* * * * * * TUESDAY, APRIL 6, 2021 ~ VOL. CCLXXVII NO. 79 WSJ.com HHHH $4 .00

DJIA 33527.19 À 373.98 1.1% NASDAQ 13705.59 À 1.7% STOXX600 Closed (432.22) 10-YR. TREAS. À 1/32 , yield 1.718% OIL $58.65 g $2.80 GOLD $1,727.00 À $0.50 EURO $1.1813 YEN 110.18

BY RICHARD RUBINAND KATE DAVIDSON

U.S. AimsFor GlobalMinimumCorporateTax RateBiden team, seekingrevenue, hopes to keepforeign firms fromhaving an advantage

A thousand years ago,when money meant coins,China invented paper cur-rency. Now the Chinese gov-ernment is minting cash dig-itally, in a re-imagination ofmoney that could shake apillar of American power.

It might seem money isalready virtual, as creditcards and payment appssuch as Apple Pay in the U.S.and WeChat in China elimi-nate the need for bills orcoins. But those are justways to move money elec-tronically. China is turninglegal tender itself into com-

Supply chain problems arereaching into a far corner ofthe business universe: Ketchuppackets.

After enduring a year ofclosures, employee safetyfears and start-stop openings,many American restaurantsare now facing a nationwideketchup shortage. Restaurantsare trying to secure the table-top staple after Covid-19 up-ended the condiment worldorder. Managers areusing generic ver-sions, pouring outbulk ketchup into indi-vidual cups and hit-ting the aisles ofCostco for substitutes.

“We’ve been hunt-ing high and low,”said Chris Fuselier,owner of Denver-

Diners Start Dipping Back In,But Ketchup Can’t Catch Up

i i i

Pandemic turned restaurants intotakeout specialists, boosting demand

based Blake Street Tavern,who has struggled to keepketchup in stock for much ofthis year.

The pandemic turned manysit-down restaurants into take-out specialists, making indi-vidual ketchup packets the pri-mary condiment currency forboth national chains andmom-and-pop restaurants.Packet prices are up 13% sinceJanuary 2020, and their mar-ket share has exploded at theexpense of tabletop bottles,according to restaurant-busi-

ness platform Plate IQ.Even fast-food giants

are pleading for packets.Long John Silver’s LLC,a nearly 700-unit chain,had to seek ketchupfrom secondary suppli-ers because of the rushin demand. The indus-try’s pandemic shift to

PleaseturntopageA8

BY HEATHER HADDONAND ANNIE GASPARRO

WASHINGTON—TreasurySecretary Janet Yellen arguedfor a global minimum corporatetax rate Monday, seeking inter-national cooperation that iscrucial to funding the Biden ad-ministration’s $2.3 trillion in-frastructure proposal.

President Biden’s proposalto raise the corporate tax rateto 28% from 21% would pushthe U.S. from the middle of thepack among major economiesto near the top. The Biden planwould also impose a 21% mini-mum tax on U.S. companies’foreign income, remove an ex-port incentive and raise taxeson some foreign companies’U.S. operations.

If the U.S. raises its tax ratesand imposes higher burdens onU.S. companies’ foreign profits,a global minimum tax wouldhelp prevent companies head-quartered in other countriesfrom having a significant po-tential advantage. That coordi-nation and the ensuing tax rev-enue—not necessarily the aimsof U.S.-based companies—rankhigh on the administration’s

PleaseturntopageA2

puter code.Cryptocurrencies such as

bitcoin have foreshadowed apotential digital future formoney, though they existoutside the traditional globalfinancial system and aren’tlegal tender like cash issuedby governments.

China’s version of a digitalcurrency is controlled by itscentral bank, which will is-sue the new electronicmoney. It is expected to giveChina’s government vast newtools to monitor both itseconomy and its people. Bydesign, the digital yuan willnegate one of bitcoin’s major

PleaseturntopageA8

BY JAMES T. AREDDY

WASHINGTON—The Su-preme Court ruled for Alpha-bet Inc.’s Google in a multibil-lion-dollar battle with OracleCorp. over elements ofGoogle’s Android smartphone-operating system, a decisionthat could weaken softwarecopyright protections but al-low developers more room to

build on each other’s products.The court, in a 6-2 opinion

Monday by Justice StephenBreyer, threw out a lower-court ruling for Oracle thatsaid Android infringed itscopyrights on the Java soft-ware platform. The high courtsaid Google’s copying of someJava API code was fair use.APIs, or application program-ming interfaces, are prewrit-ten packages of computer code

that allow programs, websitesor apps to talk to one another.

“Google’s copying did notviolate the copyright law,”Justice Breyer wrote.

Oracle, which acquired theJava technology when itbought Sun Microsystems Inc.in 2010, accused Google of ille-gally copying more than 11,000lines of Java API code to de-velop Android, which runsmore than two billion mobile

devices world-wide.Oracle previously sought as

much as $9 billion in damagesfrom Google, though the com-pany might have faced chal-lenges in collecting that muchin penalty proceedings had itwon in the high court.

The ruling didn’t do awaywith copyright protections forAPIs but dealt a blow to themnevertheless, a potential set-

PleaseturntopageA6

BY BRENT KENDALLAND TRIPP MICKLE

Google Wins Copyright FightWith Oracle in Supreme Court

60 days past due in the fourthquarter, the highest quarterlyfigure in data going back to2005.

The missed payments are in-

creasing in what has otherwisebeen a period of relatively lowconsumer delinquencies, withstimulus payments, unemploy-

PleaseturntopageA6

BY ANNAMARIA ANDRIOTISAND BEN EISEN

Risky Borrowers Fall BehindOn Car Payments in Pandemic

Source: TransUnion

0

2

4

6

8

10%

2020 ’21

0

2

4

6

8

10%

2020 ’21

Share of auto accountsin deferment or otherhardship status

Share of subprime autoborrowerswho aremore than60 days late on payments

10.9%

2.5%

Note: Monthly rates

China Is CreatingDigital Currency, FirstFor aMajor EconomyCyber yuan will let Beijing track spending

in real time, pose challenge to dollar

Democrats pitch internationalcorporate tax plan.................. A2

A greater share of peoplewith low credit scores has beenfalling behind on their car pay-ments in recent months, a signof stress among consumerswhose finances have been hithard by the pandemic.

Some 10.9% of subprime bor-rowers with outstanding autoloans or leases were more than60 days past due in February,up from 10.7% in January and8.7% a year prior, according tocredit-reporting firm Trans-Union. It marked the sixth con-secutive month-over-month in-crease and the highest level inmonthly data going back to Jan-uary 2019.

More than 9% of subprimeauto borrowers were more than

INSIDE

Consumer agency seeks torestrict foreclosures............... A3

COURT

TV/PRE

SSPO

OL

U.S. NEWSMinneapolis police

chief testifies Chauvinviolated policies on use

of force. A3

BUSINESS & FINANCEHard hit by the

pandemic, gyms go tothe mat in fight forfinancial aid. B1

ANNAWAT

TSFO

RWSJ

Learn more atDellTechnologies.com/PowerStore

Plans change.PowerStoreadapts.Storage that’s always insync with the needs ofyour business.

CONTENTSArts in Review.... A11Business News.. B3,5Capital Journal...... A4Crossword............... A11Heard on Street. B12Markets..................... B11

Opinion.............. A13-15Personal Journal A9-10Sports........................ A12Technology............... B4U.S. News............. A2-6Weather................... A11World News...... A7,16

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

>

What’sNews

Yellen argued for a globalminimum corporate taxrate, seeking internationalcooperation that is crucialto funding the Biden ad-ministration’s $2.3 trillioninfrastructure proposal. A1Senate Democrats offeredproposals to increase taxeson U.S. firms’ foreign profitsand move the system in thesame general direction asthe administration’s plan. A2The Senate’s nonpartisanparliamentarian ruled in fa-vor of a Democratic effort topass additional legislationthrough a process calledreconciliation, according toa spokesman for Schumer.A4 The Minneapolis policechief testified at the trial ofDerek Chauvin that the for-mer officer violated multi-ple policies when he knelton George Floyd’s neck formore than nine minutes.A3McConnell threatened“serious consequences”for corporations that re-taliate against Republican-led efforts to pass newstate election laws. A4 India recordedmore than100,000 fresh Covid-19 casesfor the first time, exceed-ing the daily totals every-where else in the world. A16 Jordan’s royal family istrying to mediate a rift be-tween the country’s monarchand a former crown prince,the Royal Court said. A7HarveyWeinstein’s law-yers askedaNewYork appealscourt to grant the formermovie producer anew trial.A3Died: RobertMundell, 88,Nobel-winning economist.A2

The Supreme Court, in a6-2 opinion, ruled for

Alphabet’s Google in a mul-tibillion-dollar battle withOracle over elements ofGoogle’s Android smart-phone-operating system. A1A greater share of peoplewith low credit scores hasbeen falling behind on carpayments in recentmonths, asign of stress among consum-erswhose finances have beenhit hard by the pandemic. A1 Homeowners in arrearswould generally not faceforeclosure until 2022 un-der a proposal floated bythe Consumer FinancialProtection Bureau. A3U.S. stocks climbed in thefirst session after Friday’sjobs report, with the Dowand S&P 500 rising 1.1% and1.4%, respectively, to records.The Nasdaq added 1.7%. B11 GameStop said it couldraise hundreds of millionsof dollars from stock salesin coming months, as thevideogame retailer turns topublic markets to help sup-port its turnaround plan. B1 Coinbase’s offering pro-spectus classifies two hold-ers of significant stakes inthe cryptocurrency exchange,including a co-founder, asindependent directors. B1 SoftBank Group agreedto pay $2.8 billion for a40% stake in Norwegianwarehouse-automationcompany AutoStore. B1 LG Electronics will exitits unprofitable smartphonebusiness after years of strug-gling to compete with indus-try leaders Apple and Sam-sung, aswell as other rivals.B3

Business&Finance

World-Wide

Baylor Trounces Gonzaga 86-70 toWin NCAA Hoops Title

NO CONTEST: Players for the Baylor Bears celebrate after winning college basketball’s men’s national championship Mondaynight in Indianapolis. They ended Gonzaga’s chance to be the first undefeated champion since the Indiana Hoosiers in 1976. A12

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P2JW096000-6-A00100-17FFFF5178F

A2 | Tuesday, April 6, 2021 * * * * * THEWALL STREET JOURNAL.

THE WALL STREET JOURNAL(USPS 664-880) (Eastern Edition ISSN 0099-9660)(Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241)

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In some editions Monday, agraphic with a Business & Fi-nance article about employ-ment changes at companiesreversed the order of the per-centages, as a share of totalemployees, that jobs cuts at 11U.S. companies represented. Acorrected version of thegraphic is available atWSJ.com/Corrections.

The movie “The Croods 2”was released during the pan-demic. In some editions Mon-day, a Business & Finance arti-

cle about the weekend’s boxoffice incorrectly referred tothe film as “The Croods.”

The last name of Mike Fra-tantoni, chief economist of theMortgage Bankers Association,was misspelled as Fratatoni inExchange articles on Saturdayabout the housing market.

Required withdrawalsfrom a Thrift Savings Plan ac-count are taken proportion-ately from each fund heldwithin the account. The Ask

Encore column in Monday’s In-vesting in Funds and ETFs re-port incorrectly said a re-quired withdrawal can betaken from any one fundwithin the account.

The illustration credit forAly Miller was incorrectlyomitted from an Off Duty arti-cle Saturday about a towpathalong the Potomac River.

In the recipe for MiddleEastern lentil soup, ¼ cupminced garlic should be added

and sautéed for 2 minutes instep 2, after the onions arecooked and before the spicesare added. A Feb. 27 Off Dutyrecipe neglected to indicatewhen the garlic is added.

Notice to readersWall Street Journal staff

members are working re-motely during the pandemic.For the foreseeable future,please send reader commentsonly by email or phone, usingthe contacts below, not viaU.S. Mail.

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

CORRECTIONS AMPLIFICATIONS

U.S.WATCH

TENNESSEE

State Wants AbortionRestriction Restored

The state of Tennessee askedthe Supreme Court Monday toreinstate a 48-hour waiting pe-riod imposed on women seekingabortions, after lower courtsfound it unconstitutional.

Tennessee asked the highcourt to reimpose the restrictionwhile it appeals a 136-pageopinion from a federal judge inNashville, who found that therestriction imposed an undueburden on women’s right to endpregnancy, the standard the Su-preme Court applies under a1992 precedent known asPlanned Parenthood v. Casey.

“Although fourteen otherStates have similar waiting-pe-riod laws that generally requiretwo trips to an abortion pro-vider, Tennessee is the onlyState in the Nation that cannotenforce its law because of afederal judicial decree,” Tennes-see said in its filing.

Last October, U.S. DistrictJudge Bernard Friedman foundthe waiting period “burdens themajority of abortion patientswith significant, and often insur-mountable, logistical and finan-cial hurdles.”

The Supreme Court is ex-pected to seek a response fromthe abortion providers that chal-lenged the restriction beforeconsidering the application.

—Jess Bravin

ARKANSAS

Ban on TransgenderTreatments Vetoed

Gov. Asa Hutchinson vetoedlegislation that would havemade his state the first to bangender-confirming treatments orsurgery for transgender youth.

The Republican governor onMonday rejected legislation thatwould have prohibited doctorsfrom providing gender-confirm-ing hormone treatment, pubertyblockers or surgery to anyoneunder 18 years old, or from re-

ferring them to other providersfor the treatment.

“If [the bill] becomes law,then we are creating new stan-dards of legislative interferencewith physicians and parents asthey deal with some of themost complex and sensitivematters involving young people,”Mr. Hutchinson said.

The Republican Legislaturecould still enact the measure,since it takes only a simple ma-jority of the House and Senateto override a governor’s veto inArkansas.

—Associated Press

MONTANA

Ex-Gov. StephensDies at Age 91

Former Montana Gov. StanStephens has died. He was 91.

Mr. Stephens died Saturday inKalispell after several months ofill health, according to formerstate Sen. John Brendan.

Mr. Stephens, a Republican,served as the state’s 20th gover-nor between 1989 and 1993. Hewas born in Calgary, Alberta, andmoved to Montana when he was19. During his decadeslong career

in broadcasting he served withthe U.S. Armed Forces BroadcastNetwork during the Korean War.

Prior to his tenure as gover-nor, he was a member of theMontana Senate representingHavre for 16 years beginning in1969. During that time, he servedas majority leader and Senatepresident.

“He was probably the mostdecent person you’d ever want tomeet,” said Mr. Brendan. “Hebrought decency and honestyback to state government whilehe was governor.”

—Associated Press

HOOFING IT: Ranchers took part in a cattle drive through downtown Kissimmee, Fla., to promote a rodeo being held this weekend.

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priorities.“Competitiveness is about

more than how U.S.-headquar-tered companies fare againstother companies in globalmerger and acquisition bids,”Ms. Yellen said in remarks tothe Chicago Council on GlobalAffairs on Monday. “It is aboutmaking sure that governmentshave stable tax systems thatraise sufficient revenue to in-vest in essential public goodsand respond to crises, and thatall citizens fairly share the bur-den of financing government.”

Ms. Yellen’s remarks came asfinance ministers prepared togather virtually for semiannualmeetings of the InternationalMonetary Fund and World Bankthis week.

Should the Biden plan be en-acted without a global mini-mum tax, a U.S. address be-comes a potential disadvantage,meaning that foreign-ownedbusinesses operating overseascould be significantly moreprofitable than competitors

ContinuedfromPageOne

tion to the wind.”Many of the challenges that

have slowed global corporatetax negotiations for years stillremain.

In late 2017, the RepublicanCongress’s big tax overhaul lawlowered the U.S. corporate ratefor multinationals to 21% from35%, and it created a minimumtax on U.S. companies’ foreignincome of at least 10.5%. Ms.Yellen’s predecessor, StevenMnuchin, backed minimumtaxes as part of international

negotiations among more than100 countries. Those compli-cated talks have been advanc-ing over the past few years, butthey are fragile, and progresshas been slowed by the pan-demic.

The big difference now isthat the Democrats’ domesticeconomic agenda dependspartly on other countries’ fol-lowing along with their own taxpolicies. Although many coun-tries have endorsed minimumtaxes, others might not accept

one unless they can also stake abigger claim to tax the profitsof U.S. tech companies.

Mr. Biden, a Democrat, saidon Monday that he wasn’t wor-ried that higher taxes woulddrive companies out of the U.S.Economists generally thinkhigher corporate taxes areborne in the short run byshareholders—including for-eigners and retirement ac-counts—with longer-run effectson wages and prices.

The corporate tax changes—

U.S. NEWS

fix the problems with the cur-rent system and provide long-term certainty for businessesand stability for federal reve-nues so that we remain globallycompetitive,” Mr. Warner said.

The framework sets aside is-sues like the corporate tax rateand total revenue targets, focus-ing instead on how U.S. compa-nies should be taxed on foreignincome and export income andhow foreign companies shouldbe taxed on U.S. income. Insome respects, it is morefriendly to companies than theBiden plan, but it leaves someimportant details for debate.

“There is agreement thatmegacorporations are not pay-ing their fair share and we wantthe jobs here at home,” Mr.Wyden told reporters on Mon-

day. The senators’ proposal isthe latest Democratic ideatossed into an already complexinfrastructure-spending debate.The Biden administration isseeking roughly $2.3 trillion forroads, bridges, transit, broad-band and other spending overeight years, offset with 15 yearsof corporate tax increases.

Democratic lawmakers andthe administration mustnow—with very slim majori-ties—figure out what to spend,whether to pay for it and howto do so.

In international taxes, thosechoices can be complicated,with each company’s conse-quences depending on the lo-cations of their operations andcustomers.

In several instances, the

senators’ proposals are lessonerous than the White Houseversion released last week.The senators would alter arule that hurts some compa-nies with domestic researchand administrative expensesand foreign profits. They don’tendorse the administration’srepeal of an export incentiveor its call to deny some deduc-tions to foreign-owned compa-nies.

But as a whole, the ruleswould be significantly tougheron companies than the statusquo, and corporations and theiradvisers are warning that Dem-ocrats’ changes could make U.S.companies and their non-U.S.business lines into takeovertargets for foreign-based firms.

“The massive tax increases

proposed by the Biden admin-istration and my Democraticcolleagues will make Americanworkers and American compa-nies less able to compete inthe global economy,” said Sen.Rob Portman (R., Ohio).

The proposals address therunning tension in interna-tional taxation—whether totax companies equally basedon the location of their head-quarters or the location oftheir income. The U.S. didn’thave a pure system one way orthe other before 2017 and itdoesn’t have one now.

The 2017 tax law, whichpassed without a single Demo-cratic vote, leaned towardtaxes based on the location ofincome, adopting a view thatU.S. companies engage in

global commerce largely toserve foreign markets and thatthose operations supportheadquarters jobs in the U.S.

The 2017 law lightenedtaxes on U.S. companies’ for-eign profits, so a U.S. companyin the German market faces atax burden that looks morelike its German and Britishcompetitors. The 2017 law in-cluded special rules and aminimum tax to limit the ben-efits from loading profits intolow-tax countries.

Democrats would push thesystem in the opposite direc-tion, so the U.S. would have abigger claim on U.S. compa-nies’ profit, regardless ofwhere they are earned. Thatreflects a view that U.S. com-panies will shift jobs abroad.

WASHINGTON—SenateDemocrats offered proposalsMonday to increase taxes onU.S. companies’ foreign profitsand move the system in thesame general direction as theBiden administration’s plan.

The new framework comesfrom a cross section of Demo-crats—Finance CommitteeChairman Ron Wyden of Ore-gon, progressive labor allySherrod Brown of Ohio andMark Warner of Virginia, whobuilt his fortune investing incompanies. It is designed toprompt other Democrats to of-fer their ideas.

“This framework is a firststep in allowing us to findnovel, creative approaches that

BY RICHARD RUBIN

Senate Democrats Pitch Foreign-Tax Plan

owned by U.S. companies.The U.S. has long had more

stringent tax rules on its com-panies than other countries do,but business groups warn that asignificant disparity could leadto U.S. companies getting takenover by foreign competitors.Such tax-rate gaps could alsoreanimate inversions, transac-tions in which U.S. companiestake foreign addresses, oftenthrough mergers. The U.S. tax-rate cuts and Obama-era regula-tions made them less attractive.

“It would take the pressureout of the system if there wasalignment along the globalminimum approach, if the U.S.were to go for such a high off-shore rate,” said Manal Corwin,principal in charge of theWashington national tax officefor KPMG LLP.

Ms. Yellen faces anothertough task—pushing the Bidenproposal’s corporate tax in-creases through a closely di-vided Congress. On Monday,Sen. Joe Manchin of West Vir-ginia, a key centrist Democrat,said he would prefer a 25% cor-porate rate.

“We’re going to have someleverage here, and it’s morethan just me,” he said to a WestVirginia radio station. “There’ssix or seven Democrats thatfeel very strongly about this.We have to be competitive, andwe’re not going to throw cau-

separate from taxes the admin-istration is likely to proposesoon on closely held firms andhigh-income individuals—would generate $2 trillion over15 years. That is enough to payfor eight years of higher spend-ing on roads, bridges, transit,broadband and other programs,the administration has said.

Other countries will wel-come renewed U.S. engagementin negotiations led by the Paris-based Organization for Eco-nomic Cooperation and Devel-opment, a group of advancedeconomies. But that won’tguarantee a consensus on cre-ating a global minimum-taxsystem, said Daniel Bunn, vicepresident of global projects atthe Tax Foundation, a conser-vative-leaning group.

“You may get countries likeFrance or Germany potentiallyattracted to the Biden proposal,but I don’t know that you auto-matically get full endorsementfrom countries in the OECD ne-gotiations,” he said.

Although countries areworking together through theinternational talks, each has itsown incentives built into theirtax systems: generating reve-nue, protecting domestic indus-tries and attracting foreign in-vestment.

—Andrew Duehrenand Theo Francis

contributed to this article.

Source: S&P Dow Jones Indices

0 40%10 20 30

Utilities

Communication Services

Consumer Discretionary

Healthcare

S&P500

Financials

Industrials

Consumer Staples

Information Technology

17.9 pct.points

17.5

13.2

9.7

8.9

7.9

7.8

7.8

6.3

2016 rate2019 rate DIFFERENCE

The 2017 federal tax legislation cut tax bills for big publicly traded companies generally,butmore in some sectors than others.

Effective tax rates for selected sectors in the S&P 500

U.S. SeeksCorporateTax Change

Robert A. Mundell, a NobelPrize-winning economist whohelped embolden U.S. politi-

cians to cut taxesand provided in-tellectual argu-ments for Eu-rope’s commoncurrency decades

before the launch of the euro,died in Italy at the age of 88.

The Canadian-born econo-mist, who won his Nobel in1999, drew attention with hisearly work on the tricky policyimplications of an increasinglyglobal economy in which cur-rency rates were wobbly andone nation’s fiscal and mone-tary choices could underminethose of its trading partners.He clashed both with Keynes-ian economists pushing forgovernment spending bingesand monetarists fixated oncontrolling the money supply.

His work inspired ArthurLaffer and Jude Wanniski, ad-vocates of “supply-side” eco-nomics and architects of theReagan administration’s tax-cutting program. He was aprominent adviser to Euro-pean authorities in the cre-ation of the monetary union.

BY JAMES R. HAGERTY

EconomistHad the EarOf LeadersIn U.S., EU

OBITUARYROBERT A.MUNDELL1932-2021

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THEWALL STREET JOURNAL. * * * * Tuesday, April 6, 2021 | A3

U.S. NEWS

nearby homes and businesses.More than 300 homes near

the reservoir, which is southof Tampa, are under evacua-tion orders. Gov. Ron DeSantisdeclared a state of emergencyand cited fears over the week-end of “a real catastrophicflood situation.”

Manatee County officialssaid between two million andthree million gallons a day wereleaking out of a breach in the79-acre pond at the now-closedPiney Point phosphate plant.On Sunday, the Florida NationalGuard delivered two pumpsthat are being used to pumpthe water into Tampa Bay,thereby lowering the level sothat crews can repair the leak.

Mr. DeSantis said over theweekend that the leaking wa-ter isn’t radioactive wastewa-

ter. He said it was a mix of oldwater from fertilizer produc-tion, storm water runoff andsaltwater from a dredgingproject. The state Departmentof Environmental Protectionsaid levels of phosphorus, ni-trogen and other substances inthe mixture exceed water-quality standards.

The pumps have helped re-duce the volume of wastewa-ter in the reservoir to below300 million gallons, from 480million gallons at the outset ofthe problem. With additionalpumping capacity that offi-cials are activating, the aim isto more than double theamount of wastewater beingremoved from the pond, to 75million to 100 million gallonsa day, from 35 million gallonsa day, said Scott Hopes, Mana-

tee County administrator.With that increase, he said,

“you can see how within prob-ably 48 hours, if all thoseflows continue, we will be at asituation where we will nolonger have that risk of thatfull breach.”

Local officials said they areworried about environmentalimpacts from released waste-water from the pond. Rep.Vern Buchanan, a Republicanwho represents the area, saidat the Monday press confer-ence that he had taken a heli-copter tour to survey the area.

“To see the water spewingout, it looked pretty contami-nated,” he said. “I am con-cerned about the threats topublic safety, homes, as wellas businesses, and then ofcourse marine life.”

Crews raced to prevent theuncontrolled release of mil-lions of gallons of wastewaterfrom a breach in the storagepond of an old phosphateplant in Florida while investi-gating a potential second leakin the reservoir.

Early Monday, an infrareddrone identified the secondpossible breach, prompting ateam of federal and state en-gineers to head to the Mana-tee County site for furtheranalysis, said Jacob Saur, di-rector of public safety for thecounty, at a news conference.Officials are trying to avert afull-scale breach that couldrelease a 20-foot wall ofwastewater and imperil

BY ARIAN CAMPO-FLORESAND ALISTAIR MACDONALD

Second Wastewater Leak Feared in Florida

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Minneapolis Police ChiefMedaria Arradondo testifiedMonday that Derek Chauvinviolated multiple policieswhen he knelt on GeorgeFloyd’s neck for more thannine minutes, the highest-ranking official yet to con-demn the actions of the for-mer officer in his murder trial.

Mr. Chauvin was initiallyjustified in restraining Mr.Floyd when he came to the aidof other officers attempting toarrest Mr. Floyd for allegedlyusing a counterfeit $20 bill,Chief Arradondo said. Butonce Mr. Floyd stopped resist-ing, the former officer violatedmultiple policies on use offorce, de-escalation and re-quirements to render aid,Chief Arradondo said.

“I vehemently disagree thatthat was the appropriate useof force for that situation,”said Chief Arradondo, explain-ing that the officers arrestingMr. Floyd should have continu-ally reassessed his level of re-sistance and his medical con-dition. “It is contrary to ourtraining to indefinitely placeyour knee on a prone hand-cuffed individual for an indefi-nite period of time.”

Mr. Floyd was handcuffedand face down during the ar-rest as Mr. Chauvin knelt on hisneck and two other officers re-strained his back and legs. Afourth officer kept bystandersaway. Mr. Floyd cried out sev-eral times that he couldn’tbreathe and eventually ap-peared to lose consciousness.

During cross-examination,Mr. Chauvin’s attorney, EricNelson, asked Chief Arradondowhether an officer needs toconsider all the factors in asituation when determiningwhether to continue his use offorce and the chief agreed thatwas true. Chief Arradondo alsoacknowledged that officers areoften forced to make split-sec-ond judgments about theamount of force needed andthat containing a threat caninclude restraining someone.

In more than three hours onthe stand, Chief Arradondo,who has been with the depart-ment since 1989 and chief forabout three years, tried to por-tray a police department thatstrives to treat citizens withdignity and respect.

“We put a lot of time, en-ergy and resources into ourtraining,” Chief Arradondosaid, adding that when consid-ering response tactics, “Thegoal is to resolve the situationas safely as possible, so youwant to always have de-escala-tion layered into those actionsof using force.”

Prosecutors have so far pre-sented consistent opinionfrom police officials condemn-ing Mr. Chauvin’s behavior.Two lower-ranking police de-partment officials testifiedlast week that Mr. Chauvinshould have stopped restrain-ing Mr. Floyd when Mr. Floyd

stopped resisting arrest.“I think his testimony is im-

portant in the sense that thechief said it goes beyond what’sreasonable,” said Joseph Daly, aretired law professor at Mitch-ell Hamline University in St.Paul. But he said Mr. Nelson

was also able to extract fromthe chief the idea that Mr.Chauvin’s knee wasn’t on Mr.Floyd’s neck for the entire nineminutes and 29 seconds.

“Nine minutes and 29 sec-onds seems like a long time,”Mr. Daly said, but Mr. Nelson

will try to demonstrate thatfrom the point of view of offi-cers facing an angry crowd,that amount of time “goes byreally quick.”

After showing a clip ofbody camera footage from oneof the other officers, Mr. Nel-son got the chief to say it ap-peared Mr. Chauvin’s knee wason Mr. Floyd’s shoulder blade,not his neck, as it appears inbystander video.

On redirect from the prose-cution, the chief said that wasafter the ambulance arrived andshortly before Mr. Floyd wasloaded onto a gurney. Up untilthen, Chief Arradondo said Mr.Chauvin’s knee appeared to beon Mr. Floyd’s neck.

Mr. Chauvin is charged withsecond-degree and third-de-gree murder and manslaughterin the May 25 incident. He haspleaded not guilty.

The medical examiner has

declared the death a homicide.Mr. Nelson has argued thatMr. Floyd died of a combina-tion of drugs and an underly-ing heart condition.

Earlier in the morning, theemergency-room doctor whotreated Mr. Floyd said that alack of oxygen was the mostlikely cause of death based onevidence gathered that night.

“That was one of the morelikely possibilities,” said Brad-ford Wankhede Langenfeld,then the senior resident onduty at Hennepin County Med-ical Center. “I felt that at thetime, based on the informationthat I had, it was more likelythan the other possibilities.”

On cross-examination, Dr.Langenfeld said that certaindrugs including fentanyl couldcause a lack of oxygen to theheart. Fentanyl is one of thedrugs found in Mr. Floyd’sblood that night.

WASHINGTON—Home-owners in arrears would gener-ally not face foreclosure until2022 under a proposal floatedMonday by the Consumer Fi-nancial Protection Bureau,among several “guardrails” theagency said would help keepstruggling borrowers in theirhomes as the economy recoversfrom the Covid-19 pandemic.

The CFPB plan would gen-erally prohibit mortgage com-panies from initiating foreclo-sures until after Dec. 31. Theaim is to ensure companiesthoroughly process a largevolume of borrowers expectedto exit temporary pandemic-relief programs that have al-lowed homeowners to post-pone monthly payments untilthe fall.

“We will do everything inour power to ensure servicerswork with struggling familiesto find solutions that preventavoidable foreclosures,” saidDave Uejio, the bureau’s actingdirector.

An existing foreclosuremoratorium for borrowerswith mortgages backed by thefederal government currentlyexpires June 30. Monday’sproposal, which would applyto both federally guaranteedand private loans, would effec-tively extend that moratoriumthrough the end of the year,with some exceptions. TheCFPB said it is considering al-lowing mortgage companies tobegin foreclosures before Dec.31 under certain conditions,for instance when the mort-gage firm “has determinedthat the borrower is not eligi-ble for any loss mitigation op-tions or if the borrower hasdeclined all available options.”

The CFPB also on Mondayproposed a series of relatedconsumer-friendly proposalssuch as streamlined loan-mod-ification options to borrowerswho have suffered a pan-demic-related hardship.

The bureau said it wouldseek public feedback on themeasures through May 11.

As of March 23, approxi-mately 2.57 million borrowerswere in a payment forbearanceprogram, the mortgage-datafirm Black Knight Inc. reportedMonday. The bureau said it an-ticipated some 800,000 ofthose borrowers will exit theirforbearance programs in Sep-tember or October after usingthe full 18 months of relief of-fered under the programs.

“This potentially histori-cally high volume of borrow-ers exiting forbearance withinthe same short period of timecould strain servicer capacity,potentially resulting in delaysor errors in processing lossmitigation requests,” the bu-reau said.

BY ANDREW ACKERMAN

PandemicForeclosureExtensionProposed

action status, was filed bycivil-rights groups on behalf ofRochester residents who re-ported injuries and unjust ar-rests last year, in the proteststhat followed the death of Mr.Prude, a Black man.

The suit seeks financialdamages, an injunction againstracially biased policing andthe appointment of an inde-pendent monitor to fix thecity’s policing practices.

The Rochester Police De-partment didn’t respond to arequest to comment.

City Communications Direc-tor Justin Roj said MayorLovely Warren would welcomea review by the Justice Depart-ment to address any civil-rights

issues. He highlighted city pro-posals that, if implemented,would let the mayor fire offi-cers for cause, limit the use offorce by police, and requirenew officers to live in the city.

The plaintiffs point to citystatistics showing that the po-lice use force more frequently,and with more severity, inneighborhoods with largerBlack and Hispanic residents,responding to routine eventsand peaceful protests with “vi-olent, militarized tactics.”

On March 23, 2020, Roches-ter Police Department officersresponded to reports of a manbehaving erratically. They tookMr. Prude into custody, cover-ing his head with a hood while

he was naked and handcuffed.He died a week later at thehospital, in what the countymedical examiner ruled a homi-cide, the result of asphyxiationand acute drug intoxication.

The circumstances of hisdeath emerged last September,after months of official silence,when Mr. Prude’s family re-leased body-camera footage ofthe encounter, sparking demon-strations and calls for reform.

New York state AttorneyGeneral Letitia James openedan investigation into Mr.Prude’s death. In February, agrand jury didn’t indict any ofthe police officers involved.

The lawsuit filed Monday al-leges the city tried to stifle the

details of Mr. Prude’s deathand that the police departmentresponded to the protests with“extreme and unnecessaryforce,” citing use of tear gas,foam bullets, pepper balls andflash-bang grenades.

The suit accuses the city andthe department of creating andencouraging a “culture of impu-nity for violent, racist policing,”saying the department “has fordecades turned a blind eye toracist actions by officers.” Be-tween 2001 and 2016, policedepartment leadership sup-ported 16 of the 923 civilian al-legations of force against offi-cers, according to the lawsuit,noting that the harshest penal-ties were brief suspensions.

A suit brought by civil-rightsgroups against Rochester, N.Y.,accuses its police departmentof having a “pervasive problemof racism” and fostering a cul-ture of violence and impunityunchecked by city officials.

The 96-page complaint, filedMonday in federal court inwestern New York, comes asRochester confronts the falloutfrom misconduct allegationsand violent confrontations in-volving the Rochester Police De-partment, including the deathlast year of Daniel Prude in po-lice custody, which sparkeddays of heated demonstrations.

The suit, which seeks class-

BY REBECCA DAVIS O’BRIEN

Rights Groups Sue Rochester Over Policing

In a 166-page appeal, Mr.Weinstein’s lawyers raisedseven points, including thatManhattan Supreme CourtJustice James Burke shouldn’thave permitted testimonyfrom four women whose sex-ual allegations hadn’t resultedin criminal charges. JudgeBurke had ruled that their al-legations were admissible un-der New York law to help re-but Mr. Weinstein’s expecteddefense that all the sexual en-counters were consensual.

The defense said that thesewomen’s experiences weren’trelevant to consent in thecharged incidents and “merelydepicted Weinstein as loath-some.”

In its filing, Mr. Weinstein’slegal team said his sentencewas excessive, calling it “notmerely life imprisonment, buta death sentence.”

On Monday, a spokesmanfrom the Manhattan district at-torney’s office said: “We will re-spond in our brief to the court.”

Mr. Weinstein still facescriminal prosecution in Cali-fornia for alleged sex crimesgoing back more than a de-cade. Los Angeles prosecutorsannounced charges on Jan. 6,2020, the day that his criminaltrial on similar accusationsopened in New York. He hasdenied all allegations.

Harvey Weinstein’s lawyersasked a New York appealscourt to grant him a new trial,arguing that the Manhattanjudge who oversaw the formerHollywood producer’s convic-tion “woefully neglected” theobligation to ensure a fair trial.

Mr. Weinstein, now 69years old, has maintained hisinnocence since a jury foundhim guilty in February 2020 oftwo felony sex crimes. He wassentenced to 23 years inprison. The conviction andsentencing were viewed as ahigh-profile victory for the#MeToo movement, whichaims to highlight pervasivesexual harassment and mis-conduct, especially in theworkplace.

BY DEANNA PAUL

Weinstein AsksCourt for New Trial

Manatee County officials said up to three million gallons of wastewater a day were leaking at the closed Piney Point phosphate plant.

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‘I vehementlydisagree that thatwas the appropriateuse of force.’

BY ERIN AILWORTHAND JOE BARRETT

Chauvin Violated Policy, Chief Says

A composite illustration shows Minneapolis Police Chief Medaria Arradondo on the stand in the trial of Derek Chauvin, left. An imageof Mr. Chauvin kneeling on George Floyd’s neck was presented during testimony, where the chief condemned the ex-officer’s actions.

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CAPITAL JOURNALBy Gerald F. Seib

teracting with his messages.”The justice suggested that

social-media networks such asTwitter, along with Ama-zon.com Inc., Google and otherprivate companies that domi-nate the digital sphere, could beregulated to limit their powerover who speaks and what issaid over their platforms.

“Today’s digital platformsprovide avenues for histori-cally unprecedented amountsof speech, including speech bygovernment actors. Also un-precedented, however, is theconcentrated control of somuch speech in the hands of afew private parties,” he wrote.

No other justice joined Jus-tice Thomas’s statement, nordid any put out ones of theirown.

in a separate 12-page opinionsought to address a more re-cent Twitter-related dispute:the platform’s decision to per-manently suspend Mr. Trump’saccount for tweets it said glo-rified violence after a pro-Trump mob stormed the U.S.Capitol on Jan. 6 in an effortto stop Congress from certify-ing Mr. Biden’s election.

“The disparity betweenTwitter’s control and Mr.Trump’s control is stark, tosay the least,” Justice Thomaswrote. “Mr. Trump blockedseveral people from interact-ing with his messages. Twitterbarred Mr. Trump not onlyfrom interacting with a fewusers, but removed him fromthe entire platform, thus bar-ring all Twitter users from in-

use of Donald J. Trump’s per-sonal Twitter account,” the de-partment said then.

Katie Fallow, an attorneywith the Knight First Amend-ment Institute at ColumbiaUniversity, which representedthe plaintiffs, said: “We’repleased with what we wereable to accomplish in this liti-gation—not just forcing Presi-dent Trump to unblock our cli-ents and dozens of othersfrom his Twitter account, butalso establishing a precedentthat other courts have invokedto preclude other public offi-cials from silencing their so-cial-media critics,” she said.

The Justice Department de-clined to comment.

Justice Clarence Thomasagreed the case was moot, but

who criticized him from fol-lowing his Twitter account.

In 2019, the Second U.S.Circuit Court of Appeals, inNew York, found it unconstitu-tional for the president to pre-vent individuals from viewingan official social-media ac-count used to announce gov-ernment policies. The JusticeDepartment, representing Mr.Trump, appealed.

The Supreme Court’s un-signed order on Monday di-rected the Second Circuit todismiss the case as moot, as theTrump administration’s JusticeDepartment had recommendedon the eve of President Biden’sinauguration in January. “Thattransition will moot this case,as then-President Biden willhave no ability to control the

flights of Russian territory,”said Daryl Kimball, the execu-tive director of the Arms Con-trol Association, a nonprofitresearch organization inWashington that favors rejoin-ing the treaty.

Former Trump administra-tion officials say the treaty isno longer important for moni-toring Russian military activi-ties given improvements insatellite technology.

Some U.S. allies fear Mos-cow would carry through withits threats to withdrawal fromthe pact as well if Washingtondoesn’t rejoin it.

maintain and that the WhiteHouse had directed them to begiven to foreign partners ordisposed of. Mr. Trump’s ad-ministration neither found anally that wanted the aircraftnor disposed of the planes be-fore he left office.

Retiring the OC-135Bsshouldn’t preclude the U.S.from re-entering the OpenSkies treaty, since Washingtoncould send U.S. officials on al-lied planes, arms control advo-cates said.

“We can work with allies onjoint missions as we have inthe past with respect to over-

and that they would be sent tothe service’s boneyard at DavisMonthan Air Force Base in Ar-izona in the next couple ofmonths.

“Since there is no longer amission requirement forOC-135B, the Department ofthe Air Force has moved toinitiate standard equipmentdisposition actions in accor-dance with regulations,” thespokeswoman said.

A senior Trump administra-tion official told The WallStreet Journal in Novemberthat the specially equippedplanes were too costly to

as a wing commander at OffuttAir Force Base in Nebraskawhere the monitoring planesare located, said that the moveappears to close the door onreturning to the accord.

“These aircraft are nearly60 years old, and it costs toomuch to operate them,” saidMr. Bacon, who added thetreaty had been beneficial forthe U.S. and its allies. “Once atthe boneyard, they’ll be reusedfor spare parts and cut forscrap metal.”

An Air Force spokeswomansaid the two aging OC-135Bplanes were no longer needed

WASHINGTON—The U.S.Air Force has decided to retirethe planes used for nearlythree decades to fly monitor-ing missions over Russia, tak-ing a step that raises ques-tions about whether PresidentBiden plans to rejoin a treatywith Moscow that dates to theend of the Cold War.

Then-President DonaldTrump last year withdrew fromthe 1992 Open Skies treaty,which was intended to lowerthe risk of conflict by allowingthe post-Soviet Russian stateand Western nations to conductunarmed reconnaissance flightsover each other’s territory.

Trump administration offi-cials alleged that Moscow hadviolated the accord by limitingaccess for Western flights overRussian territory, while usingits own flights over the U.S. togather information on sensi-tive American infrastructure.

Mr. Biden criticized Mr.Trump’s decision to leave thetreaty during the presidentialcampaign but hasn’t saidwhether he intends to re-enterthe accord, which could posecomplicated legal issues.

A National Security Councilspokesman said the adminis-tration was still reviewing thematter and talking to allies.

“We will make a decision indue course, and that decisionis separate from previouslyscheduled activities relating toaging equipment,” he said.

But Rep. Don Bacon (R.,Neb.), a retired Air Force briga-dier general who used to serve

nomic competition.Still, other elements of the

plan are clearly constructedwith an eye toward bettercompeting with China, and inways generally supported inboth parties:

Providing $50 billion forsemiconductor manufacturingand research. This proposalwould put oomph and dollarsbehind a bipartisan initiativeCongress pushed into a de-fense bill late last year autho-rizing research and subsidiesto increase domestic manu-facturing of semiconductorsand lessen dependence onChina for the computer chipsnow essential to all manner ofproducts.

The leaders of the congres-sional push to help the semi-conductor industry includeSen. Tom Cotton of Arkansas,a conservative who agreeswith the Biden administrationon very little. The current

ficials worry China sees theU.S. in a long-term state ofdecline and will act accord-ingly, and perhaps recklessly,as a result. They are eager tohead off that impression, andthe infrastructure program isa key part of that effort.

“This is central to our na-tional security strategy,” Mr.Sullivan said in an interview.“Central, essential, founda-tional to our national securitystrategy.”

O f course, competitionwith China also pro-vides the administra-

tion with a convenient sellingpoint for its plan. And someof the plan’s provisions—ex-panded access to long-termcare under Medicaid, for ex-ample, or expanded union or-ganizing rights—certainlydon’t qualify as essential toputting America on a betterfooting for international eco-

The administration doesn’twant this to go unnoticed inBeijing. When President Bidenunveiled the plan, he men-tioned China six times, includ-ing this reference: “That’swhat competition betweenAmerica and China and therest of the world is all about.It’s a basic question: Can de-mocracies still deliver fortheir people?”

And when Secretary ofState Antony Blinken and na-tional security adviser JakeSullivan met top Chinese offi-cials in Alaska just before Mr.Biden unveiled his plan, theypurposely constructed theconversation so the first itemon the agenda was a descrip-tion of domestic initiatives.That allowed them to tell theChinese what the administra-tion was doing to fight thecoronavirus—and what it in-tended to do to build up itscompetitive position. U.S. of-

shortage of chips plaguingthe American auto industryunderscores the argumentsfor this piece of the package.This is one of several areaswhere traditional conserva-tive arguments against fed-eral “industrial policy,” inwhich the government picksspecific industries to boost,have fallen by the wayside inthe face of Chinese advances.

Allotting $180 billion infederal funding for researchand development. Govern-ment funding of pure re-search is one area broadlyseen as a legitimate use offederal dollars, and onewhere China has been run-ning faster. China now rankssecond in the world in R&Dspending and has been clos-ing the gap with the U.S.

There won’t be bipartisanagreement on all the specificsof the Biden R&D proposal,particularly its hefty allot-ment of research funds forclimate-change initiatives, butthe idea has broad support.In a sense, this proposalmarks the final reversal of abudget process called “se-questration” that kicked in adecade ago to enforce caps onfederal spending, a processthat compelled some federallyfunded labs to close facilities.

Creating an office in theCommerce Department, witha $50 billion budget, to workon bringing supply chainsback to the U.S. The pan-demic shocked Americans inmany ways, including by re-vealing the extent to whichthe U.S. depends on medicalsupplies made in China.

So, use some federal incen-tives to prompt companies tobring those supply chainsback home—which, again,represents a new bipartisanimpulse for 2021.

U.S. NEWS

China LoomsOver InfrastructurePlan

A highway-expansion project on Interstate 95 in Fredericksburg, Va., shown last week.

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L urking just behind thedomestic debate break-ing out over President

Biden’s $2.3 trillion infra-structure plans is a powerfulforeign force: China.

The Biden team sees theplan—and wants the Chineseto see the plan—as a sign theU.S. intends to put itself in

better positionto compete ec-onomicallywith Beijing.Thus, infra-structuremarks just the

latest example of how thespecter of a long competitionwith China is beginning tocolor all manner of Americanpolicy moves, in both parties.

At its heart, of course, the$2.3 trillion infrastructureproposal is a domestic-policyinitiative, one that the admin-istration argues will producemillions of jobs and an im-proved economy—and thatRepublicans over the weekendtore into as largely a progres-sive wish list hiding behindthe disguise of infrastructureand financed by a job-killingcorporate tax increase.

Yet significant pieces of thepackage have been con-structed with the express pur-pose of trying to put the U.S.on a better footing to com-pete with China and its owngiant investments in infra-structure and key industries.

BY MICHAEL R. GORDON

Air Force Set to Retire Open Skies Planes

The decision to retire the OC-135B Open Skies aircraft raises questions about whether President Biden plans to rejoin a treaty with Moscow.

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WASHINGTON—The Su-preme Court dismissed a law-suit over former PresidentDonald Trump’s practice in of-fice of blocking individuals

BY JESS BRAVIN

Suit Over Trump’s Block of Twitter Critics Dismissed

WASHINGTON—Senate Mi-nority Leader Mitch McCon-nell threatened “serious con-sequences” for corporationsthat retaliate against GOP-ledefforts to pass new state elec-tion laws, as Republicans inWashington and elsewhere in-tensified criticism over bigcorporations’ political stances.

“It’s jaw-dropping to seepowerful American institu-tions not just permit them-selves to be bullied, but join inthe bullying themselves,” Mr.McConnell (R., Ky.) said Mon-day, warning against what hedescribed as private-sector ad-vocacy for progressive policygoals, from environmental reg-ulation to gun control.

Mr. McConnell accusedcompanies of “dabbling in be-having like a woke parallelgovernment,” and said thatthey “will invite serious conse-quences if they become a vehi-cle for far-left mobs to hijackour country from outside theconstitutional order.”

Mr. McConnell pointed spe-cifically to the backlash againstan election bill passed by theGOP-controlled Georgia legisla-ture last month along partylines, which drew criticismfrom major Georgia-based cor-porations and prompted MajorLeague Baseball to move thissummer’s All-Star Game andamateur draft out of suburbanAtlanta. Mr. McConnell said thelegislation had been misrepre-sented as racist by opponents.

BY LINDSAY WISE

McConnellRips FirmsFor LawBacklash

WASHINGTON—The Sen-ate’s nonpartisan parliamen-tarian Monday ruled in favorof a Democratic effort to passadditional legislation througha process called reconciliation,according to a spokesman forSenate Majority Leader ChuckSchumer (D., N.Y.), openingthe door for Democrats to ap-prove more fiscal measuresalong party lines in the Senatethis year.

Democrats have used recon-ciliation once this year to passthe $1.9 trillion coronavirusrelief package, and lawmakershad expected to be limited tousing it only one more timethis year. With the parliamen-tarian’s new advice to lawmak-ers, Democrats could now pos-sibly use it a third time toskirt the 60-vote thresholdnecessary for most legislationto pass in the Senate.

“This confirms the leader’sinterpretation of the BudgetAct and allows Democrats ad-ditional tools to improve thelives of Americans if Republi-can obstruction continues,”the spokesman for Mr.Schumer said. The spokesmansaid Mr. Schumer hasn’t de-cided whether to move for-ward with using reconciliationagain and that “some parame-ters still need to be workedout” around its use.

The ruling will give Demo-crats more room to maneuverto pass President Biden’sagenda, including his recentlyannounced $2.3 trillion infra-structure plan. The WhiteHouse is expected to roll outanother large package in thecoming weeks, this time fo-cused on child-care and anti-poverty efforts.

A spokesman for Senate Mi-nority Leader Mitch McCon-nell (R., Ky.) didn’t respond toa request for comment.

Republicans have criticizedthe $2.3 trillion plan over itswide scope and proposed taxincreases on corporations. Thehardening GOP opposition hadleft Democrats already prepar-ing to use reconciliation to passthe infrastructure plan, possi-bly combining it with the com-ing antipoverty legislation tomuscle a huge package throughCongress along party lines.

BY ANDREW DUEHREN

Path forBiden’sAgendaWidens

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shape but have fallen intowhat is considered subprime,which many lenders define asthose with credit scores of600 or less on a scale of 300to 850.

Though subprime loanstend to carry high interestrates, they are the only optionfor many car buyers.

When the coronavirus hit,lenders toughened approvalstandards, making it harderfor riskier borrowers to getcredit. Subprime financing ac-counted for about 19% of thenumber of auto loans andleases originated in 2020,down from about 22% a yearprior, according to ExperianPLC.

That decline has contrib-uted to the increasing propor-tion of subprime delinquen-cies. With fewer subprimeloans being made, the delin-quent borrowers make up abigger share of the subprimepool.

Lenders’ overall portfolioshave held up better than ex-pected during the pandemic,in part because of their morewell-off borrowers. The shareof borrowers with midrange tonear-perfect credit scores whohave missed auto-loan or leasepayments remains close to 0%,according to TransUnion. Sub-prime delinquencies could im-prove in the next few monthswith tax refunds and the newround of stimulus paymentsand if the unemployment ratecontinues to fall.

Tracy Van Buren of Gar-dena, Calif., lost her job as abartender last spring and se-cured a three-month deferralfrom JPMorgan Chase & Co.on her car payment, a $286monthly bill for her Nissan Al-tima. Since then, she has re-lied on income from a tempo-rary job with the U.S. Censusand occasional unemploymentbenefits. She fell behind onpayments late last year andhas been late by a few dayswith payments this year.

Ms. Van Buren said shemade her March payment with

help from her daughter,though she was a few days be-hind. She was recently hiredto be a Covid-19 contact tracerfor a public-school district andhopes this will help improveher finances.

“It’s been very stressful,“Ms. Van Buren said. ”I still getup and try to force myself tobe hopeful.”

She said she is grateful,though, that she still has thecar.

Nick Goodwin was in theprocess of starting truckingschool when the pandemic hitand didn’t qualify for unem-ployment benefits. But withhis girlfriend out of work, hecalled his auto lender to askfor help. The lender, WestlakeServices LLC, said he didn’tqualify for relief because hewasn’t behind on his pay-ments.

Mr. Goodwin started miss-ing the monthly payment, aroughly $560 bill on a DodgeRam, in May. “Things startedgetting difficult,” he said.“Neither of us [was] working;I’m doing side work to try toscrape by to take care of ourkids.”

Westlake gave him severalextensions that prevented thetruck from getting repos-sessed. But when those ended,Mr. Goodwin still couldn’t payhis monthly bill, and the truckwas repoed in October. Mr.Goodwin said a family friendgave him about $900 to get itback. Afterward, he receivedmore monthly extensions be-cause he couldn’t pay the bill.

A Westlake official said thecompany “endeavors to keepall lines of communicationopen for our customers andprovide as much help as feasi-ble to those suffering immedi-ate hardships.”

Mr. Goodwin said he andhis girlfriend recently foundwork and are making pay-ments. But they can’t use thetruck because it was damagedduring the repossession andneeds a new transmission, hesaid.

U.S. NEWS

The dispute was over elements of Google’s Android smartphone-operating system. The Google campus in Mountain View, Calif.

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ment benefits and other mea-sures keeping many borrowersafloat. The rising subprime de-linquencies point to an uneveneconomic recovery and a deepdivergence between those whocan navigate the coronavirusdownturn and those who can’t.

“We are seeing the separa-tion between the consumerswho are back on their feet andthose who aren’t,” said SatyanMerchant, head of the auto-fi-nance business at TransUnion.

Car loans are a key indica-tor of how riskier borrowersare faring. The loans representthe biggest monthly debt pay-ment for many subprime bor-rowers, who often don’t havemortgages or college debt.Many work in restaurants, ho-tels and bars that have beenhurt badly by Covid-19.

Coronavirus relief measuressometimes didn’t reach thesepeople, or helped in only a lim-ited way. The government man-dated that borrowers be allowedto pause their monthly pay-ments on federal student loansand federally backed mortgagesfor a year or more. That meansfederal debt relief has been ofgreater benefit to homeownersand college graduates, many ofwhom entered the pandemicwith savings and kept their jobs.

But the government’s reachdoesn’t extend to auto loans,credit-card lending or per-sonal loans, and banks andother lenders have wide dis-cretion over whether to deferpayments for their borrowers.

Many lenders granted cus-tomers one to three months ofrelief before requiring them tostart paying again. Some cus-tomers started the pandemicin relatively good financial

ContinuedfromPageOne

BorrowersStruggleWith Cars

Tracy Van Buren struggled to keep up with payments on her Nissan Altima after losing her job.

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People waited in line Monday to receive a Covid-19 vaccine at a FEMA vaccination center at Miami Dade College, in Miami.

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The “two-case rule” hasforced many opened schools toshift to remote learning, oftenwith little advance warning forfamilies.

a controversial policy that re-quired public schools to fullyclose for 10 days after report-ing two unrelated Covid-19cases.

the same period in 2020, be-fore the pandemic forced staterestrictions.

Meanwhile, New York Cityofficials said they were ending

the U.S. isn’t back to normal,an analysis of foot-traffic datashows. Americans went outless in January, February andearly March compared with

The average number ofnewly reported Covid-19 casesremained elevated in the U.S.over the past week, even asthe Easter holiday led to adrop in daily recorded infec-tions and deaths.

While new cases are downfrom their January highs, theyhave been trending higher inrecent days. The seven-day av-erage, which smooths out ir-regularities in data reporting,was 64,628 on Saturday, whilethe 14-day average was 63,222,according to a Wall StreetJournal analysis of data com-piled by Johns Hopkins Uni-versity. When the seven-dayaverage is higher than the 14-day average, as it has beensince March 24, it indicatescases are rising. Half of statesare reporting higher seven-dayaverages.

The U.S. reported morethan 34,000 new infections onSunday, according to the latestdata compiled by Johns Hop-kins University. Newly re-ported cases tend to be lowertoward the beginning of theweek, as fewer people gettested during the weekend andsome states don’t report dataon Sundays, and rise over thecourse of the week.

Sunday’s figure, which was

Supreme Court decision effec-tively reaffirmed, said PamelaSamuelson, a professor of lawand information at the Univer-sity of California, Berkeley.

The ruling provides reas-surance to developers whohave made APIs central to thecreation of the software driv-ing the multibillion-dollar appeconomy, which could havebeen impaired by a ruling infavor of Oracle, said Ms. Sam-uelson, who has been writingabout digital copyright rulessince the 1980s and wrote anamicus brief in support ofGoogle.

“This opinion recognizesthe importance of being ableto reuse some elements ofcomputer programs to makethem compatible with otherprograms,” she said. “In to-day’s interoperable world, youneed to be able to use thebuilding blocks.”

But Karsten Weide, a digi-tal-media analyst with Inter-national Data Corp., a marketresearch firm, said the Su-preme Court decision couldencourage more software-re-lated lawsuits in the future—and more code copying.

Because the court didn’trule on whether APIs are eligi-ble for copyright protection,software developers could be-gin to use a peer’s code with-out licensing it or securingpermission, he said.

“Startups will say, ‘I spent alot of time developing thiscode and Google or someoneelse can just come along andsteal it,’ ” Mr. Weide said.

The court said Google’scopying for the Android sys-tem amounted to just 0.4% ofthe 2.86 million lines of JavaAPI computer code. JusticeBreyer compared the code atissue to “a gas pedal in a carthat tells the car to movefaster or the QWERTY key-board on a typewriter thatcalls up a certain letter whenyou press a particular key.”

Joining the majority opin-ion were Chief Justice JohnRoberts and Justices Sonia So-tomayor, Elena Kagan, NeilGorsuch and Brett Kavanaugh.

In dissent, Justice Thomas,joined by Justice Samuel Alito,wrote that Google’s copyingwas unfair and contrasted it,for example, with Apple Inc.,which wrote its own code forsimilar purposes. The dissent-ers said Oracle spent years de-veloping a programming li-brary that attracted softwaredevelopers and noted thatGoogle’s copying came afterthe two sides couldn’t agreeon licensing terms.

“Google decimated Oracle’smarket and created a mobileoperating system now in over2.5 billion actively used de-vices, earning tens of billionsof dollars every year,” JusticeThomas wrote.

Justice Amy Coney Barrettdidn’t participate in the case,which was argued before shejoined the court.

back for companies that holdcopyrights in software plat-forms that took considerabletime and money to build.

Justice Clarence Thomas, indissent Monday, wrote thatthe court’s generous fair-useanalysis in Google’s favor “iswholly inconsistent with thesubstantial protection Con-gress gave to computer code.”

Some software and app de-velopers, especially emergingones, supported Google in thecase, stressing the need forsome fair use of software in-terfaces to promote follow-ontechnologies and interopera-bility among programs. Micro-soft Corp. and a leading asso-ciation of internet companiesalso supported Google.

Kent Walker, Google’s chieflegal officer and senior vicepresident for global affairs,said the ruling provides legalcertainty to the next genera-tion of developers whose newproducts and services wouldbenefit consumers.

“Innovation happens bystanding on each other’sshoulders and that is what’sgoing on here,” Mr. Walkersaid in an interview. “Theseare tools we use every day,methods of operation in theeveryday world. The idea offair use is beneficial for every-one in the industry.”

Aside from the potentialloss of billions of dollars indamages, the ruling is unlikelyto have a major immediate im-pact on Oracle, which isn’t inthe mobile-phone business,though the chipping away ofcopyright protections couldhave longer-term ramifications.

“The Google platform justgot bigger and market powergreater. The barriers to entryhigher and the ability to com-pete lower,” Oracle said. “Theystole Java and spent a decade

ContinuedfromPageOne

High CourtSides WithGoogle

likely affected by the Easterholidays, compares with morethan 62,000 cases reported onSaturday and more than43,000 a week earlier.

Hospitalizations have alsoflattened, with states over thepast month reporting between50,000 and around 40,000Covid-19 patients in hospitals,according to the latest dataposted by the Department ofHealth and Human Services.

The number of U.S. deathsfrom Covid-19 fell to 222 onSunday from 676 a day earlier.The seven-day average stoodat 838 on Saturday, comparedwith a 14-day average of 900.The U.S. has now reportedmore than 555,000 deathsfrom Covid-19 and more than30.7 million infections.

Vaccine distribution haspicked up, with the countryadministering an average of3.1 million vaccine doses overthe past week, according to aJournal analysis of data fromthe Centers for Disease Con-trol and Prevention. More than18% of the U.S. population isnow fully vaccinated againstCovid-19 and 32% have re-ceived at least one dose, CDCdata shows.

Despite Covid-19 cases fall-ing in most states from Janu-ary highs and more people be-ing vaccinated, life in most of

BY ANNE PALLIVATHUCKAL

Case AverageStill ElevatedIn the U.S.

litigating as only a monopolistcan. This behavior is exactlywhy regulatory authoritiesaround the world and in theUnited States are examiningGoogle’s business practices.”

Shares of Google’s parent,Alphabet, rose 4.1% on the day,and Oracle was up 3.3%, out-performing the broader marketand the tech sector. The S&P500 rose 1.4%.

The decade-old case hadbeen closely watched in techcircles and beyond. Businessesthat rely heavily on copyrightprotections, including in themovie, music and publishingindustries, filed legal briefssupporting Oracle that ex-pressed concerns aboutGoogle’s claims to fair use ofcontent created by others.

The Supreme Court in itsruling said it consciouslychose not to decide the broad-est legal issue in the case:whether API code was eligiblefor copyright protection at all.

“Given the rapidly changingtechnological, economic, andbusiness-related circum-stances, we believe we shouldnot answer more than is nec-essary to resolve the parties’dispute,” Justice Breyer wrote

for the court.So while the court assumed

Oracle’s Java API was eligiblefor copyright protection, itwent on to say that Googlehad the better argument onthe doctrine of fair use, a con-cept designed to prevent copy-rights from stifling the devel-opment of new products andservices.

Lower-court decisions forOracle had sowed uncertaintyabout longstanding practicesamong software developerswho have long relied on estab-lished software interfaces as afoundation for new innovationsin computing, a practice the

Some software andapp developerssupported Google inthe case.

Emergent to BoostOutput for J&J

Emergent BioSolutions Inc.said the federal government willpay the contract drug manufac-turer an additional $23 million topurchase new manufacturingequipment to boost production ofthe main ingredient for Johnson

& Johnson’s Covid-19 vaccine.Emergent operates a plant

in Baltimore where a productionproblem recently ruined a batchof the main ingredient of J&J’svaccine. The problem didn’t af-fect finished doses that havealready been distributed, andthe plant isn’t yet authorized byregulators to provide the ingre-dient for distributed doses.

In the wake of the problem,

J&J is taking over production ofthe vaccine ingredient at theEmergent plant.

The plant will no longermake the main ingredient forAstraZeneca PLC’s Covid-19vaccine so it can focus exclu-sively on J&J’s shot.

Emergent, which last year re-ceived a $628 million federal con-tract to manufacture Covid-19vaccines and drugs, said late Sun-

day the additional $23 million isfrom the Biomedical AdvancedResearch and Development Au-thority, a part of the Departmentof Health and Human Services. Itwill be used for biologics manu-facturing equipment specific toJ&J’s vaccine. Emergent said J&Jwill now have final sign-off formanufacturing the main ingredi-ent at Emergent’s plant.

—Peter Loftus

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THEWALL STREET JOURNAL. Tuesday, April 6, 2021 | A7

Russia and China. Both coun-tries have strengthened tieswith Iran since 2015.

While talks on the 2015 ac-cord occurred against the back-ground of major tensions withRussia over its intervention inUkraine, former officials sayMoscow and Beijing nonethe-

restoring the agreement.Achieving follow-on arrange-ments will be even more diffi-cult.”

Compounding the chal-lenge, tensions have escalatedbetween Washington and twoof the other parties to theoriginal seven-nation deal:

2015 deal, formally known asthe Joint Comprehensive Planof Action.

The U.S. delegation isstaffed by experienced handswho have been dealing withIran’s nuclear program foryears. Rob Malley, the U.S.special envoy for Iran, will bepresent, and the U.S. team isexpected to include his deputy,Richard Nephew, a sanctionsand proliferation expert.

Signaling their support forthe Vienna talks, the Europeannations that participate in thedeal plan to send the politicaldirectors from their foreignministries to the opening ofthe session before governmentexperts get down to technicaltalks, a Western diplomat said.Russia will rely on Mikhail Uly-anov, its permanent represen-tative to international organi-zations, in Vienna. China isalso expected to be repre-sented by a lower-level official.

For now, Iran is refusing tomeet directly with U.S. officials.Instead, European diplomatswill talk separately with theIranians and the Americans,and shuttle between the twosides. At the heart of negotia-tions will be Iran’s breaches ofthe deal and the future of sanc-tions imposed by the Trumpadministration, which not onlyreimposed the sanctions liftedunder the 2015 deal but alsoimposed sanctions on many ofthe same sectors of Iran’s econ-omy under antiterror powers,or tied them to Iran’s develop-ment of ballistic missiles.

less played a constructive roleand that similar cooperationfor any follow-on arrangementscould be less likely.

Iran’s team in Vienna willbe headed by Abbas Araghchi,an influential deputy foreignminister who helped orches-trate Tehran’s approach to the

wariness of American promises.The U.S. killing of Iranian Maj.Gen. Qassem Soleimani lastyear heightened that mistrust.

After the Americans pulledout, Iran stopped adhering tolimits the deal placed on its nu-clear activities, taking stepsthat have brought it closer tobeing able to produce anatomic weapon. Some Iranianofficials question whether a fu-ture U.S. administration won’tabandon the pact again.

Iranian presidential elec-tions in June also have embold-ened Tehran hard-liners whoare striving to deny PresidentHassan Rouhani and his more-moderate allies a diplomaticvictory ahead of the vote.

The Biden administration re-gards restoring the 2015 dealnegotiated during the Obamaadministration as just a start-ing point. President Biden hassaid he intends to use the dealto pursue follow-on arrange-ments that would impose moreenduring limits on Iran’s nu-clear efforts while addressingTehran’s missile program andregional activities, especially itssupport for local militias.

“The U.S. and Iran are sosuspicious of each other thatit is going to be hard,” saidRobert Einhorn, a former se-nior State Department officialfor proliferation issues who isat the Brookings Institution, aWashington think tank. “Re-turning to the deal will beslower and more complicatedthan originally expected, eventhough both countries support

WORLD NEWS

When American and Iranianofficials resume talks in Vi-enna on reviving the 2015 in-ternational nuclear deal, thepeople driving the diplomacyare a familiar cast of charac-ters, including some of the keyfigures who negotiated theoriginal accord working to putit back together again.

But if the participants inTuesday’s discussions are fa-miliar, the context for the talkshas changed sharply, as havesome of the two sides’ objec-tives. And while the stepsneeded for Washington andTehran to return to their com-mitments are relatively clear,the diplomatic choreography toget there is complicated.

Negotiating the originaldeal was a hugely technical ef-fort aimed at inventing a setof nuclear restraints on Iran.These talks will be more a testof political will.

Former President DonaldTrump’s withdrawal from thedeal in 2018 and the nearlythree years of sanctions thatfollowed, crushing Iran’s econ-omy, have deepened Tehran’s

By Sune EngelRasmussen in ViennaandMichael R. Gordon

in Washington

U.S., Iran Face Fresh Obstacles at TalksBid to revive 2015nuclear deal featuresfamiliar characters,difficult circumstances

Iranian nuclear technicians worked on the Arak heavy water reactor’s secondary circuit in 2019.

ATOMIC

ENER

GYORG

ANIZAT

IONOFIRAN/A

SSOCIAT

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ESS

brother Prince Hamzah burstinto the open over the week-end, shaking the image of theU.S. ally as an island of stabil-ity in the Middle East.

King Abdullah II has de-cided to deal with the matter“within the framework of theHashemite family” and en-trusted it to his uncle, PrinceHassan, who has been in touchwith Prince Hamzah, the Royal

Court said in a statement.Five elder princes met with

Prince Hamzah, who signed aletter affirming King Abdul-lah’s status as the inheritor ofthe Hashemites’ dynastic ruleand the need to place nationalinterest above all else, theRoyal Court said.

Malik R. Dahlan, a mediatorand a friend of the family, saidthose efforts “have been suc-

cessful and I expect a resolu-tion shortly.” He is a longtimeconfidant of Prince Hamzah.

King Abdullah II has facedpublic dissatisfaction amidJordan’s economic struggles.Prince Hamzah, meanwhile,has maintained broad support,including among the monar-chy’s core tribal base, becauseof his willingness to criticizethe government and his per-

ceived resemblance to his latefather, a foundational figure inJordan’s history.

Mediation began Sunday, aperson familiar with the situa-tion said, even as DeputyPrime Minister and ForeignMinister Ayman Safadi ac-cused Prince Hamzah of un-specified actions that allegedlyendangered Jordan, which isstruggling to control Covid-19

and repair a flagging economy.Prince Hamzah, whom King

Abdullah II removed as heir-apparent in 2004, deniedwrongdoing in video state-ments Saturday. He criticizedhis brother’s government, say-ing Jordan had become “sty-mied in corruption, in nepo-tism and in misrule.”

—Suha Ma’ayehcontributed to this article.

AMMAN, Jordan—The royalfamily is trying to mediate arift between the monarch anda former crown prince, theRoyal Court said Monday, withresolution expected soon, ac-cording to a mediator close toone of the parties.

Confrontation between KingAbdullah II and his half

BY STEPHEN KALIN

Jordan’s Royal Family Said to Seek Mediation to End Public Rift

APRIL 12, 2021 | 6:00–6:45 P.M. EST

WSJ. Magazine editor in chief Kristina O’Neill speaks to momager-mogulKris Jenner about the final season of Keeping UpWith the Kardashians,what’s next in the Kardashian-Jenner empire and her recentWSJ. cover.

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A8 | Tuesday, April 6, 2021 * * THEWALL STREET JOURNAL.

FROM PAGE ONE

China’s central bank gave some people small amounts of digital yuan to test it. Above, a customer pays with the currency at a store.

VCG/G

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tion that technology could up-end traditional currencies.

While U.S. regulators fo-cused on stopping Facebook,ultimately succeeding, Chinaaccelerated its pursuit of adigitized yuan, launching tri-als in April 2020.

Central bankers from theU.S. and other Western econo-mies fret that what Facebookplanned with a digital cur-rency could now be done byChina, a powerful government.

“There is a sort of Uberfear,” said a senior Europeancentral banker who has spokento Western counterparts, re-ferring to stress on taxi sys-tems when the ride-hailingcompany arrived in citiesaround the world. “You don’twant another country’s cur-rency circulating among yourcitizens,” the banker said.

The U.S., as the issuer ofdollars that the world’s morethan 21,000 banks need to dobusiness, has long demandedinsight into major cross-bor-der currency movements. Thisgives Washington the abilityto freeze individuals and insti-tutions out of the global finan-cial system by barring banksfrom doing transactions withthem, a practice criticized as“dollar weaponization.”

American sanctions onNorth Korea and Iran for nu-clear programs hobble theireconomies. Swiss banks aban-doned their famous secrecy

sanctions, the participants, in-cluding several who are nowin the Biden administration,deemed it more threateningthan the warhead.

Nicholas Burns, a longtimeAmerican diplomat and favor-ite to be ambassador in Bei-jing, told the group, “The Chi-nese have created a problemfor us by taking away oursanctions leverage.”

As China’s marketing forthe digital yuan kicks into highgear, an English-language ani-mation circulated online bystate broadcaster CGTN showsa man in an American-flagshirt knocked out by a goldencoin depicting digital yuan.

“This is one of the buildingblocks of China’s move towardworld market status andgreater involvement in settingthe framework of the globaleconomy,” the narrator says.

Initially, the digital yuanwon’t change significantly howmoney circulates throughChina’s financial system. Un-der the central bank’s direc-tion, the six biggest commer-cial banks—all government-owned—will distribute digitalyuan to smaller banks and toapp providers AliPay andWeChat, which are expected tomanage sender-recipient inter-actions.

Unlike electronic transac-tions today, the digital yuan isdesigned to move from A to Binstantaneously, at least intheory removing a way banksand financial apps profit offfees and brief built-in delaysin such handoffs. The onlynecessary middleman is thecentral bank. Mr. Mu has saidthe digital yuan, because it isstate-backed, will reduce risksto the financial system posedby China’s dominant paymentplatforms that are privatecompanies.

When a global TV audienceturns its attention to skatersand bobsledders in Beijing’sWinter Olympics next Febru-ary, authorities are expectedto give visiting athletes digitalyuan to spend while they arein the spotlight, an indicationof ambitions that stretch be-yond China’s shores.

Beijing has joined an initia-tive to develop protocols forthe cross-border use of digitalcurrencies, working with theBank for International Settle-ments and the central banks of

Hong Kong, Thailand and theUnited Arab Emirates.

China’s digital strides drawattention to how the U.S.needs to modernize its own fi-nancial infrastructure, accord-ing to Kevin Warsh, a formerFed governor now at StanfordUniversity’s Hoover Institu-tion. “If we wait 5 or 10 years,we may well end up with somevery bad policy choices,” hesaid.

An option for poorMore than 60 countries are

at some stage of studying ordeveloping a digital currency,according to research groupCBDC Tracker. Digital curren-cies hold some of their biggestpotential for the 1.7 billionpeople globally who the WorldBank says lack a bank account.The Bahamas has already is-sued a digital currency to ad-dress financially underservedpopulations. Some centralbanks say such currencieswould come in handy for fami-lies of migrant laborers whomake tiny fund transfers thatare cumbersome and expen-sive.

The senior European cen-tral banker noted that interna-tional person-to-person moneytransfers can take days andworried that speed and effi-ciency could eventually makethe digital yuan a preferredcurrency for remittances ascountries deepen financial tieswith China.

China, with a workingmodel, is offering a ready wayfor managing digital cash.President Xi last year calledfor China to seize opportuni-ties to set international rulesfor digital currencies, much asBeijing has sought to influenceand dominate an array of ad-vanced-technology standardssuch as for 5G telecommunica-tions, driverless cars and fa-cial recognition.

Asked during a recent Sen-ate appearance whether thedollar could be digitized tohelp the U.S. defend its su-premacy, the Fed’s Mr. Powellsaid researching that questionis a “very high-priority proj-ect.”

“We don’t need to be thefirst,” he said. “We need to getit right.”

—Grace Zhucontributed to this article.

KetchupCan’tCatch Up

eight years ago to avoid Wash-ington’s wrath in a showdownover taxes. After the Februarycoup in Myanmar, the U.S.used sanctions to block themovement of top military offi-cials’ financial assets throughbanks. The Treasury’s data-base of sanctioned individualsand firms—the “Specially Des-ignated Nationals and BlockedPersons List”—touches virtu-ally every nation on earth.

Beijing is especially discom-fited by a fast-expanding partof the sanctions register: morethan 250 Chinese names, in-

cluding politicians the U.S. ac-cuses of atrocities against eth-nic minorities or of curtailingfreedoms in Hong Kong. Sanc-tions left Carrie Lam, China’stop official in Hong Kong, witha stockpile of cash in herhome because banks fearedthat accepting her businesswould risk exposing them, too,to an American freeze.

The digital yuan could givethose the U.S. seeks to penal-ize a way to exchange moneywithout U.S. knowledge. Ex-changes wouldn’t need to useSWIFT, the messaging networkthat is used in money trans-fers between commercialbanks and that can be moni-tored by the U.S. government.

The chance to weaken thepower of American sanctionsis central to Beijing’s market-ing of the digital yuan and toits efforts to internationalizethe yuan more generally.Speaking at a forum lastmonth, China’s Mr. Mu, thecentral bank official, repeat-edly said the digital yuan isaimed at protecting China’s“monetary sovereignty,” in-cluding by offsetting globaluse of the dollar.

In a 2019 war game at Har-vard University, veteran U.S.policy makers scrambled tocraft a response to a nuclear-missile development by NorthKorea secretly funded withdigital yuan. Because of thecurrency’s power to undercut

The digital yuancould enable Chinato soften the bite ofU.S. sanctions.

draws: anonymity for the user.Beijing is also positioning

the digital yuan for interna-tional use and designing it tobe untethered to the global fi-nancial system, where the U.S.dollar is king. China is em-bracing digitization in manyforms, including money, in abid to gain more centralizedcontrol while getting a headstart on technologies of thefuture.

“In order to protect ourcurrency sovereignty and legalcurrency status, we have toplan ahead,” said Mu Changc-hun, who leads the project atthe People’s Bank of China.

That an authoritarian stateand U.S. rival has taken thelead to introduce a nationaldigital currency is propelling awonky topic for cryptocur-rency theorists into a point ofanxiety in Washington.

Asked in recent weeks howdigitized national currenciesmight affect the dollar, Trea-sury Secretary Janet Yellenand Federal Reserve ChairmanJerome Powell have said thisis being studied in earnest, in-cluding whether a digital dol-lar makes sense someday.

The dollar far outstrips allother currencies for use in in-ternational foreign-exchangetrades, at 88% in the latestrankings from the Bank for In-ternational Settlements. Theyuan was used in just 4%.

Wire transfersDigitization wouldn’t by it-

self make the yuan a rival inbank-to-bank wire transfers,analysts and economists say.But it could gain traction onthe margins. It would provideoptions for people in poorcountries to transfer money.Even limited international us-age could soften the bite ofU.S. sanctions, which increas-ingly are used against Chinesecompanies or individuals.

The digital yuan resides incyberspace, available on theowner’s mobile phone—or ona card for the less tech-savvy—and spending it doesn’tstrictly require an online con-nection. It appears on a screenwith a representation of Mao.

In tests, more than 100,000people have downloaded a mo-bile-phone app enabling themto spend small governmenthandouts of digital cash.

“It’s pretty good,” said TaoWei, a young woman in Bei-jing, after spending a test al-lotment to pay for her daugh-ter’s birthday portrait.

China has indicated the dig-ital yuan will circulate along-side bills and coins for sometime. Bankers say Beijing aimsto digitize all of its cash even-tually. Beijing hasn’t said.

Digitized money lets the is-suing government trackspending in real time, speedrelief to disaster victims orflag criminal activity. Beijingstands to gain vast new pow-ers to tighten President Xi Jin-ping’s authoritarian rule.

Elements of this kind ofcontrol already exist in China,with digital payments thenorm. Mr. Mu has said thecentral bank will limit how it

ContinuedfromPageOne

packets has pushed up prices,costing the Louisville, Ky.-based company an extra half-million dollars, executivessaid, since single-serve is pric-ier than bulk.

“Everyone out there isgrabbing for ketchup,” ChiefMarketing Officer StephanieMattingly said.

The ketchup conundrumstrikes at a cornerstone ofAmerican diets. The tomatospread is the most-consumedtable sauce at U.S. restaurants,with around 300,000 tons soldto food-service last year, ac-cording to research firm Eu-romonitor. Even more is eatenat home, and the pandemichelped push retail ketchupsales in the U.S. over $1 billionin 2020, around 15% higherthan 2019, Euromonitor datashowed.

Kraft Heinz Co. is ketchup’s

ContinuedfromPageOne

king, with the research firmsaying Heinz holds nearly 70%of the U.S. retail market forthe condiment. But the morethan 150-year-old brandwasn’t prepared for the pan-demic. Kraft Heinz couldn’tkeep up with orders for its sa-chets––the industry term forketchup packets.

Steve Cornell, Kraft Heinz’spresident of Enhancers, Spe-cialty and Away from HomeBusiness Unit, said restaurantsneed patience while it rampsup supply. The company plansto open two new manufactur-ing lines in April, and more af-ter that, increasing productionby about 25% for a total ofmore than 12 billion packets ayear. Kraft Heinz already isrunning extra shifts at plants,and cut back on some varietiesto focus on making more sin-gle-serve packets. The com-pany also invented a no-touchketchup dispenser to helpmeet demand for Covid-safealternatives to shared bottles.

“We’re busy doing every-thing we can,” Mr. Cornellsaid.

Ketchup sold in the U.S. istypically made in large domes-tic factories with tomatoes of-ten grown in the Central Val-

ley of California. Since Heinzhas the majority of the mar-ket, it was most affected whendemand suddenly shifted toretail as customers shelteringat home bought more ketchup.

Chef Justin Frayser lastmonth took a deep breath be-fore calling his boss, Mr. Fuse-lier, to deliver the news thatBlake Street Tavern’s supplyorder showed up without anyboxes of Heinz. Covid-19 costthe Denver sports bar morethan half of its sales last year,but running out of the ketchupbrand they have served for 18years felt like an emotionalblow. “I didn’t want to throwhim into a panic,” Mr. Fraysersaid.

Mr. Fuselier panicked. “Howcan we serve french fries with-out Heinz ketchup?” wonderedMr. Fuselier. Blake Streetswapped in a generic version,and Mr. Fuselier asked serversto apologize to customers.

Paige Rili said she is regu-larly shorted on ketchup in herhometown of Chattanooga,Tenn., making the condimentanother hard-to-get item liketoilet paper and hand sani-tizer. “Nowadays, you only getabout two packets of ketchupgoing through a drive-through.

western New York, is loyal toHeinz glass bottles, but hastested various vessels duringthe pandemic. Steel soufflécups of ketchup often end upin the trash, while paper onessoak up the sauce and dry itout, he said. “The ketchup ca-lamities are very extensive,”he said.

Earlier this year, manyTexas Roadhouse Inc. loca-tions started running short onHeinz bottles, forcing the 630-location steakhouse chain toscramble for substitutes. Res-taurant managers scoured theaisles of wholesalers such asCostco Wholesale Corp. for al-ternatives when the chain’susual suppliers came up short,spokesman Travis Doster said.

“We feel like the bottom ofthe barrel,” said Mr. Doster,whose company went through55 million ounces of ketchuplast year.

Heinz packets are now alsorunning dangerously low, Mr.Doster said, and Texas Road-house is taking drastic ac-tion—testing alternatives toHeinz. “I’m a Heinz person,”said Mr. Doster, a self-de-scribed “ketchup fiend” whodresses his eggs with it. “Butyou can’t be loyal forever.”

Sometimes they’re even com-pletely out,” Ms. Rili said.

Covid-19 precautions areanother factor slowingketchup’s flow to diners’plates. Local health depart-ments last year advised res-taurants to pull shared condi-ment bottles off tables forsanitary purposes. Even statesthat have lifted all capacity re-

strictions on restaurants arestill taking a tough stance onketchup.

“Provide condiments onlyupon request, and in singleuse, non-reusable portions,”Texas officials wrote in thestate’s recommended operat-ing guidelines.

Peter Kreinheder, owner ofEllicottville Brewing Co. in

Cups are filled at a Jester Concepts restaurant in Minneapolis.

tracks individuals.The money is programma-

ble. Beijing has tested expira-tion dates to prompt users tospend it quickly at times.

It’s also trackable, adding atool to China’s surveillance.The government deploys hun-dreds of millions of facial-rec-ognition cameras, sometimesusing them to levy fines foractivities such as jaywalking.A digital currency would makeit possible to both mete outand collect fines as soon as aninfraction was detected.

Cryptocurrencies such asbitcoin are famous for volatil-ity. But the People’s Bank ofChina will ensure there aren’tvaluation differences betweenthe digital yuan and the paperbills and coins. Anti-counter-feiting measures will aim tomake it impossible for anyonebesides the PBOC to createnew digital yuan.

The central bank says itmay initially impose limits onhow much digital yuan indi-viduals can keep on their per-son, as a way to control how itcirculates and provide users adose of security and privacy.

It won’t use the new tech-nology as a way to get moremoney into circulation, sinceevery yuan issued digitally willessentially cancel one yuancirculating in physical form.

When bitcoin launched in2009, most nations’ policymakers largely played downits significance. China paid at-tention.

Always vigilant to threats,the leadership feared a crypto-currency could underminegovernment power if peoplebegan using it in earnest.Zhou Xiaochuan, China’s topcentral banker from 2002 to2018, has said bitcoin bothdazzled and frightened him. In2014, he launched a formalstudy for a possible Chinesedigital currency.

China hardly looked like acurrency pioneer. Its strictgovernment control of theyuan, for instance, ran counterto the rip-roaring trade inother major currencies.

At the same time, a finan-cial-technology revolution wasunder way in China, with thefrenetic adoption of the AliPayand WeChat apps making cashmostly unneeded, and turbo-charging startup companieswith ways to pay on the go.

Then, in mid-2019, Face-book Inc. said it would pursueits own cryptocurrency. Therealization this could circulatein a user base far bigger thanany national populationbrought immediate recogni-

ChineseDigitizingThe Yuan

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THEWALL STREET JOURNAL. * * Tuesday, April 6, 2021 | A8A

BY MELANIE GRAYCE WEST

tions during the pandemic,Philharmonic and center offi-cials said they now haveraised $500 million.

The orchestra, which is ledby music director Jaap vanZweden, hasn’t given a publicconcert with its full ensembleof 100-plus musicians in morethan a year. But it has kept theplayers on the payroll, al-though with a reduction in sal-ary. During this time, the mu-sicians have appeared in somesmaller events, such as thePhilharmonic’s Bandwagon se-ries of concerts throughoutthe city, and have worked onrecording projects.

Philharmonic officials saidthe orchestra, which has a$52.6 million budget in itscurrent fiscal year ending Aug.

31, has been able to forgeahead with the help of somerecent fundraising separatefrom the Geffen Hall capitalcampaign as well as cost-cut-ting. The previous year’s bud-get was $69.2 million.

“The board is rolling up itssleeves and underwriting sup-port for the orchestra duringthis difficult time,” said Peter

W. May, co-chairman of thePhilharmonic’s board.

The orchestra hasn’t an-nounced its 2021-22 season,but Philharmonic officials saidthey expect the ensemble tobe performing during this pe-riod that commences in thefall. Because of the work atGeffen Hall, the Philharmonicwill use other Lincoln Center

venues—notably, Alice TullyHall on its main campus andthe Frederick P. Rose Hall atthe Shops at Columbus Circle.

In the meantime, the or-chestra isn’t staying dormant.It will give its first major pub-lic performances since thestart of the pandemic on April14-15 at the Shed at Manhat-tan’s Hudson Yards.

GREATERNEWYORKWATCH

NEW JERSEY

Vaccine Eligibility AgeFalls to 16 on April 19

New Jersey is opening upCovid-19 vaccine eligibility tothose 16 or older beginning April19, Gov. Phil Murphy said Monday.

Mr. Murphy, a Democrat, saidthe expansion comes two weeksahead of plan and added that itis the “right time to put our pro-gram into higher gear.” The an-nouncement came the same daythat those 55 and older as wellas people in other jobs categoriesbecame eligible for the vaccine.

Mr. Murphy has promised toget 70% of the state’s adultpopulation, or 4.7 million people,vaccinated by the end of June.

In New Jersey, 21.5% of thestate’s adult population are fullyvaccinated.

—Associated Press

CONNECTICUT

Teachers Out SickAfter Getting Shots

Several Connecticut schooldistricts have been forced toclose or stop in-person learningfor a day, after educators attend-ing vaccine clinics called in sickwith side effects from the shot.

Manchester schools reporteda shortage of teachers and busdrivers on Monday after a vac-cine clinic for educators washeld there over the weekend.

A similar incident caused aColchester elementary school toclose for a day last month andforced Stamford schools to de-lay a return to in-person learningfor one day. In Region 13, whichincludes Durham and Middlefield,officials scheduled a day off forMonday after a clinic was held.

—Associated Press

LONG ISLAND

Box Truck CrashOn LIE Kills Two

A box truck hit an overpasson the Long Island Expresswayand overturned on Monday, kill-ing the driver and a passenger,police said.

The truck was headed easton the LIE in North Hills around5 a.m. when it left the roadwayand struck the overpass forShelter Rock Road, NassauCounty police said.

The truck’s driver and solepassenger were pronounceddead at the scene, police said.No other vehicles were involvedin the crash.

Photos from the sceneshowed a Boar’s Head deliverytruck lying on its side next tothe expressway.

—Associated Press

SPRING AWAKENING: Sandra Wiley of Brooklyn’s Flatbush neighborhood enjoyed the nice weatherMonday in Prospect Park. Mild temperatures are forecast for much of the rest of the week.

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The $550 million renova-tion of Lincoln Center’s DavidGeffen Hall, home of the NewYork Philharmonic, will becompleted nearly two yearsahead of schedule in fall 2022,officials with the arts complexand the orchestra said Mon-day.

The quickened pace of theproject, one of the most ambi-tious undertakings by any NewYork City cultural institutionin recent memory, is a byprod-uct of the Covid-19 pandemic,officials said.

Originally, the work was tobe done in stages, allowing theorchestra to remain in the hallsome of the time. But with theensemble having been forcedto curtail concerts in thevenue since March 2020, theproject was afforded muchmore breathing room to pro-ceed.

“We moved expeditiouslyforward,” said Deborah Borda,the orchestra’s president andchief executive.

The $550millionproject is expectedto be completed inthe fall of 2022.

New York City is ending acontroversial policy that re-quired public schools to fullyclose for 10 days after report-ing two unrelated Covid-19cases.

The “two-case rule” has

GREATER NEW YORK

forced many opened schoolsto shift to remote learning, of-ten with little advance warn-ing for families. The end resultis that children are bouncedback and forth, a particularlydifficult situation for youngstudents who need consis-tency in schedules and learn-ing, parents and educatorshave said.

New York City Mayor Billde Blasio said Monday the pol-icy was being rolled back sothat parents could make an in-formed choice on whether to

opt in for in-person instruc-tion for the remainder of theyear. He said the policy madesome parents wary of choos-ing in-person education.

The city has extended theopt-in deadline for in-personinstruction from Wednesdayto Friday.

Mr. de Blasio didn’t saywhat would replace the rule,only that the approach wouldbe different and allow formore schools to be open.

“Anything different thanthe two-case rule will lead to

greater consistency,” said Mr.de Blasio, adding that the cityneeded a new rule that makessense.

The consistency will do“wonders for instruction” and“allow for more stability,” saidSchools Chancellor MeishaRoss Porter. She said the cur-rent policy often resulted inolder children being requiredto stay home and take care ofyounger siblings, another dis-ruption to learning.

The city’s health commis-sioner, Dave A. Chokshi, said

Monday the way to beatCovid-19 isn’t by closingschools.

But Michael Mulgrew, thepresident of the United Feder-ation of Teachers, the city’steachers union, said themayor’s announcement isn’t aplan.

Vaccines have driven downthe percentage of adults whotest positive for Covid-19, andany change to the two-caserule has to take the safety ofchildren and their familiesinto account, he said.

“The city can’t change thetwo-case rule without Albany’sapproval,” Mr. Mulgrew said.

New York City Councilmember Brad Lander ap-plauded the rollback, sayingthe rule was arbitrary and de-stabilizing, but criticized thelack of a new plan.

“It’s ridiculous that, twomonths after saying they werereviewing it, the administra-tion is announcing that theyare planning to get rid of therule, and still don’t have aplan,” he said.

City Ends Two-Case School Closure RuleParents say Covid-19policy caused hardship;critics demand mayordevise a new plan

The project has remainedlargely unchanged since thecenter and orchestra an-nounced the current iterationin December 2019. It is a radi-cal rethinking of the venuethat opened in 1962, with akey goal being to improve itsoft-criticized acoustics.

To accomplish that, planscall for reducing the numberof seats in the hall from thecurrent 2,738 to about 2,200.In addition, the stage will bemoved forward by 25 feet,with the orchestra positionedso that concertgoers will beseated in rows that wraparound the musicians.

The project also calls for agreater emphasis on publicspace, with the hall’s mainlobby increased to twice itscurrent size. In addition, thehall will include a space, front-ing the street, that is beingdubbed the Sidewalk Studioand is envisioned as a placefor a variety of educationaland community activities.

Philharmonic and LincolnCenter officials said that sincethe pandemic, they have madechanges to the project relatingto the HVAC system and airfiltration in keeping with thehealth and safety concerns ofthe Covid-19 era.

The project’s steep $550million cost has stayed thesame, however. And despitethe enormous challenges facedby performing-arts institu-

BY CHARLES PASSY

David Geffen HallUpgrades on PaceFor Early Finish

A rendering of Lincoln Center’s renovated David Geffen Hall. Concertgoers will be seated in rows that wrap around the musicians.

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© 2021 Dow Jones & Company. All Rights Reserved. THEWALL STREET JOURNAL. Tuesday, April 6, 2021 | A9

PERSONAL JOURNAL.HEALTH &WELLNESS

The Diet“I put in the work in the gym

and have been guilting myself intoa cleaner diet,” he says. “I’ve triedvegan, high-protein, Keto and rightnow I’m embracing moderation. Ilove carbs but limit them.”Breakfast: “I grew up in SoCal

and still love a breakfast burritowith eggs, avocado and salsa.”

Dinner: His family subscribes toSun Basket, a meal delivery ser-vice. “Every night feels like a sur-prise,” he says.

Splurge: Ice cream.

the lowering phase of an exercise isslowed down to keep the musclesunder tension for a longer period.

“Squatting 135 pounds for 10reps is nothing,” he says. “Whenyou add a 2- to 3-second pause onthe contraction, the weight sud-denly feels twice as heavy.” He alsohas made small tweaks to familiarexercises, like the squat, so that hiscore and back work harder. For ex-ample, when he does squats, heholds an Olympic bar in a curlingposition across his arms instead ofacross his shoulders. “This forcesme to support the weight throughmy lower back,” he says.

Explosive exercises like jumpsquats and explosive step-ups keephis legs strong. Explosive push-ups, where he pushes off theground and must land with controland slowly lower down, are a newaddition. He will repeat them for15 seconds then get a 45-secondbreak and repeat 10 times. “Ondays my trainer wants to be mean,

we start and end with pushing ex-ercises and in-between do explo-sive push-ups,” he says. “I’ve neverdone so many push-ups in my life.”

Neck strength is critical, hesays. He recently purchased anIron Neck headset. The helmet-likedevice can be attached to resis-tance bands or a cable pulley ma-chine to work the muscles in theneck through a range of motion.

An avid cyclist and distance run-ner, Mr. Johnson has cut his mile-age to focus on high-intensity car-dio. “I run 5 to 8 miles, and if I’mfeeling good at 8 [miles] go for 10,”he says. “It’s not what my trainerslike me to do, but I did it so longfor Nascar it gives me a weird feel-ing of accomplishment,” he says.

His trainers also have intro-duced him to the SkiErg, an up-right rowing machine that simu-lates Nordic skiing. “I despise it,”he says. “We do various intervaltraining routines on it, and they’realways very painful.”

Former Nascar pro Jimmie Johnson is preparing for his IndyCar debut.

Patients who perform below av-erage on cognitive tests and feelthey are impaired in their daily ac-tivities get a cognitive behavioralevaluation, says Dr. Koralnik. Basedon the results, some patients are re-ferred to cognitive rehab.

Andrew McCoy is among them.The 55-year-old tested positive forthe virus that causes Covid-19 inOctober and says he started expe-riencing cognitive issues a monthlater. Suddenly, he could no longerremember common words. He hadtrouble remembering events fromthe previous day and where he hadplaced items. “My short-termmemory was horrific,” says Mr.McCoy, a vice president for a For-tune 500 life-science company. “Itaffected my daily life in such anincredibly negative way. I literallycouldn’t tell you what I had fordinner the evening prior.”

A series of neuropsychologytests showed he had cognitive def-icits, he says. Dr. Koralnik referredhim to Shirley Ryan AbilityLab, aphysical medicine and rehabilita-tion research hospital in Chicago.There he met with a speech-lan-guage pathologist as well as occu-pational and physical therapists.

He learned to journal his dailyevents and now routinely fills eightto 10 pages in his journal every day.He meditates briefly throughout theday. He takes pictures of his carwhen he parks in large lots. He triesto place things in the same placeand learned to use simpler words to

tion team helps patients withstrategies, such as dividing a taskinto smaller increments. Simpletechniques like taking notes, usinga planner or app to record infor-mation, and setting electronic re-minders can help improve memoryand organization. Other tactics in-clude reducing screen time,proper sleep, managing stress andexercise.

People stillexperiencingsymptoms weeksor months aftertheir initial Coviddiagnosis arecommonly re-ferred to as longCovid patients,and make up anestimated 10% ormore of allCovid-19 cases,according tostudies and ex-perts. Many ini-tially had mild cases and weren’thospitalized.

Neurological symptoms areamong the most common lingeringeffects. In a study published inMarch in the journal Annals of Clin-ical and Translational Neurology,Northwestern researchers foundthat 85% of 100 nonhospitalizedlong Covid patients experiencedfour or more neurologic symptomsmore than six weeks after their in-fection. The most common symp-tom was “brain fog,” experienced

by 81% of the participants.It’s unclear what is causing the

symptoms. Some scientists believeit may be caused by inflammationtriggered by the virus and damageto tiny blood vessels in the brain.Another possible explanation isthat the immune system mistak-enly attacks brain cells. Stress andmood changes may also result in

biological changes to the body.The brain fog that patients de-

scribe shares similarities with post-traumatic brain injuries as well asthe brain fog associated with che-motherapy and chronic fatigue syn-drome, says Igor Koralnik, chief ofneuro-infectious diseases and globalneurology at Northwestern Medi-cine in Chicago. He oversees theNeuro Covid-19 Clinic at Northwest-ern Memorial Hospital and is seniorauthor of the recent study lookingat neurologic symptoms.

Brain Rehab for Long CovidCognitive problems can trouble patients for months. Therapies for other trauma help some.

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The newest patients incognitive rehabilitationprograms didn’t sufferconcussions, traumaticbrain injuries or strokes.

They got Covid-19.Cognitive problems are some of

the most persistent and commonlong-term symptoms that peoplestruggle with months after gettingCovid. Patients report short-termmemory problems, slow processingspeeds, poor word recall and diffi-culty multitasking. To help them,doctors at medical centers includ-ing Mayo Clinic, Yale and JohnsHopkins are starting to refer somepatients to cognitive rehabilitationmore typically used for patientswith concussions and other trau-matic brain injuries.

“Even if the mechanism causingsymptoms is different, the prob-lems are often the same,” saysThomas Bergquist, a clinical neu-ropsychologist who focuses onneurocognitive disorders at Mayo’sbrain rehabilitation clinic. Manypatients have had difficulties re-turning to work. “They can getthrough the day, but they are justnot nearly as efficient as they usedto be and they’re much moretired,” says Dr. Bergquist.

At Mayo’s clinic, a rehabilita-

YOURHEALTHSUMATHIREDDY

J immie Johnson is embarrassedto admit that not only does heown a grip-strength device, he

uses it nonstop. “I carry it with meand try to burn out my forearmsdaily,” he says. “I never thought I’dbe that guy.”

Transitioning from 20 years ofNascar racing to IndyCar racinghas forced the professional driverto rethink his strength-trainingprogram. “Grip strength is a bigpart of being able to drive an In-dyCar,” he says.

The seven-time Nascar cham-

pion retired from Nascar last No-vember and at 45 years old is nowtraining for his first IndyCar sea-son. He says the switch betweendisciplines is akin to taking up awhole new sport midlife.

A Nascar vehicle averages 3,000pounds and can reach speeds of upto 200 miles an hour. IndyCars areopen-wheeled, weighing around1,350 pounds and reaching speedsupwards of 230 miles an hour.

For a driver, one of the biggestdifferences between the two sportsis that an IndyCar doesn’t havepower steering as a Nascar carhas, Mr. Johnson says. “It takesmuch more upper-body strength tocontrol the car on turns.” He hashad to adjust his routine to focusnot just on grip strength, but alsoneck and forearm strength, corestrength and stability and hand-eye coordination. “Essentially mycore and lower back act as my an-chor and I use my arms to fightforces through the [steering]wheel,” he says.

The WorkoutWhen taking a corner at 200-plusmiles an hour, Mr. Johnson, whoweighs 175 pounds, has to with-stand gravitational forces threetimes his body weight. That’s theequivalent of 525 pounds smashingyou into the side of your car door.To build muscular endurance, hehas adapted his routine to focus oneccentric strength training, where

WHAT’S YOUR WORKOUT? | JEN MURPHY

Jimmie Johnson GoesSlow to Build Strength

Neck strength, Jimmie Johnsonsays, is critical for IndyCar driving.

avoid problemswith word recall.“I’m more disci-plined and habit-ual about things,”he says.

Mr. McCoysays he’s madesignificant prog-ress over the pastmonth, although

an evaluation at Northwestern inJanuary showed he still had somedeficits in short-term memory andprocessing speed.

Now, he says he feels about90% back to normal using the cop-ing mechanisms he learned in re-hab. “The strategies really help,”he says.

Cognitive screening in post-Covid patients can help identifypatients who need care. At JohnsHopkins in Baltimore, workers docognitive screening tests on thephone with Covid-19 patients froma pulmonary clinic roughly fourmonths after infection, says TracyVannorsdall, a clinical neuropsy-chologist at Johns Hopkins Schoolof Medicine. “Nearly two-thirds ofour patients are producing one ormore low scores on cognitive test-ing and are really struggling”when compared with age-adjustednorms, she says. Once doctorsidentify a problem, they conductmore in-depth neuropsychologicalexams and refer patients to cogni-tive rehabilitation therapy.

Yale developed a post-Covidneurology clinic in September afterseeing how many patients werecoming in with neurological compli-cations, says Serena Spudich, chiefof neuroinfectious diseases andglobal neurology at Yale and a leadresearcher of the Covid Mind Study,which studies Covid’s effects on thebrain. “They expected to bounceback and they didn’t,” she says.

Dr. Spudich says Yale startedthe clinic thinking it would be

short-term. Months later, it is fullybooked into the summer. Patientswith concentration and memoryproblems can get detailed testingand are then referred to cognitiverehabilitation. “I’ve seen peopleimprove,” she says. “It’s not solv-ing the underlying problems buthelping them develop tricks andtechniques.”

For now, Dr. Spudich says, mostpatients are at least stable. Yaleresearchers are following up to100 Covid patients with ongoingneurological issues for five yearsto see if symptoms worsen or de-velop into persistent brain disor-ders, says Dr. Spudich.

A CT brainscan atNorthwesternMemorial.

IgorKoralnik doesa neurologicalexam.

85%Of 100 nonhospitalized long Covidpatients experienced four or moreneurologic symptomsmore than sixweeks post-infection.

Shaking up your workoutcan be as simple as slow-

ing it down, says Brad God-bold, head strength and con-ditioning coach at New YorkUniversity. Most of us are sofocused on reaching the topof a pull-up that we lowerout of it with relief ratherthan with control. “The con-centric or rising phase of anexercise is like the engine ofa car,” he says. “The lowering,or eccentric phase, is like thebrakes. Both are important.”You don’t need to lift

heavy weights. The concept,Mr. Godbold says, works withlight weights or body weight.The next time you do a push-up, squat, biceps curl or benchpress, try to make the lower-ing portion twice as long asthe rising motion. “Adding a5-second tempo to the eccen-tric portion of an exerciseover five reps is the equiva-lent of doing 10 reps fast.”

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A10 | Tuesday, April 6, 2021 THEWALL STREET JOURNAL.

An NFT frenzy israging and art-ists want in.From museumdarlings to digi-tal upstarts, art-

ists across the marketplacesay nonfungible tokenscould be a game-changer,roiling gallery loyalties andreshaping what creators candemand financially and howthey work.

NFTs are tokens thatamount to digital certifi-cates of authenticity and al-low images that exist onlyon screens to be traded andtracked.

Top-tier artists like Da-mien Hirst and John Gerrardalready are converting someof their works into NFTs.Now, Urs Fischer is diving in.

are tacking on classes toteach collectors the ropes. OnApril 26, Christie’s educationarm will hold a three-day on-line course titled the “Com-prehensive Guide to NFTs.”

Mr. Fischer’s sculptureshave sold for as much as$6.8 million and thisspring, Christie’s plans toask at least $3 million for“Things,” his silvery rhinoc-eros sculpture from 2017.Yet Mr. Fischer’s decision tosell “Chaos #1 Human” hasraised tension with his NewYork gallery, Gagosian, theartist said, because the gal-lery hasn’t agreed to sellother of his NFTs after theFair Warning auction.

“Some things I do don’tfit into a box, and I want topursue my ideas withoutworrying if the patronagemodel that exists knows

what to do with it,” Mr.Fischer said of his tradi-tional reliance on gallerysales. “NFTs are opening ev-erything up, and I look towork with people who takeit as seriously as I do.”

His dealer, Larry Gago-sian, said Fair Warning’screator, Loïc Gouzer, toldhim on March 21 about Mr.Fischer’s NFT auction, andgave him a couple of days tocommit to selling more ofMr. Fischer’s NFTs throughhis gallery. The gallery hasnever tried to sell an NFT,Mr. Gagosian said. “I justneeded more time” to re-search the logistics of add-ing NFTs to the gallery’s of-ferings, he added. For now,he is holding off.

Mr. Gouzer confirmed healerted Mr. Gagosian with ashorter-than-usual timeframe, saying “crypto timemoves seven times faster,”but said he had hoped thegallery would have a role inFair Warning’s auction. Bid-ding for Mr. Fischer’spiece—the app’s first NFT—will begin at $1,000.

“I really don’t knowmuch about it,” Mr. Gago-sian said of tokenized art.“Seems like many artists arebeing approached to get in-volved with NFTs. It will beinteresting to see how it allplays out. I hope it’s a suc-cess for Urs.”

Typically, artists arebound by contracts drawnup by the galleries that rep-resent them and collect ashare of sales. But somestars in elite spheres suchas Gagosian have leeway topursue side ventures.

Mr. Fischer arranged tooffer additional NFTs in theChaos series both on MakersPlace, a digital art platform,and at Pace, a rival galleryto Gagosian. He said he isn’tnecessarily switching galler-ies, but the side arrange-ment with Pace—which isknown for showing high-tech artists like Drift—sug-gests NFT savvy could be-come a gallery litmus test. Italso has thrown into fluxMr. Fischer’s plans to showother digital works and aphysical sculpture at Gago-sian in September, whichthe gallery confirmed. Theartist said he hasn’t made afinal decision on where hewill show his art next. “It’smessy,” he said.

Marc Glimcher, Pace’spresident and chief execu-tive, said he and his teamtook “about 15 seconds” toagree to work with the art-ist and sell his NFTs. Mr.Glimcher said there is prece-dent for artists switchingbetween the two galleries—Julian Schnabel and the es-tate of Willem de Kooning—but landing Mr. Fischerwould be a “huge coup.”

“Galleries are all pressedfor time, but this NFT thing issomething I’m determined toinvest time and attention tobecause the artists are invest-ing, too, so there is synchron-icity,” Mr. Glimcher said.

Mr. Fischer said the ideafor the Chaos series came tohim four years ago from apair of vending machines hesaw during a layover in theMinneapolis airport. Oneshowed an interactive screenof “dancing soda bottles” andthe other had rows of realbottles behind glass. Mr.Fischer, who was already tak-ing photos and 3D scans of

objects like scissors andsteaks for a body of work hewas mulling, preferred thepretend bottles. He set out toanimate the objects he hadbeen scanning—but he hadn’tplanned to sell them.

Fast-forward to a fewmonths ago, when Mr.Fischer realized he couldbundle and sell the imagesas NFTs instead of juststashing them on a harddrive. “I’m thankful for allthese kids for figuring out asolution to validating ourdigital work,” he said.

A less-established artist,Michah Dowbak, who goesby Mad Dog Jones, is alsolooking for validation byauctioning his NFT project,“Replicator,” at Phillips onApril 12. The 35-year-oldMr. Dowbak amassed a hugeonline following by postingand selling digital artworksas NFTs. The twist with his“Replicator” piece for Phil-lips is that—true to its ti-tle—his image of a photo-copier in a downtown LosAngeles office will multiplyinto more NFTs in comingmonths. If the work at Phil-lips sells, the buyer willown those iterations. Theowner can keep the ver-

sions together or sellthem—a feat possible onlyby leveraging the algo-rithms embedded in NFTsmart contracts, the artistsaid.

Many artists are educat-ing themselves about thephenomenon. Jeff Kraus, anabstract artist who showswith the online platformTappan Collective, said hestudied up a few years agoout of curiosity about cryp-tocurrency and the immuta-ble qualities that NFTs lendthe works put on the block-chain, the digital ledger thattracks works from artist toowner in perpetuity. Be-cause the smart contractsfor such pieces can haveroyalty clauses embedded inthem, Mr. Kraus realized hecould sell his work as NFTsand stipulate that he re-ceives a particular share ofany resales of his works.

If resale royalties becomestandard, he said, NFTscould be a windfall for art-ists. That is partly why hethinks artists are pushinginto NFTs faster than galler-ies or collectors. “I think it’llcome down to the artists tolead the galleries into thisspace,” he said.

Artists Race to JoinNFT Bandwagon,Stirring DisruptionBY KELLY CROW

A still from 'Bom_Dia.05,' an NFT that Jeff Kraus madelast year. An image from Urs Fischer’s ‘Chaos #1 Human,’his first NFT, which is slated to go up for auction April 11.

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Part of Generation 1 of 'Replicator,' a 2021 NFT by MichahDowbak, aka Mad Dog Jones. Mr. Fischer’s 'Untitled(Lamp/Bear),' from 2005-2006, seen in New York in 2011.

The 47-year-old Swiss-bornartist will offer his first NFT,“Chaos #1 Human,” on FairWarning, an auction app, onApril 11. The animated workdepicts a 3D scan of a brownegg and a cigarette lighterslowly colliding and movingthrough each other. It is partof a new series exploring cul-tural artifacts through hun-dreds of NFT pairings of ev-eryday objects that will becapped with one amalgama-tion of all 1,000 images.

The rest of the art worldis still catching up to whatNFTs do and how they mighttransform transactions. Mu-seum trustees said they areadding cryptocurrency totheir portfolios—while deal-ers and art advisers are try-ing to pinpoint which NFTartists are trendy. Auctionhouses, early out of the gate,

PERSONAL JOURNAL.NY

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THEWALL STREET JOURNAL. Tuesday, April 6, 2021 | A11

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

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SINGLESPACES | By Joe HansenAcross1 Really troubled

6 Slide in sleet,say

10 Boring existence

13 Where to seeGoya’s “NakedMaja”

14 Jeans pioneerStrauss

15 Fox Businessrival

17 Americangrazers

18 Daughter ofNicholas andAlexandra

20 Point on thehorizon

21 Port of southernPuerto Rico

22 Perpendicularaddition

23 Highlands loch

25 With 49-Across,a hint to thecircled letters

27 Like someschool sports

29 Forensicfranchise

31 Playpen players

32 Podcastfast-forwards,often

33 Holler fromHomer

34 Café au ___

36 Transform

38 Church fixture

42 Pro votes

43 Terresurrounded bymer

44 Tavern flow

45 Bygone TVattachments

47 Ambient music’sBrian

48 God of war

49 See 25-Across

52 Lawrence of“champagnemusic” fame

54 Fourth mo.

55 Strong point

57 Prime players

60 Compulsivecleaner

62 City of Tuscany

63 Pretentious

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

23 24 25 26

27 28 29 30 31

32 33 34 35

36 37 38 39 40 41

42 43 44

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54 55 56 57 58 59

60 61 62

63 64 65

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Previous Puzzle’s Solution

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

C O D S L A B C A S T L EO R E A O N E A R C H E DN I P W A T E R S K I I N GG O O F F I C E T N A YA N T I I T C H C R E A M

N T H R O A D I E ST S K A M M O V E N M O

N H L W I I M O T E T U XP O U C H L I M E A S SR U S S E L L E S C

H A W A I I A N P I Z Z AS A P T O O L I D I O MK R I S T E N W I I G P O EI G L O O S A F R O P E ND O E S N T N E S T O Y S

64 Win at the board

65 Needing fuel

66 Buffalo-to-Baltimore dir.

67 Iowa collegetown

68 Calf catcher

Down1 NYPD alerts

2 Miss a step,perhaps

3 Freedom fromworry

4 Loved to pieces

5 Colorings

6 Smack

7 “Star Wars”surname

8 Mother of Ericand Donald Jr.

9 Frisbees, e.g.

10 GE purchase of1986

11 Remove frompower

12 Short-terminvestments, forshort

16 Ump’s ruling

19 Coursereservation

24 Breadth

26 Twitter hijackers

27 Caboose orsleeper

28 Horatian work

30 “___ Not There”(song by theZombies)

33 Weekends, formany

34 Been in bed

35 Not block

37 Injury

39 Tap tenders

40 Bullring cheer

41 Marks a ballot

45 Copperheads, e.g.

46 Emerald units

47 Will topic

48 Nissan model

49 “SNL” alumCarvey

50 Designer Kamali

51 Aspiration

53 Studio stand

56 Scratches (out)

58 Wee workers

59 Bread spread

61 “Ready PlayerOne” starSheridan

Album, have appeared in the pastfive years, and the Band’s 1969self-titled album was reworked in2019. Such releases raise questionsabout the importance of artistic in-tent, how changing technology cre-ates new expectations from listen-ers, and what it means to“improve” an already classic work.

One imperative with new mixesis that they need to sound good onheadphones. The rise of privatelistening has changed notions ofhow records should sound, andthis shift has been generational.Beats by Dr. Dre Studio head-phones, introduced in 2008 andmarketed to the young, equated

heavy bass with higher quality.When heard on such equipment,especially relative to more con-temporary recordings, the original“John Lennon/Plastic Ono Band”can seem thin.

The new mix accentuates KlausVoormann’s bass and Ringo Starr’sdrums considerably, leading to a

John Lennon’s 1970 album“John Lennon/Plastic OnoBand” was his first song-based album following thedissolution of the Beatles—he’d previously released

three avant-garde albums withYoko Ono—and 50 years on it re-mains his most highly regardedsolo work. Freed from the commer-cial demands of recording with themost successful band in the world,Lennon drew inspiration fromwithin: He and Ms. Ono had re-cently undergone a new kind oftherapy introduced by psychologistArthur Janov, based on his book“The Primal Scream.” The thera-peutic process involved re-experi-encing childhood trauma and Len-non had plenty to work through—he barely knew his father and wasremoved from his mother’s care atage 5; she died when he was still ateenager. Co-producer Phil Spectorhelped realize the heady mix offear, anguish and catharsis foundon songs like “Mother,” “WorkingClass Hero” and “God.” “Raw” istypically the first adjective de-ployed to describe “John Lennon/Plastic Ono Band” and it’s not justreferring to the lyrical content: TheLP’s dark and atmospheric presencegives it a special mood.

A new boxed set, “John Lennon/Plastic Ono Band—The UltimateCollection” (Capitol/UME), out Fri-day, documents the record’s cre-ation in exhaustive detail. Acrosssix CDs and two Blu-ray discs, itgathers outtakes, demos, singlesand in-studio jams, arranging thefragments in a way that invites ex-ploration and analysis. The collec-tion includes a 132-page bookpacked with archival photos, inter-views and studio annotations. Ifyou want to hear Lennon explain-ing how he intends to open the al-bum with an ominous bell and arecurious what the home-recordedoriginal of the closing “MyMummy’s Dead” sounded like, thiscollection is for you.

Among the many extras in-cluded with the box is a disc thatmight be the most significant in-clusion—a new “Ultimate Mix” ofthe record created by engineerPaul Hicks, which is also being is-sued as a standalone offering. It’spart of a broader trend of reimag-ining studio albums for a new era.The common practice of remaster-ing involves tinkering with the ex-isting master tape in hope of im-proving sound. Remixing, in whichan engineer or producer returns tothe multitrack tapes and, poten-tially, shifts the overall balance andsonic attributes of each individualelement, allows for a much greaterdegree of modification. Lennon’s1971 album “Imagine” was remixedin 2018; remixes of the Beatles’“Sgt. Pepper’s Lonely Hearts ClubBand” and the group’s 1968 self-ti-tled set, usually called the White

A boxed set includesarchival materials and anew, cleaned up versionof Lennon’s 1970 record.

MUSIC REVIEW | MARK RICHARDSON

ARemix forModernListening andMoreIs tailoring historic albums for today’s tastes a good idea?

more forceful sonic profile. But thetransformation doesn’t end there.Mr. Hicks describes his remit inthe notes included with the set:“Yoko is very keen that in makingThe Ultimate Mixes Series, weachieve three things: remain faith-ful and respectful to the originals,ensure that the sound is generallysonically clearer overall, and in-crease the clarity of John’s vocals.‘It’s about John’ she says.”

True to that vision, the UltimateMix of the record increases theclarity of the overall productionand brings the vocals forward.Though Lennon has one of themost recognizable voices in pophistory, he himself didn’t care forits sound on record, and he oftenused effects to mask it. Such pro-cessing has been pared back onthese alternative versions. Sowhile on the original version of“Mother” Lennon’s voice seems asif it’s cloaked in a fog and it’sbarely louder than his piano part,on the Ultimate Mix just a touch of

that character remains for flavor.The original “Isolation” unfoldsbehind a veil of reverb, while thenew version is comparativelybright and airy, with every instru-ment rendered in crisp detail.

It’s easy to imagine people unfa-miliar with “John Lennon/PlasticOno Band” playing the UltimateMix of the LP on the streamingservice of their choice and accept-ing this clearer and more vibrantversion with more prominent vo-cals as definitive. Anyone wholoves the record has to admire theskill of the transformation, whichis dramatic if you listen closely incomparison with the original butprobably subtle if you haven’theard the album for a while.

Is the new version better?Maybe. It’s certainly bigger, louderand clearer. But it’s also worthwondering if anything might belost. The 1970 mix of “John Len-non/Plastic Ono Band” is murkier,yes, but it’s also softer and gentler,giving the songs a distinct emo-tional bearing. Some of the pro-duction choices were informed byLennon’s discomfort with his voiceand the presence of Spector, whowasn’t particularly keen on sonicdefinition. These qualities, whichsome could hear as “flaws,” arepart of what made the albumunique, and the idea of “correct-ing” them should make those whovalue music history and in-the-mo-ment artistic judgment uneasy.

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

SANWOOD/

GET

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John Lennon and Yoko Ono inDecember 1968, left; the new boxedset, which is out Friday, above

ARTS IN REVIEW

P2JW096000-0-A01100-1--------XA

A12 | Tuesday, April 6, 2021 * * * * * * THEWALL STREET JOURNAL.

MAJOR LEAGUE BASEBALLcommissioner Rob Manfred’s deci-sion to pull the 2021 All-StarGame from Georgia in response tothe state’s voting law has had theunexpected consequence of givinghim a thorny decision about golf.

Will Manfred travel to Georgiato attend the Masters at thefamed Augusta National Golf Clubthis week?

An MLB spokesman declined tosay whether or not Manfred willattend the tournament, which be-gins Thursday. Manfred, a memberat the exclusive club, was at lastyear’s Masters, which took placejust five months ago, in November,because of a pandemic postpone-ment. The MLB All-Star Game willbe played at Coors Field in Denver,according to several news reports.

In an open letter to Manfred,Sen. Marco Rubio (R., Fla.) asked ifhe would give up his membershipbecause of the revised voting laws.

BY ANDREW BEATON An NFL spokesman also had nocomment on whether commis-sioner Roger Goodell, who is alsoa member, will attend.

Members of Augusta Nationalwere highly visible during thetournament’s last edition as theonly spectators allowed to attendand cheer on the players. Even innormal years, when tens of thou-sands of people roam the grounds,they can be spotted in their greenjackets.

The members also serve criticalroles at the Masters, overseeingvarious functions and operations.For this year’s Masters, the clubhas said a limited number of fans,which the club calls patrons, willbe allowed to attend.

It took a remarkable sequenceof events to turn setting foot atthis golf major into somethingthat may be interpreted as a polit-ical statement. The week afterMLB made the unexpectedly swiftdecision to take its All-Star Gameaway from Georgia, the state’s

premier annual sporting event wasset to take place—at the highly ex-clusive club where its commis-sioner happens to be a member.

Last Friday, the league said itwas removing the game and itsamateur draft from Georgia be-cause of the new law that hasbeen criticized by civil-rightsgroups who say it will make itharder for people to vote. The leg-islation’s backers say the changesare needed to preserve election in-tegrity.

It was the first major event toget pulled from the state andcame after a growing list of com-panies, including the Atlanta-based Delta Air Lines Inc. andCoca-Cola Co. expressed their op-position to the law. Earlier in theweek, President Biden added tothe pressure when he said hewould “strongly support” a deci-sion by MLB to move the game.

Manfred said last week that re-moving the All-Star Game was“the best way to demonstrate our

prolific team in the NCAA tourna-ment to just 37 points in the firsthalf by dominating the boards, outrebounding the Zags 16-10 overall,and forcing eight turnovers. Al-though the teams had an equalnumber of defensive rebounds, Bay-lor was able to pull away on thescoreboard because it became abully in the paint: the Bears grabbednine offensive rebounds to Gon-zaga’s three.

In the opening minutes of thehalf, however, Baylor had little needfor rebounds. The Bears got out to a9-0 lead in the early going and pro-ceeded to make five straight 3-pointers. They would end the halfshooting 57% on 14 attempts frombehind the arc—even better thantheir regular-season average.

Baylor’s depth and athleticismshone throughout, something thatwould have been unthinkable for the

team just six weeks ago when theywere days removed from a majorCovid-19 outbreak. Coach ScottDrew, as well as eight of his players,tested positive and the entire teamspent 14 days in quarantine, eitherbattling illness or unable to train.

The team got just three days ofpractices in before a gruelingstretch that included four gamesagainst ranked Big 12 teams in thespan of nine days in late Februaryand early March. Fitness was an is-sue as the Bears struggled down thestretch, suffering their first loss ofthe season to Kansas in their firstgame post-pause and then falling toOklahoma State in the Big 12 tour-nament semifinal.

“Obviously, as people could see,the first four or five games back wejust weren’t at our pre-Covid level.But I think because we had an older,more mature group, nobody was

panicked,” said Baylor athletic direc-tor Mack Rhoades. “They just knewand believed that pre-Covid compe-tition level that they’d get thatback.”

Baylor was all the way back onMonday night. One of the reasons itwas able to weather the lightning-fast pace of the game was its depth.Drew said he considers his bench tobe a second starting lineup and onMonday night the Bears got 21points off the bench.

Contrast that with Gonzaga, whoare deeper than most tournamentteams with four players with a real-istic shot at playing in the NBA onits roster but tend to lean heavily onJalen Suggs in big moments. InMonday’s game, the Zags got justseven points from their bench.

Baylor’s victory is all the moreresounding considering the blustersurrounding Gonzaga’s 31-0 run to

the title game. The Zags were a his-torically efficient operation and shotfaster and better than nearly everyother team in Division I and camewithin 40 minutes of becoming thefirst undefeated NCAA championsince Indiana in 1975-76.

The Bears were dominant Mon-day night, but it’s hard to knowwhether they would have lookedsimilarly unstoppable on Dec. 5,when the two programs were slatedto meet. It would have been Gon-zaga’s fourth game of the 2020-21season had the game tipped off andit’s hard to say if the hype aroundthese team would have reached thesame fever pitch if they had run intothese Bears.

But for Baylor, that matters little.Beating a team you’ve had circledon the calendar since they crushedyou in the second round two yearsprior is every bit as sweet.

values as a sport.”“Major League Baseball funda-

mentally supports voting rightsfor all Americans and opposes re-strictions to the ballot box,” Man-fred said in his statement on thedecision. “Fair access to votingcontinues to have our game’s un-wavering support.”

The decision on whether to at-tend the Masters is particularlycombustible for Manfred, and evenGoodell, because Georgia’s newlaw specifically clashes with onegoal both leagues championed:voting access. Critics of the legis-lation say the new law restrictsjust that.

Both MLB and the NFL madenonpartisan voting initiatives—such as get-out-the-vote cam-paigns and voter registrationdrives—integral aspects of theirsocial platforms in 2020. It wastheir attempt to boost social-jus-tice issues without wading toodeeply into divisive politics. Butnow the same organizations theypartnered with in those efforts,such as Rock the Vote and RISE,have denounced Georgia’s law thatthey say restricts voter access.

While MLB’s decision drewpraise from the primarily liberalopponents of the law, it also drewbacklash—from both the law’sbackers and MLB’s Atlanta-area

team, the Braves. “This was nei-ther our decision, nor our recom-mendation, and we are saddenedthat fans will not be able to seethis event in our city,” the Bravessaid in a statement. “Unfortu-nately, business, employees andfans in Georgia are the victims ofthis decision.”

The rules backed by GeorgiaRepublicans require absentee vot-ers to request ballots by providingtheir driver’s license number, thelast four digits of their Social Se-curity number or a copy of someother accepted form of identifica-tion. The same information has tobe provided when the ballots aremailed in. Under prior rules, peo-ple signed an absentee-ballot ap-plication and signed an inside en-velope containing the ballot whenthey mailed it in.

The new law also limited howparties and voting groups mail outabsentee-ballot request formswhile limiting the number of bal-lot drop boxes. Republican legisla-tors in the state say these areneeded to help ensure that votingis fair and quell concerns overvoter fraud in the last election.The state’s governor, RepublicanGov. Brian Kemp, and other stateRepublican officials also affirmedthe integrity of Georgia’s 2020presidential election after con-ducting two statewide recountsand a partial audit of mail-in votesin one county.

INDIANAPOLIS—Baylor won itsfirst NCAA men’s basketball champi-onship with a dominating 86-70 winover Gonzaga, whose bid for an un-defeated title run overshadowed theBears all season until the two teamsmet face-to-face on Monday night.

Baylor jumped out to an earlylead and overpowered Gonzaga withtough defense, tenacious reboundingand an even more lethal 3-pointshooting attack than in the regularseason, when it ranked No. 1 in thatdepartment.

Gonzaga’s loss spoiled its attemptto become the first undefeatedmen’s national championship teamsince Indiana in 1976.

The blowout Baylor victory cameafter a much anticipated meetingbetween the teams in December wascalled off because of Covid-19 issuesin the Gonzaga camp. Four monthslater, it was Baylor—which just afew weeks ago suffered a debilitat-ing Covid outbreak of its own—thatlooked like the world-beating teamaiming for the history books.

Monday’s championship was setto pit two offensive powerhousesagainst one another, albeit oneswith markedly different styles. Gon-zaga favored layups and jumpers inthe paint—and developed a speedystyle of play designed to get asmany attempts in the net as possi-ble (they made 63.7% of two-pointfield goals in 2020-21).

Baylor, on the other hand, fa-vored the long ball. The Bears domi-nated their opponents this year,spacing the floor and kicking it outto a quartet of sharpshooters, aver-aging a nation-best 41.2% from be-yond the arc.

When the two teams finally facedoff in Indianapolis—121 days afterthe canceled first meeting—it camedown to a question of simple math-ematics. As Baylor showed, three isa bigger number than two.

For all the bluster about Baylorand Gonzaga’s scoring, defense ulti-mately won the day. It’s somethingthat Baylor’s All American guardJared Butler had said might be thecase over the weekend.

“Our big emphasis is on gettingdefensive rebounds,” he said onSunday. It was perhaps a counterin-tuitive prediction for a contest be-tween the two most efficient of-fenses in the country. It ended upbeing spot on.

Baylor was able to limit the most

BY LAINE HIGGINS

MLB commissioner Rob Manfred, left,is a member of Augusta National.

BaylorWins NCAAMen’s Basketball TitleThe Bears overpowered the previously undefeated Gonzaga Bulldogs, 86-70, to claim the national championship

Rob Manfred Pulled the MLB All-Star GameFrom Georgia. Will He Attend the Masters?

SPORTS

Baylor’s Davion Mitchell drives to the basket. The Bears beat Gonzaga with tough defense, tenacious rebounding and a lethal 3-point shooting attack.

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P2JW096000-6-A01200-1--------XA

THEWALL STREET JOURNAL. Tuesday, April 6, 2021 | A13

An AttackOf ‘Klondicitis’StampedeBy Brian Castner(Doubleday, 269 pages, $28.95)

BOOKSHELF | By Andrew R. Graybill

The Progressive Case for Libel Reform

J udge Laurence Silbermanrecently urged the Su-preme Court to overturn

New York Times v. Sullivan(1964), the landmark decisionthat severely curtails the abil-ity of public officials and (un-der later precedents) publicfigures to secure damages forlies about them.

Judge Silberman is a con-servative, but progressivesshould join him in calling fora reconsideration of Sullivan.Reforming speech law may beour best chance to confrontAmerica’s escalating crisis oftruth as algorithmicallycharged echo chambers ex-ploit cognitive biases, and thesheer volume of digital con-tent makes fact-checking im-possible. As President Obamawarned in 2020, we are fastapproaching an “epistemolog-ical crisis” in which democ-racy will cease to functionand progress on challengeslike climate change will proveimpossible.

This slide is fueled by thevirtual costlessness of lying.Hyperpartisanship and moral

decay have reduced the repu-tational cost of public deceit.Sullivan makes things worseby stripping away nearly allrisk of legal liability for lyingabout public figures or issues.By requiring plaintiffs toprove “actual malice,” it barsaccountability except on ashowing of a conscious intentto lie, or very close to it.

Scrapping Sullivan wouldincrease the risk of huge dam-age awards for playing fastand loose with the truth,thereby heightening the in-centive to be honest. Progres-sives should eagerly embracesuch movement toward amore truthful society.

Curtailing familiar speechprotections will seem anti-thetical to liberal values offree expression. But free ex-pression doesn’t require pro-tecting lies. Instead, crackingdown on them would leave

more room for vigorous pub-lic exchange of truthful ideas.As with any regulation, the le-gal parameters of the “mar-ketplace of ideas” must evolveto keep pace with vastlychanged circumstances—espe-cially the digital revolution.

Legal scholars who reflex-ively venerate Sullivan mightalso consider how the cost oflies is borne by marginalizedgroups. Coronavirus misinfor-mation made a pandemic thatdisproportionately claimedpoor, especially black andbrown, lives and livelihoods,even worse. Lies about elec-tion fraud have fueled at-tempts to disfranchise blackvoters. Women in politics andjournalism suffer demeaninglies, insinuations and sexual-ized harassment with alarm-ing frequency.

Nor would such recalibra-tion require returning to thepre-1964 regime in which def-amation lawsuits were subjectto no constitutional con-straints, and Jim Crow politi-cians manipulated Southerndefamation laws to stifle re-porting about segregation. Al-though much of Europe per-

mits significant no-faultdefamation liability, U.S.courts in a post-Sullivanworld should instead con-verge on the settled standardfor defamation of less-publicfigures, which requires proofof negligence, or breach ofobjectively reasonable care.The risk of abuse is also miti-gated by contemporary due-process doctrines, constitu-tional limits on punitivedamages, and anti-Slapp stat-utes, which punish meritlesslitigation brought to intimi-date.

A negligence standardwould bolster rigorous andhonest media, since followingjournalistic customs like dou-ble-sourcing would provide ashield against liability for in-advertent misrepresentations.Qualified good-faith protec-tions would thus provide anincentive to integrity and carein reporting and competitiveadvantages to honest outlets,which have lost ground to ri-vals that use falsehoods todrive outrage and clicks.

Mr. Lewin is a second-yearHarvard law student.

By Jeremy Lewin

Judge Silberman is aconservative, but he’sright about Sullivan.

OPINION

B rian Castner’s “Stampede: Gold Fever and Disaster inthe Klondike” begins in medias res, with the harrowingtale of Robert Henderson, a solitary prospector

panning for gold in the Yukon Valley in the spring of 1895.Picking his way over a tree trunk lying across a frigidstream, Henderson fell and skewered his calf on one of thebranches. After freeing himself and reaching shore, he con-valesced in a tent for three weeks, leaching pus from hiswound with strips of bacon that, when discarded, weredevoured by wolves. Although Henderson’s leg healed, his“Klondicitis” never broke; once he could hobble he wentright back to his quest, and in June 1896 struck paydirt ona stream he christened Gold Bottom Creek. But his dreamscame to naught—Henderson missed out on a far biggerstrike nearby and didn’t meet the deadline to file his ownclaim, which went to another man.

Henderson’s story—replete with derring-do, sufferingand failure—is emblematic of Mr. Castner’s history of theKlondike Gold Rush, which at its peak, in the summer of 1897,

drew more than 100,000people to the border regionbetween Alaska and the Yukon.The author or editor of fourprevious books, including amemoir of his time as anexplosive-ordnance disposalofficer during the Iraq War,Mr. Castner brings to life thelast of the great 19th-centuryNorth American gold rushes,featuring a cast of charactersboth illustrious (Jack London,who returned from the Klondikewealthy only in grist for hisstories) and infamous (Frederick

Trump, grandfather of the formerpresident, who operated a restaurant and brothel). Theyshare the stage with swarms of cheechakos—or tenderfeet—who endured unimaginable horrors, including temperaturesthat dipped to 50 degrees below zero. This is a book bestread outdoors on a warm spring day.

To be sure, some of the argonauts got rich, like thehusband-and-wife team of Clarence and Ethel Berry. Duringthe winter of 1896-97, while Ethel tended the family’s make-shift homestead, Clarence and his brother Fred worked theirclaim along Eldorado Creek, burning through the permafrostto reach bedrock; 12 feet down, Clarence hit a paystreak.Many of their neighbors tried the same approach, so that,when emerging from belowground at the end of a shift,Clarence “could look across the night-black valley and see,claim by claim, Dante’s Ninth Circle come to life, glowingfires burning in a frozen hell.” The Berrys extracted 500pounds of gold worth $130,000 ($4 million in today’smoney), a sum that, as Mr. Castner observes, it would takean average laborer of that era 250 years to earn.

More typical was the ordeal of Arthur Arnold Dietz.Though woefully inexperienced, in the spring of 1898 heattempted to lead 18 companions to the goldfields bycrossing the Malaspina Glacier, thus avoiding the throngsthat clotted the popular Chilkoot and White Pass trails. Itwas a disaster from the get-go. Fifteen of the team got farenough to endure a summer of luckless digging, then builta 10 x 20-foot cabin in which to ride out seven months ofwinter. Mr. Castner writes that “the men developed rheu-matism, bed sores, loose teeth that they pulled from theirgums by hand.” Only Dietz and three others lived to tell oftheir two years in the Klondike, with practically nothing toshow for their tribulations. Such was the fate of the vastmajority of miners, whose average haul was the equivalentof about $5 ($150 today). “Only a few hundred dug outenough to call themselves rich.”

Mr. Castner is an engrossing writer, which is apparent inset pieces like those featuring Dietz and the Berrys, butperhaps above all in narrating a thrilling episode in whichJack London pilots his flat-bottomed boat, the Yukon Belle,through the treacherous White Horse Rapids. He is just asskillful in conjuring the social world of the Klondike,especially in his indelible descriptions of the many boom-town settlements—Dyea, Dawson City, Skagway—thatsprang up to outfit the stampeders. In these sections theauthor reveals an unmistakable sympathy for the few femalecharacters who populate the book, such as Anna DeGraf, a60-year-old widow who made her way to the Klondike in1898 in search of her son George, who had gone missingsix years earlier; she clung to the belief—based on thinevidence—that he might be in the area. She never foundhim, and instead directed her maternal affection to thebeleaguered prostitutes of Dawson City.

Given the grace of Mr. Castner’s writing, it is all the moredisappointing when he occasionally lapses into folksiness(the ragged miner “stringy as the gristle off a two-bit steak”)or mangles the facts (the 49ers did not come to California inpart to pry it loose from Mexico; that had already beenachieved in 1848 by the Treaty of Guadalupe Hidalgo, whichconcluded the U.S.-Mexico War). And Mr. Castner’s insistenceon using a variety of then-common racial terms like “squaw”and “Negro” is perplexing. In an author’s note, he explainsthat while he finds them offensive, “I repeat them only asrequired, and in service of a historically accurate story.”But his deployment of such terms seems unnecessary, evengratuitous.

Moreover, readers may wish that Mr. Castner had pulledback occasionally from his propulsive storytelling to helphis audience discern some meaning in this cavalcade ofimmiseration, which had played itself out by the middle of1899. He offers historical perspective only in a brief butprovocative afterword, focusing especially on the roles ofgreed and irrationality in luring so many into what he calls“a naturally occurring pyramid scheme, where profits flowedto the lucky few at the start and the later arrivals wereguaranteed to lose all.” If his effort to imagine today’smigrant crisis as a latter-day gold-rush stampede feels a bitstrained, Mr. Castner’s larger point—that the romantic mythof the frontier continues to obscure the human costs of itsabsorption and exploitation—shines as brightly as a goldnugget in a mountain stream.

Mr. Graybill is a professor of history and director of theWilliam P. Clements Center for Southwest Studies at SouthernMethodist University.

The average haul for a Gold Rush prospectorwas about five dollars. Only a few hundreddug out enough to come home rich.

Pity the Bidens t a f f e r scharged withdeveloping aNorth Koreastrategy. After30 years ofU.S. diplo-macy and es-calating sanc-t i o n s ,Pyongyang’s

nuclear arsenal continues togrow, North Korean missilesget better, and the day whenthe Kim dynasty can reliablystrike targets on the Americanmainland with nuclear-armedICBMs comes inexorablycloser.

During those 30 years, U.S.policy makers have pursued anenticing goal: the abolition ofNorth Korea’s existing nucleararsenal and a verifiable NorthKorean commitment to remainnuclear-free. It is politicallyimpossible for an Americanpresident to abandon thisgoal; it is impossible as apractical matter for an Ameri-can president to achieve it.

In foreign policy, an un-shakable commitment to anunreachable goal is neither asign of wisdom nor a harbin-ger of success. During the so-called unipolar moment of the1990s, when the U.S. faced noserious rivals or competitionaround the world, Americanpolicy makers could indulgethemselves in impossibledreams and vainglorious pos-turing with few immediate

Detente May Be an Option With North Koreareal-world consequences. To-day, a rising China alignedwith a hostile Russia poses thegreatest threat to vital Ameri-can interests since the heightof the Cold War, and U.S. for-eign policy needs to be moregrounded.

The nuclear impasse isn’tthe only factor shaping U.S.-North Korea relations. NorthKorea is a small country withlimited resources on the bor-der of an expansionist super-power—on which it almost en-tirely relies for diplomatic andeconomic support. For theKim dynasty, whose core polit-ical philosophy is built aroundthe concept of juche, a Koreanterm roughly translated as amixture of self-reliance andunconditional sovereignty,near-total dependence onChina is bad, even scary.

There should be no illu-sions here. For North Korea,foreign policy is a tool tomaintain the status quo athome. North Korea is not in-terested in changing its politi-cal system or in giving up itsnuclear deterrent. But thestronger China gets, the morecompelling is the cold machia-vellian logic behind Pyong-yang’s desire to distance itselffrom Beijing.

Under the right circum-stances, North Korean foreignpolicy could change withblinding speed. Pyongyangisn’t accountable to anyonedomestically. The Kim dynastycan flip its foreign policy as

easily as Stalin dropped yearsof antifascist rhetoric to signhis pact with Hitler. Kim JongUn’s flirtation with DonaldTrump suggests that there isreal interest in Pyongyang inexploring different kinds of re-lationships with America.

The hope that anotherround of sanctions will bringNorth Korea to its knees is adistraction. While conditionsin Pyongyang are so desperatethat even foreign diplomatsreport an inability to get basic

goods, China and North Korealook set to open cross-bordertrade later this month. BothChina and Russia are likely toscale back their sanctions en-forcement as relations withthe U.S. continue to worsen.

Instead of devising morefutile strategies to achieve theimpossible, President Biden’sKorea strategists would dowell to think hard about whatcould be gained by facilitatingNorth Korea’s escape fromChina’s orbit. Beginning to ad-dress issues like the Japanesecitizens abducted over theyears and still held in theNorth, reducing tensions onand around the Korean Penin-

sula, and negotiating morato-riums on testing new missilesand weapons could help stabi-lize Northeast Asia in waysthat benefit both the U.S. andPyongyang. A pathway to de-tente that sidesteps the nu-clear issue could unite Ameri-can allies and consolidate afavorable balance of power ina critical theater.

The U.S. has made hardmoral compromises before—siding with Stalin against Hit-ler during World War II andwith Mao (at the height of theCultural Revolution) againstthe Soviet Union. Such deci-sions are never pleasant andoften lead to complicationsdown the road. The ugly moralchoices an all-out strugglewith China would inevitablyentail is one reason Americashould do its best to avoidsuch a contest. But if the cur-rent confrontation with Beijingcontinues to develop, Wash-ington will need to think hard,and perhaps very fast, abouthow U.S.-North Korea relationsmight evolve.

Difficult and threatening asNorth Korea can be, it is notthe gravest threat either tohuman rights or to Americanstrategic interests in the Indo-Pacific. If the U.S. must, it canand should act resolutely withallies against destabilizingNorth Korean actions inNortheast Asia. But quietly ex-ploring other options is an av-enue the Biden administrationshould not neglect.

Sanctions won’t breakPyongyang, but itdoes want somedistance from China.

GLOBALVIEWBy WalterRussell Mead

Amid thegrowing at-tacks onAsian-Ameri-cans, the re-cent crimes ofBrandon Elliotand RobertAaron Longbear particu-lar attention.The way these

two prominent cases are beingreported in the press illumi-nates some of the holes in thenew narrative of “hate.”

Start with Mr. Elliot’s brutalMidtown Manhattan beatdownof a 65-year old Filipina whileshouting at her, “You don’t be-long here.” Mr. Elliot did thiswhile out on lifetime parolefor murdering his mother in2002. Meanwhile in Atlanta,Robert Aaron Long, a 21-year-old white man, has confessedto gunning down eight people,including six women of Asiandescent, at three area massageparlors.

In the dominant narrative,these attacks are but the latestmanifestations of a systembuilt for white supremacy. IfAsian-Americans find them-selves attacked, the BidenWhite House explains in amemo, it’s because of polswho called Covid-19 nameslike “Wuhan flu” and thus“stoked unfounded fears andperpetuated stigma aboutAsian Americans and PacificIslanders and have contributedto increasing rates of bullying,harassment, and hate crimes.”

At best this narrative ishighly misleading. Messrs. El-liot and Long are living exam-ples why.

Asian-Americans Feel the HateStart with Mr. Long, who

told police he shot up thosemassage parlors to removesexual temptation. He deniedhe killed the women becausethey were Asian. Perhaps evi-dence to the contrary will ap-pear, but as yet it hasn’t.

That hasn’t stopped almostevery press report from lump-ing Atlanta in with all theother attacks deliberately tar-geting Asian-Americans, orfrom implying it’s somehowMr. Trump’s fault, or both. Aclassic of the genre was aMarch 19 New York Timespiece about the Atlanta killingsunder the headline “Racismand Sexism Shadow Many In-teractions for Asian-AmericanWomen.” It checked all theboxes: “racialized misogyny,”“the Trump administration re-peatedly emphasized China’sconnection to the Covid-19pandemic,” “capitalism basedon racial exploitation”—evenwhile conceding, much furtherdown in the piece, that “verylittle is known about the mo-tives of the Atlanta gunman.”

Meanwhile, the woke obses-sion with race and hate worksto diminish both the crimeand the specific facts sur-rounding it. Is the murder ofeight innocent people any lessheinous if the motivationwasn’t race hatred?

Mr. Elliot’s crime is an eventougher fit for the white-su-premacy narrative because the38-year-old attacker is Afri-can-American. What makeshim particularly embarrassingis that his example raises thelarger issue of black-on-Asiancrime, which the narrative’schampions are desperate to

suppress or ignore.In a thoughtful March 19

piece for the Weekly Dish onhow debilitating this is fornews coverage, Andrew Sulli-van cites the Justice Depart-ment’s 2019 Criminal Victim-ization report to note that “ofthose committing violenceagainst Asians, you discoverthat 24 percent such attacksare committed by whites; 24percent are committed by fel-low Asians, 7 percent by His-panics; and 27.5 percent by Af-rican-Americans.”

Five days later, a Voice ofAmerica article put it thisway: “In New York City, whereanti-Asian hate crime soarednearly nine-fold in 2020 overthe year before, only two ofthe 20 people arrested lastyear in connection with theseattacks were white, accord-ing to New York Police De-partment data analyzed by theCenter for the Study of Hateand Extremism. Eleven wereAfrican Americans, sixwere white Hispanics and onewas a Black Hispanic.”

Assaults on Asian-Ameri-cans cannot easily besqueezed into a progressivenarrative of white supremacy.Moreover, criminal attacks onAsian-Americans were goingon long before Mr. Trump andCovid-19 arrived on the scene.

As for the Asian-Americancommunity, which is itselfhighly diverse, it is far frommonolithic in its reaction. Onone side, there are left-leaningoutfits such as Stop AAPI Hate,which tracks hate incidentsand appears all-in for the nar-rative. The outfit is the cre-ation of other groups such asChinese for Affirmative Action,one of the several Asian-Amer-ican organizations to endorseProposition 16, last year’sfailed ballot initiative to over-turn California’s ban on racepreferences.

On the other side, there is agrowing worry among Asian-Americans about what identitypolitics and the progressivenarrative about race means forthem. Last week some of theseadvocacy groups announced anew coalition, whose first de-mand is for the Biden JusticeDepartment to reinstate thelawsuit against Yale for usingrace preferences to discrimi-nate against Asian-Americanapplicants—another issue pro-gressives would prefer to ig-nore. Rather than invocationsof left-wing abstractions suchas critical race theory, whatthese people want are com-mon-sense protections thatwill keep them safe and freefrom discrimination.

“Asian Americans don’tneed narratives,” says LindaYang, director of WashingtonAsians for Equality. “We needthe truth. And we need thepeople who commit these ter-rible crimes to be condemned,prosecuted and properly iden-tified—no matter what racethey are.”

Write to mcgurn@wsj.com.

In the woke narrative,it’s all about Trump,Covid-19 and whitesupremacy.

MAINSTREETBy WilliamMcGurn

P2JW096000-0-A01300-1--------XA

A14 | Tuesday, April 6, 2021 THEWALL STREET JOURNAL.

Biden’s Chance for a New, Better Middle EastWalter Russell Mead wisely sup-

ports the Biden administration’sstrengthened commitment to growingIsrael-Arab cooperation against an in-creasingly aggressive Iran (“How toBring Peace to the New Middle East,”Global View, March 30). That wouldcertainly include maintaining Amer-ica’s current sanctions leverage overthat rogue regime. His expectation isthat Israeli acquiescence and externalArab pressure could lead to Palestinianstatehood.

But what kind of state? Under cur-rent, and any near-prospective, leader-ship, it would be a “failed,” unstable,kleptocratic and despotic state—a dan-ger to itself and regional peace. Thereis still absolutely no sign of Palestinianleaders abandoning intransigent rejec-tion of the legitimacy of a sovereignJewish state. Absent that, or any will-ingness to coexist with such a state,any new approaches will go nowhere.Fundamental change, however, would,as now with the Abraham Accords, andpreviously with the Egypt and Jordanpeace treaties, be enthusiastically em-braced by the Israeli public.

A more effective approach would beto quietly encourage the political riseof more moderate Palestinians. Itwould mean predicating renewed aid

and reopened diplomatic venues on thePalestinian Authority ceasing incite-ment to hatred and violence, “pay forslay” and go-around appeals to the in-ternational community—all violationsof the Oslo Accords. It would demandthat the PA start observing the normsof statehood, to which it supposedlyaspires.

RICHARD D. WILKINSSyracuse, N.Y.

Mr. Mead gives no credit to formerPresident Donald Trump and his teamfor original thinking. Instead of roboti-cally pushing the traditional Arab-Is-raeli peace process as his predecessorsdid, with complete failure, the Trumpteam enjoyed an amazing success withthe Abraham Accords.

If the Palestinians truly wantedpeace, they would have had it long ago.Several Israeli leaders have offeredthem a viable state, including part ofEast Jerusalem, and it was turneddown every time. The majority of Pal-estinians still reject a peace treaty withIsrael, according to recent polls. In-stead, they want Tel Aviv, Haifa and Je-rusalem. Since these are Israeli cities,there will not be peace.

SUMNER WEISMANFramingham, Mass.

LETTERS TO THE EDITOR

“He’s severely gluten-judgmental.”

THEWALL STREET JOURNAL

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.

U.S. Has a Cybersecurity Warning SystemAmerica doesn’t need a new “Na-

tional Cyber Vulnerability Early-Warning Center” (“CybersecurityNeeds a New Alert System,” by V.S.Subrahmanian, op-ed, March 30). Italready has one. The Cybersecurityand Infrastructure Security Agency(CISA), within the Department ofHomeland Security, is an efficient andeffective way to beat the drum aboutcritical vulnerabilities that can havedevastating effects on governmentand private-sector networks.

Lost amid the universal hand-wringing around the SolarWinds at-tack was that the process actuallyworked. Within hours of notificationfrom FireEye, CISA rapidly used itsbullhorn to alert government agencies,private-sector partners and the Amer-ican people about the hack and pro-vided immediate steps for networkdefenders to mitigate the compromise,which was unprecedented in its size,scope, scale and sophistication.

Each year, CISA issues thousandsof cyber alerts, updates, guides anddirectives to partners throughoutAmerica and the rest of the world.

Its warning system relies on infor-mation sharing and partnershipswith the private sector, the rest ofgovernment and the intelligencecommunity.

Many vulnerabilities and threatsaren’t discovered by the governmentbut are regularly uncovered by hack-ers who find bugs, notify companiesand often work with them to developfixes. In turn, CISA can immediatelyissue directives, as it did during So-larWinds and the Microsoft Exchangecompromise, that mandate action forfederal agencies and sound the clar-ion call for others to heed.

Improving American cybersecurityrequires everyone—government enti-ties and private-sector partnersalike—working together to stop at-tacks. But while there is always roomfor improvement, there is a warningsystem in place and it is working.

KEVIN BENACCIColumbus, Ohio

Mr. Benacci is former chief exter-nal affairs officer at the Cybersecu-rity and Infrastructure SecurityAgency.

The ‘Right to Repair’ Is a Complicated IssueKevin O’Reilly’s “It Shouldn’t Cost

the Farm to Fix a Tractor” (op-ed,March 24) gives a small and unfairlook at “right to repair” policy, whenit’s a much larger issue that affectspublic safety, environmental regula-tions, intellectual-property rights andleads to illegal tampering.

Illegal tampering by third partiesis a serious concern when overlybroad so-called “right to repair” leg-islation forces manufacturers to re-lease their proprietary information tothe public. A modern-day tractorweighs over 15,000 pounds, on aver-age, and if criminals tamper with theequipment’s back-end code, it posesdangerous safety and emissionsthreats to the public.

Equipment manufacturers are in

lockstep with farmers and wantequipment users and operators to beable to repair their tractors and com-bines. We also understand that newtechnology that has helped farmersbetter use their resources and in-crease output isn’t as simple to fix asa 40-year-old tractor, which is why,as of this year, manufacturers haveprovided equipment owners the toolsto make the vast majority of repairs.

The agriculture industry doesn’tneed excessive regulation to operatemore efficiently, and “right to repair”isn’t the simple solution that specialinterest groups make it out to be.

DENNIS SLATERPresident, Association of Equipment

ManufacturersMilwaukee

Pepper ...And Salt

Gramm, Early Respond on Income InequalityIn his March 31 letter about our

March 24 op-ed “Incredible ShrinkingIncome Inequality,” Prof. Dennis Ap-pleyard makes the important pointthat in addition to ignoring two-thirds of transfer payments and alltaxes, the Census estimates also omitcapital gains. He observes that if ouranalysis left out capital gains, our re-sults would share some of the bias inthe Census figures. Alex Kogan’s let-ter in the same string makes thesame point concerning employer-pro-vided health benefits. The data in ourarticle did, in fact, include both capi-tal gains and employer-providedhealth benefits, avoiding those Cen-sus biases as well.

Prof. George Heitmann notes thatgovernment transfer payments andtaxes produced the decline in incomeinequality over the last half-century.That is absolutely correct, but gov-ernment policy was also a major con-tributor to the rise in earned-incomeinequality. Nearly half of the rise inearned-income inequality in the last50 years can be explained by a col-lapse in work effort in the bottomquintile and a decline in work effortin the second quintile that accompa-nied the explosion of transfer pay-ments with the War on Poverty. Dur-ing that same period work effort inthe middle- and upper-income quin-tiles grew significantly.

The wholesale failure of public ed-ucation in America has been a majorimpediment, making it more difficultfor the children of low-income fami-lies to use education as a ladder toclimb into the American middle classand beyond. Massive governmenttaxes and transfer payments havebeen used to try to correct for prob-lems produced in part by governmentpolicy itself. The problem is that de-structive government policies madethe economic pie smaller than itwould have been, leaving less for themakers of the pie to eat and for gov-ernment to redistribute.

PHIL GRAMMHelotes, Texas

JOHN EARLYRidgefield, Conn.

Anatomy of a Biden Tax Hike

A s the debate begins over President Bi-den’s corporate tax increases, the temp-tation will be to focus on the headline

tax rates. Those rates are badenough, but worse lurks in thedetails. For one important ex-ample, dive into Mr. Biden’splan for taxing U.S. compa-nies’ global profits.

We’re talking about the taxon global intangible low-tax income, known asGilti, whichwas created by the 2017 tax reform.American multinationals were previouslycharged the full U.S. corporate tax rate on theirglobal profits, but only when they repatriatedtheir foreign earnings. That created a strong in-centive to park foreign profits overseas. Giltitaxes many foreign profits as they arise, but athalf the top domestic rate. That less punitive ap-proach allowedmore companies to return over-seas cash to the U.S.

Gilti was flawed from the start and needsfine-tuning, butMr. Biden wouldmake it worsein every respect. Start with the rate. The 2017tax law set the statutory Gilti rate at half theregular corporate rate, so Gilti now is 10.5%.Mr.Biden would increase that to 21%, three-quar-ters of the 28% rate he proposes for companiesoverall.

That’s the statutory rate, though, and the ef-fective rate companies actually pay is higher.This is because Gilti embedded double taxationin the tax code. Before the 2017 reform, compa-nies could claim a credit of 100% of foreign taxpaid against their U.S. tax bill, and also couldcarry losses forward or back. Gilti allows acredit of only 80% of foreign taxes, with nocarry-forwards or carry-backs.

This means today’s effective Gilti rate is atleast 13.125%, so any U.S. company paying lessthan that percentage of profits in foreign taxeswill owe Treasury a Gilti payment. Raising thestatutory rate to 21% increases that effectiverate to 26.25%. This new Biden effective mini-mum taxwould be higher than the statutory taxrates inmost countries even inWestern Europe,and that’s before those countries apply deduc-tions and exemptions.

The Biden plan would further increase theeffective Gilti rate by expanding the tax baseon which it’s paid. Gilti now exempts the first10% of a company’s returns on tangible foreigninvestments such as factories. Congress cre-ated this exemption because Gilti was sup-posed to apply only to big tech and pharmacompanies and their ilk, which allegedlygamed global tax rules to book the profits from

patents in low-tax jurisdictions.The Biden Administration wants to eliminate

this exemption on the theory that it “rewardsU.S. multinational corpora-tions that shift profits andjobs overseas.” But the com-panies operating on thinnerprofit margins that benefitmost from this exemption of-ten have invested abroad to

better serve local customers or due to laborcosts or other factors. Bumping up their Giltibill won’t encourage them to re-shore jobs andwould limit the investments they are profitablyable to make.

A third Biden whammy would require com-panies to calculate tax bills on a country-by-country basis. Under the 2017 version of Gilti,companies can lump together all taxable over-seas profits and overseas tax credits in one fil-ing. Requiring companies to calculate taxableprofits and tax credits individually for everycountry in which a company operates will cre-ate amountain of compliance costs for businessand work for the Internal Revenue Service.

i i iThe Administration seems to understand

this would harm U.S. companies, which is whyTreasury Secretary Janet Yellen said Mondayshe wants to end global tax competition. Shepromises to cooperate with the Organizationfor Economic Cooperation and Development’sefforts to introduce a global minimum tax. Theonly problem: The OECD isn’t dumb enough topropose anything like the Biden plan.

The OECD’s current discussions for a globalminimum tax involve a lower statutory ratethan the new Biden Gilti, probably around 12%,though it hasn’t published a number. The OECDis trying to find ways to allow companies tocarry losses forward or backward to smooth outtax liabilities over time. And the OECD wouldoffer a more generous investment exemptionby also exempting part of the profits attribut-able to foreign payroll, a carve-out not includedin current Gilti that would benefit service com-panies with fewer tangible assets.

This doesn’t make the OECD plan a goodidea. But it shows that even in Europe there arelimits to howmuch governments are willing toharm their companies to stifle low-tax competi-tion from the likes of Ireland.

The Biden Administration and its progres-sive political masters have decided they don’tcare about the global competitiveness of Ameri-can companies. NowMembers of Congress needto decide if they do.

The threat to Americancompetitiveness is

bigger than higher rates.

Robert A. Mundell

T he pantheon of great 20th-century econ-omists includes JohnMaynard Keynes,Friedrich Hayek, Joseph Schumpeter

and Milton Friedman, amonga few others. Less well knownbut as tall as any of those gi-antswas RobertMundell, whodied on theweekend at age 88.

A Canadian by birth whosettled at the University ofChicago and later Columbia, Mundell made hiseconomics reputation as the foremost studentof the international monetary system. He wonthe economics Nobel in 1999 for his work on“optimum currency areas” and the monetarytheory of the balance of payments.

His work led him to advocate fixed exchangerates, famously disagreeingwith Friedman,whofavored a floating-rate system. The latter hasdominatedworldmonetary affairs since the col-lapse of BrettonWoods in 1971, but not for thebetter if frequent bouts of economic and finan-cial instability are evidence.

Mundell’s work laid the foundation for theeuro, which has become a remarkably resilientreserve currency as he predicted in a paper asearly as 1969. Mundell argued that fixed ratesanchored in price stability allowmore efficienttrade and capital flows, while rapidly fluctuat-ing rates lead to economic dislocations orworse. He often called the euro-dollar rate themost important price in the world.

The euro is in bad odor these dayswith econ-omistswho say you cannot have a common cur-rency without an underlying fiscal union. ButMundell himself believed that the euro wouldlead to closer fiscal collaboration (see his writ-ing nearby), in particular that the euro’smone-tary disciplinewould reduce the ability of politi-cians to devalue theirway out of borrowing andspending to excess. The eurozone’s problems to-day aren’t due to the euro but to the failure ofpoliticians to implement the supply-side re-

formsnecessary to prosper in a systemofmone-tary restraint.

Mundell is best known to readers of thesecolumns as an architect ofsupply-side economics. Theleft derides this part of Mun-dell’s legacy as a political side-line unrelated to his Nobelwork, but the two are linked.It’s forgotten now, but the

stagflation of the 1970s was a colossal failureof the Keynesian model. Mundell understoodthis partly as a failure of international econom-ics, with the collapse of BrettonWoods trigger-ing global inflation.

Mundell’s prescription,workingwith his Chi-cago colleague and friend Art Laffer, was to usedifferent policy levers to solve different eco-nomic problems. Tax cuts would stimulategrowth, while tighter money would slay infla-tion. In that sense Paul Volcker, the great 1980sFederal Reserve Chairman, was a Mundellian.Global capital markets would finance U.S. bud-get deficits until faster growth restored tax rev-enues, which is what happened.

The Keynesians predicted none of this.Mun-dell’s ideas ushered in the economic boomof the1980s that, with the exception of the brief reces-sion of 1990 caused by the savings and loan cri-sis and an ill-advised tax increase, continued tothe end of the century.

International monetary reformwas the oneunfinished part of Mundell’s policy mix, andthese dayswedoubt anyone inWashington evenunderstands the issue. The global economy isan afterthought. The exception are China’s cen-tral bankers, who became students of Mundelland areworking to turn the yuan into a reservecurrency to challenge the dollar and establisha yuan currency zone.

Bob Mundell’s ideas will live on, even if thecountry that first put them towork now forgetsthat they brought two decades of prosperity.

He was an architect ofsupply-side economics

and the euro.

Sorry, the Economic Crisis Is Over

I t’s getting harder for theBidenAdministra-tion to claimwe’re in aneconomic crisis thatdemands more spending. It’s closer to the

truth to say theeconomy isgrowing inaway thatcalls for spending and monetary restraint.

The latest evidence arrived Monday withthe Institute for Supply Management’s newsthat its March survey for service businesseshit 63.7. That’s an all-time high, and it signifiesrapid growth and optimism. The only problemis that many businesses say they can’t findenough workers or supplies to meet their or-der books.

That follows Friday’s blowout employmentreport forMarch,with a net total of 1.07millionnew jobs including revisions from the previoustwomonths.Wage gainswere bigger than theylooked at first glance, given thatmany returning

workerswere those in lower-wage services jobshurt by the pandemic.

Other economic signals confirm that theeconomy is set to soar this year if new strainsof Covid-19 don’t defeat the vaccines and thepoliticians don’t do anything dumb. The bot-tom of the recessionmay have been as early aslast April, and the economy has been growingfor at least nine months.

All of this castsmore doubt about the FederalReserve’s super-accommodativemonetary pol-icy. It also makes President Biden’s new $4 bil-lion spending plan a case of needless excess, butthen anon-crisis is a harder thing to exploit. Thelonger he can pretend we’re still in crisis, theless chance voterswill catch on that this recov-ery has nothing to dowith Bidenomics andwasinevitable once the pandemic eased.

REVIEW & OUTLOOK

OPINION

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OPINION

Don’t ask who won the Is-raeli election. The questioncomes naturally to Ameri-cans, but lately Israeli elec-tions don’t have winners.

Elections assign bargaining positionsfor coalition negotiations. Some posi-tions are stronger and some weaker.

Themedia loves to allocate the votebetween the “Bibi bloc” and the “anti-Bibi bloc.” After theMarch 23 election,the Bibi bloc, made up of four partiesthat support a government led byPrimeMinister Netanyahu, commands52 seats in the 120-seat Knesset, Is-rael’s parliament. Of those 52 seats, 30belong to the prime minister’s Likudparty, almost double the number heldby the next largest party in the Knes-

set. The anti-Bibi bloc, made up ofseven parties that oppose Mr. Netan-yahu, commands 57 seats. (The 11 re-maining seats are held by parties inneither bloc.) Both groupings fallshort of a majority, but at least thepro-Netanyahu parties are ready to sitin a government together.

The anti-Bibi bloc is more of a con-struction of the mind. Even if YairLapid, Mr. Netanyahu’s chief chal-lenger, is given a shot at forming agovernment, what kind of coalitioncomprises secular Jewish ultranation-alists, leftists, Arab anti-Zionists, cen-trists led by a former military general,

The head of the ArabRa’am Party may bepivotal to the Netanyahugovernment’s survival.

The Abbas Who Is Shaking Up Israeli Politicscenter-left economy-focused moder-ates and anti-Netanyahu former Li-kudniks? If no grouping can commanda majority—which may be the safestbet—it’ll be back to the polls for thefifth time since 2019.

It helps to see the bigger picture.Between 65 and 80 seats were won byright-of-center parties, depending onhow one defines them. Some of theseparties are split by their views of Mr.Netanyahu or by single issues. But ifIsrael had a two-party, American-stylesystem, the right-leaning party wouldlikely win clear majorities.

Those 11 seats in neither bloc belongto two parties, Yamina and Ra’am.Yamina, which won seven, means“rightward.” It champions low taxesand the rights of Jewish communitiesin the West Bank. Nevertheless, Mr.Lapid, the Netanyahu challenger, hasoffered Yamina leader Naftali Bennettthe first “rotation” as primeminister tojoin his coalition. Clearly, curbing set-tlements and offering “land for peace”are far from the opposition’s chief con-cerns. To a small party, the offer is ex-traordinary, but joining with the leftwould betray Yamina voters. It couldcost Mr. Bennett everything.

Ra’am, which commands fourseats, is breaking new ground. It sep-arated in January from the JointArab List, a collection of parties thatfor decades have marginalized them-selves by refusing to take part in anygovernment. When Ra’am’s leader,Mansour Abbas, decided he was will-ing to ally with Zionist parties to playa bigger role in Israeli politics, thesplit was inevitable.

Though Ra’am is an Islamist party,conservative on religious matters, itunderstands that Arab Israelis needjobs, roads, security and reliable gov-ernment services, like everyone else.

Pledging to pursue these interestsdespite disagreements with otherparties on larger questions of Zion-ism, Ra’am made it into the Knesset,where it will be the largest singleArab faction. In some scenarios, itcould grant or deny Mr. Netanyahuanother term as prime minister.Never before has an Arab party hadthis kind of leverage.

In a major speech in Nazareth onThursday, Mr. Abbas declared himself“a man of the Islamic Movement, aproud Arab and Muslim, a citizen ofthe state of Israel.” He didn’t call him-self “a Palestinian.” Speaking in He-brew, he called for coexistence. “Wedon’t have to agree on everything,” hesaid, “but we must give ourselves andour children the right and opportu-nity to come to know our neighbors.”The bottom line: “My approach ismore ‘what can we say yes to,’ andless ‘what can we say no to.’ ”

The speech would have been morecompelling in Arabic. Still, Mr. Abbashas shaken up Israeli politics. He re-

mains coy about whom he’ll supportfor prime minister as the Wednesdaydeadline (extendible by two weeks)approaches for the Israeli presidentto select a party to try to form a gov-ernment. Ra’am and Mr. Netanyahu’sallies further to his right may provemutually unacceptable. But if Mr. Ab-bas finds a Zionist coalition he canwork with, in the long run it won’tmuch matter which he picks.

His stance throws into sharp reliefthe actions of a more prominent Ab-bas: Mahmoud Abbas, president of thePalestinian Authority. Serving his 17thyear of a four-year term, the ruler ofpart of the West Bank evades peacetalks with “preconditions” and quashesinternal dissent. A U.S. State Depart-ment document published March 30noted reports that “Palestinian secu-rity forces arrested, intimidated, andtortured Palestinians following theirparticipation in an international con-ference in Bahrain.”

The 2019 conference was a U.S.-ledworkshop on an economic stimulus

package to revive the Palestinianeconomy. Mahmoud Abbas boycottedit; a functioning economy may begood for Palestinians but it presentsa threat to his patronage systems. Herefused to discuss any plan thatwasn’t aimed at satisfying his ulti-mate demands, and he resented thatsome Palestinian businessmen at-tended the conference anyway.

“Some of these individuals, labeled‘collaborators’ for working with orengaging with Israelis,” the State De-partment continued, “reported directand indirect threats of violence” fromleading Palestinian Authority fac-tions. “They reported damage to per-sonal property and businesses. Therewere reports that the families ofthose targeted were pressured to dis-own them, which would decreaserisks for attackers to injure or killthem, and that they and their familymembers were denied medical treat-ment in PA health facilities, which al-legedly contributed to greater healthcomplications including death.”

The State Department’s languageis cautious, and the Biden administra-tion has expressed a desire for en-gagement with the Palestinian Au-thority. Since taking office, PresidentBiden has allocated nearly $100 mil-lion to the Palestinians. On March 31the administration confirmed that itviews Israel’s control of the WestBank as an “occupation,” a reversal ofanother Trump position.

As he attempts to restart the old,moribund peace process, Mr. Biden isdealing not with Palestinian peace-makers but with the Palestinian lead-ers who torture them. He’s got thewrong Mr. Abbas.

Mr. Kaufman is an assistant edito-rial features editor at the Journal.

By Elliot Kaufman

AHMADGHARA

BLI/AFP

VIA

GET

TYIM

AGES

Ra’am party head Mansour Abbas speaks in Nazareth, April 1.

The C-Suite Converts to the New Political Religion

E aster Week, as the culture warsrage on, is a timely moment toreflect on the religious nature

of the modern ideology our leadersseek to impose on us.

Astute historians have observedthat the wars of religion that seemedto define pre-Enlightenment historynever really went away; the religionsjust got new labels. Secular ideolo-gies that supplanted the old confes-sions seized the mind with the samesense of spiritual mission. The loyal-ties they demanded were more divi-sive and even more destructive thananything organized religion evermanaged.

In the 19th century it was nation-alism. In the 20th, communism andfascism. In the 21st woke cultural ni-hilism is the dominant confession,and a fanatical one.

The modern secularists who de-ride the hagridden mysticism of tra-ditional religion are now the most de-

voted congregants in the First Churchof Antiracism. Penitents line up to beshriven for their white privilege,bending the knee before the altar ofjustice and equity. They present pen-dants of the martyred St. George ofMinneapolis for blessing from Holly-wood prelates and Ivy League di-vines, solemnly chanting canticlesfrom the Black Lives Matter breviary.

The history of religious war offerswarnings for all of us, but most of allfor those late converts to the new re-ligion in the big corner offices ofAmerican corporations.

The men who run Major LeagueBaseball, Delta Air Lines, Coca-Colaand other giants have been quick tomouth the required antiphony of themodern liturgy. After long careers inwhich they seemed happy to let theirtalents propel them to unimaginablewealth, they’ve now discovered thatthe society that elevated them wasfounded in evil.

But instead of doing the honorablething, and stepping down in favor ofsome less-privileged underling, theydemonstrate a commitment to thefaith by denouncing others. Here youhave the essence of the new faith andmorals of the woke classes, the truly

privileged people in our society: I’mnot to blame, you understand; it’s allthose other white folk.

The rush by corporate leaders todenounce Georgia’s new voting lawwill rank in infamy as one of the mostcowardly, cynical and socially de-structive moves in modern Americanhistory.

There’s no need to rehearse all thearguments about the law. Suffice it tosay it expands opportunities to votewell beyond what existed even twoyears ago and that it is more permis-sive than the prevailing laws in manyblue states.

But to some religions facts are ir-relevant, and bowing to the pressurefrom the media and Democrats, thesetitans of private enterprise quicklysubmitted to the collective will.

Since they’ve now been drafted

into the army of the woke, theseCEOs might want to acquaint them-selves with other historical figureswho’ve made accommodations to theprevailing religious orthodoxy. Itdoesn’t always end well.

My favorite example is ThomasCranmer. He was the 16th-centuryarchbishop of Canterbury who rose toprominence as a loyal cleric underHenry VIII. When the king forced himto choose between his faith and hishead, he jumped aboard the reforma-tion bandwagon and denouncedRome. Unfortunately for Cranmerand other religious opportunists,their world changed awkwardly whenQueen Mary, the vengeful daughter ofHenry’s discarded wife, came to thethrone and reinstated Catholic pri-macy. Cranmer, like these modern-day CEOs, quickly pledged his loyaltyto the new order.

Mary’s response was to thank himfor the recantation, publicly parade itas an important endorsement of hernew regime, and proceed to have himburned at the stake anyway.

The woke enforcers don’t burnheretics—not yet, anyway—but ourinfinitely flexible modern clerisydon’t have to look back to the Middle

Ages for a sobering lesson.Even as they’re prostrating them-

selves before their new masters inGeorgia, next door in Alabama there’sa cautionary tableau on display.There may be no one as culturallycompliant as Jeff Bezos. He’s pledgedAmazon to the woke cause. He’sturned a once-great newspaper into alectionary of cultural correctness.

But in Alabama, his company isfighting efforts from its workers forhigher pay and better conditions,and his apostasy has earned him theopprobrium of the high priests.

Last week Sen. Elizabeth Warren,after an unusually sharp Twitter ex-change, actually told the companyshe would seek to break it up becausehis minions had dared to mock her onsocial media.

The lesson of Mr. Bezos and Cran-mer is the same: Don’t think appeas-ing the religious tyrants will win youmore than a reprieve, if that. Thesecontemptible so-called leaders areknowingly, for the sake of self-preser-vation, stoking the flames of a cul-tural war.

These days, thank God, the fire isfigurative, but it may still consume aCEO or two.

Today’s CEOs are likeThomas Cranmer, the16th-century archbishopwith his finger to the wind.

FREEEXPRESSIONBy Gerard Baker

PUBLISHED SINCE 1889 BY DOW JONES & COMPANYRupert Murdoch

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Mundell on Money: Wisdom of a Nobel Laureate (1932-2021)R obert A. Mundell, the 1999 No-

bel laureate in economics, diedSaturday at 88. A related edi-

torial appears nearby. These are ex-cerpts of his contributions to theJournal editorial pages.

From “Gold Would Serve Into the21st Century,” Sept. 30, 1981:

Since the breakdown of the U.S.gold standard the U.S. monetary sys-tem has produced more dollars thanin the entire previous history of therepublic. The prices of gold, oil, silverand other commodities have risenmore than tenfold and, barring adrastic change in the monetary sys-tem, prospects are for more of thesame in the future.

Never before in U.S. history hasthe Treasury had to pay 15% for 30-year bonds, implying an incrediblypessimistic outlook with respect toinflation. It is these considerationsthat prompt a consideration of the

policies needed to restore convert-ibility of the U.S. dollar to gold. . . .

The underlying economic condi-tions in 1981 and prospects for thenext two decades are not as differentfrom the 1950s and 1960s as theymay appear. The U.S. is still the domi-nant economy, and the hegemonic su-perpower of the free world. The dol-lar is still the major currency reserveand gold is the only other major com-ponent of international reserves. Arerun of the monetary structure ofthe 1950s and 1960s, without thedeadweight difficulties of underval-ued gold would probably serve uswell into the 21st Century.

From “The Debt Crisis: Causes andSolutions,” Jan. 31, 1983:

Today, in 1983, the U.S. does nothave a gold standard, or a Keynesiancommodity standard, or a Friedmanpaper standard. It has a Volcker stan-dard. But who can predict the future

value of the pound, the dollar or theyen on the basis of a Thatcher stan-dard, a Volcker standard or a Naka-sone standard?

Money is more than an economicartifact; it is an idea, a central featureof civilization, the health of whichdepends, in a liberal society, on thepredictability of its value, its stabil-ity, not only today but in the distantfuture. Money is, as Keynes said, alink between the past, present andfuture, in order that long-term com-mitments and contracts can be madeand kept at interest rates that ex-press the real scarcity of capital andthe urgency of time, with as littlechance of forecasting error as hu-manly possible.

From “The Case for the Euro—I,”March 24, 1998:

The changeover to a new currencyis never a simple process. The hardpart is the mental transformation onthe part of the public. Accustomed tovaluing and reckoning in nationalcurrencies, each of the 375 millionpeople in the European Union willhave to learn a new way of compar-ing and thinking about prices. Thereis also an emotional transformation.The love affair that people in somecountries have with their nationalmoney will come to an abrupt end, anemotional trauma akin to the loss ofnational heritage. . . .

These costs cannot be swept underthe rug. But against them must be setthe greater power of the euro. In-stead of a currency that is legal ten-der in a small transactions area, Eu-ropeans will gain a currency thatspans a continent. The benefits willderive from transparency of pricing,stability of expectations and lowertransactions costs, as well as a com-mon monetary policy run by the bestminds that Europe can muster. . . .Because the costs are paid but once,while the savings compound indefi-

nitely, it is highly probable that thecapitalized value of the latter consid-erably exceeds that of the former.

From “The Case for the Euro—II,”March 25, 1998:

The euro is now virtually certain tocome to pass. My own view is that awell-run monetary union encompass-ing most of the members of the EU to-day, and most of Europe in the future,will be of enormous benefit to the peo-ple of Europe and also to the people ofthe rest of the world, including theU.S. Members of the EMU will get notjust a currency on a par with the dollar

and the right to a share in interna-tional seigniorage but also greater in-fluence in the running of the interna-tional monetary system. The rest ofthe world will get an alternative assetto the dollar to use in international re-serves and a new and stable currencythat could be used as the focus for sta-ble exchange rates or currency boards.The U.S. will get a needed relief fromthe eventually debilitating overuse ofthe dollar as an international currency,a single-currency continent that vastlysimplifies trade and investment, and astrong partner in Europe with an equalstake in constructing an internationalmonetary system suitable for the 21stcentury.

From “Making the Euro Work,”April 30, 1998:

I once thought that the best wayto create a European currency wouldbe to “Europeanize” the most impor-tant stable national currency, rooting

the euro in the mark. Politics ruledout that solution. Yet serious policydivergences within the EU would bedebilitating to the euro and cata-strophic for euro capital markets.Further steps toward policy harmoni-zation and even elements of politicalunion must be on the agenda soon af-ter the euro is launched.

From “Threat to Prosperity,”March 30, 2000:

The world currency problem couldbe solved by creating a world centralbank producing an international as-set backed by reserves of dollars,yen, euros and gold. Some such ar-rangement was proposed at BrettonWoods but it fell afoul of political dif-ficulties. A pattern recurrent in thehistory of money is that the domi-nant country rejects meaningful mon-etary reform, probably because it in-volves power sharing and aweakening of its monopolistic cur-rency position. But it is not a healthysign that the only option for smallercountries is to fix their currencies toone of the G-3, a situation reminis-cent of the monetary colonialism ofthe 19th century. A multilateral solu-tion based on a world central bankand a world currency would involvesome power sharing as well as afairer distribution of internationalseigniorage. The advantages of sucha system would be so great that allcountries could gain from it.

Not much can be done if the lead-ers of the major currency blocs insistupon policies that lead to volatile ex-change rates, But if agreement couldbe achieved on the desirability offixed exchange rates among currencyblocs each of which have subdued in-flation, it would not be a difficultstep to go the extra mile and buildaround the G-3 currencies a worldcentral bank and an internationalcurrency that would be the propertyof all nations.

The economist on gold vs.the ‘paper standard,’ the1980s debt crisis, and hishopes for the euro.

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A16 | Tuesday, April 6, 2021 * * * * THEWALL STREET JOURNAL.

WORLDWATCH

JAPAN

Uyghur, Hong KongConditions Criticized

Japan’s foreign minister calledon his Chinese counterpart totake action to improve human-rights conditions for Uyghursand stop a crackdown in HongKong, according to an officialJapanese account of a call be-tween the officials.

The unusually strong messagefrom Tokyo comes shortly beforePrime Minister Yoshihide Sugatravels to the U.S. for a summitwith President Biden on April 16.

Japan is typically wary of an-gering Beijing, which is its largesttrading partner. Tokyo is a closeally of Washington but didn’t jointhe U.S. and several other nationsin March in imposing sanctionson China over its repression of itsmostly Muslim Uyghur majority.

During the phone call onMonday, Japanese Foreign Minis-ter Toshimitsu Motegi alsoraised concerns with ChineseForeign Minister Wang Yi aboutthe continued presence of armedChinese coast guard vesselsaround islands in the East China

Sea controlled by Tokyo butclaimed by Beijing. The officialJapanese account didn’t give Mr.Wang’s responses, and Chinesestate media didn’t immediatelyreport details of the phone call.

China has rejected allegationsof human-rights violations againstits Uyghur population and saysits actions in Hong Kong are aninternal matter. Beijing also saysit has the right to patrol aroundthe islands in the East China Sea,known as the Senkakus by Japanand as the Diaoyu by China.

—Alastair Gale

ISRAEL

Trial ResumesFor Netanyahu

Prime Minister Benjamin Ne-tanyahu’s corruption trial resumedMonday, with a key witnesspainting a picture of an image-ob-sessed Israeli leader forcing aprominent news site to flatter hisfamily and smear his opponents.

The testimony came as Mr.Netanyahu’s chances of securinganother term in office followinglast month’s parliamentary elec-tions appeared to be dwindling in

high-stakes political talks hostedby the country’s figurehead presi-dent just a few miles away.

In a nationally televised ad-dress, Mr. Netanyahu accusedprosecutors of persecuting himin an attempt to undermine thewill of the voters and to drivehim out of office. “This is what a

coup attempt looks like,” he said.Taken together, the court tes-

timony and political consulta-tions pointed to an increasinglyuphill struggle for Mr. Netanyahuas he fights for his political life.

Mr. Netanyahu has beencharged with fraud, breach oftrust and accepting bribes in

three separate cases. Monday’sproceedings marked the begin-ning of the evidentiary phase, inwhich a long line of witnessesare to take the stand againstthe prime minister.

The session focused on themost serious case against Mr. Ne-tanyahu—in which he is accused

of promoting regulations that de-livered hundreds of millions ofdollars of profit to the Bezeq tele-com company in exchange forpositive coverage on the firm’spopular news site, Walla.

—Associated Press

INDONESIA

Flood Rescue EffortFaces Obstacles

Rescuers were hampered bydamaged bridges and roads anda lack of heavy equipment Mon-day after torrential rains causedmultiple disasters on remoteeastern Indonesian islands aswell as in East Timor.

At least 133 people died anddozens were missing in Indonesia,and 27 deaths were reported inEast Timor. A tropical cyclonecausing the damage is expected toaffect the nations for days whilemoving south toward Australia.

Seasonal rains frequentlycause flooding and landslides inIndonesia, an archipelago of17,000 islands where millions ofpeople live in mountainous areasor near fertile flood plains.

—Associated Press

also allowed to reopen.The government spelled out

its road map for reopening inFebruary. Provided goals onvaccinations, caseloads andhospital occupancy are met,the next stage of reopening isdue mid-May. That will allowfor the reopening of many in-door venues and further relax-ations on household mixing.The final stage, slated for June,will mean the lifting of nearlyall remaining restrictions.

The government has said itsplans can be altered or de-layed depending on the courseof the epidemic, or if anotherworrisome variant of the virusemerges.

“We see nothing in thepresent data that makes usthink that we will have to de-viate from that road map,” Mr.Johnson said.

Less clear for Britons eagerfor a summer getaway are therules over international travel,which is still restricted.

ernment has said its goal ofoffering every adult a vaccina-tion by the end of June re-mains achievable despite sup-ply disruptions.

The pace of Britain’s vaccinerollout has exacerbated ten-sions with the European Unionover vaccine supplies, whichhave been affected by produc-tion hiccups in Europe and In-dia. EU leaders gave tentativebacking in March to beefed-upvaccine export controls, butsaid the bloc should treadcarefully to avoid threateninginternational supply chains.

Mr. Johnson on Monday saidstarting April 12, nonessentialstores can reopen and bars andrestaurants can serve food anddrink outdoors. Limited mixingof households outdoors will bepermitted. Some large sportingevents are due to go ahead totest measures to reduce infec-tion. Libraries and outdoor at-tractions such as zoos, themeparks and drive-in cinemas are

have fallen sharply. The U.K.was recording around 1,200deaths a day on average dur-ing the worst days of January;now it is recording around 30.

More than 31 million peo-ple, or almost half the popula-tion , have received at leastone dose of vaccine. The gov-

the U.K. was recording 60,000new cases a day and thousandsof people were daily being ad-mitted to hospital. Almost150,000 people are known tohave died with Covid-19 sincethe pandemic began.

Cases now have declined toaround 2,700 a day, and deaths

tion in neighboring countriesmeans the U.K. can’t be compla-cent, as he confirmed that fromApril 12 England will move tostage two of a four-step re-opening plan. Scotland, Walesand Northern Ireland set theirown health policies and aremoving in a similar direction.

“We can see the waves ofsickness afflicting other coun-tries, and we’ve seen how thisstory goes,” he said at a pressconference. He urged Britonsto get vaccinated, keep prac-ticing social distancing andlimit travel.

The U.K. re-entered lock-down in January after a highlycontagious new variant of thecoronavirus that causesCovid-19 fueled a deadly win-ter surge in infections. Thatvariant, known as B.1.1.7, hassince been detected in morethan 100 countries, includingthe U.S. and much of Europe.

At its peak in early January,

TOKYO—With just 3½months until the scheduledbeginning of the SummerOlympics, Covid-19 cases arerising again in host nationJapan and some areas are re-introducing curbs on night-time activity.

The center of the latestwave is Osaka, the city at thecenter of the nation’s second-most-populous urban area af-ter Tokyo. Daily cases in Osakahit 666 on Saturday, setting arecord for the city and outpac-ing Tokyo. On Monday, usuallya slow day of the week, Osakareported 341 new cases to To-kyo’s 249.

The mayor of Osaka apolo-gized after several city em-ployees who had gone out din-ing in groups contractedCovid-19. “This is unaccept-able,” said Mayor Ichiro Mat-sui. “It will lead to distrustamong citizens.”

On Monday, Osaka and sev-eral other areas—though notTokyo—reinstated steps tocurb infections.

With people growing wearyof pandemic-era restrictions,activity in Tokyo’s urban cen-ters is rising. “There is a pos-sibility Tokyo could becomelike Osaka,” said Dr. ShigeruOmi, head of the government’sCovid-19 expert panel.

The Olympic torch relaynow under way in Japan islikely to skip Osaka, PrimeMinister Yoshihide Suga saidlast week. Mr. Suga, who hasexpressed his determination tocarry through with the Olym-pics starting July 23, said onMonday that his governmentwas on guard against a rise ininfections but didn’t think itneeded to reintroduce a na-tionwide state of emergency.

North Korea on Monday be-came the first country to with-draw from the Olympics, citinga desire to protect playersfrom Covid-19.

BY PETER LANDERS

Japan VirusToll RisesAhead ofOlympics

more frequent, weddings be-came bigger and the numberof people visiting places ofworship increased, creatingmore opportunity for the virusto spread. Meanwhile, Indiastarted a big election seasonas five states with a total pop-ulation of more than 200 mil-lion people are choosing theirlocal politicians this month.Packed political rallies havebecome another avenue of in-fection in the world’s largestdemocracy.

“The surge happened be-cause of super-spreader eventslike weddings and social gath-erings, cricket matches, festi-vals and election campaignrallies,” said Giridhara R.Babu, epidemiologist at the In-dian Institute of Public Healthin Bangalore and an adviser tothe government. “The generalfeeling was that the pandemicwas over.”

What all the people rushingto crowded events didn’t knowwas that more contagious ver-sions of the virus were arriv-

hasn’t been enough testing tomeasure which variants arepowering the surge, but theaccelerating rate of the spreadof infections suggests a moreviral form is spreading acrossthe country.

“This is a big cause ofworry, but what we see is theopposite” of what happenedduring the outbreak last year,said T. Jacob John, a retiredprofessor of virology at theChristian Medical College inthe southern city of Vellore.“There is no fear, no worry, noconcern” this year, he said.

India has responded withnew lockdowns, though noth-ing as tight as the nationallockdown last year where thewhole country was forced tostay at home for close to twomonths. The western megacityof Mumbai and its state of Ma-harashtra have been hardesthit and have just shut downmalls, eateries, bars andplaces of worship to force peo-ple to stay home.

New Delhi is ramping up

the public campaign to con-vince people to stay vigilant. Ithas also ratcheted up its vacci-nation drive, doling out morethan two million shots a day,up from less than one milliona few weeks ago. To attractmore people to come forward,it opened up the shots to ev-eryone above the age of 45this month.

India has administeredmore than 70 million doses sofar but has a long way to go toeven reach its initial target ofinoculating 300 million peopleby August. Only the U.S. andChina have given out moreCovid-19 shots.

India is trying to increasevaccinations in the harder-hitstates, and some states areeven taking the vaccinationsto the people.

“The idea is to send hospi-tals to homes to help the el-derly and vulnerable group,”said Chennai CorporationCommissioner G. Prakash.

—Krishna Pokharelcontributed to this article.

WORLD NEWS

NEW DELHI—Ground zeroof the world’s Covid-19 out-break shifted to India on Mon-day as it recorded more than100,000 fresh cases for thefirst time, topping the dailytotals everywhere else in theworld.

The South Asian nation islocking down neighborhoodsand restricting travel even asit tries to ratchet up its vacci-nation drive to save lives andsalvage its nascent economicrecovery.

With the number of new in-fections in the U.S. and Brazilretreating, India now has themost new cases in the world.The financial center of Mum-bai and the surrounding stateof Maharashtra have been hithard, dashing hopes that In-dia’s megacities may haveseen the worst as the mostdensely populated neighbor-hoods reached herd immunity.

“It’s spreading very fast,much more than the firstphase,” said Deepak Baid, aphysician in charge of aCovid-19 unit in a governmenthospital in Mumbai. “It’sspreading to all the agegroups.”

As daily infections tumbledto fewer than 15,000 in Febru-ary from just under 100,000 inSeptember, Indians started go-ing out more and being lessvigilant about the standardCovid-fighting measures.

Mobility data from Googleshowed activity rebounding aspeople started shopping andgoing to work again.

As predictions of a wintersurge didn’t come true latelast year, more Indians becameoptimistic that the worst wasbehind them. In mid-January,when India started its ownvaccination drive, citizensgained ever more confidenceand became less vigilant.

Family gatherings became

BY ERIC BELLMANAND VIBHUTI AGARWAL

India Daily Cases Surge to a HighDaily count rise putscountry ahead of U.S.,Brazil, prompting newlockdowns, travel curbs

Relatives and friends at a New Delhi cemetery on Monday took part in the burial of a person who succumbed to Covid-19.

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ing from abroad and new oneswere emerging in India. One—ominously dubbed the double-mutant virus—added an Indianmutation to one that was firstrecorded in America.

Indian scientists said there

Daily confirmedCovid-19cases, seven-day rollingaverage

Source: Johns Hopkins CSSENote: as of April 4

250,000

0

50,000

100,000

150,000

200,000

’21Sept. 2020

Brazil

India

U.S.

LONDON—British PrimeMinister Boris Johnson saidthe U.K. will begin to relaxmore public-health restric-tions starting next week andremains on course to fully re-open its economy by the sum-mer, after months of lockdownand a speedy vaccination cam-paign turned back a deadlytide of infection.

The U.K.’s changing fortunescontrast with a worsening pic-ture in other parts of Europe,where rising caseloads and fal-tering vaccine rollouts meangovernments are under pres-sure to tighten controls to beatback a resurgent pandemic.

France imposed a new na-tionwide lockdown last week,while in Germany ChancellorAngela Merkel is pushing pow-erful regional governments toimplement tougher measuresto curb infections.

Mr. Johnson said the situa-

BY JASON DOUGLAS

U.K., More Upbeat Than EU on Covid, to Ease Curbs

Boris Johnson says the U.K. economy is on pace to fully reopen.

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GRIEF: A ferry collided with a cargo vessel and capsized on a river outside Bangladesh’s capital,Dhaka, killing at least 25 people, an official said Monday. A passenger’s relative collapses at the scene.

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P2JW096000-4-A01600-1--------XA

© 2021 Dow Jones & Company. All Rights Reserved. * * * * * THEWALL STREET JOURNAL. Tuesday, April 6, 2021 | B1

TECHNOLOGY: HITACHI DEAL MAKES BET ON DATA B4

S&P 4077.91 À 1.44% S&PFIN À 0.74% S&P IT À 2.02% DJTRANS À 0.97% WSJ$ IDX g 0.41% LIBOR3M 0.200 NIKKEI (Midday) 29867.74 g 0.74% Seemore atWSJ.com/Markets

BUSINESS&FINANCE

BUSINESS NEWSLG Electronics exitssmartphone marketafter years ofstruggling. B3

COMMODITIESTraders are worriedthat rising coronavirus

cases will slowdemand for oil. B11

GameStop Corp. said itcould raise hundreds of mil-lions of dollars from stocksales in the coming months, asthe videogame retailer turnsto public markets to help sup-port its turnaround plan.

The company said Mondaythat it would sell up to 3.5million shares, adding thatthe timing and size of any

BY DAVE SEBASTIAN

stock sale would involve vari-ous factors.

Though it has had the abil-ity to sell up to $100 million instock since December,GameStop—unlike theaterchain AMC EntertainmentHoldings Inc.—had resistedraising cash in that manner asretail investors helped fuel aremarkable run up in the com-pany’s stock price. Investorscommuning on Reddit alsoboosted AMC shares.

GameStop’s stock tradedunder $3 apiece in April lastyear as the pandemicprompted the temporary clo-sure of the company’s bricks-and-mortar locations.

The shares ended 2020 atjust below $19.

Juiced by individual inves-tors’ enthusiasm, GameStopshares peaked at $483 in in-traday trading Jan. 28—onlyto trade just below $39 aboutthree weeks later.

On Monday, the shares fell2.4% to $186.95 after the com-pany disclosed the offeringand issued a sales update.

Last month, GameStop saidit had been evaluatingwhether to increase the size ofits stock-selling plans.

A GameStop representativedeclined to comment beyondthe news releases the com-pany issued.

The stock offering could di-lute the company’s shares byup to 5%, Telsey AdvisoryGroup retail analyst JosephFeldman said.

Having a pile of cash wouldhelp the company find acquisi-tion targets down the road,Mr. Feldman said.

The company had $508.5million in cash and cash equiv-alents as of Jan. 30, accordingto its latest annual report.

“They’re in an enviablemarket position right nowwith regard to their shareprice,” Mr. Feldman said.

The Grapevine, Texas, com-pany said its sales grewroughly 11% for the nine weeks

ended April 3 from the compa-rable period a year earlier,when the coronavirus’s emer-gence forced store closures.GameStop had roughly 13%fewer stores this year com-pared with a year earlier.

GameStop is working totransform its decades-oldbricks-and-mortar business tobecome more technology-cen-tric.

The company added ChewyInc. co-founder Ryan Cohen toits board before GameStop’sfurious rally earlier this yearafter the tech executive urgedthe company to focus on e-commerce and reduce its store

PleaseturntopageB5

GameStop Readies Big Share SalesHigh stock pricepresents opportunityto raise funds neededfor turnaround effort

Some suits allege gas suppliers gouged utilities. The suppliers have in turned sued over unpaid bills.

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Source: Natural Gas Intelligence

Natural gas cash prices at theHouston ship channel

Feb. 17

$400

$400permillion BTUs

0

100

200

300

Feb.Jan. 2021

Source: Wood Mackenzie

20

–100

–80

–60

–40

–20

0

%

Feb.Jan. 2021

Feb. 16

-85%

Percentage change in outputof natural gas fromPermianprocessing plants since Jan. 1

Fred Ehrsam’s ties to Coin-base Global Inc. run deep: Heco-founded the multibillion-dollar bitcoin exchange, wasits president until 2017, ownsmillions of its shares and waspart-owner of a company itbought last year.

Under Coinbase’s plan to tapthe public markets, however,the San Francisco-based com-pany classifies Mr. Ehrsam asan independent director, securi-ties filings show. The same goesfor Fred Wilson, another Coin-base director who owns a sig-nificant stake of the company.

That independent label al-lows Coinbase, the largest U.S.-based cryptocurrency exchange,to assign Messrs. Ehrsam andWilson to an investor-protec-tion role that is required for ev-ery public company.

Mr. Ehrsam and Mr. Wilsondidn’t respond to requests forcomment.

Coinbase is restricted inwhat it can say publicly aheadof its listing, which is expected

PleaseturntopageB11

BY JEAN EAGLESHAM

CoinbaseInsidersGet RolesGuardingInvestors

try veteran, witnessed up-close the job market’s massiveshake-up over the past year:Millions of people were laidoff or furloughed, companiesproviding digital and essentialservices went on hiringsprees, and job interviewswent virtual.

On Indeed’s job site—the

world’s largest—postingsplunged nearly 40% lastspring. They have been re-bounding ever since. The La-bor Department said Fridaythat U.S. employers added aseasonally adjusted 916,000jobs in March, the best gainsince August.

Under Mr. Hyams, Indeed

raced to adjust to the newjobs landscape. The companyrecently introduced a virtualplatform that manages thenuts and bolts of hiring foremployers—from posting anopening to setting up videointerviews. Mr. Hyams saysthe aim is to shorten the timeit takes to fill a job.

That timing will be espe-cially important as Covid-19-ravaged industries restart hir-ing and need qualified peoplefast, he says.

“We’re obviously alwayshappy to see when people aregetting jobs,” said Mr. Hyams,who spoke with The Wall

PleaseturntopageB5

Some five million jobs areposted on internet job-searchplatform Indeed Inc. rightnow. Its leader, Chris Hyams,says he wants to make it sim-pler to get one.

Indeed’s chief executive, a53-year-old technology-indus-

BY KATHRYN DILL

Indeed Chief Navigates a Changed Market for Hiring

there is still some momentumin Congress for helping small-business owners. About 75 Re-publicans and Democrats haveco-sponsored House legisla-tion to provide up to $30 bil-

lion in aid to the struggling in-dustry.

“The pandemic for busi-nesses like mine is not evenclose to being over yet,” saidMs. Muehlenkamp, who owns

The Bar Method Brooklyn.“The restaurant industry andsome industries as impactedas us have gotten more publicattention, which is great for

PleaseturntopageB2

INSIDE

The massive natural-gasbills incurred during the Texasfreeze have kicked off a spateof lawsuits around the countryas companies argue over whois responsible for the tab.

At least 30 lawsuits relatedto natural-gas contracts havebeen filed in four states sincethe February storm thatknocked out power for millionsof Texans and sent gas pricessoaring to their highest levelsin years. Billions of dollars arecollectively on the line.

The lawsuits have laid barethe enormous pressure the fi-nancial fallout from the stormhas put on natural-gas suppli-ers and customers, includingpublic utilities and others.The bulk of the suits are inTexas courts and involvesome of the world’s largestenergy companies and trad-

ers, including Exxon MobilCorp., Koch Industries Inc.,BP PLC and Vitol.

Some of the lawsuits allegethat gas suppliers engaged inprice gouging during thestorm, overcharging utilities.Some suppliers such as Cono-coPhillips, in turn, are suingutilities and others over un-paid bills.

Other lawsuits center onwhether companies should beabsolved from their contrac-tual obligations to supply gasduring parts of February,when freezing temperaturesshut down a vast swath ofTexas’ energy infrastructure.Legal analysts expect morelawsuits to be filed in theweeks ahead.

Texas is the nation’s largestgas producer, but both produc-tion and power generationfrom gas dropped by about athird during the unusuallystrong winter storm, which

caused a surge in demand forpower and heat.

Freezing water and black-outs wreaked havoc on every-thing from wells to pipelines

and regional storage facilitiesthat feed power plants acrossthe state. Amid the disrup-tions, natural-gas prices shotup nearly 17,000% in some

parts of the state.Electricity prices also sky-

rocketed, and Texas powersales in a single week topped$46 billion, more than fivetimes what the state spent inall of 2020. That has led toenormous bills for many resi-dential and industrial powerusers, and triggered a continu-ing political debate in Texasover whether at least some ofthe charges should be re-versed.

The largest group of gassuits so far was filed by CPSEnergy, a San Antonio-ownedutility company that allegedmore than a dozen gas suppli-ers were “profiteering fromscarcity during a declared di-saster.”

Some were charging15,000% more for natural gasthan prestorm prices, whichCPS likened to paying $7,000to refuel a car, according to

PleaseturntopageB2

BY CHRISTOPHER M. MATTHEWSAND COLLIN EATON

Texas-Freeze Gas Bills Precipitate Lawsuits

added costs to operate re-motely and safely even as theU.S. slowly resumes pre-pan-demic life. The federal Pay-check Protection Program pro-vided aid for small business,but largely to cover salaries.Gym owners say most of theirexpenses are for facility leasesand insurance. Gyms alsodidn’t receive special fundingstreams like ones Congress al-located to restaurants and en-tertainment venues.

Ms. Muehlenkamp andother gym owners are nowwaging what they see as amake-or-break campaign while

Brooklyn fitness-studioowner Katie Muehlenkamp’sduties expanded during thepandemic to include tech sup-port for her online classes,scouting for outdoor workoutlocations and extra scrub-downs of ballet barres andyoga mats.

There was also a new jobshe didn’t expect, where suc-cess has been elusive—that ofa de facto lobbyist.

Gyms and exercise facilitieshave been walloped by longclosures, capacity limits and

BY JULIE BYKOWICZ

Gym Owners FightTo Get Assistance

Katie Muehlenkamp, right, owner of The Bar Method Brooklyn, a fitness studio in New York.

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SoftBank Group Corp.agreed to pay $2.8 billion for a40% stake in Norwegian ware-house-automation company Au-toStore, marking another bigbet by the Japanese conglomer-ate on robot-enabled technol-ogy.

AutoStore is controlled byThomas H. Lee Partners LP,while another private-equityfirm, Sweden’s EQT AB, holds aminority stake. The deal valuesthe company at $7.7 billion in-cluding debt, the companiessaid Monday.

SoftBank Chief ExecutiveMasayoshi Son has been plac-ing big bets on artificial intelli-gence and internet-connecteddevices for years, predicting in2017 that super smart robotswould outnumber humans

PleaseturntopageB5

BY CARA LOMBARDOAND MAUREEN FARRELL

SoftBank,Robot FirmReachDeal

A woman in Dallas got an electricity bill from Griddy Energy for$3,114.27. Natural-gas prices rose nearly 17,000% in some places.

P2JW096000-5-B00100-1--------XA

B2 | Tuesday, April 6, 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.

A

Alden Global Capital...B5Alibaba........................B1Alphabet................A1,B3AMC Entertainment...B1Apple...........................B3Archegos CapitalManagement...........B12

AutoStore....................B1

B

Baker Hughes .............B5

C

Carnival .....................B11CBDC Tracker..............A8ChargePoint.................B2Chart Industries..........B5Chewy..........................B1Coca-Cola ....................A4Coinbase Global..........B1Coupang.......................B1Credit Suisse.............B12CVS Health..................B5

D

Delta Air Lines....A4,B11

E - G

EQT..............................B1EVgo Services.............B2GameStop............B1,B11General Motors...........B2

GlobalLogic..................B4Goldman Sachs.........B12

H

Hipgnosis Songs Fund...................................B12Hitachi.........................B4Huawei Technologies..B3

I

Indeed..........................B1Inscripta......................B4

J

Jaws SpitfireAcquisition..............B12

K

KKR..............................B5

L

LG Electronics.............B3

M

Marriott InternationalB3Morgan Stanley........B12

N

Nomura......................B12Norwegian Cruise Line............................. B3,B11

O - P

Oppo Electronics.........B3Oracle..........................A1Plug Power..................B5

R

Round Hill MusicRoyalty Fund...........B12

S

Samsung Electronics..B3

Sempra Energy ...........B5

Serena Ventures.......B12

SoftBank.....................B1

Southwest Airlines ..B11

Spire Missouri ............B2

T

Tencent..................A1,A8

Tesla............................B2

Texas Instruments .....B1

Thomas H. Lee Partners

.....................................B1

Tribune Publishing......B5

U

Union Square Ventures

...................................B11

United Airlines..........B11

Universal Music Group

...................................B12

V

Vitol.............................B1

Vivo Electronics..........B3

X

Xiaomi.........................B3

INDEX TO PEOPLE

BUSINESS & FINANCE

Katie Muehlenkamp’s fitness studio operates at reduced capacity.

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them. We have gotten less.”Squeezing support out of

the federal government is oldhat to some industries. Air-lines and restaurants areamong those that have well-established political tiesthanks to trade groups and de-cades or more of Washingtonglad-handing.

But the fitness industry andmany others—from bowlingcenters to small concert ven-ues to timber loggers—havebeen learning on the fly howWashington works.

Business owners who aren’tused to comparing notes withcompetitors are scrambling toforge alliances. They are reori-enting from local politics,where they are used to weigh-ing in on rules and regula-tions, to federal, where theythink they have the bestchance of securing coronavirusrelief. They are hiring priceylobbyists and experimentingwith grass-roots activism.

The fitness industry estab-lished a trade group, the Inter-national Health, Racquet andSportsclub Association, 40years ago. But fitness centershaven’t needed much out ofWashington, so they tended tofocus more on the state andlocal politicians who typicallyhave a more direct impact ontheir businesses.

“The club industry is not areal political industry,” saidHelen Durkin, executive vicepresident of public policy forthe gym trade group. Still,when the pandemic hit, itquickly became clear that fed-eral aid could be the key tosurvival.

“At first we thought, can wespend enough money on lob-byists to help us?” Ms. Durkinsaid. “But really what seemsto be making a difference isthe 20,000 or so emails our

ContinuedfrompageB1

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Bainum, Stewart ........B5

Bong-seok, Kwon........B3

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Cohen, Ryan................B1

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Durkin, Helen..............B2

E

Ehrsam, Fred...............B1

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Feldman, Joseph.........B1

Hyams, Chris...............B1

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Kandiah, Gajen............B4Kang, Tom...................B3Kassam, Altaf...........B11Kim, Jeff .....................B3Klein, April................B11

M

Merchant, Satyan.......A6Muehlenkamp, Katie ..B1

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Neal, Terry ................B11

Oberg, Leeny...............B3Oh, Woody ..................B3Olsen, Hans...............B11

R

Redha, Hani...............B11Rio, Frank Del.............B3

S

Samant, Shashank......B4Son, Masayoshi ..........B1

W

Wilson, Fred................B1Wyss, Hansjorg...........B5

people have sent Congressasking for help. What’s turningthe tide is those voices.”

In December, the tradegroup ditched two of its threelobbyists and instead enlistedits own membership from itsnetwork of 50,000 clubs tolobby their congressional rep-resentatives for relief.

By then, smaller fitness-fa-cility owners had grown frus-trated, thinking lawmakerswere unfairly lumping them inwith big-box gyms like PlanetFitness and assuming theycould all just weather thestorm. About 15,000 of thosebusinesses—many of them af-filiated with brands like Or-ange Theory, Pure Barre andCrossFit—formed their ownadvocacy group, the Commu-nity Gyms Coalition, to supple-ment IHRSA’s efforts.

Brett Ewer, the lobbyist forCrossFit, started working thephones and setting up Zoommeetings between owners andtheir local congressional of-fices. In Ohio, Mr. Ewerthought of Dale King, a garru-lous military veteran who hada brief star turn on SharkTank in 2017 for his line ofnatural ointments. (He walkedaway with a deal.)

“Gym owners are notori-ously self-sufficient and waryof assistance, but this time it’smuch needed,” said Mr. King,whose CrossFit studio inPortsmouth, Ohio, works withrecovering addicts.

In February he met overZoom with staff members forSens. Sherrod Brown (D., Ohio)and Rob Portman (R., Ohio).Ms. Muehlenkamp also hasmet virtually with a Housemember and plans to showRep. Carolyn Maloney (D., N.Y.)around her barre studio thismonth.

Reps. Mike Quigley (D., Ill.)and Brian Fitzpatrick (R., Pa.)introduced the $30 billion aidpackage in February.

But supporters of the plan,including Mr. Quigley, worry itis a tough sell since the fed-eral government has alreadyinvested trillions of dollars inrelief and there is a perceptionthat the country is movingfrom crisis to recovery.

Gyms FightFor ReliefFunding

that promotes clean energy.The build-out of stations so

far has often been hamstrungby utilities, new competitors,consumer advocates and oilcompanies all fighting in frontof state regulators—or dither-ing over investment costs.

Building charging infra-structure is “really slow andreally expensive. We need awhole lot more support,” Mr.Nelder said. “It’s going to takemoney, it’s going to take au-thority, it’s going to take lead-ership and the federal govern-ment to step in.”

While EV investment in theU.S. private sector is on therise, some analysts say, itpales in comparison to the in-dustry’s growth in China andEuropean countries, wheregovernments have spurred de-velopment with big subsidiesand friendly regulations.

Advocates and financial an-alysts said the U.S. needs asimilar plan to catch up.

“Biden’s plan could help su-percharge” the market, saidAnastasia Amoroso, a strate-gist at the private-bankingarm of JPMorgan Chase & Co.“The plan puts the right andsimilar incentives in place thathave helped drive EV adoptionin Europe and China.”

Utilities and the auto sec-tor, both reliant on the EVmarket as a source of new de-mand, stand to gain from the

Biden plan, said analysts atEvercore ISI, an advisory firm.

Tesla Inc. and General Mo-tors Co. stand out as two po-tential winners, they added.Both would benefit from aproposal to raise a cap on taxbreaks available to EV buyers,which the pair had alreadymaxed out.

Other big winners likely in-clude the businesses that in-stall and operate charging sta-tions, such as ChargePointand EVgo Services LLC.

“We have electricity every-

where. Let’s just make sure ev-eryone feels comfortable theycan charge everywhere,” saidCathy Zoi, chief executive ofEVgo Services, which operatesmore than 800 charging sta-tions in 34 states.

EVgo last year announced apartnership with General Mo-tors, a $90 million investmentto triple its charging networkover five years. Their ventureaims to produce 2,750 newchargers by 2025.

“If we can get rid of range

anxiety, then you have a virtu-ous cycle in which EVs becomeubiquitous around the U.S.,”Evercore ISI’s James Westsaid. The Biden plan is “a stepin the right direction,” he said.

Mr. Biden included the newEV stations as one of severalinitiatives in the infrastructureproposal designed to addressclimate change by supportingcleaner energy.

Transportation—heavily de-pendent on oil for burninggasoline—is now the country’sleading source of greenhouse-gas emissions. So the adminis-tration prioritized a push to-ward electric cars, which aremore likely to get energy fromnuclear, wind or other sourcesof lower-emissions power.

Last year battery-poweredvehicles made up fewer than2% of U.S. auto sales, and con-sumers haven’t been shoppingfor electric cars while gasolineprices were relatively low.

Consumers used to quickfill-ups are also scared off by ashortage of fast charging sta-tions or broken, occupied orconfusing-to-pay systems.

Administration officialshave further said they want tocompete with China, whichhas become a world leader inthe EV business through gov-ernment investment.

WASHINGTON—PresidentBiden’s ambitious plan to funda network of electric-vehiclecharging stations could be ashot in the arm for the EV in-dustry, but it leaves a myriad oflegal, technical and budgetaryproblems still to be addressed.

The White House is callingfor 500,000 new EV chargingstations—five times the size ofthe national network now—aspart of a $174 billion plan toboost the EV industry in Mr. Bi-den’s broad $2.3 trillion infra-structure proposal.

The stations are seen as keyto addressing the range anxietymany consumers cite when rul-ing out an EV purchase, out offear they may be stranded toofar away from a charging op-portunity.

Whether Congress approvesthe money is the immediatequestion, especially given stiffRepublican opposition. But be-yond that, an even bigger issuecould be what rules it might setfor that spending and for accel-erating the network build-out.

The industry may need fed-eral intervention on permittingand cost-sharing rules for EVcharging stations to clear regu-latory bottlenecks at state andlocal levels, said Chris Nelder,who studies EV-grid integra-tion at RMI, an energy and en-vironment policy organization

BY TIMOTHY PUKO

Plan to Add Charging StationsFor E-Vehicles Faces Challenges

Electric-vehicle investment in the U.S. lags behind that of China and Europe. An EVgo charging station in Northbrook, Ill.

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alongside others in the market.“Now the bills have come

due and CPS, as it seems tohave intended from the start,wants to leave others holdingthe bag and shift the politicaland regulatory fallout awayfrom itself,” the Energy Trans-fer units said in court papers.

Chevron said it properly in-voiced CPS. Occidental de-clined to comment and Vitoldidn’t respond to requests forcomment.

Gas suppliers have alsobeen hit with lawsuits for fail-ing to deliver fuel during thestorm.

The utility Spire MissouriInc. has filed lawsuits againstthree gas marketers, seeking$135 million in damages forwhat it alleges were breachesof contract for having failed toprovide gas amid the coldsnap.

Another group of lawsuitsrelates to declarations of“force majeure,” in which com-panies cite a clause that ab-solves them from contractualcommitments to supply gasdue to unforeseen events. Doz-ens of companies made suchdeclarations after the freeze.

A handful of suppliers toKoch Industries invoked forcemajeure following the stormbut say in separate lawsuitsthat the conglomerate has re-jected those declarations. Thesuppliers say Koch, in somecases, is refusing to pay forthe gas they did provide, andhas argued that it is oweddamages.

In five separate suits, Mara-thon Oil Corp., ARM EnergyManagement and marketingarms of EnLink Midstream,Targa Resources and Chesa-peake Energy Corp. have askedTexas courts to certify theirforce majeure claims.

Koch, Chesapeake, Mara-thon, EnLink, and ARM EnergyManagement declined to com-ment. Targa didn’t respond torequests for comment.

In another lawsuit, Exxonsubsidiary XTO Energy Inc.said Macquarie Energy LLC re-fused to accept its notice offorce majeure, and Macquariemaintained it was owed $11.7million to cover damages.

XTO said Macquarie noti-

fied it of its own, separateforce majeure on Texas gassupplies due to the storm.Exxon and Macquarie declinedto comment.

—Andrew Scurriaand Alexander Gladstone

contributed to this article.

one of the lawsuits.CPS alleged the charges,

from vendors including affili-ates of Chevron Corp., Vitoland Occidental PetroleumCorp., amounted to pricegouging in violation of Texaslaw.

Of the roughly $670 millionCPS spent on natural gas dur-ing the weather event, theutility is disputing roughly$527 million, a CPS spokes-woman said. The bills in dis-pute include almost $257 mil-lion it was charged by twoaffiliates of pipeline operatorEnergy Transfer LP. In a sepa-rate suit, ConocoPhillips al-leged late last month that CPSstill owes it $19.6 million forgas after short-paying in-voices.

“What we believe is thatthis was a huge transfer ofwealth at one of Texas’ worstpoints in our history,” CPSChief Executive Officer PaulaGold-Williams said in an inter-view. When a natural disasterstrikes, she said, “the resultcan’t be that prices becomeunconscionable.”

In a response filed in courtlast week, Energy Transfersaid CPS had sued gas suppli-ers in an attempt to “divert at-tention from its own poor riskmanagement and failure toprepare for high natural-gasdemand in a severe winterstorm.”

It said CPS had exposed it-self to the risk of volatileprices by choosing to buy nat-ural gas on daily floatingprices and had bid up pricesfor the supplies it needed

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Gas BillsPrecipitateLawsuits

500Thousands of new EVcharging stations sought

Heard on the Street: A headscratcher in grid plan.......... B12

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THEWALL STREET JOURNAL. Tuesday, April 6, 2021 | B3

though ended the day down2.5%.

The mobile business repre-sented about 8% of LG’s totalannual revenue last year. In aregulatory filing, LG said themove would hurt its revenuein subsequent months, thoughwould ultimately help it im-prove its business and finan-cial health. Dropping thephone business could improveannual profit by up to 800 bil-lion South Korean won (equiv-alent to about $708 million) inthe coming years, said JeffKim, deputy head of researchat Seoul-based KB Securities.

LG represented just 2.2% ofthe smartphone market in2020, and was the ninth-larg-est vendor, according to mar-

duct mock sailings and applyfor a certificate at least 60days before offering passengercruises.

Despite the CDC’s determi-nation that travel is a low-riskactivity for people who havebeen vaccinated, officials stilladvise against it as Covid-19cases rise in the U.S. The CDCstill recommends againsttravel on cruise ships becauseof the “very high” risk ofCovid-19 on such vessels.

The CDC maintains that itwill follow the phased ap-proach outlined in its condi-tional-sailing order, a spokes-man said in a statement.“Cruising safely and responsi-bly during a global pandemicis difficult,” the statementsaid.

The CDC on Friday issuedits latest update to the condi-tional-sailing framework byproviding operators with tech-nical instructions on increas-ing reporting frequency ofCovid-19 cases and illnessesfrom weekly to daily, creating

planning materials for cruiselines’ agreements with localauthorities and establishing aplan for crew and port person-nel’s vaccinations. The updatedidn’t specify when operatorscan resume sailing out of theU.S.

Trade group Cruise LinesInternational Association onMonday slammed the CDC’supdate, calling the additionalinstructions “burdensome”and “largely unworkable.”

It reiterated its call lastmonth for the CDC to lift theconditional-sailing order andallow U.S. sailings to restart inJuly.

“With no clear path for-ward or time frame for re-sumption in the U.S., moresailings originating in the Ca-ribbean and elsewhere arelikely to be announced, effec-tively shutting Americanports, closing thousands ofAmerican small businesses,and pushing an entire industryoffshore,” the trade groupsaid.

Norwegian Cruise LineHoldings Ltd. asked federalhealth authorities to let it sailfrom U.S. ports starting July 4,saying its vaccination require-ment for passengers and crewis a sufficient precautionagainst Covid-19.

The cruise operator saidMonday that its Covid-19 vac-cination policy matches theCenters for Disease Controland Prevention’s guidance thattravel poses low risks for fullyvaccinated individuals. Norwe-gian and other major cruiselines haven’t sailed in the U.S.since coronavirus outbreakson ships brought voyages to ahalt last year.

The company is requiringpassengers and crew to bevaccinated at least two weeksbefore embarking on the ship.Norwegian said the vaccina-tion requirement eliminatesthe need for the CDC’s condi-tional-sailing order, which re-quires cruise operators to con-

BY DAVE SEBASTIAN

Norwegian Seeks ApprovalTo Resume Sailings July 4

The company is requiring passengers and crew to be vaccinated at least two weeks before sailing.

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Plans to Create‘Bubbles’ On Board

Norwegian aims to create a“bubblelike” environment for itspassengers and crew throughmandatory vaccinations and byimplementing measures laid outby an expert panel the companyhad hired, Chief Executive FrankDel Rio said.

If allowed to sail starting July4, the company plans to resumevoyages at 60% capacity andwould increase it by 20% every30 days and gradually increase

the size of the fleet departingfrom U.S. ports, Mr. Del Rio saidin a letter to CDC Director Ro-chelle Walensky.

Norwegian shares roseabout 7% Monday afternoon.Shares of its competitors, Car-nival Corp. and Royal Caribbean,also rose. Royal Caribbean isalso requiring passengers andcrew to be fully vaccinated forits coming sailings in Israel andthe Caribbean in the comingmonths.

Other measures the companyhas pledged for its sailings in-clude administering and payingfor all passengers’ Covid-19 anti-

gen tests before boarding anddisembarkation, upgrading air-fil-tration systems and providingcontactless food service on theship. Norwegian has said it ex-pects to spend $300 million onhealth-and-safety investments,as well as other collateral obliga-tions.

Other countries, includingSingapore, Italy and the U.K.,have authorized cruises or set aclear target date for them to setsail.

Almost 400,000 passengershave sailed since some countriesbegan to allow cruises again inJuly, according to CLIA.

Marriott InternationalInc.’s finance chief plans tohold the purse strings tight asthe hotel operator looks toCovid-19 vaccines to help itsbusiness recover from theharsh declines caused by thecoronavirus pandemic.

“We are always looking forways to save money,” saidLeeny Oberg, the company’schief financial officer, addingthat Marriott wants to spendits funds efficiently.

The Bethesda, Md., com-pany has a portfolio of about7,640 properties around theworld, with a large chunk runby franchisees. Marriott lastyear slashed expenses as pan-demic-related travel restric-tions caused a widespread fallin bookings. The companyended 2020 with an annualnet loss of $267 million, com-pared with net income of $1.27billion the year before.

“We immediately went into acost-cutting mode,” Ms. Obergsaid, adding that this includedsavings at both the corporateand franchise levels. Marriottreported operating costs andexpenses of $10.49 billion for2020, down 45% from 2019, inpart because of layoffs, fur-lough programs and reducedwork hours. It had 121,000 em-ployees at the end of last year,compared with 174,000 the yearbefore. This excludes workersemployed by franchisees andcertain other employees.

The question facing thecompany and its finance chiefis how many of these costs willcome back as the economy re-covers and more people getvaccinated, analysts said.“Time will tell how much of thereduction is sustainable,” saidRich Hightower, a managing di-rector at the research arm ofadvisory firm Evercore Inc.

Even though travel book-ings are rising, they aren’t atpre-pandemic levels, and thereare concerns whether corpo-rate travel—previously an im-portant revenue and profitgenerator for Marriott—willreturn fully as companies havegotten used to working re-motely and virtual meetings.

Changes to operationscould generate additional sav-ings, Ms. Oberg said, pointingto a new labor-managementsystem used in some of thehotels Marriott manages itselfin the U.S. The system helps tobetter predict staffing levelsdepending on the level ofbookings and will be rolled outfurther in the coming months.

Marriott is evaluatingwhether to expand it interna-tionally to markets such asCanada or Europe, as well asto its franchise hotels, accord-ing to a spokeswoman. “Thefull intention is to bring backas many people as possible,”Ms. Oberg said.

Analysts said the companycould take a closer look at itsbrand standards, for examplethe frequency of cleaningwhen guests stay for severalnights, to bring down costs.

Ms. Oberg said the com-pany is watching bookingsdaily and frequently updatingits forecasts. “U.S. occupancylevels are rising with vaccina-tion rates,” she said. “We haveseen the pace of bookingssteadily increase.”

BY NINA TRENTMANN

MarriottTo StayFocusedOn Costs

45%Decline in operating costs andexpenses in 2020 from 2019

cast record first-quarteroperating profits in a disclo-sure due later this week, ac-cording to industry analysts.

LG, which first broke intomobile-phones business in1995, has found itself caughtin the middle of a bifurcatingsmartphone industry transi-tioning to next-generation 5Gtechnology.

On the high end, Apple andSamsung can fetch $1,000 ormore for their newest gadgetsby relying on powerful brands.On the lower end, firms sellinghandsets for just several hun-dred dollars have eked outprofits by outsourcing the en-gineering and design work tocontract firms, while ditchingpricier advertising channels

for online-only campaigns.That has left LG in a pre-

carious position, given that itsother lines of business in flat-screen televisions, kitchen ap-pliances and other gadgetrycompete with the top playersfor the deepest-pocketed buy-ers, said Tom Kang, a Seoul-based research director atCounterpoint Research, a mar-ket researcher. About 90% ofLG’s phones were being de-signed and engineered exter-nally, he added. “The bigbosses start to think, ‘Why arewe in this business if all weare doing is putting our brandon it?’ ” Mr. Kang said.

LG Electronics’ shares roseafter the smartphone-exit an-nouncement Monday morning,

BUSINESS NEWS

ket researcher Strategy Ana-lytics. It was strongest in theU.S., its home market of SouthKorea and Brazil. The com-pany’s failures didn’t resultfrom a lack of flash. LG haswon various industry innova-tion awards over the yearstouting its experimental phonedesigns and features.

Its G8 ThinQ device from2019 boasted “Hand ID” tech-nology, where a front-facingcamera could unlock thephone by reading the lines andcontours of a user’s palm. Theupper display of LG’s dual-screen Wing handset, releasedlast year, could swivel 90 de-grees, forming a T-shape thatmade multitasking easier. Itonce released a customizable,modular-design phone that letusers swap in external batter-ies within seconds.

But those flagship devicesfailed to win a broad audience.Just one of every 10 LGphones were priced at $300 ormore, meaning the company’ssales were overwhelmingly ca-tering to buyers not lookingfor all the bells and whistles,said Woody Oh, a Seoul-basedanalyst at Strategy Analytics.

With LG on the way out, ri-vals offering lower-pricedphones in the U.S., South Ko-rea and Brazil, including Sam-sung, Alphabet Inc.’s GooglePixel and Chinese upstarts,could scoop up extra marketshare, Mr. Oh added.

Chinese smartphonebrands—including HuaweiTechnologies Co., Xiaomi,Vivo Electronics Corp. andOppo Electronics Corp.—ac-counted for a record 57% com-bined market share in 2020,according to Strategy Analyt-ics. Two decades ago, Chinesephone makers hadn’t cracked1% of global sales.

LG Electronics Inc. will exitits unprofitable smartphonebusiness after years of strug-gling to compete with industryleaders Apple Inc. and Sam-sung Electronics Co., as well

as fast-growing Chinese rivals.It wasn’t an unexpected

move, following years of spec-ulation about a pullback andafter Chief Executive KwonBong-seok declared in Januarythat all options were underconsideration regarding themobile division’s fate.

The Seoul-based firm, fol-lowing a unanimous boardvote Monday, said it wouldhalt mobile phone productionand sales by July 31. LG hadonce been the world’s third-largest phone maker by ship-ments and remains the biggestU.S. vendor after Apple andSamsung.

But LG’s overall phone busi-ness has withered in the pastsix years or so. It has been inthe red for 23 straight quar-ters, with the accumulatedlosses exceeding $4.4 billion.

The move allows LG to givepriority to future growth driv-ers, such as electric-vehiclecomponents and robotics, andfocus on a home-appliancesbusiness that boomed duringthe pandemic, the companysaid. The South Korean elec-tronics giant, despite the mo-bile losses, is expected to fore-

By Kwanwoo Junin Singapore

and TimothyW.Martin in Seoul

LG Calls It Quits on SmartphonesThe company’s overallphone business hasbeen in the red for 23straight quarters

Its G8 ThinQ smartphone can be unlocked by reading the lines and contours of a user’s palm.

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B4 | Tuesday, April 6, 2021 THEWALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

Startup Inscripta Inc. raised$150 million in new venturecapital to roll out a genome-ed-iting instrument that could helpresearchers in healthcare andother industries biologically en-gineer new products.

New investors Fidelity Man-agement and Research Co. andT. Rowe Price Associates Inc. ledthe Series E round of financing.

Scientists use new gene-edit-ing techniques to make precisechanges in the genetic code oforganisms to study how genesfunction, and to genetically pro-gram cells or microbes to pro-duce specific proteins, enzymesand other molecules.

Researchers are geneticallyengineering microbes to make avariety of products. Scientistsare engineering yeast to pro-duce sweeteners, industrialchemicals and components ofmedications, said Sri Kosaraju,chief executive of Boulder, Colo.-based Inscripta.

Today, Crispr-based genomeediting is a manual, labor-in-tensive process, Mr. Kosarajusaid. It frequently requireslarge numbers of 96-wellplates, along with gene-editingreagents, to make changes tothe genetic code. Inscripta’ssystem includes an instrumentthat sits on a lab bench andautomates genome editing.Scientists load microbes to beedited and gene-editing re-agents into the machine, andedits are made over the nexttwo to four days, he said.

In addition to the instru-ment, Inscripta’s system in-cludes reagents and softwareused to make the genome editsand to analyze the results.

Inscripta formed in 2015 andintroduced its technology in2019. Now, it is ready to marketit more widely and said Gene-Mill, a synthetic-biology foundryat the University of Liverpool, isa commercial customer.

BY BRIAN GORMLEY

StartupRaisesCashForGenomeSystem

ment, in the hopes of vacuum-ing up data and improving ef-ficiency. The two companiesalso overlap in industrial sec-tors like auto manufacturing,he said, as Hitachi automatesplant machinery and Global-Logic helps digitize cars.

“If you bring two compa-nies together, now you’re car-rying that entire ecosystem,”Mr. Samant said. His firm’swebsite features projects in-cluding an artificial-intelli-gence-powered battery meterfor defibrillators; a platformto help a warehouse robotics-developer test its systems, anda mobile app that allows a toolmanufacturer to track and an-alyze its internet-connectedproducts.

At the deal’s announce-ment on Wednesday, HitachiChief Executive Toshiaki Hi-gashihara also framed it aspart of an international push.The Tokyo-based conglomer-

ate’s existing software andservices business, Lumada,derives about 70% of its reve-nue from Japan. At Global-Logic, more than half thefirm’s clients are in the U.S.and around one-third in Eu-rope, Mr. Samant said.

The price tag for Global-Logic is large, analysts noted,but comes at a time when en-terprise software is in particu-larly high demand.

The pandemic has forcedchief information officers tohelp run companies remotelyand rethink their relationshipswith customers, said TimCrawford, CIO strategic ad-viser at AVOA LLC, a consult-ing firm. The right technologycan help drive those changes,and software generally can bemore tailored to businesses’needs, he said.

“The value is not in thehardware,” Mr. Crawfordsaid. “It’s in the software and

services unit last year as partof a broader push towardcloud-computing.

“Hardware is a low-marginbusiness,” said Ray Wang,founder of advisory firm Con-stellation Research Inc. “It’shighly capital-intensive andthe growth just isn’t there.”

Software development, onthe other hand, is an entrypoint to an array of markets,ranging from autonomous ve-hicles to mobile devices, hesaid.

“You write the softwareonce, and then distribute itover the internet,” Mr. Wangadded.

In this sense, Mr. Kandiahsaid, GlobalLogic will help pull110-year-old Hitachi into a newera.

“We were looking for awhile,” he said of the com-pany’s hunt for the right ac-quisition. “Kiss many frogs, asthey say.”

Hitachi Ltd.’s $9.6 billionpurchase of digital-engineer-ing firm GlobalLogic Inc.amounts to a big bet that en-terprise software will unleashthe power of big data onheavy industry.

The Japanese manufactur-ing giant follows a string ofother old-guard hardwarebusinesses that are investingin fast-growing enterprise-software development, ana-lysts say. Best known yearsago for TV sets, video record-ers and batteries, Hitachi isdiving headfirst into this areaas coronavirus restrictionshave all but shoved industriesinto digitizing their busi-nesses—faster.

That’s where Hitachi hopesto employ GlobalLogic’s engi-neering know-how in manu-facturing, energy and othersectors to expand further out-side Japan, said Gajen Kan-diah, chief executive of Hi-tachi Vantara, the firm’sdigital infrastructure seg-ment.

“Unfortunately, you onlyhear about a small group ofcompanies that are maximiz-ing data,” he said. “You don’thear about the 99% thatisn’t.”

Digital services and thedata analytics that powerthem have been a competitiveadvantage for many companiesduring the pandemic, withglobal supply chains upendedand employees and customersinteracting virtually.

GlobalLogic employs morethan 20,000 people in India,Europe and the U.S. to helpcompanies on such digitalprojects.

Shashank Samant, the SanJose, Calif., firm’s chief execu-tive, commands a small armyof developers who will laysoftware on Hitachi products,like railroad or factory equip-

BY DAVID UBERTI

Hitachi Deal Makes Bet on DataPurchase of digitalfirm GlobalLogic seenby manufacturer asefficiency, sales boost

The Tokyo conglomerate is looking to expand overseas, and sees its new unit as key to that effort. A Hitachi Rail project in Hawaii.

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services.”Tech suppliers have taken

note of that demand. Hitachi,which sold its power-toolsunit in 2017, joins a growinglist of companies that have di-vested themselves of some oldproduct lines or gone on buy-

ing sprees in high-growth sec-tors to diversify.

In 2018, the chip makerBroadcom Inc. bought enter-prise software company CATechnologies for $18.9 billion.International Business Ma-chines Corp. spun off its mas-sive information-technology

Old­guard hardwarefirms are investingin fast­growingenterprise software.

The largest and fastest vaccine procurement andsupply operation ever is underway – and UNICEF isleading it. As the world’s largest single procurer ofvaccines, UNICEF is the key delivery partner of theCOVAX Facility.

We are urgently readying teams of cold-chainexperts and healthcare workers to deliver atleast 2 billion COVID-19 vaccine doses this year.

But ending the pandemic is only possiblewith more donors and partners.

Join the race to end COVID-19,restart economies and save lives.

Find out how you can partnerwith UNICEF to deliver history:unicefusa.org/endthepandemic

IT’S TIME

TO PULL OFF

THE IMPOSSIBLE

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THEWALL STREET JOURNAL. * * Tuesday, April 6, 2021 | B5

BUSINESS NEWS

Indeed CEO Chris Hyams says, ‘I’m always drawn to people who have funny things on their résumé, because that’s my experience.’

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Panel Likely to SeeNew Bid as Better

Tribune Publishing Co. said aspecial-board committee maydeem a buyout offer backed byhotelier Stewart Bainum and in-vestor Hansjorg Wyss as betterthan its merger agreement withAlden Global Capital LLC.

In a statement Monday, thepublisher of the Chicago Tribune,Baltimore Sun and other news-papers said the proposal by aventure owned by Messrs. Bai-num and Wyss “would reason-ably be expected to lead to a‘superior proposal’ as defined inTribune’s merger agreement”with affiliates of Alden.

Messrs. Bainum and Wyss of-fered to buy Tribune for $18.50a share, or roughly $680 million.

The Wall Street Journal onSunday reported the Tribunespecial board committee deter-mined the bid was reasonablylikely to lead to a proposal thatis superior to Alden’s $635 mil-lion deal for Tribune. Tribune’sstock rose 31 cents, or 1.7%, to$18.34 on Monday.

Messrs. Bainum and Wysshave indicated they plan to con-tribute more than $600 millioncombined for the offer.

—Micah Maidenberg

BAKER HUGHES

Fund to FocusOn Hydrogen

A trio of companies, includingBaker Hughes Co., plans to backa new fund focused on hydro-gen-technology investments.

Joining the oil-field-services

company are Plug Power Inc., adeveloper of hydrogen-fuel celltechnology, and Chart IndustriesInc., a manufacturer of engi-neered equipment. The threecompanies said they intend tobecome major investors in form-ing what they are calling theFiveT Hydrogen Fund.

Plug Power plans to commit€160 million, equivalent to roughly$188 million, to the fund, whileBaker and Chart both plan tocommit €50 million, equivalent to$59 million, the companies said.

The fund will finance projectstied to the production, storageand distribution of hydrogen. It“will continually seek allianceswith industrial companies look-ing to build the hydrogen energysupply chain and form alliancesto grow projects at scale,” thecompanies said. Investors willcontribute first commitments ofcash to the fund by early 2022,the companies added.

—Micah Maidenberg

CVS HEALTH

Chain to ProvideAntibody Testing

CVS Health Corp. will offerCovid-19 antibody testing nation-wide at its MinuteClinic loca-tions within CVS retail stores,the company said Monday.

CVS previously piloted anti-body testing at a subset ofabout 100 MinuteClinic locationsin Texas and Massachusetts.CVS has roughly 1,100 Minute-Clinic locations within CVS Phar-macy stores in 33 states, plusWashington, D.C.

—Matt GrossmanA CVS worker waits to check in people with vaccine appointments.

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share of employer requestsfor interviews over video.We launched our own videointerview feature, and we’vejust seen that grow overtime. This is a change wethink is going to be reallysignificant. Finding time tosneak out to interview for ajob is always a huge barrierthat can be almost entirelyeliminated with a video in-terview.

WSJ: Are you seeing an in-crease in employers postingremote jobs?Mr. Hyams: Fewer than half

of workers in the U.S. workin a field where remotework is an option. But forthe ones where it is an op-tion, a very large number ofemployers have taken jobsthat were not fully remotebefore and made them thatway.

WSJ: And at Indeed?Mr. Hyams: Indeed is one ofthem. We didn’t have a re-mote workforce before. Forthe last year, we’ve had10,000 people working fromhome and as we move for-ward, about 70% of our

roles will be available asfully remote.

WSJ: What do you look forwhen you hire at Indeed?Mr. Hyams: The DNA of thebusiness is this mission,that we help people getjobs. When I’m hiring, thepassion around that missionis a really important piece.You have a whole lot less ofthe “That’s not my job” or“That’s not my problem.”

WSJ: Do you have a favoriteinterview question?Mr. Hyams: I do. But if I told

you, it would be ruined.

WSJ: How should last year’sgraduates and the Class of2021 be approaching the jobsearch?Mr. Hyams: That’s close tohome. My eldest daughter is25, my youngest daughtergraduated in December of2019.

There is clearly no oneanswer. I ended up in a fieldcompletely different fromwhere I thought I was goingto be, and trying new thingshelped to open my eyes to alot of different opportuni-

ties. This has happened inevery generation. Obviouslynothing like Covid, but bigrecessions always causepeople to be more open-minded and look at what-ever you’re doing is an op-portunity to develop newskills.

WSJ: Your LinkedIn profile hasan amazing entry: “Musician1991 - 1993. Tried to become arock star. Failed. Would do itall over again.”Mr. Hyams: Let me first justbe very clear, my LinkedInprofile is not there to helpattract employers! I’m notlooking for a job.

When I graduated collegein 1989, I taught public highschool special education,and I played music. Then in1993, right before the WorldWide Web happened, Iended up studying computerscience and just fell in lovewith it.

WSJ: Sounds like a career les-son in there somewhere, no?Mr. Hyams: It would be irre-sponsible for me to tell peo-ple, “Quit your job and tryto become a rock star.” But Ithink it’s really importantfor employers not to getstuck in this belief thatsomeone who has a careerpath that has gone in differ-ent directions is someonewho is unreliable or notcommitted. I’m alwaysdrawn to people who havefunny things on their ré-sumé, because that’s my ex-perience. I’m sitting in myoffice, my drum set is rightnext to me. I still get to play.

Street Journal recently fromhis Austin, Texas, home.

“But we’re stilla long wayfrom where we

want to get to” in terms offull employment.

Edited excerpts of thatconversation:

WSJ: Vaccines, economic fore-casts—there seem to be morereasons for job seekers to feeloptimistic right now. How doesthat look on Indeed’s plat-form?Mr. Hyams: There are actu-ally more new jobs postedon Indeed right now thanthere were right before thepandemic. The big challengeis that it’s tough to findthem.

And for so many people,there are entire sectors thatare shut down, so peopleare having to turn to newopportunities. That’s reallywhere our focus has been.How can we make that sim-pler and faster for people toget a job?

WSJ: How has the job-searchprocess changed in the pan-demic?Mr. Hyams: Last March andApril, we saw an increase ofmore than 1,000% in the

ContinuedfrompageB1

Indeed SeesJob MarketChanges

The company has beenshuffling its managementranks and is in the process ofretooling its board, as the ma-jority of directors have in-formed the company that theyplan to step down from thepanel later this year.

Earlier this month, thecompany said Chris Homeis-ter, the merchandising chief,plans to resign due to his di-minished responsibilities.GameStop has hired severalexecutives from Amazon.comInc. and Chewy for top posts.

In GameStop’s most recentquarter, which included the

holiday-shopping season,sales fell slightly from a yearearlier as coronavirus-relatedclosings weighed on its opera-tions.

The company, however, hassince pointed to improvingsales trends. Chief ExecutiveGeorge Sherman has saidGameStop will benefit frominitiatives such as expandingits product selection to makeit less dependent on the re-leases of new gaming consolesfrom the likes of Sony Corp.and Microsoft Corp.

A slate of coronavirus-stricken companies have

turned to the public marketsto keep afloat during theCovid-19 pandemic.

AMC raised enough cash totake the prospect of an immi-nent bankruptcy filing off thetable, and its stock became adarling of the retail-investingcommunity. AMC’s stock pricehas more than quadrupled sofar this year.

GameStop’s fourth-quarterprofit nearly quadrupled froma year earlier to $80.5 million,or $1.19 a share, helped by anincome-tax benefit. Sales inthe quarter, which ended Jan.30, fell 3% to $2.12 billion.

count among other initiatives.Mr. Cohen, one of the com-

pany’s largest shareholders,was appointed in March tolead a board committee dedi-cated to transforming the re-tailer.

ContinuedfrompageB1

GameStopReadies toSell Shares

The videogame retailer has been shuffling its management ranks.

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today.It employs giant cubes

packed with bins. Robots, butnot humans, can travel acrossthe top of the cubes, diggingout bins and delivering them tostations where workers assem-ble orders.

It is especially useful insmaller warehouses, which areproliferating in a race to speedup the delivery of goods to con-sumers in cities.

The company, which expectsto turn a profit in 2021, hasbenefited as manufacturers em-brace technology as a way tocut costs and as e-commercetouches more parts of everydaylife—whether shopping for

clothes, groceries or householdessentials.

AutoStore’s customers in-clude John Deere, Gucci andTexas Instruments Inc., accord-ing to the company’s website.

SoftBank has been buildingout its network of investmentsin global e-commerce and therelated supply chain. It alreadyhas stakes in some of theworld’s largest e-commercecompanies, including China’sAlibaba Group Holding Ltd. andSouth Korea’s Coupang Inc.

Under the deal, Thomas H.Lee will continue to be the ma-jority shareholder and alongwith SoftBank and EQT haverepresentation on the board.

within 30 years.AutoStore’s technology

makes it possible for ware-houses to be operated almostentirely by robots.

The company was foundedin 1996 and pioneered a systemof densely storing and access-ing goods that is widely used

ContinuedfrompageB1

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B6 | Tuesday, April 6, 2021 THEWALL STREET JOURNAL.

52-Wk %Stock Sym Hi/Lo Chg

HH&L Acqn HHLA 10.00 1.5

HP HPQ 32.62 1.3

HalladorEnergy HNRG 2.34 10.7

HeritageCommerce HTBK 12.46 2.0

HomeDepot HD 315.85 2.5

Honeywell HON 220.11 1.1

DR Horton DHI 92.78 1.7

Hovnanian HOV 119.05 -1.9

HovnanianPfdA HOVNP 20.68 -2.3

Hubbell HUBB 193.85 1.1

JBHunt JBHT 173.04 0.7

IBEX IBEX 24.68 2.9

ICL Group ICL 6.25 5.8

IDEAYA Bio IDYA 24.91 4.2

Invesco IVZ 26.25 0.7

IQVIA IQV 201.31 1.2

ITT ITT 92.57 1.9

Ichor ICHR 62.93 5.9

IDEX IEX 215.23 1.1

InfoSvcsGrp III 4.58 1.8

Infosys INFY 19.39 1.9

InMode INMD 80.00 5.1

Innospec IOSP 107.73 ...

Inovalon INOV 30.41 2.4

Inphi IPHI 184.33 1.9

IntlGeneralIns IGIC 11.05 -3.4

IntlGeneralInsWt IGICW 2.00 30.7

inTEST INTT 12.61 2.2

InvitatHomes INVH 32.78 -1.0

IsleworthHlth ISLE 9.77 0.7

IsleworthHlthWt ISLEW 0.55 -2.0

iStar STAR 18.41 0.1

iStarPfdD STARpD 26.09 -0.2

JoffFintechA JOFF 10.00 1.8

Jabil JBL 54.25 1.4

JackCreekA JCIC 9.80 0.4

JacobsEngg J 133.10 2.1

JamesHardie JHX 32.55 1.8

JerashHldgs JRSH 6.95 -2.8

JonesLang JLL 186.60 0.7

JPMChasePfdJJ JPMpK 25.74 0.4

KB Home KBH 49.17 2.6

KKR KKR 51.25 1.6

KLA KLAC 359.69 2.2

KSCitySouthern KSU 269.49 -0.1

KellyServices A KELYA 24.05 -0.9

KenonHoldings KEN 32.07 2.4

KernelA KRNL 9.96 0.5

KhoslaVenturesIII KVSC 10.18 0.8

Knight-Swift KNX 49.84 1.8

Knowles KN 21.94 1.1

KoninklijkePhil PHG 59.24 1.5

Kulicke&Soffa KLIC 56.51 8.2

LCattertonAsia LCAAU 10.25 ...

LGI Homes LGIH 155.65 0.4

LSB Inds LXU 5.74 0.4

LamResearch LRCX 666.00 3.4

LandmarkInfrPfdB LMRKO 25.82 -0.1

LegacyHousing LEGH 19.21 2.8

Lennar A LEN 104.91 1.3

Lennar B LEN.B 84.89 1.0

Linde LIN 286.98 1.6

LloydsBanking LYG 2.38 1.3

LouisianaPacific LPX 59.77 4.9

Lowe's LOW 194.67 1.3

Luby's LUB 3.49 3.9

MGM Resorts MGM 42.63 5.0

MI Homes MHO 62.40 1.7

MINDTech9%PfdA MINDP 25.00 0.4

MKS Instrum MKSI 199.44 0.5

MSC Industrial MSM 92.93 0.5

MYR Group MYRG 75.94 0.9

MagentaTherap MGTA 14.20 10.2

Magnachip MX 26.98 7.7

MaidenNts46 MHLA 21.75 -0.2

MainStreetCap MAIN 40.59 1.3

ManhattanBridge LOAN 6.40 2.9

MarathonDigital MARA 57.17 15.8

Markel MKL 1175.00 1.4

Marsh&McLen MMC 124.99 1.4

Masco MAS 61.97 1.3

MasoniteIntl DOOR 122.37 0.4

Maximus MMS 93.02 1.9

MetLife MET 62.67 ...

Metlife pfA METpA 25.98 0.7

Microsoft MSFT 249.96 2.8

MillerIndustries MLR 47.42 0.7

MiMedx MDXG 11.50 3.8

MohawkInds MHK 201.51 1.5

MontroseEnvl MEG 57.38 5.4

Moody's MCO 311.44 1.5

MotorolaSol MSI 192.84 1.6

Moxian MOXC 7.38 26.2

MuellerWater MWA 14.48 2.2

MusicAcqnA TMAC 9.85 -0.4

52-Wk %Stock Sym Hi/Lo Chg

CharlesSchwabPfdJ SCHWpJ 25.23 0.1

ChimeraInvPfdA CIMpA 25.98 -0.5

ChimeraInvPfdB CIMpB 24.93 0.5

ChimeraInvPfdD CIMpD 24.65 1.0

ChipMOSTechs IMOS 32.17 1.2

CtznCmntyBcp CZWI 13.48 5.7

CityOfficeREIT CIO 11.53 -1.6

Cleveland-Cliffs CLF 20.87 -0.2

ColonyCapPfdG CLNYpG 25.65 0.1

ColonyCapPfdH CLNYpH 25.35 ...

ColonyCapPfdI CLNYpI 25.85 0.5

ColonyCapPfdJ CLNYpJ 25.67 0.3

ComfortSystems FIX 77.32 0.5

CommunityFin TCFC 36.50 -1.6

CommunityHlthSys CYH 14.39 -4.5

ComputerTask CTG 10.46 5.7

Conn's CONN 22.87 3.7

Core-Mark CORE 41.25 2.6

CornerstoneBldg CNR 15.62 1.9

Corning GLW 45.84 3.4

CostamarePfdC CMREpC 26.12 0.1

CostamarePfdB CMREpB 25.70 ...

CostamarePfdE CMREpE 27.06 0.3

Crane CR 96.35 -0.5

Cricut CRCT 20.92 -1.5

CrownHoldings CCK 102.08 1.3

CustomTruck CTOS 10.00 -2.2

CustomTruckWt CTOS.WS 2.25 -0.5

CyclacelPharmPfd CYCCP 9.49 6.2

DIRTT Envl DRTT 3.55 8.3

DXC Tech DXC 32.04 3.3

Daseke DSKE 9.00 1.6

Deluxe DLX 43.44 2.6

Denbury DEN 51.71 -4.1

DentsplySirona XRAY 64.54 1.5

DigitalOcean DOCN 45.49 -0.1

DivrsHlthcrNts46 DHCNL 24.71 0.8

dMYTechA DMYD 23.49 40.8

dMYTechII Wt DMYD.WS 9.45 90.9

dMY Tech II DMYD.U 25.82 36.8

DolbyLab DLB 103.88 1.2

DollarTree DLTR 119.65 2.9

Dover DOV 140.71 1.6

Ducommun DCO 64.59 3.5

EMCOR EME 115.88 0.5

ENI E 25.22 -0.4

EPAM Systems EPAM 410.82 2.3

EPR PropPfdG EPRpG 25.65 1.4

EPR PropPfdE EPRpE 40.77 6.0

Eaton ETN 143.24 2.1

EllingtonFin EFC 17.26 4.7

EllingtonFinPfdA EFCpA 26.08 0.7

Entegris ENTG 126.41 0.3

Envista NVST 41.88 2.3

EquityCommonPfdD EQCpD 33.13 0.6

ExpeditorsIntl EXPD 110.63 1.7

ExtraSpaceSt EXR 135.54 -0.3

F5Networks FFIV 216.15 2.0

FTI Consulting FCN 145.45 2.3

Facebook FB 310.77 3.4

FarmerBros FARM 11.68 5.9

FifthThirdPfdB PNFPP 28.00 1.0

FirstIndRlty FR 47.59 -0.1

FirstLongIsland FLIC 21.85 2.7

FirstRepBkPfdL FRCpL 25.85 0.5

FlirSystems FLIR 57.77 1.4

Fortis FTS 44.07 1.0

FortressBioPfdA FBIOP 24.60 1.1

FortressTechPfdB FTAIpB 25.36 0.6

FortressTransPfC FTAIpC 25.94 1.0

FortressTransPfdA FTAIpA 26.78 -1.1

FortBrandsHome FBHS 98.75 0.6

ForumMergerIV FMIVU 10.09 ...

FranklinCovey FC 30.66 2.8

FranklinRscs BEN 30.73 1.3

Frontier ULCC 19.50 1.5

FullerHB FUL 64.74 1.9

GFLEnvironmental GFL 35.89 0.8

GFL Env Un GFLU 83.51 0.5

GSquaredI A GSQD 10.02 1.2

GainTherap GANX 16.19 2.6

Gaming&HospA GHAC 10.51 1.0

Garmin GRMN 136.40 2.6

GasLogPtrsPfdA GLOPpA 23.72 -0.2

GasLogPtrsPfdB GLOPpB 22.58 0.6

GasLogPtrsPfdC GLOPpC 22.92 -0.4

GeneralDynamics GD 185.66 2.6

GlbNetLeasePfdA GNLpA 27.03 1.9

GoalAcqns PUCK 9.93 1.1

GoodTimesRest GTIM 6.02 11.9

GraphicPkg GPK 18.72 1.4

GreatAjaxNts24 AJXA 25.59 -0.7

GreenPlains GPRE 31.80 -5.0

GreenBoxPOS GBOX 16.12 11.1

GuarantyBcshrs GNTY 39.05 3.4

52-Wk %Stock Sym Hi/Lo Chg

HighsASML ASML 653.00 0.5

AcademySports ASO 33.25 9.2

Accenture ACN 282.69 1.0

AclarisTherap ACRS 29.27 5.8

AcuityBrands AYI 173.61 1.6

AegonCapSec AEB AEB 25.50 0.6

AffiliatedMgrs AMG 155.72 1.4

AlleghenyTechs ATI 22.92 2.1

Allegion ALLE 130.06 1.8

Allete ALE 72.60 4.9

AllyFinancial ALLY 47.61 0.4

Alphabet A GOOGL2228.99 4.2

Alphabet C GOOG 2237.31 4.1

AltaEquipment ALTG 13.57 1.0

AmerEqInvPfdA AELpA 26.60 ...

AmHomes4Rent AMH 34.45 -1.3

AmRvrBksh AMRB 17.24 4.4

Ameriprise AMP 240.52 1.2

Ametek AME 130.79 1.6

AmkorTech AMKR 26.62 7.4

AmtechSystems ASYS 13.86 7.9

APi Group APG 22.23 1.4

ApolloMedical AMEH 28.33 0.2

ApplMaterials AMAT 146.00 1.1

Apria APR 30.00 5.4

ArcelorMittal MT 30.46 3.2

ArcelorMittalNts MTCN 71.46 2.7

ArchCapital ACGL 39.97 0.5

AresAcqnA AAC 10.00 2.4

AresAcqnWt AAC.WS 1.29 20.1

AresMgmt ARES 59.17 2.5

Argan AGX 55.99 -0.1

ArrowElec ARW 115.31 2.2

AthenePfdC ATHpC 28.57 0.6

AtlasPfdD ATCOpD 26.03 0.2

AtlasPfdI ATCOpI 27.30 0.8

AtlasCrestII A ACII 10.31 3.6

AuroraAcqn AURCU 10.87 0.3

ADP ADP 193.77 1.9

AvalonHoldings AWX 5.50 10.0

AveryDennison AVY 192.09 1.5

AviatNetworks AVNW 85.50 8.3

AvisBudget CAR 76.49 1.1

Avnet AVT 43.26 2.3

AxcelisTechs ACLS 50.21 3.6

BBQ Holdings BBQ 9.40 14.4

BGC Partners BGCP 5.26 3.8

BRP DOOO 90.72 2.5

B.RileyNts2026 RILYK 25.29 0.6

BWX Tech BWXT 68.38 1.5

ByteAcqn BYTSU 10.13 -0.3

BankofAmerica BAC 40.28 0.8

BankofAmPfdL BMLpL 25.24 0.3

BankofMontreal BMO 90.91 0.8

BankNY Mellon BK 48.50 1.4

BenchmarkElec BHE 32.31 2.7

Berkley WRB 77.56 0.9

BlockHR HRB 22.64 0.7

BluegreenVac BVH 21.94 18.8

BlueknightEner BKEP 3.73 8.8

BoiseCascade BCC 64.13 4.3

BowXAcqnA BOWX 13.93 6.0

BowXAcqnWt BOWXW 3.21 10.2

BowXAcquisitionUn BOWXU 14.95 6.2

Braskem BAK 14.71 3.4

BrightHorizons BFAM 182.50 2.1

BrighthousePfdB BHFAO 28.65 0.7

BroadridgeFinl BR 159.05 2.4

BrookfieldInfr BIP 55.20 0.5

Brooks Auto BRKS 101.43 8.5

BuildersFirstSrc BLDR 49.04 0.5

BurgundyTechWt BTAQW 1.13 2.7

BusFirstBcshs BFST 24.93 0.9

CDW CDW 172.79 1.2

CGI GIB 84.74 0.5

CMC Materials CCMP 195.64 4.0

CNH Indl CNHI 16.04 2.0

CRA Intl CRAI 76.39 0.8

CSW Industrials CSWI 139.06 2.0

CSX CSX 98.85 1.3

CVR Partners UAN 49.44 3.0

CambiumNtwks CMBM 59.99 13.2

Camtek CAMT 34.37 0.7

CanPacRlwy CP 390.46 ...

CapitalSouthwest CSWC 23.26 2.4

CapitalaFinNts22 CPTAG 24.72 0.5

CaraTherap CARA 23.89 9.5

Carlisle CSL 169.61 1.1

Carlyle CG 38.11 0.3

CasellaWaste CWST 66.28 0.5

CavcoIndustries CVCO 242.06 4.1

CedarRealtyPfC CDRpC 23.97 2.8

Monday, April 5, 2021

New Highs and Lows | WSJ.com/newhighs

Surmodics SRDX 58.41 3.7

Synnex SNX 120.61 2.7

Ternium TX 40.55 2.2

TTEC TTEC 106.05 6.1

TTM Tech TTMI 15.25 1.0

Target TGT 205.80 2.3

TaylorMorrison TMHC 32.68 2.6

TexasInstruments TXN 197.58 2.5

Textainer TGH 31.73 2.1

Textron TXT 58.02 0.9

ThomsonReuters TRI 90.62 0.8

ThunderBridgeIII A TBCP 9.95 3.7

Tiptree TIPT 10.15 2.6

Toro TTC 106.02 ...

TractorSupply TSCO 180.85 2.2

Tradeweb TW 76.99 1.3

Travelzoo TZOO 19.83 1.9

TribunePub TPCO 18.54 1.7

Trimble TRMB 84.76 3.7

TriStateCapPfB TSCBP 27.33 3.6

TriumphBancorp TBK 95.92 13.3

TrueBlue TBI 23.10 2.1

TsakosEnergyPfdE TNPpE 24.41 1.9

TwinDisc TWIN 10.42 6.0

TwoHarborsPfdC TWOpC 25.24 0.2

UFP Inds UFPI 79.53 2.5

UMH Prop UMH 19.86 -0.7

USA Tech USAT 12.94 6.3

USA Truck USAK 21.89 -1.3

US Cellular USM 37.79 2.4

UltraClean UCTT 65.33 2.2

UnionPacific UNP 224.62 1.5

UnitedBancshares UBOH 29.00 9.1

US GlobalInv GROW 9.50 25.1

Univar UNVR 22.44 1.8

VirtuFinancial VIRT 32.27 2.2

Vishay VSH 25.67 2.7

VoltInfoSci VOLT 4.25 5.4

VornadoPfdL VNOpL 26.14 0.5

VoyaFinancial VOYA 65.94 0.4

WPP WPP 66.49 2.2

WalgreensBoots WBA 56.98 3.7

Watsco WSO 271.00 1.4

WernerEnterprises WERN 48.65 1.5

WesBancoPfdA WSBCP 28.75 -0.3

Weyerhaeuser WY 37.28 -0.3

Whirlpool WHR 234.17 3.6

WilliamsIndlSvcs WLMS 4.20 12.5

Williams-Sonoma WSM 186.52 0.4

WillScotMobile WSC 29.53 0.4

WisdomTreeInvs WETF 6.93 1.7

WyndhamHtls WH 73.69 1.7

XcelBrands XELB 4.15 54.4

Zhihu ZH 9.34 0.2

LowsAcadiaPharm ACAD 20.92 -17.2

AchillesTherap ACHL 14.73 -6.8

AfricanGoldWt AGAC.WS 0.47 -3.1

CovaAcqna COVA 9.65 ...

CovaAcqnWt COVAW 0.58 2.9

Canoo GOEV 8.05 -5.8

CarneyTechII Wt CTAQW 0.79 -7.6

ClarimAcqnWt CLRMW 0.54 ...

CoherusBioSci CHRS 13.97 -0.5

Compass COMP 17.50 -7.7

ComputeHlthWt CPUH.WS 1.19 6.3

ComSovereignWt COMSW 1.10 -0.8

ConstellationI Wt CSTA.WS 0.56 -1.4

EQ Health A EQHA 9.61 -0.4

EnvlImpactWt ENVIW 0.74 -13.1

FinanceofAmWt FOA.WS 0.42 ...

Gaming&HospWt GHACW 0.56 -34.1

GracellBiotech GRCL 12.96 -3.4

Gyrodyne GYRO 14.16 -2.3

HudsonExecII Wt HCIIW 0.69 13.3

IthaxAcqnWt ITHXW 0.55 -1.8

KernelA KRNL 9.52 0.5

LandosBio LABP 8.82 -4.6

LuciraHealth LHDX 10.45 -4.7

MedTechAcqnWt MTACW 0.98 15.7

Metacrine MTCR 5.50 -3.0

MotionAcqnWt MOTNW 0.96 -8.6

MusicAcqnWt TMAC.WS 0.57 -3.2

Ouster OUST 7.55 -12.8

PivotalInvtIII Wt PICC.WS 1.15 4.2

PivotalInvtIII A PICC 9.80 -0.6

PropTechInvII A PTIC 9.73 1.3

PropTechInvII Wt PTICW 0.79 -9.0

ProspectorCapWt PRSRW 0.90 -9.1

RMGAcqnIIIWt RMGCW 1.00 -5.7

RomeoPower RMO 7.71 -3.1

RothCH III ROCR 9.65 -2.4

RothCH III Wt ROCRW 0.66 -15.0

SmartShareGlbl EM 7.52 -5.7

SustDevtI Wt SDACW 0.64 -4.4

TPGPaceTechWt PACE.WS 1.26 1.4

ThimblePointWt THMAW 0.66 21.2

ThunderBridgeIIIWt TBCPW 0.80 ...

twoA TWOA 9.75 ...

VineEnergy VEI 12.65 -5.7

XL Fleet XL 7.25 -5.1

Napco Security NSSC 37.41 2.7

NCR NCR 39.31 3.3

NVR NVR 4844.86 0.9

NXP Semi NXPI 216.43 3.2

Nasdaq NDAQ 152.40 0.8

NatWest NWG 5.52 0.6

Navient NAVI 14.54 0.8

Neogen NEOG 90.35 0.7

NewResidentialPfdB NRZpB 25.00 -0.2

NewResidentPfdA NRZpA 25.61 0.3

NewResidentialPfdC NRZpC 23.01 ...

NewSeniorInvt SNR 6.58 -1.1

NewburyStAcqn NBSTU 9.99 0.9

NewellBrands NWL 27.43 0.6

NexGenEnergy NXE 4.30 11.3

NextGenAcqnII NGCAU 10.01 0.7

NobleRockWt NRACW 0.80 18.1

NocturneAcqn MBTCU 10.14 0.3

NorfolkSouthern NSC 276.10 1.3

NorthernGenesisIII NGC.U 10.11 0.3

Northwestern NWE 66.35 1.9

NovaMeasuring NVMI 98.64 3.1

NovusCapII A NXU 9.84 0.1

NuSTAR PfdA NSpA 24.25 0.5

NuSTAR PfdB NSpB 21.48 0.7

NuSTAR PfdC NSpC 25.10 0.1

OFGBancorp OFG 23.73 2.2

O-I Glass OI 15.24 4.8

OReillyAuto ORLY 512.88 0.3

OaktreeSpec OCSL 6.59 4.0

OldDomFreight ODFL 248.70 1.1

ON Semi ON 44.19 2.7

OntoInnovation ONTO 72.08 2.4

Oracle ORCL 74.90 3.3

OwensCorning OC 94.54 0.5

OxfordLanePfd2027 OXLCP 24.50 0.1

OxfordSquareNt24 OXSQL 26.35 2.0

PAM Transport PTSI 66.23 1.4

PLBY Group PLBY 27.94 19.5

POSCO PKX 75.56 4.7

PPD PPD 39.19 0.7

PRA HealthSci PRAH 157.60 0.6

PWP Forward I FRWAU 10.04 ...

Paychex PAYX 101.15 1.6

PebblebrookPfdC PEBpC 25.40 0.5

PebblebrookPfdF PEBpF 24.56 0.3

PennyMacMtg PMT 20.29 0.8

PennyMacMtgPfA PMTpA 26.27 1.4

PennyMacPfdB PMTpB 26.63 0.3

PerformantFin PFMT 3.21 25.0

PivotalInvtIII Wt PICC.WS 1.25 4.2

Plexus PLXS 95.63 1.9

PlumAcqnI PLMIU 10.10 0.7

PortmanRidge PTMN 2.24 2.3

PotlatchDelt PCH 55.87 2.0

PrincipalFin PFG 62.04 0.9

PriorityIncmPfdG PRIFpG 25.02 0.1

Prudential PUK 43.83 1.2

PublicStorage PSA 255.59 1.3

PulteGroup PHM 53.98 0.7

Qorvo QRVO 199.94 2.8

QuantaServices PWR 92.15 3.2

RLJLodgingPfdA RLJpA 29.22 0.9

RMGAcqnIII A RMGC 10.08 1.0

RackspaceTech RXT 26.31 4.2

RaymondJames RJF 129.60 1.9

RekorSystems REKR 22.60 6.7

RelianceSteel RS 159.02 0.8

ResearchAll II RACB 10.75 0.6

RetailValue RVI 19.26 1.3

RevolutionHlthcr REVHU 10.43 0.9

RockyBrands RCKY 61.45 4.4

SEI Investments SEIC 62.75 0.6

SITECtrsPfdK SITCpK 25.37 ...

SITECtrsPfdA SITCpA 26.18 0.9

SK Telecom SKM 27.79 0.9

SLM SLM 18.83 2.6

STAG Indl STAG 34.93 -0.4

SafeBulkersPfdC SBpC 24.54 -0.4

Sanmina SANM 43.14 2.0

SaratogaInvt SAR 26.50 2.4

SaulCentersPfdE BFSpE 26.41 1.9

SchwabC SCHW 68.89 2.6

ScottsMiracleGro SMG 254.34 1.0

Seagate STX 79.86 0.9

SeaWorldEnt SEAS 53.92 0.6

Semrush SEMR 13.16 -7.0

SendasDistrib ASAI 13.83 3.4

SherwinWilliams SHW 256.50 2.5

SkylineChamp SKY 47.92 -0.1

SnapOn SNA 235.38 1.1

SociedadQuimicaRt SQMr 5.00 -10.1

SonocoProducts SON 64.91 1.3

SouthwestAir LUV 64.32 2.7

SpartanAcqnIII Wt SPAQ.WS 1.40 22.0

SpecialOppFdPfB SPEpB 29.24 ...

SpectrumBrands SPB 88.05 1.3

StanleyBlackDck SWK 203.83 0.9

Stantec STN 43.89 0.6

StarGroup SGU 11.11 2.6

SteelDynamics STLD 52.59 1.7

SuperMicroComp SMCI 40.31 1.0

SupernovaPtrsIII STRE.U 10.04 0.4

52-Wk %Stock Sym Hi/Lo Chg

52-Wk %Stock Sym Hi/Lo Chg

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.

DividendChangesDividend announcements fromApril 5.

Amount Payable /Company Symbol Yld% New/Old Frq Record

Amount Payable /Company Symbol Yld% New/Old Frq Record

ForeignGrupoAval AccionesADR AVAL 4.9 .02462 M Apr13 /Apr05

KEY:A: annual;M:monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO:spin-off.

NetStock SymClose Chg

A B CABB ABB 31.32 0.66AECOM ACM 65.95 1.57AES AES 27.34 0.27Aflac AFL 51.45 0.03AGCO AGCO 145.82 1.40AGNC Invt AGNC 17.00 -0.02Ansys ANSS 362.76 10.91ASETech ASX 7.92 -0.05

s ASML ASML 640.49 3.39AT&T T 30.71 0.24AbbottLabs ABT 119.86 0.92AbbVie ABBV 106.14 -2.38AbCelleraBio ABCL 28.09 -2.62Abiomed ABMD 321.50 6.16AcceleronPharma XLRN 140.02 1.99

s Accenture ACN 281.13 2.79ActivisionBliz ATVI 97.87 2.33Adobe ADBE 491.62 8.28AdvanceAuto AAP 183.23 -2.73AdvMicroDevicesAMD 81.43 0.34Aegon AEG 4.82 0.04AffirmHldgs AFRM 69.39 -2.06AgilentTechs A 130.00 2.50AgnicoEagle AEM 60.02 0.35AirProducts APD 289.51 4.61Airbnb ABNB 186.69 -1.55AkamaiTech AKAM 103.86 1.03AlaskaAir ALK 71.09 1.60Albemarle ALB 150.22 -0.52Albertsons ACI 18.67 0.27Alcon ALC 72.09 0.93AlexandriaRlEstARE 170.69 0.97AlexionPharm ALXN 154.12 0.91Alibaba BABA 225.30 0.94AlignTech ALGN 547.94 2.89Alleghany Y 641.20 4.69

s Allegion ALLE 130.03 2.28AlliantEnergy LNT 54.84 0.48Allstate ALL 117.49 1.46

s AllyFinancial ALLY 46.92 0.19AlnylamPharmALNY 142.65 0.84

s Alphabet A GOOGL 2218.96 89.18s Alphabet C GOOG 2225.55 87.80AlticeUSA ATUS 32.21 0.13Altria MO 51.32 0.32AlumofChina ACH 10.61 0.01Amazon.com AMZN 3226.73 65.73Ambev ABEV 2.72 0.05Amcor AMCR 11.89 0.23Amdocs DOX 72.13 -0.27Amedisys AMED 274.31 4.85Amerco UHAL 621.29 7.04Ameren AEE 81.49 0.46AmericaMovil AMX 13.97 0.28AmericaMovil A AMOV 13.80 0.18AmerAirlines AAL 24.23 0.37AEP AEP 86.29 0.75AmerExpress AXP 146.06 1.49AmericanFin AFG 115.11 1.17

s AmHomes4RentAMH 33.78 -0.45AIG AIG 46.75 0.37AmerTowerREITAMT 244.75 4.69AmerWaterWorksAWK 152.03 1.44AmericoldRealty COLD 38.99 0.25

s Ameriprise AMP 238.28 2.87AmerisourceBrgnABC 117.01 0.12

s Ametek AME 130.71 2.05Amgen AMGN 252.02 2.85Amphenol APH 68.82 1.77AnalogDevicesADI 163.49 3.11AngloGoldAshAU 22.95 -0.03AB InBev BUD 64.34 0.55

AnnalyCap NLY 8.69 -0.03Anthem ANTM 354.89 1.13Aon AON 233.98 2.18ApolloGlbMgmtAPO 47.68 -0.33Appian APPN 134.16 -3.11Apple AAPL 125.90 2.90

s ApplMaterials AMAT 143.05 1.53Aptargroup ATR 144.69 0.82Aptiv APTV 142.01 1.27Aramark ARMK 38.53 0.28

s ArcelorMittal MT 30.29 0.94s ArchCapital ACGL 39.62 0.21ArcherDaniels ADM 57.52 -0.13

s AresMgmt ARES 59.13 1.45arGEN-X ARGX 288.35 5.99AristaNetworksANET 311.62 3.58Arrival ARVL 15.68 -0.56

s ArrowElec ARW 114.60 2.46AspenTech AZPN 152.63 -0.37Assurant AIZ 142.79 0.49AstraZeneca AZN 49.53 ...Athene ATH 51.06 -0.07Atlassian TEAM 221.23 -1.83AtmosEnergy ATO 98.62 0.38Autodesk ADSK 288.32 4.42Autohome ATHM 93.51 -1.75Autoliv ALV 95.42 1.27

s ADP ADP 193.07 3.67AutoZone AZO 1415.88 -2.96Avalara AVLR 138.17 -1.54Avalonbay AVB 185.99 -0.91Avangrid AGR 51.33 1.08Avantor AVTR 30.24 0.79

s AveryDennisonAVY 190.95 2.88AxonEnterprise AXON 146.33 3.27BCE BCE 45.86 0.26BHP Group BHP 71.14 1.60BHP Group BBL 59.32 1.23BP BP 24.26 -0.32Baidu BIDU 222.29 2.59BakerHughes BKR 21.41 -0.32Ball BLL 86.87 0.60BancoBilbaoViz BBVA 5.33 0.08BancoBradesco BBDO 3.97 -0.02BancodeChile BCH 23.52 -0.13BancSanBrasil BSBR 6.85 0.08BcoSantChile BSAC 24.52 -0.21BancoSantander SAN 3.47 0.05

s BankofAmerica BAC 39.80 0.31s BankofMontreal BMO 90.75 0.70s BankNY Mellon BK 48.13 0.66BkNovaScotia BNS 62.56 0.32Barclays BCS 10.33 0.14BarrickGold GOLD 20.63 0.26BauschHealth BHC 31.52 -0.19BaxterIntl BAX 85.28 0.96BectonDicknsn BDX 245.09 3.51BeiGene BGNE 330.98 -11.30BentleySystems BSY 47.90 -0.04

s Berkley WRB 77.21 0.72BerkHathwy A BRK.A 3955355175.00BerkHathwy B BRK.B 262.66 4.46BerryGlobal BERY 62.41 0.85BestBuy BBY 117.99 2.23BeyondMeat BYND 131.59 0.21Bilibili BILI 110.42 -1.56Bill.com BILL 147.24 -2.63Bio-Techne TECH 396.79 8.29Bio-RadLab A BIO 582.80 2.89Biogen BIIB 277.88 -0.83BioMarinPharm BMRN 78.32 0.49BioNTech BNTX 115.37 1.50BlackKnight BKI 74.63 -0.08BlackRock BLK 784.02 17.19Blackstone BX 75.00 -0.19Boeing BA 259.36 6.40

BookingHldgs BKNG 2409.18 26.72BoozAllen BAH 83.69 1.98BorgWarner BWA 46.79 0.49BostonBeer SAM 1211.08 26.40BostonProps BXP 104.02 -0.24BostonSci BSX 39.04 0.46BridgeBioPharma BBIO 58.99 -0.37

s BrightHorizons BFAM 180.40 3.64BristolMyers BMY 63.16 0.23BritishAmTob BTI 38.93 0.60Broadcom AVGO 488.48 12.53

s BroadridgeFinl BR 158.60 3.68BrookfieldMgt BAM 45.40 0.65

s BrookfieldInfr BIP 54.61 0.25BrookfieldPropREIT BPYU 17.82 0.01BrookfieldRenew BEPC 48.52 1.58Brown&Brown BRO 46.68 0.16Brown-Forman B BF.B 70.56 0.91Brown-Forman A BF.A 65.82 1.18Bruker BRKR 67.47 2.55

s BuildersFirstSrc BLDR 47.59 0.22Bunge BG 78.94 -1.26BurlingtonStrs BURL 300.08 0.79CBRE Group CBRE 80.93 0.88

s CDW CDW 171.53 2.09CF Industries CF 45.42 -0.49

s CGI GIB 84.56 0.38CH Robinson CHRW 97.68 0.53CME Group CME 207.44 1.35CMS Energy CMS 61.48 0.46CNA Fin CNA 46.17 0.36

s CNH Indl CNHI 16.04 0.32CRH CRH 47.67 0.89CRISPR Therap CRSP 121.99 2.58

s CSX CSX 98.57 1.31CVS Health CVS 75.04 0.74CableOne CABO 1867.40 38.12CadenceDesign CDNS 145.87 4.38CAE CAE 29.00 0.17CaesarsEnt CZR 90.18 1.24CamdenProperty CPT 110.79 -0.47CampbellSoup CPB 50.09 0.12CIBC CM 99.29 0.58CanNtlRlwy CNI 118.23 0.47CanNaturalRes CNQ 30.82 -0.76

s CanPacRlwy CP 385.43 0.17Canon CAJ 23.32 0.43CanopyGrowth CGC 31.83 -0.23CapitalOne COF 132.60 2.82CardinalHealth CAH 60.54 -0.34

s Carlisle CSL 168.93 1.88s Carlyle CG 37.52 0.13CarMax KMX 128.06 4.75Carnival CCL 28.11 1.25Carnival CUK 23.71 0.86CarrierGlobal CARR 42.58 0.56Carvana CVNA 267.33 2.01Catalent CTLT 105.75 -0.79Caterpillar CAT 233.71 0.97Celanese CE 153.72 1.83Cemex CX 7.17 0.32CenovusEnergy CVE 7.59 -0.28Centene CNC 63.96 0.71CenterPointEner CNP 22.94 0.29CentraisElBras EBR 6.18 0.21CeridianHCM CDAY 87.00 2.42Cerner CERN 73.25 0.55ChargePoint CHPT 28.14 -1.70CharlesRiverLabs CRL 297.89 3.72CharterComms CHTR 605.50 -3.08CheckPoint CHKP 115.60 2.00Chegg CHGG 89.02 0.77CheniereEnergy LNG 71.26 -0.54CheniereEnerPtrs CQP 42.48 0.18Chevron CVX 104.51 -1.24Chewy CHWY 80.85 -1.86

NetStock SymClose Chg

NetStock SymClose Chg

ChinaEastrnAir CEA 23.69 0.13ChinaLifeIns LFC 10.43 ...ChinaPetrol SNP 52.84 -0.88ChinaSoAirlines ZNH 36.84 0.31Chipotle CMG 1452.09 13.63Chubb CB 159.91 0.92ChunghwaTel CHT 39.51 0.38Church&Dwight CHD 87.47 0.94ChurchillDowns CHDN 228.77 -2.46Ciena CIEN 56.79 0.19Cigna CI 243.34 1.51CincinnatiFin CINF 105.59 1.45Cintas CTAS 354.04 5.73CiscoSystems CSCO 52.41 0.80Citigroup C 72.75 -0.39CitizensFin CFG 44.91 -0.03CitrixSystems CTXS 142.49 2.17Clarivate CLVT 26.90 -0.35

s Cleveland-Cliffs CLF 19.39 -0.03Clorox CLX 194.40 1.57Cloudflare NET 71.17 -0.62Coca-Cola KO 52.81 0.30Coca-Cola Euro CCEP 51.14 0.04Cognex CGNX 85.34 1.03CognizantTech CTSH 80.33 1.45ColgatePalm CL 79.53 0.98Comcast A CMCSA 54.80 0.05Comerica CMA 72.44 0.70CommerceBcshrs CBSH 77.77 0.71CiaSiderurgica SID 6.67 0.23ConagraBrands CAG 37.49 0.20ConocoPhillips COP 52.21 -1.81ConEd ED 75.28 0.99ConstBrands A STZ 230.28 0.66ContextLogic WISH 15.32 -0.33ContinentalRscs CLR 25.72 -1.62Cooper COO 387.74 2.25Copart CPRT 113.75 1.14

s Corning GLW 45.48 1.49Corteva CTVA 47.04 0.30CoStar CSGP 848.24 -13.14Costco COST 360.82 5.88CoupaSoftware COUP 255.99 -6.29Coupang CPNG 45.94 -1.37Credicorp BAP 140.01 2.47CreditSuisse CS 10.87 0.17Cree CREE 115.74 0.51CrowdStrike CRWD 186.62 -0.41CrownCastle CCI 177.44 2.98

s CrownHoldings CCK 101.71 1.33Cummins CMI 261.52 3.80CureVac CVAC 92.58 1.39CyrusOne CONE 70.59 1.01

D E FDISH NetworkDISH 37.69 0.89DTE Energy DTE 134.42 1.39Danaher DHR 226.53 1.45Darden DRI 144.11 -0.17DarlingIngred DAR 72.95 -0.45Datadog DDOG 83.24 -3.96DaVita DVA 106.80 1.36DeckersOutdoorDECK 331.00 0.48Deere DE 374.81 2.69DellTechC DELL 89.36 0.28DeltaAir DAL 50.25 1.42

s DentsplySirona XRAY 64.38 0.94DeutscheBankDB 12.21 0.09DevonEnergy DVN 22.46 -1.04DexCom DXCM 368.16 2.66Diageo DEO 169.22 1.78DiamondbkEner FANG 75.40 -5.82DigitalRealty DLR 145.77 2.52DiscoverFinSvcsDFS 98.90 1.70DiscoveryB DISCB 97.22 -13.95DiscoveryA DISCA 41.64 -1.67DiscoveryC DISCK 36.10 -0.98Disney DIS 188.50 -0.47DocuSign DOCU 205.65 -0.64

s DolbyLab DLB 103.19 1.19DollarGeneral DG 207.78 5.80

s DollarTree DLTR 119.26 3.33DominionEner D 76.41 0.69Domino's DPZ 371.64 -1.74DoorDash DASH 133.55 0.41

s Dover DOV 140.17 2.24Dow DOW 64.59 -0.01DrReddy'sLab RDY 62.12 -0.60DraftKings DKNG 62.63 -0.25Dropbox DBX 27.87 0.48DukeEnergy DUK 96.93 0.65DukeRealty DRE 42.84 -0.02Dun&BradstreetDNB 23.46 0.02DuPont DD 77.63 -0.50Dynatrace DT 49.90 0.35

s ENI E 24.95 -0.10

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EOG Rscs EOG 71.79 -3.55s EPAM Systems EPAM 409.31 9.32EastWestBncp EWBC 74.33 -0.16EastmanChem EMN 111.16 -0.13

s Eaton ETN 142.36 2.87eBay EBAY 63.69 0.58Ecolab ECL 218.88 2.03Ecopetrol EC 12.62 -0.21EdisonInt EIX 59.81 1.52EdwardsLife EW 85.74 1.90ElancoAnimal ELAN 28.96 0.17Elastic ESTC 113.25 -1.28ElectronicArts EA 141.54 3.58EmersonElec EMR 91.61 1.20Enbridge ENB 36.98 0.15EncompassHealth EHC 80.87 -1.70EnelAmericas ENIA 8.39 -0.08EnergyTransfer ET 7.82 -0.03EnphaseEnergy ENPH 149.42 -13.27

s Entegris ENTG120.41 0.32Entergy ETR 100.53 0.89EnterpriseProd EPD 22.26 -0.01Equifax EFX 186.74 4.13Equinix EQIX 690.24 12.24Equinor EQNR 19.47 -0.22Equitable EQH 33.36 0.35EquityLife ELS 65.06 0.02EquityResdntl EQR 72.15 -0.36ErieIndemnity A ERIE 222.88 0.43EssentialUtil WTRG 45.70 0.98EssexProp ESS 275.80 -0.69EsteeLauder EL 295.27 2.94Etsy ETSY 197.20 -11.00EverestRe RE 251.01 -0.10Evergy EVRG 60.63 0.70EversourceEner ES 87.59 1.12ExactSciences EXAS 133.75 1.17Exelon EXC 44.48 0.57eXpWorld EXPI 42.15 -3.17Expedia EXPE 176.02 0.09

s ExpeditorsIntl EXPD 110.56 1.80s ExtraSpaceSt EXR 135.01 -0.44ExxonMobil XOM 56.50 -0.89

s F5Networks FFIV 215.28 4.17FMC FMC 113.83 1.91

s Facebook FB 308.91 10.25FactSet FDS 320.55 3.54FairIsaac FICO 498.79 -2.16Farfetch FTCH 49.69 -3.21Fastenal FAST 51.44 0.33FedEx FDX 281.57 -1.97Ferguson FERG 126.84 2.58Ferrari RACE 213.52 5.48FidNatlFin FNF 41.73 0.45FidNatlInfo FIS 146.07 2.02FifthThirdBncp FITB 38.23 0.25FirstHorizon FHN 17.27 0.05FirstRepBank FRC 167.47 -0.47FirstSolar FSLR 83.12 -3.03FirstEnergy FE 34.80 0.49Fiserv FISV 122.87 0.70FiveBelow FIVE 199.15 3.53Five9 FIVN 162.49 -1.73FleetCorTech FLT 280.95 1.45Flex FLEX 18.31 -0.04Floor&Decor FND 99.13 0.24FomentoEconMex FMX 78.58 1.71FordMotor F 12.70 0.53Fortinet FTNT 191.27 4.88

s Fortis FTS 43.83 0.43Fortive FTV 71.94 1.04

s FortBrandsHome FBHS 97.78 0.63FoxA FOXA 36.40 0.09FoxB FOX 35.13 0.13Franco-Nevada FNV 130.74 0.83

s FranklinRscs BEN 30.54 0.38FreeportMcM FCX 35.36 1.60FreseniusMed FMS 36.94 0.24Futu FUTU 148.00 -5.60

G H IGDS Holdings GDS 80.32 -2.22

s GFLEnvironmentalGFL 35.70 0.28Gallagher AJG 128.30 1.69GameStop GME 186.95 -4.50Gaming&LeisureGLPI 43.91 0.24Gap GPS 30.26 0.31

s Garmin GRMN 135.93 3.42Gartner IT 189.89 2.62Generac GNRC 325.04 1.24

s GeneralDynamicsGD 185.59 4.76GeneralElec GE 13.46 0.18GeneralMills GIS 61.53 0.61GeneralMotors GM 61.04 3.24Genmab GMAB 33.47 0.53Gentex GNTX 36.53 0.52

NetStock SymClose Chg

GenuineParts GPC 117.23 0.61Gerdau GGB 5.15 0.04GileadSciencesGILD 66.34 -0.10GSK GSK 36.08 0.26GlobalPaymentsGPN 209.91 1.94Globant GLOB 213.48 3.41GlobeLife GL 98.69 ...GoDaddy GDDY 81.86 1.65GoldFields GFI 10.24 0.10GoldmanSachsGS 323.54 -4.10GoodRx GDRX 40.02 0.99Graco GGG 73.66 0.76Grainger GWW 407.65 1.30Grifols GRFS 17.10 0.48GuardantHealthGH 159.00 2.01Guidewire GWRE 102.40 -0.06HCA HealthcareHCA 188.00 1.85HDFC Bank HDB 75.84 -1.90

s HP HPQ 32.46 0.41HSBC HSBC 29.47 0.21Halliburton HAL 21.32 -0.60HartfordFinl HIG 68.30 0.02Hasbro HAS 95.55 0.09HealthpeakProp PEAK 32.28 -0.43Heico HEI 129.17 1.19Heico A HEI.A 117.71 1.71HenrySchein HSIC 68.98 0.31Hershey HSY 159.35 0.59Hess HES 70.76 -3.72HewlettPackardHPE 15.91 0.21HighwoodsPropHIW 43.36 -0.74Hilton HLT 125.40 3.75Hologic HOLX 74.36 0.02

s HomeDepot HD 315.40 7.65HondaMotor HMC 30.43 0.36

s Honeywell HON 219.27 2.47HorizonTherap HZNP 90.82 0.32HormelFoods HRL 47.80 0.20

s DR Horton DHI 92.64 1.59HostHotels HST 17.30 0.19HowmetAerospace HWM 32.07 0.25HuanengPowerHNP 14.19 0.01Huazhu HTHT 55.36 -1.39

s Hubbell HUBB 192.42 2.03HubSpot HUBS 475.27 -10.58Humana HUM 413.15 0.33

s JBHunt JBHT 171.07 1.27HuntingtonBcshs HBAN 16.11 0.13HuntingIngallsHII 207.60 3.37HyattHotels H 85.69 2.06IAC/InterActive IAC 225.39 -1.30ICICI Bank IBN 15.83 -0.38IdexxLab IDXX 491.31 4.95IHS Markit INFO 100.83 1.33ING Groep ING 12.44 0.12

s Invesco IVZ 25.93 0.18IPG Photonics IPGP 222.94 5.14

s IQVIA IQV 200.37 2.31IcahnEnterprises IEP 57.25 2.20Icon ICLR 203.30 0.97

s IDEX IEX 214.66 2.41IllinoisToolWks ITW 222.30 0.92Illumina ILMN 384.54 -0.50ImmunityBio IBRX 21.68 -0.72ImperialOil IMO 24.82 -0.38Incyte INCY 83.25 0.24

s Infosys INFY 19.37 0.36IngersollRand IR 50.09 0.48

s Inphi IPHI 183.95 3.41Insulet PODD 269.12 4.30Intel INTC 66.54 1.99InteractiveBrkrs IBKR 75.12 1.45ICE ICE 115.11 0.91InterContinentl IHG 71.35 1.38IBM IBM 135.93 2.70IntlFlavors IFF 139.00 0.15IntlPaper IP 54.70 0.41Interpublic IPG 29.48 0.13Intuit INTU 402.14 6.91IntuitiveSurgical ISRG 765.93 18.33

s InvitatHomes INVH 32.35 -0.32iQIYI IQ 16.99 0.35IronMountain IRM 37.56 0.26ItauUnibanco ITUB 4.83 0.06

J K LJD.com JD 82.49 -1.82JPMorganChase JPM 153.62 0.81JackHenry JKHY 157.25 2.66

s JacobsEngg J 132.68 2.73s JamesHardie JHX 32.46 0.58JazzPharma JAZZ 164.71 -0.49J&J JNJ 163.43 0.60JohnsonControls JCI 60.89 0.99

s JonesLang JLL 185.82 1.30JuniperNetworks JNPR 25.71 0.09

NetStock SymClose Chg

KB Fin KB 48.45 0.12KE Holdings BEKE 58.86 -2.02

s KKR KKR 51.16 0.81s KLA KLAC 355.08 7.79s KSCitySouthernKSU 266.78 -0.20Kellogg K 63.64 0.30KeurigDrPepperKDP 35.00 0.50KeyCorp KEY 20.29 0.02KeysightTechs KEYS 147.33 3.54KimberlyClark KMB 138.43 1.45KimcoRealty KIM 19.05 -0.15KinderMorganKMI 16.66 -0.18KingsoftCloud KC 43.88 -0.06KinrossGold KGC 7.04 0.02KirklandLakeGoldKL 35.34 -0.07Kohl's KSS 59.07 0.76

s KoninklijkePhil PHG 59.10 0.90KoreaElcPwr KEP 10.64 0.24KraftHeinz KHC 40.31 0.28Kroger KR 36.73 0.78L Brands LB 61.76 -0.04LKQ LKQ 43.85 0.90LPL Financial LPLA 145.18 1.75L3HarrisTech LHX 207.85 4.23LabCpAm LH 252.67 -0.03

s LamResearch LRCX 660.80 21.50LamarAdv LAMR 96.70 1.45LambWeston LW 80.60 2.52LasVegasSands LVS 62.60 0.75Lear LEA 181.65 1.52Leidos LDOS 99.92 3.47

s Lennar B LEN.B 84.64 0.84s Lennar A LEN 104.77 1.34LennoxIntl LII 323.25 6.51LeviStrauss LEVI 24.22 0.53LiAuto LI 24.94 -0.31LibertyBroadbandA LBRDA 143.30 -0.29LibertyBroadbandC LBRDK 148.99 -0.15LibertyGlobal A LBTYA 25.63 -0.16LibertyGlobal B LBTYB 28.01 -3.99LibertyGlobal C LBTYK 25.49 -0.14LibertyFormOne A FWONA 39.28 0.61LibertyFormOne C FWONK 44.23 0.40LibertyBraves A BATRA 29.74 0.46LibertyBraves C BATRK 29.01 0.51LibertySirius C LSXMK 45.89 0.35LibertySirius A LSXMA 45.83 0.14LightspeedPos LSPD 64.59 0.19EliLilly LLY 184.89 -0.35LincolnNational LNC 62.55 -0.35

s Linde LIN 285.40 4.56LithiaMotors LAD 391.59 -6.96LiveNationEnt LYV 87.55 -0.52

s LloydsBanking LYG 2.38 0.03LockheedMartin LMT 378.75 7.73Loews L 52.74 0.49LogitechIntl LOGI 109.42 1.44

s Lowe's LOW 193.73 2.41LufaxHolding LU 14.72 0.15lululemon LULU 298.75 -2.32LumenTech LUMN 13.29 0.18Lyft LYFT 64.47 -0.17LyondellBasell LYB 104.21 -1.34

M NM&T Bank MTB 153.21 0.04MGMGrowthPropMGP 33.77 0.13

s MGM ResortsMGM 41.70 2.00s MKS Instrum MKSI 196.86 1.02MPLX MPLX 26.12 ...MSCI MSCI 440.61 12.06MagellanMid MMP 44.58 0.39MagnaIntl MGA 90.39 0.82ManulifeFin MFC 21.87 0.13MarathonOil MRO 11.19 -0.60MarathonPetrolMPC 53.96 -1.84MaravaiLifeSciMRVI 34.58 0.41

s Markel MKL 1173.45 16.50MarketAxess MKTX 520.00 -0.28Marriott MAR 150.93 2.66

NetStock SymClose Chg

s Marsh&McLenMMC 124.89 1.74MartinMariettaMLM 344.01 10.13MarvellTech MRVL 51.07 1.41

s Masco MAS 61.80 0.81Masimo MASI 233.65 -0.02Mastercard MA 368.32 5.02MatchGroup MTCH 144.15 1.49MaximIntProductsMXIM 97.32 1.87McAfee MCFE 23.70 0.15McCormick MKC 89.08 -0.16McCormickVtgMKC.V 89.48 0.56McDonalds MCD 228.85 3.64McKesson MCK 194.61 1.04MedicalProp MPW 21.85 0.19Medtronic MDT 120.25 2.06MelcoResorts MLCO 20.50 0.22MercadoLibre MELI 1503.45 -7.05Merck MRK 77.00 -0.09

s MetLife MET 61.58 -0.02MettlerToledo MTD 1195.55 20.36MicrochipTechMCHP 163.82 3.65MicronTech MU 93.75 1.34

s Microsoft MSFT 249.07 6.72MidAmApt MAA 146.58 -0.06Middleby MIDD 163.44 -2.05MiratiTherap MRTX 176.98 -2.75MitsubishiUFJ MUFG 5.54 0.07MizuhoFin MFG 2.98 0.06MobileTeleSysMBT 8.27 0.05Moderna MRNA 129.91 -2.64

s MohawkInds MHK 201.19 2.91MolinaHealthcareMOH 236.72 1.24MolsonCoorsB TAP 52.75 0.85Mondelez MDLZ 58.82 0.38MongoDB MDB 289.60 -0.73MonolithicPowerMPWR 378.08 10.56MonsterBev MNST 93.44 2.08

s Moody's MCO 310.89 4.58MorganStanleyMS 78.00 -0.22Morningstar MORN 236.69 3.67Mosaic MOS 31.08 -0.18

s MotorolaSol MSI 191.34 2.98NICE NICE 232.04 6.50NIO NIO 39.31 -0.35NRG Energy NRG 37.52 0.06

s NVR NVR 4827.44 42.26s NXP Semi NXPI 214.70 6.62s Nasdaq NDAQ 152.10 1.25Natera NTRA 105.99 3.07NationalGrid NGG 60.00 0.36Natura&Co NTCO 16.98 0.52

s NatWest NWG 5.46 0.03NetApp NTAP 74.33 0.68NetEase NTES 105.54 -1.06Netflix NFLX 540.67 1.25Neurocrine NBIX 95.95 -2.23NewFortressEnerNFE 47.87 -1.73NewOrientalEduc EDU 14.29 -0.21NYTimes A NYT 50.13 -0.36

s NewellBrands NWL 27.22 0.16Newmont NEM 62.49 0.68NewsCorp A NWSA 26.42 0.36NewsCorp B NWS 24.52 0.52NextEraEnergyNEE 76.78 1.01NielsenHoldingsNLSN 25.53 0.20Nike NKE 135.12 2.59NiSource NI 24.43 0.36Nokia NOK 4.05 0.05NomuraHoldings NMR 5.46 0.10Nordson NDSN 202.52 0.14

s NorfolkSouthernNSC 274.63 3.45NorthernTrustNTRS 106.87 1.24NorthropGrumNOC 330.65 8.41NortonLifeLockNLOK 22.10 0.68NorwegCruise NCLH 29.71 1.99Novartis NVS 87.27 1.19Novavax NVAX 177.29 -8.53NovoNordisk NVO 68.33 0.67Novocure NVCR 130.40 -2.95NuanceComms NUAN 44.25 -0.66

NetStock SymClose Chg

Monday, April 5, 2021

How to Read the Stock TablesThe following explanations apply to NYSE, NYSEArca, NYSE American and Nasdaq Stock Marketlisted securities. Prices are composite quotationsthat include primary market trades as well astrades reported by Nasdaq BX (formerly Boston),Chicago Stock Exchange, Cboe, NYSE National andNasdaq ISE.The list comprises the 1,000 largest companiesbased 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 recent fourquarters.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 or beingreorganized under the Bankruptcy Code,or securities assumed 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.

BIGGEST 1,000 STOCKS

Nucor NUE 80.51 0.63Nutrien NTR 55.09 0.60NVIDIA NVDA 559.50 7.03

O P QONEOK OKE 51.03 -0.32

s OReillyAuto ORLY 509.11 1.29OakStreetHealthOSH 59.16 2.34OccidentalPetrol OXY 25.31 -2.07Okta OKTA 226.83 -2.87

s OldDomFreightODFL 246.30 2.61OlinkHolding OLK 37.04 -0.16OmegaHealthcareOHI 38.37 -0.09Omnicom OMC 76.13 0.22

s ON Semi ON 44.03 1.14OpenText OTEX 48.85 0.55OpendoorTechOPEN 20.92 -0.83

s Oracle ORCL 74.16 2.35Orange ORAN 12.57 0.21Orix IX 85.33 1.09Oshkosh OSK 120.85 1.31OtisWorldwideOTIS 69.23 -0.03

s OwensCorningOC 94.30 0.51OzonHoldings OZON 57.72 -0.28PG&E PCG 11.66 0.16PNC Fin PNC 178.76 1.35

s POSCO PKX 74.91 3.33s PPD PPD 38.58 0.28PPG Ind PPG 153.56 1.60PPL PPL 28.81 0.04

s PRA HealthSci PRAH 157.09 0.93PTC PTC 145.98 2.11Paccar PCAR 93.96 1.93PackagingCpAm PKG 137.46 1.89PagSeguroDig PAGS 47.64 -0.89PalantirTech PLTR 23.44 0.37PaloAltoNtwks PANW 331.03 2.98ParkerHannifin PH 319.18 2.97

s Paychex PAYX 100.36 1.60PaycomSoftware PAYC 377.76 1.01Paylocity PCTY 188.62 4.59PayPal PYPL 251.02 3.48Pegasystems PEGA 117.91 -0.08Peloton PTON 109.09 -3.00PembinaPipeline PBA 29.28 0.05PennNational PENN 106.84 -0.68Pentair PNR 62.72 0.33Penumbra PEN 275.42 1.11PepsiCo PEP 143.16 1.88PerkinElmer PKI 130.99 1.11PetroChina PTR 36.00 -0.52PetroleoBrasil PBR 8.38 0.11PetroleoBrasilA PBR.A 8.43 0.07Pfizer PFE 36.28 -0.02PhilipMorris PM 88.60 0.54Phillips66 PSX 82.06 -1.10Pinduoduo PDD 142.91 -1.02PinnacleWest PNW 83.05 1.24Pinterest PINS 79.53 1.80PioneerNatRscs PXD 152.18 -12.42PlainsAllAmPipe PAA 8.99 -0.20Playtika PLTK 26.79 -0.06PlugPower PLUG 33.44 -1.82Polaris PII 137.62 2.69Pool POOL 357.00 5.43

s PrincipalFin PFG 61.40 0.54Procter&Gamble PG 136.45 2.17Progressive PGR 96.72 1.17Prologis PLD 108.37 -0.13PrudentialFin PRU 92.75 0.04

s Prudential PUK 43.75 0.53PublicServiceEnt PEG 60.66 0.99

s PublicStorage PSA 255.27 3.33s PulteGroup PHM 53.83 0.35Qiagen QGEN 49.65 0.36

s Qorvo QRVO 198.32 5.42Qualcomm QCOM 140.33 2.54QualtricsIntl XM 31.55 -0.88

s QuantaServices PWR 91.93 2.82

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Continued on Page B10

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THEWALL STREET JOURNAL. Tuesday, April 6, 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

0.10

0.20

0.30

0.40%

A2020

M J J A S O N D J2021

F M

t

Money marketaccount yields

t

Federal-fundstarget rate

Selected ratesMoneyMarket/SavingsAccts

Bankrate.comavg†: 3.12%BankDirect 0.50%Richardson, TX 877-839-2737

First InternetBankof Indiana 0.50%Indianapolis, IN 888-873-3424

TABBank 0.50%Ogden, UT (800) 355-3063

CFGCommunityBank 0.56%Baltimore,MD 888-205-8388

BrioDirect 0.60%Montebello, NY 877-369-2746

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 0.20 0.18 l 1.39 -2.11Moneymarket, annual yield 0.10 0.10 0.08 l 0.32 -0.25Five-year CD, annual yield 0.47 0.48 0.44 l 0.90 -1.1930-yearmortgage, fixed† 3.26 3.25 2.83 l 3.87 -1.1315-yearmortgage, fixed† 2.53 2.50 2.32 l 3.31 -1.32Jumbomortgages, $548,250-plus† 3.28 3.27 2.85 l 3.98 -1.39Five-year adjmortgage (ARM)† 3.12 3.19 2.85 l 3.51 -1.02New-car loan, 48-month 4.05 4.05 4.02 l 4.44 0.38Bankrate.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

0.00

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

tOne year ago

Forex RaceYen, euro vs. dollar; dollar vs.major U.S. trading partners

–16

–8

0

8

16%

2020 2021

Euro

s

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 687.54 6.51 0.96 6.4MSCIACWI ex-USA 340.97 1.41 0.41 4.4MSCIWorld 2872.97 31.08 1.09 6.8MSCIEmergingMarkets 1338.79 0.56 0.04 3.7

Americas MSCIACAmericas 1581.78 20.792 1.33 7.8Canada S&P/TSXComp 19026.79 36.47 0.19 9.1LatinAmer. MSCIEMLatinAmerica 2332.25 51.538 2.26 –4.9Brazil SaoPauloBovespa 117518.44 2265.13 1.97 –1.3Chile Santiago IPSA 3317.57 –9.60 –0.29 16.1Mexico S&P/BMV IPC 48245.85 999.59 2.12 9.5

EMEA StoxxEurope600 432.22 … Closed 8.3Eurozone EuroStoxx 435.38 … Closed 9.5Belgium Bel-20 3938.63 … Closed 8.8Denmark OMXCopenhagen20 1471.77 … Closed 0.5France CAC40 6102.96 … Closed 9.9Germany DAX 15107.17 … Closed 10.1Israel TelAviv 1631.37 1.21 0.07 8.8Italy FTSEMIB 24710.00 … Closed 11.1Netherlands AEX 708.43 … Closed 13.4Russia RTS Index 1457.13 –0.24 –0.02 5.0SouthAfrica FTSE/JSEAll-Share 67236.31 … Closed 13.2Spain IBEX35 8577.60 … Closed 6.2Sweden OMXStockholm 879.01 … Closed 14.4Switzerland SwissMarket 11118.03 … Closed 3.9Turkey BIST 100 1442.06 11.87 0.83 –2.3U.K. FTSE 100 6737.30 … Closed 4.3U.K. FTSE250 21732.67 … Closed 6.1

Asia-Pacific MSCIACAsiaPacific 207.11 0.63 0.31 3.6Australia S&P/ASX200 6828.70 … Closed 3.7China Shanghai Composite 3484.39 … Closed 0.3HongKong HangSeng 28938.74 … Closed 6.3India S&PBSESensex 49159.32 –870.51 –1.74 2.9Japan Nikkei StockAvg 30089.25 235.25 0.79 9.6Singapore Straits Times 3209.74 28.06 0.88 12.9SouthKorea Kospi 3120.83 8.03 0.26 8.6Taiwan TAIEX 16571.28 … Closed 12.5Thailand SET 1579.66 –16.61 –1.04 9.0Sources: 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 33617.95 33222.38 33527.19 373.98 1.13 33527.19 22653.86 47.8 9.5 11.0TransportationAvg 14980.07 14787.33 14891.20 142.82 0.97 14891.20 7761.00 90.0 19.1 12.5UtilityAverage 894.91 879.11 889.88 10.37 1.18 917.38 744.49 17.4 2.9 8.5Total StockMarket 42694.63 42445.86 42660.13 521.82 1.24 42660.13 26633.07 60.1 8.8 15.6Barron's 400 988.78 977.16 988.02 10.86 1.11 988.02 540.87 82.7 15.9 11.3

NasdaqStockMarketNasdaqComposite 13720.58 13582.76 13705.59 225.49 1.67 14095.47 7887.26 73.2 6.3 24.6Nasdaq-100 13623.60 13420.81 13598.16 268.65 2.02 13807.70 8049.31 68.3 5.5 27.3

S&P500 Index 4083.42 4034.44 4077.91 58.04 1.44 4077.91 2659.41 53.1 8.6 15.3MidCap400 2674.70 2650.03 2664.98 17.27 0.65 2682.61 1444.56 84.5 15.5 12.1SmallCap600 1352.38 1337.91 1346.01 5.71 0.43 1397.66 674.65 99.5 20.3 12.3

Other IndexesRussell 2000 2280.83 2253.94 2264.89 10.98 0.49 2360.17 1138.78 98.9 14.7 13.6NYSEComposite 15882.10 15752.24 15870.34 118.09 0.75 15870.34 10515.24 50.9 9.3 8.1Value Line 654.27 648.75 652.92 4.17 0.64 662.15 355.25 83.8 14.8 5.7NYSEArcaBiotech 5601.33 5555.73 5601.33 29.37 0.53 6319.77 4591.73 20.5 -2.4 8.4NYSEArcaPharma 697.18 690.85 693.62 1.28 0.18 725.03 590.92 15.4 0.6 9.3KBWBank 123.44 121.34 121.89 0.49 0.41 123.35 62.74 85.6 24.5 4.1PHLX§Gold/Silver 142.05 139.38 140.63 0.70 0.50 161.14 88.96 57.4 -2.5 20.0PHLX§Oil Service 55.12 53.09 53.72 -1.41 -2.56 63.89 24.29 110.2 21.2 -27.2PHLX§Semiconductor 3314.16 3255.28 3305.43 65.25 2.01 3305.43 1585.38 107.5 18.2 36.3CboeVolatility 18.40 17.35 17.91 0.58 3.35 46.70 17.33 -60.4 -21.3 -1.8

§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

ViacomCBSCl B VIAC 11,843.4 41.50 -1.40 -3.26 43.00 40.99SPDRS&P500 SPY 6,355.8 406.46 0.10 0.02 406.66 406.10Brooklyn ImmunoThera BTX 6,186.1 7.70 3.03 64.88 8.35 4.67DiscoverySeriesA DISCA 4,492.7 41.30 -0.34 -0.82 41.81 41.05

Intel INTC 4,415.2 66.67 0.13 0.20 66.70 66.48BPADR BP 3,944.6 24.23 -0.03 -0.12 24.37 24.17GlaxoSmithKlineADR GSK 3,907.5 36.00 -0.08 -0.22 36.08 35.94PetroleoBrasileiroADRA PBRA 3,347.2 8.42 -0.01 -0.12 8.43 8.42

Percentage gainers…Brooklyn ImmunoThera BTX 6,186.1 7.70 3.03 64.88 8.35 4.67Illumina ILMN 153.5 426.51 41.97 10.91 432.73 384.00CaraTherapeutics CARA 185.6 26.27 2.45 10.29 28.80 23.75IMPACMortgageHoldings IMH 117.1 2.23 0.16 7.73 2.27 2.05Garmin GRMN 143.5 145.80 9.87 7.26 145.80 135.93

...And losersUraniumEnergy UEC 162.0 3.32 -0.23 -6.48 3.55 3.30AeroCentury ACY 384.6 10.80 -0.67 -5.84 11.74 10.55Xcel Brands XELB 1,083.3 2.82 -0.16 -5.37 3.05 2.80Groupon GRPN 130.0 48.00 -2.15 -4.29 52.00 48.00FarfetchClA FTCH 561.4 47.70 -1.99 -4.00 50.39 47.50

TradingDiaryVolume,Advancers, Decliners

NYSE NYSEAmer.

Total volume* 868,821,953 23,237,536Adv. volume* 521,287,512 11,925,713Decl. volume* 342,109,387 10,750,417Issues traded 3,433 285Advances 2,095 138Declines 1,238 133Unchanged 100 14Newhighs 318 10New lows 15 0ClosingArms† 1.15 0.95Block trades* 4,847 201

Nasdaq NYSEArca

Total volume*4,488,525,215 238,910,216Adv. volume*2,404,746,677 181,203,338Decl. volume*2,043,957,892 56,488,238Issues traded 4,314 1,512Advances 2,498 1,125Declines 1,670 370Unchanged 146 17Newhighs 269 396New lows 39 35ClosingArms† 1.27 1.14Block trades* 23,330 995

* 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

CastorMaritime CTRM 310,534 66.2 0.58 -20.98 1.95 0.11ChembioDiagnostics CEMI 261,256 26103.6 5.64 60.23 15.89 3.01Xcel Brands XELB 128,603 18570.0 2.98 54.40 4.15 0.51Sundial Growers SNDL 122,688 -76.8 1.07 -2.73 3.96 0.14AMCEntertainmentHldgs AMC 95,515 -43.2 10.61 13.35 20.36 1.91

SPDRS&P500 SPY 91,154 9.9 406.36 1.44 406.94 248.17Apple AAPL 87,676 -19.9 125.90 2.36 145.09 62.35Zomedica ZOM 83,047 -51.4 1.33 -8.90 2.91 0.06FordMotor F 81,769 1.4 12.70 4.35 13.62 4.41NIOADR NIO 70,707 -36.3 39.31 -0.88 66.99 2.40* 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

Intl General Insurance IGIC 5,685 29558 7.88 -3.43 11.05 5.48XtrackersMSCI Europe DBEU 3,163 3705 33.20 1.37 33.27 24.31Kelly Services Cl B KELYB 326 2916 34.80 14.14 90.36 10.35SpartanAcqn III Cl A SPAQ 277 2531 9.90 1.02 10.00 9.71KFALCQualityDiv Index KLCD 291 1571 31.19 0.89 34.72 21.30

LeafGroup LEAF 11,845 1460 8.53 21.34 8.85 1.03XtrackersMSCIAWxUS DBAW 232 1458 33.00 0.14 33.23 23.32Nano-X Imaging NNOX 28,506 1451 48.55 17.47 94.81 20.26AeroCentury ACY 46,925 1411 11.47 18.25 38.04 0.71FlexShares EmgMkrs Fact TLTE 179 1370 62.33 0.36 64.19 38.52* 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 Index13705.59 s 225.49, or 1.67%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:

38.14 23.15

29.05 21.15

0.76 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 795.56 -9.17 -1.14 836.48 433.70 65.33 8.74Refinitiv/CCCRB Index 184.08 -2.63 -1.41 195.13 106.29 43.74 9.70Crude oil,$per barrel 58.65 -2.80 -4.56 66.09 -37.63 124.88 20.88Natural gas,$/MMBtu 2.511 -0.128 -4.85 3.354 1.482 45.06 -1.10Gold,$per troy oz. 1727.00 0.50 0.03 2051.50 1664.80 2.98 -8.77

CorporateBorrowingRates andYieldsYield (%) 52-Week Total Return (%)

Bond total return index Close Last Week ago High Low 52-wk 3-yr

U.S. Treasury, Barclays 2355.050 1.010 0.980 1.030 0.400 –4.952 4.319

U.S. Treasury Long, Barclays4112.240 2.290 2.340 2.400 1.090 –17.410 6.799

Aggregate, Barclays 2216.020 1.620 1.600 1.630 1.020 0.649 4.845

Fixed-RateMBS, Barclays 2206.890 1.850 1.830 1.850 0.980 –0.143 3.822

HighYield 100, ICEBofA 3351.125 3.672 3.776 8.911 3.261 23.243 5.701

MuniMaster, ICEBofA 593.064 0.980 0.962 1.940 0.725 5.841 4.779

EMBIGlobal, J.P.Morgan 892.961 4.962 4.992 6.692 4.295 15.739 3.937

Sources: J.P.Morgan; S&PDowJones Indices; BloombergBarclays; ICEDataServices

Latest Session 52-WeekCompany Symbol Close Net chg % chg High Low %chg

ChembioDiagnostics CEMI 5.64 2.12 60.23 15.89 3.01 -9.2dMYTechGrp II Cl A DMYD 22.00 6.37 40.75 23.49 9.80 ...Sequential BrandsGroup SQBG 29.42 7.20 32.40 40.49 4.14 287.1VivosTherapeutics VVOS 9.35 2.00 27.21 14.41 5.64 ...Moxian MOXC 6.80 1.41 26.16 7.38 0.52 1052.5

U.S. Global InvestorsA GROW 8.91 1.79 25.14 9.50 0.90 773.5Performant Financial PFMT 2.80 0.56 25.00 3.21 0.54 329.4Brooklyn ImmunoThera BTX 4.67 0.92 24.53 15.52 1.88 93.0Regional Hlth Properties RHE 6.42 1.25 24.18 15.77 1.06 435.9ImmunoPreciseAntibodies IPA 12.81 2.42 23.29 33.34 2.50 355.1

DelcathSystems DCTH 15.10 2.85 23.27 25.18 6.06 23.9Greenwich LifeSciences GLSI 42.39 7.67 22.09 158.07 3.26 ...Nephros NEPH 8.04 1.43 21.63 10.00 5.08 19.8LeafGroup LEAF 8.53 1.50 21.34 8.85 1.03 527.2TargetHospitality TH 2.60 0.43 19.82 4.29 0.82 50.3

MostActiveStocks

Latest Session 52-WeekCompany Symbol Close Net chg % chg High Low %chg

Elite Education EEIQ 8.80 -3.11 -26.11 35.20 3.58 ...Molecular Templates MTEM 9.51 -2.93 -23.55 18.44 7.51 -31.3ACADIAPharmaceuticals ACAD 21.18 -4.41 -17.23 58.72 20.92 -51.1Liberty TripAdvisor B LTRPB 57.68 -10.32 -15.18 134.00 3.68 1339.4TuyaADR TUYA 20.07 -3.27 -14.01 27.65 17.59 ...

TransMedicsGroup TMDX 34.52 -5.55 -13.85 49.50 11.51 183.9Zovio ZVO 3.66 -0.54 -12.86 7.34 1.31 145.6Ouster Cl A OUST 7.63 -1.12 -12.80 17.73 7.55 ...Goosehead InsuranceCl A GSHD 96.83 -14.17 -12.77 174.80 37.26 141.7Mechanical Technology MKTY 10.38 -1.52 -12.74 18.90 0.43 1573.4

LionGroupHoldingADR LGHL 3.20 -0.46 -12.57 8.93 1.75 ...Discovery Series B DISCB 97.22 -13.95 -12.55 150.72 25.46 254.8LibertyGlobal Cl B LBTYB 28.01 -3.99 -12.47 58.31 16.52 69.6GuardionHealth Sciences GHSI 2.17 -0.30 -12.15 8.40 0.99 -14.2Sunworks SUNW 14.95 -2.05 -12.06 29.37 0.29 4385.4

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 .0108 92.1670 9.6Brazil real .1765 5.6663 9.1Canada dollar .7985 1.2524 –1.7Chile peso .001386 721.50 1.5Colombiapeso .000272 3674.00 7.4EcuadorUSdollar 1 1 unchMexico peso .0492 20.3166 2.2Uruguay peso .02262 44.2050 4.4Asia-PacificAustralian dollar .7653 1.3067 0.5China yuan .1523 6.5669 0.5HongKong dollar .1286 7.7763 0.3India rupee .01365 73.271 0.3Indonesia rupiah .0000689 14515 3.3Japan yen .009076 110.18 6.6Kazakhstan tenge .002336 428.16 1.6Macau pataca .1248 8.0130 0.3Malaysia ringgit .2414 4.1425 3.0NewZealand dollar .7062 1.4160 1.7Pakistan rupee .00654 152.855 –4.7Philippines peso .0206 48.508 1.0Singapore dollar .7453 1.3417 1.5SouthKoreawon .0008889 1125.04 3.6Sri Lanka rupee .0050178 199.29 7.6Taiwan dollar .03512 28.475 1.4Thailand baht .03192 31.330 4.3

US$vs,Mon YTDchg

Country/currency inUS$ perUS$ (%)

Vietnam dong .00004333 23080 unchEuropeCzechRep. koruna .04545 22.000 2.5Denmark krone .1588 6.2968 3.4Euro area euro 1.1813 .8466 3.4Hungary forint .003280 304.88 2.6Iceland krona .007943 125.89 –1.5Norway krone .1176 8.5054 –0.8Poland zloty .2574 3.8854 4.1Russia ruble .01309 76.371 3.2Sweden krona .1149 8.7045 5.8Switzerland franc 1.0684 .9360 5.8Turkey lira .1233 8.1080 9.0Ukraine hryvnia .0358 27.9500 –1.4UK pound 1.3899 .7195 –1.7Middle East/AfricaBahrain dinar 2.6546 .3767 –0.1Egypt pound .0640 15.6221 –0.8Israel shekel .3018 3.3140 3.1Kuwait dinar 3.3088 .3022 –0.6Oman sul rial 2.5973 .3850 0.01Qatar rial .2746 3.642 0.01SaudiArabia riyal .2666 3.7505 –0.03SouthAfrica rand .0687 14.5541 –1.0

Close Net Chg %Chg YTD%Chg

WSJDollar Index 87.17 –0.36–0.41 2.56

Sources: Tullett Prebon, DowJonesMarketData

Dow Jones Industrial Average33527.19 s373.98, or 1.13%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

34.00 17.56

21.35 15.40

1.79 2.91

33527.19, 04/05/21

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 Index4077.91 s58.04, or 1.44%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

45.45 19.49

23.12 16.10

1.45 2.42

4077.91, 04/05/21

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

P2JW096000-0-B00700-1--------XA

B8 | Tuesday, April 6, 2021 THEWALL STREET JOURNAL.

Metal &PetroleumFuturesContract Open

Open High hi lo Low Settle Chg interestCopper-High (CMX)-25,000 lbs.; $ per lb.April 4.0540 4.1620 4.0540 4.1490 0.1455 2,684May 4.0280 4.1600 4.0240 4.1375 0.1470 131,456Gold (CMX)-100 troy oz.; $ per troy oz.April 1727.90 1729.70 1721.80 1727.00 0.50 5,362May 1726.60 1733.20 1720.90 1727.70 0.40 1,617June 1730.00 1734.40 1721.60 1728.80 0.40 377,700Aug 1732.10 1735.90 1723.60 1730.70 0.40 37,220Oct 1731.90 1736.40 1726.80 1732.40 0.50 12,520Dec 1733.50 1739.50 1727.20 1734.30 0.70 17,539Palladium (NYM) - 50 troy oz.; $ per troy oz.April … … … 2652.30 –1.10June 2659.50 2672.50 2620.50 2654.70 –1.10 9,903Platinum (NYM)-50 troy oz.; $ per troy oz.April 1212.80 1222.90 1206.70 1207.00 0.80 1,376July 1216.90 1225.00 1196.50 1209.80 1.20 63,486Silver (CMX)-5,000 troy oz.; $ per troy oz.April 24.935 24.935 24.935 24.763 –0.172 491May 25.050 25.140 24.660 24.780 –0.168 118,701CrudeOil, Light Sweet (NYM)-1,000bbls.; $ per bbl.May 61.50 61.50 57.63 58.65 –2.80 359,421June 61.48 61.48 57.68 58.68 –2.80 336,151July 61.25 61.35 57.62 58.61 –2.74 201,877Sept 60.18 60.54 57.14 58.08 –2.54 126,709Dec 59.04 59.26 56.15 57.07 –2.22 305,378Dec'22 55.47 55.58 53.36 54.26 –1.29 131,090NYHarborULSD (NYM)-42,000gal.; $ per gal.May 1.8300 1.8330 1.7487 1.7724 –.0592 120,604June 1.8328 1.8352 1.7516 1.7748 –.0596 73,016Gasoline-NYRBOB (NYM)-42,000gal.; $ per gal.May 2.0214 2.0214 1.9297 1.9611 –.0612 138,481June 2.0111 2.0136 1.9250 1.9556 –.0602 68,234Natural Gas (NYM)-10,000MMBtu.; $ perMMBtu.May 2.593 2.616 2.488 2.511 –.128 281,397June 2.655 2.674 2.558 2.582 –.115 108,449July 2.724 2.737 2.629 2.657 –.104 104,934Sept 2.734 2.746 2.647 2.681 –.088 105,100Oct 2.750 2.761 2.664 2.702 –.081 129,727Nov 2.833 2.836 2.743 2.782 –.073 70,185

Agriculture FuturesCorn (CBT)-5,000bu.; cents per bu.May 561.25 564.50 549.75 553.25 –6.50 615,169July 546.75 549.25 537.25 539.25 –6.00 429,257Oats (CBT)-5,000bu.; cents per bu.May 372.00 374.75 371.75 373.00 1.00 2,567July 369.50 372.00 368.50 369.75 .50 1,100Soybeans (CBT)-5,000bu.; cents per bu.May 1410.00 1421.00 1405.25 1412.75 10.75 286,234Nov 1269.50 1280.75 1265.50 1269.00 5.25 219,242SoybeanMeal (CBT)-100 tons; $ per ton.May 411.50 417.90 405.70 406.30 –3.90 139,397July 412.40 419.10 407.60 408.10 –3.60 115,547SoybeanOil (CBT)-60,000 lbs.; cents per lb.May 52.55 53.15 52.34 52.81 .68 141,567July 50.73 51.50 50.70 51.17 .65 125,714RoughRice (CBT)-2,000 cwt.; $ per cwt.May 13.11 13.20 13.10 13.16 .04 8,065Sept 12.99 13.02 s 12.89 12.98 .04 686Wheat (CBT)-5,000bu.; cents per bu.May 607.00 625.00 607.00 618.00 7.00 162,072July 606.25 622.50 606.25 613.50 3.00 127,522

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

Wheat (KC)-5,000bu.; cents per bu.May 563.25 573.75 561.75 563.00 –2.00 95,643July 571.25 580.75 568.50 569.75 –2.25 79,215Cattle-Feeder (CME)-50,000 lbs.; cents per lb.April 144.000 147.300 144.000 146.450 2.575 5,120May 149.600 152.300 149.600 151.775 2.550 19,654Cattle-Live (CME)-40,000 lbs.; cents per lb.April 120.900 121.725 120.850 121.375 1.350 24,610June 123.150 124.775 s 123.125 124.425 1.875 152,296Hogs-Lean (CME)-40,000 lbs.; cents per lb.April 102.100 103.000 s 101.950 102.400 .625 23,701June 106.800 107.400 s 105.050 105.600 –.725 105,192Lumber (CME)-110,000bd. ft., $ per 1,000bd. ft.May 1013.20 1032.80 s 1013.20 1021.00 8.40 1,865July 900.00 910.90 s 900.00 902.10 4.40 973Milk (CME)-200,000 lbs., cents per lb.April 17.54 17.65 17.52 17.60 .10 3,433May 18.46 18.70 s 18.40 18.57 .12 3,805Cocoa (ICE-US)-10metric tons; $ per ton.May 2,385 2,427 t 2,332 2,336 –56 60,735July 2,420 2,450 t 2,360 2,364 –52 67,011Coffee (ICE-US)-37,500 lbs.; cents per lb.May 121.40 122.90 120.55 122.10 .50 94,064Sept 125.45 126.70 t 124.45 125.95 .55 56,444Sugar-World (ICE-US)-112,000 lbs.; cents per lb.May 14.74 14.96 14.69 14.84 .13 323,067July 14.76 14.87 14.69 14.74 .02 263,657Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.May 30.95 30.95 30.95 30.95 .20 1,938July 30.85 30.85 30.85 30.85 … 3,153Cotton (ICE-US)-50,000 lbs.; cents per lb.May 78.75 79.60 77.65 77.88 –.07 82,865Dec 78.91 79.63 77.68 77.87 –.04 70,628Orange Juice (ICE-US)-15,000 lbs.; cents per lb.May 110.30 111.00 t 107.95 108.75 –1.20 8,671July 113.35 114.30 t 111.20 112.15 –1.10 2,556

InterestRate FuturesUltraTreasuryBonds (CBT) - $100,000; pts 32nds of 100%June 183-190 184-140 182-180 183-210 3.0 1,135,895TreasuryBonds (CBT)-$100,000; pts 32nds of 100%June 155-210 156-060 155-060 155-190 –3.0 1,172,554TreasuryNotes (CBT)-$100,000; pts 32nds of 100%June 130-305 131-075 130-255 131-035 5.0 3,871,604Sept 130-090 130-120 129-310 130-080 5.5 6265Yr. TreasuryNotes (CBT)-$100,000; pts 32nds of 100%June 123-062 123-137 123-042 123-122 6.0 3,571,3542Yr. TreasuryNotes (CBT)-$200,000; pts 32nds of 100%June 110-096 110-108 110-095 110-105 .7 2,285,05430DayFederal Funds (CBT)-$5,000,000; 100 - daily avg.April 99.9375 99.9375 99.9350 99.9350 160,030May 99.9300 99.9300 99.9300 99.9300 143,07010Yr. Del. Int. RateSwaps (CBT)-$100,000; pts 32nds of 100%June 89-280 .5 136,008Eurodollar (CME)-$1,000,000; pts of 100%April 99.8175 99.8200 99.8150 99.8150 … 184,350June 99.8250 99.8250 99.8200 99.8200 … 1,200,507Dec 99.7200 99.7300 t 99.7200 99.7250 .0050 929,559March'23 99.3250 99.3650 t 99.3050 99.3550 .0300 1,205,549

CurrencyFuturesJapaneseYen (CME)-¥12,500,000; $ per 100¥April .9043 .9095 .9032 .9079 .0041 241June .9043 .9101 .9036 .9084 .0041 166,014CanadianDollar (CME)-CAD 100,000; $ per CADApril .7959 .7999 .7941 .7985 .0026 168June .7945 .8000 .7941 .7985 .0026 161,514BritishPound (CME)-£62,500; $ per£April 1.3832 1.3914 1.3815 1.3905 .0079 547June 1.3822 1.3917 1.3816 1.3907 .0079 138,066Swiss Franc (CME)-CHF 125,000; $ per CHFJune 1.0628 1.0710 1.0614 1.0701 .0074 43,813

Sept 1.0658 1.0734 1.0644 1.0728 .0074 151AustralianDollar (CME)-AUD 100,000; $ perAUDApril .7621 .7661 .7600 .7654 .0050 159June .7610 .7663 .7601 .7656 .0050 136,847MexicanPeso (CME)-MXN500,000; $ perMXNApril .04917 .04930 .04904 .04905 –.00012 390June .04892 .04905 .04870 .04875 –.00012 133,235Euro (CME)-€125,000; $ per €April 1.1762 1.1823 1.1742 1.1815 .0054 1,237June 1.1777 1.1838 1.1754 1.1829 .0054 631,532

IndexFuturesMiniDJ Industrial Average (CBT)-$5 x indexJune 33236 33504 s 33157 33415 378 92,659Sept 33120 33377 s 33054 33301 379 266S&P500 Index (CME)-$250 x indexJune 4067.70 57.80 20,596

Mini S&P500 (CME)-$50 x indexJune 4030.00 4073.75 s 4021.00 4067.75 57.75 2,551,210Sept 4019.75 4064.25 s 4011.00 4057.50 58.00 5,331Mini S&PMidcap400 (CME)-$100 x indexJune 2680.90 2680.90 s 2643.80 2661.10 17.90 45,334Sept 2658.90 17.90 1MiniNasdaq 100 (CME)-$20 x indexJune 13339.00 13615.00 13304.25 13585.50 269.50 216,353Sept 13308.00 13601.00 13297.50 13573.50 269.50 764Mini Russell 2000 (CME)-$50 x indexJune 2293.00 2298.30 2249.10 2263.10 11.20 469,711Sept 2287.00 2291.90 2245.90 2258.90 11.20 236Mini Russell 1000 (CME)-$50 x indexJune 2275.40 2292.90 s 2264.70 2291.40 30.20 9,561U.S. Dollar Index (ICE-US)-$1,000 x indexJune 93.01 93.13 92.56 92.60 –.46 40,370Sept 92.96 93.09 92.55 92.59 –.45 561

Source: FactSet

Monday

Aluminum, LME, $ permetric ton *n.a.Copper,Comex spot 4.1490IronOre, 62%FeCFRChina-s 167.7ShreddedScrap, USMidwest-s,m 451Steel, HRCUSA, FOBMidwestMill-s 1345

Fibers andTextilesBurlap,10-oz,40-inchNYyd-n,w 0.7200Cotton,1 1/16 std lw-mdMphs-u 0.7563Cotlook 'A' Index-t *87.65Hides,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 186Corn,No. 2 yellow,Cent IL-bp,u 5.4950Corn gluten feed,Midwest-u,w 179.8Corn glutenmeal,Midwest-u,w 614.2Cottonseedmeal-u,w 455Hominy feed,Cent IL-u,w 175Meat-bonemeal,50%proMnpls-u,w 340Oats,No.2milling,Mnpls-u 3.8700Rice, LongGrainMilled, No. 2AR-u,w 26.88Sorghum,(Milo)No.2Gulf-u 8.0075SoybeanMeal,Cent IL,rail,ton48%-u,w 398.70Soybeans,No.1 yllw IL-bp,u 14.0750Wheat,Spring14%-proMnpls-u 7.1750Wheat,No.2 soft red,St.Louis-u 6.4550

Monday

Wheat -Hard - KC (USDA) $ per bu-u 5.9300Wheat,No.1softwhite,Portld,OR-u 7.6250

FoodBeef,carcass equiv. indexchoice 1-3,600-900 lbs.-u 210.71select 1-3,600-900 lbs.-u 200.49Broilers, National compwtd. avg.-u,w 0.9236Butter,AAChicago 1.8375Cheddar cheese,bbl,Chicago 153.00Cheddar cheese,blk,Chicago 177.50Milk,Nonfat dry,Chicago lb. 118.00Coffee,Brazilian,Comp n.a.Coffee,Colombian, NY n.a.Eggs,largewhite,Chicago-u 1.0150Flour,hardwinter KC 15.30Hams,17-20 lbs,Mid-US fob-u 0.85Hogs,Iowa-So.Minnesota-u 96.25Pork bellies,12-14 lbMidUS-u n.a.Pork loins,13-19 lbMidUS-u 1.0246Steers,Tex.-Okla. Choice-u n.a.Steers,feeder,Okla. City-u,w 162.38

Fats andOilsCorn oil,crudewet/drymill wtd. avg.-u,w 57.0000Grease,choicewhite,Chicago-h 0.5350Lard,Chicago-u n.a.Soybean oil,crude;Centl IL-u,w 0.5496Tallow,bleach;Chicago-h 0.5600Tallow,edible,Chicago-u 0.6370

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 4/2

Source: Dow JonesMarket Data

CashPrices Monday, April 5, 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 1724.00Handy&Harmanbase 1727.25Handy&Harman fabricated 1917.25LBMAGold PriceAM *ClosedLBMAGold Price PM *ClosedKrugerrand,wholesale-e 1797.74Maple Leaf-e 1815.03AmericanEagle-e 1815.03Mexican peso-e 2092.17Austria crown-e 1697.37Austria phil-e 1815.03Silver, troy oz.Engelhard industrial 24.9000Handy&Harmanbase 24.8950Handy&Harman fabricated 31.1190LBMAspot price *Closed(U.S.$ equivalent) *ClosedCoins,wholesale $1,000 face-a 19961OthermetalsLBMAPlatinumPrice PM *ClosedPlatinum,Engelhard industrial 1200.0Palladium,Engelhard industrial 2675.0

| wsj.com/market-data/commodities

Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks

MoneyRates April 5, 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 2.45 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 0.015 0.190 0.00513weeks 0.020 0.020 0.280 0.01526weeks 0.035 0.040 0.290 0.035

Secondarymarket

FannieMae30-yearmortgage yields

30days 2.591 2.534 2.622 1.75160days 2.635 2.576 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 n.a. 0.07 0.26 0.04

LiborOnemonth 0.11038 0.10850 0.98513 0.10300Threemonth 0.19975 0.20250 1.38738 0.17525Sixmonth 0.20125 0.20288 1.23825 0.18950One year 0.28050 0.28150 1.06013 0.27588

Euro LiborOnemonth -0.578 -0.579 -0.360 -0.607Threemonth -0.550 -0.550 -0.142 -0.574Sixmonth -0.525 -0.524 -0.052 -0.543One year -0.499 -0.495 0.008 -0.511

SecuredOvernight FinancingRate0.01 0.01 0.13 0.01

Value 52-WeekLatest Traded High Low

DTCCGCFRepo IndexTreasury 0.040 57.900 0.151 -0.008MBS 0.047 42.000 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 ofApril2, 2021. DTCCGCFRepo Index is DepositoryTrust&Clearing Corp.'sweighted average forovernight trades in applicable CUSIPs. Valuetraded is in billions ofU.S. dollars.Federal-fundsrates are Tullett Prebon rates as of 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 0.02 0.14 -0.04

U.S. government rates

Discount0.25 0.25 0.25 0.25

Federal fundsEffective rate 0.0700 0.0700 0.1000 0.0600High 0.1200 0.1200 0.1500 0.0800Low 0.0300 0.0500 0.0600 0.0000Bid 0.0700 0.0600 0.1000 0.0100Offer 0.0800 0.0800 0.1100 0.0500

Week —52-WEEK—Latest ago High Low

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 0.172 t l 0.184 0.141 0.2111.125 10 1.718t l 1.721 1.551 0.587

5.500 Australia 2 0.089 l 0.089 0.137 0.214 -8.4 -10.0 -1.11.500 10 1.794 l 1.794 1.842 0.765 8.3 7.4 16.9

0.000 France 2 -0.638 l -0.638 -0.605 -0.493 -81.0 -82.6 -71.80.000 10 -0.079 l -0.079 -0.051 0.078 -179.0 -179.9 -51.9

0.000 Germany 2 -0.698 l -0.698 -0.688 -0.671 -87.0 -88.6 -89.60.000 10 -0.325 l -0.325 -0.301 -0.439 -203.6 -204.4 -103.5

0.050 Italy 2 -0.395 l -0.395 -0.324 0.436 -56.7 -58.3 21.10.900 10 0.636 l 0.636 0.761 1.531 -107.5 -108.4 93.5

0.005 Japan 2 -0.120 s l -0.123 -0.119 -0.132 -29.2 -31.1 -35.70.100 10 0.121 s l 0.119 0.097 -0.009 -159.0 -160.1 -60.5

0.000 Spain 2 -0.506 l -0.506 -0.441 -0.131 -67.8 -69.4 -35.60.100 10 0.306 l 0.306 0.397 0.727 -140.6 -141.4 13.1

0.125 U.K. 2 0.074 l 0.074 0.101 0.090 -9.8 -11.4 -13.54.750 10 0.800 l 0.800 0.759 0.313 -91.1 -92.0 -28.3

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

CanadianNatural Resources … 6.250 3.86 March 15, ’38 148 –10 178

CommonwealthBank ofAustralia … 2.688 2.92 March 11, ’31 118 –7 135

BankofNovaScotia BNS 1.300 1.19 June 11, ’25 26 –6 38

International BusinessMachines IBM 3.300 1.39 May15, ’26 44 –6 61

Wells Fargo WFC 3.550 1.43 Sept. 29, ’25 45 –6 54

McDonald's MCD 3.625 3.24 May1, ’43 85 –5 97

SiemensFinancieringsmaatschappij … 1.200 1.45 March 11, ’26 50 –5 57

UnitedHealth UNH 2.375 0.69 Aug. 15, ’24 33 –5 42

…Andspreads thatwidened themost

Telefonica EmisionesSA … 5.213 4.14 March 8, ’47 177 9 181

WaltDisney DIS 1.750 1.30 Jan. 13, ’26 37 8 38

LockheedMartin LMT 4.070 3.01 Dec. 15, ’42 64 7 74

VerizonCommunications VZ 4.522 3.56 Sept. 15, ’48 119 7 124

Principal LifeGlobal Funding II … 1.250 1.26 June 23, ’25 33 6 36

HomeDepot HD 5.875 2.81 Dec. 16, ’36 109 5 115

Pfizer PFE 3.400 0.60 May15, ’24 23 5 n.a.

Royalty Pharma RPRX 0.750 0.82 Sept. 2, ’23 65 5 n.a.

High-yield issueswith thebiggest price increases…BondPrice as%of face value

Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Lastweek

Owens–BrockwayGlass Container … 5.875 1.98 Aug. 15, ’23 108.930 1.31 107.248

TRI PointeHomes … 5.875 2.28 June 15, ’24 111.000 1.00 n.a.

Netflix NFLX 6.375 2.75 May15, ’29 126.169 0.92 125.251

HowmetAerospace HWM 5.900 3.00 Feb. 1, ’27 115.350 0.89 114.000

ADTSecurity … 4.875 4.50 July 15, ’32 103.250 0.88 100.750

PrimeSecurity ServicesBorrower … 5.750 3.79 April 15, ’26 108.875 0.75 107.935

Sprint Capital … 8.750 3.40 March 15, ’32 148.490 0.68 147.905

AmericanAirlines AAL 11.750 5.21 July 15, ’25 124.750 0.58 123.000

…Andwith thebiggest price decreases

MurphyOil MUR 7.050 6.72 May1, ’29 102.000 –0.75 n.a.

PrimeSecurity ServicesBorrower … 5.250 2.82 April 15, ’24 107.002 –0.62 106.540

Occidental Petroleum OXY 7.500 5.33 May1, ’31 116.750 –0.50 115.813

Netflix NFLX 5.875 1.83 Feb. 15, ’25 115.000 –0.35 114.875

NokiaOyj … 4.375 3.03 June 12, ’27 107.500 –0.33 107.000

DishDBS … 5.875 2.14 July 15, ’22 104.661 –0.21 104.550

LigadoNetworks … 15.500 15.12 Nov. 1, ’23 100.750 –0.13 100.750

Onemain Finance … 6.875 3.07 March 15, ’25 114.000 –0.13 112.700

*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

2216.02 -3.2 U.S. Aggregate 1.620 1.020 1.630

U.S. Corporate IndexesBloombergBarclays

3309.30 -4.3 U.S. Corporate 2.260 1.740 3.470

3046.90 -2.1 Intermediate 1.580 1.080 3.210

4788.98 -7.6 Long term 3.400 2.730 3.910

664.08 -4.9 Double-A-rated 1.910 1.300 2.350

884.47 -3.8 Triple-B-rated 2.500 2.010 4.270

HighYieldBonds ICEBofA

501.81 1.3 HighYield Constrained 4.143 3.955 9.770

482.68 5.7 Triple-C-rated 6.946 6.939 18.330

3351.13 0.6 HighYield 100 3.672 3.261 8.911

452.02 1.0 Global HighYield Constrained 4.211 4.037 9.758

343.76 1.8 EuropeHighYield Constrained 2.560 2.560 6.878

U.SAgencyBloombergBarclays

1837.76 -1.5 U.SAgency 0.820 0.460 0.930

1610.06 -1.0 10-20 years 0.690 0.340 0.790

3997.35 -6.4 20-plus years 2.390 1.290 2.460

2837.66 -3.3 Yankee 1.830 1.370 2.880

Bonds | wsj.com/market-data/bonds/benchmarks

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

2206.89 -1.1 Mortgage-Backed 1.850 0.980 1.850

2157.78 -0.9 GinnieMae (GNMA) 1.800 0.290 1.840

1303.09 -1.0 Fanniemae (FNMA) 1.860 1.160 1.860

1997.87 -1.2 FreddieMac (FHLMC) 1.870 1.140 1.870

593.06 -0.4 MuniMaster 0.980 0.725 1.940

418.70 -0.7 7-12 year 1.027 0.712 1.912

479.62 -0.6 12-22 year 1.408 1.095 2.352

468.24 -0.1 22-plus year 1.978 1.682 3.262

Global Government J.P.Morgan†

n.a. n.a. Global Government n.a. n.a. n.a.

n.a. n.a. Canada n.a. n.a. n.a.

n.a. n.a. EMU§ n.a. n.a. n.a.

n.a. n.a. France n.a. n.a. n.a.

n.a. n.a. Germany n.a. n.a. n.a.

n.a. n.a. Japan n.a. n.a. n.a.

n.a. n.a. Netherlands n.a. n.a. n.a.

n.a. n.a. U.K. n.a. n.a. n.a.

892.96 -4.4 EmergingMarkets ** 4.962 4.295 6.692

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-WeekApr 2 Mar 26 High Low

Federal funds (effective)0.07 0.07 0.10 0.04

Commercial paperNonfinancial1-month 0.06 0.07 1.42 0.062-month 0.07 0.07 1.24 0.063-month 0.08 0.09 1.84 0.07Financial1-month 0.09 n.a. 0.17 0.082-month 0.12 0.08 0.23 0.083-month 0.10 0.09 0.21 0.09

Discountwindowprimary credit0.25 0.25 0.25 0.25

Treasury yields at constantmaturities1-month 0.02 0.02 0.15 0.013-month 0.02 0.02 0.19 0.02

WeekEnded 52-WeekApr 2 Mar 26 High Low

6-month 0.04 0.04 0.21 0.041-year 0.06 0.07 0.22 0.062-year 0.16 0.14 0.26 0.113-year 0.35 0.31 0.35 0.135-year 0.92 0.84 0.92 0.217-year 1.39 1.30 1.39 0.3910-year 1.72 1.65 1.72 0.5520-year 2.29 2.25 2.32 0.99

Treasury yields (secondarymarket)1-month 0.02 0.02 0.14 0.013-month 0.02 0.02 0.19 0.026-month 0.04 0.04 0.21 0.04

TIPS5-year -1.63 -1.69 -0.24 -1.847-year -1.09 -1.14 -0.30 -1.4410-year -0.64 -0.67 -0.31 -1.0520-year -0.14 -0.18 -0.08 -0.70Long-termavg -0.03 -0.07 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

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B10 | Tuesday, April 6, 2021 THEWALL STREET JOURNAL.

iShCoreS&PMC IJH 265.82 0.70 15.7iShCoreS&PSC IJR 110.57 0.44 20.3iShS&PTotlUSStkMkt ITOT 93.87 1.20 8.9iShCoreUSAggBd AGG 113.81 –0.20 –3.7iShSelectDividend DVY 115.58 0.65 20.2iShESGAwareUSA ESGU 93.17 1.33 8.3iShEdgeMSCIMinUSA USMV 70.54 1.18 3.9iShEdgeMSCIUSAMom MTUM 165.73 1.42 2.8iShEdgeMSCIUSAQual QUAL 124.61 1.23 7.2iShEdgeMSCIUSAVal VLUE 104.88 1.32 20.7iShGoldTr IAU 16.45 –0.06 –9.3iShiBoxx$InvGrCpBd LQD 129.97 –0.49 –5.9iShiBoxx$HYCpBd HYG 87.11 0.05 –0.2iShJPMUSDEmgBd EMB 109.26 –0.12 –5.7iShMBSETF MBB 108.20 0.01 –1.8

Closing Chg YTDETF Symbol Price (%) (%)

ARKInnovationETF ARKK 121.64 0.65 –2.3CommSvsSPDR XLC 76.15 2.11 12.8CnsmrDiscSelSector XLY 173.27 2.27 7.8EnSelectSectorSPDR XLE 49.11 –2.39 29.6FinSelSectorSPDR XLF 34.74 0.78 17.8HealthCareSelSect XLV 117.20 0.70 3.3IndSelSectorSPDR XLI 100.00 1.24 12.9InvscQQQI QQQ 331.05 2.00 5.5InvscS&P500EW RSP 144.38 0.91 13.2iShCoreDivGrowth DGRO 49.14 1.17 9.6iShCoreMSCIEAFE IEFA 74.14 1.41 7.3iShCoreMSCIEM IEMG 65.25 0.28 5.2iShCoreMSCITotInt IXUS 71.98 1.10 7.1iShCoreS&P500 IVV 407.85 1.44 8.6

Closing Chg YTDETF Symbol Price (%) (%)

Monday, April 5, 2021 iShMSCIACWI ACWI 97.46 1.11 7.4iShMSCI EAFE EFA 77.98 1.46 6.9iShMSCI EAFESC SCZ 74.07 1.47 8.4iShMSCIEmgMarkets EEM 54.07 0.39 4.6iShMSCIJapan EWJ 69.98 1.21 3.6iShNatlMuniBd MUB 115.91 –0.08 –1.1iSh1-5YIGCorpBd IGSB 54.57 –0.05 –1.1iShPfd&Incm PFF 38.58 0.47 0.2iShRussell1000Gwth IWF 251.15 1.73 4.2iShRussell1000 IWB 229.47 1.32 8.3iShRussell1000Val IWD 154.21 0.88 12.8iShRussell2000 IWM 224.97 0.55 14.7iShRussell2000Val IWN 162.09 0.48 23.0iShRussellMid-Cap IWR 75.48 0.61 10.1iShRussellMCValue IWS 111.32 0.73 14.8iShS&P500Growth IVW 67.37 1.98 5.6iShS&P500Value IVE 143.50 0.93 12.1iShShortTreaBd SHV 110.51 ... –0.0

Closing Chg YTDETF Symbol Price (%) (%)

iShSilver SLV 23.09 –0.26 –6.0iShTIPSBondETF TIP 125.20 –0.29 –1.9iSh1-3YTreasuryBd SHY 86.21 –0.02 –0.2iSh7-10YTreasuryBd IEF 113.04 –0.28 –5.8iSh20+YTreasuryBd TLT 136.91 –0.44 –13.2iShRussellMCGrowth IWP 104.53 0.56 1.8iShUSTreasuryBdETF GOVT 26.19 –0.21 –3.9JPMUltShtIncm JPST 50.73 ... –0.1PIMCOEnhShMaturity MINT 101.87 –0.02 –0.2SPDRBloomBar1-3MTB BIL 91.50 –0.01 –0.0SPDRGold GLD 161.92 –0.04 –9.2SchwabIntEquity SCHF 38.67 1.36 7.4SchwabUSBrdMkt SCHB 99.04 1.24 8.8SchwabUSDiv SCHD 74.25 1.27 15.8SchwabUSLC SCHX 98.55 1.36 8.4SchwabUSLCGrw SCHG 134.46 1.80 4.7SchwabUSSC SCHA 101.57 0.57 14.1SchwabUSTIPs SCHP 61.03 –0.31 –1.7

Closing Chg YTDETF Symbol Price (%) (%)

SPDRDJIATr DIA 335.20 1.13 9.6SPDRS&PMdCpTr MDY 485.70 0.70 15.7SPDRS&P500 SPY 406.36 1.44 8.7SPDRS&PDiv SDY 119.68 0.79 13.0TechSelectSector XLK 138.28 2.07 6.4VanEckGoldMiner GDX 33.71 0.33 –6.4VangdInfoTech VGT 372.45 1.77 5.3VangdSCVal VBR 168.31 0.41 18.4VangdExtMkt VXF 180.23 0.27 9.4VangdSCGrwth VBK 280.78 0.48 4.9VangdDivApp VIG 150.08 1.34 6.3VangdFTSEDevMk VEA 50.50 1.51 7.0VangdFTSEEM VWO 52.63 0.21 5.0VangdFTSEEurope VGK 65.11 1.72 8.1VangdFTSEAWxUS VEU 62.10 1.06 6.4VangdGrowth VUG 265.98 1.76 5.0VangdHlthCr VHT 229.90 0.56 2.8

Closing Chg YTDETF Symbol Price (%) (%)

VangdHiDiv VYM 102.35 0.74 11.8VangdIntermBd BIV 88.27 –0.30 –4.9VangdIntrCorpBd VCIT 92.83 –0.33 –4.4VangdLC VV 190.02 1.42 8.1VangdMC VO 226.06 0.68 9.3VangdMCVal VOE 137.23 0.76 15.4VangdMBS VMBS 53.41 0.09 –1.2VangdRealEst VNQ 93.89 0.38 10.5VangdS&P500ETF VOO 373.47 1.44 8.7VangdSTBond BSV 82.08 –0.05 –1.0VangdSTCpBd VCSH 82.34 –0.06 –1.1VangdSC VB 218.22 0.39 12.1VangdTotalBd BND 84.67 –0.15 –4.0VangdTotIntlBd BNDX 57.08 –0.12 –2.5VangdTotIntlStk VXUS 64.25 1.10 6.8VangdTotalStk VTI 211.72 1.17 8.8VangdTotlWrld VT 99.70 1.15 7.7VangdValue VTV 133.19 0.81 12.0

Closing Chg YTDETF Symbol Price (%) (%)

Exchange-Traded Portfolios | WSJ.com/ETFresearch

Largest 100 exchange-traded funds, latest session

NetStock SymClose Chg

QuantumScapeQS 49.37 0.07QuestDiag DGX 130.13 0.69

R SRELX RELX 26.03 0.43RH RH 592.93 -2.70RLX Tech RLX 10.13 -0.82RPM RPM 94.03 1.60RalphLauren RL 123.31 3.37

s RaymondJamesRJF 128.91 2.40RaytheonTechRTX 77.91 0.63RealPage RP 87.58 -0.09RealtyIncome O 65.25 0.14RegencyCtrs REG 57.28 -0.34RegenPharm REGN 484.56 9.63RegionsFin RF 20.99 -0.07ReinsGrp RGA 126.79 -0.64

s RelianceSteel RS 156.95 1.30RenaissanceReRNR 166.00 1.00Repligen RGEN 200.42 4.98RepublicSvcs RSG 101.05 1.33ResMed RMD 195.11 0.67RestaurantBrandsQSR 65.48 -0.07RingCentral RNG 297.80 -7.21RioTinto RIO 79.87 1.89RobertHalf RHI 78.19 0.53Roblox RBLX 70.76 3.42

RocketCos. RKT 22.44 -0.11Rockwell ROK 267.66 4.22RogersComm BRCI 46.89 -0.05Roku ROKU 328.29 -3.61Rollins ROL 35.39 0.56RoperTech ROP 414.84 4.49RossStores ROST 122.98 2.47RoyalBkCanadaRY 93.02 0.54RoyalCaribbeanRCL 89.15 2.48RoyalDutchA RDS.A 39.81 -0.38RoyalDutchB RDS.B 37.31 -0.15RoyaltyPharma RPRX 42.70 -0.31Ryanair RYAAY 115.00 -0.74SAP SAP 131.80 6.05S&P Global SPGI 367.17 4.52SBA Comm SBAC 285.11 3.93

s SEI Investments SEIC 62.26 0.35s SK Telecom SKM 27.77 0.26SS&C Tech SSNC 72.16 1.15StoreCapital STOR 34.31 0.01SVB Fin SIVB 490.02 6.69Salesforce.com CRM 220.29 1.57Sanofi SNY 50.18 0.82SantanderCons SC 27.76 0.55Sasol SSL 14.93 -0.14Schlumberger SLB 27.55 -0.55

s SchwabC SCHW 68.15 1.71s ScottsMiracleGro SMG 252.62 2.62

Sea SE 234.90 -1.55s Seagate STX 79.20 0.71Seagen SGEN 143.73 0.33SempraEnergy SRE 133.84 2.04SensataTechs ST 60.03 1.46ServiceCorp SCI 52.01 -0.36ServiceNow NOW 514.02 7.01ShawComm B SJR 26.59 0.14

s SherwinWilliams SHW 255.90 6.15ShinhanFin SHG 33.12 0.18Shopify SHOP 1145.95 -9.46Sibanye-Stillwater SBSW 18.87 0.44SignatureBank SBNY 228.19 3.19SimonProperty SPG 115.05 -0.15SiriusXM SIRI 6.30 0.03Skyworks SWKS 191.65 3.95SlackTech WORK 41.48 0.23SmithAO AOS 67.98 0.11Smith&Nephew SNN 38.03 0.30Smucker SJM 127.09 0.84Snap SNAP 54.11 -0.38

s SnapOn SNA 234.28 2.54Snowflake SNOW 232.32 -4.47SOQUIMICH SQM 53.82 -0.46SolarEdgeTech SEDG 268.97 -14.42Sony SONY 111.39 4.53Southern SO 62.66 0.33SoCopper SCCO 71.70 2.29

NetStock SymClose Chg

NetStock SymClose Chg s SouthwestAir LUV 62.97 1.67

Splunk SPLK 140.48 2.21Spotify SPOT 273.30 0.20Square SQ 229.95 0.44

s StanleyBlackDck SWK 202.42 1.76Starbucks SBUX 111.02 1.64StateStreet STT 85.40 0.45

s SteelDynamics STLD 51.82 0.85Stellantis STLA 18.32 0.41Steris STE 195.88 2.38STMicroelec STM 39.88 0.53StoneCo STNE 63.26 -0.96Stryker SYK 248.48 5.53SumitomoMits SMFG 7.36 0.16SunComms SUI 152.43 -0.37SunLifeFinancial SLF 51.30 0.26SuncorEnergy SU 21.15 -0.38SunRun RUN 55.16 -3.97Suzano SUZ 12.21 0.08SynchronyFin SYF 42.22 0.56Synopsys SNPS 260.11 5.88Sysco SYY 79.28 1.29

T U VTAL Education TAL 54.81 -1.50TC Energy TRP 46.97 0.16TE Connectivity TEL 132.77 1.98Telus TU 20.26 0.03TJX TJX 67.76 1.78T-MobileUS TMUS 131.40 3.75

NetStock SymClose Chg

TRowePrice TROW 176.50 2.54TaiwanSemi TSM 124.50 -0.30TakeTwoSoftware TTWO 183.38 3.23TakedaPharm TAK 18.20 -0.44Tapestry TPR 42.69 1.66

s Target TGT 205.35 4.63TataMotors TTM 20.93 -0.10TeckRscsB TECK 20.20 0.65TeladocHealth TDOC 181.25 -1.54TeledyneTech TDY 420.94 3.51Teleflex TFX 422.49 8.34Ericsson ERIC 13.40 0.33TelefonicaBrasVIV 7.86 0.10Telefonica TEF 4.60 0.07TelekmIndonesia TLK 23.66 0.0510xGenomics TXG 190.71 4.92Tenaris TS 23.01 -0.13TencentMusic TME 19.03 -1.08Teradyne TER 132.68 3.87Tesla TSLA 691.05 29.30TevaPharm TEVA 11.56 0.08

s TexasInstruments TXN 196.93 4.87TexasPacLand TPL 1587.99 -12.01

s Textron TXT 57.56 0.53ThermoFisherSci TMO 465.39 9.09

s ThomsonReuters TRI 90.33 0.743M MMM 194.97 2.27

s Toro TTC 105.34 -0.02TorontoDomBk TD 66.66 0.92Total TOT 46.03 -0.35

NetStock SymClose Chg

ToyotaMotor TM 155.38 1.22s TractorSupply TSCO 180.35 3.85TradeDesk TTD 653.18 -5.66

s Tradeweb TW 76.97 0.97TraneTech TT 167.45 2.01TransDigm TDG 603.77 0.06TransUnion TRU 94.44 2.18Travelers TRV 152.03 1.41Trex TREX 94.86 0.07

s Trimble TRMB 83.74 3.01Trip.com TCOM 39.69 -0.45TruistFinl TFC 59.15 0.10Tuya TUYA 20.07 -3.27Twilio TWLO 348.43 -3.61Twitter TWTR 64.24 0.41TylerTech TYL 437.15 5.33TysonFoods TSN 74.62 -0.25UBS Group UBS 16.01 0.16UDR UDR 43.81 -0.55UGI UGI 41.47 0.22US Foods USFD 38.17 0.33UWM UWMC 7.75 ...Uber UBER 57.40 -0.20Ubiquiti UI 290.78 1.63UltaBeauty ULTA 319.77 6.15UnderArmour C UA 18.88 0.61UnderArmour AUAA 22.97 1.00Unilever UL 56.30 0.44

s UnionPacific UNP 223.47 3.26UnitedAirlines UAL 59.29 1.47UnitedMicro UMC 9.20 -0.06

NetStock SymClose Chg

UPS B UPS 171.95 0.67UnitedRentalsURI 331.53 -0.18US Bancorp USB 56.37 0.54UnitedTherap UTHR 192.75 0.41UnitedHealth UNH 370.18 3.11UnitySoftwareU 100.60 -0.48UnivDisplay OLED 243.53 5.39UniversalHealthBUHS 136.37 1.97Upstart UPST 140.52 -3.76VEREIT VER 40.29 0.35VF VFC 83.11 3.62VICI Prop VICI 28.98 0.14VailResorts MTN 298.30 3.27Vale VALE 18.28 1.16ValeroEnergy VLO 74.62 -0.68VarianMed VAR 176.85 0.05Vedanta VEDL 12.80 0.09VeevaSystems VEEV 263.57 -4.20Ventas VTR 53.69 -0.71VeriSign VRSN 206.18 4.28VeriskAnalytics VRSK 181.55 1.74Verizon VZ 58.87 0.57VertxPharm VRTX 215.32 2.28ViacomCBS B VIAC 42.90 -1.74ViacomCBS A VIACA 46.76 -0.72Viatris VTRS 14.05 0.15Vipshop VIPS 29.78 -0.36Visa V 219.04 2.18Vistra VST 17.68 -0.04VMware VMW 152.45 0.05

NetStock SymClose Chg

Vodafone VOD 18.87 0.14VornadoRealtyVNO 45.79 -0.60VulcanMatls VMC 170.29 3.90

W X Y ZWEC Energy WEC 93.81 0.49WEX WEX 215.17 -1.27W.P.Carey WPC 72.10 -0.26

s WPP WPP 66.37 1.41Wabtec WAB 80.97 1.98

s WalgreensBootsWBA 56.80 2.05Walmart WMT 139.43 3.81WarnerMusic WMG 35.27 1.25WasteConnectionsWCN 110.28 0.90WasteMgt WM 130.99 1.71Waters WAT 295.65 10.93

s Watsco WSO 270.89 3.67Wayfair W 323.73 -14.27Weibo WB 49.55 -0.46WellsFargo WFC 39.48 -0.15Welltower WELL 72.80 -0.45WestFraserTimber WFG 76.11 2.17WestPharmSvcsWST 289.56 4.79WestAllianceBcpWAL 93.09 -1.28WesternDigitalWDC 72.04 0.67WesternUnionWU 25.06 -0.09WestlakeChemWLK 90.50 -1.05WestpacBankingWBK 19.02 0.29WestRock WRK 52.87 0.68

s WeyerhaeuserWY 36.74 -0.10

NetStock SymClose Chg

WheatonPrecMetWPM 40.22 0.32s Whirlpool WHR 233.51 8.21Williams WMB 23.75 -0.15

s Williams-SonomaWSM 182.88 0.80WillisTowers WLTW 235.65 2.06Wipro WIT 6.54 0.04Wix.com WIX 298.00 4.70Workday WDAY 255.00 0.03WynnResorts WYNN 131.07 2.97XP XP 39.01 -0.68XPO Logistics XPO 126.63 -0.85XcelEnergy XEL 68.11 1.32Xilinx XLNX 130.73 0.88XPeng XPEV 36.01 -0.94Xylem XYL 106.42 1.78Yandex YNDX 64.74 -0.23YumBrands YUM 110.64 0.84YumChina YUMC 59.21 0.08ZTO Express ZTO 29.17 -0.93ZaiLab ZLAB 125.11 -5.85ZebraTech ZBRA 492.80 1.02Zendesk ZEN 139.42 -0.38Zillow C Z 133.48 0.07Zillow A ZG 137.21 1.79ZimmerBiomet ZBH 162.70 2.70ZionsBancorp ZION 55.33 -0.08Zoetis ZTS 158.41 0.52ZoomVideo ZM 323.96 -2.27ZoomInfoTech ZI 47.56 -0.61Zscaler ZS 175.19 -0.58Zynga ZNGA 10.66 0.18

NetStock SymClose Chg

Continued From Page B6

Biggest 1,000 Stocks | WSJ.com/stocks

BUSINESS & FINANCE

main buyout funds with enter-prise values of $500 million to$2 billion, according to a doc-ument used in marketing thefund that was viewed by TheWall Street Journal.

The Encore fund’s targetedgross internal rate of return is25% and its goal is to producereturns of 2.5 times investedcapital, the document shows.Investors would be charged a0.5% management fee on in-vested money, while the firm’sshare of investment profits,known as carried interest, willbe 20%, the document said.The firm can only start collect-ing carried interest if the an-nual return from a fund is 8%or more, the document shows.

The firm expects to commit

at least $25 million to the En-core fund, the documentshows. In a regulatory filinglast month, the firm said itplans to have a first close ofthe continuation fund, which it

called PSG Encore LP, afterholding an initial closing forits fifth flagship fund, which isexpected to occur by June 30.

Providence Strategic

Growth is targeting $4 billionfor its fifth flagship vehicle.The firm didn’t respond tomessages seeking comment.

The investment committeefor the Encore fund includesfirm co-founders Mark Hastingsand Peter Wilde, the firm’schief executive and chairman,respectively, as well as JohnClancy, a managing director,the regulatory filing shows.

The firm describes poten-tial conflicts that may arisefrom its Encore investmentstrategy in the regulatory fil-ing, including the possibilityof sending signals about themarket value of a portfoliocompany in which an exit isplanned. The participation ornonparticipation of the Encore

fund in an exit by a flagshipfund could suggest the firm’sview of a portfolio company,leading new investors in thebusiness to place a higher orlower value on it accordingly.

Should Encore’s investmentin exit deals lead to highermarket values, the firm wouldhave an incentive to use thecontinuation fund’s participa-tion as a way to boost less de-sirable deals, the filing statesas an example.

Potential conflicts couldalso arise in the timing of ex-its from portfolio companies,as the filing said that the firmcould see a gain from an ear-lier exit that would let the En-core fund invest at a lowervaluation with the potential to

deliver higher returns.To mitigate such conflicts,

the firm would invest from theEncore fund on the same eco-nomic terms as other third-party investors, the filing said.Moreover, the firm wouldn’trequire consent from investorsin the Encore fund for suchtransactions, or in pre-initial-public-offering financingrounds for flagship fund port-folio companies, the filing said.

Conflicts could also arisewhen the respective panelsmake different determinationson the timing of exits and in-vestments, since Messrs.Wilde and Hastings serve onthe investment committees ofboth the firm’s flagship andEncore funds.

Providence StrategicGrowth Capital Partners isthe latest private-equity firmpitching a continuation fundto investors, seeking $1 billionto back selected portfolio com-panies as its flagship fundsexit, according to people fa-miliar with the fundraising.

The Boston-based firm ispitching its Encore fund to thelargest investors in its flagshipfunds, describing it as its first-ever continuation vehicle, thepeople said.

As the fund’s general part-ner, the firm will invest $50million to $200 million fromthe Encore fund in roughly 10portfolio companies held in its

BY PREETI SINGH

Buyout Firm Seeks $1 Billion for Fund

25%Continuation fund’s targetedgross internal rate of return

JUNE 2, 2021 | ONLINE

©2021 Dow Jones & Co., Inc. All rights reserved.

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THEWALL STREET JOURNAL. * * * * * Tuesday, April 6, 2021 | B11

Net YTDFund NAV Chg %Ret

American Century InvUltra 78.60 +1.38 3.5American Funds Cl AAmcpA p 42.09 +0.46 7.6AMutlA p 48.70 +0.42 9.6BalA p 31.74 +0.23 5.4BondA p 13.37 -0.01 -2.7CapIBA p 66.65 +0.43 6.4CapWGrA 63.35 +0.78 7.0EupacA p 70.76 +0.56 2.0FdInvA p 75.22 +0.83 9.0GwthA p 71.25 +0.98 5.5HI TrA p 10.30 +0.01 2.9ICAA p 48.52 +0.63 9.6IncoA p 25.16 +0.18 7.5N PerA p 63.56 +0.88 5.1NEcoA p 61.61 +0.60 3.5NwWrldA 90.83 +0.77 3.3SmCpA p 84.07 +0.45 5.7TxExA p 13.55 ... ...WshA p 55.39 +0.63 10.8

Net YTDFund NAV Chg %Ret

Artisan FundsIntlVal Inst 44.18 +0.39 10.8Baird FundsAggBdInst 11.35 -0.02 -3.1CorBdInst 11.73 -0.01 -2.8BlackRock FundsHiYBlk 7.81 +0.01 1.4HiYldBd Inst 7.80 +0.01 1.4BlackRock Funds AGlblAlloc p 22.26 +0.16 2.6BlackRock Funds InstStratIncOpptyIns 10.36 +0.01 0.5Bridge Builder TrustCoreBond 10.42 -0.01 -2.9CorePlusBond 10.29 -0.01 -2.4Intl Eq 14.26 +0.14 6.7LargeCapGrowth 21.75 +0.31 5.7LargeCapValue 16.61 +0.15 13.3Columbia Class IDivIncom I 28.58 +0.33 11.2Dimensional Fds

Net YTDFund NAV Chg %Ret

5GlbFxdInc 10.89 ... ...EmgMktVa 31.31 +0.14 9.5EmMktCorEq 25.98 +0.13 7.1IntlCoreEq 15.80 +0.17 8.6IntSmCo 22.02 +0.23 8.7IntSmVa 21.17 +0.22 10.8TAUSCoreEq2 25.79 +0.29 12.5US CoreEq1 33.07 +0.38 11.8US CoreEq2 30.43 +0.34 13.2US Small 46.41 +0.33 21.1US SmCpVal 44.35 +0.27 29.1US TgdVal 29.99 +0.17 27.6USLgVa 43.63 +0.34 16.7Dodge & CoxBalanced 111.14 +0.38 11.1GblStock 15.06 +0.08 13.2Income 14.16 ... -2.2Intl Stk 47.58 +0.38 8.9Stock 224.58 +1.27 17.9DoubleLine FundsCoreFxdIncmI 11.04 ... NA

Monday, April 5, 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 10.48 -0.01 -1.3Edgewood Growth InstitutiEdgewoodGrInst 54.14 +0.69 4.6Fidelity500IdxInstPrem141.88 +2.04 9.0Contrafund K6 19.91 +0.32 5.5ExtMktIdxInstPre 91.83 +0.29 10.0FidSerToMarket 14.09 +0.18 9.1IntlIdxInstPrem 48.30 +0.60 5.9MidCpInxInstPrem 29.84 +0.21 10.5SAIUSLgCpIndxFd 21.40 +0.31 9.0SeriesBondFd 10.39 -0.01 -3.2SeriesOverseas 12.96 +0.15 4.5SmCpIdxInstPrem 28.72 +0.14 15.0TMktIdxInstPrem117.58 +1.45 9.2USBdIdxInstPrem 11.98 -0.02 -3.3Fidelity Advisor INwInsghtI 39.07 +0.59 6.1Fidelity FreedomFF2020 17.75 +0.07 3.4FF2025 16.09 +0.08 4.1FF2030 20.23 +0.10 4.9FF2035 17.69 +0.12 6.8FF2040 12.69 +0.10 8.0Freedom2025 K 16.06 +0.07 4.2Freedom2030 K 20.22 +0.11 5.0Freedom2035 K 17.67 +0.13 6.8Freedom2040 K 12.69 +0.10 8.0Fidelity InvestBalanc 30.06 +0.20 6.3BluCh 173.62 +2.42 6.5Contra 17.37 +0.28 6.0ContraK 17.41 +0.28 6.0CpInc r 11.15 +0.04 4.8

GroCo 34.66 +0.40 5.4GrowCoK 34.76 +0.41 5.5InvGrBd 11.55 -0.02 -2.6LowP r 56.31 +0.37 15.8Magin 13.55 +0.22 3.8NASDAQ r 172.30 +2.86 6.5OTC 18.84 +0.35 7.5Puritn 27.74 +0.22 6.6SrsEmrgMkt 26.21 +0.14 5.0SrsGlobal 15.19 +0.14 5.9SrsGroCoRetail 24.09 +0.28 5.8SrsIntlGrw 18.46 +0.21 3.8SrsIntlVal 11.10 +0.15 10.0TotalBond 10.99 -0.01 -2.4Fidelity SAITotalBd 10.45 -0.01 -2.3Fidelity SelectsSoftwr r 28.40 +0.45 4.7Tech r 28.36 +0.29 5.5First Eagle FundsGlbA 65.01 +0.48 NAFranklin A1CA TF A1 p 7.71 ... -0.7IncomeA1 p NA ... NAFrankTemp/Frank AdvIncomeAdv NA ... NAFrankTemp/Franklin AGrowth A p 142.13 +1.99 4.9RisDv A p 85.19 +1.13 6.4Guggenheim Funds TruTotRtnBdFdClInst 28.51 -0.03 -3.3Harbor FundsCapApInst 104.18 +1.40 ...Harding Loevner

IntlEq 29.24 +0.21 2.9Invesco Funds YDevMktY 54.89 +0.02 2.7John Hancock InstlDispValMCI 27.04 +0.20 16.0JPMorgan I ClassCoreBond 11.90 -0.02 -2.6EqInc 21.86 +0.21 11.3JPMorgan R ClassCoreBond 11.92 -0.01 -2.6Lord Abbett AShtDurIncmA p 4.20 -0.01 0.4Lord Abbett FShtDurIncm 4.20 ... 0.4Metropolitan WestTotRetBdI 10.84 -0.02 -2.7TRBdPlan 10.17 -0.01 -2.7MFS Funds Class IGrowth I 168.69 +2.97 4.3ValueI 49.55 +0.41 10.2MFS Funds InstlIntlEq 31.57 +0.24 3.0Northern FundsStkIdx 45.62 +0.66 9.0Old Westbury FdsLrgCpStr 18.19 +0.16 NAParnassus FdsParnEqFd 59.07 +0.86 10.2PGIM Funds Cl ZHighYield 5.54 ... NATotalReturnBond 14.36 -0.03 NAPIMCO Fds InstlAllAsset NA ... NAShortT 9.84 ... NA

TotRt 10.24 -0.01 NAPIMCO Funds AIncomeFd 11.99 ... NAPIMCO Funds I2Income 11.99 ... NAPIMCO Funds InstlIncomeFd 11.99 ... NAPrice FundsBlChip 172.21 +2.66 4.0DivGro 64.13 +0.75 7.1EqInc 35.83 +0.20 15.1Growth 102.70 +1.49 5.9HelSci 99.85 +0.86 1.0LgCapGow I 65.66 +1.01 7.3MidCap 119.40 +1.16 5.6NHoriz 82.77 +0.29 0.6R2020 23.76 +0.13 4.4R2025 20.38 +0.13 5.2R2030 30.21 +0.22 6.2R2035 22.74 +0.19 7.1R2040 32.83 +0.30 7.9PRIMECAP Odyssey FdsAggGrowth r 58.65 +0.75 9.3Schwab Funds1000 Inv r 90.57 +1.16 8.4S&P Sel 62.58 +0.90 9.0TSM Sel r 72.55 +0.90 9.2VANGUARD ADMIRAL500Adml 376.43 +5.40 9.0BalAdml 45.79 +0.33 4.1CAITAdml 12.23 ... -0.5CapOpAdml r197.90 +2.43 11.5EMAdmr 43.75 +0.08 5.1EqIncAdml 87.93 +0.68 11.6

ExplrAdml 130.68 +0.85 9.2ExtndAdml 136.79 +0.44 10.0GNMAAdml 10.67 ... -0.5GrwthAdml 137.01 +2.50 5.2HlthCareAdml r 89.97 +0.61 0.5HYCorAdml r 5.93 +0.01 0.3InfProAd 27.87 -0.05 -1.4IntlGrAdml 163.26 +1.16 1.9ITBondAdml 11.98 -0.02 -4.0ITIGradeAdml 10.00 -0.02 -3.3LTGradeAdml 10.66 -0.02 -8.5MidCpAdml 279.94 +1.90 9.5MuHYAdml 11.93 ... 0.5MuIntAdml 14.73 ... -0.3MuLTAdml 12.12 ... -0.2MuLtdAdml 11.22 ... ...MuShtAdml 15.93 ... 0.1PrmcpAdml r173.70 +2.39 12.9RealEstatAdml133.03 +0.46 11.2SmCapAdml104.60 +0.50 12.5SmGthAdml 98.69 +0.47 5.1STBondAdml 10.77 ... -0.6STIGradeAdml 10.93 -0.01 -0.4TotBdAdml 11.17 -0.02 -3.3TotIntBdIdxAdm 22.85 ... -2.1TotIntlAdmIdx r 34.37 +0.30 6.1TotStAdml 103.06 +1.27 9.1TxMCapAdml214.41 +2.83 8.8TxMIn r 16.13 +0.17 6.4USGroAdml 172.86 +1.73 1.7ValAdml 51.96 +0.41 12.6WdsrllAdml 78.28 +0.89 14.0WellsIAdml 69.40 +0.16 1.8WelltnAdml 80.38 +0.86 5.6

WndsrAdml 82.11 +0.85 15.0VANGUARD FDSDivdGro 35.01 +0.44 6.0INSTTRF2020 26.93 +0.14 2.6INSTTRF2025 28.39 +0.18 3.4INSTTRF2030 29.32 +0.21 4.2INSTTRF2035 30.19 +0.24 5.1INSTTRF2040 31.09 +0.28 5.9INSTTRF2045 31.90 +0.31 6.7INSTTRF2050 32.02 +0.32 6.8INSTTRF2055 32.10 +0.31 6.8IntlGr 51.32 +0.37 1.8IntlVal 43.42 +0.43 7.9LifeCon 22.90 +0.09 1.3LifeGro 42.55 +0.37 5.7LifeMod 32.76 +0.21 3.5PrmcpCor 33.34 +0.46 15.0STAR 32.37 +0.20 4.2TgtRe2015 15.93 +0.05 1.3TgtRe2020 35.17 +0.17 2.6TgtRe2025 22.27 +0.14 3.4TgtRe2030 42.26 +0.30 4.2TgtRe2035 26.50 +0.22 5.1TgtRe2040 46.88 +0.42 5.9TgtRe2045 30.09 +0.30 6.7TgtRe2050 48.55 +0.48 6.8TgtRet2055 52.71 +0.52 6.8TgtRetInc 15.03 +0.04 0.9TotIntBdIxInv 11.43 ... -2.1USGro 66.73 +0.67 1.7WellsI 28.65 +0.07 1.8Welltn 46.55 +0.50 5.6WndsrII 44.12 +0.51 13.9VANGUARD INDEX FDS

ExtndIstPl 337.54 +1.07 10.0IdxIntl 20.55 +0.18 6.2MdCpGrAdml 94.63 +0.62 3.8SmValAdml 72.34 +0.35 18.9TotBd2 11.02 -0.01 -3.4TotIntlInstIdx r137.43 +1.18 6.1TotItlInstPlId r137.47 +1.18 6.1TotSt 103.03 +1.27 9.1VANGUARD INSTL FDSBalInst 45.79 +0.33 4.1DevMktsIndInst 16.15 +0.17 6.4DevMktsInxInst 25.25 +0.27 6.5ExtndInst 136.78 +0.44 10.0GrwthInst 137.01 +2.49 5.2InPrSeIn 11.35 -0.02 -1.4InstIdx 356.22 +5.12 9.0InstPlus 356.23 +5.11 9.0InstTStPlus 80.47 +1.00 9.2MidCpInst 61.84 +0.42 9.5MidCpIstPl 304.98 +2.06 9.5SmCapInst 104.60 +0.51 12.5SmCapIstPl 301.90 +1.45 12.5STIGradeInst 10.93 -0.01 -0.4STIPSIxins 25.85 -0.02 1.1TotBdInst 11.17 -0.02 -3.3TotBdInst2 11.02 -0.01 -3.3TotBdInstPl 11.17 -0.02 -3.3TotIntBdIdxInst 34.29 ... -2.1TotStInst 103.08 +1.28 9.2ValueInst 51.96 +0.41 12.6WCM Focus FundsWCMFocIntlGrwIns 25.38 +0.15 2.5Western AssetCoreBondI NA ... NACorePlusBdI NA ... NA

Data provided by

Fred Ehrsam, left, a co-founder of Coinbase, and Fred Wilson.

TAMMYPE

REZ/GET

TYIM

AGES

FORSX

SW

CRAIG

BARR

ITT/GET

TYIM

AGES

FORONWARD

18

gasoline prices that would fur-ther pressure consumers at thepump. After U.S. crude pricesrose as high as $66 last month,some investors had worriedthat a continued increasewould hurt the economy asmore consumers get vacci-nated and travel this summer.

Some on Wall Street haveeven called for a broad com-modity “supercycle” that couldpush up prices for a range ofraw materials and fuel infla-

tionary pressures for busi-nesses and consumers.

Traders will be monitoringdata on supply and inventoriesaround the world in the com-ing days, with recent figuresindicating that oil markets re-main well supplied also pres-suring energy prices lately.

Hedge funds and other

speculative investors slightlylowered net bets on higherU.S. crude prices in the twoweeks ended March 30, Com-modity Futures Trading Com-mission data show.

If demand falters, some in-vestors expect OPEC+ to re-verse last week’s announcedsupply increases. Saudi Arabia,

the de facto head of the cartel,has sought to maintain outputcuts, while other large produc-ers like Russia have pushed toroll them back. The group hasfrequently changed course inthe past year as forecastersstruggle to predict how de-mand will shift during thepandemic.

Crude prices have wobbled around $60 in recent weeks, remaining up roughly 20% for the year.

ELIH

ART

MAN/O

DES

SAAMER

ICAN/A

SSOCIAT

EDPR

ESS

an audit committee to overseerelations with its auditor—in-cluding, if necessary, referee-ing disagreements with thecompany’s management. Twoof the three directors on Coin-base’s audit committee areMessrs. Ehrsam and Wilson.

Audit committees are a vi-tal safeguard for shareholdersin publicly traded companies,regulators say. Former Securi-ties and Exchange CommissionChairman Arthur Levitt calledthe committees the “ultimateguardian of investor interestsand corporate accountability.”

SEC rules, introduced afterthe Enron and WorldCom ac-counting scandals of the early2000s, say every director onan audit committee must beindependent. Studies havefound that fully independentcommittees tend to improvefinancial reporting by compa-nies, according to academics.

“The requirement for theaudit committee to be 100%independent is really impor-tant,” said Terry Neal, an ac-counting professor at the Uni-

versity of Tennessee. “As soonas you relax it even a little,you start to lose the benefit.”

Mr. Neal said that, based onhis research of audit commit-tees at public companies, itwas “more than a bit unusualto see a co-founder and formerpresident of a company servingas an independent member ofits audit committee.”

One concern is potentialconflicts of interest. Messrs.Ehrsam and Wilson each own,via their firms, stakes in com-

panies that Coinbase has in-vested in recently. Mr.Ehrsam’s firm part-ownedTagomi Holdings Inc., a bro-kerage that Coinbase boughtlast year, for example. Theseco-investments could poten-tially create conflicts if, for ex-ample, the audit committeediscusses their accountingtreatment. These conflictscould force the men to recusethemselves from importantcorporate decisions.

“Whenever you have mixed

incentives, it’s very difficult tobe independent,” said AprilKlein, an accounting professorat New York University. “Theaudit committee are supposedto be the ones that ask thegood questions, not only ofthe auditor but of the firm.”

The decision on whether adirector of a public companyis independent isn’t just amatter for a company’s board.The stock exchanges, and theSEC, set detailed criteria fordirectors’ independence.

One Nasdaq rule says inde-pendent directors couldn’thave worked for the companywithin the past three years.Mr. Ehrsam stepped down aspresident of Coinbase in Janu-ary 2017.

The two men appear to justqualify under the regulatorycriteria for independence. Mr.Neal, the accounting professor,added that he believes thecompany is “taking advantageof some vulnerabilities in theregulations that permit thistype of scenario to happen.”

Directors aren’t indepen-

dent if they own more than10% of the voting shares. Forthe two Coinbase directors,that includes shares in thecompany held by their invest-ment firms—Union SquareVentures for Mr. Wilson andParadigm for Mr. Ehrsam.

Mr. Ehrsam controls 8.9% oftotal voting power while Mr.Wilson has 8.1%, according tothe prospectus. So neitherbreaches the 10% rule.

Big investors who serve onan audit committee can be ef-fective advocates for share-holders as a whole. But thereis a concern that they may actto help existing investors atthe expense of new ones, orfavor big shareholders oversmaller ones.

Nasdaq, which can challengecompanies’ choice of audit-committee members, has ap-proved the Coinbase shares forlisting, securities filings show.The SEC’s comments on theCoinbase prospectus haven’tbeen published. Spokesmen forthe SEC and Nasdaq Inc. de-clined to comment on Coinbase.

on April 14. The prospectus forits offering says its board hasdetermined that Messrs.Ehrsam and Wilson meet theregulatory definition of inde-pendent directors.

Coinbase, valued at about $8billion in its last private fund-raising round in 2018, is pre-paring to go public on the Nas-daq Global Select Market via adirect listing—a nontraditionalprocess where existing share-holders can sell shares but thecompany doesn’t raise anycash. Other companies such asSpotify SA and Slack Technolo-gies Inc. took the same route tothe market.

Like every public company,Coinbase is required to have

ContinuedfrompageB1

CoinbaseInsidersJoin Board

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 $178,430,068,500 $189,442,968,600Accepted bids $64,539,837,500 $61,144,496,500" noncomp $516,196,700 $426,007,700" foreign noncomp $400,000,000 $622,000,000Auction price (rate) 99.994944 99.982306

(0.020%) (0.035%)0.020% 0.035%

Bids at clearing yield accepted 70.06% 48.87%912796B57 9127964V8

Both issues are datedApril 8, 2021. The 13-week billsmature on July 8, 2021; the 26-week billsmature onOct. 7, 2021.

State Street Global Advisors inEurope.

Stocks that were hammeredby the pandemic, like airlinesand cruise-line operators,posted solid gains on Monday.Delta Air Lines, SouthwestAirlines and United Airlineswere all up more than 2.5%.

Norwegian Cruise Line shotup $1.99, or 7.2%, to $29.71 afterit asked health officials to let itresume sailing from U.S. ports,while Carnival shares gained

$1.25, or 4.7%, to $28.11. TheCenters for Disease Control andPrevention issued updated guid-ance Friday that will make iteasier for cruise lines to beginreturning to normal operations.

“Without a doubt, the re-opening trade remains in goodorder,” said Hans Olsen, chiefinvestment officer of FiduciaryTrust.

A faster-than-anticipated vac-cine rollout and stimulus spend-ing from President Biden’s $1.9

MARKETS

tions for unemployment bene-fits have trended down sincethen and Friday’s report offeredsigns that hiring may be pickingup again.

“It was a blockbuster reporton all fronts, exceeding expecta-tions in a really big way,” saidHani Redha, a portfolio managerat PineBridge Investments.

Other data released Mondayshowed the U.S. services sectorcontinuing to make gains afterit was battered by shutdowns,stay-at-home orders and con-sumer caution stemming fromthe pandemic.

The Institute for SupplyManagement’s services indexrose to a record of 63.7 inMarch from 55.3 in February,ahead of economists’ forecastof 59.2. Any reading above 50indicates an expansion.

Recovery in services haslagged behind manufacturing,and investors have been watch-ing for a pickup in industrieslike leisure, travel and restau-rants to indicate a broader eco-nomic rebound.

“Manufacturing has beenstrong across the board, but itis easier to switch on a factoryand start making cars. What weneed to see is the services pick-ing up,” said Altaf Kassam,head of investment strategy for

trillion coronavirus relief billhave also helped propel thestock market to records.

Some investors have worriedthat the pace of growth andtorrent of government spend-ing could spur inflation,prompting the Federal Reserveto tighten monetary policy. Fedofficials have said they arelooking for recovery in the jobsmarket, alongside sustained 2%inflation, before changing inter-est rates or altering bond pur-chases.

On Monday, the yield on the10-year Treasury note slippedto 1.718% from 1.721% Friday.Bond yields fall when pricesrise.

Ten of the S&P 500’s 11 sec-tors rose, reflecting a broadrally that included robust gainsin economically sensitive sec-tors like consumer-discretion-ary, industrials and materialsstocks, as well as tech.

The only sector to post a losswas energy, which was draggeddown by a drop in the price ofoil. Futures on Brent crude, theinternational benchmark,slumped 4.2% to $62.15 a barrelas countries including India andChina reported an increase incoronavirus cases that couldlead to another drop in globaloil demand.

GameStop fell $4.50, or2.4%, to $186.95 after it an-nounced plans to sell as manyas 3.5 million shares.

Shares of the videogameretailer slid as much as 14% inmorning trading before paringlosses. The stock has been on awild ride this year amid afrenzy of trading by individualinvestors fueled by social me-dia.

Overseas, major markets inEurope were closed for the Eas-ter holiday, while markets inChina and Hong Kong wereclosed for the Qingming Festi-val. Early Tuesday, Japan’s Nik-kei was down 0.7% and SouthKorea’s Kospi was down 0.1%.S&P 500 futures were down0.1%.

The Dow Jones IndustrialAverage and S&P 500 surged torecords as a strong jobs reportand data showing a rebound inthe services sector cheered in-vestors hoping for a robusteconomic recovery.

The Dow gained 373.98points, or 1.1%, to 33527.19. Thebroad S&P 500 climbed 58.04

points, or 1.4%, to4077.91.

The technol-ogy-heavy Nasdaq

Composite advanced 225.49points, or 1.7%, to 13705.59.

With the U.S. stock marketclosed Friday, it was the mar-ket’s first reaction to the latestjobs report, which showed thatU.S. hiring jumped in March.

Employers added a season-ally adjusted 916,000 jobs lastmonth, the best gain since Au-gust. The fast pace of hiringhas bolstered hopes for astrong economic rebound andcould continue driving inves-tors to stocks hardest hit bythe Covid-19 pandemic.

Many businesses laid offworkers last year as state andlocal governments imposedmeasures to contain the spreadof the coronavirus. New applica-

BY CAITLIN OSTROFFAND ALEXANDER OSIPOVICH

Jobs Data Power Dow, S&P to Records

MONDAY’SMARKETS

-2% -1 0 1 2

S&P500 sectors performance,Monday

Source: FactSet

Energy

Real Estate

Healthcare

Financials

Utilities

Materials

Industrials

Consumer staples

S&P 500

Information technology

Communications services

Consumer discretionary

U.S. crude-oil price

Source: FactSet

$65

35

40

45

50

55

60

a barrel

Jan. ’21Nov. 2020

cases around the world and asluggish vaccine rollout in Eu-rope would pressure demandfor fuel in the weeks ahead.French President EmmanuelMacron announced a nationallockdown last Wednesday, andthe pandemic is also worsen-ing in other large economiessuch as India.

Even though many analystsviewed last week’s OPEC deci-sion as a sign of confidencethat demand will surge, sometraders are now questioningthose wagers.

“The strong bullish re-sponse to the production deci-sion was an overreaction,” JimRitterbusch, president of en-ergy advisory firm Ritterbusch& Associates, said in a note.

Brent crude, the globalgauge of oil prices, fell 4.2% to$62.15 a barrel Monday.

Analysts say oil prices arenow hovering around a sweetspot that supports earnings forenergy producers withoutcausing a much bigger climb in

Oil prices fell Monday, ex-tending a recent stretch of vol-atility with some traders wor-ried that rising coronaviruscases will halt a rebound infuel demand.

U.S. crude prices slid 4.6%to $58.65 a barrel, erasingtheir advance from late lastweek and dropping at least 4%

for the thirdtime in nines e s s i o n s .

Prices jumped Thursday fol-lowing a decision by the Or-ganization of the PetroleumExporting Countries and alliesto gradually increase supply inthe coming months as theglobal economy recovers fromthe pandemic.

Oil prices have wobbledaround $60 in recent weeks,remaining up roughly 20% forthe year but more than 10%below a March 5 peak.

Investors are weighingwhether rising coronavirus

BY AMRITH RAMKUMAR

Demand WorriesDent Oil Prices

COMMODITIES

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B12 | Tuesday, April 6, 2021 THEWALL STREET JOURNAL.

Sports Stars Get in the SPAC GameBlank-check companies draw in athletes, but investors shouldn’t spring for courtside tickets

HEARD ONTHESTREET

FINANCIAL ANALYSIS & COMMENTARY

Biden’s infrastructure plan includes tax incentives for transmission lines.

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Bob Dylan, Stevie Nicks and nowPaul Simon. Older, established sing-ers sold their song catalogs forhuge sums over the past year. Thechallenge for investors is how tovalue newer acts.

Demand for music publishing as-sets—the rights to the underlyingcomposition of a song—is growingamong record labels, buyout firmsand hedge funds. In 2020, $4.67 bil-lion of music catalogs changedhands globally, a 14% increase from2019 based on data from analyticsfirm MIDiA.

Song catalogs can make good in-vestments because of the royaltypayments they generate and the di-versity they add to portfolios. Mr.Dylan sold his catalog to UniversalMusic Publishing Group late lastyear—at a $300 million price tag,according to industry trade publica-tions. Top acts from the 1960s and1970s can get payouts of more than20 times their annual net royalties.A decade ago that multiple was 9.2times on average, according to in-vestment bank Shot Tower Capital.

Newer artists are cheaper butriskier. Royalty payments are highsoon after a song is released butthen quickly decay. Unlike oldersong catalogs that have settled intoan established pattern, it is trickierto model the future cash flows offresh releases.

New music isn’t growing as faston digital platforms. Streams oftracks released in the 2000s are in-creasing at half the rate of songsfrom the 1960s, data cited by bro-kerage Jefferies shows. One reasonmight be that older listeners havebeen relative latecomers to stream-ing but are now signing up.

Many music catalogs are in pri-vate portfolios, but there are listedfunds like Round Hill Music andHipgnosis that are aggressivelybuying song rights. Over 85% ofRound Hill’s songs are more than adecade old compared with half atHipgnosis, according to Jefferies.That may make the latter’s incomemore volatile.

Of course, brave bets on today’sacts could pay off spectacularly ifthey are being listened to in 30years’ time. Investors that want asteadier beat can always stick withthe classics. —Carol Ryan

MusicInvestorsTune In

To LegendsOlder song catalogsgarner huge sums

The saga of Archegos CapitalManagement put the spotlight ona little-known but vital businessfor Wall Street: prime brokerage.The resulting scrutiny could affectthis engine of trading, but it mightwind up playing into the hands ofthe biggest banks.

The biggest source of banks’ eq-uities-trading revenue was oncecash trading, or the relativelystraightforward business of help-ing clients execute trades. Butwhile commissions narrowed overthe past decade or so, prime-bro-kerage revenue grew.

Prime brokers provide financingfor trading clients like hedgefunds, leading to both lending in-come and trading activity. Bankscan use their prime units to pooltrading and risk exposures to helpdrive profitability across theirtrading desks. Morgan Stanley in2019 referred to prime as “sort ofthe center of the machine” for eq-uities.

Last year, prime services gener-

ated $15.2 billion in revenue forthe largest global investmentbanks, according to industry dataprovider Coalition Greenwich. Thatfigure was down from 2019 ashedge funds dialed-down theirborrowing amid the coronaviruspandemic, but prime remains veryimportant. Goldman Sachs Groupthis year told investors it was add-ing record prime-brokerage clientbalances and that prime was “afeeder into a variety of other reve-nue sources.”

But banks have to carefullymanage their balance-sheet expo-sures, so the ability to finance cli-ents via prime brokerage doeshave its limits. Banks are strug-gling to handle an influx of depos-its while also trying to not in-crease their capital requirements.This challenge can partly explainthe appeal of total-return swaps,derivatives used to bet on a stockwithout owning it apparently em-braced by Archegos. They have ad-vantages for clients, but also

banks. So-called synthetic financ-ing can in some cases carry alower balance-sheet cost for abank than “physical” financing,

like a repurchase agreement orstock loan, according to JoshGalper, managing principal at in-dustry consulting firm Finadium.Mr. Galper estimates that morethan half of prime brokers’ financ-ing revenue in the first half of2020 was from synthetic ratherthan physical financing.

After Archegos, there may bechanges in the prime business.Some could crimp the prime busi-ness, but might not be to the dis-advantage of the biggest U.S.firms, which so far have reportedlysteered clear of the losses poten-tially suffered by Credit SuisseGroup and Nomura Holdings.There could be a push for total-re-turn swaps to be standardized andcentralized in a clearinghouse oron exchanges. If this makes theswaps less profitable, it could re-duce the availability of financing.But it also could make it relativelymore efficient for America’s giantmoney-center banks to provideswaps because they already have

so much activity with clearingfirms.

After the 2008 financial crisis,hedge funds reportedly increasedtheir use of multiple prime brokersto reduce their risk of one failing.A 2020 survey by Global Custodianfound that clients with over $100billion in assets under manage-ment use an average of more thanfour prime brokers. But whatseems like good housekeepingmight also have made it harder forbrokers to monitor a client’s riskor exposure across firms. The larg-est brokers can now argue to cli-ents that dealing with just one ortwo firms that handle blocks ofshares could avoid future messyscrambles to sell hedges or collat-eral that could create escalatinglosses.

The Archegos episode may ulti-mately serve as a reminder that,on Wall Street, tragedy for somecan sometimes be followed by op-portunity for others.

—Telis Demos

Prime-services revenue across thelargest global investment banks

Source: Coalition Greenwich

$18

0

2

4

6

8

10

12

14

16

billion

2012 ’15 ’20

Hoops star Shaquille O'Neal said he started investing to build somethingmore eternal than his basketball legacy.

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Google “Shaquille O’Neal inves-tor” and you’ll be inundated with alist of activities that, much like hisphysique, is surprisingly large. Thelatest: advising blank-check com-panies.

The hoops great isn’t alone. Alist compiled by The Wall StreetJournal in March catalogs a grow-ing roster of star athletes andsports executives who count them-selves as investors or advisers inspecial-purpose acquisition compa-nies. They include Serena Wil-liams, Stephen Curry, NaomiOsaka, Tony Hawk and Colin Kaep-ernick.

As of last month, there hadbeen 61 sports-related SPACsformed this year alone comparedwith just five for the entirety of2019, according to sports businesspublication Sportico.

Celebrities are drawn to SPACsgiven the significant upside andlimited need for their capital.

Mr. O’Neal, like other athletes,has said he started investing tobuild something more eternal thanhis basketball legacy. Similarly, Na-tional Football League wide re-ceiver Odell Beckham Jr. said hebets on startups because hedoesn’t want football to definehim. He recently signed on to be astrategic adviser for a SPAC spon-sored by a technology-focusedventure-capital firm.

That stands in contrast withathletes’ history of being ropedinto lousy investments.

Basketball great Kareem Abdul-Jabbar once called the rallying cryof former athletes turned inves-tors: “Dude, where’s my money?”

Mr. O’Neal—whose first big in-vestment was highly successful, a

stake in Google before it wentpublic—currently serves as a stra-tegic adviser for a SPAC that inFebruary said it would merge withfitness and nutrition businessBeachbody Co.

Tennis legend Serena Williamssits on the board of Jaws SpitfireAcquisition Corp., a SPAC thatsaid in March it will merge with athree-dimensional printing tech-nology company.

Just how successful can sportsstars be in a domain so far outsidetheir arena, though?

SPAC celebrity betting, muchlike sports betting itself, is a crap-shoot.

Blindly throw all your money atyour favorite player every timeand he or she will inevitably breakyour heart. As of 2014, Ms. Wil-liams’s venture-capital firm Ser-

ena Ventures has invested inmore than 50 early-stage startups.

The bigger question is why in-vestors are drawn to an invest-ment class increasingly known forits association with big names insports.

Like scouting new talent, aSPAC enables investors to play ahot new trend based on future po-tential rather than a demonstratedrecord. SPACs appeal to those withshort attention spans, offering im-mediate gratification.

It is unclear the extent to whichsports celebs are involved in thevetting process as SPACs evaluatepotential targets. But their namerecognition as sponsors or advis-ers no doubt helps their invest-ments to stand out in an increas-ingly crowded field. That SPACsneed star power is a clear sign of

just how glutted the investmentclass has become: SPACs thatmade their debut in March hov-ered near their issue prices whilethose in January and Februaryrose by an average of 5% aftertheir offerings.

Celebrities’ participation hasthe Securities and Exchange Com-mission concerned. Big-time ath-letes can pack stadium seats invirtually any city they travel to, sowhat else will fans follow theminto? The SEC recently put out aninvestor alert cautioning againstinvesting in a SPAC just becausesomeone famous endorses it. Stat-ing the obvious, it points out thatloaded athletes can afford to takebig risks.

That many individual investorscan’t was implied.

—Laura Forman

Global recordedmusic revenue,by segment

Source: IFPI Global Music Report 2021

0

5

10

15

$20 billion

2010 ’15 ’20

Physicalsales

Streaming Downloads

Performancerights

Synchronization

Grid Proposal Contains a Head ScratcherWhen you have a fiscal hammer

in the form of tax credits, perhapseverything looks like a nail.

President Biden’s infrastructureplan proposes some tried-and-trusted methods to spur clean-en-ergy development such as a 10-year extension of existing taxcredits for solar and wind energy.More interestingly, it introducesan investment tax credit for high-voltage transmission lines. Thegoal is to incentivize the build-outof at least 20 gigawatts worth oftransmission. That is roughly theamount of transmission that couldmatch the Texas grid’s very signif-icant wind generation.

The administration is certainlylooking in the right direction: Toreach Mr. Biden’s net-zero emis-sions goal by 2050, the U.S. willneed to expand electricity trans-mission systems by 60% by 2030and may need to triple it by 2050,according to research published byPrinceton University in December.That is because renewable energy-rich places such as the windiestregions aren’t necessarily close topopulation centers, where electric-ity demand is.

While the clean-energy industryprobably won’t complain about anew subsidy, the tax-credit pro-posal is a bit of a head scratchergiven that the real roadblocks totransmission lines have to do with

permitting, much of which is inthe hands of state and local au-thorities. “For most transmissionwe need in the country, it’s not acost issue or an access-to-capitalissue, although transmission canbe delayed because of cost alloca-tion debates,” said George Bilicic,global head of power, energy andinfrastructure at Lazard.

Tax credits were instrumentalin helping wind and solar take offbecause funding really was a bot-tleneck to development. When tax

credits were introduced for windand solar in 1992 and 2005, re-spectively, the technologies weremuch more expensive than theyare today and not fully trusted byinvestors. By contrast, transmis-sion line technology is well pastmiddle age: Modern high-voltagetransmission lines have beenaround since the 1950s.

In that vein, it is true that a taxcredit for transmission could helpoffshore wind, still relatively newto the U.S., become more cost

competitive, as Clarke Bruno, chiefexecutive officer of transmissiondeveloper Anbaric DevelopmentPartners, notes. Because there isno offshore grid, U.S. offshorewind projects all need tobuild transmission lines fromscratch to connect to the shore.

The proposed plan also calls fora so-called Grid Deployment Au-thority within the Energy Depart-ment to “better leverage existingrights of way” along roads andrailways. That would be a goodfirst step, though eminent do-main—the power of the govern-ment to take private property andconvert it for public use—remainslargely within state regulators’hands. While the Federal EnergyRegulatory Commission has au-thority to grant natural-gas pipe-lines the right of eminent domainunder the Natural Gas Act, there isno equivalent authority for elec-tricity transmission under the Fed-eral Power Act and little momen-tum in Congress to grant thatprovision.

The infrastructure plan is cer-tainly a helpful indicator of whatthe Biden administration priori-tizes. Soon, however, it will cometo realize something that trans-mission line developers haveknown for a while: The devil is al-ways in the details.

—Jinjoo Lee

Archegos Saga Not So Tragic for Wall Street’s Big Brokers

Number ofsports-relatedSPACs formed

Source: Sportico

Note: Figures for 2006, 2009-12, 2016 had nosport-related SPACs based on the criteria Sportico use;2021 data is through March 24

60

0

10

20

30

40

50

2005 ’07 ’08 ’13 ’15 ’17 ’18 ’19 ’20 ’21

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