Unfinished Buildings Testify To China's Evergrande Debacle

* * * * * TUESDAY, OCTOBER 5, 2021 ~ VOL. CCLXXVIII NO. 81 WSJ.com HHHH $4 .00

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OPEC and a Russia-ledgroup of oil producers agreedto continue increasing produc-tion in measured steps, dele-gates said Monday, decidingagainst opening the taps morewidely, and driving U.S. crudeprices to their highest levelssince 2014.

West Texas Intermediate,the main U.S. oil price, rose2.3% to close at $77.62 a barrel.Brent, the international gauge,added 2.5% to end at $81.26,its highest settling price inthree years. Climbing oil pricesrecently had analysts andeconomists expecting OPECand its Russia-led allies to liftproduction more significantly.

Instead, the Organization ofthe Petroleum Exporting Coun-tries and Russia said thegroup, which calls itself OPEC+,would lift its collective outputby 400,000 barrels a day inmonthly installments, part of apreviously agreed plan to re-turn output to pre-Covid-19levels.

In the U.S., oil drilling andPleaseturntopageA6

BY BENOIT FAUCONAND SUMMER SAID

Oil SoarsAs OPECSticks toOutputDecisionPrices hit 7-year highas cartel, Russia-ledgroup opt againstbig production push

While many pandemic-driven price pressures areeasing, broader sources ofhigher inflation are replacingthem.

That is the message from anumber of alternative infla-tion measures that strip awayprice changes due to idiosyn-cratic swings in supply anddemand, and home in on lon-ger-lasting pressures. Thesealternative indexes are signal-ing “inflation is not as ex-treme as what the headline ortraditional core shows rightnow, but it is picking up,” saidSarah House, director and se-nior economist at Wells Fargo.

Brent Meyer, an economistat the Federal Reserve Bank ofAtlanta, said, “All of thesemeasures have moved fromsignaling price stability to sig-naling sharp accelerations inunderlying inflation.”

Some economists interpretthis as inflation returning tolevels consistent with a

NEW YORK CITY—The kissof death for Mafia familiesisn’t necessarily from gangwars or snitches. These days,organized crime is threatenedmore by mismanagement,lousy hires and half-baked suc-cession plans.

Former mob investigatorspoint to the case against An-drew Russo, the man federalprosecutors allege heads theColombo crime family, one offive storied Mafia clans thatruled the New York under-world for much of the lastcentury.

The alleged Colomboleader’s management troubles

PleaseturntopageA10

Mob SuffersManagementTroublesi i i

New York clanfails to follow bestbusiness practices

BY JAMES FANELLI

BUSINESS & FINANCEBudget appliances

become harder to findas somemakers focuson premiummodels. B1

JASON GAYTampa Bay comes outon top amid theBrady vs. Belichickpsychodrama. A14

BRIANFLUHARTY/REUTERS

WASHINGTON—The Bidenadministration began definingits China trade policy, sayingit aims to launch new talkswith Beijing but will keep ex-isting tariffs in place, while

also restoring the ability ofU.S. importers to seek exemp-tions from those levies.

The new policy, outlined byU.S. Trade RepresentativeKatherine Tai on Monday,largely builds on the policyinitiated by former PresidentDonald Trump, who launched

By Josh Zumbrun,Bob Davis

and LinglingWei

Facebook Inc.’s serviceswent offline for as much as sixhours Monday before some ofthem were restored, an ex-tended outage that disruptedaccess for users and busi-nesses around the world andleft the tech giant flailing for asolution.

The company apologizedfor the outage, which affectedits core platforms and apps in-cluding WhatsApp, Instagramand Facebook Messenger—andwhich an outside tracking firmsaid appears to be the mostwidespread in its history.Facebook said the problemwas due to networking issues.Outside experts said it ap-peared to stem from a change

LU’AN, China—Rows of resi-dential towers, some 26 sto-ries high, stand unfinished inthis provincial city about 350miles west of Shanghai, theirplastic tarps flapping in thewind.

Elsewhere in Lu’an, goldenPegasus statues guard an un-completed $9 billion themepark that was supposed to bebigger than Disneyland. Aplanned $4 billion electric-ve-hicle plant, central to localleaders’ economic dreams, re-

mains a steel frame with over-grown vegetation spilling intothe road.

The structures are monu-ments to the once-grand ambi-tions of China EvergrandeGroup, now among the world’smost indebted property com-panies, and a case study inhow China’s dependence onreal estate as an economic en-gine helped feed those ambi-tions.

Evergrande is in trouble inpart because it developedproperties aggressively inplaces such as Lu’an, where itsdebt-fueled building spree

came as the city’s populationdwindled. It launched hun-dreds of projects across morethan 200 Chinese cities.

As it expanded, Evergranderacked up more than $300 bil-lion in liabilities. In Septem-ber, it said it was facing un-precedented difficulties andwas trying to protect custom-ers. Days later, it missed ascheduled interest payment tooverseas bondholders. OnMonday, Evergrande and itsproperty-management unithalted trading in Hong Kong;the unit said it could be sub-ject of a takeover bid, which

could bring in much-neededcash for Evergrande.

The company’s troubles areamong the impacts unfoldingsince Beijing, concerned aboutrisks to the financial system,last year began forcing devel-opers to start cleaning up theirbalance sheets. Global inves-tors are worried the crack-down could trigger financial-market distress or a protractedreal-estate downturn. Peoplewho bought units in unfinished

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BY YOKO KUBOTAAND LIYAN QI

Unfinished Buildings TestifyTo China’s Evergrande Debacle

Evergrande built aggressively in Lu’an, China; above, the unfinished Evergrande Junting site in the city on Sunday.

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Evergrande unit flags possibletakeover attempt..................... B1

China steps up pressure onTaiwan........................................... A9

the biggest trade war sincethe 1930s in an attempt to getChina to buy more U.S. goodsand to stop it from pressuringU.S. companies to hand overtheir trade secrets.

Ms. Tai said the U.S. wouldpress China to carry outpledges it made as part of thePhase One accord signed inJanuary 2020—including bymaintaining steep tariffs putin place by Mr. Trump on whatis currently about half ofChina’s exports to the U.S. Butshe said there were no plans

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U.S. Aims to RenewTalks With BeijingBut Keep Up Tariffs

healthy economy, after beingtoo low before the pandemic.“To now see price pressurespicking up, but not at ex-tremely worrying levels—it’sprogress,” said Blerina Uruci,senior U.S. economist at Bar-clays.

Inflation as measured bythe Labor Department’s con-sumer-price index was 5.3% inthe 12 months through Au-gust, close to the highest in 12years. Economists generallyexpect that to fall, but dis-agree on how much.

They attribute much of therecent surge in prices to tem-porary causes—such as a post-vaccine spending upsurge,specific supply-chain prob-lems and other productionbottlenecks—that should fadeas businesses increase output.

But an important questionis whether prices will con-tinue to increase more persis-

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BY GWYNN GUILFORD

Indexes Signal InflationPressures Are Spreading

Facebook seeks dismissal ofFTC’s antitrust lawsuit......... A4

the company made to net-working instructions for ac-cess to its systems.

The disruption hobbled com-munication both essential andmundane, cut off small busi-nesses from customers andslowed e-commerce acrossmyriad countries. Some compa-nies saw their operations andrevenues curtailed, underscor-ing the extent to which Face-book—despite the many contro-versies it faces—is at the centerof daily life all over the globe.

Users began to receive er-ror messages when trying toaccess Facebook platformsshortly before noon ET. Theoutage also caused widespread

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BY ROBERT MCMILLANAND TALAL ANSARI

Facebook OutageHits Users Globally

Dollar’s strength becomes aworry for Wall Street............ B1

Stocks SlumpTechnology selloff pullsdown major indexes............ B1

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What’sNews

The Biden administrationbegan defining its Chinatrade policy, saying it aimsto launch new talks withBeijing but will keep existingtariffs in place, while alsorestoring the ability of U.S.importers to seek exemp-tions from those levies. A1 China’s military flew 56sorties near Taiwan, includingflights by a dozen bombers,from the predawn hours intothe night Monday, intensify-ing such activity shortly afterthe U.S. warned against it. A9 Senate Majority LeaderSchumer set up a vote byWednesday on increasingthe federal government’sborrowing ceiling, but didn’tlay out how Democratsplanned to pass a bill with-out Republican votes. A4The Biden administrationreversed a Trump-era pol-icy that stripped federalfamily-planning dollarsfrom clinics that refer pa-tients for abortions. A3 Fumio Kishida waselected Japan’s new primeminister by the nation’s par-liament. He called for moreaggressive distribution ofwealth to those with lowerand middle incomes. A8 Europe’s top health reg-ulator issued a broad en-dorsement of Covid-19 vac-cine booster shots, divergingfrom U.S. officials’ more lim-ited recommendation. A8 The Nobel in medicinewas jointly awarded to Da-vid Julius and Ardem Pata-poutian for their work onhow the human bodysenses temperature, touchand movement. A3

OPEC and a Russia-ledgroup of oil producers

agreed to continue increas-ing production in measuredsteps, delegates said, decid-ing against opening the tapsmore widely, and drivingU.S. crude prices to theirhighest levels since 2014. A1Facebook’s serviceswentoffline for asmuch as sixhoursMonday before someof themwere restored, an ex-tended outage that disruptedaccess for users and busi-nesses around the world.A1 Facebook filed a motionseeking the dismissal of anamended FTC antitrustlawsuit alleging that thecompany engaged in un-lawful monopolization. A4 Major U.S. stock indexesposted declines, with theNasdaq, S&P 500 and Dowretreating 2.1%, 1.3% and0.9%, respectively. B1China Evergrande’s prop-erty-management unit said itcould be the subject of a take-over bid, a deal that couldbring inmuch-needed cashfor its parent company.A1, B1Sen.Warrenasked the SECto investigate whether per-sonal financial investments bysenior Fed officials, includingVice Chairman Clarida, vio-lated insider-trading rules.A2 Tesla subjected a Blackformer worker to a raciallyhostilework environment andfailed to take reasonable stepsto prevent him frombeing ha-rassed, a federal jury found.B1 Kelly Campbell, thepresident of Walt Disney’sHulu streaming platform,has resigned and is in talksto take a senior role atComcast’s NBCUniversal. B3

Business&Finance

World-Wide

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A2 | Tuesday, October 5, 2021 THEWALL STREET JOURNAL.

out statistical noise or zeroingin on historical pricing pat-terns, said Alex Lin, U.S. econ-omist at BofA Global Re-search. For example, someremove extreme price swingslike June’s surge in used-vehi-cle prices, which accountedfor more than one-third ofthat month’s CPI increase.

The Cleveland Fed’s 16%trimmed-mean CPI—whichlops off the most extremeprice changes—and its medianCPI, capturing the middle-most price change, both grewat the same month-over-month rate in August as inJuly, suggesting that fallingprices for airline fares, hotelsand rental cars caused theoverall CPI to overstate theslowdown in inflation.

The inflation shown bythese indexes is lower thanthe trend in the CPI and coreCPI, but still well above 2%,and—unlike those mainstreammeasures—continued to climbin August. The trimmed-meanCPI rose 3.2% in August com-pared with the same month ayear earlier, up from 3% inJuly and well above the 2%average between 2012 and2019.

The rising trimmed meanalongside a more sluggishpickup in the median CPI sig-nals that while many prices

are more sensitive to thestrength of the economy be-cause they go up when the la-bor market tightens, and intoan acyclical series of all otherprices.

During expansions of thepast 25 years, acyclical infla-tion was usually lower thancyclical inflation, but it wasfaster from April to June. Nowthe two are about the same.

The Atlanta Fed’s sticky-price CPI is also signaling apickup in underlying inflation.The index includes only itemswhose prices change relativelyinfrequently, meaning thatthey react slowly to changesin economic conditions—forexample, medical care andrent.

“By tracking this measure,we think we’re getting some-thing that’s telling usabout…inflation a year or twoor three out. And that mea-sure is starting to move up,”said the Altanta Fed’s Mr.Meyer.

The sticky-price CPI in Au-gust rose 2.6% from a yearearlier, a slight accelerationfrom July, and nearing the2.8% rate that prevailed justbefore the pandemic.

The significant increase inprice pressure signaled by thisand the other indexes is a po-tential worry, Mr. Meyer said.

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CORRECTIONS AMPLIFICATIONS

tently once these temporarydisruptions end.

The Federal Reserve has ar-gued that inflation will recedeto just above its 2% target by2022. Nonetheless, Fed Chair-man Jerome Powell, asked lastweek whether inflation is nowbroader and more structuralthan earlier this year, re-sponded, “Yes, I think it’s fairto say that it is.”

There were signs in Augustthat cost increases related tosupply disruptions had beguneasing. The core consumer-price index, which excludesthe often volatile categories offood and energy, rose just0.1% from July, the smallestmonthly increase since Febru-ary. Prices for used vehiclesdropped sharply, as did hotelrates and airline fares, possi-bly due to the impact of theDelta variant on travel.

Alternative inflation mea-sures can help suggest whereinflation is headed, by cutting

ContinuedfromPageOne

New PricePressuresEmerge

are experiencing above-aver-age inflation, most are not,said Robert W. Rich, directorat the Cleveland Fed’s Centerfor Inflation Research.

The median suggests “infla-tion will move back down to arange consistent with theFed’s long-term target, whilethe trimmed mean is suggest-ing there is more upside risk,”he said.

The unprecedented natureof the pandemic shock makes

interpreting these movementsunusually hard, he cautioned.

An index from the SanFrancisco Fed that reslices CPIbased on historical pricingpatterns also signals that tem-porary price increases causedby imbalances in supply anddemand are fading.

This index regroups theCommerce Department’s corepersonal-consumption expen-diture price index into a cycli-cal index, whose components

Alternative indexes signal that inflationmay be less pronouncedthan the headline figures show, but it is on the rise.

Percentageof items in thepersonal-consumptionexpenditureprice indexwithprice increases

CPI, change froma yearearlier, vs. Cleveland Fed’salternativemeasures

Sources: Federal Reserve Bank of San Francisco (PCE); Federal Reserve Bank of Cleveland,Labor Department (CPI)

*Trimmed-mean CPI excludes most extreme price changes.†Median CPI captures the median price change.

August 2021

CPI: 5.3%

Median CPI†2.42%

80

0

20

40

60

%

’20 ’212019

6

0

1

2

3

4

5

%

2019 ’20 ’21

Trimmed-mean CPI*3.2%

July 202184.3%

April 202054.9%

U.S. NEWS

day before Fed Chairman Je-rome Powell issued a statementsignaling a potential interest-rate cut due to concerns overthe budding pandemic.

The SEC declined to com-ment. The Fed said Monday itbegan discussions last weekwith its inspector general’s of-fice to conduct an independentreview of “whether trading ac-tivity by certain senior offi-cials was in compliance withboth the relevant ethics rulesand the law. We welcome thisreview and will accept andtake appropriate actions basedon its findings.”

In testimony before Con-gress on Sept. 28, Mr. Powellpromised a revamp of Fed poli-cies on how its leaders managepersonal investments to mini-mize even the appearance ofconflicts of interest. He con-ceded that the rules that al-lowed the trading by Messrs.Kaplan and Rosengren to occuraren’t adequate to sustain thepublic’s confidence, eventhough they appeared to satisfyeach bank’s existing protocols.

“We understand now thatwe need to modify our prac-tices, and we’re in the processof creating ideas and recom-mendations for that,” he said,referring to trading activitiesby Messrs. Kaplan and Rosen-

gren. He didn’t address Mr.Clarida’s financial disclosures,which were released this pastMay and reported byBloomberg News on Friday.

Ms. Warren asked the SEC tolook at the extent to which anytrades were influenced by non-public information available toFed policy makers and whetherthey violated provisions thatbar such transactions.

The trading activities by allthree men “reflect atrociousjudgement by these officials,”Ms. Warren wrote in her letter.Of Mr. Clarida, she wrote,

“there is no justifiable ethics orfinancial rationale for him orany other government officialto be involved in these ques-tionable market machinationswhile having access to nonpub-lic information and authorityover decisions that have ex-traordinary impacts on marketsand the economy.”

Unlike Messrs. Kaplan andRosengren, Mr. Clarida wasn’tactively trading in individualsecurities. Mutual funds or ex-change-traded funds are bas-kets of stocks, bonds or othersecurities. Mr. Clarida disclosed

a total of five transactions lastyear carried out on two dates—one in late February and theother in early August.

In the trades on Feb. 27,2020, Mr. Clarida sold out of abond fund and purchased as-sets in similar amounts in twostock funds. The last week ofFebruary kicked off a period ofintense volatility in financialmarkets, with stocks fallingand bonds rallying.

Mr. Clarida’s calendarshowed on Feb. 27, 2020, hespoke at 4:45 p.m. with a Fedboard member. Mr. Powell tookthe unusual step of issuing astatement on Feb. 28, 2020,saying the Fed would “act asappropriate to support theeconomy,” which signaled a po-tential interest-rate cut.

A Fed spokesman said in astatement that Mr. Clarida’s2020 transactions “represent apreplanned rebalancing of hisaccounts” that mirrored similaractivity he disclosed in April2019. “The transactions wereexecuted prior to his involve-ment in deliberations on Fed-eral Reserve actions to respondto the emergency of the coro-navirus and not during a black-out period. The selected fundswere chosen with the prior ap-proval of the board’s ethics of-ficial,” the spokesman said.

Ms. Warren introduced leg-islation last year that wouldbar senior government officialsfrom trading individual stocks.Mr. Clarida’s activities wouldn’trun afoul of those proposed ad-ditional restrictions.

The activity appears to be“exactly the kind of autopilottrade public officials are sup-posed to make,” said ChrisLow, chief economist at FHNFinancial in a note to clientsMonday. “Unfortunately forClarida…the timing, coinci-dence or not, stinks.”

The controversy over Fedofficials’ financial disclosures isheating up at the same timethat the White House is weigh-ing whether to reappoint Mr.Powell or to nominate someoneelse to succeed him when hisfour-year term as chair expiresin early February. Mr. Powellhad been seen as a front-run-ner for reappointment until re-cently. Fed governor Lael Brai-nard, who is the central bank’spoint person overseeing the re-serve banks, is another topcontender for the job.

Ms. Warren has heavily crit-icized Mr. Powell’s record onbank regulation and said shewould vote against his confir-mation if President Biden nom-inates him for a second termas chair.

Sen. Elizabeth Warren askedthe Securities and ExchangeCommission to investigatewhether personal financial in-vestments by senior FederalReserve officials, includingVice Chairman Richard Clarida,violated insider-trading rules.

In a letter to SEC ChairmanGary Gensler on Monday, Ms.Warren (D., Mass.) said theagency should determine thelegality of “ethically question-able transactions” by three Fedofficials. Two of those officials,Boston Fed President EricRosengren and Dallas FedPresident Robert Kaplan, re-signed from their positions lastweek after disclosure forms re-leased in early September andfirst reported by The WallStreet Journal showed bothmen traded extensively in indi-vidual stocks last year.

The third official, Mr. Clarida,moved between $1 million and$5 million out of one mutualfund and into two other fundson Feb. 27, 2020, which was the

BY NICK TIMIRAOS

Warren Seeks Probe of Fed Officials’ TradesSenator asks the SECto determine legality;central bank is in talkswith inspector general

Federal Reserve Vice Chairman Richard Clarida

SARA

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WASHINGTON—The Trea-sury Department is set to soonclaw back federal rental assis-tance from groups that haven’tacted to spend enough of themoney so it can be given toother communities withgreater need, according to newguidance published Monday.

The rental-assistance pro-gram is overseen by the Trea-sury Department but relies ona patchwork of more than 450state, county and municipalgovernments and charitable or-ganizations to distribute aid.Many of those groups havestruggled to launch their localprograms, hire staff and craftrules for how the money shouldbe distributed.

Grantees that haven’t obli-gated at least 65% of the fundsreceived under the pandemicEmergency Rental Assistanceprogram by Sept. 30 must sub-mit an improvement plan tothe Treasury Department lay-ing out steps they plan to taketo get more funds out the door,the agency said. The lowest-performing groups—those thathaven’t spent or distributed atleast 30% of the funds re-ceived—could see the reliefmoney redistributed.

The move will formalizesteps that Treasury officials formonths have been encouragingthe program’s grantees to taketo speed up assistance to strug-gling renters, one Treasury of-ficial said. Those steps shouldhelp boost participation insome communities and help theagency determine whether thefunds would be better spent inothers that have done a betterjob of distributing funds andcontinue to see high demandfor relief, such as Houston andPhiladelphia, the official said.

The rental-assistance pro-gram has been marred by de-lays and burdensome paper-work and delivered just afraction of the promised aid torenters and landlords. Sincelast December, Congress hasappropriated a total of $46.6billion to help tenants. As ofAug. 31, $7.7 billion had beendistributed, the Treasury De-partment said last month.

The Treasury Department is-sued guidance in February andin the spring that encouragedthose receiving grants to cutdown on documentation re-quired of tenants and landlords.

Many grant recipients didn’tmake all of the suggestedchanges. Several have citedprocessing difficulties, such asverifying tenant and landlordapplications, as reasons forwhy they have been slow todistribute aid. Others, includingthe state of Wyoming, said theamount of rental assistancefunds they received exceededtheir estimated need.

—Will Parkercontributed to this article.

BY KATE DAVIDSON

U.S. MightTake BackUnspentRental Aid

A customer shops for groceries in Wyoming, Mich. Economists attribute much of the recent surge in prices to temporary causes, such as a post-vaccine spending surge..

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THEWALL STREET JOURNAL. * * * * Tuesday, October 5, 2021 | A3

U.S. NEWS

The Biden administrationon Monday reversed a Trump-era policy that stripped fed-eral family-planning dollarsfrom clinics that refer patientsfor abortions.

The Department of Healthand Human Services finalizeda rule that would undo a 2019policy on a federal programwhich called for clinics thatreceived federal funding tophysically separate their abor-tion services in a differentbuilding from all other ser-vices, and not to discuss abor-tions as an option with pa-tients. The program, known asTitle X, offers about $286 mil-lion each year to clinics thatprovide reproductive health-care and other women’s healthscreenings, such as Papsmears, to about four millionuninsured Americans a year.

The new rule takes effectNov. 8.

“Our nation’s family plan-ning clinics play a critical rolein delivering health care, andtoday more than ever, we aremaking clear that access toquality family planning careincludes accurate informationand referrals—based on a pa-tient’s needs and direction,”said HHS Secretary XavierBecerra.

The ruling comes as the Su-preme Court returned to thecourtroom Monday and is ex-pected to take up a challengeto abortion rights after declin-ing to block a restrictive Texasabortion law.

The Biden administrationtook initial steps to undo theTrump administration policyin April.

Abortion-rights supporterscalled the Trump-era policy a“gag rule” because they said itprevented doctors and otherhealthcare professionals frompresenting patients with allavailable family-planning op-tions. They argued that bypushing family-planning clin-ics out of the federal networkwhere uninsured women couldreceive family-planning ser-vices, the Trump administra-tion also cut off access forwomen in many underservedcommunities where PlannedParenthood is the only pro-vider offering birth controland other women’s healthcare.

“The end of the Title X gagrule is a major victory for pa-tients, access to sexual and re-productive health care, andhealth equity,” said AlexisMcGill Johnson, president andCEO of Planned ParenthoodFederation of America.

Federal dollars have longbeen prohibited by law fromdirectly funding abortions,though advocates who opposethe procedure say funding toproviders like Planned Parent-hood, even for other services,essentially subsidizes them.

—Michelle Hackmancontributed to this article.

BY TARINI PARTI

FundingBan EndsFor ClinicsThat ReferAbortions

cludes the use of stimulationof the brain to restore thesense of touch to patients whohave lost it as a result of astroke or injury. “It’s all madepossible by these critical dis-coveries,” he added.

Dr. Julius was born in 1955in New York and is now a pro-

fessor and chairman of the de-partment of physiology at theUniversity of California, SanFrancisco. Dr. Patapoutian wasborn in 1967 in Beirut. Hemoved to the U.S. in his youthand is currently a professor atScripps Research in La Jolla,Calif.

While at UCSF in the late1990s, Dr. Julius used capsai-cin, a compound in chili pep-pers that causes a burningsensation, to identify a chemi-cal receptor in nerve endingsof the skin that responds toheat. In separate research, Dr.Patapoutian used pressure-

sensitive cells to discover newreceptors that respond totouch in the skin and internalorgans.

Both the scientists’ work in-volved identifying the specificgenes involved in sensing ei-ther heat or touch and thenfiguring out what those genesdid within cells.

Dr. Julius and his team as-sembled a library of millionsof DNA fragments from sen-sory neurons and found a sin-gle gene that made cells sensi-tive to capsaicin. That genedirects nerve cells to make aso-called ion channel thatopens up in response to cap-saicin and high temperatures,allowing electrically chargedparticles called ions to floodinto cells and send a pain mes-sage to the brain. That recep-tor was later named TRPV1.

“There is a time when youmake a discovery where youare the only person on theplanet, or at least you thinkyou’re the only person on theplanet, who knows the answerto a particular question,” Dr.Julius said in a media event.“And that’s a really thrillingmoment.”

That discovery, published ina 1997 paper, sparked a waveof research by large drugmak-ers hopeful that blocking theTRPV1 receptor could treatchronic pain.

The work also paved theway for the discovery of otherion channels.

One of those channels was acold-sensing receptor calledTRPM8, which Drs. Julius andPatapoutian uncovered inde-pendently of one another, us-ing menthol.

Dr. Patapoutian’s work ontouch uncovered two ion chan-nels, named Piezo1 and Piezo2after the Greek word for pres-sure, that open up in responseto touch. He later showed thatPiezo2 played a key role inhow the body senses its posi-tion and movement. Subse-quent work demonstrated howPiezo1 and Piezo2 help regu-late bodily functions such asblood pressure and bladdercontrol.

Dr. Patapoutian said thatwork was under way to findmolecules that block the Piezochannels as these could formthe basis of drugs for differenttypes of pain.

The Nobel Prize in physiol-ogy or medicine was jointlyawarded to David Julius andArdem Patapoutian for theirwork on how the human bodysenses temperature, touch andmovement.

The Nobel Assembly saidMonday that the scientists’discoveries had unlocked oneof the secrets of nature by ex-plaining the molecular basisfor sensing heat, cold and me-chanical force.

This basic understanding ofhow temperature and touchsignal the nervous system isnow being harnessed to re-search potential treatmentsfor chronic pain and othermedical conditions, the NobelAssembly said.

“These sensations of heatand pain and touch, if thoseare all converted to electricalsignals and sent to the brain,that opens up a whole newworld of potential treat-ments,” said Chad Bouton, aprofessor at the Feinstein In-stitutes for Medical Researchin New York, whose work in-

BY DENISE ROLANDAND BRIANNA ABBOTT

Nobel Prize in Medicine Awarded for Work on Senses

David Julius and Ardem Patapoutian were honored for explaining the molecular basis for sensingheat, cold and mechanical force. Above right, Thomas Perlmann, secretary of the Nobel Assembly.

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responsible for leading its owninvestigation with respect tothe hundreds of millions of dol-lars of devastation that it did toour environment and our econ-omy,” Mr. Spitzer said. An Am-plify representative didn’t re-spond to a request to comment.

The oil slick continued mi-grating south Monday, forcingthe closure of additionalbeaches in Orange County andthe Newport Beach harbor.Coast Guard officials said oilhad been spotted in the waterand on the beaches as farsouth as Dana Point, about 20miles down the coast fromNewport Beach.

“This is our worst fearcome to life,” said state assem-blywoman Cottie Petrie Norris,a Democrat who representsthe area. Based on her brief-ings with Coast Guard officials,she said she anticipates manyOrange County beaches couldbe closed for weeks or months.

State wildlife officials haveclosed a swath of coast 6

miles offshore and 20 mileslong to commercial and recre-ational fishing over oil con-tamination concerns and arepatrolling the waters to en-force the ban.

On Monday morning,county officials closed the har-bor in Newport Beach indefi-nitely, along with all beaches

in Laguna Beach, south of thespill site.

The spill from equipmentoperated by Amplify was re-ported Saturday morning.More than a dozen boats weredeployed Sunday to containand recover the oil in an oper-ation that included federal,

state and local agencies. Bylate Sunday, they had corralledapproximately 3,150 gallons.

The incident occurredcloser to populated coastal cit-ies than other major oil spillsin the past. The biggest on re-cord was in 2010 when thedrilling rig Deepwater Horizonexploded and sank in the Gulfof Mexico, discharging 168million gallons of oil over 87days. In 1989, the Exxon Val-dez ran aground in Alaska’sPrince William Sound, spilling11 million gallons of crude.

The largest previous spill inCalifornia released four mil-lion gallons off the coast ofSanta Barbara in 1969. In 1990,about 400,000 gallons spilledfrom a tanker that groundedon its anchor offshore fromHuntington Beach.

The ultimate cost of thecleanup was unclear Monday.Under federal law, Amplify En-ergy is required to have abond or insurance to help au-thorities pay for the cleanup.

Based on the amount of pro-duction at the oil field wherethe spill occurred, Amplify isrequired to have at least $35million set aside for an oilspill, people experienced in oilregulation said. The companydidn’t respond to inquiriesabout whether it had a bondor insurance in place.

Amplify is a smaller oil-and-gas company that focuseson older fields across the U.S.,including in the waters off thecoast of California.

Many large oil-and-gas com-panies have sold offshore as-sets in recent years as produc-tion declines, to transfer theliabilities related to pluggingand abandoning the wells. Butsuch asset sales present risksfor big oil companies becausemany of the buyers are smallercompanies, such as Amplify En-ergy, which may not have thefinancial wherewithal to bearcleanup costs, analysts say.

Amplify Energy is the suc-cessor company to MemorialProduction Partners, whichfiled for and emerged fromchapter 11 bankruptcy in 2017,shedding $1.3 billion in debt.

Amplify recently beganwork on the Beta field andplanned to spend more than$20 million, including drillingoffshoots from existing wells,to increase production there,the company said in an inves-tor presentation in August.

A subsidiary of the company,Beta Operating, has been issued125 noncompliance violationsby federal inspectors, accordingto BSEE, which is responsiblefor inspecting offshore oil plat-forms. The regulator didn’t de-tail the nature of the violations.Amplify’s stock closed downmore than 44% Monday.

Wildlife rescue teams areconducting flyovers of the wa-ters looking for injured birdsand other animals. They say itcould be weeks before a com-plete picture of the environ-mental impact emerges.

—Jim Carltoncontributed to this article.

The oil spill off the coast ofSouthern California may havebeen caused by a boat anchorhitting an underwater pipelineand causing it to rupture, thechief executive of the energycompany whose equipmentwas involved said Monday.

Amplify Energy Corp.Chief Executive MartynWillsher said at a news con-ference that his company hassurveyed more than 8,000feet of pipe located about 4.5miles off the coast using re-mote-controlled underwatercameras and has concludedthat an anchor collision is a“distinct possibility.”

He said it appears that ac-tive leakage has ended in thespill that began over the week-end, which officials have esti-mated totals 126,000 gallons.

“There’s more informationto come but I think we’re mov-ing very closely to a sourceand a cause of this incident,”Mr. Willsher said.

Ship anchors draggingacross the seabed have previ-ously caused pipeline rup-tures, particularly in watersnear ports that are heavilytrafficked. Older pipelines thataren’t buried deep enough orwell-maintained can be moresusceptible to such ruptures,according to research.

State and federal officialshave launched criminal inves-tigations into the spill, saidCalifornia Department of Fishand Wildlife Service spokes-man Eric Laughlin.

Amplify planned to senddivers to conduct further ex-aminations Monday afternoon,Mr. Willsher said.

At a separate news confer-ence, Orange County DistrictAttorney Todd Spitzer saidAmplify divers shouldn’t be al-lowed to inspect the suspectpipe section before CoastGuard or independent investi-gators can survey it.

“The company should not be

BY CHRISTINE MAI-DUCAND CHRISTOPHER M. MATTHEWS

Anchor Mishap Suspected in Oil SpillCleanup crews on Monday worked to mitigate the damage in an ecological estuary from an oil spill off the California coast that came ashore in Huntington Beach.

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Sources: Energy Department (infrastructure); NOAA (observed oil slick)

HuntingtonBeach

HuntingtonBeach

Santa AnaSanta Ana

IrvineIrvine

NewportBeachNewportBeach

Seal Beach NationalWildlife Refuge

Bolsa ChicaState Beach

Crystal CoveState Park

HuntingtonState Beach

AmplifyEnergypipeline

Oil platforms

Oil wells

Oil slickobservedMonday

3 miles

3 km

CALIF.

Area of detail

Port ofLong Beach

Long BeachLong Beach

The slick continuedmigrating southMonday, forcing theclosure of beaches.


A4 | Tuesday, October 5, 2021 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X * * * * * THEWALL STREET JOURNAL.

CAPITAL JOURNALBy Gerald F. Seib

networking services startingaround 5:20 p.m. ET Monday,according to the internet com-pany Fastly. About a half-hourlater, Facebook’s apps and sitesbegan functioning again forsome users, Fastly said. Be-cause the outage was so se-vere, the return to full recoverywent slowly, Facebook said.The company didn’t specifywhat caused the initial net-working issues.

The outage appeared tohave been the largest in thecompany’s history based onthe number of users affected.It is the largest ever detectedby Downdetector, which trackswebsite outages, with morethan 10.6 million problem re-ports from around the world.

Facebook Chief ExecutiveMark Zuckerberg apologized. “Iknow howmuch you rely on ourservices to stay connected withthe people you care about,” hesaid in a Facebook post.

The outage affected busi-nesses small and large whorely on Facebook.

Tricia Puleo, 52, who offersvirtual Zumba classes, said shewas unable to reach her cli-ents, as social media is theonly way they can find out the

The service has more than twobillion active users.

Facebook shares droppedmore than 5% on Mondayamid a broad market selloff.

Over the years, Facebookhas built up a complex world-wide system of data centers,software and gear to keep itsnetwork up and running, butthe outage appears to have be-gun with a problem at one par-ticularly sensitive point in thisecology. Like all companies thatoperate networks, Facebookuses a technology called theBorder Gateway Protocol, orBGP, to tell other network oper-ators where to find its servers.

On Monday, Facebook ap-peared to have withdrawn thisBGP information, meaning thatFacebook was no longer reveal-ing the location of its own do-main name system, or DNS,servers, which are used bybrowsers and mobile phones tofind Facebook on the internet.The change essentially meantthat the company and its ser-vices pulled a disappearing act,outside experts said.

—Jeff Horwitz,Meghan Bobrowsky

and Sarah E. Needlemancontributed to this article.

disruptions to Facebook’s in-ternal communication tools,including some voice calls andwork apps used for calendarappointments and other func-tions, according to people fa-miliar with the matter. Somestaff were using Zoom to re-main connected throughoutthe day, the people said.

In a blog post, Facebookblamed the outage on a config-uration error. The outage cutoff communications betweenits data centers, leading to acascade of disruptions as serv-ers were cut off with eachother, Facebook said. Internalsystems were also hit, makingit hard for the company’s engi-neers to diagnose and fix theproblem, the company said.User data wasn’t compromised,according to the company.

Facebook began restoring


PlatformsHit byOutage

tion is “a litigation-driven fictionat odds with the commercial re-ality of intense competition withsurging rivals such as TikTokand scores of other attractiveoptions for consumers.”

An FTC spokeswoman de-clined to comment.

The commission’s secondlawsuit offered a more de-tailed story about why it be-

lieves Facebook is unlawfullyleveraging market power tohobble any rival that mightthreaten its position.

In addition to arguing thatFacebook sought to buy rivalsrather than compete withthem, the new complaint seeksto revive arguments that Face-book used strong-arm tacticsto wound competitors, such as

times for her virtual class.“That’s how I advertise,” shesaid. “It affects how manypeople I reach, how many peo-ple come to my classes andhow much money I make.”

While even the biggest techcompanies occasionally go off-line unexpectedly, the durationand widespread nature of thedisruption for Facebook and allits platforms is unusual, said

Tom Daly, a networking expertwho was previously co-founderof the internet company Dyn.“They have a massive infra-structure with a massiveamount of complexity and theyhave to resolve all of that com-plexity to recover,” he said.

And while Facebook and In-stagram are largely used forsocial reasons, WhatsApp is anessential communication toolfor users around the world.

The outage comes ata time of immensescrutiny for thesocial media giant.

in the House, come from dis-tricts that have voted any-where from 25 to 35 pointsmore Democratic than thecountry as a whole.

M ore broadly, theHouse ProgressiveCaucus now has 95

members, while just 58 HouseDemocrats come from swingdistricts. Democrats barelyhave a majority in theHouse—but within that nar-row majority, progressiveshave outsize power.

The same dynamic holdson the Republican side. Geor-gia Rep. Marjorie TaylorGreene, who has outragedeven other Republicans withher divisive stands, comesfrom a district 28 pointsmore Republican than thecountry—the 12th most Re-publican district in the land.

This stratified environmentis why compromise is sohard, both between andwithin the parties. “It makesthe things that ought to berelatively easy hard,” says Mr.Heye, “and things that arehard become impossible.”

5-point advantage are consid-ered swing districts.

When Cook Political insti-tuted this system in 1997,there were 164 such swingdistricts. Today, that numberhas plunged to 78. By exten-sion, of course, the numberof districts that are safelyDemocratic or Republican hasrisen by a similar amount.

Thus has the political cen-ter been hollowed out. To seethe impact of this stratifica-tion on Washington, oneneed only look at the dis-tricts that produced the pro-gressive lawmakers who arein the driver’s seat in thecurrent debate over infra-structure and social spend-ing. Rep. Pramila Jayapal ofWashington state, head ofthe House Progressive Cau-cus, comes from a districtthat voted 36 points moreDemocratic than did thecountry as a whole in the lasttwo presidential elections.

The members of TheSquad, the group of youngprogressives who havebanded together to try toforce action in their direction

bers from these districts, thebest way to get into politicaltrouble back home is to com-promise with the other side,an apostasy that will producea primary-election challenge.At the same time, the num-ber of House members fromeach party who come fromswing districts where it’snecessary to appeal to votersacross the political spectrumhas declined.

The best way to see thistrend is to look at somethingcalled the Partisan Voter In-dex, a device the nonpartisanCook Political Report uses torate the ideological leaningof each of the country’s 435House districts.

The index gauges a dis-trict’s partisan leaning bylooking at how it voted ineach of the last two presi-dential elections. A districtthat voted an average 10points more Democratic thandid the nation as a whole, forexample, would be scored asa D+10 district. Districtswhere the presidential votewas close enough that nei-ther party had more than a

polarization in Americanpolitics isn’t merely betweenthe two parties, but alsowithin each of them.

Two powerful forces—the ideological stratifi-cation of the country

and the rise of data-drivengerrymandering of Housedistricts—have come to-gether to produce this dy-namic. Increasingly, Ameri-cans have sorted themselvesinto red enclaves and blueenclaves where they live withpeople who share their cul-tural and ideological mind-set. Meantime, state legisla-tures have drawn ever moreprecise maps of congressio-nal districts that pack like-minded voters into districtsthat are ideologically to theleft and right of center—andabsolutely safe for Housecandidates who merely playto the party’s base.

The result is a prolifera-tion of House members whohave no need to speak to theother party, or even to mod-erates and independents inthe center. Indeed, for mem-

U.S. NEWS

Why the Political Center Has Eroded

President Biden, with House Speaker Nancy Pelosi behind him, talking to the media at the Capitol following infrastructure-bill talks Friday.

RODLAMKEY/CNP/ZUMAPRESS

As Democratic progres-sives and moderates feudover President Biden’s do-mestic spending plans, Wash-ington veterans may have avague feeling they’ve seenthis movie before.

Well, they have—or atleast an earlier version of it.

That earlier movie pre-miered eight years ago, when

Republicanstore them-selves apart ina bitter inter-nal fight thatresulted in apolitically

damaging government shut-down. Then, a band of ideo-logically driven newer mem-bers overwhelmed the party’smore moderate leadership.

Those Republican conser-vatives were sure the countrywas with them in their(failed) drive to defundObamacare, much as Demo-cratic progressives now areconvinced that the country iswith them in their drive tospend $3.5 trillion on asprawling jobs, social-welfareand climate-change package.

“This very much remindsme of 2013,” says Doug Heye,who lived through that ear-lier episode as a top Republi-can House staff member. “Theinter- and intraparty politicsare strikingly similar.”

Those parallel political dy-namics are no accident. Theyare, instead, the result ofstructural forces that haveincreasingly empowered theideological wings of bothparties, while weakening thepolitical center. Indeed, toreally understand the fixDemocrats are in, it’s impor-tant to appreciate that the

WASHINGTON—Senate Ma-jority Leader Chuck Schumerset up a vote by Wednesdayon increasing the federal gov-ernment’s borrowing ceiling,but didn’t lay out how Demo-crats planned to pass a billwithout Republican votes.

Mr. Schumer warned earlierMonday that lawmakers mustact by the end of the week toavoid any repercussions.

“Let me be clear about thetask ahead of us: we must geta bill to the president’s deskdealing with the debt limit bythe end of the week. Period,”Mr. Schumer (D., N.Y.) wrote ina letter to his Democratic col-leagues.

Late Monday, he took stepsto have a Senate vote on legis-lation passed last week by theHouse to raise the debt ceilingthrough Dec. 16, 2022. But Re-publicans already telegraphedthat they would block the billduring a vote likely to occuron Wednesday. Sixty votes areneeded to clear a proceduralhurdle in a Senate divided50-50 between Republicansand Democrats.

“Why should we help facili-tate their reckless spendingand tax increases?” said Sen.John Cornyn (R., Texas). “Ifthey’re going to do it, theyneed to do it by themselves.”

Treasury Secretary JanetYellen has told Congress thatthe limit must be raised byOct. 18 or the governmentwon’t be able to pay its bills. Adefault on the debt could havecatastrophic financial conse-quences, and the pressure onboth parties to resolve the is-sue will likely grow as Con-gress nears the deadline.

BY KRISTINA PETERSONAND ALEX LEARY

SchumerSets UpSenateVote onDebt Limit

in a Washington, D.C., federalcourt, is its latest salvoagainst the Federal TradeCommission, which first suedFacebook in December on alle-gations that the social-mediagiant was illegally maintainingits dominant position, includ-ing by buying up potential ri-vals such as the messagingplatform WhatsApp and im-age-sharing app Instagram.

The commission is seekingto unwind those deals.

Facebook denies the allega-tions and says it achieved itsposition on the merits by of-fering services people want—for free.

In June, U.S. District JudgeJames Boasberg granted thecompany’s motion to dismissthe first FTC lawsuit, saying thecommission didn’t make enoughclaims to support its positionthat Facebook broke the law.

The FTC responded with anamended lawsuit in Augustthat bolstered allegations thatthe company is abusing a mo-nopoly position in social me-dia.

“This court gave the agencya second chance to make avalid claim. But the same defi-ciency that was fatal to theFTC’s initial complaint re-mains,” Facebook said in Mon-day’s filing.

The FTC, it said, has novalid data to back up its argu-ments that the company is amonopolist.

Facebook said the FTC’s posi-

preventing third-party app de-velopers from accessing Face-book’s platform.

Facebook on Monday saidJudge Boasberg rightly threwout those arguments already.

One chapter in the battlebetween Facebook and theFTC is new: The involvementof the commission’s new chair-woman, Lina Khan, a Biden ap-pointee. The company said thesecond lawsuit should be dis-missed for the additional rea-son that Ms. Khan shouldn’thave participated.

Facebook argued that Ms.Khan, a longtime critic oflarge tech companies, couldn’tbe impartial and had made upher mind before she joined theFTC that the company violatedthe law.

Facebook previously filed arecusal motion with the com-mission before the new law-suit but the FTC dismissed it,saying the company enjoyedappropriate constitutionaldue-process protections be-cause the FTC’s case would bein the hands of a federal court.

WASHINGTON—FacebookInc. filed a new motion Mon-day seeking the dismissal of agovernment antitrust case al-leging the company engaged inunlawful monopolization, fourmonths after it succeeded ingetting an earlier version ofthe complaint thrown out.

The company’s submission,

BY BRENT KENDALL

Facebook Seeks Dismissal of FTC’s Antitrust Lawsuit

A lawsuit filed by the Federal Trade Commission accusesFacebook of abusing a monopoly position in social media.

NINARIGGIO/BLOOMBERG

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The averageCMOonly lasts��

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THEWALL STREET JOURNAL. Tuesday, October 5, 2021 | A5

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U.S. NEWS

trying to develop a universalvaccine against influenza—without success yet. Coronavi-ruses, which mutate less oftenand have fewer distinct lin-eages, may be an easier target.But scientists say it could takeyears to develop one that pro-tects against most of the coro-naviruses that infect humans,with many challenges alongthe way.

The Coalition for EpidemicPreparedness Innovations, anOslo-based organization thatfunds development of vaccinesfor epidemic diseases, is in-vesting $200 million in grantsfor early-stage development ofvaccines that protect broadly

against dangerous coronavi-ruses. The U.S. National Insti-tute of Allergy and InfectiousDiseases, whose scientists arestudying ways to make coro-navirus vaccines, is awarding afurther $95 million to otherresearchers, including $36 mil-lion to teams at Duke Univer-sity, the University of Wiscon-sin, Madison and Brigham andWomen’s Hospital in Boston.

Several companies are de-veloping multivalent Covid-19vaccines, which would targetSARS-CoV-2 variants. The Bi-den administration and otherfunders should give priority tothe development of shots thatwould broadly protect against

these variants, said Eric Topol,director of the Scripps Re-search Translational Institutein La Jolla, Calif. “What we re-ally need is a global collabora-tive effort,” he said.

The vaccines now in devel-opment wouldn’t protectagainst all coronaviruses. Theviruses are quite distinct fromone another, making it a scien-tific challenge to create onevaccine that targets them all.Most researchers are focusingfirst on vaccines against sar-becoviruses, the group ofgreatest concern because it in-cludes the pathogens behindCovid-19 and severe acute re-spiratory syndrome, or SARS.

demand from reopening econo-mies that have outpaced theability of producers to increaseoutput and efficiently deliverraw materials to market. Ris-ing prices are being passed onto consumers through in-creases in the cost of finishedgoods and have stoked fearsthat inflation could derail theeconomic recovery.

OPEC+ abandoned the pricewar early last year when thecoronavirus shut down econo-mies and drove down demand.As economies started to re-open, OPEC+ began returningthat oil to the market. It morerecently agreed to add about400,000 barrels a day of crudeeach month, seeking to returnproduction to pre-Covid-19 lev-els by next year.

Economies have startedhumming again after near-hi-bernation during some of theworst periods of the pandemic.Natural-gas prices, too, havesoared on higher demand andlow inventories in the U.S. andEurope. High coal and gasprices and government effortsto cut electricity use have ledto power cuts in China.

The shortages have contrib-uted to high oil prices, analystssaid. Some of the world’s gas-fired power plants can switchto using oil. While it is tooearly to say whether any havedone so in any great number,markets have been pricing in alift in crude demand.

Saudi Arabian Oil Co. hasforecast that a temporary shift

from natural gas to oil in somepower generation could add500,000 barrels a day of oil de-mand.

Meanwhile, U.S. frackers,which normally boost outputwhen prices rise, have beenreining in their spending in-stead. The lack of a U.S. bumpin supplies so far means “con-trol of pricing is very much inthe hands of OPEC+,” said MikeMuller, the head of Asia forcommodities trading giant Vi-tol, during a Sunday webinarhosted by Dubai-based consult-ing firm Gulf Intelligence.

At a technical meeting lastweek to prepare for Monday’sgathering, OPEC economiststold delegates that the groupcould face excess supply by theend of the year. A documentprepared by the secretariat,seen by The Wall Street Jour-nal, forecast that oil marketscould be oversupplied as earlyas December.

Delegates said the meetingwas a straightforward affair,compared with recent meet-ings of OPEC+ that have beenmore contentious. Earlier thisyear, the United Arab Emirates

held up a decision for days, in-sisting it be allowed to pumpmore oil inside the group’scomplex quota system.

Between meetings last yearand earlier this year, delegatesveered from optimism aboutthe pace of recovery to pessi-mism over signs of slowergrowth.

This time, delegates said,they coalesced around stickingwith the group’s gradual planto boost output. Saudi Arabiaprivately signaled to some del-egates it is seeking higherprices now to make up for lostrevenue last year, according todelegates. Oil-export revenuein Saudi Arabia almost halvedto $119 billion in 2020 com-pared with the previous year,according to OPEC’s statisticalreport issued last week.

The kingdom is also confi-dent the global economy cancope with high prices amid thepost-Covid recovery, and isn’tworried about U.S. shale pro-ducers taking advantage ofhigher prices. In the past, shaleproducers have quickly sprunginto action, boosting output totake advantage of prices.

This time, Saudi Arabian of-ficials believe, pressure fromU.S. investors has kept manyon the sidelines, according todelegates. “The kingdom iscomfortable with the currentprice range and feels it won’tweigh on demand for oil,” aSaudi official said.—Ryan Dezember contributed

to this article.

output have been tickinghigher, though they are yet toreturn to pre-pandemic levels.The last time that domesticcrude prices were so high,there were about 1,100 morerigs drilling for oil than the428 at work last week, accord-ing to oil-field-services firmBaker Hughes Inc.

That was before the pan-demic crushed demand fortransportation fuels—and be-fore OPEC and its market allieslaunched in late 2014 a pricewar against U.S. shale drillersby turning on the taps andflooding the market with cheapcrude.

Average daily crude produc-tion in the U.S. has been 6.7%lower than a year earlier whilecommercial stockpiles of crude,excluding the government’sStrategic Petroleum Reserve,are 15% lower, according to theU.S. Energy Information Ad-ministration.

Oil’s recent gains are part ofa broad rally in the price ofcommodities, from lumber andoats to propane and naturalgas. The gains have been pro-pelled by sharp increases in


Oil RisesSharply onOPECMove

tists warn another is likely.Many animals, including batsand rabbits, carry coronavi-ruses that can spread to hu-mans. Millions of people aroundthe world are being exposed tothe pandemic virus, SARS-CoV-2, raising the risk thatnew, vaccine-resistant variantswill arise, scientists say.

“We need to work proac-tively on these viruses andmany, many others,” said Da-vid Veesler, a University ofWashington School of Medi-cine biochemist whose lab istesting an experimental vac-cine against a group of coro-naviruses.

Scientists have spent years

Kayvon Modjarrad is out towin the war against this pan-demic—and the next one.

An emerging-infectious-dis-eases researcher with the U.S.Army, Dr. Modjarrad is pursu-ing a vaccine to protectagainst a range of coronavi-ruses that cause disease in hu-mans—including Covid-19variants that might elude to-day’s vaccines.

The goal is to prevent thenext new one from spreadingaround the globe. Such a shotmight even stop coronavirusesthat cause some commoncolds.

His research team is one ofroughly 20 groups around theworld working on so-calleduniversal, or pan-coronavirus,vaccines: shots that wouldblock many related viruses atonce, including ones that haveyet to infect anyone. Afteryears of battling Ebola, Zika,H1N1 pandemic flu and othernew pathogens, Dr. Modjarradand other emerging-diseaseexperts say they want to havea vaccine in hand to blunt thenext new pathogen to comealong, whatever it may be.

“It’s our way out not just ofthis pandemic but this cycle ofepidemics,” said Dr. Modjar-rad, director of the emerging-infectious-diseases branch ofthe Walter Reed Army Insti-tute of Research in SilverSpring, Md.

Three deadly new coronavi-ruses emerged in the past 18years, including the virus thatcauses Middle East respiratorysyndrome, or MERS, and scien-

BY BETSY MCKAY

If they are able to success-fully create a sarbecovirusvaccine, then the next step ismaking vaccines that block be-tacoronaviruses, which includesarbecoviruses and the virusthat causes MERS, which wasfirst detected in 2012 and hasabout a 35% mortality rate.The group also includes twoviruses that cause commoncolds.

“You have to prove that youcan get to the moon beforeyou try to go to Mars,” Dr.Modjarrad said.

Recent studies of antibodiesin people infected with SARS-CoV-2 are helping to speedvaccine development, saidDennis Burton, an immunolo-gist at Scripps Research. Heand other researchers haveidentified “broadly neutraliz-ing antibodies” that ward offboth the pandemic virus andclose viral cousins. Vaccinescan then be developed thatgenerate those antibodieswhen delivered into patients,he said.

The U.S. Army’s Dr. Modjar-rad and his colleagues recentlytested an experimental vaccineconsisting of copies of a SARS-CoV-2 spike protein attachedto a soccer-ball-shaped nano-particle made of ferritin, aniron-storing blood protein. Thevaccine protected macaquesagainst the original pandemicvirus, the researchers re-ported. The blood serum ofthe vaccinated macaques alsofought off all the major SARSvariants, Dr. Modjarrad said.

The researchers are now an-alyzing data from an early-stage clinical trial of the vac-cine in humans, Dr. Modjarradsaid, and testing in mice a simi-lar vaccine meant to protectagainst a larger number of be-tacoronaviruses, including thevirus that causes MERS.

Doctors Seek Broad Vaccine for CoronavirusesGoal is to prevent thenext new pathogenfrom turning intoanother pandemic

Roughly 20 groups world-wide are working on universal, or pan-coronavirus, vaccines. A Covid-19 vaccination clinic in Southfield, Mich.

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“Every adult in our schoolsis now vaccinated. That’s go-ing to be the rule going for-ward. That’s the way to keepkids safe,” Mr. de Blasio said,stressing that the issue hasbeen upheld by several levelsof courts.

The update follows weeksof uncertainty and concernamong educators and theirunions that schools would ex-perience staff shortages andhave a hard time deployingthe city’s supply of 9,000 vac-cinated substitute teachersand 5,000 vaccinated substi-tute paraprofessionals toschools that need them.

Under terms of the man-date, all school employeesneeded to show proof by Fri-day afternoon that they re-ceived at least one dose of aCovid-19 vaccine to avoid be-ing placed on unpaid leave.Employees who got vaccinatedover the weekend and pro-vided proof of vaccination sta-tus by Monday morning wereallowed to work as usual andplaced back on active status,according to the DOE.

New York City, the nation’slargest school district, is oneof the first in the country torequire school staffers to bevaccinated.

United Federation of Teach-ers President Michael Mul-grew said that the union washelped by a mandate exten-sion, which gave teachers sev-eral extra days to get vacci-nated. “Thankfully, we hadthat delay, which we calledfor,” Mr. Mulgrew said. “Wewere happy to get it, becausewe are in much better shapetoday that we would havebeen last Tuesday.”

The DOE said that about18,000 shots have been admin-istered to school employeessince Sept. 24.

On Monday afternoon, theDistrict Council 37 public em-ployees union, which repre-sents nearly 20,000 schoolsupport staff such as parapro-fessionals, cafeteria workersand crossing guards, said thatas of Sunday 93% had pro-vided proof of at least onedose of the Covid-19 vaccine,up from 68% at the beginningof September. Employees whowish to apply for medical orreligious exemptions will beallowed to do so by 5 p.m.Tuesday, the union said.

Thousands of New YorkCity school staff were barredfrom returning to work Mon-day for failing to comply witha vaccination mandate thattook effect Friday afternoon.

About 95% of the 150,000employees at the city’s De-partment of Education havebeen vaccinated, including96% of teachers and 99% ofprincipals, Mayor Bill de Bla-sio said Monday.

Roughly 4,000 employeesrepresented by the UnitedFederation of Teachers weremissing from schools as ofMonday afternoon, includingabout 2,000 teachers, theunion said. Classes resumed inperson on Monday as sched-

uled after school officialsspent the weekend identifyingpotential shortages and de-ploying substitute teachers,the union said.

The vaccination rate amongstaffers in some critical rolesremained lower comparedwith that of teachers. About84% of the school safetyagents who provide securityon campuses were vaccinated,leaving about 1,800 of the offi-cers on unpaid leave fromschools on Monday, accordingto union officials.

Mr. de Blasio said Mondayhe was optimistic that moreemployees based in the city’s1,600 schools would get vacci-nated in the coming days.

BY LEE HAWKINS

Shot MandateFor NYC SchoolsBars Thousands

U.S.WATCH

ARIZONA

DEA Agent KilledIn Amtrak ShootingA Drug Enforcement Adminis-

tration special agent was killedMonday when a passenger, whoalso died, opened fire as officerswere doing a routine inspectionfor illegal contraband on an Am-trak train in Tucson, authoritiessaid. A second agent and a Tuc-son police officer were wounded.“It’s very horrific and we’re all

just coming to terms with justhow terrible a loss this is,” TucsonPolice Chief Chris Magnus said.“But I also want to reflect on thereally heroic actions of the offi-cers at the scene. They literallyran towards the danger, into thecar, where there was an activeshooting situation going on.”The second agent was listed in

critical condition while the officerwas in stable condition.The Federal Bureau of Investi-

gation has taken over the investi-gation of the shooting, whichhappened just after 8 a.m. on atrain stopped at the station in thecity’s downtown. A regional task

force of DEA agents and Tucsonpolice officers had boarded one ofthe cars to do a check for illegalmoney, weapons and drugs. It isa common occurrence at all tran-sit hubs, Mr. Magnus said.Officers were detaining a man

on the upper level of the double-decker car when a second manpulled out a handgun and began

firing. He exchanged severalrounds with police and then barri-caded himself in a bathroom onthe lower level, Mr. Magnus said.He was later found dead inside.The other suspect was arrested.An Amtrak spokesman said

there were no reported injuries tothe crew or passengers.

—Associated Press

NEW YORK

Rochester Mayor toResign in Plea DealRochester Mayor Lovely War-

ren agreed to resign shortly be-fore her term ends as part of adeal to settle charges she violatedcampaign-finance rules during her2017 re-election campaign.Ms. Warren was scheduled to

go on trial Monday on felonycharges she and two assistantstook steps to evade contributionlimits. Instead, Ms. Warren andher two co-defendants pleadedguilty to accepting campaign con-tributions that exceeded legal lim-its, according to the MonroeCounty district attorney’s office.In reaching the plea on the

lesser misdemeanor charge, Ms.Warren is able to keep her law li-cense and her pension. Her resig-nation will be effective by Dec. 1.Ms. Warren was set to leave of-fice in January after losing a Dem-ocratic primary earlier this year.Deputy Mayor James Smith willfinish out the remainder of herterm.

—Associated Press

A Tucson Police Department SWAT truck was parked next to anAmtrak train in Arizona on Monday. A passenger shot dead a DEAagent, and wounded a second agent and a Tucson police officer.

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ronment where the fruits ofgrowth are properly distrib-uted,” he said.

Mr. Kishida said he wouldconsider cash handouts to sin-gle mothers, workers withoutsteady jobs and others suffer-

ing during Covid-19. Last year,the government distributednearly $1,000 to every resi-dent. He also said his govern-ment would look at tax breaksfor companies that use theircash stockpiles to raise work-

ers’ salaries rather than onlyraising dividends.

He has said if lower-incomepeople have more cash in theirpockets, it would stimulateconsumer spending. However,any push to limit corporate

WORLD NEWS

dividends could hurt the stockmarket, which rose sharply be-tween 2012 and 2020 whenShinzo Abe was prime minister.

Japan’s economy has recov-ered slowly from the pandemic,as repeated states of emer-gency this year have held backconsumer spending on travel,restaurants and entertainment.The country’s gross domesticproduct in the April-to-Junequarter remained more than3% below the peak it reachedin the third quarter of 2019.

Recently, signs have im-proved, although they weretoo late to save the govern-ment of former Prime MinisterYoshihide Suga, who said inearly September that he wouldstep down. The seven-day roll-ing average number ofCovid-19 infections has fallenmore than 90% from an Au-gust peak, allowing the gov-ernment to lift a state ofemergency last week. Shop-ping districts and restaurantswere crowded over the week-end as voluntary curbs onbusinesses were eased.

Sentiment among Japan’slarge manufacturers improvedto the highest level in nearlythree years in the Bank of

Japan’s quarterly survey re-leased on Friday, helped bythe global economic recovery.

Mr. Kishida has said hewants an economic stimulusvalued at several hundred bil-lion dollars to lift the economyback to normalcy.

“Kishida is keen to supportthe Japanese middle class bysubsidizing housing and educa-tion expenses, which shouldlead to an increase in consump-tion,” said Naoya Oshikubo, aneconomist at Sumitomo MitsuiTrust Asset Management.

The stimulus plans arelikely to figure prominently inMr. Kishida’s campaign to keepthe Liberal Democratic Party’smajority in parliament’s lowerhouse, the more powerful ofthe legislature’s two cham-bers. Mr. Kishida said thelower-house election wouldtake place Oct. 31.

The ruling party’s new pol-icy chief is Sanae Takaichi,who ran an unexpectedlystrong campaign for partyleadership against Mr. Kishidawith backing from Mr. Abe.Ms. Takaichi has positionedherself as the heir to Mr.Abe’s pro-growth Abenomicspolicies.

TOKYO—Japan’s new primeminister, Fumio Kishida, calledfor more aggressive distribu-tion of wealth to those withlower and middle incomes, in-cluding possible new cashhandouts for people sufferingduring the pandemic.

Mr. Kishida spoke Monday,hours after he was electedprime minister by parliament.The 64-year-old former foreignminister was elected head ofthe ruling Liberal DemocraticParty on Sept. 29, ensuring hiselevation to prime minister.

While he hasn’t proposedany sharp departures from hispredecessors’ policies, Mr.Kishida has taken a more liberaltone on the economy. He saysthe world’s third-largest econ-omy has a widening rich-poorgap that needs to be closedthrough distribution of wealthto those who are falling behind.

“We need to create an envi-

BY PETER LANDERS

Japan’s New Premier Targets Wealth GapHours after takingoffice, Kishida urgesmore-aggressive stepsto redistribute wealth

Lawmakers applauded new Prime Minister Fumio Kishida, standing, in Tokyo on Monday.

KAZU

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IMAGES

Pfizer’s shot could be adminis-tered to people with weakenedimmune systems at least 28days after their second dose.

The European recommenda-tion comes after the Food andDrug Administration endorsedboosters in those age 65 andolder and at high risk of severedisease, but stopped short ofendorsing them for the broaderpopulation. The FDA recom-mendation applied only to thePfizer shot, and it is still con-sidering evidence for boostershots of the Moderna andJohnson & Johnson vaccines.

The EMA said it based thebooster recommendation ondata showing that a third doseof the Pfizer vaccine, givenroughly six months after the

second dose in people age 18to 55 years, increased levels ofantibodies against coronavirusin the blood.

Its recommendation forpeople with weakened immunesystems was based on studiesthat showed an extra dose ofeither the Pfizer or Modernavaccine increased the body’sability to produce antibodiesagainst Covid-19 in organ-transplant patients.

Despite the wide endorse-ment, the EMA said it wouldbe up to individual Europeancountries as to whether theyroll out booster-shot cam-paigns, “taking into accountemerging effectiveness dataand limited safety data.” Theregulator said the risk of in-

flammatory heart conditions—a rare side effect associatedwith the Pfizer and Modernavaccines—when administering

booster shots of these inocula-tions is unknown, but that it ismonitoring side effects.

The endorsement, once ap-proved by European Union au-thorities, would give regulatorybacking to several member

states, including Germany andFrance, which had started roll-ing out booster shots. It also islikely to encourage other coun-tries to start. Some nationshad said they were awaitingthe EMA’s recommendation be-fore making their own deci-sions on boosters.

“There has been quite a lotof discussion within the mem-ber states as to when is an ap-propriate time to get a booster,”said Elizabethann Wright, apartner specializing in EU med-icines regulation at Cooley LLP,a law firm. “It gives a consen-sus as to when after the secondvaccination is it an appropriatetime to start boosting. That’sdefinitely useful,” she said.

Still, the EMA’s endorse-

ment of booster shots doesn’taddress whether they are nec-essary.

Several European countrieshave rolled out booster cam-paigns in response to concernsthat the protection against in-fection wanes over time. Manyof those drives are targetingolder people, healthcare work-ers and those with weakenedimmune systems. Some mem-ber states, including Austriaand the Czech Republic, areoffering boosters to all adults.

Some scientists say whilethere is evidence to show pro-tection against infection de-creases over time, vaccinesappear to continue to providestrong protection against se-vere disease and death.

Europe’s top health regula-tor issued a broad endorsementof Covid-19 vaccine boostershots, diverging from U.S. offi-cials’ more limited recommen-dation, and paving the way formore countries across the con-tinent to offer additional dosesto the already vaccinated.

An expert committee forthe European MedicinesAgency on Monday said thevaccine developed by PfizerInc. with BioNTech SE couldbe given as a booster to thoseage 18 and over, at least sixmonths after their seconddose. It is still evaluating datafor booster shots of ModernaInc.’s vaccine, but said it or

BY DENISE ROLAND

European Regulator Backs Covid-19 Vaccine Boosters

GermanyandFranceare among thecountries that haverolledout campaigns.

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WORLD NEWS

Wealthy individuals aroundthe globe have used offshoretax havens to conceal their fi-nancial activities, creatingshell companies, foundationsand trusts to purchase real es-tate and other luxury goods,and in many cases, avoid pay-ing taxes, according to an ex-pansive new report.

The report, released Sundayby the International Consor-tium of Investigative Journal-ists, named dozens of currentand former world leaders andhundreds of politicians, publicofficials, billionaires, religiousleaders and celebrities. It saidmany used offshore tax havensto evade taxes, and some werelinked to financial crimes suchas money laundering.

It is generally not illegal tohold offshore assets or useshell companies for business,the report said. “But these af-fairs often amount to shiftingprofits from high-tax countries,where they are earned, to com-panies that exist only on paperin low-tax jurisdictions,” itsaid. “Using offshore sheltersis especially controversial forpolitical figures, because theycan be used to keep politicallyunpopular or even illicit activi-ties from public view.”

The so-called Pandora Pa-pers linked 336 politiciansfrom more than 90 countriesand territories to 956 compa-nies involved in offshore ha-vens, most of which were cre-ated in the British VirginIslands. Thirty-five currentand former world leaders wereidentified, including King Ab-dullah II of Jordan, formerU.K. Prime Minister Tony Blairand Czech Republic PrimeMinister Andrej Babis, whohave all denied wrongdoing. Italso identified more than 130billionaires around the globe.

The documents date back asfar as the 1970s, though themajority of them reviewed forthe Pandora Papers fell be-tween 1996 and 2020, accord-ing to ICIJ.

More than 600 journalistsfrom 150 news organizations,including the Washington Post,BBC, Guardian and RadioFrance, reviewed the 11.9 mil-lion documents from 14 off-shore services firms over morethan two years. The Wall StreetJournal didn’t participate inthe review, and the contents ofthe documents couldn’t be in-dependently confirmed.

The investigation comesfive years after the ICIJ un-veiled the Panama Papers,which linked 140 public fig-ures, executives and celebri-ties to overseas assets in off-shore tax havens. It examinedleaked documents from Moss-ack Fonseca, a now-defunctPanamanian law firm that spe-cialized in offshore holdingcompanies. A co-founder ofthe firm denied any wrongdo-ing when the Panama Paperswere released in 2016.

—Stephen Kalinand Drew Hinshaw

contributed to this article.

BY JENNIFER CALFAS

PandoraPapers TieHundredsTo TaxHavens

western Xinjiang region andexpanding a Trump-era ban onAmericans investing in Chinesecompanies with purportedlinks to China’s military.

Against the backdrop of afurther strained relationship,the Chinese side has shownlittle incentive to accommo-date Washington. “The Chi-nese side always welcomesdiscussions,” an adviser to theCommerce Ministry in Beijingsaid. “But we’re not in a rushto do anything.”

Some foreign-policy expertsin China also saw Ms. Tai’s re-mark that “this administrationwill engage from a position ofstrength” as a sign of arro-gance. This year, China’s topdiplomat publicly lectured hisWashington peers that the U.S.“isn’t qualified” to talk to Bei-jing that way.

When trade discussions re-

sume, Beijing is expected topress for the relaxation ofsanctions against Chinesecompanies including telecom-munications giant HuaweiTechnologies Co. Such sanc-tions are of greater concern toChina’s leaders than tariffs,which have had limited impacton the Chinese economy.

China has doubled down onits “Buy China” policy, runningcounter to the U.S.’s effort toget it to purchase more U.S.goods. For instance, govern-ment entities and state firmshave been instructed to allocatemore of their technology andequipment procurement to do-mestic providers of informa-tion-technology hardware, soft-ware and other products.

By declining to move aheadwith enforcement actions fornow, the Biden administrationrisks a battle with Republicans

to launch an investigation intoChinese trade practices, whichhad been under discussionwithin the administration.

“We will use the full rangeof tools we have and developnew tools as needed to defendAmerican economic interestsfrom harmful policies andpractices,” Ms. Tai said.

At the same time, she said,the U.S. will reopen a processfor U.S. companies to seek ex-emptions from tariffs. That ex-emption process ended afterPresident Biden took office,drawing complaints from man-ufacturers and others whosaid they have no cost-effec-tive alternatives to certainChinese components.

Taking questions after herspeech, Ms. Tai said the U.S.wouldn’t take any specific newactions until after she has talkedwith her Chinese counterpart,Chinese Vice Premier Liu He.

She declined, for instance, tostart enforcement action al-lowed under the Phase Onedeal. She also deferred an ad-ministration plan to start atrade action aimed at gettingChina to reduce its use of in-dustrial subsidies. She said suchsubsidies have hurt the U.S.


tral News Agency reported,citing the Mainland AffairsCouncil. It said Taiwan woulddefend its sovereignty and thatthe government was cooperat-ing with unspecified countriesto contain what it called mali-cious provocations by the Chi-nese Communist Party.

Taiwan is a self-ruled islandthat Beijing claims as its terri-tory and has vowed to take bymilitary force if necessary.

In Washington, the WhiteHouse said the U.S. is con-cerned about China’s actions,saying it is “destabilizing, risksmiscalculations and under-mines regional peace and sta-bility.” The U.S. will continue toassist Taiwan in maintaining asufficient self-defense capabil-ity, press secretary Jen Psakisaid, adding, “Our commitmentto Taiwan is rock solid.”

The PLA’s flight paths, all

near the southwestern side ofthe island in recent days, werein a zone that isn’t part of Tai-wan’s airspace but that the is-land monitors for potential for-eign incursions. Taipei claimsas its airspace the 12 nauticalmiles out from its coast.

The timing of the deploy-ment coincided with a week-long holiday that began withNational Day on Oct. 1 inChina, although the PLA’s ra-tionale wasn’t immediatelyknown. China’s Taiwan AffairsOffice didn’t respond to a re-quest to comment.

In a response to the U.S.State Department expressingconcern over the weekendabout Chinese military activitynear Taiwan, a spokeswomanfor China’s Foreign Ministryreasserted Beijing’s claim overTaiwan and urged Washingtonto stop sending “extremely

wrong and irresponsible sig-nals to the outside world.”

Without citing the PLA’s re-cent activity near Taiwan, thespokeswoman said China re-serves the right to take coun-termeasures to U.S. moves tostrengthen military ties withTaiwan, including U.S. militaryplane visits and U.S. warshipscrossing the Taiwan Strait.

Pentagon officials rejectedBeijing’s criticisms, saying theNavy is operating legally andthe exercises serve to bolsterfreedom of navigation.

Military scholars and Chinaexperts say the PLA’s advances,its largest such show of forcein the past year near Taiwan,are aimed at trying to deterWestern powers that have sentnaval carriers to the region, aswell as at intimidating Taipei.

“It’s incredibly provocativeand dangerous,” said Ian Eas-

ton, senior director at Project2049 Institute, a U.S.-basednonprofit research organiza-tion that focuses on the Indo-Pacific region. “There’s a lot ofopacity when it comes to Tai-wan, and that increases thechances of a crisis or miscal-culation,” he said.

Mr. Easton and other schol-ars expressed concern aboutthe number of strategic bomb-ers, which countries often usefor political signaling. The U.S.has sent bombers near Chinaand North Korea, but usuallysends one or two such aircraft.

China’s H-6 bombers can beequipped with long-range mis-siles, so Beijing is showing it iscapable of large-scale andlong-distance combat, said ShuHsiao-huang, a research fellowat the Taiwanese military-backed Institute for NationalDefense and Security Research.

TAIPEI—China’s military flew56 sorties near Taiwan, includ-ing flights by a dozen bombers,from the predawn hours intothe night on Monday, intensify-ing such activity shortly afterthe U.S. warned against it.

The People’s LiberationArmy flights, which also in-cluded J-16 jet fighters andY-8 submarine-spotting air-craft, followed 93 military sor-ties over the previous threedays, said Taiwan’s DefenseMinistry, which tracks PLA ac-tivities near the island.

Taiwan’s government, whichsaid the PLA had been con-ducting “large-scale intrusionexercises” in the maritime andairspace around Taiwan, de-manded a stop to the behavior,the island’s state-owned Cen-

BY CHAO DENGAND JOYU WANG

ChinaStepsUpPressure onTaiwanAn undated photo from the Taiwan Ministry of National Defense shows a Chinese PLA Xian H-6 jet bomber, which can be equipped with long-range missiles.

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steel and solar-panel industries.“She offered a reasonable

synopsis of the shortcomingsof China’s implementation ofcommitments” under the PhaseOne deal, said Daniel Rosen, apartner in Rhodium Group, aChina research group. “But asconcerns a way forward, shedidn’t offer any specifics.”

In keeping the tariffs, “thisadministration is learningsome of the same lessons welearned over the course of fouryears,” said Kelly Ann Shaw, asenior trade adviser in theTrump White House who isnow a partner in the interna-tional trade practice at lawfirm Hogan Lovells. “Tariffs area blunt instrument but seem tobe the only tool we have.”

Beijing received Ms. Tai’s re-marks with a mix of relief andcaution. Some officials saw pos-itive signs in that she didn’toutright accuse China of failingto meet the Phase One agree-ment and wants to restart tradetalks with her Chinese counter-part. China’s embassy in Wash-ington didn’t respond to a re-quest for comment on Monday.

Beijing has been disap-pointed with the Biden adminis-tration’s China policy so far.President Xi Jinping wanted thenewWhite House to reverse theanti-China measures Mr. Trump,a Republican, put in place.

Mr. Biden, a Democrat, haskept the tariffs while also tak-ing other steps that have an-gered Beijing, including impos-ing sanctions on officials overthe repression of mainly Mus-lim Uyghurs in China’s north-

who have already criticizedthe administration as weak onChina, said Derek Scissors, aChina analyst at the AmericanEnterprise Institute, who hasadvocated tough actionagainst Beijing.

But a delay also gives theU.S. time to put in place otherparts of its China policy. Con-gress, for instance, has yet toapprove $52 billion in subsi-dies the Biden administrationwants to award to companiesthat build semiconductorplants in the U.S. The U.S. alsois still putting together group-ings of countries to jointlypress China on trade, eco-nomic and security issues.

The alliance-building effortswere set back when France ob-jected strenuously to a plan bythe U.S., Britain and Australia toreplace France as the supplierof submarines to Australia.

The Biden administrationhas taken months to outline itsChina policy, which has beenan issue for business groupsthat have cited the importanceof China’s huge consumer mar-ket to U.S. companies.

“We’re pleased the adminis-tration is taking a step for-ward by articulating its Chinastrategy,” said Myron Brilliant,executive vice president andhead of international affairs atthe U.S. Chamber of Com-merce. “Engagement with al-lies is important, but it can’tjust be engagement with allies.Direct engagement with Chinais essential.”

—Alex Learycontributed to this article.

U.S. Trade Representative Katherine Tai said the U.S. wouldn’t takenew action until after she talks to Chinese Vice Premier Liu He.

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WORLDWATCH

NEW ZEALAND

‘Zero Covid-19’Strategy Will EndNew Zealand is ending its ef-

fort to keep out Covid-19 as theeconomic costs mount and afterits latest lockdown failed to haltthe spread of the virus.Pandemic restrictions in the

country’s largest city, Auckland—in place after a Covid-19 out-break in mid-August—will beeased in stages starting thisweek, New Zealand Prime Minis-ter Jacinda Ardern said Monday.The country has recorded

about 4,000 cases so far andvery few deaths. Industries suchas tourism and hospitality haveshriveled even as wage subsidiesprevented broader job losses andsupported consumption. But itsstrategy has become increasinglyuntenable as the more contagiousDelta variant of the virus has be-come endemic in other countries.Former New Zealand Prime

Minister John Key recently saidthe country had become a“smug hermit kingdom.”

—Stephen Wright

AFGHANISTAN

Female MusiciansEvacuated to QatarMembers of an internationally

renowned orchestra of Afghanwomen and girls have been evacu-ated from Afghanistan after pro-tracted negotiations among themusicians’ supporters in the U.S.,the Qatari government and Talibanleaders in Kabul. The flight camemore than a month after a U.S.-ledattempt to get the musicians outcame to a halt at a Taliban check-point 100 yards from the gate ofKabul’s international airport.The ensemble, Zohra, and the

music school of which it was apart, the Afghanistan National In-stitute of Music, were symbols ofthe cultural opening under the for-mer U.S.-backed government.On Sunday, a group of 101 fe-

male musicians, current and for-mer music students, and teachersand family members flew toDoha, said Ahmad Sarmast, thefounder and director of the insti-tute. Portugal has agreed to takethe group, he said.

—Benoit Faucon

LIBYA

War Crimes AgainstMigrants InvestigatedInvestigators commissioned

by the United Nations’ top hu-man-rights body said Mondaythat they have evidence of pos-sible crimes against humanityand war crimes in Libya.Many of the alleged crimes,

they say, were committedagainst civilians and migrantsdetained in the country whiletrying to get to Europe.Their findings come amid an

unprecedented crackdown inLibya in recent days that has ledto the detention of more than5,000 migrants, including hun-dreds of children and women.Violence during the raids left

at least one migrant dead, ac-cording to a U.N. tally obtainedby the Associated Press.The Libyan government had

no immediate comment on theU.N. findings, and has said thearrest campaign is a security op-eration against illegal migrationand drug trafficking.

—Associated Press

NEW TERM: People celebrate as Ethiopian Prime Minister Abiy Ahmed was sworn in for a new five-year term in Addis Ababa on Monday. The nation is in the grip of a nearly yearlong battle againstTigray forces, and he bristled at international pressure as concerns grow over the war’s human toll.

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FROM PAGE ONE

ward pressure” on the jobmarket and China’s overalleconomy, Goldman Sachseconomists warned in a recentnote. By some estimates, real-estate-related activity now ac-counts for nearly one-third ofChina’s economy.

Most economists and inves-tors believe China’s govern-ment will restructure Ever-grande. Late last month, thePeople’s Bank of China said itwould “maintain the healthydevelopment of the propertymarket and safeguard the le-gitimate rights and interestsof house buyers.”

Still, economists say therewill be lost economic activityif Beijing continues to drainaway excess debt and root outspeculation in real estate.

Some Evergrande projectsappear to have fared better inbigger cities. Some Chinesemedia have reported thatwhile it halted construction onsome developments in Guang-zhou in southern China, con-struction on some projects re-sumed in late September.

Lu’an has lost 5% of its pop-ulation in the past 10 years.Among Lu’an’s four millionpeople, many are over 60 andresidents’ average annual dis-posable income of $3,500 isbelow the national average ofaround $5,000, governmentdata show.

Yet from around 2011through 2020, Evergrande in-vested more than $10 billionand launched multiple majorprojects in Lu’an, includingresidential complexes, the EVplant and the “Fairyland”theme park featuring pastel-colored European-style pedes-trian blocks and a mélange ofanimal characters, including areindeer-like creature and ablue dragon.

Four unfinished Evergrandeprojects in Lu’an that The WallStreet Journal visited in lateSeptember appeared to havestopped construction. Nearbystore owners described theloss of business after con-struction workers stoppedshowing up. In one Evergrandeoffice, staff took naps or hud-dled over smartphones.

At least 23 lawsuits involv-ing commercial bills—a formof IOU among Chinese busi-nesses—have been filed thisyear against Evergrande’s sub-sidiaries in Anhui province,where Lu’an is located, accord-ing to a Journal search on

Tianyancha, a corporate data-base in China. Plaintiffs in-cluded makers of paint, cable,concrete and elevators as wellas construction companies.The Journal couldn’t find anysuch lawsuits in the previousyear in the database.

Evergrande was founded in1996 in Guangzhou by Xu Ji-ayin, who local media saysgrew up in a poor village as awoodcutter’s son. He becameknown as Hui Ka Yan, hisname in Cantonese.

Record salesMr. Hui expanded Ever-

grande into a nationwide pow-erhouse with more than150,000 workers, reporting re-cord sales year after year ashome prices soared. Ever-grande’s share price grewmore than fivefold in 2017, ayear Mr. Hui temporarily be-came China’s richest man, ac-cording to research firm Hu-run Report.

The company raised moneyin part by preselling units tohome buyers for cash upfrontwho then waited for the build-ings to rise. Its creditors in-clude buyers of 1.4 millionapartments that Evergrandepresold and promised to buildbut hasn’t yet completed, esti-mates research firm CapitalEconomics. Evergrande alsoborrowed from banks and for-eign investors.

It expanded beyond real es-tate, getting into mineral-wa-

said it was retreating from thebusiness after running up toomuch debt.

Principal cities like Beijingand Shanghai kept a tight gripon land supply for new con-struction, so Evergrande—likemany other developers—turned to smaller and moreout-of-the-way cities like Lu’anwith plenty of land to sell.

When Evergrande beganbuying land around Lu’anaround 2011, it was a sleepyplace known mainly for Lu’anMelon Seed Tea. Evergrandelaunched at least a half-dozenmajor residential projects inthe area while other major de-velopers also rushed in.

‘Dragon-head-like’Buyers often queued up for

hours or went through lotter-ies to angle for apartments. Asenior Anhui province officialin 2012 publicly praised Ever-grande, local media reported,saying its “strengths in scaleand brand name make it adragon-head-like enterprise inChina with international influ-ence.”

Between 2019 and the endof September 2021, Ever-grande was Lu’an’s biggest de-veloper based on the numberof apartments sold beforetheir construction work wascompleted, with 8,123 newapartments presold, accordingto Journal calculations usinginformation from Lu’an’s hous-ing authority.

ter production and buying aprofessional soccer club. Itjoined the electric-vehicle in-dustry with a Hong Kong-listed EV unit, China Ever-grande New Energy VehicleGroup Ltd., whose market cap-italization once hit $87 billion,more than most global automakers at the time.

In 2017, it entered thetheme-park business, launch-ing 15 projects nationwide in-volving more than $100 billionin total investment, accordingto Journal calculations basedon local-government numbers.Around that time, DalianWanda Group, a conglomeratethat had vowed to out-com-pete Disney parks in China,

Impact of real-estate-relatedactivities on GDP by selectedcountry

Source: Kenneth Rogoff, Harvard University, andYuanchen Yang, International Monetary Fund

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A street-food vendor awaits customers in Lu'an, a provincial city about 350 miles west of Shanghai.

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towers are wondering wheretheir money went.

“We spent all our family’ssavings on this apartment,”said a 59-year-old farmer sur-named Jiang, who, like otherbuyers in Lu’an, didn’t want toprovide her first name be-cause she is worried about up-setting the company.

In August, she said, shebought a unit for 890,000yuan ($138,000) in an Ever-grande project called Junting,or “Jade Palace,” with 47apartment buildings. Workhalted months ago, locals said.Ms. Jiang said she didn’t knowwhen—or if—it would restart.“We really don’t know what todo,” she said.

Evergrande has completedmany projects in Lu’an overthe past decade and turnedhomes over to buyers. An Ev-ergrande spokesman said thecompany would do everythingpossible to ensure completionof its projects “wherever thecity or region is.” Lu’an offi-cials didn’t respond to re-quests for comment.

Central to Evergrande’s ex-pansion was a real-estateeconomy across China inwhich people from developersto financiers to city leadershad an incentive to perpetuatethe boom. Evergrande found amarket for its projects amonga range of buyers—includingcorporate employees andfarmers seeking to move tomore urban areas—who be-lieved values would rise nomatter what and assumed Bei-jing would protect themagainst decline.

Revenue streamFor local leaders, develop-

ers represented a revenuestream. With limited power totax, Chinese cities get roughlya third of their revenue fromselling land to property devel-opers like Evergrande. Citiesannex farmland to sell to de-velopers; farmers often get tobuy apartments at a discount.

Real estate became somecities’ biggest economic driverand the most important sourceof revenues. Lu’an’s take fromland sales totaled $1.2 billionin the first half of this year,compared with total tax reve-nue of $900 million.

But property construction insmaller cities ran well ahead ofdemand from prospective oc-cupants for the last five yearsin China, leaving the marketincreasingly dependent onspeculators and investors tobuy properties, said LoganWright, China markets re-search director at RhodiumGroup, a research firm based inNew York. About 21% of homesin urban China were alreadyvacant in 2017, which equatedto 65 million empty units, ac-cording to data from ChinaHousehold Finance Survey.

As China cracks down, new-home construction has slowedand housing prices are fallingin many places. Local govern-ments’ land-sales revenues fellby 17.5% in August from a yearago, according to RhodiumGroup.

A sharp deceleration inChina’s property market could“exacerbate and amplify down-


Pegasus statues guard Evergrande’s uncompleted ‘Fairyland’ theme park in Lu’an, which was supposed to be bigger than Disneyland.

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seem to mirror those of TonySoprano, the fictional TV mobboss who wrestled with pick-ing a successor and keepinghis hands out of dirty work.

Mr. Russo was arrestedSept. 14 in a crippling take-down of the Colombo family’sC-suite leaders and middlemanagers. Prosecutors said incourt documents that Mr.Russo, his underboss, con-sigliere, several captains andother subordinates carried outover two decades a purportedscheme to extort money froma New York City union and arelated healthcare fund.

In hindsight, Mr. Russo’s ex-ecutive blunders included mi-cromanaging underlings and,at 87 years old, holding on tohis job too long, said ScottCurtis, a former Federal Bu-


reau of Investigation agentwho investigated the familyoperation for years.

“I can’t walk away. I can’trest,” Mr. Russo said in one ofhis conversations secretly re-corded by the FBI over theyears and revealed in court fil-ings.

Mr. Curtis, who isn’t in-volved in the case, said Mr.Russo failed to follow bestbusiness practices establishedby past generations of chief-tains: Keep a healthy distancebetween the caper and theboss.

Mr. Russo, nicknamed“Mush,” was too hands-on, Mr.Curtis said. Prosecutors saidin court papers that the al-leged Colombo leader, who hasseven previous convictions,knew the nitty-gritty in the al-leged shakedown.

“That’s why you see someof these guys getting arrestedrepeatedly,” said Mr. Curtis,who now works as vice presi-dent of investigations at Madi-son Square Garden Entertain-ment Corp. “They have to havetheir hands on all these min-ute details of the scheme.”

That sets them up for fail-

ure, he said—i.e., prison. Mr.Russo has pleaded not guiltyto nine criminal counts, in-cluding charges that spanracketeering, extortion,money-laundering and con-spiracy

Mr. Curtis said the top-levelmicromanaging in the Co-lombo case reflected concernsabout the incompetence oflower-level members.

A new generation of wise-guys didn’t properly learn thebusiness, according to formergovernment investigators.Older members complain thatthe millennials—who grew upin the suburbs instead of citystreets—are softer, dumberand not as loyal as mobstersof the past. Plus, they’re al-ways texting.

“Everything is on the

phones with them,” said a for-mer made member of the Co-lombo family who knows someof the men accused in thecase. One Colombo associate isaccused of sending threaten-ing texts to a union officialover extortion collections.

“Hey this is the 2nd text,there isnt going to be a 3rd,”the associate wrote, accordingto court records.

“I am sure that is frownedupon in mob circles,” formerFBI agent and crisis-manage-ment consultant Richard Fran-kel said of what appeared tobe incriminating texts.

In the mid-20th century,New York’s five Mafia families“operated like a McDonald’sfranchise,” said Jerold Zim-merman, a professor emeritusat the Simon Business Schoolat the University of Rochester.

Illegal enterprises—such asgambling dens, trafficking ofillicit goods and corruption in-volving unions and construc-tion firms—were operated in-dependently, he said.

One reason for the Mafia’sdecline is the FBI’s pursuit oforganized crime in the 1980sand 1990s, resulting in the ar-

rest and conviction of hun-dreds of experienced hands.The five families still operate,but their market reach hasshrunk and membership hastaken a hit.

Mobsters are now trying tokeep a low profile by cuttingback on violence. “They cer-tainly don’t kill people likethey used to,” said MichaelGaeta, a former FBI agent whoinvestigated organized crimein New York for 12 years. “Itattracts too much heat.”

The U.S. attorney’s officefor the Eastern District of NewYork pushed to keep Mr. Russobehind bars while awaitingtrial by presenting transcriptsof recordings they allege showhim as a danger to society.Jeffrey Lichtman, a lawyer forMr. Russo, said the recordingswere more than a decade old.

“In terms of danger, he’s an87-year-old man and they’rerelying on tapes from 11 yearsago,” Mr. Lichtman said.

A spokesman for the U.S.attorney’s office declined tocomment.

Some alleged Colombomembers appear to have beenpining for a management

shake-up, court papers show.Prosecutors allege that Co-

lombo leaders at a restaurantmeeting in Brooklyn last yeardecided that Mr. Russo wouldeventually be succeeded byTheodore Persico Jr., thenephew of Carmine “TheSnake” Persico, an allegedlongtime Colombo crime boss.The elder Mr. Persico diedwhile in federal prison twoyears ago at age 85.

Mr. Persico Jr., also chargedin the current case, haspleaded not guilty. His lawyerdidn’t respond to a request forcomment.

Prosecutors said a record-ing from the investigationcaught an alleged Colombosoldier saying the extortion ofthe union would be “smoothsailing” once Mr. Persico tookcontrol of the family. “The guyis the best guy in the world todeal with,” he said, accordingto transcripts in court filings.

In another transcribed re-cording, the soldier lamentedthat Mr. Russo had no inten-tion of stepping down. “Theproblem is, that old man, hewanted to be boss his wholelife,” he said.

Evergrande added commer-cial buildings and a movie the-ater. In 2019, it bought 14more lots in Lu’an, driving thecity’s land sales to over $2.6billion that year, according toAnhui Land Information Net-work, a research firm trackinggovernment land auctions. Thesales helped prompt the localgovernment to increase its fis-cal-revenue budget for theyear three times.

Evergrande around thattime chose Lu’an for one of itsEV subsidiary’s plants. Ever-grande said it would produceas many as 500,000 cars, gen-erate $15.5 billion in industrialoutput each year and contrib-ute $1.2 billion in annual taxrevenue for the local govern-ment, according to local me-dia.

As residential projects roseand residents moved into com-pleted projects, Lu’an trans-formed into urban sprawlstretching across about 6,000square miles, with housing-block rows surrounded byfarmland. New York City isabout 300 square miles.

Cash crunchEvergrande faced cash

crunches over the years butalways overcame them. ThenBeijing announced plans inAugust 2020 to crack down ondevelopers’ excessive borrow-ing via the “three red lines,”limits that kept the companyfrom taking on new debt.

Evergrande’s real estate,theme park and EV subsidiar-ies each recorded losses dur-ing the first half of 2021. Cashbecame so short the companythis summer started payingsome suppliers with unfin-ished apartments, the Journalhas reported. In Lu’an, com-plaints flooded into the localgovernment website, withsome buyers of unfinishedhomes fearing they would losetheir life’s savings or be home-less in retirement.

Among the projects whoseconstruction appeared haltedlast month was a large unfin-ished portion of Evergrande’sYujingwan, or “Imperial Scen-ery Bay,” a complex spanningseveral blocks. Across thestreet, a woman giving hername as Ms. Wang, 41, wasselling beverages and food-stuffs one recent day at a con-venience store she opened in2017.

Ms. Wang said she boughtan apartment last year formore than 400,000 yuan inthe complex’s so-called SixthPhase after Evergrande offereda roughly 35% discount. Sheborrowed from friends andrelatives to buy the new home,which she said is supposed tobe ready in 2023.

She said she believes thegovernment, or perhaps astate-owned enterprise, willstep in to finish the project.Other buyers echoed that be-lief.

It isn’t clear where themoney that developers like Ev-ergrande collected from homebuyers through presales hasbeen going. In many cases, theJournal has reported, develop-ers use that cash as generalfunding for operations.

The Evergrande theme parkwas partially operating on thelate-September visit, withsome small-scale attractionsand a handful of restaurantsopen. Incomplete apartmentstowered over the park. Thecarousel was closed.—Bingyan Wang, Stella YifanXie and Eva Xiao contributed

to this article.

The EmptyBuildings ofEvergrande

‘They certainlydon’t kill people likethey used to,’ said aformer FBI agent.


© 2021 Dow Jones & Company. All Rights Reserved. THEWALL STREET JOURNAL. Tuesday, October 5, 2021 | A11

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erful stride and efficient cadence.”Mr. Mandje suggests introducing

these exercises at the start of a train-ing program and performing themtwo to three times a week, ideally af-ter a run. “The idea is to make yourhard days hard and easy days easy tomaximize your recovery and prioritize

3 o’clock and sink the hips downand back into a side lunge. Returnto start. Step the right foot back-ward and to the right side to 5o’clock and sink into a lunge. Returnto start and repeat the sequencewith the opposite leg, lunging to 12o’clock, 6 o’clock, 9 o’clock, and 7o’clock. Don’t let your front kneemove past your front foot as yousink into the lunge position andmaintain a straight back. Completefive repetitions with each leg.

Split squatWhy: Working one leg at a timehelps build symmetry in the body,says Mr. Mandje. “When you load allof your body weight on one leg youreally become aware of muscularimbalances,” he says.

How: Stand tall with the toes ofyour right foot supported behind youon a bench or chair. Your weight willshift to your left leg as you slowlysink your hips down until your rightleg is around a 90-degree angle.Once at the bottom, slowly comeback up to the starting position.Maintain a straight back and keephips level. Perform 10 repetitions perleg and then switch sides.

ANATOMY OF A WORKOUTJEN MURPHY

R unners often focus on theirmileage, whether they’retraining for a marathon or en-

joying a short daily run. A toptrainer has some advice: Don’t ne-glect strength training.Incorporating single-leg exercises

into a training routine helps addressand correct muscle imbalances thatcan lead to injury, especially as youincrease mileage, says RobertoMandje, director of runner trainingand education at New York RoadRunners.“A lot of times a runner’s form will

start to break down at a certainpoint in a race or long run,” says Mr.Mandje, who competed in the 1,500meters at the 2004 Olympics forEquatorial Guinea. “Having a strongfoundation will help maintain a pow-

Exercises toHelp RunnersBuild Balance

Abuse and Alcoholism.Laura McKowen, author of the

2020 book “We Are the Luckiest:The Surprising Magic of a SoberLife,” started Luckiest Club, whichoffers 28 weekly online supportgroups, in May 2020 and charges$14 a month. Ms. McKowen saidmany members have joined to curbpandemic drinking. Others whogot sober during lockdown areseeking support to stay sober asrestaurants and bars reopen.

Colby Wallace, a New York Cityresident, said his drinking escalatedafter March 2020, when his third-grade teaching job moved onlineand his roommates left the city. “Iwas in a dark apartment by myselfteaching remotely,” he recalled. Hismorning commute had kept hisdrinking in check, he said, but lock-downs took that structure away.

After blacking out on May 4,2020, Mr. Wallace said, he got so-ber and has remained so since. Hecredits accountability provided byLuckiest Club meetings, wheremembers can share their progress.“I wanted so badly to show up tomeetings and type in my (dry) daycount,” he said.

services take the view that a littledrinking can be OK.

Not quite cold turkey“Some people can choose modera-tion,” said Annie Grace, founder ofThis Naked Mind LLC, which offersa variety of recovery programs, in-cluding the one Ms. Peachey com-pleted. Ms. Grace cautions that theeffort needed to regulate what,when, and where to drink can leadto mental fatigue that makes it hardto stick to limits.

An AA spokesman said in astatement that the organizationhas no comment “on other meth-ods for getting sober. There arelots of different options.”

John Kelly, a professor whospecializes in addiction at HarvardMedical School, said his researchon AA shows strong evidence theprogram works by building moti-vation, coping skills and self-confi-dence, and helping people meetsober friends.

While there is little statisticalevidence on the new services, Prof.Kelly said, “Covid has opened oureyes to the fact that online plat-forms have shown they can be re-

ally helpful to people….They helppeople get their feet wet and finda good fit.”

The price of supportMs. Grace’s company charges $47for a live version of the 30-day Al-cohol Experiment. Sessions drawas many as 3,000 participants, andinclude a private Facebook groupand a live daily online meetingmoderated by coaches trained byMs. Grace, whose book “This Na-ked Mind” chronicles her recoveryfrom a bottle-of-wine per eveninghabit. (A version without the livemeeting is free.)

Participants receive dailyemails with videos featuring Ms.Grace and others, including au-thors and psychologists, discussingalcohol’s effect on the brain, howto deal with cravings, and triggersfor drinking, among other topics.

This Naked Mind’s more inten-sive programs cost up to $197 amonth. More than 280,000 peoplehave completed the Alcohol Exper-iment since the company began of-fering it in 2017, Ms. Grace said.About 80,000 of them have en-rolled since Jan. 1.

Ms. Peachey said she never con-sidered Alcoholics Anonymous inpart because she doesn’t believe thelabel applies to her. “For me, theterm ‘alcoholic’ implies somethingdire, like losing your job and family.That wasn’t my path,” she said.

The number of users of Tempest,a program started in 2014 by HollyWhitaker, author of “Quit Like AWoman: The Radical Choice to NotDrink in a Culture Obsessed withAlcohol,” has quintupled since2020, according to the company.Memberships begin at $41 a monthand include live workshops, a pri-vate online community and roughly50 weekly support group meetings.

Target customersThe companies say that women—whose frequency of binge drink-ing rose sharply in 2020, accord-ing to Rand—make up themajority of customers. More than80% of Tempest members andover 60% of This Naked Mind’sparticipants are women, the com-panies say. Alcohol use amongwomen has been rising for years,according to research cited by theNational Institute on Alcohol

The ‘Sober Curious’Seek ProgramsOnline

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During lockdowns, mil-lions of Americansmarked the end of theday with cocktails.Now, as daily rou-tines resume, some

are trying online alcohol-re-covery programs to curbdrinking or quit entirely.

So-called sober curious,or gray-area, drinkers sus-pect they drink too much butsay the term “alcoholic”doesn’t accurately describethem. A host of for-profit pro-grams, many founded by authors ofpopular books about sobriety andpitched to gray-area drinkers, havesprung up to offer support andstrategies for giving up alcohol—whether temporarily or for good.

Nicola Peachey, 46, says shetried one such program, a 30-dayalcohol-free challenge called theAlcohol Experiment, in July afterwine became a coping mechanismduring the pandemic.

“Alcohol became my new bestie,”said the resident of Perth, Australia,who spent lockdowns with her hus-band, their two teenagers, and aBrazilian exchange student. Ms.Peachey, a diet and nutrition coach,said she hasn’t had a drink sincejoining the program, even while ona recent vacation.

According to a Rand Corp. sur-vey of 1,540 adults, the number ofdays in which Americans drank rose14% during a monthlong period inthe spring of 2020, compared withthe same period in 2019. In a Feb-ruary American Psychological Asso-ciation poll of 3,013 adults, 23% re-ported drinking more to cope withstress during the pandemic.

Sobriety trendThe new programs are part of abroader trend toward sobriety, ledby authors of drinking-recoverymemoirs, social-media influencers,and leaders of online sober com-munities. Many frame abstinenceas a healthy lifestyle choice andpush back at what they describe associety’s embrace of alcohol.

“For too long, alcohol has beenseen as necessary to having fun,”said Ruby Warrington, author of the2018 book “Sober Curious,” a termthat has become synonymous withthe move to examine gray-areadrinking by questioning personal im-pulses and cultural expectations. Thenegative effects of alcohol, whichraises the risk of diseases includingdepression and cancer, outweigh thebenefits for many, she said.

Alcoholics Anonymous, the 86-year-old organization behind the12-step program, offers peer sup-port groups free of charge, as doother nonprofits. The new servicesgenerally charge users from $14 to$197 a month, depending on thedegree of coaching involved.

Like Alcoholics Anonymous, thenew services embrace sobriety. Butwhile an AA publication arguesthat it is ultimately futile forheavy drinkers to attempt “moder-ate, social drinking,” some new

23%of adults in a February

poll reported drinking

more to cope with

stress during the

pandemic

Above, a screenshot from ThisNaked Mind’s app, with founderAnnie Grace and Scott Pinyard, thecompany’s head coach. Below,Nicola Peachey in July 2021.

Single-leg box jumps

Why: Running is a ballistic movement. Box jumps build explosivepower while training the body to absorb shock as we land, hesays. This exercise also works the quads, glutes and calves.

How: Stand tall, hands by your sides and balance on your right legin front of a stable box, bench or a street curb. “The object can beas low 3 inches to ensure that you can comfortably clear it,” saysMr. Mandje. Swing your arms just behind you as you sink your hipsdown to load into the right leg. As you jump off the right foot,swing your arms forward for momentum. Land as softly as possi-ble on both feet with knees slightly bent. Step down and repeatfive to 10 repetitions per leg. When the landing becomes easy trylanding on the jumping leg only, as seen in the photo, far right.

Roberto Mandje, a top running trainer, says strength workouts are essential.

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the run,” he says.As you enter your taper cycle, the

period where you decrease mileageleading up to a race, he suggests do-ing fewer workouts or stop-ping them all together. Youdon’t need to be a marathoner

to benefit from this workout. Theseexercises are great for recreationalrunners who want to run strongerand avoid muscular imbalances, hesays. (For more moves, see WSJ.com)

The Exercises

Lunge matrixWhy: “Runners train in one plane ofmotion,” says Mr. Mandje. “But in arace, you’re weaving in and out ofother runners or you might need tozigzag around a pothole or cut rightto get to an aid station.” Working thebody on all planes of motion helpsavoid injuries when we suddenlychange directions, whether runningor doing daily activities. he says.

How: Stand tall with your hands onyour hips. Step your right foot for-ward to 12 o’clock and lower yourleft knee until it almost touches thefloor. Press the front foot to returnto start. Step the right foot back-ward to 6 o’clock and sink yourright knee toward the ground. Re-turn to start. Step the right foot to



Juan Aguilera, a researchscientist at Stanford Medi-cine’s Sean N. Parker Centerfor Allergy and Asthma.

A filter can circulate airand remove inhalable con-taminants, he said, addingthat keeping doors and win-dows closed is crucial.

Tiny particles, such aswildfire smoke, can enter thebloodstream, and prolongedexposure can lead to chronicinflammation, heart diseaseand other chronic diseases,Dr. Aguilera said. Thesesmaller particles are referredto as PM2.5, or particulatematter with a diameter lessthan 2.5 micrometers.There’s also PM10, which in-cludes larger mold spores.Ideally, a device should filterboth kinds of particles.

Can air filters prevent thespread of Covid-19?Air filters can help but can’t

stop virus transmission ontheir own, said StephanieChristenson, a pulmonolo-gist and assistant professorat the University of Califor-nia, San Francisco.

High Efficiency Particu-late Air, or HEPA, filters canremove the tiny particlesthat contain the virus, but“if someone with Covid-19coughs or talks in closeproximity to you, the respi-ratory droplets may reachyou before they have achance to filter out, makingmasking and distancing soimportant,” she said.

What specifications and certi-fications should you consider?We’ve already discussedPM2.5 (the smaller, moredangerous particles) as wellas HEPA filters, which JamesSublett, the former presidentof the American College ofAllergy, Asthma and Immu-nology, says are the bestchoice for air cleaners. Lookfor true HEPA, defined as re-moving at least 99.97% of air-borne dust, pollen, mold andbacteria. Terms such as“HEPA-type” and “HEPA-like”aren’t good enough.

Here are some acronymsyou should be familiar with:

CADR or Clean Air Deliv-ery Rate: The higher theCADR, the larger the room itcan filter. The EPA recom-mends a minimum CADR of65 per 100 square feet, inrooms with 8-foot ceilings.To remove viruses, theagency says to look for ahigh CADR for smoke, com-pared with pollen and dust,and a HEPA filter. AHAM or Association ofHome Appliance Manufactur-ers: You’ll likely come acrosssome filters with an AHAMVerifide logo, and doctors Ispoke to recommend thisverification. The group certi-fies a filter’s ability to re-move three sizes of particles. CARB or California AirResources Board: The gov-ernment agency requires allair filters sold in the state tobe tested for electrical safetyand ozone emissions, whichare limited in California. VOCs or volatile organiccompounds: This refers togases, which can’t be re-moved by HEPA filtersalone. Your air cleaner willneed an activated carbon fil-ter for that.

Now you can better scru-tinize labels: Does the air

PERSONALTECHNOLOGYNICOLENGUYEN

do the specs mean? Whatsets different filters apart?How many do I need to covermy home? Is a “smart” inter-net-connected model actuallya smart decision?

I asked some experts. Theresearchers, pulmonologistsand allergists agreed: Air fil-ters can help us lead health-ier lives, but the right devicefor you depends largely onthe kinds of contaminantsyou aim to filter out and thesize of your room.

Why get an air filter?Dust, pollen and smoke affectthe air quality in and aroundyour home. If you live in anarea affected by pollution orhave a sensitivity to aller-gens, you should considerrunning an air filter. The EPAdefines AQI values above 101as unhealthy for sensitivepeople, and above 151 as un-healthy for everyone.

AirNow’s website shows localAQI data in the U.S. andIQAir’s map displays globalinformation.

Vulnerable groups, in-cluding the elderly, children,pregnant women and peoplewith asthma, can experienceimmediate irritation of theireyes, nose and throat, andafter continued exposure,headaches and fatigue, said

Concerns over theCovid-19 virus andwildfire smoke aredriving demand.

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cleaner have a HEPA filter? Isit AHAM or CARB certified?What’s the CADR rating? Isthe filter rated for VOCs?

Are smart filters worth it?The Internet of Things gen-erally improves lives (hello,smart thermostats) and oc-casionally, gets carried away(hello, self-flying home se-curity drone).

Manufacturers havestuffed air-cleaning gadgetswith sensors, automation,and Wi-Fi and Bluetooth an-tennas. Most smart modelscan be mobile app-con-trolled, and the best onesautomatically adjust as airquality changes.

The smart filter I tested,Mila, starts at $349 with afilter subscription and $408without. Replacement filterscost between $59 and $99 apop, depending on your de-sired level of protection.There’s one specifically de-signed for pets, with an ex-ternal pre-filter cover to cap-ture fur. The device containsmultiple particulate-, humid-ity- and carbon-monoxide-de-tecting sensors. Its displayshows the air-quality ratinginside, as well as data fromPurpleAir’s outdoor sensornetwork.

Mila is a hefty appliance,measuring a foot wide and15 inches tall. The filter in-cluded in my review unit,called the Critter Cuddler,has a CADR of 350 and ac-cording to the EPA’s guid-ance, can accommodate aroom of about 500 squarefeet with 8-foot tall ceilings.

When I burned a piece oftoast, Mila quickly turned upthe fan. My PM2.5 sensor

($80 from Amazon) con-firmed the particulate spike—and the filter’s quick clean-ing. I like Mila’s TurndownService mode, which I enablefrom my phone. An hour be-fore my preset bedtime,Mila’s fans turn up to reducenighttime allergies, then au-tomatically quiet down whenit’s time to sleep. Being ableto monitor indoor air qualityremotely is also a nice fea-ture. Soon, Mila will alert youto active wildfires nearby.

But, as is often the casewith smart products, I raninto bugs. The touch-sensi-tive buttons stopped work-ing, and I had to reset thedevice. Then, the outdoorair reading stopped showingup on screen. The companysaid the touch-screen issuehas affected only a couple ofcustomers, and the air-qual-ity display bug is patched.

For those who want theconvenience of a filter thatdynamically adjusts and canbe controlled remotely—andhave the tech savvy to trou-bleshoot when things gowrong—a smart filter can bea good option. Otherwise, I

think most will find an ana-log air filter perfectly suffi-cient. (I like Blueair’s rela-tively silent models.)

“A smart air purifier maygive you a little more infoabout how well it’s working,but this is certainly not themost important feature of apurifier,” said Dr. Christen-son. A good-quality system,correctly graded for yourroom size, is essential, shesaid. In other words, manyof those mini portablecleaners on Amazon withoutcertification and HEPA fil-ters won’t cut it.

For now, the air in theBay Area looks clear, so Iturned on Mila’s energy-savemode, which keeps its dis-play and fan off as long asthe air quality is good. In theapp, it wrote, ominously,“Don’t worry, I’m alwayssmiling, judging, and watch-ing. ;) I will spin up if I de-tect any issues.” Just what Ialways wanted: an air filterthat winks.

Mila works with custom filters, ranging from $59 to $99,that vary in clean-air delivery rate and level of protection.

Mila has multiple sensors that can detect carbon dioxide, humidity and particulate matter.

“Eek, Nicole.Time to closethe windows!”shrieked Mila.

OK, fine,Mila didn’t

shriek. It didn’t say anythingat all. Mila is a portly, Wi-Fi-enabled smart air filter sit-ting in the corner of mybedroom. She—er, it—sentthe exclamation as a pushnotification to my phoneand explained more in itsapp: “The AQI is rising andI can’t keep up.”

Wind had carried smokefrom a distant fire into theBay Area, an increasinglycommon phenomenon whereI live in Northern California,and the air quality index, orAQI, which is a measure ofpollution, was worsening. Ishut the patio door and Milacontinued whirring.

Wildfires aren’t the onlyconcern driving the demandfor air-cleaning devices. Inaddition to capturing smoke,the gadgets can remove dust,pollen and other allergensfrom the air. And accordingto the U.S. EnvironmentalProtection Agency, air clean-ers with the right filter caneven lessen the spread ofgerms, including coronavirus.Some experts recommendbringing a portable filterwith you to work.

As I embarked on my air-cleaner shopping quest, I wasoverwhelmed by acronymsand marketing lingo. What

AGuide toSmart (andNot So Smart)Air Filters

Mila (with dog above) is a Wi-Fi-connected, smart air filter. Soon the Mila app, right, will beable to notify you when there is a wildfire nearby.

PERSONAL JOURNAL.NY



ARTS IN REVIEW

PAIRBONDS | By Evan KalishAcross

1 Werewolf’scall

5 Stretch across9 Aristocratic

14 Big name inready-to-assemblefurniture

15 Jazz greatFitzgerald

16 Place youmight wind up ifyou walk downthe isle?

17 •Artist honoredon Iowa’s statequarter

19 Potteryfragment

20 Sub entry21 •“There’s a

solution!”

23 Type of immunityor mentality

25 Moisturizingadditive

26 Consumed28 Pitching stat30 Love handle

locales35 •Site of the

American Airlinesheadquarters

39 Lake west ofCarson City

40 Holy Tibetan41 Holy43 Veep after

Quayle44 Demonstrate

resilience, in away

46 •“It’ll all be fine”48 Enter, as a

password

50 “This is sofrustrating!”

51 Assam oroolong

52 LinguistChomsky

55 Imitate anunhappy tot

57 Story witha cliffhanger,perhaps, anda hint to thestarred answers

62 World’smost populouscountry

65 No longerbeset by

66 Neither gain norlose money, andwhat the starredanswers do

68 Social mediarequest

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

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Previous Puzzle’s Solution

s

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

P J S F A R M A T L A SR A H U B O A T H A I T IE M O R H Y M I N S I M O NZ E R O O S A G E L A Z E

S T A R R E X P OS T E R N E R T U R N E R

V E T P E E R N E E D YO D O R D W A R F D I N EW I R E S S O O T T A SS T Y L I S H E I L I S H

A N N O K N E E ST R I P U R I A H C R A BS A S S Y B A S S E Y O R OP I L E D S T A R E N A NS L E D S S P O T E N D

69 Trendy berry70 Clarinet part71 Unkempt72 Cash drawer73 Small whirlpoolDown

1 Lofty2 Gumbo veggie3 Shower of

showers?4 Jousting

weapon5 Attach a patch,

say6 Scheme7 Waikiki

welcome8 Tennis star

Rafael9 “Easy-peasy!”

10 Sum of tresand cinco

11 Yellowstoneomnivore

12 Small songbird13 Partner of

59-Down18 Hurled22 AAA service24 Plummet26 Third note in

the F minorscale

27 Obsequiousunderling

29 Excessively dry

31 Shakespeareanvillain

32 Fleeting33 Manager of

the threepeatYankees of the1990s

34 “Adios!”36 VCR insert37 Overly38 Placed on the

wall42 Dagger attack45 “Bossypants”

humorist47 Crush, as a

golf ball49 Neither partner53 Chance for a

dinger54 Word from a

polite Parisian56 Question of

location57 Cable car58 Like EEE shoes59 Partner of

13-Down60 Fluffy toy dogs,

informally61 Legit63 Require64 Samberg of

“BrooklynNine-Nine”

67 Have a fever,say

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Omaha 77 59 s 75 58 pcOrlando 90 75 t 91 75 tPhiladelphia 74 63 c 75 61 cPhoenix 89 70 t 91 71 sPittsburgh 76 60 c 79 62 cPortland, Maine 61 45 c 67 48 pcPortland, Ore. 60 49 r 62 43 shSacramento 83 56 s 75 53 pcSt. Louis 75 63 c 72 62 shSalt Lake City 78 58 pc 73 57 tSan Francisco 69 59 pc 66 55 cSanta Fe 77 49 s 74 44 pcSeattle 57 47 r 55 46 shSioux Falls 77 55 s 75 57 pcWash., D.C. 78 66 t 72 64 sh

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James Blake performing in2019; his new album is ‘Friends

That Break Your Heart.’

ANDREWLIPOVSKY/NBC/GETTY

IMAGES

Singer and producerJames Blake—born andraised in greater Londonand now a resident ofLos Angeles—arrived onthe scene at an exciting

time for electronic music in theU.K. Now age 33, he released hisfirst single in 2009 and was in-stantly among the most promisingproducers working in the realm of

what was sometimes called post-dubstep, alongside others such asUntold and Mount Kimbie. In thatmoment, several overlappinggenres—tricky rhythms from U.K.garage; warped processing fromexperimental computer music;space and expressivity from Amer-ican R&B—came together for art-ists like the xx, Sbtrkt and Mr.Blake, and they spun them intosongs that sounded electrifyingand new.

Understanding the allure of thisperiod is crucial for understandingMr. Blake’s work since, because he

quickly moved beyond the confinesof that scene. His 2011 self-titleddebut was a showcase for his sing-ing voice, and over his next fewrecords he became known for hisslow and soft ballads. But whilehe’s achieved mainstream suc-cess—he’s been nominated for fiveGrammys and won one, for hiswork with rappers Jay Rock, Kend-rick Lamar and Future on “King’sDead” from the “Black Panther”soundtrack—in interviews heseemed all too aware and self-con-scious about trading cult adorationfor pop stardom. “Assume Form,”a collection of love songs releasedin 2019, found him far at the popend of this continuum and was hisweakest release to date. His fifthLP, “Friends That Break YourHeart” (Republic/Polydor), out Fri-day, strikes a better balance be-tween conventional songwritingand sonic innovation.

The trademarks of Mr. Blake’sproductions are deep bass, lyricalpiano lines and surprising vocalmanipulations, all of which addsup to forceful propulsive energycombined with delicacy andbeauty. “Famous Last Words” be-gins the album with these ele-ments intact—it’s a pretty songabout not being able to let go ofsomething you know is hurtingyou, and the arrangement does agreat deal with very little, using si-lence to build and release tension.

“I can’t believe I’m still making ex-cuses for your crimes,” he sings.“I’ve truly lost it / This time.”

Mr. Blake’s music invites im-ages of solitude and loneliness, buthe’s an able collaborator—outsideof his own re-cords, he’sworked withJay-Z, Be-yoncé andFrank Ocean,among oth-ers. Threenumbers herehave outsidevocalists, andin each casethey serve asa welcomecontrast tohis usual ap-proach. Thebest of theseis “ComingBack” with R&B singer SZA. Hervoice is earthy and her phrasing ismatter-of-fact, pretty much theopposite of her counterpart’s, andthey complement each other per-fectly. “Frozen,” featuring rappersJID and SwaVay, was originallywritten for inclusion on the for-mer’s album, and Mr. Blake seemslike a guest on his own track, ashis Auto-Tuned lyrics about beingparalyzed by indecision frame thefleet rhymes from his collabora-tors. And on “Show Me,” which

sics like “My Way,” “UnchainedMelody” and “You’ll Never WalkAlone.” It’s Mr. Blake’s most ex-plicit nod to his doubters—“I’vebeen popular / With all the popu-lar guys / I gave them punchlines /They gave me warning signs,” hesings—and the Escher-like circularmelody ultimately leads him to astirring falsetto climax designed towave them away.

The following “Lost AngelNights” opens with a haunting vo-cal sample and a church-like organand then delivers what might bethe strongest chorus on the album,as he grapples with a relationshipthat dissolved over jealousy (“Lostangel nights / Never jaded eyes /Envy is no crime / Away from me’sjust fine”). And the dynamiccloser, “If I’m Insecure,” is one ofMr. Blake’s finest productions. Atrembling keyboard line in theopening moments gives way to adrone and distant percussion, of-fering a beautiful payoff to theharmonic uncertainty establishedearly on. If not for a few shakylyrics, “Insecure” would be a mas-terpiece. Still, it’s an excellentshowcase of Mr. Blake’s gifts,which on the evidence here re-main intact a dozen years into hiswinding career.

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

MUSIC REVIEW | MARK RICHARDSON

Risking Fame by Re-Embracing InnovationJames Blake’s new album strikes a balance between sonic transformation and his trademark balladry

has a gorgeous pitch-shifted vocalfor a hook, Mr. Blake appears in asweet duet with up-and-comingsinger Monica Martin.

Here and there, Mr. Blake’soverpowering preciousness snuffs

out his vir-tues. Some-times hisfluttery trills,when com-bined withlyrics extol-ling his ownsensitivityand emotion-alism, arejust toomuch. On“Funeral,” hesings, “I holdmy ear to ashell / I hearsomethingthat no one

can sell” on a crawling ballad witha tune that barely registers, while“Foot Forward,” which repeats the“I put my best foot forward” cho-rus to the point of irritation, neverrises above cliché.

But these miscues are an excep-tion. The record’s remarkable clos-ing stretch finds Mr. Blake in aboldly expressive and adventurouszone. “Say What You Will” has thesturdy construction of a pop stan-dard, with a steadily buildingchord structure that evokes clas-

The record shows thatMr. Blake’s gifts remainintact a dozen years intohis winding career.



time MLB umpire Tim Timmons, 53.“There’s absolutely no way I’d beworking right now.”

This isn’t the first time signifi-cant innovation in catchers’ gearcame from the people who actuallywear the equipment. In 1976, whilewaiting to bat in the on-deck circle,Dodgers catcher Steve Yeager suf-fered a near-fatal injury when alarge piece of a broken bat hit himin the throat, requiring surgery. Theshards punctured his esophagus andmissed piercing a major artery bymillimeters.

In order to resume his career andprotect his throat, he worked withDodgers trainer Bill Buhler, to in-vent a plastic protective shield thathung down his neck. Throat protec-tion is now a common part of theequipment set for catchers.

Flowers, the first major-leagueplayer to wear the Force3, thinks itmakes sense that people like Yeager

JASON GAY

Brady vs. Belichick: Tampa TakesThe Psychodrama of the CenturyThe all-time quarterback steers his new team to victory in an ‘emotional’ return

BY JARED DIAMOND

SPORTS

Tom Brady, above, blows a kiss to fans at Gillette Stadium. The New England Patriots and coach Bill Belichick, below, dropped to 1-3 after Sunday’s loss.

BRIANFLUHARTY/REUTERS,A

DAMGLANZM

AN/GETTY

IMAGES

JASON KLEIN WAS UMPIRING aminor-league game in Durham, N.C.,in 2007 when a business idea hithim in the face—literally.

A foul tip slammed directly intoKlein’s chin so viciously that he im-mediately turned to the catcher andasked if he was bleeding and stillhad all his teeth. He couldn’t feelanything. The blow left him inca-pacitated for several minutes. Um-pires call a ball in that spot a “killshot.”

“That is the knockout punch,”Klein said. “Thisshot will putyou down.”

When hisbrain stoppedrattling and thestars disap-peared from hiseyes, Klein real-ized there hadto be a betterway to protect umpires from thissort of trauma. It led to him creat-ing the Force3 Defender mask,which uses a spring-cushionedshock-absorbing system to take thebrunt of the force from foul tips.The son of a metallurgist and ateacher, Klein spent five years re-searching, developing and testingthe product, which aims to mini-mize the risk of concussions andother head injuries.

The mask has caught on, not justwith umpires, as Klein originally in-tended, but with players. Dozens of

catchers across the major leaguesnow wear the Force3 mask exclu-sively. During this month’s postsea-son, Travis d’Arnaud of the AtlantaBraves, Yasmani Grandal of the Chi-cago White Sox, Omar Narváez ofthe Milwaukee Brewers, Will Smithof the Los Angeles Dodgers andChristian Vázquez of the BostonRed Sox will be among the catcherswearing the Force3.

Grandal, 32, was an earlyadopter. On the recommendation ofTyler Flowers, a MLB catcher for 12seasons and a Force3 investor,Grandal started wearing the mask

in 2017 afteryears of “gettinghammered in theface and havingto be on a liquiddiet for a week ata time.” In thefirst game hewore it, Grandalwas hit in theface multiple

times with no ill effects. Now, he’san investor in the company.

By 2021, the mask had becomecommonplace. Narváez, an All-Starfor Milwaukee, started wearing itafter seeing peers using it.

“I don’t want to spend time onthe IL because of something I canprevent,” Narváez said. “Sometimesyou get dizzy with another mask.”

The road to widespread accep-tance was slow and not alwayssmooth. Though umpire ToddTichenor was the first big leaguerto wear the Force3 mask during a

The Force3 Defendermask has caught on, notjust with umpires, but

with players.

game in 2014, players were morereluctant to try something new, es-pecially from a small, unestablishedmanufacturer.

Klein thought he had a player onboard in 2014, when a friend work-ing for the Boston Red Sox con-nected him with catcher David Ross.Now the Chicago Cubs’ manager,Ross ultimately declined to wear itin a game after experimenting withit, telling Klein that the four sets ofsprings impeded his vision.

The feedback prompted Klein tochange the design so that the maskhad only three sets of springs. Ithas taken off from there. Playersand umpires who wear it all havestories about taking a foul tip offthe mask that seemingly would’vecaused a serious injury and barelyfeeling it.

“Without that mask, my careerprobably would have been over fouror five years ago easily,” said long-

ahead field goal and the narrowwinning margin.

It was Patriot-like, to be honest.“In the end, it always comes

down to a couple of plays,” Bradysaid after the game, that blah,team-first New England patois stillrecognizable on his tongue. “Happywe made them.”

In his bag, Brady carried a foot-

ball, the only visible bit of evidencefrom history he’d quietly made ear-lier in the night. In the first quar-ter, Brady tossed a completion thatnudged him ahead of Drew Brees’sall-time record for passing yardage.Over his two decades plus in theNFL, Brady now has 80,560 yardspassing—if you put it end to end,it’s about 45 miles, enough to get

A Mask That MightSave Catchers’ Careers

ILLUSTRA

TION:W

SJ;PHOTO:D

UANEBU

RLESON/GETTY

IMAGES

and Klein are the onesdriving the change. Um-pires and catchers arethe ones who face theconsequences from thehead injuries caused byfoul tips to the face, aproblem that has re-ceived increased scrutinyin recent years.

“If you’re just an out-sider looking in, it’s hardto get a true appreciationof what a 98-mph foul-tipped fastball feels like,”Flowers said. “You seethe reactions on TV andyou hear the noise, and,if they’re not wearingour mask, then you seesome eyes rolling in theback of their heads.”

The Force3 mask hasspread through the

league organically, largely throughword-of-mouth. The players whowear it don’t have any endorsementdeal with the company. Klein won’tgive any masks away free of charge,even when player agents call askingfor a freebie for their high-profileclients. The hockey-style defendermask currently sells for $239.95 onthe company website.

That hasn’t stopped players fromtrying it, Klein says, when they hearfrom peers how the masks perform.Still, Klein’s success has put him ina bit of a strange position. Kleinwas an umpire. He has made aproduct popular with catchers.Catchers and umpires don’t alwayshave the most cordial relationship.Now catchers are the people he’sprotecting—and his customers.

“If I would have known that thiswould have carried over to theplayer world and protected catch-ers,” Klein said with a laugh, “Iwould never have done it.”

Foxborough, Mass.A brief list of eventsthat did not happen inSunday night’s epochalEstrangement Bowlbetween Bill

Belichick’s New England Patriotsand Tom Brady’s Tampa Bay Bucca-neers:

Frogs and porcupines did not fallfrom the sky. The moon did notturn a bright shade of devil red. Arising tide did not deliver a shiverof sharks, the end zones did notboil with fire, and Brady andBelichick did not settle their alleg-edly simmering differences with aheated leg-wrestling match at mid-field.

Instead they hugged, briefly. Butstill: a hug!

Other events that did happen inSunday night’s contest between thehost Patriots and the Buccaneers:

Tampa Bay won, 19-17, after alate, 56-yard New England fieldgoal thunked helplessly against theupright. It rained, buckets. Patsowner Robert Kraft embracedBrady before the game. The Fox-borough crowd in their 12s andponchos cheered loudly for Bradywhen he arrived for warm-ups,then booed him and his Bucs col-leagues when they stepped ontothe field for realsies in the firstquarter.

It felt fluttery, and, according toBrady, “emotional,” but after awhile, this NFL Psychodrama of theCentury settled into something re-sembling football and fairly…nor-mal.

But not really. How could a con-test like this come off as normal?This night had layers upon layers,subtexts below subtexts. It was cir-cled in pinky blood as soon as itwas scheduled: the greatest quar-terback ever returning to the sceneof his greatest accomplishments,44 years old and still pliable in hisnew pewter uniform, with a fresh,off-brand Super Bowltitle to boot.

Before the game, acaller to the “Felger &Mazz” radio show de-scribed it as “a Game7 inside a hurricanewrapped inside of atornado,” and to behonest, he might havebeen mildly under-playing it.

It was pitted as acontest to end a non-sensical barroom argu-ment: who was moreresponsible for the Pa-triots’ 21st-century dy-nasty: the age-defiantBrady, or his taciturnYoda, Belichick?

The correct answerto the question is, ofcourse: um, they bothhad a lot to do with it,but these are loud, bi-nary times. One mustanswer: Tom—or Bill!A long, nuanced explanation thatcompliments the extensive contri-butions of both men? What is this,a podcast?

Sunday’s outcome didn’t reallyslam home an answer. Brady strug-gled to find a rhythm most of thenight against Belichick’s defense,but, as he’s often done, he finishedadeptly, leading Tampa Bay to a go-

Brady from his former haunt of Gil-lette Stadium to, say, Worcester.

His ex-team is a work in prog-ress, meanwhile. The Patriots arequarterbacked by 23-year-old MacJones, fresh from Nick Saban’s Tus-caloosa College of ProfessionalFootballing, and though the rookiehas flashes of being a rookie, thereis also some low-energy cool thatreminds the home crowd of a cer-tain, overlooked Wolverine fromtwo decades ago.

On a night in which the Patriotsrunning game was an apparition(minus one yard, the lowest total infranchise history), Jones was im-pressively steady, completing 31 of40 passes for 275 yards and twotouchdowns, and in the closing mo-ments, he got the Patriots in deepenough position for a Nick Folkgame-winning field goal that in-stead went up and doiinnnnnk.

Mac looked like the future. Itjust wasn’t enough.

Some Patriots fans were miffedthat Belichick opted for a long-dis-tance kick, rather than gamely gofor it on fourth down with his newprotégé. In his postgame availabil-ity, Belichick served up the usualBelichick experience when askedwhat it was like to go against hisformer quarterback—Look, we wentagainst Tom Brady every day, ev-ery day in practice defensively. So

it isn’t like we’ve never seen TomBrady before—but afterward hewas spied going into the TampaBay locker room, where he wassaid to have huddled privately withBrady for more than 20 minutes.

A mysterious 20-minute gap!What did the two GOATs talkabout? Old times? Aging conflicts?The fall-striped bass run? Werehatchets buried beneath the Fox-borough concrete? Did Belichickwhisper something powerful butimperceptible, like Bill Murray didto Scarlett Johansson at the end of“Lost in Translation”?

Brady didn’t tell. “We’ve had alot of personal conversations thatshould remain that way and arevery private,” he said, spiking thesuspense.

In the end, this potent gamestayed on message, which wasprobably a tribute to the two hy-per-disciplined men standing onopposite sides. The Patriots built adynasty with Tom Brady, and thenTom Brady moved south and keptthe winning going, and did it againSunday night, blowing kisses on hisway out the door. One day we maylearn everything that happenedhere behind the scenes, but for nowall we have is the facts. In Foxbor-ough, the rain kept coming. TomBrady took his ball and went home,to Florida.

The Force3 Defender mask uses a spring-cushioned shock-absorbing system.



LessonsIn RememberingPeople Love Dead JewsBy Dara Horn(Norton, 237 pages, $25.95)

BOOKSHELF | By Martin Peretz

Rest in Peace for a Nobel Prize

T he Norwegian NobelCommittee will an-nounce the winner of

the 2021 Peace Prize on Friday,with 18-year-old climate activ-ist Greta Thunberg among thebetting favorites. It might bebetter to wait another 75 yearsbefore bestowing the honor onher.

When the Swedish million-aire Alfred Nobel died in 1896,he left his fortune to financeawards for “those who, dur-ing the preceding year, shallhave conferred the greatestbenefit on mankind.” His willcalled for recognition of thosewho made extraordinary con-tributions to physics, chemis-try, medicine and literature.The Peace Prize is for “theperson who shall have donethe most or the best work forfraternity between nationsand the abolition or reductionof standing armies and theformation and spreading ofpeace congresses.”

These awards have led tointernational recognition for arange of scientists, artists, andperpetrators of crimes againsthumanity. The last is an inevi-table consequence of the NobelFoundation’s statutes, whichsince 1974 have forbidden theawarding of prizes “posthu-mously, unless death has oc-curred after the announcementof the Nobel Prize.”

As in investing, past perfor-mance is no guarantee of fu-ture results. Myanmar’s AungSan Suu Kyi won the 1991prize “for her non-violentstruggle for democracy andhuman rights.” Yet as thecountry’s top civilian leaderfrom 2016 through 2021, she

was complicit in the genocideagainst Rohingya Muslims andabuses of other minorities.Does anyone believe that 2009laureate Barack Obama—whoreportedly boasted in 2011,“Turns out I’m really good atkilling people”—left the worlda more peaceful place? Ethio-pian Prime Minister Abiy Ah-med, the 2019 winner, waslauded for ending a protractedwar with neighboring Eritrea.Today his government standsaccused of ethnic cleansing innorthern Ethiopia.

The best reason to awardthe living is that it may helpthem in their struggle againsta repressive government, es-pecially since an individualdissident is often less well-known than a head of state orpowerful diplomat. Recipientslike the late Chinese democ-racy activist Liu Xiaobo(2010) are among the mostdeserving. This year the un-justly imprisoned Russian op-position leader Alexei Navalnywould be a more sensible

choice than environmental ac-tivists demanding the globalmiddle class accept lower liv-ing standards.

But Mr. Navalny is alreadyfamous, and shame doesn’thave a great record of movingVladimir Putin. Further, theexample of Ms. Suu Kyi shouldcounsel caution. Unlikely as itmay seem now, Mr. Navalnycould someday lead Russia. Noone knows what kind of rulerhe would become.

The Nobel Peace Prize is agood idea tainted by decadesof misjudgment. All humansare fallible, and only afterdeath can one take the fullmeasure of their lives. Award-ing the prize posthumouslyand donating prize money to acause or organization associ-ated with the winner’s legacyis the least bad way to pro-mote the elusive quest forpeace.

Mr. O’Neal is a European-based editorial page writer forthe Journal.

By Adam O’Neal

The award should begiven posthumously,since many laureatesgo on to do great evil.

OPINION

This is a beautiful book, and in its particular genre—nonfiction meditations on the murder of Jews,particularly in the Holocaust, and the place of the

dead in the American imagination—it can have few rivals.In fact, I can’t think of any.

Dara Horn’s project is hers alone: to consider how Jewish-American identity has been “defined and determined by theopinions and projections of others”—most but not all of themwell-meaning gentiles—and, leaning directly into “that distortedpublic looking glass,” to report her findings. Her mission is“to unravel, document, describe, and articulate the endlessunspoken ways in which the popular obsession with dead Jews,even in its most apparently benign and civic-minded forms,”is both a “profound affront to human dignity” and a shapinginfluence on American life, for Jews and non-Jews alike.

But in praising the book’s many virtues, I don’t want tomake a fetish of its one-of-a-kind gorgeousness. Rather Iwant to evoke the tse’lechosus—that is, the spiteful eleganceand realism—of both the victims and the author’s portrayalof them. How many women and men, girls and boys, old and

young, from all over Europewere swept up to perish in thecamps and ghettoes, in thestreets and in pogroms, inhiding, even at random? Sixmillion. A bit more, perhaps abit less. Given the prelude to thewar and its aftermath, even inNorth Africa and then in ArabIraq, a bit more, quite likely.And this is both before andsimultaneously with the Soviets,who were—after all—their allies,our allies. By any count, “a ridic-ulously small minority,” as Ms.

Horn calls them, and yet one thathas since played “a behemoth role in other people’s imagi-nations.” And each, we too often forget, an individual, ahuman being—or, as one of Ms. Horn’s subjects, ZalmenGradowski, wrote, “a world.” And each, specifically, a Jew.

This collection of 12 linked essays, some of which firstappeared in the Atlantic, the New York Times, Smithsonianand Tablet, is Ms. Horn’s first foray into book-length non-fiction. The author has full command of the literature onher subject, and not just in English—she also has Hebrewand Yiddish, and has taught the literatures of both. She isthe author of five novels, most of them historical, and hergift for biographical research and portraiture are relevantto her achievement in “People Love Dead Jews.” Here sheexplores a writerly fixation with two real-life figures,Hannah Arendt (1906-1975), of whom almost everybody whoreads has some impressions, and the American intellectualVarian Fry (1907-1967), who is known largely to a coterieeager to find heroes in a world full of villains.

My own conclusion on Fry: Stationing himself in wartimeFrance in 1940-41, he was obsessed with saving only talentedand famous Jews. The others? Let ’em eat . . . whatever.But Ms. Horn does credit him with rescuing 2,000 eminencesin 13 months; I can’t grasp how he did it. And maybe hehadn’t quite. Still, she (and the evidence) says he did:“Marcel Duchamp, Marc Chagall, Max Ernst, Claude Lévi-Strauss, André Breton, to name a few.” Oh, yes, and thevery notable woman Hannah Arendt.

Fry was not a wicked man. Many people didn’t like him,though, including, it seems, his own children. He fanciedhimself a dandy; he also was someone who was fixed onfame. But he did risky acts, such as hiding in his own apart-ment the writer Lion Feuchtwanger, author of “Jud Süss”(1925), a study in human weakness that, when fed into theNazis’ propaganda machine, was turned into an anti-Semiticfilm (1940). After his return to New York, Fry worked for atime on the New Republic, but quit when its staff became tooenamored of communists and communism. But anti-Nazithey certainly were: In December 1942, they ran an un-heralded Fry cover piece titled “The Massacre of the Jews,”two million of them at the time of writing, to be precise. Andhalfway into the churb’n, the correct Yiddish word for thedisaster that was still in its awesome and awful beginnings.

Before the war Arendt, who had worked as a Zionisteducator, fell in love with her teacher, the master Naziphilosopher Martin Heidegger . . . yes, fell in love, andnever really fell out. Arendt’s controversial “Eichmann inJerusalem” (1963)—her report on the trial of Adolf Eich-mann, the architect of the Nazi’s “final solution,” who wasfound guilty of crimes against the Jewish people and hangedby the then-new state of Israel in 1962—concluded thatEichmann was not depraved but rather the epitome of the“fearsome, word-and-thought-denying banality of evil” thatcharacterized the Germany of his time. Ms. Horn wishes shecould like Arendt’s book, and wonders whether her failureto appreciate its perspective is a reflection of her ownbanal “inability to think.” She looks back on her Harvardeducation, and concludes that the university “could teach[her] many things,” but “could not teach [her] goodness.Not because it taught the opposite, but because moraleducation is simply not what secular Western education orsecular Western culture is for.”

You can be sure that here is also common talk aboutcommon contemporary anti-Semitism, among Jews andamong gentiles. It is stunning, and I am glad that Ms. Hornis not hysterical about the phenomenon. Still, she takes itseriously. Yes, there is a wide breach between the Hasidimand other very pious Jews and your and my ordinary Jews,whatever “ordinary Jews” means. I know that many of theultraorthodox, the very pious, the canonical don’t think ofme and mine as brothers and certainly don’t think of Jewishwomen like Ms. Horn as sisters. They don’t think of ultra-orthodox women as sisters either. Have you ever looked ata really pious wedding? There’s one woman in the picture,one: the bride. And hundreds of men.

And what about Shylock and “The Merchant of Venice”?We already have the magisterial “Trials of the Diaspora”(2010) by Anthony Julius, who puts legal end to Shake-speare’s calumny about Jews. Now we also have Dara Horn’shistorical and psychological examination of the text that’skept anti-Semitism alive for generations of well-intentionedreaders and audiences . . . and, alas, Judeophobes.

Mr. Peretz was from 1974 to 2011 the editor in chief ofthe New Republic.

A Jewish-American essayist explores whatwe talk about when we talk about pogroms,the Holocaust and murderous anti-Semitism.

Is KyrstenSinema theDemocrats ’John McCain?

In his daythe mediacheered Mc-Cain as a“maver i ck”who put prin-ciple ahead ofparty. But it

turns out the word maverickapplies only to Republicansopposing a Republican agenda.As Ms. Sinema’s opposition toJoe Biden’s $3.5 trillionagenda is revealing, a maver-ick in the Democratic Partyelicits far different treatment.

A telling example came thisweekend courtesy of the open-ing skit on “Saturday NightLive.” The segment portrayedPresident Biden negotiatingthe reconciliation bill withSens. Joe Manchin and Sinemaon the moderate side andReps. Ilhan Omar and Alexan-dria Ocasio-Cortez on the pro-gressive side. The actressesplaying the progressives werereasonable and appealing.

Not so the two Democratsholding up Mr. Biden’s recon-ciliation bill. Mr. Manchin wasplayed by a woman. Ms.Sinema was the bimbo villainof the sketch: “What do I wantfrom this bill? I’ll never tell,because I didn’t come to Con-gress to make friends. So far,mission accomplished.”

Message received: No mav-ericks here. Only turncoats.

As if on cue, the next dayactivists disrupted a class Ms.Sinema teaches at ArizonaState University, and then fol-

Kyrsten Sinema, the Bad Mavericklowed her into the bathroomas they kept filming. Laterthey tweeted their footage,which showed them harangu-ing the senator to pass the rec-onciliation bill and ease immi-gration restrictions. The DailyBeast’s take: “Sen. KyrstenSinema locks herself in bath-room to avoid young activistson ASU campus.”

As for Mr. Manchin, asmuch as Democrats might re-sent the senior senator fromWest Virginia, he doesn’t seemto rankle them as much as thesenior senator from Arizona.Maybe it’s because, as Mr.Manchin recently noted, he’s“never been a liberal” and noone was ever under any illu-sion he was.

By contrast, Ms. Sinemastarted out on the left, withroots in the Green Party andanti-Iraq War activism. As alegislator, however, she’sproved herself willing to workacross the aisle, and in herwillingness to drive party lead-ers nuts some detect the samestreak of Arizona defiance thatcharacterized two of her Re-publican predecessors in thesenate—Barry Goldwater andJohn McCain. McCain’s maver-ick identity, they say, has be-come Sen. Sinema’s model.

“I think she definitely wouldlike for her legacy to be ‘themaverick’ like him,” GrantWoods, a former Arizona at-torney general and McCainchief of staff, told Time maga-zine. “He was instinctivelydrawn to doing the opposite ofwhat he was told and whatpeople expected. She’s defi-nitely attracted to that image.”

She also knows Arizona isnot a progressive state, not-withstanding that it went nar-rowly for Mr. Biden in 2020and last year sent anotherDemocrat, Mark Kelly, to theSenate. Perhaps Ms. Sinema ispositioning herself to keep herseat when she’s up for electionagain in 2024 even if the statereverts to voting Republican.

In a tweet Saturday, Ms. Oc-asio-Cortez delivered today’sDemocratic orthodoxy on theArizona Democrat: “There re-ally isn’t anything maverick,

innovative, or renegade aboutbeing a politician that workswith corporate lobbyists toprotect the rich, short-shriftworking families, and preservethe status quo.”

But Kyrsten Sinema is noBarry Goldwater, and her de-tractors exaggerate her pro-pensity to buck the party line.In June, the Associated Pressissued a “fact check” after Mr.Biden complained that hislegislative agenda wasn’t get-ting through Congress be-cause of “two members of theSenate who vote more withmy Republican friends.” TheAP noted that while Sens.Manchin and Sinema aremore likely than other Demo-crats in Congress to crossparty lines, “Manchin, Sinema

do not vote with GOP more.”In the meantime, there’s Mr.

Biden’s stalled agenda. In theHouse, the moderates wererolled last week by SpeakerNancy Pelosi when she brokeher pledge to bring the infra-structure bill to a vote. Shedidn’t schedule a vote becauseshe didn’t have enough supportto win, and she didn’t have thevotes to win because progres-sives won’t support infrastruc-ture until they have agreementon reconciliation.

The opposite dynamic holdsin the 50-50 Senate, whereDemocrats can’t afford to losea single vote. Ms. Sinema andMr. Manchin have used this le-verage to force the WhiteHouse to concede that recon-ciliation will have to be scaledback if it is to pass. Even so,it’s hard to see how tacticssuch as pursuing Ms. Sinemainto the ladies room whilefilming it all will persuade herto come around.

In the end, Joe Manchinmay well reconsider somethingnorth of his $1.5 trillion topline. Maybe Kyrsten Sinemawill also go along with what-ever emerges from the Octoberrenegotiations. But in thesame way that John McCainwas hailed as a principled in-dependent for voting againstkey Republican priorities—in-cluding providing the decisivevote against repeal of Obama-Care—if Ms. Sinema ends uptanking the reconciliation bill,those covering the story oughtat least to have the grace torecognize there really is a newmaverick in town.

Write to [email protected].

While John McCainwas cheered as a hero,the Arizona Democratis treated as a traitor.

MAINSTREETBy WilliamMcGurn

Political junk-ies are fixatedon the stale-mate overtwo (two!)trillion-dollar-plus spendingbills whosefailure couldderail Joe Bi-den’s presi-dency. But the

Biden administration alsofaces two must-win interna-tional tests this fall. Failure atthe United Nations climateconference in Glasgow or theIran nuclear negotiations inVienna would sandbag a pres-idency still struggling to findits feet.

Halloween is SpeakerNancy Pelosi’s new deadline topass the bipartisan infrastruc-ture bill. It also marks theopening of the U.N. ClimateChange Conference of the Par-ties, or COP26. The plan is forrepresentatives of 190 coun-tries, along with assorted ex-perts, bureaucrats, lobbyists,activists and journalists, toassemble for a discussion onnext steps to stop climatechange.

For environmentalists,COP26 represents what theywill, in the now traditionalway, call yet another “lastchance” for the world’s gov-ernments to take the bold ac-tions that will keep climatechange within limits. For theBiden administration it repre-sents the first big test of itsgrand strategy.

Domestically, the adminis-tration calculates that enoughmovement on green issueswill keep dovish progressives

Biden’s Biggest Tests Aren’t in Washingtonon board as the contest withChina heats up. Internation-ally, climate-change activismaligns the U.S. with key Euro-pean allies while boosting themultilateral cooperation thatunderpins the liberal worldorder Team Biden hopes tosave.

Unfortunately for theWhite House (and, somewould say, for the planet), itsclimate agenda is in trouble.That is only partly becausemoderate House and SenateDemocrats aren’t fully onboard with the sweeping en-ergy policy changes scatteredthrough the infrastructureand reconciliation bills likeraisins in a fruitcake. Withgasoline lines in Britain, crip-pling shortages and blackoutsacross China, an energy crisisin India, and prices surgingaround the world, the timingfor the conference couldhardly be worse.

The turmoil in world en-ergy markets reminds policymakers of an inconvenienttruth: Green pledges are pop-ular; green policies drive pub-lic revolt. Xi Jinping doesn’twant unemployed steel andaluminum workers marchingin the streets. Emmanuel Ma-cron isn’t yearning for a re-turn of the gilets jaunes.

The world’s political lead-ers have generally learned tomanage this problem by draw-ing on a renewable resourcethat never runs dry: hypoc-risy. That is why climate sum-mits repeatedly reach a climaxin solemn promises to cutemissions at some later date—and why those promises arerarely kept.

In Glasgow, Team Bidenwill be under intense pres-sure to move beyond businessas usual. Climate anxietiesare rising, and not onlyamong activists. So are en-ergy prices. As developingcountries look at how evenmodest steps lead to energydisruptions and factory clos-ings in China and beyond,their leaders are going totake a harder line in climate

talks. To make matters eventrickier, both Russia andChina believe that curbingAmerican power is a higherimmediate priority than cli-mate change. A COP flop, theymay well feel, would be acheap and easy way to under-mine the U.S. and weaken theBiden administration.

Then there’s the return tothe nuclear agreement withIran, the Joint ComprehensivePlan of Action. Team Bidenbadly wants to get back intothe deal, and the Iranian gov-ernment is milking that hun-ger for all it can get. The lat-est word from Tehran is thata $10 billion down payment isthe price for restarting directnegotiations. Reaching anagreement will presumablycost more.

Meanwhile, Iran’s neighborsare fast losing faith in the Bi-den administration’s pledges

to make the agreement “longerand stronger.” Arab countriesand Israel alike were horrifiedby the failure of the originalJCPOA to address their con-cerns about Iran’s systemicsupport of terrorists and guer-rillas from Iraq through Syriaand Lebanon on down to Ye-men. “Longer and stronger”was a slogan intended to pac-ify both domestic and MiddleEastern critics of PresidentObama’s JCPOA. At a timewhen global energy shortagescombine with fears of inflationto enhance OPEC’s power,Team Biden will struggle tokeep restive Middle East allieson board.

The JCPOA becomes lessvaluable to the U.S. and lessacceptable to its regional al-lies as it becomes shorter andweaker every day. Yet toabandon the JCPOA mightforce the Biden administrationback to the Trump strategy of“maximum pressure” in thehope that a combination ofeconomic sanctions and thethreat of force would halt theIranian nuclear program andforce a deeper rethinking onTehran.

Selling that strategy toprogressive Democrats wouldbe hard. But facing a nakedchoice between accepting anIranian nuclear arsenal orwaging pre-emptive war withIran would be worse.

Forging unity amongsquabbling congressionalDemocrats is not the mostfateful or the most challeng-ing task Mr. Biden faces thisfall. Look also to Glasgow andVienna to see where his presi-dency is headed.

Failure in eitherclimate or Irantalks could leave hispresidency struggling.

GLOBALVIEWBy WalterRussell Mead



One Reason Nuclear Power Is Still OverlookedRobert Hargraves is right to reject

the theory that “any level of radiationis harmful” (“How Much Radiation IsToo Much?” op-ed, Sept. 22). Thistheory, proposed in 1946, before DNAwas discovered, is a grave impair-ment to accurate public perception ofradiation risks and the use of nuclearenergy. Unfortunately, it has been thedominant belief of the Atomic EnergyCommission and now the NuclearRegulatory Commission, althoughthere was scant evidence of its truthin 1946 and even less now.

We now understand how radiationcan damage our DNA, which is alsodamaged constantly due to exposureto sunlight and natural and artificialcarcinogens in our food and air. Wealso know that our cells have no lessthan five molecular pathways that areactive to repair DNA and prevent thedevelopment of cancer. Thus, low-level molecular damage from radia-tion or carcinogens is routinely re-paired by our body, rendering theseexposures harmless.

A 2018 meta-analysis of studies to-

taling 900,000 subjects concludedthat low-level natural exposure to ra-don, common in some parts of theU.S., does not cause cancer. Nuclearremains the most practical, carbon-free source of energy for the world.

DAVID R. MINOR, M.D.Walnut Creek, Calif.

Mr. Hargraves accurately outlinesthe problem with the Nuclear Regula-tory Commission. But I think we needto be more direct. The environmen-talists that opposed nuclear powerand brought about the ridiculous NRCregulations are responsible for anyglobal warming they now whineabout. They forced America to keepburning oil, coal and natural gas in-stead of converting to nuclear energy.We could have been like France,which derives 70% of its electricityfrom nuclear energy and even exportssome. But environmentalists (and theNRC) caused America to stick withfossil fuels.

MARTIN R. WELLENSShorewood, Minn.

Does Robinhood Think Investing Is a Party?In “Robinhood Users Come Under

Attack” (op-ed, Sept. 28), RobinhoodCEO and co-founder Vlad Tenev tellsus that investing should be “delight-ful,” perhaps like children’s birthdayparties, jolly and filled with goodies.All that is required is bringing apresent—your savings or hard-earnedincome. In return, you will get a lotof cool games, cake and maybe youwin a prize. The value of the prizemay be equal to your gift, or it may

be less or in fact it may be worthless.Mr. Tenev claims that questioning

and seeking to regulate investors’choices insults their intelligence. Inthis story, regulators are the meangrown-ups. They want to explain therules of each game and the actualvalue of the prize: Party poopers!

PROF. IRENE FINEL-HONIGMANNew York

Ms. Finel-Honigman is author of“A Cultural History of Finance.”

Angela Merkel: Compassionate, CourageousRegarding “Merkel Says Auf Wie-

dersehen to a Diminished Europe”(Review, Sept. 25): I disagree with thecharacterization of Angela Merkel asa risk-averse and tepid leader whohad no grand vision for Germany.Clearly her compassion was visionaryand courageous. The essay says thatin 2015 her government declined toclose Germany’s border because of“fear that border police might have touse violence to keep people out.” Howvisionary and compassionate such adecision looks when compared with

the images we saw recently from DelRio, Texas, and the images we haveseen at America’s southern border foryears. To pretend the problem doesn’texist and then express surprise whenpeople, under extreme stress, resortto violence, as our government did,seems cowardly in comparison.

I know of no other leader, saveperhaps Pope Francis, who has dem-onstrated by his or her actions, notmere rhetoric, the values that Ameri-cans are supposed to hold dear,namely, that “all men are createdequal.” I wish that the world hadmore leaders with the courage todemonstrate compassion and acceptall people as equal. I fear we won’tsee her likes again.

SARA WAHLDallas

When is speed considered a hall-mark of good governance? Under Ms.Merkel, Germany is prosperous butnot militant; a leader in the EuropeanUnion but not dictatorial. Ms. Merkelspeaks English and Russian, in addi-tion to German. This means sheknows what people are saying. Whata difference this would make if Amer-ican leaders were so able.

BARBARA TILNEYDenver

The IRS and Your Bank Account

O n your next trip to the ATM, imaginethat Uncle Sam is looking over yourshoulder. As if your annual tax filing

wasn’t invasive enough, theBiden Administration wouldlike a look at your checkingaccount.

Charles Rettig, commis-sioner of the Internal RevenueService, wants banks to reportannual cash flows for ordinary account holders.Treasury Secretary Janet Yellen is promoting theplan, and theHouseWays andMeansCommitteeis debating whether to include this mandate inthe Democrats’ $3.5 trillion spending bill.

Ms. Yellen says the reporting will help tocatch wealthy tax dodgers. In a recent letter tothe committee she said the plan would reveal“opaque income streams that disproportion-ately accrue to the top.” Treasury and congres-sional Democrats hope taxpayerswill report in-comemore accurately if they know the feds havetheir account information.

Yet the IRS plans to review every accountabove a $600 balance, or with more than $600of transactions in a year. So every Americanwith a job could get looked over. A group of 41industry groups recently warned congressionalleaders that the plan “is not remotely targeted”to detect major tax avoidance.

It’s also a privacy breachwaiting to happen.Not long ago the confidential tax records of JeffBezos, Mike Bloomberg and other wealthyAmericans were exposed by ProPublica. Who-ever leaked or hacked those records committeda crime, but the IRS has revealed nothing fromits promised investigation. Adding bank accountinfo to the IRS trove would risk the disclosureof savings and spending information of politicaladversaries in the same way.

Twenty-three state treasurers and auditorssigned a letter last month opposing the plan,calling it “one of the largest infringements of

data privacy in our nation’shistory.” Nebraska TreasurerJohn Murante says his statewon’t comply if the reportingrule takes effect.

Casting a wide net overpersonal finances is a long-

standing aim for Democrats and the politicalleft. President Obama in 2009 formed a panelto discuss closing the “tax gap,” arguing thatwidespread underreporting of income costs thegovernment hundreds of billions a year.

The House continues to debate the bank ac-count proposal, but the spending bill alreadyincludes $80 billion for the IRS to hire thou-sands of new staffers. Treasury estimates thatthese changes would collect $700 billion in rev-enue over the coming decade. But Rep. KevinBrady, the top Republican onWays andMeans,points out that the tax gap is murkier thanDemocrats admit.

“The IRSwill admit their data is seven yearsold,” Mr. Brady told CNBC in July, noting thatthe agency’s estimates don’t account for the2017 federal tax reform that limitedmany loop-holes. “What they’re saying is give us a ton ofmoney, let’s hire a bunch of auditors and wethink this will create revenue.”

Overestimating the results of greater en-forcement lets the Biden Administration attacha higher revenue number to its multi-trillion-dollar spending proposal. That’s bad enough.But the bigger threat of giving the IRS accessto the details of your bank account is that politi-cians will eventually find a way to control howyou save and spend your own money. This is abad idea that deserves to die.

Its quest for missingrevenue would threaten

taxpayer privacy.

Biden’s Trade Strategy That Isn’t

W hatever the flaws of PresidentTrump’s trade strategy with China,at least he had one. President Bi-

den’s is indiscernible, judgingfrom the much-anticipatedbut content-free remarksMonday by U.S. Trade Repre-sentative Katherine Tai at theCenter for Strategic and In-ternational Studies.

Ms. Tai said that China had failed to abideby the terms of the Trump Administration’sphase one deal, which included commitmentson intellectual property, technology transfer,purchases of American products, and im-proved market access for agriculture and fi-nancial services. In what areas specificallywas China failing? She didn’t say.

She did promise, however, to “use the fullrange of tools we have, and develop new toolsas needed, to defend American economic in-terests from harmful policies and practices.”What tools exactly she also couldn’t say, otherthan perhaps another Section 301 investiga-tion and more tariffs.

How would Mr. Biden’s approach to Chinadiffer from Donald Trump’s? The Biden Ad-ministration, she said, would “strengthen ouralliances through bilateral, regional, and mul-tilateral engagement.” She cited a settlementthis summer with the European Union that re-solved a 17-year feud over subsidies for Boeingand Airbus. That’s great, but what else? Shecouldn’t say.

Mr. Biden has maintained the Trump tariffson European steel and aluminum, which haveharmed U.S. businesses and made it harder topresent a united allied front against China.But Ms. Tai wouldn’t commit to lifting thosetariffs. Her plan is to “take a situation of ten-sion [with Europe] and work through it toconvert it into a partnership and collabora-

tion.” This isn’t marriage counseling.Mr. Trump made a strategic and economic

blunder by pulling out of the Trans-PacificPartnership. The U.S. with-drawal weakened U.S. eco-nomic influence in the re-gion, and the othercountries went ahead withwhat has become the CPTPP.Last month China applied to

join that trade deal. How will President Bi-den respond?

Ms. Tai responded with diplomatic mush:“The TPP, which is the basis for the CPTPP, wassomething that was negotiated several yearsago now. . . . And the world economy has shownus realities in the intervening years that I thinkwe really have to pay attention to. So, youknow, in terms of our continued investmentand engagement with our partners and alliesin the Indo-Pacific, I think what we need to dois to fully engage and address the realities andchallenges that we see today.”

Asked if she thinks it’s even possible forChina to change its predatory trade habits, shereplied: “I think, like with anything else in life,you’ve got to look at where you’ve come fromto figure out, if you’ve not gotten to where youwant to go, how you correct course.” The Bi-den Administration’s approach “is very muchabout being thoughtful.”

All of this reveals an Administration thatdoesn’t appear to have a strategy to deal withChina beyond talking tough. One explanationmay be that the Administration’s main—only—priority with China is gaining a pledgeto reduce carbon dioxide emissions before theclimate confab in Glasgow next month.

But then the White House doesn’t seem tohave a trade strategy with anybody else either.It can’t even strike a deal with the post-BrexitUnited Kingdom. What a disappointment.

Trade Rep Tai offers aChina policy that is

Trump Lite.

The Next Progressive Budget Trick

P rogressives are finally admitting they’llhave to trim the top-line cost of theirreconciliation bill to a number closer to

Sen. Joe Manchin’s ceiling of$1.5 trillion. But reality stillhasn’t sunk in enough thatthey’re willing to kill any newentitlement programs.

Their thinking was on dis-play in force on Sunday. Pro-gressive Caucus Chair Pramila Jayapal told CNNthat the left is focused on “what is theway thatwe can get all of the critical programs that wehad identified [child care, paid leave] . . . butperhaps for a shorter period of time, and be ableto get then to the number from that.”

California Rep. RoKhanna told FoxNews thatDemocrats are looking to simply “front-load thebenefits and have less years.”

AddedNewYorkRep. Alexandria Ocasio-Cor-tez on CBS’s “Face the Nation”: “Washingtonmath is notoriously funny . . . You can make aone-trillion-dollar bill into two trillion.” She ex-plained: “I think that one of the ideas that is outthere is fully fund what we can fully fund, butmaybe instead of doing it for 10 years, you fullyfund it for five years.”

Progressives know that entitlements, oncecreated, are almost impossible to repeal. Thereal sticker shockwill come later, after the pro-grams are on autopilot. AsWhite House senioradviser Cedric Richmond vowed on Fox, they’llcome “back in 2025, 2026, or any other year” to“fight” for their renewal.

Consider the allowance of $3,000 to $3,600per child. The payments cost some $110 billion

a year, making its 10-year price tag about $1.1trillion. ButDemocrats hid the cost in theirWaysandMeans tax bill by pretending the allowance

will end after 2025. Democratswill accuse Republicans ofraising taxes on families if theGOP ever tries to end it.

Or take the bill’s accountingfor its child-care program,which runs on paper through

2027. The bill provides three years of fixed fund-ing ($90 billion) for the states, but starting infiscal 2025 opens the entitlement spigots to“such sums asmay be necessary” to run the pro-gram through its (fictitious) end date.

Democrats likewise mask the price of theiruniversal pre-K entitlement by annually shift-ingmore of its cost to the states. Similar ployscloak the real costs of paid family leave, freecommunity college, and expandedMedicaid andMedicare.

Each of these entitlements carries explosiveprice tags, and an honest accounting would re-quire Democrats to cut entire programs tomeetMr.Manchin’s limit. YetMs. Jayapal this week-end rejectedMr.Manchin’s $1.5 trillion (“not go-ing to happen”), which suggests progressivesknow there are limits towhat even they can dis-guise under that amount.

As this debate unfolds, the programs aremore important towatch than the top-line bud-get number. Democrats can and will game thelatter to make everything look less costly thanit is. Once these programs are in place, the realcost will bemany,many trillions of dollars, andtaxpayers will pay for decades to come.

AOC and friends saykeep the entitlementsbut shrink the years.

REVIEW & OUTLOOK

OPINION

LETTERS TO THE EDITOR

THEWALL STREET JOURNAL

Revised H.R.1 Has a PlanFor Government Speech Czar

The new Democratic voting- andspeech-regulation bill dropped theidea of switching “the Federal Elec-tion Commission to an odd number ofseats.” Unfortunately, it proposes aneven worse approach (“The Enormityof Manchin’s Skinny H.R.1,” Review &Outlook, Sept. 22).

Today, it takes the votes of four ofthe six FEC commissioners to initiatean investigation or find a campaignviolation. The skinny H.R.1 wouldhand that power to the agency’s gen-eral counsel, an employee not subjectto Senate confirmation. Historically,the FEC general counsel takes themost speech-restrictive interpretationof the law. Overriding a decisionwould take four votes to stop, ratherthan start, most enforcement actions.

In a 2007 opinion, Chief JusticeJohn Roberts wrote, “Where the FirstAmendment is implicated, the tie goesto the speaker, not the censor.” The billmakes the general counsel a speechczar, with a tie going to the censor.

DAVID KEATINGPresident, Institute for Free Speech

Washington

Pepper ...And Salt

Letters intended for publication shouldbe emailed to [email protected]. Pleaseinclude your city, state and telephonenumber. All letters are subject toediting, and unpublished letters cannotbe acknowledged.

Medication Works WondersFor Children With ADHD

Dr. Daniel Zeidner’s letter regard-ing ADHD (Sept. 25) has everythingbackward. The undiagnosed boy withADHD is more likely to have low self-esteem and internalized low expecta-tions than the diagnosed boy. Undi-agnosed children often struggle toget through school, hold jobs and becreative, and they are more likely tohave trouble with drugs and alcohol.

How do I know? I was one of thosechildren undiagnosed for too manyyears. Now, on proper medication, Ihave been productive, owning myown business for 40 years, and cre-ative. I have good self-esteem and I’mfrustrated with the naysayers who re-fuse to see the solution staring atthem in the exam room.

LEEDS MITCHELL IIIBristol, R.I.

How the Railroads WereSaved, Then Ruined Again

Holman W. Jenkins, Jr. is correctthat the 1980 Staggers Rail Act savedrailroads (“Joe Biden Wants to Undoa Rail Success,” Business World, Sept.25), but then his comments go off therails. Precision Scheduled Railroading(PSR) has been a train wreck: Ship-pers invested heavily in using rail ingood faith, only to have never-endingservice failures cost them in delaysand lost business. Activist investorspushed boards and management toreduce capital investments, mothballlocomotives and downsize employees.Cash is stripped for short-term pay-outs, inflicting long-term damagewhile common-carrier obligations areforsaken. The promised efficiencies?Quite the opposite.

Shippers need commitments hon-ored; failing that demands regulatoryoversight. Staggers allowed railroadsto revitalize but PSR has put that injeopardy. Four actions are neededfrom the feds: Designate railroad as-sets as “critical national infrastruc-ture” and limit cash distributions;provide 100% tax credits on rail in-vestments; fast-track environmentalapprovals of modernization andgrowth construction; and require de-fined service levels with financial re-course for failures. If railroads can’tsucceed in that environment, thenthey will roll into the sunset for good.

BRUCE GILLINGSMission Viejo, Calif.



G en. Mark Milley is beingcriticized for taking ac-tions to forestall thepossibility of an inap-propriate nuclear launch

order by President Trump. Thecriticism is based on steps thegeneral allegedly took, as de-scribed in Bob Woodward and Rob-ert Costa’s new book, “Peril.” Gen.Milley was ostensibly concernedthat Mr. Trump was unstable andmight order a nuclear launch forpolitical reasons. The general toldCongress last month that because

he believed China had unwarrantedworries of a U.S. attack, he actedto “de-escalate” the situation andcontacted his Chinese counterpartsto indicate that no attack wasplanned.

The critics are missing thepoint. The overriding issue is notwhether Gen. Milley was correct inhis assessment, or whether he wasauthorized to take the reportedactions, but what the conse-quences could have been if hisconcern had been warranted. It isnot hyperbole to say that the con-sequences could have been a pro-

Congress should requireconsultation, so generalswouldn’t have to break therules to save the world.

One Man Shouldn’t Control the Nuclear Buttonfound tragedy and, in the worstcase, the end of civilization.

This is not the first time unau-thorized actions might have beentaken to stop an unstable presidentfrom starting a nuclear war. Duringthe end of Richard Nixon’s presi-dency, when the president wasknown to be drinking heavily, De-fense Secretary James Schlesingeris reported to have called the com-mander of the Strategic Air Com-mand and instructed him that if hegot a launch order from Nixon, heshouldn’t take any action withoutfirst checking with Schlesinger orSecretary of State Henry Kissinger.

The defense secretary had no au-thority to do so—and couldn’t besure the general would follow hisorders. But he felt he had to dosomething to head off such a possi-bility. Schlesinger wasn’t criticizedbecause neither he nor the generalmade his action public. From myconversations with Schlesingermany years later, I am convincedthe story is true.

A related incident took place inthe Soviet Union in 1983. Lt. Col.Stanislav Petrov, on duty at the So-viet missile warning station, de-clined to alert his commanders toan attack assessment on the radar.Petrov believed the assessment wasfalse and feared President Yuri An-dropov might launch a responsewithout waiting for further confir-mation. This story is recounted inthe documentary “The Man WhoSaved the World.”

Petrov was correct, which soonbecame apparent. One can only

speculate what might have hap-pened if the incorrect warning hadreached Andropov in the middle ofthe night. Petrov used his judgmentinstead of following orders becausehe understood the possible civiliza-tion-ending consequences if his ra-dar or computers were wrong,which they were. Yet he was notcommended for “saving the world”;he was disciplined for not followingpolicy.

I personally experienced threedifferent false alarms while under-secretary of defense during theCold War. In 1980 the watch officerat the North American Air Com-mand woke me at 3 a.m. and saidhis computers indicated hundredsof ICBMs were on the way from theSoviet Union to the U.S. He went

on to say that he concluded that itwas a false alarm. He wanted me tohelp determine what had gonewrong with his computer, whichtook several days—in this case, afaulty chip. We replaced the chipand soldiered on, but with pro-found uneasiness about the reliabil-ity of our warning system.

Gen. Milley should be praised,not condemned, for seeking toavoid a nuclear holocaust. Americais fortunate to have military lead-ers with the judgment and courageto take such actions, even when itmeans disregarding policy. Punish-ing Gen. Milley could make itharder for his successors to actwith the same courage.

The problem is not that Gen.Milley deviated from policy; the

problem is the policy. No presidentshould have the sole authority tostart a nuclear war. The Constitu-tion gives war-making responsibil-ity to Congress, and launching anuclear strike is certainly startinga war. The rationale is that a pres-ident may have only minutes todecide whether to launch an ICBMif, say, a surprise attack is de-tected. But we have more thanenough submarine missiles to re-spond with devastating force toany attack, even one that wipedout our silos. We can ride out anypresumed attack until we are cer-tain it is happening.

We shouldn’t launch a responsemerely because our warning sys-tems suggest that an attack hasbegun. False alarms have hap-pened and will continue to hap-pen, particularly in the age of cy-berwars. We should never launchour nuclear missiles in haste, andour force structure is powerfuland diverse enough that we don’thave to.

A decision to launch nuclearforces requires serious deliberationand appropriate consultation. Weshould reject a policy that gives thepresident the sole authority tolaunch nuclear forces and insteadestablish one that allows for delib-eration, including consultation withleaders in Congress. Such a policywould pre-empt the perceived needof military leaders to break therules to save the world.

Mr. Perry served as U.S. defensesecretary, 1994-97.

By William J. Perry

GETTY

IMAGES

Gen. Mark Milley testifies before the House Armed Services Committee Sept. 29.

OPINION

Democrats Destroy Political Norms to Save Them

A Rasmussen poll late lastmonth had Donald Trump de-feating President Biden by 10

points in a putative 2024 election.If Vice President Kamala Harriswere the Democratic nominee, Mr.Trump’s margin of victory would be13 points.

Polls at such a distance from acontest are wholly artificial. Thepolitical weather can change inthree days, let alone three years.Mr. Trump may not run. Mr. Bidenmay not run. Ms. Harris may proveless inept in the next Democraticprimary campaign than she was inthe last one.

But the poll surely captures cur-rent political sentiment. The Bidenpresidency is a metastasizing sham-bles, a real-world case study in theperils of progressive impossibilism:open borders; fiscal incontinence; na-ive strategic idealism; mask-wielding,mandate-waving, dissent-canceling,authoritarian collectivism. Mr. Bidenis Mickey Mouse as the Sorcerer’sApprentice in Walt Disney’s brilliant,nightmarish “Fantasia.” He’s seized

the magician’s big hat and now ev-erything he touches becomes a cas-cading waterfall of destruction.

But the current predicament, andthe poll’s judgment on it, got methinking: How wide would Mr.Trump’s margin next time have tobe for him to be accepted as presi-dent by the elites who have re-garded it as their republican dutyto thwart him? Ten percentagepoints? Twenty?

Then it was obvious. There isno margin of victory that Mr.Trump could secure that would le-gitimize his presidency in the eyesof the Democratic Party, the lib-eral media, most of the permanentgovernment, and the rest of theestablishment.

This is the larger, existentialconstitutional crisis the U.S. faces.It is not, as the Never Trump Rob-ert Kagan argues in a much-dis-cussed recent essay, all the productof a personality cult, the work of anarcissistic caudillo who emergedout of nowhere to lead an army ofputschists against a benevolentstate. It is deeply rooted and bipar-tisan; the malignancy owes at leastas much to sustained antidemo-cratic behavior on the left andacross much of the ruling classes asit does to the actions of a bombas-tic former president.

Mr. Trump carries a large part ofthe blame, to be sure. Whatevergenuine doubts were sown last yearby an election administered in themost permissive—and Democrat-friendly—way possible, he didn’tmake a case to throw out even oneprecinct’s worth of votes. His con-tinuing refusal to accept the resultsexerts a destabilizing force on thecreaky institutions of republicangovernment.

But it’s willful obscurantism onthe part of his opponents to pre-tend that the threat begins andends there. The Never Trumperssay Mr. Trump’s 2024 legitimacyhas been fatally undermined by hisbehavior since last November. Butif they were honest, the peoplewho want to stop Donald Trumpwould admit that they themselveshave been traducing politicalnorms at least since he first camedown that escalator in 2015. Themore we learn from John Durham’s

investigation about the Russia fab-rications, the better we understandthe scale and duration of the cam-paign to defeat Mr. Trump, andthen, failing that, to destabilize hisadministration and, yes, deposehim.

Were the people who conductedthis campaign—inside and outsidegovernment—faithful guardians ofthe Constitution?

When the Russia effort sput-tered, empty and exhausted, to afutile halt, these constitutionalpurists sought alternative ways todestroy the presidency. Theyseized on the killing of a blackman by a police officer to unleashturmoil in the country, folding itinto a narrative of racial persecu-tion for which Mr. Trump wassomehow held responsible.

“When the campaign of leaksand innuendo failed to dislodgeTrump from power, the horizontallyintegrated pieces of the newly as-sembled anti-Trump messagingcomplex needed to pivot,” as thewriter Wesley Yang puts it. “Theysought a new basis for maintainingthe ongoing state of emergency,and they found an out-of-the-boxsolution in the form of ‘anti-racist’doctrines.”

This, in the climate of pandemic-generated fear and anger, proved a

much more effective destabilizationcampaign. Augmented by a mediaand tech monolith that literallyblocked news coverage unfavorableto Mr. Biden in the runup to theelection, it sealed the deal.

Even then it was close. Doesanyone think that if Mr. Trump hadbeen able to flip three states thatwould have given him re-election,this “resistance” movement, mobi-lized to neutralize the “emergency”of the Trump presidency, wouldhave accepted it?

We know the answer. We saw theproof in the days before the vote—boarded-up storefronts in major cit-ies, a warning that, if it went thewrong way, there would be violentchaos on a scale probably largerthan we saw last summer.

This narrative of continuing con-stitutional crisis for which only Re-publicans are to blame is a conve-nient political cover for Democrats.You will be told, even as MickeyMouse’s reign of error continues,that you have no choice but to re-elect the people choreographingit—otherwise you will be guilty ofconspiring in an overthrow of con-stitutional government. But untilthose on the other side acknowl-edge their own role in the under-mining of democratic legitimacy,the crisis will only deepen.

Trump carries much blamefor our crisis of legitimacy,but the threat doesn’tbegin and end with him.

FREEEXPRESSIONBy Gerard Baker

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The Constitution Requires Congress to Set a Debt Limit

T he U.S. national debt is nearits statutory limit of $28.4trillion, and Congress has to

act this month to prevent the gov-ernment from defaulting on its fi-nancial obligations. Lawmakers areconsidering whether to increase thelimit or—as Democrats prefer—sim-ply to suspend it for a time and al-low the Treasury to decide howmuch debt to take on to meet fed-eral financial obligations.

But although Congresses con-trolled by both parties have usedthe latter approach in recent years,it is unconstitutional. Article I Sec-tion 8 gives Congress the authorityto “borrow money on the credit ofthe United States.” It doesn’t permitwholesale delegation of that corelegislative power to the executivebranch.

For a century and a half, Con-gress properly exercised its borrow-ing power by prescribing the manyparticulars, including the amounts,

of various types of debt to be issuedby the Treasury. In 1939 Congressswitched to legislating an aggregatedebt ceiling that effectively allowsthe Treasury to borrow money up toa certain amount, without Congresshaving to vote each time the gov-ernment issues a specific set of debtinstruments.

The Treasury undoubtedly hasfar more expertise than Congress inhow to issue debt, so it’s appropri-ate to leave the particulars to theexecutive branch. The debt limit en-sures that ultimately it is Congressthat determines how much the na-tional debt will be at any giventime. Suspending the limit, by con-trast, removes any restraint fromthe Treasury and gives it no “intelli-gible principle” on which to carryout its delegated functions. The Su-preme Court requires such a princi-ple for any congressional delegationof authority to a federal agency.

The “nondelegation” doctrinewas first articulated by Chief Jus-tice John Marshall in Wayman v.Southard (1825): Congress, he

stated, can’t delegate “powerswhich are strictly and exclusivelylegislative.” The justices later estab-lished the “intelligible principle”test to determine whether in anygiven case Congress has crossed theline in delegating its authority tothe executive branch.

As Justice Elena Kagan put it inthe court’s most recent nondelega-tion case, Gundy v. U.S. (2019): “Theconstitutional question is whetherCongress has supplied an intelligibleprinciple to guide the delegee’s useof discretion.” That case dealt witha capacious delegation of authorityto the attorney general to imposeretroactively certain registration re-quirements and associated penaltieson sex offenders who have com-pleted their sentences. The justicesdisagreed on whether the relevantstatute met this test, and over themeaning and utility of the term “in-telligible principle” itself.

But, whatever “intelligible princi-ple” means, it can’t mean no princi-ple whatsoever. And that is what asimple “suspension” of the debt

ceiling implies—the Treasury is per-mitted to borrow as much money asit believes to be necessary and tomake the ultimate policy choice ofhow high the national debt mayclimb. That is the most importantquestion for anyone taking out aloan—how much is too much. Only

Congress can make that choice, andit can’t escape this politically dan-gerous responsibility by passing thebuck to Treasury. As Justice NeilGorsuch wrote in his Gundy dissent:“Abdication is ‘not part of the con-stitutional design.’ ”

It isn’t enough that Congress hasappropriated the money the Trea-sury is obligated to spend. Thepower to spend money through an

appropriation is separate and dis-tinct from the power to borrowmoney. In principle, appropriationscan be met purely through tax reve-nue. If the revenue is insufficient tosatisfy the appropriation, Congresshas the power—and the duty—toraise taxes, cancel or revise the pro-gram, or incur debt to pay for it. Allthese are core legislative functionsthat lawmakers can’t delegate with-out an intelligible principle.

The constitutionally required in-telligible principle has to be explic-itly featured in the legislation au-thorizing a specific delegation ofcongressional power. Extrinsic limi-tations—e.g., the reality that, not-withstanding the debt-ceiling sus-pension, Treasury can’t engage inlimitless borrowing because market-disciplining forces wouldn’t allowit—won’t suffice.

Within the context of the overallseparation of powers architecture,the Framers established the powerof the purse as the core congressio-nal authority. That power includesseveral distinct, constitutionallyprescribed components: the Taxingand Spending Clause, the BorrowingClause, and the AppropriationsClause—all of which require sepa-rate and accountable exercises oflegislative authority. In exercisingthese powers, it would be unconsti-tutional for Congress to authorizethe Treasury to raise taxes or spendmoney without limit. The same istrue of going into debt. Congressshould properly discharge its con-stitutional obligations and increasethe debt ceiling by a specificamount.

Messrs. Rivkin and Casey prac-tice appellate and constitutional lawin Washington. They served in theWhite House Counsel’s Office andJustice Department under PresidentsReagan and George H.W. Bush.

By David B. Rivkin Jr.And Lee A. Casey

Lawmakers can’t delegatethe power to borrow moneyany more than they let theTreasury change tax rates.

From “When I Ran for President,It Messed With My Head” by AndrewYang for Politico, Oct. 3:

In my experience, if you see aCEO chasing press, that person’scompany is probably headed fortrouble. The energy spent burnishingyour image could almost always bebetter spent managing your people,ferreting out problems, clearing ob-stacles, honing processes, talking tocustomers, selecting vendors, re-cruiting team members and workingon new initiatives. . . .

On the campaign trail, I couldclearly see how politicians become

susceptible to growing so out oftouch. You spend time with dozensof people whose schedules and ac-tions revolve around you. Everyoneasks you what you think. You func-tion on appearance; appearance be-comes your role. Empathy becomesoptional or even unhelpful. Leader-ship becomes the appearance ofleadership.

The process through which wechoose leaders neutralizes and re-duces the capacities we want mostin them. It’s cumulative as well; thelonger you are in it, the more ex-treme the effects are likely to beover time.

Notable & Quotable: Yang

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© 2021 Dow Jones & Company. All Rights Reserved. * * * * * THEWALL STREET JOURNAL. Tuesday, October 5, 2021 | B1

TECHNOLOGY: SHATNER TO LOG REAL SPACE TRAVEL IN BEZOS’ ROCKET B4

S&P 4300.46 g 1.30% S&PFIN g 0.74% S&P IT g 2.36% DJTRANS g 0.29% WSJ$ IDX g 0.18% LIBOR3M 0.127 NIKKEI (Midday) 27658.21 g 2.77% Seemore atWSJ.com/Markets

BUSINESS&FINANCE

HEARD ON THESTREET

Volvo’s IPO isa wake-up call forits larger peers. B11

GM was described as moving swiftly to stay ahead of disruption.

NATHANDENETTE/ASSOCIATED

PRESS

BUSINESS NEWSHulu’s president,

Kelly Campbell, resignsamid job talks for a roleat NBCUniversal. B3

GETTY

IMAGES

FORCANNES

LIONS

The $7 billion property-man-agement unit of ailing developerChina Evergrande Group said itcould be the subject of a take-over bid, a deal that could bringin much-needed cash for its par-ent company.

Shares in both Evergrandeand its management arm, Ever-grande Property ServicesGroup Ltd., were halted in HongKong onMonday. The subsidiarysaid the halt was pending an an-nouncement concerning “insideinformation and a possible gen-eral offer for the shares of thecompany.”

A rival developer, HopsonDevelopment Holdings Ltd.,said Monday that its shares werehalted pending an announce-ment about a transaction involv-ing a Hong Kong-listed targetcompany, which it didn’t name.

Evergrande has fallen behindon payments to global bondhold-ers. It has been trying to raisefunds by selling assets outsideits core development business,including stakes in its property-management and electric-vehiclearms, and a Hong Kong officebuilding.

Property management hasboomed as an industry in China,and many of the country’s bigdevelopers have obtained sepa-rate stock-market listings forthese businesses, which manageapartment complexes and helpresidents with services such aschild care, groceries and repairs.

Evergrande’s subsidiary,which listed on the Hong Kongstock exchange in December2020, has a market capitaliza-tion of about $7.1 billion, accord-ing to FactSet. The parent com-pany raised about 37.5 billionHong Kong dollars, the equiva-lent of $4.8 billion, from theunit’s initial public offering andfrom an earlier sale of shares topre-IPO investors. As of May, Ev-ergrande retained a stake ofnearly 61% in the business, fil-ings show.

Evergrande didn’t respond toa request for comment. Calls toHopson’s Hong Kong and main-land offices weren’t answered.Mainland China is observing aweeklong holiday following itsNational Day.

—P.R. Venkatcontributed to this article.

BY ELAINE YU

EvergrandeUnit FlagsPossibleTakeoverAttempt

SAN FRANCISCO—TeslaInc. subjected a Black formerworker to a racially hostilework environment and failedto take reasonable steps toprevent him from being ha-rassed, a federal jury foundMonday.

The eight-person juryawarded more than $130 mil-lion in damages to Owen Diaz,who worked as an elevator op-erator at Tesla’s Fremont, Ca-lif., factory in 2015 and 2016.

He was regularly called ra-cial epithets at work, where hesaw racist images and lan-guage written in the bathroomand elsewhere, said BernardAlexander, one of his attor-neys, during the trial.

The factory, located in theSan Francisco Bay Area, wasTesla’s lone auto assemblyplant at the time, employingroughly 10,000 people.

Mr. Diaz, 53 years old, heldhis head in his hands after the

PleaseturntopageB2

BY REBECCA ELLIOTT

Jury FindsAgainstTesla inRacialCase

A selloff in Facebook Inc.stock and shares of other bigtechnology companies rippledthrough the market, pushingmajor U.S. indexes toward steepdeclines to start the week.

Stocks opened with mild de-clines before losses quickly ac-celerated. The S&P 500dropped 56.58 points, or 1.3%,to 4300.46. The broad indexclosed last week down 2.2%.The tech-heavy Nasdaq Com-posite Index declined 311.21points, or 2.1%, to 14255.48. The

BY ANNA HIRTENSTEINAND GUNJAN BANERJI

nese imports as it presses Bei-jing to fulfill promises to buymore U.S. goods and services,but that it plans to kick off newtrade talks with China.

“You’ve got a combination ofuncertainty out of D.C., continuedheadlines out of China about Ev-ergrande and against a backdropwhere you’ve seen bond yieldsrise,” said David Stubbs, globalhead of investment strategy atJ.P. Morgan Private Bank. “Thisshould all eventually be manage-able but this is the problemwithpolicy uncertainty, especiallyabout the world’s two largesteconomies.”

In corporate news, Tesla Inc.shares rose $6.31, or 0.8%, to$781.53 after the auto makerreported record deliveries forthe third quarter. Tesla shareshave been reinvigorated over

PleaseturntopageB10

stocks. “It’s hard to offset thatkind of a downdraft with theother 495 stocks in the S&P500.”

The yield on the benchmark10-year Treasury note ticked upto 1.481% from 1.464% Friday.

Major indexes have sufferedvolatility in recent sessions,and many investors said theywere expecting more turbu-lence in the fall months. Inves-tors are also watching negotia-tions in Congress closely, aslawmakers debate the debt ceil-ing ahead of a deadline thismonth to raise it so the govern-ment can pay its bills.

Meanwhile, Democrats areconsidering scaling back thenext spending package to im-prove its chances of beingpassed. The Biden administra-tion also announced Mondaythat it will keep tariffs on Chi-

than 14% from its record.Facebook entities WhatsApp,

Instagram and Facebookweren’t accessible to usersMonday morning, with usersreceiving error messages whentrying to access the sites. Thecompany’s whistleblower, Fran-ces Haugen, is set to testify be-fore Congress on Tuesday andhas detailed vast problems withthe social-media company.

Alphabet Inc. sharesdropped $57.67, or 2.1%, to$2,673.19. Amazon.com Inc.lost $93.48, or 2.9%, to$3,189.78. All three have under-performed the S&P 500 overthe past month and are amongthe biggest companies in theU.S. stock market.

“They’re just such a bigpiece” of the market, said MarkStoeckle, chief executive officerat Adams Funds, of the tech

Dow Jones Industrial Averagelost 323.54 points, or 0.9%, to34002.92.

Monday’s moves continued arecent trend of underperfor-mance in big technology com-panies. Investors have fledshares of the highflying stocksas bond yields have lurchedhigher. Higher yields make techcompanies’ outsize profits inthe future less attractive.

After notching big gainssince early last year, tech hasbeen particularly volatile in re-cent sessions. Monday’s selloffmarked the Nasdaq Compos-ite’s third drop of at least 2%since early September.

Facebook shares were hitharder than other big techcompanies, with the sharessliding $16.78, or 4.9%, to$326.23, for their worst day of2021. The stock is down more

Tech Selloff Sinks Stock IndexesFacebook shares fall4.9% on outages atseveral units; Alphabet,Amazon also decline

that the Federal Reserve willact earlier and more aggres-sively to remove pandemic-era stimulus. Supply-chainsnarls, soaring energy pricesand disrupted industrial ac-tivity in markets includingChina and the U.K. have alsoweighed on growth pros-pects.

The world’s reserve cur-rency tends to perform wellin two scenarios: When theglobal economy is doingbadly, as investors shelter insafe-haven assets, and whenthe U.S. economy is doingwell compared with others,prompting investors to snapup dollar-denominated in-vestments.

This is called the dollarsmile, as it rises in these twoinstances and flattens in be-tween.

Right now, there are ele-ments of both ends of thesmile driving investors intothe dollar.

“Markets are more cau-tious and nervous over therisk of a further slowdown,”said Lee Hardman, a currencyanalyst at Japanese bank Mit-subishi UFJ Financial Group.He worries that the surge inenergy prices globally will hitconsumers and businesses,while also raising concernsabout inflation.

Meantime, the world’s ma-PleaseturntopageB2

The dollar has been on atear of late, propelled bydeepening jitters aboutglobal growth and rising U.S.bond yields.

The WSJ Dollar Index hitthe highest point since Sep-tember 2020 in recent days.The gauge, which measuresthe greenback against a bas-ket of currencies, hasmarched steadily higher sinceJune, adding nearly 2% overthe past month. On Monday,the index fell 0.2%.

A strong dollar has the po-tential to hold back gains instocks and other risky invest-ments.

Companies in the S&P 500generate 40% of their reve-nue from outside the U.S., ac-cording to FactSet.

When the dollar strength-ens, the value of moneyearned abroad shrinks.Emerging-market companiesand countries also tend tosuffer because their largedollar-denominated debts be-come harder to pay off.

“A stronger dollar can be abit of a wrecking ball.Broadly, it’s a tightening ofglobal financial conditions,”said James Athey, an invest-ment manager at AberdeenStandard Investments.

Driving the greenbackhigher has been expectations

BY ANNA HIRTENSTEIN

Dollar StrengthBecomes WorryFor Wall Street

89.5

84.5

85.0

85.5

86.0

86.5

87.0

87.5

88.0

88.5

89.0

Jan. ’21 Oct.Sept. 2020

Sources: Dow Jones Market Data (dollar index); FactSet (yields)

WSJDollar IndexMeasures the dollar’s strength against a basket of currencies

U.S. Treasury yields, bymaturity

Sept. 30, 2021

Sept. 17, 2021

Aug. 30, 2021

Sept. 30, 2020

2.00

0 MATURITIES IN YEARS

0.25

0.50

0.75

1.00

1.25

1.50

1.75

%

101 2 3 5 7 20 30

Monday88.27+3.8% this year

Sept. 29: 88.88Highest level since September 2020

INSIDE

Heard on Street: Sale of unitwon’t save Evergrande....... B11

The shift to upscale prod-ucts comes in addition to othersteps companies are taking torecoup costs and get as manyproducts as possible to con-sumers. Across industries,manufacturers of productsfrom toilet paper to televisionsare raising prices, winnowingproduct assortment and impos-ing purchase limits on retailers.

Supply-chain bottlenecks,worsening as the pandemicpersists, have led to extensivecongestion at ports as well assoaring costs for transportationand raw materials. Meanwhile,manufacturers, retailers and

PleaseturntopageB5

would shift toward higher-priceproducts as part of a plan tohelp cover rising costs.

Auto makers and othercompanies, faced withstrapped suppliers, are direct-ing limited parts to their high-est-margin products.

“A combination of inflationand scarcity is pushing manufac-turers toward higher-pricedgoods,” said David Garfield, headof the consumer-products prac-tice at consulting firm AlixPart-ners. “If a manufacturer can’tget enough parts to make all theproduct they’d like, they maymake more of a premium prod-uct to protect their profitability.”

the customer what we have.”As the global supply-chain

crisis snarls production andbloats manufacturing and ship-ping costs, companies thatmake products from lawn mow-ers to barbecue grills are givingpriority to higher-price models,in some cases making cheaperalternatives harder or impossi-ble to find, company executives,retailers and analysts say.

Some are pushing upscaleproducts to make up for addedlabor, shipping and manufactur-ing costs. Whirlpool Corp.,maker of washing machines,KitchenAid mixers and otherhome appliances, said in July it

Anthony Coughlin’s appli-ance shop has little trouble fill-ing orders for high-tech wash-ing machines or designer ovens.More difficult: satisfying cus-tomers on the hunt for bare-bones, low-budget machines.

“There was a day when acustomer could walk in thedoor and buy a secondary pieceor a landlord special and have100 options to choose from,”said Mr. Coughlin, a co-ownerof All Shore Appliance in PortWashington, N.Y. “Now it’s morealong the lines of, we explain to

other traditional auto makershave the scale and know-howto drive electric-vehicle adop-tion. Engine No. 1 took a stakein GM in the first quarter buthadn’t publicly outlined itsthinking behind the move.

“The scale of the [electricvehicle] transition challenge isbeyond what Tesla and othernew entrants can surmount in

PleaseturntopageB2

Engine No. 1 LLC, an activ-ist investment firm that suc-cessfully pushed for change atExxon Mobil Corp., said Mon-day it is backing General Mo-tors Co.’s bid to lead in thetransition to electric cars.

In a white paper, the SanFrancisco-based investmentfirm said it believes GM and

BY MIKE COLIAS

GM’s EV Efforts WinActivist Investor’s Nod

BY SHARON TERLEPAND AUSTEN HUFFORD

Budget Appliances Become Scarcer


B2 | Tuesday, October 5, 2021 * * * * * THEWALL STREET JOURNAL.

INDEX TO BUSINESSESThese indexes cite notable references to most parent companies and businesspeoplein today’s edition. Articles on regional page inserts aren’t cited in these indexes.

A

Alaska Air ...................B2

Alphabet ................B1,B5

Amazon.com...............B1

AMC Entertainment...B2

American Airlines.......B2

Amplify Energy...........A3

Apple...........................B3

B

Bayerische MotorenWerke......................B11

BioNTech.....................A8

Blue Origin..................B4

C

China Evergrande

................ A1,B5,B10,B11

Comcast.......................B3

D

Delta Air Lines ...........B2

E

Evergrande PropertyServices.............B1,B11

Exxon Mobil ................B1

F

Facebook.....A1,A2,A3,B1

Flutter Entertainment

.....................................B2

Ford Motor..................B2

G

Geely .........................B11

General Motors .....B1,B5

Goldman Sachs..A10,B11

HHengda Real Estate..B11

Honda Motor.............B11

Hopson Development

...................... B1,B10,B11

IInvesco........................B2

JJetBlue Airways.........B2

Johnson & Johnson....A8

J.P. Morgan...............B11

LLive NationEntertainment..........B4

Luckin Coffee..............B5

Lyft............................B11

MMagna International...B3

Merck.........................B10

Microsoft...................B11

Mitsubishi UFJ Financial

.....................................B1

Moderna...............A8,B10

NNestlé..........................B5

Netflix .........................B3

Nintendo......................B5

Novavax.....................B10

OOTC Markets...............B5

PPfizer...........................A8

Porsche......................B11

QQualcomm...................B3

RRoche...........................B5

SSeatGeek.....................B4

SoftBank...................B11

Solar Integrated Roofing

.....................................B5

Southwest Airlines ....B2

SSW Partners.............B3

TTencent........................B5

Tesla.......................B1,B2

Toro..............................B5

UUber...........................B11

United Airlines............B2

VVeoneer.......................B3

Volkswagen...............B11

WWalt Disney................B3

Weber..........................B5

Whirlpool.....................B1

XXenon Pharmaceuticals

.....................................B2

INDEX TO PEOPLE

BUSINESS WATCH

the time frame needed” to sig-nificantly reduce tailpipeemissions, the firm wrote. “In-cumbent auto makers…arefully capable of becoming cen-tral players in the transition to[electric vehicles] and are alsofully motivated to do so.”

The investment firm owned397,000 GM shares as of June30, according to FactSet. Thatwould be worth about $22million based on Monday’strading price, a tiny stake rel-ative to GM’s largest share-holders.

Engine No. 1 founder Chris-topher James said GM has anearly lead on battery technol-ogy and is betting big on elec-trics, including its goal oflargely phasing out gas- anddiesel-powered cars by 2035.He said he sees GM as a rareexample of an industry incum-bent that is moving swiftly tostay ahead of disruption.

Mr. James said he has noplans to lobby for changes instrategy or board composition,as he did in his battle withExxon. He said he wanted toformally express his backingto help mitigate the possibilitythat other shareholder activ-ists could pressure GM to takea shorter-term view.

“We felt like just gettingout in front of that and saying‘This is the path to createlong-term value,’ ” he said.

GM shares rose 1.6% onMonday.

The statement of supportcomes ahead of a daylong in-vestor event, planned forWednesday, at GM’s researchcenter in suburban Detroit.The auto maker is expected todetail its plans for plug-in carsand how it might boost profitsfrom them.

Engine No. 1 said it has had“very constructive and collab-orative two-way conversationswith GM.” In a statement, GMsaid it is making progress to-ward an all-electric future butdidn’t comment directly on

ContinuedfrompageB1

A

Alhajji, Anas.............B11

Amon, Cristiano..........B3

Athey, James..............B1

B

Barra, Mary.................B2

Baum, Ahmie............B10

Bezos, Jeff..................B4

Boshuizen, Chris.........B4

Bradley, Michael.......B11

C

Campbell, Kelly...........B3

Campbell, Rebecca......B3

D

de Vries, Glen.............B4

Durso, Michael..........B10

G

Ganesh, Kiran ...........B10

Garfield, David............B1

Groetzinger, Jack........B4

H

Hardman, Lee..............B1

Howe, Amy.................B2

J

James, Christopher.....B2

K

Katz, Gidon.................B3

Kelly, Gary...................B2

Khosrowshahi, Dara

...................................B11

L

Lasry, Marc .................B5

M

Mollins, Robert.........B11

Musk, Elon..................B2

P

Powers, Audrey ..........B4

Purcell, Brandon..........B4

R

Rajanayagam, Shanella

.....................................A9

Rao, Samir ..................B5

S

Schroepfer, Mike........A4

Stoeckle, Mark............B1

Stubbs, David..............B1

T

Taylor, Georgina..........B2

U

Uruci, Blerina..............A3

W - Z

Watson, Carlos...........B5

Zuckerberg, Mark.......A4

Engine No. 1’s stake or whitepaper.

In a proxy fight with Exxonthis year, Engine No. 1 lever-aged a relatively small posi-tion in the oil company to se-cure three board seats for Mr.James’s candidates. The in-vestment firm criticized Exxonfor lacking a clear plan totransition to cleaner energy.

In contrast, Engine No. 1has endorsed GM’s plans, anindication that it isn’t lookingto take the same combativeapproach.

GM has gotten more ambi-tious about electric vehicleswithin the past few years, de-claring earlier than many carcompanies that it plans tomake an aggressive shift toplug-in models. In June, itpledged to spend $35 billionon the effort through mid-de-cade.

The company’s bet on elec-tric cars faces hurdles. Plug-incars are currently more expen-sive than gas-powered cars be-cause of the high cost of bat-teries. A shortage of places tocharge cars also poses a bar-rier to adoption, analysts anddealers say.

GM also is grappling with asafety crisis on its lone elec-tric vehicle on sale in the U.S.,the Chevrolet Bolt. It has saidit would spend roughly $1.8billion to replace batteries inabout 142,000 Bolts, citing therisk of the battery pack catch-ing fire.

In its white paper, EngineNo. 1 gives accolades to TeslaInc. for driving early electric-vehicle adoption, but says theCalifornia-based auto makerand the growing number ofelectric-vehicle startups won’tbe enough to achieve a mean-ingful reduction in emissions.

During her eight-year ten-ure as GM chief executive,Mary Barra has dealt with ac-tivist shareholders whopressed the company to takebolder steps to boost the automaker’s valuation.

In 2017, investor David Ein-horn pressured GM to divideits stock into two classes thatwould have separated the automaker’s dividend from its op-erations. Shareholders voteddown the plan.

Investor Harry J. Wilsonalso mounted a potentialproxy fight in 2015 to get aseat on GM’s board, only tolater drop the plan after GMagreed to buy back about $5billion in shares.

GM shares have rallied overthe last 18 months afterlargely languishing in the de-cade following its postbank-ruptcy IPO in 2010 and plum-meting at the onset of thepandemic in early 2020.

InvestorLauds GMOn EV

$1.8BHowmuch GMwill spend toreplace batteries in Bolts

The James Bond film ‘No Time to Die’ opened overseas, helping fuel attendance at AMC locations.

NICOLA

DOVE/M

GM/ASSOCIATE

DPRESS

ployers—whose workers willhave the option of undergoingregular testing instead of be-ing vaccinated under plannedgovernment rules—employeesof government contractors willbe required to get vaccinatedagainst Covid-19, unless theyhave religious or medical ex-emptions.

“Southwest Airlines is afederal contractor and wehave no viable choice but tocomply with the U.S. govern-ment mandate for employeesto be vaccinated,” Chief Execu-tive Gary Kelly told employeesMonday in a video message.

Some Southwest employees,including the union that repre-

FORD MOTOR

September Car SalesLogged Strong Gains

Ford Motor Co. sold a thirdmore cars in September comparedwith August, but volume waslower year-over-year amid declinesin truck and car sales.

Last month, Ford’s retail salesrose by 34% compared with Au-gust as the company recorded52,000 new vehicle orders, thecompany said. Sales for the Lin-coln brand increased by 53%month-over-month on strong de-mand for the Nautilus sport-utilityvehicle, Ford said. Still, sales weredown year-over-year, with retailsales declining 21% compared withSeptember 2020.

In total, Ford sold 156,614 vehi-cles last month. SUV retail salesrose 3.7% year-over-year, but truckretail sales fell 30% and car retailsales were down 80%.

—Matt Grossman

AMC ENTERTAINMENT

Theater AttendanceRebounds Globally

AMC Entertainment HoldingsInc. said it brought in about 3.9million moviegoers globally fromThursday through Sunday, drivenby the openings of the JamesBond movie “No Time to Die”overseas and “Venom: Let Therebe Carnage” in the U.S.

The theater chain said Monday

that the weekend signifies newrecords for attendance, ticket ad-mission revenue, and food andbeverage sales since the companywas forced to close its U.S. the-aters more than 18 months agobecause of the Covid-19 pan-demic.

More than 2.4 million peoplewatched movies at AMC theatersin the U.S., and about 1.4 millionvisited AMC locations overseas,the company said.

“No Time to Die” will be avail-able in the U.S. starting Friday.

“Venom: Let There be Car-nage” will open in Europe on Oct.15.

—Dave Sebastian

XENON PHARMACEUTICALS

Epilepsy Drug ResultsSend Shares Higher

Xenon Pharmaceuticals Inc.shares rose sharply Monday afterthe company posted positive re-sults from a study of its XEN1101drug’s use in treating a form ofepilepsy.

The company’s shares climbed103% to $31.60 in Nasdaq tradingon Monday. At the highest doselevel, the drug reduced focal-sei-zure frequency by at least 50% inmore than half of patients, thecompany said.

—Matt Grossman

FANDUEL

Howe Is NamedChief Executive

Gambling operator Flutter En-tertainment PLC named AmyHowe chief executive officer of itsU.S. sports betting unit FanDuelGroup after she has led the com-pany as interim CEO since July.

In an interview, Ms. Howe saidFanDuel expects to reach be-tween $1.8 billion and $2 billion inrevenue by the end of the year.FanDuel operates in 11 states andhas over two million customers,with more states expected to al-low betting. —Katherine Sayre

sents its pilots, have opposedvaccine mandates.

Mr. Kelly said in the samemessage that he respected dif-ferent views and had hoped topersuade employees ratherthan impose a mandate butasked for cooperation in com-plying with the federal rules.

Delta Air Lines Inc. saidMonday that it is still review-ing the administration’s execu-tive order but believes its ap-proach—requiring weeklytesting for the unvaccinatedand imposing a $200 monthlyhealthcare surcharge startingin November—is working.About 84% of the airline’s em-ployees are vaccinated, Deltasaid.

United Airlines HoldingsInc. had already announced astrict policy in August aheadof the federal mandate, requir-ing that all employees be vac-cinated or face termination.

Southwest Airlines onMonday joined rivals in re-quiring employees to be vacci-nated against Covid-19, citingnew rules for companies thatdo business with the federalgovernment.

Southwest told employeesthat they will need to be vacci-nated by Dec. 8, the deadlinethe Biden administration hasset for federal contractors.American Airlines Group Inc.,Alaska Air Group Inc., andJetBlue Airways Corp. saidlast week that they would re-quire employees to be vacci-nated to comply with the fed-eral rules.

The Biden administration inan executive order last monthsaid that employees of federalcontractors will be subject tostrict vaccination require-ments. Unlike other large em-

BY ALISON SIDER

Southwest Requires Vaccines for Employees

Some Southwest employees have opposed vaccine mandates.

TANNENMAURY/EPA

/SHUTTERSTO

CK

Treasury denominated in theworld’s reserve currency thatyields 1.5%?” Mr. Athey said.“It’s a no-brainer.” Last week,he bought more 10-year Trea-sury notes.

German government bondyields have also ticked up,but at a slower pace thanTreasurys. The euro weak-ened 1% against the dollarlast week.

While the European Cen-tral Bank has put forwardplans to begin curbing itsemergency pandemic stimu-lus measures, most investorsaren’t expecting a substantialshift in policy soon, in con-trast with the Fed.

Georgina Taylor, a multias-set fund manager at Invesco,has been increasing her expo-sure to the dollar for severalweeks, in a defensive play.

She recently sold eurosagainst the dollar and alsodumped some stocks to re-duce her overall risk level.

Regarding U.S. Treasurys,“We’re quite happy to havesome exposure there, particu-larly relative to other bondmarkets around the world,”Ms. Taylor said.

If the dollar stays strong,it may eventually contributeto its own weakening, ana-lysts said.

Many global commoditiessuch as oil and copper arepriced in dollars, so a stron-ger greenback makes themmore expensive and weighson demand.

Lower demand may lead toa slide in prices, letting someair out of inflationary pres-sures.

jor central banks are signal-ing intent to cut back onstimulus, sending bond yieldshigher. Federal ReserveChairman Jerome Powell saidin late September that thecentral bank would likely an-nounce the start of its taper-ing program at its next meet-ing in November.

Fed policy makers are alsoincreasingly signaling expec-tations that interest ratescould rise as soon as nextyear.

U.S. government bonds ofnearly all maturities havesold off as investors preparefor a reduction in the Fed’scolossal presence in markets.

The yield on the bench-mark 10-year Treasury noteclimbed last Monday above1.5% for the first time sinceJune, and stayed above thethreshold for much of theweek.

It edged down on Fridaybut on Monday rose to 1.481%today. Yields rise when pricesfall.

The uptick is attracting in-vestors seeking to lock inhigher yields, pushing up de-mand for the dollar.

“Would you rather own aGerman bund with a yieldaround minus 0.3% or own a

ContinuedfrompageB1

Dollar RiseBecomesA Worry

jury’s verdict was read. Hecalled the decision a weightoff his shoulders. The triallasted just over a week.

“It shines a light on what’s

ContinuedfrompageB1

going on inside of Tesla’s fac-tory,” he said. “Elon Musk,you’ve been put on notice.Clean that factory up.”

Tracey Kennedy, an attor-ney for Tesla, declined to com-ment on the verdict.

She said in her closing ar-gument that there was no evi-dence that a Tesla employeeharassed Mr. Diaz and that thecompany shouldn’t be held lia-ble for the treatment Mr. Diazalleged.

Many workers at Tesla’sfactory are contractors em-

ployed through staffing agen-cies.

Tesla Chief Executive ElonMusk didn’t respond to a re-quest for comment on the ver-dict or any plans to appeal.

The trial centered on threeclaims: that Tesla subjectedMr. Diaz to a racially hostilework environment; that thecompany failed to prevent himfrom being racially harassed;and that it was negligent in itssupervision or retention of anemployee, causing harm to Mr.Diaz.

Tesla denied in a court fil-ing that it was aware of the al-leged discriminatory and ha-rassing behavior and didn’ttake action to protect Blackemployees.

Ms. Kennedy urged the juryto find in Tesla’s favor on eachof the claims.

The jury, after roughly fourhours of deliberation, found infavor of Mr. Diaz on all claimsand ordered Tesla to pay Mr.Diaz $6.9 million in compensa-tory damages and $130 millionin punitive damages.

Jury FindsAgainstTesla


THEWALL STREET JOURNAL. Tuesday, October 5, 2021 | B3

Kelly Campbell, the presi-dent of Walt Disney Co.’s Hulustreaming platform, has re-signed and is in negotiationsto take a senior role at Com-cast Corp.’s NBCUniversal,people familiar with the mat-ter said.

In a memo to staff disclos-ing Ms. Campbell’s departure,Rebecca Campbell, the chair-man of Disney’s direct-to-con-sumer and international oper-ations, said Kelly Campbellhad left the company “effec-tive immediately.” She didn’telaborate further. The twoCampbells aren’t related.

Kelly Campbell had beenwith Hulu for just over fouryears and served as presidentfor the past 21 months. Shejoined Hulu as its chief mar-keting officer after 12 years atAlphabet Inc.’s Google.

The talks between KellyCampbell and NBCUniversalare still in a preliminary stage,people close to the situationsaid. Last week, Gidon Katz,NBCUniversal’s president ofdirect-to-consumer, which alsooversees year-old streamingplatform Peacock, resigned.

Whether Ms. Campbell willsucceed Mr. Katz or take on adifferent role as part of abroader reorganization insideNBCUniversal’s direct-to-con-sumer unit is still being deter-mined, one of the people closeto the situation said.

Ms. Campbell couldn’t bereached for comment.

Peacock, which waslaunched last year, has fewersubscribers and a much smallerlibrary than many of its com-petitors, analysts have said.

In late July, Comcast saidPeacock had 54 million sign-ups and 20 million monthlyactive accounts, but has yet toreveal how many of those payfor the service.

BY LILLIAN RIZZOAND JOE FLINT

Hulu ChiefResignsAmid NBCJob Talks

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If you know,you know.Over 27,000 of thefastest-growingcompanies know,do you?

are increasingly intertwined.The global chip shortage

forced major auto makers toshut down some production,leading to greater interactionbetween the industries and therealization that as cars becomesmarter and require more chips,automotive players need to be-have more like technology com-panies. The new deal representsan 86% premium to Veoneer’sclosing price of $19.93 on July22, before the Magna deal wasannounced.

with other driver-assistancetechnology providers. TheMagna deal in July for $3.8 bil-lion threatened to disrupt Qual-comm’s plans for Arriver.

Qualcomm initially tried tobuy out the Arriver assets, butwas rebuffed. Then in August itmade an offer for the entirecompany at $37 a share, a pre-mium of more than 18% toMagna’s price.

Qualcomm’s push comes at atime when the fortunes of theautomotive and chip industries

tomotive industry is a primarytarget. The San Diego-basedcompany supplies chips thatpower in-car communicationsand infotainment systems, andaims to extend its reach indriver-assistance technology.

Qualcomm last year part-nered with Veoneer to form Ar-river and began developingdriving technology targeted tohit the road in 2024.

But Veoneer was looking fora buyer, reasoning that itneeded to size up to compete

quire Veoneer for $37 a shareand then sell the Stockholmcompany’s Arriver sensor anddriving software platform toQualcomm.

The deal plucks Veoneerfrom Canadian automotive sup-plierMagna International Inc.after Magna in July agreed tobuy Veoneer for $31.25 a share.

Under Chief Executive Cris-tiano Amon, who took the job inJune, Qualcomm is seeking newavenues for profit beyondphone-related chips, and the au-

Qualcomm Inc. is teamingwith an investment firm to fur-ther its autonomous-drivingambitions, snatching Swedishauto-technology company Veo-neer Inc. from a competing bid-der in a $4.5 billion takeover.

Qualcomm, which is bestknown for its chips that go intohundreds of millions of cell-phones, said the investmentfirm, SSW Partners, would ac-

BY ASA FITCHAND COLIN KELLAHER

Qualcomm Grabs Auto-Tech Firm Veoneer From Rival Suitor

for strike authorization punc-tuates a monthslong show-down between IATSE and theAlliance of Motion Picture andTelevision Producers, a con-sortium of studios and stream-ing services that includes Net-flix Inc. and Apple Inc.

IATSE members have calledon the employers in this nextthree-year agreement to guar-antee better working condi-tions—including rest and less-strenuous hours—and betterpay on streaming productions.

“The members have spokenloud and clear,” said IATSE In-ternational President Matthew

Loeb. “This vote is about thequality of life as well as thehealth and safety of those whowork in the film and televisionindustry. Our people have ba-sic human needs like time formeal breaks, adequate sleep,and a weekend. For those atthe bottom of the pay scale,they deserve nothing less thana living wage.”

As in many industries stillcoming back from their pan-demic crisis mode, from air-lines to distribution centers,Hollywood has seen workersdemand changes to the statusquo and better work-life bal-

ance as they return to work.For IATSE, that has resulted ina mobilization effort that hascalled attention to the lessglamorous aspects of workingin entertainment. For months,the cinematographers, propartists and other crew workersemployed across Hollywoodhave seethed over what theydescribe as unfair and unsafeworking conditions, in partbrought on by a streaming-erasurge in production.

Social media fueled the ef-fort as negotiations betweenIATSE and the studios draggedon over the past several

BUSINESS NEWS

months.On Instagram, members re-

counted long hours, low payand days with little food orsleep. In Los Angeles in recentdays, car windows have beenemblazoned with the IATSEinsignia, and drivers urgingpassersby to honk in supportof a strike.

An agreement must soon bereached between IATSE andthe AMPTP, or there is risk ofa strike.

“The AMPTP remains com-mitted to reaching an agree-ment that will keep the indus-try working,” a spokesman forAMPTP said. “We deeply valueour IATSE crew members andare committed to workingwith them to avoid shuttingdown the industry at such apivotal time, particularly sincethe industry is still recoveringfrom the economic falloutfrom the Covid-19 pandemic.”

The possibility of a strikecomes at a particularly vulner-able time for the studios andstreaming services. Productionhas ramped back up afterCovid-19 shut down or delayeddozens of movies and TVshows, and streaming servicesare loath to cut back on offer-ings and risk losing subscrib-ers.

Looming large in Holly-wood’s collective memory isthe 2007 strike of the WritersGuild of America, which lastedmore than three months andincluded picket lines thatformed outside studio gates.

LOS ANGELES—The Inter-national Alliance of TheatricalStage Employees, a union rep-resenting more than 150,000behind-the-scenes workers inentertainment, took a step to-ward calling a strike thatcould shut down productionacross Hollywood.

In a vote on Monday, mem-bers gave their leadership theultimate authority to call astrike should negotiationsover working conditions andpay with studios and thestreaming services breakdown. The vote was takenacross 36 local unions repre-senting some 60,000 workers.With nearly 90% of that groupcasting ballots, 98% voted infavor of strike authorization.

A strike would cripple Hol-lywood as it is emerging fromthe Covid-19 pandemic slow-down and bring production toa near-standstill, throwingstudio plans for future moviesand shows into turmoil andimmediately costing millionsof dollars.

This is the first time inIATSE’s 128-year history that anationwide strike has been au-thorized.

The overwhelming support

BY ERICH SCHWARTZEL

Hollywood Union Approves StrikeBehind-the-scenesproduction workerscite excessive hours,poor pay

In Los Angeles in recent days, car windows have been emblazoned with the IATSE insignia.

MYUNGJ.CHUN/LOSANGELESTIMES/GETTYIMAGES

NY


B4 | Tuesday, October 5, 2021 THEWALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

That crew included Mr. Bezosand his brother, 82-year-oldaviator Wally Funk and 18-year-old student Oliver Dae-men, the oldest and youngestever space travelers.

With this next flight, Mr.Shatner is expected to becomethe oldest person to travel tospace, Blue Origin said.

Mr. Shatner and Ms. Powersare “honored guests” on thecoming flight, a companyspokeswoman said, while Mr.Boshuizen and Mr. de Vriespaid to join.

Last week, the Federal Avi-ation Administration said itwas examining safety allega-tions made in a letter by aformer employee of Mr. Bezos’company.

In a letter published Thurs-day, the former employeeclaimed that Blue Origin hadgiven priority to speed andcompetition with other space-industry billionaires oversafety for some of its rockets,and alleged instances of sexualharassment at the company.

The company last week de-clined to comment on specificallegations in the letter. It saidit would investigate any newclaims of misconduct at thecompany.

—Micah Maidenbergcontributed to this article.

William Shatner, the actorknown for playing Capt. JamesT. Kirk in “Star Trek,” is slatedto join the next spaceflightfrom Amazon Inc. founder JeffBezos’ Blue Origin LLC, thecompany said Monday.

Mr. Shatner will be aboardthe next launch of the NewShepard spacecraft, on Oct. 12,along with Audrey Powers, thecompany’s vice president ofmission and flight operations.Planet Labs co-founder ChrisBoshuizen and Medidata Solu-tions co-founder Glen de Vriesare also expected to join theflight.

“I’ve heard about space fora long time now,” the 90-year-old actor said. “I’m taking theopportunity to see it for my-self. What a miracle.”

This will be the 18th launchof Blue Origin’s New Shepardspacecraft and comes severalmonths after the company’sfirst crewed flight. The space-craft is expected to launch ataround 9:30 a.m. ET from thecompany’s launch site in Texas.

In July, Mr. Bezos and threepassengers reached the edgeof space in the New Shepard, aflight that was part of thecompany’s broader mission toexpand human space travel.

BY JENNIFER CALFAS

Shatner to LogReal Space TravelIn Bezos’ Rocket

William Shatner, 90, with a piece of ’Star Trek’ birthday cake.PA

ULHEN

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ESS

Live-event ticketing plat-form SeatGeek Inc. has begungiving buyers the option to re-turn their tickets—for any rea-son—and get a credit towardanother event.

Its new feature, called Seat-Geek Swaps, gives buyers whoreturn their tickets at least 72hours before any event a pro-motional credit equal to thepurchase price and any feespaid. SeatGeek said it is offer-ing the alternative as the pan-demic has pushed all mannerof purchases—not just tick-ets—online, and introducednew uncertainty into planningnights out.

“When you look at howpeople use their phones, andwhat they expect of the prod-uct, people expect more flexi-bility and expect things to beon-demand, expect to not belocked into something for thelong term,” said Jack Groetz-inger, a co-founder and thechief executive of SeatGeek.

The new feature could havetrickle-down effects across the

ticketing and reselling indus-try, analysts said. Currently,many ticket sellers and mar-ketplaces offer refunds onlyunder specific circumstances,like canceled events, and sellticket insurance that coverscertain changes in plans.

Online sales of event ticketsin the U.S., including sales andresales, is expected to increase4.7% between now and 2026to $7.9 billion, according toIBISWorld, a research firm.

The ticket sales industry iscrowded, with powers such asTicketmaster, a subsidiary ofLive Nation EntertainmentInc., facing off against rivalslike SeatGeek, StubHub, Event-brite and Gametime.

Sellers on the platform re-ceive payment for their ticketseven if buyers return them,SeatGeek said. SeatGeek willput the returned tickets backup for sale.

Ticket brokers and fans,who account for the vast ma-jority of sellers on the plat-form, have been automaticallyadded to the swaps program.

But the swaps program

might not work smoothly forall venues. SeatGeek is con-sulting with those that sellseason tickets, for instance, tosee how the feature couldwork for them, according tothe company. The consider-ations of venues also differfrom those of individuals—forexample, venues need to makesure ticket holders show up tobuy things like drinks andsnacks.

SeatGeek decided to issuecredits for returns instead ofcash back to avoid potentialfraud issues, company execu-tives said. Credits also keepconsumers and their moneywithin SeatGeek.

Many businesses in the in-dustry are looking for newservices to encourage repeatpurchases, as well as to differ-entiate themselves from eachother, said Brandon Purcell,vice president and principalanalyst at market researchfirm, Forrester Research Inc.

“In many industries like fi-nancial services and tickets,the actual products and ser-vices are becoming increas-

ingly commoditized,” Mr. Pur-cell said. “For SeatGeek, this isan opportunity to do that andgive people the opportunity toeffectively cancel their plans,”he added.

Vendors such as Ticketmas-ter offer the ability to reselltickets if a purchaser can’tmake an event, and in somecircumstances, a refund, de-pending on what the event op-erator approves. Ticketmasteroffers insurance as a backup,ranging from 5% to 10% of theticket price.

For canceled or rescheduledevents, Live Nation provides afull refund. And if a persontests positive for Covid-19 atleast 72 hours before an event,they can also get a refund.

“Live Nation has been com-mitted to leading with fan-friendly policies, and was thefirst to offer cash refunds dur-ing the pandemic,” a companyspokeswoman said. “We wantfans to have a great experi-ence from purchase to lightsout, and we continue to offerrefund options as entry re-quirements to shows evolve.”

BY ANN-MARIE ALCÁNTARA

SeatGeek to Offer FlexibilityOn Live-Event Ticket Returns

Many ticket sellers and marketplaces offer refunds only under specific circumstances, like canceled shows. Above, Rapper Bad Bunny.

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Many foreign concerns, including Mario game maker Nintendo, have ADRs that trade over the counter.

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tives have listed improved“mix,” a shift to more premiumproducts, as part of their strat-egy to deal with costs.

U.S. auto makers are facedwith anemic inventory after atwo-month shutdown of car fac-tories in spring 2020 to curbthe spread of Covid-19 was fol-lowed this year by a computer-chip shortage that has hobbledglobal vehicle production.

General Motors Co., for in-stance, stopped making theChevrolet Malibu midsize sedanfor more than six months buthas kept all shifts running at afactory that makes its most ex-pensive SUVs.

The average new vehicle inSeptember sold for a record$42,800, up nearly 19% from ayear earlier, according to re-search firm J.D. Power.

Televisions are among itemsfor which cheaper models arebecoming scarcer, said Mike Abt,co-president of Chicago appli-ance seller Abt Electronics. Hesaid the price he pays for appli-ances is rising and he expectsthat to continue next year.

For the first time he can re-member, the price of televisions

has increased—they typically getcheaper every year.

Mr. Abt said the range ofproduct variations available tohim have been cut, by up to 50%in some cases, as factories workto boost production. Manufac-turers also have focused onhigher-end appliances at the ex-pense of cheaper models.

Lawn mower maker ToroCo. has been narrowing therange of products it makes inresponse to parts shortages.Rick Rodier, who oversees thecompany’s construction busi-nesses that make tools to helpdig ditches and lay under-ground pipes, said the limitedavailability of componentsmeans that Toro has to decidewhich products it makes andwhich ones it doesn’t.

Executives are basing the de-cision on volumes, profitabilityand larger strategic goals. “Ifwe only have so much of this orso much of that, we want tomake sure components are allo-cated to the most popular linesor the lines that are most stra-tegic for us,” Mr. Rodier said.

—Mike Coliascontributed to this article.

consumers are getting hit byhigher inflation, expected tolast well into next year.

A cheap outdoor grill, for in-stance, might be tougher to trackdown. Weber Inc. generallybuilds its less expensive modelsin China, while the company’sU.S. operations supply the bulkof the company’s product line,which tends to come with higherprice tags, Chief Executive ChrisScherzinger said. Because portslowdowns in China have de-layed the shipment of goodsfrom the country, products madethere are less readily availablethan U.S.-built options, he said.

Mr. Scherzinger said, however,the bigger factor driving strongersales of more premium options isthat consumers are favoring pric-ier grills as they spend moretime at home and outdoors amidthe pandemic. “Whatever wecan’t offset through productivity,we have the ability to go to themarket and offset that withprice,” he said.

The Labor Department’s con-sumer-price index rose 5.3% inAugust from a year earlier on anunadjusted basis. The CPI mea-sures what consumers pay forgoods and services, such as gro-ceries, clothes, restaurant meals,recreation and vehicles.

Mr. Garfield said it is difficultto tease out how much of thatincrease is attributable to com-panies paring back on lower-price options and what is due toprice increases.

On calls with Wall Street an-alysts, several company execu-

ContinuedfrompageB1

BudgetAppliancesRun Short

U.S. consumer price index, change froma year earlier

Source: Labor DepartmentNote: All items in U.S. city average, all urban consumers, not seasonally adjusted

5

0

1

2

3

4

%

’202012 ’14 ’16 ’18

August 2021+5.3%

securities: international stocks.Many foreign companies

have shares or American depos-itary receipts that trade overthe counter, including reputablefirms such as Tencent Hold-ings Ltd., Nestlé SA, NintendoCo. and Roche Holding AG.

The OTC markets are alsohome to the securities of someriskier foreign companies, suchas indebted property developerChina Evergrande Group andLuckin Coffee Inc., the Chinesecoffee chain delisted by Nasdaqlast year in the wake of an ac-counting-fraud scandal.

Foreign companies can usethe OTC markets to gain ac-cess to U.S. investors withoutneeding to comply with Amer-

ican accounting and financial-reporting rules that may beredundant with the regula-tions in their home countries.They also save money on ex-change listing fees. In all, ofthe roughly 11,500 securitiestraded over the counter, aboutthree-quarters are from inter-national companies.

The Securities and Ex-change Commission hassought to clean up abuses ofpenny stocks. Last week, anSEC rule change took effectthat largely prohibits broker-age firms from quoting pricesfor OTC stocks unless thecompanies issuing thoseshares publish up-to-date fi-nancial information.

Annual trading volumeinOTC securities

Source: OTC Markets Group

*Through Sept. 30

$600

0

100

200

300

400

500

billion

2011 ’13 ’15 ’17 ’19 ’21*

units of the cryptocurrency.Like the conventional stock

market, the OTC markets haveseen an influx of individual in-vestors since the start of theCovid-19 pandemic.

Such investors are oftendrawn to penny stocks, orcheap shares of companies toosmall to list on an exchange.One forum devoted to pennystocks on Reddit has 1.8 mil-lion members.

Penny stocks are risky andhave a history of being prone tomanipulation schemes. But en-

thusiasts say they can pay offfor investors willing to do re-search and find opportunitiesin undervalued companies.

Doug Bober, a 57-year-oldstore manager in Los Angeles,began trading stocks two yearsago to build up his retirement

savings. Most of his portfoliois now in penny stocks, such asSolar Integrated RoofingCorp., a California-based com-pany that installs solar panelson the rooftops of homes andbusinesses. “Sure, I can play ablue chip. But if I buy a bluechip, I have to put down a lotof money and wait for a longtime” to get a substantial re-turn, Mr. Bober said. “With apenny, if you find a good, solidcompany, the upside is phe-nomenal.”

Mr. Bober says his penny-stock investing has been profit-able, but he adds that peoplewho can’t stomach the riskshould stay away. “It’s notmuch different from going toLas Vegas,” he said. “You couldlose a lot of money.”

Several studies have foundthat investors tend to losemoney on penny stocks. FromJuly 2011 to October 2020, theaverage annualized return ofOTC shares of U.S. companieswas -44%, according to calcula-tions by Sihan Zhang, a doc-toral student at the Universityof Alberta.

Such figures exclude thelargest chunk of today’s OTC

BUSINESS NEWS

A quirky corner of the U.S.stock market home to cannabissellers, cryptocurrency trustsand other speculative invest-ments is seeing record levelsof activity.

Trading volume in over-the-counter stocks, which aren’tlisted on exchanges, has sur-passed $548 billion so far thisyear. That is already more thanthe total volume for all 2020,according to OTC MarketsGroup, the company that oper-ates the main marketplace forsuch securities.

A big factor behind the surgeis the bull market for digitalcurrencies. The most popularOTC security this year in termsof value traded has been theGrayscale Bitcoin Trust, whichtrades under the ticker GBTC.The trust is a popular way forinvestors to bet on the price ofbitcoin without holding actual

BY ALEXANDER OSIPOVICH

Penny Stocks Rally,Led by Crypto BoomVolume so far this yearhas hit $548 billion,surpassing the totalactivity for all of 2020

11,500About this many securities aretraded over the counter

the BBC, left the company.Company employees lost

access to their email accountsafter Ozy Media said it wasclosing, another person famil-iar with the matter said, andmany employees still haven’tbeen contacted about poten-tially rejoining the company,the person said.

In an interview with CNBCon Monday, Mr. Watson said hereached a decision to relaunchOzy after speaking with adver-tisers, investors and employees,but didn’t name them.

Ozy Media’s board said lastweek it had hired the law firmPaul, Weiss, Rifkind, Whartonand Garrison LLP to “conduct areview of the company’s busi-ness activities.” That investiga-tion is no longer continuing, aperson familiar with the mattersaid.

Last week, Marc Lasry, aninvestor in Ozy and the co-owner of the Milwaukee Bucksbasketball team, stepped downfrom Ozy’s board, and KattyKay, an Ozy recruit who was acorrespondent and anchor for

of media company that deliversamazing content about topicsand people that are too oftenoverlooked,” the Ozy Mediaspokesman said.

The New York Times onSept. 26 reported that OzyChief Operating Officer SamirRao impersonated an executivefrom Alphabet Inc.’s YouTubeon a February fundraising callwith Goldman Sachs Group Inc.Mr. Watson last week attributedMr. Rao’s behavior to a “mentalhealth issue,” calling the inci-dent “deeply unfortunate.”

adding that staffers who don’twant to return to Ozy Mediawould be “paid whatever isowed to them.”

The company plans to re-sume producing newslettersthis week and production ofits videos this month, thespokesman said. It plans to re-sume its Ozy Fest event seriesnext year, he said.

“The bottom line is that wehit a bump in the road but arecommitted to getting past thismoment and renewing ourcommitment to being the kind

raised from the dead.The announcement is an

abrupt reversal for Ozy Media,which has been engulfed in acrisis over the past week inthe wake of a New York Timesarticle that raised questionsabout its business. On Friday,Ozy Media’s board released astatement saying it was clos-ing Ozy’s doors “with theheaviest of hearts.”

A spokesman for Ozy Mediasaid the company has begunreaching out to former em-ployees to bring them back,

Ozy Media said it wouldn’tshut after all, days after itsboard said the embattled digi-tal-media startup was ceasingoperations amid growingquestions over the company’sbusiness practices.

Ozy Media Chief ExecutiveCarlos Watson said on NBCMonday morning that thecompany would resume opera-tions, calling it Ozy Media’s“Lazarus moment,” a referenceto a follower of Jesus who is

Some brands say they will focus on pricier models. A department store in Schaumburg, Ill.

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Ozy Media, in an About-Face, Says It Plans to Relaunch

This announcement is neither an offer to purchase nor a solicitation of an offer to sell Shares (as defined below). The Offer (as defined below) is made only by theOffer to Purchase, dated October 5, 2021, and the related Letter of Transmittal and any amendments or supplements thereto, and is being made to all holdersof Shares. The Offer is not being made to (nor will tenders be accepted from or on behalf of) holders of Shares in any jurisdiction in which the making ofthe Offer or the acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In those jurisdictionswhere applicable laws require the Offer to be made by a licensed broker or dealer, the Offer shall be deemed to be made on behalf of Purchaser(as defined below) by one or more registered brokers or dealers licensed under the laws of such jurisdiction to be designated by Purchaser.

Notice of Offer to Purchase for CashUp to 900,506 of the Outstanding Shares of Common Stock

of

The Parking REIT, Inc.at

$11.75 Per Share in Cashby

Color Up, LLCColor Up, LLC, a Delaware limited liability company (“Purchaser”), is offering to purchase shares, par value $0.0001 per share (“Shares”), of

common stock of The Parking REIT, Inc., a Maryland corporation (the “Company”) pursuant to that Equity Purchase and Contribution Agreement(the “Purchase Agreement”) dated as of January 8, 2021, by and among the Company, MVP REIT II Operating Partnership, L.P., a Maryland limitedpartnership (the “Operating Partnership”), Michael V. Shustek (“Shustek”), Vestin Realty Mortgage I, Inc. (“VRMI”), Vestin Realty Mortgage II,Inc. (“VRMII” and together with VRMI and Shustek, the “Advisor”) and Purchaser. Purchaser is offering to purchase up to 900,506 Shares (the“Maximum Aggregate Amount”) as of the Expiration Time (as defined below), at a price of $11.75 per Share, to the sellers in cash, without interest,subject to any applicable withholding tax (the “Offer Price”), upon the terms and subject to the conditions set forth in the Offer to Purchase and therelated Letter of Transmittal (which, together with any supplements or amendments thereto, collectively constitute the “Offer”).

THE OFFER WILL EXPIRE AT 5:00 P.M., EASTERN TIME ON NOVEMBER 5, 2021,(THE “EXPIRATION TIME”). SHARES TENDERED PURSUANT TO THE OFFERMAY BE WITHDRAWN AT ANY TIME PRIOR TO THE EXPIRATION TIME.

The Offer is conditioned upon the satisfaction, or waiver by Purchaser, of the following conditions and requirements (the “Offer Conditions”):(i) the absence of any injunction or similar order by any court of competent jurisdiction within the United States that prohibits the consummationof the Offer, and (ii) no law having been enacted, entered, promulgated, enforced or deemed applicable by any governmental entity that, in any case,prohibits or makes illegal the consummation of the Offer.

The Information Agent for the Offer is Broadridge, Inc. (the “Information Agent”).The Company’s Board of Directors has approved the execution, delivery and performance of the Purchase Agreement and the transactions

contemplated thereby, including the Offer, and is recommending that the stockholders of the Company accept the Offer and tender their Sharespursuant to the Offer. The Company’s Board of Directors has determined that the Offer is in the best interests of the Company and its stockholders.

For purposes of the Offer, Purchaser will be deemed to have accepted for payment, and thereby purchased, Shares validly tendered and not validlywithdrawn as, if and when Purchaser gives oral or written notice to Broadridge, Inc. (the “Depositary”) of Purchaser’s acceptance for payment of suchShares pursuant to the Offer. Upon the terms and subject to the conditions of the Offer, payment for Shares accepted for payment pursuant to theOffer will be made by deposit of the Offer Price for such Shares with the Depositary, which will act as agent for tendering stockholders for the purposeof receiving payments from Purchaser and transmitting such payments to tendering stockholders whose Shares have been accepted for payment.If Purchaser is delayed in its acceptance for payment of Shares or is unable to accept Shares for payment pursuant to the Offer for any reason, then,without prejudice to Purchaser’s rights under the Offer, the Depositary may, nevertheless, on behalf of Purchaser, retain tendered Shares, and suchShares may only be withdrawn to the extent that tendering stockholders are entitled to withdrawal rights (as further described in Section 4 of theOffer to Purchase) and as otherwise required by Rule 14e-1(c) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

The Offer will expire at 5:00 p.m., Eastern Time on November 5, 2021 (such time, as it may be extended, the “Expiration Time”).Any extension of the Offer will be followed by a public announcement no later than 9:00 a.m., Eastern Time on the next business day after the

previously scheduled Expiration Time. During any such extension, all Shares previously validly tendered and not validly withdrawn will remain subject tothe Offer, subject to the rights of a tendering stockholder to withdraw such stockholder’s Shares. Shares tendered pursuant to the Offer may be withdrawnat any time prior to the Expiration Time and, unless previously accepted for payment by Purchaser pursuant to the Offer, and, unless previously acceptedfor payment by Purchaser pursuant to the Offer, may also be withdrawn at any time after December 4, 2021. For a withdrawal to be effective, a writtennotice of withdrawal must be timely received by the Depositary at one of its addresses set forth on the back cover of the Offer to Purchase.

Any notice of withdrawal must specify the name of the person who tendered the Shares to be withdrawn, the number of Shares to be withdrawnand the name of the registered holder of such Shares, if different from that of the person who tendered such Shares. If Shares have been tenderedpursuant to the procedure for book-entry transfer (as set forth in Section 3 of the Offer to Purchase), any notice of withdrawal must also specifythe name and number of the account at the Book-Entry Transfer Facility (as defined in Section 2 of the Offer to Purchase) to be credited with thewithdrawn Shares. All questions as to validity, form, eligibility (including time of receipt) and acceptance for payment of any tendered Shares willbe determined by Purchaser, in its sole discretion, which determination will be final and binding upon the tendering party, subject to the right of anyparty to seek judicial review in accordance with applicable law. The sale of Shares for cash pursuant to the Offer will be a taxable transaction for U.S.Federal income tax purposes. Stockholders should consult their own tax advisors to determine the particular tax consequences to them of the Offer(including the application and effect of any state, local or foreign income and other tax laws). For a more complete description of certain material U.S.Federal income tax consequences of the Offer, see Section 5 of the Offer to Purchase.

If stockholders validly tender and do not validly withdraw Shares in excess of the MaximumAggregate Amount, we will purchase such Shares (upto the Maximum Aggregate Amount) on a pro rata basis. In such an event, this means that we will purchase from you a number of Shares calculatedby multiplying (i) the quotient of (x) the number of Shares you validly tendered and did not withdraw divided by (y) the total number of Shares validlytendered and not withdrawn by all of the Company’s stockholders times (ii) the number of Shares representing the Maximum Aggregate Amount.We will make adjustments to avoid purchases of fractional shares. For information about the terms of the Offer, see Section 1—“Terms of the Offer;Proration.” If proration of Shares is required, we will announce the final results of proration promptly after the expiration of the Offer.

Holders of Shares may obtain preliminary results of proration from the Information Agent at its telephone number set forth below (or on the backcover of the Offer to Purchase). All Shares not accepted for payment will be credited to the account at the Book-Entry Transfer Facility from whichthe transfer had previously been made, promptly after the expiration or termination of the Offer, in each case, in accordance with the proceduredescribed in Section 3 of the Offer to Purchase.

The information required to be disclosed by Paragraph (d)(1) of Rule 14d-6 of the General Rules and Regulations under the Exchange Act iscontained in the Offer to Purchase and is incorporated herein by reference. The Company has provided Purchaser with the Company’s stockholderlist and any security position listings for the purpose of disseminating the Offer to holders of Shares. The Offer to Purchase and the related Letter ofTransmittal, together with the Company’s Solicitation/Recommendation Statement on Schedule 14D-9, will be mailed to record holders of Shareswhose names appear on the Company’s stockholder list and will be furnished, for subsequent transmittal to beneficial owners of Shares, to brokers,dealers, commercial banks, trust companies and other nominees whose names, or the names of whose nominees, appear on the stockholder list or, ifapplicable, who are listed as participants in a clearing agency’s security position listing.

THE OFFER TO PURCHASE AND THE RELATED LETTER OF TRANSMITTAL CONTAIN IMPORTANT INFORMATIONTHAT SHOULD BE READ CAREFULLY BEFORE ANY DECISION IS MADE WITH RESPECT TO THE OFFER.

Questions or requests for assistance may be directed to the Information Agent at its address and telephone number set forth below. Questionsor requests for additional copies of the Offer to Purchase and the Letter of Transmittal may be directed to the Information Agent. Stockholdersmay also contact their broker, dealer, commercial bank or trust company for assistance concerning the Offer.

The Information Agent for the Offer is:

Broadridge, Inc.Attn: BCIS IWS51 Mercedes Way

Edgewood, New York 11717Stockholders Call Toll-Free: (888) 789-8409

October 5, 2021



Physical distance can keep you safe and healthy. But if an emotionaldistance forms between you and those closest to you, it may be dueto drug or alcohol use. Partnership to End Addiction works with youto establish the connections that can help save lives and end addiction.

Get support to help your child at DrugFree.org


THEWALL STREET JOURNAL. * Tuesday, October 5, 2021 | B7

How to Read the Stock TablesThe following explanations apply to NYSE,NYSE Arca, NYSE American and Nasdaq StockMarket listed securities. Prices are compositequotations that include primary market tradesas well as trades reported by Nasdaq BX(formerly Boston), Chicago Stock Exchange,Cboe, NYSE National and Nasdaq ISE.The list comprises the 1,000 largestcompanies based on market capitalization.

Underlined quotations are those stocks withlarge changes in volume compared with theissue’s average trading volume.

Boldfaced quotations highlight those issueswhose price changed by 5% or more if theirprevious closing price was $2 or higher.

Footnotes:s-New 52-week high.t-New 52-week low.dd-Indicates loss in the most recentfour quarters.FD-First day of trading.h-Does not meet continued listingstandardslf-Late filingq-Temporary exemption from Nasdaqrequirements.t-NYSE bankruptcyv-Trading halted on primary market.vj-In bankruptcy or receivership orbeing reorganized under theBankruptcy Code, or securitiesassumed by such companies.

Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. andchanges in the closing prices from 4 p.m. the previous day.

NetStock Sym Close Chg

Asana ASAN 99.85 -2.02AscendisPharma ASND 162.14 -0.11Assurant AIZ 157.30 -1.70AstraZeneca AZN 60.54 0.86Athene ATH 66.25 -3.39Atlassian TEAM 382.71 -9.51AtmosEnergyATO 90.55 1.77Autodesk ADSK 272.93-11.13ADP ADP 199.97 -2.03AutoNation AN 120.25 0.83AutoZone AZO 1642.51-29.77Avalara AVLR 166.68 -9.89Avalonbay AVB 224.79 2.03Avangrid AGR 49.55 0.81Avantor AVTR 40.28 -1.27AveryDennisonAVY 207.94 -1.71AxonEnterprise AXON 166.09-12.68BCE BCE 50.14 0.10BHP Group BHP 53.36 -0.19BHP Group BBL 50.48 -0.13BP BP 28.01 0.41Baidu BIDU 146.39 -5.19BakerHughes BKR 25.45 0.27Ball BLL 89.82 -0.03BancoBilbaoViz BBVA 6.55 ...BancoBradesco BBDO 3.27 -0.16BancodeChile BCH 18.06 -0.49BancSanBrasil BSBR 6.57 -0.27BcoSantChile BSAC 19.41 -0.37BancoSantander SAN 3.65 ...

s BankofAmerica BAC 43.34 0.26BankofMontreal BMO 101.10 0.35BankNY Mellon BK 52.85 -0.07BkNovaScotia BNS 61.54 0.07Barclays BCS 10.38 -0.05BarrickGold GOLD 18.23 0.24Bath&BodyWks BBWI 63.39 -0.61BauschHealth BHC 27.99 -0.61BaxterIntl BAX 80.42 -0.87BectonDicknsn BDX 240.55 -4.13BeiGene BGNE 353.82 -2.89BentleySystems BSY 58.88 -2.52Berkley WRB 73.97 -0.45BerkHathwy A BRK.A 412540-2337.97BerkHathwy B BRK.B 273.64 -2.07BestBuy BBY 105.49 0.18Bilibili BILI 61.99 -2.89Bill.com BILL 261.30-15.83Bio-Techne TECH 481.23-12.59Bio-RadLab A BIO 730.01-11.91Biogen BIIB 278.32 -5.62BiohavenPharm BHVN 142.93 -2.85BioMarinPharm BMRN 75.88 -1.28BioNTech BNTX 248.90 -5.89BlackKnight BKI 71.08 -1.04BlackRock BLK 825.56-16.33Blackstone BX 110.95 -4.80BlueOwlCapitalOWL 15.17 -0.42Boeing BA 223.79 -2.21BookingHldgs BKNG 2459.52 3.65BoozAllen BAH 81.25 0.44BorgWarner BWA 44.55 0.72BostonProps BXP 111.98 0.16BostonSci BSX 42.41 -1.39Braskem BAK 21.69 -0.47BrightHorizons BFAM 151.28 5.52BristolMyers BMY 58.93 -0.58BritishAmTob BTI 35.35 0.50Broadcom AVGO 475.95-11.40BroadridgeFinl BR 162.55 -3.47BrookfieldMgt BAM 53.79 -0.83BrookfieldInfr BIP 56.59 -0.12BrookfieldRenew BEPC 37.99 -0.87Brown&Brown BRO 57.18 -0.42

t Brown-Forman B BF.B 67.14 -0.04Brown-Forman A BF.A 63.64 0.16Bruker BRKR 76.90 -1.28BuildersFirst BLDR 52.58 -0.38Bumble BMBL 48.27 -2.82Bunge BG 82.59 0.07BurlingtonStrs BURL 277.24 -7.70

s CBRE Group CBRE 99.04 -1.41CDW CDW 182.65 -3.06

s CF Industries CF 60.74 -0.40CGI GIB 85.08 -0.38CH Robinson CHRW 86.46 0.11CME Group CME 194.71 -1.88CMS Energy CMS 60.87 1.14


CNA Fin CNA 42.40 -0.19CNH Indl CNHI 16.76 -0.06CRH CRH 46.71 -0.54CRISPR Therap CRSP 102.43 -8.86CSX CSX 30.51 0.17CVS Health CVS 83.81 -0.26CableOne CABO 1854.44 9.31CadenceDesign CDNS 148.05 -4.96CAE CAE 29.57 -0.50CaesarsEnt CZR 118.11 -1.38CamdenProperty CPT 151.33 1.79Cameco CCJ 21.85 -0.26CampbellSoup CPB 42.11 0.58CIBC CM 113.27 0.84CanNtlRlwy CNI 116.78 -1.23

s CanNaturalRes CNQ 38.12 1.32CanPacRlwy CP 66.43 0.11Canon CAJ 23.53 -0.81CapitalOne COF 166.11 -0.43CardinalHealth CAH 49.53 -0.48Carlisle CSL 200.94 -0.65Carlyle CG 46.55 -1.36CarMax KMX 122.54 -4.64Carnival CCL 25.34 -0.75Carnival CUK 23.13 -0.69CarrierGlobal CARR 52.33 -0.13Carvana CVNA 294.07 -8.76Catalent CTLT 129.02 -2.91Caterpillar CAT 193.13 -1.20Celanese CE 153.28 -0.04Cemex CX 7.02 -0.15

s CenovusEnergy CVE 10.43 0.37Centene CNC 62.53 -0.52CenterPointEner CNP 25.49 0.59CentraisElBras EBR 6.78 -0.48CeridianHCM CDAY 112.01 -2.56Cerner CERN 70.19 -0.15CharlesRiverLabs CRL 398.46-18.23CharterComms CHTR 740.96 2.88CheckPoint CHKP 113.63 -0.32Chegg CHGG 69.07 0.45

s CheniereEnergy LNG 102.30 3.47CheniereEnerPtrs CQP 41.26 0.32Chevron CVX 104.72 0.39Chewy CHWY 64.23 -3.16ChinaEastrnAir CEA 19.89 0.68ChinaLifeIns LFC 8.05 -0.08ChinaPetrol SNP 49.49 0.19ChinaSoAirlines ZNH 29.11 1.10Chipotle CMG 1804.77-23.83Chubb CB 173.61 -1.80ChunghwaTel CHT 39.56 -0.01Church&Dwight CHD 81.73 -0.51ChurchillDowns CHDN 246.79 -0.83Cigna CI 199.45 -3.15CincinnatiFin CINF 113.32 -1.47Cintas CTAS 386.10 -1.22CiscoSystems CSCO 54.23 -0.54Citigroup C 71.29 0.11CitizensFin CFG 48.26 -0.01CitrixSystems CTXS 106.19 -2.24Clarivate CLVT 21.38 -0.15Cleveland-Cliffs CLF 19.83 0.17Clorox CLX 163.73 -0.79Cloudflare NET 115.73 0.75Coca-Cola KO 52.99 -0.03Coca-ColaEuro CCEP 54.92 -0.94Cognex CGNX 80.21 -1.13CognizantTech CTSH 74.34 -0.93CoinbaseGlbl COIN 229.31 -1.84ColgatePalm CL 75.06 -0.52Comcast A CMCSA 56.78 -0.43

s Comerica CMA 82.97 0.40ConagraBrands CAG 34.02 0.32

s Concentrix CNXC 174.94 -7.96Confluent CFLT 59.07 -4.49

s ConocoPhillips COP 71.49 1.39ConEd ED 73.22 1.62ConstBrands A STZ 213.02 -0.46ConstBrands B STZ.B212.77 0.63

s ContinentalRscs CLR 49.73 2.37Cooper COO 408.58 -8.30Copart CPRT 136.57 -3.36Corning GLW 36.56 -0.42Corteva CTVA 42.55 -0.95CoStar CSGP 85.79 -1.98Costco COST 440.14 -8.19

s CoterraEnergy CTRA 22.77 0.52


CoupaSoftware COUP 212.96 -8.34t Coupang CPNG 26.05 -1.17Credicorp BAP 110.58 -2.71CreditAcceptance CACC 603.76 22.02CreditSuisse CS 9.83 -0.07Crocs CROX 136.07 -5.06CrowdStrike CRWD 238.88-10.39CrownCastle CCI 173.66 0.64CrownHoldings CCK 100.46 0.38CubeSmart CUBE 48.55 -0.07Cummins CMI 227.52 -0.44

t CureVac CVAC 43.30 -3.27CyrusOne CONE 77.15 -0.87

D E FDISH Network DISH 45.43 0.27DTE Energy DTE 113.01 1.34DXC Tech DXC 34.71 -0.02Danaher DHR 298.57 -3.75Darden DRI 155.52 -0.44DarlingIngredDAR 71.27 -2.44Datadog DDOG 137.10 -7.59DaVita DVA 115.70 -1.25DeckersOutdoor DECK 366.67 1.20Deere DE 338.44 -3.76

s DellTechC DELL 105.24 -0.54DeltaAir DAL 44.96 -0.42DentsplySirona XRAY 57.63 -1.44DeutscheBankDB 12.34 -0.25

s DevonEnergy DVN 38.76 1.95DexCom DXCM 526.43-23.49Diageo DEO 193.02 0.27

s DiamondbkEner FANG 103.38 4.52Dick's DKS 121.49 -0.23DiDiGlobal DIDI 7.27 -0.31DigitalRealtyDLR 145.45 0.39DigitalOcean DOCN 78.01 -3.06DiscoverFinSvcsDFS 125.98 -1.21DiscoveryB DISCB 50.98 -1.32DiscoveryA DISCA 25.61 -0.13DiscoveryC DISCK 24.66 -0.12Disney DIS 173.46 -2.55dLocal DLO 52.00 -3.38DocuSign DOCU 246.57-11.20DolbyLab DLB 87.13 -1.57DollarGeneralDG 206.19 -2.60DollarTree DLTR 98.37 0.39DominionEnerD 73.35 1.06Domino's DPZ 470.91 -4.16DoorDash DASH 197.68 -6.31Dover DOV 155.99 -0.89Dow DOW 58.24 -0.34Doximity DOCS 75.01 -4.38DrReddy'sLabRDY 67.25 0.92DraftKings DKNG 48.46 -2.10Dropbox DBX 27.84 -1.60DukeEnergy DUK 100.76 2.30DukeRealty DRE 49.41 0.61DuPont DD 70.18 1.05Dynatrace DT 69.97 -2.83

s ENI E 27.11 0.26EOG Rscs EOG 86.40 2.49EPAM Systems EPAM 564.07-11.37EastWestBncp EWBC 78.89 -0.01EastmanChem EMN102.11 -0.39Eaton ETN 148.36 -2.29eBay EBAY 68.47 -1.44Ecolab ECL 212.37 -1.28Ecopetrol EC 14.92 0.29EdisonInt EIX 56.23 1.19EdwardsLife EW 106.37 -5.91ElancoAnimal ELAN 32.10 0.01Elastic ESTC 142.32 -8.74ElectronicArts EA 143.16 -0.43EmersonElec EMR 93.64 -1.52Enbridge ENB 40.42 0.40Endeavor EDR 27.09 -1.93EnelAmericas ENIA 5.92 0.04EnergyTransfer ET 10.08 0.33EnphaseEnergy ENPH 145.03-10.33Entegris ENTG 120.15 -4.71Entergy ETR 101.38 2.01EnterpriseProd EPD 22.63 0.83Equifax EFX 253.40 -2.91Equinix EQIX 785.61 -3.71

s Equinor EQNR 26.50 0.19Equitable EQH 29.95 -0.27EquityLife ELS 78.67 0.19EquityResdntl EQR 82.99 1.44ErieIndemnity A ERIE 180.69 -0.94EssentialUtil WTRG 46.92 0.67EssexProp ESS 327.62 1.49EsteeLauder EL 306.20 -4.48Etsy ETSY 198.72 -5.65EverestRe RE 250.41 -1.62Evergy EVRG 62.62 0.82EversourceEner ES 84.92 3.08ExactSciences EXAS 93.20 -2.95Exelon EXC 48.35 0.56Expedia EXPE 170.79 1.00ExpeditorsIntl EXPD 114.35 -1.81ExtraSpaceSt EXR 168.30 -0.64ExxonMobil XOM 61.72 0.79F5Networks FFIV 196.73 -4.66FMC FMC 90.88 -1.37Facebook FB 326.23-16.78FactSet FDS 396.61 2.48FairIsaac FICO 396.12 -9.96


Farfetch FTCH 36.63 -0.87Fastenal FAST 51.30 -0.38FederalRealty FRT 121.96 0.91

t FedEx FDX 217.87 -4.66Ferguson FERG 139.47 0.66Ferrari RACE 207.24 -1.95FidNatlFin FNF 45.79 0.12FidNatlInfo FIS 121.03 -2.24

s FifthThirdBncp FITB 43.51 -0.15FirstHorizon FHN 16.63 -0.04FirstRepBank FRC 197.49 -0.31FirstSolar FSLR 95.01 -1.56FirstEnergy FE 36.01 0.16Fiserv FISV 108.26 -1.52FiveBelow FIVE 170.53 -3.12Five9 FIVN 156.74-10.52FleetCorTech FLT 261.57 -5.13Flex FLEX 17.83 -0.40Floor&Decor FND 115.46 -3.29FomentoEconMex FMX 85.90 -0.13FordMotor F 14.35 0.19Fortinet FTNT 288.87 -9.13Fortis FTS 44.50 0.24Fortive FTV 71.09 0.07FortBrandsHome FBHS 91.40 1.51FoxB FOX 38.25 0.57FoxA FOXA 41.48 0.70Franco-Nevada FNV 128.24 0.75FranklinRscs BEN 29.55 -0.55FreeportMcM FCX 32.71 -0.13FreseniusMed FMS 35.26 0.02

t FreshworksA FRSH 40.88 -1.01FullTruck YMM 14.00 -0.28Futu FUTU 81.63 -8.87

G H IGDS HoldingsGDS 53.50 -1.69GFLEnvironmentalGFL 36.92 -0.51GXO LogisticsGXO 78.02 -2.01Gallagher AJG 149.24 -3.20GameStop GME 171.36 -5.55Gaming&LeisureGLPI 47.41 0.09Gap GPS 23.89 0.32Garmin GRMN 155.26 0.15Gartner IT 305.13 -1.07Generac GNRC 402.09 -2.86GeneralDynamicsGD 197.51 -0.71GeneralElec GE 104.90 -0.92GeneralMills GIS 61.45 0.83GeneralMotorsGM 53.98 0.85Genmab GMAB 42.60 -0.56Genpact G 47.93 -0.09GenuinePartsGPC 122.37 0.55GileadSciencesGILD 67.56 -1.00GinkgoBioworks DNA 11.38 -0.13GSK GSK 38.41 0.28Global-EOnline GLBE 65.73 -5.33GlobalPaymentsGPN 156.22 -3.63Globant GLOB 271.87 -7.16GlobeLife GL 89.86 -0.41GoDaddy GDDY 70.18 -1.52GoldmanSachsGS 374.15 -5.85GoodRx GDRX 40.90 -3.07Graco GGG 69.60 -0.70Grainger GWW 397.23 -1.02Grifols GRFS 15.27 0.37GuardantHealth GH 105.97 -1.54Guidewire GWRE113.12 -5.35HCA HealthcareHCA 244.38 -3.41HDFC Bank HDB 72.68 -1.03HP HPQ 28.08 0.01HSBC HSBC 26.10 -0.28Halliburton HAL 23.02 0.74HartfordFinl HIG 70.17 -0.84Hasbro HAS 86.65 -2.44HealthpeakProp PEAK 34.12 0.23Heico HEI 134.27 -1.23Heico A HEI.A 120.35 -1.35HenrySchein HSIC 78.10 -0.43Hershey HSY 171.56 0.78Hess HES 82.78 1.64HewlettPackardHPE 14.85 0.23HighwoodsPropHIW 45.21 -0.08Hill-Rom HRC 150.25 0.20

s Hilton HLT 138.51 0.36Hologic HOLX 70.70 -1.52HomeDepot HD 326.47 -3.39HondaMotor HMC 30.37 -0.31Honeywell HON 214.21 -1.44

s HorizonTherap HZNP 111.56 1.69HormelFoodsHRL 41.24 0.35DR Horton DHI 83.01 -0.74HostHotels HST 16.64 -0.13HowmetAerospace HWM 31.88 -0.55HuanengPower HNP 19.82 -1.25Huazhu HTHT 46.95 -0.54Hubbell HUBB 180.43 0.42HubSpot HUBS 633.79-50.44Humana HUM 384.96 -6.59JBHunt JBHT 165.48 -1.33HuntingtonBcshs HBAN 15.87 0.01HyattHotels H 80.66 -1.18IAC/InterActive IAC 133.60 -1.90ICICI Bank IBN 18.74 -0.20

s ICL Group ICL 7.64 0.15IdexxLab IDXX 614.19 -9.79IHS Markit INFO 114.50 -3.42ING Groep ING 14.10 0.03


Invesco IVZ 24.10 -0.49t IPG Photonics IPGP 153.19 -7.93IQVIA IQV 238.57 -2.98IcahnEnterprises IEP 52.97 1.75Icon ICLR 258.11 -4.22IDEX IEX 208.44 -1.71IllinoisToolWks ITW 208.03 1.16Illumina ILMN 379.88-14.96ImperialOil IMO 33.09 0.58

t Incyte INCY 66.32 -1.89Infosys INFY 22.15 -0.18IngersollRand IR 50.74 -0.13Insulet PODD 279.40 -5.93Intel INTC 53.47 -0.39IntelliaTherap NTLA 126.78 -7.28InteractiveBrkrs IBKR 63.90 -0.62ICE ICE 114.70 -0.70InterContinentl IHG 66.49 -0.98IBM IBM 144.11 0.79IntlFlavors IFF 138.00 -3.10IntlPaper IP 53.83 0.57Interpublic IPG 37.47 -0.37Intuit INTU 525.35-18.62IntuitiveSurgical ISRG 970.50-39.00InvitatHomes INVH 38.74 -0.07IronMountain IRM 44.18 0.21ironSource IS 10.19 -0.44ItauUnibanco ITUB 4.45 -0.09

J K LJD.com JD 69.41 -0.61

s JPMorganChase JPM 166.95 -0.18Jabil JBL 59.09 -0.31JackHenry JKHY 163.16 -1.85JacobsEngg J 131.36 -3.30JamesHardie JHX 35.92 -0.37

s JefferiesFin JEF 37.95 0.04J&J JNJ 159.22 -1.25JohnsonControls JCI 68.59 -0.43

s JonesLang JLL 252.83 -5.19JuniperNetworks JNPR 27.79 -0.21JustEatTakeaway GRUB 15.03 0.13KB Fin KB 46.83 -0.16KE Holdings BEKE 17.85 -0.77KKR KKR 60.27 -1.41KLA KLAC 329.07 -5.95KSCitySouthernKSU 276.49 -0.47Kanzhun BZ 36.09 -0.67Kellogg K 64.53 0.66KeurigDrPepperKDP 32.72 -0.48KeyCorp KEY 22.41 0.07KeysightTechs KEYS 161.16 -4.26KimberlyClark KMB 132.15 -0.03KimcoRealty KIM 21.77 0.03KinderMorgan KMI 16.94 0.03KirklandLakeGoldKL 41.66 0.69

t KoninklijkePhil PHG 43.47 -0.67KoreaElcPwrKEP 9.97 -0.04KraftHeinz KHC 36.89 0.21Kroger KR 39.63 0.49LKQ LKQ 51.01 -0.24

s LPL Financial LPLA 157.69 -2.49L3HarrisTech LHX 218.44 -1.04LabCorp.ofAmerica LH 275.04 -4.44LamResearch LRCX 550.14-19.59LamarAdv LAMR 118.06 1.65LambWeston LW 62.93 0.13LasVegasSands LVS 36.91 -1.27LatticeSemi LSCC 63.52 -2.22Lear LEA 159.68 0.54Leidos LDOS 97.86 0.43Lennar A LEN 92.29 -1.41Lennar B LEN.B 76.16 -1.26LennoxIntl LII 296.02 -1.37LeviStrauss LEVI 25.16 0.16LiAuto LI 25.58 -0.71LibertyBroadbandA LBRDA 173.27 1.35LibertyBroadbandC LBRDK 176.06 0.54LibertyGlobal A LBTYA 29.07 0.16LibertyGlobal B LBTYB 29.80 0.04LibertyGlobal C LBTYK 28.90 0.08

s LibertyFormOne A FWONA 47.81 -0.97s LibertyFormOne C FWONK 52.02 -0.89LibertyBraves A BATRA 27.36 -0.35LibertyBraves C BATRK 26.76 -0.58LibertySirius B LSXMB 48.55 -1.62LibertySirius A LSXMA 47.74 -0.16LibertySirius C LSXMK 48.12 -0.05LifeStorage LSI 114.99 -0.57Lightspeed LSPD 90.47 -7.71EliLilly LLY 224.85 -4.74LincolnNational LNC 69.55 -0.66Linde LIN 294.65 -3.20LithiaMotors LAD 314.57 -3.10LiveNationEnt LYV 97.97 -0.76LloydsBanking LYG 2.40 -0.04LockheedMartin LMT 345.99 -1.81Loews L 55.03 -0.24LogitechIntl LOGI 87.34 -1.17Lowe's LOW 204.51 0.81

t LufaxHolding LU 6.88 -0.22lululemon LULU 392.57 -8.80LumenTech LUMN 12.93 0.25Lyft LYFT 53.68 -1.80LyondellBasell LYB 94.67 -1.16

M NM&T Bank MTB 153.65 0.85


MGMGrowthPropMGP 39.19 0.12MGM ResortsMGM 44.51 -0.35MPLX MPLX 29.43 0.49MSCI MSCI 587.30-23.40MagellanMidMMP 46.25 0.52MagnaIntl MGA 77.48 0.74ManhattanAssoc MANH 152.20 -3.49ManulifeFin MFC 19.43 0.01

s MarathonOil MRO 14.83 0.59MarathonPetrolMPC 63.02 -0.54MaravaiLifeSciMRVI 42.77 -0.50Markel MKL 1199.87 -2.02MarketAxessMKTX 417.82 ...

t Marqeta MQ 20.84 -1.05Marriott MAR 155.14 -0.83Marsh&McLenMMC 151.74 -2.39MartinMariettaMLM 348.84 -5.17MarvellTech MRVL 57.59 -2.24Masco MAS 55.99 0.11Masimo MASI 266.41 -4.05Mastercard MA 344.20-15.98MatchGroup MTCH 152.65 -5.98McAfee MCFE 20.81 -1.27McCormick MKC 80.69 -0.02

t McCormickVtgMKC.V 80.73 -0.17McDonalds MCD 243.08 0.15McKesson MCK 199.96 -0.06MedicalProp MPW 20.05 -0.19Medtronic MDT 125.05 -2.26MercadoLibreMELI 1592.75-74.85

s Merck MRK 83.10 1.70MetLife MET 62.37 -0.15MettlerToledoMTD 1372.52-17.35MicrochipTechMCHP 146.62 -6.09MicronTech MU 70.62 -0.37Microsoft MSFT 283.11 -5.99MidAmApt MAA 190.58 1.36Middleby MIDD 171.51 -2.33MiratiTherapMRTX 169.65 -5.10MitsubishiUFJMUFG 5.68 -0.18MizuhoFin MFG 2.75 -0.05Moderna MRNA 325.84-15.25MohawkIndsMHK 177.92 -1.31MolinaHealthcareMOH 269.50 -2.01MolsonCoorsB TAP 47.61 0.48monday.com MNDY329.09 -3.82Mondelez MDLZ 58.07 -0.14MongoDB MDB 444.97-29.54MonolithicPower MPWR 464.01-19.07MonsterBev MNST 88.50 -1.38Moody's MCO 349.73 -9.52MorganStanleyMS 97.15 -1.90Morningstar MORN 255.01 -6.40

s Mosaic MOS 38.27 0.47MotorolaSol MSI 231.47 -2.84NICE NICE 274.50 -3.66NIO NIO 33.40 -1.98NRG Energy NRG 40.33 -0.33NVR NVR 4781.86 -3.47NXP Semi NXPI 188.95 -3.94Nasdaq NDAQ 188.97 -4.76Natera NTRA 109.46 -2.93NationalGrid NGG 61.69 1.09Natura&Co NTCO 16.42 -0.54

s NatWest NWG 6.09 -0.02NetApp NTAP 89.54 -1.04NetEase NTES 82.14 -1.66

s Netflix NFLX 603.35 -9.80Neurocrine NBIX 100.80 -0.66NewellBrandsNWL 22.12 -0.44Newmont NEM 54.67 1.11NewsCorp B NWS 23.30 -0.28NewsCorp A NWSA 23.45 -0.26NextEraEnergyNEE 79.36 0.15Nike NKE 147.14 0.08NiSource NI 24.59 0.29Nokia NOK 5.47 0.01NomuraHoldingsNMR 4.83 -0.12Nordson NDSN 240.59 1.09NorfolkSouthernNSC 247.88 4.34NorthernTrust NTRS 108.05 -1.18NorthropGrumNOC 365.67 4.75NortonLifeLock NLOK 25.04 -0.52NorwegCruise NCLH 27.47 -0.84Novartis NVS 82.45 0.44Novavax NVAX 178.27 -3.33NovoNordiskNVO 96.94 1.06Novocure NVCR 109.43 -6.68NuanceComms NUAN 55.13 -0.04Nucor NUE 96.78 -0.87

s Nutrien NTR 67.76 0.56NVIDIA NVDA 197.32-10.10

O P Qs ONEOK OKE 60.06 0.61OReillyAuto ORLY 598.28 -6.16

t OakStreetHealth OSH 41.53 -0.46t Oatly OTLY 13.81 -0.94OccidentalPetrolOXY 31.81 0.66Okta OKTA 224.96-13.12OldDomFreight ODFL 283.36 -2.17Omnicom OMC 73.90 -0.23

t OnHolding ONON 29.09 -1.41ON Semi ON 44.89 -0.72OpenText OTEX 48.49 -0.59OpendoorTech OPEN 18.99 -1.55Oracle ORCL 89.26 -0.48Orange ORAN 10.93 0.15


Organon OGN 32.94 -0.39Orix IX 94.20 -0.19OtisWorldwideOTIS 81.91 -0.59

s Ovintiv OVV 35.04 1.92OwensCorningOC 87.99 0.92OzonHoldings OZON 48.19 -1.63PG&E PCG 9.82 0.21PNC Fin PNC 198.09 -0.22POSCO PKX 68.30 -0.69PPD PPD 46.93 0.18PPG Ind PPG 144.01 ...PPL PPL 28.29 0.33PTC PTC 117.51 -3.00

t Paccar PCAR 78.77 -0.68PackagingCpAm PKG 139.40 0.25PagSeguroDig PAGS 49.43 -3.36PalantirTech PLTR 23.17 -1.16PaloAltoNtwks PANW 469.54-16.97ParkerHannifin PH 288.95 -2.74Paychex PAYX 115.01 -0.14PaycomSoftware PAYC 494.60-11.01Paylocity PCTY 274.02-10.99PayPal PYPL 255.01 -9.64Pegasystems PEGA 123.00 -5.61Peloton PTON 82.35 -4.36PembinaPipeline PBA 32.29 0.28PennNational PENN 75.18 -3.45Pentair PNR 71.72 -1.15Penumbra PEN 255.42 -7.67PepsiCo PEP 150.20 -0.75PerkinElmer PKI 171.09 -2.51PetroChina PTR 47.63 0.47PetroleoBrasil PBR 10.81 0.07PetroleoBrasilA PBR.A 10.56 0.17Pfizer PFE 42.42 -0.51PhilipMorris PM 96.19 0.11Phillips66 PSX 75.71 3.14Pinduoduo PDD 85.08 -3.07Pinterest PINS 49.62 -3.00

s PioneerNatRscs PXD 178.97 4.29PlainsAllAmPipe PAA 10.19 -0.02PlainsGP PAGP 10.87 0.03Playtika PLTK 27.04 -0.69PlugPower PLUG 24.32 -1.25Pool POOL 435.92 -1.48PrincipalFin PFG 65.12 -0.51ProcoreTech PCOR 88.31 -1.68Procter&Gamble PG 138.79 -0.79Progressive PGR 90.31 -0.63Prologis PLD 126.83 0.40PrudentialFin PRU 105.71 -0.47Prudential PUK 40.23 0.54PublicServiceEnt PEG 61.15 0.69PublicStorage PSA 298.05 0.85PulteGroup PHM 46.25 0.12Qiagen QGEN 50.62 -0.36Qorvo QRVO 163.99 -5.27Qualcomm QCOM 126.68 -2.03QualtricsIntl XM 41.67 -2.21QuantaServices PWR 113.14 -3.53QuantumScape QS 22.96 -1.55QuestDiag DGX 141.24 -1.44

R SRELX RELX 29.17 -0.31RH RH 631.70-14.75RPM RPM 78.88 0.39

s RaymondJamesRJF 93.38 -1.30RaytheonTechRTX 87.69 0.21RealtyIncomeO 66.50 0.65

s RegencyCtrs REG 69.44 0.16RegenPharm REGN 555.42-15.37RegionsFin RF 21.82 0.08RelianceSteelRS 142.97 -0.29Repligen RGEN 272.90 -8.70RepublicSvcsRSG 120.01 -0.72ResMed RMD 255.02 -7.18RestaurantBrandsQSR 61.95 -0.33RingCentral RNG 216.16-12.53RioTinto RIO 66.56 -0.25RobertHalf RHI 102.59 -0.80Robinhood HOOD 40.93 -0.97Roblox RBLX 77.80 2.21

t RocketCos. RKT 15.26 -0.60Rockwell ROK 292.75 -2.11RogersComm BRCI 46.76 0.19Roku ROKU 296.86-17.60Rollins ROL 35.46 -0.17RoperTech ROP 445.49 -2.09RossStores ROST 110.21 -0.88RoyalBkCanadaRY 100.31 0.49RoyalCaribbeanRCL 91.06 -1.27

s RoyalDutchA RDS.A 45.68 0.29s RoyalDutchB RDS.B 45.38 0.45RoyaltyPharma RPRX 35.17 -1.06Ryanair RYAAY 115.99 -1.54SAP SAP 133.77 -2.18S&P Global SPGI 415.85-12.51SBA Comm SBAC 334.16 0.59SK Telecom SKM 30.53 -0.17SS&C Tech SSNC 69.74 -0.53StoreCapital STOR 32.95 -0.07SVB Fin SIVB 649.35-15.18Salesforce.com CRM 270.86 -4.40Sanofi SNY 48.37 0.47SantanderCons SC 41.58 -0.02

s Sasol SSL 19.38 0.64Schlumberger SLB 30.88 0.52SchwabC SCHW 73.23 -1.19


Sea SE 317.90 -1.66Seagate STX 84.14 -0.27Seagen SGEN 173.18 -0.03Sempra SRE 126.52 0.94SensataTechs ST 55.57 -0.51SentinelOne S 51.37 -3.87ServiceCorp SCI 61.14 0.39ServiceNow NOW 617.97-14.83ShawComm B SJR 29.39 0.14SherwinWilliams SHW 285.29 0.25ShinhanFin SHG 33.63 -0.14Shopify SHOP 1314.90-35.86Sibanye-Stillwater SBSW 12.53 ...

s SignatureBank SBNY 289.62 3.53SimonProperty SPG 132.25 -0.89SiriusXM SIRI 6.12 ...SiteOneLandscape SITE 205.00 1.38Skyworks SWKS 159.69 -4.23Smartsheet SMAR 64.35 -4.90SmithAO AOS 61.17 -0.32Smith&Nephew SNN 34.68 -0.49Smucker SJM 120.97 1.28Snap SNAP 71.23 -4.02SnapOn SNA213.50 4.08Snowflake SNOW 294.68 -9.04SOQUIMICH SQM 52.80 -1.22SoFiTech SOFI 16.09 -0.36SolarEdgeTech SEDG 255.27-16.85Sony SONY 106.97 -2.54Southern SO 62.43 0.68SoCopper SCCO 56.52 -0.27SouthwestAir LUV 55.06 0.71Splunk SPLK 140.28 -4.86Spotify SPOT 221.91 -7.42Square SQ 226.25-13.04StanleyBlackDck SWK 173.95 -0.92Starbucks SBUX 111.46 -1.46StateStreet STT 86.12 -0.29SteelDynamics STLD 58.51 0.22Stellantis STLA 18.78 -0.28Steris STE 206.02 -1.58STMicroelec STM 41.84 -1.44

t StoneCo STNE 33.15 -2.26Stryker SYK 262.34 -5.88SumitomoMits SMFG 6.78 -0.19SunComms SUI 185.53 -1.23SunLifeFinancial SLF 52.96 1.50SuncorEnergy SU 21.37 0.41SunRun RUN 40.99 -3.56Suzano SUZ 9.42 -0.36SynchronyFin SYF 49.62 -0.29SyneosHealth SYNH 87.75 0.39Synnex SNX 105.92 -0.40Synopsys SNPS 289.25-13.24Sysco SYY 81.42 0.60

T U VTC Energy TRP 49.16 0.51TE Connectivity TEL 140.29 -1.44Telus TU 21.96 -0.05TelusIntl TIXT 34.49 -0.32TFI Intl TFII 100.05 -2.44TJX TJX 65.86 -0.75T-MobileUS TMUS 125.46 -1.30TRowePrice TROW193.59 -4.95TaiwanSemi TSM 109.02 -2.54TakeTwoSoftware TTWO 157.13 -1.41TakedaPharm TAK 16.12 -0.28Tapestry TPR 37.98 -0.04

s TargaResources TRGP 52.07 1.30Target TGT 225.89 -2.53TataMotors TTM 22.72 -0.06TeckRscsB TECK 25.82 0.63

t TeladocHealth TDOC 122.40 -4.31TeledyneTech TDY 429.68 -7.30Teleflex TFX 374.34 -8.93Ericsson ERIC 11.16 -0.01TelefonicaBrasVIV 7.75 -0.19Telefonica TEF 4.73 0.06TelekmIndonesia TLK 25.69 0.09TempurSealy TPX 45.60 -0.9310xGenomics TXG 144.00 0.22Tenaris TS 21.62 0.20TencentMusic TME 6.87 -0.26Teradyne TER 107.27 -2.20Tesla TSLA 781.53 6.31TevaPharm TEVA 9.62 -0.08TexasInstruments TXN 190.40 -3.39TexasPacLand TPL 1151.79-21.22Textron TXT 70.04 -0.99ThermoFisherSci TMO 569.00 -3.72ThomsonReuters TRI 109.42 -0.74

t Thoughtworks TWKS 25.19 -2.893M MMM 176.04 -0.64Toast TOST 52.07 -1.48Toro TTC 98.95 0.74TorontoDomBk TD 67.61 0.01TotalEnergies TTE 48.67 0.62ToyotaMotor TM 171.81 -5.81TractorSupply TSCO 196.00 -5.36TradeDesk TTD 66.03 -4.39Tradeweb TW 81.20 -0.77TraneTech TT 174.96 0.22TransDigm TDG 644.01 -8.92TransUnion TRU 112.95 -1.07Travelers TRV 151.38 -1.04Trex TREX 102.45 1.16Trimble TRMB 81.37 -2.77


Trip.com TCOM 30.33 -0.67TruistFinl TFC 60.05 -0.17Twilio TWLO 313.22-11.11Twitter TWTR 58.39 -3.59TylerTech TYL 456.01 -8.32TysonFoods TSN 78.08 -0.23UBS Group UBS 15.96 0.03UDR UDR 53.74 0.20UGI UGI 44.24 0.84UWM UWMC 6.73 -0.27Uber UBER 45.72 -1.33Ubiquiti UI 301.56 -0.05

t UiPath PATH 51.35 -0.81UltaBeauty ULTA 369.92 1.89UnderArmour AUAA 20.74 -0.05UnderArmour CUA 18.00 -0.06Unilever UL 53.81 -0.40UnionPacific UNP 205.51 3.77UnitedAirlinesUAL 51.30 -0.04UnitedMicro UMC 10.69 -0.61UPS B UPS 178.42 -3.07UnitedRentalsURI 348.76 -9.39US Bancorp USB 60.53 -0.23UnitedHealthUNH 387.01 -5.42UnitySoftware U 119.85 -6.37UniversalHealthBUHS 135.91 -2.92Upstart UPST 289.77 -9.00VEREIT VER 46.44 0.40VF VFC 68.78 0.58VICI Prop VICI 29.07 -0.06VailResorts MTN 343.48 -4.64Vale VALE 13.89 -0.31ValeroEnergyVLO 75.02 1.40Vedanta VEDL 15.84 0.36VeevaSystems VEEV 279.56 -7.72Ventas VTR 56.29 0.21VeriSign VRSN 205.35 -1.33VeriskAnalytics VRSK 198.81 -1.18Verizon VZ 54.50 0.20

t VertxPharm VRTX 177.40 -2.95Vertiv VRT 23.76 -0.78ViacomCBS BVIAC 39.11 -0.79ViacomCBS A VIACA 41.95 -0.54Viatris VTRS 13.43 -0.17Visa V 224.73 -5.73VMware VMW 148.52 -3.39Vodafone VOD 15.74 0.23VornadoRealtyVNO 43.57 0.08VulcanMatls VMC 171.49 -1.45

W X Y ZWEC EnergyWEC 89.37 1.75W.P.Carey WPC 74.85 0.71WPP WPP 67.27 -0.65Wabtec WAB 88.98 0.38WalgreensBootsWBA 46.69 -0.11Walmart WMT 135.73 -1.32WarnerMusicWMG 44.41 -0.26WasteConnectionsWCN 124.30 -1.79WasteMgt WM 148.83 -1.01Waters WAT 347.54 -8.16Watsco WSO 267.37 -0.10Watsco B WSOB266.85 -0.07Wayfair W 239.49-13.58Weibo WB 45.38 -0.76WellsFargo WFC 47.02 ...Welltower WELL 83.73 -0.12WestFraserTimberWFG 84.06 -1.14WestPharmSvcsWST 409.82 -9.91

s WestAllianceBcpWAL 108.11 -2.33WesternDigitalWDC 56.95 -0.14WesternMidstrmWES 22.30 0.87WestlakeChemWLK 94.17 0.41WestpacBankingWBK 18.77 0.08WestRock WRK 51.27 0.34WeyerhaeuserWY 35.72 0.45WheatonPrecMetWPM 37.37 0.40Whirlpool WHR 205.33 0.12Williams WMB 27.34 0.94Williams-SonomaWSM 170.09 -4.81WillisTowersWLTW 237.41 -3.52Wipro WIT 8.85 -0.09

t Wix.com WIX 179.72 -8.01Wolfspeed WOLF 80.07 0.95Workday WDAY 249.68 -4.87WynnResortsWYNN 83.56 -3.65

t XP XP 40.45 -1.60XPO LogisticsXPO 78.43 -2.42XcelEnergy XEL 63.90 1.41Xilinx XLNX 148.02 -3.85XPeng XPEV 34.11 -1.35Xylem XYL 119.30 -2.00Yandex YNDX 75.00 -4.25YumBrands YUM 123.04 -0.60YumChina YUMC 57.90 -0.53ZTO Express ZTO 29.47 -0.63ZaiLab ZLAB 102.50 -0.25ZebraTech ZBRA 502.32 -8.66Zendesk ZEN 111.46 -5.23

t Zillow C Z 85.38 -4.98t Zillow A ZG 85.68 -5.72ZimmerBiomet ZBH 146.73 -2.74

s ZionsBancorp ZION 63.80 0.15Zoetis ZTS 193.69 -2.50

t ZoomVideo ZM 259.58 -7.93ZoomInfoTech ZI 60.35 -1.15Zscaler ZS 251.86-11.30


A B CABB ABB 32.94 -0.31AECOM ACM 64.29 -1.85AES AES 22.84 -0.06Aflac AFL 52.77 -0.17AGCO AGCO 126.59 1.04AMC Ent AMC 36.77 -1.69Ansys ANSS 334.99 -9.75ASETech ASX 7.30 -0.59ASML ASML712.94-28.87AT&T T 27.25 0.09AbbottLabs ABT 115.53 -1.68AbbVie ABBV 108.73 -0.36Abiomed ABMD 313.87 -9.46AcceleronPharma XLRN174.68 0.33Accenture ACN 319.49 -5.37ActivisionBlizATVI 77.18 -1.35Adobe ADBE558.49-18.98AdvanceAutoAAP 207.17 -0.83AdvMicroDevicesAMD 100.34 -2.11Aegon AEG 5.04 -0.03AffirmHldgs AFRM 107.93 -9.92AgilentTechsA 152.36 -3.44agilon healthAGL 25.70 -0.25AgnicoEagle AEM 52.10 1.11AirProducts APD 255.99 -1.44Airbnb ABNB 164.50 -8.51AkamaiTech AKAM 102.56 -2.92Albemarle ALB 215.21 -3.68Albertsons ACI 30.10 0.33Alcoa AA 49.18 -0.59Alcon ALC 78.26 -2.03AlexandriaRlEstARE 194.14 0.11

t Alibaba BABA 139.63 -4.57AlignTech ALGN 640.40-21.66Alleghany Y 630.60 -0.80Allegion ALLE 130.26 -2.21AlliantEnergy LNT 56.82 1.04Allstate ALL 126.61 -1.11AllyFinancial ALLY 53.16 1.24AlnylamPharm ALNY 195.02 2.34Alphabet A GOOGL 2673.19-57.67Alphabet C GOOG 2675.30-53.95AlticeUSA ATUS 19.51 -0.51Altria MO 46.50 0.64AlumofChinaACH 18.22 -0.40Amazon.com AMZN 3189.78-93.48Ambev ABEV 2.74 -0.04Amcor AMCR 11.63 -0.06Amdocs DOX 76.12 -0.15Amerco UHAL 651.33 -4.00Ameren AEE 81.86 1.25AmericaMovilAMX 17.64 -0.02AmericaMovil A AMOV 17.49 -0.51AmerAirlinesAAL 21.39 -0.26AEP AEP 83.04 1.66AmerExpressAXP 172.66 -1.28AmericanFin AFG 127.52 0.05AmHomes4RentAMH 38.42 -0.16AIG AIG 55.82 0.34AmerTowerREITAMT 265.23 -1.38AmerWaterWorks AWK 170.91 2.57Ameriprise AMP 264.89 -3.64AmerisourceBrgnABC 118.33 -1.48Ametek AME 123.11 -1.85Amgen AMGN 211.44 -2.48Amphenol APH 73.54 -1.07AnalogDevicesADI 164.26 -3.11Anaplan PLAN 58.81 -3.17AB InBev BUD 56.40 -0.10AnnalyCap NLY 8.50 0.04Anthem ANTM 370.20 -5.73Aon AON 285.28 -5.80ApolloGlbMgmtAPO 58.79 -3.08Apple AAPL 139.14 -3.51ApplMaterials AMAT 125.20 -3.93Applovin APP 71.88 -2.90Aptiv APTV157.66 4.96Aramark ARMK 35.91 0.13ArcelorMittalMT 28.73 -0.79ArchCapital ACGL 38.19 0.01ArcherDanielsADM 61.16 0.36AresMgmt ARES 73.25 -1.18arGEN-X ARGX 297.27 -5.61AristaNetworks ANET 343.72 -6.76

Monday, October 4, 2021

BIGGEST 1,000 STOCKS

HighsAMN Healthcare AMN 118.08 2.5A-MarkPrecMet AMRK 64.15 -1.6AcropolisInfrWt ACRO.WS 1.05 ...AerSaleWt ASLEW 6.58 -0.5AllianceResource ARLP 12.21 3.7AlphaMetal AMR 59.88 7.6AltusMidstream ALTM 77.09 5.8AmericanAcqnA AMAO 10.25 3.7Amplitude AMPL 55.00 -0.9AnteroMidstream AM 11.12 1.3AnteroResources AR 21.25 6.5ArchResources ARCH 105.58 2.8AresCapital ARCC 20.77 ...ArmadaAcqnIUn AACIU 9.99 -0.5AspenAerogels ASPN 48.39 -1.3AvadelPharm AVDL 10.80 4.8Balchem BCPC 151.58 1.2BankofAmerica BAC 44.07 0.6BannerAcqn BNNRU 10.11 -0.2BayCom BCML 19.10 1.7BelongAcqnA BLNG 9.77 0.7BelongAcqnWt BLNGW 0.62 12.7Berry(bry) BRY 7.92 2.3BilanderAcqnA TWCB 9.76 0.6BlackSpadeWt BSAQ.WS 0.60 4.1BlackStoneMin BSM 12.39 2.3BluerockResREIT BRG 13.15 1.3BonanzaCreekEner BCEI 51.02 1.5CBRE Group CBRE 101.66 -1.4CENAQEnergyUn CENQU 10.14 0.7CF Industries CF 62.06 -0.7CONSOL Energy CEIX 32.10 13.4CSG Systems CSGS 49.71 0.9CVR Partners UAN 77.42 3.8CalumetSpecialty CLMT 8.86 9.5CamdenNational CAC 49.97 -1.1CanNaturalRes CNQ 38.59 3.6CapitalaFinNts22 CPTAG 25.50 -0.3CelldexTherap CLDX 57.20 0.7CenovusEnergy CVE 10.63 3.7CenovusEnergyWt CVE.WS 6.34 6.8CentrusEnergy LEU 41.86 -2.7CheniereEnergy LNG 104.53 3.5ChoiceHotels CHH 135.82 -0.2CityOfficeREIT CIO 18.56 1.2CleanHarbors CLH 108.43 -0.5Comerica CMA 84.27 0.5ComstockRscs CRK 11.16 1.2Concentrix CNXC 183.90 -4.4ConnectOneBncp CNOB 31.02 1.2ConocoPhillips COP 72.61 2.0ConsensusCloud CCSIV 52.00 13.1ContinentalRscs CLR 49.78 5.0ConyersParkIIIAcqn CPAAU 11.05 3.4CorePoint CPLG 16.20 -2.4CornerGrowth2 A TRON 10.74 -0.2Corvel CRVL 193.97 1.1CoterraEnergy CTRA 23.64 2.3Covanta CVA 20.21 0.3CrescentPoint CPG 5.09 3.2

52-Wk %Stock Sym Hi/Lo Chg

CustomersBancorp CUBI 44.48 0.7Cytokinetics CYTK 36.97 -1.0DTRT Health DTRTU 10.47 -0.2DecarbPlusIV Wt DCRDW 0.90 70.6DelekLogistics DKL 48.45 0.4DellTechC DELL 106.57 -0.5DevonEnergy DVN 39.40 5.3DiamondbkEner FANG 104.93 4.6DorchesterMnls DMLP 20.19 3.5ENI E 27.40 1.0EagleBancorp EGBN 59.53 0.2EaglePharm EGRX 58.25 -1.3ElliottOppII EOCW.U 10.17 -0.8ElmiraSvgsBank ESBK 22.70 68.1Enerplus ERF 8.60 4.6Equinor EQNR 27.01 0.7EquitransMdstm ETRN 10.77 2.2EsquireFinancial ESQ 30.39 2.7Everi EVRI 26.35 -0.5EvolentHealth EVH 32.61 1.8EvolutionPetrol EPM 6.15 3.4ExtractionOil XOG 59.86 1.2FFBW FFBW 12.10 ...FalconMinerals FLMN 5.59 9.2FedAgriMtg C AGM 113.66 0.3FedAgriMtg A AGM.A 108.00 2.8FifthThirdBncp FITB 44.38 -0.3FinTechVI Wt FTVIW 1.11 1.9FirstBanCorp FBP 13.71 1.1FirstWatchRest FWRG 25.46 -2.8Flagstar FBC 53.90 0.1FrontierInvtA FICV 9.89 -1.2GalataAcqn GLTA 10.20 0.4GladstoneAcqn GLEE 10.06 1.2GlbSpacSubUn GLSPT 9.98 ...GoldRoyaltyWt GROY.WS 1.60 -2.5GoodrichPetrol GDP 26.66 1.3HalladorEnergy HNRG 3.49 4.7Heidrick&Strug HSII 47.32 1.0HercHoldings HRI 174.52 0.3Hilton HLT 141.44 0.3HinghamSvg HIFS 354.85 2.1HorizonTherap HZNP 112.76 1.5HostessBrands TWNK 17.92 0.5ICL Group ICL 7.66 2.0IndepRealty IRT 21.13 1.0Innodata INOD 9.75 1.8JPMorganChase JPM 170.44 -0.1JefferiesFin JEF 38.97 0.1JonesLang JLL 260.76 -2.0JupiterAcqn JAQC 9.69 0.3KensingtonCapAcqnV KCGI.U 10.23 0.5KimbellRoyalty KRP 15.00 3.7KingswayFin KFS 5.75 5.6LPL Financial LPLA 162.75 -1.6LSB Inds LXU 13.18 9.6LegendBiotech LEGN 52.55 1.5LibertyFormOne C FWONK 53.00 -1.7LibertyFormOne A FWONA 49.14 -2.0M3-BrigadeIIWt MBAC.WS 1.62 0.4MagnoliaOil MGY 19.19 4.0MarathonOil MRO 15.08 4.1


Marcus&Millichap MMI 42.03 0.7MatadorRscs MTDR 40.98 2.4MaysJW MAYS 40.00 3.0MechelPfd MTLp 1.88 8.3Merck MRK 84.56 2.1MetaFinancial CASH 55.91 1.5Methanex MEOH 49.72 1.0MetropolitanBk MCB 87.76 -1.2MexcoEnergy MXC 18.00 46.4Moelis MC 66.96 1.0MontereyBio MTRYU 10.34 0.1Mosaic MOS 38.94 1.2MurphyOil MUR 27.68 5.0NACCO Inds NC 33.68 8.5NationalFuelGas NFG 56.02 3.0NaturalResPtrs NRP 26.91 3.2NatWest NWG 6.19 -0.3Nelnet NNI 83.62 1.0Netflix NFLX 626.13 -1.6NewResidentInvPfdD NRZpD 25.26 ...NY CmntyBcp NYCB 13.59 0.6Newmark NMRK 14.93 -1.4NortheastBank NBN 36.40 4.3NorthernOil&Gas NOG 24.73 10.5NorthfieldBanc NFBK 17.67 0.1Nutrien NTR 68.19 0.8OFGBancorp OFG 26.11 1.1ONEOK OKE 61.48 1.0OpiantPharm OPNT 27.48 2.6OutfrontMedia OUT 26.41 2.8Ovintiv OVV 35.04 5.8PHPVenturesAcqnUn PPHPU 10.38 0.7PacificMercBncp PMBC 9.80 1.9ParkeBancorp PKBK 22.09 1.8PennVirginia PVAC 32.43 10.7PennyMacPfdC PMTpC 26.20 ...PermianBasin PBT 6.22 4.7PioneerNatRscs PXD 182.63 2.5Pwr&DigitalWt XPDIW 3.08 7.1RamacoRscs METC 15.19 1.6RangeResources RRC 25.38 5.4RattlerMidstrm RTLR 12.90 0.8RaymondJames RJF 96.10 -1.4RedRockResorts RRR 55.25 0.8RedwoodTrust RWT 13.39 0.5RegencyCtrs REG 70.06 0.2ReliantBancorp RBNC 32.45 1.9Renren RENN 14.80 7.2RetailPropofAmer RPAI 13.68 1.9RetailValue RVI 26.53 -0.6RexnordWi RXNw 33.10 0.3RingEnergy REI 3.73 18.8RoyalDutchA RDS.A 46.49 0.6RoyalDutchB RDS.B 46.08 1.0SM Energy SM 29.13 3.9SabineRoyalty SBR 43.98 1.2SandRidgeEnergy SD 14.78 1.0Sasol SSL 19.81 3.4SensientTech SXT 94.55 -0.9ServisFirst SFBS 80.78 -1.1SignatureBank SBNY 293.96 1.2SilverBowRscs SBOW 30.50 11.8



SilverSPAC SLVRU 10.00 ...Skillsoft SKIL 11.97 0.4SpectrumBrands SPB 99.05 -0.2SpiritofTexas STXB 24.94 -1.9SpringwaterSpecial SWSS 9.80 -0.1StockYardsBncp SYBT 61.79 1.6SuperiorDrilling SDPI 2.38 23.7TargaResources TRGP 52.69 2.6TeekayLNG un TGP 17.24 9.6TheBancorp TBBK 28.23 0.9ThunderBridgeIVWt THCPW 1.49 48.0TradeUPAcqn UPTD 10.06 ...TransGlobeEner TGA 2.70 11.8TriumphBancorp TBK 105.51 0.7UMB Fin UMBF 101.01 1.2US Oil Fund USO 55.05 2.3Umpqua UMPQ 20.83 ...USBrentOilFd BNO 21.62 2.6USComdtyIndxFd USCI 42.00 0.9USGasolineFd UGA 40.68 2.8US12moOilFd USL 28.30 2.3Valaris VAL 36.36 0.7ValarisWt VAL.WS 3.58 1.5VermilionEnergy VET 10.88 2.5Vicor VICR 144.09 4.2ViperEnergyPtrs VNOM 23.46 4.0VistaOil&Gas VIST 5.87 5.3WarriorMetCoal HCC 27.50 6.4WeatherfordIntl WFRD 21.15 -1.0WescoIntl WCC 121.50 -0.2WestAllianceBcp WAL 111.96 -2.1WhitingPetrol WLL 62.47 4.8WilliamsRowland WRAC 10.00 0.1WyndhamHtls WH 81.58 0.7XPACAcqn XPAX 9.74 0.9XenonPharms XENE 32.35 101.9XponentialFit XPOF 13.72 0.7ZionsBancorp ZION 64.43 0.2

LowsAconS2AcqnA STWO 8.70 -10.3ACV Auctions ACVA 16.56 -6.6a.k.a.Brands AKA 7.95 -2.0AMCIAcqnIIWt AMCIW 0.44 -17.3ATAI Life ATAI 13.02 -4.2AVROBIO AVRO 5.23 -6.7AXIS CapPfdE AXSpE 25.06 -0.1AcutusMedical AFIB 8.19 -7.6Aditxt ADTX 1.51 -3.7AEye LIDR 4.63 -9.2Afya AFYA 18.44 -3.5AgileThought AGIL 8.39 -10.9AgriforceWt AGRIW 0.50 -4.6Agriforce AGRI 1.91 -9.3Airgain AIRG 12.00 -0.9Alibaba BABA 138.43 -3.2AlphaHlthIII Wt ALPAW 0.99 -3.8AlphaProTech APT 6.40 -4.3Amedisys AMED 142.10 -1.1AmVirtualCloudWt AVCTW 0.19 -8.3AmericanWell AMWL 8.29 -6.2AmerGold&Silver USAS 0.73 -0.7AmericoldRealty COLD 28.67 -0.9AppHarvestWt APPHW 1.11 -7.9AppHarvest APPH 5.91 -5.6AppliedGenetic AGTC 2.66 -4.9Aravive ARAV 3.56 -2.2ArcherAviation ACHR 7.82 -6.4ArcoPlatform ARCE 19.88 -6.7ArdaghMetalPkg AMBP 9.61 -1.6AstraSpace ASTR 7.67 -7.9


Athenex ATNX 2.82 -3.1Auddia AUUD 2.19 -6.4AveannaHealth AVAH 7.42 -3.5AvenueTherap ATXI 1.42 -5.9AvePoint AVPT 7.92 -4.2AvistaPubII Wt AHPAW 0.50 -9.8AxcellaHealth AXLA 2.86 -4.0AziyoBiologics AZYO 6.53 -1.9BIMI Intl BIMI 0.62 -7.3BM Tech BMTX 7.68 0.8Bandwidth BAND 82.25 -5.1BaoshengMedia BAOS 1.47 -10.2Baozun BZUN 16.25 -3.0Beachbody BODY 5.31 -2.3BedBath BBBY 15.62 -5.3BensonHillWt BHIL.WS 1.11 4.8BerkeleyLights BLI 18.06 -6.3BerkshireGrey BGRY 6.02 -6.8BigLots BIG 41.76 0.1BiomX PHGE 2.96 -1.0BiondVaxPharm BVXV 2.10 ...BiosigTech BSGM 2.61 -6.7BioVie BIVI 6.46 -7.1BlackDiamond BDTX 7.96 -5.0BlendLabs BLND 12.92 -5.1BlueSafariRt BSGAR 0.30 -8.5BlueCity BLCT 2.90 1.0BorqsTechs BRQS 0.54 -6.4BostonBeer SAM 496.86 -1.0BrightHealth BHG 7.74 -3.0Brown-Forman B BF.B 66.26 -0.1BurconNutra BRCN 1.43 -6.5BurgerFiIntl BFI 8.35 -2.6BurningRockBio BNR 15.70 -7.1CBAK Energy CBAT 2.20 -3.1CMSEngyPfdC CMSpC 24.61 -1.1C3.ai AI 43.04 -6.0CadizPfdA CDZIP 24.55 1.1CanFiteBiopharm CANF 1.57 -1.2CanopyGrowth CGC 12.86 -3.6CardiovascularSys CSII 32.30 -3.6CatalystPtrsWt CPARW 0.82 2.4CellebriteDI CLBT 8.75 -3.0CentessaPharm CNTA 15.02 -3.3CheckmatePharm CMPI 3.75 -5.0ChemomabTherap CMMB 10.04 -6.0ChinaSXTPharm SXTC 0.95 -2.1CipherMining CIFR 8.66 -0.7ClarusTherap CRXT 3.75 -12.1ClearwaterAnalytic CWAN 22.00 -8.7CleverLeaves CLVR 7.11 -4.1Compass COMP 11.50 -9.0ContextLogic WISH 4.81 -9.3CornerGrowth2Wt TRONW 0.69 -7.8Couchbase BASE 27.23 -3.6Coupang CPNG 25.75 -4.3Coursera COUR 29.90 -3.6Covetrus CVET 17.81 -1.8CreatdWt CRTDW 0.57 -17.4CueHealth HLTH 10.00 -6.4CureVac CVAC 42.98 -7.0D-MarketElec HEPS 6.12 -2.6DataKnightsWt DKDCW 0.38 ...DesktopMetal DM 6.91 -4.9Diginex EQOS 3.10 -5.1DigitalAlly DGLY 1.11 -5.1E-HomeHousehold EJH 2.39 -6.9Eargo EAR 6.20 -3.2EigerBioPharma EIGR 6.40 -1.5ElcLastMile ELMS 6.81 -5.3EledonPharm ELDN 5.72 -4.2EngageSmart ESMT 30.92 -2.4


EnsysceBioWt ENSCW 0.20 -28.6EnsysceBio ENSC 2.45 -13.9EntergyMS Bds EMP 25.17 -0.4EucratesBioWt EUCRW 0.70 17.9EverQuote EVER 17.66 -7.6EvolvTech EVLV 5.71 -4.5Exscientia EXAI 23.10 -6.8FTC Solar FTCI 6.63 -10.6FedEx FDX 217.26 -2.1FibroGen FGEN 9.88 -4.0FinServ II Wt FSRXW 0.70 -12.2FirstRepBkPfdM FRCpM 24.20 -0.9FirstWaveBioPharma FWBI 2.68 -1.8ForgeRock FORG 31.01 -6.9FranklinWireless FKWL 6.33 -11.3FreshworksA FRSH 39.73 -2.4FrontierInvtA FICV 9.63 -1.2FrontierInvtWt FICVW 0.55 -8.3GabelliDivPfdG GDVpG 25.07 -2.0GabelliUtilPfdC GUTpC 25.33 -1.0Galapagos GLPG 51.00 -4.5Galecto GLTO 3.38 -4.0GamidaCell GMDA 3.75 -4.8Glaukos GKOS 45.51 -4.9GlobalIntPpl SDH 2.15 -7.7GoldenFalconWt GFX.WS 0.57 -5.7GoodWorksII Wt GWIIW 0.50 1.9HCW Biologics HCWB 2.82 -8.1HEXO HEXO 1.71 -4.9H.I.G.AcqnWt HIGA.WS 0.63 -0.3HUYA HUYA 7.52 -4.5HailiangEduc HLG 30.95 -2.1HarpoonTherap HARP 7.35 -5.3HartfordFinDeb42 HGH 25.89 -0.2HelloGroup MOMO 10.12 -3.6Histogen HSTO 0.72 -2.5HuntingtonBcPfC HBANN 25.04 -0.3Hydrofarm HYFM 35.85 -4.5HyzonMotors HYZN 5.80 -7.1IPG Photonics IPGP 152.07 -4.9iBio IBIO 0.98 -4.6Imara IMRA 3.85 -3.7Immunic IMUX 7.44 -1.8Incyte INCY 66.12 -2.8IndlTechAcqns ITACU 9.50 -13.6IndlTechA ITAC 8.40 -10.3Infobird IFBD 2.10 -8.3InMedPharm INM 1.59 -1.8InnovizTech INVZ 5.42 -1.8Inseego INSG 6.39 -3.4InspiraTech IINN 2.61 1.1Intapp INTA 23.25 -5.8Invacare IVC 4.37 -6.2IonQ IONQ 7.50 -18.4iPower IPW 3.24 -11.1iQIYI IQ 7.22 -6.8ItiquiraAcqnWt ITQRW 0.46 -9.4JazzPharma JAZZ 126.70 -2.1JFrog FROG 31.17 -5.2Jiuzi JZXN 2.17 -6.4JupiterWellness JUPW 1.26 -8.6KoreGroup KORE 6.11 -10.0KademSustWt KSICW 0.47 -5.5KalaPharm KALA 2.57 -5.8Kaltura KLTR 9.76 -5.5KiniksaPharm KNSA 10.88 -5.0KintaraTherap KTRA 0.78 -4.2KoninklijkePhil PHG 43.17 -1.5LHC Group LHCG 149.90 -1.8Lannett LCI 2.85 -2.4LanternPharma LTRN 10.05 -5.7Latham SWIM 14.35 -4.7


LegalZoom LZ 24.00 -5.8LendingTree TREE 130.41 -4.0LexinFintech LX 5.38 -6.1LimelightNetworks LLNW 2.31 -1.7LiminalBioSci LMNL 2.07 -5.0LiveVoxUn LVOXU 6.30 -0.6LixteBiotech LIXT 1.91 -5.8loanDepot LDI 6.14 -6.2LufaxHolding LU 6.87 -3.1Markforged MKFG 5.92 -2.1Marqeta MQ 20.01 -4.8Materialise MTLS 18.50 -3.8McCormickVtg MKC.V 80.73 -0.2MediaAlpha MAX 16.46 -7.3MetroMile MILE 3.34 -3.0Microvast MVST 7.61 -4.8MinervaNeurosci NERV 1.45 -4.4MingZhuLogistics YGMZ 2.86 -3.7Missfresh MF 3.96 -2.2MoneyLion ML 6.15 -11.1MotusGI MOTS 0.65 -5.1Movano MOVE 3.09 -7.2MovingiMage MITQ 2.55 -5.0MultiPlan MPLN 5.41 -2.7Nanobiotix NBTX 10.51 -6.7NautilusBiotech NAUT 5.81 -6.0Nautilus NLS 9.10 -3.2NeuroBoPharm NRBO 2.30 -5.2NewFortressEner NFE 24.40 -5.6NewVistaAcqnWt NVSAW 0.67 -1.0NovaVisionWt NOVVW 0.27 -10.0NovaVisionRt NOVVR 0.32 -8.6NuSkinEnts NUS 39.47 -2.0NuZee NUZE 2.00 -5.7ON24 ONTF 18.86 -5.0OakStreetHealth OSH 40.45 -1.1OaktreeAcqnIIWt OACB.WS 0.79 -4.2Oatly OTLY 13.75 -6.4Offerpad OPAD 6.80 -11.1Oi OIBR.C 0.82 -5.7Omeros OMER 7.01 -14.8OnHolding ONON 28.10 -4.6OnconovaTherap ONTX 3.50 -3.8OneConnectFinTech OCFT 3.66 -8.4Ontrak OTRK 9.25 -3.2OrchardTherap ORTX 2.07 -5.8OriginalBark BARK 6.44 -5.5OriginalBarkWt BARK.WS 1.41 -8.6Ouster OUST 7.03 -2.1Owlet OWLT 3.76 -23.5OxbridgeAcqnWt OXACW 0.40 ...OysterPtPharma OYST 11.24 -4.6Parts Id ID 4.65 -3.6Paccar PCAR 78.46 -0.9PacGE pfG PCGpG 22.70 -2.8


PacGE pfH PCGpH 20.65 -3.1PacGE pfI PCGpI 20.70 ...Paysafe PSFE 7.16 -6.2PebblebrookPfdH PEBpH 24.68 -1.6PopCulture CPOP 2.68 -7.1PopularPfd BPOPN 25.11 -0.4PortageFintechWt PFTAW 1.12 -12.4PoseidaTherap PSTX 6.68 -4.4Poshmark POSH 23.13 -6.5PriviaHealth PRVA 21.50 -5.8PropSolnsII Wt PSAGW 0.65 -1.3ProtoLabs PRLB 63.81 -2.9PublicStoragePfF PSApF 25.45 -0.9PumaBiotech PBYI 6.12 -3.1Q2Holdings QTWO 75.53 -7.0QuotientTech QUOT 5.47 -4.2Qutoutiao QTT 0.91 -6.1REEAutoWt REEAW 0.86 -3.4REE Automotive REE 4.36 -6.2RedBallAcqnWt RBAC.WS 0.68 -7.7Redwire RDW 8.99 -4.7Regis RGS 3.02 -4.9Remark MARK 0.88 -13.7RenaissancePfdG RNRpG 24.82 -0.8RenovoRx RNXT 5.45 -5.2ResearchAll II RACB 9.66 ...RevolutionWt REVHW 0.86 -1.6RexnordWi RXNw 30.00 0.3Riskified RSKD 20.37 -8.2RivernorthOppsFdRt RIVrw 0.02 8.3RocketCos. RKT 15.10 -3.8RockwellMedical RMTI 0.55 -1.8RoivantSciences ROIV 8.00 -13.0RoyalGold RGLD 94.14 -0.2SocTelemed TLMD 2.05 -4.1SarcosTech&Robotic STRC 6.72 -6.3Sema4 SMFR 7.14 -5.917Educ&Tech YQ 0.81 -6.0ShiftPixy PIXY 1.06 -1.9SiebertFin SIEB 3.24 0.3SignifyHealth SGFY 16.43 -0.6SilverbackTherap SBTX 9.78 -13.9SiyataMobile SYTA 3.22 -6.5SiyataMobileWt SYTAW 0.57 -1.5Skillz SKLZ 8.93 -7.5SkydeckAcqn SKYAU 9.84 -0.7SonimTech SONM 2.34 -5.9SpectrumPharm SPPI 2.06 -6.4SpringValleyA SV 8.56 -3.1StoneCo STNE 32.97 -6.4SumoLogic SUMO 15.03 -5.7SunlandsTech STG 5.10 -3.9SunlightFinl SUNL 4.87 -3.4Supernova III Wt STRE.WS 0.89 -5.3SynchronossNts2026 SNCRL 24.52 -0.7


TCR2 Therap TCRR 7.98 -3.7TCW Spac Wt TSPQ.WS 0.56 -9.5TabulaRasaHlth TRHC 23.40 -11.4TalisBiomed TLIS 5.68 -5.7Taoping TAOP 2.45 -4.7TeladocHealth TDOC 120.67 -3.4Terminix TMX 39.97 -1.836Kr KRKR 1.52 -3.8Thoughtworks TWKS 24.34 -10.3TianRuixiang TIRX 3.20 -6.6TitanPharm TTNP 1.80 -1.6TizianaLifeSci TLSA 1.39 -1.4TreviTherap TRVI 1.21 -2.7TurkcellIletism TKC 4.26 -1.8Tuya TUYA 8.32 -2.5TyraBiosciences TYRA 14.56 -14.1UcommuneIntlWt UKOMW 0.10 -16.7UiPath PATH 49.23 -1.6UnityBiotech UBX 2.77 -5.8UnivDisplay OLED 164.60 -3.5UpHealth UPH 2.56 -13.9UplandSoftware UPLD 32.21 -3.1UTime UTME 4.91 2.3UtzBrands UTZ 15.74 0.6VTEX VTEX 19.33 -6.3VyneTherap VYNE 1.26 -10.0ValorLatitude VLATU 8.99 0.1VectivBio VECT 6.32 -7.7Velo3D VLD 7.60 -2.5VelodyneLidar VLDR 5.58 -5.3VeronaPharma VRNA 4.89 -2.8VertxPharm VRTX 177.04 -1.6Vimeo VMEO 28.47 -3.3ViomiTech VIOT 4.09 -5.9Vipshop VIPS 10.44 -4.1Vroom VRM 20.60 -4.6WaveLifeSci WVE 4.64 -0.8Waitr WTRH 0.84 0.6Waterdrop WDH 2.17 -7.2Wix.com WIX 177.20 -4.3WorkhorseGroup WKHS 6.91 -6.1WunongNetTech WNW 3.60 -5.7XPACAcqnWt XPAXW 0.65 -7.1XP XP 11.92 -71.7XBiotech XBIT 12.60 -1.9YatsenHolding YSG 3.59 0.5Yext YEXT 11.27 -6.5YunhongIntlWt ZGYHW 0.12 -11.2ZWDataActionTech CNET 1.13 ...ZeppHealth ZEPP 7.81 -0.8ZhangmenEducation ZME 2.51 -12.2Zillow A ZG 84.92 -6.3Zillow C Z 83.93 -5.5ZoomVideo ZM 253.41 -3.0Zynex ZYXI 10.66 -2.6Zynga ZNGA 7.19 -3.5


New Highs and Lows

The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE Americanand Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latestsession. % CHG-Daily percentage change from the previous trading session.

iShEdgeMSCIUSAMom MTUM 174.96 –1.36 8.5iShEdgeMSCIUSAQual QUAL 130.89 –1.64 12.6iShEdgeMSCIUSAVal VLUE 101.38 –0.23 16.6iShGoldTr IAU 33.65 0.48 –7.2iShiBoxx$InvGrCpBd LQD 133.52 –0.16 –3.3iShiBoxx$HYCpBd HYG 87.10 –0.35 –0.2iShJPMUSDEmgBd EMB 109.16 –0.48 –5.8iShMBSETF MBB 108.32 0.04 –1.6iShMSCIACWI ACWI 99.52 –1.23 9.7iShMSCI EAFE EFA 77.38 –1.05 6.1iShMSCI EAFESC SCZ 73.73 –1.32 7.9iShMSCIEmgMarkets EEM 49.59 –1.47 –4.0iShMSCIEAFEValue EFV 50.76 –0.45 7.5iShNatlMuniBd MUB 115.96 –0.07 –1.1iSh1-5YIGCorpBd IGSB 54.63 –0.05 –1.0iShPfd&Incm PFF 38.37 –0.70 –0.4iShRussell1000Gwth IWF 270.99 –2.16 12.4iShRussell1000 IWB 241.33 –1.29 13.9iShRussell1000Val IWD 157.81 –0.47 15.4iShRussell2000 IWM 220.26 –0.91 12.3iShRussell2000Val IWN 162.94 –0.13 23.7iShRussellMid-Cap IWR 78.41 –0.95 14.4iShRussellMCValue IWS 114.45 –0.45 18.0iShS&P500Growth IVW 73.18 –2.03 14.7

Closing Chg YTDETF Symbol Price (%) (%)

ARKInnovationETF ARKK 107.19 –3.58 –13.9CommSvsSPDR XLC 79.70 –2.16 18.1CnsmrDiscSelSector XLY 179.37 –0.79 11.6EnSelectSectorSPDR XLE 54.72 1.63 44.4FinSelSectorSPDR XLF 37.82 –0.87 28.3HealthCareSelSect XLV 125.39 –1.52 10.5IndSelSectorSPDR XLI 98.64 –0.54 11.4InvscQQQI QQQ 352.62 –2.10 12.4InvscS&P500EW RSP 150.88 –0.63 18.3iShCoreDivGrowth DGRO 50.43 –0.67 12.5iShCoreMSCIEAFE IEFA 73.66 –0.95 6.6iShCoreMSCIEM IEMG 60.88 –1.46 –1.9iShCoreMSCITotInt IXUS 70.44 –0.98 4.8iShCoreS&P500 IVV 430.29 –1.30 14.6iShCoreS&PMC IJH 265.95 –0.52 15.7iShCoreS&PSC IJR 110.95 –0.35 20.7iShS&PTotlUSStkMkt ITOT 98.24 –1.41 13.9iShCoreTotalUSDBd IUSB 53.27 –0.08 –2.4iShCoreUSAggBd AGG 114.92 –0.07 –2.8iShSelectDividend DVY 116.73 0.39 21.4iShESGAwareUSA ESGU 98.21 –1.35 14.2iShEdgeMSCIMinUSA USMV 73.28 –0.85 8.0


Monday, October 4, 2021iShS&P500Value IVE 146.72 –0.47 14.6iShShortTreaBd SHV 110.45 –0.01 –0.1iShTIPSBondETF TIP 127.80 –0.01 0.1iSh1-3YTreasuryBd SHY 86.14 –0.05 –0.3iSh20+YTreasuryBd TLT 144.98 –0.25 –8.1iShRussellMCGrowth IWP 110.59 –2.19 7.7iShUSTreasuryBdETF GOVT 26.56 –0.06 –2.5JPMUltShtIncm JPST 50.70 –0.01 –0.2PIMCOEnhShMaturity MINT 101.91 ... –0.1ProShUltPrQQQ TQQQ 119.04 –6.15 31.0SPDRGold GLD 165.36 0.47 –7.3SchwabIntEquity SCHF 38.47 –0.88 6.8SchwabUSBrdMkt SCHB 103.73 –1.32 14.0SchwabUSDiv SCHD 74.93 –0.40 16.8SchwabUSLC SCHX 103.79 –1.37 14.1SchwabUSLCGrw SCHG 146.23 –2.35 13.9SchwabUSSC SCHA 100.70 –1.06 13.1SchwabUSTIPs SCHP 62.51 0.02 0.7SPDRDJIATr DIA 340.01 –0.92 11.2SPDRS&PMdCpTr MDY 486.01 –0.54 15.7SPDRS&P500 SPY 428.64 –1.29 14.6SPDRS&PDiv SDY 119.14 0.28 12.5TechSelectSector XLK 148.06 –2.32 13.9VangdInfoTech VGT 396.99 –2.43 12.2VangdSCVal VBR 172.20 –0.14 21.1VangdExtMkt VXF 181.89 –1.58 10.5VangdSCGrwth VBK 278.07 –1.89 3.9


VangdDivApp VIG 153.74 –0.89 8.9VangdFTSEDevMk VEA 50.17 –0.93 6.3VangdFTSEEM VWO 49.35 –1.38 –1.5VangdFTSEEurope VGK 65.68 –0.51 9.0VangdFTSEAWxUS VEU 60.47 –1.06 3.6VangdGrowth VUG 287.00 –2.12 13.3VangdHlthCr VHT 243.83 –1.56 9.0VangdHiDiv VYM 104.33 –0.27 14.0VangdIntermBd BIV 89.59 –0.08 –3.5VangdIntrCorpBd VCIT 94.58 –0.10 –2.6VangdLC VV 200.26 –1.46 14.0VangdMC VO 236.98 –1.16 14.6VangdMCVal VOE 141.39 –0.15 18.9VangdMBS VMBS 53.35 0.04 –1.3VangdRealEst VNQ 103.24 0.02 21.6VangdS&P500ETF VOO 394.21 –1.23 14.7VangdSTBond BSV 81.93 –0.06 –1.2VangdSTCpBd VCSH 82.38 –0.07 –1.0VangdShtTmInfltn VTIP 51.82 0.04 1.4VangdSC VB 220.33 –0.79 13.2VangdTaxExemptBd VTEB 54.68 –0.07 –0.9VangdTotalBd BND 85.55 –0.07 –3.0VangdTotIntlBd BNDX 56.95 –0.12 –2.7VangdTotIntlStk VXUS 62.78 –1.04 4.4VangdTotalStk VTI 221.73 –1.51 13.9VangdTotlWrld VT 101.45 –1.17 9.6VangdValue VTV 136.43 –0.39 14.7


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Get real-time U.S. stock quotes and track most-active stocks, newhighs/lows and mutual funds. Available free at WSJMarkets.com

ConsumerRates andReturns to InvestorU.S. consumer ratesA consumer rate against itsbenchmark over the past year

0.00

1.00

2.00

3.00

4.00%

O2020N D J

2021F M A M J J A SO

t

30-year fixed-ratemortgage

t

10-year Treasurynote yield

Selected rates30-yearmortgage, Rate

Bankrate.comavg†: 3.22%DearbornFederal SvgsBk 2.75%Dearborn,MI 313-565-3100

Peapack-GladstoneBank 2.88%Gladstone, NJ 908-234-0700

TheBankofBennington 2.88%Bennington, VT 802-442-8121

WSBMunicipal Bank 2.88%Watertown, NY 800-870-8510

CambridgeSavingsBank 3.00%Cambridge,MA 888-418-5626

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 -2.00Prime rate* 3.25 3.25 3.25 l 3.25 -2.00Libor, 3-month 0.13 0.13 0.11 l 0.25 -2.28Moneymarket, annual yield 0.07 0.07 0.07 l 0.22 -0.35Five-year CD, annual yield 0.44 0.44 0.42 l 0.63 -1.4130-yearmortgage, fixed† 3.22 3.07 2.83 l 3.37 -1.5115-yearmortgage, fixed† 2.50 2.33 2.28 l 2.64 -1.63Jumbomortgages, $548,250-plus† 3.25 3.09 2.85 l 3.41 -1.67Five-year adjmortgage (ARM)† 2.89 2.88 2.83 l 3.43 -1.74New-car loan, 48-month 3.72 3.73 3.72 l 4.14 -0.22Bankrate.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 ICEMonday Close

tOne year ago

Forex RaceYen, euro vs. dollar; dollar vs.major U.S. trading partners

–8

–4

0

4

8%

2020 2021

EurosYens

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 705.53 –6.91 –0.97 9.2MSCIACWI ex-USA 336.14 –1.09 –0.32 3.0MSCIWorld 2992.89 –29.94 –0.99 11.3MSCIEmergingMarkets 1236.41 –10.19 –0.82 –4.2

Americas MSCIACAmericas 1666.16 –22.49 –1.33 13.5Canada S&P/TSXComp 20052.25 –98.62 –0.49 15.0LatinAmer. MSCIEMLatinAmerica 2213.27 –48.47 –2.14 –9.7Brazil BOVESPA 110393.09 –2506.55 –2.22 –7.2Chile S&P IPSA 2820.85 –55.92 –1.94 –1.3Mexico S&P/BMV IPC 50862.94 –197.11 –0.39 15.4

EMEA STOXXEurope600 450.77 –2.13 –0.47 13.0Eurozone EuroSTOXX 448.32 –3.56 –0.79 12.8Belgium Bel-20 4116.92 –20.39 –0.49 13.7Denmark OMXCopenhagen20 1685.43 –19.95 –1.17 15.0France CAC40 6477.66 –40.03 –0.61 16.7Germany DAX 15036.55 –119.89 –0.79 9.6Israel TelAviv 1791.33 –15.36 –0.85 19.5Italy FTSEMIB 25460.80 –154.51 –0.60 14.5Netherlands AEX 757.20 –9.49 –1.24 21.2Russia RTS Index 1785.75 14.25 0.80 28.7SouthAfrica FTSE/JSEAll-Share 64129.00 467.98 0.74 7.9Spain IBEX35 8791.70 –7.80 –0.09 8.9Sweden OMXStockholm 915.64 –10.90 –1.18 19.2Switzerland SwissMarket 11582.35 6.98 0.06 8.2Turkey BIST 100 1394.37 –7.09 –0.51 –5.6U.K. FTSE 100 7011.01 –16.06 –0.23 8.5U.K. FTSE250 22654.92 –320.85 –1.40 10.6

Asia-Pacific MSCIACAsiaPacific 193.99 –1.00 –0.51 –3.0Australia S&P/ASX200 7278.50 92.95 1.29 10.5China Shanghai Composite 3568.17 … Closed 2.7HongKong HangSeng 24036.37 –539.27 –2.19 –11.7India S&PBSESensex 59299.32 533.74 0.91 24.2Japan NIKKEI 225 28444.89 –326.18 –1.13 3.6Singapore Straits Times 3089.65 38.54 1.26 8.6SouthKorea KOSPI 3019.18 … Closed 5.1Taiwan TAIEX 16408.35 –162.54 –0.98 11.4Thailand SET 1614.48 9.31 0.58 11.4Sources: 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 34410.28 33821.58 34002.92 -323.54 -0.94 35625.40 26501.60 20.8 11.1 8.5Transportation Avg 14395.71 14164.98 14210.00 -40.71 -0.29 15943.30 10945.62 23.8 13.6 7.9Utility Average 888.56 872.22 885.70 12.88 1.48 952.62 795.61 4.9 2.4 7.0Total Stock Market 45183.62 44405.42 44616.60 -615.77 -1.36 47089.89 33541.92 27.7 13.8 14.2Barron's 400 1018.32 1004.97 1009.91 -6.38 -0.63 1047.16 719.73 36.9 18.5 10.2

NasdaqStockMarketNasdaq Composite 14499.74 14181.69 14255.48 -311.21 -2.14 15374.33 10911.59 25.8 10.6 21.9Nasdaq-100 14727.60 14384.93 14472.12 -319.75 -2.16 15675.76 11052.95 25.7 12.3 24.6

S&P500 Index 4355.51 4278.94 4300.46 -56.58 -1.30 4536.95 3269.96 26.2 14.5 14.0MidCap 400 2695.98 2659.04 2667.23 -16.41 -0.61 2773.83 1895.57 37.1 15.6 10.4SmallCap 600 1362.37 1345.61 1351.72 -5.65 -0.42 1414.12 874.84 50.8 20.8 9.4

Other IndexesRussell 2000 2240.85 2210.61 2217.47 -24.16 -1.08 2360.17 1538.48 40.2 12.3 10.4NYSE Composite 16368.49 16127.15 16198.56 -125.19 -0.77 16926.72 12415.42 25.1 11.5 7.5Value Line 656.41 648.36 650.29 -4.37 -0.67 685.08 459.74 36.9 14.3 4.3NYSE Arca Biotech 5669.62 5548.06 5560.78 -108.84 -1.92 6319.77 5212.89 1.4 -3.1 2.3NYSE Arca Pharma 746.60 734.23 738.68 -1.84 -0.25 811.41 613.07 12.1 7.1 7.6KBW Bank 135.53 132.76 133.21 -0.13 -0.10 134.82 74.79 72.9 36.1 7.5PHLX§Gold/Silver 120.69 118.45 119.64 1.20 1.02 166.01 117.06 -17.8 -17.0 22.0PHLX§Oil Service 60.81 59.36 60.07 1.63 2.79 69.77 26.30 109.1 35.5 -26.6PHLX§Semiconductor 3246.42 3170.47 3180.06 -81.12 -2.49 3473.60 2222.98 38.5 13.8 33.1Cboe Volatility 24.58 21.88 22.96 1.81 8.56 40.28 15.07 -17.9 0.9 17.3

NasdaqPHLX Sources: FactSet; DowJonesMarketData

LateTradingMost-activeandbiggestmoversamongNYSE,NYSEArca,NYSEAmer.andNasdaq issues from4p.m. to6p.m.ETas reportedbyelectronictradingservices, securitiesdealers and regional exchanges.Minimumsharepriceof$2andminimumafter-hoursvolumeof50,000shares.

Most-active issues in late tradingVolume AfterHours

Company Symbol (000) Last Net chg % chg High Low

Coterra Energy CTRA 41,694.7 22.89 0.12 0.53 23.00 22.27SPDR S&P 500 SPY 11,989.7 428.80 0.16 0.04 429.14 428.40Camber Energy CEI 8,007.8 2.98 -0.11 -3.56 3.14 2.97iShares 1-3Y Treasury Bd SHY 7,490.3 86.15 0.01 0.01 86.17 86.13

SunPower SPWR 7,159.8 23.27 0.18 0.78 23.35 22.90iShares 20+Y Treasury Bd TLT 6,091.5 144.90 -0.09 -0.06 145.13 144.66Intel INTC 4,012.6 53.57 0.10 0.19 53.73 53.20AbbVie ABBV 3,464.0 108.68 -0.05 -0.05 109.49 108.25

Percentage gainers…Team TISI 522.7 4.02 0.78 24.07 4.19 3.24Rush Street Interactive RSI 60.8 22.20 3.48 18.59 22.50 18.51Apollo Endosurgery APEN 52.1 9.50 0.50 5.56 9.53 9.00ChampionX CHX 84.5 25.50 1.16 4.77 25.50 24.34Amplify Energy AMPY 1,642.6 3.34 0.11 3.41 3.48 3.05

...And losersMexco Energy MXC 107.2 15.72 -1.25 -7.37 17.29 15.58Camber Energy CEI 8,007.8 2.98 -0.11 -3.56 3.14 2.97Adverum Biotechnologies ADVM 83.0 2.36 -0.05 -1.88 2.41 2.35Freshworks Cl A FRSH 70.1 40.20 -0.68 -1.66 40.88 40.20Azure Power Global AZRE 50.0 20.10 -0.32 -1.57 20.78 20.10

TradingDiaryVolume, Advancers, Decliners

NYSE NYSEAmer.

Total volume*1,000,789,465 30,984,997Adv. volume* 455,792,603 9,190,618Decl. volume* 531,584,937 21,635,968Issues traded 3,501 283Advances 1,189 94Declines 2,182 179Unchanged 130 10Newhighs 116 11New lows 96 10ClosingArms† 0.65 1.28Block trades* 4,283 240

Nasdaq NYSEArca

Total volume*4,561,554,892 323,877,637Adv. volume*1,241,956,730 86,905,100Decl. volume*3,280,814,095 236,588,282Issues traded 4,792 1,609Advances 1,252 372Declines 3,344 1,224Unchanged 196 13Newhighs 102 43New lows 252 78ClosingArms† 0.99 0.64Block trades* 32,120 1,256

* 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

Farmmi FAMI 280,592 254.7 0.36 2.88 2.47 0.20Progenity PROG 237,470 1739.1 1.40 -21.79 9.56 0.66Camber Energy CEI 214,105 83.2 3.09 -4.92 4.85 0.33ProShUltraProShrtQQQ SQQQ 135,666 50.7 9.00 6.26 25.78 7.16SPDRS&P500 SPY 126,312 80.4 428.64 -1.29 454.05 322.60

Sundial Growers SNDL 101,116 19.6 0.63 -5.92 3.96 0.14Apple AAPL 98,058 20.8 139.14 -2.46 157.26 107.32Coterra Energy CTRA 94,175 901.9 22.77 2.34 23.64 14.28FordMotor F 78,089 31.3 14.35 1.34 16.46 6.95InvescoQQQTrust I QQQ 75,892 98.5 352.62 -2.10 382.78 266.97* 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

XenonPharmaceuticals XENE 62,677 30222 31.50 101.92 32.35 9.32Amplify Energy AMPY 61,075 14157 3.23 -43.83 5.78 0.62HelixAcquisition Cl A HLXA 682 13481 9.92 -0.30 13.00 9.81MexcoEnergy MXC 6,339 8198 16.97 46.42 18.00 4.30SCVXClA SCVX 1,409 5243 9.95 0.12 11.59 9.66

LererHippeauAcquisition LHAA 932 4361 9.80 0.20 10.15 9.62NorthernStar III Cl A NSTC 753 4131 9.76 0.00 10.19 9.65Catalyst PtrsAcqn CPAR 837 3894 9.77 0.31 10.00 9.00Benessere CapAcqnClA BENE 252 2824 10.08 0.40 10.43 9.84PacerMetUSLCDiv 400 QDPL 204 2741 33.83 -1.18 35.91 33.69* 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 Index14255.48 t 311.21, 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:

34.15 35.8627.75 30.410.72 0.79

15374.33, 09/07/21

13250

13625

14000

14375

14750

15125

15500

July Aug. Sept.

65-day moving average

EQUITIES

CREDIT MARKETS

CommoditiesPricing trends on some rawmaterials, or commodities

Monday 52-Week YTDClose Net chg %Chg High Low %Chg %chg

DJ Commodity 934.21 9.90 1.07 934.21 623.95 49.73 27.70Refinitiv/CC CRB Index 233.08 2.70 1.17 233.08 144.73 58.16 38.91Crude oil,$per barrel 77.62 1.74 2.29 77.62 35.79 97.91 59.98Natural gas,$/MMBtu 5.766 0.147 2.62 5.867 2.305 120.50 127.10Gold,$ per troy oz. 1766.20 9.20 0.52 1952.70 1677.70 -7.65 -6.70

CorporateBorrowingRates andYieldsYield (%) 52-Week Total Return (%)

Bond total return index Close Last Week ago High Low 52-wk 3-yr

U.S. Treasury, Bloomberg 2400.680 0.990 1.000 1.030 0.520 –2.963 5.224

U.S. Treasury Long, Bloomberg4387.090 2.000 1.960 2.400 1.370 –9.359 10.358

Aggregate, Bloomberg 2259.330 1.540 1.550 1.630 1.120 –0.658 5.691

Fixed-RateMBS, Bloomberg2218.880 1.780 1.840 1.860 1.180 –0.308 4.172

HighYield 100, ICEBofA 3450.543 3.641 3.414 4.823 3.162 9.117 5.642

MuniMaster, ICEBofA 598.415 0.937 0.865 1.157 0.687 2.092 4.941

EMBIGlobal, J.P.Morgan 918.036 4.855 4.760 5.068 4.295 3.474 5.986

Sources: J.P.Morgan; Bloomberg Fixed Income Indices; ICEDataServices

Latest Session 52-WeekCompany Symbol Close Net chg % chg High Low %chg

XenonPharmaceuticals XENE 31.50 15.90 101.92 32.35 9.32 162.5Elmira SavingsBank ESBK 22.70 9.20 68.15 22.70 10.45 107.1MexcoEnergy MXC 16.97 5.38 46.42 18.00 4.30 284.7RingEnergy REI 3.54 0.56 18.79 3.73 0.43 395.1U.S.Well Services Cl A USWS 2.98 0.42 16.41 11.80 0.89 221.2

NewConcept Energy GBR 5.01 0.63 14.38 30.99 1.38 243.2ArqitQuantum ARQQ 20.76 2.46 13.44 41.52 8.00 ...CONSOLEnergy CEIX 32.10 3.80 13.43 32.10 3.66 634.6ConsensusCloudSolutions CCSIV 50.91 5.91 13.12 52.00 34.81 ...EarthstoneEnergy ESTE 10.78 1.25 13.12 13.15 2.41 279.6

Clene CLNN 7.53 0.86 12.89 17.82 6.23 -30.6Indonesia Energy INDO 4.96 0.54 12.32 11.87 3.26 13.1SilverBowResources SBOW 29.65 3.14 11.84 30.50 3.94 626.7TransGlobeEnergy TGA 2.55 0.27 11.84 2.70 0.37 537.3ProShUlt BloombgNatGas BOIL 84.06 8.87 11.80 91.00 17.05 124.8

MostActiveStocks

Latest Session 52-WeekCompany Symbol Close Net chg % chg High Low %chg

XP XP 11.92 -30.13 -71.65 53.08 11.92 -71.7Amplify Energy AMPY 3.23 -2.52 -43.83 5.78 0.62 319.0Esports Technologies EBET 23.57 -7.76 -24.77 54.00 18.65 ...Owlet OWLT 4.19 -1.29 -23.54 11.56 3.76 ...REGENXBIO RGNX 32.33 -7.95 -19.74 50.26 26.40 14.9

IonQ IONQ 7.51 -1.69 -18.37 15.39 7.50 ...Paltalk PALT 8.44 -1.63 -16.19 15.20 0.67 667.3Aemetis AMTX 16.72 -2.98 -15.13 27.44 1.96 381.8Sylvamo SLVM 28.01 -4.99 -15.12 38.00 25.00 ...Omeros OMER 7.28 -1.26 -14.75 23.85 7.01 -33.2

TyraBiosciences TYRA 14.75 -2.42 -14.09 29.90 14.56 ...EnsysceBiosciences ENSC 2.47 -0.40 -13.94 23.99 2.45 -76.4SilverbackTherapeutics SBTX 10.05 -1.62 -13.88 63.41 9.78 ...UpHealth UPH 2.61 -0.42 -13.86 12.12 2.56 -74.6IceCureMedical ICCM 7.51 -1.19 -13.63 16.00 0.18 275.5

VolumeMovers Ranked by change from65-day average*

Track the MarketsCompare the performance of selectedglobal stock indexes, bond ETFs,currencies and commodities atwsj.com/graphics/track-the-markets

CURRENCIES & COMMODITIES

CurrenciesU.S.-dollar foreign-exchange rates in lateNewYork trading

US$vs,Mon YTDchg

Country/currency inUS$ perUS$ (%)

AmericasArgentina peso .0101 98.8986 17.6Brazil real .1833 5.4555 5.0Canada dollar .7942 1.2591 –1.1Chile peso .001241 805.86 13.4Colombiapeso .000264 3790.00 10.8EcuadorUSdollar 1 1 unchMexico peso .0488 20.4859 3.0Uruguay peso .02328 42.9550 1.4Asia-PacificAustralian dollar .7286 1.3725 5.6China yuan .1551 6.4467 –1.3HongKong dollar .1284 7.7874 0.4India rupee .01341 74.582 2.1Indonesia rupiah .0000701 14267 1.5Japan yen .009015 110.92 7.4Kazakhstan tenge .002350 425.58 1.0Macau pataca .1246 8.0270 0.5Malaysia ringgit .2396 4.1740 3.8NewZealand dollar .6967 1.4353 3.1Pakistan rupee .00586 170.700 6.4Philippines peso .0197 50.859 5.9Singapore dollar .7371 1.3567 2.7SouthKoreawon .0008443 1184.46 9.1Sri Lanka rupee .0050003 199.99 8.0Taiwan dollar .03580 27.935 –0.6Thailand baht .02961 33.770 12.4

US$vs,Mon YTDchg

Country/currency inUS$ perUS$ (%)

Vietnam dong .00004394 22760 –1.4EuropeCzechRep. koruna .04584 21.814 1.6Denmark krone .1562 6.4005 5.1Euro area euro 1.1620 .8606 5.1Hungary forint .003261 306.64 3.2Iceland krona .007809 128.06 0.2Norway krone .1167 8.5713 –0.1Poland zloty .2528 3.9551 5.9Russia ruble .01380 72.470 –2.1Sweden krona .1145 8.7301 6.1Switzerland franc 1.0814 .9247 4.5Turkey lira .1129 8.8571 19.1Ukraine hryvnia .0377 26.5500 –6.3UK pound 1.3608 .7349 0.4Middle East/AfricaBahrain dinar 2.6525 .3770 –0.01Egypt pound .0637 15.7107 –0.2Israel shekel .3100 3.2260 0.4Kuwait dinar 3.3189 .3013 –0.9Oman sul rial 2.5974 .3850 ...Qatar rial .2746 3.641 –0.01SaudiArabia riyal .2666 3.7506 –0.03SouthAfrica rand .0665 15.0353 2.3

Close Net Chg %Chg YTD%Chg

WSJDollar Index 88.27 –0.16–0.18 3.85

Sources: Tullett Prebon, DowJonesMarketData

Dow Jones Industrial Average34002.92 t323.54, or 0.94%


Year agoLast

Trailing P/E ratioP/E estimate *Dividend yieldAll-time high

23.09 27.6218.56 23.971.87 2.20

35625.40, 08/16/21

32750

33250

33750

34250

34750

35250

35750

July Aug. Sept.

Current divisor 0.15188516925198

Bars measure the point change from session's open

tt

Session high

Session low

Session open

Close Open

CloseDOWN UP65-day

moving average

S&P 500 Index4300.46 t56.58, or 1.30%


Year agoLast

Trailing P/E ratio *P/E estimate *Dividend yield *All-time high

30.04 36.9421.47 24.821.38 1.81

4536.95, 09/02/21

4000

4100

4200

4300

4400

4500

4600

July Aug. Sept.

65-day moving average

*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index

MARKETS DIGEST



Metal &PetroleumFuturesContract Open

Open High hi lo Low Settle Chg interestCopper-High (CMX)-25,000 lbs.; $ per lb.Oct 4.2400 4.2935 4.1920 4.2465 0.0530 2,199Dec 4.2145 4.3030 4.1775 4.2385 0.0500 108,774Gold (CMX)-100 troy oz.; $ per troy oz.Oct 1764.50 1768.90 1749.50 1766.20 9.20 4,207Nov 1760.40 1769.50 1747.30 1766.90 9.20 1,038Dec 1762.60 1771.50 1747.70 1767.60 9.20 402,476Feb'22 1762.40 1772.60 1749.70 1769.40 9.30 47,376April 1764.50 1774.00 1752.00 1770.60 9.10 13,501June 1768.20 1775.00 1753.10 1772.00 9.10 8,729Palladium(NYM) - 50 troy oz.; $ per troy oz.Oct 1877.80 –28.70 1Dec 1929.50 1929.50 1858.00 1875.00 –28.70 9,244Platinum(NYM)-50 troy oz.; $ per troy oz.Oct 960.00 963.80 951.20 960.20 –11.90 1,072Jan'22 974.50 981.10 943.00 961.60 –12.00 59,213Silver (CMX)-5,000 troy oz.; $ per troy oz.Oct 22.618 0.108 87Dec 22.600 22.805 22.290 22.644 0.108 121,819CrudeOil, Light Sweet (NYM)-1,000bbls.; $ per bbl.Nov 75.90 78.38 s 75.32 77.62 1.74 421,794Dec 75.63 78.07 s 75.03 77.33 1.75 344,897Jan'22 75.21 77.58 s 74.59 76.88 1.76 160,452March 74.12 76.34 s 73.54 75.71 1.73 119,679June 72.32 74.47 s 71.79 73.82 1.59 166,675Dec 68.95 70.77 s 68.39 70.08 1.27 191,373NYHarborULSD (NYM)-42,000gal.; $ per gal.Nov 2.3826 2.4526 s 2.3659 2.4366 .0539 135,530Dec 2.3796 2.4450 s 2.3589 2.4303 .0548 95,331Gasoline-NYRBOB(NYM)-42,000gal.; $ per gal.Nov 2.2450 2.3233 s 2.2280 2.3085 .0585 139,877Dec 2.2088 2.2758 s 2.1863 2.2637 .0554 71,641Natural Gas (NYM)-10,000MMBtu.; $ perMMBtu.Nov 5.628 6.064 5.628 5.766 .147 255,804Dec 5.780 6.202 5.773 5.906 .143 103,750Jan'22 5.873 6.287 5.856 5.999 .146 165,038March 5.373 5.720 5.373 5.505 .138 126,593April 3.965 4.115 3.959 4.042 .102 124,102May 3.810 3.943 3.809 3.880 .093 120,376

Agriculture Futures

Corn (CBT)-5,000bu.; cents per bu.Dec 540.00 547.50 536.00 540.75 –.75 683,752March'22 548.75 555.75 544.50 549.75 … 275,583Oats (CBT)-5,000bu.; cents per bu.Dec 591.25 605.00 s 586.75 601.00 10.00 3,638March'22 582.00 595.50 s 581.50 590.50 9.25 765Soybeans (CBT)-5,000bu.; cents per bu.Nov 1242.75 1247.75 1235.00 1235.75 –10.75 321,129Jan'22 1253.00 1257.50 1245.25 1246.25 –10.25 127,977SoybeanMeal (CBT)-100 tons; $ per ton.Oct 325.50 325.50 t 321.80 322.10 –2.90 1,552Dec 326.30 327.20 t 323.40 323.60 –3.30 177,614SoybeanOil (CBT)-60,000 lbs.; cents per lb.Oct 57.99 59.16 57.91 58.57 –.04 386Dec 58.65 59.70 57.84 58.83 .01 155,154RoughRice (CBT)-2,000 cwt.; $ per cwt.Nov 13.62 13.68 13.53 13.54 –.08 7,770Jan'22 13.87 13.94 13.80 13.81 –.06 913Wheat (CBT)-5,000bu.; cents per bu.Dec 752.25 763.50 748.50 756.50 1.25 193,078March'22 761.00 774.50 759.75 768.25 2.25 78,900Wheat (KC)-5,000bu.; cents per bu.Dec 755.25 764.25 751.25 754.25 –5.25 128,275March'22 764.00 771.00 758.00 762.00 –4.50 55,465Cattle-Feeder (CME)-50,000 lbs.; cents per lb.Oct 153.000 155.525 152.525 155.000 2.250 4,977Nov 152.900 155.400 152.550 155.025 2.125 17,057

FuturesContracts Contract OpenOpen High hi lo Low Settle Chg interest

Contract OpenOpen High hi lo Low Settle Chg interest

Contract OpenOpen High hi lo Low Settle Chg interest

Cattle-Live (CME)-40,000 lbs.; cents per lb.Oct 120.925 122.975 120.525 122.625 2.225 17,122Dec 125.550 128.550 125.525 128.050 2.850 129,632Hogs-Lean (CME)-40,000 lbs.; cents per lb.Oct 92.450 92.525 90.300 90.800 –1.500 22,130Dec 84.925 85.200 82.800 83.100 –2.075 108,038Lumber (CME)-110,000bd. ft., $ per 1,000bd. ft.Nov 622.00 635.00 622.00 632.80 7.70 1,255Jan'22 673.00 675.00 669.40 670.00 –3.00 473Milk (CME)-200,000 lbs., cents per lb.Oct 18.15 18.31 18.13 18.20 .07 4,506Nov 18.25 18.48 18.20 18.42 .22 5,203Cocoa (ICE-US)-10metric tons; $ per ton.Dec 2,712 2,792 s 2,705 2,752 42 92,296March'22 2,740 2,812 s 2,735 2,784 50 61,614Coffee (ICE-US)-37,500 lbs.; cents per lb.Dec 201.60 206.85 199.65 200.35 –3.70 134,067March'22 204.70 209.65 202.65 203.25 –3.65 72,844Sugar-World (ICE-US)-112,000 lbs.; cents per lb.March 20.03 20.10 19.63 19.69 –.37 420,907May 19.47 19.58 19.18 19.22 –.31 154,672Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.Nov 37.00 … 1,226March'22 36.00 … 2,825Cotton (ICE-US)-50,000 lbs.; cents per lb.Oct 106.93 106.93 106.93 106.93 .40 48Dec 104.52 106.86 103.58 104.93 .40 140,905Orange Juice (ICE-US)-15,000 lbs.; cents per lb.Nov 134.50 136.40 134.40 135.90 2.25 8,399Jan'22 137.35 139.15 137.35 138.80 2.20 2,503

InterestRate FuturesUltraTreasuryBonds (CBT) - $100,000; pts 32nds of 100%Dec 193-070 193-160 191-130 192-230 –9.0 1,220,857TreasuryBonds (CBT)-$100,000; pts 32nds of 100%Dec 160-140 160-200 159-150 160-040 –7.0 1,233,198March'22 158-180 –8.0 20TreasuryNotes (CBT)-$100,000; pts 32nds of 100%Dec 132-060 132-085 131-275 132-025 –3.0 4,015,064March'22 131-085 –3.5 2385Yr. TreasuryNotes (CBT)-$100,000; pts 32nds of 100%Dec 123-027 123-042 122-285 122-315 –2.5 3,570,651March'22 122-120 –2.7 222Yr. TreasuryNotes (CBT)-$200,000; pts 32nds of 100%Dec 110-025 110-030 110-012 110-018 –.9 1,798,75530DayFederal Funds (CBT)-$5,000,000; 100 - daily avg.Oct 99.9200 99.9225 99.9200 99.9225 .0025 118,302Nov 99.9200 99.9250 99.9200 99.9250 .0050 114,86610Yr. Del. Int. RateSwaps (CBT)-$100,000; pts 32nds of 100%Dec 101-290 –1.0 162,665Eurodollar (CME)-$1,000,000; pts of 100%Oct 99.8675 99.8725 99.8675 99.8725 .0050 404,948Dec 99.8300 99.8350 99.8250 99.8350 .0100 1,130,465March'22 99.8550 99.8600 99.8550 99.8600 .0050 1,116,698Dec'23 98.9150 98.9350 98.8850 98.9100 … 1,154,810

CurrencyFuturesJapaneseYen (CME)-¥12,500,000; $ per 100¥Oct .9011 .9024 .8986 .9018 .0012 256Dec .9015 .9028 .8989 .9021 .0011 223,170CanadianDollar (CME)-CAD 100,000; $ per CADOct .7926 .7963 .7903 .7949 .0035 501Dec .7910 .7963 .7902 .7948 .0035 116,553BritishPound (CME)-£62,500; $ per £Oct 1.3573 1.3640 1.3533 1.3615 .0061 678Dec 1.3547 1.3641 1.3533 1.3615 .0061 186,207Swiss Franc (CME)-CHF 125,000; $ per CHFDec 1.0773 1.0853 1.0758 1.0834 .0065 57,720March'22 1.0857 1.0878 1.0786 1.0861 .0065 101AustralianDollar (CME)-AUD 100,000; $ perAUDOct .7280 .7304 .7252 .7291 .0024 654

Dec .7264 .7307 .7253 .7293 .0024 191,133MexicanPeso (CME)-MXN500,000; $ perMXNOct .04866 –.00019 19Dec .04844 .04848 .04800 .04826 –.00019 173,092Euro (CME)-€125,000; $ per €Oct 1.1612 1.1643 1.1592 1.1628 .0027 1,262Dec 1.1610 1.1656 1.1604 1.1640 .0027 674,689

IndexFuturesMini DJ Industrial Average (CBT)-$5 x indexDec 34230 34293 33681 33870 –297 95,962March'22 34173 34188 33594 33774 –296 348Mini S&P500 (CME)-$50 x indexDec 4349.00 4362.00 4267.50 4291.25 –52.50 2,375,977June'22 4310.00 4343.25 4250.00 4273.50 –52.50 46,499

Mini S&PMidcap400 (CME)-$100 x indexDec 2683.70 2690.00 2649.90 2660.60 –14.50 41,655March'22 … 2669.60 –14.50 n.a.MiniNasdaq 100 (CME)-$20 x indexDec 14785.00 14835.00 14367.75 14462.25 –299.50 221,556March'22 14785.00 14835.00 14366.75 14463.75 –299.75 1,009Mini Russell 2000 (CME)-$50 x indexDec 2239.40 2245.30 2201.50 2214.80 –20.80 431,981March'22 2226.20 2241.80 2199.80 2212.40 –20.60 190Mini Russell 1000 (CME)-$50 x indexDec 2429.60 2437.00 2395.90 2407.60 –31.60 13,783U.S. Dollar Index (ICE-US)-$1,000 x indexDec 94.09 94.11 93.68 93.78 –.27 54,741March'22 93.94 94.06 93.62 93.73 –.26 1,624

Source: FactSet

Monday

IronOre, 62%FeCFRChina-s 117.8ShreddedScrap, USMidwest-s,m n.a.Steel, HRCUSA, FOBMidwestMill-s 1960Battery/EVmetalsBMI LithiumCarbonate, EXWChina, =99.2%-v,k 24800BMI LithiumHydroxide, EXWChina, =56.5% -v,k 24425BMICobalt sulphate, EXWChina, >20.5% -v,m 12400BMINickel Sulphate, EXWChina, >22%-v,m 5658BMI FlakeGraphite, FOBChina, -100Mesh, 94-95% -v,m 530

Fibers andTextilesBurlap,10-oz,40-inchNYyd-n,w 0.7900Cotton,1 1/16 std lw-mdMphs-u 1.0368Cotlook 'A' Index-t *115.65Hides,hvy native steers piece fob-u n.a.Wool,64s,staple,Terr del-u,w n.a.

Grains andFeedsBarley,top-qualityMnpls-u n.a.Bran,wheatmiddlings, KC-u 140Corn,No. 2 yellow,Cent IL-bp,u 5.1100Corn gluten feed,Midwest-u,w 154.1Corn glutenmeal,Midwest-u,w 517.7Cottonseedmeal-u,w 300Hominy feed,Cent IL-u,w 165Meat-bonemeal,50%proMnpls-u,w 290Oats,No.2milling,Mnpls-u 5.9500Rice, LongGrainMilled, No. 2AR-u,w 27.75Sorghum,(Milo)No.2Gulf-u n.a.SoybeanMeal,Cent IL,rail,ton48%-u,w 344.00Soybeans,No.1 yllw IL-bp,u 11.9800

Monday

Wheat,Spring14%-proMnpls-u 10.6775Wheat,No.2 soft red,St.Louis-u n.a.Wheat -Hard - KC (USDA) $ per bu-u 7.8025Wheat,No.1softwhite,Portld,OR-u 10.0500

FoodBeef,carcass equiv. indexchoice 1-3,600-900 lbs.-u 226.39select 1-3,600-900 lbs.-u 201.65Broilers, National compwtd. avg.-u,w 1.0518Butter,AAChicago 1.6900Cheddar cheese,bbl,Chicago 179.00Cheddar cheese,blk,Chicago 179.75Milk,Nonfat dry,Chicago lb. 140.00Coffee,Brazilian,Comp 2.0020Coffee,Colombian, NY 2.5784Eggs,largewhite,Chicago-u 1.0650Flour,hardwinter KC 20.95Hams,17-20 lbs,Mid-US fob-u 0.69Hogs,Iowa-So.Minnesota-u 90.73Pork bellies,12-14 lbMidUS-u n.a.Pork loins,13-19 lbMidUS-u 1.0891Steers,Tex.-Okla. Choice-u n.a.Steers,feeder,Okla. City-u,w 154.88

Fats andOilsDegummed corn oil, crudewtd. avg.-u,w 51.5000Grease,choicewhite,Chicago-h 0.5400Lard,Chicago-u n.a.Soybean oil,crude;Centl IL-u,w 0.6862Tallow,bleach;Chicago-h 0.6775Tallow,edible,Chicago-u n.a.

CashPrices Monday, October 04, 2021These prices reflect buying and selling of a variety of actual or “physical” commodities in themarketplace—separate from the futures price on an exchange,which reflectswhat the commoditymight beworth in futuremonths.

Monday

Energy

Coal,C.Aplc.,12500Btu,1.2SO2-r,w 73.250Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 13.300

MetalsGold, per troy ozEngelhard industrial 1752.00Handy&Harmanbase 1754.55Handy&Harman fabricated 1947.55LBMAGold PriceAM *1755.60LBMAGold Price PM *1757.05Krugerrand,wholesale-e 1838.04Maple Leaf-e 1855.72AmericanEagle-e 1855.72Mexican peso-e 2138.89Austria crown-e 1735.36Austria phil-e 1855.72Silver, troy oz.Engelhard industrial 22.5000Handy&Harmanbase 22.6450Handy&Harman fabricated 28.3060LBMAspot price *£16.3500(U.S.$ equivalent) *22.0950Coins,wholesale $1,000 face-a 18835OthermetalsLBMAPlatinumPrice PM *972.0Platinum,Engelhard industrial 954.0Palladium,Engelhard industrial 1933.0Aluminum, LME, $ permetric ton *2865.0Copper,Comex spot 4.2465

| wsj.com/market-data/commodities

KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co;K=bi-weekly;M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=BenchmarkMineral Intelligence;W=weekly; Z=not quoted. *Data as of 10/1

Source: Dow JonesMarket Data

Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarksMoneyRates October 4, 2021

Key annual interest rates paid to borrowor lendmoney inU.S. and internationalmarkets. Rates beloware aguide to general levels but don’t always represent actual transactions.

InflationAug. index ChgFrom (%)

level July '21 Aug. '20

U.S. consumer price indexAll items 273.567 0.21 5.3Core 279.507 0.13 4.0

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 0.00

Week —52-WEEK—Latest ago High Low

Treasury bill auction4weeks 0.045 0.050 0.090 0.00013weeks 0.040 0.035 0.105 0.01526weeks 0.055 0.050 0.115 0.030

Secondarymarket

FannieMae30-yearmortgage yields

30 days 2.477 2.525 2.622 1.83660days 2.515 2.571 2.674 1.875

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 0.09 0.25 0.04

LiborOnemonth 0.07788 0.08675 0.15863 0.07263Threemonth 0.12663 0.13175 0.25388 0.11413Sixmonth 0.15550 0.15500 0.26663 0.14663One year 0.23200 0.23600 0.34950 0.21950

Euro LiborOnemonth -0.574 -0.572 -0.558 -0.607Threemonth -0.566 -0.556 -0.520 -0.574Sixmonth -0.538 -0.536 -0.495 -0.548One year -0.489 -0.492 -0.441 -0.511

SecuredOvernight FinancingRate0.05 0.05 0.11 0.01

Value 52-WeekLatest Traded High Low

DTCCGCFRepo IndexTreasury 0.050 50.040 0.132 -0.008MBS 0.058 14.900 0.143 0.002

Notes ondata:U.S. prime rate is the base rate on corporateloans posted by at least 70%of the 10 largestU.S. banks, and is effectiveMarch 16, 2020.Other prime rates aren’t directly comparable;lending practices varywidely by location;Discount rate is effectiveMarch 16, 2020.SecuredOvernight FinancingRate is as ofOctober 1, 2021. DTCCGCFRepo Index isDepository Trust&Clearing Corp.'sweightedaverage for overnight trades in applicableCUSIPs. Value traded is in billions ofU.S. dollars.Federal-funds rates are Tullett Prebon rates asof 5:30 p.m. ET.Sources: Federal Reserve; Bureau of LaborStatistics; DTCC; FactSet;Tullett Prebon Information, Ltd.

Switzerland 0.00 0.00 0.00 0.00Britain 0.10 0.10 0.10 0.10Australia 0.10 0.10 0.25 0.10

Overnight repurchaseU.S. 0.04 0.05 0.12 -0.04

U.S. government rates

Discount0.25 0.25 0.25 0.25

Federal fundsEffective rate 0.0800 0.0800 0.1000 0.0500High 0.0900 0.0900 0.2000 0.0700Low 0.0800 0.0200 0.0900 0.0000Bid 0.0700 0.0700 0.0900 0.0300Offer 0.1000 0.0900 0.1200 0.0500

Week —52-WEEK—Latest ago High Low

Global GovernmentBonds:MappingYieldsYields and spreads over or underU.S. Treasurys on benchmark two-year and 10-year government bonds inselected other countries; arrows indicatewhether the yield rose(s) or fell (t) in the latest session

Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis pointsCoupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago

0.250 U.S. 2 0.278 s l 0.264 0.206 0.1311.250 10 1.481 s l 1.464 1.322 0.694

5.500 Australia 2 0.042 l 0.042 0.017 0.173 -23.2 -22.8 4.4

1.000 10 1.498 l 1.498 1.233 0.796 1.7 3.5 9.7

0.000 France 2 -0.696 t l -0.681 -0.695 -0.659 -96.9 -95.1 -78.8

0.000 10 0.133 s l 0.132 -0.016 -0.261 -134.8 -133.1 -95.9

0.000 Germany 2 -0.698 s l -0.698 -0.709 -0.705 -97.2 -96.8 -83.4

0.000 10 -0.213 s l -0.222 -0.357 -0.534 -169.5 -168.5 -123.2

0.600 Italy 2 -0.481 t l -0.464 -0.484 -0.255 -75.5 -73.4 -38.4

0.600 10 0.833 s l 0.822 0.707 0.793 -64.8 -64.2 9.5

0.005 Japan 2 -0.118 s l -0.120 -0.124 -0.133 -39.2 -38.9 -26.2

0.100 10 0.051 t l 0.055 0.042 0.021 -143.0 -140.8 -67.7

0.000 Spain 2 -0.597 t l -0.589 -0.624 -0.515 -87.0 -85.9 -64.4

0.500 10 0.438 s l 0.425 0.331 0.226 -104.4 -103.8 -47.2

0.125 U.K. 2 0.410 s l 0.401 0.199 -0.026 13.7 13.1 -15.5

4.750 10 1.013 s l 1.006 0.624 0.248 -46.9 -45.8 -45.0

Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close

CorporateDebtPrices of firms' bonds reflect factors including investors' economic, sectoral and company-specificexpectationsInvestment-grade spreads that tightened themost…

Spread*, in basis pointsIssuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Lastweek

ComericaBank CMA 2.500 0.63 July 23, ’24 13 –6 n.a.LloydsBanking LLOYDS 5.300 3.28 Dec. 1, ’45 122 –6 130CVSHealth CVS 6.125 3.20 Sept. 15, ’39 120 –5 n.a.Altria MO 5.375 4.11 Jan. 31, ’44 211 –5 n.a.

BancoSantander SANTAN 4.379 2.12 April 12, ’28 64 –3 n.a.Valero Energy VLO 1.200 0.83 March 15, ’24 33 –3 n.a.WaltDisney DIS 2.650 2.05 Jan. 13, ’31 56 –2 56SumitomoMitsui Financial SUMIBK 1.402 1.52 Sept. 17, ’26 57 –2 41

…Andspreads thatwidened themostCitigroup C 6.675 3.32 Sept. 13, ’43 133 10 n.a.FiveCorners FundingTrust … 4.419 0.65 Nov. 15, ’23 37 9 34WesternUnion WU 6.200 3.71 Nov. 17, ’36 222 8 240Daimler FinanceNorthAmerica DAIGR 1.450 1.35 March 2, ’26 41 7 34

Royal Bank of Canada RY 3.700 0.50 Oct. 5, ’23 22 7 19WaltDisney DIS 2.200 1.65 Jan. 13, ’28 38 5 32GoldmanSachs GS 4.000 0.75 March 3, ’24 25 5 21MorganStanley MS 3.875 1.33 Jan. 27, ’26 38 5 36

High-yield issueswith thebiggest price increases…BondPrice as%of face value

Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Lastweek

Transocean RIG 7.500 14.09 April 15, ’31 66.000 0.50 64.250MGMResorts International MGM 6.000 1.77 March 15, ’23 106.000 0.34 n.a.AmericanAirlines AAL 5.750 4.47 April 20, ’29 108.125 0.25 108.033FordMotor Credit … 4.375 2.00 Aug. 6, ’23 104.250 0.25 n.a.

Occidental Petroleum OXY 6.450 4.04 Sept. 15, ’36 126.811 0.25 126.050Royal Caribbean RCL 5.250 2.49 Nov. 15, ’22 103.000 0.20 102.938

…Andwith thebiggest price decreasesApache … 7.750 4.05 Dec. 15, ’29 125.555 –1.73 n.a.Bath&BodyWorks BBWI 6.694 3.50 Jan. 15, ’27 115.273 –0.95 117.000Telecom Italia Capital TITIM 7.721 5.20 June 4, ’38 127.875 –0.80 130.160FordMotor F 4.750 4.41 Jan. 15, ’43 104.625 –0.75 106.438

Sprint Capital … 6.875 2.70 Nov. 15, ’28 126.813 –0.72 129.059Nordstrom JWN 6.950 4.07 March 15, ’28 116.162 –0.59 116.500AmericanAirlines AAL 3.750 7.11 March 1, ’25 90.000 –0.50 90.250Netflix NFLX 5.375 2.56 Nov. 15, ’29 120.500 –0.50 121.850

*Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 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

BroadMarketBloomberg Fixed Income Indices

2259.33 -1.4 U.S. Aggregate 1.540 1.120 1.630

U.S. Corporate IndexesBloomberg Fixed Income Indices

3423.73 -1.0 U.S. Corporate 2.110 1.740 2.320

3104.10 -0.3 Intermediate 1.470 1.080 1.600

5078.20 -2.2 Long term 3.110 2.780 3.580

689.48 -1.7 Double-A-rated 1.840 1.400 1.990

920.88 -0.2 Triple-B-rated 2.320 2.010 2.570

HighYieldBonds ICEBofA

518.15 4.6 HighYield Constrained 4.123 3.796 5.709

503.81 10.3 Triple-C-rated 7.257 6.304 11.574

3450.54 3.6 HighYield 100 3.641 3.162 4.823

461.50 3.2 Global HighYield Constrained 4.412 3.968 5.700

349.76 3.6 EuropeHighYield Constrained 2.609 2.304 4.122

U.SAgencyBloomberg Fixed Income Indices

1855.50 -0.6 U.SAgency 0.820 0.460 0.850

1620.80 -0.4 10-20 years 0.700 0.350 0.730

4180.90 -2.2 20-plus years 2.150 1.490 2.460

2899.05 -1.2 Yankee 1.710 1.370 1.850

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; Bloomberg Fixed Income Indices; J.P.Morgan

Totalreturn YTD total Yield (%)close return (%) Index Latest Low High

Mortgage-BackedBloomberg Fixed Income Indices

2218.88 -0.5 Mortgage-Backed 1.780 1.180 1.860

2157.46 -0.9 GinnieMae (GNMA) 1.810 0.680 1.900

1312.20 -0.4 Fanniemae (FNMA) 1.770 1.230 1.860

2013.12 -0.5 FreddieMac (FHLMC) 1.780 1.210 1.870

598.42 0.5 MuniMaster 0.937 0.687 1.157

422.91 0.3 7-12 year 0.969 0.687 1.156

486.30 0.8 12-22 year 1.313 1.000 1.663

478.30 2.1 22-plus year 1.788 1.443 2.367

Global Government J.P.Morgan†

600.13 -2.5 Global Government 0.930 0.520 1.010

831.75 -3.7 Canada 1.530 0.750 1.560

408.51 -2.9 EMU§ 0.409 0.010 0.579

762.76 -3.9 France 0.330 -0.160 0.450

536.47 -2.9 Germany -0.140 -0.530 -0.010

295.32 0.04 Japan 0.310 0.260 0.420

596.74 -3.5 Netherlands -0.010 -0.450 0.130

1015.22 -7.3 U.K. 1.190 0.510 1.210

918.04 -1.7 EmergingMarkets ** 4.855 4.295 5.068

Key InterestRatesData are annualized on a 360-day basis. Treasury yields are per annum,on actively traded noninflation and inflation-indexed issues that areadjusted to constantmaturities. Data are fromweekly Federal ReservereleaseH.15.

WeekEnded 52-WeekOct 1 Sep 24 High Low

Federal funds (effective)0.08 0.08 0.10 0.05

Commercial paperNonfinancial1-month 0.05 0.06 0.29 0.022-month 0.05 0.06 0.12 0.033-month 0.05 0.05 0.15 0.04

Financial1-month 0.07 n.a. 0.17 0.052-month 0.08 n.a. 0.23 0.083-month 0.11 0.10 0.18 0.07

Discountwindowprimary credit0.25 0.25 0.25 0.25

Treasury yields at constantmaturities1-month 0.07 0.05 0.10 0.003-month 0.04 0.03 0.11 0.01

WeekEnded 52-WeekOct 1 Sep 24 High Low

6-month 0.05 0.05 0.12 0.031-year 0.09 0.08 0.13 0.042-year 0.29 0.25 0.29 0.113-year 0.54 0.49 0.54 0.155-year 0.98 0.89 0.98 0.277-year 1.31 1.17 1.39 0.4610-year 1.51 1.37 1.72 0.6820-year 2.00 1.84 2.32 1.22

Treasury yields (secondarymarket)1-month 0.07 0.05 0.10 0.003-month 0.04 0.03 0.11 0.016-month 0.05 0.05 0.12 0.03

TIPS5-year -1.53 -1.56 -1.20 -1.867-year -1.17 -1.21 -1.04 -1.4410-year -0.86 -0.93 -0.63 -1.1420-year -0.41 -0.51 -0.08 -0.62Long-termavg -0.31 -0.41 0.03 -0.47

Notes on data:Federal-funds rate is an average for the seven days endedWednesday,weighted according to rateson broker trades;Commercial paper rates are discounted offer rates interpolated fromsales bydiscounted averages of dealer bid rates on nationally traded certificates of deposit;Discountwindowprimary credit rate is charged for discountsmade and advances extended under the FederalReserve's primary credit discountwindowprogram; rate is average for seven days endedWednesday;Inflation-indexed long-termTIPS average is indexed and is based on the unweighted average bidyields for all TIPSwith remaining terms tomaturity of 10 years ormore;

Sources: Federal Reserve; for additional information on these rate data and their derivation,please see,www.federalreserve.gov/releases/h15/data.htm

Amount Payable /Company Symbol Yld% New/Old Frq Record

Amount Payable /Company Symbol Yld% New/Old Frq RecordU.S. Global InvestorsA GROW 1.6 .0075 /.005 M Oct25 /Oct11

ForeignBancoBilbaoVizcayaADR BBVA 1.1 .09276 SA Oct27 /Oct12Costamare CMRE 3.2 .115 Q Nov05 /Oct20Costamare 8.875%Pfd. E CMREpE 8.2 .55469 Q Oct15 /Oct14Costamare Pfd. B CMREpB 7.3 .47656 Q Oct15 /Oct14Costamare Pfd. C CMREpC 8.2 .53125 Q Oct15 /Oct14Costamare Pfd. D CMREpD 8.4 .54688 Q Oct15 /Oct14Pyxis Tankers Pfd. A PXSAP 11.3 .1615 M Oct20 /Oct13SendasDistribuidoraADR ASAI 0.6 .04315 Oct21 /Oct12

COMMODITIES wsj.com/market-data/commodities

DividendChangesDividend announcements fromOctober 4.



IncreasedAmerican Financial Group AFG 1.8 .56 /.50 Q Oct25 /Oct15CenterPoint Energy CNP 2.7 .17 /.16 Q Dec09 /Nov18ColumbiaBankingSystem COLB 3.1 .30 /.28 Q Oct27 /Oct13Honeywell Intl HON 1.8 .98 /.93 Q Dec03 /Nov12JohnsonOutdoors Cl A JOUT 1.1 .30 /.21 Q Oct29 /Oct15Life Storage LSI 3.0 .86 /.74 Q Oct26 /Oct13

KEY:A: annual;M:monthly; Q: quarterly; r: revised; SA: semiannual;S2:1: stock split and ratio; SO: spin-off.


B10 | Tuesday, October 5, 2021 * * * * * THEWALL STREET JOURNAL.

MARKETS

Net YTDFund NAV Chg %Ret

American Century InvUltra 85.43 -2.14 12.5American Funds Cl AAmcpA p 43.09 -0.77 14.2AMutlA p 50.04 -0.20 13.6BalA p 32.39 -0.21 8.8BondA p 13.49 -0.01 -0.9CapIBA p 67.10 -0.21 8.4CapWGrA 62.96 -0.90 7.2EupacA p 68.06 -1.25 2.3FdInvA p 75.10 -1.02 12.4GwthA p 75.07 -1.40 11.1ICAA p 50.07 -0.56 14.7IncoA p 25.46 -0.07 10.2N PerA p 66.24 -1.11 9.5NEcoA p 63.28 -1.46 6.3NwWrldA 90.94 -1.62 3.4SmCpA p 87.38 -1.61 9.8TxExA p 13.59 +0.01 1.3WshA p 55.44 -0.44 15.1Artisan Funds


IntlVal Inst 44.73 -0.18 12.2Baird FundsAggBdInst 11.48 -0.01 -1.1CorBdInst 11.85 -0.01 -0.7BlackRock FundsHiYldBd Inst 7.88 -0.01 4.9BlackRock Funds AGlblAlloc p 21.37 +0.02 4.7BlackRock Funds IIIiShS&P500IdxK508.71 -6.65 15.7BlackRock Funds InstStratIncOpptyIns 10.30 -0.02 1.1Bridge Builder TrustCoreBond 10.52 -0.01 -0.9CorePlusBond 10.42 -0.01 -0.1Intl Eq 14.32 -0.20 7.2LargeCapGrowth 23.50 -0.45 14.2LargeCapValue 17.17 -0.10 18.1Calamos FundsMktNeutI 14.30 -0.03 3.3Columbia Class I


DivIncom I 29.24 -0.18 14.6Dimensional Fds5GlbFxdInc 10.91 ... 0.2EmgMktVa 31.25 -0.25 11.3EmMktCorEq 24.77 -0.29 3.8IntlCoreEq 15.77 -0.16 10.2IntSmCo 22.53 -0.25 11.6IntSmVa 21.54 -0.16 13.3LgCo 32.24 -0.43 15.6TAUSCoreEq2 NA ... NAUS CoreEq1 34.28 -0.36 16.6US CoreEq2 31.41 -0.31 17.5US Small 47.02 -0.21 23.2US SmCpVal 45.53 +0.08 33.2US TgdVal 30.89 +0.01 32.2USLgVa 44.48 -0.18 20.0Dodge & CoxBalanced 115.55 -0.26 16.3Income 14.29 -0.02 -0.4Intl Stk 47.25 -0.23 8.1Stock 238.89 -0.90 26.0

Mutual Funds 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.

Data provided by

DoubleLine FundsTotRetBdI 10.52 ... 0.6Edgewood Growth InstitutiEdgewoodGrInst 61.36 -1.77 18.5Fidelity500IdxInstPrem149.20 -1.95 15.7Contrafund K6 21.34 -0.48 13.0ExtMktIdxInstPre 87.47 -1.45 11.2FidSerToMarket 14.77 -0.21 14.8GrowthCompanyK6 21.69 -0.52 12.8IntlIdxInstPrem 48.76 -0.54 7.1MidCpInxInstPrem 31.04 -0.34 15.3SAIUSLgCpIndxFd 20.57 -0.27 15.7SeriesBondFd 10.50 -0.01 -1.5SeriesOverseas 13.76 -0.20 11.0SmCpIdxInstPrem 28.17 -0.31 13.0TMktIdxInstPrem123.62 -1.70 14.9USBdIdxInstPrem 12.10 -0.01 -1.5Fidelity Advisor IGrOppI 169.97 -4.83 9.6NwInsghtI 41.98 -0.92 14.0Fidelity FreedomFF2020 17.38 -0.11 6.1FF2025 15.90 -0.10 6.9FF2030 19.95 -0.15 7.9FF2035 17.39 -0.17 9.7FF2040 12.45 -0.13 11.1Freedom2025 K 15.88 -0.11 7.0Freedom2030 K 19.94 -0.15 7.9Freedom2035 K 17.38 -0.16 9.8Freedom2040 K 12.45 -0.14 11.1Fidelity InvestBalanc 31.21 -0.33 10.8BluCh 171.52 -4.30 13.0

Contra 18.58 -0.42 13.3ContraK 18.64 -0.41 13.4CpInc r 11.33 -0.04 9.7GroCo 37.22 -0.89 13.2GrowCoK 37.33 -0.90 13.3InvGrBd 11.71 -0.01 -0.2LowP r 52.69 -0.29 17.6Magin 14.05 -0.30 12.8NASDAQ r 179.77 -3.89 11.1OTC 18.53 -0.49 15.0Puritn 28.74 -0.33 10.9SrsEmrgMkt 24.03 -0.38 -3.7SrsGlobal 14.99 -0.18 4.5SrsGroCoRetail 25.97 -0.62 14.1SrsIntlGrw 19.42 -0.36 9.2SrsIntlVal 11.18 -0.12 10.8TotalBond 11.14 -0.01 ...Fidelity SAITotalBd 10.59 -0.01 0.2Fidelity SelectsSoftwr r 30.20 -0.77 13.1Tech r 27.71 -0.84 9.1First Eagle FundsGlbA 66.37 -0.41 8.3Franklin A1IncomeA1 p 2.49 +0.01 12.5FrankTemp/Frank AdvIncomeAdv 2.46 ... 12.3FrankTemp/Franklin ADynaTech A p153.36 -4.61 9.7Growth A p 150.25 -3.07 10.9RisDv A p 90.34 -0.96 13.2Guggenheim Funds TruTotRtnBdFdClInst 29.03 -0.02 -0.1

Harbor FundsCapApInst 112.85 -3.06 8.3Harding LoevnerIntlEq 29.21 -0.33 NAInvesco Funds YDevMktY 51.17 -0.81 -4.3John Hancock InstlDispValMCI 27.90 -0.09 19.6JPMorgan I ClassEqInc 22.62 -0.10 16.0JPMorgan R ClassCoreBond 12.01 -0.01 -0.7Lord Abbett AShtDurIncmA p 4.19 ... 1.3Lord Abbett FShtDurIncm 4.19 ... 1.4Metropolitan WestTotRetBdI 10.98 -0.01 -0.8TRBdPlan 10.30 -0.01 -0.8Northern FundsStkIdx NA ... NANuveen Cl IHYMunBd 18.29 ... 7.6Old Westbury FdsLrgCpStr 18.88 -0.30 10.2Parnassus FdsParnEqFd 61.30 -0.96 14.6PGIM Funds Cl ZHighYield 5.59 -0.01 5.5TotalReturnBond 14.59 -0.03 -1.4PIMCO Fds InstlAllAsset NA ... NATotRt 10.38 -0.01 -0.5PIMCO Funds A

IncomeFd 12.05 -0.01 2.2PIMCO Funds I2Income 12.05 -0.01 2.5PIMCO Funds InstlIncomeFd 12.05 -0.01 2.5Price FundsBlChip 184.12 -5.12 11.2DivGro 67.62 -0.61 13.4EqInc 36.49 -0.14 18.3Growth 109.60 -2.77 13.1HelSci 107.63 -1.82 8.9LgCapGow I 70.21 -1.74 14.7MidCap 123.39 -1.79 9.1NHoriz 92.52 -2.07 12.4R2020 24.41 -0.15 7.3R2025 20.95 -0.15 8.2R2030 31.07 -0.27 9.2R2040 33.79 -0.37 11.0Schwab Funds1000 Inv r 95.77 -1.35 14.6S&P Sel 66.44 -0.87 15.7TSM Sel r 76.35 -1.05 14.9TIAA/CREF FundsEqIdxInst NA ... NAVANGUARD ADMIRAL500Adml 397.00 -5.20 15.7BalAdml 47.29 -0.41 8.2CAITAdml 12.21 +0.01 0.4CapOpAdml r202.89 -3.37 14.3DivAppIdxAdm 41.74 -0.36 10.2EMAdmr 41.04 -0.54 ...EqIncAdml 90.87 -0.15 16.7ExplrAdml 134.12 -1.90 12.0ExtndAdml 137.84 -2.29 11.3

GNMAAdml 10.64 ... -0.3GrwthAdml 147.67 -3.35 13.6HlthCareAdml r 96.36 -1.32 7.6HYCorAdml r 5.98 ... 3.3InfProAd 28.50 ... 3.8IntlGrAdml 158.42 -3.97 -1.2ITBondAdml 12.15 -0.02 -1.8ITIGradeAdml 10.17 -0.01 -0.5LTGradeAdml 11.10 -0.03 -3.2MidCpAdml 293.28 -3.46 15.3MuHYAdml 12.04 +0.01 2.9MuIntAdml 14.72 +0.01 0.7MuLTAdml 12.15 +0.01 1.3MuLtdAdml 11.20 +0.01 0.5MuShtAdml 15.90 ... 0.2PrmcpAdml r174.43 -2.28 13.4RealEstatAdml146.37 +0.07 23.9SmCapAdml105.45 -1.02 14.0SmGthAdml 97.71 -1.93 4.2STBondAdml 10.75 ... -0.2STIGradeAdml 10.94 ... 0.5STIPSIxAdm 25.98 +0.01 4.3TotBdAdml 11.29 -0.01 -1.4TotIntBdIdxAdm 22.79 -0.01 -2.0TotIntlAdmIdx r 33.72 -0.37 5.5TotStAdml 107.88 -1.48 15.0TxMCapAdml225.37 -3.12 15.0TxMIn r 16.10 -0.16 7.5USGroAdml 182.73 -5.13 7.5ValAdml 53.21 -0.20 16.6WdsrllAdml 81.47 -0.72 19.3WellsIAdml 71.33 -0.11 5.9WelltnAdml 83.93 -0.71 11.2WndsrAdml 84.51 -0.39 19.4VANGUARD FDS

DivdGro 36.90 -0.26 12.4INSTTRF2020 27.57 -0.17 5.0INSTTRF2025 29.08 -0.21 5.9INSTTRF2030 30.06 -0.25 6.9INSTTRF2035 30.98 -0.29 7.8INSTTRF2040 31.94 -0.32 8.8INSTTRF2045 32.81 -0.37 9.8INSTTRF2050 32.93 -0.38 9.9INSTTRF2055 33.02 -0.37 9.9IntlVal 42.46 -0.46 5.5LifeCon 23.20 -0.13 3.4LifeGro 43.38 -0.44 8.5LifeMod 33.30 -0.26 5.9PrmcpCor 33.76 -0.41 16.5STAR 32.93 -0.32 6.4TgtRe2015 16.29 -0.07 3.6TgtRe2020 36.00 -0.21 5.0TgtRe2025 22.80 -0.16 5.8TgtRe2030 43.30 -0.36 6.8TgtRe2035 27.18 -0.25 7.8TgtRe2040 48.13 -0.49 8.7TgtRe2045 30.92 -0.34 9.7TgtRe2050 49.90 -0.56 9.8TgtRet2055 54.17 -0.61 9.8TgtRetInc 15.24 -0.06 3.2TotIntBdIxInv 11.40 ... -2.0USGro 70.50 -1.98 7.4WellsI 29.45 -0.04 5.8Welltn 48.60 -0.42 11.1WndsrII 45.91 -0.41 19.3VANGUARD INDEX FDSExtndIstPl 340.13 -5.66 11.3IdxIntl 20.16 -0.22 5.5MdCpGrAdml100.73 -2.14 10.6

MdCpVlAdml 73.22 -0.12 20.4SmValAdml 73.94 -0.14 22.5TotBd2 11.14 -0.01 -1.5TotIntlInstIdx r134.85 -1.46 5.5TotItlInstPlId r134.89 -1.45 5.6TotSt 107.86 -1.47 14.9VANGUARD INSTL FDSBalInst 47.30 -0.41 8.2DevMktsIndInst 16.12 -0.17 7.5DevMktsInxInst 25.20 -0.26 7.5ExtndInst 137.83 -2.29 11.3GrwthInst 147.68 -3.35 13.6InPrSeIn 11.61 ... 3.8InstIdx 375.70 -4.92 15.7InstPlus 375.72 -4.92 15.7InstTStPlus 84.26 -1.15 15.0MidCpInst 64.79 -0.76 15.4MidCpIstPl 319.51 -3.78 15.4RealEstaInstl 22.65 +0.01 23.9SmCapInst 105.45 -1.01 14.0SmCapIstPl 304.37 -2.92 14.0STIGradeInst 10.94 ... 0.5STIPSIxins 26.00 +0.01 4.3TotBdInst 11.29 -0.01 -1.4TotBdInst2 11.14 -0.01 -1.4TotBdInstPl 11.29 -0.01 -1.4TotIntBdIdxInst 34.20 -0.01 -1.9TotStInst 107.90 -1.48 15.0ValueInst 53.21 -0.20 16.6WCM Focus FundsWCMFocIntlGrwIns 26.92 -0.64 8.8Western AssetCoreBondI 13.22 -0.01 -1.4CorePlusBdI 12.07 -0.01 -1.5CorePlusBdIS 12.06 -0.02 -1.6


Another Chinese developer,Hopson Development Hold-ings Ltd. also halted its shares.It said this was pending an an-nouncement about a transac-tion involving an unnamedHong Kong-listed target com-pany.

“While this could providesome shorter-term funding,markets are still going to ques-tion what the longer-term pic-ture is for the company,” saidKiran Ganesh, a multiassetstrategist at UBS Asset Man-agement. Evergrande carries

more than $300 billion of lia-bilities, and investors think it isunlikely to pay some of thoseobligations, such as its interna-tional dollar bonds, in full.

that investors think it is un-likely to pay.

In commodities markets, oil

prices surged to a seven-yearhigh as OPEC and a Russia-ledgroup of oil producers agreedto continue increasing produc-tion in measured steps, decid-ing against opening the tapsmore widely. West Texas Inter-mediate crude, the U.S. bench-

the past month, gaining 7%even as the broader market hasfallen.

Merck & Co. climbed $1.70,or 2.1%, to $83.10, after thepharmaceutical company said

its antiviral pillwas effectiveagainst Covid-19in a late-stage

trial. Vaccine makers slipped,with Moderna Inc. declining4.5% and Novavax Inc. down1.8%.

Shares of China EvergrandeGroup and its property-man-agement unit halted trading inHong Kong on Monday. Thesubsidiary said this was pend-ing an announcement about apossible takeover bid.

ContinuedfrompageB1

AUCTIONRESULTSHere are the results ofMonday's Treasury auctions.All bids are awarded at a single price at themarket-clearing yield. Rates are determined by the differencebetween that price and the face value.

13-Week 26-WeekApplications $151,774,782,300 $145,767,846,500Accepted bids $48,956,802,600 $48,957,557,300" noncomp $538,431,900 $374,826,100" foreign noncomp $0 $300,000,000Auction price (rate) 99.989889 99.972194

(0.040%) (0.055%)0.041% 0.056%

Bids at clearing yield accepted 81.69% 36.46%912796K65 912796N47

Both issues are datedOct. 7, 2021. The 13-week billsmature on Jan. 6, 2022; the 26-week billsmature onApril 7, 2022.

mestic and international pay-ments, Fed Gov. Lael Brainardsaid in remarks before the Na-tional Association for BusinessEconomics on Sept. 27.

“It’s just very hard for meto imagine that the U.S., giventhe status of the dollar as adominant currency in interna-tional payments, wouldn’tcome to the table in that cir-cumstance with a similar kindof an offering,” she said.

However, Fed Chairman Je-rome Powell has indicated hesees reason for caution. Hesaid last month it is more im-portant to get the digital dol-lar right than to be first tomarket, in part because of thedollar’s critical global role.

He and other Fed officialshave said the Fed’s research isearly and exploratory. He saidat a Sept. 22 press conferencethat they would consider issu-ing a so-called central bank dig-ital currency—or CBDC—only ifthey believed there were “clearand tangible benefits that out-weigh any costs and risks.”

Mr. Powell has pointed toother challenges, noting manyAmericans actively use and

prefer cash. He also said thereare privacy issues that wouldneed to be addressed, since aFed CBDC system would intheory allow the central bankto see what every user didwith the currency.

“It’s our obligation to do thework both on technology andon public policy to form a basisfor making an informed deci-sion,” he said last month.

Randal Quarles, the centralbank’s point man on financial

regulation, has voiced moreskepticism about the need for aFed digital currency. He saidthis summer that the U.S. dol-lar is already “highly digitized”and expressed doubts that aFed CBDC would help drawpeople without bank accountsinto the financial system—agoal that can be accomplishedthrough other means, he said.

“Before we get carried awaywith the novelty, I think weneed to subject the promises ofa CBDC to a careful criticalanalysis,” he said, speaking atan event hosted by the UtahBankers Association.

A Philadelphia Fed reportwarned that a U.S. centralbank CBDC could destabilizethe financial system in a crisisif people pull their money outof banks, mutual funds, stocksand other investments andplow it into the Fed’s ultrasafecurrency. Some banks—facingthe prospect of competitionfrom the Fed for deposits—have already signaled theydon’t believe it has the legalauthority to issue a digitalcurrency without authoriza-tion from Congress.

The Fed plans to launch thereview by releasing a paperanalyzing the issue and seek-ing public comment, but it isunlikely to include a firm pol-icy recommendation. Next, theBoston Fed, working with re-searchers at the Massachu-setts Institute of Technology,is expected to release a more-technical paper outlining howa digital dollar might work.

In theory, a Fed digital dol-lar could be used alongside tra-ditional paper money, but manyof the details of how exactlypeople would access digital dol-lars, and how they would fitinto the financial system, areunclear. For instance, the Fedwould have to decide whetherconsumers would access theirdigital dollars with accounts di-rectly at the central bank orthrough existing commerciallenders, said Richard Levin,chair of the fintech and regula-tion practice at Nelson MullinsRiley & Scarborough LLP.

Some advocates say CBDCscould help improve the effec-tiveness of monetary policy byallowing a central bank tochange interest rates directly

on accounts holding CBDCs.This could allow central banksto bypass often fickle financialmarkets and bring monetarypolicy right to the retail level.

The Fed paper comes ascentral banks around theworld contend with the rise ofnumerous private electronicalternatives to traditionalmoney and weigh creatingtheir own versions. Private of-ferings of digital currencieshave been extremely volatile,and in many cases have beenassociated with criminal activ-ities and have so far failed tobe adopted widely for dailytransactions, such as for buy-ing groceries or movie tickets.

China created its own gov-ernment-issued digital cur-rency earlier this year and re-cently prohibited transactionsusing cryptocurrencies issuedby nonmonetary authorities,naming bitcoin, ether andtether as examples. El Salva-dor, meanwhile, became thefirst country in the world toadopt bitcoin as a national cur-rency alongside the U.S. dollar.

—Michael S. Derbycontributed to this article

WASHINGTON—The FederalReserve plans as early as thisweek to launch a review of thepotential benefits and risks ofissuing a U.S. digital currency,as central banks around theworld experiment with the po-tential new form of money.

Fed officials are divided onthe matter, making it unlikelythey will decide soon onwhether to create a digitaldollar. Unlike private crypto-currencies like bitcoin, a Fed

version wouldbe issued byand backed by

the U.S. central bank, a gov-ernment entity, as are U.S. pa-per dollar bills and coins.

Advocates say a Fed digitaldollar could make it faster andcheaper to move money aroundthe financial system, bring intoit people who lack bank ac-counts, and provide an effi-cient way for the governmentto distribute financial aid.

Another motivating consid-eration: keeping up with othermajor jurisdictions consider-ing a digital currency for do-

BY ANDREW ACKERMAN

Central Bank to Weigh Creation of a Digital Currency

Fed Chairman Jerome Powell

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CURRENCIES

mark, rose 2.3% to $77.62 abarrel, closing at its highestlevel since November 2014.

Overseas, the pan-continen-tal Stoxx Europe 600 slid 0.5%.In Asia, most major bench-marks pulled back. Hong Kong’sHang Seng Index fell 2.2% butearly Tuesday was up 0.1%,while Japan’s Nikkei 225 Indexdeclined 1.1% Monday anddown a further 2.8% earlyTuesday. Markets in mainlandChina are closed until Fridayfor the Golden Week holiday.U.S. stock futures were up 0.1%.

Tech SelloffSinks StockIndexes

Dow industrials

S&P500

NasdaqComposite

Netflix

Microsoft

Alphabet

Apple

Amazon.com

Facebook

–0.9%

–1.3

–2.1

–1.6

–2.1

–2.1

–2.5

–2.8

–4.9

Index and share-price performance Monday

Source: FactSet

U.S. indexes

Big techcompanies

Vaccine makers slipped with Novavax down 1.8%.

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MONDAY’SMARKETS

Some financial advisers havea new sales pitch for investors:You win when bitcoin goes up,and you can win when it goesdown.

The wealth-management in-dustry is starting to make thecase that cryptocurrencies havea place alongside stocks andbonds in investment portfolios,even retirement accounts. Anumber of personal money man-agers are offering products thatlet investors buy their ownstashes of bitcoin, ether andother digital currencies throughtheir brokerage accounts.

Cryptocurrencies havesurged this year, as investors,many flush with cash from gov-ernment stimulus checks, havechased the potential for gains.Bitcoin breached $63,000 in thespring, a 2,000% increase sincethe end of December.

Big losses can follow biggains in investing, and crypto-currencies are no different. Bit-coin shed half of its peak valuethrough July but remains up50% for the year. Ether, anotherpopular cryptocurrency, hasheld up better, rising threefoldin 2021. But rather than stom-aching crypto losses, financialadvisers are pitching investors

a way to use them to offset in-vestment profits elsewhere.

Here’s the pitch: Investorscan buy bitcoin, ether and othercryptocurrencies through theirbroker. If cryptocurrencies fallby a certain amount, the ac-counts are set to automaticallysell the digital coins, generatinga taxable loss that can be usedto offset other investment gains.The accounts then buy the coinsback in a short time for aroundthe same price or even less.

Doing this is a no-no withstocks, bonds, options andmany other securities, thanksto the “wash sale” rules thatrestrict capital-loss deductionswhen investors purchase an as-set within 30 days of selling itfor a loss. Cryptocurrenciesevade the rules because theyare considered property by theInternal Revenue Service. Butthat is likely to change soon.The House Ways and MeansCommittee approved a pro-posal to treat cryptos like othersecurities that, if enacted,would kick in Jan. 1. Lawmak-ers project that the proposal,which is part of a package ofproposed tax increases to helppay for the $3.5 trillion budgetbill still being negotiated, willraise $17 billion over a decade.

Michael Durso, co-founder

of ShoreHaven Wealth Part-ners, said he started offeringmanaged crypto accounts toclients earlier this year. Heheld a webinar with the prod-uct’s creator, crypto asset firmEaglebrook Advisors, in thespring, where nearly 250 peo-ple signed up to hear how theycould buy digital coins throughtheir brokerage accounts. Ahandful put between 1% and 2%of their assets into cryptocur-rencies, he said.

“I say to clients you have tobe comfortable losing all of it,”Mr. Durso said of crypto in-vesting. “You have to believe init long-term to make sense, butif you invest long-term, youmight as well benefit from thevolatility.”

Mr. Durso is part of a grow-ing class of crypto-savvywealth managers. A survey of529 financial advisers con-ducted by the Journal of Finan-cial Planning and the Financial

Planning Association earlierthis year found that 14% werecurrently using or recommend-ing cryptocurrencies, up fromless than 1% in 2020. Morethan a quarter said they planto increase their use of crypto-currencies over the next 12months.

Anyone can buy digital cur-rencies by creating a tradingaccount with a crypto exchangesuch as Coinbase or Gemini.But a big selling point of themanaged accounts is the auto-matic tax-loss harvesting fea-ture, Mr. Durso and other ad-visers said. They added thatthe savings from the featureusually more than cover theproduct’s 1.3% annual fee(which doesn’t include what afinancial adviser also charges).Investors trading on their ownon Gemini have to manuallysell and buy back cryptocur-rencies to create the same ef-fect.

Mr. Durso said that one ofhis clients bought $100,000 ofbitcoin and ether this year andset the account to harvestlosses whenever either slid atleast 5%. Since doing that, theclient has racked up $30,000 inlosses, which he will use to off-set big gains in some stocks.Meanwhile, he has gained 10%

on his crypto investment.Many wealth managers have

said they don’t handle direct in-vestments in crypto. For someadvisers, the only option theyoffer crypto-hungry clients arefunds such as the Grayscale Bit-coin Trust, which goes by theticker GBTC. But Grayscale re-quires investors to meet metricsto be considered accredited, aminimum $50,000 investmentfor entry and an agreement tohold shares for more than ayear—all barriers that don’t ex-ist with Eaglebrook’s managedcrypto accounts. Besides that,trusts like Grayscale have strug-gled to trade in line with thevalue of their bitcoin holdings.

“The biggest problem withGBTC is you don’t actually holdthe coins,” said Ahmie Baum,who runs Interchange CapitalPartners, a wealth-manage-ment firm loosely affiliatedwith Mr. Durso’s through aconfederation of independentpractices under Dynasty Finan-cial Partners.

He started moving some ofhis clients out of Grayscale’sfund and into managed accountsthis year. For new clients, Mr.Baum recommends they put asmall allocation of money intothe Eaglebrook product unlessthey object.

BY MICHAEL WURSTHORN

Bitcoin Pitched as Investor Taxable-Loss Strategy

Investors can offset a crypto decline by claiming a tax loss,although this tactic is likely to be banned under a proposed law.

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Inflation at Uber and Lyft Is Here to StayHigher fares seem likely to continue as ride-hailing companies try to keep drivers on the platforms

HEARD ONTHESTREET

FINANCIAL ANALYSIS & COMMENTARY

Volvo’s IPO Puts Rivals on AlertA $25 billion valuation would set it at a premium and not just for EV effort

Change in averageweeklyride-share charges permilerelative to January 2021average in select U.S. cities.

Source: YipitDataNote: Data are for the week ended Sept. 19, 2021.

Las Vegas

Chicago

Seattle

Boston

San Francisco

Los Angeles

Washington

NewYork

Dallas

51%

39

35

28

25

24

20

18

17

ral-gas] market in Europe, and theyare afraid that high prices are goingto ruin” its market share, noted Mr.Alhajji. Additionally, he added thatwhen oil prices get too high, Russiamight be concerned those prices willlower the value of the dollar and in-crease the value of the ruble, espe-cially as the Russian economy im-proves with higher oil revenues.That would in turn make it more ex-pensive to produce oil, taking awaysome of its competitive edge.

That Russia didn’t push hard foran output increase—the meetingwas a relatively swift one—showsthat Saudi Arabia still has a goodhandle on keeping the group to-gether. Though OPEC+ has handilyreached consensus in recent months,Russia’s resistance to curtail produc-tion caused a price war that helpedsend oil prices to record lows inearly 2020. The stability that thegroup exudes today hangs by afrailer thread than it seems.

With natural-gas prices at re-cord high levels, there has beensome hope that OPEC+ might re-lease more barrels to help theworld deal with its shortage ofnatural gas. Natural-gas-to-oilswitching—mainly for power—could boost total oil demand fromfuel switching by 750,000 barrels aday during the winter, accordingto an estimate from J.P. Morgan.For context, the world consumesnearly 100 million barrels a day ofcrude oil.

But with winter not even hereyet, it makes sense for the cartel totake a wait-and-see approach. Al-though oil inventory levels are downcompared with historical levels, theyare “not at critical levels like naturalgas,” notes Michael Bradley, manag-ing director at energy-focused in-vestment bank Tudor Pickering &Holt. OPEC’s internal forecast fromlast week showed that oil marketscould be oversupplied by December.

The group’s decision might havesome politicians on edge, but itshould take the edge off oil markets.

—Jinjoo Lee

With oil and natural-gas pricesreaching multiyear highs ahead ofwinter, the world was counting onOPEC and its Russia-led allies toride to the rescue. The groupopted not to, but the industrializedworld need not panic.

On Monday, the group decidedto continue with its original planto gradually release 400,000 addi-tional barrels a month, ignoringcalls from world leaders—notablythe White House—to bring addi-tional barrels to the market tocool prices down. Global bench-mark Brent crude jumped above$81.50 a barrel Monday, the high-est since 2018, and West Texas In-termediate hit a seven-year high.

Though high fuel prices alwaysmake politicians antsy, they shouldbe careful what they wish for. Thegroup’s alternative option wouldhave been to increase its Novemberoutput. (Some reports suggested thegroup was contemplating releasingup to 800,000 barrels a day.) If thisoccurred, it may have been a sign ofone of two concerning possibilities:

that Russia is beginning to regain anupper hand in its negotiations withSaudi Arabia, or that the tightnessin crude oil balances around theworld is very bad indeed.

Russia has always hankered forhigher oil output and has even morereason to push for it today. Anas Al-hajji, energy economist and manag-ing partner at Energy Outlook Advi-sors, noted Russia will want torelease more barrels because theprice of natural gas that it exports islinked to that of oil. High oil priceskeep its natural-gas prices high, too.

“Russians have the biggest [natu-

A $25 billion valuation would bea coup for Volvo Cars and a wake-up call for larger peers—particu-larly Volkswagen.

The Swedish manufacturer gavedetails of its long-awaited initialpublic offering Monday, following aWall Street Journal report that itwas ready to press the button. Thecompany’s confidence seems to begrowing that investors will give fairvalue to its well-articulated strategyto shift from gas-run cars to electricvehicles. That raises importantquestions for other legacy car mak-ers, which are getting little stock-market credit for their transitionplans. What is Volvo doing differ-ently, and can they do it too?

The company didn’t indicate avaluation, but the Journal’s report-ing points to a healthy one by thelowly standards of the traditionalcar industry. At $25 billion, it wouldwork out at almost 12 times earn-ings for the year through June.Most car stocks trade around themidsingle-digit mark when theirprofits aren’t depressed by a crisis.BMW, one of Volvo’s closest peers,is at five times trailing earnings.

The most obvious way in whichVolvo is different is because of its

part ownership of a dedicated EVbrand, Polestar, which last week an-nounced a merger with a U.S. spe-cial-purpose acquisition company ata $20 billion valuation. Volvo willown just under half of Polestar, so aroughly $10 billion asset will sit onits balance sheet. Strip that out andits own operations’ potential valua-tion could be $15 billion, or a morenormal seven times trailing earnings.

The clearest lesson is for Volks-wagen. The German automotive gi-ant has tried to position Porsche asan EV brand, and there have beenpersistent rumors that the sports-car maker could get its own stock-market listing. After a wave of ex-citement earlier this year,Volkswagen’s stock has driftedlower as breakup hopes have ebbedand it has struggled with the semi-conductor shortage. The Germancompany is far larger and morecomplex, but Volvo’s success in ex-tracting value from Polestar sets abenchmark for what is possible.

GM also has periodically raisedhopes that it could position tech-nology investments as assetsrather than costs. The most obvi-ous candidate is its robotaxi oper-ation, Cruise, which already has

external investors including Mi-crosoft, Honda Motor and Soft-Bank. The problem is that driver-less cars are still a long way fromworking at scale.

Investors looking at Volvo’s IPOstill face risks. The company’s slickstrategy and potentially premiumvaluation might not be matched byits operational performance: Itsprofitability still lags behind thatof BMW and Mercedes-Benz. Pole-star is more advanced with itsgrowth plan than other EV start-ups, but its shares could be vola-tile. Even after the IPO, Volvo willremain reliant on and controlled byits current Chinese owner, Geelywhen relations between China andthe West are worsening.

Still, larger car makers wouldbenefit from a dose of Volvo’s stra-tegic clarity. The company alreadyhas hived off gas-engine plants intoa separate minority-owned businessand redrawn contracts with dealersto secure a direct relationship withconsumers. Other companies willhave to tackle these problems atsome point. Car manufacturersdon’t need a hidden EV asset likePolestar on their books to learnfrom Volvo’s IPO. —Stephen Wilmot

Want a bargain ride? Hail a taxi.Ride-share pricing might never bequite as accessible as it once was.

For U.S. consumers, Uber andLyft rides have been infamously ex-pensive for most of the pandemic.Ride-hailing companies have attri-buted much of the added cost to adriver shortage, which they recentlymade a big and expensive push tosolve. But even as driver supply hasimproved, prices aren’t yet back topre-pandemic levels. They mightnot get there.

A research note out last weekfrom Gordon Haskett Research Ad-visors showed ride-share fares upnearly 50% from 2019 levels on aper-mile basis in Chicago in August,citing publicly available data fromthe city. The data show pricing hasincreased steadily since Novemberas ride-share volumes improved. Ithas recently been cheaper on a per-mile basis to hail a taxi in Chicagothan call an Uber or Lyft, a phe-nomenon that analyst Robert Mol-lins says is “the opposite of histori-cal norms.” Back in January 2020, itcost nearly 50% more to travel in ataxi than to use solo ride-share ser-

vice around the Windy City.Chicago is but one small piece of

the pie, making up just 5% of allride-share spending in the U.S. as ofAugust, according to Edison Trendsdata. New York, however, com-manded 23%, and trends there sug-gest Chicago isn’t a total anomaly.Data from the New York City Taxiand Limousine Commission showthat taxis have been retaking share.

Drivers are slowly coming back.New York data show that the num-ber of unique ride-share drivers wasdown 29% from 2019 levels in Au-gust, but that was slightly betterthan the prior month and a big im-provement from down 45% in Janu-ary and February, according to Gor-don Haskett.

Yet costs are still rising. Yipit-Data shows the average Uber andLyft ride cost nearly 39% more thanthe average taxi ride in New YorkCity in August and that prices perride have increased month to datefor Uber and Lyft as of mid-Septem-ber from a month earlier. As of twoweeks ago, the price per mile drivenfor Uber and Lyft across the U.S. asa whole was up 26% versus 2019

and 17% versus January, accordingto YipitData.

Elevated prices could persist inpart to keep drivers on the plat-forms. Uber and Lyft won’t want tomotivate drivers out of their ownpockets forever if sustained profitsare the goal. In September, UberChief Executive Dara Khosrowshahi

Covid-19 world. YipitData indicatesthat ride-share volumes increasedalong with pricing per mile in Sep-tember, in New York and nationwide.

Gordon Haskett’s Mr. Mollinssuggests the recent uptick in taxiuse in some cities might have moreto do with excessive wait times,rather than ride-share pricing. Hesays most people find ride-shareservice to be a better experiencethan riding in a taxi, suggestingtaxis could once again fall out of fa-vor as ride-share supply returns.New York City data show that, al-though taxis have been taking backshare this year, ride-share compa-nies still own most of the for-hire-vehicle market.

Uber and Lyft have reason tokeep prices high so long as demandcontinues to improve. Ride-sharecompanies can benefit, even if theydon’t directly pocket the extra cash:The more price increases are passedon to drivers, the less Uber and Lyfthave to pony up themselves to mo-tivate those drivers to work.

At the end of the day, whycharge less when you can get more?

—Laura Forman

said at an investor conference thatconsumer-price increases aren’tabout take rates—or adjusted netrevenue divided by bookings—butabout drivers earning a fair keep.As recently seen in the U.K., the sit-uation in the U.S. could becomecompounded by future gig-economyregulation, mandating higher wagesand potentially even employee sta-tus for drivers.

Uber and Lyft have been clearthat they expect pricing to ease asdriver supply meets rider demand,but it isn’t yet certain to what de-gree. Uber’s Mr. Khosrowshahipointed out at the same investorconference that while pricing powerfor his company’s Rides business issomething that had always been hy-pothesized, right now, “it certainlyshows.” To that end, he also saidUber is actively developing alterna-tive services for “folks who wantcheaper ways of getting around.”

It could be that pricing power ismerely a function of the pandemic,given some consumers are still waryof public-transportation alternatives.But there is evidence that higherpricing can persist, even in a post-

OPEC and Its AlliesDidn’t Need to OpenThe Spigots Yet

The Sale of Its Property Services Won’t Save EvergrandeEvergrande’s potential deal to sell

its property-management unit maybuy it a little breathing space. Howmuch oxygen will be left for inves-tors remains highly uncertain.

Trading in the shares of the heav-ily indebted Chinese developer andits property-services unit were sus-pended Monday pending the an-nouncement of a potential deal. Ev-ergrande Property Services said itmay announce a general offer for itsshares. Also Monday, Chinese devel-oper Hopson Development said itwould announce an acquisition ofshares in another Hong Kong-listedcompany. Unconfirmed Chinese me-dia reports said Hopson is looking tobuy the Evergrande unit.

Such a sale would bring in some

cash as the prospect of a formal de-fault inches closer. Evergrandemissed an $83.5 million coupon fordollar-denominated bonds on Sept.23. The developer has a 30-daygrace period to make the payment.

Evergrande’s 61% stake in theproperty-services unit is valued at$4.3 billion using Friday’s closingprice. Though it may need to sell ata discount, a cash infusion couldhelp delay a default. Evergrande willstill need to face the music.

If you believe the market pricing,a default is almost a foregone con-clusion: Its offshore bonds are trad-ing below 30% of par value. Havingpriced in a default, investors appearmore focused on what assets mightbe available in a restructuring.

Most of Evergrande’s assets areheld by its onshore-property subsid-iary Hengda Real Estate, whichruns the company’s main real estateoperations in China, rather than di-rectly by the listed parent China Ev-ergrande Group. That isn’t the casewith the property-services unit—itis held directly by the parent. Intheory, this means proceeds fromthe unit’s sale should accrue to thelisted parent too, and offshore-debtinvestors might have direct recourseto them. In practice, it may be morecomplicated. Evergrande unveiled adeal to sell most of its stake in acommercial bank to a state-ownedcompany for $1.5 billion last week.The bank has demanded Evergrandeuse the net proceeds to repay debts

owed to it. The deal needs the ap-proval of the bank’s board.

According to an estimate by Gold-man Sachs last month, Evergrandehas around $21.5 billion of debt atthe parent level, about a quarter ofthe group’s total. The property-man-agement unit is one of its best as-sets: It is profitable and has netcash. Even in a worst-case scenario,the unit should receive relativelystable income from servicing exist-ing apartments. Evergrande’s elec-tric-vehicle unit, also held at theparent level, is heavily indebted andunprofitable. China EvergrandeGroup sold down its stake inHengda, the mainland property sub-sidiary, to nearly 60% to lower itsdebts in the past few years.

Therefore it remains difficult tosay how much would really be leftover for offshore investors in theevent of a restructuring or default.Hengda carries most of the group’s$305 billion liabilities, including $89billion of interest-bearing borrow-ings. Any help from the governmentseems likely to be limited to takingcare of politically sensitive liabilitiesheld at the mainland China level:making sure bills to suppliers getpaid, home buyers get their apart-ments and workers get their pay-checks. Bond investors, especiallyoffshore ones, may not be so lucky.Evergrande may get some much-needed cash soon, but its prob-lems—and those of its investors—are far from over. —Jacky Wong

With winter not evenhere yet, it makes sensefor the cartel to take await-and-see approach.

The company has separated gas-engine plants into a minority-owned business and redrawn contracts with dealers.

NGHANGUAN/ASSOCIATED

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Unfinished Buildings Testify To China's Evergrande Debacle

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