-sive federal funding on vaccine cre-ation. Others were slower to adaptthan the virus itself.

Mr. DeSantis wrongfully claimscredit for Florida’s experience inavoiding the pandemic, despite morethan two million cases here among21 million residents. What he over-looks is that we older Floridiansknew better than to trust bad advice.We stayed home, practiced social dis-tancing, wore masks, washed ourhands.

Mr. DeSantis opened Florida soabruptly that this year’s springbreak crowds in Miami Beach causedthe city to declare an emergency,close its bridges and enforce an 8

p.m. curfew for fear of a super-spreader event.

JEAN M. FINKSPort Charlotte, Fla.

Although I agree with most of whatGov. DeSantis wrote in his essay, thistheme is disingenuous and dangerous.Is the governor saying we shouldn’tlisten to experts? What the governorreally means is don’t listen to peoplewho disagree with his conclusions.Any good leader knows that the mostdangerous thing to do is to surroundyourself with sycophants unwilling todisagree with the boss. Gov. DeSan-tis’s piece is a sad commentary onleadership from someone who hasspent so much time among peopleothers would certainly call the elites.

MICHAEL H. LEBPasadena, Calif.

The governor’s assertion that themedia weaponized the diseaseagainst former President Trump isflawed. Mr. Trump’s continued denial,misinformation and mistrust of ex-perts were the weapon, and anywounds were self-inflicted.

LEO GENTILECarmel, Ind.

Former GOP Sen. Kit BondDefends Spending Earmarks

Your editorial blasting appropria-tions earmarks overlooks the keypoint: If elected officials don’t have asay, unelected bureaucrats will makeall federal spending decisions (“Ear-marks Are the GOP’s Bridge to No-where,” March 19). Even worse, thesedecision makers are not known tothe public, they are not elected, notaccountable to voters, and it is diffi-cult, if not impossible, to hold thempersonally responsible.

Appropriations earmarks alsodon’t add a penny to the budget;they merely empower elected repre-sentatives to direct a small slice ofalready-allocated dollars to localneeds.

By the way, the famous “bridge tonowhere” was originally included ina highway bill. When an outcry roseagainst it, I used an appropriationsearmark to help get rid of it.

Some folks believe that govern-ment bureaucrats know best what todo with the American people’smoney. I believe local leaders shouldset local priorities, and that theirrepresentatives in Washington shouldtrust and work with them to ensurethat those priorities aren’t neglected.

KIT BONDFormer U.S. Senator from Missouri

St. Louis

“Cowboy up, Slim,and eat the darn kale.”

THEWALL STREET JOURNAL

More Than Ever, Writing aMemoir Is Its Own Reward

In respectful response to PeterFunt’s March 22 op-ed “An Epidemicof Memoir-Writing”: I am a 78-year-old retired freelance writer workingon my third memoir, after self-pub-lishing two, purchased by a few and,as far as I know, read only by familyand friends. So why am I writing athird? I love to write, and I love toread others’ stories when writtenfrom the heart—not to impress but toexpress. Our world would be im-proved if we spent more time in self-reflection during this time ofCovid-19.

PAMELA DAUGAVIETISGrand Rapids, Mich.

Pepper ...And Salt

P2JW089000-4-A01600-1--------XA

THEWALL STREET JOURNAL. Tuesday, March 30, 2021 | A17

OPINION

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Rio Grande Valley, Texas

S ixty-five adults and 152children clambered aboardsmugglers’ rafts to crossthe Rio Grande near Roma,a border town of 10,000.

One Honduran woman hobbled onboard on crutches. A human traf-ficker had broken her leg assaultingher in Mexico, but she was deter-mined to get to the U.S., so she paidthe $3,500 coyote’s fee and struggledonto the flimsy vessel. The groupalso included a mother cradling her6-month-old daughter. It was March16, a balmy evening. Around 8:45p.m., hell broke loose.

Border Patrol agents came on thecrossing, accompanied by a Texasspecial-operations group. The smug-glers grabbed the dark-haired babygirl and hurled her into the deep wa-ter. They capsized the rafts, sendingpanicked migrants flailing into thedark currents. “They did that to dis-tract law enforcement so it wouldbecome a rescue operation,” says Lt.Christopher Olivarez, a spokesmanfor the Texas Department of PublicSafety.

American authorities managed torescue the baby, and a photo shows aTexas officer cradling the little girl.Her tiny arms stretch toward him, andher striped shirt and yellow polka-dotpants are soaked. The authorities alsosaved the woman with the broken legand helped parents and children reachthe shore. The Department of PublicSafety incident report records no fa-talities or serious injuries. But thesmugglers escaped.

President Biden has criticizedDonald Trump’s immigration strat-egy as inhumane and vowed to treatmigrants compassionately. Yet hispolicies have created perverse incen-tives for vulnerable migrants to enterthe U.S. in dangerous ways. Thosepolicies enrich the Mexican cartelsthat extort, kidnap, rape and exploitCentral American migrants.

Before the pandemic, those fleeingpersecution could seek asylum le-gally by presenting themselves at aport of entry and declaring they hada credible fear of returning to theirhome countries. But amid Covid theU.S. has closed its ports of entry toasylum seekers, leaving CentralAmerican newcomers with no legal

His policies endangervulnerable migrants byencouraging them to makeperilous illegal crossings.

Progressives Would Miss the Filibuster

P rogressives are making a mis-take by pushing Senate Demo-cratic leaders to do away with

the filibuster. If their agenda is worthfighting for—and it is—it’s worth theinconvenience involved in confront-ing the threat of the filibuster andforcing the obstructors to stand upand talk for days on the Senate floor.

Some argue that President Biden’sagenda can only be realized if the re-quirement for a 60-vote supermajor-ity to end debate is eliminated. Actu-ally, the opposite is true. Democratsshould force Republicans who arebent on obstruction to state their ob-jections to the president’s policies onthe Senate floor. Most of the time,the mere threat of a filibuster is per-mitted to prevent a vote, but many is-sues would lack enough senators tosustain a real filibuster.

Admittedly, if the number of fili-bustering senators is large, it may behard to wear them down physically.But progressive programs are popu-lar, and the way to advance them isby highlighting exactly who is stand-ing in the way of progress. Drawingmedia attention and building publicsupport increases the pressure on theobstructionists to end their unpopu-lar activity.

Abolishing the filibuster is short-sighted, but reform may well be nec-essary. Here’s how: First, foreclosesenators’ ability to filibuster the pro-cedural motion to bring a bill to thefloor by limiting debate to one hour.Second, change the cloture rule forending debate from three-fifths of allsenators (a supermajority of 60 whenno seats are vacant) to three-fifths of

senators voting. Those senatorsblocking cloture should be requiredto do so by being present and voting.Finally, the majority leader shouldeliminate or curtail the senatorialcourtesy known as a “hold,” which isa de facto filibuster.

The Democrats’ elimination of thefilibuster for judicial nominations in2013 led to the confirmation by ma-jority vote of three Supreme Courtjustices and 54 federal appellatejudges, appointed to life terms byPresident Trump. It was a strategicmistake that will reshape the judi-ciary for decades to come. (One of us,

Mr. Levin, cast one of three Demo-cratic “no” votes in 2013.)

If Democrats steamroll the opposi-tion and kill the filibuster unilaterallyfor legislative debate, the next Re-publican president with a congressio-nal majority will be free to exploittheir shortsightedness. Some Demo-crats tell themselves this is a smallprice to pay since small-governmentconservatives don’t really want tolegislate anyway. But in the absenceof the filibuster, a Republican presi-dent with a conservative congressio-nal majority will have complete con-trol over the federal budget and taxpolicy. Conservatives have longsought to weaken Social Security,Medicare, Medicaid, federal supportfor education and a long list of socialprograms.

Red-state legislatures are preview-ing what complete Republican con-trol of Congress would bring. Acrossthe country they are tightening elec-tion laws, curtailing abortion rightsand cutting back on environmentalprotections.

Mr. Trump enjoyed Republicanmajorities during his first two yearsin office and repeatedly demanded anend to the filibuster. How much dam-age might have been done if the Sen-ate had complied? Recall Mr. Trump’sbudget proposal in 2018. WhiteHouse budget director Mick Mulva-ney called it a “vision for the properrole and size of the federal govern-

ment.” It sought to cut all nondefensediscretionary spending by 42.3%,Medicaid by 22.5%, Medicare by 7.1%and food stamps by 27.4%. That billalso sought to make many of the 2017Trump tax cuts permanent. At thesame time, Mr. Trump wanted a $2billion down payment on his borderwall. The Democrats were able to usethe filibuster to gain the leverage tonegotiate a better omnibus appropri-ations package.

Two Democratic senators, WestVirginia’s Joe Manchin and Arizona’sKyrsten Sinema, oppose abandoningthe legislative filibuster. If they holdfirm—and Mr. Manchin was also a“no” in 2013—the filibuster will stay.As recently as four years ago, 33Democrats joined 28 Republicans in aletter expressing opposition to killingthe legislative filibuster.

Squashing the filibuster wouldcreate havoc and even more gridlock.Blowing up the rules will exacerbate,not reduce, partisan polarization inthe Senate. Standing up to Republi-can obstructionists and making themactually filibuster is the best way toachieve progressive goals.

Mr. Levin, a Democrat, served as aU.S. senator from Michigan,1979-2015. Mr. Arenberg is interim di-rector of the Taubman Center forAmerican Politics and Policy, a visit-ing professor at Brown and a co-au-thor of “Defending the Filibuster.”

By Carl LevinAnd Richard A. Arenberg

Abolishing it would beshortsighted, but currentrules allow obstructioniststoo much leeway.

From the Journal’s Weekend In-terview with retired diplomatCharles Hill, July 28, 2012. Hill diedSaturday at age 84:

Mr. Hill sees two very differentkinds of challenges to the liberal,state-based world order. One, theaggressive kind, is exemplified byChina. The other, very different, canbe seen in the European Union. . . .

The Chinese are talking abouthow they used to approach theworld in the dynastic era, says Mr.Hill. “‘[We] know that states are notequal and therefore we need a worldorder in which that reality is recog-nized.’ This meme is getting aroundin China and is what accounts for

statements starting two years agoas regards the South China Sea toVietnam or the Philippines sayingopenly ‘We are a big power andyou’re not a big power and there-fore you should follow what wesay.’”

The problem of the EuropeanUnion, by contrast, is not the over-assertion of state power but the ab-dication of it without a suitablereplacement. . . .

In short, “the European vision iswe’re just going to be nice” and“people will follow our lead. TheChinese view is why should we notdo what we want to do with theselittle people who used to pay ustribute?”

Notable & Quotable: Hill

Biden’s Border Crisis, Up Close

recourse. The illegal pathway is stillopen: Migrants can cross the borderunlawfully, then declare themselvesasylum seekers when they encounterBorder Patrol. Instead of evading theauthorities, many of those crossingnow hope to encounter them.

Other Biden administration policiesencourage families, and young chil-dren in particular, to hazard a danger-ous illegal crossing. Amid the pan-demic, the Trump administrationinvoked federal public-health law toexpel migrants. The Biden administra-tion kept this Title 42 emergency or-der in place but exempts unaccompa-nied children. In the Rio Grande Valley,American authorities have begun torelease families traveling with children7 and younger into the U.S.

“It’s great that the U.S. is welcom-ing women and children,” PastorAbraham Barberi tells me when Ivisit the migrant shelter he runs inMatamoros, Mexico. “But they’re alsosending the message to families:‘Let’s leave everything behind be-cause our children will make itacross the border.’ ” Andrea MorrisRudnik of Team Brownsville, a volun-teer group that helps migrants,agrees: “We’re basically encouragingmoms and babies to cross the river,which is not right. And they’re will-ing to do it.” Parents with infants,toddlers and young children arecrossing together, while others makethe difficult decision to entrust chil-dren over 8 to coyotes and sendthem to the U.S. alone. “The traumaof telling your child, ‘You have to gonow, cross the river. I’ll reach youlater’—they let go of their childrenand hope for the best,” Mr. Barberisays. “I can’t even think of how thatwould feel, the trauma of that for theparents and the kids.”

Nothing about this is safe. InMexico’s cartel-controlled bordertowns, “life is cheap,” says Victor Es-calon, regional director of the Texas

Department of Public Safety. Duringthe border crossings, coyotes rou-tinely endanger and abandon mi-grants. Once migrants cross the RioGrande, they face a punishing Texaslandscape. No breeze penetrates thethick brush, and in late spring andsummer, temperatures soar to 90 de-grees or higher. Thorns, mosquitoes,rattlesnakes and ticks abound. Thegrass hides holes that can snap an-kles and break legs. The Rio Grandewinds and curves, and it’s easy toget lost on its banks. Walking alongthe shore briefly, I can’t fathom howmigrants make it through without amachete, but somehow they do.Pregnant women, nursing mothersand young children struggle throughthe brush, exhausted, soaked and de-hydrated. Many require medical at-tention as soon as border agents findthem. Others survive the journeynorth only to perish in the Texasbrush.

In February U.S. Customs and Bor-der Protection reported nearly 9,500encounters with unaccompanied chil-dren—the most since the peak of the2019 crisis—and nearly 19,250 en-counters with families, more thantwice as many as in January. TheMarch numbers will be even higher.Since Oct. 1, Border Patrol agents inthe Del Rio sector alone have rescuedmore than 500 migrants as they at-tempted to cross into the U.S. OnMarch 20, a 9-year-old girl drownedwhile attempting to cross the RioGrande with her mother and 3-year-old brother. The New York Times re-ported last week that some 82 mi-grants have died since October whileattempting to enter the U.S.

Maryury Nomy Ramirez, 21,crossed the Rio Grande on March 19with her 4-year-old son, Jose. “I wasrisking my son’s life,” she saysbluntly. But back in Honduras, “mylife was desperate from poverty. Ididn’t know what to do. I didn’t find

a way to provide for my son, I wasrunning out of money, and what Iearned from washing and ironingwas not enough.” So she took therisk. “God kept me, and everythingwas fine—really—tranquil for me andmy son.” She holds him tenderly onher lap at the bus station in Browns-ville, adding that she plans to go toLos Angeles.

Cartels love the humanitarian cri-sis they’ve helped create. They mo-nopolize the territory south of theborder, and no migrant crosses with-out first paying up. “They help createthe vulnerability and then they ex-ploit it,” says Roy Villareal, a formerU.S. Customs and Border Protectionofficial who recently retired afterserving as the chief patrol agent inTucson, Ariz. Cartels strategicallysend hundreds of migrants across toensure that Border Patrol and policeare overwhelmed dealing with thehumanitarian crisis. A few milesaway they move guns, drugs andcash across the border.

No one knows how much contra-band is now making it across theborder. From March 4 to March 20,Texas law enforcement seized morethan $644,000 in cash and 14 fire-arms, engaged in 34 pursuits, and ar-rested four known gang members inthe Rio Grande Valley and Del Rio,Texas. During that same period, theyencountered 22 “bailouts”—in whichcartel members lead officers on a carchase, slam on the brakes, jump outof the car, and leave it in drive. Offi-cers have to contend with a driver-less, moving vehicle and perpetratorsfleeing on foot.

“They’re gaining inroads with allthat confusion going on,” Mr. Escalonsays. On the Mexican side of the bor-der, violence is routine, and he fearscartels may expand their reach intoAmerican border towns, too. “Wedon’t want that culture here.”

As the weather grows warmer, thenumbers of migrants will increaseand the situation will worsen unlessthe incentives change. Congresscould help by closing loopholes inU.S. asylum law, increasing opportu-nities for migrants to enter the U.S.legally on temporary work permits,and allowing Central American chil-dren to seek asylum in their countryof origin instead of making the dan-gerous journey north. But if politi-cians prefer to have immigration as acampaign issue than find a solution,the consequence will be wealthierand more powerful cartels, more mi-grant parents making impossiblechoices, and more children’s bodieswashed up on the banks of the RioGrande.

Ms. Melchior is an editorial pagewriter for the Journal.

By Jillian Kay Melchior

JOERA

EDLE

/GET

TYIM

AGES

A group of migrants arrive in Roma, Texas, March 28.

CybersecurityNeeds a NewAlert System

By V.S. Subrahmanian

T he last successful foreign at-tack on multiple targets onU.S. soil wasn’t 9/11. It was this

past December. A cyberattack target-ing software provider SolarWinds hitthe U.S. government, Microsoft andcybersecurity firms such as Crowd-Strike and FireEye. Unlike 9/11, theSolarWinds attack did its damage un-der cover of darkness. It didn’t resultin loss of life, but cyberattacks areextremely costly and increasing infrequency.

Malicious attackers exploit previ-ously known vulnerabilities or dis-cover new “zero day” vulnerabilities.SolarWinds-related attacks such asSunburst and Supernova were exam-ples of the latter. The WannaCry ran-somware attack, which targeted Mi-crosoft Windows in 2017, used aknown vulnerability to infect morethan 200,000 computers and inflictperhaps billions of dollars in damage.

One would think the U.S. is pro-tected against known vulnerabilities.But a 2019 study found a 133-day av-erage gap between the discovery of avulnerability and the release of infor-mation about it to the public. Typi-cally, this period is used to create a“patch” that fixes the vulnerability.But almost half the attacks that useknown vulnerabilities occur duringthis window, before the fix is com-plete. Think of these as holes in theperimeter fences around U.S. embas-sies world-wide. There would be anoutcry if it took 133 days to patch theholes, which terrorists used in themeantime to launch successful at-tacks. Yet this is the sorry state ofU.S. cybersecurity today.

When a vulnerability is found, theNational Institute of Standards andTechnology, which maintains the Na-tional Vulnerability Database, takes along time to talk to the vendorwhose product contains the vulnera-bility, estimate its severity, under-stand the software code, assess thedifficulty an attacker would have inexploiting it, and ensure the avail-ability of a patch. Vendors often havelittle incentive either to cooperate orpatch a vulnerability; the affectedproduct might be old, unprofitable orin the process of being phased out,and sometimes the issue simplydoesn’t seem to rise to the level ofserious concern.

That won’t do. America needs aNational Cyber Vulnerability Early-Warning Center. Just as a meteorolo-gist is on a constant hunt for stormsystems, an early-warning centerwould scour widely used softwareand hardware components for vul-nerabilities. It would discover newweaknesses before adversaries do,fortifying defenses and increasingthe costs of mounting an attack.China, Russia, Iran and North Koreahave access to cheaper expertise. Theonly way to stay ahead and protectU.S. data and intellectual property isto invest big.

From there, the task would be toimprove the management of knownvulnerabilities. There is no provenscientific methodology here. To givepriority to the analysis of one vul-nerability over another, we must askthe following questions: Is it likely tobe used in an attack? If so, when?And how severe would the conse-quences of an attack be? To trim the133-day gap between discovery andpublic disclosure of a vulnerability,advanced machine-learning tech-niques will come in handy. The Na-tional Cyber Vulnerability Early-Warning Center could even usediscussions of vulnerabilities onTwitter, Reddit and hacker forums togenerate early answers and assignpriorities. And just as buildings thatadhere to green principles receivespecial LEED certification, companiesthat fix vulnerabilities quickly can beawarded Responsible CybersecurityProvider certifications. If companiesare encouraged to cooperate, thewhole process will go faster.

We are used to seeing weatherforecasts change as more informa-tion becomes available and changingour behavior accordingly. The samecan be true for cybersecurity. Anearly-warning capacity may not de-tect every threat, but it would surelypick the low-hanging fruit and makeit harder for adversaries to hit theU.S. There’s no reason Americashould be an easy target. It is time tobuild a National Cyber VulnerabilityEarly-Warning Center before an evenmore damaging digital attack is uponus.

Mr. Subrahmanian is director ofDartmouth College’s Institute for Se-curity, Technology and Society.

While America slowlyaddresses vulnerabilitiesin software and hardware,enemies strike.

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A18 | Tuesday, March 30, 2021 THEWALL STREET JOURNAL.

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BUSINESSCompanies askcustomersto help them

cut emissions. B3

HEARD ON THESTREET

All work and no playcould makeWall Streetless profitable. B10

INSIDE

delivery programs, while deal-ers have upgraded their web-sites so customers can tourtheir showrooms virtually andcarry out more of the buyingprocess online.

While car sales overall havebeen depressed by the pan-demic, sales of used vehicles

PleaseturntopageB4

in 2018. A private fundinground valued Cazoo at $2.6billion last September.

The coronavirus pandemichas helped upend the tradi-tional model of visiting ashowroom to buy a car as con-sumers have been forced tostay at home. In the U.S., automakers have expanded their

Cazoo’s combination withAjax I, a New York-listed spe-cial-purpose acquisition com-pany led by U.S. billionaire in-vestor Dan Och, comes lessthan two years after its onlineplatform started selling usedcars in December 2019. Britishserial entrepreneur Alex Ches-terman founded the company

LONDON—British online carretailer Cazoo Holdings Ltd.said it would go publicthrough a deal with a blank-check company that values thecombined entity at $8.1 billion,as it capitalizes on a shoppingshift during the pandemic.

and blank-check merger com-panies have tumbled from theirhighs, pushing the NasdaqComposite Index down 8%from its latest record close lastmonth.

Exercise bike maker PelotonInteractive Inc. is off 39% fromits mid-January high, partly re-versing its fivefold gain lastyear. Virtual-care services pro-vider Teladoc Health Inc.,

which more than doubled lastyear, has slid 44% from its mid-February high. Tesla Inc., pos-sibly the most prominent bene-ficiary of last year’s stimulustrade, has shed more than$250 billion in market valuesince Jan. 25.

But the carnage hasn’t beenlimited to tech. Lately, thefirms that were supposed to

PleaseturntopageB2

Spring hasn’t been kind tostock-market highfliers.

The sectors that benefitedmost from the pandemic-in-spired shift to working fromhome have fallen hard sincelate January, as rising interestrates pushed investors into in-vestments promising surer re-turns. Hot technology firms

BY MICHAEL WURSTHORN

Stocks Viewed as BeneficiariesOf Recovery Start to Lose Steam

Southwest Airlines Co.said it is buying 100 new Boe-ing Co. 737 MAX jets, a boostfor the plane maker, whichlost hundreds of orders duringa prolonged grounding of thetroubled jet and reduced de-mand for travel during thecoronavirus pandemic.

The order for the MAX 7jets, the smallest MAX vari-ant, means Boeing will retainits lock on one of its most im-portant airline customers.

LONDON—Deliveroo, theonline food-delivery servicebacked by Amazon.com Inc.,said it would price its initialpublic offering at the lowerend of expectations, signalinga more cautious stance evenas demand has surged duringthe pandemic.

The U.K.-based companysaid Monday it intends toprice its shares between £3.90and £4.10, suggesting a valua-tion of between £7.56 billionand £7.95 billion, equivalent toabout $10.5 billion and $11 bil-lion. It had previously saidthey could sell for as much as£4.60. The stock is set to starttrading in London on Wednes-day under the ticker ROO.

The company said it had re-ceived significant demand forthe offering but that “givenvolatile global market condi-tions for IPOs,” selling sharesat the lower end of its initialrange would offer better long-term value for investors.

Deliveroo’s IPO is the latesttest of investors’ appetite for ahighly competitive industrybut one that has benefitedfrom more in-home orderingduring the pandemic. U.S. peerDoorDash Inc. went public inDecember in New York.

Deliveroo already countsAmazon as its largest share-holder after the e-commercegiant acquired a 16% stake in2019 in a deal that valued thestartup at $3.5 billion.

However, the company hasalready hit some snags in itspath to going public. A handfulof large institutional investorsin the U.K., including Aviva In-vestors and Standard Life Ab-erdeen, said last week thatthey wouldn’t buy Deliveroo’s

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BY PARMY OLSONAND BEN DUMMETT

DeliverooReducesRange ofIPO Price

TECHNOLOGY: T-MOBILE SCRAPS ITS TV EFFORT B4

Southwest’s fleet is made upentirely of 737 jets, but thecarrier had been re-evaluatingthat strategy.

For Boeing, the deal—thelargest MAX order since U.S.regulators lifted a flight banlast year—marks a win after aseries of setbacks in recentyears, including the nearlytwo-year grounding that fol-lowed two 737 MAX crashesthat claimed 346 lives.

Boeing shares rose 2.3% to$250.52 in Monday trading onthe New York Stock Exchange.

Southwest executives havelong held that flying just onetype of plane helps simplifyoperations and keeps a lid onthe costs of maintenance andtraining.

The airline is the biggestbuyer of Boeing’s 737 MAXjets, but the MAX debaclethrew that into question.

While Southwest Chief Ex-ecutive Gary Kelly saidthroughout the grounding thathe had confidence in Boeingand the MAX, he also ex-pressed frustration that the

situation had stymied South-west’s growth and said thecompany had an obligation todebate the merits of stickingto a single fleet type.

“This sort of illustrates therisk of having all of your eggsin one basket,” Mr. Kelly toldanalysts and investors earlylast year.

With a need for a smallplane to replace older jets itplanned to retire, Southwesthad also been considering Air-bus’s A220, executives havesaid.

Some of Southwest’s owninternal calculations con-cluded that Airbus’s A220 of-fered better economics andlower per-trip costs, accord-ing to an analysis viewed byThe Wall Street Journal. Still,Mr. Kelly had maintained thatthe complexities introducedby a second aircraft typewould be a difficult hurdle toovercome.

“This was our preferenceall along,” Mr. Kelly toldSouthwest employees in amessage Monday. “We needed

to make sure the MAX 7 is thebest aircraft in its 150-seatclass. We are very comfortablethat it is.”

A spokesman for Airbus de-clined to comment on South-west’s news Monday.

The U.S. approved the MAXfor passenger jets again latelast year, requiring the planeto undergo software updatesand pilots to go through addi-tional training, among othermeasures. Southwest startedflying its MAX jets again ear-

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BY ALISON SIDER

Southwest 737 MAXOrder Boosts BoeingS&P 3971.09 g 0.09% S&PFIN g 0.93% S&P IT g 0.51% DJTRANS g 0.54% WSJ$ IDX À 0.21% LIBOR3M 0.203 NIKKEI (Midday) 29369.16 g 0.05% Seemore atWSJ.com/Markets

BUSINESS&FINANCE

Peloton shares are down 39% from mid-January high.

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2018 2019 2020 20212018 2019201920192018 20192019 202020192019201920192019201920192019201920192019201920192019201920192018 2020

Note: Chart excludes mergers announced prior to 2018 and a small number since. Deal values exclude debt. Data are as of mid-March.Sources: Dealogic (mergers, IPOs); SPAC Research (SPACs without merger targets) Adapted for print by Erik Brynildsen/THE WALL STREET JOURNAL

The boom in SPAC IPOs is now playing out in dealmaking.There have been about 100mergers completed since early 2018.

So far thebiggest dealwas theacquisition ofUnitedWholesaleMortgage byGoresHoldings IV.

THETHREESTAGESOFASPAC

With interest rates on the floor and investors chasing young companies, this isa dream scenario for special-purpose acquisition companies. To knowwhat’snext and how the boomwill end, investors need to understand these quirkyfinancial structures. B9

Additionally, there aremore than 100mergers pending approval, such asspace-transportation startup Rocket Lab USA’s recently announced$4.1 billion deal togopublic through the SPACVector Acquisition Corp.

PENDINGMERGERS

There are another roughly 400 SPACs searching formerger targets to take public,including hedge-fund billionaire Bill Ackman’s Pershing SquareTontineHoldings,the largest SPAC ever.

SEARCHINGFORTARGETS

By Peter Santilli and Amrith Ramkumar

UnitedWholesaleMortgage(UWMHoldings)

$16.0 BILLION

$4.0 BILLION

Value of SPAC IPOsandmergers,monthly,in billions

Note: Mergers are as ofannouncement date.

IPOsMergers

2019 '20 '210

50

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$150

Vector Acquisition Corp.$320MILLION

Rocket LabUSA$4.1 BILLION

GoresHoldings IV$425MILLION

MERGERANNOUNCED

Hundreds of Blank-Check FirmsAre on the Hunt for Companies

SPAC IPO (CIRCLE SIZE = PROCEEDS)1

MERGERANNOUNCED (CIRCLE SIZE =MERGER VALUE)2

MERGERCOMPLETED3

SPACs arefindingmergerpartnersmorequickly now.

A bidding war has eruptedaround defense- and transit-technology company CubicCorp., which had agreed to sellitself to a pair of private-equityfirms before a new corporatesuitor surfaced last week.

Veritas Capital and the pri-vate-equity arm of Elliott Man-agement Corp. in Februaryagreed to pay $70 a share totake Cubic private. SingaporeTechnologies Engineering Ltd.then made an unsolicited bid of$76 last week.

Since then, the private-eq-uity duo raised its bid to $72 ashare, and ST Engineering re-sponded by boosting its offer to$78, according to people famil-iar with the matter. ST Engi-neering disclosed its increasedbid late Monday

Cubic shares rose 1.7% Mon-day, closing at $76.05.

This is the second biddingwar waged in recent weeks. La-ser-maker Coherent Inc.’sagreed sale to Lumentum Hold-ings Inc. attracted other suitorsand, roughly 10 bids later, re-sulted in II-VI Inc. agreeing tobuy the California company lastweek.

Cubic, which has a marketvalue of around $2.4 billion,primarily provides technologyproducts for transit systemsand the military. Customers ofthe transit business include theNew York Metropolitan Trans-portation Authority, which op-erates the New York City sub-way, and the operator of theLondon Underground. The de-fense side provides technologyto customers including U.S. andallied forces.

Cubic on March 22 said itwas engaging with ST Engi-neering but continued to rec-ommend the Veritas-Elliott dealto shareholders in the mean-time. It disclosed in a filingthat ST Engineering had pro-posed buying the company forbetween $72 and $75 a share inJanuary but it ultimately wentwith the private-equity firms’offer, partly due to consider-ations around regulatory ap-proval.

Cubic’s board is expected tomeet to compare the latestbids, some of the people said.

ST Engineering is based inSingapore but has operationsthroughout the U.S.

The company is roughly50%-owned by Singaporeansovereign-wealth fund TemasekHoldings.

BY CARA LOMBARDO

BiddingBattleEruptsFor Cubic

BY PARMY OLSON

Car Site Cazoo Sets Route to Listing

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B2 | Tuesday, March 30, 2021 * * * * THEWALL STREET JOURNAL.

INDEX TO BUSINESSESThese indexes cite notable references to most parent companies and businesspeoplein today’s edition. Articles on regional page inserts aren’t cited in these indexes.

AActivision Blizzard......B2Alden Global Capital...B3Alibaba......................B10Amazon.com...............B1A.P. Moller–Maersk....A8Archegos CapitalManagement.....B9,B10

ARK InvestmentManagement.............B2

BBaidu.........................B10Bandit Lites................B4BioNTech.....................A3Boeing .........................B1BP................................B9

CCal-Maine Foods.........B2Cazoo...........................B1Churchill Capital IV.....B2Coca-Cola.....................B2Colgate-Palmolive.......B3Credit Suisse.......B9,B10Cubic............................B1

D - EDeliveroo.....................B1Deutsche Bank....B9,B10Discovery.....................B9DraftKings .............B2,B9Elite Care MedicalGroup ........................A3

Elliott Management...B1F

Fossil Group................B2G

Goldman Sachs........................ B3,B9,B10Greensill Capital.......B10

HHenkel .........................B3

IInpex............................B9

JJPMorgan Chase..B2,B10

KK4Connect...................B4

LL'Oreal.........................B3

MModerna......................A3Morgan Stanley...B9,B10

N - ONomura................B9,B10Observator Shipping ..A1

PPeloton InteractiveB1,B9Pfizer...........................A3Pfizer ...............................Procter & Gamble.......B3

RReckitt Benckiser .......B3

SSaudi Arabian Oil .......B9SemiconductorManufacturingInternational...........B10

Singapore TechnologiesEngineering...............B1

Southwest Airlines ....B1T

Teladoc Health.......B1,B9Tesla............................B1T-Mobile US................B4Total ............................B9Tribune Publishing......B3Tupperware Brands.....B2

UUnilever.......................B3United Airlines............B2

VViacomCBS..................B9Virgin Galactic.......B2,B9Vitol.............................B9Vulcan Materials........A2

WWalgreens BootsAlliance.....................A2

Walmart......................B2World WrestlingEntertainment..........B2

INDEX TO PEOPLE

for $7.3 billion, have declinedby a third since their recordhigh last October.

Dan Thomas, an analyst atresearch firm Third Bridge,said there was a risk for deliv-ery platforms that restaurantsstart to give priority to in-store dinners over online or-ders once they reopen.

Deliveroo’s offering, amongthe biggest in Europe so far in2021, could lend support toU.K. regulators’ decision toadopt new listing rules laterthis year that are meant tohelp London better competeagainst New York and HongKong for tech IPOs. Whilegains for big technology com-panies have driven U.S. stock

markets to record highs, Lon-don has slipped behind, with astock market heavily weightedtoward slower-growth banksand resources companies.

On Monday, British onlinecar retailer Cazoo HoldingsLtd. said it was going publicwith a U.S. blank-check com-pany in a deal that valued thecombined entity at $8.1 billion,after earlier exploring a poten-tial IPO in London.

“The IPO process in the U.K.is challenging for companieswho are investing in highgrowth,” Cazoo Chief Execu-tive Alex Chesterman told re-porters Monday. “They arebetter understood by U.S. in-vestors.”

virtually.But the rise of Treasury

yields as the economy reopensmeans future cash flows be-come less valuable relative tocurrent ones, accelerating theshift toward real-economystocks like retailers, manufac-turers and banks. Economistssurveyed by The Wall StreetJournal predict economicgrowth will accelerate 5.95%this year, the fastest pace innearly four decades.

Even after the recent selloff,a lot of investors continue tohold a significant chunk oftheir assets in growth stocks,meaning further selling couldbe ahead, analysts said.

Hedge funds remain moreexposed to tech stocks than theother 10 major stock sectors,with tech accounting foraround 22% of the typical fund,according to a recent GoldmanSachs report. Typical valueholdings, including financial

CORPORATE WATCH

DraftKings get an exclusive license to the wrestling company’s media assets and in-game branding.

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and industrials, were less thanhalf of that.

“Institutional investors stillhaven’t embraced the valuetrade,” said Mr. Slimmon.

Another area investors ap-pear to be losing interest in isshares of special-purpose ac-quisition companies. Shares ofmany SPACs have taken a sub-stantial hit this year. That isbecause many of the reverse-merger targets of these compa-nies are unprofitable, said Da-vid Lefkowitz, head of equitiesfor the Americas at UBS Finan-cial Services.

Virgin Galactic HoldingsInc. has fallen 53% from itsFebruary high after doubling in2020. Churchill Capital Corp.IV is down 67% from its Feb. 18high after earlier quintuplingfrom its initial offering price.

Portfolios loaded up withthese stocks have suffered biglosses. ARK Investment Man-agement LLC’s flagship ARKInnovation ETF is down 30%from its Feb. 16 high after morethan doubling last year.

On the flip side, the reopen-ing trade is starting to looksimilarly volatile. Small busi-nesses are more tied to the do-mestic economy than biggercompanies, and many of theconstituents of the Russell2000 are cyclical companiesthat were battered last year.The onset of the reopeningtrade took the Russell, themain small-cap index, up 31%in the fourth quarter alone.

Bank of America said posi-tioning leading up to the sec-tor’s March pullback was themost bullish since February oflast year and September 2018.Morgan Stanley cut its view onsmall-caps, though UBS said itremains bullish.

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Intraday index performance sinceMarch 15 close

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NasdaqComposite

The MAX 7 has a list priceof nearly $100 million, butairlines typically get steepdiscounts for large orders.

Southwest’s first 30 MAX 7deliveries are scheduled fornext year. The airline said thatit had also converted 70 or-ders for the larger MAX 8variant to orders for the MAX7 and added options to pur-chase an additional 155 MAX 7or MAX 8 aircraft in the com-ing years under the agreementannounced Monday.

With the order-book addi-tions and revisions, Southwesthas 349 MAX firm orders and270 MAX options for MAX 7or MAX 8 for 2021 through2031, it said.

—Dave Sebastiancontributed to this article.

BBainum, Stewart ........B3Baker, Dolph................B2Bergmann, Uwe..........B3

CChesterman, Alex.......B1

DDeal, Stan...................B2Durkin, Dennis............B2Dwek, Esty..................B9

F - GFilip, Luc......................B9Gottstein, Thomas....B10

HHwang, Bill................B10

KKelly, Gary...................B1Kress, Peter................B4

LLefkowitz, David.........B2Lingard, Thomas.........B3

MMoody, Scott...............B4

PPalt, Alexandra...........B3

RRogalewski, Jason......B4

SShah, Seema...............B9Slaine, Mason.............B3Slimmon, Andrew.......B2Strickland, Michael.....B4

TThiam, Tidjane..........B10

W - ZWyss, Hansjörg...........B3Zerza, Armin...............B2

lier this month.Other carriers have also

been scooping up MAX orders.United Airlines Holdings Inc.earlier this month announcedit would buy 25 additionalMAX jets and brought forwardorders for dozens more. Ryan-air Holdings PLC said in De-cember it had agreed to buy75 new MAX jets from Boeing.

Losing business fromSouthwest would have been amajor blow to Boeing, whichhas been struggling with air-plane sales amid the pan-demic. The manufacturer hassaid customers canceled or-ders for over 500 MAX jetslast year, with hundreds morein question as the coronaviruspandemic has reduced traveldemand and forced airlinesaround the world into retreat.

Boeing has also been look-ing for customers to take fin-ished MAX jets whose originalbuyers walked away or de-ferred their orders.

On Monday, Boeing com-mercial division chief StanDeal said the Southwestagreement ensures the planemaker will be building 737sfor the carrier for years tocome, bringing more stability.

ContinuedfrompageB1

SouthwestOrders 100MAX 737s

Deliveroo plans to issuedual-class shares that wouldkeep founder and Chief Execu-tive Will Shu in control forthree years. Under currentrules, that would rule out in-clusion in the London StockExchange’s blue-chip FTSE in-dexes. However, Deliverooshares will qualify followingthe expected approval laterthis year of the new listingrules.

Mr. Shu founded Deliverooin the London neighborhood ofChelsea in 2013, and last yearthe company reported a 54%rise in annual net revenue to£1.2 billion, buoyed by greaterdemand amid the pandemic.The company also narrowedits annual loss to £226.4 mil-lion from £317.3 million in2019.

Deliveroo has acknowl-edged the risks it faces aseconomies emerge from thepandemic, warning in its IPOdocuments that it wasn’t yetclear whether the level of de-mand for online deliverywould be sustained. It alsonoted that if struggling res-taurants shut their doors forgood, it would limit the selec-tion on its platform.

One existing investor in De-liveroo said they felt neutralabout the IPO pricing towardthe lower end of its initialrange.

“It’s a long-term game,” theinvestor said. “The question iswhere is Roo going to be inone year or three years.”

shares amid market concernsthat recent legal challengesagainst Uber Technologies Inc.could undermine Deliveroo’slong-term profit growth.

After losing a key courtchallenge last month, Uber hassince agreed to start payingits U.K. ride-hailing driversbenefits such as vacation payand minimum wage, and someanalysts say Deliveroo is atrisk of being forced to bearsimilar costs for its drivers.

Other food-delivery compa-nies have fallen out of favorwith investors recently as vac-cine take-up has increased andlockdowns in some regionsstart to ease, paving the wayfor a return to physical restau-rants. In the U.K., people willbe allowed to dine outdoors atrestaurants beginning April 12.

DoorDash priced its initialpublic offering at $102 a sharein December, easily surpassingthe San Francisco-based com-pany’s expected price range of$90 to $95, but its shares havefallen by more than a quartersince. Shares in Just Eat Take-away.com NV, which boughtU.S. rival Grubhub last year

ContinuedfrompageB1

Demand for Deliveroo services rose in the pandemic, but it isunclear if that high level can be sustained.

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DeliverooSees LowerIPO Price

A further unwind of specula-tive stock trades, both in tech-nology and in value sectors,could hit harder in comingweeks and potentially weigh onthe rest of the market, someanalysts contend.

After their long run-up,many once-hot stocks are “veryvulnerable to a continued cor-rection,” said Andrew Slim-mon, managing director andportfolio manager at MorganStanley Investment Manage-ment. He said multiples remainstretched even after recentselling.

Conditions couldn’t havebeen much better for growthstocks last year. The collapse ofinterest rates made investorswilling to wait well into the fu-ture for potential profits, whilethe coronavirus pandemicboosted the outlook for compa-nies that were in a position toprovide in-home entertainmentor help people stay connected

benefit from the economy’s re-opening have slumped, too.The Russell 2000 index ofsmaller stocks has fallen 8.5%from its March 15 high. Tup-perware Brands Corp. hasfallen 37% from its Jan. 11 highafter more than doubling lastyear. Watchmaker Fossil GroupInc., up 173% between the endof December and Jan. 27, hasfallen 58% from its high.

The pullbacks are notewor-thy as the broad market in-dexes continue to trade nearrecord highs. Many portfoliomanagers believe the outlookfor stocks remains good, withthe economy expanding at ahealthy clip, U.S. vaccinationefforts gaining momentum andinterest rates still very low.

Some traders worry that thedouble retreat shows the re-opening trade has been drivenby speculative fund flows justas much as the earlier techboom was. Investors haveplowed $11.5 billion into U.S.large-cap value exchange-traded funds this year, versusnearly $4 billion in outflowsfrom similar growth funds, ac-cording to FactSet. The biggestbeneficiary of those inflowshas been the Vanguard ValueIndex Fund, whose top hold-ings include stocks closely tiedto the economy, including JP-Morgan Chase & Co., Coca-Cola Co. and Walmart Inc.

ContinuedfrompageB1

RecoveryStocks FeelSome Pain

DRAFTKINGS

Gaming Deal SignedWith Wrestling Group

DraftKings Inc. will becomean official gaming partner ofWorld Wrestling EntertainmentInc., the companies said Monday.

Under the deal, the Boston-based sports-betting operatorwould get an exclusive license tothe wrestling company’s mediaassets and in-game branding forWWE pay-per-view events, thecompanies said.

The companies said theywould launch an inaugural free-to-play pool at WWE’s Wrestle-Mania on April 10 and 11.

—Dave Sebastian

CAL-MAINE FOODS

Egg Producer PostsIncreased Sales

Cal-Maine Foods Inc. said itssales rose as customers contin-ued buying eggs for meals athome and the food service andhospitality industries saw amodest improvement.

The largest egg producer inthe U.S. reported net income of$13.5 million, compared with$13.75 million in the prior-yearperiod. For the quarter endedFeb. 27, sales rose to $359.1 mil-lion from $345.6 million.

“While we saw modest im-provement in the food serviceand hospitality business asCovid-19-related restrictions

have gradually lifted in selectparts of the country, this marketsegment has not returned toprepandemic demand levels,”Chief Executive Dolph Bakersaid.

Total dozens of eggs soldrose 3.1% to 279.7 million doz-ens, Mr. Baker said.

—Dave Sebastian

UNITED AIRLINES

Carrier ReturnsTo JFK Airport

United Airlines Holdings Inc.said it is returning to John F.Kennedy International Airport in

New York City after a five-yearhiatus.

With the resumption of oper-ations out of JFK, the airline of-fers service from the three ma-jor airports in the area, thecompany said Monday.

The airline will offer directservice to hubs in Los AngelesInternational Airport and SanFrancisco International Airportout of JFK, United said.

It said it is currently flyingone round-trip flight, five days aweek to each West Coast air-port, and that it plans to doublethe number of flights as demandgrows.

—Dave Sebastian

ACTIVISION BLIZZARD

Zerza Is NamedFinancial Chief

Activision Blizzard Inc. ispromoting Armin Zerza to chieffinancial officer and said thecompany is on track to beatfirst-quarter financial targets.

The company, which is slatedto report first-quarter results onMay 4, said Mr. Zerza will takeover as CFO in the second quar-ter, following the retirement ofDennis Durkin. Mr. Durkin saidActivision was on track to ex-ceed its first-quarter outlook.

—Maria Armental

Net orders for Boeing's 737class of jets*

Source: the company

*Adjusted for current year cancellations/conversions

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THEWALL STREET JOURNAL. Tuesday, March 30, 2021 | B3

costs by turning the dialdown, while their clotheswould come out just as clean.

“We took probably toomuch learning from that in thesense of what is going to bepossible,” said Unilever’s sus-tainability head, Thomas Lin-gard.

After laundry, the com-pany’s focus shifted to con-vincing people to take shortershowers, the main driver ofemissions tied to its shampoo,shower gel and soap, whichhad become an increasinglybig slice of its business.

It used sensors in a U.K.trial to monitor how often andfor how long families show-ered so it could calculate, andcommunicate, how much thiscost the average Briton annu-ally. In South Africa, it gaveshoppers devices to reducewater use in their showers. Inthe Netherlands, the companyasked thousands of studentsto create labels for bottles ofbody wash and shampoo to re-mind their families to takeshorter showers.

But consumers didn’t liketaking colder showers. “Ifthere is a clash between the

used its laundry detergents. Itreformulated the products towork with cold water androlled out campaigns and on-pack messages telling consum-ers they would save on energy

tensive procedures and con-trols that are designed toidentify and address conflictsof interest.” The bank alsowrote: “Our clients’ interestsalways come first.”

In that time period, Gold-man’s Abacus investment pro-gram allegedly allowed thehedge fund Paulson & Co. tohelp bundle mortgages intobonds that Goldman sold toinvestors while knowing thatPaulson was betting, via shortsales, that the investmentswould fail. The plan, whichnetted some $1 billion forPaulson at investors’ expense,led Goldman to pay $550 mil-lion in a 2010 settlement withthe Securities and ExchangeCommission in which it ac-knowledged providing “incom-plete information” in market-ing materials.

Investors in Goldman, ledby the Arkansas Teacher Re-tirement System, sued theWall Street firm in 2011, alleg-ing that it had propped up itsstock price by falsely assertingits safeguards would preventconflicts of interest while thefirm was actually workingagainst its clients.

But by the time the casereached the Supreme Court onMonday, the parties’ differ-ences had narrowed, with nei-ther Goldman nor the Arkan-sas retirement system stakingout a categorical position.

WASHINGTON—The Su-preme Court on Monday ex-amined whether GoldmanSachs Group Inc.’s generic as-sertions of corporate ethicsand integrity, underminedwhen the company’s role inthe 2008 financial crisis wasrevealed, could expose it to ashareholder class action overfalse statements.

The case is the latest in a se-ries in which the court has cali-brated the burdens of proof be-tween plaintiff shareholdersand defendant corporations inclass actions. But the tenor ofMonday’s argument suggestedthe court was leaning toward aminor clarification rather thana major revision of class-actionprocedures.

Between 2006 and 2010,Goldman assured investorswith statements about itsmeasures to ensure integrity.

“Our reputation is one ofour most important assets. Aswe have expanded the scope ofour business and our clientbase, we increasingly have toaddress potential conflicts ofinterest, including situationswhere our services to a partic-ular client or our own proprie-tary investments or other in-terests conflict, or areperceived to conflict, with theinterest of another client,” thecompany said. “We have ex-

BY JESS BRAVIN

Top Court WeighsGoldman Pledge

At issue are generic ethics statements. Goldman in New York.

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BY SAABIRA CHAUDHURI

Tracking ProgressCan Be Difficult

Measuring progress is achallenge across the industry.Companies often rely on third-party data about countries’ en-ergy mix and modeling abouttypical consumer use.

“It’s difficult for me to goand see if you are actually hav-ing a two-degree-colder showeror not,” said Alexandra Palt, chiefcorporate responsibility officerfor L’Oréal, which is aiming tocut consumer-use emissions by25% between 2016 and 2030.“You have a lot of estimation.”

Assumptions about con-sumer behavior have a big im-pact on how companies per-form against their targets.Unilever this month revised itsbaseline estimates for measur-

ing emissions after, amongother things, changing assump-tions about how much hot wa-ter consumers use with itsproducts. Against this newbaseline, the company says itsconsumer-use emissions fell by10% between 2010 and 2020.

The difficulties of changingconsumer behavior and accu-rately measuring progress ledsome companies—including P&Gand Henkel—not to set targetsthat require reducing overall con-sumer-use emissions. Both com-panies said they made progressin their laundry businesses.

Uwe Bergmann, Henkel’shead of sustainability, said thelack of an overall targetdoesn’t mean the companydoesn’t care or isn’t trying tochange consumer behavior, butrather that current data aren’trobust or granular enough toreliably chart progress.

A Florida investor has ex-pressed interest in joining an11th-hour effort by a Marylandhotel magnate to acquire Trib-une Publishing Co. and wrestthe company away from hedgefund Alden Global Capital,LLC.

Mason Slaine, a technologyinvestor and minority share-holder in Tribune, told TheWall Street Journal he is will-ing to put up $100 million to-ward a bid being put togetherby Stewart Bainum, chairmanof Choice Hotels InternationalInc.

Mr. Slaine, who owns a 3.4%stake in Tribune, said hewould make the personal in-vestment in order to acquirethe publisher’s two Floridanewspapers, the Orlando Sen-tinel and the Sun Sentinel inFort Lauderdale.

“I am a Florida resident andI believe heartily in strong in-vestigative journalism as anecessary part of creating asafe and honest society,” hewrote in an email to a groupof reporters at the Orlandonewspaper, according to acopy reviewed by the Journal.The group, which calls itselfthe Committee to Save Our

Sentinel, had contacted himabout stopping Alden’s bid.

Over the weekend, Mr. Bai-num’s effort received a majorboost when Swiss billionaireHansjörg Wyss said he wascommitting $100 million to thepotential bid with the inten-tion of ultimately taking con-trol of the Chicago Tribune.

“I don’t want to see anothernewspaper that has a chanceto increase the amount oftruth being told to the Ameri-can people going down thedrain,” Mr. Wyss told the NewYork Times.

A person familiar with thematter said that with Mr.Wyss’ support, Mr. Bainumdidn’t need additional inves-tors but that he would be opento discussing with Mr. Slainethe possibility of includinghim in the bid or making adeal to sell him the Florida pa-pers later.

Alden, which owns about32% of Tribune, has offered$17.25 per share for the rest ofthe company, valuing it atabout $635 million. Tribune’sboard last week recommendedto shareholders that they ac-cept the bid.

Alden has been a lightingrod for criticism in the news-paper industry for its cost-cut-ting. That has sparked pro-tests by employees outside itsNew York headquarters andpleas by reporters in morethan one city for someone elseto acquire their papers.

An Alden spokesman had noimmediate comment. A Trib-une representative declined tocomment.

Mr. Bainum has made anonbinding offer of $18.50 pershare—valuing the company at$680 million—conditional onhim being able to raise financ-ing. He has agreed to put up$100 million of his own moneyfor the effort.

Mr. Slaine had purchasedabout 8% of Tribune’s sharesin early 2020 and expressedhis interest in acquiring theSun Sentinel newspaper. Re-cently, he had begun sellingdown his stake as the outlookfor such a deal dimmed.

“I had given up but when Isaw this weekend that Mr.Wyss had put some momen-tum behind this, I decided tore-engage and join this fight,”Mr. Slaine said in the inter-view.

Mr. Bainum’s main interestin Tribune is the Baltimore Sun.He had an agreement with Al-den to acquire assets includingthe Sun for $65 million follow-ing an Alden takeover of Trib-une. That deal fell apart.

Mr. Bainum earlier thismonth announced his inten-tion to challenge Alden’s bid.

BY LUKAS I. ALPERT

Offer forTribuneAttractsAnotherInvestor

32%The amount of Tribune thathedge fund Alden owns.

consumer benefit and the en-vironmental benefit it is very,very hard,” Mr. Lingard said.Another problem was the lackof social pressure to influencepeople in the privacy of theirbathrooms. “When you go tothe supermarket without a re-usable bag, you get dirtylooks,” he said.

Unilever says it shifted itsstrategy, focusing on lobbyinggovernments to accelerate theadoption of renewable energy,the environmental benefit ofwhich it expects will trickledown to homes.

“Is it going to be easier topersuade two to three billionconsumers to change their be-havior or a handful of govern-ments to accelerate the decar-bonization of energy?” Mr.Lingard said.

Reckitt Benckiser GroupPLC, maker of Finish dish-washer tablets, is grapplingwith reducing consumer-useemissions. It targeted cuttingemissions per product dose by33% between 2012 and 2020.But as of the most recentlypublished figures in 2019 it hadachieved a reduction of 6%.

It said consumer emissionsare “complex, slow and diffi-cult to deal with” and that re-ducing them was “proving achallenge.” A spokeswomansaid the company expected toreport in the coming days datafor 2020 that would show abig improvement.

Colgate, which says con-sumer use makes up 87% of itsemissions, has focused on ask-ing people to turn off the tapwhile they brush their teeththrough product messaging,social media and in-store dis-plays. It aims to cut emissionsfrom consumer use by 20% be-tween 2016 and 2025.

To decrease emissions,L’Oréal is selling a solid sham-poo bar that claims to need25% less water to rinse offthan regular shampoo. It re-cently launched a cap for sa-lon shower heads that directswater droplets to collide, re-ducing their size and acceler-ating speed. L’Oréal says itcuts water use without a dropin pressure.

BUSINESS NEWS

Firms’ Green Efforts Target UsersMakers of consumerproducts try to tackleemissions by changingbuyers’ habits

Swimming champion and water-conservation supporter Michael Phelps raises awareness aboutturning off the faucet when brushing your teeth.

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It crunches its figures by ex-trapolating from a representa-tive subset of its portfolio.

Unilever’s 2010 optimismstemmed from success it hadin changing how consumers

Take shorter showers, dolaundry at cooler tempera-tures and turn off the tapwhile brushing your teeth.

Those are messages theworld’s biggest makers ofshampoo, detergent and tooth-paste are pushing as they tryto reduce carbon emissionslinked to the use of their prod-ucts.

While consumer-goodscompanies tout their successin cutting emissions in officesand factories, they are strug-gling to reduce what they sayis the biggest source of emis-sions associated with theirproducts: consumer use.

The slow progress threat-ens companies’ ability to meettheir voluntary targets to cutoverall emissions and risks un-dermining broader environ-mental pledges that are in-creasingly a part of how theysell themselves to shoppers,investors and potential em-ployees.

Companies such as Uni-lever PLC, L’Oréal SA and Col-gate-Palmolive Co. have setoverall targets to reduce con-sumer-use emissions, whileothers including Procter &Gamble Co. and Right Guarddeodorant owner Henkel AG &Co. have focused only on par-ticular categories.

Dove soap and Suave sham-poo maker Unilever in 2010set out to halve the emissionsper consumer use of its prod-ucts by 2020 but later delayedits deadline by a decade, inpart because it failed to con-vince people to take shortershowers. In 2019, it reportedits emissions had risen 2%since 2010.

The company says con-sumer use of its productsmakes up 66% of its overallgreenhouse-gas emissions,while its offices and factoriestogether account for under 1%.

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B4 | Tuesday, March 30, 2021 * * * * THEWALL STREET JOURNAL.

To cope with Covid-19 re-strictions, senior-living condoand apartment operators ex-panded digital services forresidents over the past year,from video-chat apps to vir-tual assistants, live-stream fit-ness classes and virtual-realityday trips.

Now, as the pace of corona-virus vaccinations picks up,technology leaders at many ofthese facilities are hoping tobroaden the use of softwaretools that helped stave off so-cial isolation amid lockdowns,social-distancing and quaran-tines—without discouragingreal-world interaction.

“You can live life by app,but do I really want to be thatlonely?” said Peter Kress, se-nior vice president and chiefinformation officer at Acts Re-tirement-Life CommunitiesInc., a Fort Washington, Pa.,company that runs more thantwo dozen senior-living facili-ties across nine states. “We al-ways want our environmentsto be social environments,”Mr. Kress said.

Unlike nursing homes,which provide full-time medi-

TECHNOLOGY WSJ.com/Tech

Cazoo’s platform sells onlyused cars, which the companybuys from leasing companiesor its own customers and thenreconditions. About a third ofall transactions on Cazoo in-volve a customer trading intheir car with the company.

Customers can choose whatcar and financing they wanton Cazoo’s website. They canthen pick the car up at one of17 collection points across theU.K., or have the company de-liver it within 72 hours. Cus-tomers can return their carswithin seven days if theyaren’t satisfied.

Cazoo says it has sold anddelivered more than 20,000cars to customers across theU.K. The company also plansto expand its subscription ser-vice later this year, offeringmonthly contracts of between

6 and 24 months, includingthe car, maintenance, serviceand tax, and breakdown cover.

Mr. Chesterman, who previ-ously founded online real-es-tate site Zoopla, said Cazoowas targeting sales of $1 bil-lion in 2021. He declined todisclose Cazoo’s revenue for2020, its first full year of trad-ing. The company has 1,800employees across the U.K.,Germany, France and Portugal.

Mr. Chesterman said he ex-pects Cazoo to be profitableby the end of 2023 in the U.K.and by the end of 2024 in Eu-rope. He has no plans to ex-pand in the U.S.

The merger gives Cazoo upto $1.6 billion in funding,which the company will spendon expanding further inFrance and Germany, as wellas into Italy and Spain.

Customers either pick the car up at one of 17 U.K. collection points or have it delivered.

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in the U.S. have held up thanksin part to federal stimuluschecks, lower interest ratesand challenges getting newcars from manufacturers.

Online sales have done par-ticularly well. Shares of Car-vana Co., a U.S. online seller ofused vehicles, have risen al-most 400% since March 2020;its quarterly sales rose duringthe pandemic as dealershipsremained closed. Carvanawent public in March 2017.

ContinuedfrompageB1

Cazoo SetsIts RouteFor Listing

controls in rooms and apart-ments, such as lights, thermo-stats and televisions, amongother digital capabilities.

Scott Moody, K4Connect’sco-founder and chief executiveofficer, says the pandemic“obliterated the chasm” be-tween the thousands of de-vices and apps on the market,and what senior-living resi-dents are willing to try.

The company, which works

cant rooms after most resi-dents have gone to bed.

Acts last week announced adeal with software firmK4Connect to automate healthand safety check-ins with mo-tion-detection sensors, whichlet staff know when residentsare up and about. Previouslyresidents had to manuallypress a button to signal thatthey were out of bed. The firmplans to install voice-activated

there was a natural flow andbalance, with artists of similarcaliber staggering their tours.

“It’s hard for roadies topivot,” said Chris Gratton, a30-year veteran of the businesswho worked as a productionmanager, overseeing trucking,sound, lights, video, cateringand other logistics, for starssuch as Guns N’ Roses, KanyeWest, Ariana Grande and Jus-tin Bieber. “Dancers go to res-taurants, and there’s none ofthat. Roadies go to theater, andthere’s none of that,” he said.

The industry lost workers

“It’s going to be a year’sworth of shows scheduled insix months,” said AEG Presentsregional Vice President JasonRogalewski, who oversees the-aters in Detroit and Cleveland.

Before the pandemic, thelive business was thriving andon track for its best year yetin 2020, with more artistscharging more money formore tickets in more marketsthan ever. Global revenue fromconcerts rose to $26.1 billionin 2019 before falling to $6.5billion in 2020. Even in thatpre-Covid-19 environment,

companies wrestle with issuesincluding labor availability,supply-chain problems andshifting reopening policies.

Concert executives arehopeful for a restart in out-door amphitheaters later thissummer and then inside clubsand theaters this fall. Issuesaround a worker shortagecould quickly compound nextyear, when promoters andagents say more acts will beon the road than ever before,competing for everyone’s fa-vorite guitar tech, productionmanager or backup dancers.

emerged as a liaison betweenthe concert industry and pol-icy makers about support forworkers and venues, estimatesone-third of pre-pandemicworkers won’t be returning tothe live-events business.

“People are saying ‘I havehealth insurance, retirement,’ ”he said, who added that theirthinking is: “Maybe I’m makingless money, but these compa-nies are not going anywhere.”

The challenges show howhard it may be to smoothly re-vive corners of the economybattered by the pandemic, as

to Amazon warehouses or tojobs delivering packages forUPS. Carpenters and electri-cians took up work with HomeDepot or started their owncompanies. Mr. Gratton saysone of his automation guys—who helps artists do aerialstunts during concerts—startedbuilding prefab modular homes.Another production managerhe knows started a cinnamon-bun bakery with his wife.

A survey by touring trademagazine Pollstar of live-eventprofessionals late last yearfound 72% of all respondentsexpressed “concern about theircompany’s ability to surviveCovid-19.” At the time, 37% ofall respondents predicted theywould be out of business in sixmonths or less if business con-ditions didn’t improve.

Mr. Gratton’s team waseight days from the start of Mr.Bieber’s “Changes” tour lastyear when the pandemic hit.He worked to earn his Covid-19compliance-officer certifica-tions from Los Angeles Countyand the World Health Organi-zation and said he was on thecusp of having to sell his housewhen the pop star wanted toget back to work. Mr. Grattonsaid he has had full-time worksince September, thanks to Mr.Bieber’s New Year’s Eve live-streamed show and the record-ing of promotional spots forhis album that was releasedthis month.

But such work requires only15 to 20 workers, he said,compared with the 150 whowould be employed for a tour.

Artists can’t wait to getback on tour, but after morethan a year on pause for theCovid-19 pandemic, the live-events business is facing a po-tential worker crisis: notenough roadies.

Concerts operate in a worldof contracts, with workersmoving from gig to gig, tourto tour. Without live events,though, many stage hands,lighting and sound techni-cians, ticket takers and ushersassumed other jobs.

“No one saw a year withoutwork,” said Michael Strick-land, chief executive of thelighting company BanditLites. “As it continued, youlost people along the waymentally, physically, spiritu-ally, economically.”

The concern among eventorganizers is that those work-ers might not come back, hav-ing moved on to other jobsthat might be more stable,more lucrative or offer perkslike insurance or retirementoptions. Also lost is a genera-tion of apprentices, the youn-ger workers who would havebeen learning the craft, eagerto graduate from the ware-house gig to the local showand on to the national tour.

Mr. Strickland, who has

BY ANNE STEELE

Live Events Face a Shortage of WorkersIndustry now in a bindas many stage hands,technicians changedcareers in pandemic

Concert executives are hopeful for a restart in outdoor amphitheaters later this summer and then inside clubs and theaters this fall.

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T-Mobile US Inc. is scrap-ping its efforts to crack intothe home television market onits own after the wirelesscompany failed to build itsskinny bundle of channels intoa profitable service.

The cellphone carrier saidMonday it will wind down theservice, called TVision, onApril 29 and steer its wirelesscustomers toward Google’sYouTube TV instead.

Rival online video packagesfrom Sony Corp. and othershave shut operations or raisedprices on live-TV service tokeep up with programmersthat continue to raise fees.

T-Mobile launched a re-made version of its TV servicelast year to cater to its base ofwireless customers—the coun-try’s second-largest, after Ver-izon Communications Inc. Italso targeted existing cablesubscribers and the millions ofU.S. households that havedropped TV subscriptionsfrom their bills, opting insteadto buy broadband-internet ser-vice as a stand-alone item andsign up for a panoply of videoservices such as Netflix andDisney+.

The new product was de-signed to supplement T-Mo-bile’s home broadband-inter-net service, which is scheduledto open up to the general pub-lic later this year.

Virtual pay-TV services de-livered entirely online havestruggled to break through.AT&T Inc.’s offering—a serviceoriginally launched as DirecTVNow, which delivers channelsover the internet without asatellite—has shrunk sincepeaking at nearly two millionsubscribers in 2018. PlaySta-tion Vue, a TV service fromSony, shut down last year.

TVision was the cellphonecarrier’s second attempt at en-tering the pay-TV industry, af-ter its 2018 purchase of Layer3TV for $325 million. The com-pany has spent the past twoyears piecing together therights to carry enough tradi-tional live-TV channels tocompete with its bigger cable-TV rivals. T-Mobile wrotedown most of Layer3’s valuelast year, citing a new strategybased partly on recently ac-quired content rights.

Live TV is one of severalsweeteners T-Mobile has of-fered its core base of cell-phone customers in recentyears.

Past promotions have bun-dled Netflix and the now-de-funct Quibi service with cus-tomers’ wireless bills.

BY DREW FITZGERALD

T-MobileTo DitchIts OnlineTV Service

with roughly 1,000 senior-liv-ing facilities across the U.S.,brings different platforms,apps and devices together un-der a single operating system.The aim is to provide residentswith a consistent interface fora range of digital tools.

Its platform gathers datafrom users to create a per-sonal profile, which can thenbe used to help connect themwith different communitieswithin a facility, such as chessplayers or veterans.

“What we really want to dois foster that physical engage-ment,” Mr. Moody said.

Mr. Kress says the goal ofthese and other tools is tomaintain the health and well-being of residents, enablingand motivating them to stayengaged with friends andneighbors outside theirrooms—rather than isolated inan automated, self-sufficientenvironment, he said. As of thisweek, about 97% of the facili-ties’ 10,000 residents have beenvaccinated, the company said.

Acts and other senior facili-ties are also introducing virtualreality tech, including headsets,offering residents fully immer-sive virtual experiences.

cal care in a clinical setting,and where Covid-19 took anespecially heavy toll, residentsin senior-living facilities livein their own apartments orrooms, while sharing commonareas. Typical amenities in-clude housekeeping and laun-dry services, recreational ac-tivities, personal care, and 24-hour supervision and security.

In the past year, Mr. Kresssaid, most of the company’sresidents became avid users ofvideoconferencing platforms,like Microsoft Corp.’s Teams,to stay in touch with friendsand family. They participatedin virtual book clubs, Biblestudies and other live-streamed events hosted by thefacility, and used apps to ordermeals and from on-site restau-rants, among other things.

That heightened comfortlevel with tech has promptedhis team to roll out physicalrobot assistants, which can actas mobile devices for visualand audio communications, orperform tasks like deliveringmeals to residents’ rooms. Hesaid the plan is to introducerobots gradually by puttingthem on the “night shift,” vac-uuming floors and painting va-

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THEWALL STREET JOURNAL. Tuesday, March 30, 2021 | B5

How to Read the Stock TablesThe following explanations apply to NYSE,NYSE Arca, NYSE American and Nasdaq StockMarket listed securities. Prices are compositequotations that include primary market tradesas well as trades reported by Nasdaq BX(formerly Boston), Chicago Stock Exchange,Cboe, NYSE National and Nasdaq ISE.The list comprises the 1,000 largestcompanies based on market capitalization.

Underlined quotations are those stocks withlarge changes in volume compared with theissue’s average trading volume.

Boldfaced quotations highlight those issueswhose price changed by 5% or more if theirprevious closing price was $2 or higher.

Footnotes:s-New 52-week high.t-New 52-week low.dd-Indicates loss in the most recentfour quarters.FD-First day of trading.h-Does not meet continued listingstandardslf-Late filingq-Temporary exemption from Nasdaqrequirements.t-NYSE bankruptcyv-Trading halted on primary market.vj-In bankruptcy or receivership orbeing reorganized under theBankruptcy Code, or securitiesassumed by such companies.

Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. andchanges in the closing prices from 4 p.m. the previous day.

NetStock Sym Close Chg

ArcherDanielsADM 57.09 -0.82AresMgmt ARES 52.88 -1.02arGEN-X ARGX 271.49-11.51AristaNetworks ANET 307.69 -3.58Arrival ARVL 19.11 -3.14

s ArrowElec ARW 107.76 -1.99AspenTech AZPN 144.23 -0.67Assurant AIZ 143.77 -0.88AstraZeneca AZN 50.81 0.17Athene ATH 49.47 -0.09Atlassian TEAM 204.59 -8.35AtmosEnergyATO 98.85 1.61Autodesk ADSK 270.78 1.77Autohome ATHM 95.11 0.17

s ADP ADP 192.50 -0.19s AutoZone AZO 1432.28 18.55Avalara AVLR 123.33 -1.63Avalonbay AVB 187.35 -1.77Avangrid AGR 49.88 0.98Avantor AVTR 28.09 -0.48AveryDennisonAVY 182.49 -1.15AxonEnterprise AXON 134.32 -3.50BCE BCE 45.87 0.13BHP Group BHP 69.82 -0.49BHP Group BBL 57.78 -0.44BP BP 25.18 -0.05Baidu BIDU204.70 -3.91BakerHughes BKR 22.16 -0.18Ball BLL 85.10 1.01BancoBilbaoViz BBVA 5.17 -0.08BancoBradesco BBDO 4.16 0.18BancodeChile BCH 23.17 0.14BancSanBrasil BSBR 6.91 -0.25BcoSantChile BSAC 24.48 -0.01BancoSantander SAN 3.41 -0.05BankofAmerica BAC 38.31 -0.37BankofMontreal BMO 89.30 -0.64

s BankNY Mellon BK 47.52 0.03BkNovaScotia BNS 63.06 -0.18Barclays BCS 10.00 -0.06BarrickGold GOLD 20.16 0.16BauschHealth BHC 30.69 -0.31BaxterIntl BAX 86.03 0.08BectonDicknsn BDX 247.14 2.02BeiGene BGNE 323.53 -1.33BentleySystems BSY 44.59 0.06Berkley WRB 75.89 0.07BerkHathwy A BRK.A 3915403545.00BerkHathwy B BRK.B 258.82 2.05BerryGlobal BERY 62.41 0.41BestBuy BBY 114.80 -4.46BeyondMeat BYND 126.66 -3.05Bilibili BILI 101.54 4.46Bill.com BILL 138.30 -7.70Bio-Techne TECH 366.99-21.25Bio-RadLab A BIO 570.04 -8.55Biogen BIIB 276.08 -0.55BioMarinPharm BMRN 75.38 -0.10BioNTech BNTX 95.91 0.15BlackKnight BKI 74.00 -0.84BlackRock BLK 757.86 0.96Blackstone BX 74.28 -0.03Boeing BA 250.52 5.65BookingHldgs BKNG 2351.36 27.83BoozAllen BAH 81.42 1.66BorgWarner BWA 45.30 -0.44BostonBeer SAM 1166.02 6.03BostonProps BXP 103.08 -3.99BostonSci BSX 38.59 0.37BridgeBioPharma BBIO 57.10 -3.72BrightHorizons BFAM 165.16 -2.42BristolMyers BMY 64.07 0.13BritishAmTob BTI 39.61 0.22Broadcom AVGO 472.62 -9.42BroadridgeFinl BR 157.31 3.87BrookfieldMgt BAM 45.62 -0.05BrookfieldInfr BIP 52.89 -0.42BrookfieldPropREIT BPYU 18.36 0.06BrookfieldRenew BEPC 44.64 -0.84Brown&Brown BRO 46.25 0.06Brown-Forman B BF.B 70.41 1.03Brown-Forman A BF.A 64.91 0.80Bruker BRKR 63.64 0.24BuildersFirstSrc BLDR 44.76 -1.86Bunge BG 77.68 -1.60BurlingtonStrs BURL 294.52 0.48

NetStock Sym Close Chg

CBRE Group CBRE 77.30 -1.79s CDW CDW 165.06 -2.84CF Industries CF 45.97 -0.23CGI GIB 83.33 0.93CH Robinson CHRW 97.41 -0.29CME Group CME 208.97 0.53CMS Energy CMS 61.92 0.99CNA Fin CNA 45.53 0.01CNH Indl CNHI 15.24 -0.29CRH CRH 46.31 -0.08CRISPR Therap CRSP 110.72 -0.52

s CSX CSX 96.61 -1.05CVS Health CVS 76.30 0.34CableOne CABO 1803.77 1.69CadenceDesign CDNS 132.75 0.17CAE CAE 28.51 0.34CaesarsEnt CZR 82.44 -5.09CamdenProperty CPT 111.29 -1.76CampbellSoup CPB 51.96 1.09CIBC CM 98.50 -1.02CanNtlRlwy CNI 116.76 -0.08CanNaturalRes CNQ 30.65 -0.37CanPacRlwy CP 364.25 6.03Canon CAJ 22.99 0.03CanopyGrowth CGC 31.24 -0.88CapitalOne COF 126.49 -3.10

s CardinalHealth CAH 62.46 0.60s Carlisle CSL 166.32 -1.13Carlyle CG 36.39 -0.40

s CarMax KMX 134.57 0.76Carnival CCL 25.63 -0.43Carnival CUK 21.72 -0.36

s CarrierGlobal CARR 42.34 1.25Carvana CVNA 248.71-10.29

s CaseysGenStores CASY 215.17 -1.74Catalent CTLT 102.13 -1.17Caterpillar CAT 230.22 0.72Celanese CE 152.22 -0.47Cemex CX 6.70 -0.01CenovusEnergy CVE 7.59 -0.21Centene CNC 65.64 0.78CenterPointEner CNP 22.65 0.68CentraisElBras EBR 5.82 -0.09CeridianHCM CDAY 81.66 -1.93Cerner CERN 72.49 0.06CharlesRiverLabs CRL 282.95 -5.09CharterComms CHTR 636.68 4.93CheckPoint CHKP 115.95 0.70Chegg CHGG 81.37 -3.93CheniereEnergy LNG 73.30 -0.75CheniereEnerPtrs CQP 42.57 -0.03Chevron CVX 106.92 -0.56Chewy CHWY 78.85 0.19ChinaEastrnAir CEA 24.06 0.03ChinaLifeIns LFC 10.49 0.12ChinaPetrol SNP 53.76 0.68ChinaSoAirlines ZNH 37.17 0.72Chipotle CMG 1424.61-20.87Chubb CB 160.34 0.56ChunghwaTel CHT 39.25 0.54Church&Dwight CHD 88.58 1.23ChurchillDowns CHDN 225.06 -7.99Ciena CIEN 54.91 -0.70

s Cigna CI 247.55 3.77CincinnatiFin CINF 104.04 -1.75Cintas CTAS 341.20 -5.41

s CiscoSystems CSCO 52.52 -0.05Citigroup C 71.58 -1.44CitizensFin CFG 43.37 -1.64CitrixSystems CTXS 138.84 2.20Clarivate CLVT 24.75 -0.09Cleveland-Cliffs CLF 16.23 -0.34Clorox CLX 195.20 4.95Cloudflare NET 65.63 -1.94Coca-Cola KO 53.85 0.81Coca-Cola Euro CCEP 51.58 -1.56Cognex CGNX 80.71 -1.15CognizantTech CTSH 78.06 -1.18ColgatePalm CL 79.90 0.68Comcast A CMCSA 55.19 0.01Comerica CMA 68.62 -2.35CommerceBcshrs CBSH 76.62 -1.71CiaSiderurgica SID 6.31 0.17ConagraBrands CAG 38.69 0.19ConocoPhillips COP 53.84 -1.20ConEd ED 75.45 1.01

NetStock Sym Close Chg

ConstBrands A STZ 235.98 0.67ContextLogic WISH 15.26 -0.95ContinentalRscs CLR 25.80 -0.92Cooper COO 384.62 0.77Copart CPRT 106.12 -1.31

s Corning GLW 43.40 -0.01s Corteva CTVA 47.77 -0.14CoStar CSGP 809.60 -6.87Costco COST 356.15 4.13CoupaSoftware COUP 242.22 -3.78Coupang CPNG 46.01 2.48Credicorp BAP 137.07 -2.16CreditSuisse CS 11.39 -1.48Cree CREE 100.45 -7.05CrowdStrike CRWD 173.85 -3.84CrownCastle CCI 175.03 1.74CrownHoldings CCK 98.55 0.57Cummins CMI 260.84 -1.58CureVac CVAC 86.59 0.50CyrusOne CONE 68.94 0.16

D E FDISH Network DISH 35.42 -0.70DTE Energy DTE 134.02 0.78Danaher DHR 226.88 0.61

s Darden DRI 143.72 -5.26DarlingIngredDAR 70.52 -3.42Datadog DDOG 77.04 -3.25DaVita DVA 110.05 1.28DeckersOutdoor DECK 320.33-13.51Deere DE 367.97 -4.32DellTechC DELL 88.21 -0.78DeltaAir DAL 47.32 -0.34DentsplySirona XRAY 62.06 0.78DeutscheBank DB 11.95 -0.40DevonEnergyDVN 21.85 -0.89DexCom DXCM 349.37 -3.36Diageo DEO 167.48 1.77DiamondbkEner FANG 74.24 -1.55DigitalRealtyDLR 144.55 1.64DiscoverFinSvcsDFS 94.08 -2.88DiscoveryB DISCB 54.30 2.62DiscoveryA DISCA 41.23 -0.67DiscoveryC DISCK 35.12 -0.84Disney DIS 184.85 -1.07DocuSign DOCU 197.40 -4.56DolbyLab DLB 98.38 0.16DollarGeneralDG 203.39 0.31

s DollarTree DLTR 115.75 1.36DominionEnerD 76.70 0.92Domino's DPZ 372.08 0.24DoorDash DASH 129.98 -4.03

s Dover DOV 138.23 -1.67Dow DOW 63.90 -0.09DrReddy'sLabRDY 61.00 -0.24DraftKings DKNG 58.20 -5.40Dropbox DBX 26.16 -0.43DukeEnergy DUK 97.58 1.75DukeRealty DRE 42.71 -0.13Dun&BradstreetDNB 24.36 -0.43DuPont DD 78.10 -0.37Dynatrace DT 46.75 -0.58ENI E 24.43 0.19EOG Rscs EOG 73.64 -1.24EPAM Systems EPAM 378.08 -9.66EastWestBncp EWBC 71.44 -2.74EastmanChem EMN 110.18 -2.50Eaton ETN 138.55 -0.14eBay EBAY 59.85 -0.98Ecolab ECL 214.53 1.20Ecopetrol EC 12.85 -0.03EdisonInt EIX 60.42 -0.26EdwardsLife EW 82.43 0.13ElancoAnimal ELAN 28.79 0.94Elastic ESTC 105.98 -4.95ElectronicArts EA 134.97 2.12EmersonElec EMR 91.23 -0.34

s Enbridge ENB 37.20 0.12EncompassHealth EHC 81.99 -1.21EnelAmericas ENIA 8.38 -0.14EnergyTransfer ET 7.82 -0.11EnphaseEnergy ENPH 142.14 -9.93Entegris ENTG 106.60 -3.43Entergy ETR 99.16 0.72EnterpriseProd EPD 22.58 -0.42Equifax EFX 183.69 1.19Equinix EQIX 687.84 4.21Equinor EQNR 19.78 0.06Equitable EQH 31.60 -0.25EquityLife ELS 63.97 -0.24EquityResdntl EQR 72.28 -0.40ErieIndemnity A ERIE 224.41 1.54EssentialUtil WTRG 44.64 0.44EssexProp ESS 278.82 -5.51EsteeLauder EL 290.53 -1.78Etsy ETSY 196.31 -6.01EverestRe RE 254.09 3.94Evergy EVRG 60.16 1.02EversourceEner ES 86.95 1.16ExactSciences EXAS 119.83 -6.17Exelon EXC 43.75 0.22eXpWorld EXPI 43.10 -4.84Expedia EXPE 176.13 -0.32

s ExpeditorsIntl EXPD 108.40 0.60s ExtraSpaceSt EXR 133.20 0.61ExxonMobil XOM 57.40 -0.31

s F5Networks FFIV 208.78 -1.66FMC FMC 112.70 -1.07Facebook FB 290.82 7.80

NetStock Sym Close Chg

FactSet FDS 323.95 -1.67FairIsaac FICO 485.14 -7.77Farfetch FTCH 47.72 -3.22Fastenal FAST 50.68 0.12FedEx FDX 279.22 -2.12Ferguson FERG122.01 0.19Ferrari RACE 204.43 0.17FidNatlFin FNF 41.02 0.04FidNatlInfo FIS 143.97 -2.45FifthThirdBncp FITB 37.18 -1.26FirstCitizBcshA FCNCA 839.98-14.55FirstHorizon FHN 16.67 -0.58FirstRepBank FRC 165.90 -4.19FirstSolar FSLR 81.61 -4.08FirstEnergy FE 35.01 0.74Fiserv FISV 121.49 -2.12FiveBelow FIVE 194.07 -5.89Five9 FIVN 151.86 -4.95FleetCorTech FLT 275.24 -3.22Flex FLEX 17.16 -0.34Floor&Decor FND 93.05 -4.63FomentoEconMex FMX 76.42 1.68FordMotor F 12.15 -0.15Fortinet FTNT 183.67 0.90

s Fortis FTS 43.78 0.28Fortive FTV 70.42 -0.84

s FortBrandsHome FBHS 94.06 0.07FoxA FOXA 37.23 -0.57FoxB FOX 35.82 -0.35Franco-Nevada FNV 125.57 2.17FranklinRscs BEN 30.11 0.71FreeportMcM FCX 32.10 -0.86FreseniusMed FMS 37.48 -0.10Futu FUTU 131.51 16.82

G H IGDS HoldingsGDS 78.88 -0.22GFLEnvironmentalGFL 33.62 -1.08GSXTechedu GSX 31.78 -7.23Gallagher AJG 126.84 1.14GameStop GME 181.30 0.30Gaming&LeisureGLPI 41.63 -0.63Gap GPS 28.76 -0.75Garmin GRMN 129.97 1.60Gartner IT 181.69 -4.15Generac GNRC 303.14-12.90

s GeneralDynamicsGD 183.30 1.76GeneralElec GE 12.95 -0.04GeneralMills GIS 62.49 1.52GeneralMotorsGM 55.94 -0.58Genmab GMAB 32.10 -0.91

s Genpact G 44.26 -0.38Gentex GNTX 35.37 -0.33GenuinePartsGPC 117.16 -1.39GileadSciencesGILD 66.19 0.95GSK GSK 36.69 0.02GlobalPaymentsGPN 205.51 -3.66Globant GLOB 194.73-14.27GlobeLife GL 97.32 -1.14GoDaddy GDDY 77.10 -0.04GoldFields GFI 9.75 0.39GoldmanSachsGS 325.73 -1.66GoodRx GDRX 37.18 -0.85Graco GGG 72.26 0.31Grainger GWW 400.17 0.80Grifols GRFS 17.33 -0.28GuardantHealthGH 138.53 2.96Guidewire GWRE 102.14 -1.75HCA HealthcareHCA 187.19 -3.88HDFC Bank HDB 78.80 -0.66

s HP HPQ 31.07 -0.59HSBC HSBC 28.98 -0.18Halliburton HAL 21.24 -0.55HartfordFinl HIG 65.96 -1.74Hasbro HAS 97.90 -0.60HealthpeakProp PEAK 31.72 -0.34Heico HEI 122.97 -0.49Heico A HEI.A 114.32 -0.16HenrySchein HSIC 69.74 1.76

s Hershey HSY 161.13 1.86Hess HES 71.61 -0.71HewlettPackardHPE 15.66 -0.35HighwoodsPropHIW 43.62 -0.22Hilton HLT 119.05 -2.07Hologic HOLX 74.20 0.78

s HomeDepot HD 302.20 -1.61HondaMotor HMC 30.24 -0.21

s Honeywell HON 218.88 0.35HorizonTherap HZNP 80.18 -2.83HormelFoodsHRL 48.67 0.76

s DR Horton DHI 87.87 -1.98HostHotels HST 16.92 -0.28HowmetAerospace HWM 31.52 -0.47HuanengPowerHNP 14.26 0.29Huazhu HTHT 53.22 0.38

s Hubbell HUBB 188.73 -0.40HubSpot HUBS 423.54-16.41Humana HUM 425.27 1.67

s JBHunt JBHT 167.34 0.44HuntingtonBcshs HBAN 15.61 -0.47HuntingIngallsHII 207.36 4.20HyattHotels H 81.43 -1.63IAC/InterActive IAC 206.85-11.58ICICI Bank IBN 16.01 -0.23IdexxLab IDXX 479.18 -1.04IHS Markit INFO 99.28 0.71ING Groep ING 11.89 -0.12Invesco IVZ 24.35 -0.41IPG Photonics IPGP 201.99 -4.88

NetStock Sym Close Chg

IQVIA IQV 191.00 -1.86IcahnEnterprises IEP 53.94 -0.79Icon ICLR 193.37 2.65IDEX IEX 208.14 1.59

s IllinoisToolWks ITW 226.78 -0.83Illumina ILMN 395.00 -6.46ImmunityBio IBRX 24.66 -2.12ImperialOil IMO 24.71 0.03Incyte INCY 81.10 -0.65Infosys INFY 18.43 -0.29IngersollRand IR 49.59 -0.12Inphi IPHI 172.48 -1.12Insulet PODD 259.83 -6.97Intel INTC 64.50 -0.37InteractiveBrkrs IBKR 72.54 -0.47ICE ICE 113.28 -0.36InterContinentl IHG 68.15 -0.79

s IBM IBM 135.86 -0.52IntlFlavors IFF 141.31 0.79IntlPaper IP 54.53 -0.58Interpublic IPG 28.36 -0.08Intuit INTU 374.62 -1.96IntuitiveSurgical ISRG 723.95 -6.80

s InvitatHomes INVH 32.20 -0.10iQIYI IQ 16.55 -0.88IronMountain IRM 36.69 -0.59ItauUnibanco ITUB 4.82 -0.05

J K LJD.com JD 81.76 -0.31JPMorganChase JPM 152.68 -2.41JackHenry JKHY 156.41 1.22

s JacobsEngg J 127.37 -1.25JamesHardie JHX 30.25 -0.03JazzPharma JAZZ 167.52 -0.90J&J JNJ 166.04 1.11JohnsonControls JCI 60.47 0.48JonesLang JLL 177.75 -3.34JuniperNetworks JNPR 25.68 -0.16

s KB Fin KB 47.88 0.49KE Holdings BEKE 55.37 -0.98KKR KKR 48.54 0.07KLA KLAC 314.31 -5.63KSCitySouthern KSU 255.23 1.61Kellogg K 64.95 1.24

s KeurigDrPepperKDP 35.49 0.25KeyCorp KEY 19.48 -0.67KeysightTechs KEYS 141.32 -0.87KimberlyClark KMB 138.91 1.78KimcoRealty KIM 18.88 -0.33KinderMorganKMI 16.75 -0.05KingsoftCloudKC 39.20 -1.55KinrossGold KGC 6.72 ...KirklandLakeGoldKL 33.78 0.36Kohl's KSS 57.76 -1.22KoninklijkePhil PHG 56.88 -0.25KoreaElcPwrKEP 10.27 -0.05

s KraftHeinz KHC 40.78 0.75Kroger KR 37.95 0.72L Brands LB 59.76 -1.84LKQ LKQ 42.06 -0.69LPL Financial LPLA 141.13 -0.58L3HarrisTech LHX 202.84 3.90LabCpAm LH 251.58 -1.27LamResearch LRCX 570.29-13.94LamarAdv LAMR 91.71 -3.03LambWeston LW 79.19 -1.45LasVegasSands LVS 59.72 -1.28Lear LEA 173.07 -5.41Leidos LDOS 98.18 1.98

s Lennar B LEN.B 80.48 -2.44s Lennar A LEN 99.65 -3.20s LennoxIntl LII 317.05 -3.79LeviStrauss LEVI 23.63 -0.28LiAuto LI 22.60 -1.10LibertyBroadbandC LBRDK 153.50 -0.29LibertyBroadbandA LBRDA 147.74 -0.28LibertyGlobal A LBTYA 25.55 -0.55LibertyGlobal B LBTYB 25.56 -1.44LibertyGlobal C LBTYK 25.26 -0.71LibertyFormOne A FWONA 37.35 -0.48LibertyFormOne C FWONK 43.00 -0.16LibertyBraves A BATRA 28.85 -0.46LibertyBraves C BATRK 28.19 -0.39LibertySirius A LSXMA 44.07 -0.61LibertySirius C LSXMK 44.23 -0.39EliLilly LLY 186.34 1.03LincolnNational LNC 60.80 -1.34

s Linde LIN 281.00 -0.40LithiaMotors LAD 374.31 -3.62LiveNationEnt LYV 81.75 -2.29LloydsBanking LYG 2.28 -0.02LockheedMartin LMT 372.79 8.08Loews L 52.14 -0.52LogitechIntl LOGI 102.92 -1.07

s Lowe's LOW 188.62 -2.99LufaxHolding LU 13.90 0.16lululemon LULU 316.16 2.16LumenTech LUMN 13.14 -0.02LuminarTech LAZR 23.45 -1.25Lyft LYFT 63.62 -0.89LyondellBasell LYB 104.23 -1.34

M NM&T Bank MTB 150.53 -4.61MGMGrowthPropMGP 32.56 -0.18MGM ResortsMGM 37.16 -0.52MKS InstrumMKSI 178.31 -4.80

NetStock Sym Close Chg

MPLX MPLX 25.26 -0.26MSCI MSCI 426.37 1.50MagellanMidMMP 43.43 -0.37MagnaIntl MGA 86.11 -0.84ManulifeFin MFC 21.41 -0.15MarathonOil MRO 10.90 -0.19MarathonPetrolMPC 53.53 -1.49MaravaiLifeSciMRVI 32.03 -1.41Markel MKL 1155.76 4.75MarketAxessMKTX 516.68 -1.12Marriott MAR 144.60 -2.22

s Marsh&McLenMMC 121.88 1.65MartinMariettaMLM 340.70 -0.54MarvellTech MRVL 46.51 -0.46

s Masco MAS 60.13 0.08Masimo MASI 226.51 -2.95Mastercard MA 362.91 -3.23MatchGroup MTCH 133.15 -5.12MaximIntProductsMXIM 91.04 -2.10McAfee MCFE 22.16 -0.46McCormick MKC 90.13 -0.08McCormickVtg MKC.V 90.39 0.72McDonalds MCD 227.35 2.14

s McKesson MCK 196.00 1.91MedicalProp MPW 21.13 -0.22Medtronic MDT 119.16 0.60MelcoResortsMLCO 19.56 -0.03MercadoLibreMELI 1403.42-28.55Merck MRK 78.30 0.91MetLife MET 60.16 -0.66MettlerToledoMTD 1170.59 7.51MicrochipTechMCHP 150.85 -4.57MicronTech MU 86.59 -1.40Microsoft MSFT 235.24 -1.24MidAmApt MAA 147.49 -1.10Middleby MIDD 163.61 -2.36MiratiTherapMRTX 158.92 -6.06MitsubishiUFJMUFG 5.66 -0.16MizuhoFin MFG 3.06 -0.08MobileTeleSysMBT 8.28 0.01Moderna MRNA 123.42 -9.86MohawkIndsMHK 191.27 -4.40MolinaHealthcareMOH 233.28 -0.91MolsonCoorsB TAP 52.91 1.54

s Mondelez MDLZ 60.18 0.74MongoDB MDB 258.50 -7.27MonolithicPower MPWR 340.54-10.43MonsterBev MNST 91.92 0.27

s Moody's MCO 306.97 2.85MorganStanleyMS 77.88 -2.10Morningstar MORN 226.26 -0.14Mosaic MOS 31.30 0.15

s MotorolaSol MSI 188.88 -0.72NICE NICE 218.79 -4.15NIO NIO 35.51 -0.62NRG Energy NRG 37.84 0.44NVR NVR 4668.26-54.48NXP Semi NXPI 194.14 -4.86

s Nasdaq NDAQ 150.84 0.12Natera NTRA 91.47 -2.17NationalGrid NGG 60.00 0.51Natura&Co NTCO 16.64 -0.33NatWest NWG 5.21 -0.06

s NetApp NTAP 72.40 -2.35NetEase NTES 103.09 -0.85Netflix NFLX 513.95 5.90Neurocrine NBIX101.23 2.37NewFortressEner NFE 43.11 -4.81NewOrientalEduc EDU 13.79 -0.44NYTimes A NYT 49.06 0.22

s NewellBrandsNWL 26.42 -0.22Newmont NEM 62.16 0.66NewsCorp A NWSA 25.03 -0.70NewsCorp B NWS 23.39 -0.62NextEraEnergyNEE 74.80 0.74NielsenHoldings NLSN 24.52 -0.98Nike NKE 133.49 0.50NiSource NI 24.15 0.35Nokia NOK 4.02 -0.04NomuraHoldings NMR 5.68 -0.93Nordson NDSN 202.96 -0.63

s NorfolkSouthernNSC 270.99 -1.92s NorthernTrust NTRS 106.58 0.73NorthropGrumNOC 323.15 4.13NortonLifeLock NLOK 21.72 0.11NorwegCruise NCLH 26.21 -0.61Novartis NVS 87.35 -0.06Novavax NVAX 173.75 -8.37NovoNordiskNVO 68.43 0.65Novocure NVCR 124.11 -0.45NuanceComms NUAN 41.97 -1.15

s Nucor NUE 78.75 -0.55Nutrien NTR 55.14 -0.90NVIDIA NVDA 517.93 4.36

O P QONEOK OKE 50.57 -0.61

s OReillyAuto ORLY 508.03 1.29OakStreetHealthOSH 52.61 -2.58OccidentalPetrolOXY 27.00 -0.76Okta OKTA 215.82 3.37

s OldDomFreight ODFL 235.34 -0.41OlinkHolding OLK 31.90 -0.30OmegaHealthcareOHI 36.99 -0.09Omnicom OMC 74.98 -0.54ON Semi ON 39.10 -1.54OpenText OTEX 47.72 -0.28OpendoorTech OPEN 20.45 -1.63Oracle ORCL 71.13 0.88

NetStock Sym Close Chg

Orange ORAN 12.52 0.11Orix IX 87.46 -3.92Oshkosh OSK 119.09 -1.11

s OtisWorldwideOTIS 69.91 0.87s OwensCorningOC 91.14 -1.52OzonHoldings OZON 52.62 0.18PG&E PCG 11.51 -0.56PNC Fin PNC 174.49 -5.19

s POSCO PKX 71.92 0.14PPD PPD 37.40 -0.50

s PPG Ind PPG 155.52 0.70PPL PPL 29.06 -0.21PRA HealthSci PRAH 152.04 0.79PTC PTC 131.70 -3.73Paccar PCAR 93.19 -0.49PackagingCpAm PKG 135.84 0.32PagSeguroDig PAGS 44.30 -1.69PalantirTech PLTR 21.73 -0.85PaloAltoNtwks PANW 320.23 0.52ParkerHannifin PH 317.18 -0.41Paychex PAYX 100.28 -0.54PaycomSoftware PAYC 364.43 -8.18Paylocity PCTY 171.47 -5.34PayPal PYPL 235.67 -5.36Pegasystems PEGA 112.53 -4.23Peloton PTON 105.02 -1.40PembinaPipeline PBA 28.68 -0.19PennNational PENN 98.21 -8.37

s Pentair PNR 62.25 0.01Penumbra PEN 254.17 -8.80PepsiCo PEP 144.81 2.11PerkinElmer PKI 128.65 -0.90PetroChina PTR 36.89 0.51PetroleoBrasil PBR 8.15 0.04PetroleoBrasilA PBR.A 8.21 0.04Pfizer PFE 36.62 0.37PhilipMorris PM 90.99 0.41Phillips66 PSX 82.53 -1.78Pinduoduo PDD 131.53 0.24PinnacleWest PNW 81.43 1.21Pinterest PINS 69.38 0.31PioneerNatRscs PXD 162.28 -2.53PlainsAllAmPipe PAA 9.05 -0.29Playtika PLTK 25.48 0.21PlugPower PLUG 30.78 -3.25Polaris PII 133.20 -0.62Pool POOL 343.48 1.62PrincipalFin PFG 59.80 -0.83Procter&Gamble PG 137.57 2.12Progressive PGR 96.20 0.95Prologis PLD 106.77 -0.01PrudentialFin PRU 90.64 -1.34Prudential PUK 42.81 -0.59PublicServiceEnt PEG 60.21 0.91

s PublicStorage PSA 247.99 3.40s PulteGroup PHM 51.61 -1.01Qiagen QGEN 48.38 -0.86Qorvo QRVO 178.89 -3.61Qualcomm QCOM 131.27 -1.72QualtricsIntl XM 33.79 0.79QuantaServices PWR 84.32 -2.82QuantumScapeQS 42.40 -1.97QuestDiag DGX 128.04 -1.20

R SRELX RELX 25.32 0.16

s RH RH 565.90-12.28RLX Tech RLX 10.67 1.55RPM RPM 94.79 0.43RalphLauren RL 117.99 -4.17RaymondJamesRJF 121.35 -2.24RaytheonTechRTX 77.68 -0.49RealPage RP 87.39 0.04RealtyIncomeO 64.21 -0.01RegencyCtrs REG 56.75 -1.22RegenPharm REGN 481.52 4.61RegionsFin RF 20.32 -0.68ReinsGrp RGA 126.11 -2.81

s RelianceSteelRS 150.80 -4.82RenaissanceReRNR 165.90 1.39Repligen RGEN 184.10 0.59RepublicSvcsRSG 101.12 -0.17ResMed RMD 191.05 0.12

s RestaurantBrandsQSR 66.44 -1.48RingCentral RNG 283.69 -7.01RioTinto RIO 76.96 -1.09RobertHalf RHI 76.38 -0.76Roblox RBLX 67.03 -3.94RocketCos. RKT 23.80 -0.11

s Rockwell ROK 270.32 -3.23RogersComm BRCI 47.97 0.39Roku ROKU 300.79 -6.03Rollins ROL 34.18 -0.01RoperTech ROP 408.35 -2.01RossStores ROST 120.03 -2.33RoyalBkCanadaRY 93.03 -0.08RoyalCaribbeanRCL 82.87 -1.69RoyalDutchA RDS.A 40.52 -0.28RoyalDutchB RDS.B 38.21 -0.14RoyaltyPharma RPRX 43.16 0.40Ryanair RYAAY 112.21 -2.02SAP SAP 122.45 -0.26S&P Global SPGI 361.74 2.19SBA Comm SBAC 281.40 -1.17SEI Investments SEIC 61.63 0.30SK Telecom SKM 26.56 -0.67SS&C Tech SSNC 68.85 0.70StoreCapital STOR 33.47 -0.27SVB Fin SIVB 469.39-22.59

NetStock Sym Close Chg

Salesforce.com CRM 210.77 1.68Sanofi SNY 49.63 ...SantanderCons SC 26.85 -0.15Sasol SSL 14.52 -0.10Schlumberger SLB 27.70 -0.61SchwabC SCHW 64.11 -1.60ScottsMiracleGro SMG 242.99 1.57Sea SE 204.25 -4.99Seagate STX 75.23 -0.79Seagen SGEN 139.93 0.26SempraEnergy SRE 132.19 0.05SensataTechs ST 57.90 -1.73ServiceCorp SCI 51.07 -0.23ServiceNow NOW 485.39 -9.61ShawComm B SJR 26.43 0.04

s SherwinWilliams SHW 756.31 -2.71s ShinhanFin SHG 32.69 0.40Shopify SHOP 1039.91-25.30Sibanye-Stillwater SBSW 17.66 -0.74SignatureBank SBNY 214.70 -5.32SimonProperty SPG 113.81 -0.86SiriusXM SIRI 6.15 -0.07Skyworks SWKS 179.32 -2.86SlackTech WORK 40.58 0.21

s SmithAO AOS 69.22 -0.27Smith&Nephew SNN 37.88 0.19Smucker SJM 131.05 2.55Snap SNAP 49.57 -2.03

s SnapOn SNA 227.90 -1.73Snowflake SNOW 223.49-11.51SOQUIMICH SQM 51.13 -0.96SolarEdgeTech SEDG 260.04-15.71Sony SNE 106.60 1.18Southern SO 62.32 0.66SoCopper SCCO 68.08 -1.34SouthwestAir LUV 60.96 -0.33Splunk SPLK 135.03 -0.16Spotify SPOT 252.59 -8.72Square SQ 207.18 -6.42

s StanleyBlackDck SWK 199.47 -2.60Starbucks SBUX 109.13 -0.77StateStreet STT 85.33 -0.56

s SteelDynamics STLD 49.72 -0.63Stellantis STLA 17.34 -0.09Steris STE 192.77 -0.91STMicroelec STM 37.77 -0.82StoneCo STNE 59.89 -2.27Stryker SYK 242.03 1.05SumitomoMits SMFG 7.48 -0.26SunComms SUI 150.23 0.07SunLifeFinancial SLF 50.75 -0.15SuncorEnergy SU 21.04 -0.25SunRun RUN 51.91 -5.18Suzano SUZ 12.72 0.10SynchronyFin SYF 40.30 -1.02SyneosHealth SYNH 76.45 -1.34Synopsys SNPS 240.46 -2.29Sysco SYY 79.03 -1.60

T U VTAL Education TAL 52.09 -4.11TC Energy TRP 47.74 0.01TE Connectivity TEL 127.59 -1.16Telus TU 20.01 -0.16TJX TJX 65.53 -0.51T-MobileUS TMUS 123.46 0.47TRowePrice TROW 176.97 -1.16TaiwanSemi TSM 114.39 -2.17TakeTwoSoftware TTWO 176.29 2.00TakedaPharm TAK 18.78 -0.40Tapestry TPR 39.49 -2.31

s Target TGT 198.21 -2.74TataMotors TTM 20.37 -0.03TeckRscsB TECK 19.13 0.08TeladocHealth TDOC 171.30 -5.59TeledyneTech TDY 406.12 5.34Teleflex TFX 415.72 2.70Ericsson ERIC 13.37 -0.15TelefonicaBrasVIV 7.94 -0.03Telefonica TEF 4.63 -0.18TelekmIndonesia TLK 23.87 -0.4110xGenomics TXG 161.53 -4.56Tenaris TS 22.50 -0.06TencentMusic TME 20.34 0.24Teradyne TER 113.89 -5.13Tesla TSLA 611.29 -7.42TevaPharm TEVA 11.33 -0.25TexasInstruments TXN 186.18 -2.02TexasPacLand TPL 1476.34-101.66Textron TXT 53.96 -0.74ThermoFisherSci TMO 458.57 -1.49ThomsonReuters TRI 88.43 -0.09

s 3M MMM 195.74 0.86Toro TTC 103.53 -0.81TorontoDomBk TD 65.54 -0.39Total TOT 47.01 0.33ToyotaMotor TM 154.90 1.53TractorSupply TSCO 175.69 -2.79TradeDesk TTD 612.58-58.63Tradeweb TW 74.47 0.61

s TraneTech TT 166.58 -1.51TransDigm TDG 579.18 -7.26TransUnion TRU 90.66 -1.93Travelers TRV 153.85 0.21Trex TREX 88.32 -3.06Trimble TRMB 75.28 0.58Trip.com TCOM 38.18 0.90TruistFinl TFC 57.31 -2.04

NetStock Sym Close Chg

Tuya TUYA 20.25 -4.39Twilio TWLO 315.08 -4.71Twitter TWTR 62.94 1.68TylerTech TYL 417.87 -1.61TysonFoods TSN 76.40 0.42UBS Group UBS 15.59 -0.45UDR UDR 44.41 -0.35UGI UGI 41.50 -0.07US Foods USFD 36.95 -0.19UWM UWMC 7.94 -0.04Uber UBER 53.35 -1.36

s Ubiquiti UI 376.78-13.10UltaBeauty ULTA 306.18 3.18UnderArmour CUA 17.65 -0.66UnderArmour AUAA 21.46 -0.90Unilever UL 56.67 0.48

s UnionPacific UNP 222.98 0.06UnitedAirlinesUAL 56.20 -0.63UnitedMicro UMC 8.61 -0.22UPS B UPS 168.14 0.16

s UnitedRentalsURI 324.47 -5.39US Bancorp USB 55.60 -0.61

s UnitedHealthUNH 379.06 2.58UnitySoftwareU 94.42 -1.11UnivDisplay OLED 230.00-10.12UniversalHealthBUHS 135.13 -0.02Upstart UPST 134.49 -8.46VEREIT VER 38.67 0.14VF VFC 78.78 -1.43VICI Prop VICI 27.77 0.13VailResorts MTN 284.13 -2.10Vale VALE 16.96 0.22ValeroEnergyVLO 71.86 -1.25VarianMed VAR 176.70 0.10Vedanta VEDL 12.61 -0.13VeevaSystems VEEV 249.90 -4.50Ventas VTR 54.15 -0.72VeriSign VRSN 201.18 1.50VeriskAnalytics VRSK 180.32 1.69Verizon VZ 58.83 0.65VertxPharm VRTX 216.71 2.07ViacomCBS B VIAC 45.01 -3.22ViacomCBS A VIACA 47.04 -2.47Viatris VTRS 14.32 -0.04Vipshop VIPS 28.47 -2.72Visa V 214.51 0.98Vistra VST 17.62 0.75VMware VMW 154.61 0.67Vodafone VOD 18.51 -0.36VornadoRealtyVNO 45.82 -1.48VulcanMatls VMC 170.90 0.56

W X Y ZWEC EnergyWEC 94.79 1.76WEX WEX 215.87 -3.82W.P.Carey WPC 71.51 0.15WPP WPP 64.37 ...Wabtec WAB 78.13 -0.37WalgreensBootsWBA 52.85 0.82Walmart WMT 136.67 1.54WarnerMusicWMG 32.47 -0.07WasteConnectionsWCN 108.12 1.62

s WasteMgt WM 130.34 0.54Waters WAT 284.02 2.80

s Watsco WSO 257.95 -1.96Wayfair W 332.64-11.04Weibo WB 48.69 -0.52WellsFargo WFC 38.44 -1.32Welltower WELL 71.68 -1.71WestFraserTimber WFG 65.21 -1.07WestPharmSvcsWST 280.51 0.20WestAllianceBcpWAL 93.57 -2.53WesternDigitalWDC 65.35 -1.93WesternUnionWU 24.79 -0.58WestlakeChemWLK 88.73 -0.29WestpacBankingWBK 18.58 -0.10

s WestRock WRK 52.92 -0.66WeyerhaeuserWY 35.21 -0.23WheatonPrecMetWPM 38.27 0.19

s Whirlpool WHR 216.85 -6.24Williams WMB 24.04 -0.52

s Williams-SonomaWSM 179.54 0.76s WillisTowersWLTW 234.60 5.24Wipro WIT 6.29 -0.12Wix.com WIX 270.32-10.46Workday WDAY 243.12 -6.54WynnResortsWYNN 123.50 -3.93XP XP 36.97 -0.65XPO LogisticsXPO 121.41 -1.80XcelEnergy XEL 67.00 0.69Xilinx XLNX 122.23 -0.91XPeng XPEV 31.41 -0.73Xylem XYL 104.27 -0.49Yandex YNDX 63.74 0.73YumBrands YUM 109.21 1.15YumChina YUMC 58.41 -1.01ZTO Express ZTO 28.11 -0.57ZaiLab ZLAB 127.59 -0.83ZebraTech ZBRA 467.07 -9.89Zendesk ZEN 127.41 -3.23Zillow C Z 119.63 -7.61Zillow A ZG 122.88 -9.20ZimmerBiomet ZBH 160.21 -1.11ZionsBancorp ZION 53.89 -1.96Zoetis ZTS 158.39 2.24ZoomVideo ZM 308.39-11.56ZoomInfoTech ZI 49.69 -3.21Zscaler ZS 165.75 -4.03Zynga ZNGA 10.09 0.03

NetStock Sym Close Chg

A B CABB ABB 30.32 -0.40

s AECOM ACM 63.44 -1.00AES AES 26.07 -0.25Aflac AFL 51.34 -0.22AGCO AGCO 140.73 -1.81

s AGNC Invt AGNC 16.76 -0.26Ansys ANSS 342.23 -0.73ASETech ASX 7.59 -0.11ASML ASML 608.00-17.67AT&T T 30.56 0.25AbbottLabs ABT 122.23 0.16AbbVie ABBV 106.73 0.75Abiomed ABMD 305.77 4.37AcceleronPharma XLRN 131.46 -5.15Accenture ACN 279.54 -1.23ActivisionBlizATVI 94.02 1.62Adobe ADBE 469.32 0.23

s AdvanceAutoAAP 185.06 -2.26AdvMicroDevicesAMD 77.14 -0.27Aegon AEG 4.68 -0.02AffirmHldgs AFRM 69.99 0.27AgilentTechsA 125.42 -0.22AgnicoEagle AEM 59.02 0.16AirProducts APD 283.97 -3.25Airbnb ABNB 182.50 8.10AkamaiTech AKAM 103.10 0.40AlaskaAir ALK 67.50 -0.82Albemarle ALB 146.41 -3.99Albertsons ACI 19.75 0.23Alcon ALC 70.03 0.29AlexandriaRlEstARE 169.15 0.17AlexionPharm ALXN 155.57 0.69Alibaba BABA 231.86 4.60AlignTech ALGN 516.00-12.34Alleghany Y 640.03 -0.28

s Allegion ALLE 126.28 -0.47AlliantEnergy LNT 54.64 0.67Allstate ALL 116.80 0.77AllyFinancial ALLY 44.76 -1.06AlnylamPharm ALNY 133.80 -2.45Alphabet C GOOG 2055.95 20.40Alphabet A GOOGL 2045.79 21.06AlticeUSA ATUS 33.05 -0.10Altria MO 52.30 -0.20AlumofChinaACH 10.65 -0.25Amazon.com AMZN 3075.73 23.70Ambev ABEV 2.70 0.02Amcor AMCR 11.80 0.02Amdocs DOX 81.87 -0.29Amedisys AMED 263.36 -7.80Amerco UHAL 606.61-12.80Ameren AEE 82.67 1.21AmericaMovilAMX 13.76 0.13AmericaMovil A AMOV 13.68 0.21AmerAirlinesAAL 22.91 -0.02AEP AEP 85.84 0.85AmerExpressAXP 142.37 -1.36AmericanFin AFG 114.72 -1.43AmHomes4RentAMH 33.49 -0.44AIG AIG 46.58 -0.24AmerTowerREITAMT 241.83 3.01AmerWaterWorks AWK 147.91 1.59AmericoldRealty COLD 39.12 0.18Ameriprise AMP 229.28 -3.30

s AmerisourceBrgnABC 119.05 0.32s Ametek AME 128.21 0.89Amgen AMGN 254.96 2.10Amphenol APH 66.21 -0.28AnalogDevicesADI 153.85 -3.26AngloGoldAsh AU 22.29 1.26AB InBev BUD 64.10 0.79AnnalyCap NLY 8.79 -0.18

s Anthem ANTM 369.37 -1.94Aon AON 233.63 5.32ApolloGlbMgmtAPO 46.49 -0.20Appian APPN 126.65-14.01Apple AAPL 121.39 0.18ApplMaterials AMAT 125.71 -2.93

s Aptargroup ATR 144.77 -0.05Aptiv APTV 135.08 -5.56Aramark ARMK 37.75 -1.15ArcelorMittalMT 28.06 -0.81

s ArchCapital ACGL 38.85 0.07

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WasteMgt WM 131.38 0.4WaterstoneFinl WSBF 21.41 -1.1Watsco WSO 266.07 -0.8WernerEnterprises WERN 47.93 -0.2WestRock WRK 54.43 -1.2Whirlpool WHR 225.50 -2.8Williams-Sonoma WSM 184.52 0.4WillisTowers WLTW 235.55 2.3

LowsABG Acqn I ABGI 9.63 ...ADMA Biologics ADMA 1.65 -7.7AGM AGMH 11.70 -3.8AbCelleraBio ABCL 23.20 -5.9AcutusMedical AFIB 12.65 -3.4Adagene ADAG 17.00 -4.1Alteryx AYX 78.59 -3.1AnzuSpecial I ANZUU 9.66 ...ArcadiaBiosci RKDA 2.29 -4.3ArcoPlatform ARCE 24.33 -2.6AresAcqnA AAC 9.50 -1.8AvidityBio RNA 20.25 -2.0BEST BEST 1.69 -7.7BellerophonTherap BLPH 5.01 -8.8BiotechAcqnWt BIOTW 0.57 -7.6BrightLights BLTSU 9.86 ...BristolMyersRt CELGr 0.20 -8.9CF Acqn V Wt CFFVW 0.65 -7.1Chiasma CHMA 2.77 -2.1ClarimAcqnWt CLRMW 0.68 -15.6ClassAccelWt CLAS.WS 0.60 -21.3D&ZMediaA DNZ 9.68 -1.1DD3AcqnII A DDMX 9.73 -0.8

DecibelTherap DBTX 10.53 -8.0Epizyme EPZM 7.44 -5.6EvaxionBiotech EVAX 5.31 -10.4FS Devt II FSII 9.89 0.54D Molecular FDMT 34.43 -5.7FrazierLifesWt FLACW 0.84 -4.9FreelineTherap FRLN 12.00 -4.3FusionPharm FUSN 9.75 -3.7GBS GBS 5.10 -6.8GSquaredI A GSQD 9.07 -0.6GSquaredI Wt GSQD.WS 0.82 20.0GoalAcqns PUCK 9.60 ...GracellBiotech GRCL 15.50 -12.1GraybugVision GRAY 5.63 -3.7Hayward HAYW 15.61 -0.1HudsonExecII Wt HCIIW 0.78 -9.2HycroftMining HYMC 3.63 -6.4IgnyteAcqn IGNY 9.61 -0.3IgnyteAcqnWt IGNYW 0.85 -15.0iHuman IH 11.08 -13.2Imara IMRA 8.07 -4.5JackCreekWt JCICW 0.52 -6.8JFrog FROG 43.16 -4.2KalaPharm KALA 6.00 -11.1KaryopharmTherap KPTI 9.79 -4.4LavaTherap LVTX 9.76 1.6LandosBio LABP 9.40 -9.5Longeveron LGVN 5.62 -3.7LuciraHealth LHDX 11.44 -4.9MasonIndlTechA MIT 9.57 1.3MonumentCirWt MONCW 0.42 -8.0MorphoSys MOR 21.32 -3.1MotiveCapWt MOTV.WS 0.88 -2.7MusicAcqnWt TMAC.WS 0.68 -1.5

ON24 ONTF 45.45 -8.1OlemaPharm OLMA 27.73 -8.8OmegaAlpha OMEG 9.78 -0.1Oncorus ONCR 11.50 -4.9OneSmartIntl ONE 2.12 -11.9Orphazyme ORPH 7.52 -29.0PMV Pharm PMVP 30.34 -8.6PeriphasCapA PCPC 23.89 ...PrometheusBio RXDX 16.11 -8.4ProvidentAcqnWt PAQCW 0.85 ...Puxin NEW 3.54 -12.1RelayTherap RLAY 32.47 -5.1ReproMedSys KRMD 3.26 -5.5RibbitLeapA LEAP 10.68 -0.1RotorAcqnWt ROT.WS 0.51 -3.5SocTelemed TLMD 6.22 -6.2SQZ Biotech SQZ 11.79 -2.3SVF Invt SVFAU 10.36 -1.0SVF Invt SVFA 10.00 -0.3SVF Invt Wt SVFAW 1.88 -17.5SareptaTherap SRPT 71.72 -3.4SciStratA SSAA 9.63 -0.2SciStratWt SSAAW 0.55 3.6SenseiBiotherap SNSE 11.90 -9.517Educ&Tech YQ 6.50 -4.2SoteraHealth SHC 23.84 -2.2SpruceBio SPRB 14.65 -8.9TZP Strategies TZPSU 9.78 -0.3TalisBiomed TLIS 10.65 -2.7TelecomArgentina TEO 5.27 -0.4VastaPlatform VSTA 9.78 -3.0VickersVantIWt VCKAW 0.36 7.0VirtuosoAcqnWt VOSOW 0.50 0.4VitalFarms VITL 19.49 -6.4XL Fleet XL 8.83 -3.4

Ternium TX 40.08 0.8TTEC TTEC 103.30 -4.9Target TGT 201.96 -1.4TaylorMorrison TMHC 31.85 -3.8Tecnoglass TGLS 11.94 6.0TeekayLNG PfdB TGPpB 26.60 0.3TeekayLNG un TGP 15.25 -1.6Tele&DataPfdUU TDSpU 26.76 0.3Tennant TNC 82.65 -0.4Textainer TGH 30.74 -3.1ThredUp TDUP 31.60 57.03M MMM 196.72 0.4Toll Bros TOL 59.52 -4.0TraneTech TT 169.47 -0.9TravelCtrsNt29 TANNL 27.17 1.5TravelCtrsNt30 TANNZ 26.37 0.8TreeHouseFoods THS 55.36 1.1TribunePub TPCO 18.50 3.0TwoHarborsPfdC TWOpC 24.63 0.2UFP Inds UFPI 74.97 -2.0UMH Prop UMH 19.64 -0.1US Xpress USX 12.05 -0.9Ubiquiti UI 401.81 -3.4Ultralife ULBI 9.20 -4.9UnionPacific UNP 223.95 ...UnitedFire UFCS 36.40 -3.0UnitedRentals URI 335.59 -1.6US Steel X 25.23 3.6UnitedHealth UNH 380.50 0.7Univar UNVR 22.30 -0.7Universal UVV 59.97 -0.4UniversePharm UPC 11.99 38.2VirginGroupII VGII.U 10.62 -0.2VirtuFinancial VIRT 31.11 2.5

RH RH 610.00 -2.1RLJLodgingPfdA RLJpA 28.02 0.8ReconTech RCON 9.04 19.0RelianceSteel RS 158.63 -3.1ReliantBancorp RBNC 29.78 1.5RestaurantBrands QSR 68.48 -2.2RetailValue RVI 18.55 -1.2RocketInternet RKTA.U 10.30 3.0Rockwell ROK 275.43 -1.2RockyBrands RCKY 52.36 5.8SLM SLM 18.21 -2.0SMTC SMTX 6.02 ...Saia SAIA 231.61 -1.2SaratogaInvt SAR 25.50 2.6SaulCentersPfdE BFSpE 25.96 -0.6SherwinWilliams SHW 768.00 -0.4ShinhanFin SHG 32.86 1.2SilganHoldings SLGN 43.71 1.0SkechersUSA SKX 43.27 -2.1SmithAO AOS 70.13 -0.4SnapOn SNA 233.88 -0.8SociedadQuimicaRt SQMrw 2.04 -5.0SonocoProducts SON 64.76 -0.6SpecialOppFdPfB SPEpB 28.01 -0.6SproutsFarmersMkt SFM 28.51 0.1StanleyBlackDck SWK 203.31 -1.3StarGroup SGU 10.52 -0.8SteelDynamics STLD 52.00 -1.3SterlingBancorp SBT 5.95 -3.0StoneX SNEX 66.50 -0.9SurgeryPartners SGRY 44.98 -2.0SykesEnterprises SYKE 46.68 -4.4Synnex SNX 117.99 -3.1TCG BDC CGBD 13.88 -1.2

Masco MAS 60.82 0.1MasonIndlTechA MIT 9.90 1.3Maximus MMS 90.21 -0.2McKesson MCK 197.33 1.0MicroFocus MFGP 7.66 3.4Mondelez MDLZ 60.23 1.2Moody's MCO 307.86 0.9MotorolaSol MSI 190.62 -0.4Movado MOV 29.78 -1.7MurphyUSA MUSA 155.69 1.7MusicAcqnA TMAC 9.78 0.5Nasdaq NDAQ 151.46 0.1NationalFuelGas NFG 51.13 0.6NetApp NTAP 75.58 -3.1NewSeniorInvt SNR 6.53 -2.3NewYorkMtgPfB NYMTP 24.90 ...NewYorkMtgPfdD NYMTN 25.17 0.2NewYorkMtgPfdE NYMTM 25.04 0.2NewellBrands NWL 26.91 -0.8NomadFoods NOMD 28.34 1.6NorfolkSouthern NSC 273.88 -0.7NorthernGenesisIII NGC.U 10.02 1.2NorthernTrust NTRS 107.28 0.7Northwestern NWE 66.27 1.1Nucor NUE 82.76 -0.7NuSTAR PfdA NSpA 24.18 2.1NuSTAR PfdB NSpB 20.87 1.6NuSTAR PfdC NSpC 24.93 1.2NuSTARLogNts NSS 24.72 0.3O-I Glass OI 15.09 2.5OReillyAuto ORLY 509.44 0.3OldDomFreight ODFL 238.39 -0.2OldPointFinl OPOF 24.59 -0.4OlympicSteel ZEUS 31.62 -2.0OtisWorldwide OTIS 70.67 1.3OwensCorning OC 93.93 -1.6POSCO PKX 72.68 0.2PPG Ind PPG 156.21 0.5PSBusinessParks PSB 161.17 -0.2PartnerRePfdJ PREpJ 26.50 1.0PebblebrookPfdC PEBpC 25.08 0.8PennyMacPfdB PMTpB 25.74 0.9Pentair PNR 62.93 ...PostHoldings POST 109.00 -0.2PPlus RRD-1 PYS 22.32 0.3PremierFinBncp PFBI 19.00 2.6PublicStorage PSA 250.16 1.4PulteGroup PHM 53.66 -1.9PureTechHealth PRTC 64.00 6.7

HainCelestial HAIN 46.02 -1.2Hershey HSY 161.71 1.2HighlandGlbAlloc HGLB 7.72 1.3HireQuest HQI 19.33 3.5HomeDepot HD 305.55 -0.5Honeywell HON 219.67 0.2DR Horton DHI 91.05 -2.2HoughtonMifflin HMHC 7.59 18.7HovnanianPfdA HOVNP 19.83 1.2HubGroup HUBG 68.91 -0.6Hubbell HUBB 191.57 -0.2JBHunt JBHT 168.72 0.3ITT ITT 91.67 -1.2Ichor ICHR 52.45 -3.8IllinoisToolWks ITW 228.77 -0.4InglesMarkets IMKTA 65.65 -1.8IBM IBM 137.07 -0.4inTEST INTT 11.54 4.0InvitatHomes INVH 32.42 -0.3JMPGroup6.875%SrNt JMPNZ 24.98 -0.4Jabil JBL 52.30 -1.2JacobsEngg J 129.00 -1.0JawsMustangA JWSM 9.93 -0.1JPMChasePfdJJ JPMpK 25.52 ...KB Fin KB 48.22 1.0KBR KBR 38.35 1.0KeurigDrPepper KDP 35.57 0.7KhoslaVenturesII KVSB 10.49 ...Knight-Swift KNX 48.58 0.6KraftHeinz KHC 41.16 1.9LDHGrowthI LDHAU 10.69 -1.6LGI Homes LGIH 154.02 -3.2LandcadiaIV LCAHU 10.02 0.4LandstarSystem LSTR 170.83 -1.8LeadEdgeGrowth LEGAU 10.28 0.7Lennar A LEN 104.53 -3.1Lennar B LEN.B 83.83 -2.9LennoxIntl LII 326.83 -1.2LevelOneBncp LEVL 28.77 12.3Levere LVRAU 10.49 2.3Linde LIN 283.25 -0.1LiveOakBcshs LOB 69.94 -1.9LongviewII LGV.U 10.25 -0.1Lowe's LOW 192.91 -1.6MDH Acqn A MDH 9.73 0.2MI Homes MHO 60.70 -3.5MSC Industrial MSM 92.27 -1.3MaidenHoldings MHLD 3.46 5.6Marsh&McLen MMC 122.00 1.4

52-Wk %Stock Sym Hi/Lo Chg

52-Wk %Stock Sym Hi/Lo Chg

52-Wk %Stock Sym Hi/Lo Chg

52-Wk %Stock Sym Hi/Lo Chg

52-Wk %Stock Sym Hi/Lo Chg

52-Wk %Stock Sym Hi/Lo Chg

52-Wk %Stock Sym Hi/Lo Chg

52-Wk %Stock Sym Hi/Lo Chg

Diversey DSEY 15.15 -0.9DollarTree DLTR 116.23 1.2Dover DOV 140.17 -1.2DriveShackPfdB DSpB 25.25 1.6DriveShackPfdD DSpD 23.70 1.3DuosTechs DUOT 13.30 -8.8EPR PropPfdE EPRpE 35.50 2.9EQT EQT 20.36 -2.2EdgewiseTherap EWTX 40.49 20.0EllingtonFinPfdA EFCpA 25.85 0.7EmployersHldgs EIG 43.66 -0.6Enbridge ENB 37.31 0.3EnerTransferPfdD ETPpD 24.06 -0.1EnerTransferPfC ETPpC 23.38 0.2EnsignGroup ENSG 98.66 -5.0ExlService EXLS 95.98 -2.9ExpeditorsIntl EXPD 108.78 0.6ExtraSpaceSt EXR 134.66 0.5F5Networks FFIV 215.91 -0.8FirstIndRlty FR 47.47 -1.7FirstWesternFin MYFW 31.72 2.0FlirSystems FLIR 56.36 0.9FlyLeasing FLY 17.02 27.5Fortis FTS 43.86 0.6FortBrandsHome FBHS 94.97 0.1FullerHB FUL 64.63 -1.2GSquaredI Wt GSQD.WS 1.20 20.0GWPharm GWPH 218.25 0.2GainTherap GANX 14.94 5.8Gaming&HospWt GHACW 1.15 53.3GasLogPtrsPfdA GLOPpA 23.38 2.2GasLogPtrsPfdB GLOPpB 22.10 2.5GasLogPtrsPfdC GLOPpC 22.27 1.7GeneralDynamics GD 184.04 1.0Genpact G 44.83 -0.9GlbNetLeasePfdA GNLpA 26.74 1.4GoresMetroII A GMII 10.49 0.1GraphicPkg GPK 18.55 1.1GreatAjaxNts24 AJXA 25.80 0.8GridDynamicsWt GDYNW 6.65 13.9GrowthCapA GCAC 9.70 0.5GuarantyBcshrs GNTY 38.49 8.9HCI Group HCI 80.80 -2.3HP HPQ 31.94 -1.9

52-Wk %Stock Sym Hi/Lo Chg

BluegreenVac BXG 10.95 6.0BraemarHtlsPfd BHRpB 22.24 2.5BrookfieldPropPfd BPYPP 25.26 -0.1BurgundyTechWt BTAQW 1.20 -3.3CBD Pao CBD 5.82 5.5CDW CDW 168.96 -1.7CNX Resources CNX 15.89 -1.7CSX CSX 98.09 -1.1CapitalaFinNts22 CPTAL 24.84 0.8CapitalaFinNts22 CPTAG 24.87 0.6CardinalHealth CAH 62.76 1.0Carlisle CSL 169.51 -0.7CarMax KMX 136.45 0.6CarrierGlobal CARR 42.98 3.0CaseysGenStores CASY 221.29 -0.8CavcoIndustries CVCO 232.88 ...CentralGarden CENT 57.95 ...CentralGardenA CENTA 51.86 0.2ChinaPharma CPHI 1.63 37.0ChipMOSTechs IMOS 31.20 -0.8Cigna CI 248.84 1.5CiscoSystems CSCO 52.94 -0.1ClearSignTech CLIR 5.60 2.1ColonyCapPfdI CLNYpI 25.15 -0.1ColumbiaProperty CXP 17.89 -1.9CommercialMetals CMC 32.43 -2.3CommunityBkrs ESXB 8.86 0.8Concentrix CNXC 148.47 -2.5Conmed CNMD 131.02 -1.2Corning GLW 44.12 ...Corteva CTVA 48.48 -0.3CostamarePfdC CMREpC 26.04 0.2Crawford A CRD.A 10.95 -2.7CrestwoodEqUn CEQPp 8.95 0.8Cubic CUB 78.13 1.7Cyanotech CYAN 6.29 30.6DCPMidstrmPfdB DCPpB 24.74 0.4DCPMidstrmPfdC DCPpC 24.61 1.0Darden DRI 149.73 -3.5Daseke DSKE 8.62 -1.9DesignerBrands DBI 17.97 1.3DiamondrockPfd DRHpA 28.14 2.6DineBrands DIN 93.36 -5.1DisruptiveAcqnI DISAU 10.01 0.5

HighsAECOM ACM 65.41 -1.6AGNC Invt AGNC 17.09 -1.5AGNC InvtPfdD AGNCM 25.85 -0.2AcuityBrands AYI 148.64 -0.9AdvanceAuto AAP 187.91 -1.2AffiliatedMgrs AMG 153.55 -3.3Alcoa AA 33.99 -2.3Allegion ALLE 128.41 -0.4AllianceData ADS 121.28 -5.8AmerFirstMultifam ATAX 5.98 2.1AmerFinPfdA AFINP 26.51 1.3AmerisourceBrgn ABC 119.81 0.3Ametek AME 128.84 0.7Anthem ANTM 379.13 -0.5Aptargroup ATR 145.90 ...ArchCapital ACGL 39.10 0.2ArcLightCleanII ACTDU 10.20 0.6ArrowElec ARW 111.86 -1.8AsburyAutomotive ABG 204.12 -2.6AshfordHospPfdG AHTpG 23.44 0.6AshfordHospPfdI AHTpI 23.70 2.3AshfordHospPfdH AHTpH 23.54 1.0AshfordHospPfdF AHTpF 23.70 2.8AstecIndustries ASTE 78.76 -3.4AtlasPfdE ATCOpE 25.93 -0.1AtlasPfdH ATCOpH 25.81 0.2AuroraAcqn AURCU 10.75 1.5ADP ADP 192.99 -0.1AutoNation AN 96.20 -1.4AutoZone AZO 1440.55 1.3AviatNetworks AVNW 76.56 -3.8Avista AVA 49.14 -0.7BRP DOOO 86.83 3.5B.RileyNts2023 RILYH 25.99 -0.2B.RileyNts2025 RILYM 26.00 0.1BWX Tech BWXT 66.19 1.6ByteAcqn BYTSU 10.02 ...Babcock&Wilcox BW 8.65 9.1BankNY Mellon BK 47.91 0.1BigRockPtrsRt BRPAR 2.99 35.4BlackstoneMtg BXMT 32.70 -1.0

52-Wk %Stock Sym Hi/Lo Chg

Monday, March 29, 2021

The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSEAmerican and Nasdaq Stock Market stocks that hit a new 52-week intraday high or lowin the latest session. % CHG-Daily percentage change from the previous trading session.

WSJ.com/newhighsNEW HIGHS AND LOWS

iShMSCIJapan EWJ 69.69 –0.60 3.2iShNatlMuniBd MUB 115.91 –0.05 –1.1iSh1-5YIGCorpBd IGSB 54.64 –0.07 –1.0iShPfd&Incm PFF 38.14 –0.29 –1.0iShRussell1000Gwth IWF 241.12 –0.09 –0.0iShRussell1000 IWB 223.25 –0.18 5.4iShRussell1000Val IWD 151.84 –0.43 11.1iShRussell2000Gwth IWO 289.28 –2.97 0.9iShRussell2000 IWM 214.40 –2.81 9.4iShRussell2000Val IWN 156.08 –2.56 18.5iShRussellMid-Cap IWR 73.36 –1.00 7.0iShRussellMCValue IWS 108.84 –0.94 12.3iShS&P500Growth IVW 64.65 0.11 1.3iShS&P500Value IVE 141.86 –0.26 10.8iShShortTreaBd SHV 110.52 ... –0.0iShSilver SLV 22.91 –1.38 –6.8iShTIPSBondETF TIP 125.69 –0.27 –1.5iSh1-3YTreasuryBd SHY 86.28 –0.02 –0.1iSh7-10YTreasuryBd IEF 113.19 –0.34 –5.6iSh20+YTreasuryBd TLT 135.50 –0.85 –14.1iShRussellMCGrowth IWP 100.15 –1.25 –2.4iShUSTreasuryBdETF GOVT 26.18 –0.25 –3.9JPMUltShtIncm JPST 50.75 ... –0.1PIMCOEnhShMaturity MINT 101.94 –0.02 –0.1SPDRBloomBar1-3MTB BIL 91.50 ... –0.0SPDRGold GLD 160.31 –1.19 –10.1SchwabIntEquity SCHF 37.80 –0.42 5.0SchwabUSBrdMkt SCHB 96.19 –0.39 5.7SchwabUSDiv SCHD 73.54 –0.18 14.7SchwabUSLC SCHX 95.83 –0.21 5.4SchwabUSLCGrw SCHG 128.51 –0.09 0.1SchwabUSSC SCHA 97.21 –2.49 9.2SchwabUSTIPs SCHP 61.21 –0.24 –1.4

Closing Chg YTDETF Symbol Price (%) (%)

ARKInnovationETF ARKK 111.17 –2.46 –10.7CommSvsSPDR XLC 73.03 1.02 8.2CnsmrDiscSelSector XLY 165.15 –0.55 2.7EnSelectSectorSPDR XLE 49.83 –1.19 31.5FinSelSectorSPDR XLF 34.07 –0.87 15.6HealthCareSelSect XLV 117.57 0.47 3.6IndSelSectorSPDR XLI 98.34 0.02 11.1InvscQQQI QQQ 315.91 –0.03 0.7InvscS&P500EW RSP 141.43 –0.52 10.9iShCoreDivGrowth DGRO 48.54 –0.04 8.3iShCoreMSCIEAFE IEFA 72.47 –0.45 4.9iShCoreMSCIEM IEMG 63.83 –0.64 2.9iShCoreMSCITotInt IXUS 70.28 –0.58 4.6iShCoreS&P500 IVV 397.25 –0.05 5.8iShCoreS&PMC IJH 257.05 –1.82 11.8iShCoreS&PSC IJR 106.59 –2.47 16.0iShS&PTotlUSStkMkt ITOT 91.07 –0.51 5.6iShCoreUSAggBd AGG 113.72 –0.17 –3.8iShSelectDividend DVY 114.32 –0.24 18.9iShESGAwareUSA ESGU 90.60 –0.22 5.3iShEdgeMSCIMinUSA USMV 69.88 0.55 2.9iShEdgeMSCIUSAMom MTUM 157.36 –0.66 –2.4iShEdgeMSCIUSAQual QUAL 122.16 0.12 5.1iShGoldTr IAU 16.30 –1.21 –10.1iShiBoxx$InvGrCpBd LQD 129.31 –0.24 –6.4iShiBoxx$HYCpBd HYG 86.97 0.06 –0.4iShJPMUSDEmgBd EMB 108.69 –0.52 –6.2iShMBSETF MBB 108.33 –0.05 –1.6iShMSCIACWI ACWI 95.11 –0.23 4.8iShMSCI EAFE EFA 76.30 –0.39 4.6iShMSCI EAFESC SCZ 72.12 –0.85 5.5iShMSCIEmgMarkets EEM 52.90 –0.69 2.4

Closing Chg YTDETF Symbol Price (%) (%)

Monday, March 29, 2021 SPDRDJIATr DIA 331.66 0.32 8.5SPDRS&PMdCpTr MDY 469.73 –1.81 11.9SPDRS&P500 SPY 395.78 –0.05 5.9SPDRS&PDiv SDY 118.77 –0.22 12.1TechSelectSector XLK 131.98 –0.52 1.5VanEckGoldMiner GDX 32.86 0.27 –8.8VangdInfoTech VGT 354.90 –0.75 0.3VangdSCVal VBR 163.43 –1.82 14.9VangdSCGrwth VBK 266.72 –2.16 –0.4VangdExtMkt VXF 172.56 –2.16 4.8VangdDivApp VIG 148.03 0.03 4.9VangdFTSEDevMk VEA 49.31 –0.48 4.4VangdFTSEEM VWO 51.61 –0.56 3.0VangdFTSEEurope VGK 63.04 –0.38 4.6VangdFTSEAWxUS VEU 60.74 –0.46 4.1VangdGrowth VUG 254.75 –0.11 0.6VangdHlthCr VHT 228.33 0.02 2.1VangdHiDiv VYM 101.63 –0.20 11.1VangdIntermBd BIV 88.73 –0.21 –4.4VangdIntrCorpBd VCIT 92.83 –0.18 –4.4VangdLC VV 184.83 –0.11 5.2VangdMC VO 219.81 –0.92 6.3VangdMCVal VOE 134.77 –0.79 13.3VangdMBS VMBS 53.36 –0.02 –1.3VangdRealEst VNQ 92.30 –0.58 8.7VangdS&P500ETF VOO 363.79 –0.06 5.8VangdSTBond BSV 82.23 –0.04 –0.8VangdSTCpBd VCSH 82.44 –0.02 –1.0VangdSC VB 209.98 –1.93 7.9VangdTotalBd BND 84.67 –0.13 –4.0VangdTotIntlBd BNDX 57.16 –0.23 –2.4VangdTotIntlStk VXUS 62.70 –0.56 4.2VangdTotalStk VTI 205.50 –0.47 5.6VangdTotlWrld VT 97.12 –0.38 4.9VangdValue VTV 132.11 –0.15 11.1

Closing Chg YTDETF Symbol Price (%) (%)

Exchange-Traded Portfolios | WSJ.com/ETFresearch

Largest 100 exchange-traded funds, latest session

CashPrices Monday,March 29, 2021These prices reflect buying and selling of a variety of actual or “physical” commodities in themarketplace—separate from the futures price on an exchange,which reflectswhat the commoditymight beworth in futuremonths.

Monday

EnergyCoal,C.Aplc.,12500Btu,1.2SO2-r,w 60.900Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.900

Metals

Gold, per troy ozEngelhard industrial 1725.00Handy&Harmanbase 1705.95Handy&Harman fabricated 1893.61LBMAGold PriceAM *1727.85LBMAGold Price PM *1731.80Krugerrand,wholesale-e 1782.77Maple Leaf-e 1799.91AmericanEagle-e 1799.91Mexican peso-e 2074.81Austria crown-e 1683.26Austria phil-e 1799.91Silver, troy oz.Engelhard industrial 24.9500Handy&Harmanbase 24.6950Handy&Harman fabricated 30.8690LBMAspot price *£18.1900(U.S.$ equivalent) *25.0550Coins,wholesale $1,000 face-a 19859OthermetalsLBMAPlatinumPrice PM *1161.0Platinum,Engelhard industrial 1194.0Palladium,Engelhard industrial 2592.0

Monday

Aluminum, LME, $ permetric ton *2260.5Copper,Comex spot 4.0430IronOre, 62%FeCFRChina-s 167.7ShreddedScrap, USMidwest-s,m 451Steel, HRCUSA, FOBMidwestMill-s 1343

Fibers andTextilesBurlap,10-oz,40-inchNYyd-n,w 0.7150Cotton,1 1/16 std lw-mdMphs-u 0.7824Cotlook 'A' Index-t *85.10Hides,hvy native steers piece fob-u n.a.Wool,64s,staple,Terr del-u,w n.a.

Grains andFeedsBarley,top-qualityMnpls-u n.a.Bran,wheatmiddlings, KC-u 191Corn,No. 2 yellow,Cent IL-bp,u 5.4150Corn gluten feed,Midwest-u,w 185.7Corn glutenmeal,Midwest-u,w 628.2Cottonseedmeal-u,w 455Hominy feed,Cent IL-u,w 175Meat-bonemeal,50%proMnpls-u,w 360Oats,No.2milling,Mnpls-u 3.8350Rice, LongGrainMilled, No. 2AR-u,w 26.88Sorghum,(Milo)No.2Gulf-u 7.9425SoybeanMeal,Cent IL,rail,ton48%-u,w 398.30Soybeans,No.1 yllw IL-bp,u 13.8350Wheat,Spring14%-proMnpls-u 7.2575Wheat,No.2 soft red,St.Louis-u 6.4425Wheat -Hard - KC (USDA) $ per bu-u 5.9950

Monday

Wheat,No.1softwhite,Portld,OR-u 7.4250

Food

Beef,carcass equiv. indexchoice 1-3,600-900 lbs.-u 199.29select 1-3,600-900 lbs.-u 189.59Broilers, National compwtd. avg.-u,w 0.8695Butter,AAChicago 1.7925Cheddar cheese,bbl,Chicago 148.00Cheddar cheese,blk,Chicago 174.75Milk,Nonfat dry,Chicago lb. 117.50Coffee,Brazilian,Comp 1.2041Coffee,Colombian, NY 1.7729Eggs,largewhite,Chicago-u 1.2350Flour,hardwinter KC 15.40Hams,17-20 lbs,Mid-US fob-u 0.73Hogs,Iowa-So.Minnesota-u 95.38Pork bellies,12-14 lbMidUS-u n.a.Pork loins,13-19 lbMidUS-u 1.0452Steers,Tex.-Okla. Choice-u n.a.Steers,feeder,Okla. City-u,w 155.25

Fats andOils

Corn oil,crudewet/drymill wtd. avg.-u,w 62.5000Grease,choicewhite,Chicago-h 0.5350Lard,Chicago-u n.a.Soybean oil,crude;Centl IL-u,w 0.6090Tallow,bleach;Chicago-h 0.5700Tallow,edible,Chicago-u 0.5700

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 3/26

Source: Dow JonesMarket Data

| wsj.com/market-data/commodities

DividendChangesDividend announcements fromMarch 29.

Amount Payable /Company Symbol Yld% New/Old Frq Record

Amount Payable /Company Symbol Yld% New/Old Frq Record

IncreasedKBR Inc KBR 1.2 .11 /.10 Q Apr15 /Apr05Oxford Industries OXM 1.8 .37 /.25 Q Apr30 /Apr16

InitialAmer Fin Tr 7.375%Pfd. C AFINO 7.4 .46094 Apr15 /Apr05

ForeignBRP DOOO 0.4 .1031 Q Apr19 /Apr05

Amount Payable /Company Symbol Yld% New/Old Frq Record

Amount Payable /Company Symbol Yld% New/Old Frq Record

Intl General Insurance IGIC 4.6 .17 SA Apr20 /Apr05PetroChinaADR PTR 4.4 1.33598 SA Aug09 /Jun21SINOPECShanghai ADR SHI 6.1 1.52823 A Jul30 /Jun21

SpecialAmer Fin Tr 7.375%Pfd. C AFINO 7.4 .06939 Apr15 /Apr05

KEY:A: annual;M:monthly; Q: quarterly; r: revised; SA: semiannual;S2:1: stock split and ratio; SO: spin-off.

Erik BrynjolfssonProfessor,StanfordUniversityDirector, StanfordDigital Economy Lab

Mario HarikCIOXPOLogistics

AdamStanleyCIO and Chief Digital OfficerCushman&Wakefield

MARCH 31, 2021 | ONLINE

©2021DowJones&Co.,Inc.Allrightsreserved.6DJ8349

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THEWALL STREET JOURNAL. Tuesday, March 30, 2021 | B7

Get real-time U.S. stock quotes and track most-active stocks, newhighs/lows and mutual funds. Available free at WSJMarkets.com

ConsumerRates andReturns to InvestorU.S. consumer ratesA consumer rate against itsbenchmark over the past year

0.00

1.00

2.00

3.00

4.00%

2020A M J J A S O N D J

2021F M

t

5-yearadjustable-ratemortgage (ARM)

t5-year Treasury

note yield

Selected ratesFive-yearARM,Rate

Bankrate.comavg†: 3.16%CreditUnion ofNewJersey 2.25%Ewing, NJ 609-538-4061

Citadel Federal CreditUnion 2.50%Exton, PA 800-666-0191

AssociatedBank,NA 2.88%Rockford, IL 800-682-4989

Apple Federal CreditUnion 3.00%Fairfax, VA 800-666-7996

HanscomFederal CreditUnion 3.00%HanscomAFB,MA 800-656-4328

Yield/Rate (%) 52-WeekRange (%) 3-yr chgInterest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)

Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 0.25 -1.50Prime rate* 3.25 3.25 3.25 l 3.25 -1.50Libor, 3-month 0.20 0.19 0.18 l 1.45 -2.11Moneymarket, annual yield 0.10 0.10 0.08 l 0.34 -0.25Five-year CD, annual yield 0.47 0.48 0.44 l 0.91 -1.1930-yearmortgage, fixed† 3.23 3.33 2.83 l 3.89 -1.2215-yearmortgage, fixed† 2.51 2.53 2.32 l 3.43 -1.42Jumbomortgages, $548,250-plus† 3.24 3.37 2.85 l 4.00 -1.49Five-year adjmortgage (ARM)† 3.16 3.17 2.85 l 3.54 -1.09New-car loan, 48-month 4.05 4.03 4.02 l 4.44 0.40Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largestbanks.† Excludes closing costs.

Sources: FactSet; Dow JonesMarket Data; Bankrate.com

BenchmarkYieldsandRatesTreasury yield curveYield to maturity of current bills,notes and bonds

–0.50

0.00

0.50

1.00

1.50

2.00

2.50%

1

month(s)3 6 1

years2 3 5 7 10 20 30

maturity

tTradeweb ICEMonday Close

t

One year ago

Forex RaceYen, euro vs. dollar; dollar vs.major U.S. trading partners

–16

–8

0

8

16%

2020 2021

Euros

Yens

WSJ Dollar Indexs

Sources: Tradeweb ICEU.S. Treasury Close; Tullett Prebon; DowJonesMarketData

International Stock IndexesLatest YTD

Region/Country Index Close Net chg % chg % chg

World MSCIACWI 672.83 –0.52 –0.08 4.1MSCIACWI ex-USA 336.49 0.18 0.05 3.1MSCIWorld 2811.53 –3.33 –0.12 4.5MSCIEmergingMarkets 1310.11 2.63 0.20 1.5

Americas MSCIACAmericas 1538.63 –2.92 –0.19 4.8Canada S&P/TSXComp 18719.22 –33.36 –0.18 7.4LatinAmer. MSCIEMLatinAmerica 2245.32 –14.55 –0.64 –8.4Brazil SaoPauloBovespa 115418.72 638.10 0.56 –3.0Chile Santiago IPSA 3351.79 42.45 1.28 17.3Mexico S&P/BMV IPC 47747.36 368.17 0.78 8.4

EMEA StoxxEurope600 427.61 0.68 0.16 7.2Eurozone EuroStoxx 428.78 0.99 0.23 7.9Belgium Bel-20 3885.91 1.14 0.03 7.3Denmark OMXCopenhagen20 1454.07 14.72 1.02 –0.8France CAC40 6015.51 26.70 0.45 8.4Germany DAX 14817.72 68.78 0.47 8.0Israel TelAviv 1604.07 26.00 1.65 7.0Italy FTSEMIB 24421.40 28.14 0.12 9.8Netherlands AEX 697.94 1.32 0.19 11.7Russia RTS Index 1468.14 18.29 1.26 5.8SouthAfrica FTSE/JSEAll-Share 67089.37 255.38 0.38 12.9Spain IBEX35 8492.06 –6.19 –0.07 5.2Sweden OMXStockholm 865.99 –5.85 –0.67 12.7Switzerland SwissMarket 11089.60 –27.21 –0.24 3.6Turkey BIST 100 1392.57 10.42 0.75 –5.7U.K. FTSE 100 6736.17 –4.42 –0.07 4.3U.K. FTSE250 21435.54 –51.19 –0.24 4.6

Asia-Pacific MSCIACAsiaPacific 205.15 0.38 0.18 2.6Australia S&P/ASX200 6799.50 –24.73 –0.36 3.2China Shanghai Composite 3435.30 16.97 0.50 –1.1HongKong HangSeng 28338.30 1.87 0.01 4.1India S&PBSESensex 49008.50 … Closed 2.6Japan Nikkei StockAvg 29384.52 207.82 0.71 7.1Singapore Straits Times 3175.57 17.62 0.56 11.7SouthKorea Kospi 3036.04 –4.97 –0.16 5.7Taiwan TAIEX 16475.97 170.09 1.04 11.8Thailand SET 1583.89 9.03 0.57 9.3Sources: FactSet; DowJonesMarketData

MajorU.S. Stock-Market IndexesLatest 52-Week % chg

High Low Close Net chg % chg High Low %chg YTD 3-yr. ann.

DowJones

Industrial Average 33259.00 32905.13 33171.37 98.49 0.30 33171.37 20943.51 48.6 8.4 11.2TransportationAvg 14669.02 14453.25 14527.41 -78.38 -0.54 14605.79 7305.31 86.5 16.2 11.8UtilityAverage 886.12 871.80 882.21 8.66 0.99 917.38 706.01 12.4 2.0 8.4Total StockMarket 41583.54 41163.23 41411.96 -192.13 -0.46 41966.28 24774.57 56.9 5.6 14.8Barron's 400 969.88 952.58 954.00 -13.44 -1.39 978.36 500.47 77.0 11.9 10.3

NasdaqStockMarketNasdaqComposite 13143.41 12968.16 13059.65 -79.08 -0.60 14095.47 7360.58 68.0 1.3 22.7Nasdaq-100 13013.47 12836.60 12965.74 -13.38 -0.10 13807.70 7486.29 64.4 0.6 25.4

S&P500 Index 3981.83 3943.25 3971.09 -3.45 -0.09 3974.54 2470.50 51.2 5.7 14.6MidCap400 2638.55 2572.66 2579.23 -47.34 -1.80 2682.61 1337.95 76.8 11.8 11.1SmallCap600 1339.60 1296.76 1296.80 -34.46 -2.59 1397.66 622.35 89.2 15.9 11.4

Other IndexesRussell 2000 2223.19 2158.44 2158.68 -62.80 -2.83 2360.17 1052.05 86.4 9.3 12.2NYSEComposite 15682.54 15522.66 15611.88 -70.66 -0.45 15775.50 9844.85 49.6 7.5 7.8Value Line 642.94 631.20 632.52 -9.77 -1.52 662.15 328.00 77.5 11.2 5.0NYSEArcaBiotech 5489.36 5405.84 5409.87 -61.25 -1.12 6319.77 4332.20 20.4 -5.7 6.3NYSEArcaPharma 702.84 694.48 700.14 2.76 0.40 725.03 565.87 20.8 1.6 9.8KBWBank 120.39 117.46 118.87 -2.81 -2.31 123.35 60.19 75.1 21.4 3.7PHLX§Gold/Silver 135.94 132.60 135.88 0.01 0.01 161.14 78.95 69.0 -5.8 18.8PHLX§Oil Service 55.03 53.02 53.28 -1.75 -3.18 63.89 23.33 119.9 20.2 -26.8PHLX§Semiconductor 3085.63 3021.98 3054.63 -51.65 -1.66 3238.92 1427.73 97.7 9.3 32.0CboeVolatility 21.60 19.42 20.74 1.88 9.97 57.08 18.86 -63.7 -8.8 1.3

§NasdaqPHLX Sources: FactSet; DowJonesMarketData

LateTradingMost-activeandbiggestmoversamongNYSE,NYSEArca,NYSEAmer.andNasdaq issues from4p.m. to6p.m.ETas reportedbyelectronictradingservices, securitiesdealers and regional exchanges.Minimumsharepriceof$2andminimumafter-hoursvolumeof50,000shares.

Most-active issues in late tradingVolume AfterHours

Company Symbol (000) Last Net chg % chg High Low

iQIYI ADR IQ 41,115.1 16.30 -0.25 -1.51 16.62 16.26ViacomCBSCl B VIAC 27,903.6 45.74 0.73 1.62 48.23 44.66SeaChange Intl SEAC 26,831.5 2.71 0.63 30.29 2.76 2.07TencentMusic EntADR TME 20,646.4 20.29 -0.05 -0.25 20.34 20.00

VipshopHoldingsADR VIPS 19,160.6 28.00 -0.47 -1.65 28.67 27.98GSXTecheduADR GSX 13,870.5 32.20 0.42 1.32 32.31 31.00O-I Glass OI 13,410.6 14.83 -0.02 -0.13 14.85 14.71SPDRS&P500 SPY 12,769.9 396.12 0.34 0.09 396.25 395.58

Percentage gainers…SeaChange Intl SEAC 26,831.5 2.71 0.63 30.29 2.76 2.07AbCelleraBiologics ABCL 98.4 26.50 3.21 13.78 26.73 23.20Builders FirstSource BLDR 76.5 46.62 1.86 4.16 46.62 44.76FNBCorp FNB 88.3 12.88 0.38 3.04 12.88 12.34KratosDefense SecSols KTOS 58.1 28.24 0.81 2.95 28.30 27.43

...And losersWAVELife Sciences WVE 415.6 5.54 -1.55 -21.86 7.09 4.66IndependenceContract ICD 264.7 3.31 -0.45 -11.97 4.38 3.31UniversePharmaceuticals UPC 336.8 5.08 -0.53 -9.45 5.61 5.05ButterflyNetwork BFLY 198.6 16.87 -1.23 -6.80 18.29 16.61SurfaceOncology SURF 243.9 7.71 -0.25 -3.14 8.00 7.55

TradingDiaryVolume,Advancers, Decliners

NYSE NYSEAmer.

Total volume*1,042,979,290 18,800,962Adv. volume* 349,237,000 4,473,139Decl. volume* 687,267,008 14,184,789Issues traded 3,404 278Advances 1,092 84Declines 2,233 190Unchanged 79 4Newhighs 214 4New lows 20 0ClosingArms† 1.08 0.92Block trades* 5,223 183

Nasdaq NYSEArca

Total volume*4,840,591,516 242,639,525Adv. volume*1,539,913,451 52,008,986Decl. volume*3,283,812,895 186,609,157Issues traded 4,295 1,487Advances 1,012 346Declines 3,174 1,119Unchanged 109 22Newhighs 129 118New lows 71 13ClosingArms† 0.68 0.99Block trades* 23,807 1,098

* PrimarymarketNYSE, NYSEAmerican NYSEArca only.†(TRIN)A comparison of the number of advancing and decliningissueswith the volumeof shares rising and falling. AnArmsof less than 1 indicates buying demand; above 1indicates selling pressure.

PercentageGainers... Percentage Losers

Volume %chg from Latest Session 52-WeekCompany Symbol (000) 65-day avg Close % chg High Low

SeaChange Intl SEAC 363,630 20439.8 2.08 101.94 3.79 0.69TencentMusic EntADR TME 227,417 935.2 20.34 1.19 32.25 9.30ViacomCBSCl B VIAC 196,153 758.4 45.01 -6.68 101.97 11.92Sundial Growers SNDL 138,778 -73.8 1.12 -0.88 3.96 0.14Hall of FameResort Ent HOFV 123,808 558.0 6.75 31.07 12.31 1.09

iQIYI ADR IQ 116,196 757.8 16.55 -5.05 28.97 14.51SPDRS&P500 SPY 107,408 35.4 395.78 -0.05 398.12 243.90ProShUltraProShrtQQQ SQQQ 93,360 2.5 13.55 0.15 112.40 11.76Humanigen HGEN 88,873 8709.6 21.61 54.47 33.95 3.40NIOADR NIO 81,711 -26.0 35.51 -1.72 66.99 2.22* Volumes of 100,000 shares ormore are rounded to the nearest thousand

Volume %chg from Latest Session 52-WeekCompany Symbol (000) 65-day avg Close % chg High Low

Humanigen HGEN 88,873 8710 21.61 54.47 33.95 3.40BiotechAcquisition Cl A BIOT 451 7759 9.64 -0.92 9.95 9.54OrphazymeADR ORPH 387 5180 8.80 -28.97 14.78 7.52iSharesGovt/Credit Bond GBF 1,093 4760 119.90 -0.28 127.83 116.49SPDRS&PTelecom XTL 1,407 4125 92.69 -2.34 100.66 56.62

O-I Glass OI 33,044 2484 14.85 2.48 15.09 5.43Avantis Core Fixed Incm AVIG 153 2271 48.35 -0.21 50.43 48.19iSharesAgencyBondETF AGZ 1,426 2215 118.01 0.04 124.18 117.56Fly LeasingADR FLY 9,477 2011 16.89 27.47 17.02 4.58NeurocrineBiosciences NBIX 16,408 1620 101.23 2.40 136.27 82.51* Common stocks priced at $2 a share ormorewith an average volumeover 65 trading days of at least5,000 shares =Has traded fewer than 65 days

Nasdaq Composite Index13059.65 t 79.08, or 0.60%

High, low, open and close for eachtrading day of the past three months.

Year agoLast

Trailing P/E ratio *†P/E estimate *†Dividend yield *†All-time high:

37.55 23.25

28.12 19.75

0.78 1.15

14095.47, 02/12/21

10800

11400

12000

12600

13200

13800

14400

Dec. Jan. Feb. Mar.

65-day moving average

EQUITIES

CREDIT MARKETS

CommoditiesPricing trends on some rawmaterials, or commodities

Monday 52-Week YTDClose Net chg %Chg High Low %Chg % chg

DJCommodity 805.17 -2.07 -0.26 836.48 433.70 72.18 10.06Refinitiv/CCCRB Index 187.53 -0.20 -0.11 195.13 106.29 54.11 11.76Crude oil,$per barrel 61.56 0.59 0.97 66.09 -37.63 206.42 26.88Natural gas,$/MMBtu 2.586 0.029 1.13 3.354 1.482 53.02 1.85Gold,$per troy oz. 1712.10 -20.10 -1.16 2051.50 1578.20 5.55 -9.56

CorporateBorrowingRates andYieldsYield (%) 52-Week Total Return (%)

Bond total return index Close Last Week ago High Low 52-wk 3-yr

U.S. Treasury, Barclays 2352.460 0.980 0.970 0.990 0.400 –4.299 4.116

U.S. Treasury Long, Barclays4068.910 2.340 2.320 2.400 1.090 –16.251 5.833

Aggregate, Barclays 2209.910 1.600 1.590 1.620 1.020 1.117 4.633

Fixed-RateMBS, Barclays 2205.600 1.830 1.820 1.850 0.930 –0.099 3.743

HighYield 100, ICEBofA n.a. n.a. 3.936 n.a. n.a. n.a. n.a.

MuniMaster, ICEBofA n.a. n.a. 1.029 n.a. n.a. n.a. n.a.

EMBIGlobal, J.P.Morgan 890.870 4.992 4.949 6.711 4.295 15.533 3.932

Sources: J.P.Morgan; S&PDowJones Indices; BloombergBarclays; ICEDataServices

Latest Session 52-WeekCompany Symbol Close Net chg % chg High Low %chg

ThredUp TDUP 31.40 11.40 57.00 31.60 17.40 ...Humanigen HGEN 21.61 7.62 54.47 33.95 3.40 220.1Universe Pharmaceuticals UPC 5.61 1.55 38.18 11.99 3.75 ...Hall of FameResort Ent HOFV 6.75 1.60 31.07 12.31 1.09 ...Cyanotech CYAN 4.14 0.97 30.60 6.29 1.91 107.5

Fly LeasingADR FLY 16.89 3.64 27.47 17.02 4.58 146.9Trinity BiotechADR TRIB 4.07 0.81 24.85 6.82 0.74 402.5Edgewise Therapeutics EWTX 35.99 5.99 19.97 40.49 25.09 ...Elite Education EEIQ 18.54 3.04 19.61 35.20 3.58 ...ReconTechnology RCON 8.59 1.37 18.98 9.04 0.75 565.9

EDAPTMSADR EDAP 9.68 1.53 18.77 10.68 1.93 310.2HoughtonMifflinHarcourt HMHC 7.10 1.12 18.73 7.59 1.03 262.2MERTelemanagement MTSL 3.50 0.54 18.24 3.81 0.80 288.9RLXTechnologyADR RLX 10.67 1.55 17.00 35.00 7.89 ...Sphere 3D ANY 2.44 0.35 16.75 5.55 0.55 229.7

MostActiveStocks

Latest Session 52-WeekCompany Symbol Close Net chg % chg High Low %chg

MillendoTherapeutics MLND 1.38 -0.80 -36.70 5.75 1.26 -73.7Summer Infant SUMR 14.78 -6.99 -32.11 24.00 1.88 600.5OrphazymeADR ORPH 8.80 -3.59 -28.97 14.78 7.52 ...F-star Therapeutics FSTX 9.22 -3.63 -28.25 15.50 3.24 140.1TakungArt TKAT 30.50 -9.01 -22.80 74.11 0.77 2551.9

China Liberal EducHldgs CLEU 3.86 -1.08 -21.86 10.46 3.19 ...WahFuEducationGroup WAFU 9.92 -2.74 -21.64 21.00 1.39 520.0HighPoint Resources HPR 4.90 -1.30 -20.97 37.50 2.80 -53.6LiveXLiveMedia LIVX 4.43 -1.14 -20.47 6.95 1.39 209.8GSXTecheduADR GSX 31.78 -7.23 -18.53 149.05 27.06 -24.3

DesignTherapeutics DSGN 34.01 -7.48 -18.03 50.50 25.27 ...TuyaADR TUYA 20.25 -4.39 -17.82 27.65 17.59 ...Mannatech MTEX 14.46 -3.07 -17.51 20.32 7.74 34.1Benitec BiopharmaADR BNTC 4.29 -0.83 -16.21 17.39 2.30 -26.1Cellect BiotechnologyADR APOP 3.37 -0.65 -16.17 7.15 1.35 129.3

VolumeMovers Ranked by change from65-day average*

Track the MarketsCompare the performance of selectedglobal stock indexes, bond ETFs,currencies and commodities atwsj.com/graphics/track-the-markets

CURRENCIES & COMMODITIES

CurrenciesU.S.-dollar foreign-exchange rates in lateNewYork trading

US$vs,Mon YTDchg

Country/currency inUS$ perUS$ (%)

AmericasArgentina peso .0109 91.9252 9.3Brazil real .1730 5.7814 11.3Canada dollar .7942 1.2592 –1.1Chile peso .001362 734.00 3.3Colombiapeso .000269 3718.99 8.7EcuadorUSdollar 1 1 unchMexico peso .0485 20.6110 3.7Uruguay peso .02245 44.5350 5.1Asia-PacificAustralian dollar .7631 1.3104 0.8China yuan .1522 6.5697 0.6HongKong dollar .1286 7.7732 0.3India rupee .01375 72.736 –0.4Indonesia rupiah .0000692 14445 2.8Japan yen .009106 109.82 6.3Kazakhstan tenge .002357 424.26 0.7Macau pataca .1248 8.0120 0.3Malaysia ringgit .2415 4.1415 3.0NewZealand dollar .6998 1.4290 2.7Pakistan rupee .00648 154.217 –3.8Philippines peso .0206 48.458 0.9Singapore dollar .7417 1.3483 2.0SouthKoreawon .0008830 1132.56 4.3Sri Lanka rupee .0050226 199.10 7.5Taiwan dollar .03501 28.567 1.7Thailand baht .03204 31.210 3.9

US$vs,Mon YTDchg

Country/currency inUS$ perUS$ (%)

Vietnam dong .00004334 23073 –0.03EuropeCzechRep. koruna .04506 22.191 3.3Denmark krone .1582 6.3210 3.8Euro area euro 1.1765 .8500 3.8Hungary forint .003242 308.41 3.8Iceland krona .007843 127.50 –0.2Norway krone .1169 8.5509 –0.3Poland zloty .2523 3.9639 6.2Russia ruble .01322 75.615 2.1Sweden krona .1150 8.6966 5.7Switzerland franc 1.0647 .9392 6.1Turkey lira .1218 8.2094 10.4Ukraine hryvnia .0357 28.0500 –1.1UK pound 1.3764 .7265 –0.7Middle East/AfricaBahrain dinar 2.6522 .3771 ...Egypt pound .0637 15.6972 –0.3Israel shekel .3001 3.3320 3.7Kuwait dinar 3.3074 .3024 –0.6Oman sul rial 2.5972 .3850 0.01Qatar rial .2746 3.642 0.01SaudiArabia riyal .2666 3.7505 –0.03SouthAfrica rand .0670 14.9144 1.5

Close Net Chg %Chg YTD%Chg

WSJDollar Index 87.48 0.18 0.21 2.91

Sources: Tullett Prebon, DowJonesMarketData

Dow Jones Industrial Average33171.37 s98.49, or 0.30%

High, low, open and close for eachtrading day of the past three months.

Year agoLast

Trailing P/E ratioP/E estimate *Dividend yieldAll-time high

33.67 17.37

21.24 15.12

1.80 2.92

33171.37, 03/29/21

27200

28400

29600

30800

32000

33200

34400

Dec. Jan. Feb. Mar.

Current divisor 0.15198707565833

Bars measure the point change from session's open

tt

Session high

Session low

Session open

Close Open

CloseDOWN UP

65-day moving average

S&P 500 Index3971.09 t3.45, or 0.09%High, low, open and close for eachtrading day of the past three months.

Year agoLast

Trailing P/E ratio *P/E estimate *Dividend yield *All-time high

44.66 20.11

22.62 15.82

1.48 2.41

3974.54, 03/26/21

3300

3425

3550

3675

3800

3925

4050

Dec. Jan. Feb. Mar.

65-day moving average

*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index

MARKETS DIGEST

P2JW089000-0-B00700-1--------XA

B8 | Tuesday, March 30, 2021 * THEWALL STREET JOURNAL.

Metal &PetroleumFuturesContract Open

Open High hi lo Low Settle Chg interest

Copper-High (CMX)-25,000 lbs.; $ per lb.March 4.0650 4.0690 4.0200 4.0430 –0.0355 266May 4.0800 4.0825 4.0080 4.0345 –0.0335 133,928Gold (CMX)-100 troy oz.; $ per troy oz.March 1712.10 –20.10 29April 1731.50 1732.60 1703.30 1712.20 –20.10 69,508May 1713.60 –20.00 1,027June 1732.40 1734.80 1705.60 1714.60 –20.10 332,041Aug 1736.30 1736.30 1707.50 1716.50 –20.00 35,977Oct 1718.00 –20.00 12,499Palladium (NYM) - 50 troy oz.; $ per troy oz.March 2525.00 –145.40 5June 2687.50 2687.50 2511.50 2530.70 –145.40 10,132Platinum (NYM)-50 troy oz.; $ per troy oz.March 1181.30 3.80 18July 1194.50 1205.50 1166.60 1184.10 2.40 55,234Silver (CMX)-5,000 troy oz.; $ per troy oz.March 24.855 24.910 24.510 24.747 –0.345 77May 25.105 25.150 24.480 24.771 –0.343 122,814CrudeOil, Light Sweet (NYM)-1,000bbls.; $ per bbl.May 60.93 61.77 59.41 61.56 0.59 388,073June 60.94 61.74 59.42 61.53 0.57 313,567July 60.68 61.52 59.26 61.30 0.54 179,298Sept 59.83 60.63 58.47 60.33 0.40 117,807Dec 58.51 59.08 57.12 58.68 0.24 300,681Dec'22 54.44 54.88 53.49 54.50 0.02 134,904NYHarborULSD (NYM)-42,000gal.; $ per gal.April 1.8100 1.8276 1.7739 1.8098 –.0002 17,196May 1.8144 1.8290 1.7750 1.8115 .0001 118,318Gasoline-NYRBOB (NYM)-42,000gal.; $ per gal.April 1.9665 2.0050 1.9506 1.9952 .0279 23,196May 1.9752 2.0121 1.9522 2.0009 .0300 140,410Natural Gas (NYM)-10,000MMBtu.; $ perMMBtu.April 2.563 2.607 2.530 2.586 .029 3,464May 2.624 2.656 2.582 2.653 .034 282,131June 2.694 2.711 2.647 2.708 .029 106,541July 2.745 2.768 2.709 2.765 .026 101,031Sept 2.756 2.766 2.713 2.763 .022 105,350Oct 2.763 2.781 2.728 2.776 .021 129,917

Agriculture Futures

Corn (CBT)-5,000bu.; cents per bu.May 551.75 552.00 542.25 546.75 –5.75 643,481July 535.50 535.75 527.00 531.25 –4.50 414,367Oats (CBT)-5,000bu.; cents per bu.May 375.25 375.25 371.50 373.50 –1.50 2,932July 369.75 –2.00 729Soybeans (CBT)-5,000bu.; cents per bu.May 1400.50 1402.75 1383.00 1393.00 –7.50 308,841Nov 1207.00 1211.75 1202.50 1204.50 –2.75 208,811SoybeanMeal (CBT)-100 tons; $ per ton.May 404.80 404.80 397.00 398.10 –5.90 149,550July 406.10 406.30 399.20 400.30 –5.40 108,846SoybeanOil (CBT)-60,000 lbs.; cents per lb.May 52.44 54.03 52.00 52.96 .48 162,712July 49.96 51.32 49.64 50.75 .87 116,894RoughRice (CBT)-2,000 cwt.; $ per cwt.May 13.09 13.30 13.07 13.27 .18 8,349Sept 13.00 .04 662Wheat (CBT)-5,000bu.; cents per bu.May 615.75 617.75 t 607.25 616.75 3.50 167,086July 611.50 612.75 t 602.25 612.00 2.75 120,138Wheat (KC)-5,000bu.; cents per bu.May 569.25 570.25 t 558.25 569.50 1.25 97,769July 576.00 576.00 t 564.25 575.50 1.00 70,358Cattle-Feeder (CME)-50,000 lbs.; cents per lb.April 144.950 148.175 s 144.700 147.075 1.950 7,380May 149.875 153.175 s 149.600 152.200 2.325 19,305Cattle-Live (CME)-40,000 lbs.; cents per lb.April 120.275 121.575 120.125 120.975 .875 36,277June 121.800 123.500 s 121.600 122.650 .875 144,091Hogs-Lean (CME)-40,000 lbs.; cents per lb.April 100.800 100.825 99.900 100.375 –.425 29,470June 105.000 105.600 103.725 105.225 –.375 101,665Lumber (CME)-110,000bd. ft., $ per 1,000bd. ft.May 947.50 974.80 s 941.50 965.20 12.20 2,078

Mini S&PMidcap400 (CME)-$100 x indexJune 2617.20 2631.80 2565.70 2572.00 –49.70 46,049Sept 2569.80 –49.70 1MiniNasdaq 100 (CME)-$20 x indexJune 12975.75 13003.00 12807.50 12944.50 –22.25 222,615Sept 12950.00 12990.00 12798.25 12933.00 –22.25 739Mini Russell 2000 (CME)-$50 x indexJune 2220.50 2222.60 2153.20 2155.40 –63.10 480,019

FuturesContracts Contract OpenOpen High hi lo Low Settle Chg interest

Contract OpenOpen High hi lo Low Settle Chg interest

Contract OpenOpen High hi lo Low Settle Chg interest

July 835.00 842.00 830.90 837.00 –2.00 858Milk (CME)-200,000 lbs., cents per lb.March 16.19 16.19 16.18 16.18 … 3,826May 17.61 17.67 17.38 17.50 –.02 3,671Cocoa (ICE-US)-10metric tons; $ per ton.May 2,444 2,476 2,423 2,436 –22 72,168July 2,464 2,498 2,448 2,461 –18 64,882Coffee (ICE-US)-37,500 lbs.; cents per lb.May 128.35 128.40 126.20 127.05 –1.45 98,055Sept 132.20 132.30 130.15 131.00 –1.45 53,681Sugar-World (ICE-US)-112,000 lbs.; cents per lb.May 15.13 15.16 14.84 14.92 –.27 350,639July 14.98 15.00 14.78 14.83 –.19 243,719Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.May 30.85 30.85 30.85 30.85 .05 2,105July 30.75 30.75 30.75 30.75 … 3,035Cotton (ICE-US)-50,000 lbs.; cents per lb.May 80.74 80.85 79.93 80.49 .11 91,684Dec 79.06 79.06 78.27 78.65 –.09 67,374Orange Juice (ICE-US)-15,000 lbs.; cents per lb.May 111.25 112.25 110.65 111.25 .05 9,554July 114.30 115.20 114.25 114.20 .05 1,421

InterestRate FuturesUltraTreasuryBonds (CBT) - $100,000; pts 32nds of 100%June 182-310 184-150 181-040 181-130 –2-03.0 1,124,292TreasuryBonds (CBT)-$100,000; pts 32nds of 100%June 155-190 156-140 154-220 154-250 –1-06.0 1,180,398TreasuryNotes (CBT)-$100,000; pts 32nds of 100%June 131-205 131-315 131-095 131-115 –13.0 3,842,362Sept 130-155 –13.0 1235Yr. TreasuryNotes (CBT)-$100,000; pts 32nds of 100%March 124-072 –5.0 4,940June 123-252 123-300 123-202 123-215 –5.5 3,624,1872Yr. TreasuryNotes (CBT)-$200,000; pts 32nds of 100%March 110-146 –.1 24,564June 110-130 110-135 110-125 110-126 –.5 2,333,14930DayFederal Funds (CBT)-$5,000,000; 100 - daily avg.March 99.9300 99.9325 99.9300 99.9300 132,971April 99.9350 99.9375 99.9325 99.9350 166,05010Yr. Del. Int. RateSwaps (CBT)-$100,000; pts 32nds of 100%June 89-275 –15.0 137,552Eurodollar (CME)-$1,000,000; pts of 100%April 99.8200 99.8225 t 99.8150 99.8150 –.0050 154,382June 99.8300 99.8300 99.8200 99.8250 –.0050 1,162,742Dec 99.7500 99.7500 99.7400 99.7400 –.0050 936,987March'23 99.4650 99.4800 99.4300 99.4300 –.0400 1,121,056

CurrencyFuturesJapaneseYen (CME)-¥12,500,000; $ per 100¥April .9112 .9144 t .9106 .9108 –.0011 209June .9123 .9150 .9111 .9113 –.0011 167,612CanadianDollar (CME)-CAD 100,000; $ per CADApril .7935 .7951 .7920 .7940 –.0002 232June .7952 .7954 .7920 .7940 –.0002 157,415BritishPound (CME)-£62,500; $ per£April 1.3769 1.3847 1.3758 1.3762 –.0025 536June 1.3797 1.3851 1.3759 1.3764 –.0025 134,647Swiss Franc (CME)-CHF 125,000; $ per CHFJune 1.0670 1.0695 1.0655 1.0670 –.0002 40,704Sept 1.0692 1.0720 1.0684 1.0697 –.0002 148AustralianDollar (CME)-AUD 100,000; $ perAUDApril .7637 .7656 .7617 .7630 .0006 143June .7640 .7659 .7618 .7632 .0006 132,036MexicanPeso (CME)-MXN500,000; $ perMXNApril .04834 .04848 .04804 .04834 –.00015 401June .04808 .04823 .04771 .04804 –.00015 128,655Euro (CME)-€125,000; $ per €April 1.1797 1.1799 t 1.1767 1.1769 –.0027 1,136June 1.1812 1.1814 t 1.1780 1.1783 –.0027 630,637

IndexFuturesMiniDJ Industrial Average (CBT)-$5 x indexJune 32951 33134 s 32746 33032 78 92,095Sept 32638 33009 s 32635 32917 79 262S&P500 Index (CME)-$250 x indexJune 3943.60 3964.80 3930.10 3958.90 –5.90 12,297Mini S&P500 (CME)-$50 x indexJune 3962.25 3971.25 3928.75 3959.00 –5.75 2,566,304Sept 3952.75 3960.75 3919.25 3948.75 –6.00 3,513

Sept 2208.60 2217.40 2150.20 2151.50 –63.00 176Mini Russell 1000 (CME)-$50 x indexJune 2217.50 2234.00 2213.10 2225.50 –8.50 9,486U.S. Dollar Index (ICE-US)-$1,000 x indexJune 92.73 92.98 s 92.72 92.96 .18 38,130Sept 92.77 92.94 s 92.73 92.94 .18 511

Source: FactSet

Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks

MoneyRates March 29, 2021

Key annual interest rates paid to borrowor lendmoney inU.S. and internationalmarkets. Rates beloware aguide to general levels but don’t always represent actual transactions.

InflationFeb. index ChgFrom (%)

level Jan. '21 Feb. '20

U.S. consumer price indexAll items 263.014 0.55 1.7Core 270.696 0.35 1.3

International rates

Week 52-WeekLatest ago High Low

Prime ratesU.S. 3.25 3.25 3.25 3.25Canada 2.45 2.45 2.95 2.45Japan 1.475 1.475 1.475 1.475

PolicyRatesEuro zone 0.00 0.00 0.00 0.00

Week —52-WEEK—Latest ago High Low

Treasury bill auction4weeks 0.015 0.005 0.190 0.00013weeks 0.020 0.015 0.280 0.01526weeks 0.040 0.040 0.290 0.040

Secondarymarket

FannieMae30-yearmortgage yields

30days 2.534 2.616 2.622 1.75160days 2.576 2.663 2.674 1.804

Other short-term rates

Week 52-WeekLatest ago high low

Callmoney2.00 2.00 2.00 2.00

Commercial paper (AA financial)90days 0.07 0.12 0.26 0.04

LiborOnemonth 0.10850 0.10738 1.01625 0.10300Threemonth 0.20250 0.19050 1.45050 0.17525Sixmonth 0.20288 0.20413 1.23825 0.18950One year 0.28150 0.27625 1.06013 0.27588

Euro LiborOnemonth -0.579 -0.575 -0.360 -0.607Threemonth -0.550 -0.543 -0.142 -0.574Sixmonth -0.524 -0.520 -0.052 -0.543One year -0.495 -0.490 0.008 -0.511

SecuredOvernight FinancingRate0.01 0.01 0.13 0.01

Value 52-WeekLatest Traded High Low

DTCCGCFRepo IndexTreasury 0.027 37.500 0.151 -0.008MBS 0.043 52.700 0.169 0.002

Notes ondata:U.S. prime rate is the base rate on corporateloans posted by at least 70%of the 10 largestU.S. banks, and is effectiveMarch 16, 2020.Other prime rates aren’t directly comparable;lending practices varywidely by location;Discount rate is effectiveMarch 16, 2020.SecuredOvernight FinancingRate is as ofMarch 26, 2021. DTCCGCFRepo Index isDepository Trust&Clearing Corp.'sweightedaverage for overnight trades in applicableCUSIPs. Value traded is in billions ofU.S. dollars.Federal-funds rates are Tullett Prebon rates asof 5:30 p.m. ET.Sources: Federal Reserve; Bureau of LaborStatistics; DTCC; FactSet;Tullett Prebon Information, Ltd.

Switzerland 0.00 0.00 0.50 0.00Britain 0.10 0.10 0.10 0.10Australia 0.10 0.10 0.25 0.10

Overnight repurchaseU.S. 0.02 0.00 0.14 -0.07

U.S. government rates

Discount0.25 0.25 0.25 0.25

Federal fundsEffective rate 0.0700 0.0700 0.1400 0.0600High 0.1200 0.0900 0.3500 0.0800Low 0.0500 0.0500 0.0600 0.0000Bid 0.0600 0.0700 0.1000 0.0100Offer 0.0800 0.0800 0.1200 0.0500

Week —52-WEEK—Latest ago High Low

Bonds | wsj.com/market-data/bonds/benchmarks

Global GovernmentBonds:MappingYieldsYields and spreads over or underU.S. Treasurys on benchmark two-year and 10-year government bonds inselected other countries; arrows indicatewhether the yield rose(s) or fell (t) in the latest session

Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis pointsCoupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago

0.125 U.S. 2 0.143 s l 0.141 0.145 0.2571.125 10 1.721 s l 1.658 1.459 0.744

5.500 Australia 2 0.083 t l 0.086 0.129 0.254 -6.2 -5.9 0.8

1.500 10 1.696 s l 1.665 1.894 0.929 -2.1 -2.0 24.6

0.000 France 2 -0.617 s l -0.634 -0.589 -0.652 -76.1 -77.9 -89.8

0.000 10 -0.072 s l -0.105 -0.004 -0.068 -178.9 -179.0 -75.1

0.000 Germany 2 -0.704 s l -0.712 -0.654 -0.708 -84.9 -85.6 -95.4

0.000 10 -0.315 s l -0.344 -0.259 -0.477 -203.2 -202.9 -116.0

0.050 Italy 2 -0.391 s l -0.405 -0.256 0.198 -53.5 -54.9 -4.8

0.900 10 0.646 s l 0.613 0.769 1.319 -107.2 -107.2 63.6

0.100 Japan 2 -0.133 s l -0.135 -0.125 -0.170 -27.8 -28.0 -41.6

0.100 10 0.070 t l 0.081 0.158 0.010 -164.7 -160.4 -67.3

0.000 Spain 2 -0.504 s l -0.522 -0.406 -0.267 -64.9 -66.7 -51.3

0.100 10 0.315 s l 0.288 0.405 0.528 -140.2 -139.7 -15.5

0.125 U.K. 2 0.071 s l 0.065 0.130 0.130 -7.4 -8.0 -11.6

4.750 10 0.790 s l 0.758 0.822 0.364 -92.7 -92.7 -32.0

Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close

CorporateDebtPrices of firms' bonds reflect factors including investors' economic, sectoral and company-specificexpectationsInvestment-grade spreads that tightened themost…

Spread*, in basis pointsIssuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Lastweek

BancoSantander SANTAN 5.179 1.96 Nov. 19, ’25 109 –8 n.a.GoldmanSachs GS 6.750 3.49 Oct. 1, ’37 106 –6 107Jefferies JEF 6.250 3.68 Jan. 15, ’36 196 –6 n.a.PhilipMorris International PM 4.125 3.52 March 4, ’43 111 –6 n.a.

Georgia Power … 2.100 0.64 July 30, ’23 50 –6 n.a.UnitedHealth UNH 4.750 3.30 July 15, ’45 87 –6 93Metropolitan LifeGlobal Funding … 2.950 2.33 April 9, ’30 63 –5 65MorganStanley MS 6.250 1.68 Aug. 9, ’26 81 –5 83

…Andspreads thatwidened themostCredit SuisseGroupFunding … 3.800 0.86 June 9, ’23 72 16 55ViacomCBS VIAC 4.375 3.90 March 15, ’43 147 8 145ToyotaMotor Credit TOYOTA 3.000 1.16 April 1, ’25 28 7 28Wells Fargo WFC 5.606 3.85 Jan. 15, ’44 144 7 138

DominionEnergy D 5.950 3.19 June 15, ’35 148 6 136Mitsubishi UFJ Financial MUFG 2.193 1.36 Feb. 25, ’25 48 6 45AmericanHondaFinance HNDA 1.800 2.47 Jan. 13, ’31 75 5 78SvenskaHandelsbanken SHBASS 3.900 0.48 Nov. 20, ’23 34 5 30

High-yield issueswith thebiggest price increases…BondPrice as%of face value

Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Lastweek

WeWork WEWORK 7.875 7.98 May1, ’25 99.625 0.88 90.500AmericanAirlines AAL 5.750 4.81 April 20, ’29 106.250 0.50 106.000SensataTechnologies ST 5.000 2.45 Oct. 1, ’25 110.813 0.44 110.126Navient NAVI 6.750 4.90 June 15, ’26 108.410 0.40 106.875

TenetHealthcare THC 6.750 2.81 June 15, ’23 108.375 0.38 108.000CrownAmericas … 4.500 1.46 Jan. 15, ’23 105.354 0.35 105.125PrimeSecurity ServicesBorrower PRSESE 5.250 2.87 April 15, ’24 106.875 0.34 106.118Sprint S 7.125 2.16 June 15, ’24 115.300 0.30 114.865

…Andwith thebiggest price decreasesSprint Capital … 8.750 3.52 March 15, ’32 147.250 –0.66 145.600Apache APA 6.000 5.11 Jan. 15, ’37 109.600 –0.56 n.a.PrimeSecurity ServicesBorrower PRSESE 5.750 4.11 April 15, ’26 107.400 –0.54 106.375WeWork WEWORK 7.875 7.98 May1, ’25 99.625 –0.50 91.250

DishDBS … 5.875 4.58 Nov. 15, ’24 104.288 –0.44 104.125NokiaOyj NOKIA 4.375 3.19 June 12, ’27 106.625 –0.38 106.123

*Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-runTreasury; 100basis points=one percentage pt.; change in spread shown is for Z-spread.Note: Data are for themost active issue of bondswithmaturities of two years ormore

Source:MarketAxess

BroadMarketBloombergBarclays

2209.91 -3.4 U.S. Aggregate 1.600 1.020 1.620

U.S. Corporate IndexesBloombergBarclays

3282.95 -5.0 U.S. Corporate 2.300 1.740 3.540

3042.00 -2.2 Intermediate 1.590 1.080 3.330

4700.62 -9.3 Long term 3.510 2.730 3.910

657.62 -5.7 Double-A-rated 1.960 1.300 2.380

876.63 -4.5 Triple-B-rated 2.540 2.010 4.360

HighYieldBonds ICEBofA

n.a. n.a. HighYield Constrained n.a. n.a. n.a.

n.a. n.a. Triple-C-rated n.a. n.a. n.a.

n.a. n.a. HighYield 100 n.a. n.a. n.a.

n.a. n.a. Global HighYield Constrained n.a. n.a. n.a.

n.a. n.a. EuropeHighYield Constrained n.a. n.a. n.a.

U.SAgencyBloombergBarclays

1838.10 -1.5 U.SAgency 0.770 0.460 0.960

1611.28 -1.0 10-20 years 0.640 0.340 0.830

3971.26 -7.0 20-plus years 2.430 1.290 2.460

2828.12 -3.6 Yankee 1.830 1.370 2.880

TrackingBondBenchmarksReturn on investment and spreads over Treasurys and/or yields paid to investors comparedwith 52-weekhighs and lows for different types of bondsTotalreturn YTD total Yield (%)close return (%) Index Latest Low High

*Constrained indexes limit individual issuer concentrations to 2%; theHighYield 100 are the 100 largest bonds † In local currency §Euro-zone bonds

** EMBIGlobal Index Sources: ICEDataServices; BloombergBarclays; J.P.Morgan

Totalreturn YTD total Yield (%)close return (%) Index Latest Low High

Mortgage-BackedBloombergBarclays

2205.60 -1.1 Mortgage-Backed 1.830 0.930 1.850

2154.11 -1.1 GinnieMae (GNMA) 1.810 0.290 1.840

1302.80 -1.1 Fanniemae (FNMA) 1.830 1.110 1.850

1997.35 -1.2 FreddieMac (FHLMC) 1.840 1.080 1.860

n.a. n.a. MuniMaster n.a. n.a. n.a.

n.a. n.a. 7-12 year n.a. n.a. n.a.

n.a. n.a. 12-22 year n.a. n.a. n.a.

n.a. n.a. 22-plus year n.a. n.a. n.a.

Global Government J.P.Morgan†

595.36 -3.2 Global Government 0.930 0.460 0.960

828.57 -4.1 Canada 1.450 0.610 1.520

410.99 -2.3 EMU§ 0.319 0.010 0.715

769.61 -3.0 France 0.210 -0.160 0.390

538.77 -2.4 Germany -0.200 -0.530 -0.120

294.57 -0.2 Japan 0.320 0.190 0.420

599.82 -3.0 Netherlands -0.070 -0.450 -0.010

1022.23 -6.7 U.K. 1.090 0.410 1.170

890.87 -4.6 EmergingMarkets ** 4.992 4.295 6.711

Key InterestRatesData are annualized on a 360-day basis. Treasury yields are per annum,on actively traded noninflation and inflation-indexed issues that areadjusted to constantmaturities. Data are fromweekly Federal ReservereleaseH.15.

WeekEnded 52-WeekMar 26 Mar 19 High Low

Federal funds (effective)0.07 0.07 0.15 0.04

Commercial paperNonfinancial1-month 0.07 0.07 1.60 0.062-month 0.07 0.07 1.46 0.063-month 0.09 0.09 1.84 0.07Financial1-month n.a. n.a. 2.15 0.082-month 0.08 n.a. 2.27 0.083-month 0.09 0.13 2.44 0.09

Discountwindowprimary credit0.25 0.25 0.25 0.25

Treasury yields at constantmaturities1-month 0.02 0.01 0.15 0.013-month 0.02 0.02 0.19 0.01

WeekEnded 52-WeekMar 26 Mar 19 High Low

6-month 0.04 0.05 0.21 0.041-year 0.07 0.07 0.22 0.072-year 0.14 0.15 0.31 0.113-year 0.31 0.32 0.36 0.135-year 0.84 0.85 0.85 0.217-year 1.30 1.31 1.31 0.3910-year 1.65 1.66 1.66 0.5520-year 2.25 2.32 2.32 0.99

Treasury yields (secondarymarket)1-month 0.02 0.01 0.14 0.003-month 0.02 0.02 0.19 -0.016-month 0.04 0.05 0.21 0.04

TIPS5-year -1.69 -1.70 -0.10 -1.847-year -1.14 -1.12 -0.15 -1.4410-year -0.67 -0.63 -0.16 -1.0520-year -0.18 -0.08 -0.08 -0.70Long-termavg -0.07 0.03 0.03 -0.50

Notes on data:Federal-funds rate is an average for the seven days endedWednesday,weighted according to rateson broker trades;Commercial paper rates are discounted offer rates interpolated fromsales bydiscounted averages of dealer bid rates on nationally traded certificates of deposit;Discountwindowprimary credit rate is charged for discountsmade and advances extended under the FederalReserve's primary credit discountwindowprogram; rate is average for seven days endedWednesday;Inflation-indexed long-termTIPS average is indexed and is based on the unweighted average bidyields for all TIPSwith remaining terms tomaturity of 10 years ormore;

Sources: Federal Reserve; for additional information on these rate data and their derivation,please see,www.federalreserve.gov/releases/h15/data.htm

COMMODITIES wsj.com/market-data/commodities

Net YTDFund NAV Chg %Ret

American Century InvUltra 75.27 -0.13 -0.9American Funds Cl AAmcpA p 40.87 -0.19 4.5AMutlA p 48.28 ... 8.7BalA p 31.30 -0.06 4.0BondA p 13.34 -0.01 -3.0CapIBA p 66.06 -0.09 5.5CapWGrA 61.89 -0.16 4.5EupacA p 68.63 -0.54 -1.0FdInvA p 73.41 -0.28 6.4GwthA p 68.41 -0.33 1.3HI TrA p 10.24 ... 2.1ICAA p 47.57 -0.06 7.4IncoA p 24.92 -0.04 6.5N PerA p 61.26 -0.24 1.3NEcoA p 59.35 -0.54 -0.3NwWrldA 87.79 -0.55 -0.2SmCpA p 80.60 -1.34 1.3TxExA p 13.55 +0.01 ...WshA p 54.61 -0.13 9.3

Net YTDFund NAV Chg %Ret

Artisan FundsIntlVal Inst 43.29 -0.27 8.6Baird FundsAggBdInst 11.32 -0.02 -3.4CorBdInst 11.69 -0.02 -3.2BlackRock FundsHiYBlk 7.76 ... 0.7HiYldBd Inst 7.75 -0.01 0.6BlackRock Funds AGlblAlloc p 21.87 -0.09 2.1BlackRock Funds InstStratIncOpptyIns 10.33 -0.01 0.2Bridge Builder TrustCoreBond 10.39 -0.02 -3.3CorePlusBond 10.26 -0.02 -2.9Intl Eq 13.95 -0.08 4.4LargeCapGrowth 21.05 -0.04 2.3LargeCapValue 16.41 -0.07 11.5Columbia Class IDivIncom I 28.14 -0.04 9.5Dimensional Fds

Net YTDFund NAV Chg %Ret

5GlbFxdInc 10.89 -0.01 ...EmgMktVa 30.94 +0.21 8.0EmMktCorEq 25.41 +0.01 4.7IntlCoreEq 15.54 -0.08 6.7IntSmCo 21.59 -0.12 6.5IntSmVa 20.85 -0.16 9.0TAUSCoreEq2 25.13 -0.22 9.3US CoreEq1 32.25 -0.23 8.7US CoreEq2 29.66 -0.26 10.0US Small 44.73 -1.12 16.4US SmCpVal 42.90 -1.12 24.6US TgdVal 29.02 -0.72 23.0USLgVa 43.11 -0.32 14.9Dodge & CoxBalanced 110.06 -0.63 10.0GblStock 14.89 -0.13 12.0Income 14.11 -0.01 -2.6Intl Stk 47.07 -0.43 7.7Stock 221.27 -1.74 16.1DoubleLine FundsCoreFxdIncmI NA ... NA

Monday, March 29, 2021

Mutual Funds Net YTDFund NAV Chg %Ret

Net YTDFund NAV Chg %Ret

Net YTDFund NAV Chg %Ret

Net YTDFund NAV Chg %Ret

Net YTDFund NAV Chg %Ret

Net YTDFund NAV Chg %Ret

Net YTDFund NAV Chg %Ret

Top 250 mutual-funds listings for Nasdaq-published share classes by net assets.

e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes eand s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply,12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and rapply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Notavailable due to incomplete price, performance or cost data. NE-Not released by Lipper;data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period.

TotRetBdI 10.50 -0.01 -1.4Edgewood Growth InstitutiEdgewoodGrInst 52.16 -0.17 0.8Fidelity500IdxInstPrem138.12 -0.12 6.1Contrafund K6 19.14 +0.03 1.4ExtMktIdxInstPre 87.82 -1.94 5.2FidSerToMarket 13.67 -0.07 5.9IntlIdxInstPrem 47.41 -0.24 3.9MidCpInxInstPrem 28.98 -0.30 7.3SAIUSLgCpIndxFd 20.83 -0.02 6.1SeriesBondFd 10.36 -0.02 -3.5SeriesOverseas 12.61 -0.06 1.7SmCpIdxInstPrem 27.36 -0.80 9.5TMktIdxInstPrem114.10 -0.54 5.9USBdIdxInstPrem 11.95 -0.03 -3.6Fidelity Advisor INwInsghtI 37.46 -0.01 1.7Fidelity FreedomFF2020 17.49 -0.07 1.9FF2025 15.83 -0.07 2.5FF2030 19.87 -0.09 3.1FF2035 17.30 -0.10 4.4FF2040 12.38 -0.08 5.4Freedom2025 K 15.80 -0.07 2.5Freedom2030 K 19.85 -0.10 3.1Freedom2035 K 17.28 -0.09 4.4Freedom2040 K 12.38 -0.07 5.4Fidelity InvestBalanc 29.38 -0.14 3.9BluCh 164.42 -1.54 0.8Contra 16.70 +0.03 1.9ContraK 16.74 +0.03 1.9CpInc r 11.01 -0.03 3.5

GroCo 32.99 -0.23 0.4GrowCoK 33.09 -0.23 0.4InvGrBd 11.52 -0.03 -2.9LowP r 55.31 -0.50 13.7Magin 13.05 -0.01 ...NASDAQ r 164.14 -0.99 1.5OTC 17.91 -0.08 2.2Puritn 26.99 -0.13 3.7SrsEmrgMkt 25.45 -0.10 2.0SrsGlobal 14.87 -0.06 3.7SrsGroCoRetail 22.94 -0.16 0.7SrsIntlGrw 17.97 -0.06 1.1SrsIntlVal 10.88 -0.07 7.8TotalBond 10.96 -0.02 -2.7Fidelity SAITotalBd 10.42 -0.02 -2.6Fidelity SelectsSoftwr r 27.16 -0.15 0.1Tech r 26.95 -0.35 0.3First Eagle FundsGlbA 64.17 -0.14 4.8Franklin A1CA TF A1 p 7.71 ... -0.8IncomeA1 p 2.45 ... 7.8FrankTemp/Frank AdvIncomeAdv 2.43 ... 7.9FrankTemp/Franklin AGrowth A p 137.27 -0.40 1.4RisDv A p 83.87 -0.22 4.6Guggenheim Funds TruTotRtnBdFdClInst 28.37 -0.08 -3.8Harbor FundsCapApInst 98.44 -0.71 -5.5Harding Loevner

IntlEq 28.71 -0.05 1.0Invesco Funds YDevMktY 53.67 -0.22 0.4John Hancock InstlDispValMCI 26.37 -0.31 13.1JPMorgan I ClassCoreBond 11.87 -0.04 NAEqInc 21.64 -0.13 NAJPMorgan R ClassCoreBond 11.88 -0.05 NALord Abbett AShtDurIncmA p 4.20 ... 0.4Lord Abbett FShtDurIncm 4.20 ... 0.4Metropolitan WestTotRetBdI 10.81 -0.02 -3.0TRBdPlan 10.14 -0.02 -3.0MFS Funds Class IGrowth I 161.26 -0.10 -0.3ValueI 49.22 -0.02 9.5MFS Funds InstlIntlEq 31.07 -0.06 1.4Northern FundsStkIdx 44.41 -0.04 6.1Old Westbury FdsLrgCpStr 17.68 -0.10 3.2Parnassus FdsParnEqFd 57.44 -0.03 7.1PGIM Funds Cl ZHighYield 5.52 ... 1.4TotalReturnBond NA ... NAPIMCO Fds InstlAllAsset NA ... NAShortT NA ... NA

TotRt NA ... NAPIMCO Funds AIncomeFd NA ... NAPIMCO Funds I2Income NA ... NAPIMCO Funds InstlIncomeFd NA ... NAPrice FundsBlChip 164.99 -0.23 -0.3DivGro 63.08 -0.18 5.1EqInc 35.32 -0.29 13.1Growth 98.59 -0.28 1.7HelSci 96.58 -0.71 -2.3LgCapGow I 62.97 -0.17 2.9MidCap 115.41 -0.93 2.1NHoriz 78.84 -1.00 -4.2R2020 23.40 -0.07 2.9R2025 20.02 -0.07 3.4R2030 29.60 -0.11 4.0R2035 22.22 -0.11 4.6R2040 32.02 -0.16 5.2PRIMECAP Odyssey FdsAggGrowth r 55.45 -0.77 3.3Schwab Funds1000 Inv r NA ... NAS&P Sel NA ... NATSM Sel r NA ... NAVANGUARD ADMIRAL500Adml 366.46 -0.32 6.1BalAdml 44.90 -0.16 2.1CAITAdml 12.23 ... -0.5CapOpAdml r190.28 -1.46 7.2EMAdmr 42.79 -0.02 2.8EqIncAdml 87.30 -0.09 10.8

ExplrAdml 124.88 -2.52 4.3ExtndAdml 130.82 -2.89 5.2GNMAAdml 10.64 ... -0.7GrwthAdml 131.09 -0.20 0.6HlthCareAdml r 89.66 -0.02 0.1HYCorAdml r 5.91 +0.01 -0.1InfProAd 27.97 -0.07 -1.2IntlGrAdml 156.38 -1.89 -2.4ITBondAdml 12.02 -0.03 -4.1ITIGradeAdml 10.05 -0.02 -3.5LTGradeAdml 10.52 -0.05-10.1MidCpAdml 272.15 -2.49 6.4MuHYAdml 11.93 +0.01 0.5MuIntAdml 14.74 +0.01 -0.3MuLTAdml 12.12 +0.01 -0.3MuLtdAdml 11.22 ... ...MuShtAdml 15.93 ... 0.1PrmcpAdml r168.04 -0.77 9.2RealEstatAdml130.84 -0.69 9.3SmCapAdml100.53 -2.09 8.1SmGthAdml 93.70 -2.16 -0.3STBondAdml 10.78 ... -0.5STIGradeAdml 10.93 -0.01 -0.5TotBdAdml 11.15 -0.02 -3.6TotIntBdIdxAdm 22.86 -0.04 -2.1TotIntlAdmIdx r 33.70 -0.11 4.1TotStAdml 100.02 -0.46 5.9TxMCapAdml208.33 -0.56 5.7TxMIn r 15.83 -0.07 4.4USGroAdml 164.53 -1.70 -3.2ValAdml 51.52 -0.10 11.6WdsrllAdml 76.43 -0.38 11.3WellsIAdml 69.04 -0.07 1.3WelltnAdml 78.85 -0.07 3.6

WndsrAdml 80.62 -0.44 12.9VANGUARD FDSDivdGro 34.73 +0.14 5.1INSTTRF2020 26.57 -0.07 1.2INSTTRF2025 27.93 -0.09 1.7INSTTRF2030 28.80 -0.09 2.4INSTTRF2035 29.60 -0.09 3.0INSTTRF2040 30.42 -0.11 3.6INSTTRF2045 31.17 -0.11 4.3INSTTRF2050 31.27 -0.12 4.3INSTTRF2055 31.35 -0.12 4.3IntlGr 49.15 -0.60 -2.5IntlVal 42.56 -0.18 5.7LifeCon 22.63 -0.06 0.1LifeGro 41.66 -0.14 3.5LifeMod 32.22 -0.09 1.8PrmcpCor 32.37 -0.19 11.7STAR 31.64 -0.18 1.8TgtRe2015 15.78 -0.03 0.3TgtRe2020 34.70 -0.10 1.2TgtRe2025 21.91 -0.07 1.7TgtRe2030 41.51 -0.13 2.4TgtRe2035 25.98 -0.08 3.0TgtRe2040 45.88 -0.16 3.6TgtRe2045 29.39 -0.11 4.3TgtRe2050 47.42 -0.18 4.3TgtRet2055 51.48 -0.19 4.3TgtRetInc 14.90 -0.03 0.1TotIntBdIxInv 11.43 -0.02 -2.2USGro 63.51 -0.66 -3.2WellsI 28.50 -0.03 1.3Welltn 45.67 -0.03 3.6WndsrII 43.07 -0.22 11.2VANGUARD INDEX FDS

ExtndIstPl 322.83 -7.11 5.2IdxIntl 20.15 -0.06 4.1MdCpGrAdml 91.02 -0.95 -0.2SmValAdml 70.16 -1.33 15.3TotBd2 10.99 -0.02 -3.7TotIntlInstIdx r134.76 -0.45 4.1TotItlInstPlId r134.80 -0.45 4.1TotSt 99.99 -0.46 5.9VANGUARD INSTL FDSBalInst 44.91 -0.15 2.1DevMktsIndInst 15.85 -0.07 4.4DevMktsInxInst 24.78 -0.11 4.5ExtndInst 130.81 -2.89 5.2GrwthInst 131.10 -0.20 0.6InPrSeIn 11.40 -0.02 -1.2InstIdx 346.78 -0.30 6.1InstPlus 346.79 -0.31 6.1InstTStPlus 78.09 -0.36 5.9MidCpInst 60.12 -0.55 6.5MidCpIstPl 296.50 -2.71 6.5SmCapInst 100.53 -2.08 8.1SmCapIstPl 290.16 -6.02 8.1STIGradeInst 10.93 -0.01 -0.5STIPSIxins 25.88 -0.02 1.2TotBdInst 11.15 -0.02 -3.6TotBdInst2 10.99 -0.02 -3.7TotBdInstPl 11.15 -0.02 -3.6TotIntBdIdxInst 34.31 -0.06 -2.1TotStInst 100.03 -0.46 5.9ValueInst 51.52 -0.09 11.6WCM Focus FundsWCMFocIntlGrwIns 24.50 -0.20 -1.0Western AssetCoreBondI NA ... NACorePlusBdI NA ... NA

Data provided by

P2JW089000-1-B00800-1--------XA

THEWALL STREET JOURNAL. * * * * * Tuesday, March 30, 2021 | B9

refiners buy most crude un-der long-term deals, he said.

The new futures contractwill give Asian refiners a di-rect means to hedge againstmoves in the price of Mur-ban, instead of using deriva-tives linked to Dubai crude.

The first contract will expirenext month and is for oil thatwill be delivered in June.

Traders welcome the factthat Murban has multiplebuyers and sellers, reducingthe influence of any one com-pany over prices.

Adnoc owns 60% of theMurban produced. The re-maining 40% is shared be-tween companies includingBP PLC, Total SE and Japan’sInpex Corp. More than 60 re-finers in Asian countries in-cluding China, Japan andSouth Korea buy Murban.

For investors, the con-tracts will provide a means tospeculate on Middle Easterncrude prices.

A vehicle already exists infutures for Oman crude onthe Dubai Mercantile Ex-change. Adnoc hopes listingMurban on a marketplacethat hosts Brent futures willbolster its credentials amongmoney managers.

“The main, main ambitionis to allow Murban to be aglobally, freely traded com-modity that is not controlledby one company,” said KhaledSalmeen, Adnoc’s executive di-

rector for downstream indus-try, marketing and trading.

Allowing prices for differ-ent dates to move on an ex-change will put Murban on astronger footing when com-peting with oil from the U.S.,Mr. Salmeen said. Right now,refiners are in a difficult po-sition, he said: They like thecrude, but don’t know howmuch it will cost in June.

“We needed to make surethat they are able to have theWTI, the Brent, the Murbanright next to each other on thescreen,” Mr. Salmeen said.

Many commodity futuresfail to get off the ground, andMurban faces obstacles in be-coming an internationalbenchmark. The United ArabEmirates’ membership ofOPEC means production canquickly rise or fall, injectinguncertainty into prices.

Adnoc Chief Executive Sul-

tan Ahmed Al Jaber said theU.A.E.’s OPEC commitmentswouldn’t lead to difficultiesin trading Murban futures.Ample storage capacity at theFujairah terminal in the Gulfof Oman would enable con-tract holders to take deliveryof crude if the nation were tocut production in line withOPEC policy, he said.

Abu Dhabi’s decision tofree up the way Murbantrades shows how plentifulsupplies of oil have shiftedthe balance of power in themarket from sellers to buy-ers, said Adi Imsirovic, seniorresearch fellow at the OxfordInstitute for Energy Studies.

“For the contract to workproperly, sellers will be giv-ing up controls and restric-tions and giving the wholecontrol back to the market,”Mr. Imsirovic said. “It’s a bigdeal.”

Employees at the command center where oil and gas flow data is monitored at the Abu Dhabi National Oil Co. headquarters.

CHRIST

OPH

ERPIKE

/BLO

OMBE

RGNEW

S

Thecontractwill giveAsianrefinersadirectmeans tohedgeagainstpricemoves.

0.5%, to $325.73.Outside the U.S., shares of

Japanese bank Nomura fell16%. In Europe, Credit Suissedropped 14% and DeutscheBank lost 3.3%.

“There is widespread sell-ing because there is uncer-tainty about who’s involved,”and which banks may be hit,said Seema Shah, chief strat-egist at Principal Global In-vestors. “It is fear specific to

this, specific volatilityaround that circumstance.”

Shares of ViacomCBS andDiscovery, which wereamong the stocks subject tobig block sales last week,continued falling as well. Via-comCBS fell $3.22, or 6.7%, to$45.01 and Discoverydropped 67 cents, or 1.6%, to$41.23.

Companies thought to ben-efit from people working

The S&P 500 retreatedfrom a record, pressured bydeclines in shares of banksand technology stocks.

Financial stocks led de-clines after a large invest-ment fund last week un-

wound billionsof dollars inholdings, trig-gering concern

that global banks that dealtwith the firm could facesharp losses.

Credit Suisse Group andNomura Holdings said Mon-day that they could incursubstantial losses from deal-ings with a U.S. client. Nei-ther bank named its respec-tive client, but peoplefamiliar with the matter haveidentified the fund as formerTiger Asia manager Bill

BY ANNA HIRTENSTEINAND AKANE OTANI

MONDAY’SMARKETS

MARKETS

Hwang’s Archegos CapitalManagement, which sold $30billion in holdings last week.

“We don’t know yet theprime reason why this hedgefund had to liquidate,” saidLuc Filip, head of invest-ments at SYZ Private Bank-ing. “It adds to the unsettlingthings happening in the mar-ket.”

The contagion effect maybe limited, and any volatilityin markets could be fleeting,he added.

The Dow Jones IndustrialAverage rose 98.49 points, or0.3%, to 33171.37, erasinglosses after starting the trad-ing session lower. The S&P500 lost 3.45 points, or 0.1%,to 3971.09, paring losses fromearlier in the session, and theNasdaq Composite fell 79.08points, or 0.6%, to 13059.65.

Shares in some globalbanks fell as investors grewworried that more financialintermediaries may struggleto recoup money lent to thisclient.

Morgan Stanley dropped$2.10, or 2.6%, to $77.88 andGoldman Sachs fell $1.66, or

from home because of thepandemic also retreated, withPeloton Interactive falling$1.40, or 1.3%, to $105.02 andTeladoc Health falling $5.59,or 3.2%, to $171.30.

Such stocks surged in thefall, but their gains have beentempered in recent months asinvestors have tilted towardsectors poised to benefit themost from the economy re-opening.

Trading could remain vola-tile in the first half of theweek as fund managers ad-just their positions at the endof the first quarter, investorssaid. Despite Monday’s pull-back, major U.S. stock in-dexes remain on course topost gains for the quarter.

“There has been a goodperformance of equities, soyou could see some peopletaking profit,” said EstyDwek, head of global marketstrategy at Natixis Invest-ment Solutions. “I’m defi-nitely part of the buy-the-dipcamp.”

Bond yields have largelystabilized following a numberof weeks in which their sharp

uptick put pressure on equitymarkets, and particularlygrowth stocks.

The benchmark 10-yearTreasury note yield edged upto 1.721% from 1.658% on Fri-day. Bond yields rise asprices fall.

Overseas, the pan-conti-nental Stoxx Europe 600edged up 0.2%.

Early Tuesday, Japan’sNikkei was down less than0.1%, Hong Kong’s Hang SengIndex was up 1% and SouthKorea’s Kospi was up 1.3%.U.S. stock futures were un-changed.

Banking Shares Drive Down S&P 500Investors showconcern about lossestied to fund unloadingbillions in holdings

-3% -2 -1 0

Deutsche Bank

Morgan Stanley

KBWNasdaq Bank index

Citigroup

JPMorgan Chase

Bank of America

Goldman Sachs

Share-price and index performance,Monday

Source: FactSet

erode the influence of cartelleader Saudi Arabia overtime, said Philip Verleger, anenergy economist and presi-dent of PKVerleger LLC.

“Oil will flow more freelyaround the world where it isneeded, and that will make itmore difficult for OPEC tomaintain control on prices,”Mr. Verleger said.

Murban is a staple forAsian refiners, prized for itsrelatively low viscosity andsulfur content. State-ownedAbu Dhabi National Oil Co.vied for buyers with Americancompanies alongside Mideastexporters since the shaleboom unleashed oil in the U.S.

Traditionally, Adnoc setexport prices for Murban ret-roactively.

During the crisis in energymarkets last March, it begansetting prices one monthahead at a differential to anassessment of Dubai crudeprices by S&P Global Platts.For deliveries from June, Ad-noc will set prices twomonths in advance, usingfreely traded Murban futuresas a reference.

Adnoc also is ending thepractice of forbidding resales.Like Saudi Arabian Oil Co.,or Aramco, Adnoc has histori-cally limited trading to main-tain control over its crude.

“That’s pretty revolution-ary,” said Mike Muller, headof oil trading at Vitol Group,the world’s biggest indepen-dent oil trader and a share-holder in ICE Futures AbuDhabi. Lifting restrictionswill foster a more lively spotmarket for oil in Asia, where

Abu Dhabi allowed tradingof a futures contract linked toits flagship grade of crude forthe first time on Monday in adebut that could test OPEC’sgrip on oil prices.

Prices for Murban futuresrose 0.6% to $63.90 a barrelon Intercontinental ExchangeInc.’s new ICE Futures AbuDhabi marketplace. Tradingwas brisk: More than 6,300lots, equating to over 6.3 mil-lion barrels of crude, changedhands by 5 p.m. local time, or9 a.m. ET.

Futures forBrent crude,the bench-

mark in international energymarkets, edged up 0.6% to$64.98 a barrel after engi-neers freed the container shipthat had blocked the Suez Ca-nal, a thoroughfare for oil andgas. West Texas Intermediate,the main grade of U.S. crude,rose 1% to $61.56 a barrel.

Abu Dhabi plans to relin-quish control over prices ofMurban to investors andtraders, a major step in ef-forts to fortify its position inthe international oil market.The goal is to make Murbanmore attractive to refiners inAsia, where oil producers arebattling for customers asWestern governments seek tophase out fossil fuels.

By allowing crude to trademore freely, the emiratecould undermine the sway ofthe Organization of the Petro-leum Exporting Countriesover prices. The changes thatAbu Dhabi is making will

BY JOE WALLACE

Futures ContractTo Test OPEC’sGrip on Oil

COMMODITIES

AUCTIONRESULTSHere are the results ofMonday's Treasury auctions.All bids are awarded at a single price at themarket-clearing yield. Rates are determined by the differencebetween that price and the face value.

13-Week 26-WeekApplications $159,537,047,900 $164,736,790,200Accepted bids $63,856,673,500 $60,495,642,700" noncomp $515,879,000 $430,533,400" foreign noncomp $500,000,000 $213,000,000Auction price (rate) 99.994944 99.979778

(0.020%) (0.040%)0.020% 0.041%

Bids at clearing yield accepted 57.36% 68.49%912796B40 912796F61

Both issues are datedApril 1, 2021. The 13-week billsmature on July 1, 2021; the 26-week billsmature onSept. 30, 2021.

SPACs began surging onto thestock market and the momen-tum continued into this year.Now, hundreds of SPACs aredoing deals or are on the huntfor companies to buy. Technol-ogy, electric vehicles andgreen energy have been espe-cially hot areas.

SPACs have been around fordecades but are taking off nowbecause the biggest playersfrom Wall Street and SiliconValley are using them to raisemoney and take companiespublic. They have raisednearly $95 billion in 2021,soaring past last year’s recordtotal, and account for about70% of all IPOs this year, ac-cording to Dealogic.

How do SPACs work?A SPAC’s “special purpose”

is to use the pile of cash itraises in its initial public offer-ing and other funds it takes into merge with a private com-pany. The private companythen gets the SPAC’s place inthe stock market. SPACs typi-cally have two years to com-plete a deal or they must re-turn money to investors. Lately,many have only needed a fewmonths to announce mergers.

Going public via a SPAC isappealing because it lets pri-

vate firms talk up their busi-ness. It also means their valu-ation is finalized with a smallgroup of players behindclosed doors before a deal isannounced. In a traditionalIPO, pricing can change untilthe night before shares starttrading.

In the stock market, theSPAC has three lives. The firstcomes after the IPO, when thecompany’s only asset typicallyis $10 in cash per share. Thestock trades around $10, andsavvy investors can makemoney anytime the share pricefalls too low by getting cash ata discount.

The second occurs after themerger is announced, whenthe shares often swing basedon how investors perceive thedeal.

The third happens after themerger is completed, when theshares rise and fall based onthe new company’s outlook,just like any other stock. Be-cause the private firm gets theSPAC’s place on a stock ex-change, the name of the stockand ticker symbol typicallychange to reflect the name ofthe newly public company. Forexample, DraftKings trades un-der the ticker DKNG.

SPACs are the investment ofthe moment. With interestrates on the floor and inves-tors chasing young companies,this is a dream scenario for thecompanies.

To know what’s next andhow the boom will end, inves-tors need to understand thesequirky financial concoctions.

What is a SPAC?SPAC stands for special-

purpose acquisition company,a publicly traded companythat holds nothing but cash.Also known as blank-checkcompanies, SPACs exist to buyprivate companies, and effec-tively take them public whileavoiding the pitfalls of a tradi-tional initial public offering.

The hot market has drawnin Wall Street bankers, techentrepreneurs and celebritiesranging from Serena Williamsto former Cosmopolitan editorJoanna Coles. SPACs havetaken popular companies likesports-betting firm Draft-Kings Inc. and space-tourismcompany Virgin GalacticHoldings Inc. public.

The SPAC explosionStarting last summer,

BY PETER SANTILLIAND AMRITH RAMKUMAR

Financial Conditions Fuel Creation of Blank-Check FirmsShare prices of select SPACs and the companies they took public

Source: FactSetNote: Each chart begins when common shares of the SPAC began trading separately from units, which typically happens a short time after a SPAC’s IPO.

Social CapitalHedosophiaHoldings Corp. III

$20

0

10

’21July 2020

Clover HealthUWMHoldingsGoresHoldings IV

$20

0

10

’21April 2020

QuantumScapeKensingtonCapitalAcquisition

$150

10

50

100

’21Sept. 2020

MERGERANNOUNCED

COMPLETE$80

0

10

40

2018 ’19 ’20 ’21

VirginGalactic

Social CapitalHedosophiaHoldings

NikolaVectoIQAcquisition

$80

0

10

40

2019 ’20 ’21

DraftKingsDiamondEagleAcquisition

$80

0

10

40

2020 ’21

P2JW089000-5-B00900-1--------XA

B10 | Tuesday, March 30, 2021 THEWALL STREET JOURNAL.

solar panels and electric vehicles.It will likely take much longer tocatch up in chips, though, giventhat key technologies are firmlyheld outside the country.

Importantly, it isn’t just lumber-ing state firms behind the effort.China’s tech companies are increas-ingly trying to design their ownchips. ByteDance, for example, is hir-ing engineers to design ARM-basedserver chips. Alibaba and Baidu alsohave in-house chip-design units.Huawei previously designed its ownchips in-house through its subsidiaryHiSilicon, but U.S. sanctions mean itcan no longer get chip makers tomanufacture them. Baidu’s chip unitwas valued at $2 billion in a fundinground that brought in a few private-equity funds this month.

Much of the money is ear-marked for chip design instead ofmanufacturing, which requires abigger initial investment in ex-change for slower and more uncer-tain returns. But further difficultiesin sourcing semiconductors mayforce Chinese companies to investin domestic manufacturing, too.

China could still take a long timeto develop its own supply chain forcutting-edge semiconductors, butprivate companies can help speedthe effort up. —Jacky Wong

Upbeat Forecasts Are Still Too DismalEconomy could exceed forecasters’ lofty expectations if the Covid-19 crisis doesn’t flare up again

HEARD ONTHESTREET

FINANCIAL ANALYSIS & COMMENTARY

China has pushed hard to be self-sufficient in semiconductors, andstate-backed chip firms have raisedhuge sums. But Beijing’s ambitionswill ultimately depend on the coun-try’s vibrant private sector, too.

Chinese leaders identified ad-vanced semiconductors among thetechnologies vulnerable to foreignpressure. China isn’t able to pro-duce the highest-performing chips,and it can’t do so without Ameri-can technologies such as chip-mak-ing equipment and design software.

The government has poured bil-lions into the sector, set up nationalchip funds and provided tax creditsfor semiconductor companies. Over50,000 new Chinese companies re-lated to semiconductors were regis-tered in 2020, more than triple the2015 number. China’s leading chipmaker, Semiconductor Manufac-turing International, said thismonth that it would spend $2.35billion to build a foundry in Shen-zhen with the city’s government.

One consequence is plenty ofwasted capital. A recent case inpoint: Hongxin, a rising star inWuhan with backing from the localgovernment, has run out of money.Many will suffer similar fates, buta handful may end up achievingsome breakthroughs, as they did in

All Work, No Play Risks ProfitConditions at investment banks onWall Street raise questions for investors

Last year, investment banks madebumper profits. This year some un-expected bills are turning up.

On Monday, Credit Suisse andNomura said they would both in-cur substantial losses from the col-lapse of an unnamed U.S. client,thought to be former Tiger Asiamanager Bill Hwang’s hedge fundArchegos. Nomura estimated itsexposure at roughly $2 billion,while Credit Suisse said it was“premature to quantify” the hit.Shares in both banks plummetedby more than 10%.

The sale of big blocks of shareslate last week by many banks—in-cluding Morgan Stanley, GoldmanSachs and Deutsche Bank—hintedat a hedge-fund collapse. Investorsshould brace for a wider fallout as itis unclear if all of Archegos’s posi-tions have yet been unwound.Shares in a handful of other lenderswith potential links to the fund wereslightly down in morning trading.

The losses come just weeks af-ter many global banks announcedfull-year results boosted by bil-lions of dollars in earnings frominvestment banks capitalizing onlast year’s market volatility. The

news is a reminder that there islingering risk associated withthose outsize gains. As the 2008financial crisis made clear, costs inbanking can come long after prof-its are booked and celebrated.

Credit Suisse is still digestingthe collapse earlier this month ofGreensill, a British supply-chainfinance company that declaredbankruptcy shortly after the Swissbank froze funds that provided itwith liquidity. The double hit couldbe an extraordinary run of badluck; there were other bankscaught up in both failures. Alterna-tively, it could point to endemicproblems of risk management atCredit Suisse. The Swiss companycarried on working with Greensilldespite internal concerns.

Shareholders understand thatinvestment banking is a high-risk,high-reward business. The irony isthat Credit Suisse didn’t have asrewarding a 2020 as many of itspeers due to the cost of previouslapses. Bumper trading profit inthe final quarter was swamped bytwo one-off charges: $850 millionin legal costs related to toxic secu-rities sales before the 2008 crisis

and a $450 million write-down ofits stake in hedge-fund York Capi-tal Management, bought in 2010.

It has been a tough first yearfor new Chief Executive ThomasGottstein. The Credit Suisse vet-eran was appointed February 2020to steady the ship after TidjaneThiam was ousted over a spyingscandal. It hasn’t been anythinglike the clean start the lender washoping for.

Regulators have forced banks tohold much more capital over thepast decade, which has been onereason for their low returns on eq-uity. In the jargon, Credit Suissehas a 12.9% common-equity Tier 1ratio of high-quality equity to risk-weighted assets, which should bemore than enough to absorb thelatest losses. The Archegos dramais a reminder, if any were needed,of why those return-sapping buf-fers are required.

—Rochelle Toplensky

Note: 2021 is economists’ average forecastSources: Commerce Department (historical);IHS Markit (forecast)

6

–4

–2

0

2

4

%

2005 ’07 ’09 ’11 ’13 ’15 ’17 ’19 ’21

Forecast

Fourth-quarterreal GDP, changefrom a year earlier

The Swiss bank and Nomura said they would incur substantial losses.

ARN

DWIEGMANN/R

EUTE

RS

It may only be tiny violins thatmost people would play for over-worked junior investment bankerson Wall Street. But their concernsdo raise some interesting ques-tions for investors about the profitsurge in the industry.

In recent weeks, there have beenseveral reports of complaints bypeople who do much of the processwork involved in pitches, projec-tions or presentations at Wall Streetinvestment banks, citing working allhours from home, sometimes whileliving with parents, amid a boom inactivity like special-purpose acquisi-tion companies, or SPACs. Firms re-portedly are paying some additionalbonuses, even in the form of Pelo-tons, and are offering other im-provements such as banning inter-nal Zoom meetings on Fridays.

After the 2008 financial crisis,one way investment banks dealt withoverall smaller fee pools and a shiftof activity to the “shadow banking”realm was by slimming down andwringing more out of their work-forces, which historically make up ahuge portion of expenses on WallStreet. Front-office head counts havefallen in recent years, and ratios ofcompensation to total revenue havemostly trended a bit lower. At the

best firms, the aim was to pair thiswith productivity enhancements viatechnology, even for things like clientpresentations and sales calls, to keepup revenue-generating capacity ingood times. Banks also introducedchanges to work schedules severalyears ago, such as protected week-ends, to bolster recruiting.

In 2020, that effort paid off in ahuge way in operating leverage, byseveral measures. Coalition Green-wich, which tracks the dozen larg-est investment banks globally, re-ported an uptick in revenue-per-head of more than 40% from theprior year in fixed-income tradingand about 20% across equitiestrading and deal making. Last yearwas the highest in over a decadefor big banks’ investment-bankingrevenues globally and saw operat-ing margins jump to 44% from 29%in 2019, Coalition Greenwich said.

The New York City securities in-dustry’s average bonus as tallied bythe New York state comptrollergrew 10% in 2020 from the prioryear, while pretax profits for securi-ties broker-dealers grew 81%. Usingcompensation ratios compiled byanalysts at Barclays for MorganStanley and JPMorgan Chase fortheir investment-banking units, and

for Goldman Sachs Group acrossthe firm, the average ratio of com-pensation expense to revenue wasabout 29% in 2020, down from over32% the prior year.

The question is how much of thatoperating leverage in investmentbanking was driven not just by scal-ing their technologies and platforms,but by relatively smaller humanworkforces putting in unsustainableefforts. Wall Street has for sometime had to fight to keep many of itsmost talented junior employeesfrom jumping to clients and startupsthat have been stealing marketshare—so their relative happiness,while perhaps not society’s top con-cern, is of interest to investors.

Paying some bonuses to youngerstaffers won’t itself upend WallStreet’s economics. But it is alsolikely that the lack of office camara-derie and opportunities for in-personmentoring, as well as the missingperks of city life, are making heavyworkloads even harder to bear. ForWall Street at least, perhaps work-from-home can only be a temporaryboost to operating margins, withplush offices and entertainment bud-gets ultimately necessary expenses.At least that is good news for big-city property owners. —Telis Demos

Economists and policy makersare ratcheting up their forecastsfor how the U.S. economy will per-form this year. But if the vaccina-tion campaign now under way suc-ceeds in stamping out America’sCovid-19 crisis, those forecastscould still be too low.

In the beginning of January,economists surveyed by IHSMarkit said on average that theyexpected that real, or inflation-ad-justed, gross domestic productwould be 4% higher from a yearearlier in the fourth quarter. One$1.9 trillion economic-relief pack-age and more than 100 millionCovid-19 vaccination dose adminis-trations later, that forecast hasrisen to 6.3%.

Similarly, Federal Reserve policymakers now project GDP will grow6.5% over the same period, whichcompares with a projection of4.2% back in December.

If those forecasts come true, itwould be the fastest growth the

economy experienced, on a fourth-quarter-to-fourth-quarter basis,since 1983. Considering how muchmoney there is to put to work, it iseasy to imagine GDP growing evenmore quickly.

The $1.9 trillion in additionalrelief Congress passed earlier thismonth amounts to 8% of GDP, andalthough not all of it will make itsway into the economy this year,plenty of it will. Similarly, thecombination of last year’s govern-ment relief and people’s reducedspending during the pandemicsubstantially raised the amount ofmoney Americans have on hand.Fed figures show that at the endof last year, U.S. households had$2.8 trillion more in savings,checking and money-market ac-counts than at the end of 2019.That comes to about 13% of GDP.Not all of that will be spent as theeconomy opens, but it seems likelythat at least some of it will bepouring into the economy.

One reason forecasts aren’thigher may be that the most opti-mistic scenario, in which vaccina-tions continue apace and theCovid-19 crisis lessens, is no surething. Variants of the novel coro-

But any rebound in servicescould face some limits—peoplemight well eat out more, for exam-ple, but there are only so manyseats at the restaurant. The effectmight be to push some spendinginto next year.

Still, when the economy growsquickly, forecasters have a ten-dency to set their sights too low.In the four years spanning 1996 to1999, for example, economists sur-veyed by the Philadelphia Fed inthe first quarter of each of thoseyears said that GDP in the fourthquarter would be up by 2% to 2.5%from a year earlier.

But when those fourth-quarterGDP reports came out they wereconsistently higher by a significantdegree. Revised Commerce Depart-ment figures now show the econ-omy was then growing in excess of4% each year.

If things go well in the monthsahead, they could go really well.

—Justin Lahart

navirus might prove less resistantto current vaccines than is hoped.A high number of people mightopt against vaccination. Or peoplecould be slow to lower theirguards even when the Covid-19threat has passed.

Moreover, the health crisis is aglobal phenomenon, and with fewexceptions the vaccine rollouts inother countries aren’t nearly as faralong as in the U.S., if they havestarted at all. That includes majordestinations for U.S. exports, suchas the eurozone, Canada and Mex-ico. So layering a bit of cautioninto a bullish forecast makes somesense.

There also is a question of justhow quickly U.S. households couldstep up their spending even if theCovid-19 all-clear signal sounds.The downturn that the pandemicset off hit services spending cate-gories, such as restaurant mealsand movie tickets, much harderthan goods.

China’s Tech Giants HaveChip Ambitions, Too

Source: Coalition Greenwich

44

28

30

32

34

36

38

40

42

%

2014 ’15 ’16 ’17 ’18 ’19 ’20

Annual operatingmargin across the12 largest investmentbanks globally

Unraveling Archegos Fund Shows Risks of Investment Banking

Number of venture-capital orprivate-equity deals involvingsemiconductor-relatedcompanies in China

Source: China Venture

400

0

50

100

150

200

250

300

350

2011 ’12 ’13 ’14 ’15 ’16 ’17 ’18 ’19 ’20

For Wall Street, perhaps work-from-home can be a temporary boost to operatingmargins, with offices and entertainment budgets ultimately necessary expenses.

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