* * * * * * THURSDAY, MAY 13, 2021 ~ VOL. CCLXXVII NO. 111 WSJ.com HHHH $4 .00

DJIA 33587.66 g 681.50 2.0% NASDAQ 13031.68 g 2.7% STOXX600 437.93 À 0.3% 10-YR. TREAS. g 20/32 , yield 1.693% OIL $66.08 À $0.80 GOLD $1,822.60 g $13.30 EURO $1.2073 YEN 109.70

BY GWYNN GUILFORD

A year of remote learninghas spurred an eruption ofcheating among students,from grade school to college.With many students isolatedat home over the past year—and with a mass of onlineservices at their disposal—academic dishonesty hasnever been so easy.

Websites that allow stu-dents to submit questionsfor expert answers havegained millions of new users

TEL AVIV—Israel’s militarysaid it killed 14 senior Hamascommanders and officials as itintensified its airstrikes tar-geting the militant group inGaza, as a wave of clashes be-tween Jewish and Arab Israe-lis on the streets spreadwithin the country’s borders.

Palestinian health ministryofficials said Israeli airstrikeshave killed 65 people sinceMonday, including 16 children.Six Israelis, including onechild, have died in intense

WASHINGTON—U.S. tariffshave led to a sharp decline inChinese imports and signifi-cant changes in the types ofgoods Americans buy fromChina, new data show, withpurchases of telecommunica-tions gear, furniture, appareland other goods shifting toother countries.

Nearly two-thirds of all im-ports from China—or about$370 billion in annual goods—were covered by tariffs im-posed by the U.S. in 2018 and2019. Tariffs now cover justhalf of Chinese exports to theU.S., or about $250 billion ingoods annually, as U.S. compa-nies buy more from other coun-tries, according to a Wall StreetJournal analysis of informationfrom Trade Data Monitor.

The Trump administrationimposed the levies in 2018-19,aiming to boost U.S. factoryproduction by making Chineseimports more expensive forthe U.S. companies that bringthem in. That so-called re-shoring of manufacturinghasn’t happened in any appre-

PleaseturntopageA7

China considers neweconomic envoy to U.S. ...... A7

through airport security Fri-day and again on Sunday.

Frequent fliers like Tim Sla-baugh aren’t thrilled. “We hadthis window in Covid wherebusiness travel was just won-derful,” said the medical-sup-ply company representative,who kept up his travel pace

throughout the pandemic.“The airports themselves

were empty,” he said. “Now,it’s like somebody turned thelight switch back on.”

Many people traveling noware vacationers and “olderfolks, hopped up on vaccines,”

PleaseturntopageA10

Air travel is coming back.So are things people hatedabout it.

Passenger volumes at U.S.airports hit pandemic recordsover the weekend, with morethan 1.7 million people passing

BY ALISON SIDER

Yearning for Pre-Pandemic Crowds? Head to the Airporti i i

Flying revives, as do annoyances; ‘selfishly, I like an empty airplane’

over the past year. A newerbreed of site allows studentsto put up their own class-work for auction.

“Consider hiring me to doyour assignment,” reads abid from one site. “I workfast, pay close attention tothe instructions, and delivera plagiarism-free paper.”

Some educators fear thenew generation of cheaterswill be loath to stop even af-ter the pandemic recedes.“Students have found a way

PleaseturntopageA10

BY TAWNELL D. HOBBS

Cheating at SchoolGrows Rampant

Students isolated at home find academicdishonesty is easier than ever

U.S. NEWSColonial Pipeline beginsto restart operationsamid strained gasoline

supplies. A3

U.S. NEWSRepublicans in Houseoust Liz Cheney fromparty leadership overcriticism of Trump. A6

ERIK

S.LE

SSER

/EPA

/SHUTT

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OCK

Consumer prices surged inApril by the most in any 12-month period since 2008,shaking investors although thedata partly reflect a recoverythat is picking up steam as theCovid-19 pandemic eases.

The Labor Department re-ported its consumer-price in-dex jumped 4.2% in April froma year earlier, up from 2.6%for the year ended in March.On a month-to-month basis,which strips out the effect ofprice declines in April 2020,the early days of the pan-demic, prices rose a seasonallyadjusted 0.8% last month.

The index measures whatconsumers pay for goods andservices such as clothes, gro-ceries, restaurant meals, recre-ational activities and vehicles.

Higher prices for used autossurged 10% in April comparedwith the prior month—thelargest monthly increase on re-cord. That accounted for morethan one-third of the increase,the Labor Department said.

The data sent the DowJones Industrial Average andS&P 500 to their steepestthree-day declines in nearlyseven months on Wednesday,on concerns that the FederalReserve could move earlierthan expected to tighten inter-est rates. Bond yields jumped,with the yield on the bench-mark 10-year posting its larg-est one-day gain since March.

Policy makers are watchingApril’s reading to gauge the ex-tent of what many expect to bea monthslong rise in prices, af-ter a year of anemic overall in-

PleaseturntopageA2

Inflation Surge Rattles MarketsConsumer-price rise of4.2% for year is biggestsince 2008, fuelingworries of a rate hike

14

0

2

4

6

8

10

12

%

1960 ’70 ’80 ’90 2000 ’10 ’20

APRIL 2021

+4.2%

April's increase in consumer priceswas driven partly by sharp rises inprices for used cars, gasolineand airline fares.

Consumer price index,change from previous year

Monthly CPI for select categories, change from previous year

Source: Labor Department via the Federal Reserve Bank of St. LouisNote: Seasonally adjusted

GASOLINEUSED CARS/ TRUCKS

+21%10

–10

0

%

’212020

FURNITURE

+3.5%10

–10

0

%

’212020

HOUSEHOLD ENERGY

+6.4%

’212020

AIR FARES

+9.6%

’212020

+49.6%

’212020

U.S. TariffsBring DropIn ChineseImportsBY JOSH ZUMBRUN

Clashes Rock IsraelAs Military Kills14 Hamas Leaders

Hamas rocket barrages that be-gan Monday evening, and onesoldier died in an antitank-mis-sile attack, Israeli officials said.

Meanwhile, chaos also spreadinside Israel on Wednesday asthe conflagration connected totensions over the contested cityof Jerusalem this week took ona new dimension, with clashesbetween Jews and Arab Israe-lis—the descendants of Palestin-ians who remained in Israel af-ter the 1948 war that

PleaseturntopageA8

BY FELICIA SCHWARTZAND DOV LIEBER

Hamas capitalizes onPalestinian anger..................... A8

INSIDE

U.S. stocks extended theirlosses on Wednesday, with theDow Jones Industrial Averageand S&P 500 posting theirsteepest three-day declines innearly seven months, after asharp increase in consumerprices heightened concernsabout inflation.

The jump in prices was

steeper than expected and ex-acerbated fears that inflationcould prompt the Federal Re-serve to accelerate its timelinefor scaling back its easy-money policies. Near-zerorates have buoyed demand forstocks, which have hit dozensof records since the coronavi-rus pandemic sent them fall-ing early last year.

“Not only is just inflationand unexpected inflation a bad

story for any type of real re-turns in your portfolio, it’salso increasing the uncertaintyaround what the Fed’s nextmoves are going to be over thenext couple of months,” saidMatt Forester, chief invest-ment officer of Lockwood Ad-visors at BNY Mellon Pershing.

The S&P 500 fell 89.06points, or 2.1%, to 4063.04.The Dow Jones Industrial Av-erage retreated 681.50 points,

or 2%, to 33587.66. The broadU.S. stock index is down 4%this week, while the blue chipsare down 3.4%, the largestthree-day drop for both in-dexes since late October.

The tech-heavy NasdaqComposite slumped 357.75points, or 2.7%, to 13031.68.The Nasdaq is down 5.2% thisweek—its worst three tradingdays since early March.

PleaseturntopageA4

BY KAREN LANGLEYAND JOE WALLACE

Stocks LogWorst Streak in Months

Treasury yields jump oninflation signal......................... B11

Three price trends to watchclosely............................................ A2

YOUCOULDBECOMEONE.

IN THE TIMEIT TAKESTO READ THISHEADLINE

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Israel’s military said itkilled 14 senior Hamas com-manders and officials as it in-tensified its airstrikes target-ing themilitant group inGaza,as a wave of clashes betweenJewish and Arab Israelis onthe streets spread withinthe country’s borders. A1, A8Republicans ousted Rep.Liz Cheney from party lead-ership, sidelining the Trumpcritic in a bid to preserveparty unity as the GOPworksto win back the House. A6The CDC recommendedthat 12- to 15-year-olds re-ceive the Covid-19 vaccinefrom Pfizer and BioNTech.A3The owner of the ColonialPipeline said that it has begunrestarting operations fol-lowing a cyberattack thatshut down the conduit. A3 Biden ordered U.S.agencies and software con-tractors that supply themto boost their defensesagainst cyberattacks. A4 The top Republicans onCapitol Hill told Biden theywould oppose any effort toraise taxes to pay for aninfrastructure proposal. A4 The federal governmentis launching a temporary$3.2 billion program to helpneedy families pay for high-speed internet service. A4 A review board estab-lished by the WHO’s lead-ership said the agency tooktoo long to declare Covid-19a public-health emergency.A9Mexico said it is invalidat-ing a union vote at a GM truckfactory after theU.S. asked fora review under the U.S.-Mex-ico-Canada Agreement. A7

Consumer prices surgedin April by themost in any

12-month period since 2008,shaking investors althoughthe data partly reflect a recov-ery that is picking up steamas the pandemic eases.A1, A2 U.S. stocks extendedtheir losses, with the S&P500, Dow and Nasdaq fall-ing 2.1%, 2% and 2.7%, re-spectively. U.S. governmentbond yields jumped. A1, B11 U.S. tariffs have led to asharp decline in Chinese im-ports and significant changesin the types of goods Amer-icans buy from China. A1 China is consideringwhether to replace Vice Pre-mier Liu as its top economicenvoy to Washington. A7Amazon notched a vic-tory as the European Union’ssecond-highest court sidedwith the company over a$300million tax bill. B1 SoftBank smashed profitrecords in Japan, riding aseries of blockbuster IPOs tofull-year net income equiva-lent to nearly $46 billion. B1 Tesla CEO Musk saidthat the company has sus-pended taking bitcoin aspayment for its vehicles. B1A Facebook-backed digitalcurrency project is being re-vamped inabid toaddressU.S.officials’ concerns that it couldbeused for illicit purposes.B10The Pentagon agreed toremove Xiaomi from a black-list banning U.S. investmentin the Chinese tech giant. B4 Boeing is nearing a fixfor engine covers like theone that broke apart on aUnited Airlines 777 jet overColorado earlier this year. B3

Business&Finance

World-Wide

P2JW133000-6-A00100-17FFFF5178F

A2 | Thursday, May 13, 2021 THEWALL STREET JOURNAL.

U.S. NEWS

it would hold rates near zerountil the central bank’s pre-ferred inflation measure is av-eraging 2% and full employ-ment has been achieved. Apersistent, significant increasein inflation could prompt thecentral bank to tighten itseasy-money policies earlierthan planned, or to react moreaggressively later, to achieveits 2% inflation goal.

White House officialsspeaking ahead of the report’srelease said the administrationis tracking a range of potentialeconomic risks, including in-flation. White House spokes-woman Jen Psaki saidWednesday that the adminis-tration expects to “see a spe-cific number of months orquarters where there is a tran-sitory increase, and that’ssomething that we have pre-pared for and that most econ-omists say will be temporary.”

Some Republicans have takenaim at Democrats and the Bidenadministration, saying their pol-icies would contribute to driv-ing up inflation. “Inflation fearsare growing and threaten toharm America’s economic re-covery,” Sen. Marco Rubio (R.,Fla.) tweeted Wednesday.

Consumers are seeing many

prices jump for a variety ofreasons. Used-car prices havesurged as global chip shortagehas reduced production of newcars. Many companies arepassing on to consumers thehigher costs for crops, oil andtruckers’ wages. Airfares andhotel-room rates are climbingas consumers travel again.

More broadly, rising pricesreflect strong consumer de-mand fueled by widespreadCovid-19 vaccinations, easingbusiness restrictions, trillionsof dollars in federal relief pro-grams and ample consumersavings. Real U.S. gross domes-tic product rose 6.4% at a sea-sonally adjusted annual rate inthe first quarter. Economistssurveyed by The Wall StreetJournal in March forecast thesecond quarter to grow at an8.1% annual rate, putting theU.S. economy on track for itsbest year since the early 1980s.

“I think a lot of us are ex-pecting a pretty significant in-crease of spending on servicesin the next couple months andthat’s where a lot of the pres-sure on CPI is going to comefrom,” said Richard F. Moody,chief economist at Regions Fi-nancial Corp., of the con-sumer-price index.

The longer that burst ofspending persists, the morelatitude producers have toraise prices, he said. And onceprices go up, they seldom fallback to where they were, evenif the acceleration in overallinflation is temporary, he said.“That very much matters interms of what’s the lasting im-pact on household budgets,”Mr. Moody said.

Some 36% of small busi-nesses indicated that they hadraised selling prices in April,the highest share since 1981,according to a survey con-ducted by the National Federa-tion of Independent Business.

Stronger demand hasspurred employers to try tohire, but many said they can’tfind enough people. Job open-ings reached a high in Marchas the gap widened betweenopen positions and workerstaking the roles, a dynamicthat could push up wages.

The employment cost indexfor the first quarter of 2021showed that wage growth re-turned to the same pace as in2018 and 2019, in what was atight labor market.

—Andrew Restucciaand Tarini Parti

contributed to this article.

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The number of migrantfamilies and unaccompaniedchildren illegally crossing theU.S. border dropped in April forthe first time in five months,according to government data.A U.S. News article in someeditions Wednesday about ille-gal border crossings incorrectlysaid the number dropped forthe first time in nearly a year.

Tarpon Island in Florida isaccessible only by bridge andboat. A Mansion article on Fri-day about the private islandoff Palm Beach, Fla., incor-rectly said it also is accessible

by helicopter and seaplane.

There are two IKEA loca-tions in New York City. An OffDuty article on Saturday aboutthe Red Hook neighborhood inBrooklyn incorrectly said thatit is the site of the city’s onlyIKEA store.

Notice to readersWall Street Journal staff

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

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CORRECTIONS AMPLIFICATIONS

flation as the pandemic curbedconsumer spending. Whetheran upswing in prices provestemporary is a key question forfinancial markets and the U.S.recovery, as the Biden adminis-tration, Congress and the Fedcontinue to support the econ-omy with fiscal- and monetary-policy measures.

The so-called core price in-dex, which excludes the often-volatile categories of food andenergy, climbed 3% in Aprilfrom a year before and rose0.9% from the previous month.

Food prices rose 2.4% fromthe same month a year ago,including a 3.8% jump in thecost for restaurant meals andother meals away from home.Car and truck rentals surged82% from April 2020, and air-line fares leapt 9.6%.

The annual inflation mea-surements are affected by com-parisons with the figures fromlast year early in the pandemic,when prices dropped steeply ademand collapsed for manygoods and services duringCovid-19 lockdowns, said LauraRosner-Warburton, senioreconomist at MacroPolicy Per-spectives. This “base effect” isexpected to influence inflationreadings until the summer, shesaid. For example, gasolineprices soared 50% versus April2020, though they decreased1.4% versus March.

Compared with two yearsago, overall prices rose a moremuted 2.2% in April, on an an-nualized basis

The Fed has said it expectsthe inflation pickup to be tem-porary, and a top official onWednesday said the centralbank would need to see moredata before changing courseon monetary policy. It has said

ContinuedfromPageOne

the integration of China andEastern Europe into theglobal economy, the entry ofbaby boomers into the work-force and rising women’s par-ticipation effectively doubledthe labor supply of advancedeconomies, putting downward

pressure on costs and work-ers’ bargaining power.

That is now reversing asdependents grow much morequickly than workers, and“dependents are inflationary,”Messrs. Goodhart and Prad-han write.

CAPITAL ACCOUNT | By Greg Ip

Demographics Help Squeeze Labor SupplyThe infla-

tionary pres-sures now roil-ing theeconomy andmarkets will

probably fade once the econ-omy has fully reopened andthe pandemic is in remission.

Yet beneath the surface,some of the forces that havelong kept inflation in check arestarting to turn. Most impor-tant: demographics.

The world’s two largesteconomies have just reportedthat their population growth inthe past decade was the slow-est in generations, as peopleaged and birthrates plunged.

Lower fertility initiallyboosts the labor supply by en-abling more women to enterthe workforce. But fertility hasbeen falling for so long in theU.S. and China that those de-mographic dividends werespent long ago, and now comethe consequences: a dimin-ished supply of workers.

The U.S. population grew7% between 2010 and 2020,according to census results.The age breakdown isn’t yetavailable, but a smaller sampleby the Census Bureau and theBureau of Labor Statisticsshows that the working-agepopulation—those 16 to 64—grew just 3.3%. Because theshare of those people workingor looking for work hasshrunk, the working-age laborforce grew only 2%, and actu-ally shrank last year. Some of

those missing workers will re-turn when the virus recedes.But many won’t: Baby boomerretirements have soared.

Reversing this move wouldrequire either a dramatic in-crease in births, which haseluded countries with more-family-friendly policies, orimmigration, which is politi-cally hard.

The demographic squeezeis far more severe inChina, which admits al-

most no immigrants and foryears limited families to onechild. Tuesday, authorities saidthe population in China hadgrown just 5.4% in the past de-cade. The working-age popula-tion—those 15 to 59—shrank5%, or roughly 45 million peo-ple. When worker shortagesbegan emerging over a decadeago, factories began moving topoorer inland provinces andthen cheaper countries includ-ing Vietnam. In recent yearssome indicators suggest jobsare getting harder to fill,though the data might not benationally representative.

Workers produce morethan they consume while de-pendents—children and retir-ees—consume more than theyproduce, economists CharlesGoodhart and Manoj Pradhanargue in their book, “TheGreat Demographic Reversal:Ageing Societies, Waning In-equality, and an Inflation Re-vival,” published last year.Over the past three decades,

Aging creates numerousproblems for economies. Theelderly’s political clout makesit hard to raise the retirementage or trim pensions. Presi-dent Biden has proposed low-ering the Medicare retirementage to 60 and pouring moremoney into elder care. Such amove enhances quality of lifebut adds to cost pressures be-cause healthcare is notori-ously resistant to labor-savingefficiency.

W orkers nearing re-tirement are in theirhighest-saving years.

As they retire, they drawdown those savings. Youngadults marry later, leavingfewer years to save. Corpora-tions might have to investmore to compensate forshrinking workforces. All ofthis will chip away at the“global saving glut” that hasheld interest rates down,Messrs. Goodhart and Prad-han argue.

Whether inflation acceler-ates is largely up to centralbanks. But shifting demo-graphics could change theirchallenge, from fighting tokeep inflation up in the faceof deflationary forces, tokeeping it down in the midstof inflationary forces.

Of course, numerous otherfactors are at work. Indeed,the world, in particularJapan, has been aging for awhile without any obvious ef-fect on inflation and interest

rates. Some studies havefound low-wage competitionfrom China did hold downU.S. inflation, but outsourcinghad basically peaked by the2008-09 financial crisis. Evensteep tariffs that the U.S. im-posed on Chinese importsdidn’t raise prices much.

One reason might be thatprivate investment sank inthe aftermath of the financialcrisis, which was only par-tially offset by governmentborrowing. By contrast, in-vestment has remainedsteady throughout the pan-demic, and government bor-rowing has soared.

China itself doesn’t plan tolet aging change its high-sav-ing, high-investment model,notes Andrew Batson ofGavekal Dragonomics, a re-search service. Yet what mat-ters for the world is whetherChinese saving and invest-ment depress global inflationand interest rates. China is di-recting more of its invest-ment inward while facing ris-ing barriers to its exports asWestern voters sour on glob-alization and China.

After decades of decliningpower, “labor has retaliated,not at the wage bargainingtable, but in the votingbooth,” write Messrs. Good-hart and Pradhan, adding thatglobalization “has beenchecked by populism, just atthe time that demographicfactors are swinging back tolabor’s advantage.”

In China, the working-age population is shrinking. In the U.S., itsgrowth has slowed sharply, and retirements have surged sincethe start of the pandemic, shrinking the labor force.

Change in China’s populationage 15-59, by decade

People not in U.S. labor force, 65 and over, no disability†

*Civilian noninstitutional population †Not seasonally adjustedSources: United Nations (1960-2000 Chinese population); China National Bureau of Statistics(2010-20 Chinese population); U.S. Census Bureau, U.S. Bureau of Labor Statistics CurrentPopulation Survey (U.S. population); U.S. Bureau of Labor Statistics via Federal Reserve Bankof St. Louis (labor force)

U.S. population ages 16-64,growth by decade*

30

–10

0

10

20

%

1960 ’70 ’80 ’90 2000 ’10 ’20

20

0

5

10

15

%

1960 ’70 ’80 ’90 2000 ’10 ’20

32

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26

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30

million

’20 ’212015 ’16 ’17 ’18 ’19

RECESSION

risen at a 3.6% annualized ratesince February 2020, notablyfaster than the 2.7% averageover the prior five years.

What sets restaurant mealsapart from airfares and usedcars is that the primary inputis labor (along with food andrent). Labor has gotten moreexpensive: Wages rose a hefty0.7% in April. In leisure andhospitality they jumped 1.6%and are up 5% annualizedsince February 2020, increasesthat are highly unlikely to re-verse.

This is great for restaurantworkers who are among thelowest-paid of any sector andendured a lot of stress fromdealing with the public duringa pandemic. Nonetheless,someone has to absorb thesecosts, and it looks like con-sumers will. These aren’t triv-ial expenditures, either: Foodaway from home accounts for6.3% of the consumer-price in-dex, compared with 2.8% forused vehicles and 0.6% for air-fares.

The biggest category of allis shelter, where the outlook isespecially tricky. Homes havegotten a lot more expensive,but shelter inflation is basedon rents, and those rose just0.2%, for both owners and ten-ants, in April. Both are run-ning at around 2% annualizedsince February 2020, lowerthan in preceding years. Still,economists expect rental infla-tion to pick up as the job mar-ket tightens, and that, too, isunlikely to be transitory.

So far, the Federal Reserveisn’t inclined to rethink itsplan to keep interest ratesnear zero for a few moreyears. In a speech Wednesday,Vice Chairman Richard Claridasaid he expected base effectsand bottlenecks to temporarilypush inflation above the Fed’s2% target this year. “However,under my baseline outlook,these one-time increases inprices are likely to have onlytransitory effects on underly-ing inflation,” he said. He ex-pects inflation to drop back to,or somewhat above, 2% in2022 and 2023.

Whether that happens willdepend a lot on whether thebehavior of restaurant wagesand prices is isolated, or theshape of broader inflation tocome.

The surge in prices in Aprilwas a shocker. Excluding foodand energy, the core indexrose 0.9% from March, the big-gest one-month increase since1981, and three times as muchas what Wall Street expected.This was as surprising as thesubdued April payroll increasereported just five days earlier.

The 12-month core inflationrate jumped to 3%, the highestsince 1995. This was partlydue to “base effects” as price

drops in April2020, when pan-demic closures

were taking effect, exited the12-month calculation. But baseeffects cannot explain theMarch-to-April jump.

Subdued jobs growth andstrong price increases in Apriltogether suggest resurgent de-mand, fueled by vaccinations,stimulus checks and low inter-est rates, is bumping upagainst sluggish supply.

Some of this is clearly tran-sitory and will reverse oncethe economy is fully reopened.At this point it’s impossible totell how much, but there aresigns that at least some isn’ttransitory.

Three broad trends are ap-parent, as illustrated by air-fares, used cars and restaurantmeals.

Returning to normal: Air-fares jumped 10% in Aprilfrom March, but since Febru-ary 2020, airfares are stilldown 15% at an annualizedrate. Thus, April’s increasesimply reflects a pandemic-sensitive industry slowly re-turning to normal. It isn’tworrisome.

Transitory: Used-car pricesleapt 10%, and are up 18% an-nualized from pre-pandemiclevels. Used cars didn’t some-how become more expensiveto make. But supply hasshrunk and demand explodedas people unable or unwillingto use public transit hold on totheir cars or try to buy one.

Thus, the rise in the used-car price simply represents atemporary windfall profit tothose lucky enough to have aused car to sell. Eventually,demand will fall back and sup-ply will catch up, and thosewindfall profits and prices willdisappear.

Rising costs: Prices of foodaway from home—mostly res-taurant meals—rose only 0.3%,but this may actually be themost worrisome category ofall. First, you would have ex-pected the battered restaurantsector to have slashed prices,just like airlines, when thepandemic began. That didn’thappen. In fact, prices have

BY GREG IP

Three Price TrendsTo Watch Closely

Some of this istransitory and willreverse once the U.S.is fully reopened.

ANALYSIS

InflationSurge StirsUp Worries

Airline fares rose nearly 10% last month as travelers return. Above, San Francisco’s airport this week.

DAVID

PAULMORR

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THEWALL STREET JOURNAL. * * Thursday, May 13, 2021 | A3

U.S. NEWS

could also lock some familiesout of homeownership, espe-cially young people and first-time buyers.

It is unclear if the recentrise “is a sign of upward andsustainable wealth accumula-tion for low-income and minor-ity households,” said Karen Pe-trou, author of “Engine ofInequality: The Fed and the Fu-ture of Wealth in America.”

Still, community advocatessee signs that neighborhoodrevitalization is spreading tothose previously lacking signsof economic life.

James Jordan Jr., a generalcontractor, browsed Zillow list-ings last year across Youngs-town. He was looking for afixer-upper that he could rehaband flip but scoffed at listingprices of between $30,000 and

$40,000 for homes in badshape.

Instead, he turned to theMahoning County Land Bank,which manages and sells va-cant properties in town tothose willing to fix them up. Hespent $3,000 in September fora house in a rundown neigh-borhood east of downtown,where the other properties onthe block were largely vacant.

He redid the plumbing andgot rid of the mold. He pulledout the old carpets and paintedthe walls, all of which he esti-mates cost him about $5,000.With the house in better shape,he decided to move in. He isselling his other house on thecity’s north side. “My decisionwas more economic,” he said.

Often, an investment in thisprice range means sinking

be vaccinated at pharmacies,physician offices and existingmass-vaccination sites.

“The bottom line is this: Vac-cines for kids between the agesof 12 and 15 are safe, effective,easy, fast and free,” PresidentBiden said Wednesday.

Vaccinations of adolescentshave already begun in someparts of the country, but mostshot providers were waitingfor a formal recommendationfrom ACIP. The committee rec-ommendation became policywhen the CDC’s director, Dr.Rochelle Walensky, signed it afew hours after the vote.

“This is another way to getcloser to ending this horriblepandemic,” said Dr. CamilleKotton, an infectious-diseasespecialist at MassachusettsGeneral Hospital in Boston andACIP voting member.

Expanding vaccination tochildren is necessary to slowthe spread of Covid-19 and

move the country beyond thepandemic, allowing full returnsto school, work and commerce,public-health officials say.

The 15-member advisorypanel consists of pediatricians,infectious-disease doctors andother medical experts. Thepanel’s recommendation fol-lows the Food and Drug Ad-ministration’s authorizationMonday of the two-dosePfizer-BioNTech shot for use inchildren as young as 12 yearsold, the first Covid-19 vaccinefor children in the nation.

Children are at lower risk ofCovid-19 infection than adults,according to health experts,and when infected tend to ex-perience milder symptoms. Yetsome children can become se-riously ill and some canspread the virus.

At Wednesday’s meeting,ACIP members discussed theresults of the Pfizer-BioNTechstudy of 2,260 adolescents

that found the two-dose shotwas 100% effective at protect-ing against symptomaticCovid-19 in 12- to 15-year-olds.

In the trial, about half ofthe subjects received doses ofvaccine three weeks apart,while the rest of the subjectsreceived placebos. The volun-teers who got the vaccine re-ceived the same dose thatolder people get.

Researchers found 12- to 15-year-olds who received thevaccine generated an immuneresponse similarly strong as in16- to 25-year-olds.

So far, researchers haven’tfound evidence the vaccineposes any additional or differ-ent risks to children versusadults. The most common sideeffects of the vaccine are flulikesymptoms such as fever, mus-cle aches and chills, and theywere at similar rates found in16- to 25-year-olds, accordingto the CDC and Pfizer.

The Centers for DiseaseControl and Prevention recom-mended Wednesday that 12- to15-year-olds receive theCovid-19 vaccine from PfizerInc. and BioNTech SE, expand-ing the nation’s vaccinationcampaign.

The CDC took the step afterits vaccination advisory panelvoted to recommend the shotat a meeting Wednesday afterreviewing clinical trial data andother relevant information. Thevote by the Advisory Commit-tee on Immunization Practices,or ACIP, was 14-0, with onevoting member recusing.

Many parents, school offi-cials and health authoritiesare eager for children to re-ceive vaccinations in time forsummer camps and the startof the next school year. Healthauthorities expect children to

BY JARED S. HOPKINSAND BETSY MCKAY

CDC Backs Covid Shot for Children

more money into buying andfixing up a property than it canultimately fetch upon sale. AtYoungstown Neighborhood De-velopment Corp., a nonprofitthat rehabs properties and fo-cuses on neighborhood revital-ization, the price increaseslessen the risk of this pitfall.

In Detroit’s cheapest ZIPCode, where the median salesprice was $45,500 in early2018, prices have since risen113%, according to CoreLogic.That is far more than any otherZIP Code in the city.

That is leading to shiftsacross Detroit, which has thou-sands of vacant properties. TheDetroit Land Bank Authority,which manages these homes,sold 1,091 of them in the firstthree months of the year, morethan double that of a year ear-lier. Increased demand hasprompted the land bank toscrap plans to demolish about300 houses, according to RobLinn, director of inventory.

Home values across Detroitrose 24% in the 12 monthsthrough April, Zillow said.

Tekeela Daniels, a specialistat a Stellantis NV manufactur-ing plant, started working witha real-estate agent in Novem-ber to find a house. But all ofthem were either in undesir-able neighborhoods or toosmall. She has been outbid onland-bank properties a handfulof times in recent months.Homes on auction typicallystart at $1,000, but Ms. Danielshas lost out to bidders offeringtens of thousands of dollars,she said.

The red-hot U.S. housingmarket is giving an extra boostto the cheapest houses, includ-ing many in historically stag-nant neighborhoods that havesuffered from a lack of invest-ment.

It is pushing forward effortsto revive the local economies ofDetroit, Cleveland, Youngs-town, Ohio, and other areaswhere homes can sell for as lit-tle as a few thousand dollarsbut typically require a lot ofwork to fix up and can’t be fi-nanced with a mortgage.

U.S. ZIP Codes where themedian home cost less than$100,000 in early 2018 havehad a 42% rise in prices in thethree years since, according toa CoreLogic Inc. analysis forThe Wall Street Journal. Thatis about double the rise for ZIPCodes where the median wasbetween $150,000 and$200,000, and triple the rise inlocales with $300,000-plusprice tags.

The pandemic has promptedwealthy buyers to splurge onvacation homes and families totrade in city living for the sub-urbs. It has also fueled demandamong first-time home buyersand investors, lifting the bot-tom end of the housing marketin particular.

While prices in many low-cost areas remain far below na-tional averages, some worrythat the price appreciation ei-ther won’t last or won’t reachthe residents who stand tobenefit most. The rising prices

BY BEN EISEN

Lowest-Cost HousingMarkets See Big Boost

James Jordan Jr. rehabbed this Ohio home. He originally plannedto flip it but decided to move in.

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The owner of the ColonialPipeline said Wednesday that ithas begun restarting operationsfollowing a cyberattack lastweek that shut down the mainfuel conduit serving the EastCoast.

Colonial Pipeline Co., oper-ator of the vast 5,500-mile net-work of pipes taking 100 mil-lion gallons of fuel a day fromTexas to New Jersey, said it ini-tiated a restart at around 5p.m. ET, but cautioned that theprocess of fully restoring theflow of fuel could take days.

The company, which esti-mates that it provides 45% ofthe East Coast’s fuel, shut downthe pipeline Friday after beinghit by a ransomware attack.

U.S. officials have linked the at-tack to a criminal gang knownas DarkSide.

“Colonial will move as muchgasoline, diesel, and jet fuel asis safely possible and will con-tinue to do so until markets re-turn to normal,” the companysaid.

Colonial previously said ithad restarted some smallersegments of the pipeline sys-tem by operating them manu-ally, while its main line re-mained shut down. Thecompany said that as of Tues-day afternoon it had delivered41 million gallons of fuel to var-ious delivery points.

The shutdown, in its fifthfull day Wednesday, spurred arun on gasoline in the South-eastern and mid-Atlantic re-gions, which depend heavily on

the pipeline. The average U.S.gasoline price vaulted above $3a gallon for the first time in 6½years as motorists lined up atthousands of gas stations andpurchased all of the availablefuel.

As of Wednesday afternoon,68% of the gas stations inNorth Carolina were out of fuel,according to price and fueltracker GasBuddy, which com-piles data when drivers reportsuch outages. In Virginia, 49%of gas stations had run dry; inGeorgia, 45%; in South Caro-lina, 45%; in Tennessee, 18%; inFlorida, 14%; in Maryland, 13%.

Energy analysts and govern-ment officials warned that con-sumers who were panickingand hoarding gas stood tomake the supply situationworse.

“Hoarding does not makethings better,” TransportationSecretary Pete Buttigieg saidWednesday. “And under no cir-cumstances should gasolineever be put into anything but avehicle directly or an approvedcontainer.”

The company has been tight-lipped about which parts of itssystem were affected, but saidearlier this week that the at-tack involved ransomware, atype of code that can hold com-puter systems hostage for pay-ment. It hasn’t said whether itpaid the ransom.

The news that a ransomwareattack could force the shut-down of a major pipeline serv-ing millions of people under-scored how vulnerable theenergy industry’s infrastructureis to cyberattack.

BY COLLIN EATONAND MIGUEL BUSTILLO

Fuel Pipeline Restarts OperationsA long line formed at a gas station Wednesday in Fayetteville, N.C. Nearly 70% of stations in the state were out of fuel Wednesday afternoon.

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The S&P 500 notched onFriday its 26th record close ofthe year, while the Dow indus-trials hit its 24th high.

Since then, signs of mount-ing inflation have weighed onstocks. Rising commodity mar-kets, supply-chain blockagesand hiring difficulties haveprompted some investors toexpect a prolonged upswing inconsumer prices.

That could lead the FederalReserve to raise its target forshort-term interest ratessooner than it has signaled,potentially weighing on stocksand other assets that havebenefited from over a year ofnear-zero borrowing costs.

A top Federal Reserve offi-cial, vice chairman RichardClarida, said Wednesday that

more data would be neededfor the central bank to beginscaling back its policies.

Other factors have knockeddown stocks in recent days, in-cluding signs that the U.S.

Inflation and the prospectof higher interest rates areparticularly threatening to thetechnology and other fast-growing stocks that dominatethe Nasdaq Composite. Thosecompanies are often affordedhigh stock prices based on ex-pectations of strong growth inyears to come, but risingprices and higher rates canerode the value of future earn-ings. Shares of Google parentAlphabet dropped 3.1%, whileTesla shares slid 4.4%.

Concerns that a burst of in-flation as the economystrengthens could prove long-lasting had sharpened the fo-cus on Wednesday’s pricedata. The consumer-price in-dex jumped 4.2% in April froma year before, according to theLabor Department, the most inany 12-month period since2008. The index measureswhat consumers pay for goodsand services such as clothes,restaurant meals and vehicles.Economists had expected aless pronounced increase.

“That’s starting to get in-vestors a little bit nervoushere since we are trading stillnear all-time highs across theequity market,” said TonyBedikian, head of global mar-kets at Citizens.

ContinuedfromPageOne

didn’t specify how those fundswould be spent.

Households are eligible forthe broadband benefit if theyhave lost a job or significantincome in the past year. Theycan also be eligible if onehousehold member partici-pates in another aid programsuch as Medicaid, reduced-price school meals, studentPell grants, Lifeline subsidiesfor telecom service, and low-income or emergency pan-demic programs from privatebroadband providers.

make the case.”Democrats in Congress in-

cluding House Majority WhipJames Clyburn (D., S.C.) haveproposed adding $6 billion tothe program, part of a $94 bil-lion plan to expand broadbandservice to U.S. households thateither can’t access it or can’tafford it.

President Biden, for hispart, has proposed $100 billionin new funding for broadbandinfrastructure, both to expandaccess and reduce the cost ofservice. The White House

broadband affordability.Biden administration offi-

cials said Wednesday that theyexpect more funding will beneeded to keep families con-nected after the pandemic,particularly for families withstudents who lack high-speedinternet access.

“There’s more that needs tohappen,” said Chris Rush, se-nior adviser for innovation andeducational technology at theEducation Department. “Thisinitial program will be addi-tional input and information to

ders and a surge of businessfor the carriers, so that’s ashort-term positive for them,”he said. “It’s a $50 benefit permonth, and who’s not going tolike that?”

The funding comes from aCovid-19 pandemic relief lawpassed late last year. Assuminga wide swath of eligible house-holds sign up, the $3.2 billionwill likely run out in about sixmonths, according to JohnHorrigan, a senior fellow at theTechnology Policy Institutethink tank who has studied

economy—while still expand-ing at a fast clip—has passedits peak rate of growth, saidAnna Stupnytska, global econ-omist at Fidelity International.The market was vulnerable af-ter a steep run-up in prices atthe start of the year.

“The main worry isthat…because of inflationmoving higher, central bankswill start tightening,” Ms.Stupnytska said.

She thinks U.S. inflationwill subside next year and thatthe Fed won’t increase ratesuntil well into 2023.

Still, multiasset funds at Fi-delity International havebought Treasury inflation-pro-tected securities, gold and in-dustrial metals as a hedgeagainst inflation.

Bond yields jumped afterthe release of the consumer-price data.

Among individual stocks,shares of FuboTV rose $1.71,or 9.7%, to $19.38 after thesports streaming company re-ported that revenue more thandoubled in the first quarterand boosted its guidance.Shares of Houlihan Lokeygained $4.48, or 6.8%, to$70.37 after the investment-banking services firm reportedrecord revenue for its fiscalyear and raised its dividend.

Overseas, the Stoxx Europe600 added 0.3%. after onTuesday posting its biggestone-day fall since December.Early Thursday, Japan’s Nikkei225 was down 1.8%, HongKong’s Hang Seng was down1.1% and the Shanghai Com-posite was down 0.7%. S&P fu-tures were up 0.4%.

StocksExtendDeclines

Monday Tuesday Wednesday

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Dow industrials

S&P 500

Nasdaq Composite

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Source: FactSet

Federal Reserve Vice ChairmanRichard Clarida

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have signed up to offer servicethrough the program, from gi-ants such as Comcast Corp.and AT&T Inc. to smaller play-ers such as Dish NetworkCorp.’s Boost Mobile, accordingto the Federal CommunicationsCommission.

Jeff Moore, principal at in-dustry research firm Wave7Research, said he expects car-riers to capitalize on the pro-gram by seeking new custom-ers and pushing upgrades toexisting ones.

“There will be a surge of or-

The federal government islaunching a temporary $3.2 bil-lion program to help needyAmerican families pay forhigh-speed internet service, inwhat could also be a boon fortelecommunications providers.

The Emergency BroadbandBenefit program opened for en-rollment Wednesday and gener-ally offers $50 a month to helpeligible households pay their in-ternet or mobile phone bills.

More than 825 providers

BY RYAN TRACY

and many Democrats are op-posed to raising user fees, andboth sides have said theydon’t want to borrow moneyto pay for new infrastructureinvestments.

Mr. Biden, in an interviewwith MSNBC’s LawrenceO’Donnell after the meeting,suggested he would pursue aplan with only Democraticvotes if necessary. “I want toknow what we agree on andlet’s see if we can get anagreement to kick-start this,and then fight over what’s left,and see if I can get it donewithout Republicans if needbe,” he said, according to anexcerpt of the interview.

Mr. Biden later told report-ers that he was “encouraged”by the meeting but said pay-ing for infrastructure withuser fees, as Republicans havesuggested, would mean “theburden falls on working-classfolks who are having trouble.”

Mrs. Pelosi said the meet-ing also featured disagree-ments on electric vehicles—Mr. Biden has proposed $174billion in funding to boost that

industry—and a discussion ofother possible ways to pay forthe package, including recov-ering more taxes owed. Mr. Bi-den has proposed directing$80 billion to the InternalRevenue Service to increaseenforcement efforts, which theWhite House estimates couldhelp it recover $700 billion

over 10 years.“There could be enough

money depending on what thefinal amount is,” Mrs. Pelosisaid. “But I would not takeanything off the table and I’mnot drawing any red lines.”

Mr. McConnell said afterthe meeting that lawmakersshould repurpose federal aidto state and local governmentsto fund new infrastructure in-

vestments, an idea Democratswould likely oppose. The $1.9trillion relief law passed ear-lier this year included $350billion in aid for state and lo-cal governments.

“Hopefully, we can capturesome of that to make this in-frastructure package go for-ward,” Mr. McConnell said.

Mr. Biden has held a seriesof meetings with lawmakers inboth parties in recent weekson infrastructure, and he is ex-pected to host a group of Sen-ate Republicans on Thursdayto discuss their $568 billionplan.

Mr. McConnell has said Re-publicans could be willing tosupport as much as $800 bil-lion in infrastructure spend-ing, still far short of what Mr.Biden is seeking.

“And I think that range isthe right range,” Sen. RoyBlunt (R., Mo.), a member ofthe GOP leadership, said Tues-day. “I’m not sure that itcouldn’t be a little bit smalleror it couldn’t be a little bitbigger. But I think that’s a bignumber.” He added that the

time frame for the spendingwould also influence the over-all amount.

Mr. Biden’s $2.3 trillionplan calls for funding overeight years, while the $568billion in the Republican planwould be doled out over fiveyears. Mr. McCarthy said heraised concerns to Mr. Bidenabout inflation and the laborshortage, which Republicanshave pinned on Mr. Biden’sagenda.

Some Democrats have dis-missed the Republican offer asinadequate, pushing for theparty to use its narrow controlof the House and Senate to ad-vance a package along partylines. Others have said Demo-crats should compromise withRepublicans on an infrastruc-ture plan before moving for-ward with a broader bill.

Democrats have raisedquestions of their own aboutMr. Biden’s tax proposals, in-cluding the increase of thecorporate rate to 28% from21% and the boost in taxes oncapital gains for high-incomehouseholds.

U.S. NEWS

WASHINGTON—The top Re-publicans on Capitol Hill toldPresident Biden they wouldoppose any effort to raisetaxes to pay for an infrastruc-ture proposal, leaving a cen-tral issue in the talks unre-solved as Republicans andDemocrats search for a bipar-tisan compromise.

The two sides agreed todiscuss areas where they couldfind common ground on infra-structure during the Oval Of-fice meeting Wednesday,which also included HouseSpeaker Nancy Pelosi (D., Ca-lif.) and Senate MajorityLeader Chuck Schumer (D.,N.Y.). But Senate MinorityLeader Mitch McConnell (R.,Ky.) and House MinorityLeader Kevin McCarthy (R.,Calif.) said they would opposeMr. Biden’s proposed tax in-creases to cover the cost of apackage.

“We’re not interested in re-opening the 2017 tax bill. Weboth made that clear to thepresident. That’s our red line,”Mr. McConnell said. Added Mr.McCarthy: “Raising taxeswould be the biggest mistakeyou could make.”

Mr. Biden is attempting tobuild bipartisan support forhis $2.3 trillion infrastructureplan, which calls for a seriesof tax increases on companiesto cover its cost. He has alsoproposed raising taxes onhigh-income households topay for a separate $1.8 trillionproposal focused on educationand antipoverty measures.Many of the proposed tax in-creases would pare back or al-ter elements of the 2017 taxlaw, passed when Republicanscontrolled the government.

Republicans have called forraising unspecified fees onpeople who use the infrastruc-ture, pushing a $568 billionproposal. The White House

BY KEN THOMASAND ANDREW DUEHREN

Little Consensus on InfrastructureGOP leaders opposeany increase in taxes;Biden suggests passingplan with Democrats

President Biden and Vice President Kamala Harris met Wednesday with Republican and Democratic leaders to discuss his infrastructure plan.

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WASHINGTON—PresidentBiden ordered U.S. agenciesand software contractors thatsupply them to boost their de-fenses against cyberattacksthat officials say pose a grow-ing threat to national securityand public safety.

The president signed an ex-ecutive order on Wednesdaythat establishes baseline cy-bersecurity standards for U.S.agencies and their softwarecontractors, including man-dates to use multifactor au-thentication and data encryp-tion, and that requires federalinformation-technology ven-dors to disclose certain dataabout hacks.

The order also establishes acybersecurity safety reviewboard, to be led by a mix ofgovernment and private-sectorcybersecurity experts. Theboard will be empowered toinvestigate significant cyberintrusions and publish secu-rity recommendations. Theboard is modeled loosely onthe National TransportationSafety Board, which investi-gates airplane crashes andother transit failures, officialssaid.

The new order is intendedto reorient the federal govern-ment’s approach to cybersecu-rity around prevention ratherthan crisis response, a senioradministration official said. Itcame as Colonial Pipeline Co.restarted its 5,500-mile con-duit—a major source of fuelthroughout the East Coast—late Wednesday afternoon.The pipeline was taken offlineon Friday in response to a cy-berattack.

The order was writtenlargely before that hack wasdisclosed and doesn’t specifi-cally address critical infra-structure cybersecurity, likethe energy grid or gas and oilpipelines.

BY DUSTIN VOLZ

AgenciesOrderedTo BolsterDefenses

U.S. Launching $3.2 Billion Broadband Aid Program

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“After having spent two orthree days in the desert, get-ting repatriated again andcrossing again increases thechances someone will die inthe desert,” he explained.

Border Patrol officials havesaid they anticipated a rise inrepeat offenders when the Ti-tle 42 policy was implementedunder Mr. Trump last year.The agency didn’t respond to arequest to comment aboutwhether the policy resulted inmore migrant deaths.

In March a pair of toddlers,sisters from Ecuador, weredropped off a 14-foot border

agents have quickly turnedback nearly every single adultcaught entering the U.S. ille-gally under the authority of a1944 public-health law knownas Title 42.

Daniel Martinez, co-directorof the Binational Migration In-stitute at the University of Ar-izona, said aid workers andothers discovered the remainsof 209 border crossers insouthern Arizona’s PimaCounty last year, up from 124in 2019. That pattern is likelyto continue for as long as Title42 is in place, Mr. Martinezsaid.

said N. Michael Montgomery,director of U.S. Customs andBorder Protection’s Air andMarine Operations in Arizona.“Now they’re intermixing[and] they’re doing it at night,a lot of injuries. We’ve had afew deaths, people falling offcliffs.”

Crossing the border ille-gally has become more diffi-cult since former PresidentDonald Trump ramped up con-struction of a border wall, inmany cases replacing olderbarriers with 30-foot-highstructures. Since the start ofthe Covid-19 pandemic, border

year ago.Adults trying to sneak past

the Border Patrol isn’t new,nor are deaths among mi-grants trying to illegally enterthe U.S. But the border offi-cials and aid groups say theyare seeing more risky behaviorand extreme strategies than inprior years.

In southern Arizona, for ex-ample, migrants are headingacross the border into steepand rocky mountains, takingthe trails historically used bydrug smugglers.

“The mountain traffic usedto be exclusively narcotics,”

Crossing into the U.S. ille-gally has gotten more difficultover the past year, leadingmore migrants to take treach-erous and sometimes deadlypaths as their numbers havegrown substantially in recentmonths, border officials andaid groups say.

Driven by an expanded bor-der wall and stepped-up en-forcement efforts, many peo-ple are turning to remotedesert and mountain crossingsor traveling on overcrowdedboats and on railcars. The U.S.policy of sending people backto Mexico quickly is also moti-vating some migrants to userisky paths or methods multi-ple times to avoid arrest, offi-cials say.

At least 16 migrants havebeen killed in accidents nearthe border since March. Al-though there aren’t compara-ble historical statistics, aidgroups say the number hasbeen particularly high thisyear.

Most migrants opting forthe most extreme and danger-ous crossing routes are singleadults trying to avoid detec-tion, unlike asylum-seekingfamilies and children travelingon their own who are often re-leased into the U.S. after theysurrender to federal agents.

There were just over108,000 apprehensions of sin-gle adults crossing the borderin April, compared with nearly15,000 in the same month a

U.S. NEWS

Rep. Liz Cheney had clashed publicly with House Minority Leader Kevin McCarthy and other senior Republican members.

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WASHINGTON—Republi-cans ousted Rep. Liz Cheneyfrom party leadership, sidelin-ing a critic of former PresidentDonald Trump in a bid to pre-serve party unity as the GOPworks to win back the House inthe midterm elections.

The Wyoming lawmaker’sGOP colleagues stripped herof her post by voice vote in aclosed-door meeting Wednes-day morning following severalweeks of intense intrapartyfighting over how Republicansshould talk about Mr.Trump—and how much to talkabout him.

Ms. Cheney had clashed withHouse Minority Leader KevinMcCarthy (R., Calif.) and othersenior Republicans by pushingback aggressively and publiclyon Mr. Trump’s false claimsthat the 2020 election had beenstolen from him. It was a dis-traction the party couldn’t af-ford, her detractors said.

“We are unified behind asingle mission of winning backthe majority and it was clearfrom the way that the vote oc-curred that 99% of our mem-bers are focused on that, soit’s time to move on,” saidRep. Jim Banks (R., Ind.),

BY LINDSAY WISEAND KRISTINA PETERSON

chairman of the conservativeRepublican Study Committee.

Ms. Cheney was unapolo-getic following the vote. Shewarned that Mr. Trump’sfalsehoods about widespreadelection fraud risk provokingmore political violence and de-stabilizing America’s democ-racy. “I will do everything Ican to ensure that the formerpresident never again getsanywhere near the Oval Of-fice,” Ms. Cheney said.

Mr. Trump was impeachedby the House in January for in-citing insurrection at the Capi-tol on Jan. 6, when a pro-Trump mob stormed a sessionof Congress in a failed attemptto stop lawmakers from ratify-ing President Biden’s ElectoralCollege win. The Senate acquit-ted Mr. Trump in February.

Ms. Cheney was one of 10House Republicans who votedto impeach, and she survivedan effort in February to removeher from leadership. She hadn’tbeen expected to do so againWednesday, and hadn’t lobbiedto keep her position.

“We cannot let the formerpresident drag us backwardand make us complicit in hisefforts to unravel our democ-racy,” she said in Wednesday’smeeting, according to some-one familiar with her remarks.“If you want leaders who willenable and spread his destruc-tive lies, I’m not your person,you have plenty of others tochoose from. That will be theirlegacy.”

Mr. McCarthy said the GOP

wasn’t embracing Mr. Trump’sbaseless allegations.

“I don’t think anybody isquestioning the legitimacy ofthe presidential election,” Mr.McCarthy said Wednesday, af-ter a meeting on infrastructurewith Mr. Biden at the WhiteHouse. “That’s all over with….Idon’t think that’s a problem.”

While Mr. McCarthy initiallysaid Mr. Trump bore responsi-bility for the violence on Jan. 6,he later sought to makeamends with the former presi-dent, who pushed him to betougher against Ms. Cheney, ac-cording to someone in closecontact with Mr. Trump.

Over the weekend, Mr.McCarthy threw his supportbehind Rep. Elise Stefanik (R.,N.Y.) to replace Ms. Cheney.Ms. Stefanik also has Mr.Trump’s endorsement.

Democrats seized on theRepublican drama, eager to tiethe party closely to Mr.Trump. “The Republican Partyis eating itself. And it’s discov-ering that that meal is poison-ous,” said Sen. Elizabeth War-ren (D., Mass.).

Republican critics of Mr.Trump’s actions surroundingthe 2020 election—most nota-bly Senate Minority LeaderMitch McConnell of Kentuckyand the No. 2 Senate Republi-can, John Thune of South Da-kota—have taken a differenttack than Ms. Cheney in recentweeks, deflecting questionsabout the former president.

“I mean this: I don’t thinkrelitigating the 2020 election

is a winning strategy goingforward,” said Mr. Thune,when asked about Mr. Trump’selection fraud claims. He saidhe hoped that Republicans canlook forward, not backward.

Still, Mr. Thune said, “Idon’t control what the formerpresident does, nobody does.”

Mr. Trump remains broadlypopular within the party, buthis approval rating among alladults was 32% in a recentNBC News poll, underscoringthe GOP’s quandary overwhether his domination of theparty will help or hobble themin future general elections.

Ms. Cheney’s defenders saythat attempting to silence herwill hand ammunition to Dem-ocrats and send a message tosuburban and center-rightswing voters that there is noroom in the party for anyonewho opposes Mr. Trump or re-jects his election allegations.

“To suggest the Americanpeople in 2022 won’t considerthe fact that we were unwillingto stand up to a narrative thatthe election was stolen, I thinkwill be taken into considerationwith their vote,” said Rep. KenBuck (R., Colo.), who opposedMs. Cheney’s removal.

Ms. Cheney said she wouldcontinue to challenge Mr.Trump’s claims and outline adifferent path for the GOP. Sheis expected to remain in Con-gress and run for re-election inWyoming, where she alreadyfaces primary challengers.

—Aaron Zitnercontributed to this article.

Cheney Ousted From Party PostRepublicans sidelinelawmaker for her vocalcriticism of Trump’sfalse election claims

face of the mob, and reinforce-ments were delayed for hoursas the Capitol was overrun,”said Rep. Carolyn Maloney (D.,N.Y.), the panel’s chairwoman.“It’s clear that despite all ofthis intelligence, the federalgovernment was not prepared.”

At a March hearing, thecommander of the WashingtonNational Guard said 3 hoursand 19 minutes elapsed be-tween his receiving the firstrequest for aid from CapitolPolice and formal approvalfrom the Pentagon for deploy-ing guard troops on Jan. 6.

During a separate Senatehearing Wednesday, Biden ad-ministration cabinet secretar-ies said the riot spurred theirdepartments to step up effortsto combat violent extremism.

“In my career as a judgeand in law enforcement, I havenot seen a more dangerousthreat to democracy than theinvasion of the Capitol,” Attor-ney General Merrick Garlandtold a Senate panel consider-ing the Justice Department’sbudget for combating violentextremism. “If there has to bea hierarchy of things that weprioritize, this would be theone we prioritize.”

Republicans in both hear-ings criticized Biden adminis-tration officials and Demo-cratic lawmakers for focusingon the Capitol riot over the vi-olence that sometimes accom-panied protests over racial in-justice last year in cities suchas Portland, Ore., and Minne-apolis.

“We can’t ignore some actsof violence and then use othersfor political gain, which is whatwe’re doing here today,” Rep.James Comer (R., Ky.) said dur-ing the oversight hearing.

The Justice Department hasrequested a $45 million in-crease in funding for the FBI’sdomestic terrorism investiga-tions and an additional $40million for resources to helpfederal prosecutors managegrowing caseloads. Officialshave also sought more moneyto study the root causes of ex-tremism, Mr. Garland said.

Department of HomelandSecurity Secretary AlejandroMayorkas, speaking before theSenate panel, said his depart-ment was boosting funds tostate and local programs thataddress extremist threats, andconducting an internal reviewof the department’s employeesfor violent ideologies. The de-partment recently establisheda domestic terrorism branchwithin its intelligence agency,which faced scrutiny after itfailed to warn law-enforce-ment agencies about Jan. 6.

—Rachael Levycontributed to this article.

Two former senior Trumpadministration officials de-fended their efforts to help se-cure the Capitol during the pro-Trump Jan. 6 riot in their firsttestimony about the attack.

Former President DonaldTrump’s last acting defensesecretary, Christopher Miller,and his acting attorney gen-eral, Jeffrey Rosen, both ofwhom served in those posts foronly a few weeks, said Wednes-day that they had sent backupsecurity personnel as soon asthey understood the gravity ofthe breach of the Capitol’s pe-rimeter. Mr. Trump’s support-ers went on to overrun theCapitol as Congress started tocertify President Biden’s Elec-toral College win.

“This isn’t a videogamewhere you can move forceswith the flick of a thumb,” Mr.Miller said, testifying beforethe House oversight panel. Hesaid his actions that day re-flected concerns, as expressedby former defense secretariesdays earlier, about the mili-tary involving itself in electiondisputes. “Our nation’s armedforces are to be deployed fordomestic law enforcementonly when all civilian assetsare expended, only as the ab-solute last resort,” he said.

Mr. Rosen said he wasproud of the Justice Depart-ment’s response, noting thathe told federal tactical teamsto be on standby and deployedhundreds of federal agents af-ter the building was breached.“I think the threat of violencewas understood by every-body,” he said.

The hearing was part ofseveral continuing inquiriesinto the riot. The Justice De-

partment has charged morethan 400 people with offensesstemming from the attack,which left five people dead.Several government watch-dogs and congressional com-mittees are examining a law-enforcement response thatexperts across the politicalspectrum have said amountedto one of the biggest lapsessince the federal security ap-paratus was overhauled fol-lowing the Sept. 11 attacksnearly two decades ago.

“Security collapsed in the

BY ARUNA VISWANATHAAND SADIE GURMAN

Ex-Senior OfficialsDefend ResponseTo the Capitol Riot

‘I think the threatof violence wasunderstood byeverybody.’

wall in the area by a smuggler.The pair were unhurt and re-united with their parents lastmonth. That effort, caught ona Border Patrol camera, waslikely a distraction intended topull resources away fromother nearby areas, officialssaid.

“Tactics change every day,”said Gloria Chavez, the topBorder Patrol agent in El Paso,Texas. “We have seen a levelof frustration and aggressive-ness against Border Patrolagents from those individuals,primarily single adults thathave, that are trying to evadearrest.”

Earlier this month, threemigrants died when a 40-footcabin cruiser carrying morethan 30 migrants, mostlyadults from Mexico, hit a reefand broke up near the CabrilloNational Monument on PointLoma in San Diego.

“This is the worst tragedyin maritime smuggling I haveseen here in San Diego,” saidKris Goland, the No. 2 officialfor CBP’s marine operations inSan Diego.

Hours after the boat cap-sized, another boat made it toshore with nine migrants hid-ing inside in Newport Beach,about 90 miles up the coastfrom San Diego.

Mr. Goland said the boatsbeing used to smuggle mi-grants are often in disrepair,lacking basic safety equipmentincluding lights and radios,and are routinely overloadedwith migrants.

BY ALICIA A. CALDWELL

Migrants Take More Perilous, Remote Routes to U.S.

At least 16 migrants have died in accidents close to the border since March. Above, a border road near the Coronado monument in Arizona.

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THEWALL STREET JOURNAL. Thursday, May 13, 2021 | A6A

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A6B | Thursday, May 13, 2021 THEWALL STREET JOURNAL.

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THEWALL STREET JOURNAL. * * Thursday, May 13, 2021 | A7

BY LINGLING WEIAND BOB DAVIS

U.S. NEWS

U.S.WATCH

WASHINGTON

Budget Gap Grew 30%In Fiscal Year to Date

The U.S. budget gap widenedin the first seven months of thefiscal year, as federal spendingcontinued to outpace rising taxreceipts while the nation recoversfrom the economic fallout fromthe Covid-19 pandemic.

The government ran a $1.9 tril-lion deficit from October throughApril, a record for the seven-month period and a 30% increasefrom a year earlier, the TreasuryDepartment said Wednesday.Outlays rose 22%, to a record $4.1trillion, driven by higher safety-netspending such as jobless benefitsand nutrition assistance, as wellas Covid-19 relief programs in-cluding emergency small-businessloans and stimulus checks.

Tax revenue rose 16%, to $2.1trillion, primarily due to higher re-ceipts from individuals and corpo-rations, which are larger so farthis year compared with 2020,when Congress delayed tax-pay-ment deadlines until July.

The economy is poised for ro-bust growth this year as eco-nomic activity picks up and em-ployers continue to add jobs,factors likely to boost govern-ment receipts. But Treasury offi-cials warned the latest figuresfrom April don’t give a true pic-ture of the economic factors un-derlying government revenue be-cause of changes to thetraditional timing of tax paymentsduring the pandemic.

Over the past 12 months, theU.S. deficit totaled $2.7 trillion, or12.2% of gross domestic product,according to the Treasury data.

—Kate Davidson

MINNESOTA

Chauvin Sentence CanBe Longer, Judge Says

A judge ruled that the formerMinneapolis police officer con-victed of murdering GeorgeFloyd can receive an aggravatedprison sentence, allowing for onetougher than recommended bystate guidelines.

In a decision dated Tuesday,Judge Peter Cahill, who presidedover the trial of Derek Chauvin,held that the former officerabused his position of authorityand treated Mr. Floyd with par-ticular cruelty, among other fac-tors he found supporting atougher sentence.

The most serious chargeagainst Mr. Chauvin was second-degree murder, which carries amaximum sentence of 40 years.

Minnesota’s sentencing guide-lines recommend a sentence ofup to 15 years for someone likeMr. Chauvin who had no previ-ous felony arrests.

Judge Cahill’s ruling gives himleeway to impose a sentencecloser to the 40-year maximum.The judge wrote that Mr. Chauvinabused his position by deployinga kneeling restraint that he knewfrom his training and experiencecarried a danger of asphyxia.

“The prolonged use of thistechnique was particularly egre-gious in that George Floyd madeit clear he was unable tobreathe and expressed the viewthat he was dying as a result ofthe officers’ restraint,” he stated.

Mr. Chauvin’s attorney, EricNelson, didn’t respond to a re-quest to comment on thejudge’s findings.

—Jacob Gershman

BOSTON

Parent Gets 3 MonthsFor Admissions Fraud

Former private-equity starWilliam McGlashan Jr. was sen-tenced Wednesday to threemonths in prison for paying acollege counselor to fudge hisson’s college entrance-examscore and boost the teen’schance of admission.

He admitted earlier this yearto paying $50,000 to collegecounselor William “Rick” Singerso a proctor could fix his son’swrong answers on the ACT. Mr.McGlashan said his son didn’tknow about the scheme.

Wednesday’s sentencing, doneremotely in federal court in Bos-ton, is the latest activity in thefar-reaching college admissionscheating scandal that prosecu-

tors unveiled in March 2019 anddubbed Operation Varsity Blues.Twenty-five other parents havebeen sentenced in the case, theirpunishments ranging from pro-bation to nine months in prison.

“Here you are, convicted of acrime that displays an incrediblelack of integrity, morality andcommon sense,” said U.S. Dis-trict Judge Nathaniel Gorton.“You have let your enormouswealth, privilege and pride over-whelm all of what you want tostand for.”

Mr. McGlashan must also paya $250,000 fine and complete250 hours of community service.

“It’s such a conflict with theway I’ve lived my life and withwhat I care about,” Mr. Mc-Glashan said. “It’s impossible toexplain or justify my involvementwith all of this.”

—Melissa Korn

China overall were at $472 bil-lion for the 12 months endedMarch 31, compared with apeak of $539 billion in 2018.

“The trade war has had amore enduring negative im-pact [on Chinese imports]than the pandemic,” saidAdam Slater, the lead econo-mist for Oxford Economics.“The effects of the pandemicare starting to wear off, butthe longer-term impact of thetrade war remains.”

The U.S. and China signedan agreement to end the tradewar in 2020, but the U.S. kepttariffs in place as leverage toensure compliance with thepact by Beijing, which also re-tained its tariffs on U.S. ex-ports to China.

Beijing has pressed fordropping the tit-for-tat tariffs.Though the levies are paid byU.S. companies, Chinese facto-ries can lose out on business infavor of rival factories in coun-tries including Vietnam, Malay-sia and Mexico. The trade wartook direct aim at China's am-bitions to become a leader inadvanced manufacturing tech-nologies such as semiconduc-tors and electric vehicles.

At a hearing Wednesday,senators pressed U.S. TradeRepresentative Katherine Taion whether the Biden adminis-tration plans to continue thetariffs, with some saying thelevies were hurting businessesin their districts. Ms. Tai wasalso asked to restore a now-ex-pired process in which compa-nies could seek to have tariffswaived on certain products.

Ms. Tai said that her officewas conducting a “top-to-bot-tom review” of tariffs thatwould include the exclusionprocess, and that companies“will be able to engage and tellus exactly what their concernsare and what their plans are.”

In a March interview withThe Wall Street Journal, Ms.Tai said the administrationwasn’t ready to lift tariffs onChinese imports in the nearfuture. “No negotiator walksaway from leverage, right?”she said.

The Trump administrationimposed the tariffs in fourwaves, known as tranches.Each tranche listed thousandsof imports that would be sub-ject to the duties.

The Office of the U.S. TradeRepresentative said the tariffsaffected $370 billion in annualtrade, but it hasn’t updatedthose figures as trade changed.

The first and second

ciable way, economic datashow, as U.S. companies in-stead turned to other coun-tries in Asia for supply.

Vietnam has been an espe-cially big beneficiary. It nowranks No. 6 globally for im-ports to the U.S., up from 12thas recently as 2018.

“If the goal was to reduceimports from China then itsucceeded,” said Craig Allen,president of the U.S.-ChinaBusiness Council, which repre-sents U.S. companies that dobusiness in China. “But if thegoal was to increase manufac-turing employment in theUnited States I don’t see anyevidence that that’s happened.If the goal was to increase im-ports from other countries in

Asia or increase manufactur-ing employment in Vietnam,it’s succeeded.”

Semiconductors are a primeexample of an item targetedearly in the trade war that hasbeen on the decline fromChina, but seen strong growthfrom Vietnam, Taiwan andMalaysia.

Of the Chinese goods hit bytariffs, the biggest impact hasbeen in telecom equipmentand computer accessories,where imports are down about$15 billion each from theirpeaks in 2018, the Journalanalysis found.

Tariff revenue paid to theU.S. Treasury by importers hasdropped as a consequence. TheU.S. collected $66 billion fromtariffs in the 12 months endedin March, down from a peak of$76 billion in February 2020.

Imports of non-tariffeditems from China have begunto pick up in recent months, af-ter a global downturn in tradetriggered by the Covid-19 pan-demic. Even so, imports from

ContinuedfromPageOne

TariffsBring FallIn Imports

The drop in goodsfromChina has beenmade up by Vietnamand others.

tranches went into effect inJuly and August 2018. The25% duties targeted itemssuch as semiconductors andelectrical apparatus. In the 12months through March, theU.S. imported about $22 bil-lion worth of items in the firsttranche and $9 billion in the

second, a decline of 36% and43%, respectively, from theiroriginal values.

The third tranche—origi-nally aimed at slightly over$200 billion of imports—cameafter a summer of escalatingtrade tensions and took effectin September 2018. In this

phase, the Trump administra-tion targeted consumer goods.

The final tranche of tariffshit in September 2019, fallingheavily on computers, appareland televisions. Following atruce struck in January 2020,the tariffs on these items werelowered.

Vietnam has leapfrogged several majortrading partners in Europe and Asia inrecent years, and is now the sixth-largestsource of U.S. imports...

Tariff revenue has declined due to the pandemic and diminished imports of tariffed items fromChina. In the 12 months throughMarch, about $250 billion of imports from China were goods thathad been targeted for tariffs, down from $370 billion when the tariffs first took effect.

Change since 2018 in imports fromChina, in billions

...Mexico had been closing in on China's leadas the largest source of U.S. imports, but itwas hit hard by the pandemic and its exportshaven't rebounded as strongly as China's.

Exports to theU.S., 12-month rolling sum

Customs duties,sumover the past 12months

Top 10 categories of items with the biggest decline:

U.S. imports fromChina, 12-month rolling sum

*Includes some miscellaneous household goods †Includes video equipment ‡Excludes tires and enginesSources: U.S. Census Bureau via Trade Data Monitor (exports to U.S.); U.S. Treasury (custom duties); U.S. Customs Bureau via Trade Data Monitor(imports from China); U.S. Census Bureau (change in imports from China)

billion

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Vietnam SouthKorea Ireland

India Italy U.K.

China tariff begins

China tariffbegins

Covid-19pandemic

First trancheof tariffs against

China

First tranchetakes effect

Fourth, final tranchetakes effect

How Levies Upended Trade

Beijing is consideringwhether to replace Vice Pre-mier Liu He as its top eco-nomic envoy with Washington,according to officials withknowledge of the matter, a de-cision that Biden administra-tion officials say will indicatethe depth of China’s interest ineconomic cooperation.

Under this scenario, theseofficials said, Mr. Liu, who hasspent decades working on eco-nomic issues, would be suc-ceeded by Hu Chunhua, ayounger vice premier whomade his mark overseeing therestive Tibet region and run-ning the trade-reliant coastalprovince of Guangdong butwho has little experience inU.S.-China relations.

The deliberation is part of a

tional retirement age forChina’s leaders. The Commu-nist Party leadership will meetto select new members of itsleadership team late next year.

Mr. Liu is a boyhood friendof Chinese leader Xi Jinping,who picked him to head nego-tiations with the Trump ad-ministration when the twosides were battling over trade.

Mr. Liu’s close personal ties

wider personnel shuffle asChina recalibrates its ap-proach to the new U.S. admin-istration. A trade trucereached by both sides earlylast year has led Beijing toshift its economic focus fromtariffs to pressing for the re-laxation of sanctions againstChinese companies, especiallytelecommunications giantHuawei Technologies Co.

No final personnel decisionshave been made, said the offi-cials, who added that there arealso reasons to keep Mr. Liu inthis role. China’s ForeignMinis-try referred questions to China’sCommerce Ministry, whichoversees trade. It didn’t respondto requests to comment.

Even if he is replaced asBeijing’s principal economicinterlocutor with Washington,Mr. Liu would still have signif-icant responsibility, accordingto the officials, including over-sight of China’s financial sec-tor at a time of heighteneddebt and default risk.

But he is set to turn 70years old early next year, put-ting him beyond the tradi-

with Mr. Xi gave him the au-thority to negotiate last year’s“Phase One” trade deal withthe U.S., which eased relationsbetween the two sides. But italso garnered criticism athome for making trade con-cessions without getting theU.S. to reduce tariffs much.

Mr. Hu, 58, is viewed in Bei-jing as a candidate for the Po-litburo Standing Committee,the pinnacle of power withinthe Communist Party. He cur-rently oversees the CommerceMinistry, making him a naturalcandidate to lead economic dis-cussions with the U.S.—thoughneither Washington nor Beijingappears interested in negotiat-ing a follow-on trade deal.

Instead, economic relationsbetween the two nations ap-pear to be stuck while disagree-ments fester on issues rangingfrom global security and tech-nology to human rights. OnWednesday, representatives ofthe two countries sparred overChina’s mass incarceration ofUyghurs and other minoritiesin its Xinjiang region.

Under the U.S. and China’s

phase-one trade deal, the twoagreed to periodic senior-levelbilateral reviews of the accord,led by the U.S. Trade Repre-sentative and “a designatedVice Premier” of China.

So far, though, discussionshave involved only lower-levelofficials. In recent days, Ter-rence McCartin, assistant U.S.trade representative for Chinaaffairs, has spoken with a dep-uty director-general at China’sFinance Ministry for one such“check-in” session, accordingto a person with knowledge ofthe discussion.

The U.S. Trade Representa-tive’s office didn’t respond torequests to comment on therecent talks.

In Washington, senior offi-cials are closely watching anypersonnel changes as an indica-tion of whether Beijing will pur-sue a more aggressive approachto the U.S. So far, they say, thesigns have been worrying.

In one planned move, Bei-jing is set to replace its long-time ambassador in Washing-ton, the polished Cui Tiankai,with Qin Gang, a seasoned dip-

lomat regarded by some in theBiden administration as ahawk. Mr. Cui built relation-ships in the American capital,including with Jared Kushner,former President DonaldTrump’s son-in-law and formerWhite House senior adviser,and Kurt Campbell, the Bidenadministration’s China coordi-nator. Mr. Qin, in contrast,hasn’t served in Washington.

Beijing has meantime ap-pointed Liu Xiaoming, a diplo-mat with a reputation as anassertive “wolf warrior,” to beits new North Korea negotia-tor, a critical position from theperspective of the U.S., whichhas looked to China to play akey role in dealing withPyongyang and its pursuit ofnuclear weapons.

At the same time, China’sVice President Wang Qishan,who has forged relations sincethe late 1990s with influentialAmericans and advised Mr. Xion U.S. policy, is increasinglybeing sidelined, say people fa-miliar with the situation.

—Jessica Donaticontributed to this article.

China Weighs New Economic Envoy to U.S.Liu He, who oversawtrade deal with theTrumpWhite House,could be replaced

Vice Premier Liu He

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WASHINGTON—The Mexi-can Labor Ministry said it is in-validating a union vote at aGeneral Motors Co. truck fac-tory, after the U.S. asked for areview under the U.S.-Mexico-Canada Agreement.

The Labor Ministry said lateTuesday that it found enoughirregularities to invalidate thevote at GM’s Silao assemblyplant in the central Mexicanstate of Guanajuato and or-dered the union to conduct an-other within 30 days in a pro-cess that guarantees workers afree and secret vote “withoutcoercion or intimidation.”

The U.S. said it requested areview after receiving informa-tion “appearing to indicate se-rious violations” of workers’rights during a vote to approvea collective-bargaining pact.

The U.S. sought the reviewunder the USMCA’s labor-dis-pute settlement enforcementtool called Rapid Response La-bor Mechanism, which makes iteasier for the U.S. to bring com-plaints against specific facilitiesin Mexico. The action reflectsthe Biden administration’s “se-rious commitment to workersand a worker-centered tradepolicy,” according to U.S. TradeRepresentative Katherine Tai.

Mexican President AndrésManuel López Obrador said hisnation was committed to com-plying with the terms ofUSMCA. “So, if in a companythat exports to the UnitedStates there is mistreatment ofworkers, if fair wages are notbeing paid, if there’s no democ-racy, that must be addressed,”he said in a statement.

GM has retained a third-party firm to review the situa-tion and will cooperate withthe U.S. and Mexican govern-ments, a spokeswoman said.“As a company, we respect andsupport the rights of our em-ployees to make a personalchoice about union representa-tion and any collective bargain-ing on their behalf,” she said.

—Anthony Harrupcontributed to this article.

BY YUKA HAYASHI

Union VoteAt PlantIn MexicoInvalidated

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A8 | Thursday, May 13, 2021 THEWALL STREET JOURNAL.

When the secretive militarychief of the Palestinian Isla-mist movement Hamasemerged from the shadowslast week, he chose to weighin on a land dispute in EastJerusalem, threatening to re-taliate against Israel if Pales-tinian residents there wereevicted from their homes.

“If the aggression against ourpeople…doesn’t stop immedi-ately,” warned the commander,Mohammad Deif, “the enemywill pay an expensive price.”

Hamas followed through onthe threat, firing from theGaza Strip, which it governs,over a thousand rockets at Is-rael since Monday evening.The barrage and the Israelicounterstrikes targetingHamas positions in Gaza haveset the two sides on a coursefor another conflict and esca-lated tensions across Israeland the Palestinian territories.

Hamas’s show of force is oneway the militant group is tryingto win over young and frus-trated Palestinians like thosewho have led the protests overthe evictions, but have been los-ing faith in their aging leadersand relinquishing hopes for anindependent Palestinian state.

“I think Hamas right now ispromoting a very calculatedand very planned crisis,” saidMichael Milstein, head of thePalestinian Studies Forum atthe Moshe Dayan Center of TelAviv University.

Israel and Hamas have foughtthree wars since the militantgroup seized control of the GazaStrip in 2007. The two sideshave seen several escalationssince spring 2018 that have al-most developed into full-blown

BY DOV LIEBERAND FELICIA SCHWARTZ

WORLD NEWS

conflict. The latest is the mostserious since the two fought asummerlong war in 2014.

The Islamist group, alongwith the Iranian-backed Pales-tinian Islamic Jihad, have fireda few barrages of over a hun-dred rockets right at Israel’scommercial heart, Tel Aviv.

Israel is also facing an in-ternal conflict, as pro-Palestin-ian Arab residents clashedwith their Jewish neighbors inmixed towns, prompting thegovernment to bring in borderpolice troops to quell riots.

The continuing protests overthe evictions have centered on acourt ruling that would see fourPalestinian families removedfrom their homes in the East Je-rusalem neighborhood of SheikhJarrah and put in their placeright-wing Jewish tenants, whoIsraeli courts decided were the

rightful owners. The final ap-peal in the case is now in thehands of Israel’s Supreme Court.

Hamas issued an ultimatumto Israel to remove its forces byMonday evening from SheikhJarrah. The forces were there aspart of security measures sur-rounding the nightly protests.

As the deadline passed, thegroup sent the barrage of rock-ets toward Jerusalem, precipi-tating the Israeli response.

Palestinian health ministryofficials say Israeli airstrikeshave killed 65 people sinceMonday, including 16 children.Seven Israelis have died in in-tense Hamas rocket barragesthat began Monday evening,Israeli officials said. PrimeMinister Benjamin Netanyahusaid Israel has killed dozens ofHamas and Palestinian IslamicJihad operatives.

Although the Palestinianyouth have lacked a single goal,many express broad discontentwith the status quo. Whether itis high crime and unemploy-ment among Arab-Israelis orthe tribulations of living underIsrael’s military occupation inthe West Bank, few see goodoptions for their future. Manyshare collective grievancesthrough social media.

“There’s been colonial frag-mentation completed to makethe Palestinians forget thatthey’re a people, and this newwave of internet use has al-lowed us to reconnect,” saidMohammed El-Kurd, a 22-year-old poetry student whobelongs to one of the familiesthreatened with eviction inSheikh Jarrah. “We are sick ofliving under occupation andunder siege.”

On-and-off peace talks havediminished prospects that thePalestinians might establish anation separate from Israel,known as the two-state solu-tion. Palestinian leaders in Gazaand the West Bank rejected aTrump administration peaceplan that left many parts of thePalestinian territories sur-rounded by Jewish settlements.

The views of Palestinianyouth on two states is shifting,too. Many young Palestiniansare looking for a new way for-ward, such as a single demo-cratic state for Israelis andPalestinians, according toopinion surveys.

The 85-year-old PalestinianAuthority President MahmoudAbbas—one of the architects ofthe two-state solution—is nowin his 16th year of what wasmeant to be a four-year term.

He canceled elections that wereslated for later this month,pointing a finger at Israeli re-fusal to allow Palestinians inEast Jerusalem to vote. Israelhasn’t commented on the issue.

“Hamas is thinking aboutthe day after Abu Mazen,” saidthe Palestinian affairs analystMr. Milstein, using a nicknamefor Mr. Abbas. “It may be veryclose.”

For now, Washington andIsrael’s new allies in the Mid-dle East are sticking with thelongtime framework for peacetalks.

Rather than back awayfrom a two-state solution, theBiden administration is look-ing for ways to inch back to-ward one, including restoringfunds cut under the Trump ad-ministration and addressingthe steep economic disparitybetween Israel and the Pales-tinian territories.

President Biden instructedhis team last week to engagewith Israeli and Palestinian of-ficials to de-escalate the situa-tion, White House press secre-tary Jen Psaki said Tuesday.The White House condemnedHamas’s rocket attacks againstIsrael as well as extremism inJerusalem that harms coexis-tence there, she added.

Bahrain and the UnitedArab Emirates, which normal-ized relations with Israel lastyear, released statements inrecent days slamming Israelfor the clashes that occurredin Jerusalem, and called for Is-rael to prevent the evictions inSheikh Jarrah.

The rulers in Gaza havebeen upfront about jumpinginto the fray in Jerusalem andfiring rockets at Israel, withHamas officials portraying thegroup as a steadfast defenderof the Palestinian people.

“The equation of linkingGaza to Jerusalem is fixed andwill not change,” Hamas politi-cal chief Ismail Haniyeh saidTuesday. “When Jerusalemcalled, Gaza answered.”

Hamas Capitalizes on Palestinian AngerMilitant group thatcontrols Gaza tapsinto frustrations withleaders and Israel

A Palestinian demonstrator threw a stone during a protest against Israel in the West Bank town of Hebron on Tuesday.

rocks at an Arab man in a car,Israeli media reported. Theman accelerated and hit one ofthe people in the mob, wound-ing him, the reports said.

“We are dealing with a civilwar between us without anyreason. Please stop this mad-ness,” Israeli President ReuvenRivlin said on Israel’s Channel12 on Wednesday evening.

The military said an opera-tion to target the command-ers, conducted jointly with Is-rael’s internal securityservices, killed the Hamascommanders and officials inseveral strikes. Those killedincluded the head of Hamas’scyber command, head of re-search in its munitions depart-ment and the chief engineer inits munitions department.

Hamas, an Islamist militantgroup that seized control of theGaza Strip in 2007, confirmedthe deaths of six senior officials.

President Biden said hespoke with Mr. Netanyahu onWednesday, saying Israel has aright to defend itself but thathis expectation is that the vio-lence would end soon. Secre-tary of State Antony Blinkensaid he was dispatching HadyAmr, the senior State Depart-ment official with the Israeli-Palestinian portfolio, to Israelto encourage mediation efforts.

Since Monday, Israel hasstruck over 500 targets in Gaza,including overnight raids tar-

sure they could evacuate be-fore the attacks took place.

Ahmad Alsaaym, the ownerof one of the buildings thatwas hit, said he was able toleave before the strike but es-caped with little but his ownlife. “What do I say, I lost myhouse, business and everythingI have in front of my eyes,” hesaid. The losses included newclothing that he had bought hischildren for Eid al-Fitr, whichmarks the end of the holymonth of Ramadan. “I’ll buynew ones for them today andwe will celebrate Eid and ourvictory with getting Jerusalemand Palestine back,” he said.

Sirens wailed Wednesdaymorning in the coastal city ofTel Aviv and loud booms couldbe heard overhead, rattlingapartment buildings.

Beverley Jamil, 58, who livesin Ashkelon, said the past 48hours have been a nightmare,with constant sirens disruptingevery facet of daily life. Ms. Ja-mil said she had lost track ofhow many times she has had tosprint to her rocket shelter.

“It’s a ghost town,” shesaid. “It’s warm out, the chil-dren should be out playing inthe playground, the beachwould have people there.There’s nobody anywhere.”

—Anas Baba in Gaza Cityand William Mauldin

in Washingtoncontributed to this article.

established the country—inmixed cities intensifyingWednesday evening. This was inspite of a massive deploymentof border police around thecountry aimed at calming ten-sions and restoring order.

Prime Minister BenjaminNetanyahu of Israel saidWednesday night that he wouldbe sending the military andborder police across the coun-try to restore order. “Citizensof Israel, I don’t care if yourblood boils. You cannot takethe law into your own hands,”he said in a television address.

In Bat Yam, south of Tel Aviv,a Jewish mob viciously attackeda man they believed to be Arabbut was actually Jewish, accord-ing to video that Israeli publicbroadcaster KANN showed live.

In Acre, in northern Israel, aJewish Israeli was severely in-jured after Arab Israelis threwrocks at him and beat him withiron bars, according to Israelipolice and video circulating onsocial media. In Haifa, also innorthern Israel, Jews threw

ContinuedfromPageOne

AirstrikesIntensifyClash

ony Blinken said Wednesday,while declining to detail U.S.plans to resolve the conflict.

Mr. Biden said Wednesdaythat he spoke with IsraeliPrime Minister Benjamin Ne-tanyahu, adding that Israel hasa right to defend itself butsaying his expectation is thatthe violence would end soon.

Many of Mr. Biden’s fellowDemocrats want the presidentto more assertively supportArabs and to promote propos-als from some Democrats inCongress to remove fundingfor Israel linked to its settle-ment activity in the WestBank, which Palestinians andmany Democrats oppose.

“This is not a moment fortepid statements,” Sen. Chris-topher Van Hollen (D., Md.)said over the weekend in aTwitter post urging greatersupport for Palestinians.

Rep. Mark Pocan (D., Wis.)

tweeted, “U.S. aid should not befunding this violence,” whileRep. Rashida Tlaib (D., Mich.)in a message asked, “Where’sthe outrage @POTUS?”

Some Democrats, includingRep. Brad Sherman of Califor-nia, have backed Israel, callingrockets fired by Hamas an at-tempt to kill as many Israelicivilians as possible.

Republican supporters of Is-rael, citing the violence, saidthe administration is neglectingan important ally. “Biden’sweakness and lack of supportfor Israel is leading to new at-tacks on our allies,” formerPresident Donald Trump said.

Rep. Lee Zeldin (R., N.Y.)called for greater support forIsrael during the conflict. “TheBiden administration needs tobe strong and unequivocal insupporting Israel’s right toself-defense, not just in words,but also in its actions,” he told

The Wall Street Journal.The Biden administration,

arriving in the middle of theCovid-19 pandemic, has soughtto emphasize domestic healthand economic goals, begin amilitary withdrawal from Af-ghanistan and refocus foreign

policy on what it perceives asthe biggest long-term threats tothe U.S., led by China. The di-vergent calls from each majorpolitical party on how the Bi-den administration should re-spond to the current conflictreflects how highly politicized

the issue has become in the U.S.Mr. Biden first spoke as

president with Mr. Netanyahuin February, after nearly amonth in office. Mr. Biden alsospoke to him last month, aftera stampede at an Israeli reli-gious festival killed 45 people.

Mr. Biden has exchanged let-ters with Palestinian AuthorityPresident Mahmoud Abbas,part of what a White House Na-tional Security Council spokes-woman said is the administra-tion’s “ongoing outreach withthe Palestinian leadership.”

Biden administration offi-cials in part have been waitingfor a resolution in Israel’s tu-multuous political situation.Mr. Netanyahu faces an uncer-tain future after centrist poli-tician Yair Lapid was given ashot at forming a governmentfollowing Mr. Netanyahu’s fail-ure to do so.

Mr. Biden hasn’t named an

ambassador to Israel or sentanother top-level envoy to theIsraeli-Palestinian conflict, al-though Mr. Blinken saidWednesday he had sent HadyAmr, a deputy assistant secre-tary of state, to the region.

“What we have recognized isprecisely what other govern-ments have recognized,” StateDepartment spokesman NedPrice said Tuesday. “The twosides are not at the presentmoment in a position to under-take meaningful negotiations toadvance a two-state solution.”

White House spokeswomanJen Psaki said administrationofficials since the weekendhave held more than 25 high-level calls and meetings withIsraelis, Palestinians and re-gional partners, engagingthrough diplomatic channels.

—Sabrina Siddiquiand Nancy A. Youssef

contributed to this article.

WASHINGTON—The Bidenadministration is urging a de-escalation in deadly clashesbetween the Israeli militaryand the Islamist Hamas move-ment, while some Democraticallies call for stronger supportfor Palestinians and some Re-publicans want more forcefulbacking of Israel.

President Biden and his topnational security advisers haveavoided playing a major publicrole or taking sides in the cri-sis, which was ignited by a se-ries of disputes in Jerusalem inrecent days, culminating inHamas rocket attacks on Jeru-salem and Israeli reprisals.

“The most important thingthat we can do right now isexactly what we’re doing,which is to be engaged acrossthe board, pushing on de-esca-lation,” Secretary of State Ant-

BY WILLIAM MAULDIN

Biden Is Reluctant to Get Drawn Into the Conflict

The president wantsto focus on domestichealth, the economyandChina.

geting what Israel’s militarysaid were senior Hamas andPalestinian Islamic Jihad offi-cials, some inside their houses.The attacks have upended lifefor millions of people in Gazaand reduced swaths of thecity—about twice the size ofWashington, D.C.—to rubble.

Jamileh Tawfiq, a 24-year-old Gaza City resident, saidbombing raids Wednesdaymorning filled her apartmentwith suffocating smoke and thescreams of her nieces. “All of a

sudden, Gaza has turned into awar zone,” she said. “We’re ex-periencing the most terrifyingand uncomfortable kind of si-lence between each bombing.”

Hamas has launched morethan 1,500 rockets toward Is-rael, including 350 that fellshort and landed inside Gaza,said Lt. Col. Jonathan Conri-cus, an Israeli military spokes-man. Hundreds have been in-tercepted by Israel’s IronDome System. Col. Conricussaid Israel sent two infantry

brigades and an armored bri-gade to the border to preparefor possible ground opera-tions. “No specific ordersgiven yet as to what to do onthe ground but…preparing forvarious scenarios,” he said.

Israel has also targetedhigh-rise buildings it saysHamas is using as militarysites, causing several struc-tures to collapse. Col. Conricussaid Israel’s military firedwarning shots and called peo-ple in the buildings to make

A fire blazed in Khan Yunis following an Israeli airstrike on targets in the southern Gaza Strip.

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WORLD NEWS

later adjusted the forecast to a14% drop in October.

The World Bank estimatesglobal remittances to lower-in-come nations to reach $553billion in 2021, a 2.6% increasefrom 2020.

A rise in migration duringthe past two decades hadpushed remittances up to re-cord levels before the pan-demic, exceeding foreign di-rect investment and foreign-aid flows to poorer countries.

Historically, remittanceshave proved an importantcushion during downturns,with migrant workers typicallysending more money backhome during times of hardship.

Now, migrant remittancesare crucial given the sharp di-vergence in the near-term for-tunes between rich and poorcountries. The U.S. and Europehave vaccinated large portionsof their populations, allowingtheir economies to bounceback strongly, while the pan-demic continues to afflictpoorer countries such as India.

Foreign direct investmentin medium- or low-income

countries fell 30% last year,excluding China, the world’stop destination for FDI.

During the pandemic, stim-ulus payments and enhancedunemployment and furloughprograms in the U.S. and Eu-rope allowed foreign-bornworkers there to continue towork and cushioned the fall intheir incomes. Moreover, manymigrants work in key indus-

tries such as delivery servicesand healthcare that continuedto operate last year.

“There was both a directand indirect effect of the fiscalstimulus packages,” said DilipRatha, the lead economist formigration and remittances atthe World Bank and the mainauthor of the organization’slatest report on remittances,released Wednesday.

Foreign-born workers sentmore than $500 billion back totheir home countries in thedeveloping world last year, asthe economic recovery andgenerous government pro-grams in areas such as the U.S.helped sustain a critical life-line for poor nations still bat-tling the Covid-19 pandemic.

According to fresh datafrom the World Bank, globalremittances to low- and mid-dle-income economies fell just1.6% last year to $540 billion,defying expectations that thepandemic would squeeze over-seas workers’ ability to earnand send money to relatives intheir home countries.

The U.S. was the largestsource country for migrant re-mittances in 2020, at $68 bil-lion, according to the WorldBank. Most of that amountwent to low- and middle-in-come countries, with Mexicothe biggest recipient.

Early in the pandemic, thebank expected 2020 remit-tances to decline by 20%; it

BY EUN-YOUNG JEONG

$800

0

200

400

600

billion

2010 ’20

Low- andmiddle-income regions

World

Remittance flows Top recipients among low- andmiddle-income countries, 2020

Note: 2020 figure isan estimate; 2021-22

are forecasts.

Source: World Bank

China60

India$83 billion

Mexico43

Philippines35

Egypt30

Pakistan26

Bangladesh22

Nigeria17

Vietnam17

Ukraine15

WORLDWATCH

FRANCE

Candidate DroppedOver Head Scarf

French President EmmanuelMacron’s party pulled support fora Muslim woman running on itsticket in a local election in Juneafter she wore a head scarf on acampaign poster.

The decision sparked a back-lash within Mr. Macron’s ownparty, showing how sensitive thesubject of Islam and its place inFrench society has become forMr. Macron, who is preparing tomount a bid for re-election nextyear. His chief rival is Marine LePen, leader of the anti-immigrantNational Rally party, according tothe latest polls.

French law doesn’t forbid po-litical candidates from wearinghead scarves on public campaigndocuments, but Stanislas Guérini,the party’s general secretary,said doing so is incompatiblewith the party’s political line.

The candidate, Sara Zemmahi,

an engineer who was running tobe a deputy council member forthe Hérault area in the South ofFrance, didn’t respond to re-quests to comment.

The removal of the endorse-ment for Ms. Zemmahi comes asMr. Macron’s government preparesto push through a sweeping billthat aims to increase state over-sight of places of worship and reli-gious associations, and crack downon other practices—from onlinehate speech to forced marriage.

—Noemie Bisserbe

Court Orders Trial inRio-Paris Jet Crash

A French court on Wednesdayordered Air France and planemaker Airbus to stand trial formanslaughter in the 2009 crashinto the Atlantic Ocean of a flightfrom Rio de Janeiro to Paris,which killed all 228 people aboard.

The two companies said theywould appeal the decision, whichoverturns a 2019 ruling. Groups

peal the decision to France’shighest court, the Court of Cas-sation. The carrier said it “main-tains that it did not commit acriminal offense in this tragic ac-cident.”

UNITED KINGDOM

Johnson ConfirmsPandemic Inquiry

British Prime Minister BorisJohnson confirmed Wednesdaythat an independent public inquiryinto the handling of the coronavi-rus pandemic will start hearingevidence next year.

While welcoming the an-nouncement, a leading group rep-resenting the bereaved thinks itshould begin sooner.

Mr. Johnson told lawmakersthat the inquiry would have wide-ranging statutory powers and thatthe government has a responsibil-ity to learn lessons from the pan-demic after more than 127,500died as a result of the coronavi-rus, Europe’s highest death toll.

He said he expected that theinquiry to begin its work nextspring and that it would havethe power to compel the produc-tion of all relevant materials andto take oral evidence under oath.

—Associated Press

representing relatives of victims inFrance and Brazil had pressed fora trial, maintaining the companieswere at least partially responsiblefor the Air France Flight 447 crash.

Air France said it would ap-

Airbus said the decision “doesnot reflect in any way the con-clusions of the investigation thatled to the dismissal of the casein favor of Airbus.”

—Associated Press

COMEBACK BID: Mahmoud Ahmadinejad, Iran’s hard-line president from 2005 to 2013, registeredWednesday in Tehran to run again in the June 18 poll. A council decides who can run in the vote.

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India’s economy was bounc-ing back after a nationwidelockdown last year stifled con-sumer spending and pushedthe country into a deep reces-sion, but the recovery has nowrun headlong into a devastat-ing surge of Covid-19.

As the South Asian nationbattles the world’s worst cur-rent outbreak, states and cit-ies across the country havegone back into lockdown.Many nonessential businesseshave closed, and people areonce again hunkering down athome. Private consumption,which makes up more thanhalf of India’s gross domesticproduct, is expected to plunge,economists said.

“The immediate impact ofthe second wave is that recov-ery is going to take a big set-back,” said Mahesh Vyas, chiefexecutive at the Centre forMonitoring Indian Economy,an independent think tank inMumbai. The economy is in a“very shaky position,” headded, as the virus spreadsbeyond major cities into mostcorners of the country.

Payal Das, 33 years old, losther work as a domestic cookand cleaner after the nation’scapital, New Delhi, imposed alockdown in late April. Her em-ployers fled the city, she said.

Ms. Das said she is worriedabout how to feed her 7-year-old daughter and pay for schoolfees. Her husband’s work as adrummer at weddings also hasdried up. The couple has beenso consumed by fights aboutmoney that they recently de-cided to divorce, she said.

“This disease has pushed usinto helplessness,” Ms. Dassaid. “The government wantsto save us from the virus. Thereal virus is unemployment.”

Many Indians, lacking confi-dence that they can get a hos-

BY SHAN LIAND VIBHUTI AGARWAL

pital bed, are fighting the pan-demic the only way they can—by staying away from publicspaces. The latest Google mo-bility data shows activityaround retail and recreationallocations in India was down64% from pre-pandemic levels.Activity at supermarkets andpharmacies has fallen 26%.Even public gardens and parkssaw visitors drop by 47%.

Many Indians have no sav-ings to fall back on. Duringlast year’s lockdown, millionsof migrant workers returnedto their villages in rural Indiaas their jobs in cities evapo-rated. This time around, themiddle class is reeling too, Mr.Vyas said. Many relativelywell-off families are fallingsick, but have been unable toget medical care from hospi-tals struggling with an on-slaught of patients.

Spending—except onhealthcare—is the last thingon people’s minds. “That’s go-ing to have an impact on con-sumption expenditure going

forward,” Mr. Vyas said.Consumer spending is the

main engine of growth in theworld’s sixth-largest economy.Until the latest surge, pent-updemand was bolstering India’seconomic recovery after itsGDP shrank for two consecu-tive quarters last year.

But the second wave ispummeling small and medium-size businesses, which were al-ready wounded after lastyear’s shutdown, economistssaid. Any further curbs onspending could permanentlywipe many of them out, saidVishrut Rana, an economist atS&P Global Ratings.

Delhi salon owner Nima, whogoes by one name, said sheclosed her business for good af-ter the city went into lockdownin late April. The salon barelymanaged to survive last year,she said, but life was slowly get-ting back to normal. Now, Ms.Nima said she can no longer af-ford to keep paying her staff.“How long can we keep invest-ing with no returns?” she said.

The biggest unknown ishow long the current surgewill last. The long-term eco-nomic impact will depend onwhen it ends—and whetheranother wave of infections canbe kept at bay.

Some epidemiological mod-els have predicted the surgewill peak around mid-May. Inthat case, the pain could be lim-ited to the April-to-June quar-ter, economists said, with theeconomy rebounding soon after.

GDP growth for the fiscalyear ending March 2022 wouldtake a modest hit, down to9.8% from an original estimateof 11%, Mr. Rana said. But if thepeak comes a month later, inJune, the outlook is more grim.In that scenario, GDP growthwould fall to 8.2%, he said.

“That’s a longer period oftime where people are indoorsand not spending,” he said.

India has avoided imposingthe kind of sweeping nationallockdown that brought thecountry to a virtual standstillfor months last year. That has

The World Health Organiza-tion should be given the powerto swiftly investigate threaten-ing pathogens in any country,a review board established bythe United Nations agency’sleadership said, saying theagency took too long to de-clare Covid-19 a public-healthemergency in early 2020.

The report, which was con-ducted by a panel of politi-cians and experts establishedby WHO Director-GeneralTedros Adhanom Ghebreyesuswith the aim of examiningearly efforts to halt the pan-demic, provided little criticismof China’s government or itsclampdown on Chinese whis-tleblowers who raised thealarm about the spread ofCovid-19 cases in late 2019.

It didn’t discuss in detailthe WHO’s advice in early2020 that countries not closeborders or mandate wearingmasks—measures that are nowseen as key steps taken bycountries that have managedthe disease. It mainly lookedat the rules for disease report-ing and epidemic response un-der which the WHO operates.

But the report did castigateother governments, withoutnaming them, for having “de-valued science” and saidwealthy nations hadn’t doneenough to provide vaccines forthe developing world.

The board—the Indepen-dent Panel for Pandemic Pre-paredness and Response—ismeant to be the U.N.’s chief ef-fort to provide accountabilityfor the failures that allowedthe virus to slip from Chinaand spread around the world.The panel, led by former NewZealand Prime Minister HelenClark and ex-Liberian Presi-dent Ellen Johnson Sirleaf, wasset up by Dr. Tedros last year.

In conclusions publishedWednesday, the panel said theWHO lacked the legal powersand international cooperation itneeded to understand howquickly and widely the diseasewas spreading through China.

The panel recommendedadopting a treaty specifyingmember states’ legal obliga-tions to report disease out-breaks, establishing a GlobalHealth Threats council ofheads of state and govern-ments, forming a rapid infec-tious disease surveillance andalert system, and other steps. Italso recommended limiting theWHO director-general post toone seven-year term of office,with no option for re-election, astep to reduce campaigning.

U.S. officials said they werehoping the report would pro-vide a detailed chronologyshowing how China’s efforts tomuffle domestic discussion ofthe coronavirus helped thepathogen spread.

BY DREW HINSHAWAND BETSY MCKAY

WHOFaultsItself OverOutbreak

blunted some of the pain byallowing heavy industries suchas agriculture and manufac-turing to keep operating.

Data firm IHS Markit’s pur-chasing managers index formanufacturing in India—ameasure of activity in the pri-vate sector—rose to 55.5 inApril, up slightly from 55.4 inMarch. A reading above 50 in-dicates that activity is increas-ing, while a reading belowpoints to a decline in activity.

“Power consumption, rail-way, freight—all these thingshave held up fairly well,” Mr.Rana said. “It’s a positive signfor at least the heavy side ofthe economy.”

Even after the current crisisends, a slow vaccination cam-paign will continue to hamperIndia’s ability to safely openup, said Kunal Kundu, an Indiaeconomist at Société GénéraleCorporate and InvestmentBanking. Only 2.8% of thecountry’s more than 1.3 billionpeople are fully vaccinated, ac-cording to the health ministry.

India’s Economy Braces for More PainBusinesses haveclosed and many havelost jobs as Covid-19lockdowns are revived

Volunteers prepared oxygen cylinders for Covid-19 patients in Ghaziabad, Uttar Pradesh, on Tuesday.

Remittances make up over afifth of the gross domesticproduct in countries such asLebanon, Nepal and Jamaica.

In the Philippines, whereremittances make up morethan 7% of its GDP, paymentsfrom abroad are forecast tohave reached $2.5 billion justfor the month of March, a4.8% rise from the previousyear, according to NicholasMapa, senior economist forING Bank NV based in Manila.That jump came despite thereturn of 450,000 overseasworkers to the Philippines lastyear, he said. “They alwaysjust find a way,” he said.

In Mexico, remittancesreached $4.15 billion in March,the highest amount ever sentfrom the U.S. to Mexico by mi-grant workers in a givenmonth and up 2.6% from thesame period last year, accord-ing to Alberto Ramos, head ofLatin America economic re-search at Goldman SachsGroup Inc. He expects the U.S.fiscal stimulus and red-hotgrowth there to keep the flowof remittances strong in 2021.

Migrants Are Sending Billions of Dollars Home

The panel castigatedsome governmentsfor having ‘devaluedscience.’

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FROM PAGE ONE

Some websites allow students to auction off assignments. The bids above came in to a Wall StreetJournal post on homeworkforyou.com. Tyler Johnson of North Carolina State University, below,caught about 200 students cheating on a statistics exam—one-fourth of the class.

ment. It, like many other sites,warns against users submittingwork done as their own.

The Wall Street Journal putup a post on the site, titled“Wall Street Journal NeedsHelp Cheating For Article.” Thepost noted the Journal was re-porting on cheating and was in-terested in talking to bidders,and wouldn’t pay the indicated$15 starting bid.

Bids started rolling in withinseconds of the posting—seem-ingly, without bidders havingread the description. Bidsreached a total of 13, at an av-erage of $389.62, before theJournal removed the postabout 30 minutes into the auc-tion. One bidder offered to do itfor $2,005.

Bidders contacted by theJournal didn’t respond for com-ment or declined to be inter-viewed.

Lesley Vos, a blogger andcontent strategist forBid4Papers.com, a site wherestudents can auction out writ-

ing assignments, said its termsprohibit academic fraud andplagiarism. She said the site isfor educational purposes, witha hope to improve students’grades using methods such asguiding them on ideas, researchand proper citations to avoidplagiarism.

She said she supposes cheat-ing can happen, but it would beon a student’s conscience. “Stu-dents will never tell us howthey’ve used our writers’ help,”she said.

One self-described indepen-dent tutor listed as Daniel Am-aro in a Craigslist ad said in aninterview by text message thatbusiness was booming duringthe pandemic. The tutor dis-avowed the label of a cheaterfor students, and said that thetutor helps students learn byproviding written tutorials andexplanations for math problems.

“I suspect most of the stu-dents who reach out to me in-tend on turning in my work astheir own,” the tutor said. “But

I don’t have control over theiractions.”

The tutor touted bachelor’sand master’s degrees from Co-lumbia University in the ad, butthe university said it was un-able to locate such informationin its records. After being askedabout the discrepancies by areporter, the tutor said thatDaniel Amaro was an alias, andasked to no longer be includedin the Journal’s article.

Students have filed com-plaints against services with theBetter Business Bureau for notgetting the grade promised aswell as for unoriginal work, lateassignments or billing concerns.

One student filed a com-plaint to the bureau in Novem-ber about allassignmen-thelp.org, which promises tocomplete dissertations, essaysand other coursework, saying itdid poor work and was mislead-ing on what it would provide.The student also claimed thatthe site made threats about le-gal action and notifying schooladministrators about cheating.

“They make sure that theircustomers give them all info,including street address, schoollogin credentials, schoolname…to scam, blackmail,threaten and extort if custom-ers do not comply with theirdemands,” the student wrote inthe complaint.

The student, who claimed tohave lost $1,000 in the transac-tion, declined to commentthrough the Better Business Bu-reau. Allassignmenthelp.orgdidn’t respond to requests forcomment.

Other popular websites thatstudents use to get help—bysubmitting a question for an

to cheat and they know itworks,” said Thomas Lancas-ter, senior teaching fellow incomputing at Imperial Collegein London, who has studiedacademic integrity issues formore than two decades. Hesaid cheating sites number inthe thousands, from individu-als to large-scale operations.

Concerned about his NorthCarolina State University stu-dents cheating in a statisticsclass, Tyler Johnson launched aplan.

For the final exam, Mr. John-son, a course coordinator, saidhe used a computer programthat generated a unique set ofquestions for each student.Those questions quickly showedup on a for-profit homeworkwebsite that helped him toidentify who posted them.

About 200 students werecaught cheating—one-fourth ofthe class. Cases of academicdishonesty more than doubledin the 2019-20 academic year atNC State, with the biggest up-tick as students made the tran-sition to online learning, ac-cording to the school.

Growing casesTexas A&M University had a

50% increase in cheating allega-tions in the fall from a yearearlier, with one incident in-volving 193 students self-re-porting academic misconductto receive lighter punishmentafter faculty members caughton, a university official said.The University of Pennsylvaniasaw cheating case investiga-tions grow 71% in the 2019-20academic year, school datashows.

Dozens of cadets at the U.S.Military Academy at West Pointwere caught cheating on an on-line calculus exam last year,sharing answers with eachother from home. The schoolsaid in April it was ending apolicy that protected cadetswho admitted honor code viola-tions from being kicked out.

Educators say stress andpressure, both significant ef-fects of the pandemic, are a bigreason why students cheat.“Especially in a time of stress,they make poor choices,” saidCamilla Roberts, president ofthe International Center for Ac-ademic Integrity and directorof the Kansas State UniversityHonor and Integrity System.

There is a line between stu-dents turning to homeworkhelp sites that offer study re-sources to better understand asubject, and copying answersfound on those sites ontohomework and tests or hiringothers to do their work.

Erik Johnson, an 18-year-oldfreshman at Miami Universityin Oxford, Ohio, who isn’t re-lated to Mr. Johnson of NCState, said he knows studentswho have used homework helpsites for studying—and forcheating. He said he hasn’tcheated himself.

ContinuedfromPageOne

he said, rather than travelpros. To get around obstaclessuch as a rental-cars shortage,Mr. Slabaugh said he has re-sorted to tricks like booking acar for longer than he needs.

Fares are rising, middleseats are no longer empty andeverything from parking lots tosecurity lines is getting morecongested. Meanwhile, someairports are understaffed tohandle demand, many airportrestaurants are still closed orat limited capacity, some ter-minal seating remains blockedfor social distancing, and pas-sengers scuffle with airlinestaff over not wearing masks.

U.S. air-passenger traffic fellmore than 60% in 2020 from2019, and the outlook wasgrim at this year’s start. Thatstarted to change this springas the pace of vaccinations ac-celerated. Airlines and hotelssay U.S. leisure bookings forthis summer are nearly back totheir pre-pandemic pace.

Now, domestic flights arenearly 77% full, on average, ac-cording to trade group Air-lines for America.

ContinuedfromPageOne

“I have definitely beenpampered during the pan-demic,” said B.P. Perry, a polit-ical consultant who flew threeor four times a week last year.Getting through airport secu-rity took no longer than fiveminutes, and he often had aseating row to himself.

Now some people seem tohave forgotten how to travel,he said—neglecting to takelaptops out or remove shoesor trying to shove oversizebags into the overhead com-partments. “It will be interest-ing this summer if it’s back-to-normal back to normal,” Mr.Perry said. “I’m crossing myfingers that it’s not.”

Mr. Perry nearly missed a re-cent flight to Washington, D.C.,from Atlanta because the secu-rity wait was so long, even withClear, a service that speeds ac-cess through security lines.

Last year, customer satis-faction with North Americanairlines rose to an all-timehigh, according to J.D. Power’sannual study, as passengersenjoyed more flexible tickets,attentive service and emptymiddle seats.

Shauna Brown of Mobile,Ala., is conflicted. As a traveladviser whose business helpingplan romantic getaways anddestination weddings shriveledup during the pandemic, she is

relieved to see passengers re-turning. “It’s great for our in-dustry to see no empty seats,”she said, but “selfishly, I likean empty airplane.”

For rental-car companies,which sold portions of theirfleets to stay afloat, demandpicked up “seemingly over-night” in March, and tight sup-plies prompted higher rates,Joe Ferraro, chief executive ofAvis Budget Group Inc. told an-alysts last week. United AirlinesHoldings Inc. said domestic lei-sure fares are starting to over-take 2019 prices for bookingsbeginning in mid-June.

Airlines have found itharder to plan, given the un-

certain outlook, and passen-gers like Angela Flynn are stillhaving trips upended.

Ms. Flynn was booked to flySouthwest Airlines Co. from Ra-leigh, N.C., to New Orleans for aconference in July. Southwesttold her last week that her non-stop flight would have a layoverand that she would arrive hourslater than she had planned, shesaid. She ended up being ableto rebook, but now must leaveat the crack of dawn.

“It’s annoying,” she said,but after a year of Covid anxi-ety: “That’s just normal an-noyance. Isn’t that awesome?”

A Southwest spokesmansaid the airline is sorry for theinconvenience and believesthat it has finished tweakingits summer schedule and thatany additional changes wouldlikely be in response to in-creased demand.

Airports still aren’t as busyas before the pandemic. Mostbusiness travelers, who bringin a huge chunk of airline andhotel revenues, have yet to re-turn, and many lucrative inter-national markets are effec-tively closed.

At Phoenix Sky Harbor In-ternational Airport, businessesaren’t sure how long the travelrecovery will last, and hiringhas been a challenge, said As-sistant Aviation Director Char-lene Reynolds.

Hiring at the Transporta-tion Security Administrationhas been slow, despite ex-

pected higher passenger vol-umes this summer.

“While TSA is activelyworking to minimize impact toscreening operations, passen-gers may experience longerwait times than they have ex-perienced over the past year,”a TSA spokesman said.

Airlines are calling back pi-lots and flight attendants, insome cases years sooner thanexpected. “I think we’re allprepared for this to be messy,”Southwest CEO Gary Kelly saidduring the company’s earningscall last month.

At Delta Air Lines Inc., pi-lot-training bottlenecks havecontributed to shortfalls. Ittook more than one call toDelta and hours of waiting forCynthia Traina to change herfamily’s reservation for a com-ing trip from San Francisco toAtlanta for a wedding. Shegave up after one nearly three-hour wait, she said. On anotherattempt—after a wait of threehours and 18 minutes—she wasable to make the change.

A Delta spokesman said theairline is “increasing staffingresources and providing self-service options.”

Hal Berenson, a software-startup founder, was takenaback when he arrived at theDenver airport to find it, hesaid, looking like the day be-fore Thanksgiving. “The shockvalue was super high,” he said.“Where’d these people comefrom?”

He said students, includinghimself, are frustrated with vir-tual learning because there’sless interaction with instruc-tors and it’s not as structured.“I haven’t struggled this waywith learning material, ever,”he said.

At the K-12 level, someschools block a range of home-work help websites from dis-trict computers to preventcheating—though that doesn’tstop a student from visiting thesite from a different device.Middle-school teacher SuzannePriebe in Riverside, Calif., hasput less emphasis on testingduring online learning to allevi-ate stress and the desire tocheat. “We have no control ofwhat is going on when you’reon a computer,” she said.

Online cheating has boostedanother industry: surveillance-type companies that hire onlineproctors to watch students taketests from home. The proctorslook for suspicious behavior,such as a student disappearingfrom camera view or beingslipped answers. Some use fa-cial-detection software to checkfor wayward eyes and unusualmovements.

Proctorio, based in Scotts-dale, Ariz., said it proctored 21million exams in 2020 world-wide, up from 6 million examsin 2019.

ProctorU, based in Hoover,Ala., said students are findingunique ways to cheat. Some ofits busts include a student sus-pected of trying to use adrone’s camera to take imagesof a test to possibly share withothers; another who was tryingto cheat by using informationon sticky notes on his dog; anda female student who sneezedand disappeared from view, tosuddenly be replaced by a malewearing a blond wig, imperson-ating her.

Among the newer ways tocheat are homework auctionsites, which give students a sayin who does their work and atwhat price. Students post theirassignment on a website, alongwith a deadline; the websiteacts as a marketplace for bid-ders who offer to do the as-signment.

The bidders, who often referto themselves as tutors, cantout degrees and other creden-tials. Some companies allowstudents to rate their work andpost reviews online.

While educators can usesoftware to check for plagia-rism, such tools aren’t muchhelp against services that pro-duce original work.

Up for auctionIn February, auction website

homeworkforyou.com featuredone student post looking forsomeone willing to do weeklyschool assignments, exams anda project for a business class atYork College in Queens, N.Y.,over a two-month span. Thewinning bidder would also needto pose as the student and re-spond to classmates in a groupassignment. The student speci-fied that an “A” was the desiredoutcome, and that the “willingto pay” fee was $465.

By the next day, 29 bids hadcome in. The average was$479.41.

Homeworkforyou.com didn’trespond to requests for com-

expert to quickly answer, or bysearching a database of previ-ous answers—include Cheggand Brainly, which said theyhave seen a big increase in us-ers during the pandemic.

Officials at the sites said themajority of subscribers aren’tcheating but trying to fill ingaps left by remote learning,with parents also turning to thesites to help their childrenstudy. Rules on the sites warnagainst cheating, such as copy-ing content for use on essays orother classwork.

“If you break any of thoserules, your account can be de-leted and you can be bannedfrom the community,” saidJakub Piwnik, Brainly’s commu-nications director. “Most of thekids out there know what is al-lowed and what is not. It’s sadthat some of them want tobreak the rules.”

Mr. Piwnik said users grewto 350 million monthly in2020, from about 200 millionin 2019. The basic service isfree, while a $24 annual sub-scription is ad-free and givesaccess to premium features.

CaughtChegg, a publicly held com-

pany based in Santa Clara, Ca-lif., prides itself on a willing-ness to help institutionsdetermine the identities ofthose who cheat. It allows edu-cators to report copyright in-formation found on the site.The company saw total net rev-enue of $644.3 million in 2020,a 57% increase year over year.Subscribers hit a record 6.6million, up 67%.

Chegg allows students tosend in photos of questionsthey want answered. Monthlysubscription costs range from$9.95 to $19.95.

Mr. Johnson at NC State saidChegg helped identify the 200students that used its websiteto cheat on his final exam.Some posted exam questions toget answers while others ac-cessed the information.

The students were giventhree options: accept responsi-bility, meet with Mr. Johnsonover Zoom to review the evi-dence, or dispute it with theOffice of Student Conduct. Thepunishment would include azero on the exam and academicintegrity probation, with a sec-ond violation resulting in sus-pension for a semester.

“A lot of the students re-sponsible said, ‘It’s unfair toput us through this, becausewe’re going through a pan-demic,’ ” Mr. Johnson said.

He said about half the stu-dents requested the Zoommeeting, with many admittingresponsibility. About 30 to 35went with the hearing, he said,and only one was fully vindi-cated.

Some parents threatened le-gal action, Mr. Johnson said. Anonline petition with 786 signa-tures by April 1 criticized him,saying a misinterpretation ofinstructions led to confusion ofwhat could be used to completethe exam. He disputes that.

Even after the bust, thecheating didn’t stop.

“In the fall semester, of1,000 students, I still had aca-demic integrity issues with 70or 80,” he said. “It’s still an on-going thing.”

CheatingAt SchoolSurges

Flying IsBack, WithAnnoyances

Air travel is up—‘like somebody turned the light switch back on,’ says a traveler; O’Hare airport in April.

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Auto Dealers Association, saidthe legal change is unneces-sary as traditional auto mak-ers expand their production ofelectric vehicles.

“There is a distribution sys-tem now in place that hasworked well, that supports

competition and Tesla’s argu-ments, at this point, are stale,”Mr. Fernandez said.

Tesla officials declined tocomment, and company repre-sentatives didn’t speak at therally. Rivian spokeswomanLeslie Hayward, who attended

the Wednesday event, said theelectric-truck maker wants toestablish direct relationshipswith customers. She said thecompany is concerned tradi-tional auto dealers, who derivesignificant revenue from ser-vicing gas-powered vehicles,

ALBANY—Electric-vehiclecompanies want New Yorklawmakers to let them openmore dealerships in the state,a move that they and environ-mental groups said would ex-pand sales of emission-freecars and trucks.

Representatives of TeslaInc., Rivian Automotive LLCand Lucid Motors Inc. ralliedoutside the state Capitol onWednesday with environmen-tal advocates and Democraticlegislators as part of a push tochange state law so electric-vehicle makers can sell di-rectly to consumers.

Tesla currently has fivedealerships in and around NewYork City, but state law pre-vents other auto makers fromdirect sales. The five dealer-ships were grandfathered inbefore a 2014 state law tight-ened requirements that vehi-cles be sold through indepen-dently owned dealerships.

As a result, New York haslagged behind in the number

BY JIMMY VIELKIND

GREATER NEW YORK

of electric vehicles sold, ac-cording to state Assembly-woman Patricia Fahy, a Demo-crat from Albany. She issponsoring a bill that wouldremove the cap on dealershipsowned by manufacturers, andsaid she hoped it would meanmore options for people wholive in upstate areas.

“Where those dealershipsgo, the sales increase,” shesaid.

Slightly more than 12,000electric vehicles were sold inNew York in 2020, accordingto Atlas EV Hub, an analysisfirm. Of that number, about10,000 were sold at the fiveTesla dealers and just under2,000 were sold at traditionaldealerships.

Laws completely prohibit-ing direct sales exist in 16states, including Texas andConnecticut, according to theNatural Resources DefenseCouncil, an environmentalgroup that supports liftingthose bans. The group says an-other 11 states, including NewYork, restrict sales.

Auto dealers oppose thelegislation, and say electric-vehicle companies should op-erate under the same rules asother auto makers.

Hermes Fernandez, a lobby-ist for the New York State

wouldn’t give priority to thesale of electric vehicles.

John Bozzella, president ofthe Alliance for AutomotiveInnovation, which lobbies onbehalf of traditional automo-bile manufacturers, said thepending legislation would“give certain companies spe-cial treatment in this verycompetitive market.”

State Sen. Todd Kaminsky,a Democrat from NassauCounty who is sponsoring themeasure with Ms. Fahy, said itis important to expand con-sumer options.

“We want to have our citi-zens in New York have asmuch choice as possible—whether it’s going through atraditional dealership or directsales,” he said. “We thinkoverall, the competition willallow more access to electricvehicles and lower the prices.”

Representatives of environ-mental groups said vehicleemissions are the largestsource of greenhouse gas inthe state, and promoting elec-tric-vehicle sales is necessaryfor New York to comply with alaw mandating the state re-duce emissions 40% by 2030.

A spokesman for Gov. An-drew Cuomo, a Democrat, saidhe would review the legisla-tion.

Electric-Vehicle FirmsWant DealershipsNew York state lawrequires most automakers to sell carsthrough a third party

Tesla and other electric-vehicle makers are pushing to change New York state law so they can openmore dealerships to sell directly to consumers. A Tesla showroom in Manhattan last year.

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of the incidents had either pro-cedural errors or involvedavoidable or problematic force,according to the report.

While some use-of-forcetactics have been curtailed,the report said, the federalmonitor Steve Martin and histeam were concerned aboutthe overall state of reformwithin the city’s Departmentof Correction, which runs theRikers Island jail complex andother city detention centers.“The pervasive level of disor-der and chaos in the Facilitiesis alarming,” the report said.

Mr. Martin was appointed a

monitor to oversee overhaulefforts at city jails as part of a2015 settlement of a civil-rights lawsuit involving al-leged abuses at the complex.

As part of his appointment,Mr. Martin was tasked withproducing reports on effortsto improve jail conditions. Hislatest report, submitted to afederal judge on Tuesday, wasthe 11th about city jails.

The report followed an an-nouncement earlier in theweek that Department of Cor-rection Commissioner CynthiaBrann was leaving her post af-ter 3½ years.

On Wednesday, New YorkCity Mayor Bill de Blasio saidthat Ms. Brann would be suc-ceeded by Vincent Schiraldi, aformer commissioner of thecity’s Department of Probation.

In response to the latestfederal monitor report, Ms.Brann said the Department ofCorrection recently institutedsystems that allow the agencyto investigate and review use-of-force incidents in near real-time. The Covid-19 pandemicimpacted operations of the jailsystem, she said.

“We appreciate the monitorfor acknowledging our ability

to adapt in many areas,” Ms.Brann said.

A representative for thecorrection officers’ uniondidn’t respond to a request forcomment.

Mary Lynne Werlwas, direc-tor of the Prisoners’ RightsProject at the New York non-profit Legal Aid Society, whichwas among the plaintiffs in the2015 class-action suit thatprompted the federal oversight,said Correction Departmentleadership was at fault for nottaking actions “needed to dis-mantle the culture of brutalityand incompetence in the jails.”

The New York City jail sys-tem is in disorder and use offorce against inmates is at afive-year high, a court-ap-pointed federal monitor saidin a newly published report.

The 342-page document saidthe rate of use of force in cityjails was higher in 2020 thanany year since at least 2015,with an average of 11.3 inci-dents of force per 100 inmates.That figure is 38% higher thanthe 2019 average rate of 8.2 in-cidents of force per 100 in-mates. Slightly more than half

BY BEN CHAPMAN

Federal Monitor Decries Use of Force, ‘Chaos’ in City Jails

Correction chief Cynthia Brann

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GREATER NEW YORK

TIMES SQUARE

Shooting Suspect isArrested in Florida

The suspect accused of a fir-ing gun in Times Square andwounding two women and a 4-year-old was arrested Wednes-day in Florida, said New York Po-lice Department officials.

Farrakhan Muhammad, 31years old, of Manhattan, was ap-prehended while eating lunchwith his girlfriend in a McDonald’sparking lot in Starke, Fla., about30 miles outside of Jacksonville,the officials said. He was caughtin partnership with the U.S. Mar-shals Service, the officials said.

The shooting occurred Satur-day afternoon on West 44th andSeventh Avenue. Mr. Muham-mad is accused of firing a gunafter being involved in a disputewith a group of men, and policebelieve his intended target washis brother.

Two women and a 4-year-oldgirl in a stroller were hit by

stray bullets. None of the inju-ries were life-threatening.

Mr. Muhammad remained incustody in Florida on Wednes-day, according to the officials.

An attorney for Mr. Muham-mad couldn’t be reached forcomment. The U.S. MarshalsService didn’t respond to a re-quest for comment.

—Ben Chapman

CONNECTICUT

Aquarium Will GetFive Beluga Whales

Mystic Aquarium in Connecti-cut is preparing for the arrival offive Beluga whales from a zooand amusement park in Canada.

Government officials fromFisheries and Oceans Canada re-cently approved the export of thewhales from Marineland in Niag-ara Falls, Ontario to Mystic, whichspecializes in Beluga research.

Experts from both facilitieswere in Niagara Falls Wednes-day examining the four female

and one male Belugas and pre-paring to fly them to Connecti-cut as early as this weekend, ac-cording to Stephen Coan, theConnecticut aquarium’s presidentand chief executive.

The whales, which range in agefrom 7 to 12, were born in captiv-ity and can’t be released into theocean, Mr. Coan said. They will beleaving an overcrowded habitatwith about 50 other whales andwill be at the center of researchdesigned to benefit Belugas in thewild, he said.

Friends of Animals WildlifeLaw Program claims the U.S.permit violates the MarineMammal Protection Act and theNational Environmental PolicyAct because government offi-cials didn’t adequately addressthe potential harm to the belu-gas of being moved to Mystic.

Dr. Allison Tuttle, who headsthe zoological operations atMystic, said the animals wouldbe well cared for during thetransport and once they arrive.

—Associated Press

QUEENS

Metropolitan OperaTo Make Brief Return

Silenced for 14 months by thepandemic and dealing with laborstrife, the Metropolitan Operawill make a brief return Sunday.

Music director Yannick Nézet-Séguin will conduct members ofthe Met orchestra and chorus ina program with soprano AngelBlue, tenor Stephen Costellobaritone Justin Austin and bass-baritone Eric Owen.

The 45-minute program ofworks by Terence Blanchard,Mozart and Verdi will be per-formed twice Sunday night be-fore audiences of 150, which willinclude first responders and Metaudience members selected bylottery. The concert will be atthe Knockdown Center inQueens rather than the Metro-politan Opera House.

The Met hasn’t performedsince March 11, 2020.

—Associated Press

TAKING A STAND: A man dressed as Christopher Columbus joined Italian-American groups Wednesday in Manhattan’s Columbus Circleto support Columbus Day. New York City’s Education Department recently removed the explorer’s name from the Oct. 11 school holiday.

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ready and willing to partnerwith State and City officials toregulate home sharing acrossall five boroughs in a responsi-ble and thoughtful way,” Ms.Dagg said in a statement.

Officials for the home-shar-ing site said a study releasedlast week found that Airbnbguests spent billions of dollarsin New York City and sup-ported 17,000 jobs in 2019.

A representative for short-term-rental site Vrbo didn’trespond to a request for com-ment.

Mr. Kallos, who is runningfor Manhattan borough presi-dent, said there were morethan 37,000 short-term rentallistings in the city as of Febru-

ary and around 40,000 avail-able hotel rooms.

Under the bill, any listingwould be given a registrationnumber that would be listedon the rental platform. Itwould require that the host bethe lawful occupant of the unitand be present during anyrental period, which prohibitsthe rental of entire homes orapartments, Mr. Kallos said.

Vacation hot spots such asEast Hampton in eastern LongIsland have a similar registra-tion program for rentals.

The city would be requiredto maintain an electronic sys-tem that short-term rentalsites could use to verify that aunit has been registered.

Booking sites that don’t usethe electronic check could facecivil penalties into the thou-sands of dollars, according tothe bill.

The bill is the latest at-tempt by city officials to reinin the multibillion-dollarshort-term rental industry.

Apartments rented throughAirbnb Inc. and other home-sharing sites would have to beregistered with New York Cityunder a City Council bill intro-duced Wednesday.

City Councilman Ben Kallos,a Manhattan Democrat, saidthe bill would reduce the num-ber of illegal short-term rent-als and increase the stock ofpermanent housing in the city.Mr. Kallos said the legislationwould also help the hotel in-dustry, which saw occupancyrates decline because of theCovid-19 pandemic.

Currently, it is illegal to rentan entire apartment in a build-ing with three or more unitsfor fewer than 30 days. How-ever, enforcement of the law islargely driven by complaintsfrom neighbors. The Mayor’sOffice of Special Enforcementhandles investigations into ille-gal rentals in the city.

The bill would preventthousands of illegal short-termrentals from getting on Airbnband other home-sharing sites,Mr. Kallos said.

“This legislation will meanthat registrants, through theregistration process, will learnwhether or not they can evenbe hosts,” he said in an inter-view.

It is unclear when the CityCouncil will vote on the bill.

“The city will review thebill with an eye toward elimi-nating illegal short term rent-als, restoring housing, andclarifying the law for hostssharing their permanent resi-dence,” said Mitch Schwartz, aspokesman for New York CityMayor Bill de Blasio.

Alex Dagg, the northeastpolicy director for Airbnb, saidthat it was “disappointing” tosee legislation meant to limittourism at a crucial time inthe city.

“For years, Airbnb guestshave played an important roledriving tourism spending inneighborhoods outside of cen-tral Manhattan and we remain

BY KATIE HONAN

Bill Takes Aim atAirbnb Rentals

Units listed throughhome­sharing siteswouldhave to registerwithNewYorkCity.

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PERSONAL JOURNAL.TRAVEL & ENTERTAINMENT

hiding any distress, saidLinda Freire, a former flightattendant who chairs thePan Am Museum Founda-tion. She recalled dramaticaltitude drops on a flightfrom Munich to Zurich.Thankfully she was on anL-1011, with jump seats nearthe bathrooms, so she couldthrow up without being no-ticed. In these books and inreal life, frightened passen-gers don’t always startscreaming. Ms. Freire saidthe response is often“stunned silence.”

The former Pan Am andDelta employee served as aconsultant for the HBO Maxshow “The Flight Attendant.”She was initially taken abackby the sloppy unprofession-alism of the drunken crewmember played by KaleyCuoco. “We would have firedher,” she said.

The job of cabin crewhas evolved a lot since Ms.Freire started working oninternational flights in1980. “We cooked a roastbeef on board and carved itat the customer’s seat,”

she recalled.One salient question for

a writer of an airplane sus-pense novel: What does thecrew do when a person dieson board? Ms. Freire re-called tucking a blanketaround the shoulders of adeceased passenger soother travelers would justassume he was asleep.

Ms. Mackintosh gathereddetails for her novel fromairline workers. “Flight at-tendants are really, reallyindiscreet on messageboards,” she said. One anec-

dote in “Hostage” from herresearch: Flight staff oncemoved a body into a lava-tory for safe keeping onlyto find that the corpse,stiffened by rigor mortis,got stuck behind the bath-room door.

When her research fellshort, the author relied onher imagination. Whatwould an off-duty flight at-tendant do with a love inter-est in bed? Perform thesafety demonstration naked,naturally. At other points,her flight attendants gossipabout the passengers.They’ll lose it if anyone asksthem one more time aboutthe glitchy Wi-Fi.

Airplane novels often in-clude a “talk down” where anon-pilot must land the jet-liner with help from air-traffic control. Shona Bow-man, a British commercialpilot who advised Ms.Mackintosh on one suchscene in “Hostage,” said inan interview that the ideaof an amateur landing aplane was conceivable givenautomated flight systems.But many people wouldn’tget past the radio. Is itpress the button to talk, re-lease it to listen, or theother way around?

In reality, much of airtravel wouldn’t make forgreat reading. “The mun-dane truth of it is,” the pilotsaid, “it’s lots of very, veryearly morning starts, longdays and driving to andfrom the airport.”PH

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her novel happens off thepage. “Fliers, have no fear.You’re not reading a blow-by-blow of the plane crash.You’re really more there forwhat happens after.”

An airplane is a handynarrative device, a small so-ciety at cruising altitude.Flights allow characters an-onymity, a chance for rein-vention or disguise. Thesplit screen dramas on theground and in the air helpkeep the story moving.These latest books will besold in some airport shops,publishers say.

Air travel tees up a lotof jokes, like when the crewin “Falling” is in mortaldanger and a passengercomes by looking forsnacks. “You finished yourchicken a half-hour ago,your blood sugar is fine,” aflight attendant snaps.

“The crew would set thetone,” Ms. Newman writesin the novel, describing howthe flight attendants fake acool exterior to keep thecabin calm before a possiblechemical attack inside theplane. “They weren’t manip-ulating the passengers perse, they were artfully man-aging a perception that wasin the plane’s best interest.”

Cabin crew are skilled at

AirplaneSuspenseNovels TakeOffBY ELLEN GAMERMAN

Air travel will be a man-datory masked affairinto the fall, and thenoptional. Travel to Eu-rope really won’t takeoff until summer next

year. Cleanliness will be a competi-tive issue for airlines forever.

That’s the forecast from DeltaAir Lines Chief Executive Ed Bas-tian. Travel will be a different ex-perience; travelers will be changedby the pandemic for a long time.But one thing coronavirus hasn’tchanged is the desire to travel.

“A lot of people are interestedin getting back and reclaimingtheir life,” Mr. Bastian says. “Justgetting back out is cathartic.”

Mr. Bastian sat down for an ex-tensive interview with me as part ofThe Wall Street Journal Future ofEverything Festival. He addressedmany issues related to the travel re-start and his industry’s future, aswell as what he sees as today’s re-sponsibilities for CEOs and whybusiness leaders are uncomfortablyspeaking out on political issues.

Delta under Mr. Bastian haspushed the notion of a premiumairline, one that people will pay ahigher price for because it hasfewer canceled flights, more on-

surging stock market and eco-nomic recovery, Delta sharesended Wednesday about 25.7%lower than Feb. 16, 2020.

Business travel will be perma-nently affected, with video tech-nology, now widely adopted, re-ducing the need for some trips,while workers living in new placescreate different travel patterns.

“I think by the end of this yearyou’re going to see much of theU.S. business travel returning do-mestically as businesses start toopen,” he says. “We’re only rightnow 25% to 30% of where weshould be. I think by the end ofthe year that will be at least twicethat.…International business is go-ing to probably be another yearfrom now.”

Mr. Bastian suggests govern-ments will drop mask require-ments once they deem the pan-demic under control.

“We’ll be wearing masks for awhile,” he says. “Not that the dis-ease is going to disappear, but thepandemic phase is going to beover—hopefully masks will comeoff then. So maybe by the fall.”

After that, “I think there aresome people who are going to bemore comfortable wearing masksgoing forward. You can’t forget thetragic impact this has had on somany people’s lives. So many peo-ple lost. So many people affectedby what’s happened here. I thinkthere are behavioral changes thatwill take place,” Mr. Bastian says.

He predicts this summer will becrowded and congested for travel-ers vacationing domestically. Sum-mer 2022 will be when people feelcomfortable going to Europe.

“I think it will be more likewhat we knew than not, but it willbe definitely changed,” he says.“The concept of wellness and resil-ience for us all. We’re marked bythis. We’re not going back towhere we came from.”

Airlines developed proceduresto clean cabins between flights toreduce the potential for virusspread, spraying chemicals andwiping down surfaces. In the past,new initiatives at airlines oftenfaded away over time with cost-

cutting pressure.“It may happen at certain air-

lines. I can’t speak for others. It’snot going to happen at Delta,” hesays. “We get paid for it [by travel-ers willing to pay higher fares forDelta flights]. If we weren’t gettingpaid to be clean, of course, then youhave to ask yourself what the rightlevel of clean is.”

This summer, when domesticplanes and schedules are full, willbe a big test.

“It was easy to say you wereclean when you’re flying yourplanes at 20% loads. But whenyou’re back to 80% to 90% loadsand maintaining clean and havingthe crush on turn time and keepthe airplane moving, that’s goingto be the real strategy,” Mr. Bas-tian says.

Mr. Bastian says his job haschanged over his five years incharge. With society polarized andpolitical leaders not always held inhigh regard, “business leaders areseen as having more credibility,”he says.

“So I think the visible role of theCEO—as not a politician, not astatesman, but as an advocate forwho their brand is, what their em-ployees think, what we believe in—has taken a greater resonance andresponsibility.”

Delta stepped into the gun-con-trol debate in 2018, dropping dis-

counts for flights of-fered to the NationalRifle Association,and recently voicedconcern over a Geor-gia voting law. Thecompany did so be-cause the issueswere important toits employees, hesays.

“I’m not lookingfor things to speakout on. We’ve beentrained growing upin the businessworld to not upsetanyone. We want ev-eryone to love us.But unfortunately, insociety today, that’snot always possible,”he says.

Management phi-losophy has shifted over time fromcustomers-are-always-right totake-care-of-shareholders and nowto emphasizing employees.

If there’s a silver lining in thepandemic, it’s that companieshave had time to rethink what’simportant.

“I don’t know that we hadenough time to really fully reflecton where we were headed—more,more, more, more, more. This yearthat we were down has given us achance for a reset on a lot of pri-orities, not just on the travel busi-ness but society as a whole. Howwe take care and provide a moreinclusive, more just future for allto participate in,” he says.

Delta Bets on Business TravelCEO Ed Bastian makes his predictions for how airlines will recover from the pandemic

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Delta’s CEO, Ed Bastian, below,expects a crowded summer fordomestic travel, with travel toEurope picking up in 2022.

time flights, slightly better leg-room and fewer bumped passen-gers. Blocking middle seats longerthan competitors played into hisstrategy: Delta had fewer seats tosell and perhaps bigger financiallosses, but garnered higher fares,better PR and perhaps more loy-alty from customers who were fly-ing in the long run.

“There was a big debate in theindustry as we went through this:Was premium going to be lost andonly the low-cost guys were goingto prevail? You see that hasn’thappened,” Mr. Bastian says.

Despite Mr. Bastian’s optimism,Delta has had a harder time navi-gating the pandemic than otherairlines. Its losses last year of$12.4 billion far exceeded anyother U.S. airline’s and were largerthan American’s and Southwest’slosses combined. Only United—an-other airline with a huge interna-tional network like Delta—has hadworse stock performance sincemid-February of last year, whenthe spread of Covid-19 first startedto infect U.S. stocks. Despite the

‘We’re only right now25% to 30% of where weshould be,’ Mr. Bastiansays of business travel.

W ith Americans be-ginning to return toair travel this sum-

mer after more than a yearaway, a new selection ofhigh-anxiety novels set onairplanes awaits them.

“Hostage” by ClareMackintosh, on sale June22, features a flight atten-dant for the fictional WorldAirlines who must choosebetween the life of herdaughter on the ground andthe fate of the jumbo jet onan inaugural 20-hour flightfrom London to Sydney. In“Falling,” out July 6 fromflight attendant and debutnovelist T.J. Newman, a pi-lot is told to crash the air-plane or his kidnapped wifeand children will be mur-dered back home. The newpaperback edition of JulieClark’s “The Last Flight,”out last week, follows twowomen who swap their tick-ets before a plane crash.

A novel where the plane’sfinal destination is the bot-tom of an ocean might notbe right for everyone’s seatback pocket. “Books aboutplane crashes terrify me—Ican’t read them,” said Ms.Clark, who wrote one ofthem, though the disaster in

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happened. Instead, there are state-by-state differences in Covid re-strictions that make it harder forartists to string together dates.When postponing his tour, for ex-ample, Mr. Bieber cited “Covid-19restrictions varying by state,” ac-cording to a release.

The patchwork of state and lo-cal guidelines and lack of concretefederal rules on everything frommasks to testing to vaccine verifica-tion has created uncertainty andraised questions about what’s feasi-ble. “There are a lot of factors atplay that haven’t been figured out,”Soccer Mommy’s Ms. Allison says.

Kirk Sommer, co-head of the mu-sic division at talent agency WilliamMorris Endeavor, says the “conceptof Covid status certification couldbe one of the ways forward.”

Another challenge: Obtainingconcert-industry insurance, whichis vital for huge events, especiallyfestivals, yet unusually expensiveright now, executives say. Mean-while, ambitions for large-scale in-ternational tours are largely onice, especially with India facingmajor problems and Canada andEurope not making as much prog-ress against Covid as the U.S.and U.K.

be busy: “A lot of big bands havemade their plans for after LaborDay,” says Mr. Mueller. Artists whorecently announced U.S. tours in-clude country singer-songwriterEric Church, classic prog-rockersGenesis and reggaeton starMaluma.

Then there are festivals, whichhave crammed into late summerand fall, creating what could bethe biggest fall season for festi-vals ever. There’s the RollingLoud hip-hop festival in July,Bonnaroo, the Governors Balland Firefly in September, OutsideLands and Austin City Limits inOctober, then Astroworld Festi-val in November.

Covid-19 has even spawned newevents. Moon Crush “HarvestMoon,” in October, is a sequel tolast month’s Moon Crush, a so-cially-distanced five-day “musicvacation” in Miramar Beach, Fla.,that featured Jason Isbell and the400 Unit and Sheryl Crow.

Logistics are in fluxConcert promoters had hoped thatWashington would deliver nationalguidelines on Covid-19 and a liabil-ity “shield” to protect them frompotential fan lawsuits. Neither

New Release: ‘TheUpshaws’(Netflix)“The Upshaws,” a sitcom

that begins streamingWednesday on Netflix, starsMike Epps as a well-inten-tioned husband, Kim Fields asa long-suffering wife, andWanda Sykes as her obser-vant sister, armed with one-liners for both of them. Re-gina Hicks, who co-createdthe show with Ms. Sykes,says the series was inspiredby Mr. Epps’s desire to star ina “real family show” that por-trays life inside the home ofa family today in Indianapolis,his hometown.In the Upshaws’s home,

the viewer sees Bennie (Mr.Epps) and Regina (Ms.Fields) as parents raisingthree children of their own,and meets the son that Ben-nie has with another woman.That Bennie has a child fromoutside the marriage isn’ttreated as something fromthe couple’s past, but an on-going source of tension—andcomedy—in the relationship.“People expect that you

work through it and youmove on and everybody for-gets about it,” Ms. Hicks says.“But for something like this, Ithink you have to kind ofcontinue to talk about it, con-tinue to check yourself, con-tinue to work on it—if youwant it to work. The easierpath, obviously, is the bail.”

WHAT TO STREAM

Thrillers,Drama andA Sitcom

Above, Amy Adams in ‘The Woman in the Window.’ Below,Thuso Mbedu in ‘The Underground Railroad.’

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and finds that a few of the biggercities require reduced-capacityshows, it could put the entire tourin the red. “Anything can happenin six months,” she says.

Outdoor events firstMany of this year’s summer con-certs “will be outdoor-oriented, in-cluding a high number of amphi-

theater shows and festivals,”says Joe Berchtold, presidentof Live Nation Entertainment.Outdoor events currentlyface fewer capacity restric-tions than indoor arenashows, allowing promotersto turn a profit. They arealso easier to stage.

It will probably takeuntil late summer andfall to see more bigshows in arenas andstadiums, executivessay. Guns N’Roses’ U.S. tourbegins in July,while Lady Gagais scheduled tokick off herU.S. tour inAugust.

Fall isexpected to

When do big con-certs return? It’sa complicatedpicture right nowas some musi-cians sell out

shows and others postpone themyet again. Just last week, TravisScott’s fall Astroworld Festivalsold out quickly, while Justin Bie-ber delayed his tour to 2022.

This summer, the concert busi-ness is expected to re-open gradu-ally. But bigger concerts in arenasand stadiums could take until latesummer and fall to gain momen-tum. A guide to what to expect:

Summer could be busierthan anticipatedAs more Americans get vaccinatedand lockdown restrictions ease,concert tickets are selling briskly,in-person events, often socially-distanced ones, are proliferatingand tour announcements are com-ing in fast. On Tuesday, Phish an-nounced a 2021 tour launchingin July.

During an earnings call lastweek, Michael Rapino, chiefexecutive of Live Nation En-tertainment, the world’s big-gest concert promoter, saidthat since February “our con-fidence has increased for ourkey markets.” He pointed to“artists’ increasing confidencein performing this summer,”noting tours by Dave MatthewsBand and Luke Bryan.

Concert dates aren’t setin stoneJust because a date is listed onyour favorite performer’s web-site doesn’t always mean theshow will happen.

Music agents have been re-scheduling shows on a rollingbasis for the past year to makesure their clients have places to

BY NEIL SHAH

Lady Gaga, seen above early last year, kicks off a U.S. tour in August; Soccer Mommy, below postponed hers twice.

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history that we’re unawareof: Your traumas, your life ex-periences can all be trackedin your voice.The Cora that we meet in

episode one is an enslavedgirl who is not only physicallyenslaved, but also somewhatmentally enslaved. For me, it

was like, OK, how do I showthis inner turmoil of thiswoman who hardly everspeaks, because she has noone to speak to? When sheopens her mouth, what doesthat sound like? Contrastthat with episode two, whenshe’s being taught the correcttype of English.In episode three, she’s not

allowed to speak, because ifthey get caught, they’ll belynched. In later episodes, sheis forced to tell her story be-cause as long as she runsaway from her history, shecan’t move forward. Whatdoes that do for her vocally?A lot went into putting thattogether.”

T here’s no shortage ofHollywood star power innew films streaming

this week. “The Woman inthe Window” (Friday, Net-flix), a thriller about a womanwho believes she’s witnesseda murder, stars Amy Adams,Julianne Moore, Gary Oldmanand Jennifer Jason Leigh. In“Those Who Wish Me Dead”(Friday, HBO Max), AngelinaJolie plays a forest firefighterwho takes in a boy being pur-sued by assassins.Here’s what else is stream-

ing this week:

New Release: ‘TheUnderground Railroad’(Amazon Prime Video)South African actress

Thuso Mbedu plays Cora Ran-dall, the lead character in “TheUnderground Railroad,” anew series directed by BarryJenkins and based on thenovel by Colson Whitehead. Itbegins streaming Friday onPrime Video. Here, in remarksedited from an interview, Ms.Mbedu recounts how shefound her voice for the role:“One major thing that

shifted my approach toCora was audio testimonialsof formerly enslaved peoplethat Barry [Jenkins] sent me.What fascinated me washow they sounded. Whenthey speak in movies, theyhave a very fluent Englishthat we can easily under-stand. But in the tapes, theyspoke a very broken English.What really jarred me wasthat the English that theyspoke is an English that cer-tain Black people speak eventoday in parts of South Af-rica. And so it drew the char-acter much closer to me thanI realized. And it went frombeing a story about African-Americans to being a storyabout Africans in America.I then made a point to go

to my dialect coach to helpme track what would beCora’s vocal journey. Thevoice houses much of our

BY CHRIS KORNELIS

perform once restrictions lift. Nomusic star wants to be all dressedup with nowhere to play. But itcreates a constantly shiftingschedule that is difficult for fansto track. “Some bands are movingtheir touring plans three, evenfour times,” says Rick Mueller,president of North America forAEG Presents.

Some big summer tours withshows earlier in the season are re-scheduling those parts of the tour,industry insiders say. Other actsare likely in wait-and-see mode,hoping their July and August datesfly. In some cases, it’s clear artistswill need to postpone shows, but itisn’t official yet.

Sophie Allison, the indie-rocksinger-songwriter who performs asSoccer Mommy, has postponedtwice. She’s hopeful about her falltour, but says going on the road isriskier than usual. For example, ifan artist books a 10-date U.S. tour

PERSONAL JOURNAL. | TRAVEL & ENTERTAINMENT

AGuide toLiveMusic’sSlowReturn

NY

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THEWALL STREET JOURNAL. Thursday, May 13, 2021 | A13

ARTS IN REVIEWBY LEE LAWRENCE

prison. Some of the visual ele-ments of the series—the clips thatprovide background for the inter-views that are really providing thenarrative—seem almost random attimes. The scudding clouds andspooky church towers are used to“Exorcist” effect, as is the music:The chimes are a giveaway. All thesame, the setting of eastern Mas-sachusetts—with its history ofdamnation-spewing preachers, Sa-lem witch trials, Melville’s hauntedwhalers and, yes, Lizzie Borden—provides something of a welcom-ing atmosphere for imaginary de-mons, and very real murder.

Fall RiverSunday, 10 p.m., Epix

ries on the Charles Manson case—something with which the FallRiver cases share some similarity.Was the Satan-worship aspect ofthe Fall River murders somethingpeople actually believed in? Was itmerely Carl Drew’s way of control-ling vulnerable women? Was it, ashappened so often during the late’80s and early ’90s, something thatcreated media furor, public hysteriaand led to miscarriages of justice?There are certainly instances ofthose in the public record.

“Fall River” is telling a sadstory and a fairly old one, in whichthe principals no longer havemuch to fear, or much at stake,with the exception of Drew, who isinterviewed in a Massachusetts

Robin Murphy, left, and a view of Fall River, Mass., above

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ART REVIEW

Body and SoulNew York

Will you leave“Awaken: A Ti-betan BuddhistJourney TowardEnlightenment”profoundly

changed? Probably not. The spiri-tual path the show outlines isn’tsomething you cram into an after-noon at the Rubin Museum of Art.You will, however, come away un-derstanding some tenets and prac-tices of Tibetan Buddhism and ap-preciating some of the roles artplays in this religious tradition.

The journey begins with a re-flection on our ordinary state ofmind and—warning—it isn’t reas-suring. We are greeted by “Lux-ation 1,” a 2016 painting byTsherin Sherpa whose jewel tonesare as compelling as its composi-tion is puzzling. Sixteen 18-inchcanvases are hung in a grid, eachpresenting a fragment: bulgingeyes here, grinning skulls there,and is that a horn? We sense anotherworldly creature—Vajrab-hairava or “Lightning Terror,” thetext informs us—but try as wemight, we can’t piece him to-gether. Opposite, monitors flashstills and videos plucked fromdaily life, from marches to trash-filled shorelines, sourdough breadrecipes and passersby in masks. Asin “Luxation 1,” nothing coheres;instead, the flickering images stiremotions and splinter our atten-tion.

For Prince Sid-dhartha Gautama, itwas old age, illness anddeath that did not co-here. But after a longand arduous meditationhe understood the na-ture of suffering anddeclared himself “bud-dha,” Sanskrit for“awakened.” The showrecaps this story with arelief carved around800 to 900 and intro-duces some Buddhist te-nets through, amongothers, an early 20th-century depiction of“The Wheel of Exis-tence.” In it, various be-ings—demons, animals,humans, deities—re-volve around a centralhub in which a rooster,pig and snake chaseeach other. They sym-bolize attraction, confu-sion and aversion, thethree poisons that drivethe cycle of life, deathand rebirth with thesuffering these entail.

One reason the showworks so well is that itis centered on a singlemeditative practicefound within one of thefour major traditions ofTibetan Buddhism, itselfone among multiple ap-proaches that Buddhistshave developed over thepast 2,500 years. Thisspecificity keeps theshow concrete, just asthe straightforward language in la-bels, wall texts, audio guide andcatalog keeps it accessible. Thisapproach feels so in tune with theRubin’s mission to connect visitorsto the art and cultures of Himala-yan regions that it’s hard to re-member that the show was created

fronting fierce guardians, walkingalong a wall of skulls, and finallyreaching the central chamberwhere the fiercest of beingsawaits. To help us visualize theseencounters, we are then presentedwith works that portray some ofthe tiny figures we spied in themandala.

Art’s role here is to draw outour primal fear through iconogra-phy that twins death and procre-ation—most explicit in an 18th-century scepter with a head whosefront is a toothy skull and whoseback is a phallus—and portrayalsof fearsome beings, including astatue (from the 15th century orlater) of the buffalo-headed Va-jrabhairava, 4 1/2-feet tall and al-most as wide. Severed heads dan-

gle from his belt, arms radiatefrom his torso in a violent, lethalcacophony of drum, knife, dagger,rattle, spear, flame, bell, thunder-bolt. First glimpsed in “Luxation1,” we now see him terrifyinglywhole. He is not bent on obliterat-ing us, Gorampa reassures us, justthe obstacles to our awakening.

But aren’t those obstacles “me,”according to Bud-dhist teachings, or,more precisely,“what I think of asme”? An indepen-dent self, recogniz-able by desires,preferences andaversions? Could Ireally let these go?The artworks in thefinal section en-courage us to do so.Symbolizing thedissolution of allopposites—male/fe-male, I/you, self/other—a gildedstatue shows a maleand female in aseamless continuumas they embrace,followed by a stand-ing Buddha carvedin stone around1050 to 1100. Hewears Gautama’searthly crown buthas the idealizedappearance of onewho has tran-scended ordinaryexperience.

Suitably, thesculpture is displayed as thoughfloating, which I assume is howsuch a radical shift in thinkingmight feel. Such transformations,however, prove ephemeral with-out a sustained meditation prac-tice, the catalog warns us. Thespiritual journey, in other words,cannot be treated as a one-off.And to mine its lessons and ap-preciate its art, neither shouldthis show.

Awaken: A Tibetan BuddhistJourney Toward EnlightenmentRubin Museum of Art, throughJan. 3, 2022

Ms. Lawrence writes about Asianand Islamic art for the Journal. FR

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At the RubinMuseum, arich exploration of asingle meditativepractice.

by John Henry Rice, curator forSouth Asian and Islamic art at theVirginia Museum of Fine Arts(Richmond), and Jeffrey Durham,associate curator of Himalayan artat the Asian Art Museum (SanFrancisco), both of which havehosted it.

Due to spaceconstraints, theRubin’s Elena Pak-houtova workedwith the organiz-ers to halve theoriginal number ofworks to just shyof 40. The result isan effective,streamlined ver-sion that quickly

places us in the hands of GorampaSonam Sengge, an influential lamaof the Sakya school who died in1489. In a portrait made around1600, he sits cross-legged, hands inteaching pose, face inviting andbenevolent, surrounded by smallportrayals of his teachers and a

row of deities associated withmeditative techniques he has mas-tered. The painting also bearstraces of a ritual believed to imbueit with the lama’s presence, en-abling it to transmit Gorampa’steachings.

Building on that premise, thecurators imagine how the lamamight explain the purposes andpowers of certain implements. Agilded, gem-studded crown, for ex-ample, becomes an invitation tomeditate as though one were al-ready enlightened, what the Sakyaterm “taking the result as thepath.” A mandala from around1650-1750 becomes a map for visu-alizing ourselves entering a palacethrough elaborate gateways, con-

Installation view of ‘Awaken: A Tibetan Buddhist Journey Toward Enlightenment,’ above; ‘Standing CrownedBuddha With Four Scenes of His Life’ (c. 1050-1100), below left; ‘Vajrabhairava’ (15th century or later), below right

Lizzie Borden has legs, as theysay in show business, and hassince 1892, when a vicious dou-

ble murder in Fall River, Mass.,gave birth to a famously twistedchildren’s rhyme:

Lizzie Borden took an axe,And gave her mother forty

whacks.When she saw what she had

done,She gave her father forty-one.The fact that Bor-

den was acquitted ofhaving murdered herparents is a detail thattends to get lost inthe folklore. But itmakes her a not en-tirely inappropriateteaser for “Fall River,”a four-part docuserieson Epix about a trio ofmore recent killingsthat make the Bordenmurders seem like akitchen accident.Questions of guilt, in-nocence and publicperception are part ofthe mix. So is that relic of 1980scrime culture and fretful parent-ing, the “Satanic panic.”

The introduction to “Fall River”is about a working-class city on theskids, where prostitution flourishedwithin blocks of the police depart-

ment and a subculture of seriouslydamaged people exploited an over-extended city and each other. AlanSilvia, a veteran Fall River homi-cide detective who recalls being in-volved in 40 or so homicide inves-tigations, says that, if asked forcareer advice, he’d tell people thatpolice work is “the worst job in theworld.” It’s hard to argue given theparticulars of “Fall River.”

On Oct. 13, 1979, a female body

was found beneath the bleachers ofDiman Vocational High School, bru-talized to the point that no immedi-ate identification could be made.She turned out to be DoreenLevesque, a runaway from fostercare, whose eventual ID led investi-

gators to a lineup of usual suspectsand Fall River ne’er-do-wells, includ-ing Carl Drew, a pimp and small-time criminal, and Robin Murphy,Drew’s ostensible rival in control ofFall River prostitution. As she’s ini-tially presented, Murphy could be aminiseries herself: A troubled youngwoman and a probable victim of do-mestic sexual abuse, she terrorizedher turf, fought with her fists likean angry man, and controlled a

large part of the FallRiver prostitutionbusiness. All at 17years old.

It’s difficult to saywhat exactly Murphywas all about, though,given her role in theLevesque murder andthe killing of her loverKaren Marsden, espe-cially without scatter-ing spoilers through-out this review. (Thebody of a third victimwould be discoveredmonths afterLevesque’s.) “Fall

River” is quite happy leading view-ers down blind alleys and feedingthem red herrings. The director isJames Buddy Day, something of atrue-crime specialist in an increas-ingly true-crime-happy medium,who has made multiple documenta-

TELEVISION REVIEW | JOHN ANDERSON

A Small Town’s ‘Satanic Panic’

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A14 | Thursday, May 13, 2021 THEWALL STREET JOURNAL.

The Washington Nationals’ JoshHarrison, left, uses a split grip thathasn’t been popular since the days ofTy Cobb, pictured below in 1922.

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

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Anchorage 54 40 pc 56 43 pcAtlanta 67 52 pc 71 53 pcAustin 72 56 pc 79 62 pcBaltimore 70 47 s 72 50 pcBoise 81 52 s 76 49 cBoston 69 54 s 71 54 pcBurlington 67 47 pc 71 49 pcCharlotte 69 48 pc 71 48 pcChicago 67 46 s 70 50 sCleveland 62 41 s 63 43 pcDallas 73 55 pc 77 63 pcDenver 73 47 pc 70 49 pcDetroit 69 44 s 69 46 pcHonolulu 85 73 sh 85 71 shHouston 79 59 pc 82 62 sIndianapolis 65 45 s 67 49 pcKansas City 67 50 pc 66 57 tLas Vegas 97 72 s 97 71 sLittle Rock 70 47 s 75 53 sLos Angeles 75 59 pc 71 60 pcMiami 90 75 t 87 73 tMilwaukee 63 47 pc 63 50 sMinneapolis 69 50 pc 63 49 pcNashville 68 45 s 72 49 pcNew Orleans 77 65 pc 78 63 sNew York City 70 52 s 72 54 pcOklahoma City 70 52 pc 74 59 pc

Omaha 69 49 pc 65 50 tOrlando 83 67 t 82 65 pcPhiladelphia 70 52 s 72 54 pcPhoenix 101 72 s 101 71 sPittsburgh 64 41 s 65 44 pcPortland, Maine 66 48 s 69 46 pcPortland, Ore. 76 54 pc 76 50 pcSacramento 87 51 s 84 51 pcSt. Louis 68 46 s 68 54 pcSalt Lake City 82 60 s 84 57 pcSan Francisco 65 51 pc 64 52 pcSanta Fe 79 47 s 82 48 sSeattle 70 50 pc 72 49 pcSioux Falls 64 48 pc 61 47 pcWash., D.C. 70 51 s 70 50 pc

Amsterdam 61 48 pc 57 44 pcAthens 79 61 s 79 61 pcBaghdad 107 76 s 107 77 sBangkok 97 82 pc 96 82 pcBeijing 83 60 pc 83 63 pcBerlin 55 48 r 55 45 pcBrussels 60 45 sh 60 44 shBuenos Aires 65 51 pc 63 52 pcDubai 101 82 s 98 83 sDublin 56 39 sh 57 43 pcEdinburgh 52 43 c 54 42 pc

Frankfurt 64 45 c 63 45 shGeneva 58 44 sh 59 45 shHavana 92 73 t 90 74 tHong Kong 90 82 t 90 81 tIstanbul 73 59 s 75 60 sJakarta 92 78 r 92 78 tJerusalem 75 54 s 76 56 sJohannesburg 74 48 s 72 49 sLondon 59 48 sh 60 49 pcMadrid 71 50 pc 73 49 pcManila 97 83 s 98 84 sMelbourne 64 46 r 56 46 pcMexico City 65 55 t 70 56 tMilan 68 50 sh 65 51 shMoscow 66 47 c 69 60 shMumbai 90 83 pc 92 85 pcParis 57 47 sh 57 46 shRio de Janeiro 73 68 t 74 66 pcRiyadh 108 83 s 108 77 pcRome 68 52 pc 67 52 tSan Juan 88 76 pc 88 76 sSeoul 81 59 s 85 63 cShanghai 75 70 c 79 75 shSingapore 88 80 t 88 79 shSydney 73 55 s 67 50 sTaipei City 96 79 pc 94 79 tTokyo 68 64 r 77 65 sToronto 65 43 s 66 45 sVancouver 64 49 s 63 49 sWarsaw 71 53 pc 65 50 shZurich 55 41 sh 61 43 sh

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50s 40s30s40s

70s

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IT’S ELEMENTARY | By Jerry MiccolisAcross1 •1980sRepublicanstrategist Lee

8 •Name, so tospeak

15 Play ender

16 ConductorStokowski

17 •Cream-filledtreats

18 •Drip solutions

19 Comber’scollectible

20 The fifth element

21 Gummy fruitcandy

24 Drei doubled

28 1980 NFL MVPBrian

31 Price to play

33 Riled (up)34 Type of elements

hidden in thestarred answerson this side ofthe grid

36 Lexus competitor38 Drea’s role in

“The Sopranos”39 Colorful

meringue-basedtreat

41 Italian ice chain42 Type of elements

hidden in thestarred answerson this side ofthe grid

44 Former BolivianpresidentMorales

45 Tombstonesurname

46 Primo

47 Either of two inGeorgia

50 Convened again

52 Kachina dollproducers

55 Hotel lobbysights

59 •Warm spots

62 •Nonet redefinedas an octet in2006

64 Main ingredientof margarine

65 Will Huntingwas a wickedsmart one

66 •Tuscany’scapital, tonatives

67 •Orthodontist’srubber bands

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 45 46

47 48 49 50 51

52 53 54 55 56 57 58

59 60 61 62 63

64 65

66 67

Previous Puzzle’s Solution

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

T A L C H A D T O S P O TA G U A O L D E R L I M OC U R B A P P E A L A G I NO N E E Y E M A G L I T E

R E F E R N E O NC O N S U M E R D E M A N D

T U N E L I V E O N P I ES T A T S L E T A M O N GA I L E M I N E M U K E SR E L I G I O U S O R D E R

F L E X E T N A ST R O L L E D O S T E A LI O U S D O O R C H A R G ED O R A I D E A L I N O NE T S Y N O R S E N O G O

Down1 CombativeOlympian

2 Dash dial

3 Bit of trickery

4 Pain relief

5 Simple fabric

6 Continent northof Afr.

7 Some QBprotectors

8 Additionally

9 Not a goodshape for thebody-conscious

10 Sporty tops

11 Weigh in

12 It alwayscomes with acharge

13 Mets’ div.

14 QB’s objectives

20 Not yetbug-free,probably

22 Reclined

23 Pen in

25 Deep-friedMexican treat

26 Smack on thestreet

27 Position

28 Hiccup cures,perhaps

29 “Operatic pop”quartet since2004

30 Contained in

32 BestsellingLeonard

35 Palindromiccarrier

36 Court winner

37 In a stupor

40 Ratchets (up)

43 Sound sensors

48 Spasm

49 Boarded

51 Downward-facing dog, e.g.

53 Face, in Britishslang

54 Getawaydestination

56 Celebration

57 End for commentor decor

58 Georgia andothers, once:Abbr.

59 MLB has one inCooperstown

60 Priest whotaught Samuel

61 ___ Lingus

62 Threads in beds

63 You can’t standto have one

Washington Nation-als hitting coachKevin Long hasbeen playing andcoaching baseball

for decades. He has to go backmuch further to think of someonewho swung a bat like Josh Harri-son.

“Most of the time when I hadseen it,” Long says, “I had seen itin a black and white photo.”

Harrison is a do-it-all infielderand outfielder, and at 33 years oldhe has reinvented himself and re-juvenated his game by radicallychanging the most fundamentalaspect of his job: how he holds abaseball bat. Unlike practically ev-ery other baseball player, from thepeewees to the pros, he keeps hishands inches apart.

The split grip might seem like asimple tweak in a world in whichathletes spend entire careers ad-justing tiny points of mechanics.Most are too subtle for the un-trained eye to pick up.

But Harrison’s approach isdownright jarring in 2021. He isthe one baseball player who comesto the plate as if he’s wielding asledgehammer. And even strangerthan how it looks is how well it’sworking: he’s fifth among qualifiedMLB second basemen in on-baseplus slugging.

“As for now, I wouldn’t changetoo much with the way he’s going,”

BY ANDREW BEATONAND JOSHUA ROBINSON

The Nationals’ Josh Harrison defies modern convention by how he holds a baseball bat

The HitterWho Bats Like Ty Cobb

ken the same one in the same waytwice in seven months. He’d alsotorn a ligament in his left thumbyears earlier. In each of those in-stances, he did one-handed drillsjust to try to stay ready. But bythe time he recovered, somethingwas still troubling him.

“My hands didn’t work togetherthe way that they did,” he says.

Harrison struggled for the restof the 2018 season and thenturned in a career-worst perfor-

hit by a league-leading 22 pitchesthat season. Then the 23rd cameon a 95 mile per hour fastball thatcracked a bone in his left hand.

The injury ended Harrison’syear. He returned the next April,only for the problem to bizarrelyrepeat itself. This time, a 96 mile-per-hour fastball broke the exactsame bone.

So Harrison spent an inordinateamount of his recovery time think-ing about hands. He had just bro-

mance in 2019 for the Detroit Ti-gers. Realizing he needed to makea change in order to save his ca-reer, he had a pretty good sense ofwhere to start. He began tinkeringwith his grip simply so he couldhold the bat comfortably again.

This year, he took it to an ex-treme, introducing a wider gap be-tween his hands so that timberwas clearly visible. His coacheshad never seen anything like it.But that’s not because Harrison in-vented it. It’s only because theyweren’t old enough.

“It makes me think of Ty Cobb100 years ago,” said Dr. GlennFleisig, the president of the Ameri-can Baseball Biomechanics Societyand research director at the Amer-ican Sports Medicine Institute.

Players like Cobb once made thesplit grip a normal sight, but it hasfallen out of favor so dramaticallythat Fleisig never thought it wasworth delving into its effects. Butone related study he worked onmay hold some clues.

In 2010, a team of researchersexamined how swings changewhen batters grip their bats at thebottom and when they choke up,holding it farther from the knob.The findings confirmed what hit-ters already knew. Choking up re-duced swing time by about 10%,explaining why it has long beenthe recommendation against pitch-ers who throw faster. But thatedge comes at the cost of a re-duced linear bat velocity. In otherwords, choking up favors contact

over power.Harrison is living proof.

This year, he has specificallyexcelled at making contact.He’s striking out in just 12%of his plate appearances, hislowest rate since becomingan everyday player and farbeneath the league-average,an all-time high 21%. Whathe notices most is that splitallows him to manipulatethe bat through the zone ashe chases the ball. “It’smore of a bat control thing,”he says.

Long, his hitting coach,explains that the peculiarstyle emphasizes the tophand through the swing.And at a time when themodern game places hugeemphasis on hitting the ballin the air, Long points outthat the split grip helps pre-vent that swing from be-coming too loopy, causinghitters to miss underneaththe ball.

That’s why Long bringsthe split grip into some of hisdrills. As he and his players focuson guiding the bat through thezone, he gives them a special batwhere they put their hands up to afoot apart. The sessions look likelumberjack practice. And for mostplayers, that’s where the tinkeringstops.

“To take it into the game with acouple inches in between is notsomething that I’m too familiarwith,” Long says. FR

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baseball lends itself tounique quirks. Pitchershave varying wind-ups.Batters have differentstances. The Mets inventhitting coaches and imagi-nary rodents to cover uptension behind the scenes.But the way hitters hold abat is near universal. Thefirst lesson in Little Leagueusually involves teachingkids to rest one hand atopthe other and swing away.

For most of his career,Harrison was one of thoseplayers. Then he had aproblem. A broken handmade him a baseball playerwho could no longer prop-erly hold a baseball bat.

“Physically, I justcouldn’t do it,” he says.

Harrison, who debutedwith the Pittsburgh Piratesin 2011, was once amongthe game’s more excitingyoung talents. He had pop, speedand could play almost anywhere inthe field. He finished in the top 10of MVP voting in 2014 and madethe All-Star Game in 2014 and2017. Every MLB team would havebeen lucky to have a Josh Harri-son.

Harrison was also an unusualmagnet for baseballs. When he duginto the batter’s box against theCincinnati Reds for a Septembergame in 2017, he had already been

SPORTS

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THEWALL STREET JOURNAL. * * * * Thursday, May 13, 2021 | A15

FreezingFor BelgiumMadhouse at the End of the EarthBy Julian Sancton(Crown, 350 pages, $30)

BOOKSHELF | By SaraWheeler

AWrong Number Made My Day

Y ou might not think thatsomeone calling awrong number could

light up your day.I was walking down the

street when the phone in mypocket rang.

“Hi,” a man’s voice said.“I’m returning your call aboutwanting to buy a Vanquish.”

“A Vanquish?” I said.“What’s a Vanquish?”

There was a pause. “An As-ton Martin Vanquish,” theman said.

“Like, a James Bond AstonMartin?” I said.

The man asked: “Am Ispeaking with . . .?” He said aname that wasn’t mine. Hehad misdialed.

“I’m very sorry,” he said.“Don’t hang up,” I said.

“This is like a dream.”He worked for a company

that sells luxury cars; theVanquish, it seems, is a top-tier Aston Martin, now out ofproduction, that can go as fastas 200 miles an hour. New

Vanquishes had sold for asmuch as $400,000; used mod-els still go for hundreds ofthousands.

The 1964 Bond movie“Goldfinger” eternally securedthe Aston Martin as the ulti-mate fantasy car: ejector seat,

machine guns, oil and smokesprayers, rotating licenseplates, retractable bulletproofshield. In the wide eyes ofmillions of us kids in movietheaters, it dulled the allure ofevery other car forever.

As much as I loved the Bondmovies, I liked Ian Fleming’snovels even more. I would de-vour them in study hall; whenEnglish teacher Sara Pfaffgently asked why I wasn’t im-mersing myself in finer litera-ture, I implored her to readwhat was, for my money (50cents for a Signet paperback),the best of the Bond novels—“On Her Majesty’s Secret Ser-vice”—and soon she, too, was afan.

Once, many years later, Iwas riding with Sean Conneryafter I met him on a movieset. He was on his way to a

doctor’s appointment—wewere not, to my regret, in anAston Martin—and he said, “Iwas never all that crazy aboutthe books.” He said Fleminghadn’t wanted him for theBond role: “He had wantedCary Grant.” But things have away of working out.

And dreams have a way oflingering. The fellow on thephone half-jokingly asked if Iwould be interested in an As-ton Martin, and I said the bestI could hope for was thatsome evening an Uber driverwould pull up in one. I contin-ued down the sidewalk, myday suddenly sunnier, bliss-fully humming the themefrom “You Only Live Twice.”

Mr. Greene’s books include“Chevrolet Summers, DairyQueen Nights.”

By Bob Greene

I don’t want to buy anAston Martin, but Ienjoy being remindedof James Bond.

OPINION

On Aug. 16, 1897, 20,000 Belgians lined the wharves ofAntwerp to wave off the Belgica, a 113-foot three-mastedsteam whaler. She was departing for Antarctica, still a

land of fable in the last years of the 19th century. Belgium haddeclared independence from Holland only 67 years earlier,and with the voyage of the Belgica, writes Julian Sancton,the young nation “was staking a claim to the next frontier ofhuman exploration.”

“Madhouse at the End of the Earth” tells the story of theBelgian Antarctic expedition. Mr. Sancton, an Americanjournalist who visited Antarctica for his research, structureshis tale around three main characters: Adrien de Gerlache, aBelgian naval officer and the expedition’s leader; RoaldAmundsen, a Norwegian polar explorer who served as theBelgica’s first mate; and Frederick Cook, the voyage’s “loneYankee,” a New York doctor with a “peninsula of a nose.”

De Gerlache’s expedition “was sold as a scientific mission,but at its core it was a romantic endeavor.” The Belgian’s goalswere to chart the uncharted; collect data on the region’s flora,fauna and geology; and locate the South Magnetic Pole, thenthought to lie around the 75th parallel. Only three expeditionshad ever sailed south of the 70th. The Belgica made stops inRio de Janeiro and Montevideo, Uruguay, in October andNovember, before the men first sighted the Antarctic Penin-

sula, which extends towardthe southern tip of SouthAmerica, in January 1898.Over two months the crewdiscovered what is now theGerlache Strait and made 20landings, more than all pre-vious expeditions combined.Then the ship traveled south-west and spent more than ayear trapped in the Bellings-hausen Sea.

Cook had joined the Belgicain Rio, having offered hisservices as the expedition’sdoctor. He had been in Green-land with the American explorerRobert Peary in 1891-92, and was

“famous among polar enthusiasts worldwide.” With Cook onboard, the Belgica carried 14 Belgians, 11 foreigners and twocats. Before the expedition reached the ice, desertions anddismissals tipped the balance in favor of the non-Belgians.

Mr. Sancton conjures the fug of pipe smoke and unwashedmen in the unventilated wardroom, the taste of kjøttboller—spongy canned meatballs resembling “soft, colorless gobs”—and the pearly sheen of fluted icebergs. Cook, who took agenuine interest in the well-being of every man aboard,quickly became “the most popular member of the expedition.”Mr. Sancton is pro-Cook throughout these pages, even whenthe man’s records are unreliable.

If there is any poetry in the Belgica story, it lies in Cook’sdiary. He slept out on the ice one night to watch the SouthernLights, “a trembling lace-work, draped like a curtain . . .Various parts were now dark, and now light, as if a stream ofelectric sparks illuminated the fabric. The curtain seemed tomove . . . as if driven by the wind which shook out old foldsand created new ones.” I slept outside in Antarctica in August1994 to watch the aurora australis, and can confirm Cook’saccount. But my sleeping bag was better than his.

De Gerlache had not planned to overwinter—no man everhad—but he was forced to do so when ice froze around theship in March. “We are no longer navigators,” he wrote soonafter the vessel got stuck, “but a small colony of prisonersserving their sentence.”

When the sun disappeared—Antarctica goes dark for sixmonths of winter—morale went with it. Mr. Sancton conveysthe tension of these months as scurvy stalked the decks.Henryk Arctowski, a Polish chemist and geologist, furnishedthe title of the book when he wrote in his diary, “We are in amad-house.” Even after the sun rose again, Mr. Sancton writes,the second Christmas was “a grim affair.” Cook noted, “thedoubt of our future was pictured on every face.” De Gerlacheconfided, “It no longer seems that we can avoid a secondwintering.” But they did, dropping anchor off Punta Arenas,in southern Chile, on March 28, 1899. Two men had died, andanother was to die shortly as a result of his privations.

Nine detailed diaries from the expedition survive. Mr.Sancton is the first to cite crewman Carl Wiencke’s journal (awave had swept the cheerful young Norwegian to his death).Published sources include Amundsen’s “Belgica Diary,” editedby Hugo Decleir. Mr. Sancton handles the material adroitly,deciphering faulty observations, remaining scrupulous in hisreluctance to speculate, and filling in the background of polarexploration with a light touch.

The prose tends toward the purple. Storms off Cape Hornare likened to “the Flood of the Old Testament” and Cook’sdream of his own expedition slowly withers, “taking a piece ofhis soul along with it.” Clichés are frequent: a lack of funding“sealed the fate” of a project; de Gerlache is “tempting fate”witha particular plan. But the energy of the narrative never flags,and “Madhouse” remains an engaging read throughout.

When the Belgica reached Antwerp in November 1899, deGerlache had the glorious return for which he had longed.Nobody minded that he had not reached a record latitude orfound the South Magnetic Pole: He had secured many historicfirsts, “all in the name of Belgium.” Twelve years later,Amundsen would become the first explorer to reach thegeographic South Pole. Cook returned to the Arctic andfalsely claimed he had reached the North Pole.

Nearly three decades after the Belgica freed herself fromthe ice, Amundsen visited Cook in Kansas’s Leavenworthpenitentiary, where the American was serving a 14-year, nine-month sentence for fraud: He had started an oil company andinstigated a kind of Ponzi swindle. Mr. Sancton shrewdlybookends his volume with this poignant visit. Amundsen hadnot lost his admiration for Cook. “To me,” he told a journalist,“he always was a genius.”

“Madhouse at the End of the Earth” may not match ApsleyCherry-Garrard’s “The Worst Journey in the World” or FrankWorsley’s “Shackleton’s Boat Journey,” the two best Antarcticbooks ever written. But what of it? Mr. Sancton has produceda thriller—and a welcome addition to the polar shelves.

Ms. Wheeler is the author, most recently, of “Mud and Stars:Travels in Russia With Pushkin, Tolstoy, and Other Geniuses ofthe Golden Age.”

Representing a young nation, the shipdescended on Antarctica. The crewmade20 landings before getting stuck in the ice.

I t was only a fundraisingappeal, but Sen. CoryBooker (D., N.J.) made a

few big mistakes when heasked Tuesday, “Will we lettoday’s Republican Party re-vive Jim Crow, seize partisancontrol over how electionsare run, and impose perma-nent undemocratic control ofgovernment?”

First, it dishonors those whofought real Jim Crow laws tosuggest GOP voting reforms aresynonymous with the effort—perpetrated by many whiteSouthern Democrats—from the1870s through the mid-20thcentury to wipe out black vot-ing rights through poll taxes,literacy tests, and often vio-lence and intimidation.

Second, Mr. Booker’s inter-est in election law is curiouslyrecent. He never made votingreform a priority in any of theeight campaigns he’s con-ducted since 1998, thoughNew Jersey has long had oneof America’s more restrictiveelection regimes. Only thisfall, for instance, will the Gar-den State start allowing in-person early voting, and forabout half as many days asGeorgia will.

Mr. Booker’s behaviorseems to be the rule, not theexception, among Democratsthese days. Senate MajorityLeader Chuck Schumer also at-tacked Republicans Tuesday:“We are witnessing an attemptat the greatest contraction ofvoting rights since the end ofReconstruction and the begin-ning of Jim Crow,” he said.

‘For the People’ Is About Helping the PartyHmmm. New York allowedearly voting for the first timein 2020, but only for nine days,again about half the minimumperiod required in Georgia.And the Empire State hasn’tyet finally approved universalno-excuse mail-in ballots. Likethe senator from New Jersey,Mr. Schumer never made hisstate’s restrictive voting laws afocus in any of his 16 cam-paigns since 1974.

But back to Mr. Booker. Hisaccusation that the GOP wantsto take permanent control ofgovernment undemocratically isa classic example of projection.That’s exactly what congressio-nal Democrats seem to be try-ing to accomplish with S.1, theso-called For the People Act.

If the 817-page power grabpasses, Washington would dic-tate how states run elections,even though the Constitutionreserves that power to thestates. The measure would gutvoter-ID requirements while al-lowing partisan operatives tocollect and submit an unlimitednumber of ballots, a practicecalled “ballot harvesting” thatmost states outlaw. S.1 wouldalso prohibit states from clean-ing registration rolls by remov-ing people who haven’t votedfor years and failed to return apostage-paid card affirming

they’re still at that address—even if the Postal Service saysthey’ve moved and didn’t leavea forwarding address.

The bill requires automaticvoter registration when peopleapply for a driver’s license,Medicaid or other governmentservices, even though thatmeans noncitizens could beregistered mistakenly. Collegesare designated as voter-regis-tration entities and rewardedfinancially for registering stu-dents and providing transpor-tation to the polls, but no simi-lar treatment is given to seniorliving communities, gun clubsor farm and ranch organiza-tions. I wonder why.

S.1 would also impose the“permanent undemocratic con-trol of government” Mr.Booker claims to fear by takingaway the right of state legisla-tures to draw district lines. In-stead, it mandates that “inde-pendent commissions”—oftengamed in practice—or a three-judge court draw redistrictingmaps. These plans would thenhave to be approved by theJustice Department.

The bill goes further, under-mining free speech by requir-ing companies and organiza-tions to reveal all politicalspending that aggregates tomore than $10,000, even if it’slimited to issues rather thancampaigns. Democrats wouldimpose no similar requirementsfor unions. The bill would alsoforce nonprofits organized un-der Section 501(c)(4) of the taxcode to reveal donors of morethan $10,000, ignoring a unani-mous Supreme Court decisionthat said keeping such informa-

tion private protected donorsfrom intimidation and abuse.

S.1 would transform the Fed-eral Election Commission. Thebody is politically balanced,composed of six commissionersof which no more than threecan be from the same party. S.1would limit the total number tofive and each party to two com-missioners—leaving one inde-pendent tie breaker. Given thatthe president appoints the com-missioners, you can see wherethis would likely end up.

The bill would also createfederal financing of Senate andpresidential candidates with a6-to-1 match for donations upto $200 and reverse long-standing policy by allowing agroup’s ideology to be consid-ered when the IRS decides onits tax-exempt status.

These are only a few of thebill’s sundry mandates anddicta. There are so many that ifS.1 became law no state wouldbe able to comply with them allby next year and still run a com-petent election. Nor is it credi-ble to argue S.1 is essential forremoving obstacles to voting.Last fall the U.S. had its highestvoter turnout in 120 years.

The bill’s name—“For thePeople”—is misleading. It’s de-signed to protect not Americanvoters but Democratic politi-cians’ hold on power. Sens.Schumer and Booker and theircolleagues should just admit it.

Mr. Rove helped organizethe political-action committeeAmerican Crossroads and isauthor of “The Triumph of Wil-liam McKinley” (Simon &Schuster, 2015).

The Senate takes upa voting bill designedto rig the system infavor of Democrats.

By Karl Rove

Joe Bidenlikes to say,“It’s simple.”Sometimes, itisn’t.

This week,surveying thegulf betweenthe millions ofjobs availablein the U.S. andthe startlingly

smaller number of people tak-ing them, President Biden said,“People will come back towork if they’re paid a decentwage.”

But what if he’s wrong?What if his $300 unemploy-ment insurance bonus on topof the checks sent directly tomillions of people (which be-gan during the Trump presi-dency) turns out to be a big,long-term mistake?

It’s now clear that Mr. Bi-den and the left expect theseoutlays effectively to raise theminimum wage by forcing em-ployers to compete with UncleSam’s money. Still, it is impos-sible not to be struck by howmany employers say that for-mer and prospective employ-ees—after a year of forced un-employment—simply will notwork.

Greg Brown, president ofW.W. Cannon in Dallas, toldthe Journal that despite offer-ing wages up to $30 an hour,“you just can’t find people;people aren’t willing to cometo work.”

Refusal to work is some-thing new in the U.S.

Is the Work Ethic Dying?Ideas have consequences.

By making unemployment in-surance competitive with mar-ket wage rates in a pandemic,the Biden Democrats may havedone long-term damage to theAmerican work ethic.

We will spend years discov-ering the altered patterns ofbehavior caused by politicianson the advice of epidemiolo-gists ordering the nation to gohome and stay home. Someare identifiable, such as largemigrations out of big Northerncities. Less clear is the pan-demic’s long-term effect onwhere people are willing towork—or whether they arewilling to work at all.

Though many peopleworked remotely, millions lostfunctioning jobs. There is noprecedent for this, not eventhe Great Depression.

The canaries in the U.S.’scrumbling employment mineshaft are the state governorswho want to restore the work-search requirement to receiveunemployment insurance.

It was assumed that oncemost people were vaccinated,they would want to revive pre-pandemic habits. But the U.S.Labor Department’s Jolts re-port on jobs and an avalancheof anecdotes suggest that oneof the things many peoplewant most to get away from iswork itself.

The authorities built Covidinto a 12-month monster, sopeople naturally sought re-spite in distractions from themonster. I believe the pan-demic accelerated a transitionevident for years—away fromthe basic concept of dailywork and toward an emergingidea that life is less aboutwork and more about play. Lifeas a nonstop game.

Employers have grappledfor years with the phenome-non of remote working. They

allowed it for some, but rarelyconsidered letting everyone doit for fear it would diminishvaluable workplace habits.

This has never been an op-tion for the blue-collar work-force, which was obligatedsimply to show up at work. Itappears now that many ofthem want the same thing astheir salaried “remote” coun-terparts—staying home sothey can do . . . whatever.

Web-based tech companieshave seen for years that theline between work and play isfading. Guys sitting at homeused Reddit and Robinhood toplay the stock market overGameStop, first as a diversion,then as a substitute for work.On “Saturday Night Live” lastweekend, Elon Musk saiddogecoin, originally conceivedas a joke, was a “hustle.” In-vestors are playing with itanyway.

Many of last summer’s pro-testers—in an estimated10,600 demonstrations—wereunemployed. People who wereonce workers became full-timeprotesters. They’re replacingthe dutiful Protestant workethic with the self-liberatingprogressive virtue ethic.

Constant political anger hasbecome a subset of a largergame-playing ethos. Before thepandemic, Donald Trump andthe media transformed politicsinto something more like agame. People got up each dayto see what fun the TrumpTwitter account might haveput in motion. The New YorkTimes, now that its playdatepartner is gone, is marketingitself during the staycationpandemic as an online gamesite, accessible with a Gamessubscription.

As if caught in a time warp,real employers with real com-panies are looking for workersto do real jobs. Keep in mind,though, that many graduatesattend universities that de-cided years ago that to com-pete they had to transformtheir campuses into playpens.

The welfare reforms of the1990s were based on the real-ization that transfer paymentsundermined the work ethic.The Biden-Sanders Democratsare dropping that work re-quirement for recipients ofcash payments.

It’s comforting to believethat natural economic forceswill drive people back to work.But the scale of effects fromthe yearlong pandemic shut-downs, combined with thegovernment’s trillions in directpayments, has pushed thework ethic in the U.S. to a tip-ping point. Describing whatwe do now as “remote” and“virtual” means we know ourattachments to the pre-pan-demic world have become ten-uous.

Joe Biden talks about thingshis father told him, such as:“ ‘A job is a lot more than apaycheck’ he’d say. ‘Joey, it’sabout your respect, your dig-nity, your place in the com-munity.’ ” Or it was until now.

Write henninger@wsj.com .

Covid laid off thecountry. Now BidenDemocrats are payingpeople not to work.

WONDERLANDBy DanielHenninger

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A16 | Thursday, May 13, 2021 THEWALL STREET JOURNAL.

All Rhodes Scholarships Are Based on MeritDavid Satter (“The Rhodes Scholar-

ship Turns Against Its Legacy of Excel-lence,” op-ed, May 8) suggests that theworld’s preeminent international grad-uate scholarship has been “corrupted”by being turned into a competition“rigged” by racial preference. Hisclaims are false and misinformed.

The selection of Rhodes Scholars isfocused on our criteria of excellence ofintellect and character, sympathy forothers and potential for leadership andpositive impact. Our instructions to se-lectors make clear that committeesshould choose the strongest candi-dates. They are explicitly directed notto try to “balance” or seek diversity ofgender, race, ideology, academic fieldor any other characteristic.

Competition for the scholarship,now available globally through 24 con-stituencies, is intense. For our U.S.constituency, 16 different committeesinterview outstanding finalists and se-lect the two they believe best exem-plify our criteria. Mr. Satter concludesthat the system must be raciallyrigged to result in our 2021 cohort ofU.S. scholars, in which 10 of the 32were African-American, 11 were otherstudents of color and 11 were white.The assumption that a meritocratic se-lection process could not possiblyhave produced this result is an insultto the remarkably talented young peo-ple who, to quote his own words, “sur-vived a withering competition.”

His premises are further provenwrong by data about our selectionoutcomes. The number of winners byrace, gender and other characteristicsvaries significantly each year, as onewould expect in a system that choosesthe strongest individuals. In 2019 fourof the 32 Americans selected wereblack and 17 were white—which coin-cidentally reflects the percentage ofU.S. college students who are white,and exceeds the percentage of whiteswithin the Ivy League.

All our scholars were selectedsolely for their individual excellence.And while it is harder than ever to be

admitted to Oxford, today’s RhodesScholars consistently outperform thegraduate population overall. For eightof the past 10 years, Rhodes Scholarshave earned more distinctions percapita than the Oxford average.

By misquoting a statement I madelast year, Mr. Satter wrongly suggestsI believe Oxford is a place where rac-ism is rife. My reference to racism wasnot directed specifically to Oxford butto wider society, as we acknowledgeand address the scars of racial biasand exclusion. The Rhodes Trust is im-mensely proud of our 118-year-oldpartnership with the University of Ox-ford and applauds the university’s ef-forts to widen its pipeline of appli-cants, which has resulted in a morediverse student body. We share Ox-ford’s belief that embracing diversity,far from lowering standards, strength-ens meritocracy by widening the poolfrom which students are selected.

The Trust is engaged in outreacharound the world to ensure that bril-liant students from all backgroundsare aware of the extraordinary oppor-tunity we offer. Mr. Satter’s claim thatwe are restricting these outreach ef-forts to historically black colleges anduniversities is false.

While Mr. Satter rightly notes thatracial preferences are inconsistentwith the terms of Cecil Rhodes’s will,both racism and sexism played a sig-nificant role in the history of theRhodes scholarships. No African-American was selected between 1907and 1963, and women were ineligibleuntil 1977. We are proud of how theRhodes scholarship has evolved be-yond a time when only white “chaps”were deemed fit to fight the world’sfight. We remain firm in our commit-ment to invest in young people whocan build a better world. Our progresstoward more diverse cohorts of schol-ars reflects, rather than violates, ourcommitment to excellence.

ELIZABETH KISSWarden and CEO of the Rhodes Trust

Oxford, U.K.

LETTERS TO THE EDITOR

“Don’t be upset,all parent companies fight.”

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.

Georgia Voting Law Is a Step Back for BlacksYour editorial “What Was That

About Voter Suppression?” (May 4)suggests that black turnout in 2020was too high for voter suppression tobe a problem. This is a smokescreen toobscure the shameless effort of south-ern states—which recently experienceda substantial black voter-registrationand turnout influx—to ensure thatsuch powerful political participation byits most marginalized citizens cannothappen again.

Black voter turnout in Georgia wassky-high in 2020 and 2021, thanks toextraordinary organizing efforts. In2020, election officials expanded ac-cess due to the pandemic. Yet votersstill had to overcome significant barri-ers—including five-hour wait times inFulton County—to vote. Georgia legis-lators reacted to this powerful civic en-gagement by trying to shrink the elec-torate with a voting bill transparentlytargeted at black and brown voters.

That some blue states have inade-quate voting laws doesn’t justify Geor-

gia’s actions. Recently, these stateshave moved to expand access. Georgia,joined by Florida and perhaps soon byTexas, Arizona and others, is takingthe opposite approach: making votingharder. That’s why, when evaluatingdiscrimination claims under Section 2of the Voting Rights Act, courts applythe Supreme Court-approved “totalityof circumstances” test. It examines alocality’s political reality, history ofvoting rights and the extent to whichminority-group members bear the ef-fects of discrimination when consider-ing these claims.

Misused statistics can’t hide theconcerted attack on voting rights, and“they do it in New York” is not andnever has been a defense for Georgia’sdiscriminatory conduct.

SHERRILYN IFILLPresident and director-counsel

NAACP Legal Defense FundMICHAEL WALDMAN

President, Brennan Center for JusticeNew York

Pepper ...And Salt

Student-Loan Debt Is a Burden on the YoungRegarding “Inside the Fight Over

Student Loan Losses” (Page One,April 30): It is time for the federalgovernment to get out of the stu-dent-loan business. Since 1992, easy-to-secure federal student loans gaveschools the green light to signifi-cantly raise tuition and fees. Highercosts made higher education less af-fordable. Now we find that taxpayerswill be on the hook for billions of un-paid loans. How about if the schoolsthemselves become the lenders? Theycould decide how to qualify studentborrowers based on their creditscores and their projected ability torepay, perhaps tied to the earning po-tential of their degree.

TOM LEINBACHCharlottesville, Va.

Student debt has eviscerated thefundamental American dream to bet-ter oneself and achieve through devel-oping one’s talents via education. Thisis exacerbated by two main factors:the exorbitant interest rates and addi-tional terms of the loans fueled byspiraling tuition costs while moreoverpaid administrators are layeredinto the education bureaucracy asteachers are relegated to part-timecontractors.

From the 1960s, student loans hadnominal below-market interest ratesand deferred payment until monthsafter graduation. The goal was a self-sustaining program to educate theyouth, not extort a profit on the in-coming generation.

While originally private banks hadloans federally guaranteed, this debtis now controlled by the Education

Department. It is time to forgive allstudent loans, or at the very least allthe interest, which is at above-marketinterest rates. This can only be doneby Congress, and initiating it by thepresident under the Covid-19 relief isa perfect opportunity. In the midst oftrillion-dollar bailouts, the crushingdebt saddling the younger generationis a travesty.

JACK KNUTSONFremont, Calif.

Student loans aren’t necessarilyused to cover tuition, room andboard or books. The loan can be usedas the student wishes, including for anew car, a vacation or to buy Christ-mas gifts. Before Congress looks topay for these follies, I urge them toreally examine what a student loancan, and many times, is actually usedto purchase. This isn’t a one-size-fits-all issue.

JOAN GOSSMANGrosse Pointe, Mich.

Powell Gets His Inflation Wish

F ederal Reserve Chairman Jerome Pow-ell’s inflation ship has come in, albeitmore rudely than he probably wanted.

The consumer price index rosea remarkable 4.2% at an an-nual rate in April, and 3% inthe core measure that ex-cludes food and energy. Mr.Powell wantedmore inflation,and now he’s got it.

The surge in prices won’t surprise mostAmericans, who have been paying more ev-erywhere from the grocery store to cars tothe housing market. Prices in April roseacross the board, but especially for goods andservices in lower demand during the lock-downs. Hotel prices increased 8.8% for themonth and 8.1% year-over-year. The monthlyincrease of 0.9% less food and energy was thelargest since 1982.

As vaccines roll out, more people are goingout and spending their savings and stimuluschecks. Demand is increasing at the same timesupply problems frustrate businesses. Used carand truck prices jumped 10%, which accountedfor a third of themonth’s CPI increase. One rea-son: New car production has slowed amid aglobal computer chip shortage. But that’s noconsolation tomiddle-class Americans who buyused cars. The rich buy new Teslas.

Commodities have also been surging and arefeeding into consumer prices. Corn prices areup 50% this year and some 125% year-over-year.Overall food prices climbed 0.4% from Marchand 2.4% over the past 12 months. Fresh pro-duce and meat prices rose even more.

A worker shortage is also pushing upwages—average hourly earnings rose 0.7% inApril—andmay be starting to feed into higherconsumer prices. Many small businesses werereluctant to pass on their increasing cost ofgoods and labor when demand was lower. Butthat may now be changing as consumers arespending more freely.

The benign explanation for the April pricesurge is that it’s “transitory,” asMr. Powell likesto say. The April surge compares to a price de-cline last spring at the height of the pandemiclockdowns, and the comparisons will look lessugly in comingmonths. Oil prices were also hit-ting lows last spring as demand plunged. Re-

move those factors and the CPI increase looksbarely above 2%.

Vice ChairmanRichard Clarida onWednesdayreiterated the Fed view thatthe economy remains a longway from full employment andthat prices will moderate oncesupply problems ease. The Fedhas said it will allow inflationto exceed 2% as long as it “av-

erages” about 2% over the “long-run” anddoesn’t plan to adjust policy until the countrygets closer to full employment, which in the pasthas been a moving Fed target.

i i iYet inflation is always and everywhere a

monetary phenomenon, asMilton Friedman putit. Formore than a year the Fed has been pursu-ing an expansionary policy for the ages. It hasbeen keeping rates near zero and expanding itsbalance sheet to record levels with bond pur-chases in an economy that has been growingfast for more than nine months. The AtlantaFed’s GDPNow prediction for second quartergrowth is 11%.

Themoney supply has been growing rapidly,and cash is chasing higher returns across theeconomy amid near-zero interest rates. Junkbond issuance this year is at a record pace. Assetprices have boomed. The danger is that expecta-tions for higher inflation will rise and becomeembedded in business and consumer decisions.Transitory then becomes longer and the Fedmight have no choice but to end the party, per-haps more abruptly than it wants.

The risk is compounded by the Fed’s politicalpredicament, partly ofMr. Powell’s ownmaking.The Chairman has been a cheerleader for the fis-cal blowout of the last year, especially the JoeBiden-Nancy Pelosi agenda. The Fed hasmone-tized nearly all of the new federal debt issuanceof the last year, and Democrats are counting onthe Fed to keep it up in the years ahead. Thismakes it harder for the Fed to taper its bondpurchases or raise interest rates.

Mr. Powell will need the current inflationsurge to be transitory, or he’ll find himself ina political jam if the markets force him totighten. Better for the Fed to reassert its inde-pendence bymoderating its policy now, ratherthan risk more damage down the road.

The Fed Chairmanwanted higher prices.

Lets hope it’s ‘transitory.’

In Donald Trump’s Purgatory

H ouse Republicans ousted Liz Cheneyfrom their leadership on Wednesday,but the GOP’s Donald Trump problem

continues. They can’t winwithout his voters, but theyalso will struggle to win if theformer President dominatesthe party and insists on re-fighting the 2020 election forthe next four years.

Ms. Cheney was purged on a voice vote thatwas so overwhelming that no one even askedfor a recorded tally. Her offense was challeng-ing—too vocally for GOP comfort—Mr.Trump’s claims that the 2020 election was sto-len and that the attempt to overturn the Elec-toral College vote on Jan. 6 was constitutionaland warranted.

Many Republicans privately agree with LizCheney on both points, but they don’t want toget into a public fight with Mr. Trump. Theywant House leaders to focus on resisting the Bi-den agenda, and they thinkMs. Cheney’s insis-tence on publicly rebutting Mr. Trump’s false-hoods was a distraction. She can now say whatshe wants as a backbencher.

But the GOP problem is less thatMs. Cheneywon’t let Mr. Trump go than that Mr. Trumpwon’t let 2020 go. He can’t accept that he lost,so he’s busy rewriting history to convince ev-eryone he was cheated. He’s making that claima litmus test for GOP leaders or for candidateswho want his endorsement.

Thatmay please the Trump base but it won’tappeal to the swing voters the GOP needs to re-take the House and Senate. Mr. Trump’s claimthat he was cheated in November is the mainreason the GOP lost two Georgia Senate seatsin the Jan. 5 runoff. Trump voters stayed homeafter Mr. Trump told them their votes didn’tcount. The pre-election polling and voter turn-

out couldn’t be clearer about this. Joe Biden’sagenda would be stalled now if Mr. Trump hadput the party first after his defeat.

Mitch McConnell, now theSenate Minority Leader, haspursued a strategy of silencetoward Mr. Trump since hiscondemnation of the formerPresident after Jan. 6. His fo-cus is rightly on regaining the

Senate in 2022. But will Mr. Trump stay silentabout Mr. McConnell? Our guess is that Mr.Trumpwouldn’t mind if Republicans losemoreSenate seats in 2022, which he’d then blame onMr. McConnell as he tries to oust him as SenateGOP leader.

By the way, no one is more delighted by allthis than Democrats and the press corps, whowant Mr. Trump at the center of GOP politics.The last thing they want is a debate over Mr.Biden’s spending blowout, higher taxes, divisiveidentity and racial politics, and courtship ofIran. CNN is bereft without their foil.

As for Ms. Cheney, she seems intent on con-tinuing her debate with Mr. Trump. Fairenough. Someone in the GOP needs to tell GOPvoters the truth about 2020. But if she becomesthe pet rock of the Lincoln Project andWashing-ton Post, she’ll quickly lose whatever influenceshe has in the GOP. She’s most credible as achampion of traditional GOP conservatismagainst Trumpist isolationism and big govern-ment. That’s also her best chance to keep herHouse seat in Wyoming.

Perhaps the shock of the Biden-Nancy Pelosiagendawill unite the GOP enough to pick up thehandful of House seats it needs to win in 2022.But that task is harder withMr. Trump plottingrevenge and focused as ever on himself aboveall else. Such is the Republican purgatory ofTrump’s ex-Presidency.

Ousting Liz Cheneydoesn’t end the GOP’s

2022 problems.

A Dangerous Pick at Justice

E ven as the 2020 stolen-election mythcontinues to tear at the GOP, the BidenAdministration is elevating a key figure

in the campaign to delegiti-mize Donald Trump’s electionin 2016.

Susan Hennessey of theBrookings Institution an-nounced this week on Twitterthat she is joining the JusticeDepartment’s national security division, wherePolitico reports she will be senior counsel. Thepost doesn’t require Senate confirmation, butit can play a role in election-related investiga-tions and enforcement.

Ms. Hennessey made her name as a com-mentator by hyping Russian collusion allega-tions. A former National Security Agency law-yer, she bestowed phony credibility on theSteele dossier after the 2016 election. In 2017she wrote that the unlawful leak of NationalSecurity Adviser Michael Flynn’s conversa-tions with the Russian ambassador “posed acountervailing set of extraordinary circum-stances.” She tweeted in 2019 that the deci-sion to drop charges against Mr. Flynn was

“an astonishing assault on the rule of law.”Ms. Hennessey has an undisguised parti-

san interest in the Russia probe, which is stillbeing investigated by U.S.Attorney John Durham. Afterthe 2020 election, Ms. Hen-nessey tweeted that Mr. Dur-ham’s work was “partisansilliness.”

Then there’s the investiga-tion of Rudy Giuliani, who was recently thetarget of search warrants, apparently overdealings in Ukraine. Leaks to the press—per-haps from Justice—claimed falsely that theFBI had briefed him on a Russian disinforma-tion campaign. Ms. Hennessey is the wrongperson to be anywhere near these investiga-tions, or anything that involves her miles-longlist of people she loathes.

We were optimistic about Attorney GeneralMerrick Garland’s ability to restore confidencein apolitical justice. But the way his depart-ment is shaping up—from personnel picks tothe aggressive moves against police depart-ments—Justice may only be sliding deeperinto the partisan muck.

Susan Hennessey’sRussia role underminedelectoral legitimacy.

REVIEW & OUTLOOK

OPINION

P2JW133000-0-A01600-1--------XA

THEWALL STREET JOURNAL. Thursday, May 13, 2021 | A17

W ith deficits at levelsnot seen since WorldWar II, the March $1.9trillion stimulus onlybeginning to spend

out, and President Biden calling forsignificantly higher marginal taxrates to help fund another $4 trillionof spending, maybe it’s time for a re-ality check on how high marginal taxrates, and the actual tax rates paidby Americans, can be raised withoutcrushing economic growth. Propo-nents of massive tax increases willargue that economic growth andprosperity are compatible with hightax rates by pointing to the 35 yearsof postwar prosperity in America,when the top federal tax rate was70% or higher.

But before accepting this as proofby example, it’s worth examininghow many taxpayers actually paidthose top rates and what percentageof their income high earners actuallypaid in taxes. Economists Gerald Au-ten of the Treasury Department andDavid Splinter of the Joint Commit-tee on Taxation have compiled anextraordinary new database usingInternal Revenue Service data ontaxes actually collected since 1962.

The top marginal income-tax ratesand the taxes actually paid, includ-ing payroll taxes, as a percentage ofincome for the top 1%, top 10% andbottom 50% of income earners areshown in the nearby chart. The fig-ures for 2016-20 are comparable es-timates by the Urban-Brookings TaxPolicy Center.

The top tax rate of 91% in 1962applied to families with joint in-comes, in today’s dollars, of $3.38million. After deductions and cred-its, only 447 tax filers out of 71 mil-lion paid any taxes at the top rate.The top 1% of income earners paid

The Biden Tax Mirage

only 16.1% of their income in federalincome and payroll taxes, while thetop 10% paid 14.4% and the bottom50% paid 7%. This followed the pat-tern set by the top Depression-eraand wartime tax rates. Only threefilers out of six million paid anytaxes at the top Depression rate andonly 13 out of 50 million paid anytaxes at the top wartime rate. Thetop 1% of earners paid 12.6% and23.5% of their income in federal in-come and payroll taxes in 1938 and1945, respectively.

President Kennedy recognizedthat while confiscatory tax rates col-lected little revenue, they stifledgrowth as resources were squan-dered in the “avoidance of taxes”rather than the “production ofgoods.” When the top tax rate wasreduced to 70%, individual income-tax collections continued to growand the actual percentage of incomepaid in taxes by high-income earnersbarely changed. Only 3,626 out of 75million filers paid any taxes at thenew 70% rate. When the Reagan taxcut reduced the top rate to 50%,gross domestic product grew. Taxescollected from high-income earnersas a percentage of their incomeswere largely unchanged, as the chartshows. Only 341,000 of 109 million

filers paid any taxes at the new 50%top rate.

The 1986 tax reform reduced thetop rate to the postwar low of 28%.The reform also closed loopholes,offsetting the rate reductions andother changes in the tax code. Reve-nues grew as the economy expandedand asset sales surged at the lowermarginal tax rate. Twenty-six millionout of 115 million filers paid taxes atthe 28% rate. The top rate wasraised to 39.6% in 1993 and has fluc-tuated between 39.6% and 35% since.Only 453,000 out of 123 million filerspaid any taxes at the 39.6% rate in1993.

Remarkably, while the top mar-ginal rate fell from 91% in 1962 to28% in 1988, the percentage of in-come actually paid in income andpayroll taxes by the top 1% and 10%of filers rose to 21.5% and 19.6%from 16.1% and 14.4%, respectively.As the top tax rate fell by two-thirds,the percentage of income paid infederal income and payroll taxes bythe top 1% and 10% of earners roseby a third.

The percentage of income actuallypaid by the top 1% of earners, whichthe Tax Policy Center estimates tobe 25.7% in 2020, is close to the av-erage rate paid during the last quar-

ter-century. Whether the federalgovernment could actually impose atop rate of 50% on a significantnumber of taxpayers, or actually col-lect much more than 30% of the in-come of the top 1% of earners in in-come and payroll taxes, withoutcrippling economic growth is a ques-tion our postwar experience cer-tainly doesn’t answer.

It is also worth noting that theOrganization for Economic Coopera-tion and Development has foundthat high-income Americans alreadybear a higher relative share of theincome-tax burden than the rich doin other developed nations. The top10% of American households earnabout 33.5% of all earned incomebut pay 45.1% of all income taxes, in-cluding Social Security and Medi-care taxes. That progressivity ratioof 1.35 is far higher than the Germanratio of 1.07, French ratio of 1.1 andSwedish ratio of 1. As a percentageof their incomes, the top 10% ofearners in Germany, France andSweden paid 21%, 19% and 26% lessthan the top 10% in America. Andthe bottom 90% of earners paid 17%,34% and 21% more as a percentageof their incomes respectively thanthe bottom 90% in America paid.While the OECD study predates the2017 Tax Cuts and Jobs Act, theCongressional Budget Office foundthe act made the U.S. tax code evenmore progressive.

Before Congress bets the future ofAmerica on the federal government’sability to soak the rich without crip-pling the economy, lawmakers needto recognize that the marginal ratesbeing proposed have never been col-lected from any significant numberof taxpayers except under the direstcircumstances such as a war for sur-vival. Voters might also note that inthe rest of the developed world,where government takes a largershare of GDP in taxes, high earnerspay about the same share of GDP inincome taxes that high-incomeAmericans pay today, but everybodyelse pays a lot more.

Mr. Gramm is a former chairmanof the Senate Banking Committeeand is a visiting scholar at AmericanEnterprise Institute. Mr. Solon is apartner of U.S. Policy Metrics.

By Phil GrammAnd Mike Solon

Top tax rate and taxes actually collected as a percentages of income for top1%, top 10%, and bottom50%

Source: Auten/Splinter (1960-2015), Tax Policy Center at Urban Institute/Brookings Institution (2016-20)

To and tually lle ed of in fo

'651960 '70 '05 '10 '15'75 '20'80 '85 '90 '95 2000

0

10

20

30

40

50

60

70

80

90

100%

Bottom 50% Top 10% Top 1% TopMarginal Rate

Marginal rates have been alot higher, but the actualshare the top 1% pay staysremarkably constant.

The $392,000 Lifeguard:‘Baywatch’ as Union Shop

B eing a lifeguard isn’t easy,but in Los Angeles it can belucrative. Auditors at Open-

TheBooks.com found 82 county life-guards earning at least $200,000including benefits and seven mak-ing between $300,000 and$392,000. Thirty-one lifeguardsmade between $50,000 and$131,000 in overtime alone.

After 30 years of service, theycan retire as young as 55 on 79% oftheir pay. The Los Angeles CountyLifeguard Association makes all thispossible. Since 1995 the union hasbargained for better wages, hours,benefits and working conditions.

Over the past five years, life-guard captain Daniel Douglasbrought home $630,000 in over-time alone. His total employmentcosts in 2019 were $368,668—$140,706 base bay, $131,493 inovertime, $21,760 in “other pay”and $74,709 in benefits.

In 2009 the city of Santa Monicasigned a 10-year, $25 million con-tract with the county for lifeguardservices. In 2019 the city extendedthe contract for five years and $17million. There were no identified

competitors and the contractwasn’t put out for bid.

To be sure, being a lifeguard isn’tall fun in the sun: Some are EMTsand paramedics, and some are partof an underwater recovery team andparticipate in diving operations.Some are marine firefighters withspecialized training for fireboat op-erations. Some are on duty for 24hours at a time—though they’re al-lotted eight hours for sleep, and ifthey have a call that interruptstheir slumber after five hours orless, “the entire 24-hour periodshall be counted as hours worked,”the contract states.

Still, they’re handsomely paidbeyond what virtually all otherEMTs receive. By comparison, thetop-paid public lifeguard in Floridamade $118,000, including benefits—though the pay goes further in theSunshine State, which has no in-come tax. Even in New York City,the top-paid lifeguard made only$168,000.

Think of the Los Angeles Coun-try Lifeguard Association as theteachers union of “Baywatch.”

Mr. Andrzejewski is CEO andfounder of OpenTheBooks.com.

By Adam Andrzejewski

OPINION

Who ReallyPays for ESGInvesting?

By Andy PuzderAnd Diane Black

W orkers with pensions or401(k)s trust financial in-stitutions to make the best

investments for their retirement in-comes. An increasing number ofportfolio managers say they maxi-mize returns with their Environ-mental, Social and Corporate Gover-nance, or ESG, investment criteria.But is that true, and is it the properrole of financial institutions?

A recent analysis by ScientificBeta disputes “claims that ESGfunds have tended to outperformthe wider market.” Sony Kapoor,managing director of the Nordic In-stitute for Finance, Technology andSustainability, a think tank, told theFinancial Times that the research“puts in black and white what isonly whispered in the corridors offinance—most ESG investing is aruse to launder reputations, maxi-mize fees and assuage guilt.”

BlackRock’s former chief invest-ment officer for sustainable invest-ing, Tariq Fancy, appears to under-stand this. He recently wrote in USAToday that he was concerned aboutportfolio managers exploiting the“E” of ESG investing because“claiming to be environmentally re-sponsible is profitable” but advanc-ing “real change in the environmentsimply doesn’t yield the same re-turn.” Mr. Fancy criticized “stallingand greenwashing” in “the name ofprofits.”

This is a tacit admission that ESGinvesting upends the fiduciary du-ties portfolio managers owe theirclients. As Mr. Fancy acknowledged,“no matter what they tout as greeninvesting, portfolio managers are le-gally bound” to “do nothing thatcompromises profits.” As former La-bor Secretary Eugene Scalia wroteon these pages last year, under thefederal law that protects retirementassets, known as Erisa, “one ‘social’goal trumps all others—retirementsecurity for American workers.”

No one should be surprised whenportfolio managers pay lip serviceto ESG investment criteria while inpractice looking for companies thatwill generate higher profits. To theextent portfolio managers use ESGto justify investing in companiesthat are less profitable than alterna-tives, they are imposing a tax ontheir clients in the form of reducedreturns. But shareholders don’tagree to pay this tax, and most haveno idea the extent to which it’s be-ing imposed.

Consider BlackRock. Its 2020 In-vestment Stewardship Report statesthat ESG investing is “core to long-term value creation” for its clients.After being criticized for being in-sufficiently woke, CEO Larry Finkappears determined to show thatBlackRock is serious about ESG in-vesting. Mr. Fink has stated his goalis an economy “that emits no morecarbon dioxide than it removesfrom the atmosphere by 2050,”which he acknowledges will require“a transformation of the entireeconomy.”

BlackRock has enormous influ-ence because it votes on behalf ofinvestors in its funds. According toa report last month in the Journal,of the ESG proposals BlackRockvoted on during the first half of theproxy year, it supported 91% of theones dealing with the environment.

Mr. Fink’s political and socialgoals may be admirable, but theplace to make such change—trans-forming the entire economy—is atthe ballot box. He is free to use hismoney to support candidates or ad-vocacy groups. But is it appropriateto use ESG investing to cut out thepolitical process while billing thecosts to middle- and working-classfamilies?

When fund managers like Black-Rock say that they “anticipate moreengagement and voting” on whethercompanies are addressing issuessuch as climate change, keep inmind that the economic burden ofthat agenda can fall on ordinaryfolks who want to enjoy a comfort-able retirement. If ESG investingtruly maximized returns, fund man-agers wouldn’t fake a commitmentto it while quietly doing their job—investing in companies that focuson shareholder returns and profits.

Mr. Puzder is a former CEO ofCKE Restaurants and author of “TheCapitalist Comeback: The TrumpBoom and the Left’s Plot to Stop It.”Mrs. Black, a Republican, repre-sented Tennessee’s Sixth District,2011-19.

BlackRock and othersbill the cost to middle-income investors, in theform of lower returns.

Distance Learning Began in 1890

T he Covid-19 pandemic has ac-celerated higher education’smove toward online classes.

But as futuristic as Zoom and videostreaming are, “distance learning” isnothing new.

Thomas Foster launched the In-ternational Correspondence Schoolsin 1890. He was publisher and editorof the Mining Herald newspaper inShenandoah, Pa. Foster founded thepaper after a series of coal-miningaccidents and championed safety-training programs and lobbied hardfor an 1885 state law requiring min-ers to pass safety tests.

The law was ineffective. Unedu-cated miners couldn’t pass the tests.To help give them a fighting chance,Foster started publishing test prob-lems in his newspaper. Minerslearned at home and mailed backanswers to be checked. Seeing abusiness opportunity, Fosterlaunched ICS, which eventually of-fered some 250 courses in mechani-cal engineering, electricity, architec-ture, plumbing and other trades.Foster was both president and ateacher. By the early 1900s ICSserved one million students, morethan 1% of the U.S. population at thetime.

Later William Harper, a formerYale classics professor, became pres-ident of the University of Chicagoand made correspondence classes acentral part of its educational offer-ings. The university granted degreesin math, biology and the classicsmainly through correspondence,though combined with some resi-dential instruction. Between 1924and 1925 the Correspondence Schoolaccounted for 29% of the univer-sity’s graduates. By 1926, 143 in-structors were teaching 10,545 stu-dents, who could complete 50% of abachelor’s degree and 33% of a mas-ter’s through correspondence. Cor-respondence teaching at Chicago

was a victim of its own success: Af-ter contentious debates about fi-nancing and faculty pay, it spun offinto multiple departments and waseventually discontinued.

Based on my own experienceteaching university students, dis-tance learning ought to work well inlanguages, math, statistics and per-haps the sciences—areas that focuson objective information—but not in

fields requiring debate and discus-sion, such as history or politics. Inthe study of human behavior, histor-ical events, models of society andphilosophy, it is harder to separatethe object of study from those par-ticipants debating it.

Technology and Covid-19 arebringing learning back to the fu-ture—and none too soon, sincehigher education has needed shak-ing up for some time. As of the startof 2016, 43% of the roughly 22 mil-lion Americans with federal studentloans weren’t paying, and 1 in 6 bor-rowers (3.6 million) hadn’t madepayments in at least on $56 billionof student debt.

A 2015 report from Pew ResearchCenter showed that 26% of millenni-als lived with their parents, up from22% of the same age range in 2007.The transition to adulthood has be-come more difficult, in part becauseof the declining quality of secondaryeducation, mismatches between de-grees and jobs, changing technolo-gies, student debt, and steadily in-creasing competition withimmigrants from China, India, Rus-sia and elsewhere.

These data, and growing politici-

zation on campus, suggest that theU.S. education system isn’t achiev-ing its goals. Not only is higher edu-cation promoting intolerance andstifling civil debate; it is failing toensure greater social mobility andprosperity. The frequently cited cor-relation between degrees and in-come reflects the tendency ofsmarter people to study more andtake harder subjects. They also area lagging indicator of a time wheneducation was better and Americanemployees faced less competitionfrom the rest of the world. In thosedays it mattered less what youngpeople studied, what skills they ac-quired, and even how disciplinedthey were.

Increasing inequality in the U.S.and other Western countries maythus be partly explained by the waysgovernments extensively subsidizehigh schools, universities and any-one taking out loans to be “stu-dents.” The best and brightest bene-fit most from these handouts. Therest have a chance to study nebu-lous topics and related jargon whileenjoying a few fun years of pro-longed adolescence. But that leadsto frustration later, as they graduatewith credentials and high expecta-

tions but few marketable skills. Atthe same time, governments offerno subsidy to someone who gets ex-cited tinkering with cars or comput-ers and wants to open a garage or asmall business rather than keepstudying.

Some people compound massiveeducational funding and turn it intomore wealth. Others end up in debtwith little to show for it. Employeesand owners of grocery stores, ga-rages and restaurants pay taxes tofund it all but enjoy none of the ben-efits. The distribution of income andwealth becomes increasingly skewed.

A diminution of traditionalhigher education and expansion oftrade schools would allow the youn-ger generation to enter the laborforce earlier, which would mitigatenot only inequality but the problemsof an aging population. Shiftinghigher ed to a combination of dis-tance and residential learning, asthe University of Chicago did a cen-tury ago, would speed up the pro-cess.

Mr. Brenner is a co-author of“Educating Economists” (1991) andauthor of “Force of Finance” (2002),on both of which this essay draws.

By Reuven Brenner

Covid has brought us backto the future, in which theUniversity of Chicago wasa 20th-century pioneer.

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cer Zach Kirkhorn has said thecompany opted to invest inbitcoin when it was lookingfor a place to store cash itdidn’t immediately need as away to preserve liquiditywhile also earning a return.

Mr. Musk said the companywouldn’t sell any bitcoin andwould resume using the cryp-tocurrency for transactions“as soon as mining transitionsto more sustainable energy.”

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dollar fell more than 5% afterMr. Musk’s tweet.

Tesla this year began to ac-cept the cryptocurrency aspayment for products sold inthe U.S. The company alsomade a big financial bet onbitcoin when it bought $1.5billion worth of the cryptocur-rency in the first quarter.Tesla has since sold some ofthose holdings, a move thatboosted first-quarter earnings.

Tesla Chief Financial Offi-

TECHNOLOGY: U.S. PULLS XIAOMI OFF SANCTIONS LIST B4

S&P 4063.04 g 2.14% S&PFIN g 1.29% S&P IT g 2.86% DJTRANS g 2.29% WSJ$ IDX À 0.76% LIBOR3M 0.154 NIKKEI (Midday) 27628.73 g 1.84% Seemore atWSJ.com/Markets

BUSINESS&FINANCE

AVIATIONBoeing is close to a fixto keep engine coversfrom breaking apart in

midair. B3

TELEVISIONComedian Ellen

DeGeneres says shewill end her long-running show. B5

Tesla Inc. Chief ExecutiveElon Musk said the companyhas suspended taking bitcoinas payment for its vehicles.

“We are concerned aboutrapidly increasing use of fossilfuels for Bitcoin mining andtransactions, especially coal,”Mr. Musk said Wednesday onTwitter.

Bitcoin’s value against the

BY REBECCA ELLIOTTAND PAUL VIGNA

TOKYO—SoftBank GroupCorp. smashed profit recordsin its home country, riding aseries of blockbuster initialpublic offerings to full-yearnet income equivalent tonearly $46 billion.

The figure, the highest everfor any Japanese company,caps a wild year in which thetechnology investor roderoller-coaster stock marketsfrom the lows at the beginningof the coronavirus pandemicto recent highs.

The numbers were drivenlargely by a gain of nearly $58billion at the $100 billion Vi-sion Fund and its successor. Aseries of companies in thefund’s portfolio have gonepublic, taking advantage of therising stock market.

The Vision Fund’s biggestwin was a $24 billion invest-ment gain from its nearly 40%stake in South Korean e-com-merce company Coupang Inc.,which listed in March. Soft-Bank also logged gains fromDoorDash Inc., which had apublic offering in December,and the sale last year of a con-trolling stake in Sprint Corp.

SoftBank tripled theamount of capital it has pledgedto its second Vision Fund, to

PleaseturntopageB2

BY PHRED DVORAK

SoftBankProfit IsJapaneseRecord

BY MICHAEL WURSTHORN

ARKStumblesFurther

Cathie Wood’s ARK Invest-ment Management LLC isbearing the brunt of the stockmarket’s faltering technologytrade, again.

Ms. Wood was crowned astar stock picker last yearthanks to her exchange-tradedfunds’ hefty exposure to manyof the coronavirus pandemic’swork-from-home winners. Buther funds have sunk furtherthan the broader market dur-ing May’s selloff in shares oftechnology and other fast-growing companies, suggest-ing their midwinter pullbackwas no fluke.

Her flagship innovationfund has fallen 15% in the firsteight trading sessions of May.That is more than what theETF shed in February andMarch when worries about asharp rise in bond yields be-gan to dent the allure ofgrowth stocks. Shares of thefund are now down more thana third from their mid-Febru-ary high after more than dou-bling last year.

The Nasdaq Composite, incomparison, has stumbled 6.7%in May and set a record as re-cently as April 26, while theS&P 500 is off 2.8% and hoverscloser to its record highs.

Many of the stocks that sitPleaseturntopageB11

experienced such acute short-ages of tin.

The Sadsburyville, Pa.-basedmanufacturer of solder wireand other tin products is rac-ing to keep up with orders.Coronavirus has constrainedsupplies of raw metal comingout of Indonesia and else-where, while a snarl-up in con-tainer-shipping markets hasled to weekslong delays intransporting tin from South-east Asia and Latin America.

The market for tin—the

most expensive of the majorbase metals—tumbled in 2019when a downturn in semicon-ductor sales knocked demand.Prices took another leg lowerwhen lockdowns and the clo-sure of factories hit sales of in-dustrial commodities in early2020.

Fast forward a year and themarket is “probably the mostsqueezed it’s ever been,” saidCharles Swindon, managing di-rector of U.K.-based RJH Trad-ing Ltd.

Demand is strongest in theU.S., pushing prices on theground as much as $3,000 aton above where tin trades onthe LME, according to Mr.Swindon. The high price “re-flects genuine demand; other-wise people wouldn’t be pay-ing these premiums,” he said.

Shares of mining companiesare gaining from the jump inmetals prices. BlackRock Inc.’siShares MSCI Global Metals &Mining Producers exchange-

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Tesla Halts Bitcoin Car Sales,Cites Miners’ Use of Fossil Fuel

High demand for consumerelectronics and difficultiesshipping metal out of Asiahave created a shortage of tin,pushing prices for the metalclose to records for the firsttime in a decade.

On the London Metal Ex-change, the price of tin to bedelivered in three months hassoared 46% this year to$29,785 a metric ton, outstrip-ping other metals such as cop-per and aluminum. Tin lastfetched as much at the heightof the run-up in metal marketsin 2011, when prices crested atmore than $33,000 a ton.

Tin’s advance is one of thebiggest moves in commoditymarkets that have rippedhigher, feeding expectationsamong investors that inflationwill accelerate, at least tempo-rarily. Lofty commodity priceshave acted as a brake on facto-ries. Companies are looking topass higher input coststhrough to consumers, some ofwhom are feeling the pinch.Worries about inflation havesent jitters through WallStreet, hurting stocks.

“Demand is wild across theboard,” said Evan Morris, co-president of Nathan Trotter &Co., adding that he has never

BY JOE WALLACE

Tin Scarcity Lifts Price Near High$40,000

0

5,000

10,000

15,000

20,000

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2011 ’15 ’20 ’21

Source: FactSet *Prices are for tin to be delivered in three months’ time on the London Metal Exchange. Data as of Tuesday

8,000

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1,000

2,000

3,000

4,000

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2020 ’21

Tin prices* Supplies of tin inLondonMetal Exchangewarehouses, weekly

The company began to accept the cryptocurrency as payment forproducts sold in the U.S. last year. Bitcoin mining machines.

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On Wednesday Ms. Vestagersaid the commission wouldsoon put forward its own pro-posal for an EU-wide digitallevy in order to close tax loop-holes. “We need to seize themomentum to progress to-wards fair taxation at all lev-els,” she said.

Wednesday’s decision con-cerns a structure Amazon usedin Europe as part of a series oftransactions known internallyinside the company as ProjectGoldcrest, named for Luxem-bourg’s national bird.

Under the plan, the com-pany funneled all of its e-com-merce sales in the EU throughan operating company calledAmazon EU SARL. But thatcompany paid a significant

PleaseturntopageB2

nies some types of state aid.Wednesday’s decision could

limit Ms. Vestager’s efforts touse those rules to go afterwhat she contends weresweetheart tax deals grantedto multinational companiesbased in a handful of EU coun-tries, including Luxembourg.

The decision comes as in-ternational talks aimed, atleast in part, at shifting thetaxation of big tech companiesare making progress. Thosetalks, shepherded by the Or-ganization for Economic Coop-eration and Development, hadbeen bogged down, leadingseveral countries to imposetheir own unilateral taxes onbig digital companies, includ-ing Amazon, over objectionsfrom technology trade groups.

cluding Amazon, Apple Inc.and Alphabet Inc.’s Google.

Ms. Vestager was rebukedby the same court in a similarcase. The General Court over-turned her 2016 order thatIreland must recoup some €13billion in taxes from Apple.Ms. Vestager has appealedthat case to the Court of Jus-tice, the EU’s top court.

“We will carefully study thejudgment and reflect on possi-ble next steps,” Ms. Vestagersaid Wednesday. An appeal ofthe decision is possible beforethe EU’s Court of Justice.

Both the Amazon and Appletax cases are based on a facetof EU law aimed at creating alevel playing field for compa-nies by forbidding govern-ments from granting compa-

eral big EU tax decisions to beoverturned.

In its decision, the courtbacked Amazon, saying EU reg-ulators failed to prove the com-pany got an illegal advantagefrom tax rulings issued by Lux-embourg, and saying the com-mission’s analysis had been “in-correct in several respects.”

The company said the deci-sion “is in line with our long-standing position that we fol-lowed all applicable laws andthat Amazon received no spe-cial treatment.”

The ruling is a significantblow to Margrethe Vestager,an executive vice president ofthe commission who is leadinga campaign to curb alleged ex-cesses by some of the world’slargest tech companies, in-

Amazon.com Inc. struck anew blow to European Unionefforts to wring more tax frombig technology companieswhen the bloc’s second-highestcourt sided with the companyover a $300 million tax bill.

The EU court on Wednes-day annulled a 2017 decisionfrom the European Commis-sion, the EU’s top antitrust au-thority, that ordered Amazonto pay €250 million in taxes toLuxembourg, the latest of sev-

INSIDE

Bill Ackman’s PershingSquare Capital ManagementLP owns a stake of nearly 6%in Domino’s Pizza Inc., thebillionaire investor said at TheWall Street Journal’s Future ofEverything Festival.

Mr. Ackman said Wednesdayhe puts Domino’s in the cate-gory of “super-durable growthcompanies.” He said he likesthat the pizza chain has its owndelivery infrastructure anddoesn’t rely on services likeDoorDash Inc. He said thatPershing Square has long hadits eye on Domino’s and saw abuying opportunity when theshares dipped recently.

Mr. Ackman also said thathe has exited what was once astake of more than 1% in Star-bucks Corp., bought in 2018,after selling shares as thestock price rose.

Though Mr. Ackman is bestknown as a shareholder activ-ist, he has often lately takenstakes like these in companieshe regards as well run andhasn’t publicly advocated forchange.

The news sent Domino’sstock up as much as 4%, re-flecting how other investorswatch Mr. Ackman’s movesclosely. He has a history ofsuccessful investments in fast-food chains, including a long-standing stake in RestaurantBrands International Inc., theparent company of BurgerKing, and he has been a long-time shareholder of ChipotleMexican Grill Inc.

Domino’s stock closed upalmost 3% Wednesday, giving

PleaseturntopageB5

BY CARA LOMBARDO

AckmanRevealsStake inDomino’s

Companies are looking to pass higher input costs through to consumers, some of whom are feeling the pinch.

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BY SAM SCHECHNER

Amazon Wins EU Tax AppealCourt rules regulatorsfailed to prove techgiant got specialtreatment on breaks

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B2 | Thursday, May 13, 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.

AAlphabet ............B11,B12Amazon.com.................B1,B4,B11,B12Aon............................B10Apollo GlobalManagement.............B2

Apple.............B4,B11,B12ARK InvestmentManagement.............B1

Arthur J. Gallagher...B10AT&T............................A4Automatic DataProcessing.................B5

AXA...........................B10

BBaFin.........................B10Bird Rides....................B5Boeing .........................B3Borsa Italiana...........B10

CChipotle Mexican GrillB1Colonial Pipeline..A3,B10Comcast ......................A4Crispr Therapeutics..B11

DDish Network..............A4Domino's Pizza...........B1DoorDash.....................B1

EEpic Games.................B4Etsy ...........................B11Euronext....................B10

FFacebook.........B1,B2,B11Fastly.........................B11

GGeneral Motors...........A7

HHSBC...........................B2Huawei Technologies .A7

JJardine Lloyd Thompson...................................B10

LLondon Stock ExchangeGroup.......................B10

MMahoning County LandBank..........................A3

Marsh & McLennan..B10Mastercard..................B2

NN26 Bank...................B10Nathan Trotter............B1Netflix..................B4,B11Nissan Motor..............B5

PPeloton Interactive...B11Pershing Square CapitalManagement.............B1

RRaytheon Technologies.....................................B3

Refinitiv ....................B10Regions Financial .......A2Renault........................B5Restaurant BrandsInternational.............B1

Roku ..........................B11

SSAP............................B10Shopify........................B2Silvergate Capital.......B1Starbucks....................B1Switchback II ..............B5

TTeladoc Health..........B11Tesla ...............B2,B3,B11Toyota Motor............B12Twilio.........................B11Twitter ......................B11

UUber Technologies ......B2United Airlines............B3

VVisa..............................B2VMware.......................B5

WWalt Disney................B4Wendy’s.......................B5Willis Towers Watson...................................B10

XXiaomi.........................B4

INDEX TO PEOPLE

$30 billion, showing little con-cern about shakiness in tech-nology shares and the broaderstock market in recent days.

SoftBank’s profit in the yearended March 31—¥4.99 tril-lion, equivalent to $45.9 bil-lion—is the biggest validationyet of Chief ExecutiveMasayoshi Son’s decision afew years ago to shift the con-glomerate’s primary businessto tech investment from tele-communications—a decisionviewed with skepticism foryears, especially when mis-steps at the Vision Fund costthe company billions of dollarsin 2019 and early 2020.

SoftBank’s fiscal-year profitis roughly double that of Toy-ota Motor Corp.’s previousJapanese record, according todata from S&P Global MarketIntelligence. It puts SoftBankin a league with tech starssuch as Google parent Alpha-bet Inc. or Microsoft Corp.,whose annual profit recordsare in the $40 billion range.

SoftBank’s outsize profitsare largely due to the red-hotperformance of global stockmarkets during the past sev-eral months. They could evap-orate if shares take a dive,since the bulk of the com-pany’s investment gains are onpaper. Bouncing around be-tween profits and losses de-pending on the market will bethe new normal, he said.

Mr. Son said at a press con-ference in Tokyo that he had

ContinuedfrompageB1

plenty of regrets about his in-vestments. He mentioned We-Work, a U.S. office-share com-pany whose plummetingvaluation left SoftBank withbillions of dollars in losses, andGreensill Capital, a lender thatfiled for insolvency protectionin March.

But Mr. Son said his biggestregrets are about the compa-nies he missed investing in.“I’m still not satisfied,” he said.

SoftBank has spent much ofthe past year selling assets,buying back shares and stock-ing up on cash to ensure it wasstrong enough to ride out thepandemic. In one of its firstsuch moves last year, the com-pany unveiled a plan to buyback ¥2.5 trillion, the equiva-lent of around $23 billion, of itsown shares in a little morethan a year. At the time, thatwas equivalent to 45% of itsstock. That repurchase is nowcomplete, as is a pledge tospend another ¥2.5 trillion onretiring debt and bulking up itscash reserves, SoftBank said.

Investors have credited thebuyback with helping spur thebig rise in SoftBank’s shares.

CEO Masayoshi Son

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royalty every year to an un-taxed Luxembourg-registeredparent called Amazon EuropeHolding Technologies SCS, re-ducing the operating com-pany’s taxable income.

In its 2017 decision againstAmazon, the commission ar-gued the company had im-properly inflated the royaltyto eat up the operating com-pany’s profit. The commissionsaid the way Amazon calcu-lated its tax base in Luxem-bourg was based on a 2003tax deal, which was prolonged

ContinuedfrompageB1

AAckman, Bill................B1

BBahnsen, David.........B11Bastian, Ed ...............A11Bevis, Andrea............B11Bretas, Erick ...............B4

CClarida, Richard.........B11

DDarnell, Mike ..............B5DeGeneres, Ellen........B5Dhawan, Sumit...........B5Dimon, Jamie..............B5

GGokhman, Max..........B11Gonzalez Rogers,Yvonne ......................B4

JJun, Lei........................B4

KKelly, Greg...................B5Kuffner, James...........B3

LLevey, Stuart ..............B1

MMapa, Nicholas...........A9Mathrani, Sandeep.....B5Mibe, Toshihiro...........B3Morris, Evan................B1Moskowicz, Martin.....B4

NNagata, Jun.................B3

PPlattner, Hasso.........B10

RRaghuram, Rangarajan.....................................B5Ramos, Alberto...........A9Roitman, Jon...............B3Rowe, Zane.................B5

SSon, Masayoshi ..........B2Speich, Ingo ..............B10Sweeney, Tim.............B4Swindon, Charles........B1

VVogel, Jim.................B11

Y - WYuan, Eric....................B5Westphal, Rouven....B10Williams, Richard.....B11Wood, Cathie ..............B1

in 2011. The commission or-dered Luxembourg to recoupfrom Amazon €250 million inalleged unpaid taxes over aneight-year period.

Amazon, which changed itstax structure, argued in 2020before the General Court thatthe commission’s decision wasriddled with legal and factualerrors, contending its pay-ments were in keeping withinternational tax principlesand Luxembourg’s tax rulingsdidn’t confer an advantage onthe e-commerce company. Lux-embourg also appealed.

In Wednesday’s ruling, theGeneral Court largely agreedwith Amazon. It ruled that thecommission had failed to showthat the royalties, paid for theuse of the company’s intellec-tual property, reduced Ama-zon’s taxes below what theywould have paid under normaltax rules, among other errors.

AmazonWins EUTax Appeal

Vehicle sales fromChina

Sources: FactSet (shares); China Passenger Car Association (sales)

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Exported14,174

Sold inChina11,671

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J F M A M

Wednesday$589.89t4.4%

April25,845t27% fromMarch

The Shanghai factory beganexporting to Asia-Pacific mar-kets, including Australia andJapan, earlier this year, butoutside China, Asian demandfor EVs remains limited. TheU.S., Europe and China ac-counted for roughly 95% ofglobal EV sales last year, ac-cording to the website EV Vol-umes. Japan, the largest Asianmarket outside China, ac-

Tesla’s new plant in Berlinis due to start production laterthis year. The company hassaid the Berlin plant will ini-tially assemble the Model Y.

A second U.S. factory, whichwill complement Tesla’s plantin Fremont, Calif., is also un-der construction near Austin,Texas. The company has saidit would produce the Model Yand the Cyber Truck.

counted for around 1% ofglobal sales, compared withChina’s 41%.

Tesla has been caught up ina series of damaging headlinesin China that threatens todamp enthusiasm for its cars.

In April, a protester at theShanghai auto show allegedthat her Model 3 had defectivebrakes, leading it to crash. Herprotest went viral on the Chi-nese internet, sparking debateabout the safety of Tesla carsand about the company’s reac-tion when handling com-plaints. The company issuedan apology and pledged towork harder to meet custom-ers’ expectations.

In February a group of na-tional regulators summonedTesla to rebuke the firm overalleged quality issues, prompt-ing a public statement fromthe company and assurancesthat it would make improve-ments.

Tesla notched 95,125 whole-sale China sales in the firstfour months of the year, ac-cording to the passenger carassociation. It is unclear howmany of those cars wereshipped overseas.

—Raffaele Huangcontributed to this article.

BUSINESS & FINANCE

SHANGHAI—Tesla Inc. ex-ported most of the cars pro-duced at its Shanghai factoryin April, in a sign of howmuch the electric-vehiclemaker is using the Chineseplant to satisfy demand out-side the country.

The company sold 11,671 lo-cally built Model 3 and ModelY cars in China last month,while exporting a further14,174, according to the ChinaPassenger Car Association. Itwas the first time that the as-sociation broke down the salesthat way and comes amidquestions about the strengthof demand for Tesla’s electricvehicles in China after a run ofadverse publicity.

Tesla didn’t respond toquestions.

The company doesn’t pub-lish monthly sales figures andreleases only global sales dataeach quarter.

On Tuesday, the associationsaid Tesla’s April wholesalefigure of 25,845 was down 27%from March, worse than the12% month-on-month declinein overall electric vehiclesales.

Some analysts have ques-tioned whether there would beenough demand in China toabsorb most of the Shanghaifactory’s planned output of500,000 vehicles a year. Whilea portion of the company’sChinese production could beearmarked for export, successin China—the world’s largestauto market—is key to theplant. Demand from the rest ofAsia is relatively weak, andTesla is planning new produc-tion plants in Europe and theU.S., its other main markets.

Tesla started exportingModel 3s from China to Eu-rope last year, with 7,000 carsarriving in two shipments inOctober and December, ac-cording to the company.

BY TREFOR MOSS

Plant Helps Tesla OverseasMost autos built bythe company inShanghai last monthbecame exports

The electric-car maker’s April wholesale figure of 25,845 in China was down 27% from March.

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tures the company offers.Tesla has said the driver-as-

sistance system it calls Autopi-lot makes operating its vehi-cles safer. The company didn’timmediately respond to a re-quest for comment.

The National Transporta-tion Safety Board, which hasthe power to issue safety rec-ommendations, has previouslyexpressed concerns that therearen’t clear rules in the U.S.about how companies shouldensure drivers pay attentionwhen driver-assistance fea-tures are engaged.

Tesla has said drivers using

Autopilot must remain attentivewith their hands on the wheeland that it has safety featuresto remind them to stay engaged.

A fatal crash last month inTexas drew widespread atten-tion after local authorities saidthey found one occupant in theback seat and the other in thefront passenger’s seat, raisingquestions about whether orhow the vehicle could havebeen operating without anyonein the driver’s seat. The NTSBthis week raised doubts theAutopilot system was involved,echoing earlier statementsfrom Tesla.

The mechanism behind bit-coin allows it to operate with-out any centralized party incontrol, like a central bank.But the process to create thedigital currency has raisedconcerns that bitcoin’s risecould have a larger environ-mental impact than other suchcryptocurrencies as morecomputers are deployed tofind bitcoin, sucking in moreelectricity.

Bitcoin mining consumesabout 148 terawatts of energyannually, the Cambridge Cen-tre for Alternative Finance es-timates. That is more thanSweden uses in a year. How-ever, the center also says thatthe energy bitcoin uses isequal to about 1½ years’worth of wasted energy in theU.S. just from devices leftplugged in to outlets.

Some bitcoin proponentsdispute that bitcoin wastes asmuch energy as its critics say,and several, in the minutes af-ter Mr. Musk’s tweet, took is-sue with his statement.

Mr. Musk has repeatedlyexpressed support for thecryptocurrency and, at onepoint, had a bitcoin referencein his Twitter biography.

Mr. Musk is also closely as-sociated with the cryptocur-rency dogecoin, created in2013 as a joke.

In a sketch on “SaturdayNight Live” this past weekend,cast members pressed Mr.Musk to explain what doge-coin was. Mr. Musk, who washosting the show, eventuallysaid, “Yeah, it’s a hustle.” Theprice of the cryptocurrencyhas since fallen.

Tesla didn’t immediately re-spond to a request for com-ment.

Tesla’s earlier decision toaccept bitcoin was a boost forthe cryptocurrency, whichwasn’t accepted widely in itsearly years. In 2014 and 2015,several companies, includingDell Inc., Microsoft Corp.Overstock.com Inc. and Expe-dia Group Inc. experimentedwith bitcoin payments. Mostquietly dropped it for lack ofuse. Last year PayPal HoldingsInc. opened its platform tobitcoin, allowing its millionsof U.S. users to sell, buy andhold cryptocurrencies.

Questions around the envi-ronmental footprint of bitcoinare largely linked to how thecryptocurrency is created. Bit-coin operates across a net-work of linked but indepen-dent computers that processtransactions in exchange fornewly minted bitcoin.

Those computers competewith each other to win thosebitcoins by participating in anenergy-intensive competitionto solve a random math puz-zle. The more computers onthe network, the more diffi-cult the puzzle, the more en-ergy needed to beat the othercomputers.

ContinuedfrompageB1

Bitcoin CarPaymentsHalted

Police in California arrestedthe driver of a Tesla for alleg-edly operating the vehiclefrom the backseat.

The California Highway Pa-trol on Tuesday said it had ar-rested 25-year-old ParamSharma for reckless driving ofa Tesla Inc. Model 3 on Inter-state 80 in the Bay Area. Mr.Sharma couldn’t be reachedfor comment.

Police said they had re-ceived 911 calls about thedriver. The officer in the arrestthat took place Monday saw

the driver, the lone occupantof the car, seated in the back-seat, police said. Mr. Sharmamoved to the driver’s seat andstopped the car on the shoul-der of the interstate, where hewas arrested, the police said.

Mr. Sharma was chargedwith two counts of recklessdriving and disobeying an offi-cer. He also was cited with us-ing his vehicle in a recklessmanner in April, the police said.

The incident is the latest toraise questions about howsome Tesla drivers use theirvehicles, including the ad-vanced driver-assistance fea-

BY REBECCA ELLIOTT

Man Charged With Driving in Backseat

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BUSINESS NEWS

BERLIN—Volvo Cars, theSwedish auto maker owned byZhejiang Geely Holding, saidWednesday that it is exploringa potential listing on the Nas-daq Stockholm index throughan initial public offering.

The company also extendedChief Executive Håkan Samu-elsson’s contract to the end of2022. Mr. Samuelsson has longfavored a listing, which wouldcap a decadelong turnaroundof the car maker known for itsunderstated Scandinavian de-sign and reputation for safety.

Proceeding with the listingin Stockholm would leave thecompany with a broadershareholder base and greaterindependence from its Chineseinvestors. Volvo didn’t sayhow big a stake it might float.

“A potential listing on theNasdaq Stockholm stock ex-change could create an oppor-tunity for global investors toparticipate in our journey tobecome a leader in the fast-growing premium and intelli-gent electric vehicle segment,”Mr. Samuelsson said.

Volvo Cars has long dis-cussed a potential listing, butWednesday’s announcementmarks the first concrete steptoward going public. The com-pany said whether to go aheadwith the offering would de-pend on market conditions.

Weakened by the 2007-08financial crisis, Ford Motor Co.sold Volvo to Geely Holding,the investment vehicle of Chi-nese billionaire Li Shufu, in2010 for $1.8 billion. GeelyHolding bankrolled Volvo’s re-covery over the next decade,opening China as a market forthe brand and providing fi-nancing to help the brand re-vamp its product lineup.

Earlier this year, Volvo andGeely backed away from a planto merge Volvo with GeelyAuto Group.

BY WILLIAM BOSTON

VolvoStudiesListingIn Sweden

blades before those jets returnto service.

United has hoped to resumeflying the affected jets by thebusy summer season as traveldemand picks up after a sharpdecline due to the Covid-19pandemic, people familiar withthe matter said. But the tim-ing of their return remains un-clear.

“It’s just too premature forus to outline what that sched-ule looks like,” United Chief

Pratt & Whitney engines instorage. Other carriers thatoperate 777s with those en-gines include South Koreanand Japanese airlines.

United’s Pratt & Whitneyengine blades are undergoinginspection, people familiarwith the matter said. Pratt &Whitney is a unit of aerospacecompany Raytheon Technolo-gies Corp. A spokeswoman forthe engine maker said it wasinspecting all affected fan

metal components that wouldstrengthen the engine covers,people familiar with the mat-ter said.

United took 24 of the jetsout of service after the Denverincident, and U.S. air-safetyregulators ordered immediateinspections of those engines’blades for cracks that couldpotentially lead to failures andtheir covers detaching.

United has said it had anadditional 28 of the jets with

tery-electric vehicles.”Even the hybrid-focused

plan will require Toyota toramp up battery productionrapidly. Executives said Toyotawould have to multiply its cur-rent battery capacity by 30times if it is to meet its 2030targets.

Toyota said in April that itplanned to start selling a fullyelectric sport-utility vehiclecalled the bZ4X globally inmid-2022, but it has lagged be-hind Volkswagen and others inintroducing mass-market EVsin the U.S. to compete withTesla Inc.

electricity and producing bat-tery materials such as cobaltand lithium.

Toyota’s chief digital officer,James Kuffner, gave himself asan example of a customer whowouldn’t find an EV conve-nient, saying his apartment inTokyo doesn’t have a chargingstation.

“The goal is not electric ve-hicles, the goal is carbon neu-trality, and even if we have thebest technology, if it’s not cho-sen by customers, it will nothave the impact of reducingemissions,” Mr. Kuffner said atWednesday’s news conference.Still, he said, “we’re stronglypositioned to lead the world inthe best reliable low-cost bat-

Toshihiro Mibe, said in Aprilthat he wanted 40% of Honda’svehicles to be fully electric by2030, both globally and inNorth America. By 2040, allHonda vehicles globally will befully electric, Mr. Mibe said.

Volkswagen AG, which sellsroughly the same number ofvehicles as Toyota, has said itwould invest in six large bat-tery factories and operate18,000 public fast-chargingstations in Europe by 2025.

Toyota’s leaders have saidcustomers don’t necessarilywant pure electric vehicles andthose cars aren’t necessarilybetter for the environment.They cite the carbon emissionsassociated with generating

on traditional gasoline enginesand the remainder would befully electric.

“If you take a snapshot of2030, the price of battery EVsand the provision of infrastruc-ture around the globe probablywon’t have advanced all thatmuch,” said Toyota executiveJun Nagata at a news confer-ence Wednesday. “Hybrids andplug-in hybrids will be easierfor customers to buy.”

Plug-in hybrids have bothgasoline tanks and batteriesthat can be charged at home orat public charging stations.

Toyota’s plan contrasts withrivals including domestic com-petitor Honda Motor Co. Thenew chief executive of Honda,

TOKYO—Toyota MotorCorp. said most of its U.S. ve-hicles would still run on gaso-line a decade from now be-cause it doesn’t think fullyelectric vehicles will havecaught up in cost and conve-nience.

Toyota doubled down on itscommitment to a technology itpioneered, hybrid vehicles,which are fueled with gasolinebut also have an electric motorthat raises fuel efficiency. Thecompany projected that in2030, slightly more than halfof the vehicles it sells in NorthAmerica would be hybrids,while around 30% would run

BY PETER LANDERS

Toyota Doubles Down on Hybrid Technology

Operating Officer Jon Roitmansaid on an earnings call inApril. Citing “really productivecollaboration” with Boeing,Pratt & Whitney and regula-tors, Mr. Roitman added,“We’re really looking forwardto getting the aircraft back inthe air safely.”

A Boeing spokeswoman saidthe company continued towork with the Federal AviationAdministration on potentialdesign changes for certainPratt & Whitney engine cov-ers. She said that the work isexacting and time-consumingand that Boeing was makingsure its specialists have thetime they need.

FAA chief Steve Dicksonsaid in congressional testi-mony Wednesday that theagency was working with Boe-ing and Pratt & Whitney toprevent engine-cover breakupsfrom damaging aircraft orraining down debris.

“We are requiring the man-ufacturers to addressstrengthening” engine covers,Mr. Dickson said.

The FAA said the exact tim-ing and requirements of its ex-pected order will depend onthe completion of the designand engineering work on theengine-cover fix.

Boeing Co. is nearing a fixfor engine covers like the onethat broke apart on a UnitedAirlines 777 jet over Coloradothis year, people briefed onthe matter said.

The fix, expected to becompleted as soon as earlyJune, would strengthen theengine covers to prevent planeparts from detaching midairand striking the aircraft orfalling to the ground below,these people said.

After a United 777’s enginefailed shortly after takeofffrom Denver in February, itsexternal cover broke apart,raining metal on a nearby sub-urb. No one was injured, andthe flight landed safely.

The progress in developinga fix for the engine coverscomes as United AirlinesHoldings Inc. hopes to returnto service certain Boeing 777jets that are powered by Pratt& Whitney engines. Boeing’sfix is expected to include

BY ANDREW TANGEL

Boeing Nears Engine-Cover FixMove comes asUnited aims toresume flights onsome 777 jets

A United 777’s engine failed shortly after takeoff from Denver in February. Its engine cover broke.

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Heard on the Street: Toyotacan be a tech giant, too..... B12

In 2019, McDonald’s former CEO Steve Easterbrook was terminated forfraternizing with a subordinate, an obvious violation of company policy.Despite readily available evidence for his misconduct, Easterbrook was fired“without cause” by the Board of Directors, which enabled him to collect aseverance package worth over $70 million.

McDonald’s Directors Enrique Hernandez Jr. and Richard Lenny are largelyresponsible for the poor Board decisions made regarding Easterbrook’sexcessive severance package. The Directors’ decisions set a poor “tone atthe top.” This is particularly concerning as McDonald’s is facing mountingcriticism and legal actions due to allegations of sexual harassment andgender-based violence at McDonald’s restaurants.

We urge investors to vote against the two Directors to express their supportfor Board accountability and refreshment. It is time to send a strong signalthat executives found engaging in inappropriate fraternization withemployees should receive “zero reward.”

ON RE-ELECTING DIRECTORSENRIQUE HERNANDEZ JR.AND RICHARD LENNY ATMCDONALD’S ANNUALMEETING ON MAY 20, 2021

VOTE NO

LEARN MORE AT:CTWINVESTMENTGROUP.COM/VOTE-NO

PAID FOR BY CTW INVESTMENT GROUP

PAID ADVERTISEMENT

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software and gaming consoles.Neither Apple nor “Fortnite”

maker Epic is a newcomer inJudge Gonzalez Rogers’s court-room in Oakland, Calif. In 2014,she presided over a lawsuitthat accused Apple of sup-pressing competition for itsiPods. A jury sided with Apple.

Apple later prevailed in an-other case before Judge Gon-zalez Rogers. She declined tocertify a class-action accusingApple and AT&T of unlawfullypreventing iPhone customersfrom switching carriers.

Judge Gonzalez Rogers hashinted in the past that she iswilling to at least entertain anantitrust theory crucial toEpic’s legal argument: that acompany can wield excessivepower in the market for itsown products and services, ac-cording to John Newman, a

ternational projects in theworks, both companies are ex-pected to spend a large shareoutside the U.S.

Amazon says it has beendoubling its volume of original,local-language content annuallysince 2017. HBO Max recentlysaid it would produce more

Netflix recently projectedthat it would invest more than$17 billion globally on contentthis year, while Disney in De-cember said it would bespending up to $9 billion ayear world-wide on contentfor its Disney+ platform by2024. With several dozen in-

TECHNOLOGY WSJ.com/Tech

Latin AmericanProviders Team Up

Struggling to compete ontheir own, some establishedforeign television networks anddistributors are joining forcesto counter the global reach andspending power of the U.S.streamers.

Mexican broadcast and me-dia giant Grupo Televisa SABagreed to a multibillion-dollarmerger with Univision Commu-nications Inc. in April, creatingperhaps the world’s largest

Spanish-language media com-pany.

Architects of the Televisa-Univision tie-up say they aimto create a global streamingservice.

Brazil’s largest broadcaster,Grupo Globo, is investing heav-ily in original content for itsGloboplay digital platform tocompete with U.S. streamingservices, said the network’shead of digital distribution ErickBretas.

“Disney and Warner arepulling content from platformsthat they used to license to,”Mr. Bretas said, adding that not

being able to license popularAmerican movies and showshas put more pressure on thenetwork to develop and acquirecontent.

Mr. Bretas said Globo is de-veloping more than 100 newprojects exclusively for its plat-form.

“Netflix and Amazon are su-per powerful,” he said. “[But]we can’t aim for anything lessthan being the leader.”

The company doesn’t dis-close subscriber numbers, butsaid its subscriber base hasrisen by nearly 400% in thepast two years.

than 100 local language proj-ects for Latin America aloneduring the next two years.

World-wide streaming sub-scriptions exceeded 1.1 billionlast year, up from fewer than400 million subscriptions in2016, according to the MotionPicture Association. The major

University of Miami antitrustlaw professor.

Just weeks ago, Judge Gon-zalez Rogers was clued intothe “Fortnite” craze whilehearing a would-be class-ac-tion suit against Epic that ulti-mately settled.

At a 2019 hearing, a puz-zled Judge Gonzalez Rogersasked the lawyers: “Is ‘Fort-nite’ as big a deal as they’resaying it is?”

“My daughters think it’skind of cool that I get to workfor them,” Epic’s lawyer re-sponded. Judge Gonzalez Rog-ers offered her son as a rebut-tal. “He wanted to playvideogames,” she said. “I toldhim ‘no’ so many times thatout of paper, he created hisown. … He’s now an aeronauti-cal engineer.

In the Epic v. Apple trial,Judge Gonzalez Rogers hasshown a willingness to jumpinto questioning witnesses andhad several sharp ones for EpicChief Executive Tim Sweeney.In one exchange, she dismissedMr. Sweeney only to stop asshe changed her mind with onemore question about what hewould do if he lost the case:“What is your backup plan?”

“If Apple’s actions are law-ful, then I acknowledge Applewould have the right to re-move Epic from the developerprogram for any reason or noreason, and then it would beup to Apple to decide,” he said.

U.S. District Judge YvonneGonzalez Rogers says she ab-hors when lawyers use hyper-bole and grandstand like theyare Perry Mason. She sayslunch breaks are the enemy ofproductivity. And she says shehelped her son find success asan aeronautical engineer bydenying him videogames.

Now, the tech world is wait-ing to hear the biggest pro-nouncement of Judge Gonza-lez Rogers’s career when shedecides whether Apple Inc.’sgrip over the distribution andpayment of apps on its mobiledevices violates antitrust law.At stake is Epic Games Inc.’s“Fortnite,” a videogame withhundreds of millions of play-ers and control of the sprawl-ing mobile app marketplace.

The conflict erupted afterEpic Games introduced an in-app payment system within“Fortnite” that skirted Applecommissions and its policy re-quiring developers to use itspayment-processing services.That prompted Apple to expel“Fortnite” from the App Store,provoking Epic’s antitrust law-suit and its claims that Appleis exploiting its devices’ popu-larity to squeeze developers.

Apple says it isn’t a monop-oly and competition is flourish-ing in a distribution landscapethat includes Google Android

BY JACOB GERSHMANAND TIM HIGGINS

Judge for Epic-Apple Trial HasHandled Cases With Both Firms

U.S. District Judge YvonneGonzalez Rogers

that require streaming ser-vices to adequately compen-sate workers and preserve thecontinent’s cultural diversity.

Under EU rules, at least30% of the content offered onplatforms such as Netflix mustqualify as European contentand companies must reinvest apercentage of revenues intolocal content.

France, among the most ag-gressive nations in regulatingstreaming companies, has ap-proved legislation that re-quires platforms to reinvestup to 25% of revenue realized

in the country into new Frenchproductions.

To meet the EU’s 30% con-tent threshold, U.S. companiesare spending more on both newand old local-language pro-gramming, according to Prent-iss Fraser, an international salesexecutive at Endeavor Content.Disney and Netflix have an-nounced dozens of new Euro-pean projects in recent weeks.

While independent Euro-pean producers welcome theincoming work from stream-ers, many object to the work-for-hire model promoted byNetflix, where they don’t re-tain any rights to the materialthey produce.

Typically, producers whomake European shows retainownership of the contentrights.

“The upside can be finitefor many European shows…butthey still owned it and theywere proud to own it,” saidTed Miller, an agent at Cre-ative Artists Agency.

streaming services are bettingoverseas territories will de-liver their next waves ofgrowth as the North Americanmarket becomes saturated.

In Europe, U.S. streamersare encountering new rulesand regulations.

Belgium television execu-tive Elly Vervloet—a coordina-tor for the European Broad-casting Union, whichrepresents more than 50 pub-lic broadcasters including theBritish Broadcasting Corp. andFrance Télévisions—is over-seeing an initiative to getthose broadcasters to joinforces and invest more in digi-tal distribution.

Public broadcasters mustshift to streaming, Ms. Verv-loet said, adding that produc-ing and airing high-end epi-sodic series is how thebroadcasters attract viewers toother, less commercial content.

In Europe, local governmentsand unions have made rulesthat require streaming servicesto provide greater transparencywith metrics and reward teamswhose shows win wide viewer-ship, among other measures.

Streaming services infre-quently disclose viewershipdata. Unlike with traditionalfilm and television, writers,producers and actors whowork with services such asNetflix typically don’t receivebonuses—or even data—whena show or film is viewed bymany subscribers.

Amid the success of Net-flix’s German-language series“Dark” last year, local unionsin Germany negotiated a dealthat requires the company topay actors and crew bonuseswhen more than 10 millionsubscribers watch at least 90%of a series’ season. A Netflixspokeswoman praised theagreement at the time.

The deal fell within thebounds of a series of EuropeanUnion regulatory measures

U.S.-based streaming ser-vices are shaking up the enter-tainment industry’s world order.

Netflix Inc., Amazon.comInc., Walt Disney Co. andAT&T Inc.’s HBO Max are chas-ing growth in overseas mar-kets, investing billions of dol-lars to produce local-languagetelevision series and movies.That push is creating boomtimes—and competition—forwriters, actors, producers andcrew. It is also threatening es-tablished broadcast networksand distributors in other coun-tries and prompting actionfrom local lawmakers and pro-ducers over equal pay andcontent ownership.

In the past, long-estab-lished local players could eas-ily contract top-tier talent ininternational markets such asSpain, Indonesia or Brazil.With cash-rich streaming com-panies such as Netflix in themix, demand for writers, di-rectors, and actors is high,putting pressure on localbroadcasters and distributorswith fewer resources.

“Any local buyers, whetherlinear, digital, cable net-work…are being outspent byglobal streaming platforms,”said Charlie Corwin, co-chiefexecutive at SK Global Enter-tainment, a Los Angeles-basedproduction company that isdoing content deals with com-panies including Netflix, Ama-zon and Disney on high-profileinternational projects set inemerging markets such asThailand and India.

German producer MartinMoszkowicz of Constantin Filmsays the big streaming servicesare locking in key productionprofessionals. “They are likevacuums,” he said. “You can’tget crews, basically in all ofEurope, at the moment.”

Netflix declined to com-ment.

BY R.T. WATSON

U.S. Streaming Services Take Bigger Overseas Role

Louis Hofmann, left, and Lisa Vicari appear in a scene from Season 3 of Netflix’s series ‘Dark.’

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HONG KONG—The U.S. De-fense Department agreed toremove Xiaomi Corp. from ablacklist banning U.S. invest-ment in the Chinese tech gi-ant, opting against further de-fending a Trumpadministration action that al-leged ties between the smart-phone maker and the Chinesemilitary.

The retreat comes twomonths after Xiaomi won akey victory in a federal lawsuitchallenging the listing, inwhich a Washington, D.C.,

BY DAN STRUMPF

dependent board and control-ling shareholders.”

Last week, the same judgeoverseeing the Xiaomi case or-dered a similar halt to the De-fense Department’s enforce-ment of its blacklisting ofLuokung Technology Corp., aChinese mapping and big-datacompany, after that companyfiled a lawsuit challenging itsdesignation.

Other legal setbacks for of-ficials include decisions bytwo federal judges last year toissue temporary halts to a banon U.S. downloads of the Chi-nese social-media app TikTok,saying the U.S. overstepped itsauthority. U.S. officials alsoshelved efforts to force Tik-Tok’s Chinese owner Byte-dance Ltd. to sell off its Amer-ican business after legalchallenges by Bytedance.

Officials cited an award givento company founder and ChiefExecutive Lei Jun for his ser-vice to the Chinese state in2019, as well as its ambitiousinvestment plans to developadvanced technologies such as5G and artificial intelligence.

In legal filings, Xiaomi saidthe evidence offered by theU.S. didn’t prove ownership byor affiliation with the Chinesemilitary.

In March, Judge RudolphContreras ordered a tempo-rary halt to the enforcementof the investment ban, sayingthat the Pentagon had pro-vided insufficient evidence todeem Xiaomi a military com-pany. The judge called the firm“a publicly traded companythat produces commercialproducts for civilian use,[which] is controlled by its in-

order. The company has previ-ously denied any affiliationswith the Chinese military andsays it sells products solely forcivilian and commercial use.

The Pentagon’s sanctionsare aimed at punishing collab-oration between big Chinesecompanies and the country’smilitary. Under an executiveorder signed by then-PresidentDonald Trump in November,addition to the list blocks anyU.S. company from investingin securities issued by thelisted company. The Trump ad-ministration added dozens ofcompanies in sectors includingtelecommunications and semi-conductors to its blacklist.

Only after Xiaomi chal-lenged its listing in federalcourt in January did the De-fense Department reveal itsreasoning behind the action.

won courtroom reprievesagainst Trump-era actions.

In an emailed statement, aspokeswoman for the NationalSecurity Council said: “U.S.courts found that the Trumpadministration failed to de-velop a legally sufficient basisfor imposing restrictions onthe company and compelledthis action. The Biden admin-istration is deeply concernedabout potential U.S. invest-ments in companies linked tothe Chinese military and isfully committed to keeping uppressure on such companies.”

Representatives for the De-fense Department didn’t re-spond to requests for comment.

A Xiaomi spokeswoman saidthe company was monitoringthe issue, which still requiresfinal negotiations with the Pen-tagon to implement the court

judge criticized the Pentagon’srationale for the move and or-dered a temporary halt againstits enforcement.

In a one-page legal filing onTuesday, lawyers for both Xi-aomi and the Pentagon saidthe company’s removal fromthe blacklist was appropriatefollowing the judge’s order.Shares of Xiaomi ended 6.1%higher in Hong Kong followingthe announcement.

In agreeing to delist Xi-aomi, the Pentagon signaled awillingness to walk away froma sustained fight over one ofthe Trump administration’s fi-nal actions against a majorChinese tech company. Xiaomijoins a small but growing listof Chinese tech companies in-cluding the owners of Chinesesocial-media apps TikTok andWeChat that have successfully

Pentagon Pulls Xiaomi Off Sanctions ListGovernment citesfailure to prove thetech company has linkto Chinese military

Global streamingsubscriptionsexceeded 1.1 billionlast year.

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the first and most high-profileopenly LGBT entertainers.

Ms. DeGeneres’s show cameunder scrutiny last year whenBuzzFeed News reported on al-legations of a toxic workplace.Ms. DeGeneres apologized toviewers on air, saying, “Ilearned that things happenhere that never should havehappened.”

guests have included comedianEddie Murphy, TV host MichaelStrahan and actor PriyankaChopra Jonas.

Ms. DeGeneres also has agame show on NBC called “El-len’s Game of Games” that isslated to return on May 16.

She came out as a lesbian onthe cover of Time magazine inthe late 1990s and was one of

Former executive Greg Kelly, left, testified in his defense in Tokyo.

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recent years away from high-profile activist campaigns, in-stead working behind thescenes or on other types of in-vestments, like the SPAC. Hesaid Wednesday that he wasextremely unlikely to run an-other proxy contest, as he didin 2017 at Automatic DataProcessing Inc.

He also said that he had noplans for Pershing Square tofollow other hedge funds thathave decamped to Florida insearch of lower taxes. “I thinkwe’re going to be the laststanding taxpayers in NewYork City,” Mr. Ackman said.“New York is an extremely de-sirable place to live.”

vate company but said the dealwould be complex.

He had previously said adeal with his SPAC—one of thelargest of its kind—could beannounced by late March.Shares of the vehicle were up6% Wednesday as Mr. Ackmanspoke.

Mr. Ackman also weighed inon rising prices and inflation,saying he believes the recentuptick isn’t temporary and thatthe Federal Reserve will have toraise rates. “They adjustedtheir policy in my view at justthe wrong time—a preemptivepolicy toward inflation is thebetter approach,” he said.

He has shifted his focus in

Holdings Ltd., and could com-plete a deal in the comingweeks.

There has been a surge indeal activity involving SPACs,which go public without abusiness and look for one tolatch onto. The deals offer pri-vate companies an attractivealternative to a traditional ini-tial public offering.

“We’ve been working on atransaction since early Novem-ber,” Mr. Ackman said. “We’reeither going to get a transac-tion done in the next relativeshort term—weeks—or we’ll beonto the next one.” He de-scribed the target, which he de-clined to name, as an iconic pri-

at WeWork in February 2020,just weeks before lockdownorders forced offices to close.Pandemic-driven furloughsand layoffs across industriesprovided cover for the belea-guered company, he said, asWeWork let go of roughly3,000 people, on top of thou-sands more workers WeWorkshed the previous year.

After one of the most spec-tacular IPO implosions in re-cent years—the IPO never hap-pened—WeWork announced inMarch plans to go public viamerger with a SPAC called

coming to a common place.”Coming to the office at

least part-time would allowworkers to reinstate boundar-ies between work and homelife that may have eroded dur-ing the pandemic and to com-bat Zoom fatigue, Mr. Math-rani said. Other topexecutives, including JP Mor-gan Chase CEO Jamie Dimon,have recently noted their wea-riness with convening via theplatform. Even Zoom CEO EricYuan said he had experiencedZoom fatigue.

Mr. Mathrani took the reins

The CEO of WeWork thinksthere is an easy way for com-panies to spot their most en-gaged employees: They’re theones who want to come backto the office.

“Those who are uberly en-gaged with the company want

to go to the of-fice two-thirdsof the time, atleast,” Sand-

eep Mathrani said Wednesdayat The Wall Street Journal’sFuture of Everything Festival.“Those who are least engagedare very comfortable workingfrom home.”

Mr. Mathrani said thatwhile many employees werehoping for a hybrid future af-ter the pandemic that wouldafford them to work fromhome a few days a week, timeat the office was essential forcollaboration and efficiency.

“People are happier whenthey come to work,” said Mr.Mathrani, a veteran of thecommercial real-estate indus-try. “The bigger issue is do youcome to work five days a weekor do you come to work threedays a week? That’s the biggerissue. There’s no issue of not

BY KATHRYN DILL

BowX Acquisition Corp.Despite the company’s tu-

mult, Mr. Mathrani said othercompanies’ post-pandemic of-fices might look a lot like aWeWork site—not just anopen-plan office, but a beauti-ful one, free of clutter and de-signed to promote collabora-tion by allowing employees tosign up for desks and confer-ence rooms.

“A lot of the things thiscompany did pre-pandemic isreally what companies want todo post-pandemic,” he said.

Mr. Mathrani said he stillspoke to former WeWork CEOand co-founder Adam Neu-mann every few weeks andwas quick to note his achieve-ments. “It’s easy to look at thethings that went wrong,” hesaid of Mr. Neumann’s leader-ship of the company. “Butthere were a lot of things thatwent right when he created abrand that’s synonymous withflexibility.”

Post-pandemic, Mr. Math-rani forecasts a WeWorkknown more for providingflexibility than fun. Whenasked if WeWork’s own officeswould be bringing back thebeer on tap and tequila shots,he was resolute.

“Fun is not defined bythose aspects,” said Mr. Math-rani. “I’m 59 years old. I’muber serious, and so maybehaving an adult in the roomwill change that.”

CEOTies Enthusiasm to OfficeWeWork boss saysthosemost engagedon job are also the oneswhowant to return

Sandeep Mathrani thinks other workplaces will resemble WeWork’s.

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Ellen DeGeneres said shewill end her long-running day-time talk show after a nearlytwo-decade run.

Producer Warner Bros. Un-scripted Television confirmedthe show’s ending. WarnerBros. is part of AT&T Inc.

“Although all good thingsmust come to an end, you stillhave hope that the truly greatthings never will,” Mike Dar-nell, president of Warner Bros.Unscripted Television, said inan emailed statement. “It wasand is an indelible piece of thetelevision landscape, and it willbe sorely missed.”

Ms. DeGeneres told the Hol-lywood Reporter the next sea-son, her 19th, will be her last.

Known for a mix of celebrityinterviews, lighthearted gamesand occasional dancing, Ms. De-Generes’s program has been afixture in daytime TV. Theshow, which is syndicated toTV stations across the U.S., av-erages more than a millionviewers and is a reliable gener-ator of viral video clips. Recent

BY ALLISON PRANGAND BENJAMIN MULLIN

Ellen DeGeneres to End Show

The comedian said the next season, her 19th, will be her last.

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couldn’t simply give Mr. Ghosnmore money, Mr. Kelly said heand other Nissan executives ex-amined ways to pay Mr. Ghosnafter retirement, including byretaining Mr. Ghosn as a consul-tant for Nissan. Mr. Kelly saidhe reasoned that Mr. Ghosnmight not quit if he knew an-other payday was coming.

“I did not conspire with Mr.Ghosn or others,” Mr. Kellysaid.

Mr. Kelly’s trial has lastedeight months, during whichwitnesses for the prosecutionhave described a succession ofultimately abandoned plans topay Mr. Ghosn more than whatwas disclosed to shareholders.Prosecutors have shown docu-ments, including some signedby Mr. Ghosn, that giveamounts for “postponed com-pensation” in specific years.

Both sides agree that theformer Nissan chief never ac-tually received the additionalmoney discussed in those doc-uments, but prosecutors arguethe amounts should have beendisclosed in Nissan’s filings.

According to testimony Mr.Ghosn gave to prosecutorswhen he was in custody in To-kyo, which was read in courtTuesday, Mr. Ghosn said he re-viewed plans for postretirementcompensation presented by Mr.Kelly and others but consideredthem merely brainstorming.

TOKYO—Former NissanMotor Co. executive GregKelly said he never conspiredto hide Carlos Ghosn’s pay,taking the stand in his owndefense for the first time inthe criminal trial involvingdisclosure of the former Nis-san chief’s compensation.

The 64-year-old Mr. Kelly,an American, was arrestedalongside Mr. Ghosn in No-vember 2018 and subsequentlycharged with violating a Japa-nese law governing executivepay disclosure. Mr. Ghosn wasalso charged but escapedJapan in late 2019 on a privatejet and now lives in Lebanon,which doesn’t have an extradi-tion treaty with Japan.

Prosecutors allege that Mr.Kelly conspired with Mr.Ghosn, the former chief of Nis-san and Renault SA, to pay Mr.Ghosn the equivalent of about$85 million in compensationafter he retired, to avoid dis-closing it to shareholders inthe years when prosecutorssay the amounts were decided.

Speaking in a packed court-roomWednesday, Mr. Kelly saidhe looked at ways to pay Mr.Ghosn additional money be-cause he was concerned thatthe Nissan head could be luredto work at a rival company. Butas it became clear Nissan

BY SEAN MCLAIN

Nissan DefendantDenies ConspiringOn Pay for Ghosn

the company a market value ofabout $17 billion.

In another closely watchedpotential investment, Mr. Ack-man said that he had zeroed inon an acquisition for hisroughly $5 billion special-pur-pose acquisition company,Pershing Square Tontine

ContinuedfrompageB1

Ackman’sFund HoldsDomino’s

CORPORATEWATCH

WENDY’S

Franchise Fees HelpProfit, Sales Rise

Wendy’s Co. reported in-creased profit for the first quar-ter, helped by higher franchisefees, and raised its outlook forthe year.

The fast-food chain postedearnings of $41.4 million, com-pared with $14.4 million in theprior-year period.

Revenue rose to $460.2 mil-lion from $405 million, betterthan analysts were expecting,partly driven by higher franchisefees from the company’s newtechnology fee that was imple-mented this year.

Global same-restaurant salesincreased 13%. The metric grewby 13.5% in the U.S. and 7.9% in-ternationally, excluding Venezu-ela and Argentina. Wendy’s saidabout 10% of its sales are hap-pening in its dining rooms atthis phase of the pandemic.

—Dave Sebastian

BIRD RIDES

E-Scooter CompanyPlans to Go Public

Electric-scooter company BirdRides Inc. is going publicthrough a combination with aspecial-purpose acquisition com-pany, in a deal that gives Bird anenterprise value of $2.28 billion,the companies said.

Through the deal withSwitchback II Corp., the com-bined company can retain pro-ceeds of as much as $428 mil-lion in cash after the transaction,which is expected to close in thethird quarter.

Founded in 2017, Bird had$95 million in revenue in fiscal2020, down 37% from the prioryear. Bird said it operates inmore than 200 cities world-wideand has facilitated more than 95million rides to date.

Existing Bird shareholderswould own about 82% of thecombined entity’s pro forma eq-uity. —Dave Sebastian

VMWARE

Raghuram NamedChief Executive

VMware Inc. said it hadnamed company veteran Ranga-rajan Raghuram as chief execu-tive to succeed Pat Gelsinger,who left the enterprise-softwarecompany to take the top post atchip giant Intel Corp.

VMware said Mr. Raghuram,who has been chief operating of-ficer of products and cloud ser-vices since October 2016, willbecome CEO and join the boardon June 1.

Mr. Raghuram, 58 years old,started at the Palo Alto, Calif.,company in 2003.

Zane Rowe, who stepped inas interim CEO when Mr. Gel-singer left in February, will re-turn as executive vice presidentand chief financial officer, thecompany said. Sumit Dhawan,will serve as president, leadingall go-to-market functions.

—Colin Kellaher

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NetStock SymClose Chg

A B CABB ABB 32.57 -0.81AECOM ACM 66.32 -2.28AES AES 24.62 -0.72Aflac AFL 54.45 -0.77AGCO AGCO 143.54 -3.93AGNC Invt AGNC 17.42 -0.66Ansys ANSS 320.56 -0.31ASETech ASX 6.87 -0.56ASML ASML 601.88 -28.78AT&T T 31.97 -0.29AbbottLabs ABT 116.35 -2.04AbbVie ABBV 114.96 0.07Abiomed ABMD 272.25 -8.05Accenture ACN 279.39 -8.56ActivisionBliz ATVI 92.66 -2.68Adobe ADBE 472.09 -13.10AdvanceAuto AAP 201.79 -2.42AdvMicroDevicesAMD 74.64 -2.19Aegon AEG 4.96 0.26AffirmHldgs AFRM 49.82 -5.63AgilentTechs A 128.64 -2.78agilon health AGL 31.11 -0.72AgnicoEagle AEM 68.67 -0.43AirProducts APD 293.16 -7.58Airbnb ABNB 140.25 -2.48AkamaiTech AKAM 111.30 0.13Albemarle ALB 154.60 -5.90Albertsons ACI 18.63 -0.86Alcon ALC 66.27 -2.22AlexandriaRlEstARE 172.50 -4.55

s AlexionPharm ALXN 171.99 0.58Alibaba BABA 219.90 -1.48AlignTech ALGN 548.64 -17.62Alleghany Y 697.14 -2.22Allegion ALLE 135.39 -4.35AlliantEnergy LNT 55.81 -1.16Allstate ALL 132.75 -1.38AllyFinancial ALLY 51.22 -1.23AlnylamPharmALNY 133.36 0.95Alphabet C GOOG 2239.08 -69.68Alphabet A GOOGL 2200.25 -69.81AlticeUSA ATUS 36.71 -0.77Altria MO 49.35 -1.08AlumofChina ACH 15.27 -0.83Amazon.com AMZN 3151.94 -71.97

s Ambev ABEV 3.22 -0.05Amcor AMCR 12.15 -0.25Amdocs DOX 72.68 -2.12Amedisys AMED 260.00 -0.03Amerco UHAL 592.90 -26.73Ameren AEE 82.43 -0.96AmericaMovil AMX 14.62 -0.29AmericaMovil A AMOV 14.79 0.08AmerAirlines AAL 20.76 -0.81AEP AEP 84.98 -1.43AmerExpress AXP 152.30 -2.13AmericanFin AFG 126.01 -0.57AmHomes4RentAMH 36.01 -1.11AIG AIG 50.08 -0.30AmerTowerREITAMT 241.96 -5.36AmerWaterWorksAWK 149.59 -4.11AmericoldRealty COLD 37.29 -0.68Ameriprise AMP 250.84 -7.31AmerisourceBrgnABC 120.09 -0.01Ametek AME 130.84 -5.30Amgen AMGN 250.83 -1.47Amphenol APH 64.17 -2.14AnalogDevicesADI 146.05 -4.79AngloGoldAshAU 22.93 0.18AB InBev BUD 73.96 -0.39AnnalyCap NLY 8.78 -0.30Anthem ANTM 390.17 -4.32Aon AON 249.72 -4.40ApolloGlbMgmtAPO 55.76 -2.03Apple AAPL 122.77 -3.14ApplMaterials AMAT 114.88 -8.67

t Applovin APP 52.25 -1.21Aptargroup ATR 151.61 -2.38Aptiv APTV 134.37 -6.26Aramark ARMK 36.29 -0.63ArcelorMittal MT 31.82 -1.65ArchCapital ACGL 39.13 -0.45ArcherDaniels ADM 66.50 -0.39AresMgmt ARES 51.04 -1.42arGEN-X ARGX 258.21 0.96AristaNetworksANET 315.77 -10.97Arrival ARVL 18.54 -0.46ArrowElec ARW 112.87 -2.55AspenTech AZPN142.41 4.90Assurant AIZ 156.33 0.16AstraZeneca AZN 54.50 0.40Athene ATH 60.48 -1.95Atlassian TEAM 223.87 -0.57AtmosEnergy ATO 99.25 -2.06Autodesk ADSK 269.54 -7.88Autohome ATHM 91.09 -0.80Autoliv ALV 96.83 -3.92ADP ADP 189.44 -5.03AutoNation AN 98.16 -4.64AutoZone AZO 1495.88 0.75Avalara AVLR 122.31 -4.38Avalonbay AVB 192.84 -3.34Avangrid AGR 50.31 -1.09Avantor AVTR 30.08 -0.78AveryDennisonAVY 214.95 -3.45AxonEnterprise AXON 124.09 -7.87BCE BCE 48.38 -0.36BHP Group BHP 79.05 -1.65BHP Group BBL 65.59 -1.09BP BP 26.19 0.22Baidu BIDU 183.29 -6.43BakerHughes BKR 23.97 -0.84Ball BLL 87.83 -2.77BancoBilbaoViz BBVA 5.86 -0.10BancoBradesco BBDO 3.93 -0.11BancodeChile BCH 21.30 -0.64BancSanBrasil BSBR 7.10 -0.26BcoSantChile BSAC 22.55 -0.65BancoSantander SAN 3.94 0.01BankofAmerica BAC 41.18 -0.39BankofMontreal BMO 96.01 -0.79BankNY Mellon BK 51.03 -0.55BkNovaScotia BNS 64.48 -0.42Barclays BCS 10.09 -0.24BarrickGold GOLD 23.53 -0.42BauschHealth BHC 27.92 0.49BaxterIntl BAX 83.10 -0.48BectonDicknsn BDX 241.64 0.44BeiGene BGNE 312.65 -9.35BentleySystems BSY 49.32 3.45Berkley WRB 77.79 -1.30BerkHathwy A BRK.A 425308-4950.00BerkHathwy B BRK.B 282.91 -2.72BerryGlobal BERY 67.06 -0.94BestBuy BBY 116.15 -5.52Bilibili BILI 93.90 -3.95Bill.com BILL 139.32 -7.68Bio-Techne TECH 408.88 -6.66

Bio-RadLab A BIO 583.89 -12.49Biogen BIIB 274.02 -4.37BioMarinPharm BMRN 75.60 -0.09BioNTech BNTX 186.13 -11.89BlackKnight BKI 73.53 -0.24BlackRock BLK 823.50 -20.60Blackstone BX 84.30 -3.53Boeing BA 220.78 -8.10BookingHldgs BKNG 2172.25 -75.43BoozAllen BAH 80.69 -1.01BorgWarner BWA 49.75 -1.90BostonBeer SAM 1054.22 -29.68BostonProps BXP 103.81 -3.78BostonSci BSX 41.35 -1.18BristolMyers BMY 64.53 0.27BritishAmTob BTI 39.40 -0.01Broadcom AVGO 422.38 -17.69BroadridgeFinl BR 159.02 -4.77BrookfieldMgt BAM 44.74 -1.07BrookfieldInfr BIP 52.66 -0.99BrookfieldPropREIT BPYU 17.72 -0.25BrookfieldRenew BEPC 37.88 -0.75Brown&Brown BRO 50.90 -1.08Brown-Forman B BF.B 76.17 -1.55Brown-Forman A BF.A 70.93 -1.17Bruker BRKR 66.45 -2.70Brunswick BC 106.10 -5.53BuildersFirstSrc BLDR 46.64 -3.76

t Bumble BMBL 47.24 -3.41Bunge BG 88.36 -2.41BurlingtonStrs BURL 314.12 -15.09CBRE Group CBRE 84.38 -1.35CDW CDW 163.48 -4.16CF Industries CF 53.93 -0.44CGI GIB 87.64 -1.61CH Robinson CHRW 97.15 -1.94

s CME Group CME 214.07 1.98CMS Energy CMS 62.46 -1.07CNA Fin CNA 46.25 -0.79CNH Indl CNHI 16.05 -0.42CRH CRH 49.36 -0.87CSX CSX 99.64 -1.90CVS Health CVS 83.38 -0.99CableOne CABO 1713.34 -26.11CadenceDesign CDNS 121.78 -4.05CAE CAE 29.77 -0.41CaesarsEnt CZR 92.41 -8.36CamdenProperty CPT 119.67 -2.91CampbellSoup CPB 49.20 -0.83CIBC CM 107.01 -0.68CanNtlRlwy CNI 110.76 -1.71CanNaturalRes CNQ 33.60 0.09CanPacRlwy CP 391.87 -3.19Canon CAJ 23.02 -0.74CanopyGrowth CGC 22.90 -1.01CapitalOne COF 152.97 -1.79Capri CPRI 52.66 -2.92CardinalHealth CAH 55.81 -0.36Carlisle CSL 187.41 -4.57Carlyle CG 41.60 -1.76CarMax KMX 118.07 -5.35Carnival CCL 24.78 -1.10Carnival CUK 21.38 -1.02CarrierGlobal CARR 42.43 -2.07Carvana CVNA 226.54 -12.65Catalent CTLT 101.48 -2.52Caterpillar CAT 237.32 -1.98Celanese CE 163.00 -5.20Cemex CX 7.88 -0.71CenovusEnergy CVE 7.90 0.18Centene CNC 69.64 1.58CenterPointEner CNP 23.65 -0.31CentraisElBras EBR 7.02 -0.50CeridianHCM CDAY 83.90 -2.91Cerner CERN 76.31 -0.38CharlesRiverLabs CRL 316.76 -3.74CharterComms CHTR 681.98 -3.11CheckPoint CHKP 117.72 -0.21Chegg CHGG 79.69 -2.70CheniereEnergy LNG 81.90 -0.23CheniereEnerPtrs CQP 40.34 -0.52Chevron CVX 107.37 0.67Chewy CHWY 68.00 -3.42ChinaEastrnAir CEA 21.57 0.06ChinaLifeIns LFC 10.05 -0.16ChinaPetrol SNP 52.87 0.03ChinaSoAirlines ZNH 32.71 -0.49Chipotle CMG 1342.02 -51.23Chubb CB 164.92 -2.84ChunghwaTel CHT 39.95 -0.75Church&Dwight CHD 87.40 -0.69Ciena CIEN 49.52 -4.16Cigna CI 258.72 -2.14CincinnatiFin CINF 116.96 -1.19Cintas CTAS 343.76 -10.92CiscoSystems CSCO 51.60 -1.23Citigroup C 74.23 -0.64CitizensFin CFG 48.00 -0.99CitrixSystems CTXS 116.80 -2.44Clarivate CLVT 27.95 0.85Cleveland-Cliffs CLF 19.97 -1.41Clorox CLX 181.98 -3.96Cloudflare NET 69.69 -1.60Coca-Cola KO 54.04 -0.28

s Coca-ColaEuro CCEP 57.25 1.09Cognex CGNX 73.32 -1.51CognizantTech CTSH 70.73 -1.91CoinbaseGlbl COIN 283.61 -19.39ColgatePalm CL 82.05 -0.39Comcast A CMCSA 56.62 -0.88Comerica CMA 76.24 -0.84CommerceBcshrs CBSH 76.86 -2.11CiaSiderurgica SID 9.32 -0.60ConagraBrands CAG 37.50 -0.45ConocoPhillips COP 55.69 -0.03ConEd ED 77.90 -1.44ConstBrands A STZ 229.75 -4.29

s ContinentalRscs CLR 30.33 -0.11Cooper COO 384.72 -3.59Copart CPRT 118.10 -2.94Corning GLW 42.85 -2.29Corteva CTVA 45.18 -1.91CoStar CSGP 818.69 -28.80Costco COST 372.20 -5.98CoupaSoftware COUP 232.42 -3.34

t Coupang CPNG 35.33 -0.92Credicorp BAP 139.93 6.64CreditSuisse CS 10.07 -0.03Cree CREE 88.38 -4.86CrowdStrike CRWD 189.27 -5.83CrownCastle CCI 178.83 -3.39CrownHoldings CCK 108.81 -3.58CubeSmart CUBE 40.77 -0.72Cummins CMI 257.67 -7.11CureVac CVAC 93.96 -4.01CyrusOne CONE 68.07 -1.17

D E FDISH NetworkDISH 44.46 -1.77DTE Energy DTE 138.60 -3.63DXC Tech DXC 33.84 -0.19

Danaher DHR 250.28 -7.63Darden DRI 131.88 -5.54DarlingIngred DAR 73.09 2.35Datadog DDOG 76.84 -1.78DaVita DVA 122.78 -1.83DeckersOutdoorDECK 314.02 -9.65Deere DE 373.63 -9.57DellTechC DELL 94.09 -3.73DeltaAir DAL 43.03 -1.49DentsplySirona XRAY 65.70 -1.10DeutscheBankDB 13.83 0.03DevonEnergy DVN 25.58 -0.16DexCom DXCM 333.48 -14.52

s Diageo DEO 184.57 4.18DiamondbkEner FANG 79.48 0.08DigitalRealty DLR 147.12 -1.53DiscoverFinSvcsDFS 112.36 -2.03DiscoveryB DISCB 72.50 0.14DiscoveryA DISCA 35.76 -1.02DiscoveryC DISCK 31.03 -0.86Disney DIS 177.85 -3.82DocuSign DOCU 187.79 -8.19DolbyLab DLB 92.17 -2.50DollarGeneral DG 205.87 -8.03DollarTree DLTR 109.83 -2.98DominionEner D 77.14 -1.49

s Domino's DPZ 425.44 3.10t DoorDash DASH 112.99 -11.55DouglasEmmettDEI 31.77 -0.89Dover DOV 146.40 -3.79Dow DOW 67.60 -0.97DrReddy'sLab RDY 71.47 -0.30DraftKings DKNG 42.11 -1.90Dropbox DBX 24.81 -0.74DukeEnergy DUK 101.22 -2.41DukeRealty DRE 44.47 -0.87Dun&BradstreetDNB 22.23 -0.98DuPont DD 80.31 -2.52Dynatrace DT 44.86 -0.52ENI E 25.02 0.08EOG Rscs EOG 81.36 -0.78EPAM Systems EPAM 441.16 -12.93EastWestBncp EWBC 74.21 -2.43

s EastmanChem EMN 125.08 -3.32Eaton ETN 143.69 -2.07eBay EBAY 58.28 -2.15Ecolab ECL 217.44 -7.86Ecopetrol EC 12.67 0.24EdisonInt EIX 56.81 -1.82EdwardsLife EW 87.47 -2.04ElancoAnimal ELAN 32.10 -0.21Elastic ESTC 105.85 -0.84ElectronicArts EA 139.67 -1.69EmersonElec EMR 93.35 -1.91

s Enbridge ENB 39.83 -0.03EncompassHealth EHC 87.12 -0.24Endeavor EDR 30.00 -0.77EnelAmericas ENIA 7.19 -0.14EnergyTransfer ET 9.55 0.02EnphaseEnergy ENPH 117.17 -4.25Entegris ENTG 101.61 -7.58Entergy ETR 103.88 -3.15

s EnterpriseProd EPD 23.31 0.16Equifax EFX 233.22 -5.38Equinix EQIX 705.36 -12.68Equinor EQNR 21.22 -0.16Equitable EQH 32.19 -1.19EquityLife ELS 67.70 -2.05EquityResdntl EQR 71.98 -2.21ErieIndemnity A ERIE 200.83 -1.33EssentialUtil WTRG 45.35 -1.38EssexProp ESS 281.27 -9.26EsteeLauder EL 290.07 -4.74Etsy ETSY 159.34 -10.50EverestRe RE 262.44 -3.13Evergy EVRG 61.51 -0.94EversourceEner ES 82.68 -1.34ExactSciences EXAS 96.11 -1.89Exelon EXC 43.11 -1.34Expedia EXPE 161.99 -10.41ExpeditorsIntl EXPD 115.53 -2.14ExtraSpaceSt EXR 141.80 -3.30ExxonMobil XOM 60.04 0.32F5Networks FFIV 174.96 -7.64FMC FMC 114.95 -2.19Facebook FB 302.55 -3.98FactSet FDS 326.51 -5.35FairIsaac FICO 466.16 -20.90Farfetch FTCH 38.75 -1.90Fastenal FAST 52.00 -0.89FederalRealty FRT 110.48 -3.73FedEx FDX 296.01 -9.63Ferguson FERG 128.77 -0.01Ferrari RACE 195.57 -2.31FidNatlFin FNF 45.04 -1.03FidNatlInfo FIS 144.79 -3.25FifthThirdBncp FITB 40.94 -0.69FirstHorizon FHN 18.20 -0.70FirstRepBank FRC 183.03 -3.29FirstEnergy FE 36.44 -0.76Fiserv FISV 113.04 -1.79FiveBelow FIVE 179.25 -7.01Five9 FIVN 162.00 -5.88FleetCorTech FLT 268.02 -9.89Flex FLEX 16.72 -1.52Floor&Decor FND 101.52 -4.16FomentoEconMex FMX 78.95 -0.76FordMotor F 11.33 -0.25Fortinet FTNT 197.03 -9.48Fortis FTS 45.20 -0.18Fortive FTV 68.38 -1.77FortBrandsHome FBHS 103.72 -5.02FoxB FOX 36.49 -0.90FoxA FOXA 37.94 -0.57Franco-Nevada FNV 147.00 -1.35FranklinRscs BEN 32.70 -1.09FreeportMcM FCX 42.75 -2.05FreseniusMed FMS 39.26 0.05Futu FUTU 109.02 -18.94

G H IGDS Holdings GDS 70.59 -0.49GFLEnvironmentalGFL 30.70 -0.42Gallagher AJG 143.86 -4.60GameStop GME 144.79 -2.13Gaming&LeisureGLPI 44.30 -1.22Gap GPS 32.46 -2.83Garmin GRMN 136.15 -4.44Gartner IT 223.01 -2.30Generac GNRC 289.18 -15.44GeneralDynamicsGD 186.88 -4.66GeneralElec GE 12.82 -0.27GeneralMills GIS 62.96 -0.15GeneralMotorsGM 53.76 -1.97Genmab GMAB 36.33 -0.40Genpact G 43.54 -1.81Gentex GNTX 33.91 -0.88GenuineParts GPC 127.47 -3.77Gerdau GGB 6.92 -0.34GileadSciencesGILD 67.45 0.23GSK GSK 38.34 0.15

NetStock SymClose Chg

NetStock SymClose Chg

GlobalPaymentsGPN 194.93 -0.13Globant GLOB 205.32 -7.75GlobeLife GL 102.12 -1.79GoDaddy GDDY 79.87 -1.69GoldFields GFI 10.57 -0.03GoldmanSachsGS 354.40 -5.52

t GoodRx GDRX 29.48 -1.11Graco GGG 74.40 -2.37Grainger GWW 454.20 -8.50Grifols GRFS 18.12 -0.54GuardantHealth GH 113.93 -6.26HCA HealthcareHCA 204.11 -2.65HDFC Bank HDB 68.45 -0.75HP HPQ 31.95 -1.64HSBC HSBC 30.81 -0.37Halliburton HAL 22.63 0.02HartfordFinl HIG 63.38 -0.61Hasbro HAS 94.76 -3.45HealthpeakProp PEAK 32.11 -0.72Heico HEI 131.22 -6.97Heico A HEI.A 120.40 -8.95HenrySchein HSIC 78.63 -1.76Hershey HSY 167.60 -1.32

s Hess HES 81.14 -0.01HewlettPackardHPE 15.68 -0.49HighwoodsPropHIW 42.87 -0.44Hilton HLT 118.29 -3.54Hologic HOLX 62.95 -1.52HomeDepot HD 317.00 -13.66HondaMotor HMC 29.85 -0.67Honeywell HON 220.04 -9.12HorizonTherap HZNP 86.56 -0.84HormelFoods HRL 46.88 -0.34DR Horton DHI 92.35 -7.25HostHotels HST 16.51 -0.48HowmetAerospace HWM 31.88 -0.52HuanengPowerHNP 14.32 -0.38Huazhu HTHT 55.34 -1.99Hubbell HUBB 188.78 -7.05HubSpot HUBS 488.31 -18.01Humana HUM 453.75 -2.01JBHunt JBHT 173.18 -3.26HuntingtonBcshs HBAN 15.22 -0.44HuntingIngallsHII 212.14 -2.56IAC/InterActive IAC 219.71 -17.63ICICI Bank IBN 15.92 -0.65ICL Group ICL 6.77 -0.03IdexxLab IDXX 512.31 -15.88IHS Markit INFO 101.53 -3.07ING Groep ING 12.82 -0.27Invesco IVZ 26.37 -0.89IPG Photonics IPGP 187.50 -3.25IQVIA IQV 228.00 -4.07ITT ITT 93.63 -2.25IcahnEnterprises IEP 57.60 -2.28Icon ICLR 224.27 -1.38IDEX IEX 218.21 -6.54IllinoisToolWks ITW 231.79 -4.58Illumina ILMN 372.84 -8.67ImperialOil IMO 31.12 0.13Incyte INCY 82.37 1.73Infosys INFY 17.84 -0.35IngersollRand IR 47.13 -1.03Insulet PODD 225.52 -4.44Intel INTC 53.62 -1.42InteractiveBrkrs IBKR 65.83 -1.32ICE ICE 111.46 -1.61InterContinentl IHG 67.28 -1.28IBM IBM 141.30 -2.92IntlFlavors IFF 135.29 -3.39IntlPaper IP 60.94 -1.74Interpublic IPG 31.53 -0.86Intuit INTU 399.89 4.90IntuitiveSurgical ISRG 811.79 -24.96InvitatHomes INVH 34.25 -0.83iQIYI IQ 13.16 -0.11IronMountain IRM 40.68 -1.25ItauUnibanco ITUB 5.14 -0.18

J K LJD.com JD 71.25 -1.53JPMorganChase JPM 157.45 -1.09JackHenry JKHY 155.11 -1.20JacobsEngg J 135.40 -4.74JamesHardie JHX 32.74 -1.12

s JazzPharma JAZZ 175.90 2.10J&J JNJ 168.20 -0.68JohnsonControls JCI 63.07 -1.06JonesLang JLL 198.13 -0.33JuniperNetworks JNPR 25.90 -0.94KB Fin KB 50.96 -1.72KE Holdings BEKE 49.53 1.29KKR KKR 54.10 -2.17KLA KLAC 286.74 -13.54KSCitySouthernKSU 305.80 -2.37Kellogg K 66.42 -0.73KeurigDrPepperKDP 35.43 -0.32KeyCorp KEY 22.28 -0.47KeysightTechs KEYS 135.42 -3.51KimberlyClark KMB 132.98 -1.23KimcoRealty KIM 20.46 -0.62

s KinderMorganKMI 18.10 0.13KingsoftCloud KC 39.04 -0.60KinrossGold KGC 7.32 -0.34KirklandLakeGoldKL 40.78 -0.77Kohl's KSS 55.96 -3.03KoninklijkePhil PHG 54.43 -0.91KoreaElcPwr KEP 10.48 -0.47KraftHeinz KHC 42.92 -0.34

NetStock SymClose Chg

Kroger KR 36.63 -1.79L Brands LB 64.80 -2.77LKQ LKQ 48.00 -1.20LPL Financial LPLA 143.22 -5.10L3HarrisTech LHX 211.06 -2.27LabCpAm LH 271.91 -4.19LamResearch LRCX 557.67 -34.76LamarAdv LAMR 100.34 -2.33LambWeston LW 76.75 -1.39LasVegasSands LVS 54.94 -1.30Lear LEA 179.20 -7.43Leidos LDOS 101.47 -3.21Lennar B LEN.B 75.38 -6.15Lennar A LEN 96.13 -7.32LennoxIntl LII 336.06 -10.34LeviStrauss LEVI 27.61 -2.03LiAuto LI 17.78 0.77LibertyBroadbandC LBRDK 162.45 -2.23LibertyBroadbandA LBRDA 158.18 -2.17LibertyGlobal A LBTYA 27.49 -0.54LibertyGlobal C LBTYK 27.56 -0.48LibertyFormOne C FWONK 43.24 -0.73LibertyFormOne A FWONA 38.14 -0.50LibertyBraves A BATRA 26.28 -0.96LibertyBraves C BATRK 26.00 -0.95LibertySirius C LSXMK 41.32 -0.87LibertySirius A LSXMA 41.18 -0.81EliLilly LLY 193.20 -1.55LincolnNational LNC 66.69 -1.42Linde LIN 293.98 -4.63LithiaMotors LAD 350.72 -15.01LiveNationEnt LYV 77.91 -4.04LloydsBanking LYG 2.60 -0.02LockheedMartin LMT 380.62 -7.20Loews L 56.66 -1.05LogitechIntl LOGI 99.77 -5.93Lowe's LOW 195.54 -9.80LufaxHolding LU 10.83 0.07lululemon LULU 305.21 -16.83LumenTech LUMN 13.95 -0.16Lyft LYFT 46.89 -1.93LyondellBasell LYB 110.06 -2.47

M NM&T Bank MTB 158.12 -3.88MGMGrowthPropMGP 33.59 -0.42MGM ResortsMGM 37.14 -1.62MKS Instrum MKSI 165.96 -8.44

s MPLX MPLX 28.01 -0.33MSCI MSCI 460.18 -12.49MagellanMid MMP 47.86 0.47MagnaIntl MGA 92.50 -0.96ManhattanAssocMANH 128.77 -2.79ManulifeFin MFC 21.06 -0.10MarathonOil MRO 11.54 0.05MarathonPetrolMPC 58.97 0.33MaravaiLifeSciMRVI 36.18 0.83Markel MKL 1176.03 -18.07MarketAxess MKTX 444.82 -3.22Marriott MAR 135.94 -5.77Marsh&McLenMMC 132.79 -1.98MartinMariettaMLM 367.97 -9.17MarvellTech MRVL 41.51 -2.71Masco MAS 62.12 -2.57Masimo MASI 214.93 -0.54

s MasTec MTZ 113.49 -4.97Mastercard MA 356.62 -10.99MatchGroup MTCH 141.62 -4.78MaximIntProductsMXIM 89.93 -3.02McAfee MCFE 22.93 -0.07McCormickVtgMKC.V 88.50 -0.67McCormick MKC 88.94 -0.78McDonalds MCD 227.94 -5.92McKesson MCK 197.07 -0.87MedicalProp MPW 20.59 -0.74Medtronic MDT 123.12 -2.10MelcoResorts MLCO 17.61 -0.59MercadoLibreMELI 1302.49 -78.93Merck MRK 78.00 0.54MetLife MET 63.42 -1.31MettlerToledo MTD 1241.45 1.51MicrochipTechMCHP 139.14 -6.37MicronTech MU 76.80 -3.88Microsoft MSFT 239.00 -7.23MidAmApt MAA 154.53 -3.16Middleby MIDD 168.63 -10.99MitsubishiUFJ MUFG 5.47 -0.07MizuhoFin MFG 2.97 -0.06MobileTeleSysMBT 8.61 -0.11Moderna MRNA 152.68 -6.31MohawkInds MHK 209.49 -9.98MolinaHealthcareMOH 257.01 -6.02MolsonCoorsB TAP 57.38 -0.42Mondelez MDLZ 61.56 -0.39MongoDB MDB 251.85 -8.46MonolithicPowerMPWR 306.10 -14.31MonsterBev MNST 89.79 -1.75Moody's MCO 319.73 -9.02MorganStanleyMS 83.68 -1.24Morningstar MORN 241.88 -9.39Mosaic MOS 35.25 0.03MotorolaSol MSI 194.34 -7.37NICE NICE 222.03 -4.58NIO NIO 33.68 -1.19NRG Energy NRG 33.63 -1.06NVR NVR 4749.37-238.66NXP Semi NXPI 182.78 -9.76Nasdaq NDAQ 158.36 -1.37NationalGrid NGG 64.36 -0.24

NetStock SymClose Chg

Natura&Co NTCO 17.72 -1.01NatWest NWG 5.29 -0.14NetApp NTAP 74.34 -2.40NetEase NTES 104.63 -1.82Netflix NFLX 484.98 -10.10Neurocrine NBIX 92.15 0.70NewOrientalEduc EDU 13.45 -0.83NewellBrands NWL 28.06 -0.93Newmont NEM 67.86 -0.92NewsCorp B NWS 24.24 -1.41NewsCorp A NWSA 26.14 -1.50NextEraEnergyNEE 71.54 -2.53NielsenHoldingsNLSN 27.31 -0.68Nike NKE 133.39 -3.73NiSource NI 25.40 -0.41Nokia NOK 4.71 -0.22NomuraHoldingsNMR 5.14 -0.14Nordson NDSN 200.03 -7.39NorfolkSouthernNSC 281.70 -4.96NorthernTrustNTRS 116.35 -2.05NorthropGrumNOC 363.15 -5.15

s NortonLifeLock NLOK 25.03 1.68NorwegCruise NCLH 26.11 -1.55Novartis NVS 87.57 0.16Novavax NVAX 127.82 -10.36

s NovoNordisk NVO 78.04 1.42Novocure NVCR 179.83 -6.83NuanceComms NUAN 52.45 -0.15Nucor NUE 95.99 -5.99Nutrien NTR 59.92 -1.55NVIDIA NVDA 550.34 -21.91

O P QONEOK OKE 52.56 -0.71OReillyAuto ORLY 548.28 -11.55OakStreetHealth OSH 58.68 3.24OccidentalPetrolOXY 25.12 0.59Okta OKTA 225.60 -12.30OldDomFreightODFL 256.38 -7.76OmegaHealthcareOHI 34.86 -1.22Omnicom OMC 82.14 -1.60ON Semi ON 35.67 -1.50OpenText OTEX 45.60 -0.48OpendoorTech OPEN 15.18 -2.27Oracle ORCL 76.75 -0.94Orange ORAN 12.68 0.04Orix IX 79.95 -2.42Oshkosh OSK 129.15 -3.38OtisWorldwideOTIS 76.13 -1.49OwensCorning OC 99.82 -5.77OzonHoldings OZON 54.51 -1.53PG&E PCG 10.47 -0.42PNC Fin PNC 190.41 -3.63POSCO PKX 85.63 -6.15PPD PPD 46.08 -0.02PPG Ind PPG 173.85 -5.14PPL PPL 28.60 -0.74PRA HealthSci PRAH 170.12 -0.68PTC PTC 125.30 -4.86Paccar PCAR 91.85 -2.91PackagingCpAm PKG 151.56 -3.29PagSeguroDig PAGS 39.62 -2.16PalantirTech PLTR 18.89 -1.32PaloAltoNtwks PANW 335.09 -8.34ParkerHannifin PH 304.07 -8.62Paychex PAYX 96.34 -2.69PaycomSoftware PAYC 305.49 -15.80Paylocity PCTY 156.94 -5.55PayPal PYPL 239.91 -8.69Paysafe PSFE 11.09 -0.86

s Pearson PSO 11.90 -0.05Pegasystems PEGA 116.64 -3.39Peloton PTON 89.35 -1.66PembinaPipeline PBA 31.58 ...PennNational PENN 76.10 -6.99Pentair PNR 65.58 -2.40Penumbra PEN 247.81 -16.93PepsiCo PEP 144.23 -1.42PerkinElmer PKI 137.86 -1.58PetroChina PTR 40.75 -0.06PetroleoBrasil PBR 9.12 -0.23PetroleoBrasilA PBR.A 9.32 -0.24Pfizer PFE 39.69 0.34PhilipMorris PM 96.20 -1.09Phillips66 PSX 85.34 1.71Pinduoduo PDD 124.06 -1.77PinnacleWest PNW 83.65 -3.18Pinterest PINS 57.12 -2.59PioneerNatRscs PXD 156.17 -1.53PlainsAllAmPipe PAA 9.76 -0.12Playtika PLTK 24.76 -1.13PlugPower PLUG 22.24 -1.36Polaris PII 131.41 -9.89Pool POOL 419.76 -19.11PrincipalFin PFG 63.42 -1.39Procter&Gamble PG 135.54 -1.45Progressive PGR 104.76 -0.32Prologis PLD 112.37 -2.49Proofpoint PFPT171.10 0.20PrudentialFin PRU 103.20 -1.71Prudential PUK 42.63 -0.56PublicServiceEnt PEG 60.70 -1.55PublicStorage PSA 269.71 -4.61PulteGroup PHM 55.41 -4.13Qiagen QGEN 46.28 -0.10Qorvo QRVO 165.35 -6.66Qualcomm QCOM 124.62 -3.75QualtricsIntl XM 31.40 -1.85

NetStock SymClose Chg

QuantaServices PWR 94.67 -3.92QuantumScape QS 27.30 -2.18QuestDiag DGX 136.01 -1.84

R SRELX RELX 25.53 -0.18RH RH 625.01 -28.42RLX Tech RLX 10.76 -0.07RPM RPM 94.61 -2.55RalphLauren RL 128.04 -6.01RaymondJamesRJF 129.36 -3.90RaytheonTechRTX 82.28 -2.05RealtyIncome O 64.74 -1.45RegencyCtrs REG 62.62 -1.90RegenPharm REGN 507.14 5.95RegionsFin RF 21.89 -0.55ReinsGrp RGA 126.94 -0.16RelianceSteel RS 167.83 -8.65Repligen RGEN 171.60 -3.86RepublicSvcs RSG 107.85 -2.05ResMed RMD 192.32 -2.04RestaurantBrandsQSR 66.93 -1.09RingCentral RNG 250.95 -15.52RioTinto RIO 92.75 -1.90RobertHalf RHI 87.45 -2.23Roblox RBLX 75.53 -2.12RocketCos. RKT 16.68 -0.46Rockwell ROK 260.54 -7.77RogersComm BRCI 50.26 -0.69Roku ROKU308.03 -6.09Rollins ROL 35.75 -1.20RoperTech ROP 429.38 -11.02RossStores ROST 124.09 -5.03RoyalBkCanadaRY 98.86 0.20RoyalCaribbeanRCL 78.05 -3.23RoyalDutchA RDS.A 39.60 0.36RoyalDutchB RDS.B 37.57 0.30RoyaltyPharma RPRX 40.58 -1.10Ryanair RYAAY 117.72 -0.04SAP SAP 135.50 -2.33S&P Global SPGI 369.69 -9.98SBA Comm SBAC 284.25 -7.20SEI Investments SEIC 61.01 -0.97SK Telecom SKM 30.14 -1.44SS&C Tech SSNC 71.73 -1.38StoreCapital STOR 32.63 -1.13

s SVB Fin SIVB 547.27 -36.63Salesforce.com CRM 210.54 -5.02Sanofi SNY 51.77 -0.18SantanderCons SC 34.34 -0.78Sasol SSL 16.66 -0.49Schlumberger SLB 32.10 0.84SchwabC SCHW 69.12 -1.51ScottsMiracleGro SMG 228.34 -14.30Sea SE 213.42 -15.35Seagate STX 84.41 -2.35Seagen SGEN 144.77 5.70SealedAir SEE 55.45 -0.94SempraEnergy SRE 135.21 -3.33SensataTechs ST 54.36 -2.51ServiceCorp SCI 53.85 -0.43ServiceNow NOW 464.71 -16.79ShawComm B SJR 29.67 -0.17SherwinWilliams SHW 279.84 -6.00ShinhanFin SHG 35.65 -1.96Shopify SHOP 1083.90 -26.30Sibanye-Stillwater SBSW 17.87 -1.05SignatureBank SBNY 241.48 -8.52SimonProperty SPG 117.62 -5.02SiriusXM SIRI 5.77 -0.10SiteOneLandscape SITE 172.24 -18.22Skyworks SWKS 161.53 -5.36SlackTech WORK 40.82 -0.42SmithAO AOS 68.49 -2.38Smith&Nephew SNN 41.84 -1.00Smucker SJM 134.80 -2.02Snap SNAP 51.56 -1.73SnapOn SNA 245.48 -5.54Snowflake SNOW 191.38 -10.08SOQUIMICH SQM 51.48 -1.82SolarEdgeTech SEDG 208.24 -9.70Sony SONY 93.05 -3.00Southern SO 64.36 -1.44SoCopper SCCO 78.70 -2.71SouthwestAir LUV 58.21 -1.57Splunk SPLK 115.69 -3.56Spotify SPOT 225.60 -2.41Square SQ 206.67 -13.98StanleyBlackDck SWK 209.89 -7.80Starbucks SBUX 109.79 -3.31

NetStock SymClose Chg

StateStreet STT 84.87 -1.23SteelDynamics STLD 60.85 -3.49Stellantis STLA 17.54 -0.41Steris STE 197.74 -6.91STMicroelec STM 34.33 -1.43StoneCo STNE 57.05 -2.92Stryker SYK 244.76 -6.74SumitomoMits SMFG 7.13 -0.12SunComms SUI 160.37 -3.45SunLifeFinancial SLF 53.23 -0.63SuncorEnergy SU 23.30 0.41SunRun RUN 39.63 -3.31Suzano SUZ 12.85 -0.28SynchronyFin SYF 44.13 -1.08SyneosHealth SYNH 84.97 2.81Synopsys SNPS 228.54 -6.28Sysco SYY 81.72 -2.26

T U VTAL Education TAL 52.04 -1.10TC Energy TRP 50.03 -0.76TE Connectivity TEL 129.14 -4.65Telus TU 21.59 -0.19TelusIntl TIXT 29.76 -0.91TFI Intl TFII 88.10 -0.51TJX TJX 69.53 -2.22T-MobileUS TMUS 136.64 -1.36TRowePrice TROW 184.56 -0.21TaiwanSemi TSM 108.21 -4.64TakeTwoSoftware TTWO 164.26 -3.73TakedaPharm TAK 16.84 0.13Tapestry TPR 44.74 -1.77

s TargaResources TRGP 37.75 0.20Target TGT 202.96 -6.28TataMotors TTM 21.40 0.05TeckRscsB TECK 25.09 -0.48TeladocHealth TDOC 140.08 -5.71TeledyneTech TDY 412.42 -11.19Teleflex TFX 385.96 -14.76Ericsson ERIC 12.97 -0.32TelefonicaBrasVIV 8.10 -0.37Telefonica TEF 4.77 -0.10TelekmIndonesia TLK 22.26 -0.2510xGenomics TXG 134.22 -3.03

s Tenaris TS 23.19 -0.19TencentMusic TME 15.39 0.21Teradyne TER 114.60 -6.91Tesla TSLA 589.89 -27.31TevaPharm TEVA 10.27 0.02TexasInstruments TXN 176.60 -6.60TexasPacLand TPL 1688.83 -39.15Textron TXT 64.31 -2.82ThermoFisherSci TMO 454.78 -9.22ThomsonReuters TRI 93.75 -2.393M MMM 198.87 -4.85Toro TTC 110.37 -3.22TorontoDomBk TD 70.70 -0.02Total TOT 46.75 0.19ToyotaMotor TM 153.52 1.28TractorSupply TSCO 182.41 -8.85TradeDesk TTD 504.76 -9.59Tradeweb TW 79.61 -3.36TraneTech TT 178.62 -4.13TransDigm TDG 578.24 -21.82TransUnion TRU 102.92 -1.91Travelers TRV 153.75 -2.94Trex TREX 99.11 -6.99Trimble TRMB 73.84 -2.63Trip.com TCOM 36.13 -1.03TruistFinl TFC 59.61 -0.88Tuya TUYA 16.88 -0.06Twilio TWLO 296.32 -9.75Twitter TWTR 50.70 -2.18TylerTech TYL 388.00 -6.02

s TysonFoods TSN 79.16 -0.28UBS Group UBS 14.96 -0.15UDR UDR 44.84 -1.28UGI UGI 44.65 -1.15US Foods USFD 36.92 -1.93UWM UWMC 7.38 0.59Uber UBER 43.81 -2.40Ubiquiti UI 271.64 -10.29UiPath PATH 71.76 -3.05UltaBeauty ULTA 302.26 -10.04UnderArmour AUAA 22.03 -1.01UnderArmour CUA 18.35 -0.84Unilever UL 59.91 -0.12UnionPacific UNP 222.00 -4.61UnitedAirlines UAL 51.01 -1.69UnitedMicro UMC 8.30 -0.67

NetStock SymClose Chg

UPS B UPS 210.70 -3.63UnitedRentalsURI 329.29 -11.04US Bancorp USB 59.56 -0.59UnitedTherap UTHR 195.49 1.19UnitedHealth UNH 405.37 -6.33UnitySoftware U 84.24 -0.30UnivDisplay OLED 188.61 -11.48UniversalHealthBUHS 154.09 -1.26VEREIT VER 44.57 -1.06VF VFC 83.64 -1.66VICI Prop VICI 29.65 -1.01VailResorts MTN 309.00 -8.36Vale VALE 21.67 -1.04ValeroEnergy VLO 79.97 2.28Vedanta VEDL 15.14 -0.55VeevaSystems VEEV 247.02 -5.79Ventas VTR 52.18 -1.43VeriSign VRSN 218.55 -2.91VeriskAnalytics VRSK 172.00 -3.08Verizon VZ 58.41 -0.13VertxPharm VRTX 212.68 -0.32ViacomCBS B VIAC 39.06 -0.42ViacomCBS A VIACA 43.38 -0.87Viatris VTRS 15.72 0.58Vipshop VIPS 25.71 -0.04Visa V 220.63 -4.85VMware VMW 156.48 -4.49Vodafone VOD 19.89 ...VornadoRealtyVNO 44.57 -1.44VulcanMatls VMC 188.16 -3.28

W X Y ZWEC Energy WEC 95.02 -1.42WEX WEX 187.76 -3.88W.P.Carey WPC 71.73 -1.91WPP WPP 67.19 -0.82Wabtec WAB 77.72 -1.65WalgreensBootsWBA 53.04 -1.20Walmart WMT 135.94 -3.61WarnerMusic WMG 34.76 -1.03WasteConnectionsWCN 119.00 -2.00WasteMgt WM 138.18 -3.02Waters WAT 303.64 -12.25Watsco WSO 287.72 -10.67Watsco B WSOB292.01 -6.67Wayfair W 299.69 -26.25Weibo WB 48.60 0.71WellsFargo WFC 45.64 -0.08Welltower WELL 71.04 -2.05WestFraserTimber WFG 80.45 -3.95WestPharmSvcsWST 324.80 -10.42WestAllianceBcpWAL 100.14 -3.31WesternDigitalWDC 64.38 -3.77WesternMidstrmWES 21.00 -0.20WesternUnionWU 24.56 -0.94WestlakeChemWLK 100.90 -2.73WestpacBankingWBK 19.55 -0.39

s WestRock WRK 58.43 -2.29WeyerhaeuserWY 37.62 -2.02WheatonPrecMetWPM 43.57 -1.02Whirlpool WHR 240.00 -6.21

s Williams WMB 25.28 -0.37Williams-SonomaWSM 168.09 -13.06WillisTowers WLTW 261.18 -3.07Wipro WIT 7.29 -0.26Wix.com WIX 239.68 -50.22Workday WDAY 224.50 -12.40WynnResorts WYNN 120.91 -4.09XP XP 41.44 -2.51XPO Logistics XPO 139.62 -8.49XcelEnergy XEL 70.17 -0.86Xilinx XLNX 116.87 -4.36XPeng XPEV 24.76 -0.17Xylem XYL 112.98 -4.65Yandex YNDX 61.57 -1.71YumBrands YUM 117.15 -2.00YumChina YUMC 60.23 -1.59ZTO Express ZTO 29.50 -1.46ZaiLab ZLAB 145.56 -4.50ZebraTech ZBRA 464.39 -21.28Zendesk ZEN 132.79 -5.60Zillow C Z 108.72 -6.06Zillow A ZG 109.87 -6.22ZimmerBiomet ZBH 163.77 -3.78ZionsBancorp ZION 57.15 -1.05Zoetis ZTS 168.04 -2.19ZoomVideo ZM 289.70 -10.55ZoomInfoTech ZI 42.04 -1.25Zscaler ZS 164.08 -6.61Zynga ZNGA 9.94 -0.44

NetStock SymClose Chg

Wednesday, May 12, 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

IPOScorecardPerformance of IPOs,most-recent listed first

%ChgFrom %ChgFromCompany SYMBOL Wed3s Offer 1st-day Company SYMBOL Wed3s Offer 1st-dayIPOdate/Offer price close ($) price close IPOdate/Offer price close ($) price close

Global-EOnline 25.50 2.0 ... BowmanConsulting 13.75 –1.8 –1.8GLBEMay 12/$25.00 BWMNMay7/$14.00

iPower 5.74 14.8 ... Talaris Thera 13.05 –23.2 –19.7IPWMay 12/$5.00 TALSMay7/$17.00

Similarweb 21.87 –0.6 ... DataKnightsAcquisition 10.09 0.9 0.2SMWBMay 12/$22.00 DKDCUMay7/$10.00

FloraGrowth 4.68 –6.4 –2.3 B. Riley Principal 250Merger 10.00 ... ...FLGCMay 11/$5.00 BRIVUMay7/$10.00

Anebulo Pharmaceuticals 7.00 ... –1.4 Five Star Bancorp 24.79 24.0 2.2ANEBMay7/$7.00 FSBCMay5/$20.00

Sources: DowJonesMarketData; FactSet

DividendChangesDividend announcements fromMay 12.

Amount Payable /Company Symbol Yld% New/Old Frq Record

Amount Payable /Company Symbol Yld% New/Old Frq Record

IncreasedAlerus Financial ALRS 2.1 .16 /.15 Q Jul09 /Jun18Evolution Petroleum EPM 3.3 .05 /.03 Q Jun30 /Jun16FirstMerchants FRME 2.3 .29 /.26 Q Jun18 /Jun04HNI Cp HNI 2.8 .31 /.305 Q Jun01 /May21

ReducedFRSTRATSs 2006-2 GSGrp GJS 1.1 .0192 /.01938 M May17 /May14STRATSSers 2006-1 P&G GJR 0.8 .0148 /.01545 M May17 /May14

StocksScully Royalty SRL 9.00% May31 /May14Scully Royalty SRL 8.00% Nov30 /Nov15

ForeignBPP5.75%Pfd. 3 Cl A BPYPN 6.1 .35938 Q Jun30 /Jun01Brookfield Prop 6.5%Pfd. BPYPP 6.5 .40625 Q Jun30 /Jun01Brookfield PropPfd. 2A BPYPO 6.3 .39844 Q Jun30 /Jun01CenterraGold CGAU 2.7 .05 Q Jun10 /May27Danaos DAC ... .50 Jun09 /May27FirstService FSV 0.5 .1825 Q Jul07 /Jun30GrupoAval AccionesADR AVAL 4.9 .02218 Sep09 /Aug31Ritchie Bros RBA 1.5 .22 Q Jun16 /May26

SpecialFutureFuel FF 1.8 2.50 Jun04 /May21GuildHoldings GHLD ... 1.00 May28 /May21

KEY:A: annual;M:monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO:spin-off.

Borrowing Benchmarkswsj.com/market-data/bonds/benchmarks

MoneyRates May 12, 2021

Key annual interest rates paid to borrowor lendmoney inU.S. andinternationalmarkets. Rates beloware a guide to general levels butdon’t always represent actual transactions.

InflationApril index ChgFrom (%)

level March '21 April '20

U.S. consumer price indexAll items 267.054 0.82 4.2Core 273.968 0.83 3.0

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 0.00Switzerland 0.00 0.00 0.50 0.00Britain 0.10 0.10 0.10 0.10Australia 0.10 0.10 0.25 0.10

Overnight repurchaseU.S. -0.02 0.00 0.14 -0.04

U.S. government rates

Discount0.25 0.25 0.25 0.25

Federal fundsEffective rate 0.0600 0.0600 0.1000 0.0600High 0.0700 0.1000 0.1500 0.0700Low 0.0300 0.0300 0.0600 0.0000Bid 0.0500 0.0500 0.1000 0.0100Offer 0.0700 0.0800 0.1100 0.0500

Treasury bill auction4weeks 0.010 0.000 0.130 0.00013weeks 0.015 0.015 0.175 0.01526weeks 0.035 0.035 0.185 0.035

Secondarymarket

FannieMae30-yearmortgage yields

30days 2.384 2.398 2.622 1.75160days 2.415 2.429 2.674 1.804

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 ofMay11, 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.

Other short-term rates

Week 52-WeekLatest ago high low

Callmoney2.00 2.00 2.00 2.00

Commercial paper (AA financial)90days 0.10 0.12 0.25 0.04

LiborOnemonth 0.09813 0.10563 0.19513 0.09375Threemonth 0.15413 0.16988 0.39238 0.15413Sixmonth 0.19013 0.20063 0.67513 0.18950One year 0.26438 0.27900 0.76938 0.26438

Euro LiborOnemonth -0.572 -0.574 -0.443 -0.607Threemonth -0.545 -0.542 -0.243 -0.574Sixmonth -0.525 -0.523 -0.116 -0.543One year -0.488 -0.496 -0.041 -0.511

SecuredOvernight FinancingRate0.01 0.01 0.13 0.01

Value 52-WeekLatest Traded High Low

DTCCGCFRepo IndexTreasury 0.008 51.910 0.151 -0.008MBS 0.018 30.120 0.169 0.002

Week —52-WEEK—Latest ago High Low

BUSINESS OPPORTUNITIES

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B8 | Thursday, May 13, 2021 THEWALL STREET JOURNAL.

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

3.00

3.30

3.60

3.90

4.20%

2020J J A S O N D J

2021F M A M

tNew car loan

tPrime rate

Selected ratesNewcar loan

Bankrate.comavg†: 4.06%First CommandBank 2.75%FortWorth, TX 888-763-7600

First SavingsBankofHegewisch 2.75%Chicago, IL 773-646-4200

CambridgeSavingsBank 3.24%Cambridge,MA 888-418-5626

PNCBank 3.37%Washington, DC 888-PNC-BANK

FrostBank 3.74%Houston, TX 800-513-7678

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 0.15 0.17 0.15 l 0.39 -2.19Moneymarket, annual yield 0.08 0.08 0.08 l 0.31 -0.37Five-year CD, annual yield 0.45 0.47 0.44 l 0.83 -1.2430-yearmortgage, fixed† 3.09 3.08 2.83 l 3.60 -1.4615-yearmortgage, fixed† 2.39 2.37 2.32 l 3.04 -1.64Jumbomortgages, $548,250-plus† 3.11 3.10 2.85 l 3.70 -1.71Five-year adjmortgage (ARM)† 3.07 3.18 2.85 l 3.32 -1.45New-car loan, 48-month 4.06 4.05 4.02 l 4.44 -0.21Bankrate.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%

1month(s)

3 6 1years

2 3 5 7 10 20 30

maturity

tTradeweb ICEWednesday 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

Yen

s

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 686.77 –11.65 –1.67 6.3MSCIACWI ex-USA 343.22 –3.18 –0.92 5.1MSCIWorld 2876.79 –51.54 –1.76 6.9MSCIEmergingMarkets 1315.25 –13.83 –1.04 1.9

Americas MSCIACAmericas 1576.23 –34.51 –2.14 7.4Canada S&P/TSXComp 19107.77 –166.27 –0.86 9.6LatinAmer. MSCIEMLatinAmerica 2467.77 –62.67 –2.48 0.7Brazil SaoPauloBovespa 119710.03 –3253.98 –2.65 0.6Chile Santiago IPSA 3029.08 –37.29 –1.22 6.0Mexico S&P/BMV IPC 48748.41 –906.88 –1.83 10.6

EMEA StoxxEurope600 437.93 1.32 0.30 9.7Eurozone EuroStoxx 437.96 –0.21 –0.05 10.2Belgium Bel-20 4019.17 20.56 0.51 11.0Denmark OMXCopenhagen20 1524.70 4.11 0.27 4.1France CAC40 6279.35 11.96 0.19 13.1Germany DAX 15150.22 30.47 0.20 10.4Israel TelAviv 1623.19 –0.37 –0.02 8.3Italy FTSEMIB 24452.93 56.92 0.23 10.0Netherlands AEX 694.76 –1.18 –0.17 11.2Russia RTS Index 1548.02 –4.61 –0.30 11.6SouthAfrica FTSE/JSEAll-Share 67424.27 183.07 0.27 13.5Spain IBEX35 9007.70 20.50 0.23 11.6Sweden OMXStockholm 889.44 4.94 0.56 15.8Switzerland SwissMarket 11033.90 44.58 0.41 3.1Turkey BIST 100 1441.33 –3.54 –0.24 –2.4U.K. FTSE 100 7004.63 56.64 0.82 8.4U.K. FTSE250 22107.84 –59.30 –0.27 7.9

Asia-Pacific MSCIACAsiaPacific 201.64 –2.91 –1.42 0.9Australia S&P/ASX200 7044.90 –52.07 –0.73 7.0China Shanghai Composite 3462.75 20.91 0.61 –0.3HongKong HangSeng 28231.04 217.23 0.78 3.7India S&PBSESensex 48690.80 –471.01 –0.96 2.0Japan Nikkei StockAvg 28147.51 –461.08 –1.61 2.6Singapore Straits Times 3123.26 –21.01 –0.67 9.8SouthKorea Kospi 3161.66 –47.77 –1.49 10.0Taiwan TAIEX 15902.37 –680.76 –4.11 7.9Thailand SET 1571.85 –7.08 –0.45 8.5Sources: 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 34207.87 33555.22 33587.66 -681.50 -1.99 34777.76 23247.97 44.5 9.7 10.6TransportationAvg 15700.82 15340.86 15348.59 -359.76 -2.29 15943.30 7761.00 96.2 22.7 12.7UtilityAverage 909.42 888.24 889.10 -21.04 -2.31 933.37 744.49 18.9 2.8 8.8Total StockMarket 42985.82 42105.44 42165.09 -1003.80 -2.33 44054.28 28441.92 48.2 7.5 14.2Barron's 400 997.20 968.19 969.16 -28.05 -2.81 1018.25 583.52 66.1 13.7 9.8

NasdaqStockMarketNasdaqComposite 13288.61 13002.54 13031.68 -357.75 -2.67 14138.78 8863.17 47.0 1.1 20.7Nasdaq-100 13236.89 12967.18 13001.63 -349.64 -2.62 14041.91 9000.08 44.5 0.9 23.2

S&P500 Index 4134.73 4056.88 4063.04 -89.06 -2.14 4232.60 2820.00 44.1 8.2 14.2MidCap400 2708.67 2627.23 2628.90 -84.05 -3.10 2770.27 1550.70 69.5 14.0 10.7SmallCap600 1334.91 1291.97 1294.40 -42.98 -3.21 1397.66 700.59 84.8 15.7 9.5

Other IndexesRussell 2000 2205.02 2132.25 2135.14 -71.85 -3.26 2360.17 1233.25 73.1 8.1 9.9NYSEComposite 16355.62 16030.30 16042.97 -312.65 -1.91 16590.43 10829.44 48.1 10.5 7.9Value Line 661.26 642.51 643.18 -18.08 -2.73 674.01 381.09 68.8 13.1 4.6NYSEArcaBiotech 5524.32 5423.91 5467.35 3.77 0.07 6319.77 5128.49 1.2 -4.7 5.4NYSEArcaPharma 725.60 719.62 720.66 0.29 0.04 725.20 613.07 11.7 4.5 10.6KBWBank 133.32 128.57 128.85 -2.12 -1.62 132.77 62.74 105.4 31.6 5.2PHLX§Gold/Silver 157.72 153.03 153.66 -3.48 -2.22 161.14 112.57 30.2 6.6 22.4PHLX§Oil Service 62.39 60.02 60.23 0.42 0.70 63.89 26.30 120.1 35.9 -28.0PHLX§Semiconductor 2926.86 2842.33 2851.15 -124.86 -4.20 3305.43 1691.57 68.6 2.0 28.3CboeVolatility 28.38 21.66 27.59 5.75 26.33 40.79 16.25 -21.8 21.3 29.7

§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

Finl Select Sector SPDR XLF 19,546.9 36.66 -0.04 -0.11 36.87 36.62SPDRS&P500 SPY 11,256.2 404.87 -0.54 -0.13 408.42 378.28EnergyTransfer ET 8,789.9 9.50 -0.05 -0.52 9.59 9.47LuciraHealth LHDX 7,806.5 7.05 -0.29 -3.95 8.50 6.85

AmbevADR ABEV 5,250.0 3.23 0.01 0.31 3.23 3.20Apple AAPL 4,919.7 122.36 -0.41 -0.33 123.09 116.38InvescoQQQTrust I QQQ 4,418.7 316.31 -0.59 -0.18 318.64 316.06Curis CRIS 3,962.2 14.00 -2.27 -13.95 16.75 13.03

Percentage gainers…Silvergate Capital SI 93.5 95.00 14.18 17.55 97.93 80.06Sonos SONO 2,730.8 35.56 4.07 12.92 37.77 31.49InnSuitesHospitality IHT 244.7 6.35 0.72 12.79 6.41 5.38Vroom VRM 774.0 39.41 4.00 11.30 42.29 35.00BootBarnHoldings BOOT 53.6 71.93 4.34 6.42 72.67 67.59

...And losersCuris CRIS 3,962.2 14.00 -2.27 -13.95 16.75 13.03ContextLogic WISH 3,528.5 9.96 -1.51 -13.16 11.59 9.86cbdMD YCBD 100.7 3.00 -0.44 -12.79 3.50 2.90Poshmark POSH 724.1 38.36 -5.42 -12.38 43.78 37.90ThredUp TDUP 1,419.8 18.45 -1.59 -7.93 22.50 17.25

TradingDiaryVolume,Advancers, Decliners

NYSE NYSEAmer.

Total volume*1,046,045,125 21,934,549Adv. volume* 148,315,087 5,429,228Decl. volume* 894,051,814 16,110,029Issues traded 3,478 286Advances 475 50Declines 2,899 224Unchanged 104 12Newhighs 75 7New lows 58 3ClosingArms† 0.84 0.39Block trades* 5,575 124

Nasdaq NYSEArca

Total volume*4,713,954,379 339,291,515Adv. volume*1,037,687,048 52,779,424Decl. volume*3,635,612,199 285,756,046Issues traded 4,435 1,521Advances 875 145Declines 3,399 1,359Unchanged 161 17Newhighs 60 42New lows 123 21ClosingArms† 0.90 0.44Block trades* 24,542 1,453

* 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

Sundial Growers SNDL 194,617 -48.1 0.70 -5.01 3.96 0.14ProShUltraProShrtQQQ SQQQ 160,518 66.4 13.06 7.76 59.70 10.44SPDRS&P500 SPY 133,833 59.5 405.41 -2.12 422.82 272.99Palantir Technologies PLTR 127,507 54.7 18.89 -6.53 45.00 8.90Apple AAPL 111,053 9.3 122.77 -2.49 145.09 75.05

SecondSightMedical Prod EYES 110,023 368.2 6.38 27.60 20.00 0.69Finl Select Sector SPDR XLF 97,177 64.7 36.70 -1.02 38.26 20.09InvescoQQQTrust I QQQ 89,883 70.7 316.89 -2.59 342.80 215.99LuciraHealth LHDX 83,322 12827.6 7.34 44.20 37.99 4.23RaMedical Systems RMED 75,724 15253.8 3.92 18.07 25.88 3.25* 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

CentricusAcqnCl A CENH 2,893 30988 9.88 1.86 10.17 9.60LuciraHealth LHDX 83,322 12828 7.34 44.20 37.99 4.23AuroraAcquisition Cl A AURC 2,845 8587 9.82 -0.81 11.11 9.62Switchback II Cl A SWBK 7,657 6426 9.85 -1.20 11.32 9.70Curis CRIS 58,711 3048 16.27 65.51 17.40 0.72

HorizonGlobal HZN 1,568 1946 7.90 5.33 11.78 1.32InfraCapREITPreferred PFFR 574 1898 24.05 -0.91 24.75 19.00Bridgford Foods BRID 140 1815 17.60 -15.14 21.80 13.68ArrayTechnologies ARRY 42,590 1552 13.46 -46.05 54.78 13.22Larimar Therapeutics LRMR 1,441 1534 10.34 23.68 25.87 8.00* 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 Index13031.68 t 357.75, or 2.67%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:

36.73 27.9628.79 26.730.71 0.97

14138.78, 04/26/21

11400

12000

12600

13200

13800

14400

15000

Feb. Mar. Apr. May

65-day moving average

EQUITIES

CREDIT MARKETS

CommoditiesPricing trends on some rawmaterials, or commodities

Wednesday 52-Week YTDClose Net chg %Chg High Low %Chg % chg

DJCommodity 904.26 1.87 0.21 904.26 487.21 85.60 23.60Refinitiv/CCCRB Index 207.96 0.41 0.20 207.96 120.63 72.40 23.94Crude oil,$per barrel 66.08 0.80 1.23 66.09 25.29 161.29 36.19Natural gas,$/MMBtu 2.969 0.014 0.47 3.354 1.482 83.73 16.94Gold,$per troy oz. 1822.60 -13.30 -0.72 2051.50 1676.20 6.34 -3.72

CorporateBorrowingRates andYieldsYield (%) 52-Week Total Return (%)

Bond total return index Close Last Week ago High Low 52-wk 3-yr

U.S. Treasury, Barclays 2358.560 0.990 0.930 1.030 0.400 –4.380 4.527

U.S. Treasury Long, Barclays4087.480 2.320 2.180 2.400 1.090 –15.688 6.767

Aggregate, Barclays 2219.870 1.560 1.500 1.630 1.020 –0.200 5.075

Fixed-RateMBS, Barclays 2208.880 1.740 1.680 1.850 0.980 –0.520 3.979

HighYield 100, ICEBofA 3372.788 3.763 3.654 6.888 3.261 16.798 5.653

MuniMaster, ICEBofA 597.477 0.870 0.857 1.597 0.725 4.988 4.876

EMBIGlobal, J.P.Morgan 907.871 4.818 4.806 6.140 4.295 11.985 5.390

Sources: J.P.Morgan; S&PDowJones Indices; BloombergBarclays; ICEDataServices

Latest Session 52-WeekCompany Symbol Close Net chg % chg High Low %chg

Curis CRIS 16.27 6.44 65.51 17.40 0.72 2046.4LuciraHealth LHDX 7.34 2.25 44.20 37.99 4.23 ...Autolus TherapeuticsADR AUTL 6.76 1.77 35.47 17.19 4.60 -32.7SummitWireless Techs WISA 3.38 0.80 31.01 4.89 1.72 45.7SecondSightMedical Prod EYES 6.38 1.38 27.60 20.00 0.69 571.8

ShotSpotter SSTI 38.67 7.83 25.39 53.97 20.26 79.9Barnwell Indus BRN 3.31 0.64 23.97 6.99 0.55 471.7Larimar Therapeutics LRMR 10.34 1.98 23.68 25.87 8.00 0.2RaMedical Systems RMED 3.92 0.60 18.07 25.88 3.25 -83.6HarrowHealth HROW 9.08 1.28 16.41 11.10 3.76 109.7

MinervaNeurosciences NERV 2.58 0.35 15.70 15.22 1.81 -79.0Lightbridge LTBR 5.24 0.69 15.16 10.73 2.44 -16.2Wheeler Real Est Invt Tr WHLR 4.21 0.55 15.03 7.36 1.08 275.9iPower IPW 5.74 0.74 14.80 7.67 5.00 ...Rigel Pharmaceuticals RIGL 3.69 0.47 14.60 5.50 1.71 103.9

MostActiveStocks

Latest Session 52-WeekCompany Symbol Close Net chg % chg High Low %chg

ArrayTechnologies ARRY 13.46 -11.49 -46.05 54.78 13.22 ...LianluoSmart Cl A LLIT 6.04 -3.69 -37.92 17.14 2.76 79.8FTCSolar FTCI 8.76 -2.94 -25.13 15.46 7.79 ...NaviosMaritimeHoldings NM 8.21 -2.32 -22.03 15.42 1.45 358.7SelectQuote SLQT 21.90 -5.50 -20.07 33.00 15.76 ...

CuriosityStream CURI 8.98 -2.20 -19.68 24.00 7.44 -7.3GroceryOutletHolding GO 33.03 -7.51 -18.52 48.87 31.81 -10.4Lemonade LMND 60.17 -13.68 -18.52 188.30 44.11 ...InflaRx IFRX 2.85 -0.62 -17.87 9.70 2.84 -61.3DirexionHomebldr Bull 3X NAIL 80.86 -17.34 -17.66 117.65 13.12 430.2

Wix.com WIX 239.68 -50.22 -17.32 362.07 162.18 44.2LumentumHoldings LITE 68.24 -13.90 -16.92 112.08 66.33 -7.1RevolveGroup RVLV 41.97 -8.19 -16.33 59.92 12.90 186.7Praxis PrecisionMeds PRAX 21.63 -4.22 -16.32 60.95 19.89 ...Aemetis AMTX 10.41 -2.02 -16.25 27.44 0.66 1434.9

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,Wed YTDchg

Country/currency inUS$ perUS$ (%)

AmericasArgentina peso .0106 93.9706 11.7Brazil real .1884 5.3071 2.2Canada dollar .8242 1.2134 –4.7Chile peso .001413 707.80 –0.4Colombiapeso .000267 3750.51 9.6EcuadorUSdollar 1 1 unchMexico peso .0496 20.1714 1.5Uruguay peso .02273 43.9950 3.9Asia-PacificAustralian dollar .7724 1.2947 –0.4China yuan .1549 6.4565 –1.2HongKong dollar .1288 7.7658 0.2India rupee .01357 73.677 0.9Indonesia rupiah .0000704 14198 1.1Japan yen .009116 109.70 6.2Kazakhstan tenge .002344 426.61 1.2Macau pataca .1250 8.0020 0.1Malaysia ringgit .2424 4.1255 2.6NewZealand dollar .7159 1.3968 0.3Pakistan rupee .00657 152.200 –5.1Philippines peso .0209 47.935 –0.2Singapore dollar .7497 1.3339 1.0SouthKoreawon .0008827 1132.91 4.3Sri Lanka rupee .0050891 196.50 6.1Taiwan dollar .03567 28.037 –0.2Thailand baht .03195 31.300 4.2

US$vs,Wed YTDchg

Country/currency inUS$ perUS$ (%)

Vietnam dong .00004338 23055 –0.1EuropeCzechRep. koruna .04716 21.204 –1.3Denmark krone .1623 6.1600 1.1Euro area euro 1.2073 .8283 1.2Hungary forint .003376 296.19 –0.3Iceland krona .008021 124.68 –2.4Norway krone .1198 8.3488 –2.7Poland zloty .2650 3.7738 1.1Russia ruble .01339 74.701 0.9Sweden krona .1186 8.4309 2.5Switzerland franc 1.0999 .9092 2.7Turkey lira .1186 8.4303 13.4Ukraine hryvnia .0362 27.6500 –2.5UK pound 1.4053 .7116 –2.8Middle East/AfricaBahrain dinar 2.6522 .3771 ...Egypt pound .0638 15.6834 –0.4Israel shekel .3040 3.2890 2.4Kuwait dinar 3.3239 .3008 –1.1Oman sul rial 2.5972 .3850 0.01Qatar rial .2698 3.706 1.8SaudiArabia riyal .2666 3.7503 –0.04SouthAfrica rand .0707 14.1347 –3.8

Close Net Chg %Chg YTD%Chg

WSJDollar Index 85.87 0.65 0.76 1.02

Sources: Tullett Prebon, DowJonesMarketData

Dow Jones Industrial Average33587.66 t681.50, or 1.99%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

28.98 19.6220.73 22.281.78 2.84

34777.76, 05/07/21

27400

28600

29800

31000

32200

33400

34600

Feb. Mar. Apr. May

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 Index4063.04 t89.06, or 2.14%High, low, open and close for eachtrading day of the past three months.

Year agoLast

Trailing P/E ratio *P/E estimate *Dividend yield *All-time high

37.89 24.6822.97 22.751.37 2.08

4232.60, 05/07/21

3525

3650

3775

3900

4025

4150

4275

Feb. Mar. Apr. May

65-day moving average

*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index

MARKETS DIGEST

P2JW133000-0-B00800-1--------XA

THEWALL STREET JOURNAL. * Thursday, May 13, 2021 | B9

Metal &PetroleumFuturesContract Open

Open High hi lo Low Settle Chg interest

Copper-High (CMX)-25,000 lbs.; $ per lb.May 4.8325 4.8350 4.7400 4.7525 –0.0260 2,762July 4.7995 4.8295 4.7280 4.7360 –0.0260 163,760Gold (CMX)-100 troy oz.; $ per troy oz.May 1825.20 1825.20 1821.70 1822.60 –13.30 468June 1838.20 1844.70 1818.60 1822.80 –13.30 312,689July 1838.50 1844.50 1820.90 1823.70 –13.30 332Aug 1840.20 1846.50 1820.60 1824.80 –13.30 128,935Oct 1838.50 1846.80 1822.60 1826.40 –13.30 14,093Dec 1843.00 1850.00 1824.40 1828.50 –13.30 34,059Palladium (NYM) - 50 troy oz.; $ per troy oz.May … … … 2846.00 –77.20June 2943.00 2960.00 2845.00 2849.00 –77.20 8,092Platinum (NYM)-50 troy oz.; $ per troy oz.May 1241.00 1241.00 1241.00 1223.50 –15.20 1July 1241.40 1250.80 1213.70 1225.90 –15.30 62,095Silver (CMX)-5,000 troy oz.; $ per troy oz.May 27.460 27.640 27.365 27.231 –0.426 783July 27.760 27.830 27.205 27.244 –0.423 146,401CrudeOil, Light Sweet (NYM)-1,000bbls.; $ per bbl.June 65.46 66.63 64.97 66.08 0.80 261,026July 65.44 66.63 64.98 66.10 0.80 365,387Aug 65.35 66.46 s 64.83 65.95 0.80 259,802Sept 65.06 66.13 s 64.55 65.65 0.79 173,753Oct 64.69 65.73 s 64.24 65.28 0.79 154,007Dec 63.81 64.85 s 63.36 64.45 0.79 333,183NYHarborULSD (NYM)-42,000gal.; $ per gal.June 2.0418 2.0810 s 2.0311 2.0695 .0278 90,619July 2.0425 2.0777 s 2.0298 2.0652 .0256 78,820Gasoline-NYRBOB (NYM)-42,000gal.; $ per gal.June 2.1339 2.1827 2.1223 2.1610 .0211 108,895July 2.1303 2.1746 2.1193 2.1555 .0207 101,580Natural Gas (NYM)-10,000MMBtu.; $ perMMBtu.June 2.953 2.988 2.926 2.969 .014 165,817July 2.998 3.034 2.971 3.018 .019 231,678Aug 3.007 3.042 2.982 3.026 .019 69,338Sept 2.993 3.029 2.972 3.014 .020 108,488Oct 3.010 3.045 2.985 3.030 .019 129,374Jan'22 3.271 3.300 3.249 3.287 .012 79,731

Agriculture FuturesCorn (CBT)-5,000bu.; cents per bu.May 764.25 774.00 750.00 757.50 –2.00 479July 723.75 731.25 703.50 714.75 –7.50 702,779Oats (CBT)-5,000bu.; cents per bu.May 380.75 –19.50 1July 408.00 414.00 382.50 388.75 –18.75 4,080Soybeans (CBT)-5,000bu.; cents per bu.May 1666.25 1677.25 s 1650.50 1660.50 23.00 364July 1617.75 1667.50 s 1615.25 1642.50 27.75 343,499SoybeanMeal (CBT)-100 tons; $ per ton.May 451.30 456.00 451.20 450.90 1.40 407July 447.50 457.20 445.40 448.80 1.80 198,605SoybeanOil (CBT)-60,000 lbs.; cents per lb.May 70.24 72.32 s 67.09 68.66 1.60 150July 64.80 67.44 s 64.58 66.40 1.60 176,398RoughRice (CBT)-2,000 cwt.; $ per cwt.May 13.73 –.02 62July 14.16 14.21 14.00 14.04 –.03 8,073Wheat (CBT)-5,000bu.; cents per bu.May 763.00 763.00 746.50 754.75 –5.00 129July 745.00 751.50 724.25 729.75 –12.00 227,488Wheat (KC)-5,000bu.; cents per bu.May 682.75 –19.75 11July 713.50 720.75 687.50 690.75 –19.75 131,055Cattle-Feeder (CME)-50,000 lbs.; cents per lb.May 134.950 137.075 134.925 136.750 1.425 3,340Aug 148.850 150.950 148.050 150.525 1.675 26,507Cattle-Live (CME)-40,000 lbs.; cents per lb.June 118.625 119.425 118.425 118.600 –.025 77,439Aug 122.000 122.800 121.675 122.325 .275 117,931Hogs-Lean (CME)-40,000 lbs.; cents per lb.May 111.800 111.975 111.600 111.800 .325 1,751June 112.250 112.850 111.200 112.025 .850 67,245Lumber (CME)-110,000bd. ft., $ per 1,000bd. ft.May 1590.00 1638.40 1570.00 1610.00 –19.80 82July 1498.10 1598.90 1481.50 1495.00 –49.50 1,409Milk (CME)-200,000 lbs., cents per lb.May 18.96 19.17 18.90 19.07 .18 4,685June 19.18 19.75 19.11 19.64 .64 4,491Cocoa (ICE-US)-10metric tons; $ per ton.May 2,476 2,476 2,476 2,476 51 33July 2,464 2,526 2,459 2,517 51 78,799Coffee (ICE-US)-37,500 lbs.; cents per lb.May 147.65 147.65 147.65 145.75 –2.15 53

COMMODITIES

FuturesContracts Contract OpenOpen High hi lo Low Settle Chg interest

July 150.25 150.60 146.00 146.50 –3.60 111,102Sugar-World (ICE-US)-112,000 lbs.; cents per lb.July 18.17 18.25 s 17.78 17.84 –.26 438,920Oct 18.15 18.23 s 17.82 17.90 –.19 215,899Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.July 31.40 … 2,171Sept 31.30 … 2,005Cotton (ICE-US)-50,000 lbs.; cents per lb.July 87.69 89.74 87.44 88.23 .48 99,975Dec 85.43 86.49 84.92 85.67 .14 94,839Orange Juice (ICE-US)-15,000 lbs.; cents per lb.July 115.75 115.75 113.55 114.10 –1.65 11,344Sept 118.05 118.45 116.55 117.10 –1.60 1,188

InterestRate FuturesUltraTreasuryBonds (CBT) - $100,000; pts 32nds of 100%June 184-110 185-030 181-310 182-010 –2-08.0 1,131,373Sept 180-120 –2-08.0 5,194TreasuryBonds (CBT)-$100,000; pts 32nds of 100%June 156-310 157-090 155-160 155-190 –1-11.0 1,185,578Sept 154-010 –1-10.0 3,704TreasuryNotes (CBT)-$100,000; pts 32nds of 100%June 132-145 132-180 131-285 131-295 –17.0 4,240,494Sept 131-200 131-220 131-005 131-010 –18.0 54,2735Yr. TreasuryNotes (CBT)-$100,000; pts 32nds of 100%June 124-082 124-095 123-290 123-310 –9.2 3,416,664Sept 123-225 123-235 123-105 123-120 –10.2 30,2712Yr. TreasuryNotes (CBT)-$200,000; pts 32nds of 100%June 110-125 110-128 110-115 110-120 –.5 2,295,095Sept 110-091 –.7 1,12530DayFederal Funds (CBT)-$5,000,000; 100 - daily avg.May 99.9375 99.9375 99.9375 99.9375 171,200July 99.9200 99.9200 99.9200 99.9200 149,17310Yr. Del. Int. RateSwaps (CBT)-$100,000; pts 32nds of 100%June 90-290 –19.5 180,997Eurodollar (CME)-$1,000,000; pts of 100%May 99.8350 99.8425 99.8325 99.8400 .0075 116,477June 99.8350 99.8400 99.8300 99.8350 .0050 1,353,708March'23 99.5400 99.5500 99.4600 99.4850 –.0550 1,146,790June 99.4250 99.4300 99.3250 99.3500 –.0700 1,007,922

CurrencyFuturesJapaneseYen (CME)-¥12,500,000; $ per 100¥May .9193 .9207 .9116 .9125 –.0079 555June .9209 .9210 .9117 .9127 –.0079 149,411CanadianDollar (CME)-CAD 100,000; $ per CADMay .8282 .8301 s .8239 .8260 –.0012 633June .8267 .8302 s .8239 .8261 –.0011 194,132BritishPound (CME)-£62,500; $ per£May 1.4136 1.4152 1.4050 1.4060 –.0098 533June 1.4148 1.4154 1.4050 1.4061 –.0097 169,639Swiss Franc (CME)-CHF 125,000; $ per CHFJune 1.1077 1.1083 1.1004 1.1021 –.0058 41,196Sept 1.1082 1.1107 1.1032 1.1047 –.0059 331AustralianDollar (CME)-AUD 100,000; $ perAUDMay .7809 .7843 .7720 .7733 –.0110 160June .7843 .7845 .7720 .7734 –.0111 139,768MexicanPeso (CME)-MXN500,000; $ perMXNMay .04988 .05010 .04956 .04972 –.00030 10June .05000 .05000 .04935 .04957 –.00030 141,547Euro (CME)-€125,000; $ per €May 1.2146 1.2153 1.2067 1.2081 –.0072 1,593June 1.2158 1.2160 1.2071 1.2088 –.0072 683,881

IndexFuturesMiniDJ Industrial Average (CBT)-$5 x indexJune 34143 34227 33461 33508 –675 97,142Sept 34040 34111 33361 33398 –673 1,495S&P500 Index (CME)-$250 x indexJune 4116.50 4149.40 4052.30 4058.70 –87.50 37,467Mini S&P500 (CME)-$50 x indexJune 4140.00 4150.50 4051.00 4058.75 –87.50 2,566,631Dec 4122.00 4130.75 4032.25 4039.25 –87.75 45,636Mini S&PMidcap400 (CME)-$100 x indexJune 2708.20 2713.50 2619.70 2624.70 –84.00 45,168Sept 2753.00 2704.10 2618.30 2620.40 –84.00 28MiniNasdaq 100 (CME)-$20 x indexJune 13321.25 13351.75 12959.75 12998.50 –347.50 224,976Sept 13310.00 13338.50 12950.00 12987.00 –347.25 2,418Mini Russell 2000 (CME)-$50 x indexJune 2199.00 2207.90 2124.20 2131.50 –71.80 450,468Sept 2193.60 2203.80 2121.60 2128.00 –71.80 796Mini Russell 1000 (CME)-$50 x indexJune 2314.10 2328.70 2274.20 2278.80 –50.30 8,948U.S. Dollar Index (ICE-US)-$1,000 x indexJune 90.19 90.79 90.13 90.69 .56 40,479Sept 90.26 90.82 90.14 90.67 .56 1,110

Source: FactSet

wsj.com/market-data/commodities

CashPrices Wednesday,May 12, 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.

Wednesday

Energy

Coal,C.Aplc.,12500Btu,1.2SO2-r,w 59.700Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 12.050

Metals

Gold, per troy ozEngelhard industrial 1839.00Handy&Harmanbase 1830.70Handy&Harman fabricated 2032.08LBMAGold PriceAM *1837.15LBMAGold Price PM *1829.10Krugerrand,wholesale-e 1895.92Maple Leaf-e 1914.15AmericanEagle-e 1914.15Mexican peso-e 2205.99Austria crown-e 1789.90Austria phil-e 1914.15Silver, troy oz.Engelhard industrial 27.6500Handy&Harmanbase 27.3150Handy&Harman fabricated 34.1440LBMAspot price *£19.4600(U.S.$ equivalent) *27.4800Coins,wholesale $1,000 face-a 21909OthermetalsLBMAPlatinumPrice PM *1225.0Platinum,Engelhard industrial 1245.0Palladium,Engelhard industrial 2958.0

Wednesday

Aluminum, LME, $ permetric ton *2549.5Copper,Comex spot 4.7525IronOre, 62%FeCFRChina-s 233.1ShreddedScrap, USMidwest-s,m 451Steel, HRCUSA, FOBMidwestMill-s 1514

Fibers andTextiles

Burlap,10-oz,40-inchNYyd-n,w 0.7400Cotton,1 1/16 std lw-mdMphs-u 0.8598Cotlook 'A' Index-t *93.60Hides,hvy native steers piece fob-u n.a.Wool,64s,staple,Terr del-u,w 3.85

Grains andFeedsBarley,top-qualityMnpls-u n.a.Bran,wheatmiddlings, KC-u 124Corn,No. 2 yellow,Cent IL-bp,u 7.2750Corn gluten feed,Midwest-u,w 202.3Corn glutenmeal,Midwest-u,w 592.9Cottonseedmeal-u,w 355Hominy feed,Cent IL-u,w 170Meat-bonemeal,50%proMnpls-u,w 330Oats,No.2milling,Mnpls-u 3.7625Rice, LongGrainMilled, No. 2AR-u,w 27.25Sorghum,(Milo)No.2Gulf-u 9.0363SoybeanMeal,Cent IL,rail,ton48%-u,w 451.00Soybeans,No.1 yllw IL-bp,u 16.6950Wheat,Spring14%-proMnpls-u 8.7800Wheat,No.2 soft red,St.Louis-u 7.4975Wheat -Hard - KC (USDA) $ per bu-u 7.3075

Wednesday

Wheat,No.1softwhite,Portld,OR-u 7.3000

FoodBeef,carcass equiv. indexchoice 1-3,600-900 lbs.-u 239.26select 1-3,600-900 lbs.-u 222.53Broilers, National compwtd. avg.-u,w 1.0449Butter,AAChicago 1.8500Cheddar cheese,bbl,Chicago 181.25Cheddar cheese,blk,Chicago 181.25Milk,Nonfat dry,Chicago lb. 130.75Coffee,Brazilian,Comp 1.3929Coffee,Colombian, NY 1.9851Eggs,largewhite,Chicago-u 0.7650Flour,hardwinter KC 19.30Hams,17-20 lbs,Mid-US fob-u 0.87Hogs,Iowa-So.Minnesota-u 95.50Pork bellies,12-14 lbMidUS-u 1.9350Pork loins,13-19 lbMidUS-u 1.2496Steers,Tex.-Okla. Choice-u n.a.Steers,feeder,Okla. City-u,w 164.00

Fats andOilsDegummed corn oil, crudewtd. avg.-u,w 68.0000Grease,choicewhite,Chicago-h 0.5150Lard,Chicago-u n.a.Soybean oil,crude;Centl IL-u,w 0.7330Tallow,bleach;Chicago-h 0.5450Tallow,edible,Chicago-u 0.6745

KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co;M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA;W=weekly; Z=not quoted. *Data as of 5/11

Source: Dow JonesMarket Data

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 0.167 s l 0.159 0.171 0.1731.125 10 1.693 s l 1.623 1.674 0.679

5.500 Australia 2 0.092 s l 0.085 0.085 0.242 -7.7 -7.5 7.71.500 10 1.726 s l 1.677 1.725 0.964 2.7 5.7 29.3

0.000 France 2 -0.613 s l -0.632 -0.658 -0.519 -78.2 -79.3 -68.31.500 10 0.260 s l 0.226 -0.033 -0.024 -143.9 -139.4 -69.5

0.000 Germany 2 -0.654 s l -0.667 -0.704 -0.734 -82.3 -82.7 -89.90.000 10 -0.120 s l -0.158 -0.291 -0.505 -181.9 -177.8 -117.6

0.600 Italy 2 -0.242 s l -0.246 -0.362 0.519 -41.1 -40.7 35.40.600 10 1.029 s l 0.992 0.741 1.886 -67.0 -62.7 121.6

0.005 Japan 2 -0.125 s l -0.130 -0.125 -0.164 -29.4 -29.1 -32.90.100 10 0.080 s l 0.076 0.111 -0.006 -161.9 -154.3 -67.7

0.000 Spain 2 -0.488 s l -0.497 -0.498 -0.239 -65.7 -65.8 -40.40.100 10 0.564 s l 0.523 0.392 0.782 -113.5 -109.6 11.1

0.125 U.K. 2 0.110 s l 0.077 0.058 -0.012 -5.9 -8.4 -17.74.750 10 0.889 s l 0.836 0.791 0.249 -81.0 -78.3 -42.2

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

WesternUnion WU 6.200 4.10 Nov. 17, ’36 241 –23 n.a.NestleHoldings NESNVX 0.375 0.39 Jan. 15, ’24 6 –11 n.a.Wells Fargo WFC 5.375 3.59 Nov. 2, ’43 129 –10 139Intercontinental Exchange ICE 4.000 0.48 Oct. 15, ’23 31 –8 n.a.

AtheneGlobal Funding … 0.950 0.88 Jan. 8, ’24 55 –7 60Canadian Imperial Bank of Commerce CM 2.250 0.94 Jan. 28, ’25 9 –7 n.a.MorganStanley MS 3.125 1.44 July 27, ’26 57 –6 61Allstate ALL 5.950 2.89 April 1, ’36 123 –5 n.a.

…Andspreads thatwidened themostPfizer PFE 3.400 0.37 May15, ’24 3 8 16NorthropGrumman NOC 3.250 0.40 Aug. 1, ’23 23 7 16Jefferies JEF 6.450 2.15 June 8, ’27 130 5 n.a.Novartis Capital NOVNVX 3.400 0.43 May6, ’24 9 5 n.a.

BankofAmerica BAC 3.500 1.37 April 19, ’26 51 4 48BNPParibas BNP 2.824 3.58 Jan. 26, ’41 128 4 125WaltDisney DIS 2.650 2.38 Jan. 13, ’31 70 4 69Vodafone VOD 4.250 3.77 Sept. 17, ’50 135 4 130

High-yield issueswith thebiggest price increases…BondPrice as%of face value

Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Lastweek

Occidental Petroleum OXY 6.950 2.69 July 1, ’24 112.695 0.98 n.a.Navient NAVI 6.125 3.69 March 25, ’24 106.543 0.92 106.000Transocean RIG 6.800 14.08 March 15, ’38 53.500 0.50 49.500MGMResorts International MGM 6.000 1.78 March 15, ’23 107.594 0.47 n.a.

NokiaOyj NOKIA 6.625 4.16 May15, ’39 131.030 0.39 129.000Royal Caribbean RCL 5.250 3.13 Nov. 15, ’22 103.094 0.30 102.700QVC QVCN 4.375 1.25 March 15, ’23 105.656 0.25 105.712Owens–BrockwayGlass Container … 5.875 1.87 Aug. 15, ’23 108.781 0.23 108.655

…Andwith thebiggest price decreasesEmbarq … 7.995 6.52 June 1, ’36 114.000 –1.63 116.550Occidental Petroleum OXY 7.500 5.22 May1, ’31 117.500 –1.25 119.499DishDBS … 7.750 4.65 July 1, ’26 114.000 –1.00 115.890GenworthHoldings … 4.800 5.89 Feb. 15, ’24 97.250 –1.00 98.250

TevaPharmaceutical Finance … 6.150 5.50 Feb. 1, ’36 106.500 –1.00 107.000LBrands LB 6.750 4.94 July 1, ’36 119.125 –0.88 121.324Netflix NFLX 5.875 2.82 Nov. 15, ’28 120.507 –0.79 121.540

*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

2219.87 -3.0 U.S. Aggregate 1.560 1.020 1.630

U.S. Corporate IndexesBloombergBarclays

3313.40 -4.1 U.S. Corporate 2.230 1.740 2.750

3064.65 -1.5 Intermediate 1.500 1.080 2.250

4758.64 -8.2 Long term 3.450 2.730 3.610

664.52 -4.8 Double-A-rated 1.890 1.300 1.990

886.36 -3.6 Triple-B-rated 2.460 2.010 3.380

HighYieldBonds ICEBofA

504.97 1.9 HighYield Constrained 4.214 3.955 8.195

487.98 6.8 Triple-C-rated 7.103 6.809 17.871

3372.79 1.3 HighYield 100 3.763 3.261 6.888

455.16 1.7 Global HighYield Constrained 4.208 4.037 8.100

344.78 2.1 EuropeHighYield Constrained 2.588 2.434 6.011

U.SAgencyBloombergBarclays

1842.57 -1.3 U.SAgency 0.770 0.460 0.840

1614.45 -0.8 10-20 years 0.630 0.340 0.710

4002.85 -6.3 20-plus years 2.400 1.290 2.460

2849.53 -2.9 Yankee 1.770 1.370 2.130

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

2208.88 -1.0 Mortgage-Backed 1.740 0.980 1.850

2154.75 -1.0 GinnieMae (GNMA) 1.720 0.290 1.840

1304.88 -0.9 Fanniemae (FNMA) 1.750 1.160 1.860

2001.89 -1.0 FreddieMac (FHLMC) 1.750 1.140 1.870

597.48 0.3 MuniMaster 0.870 0.725 1.597

422.26 0.1 7-12 year 0.899 0.712 1.570

484.87 0.5 12-22 year 1.242 1.095 2.019

475.06 1.4 22-plus year 1.773 1.682 2.986

Global Government J.P.Morgan†

592.58 -3.7 Global Government 1.010 0.460 1.010

823.77 -4.6 Canada 1.560 0.610 1.560

403.13 -4.2 EMU§ 0.543 0.010 411.523

754.69 -4.9 France 0.430 -0.160 0.430

531.11 -3.8 Germany -0.030 -0.530 -0.030

294.81 -0.1 Japan 0.320 0.210 0.420

590.12 -4.5 Netherlands 0.110 -0.450 0.110

1011.01 -7.7 U.K. 1.190 0.420 1.190

907.87 -2.8 EmergingMarkets ** 4.818 4.295 6.140

Macro&Market Economics

WeeklyDemand, 000sbarrels per dayExpected Previous Year 4-week 5-year

Current change week ago avg avg

Total petroleumproduct 17,483 ... 19,691 16,814 19,083 18,393

Finished

motor gasoline 8,800 ... 8,864 7,398 8,911 8,970Kerosene-type

jet fuel 1,282 ... 1,084 352 1,182 1,361Distillates 3,968 ... 4,125 3,818 4,069 3,338Residual fuel oil 211 ... 120 202 171 298Propane/propylene 635 ... 1,353 868 954 ...Other oils 2,587 ... 4,145 4,176 3,796 ...

Natural gas storageBillions of cubic feet; weekly totals

250

1250

2250

3250

4250

M2020

J J A S O N D J2021

F M A

t

Natural gas,lower 48 states

t

Five-year averagefor each week

Note: Expected changes are provided byDowJonesNewswires' survey of analysts. Previous and average inventory data are inmillions.Sources: FactSet; DowJonesMarketData; U.S. Energy InformationAdministration; DowJonesNewswires

Watching theGauges: U.S. Supply andDemandInventories, imports and demand for theweek endedMay7. Current figures are in thousands of barrels orthousands of gallons per day, except natural-gas figures,which are in billions of cubic feet. Natural-gas importand demanddata are availablemonthly only.

Inventories,000sbarrels Imports,000sbarrels per dayExpected Previous Year 4-week 5-year Expected Previous Year 4-week 5-year

Current change week ago avg avg Current change week ago avg avg

Crude oil andpetroleumprod 1,283,823 ... 1,280 1,395 1,284 1,324 8,176 ... 7,886 7,181 8,277 9,884Crude oilexcludingSPR 484,691 -2,200 485 531 489 493 5,488 ... 5,451 5,391 5,740 7,700Gasoline 236,189 ... 236 253 236 242 936 ... 1,020 486 1,024 851Finished gasoline 21,146 -600 21 23 21 24 192 ... 242 92 195 87Reformulated 22 ... 0 0 0 0 0 ... 0 0 0 0Conventional 21,124 ... 21 23 21 24 192 ... 242 92 195 87Blend. components 215,043 ... 215 230 215 218 744 ... 778 394 830 764

Natural gas (bcf) 1,958 ... 2 2 2 2 ... ... ... ... ... ...

Kerosene-typejet fuel 40,640 ... 40 40 39 42 178 ... 147 108 160 125Distillates 134,419 -1,200 136 155 138 145 208 ... 169 193 169 148Heating oil 8,424 ... 9 9 9 10 0 ... 0 0 0 25Diesel 125,995 ... 127 146 129 135 208 ... 169 193 169 124Residual fuel oil 31,558 ... 32 37 32 36 154 ... 94 225 134 215Other oils 292,922 ... 290 293 289 285 1,082 ... 904 689 922 739

Net crude, petroleumproducts, incl. SPR 1,915,851 ... 1,913 2,035 1,918 1,990 322 ... -1,340 -278 152 3,498

iShMSCI EAFE EFA 77.67 –1.60 6.5iShMSCI EAFESC SCZ 72.90 –2.38 6.7iShMSCIEmgMarkets EEM 52.08 –2.76 0.8iShMSCIEAFEValue EFV 52.51 –1.22 11.2iShNatlMuniBd MUB 116.41 –0.18 –0.7iSh1-5YIGCorpBd IGSB 54.73 –0.11 –0.8iShPfd&Incm PFF 37.96 –0.97 –1.4iShRussell1000Gwth IWF 244.58 –2.50 1.4iShRussell1000 IWB 228.16 –2.20 7.7iShRussell1000Val IWD 156.45 –1.93 14.4iShRussell2000 IWM 211.85 –3.25 8.1iShRussell2000Val IWN 157.86 –3.15 19.8iShRussellMid-Cap IWR 74.82 –2.70 9.1iShRussellMCValue IWS 112.23 –2.69 15.7iShS&P500Growth IVW 65.96 –2.50 3.4iShS&P500Value IVE 145.99 –1.74 14.0iShShortTreaBd SHV 110.51 ... –0.0iShSilver SLV 25.09 –2.26 2.1iShTIPSBondETF TIP 127.27 –0.17 –0.3iSh1-3YTreasuryBd SHY 86.26 –0.01 –0.1iSh7-10YTreasuryBd IEF 113.52 –0.48 –5.4iShRussellMCGrowth IWP 99.98 –2.74 –2.6iShUSTreasuryBdETF GOVT 26.21 –0.40 –3.8JPMUltShtIncm JPST 50.71 –0.04 –0.2PIMCOEnhShMaturity MINT 101.96 –0.02 –0.1SPDRGold GLD 170.43 –0.99 –4.4SchwabIntEquity SCHF 38.54 –1.76 7.0SchwabUSBrdMkt SCHB 98.11 –2.27 7.8SchwabUSDiv SCHD 75.33 –1.77 17.4SchwabUSLC SCHX 97.99 –2.19 7.7SchwabUSLCGrw SCHG 130.59 –2.65 1.7SchwabUSSC SCHA 96.77 –3.23 8.7SchwabUSTIPs SCHP 62.15 –0.19 0.1

Closing Chg YTDETF Symbol Price (%) (%)

ARKInnovationETF ARKK 102.16 –3.73 –17.9CommSvsSPDR XLC 75.06 –1.96 11.2CnsmrDiscSelSector XLY 166.65 –3.39 3.7EnSelectSectorSPDR XLE 52.52 0.48 38.6FinSelSectorSPDR XLF 36.70 –1.02 24.5HealthCareSelSect XLV 121.73 –0.94 7.3IndSelSectorSPDR XLI 101.40 –2.40 14.5InvscQQQI QQQ 316.89 –2.59 1.0InvscS&P500EW RSP 146.00 –2.22 14.5iShCoreDivGrowth DGRO 49.60 –1.82 10.7iShCoreMSCIEAFE IEFA 73.78 –1.73 6.8iShCoreMSCIEM IEMG 63.19 –2.77 1.9iShCoreMSCITotInt IXUS 71.22 –2.02 6.0iShCoreS&P500 IVV 406.98 –2.14 8.4iShCoreS&PMC IJH 262.16 –3.11 14.1iShCoreS&PSC IJR 106.38 –3.08 15.8iShS&PTotlUSStkMkt ITOT 92.93 –2.22 7.8iShCoreTotalUSDBd IUSB 52.76 –0.38 –3.3iShCoreUSAggBd AGG 113.78 –0.35 –3.7iShSelectDividend DVY 119.00 –1.79 23.7iShESGAwareUSA ESGU 92.61 –2.24 7.6iShEdgeMSCIMinUSA USMV 71.13 –1.65 4.8iShEdgeMSCIUSAMom MTUM 159.69 –3.08 –1.0iShEdgeMSCIUSAQual QUAL 124.45 –2.21 7.1iShEdgeMSCIUSAVal VLUE 103.04 –2.54 18.6iShGoldTr IAU 17.34 –1.03 –4.4iShiBoxx$InvGrCpBd LQD 129.85 –0.54 –6.0iShiBoxx$HYCpBd HYG 86.62 –0.48 –0.8iShJPMUSDEmgBd EMB 110.08 –0.91 –5.0iShMBSETF MBB 108.14 –0.29 –1.8iShMSCIACWI ACWI 96.76 –2.06 6.7

Closing Chg YTDETF Symbol Price (%) (%)

Wednesday, May 12, 2021SPDRDJIATr DIA 336.00 –2.02 9.9SPDRS&PMdCpTr MDY 478.88 –3.10 14.0SPDRS&P500 SPY 405.41 –2.12 8.4SPDRS&PDiv SDY 123.20 –2.11 16.3TechSelectSector XLK 131.31 –2.81 1.0VanEckGoldMiner GDX 36.86 –2.07 2.3VangdInfoTech VGT 351.88 –2.94 –0.5VangdSCVal VBR 168.50 –2.97 18.5VangdExtMkt VXF 171.78 –3.17 4.3VangdSCGrwth VBK 260.67 –3.14 –2.6VangdDivApp VIG 151.38 –2.13 7.2VangdFTSEDevMk VEA 50.35 –1.76 6.7VangdFTSEEM VWO 51.02 –2.56 1.8VangdFTSEEurope VGK 66.16 –1.12 9.8VangdFTSEAWxUS VEU 61.40 –1.95 5.2VangdGrowth VUG 257.69 –2.62 1.7VangdHlthCr VHT 234.35 –1.17 4.7VangdHiDiv VYM 104.67 –1.53 14.4VangdIntermBd BIV 88.75 –0.45 –4.4VangdIntrCorpBd VCIT 93.35 –0.50 –3.9VangdLC VV 188.82 –2.24 7.4VangdMC VO 223.23 –2.57 8.0VangdMCVal VOE 139.21 –2.48 17.0VangdMBS VMBS 53.36 –0.24 –1.3VangdRealEst VNQ 94.71 –2.53 11.5VangdS&P500ETF VOO 372.73 –2.13 8.4VangdSTBond BSV 82.23 –0.07 –0.8VangdSTCpBd VCSH 82.61 –0.12 –0.8VangdShtTmInfltn VTIP 52.30 0.10 2.3VangdSC VB 211.77 –3.05 8.8VangdTotalBd BND 84.69 –0.35 –4.0VangdTotIntlBd BNDX 56.62 –0.28 –3.3VangdTotIntlStk VXUS 63.56 –1.96 5.7VangdTotalStk VTI 209.61 –2.25 7.7VangdTotlWrld VT 98.76 –2.16 6.7VangdValue VTV 136.67 –1.61 14.9

Closing Chg YTDETF Symbol Price (%) (%)

Exchange-Traded Portfolios | WSJ.com/ETFresearch

Largest 100 exchange-traded funds, latest session

P2JW133000-1-B00900-1--------XA

B10 | Thursday, May 13, 2021 * * * * THEWALL STREET JOURNAL.

52-Wk %Stock Sym Hi/Lo Chg

GasLogPtrsPfdA GLOPpA 23.90 0.6Global-EOnline GLBE 25.82 2.0GlbSpacSubUn GLSPT 9.88 0.4GreatAjaxNts24 AJXA 25.45 -1.7GrupoSimec SIM 23.00 -8.3GuarantyBcshrs GNTY 41.28 -1.3Hookipa HOOK 17.77 3.9HarrowHlthNts26 HROWL 25.12 0.4Hess HES 84.31 ...InfoSvcsGrp III 5.66 3.1InnSuitesHosp IHT 8.98 -14.7IntlGameTech IGT 21.14 -1.5iPower IPW 7.67 14.8JazzPharma JAZZ 180.39 1.2KKRAcqnI A KAHC 10.03 -2.6KT KT 14.02 1.8KimbellRoyalty KRP 13.00 2.6KinderMorgan KMI 18.48 0.7Knoll KNL 25.43 -1.2LiquiditySvcs LQDT 30.00 7.3MPLX MPLX 28.95 -1.2MaidenNts43 MHNC 24.09 0.1MaidenNts46 MHLA 22.24 -1.1MasTec MTZ 119.23 -4.2

52-Wk %Stock Sym Hi/Lo Chg

Clarus CLAR 21.93 0.1Coca-ColaEuro CCEP 58.07 1.9ContinentalRscs CLR 32.51 -0.4CorePoint CPLG 10.63 -3.6Curis CRIS 17.40 65.5CustomersBncpNt34 CUBB 27.08 ...Diageo DEO 187.04 2.3DiamondHeadWt DHHCW 1.16 ...Domino's DPZ 447.50 0.7DriveShackPfdD DSpD 23.99 -2.1EQT EQT 21.79 -0.3EarthstoneEner ESTE 10.17 -0.2Eastern EML 31.92 -2.5EastmanChem EMN 128.95 -2.6Enbridge ENB 40.42 -0.1Enerplus ERF 6.48 1.6EnterpriseProd EPD 23.89 0.7ExlService EXLS 99.73 -0.2ExtractionOil XOG 49.46 -0.1Fluor FLR 25.08 -2.7FortressBioPfdA FBIOP 26.44 -0.6FortressValueIV A FVIV 10.23 -0.1FriedmanInds FRD 10.49 3.9GAMCO Investors GBL 24.77 3.3

52-Wk %Stock Sym Hi/Lo Chg

HighsAlexionPharm ALXN 173.24 0.3Ambev ABEV 3.32 -1.5AmericanNatl ANAT 145.58 -0.6AnteroResources AR 11.80 -3.0AuroraAcqnA AURC 11.11 -0.8AusterlitzI Wt AUS.WS 1.60 1.0B.RileyPfdB RILYL 28.30 -0.6BerkshireHills BHLB 25.82 -0.1BonanzaCreekEner BCEI 41.47 -0.9BostonPrivFin BPFH 15.50 -5.5BrighthouseFin BHF 49.91 -0.4Broadstone BNL 20.70 ...Build-A-Bear BBW 9.28 -4.5BurgundyTechWt BTAQW 0.81 -1.3CF Acqn VIII Wt CFFEW 0.82 3.8CME Group CME 217.08 0.9CapitalSrLiving CSU 51.91 -7.9CapitalaFinNts22 CPTAG 25.35 ...CapStarFin CSTR 20.03 0.8CenturyCasinos CNTY 14.65 -0.4ChesapeakeEner CHK 52.68 0.9CimarexEnergy XEC 73.96 1.9

Wednesday, May 12, 2021

New Highs and Lows | WSJ.com/newhighs

HomePtCap HMPT 5.57 -1.4Honest HNST 14.91 2.5IonAcqn1 IACA.U 10.19 -0.7IonAcqn2 A IACB 9.86 -0.5IdexBiometrics IDBA 19.58 -6.8InflaRx IFRX 2.84 -17.9InstilBio TIL 14.82 -5.0JawsMustangWt JWSM.WS 0.94 -3.3KKRAcqnI A KAHC 9.76 -2.6KKRAcqnI Wt KAHC.WS 0.99 -4.6KKR Nts 2061 KKRS 25.36 -0.3KiromicBiopharma KRBP 5.69 -15.2KnowBe4 KNBE 17.10 -1.3LarimarTherap LRMR 8.00 23.7LazardGrowthI LGAC 9.74 -0.1Lightng eMotors ZEV 6.60 -11.3LogicBioTherap LOGC 4.51 -3.6Longeveron LGVN 5.25 -0.9M3-BrigadeIIWt MBAC.WS 0.62 7.9MarqueeRaineAcqn MRACU 9.91 0.2MedTechAcqnWt MTACW 0.80 -5.9MetroMile MILE 7.04 -5.8MissionAdvWt MACC.WS 0.51 -5.6MontaukRenew MNTK 8.48 0.5MuscleMaker GRIL 1.24 -5.1nCino NCNO 50.87 -6.9NuCana NCNA 3.08 -5.4NuvveHolding NVVE 7.58 -11.1NymoxPharm NYMX 1.64 -1.7ON24 ONTF 36.55 -5.3OdonateTherap ODT 2.95 -2.6OptheaADR OPT 7.75 -11.5Orgenesis ORGS 4.16 -7.5Orphazyme ORPH 5.46 -7.8

PMV Pharm PMVP 26.38 1.1Paya PAYA 9.12 -4.0Paysign PAYS 2.91 -13.6PeridotII Wt PDOT.WS 0.98 -5.7PivotalInvtIII A PICC 9.69 0.3PlanetGreen PLAG 1.33 -8.7PlumAcqnIWt PLMIW 0.84 -9.7PlumAcqnIA PLMI 9.70 -0.5PolyPid PYPD 8.40 3.4Pwr&DigitalA XPDI 9.77 -0.4PowerbridgeTech PBTS 1.10 -4.3PraxisPrecision PRAX 19.89 -16.3ProspectorCapWt PRSRW 0.75 -2.0Puxin NEW 2.77 -7.4RedBallAcqnWt RBAC.WS 0.97 -1.5ReinventTechWt RTP.WS 1.49 -0.6ReinventTechY A RTPY 9.90 0.2ReinventTechZ RTPZ.U 10.12 -0.6ReneoPharm RPHM 10.96 -10.6RibbitLeapUn LEAP.U 10.67 -3.0RibbitLeapA LEAP 10.17 -1.9RodgersSilVal RSVA 11.65 -6.0RomeoPower RMO 6.71 -5.0SVF Invt SVFAU 10.20 ...ScionTechI Wt SCOAW 0.68 5.8ScionTechII Wt SCOBW 0.61 -5.6ScopusBio SCPS 5.15 -1.0Seer SEER 28.35 -10.0SenseiBiotherap SNSE 9.60 -4.6ShoalsTech SHLS 25.34 -8.1Similarweb SMWB 19.75 -0.6SmartShareGlbl EM 6.50 -3.8SocialCapHedosIVWt IPOD.WS 1.57 -7.0SocialCapHedVI Wt IPOF.WS 1.50 3.6

SolenoTherap SLNO 1.00 -4.8Soligenix SNGX 0.93 -4.4SoligenixWt SNGXW 0.12 -13.8Spartan II Wt SPRQ.WS 1.19 -11.1Stamps.com STMP 164.57 -3.0StarPeak II Wt STPC.WS 1.26 -1.5TCW Spac Wt TSPQ.WS 0.67 -6.8TD Holdings GLG 0.95 2.9TPGPaceBenII YTPG 10.02 -0.1TSInnovA TSIA 9.86 -0.3TalarisTherap TALS 13.03 -7.9TalisBiomed TLIS 9.43 8.810XCapVentureWt VCVCW 1.27 -4.4TianRuixiang TIRX 10.36 -8.8TioTechA TIOAU 9.98 0.2ToughBuiltInds TBLT 0.62 -5.8TradeUPGlobal TUGCU 9.79 -0.6Trxade MEDS 3.10 -3.1TuataraCapA TCAC 9.65 0.3VallonPharm VLON 3.75 -5.1Vapotherm VAPO 16.94 -3.4VectivBio VECT 12.72 -2.9VectoIQII Wt VTIQW 0.95 -8.6VerbTechnologyWt VERBW 0.21 3.4Vertex VERX 16.13 -7.2VirnetX VHC 4.01 -0.5VitalFarms VITL 19.38 -6.1VorBiopharma VOR 21.27 -9.7Waitr WTRH 1.76 -6.8WarburgPinI-B Wt WPCB.WS 0.88 -13.7Waterdrop WDH 6.97 -9.8WerewolfTherap HOWL 12.74 -0.6Z-WorkAcqnA ZWRK 9.66 -0.5Zymergen ZY 31.00 -3.1

DHC Acqn A DHCA 9.65 -0.4DPCM Cap Wt XPOA.WS 1.00 -2.7Daxor DXR 8.98 -6.7DoorDash DASH 112.05 -9.3DragoneerGrwA DGNR 9.90 -0.5DyadicInt DYAI 3.64 -7.5EasterlyGovtProp DEA 20.02 -2.6EloxxPharm ELOX 1.68 0.6EvoAcqnWt EVOJW 0.49 -8.8FastAcqnII A FZT 9.75 -0.4FtacHeraA HERA 9.71 -0.3FtacParnassusA FTPA 9.85 ...FTC Solar FTCI 7.79 -25.1FangddNetwork DUO 3.16 -7.1FarPeakAcqnWt FPAC.WS 0.79 -3.9FigureAcqnI Wt FACA.WS 1.01 -6.6FinchTherap FNCH 11.56 -0.2FirstCapital FCAP 42.57 -0.5FirstHorizonPfdF FHNpF 24.50 -1.0FloraGrowth FLGC 4.00 -2.3Fonar FONR 16.58 -3.1ForestRoadAcqnIIWt FRXB.WS 0.83 -11.5FortressValueIV Wt FVIV.WS 1.10 -16.34D Molecular FDMT 27.11 -5.9FrontierComms FYBR 24.95 -2.2G&P Acqn A GAPA 9.66 0.1GBS GBS 3.44 -6.2Galecto GLTO 5.01 -3.2GeminiTherap GMTX 8.10 -8.1Global-EOnline GLBE 24.22 2.0GoodRx GDRX 28.84 -3.6HelixAcqn HLXA 9.98 -1.0HeritageInsurance HRTG 8.40 -1.6Hims&HersHealth HIMS 8.63 -9.4

BoqiIntlMed BIMI 1.14 -6.0ByteAcqnA BYTS 9.76 -2.4BaoshengMedia BAOS 3.00 -0.3BellerophonTherap BLPH 3.94 -0.5BerkeleyLights BLI 39.22 -8.3BigCommerce BIGC 42.17 -8.0BoltBiotherap BOLT 19.05 -3.9Bottomline EPAY 36.23 -2.0BridgetownA BTWN 9.85 -0.4Bridgetown2 BTNB 9.88 -1.0BrightScholarEduc BEDU 4.10 -12.8BroadmarkRltyWt BRMK.WS 0.15 3.1BrookfieldBRP Nts BEPH 23.92 -1.5Bumble BMBL 45.55 -6.7BurgerFiIntl BFI 10.13 -0.6CBRE Acqn Wt CBAH.WS 0.85 ...CCNeubergerIIWt PRPB.WS 1.00 -1.9CM Life II A CMII 10.34 -1.6CN Energy CNEY 4.02 -0.7CapOneFinlPfdL COFpL 24.10 -0.7ChinaXDPlastics CXDC 0.76 -22.0ChurchillV Wt CCV.WS 1.15 -3.3ChurchillVI Wt CCVI.WS 0.97 -0.9Co-Diagnostics CODX 7.28 -5.1CognyteSoftware CGNT 23.11 -4.1Compass COMP 14.19 -6.4Compugen CGEN 6.74 -3.2ComputeHlthWt CPUH.WS 0.92 -1.0ConcertPharm CNCE 3.68 -2.6ConnectBiopharma CNTB 14.27 6.7CooTekCayman CTK 1.83 -2.6Coupang CPNG 34.97 -2.5Crexendo CXDO 4.90 -7.3DFP Healthcare Wt DFPHW 0.98 -13.0

TFS Fin TFSL 21.65 -1.4TargaResources TRGP 38.96 0.5TasekoMines TGB 2.67 -6.5Tenaris TS 24.08 -0.8TrilogyMetals TMQ 2.69 2.8TwinDisc TWIN 12.99 -0.9TysonFoods TSN 80.71 -0.4US Oil Fund USO 45.70 0.8USComdtyIndxFd USCI 41.30 -0.6US12moOilFd USL 23.68 0.7Vaccitech VACC 14.68 6.1Veritiv VRTV 53.52 -5.7WW Intl WW 39.01 2.4WaldencastWt WALDW 2.93 6.7WestRock WRK 60.96 -3.8Westwood WHG 21.13 2.2Williams WMB 25.91 -1.4XPEL XPEL 73.03 2.2

LowsAryaSciencesIV ARYD 10.32 1.3AccelerateA AAQC 9.71 -0.4AevaTech AEVA 7.63 -6.0Akoya AKYA 16.83 6.7AlkamiTech ALKT 32.26 -9.4AltitudeAcqnWt ALTUW 0.90 ...AmbacFinWt AMBC.WS 3.19 -12.2Applovin APP 49.66 -2.3ArchimedesWt ATSPW 0.64 -1.6ArrayTech ARRY 13.22 -46.1AusterlitzII A ASZ 9.80 ...AveannaHealth AVAH 10.34 -6.2BM Tech BMTX 8.46 -5.5

MatadorRscs MTDR 30.57 -1.2MillerHerman MLHR 46.46 -1.7Moxian MOXC 8.69 10.0MurphyOil MUR 21.72 ...NamTaiProperty NTP 21.16 -5.1NatlWesternLife NWLI 260.00 4.3NavigatorHldgs NVGS 12.46 2.3Newmark NMRK 13.22 -0.8NewtekBusSvcs NEWT 30.20 4.6NortonLifeLock NLOK 25.24 7.2NovoNordisk NVO 78.18 1.9ONE GroupHosp STKS 11.95 13.5OriginBancorp OBNK 45.25 -0.2OsiskoGoldRoyal OR 13.99 -0.1PDC Energy PDCE 42.85 -2.8PartnersBancorp PTRS 8.25 -1.2PatriotTransport PATI 13.16 9.2PeabodyEnergy BTU 7.17 2.5Pearson PSO 12.19 -0.4PostalRealty PSTL 21.19 1.7RangeResources RRC 12.63 2.2RevolutionWt REVHW 2.25 36.4SVB Fin SIVB 595.90 -6.3SabineRoyalty SBR 36.70 0.6SandersonFarms SAFM 177.48 -1.9SelectInterior SIC 11.25 -3.6SilverSpikeII A SPKB 10.05 0.5SilverSpikeII Wt SPKBW 1.76 17.7SilverBowRscs SBOW 16.60 9.3Smith-Midland SMID 14.49 4.4SouthJerseyUn SJIV 56.32 -3.2SouthwesternEner SWN 5.18 2.9StoneX SNEX 70.08 -3.9SummitMaterials SUM 33.70 0.4

52-Wk %Stock Sym Hi/Lo Chg

52-Wk %Stock Sym Hi/Lo Chg

52-Wk %Stock Sym Hi/Lo Chg

52-Wk %Stock Sym Hi/Lo Chg

52-Wk %Stock Sym Hi/Lo Chg

52-Wk %Stock Sym Hi/Lo Chg

52-Wk %Stock Sym Hi/Lo Chg

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.

Net YTDFund NAV Chg %Ret

American Century InvUltra 76.39 -2.12 0.6American Funds Cl AAmcpA p 41.16 -1.02 5.2AMutlA p 49.49 -0.80 11.4BalA p 31.92 -0.44 6.0BondA p 13.38 -0.04 -2.5CapIBA p 67.48 -0.83 7.7CapWGrA 62.60 -1.21 5.7EupacA p 69.28 -1.33 -0.1FdInvA p 74.74 -1.52 8.3GwthA p 68.94 -1.74 2.1ICAA p 48.34 -0.99 9.2IncoA p 25.56 -0.30 9.3N PerA p 62.38 -1.32 3.1NEcoA p 59.10 -1.43 -0.7NwWrldA 89.35 -1.77 1.6SmCpA p 81.54 -1.96 2.5TxExA p 13.65 -0.02 1.0WshA p 56.14 -1.03 12.3Artisan Funds

Net YTDFund NAV Chg %Ret

IntlVal Inst 44.75 -0.35 NABaird FundsAggBdInst 11.35 -0.04 -3.0CorBdInst 11.73 -0.04 -2.7BlackRock FundsHiYBlk 7.81 -0.02 1.9HiYldBd Inst 7.80 -0.02 1.9BlackRock Funds AGlblAlloc p 22.63 -0.01 5.1BlackRock Funds InstEqtyDivd 23.48 -0.31 16.1StratIncOpptyIns 10.34 -0.02 0.5Bridge Builder TrustCoreBond 10.42 -0.03 -2.7CorePlusBond 10.30 -0.04 -2.1Intl Eq 14.23 -0.21 6.5LargeCapGrowth 21.43 -0.53 4.2LargeCapValue 16.98 -0.33 15.8Calamos FundsMktNeutI 14.12 -0.05 1.7Columbia Class I

Net YTDFund NAV Chg %Ret

DivIncom I 28.68 -0.54 11.6Dimensional Fds5GlbFxdInc 10.90 -0.02 0.1EmgMktVa 31.67 -0.90 10.8EmMktCorEq 25.58 -0.64 5.5IntlCoreEq 15.94 -0.29 9.6IntSmCo 22.29 -0.43 10.0IntSmVa 21.71 -0.38 13.6LgCo 30.50 -0.66 8.7TAUSCoreEq2 25.64 -0.64 11.8US CoreEq1 32.94 -0.79 11.3US CoreEq2 30.30 -0.76 12.7US Small 45.34 -1.39 18.3US SmCpVal 44.42 -1.31 29.3US TgdVal 30.12 -0.92 28.1USLgVa 44.82 -0.86 19.9Dodge & CoxBalanced 114.42 -1.24 14.4GblStock 15.62 -0.18 17.4Income 14.21 -0.04 -1.9Intl Stk 48.24 -0.45 10.4

Wednesday, May 12, 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.

Stock 233.29 -3.84 22.4DoubleLine FundsTotRetBdI 10.50 -0.03 -0.9Edgewood Growth InstitutiEdgewoodGrInst 53.42 -1.26 3.2Fidelity500IdxInstPrem141.13 -3.08 8.7Contrafund K6 19.69 -0.44 4.3ExtMktIdxInstPre 82.41 -2.71 4.8FidSerToMarket 13.89 -0.33 8.0IntlIdxInstPrem 48.34 -0.74 6.2MidCpInxInstPrem 29.58 -0.82 9.5SAIUSLgCpIndxFd 21.34 -0.47 8.7SeriesBondFd 10.38 -0.04 -3.1SeriesOverseas 12.94 -0.20 4.4SmCpIdxInstPrem 27.09 -0.91 8.4TMktIdxInstPrem116.22 -2.75 8.0USBdIdxInstPrem 11.98 -0.04 -3.1Fidelity Advisor INwInsghtI 38.52 -0.90 4.6Fidelity FreedomFF2020 17.77 -0.21 3.6FF2025 16.10 -0.20 4.2FF2030 20.23 -0.29 4.9FF2035 17.66 -0.30 6.6FF2040 12.66 -0.24 7.7Freedom2025 K 16.08 -0.20 4.3Freedom2030 K 20.22 -0.29 5.0Freedom2035 K 17.64 -0.30 6.6Freedom2040 K 12.66 -0.24 7.7Fidelity InvestBalanc 29.78 -0.58 5.5BluCh 163.52 -5.52 0.3Contra 17.15 -0.39 4.6

ContraK 17.20 -0.38 4.7CpInc r 11.15 -0.09 5.2GroCo 33.11 -1.04 0.7GrowCoK 33.21 -1.03 0.8InvGrBd 11.57 -0.03 -2.2LowP r 57.16 -1.16 17.5Magin 12.63 -0.34 1.4NASDAQ r 163.92 -4.49 1.3OTC 17.85 -0.52 1.9Puritn 27.55 -0.52 6.1SrsEmrgMkt 25.21 -0.59 1.0SrsGlobal 15.09 -0.27 5.2SrsGroCoRetail 23.03 -0.72 1.1SrsIntlGrw 18.32 -0.35 3.0SrsIntlVal 11.16 -0.14 10.6TotalBond 11.00 -0.04 -2.1Fidelity SAITotalBd 10.46 -0.04 -1.9Fidelity SelectsSoftwr r 27.11 -0.65 1.5Tech r 24.59 -0.99 -3.2First Eagle FundsGlbA 66.50 -0.93 8.6Franklin A1CA TF A1 p 7.78 -0.01 0.5IncomeA1 p 2.49 -0.02 NAFrankTemp/Frank AdvIncomeAdv 2.47 -0.02 NAFrankTemp/Franklin AGrowth A p 138.27 -3.39 2.1RisDv A p 86.09 -2.04 7.6Guggenheim Funds TruTotRtnBdFdClInst 28.51 -0.10 -3.0

Harbor FundsCapApInst 98.84 -3.06 -5.2Harding LoevnerIntlEq 28.93 -0.48 1.8Invesco Funds YDevMktY 54.45 -1.00 1.9John Hancock InstlDispValMCI 27.56 -0.63 18.2JPMorgan I ClassCoreBond NA ... NAEqInc NA ... NAJPMorgan R ClassCoreBond NA ... NALord Abbett AShtDurIncmA p 4.21 ... 0.9Lord Abbett FShtDurIncm 4.21 ... 0.9Metropolitan WestTotRetBdI 10.85 -0.04 -2.5TRBdPlan 10.18 -0.03 -2.5Northern FundsStkIdx 45.51 -0.99 8.7Old Westbury FdsLrgCpStr 17.85 -0.43 NAParnassus FdsParnEqFd 58.48 -1.30 9.1PGIM Funds Cl ZHighYield NA ... NATotalReturnBond NA ... NAPIMCO Fds InstlAllAsset NA ... NATotRt NA ... NAPIMCO Funds AIncomeFd 12.05 -0.03 NA

PIMCO Funds I2Income 12.05 -0.03 NAPIMCO Funds InstlIncomeFd 12.05 -0.03 NAPrice FundsBlChip 166.84 -4.17 0.8DivGro 65.09 -1.35 8.7EqInc 36.71 -0.67 17.9Growth 99.41 -2.47 2.5HelSci 98.37 -1.53 -0.5LgCapGow I 63.61 -1.51 3.9MidCap 115.60 -2.98 2.2NHoriz 79.59 -1.84 -3.3R2020 NA ... NAR2025 NA ... NAR2030 NA ... NAR2035 NA ... NAR2040 32.54 -0.64 NAPRIMECAP Odyssey FdsAggGrowth r 53.96 -1.59 0.5Schwab Funds1000 Inv r 89.87 -2.08 7.6S&P Sel 62.43 -1.36 8.7TSM Sel r 71.79 -1.70 8.0VANGUARD ADMIRAL500Adml 375.52 -8.18 8.7BalAdml 45.53 -0.71 3.5CAITAdml 12.29 -0.01 0.2CapOpAdml r191.54 -4.82 7.9DivAppIdxAdm 41.09 -0.88 7.6EMAdmr 42.53 -0.91 2.2EqIncAdml 90.32 -1.42 14.6ExplrAdml 125.21 -4.27 4.6

ExtndAdml 130.31 -4.27 4.8GNMAAdml 10.64 -0.01 -0.7GrwthAdml 132.55 -3.69 1.8HlthCareAdml r 92.05 -0.73 2.8HYCorAdml r 5.95 -0.01 1.1InfProAd 28.45 -0.05 0.7IntlGrAdml 154.49 -4.17 -3.6ITBondAdml 12.04 -0.05 -3.4ITIGradeAdml 10.06 -0.04 -2.5LTGradeAdml 10.57 -0.09 -8.9MidCpAdml 276.43 -7.42 8.1MuHYAdml 12.06 -0.01 1.9MuIntAdml 14.81 -0.01 0.5MuLTAdml 12.22 -0.01 0.9MuLtdAdml 11.24 ... 0.3MuShtAdml 15.94 ... 0.2PrmcpAdml r168.89 -3.86 9.8RealEstatAdml134.33 -3.40 12.2SmCapAdml101.48 -3.21 9.2SmGthAdml 91.65 -3.04 -2.4STBondAdml 10.78 -0.02 -0.4STIGradeAdml 10.96 -0.02 ...TotBdAdml 11.17 -0.04 -3.2TotIntBdIdxAdm 22.66 -0.05 -2.8TotIntlAdmIdx r 34.19 -0.65 5.6TotStAdml 101.98 -2.42 8.0TxMCapAdml213.12 -4.90 8.2TxMIn r 16.18 -0.29 6.7USGroAdml 163.04 -5.21 -4.1ValAdml 53.32 -0.86 15.5WdsrllAdml 78.76 -1.62 14.7WellsIAdml 70.30 -0.57 3.1WelltnAdml 80.74 -1.17 6.1WndsrAdml 83.44 -1.70 16.9

VANGUARD FDSDivdGro 35.96 -0.62 8.9INSTTRF2020 26.85 -0.30 2.3INSTTRF2025 28.25 -0.39 2.9INSTTRF2030 29.16 -0.44 3.7INSTTRF2035 30.00 -0.50 4.4INSTTRF2040 30.88 -0.56 5.2INSTTRF2045 31.67 -0.62 6.0INSTTRF2050 31.78 -0.63 6.0INSTTRF2055 31.86 -0.64 6.0IntlVal 43.65 -0.77 8.4LifeCon 22.81 -0.24 0.9LifeGro 42.26 -0.76 5.0LifeMod 32.58 -0.46 2.9PrmcpCor 32.76 -0.77 13.0STAR 31.97 -0.52 2.9TgtRe2015 15.92 -0.13 1.2TgtRe2020 35.07 -0.39 2.3TgtRe2025 22.16 -0.30 2.9TgtRe2030 42.02 -0.64 3.6TgtRe2035 26.33 -0.44 4.4TgtRe2040 46.56 -0.84 5.2TgtRe2045 29.86 -0.59 5.9TgtRe2050 48.18 -0.96 6.0TgtRet2055 52.31 -1.04 6.0TgtRetInc 15.02 -0.12 0.9TotIntBdIxInv 11.33 -0.03 -2.9USGro 62.93 -2.01 -4.1WellsI 29.02 -0.24 3.1Welltn 46.76 -0.67 6.1WndsrII 44.38 -0.92 14.6VANGUARD INDEX FDSExtndIstPl 321.56-10.55 4.8

IdxIntl 20.44 -0.39 5.6MdCpVlAdml 72.10 -1.82 17.5SmValAdml 72.41 -2.21 19.0TotBd2 11.02 -0.03 -3.2TotIntlInstIdx r136.73 -2.59 5.6TotItlInstPlId r136.77 -2.59 5.6TotSt 101.95 -2.42 8.0VANGUARD INSTL FDSBalInst 45.54 -0.71 3.5DevMktsIndInst 16.20 -0.29 6.7DevMktsInxInst 25.33 -0.45 6.8ExtndInst 130.30 -4.27 4.8GrwthInst 132.56 -3.69 1.8InPrSeIn 11.59 -0.02 0.7InstIdx 355.35 -7.74 8.7InstPlus 355.37 -7.75 8.7InstTStPlus 79.63 -1.88 8.0MidCpInst 61.07 -1.64 8.1MidCpIstPl 301.17 -8.08 8.1SmCapInst 101.48 -3.20 9.2SmCapIstPl 292.90 -9.26 9.2STIGradeInst 10.96 -0.02 ...STIPSIxins 26.24 +0.03 2.6TotBdInst 11.17 -0.04 -3.1TotBdInst2 11.02 -0.03 -3.2TotBdInstPl 11.17 -0.04 -3.1TotIntBdIdxInst 34.00 -0.07 -2.8TotStInst 102.00 -2.42 8.0ValueInst 53.32 -0.86 15.5WCM Focus FundsWCMFocIntlGrwIns 25.09 -0.54 1.4Western AssetCoreBondI NA ... NACorePlusBdI NA ... NA

Data provided by

WASHINGTON—A FacebookInc.-backed digital currencyproject is being revamped in abid to address concerns amongU.S. officials that it could beused for money laundering andother illicit purposes.

The project, initially knownas Libra and renamed Diem lastyear, is moving to the U.S. afterabandoning a bid to secure theimprimatur of regulators inSwitzerland, its backers saidWednesday.

The Diem Association alsoannounced a partnership withSilvergate Capital Corp., a LaJolla, Calif., bank. The lender,which has for several yearsserved cryptocurrency firms asa core part of its business, willissue the dollar-denominatedstablecoins, Diem said. Stable-coin prices are often pegged ata one-to-one ratio to a stableasset, such as the U.S. dollar, toavoid the volatility of othercryptocurrencies.

Among the other changes,

the association said its subsid-iary, Diem Networks, would runall operations for the plannedpayment network as well as thedigital stablecoin. It added thatDiem Networks plans to regis-ter with the Treasury Depart-ment’s Financial Crimes En-forcement Network, its anti-money-laundering unit.

Diem says its blockchain-based payment network will befaster and cheaper than exist-ing payment and transfer sys-tems, while protecting consum-ers and providing safeguardsagainst financial crime.

The moves represent the lat-est effort to address regulatoryconcerns about the potentialmisuse of cryptocurrencies.Diem’s chief executive, StuartLevey, who came aboard lastyear, spent eight years as topattorney at HSBC Holdings PLC.He played a central role in de-signing the George W. Bush ad-ministration’s sanctions on Iranas the Treasury Department’sfirst undersecretary for terror-ism and financial intelligence.

As first conceived by Face-book and partners two yearsago, the cryptocurrency wouldallow holders of digital walletsto send and receive tokensbacked by a basket of curren-cies. Facebook would create itsown wallet, which could beused for peer-to-peer paymentsand shopping on its platforms,though the platform would beopen to other wallets as well.

The first version of the pro-posal met a cool reception fromregulators around the world.Major payments industry part-ners, including Visa Inc. andMasterCard Inc., dropped out.Big banks approached by Face-book declined to sign on.

Lawmakers, already uncom-fortable with how Facebookhandled privacy around users’photos and posts, drew a lineon allowing it to handle users’money. The Treasury Depart-ment said at the time it wasconcerned that Libra could bemisused by money launderersand terrorist financiers.

Switzerland’s former presi-

dent declared in late 2019 thatplans to back Libra with a bas-ket of currencies were unac-ceptable, and that the project,“in this form, has thus failed.”

Libra’s launch was pushedback and its structure rede-signed to be more like a tradi-tional payments platform.Though the association hasplanned to seek approval fromSwiss regulators, Diem saidWednesday it was droppingthose efforts.

A Facebook subsidiary, Novi,is among 26 members of DiemAssociation, which also in-cludes ride-hailing firm UberTechnologies Inc. and e-com-merce company Shopify Inc. Nosingle member has a control-ling interest.

It wasn’t immediately clearwhen the project’s initial pilotfor the payment network wouldlaunch. Officials familiar withthe project said they were inclose consultation with U.S.regulators, but weren’t await-ing any licensing or other ap-provals.

Facebook Overhauls Crypto PlanCEO Mark Zuckerberg faced skeptical questions about the social network’s cryptocurrency when he testified at Congress in 2019.

ERIK

S.LE

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/EPA

/SHUTT

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BY ANDREW ACKERMAN

BANKING & FINANCE

a bevy of alternative crypto-currencies that have explodedin popularity and price in re-cent months. Its value changeswildly by the hour. Unlike withcash, or even bitcoin, it is hardto use Shiba Inu coin to buythings.

The most prominent alt-coin is dogecoin, created as ajoke in the fad for bitcoin dop-pelgängers. Shiba Inu is a jokeon a joke, named for the dogbreed that is the dogecoin’smascot.

The donation surfaced inpublicly available transactionrecords, which show that anaccount associated with Mr.Buterin sent some 50.7 trillionShiba Inu coins to an accountassociated with the India

Covid-Crypto Relief Fund. Thetransfer originated from an ac-count that Mr. Buterin, in a2018 post on his verified Twit-ter account, said was his.

He also sent the same fund$2 million of ether, the in-house currency of theEthereum Network, accordingto transaction records.

Mr. Buterin couldn’t bereached for comment. PunitAgarwal, who manages thevolunteer-run fund, said it re-ceived the ether and Shiba Inucoins from Mr. Buterin. TheIndia fund appears from itsTwitter presence to have beenset up in recent weeks.

The transfer was equivalentto about $1 billion at the timeMr. Buterin made it, multiply-

ing the price of the coin on anexchange by the 50.7 trillioncoins he sent. But memecoinprices are exceptionally vola-tile, and few are traded in suf-ficient quantity to absorb a gi-ant sale should someone wantto turn coins into spendablecurrencies.

Indeed, the transfer drovethe price of the Shiba Inu to-ken down by about 35%, ac-cording to data on Uniswap, aplatform on which it trades.

Mr. Agarwal said the fundwould work through a com-pany it set up in the UnitedArab Emirates to convert thecoins using FV Bank.

Those funds will be donatedto Indian nonprofits that areapproved to receive money

from overseas donors. Theywill also be used to send oxy-gen cylinders and other sup-plies to Indian hospitals, hesaid. Before Mr. Buterin’s do-nation, the fund had receivedabout $6.5 million.

The token, whose tickersymbol is SHIB, appears totrade on only a few exchanges,most prominently Uniswap. Itscreators designed the coin tobe cheaper than dogecoin. Asof May 10, the total supply ofShiba Inu was one quadrillion,according to the cryptocur-rency exchange Binance.

Mr. Buterin came into hisShiba Inu holding in a fairlyunorthodox manner. The coin’screators gave it to him, send-ing half the supply they cre-

ated to a wallet controlled byMr. Buterin.

Mr. Buterin, 27 years old,was an early bitcoin acolyte.In 2013, he conceived of theEthereum network as a bit-coin-inspired platform forhosting apps. Co-creatorscame on board, funds wereraised in 2014, and the plat-form launched in 2015.

Activity on the Ethereumnetwork has exploded thisyear on the back of two trendsthat rely upon it: NFTs, ornonfungible tokens, and“DeFi,” short for decentralizedfinance. The price of ether, thein-house currency on the net-work, has jumped from about$200 a year ago to more than$4,000 this month.

Vitalik Buterin, co-creatorof the crypto networkEthereum, donated more than$1 billion on Wednesday to arelief fund to combat thespread of Covid-19 in India.

At least, it was $1 billionwhen he made the donation—in a cryptocurrency that fewhad heard of and whose valueplunged right after news ofthe donation spread.

In more conventional terms,the donation would rankamong the philanthropy’s big-gest strokes. But little is con-ventional: The currency, ShibaInu coin, has been around forless than a year and is one of

BY CAITLIN OSTROFFAND PAUL VIGNA

Donation Is Made in Obscure Currency

would topMarsh & McLennanCos.’ total of $17.2 billion lastyear and dwarf the more than$6 billion at Gallagher.

Aon and Willis, both regis-tered in Ireland, are bettingthat the asset sales to Gallagherwould resolve the EuropeanCommission’s issues by allow-ing the rival broker to expandits business helping insurersbuy reinsurance or protectionagainst claims and extend itsreach geographically.

Aon and Willis aim to com-plete their tie-up by the end ofSeptember, assuming it gainsregulatory approval. It was firstannounced more than a yearago, by far the biggest globaltransaction at the time. But itcame amid a market selloff trig-gered by the spread of Covid-19that wiped out $5 billion of dealvalue on the first day of themerger plans becoming public.

Europe’s antitrust watchdogdeclined to comment. It is setto make its decision on the dealby Aug. 3.

Aon PLC and Willis TowersWatson PLC on Wednesdayagreed to sell a package of as-sets to a smaller rival in an ef-fort to win antitrust approvalfor their $35 billion tie-up tocreate the world’s largest insur-ance broker.

The $3.57 billion deal withArthur J. Gallagher & Co.comes as Aon and Willis are un-der pressure to address con-cerns from the EuropeanUnion’s executive arm around acombination of the No. 2 andNo. 3 brokers.

The EU fears that, left un-checked, their merger wouldnarrow customer choice andgive the combined entity toomuch sway over prices for help-ing clients purchase financialprotection against property andcasualty damages, trade ten-sions and cybercrime.

Together, the companieswould have combined revenueof more than $20 billion. That

BY BEN DUMMETT

Insurance BrokersAgree to Sell Assets

nancial-services investment com-pany, agreed in April to form ajoint venture to help boost SAP’sefforts to gain traction in supply-ing applications for financial ser-vices. SAP agreed to take a 20%stake in the venture and Dediqpledged to invest €500 million,equivalent to about $603million.

“It was clear to SAP that theHasso Plattner Foundation is apassive investor behind Dediq,but neither Hasso Plattner norRouvenWestphal are,” SAP said.

SAP said it chose Dediq afteran extensive search for a poten-tial partner to boost its financial-services business. When SAP andDediq agreed to set up the ven-ture, Dediq created a vehicle forits planned €500 million invest-ment in the venture.

BERLIN—SAP SE, the Germansoftware company, said a charityset up by Hasso Plattner, SAP’schairman and co-founder, had in-vested in a financial-servicesjoint venture SAP created, but itdenied any wrongdoing in notdisclosing the investment earlier.

After Germanmedia reportedthe existence of the Hasso Platt-ner Foundation’s investment thisweek, a spokesman for SAP saidan extensive compliance reviewbefore the transaction turned upno conflict of interest and thatneither Mr. Plattner nor RouvenWestphal, the foundation’s exec-utive director, had any opera-tional influence over the venture.

SAP and Dediq GmbH, a fi-

BY WILLIAM BOSTON

SAPChairman’sCharityInvested in Its Venture

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THEWALL STREET JOURNAL. Thursday, May 13, 2021 | B11

Several of those darlingslitter ARK’s funds and havegiven up a chunk of the largegains they racked up last year.Tesla Inc., the biggest holdingin several of ARK’s funds, hastumbled 17% in May aftersurging 700% in 2020 and ison track for its first annualdecline in five years. TeladocHealth Inc., Fastly Inc.,Twilio Inc. and Crispr Thera-peutics AG—other pandemicwinners that generate little tono profits—are down evenmore.

Few tech stocks have beenleft untouched by the selloff.Even the FAANG stocks—Facebook Inc., Amazon.comInc., Apple Inc., Netflix Inc.

and Google parent AlphabetInc.—have suffered declines ofabout 5.5% to 9.1% this month.

The tech behemoths re-ported blowout earnings forthe latest quarter, but manyinvestors say the economicwinds have shifted away fromthe group. For starters, theeconomy is getting back onfirmer footing as more Ameri-cans get vaccinated and busi-nesses fully reopen, creating amore conducive environmentfor a variety of stocks to run.

“The quick money is gone,”said Max Gokhman, head ofasset allocation at Pacific LifeFund Advisors, which manages$32 billion in assets, of thetech trade. “When growth is

MARKETS

AUCTIONRESULTSHere are the results ofWednesday's Treasuryauction. All bids are awarded at a single price at themarket-clearing yield. Rates are determined by thedifference between that price and the face value.

10-YEARNOTESApplications $122,372,069,000Accepted bids $62,750,698,000" noncompetitively $39,006,500" foreign noncompetitively $0Auction price (rate) 99.459286

(1.684%)Interest rate 1.625%Bids at clearing yield accepted 32.49%Cusip number 91282CCB5

The notes, datedMay 17, 2021,mature onMay 15,2031.

U.S. government bondyields posted their biggestone-day climb in almost twomonths Wednesday after newdata showed consumer pricessurged in April, a sign thatthe economic recovery is stillpicking up steam.

The yield on the bench-mark 10-year Treasury notefinished at 1.693%, accordingto Tradeweb, up from 1.623%at Tuesday’s close. That

marks the largests i ng l e - s e s s i ongain since March18.

Yields, which rise whenbond prices fall, shot up afterthe Labor Department re-ported its consumer-price in-dex jumped 4.2% in Aprilfrom a year earlier—the high-est 12-month level since thesummer of 2008—due to sup-ply bottlenecks and surgingdemand as the coronaviruspandemic eased.

Rising consumer pricesworry bondholders becauseinflation erodes the value ofbonds’ fixed payments andcan lead the Federal Reserveto raise interest rates.

Analysts and investors areparsing April’s data to gaugethe extent of what many ex-pect to be a monthslong risein prices.

Some say that faster-than-expected growth and infla-tion, fueled by the distribu-tion of stimulus money andvaccines, may force the Fedto tighten its easy-moneypolicies, which have includedholding interest rates nearzero and buying billionsof dollars worth of bonds.

“The market is trying toreorganize its thoughts aboutwhat today’s [inflation] datameans for the months ahead,”said Jim Vogel, interest ratesstrategist at FHN Financial.

The Fed expects inflationto climb this year. But cen-tral-bank officials have saidthey anticipate that rise to betransitory and to fall short ofits new goal of averaging 2%over time. That means lettingprices rise faster than 2% forsome time to make up for pe-riods of lower inflation.

In a speech Wednesday af-ter the inflation data were re-leased, Richard Clarida, theFed’s vice chairman, reiter-ated this belief, saying that“one-time increases in pricesare likely to have only transi-tory effects on underlying in-flation” and that he expectsinflation to return to, or per-haps run somewhat above,the Fed’s longer-run goal in2022 and 2023.

Some investors say contin-ued consumer-price risescould pressure the U.S. centralbank.

BY SEBASTIAN PELLEJERO

YieldsJump onInflationSignal

CREDITMARKETS

in ARK’s funds are unprofit-able tech and biotech compa-nies whose lofty valuationsare tied to bets that they willone day dominate their indus-tries. Those stocks have stum-bled lately on worries aboutrising inflation and an even-tual tightening of monetarypolicy. The latest sign of infla-tion came Wednesday whenthe Labor Department said itsconsumer-price index jumped4.2% in April from a year ear-lier, the highest 12-monthlevel since the summer of2008.

Analysts and money man-agers also say there are ram-pant concerns over the richvaluations of companies thatboomed during the pandemicbut whose growth now ap-pears unsustainable as theeconomy moves closer to afull reopening.

“You have a pretty cleartrend of the frothiest andcostliest corners of the marketneeding to be repriced,” saidDavid Bahnsen, chief invest-ment officer of BahnsenGroup, a $2.8 billion money-management firm. “And thedarlings of 2020 have a waysto go.”

ContinuedfrompageB1

ARKStumblesFurther

sort, so removals indicateshortages in the wider market,said Tom Mulqueen, an analystat Amalgamated Metal TradingLtd.

The rally is giving succor toaspiring tin miner CornishMetals Inc.

Last month, the companydrove a diamond-encrusteddrill into the ground to searchfor copper and tin in theGwennap district of Cornwall,southwest England, where cop-per was mined in the 1700sand 1800s.

To pay for the exploration,Cornish Metals listed itsshares in London and raised£8.2 million, or the equivalentof $11.6 million, a deal thatgained traction because of theupswing in prices, said ChiefExecutive Richard Williams.

Cornish Metals is weighing

ways to raise more money todrain as much as 10 million cu-bic meters of water fromSouth Crofty, a separate, dis-used tin mine a few milesdown the road.

Options include another eq-uity raise or a private-equitybacker, according to Mr. Wil-liams.

Another factor feeding intoa dearth of refined tin in theWest is the monthslong short-age of shipping containers.Traders face delays and highprices to ship refined metalfrom Malaysia, Indonesia andThailand, the biggest suppliersto buyers outside China.

In the spot freight market,the cost of a 40-foot containermoving goods from Asia to theWest Coast stood at $5,144Friday, according to freight-booking platform Freightos.

Freight rates fromAsia to:

Notes: Rates measure prices in the spot freight market,as opposed to longer-term contracts. Data as of May 7Source: Baltic Exchange & Freightos

$8,000

0

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2,000

3,000

4,000

5,000

6,000

7,000

a 40-foot container

’212020

Northern Europe

North America East Coast

North AmericaWest Coast

abundant in an economy,that’s when lower growthstocks, such as value, do bet-ter because you don’t need topay a premium for growth.”

Mr. Gokhman said PacificLife’s funds remain tilted to-ward value stocks, such as re-gional banks, energy firms andconsumer staples that trade atlow multiples of their bookvalue, or net worth.

Inflation also appears to besimmering, with analysts andinvestors pointing to short-ages in the labor market, ris-ing commodity costs and apickup in consumer prices.The Fed’s primary tool forcombating inflation is raisinginterest rates, something thecentral bank says it has no in-tention of doing this year ornext. Yet, the influx of fiscalstimulus along with near-zerorates has spurred speculationthat the Fed might have to actsooner to rein in an over-heated economy.

Investors said any chatterabout a potential rate increaseputs tech stocks on unstablefooting, especially after lastyear’s gangbusters perfor-mance. That is because inter-est rates are a significant vari-able in often-used valuationmodels that discount cashflow. Higher rates, underthose models, diminish thevalue of future cash flows,lowering the ceiling on valua-tion projections.

“The outperformance inmegacap tech stocks has likelyrun its course,” said AndreaBevis, a senior vice president

at UBS Private Wealth Man-agement. “We believe the nextleg of the equity rally will bedriven by value stocks, andsmall and midcap segments ofthe market.”

The latest downdraft hascut valuation multiples in halffor some of the pandemic’sbiggest winners. Tesla sharesnow trade at 116 times futureearnings, down from nearly220 earlier this year, accord-ing to FactSet. Online market-place Etsy Inc., whose shares

quadrupled last year, trades at49 times earnings versus morethan 100 times in January. Itsshares have fallen 20% thismonth.

Both stocks remain rela-tively pricey. The S&P 500’sconsumer discretionary sector,where the stocks reside,trades at 35 times earnings,while tech is at 25. The S&P500 stands at 21 times earn-ings, above its five-year aver-age of 18.

The tech sector’s repricinghas shaken billions of dollarsout of growth and tech funds,including those run by Ms.Wood. Invest

ors have pulled $1.6 billionfrom the ARK’s ETFs over the

past month, with nearly $600million coming out of the in-novation fund, according toFactSet.

That’s on top of about $7billion investors have pulledfrom other U.S. growth andtech funds this year. Over thesame period, more than $30billion has flowed into U.S.value funds.

Ms. Wood has repeatedlybrushed off worries about thelosses and outflows, sayingthe firm invests in stocks forat least five years, and noth-ing has changed other thantheir cheaper price tags. Infact, ARK has taken advantageof the selloff to add to its po-sitions in some beaten-downstocks such as Twitter Inc.,Peloton Interactive Inc. andRoku Inc. in recent sessions.

“Many consider what hashappened in the last threemonths to be the beginning ofanother, or the equivalent ofthe tech and telecom bust,”Ms. Wood said in a Tuesdaywebinar. “We do not believethat’s the case in the least.The kinds of growth thatwe’re going to see coming outof these technologies, we be-lieve, the kind of growth is go-ing to be astonishing.”

Other investors have fol-lowed Ms. Wood’s lead—theystepped in to buy the dip intech stocks Tuesday, helpingthe Nasdaq erase nearly all ofa 2.2% intraday decline by theend of the session. ARK, inthis case, tracked the market,with its innovation ETF clos-ing up 2.1%.

traded fund has risen 34% thisyear.

Behind tin’s comeback is asurge in sales of consumerelectronics such as laptops,cellphones and televisions dur-ing the pandemic.

Solder, the melted metalused to attach semiconductorchips to circuit boards andelectronic devices, accountsfor about half of global tin de-mand, said James Willoughby,analyst at the International

Tin Associa-tion.

The valueof world-wide semiconductorsales rose 3.6% in the firstthree months of 2021, com-pared with the previous quar-ter, and 17.8% from a year be-fore, according to theSemiconductor Industry Asso-ciation, a U.S. industry group.

The hot housing market isalso aiding tin’s recovery. Tin,used to make certain plasticsmore resistant to heat, is ben-efiting from a rush to buydrainpipes and cladding fornew homes.

Supplies are running low.Just 490 tons of refined tinwere available in LondonMetal Exchange warehousesdotted around the world lastweek, with 840 more ear-marked for withdrawal. That isjust over half what was avail-able at the end of 2020.

Metal in LME sheds is con-sidered the source of last re-

ContinuedfrompageB1

Tin RisesTo NearRecord

COMMODITIESThe metal’s advance is one of the biggest moves in soaring commodity markets

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The latest tech selloff hasweighed on the NasdaqComposite and sent CathieWood's ARK InnovationETF deep into negative territory.

Source: FactSet

2021 May

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30%

S&P 500

Nasdaq Composite

ARK InnovationETF

Index and fund performance, year to date

15%Drop at ARK’s flagship fund inthe first eight sessions ofMay

The oil supply glut thatbuilt up after the pandemicforced producing countries toslash output has almost re-turned to normal levels, theInternational Energy Agencysaid Wednesday.

But in its monthly report,the IEA cut its 2021 global de-mand growth forecast by270,000 barrels to 5.4 millionbarrels a day. Demand in Eu-rope and the Americas in thefirst quarter was weaker thanpreviously thought, the IEAsaid. The agency cut its sec-ond-quarter forecast for In-dian demand as the countrystruggles with high coronavi-rus infection rates.

The Paris-based organiza-tion left its demand estimatesfor the second half of the yearunchanged, adding that vacci-nation rollout programs, re-bounding economic activity

and easing transport restric-tions in the U.S. and Europeclear the way for crude de-mand to begin outstrippingsupply later this year.

The agency expects de-mand to outstrip supply evenafter the Organization of thePetroleum Exporting Coun-tries and its allies raise out-put. The IEA cut its alreadymoderate supply growth fore-cast for non-alliance produc-ers to roughly half theamount of last year’s contrac-tion, while also forecasting afurther drop in U.S. produc-tion in line with OPEC’s fore-cast this week.

The supply stocks held bythe wealthy nations of theOrganization for EconomicCooperation and Develop-ment slipped to 1.7 millionbarrels above the five-yearaverage of 2016-20, the IEAsaid. “Anticipated supplygrowth through the rest ofthis year comes nowhereclose to matching our fore-cast for significantly strongerdemand beyond the secondquarter,” it said.

Oil prices climbed to two-month highs after the IEA re-

leased its report. Brent crude,the global benchmark, rose1.1% to $69.32 a barrel, whileWest Texas Intermediate fu-tures, the U.S. gauge, added1.2% to $66.08 a barrel. RystadEnergy analyst Louise Dicksonsaid traders were focusing onthe IEA’s upbeat demand out-look, as well as similarly bull-ish forecasts from OPEC onTuesday.

Despite the IEA’s forecastthat the glut will start shrink-ing next month, significantrisks to the agency’s outlookremain in both supply and de-mand.

India has been reportingmore than 400,000 new coro-navirus cases a day, promptingthe IEA to cut its second-quar-ter demand forecast by 13%.

Restrictions are easing andmobility is improving in otherCovid-19 problem areas likeBrazil, but India’s exampleshows how fragile the post-pandemic economic recoverymight be, the IEA said.

While the plans of OPECand its allies to bring backmillions of barrels of held-back supply in the comingmonths won’t derail the oilmarket’s tightening, the pros-pect of a rapprochement be-tween the U.S. and Iran mightmean millions of extra barrelsof crude returning to the mar-ket, the IEA said.

Washington and Tehran areengaged in indirect negotia-tions to revive their nucleardeal and warmer relationsmight clear a path for the 2.4million barrels Iran is cur-

rently producing to be freelytraded.

Even accounting for Iranianbarrels, the OPEC+ alliancewould still produce 1.7 millionbarrels of oil a day fewer thanthe rate at which the world isforecast to consume it in2021’s fourth quarter.

In line with some of theforecasts made by the agencyand by OPEC over the pastyear, the IEA expects global oildemand to have almost re-turned to its pre-pandemicnormal level by the end of thisyear. The organization expectsdemand in the fourth quarterto be 120,000 barrels a dayfewer than it was in the samequarter of 2019.

BY DAVID HODARI

June 2020 '21

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Crude oil futures prices

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IEA Cuts Crude Demand ForecastAgency also expects adrop in oil supply, withlower productionlevels in the U.S.

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B12 | Thursday, May 13, 2021 THEWALL STREET JOURNAL.

HEARD ONTHESTREET

FINANCIAL ANALYSIS & COMMENTARY

Inflation Hits High Note,But It Isn’t EmbeddedIn Consumers’ Minds

Inflation might be picking up,but it isn’t like people are singingsongs about it.

The Labor Department onWednesday reported consumerprices rose 0.6% in April fromMarch, putting them 4.2% abovetheir year-earlier level. Some ofthat gain was driven by a rise ingasoline prices, but core prices,which exclude food and energyitems, rose 0.9% last month andwere up 3% from a year earlier.That marked the biggest 12-monthrise in core inflation since 1995.

In some respects the pickup ininflation has been both predictableand predicted. Prices dipped in Aprillast year as the Covid-19 crisis shutdown much of the country. Now wehave come up against the anniver-sary of those declines. Beyond thoseso-called base effects, the supply-chain problems brought on by thepandemic have been evident forsome time. It wasn’t hard to guesswhat might happen when the risingdemand brought on by a reopeningeconomy met those bottlenecks.

That is why Federal Reserve of-ficials aren’t acting at all alarmedabout what is happening withprices. This week, several of themsaid they expect price gains topick up this year, but that they

don’t believe much of the rise ininflation will persist once the sup-ply-chain snarls have been re-solved. The central bank isn’tready to start reducing its assetpurchases yet, much less to thinkabout raising rates.

Part of why is that, eye-poppingas some of the price increasesover the past year have been,higher inflation hasn’t embeddeditself in consumer psyches. Ameri-cans under 60 have next to no ex-perience of what it was like wheninflation was such a problem thatpopular musicians were singingabout it, like Marvin Gaye did in1971 (“Inflation no chance/To in-crease finance”) and again in 1972(“The nation’s taxation/Is causin’all, all this inflation”).

That is what it looks like, orrather, sounds like, when inflationexpectations have reached thepoint where they add to upwardprice pressures. Moreover, it is aprocess that takes awhile: The in-flation problems of the 1970s hadtheir root in price increases thatbegan to take hold in themid-1960s.

The other thing to recognize isthat, while the Fed doesn’t wantpeople singing about inflation, itmight like people to start hum-ming about it a bit more. It haslong sought to push its preferredmeasure of inflation (which runs abit cooler than the Labor Depart-ment’s gauge) to consistently aver-age about 2%, and to get there itneeds consumers’ long-term infla-tion expectations to rise above thevery low levels they have beenstuck at for years.

Which isn’t to say pricescouldn’t rise more than the Fed ex-pects over the next year. The cen-tral bank could easily be underes-timating how quickly demand willpick up and how persistent supply-chain problems prove to be, for in-stance. And if that leads Beyoncéor Taylor Swift to start singingabout inflation, watch out.

—Justin Lahart

U.S. technology giants face anawkward reality with their recenttax victories in Europe: The lessthey end up owing for past profits,the more they may be taxed on fu-ture ones.

On Wednesday, the EuropeanGeneral Court annulled a 2017 de-cision that ordered U.S. e-com-merce giant Amazon.com to pay€250 million, equivalent to about$304 million, in additional taxes toLuxembourg.

Last July, the court similarlyoverturned Apple’s €13 billion billfor Irish back taxes on years’worth of international earnings.

It won’t be the final word: TheEuropean Commission is likely toappeal both annulments to ahigher court. Even more impor-tant, the decisions will feed Euro-pean conviction that changes tothe rules are necessary to ensuredigital giants’ international profitsare taxed at levels closer to whatthe companies pay in the U.S.

Some will face bigger bills if theOrganization for Economic Cooper-ation and Development project tooverhaul global corporate tax rulesreaches an agreement by its sum-mer deadline. The Amazon rulingwill likely boost those negotia-tions. Even if the talks fail, France,the U.K., Spain and a handful ofother countries around the globewill likely start applying their owndigital service taxes. Many capitalshad delayed implementing the newlevies in the hope an OECD agree-

ment could be reached.A new proposal from the White

House revived talks last month.Hopes are high, but hurdles re-main. One sticking point is ensur-ing the new rules will apply to allthe U.S. tech giants. Amazon, inparticular, has become a potentsymbol in some capitals andWednesday’s court victory willonly fuel this fire.

Massive government spendingduring the pandemic has height-ened frustration with the meagertax revenues collected on the in-ternational profits of digital gi-ants, many of which have pros-

pered during the crisis. PresidentBiden’s call for companies to paymore tax to fund the recovery bol-sters the conviction to act in manyEuropean capitals.

Investors may welcome bigtech’s generous share buyback an-nouncements—$50 billion at Al-phabet and $90 billion at Apple.But they also add to the percep-tion that U.S. giants could affordto give governments more.

Amazon may welcome thecourt’s ruling, but the political op-tics could end up making it an ex-pensive victory.

—Rochelle Toplensky

Change froma year earlier inconsumer prices during the 1970s

Source: Labor Department via St. Louis Fed

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age was 967 million in 2020—down a full 35 million from 2015.The latest version of the UnitedNations’ core fertility scenario as-sumed China wouldn’t drop to thatlevel until well after 2030.

Besides the obvious need tocompletely scrap the remainingvestiges of China’s longstandingpolicies to limit births, Beijing hassome other levers it can pull tooffset the drag on the labor force:raising the retirement age, easingcontrols on internal migration,helping companies increase auto-mation, or dramatically boostingimmigration. With the exception ofautomation all of these are politi-cally very tricky, however—espe-cially the last.

Moreover, a rapidly aging popu-lation presents unique challengesfor China’s growth model, whichuntil now has relied heavily onproductivity-driving exports and ahigh savings rate to help offset thesignificant downsides of the verylarge state presence in the econ-omy. Working-age populations of-ten save more for the future, whilethe elderly spend down their sav-

ings or rely on their children orthe government.

If China’s savings rate startsfalling more rapidly, the cost forthe economy of supporting largenumbers of inefficient state-ownedenterprises with cheap credit—rather than funding entrepreneursand private businesses—will risesignificantly. Expansive industrialpolicy and research and develop-ment spending may become moredifficult. The elderly also tend tospend heavily on services such ashealthcare and tourism, whichcould pose challenges for policymakers’ plans to keep the economyfocused on manufacturing, whereproductivity growth is usuallyhigher. And an acceleration in therise of labor costs could shortenthe time frame China has to moveup the technological ladder beforeit is priced out of the lower end ofthe export value chain.

Demographics isn’t destiny, andthere are still real changes thatChina can make to ease the com-ing transition. But it will need tomove fast.

—Nathaniel Taplin

Beijing Confronts a Smaller,Grayer Dream for China

China is graying much morerapidly than many demographersexpected. That won’t be enough toderail its rise—but it will pose aserious challenge to its savingsand export-heavy economic model.It could mean a markedly smallerChinese economy by midcenturythan most mainstream economistsexpect.

The top-line results of China’sonce-a-decade census were re-leased Tuesday, showing a sharpdrop in births and a steeper dropin the working age populationthan expected. China’s fertilityrate is 1.3 children per woman, inthe same league as aging societiessuch as Japan and Italy. Originallythe results had been due in April,prompting widespread speculationthat the numbers would be bad.

China is far from the only majorcountry with a demographic prob-lem—the U.S. fertility rate droppedto 1.64 in 2020. But what is strik-ing about the latest Chinese fig-ures is how fast they are divergingfrom previous estimates. Accord-ing to official figures, China’s pop-ulation between 15 and 64 years of

Toyotas have a reputation forbeing reliable but unexciting, andthe Japanese automotive giantthat makes them can come acrossthe same way. Yet it is likely moreforward-thinking than it getscredit for.

The financial stability of ToyotaMotor was on full show in annualresults published on Wednesday.The company reported net incomefor the year through March equiv-alent to $20.7 billion—roughly 10%higher than the previous period—and it forecasts further growththis financial year. Unlike other bigauto makers, the company didn’thave any quarterly losses due tolast year’s lockdowns and doesn’texpect to curtail production due tothe chip shortage.

The stock rose about 2%, evenas the wider sector was led downby a 10% drop for Nissan. After theTokyo market closed on Tuesday,Toyota’s local peer unexpectedlyforecast another year of lossesamid the semiconductor drought.

Toyota’s steady performance be-lies the changes under way at theworld’s largest car maker by sales.Although it advertises it less ag-gressively, the company is as fo-cused as the likes of General Mo-tors and Volkswagen on keepingpace with Tesla and Silicon Valleysoftware. Toyota is becoming morevocal about its response—perhapswith an eye to tech-obsessed U.S.

investors.In a break with tradition, the

company gave the keynote speechin the presentation of its annualresults to chief digital officerJames Kuffner rather than ChiefExecutive Akio Toyoda. Toyotahired Mr. Kuffner—an Americanrobot engineer with an academicbackground at Stanford, the Uni-versity of Tokyo and Carnegie Mel-lon—in 2016 from Alphabet’s pio-neering self-driving car project.

Mr. Kuffner gave a high-level ac-count of Toyota’s wide-ranging ap-proach to reducing its products’carbon emissions. The company’sstrategy is sometimes seen as lag-ging behind because it doesn’t re-volve entirely around the all-elec-tric vehicles popularized by Tesla.Toyota hasn’t had to move as fastas peers with pure EVs to meettightening emissions rules in Eu-rope because of its popular, rela-tively clean, Prius hybrid. Also, itsglobal mass-market footprintmeans it will likely continue to selltraditional cars well into the fu-ture in countries that don’t havegood charging networks or govern-ment backing for EVs.

Still, Toyota is investing heavilyin a series of pure electric vehiclesfor the markets where they showsigns of taking off, notably Europe,China and the U.S. It unveiled aconcept version of its first modelin the series, the bZ4X, at the

Shanghai car show last month andhopes to begin sales by the middleof next year.

Mr. Kuffner’s presence on Toy-ota’s board attests to the impor-tance the company attaches tosoftware. In an effort to foster theculture of digital creativity neces-sary to win smartphone-centricconsumers, Mr. Kuffner runs a sep-

arate company within Toyotacalled Woven Planet—an approachVW is following.

Last month, Woven Planet ac-quired the self-driving tech assetsof Lyft for $550 million, giving itbases in Palo Alto and London, aswell as Tokyo.

The stock-market premium thatToyota fetches relative to GM and

VW has shrunk over the past year,as investors have become more op-timistic about the technologicaltransition plans under way underCEOs Mary Barra and HerbertDiess, respectively. They may yetwake up to the reality that Toy-ota’s own reinvention is in somecrucial respects ahead of the pack.

—Stephen Wilmot

Toyota Can Be a Technology Giant, TooJapanese auto maker’s EV plans in some aspects

are ahead of those of its competitors

The Rav 4 Plug-in Hybrid is one of the models behind the auto maker’s steady performance.

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Amazon’s Tax Victory Could Raise Its Bills

Some of the gain in prices was driven by a rise in gasoline prices.

LOGANCY

RUS/AGEN

CEFR

ANCE

-PRE

SSE/GET

TYIM

AGES

Digital services tax rate

Source: KPMG

*Highest proposed rateNote: Digital services taxed vary by country.

0 8%1 2 3 4 5 6 7

HungaryTurkeyCzech Republic*AustriaBrazil*Israel*CanadaFranceItalyLatviaSpainTunisiaU.K.KenyaPolandSierra Leone

Enacted Proposed

P2JW133000-0-B01200-1--------XA