.

* * * * TUESDAY, SEPTEMBER 14, 2021 ~ VOL. CCLXXVIII NO. 63 WSJ.com HHHH $4.00
DJIA 34869.63 À 261.91 0.8% NASDAQ 15105.58 g 0.1% STOXX 600 467.69 À 0.3% 10-YR. TREAS. À 5/32 , yield 1.323% OIL $70.45 À $0.73 GOLD $1,792.00 À $2.40 EURO $1.1812 YEN 110.01

New York Schools Reopen, Leaving Remote Learning Behind Tax Plan
What’s
News Proposed
Business & Finance
To Fund
urboTax maker Intuit
Biden’s
T agreed to buy email-mar-
keting pioneer Mailchimp for
about $12 billion, in a move
aimed at capitalizing on the
Agenda
growth of small and mid- House Democrats seek
size businesses. A1
higher top corporate,
 Three media firms tied to
exiled Chinese businessman individual rates, set up
Guo Wengui agreed to pay talks on budget outline
$539 million to settle regula-
tory claims they violated in-
BY RICHARD RUBIN
vestor-protection laws when
they raised money from more
House Democrats spelled
STEPHANIE KEITH/BLOOMBERG NEWS

than 5,000 investors. A1

out their proposed tax in-
 The two main sponsors of creases on Monday, pushing
the 2010 Dodd-Frank financial higher rates on corporations,
regulatory legislation said Bi- investors and high-income
den should reappoint the Fed’s business owners as they try to
Powell to a second term. A2 piece together enough votes
for legislation to expand the
 The price of litecoin, a
social safety net and combat
little-used cryptocurrency,
climate change.
spiked before falling back
BIG TEST: Temperature checks and face masks greeted students Monday at P.S. 25 in the Bronx, the first day of class in the The plan would increase the
after a news release touting
nation’s largest school district, where hundreds of thousands of students haven’t taken in-person classes since March 2020. A3 top corporate tax rate to 26.5%
a partnership with Walmart
from 21%, impose a 3-percent-
turned out to be fake. B1
age-point surtax on people
 Blackstone abandoned a making more than $5 million a

Facebook Documents Reveal

$3.3 billion takeover of Chi- year and raise capital-gains
nese commercial-property taxes—but without the
developer Soho China. B1 changes to taxation at death

Secret Elite Exempt From Its Rules

sought by the Biden adminis-
 Fox said it acquired celeb-
tration. The tax details were
rity news platform TMZ from
the last major missing piece in
AT&T’s WarnerMedia unit. B2
the Democratic agenda, and
 ViacomCBS unveiled a their release will accelerate
new management team lawmakers’ negotiations over
and operating structure which new spending to priori-
for Paramount Pictures. B2 XCheck program gives celebrities, politicians special treatment, which some abuse tize and which tax increases
they find acceptable.
 The S&P 500 and Dow
Democrats have few votes
industrials rose 0.2% and
BY JEFF HORWITZ had accused him of rape, to to spare in the House and
0.8%, respectively, while the
tens of millions of his fans none in the Senate, and mod-
Nasdaq slipped 0.1%. B10
Mark Zuckerberg has First in a series before the content was re- erates, such as Sen. Joe Man-
 Live Nation reached a new publicly said Facebook Inc. moved by Facebook. chin of West Virginia, have
agreement to acquire Mexi- allows its more than three The program, known as allowed to post rule-violat- Whitelisted accounts called for a narrower proposal
can concert promoter OCESA billion users to speak on “cross check” or “XCheck,” ing material pending Face- shared inflammatory claims with smaller tax hikes than
for about $450 million. B3 equal footing with the was initially intended as a book employee reviews that that Facebook’s fact check- the ones outlined Monday. Re-
elites of politics, culture quality-control measure for often never come. ers deemed false, including publicans are unanimously ex-
 The National Association of
and journalism, and that its actions taken against high- At times, the documents that vaccines are deadly, pected to oppose the plan,
Realtors sought to block a
standards of behavior apply profile accounts, including show, XCheck has protected that Hillary Clinton had which would reverse many of
broad Justice Department
to everyone, no matter celebrities, politicians and public figures whose posts covered up “pedophile the GOP tax cuts from 2017.
probe of industry practices. A3
their status or fame. journalists. Today, it shields contain harassment or in- rings,” and that then-Presi- Democrats plan a commit-
In private, the company millions of VIP users from citement to violence, viola- dent Donald Trump had tee vote this week on the pro-
World-Wide has built a system that has the company’s normal en- tions that would typically called all refugees seeking posals, which would generate
exempted high-profile users forcement process, the doc- lead to sanctions for regu- asylum “animals,” accord- more than $2 trillion that
from some or all of its uments show. Some users lar users. In 2019, it al- ing to the documents. Please turn to page A4
 House Democrats spelled rules, according to com- are “whitelisted”—rendered lowed international soccer A 2019 internal review of
out their proposed tax in- pany documents reviewed immune from enforcement star Neymar to show nude Facebook’s whitelisting  Inflation tinges spending
creases, which would push by The Wall Street Journal. actions—while others are photos of a woman, who Please turn to page A8 debate............................................ A4
higher rates on corporations,
investors and high-income
business owners as they try
Lack of
to piece together enough
votes for legislation to ex-
pand the social safety net and
Wind Is
Wholesale day-ahead power prices
$350 a megawatt-hour

Germany U.K.
Intuit Makes $12 Billion Deal
combat climate change. A1
 The chief U.S. diplomat
defended the military with-
Blow to
Europe
300

250
To Buy Marketer Mailchimp
drawal from Afghanistan,
A decrease in wind BY CARA LOMBARDO tomer-relationship manage- Already popular among
telling a House panel the Bi- 200
in the North Sea in AND MIRIAM GOTTFRIED ment. small businesses, Mailchimp
den administration was
recent weeks has Mailchimp, established in became something of a house-
bound to Trump’s agreement
sent power costs 150 TurboTax maker Intuit Inc. 2001, is based in Atlanta and hold name in 2014, when it
with the Taliban, and that
surging in Europe. agreed to buy email-market- is still owned by founders Ben advertised on the first season
remaining would have risked
As wind-driven ing pioneer Mailchimp for Chestnut and Dan Kurzius, ac- of the hit podcast “Serial.”
more American lives. A18 100
electricity about $12 billion, in a move cording to its website. The The company now serves 2.4
 The Justice Department production slowed aimed at capitalizing on the company, which hasn’t taken million monthly active users,
will put limits on the work down off the coast 50 growth of small and midsize any outside funding, began as including 800,000 paying cus-
of court-appointed moni- of the U.K., gas and businesses. a web-design agency and ran tomers. Half of its customers
tors who oversee local po- coal-fired electricity The cash-and-stock deal for an email-marketing service on are outside the U.S. It had
0
lice revisions, including set- plants were called closely held Mailchimp would the side that later became its about $800 million in annual
ting caps on their budgets in to make up the 2020 ’21 2020 ’21 be Intuit’s largest deal ever focus. Today it also offers revenue last year, a 20% rise
and tenure, officials said. A3 shortfall. B1 Source: ICIS and set it up to offer more other digital-ad services and from the year earlier.
 Biden said he plans to services to small businesses customer-relationship-man- Intuit’s goal is to give
such as marketing and cus- agement tools. Please turn to page A2
nominate Rostin Behnam
as chairman of the CFTC
and announced two addi-
tional picks to fill vacan-
cies at the regulator. A2 Oil Rigs Toil to Restart After Ida
 The NIH said it was re-
viewing the removal of ge- BY CHRISTOPHER M. MATTHEWS traordinary challenge. to two days’ worth. The more
netic data about the Covid-19 Power had to be restored than 30 miles of pipe on board
virus from an agency-run ar- APPOMATTOX OIL PLAT- after an apparent lightning had to be inspected for leaks.
chive after a scientist raised FORM—This gargantuan deep- strike blew a key fuse. At least Workers painstakingly
concerns about the episode water drilling base 80 miles one of four giant cranes scoured the decks, going
earlier this summer. A7 off the Louisiana coast hadn’t needed to load diesel for gen- through a 240-point list of po-
produced a drop of oil for erators had to be brought back Please turn to page A6
 An international group of
scientists said there isn’t Royal Dutch Shell PLC since into service so a boat could re-
enough evidence yet to sup- Hurricane Ida. Turning it back stock the platform’s supply of  OPEC says demand to exceed
port giving Covid-19 booster on was proving to be an ex- backup fuel, which was down pre-pandemic levels............. B10
shots to the general public. A6
 Iran said it planned to re-
sume nuclear talks in the Guo-Tied Companies to Pay INSIDE
near future, the clearest indi-
cation yet that negotiations
on reviving the 2015 nuclear
$539 Million to Settle Probe Protection
JAVIER ROJAS/PI/ZUMA PRESS

deal could soon resume. A18

CONTENTS
Arts in Review... A13
Opinion.............. A15-17
Personal Journal. A11-12
BY DAVE MICHAELS
AND BRIAN SPEGELE
gation it began last year into
whether the sale of stock and in the age of
ransomware.
Business News..... B3 Sports....................... A14 digital assets complied with
Capital Journal...... A4 Technology............... B4 WASHINGTON—Three me- rules meant to protect small
Crossword.............. A13 U.S. News............. A2-7 dia companies tied to exiled investors. The companies said
Heard on Street B10-11 Weather................... A13
Markets............... B9-10 World News... A10,18
Chinese businessman Guo the money they raised would
Wengui agreed to pay $539 be spent to build a news and Assess your resiliency.
million to settle regulatory social-media platform that Build a plan.
> claims they violated investor- would be “the only uncensored SPORTS Act now.
protection laws when they and independent bridge be- Max Scherzer could
raised money from over 5,000 tween China and the Western
investors. world,” according to the fund-
finish 2021 as the best Find out how we can help at
The Securities and Ex- raising documents. deadline pitching Events.DellTechnologies.com/Ransomware.
s 2021 Dow Jones & Company, Inc.
All Rights Reserved change Commission said the The three businesses—GTV pickup ever. A14
agreement resolves an investi- Please turn to page A2
 .

A2 | Tuesday, September 14, 2021 * **** THE WALL STREET JOURNAL.

U.S. NEWS
Powell Gets Backing From Frank, Dodd
BY NICK TIMIRAOS pick someone else to lead the have,” Mr. Frank said in an in- February, when he warned “Getting support for Biden’s lax certain financial rules.
Fed when Mr. Powell’s term terview with The Wall Street that the costs of doing too lit- economic program is the sin- Mr. Frank rebutted criticism
The two main sponsors of expires in February. Journal on Monday. tle were greater than the haz- gle most important thing right lodged against Mr. Powell, in-
the 2010 financial-regulatory In an opinion article pub- Mr. Frank said Mr. Powell, a ards of doing too much. now, and Powell’s denial that cluding by Massachusetts Sen.
legislation that bears their lished on the website of the Republican who was appointed “I want a debate about how inflation is either imminent or Elizabeth Warren, a Democrat
names said Monday that Presi- The Hill newspaper, Messrs. Fed chairman by former Presi- the government should best inevitable given the program is who has sharply chided Mr.
dent Biden should reappoint Dodd and Frank said reap- dent Donald Trump, has a very big deal.” Powell’s regulatory record.
Fed Chairman Jerome Powell pointing Mr. Powell would do helped to avoid further polar- Five House Democrats last “The changes he was making
to a second term. more to advance Mr. Biden’s izing a debate over how to month, including Massachu- on financial regulation were
The endorsement of Mr. economic agenda because of best manage economic growth
Two ex-lawmakers setts Rep. Ayanna Pressley and pretty marginal,” Mr. Frank
Powell by former Sen. Chris his support for an overall at a time when inflation has say Mr. Powell New York Rep. Alexandria Oc- said.
Dodd (D., Conn.) and former monetary policy that has em- soared but unemployment re- asio-Cortez, called on Mr. Bi- Fed governor Lael Brainard,
Rep. Barney Frank (D., Mass.) phasized healing the labor mains elevated.
deserves a second den to “reimagine a Federal who is widely considered the
is notable because the Fed market after the coronavirus Mr. Powell argued when the term as Fed chief. Reserve focused on eliminat- front-runner to succeed Mr.
chairman has encountered pandemic. coronavirus pandemic hit last ing climate risk and advancing Powell if he isn’t reappointed,
stiff resistance from some lib- “Dumping Powell and put- year that the U.S. should ag- racial and economic justice” would be “marginally better
eral Democrats who are disap- ting any kind of traditional gressively deploy fiscal policy by appointing a new Fed chair. on regulation, maybe, but the
pointed at measures to ease fi- liberal in there, who I would to limit scarring from long respond to economic problems, They said Mr. Powell had done impact that Powell has politi-
nancial regulations under Mr. ordinarily prefer, in this cli- spells of unemployment or not whether it should even try. too little to address climate cally [on economic policy] is
Powell. They have cited that mate complicates the political business failures. He repeated If it’s not Powell, we’re back in change and they criticized the enormously greater than Brai-
record in urging Mr. Biden to problem on the best issue we that message as recently as the latter,” Mr. Frank said. steps the Fed has taken to re- nard,” Mr. Frank said.

Guo-Tied GTV and the other entities

tied to Mr. Guo will be able to
pay the $539 million settle-
bought into the deal, some of
whom invested $100 or less,
the SEC said.

Companies ment, said Sasha Gong, a for-

mer political prisoner in
China who has known Mr. Guo
The SEC said GTV and Sa-
raca transferred about $100
million of the capital they

Reach Deal for several years and has been

helping advise investors in the
companies about how to re-
raised to a hedge fund, which
used about $30 million to
trade spot currencies and de-
port their concerns to law en- rivatives. The fund had invest-
Continued from Page One forcement. ment losses of about $29 mil-
Media Group Inc., Saraca Me- She said the settlement lion as of late July, the SEC
dia Group Inc. and Voice of falls short of the hopes of said.
Guo Media Inc.—settled the many investors in GTV, partic- The companies also raised
SEC’s probe without admitting ularly those who have said Mr. money by selling assets called
or denying wrongdoing. The Guo subsequently incited sup- G-Coins and G-Dollars, which
total monetary sanctions in- porters to harass his critics. they marketed on YouTube,
clude more than $480 million “They want him to be ar- Twitter and other social-me-
that must be repaid to inves- rested,” she said. dia websites. They said the
tors and $35 million in fines, One such disgruntled inves- digital tokens could be used to
the SEC said. tor is Hawaii-based Jiamei Lu, buy goods and services on the
NATALIE KEYSSAR FOR THE WALL STREET JOURNAL

Mr. Guo, a former real-es- who sent $40,000 to Voice of media platform they planned
tate developer who fled China Guo Media last year. Soon af- to build. The businesses didn’t
a few years ago, has portrayed ter, Ms. Lu grew suspicious of develop or distribute the digi-
himself as a wealthy dissident Mr. Guo and the fundraising tal assets they sold, according
of the Communist Party. After effort, she said, and began to regulators.
taking up residence in New providing information to the Messrs. Guo and Bannon
York, he used a partnership SEC and the Federal Bureau of found common ground in the
with former Trump political Investigation. past few years as tough critics
adviser Steve Bannon to build Mr. Guo has lambasted Ms. of China, appearing frequently
a large online following. In Lu online and called her a together in person and in on-
China, he is considered one of proxy for the Communist line videos. Mr. Bannon also
the country’s top fugitives and Party, a claim she strongly de- served as one of GTV’s direc-
has faced longstanding allega- nies. tors, according to the com-
tions of money laundering, Mr. Guo said the companies had been the victims of ‘dark forces’ of China’s Communist Party. She said while she has all pany. Neither he nor any
fraud and other crimes, all of but written off getting back other individual is named in
which he has denied, and has the regulatory case on their into their fundraising. New GTV and Saraca said they the money she invested, the the SEC’s announcement.
applied for asylum in the U.S. websites and to repay pro- York state officials said the were “pleased to have reached SEC’s settlement was far from Mr. Bannon was charged
For more than a year, inves- ceeds of their fundraising companies failed to register as this solution, which achieves enough. “They hurt so many with fraud in an unrelated
tors in the companies have within two weeks. The SEC of- securities dealers before con- our goal of returning funds to people and so many families,” case last year in connection
complained that they couldn’t ten sets up what it calls a fair ducting the offerings. New our supporters, an objective she said. with an alleged scheme to si-
get their money out. The issue fund, whose administrator dis- York imposed a $479 million we have had since these regu- GTV and Saraca raised phon off hundreds of thou-
escalated after supporters of tributes money back to penalty that will be offset by latory matters commenced.” A some of their money from in- sands of dollars from a
Mr. Guo began showing up at harmed investors. any funds GTV and Saraca pay representative of Voice of Guo dividual investors who didn’t crowdfunding campaign that
the homes of some of his big- “The remedies ordered by to the SEC. Media didn’t respond to a re- meet wealth and income re- backed building a wall along
gest critics, including one who the commission today, which The Wall Street Journal quest to comment. quirements for the deal, the the U.S. southern border. At
had been working with law en- include a fair fund distribu- first reported many details of Mr. Guo said on social me- SEC said in a settlement or- the time of his arrest in Au-
forcement. tion, will provide meaningful the SEC’s probe into the com- dia that he accepted the SEC’s der. Under U.S. law, compa- gust 2020, he was on Mr.
The total fines ordered in relief to investors in these ille- panies tied to Mr. Guo last penalty but that the compa- nies that target such smaller Guo’s yacht. Mr. Bannon, who
the case constitute one of the gal offerings,” said Richard year. nies had been the victims of investors must file financial pleaded not guilty, was later
SEC’s largest enforcement Best, the director of the SEC’s The SEC said its investiga- “dark forces” of China’s Com- disclosures with the SEC and pardoned by then-President
cases of its fiscal year, which New York regional office. tion is continuing, a signal munist Party. “Our coopera- provide the information pub- Donald Trump.
runs through the end of Sep- GTV and Saraca also re- that regulators could formally tion with the SEC has been a licly. A representative for Mr.
tember. The deal calls for the solved an investigation by the allege wrongdoing by individu- success!” he wrote. Voice of Guo targeted many Bannon didn’t respond to a
companies to post a notice of New York attorney general als. A big question is whether of the smaller investors who request to comment.

Intuit to customer-relationship man-

agement system despite citing
attracting customers as one
business. It said on a recent
earnings call that its total
share of tax returns was
The deal adds to a wave of
merger activity as companies
seek to position themselves

Purchase of their biggest challenges.

In addition to TurboTax,
the online software that mil-
roughly flat last year.
The deal for Mailchimp
would surpass Intuit’s roughly
for a hyper-digital post-pan-
demic world. Healthcare, tech-
nology and other companies

Mailchimp lions of people use to file

their taxes, Intuit’s biggest
products include QuickBooks,
$7 billion acquisition last year
of personal-finance portal
Credit Karma Inc., which was
in the U.S. have struck nearly
$2 trillion of takeover deals so
far this year, almost triple the
used by more than 7 million at the time its largest deal level in the comparable period
Continued from Page One small and midsize busi- ever. in 2020, according to Dea-
small-business owners, who nesses, and Mint, an online- Both deals were driven by logic. Activity has also been
lack the resources of their budgeting platform that also Chief Executive Sasan Goo- boosted by a surge in special-
bigger competitors, access to pitches financial products to darzi, an Intuit veteran who purpose acquisition company
easy-to-use marketing tech- individuals. took the top role in 2019 after deals, which have become an
nology. By combining Intuit has a market value of leading the company’s small- attractive alternative to a tra-
MIKE BLAKE/REUTERS

Mailchimp with Intuit’s book- more than $150 billion follow- business and self-employed ditional initial public offering
keeping software QuickBooks, ing a big rise in its shares group, which had accounted for many.
the company said it would en- over the past several years, for much of the company’s The IPO market is booming,
able businesses to do every- partially driven by a growing growth. too, with richly valued private
thing from setting up online demand for cloud-based Mountain View, Calif.-based companies like Mailchimp opt-
stores and displaying ads to small-business services. Intuit was founded in 1983 The deal is the largest ever for the maker of TurboTax software. ing for public listings after
potential customers, to in- The company has been and went public in 1993. It re- years in which staying private
voicing clients and managing pushing further into the fi- ported revenue of about $7.7 earnings. The price includes Intuit shares closed down was the preferred option for
payroll. nances of the individuals and billion in 2020, up about 12%. about $300 million of about 2% on Monday. many.
In a presentation about the businesses it serves by adding The deal will be financed Mailchimp employee-transac- The companies expect the In some cases, however, a
deal, Intuit said that a survey more offerings to its platform, with cash on hand and about tion bonuses that will be is- deal to close in the second sale to a cash-rich public com-
it ran found nearly 80% of especially as competitors pro- $4.5 billion to $5 billion in sued in the form of restricted- quarter of next year. pany with a strongly valued
small and midmarket busi- viding free tax-preparation new debt, and is expected to stock units, expensed over Mailchimp’s headquarters will stock currency proves more
nesses don’t have a formal services eat into TurboTax’s boost Intuit’s fiscal 2022 three years. remain in Atlanta. alluring.

THE WALL STREET JOURNAL

CORRECTIONS  AMPLIFICATIONS
(USPS 664-880) (Eastern Edition ISSN 0099-
9660) (Central Edition ISSN 1092-0935) (Western
Edition ISSN 0193-2241)
Biden Moves to Fill CFTC Vacancies
Editorial and publication headquarters: 1211 Avenue AT&T Inc. had control of covering natural gas at Argus BY PAUL KIERNAN crats a 3-1 majority at the CFTC. capital and credit markets. Her
of the Americas,New York, N.Y. 10036
its WarnerMedia unit for less Media. A Heard on the Street Mr. Behnam has focused on recent work has examined
Published daily except Sundays and general legal
holidays. Periodicals postage paid at New York, N.Y., than three years when in May column on Monday about the WASHINGTON—President risks to the financial system emerging technologies such as
and other mailing offices.
it announced plans to spin off natural-gas market incorrectly Biden said he plans to nominate stemming from climate change blockchain and digital assets, a
Postmaster: Send address changes to The Wall
Street Journal, 200 Burnett Rd., Chicopee, MA 01020. the entertainment giant. An gave his title as analyst. Rostin Behnam as chairman of during his tenure at the CFTC. potential boon to the CFTC as it
All Advertising published in The Wall Street Journal is Aug. 12 Business & Finance the Commodity Futures Trading In March, Mr. Behnam es- works alongside the Securities
subject to the applicable rate card, copies of which
are available from the Advertising Services
article about TMZ incorrectly The first name of Hernán Commission and announced two tablished a so-called climate- and Exchange Commission to
Department, Dow Jones & Co. Inc., 1211 Avenue of said it was less than two Cortés was given incorrectly additional picks to fill vacancies risk unit at the CFTC that is establish a clear regulatory
the Americas, New York, N.Y. 10036. The Journal
reserves the right not to accept an advertiser’s order. years. as Herman in a Sept. 4 Review at the derivatives regulator. focused on “the role of deriva- framework for cryptocurrencies.
Only publication of an advertisement shall constitute
final acceptance of the advertiser’s order.
column about the history of Mr. Behnam has served as a tives in understanding, pricing Since 2012, Ms. Goldsmith
Letters to the Editor:
Laurent Kssis is head of distance running. CFTC commissioner since 2017 and addressing climate-related Romero has served as special
Fax: 212-416-2891; email: [email protected] capital markets at 21Shares. A and has run the agency as act- risk and transitioning to a inspector general for the Trou-
Need assistance with your subscription?
By web: customercenter.wsj.com;
Markets article on Monday Notice to readers ing chairman since Mr. Biden low-carbon economy.” bled Asset Relief Program,
By email: [email protected] about funds that track crypto- Wall Street Journal staff took office in January. As a commissioner last which was established by Con-
By phone: 1-800-JOURNAL (1-800-568-7625) currencies incorrectly used members are working re- In addition, Mr. Biden said he year, he sponsored a group on gress to stabilize the financial
Reprints & licensing:
By email: [email protected];
his previous title of global motely during the pandemic. plans to nominate law professor a CFTC advisory committee system after the 2008 crisis.
By phone: 1-800-843-0008 head of exchange-traded prod- For the foreseeable future, Kristin Johnson and govern- that published a report on cli- In that role, she conducts in-
WSJ back issues and framed pages: wsjshop.com ucts. please send reader comments ment watchdog Christy Gold- mate-related risks despite vestigations and audits of the
Our newspapers are 100% sourced from only by email or phone, using smith Romero as commission- skepticism about climate federal response to the crisis
sustainably certified mills.
Stan Brownell is vice pres- the contacts below, not via ers at the agency, which change in other parts of the and has urged Congress to re-
ident of business development U.S. Mail. regulates markets for hundreds Trump administration. quire chief executives to cer-
GOT A TIP FOR US? of trillions of dollars of deriva- Ms. Johnson teaches law at tify annually that they found
SUBMIT IT AT WSJ.COM/TIPS Readers can alert The Wall Street Journal to any errors in news articles by tives. The picks, if confirmed by Emory University, where she no criminal conduct or civil
emailing [email protected] or by calling 888-410-2667. the Senate, would give Demo- has focused on regulation of fraud in their firms.
 .

THE WALL STREET JOURNAL. * * Tuesday, September 14, 2021 | A3

U.S. NEWS

U.S. Puts
Curbs on
Police
Monitors
BY SADIE GURMAN

WASHINGTON—The Justice
Department will put limits on
the work of court-appointed
monitors who oversee local

DESIREE RIOS FOR THE WALL STREET JOURNAL

police revisions, including set-
ting caps on their budgets and
tenure, officials said Monday.
The limits, which are being
introduced as the Biden ad-
ministration takes an active
role in overhauling local law-
enforcement agencies, drew
praise from police groups that
have long complained that
federal monitors are overpaid
and unnecessarily invasive.
“They took us seriously,” Veronica Flores photographed her 12-year-old daughter, Sara Palau, before they headed from their Bronx home to her first day of seventh grade in lower Manhattan.

New York City Public Schools Reopen

said Chuck Wexler, executive
director of the Police Execu-
tive Research Forum, a Wash-
ington think tank that had
been pushing for such
changes. “These are serious
reforms that will make this BY LEE HAWKINS fall. At the end of the past plans. The threat prompted the year’s constant disruptions, Chancellor Meisha Ross Porter.
process more credible. This school year, about 577,000 of the Department of Education to de- the spread of the Delta variant “We want our babies in school
administration is finding a NEW YORK—Seventh- city’s 955,000 students were lay reopening school buildings has complicated reopenings. and we want them there every
middle ground.” grader Sara Palau hadn’t taken taking all of their classes re- for a week and a half. Mayor Ms. Flores and Sara’s father day. And these measures have
The Justice Department has classes in a school building in motely, according to the city’s Bill de Blasio then closed all also initially were apprehen- proven to keep them safe.”
launched three broad civil-rights a year and half because her Department of Education. public schools in November af- sive about the possible risks of When a positive case is
investigations—in Minneapolis, parents were among the many Leading up to the fall se- ter the city’s coronavirus posi- getting their daughter vacci- confirmed in a classroom, un-
Louisville and Phoenix—that who feared the spread of mester of the last academic tivity rate surpassed 3%. nated, but hearing positive vaccinated close contacts will
aim to root out unconstitutional Covid-19. On Monday, the 12- year, Sara said she was looking In December, city officials feedback from other parents quarantine for 10 calendar
approaches to policing, part of year-old was dressed for the forward to studying Mandarin allowed elementary schools to lessened those concerns. days. Quarantined students
the Biden administration’s focus first day of classes by 6 a.m., at the public dual-language el- reopen for some in-person “I think the fear of her get- will continue to learn re-
on transforming law enforce- and said she was nervous. ementary and middle school. learning, but the mayor kept ting infected with Covid in motely. In line with Centers
ment after high-profile killings Sara was new to the school, But the pandemic forced the middle- and high-school stu- school overruns my fear of the for Disease Control and Pre-
of minorities. The probes often having only met her class- city’s schools to close in dents remote until February long-term effects of the vac- vention guidelines, fully vacci-
end in court-enforceable agree- mates last year on Zoom. And March 2020. “I did like staying and March of this year. cine,” she said, noting that nated individuals won’t have
ments, called consent decrees, then there were the throngs of home, but I’m excited to be Sara is scheduled to be vacci- to quarantine even if they are
that outline a number of pre- people she would have to come around people,” she said. nated Wednesday. a close contact unless they are
scribed changes and are then into contact with on the hour- When in-person classes re- Department of Education of- symptomatic.
overseen by a federal monitor- plus train and bus commute sumed in September 2020, Ms.
Thousands of ficials say they have crafted “a All staff in New York City
ing team that regularly assesses from her home in the Bronx to Flores chose to keep her students return for gold standard approach to schools are required to get at
an agency’s progress. P.S. 184M Shuang Wen School daughter enrolled in remote health and safety,” stressing least one Covid-19 vaccine
Police chiefs and unions ar- in lower Manhattan. instruction, citing safety con-
the first time since that every school will have 10% dose before Sept. 27. The re-
gue some of those improve- “Did you fill your water bot- cerns and feeling that the spo- March 2020. of their unvaccinated school quirement includes nearly
ment plans have dragged on tle?” asked her mother, Veronica radic opening and closing of population tested twice a 150,000 teachers, custodians
for much longer than ex- Flores, as she reminded Sara to schools due to infection rates month. The district is operating and cafeteria workers. Teach-
pected, burdening officers and wash it. “Do you have your could disrupt the flow of her a situation room, a central hub ers also won’t be able to work
costing cities millions of dol- sweater, iPad and phone?” Ms. daughter’s routine. Ms. Flores Parents across the city kept for principals to report positive from home because the dis-
lars. They have expressed par- Flores said she was nervous, too. conceded to still being nervous their children home for myriad cases. It also is performing con- trict isn’t offering students a
ticular concern that the moni- Monday marked the first day about the possible Covid-19 reasons, including worries tact tracing, and providing remote-learning option.
tors, some of whom oversee of school in the nation’s largest spread. “On the subway, you about their health and safety, health and safety guidance. Standing amid the crowd of
multiple agreements at once, school district, where hundreds probably rub up against 10 commuting, and needing child If evidence of widespread families at the school, Ms.
had conflicts of interest and of thousands of students haven't people before even getting to care for other siblings. transmission within a school Flores welcomed the opportu-
had been encouraged to find taken in-person classes since your destination,” she said. “Being in-person will be arises, the district’s situation nity to get Sara closer to nor-
fault with local departments. March 2020. Many students’ New York City had a rocky more of a culture shock than room and the New York City malcy and the chance to take
Depending on the scope of families opted not to return to start last school year. Just be- just being on the computer all health department will deter- her Mandarin classes in person.
the consent decree, a monitor classrooms during the past fore schools were set to reopen day,” Ms. Flores said. mine whether to close the “I told her, ‘You’re getting
can typically charge cities school year. But they are now in September 2020, the teach- But even as more families, school for 10 days. way too comfortable being a
hundreds of thousands of dol- being required to return because ers threatened to strike, citing politicians and educators are “This summer, we only had hermit. I really need you to go
lars annually and sometimes New York City’s public schools shortages and concerns about determined for in-person two buildings closed out of back to school to talk to peo-
more for the monitor’s work, won’t offer remote learning this the district’s Covid-19 safety classes to return after last over 800 open,” said DOE ple on the outside.’ ”
which can last for years. A
consent decree between the

First College-Admissions Case Goes to Trial

Justice Department and Seat-
tle Police over excessive force,
for example, has been under
way since 2012.
Under guidelines detailed in BY MELISSA KORN a former Wynn Resorts exec- The federal trial is expected
a Monday memo, monitors’ an- AND JENNIFER LEVITZ utive, and John Wilson, a pri- to last a month and rely heav-
nual fees will be capped; they vate-equity investor, stand ac- ily on audiotapes from phone
will no longer be allowed to BOSTON—Determined to cused of working with Mr. calls federal agents recorded
oversee more than one im- get their children into the Uni- Singer to fraudulently pitch between Mr. Singer and his
provement plan at once; and versity of Southern California their children as star athletes clients, as well as transcripts
consent decrees will set term and other elite schools, two and of bribing staff at USC to of conversations and email
limits for monitors. After five wealthy parents falsely por- have them flagged as recruits. correspondence.
years, any city under a consent trayed the teens as recruited Mr. Wilson also allegedly Prosecutors laid out a nar-
decree will be able to directly athletes and knew the money worked with Mr. Singer to try rative of the two fathers’ in-
petition a court to release the they gave a college counselor slotting his twin daughters volvement that hinged on the
BRIAN SNYDER/REUTERS

city from the agreement and and others served as payments into Harvard and Stanford uni- defendants having a tacit un-
end the monitorship. in exchange for admission of- versities as sailing recruits. derstanding of what services
The new rules also recom- fers, prosecutors told jurors in Defense lawyers said their they were paying for—packag-
mend more training for moni- opening statements at the first clients were bamboozled by ing their children as phony re-
tors and require them to seek criminal trial in the Varsity Mr. Singer, and portrayed the cruits—and how the money
input from community mem- Blues college admissions case. money paid by their clients as would be used.
bers and police officers as they The case is about “lies, lies Gamal Abdelaziz, center, with lawyer Brian Kelly, left, on Monday legitimate donations and part The case is “not about
consider whether a department to obtain admissions spots of accepted fundraising prac- wealthy people donating
is working toward the pre- that were bought and paid people—ultimately 57—in He is awaiting sentencing. tices in the admissions sys- money to universities with the
scribed improvements. Other for,” said Assistant U.S. Attor- what they called a complex Forty-six defendants, in- tem. hope that their children get
guidelines aim to make it easier ney Leslie Wright in the gov- fraud and bribery scheme. cluding Hollywood stars, Divi- “John Wilson did not break preferential treatment in the
for the public to learn about the ernment’s opening salvo. “It College counselor William sion I coaches and test proc- the law,” said Mr. Wilson’s admissions process,” Ms.
monitors’ work and expenses was a sprawling conspiracy “Rick” Singer has admitted to tors, have pleaded guilty. lawyer, Michael Kendall, a Wright said, referencing the
and ensure that monitoring that extended from coast to working with parents and oth- One of those parents, partner with White & Case defense’s claim these were
teams with experience and coast. None of these kids were ers to rig teens’ SAT and ACT Northern California real-estate LLP. “He trusted a con man standard gifts, not bribes.
skills are selected for the task. getting recruited to play colle- scores, and to bribe coaches at investor Bruce Isackson, was who stole his money.” Mr. Kelly, Mr. Abdelaziz’s
The rules apply not just to giate sports without the schools including USC, Stan- called as the government’s Mr. Singer was a “smooth lawyer, called USC a “fundrais-
monitors overseeing policing money.” ford and Yale universities to first witness and said he knew talker” and Mr. Abdelaziz and ing machine” and said his cli-
overhauls but also to consent The trial kicked off Monday, fraudulently present appli- all along what Mr. Singer’s others “got sucked in by him,” ent thought he was just mak-
decrees involving housing, more than two years after the cants as recruited athletes, all scheme entailed. said his attorney, Brian Kelly, a ing a regular donation, with
jails and the environment, of- U.S. attorney’s office in Massa- but guaranteeing they would Monday’s trial features two partner with Nixon Peabody the possibility but no promise
ficials said. chusetts charged dozens of get in. defendants: Gamal Abdelaziz, LLP. it would help his daughter.

Realtor Group Seeks to Block U.S. Probe of Industry Practices

BY JOHN D. MCKINNON drawing from a proposed ment of Justice that reneges tate organizations that pro- ing examination of industry moves. In an executive order
AND BRENT KENDALL Trump administration settle- on the terms of a settlement vide for greater economic op- practices. targeting competition prob-
ment with the National Associ- that was approved by the DOJ portunity and equity for small The department is con- lems, he said the FTC should
WASHINGTON—The main ation of Realtors over alleged in November 2020.” businesses and consumers of cerned that an array of prac- consider rules to curb “unfair
trade association for real-es- anticompetitive practices. The NAR’s filing in federal all backgrounds and financial tices create a closed market- tying practices or exclusionary
tate agents sought to block a Department staff attorneys district court in Washington, means,” it said. place for the buying and practices in the brokerage or
broad Justice Department in- believed the initial probe was D.C., seeks to block or modify The Justice Department selling of homes, locking in listing of real estate.”
vestigation of industry prac- too narrowly focused and the a civil subpoena from the Jus- said in July officials were higher fees and preventing The industry also faces
tices, after an antitrust settle- proposed settlement too fa- tice Department that the NAR within their legal rights to maverick companies and threats from major private an-
ment between the two sides vorable to the industry be- received in early July, soon af- withdraw from the earlier set- agents from offering lower- titrust suits.
fell apart this summer. cause it didn’t sufficiently ad- ter the Justice Department tlement. cost models. Two major cases, which
The move on Monday un- dress the way buyer-broker withdrew from the settlement. The current Justice Depart- These concerns come amid both challenge real-estate
derscores the growing pres- commissions are set. They also “NAR remains hopeful the ment probe began earlier this potentially disruptive changes commission rules and prac-
sure the residential real-estate feared language in the deal DOJ will honor its agree- year. After the change in ad- in the industry, accelerated by tices, have survived initial
industry is experiencing, could block the new investiga- ment,” said NAR President ministrations, the DOJ was ea- the pandemic, which saw, for procedural challenges and be-
mainly over the estimated 5% tion they planned to launch. Charlie Oppler, a Realtor from ger to pursue a broader look example, a boom in virtual come worries for the industry.
to 6% commissions that agents The NAR said Monday the Franklin Lakes, N.J., and chief at the real-estate industry. But models for touring homes and NAR officials said those
still receive from many home Justice Department with- executive of Prominent Prop- the NAR balked, arguing the navigating the real-estate mar- suits have no merit.
sales despite technology- drawal from the settlement “is erties Sotheby’s International settlement might preclude it. ket. News Corp, owner of The
driven shifts in house hunting a breach of the agreement and Realty. The department then uni- As pressure mounts on the Wall Street Journal, operates
and other changes. the law.” “We also remain committed laterally withdrew the pact industry, President Biden has Realtor.com under license
The Justice Department The NAR filed a “petition to to advancing and defending and reopened its probe to con- pushed the Federal Trade from the National Association
said in July that it was with- quash a request by the Depart- independent and local real es- duct a more detailed, sweep- Commission to launch its own of Realtors.
 .

A4 | Tuesday, September 14, 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 **** THE WALL STREET JOURNAL.

U.S. NEWS

Amid a Dark Legacy, Reasons to See Light and innovators to stitch to-
gether global networks.
America’s own internal sys-
tems certainly are under
stress. Citizens have been told
they can no longer trust the
very heart of democracy—
their elections—inviting po-
CAPITAL JOURNAL tentially dire consequences.
By Gerald F. Seib They also have been told that
their government is both
wildly incompetent on the
The commemorations of one hand, yet somehow also
the 20th anniversary of the home to a nefarious “deep
9/11 terror attacks were es- state” secretly running affairs
pecially somber, and not just with ruthless efficiency.
because memories of that

B
day remain so searing. ut American institu-
No, the past weekend also tions have held. State
was dark because this mile- governments and Con-
stone arrived at a moment gress did, in the end, certify
when so much seems to have the last election, and a
gone off the rails. The ugly peaceful transfer of power
retreat from occurred. The courts con-

JEFF SWENSEN/GETTY IMAGES

Afghanistan tinue to do their job, to the
suggested the annoyance of both the left
terrorists ac- and right. Those who ran-
tually have sacked the Capitol on Jan. 6
won the long are facing justice. The press
war; the coro- is angering the Biden admin-
navirus is surging again; our istration with its coverage,
politics seem hopelessly po- just as it has every other ad-
larized; we spend more time Former President George W. Bush speaking Saturday on the 20th anniversary of the 9/11 attacks, in Shanksville, Pa. ministration.
shouting at one another than Best of all, perhaps, a
talking to one another. More than that, it’s worth 9/11 welcomed this new technology made it possible in the background, the movie young generation of Ameri-
So maybe it’s time for a remembering that America blood. “At a time when na- to shift gears, stay remote you’re dying to watch via cans is proving to be smart,
moment of national therapy: remains the one nation that tivism could have stirred ha- and keep moving. streaming video tonight—ev- idealistic and less materialis-
Let’s spend a minute remind- people across the globe, from tred and violence against That simply wouldn’t have ery one of those things ex- tic than were their forebears.
ing ourselves of how much Afghanistan to Latin Amer- people perceived as outsid- been possible even 10 years ists because of American To be sure, Americans will
out there still should make ica, are literally dying to get ers, I saw Americans reaf- ago. Along the way, American creativity. When was the last be grappling for years with
us optimistic. into. For them, on the out- firm their welcome to immi- vaccines have proved to be time some rushed out to get some of the darker legacies
Start with a moving side, the promise of America grants and refugees,” he the world’s most effective. the latest version of a Rus- of 9/11, including the torture
speech former President burns brighter than it seems said. “That is the nation I Partly as a result, the stock sian mobile device? that marred the fight against
George W. Bush delivered at to for many on the inside. know.” market has risen an astonish- Yes, China is catching up extremism. Still, in a long
Shanksville, Pa., the site Those immigrants bring ing 80% since its pandemic technologically; it, too, career covering Washington,

T
where a band of heroic energy, ideas and promise. he technological ad- dive. Too many front-line makes a great smartphone. it is striking to recall how
Americans brought down an Almost half of the Fortune vances this immigrant workers continue to hurt, and Its command economy has often foreign diplomats are
airliner on 9/11 before it 500 companies were founded nation has produced income inequality will emerge advantages, in efficiency and the ones who speak up to re-
could be used to kill thou- by immigrants or the chil- made coping with the coro- exacerbated, but there also scale. But the Chinese legal mind the natives how allur-
sands more. Mr. Bush re- dren of immigrants. Google, navirus far more tolerable has been resilience. and financial systems also ing America remains. They
counted a core lesson of 9/11: Tesla, Yahoo—the list of than it otherwise might have American ingenuity still appear fixed and opaque to see beyond the moment’s
“We saw that Americans iconic companies founded by been. The pandemic deliv- carries the day in much of many businesses and inves- choppy waters to recognize
were vulnerable, but not immigrants is long and sto- ered a painful economic the world. The smartphone tors. America has the open, the enduring power of the
fragile—that they possess a ried. blow, of course, but signifi- you hold in your hand, the liquid capital markets that American idea. Perhaps we
core of strength that survives And, as Mr. Bush noted, cant chunks of the machin- Internet you may be using to lure investment, which in need to give ourselves the
the worst that life can bring.” Americans at their best after ery kept humming because read this, the music playing turn allows U.S. companies luxury to see that as well.

Lawmakers On Monday, House Democrats

proposed a graduated rate
structure for corporate taxes
ums,” Mr. Neal said.
For individuals, the top
marginal tax rate would rise to
26.5% from 21%. That is below
the 28% that the Biden admin-
istration proposed but above Inflation Tinges
Lay Out with three tiers depending on
income to replace the existing
flat rate of 21%.
39.6% from 37% starting in
2022. That tax rate would kick
in at taxable income of
the 25% that some Senate
Democrats are seeking.
Smaller companies would get
Spending Debate
Tax Plan Proposed changes to the U.S.
corporate tax rate
EXISTING
$400,000 for individuals and
$450,000 for married couples,
below where the Biden admin-
tax brackets with lower rates.
Republicans cut the corpo-
rate tax rate from 35% to the BY KATE DAVIDSON Administration officials
CORPORATE
istration had proposed. current 21% in 2017. AND CATHERINE LUCEY and private forecasters had
Continued from Page One RATE: 21% The 3-percentage-point sur- Companies would also face expected higher inflation
would go toward expanding INCOME ABOVE $5M
tax would apply to individuals new limits on interest deduc- WASHINGTON—With nego- readings during the spring as
Medicare, increasing renew- and married couples with ad- tions and higher taxes on their tiations over a $3.5 trillion prices returned to pre-pan-
able-energy tax breaks and 26.5% justed gross income above $5 foreign income. Notably, the budget bill heating up among demic levels after plunging in
creating a national paid-leave million. minimum tax on U.S. compa- Democrats, the White House is the early months of the pan-
program, among other items. 400K – $5M OF INCOME The proposal is silent on the nies’ foreign income would go trying to ensure that inflation demic. But a faster-than-ex-
Democrats also are looking state and local tax deduction, up from 10.5% to 16.6%, below fears don’t drive moderates pected economic recovery has
21%
elsewhere to cover the rest of which was capped at $10,000 in the 21% the administration away from supporting the plan led to stronger and more per-
the $3.5 trillion spending and 2017. Raising or repealing that had sought. And companies as Republicans argue the pro- sistent price pressures.
tax-cut agenda they aim to FIRST $400K OF INCOME cap is a priority for Democrats would be able to use more of posal would accelerate a surge That has put inflation at
pass this fall. They hope the 18% from high-tax states such as their foreign tax credits, soft- in prices. the center of debates about
government can save $700 bil- New York and New Jersey, ening the blow of that higher The Biden administration whether the president’s
lion from prescription drug Source: House Committee on Ways and Means some of whom have threatened minimum tax. acknowledges that rising agenda would push up prices
pricing policy changes and to vote against any tax legisla- Companies would be able to prices are a problem in the even further by injecting tril-
they plan to assert their tribution, said Lawrence Zel- tion that doesn’t include the exclude an amount equal to 5% short term. But in memos and lions into the economy over
agenda would spur $600 bil- enak, a law professor at Duke change. Some progressives op- of their foreign tangible assets blog posts aimed at Democrats the coming decade.
lion in budgetary savings from University. “It’s using the in- pose changing the cap, noting from that minimum tax, down in Congress, administration The White House last month
faster economic growth. come tax to take money from that much of the benefit goes from the current 10% but be- officials contend that the plan doubled its forecast for annual
Business groups warned only half the population and to some of the same high-in- low the administration’s pro- to pump funding into educa- inflation, saying consumer
Monday that the tax increases using it to distribute money to come households that Demo- posal to eliminate that benefit. tion, healthcare and the envi- prices would rise 4.8% in the
would damage the economy. half the population,” he said. crats are trying to tax more. The minimum tax would be ronment is a long-term invest- fourth quarter from a year ear-
“Rolling back job-creating The capital-gains tax in- Democrats are still trying calculated for each foreign ment, spent slowly over the lier, up from the 2% rise that it
tax reforms will slam the crease would be effective as of to figure out what they will country, as the administration next decade and mostly paid forecast in February. Still, the
brakes on hiring and wage in- Monday, with special transi- do, Mr. Neal and Reps. Bill has proposed. for through tax increases, that forecast implies that it expects
creases,” said Neil Bradley, tion rules for deals with bind- Pascrell (D., N.J.) and Tom The committee also would will ultimately lower prices a sharp deceleration in prices
chief policy officer at the U.S. ing contracts that haven’t Suozzi (D., N.Y.) said Monday reverse the doubling of the es- and increase productivity. over the coming months from
Chamber of Commerce, who been completed yet, according in a joint statement about the tate tax exemption that Con- It isn’t clear that all Demo- the current pace.
called the bill an existential to a summary released by the state and local tax deduction, gress created in 2017. Instead crats in the narrowly divided Republicans say they be-
threat to U.S. prosperity. committee. known as SALT. “We are com- of that increase expiring at Congress are listening. Sen. lieve inflation is a real risk go-
In several areas, the com- The proposal will test Dem- the end of 2025, it would end Joe Manchin (D., W.Va.), an in- ing forward. They are pointing
mittee proposed tax increases ocrats’ willingness to raise after 2021. The plan would fluential moderate vote, to it as a counter to Demo-
that weren’t as far-reaching as taxes, and its pieces are de- also limit several estate-plan- penned a recent op-ed in The cratic arguments about the re-
those the Biden administration signed to hit those above the
Business groups ning techniques, including Wall Street Journal question- covery heading into next
has sought. $400,000 annual income di- warned the tax some uses of grantor trusts ing the spending package’s ef- year’s midterm elections.
It didn’t include the admin- viding line that President Bi- and asset transfers with dis- fect on inflation rates and debt “They are all vulnerable if
istration’s proposed curbs on den set during last year’s cam-
increases would hurt counted values. levels. “A pause is warranted they vote for this $3.5 trillion
oil-and-gas companies’ tax paign. Democrats agree on the the economy. High-income people with because it will provide more that is going to do nothing
breaks or a provision opposed broad direction, but the de- tax-preferred retirement ac- clarity on the trajectory of the more than continue to fuel
by banks that would have re- tails might change as the pro- counts totaling $10 million or pandemic, and it will allow us this runaway inflation,” said
quired annual reporting on ac- posal works its way through more would no longer be able to determine whether inflation Rep. Tom Emmer (R., Minn.),
count flows to the Internal Congress. Some moderate mitted to enacting a law that to contribute to those ac- is transitory or not,” he wrote. chairman of the National Re-
Revenue Service. Democrats favor smaller tax will include meaningful SALT counts and would face sharply Rep. Jim Costa, a centrist publican Congressional Com-
The House plan doesn’t increases, while some senators relief,” they said. higher mandatory distribu- House Democrat from Califor- mittee.
change the income-tax rules have proposed tax changes on The top tax rate on divi- tions once the account bal- nia, said he did have some Rep. Sean Patrick Maloney
that allow unrealized capital stock buybacks and partner- dends and long-term capital- ances reached that level. worries about inflation, partic- (D., N.Y.), who is chairman of
gains to go untaxed at death. ships that aren’t included in gains would rise to 25% from In a provision that would ularly as Congress considers the Democratic Congressional
Rural Democrats had opposed Monday’s version. 20% and would apply when in- be retroactive to December another large spending pack- Campaign Committee, said:
that administration capital-gains Some lawmakers, including come reaches $400,000 for in- 2016, the legislation would age. When asked if inflation “Obviously, inflation is a con-
plan, and its chances of becom- Senate Finance Chairman Ron dividuals and $450,000 for limit deductions for certain concerns could be a reason to cern. But I wouldn’t confuse a
ing law are looking slimmer. Wyden of Oregon, insist that married couples. land-rights donations called pare spending in the coming legitimate concern with a cyn-
The committee made up the tax politics have changed and Pass-through businesses, conservation easements. The $3.5 trillion package, he said, ical political game being
money elsewhere with changes that Democrats can win votes which don’t pay the corporate government has been attack- “It could.” played by the Republicans.”
to the estate tax, the surtax on by strongly advocating that tax but instead pay taxes on ing those donations in court,
people making more than $5 corporations and wealthy their owners’ individual re- arguing that promoters are us-
million and several tax in- Americans pay more. turns, would be affected in ing inflated values to generate Prices Will Rise, now at 5.2%, up from expecta-
creases that would affect “It’s important to address several ways. They would face and sell tax deductions. tions of 4.9% last month.
closely held companies whose the fact that billionaire heirs caps on a special deduction Beyond tax cuts spelled out Consumers Say Three years from now, it is ex-
owners pay those business may never pay tax on billions created in 2017, with individu- over the weekend, Monday’s pected to be at 4%, up from
taxes on their individual tax re- in stock gains,” Mr. Wyden, a als limited to a $400,000 de- measure includes some newly the 3.7% expected in July. Both
turns. The result is that passive Democrat, said, suggesting that duction and married couples introduced tax breaks. It Americans’ expectations of readings mark record-high
investors who borrow against he might not accept the limited to $500,000. would delay a tax increase future inflation hit a record readings for data that goes
their assets and don’t sell would House’s capital-gains proposal. Those businesses would also slated to start next year that high last month, according to a back to 2013.
see relatively little change, Others, including Ways and no longer be able to avoid pay- would have hurt companies new report from the Federal Food prices are seen rising
while active business owners Means Chairman Richard Neal ing a 3.8% tax on their active with significant research ex- Reserve Bank of New York, po- by 7.9% a year from now, rent
could see sharp increases in (D., Mass.), have been more business income. Currently, penses. Local newspapers tentially challenging the central by 10% and medical-care costs
their marginal tax rates. cautious. “We seek to help taxes of that amount apply to would get a new payroll tax bank’s confidence that inflation by 9.7%.
The changes, when com- families better afford essen- wages, self-employment in- credit for employing journal- pressures would ebb over time. The survey also found that
bined with the expanded child tials with the continuation of come and passive income but ists. Labor-union members In its August Survey of the median expected growth in
tax credit available to house- the expanded child tax credit not other types of income. would get a new deduction for Consumer Expectations, the household income a year from
holds with no income, would and investments that will Large companies would face up to $250 in dues, even if bank said Monday that respon- now hit a series high of 3%.
make the income-tax system lower the cost of prescriptions a series of tax increases. The they don’t itemize their de- dents see inflation a year from —Michael S. Derby
much more of a tool for redis- and health insurance premi- top tax rate would rise to ductions.
 .

THE WALL STREET JOURNAL. Tuesday, September 14, 2021 | A5

Today, Italian takeout.

Tomorrow, Italian vacation.
After months of staying home, we can help you plan for a whole
new view. At Schwab you get a financial plan based on your unique
goals, with the flexibility to make updates when life changes. Whether
it’s creating your own complimentary retirement plan online, or
meeting one-on-one with a Financial Consultant, Schwab makes
it easy to plan for tomorrow, today.

Look forward to planning with Schwab

Learn more at Schwab.com/Plan

From Investor's Business Daily, October 12, 2020, ©2020 Investor's Business Daily, Inc. All rights reserved.
©2021 Charles Schwab & Co., Inc. All rights reserved. Member SIPC. (0621-1N90) ADP115182-00
 .

A6 | Tuesday, September 14, 2021 THE WALL STREET JOURNAL.

U.S. NEWS

Younger Grapple With Covid Deaths Gates Says

World Isn’t
Toll for those under 55 most three times the risk of
nears a high as elderly
vaccinations help
hospitalization and more than
twice the risk of death. The
rates among Native Americans
Ready for
restrain overall tally
are even higher. Rates among
Asian people are comparable
with those of non-Hispanic
Pandemics
BY JON KAMP whites. The disparities stem
AND PAUL OVERBERG from factors including pre-ex- BY BETSY MCKAY
isting health conditions, ac-
A surge in Covid-19 deaths cess to healthcare and occupa- Bill Gates warned six years
caused by the highly conta- tional exposure, public-health ago that the biggest potential
gious Delta variant is hitting experts say. killer the world faced was a
working-age people hard while A measure of daily Covid-19 pandemic.
highlighting the risks for peo- deaths divided into new hospi- Now, he says, not enough is
ple who remain unvaccinated. talizations from two weeks being done to prepare for the
Federal data show Covid-19 earlier—covering a gap that next one.
deaths among people under 55 clinicians say captures the “I’m a little worried that
KYLE GREEN/ASSOCIATED PRESS

have roughly matched highs time it takes for many deaths the attention to pandemic pre-
near 1,800 a week set during to occur—shows some turbu- paredness is lower than I
last winter’s surge. These data lence since Delta began driv- would have expected,” the bil-
show weekly tallies for overall ing up cases this summer. This lionaire philanthropist and Mi-
Covid-19 deaths, meanwhile, metric counts all Covid-19 crosoft Corp. co-founder said
remain well under half of the deaths, including the roughly in an interview. He said that
pandemic peak near 26,000 one-third that occur outside proper preparedness included
reached in January. hospitals, meaning it doesn’t the ability to make a vaccine
The Delta-driven Covid-19 Younger age groups have represented a growing share of deaths since vaccines became available. precisely reflect the rate at in 100 days and manufacture
surge is the first major case which hospitalized patients enough for the entire world in
surge to spread through a par- likely to be infected, 10 times die. the next 100 days after that.
tially vaccinated U.S. popula- as likely to be hospitalized and Shots Save Lives, people infected before their sec- Measuring deaths against The Bill & Melinda Gates
tion. High vaccination rates 11 times as likely to die. ond dose or before the protec- hospitalizations shows a de- Foundation called in a report
among the elderly, who are At Tampa General Hospital, More Data Show tion from a second dose had cline in deaths after the mass published Monday for nations
more vulnerable to severe about 90% of recent Covid-19 kicked in, the ONS said. The vaccination effort began, re- to invest more in health sys-
Covid-19 outcomes, are re- patients were unvaccinated, agency identified 256 as break- flecting what some health-ex- tems, including the capacity to
straining the overall increase said Peggy Duggan, chief med- LONDON—An analysis of through deaths, in which the perts say is more exposure manufacture vaccines. The
in deaths, some researchers ical officer at the facility, more than 50,000 Covid-19 person died after testing posi- among younger people and tools to end the pandemic are
say. The change is shifting a which is one of Florida’s larg- deaths in England this year of- tive for the virus at least 14 improvements in care, but largely the same as those used
larger share of deaths to youn- est hospitals with more than fers reassuring evidence on the days after their second dose, or that decline stopped in the to fight other infectious dis-
ger populations with lower 1,000 beds. Many patients who effectiveness of vaccines, show- 0.5% of all Covid-19 deaths. spring. eases, the report said: wide-
vaccination rates, underscor- did get the shots have com- ing that mortality rates among The average age of the peo- Estimating the overall share spread testing, treatment and
ing the need to get more peo- promised immune systems due people fully inoculated against ple in those breakthrough of Covid-19 cases that become immunization.
ple inoculated to curb the pan- to organ transplants or cancer coronavirus were a fraction of deaths was 84, the ONS said. deadly is difficult, because Some 49 million doses of
demic, they say. treatment, Dr. Duggan said. those without a shot. More than 60% were male and testing captures only a portion Covid-19 vaccine were admin-
“We don’t want anyone to Tampa General’s recent The study, by the U.K.’s Of- over three-quarters were classi- of actual cases. A measure istered in the first half of this
die from a vaccine-preventable Covid-19 patients in intensive fice for National Statistics, re- fied as clinically extremely vul- known as the case-fatality ra- year in Africa compared with
disease,” said Samuel Scar- care were 46 years old on av- corded 640 deaths among fully nerable, a category that includes tio, which looks at the number 43 million in California, ac-
pino, managing director of erage, far below the average vaccinated individuals between people suffering from a variety of known cases that become cording to the report, high-
Pathogen Surveillance at the during prior surges when vul- Jan. 2 and July 2, or 1.2% of of chronic illnesses that heighten known deaths, appears to be lighting inequity in vaccine
Rockefeller Foundation’s Pan- nerable seniors were often 51,281 Covid-19 deaths overall. their risk of death from Covid-19. heading lower, some public- availability between low-in-
demic Prevention Institute. hospitalized, Dr. Duggan said. Of those 640, some were of —Jason Douglas health experts said. come and wealthy nations.
The seven-day average for The hospital’s death rate for But because deaths tend to “The only real solution to
newly reported Covid-19 Covid-19 patients hasn’t lag three to five weeks behind this problem is to have factories
deaths each day recently changed, sticking around 7%. ages 75 to 84, the risk of death pandemic. While the Delta cases, the death toll may yet that can make enough for the
eclipsed 1,600, up from an av- “These are working people, is 220 times as high. surge set off nursing-home grow even as new cases are entire world in 100 days,” said
erage that briefly moved be- they’re people with families Older Americans still ac- outbreaks again, and workers leveling off. The concentration Mr. Gates. “And that is doable.”
low 220 a day in early July. and children they’re still rais- count for the most Covid-19 who chose not to get the vac- of those fatalities among un- A new $65 billion plan by
With roughly 660,000 known ing,” Dr. Duggan said. deaths, but their higher vacci- cine prompted employers and vaccinated people demon- the Biden administration to
Covid-19 deaths to date, the Younger age groups have nation rates have helped hold officials to issue mandates for strates how important the strengthen pandemic pre-
U.S. is on track to soon top the represented a growing share down the numbers. About 54% these facilities, residents’ shots are to ending the pan- paredness is a step in the
estimated 675,000 deaths that of deaths since vaccines be- of the overall U.S. population deaths haven’t reached the demic, said Jodie Guest, vice right direction, he said, but
the Centers for Disease Con- came available, a trend that and 63% of eligible people levels seen earlier in the pan- chair of the epidemiology de- will have to be funded. “We’re
trol and Prevention has linked has continued into the sum- ages 12 and above are fully demic. partment at Emory Univer- going to have to keep pushing
to the 1918-19 flu pandemic. mer’s Delta surge. vaccinated, while the average Despite gains in protecting sity’s Rollins School of Public for that,” said Mr. Gates, who
Deaths have been concen- Age is a major risk factor among nursing homes is 84% seniors, the Delta surge has Health. is co-chairman of the founda-
trated among the unvacci- for people with Covid-19. Peo- for their residents, federal presented major risks to other “We cannot accept this as tion with his former wife, Me-
nated, federal data show. The ple in their 30s are four times data show. groups. CDC data continue to our endemic level, and we linda French Gates.
CDC released studies on Fri- as likely to die from infections This is yielding benefits in show that, compared with have the tools to keep this Mr. Gates said he is as en-
day showing that unvaccinated as people ages 18 to 29, ac- places hit hardest by deadly non-Hispanic whites, Black from being our endemic level,” gaged in his work with the
Americans were 4.6 times as cording to the CDC. For people Covid-19 waves earlier in the and Hispanic people face al- Dr. Guest said. foundation as ever because of
the pandemic and other press-
ing challenges. “It’s a very

Boosters Aren’t Needed Yet, Group Says

positive part of our life and
back to being the primary fo-
cus of my work,” said Mr.
Gates, who also works on re-
ducing climate change.
BY SARAH TOY When the scientists aver- authorities should focus on The Gates Foundation’s
aged the results from observa- people around the globe who “Goalkeepers” report tracks
An international group of tional studies, they said they aren’t yet vaccinated, the au- progress toward sustainable
scientists said that there isn’t found that vaccination had thors of the Lancet review development goals set by the
enough evidence yet to sup- 95% effectiveness against se- said. Current vaccine supplies United Nations. The report
port giving Covid-19 booster vere disease from both the could save more lives if used also looked at the impact of
shots to the general public. Delta and Alpha variants, and in unvaccinated populations the Covid-19 pandemic.
In a review article pub- more than 80% effectiveness than if used as boosters in The pandemic resulted in
lished Monday in the Lancet, a in protecting against infection vaccinated populations, they 31.3 million more people end-
EMILY ELCONIN/GETTY IMAGES

group of scientists concluded from these variants. They said. ing 2020 in extreme poverty,
that current vaccine regimens noted that waning antibody “Even if some gain can ulti- the report found, and an eco-
were still very effective at levels don’t necessarily corre- mately be obtained from nomic recovery under way this
protecting against severe dis- late with a decrease in effec- boosting, it will not outweigh year is leaving women behind.
ease from viral variants, in- tiveness against severe dis- the benefits of providing ini- Women are expected to
cluding Delta. They said there ease. That is because tial protection to the unvacci- hold 13 million fewer jobs this
doesn’t seem to be a need for protection against severe dis- nated,” said Ana-Maria Henao- year than they did in 2019, be-
boosters to bolster the immu- ease also comes from other Restrepo, the study’s lead fore the pandemic began,
nity of the general population parts of the immune system, Current vaccine regimens are still very effective at protecting author and researcher at the while employment among men
yet. they said, such as memory B against severe disease from viral variants, the article’s authors said. WHO. She said vaccines would is forecast to recover largely
The scientists, including cells and T-cells. help inhibit the evolution of to pre-pandemic rates, accord-
some at the World Health Or- Boosters may eventually be actions, there could be impli- booster shots for certain im- further variants and bring the ing to the report.
ganization and the U.S. Food needed, but there could be cations for vaccine acceptance munocompromised patients, pandemic to an end if they are The pandemic didn’t dam-
and Drug Administration, risks if boosters were widely that go beyond Covid-19 vac- and the Biden administration deployed where fewer people age the global economy or
looked at data from random- introduced too soon or too cines. Thus, widespread boost- is considering plans to have had access to them so some developmental measures
ized control trials and obser- frequently, the authors of the ing should be undertaken only broaden distribution to the far. as badly as the foundation an-
vational studies published in review said. if there is clear evidence that general public within the ticipated. “It wasn’t the worst
peer-reviewed journals and “If unnecessary boosting it is appropriate,” they wrote. month.  Your Health: Scientists weigh case, but it’s still a huge set-
preprint servers. causes significant adverse re- The U.S. has authorized Instead of boosters, health in on Covid boosters............ A11 back,” Mr. Gates said.

FROM PAGE ONE

Huddled in Appomattox’s be fully restored. Shell’s big- the environment and we are In particular, it devastated former military and emer-
Shell Faces control room, the crew lis-
tened intently as the no-non-
gest concern is the Mars corri-
dor, its largest source of pro-
grateful that all personnel
aboard the Globetrotter II are
Houma, La., where Shell nor-
mally schedules flights to off-
gency response professionals.
They include Shawn Essert,
sense Ms. Michel answered a duction in the Gulf. The three safe and accounted for,” Shell shore platforms, forcing the the company’s head of emer-
Hurdles question about when produc-
tion would be restored. Ms.
biggest platforms there took
on water and were damaged.
said.
Damage onshore has been
company to turn to an un-
tested backup plan.
gency response for the Ameri-
cas, who oversaw the Environ-
Michel paused and answered,
After Ida “soon.”
By Saturday night, Shell
Shell’s West Delta-143 off-
shore facility, a critical instal-
lation analysts said handled
the primary obstacle to recov-
ery. Key ports and airports
were knocked out, slowing the
Shell’s workers now begin
their trip offshore in the park-
ing lot of the Hollywood Ca-
mental Protection Agency’s
response at Ground Zero fol-
lowing the Sept. 11, 2001, ter-
had brought back Appomattox, more than 200,000 barrels a redeployment of staff and sino in Stennis, Miss., where rorist attacks.
Continued from Page One which hadn’t taken a direct hit day of Mars crude before the equipment. Oil and gas pro- the company rented space on Every day, the team gathers
tential safety issues that from the hurricane, though re- storm and about 10% of overall which it constructed an im- in a small conference room for
needed to be checked before storing service at other com- production in the Gulf, is se- promptu airport terminal in a 2:30 p.m. briefing on the sta-
the largest floating platform in
the Gulf of Mexico—two foot-
pany facilities knocked offline
remained a work in progress.
verely damaged and remains
offline.
Damage onshore has less than a week.
Upon arrival, workers check
tus of remobilization efforts,
as the ringing of slot machines
ball fields wide and rising 16 Nearly 50% of U.S. offshore A drilling ship contracted to been the primary in for their flight through a and pop music outside pro-
stories above the water—could
begin delivering oil again.
oil production remains out of
service two weeks after Ida
Shell and operated by Noble
Corp., the Globetrotter II, was
obstacle to recovery series of air-conditioned tents.
As with commercial travel,
vides a faint soundtrack.
While storm season is a fact
Every passing day meant barreled through the Gulf of unable to move out of the from the storm. Shell’s passengers have to un- of life in the Gulf, it has be-
Shell was losing out on the Mexico as a Category 4 hurri- storm’s path. According to a dergo security and baggage come more difficult for Shell
more than $9 million in daily cane, making it the most dam- lawsuit filed against Shell and checks before boarding a heli- in recent years, leading the
revenue the platform can yield aging storm for the region’s Noble by a worker on board, copter. The casino’s hotel it- company to expand the period
at peak production. output in more than 15 years. the ship was exposed to winds cessing plants and other criti- self is packed with hundreds when its response team is on
“I haven’t had a day off Offshore producers evacuated of 150 miles an hour and cal onshore facilities were of people displaced by the heightened alert.
since before the storm,” said 288 platforms before Ida, nearly capsized several times, damaged or remain without hurricane. Shell managed to Last year was the most ac-
Kimarie Michel, Appomattox’s more than half the total plat- injuring workers. The lawsuit electricity. Companies are also claim several rooms just off tive Atlantic hurricane season
operations manager, who flew forms in the Gulf. alleges the companies failed to contending with Covid-19, the smoke-filled casino floor on record, with 30 named
to the platform Friday to give Shell said a significant move the ship, imperiling its which has spread through and outdoor lazy river and storms.
the 57-member crew a pep amount of production re- 142 workers. their workforce. pool. “We’re always just one
talk. “That’s OK, it’s hurricane mained offline, and the com- “Shell’s top priority remains Ida tore through the heart Shell’s hurricane incident storm away from a really bad
season.” pany wouldn’t say when it will the safety of our people and of Shell’s logistical operations. team is overseen by a mix of year,” Mr. Essert said.
 .

THE WALL STREET JOURNAL. NY Tuesday, September 14, 2021 | A6A

 .

A6B | Tuesday, September 14, 2021 NY THE WALL STREET JOURNAL.

Go straight to smart.
The Deloitte Insights app connects you to
relevant, timely content from two of the most
trusted sources in the world: Deloitte Insights
and Dow Jones.

Get personalized news, analysis, market updates,

   
    
 
all in one easy-to-navigate mobile app.

Scan the QR code to

download the app today.

Copyright © 2021 Deloitte Development LLC. All rights reserved.

 .

THE WALL STREET JOURNAL. * * * * * * NY Tuesday, September 14, 2021 | A7

U.S. WATCH U.S. NEWS

NIH Reviews Removal of Data

TREASURY WASHINGTON
Budget Gap Shrinks Man Driving With
As Revenue Surges Bayonet Arrested
The U.S. budget deficit nar- A man driving a pickup marked BY AMY DOCKSER MARCUS
rowed to $2.7 trillion in the first with white-supremacist symbols AND DREW HINSHAW
11 months of the fiscal year was arrested early Monday morn-
from $3 trillion in the same pe- ing near Democratic National The National Institutes of
riod a year earlier as the recov- Committee headquarters in Wash- Health said it was reviewing
ery from a pandemic-induced ington, according to Capitol Police. the removal of genetic data
slump lifted tax revenue. Donald Craighead, 44 years about the Covid-19 virus from
Outlays for the 11 months old, of Oceanside, Calif., was an agency-run archive after a
through August rose 4% to a re- found with a bayonet and ma- scientist raised concerns about
cord $6.3 trillion, the Treasury De- chete inside a Dodge Dakota the episode this summer.
partment said Monday. Spending truck, Capitol Police said. He was The data—a series of gene
has been boosted by pandemic- arrested for possessing those sequences from coronavirus
related costs such as expanded weapons, which are illegal in samples obtained from
unemployment compensation. Washington. Mr. Craighead Covid-19 patients in Wuhan in
Treasury officials have said such couldn’t be reached for comment. January and February 2020—
outlays are generally declining. During his apprehension, a cou- could hold clues about the ori-

STEFANI REYNOLDS/PRESS POOL

Federal revenue during the 11- ple of blocks south of the Capitol gin of the pandemic. The se-
month period rose 18% from the complex, Mr. Craighead told police quences were deleted from the
previous year to a record $3.6 he was “ ‘on patrol’ and began Sequence Read Archive (SRA)
trillion. talking about white supremacist last year at the request of one
—John McCormick ideology,” the police said. of the Wuhan University re-
—Rachael Levy searchers who had originally
WASHINGTON provided them—a move that
OBITUARY three Republican U.S. senators
Biden Set to Pick questioned in June in a sternly NIH Director Francis Collins. Genetic data on the Covid-19 virus was removed from an agency-run archive.
Ex-Im Bank Chief Newport Jazz Festival worded letter to NIH Director
Co-Founder Dies at 95 Francis Collins. Organization reported in aware these sequences ex- cording to an online post iden-
President Biden intends to “The efforts by Chinese re- March that the pandemic vi- isted,” the virologist, Jesse tified as that of an employee
nominate Reta Jo Lewis, a for- George Wein, an impresario of searchers to delete the data de- rus, SARS-CoV-2, likely spread Bloom, wrote in the paper, of the state-affiliated Xinhua
mer State Department official, 20th-century music who helped mands additional explanation,” to humans by contact with an adding that the deletion “sug- News Agency. The commis-
to serve as president and chair- found the Newport Jazz and Folk Sens. Marsha Blackburn (R., unknown animal that had been gests a less than wholehearted sion’s vice minister said Dr.
woman of the Export-Import festivals and set the template for Tenn.), Charles E. Grassley (R., infected by another animal, effort to maximize information Bloom had “made up a con-
Bank of the United States, ac- gatherings everywhere—including Iowa) and Roger Marshall (R., possibly a bat. That finding about viral sequences from spiracy theory that it was a
cording to people familiar with Woodstock—died Monday. Kansas), wrote in the letter. The has been sharply criticized in early in the Wuhan epidemic.” cover up” and that the deleted
the announcement. Mr. Wein, 95, died “peacefully senators cited as the reason for recent months, with some sci- Two weeks after Dr. Bloom’s sequences were of little value
Ms. Lewis, 67 years old, is a in his sleep” in his New York City their inquiry a June 23 Wall entists saying there isn’t paper was posted, the Chinese for tracing the origin of the
senior fellow and director of apartment, said Carolyn McClair, a Street Journal article about the enough evidence to determine researchers uploaded the de- pandemic virus, according to a
congressional affairs with the family spokesperson. deletion of the sequences. whether that hypothesis or the translation in the post.
German Marshall Fund of the The former jazz club owner In a reply to the senators other leading one—that the China’s National Health
United States. launched the Newport Jazz Festi- dated Sept. 8, Dr. Collins said deadly virus began spreading Commission didn’t respond to
If confirmed by the Senate, val in 1954 with a lineup that in- a review was under way to de- in humans after escaping from
Scientists scour gene a request to comment.
Ms. Lewis would become the cluded Billie Holiday, Dizzy Gillespie termine “whether appropriate a lab—is the correct one. sequences for clues It is unusual for data sub-
first person of color to lead the and Ella Fitzgerald. He led the fes- steps were taken to assess this U.S. intelligence agencies mitted to the Sequence Read
federal export credit agency. tival for more than 50 years. withdrawal request.” An NIH recently delivered a report to
to viral pathogens’ Archive to be deleted later on.
—Ken Thomas —Associated Press spokeswoman on Sunday said President Biden saying a lack origin and evolution. From March 2020 to March
that the review had been com- of data made it difficult to 2021, the archive received
pleted and that NIH leaders reach a definitive conclusion about 2.4 million submissions
would weigh the findings. on the origin of the pandemic. of sequence data, according to
JASON FOCHTMAN/HOUSTON CHRONICLE/ASSOCIATED PRESS

“After all the American peo- Scientists routinely scour leted sequences to a public da- a spokeswoman for the Na-
ple have been through since the gene sequences of the sort re- tabase maintained by the tional Center for Biotechnol-
pandemic started, they deserve moved from the archive as a China National Center for Bio- ogy Information, the NIH divi-
straight answers to basic ques- way to find clues about the or- information. The researchers sion that maintains the
tions which the Biden adminis- igin and evolution of viral published information about archive. In that same period,
tration has failed to give them pathogens. the sequences in a scientific 2.09% of the submissions were
to date,” the three senators said The controversy began in journal in June 2020. The re- updated and 0.19% were with-
on Sunday in a statement after June, when a virologist at the searchers didn’t respond to an drawn, the spokeswoman said.
receiving Dr. Collins’s letter. Fred Hutchinson Cancer Re- email requesting comment. NCBI officials said it was
The NIH and its parent agency, search Center in Seattle re- China’s National Health hard to determine the validity
the Department of Health and ported in a paper posted on- Commission said the request of requests to update or re-
Human Services, “have failed to line that he had discovered for the deletion came about as move data from the Sequence
be fully transparent with Con- that the sequences had been the result of a misunderstand- Read Archive and that they
gress and the American peo- deleted from the NIH-run da- ing between the Chinese re- take such requests at face
ple,” the senators said. tabase, which is widely used searchers and the journal that value. “We can’t adjudicate the
READY: Paul Villagomez stocked up on fuel Monday in Kingwood, An international scientific by scientists around the world. had published the paper de- truth,” said Stephen Sherry,
Texas, ahead of the expected arrival of Hurricane Nicholas. team led by the World Health As a result, “nobody was scribing the sequences, ac- acting director of the NCBI.
 .

A8 | Tuesday, September 14, 2021 THE WALL STREET JOURNAL.

THE FACEBOOK FILES

Facebook’s with flaws that cause harm,

often in ways only the com-
pany fully understands.
clearest picture thus far of
how broadly Facebook’s prob-
lems are known inside the
better-trained, full-time em-
ployees, for additional layers
of review.
the athlete adheres to Face-
book’s rules and declined to
comment further.
familiar with the matter.
In June 2020, a Trump post
came up during a discussion

Systems Moreover, the documents

show, Facebook often lacks the
will or the ability to address
company, up to the CEO him-
self. And when Facebook
speaks publicly about many of
Most Facebook employees
were able to add users into
the XCheck system, the docu-
The lists of those enrolled
in XCheck were “scattered
throughout the company, with-
about XCheck’s hidden rules
that took place on the com-
pany’s internal communica-

Favor Elite them.

This is the first in a series
of articles based on those doc-
these issues, to lawmakers,
regulators and, in the case of
XCheck, its own Oversight from the files

Ê
uments and on interviews with Board, it often provides mis-
Continued from Page One dozens of current and former leading or partial answers,
practices, marked attorney-cli- employees. masking how much it knows.
ent privileged, found favorit- At least some of the docu- One area in which the com-
ism to those users to be both ments have been turned over pany hasn’t struggled is prof-
widespread and “not publicly to the Securities and Exchange itability. In the past five years,
defensible.” Commission and to Congress during which it has been un-
“We are not actually doing by a person seeking federal der intense scrutiny and roiled
what we say we do publicly,” whistleblower protection, ac- by internal debate, Facebook
said the confidential review. It cording to people familiar has generated profit of more
called the company’s actions with the matter. than $100 billion. The com-
“a breach of trust” and added: Facebook’s stated ambition pany is currently valued at
“Unlike the rest of our com- has long been to connect peo- more than $1 trillion.
munity, these people can vio- ple. As it expanded over the
late our standards without any past 17 years, from Harvard
consequences.” undergraduates to billions of Rough justice
Despite attempts to rein it global users, it struggled with For ordinary users, Face-
in, XCheck grew to include at the messy reality of bringing book dispenses a kind of rough That means, for a select few members of our community, we are not
least 5.8 million users in 2020, together disparate voices with justice in assessing whether enforcing our policies and standards. Unlike the rest of our community,
documents show. In its strug- different motivations—from posts meet the company’s rules these people can violate our standards without any consequences.
gle to accurately moderate a people wishing each other against bullying, sexual con-
torrent of content and avoid happy birthday to Mexican tent, hate speech and incite-
negative attention, Facebook drug cartels conducting busi- ment to violence. Sometimes
created invisible elite tiers ness on the platform. Those the company’s automated sys-
within the social network. problems increasingly con- tems summarily delete or bury ments say, and a 2019 audit out clear governance or own- tions platform, called Face-
In describing the system, sume the company. content suspected of rule viola- found that at least 45 teams ership,” according to a “Get book Workplace. The previous
Facebook has misled the pub- Time and again, the docu- tions without a human review. around the company were in- Well Plan” from last year. month, Mr. Trump said in a
lic and its own Oversight ments show, in the U.S. and At other times, material volved in whitelisting. Users “This results in not applying post: “When the looting starts,
Board, a body that Facebook overseas, Facebook’s own re- flagged by those systems or by aren’t generally told that they XCheck to those who pose real the shooting starts.”
created to ensure the account- searchers have identified the users is assessed by content have been tagged for special risks and on the flip-side, ap- A Facebook manager noted
ability of the company’s en- treatment. An internal guide plying XCheck to those that do that an automated system, de-
forcement systems. to XCheck eligibility cites not deserve it (such as abusive signed by the company to de-
In June, Facebook told the qualifications including being accounts, persistent violators). tect whether a post violates its
Oversight Board in writing
that its system for high-profile
‘We are not actually “newsworthy,” “influential or
popular” or “PR risky.”
These have created PR fires.”
In practice, Facebook ap-
rules, had scored Mr. Trump’s
post 90 out of 100, indicating
users was used in “a small Neymar, the Brazilian soc- peared more concerned with a high likelihood it violated
number of decisions.”
In a written statement,
doing what we say cer star whose full name is
Neymar da Silva Santos Jr.,
avoiding gaffes than mitigat-
ing high-profile abuse. One
the platform’s rules.
For a normal user post,
Facebook spokesman Andy easily qualified. With more Facebook review in 2019 of such a score would result in
Stone said criticism of XCheck
was fair, but added that the
we do publicly.’ than 150 million followers,
Neymar’s account on Insta-
major XCheck errors showed
that of 18 incidents investi-
the content being removed as
soon as a single person re-
system “was designed for an Facebook review gram, which is owned by Face- gated, 16 involved instances ported it to Facebook. Instead,
important reason: to create an book, is one of the most popu- where the company erred in as Mr. Zuckerberg publicly ac-
additional step so we can ac- lar in the world. actions taken against promi- knowledged last year, he per-
curately enforce policies on platform’s ill effects, in areas moderators employed by out- After a woman accused nent users. sonally made the call to leave
content that could require including teen mental health, side companies. Neymar of rape in 2019, he Four of the 18 touched on the post up. “Making a manual
more understanding.” political discourse and human Mr. Zuckerberg estimated posted Facebook and Insta- inadvertent enforcement ac- decision like this seems less
He said Facebook has been trafficking. Time and again, in 2018 that Facebook gets gram videos defending him- tions against content from Mr. defensible than algorithmic
accurate in its communica- despite congressional hear- 10% of its content removal de- self—and showing viewers his Trump and his son, Donald scoring and actioning,” the
tions to the board and that the ings, its own pledges and nu- cisions wrong, and, depending WhatsApp correspondence Trump Jr. Other flubbed en- manager wrote.
company is continuing to work merous media exposés, the on the enforcement action with his accuser, which in- forcement actions were taken Mr. Trump’s account was
to phase out the practice of company didn’t fix them. taken, users might never be cluded her name and nude against the accounts of Sen. covered by XCheck before his
photos of her. He accused the Elizabeth Warren, fashion two-year suspension from
woman of extorting him. model Sunnaya Nash, and Mr. Facebook in June. So too are
from the files Facebook’s standard proce- Zuckerberg himself, whose those belonging to members
Ê

dure for handling the posting live-streamed employee Q&A of his family, Congress and the
of “nonconsensual intimate had been suppressed after an European Union Parliament,
imagery” is simple: Delete it. algorithm classified it as con- along with mayors, civic activ-
But Neymar was protected by taining misinformation. ists and dissidents.
XCheck. While the program included
For more than a day, the most government officials, it
system blocked Facebook’s Pulling content didn’t include all candidates
moderators from removing the Historically, Facebook con- for public office, at times ef-
video. An internal review of the tacted some VIP users who vi- fectively granting incumbents
incident found that 56 million olated platform policies and in elections an advantage over
Exempting (aka whitelisting) specific people and entities creates numerous Facebook and Instagram users provided a “self-remediation challengers. The discrepancy
legal, compliance, PR risks for the company and harms our community. saw what Facebook described window” of 24 hours to delete was most prevalent in state
in a separate document as “re- violating content on their own and local races, the documents
venge porn,” exposing the before Facebook took it down show, and employees worried
woman to what an employee and applied penalties. Facebook could be subject to
referred to in the review as Mr. Stone, the company accusations of favoritism.
abuse from other users. spokesman, said Facebook has Mr. Stone acknowledged the
“This included the video be- phased out that perk, which concern but said the company
ing reposted more than 6,000 was still in place during the had worked to address it. “We
times, bullying and harass- 2020 elections. He declined to made multiple efforts to en-
ment about her character,” the say when it ended. sure that both in federal and
review found. At times, pulling content nonfederal races, challengers
Facebook’s operational
whitelisting. “A lot of this in- Sometimes the company told what rule they violated or guidelines stipulate that not
ternal material is outdated in- held back for fear of hurting be given a chance to appeal. only should unauthorized nude
formation stitched together to
create a narrative that glosses
its business. In other cases,
Facebook made changes that
Users designated for XCheck
review, however, are treated
photos be deleted, but that
people who post them should
‘Facebook routinely
over the most important backfired. Even Mr. Zucker- more deferentially. Facebook have their accounts deleted.
point: Facebook itself identi-
fied the issues with cross
berg’s pet initiatives have
been thwarted by his own sys-
designed the system to mini-
mize what its employees have
“After escalating the case to
leadership,” the review said,
makes exceptions for
check and has been working to tems and algorithms. described in the documents as “we decided to leave Neymar’s
address them,” he said. The documents include re-
search reports, online em-
“PR fires”—negative media at-
tention that comes from
accounts active, a departure
from our usual ‘one strike’
powerful actors.’
ployee discussions and drafts botched enforcement actions profile disable policy.” Facebook memo
Internal documents of presentations to senior taken against VIPs. Neymar denied the rape al-
The documents that de- management, including Mr. If Facebook’s systems con- legation, and no charges were
scribe XCheck are part of an Zuckerberg. They aren’t the clude that one of those ac- filed against him. The woman from a VIP’s account requires as well as incumbents were in-
extensive array of internal result of idle grumbling, but counts might have broken its was charged by Brazilian au- approval from senior execu- cluded in the program,” he
Facebook communications re- rather the formal work of rules, they don’t remove the thorities with slander, extor- tives on the communications said.
viewed by The Wall Street teams whose job was to exam- content—at least not right tion and fraud. The first two and public-policy teams, or The program covers pretty
Journal. They show that Face- ine the social network and fig- away, the documents indicate. charges were dropped, and she even from Mr. Zuckerberg or much anyone regularly in the
book knows, in acute detail, ure out how it could improve. They route the complaint into was acquitted of the third. A Chief Operating Officer Sheryl media or who has a substan-
that its platforms are riddled They offer perhaps the a separate system, staffed by spokesperson for Neymar said Sandberg, according to people Please turn to the next page
IAN BATES FOR THE WALL STREET JOURNAL

Near Facebook’s headquarters in Menlo Park, Calif. Documents show that the company is trying to eliminate the practice of whitelisting, which renders VIP users immune from enforcement actions.
 .

THE WALL STREET JOURNAL. Tuesday, September 14, 2021 | A9

THE FACEBOOK FILES

ZUMA PRESS; GETTY IMAGES (3); REUTERS (2); ASSOCIATED PRESS; PRESS POOL
Those included in the XCheck program, according to Facebook documents, include, in top row: Brazilian soccer star Neymar, former President Donald Trump, Donald Trump Jr. and Facebook CEO Mark
Zuckerberg, and in bottom row, Sen. Elizabeth Warren, former Trump adviser Dan Scavino, author and political commentator Candace Owens and animal influencer Doug the Pug.

Continued from the prior page enforcement systems regularly As a result, Mr. El Sokkari’s following year, said that blan- “FB’s decision-making on our newsroom,” it added, link-
tial online following, including flub calls. account was blocked from ket exemptions and posts that content policy is influenced by ing to a 2018 blog post that
film stars, cable talk-show Part of the problem is re- broadcasting a live video were never subsequently re- political considerations,” wrote declared “we remove content
hosts, academics and online sources. While Facebook has shortly before a scheduled viewed had become the core of an economist in the company’s from Facebook, no matter who
personalities with large fol- trumpeted its spending on an public appearance. In re- the program, meaning most data-science division. posts it, when it breaks our
lowings. On Instagram, XCheck army of content moderators, it sponse, he denounced Face- content from XCheck users “Separate content policy standards.” Facebook’s 2019
covers accounts for popular still isn’t capable of fully pro- book on Twitter and the com- wasn’t subject to enforcement. from public policy,” recom- internal review had previously
animal influencers including cessing the torrent of user- pany’s own platform in posts “We currently review less than mended Kaushik Iyer, then cited that same blog post as
“Doug the Pug.” generated content on its plat- that received hundreds of 10% of XChecked content,” the lead engineer for Facebook’s misleading.
In practice, most of the forms. Even assuming thousands of views.
content flagged by the XCheck adequate staffing and a higher Facebook swiftly reversed it-
system faced no subsequent accuracy rate, making millions self, but shortly afterward mis- from the files

Ê
review, the documents show. of moderation decisions a day takenly took down more of Mr.
Even when the company would still involve numerous El Sokkari’s posts criticizing
does review the material, en- high-profile calls with the po- conservative Muslim figures.
forcement delays like the one tential for bad PR. Mr. El Sokkari responded:
on Neymar’s posts mean con- Facebook wanted a system “Facebook Arabic support
tent that should have been for “reducing false positives team has obviously been infil-
prohibited can spread to large and human workload,” accord- trated by extremists,” he Facebook routinely makes exceptions for powerful
audiences. Last year, XCheck ing to one internal document. tweeted, an assertion that
actors when enforcing content policy.
allowed posts that violated its The XCheck system was set up prompted more scrambling in-
rules to be viewed at least 16.4 to do that. side Facebook.
billion times, before later be- To minimize conflict with After seeking input from 41
ing removed, according to a average users, the company employees, Facebook said in a
summary of the program in has long kept its notifications report about the incident that
late December. of content removals opaque. XCheck remained too often
Facebook recognized years Users often describe on Face- “reactive and demand-driven.”
ago that the enforcement ex- book, Instagram or rival plat- The report concluded that
emptions granted by its forms what they say are re- XCheck should be expanded
XCheck system were unaccept- moval errors, often further to include prominent
able, with protections some- accompanied by a screenshot independent journalists such
times granted to what it called of the notice they receive. as Mr. El Sokkari, to avoid fu-
abusive accounts and persis- Facebook pays close atten- ture public-relations black
tent violators of the rules, the tion. One internal presentation eyes.
documents show. Nevertheless, about the issue last year was As XCheck mushroomed to
the program expanded over titled “Users Retaliating encompass what the docu- document stated. civic integrity team, in a June The XCheck documents
time, with tens of thousands of Against Facebook Actions.” ments said are millions of us- Mr. Stone said the company 2020 memo. show that Facebook misled the
accounts added just last year. “Literally all I said was ers world-wide, reviewing all improved that ratio during Buzzfeed previously re- Oversight Board, said Kate
In addition, Facebook has happy birthday,” one user the questionable content be- 2020, though he declined to ported on elements of these Klonick, a law professor at St.
asked fact-checking partners to posted in response to a came a fresh mountain of provide data. documents. John’s University. The board
retroactively change their find- botched takedown, according work. The leeway given to promi- That same month, employ- was funded with an initial
ings on posts from high-profile to the presentation. nent political accounts on mis- ees debated on Workplace, the $130 million commitment from
accounts, waived standard pun- “Apparently Facebook information, which the com- internal platform, about the Facebook in 2019, and Ms.
ishments for propagating what doesn’t allow complaining Whitelist status pany in 2019 acknowledged in merits of going public with the Klonick was given special ac-
it classifies as misinformation about paint colors now?” an- In response to what the a limited form, baffled some XCheck program. cess by the company to study
and even altered planned other user complained after documents describe as chronic employees responsible for pro- As the transparency pro- the group’s formation and its
changes to its algorithms to Facebook flagged as hate underinvestment in modera- tecting the platforms. High- posal drew dozens of “like” processes.
avoid political fallout. speech the declaration that tion efforts, many teams profile accounts posed greater and “love” emojis from col- “Why would they spend so
“Facebook currently has no “white paint colors are the around Facebook chose not to risks than regular ones, re- leagues, the Civic Team’s Mr. much time and money setting
firewall to insulate content-re- worst.” up the Oversight Board, then
lated decisions from external “Users like to screenshot us lie to it?” she said of Facebook
pressures,” a September 2020
memo by a Facebook senior
research scientist states, de-
at our most ridiculous,” the
presentation said, noting they
often are outraged even when
‘This problem is pervasive, touching after reviewing XCheck docu-
mentation at the Journal’s re-
quest. “This is going to com-
scribing daily interventions in
its rule-making and enforce-
ment process by both Face-
Facebook correctly applies its
rules.
If getting panned by every-
almost every area of the compaany.’ pletely undercut it.”
In a written statement, a
spokesman for the board said
book’s public-policy team and day users is unpleasant, inad- Facebook review it “has expressed on multiple
senior executives. vertently upsetting prominent occasions its concern about
A December memo from an- ones is potentially embarrass- the lack of transparency in
other Facebook data scientist ing. enforce the rules with high- searchers noted, yet were the Chakrabarti looped in the Facebook’s content modera-
was blunter: “Facebook rou- Last year, Facebook’s algo- profile accounts at all—the least policed. product manager overseeing tion processes, especially re-
tinely makes exceptions for rithms misinterpreted a years- practice referred to as white- “We are knowingly expos- the XCheck program to offer a lating to the company’s incon-
powerful actors.” old post from Hosam El Sok- listing. In some instances, ing users to misinformation response. sistent management of high-
kari, an independent journalist whitelist status was granted that we have the processes The fairness concerns were profile accounts.”
who once headed the BBC’s with little record of who had and resources to mitigate,” real and XCheck had been mis- Facebook is trying to elimi-
Flubbed calls Arabic News service, accord- granted it and why, according said a 2019 memo by Facebook managed, the product man- nate the practice of whitelist-
Mr. Zuckerberg has consis- ing to a September 2020 “inci- to the 2019 audit. researchers, called “The Politi- ager wrote, but “we have to ing, the documents show and
tently framed his position on dent review” by the company. “This problem is pervasive, cal Whitelist Contradicts Face- balance that with business the company spokesman con-
how to moderate controversial In the post, he condemned touching almost every area of book’s Core Stated Principles.” risk.“ Since the company was firmed. The company set a
content as one of principled Osama bin Laden, but Face- the company,” the 2019 review Technology website The Infor- already trying to address the goal of eliminating total im-
neutrality. “We do not want to book’s algorithms misinter- states, citing the audit. It con- mation previously reported on program’s failings, the best munity for “high severity” vio-
the document. approach was “internal trans- lations of FB rules in the first
In one instance, political parency,” he said. half of 2021. A March update
from the files whitelist users were sharing ar- On May 5, Facebook’s Over- reported that the company
Ê

ticles from alternative-medicine sight Board upheld the sus- was struggling to rein in addi-
websites claiming that a Berke- pension of Mr. Trump, whom tions to XCheck.
ley, Calif., doctor had revealed it accused of creating a risk of “VIP lists continue to
that chemotherapy doesn’t violence in connection with grow,” a product manager on
One of the fundamental reasons I joined FB is that I believe in its work 97% of the time. Fact- the Jan. 6 riot at the Capitol Facebook’s Mistakes Preven-
potential to be a profoundly democratizing force that enables checking organizations have in Washington. It also criti- tion Team wrote. She an-
everyone to have an equal civic voice. So having different rules on debunked the claims, noting cized the company’s enforce- nounced a plan to “stop the
speech for different people is very troubling to me. that the science is misrepre- ment practices, recommending bleeding” by blocking Face-
sented and that the doctor that Facebook more clearly ar- book employees’ ability to en-
cited in the article died in 1978. ticulate its rules for prominent roll new users in XCheck.
In an internal comment in individuals and develop penal- One potential solution re-
response to the memo, Samidh ties for violators. mains off the table: holding
Chakrabarti, an executive who As one of 19 recommenda- high-profile users to the same
headed Facebook’s Civic Team, tions, the board asked Face- standards as everyone else.
which focuses on political and book to “report on the relative “We do not have systems
social discourse on the plat- error rates and thematic con- built out to do that extra dili-
form, voiced his discomfort sistency of determinations gence for all integrity actions
with the exemptions. made through the cross check that can occur for a VIP,” her
“One of the fundamental process compared with ordi- memo said. To avoid making
reasons I joined FB Is that I be- nary enforcement procedures.” mistakes that might anger in-
lieve in its potential to be a A month later, Facebook fluential users, she noted, Face-
profoundly democratizing force said it was implementing 15 of book would instruct reviewers
that enables everyone to have the 19 recommendations. The to take a gentle approach.
become the arbiters of truth,” preted the post as supporting cluded that whitelists “pose an equal civic voice,” he wrote. one about disclosing cross “We will index to assuming
he told Congress in a hearing the terrorist, which would numerous legal, compliance, “So having different rules on check data was one of the four good intent in our review flows
last year. have violated the platform’s and legitimacy risks for the speech for different people is it said it wouldn’t adopt. and lean into ‘innocent until
Facebook’s special enforce- rules. Human reviewers erro- company and harm to our very troubling to me.” “It’s not feasible to track proven guilty,’ ” she wrote.
ment system for VIP users neously concurred with the community.” Other employees said the this information,” Facebook The plan, the manager
arose from the fact that its hu- automated decision and de- A plan to fix the program, practice was at odds with wrote in its responses. “We wrote, was “generally” sup-
man and automated content- nied Mr. El Sokkari’s appeal. described in a document the Facebook’s values. have explained this product in ported by company leadership.
 .

A10 | Tuesday, September 14, 2021 THE WALL STREET JOURNAL.

WORLD NEWS
Depopulation Hits Latvia Economy Hard
Industrialized nations Latvia’s total population* Percentage change in population since 2004*
struggle as birthrates 2.75 million 5%
decline, workers leave; 1990
2.50 2.7M 0
Riga seeks a reversal
EU 27 (2020)
–5
BY IAN LOVETT 2.25 Latvia
Lithuania
–10
DAGDA, Latvia—For nearly 2.00 2021
three decades, Inara Frolova, a 2021 –15
▼17%
local civil servant, has re- 1.9M
1.75
corded just how fast this re-
mote district on Latvia’s east- –20
ern border has dwindled. 1.50 2004 ’06 ’08 ’10 ’12 ’14 ’16 ’18 ’20
When her three brothers, her 2050
first husband and her son left 1.4M Live births in Latvia
1.25
for Ireland, she wrote it down.
50,000
When births hit their lowest-
ever level last year, she en- 1.00
tered the data. 40,000 2020
This year, with its popula- 0.75 17,552
VIT SIMANEK/CTK/ZUMA PRESS

tion at roughly half of what it 30,000

was in 1990, Dagda County
0.50
was deemed too small to sup- 20,000
port a local government and
merged with a nearby county. 0.25 10,000
“The only people still
around here are retired,” said ACTUAL PROJECTED
0 0
Ms. Frolova, 59 years old.
Latvia is on the front line of Depopulation is worse in rural Latvia than in the capital, Riga, 1960 ’70 ’80 ’90 2000 ’10 ’20 ’30 ’40 ’50 1960 ’70 ’80 ’90 2000 ’10 ’20
what could become one of the where the Cathedral Church of St. Mary is seen above. *Total population as of Jan. 1 of each year Source: Eurostat
defining challenges for the in-
dustrialized world: It is run- Latvia has lost 17% of its popu- vian people. We want it to re- rural areas, like Dagda, a few down restaurants left. On the child stipend. Families with
ning out of people. lation; only neighboring Lithu- main the country of the Latvian miles from Latvia’s border brick facade of one apartment more children also get dis-
From Portugal to Singapore ania has lost more. The work- people 100 years from now.” with Belarus. building, a Soviet-era mural counts on public transit, hous-
and across most of the Ameri- ing-age population has fallen In January, the govern- After the Soviet Union col- proclaims, “Glory to labor.” ing stipends and access to spe-
cas, birthrates are falling, and 23% over the period. ment adopted a new plan for lapsed, so did the local econ- When Juris Vilums, a for- cial academic scholarships. Mr.
population growth in the in- Last year, Latvia recorded working with the diaspora, omy, which had relied on facto- mer member of the Lat- Paradnieks said the percentage
dustrialized world has stalled its lowest number of births in which now numbers roughly ries, collective farms and goods vian parliament, finished high of families with at least three
or reversed. That prospect a century and the sharpest 300,000, according to the for- going to and from Belarus. To- school here in 2000, there children is increasing.
brings with it the specter of a population drop in the EU, at eign ministry. day, Latgale, the region where were 11 people in his graduat- In recent years, Latvia’s
shrinking labor force, an aging 0.8%. This first half of 2021 The plan provides funds for Dagda is located, has Latvia’s ing class. Now, he is the only neighbors have managed to re-
population and stagnant eco- was worse, with twice as many encouraging expatriates to in- one left in the area—most of verse demographic declines, at
nomic growth. deaths as births. vest in Latvian busi- his classmates are abroad and least temporarily, in part by
In Latvia, that future is here. Now, this nation of less nesses and more than €1 million his sister is in Ireland. The increasing immigration. But
As in much of former Soviet than two million people is try- a year, equivalent to $1.2 mil-
Last year, Latvia high school is closing because Latvia remains resistant to im-
Eastern Europe, Latvia’s low ing to do something that has lion, for Latvian language pro- recorded its lowest there aren’t enough students. migration from outside the EU.
birthrates have been exacer- historically proven all but im- grams abroad, part of an effort The departure of young peo- During the Cold War, the
bated by a decadeslong exodus possible: Turn around a demo- to make them feel more con-
number of births in ple is taking a toll: Latvia has Soviet government sent thou-
of young people for higher- graphic slide. This year, the nected and, perhaps, draw them a century. among the lowest per capita sands of migrants into the Bal-
paying jobs in the West and a government has adopted new back. Money is also allocated for numbers of doctors and nurses tic states, partly with the goal
reluctance to accept immi- policies aimed at boosting the the government to make per- in the EU. By 2027, it will lose of making them more Russian.
grants from outside Europe. birthrate and enticing expatri- sonalized offers—including help nearly 90,000 more working- That experience left scars,
The result is a nation whose ates back, but has so far de- finding work or housing—to lowest average salaries and the age people, according to the government officials said.
population is falling even clined to encourage immigra- families considering returning. highest unemployment rate. central statistics office, which “As a small country, having
faster than those of other tion from outside the EU. The exodus has slowed, but Its population has fallen projects the country will need in our memory 50 years of oc-
countries, like Japan and Italy, “It’s a very, very serious getting expatriates to return— 30% since 2004, with the steep- thousands more medical work- cupation, we’re always a little
where birthrates are lower. problem,” Imants Paradnieks, and to stay—has been difficult. est losses coming after the 2008 ers, engineers and craftsmen. afraid of foreigners coming in,”
Since joining the European an adviser to the prime minis- Even last year during the pan- financial crisis, when Latvia ad- Mr. Paradnieks sees growing said Elita Gavele, the ambassa-
Union, with its open borders ter on demographic issues, said demic, more Latvians left the opted strict austerity measures. Latvian families as the solution. dor to the Latvian diaspora. “It’s
and freedom to work any- of the falling population. “Lat- country than came home. In Dagda, roofs on empty This year, the legislature nearly better to be the Latvian state,
where in the bloc, in 2004, via is the country of the Lat- The exodus is far worse in houses sag. There are no sit- doubled the state’s monthly per with the Latvian language.”

Manage Your
WSJ Account
Online
Update your account details any time.
It’s quick and easy.

Visit the Customer Center to:

• Place delivery holds

• Change an address
• Report an issue
• Update your payment information
• Reset your password and more

Explore now at customercenter.wsj.com

© 2021 Dow Jones & Co., Inc. All rights reserved. 6DJ8497
 .

PERSONAL JOURNAL.
© 2021 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Tuesday, September 14, 2021 | A11

Some parents are sending kids to

school with smartwatches as an
alternative to cellphones.

celed, so he could catch the school

bus home; if she hadn’t let him
know, he could have missed the
bus. “I may text him once a week,
maybe twice a week if there’s been
a schedule change,” she said, add-
ing that he keeps his watch on
theater mode, so there’s no vibrat-
ing or ringing.
Apple has a new feature called
Schooltime that allows Apple
Watch wearers to block access to
notifications and apps, including
Messages, during school hours.

Teachers say students

are distracted by the
notifications buzzing on
ANGELA DECENZO FOR THE WALL STREET JOURNAL (2)

their smartwatches.

Parents can set the hours using

the Apple Watch app on their
iPhone, if that’s what they used to
set up their child’s watch, or they
can do it from the control center
of the child’s watch. Children can
exit Schooltime if they need to
make an emergency call or text,
but the watch reverts to Schoolt-
ime once the call is over or the
text has been sent. Parents can see

The New Tech Nuisance in Class

if their kids are exiting Schooltime
by checking the Apple Watch app
on their iPhone.
Smartwatches—which can
range in price from $100 for Veri-
zon’s GizmoWatch2 to around
McVerry said. likewise found that the big- $500 for a higher-end Apple
FAMILY While the children’s gest problem with both Watch with cellular connectivity—
& TECH smartwatch market is still smartwatches and cell- also pose an equity issue, some
JULIE relatively small, making up phones is parents texting administrators say.
JARGON about 20% of overall smart- their kids. Her school All students at San Mateo High

J
watch shipments, it’s a grow- doesn’t yet have a policy on School in the San Francisco Bay
ing segment of personal tech smartwatches except during Area get school-issued Chrome-
ust when schools finally for young people. According state standardized testing, books that have chat functions dis-
figured out how to deal to Pew Research, 13% of when they aren’t allowed. abled. The school requires cell-
with students’ cellphones, teens own a smartwatch. Cellphones aren’t allowed to phones to be securely locked
a new classroom distrac- Kids’ smartwatch unit sales be used by students except during the day in pouches made by
tion is emerging: smart- grew 12% to about 12 million at lunch. a company called Yondr. However,
watches. in the first half of this year “Every notification and the school doesn’t yet have a pol-
Parents have opted to send stu- compared with the prior-year text message distracts them icy governing smartwatches or
dents to school with child-friendly period, according to SuJeong Yondr recently developed lock pouches big enough from what they are doing. other devices, such as laptops and
wearables like Verizon’s Gizmo- Lim, a senior analyst at to hold both a smartphone and a smartwatch. The students usually have tablets, brought from home.
Watch, and even Apple Watches, Counterpoint Research. She them set on silent so that I “Children who can afford
as a less-distracting alternative to said she expects the kids’ don’t hear it, but it buzzes smartwatches and MacBooks have
cellphones. But educators say that smartwatch market to grow by can tell parents not to text their their wrist,” Ms. Johnson said. additional means to communicate,”
students are using their watches double digits annually. children, but let’s be real—there “The problem with the constant Adam Gelb, the school’s assistant
to cut class or text friends—some- Those figures represent watches are certain personality types who interruptions is that the students principal, said, adding that the
times with cheating in mind—and designed specifically for kids—so want 24/7 access to their kids, lose their train of thought,” she school is likely to develop a policy
still more are distracted by the no- they don’t include the Apple Watch. school rules be damned.” added. “They will be texted some- around outside devices soon. “If
tifications buzzing on their wrists. Apple recently made its smart- While her district’s tech policy thing like ‘Don’t forget to let the everyone just has a Chromebook,
Jeanne McVerry, a reading spe- watches more child-friendly by not doesn’t name smartwatches, it dog out when you get home’ and there’s an even playing field and
cialist and education-technology requiring kids to have an iPhone to states that students can use pri- then whatever they were working no one sticks out.”
coach in Teaneck, N.J., said her pair them with. (Parents can set up vately owned technology devices at on is just gone right out of their Yondr recently developed an
district doesn’t specifically forbid the Apple Watch—and parental con- school only with both parent and mind and they have to start over.” extra-large pouch that can hold
smartwatches in its tech-use pol- trols—through their own iPhone.) teacher approval, and that teachers Andrea Hawkins, of Saraland, both a cellphone and a smart-
icy but she has taken a hard line Many educators learned with can choose to prohibit their use. Ala., admits she’s guilty of sending watch, or a cellphone with those
on them. She asks students to put cellphones and texting that it is of- Ms. McVerry said she worries reminder texts to her 10th-grade pop-out grips. So far the larger
them in their backpacks during ten parents, and not other students, about how constant parent-child son’s Apple Watch but tries to keep pouches make up between 5% and
class. She learned students were who are the worst offenders—which communication is affecting kids’ it to a minimum. “It makes it simple 10% of Yondr’s orders.
using them to arrange bathroom led many districts to lock up development. “When parents are to communicate with him without “Smartwatches are definitely
meetups with friends to hang out phones during class rather than constantly sending that reminder violating the electronics policy, be- something schools are adapting to,”
during class time. simply forbid students to use them. text, they’re not giving their child cause the school doesn’t want cell- said Yondr Chief Executive Officer
“Technology changes so rapidly “Every once in a while, I bump the discomfort they need to advo- phones out during class,” she said. Graham Dugoni. “We wanted to cre-
and in ways we can’t anticipate into the whole ‘But my mom needs cate for themselves,” she said. Ms. Hawkins said she has had ate an environment free of phone
that we don’t know how we’re go- to get in touch with me’ excuse,” Diana Johnson, a high-school to text after learning that his distractions, and smartwatches are
ing to police every new thing,” Ms. Ms. McVerry said. “Administrators math teacher in eastern Georgia, cross-country practice was can- clearly an extension of that.”

many doses too Protecting the unvaccinated,

Scientists Weigh In early,” says Saad
Omer, director of the
Yale Institute for
including children
Boosters could also help reduce
transmission to children who

On Covid Boosters Global Health.

The complexity of
the body’s immune
aren’t yet eligible for vaccination.
Ali Ellebedy, an associate professor
of pathology and immunology at
system makes the Washington University School of
impact of a booster Medicine in St. Louis, says the rise
YOUR ers for the general public in a re- shot difficult to as- of the Delta variant has convinced
HEALTH view article published Monday in sess. Antibody levels him of the benefit of an additional
SUMATHI The Lancet. Others say that a from any vaccine or vaccine dose. As a father of three
REDDY booster’s additional protection natural infection will children under 12 who aren’t yet
provides even healthy people with decline over time, eligible for the shots, Dr. Ellebedy
meaningful benefits. says Deepta Bhat- says that an additional dose could

S
ome people are trying to get tacharya, a professor help prevent him from getting a
Covid-19 booster shots. Oth- Protection for the elderly of immunobiology at mild infection that he could pass
ers aren’t sure if they need Studies indicate that a decline in the University of Ar- on to his children, who could de-
them. Mixed public health mes- vaccine effectiveness is leading to a izona College of velop more serious cases.
sages aren’t making personal- rising number of mild to moderate Medicine in Tucson. Some public health advisers say
health decisions any clearer. breakthrough cases. What is unclear Yet “the ones that governments should give priority
So far, the U.S. has authorized is whether the decline is due to are left tend to be of to vaccinating the unvaccinated,
booster shots—an extra dose of time or the highly contagious Delta higher quality, so it both in the U.S. and abroad.
the mRNA vaccines made by Pfizer variant—or both. There isn’t any takes far fewer of “We’re not safe until the world
Inc. and its partner BioNTech SE, conclusive evidence suggesting that Booster shots are likely low risk, doctors say. them to protect is safe,” says Rebecca Wurtz, di-
and by Moderna Inc.—only for vaccinated people’s decline in im- Whether healthy people need them is less clear. against disease,” he rector of public health adminis-
people who are immunocompro- munity is leading to a major rise in says, adding that it tration and policy at the Univer-
mised, although others have man- Covid-19 hospitalizations or death, vaccine can help protect those who is difficult to tell exactly how sity of Minnesota School of Public
aged to get them. many scientists say. are at risk of a worse outcome, much additional protection a Health.
In August, the Biden administra- People who are elderly, frail or such as people over age 60, as well booster shot would provide. The World Health Organization
tion indicated boosters would be otherwise in high-risk groups have as those at risk of spreading it to Companies are working on boost- recently reiterated guidance that
available for the wider population the clearest need for boosters, sci- vulnerable people, such as health- ers that specifically target the Delta countries with large supplies of
starting Sept. 20. Regulators have entists say. “Older people tend to care and nursing-home employees. variant, Dr. Bhattacharya notes. “Any coronavirus vaccines should halt
since indicated they may take longer respond less vigorously to the first “If you got Pfizer more than six new variants coming up soon are giving booster shots through
to review the data and may limit ap- doses, which suggests that their months ago, as I did, and you’re at likely to be derivatives of Delta,” he year’s end and make more doses
proval to specific groups or vaccines. immunity may wane more quickly,” more than a moderate risk of a says. “So there’s some questions as available to poorer countries.
While scientists and doctors says David Topham, a professor of bad outcome if you got infected, I to whether or not we should maybe Ultimately, it is likely that the
say there is likely no harm in get- microbiology and immunology at think it’s a pretty clear call,” Dr. be thinking about waiting for a virus that causes Covid-19 will be-
ting a booster, a debate is under the University of Rochester Medi- Wachter says. Delta-matched booster.” come part of the fabric of seasonal
way about how helpful the shots cal Center. That population also Others say any additional pro- respiratory infections, like other
EMILY ELCONIN/BLOOMBERG NEWS

are for people who aren’t immuno- represents the majority of hospi- Questions for younger, tection provides benefits, with little coronaviruses, says Dr. Topham.
compromised. Many scientists say talized breakthrough infections— healthier people risk. Even a mild or moderate case “Eventually we hope it becomes
that because the vaccines are still still a small portion of overall hos- Less clear-cut is whether younger, of Covid-19 can make a person mis- a routine thing and everybody ac-
providing good protection against pitalizations. healthier people need boosters. erable for a week and can lead to quires a level of immunity that
severe illness and death—the in- Robert Wachter, chair of the Without a significant rise in severe persistent symptoms, or so-called prevents them from getting severe
crease in breakthrough infections department of medicine at the complications from breakthrough long Covid, Dr. Wachter notes. disease,” he says. “Eventually chil-
aside—the need for widespread University of California, San Fran- cases, some scientists advise wait- With boosters, “Why would you dren will acquire immunity that
boosters is less clear. A group of cisco, says there is enough data ing. “We don’t know if there are not do it if you can at zero cost and will carry into adulthood without
scientists came out against boost- showing a third dose of the Pfizer any disadvantages of receiving too essentially zero risk,” he says. needing to get a booster.”
 .

A12 | Tuesday, September 14, 2021 NY THE WALL STREET JOURNAL.

PERSONAL JOURNAL.
WHAT’S YOUR WORKOUT? | JEN MURPHY The Workout

A Stairway to Fitness
Mr. Tileston arrives at work by SKIP THE ELEVATOR,
5:30 a.m., so Monday through Fri-
day he runs the stairs of his TAKE THE STAIRS
building at 4 a.m. He lives on the
29th floor and takes the elevator
to the lowest level, runs to the
top, then takes the elevator back
down to his apartment. It typi-
Y our office building’s stair-
well or the bleachers at
your local school can provide a
cally takes him between 4½ and workout equivalent to what
six minutes to run all 77 flights. you’d get at the gym. Seden-
“The key to tower racing is using tary people who climbed up
your arms and the stairway rails,” 60 steps three times a day for
he says. To practice, he alternates six weeks showed improved
running 10 flights at 90% effort cardiovascular capacity, ac-
without using the railing, one cording to a 2019 study pub-
flight at 50% effort for recovery, lished in Applied Physiology,
10 flights at 90% effort using the Nutrition, and Metabolism.
railing and continues repeating “When we walk up stairs we
these intervals. He runs the final work almost every muscle in
10 flights at 100% effort. the leg and we need to engage
When he gets home from the core to stabilize us,” says
work, usually around 7:30 p.m., Meghan Kennihan, a USA Track
he runs the stairs again, often in & Field-certified running coach
his work clothes and even some- based in La Grange, Ill. “And it’s
times in his heavy work boots. In a very efficient cardio workout.”
DARREN HAUCK FOR THE WALL STREET JOURNAL (2)

the evening he listens to music. Melissa Garner, a personal

He runs at 80% effort for the trainer and fitness program
first song using the railing and administrator for Denver Parks
then 100% effort with no railing and Recreation, leads boot
when the second song comes on. camp classes on the stairs at
Mr. Tileston has used week- Red Rocks Park and Amphi-
end workouts as a way to social- theatre, a music venue just
ize in a new city. On Saturday outside Denver. She says you
mornings he runs 5 miles with a don’t have to run. Even vigor-
running group. To motivate ously walking up stairs can
members through the cold and provide a high-intensity work-
dark winter months, the club out. “Start slow and progress,”

W
hosts a points challenge. Mem- she says. “Once you feel good
bers receive one point for show- walking, skip a stair as you
hen Reid Tileston pandemic. “Once every four to six ing up, three points if it’s 5 de- walk, then progress to jogging
moved from San weeks I give someone in the stair- grees below zero, and other or running.”
Francisco to Mil- well quite the surprise when I awards. The highest point earn- She also suggests walking
waukee in 2019, he come barreling towards or behind ers win a T-shirt. “And bragging up sideways, alternating lead-
didn’t care about them,” he says. rights,” Mr. Tileston adds. ing with the right and left leg,
finding an apart- Mr. Tileston got into stair On Sundays, he swims with to work different planes of
ment with a pool or a view. He was running in 2013 while attending a club in Lake Michigan. He motion.
looking for a building with a lot of graduate school in Chicago. doesn’t wear a wetsuit, which And use a railing for balance
stairs. Mr. Tileston, 37 years old, When frigid winter weather means the length of his work- if you are starting out. “It’s im-
now lives in one the city’s tallest hampered his outdoor runs, he out is often dictated by the portant to make sure your en-
residential towers and runs its 77 took to running the 52 flights of water temperature. He usually tire foot lands on the step,”
flights of stairs twice a day. stairs in his high-rise apartment swims through September. His says Ms. Garner. “If only your
“I could have moved to Milwau- building. He soon discovered a apartment building has a gym, forefoot or toes hit the surface
kee and succumbed to beer and competitive tower-running com- which he also uses Sundays. you can put too much pressure
brats,” says Mr. Tileston, who munity and entered a few competi- on the knee joint.. Walking
owns an industrial-services com- tions, including Skyrise Chicago, a Essential Gear down or taking an elevator can
pany. “Instead I found a creative, climb up 2,109 stairs in Willis Mr. Tileston comes from a tech prevent sore quadriceps mus-
weather-proof workout.” The for- Tower. Top, Reid Tileston runs the stairs background but jokes he’s a Lud- cles or knee pain, she notes.
mer endurance athlete no longer “Winter does not help moti- in his apartment building twice dite when it comes to fitness. “I For a full-body workout, she
has hours to devote to training vate,” he says. “This is a workout daily. On Sundays, he hits the gym. keep it minimal,” he says. suggests using a step be-
during the week. His stair climbs that really gives me no excuses. I He always swims with a whis- tween sets of stair climbs to
take less than 10 minutes, don’t re- just go down to the basement. tle and a blinking light strapped perform triceps dips, incline
quire a commute and they’re free. Sometimes I don’t even change. I training event in Switzerland to to his goggles so boats can see push-ups, calf raises or decline
He runs up but takes the elevator run in my work clothes.” run up the Niesen-Stairway, but it him. split squats, where your back
down to save his knees. Mr. Tileston hopes to compete was canceled. “It’s in my sights for He never logs more than 50 leg is on a step as you per-
Because he runs at odd hours, in the Empire State Building Run- 2022,” he says. “It will provide me miles in a pair of sneakers. He form a lunge.
he has rarely had to worry about Up—a race up 1,576 stairs—this the motivation to give that extra currently runs outdoors in On
bumping into people during the fall. He was scheduled to attend a 10% this winter.” Cloudventure sneakers ($150).

readers from putting them-

Runner’s selves in legal jeopardy by
purchasing black-market can-
Why focus on running in par-
ticular?
Any endurance runner will
High Gets nabis. He lives in Denver,
where marijuana is legal. The
tell you, there’s a kind of
hypnotic, meditative state
idea of running stoned came you get into after a certain
New Spin to Mr. Hesse nearly a decade
ago when he learned that
distance, there’s a rhythm
and deep focus on your body.
In Book some bodybuilders were us-
ing weed. If it worked in
That’s something that canna-
bis also provides and harmo-
weightlifting, he thought, nizes with very well.
BY ELLEN GAMERMAN why not running?
Here, an edited and con-

F
What about getting lost?
or people who find the densed interview. If you’re going to run
runner’s high elusive, a with cannabis, do it in
new book offers this You loved running stoned, places you’ve run before.
suggestion: Run high. then you realized you Early on, trails were new to
Josiah Hesse, a runner weren’t alone. me, and the signs could be
and author of “Runner’s It seems like most peo- confusing. I loved running
High: How a Movement of ples’ journey through this is on trails so much and it was
Cannabis-Fueled Athletes Is they did it themselves and so much fun, and 10 miles
Changing the Science of never really discussed it, be- later I had no idea where I
Sports,” argues that more was, I didn’t have any
professional and amateur water, I didn’t bring any
athletes than ever before food.
are working out stoned.
The 39-year-old jour- Many professional sports
nalist contends that pot organizations ban the
makes for a more focused use of marijuana in com-
and relaxed athlete, creat- petition. Should they?
ing a positive-feedback Cannabis is not going
loop around exercise that to do anything that’s
can lead to improved per- taking you beyond your
formance. natural limits. It’s not
Mr. Hesse spent more going to swell your body
than four years interview- beyond its genetic limi-
ing dozens of professional tations. It’s not going to
athletes, scientists, doc- make your heart stron-
tors and other experts ger than it organically is
about what he calls the going to be. That said,
“open secret” of cannabis- there are plenty of en-
fueled fitness. His book durance runners who are
arrives Tuesday from pub- going out for days at a
lisher G.P. Putnam’s Sons. time. So much of that is
Runners might recoil mental. It is wrestling
at the idea that pot with pain, exhaustion,
brownies could help them your own doubt. If can-
notch their next personal nabis strips that away,
record. Over the years, scien- cause the sports world at that’s pretty important.
tists have disputed whether times can be conservative,
cannabis is a performance- and this is taboo and at times I recently ran in the park and
enhancing drug, with some illegal. This has become wondered, “How many peo-
arguing that it has the oppo- somewhat of an open secret ple here are stoned?”
site effect. in the sports world that so When a researcher from
The thorny subject of ath- many people are using can- University of Colorado Boul-
letes and pot took center nabis in their training and in der did a survey about exer-
stage this summer before the their recovery. cise habits—this was in legal-
Tokyo Olympics, when ized states—80% of
Sha’Carri Richardson was How does pot affect ath- respondents said they used
suspended from the U.S. letes’ mental state? cannabis before, during or af-
track and field team after If you talk to an evolu- ter their fitness routine.
testing positive for the tionary biologist, the joy
banned substance. from exercise is part of our Have you been high during
Mr. Hesse believes a fu- rewards system. A lot of peo- our conversation?
ture industry of cannabis ath- ple aren’t experiencing a lot I have not. I’m not terribly
letics is coming. He points to of joy from exercise. People sharp, at least in terms of wit
rising legalization of the drug think they don’t belong in a or recalling specific details,
for recreational use and the gym, they’re ugly, they’re when I’m high. Good ideas
boom in products made with stupid, they failed last time will come, but the execution
CBD, which is derived from so they’re going to fail again. of those ideas usually is
cannabis, for sports recovery. Cannabis can shut out that saved for more sober mo-
The author discourages excess chatter. ments.
 .

THE WALL STREET JOURNAL. Tuesday, September 14, 2021 | A13

ARTS IN REVIEW
Kacey Musgraves
performing at the 2021
MTV Video Music
Awards on Sunday

JOHN SHEARER/GETTY IMAGES FOR MTV

A
spects of Kacey Mus- MUSIC REVIEW | MARK RICHARDSON maxim that never arrives. But
graves’s career align while the lyrics on the latter fall

A Marriage Story
her closely with coun- short, it still communicates musi-
try-music tradition— cally. The radiant acoustic guitar
she grew up in a tiny strumming, accompanied by a
town in Texas, per- rhythm built around hand percus-
formed in yodeling competitions sion, cycles through a circular

Goes Intergalactic
as a young girl, and later worked chord progression that invites
as a contract songwriter in Nash- jamming. And then a playful flute
ville before becoming an artist solo delivers on that suggestion
herself—but she’s always defied and one imagines the track being
narrow definitions. In one early stretched for 10 minutes or more
song she fantasized about smok- onstage.
ing weed with John Prine. And Teaming again with writer-pro- friendly trip-hop of the French mood and vibe. Ms. Musgraves says she con-
“Follow Your Arrow,” from her ducers Ian Fitchuk and Daniel duo Air—we could retitle it “Kacey The album’s middle section fronted the pain of her breakup by
2013 debut “Same Trailer Differ- Tashian, who worked with Ms. Watch the Stars” to play on that tells the “what went wrong” por- embarking on psychedelic therapy
ent Park,” was an ode to LGBT ac- Musgraves on “Golden Hour,” she’s group’s 1998 single about a char- tion of her tale. “Breadwinner,” involving guided trips while on
ceptance. By the time of her 2018 crafted a deeply atmospheric al- acter named Kelly. about feeling like your partner psilocybin mushrooms, and it’s
LP “Golden Hour” she inhabited a bum of cosmic pop. In one sense, the interstellar isn’t pulling his weight, begins easy to hear the connection be-
genre all her own, with songs that Starting with the stunning title production flourishes and Ms. with a synth line mirrored on gui- tween the richly textured sonics
confidently moved among psych- track, which serves as a kind of Musgraves’s steady, uninflected tar, and when the drums kick in it and expanded consciousness. Dur-
inflected folk-pop, dreamy dance overture, “Star-Crossed” is a sonic delivery are an odd choice for an become funky and danceable—a ing one such session, she heard
music and country proper. The lat- experience first—the lyrics are album about a subject as emotion- low-key sequel to the club-ready Argentinian singer Mercedes
ter album was a critical smash, broad while the musical and ar- ally wrenching as divorce. The house groove “High Horse” from Sosa’s version of “Gracias a la
and she won four Grammys includ- rangement choices are detailed feelings as presented aren’t partic- “Golden Hour.” “Camera Roll” is Vida,” written by Chilean song-
ing Album of the Year—the more and specific. The song begins with one of a few songs during this writer and folklorist Violeta Parra,
she strayed from country’s center, mariachi-style guitar flourishes, as stretch that convey the gravity of and she closes “Star-Crossed”
the more success she found. if it’s setting up a western, and the breakup with a spare and inti- with her own cover. A translation
The warm and bright “Golden then as the synths fold in it takes
Kacey Musgraves’s new mate arrangement. It also has of the lyrics from Spanish reveals
Hour” was partly inspired by Ms. off like a rocket in slow motion, album takes an out-of- some of the cleverest lyrics on the it to be a song of gratitude with
Musgraves’s then-new relationship casting doomed romance in galac- record, as the singer looks at her images of the heavens inter-
with singer-songwriter Ruston tic terms, as if love were as mys-
this-world approach to smartphone and agonizes over the spersed with the mundane, giving
Kelly, whom she married in 2017. terious as the origins of the uni- the tale of her divorce. memories it contains. “Chronolog- thanks for “crickets and canaries,
The subsequent dissolution of verse. ical order ain’t nothing but tor- hammers, turbines.” It reaches a
their marriage—the couple di- The production and arrange- ture,” she sings. “Scroll too far level of poetry that Ms. Musgraves
vorced last year—serves as fodder ments bring to mind eras when back, that’s what you get.” never manages herself on this out-
for Ms. Musgraves’s fifth album, adventurous instrumentation ularly raw—there are no scenes of Here and there, Ms. Mus- ing. And the recording, processed
“Star-Crossed” (MCA Nashville/In- fused with pop and rock. Elec- shouting matches or dishes being graves’s words land on a cliché with crackle and a pinched mid-
terscope), out now. Structured as tronic rock of the late 1990s— smashed against walls, and there’s and go no further, which is the al- range to sound ancient, makes for
a three-act narrative that moves think Radiohead or the Flaming not much humor, either, which has bum’s major sticking point. On the a fitting conclusion to an album
from the flutter of new love Lips—is one obvious reference previously been a cornerstone of shuffling ballad “Keep Lookin’ about transitions, where one
through pain and heartbreak and point, and the third track, “Cherry her writing. Instead, “Star- Up,” she notes her father told her floats through time and space in
then to acceptance, it finds Ms. Blossom,” has the sparkly effer- Crossed” is an album that looks to “Keep your head in the clouds / search of happiness.
Musgraves once again in her own vescence of Fleetwood Mac circa back on torment from a place of And your feet on the ground.” On
stylistic orbit, this time with ele- 1987’s “Tango in the Night.” The relative calm, and it communicates “There Is a Light,” she sings of “a Mr. Richardson is the Journal’s
ments of traditional country al- gorgeous “If This Was a Movie...,” feelings in a more subliminal man- light at the end of the tunnel” and rock and pop music critic. Follow
most entirely stripped away. meanwhile, recalls the lounge- ner, speaking the language of you wait for a sly twist on the him on Twitter @MarkRichardson.

Weather The WSJ Daily Crossword | Edited by Mike Shenk

Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
50s 40s <0 1 2 3 4 5 6 7 8 9 10 11 12 13 70 Zilch 30 Words by a
Edmonton
50s 71 Like one end of map’s arrow
0s 14 15 16
Vancouver Calgary 50s 10s the pool, typically 31 Smallest kitten,
60s 50s 17 18 19 e.g.
Seattle
Winnipeg 60s 20s Down
60s
Portland 70s 60s 30s 20 21 22 23 1 They might be 32 Gin-flavoring
Helena Montreal fruit
Bismarck Ottawa
40s
backed up in the
Billings 70s Augusta 24 25 26 27
Eugene cloud 33 Stepped
Boise 50s
60s Mpls./St. Paul Toronto Albany Boston 28 29 30 31 32 2 Flavor in miso 34 Arizona tribe
70s Hartford 60s
Pierre Sioux Falls Milwaukee Detroit Buffalo and mushrooms
Chicago Cleveland New York 70s 33 34 35 36 37 38 36 Hosp. section
100s Reno Des Moines 3 Propensity to do
80s Cheyenne Omaha
Indianapolis Pittsburgh Philadelphia
80s 39 40 41 42 37 Using traditional
Sacramento Salt Lake City the right thing
Denver Washington D.C. 90s harmony
San Francisco Topeka Springfield Charleston 43 44 45 46 4 Escarole and
Colorado Richmond 100+ 40 Mascara target
90s Las
Vegas
Springs Kansas St. Louis Louisville frisée
Cityy 47 48 49 50
Wichita Nashville 90s Raleigh 41 Taj Mahal city
Los Angeles Charlotte 5 Claire of “The
100s Santa Fe 80s Memphis
Albuquerque Columbia
51 52 53 54 55 Crown” 44 Do your bit for
Phoenix Oklahoma City Warm Rain
San Diego Little Rock Atlanta
6 Furious state the environment
Tucson 90s Birmingham 56 57 58 59 60
Ft. Worth Dallas Jackson 46 Spoils
El Paso Cold T-storms 7 Old computer,
Mobile Jacksonville 61 62 63 64 65
40s Austin NICHOLAS jocularly 48 Taj Mahal, e.g.
Stationary Snow
50s Orlando 66 67 68 8 Wisdom tooth, 50 A/C meas.
New Orleans
60s 80s San Antonio Houston Tampa 90s e.g.
Showers Flurries 69 70 71 52 Bring up to speed
40s Anchorage Honolulu Miami
9 Lumberjack’s tool 53 Nebraska’s
70s
Ice
HAIR OF THE DOG | By Steve Mossberg 10 Hot and spicy largest city
11 Persian Gulf 54 “Capeesh?”
U.S. Forecasts City
Today Tomorrow
Hi Lo W Hi Lo W City Hi
Today Tomorrow
Lo W Hi Lo W
Across 28 In utero 46 Place to be
nation
1 Simmer in anger before a flight 55 Fully understand
s...sunny; pc... partly cloudy; c...cloudy; sh...showers;
Omaha 76 55 c 81 63 pc Frankfurt 80 64 pc 75 60 t 29 Lustful
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice 12 Brainy outcast 56 Lesson recited by
Orlando 90 76 t 89 74 t Geneva 75 62 t 73 60 t 5 Steadfast characters of 47 Most desperate
Today Tomorrow Philadelphia 89 71 s 90 70 s Havana 88 72 t 87 71 t myth 13 Whirling motion preschoolers
City Hi Lo W Hi Lo W Phoenix 107 81 s 106 80 s Hong Kong 89 80 t 89 80 t 9 Place for a title 49 Shady alcove
33 Word said while 19 Some folding 57 Squandered
Anchorage 56 47 c 55 42 c Pittsburgh 85 68 pc 76 63 t Istanbul 78 66 c 77 67 pc 14 Springsteen’s 51 Candy wrapped
Atlanta 87 70 c 84 70 t Portland, Maine 68 59 pc 77 61 t Jakarta 84 75 sh 88 77 t pointing money 58 Seat during a
“___ Fire” in pastel-colored
Austin 85 68 t 87 69 pc Portland, Ore. 80 59 s 72 49 pc Jerusalem 78 64 s 79 63 s 21 Tennis do-over barn dance
Baltimore 90 71 s 90 70 s Sacramento 96 57 s 88 53 s Johannesburg 77 58 s 80 57 s 35 Trot or gallop foil
15 Twistable cookie
Boise 80 53 s 81 47 s St. Louis 90 69 pc 82 67 pc London 66 56 r 67 56 pc 38 1988 Summer 56 Soccer great 25 Melodic form in 62 Modeler’s
Boston 72 66 pc 84 70 pc Salt Lake City 83 58 s 87 61 s Madrid 69 60 t 73 57 t 16 Broadcast Olympics host Wambach Indian music purchase
Burlington 73 67 pc 75 57 t San Francisco 75 56 s 71 56 s Manila 91 78 t 90 79 t
Charlotte 90 68 pc 88 68 pc Santa Fe 89 53 s 86 52 s Melbourne 58 42 pc 59 44 pc 17 Ingredient in a 39 Rip off 59 Saying nothing 26 Generous cake 63 Unspoken
Chicago 87 63 t 78 60 pc Seattle 69 53 pc 65 47 pc Mexico City 73 58 t 74 59 t flaky crust servings agreement
Cleveland 87 66 pc 75 60 t Sioux Falls 73 50 c 78 64 s Milan 83 67 c 81 67 pc 40 Wear for a 60 Worker with a
Dallas 85 70 pc 87 72 s Wash., D.C. 91 74 s 92 71 s Moscow 55 46 c 51 42 c 18 World Cup chemist, or for stack of Playbills 27 Sunrise viewing 64 Face mask
Denver 78 55 t 90 58 s Mumbai 84 79 sh 83 79 sh caution a canine, as direction provider
61 Choice at a taco
Detroit
Honolulu
87 64 c
86 74 pc 88 76 sh
76 60 pc
International Paris
Rio de Janeiro
73
91
63 t 74 56 t
75 pc 81 72 pc
20 Alternative to a shown by the bar Previous Puzzle’s Solution
Houston 81 72 t 84 72 t Today Tomorrow Riyadh 105 77 s 104 77 s text starts of 18-,
Indianapolis 87 67 pc 78 65 r City Hi Lo W Hi Lo W Rome 83 62 pc 83 68 c 24-, 51- and 65 Test version A L P H A P A L M M A S S
22 McKellen of D A R E D O L A Y A S H E
Kansas City 82 62 t 80 63 pc Amsterdam 74 62 t 67 58 pc San Juan 89 80 t 89 80 t
“Gods and 61-Across 66 Violas’ kin O B AM A R E P U B L I C A N
Las Vegas 102 76 s 101 74 s Athens 86 70 s 87 70 s Seoul 86 66 pc 85 64 pc S I S A M O R A L E D T
Little Rock 86 68 t 86 69 pc Baghdad 102 72 pc 103 72 pc Shanghai 80 77 r 81 77 r Monsters” 42 Tre minus due 67 Seller of lots of S I
T H E N
G N
A G A
E
I N
D A S
MU
N
D
E
D
R
Y
Los Angeles 83 60 pc 80 59 pc Bangkok 89 78 r 85 78 t Singapore 85 77 c 87 78 c 23 Tennis star 43 “Don Carlos,” flapjacks WE B B O N N S AM
Miami 89 77 t 89 78 t Beijing 80 62 pc 77 66 pc Sydney 60 51 sh 61 51 pc O X E N U N C U T O B E Y
Milwaukee 82 61 pc 74 61 pc Berlin 72 57 pc 71 61 t Taipei City 96 80 t 96 78 t Murray “Don Giovanni” or 68 Venus de Milo’s E A T U S E D A G O
Minneapolis 73 53 c 75 60 s Brussels 73 62 t 70 56 pc Tokyo 76 68 c 76 68 pc 24 Movie industry, “Don Pasquale” lack T B A L
R E P L
L
I C
P
A
R O A N D
L A R
C
K
O N
Nashville 87 69 pc 80 67 t Buenos Aires 63 48 s 65 52 s Toronto 78 63 pc 72 56 c O L E B A L L E T I D S
New Orleans 83 75 t 84 74 t Dubai 102 88 s 103 88 s Vancouver 61 53 r 64 50 pc
idiomatically 45 Like 43-Across 69 “Niiice!” J UM P I N T O T H E F R A Y
New York City 80 72 pc 86 70 pc Dublin 62 52 sh 64 48 c Warsaw 69 53 pc 72 56 pc A G E S A R G O S T O R E
Solve this puzzle online and discuss it at WSJ.com/Puzzles.
s

Zurich 78 61 pc 72 60 t N A N A L Y O N C S P A N
Oklahoma City 88 66 s 86 64 pc Edinburgh 62 51 pc 63 49 c
 .

A14 | Tuesday, September 14, 2021 THE WALL STREET JOURNAL.

SPORTS
BY JARED DIAMOND

The Dodgers’ Nearly Perfect Trade

T
he Los Angeles Dodg-
ers know well that
winning headlines in
July doesn’t always
mean winning games Max Scherzer is making a case for being the best deadline pitching pickup in baseball history
in October. They acquired Yu
Darvish at the trade deadline in
2017, and he melted down spec-
tacularly in the World Series.
They landed Manny Machado in
2018, but he choked on the big
stage on the field and alienated
fans off it.
But these are the Dodgers, the
wealthiest team in baseball, so of
course they tried again this year
with another blockbuster deal in
the hope of surging to a champi-
onship. They added infielder
Trea Turner and ace pitcher Max
Scherzer from the Washington
Nationals on July 30. It’s gone
about as well as a trade possibly
could.
Scherzer, the 37-year-old
right-hander whose future
plaque in Cooperstown is already
all but ensured, has been tran-
scendent, to the point that he
could finish 2021 as the best
deadline pitching pickup ever. He
has posted a microscopic 0.88
ERA in his eight starts with Los
Angeles, allowing just 29 hits
and striking out 72 batters in 51
innings. The Dodgers have won
every game Scherzer has pitched,
setting up a thrilling race down
the stretch with the San Fran-
cisco Giants in the National
League West.

ROBERT HANASHIRO/REUTERS
“It’s just kind of amazing to
watch greatness,” outfielder
Mookie Betts said.
Betts spoke Sunday evening,
minutes after a game in which
Scherzer was about as great as a
pitcher could be. He retired the
first 22 San Diego Padres batters
before Eric Hosmer
broke up his bid at per- Los Angeles Dodgers pitcher Max Scherzer became just the 19th pitcher in history to amass 3,000 career strikeouts.
fection with an eighth- Coming Up Aces
inning double. Scherzer Pitchers with the lowest ERA after a Naturally, he nearly threw a per- threw more over the entire sea- span of 29 2/3 innings that dates
exited after eight one-hit midseason trade (minimum five starts), fect game at the same time. son. Sabathia finished in the top back to Aug. 21. It has made
frames. since 1913. “I love strikeouts,” Scherzer six in NL Cy Young and MVP vot- Scherzer a favorite to win Cy
In the process, Scher- said. “To me, this is a testament ing despite pitching in just 17 Young honors for the fourth
zer continued his assault Player Year IP ERA to durability.” games. time, which would put him in a
on the record books, be- There are few precedents for a Perhaps an even more memo- club with only four others: Clem-
coming just the 19th Max Scherzer, LAD 2021 51.0 0.88 pitcher coming to a new team in rable performance came in 1998, ens (seven), Johnson (five),
pitcher in history to Johnny Niggeling, Was 1943 51.0 0.88 the middle of the season and when the Seattle Mariners Steve Carlton and Greg Maddux.
amass 3,000 career dominating the way Scherzer shipped Johnson to the Houston “Everything he does from here
strikeouts, joining the Justin Verlander, Hou 2017 34.0 1.06 has. Astros at the deadline. Johnson on out is just going to continue
likes of Nolan Ryan, Randy Johnson, Hou 1998 84.1 1.28 In July 2008, CC Sabathia went 10-1 with a 1.28 ERA with to add to his lore, his legacy,”
Randy Johnson and Zane Smith, Pit 1990 76.0 1.30 went from the Cleveland Indians the Astros in a month-long Dodgers manager Dave Roberts
Roger Clemens. In the to the Milwaukee Brewers and stretch that has often been cited said.
second, he struck out the Source: Stats LLC put together a memorable as the best for a pitcher acquired That will depend on what hap-
side on nine pitchers—a stretch. He compiled a 1.65 ERA at the trade deadline. pens next. The Dodgers entered
feat known as an “im- in 17 outings and propelled the To this point, Scherzer has Monday 2 1/2 games behind the
maculate inning”—for the third his Hall-of-Fame résumé that fea- Brewers to the playoffs practi- been even better than either of Giants, meaning they could be
time in his career, something tures three Cy Young awards, cally by himself. Sabathia threw them, hardly giving up a run forced into a one-game wild-card
only two others have accom- two no-hitters, eight All-Star ap- seven complete games in less since he arrived in Los Angeles. play-in. If that happens, there
plished in recorded history. pearances and a World Series ti- than three months; only two He hasn’t surrendered an earned isn’t much doubt about who they
It was just another addition to tle with Washington in 2019. other teams besides the Brewers run in his last four outings, a will want on the mound.

“We’ve all gotten our ass kicked

A Rude Welcome to the before,” Meyer said after the
game. “It’s inexcusable, the things
that need to be fixed.”
NFL for Urban Meyer It was a bumpy start that came
after months of decisions that
were sometimes questionable and
And Trevor Lawrence sometimes curious.
Meyer was on the job in Jack-
sonville for less than a month be-
BY ANDREW BEATON their college careers with teams fore one of his hires resigned un-
that could handpick the best play- der pressure.
URBAN MEYER and Trevor Law- ers. They won championships and Chris Doyle, who was briefly the
rence looked like they would have blew out their sport’s weaklings. team’s director of sports perfor-
the softest easing into the NFL The Jaguars are historically far mance, left in February after re-
imaginable. The first-year head from that. They don’t have a ros- newed scrutiny dating back to his
coach and rookie quarterback for ter of the players, they’ve never time as the strength coach at the
the Jacksonville Jaguars had the won a Super Bowl, and they tend University of Iowa, where numer-
Houston Texans, the team pro- to be the team getting blown out. ous former players accused him of
jected to be among the worst in And Meyer and Lawrence are bullying and discrimination. Doyle
the entire league, on the schedule members of the Jaguars. denied the allegations. Meyer, a
in the season’s opening week. Neither was ever under .500 at day after saying the team had
Then the Texans steamrolled any point in college. Now they’re done a “very good job” vetting
the Jaguars. both 0-1. Doyle, said the team “should have
Playing against a team that was Meyer won three national cham- given greater consideration to how
4-12 last season and is currently pionships at Florida and Ohio his appointment may have affected
missing star quarterback Deshaun State as a famously obsessive and all involved.”
Watson this year, the Jaguars lost intense coach. He also stepped Trevor Lawrence began his NFL career with a 37-21 loss to the Texans. He made other personnel moves
37-21 in a game that highlighted down from both of those jobs cit- that raised eyebrows, too. He
the rocky transition two of the ing stress and health issues. After football coaches lose regularly. as a starter between high school signed his former college quarter-
most hyped figures in the NFL face getting the Jaguars job, he knew NFL teams can win their divi- and college: 86-4. back at Florida, Tim Tebow, as a
as they make the jump from col- what would be the most difficult sions with six losses. Meyer never It’s a tantalizing pairing. tight end. Tebow, who last played
lege football to professional foot- part of the adjustment. lost six games in a season in his Lawrence, heralded as an un- in an NFL game in 2012 and whose
ball. “Winning,” he said. entire head coaching career. Bill commonly gifted prospect with most recent professional sports
“Yeah, obviously sucks. Losing’s He didn’t mean the challenge of Belichick has won 67.1% of his both arm talent and speed, has the experience was playing several
always hard,” Lawrence said after- winning NFL games. He was refer- games as an NFL head coach. capacity to do everything a coach seasons of minor league baseball
ward. “We can’t let this snow- ring to the reality that the best Meyer won a higher percentage of would ask of his quarterback. in the New York Mets organiza-
ball.” college football coaches almost games in 16 of his 17 college sea- Meyer rose to be one of the best tion, was released in August.
Meyer and Lawrence both spent never lose. The best professional sons. college coaches in history because Later in August, Meyer was
He also joined a of his offensive wizardry and abil- caught in another bind when he
franchise awfully ity to get the most out of his suggested players’ vaccination sta-
familiar with losing. quarterbacks. tuses played a role in the team’s
The Jaguars hired It still wasn’t especially surpris- roster cuts. The team soon walked
Meyer because they ing to see Lawrence struggle in his back the statement while the NFL
FROM TOP: CARMEN MANDATO/GETTY IMAGES; TOM PENNINGTON/GETTY IMAGES

were bad enough to debut. That’s what happens to Players Association said it was
draft Lawrence. rookie quarterbacks. There were launching an investigation into the
‘I believe deeply Jacksonville fin-
ished last year 1-15,
highs, including three touchdown
passes, and lows, including three
situation.
The biggest challenge facing
in this team. which gave the interceptions. One up-and-down Meyer and Lawrence, though, has
team the No. 1 pick game does absolutely nothing to nothing to do with their own prog-
We’ll work our in the draft. diminish his promising NFL fu- ress. Hiring a new coach and even
tails off and line Lawrence was a ture. drafting a franchise quarterback
certainty to be the What was most concerning, es- only put a dent in the deficiencies
up and go again.’ top pick of the 2021 pecially on the coaching side, was that allowed the team to finish
URBAN MEYER draft from the mo- how the team often looked out of last in the entire league in 2020.
Jacksonville Jaguars head coach ment he led Clem- sorts. The Jaguars committed 10 The offensive line protecting Law-
son to a national penalties and four more that were rence was porous while the de-
championship after declined. They were flagged three fense allowed Houston’s offense,
the 2018 season. He times for illegal formation and led by a backup quarterback, to
went undefeated once for having too many guys on put up 37 points.
that season and has the field—all signs of disorganiza- The next chance for Meyer and
played most of the tion. It ended in a sizable defeat to Lawrence to win their first NFL
last decade having a Texans club that sports books games will be next Sunday, more
barely experienced had projected would have the low- than a year after the Jaguars won
losing. His record est win total in the NFL. their last game.
 .

THE WALL STREET JOURNAL. Tuesday, September 14, 2021 | A15

OPINION
Gavin Newsom’s White Privilege BOOKSHELF | By Marc Levinson

If the polls
going into
Tuesday’s re-
mained closed, for example,
Mr. Newsom’s own children
were at a private school that
Yet far more interesting
than Mr. Elder’s race is that
he calls himself a “small ‘l’
the free market California Pol-
icy Center.
This failing structure is
The Necessity
call election
in California
hold
G a v i n
up,
offered in-person learning.
Perhaps the governor’s most
Marie Antoinette moment
came when he was caught
libertarian.” The tragedy of
this recall is that California
voters never heard a full de-
bate over what he means by
fiercely protected by the
teachers unions, which natu-
rally back Mr. Newsom. By
contrast Mr. Elder’s “small ‘l’
Of a Navy
MAIN
STREET Newsom will
keep his job
flouting his own guidelines by
dining out with a group of
that. Because if tearing down
privilege is the goal, a healthy
libertarianism” would give all
kids the choice to attend a
To Rule the Waves
By William
as governor. lobbyists at the French Laun- dose of libertarianism is the good school, whether public, By Bruce D. Jones
McGurn
But if he dry, where, the New York ticket. For the antidote to private or religious. (Scribner, 389 pages, $28)

E
does, no one Times reports, “dinner for two privilege is competition and Put it this way: If you’re
should ever again take seri- costs more than many people opportunity. one of the haves, California— ven for those transfixed by grand strategy, Alfred
ously progressive complaints earn in a week.” with its beautiful weather, Thayer Mahan’s “The Influence of Seapower Upon
about white privilege. In sharp contrast, Mr. Elder healthy lifestyle and great History” (1890) is a slog. In more than 500 pages of
Because if white privilege is is a talk-radio host whose fa- Instead of debating outdoors—has much to enjoy. often turgid prose, Mahan, who twice served as president
a thing, Mr. Newsom is ther, a former Marine, took But if you’re middle class, or of the U.S. Naval War College, examined how maritime
drenched in it. Mr. Newsom’s two jobs as a janitor to sup- ideas, progressives aspiring to become middle strength shaped war between 1660 and 1783. “The necessity
father was a well-connected port his family before opening call Larry Elder a class, Californian progressiv- of a navy,” he wrote, “springs . . . from the existence of a
state judge who once managed a small cafe. Mr. Elder grew ism keeps you struggling. peaceful shipping.” He concluded that a large merchant fleet
one of the trusts for the fam- up in South Central L.A., and white supremacist. With all this, Gavin and a strong navy with bases allowing it to operate far from
ily of oil magnate J. Paul his former high school was Newsom should not lose this home were vital to protect the U.S. economy and maintain
Getty. As for his son, the Los featured in the 1991 film recall because of any privi- foreign trade in times of war. “In order to do this,” he
Angeles Times says that “a co- “Boyz n the Hood.” If elected, Take housing. Of all the leges he may enjoy by being added, “the enemy must be kept not only out of our ports,
terie of San Francisco’s Mr. Elder would be Califor- reasons people are leaving white and well-connected. He but far away from our coasts.”
wealthiest families has backed nia’s first African-American California, the high cost of should lose because he cham- In “To Rule the Waves,” Bruce D. Jones attempts to adapt
him at every step of his rise.” governor. owning a home tops the list. pions the same dreadful poli- Mahan’s thinking to the 21st century. In prose much livelier
This privilege is reflected in So guess who’s the white Mr. Elder hopes to bring down cies that have priced the Cali- than his predecessor’s, Mr. Jones places the oceans at the
the $70 million Mr. Newsom supremacist in this race? costs by increasing supply, fornia Dream out of reach for center of modern globalization. They took on such impor-
raised to fight the recall— In August the Los Angeles and he proposes to do that by so many of its hard-working tance, he writes, amid “relative comity between the world’s
more than five times the $13 Times published an opinion reducing the environmental residents. most populous nations,” a
million raised by his leading column headlined: “Larry El- regulations that make it so For the same reason, Larry time of “deepening economic
challenger, Republican Larry der is the Black face of white hard for anything to get built. Elder ought not to be elected integration, and a sense of
Elder. supremacy. You’ve been The green policies so favored because he would become the shared stakes and even a
“California has become the warned.” A few days later, by progressives tend to bene- first black governor of Califor- shared fate in the evolution
epicenter of neo-feudalism, MSNBC’s Joy Reid accused fit the rich at the expense of nia. He ought to be elected be- of the natural world.” But
and Newsom symbolizes this Mr. Elder of falling victim to the poor. cause his market-oriented Mr. Jones warns that in the
new autocracy,” says Joel Kot- “white supremacist narra- Or take education. The re- prescriptions are just the years ahead, the oceans will
kin, a fellow in urban studies tives.” Another Times colum- cent scores from the National tonic for this ailing state. lie at the heart of a much
at Chapman University in Or- nist attacked Mr. Elder for Assessment of Educational Alas, California never had a more contentious relationship
ange County. “The irony is promoting the “white griev- Progress show that progres- good hard debate on policy among the great powers.
that Elder is attacked as the ance politics” of David Duke sive California isn’t working because some of the blue elite The book starts with a
candidate of the rich and and the Ku Klux Klan. Last for its Black and Latino chil- in this bluest of states pre- look at the explosive growth
greedy by this new elite—high Thursday a white woman dren, with some of the na- ferred to paint a black Repub- of maritime trade in mer-
tech, teachers unions, the me- wearing a gorilla mask tion’s largest racial achieve- lican as a white supremacist. chandise and oil since the
dia and some of the state’s showed up at an event to ha- ment gaps. “If we determine Even worse, they did it secure late 20th century. It was trade,
wealthiest citizens.” rass Mr. Elder. She threw an racism by results, our public in the knowledge that no pro- the author emphasizes, that
Covid has put this privilege egg at his head. Not a peep education system is among gressive would ever call them propelled China’s rapid rise to
in stark relief. While many of of protest was heard from the most racist in America,” on it. challenge the United States both economically and mili-
California’s public schools re- progressives. says Will Swaim, president of Write to [email protected] tarily. In particular, container shipping has enabled manu-
facturers and retailers to forge complex supply chains,
through which inputs from many countries are transported

American Global Leadership Is in Retreat across the seas to be combined into finished goods. Those
chains often have links in China, anchoring it at the center
of international commerce.
The 20th an- but as a practical matter, The fall of Hong Kong, the Meanwhile, the Biden ad- From the security perspective, Mr. Jones points out,
niversary of globalists have so far failed consolidation of Russian ministration occupies an un- supply chains that span the oceans have created a conun-
9/11 finds to master the challenges of power in Belarus, the Afghan enviable spot. Its goals on drum for the U.S. Keeping them secure requires military
American for- the 21st century. Progress on collapse, and gains by Ira- issues like climate change, force, and if America wants to maintain its naval primacy,
eign policy in international trade liberaliza- nian clients across the Mid- human rights and denuclear- then it must do the job. That effectively means, as Mr. Jones
a peculiar tion stalled as the World dle East signal to both U.S. ization would have been dif- puts it, that “the US Navy is securing a flow of trade in
place. The Trade Organization’s last allies and adversaries that ficult, if not impossible, to goods and energy that profits China and Russia.”
GLOBAL
U.S. hasn’t comprehensive round of Washington has lost control achieve even at the height of The imperative of protecting trade lanes, Mr. Jones says,
VIEW
stabilized the global trade talks ground to of geopolitical events. The U.S. geopolitical dominance is fueling maritime competition, especially between the U.S.
By Walter
Middle East, a halt during the Obama liberal order’s record in man- a quarter-century ago. To- and China. Superficially, much of this competition is not
Russell Mead
permanently years. Since then, protection- aging global challenges rang- day, the determined and fo- between militaries. The container terminals that China-
remade Af- ism has been on the rise. ing from Covid-19 to migra- cused hostility to American based entities control in Belgium, Djibouti, South Korea
ghan society or ended jihad. Liberal democracy is also los- tion to climate change also world leadership emanating and other places are profit-making ventures, as is state-
But no terrorist has managed ing ground. Surveys by de- remains uninspiring. from Beijing, Moscow and owned China Cosco Shipping Corp., which owns nearly
to inflict another attack on mocracy monitors like Free- Tehran limits Washington’s 1,400 commercial vessels.
the scale of Sept. 11 on the dom House show a steady ability to orchestrate a Viewed through Chinese eyes, though, this maritime
American homeland. As a re- decline in political freedom If the U.S.-led liberal global diplomatic consensus infrastructure also offers protection from hostile foreigners
sult, the War on Terror has around the world. Mean- around those ambitious who could disrupt China’s access to raw materials, fuels
receded to the margins of while, China, Russia and Iran international order is goals. and components headed to its assembly plants. “If the
U.S. politics as fears that the are challenging American crumbling, what Under the circumstances, United States and its allies could actually succeed in stop-
liberal world order is crum- power with growing success. the old consensus in support ping shipping from reaching Chinese shores, it could cripple
bling rise to the fore. The problems facing the lib- comes next? of a global liberal order the Chinese economy,” Mr. Jones writes. China’s strategic
The central pillar of eral world order are more seems fated to fade even as policy, including its effort to turn the East and South China
Washington’s post-Cold War acute and urgent than they geopolitical challenges such seas into Chinese lakes, is intended to keep that from
grand strategy was a quest were in 2001; the order’s re- Two alternative visions of as a rising China and global happening.
to build a liberal interna- sources to address them have American grand strategy are problems like climate change
tional order by promoting diminished. gaining prominence in U.S. grow. Whether restrainers or
free trade and secular demo- U.S. policy failures over- politics as globalism fades. global nationalists can pro- The imperative of protecting trade lanes on
cratic governance under the seas have reduced American Restrainers, who include both duce sustainable, realistic na- the high seas is fueling maritime competition,
aegis of American power confidence in the globalist progressives and conserva- tional strategies that work
around the world. The U.S. vision. The Trump movement tives, want to reduce Amer- remains to be seen. Inade- especially between the U.S. and China.
foreign policy establishment replaced traditional Republi- ica’s footprint abroad. As the quate globalist responses to
still believes not only that can internationalism with a U.S. withdraws from its global the complex challenges fac-
this strategy offers the best more populist agenda and commitments, restrainers be- ing America will likely give Mr. Jones, a foreign-policy scholar at the Brookings
way to secure American in- the growing progressive wing lieve a natural balance of one or both schools an op- Institution, is among the burgeoning community of China
terests, but that it repre- within the Democratic Party power will emerge, with portunity to try. hawks in Washington. “We are already deeply mired in an
sents humanity’s best hope has pushed for more funda- American allies from Europe Barring a dramatic, new arms race with China,” he insists. But as he observes, the
to survive. In the era of nu- mental changes in American to Asia taking responsibility attack on the scale of 9/11, naval arms race is not merely a contest between two coun-
clear weapons, the age-old foreign policy. While Presi- for their own defense. On the radical violence from fanati- tries. The expanding Indian navy has gained access to bases
cycle of great powers going dent Biden’s rhetoric often other hand, global national- cal Islamists, however, ap- throughout the Indian Ocean. Japan is bolstering its naval
to war with one another echoes the ideas of the old ists—mostly more hawkish Re- pears unlikely to play a large forces. Russia “has been using its navy in ways that are very
threatens the entire human American globalism, his ad- publicans and independents— role in the next era of U.S. helpful to China” and likely has the ability to tap or sever
race and must end, while ministration doesn’t seem to have little regard for global foreign policy debates. Even undersea cables. Several other countries have submarines on
global problems like climate have much appetite for the multilateral institutions, free as it steels itself for the patrol in the western Pacific. Hostilities could make things
change can only be ad- muscular humanitarianism trade and visionary human struggles ahead, America very messy very fast, and the ensuing interruption of supply
dressed through the estab- and liberal trade policy that, rights goals, but believe that should recognize that as a chains and communications links could cripple the economies
lishment of effective global for example, marked the U.S. security requires an ac- victory, which is something of countries seeking to steer clear of the conflict.
institutions. Clinton presidency. tive American presence in key to be grateful for in a dark Climate change is adding to these tensions. Though the
These are powerful ideas, More failures seem likely. theaters around the world. and dangerous time. phenomenon is global, the near-term effects vary by
geography. Mr. Jones highlights two of particular relevance
to China’s projection of power. One is a drop in fish stocks

A Cricket Ban Won’t Hurt the Taliban in the South China Sea, which may explain why China has
moved aggressively against Philippine boats fishing in
waters that both countries claim. The other is the poten-
By Tunku Varadarajan has made astonishing strides power, with a plea to stop kill- ostracizing of South African tially disastrous impact of changing rainfall patterns on

E
over the past 20 years, hold- ing Afghans.) teams during apartheid. Myanmar, threatening the country’s viability and increasing
ight days after a suicide ing its own against the Although the latest genera- This is heavy-handed and its dependence on China, which wants to import and export
bomber slaughtered world’s best. After initially tion of the Taliban is savvy misguided. In apartheid South through Myanmar to reduce its vulnerability to the closure
scores of people at Ka- banning all sports—including enough to know that it gains Africa, the cricket team was of sea lanes east and south.
bul airport, the Taliban al- kite-flying—during its first little by banning cricket, the all-white as a matter of na- Mr. Jones has managed to write an important book about
lowed a cricket match to be spell in power, the Taliban re- head of the Taliban’s cultural tional policy. A large majority foreign policy without delivering an impenetrable tome.
played in the Afghan capital. lented in 2000 and permitted commission has said that of South Africans, including He handles his reporting deftly, keeping the reader engaged
Players were drawn from cricket. It helped that crick- women won’t be allowed to many whites, supported the as he roams from a Cold War-era submarine base beneath a
among the best Afghan crick- eters play in pants, unlike play. By the Taliban’s twisted boycott. In Afghanistan a theo- Norwegian mountain, recently reactivated in anticipation of
eters. Some 4,000 spectators barelegged, brazen soccer. logic, how could women play cratic minority denies political conflicts in the Arctic, to the bridge of a missile-equipped
attended—each patted down in public stadiums when they rights to everyone. Unlike in command vessel in the Pacific. And he deftly diagrams the
at the gates by Taliban guards. can’t even walk outdoors with- South Africa, however, no non- connections between economic policy and national security.
The enthusiastic but prudent Boycotting the national out a male chaperone? So the Taliban Afghan would want a As he asserts: “Globalization has been very good for the
crowd waved both the flag of team would only punish Afghan women’s cricket team boycott of the national cricket US economy, but quite bad for the US polity.” But the stark
Afghanistan and the banner of is now moribund. team. choice he offers—“Either we pull away from globalization,
the Taliban. No women were ordinary Afghans. How should the world of Afghan cricketers play for at fantastic cost, or we remake it”—may be too pessimistic.
present. sport react? The Afghan men’s Afghanistan, not for the Tali- With little public attention, manufacturers have been
Under Taliban rule, educa- team is due to tour Australia ban. If they are barred from pulling away from globalization for more than a decade now.
tion, music and conviviality When the Taliban was in November, but the Austra- world cricket, the people of Relative to the world’s output, foreign direct investment
have been replaced by sev- ousted in 2001, cricket took lian cricket authorities have Afghanistan will lose their last peaked in 2007, and exports of manufactured goods did the
enth-century religious dogma. root on Afghan soil. The sport said that they’re likely to scrap source of pleasure, their last same a year later, due largely to businesses’ decisions about
Afghanistan today is a land al- became a metaphor for a new the visit in protest against the shred of joy. Let us keep them managing risks and costs. Increasingly globalization has to
most totally bereft of joy. I Afghanistan. Afghan players Taliban’s treatment of women. on the field of play. do with things that don’t move in container ships, such as
would omit the word “almost” won contracts in the Indian Pre- The Aussies argue that there software, research services and entertainment. These sorts
were it not for cricket. Afghan mier League, the world’s rich- can be no normal sport against Mr. Varadarajan, a Journal of products have international supply chains, too, but bigger
refugees learned the game in est. One player, Rashid Khan, is a team from a country that contributor, is a fellow at the navies won’t do much to protect them.
Pakistan in the 1990s, and it is among the best bowlers (or discriminates against women. American Enterprise Institute
now perhaps Afghanistan’s pitchers) in cricket. (“Kabul is Some critics are calling for a and at New York University Mr. Levinson’s most recent book is “Outside the Box:
most popular spectator sport. bleeding again,” he tweeted global ban on matches against Law School’s Classical Liberal How Globalization Changed From Moving Stuff to
The Afghan national team shortly after the Taliban took Afghanistan, modeled on the Institute. Spreading Ideas.”
 .

A16 | Tuesday, September 14, 2021 * * THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Here Comes the Biden Tax Bill Family Farms Won’t Escape Biden’s New Tax

I
t’s been under wraps longer than some small businesses and savers who have built up Agriculture Secretary Tom Vilsack, main on the farm. The heirs who don’t
Egyptian mummies, but the bill for the a small nest egg. If Republicans don’t pound the former Democratic governor of remain will be subject to the new tax.
Iowa, writes that “Biden’s Tax The heirs of the heir who remains on
Joe Biden-Nancy Pelosi-Bernie Sanders away on this assault on small business, they
Changes Won’t Hurt Family Farmers” the farm will also have to farm the
spending agenda is about to should retire from politics on or small-business owners (op-ed, land to avoid the capital-gains tax.
be exposed to the air. The Pelosi marches House grounds of incompetence. Sept. 9). Maybe he has been in Wash- Contrary to the secretary’s assurances,
Ways and Means Committee Democrats to the Corporations come in for ington too long, as he has lost his I’d hazard that 95% of farming fami-
draft tax increase that leaked a $900 billion fleecing, with grasp of today’s capital-intensive, lies will ultimately face the new tax.
over the weekend is a $2.2 political gallows. the top tax rate rising to high-risk farming economics in Iowa. JIM BEATTY
trillion Washington money 26.5% from 21%. Add state Mr. Vilsack states that his 600-acre O’Fallon, Ill.
grab for the ages. and local corporate levies, Iowa farm is worth almost $2 million,
The tax proposals aren’t final, but Ways and the 31% average rate will vault the U.S. or about $3,300 an acre. It must not Mr. Vilsack says it would be wrong
and Means will start debating them as early back to the highest in the developed world. be quality farmland—probably more for his children to avoid tax on the
as Tuesday. So much for deliberation. As Congratulations, we’re number one. The suitable for wild-game hunting. Good value of his land, which has risen ten-
farm ground in Iowa sells now for fold, when he dies. I’m sure his kids
Chairman Richard Neal has said, publicizing higher rate soaks some $540 billion from U.S.
about $12,000 an acre, and 600 acres appreciate his generosity, but how
tax increases too soon gives the opposition corporations, and the bill snatches another of corn and soybeans are likely re- about investors who merely doubled
time to build. Now that the details are out, we $360 billion in a complicated grab-bag of lev- quired to have an economically feasi- their money in equities over that time.
see what he means. ies on overseas income. ble family farming operation. Farming Let’s say they bought shares of Ford
i i i The sum of these corporate taxes would be profit margins are razor-thin due to or General Electric and willed them to
The most bizarre spin is that the House a greater burden on U.S. firms even than the globalization, and land is becoming their kids. Every penny those shares
Democratic draft is less onerous than Presi- global minimum tax that the U.S. Treasury is more expensive due to government- gained since the early ’90s has been
dent Biden has proposed. As a share of GDP, negotiating with developed countries via the caused inflation. Farms must expand due to inflation. Milton Friedman said
the House proposal is still the largest tax in- Organization for Economic Cooperation and to survive. that inflation is taxation without legis-
crease since 1968. It also doesn’t account for Development. The Europeans and Chinese In the event of a farmer’s death, his lation. Mr. Biden’s legislation will en-
the Senate Finance Committee, which has must be astounded at this display of American gross estate value, including land and sure no inflation escapes taxation.
equipment, could easily exceed $8 ALLAN DEMAREE
floated a paper with multi-trillions in tax in- economic masochism. million. With fully depreciated equip- Rocky River, Ohio
creases to choose from. Think of this exercise The political myth behind all this is that no ment, farmland acquired as little as 10
as the all-you-can-eat politician’s dinner at one making less than $400,000 a year will pay years ago when land was less expen- Once again, I’m being admonished
Applebee’s. more. But the economic literature is clear that sive, and no family members old that I am not paying my “fair share”
If Americans are successful, Democrats corporations don’t pay taxes. They are merely enough or willing to continue the of taxes. It seems I’ve been guilty of
want to tax more of their income. The top in- the collection vessels for levies that are farming operation, the amount of cap- this for most of my working life. Even
dividual tax rate will rise to 39.6% from 37%, passed along to some combination of employ- ital-gains and estate tax owed by the when Democrats raise taxes, it still is
as Mr. Biden promised. But wait: The higher ees, consumers and shareholders. Much of the widow under the proposed tax never enough to cover my fair share.
tax rate will kick in at a mere $400,000 for $900 billion will be paid in smaller wage gains changes would certainly “hurt.” A $2.5 I’d like Mr. Vilsack and other fair-
individuals and $450,000 for married couples. for workers who are already paying a Biden million capital-gains exemption would share advocates to answer two ques-
be woefully insufficient. tions: First, what is the fair share of
That’s down from $523,600 and $628,300 un- tax from higher inflation.
DENNIS M. TAYLOR taxes for each pot of money (income,
der current law. And who do Democrats think will pay the Muscatine, Iowa wealth, capital gains and estate)?
This is a steep rate increase on two-earner $96 billion they expect to raise from higher Second, how many times is govern-
upper-middle-class families. They may reach taxes on tobacco and nicotine—the folks who Mr. Vilsack’s argument that family ment allowed to tax the same dollar?
these income levels after a long career, and summer on Martha’s Vineyard? farms won’t be hurt by eliminating Likely they have no idea what a
only for a couple of years, but Democrats want i i i the step-up basis is not based on real- fair share is, yet they are certain I’ve
more than 40% if you include the 1.45% Medi- One surprising oversight in the House draft ity. Most family farms will only sup- never met it.
care payroll tax and the 3.8% ObamaCare sur- is a restoration of a larger deduction for state port one family; when divided among DAVE ERCHULL
charge on investment income. and local taxes. The 2017 tax reform cut the two or more heirs, only one will re- Tucson, Ariz.
If you make more than $5 million, there will maximum SALT deduction to $10,000, and
also be a three-percentage-point income-tax Democrats from high-tax states say they won’t
surcharge. That would take the top tax rate vote for a bill without a restoration.
to something like 46.4%. Add California or Mr. Neal said in a joint statement with two $300 a Week and the Persistent Jobs Problem
New York taxes, and government will take swing-district Democrats that a final bill will Regarding “The Biden Jobs Para- growth slip below inflation to reduce
about 60%. Hilariously, the committee figures include “meaningful tax relief” for “middle- dox” (Review & Outlook, Sept. 4): labor costs. Second, the gap between
the surtax will raise $127 billion in revenue, class communities.” But any major increase More than eight million renters self- job openings and hires won’t close
as if the rich will be dumb enough not to find in SALT will be expensive, and that may mean report as behind on rent. While the when the $300 unemployment benefit
tax shelters. even higher taxes elsewhere. extra $300 a week in enhanced unem- expires. Workers knew the extra ben-
The House proposal will hit small busi- Even with some SALT restoration, this bill ployment benefits has been a disin- efits were going to end the day they
nesses that pay taxes through the individual looks like a House Democratic suicide note. centive to work, a more significant were passed. Now, as they expire, the
code especially hard. They’ll pay the higher Mr. Neal and Speaker Nancy Pelosi want their disincentive has been the govern- benefit contributes almost nothing as
ment-sanctioned free housing (aka an incentive, and yet workers persist
individual rates, including a new 3.8% surtax Members to vote on this $2.2 trillion in pun-
eviction moratorium) paid for by in not taking new jobs. Notice that
on small business income, and they’ll pay on ishment even though Sen. Joe Manchin (D., property owners. the 25-odd states that canceled the
more of their income because the Democratic W.Va.) says he won’t vote for any more than ASHER CAMERON benefit early aren’t seeing unambigu-
proposal eliminates the 20% deduction on $1.5 trillion in new spending. Saratoga Springs, Utah ously higher employment growth
qualified business income. The White House claims it can get $600 bil- than states that kept the benefit.
That deduction was designed to equalize lion in revenue from dynamic scoring from its First, businesses know that real TYLER WAKE
the tax burden for passthrough and Subchap- spending and Mr. Neal also claims $700 billion wages matter. They are letting wage Charlottesville, Va.
ter S companies with corporations. Now it will in savings from drug price controls. That
vanish for individual business owners who means there’s only a need for $200 billion in
make more than $400,000. This will mean less tax increases to pay for Mr. Manchin’s spend- Religious Liberty, the State and the Yeshivas
hiring and fewer raises for the employees of ing limit. House Democrats could soon be vot-
Regarding Dovid Margolin’s “Com- exemption from Wisconsin’s compul-
these firms. ing for 11 times the tax increases that the Sen-
munism, Secularism and Jewish sory education law after the eighth
The death tax exemption would also be cut ate will pass. Nice of the Speaker to volunteer Schools” (Houses of Worship, Sept. grade to focus on farming and Bible
in half to $5.5 million—which would also hit her colleagues for retirement. 3): The yeshiva controversy is not study. In Wisconsin v. Yoder (1972),
merely a matter for Haredi Jews. the court again vindicated the rights
When the Ku Klux Klan successfully of families and religious communities.
Democrats Blink on Carried Interest lobbied to ban private (read: Catholic) Nevertheless, these decisions left

Y
schools in Oregon in 1922, a group of open some questions raised by the
ou may have heard, oh, several thousand called for its elimination. President Biden has nuns who ran schools filed suit. In yeshiva controversy. Who gets to de-
times, that Republicans protected their proposed killing it. Hillary Clinton claimed it’s Pierce v. Society of Sisters (1925), a cide what the minimum standard of
pals on Wall Street when they failed in unfair that money managers “pay lower tax unanimous Supreme Court struck education should be? When the views
2017 to kill the provision that treats “carried in- rates than nurses.” down the ban, holding that “the child of families conflict with the dictates
is not the mere creature of the state.” of policy makers, who should prevail
terest” like capital gains rather than regular in- Yet when Democrats have power, they never
In the 1970s, the Amish sought an and under what circumstances? De-
come. Well, don’t look now, but the draft House seem to kill the provision. And, lo, the draft fenders of religious liberty should pay
tax bill does the same. Ways and Means bill merely extends the holding close attention.
Carried interest is the share of profits that part- period to five years from three. Faced with of- Cuba’s Republic Outshines JASON BEDRICK
ners in hedge funds or private equity receive as fending some of their wealthiest financiers, the Director of policy, EdChoice
compensation as a kind of performance fee. It is Democrats are blinking. That’s fine with us as Colonialism and Castroism Phoenix
only paid if the fund’s return meets a certain a policy matter, but this ought to be the last we Felipe Fernández-Armesto’s review Mr. Bedrick is co-editor of “Religious
threshold and under current law only if it’s held ever hear about this as a loophole. of “Cuba: An American History” by Liberty and Education: A Case Study of
for three years. We’d prefer no such provision if With the Ways and Means bill, the lower tax Ada Ferrer (Bookshelf, Sept. 4) offers Yeshivas vs. New York” (2020).
tax rates were low enough, but it’s a useful incen- rate for carried interest is now Democratic tax insights into Cuba’s history under co-
lonialism and Castroism, but it does a Several years ago, I was working a
tive for risk-taking in a high-tax-rate world. policy. Tax cuts for the rich, you might say, or
disservice to Cuba’s democratic pe- night shift with a medical student in
But Democrats and progressives have wailed at least for certain rich who finance Democratic riod (1902-1952). During the Cuban the emergency department. I noticed
against the provision for years as a loophole and political campaigns. Republic, the island’s leaders negoti- he had an accent and asked him his
ated the return of the Isle of Pines story. He told me that he had grown
and reduced the U.S. military pres- up in an ultra-Orthodox community in
Iran’s Dangerous Nuclear Dance ence from four bases to two and then New York and that until he was 19 he

W
to one. The Platt Amendment was the spoke almost no English and learned
e’re not sure Iran could do anything has focused on Iran’s expanding its nuclear deal price for ending the four-year Ameri- no secular subjects in his yeshiva. He
to make President Biden give up his violations such as activating advanced centri- can occupation following the Spanish- left his community, learned English,
pursuit of reviving the 2015 nuclear fuges and enriching uranium at higher concen- American War, and ending Platt in got a GED and went on to college and
deal, and Iran is acting as if it trations. 1934 ended formal U.S. interference medical school. Mr. Margolin is
Will anything stop in Cuban affairs. wrong when he denies that some
agrees. This could explain But the regime also has
Over 50 years, Cuba developed a Jewish schools are failing to provide
Tehran’s escalations in re- Biden from trying to stonewalled a separate IAEA multiparty system, competitive elec- the minimum education needed to
sponse to U.S. concessions. investigation into undeclared tions, a free press, a modern public function in America, a failure that de-
The International Atomic revive the flawed deal? nuclear sites in the country. health system and a strong labor mands government intervention.
Energy Agency (IAEA) an- This points to a fundamental movement. This translated to social MARK MANDELL, M.D.
nounced Sunday that Iran flaw in the nuclear agreement: achievements placing pre-1959 Cuba Lake Hopatcong, N.J.
would allow its inspectors to service surveillance No one knows the true extent of the Iranian nu- at the top of Latin American indexes,
cameras monitoring Iranian nuclear sites. This clear program, let alone what’s happening at outperforming Castro’s Cuba.
is no great breakthrough. In February the regime the declared sites. The sense of security the Cuba even led in proposing, draft- Pepper ...
began blocking the agency from inspecting sev- deal provided the West was illusory, but the ing and lobbying for the passage of
the 1948 Universal Declaration of Hu-
And Salt
eral nuclear facilities in person, though it cut a sanctions relief was real.
man Rights. Language in the declara- THE WALL STREET JOURNAL
deal to keep some monitoring equipment. The Mr. Biden already has downgraded America’s
tion was selected from Cuba’s 1940
latest agreement won’t guarantee access to this relationship with Iranian rival Saudi Arabia, constitution. Cuban diplomats pre-
data, which could be deleted at any time, but a ended the “snap back” sanctions fight with Iran sented nine proposals, five of which
joint Iran-IAEA statement still noted their “spirit at the U.N. and pulled some restrictions against are in the UDHR.
of cooperation and mutual trust.” Iranian officials. Multiple media reports say The Cuban Republic wasn’t perfect,
The 2015 deal’s apologists will say that this American negotiators offered sanctions relief but its achievements over a half-cen-
is proof Iranian President Ebrahim Raisi may be unrelated to nuclear issues at several rounds of tury delivered for all Cubans. It offers
ready to return to the negotiating table, but this talks in Vienna this year, but Iran has declined a powerful contrast to Cuba today.
move is really about keeping his options open. to resume talks. It may be holding out for more JOHN SUAREZ
Iran offered the token concession over the week- concessions, and the Biden Administration has Center for a Free Cuba
Falls Church, Va.
end to avoid an IAEA board censure, which theo- shown it will offer them.
retically could lead to United Nations sanctions. Arms-control agreements work best among
Letters intended for publication should
The U.S., Germany, France and the U.K. had been friendly nations. When dealing with adversar- be emailed to [email protected]. Please
considering a rebuke over the inspection intran- ies, the agreement is only as good as the verifi- include your city, state and telephone
sigence, but don’t hold your breath. cation and monitoring measures that come with number. All letters are subject to
The Islamic Republic has already done plenty it. An IAEA censure would send a message that editing, and unpublished letters cannot “The time for input has passed.
be acknowledged.
to earn a censure. Much of the media attention Mr. Biden understands this basic principle. Now is the time for stalling.”
 .

THE WALL STREET JOURNAL. Tuesday, September 14, 2021 | A17

OPINION

Covid Confusion at the CDC Chinese Firms

By Marty Makary those with natural immunity to get
Need To Open

T
vaccinated.
he U.S. spends lavishly on
healthcare yet can’t an-
But the rate of infection in each
group was less than 0.01%, meaning
Their Books
swer basic questions infections were exceedingly rare in
about Covid-19. Some of the short two-month time period the By Gary Gensler

T
the best research has agency chose to study. This is odd,
come from Israel. American public given there are more than a year of he Securities and Exchange
health agencies should be producing data available. Moreover, despite Commission may need to pro-
data on breakthrough infections, having data on all 50 states, the CDC hibit trading in about 270
boosters and natural immunity. But only reported data from Kentucky. China-related companies by early
the Centers for Disease Control and Was Kentucky the only state that 2024. The reason can be traced to
Prevention has failed to provide the produced the desired result? Why the Enron and WorldCom accounting
information needed to inform a else exclude the same data from the scandals.
sound Covid strategy. other 49 states? Congress passed the Sarbanes-Ox-
Israel began its vaccine rollout Some public health officials are ley Act in 2002, mandating inspec-
with Pfizer in December, only days afraid to acknowledge natural immu- tions of public companies’ auditors
MARTIN KOZLOWSKI

after the U.S. But Israel kept good nity because they fear some will by the Public Company Accounting
data, reported them out frequently choose infection over vaccination. Oversight Board. More than 50 for-
and quickly, and used them to track But leaders can encourage all Ameri- eign jurisdictions allow the board to
subsequent Covid infections. When cans who aren’t immune to get vac- “audit the auditors.” Two do not:
the White House announced its plan cinated and be transparent with the China and Hong Kong.
to recommend a booster shot for all data at the same time. Congress acted last year to fill
Americans, it cited Israeli data. The from the Israeli study that the been especially lacking on natural The CDC shouldn’t fish for data to this gap by unanimously passing the
World Health Organization and oth- boosts that are being now done immunity from prior Covid infection. support outdated hypotheses. Heed- Holding Foreign Companies Account-
ers criticized the plan, calling the ev- there and contemplated here sup- On Aug. 25, Israel published the ing the robust Israeli data on natural able Act. The law prohibits trading
idence insufficient, and in what port very strongly the rationale for most powerful and scientifically rig- immunity could help restore the in an issuer’s stock if a foreign juris-
seemed like a coordinated protest, such an approach.” The FDA, trying orous study on the subject to date. agency’s credibility and even help diction prevents our oversight board
two top scientists at the Food and to evaluate the question of boosters, In a sample of more than 700,000 vaccination efforts. from inspecting the company’s audit
Drug Administration abruptly re- scrambled to obtain the raw data people, natural immunity was 27 Israel also contributed a brilliant firm for three consecutive years. The
signed. from Israel. times more effective than vaccinated study on vaccinating children. Re-
The bigger question is: Why didn’t immunity in preventing symptomatic searchers found that one dose of the
the CDC produce the research? The infections. Pfizer vaccine, instead of the normal China’s companies must
Decisions on boosters agency has 21,000 employees and a Despite this evidence, U.S. public two, was 100% effective in children
allow their audit firms to be
$15 billion annual budget. It has data health officials continue to dismiss ages 12 to 15. Such a finding could
relied on data from on more than 40 million Americans natural immunity, insisting that have significant implications for audited or their shares won’t
Israel. Why isn’t the U.S. who have tested positive for Covid those who have recovered from achieving broad immunity in adoles-
trade in U.S. capital markets.
and 200 million who have been vac- Covid must still get the vaccine. Pol- cents while reducing the risk of
producing this research? cinated. The data include the vaccine icy makers and public health leaders, heart complications, which have
type, dosing schedule and vaccina- and the media voices that parrot been clustered around the second
tion date. Calculating the rate of U.S. them, are inexplicably sticking to dose. SEC has taken all the required steps
The Biden administration recently breakthrough infections and subse- their original hypothesis that natural These are the studies U.S. public to implement this law, and the over-
got the supporting data it needed to quent hospitalizations and deaths immunity is fleeting, even as at least health agencies should be doing but sight board is on track to finalize its
justify its booster plan. But not from isn’t the Manhattan Project. It’s Epi- 15 studies show it lasts. aren’t. By any metric, the CDC has relevant rulemaking before the end
the CDC. Another Israeli study demiology 101. Meanwhile, employers fire work- failed in its primary task of prepar- of the year. The three-year clock be-
showed that a booster resulted in a The CDC’s failure to report mean- ers with natural immunity who won’t ing the country for a pandemic and gan ticking in 2021.
10-fold reduction in severe Covid ill- ingful data has left policy makers get vaccinated. Schools disenroll stu- telling us how to reduce harm from Now it’s up to Beijing to let the
ness in people over 60. The results flying blind. In the absence of good dents who won’t comply. the novel Covid pathogen. oversight board in so we can ensure
were published mere weeks after the data to answer the basic questions The CDC did put out a study on the relevant audits are up to U.S.
study’s completion, not months later Americans have been asking, politi- natural immunity last month, Dr. Makary is a professor at the standards. Early next year I expect
as often happens in the U.S. cal opinions have filled the vacuum. forcefully concluding that vacci- Johns Hopkins University School of we will announce which companies,
“There’s no doubt,” Anthony Strong data might have prevented nated immunity was 2.3 times bet- Medicine, and the author of “The if any, used an auditor that didn’t
Fauci said of the findings in a press much of the polarization over Covid. ter than natural immunity. The CDC Price We Pay: What Broke American open its workpapers to U.S. over-
briefing, “from the dramatic data Sound data from the CDC has used these results to justify telling Health Care—And How To Fix It.” seers. If these companies use an au-
dit firm in a noncompliant jurisdic-
tion for two more years

Joe Biden’s Presidency Is Incredible—No, Really consecutively, their shares will be

prohibited from trading in our capi-
tal markets beginning in 2024.
We’ve all had to revise and amend re- Afghanistan in August. Covid in Sep- required a level of knowledge about a In June the Senate passed the Ac-
marks in light of uncomfortable new tember. Next month: How I’ve suc- person’s mind that we probably celerating Holding Foreign Compa-
facts. But this administration’s capac- ceeded in keeping immigration under didn’t have.) nies Accountable Act, which, if en-
FREE ity for self-contradiction has reached control. By Thanksgiving, inflation I don’t see news organizations re- acted, would wind the three-year
EXPRESSION epidemic levels. will no doubt still be transitory. porting that President Biden has clock down to two. We welcome dis-
By Gerard Baker Take that slightly menacing Now it’s important to say here that “falsely” stated that there had been cussions with Chinese authorities,

S
speech on vaccine mandates last the past few years haven’t exactly no complaints from U.S. allies, or that but Congress has spoken. Unless
ay what you will, it should be week. Even within the span of a few been a golden age for presidential he has said “without evidence” that China’s companies abide by the
obvious by now to any fair- minutes Mr. Biden managed a baf- credibility. Mr. Biden’s predecessor Covid was on the wane. Republicans rules, their shares won’t be able to
minded observer that Joe Biden fling inconsistency. One moment he set the bar for authoritative misdi- lie. Democrats merely misspeak. trade in the U.S.
is an incredible president. Absolutely assured us that if we were vacci- rection extremely high. His credibility problem isn’t sim- In addition to ensuring that the
unbelievable. nated we had an infinitesimal chance ply sapping Mr Biden’s poll numbers Public Company Accounting Over-
Given what might be politely of getting sick enough to need hospi- or even his ability to advance his po- sight Board can “audit the auditors,”
termed as recent adverse develop- talization. But the next moment he The dissembling and self- litical agenda. It’s further eroding we want U.S. investors to be fully
ments, this will come as a surprise to said the unvaccinated were threaten- trust in government, undermining aware of risks with respect to these
some readers, so let me clarify: I ing the health of those of us who are contradictions are many, America’s tattered reputation in the companies. We’ve put a pause on new
don’t mean “incredible” in the sense vaccinated. but the press never sees fit world and making it immeasurably offerings from both Chinese operat-
the word has come to be used in the What makes this Covid credibility harder for authority—now and in the ing companies who list directly and
modern argot of our rapidly devalu- problem more remarkable is that to call them out as lies. future—to maintain the kind of trust their shell-company affiliates. We are
ing language. Like “awesome,” which, Mr. Biden evidently thought it would that is essential to the functioning of working with them to ensure they
growing up I only ever heard used in be helpful for his credibility to a free society. clearly disclose relevant risks.
the context of the deity but which is change the subject from a subject on But you’ll recall that President Among America’s most important To explain why, let’s take a step
now typically deployed to describe a which it had already been shred- Trump’s whoppers were, in the som- allies there is no longer any trust back. In response to the Great De-
slice of pizza or a haircut, “incredi- ded—Afghanistan. ber reporting of the time, cast as an that Mr. Biden can be relied on as a pression, President Franklin Roose-
ble” has been subject to significant You’ll recall the nightly contentions existential threat to the very fabric of serious partner. They’re now making velt and Congress established a ba-
linguistic distortion. from the White House podium in that American democracy. News articles their own plans. At home, people are sic bargain. Investors get to decide
It’s amusing to hear some journal- last chaotic week of the U.S. with- would report something he’d said as so bewildered and angry about the what risks they wish to take. Compa-
ist of impressively wide self-esteem drawal from Kabul. The allies were either an outright lie or with the cen- endless inconsistencies on masks, nies that are raising money from the
but evidently narrower vocabulary perfectly happy with it. No Americans sorious clarification that his words lockdowns and vaccines that many public must make full and fair dis-
heap praise on a story by describing would be left behind. The Taliban were “false” or “without evidence.” (I of them have simply stopped paying closures to investors. This bargain
it as “incredible”—though the phrase were going to be helpful partners. earned infamy a few years back as attention. has been a source of America’s eco-
“this is some incredible reporting The president seems to have set- editor of the news pages of this It’s not the first, to be sure, not by nomic success for 90 years.
from CNN,” which I have occasionally tled on a strategy of rotating monthly newspaper for insisting that report- a long shot. But what an awesome— I don’t believe China-related com-
seen tweeted, has a satisfactorily, if through a different set of falsehoods. ing something confidently as a “lie” incredible—presidency. panies currently are providing ade-
unintentionally, faultless quality to it. quate information about the risks
So, in a probably futile bid to re- they face—and thus the risks that
turn English words to their actual
meaning, I should make clear that
what makes Joe Biden an incredible
A Four-Day Workweek Is No Holiday American investors in these busi-
nesses face. This summer Beijing
clamped down on some China-re-
president is that you can’t believe a By Erica Komisar For many parents, cramming five have more time to be with their lated companies raising capital in

T
word he says. days of work into four will mean child throughout the day and at bed- the U.S. These companies became
Remember that vaccine that Ka- he crowdfunding platform less time with their children. Three- time. subject to new rules, ranging from
mala Harris said a year ago she prob- Kickstarter has announced day weekends can be great for A trend toward shorter work- data-privacy regulations to restric-
ably wouldn’t take because Donald that its employees will work bonding, but children need a consis- weeks isn’t a bad thing. The search tions on business models.
Trump was responsible for it? Well, four days a week starting in 2022, tent, daily presence, not occasional for alternatives to the traditional In certain sectors, the Chinese
now she and her boss say we’ve all and the pandemic is reshaping chunks of time. Shorter days, not workweek—five days and 40 hours government doesn’t allow foreign
got to take it or else the federal gov- workplaces across the country. “Is a fewer days, are preferable. in person—is a great sign of prog- ownership. To raise capital on U.S.
ernment will have us fired from our Four-Day Week the Future of The needs of children are best exchanges, many Chinese companies
jobs. This followed a declaration on Work?” a headline in this newspaper met when they spend time with employ a structure called variable-in-
the vaccine by Mr. Biden, shortly be- recently asked. their primary caregivers every day. For most parents terest entities that establish contrac-
fore taking office, that he wouldn’t Let’s hope not. Despite the hype, Four-day workweeks can provide tual relationships with shell compa-
“demand that it be mandatory.” four-day workweeks have drawbacks parents with the illusion of presence with young children, nies in foreign jurisdictions, like the
Two months ago, we were “closer if they mean longer workdays. Com- because they are available in large shorter—not fewer— Cayman Islands. These shell compa-
than ever to declaring independence panies may say that working hours blocks of time during the weekend. nies then raise capital on U.S. ex-
from the virus” but last week we won’t increase, but reality can be But if this comes at the cost of workdays is a better deal. changes, but the contracts don’t ac-
were warned that defeating the virus different from what is outlined in a barely being around during the tually confer ownership of the
would “take a lot of hard work and corporate handbook. This is a par- week—missing bed time or home- operating company to American in-
it’s going to take some time.” ticular problem for families with work after school—the long week- ress for families with children. Com- vestors. I worry that some investors
Now, things change, it’s true. young children. end won’t yield much benefit. panies stand to benefit: One survey don’t realize they’re putting their
The idea that time quality is found employers lose $300 billion a money into a Cayman shell rather
more important than quantity is a year in lost productivity from than a company operating in China.
myth. Quantity of time is important stressed out parents. I directed the SEC’s staff in July
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY for both toddlers and adolescents. The pandemic has created new, to ensure that these companies pro-
Rupert Murdoch Robert Thomson Nicholas Zill, a researcher with the flexible schedules that are almost vide full, fair and transparent disclo-
Executive Chairman, News Corp Chief Executive Officer, News Corp
Institute for Family Studies, reports certainly here to say. But what sure of their risks and corporate
Matt Murray Almar Latour
Editor in Chief Chief Executive Officer and Publisher
that a parent’s presence during ado- working parents need is a greater structures, among other factors, if
lescence significantly affects a ability to focus on the demands of they wish to offer securities in U.S.
Neal Lipschutz Karen Miller Pensiero DOW JONES MANAGEMENT:
Deputy Editor in Chief Managing Editor Daniel Bernard, Chief Experience Officer;
child’s success, including overall ed- young children. Companies shouldn’t markets.
Jason Anders, Chief News Editor Mae M. Cheng, SVP, Barron’s Group; David Cho, ucational attainment. jump on the bandwagon of four-day Whether in California, the Cay-
Thorold Barker, Europe; Elena Cherney, Coverage; Barron’s Editor in Chief; Jason P. Conti, General The presence of a parent in- workweeks without considering the man Islands or China, all companies
Andrew Dowell, Asia; Anthony Galloway, Video & Counsel, Chief Compliance Officer; Frank Filippo, creases trust and a sense of secu- hidden costs to families. that seek to raise money in the deep
Audio; Brent Jones, Culture, Training & Outreach; EVP, Business Information & Services;
Alex Martin, Print & Writing; Michael W. Miller, Robert Hayes, Chief Business Officer, New rity. It is also how children learn to and liquid U.S. capital markets
Features & Weekend; Emma Moody, Standards; Ventures; Aaron Kissel, EVP & General regulate their emotions and develop should play by America’s rules. The
Shazna Nessa, Visuals; Matthew Rose, Manager, WSJ; Josh Stinchcomb, EVP & resilience. Columbia University’s Ms. Komisar is a New York psy- steps that Congress, the SEC and the
Chief Revenue Officer, WSJ | Barron’s Group;
Enterprise; Michael Siconolfi, Investigations Nim Tottenham has shown the im- choanalyst and author of “Being Public Company Accounting Over-
Christina Van Tassell, Chief Financial Officer;
Paul A. Gigot Suzi Watford, EVP, Consumer & Chief portance of caregivers for develop- There: Why Prioritizing Motherhood sight Board are taking to protect in-
Editor of the Editorial Page Marketing Officer ment of the amygdala in very young in the First Three Years Matters” vestors aim to do just that. The
Daniel Henninger, Deputy Editor, Editorial Page;
Gerard Baker, Editor at Large
children. The best scenario would be and “Chicken Little the Sky Isn’t clock is ticking.
EDITORIAL AND CORPORATE
HEADQUARTERS:
a parent who worked 9 a.m. to 2 Falling: Raising Resilient Adoles-
1211 Avenue of the Americas, New York, N.Y., 10036 p.m., with an option to finish their cents in the New Age of Anxiety,” Mr. Gensler is chair of the Securi-
Telephone 1-800-DOWJONES duties from home where they will out in October. ties and Exchange Commission.
 .

A18 | Tuesday, September 14, 2021 * *** THE WALL STREET JOURNAL.

WORLD NEWS

Blinken Defends Afghan Pullout Iran Plans

Secretary of state tells
To Resume
lawmakers Biden was
bound to deal Trump
Nuclear
made with the Taliban Talks Soon
BY COURTNEY MCBRIDE BY LAURENCE NORMAN
AND WILLIAM MAULDIN AND ARESU EQBALI

The chief U.S. diplomat on Iran said it planned to re-

Monday defended the military sume nuclear talks in the near
withdrawal from Afghanistan, future, the clearest indication
telling a House committee that yet that negotiations on reviv-
the Biden administration was ing the 2015 nuclear deal
bound to former President could soon resume, and the Bi-
Donald Trump’s agreement den administration confirmed
HOSHANG HASHIMI/AGENCE FRANCE-PRESSE/GETTY IMAGES

with the Taliban and that re- it would drop a resolution cen-
maining would have risked suring Iran for failing to coop-
more American lives. erate with nuclear inspectors.
“The Taliban made abun- Monday’s comments came
dantly clear…that it was going after Iran agreed over the
to hold us to the deadline that weekend to allow International
the previous administration Atomic Energy Agency staff
negotiated in terms of with- access and reset cameras and
drawing American forces,” other equipment that monitor
Secretary of State Antony Iranian activities at various
Blinken told the House Foreign nuclear-related sites in Iran.
Affairs Committee. Iran’s new president, Ebra-
In the combative hearing, him Raisi, had warned that if
Republican committee mem- the U.S. and European powers
bers told Mr. Blinken that he sought to rebuke Iran at the
should resign. They accused Taliban fighters patrolling Kabul on Monday, the day Secretary of State Antony Blinken testified at a combative House hearing. meeting of IAEA member
him and the Biden administra- states, it could derail Tehran’s
tion of betraying U.S. troops, faulted the Trump administra- had long ago achieved its ob- mittee that the administration ghanistan wars. Rep. Ronny plan to resume the nuclear
of manipulating intelligence to tion for its February 2020 jectives in Afghanistan, includ- coordinated its withdrawal Jackson (R., Texas) criticized talks.
give an overly rosy prognosis agreement with the Taliban, ing degrading the ability of plans with U.S. allies, expedited Mr. Blinken for giving the The State Department on
of the Afghan government and but many also criticized the the al Qaeda terrorist group to processing of Special Immi- State Department credit for its Monday said if Iran imple-
military’s ability to hold off execution of the withdrawal. strike the U.S., and that stay- grant Visas for Afghans who work at the Kabul airport ments its weekend agreement
the Taliban and of surrender- “Yes, the majority of the ing longer wouldn’t have led had aided the U.S. government alongside Marines who died in with the IAEA, the U.S. will
ing to the Taliban. American people wanted to to a different outcome. and mounted an extraordinary a suicide bombing there. drop discussions of a resolu-
“The Biden administration’s leave Afghanistan but not like “One of the lessons is while effort to evacuate Americans “You have tried to act as if tion rebuking Tehran at the
outrageously inept withdrawal this,” said Rep. Steve Chabot we are very effective in deal- and others. He said the State you’ve made zero mistakes, IAEA board meeting, which
has left America and the world (R., Ohio). ing with terrorist threats to Department repeatedly urged and there’s been a continuous started Monday.
a much less safe place, 20 Rep. Brad Sherman (D., Ca- our country and eliminating Americans to leave the country effort in the State Department “Iran has an opportunity to
years after September 11,” said lif.) said that efforts by Afghan them, which we did very suc- and offered assistance to do so. to pat yourselves on the back,” engage with the IAEA on the
Rep. Ann Wagner (R., Mo.). One elites to flee the country ahead cessfully in Afghanistan, the He said that about 100 U.S. said Mr. Jackson, a former serious, pressing issues raised
of her constituents was among of a Taliban takeover triggered idea of using military force to citizens who still want to leave White House physician for Mr. in IAEA reports. Of course,
the 13 U.S. service members a “stampede,” preventing the remake a society is something remain in Afghanistan. Trump and Barack Obama. their cooperation must be
killed in the Aug. 26 terrorist Biden administration from exe- that is beyond our means and Mr. Blinken was repeatedly “Most Americans at this par- seen in actions and not just
attack at the Kabul airport. cuting an orderly exit. capacity,” Mr. Blinken said. assailed by lawmakers who are ticular point do not appreciate words,” said a State Depart-
The committee’s Democrats Mr. Blinken said the U.S. The secretary told the com- veterans of the Iraq and Af- your tone-deaf approach.” ment spokeswoman. “Based on
the director general’s report
on Sunday, we do not now

Nations Stop Short of Recognizing Taliban

plan to table a resolution at
this week’s meeting” of the
IAEA board, she said.
The nuclear talks, which
BY YAROSLAV TROFIMOV said the statement from Doha. was assassinated in clashes Sun- started in April, aim to agree on
U.N. Gets $1 Billion nator said. Despite past Taliban prom- day. Mr. Baradar, who was flown the steps Iran and the U.S.
KABUL—With a new govern- “We are committed to all ises of sharing power with back to Afghanistan by a Qatari would take to revive the 2015
ment in place and uncontested For Afghan Relief rights of women, rights of mi- other political leaders, the Tali- military plane last month, nuclear accord, from which the
control over the country, Af- norities and principles of free- ban last week formed an in- wasn’t among those who met Trump administration withdrew
ghanistan’s Taliban rulers are dom of expression,” the letter terim government that con- Qatar’s foreign minister Sunday. the U.S. in 2018. Since then,
clamoring for international The United Nations said said, according to Mr. Griffiths. sisted exclusively of the Islamist In an audio statement pub- Iran has breached most of the
recognition of their reinstated Monday that it obtained $1 bil- The Taliban haven’t spelled out movement’s senior members. lished by the Taliban, Mr. Bara- limits in the deal in response to
Islamic Emirate of Afghanistan. lion in pledges of fresh funds to what these rights are under their That government wants dar said he was traveling out- Washington’s imposition of
Nearly a month after the fall stave off a humanitarian crisis in ultraconservative vision of Islam. Western embassies to return. side Kabul and that reports of sweeping economic sanctions.
of the Afghan republic, no nation Afghanistan, after receiving a António Guterres, the sec- “The Islamic Emirate of Afghan- his demise were “shameful lies.” The Biden administration
has granted such recognition so written assurance by the Taliban retary-general of the U.N., told istan seeks peaceful and positive There hasn’t been any seri- has made the revival of the
far. Yet, governments world- leaders that they would allow a news conference that the relations with the world,” pro- ous attempt to create an Af- 2015 agreement a top foreign-
wide, as well as the United Na- aid workers to operate freely. letter had encouraging state- claims in English the giant bill- ghan government in exile policy goal despite the charges
tions, are eager to open high- The U.N. was appealing for ments. “We will now have to board that the Taliban erected since President Ashraf Ghani of critics in Congress, Israel
level contacts with the Taliban, $600 million to provide relief to see what happens on the in Kabul’s international airport. fled to the U.A.E. on Aug. 15. and elsewhere that the deal
especially as the country faces a 11 million Afghans, including food ground,” he added. “Recognition is very impor- Yet, for now, all of Afghani- would tightly restrict Iran’s
humanitarian crisis. distribution, healthcare and shel- The U.S. on Monday an- tant,” Roohullah Umar, a Tali- stan’s diplomatic missions nuclear activities only for the
Some Western governments ter, for the next four months. nounced $64 million in addi- ban-affiliated political analyst, abroad, including its mission next few years.
say that such dialogue with the The U.S. and its allies say they tional aid. More than 70% of said Monday in an interview. “If to the U.N. and embassy in Iranian Foreign Ministry
Taliban is possible without de would provide aid, but not the revenues of the deposed the U.S. and Western nations do Washington, still fly the flag spokesman Saeed Khatibzadeh
jure recognition of their admin- through the Taliban government. Afghan government came from not give a hand to Afghanistan, of the fallen Afghan republic. was quoted by state television
istration. “Before recognition The letter from the Taliban international aid, which has the Taliban will have to stretch The U.S. and all other West- saying, “The government has
they should have some sort of included a plea for interna- now been almost completely their hand to Russia and China.” ern countries closed their em- announced that it will cer-
mandate by the political will of tional aid, Martin Griffiths, the eliminated. The Taliban aren’t a mono- bassies in Kabul after the Tali- tainly resume the talks in the
the people,” said a senior West- U.N.’s emergency-relief coordi- —Saeed Shah lithic movement, and many ban takeover. Hoping for near future.”
ern diplomat. “But apart from rank-and-file fighters say they recognition, the Taliban are Some Western diplomats
the question of recognition we are troubled by what they per- protecting most of these em- have said they are hopeful
can interact with them.” ernment minister to visit Ka- ulated the IEA leadership and ceive as an unnecessarily soft bassies. The U.S. and many talks could resume this month.
Before the reopening of bul since the Taliban takeover. all Afghan people on the Vic- approach to former enemies. other countries have temporar- Mr. Raisi and his new gov-
Western embassies, all closed The conflicting narratives tory and emphasized boosting With different factions seeing ily moved their diplomats deal- ernment have repeatedly re-
since the Aug. 15 fall of Kabul, about the trip highlight the bilateral relations,” it said. ministerial positions as spoils ing with Afghanistan to Doha. fused to fix a date for return-
that engagement can take the group’s desire for international The Qatari account made no of war, the new government By contrast, China, Russia, ing to the negotiations. That
form of diplomats making acceptance—and the global mention of any congratulations. reflects a desire to contain in- Qatar, Turkey, Iran, Pakistan has sparked concerns that Iran
short-term visits to Kabul, se- community’s reluctance to do The Qatari foreign minister ternal strife, diplomats say. and neighboring Central Asian is playing for time in the talks.
curity conditions on the ground so until conditions are met. urged the Taliban to form a On Monday, the Taliban states have retained their diplo- Speaking to reporters on
permitting, the diplomat added. In a statement, the Taliban more inclusive government to tamped down rumors that Mul- matic presence in Afghanistan. Monday, IAEA Director-Gen-
Qatari Foreign Minister implied that their Islamic Emir- ensure freedom of passage for lah Abdul Ghani Baradar, the Maintaining an embassy in eral Rafael Grossi said he had
Sheikh Mohammed bin Abdul- ate of Afghanistan had received Afghans and foreigners who relatively moderate deputy a country doesn’t equal recog- been invited to travel to Teh-
rahman al-Thani on Sunday its first recognition. “The for- want to leave the country, and to prime minister who headed the nition of its government, dip- ran soon for talks with senior
became the first foreign gov- eign minister of Qatar congrat- combat international terrorism, group’s political office in Doha, lomats note. Iranian officials.

WORLD WATCH
ISRAEL but stopped short of claiming LEBANON
responsibility. Abdulatif Qanou, a
Aircraft Strike Gaza Hamas spokesman, said they President Wants to
After Hamas Attacks were meant to pressure Israel Resume IMF Talks
into “stopping its crimes against
Israeli aircraft struck a series our people and prisoners.” Lebanon’s new government
of targets in the Gaza Strip —Associated Press held its first meeting Monday
early Monday, while Palestinian with a call by the president to
militants launched rockets into EGYPT resume talks with the Interna-
SAID KHATIB/AGENCE FRANCE-PRESSE/GETTY IMAGES

Israel in the third consecutive tional Monetary Fund to help

night of fighting. Israel Leader Makes kick-start its recovery from one
The Israeli military reported An Official Visit of the world’s worst economic
three separate rocket launches crises in more than a century.
late Sunday and early Monday, Israeli Prime Minister Naftali The 24-member cabinet’s
saying at least two of them Bennett visited Egypt on Mon- most pressing mission during
were intercepted by its rocket day for talks with Egyptian the coming weeks will be to
defenses. It said it attacked a President Abdel Fattah Al Sisi in help improve conditions in the
number of Hamas targets in re- the Red Sea resort of Sharm El country of six million, including
taliation. There were no reports Sheikh. one million Syrian refugees.
of casualties on either side. It was the first official visit More than half the population
The Israeli army said an as- by an Israeli premier since 2010, lives in poverty amid extended
sailant attempted to stab a sol- when President Hosni Mubarak power outages and severe
dier at a busy intersection in the hosted a summit with Benjamin shortages in fuel and medicine.
occupied West Bank. Soldiers Netanyahu, Palestinian President An Israeli airstrike in the Gaza Strip. Israel said it hit Hamas targets to retaliate for rocket attacks. President Michel Aoun told
shot the attacker, who was Mahmoud Abbas and U.S. Secre- ministers that their government
taken to a hospital, it said. tary of State Hillary Clinton. Mr. Sisi stressed his support standing relationship between fought four wars, most recently policy statement should include
In Jerusalem, police said a 17- Less than a year later, Egypt for “all efforts aimed at achiev- Egypt and Israel was a founda- in May, and Egypt often serves the resumption of IMF talks, which
year-old Palestinian boy stabbed was rocked by a popular upris- ing a comprehensive peace tion for Israel’s recent accords as a mediator between the two were suspended last year. He also
and wounded two people near the ing that toppled Mr. Mubarak. based on a two-state solution,” with other Arab nations. enemies. In the last fighting, it called for a plan to fight corruption
city’s central bus station. The as- Mr. Bennett and the Egyptian it said. Israel, with Egypt’s help, has successfully brokered a cease- and move forward with the inves-
sailant was shot by an officer, president discussed bilateral re- The Israeli premier thanked maintained a tight blockade over fire. Egypt has been trying to tigation into last year’s massive
said Jerusalem police chief Doron lations, reviving the Israel-Pales- Mr. Sisi for Egypt’s role in pre- Gaza since the Palestinian mili- broker a long-term cease-fire be- Beirut port explosion that killed at
Turjeman. The boy suffered a seri- tinian peace process and other serving security and stability in tant group Hamas overran the tween Israel and Hamas, but least 214 people. The formation of
ous gunshot wound to the chest. regional and international devel- the Gaza Strip, and its help with territory in 2007 in an effort to those efforts appear to have run a new government Friday came
Islamist militant group opments, according to Mr. Sisi’s Israeli missing and captives from prevent it from importing weap- into trouble in recent weeks. after a 13-month deadlock..
Hamas praised the two attacks, office. the conflict. He said the long- ons. Israel and Hamas have —Associated Press —Associated Press
 .

TECHNOLOGY: DISAGREEMENTS GROW OVER POLICING EU PRIVACY RULES B4

BUSINESS & FINANCE

© 2021 Dow Jones & Company. All Rights Reserved.

S&P 4468.73 À 0.23% S&P FIN À 1.14%

* * * **

S&P IT À 0.04% DJ TRANS À 0.57%

THE WALL STREET JOURNAL.

WSJ $ IDX g 0.02% LIBOR 3M 0.116

Tuesday, September 14, 2021 | B1

NIKKEI (Midday) 30562.42 À 0.38% See more at WSJ.com/Markets

European Energy Prices Surge IPhone

Hit by
Lack of North Sea wind boosted by the pandemic re- at data firm ICIS, of the leap expensive supplier determines buy more emissions allow-

curbs an electrical
source just as stocks
covery and a lack of fuel in
storage caverns and tanks, hit
all-time highs. Thermal coal,
in power prices. “If this were
to happen in winter when
we’ve got significantly higher
prices for everyone. That
means that when countries de-
rive power from thermal
ances. Expensive carbon per-
mits then prodded energy
companies to turn back to gas,
Silent
of natural gas are low
long shunned for its carbon
emissions, has emerged from a
long price slump as utilities
demand, then that presents a
real issue for system stability.”
At their peak, U.K. electric-
plants with comparatively high
running costs, it boosts prices
for the whole market. Operat-
whose price rose again because
the fuel is in short supply.
The feedback loop has the
Attack
BY JOE WALLACE are forced to turn on backup ity prices had more than dou- ing costs at fossil-fuel power potential to ripple into the BY ROBERT MCMILLAN
power sources. bled in September and were plants are high right now after broader economy. European
Natural gas and electricity The episode underscored almost seven times as high as a relentless climb in prices for Central Bank President Chris- An Israeli cybersecurity
markets were already surging the precarious state the re- at the same point in 2020. gas, coal and carbon permits. tine Lagarde this month re- firm has been exploiting a sig-
in Europe when a fresh gion’s energy markets face Power markets also jumped in Energy prices could shoot ferred to energy markets as nificant Apple Inc. software
catalyst emerged: The wind in heading into the long Euro- France, the Netherlands and even higher if cool tempera- one of the main forces driving vulnerability since February to
the stormy North Sea stopped pean winter. The electricity Germany. tures stop gas stores replen- inflation higher. silently infect iPhones using
blowing. price shock was most acute in Prices for power to be dis- ishing before the period of Wind accounted for about a iMessage, the company’s mes-
The sudden slowdown in the U.K., which has leaned on patched the next day rocketed peak winter demand, said Tom quarter of Great Britain’s saging software, according to
wind-driven electricity pro- wind farms to eradicate net to £285 a megawatt hour in Lord, a carbon trader at U.K.- power last year, according to the research group that discov-
duction off the coast of the carbon emissions by 2050. the U.K. when wind speeds based Redshaw Advisors. the system operator National ered the issue.
U.K. in recent weeks whip- Prices for carbon credits, dropped last week, according “You’ve got a gas market that’s Grid. After the wind dropped On Monday, Apple supplied
sawed through regional energy which electricity producers to ICIS. That is equivalent to extremely tight,” he said. this month, National Grid a critical security update fixing
markets. Gas and coal-fired need to burn fossil fuels, are $395 a megawatt hour and Electricity, gas, coal and asked Électricité de France the flaw, but the vulnerability
electricity plants were called at records, too. marked a record on figures go- carbon markets have a way of SA to restart its West Burton had been used in attacks by Is-
in to make up the shortfall “It took a lot of people by ing back to 1999. feeding on one another. High A coal power station in Not- rael’s NSO Group, according to
from wind. surprise,” said Stefan Konstan- In electricity markets, the gas prices prompted utilities to tinghamshire. That won’t be Citizen Lab. Citizen Lab is an
Natural-gas prices, already tinov, senior energy economist cost of generation at the most burn more coal, so they had to Please turn to page B9 academic research group that
investigates cyberattacks on
journalists and dissidents.

GameStop, AMC 10 biggest weightings in the iShares Russell 2000 Value ETF* “After identifying the vul-
nerability used by this exploit
for iMessage, Apple rapidly de-
veloped and deployed a fix in

Drive Big Gains

iOS 14.8 to protect our users,”
AMC Entertainment STAG Industrial Macy’s
Apple said.
1.45% 0.47% 0.43% The intrusion is particularly
Please turn to page B4

In Value Stocks Walmart

BY GUNJAN BANERJI

Meme stocks are distorting

have embraced value stocks
this year. They have snapped
up shares of cyclical compa-
Chesapeake Energy
0.42%
CIT Group
0.37%
Essent Group
0.35% Talk Lifts
the way some investors see
parts of the market.
The Russell 2000 value in-
nies and ones in corners of the
market benefiting from a
booming economy. The S&P
Litecoin
dex, designed to follow shares
of small companies that are
viewed as bargains relative to
500 value index is up around
15% this year.
But the meme companies
Ovintiv
0.50%
Briefly
the rest of the market, is up have had an outsize effect in EMCOR Group BY PAUL VIGNA
22% this year. Meanwhile, the some indexes. Take GameStop 0.40% AND SARAH NASSAUER
Russell 2000 growth index, Corp., which became a battle-
populated with companies ground stock earlier this year Valley National The price of litecoin, a lit-
Tenet Healthcare
whose earnings are expected as individual investors drove 0.35% tle-used cryptocurrency,
0.48%
to flourish faster than the rest the retailers’ shares ever spiked in early trading Mon-
of the market, has increased higher. After those gains, day before falling back, after a
only 5.2%. GameStop was dropped from news release touting a part-
Look to another set of in- the Russell 2000 value index nership with retailer Walmart
dexes, though, and a different in June. Even so, it remains 30 percentage points Inc. turned out to be fake.
Spread between the Russell 2000 value index and Russell 2000 growth index†
picture emerges: The S&P 500 the second-biggest contributor Litecoin traded as high as
growth index, for example, is to that index this year. AMC is $231, up 30%, after the issu-
outperforming its value peer first, according to calculations 20 ance of the release via Globe-
by around 6 percentage points by investment firm AJOVista 17 Newswire at 9:30 a.m. ET. The
in the year to date. as of Friday. Small-cap value cryptocurrency quickly fell af-
What gives? The Russell investors avoiding the two 10 ter Walmart said the news re-
2000 value index’s gains this stocks would have trailed the lease was fraudulent.
year have been powered by value gauge by almost 2 per- The news release, purport-
some meme stocks such as centage points in 2021. 0
edly from Walmart, claimed
AMC Entertainment Holdings AMC still belongs to the the retailer would allow cus-
Inc. That stock’s rally of more value index, puzzling some in- tomers to make payments
than 2,000% this year has vestors who say that it is a with the cryptocurrency. Wal-
–10
helped the Russell 2000 value misfit. Shares of AMC already mart shares fell 83 cents at
index outperform the Russell appear pricey after their mete- $145.06.
2000 growth benchmark by oric gains this year, according “The press release is not
–20
the widest margin since 2002, to some investors. authentic,” said a Walmart
according to Dow Jones Mar- “It doesn’t make sense,” 2001 ’05 ’10 ’15 ’20 ’21 spokeswoman. Walmart
ket Data. said Chris Covington, head of *Data as of Sept. 10 †Data are yearly through Sept. 13. doesn’t accept cryptocurrency
Of course, many investors Please turn to page B2 Sources: iShares (weightings); Dow Jones Market Data via FactSet (spread) Please turn to page B2

INSIDE Blackstone Drops $3 Billion China Realty Deal

BY ELAINE YU for the country’s embattled hai, with trophy properties de- frame. lishes on the Smartkarma
AND JING YANG business leaders. signed by star international The State Administration platform, adding that “anti-
After the deal was an- architects such as the late for Market Regulation didn’t trust approval would also not
Shares in Chinese commer- nounced in June, the husband- Zaha Hadid. respond to requests for com- sit well with President Xi Jin-
cial-property developer Soho and-wife team faced criticism Blackstone’s offer was con- ment. Blackstone declined to ping’s recent calls for wealth
China Ltd. fell 35% Monday, in China, with assertions on- ditional upon approval by comment further. redistribution.”
after Blackstone Inc. aban- line that they were cashing out China’s antitrust regulator, the “The transaction had Mr. Xi’s plans to promote
doned a $3.3 billion takeover and moving money abroad, de- State Administration for Mar- caused disquiet in China with social equality and distribute
in the face of an unexpectedly spite Beijing’s aversion to such ket Regulation. But the U.S. several Chinese press and so- wealth more evenly, summa-
long regulatory review. practices. Soho China didn’t private-equity giant and Soho cial media posts urging SAMR rized by the catchphrase
Soho China is controlled by respond to requests for com- China said Friday that they to block the transaction due “common prosperity,” have
two high-profile entrepre- ment. hadn’t been able to make suf- to the premise that the deal is marked a turn in official rhet-
neurs, Pan Shiyi and his wife, Soho China’s office blocks ficient progress on meeting unpatriotic,” wrote Arun oric and popular sentiment to-
Zhang Xin, and the deal’s col- have helped reshape high-end the conditions for the deal George, an analyst at Global ward business people who
AEROSPACE lapse marks the latest setback districts in Beijing and Shang- within their agreed time Equity Research Ltd. who pub- Please turn to page B2
SpaceX mission will

Beijing Acts to Spur

put four civilians into
orbit for several days
and return to Earth. B3

Competition in Apps
BY LIZA LIN Holding Ltd., ByteDance Ltd.
and Baidu Inc. were among
SINGAPORE—China has or- those called to a meeting last
dered its largest internet com- Thursday with Chinese officials
panies to stop blocking links to discuss the issue, people fa-
from their rivals on their apps, miliar with the matter said.
as Beijing seeks to boost com- Moves blocking app users
petition in a sector dominated from accessing rivals’ services
by a handful of companies. from within those apps have
NG HAN GUAN/ASSOCIATED PRESS

Authorities have made the become common practice

move against blocking exter- among large technology com-
nal links a key focus of a cam- panies in China.
paign that started in July, af- The ministry’s campaign is
HEARD ON THE ter receiving multiple part of a wide-ranging initia-
STREET complaints from users, an offi- tive against China’s technology
cial with the Ministry of In- sector. The regulatory mea-
Lesser-used dating dustry and Information Tech- sures have shaved many bil-
apps are definitely nology said Monday. lions of dollars off the market
worth your time. B11 Companies such as Tencent capitalizations of these compa- Blocking app users from accessing rivals’ services from within those apps has become common
Holdings Ltd., Alibaba Group Please turn to page B4 practice among large technology companies in China. An event for Tencent in Beijing last year.
 .

B2 | Tuesday, September 14, 2021 * *** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes cite notable references to most parent companies and businesspeople
in today’s edition. Articles on regional page inserts aren’t cited in these indexes.

A
Airbnb........................B10
Alibaba.................B1,B11
G
GameStop..............B1,B9
General Motors...........B9
NexGen Energy.........B10
O
Fox Buys Celebrity-News Platform
TMZ From AT&T’s WarnerMedia
Occidental Petroleum
Amazon.com ............... B3 Goldman Sachs...........B9 ...................................B10
AMC Entertainment...B1 Grupo Televisa............B3
Apple.................B1,B2,B3 GTV Media..................A1 P
ArcelorMittal .............. B9 Guo Media...................A2 Palantir Technologies.B9
AT&T............................B2 I Peninsula Energy........B9
Aura Energy................B9 Inspired ....................... B9 R
B
BY JOE FLINT TMZ co-founder and man- conflicts with TMZ. Fox Corp. and Wall Street
Intuit...........................A1 Robinhood ................... B9
aging editor Harvey Levin has “TMZ has been an impact- Journal parent News Corp
Baidu ........................... B1 J Royal Dutch Shell.......A1
Bannerman Energy.....B9 S Fox Corp. said it has ac- also produced shows for the ful program for our FOX share common ownership.
Johnson & Johnson....B3
Bayerische Motoren JPMorgan Chase.........B9 Saraca Media..............A2 quired celebrity news platform Fox News Channel. television stations and broad- The talks between Warner-
Werke........................B9 TMZ from AT&T Inc.’s War- Mr. Levin, who launched cast partners for many years,” Media and Fox predated
Blackstone...................B1
K Sony.............................B2
BryceTech....................B3 KakaoBank ................ B11 Spark Networks........B11 nerMedia unit, as the company TMZ in 2005 and serves as said Lachlan Murdoch, Fox AT&T’s decision earlier this
Spotify.........................B3 looks to expand in digital me- host of its TV shows, will re- Corp.’s executive chairman and year to spin off WarnerMedia,
Bumble......................B11 L
T dia and unscripted content. main in charge of operations. after less than three years in
C LEG Immobilien ........ B10
Live Nation Tencent........................B1 Terms of the deal weren’t In a statement, Mr. Levin said control of the entertainment
Cameco.................B9,B10

$50M
Entertainment..........B3 Tesla.......................B2,B9
Cheniere Energy..........B9 Toyota Motor..............B9 released but TMZ is being val- being under the Fox roof will giant.
L'Oreal.........................B3
D U ued at less than $50 million, create new opportunities to In May, AT&T and Discov-
M-N
Daimler........................B9 Unilever.......................B3 people familiar with the mat- grow TMZ. “We couldn’t be ery Inc. agreed to combine
Deutsche Boerse.........B9 Mailchimp ................... A1
Marathon Oil.............B10 V ter said. The Wall Street Jour- more charged,’’ he said. their entertainment assets
Discovery.....................B2
DWNI.........................B10 Match ........................ B11 Vonovia......................B10
nal reported in August that At WarnerMedia, TMZ was Approximate amount at which into a new stand-alone, pub-
Microsoft.....................B2 the companies were negotiat- something of an outlier. Its re- TMZ is valued in the deal licly traded company called
F Morgan Stanley..........B9 W-Y
Facebook................A1,B4 Walmart......................B1
ing terms that would value porting on movie and TV stars Warner Bros. Discovery. AT&T
Motive Capital............B9
Forge Global................B9 Naver.........................B11 WarnerMedia..............B2 TMZ at between $100 million with whom other parts of the shareholders would retain a
Fox...............................B2 News Corp...................B2 Yellow Cake.................B9 and $125 million. Warner empire had business 70% stake in the new business.
Fox already has deep ties to relationships created tensions chief executive. TMZ is among several as-
TMZ, which owns a popular inside the company, current Fox Entertainment Chief Ex- sets that AT&T has shopped
INDEX TO PEOPLE website and produces several
TV shows. Fox local-television
and former Warner Bros. exec-
utives have said.
ecutive Charlie Collier added,
“We see great potential build-
since John Stankey became
the telecom company’s chief
stations carry the TMZ shows Mr. Levin’s agreement with ing upon TMZ’s brand and executive in mid-2020.
B I S “TMZ” and “TMZ Live.” TMZ Warner Bros. was expiring and track-record and adding new AT&T in December reached
Bakish, Bob.................B2 Isaacman, Jared..........B3 Schäfer, Markus..........B9 has produced specials for Fox’s he wasn’t expected to stay on creative ventures with Harvey a deal to sell its animation
Berchtold, Joe.............B3 K Schwarzman, Stephen entertainment unit, including if the asset had remained and the TMZ team.” streaming service, Crunchy-
Bezos, Jeff..................B3 .....................................B2
Branson, Richard ........ B3
Kssis, Laurent.............A2
Shiyi, Pan....................B1
“Harry & Meghan: The Royals there, a person close to the This year, Fox acquired Out- roll, to Sony Corp. for $1.175
Kurzius, Dan ............... A1 in Crisis” and “UFOs: The Pen- situation said. kick Media, a news platform billion. That transaction
Brownell, Stan............A2 Shotwell, Gwynne ...... B3
L tagon Proof,” and a sports gos- Fox, which primarily pro- that covers sports, politics and closed last month.
C T
Liebenberg, Andre ...... B9 sip show that is carried by the duces unscripted fare and culture founded by outspoken —Drew FitzGerald
Chestnut, Ben.............A1 Taylor, Georgina........B10
M Fox Sports 1 cable network. sports, will likely have fewer commentator Clay Travis. contributed to this article.
Christensen, Carissa...B3 W
Collier, Charlie.............B2 Moussouris, Katie ...... B4
Murdoch, Lachlan ....... B2 Wengui, Guo...............A1
D

Paramount Revamp Unveiled Hoax Gives

Musk, Elon..................B3 X-Z
Dickinson, Mark..........B9 N-R Xin, Zhang...................B1
G-H Nevins, David..............B2 Zhang, Daniel..............B4
Goodarzi, Sasan..........A2 Zipse, Oliver................B9

Litecoin
Perdon, Gregory........B10
Hinze, Jonathan........B10 Rodriguez, Kelly..........B9 Zuckerberg, Mark.......A1

BY JOE FLINT

Blackstone Soho China's share price

HK$4.5
ViacomCBS Inc. unveiled a
new management team and op-
Brief Lift
Drops Deal 4.0
erating structure for its Para-
mount Pictures movie and tele-
vision production unit that
Continued from page B1
as payment in the U.S., she

In China 3.5
Chief Executive Bob Bakish
said would better position it
said.
Litecoin creator Charlie Lee
PATRICK T. FALLON/BLOOMBERG NEWS

for the streaming era. said the release wasn’t con-

3.0 Among the changes ex- nected to the cryptocurrency
Continued from page B1 pected as a result of the re- or the Litecoin Foundation, a
have amassed fortunes in re- alignment is a greater push for nonprofit that manages it as a
cent decades. 2.5 Paramount to create content software project. “Yeah, it’s
Ms. Zhang and Mr. Pan exclusively for its Paramount+ fake,” he said. “Don’t know
founded Beijing-based Soho streaming service and other who created it.”
2.0
China in 1995, and still own a ViacomCBS networks and The Litecoin Foundation’s
nearly 54% stake in the busi- April 2021 Sept. streaming platforms, people fa- social-media manager was
ness. Ms. Zhang is a former Note: HK$1=$0.129. miliar with the company’s fooled by the fake release, Mr.
Goldman Sachs banker, and Source: FactSet thinking said. Bob Bakish says the moves better positions the company for the Lee said, and retweeted it
the duo set up scholarships to “The moves we’re making streaming era. from the foundation’s Twitter
help Chinese students attend Chinese leaders had today will build on Para- account.
Harvard, Yale and the Univer- counted on Stephen mount’s strong momentum, en- pany said. including films for Para- “He thought it was real,
sity of Chicago. Schwarzman, Blackstone’s bil- suring it continues to engage That is a shift from its cur- mount+. He will continue to too,” he said. “It was wrong to
The developer attracted at- lionaire co-founder, and other audiences at scale while em- rent strategy which has made oversee Nickelodeon as well, retweet it. We deleted it
tention in 2019, when Wall Street financiers to act bracing viewers’ evolving it a prolific supplier to services the company said. quickly afterwards. But the
Bloomberg reported it was as go-betweens with the tastes and habits,” Mr. Bakish such as Netflix and Apple TV+, Mr. Robbins succeeds Jim damage is done.”
considering selling a majority Trump administration as ten- said Monday. an approach some Wall Street Gianopulos, a well-regarded Mr. Lee created litecoin in
of its commercial property sions over trade rose. The Paramount Pictures under analysts have cheered. film veteran who has headed 2011 as an alternative to bit-
holdings—a plan that critics Blackstone leader also the new structure will likely The moves ViacomCBS is the studio since 2017 and re- coin, taking the latter’s code
said showed that it was trying founded the Schwarzman reduce by about half the num- making are similar to those un- turned the unit to profitability and tweaking it to create a
to unload assets in China. Scholars, an international ber of theatrical releases it dertaken over the past year or with hits such as “A Quiet digital currency with lower
Footage of the couple at the postgraduate award program typically makes in a given year, more by Walt Disney Co., Com- Place.” Mr. Bakish called him a fees and faster confirmation
U.S. Open women’s singles fi- at Tsinghua University in Bei- said one of the people familiar cast’s NBCUniversal and “towering figure in Holly- times.
nal in New York on Saturday jing. with the company’s thinking. AT&T’s WarnerMedia. The en- wood.” Mr. Gianopulos will It has been one of the more
circulated online, fanning fur- Soho China shares closed Paramount Pictures had been tertainment conglomerates stay at Paramount as a consul- well-known cryptocurrencies
ther anger on Chinese social Monday in Hong Kong at 2.29 targeting making at least a aren’t only putting a greater tant through the end of the but never grew into much
media. Hong Kong dollars a share, the dozen theatrical releases annu- emphasis on building out their year. more than a curiosity. With a
Blackstone has ramped up equivalent of about 29 cents, ally, the person said. streaming services but also on As part of the overhaul, Par- market value of about $11.9
investments in China in recent and less than half the HK$5- On the television side, Para- creating content for them- amount Television Studios will billion, litecoin is the 16th-
years, particularly in logistics per-share offer price. mount Television Studios will selves rather than acquiring TV now be overseen by David Nev- largest cryptocurrency, ac-
parks and warehouses. The The takeover had implied a put more focus on creating shows and movies from outside ins, who is also the chief exec- cording to CoinMarketCap.
company owns about 6 million value of about $3.3 billion for shows for its own sister ser- producers. utive of ViacomCBS’s premium GlobeNewswire issued a
square meters of properties in all of Soho China’s shares, al- vices such as Paramount+ and Under the new structure, cable channel Showtime. written statement that “jour-
China, according to a June fil- though the controlling share- its cable networks including Nickelodeon chief Brian Rob- The move is aimed at put- nalists and other readers
ing, the equivalent of about holders had planned to retain the Paramount Network, the bins will now have oversight of ting all of the scripted content should disregard the news re-
64.6 million square feet. a 9% stake. people familiar with the com- Paramount’s movie operations operations under one umbrella. lease.”
JEENAH MOON/BLOOMBERG NEWS

AMC rallied more than 2,000% this year and helped the Russell 2000 value index beat the Russell 2000 growth gauge by a wide margin.

Small-Cap value index is designed to in-

clude companies with lower
price-to-book ratios and lower
Russell 2000 Value ETF.
As of early September, the
company’s $22 billion market
“It is representative of mar-
ket demand,” said Stephanie
Hill, head of index at Mellon,

Stocks See expected growth in the future.

A spokeswoman for the in-
dex provider didn’t respond to
value made it almost 14 times
bigger than the iShares fund’s
average holding, according to
of meme stocks’ growing influ-
ence on the benchmarks.
AMC’s heft in the value in-

Big Gains a request for comment.

AMC’s place in the value in-
dex means the movie giant’s
Dow Jones Market Data. It
also is the largest holding in
the iShares Russell 2000
dex and several ETFs is the
latest sign of how the meme
stock craze has upended tradi-
shares crop up in exchange- ETF, which tracks small com- tional investing.
Continued from page B1 traded funds tracking value panies in the U.S. stock market GameStop’s surge this year
investments at AJOVista. “It’s stocks. AMC is the biggest regardless of whether they are landed it a promotion to the
really all a nuance of the index holding in the roughly $16 bil- considered value or growth Russell 1000 growth bench-
construction process.” lion iShares Russell 2000 stocks. mark, sitting alongside tech
FTSE Russell, the index Value ETF—one of the biggest A fact sheet for the Russell heavyweights including Apple
provider, says in materials tracking the sector—and the 2000 value index says the in- Inc., Tesla Inc. and Microsoft
provided to investors that the roughly $1 billion Vanguard dex is updated annually. Corp.
 .

THE WALL STREET JOURNAL. Tuesday, September 14, 2021 | B3

BUSINESS NEWS

Amazon
Accused of
SpaceX Seeks Its Next Milestone
Mission will put four
Driving Up civilians into orbit for
several days and then
Prices return them to Earth
BY RYAN TRACY BY MICAH MAIDENBERG

WASHINGTON—The District Elon Musk’s SpaceX is aim-

of Columbia’s attorney general ing to cement its position as a
accused Amazon.com Inc. of leading space enterprise with a
contracting with wholesalers mission this week that seeks to
in a way that drives up prod- deliver four civilians to orbit
uct prices on other websites for several days and then re-
and insulates the e-commerce turn them to Earth.
giant from competition, add- The Inspiration4 flight,
ing new allegations to a pend- which could launch as soon as
ing district antitrust lawsuit. Wednesday, is a more ambi-
New sections recently added tious and technically difficult
to the district’s legal complaint, one than those conducted over

AUBREY GEMIGNANI/NASA/AFP/GETTY IMAGES

first filed in May, focus on Ama- the summer by space compa-
zon’s contracts with so-called nies founded by Jeff Bezos and
first-party sellers—companies Richard Branson, according to
that sell to Amazon, which in industry executives and consul-
turn sells products to custom- tants. It is the first taking only
ers. The earlier complaint fo- commercial astronauts, or
cused on third-party sellers those flying without govern-
who directly sell to consumers ment backing, to orbit, SpaceX
via the Amazon marketplace, al- has said.
leging that the company acted Space Exploration Technol-
anti-competitively by effectively ogies Corp., the formal name
blocking them from offering for the company led by Mr.
better deals off Amazon’s site. Musk and President Gwynne The company will use its Falcon 9 and its Crew Dragon capsule—the same hardware NASA has tapped for astronaut missions.
Amazon says its policies en- Shotwell, has outflanked rivals
courage lower prices for its by pushing to rapidly develop Now, nearly two decades af- shook things up was by bring- erations, including explosions, Jared Isaacman, the Shift4
shoppers, and are legal. It has its space hardware and prove ter its founding, SpaceX has ing a venture capital frame of in 2015 and the following year, Payments Inc. chief executive
filed a motion to dismiss the that it works, people familiar helped to reinvigorate the reference to launch and inno- of Falcon 9 rockets. For a two- who will lead the Inspiration4
lawsuit. “Amazon takes pride in with the company say. country’s space ambitions by vating with a much higher risk year stretch beginning in the flight, said his team is confi-
the fact that we offer low prices Mr. Musk founded SpaceX in orchestrating high-profile tolerance than you would see middle of 2007, the company dent in SpaceX’s technology
to customers across the broad- 2002, investing his own funds launches. Last year, the com- from large, publicly traded repeatedly faced cash and the training it has put him
est selection,” a company with a goal of eventually taking pany blasted two NASA astro- companies,” said Carissa Chris- squeezes, Mr. Musk has said. and fellow crew members
spokesman said Monday. “The people to Mars. Along the way, nauts into orbit, where they tensen, chief executive of This week, SpaceX will use through.
outcome the DC Attorney Gen- the company won contracts docked at the International BryceTech, a data and engi- its Falcon 9 and its Crew The businessman paid
eral seeks would result in from the National Aeronautics Space Station. It was the first neering firm focused in part on Dragon capsule—the same SpaceX an undisclosed sum for
higher prices to customers, and Space Administration, launch with humans from the space. hardware NASA has tapped for the mission, which includes a
whether offered directly by Am- gaining agency support during U.S. in almost a decade. SpaceX has faced its share astronaut missions—to take charitable component and re-
azon or by third parties in our the company’s early years. “One of the big ways SpaceX of challenges as it built its op- four people to orbit. search tasks for crew members.
store, oddly going against core
objectives of antitrust law.”

Live Nation to Buy Mexican Concert Promoter

The amended complaint was
announced Monday by the of-
fice of Attorney General Karl
Racine, and is dated Sept. 10. It
calls out contracts with first- BY ANNE STEELE right when Covid hit to close ing, festival and ticketing
party sellers that guarantee it.” partner in Mexico, Live Nation
Amazon a minimum profit and Live Nation Entertainment Live Nation plans to acquire now has a direct economic in-
require the wholesalers to make Inc. reached a new agreement Spanish-speaking multimedia centive to build its tours in a
a so-called true-up payment to to acquire Mexican concert giant Grupo Televisa’s 40% way to include the market, he
Amazon—equaling the differ- promoter OCESA Entreten- stake in OCESA, plus an addi- said.
ence when that minimum isn’t imiento for about $450 mil- tional 11% of the company from Mr. Berchtold said he ex-
met. The true-up payment can lion. another Latin American live- pects domestic touring in
be triggered when Amazon low- The deal, if completed, entertainment company, CIE, Mexico to pick up this year,
EYEPIX/SIPA USA/ASSOCIATED PRESS

ers the price of a product to would give the world’s largest which will hold the remaining before seeing festivals in the
match another shopping site, live-entertainment company a 49%, the company said. region in the first half of 2022
the complaint says. As a result, 51% stake and controlling in- Live Nation is expected to and more international tours
it says, wholesalers have an in- terest in one of its largest hold back 7% of the closing later in the year.
centive to ensure other online competitors, which dominates price to cover any potential OCESA promotes more than
marketplaces don’t have lower the Latin American market operating losses for several 3,100 events for nearly six mil-
prices than Amazon’s price. that has exploded in the quarters. The deal price is lion fans in a typical year in
Sometimes, wholesalers streaming era, according to 8.84 billion Mexican pesos, Mexico and Colombia and has
“raised their prices to compet- Live Nation. equivalent to $444 million at businesses including ticketing,
ing online marketplaces to The deal is expected to Friday’s close. OCESA owns Foro Sol sports and concert venue in Mexico. sponsorship, food and bever-
prompt the maintenance of close by late 2021 or early Touring—the primary age, merchandise, and venue
higher prices on those market- 2022, the company said. It is source of revenue for most and listen to vast catalogs of their expanding audiences. operation. It owns or operates
places and even asked those subject to regulatory approval. musicians—has become an in- music, acts are developing Mr. Berchtold said Latin 13 venues across Mexico, in-
marketplaces to raise prices to The agreement is a sign the creasingly global business. more fans across the world. America is Live Nation’s larg- cluding Foro Sol and Auditorio
online consumers,” the com- companies are sure that busi- With the rise of music stream- Markets in Latin America, in est untapped market, as its Nacional, the top stadium and
plaint says. ness is getting back on track. ing on services such as Spotify particular, have helped drive presence there has lagged be- theater, respectively, in the
It alleges that these higher “We’re confident,” said Technology SA, Apple Inc. and the streaming boom. The pur- hind Europe and Asia. world by tickets sold in 2019,
prices harm consumers and ce- Live Nation finance chief Joe Amazon.com Inc., which give chase will help Live Nation While OCESA has long according to industry trade
ment Amazon’s market power. Berchtold. “The timing wasn’t users the ability to discover bring its artists’ shows to served as the company’s tour- publication Pollstar.

Skin-Care Industry
Is Divided Over
Asian Creams EXTRACT OF THE NOTICE OF CALL OF ORDINARY SHAREHOLDERS’ MEETING
(pursuant to Article 125-bis, paragraph 1, of Legislative Decree 58/1998)
BY SURYATAPA BHATTACHARYA month, although the company
AND MEGUMI FUJIKAWA said some products already in
The Ordinary Shareholders’ Meeting of Intesa Sanpaolo S.p.A. is convened, on single call, at the New Headquarters
distribution channels may still in Torino, Corso Inghilterra no. 3, at 10:00 a.m. on 14 October 2021, to discuss and pass resolutions on the agenda as
Skin-care companies are split contain the discontinued words. stated below.
over a term commonly used on Last year, Unilever said it
Asian antiblemish creams that would rename its South Asia- In relation to the Covid-19 epidemiologic emergency and in compliance with Article 106, paragraph 4, of Decree
means “beautiful white,” with focused Fair & Lovely brand, Law no. 18 dated 17 March 2020, converted by Law no. 27 dated 24 April 2020, as subsequently amended,
Unilever PLC erasing it from one of its top-selling personal- participation in, and voting at, the Shareholders’ Meeting shall only be allowed through the Appointed
products while Johnson & care lines. It is now called Representative pursuant to Article 135-undecies of Legislative Decree no. 58/1998, as per the indications provided
Johnson says it isn’t offensive. Glow & Lovely and the com- in the specific paragraph of the notice of call available on the website group.intesasanpaolo.com (“Governance”
The debate over the term pany’s marketing emphasizes / “Shareholders’ Meeting”).
reflects the fallout of last it “has never been, and is not,
year’s antiracism protests. The a skin bleaching cream.” Agenda:
demonstrations prompted “We are fully committed to
many companies to reconsider having a global portfolio of Resolutions regarding reserves:
product names and images skin care brands that is inclu-
a) distribution of part of the Extraordinary reserve for the 2020 results
seen as having origins in rac- sive and cares for all skin
ist imagery. tones,” the company said in an b) placing of a tax suspension constraint on part of the Share premium reserve, following the tax realignment of
certain intangible assets.
The word that has divided email statement last month.
global companies consists of Johnson & Johnson and
two Chinese characters that L’Oréal SA’s Lancôme, by con- Information on the share capital as well as on methods and terms applicable to:
are used in writing Japanese— trast, said they were keeping • participating and casting votes in the Shareholders’ Meeting only through the Appointed Representative
the first meaning “beautiful” bihaku on their products. They Computershare S.p.A.,
and the second “white.” In said they didn’t think consum- • communication of ownership of voting rights with record date on 5 October 2021,
Japanese, the two together are ers interpreted “beautiful • exercising the right to add items to the agenda, the right to submit new proposals for resolution and the right to
pronounced “bihaku.” The white” to mean that the creams ask questions on the items on the agenda,
characters or the word bihaku would make the skin whiter. • the availability of the report concerning the item on the agenda with the related documentation,
in English letters appear on Bihaku products are sold by
many skin creams in Asia. Japanese brand Dr. Ci:Labo, is set forth in the notice of call available on the website group.intesasanpaolo.com (“Governance” / “Shareholders’
Bihaku products accounted which was acquired by J&J in Meeting”).
for more than $2 billion in 2019. “As a brand founded by a
sales in Japan in the year dermatologist, Dr. Ci:Labo cre- This extract is published in the daily newspapers “Il Sole 24 Ore”, “La Stampa”, “Corriere della Sera”, “Financial
ended March 2021, according to ated the Bihaku range for those Times” and “The Wall Street Journal”.
an estimate by TPC Marketing looking to prevent uneven skin
Research Corp. The products tone and dullness concerns,” a for the Board of Directors
are sold in Greater China, South J&J spokesman said. The Chairman - Gian Maria Gros-Pietro
Korea and Southeast Asia. Lancôme has a “Bihaku Care”
Unilever told The Wall Street line that offers products labeled
Journal it is removing “bihaku” “Absolue White Aura,” using a Intesa Sanpaolo S.p.A. Registered Office: Piazza S. Carlo, 156 10121 Torino Italy Secondary Registered Office: Via Monte di Pietà, 8
and “white” from products it French version of the word “ab- 20121 Milano Italy Share Capital Euro 10,084,445,147.92 Torino Company Register and Fiscal Code No. 00799960158 “Intesa Sanpaolo”
sells in Japan under the brand solute.” A spokeswoman said VAT Group representative Vat Code No. 11991500015 (IT11991500015) Included in the National Register of Banks No. 5361 ABI Code
name Pond’s as part of a global the characters in bihaku were 3069.2 Member of the National Interbank Deposit Guarantee Fund and of the National Guarantee Fund and Parent Company of the
policy to eliminate words that associated with “translucence banking group “Intesa Sanpaolo” included in the National Register of Banking Groups
suggest fairer skin is better. The and inner radiance,” not a light-
changes are beginning this ening of skin tone.
 .

B4 | Tuesday, September 14, 2021 * * THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

Disputes Grow Over Policing EU Privacy Rules China Sets

BY CATHERINE STUPP lection of data from WhatsApp
users in the EU, sidestepping a
New Rules
The European Union’s re-
cent $270 million fine against
WhatsApp was held up for
provision that prevents regula-
tors from policing companies
outside their jurisdiction.
For Apps
months by disagreements Legal procedures determin-
among national authorities, ing that a regulator is respon- Continued from page B1
ratcheting up tensions over sible for investigating a com- nies. Internet titans such as Ali-
how to enforce the bloc’s pri- pany based in its jurisdiction baba and Tencent have been hit
vacy rules. “are often not timely enough” by large fines for infractions,
The varied approaches to to keep up with technology, including forcing merchants
policing the EU’s strict General said Pasquale Stanzione, the into exclusive sales arrange-
Data Protection Regulation are head of Italy’s privacy author- ments and improperly report-
fueling calls to redesign how ity, and one of the eight regu- ing mergers and acquisitions.
national authorities from the lators who opposed the Irish The problem of platform in-
27 EU countries can intervene draft decision on WhatsApp. teroperability has been an is-
in each others’ cases and to A spokeswoman for Whats- sue for several years, analysts
explore creating a broader EU- App said the company will ap- said, and a source of annoy-
wide regulatory system. peal the decision. ance for Chinese consumers
WhatsApp, owned by Face- While European authorities and the subject of lawsuits.
ANGEL GARCIA/BLOOMBERG NEWS

book Inc., was fined for failing have channels to voice dis- In 2018, when ByteDance’s
to tell EU residents enough agreement with each other’s short-video platform Douyin
about what it does with their cases, there might still be a started growing in popularity,
data, including sharing their need to re-evaluate GDPR pro- many users realized they
information with other Face- visions in the next few years couldn’t directly click through
book units. The fine was made and enable broader investiga- to Douyin links that were
public in early September by tions that aren’t overseen by shared on Tencent’s ubiqui-
Ireland’s Data Protection Com- one regulator alone, said Ulrich tous WeChat messaging plat-
mission, which had jurisdic- Kelber, the German federal form. Consumers also can’t
tion over the case because An attendee of the MWC Barcelona telecommunications trade show in June. data protection commissioner. smoothly open links from Ali-
WhatsApp’s and Facebook’s Andrea Jelinek, chair of the baba’s e-commerce platforms,
European headquarters is in their disputes, and the Irish have the big cases taking a lot Discontent among European European Data Protection such as Taobao and Tmall,
Ireland. authority said it followed the of time,” said David Martin privacy regulators has been Board, said in an email that from within WeChat.
Eight other regulators said other regulators’ recommenda- Ruiz, senior legal officer at the brewing since the GDPR took the dispute resolution process Tencent said it supports the
the Irish authority’s proposed tions, including raising the European Consumer Organisa- effect in 2018, with some au- is time- and resource-inten- government’s guidance and
fine of up to €50 million, fine. But regulators and pri- tion, a Brussels advocacy thorities publicly criticizing sive, but still works well. will make necessary changes
equivalent to roughly $59 mil- vacy experts say the process of group. If authorities from their counterparts for taking “It is important to bear in in phases. An Alibaba spokes-
lion, was too low and dis- sharing enforcement among other European countries co- too long to investigate in high- mind that the dispute resolu- woman said it would fully
agreed with the Irish regula- national authorities has led to operate early in investigations, profile cases. In May, the re- tion process is only employed comply with regulatory re-
tor’s analysis of the company’s bottlenecks. instead of waiting for the lead gional authority in Hamburg, in the exceptional circum- quirements, echoing a state-
data practices. “If everything relies on the regulator’s verdict before they Germany, used an emergency stance where the [authorities] ment made by Chief Executive
The regulators used a GDPR lead data protection authority can intervene, decisions might measure to issue a three- could not reach consensus at Daniel Zhang in an August
resolution process to settle taking the initial step then we be issued faster, he said. month ban on Facebook’s col- an earlier stage,” she said. earnings call.
The rules will be phased in,
a ministry spokesman said in

Flaw Allows ton, a researcher with Citizen

Lab. “People should update
their devices immediately,” Mr.
to develop, often have a short
shelf life and are used to target
specific individuals.” Apple
of the attack code that had
been used to infect it, by ex-
ploiting a bug in Apple’s im-
iPhone, the attack affects iMes-
sage on Apple’s Macintosh
computers, the iPad, and Apple
remarks posted on the minis-
try’s website on Monday, with-
out giving a clear timeline.

Silent Hack Scott-Railton said.

Citizen Lab linked the flaw
to NSO Group, which sells
said. This means “they are not
a threat to the overwhelming
majority of our users,” the
age-processing software, Mr.
Scott-Railton said.
“What showed up there was
Watches, Citizen Lab said.
While Apple has invested
heavily in bolstering the
Blocking links hurts consum-
ers’ rights and disrupts mar-
ket order, and companies that

Of iPhones hacking tools used by govern-

ments world-wide to conduct
surveillance.
company said.
Citizen Lab began pulling on
the threads that led to the
a bunch of files labeled as GIFs
but they weren’t actually
GIFs,” Mr. Scott-Railton said.
iPhone’s reputation for privacy
and security, that reputation
has come under strain this
don’t abide by the rules will
be punished, he said.
In an online commentary
Asked to comment on a re- bug’s discovery in March, when “They contained this exploit year. The company was forced published Saturday, the Com-
Continued from page B1 port that Citizen Lab published they found that a phone be- that exploited Apple’s image to pause the rollout of a sys- munist Party’s top discipline
worrisome because it is what on the issue Monday, an NSO longing to an anonymous Saudi processing.” GIF is an image tem it had developed for de- watchdog, the Central Com-
researchers at Citizen Lab re- spokesman said, “NSO Group activist had been infected by file-formatting standard. tecting child pornography on mission for Discipline Inspec-
fer to as a “zero click” attack, will continue to provide intelli- the Pegasus software, which is Examining the files, Citizen its phones, after critics said it tion, said Beijing’s antitrust
meaning, unlike most other gence and law enforcement built by NSO Group to monitor Lab discovered attack code could undercut the iPhone’s campaign may have a negative
iPhone hacks, the user doesn’t agencies around the world the phone’s activities. that it linked to NSO group, privacy. Apple has also had to impact on the country’s tech
need to click on a link or open with lifesaving technologies to At the time, it was unclear based on the naming conven- fix several iPhone bugs this giants in the short term, but
a document to be infected. fight terror and crime.” how Pegasus had been in- tions and behavior of the soft- year, many of which have been “will be the best choice in the
“Anyone with iMessage on “Attacks like the ones de- stalled, but last week, while ex- ware it installed, Citizen Lab exploited by cyberattackers, long term.”
their phone could be silently scribed are highly sophisti- amining a backup of the phone, said. In addition to the iOS op- said Katie Moussouris, CEO of —Raffaele Huang
infected,” said John Scott-Rail- cated, cost millions of dollars Citizen Lab discovered a copy erating system used by the Luta Security. contributed to this article.
© 2021 Dow Jones & Co., Inc. All rights reserved. 6DJ8528

REGISTER
OCTOBER 12, 2021 | ONLINE BY 10/1
SAVE 25%

Staying Ahead of Rapid SPEAKERS

and Radical Change Roy Hadley Alja Poler De Zwart

Special Counsel Partner
A new U.S. administration and the pandemic-fueled
Adams and Reese LLP Morrison & Foerster LLP
pivot to digital have compliance professionals searching
for trusted insights that can help them decide their
path forward. Join leading thinkers across industries for
practical, eficient advice on the most signiicant changes Igor Rozenblit Melissa Strait
Managing Partner Chief Compliance Oficer
to the business environment, from ransomware attacks
Iron Road Partners Coinbase
and ESG reporting to global regulatory changes that could
affect your long-term strategy.

Register Now:
WSJRiskForum.com

Founding Sponsor Presenting Sponsors

 .

THE WALL STREET JOURNAL. Tuesday, September 14, 2021 | B5

Discover Your
Next Great Read FINDING FREEDOM
Instant International Bestseller
with New Exclusive Content on
the fallout from the couple’s move
to America and explosive
interview with Oprah Winfrey,
the epic story of Meghan and
Harry’s life together as a couple,
parents and change-makers.

THE POWER OF NOTHING T H E A U T H O R I TA R I A N H O W I S AV E D T H E W O R L D GO WHERE THERE FAL S E W I T N E S S

TO LOSE MOMENT I S N O PAT H “A high-stakes thriller that han-
The Wall Street Journal #1 An inspirational playbook for dles the tragedy of addiction
An illuminating deep dive on the The Wall Street Journal bestsell- bestseller. A manifesto and a transforming your life and your with empathy and grace. Her
Hail Mary effect, from sports and ing author Ben Shapiro asks how call-to-arms from the Fox News
world—from a young, Black heroines are believable, flawed,
history to nature, politics, and far Americans are actually will- host Jesse Watters.
entrepreneur whose dorm-room and courageous.”
business. “Enthralling and enter- ing to go in forcing each other to tech startup (as seen on CNBC’S —Oyinkan Braithwaite,
taining.” –Niall Ferguson, author fall in line. Shark Tank) has helped millions award-winning author of My
of The Ascent of Money pay for college. Sister, The Serial Killer

THE LOVE SONGS OF I T ’ S E L E M E N TA L THE CELLIST YOU OUGHT TO DO A I LEFT MY HOMEWORK

W.E . B . D U B O I S S T O RY A B O U T M E IN THE HAMPTONS
Dr. Kate Biberdorf (aka “Kate The Wall Street Journal #1
An Oprah’s Book Club Selection The Chemist”) shows how chem- bestselling author. “Silva tells his “This masterpiece of dogged and Through stories about the children
istry comes alive in everything story with zest, wit, and superb loving reporting will astonish you she tutored, Blythe Grossberg
“This book was meant to be an we do, in this entertaining guide timing, and he engineers enough and touch your heart.” shows us the privileged world
epic and it is. . . . This is one of that will change the way you surprises to startle even the most —Walter Isaacson, author of of America’s wealthiest families
the most American books I have experience the world. attentive reader.“—The Wall Steve Jobs and the systems in place that help
ever read.”—Noel King, NPR
Street Journal them stay on top.

THE FIVE-WEEK H E R E , R I G H T M AT T E R S W O R K , Y O U R WAY THE WOMEN OF THE T H E Y B O T H D I E AT

LEADERSHIP CHALLENGE Former U.S. Army Lieutenant BIBLE SPEAK THE END
Build your successful consultant
Colonel Alexander Vindman
Develop and expand your innate life doing the work you love, on Beloved Fox News host Shannon Twenty-four hours to live. Two
gives his first-person account of
leadership abilities through daily your terms, utilizing practical Bream looks at the lives of Biblical boys. One epic romance.
the infamous phone call that led
exercises and challenges de- tips, inspiration, and straightfor- women to reveal what it means to The #1 bestseller you don’t want
to a presidential impeachment,
signed to help you grow into the ward advice. live as a Christian woman. to miss.
his immigration from the Soviet
leader you want to be.
Union, and his life and career in
the U.S.

D I S C O V E R GR E AT A U T H O R S , E X C L U S I V E O F F E R S & MO R E AT H C . C O M
 .

B6 | Tuesday, September 14, 2021 THE WALL STREET JOURNAL.

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net
How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, NYSE s-New 52-week high. CharlesRiverLabs CRL 431.22 -9.78 FirstSolar FSLR 106.17 6.76 Leidos LDOS 98.24 1.00 PayPal PYPL 280.49 -3.83 Sibanye-Stillwater SBSW 14.43 0.38 UDR UDR 53.34 0.59
Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. CharterComms CHTR 793.07 5.95 FirstEnergy FE 37.43 -0.26 Lennar B LEN.B 81.72-0.70 Pegasystems PEGA 132.47 -0.84 s SignatureBank SBNY 268.71 5.91 UGI UGI 45.06 0.23
listed securities. Prices are composite quotations dd-Indicates loss in the most recent four CheckPoint CHKP 118.22 -2.90 Fiserv FISV 110.07 -0.61 Lennar A LEN 99.42 -0.32 Peloton PTON 111.51 -2.88 SimonProperty SPG 131.12 3.22 UWM UWMC 7.04 0.01
that include primary market trades as well as quarters. Chegg CHGG 77.00 -1.54 FiveBelow FIVE 185.69 -0.59 LennoxIntl LII 320.72-0.67 PembinaPipeline PBA 31.22 0.56 SiriusXM SIRI 6.05 0.05 Uber UBER 40.07 0.18
trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. CheniereEnergy LNG 90.83 2.78 Five9 FIVN 170.39 -3.12 LeviStrauss LEVI 26.59 0.09 PennNational PENN 77.82 -1.99 SiteOneLandscape SITE 203.00 -4.81 Ubiquiti UI 313.62 -0.75
Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing CheniereEnerPtrs CQP 42.07 0.88 FleetCorTech FLT 260.01 -0.74 LiAuto LI 29.58-0.61 Pentair PNR 75.86 -0.67 Skyworks SWKS 181.22 3.89 t UiPath PATH 55.54 0.20
Nasdaq ISE. standards CVX 97.97 1.90 Flex LibertyBroadbandC LBRDK 184.56 1.47 Penumbra PEN 279.31 -2.92 Smartsheet SMAR 70.57 -2.32 UltaBeauty ULTA 372.29 -2.53
Chevron FLEX 18.51 0.36
The list comprises the 1,000 largest companies lf-Late filing LibertyBroadbandA LBRDA 180.55 1.57 PepsiCo
Chewy CHWY 73.64 -1.35 Floor&Decor FND 126.98 -0.86 PEP 155.76 0.30 SmithAO AOS 69.70 -0.41 UnderArmour C UA 19.04 -0.57
based on market capitalization. q-Temporary exemption from Nasdaq
ChinaEastrnAir CEA 20.29 -0.37 FomentoEconMex FMX 86.40 0.16 LibertyGlobal A LBTYA 28.71 0.13 PerkinElmer PKI 182.86 -4.19 Smith&Nephew SNN 37.14 0.01 UnderArmour A UAA 21.92 -0.95
Underlined quotations are those stocks with requirements.
large changes in volume compared with the t-NYSE bankruptcy ChinaLifeIns LFC 8.70 0.17 FordMotor F 12.99 0.31 LibertyGlobal C LBTYK 28.69 0.07 PetroChina PTR 46.41 2.26 Smucker SJM 122.72 1.66 Unilever UL 55.22 0.49
issue’s average trading volume. v-Trading halted on primary market. ChinaPetrol SNP 50.49 1.78 Fortinet FTNT 296.92 -13.57 LibertyFormOne A FWONA 45.41 -0.02 PetroleoBrasil PBR 10.31 0.37 Snap SNAP 71.26 -3.24 UnionPacific UNP 206.75 -1.01
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being ChinaSoAirlines ZNH 29.75 -0.11 Fortis FTS 45.96 0.18 LibertyFormOne C FWONK 49.59 -0.20 PetroleoBrasilA PBR.A 10.02 0.41 SnapOn SNA 219.22 0.58 UnitedAirlines UAL 44.84 0.50
whose price changed by 5% or more if their reorganized under the Bankruptcy Code, Chipotle CMG 1867.19 -33.84 Fortive FTV 74.87 -0.44 LibertyBraves A BATRA 27.14 1.51 Pfizer PFE 44.58 -1.01 Snowflake SNOW 318.45 -0.09 UnitedMicro UMC 12.17 -0.05
previous closing price was $2 or higher. or securities assumed by such companies. Chubb CB 183.34 3.10 FortBrandsHome FBHS 97.32 1.62 LibertyBraves C BATRK 26.72 1.26 PhilipMorris PM 102.59 -0.98 SOQUIMICH SQM 54.30 -1.48 UPS B UPS 194.39 1.13
ChunghwaTel CHT 39.97 0.42 FoxA FOXA 36.34 0.40 LibertySirius C LSXMK 47.92 0.53 Phillips66 PSX 67.26 0.88 SoFiTech SOFI 15.01 -0.28 UnitedRentals URI 343.47 2.18
Church&Dwight CHD 83.34 0.63 FoxB FOX 33.73 0.43 LibertySirius A LSXMA 48.00 0.53 Pinduoduo PDD 104.16 0.41 SolarEdgeTech SEDG 273.84 5.30 US Bancorp USB 56.54 1.09
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and ChurchillDowns CHDN 219.46 1.62 Franco-Nevada FNV 140.36 -1.43 LifeStorage LSI 126.11 0.36 PinnacleWest PNW 75.10 0.55 Sony SONY 111.11 0.79 UnitedTherap UTHR 209.62 -0.64
changes in the closing prices from 4 p.m. the previous day. Lightspeed LSPD 118.61 -5.41 Pinterest 66.33 0.12 UnitedHealth UNH 414.52 10.61
Cigna CI 209.10 4.41 FranklinRscs BEN 31.75 0.43 PINS 55.13 0.89 Southern SO
CincinnatiFin CINF 118.49 1.11 FreeportMcM FCX 35.29 -0.19 EliLilly LLY 237.96 -1.54 PioneerNatRscs PXD 154.87 3.79 SoCopper SCCO 61.48 -0.39 UnitySoftware U 131.17 -3.93
Monday, September 13, 2021 Net Net s Cintas CTAS 406.53 2.82 FreseniusMed FMS 36.57 0.09 LincolnNational LNC 66.52 1.08 PlainsAllAmPipe PAA 9.93 0.26 SouthwestAir LUV 48.73 0.83 UnivDisplay OLED 200.60 0.31
Net Stock Sym Close Chg Stock Sym Close Chg CiscoSystems CSCO 58.10 0.21 FullTruck YMM 16.05 -1.11 Linde LIN 313.50 3.06 Playtika PLTK 27.25 -1.01 Splunk SPLK 150.93 -2.92 UniversalHealthB UHS 149.82 2.39
Stock Sym Close Chg Anaplan Citigroup C 70.52 0.95 Futu FUTU 100.93 -9.06 LithiaMotors LAD 325.79 -5.97 PlugPower PLUG 24.21 0.05 Spotify SPOT 244.22 -3.54 Upstart UPST 278.00 7.54
PLAN 65.00 -0.62 BlackKnight BKI 74.80 0.59 CitizensFin CFG 43.99 1.14 LiveNationEnt LYV 89.11 3.03 Pool POOL 478.92 -14.51 Square SQ 246.68 -1.22 VEREIT VER 47.97 0.34
A B C AB InBev
AnnalyCap
BUD 58.45 1.03 BlackRock
NLY 8.60 0.08 Blackstone
BLK 916.26 -0.36 CitrixSystems CTXS 108.82 1.25
BX 129.21 0.47 Clarivate
G H I LloydsBanking LYG 2.37 0.06 PrincipalFin PFG 65.94 1.07 StanleyBlackDck SWK 186.46 0.04 VF VFC 71.76 0.81
CLVT 24.17 0.42 LockheedMartin LMT 346.31 0.43 ProcoreTech PCOR 88.40 -4.01 Starbucks SBUX 119.18 -0.16 VICI Prop VICI 29.95 0.22
ABB ABB 36.74 0.13 Anthem ANTM 368.64 11.13 BlueOwlCapital OWL 16.01 0.26 Cleveland-Cliffs CLF 22.58 -0.76 GDS Holdings GDS 61.66 -0.01 Loews L 54.05 0.56 s Procter&Gamble PG 145.68 1.55 StateStreet STT 88.30 0.74 VailResorts MTN 298.18 -1.89
AECOM ACM 65.78 0.47 Aon s AON 292.55 0.25 Boeing BA 214.48 4.18 Clorox CLX 171.21 1.53 s GFLEnvironmental GFL 37.17 0.04 LogitechIntl LOGI 99.12 -2.07 Progressive PGR 94.00 0.88 SteelDynamics STLD 63.87 -1.93 Vale VALE 18.09 0.06
AES AES 23.87 0.10 ApolloGlbMgmt APO 62.00 1.28 BookingHldgs BKNG 2322.12 17.32 Cloudflare NET 124.70 -2.78 GXO Logistics GXO 80.99 -1.72 Lowe's LOW 206.05 1.72 Prologis PLD 132.78 -0.85 Stellantis STLA 19.97 0.34 ValeroEnergy VLO 66.18 2.77
Aflac AFL 55.23 0.57 Apple AAPL 149.55 0.58 BoozAllen BAH 82.24 0.75 Coca-Cola KO 56.07 0.46 Gallagher AJG 144.43 0.35 LufaxHolding LU 8.11 0.06 PrudentialFin PRU 105.41 1.66 Steris STE 210.20 0.49 Vedanta VEDL 16.73 0.13
AGCO AGCO 128.86 0.85 ApplMaterials AMAT 139.44 2.60 BorgWarner BWA 43.77 0.91 Coca-ColaEuro CCEP 59.06 0.75 GameStop GME 203.40 12.99 lululemon LULU 425.12 -0.46 Prudential PUK 42.44 0.42 STMicroelec STM 45.40 0.45 VeevaSystems VEEV 298.98 -3.84
AGNC Invt AGNC 16.08 0.07 Applovin APP 74.96 -2.42 BostonProps BXP 110.63 2.52 Cognex CGNX 87.87 0.50 Gaming&Leisure GLPI 48.26 0.25 LumenTech LUMN 12.59 0.62 PublicServiceEnt PEG 62.32 0.18 t StoneCo STNE 43.32 -0.05 Ventas VTR 57.65 1.46
AMC Ent AMC 51.69 1.53 Aptiv APTV 148.25 1.81 BostonSci BSX 44.21 -0.25 CognizantTech CTSH 76.40 0.14 Gap GPS 24.36 0.50 Lyft LYFT 51.84 1.83 PublicStorage PSA 321.20 -2.03 Stryker SYK 270.83 -3.03 VeriSign VRSN 221.08 -0.09
Ansys ANSS 366.38 -7.23 ArcelorMittal MT 33.00 0.35 Braskem BAK 25.71 0.23 CoinbaseGlbl COIN 242.84 -5.48 Garmin GRMN 171.25 -1.34 LyondellBasell LYB 94.42 1.55 PulteGroup PHM 48.28 0.35 SumitomoMits SMFG 7.33 0.15 VeriskAnalytics VRSK 205.02 -0.53
ASETech ASX 9.16 0.02 ArchCapital ACGL 39.89 0.95 BrightHorizons BFAM 144.33 3.27 ColgatePalm CL 77.38 0.34 Gartner IT 309.34 -4.32 Qiagen QGEN 53.37 -2.06 SunComms SUI 199.41 -0.31 Verizon VZ 54.62 0.39
ASML ASML 871.24 12.37 ArcherDaniels ADM 61.15 1.26 BristolMyers BMY 62.84 -0.29 Comcast A CMCSA 59.97 0.67 Generac GNRC 438.69 -12.62 M N Qorvo QRVO 182.37 3.07 SunLifeFinancial SLF 51.97 0.40 VertxPharm VRTX 190.72 2.15
AT&T T 27.52 0.34 AresMgmt ARES 78.72 -0.21 BritishAmTob BTI 36.99 0.04 Comerica CMA 74.19 1.39 GeneralDynamics GD 199.42 -2.18 Qualcomm QCOM 143.41 0.73 SuncorEnergy SU 19.00 0.70 Vertiv VRT 23.97 -0.56
ARGX 324.36 -2.64 Broadcom AVGO 498.96 0.81 CiaSiderurgica SID M&T Bank MTB 137.45 1.69
s AbbottLabs ABT 126.62 -2.18 arGEN-X 6.41 -0.01 GeneralElec GE 104.46 2.46 QualtricsIntl XM 46.61 -1.09 SunRun RUN 45.95 1.25 ViacomCBS B VIAC 40.37 0.72
MGMGrowthProp MGP 40.51 0.12
AbbVie ABBV 107.48 0.80 AristaNetworks ANET 358.30 7.38 BroadridgeFinl BR 170.31 0.35 ConagraBrands CAG 33.39 0.30 GeneralMills GIS 58.63 0.20 s QuantaServices PWR 115.16 -0.64 Suzano SUZ 11.44 -0.09 ViacomCBS A VIACA 44.83 0.93
s Asana ASAN 101.45 3.84 BrookfieldMgt BAM 55.79 0.70 50.82 1.33 MGM Resorts MGM 43.10 0.81
Abiomed ABMD 352.00 -9.20 Concentrix CNXC 168.75 -3.61 GeneralMotors GM QuantumScape QS 21.15 0.07 SynchronyFin SYF 48.69 1.37 Viatris VTRS 13.92 0.12
MPLX MPLX 28.60 0.46
Accenture ACN 339.44 -2.48 AspenTech AZPN 126.50 0.01 s BrookfieldInfr BIP 57.42 -0.55 Confluent CFLT 65.15 -0.36 Genmab GMAB 44.02 0.04 QuestDiag DGX 153.90 -1.04 s SyneosHealth SYNH 95.46 1.16 Vipshop VIPS 14.11 -0.51
Assurant AIZ 167.58 -0.35 BrookfieldRenew BEPC 42.23 -0.66 Genpact G 49.60 -0.37 MSCI MSCI 643.25 -7.62
ActivisionBliz ATVI 78.53 -1.11 ConocoPhillips COP 57.59 1.86 Synnex SNX 118.93 0.52 Visa V 224.63 -0.28
MagellanMid MMP 47.70 0.10
Adobe ADBE 645.15 -13.79 AstraZeneca AZN 55.96 -0.30 Brown&Brown BRO 57.45 -0.32 ConEd ED 74.41 -0.28 GenuineParts GPC 119.21 0.83
MagnaIntl MGA 78.95 -0.18
R S Synopsys SNPS 331.59 -0.90 Vistra VST 18.60 0.16
AdvanceAuto AAP 199.26 -0.77 Athene ATH 69.75 1.75 Brown-Forman B BF.B 71.30 -0.25 ConstBrands A STZ 214.90 0.99 GileadSciences GILD 71.15 0.16 Sysco SYY 76.87 0.31 VMware VMW 142.02 0.70
TEAM 376.71 -3.26 Brown-Forman A BF.A 66.51 -0.02 s ContinentalRscs CLR 39.95 1.36 GSK GSK 39.76 0.01 ManhattanAssoc MANH 161.51 -0.83 RELX RELX 30.45 0.30
AdvMicroDevices AMD 104.80 -0.40 Atlassian Vodafone VOD 16.55 0.23
BRKR 86.04 -3.74 Cooper ManulifeFin MFC 19.52 0.25 RH RH 700.95 6.48 T U V
Aegon AEG 4.96 0.14 AtmosEnergy ATO 92.18 -0.94 Bruker COO 440.57 -10.79 Global-EOnline GLBE 70.64 3.34 VulcanMatls VMC 177.93 0.24
ADSK 281.28 -3.15 BuildersFirst BLDR 53.54 0.07 Copart MarathonOil MRO 12.08 0.81 RLX Tech RLX 5.11 -0.63
AffirmHldgs AFRM 109.30 -14.40 Autodesk CPRT 142.84 -0.39 GlobalPayments GPN 164.77 -1.60
MarathonPetrol MPC 58.61 1.74 RPM RPM 79.54 -0.34 TC Energy TRP 49.66 1.48
AgilentTechs A 172.08 -5.15 ADP ADP 200.00 -0.83 Bumble BMBL 54.65 -3.55 Corning GLW 38.95 0.12 Globant GLOB 316.86 -7.33
MaravaiLifeSci MRVI 45.55 -1.53 RaymondJames RJF 136.43 0.69 TE Connectivity TEL 146.34 0.94
W X Y Z
agilon health AGL 31.96 0.21 AutoZone AZO 1553.10 2.54 Bunge BG 77.25 1.11 Corteva CTVA 43.14 -0.28 GlobeLife GL 93.19 1.16
AVLR 183.76 -0.36 BurlingtonStrs BURL 289.89 2.74 CoStar Markel MKL 1247.22 13.30 RaytheonTech RTX 83.64 0.64 Telus TU 23.12 0.07 WEC Energy WEC 93.68 -1.21
AgnicoEagle AEM 55.52 0.35 Avalara CSGP 89.37 -0.78 GoDaddy GDDY 75.23 -0.02
Avalonbay AVB 223.71 0.16 CBRE Group CBRE 98.01 1.10 t MarketAxess MKTX 432.08 -6.41 RealtyIncome O 68.53 0.61 s TelusIntl TIXT 35.91 0.18 W.P.Carey WPC 75.89 0.51
AirProducts APD 269.50 1.50 Costco COST 459.66 -5.50 GoldmanSachs GS 409.26 5.78
AGR 52.08 -0.17 CDW CDW 196.77 -1.22 CoupaSoftware COUP 244.80 -2.84 GoodRx Marqeta MQ 27.40 0.53 RegencyCtrs REG 68.06 1.82 Ternium TX 52.72 -0.12 WPP WPP 67.81 0.93
Airbnb ABNB 160.32 -4.88 Avangrid GDRX 44.22 1.83
Marriott MAR 139.98 4.34 RegenPharm REGN 639.52 -10.97 TFI Intl TFII 112.59 -0.74 Wabtec WAB 90.33 0.94
AkamaiTech AKAM 111.77 -0.16 s Avantor AVTR 42.33 ... CF Industries CF 46.41 0.77 Coupang CPNG 30.52 0.54 Graco GGG 76.32 -0.67
91.08 0.11 CreditAcceptance CACC 613.19 11.90 Grainger Marsh&McLen MMC 159.14 -1.34 RegionsFin RF 19.89 0.39 TJX TJX 68.70 -0.17 WalgreensBoots WBA 49.18 -0.27
Albemarle ALB 229.13 -12.04 AveryDennison AVY 223.32 -1.05 CGI GIB GWW 413.24 -1.99
MartinMarietta MLM 368.02 -1.47 RelianceSteel RS 149.62 1.03 T-MobileUS TMUS 130.02 -0.79 Walmart WMT 145.06 -0.83
Albertsons ACI 30.45 0.42 AxonEnterprise AXON 176.25 -3.56 CH Robinson CHRW 89.13 0.73 CreditSuisse CS 10.62 0.19 Grifols GRFS 14.32 0.25
BCE 52.68 0.17 CME Group CME 189.23 0.02 Cree MarvellTech MRVL 62.38 1.21 Repligen RGEN 289.57 -5.46 TRowePrice TROW 216.73 0.13 WarnerMusic WMG 40.04 0.04
s Alcoa AA 49.22 -0.28 BCE CREE 88.84 2.22 GuardantHealth GH 126.47 -2.62 Masco MAS 59.86 0.32 s RepublicSvcs RSG 124.83 0.59 TaiwanSemi TSM 123.62 0.65 s WasteConnections WCN 131.15 -0.86
Alcon ALC 83.95 0.15 BHP Group BHP 61.09 0.23 CMS Energy CMS 63.00 -0.61 Crocs CROX 137.72 -6.39 Guidewire GWRE 121.33 -0.74
BHP Group BBL 57.74 0.34 CNA Fin CNA 43.54 1.12 Masimo MASI 269.78 -4.57 ResMed RMD 288.90 -6.69 TakeTwoSoftware TTWO 152.93 -1.01 s WasteMgt WM 155.13 0.68
AlexandriaRlEst ARE 199.96 0.27 CrowdStrike CRWD 254.03 -7.97 HCA Healthcare HCA 257.69 0.99 Mastercard MA 347.82 0.43 RestaurantBrands QSR 65.06 0.17 TakedaPharm TAK 16.98 0.09 Waters
Alibaba BABA 165.41 -2.69 BP BP 25.04 0.54 CNH Indl CNHI 16.27 0.46 CrownCastle CCI 189.83 1.47 HDFC Bank HDB 75.20 -0.25 WAT 403.21 -16.97
BIDU 163.26 -0.84 CRH CRH 51.98 0.66 CrownHoldings CCK 104.99 -1.16 HP MatchGroup MTCH 162.01 -2.37 t RingCentral RNG 220.50 1.52 Tapestry TPR 40.31 -0.16 Watsco WSO 280.43 -1.95
AlignTech ALGN 710.68 -9.99 Baidu HPQ 28.38 0.38
McAfee MCFE 21.81 0.91 RioTinto RIO 73.78 0.60 TargaResources TRGP 44.74 1.25 Wayfair W 268.15 5.92
Alleghany Y 634.62 -1.49 BakerHughes BKR 24.39 0.53 CRISPR Therap CRSP 118.00 -2.74 CubeSmart CUBE 53.29 -0.10 HSBC HSBC 26.33 0.35
BLL 94.06 -0.77 CSX CSX 30.90 -0.05 Cummins McCormick MKC 85.15 -0.40 RobertHalf RHI 102.75 0.10 Target TGT 243.10 -1.44 Weibo WB 52.03 -1.51
Allegion ALLE 142.27 -2.29 Ball CMI 235.61 2.29 Halliburton HAL 20.44 0.91 McCormickVtg MKC.V 85.30 -0.22 Robinhood HOOD 40.60 -0.57 TataMotors TTM 20.44 0.15 WellsFargo WFC 45.76 1.43
AlliantEnergy LNT 59.43 -0.34 BancoBilbaoViz BBVA 6.59 0.15 CVS Health CVS 84.51 0.72 CureVac CVAC 66.05 -1.43 HartfordFinl HIG 70.32 1.38
CABO 1990.00 4.76 CyrusOne McDonalds MCD 241.21 2.03 Roblox RBLX 84.65 -3.23 TeckRscsB TECK 24.64 -0.62 Welltower WELL 88.22 1.54
Allstate ALL 133.27 1.72 BancoBradesco BBDO 3.56 -0.07 CableOne CONE 76.38 -0.63 Hasbro HAS 97.56 -0.46
McKesson MCK 206.04 3.31 RocketCos. RKT 16.93 0.32 TeladocHealth TDOC 139.29 -2.78 WestFraserTimber WFG 78.11 -1.55
AllyFinancial ALLY 52.83 1.80 BancodeChile BCH 19.44 0.29 CadenceDesign CDNS 164.63 -2.24 HealthpeakProp PEAK 35.48 0.13
MedicalProp MPW 20.84 -0.22 Rockwell ROK 315.79 1.70 TeledyneTech TDY 428.20 -4.62 WestPharmSvcs WST 442.21 -16.82
AlnylamPharm ALNY 185.79 -3.76 BancSanBrasil BSBR 7.13 0.12 CAE CAE 30.57 0.26 D E F Heico HEI 125.88 1.46
Medtronic MDT 130.04 -1.10 RogersComm B RCI 47.89 0.10 Teleflex TFX 377.73 5.31 WestAllianceBcp WAL 99.48 3.57
Alphabet A GOOGL 2846.65 29.13 BcoSantChile BSAC 20.40 0.26 CaesarsEnt CZR 104.34 0.15 Heico A HEI.A 112.41 1.45
3.69 0.11 CamdenProperty CPT 150.39 0.56 DISH Network DISH 44.26 1.51 HenrySchein HSIC 77.71 0.95 MercadoLibre MELI 1852.61 5.20 Roku ROKU 322.82 -5.48 Ericsson ERIC 11.81 0.04 WesternDigital WDC 58.51 0.54
Alphabet C GOOG 2869.30 30.88 BancoSantander SAN
BankofAmerica BAC 40.94 0.67 s Cameco CCJ 24.46 0.03 DTE Energy DTE 118.05 -0.72 Merck MRK 73.18 -0.27 Rollins ROL 37.91 -1.04 TelefonicaBras VIV 8.10 0.07 WesternUnion WU 21.70 0.61
AlticeUSA ATUS 27.43 0.74 Hershey HSY 175.48 0.42
DXC 35.98 1.61 Hess MetLife MET 61.79 1.02 RoperTech ROP 471.87 -2.09 Telefonica TEF 4.93 0.08 WestlakeChem WLK 86.90 0.75
Altria MO 50.08 -0.52 BankofMontreal BMO 101.77 0.89 CampbellSoup CPB 43.83 0.68 DXC Tech HES 71.39 3.62
52.24 0.33 CIBC CM 116.14 0.75 Danaher DHR 321.45 -8.54 HewlettPackard HPE 14.30 -0.01 MettlerToledo MTD 1555.48 -38.51 RossStores ROST 113.55 0.74 TelekmIndonesia TLK 23.60 0.26 WestpacBanking WBK 18.93 0.10
s AlumofChina ACH 23.26 1.78 BankNY Mellon BK
DRI 149.61 0.95 HighwoodsProp HIW 44.19 1.06 MicrochipTech MCHP 160.70 3.22 RoyalBkCanada RY 102.11 -0.12 TempurSealy TPX 47.73 0.51 WestRock WRK 51.63 -0.24
Amazon.com AMZN 3457.17 -11.98 BkNovaScotia BNS 61.93 0.38 CanNtlRlwy CNI 116.89 -2.01 Darden
BCS 10.34 0.27 CanNaturalRes CNQ 34.69 1.25 DarlingIngred DAR 73.54 2.93 Hill-Rom MicronTech MU 74.35 0.85 RoyalCaribbean RCL 83.84 2.28 10xGenomics TXG 169.00 -15.50 Weyerhaeuser WY 34.55 -0.16
Ambev ABEV 3.07 0.06 Barclays HRC 151.05 0.18
68.55 0.01 Datadog DDOG 135.23 -1.92 Hilton Microsoft MSFT 296.99 1.28 RoyalDutchA RDS.A 40.32 0.85 Tenaris TS 20.27 0.76 WheatonPrecMet WPM 44.41 -0.35
Amcor AMCR 12.30 ... BarrickGold GOLD 19.47 0.12 CanPacRlwy CP HLT 130.21 2.81
CAJ 24.75 0.18 DaVita DVA 124.60 1.55 Hologic MidAmApt MAA 190.11 0.62 RoyalDutchB RDS.B 40.06 0.69 TencentMusic TME 8.25 -0.40 Whirlpool WHR 218.67 2.93
Amdocs DOX 77.57 0.10 Bath&BodyWks BBWI 63.89 0.25 Canon HOLX 78.50 -1.49
BauschHealth BHC 29.19 0.74 CapitalOne COF 158.93 3.37 DeckersOutdoor DECK 418.83 2.93 Middleby MIDD 176.13 1.90 RoyaltyPharma RPRX 38.51 0.03 Teradyne TER 122.32 1.35 Williams WMB 24.81 0.53
Amerco UHAL 666.00 6.81 HomeDepot HD 335.45 3.50
BAX 80.63 -0.29 CardinalHealth CAH 52.95 0.13 Deere DE 361.52 -1.55 HondaMotor HMC 31.02 0.19 MiratiTherap MRTX 166.92 1.31 Ryanair RYAAY 105.85 0.45 Tesla TSLA 743.00 6.73 Williams-Sonoma WSM 178.07 -1.34
Ameren AEE 86.09 -0.92 BaxterIntl
CSL 199.16 0.32 DellTechC DELL 98.89 3.65 Honeywell MitsubishiUFJ MUFG 5.85 0.10 SAP SAP 145.27 0.20 TevaPharm TEVA 9.29 0.10 WillisTowers WLTW 236.42 -0.13
AmericaMovil A AMOV 18.98 0.25 BectonDicknsn BDX 258.60 0.27 Carlisle HON 223.60 1.23
BGNE 364.23 12.24 Carlyle 49.30 0.49 DeltaAir DAL 40.18 0.82 HorizonTherap HZNP 105.18 -2.56 MizuhoFin MFG 2.96 0.01 S&P Global SPGI 449.42 -0.82 TexasInstruments TXN 193.98 3.33 Wipro WIT 9.52 0.06
AmericaMovil AMX 18.94 0.07 BeiGene CG
KMX 134.39 -0.14 DentsplySirona XRAY 61.81 0.92 HormelFoods HRL 42.68 0.37 Moderna MRNA 419.72 -29.66 SBA Comm SBAC 352.66 -0.16 TexasPacLand TPL 1242.47 21.46 Wix.com WIX 214.61 -1.39
AmerAirlines AAL 19.31 0.36 BentleySystems BSY 68.83 -0.22 CarMax
WRB 72.48 0.75 Carnival CCL 23.31 0.56 DeutscheBank DB 13.11 0.39 DR Horton MohawkInds MHK 192.32 4.70 SEI Investments SEIC 59.72 0.33 Textron TXT 70.87 0.32 Workday WDAY 267.75 0.22
AEP AEP 88.32 -0.51 Berkley DHI 89.00 -0.59
CUK 21.29 0.57 DevonEnergy DVN 28.92 0.85 HostHotels HST 16.69 0.70 MolinaHealthcare MOH 262.99 10.60 SK Telecom SKM 28.59 -0.15 ThermoFisherSci TMO 559.13 -12.83 WynnResorts WYNN 103.48 1.94
AmerExpress AXP 161.45 2.73 BerkHathwy B BRK.B 279.92 2.32 Carnival
DXCM 540.43 -8.95 HowmetAerospace HWM 32.25 1.03 MolsonCoorsB TAP 46.94 1.37 SS&C Tech SSNC 72.04 0.18 ThomsonReuters TRI 119.19 0.56 XP XP 47.39 -0.25
AmericanFin AFG 132.37 0.73 BerkHathwy A BRK.A 4208012847.00 CarrierGlobal CARR 55.74 -0.69 DexCom
CVNA 326.06 -3.66 Diageo DEO 194.92 1.33 HuanengPower HNP 21.27 0.03 monday.com MNDY 369.23 -2.74 StoreCapital STOR 34.89 0.81 3M MMM 185.23 0.68 XPO Logistics XPO 84.69 0.54
AmHomes4Rent AMH 40.79 0.18 BerryGlobal BERY 63.70 -0.30 Carvana
BBY 112.07 1.42 Catalent CTLT 136.63 -1.03 DiamondbkEner FANG 77.80 2.76 Huazhu Mondelez MDLZ 60.77 0.54 SVB Fin SIVB 602.21 10.61 Toro TTC 106.26 -0.96 XcelEnergy XEL 67.08 -0.68
AIG AIG 55.12 0.68 BestBuy HTHT 49.75 -0.33
BILI 80.53 -2.93 Caterpillar CAT 206.20 1.19 Dick's DKS 130.36 -1.70 Hubbell MongoDB MDB 485.00 -3.80 Salesforce.com CRM 254.11 -3.09 TorontoDomBk TD 64.88 0.03 Xilinx XLNX 155.02 -0.04
AmerTowerREIT AMT 294.61 0.73 Bilibili HUBB 191.64 -0.50
BILL 280.71 -0.33 Celanese CE 153.88 0.67 DiDiGlobal DIDI 8.67 0.12 HubSpot MonolithicPower MPWR 489.38 -4.64 Sanofi SNY 48.20 -0.12 TotalEnergies TTE 44.71 1.40 XPeng XPEV 38.33 -0.21
AmerWaterWorks AWK 183.14 -1.65 Bill.com HUBS 670.01 -0.76
7.62 -0.08 DigitalRealty DLR 154.71 -0.66 Humana MonsterBev MNST 95.39 -0.53 SantanderCons SC 41.51 0.11 ToyotaMotor TM 178.46 2.16 Xylem XYL 132.68 -1.66
AmericoldRealty COLD 35.11 -0.19 s Bio-Techne TECH 502.59 -14.20 Cemex CX HUM 409.05 7.07
0.45 DiscoverFinSvcs DFS 122.56 2.07 JBHunt
Moody's MCO 379.17 -3.36 Sasol SSL 17.02 1.50 TractorSupply TSCO 202.08 -2.77 Yeti YETI 99.09 -0.69
Ameriprise AMP 269.59 2.86 Bio-RadLab B BIO.B 788.75 -29.85 CenovusEnergy CVE 8.82 JBHT 171.70 -2.08
DISCB 46.45 1.60 HuntingtonBcshs HBAN 15.43 0.08 MorganStanley MS 104.40 0.78 Schlumberger SLB 28.11 1.33 TradeDesk TTD 71.20 -1.58 s Yandex YNDX 81.73 1.61
AmerisourceBrgn ABC 123.64 0.83 Bio-RadLab A BIO 791.99 -28.11 Centene CNC 62.90 3.17 DiscoveryB
BIIB 301.94 2.13 CenterPointEner CNP 26.16 -0.06 DiscoveryA DISCA 27.06 0.91 IAC/InterActive IAC 130.87 -0.59 Morningstar MORN 272.21 -6.17 SchwabC SCHW 71.89 0.45 Tradeweb TW 85.55 -0.27 YumBrands YUM 129.05 -0.84
Ametek AME 130.55 0.32 Biogen
DISCK 26.03 0.87 ICICI Bank Mosaic MOS 32.13 0.35 ScottsMiracleGro SMG 154.06 2.44 TraneTech TT 188.77 -1.30 YumChina YUMC 61.94 0.63
Amgen AMGN 216.72 2.97 BiohavenPharm BHVN 132.18 -2.36 CentraisElBras EBR 7.23 0.29 DiscoveryC IBN 19.31 -0.05
... CeridianHCM CDAY 109.75 -0.10 Disney DIS 184.98 0.86 ICL Group MotorolaSol MSI 241.75 -0.93 Sea SE 323.06 -2.44 TransDigm TDG 611.74 12.18 ZTO Express ZTO 30.74 -0.02
Amphenol APH 75.92 0.56 BioMarinPharm BMRN 77.98 ICL 7.17 0.12
DLO 60.97 -1.75 IdexxLab NICE NICE 296.39 -3.70 Seagate STX 83.94 0.02 TransUnion TRU 120.71 -2.52 ZaiLab ZLAB 137.07 -0.27
AnalogDevices ADI 172.81 2.87 BioNTech BNTX 327.14 -22.05 Cerner CERN 74.50 0.05 dLocal IDXX 655.05 -26.56
DocuSign DOCU 271.22 -5.93 s IHS Markit INFO 123.11 2.29 NIO NIO 38.39 0.41 Seagen SGEN 150.91 -0.60 Travelers TRV 158.90 2.54 ZebraTech ZBRA 579.90 -0.73
DolbyLab DLB 95.31 0.58 ING Groep NRG Energy NRG 44.09 0.62 SealedAir SEE 57.82 -0.26 s Trex TREX 111.81 -0.33 Zendesk ZEN 115.30 -1.95
ING 13.95 0.27 NVR NVR 5033.38 -98.75 Sempra
DollarGeneral DG 217.60 -0.45 Invesco SRE 134.00 1.51 Trimble TRMB 91.81 -2.07 Zillow C Z 94.49 2.66
IVZ 24.97 0.37 NXP Semi NXPI 214.77 2.65 SensataTechs ST
DollarTree DLTR 89.26 -0.95 IPG Photonics IPGP 173.56 1.07 58.26 1.49 Trip.com TCOM 29.34 -1.57 Zillow A ZG 94.65 2.56
DominionEner D 76.54 -0.76 IQVIA Nasdaq NDAQ 194.32 -1.72 SentinelOne S 61.00 -2.75 TruistFinl TFC 56.23 1.03 ZimmerBiomet ZBH 141.00 0.56
IQV 255.57 -4.93 Natera NTRA 120.25 0.10 ServiceCorp SCI
Domino's DPZ 511.10 0.23 IcahnEnterprises IEP 52.25 0.69 62.14 -0.14 TuSimple TSP 41.44 1.26 ZionsBancorp ZION 58.31 0.93
DoorDash DASH 208.64 -1.73 Icon NationalGrid NGG 66.05 1.35 ServiceNow NOW 639.08 -8.90 Twilio TWLO 336.01 -6.36 Zoetis ZTS 205.00 -2.00
ICLR 256.77 -2.04 Natura&Co NTCO 19.28 0.23 ShawComm B SJR 28.84 -0.05 Twitter
Dover DOV 170.70 -2.86 IDEX IEX 214.47 -2.69 TWTR 59.66 -1.90 ZoomVideo ZM 290.24 -11.26
Dow DOW 60.72 0.31 IllinoisToolWks ITW 219.35 0.57 NatWest NWG 5.81 0.09 SherwinWilliams SHW 302.07 1.43 TylerTech TYL 465.79 -5.89 ZoomInfoTech ZI 64.59 1.43
Doximity DOCS 94.96 -7.06 Illumina NetApp NTAP 91.75 -0.57 ShinhanFin SHG 32.94 0.54 TysonFoods TSN 76.43 1.63 Zscaler ZS 267.84 -2.80
ILMN 452.83 -5.38 NetEase NTES 88.18 -0.03 Shopify
DrReddy'sLab RDY 67.20 1.25 ImperialOil IMO 28.30 1.45 SHOP 1476.87 -7.23 UBS Group UBS 16.73 0.19 Zynga ZNGA 8.33 -0.47
DraftKings DKNG 60.46 -2.00 Incyte Netflix NFLX 589.29 -9.43
INCY 72.45 1.33 Neurocrine NBIX 96.70 -0.04
Dropbox DBX 31.24 -0.29 Infosys INFY 22.96 -0.03
DukeEnergy DUK 102.73 -0.47 s IngersollRand IR NYTimes A NYT 49.80 -0.75
DukeRealty DRE 50.57 -0.18 Insulet
DuPont DD 70.67 0.18 Intel
54.00 -0.73
PODD 295.10 -1.32
NewellBrands NWL 25.05 0.16
Newmont NEM 57.04 0.05 Exchange-Traded Portfolios | WSJ.com/ETFresearch
INTC 54.99 1.15 NewsCorp A NWSA 21.88 -0.01
Dynatrace DT 69.16 -0.96 IntelliaTherap NTLA 154.32 -6.35
ENI E 25.61 0.75 InteractiveBrkrs IBKR 62.18 -0.62
NewsCorp B NWS 21.43 -0.01
NextEraEnergy NEE 84.58 -0.35 Largest 100 exchange-traded funds, latest session
EOG Rscs EOG 70.09 2.95 ICE ICE 118.55 -0.29
EPAM Systems EPAM 617.66 -9.35 InterContinentl IHG 64.03 1.16 Nike NKE 159.52 -4.07
NiSource NI 24.71 0.10 Monday, September 13, 2021 Closing Chg YTD
EastWestBncp EWBC 72.94 1.10 IBM IBM 138.15 1.13 ETF Symbol Price (%) (%)
Nokia NOK 5.76 -0.07 Closing Chg YTD
EastmanChem EMN 110.20 0.73 IntlFlavors IFF 147.59 ... NomuraHoldings NMR 5.24 0.03 ETF Symbol Price (%) (%) iSh1-3YTreasuryBd SHY 86.23 0.02 –0.2
Eaton ETN 158.27 -2.12 IntlPaper IP 58.60 0.25 Nordson NDSN 240.09 -1.00 iSh7-10YTreasuryBd IEF 116.96 0.12 –2.5
eBay EBAY 72.67 0.11 Interpublic ARKK 118.17 –1.90 –5.1
IPG 37.01 0.85 NorfolkSouthern NSC 245.54 -1.61 ARKInnovationETF 149.30 0.61 –5.3
Ecolab ECL 224.46 -0.90 Intuit 84.47 0.25 25.2 iSh20+YTreasuryBd TLT
INTU 557.42 -9.96 NorthernTrust NTRS 113.73 1.18 CommSvsSPDR XLC
Ecopetrol EC 13.47 0.21 IntuitiveSurgical ISRG 1027.82 4.35 CnsmrDiscSelSector XLY 183.35 0.25 14.0 iShRussellMCGrowth IWP 116.64 –0.63 13.6
NorthropGrum NOC 353.70 -0.40
EdisonInt EIX 59.06 0.93 InvitatHomes INVH 40.57 0.28 49.16 2.87 29.7 iShUSTreasuryBdETF GOVT 26.82 0.19 –1.5
NortonLifeLock NLOK 26.61 -0.65 EnSelectSectorSPDR XLE
EdwardsLife EW 119.35 -1.54 IronMountain IRM 47.20 0.18 38.01 1.14 28.9 JPM UltShtIncm JPST 50.71 ... –0.2
NorwegCruise NCLH 25.30 0.71 FinSelSectorSPDR XLF
ElancoAnimal ELAN 33.28 -0.10 ironSource IS 11.24 -0.27 XLV 132.37 –0.62 16.7 ProShUltPrQQQ TQQQ 145.22 –0.23 59.8
Novartis NVS 85.26 -0.17 HealthCareSelSect
Elastic ESTC 158.50 -1.16 ItauUnibanco ITUB 5.54 0.13 SPDR Gold GLD 167.74 0.33 –6.0
Novavax NVAX 233.83 -8.35 IndSelSectorSPDR XLI 102.23 0.26 15.4
ElectronicArts EA 144.68 -0.45 SPDRS&P500Growth SPYG 67.28 –0.12 21.7
NovoNordisk NVO 99.67 0.12 InvscQQQI QQQ 376.33 –0.07 19.9
EmersonElec EMR 99.16 -0.93
Enbridge ENB 40.14 0.34
J K L Novocure NVCR 129.53 -2.29 InvscS&P500EW RSP 154.44 0.28 21.1
SchwabIntEquity SCHF 40.57 0.80 12.7
NuanceComms NUAN 55.21 ... iShCoreDivGrowth SchwabUS BrdMkt SCHB 107.85 0.18 18.5
80.17 -0.47 DGRO 52.14 0.33 16.3
Endeavor EDR 26.65 -0.58 JD.com JD SchwabUS Div SCHD 76.40 0.49 19.1
Nucor NUE 109.20 -3.05 iShCoreMSCIEAFE IEFA 77.92 0.75 12.8
EnelAmericas ENIA 6.42 0.14 JPMorganChase JPM 159.86 2.50 SchwabUS LC SCHX 108.22 0.19 19.0
Nutanix NTNX 41.82 -0.85 iShCoreMSCIEM IEMG 64.39 0.31 3.8
EnergyTransfer ET 9.34 0.04 s Jabil JBL 62.85 -0.09 SchwabUS LC Grw SCHG 155.01 –0.12 20.7
Nutrien NTR 62.26 0.25 iShCoreMSCITotInt IXUS 74.33 0.62 10.6
EnphaseEnergy ENPH 160.09 1.87 JackHenry JKHY 168.44 -0.60 SchwabUS SC SCHA 102.23 0.52 14.9
NVIDIA NVDA 221.52 -3.26 iShCoreS&P500 IVV 448.58 0.23 19.5
Entegris ENTG 124.07 3.43 JacobsEngg J 134.55 1.23 Schwab US TIPs SCHP 63.25 ... 1.9
ETR 113.35 1.51 JamesHardie JHX 39.96 0.44 iShCoreS&P MC IJH 270.08 0.58 17.5
Entergy
EnterpriseProd EPD 22.29 0.20 JefferiesFin JEF 36.83 0.21
O P Q iShCoreS&P SC IJR 110.13 0.76 19.8
SPDR DJIA Tr DIA 349.30 0.75 14.2
SPDR S&PMdCpTr MDY 493.27 0.65 17.5
Equifax EFX 273.85 0.98 J&J JNJ 165.80 -1.17 ONEOK OKE 53.41 0.92 iShS&PTotlUSStkMkt ITOT 102.23 0.23 18.6
SPDR S&P 500 SPY 446.58 0.26 19.4
Equinix EQIX 839.54 -4.46 JohnsonControls JCI 74.74 -0.33 OReillyAuto ORLY 587.38 -4.98 iShCoreTotalUSDBd IUSB 53.80 0.11 –1.4
SPDR S&P Div SDY 121.74 0.40 14.9
s Equinor EQNR 23.26 0.42 JonesLang JLL 240.00 4.56 OakStreetHealth OSH 52.40 -0.43 iShCoreUSAggBd AGG 116.02 0.13 –1.8
TechSelectSector XLK 156.68 0.03 20.5
Equitable EQH 30.00 0.39 JuniperNetworks JNPR 28.24 0.41 Oatly OTLY 17.87 0.42 iShSelectDividend DVY 117.86 0.75 22.5
VGT 420.80
VangdInfoTech 0.01 18.9
EquityLife ELS 83.49 -0.53 JustEatTakeaway GRUB 18.53 -0.23 OccidentalPetrol OXY 26.65 1.67 iShESGAwareUSA ESGU 102.48 0.16 19.1 VangdSC Val VBR 171.73 0.95 20.8
EquityResdntl EQR 81.95 0.54 KB Fin KB 44.52 0.50 Okta OKTA 249.53 -4.45 iShEdgeMSCIMinUSA USMV 76.65 –0.27 12.9 VangdExtMkt VXF 187.46 0.15 13.8
EssentialUtil WTRG 47.80 -0.71 KE Holdings BEKE 19.02 0.04 OldDomFreight ODFL 289.87 -1.59 iShEdgeMSCIUSAMom MTUM 181.40 0.23 12.5 VangdSC Grwth VBK 289.66 –0.10 8.2
EssexProp ESS 324.49 2.55 KKR KKR 63.32 0.56 Omnicom OMC 72.51 0.84 iShEdgeMSCIUSAQual QUAL 138.68 –0.10 19.3 VangdDivApp VIG 160.43 0.16 13.6
EsteeLauder EL 332.93 -2.78 KLA KLAC 355.60 5.03 s ON Semi ON 47.64 0.75 iShEdgeMSCIUSAVal VLUE 103.79 1.09 19.4 VangdFTSEDevMk VEA 53.10 0.76 12.5
Etsy ETSY 212.60 -4.42 KSCitySouthern KSU 281.46 1.46 OpenText OTEX 52.44 -0.75 iShGoldTr IAU 34.14 0.29 –5.8 VWO 52.70 5.2
VangdFTSE EM 0.32
EverestRe RE 257.14 1.80 Kanzhun BZ 36.26 -0.18 OpendoorTech OPEN 17.76 -0.99 iShiBoxx$InvGrCpBd LQD 135.60 0.24 –1.8 VangdFTSE Europe VGK 69.34 0.58 15.1
Evergy EVRG 66.58 -0.11 Kellogg K 63.40 0.66 Oracle ORCL 88.89 -0.79 iShiBoxx$HYCpBd HYG 88.05 0.25 0.9 VangdFTSEAWxUS VEU 64.15 0.63 9.9
EversourceEner ES 88.35 0.02 KeurigDrPepper KDP 35.15 0.32 Orange ORAN 11.13 0.10 iShJPMUSDEmgBd EMB 113.05 0.13 –2.5 VangdGrowth VUG 304.00 –0.23 20.0
ExactSciences EXAS 99.68 -3.97 KeyCorp KEY 20.72 0.85 Organon OGN 33.83 -0.05 iShMBSETF MBB 108.60 0.03 –1.4 VangdHlthCr VHT 257.04 –0.75 14.9
s Exelon EXC 50.56 0.65 KeysightTechs KEYS 178.17 -1.97 s Orix IX 99.08 1.28 iShMSCI ACWI ACWI 104.06 0.37 14.7 VangdHiDiv VYM 106.19 0.70 16.0
Expedia EXPE 148.79 3.40 KimberlyClark KMB 138.18 1.13 OtisWorldwide OTIS 89.95 -0.60 iShMSCI EAFE EFA 81.80 0.79 12.1 VangdIntermBd BIV 90.53 0.03 –2.5
ExpeditorsIntl EXPD 127.35 1.59 KimcoRealty KIM 21.91 0.79 OwensCorning OC 96.03 2.36 iShMSCI EAFE SC SCZ 78.82 0.64 15.3 VangdIntrCorpBd VCIT 95.52 0.06 –1.7
ExtraSpaceSt EXR 186.45 -0.60 KinderMorgan KMI 16.14 0.17 OzonHoldings OZON 51.00 0.41 iShMSCIEmgMarkets EEM 52.63 0.27 1.9
ExxonMobil XOM 55.37 1.39 KirklandLakeGold KL 42.66 2.14
VangdLC VV 209.06 0.16 19.0
PG&E PCG 9.83 0.52 iShMSCIEAFEValue EFV 52.64 1.29 11.5
F5Networks FFIV 202.17 -0.79 Knight-Swift KNX 51.89 0.07 VangdMC VO 244.96 0.08 18.5
PNC Fin PNC 194.46 2.80 iShNatlMuniBd MUB 116.92 0.05 –0.2
FMC FMC 98.52 0.40 KoninklijkePhil PHG 46.76 -0.26 POSCO PKX 79.19 2.55 iSh1-5YIGCorpBd VangdMC Val VOE 143.69 0.60 20.8
IGSB 54.77 0.02 –0.7 VangdMBS VMBS 53.45 0.02 –1.1
Facebook FB 376.51 -2.18 KoreaElcPwr KEP 10.21 0.23 PPD PPD 46.65 -0.04
iShPfd&Incm PFF 39.26 –0.15 1.9 VangdRealEst VNQ 107.12 0.68 26.1
FactSet FDS 382.58 -1.43 KraftHeinz KHC 36.64 0.31 PPG Ind PPG 152.51 -0.52
iShRussell1000Gwth IWF 287.76 –0.18 19.3 VangdS&P500ETF VOO 410.54 0.23 19.5
FairIsaac FICO 444.35 -7.03 Kroger KR 42.88 0.21 PPL PPL 29.54 -0.07
iShRussell1000 IWB 251.43 0.20 18.7 VangdST Bond BSV 82.16 0.01 –0.9
Farfetch FTCH 42.76 0.51 LKQ LKQ 50.95 0.26 PTC PTC 122.81 -2.81
FAST 53.38 -0.20 LPL Financial LPLA 144.99 0.92 iShRussell1000Val IWD 161.09 0.61 17.8 VangdSTCpBd VCSH 82.64 0.02 –0.7
Fastenal Paccar PCAR 84.38 0.77
FederalRealty FRT 120.90 3.14 L3HarrisTech LHX 228.52 -3.11 PackagingCpAm PKG 151.68 -0.14 iShRussell2000 IWM 222.88 0.57 13.7 VangdShtTmInfltn VTIP 52.75 –0.02 3.2
FedEx FDX 261.86 4.31 LabCorp.ofAmerica LH 297.46 -3.49 PagSeguroDig PAGS 55.92 -0.06 iShRussell2000Val IWN 161.73 0.92 22.8 VangdSC VB 223.69 0.43 14.9
Ferguson FERG 147.17 0.83 LamResearch LRCX 608.77 10.66 PalantirTech PLTR 25.83 -0.45 iShRussellMid-Cap IWR 80.88 0.17 18.0 VangdTotalBd BND 86.40 0.15 –2.0
Ferrari RACE 219.29 0.19 LamarAdv LAMR 111.25 1.69 s PaloAltoNtwks PANW 476.12 6.22 iShRussellMCValue IWS 116.58 0.56 20.2 VangdTotIntlBd BNDX 57.54 0.03 –1.7
FidNatlFin FNF 46.87 0.40 LambWeston LW 61.46 0.97 ParkerHannifin PH 289.52 5.47 iShS&P500Growth IVW 77.63 –0.13 21.6 VangdTotIntlStk VXUS 66.55 0.65 10.6
FidNatlInfo FIS 124.63 0.84 LasVegasSands LVS 42.89 1.05 Paychex PAYX 109.45 -0.85 iShS&P500Value IVE 149.66 0.65 16.9 VangdTotalStk VTI 230.60 0.23 18.5
FifthThirdBncp FITB 39.58 0.92 s LatticeSemi LSCC 64.13 1.35 PaycomSoftware PAYC 465.60 -10.03 iShShortTreaBd SHV 110.47 ... –0.1 VangdTotlWrld VT 106.38 0.36 14.9
FirstRepBank FRC 201.53 3.98 Lear LEA 157.22 2.43 Paylocity PCTY 257.20 -8.48 iShTIPSBondETF TIP 129.14 ... 1.2 VangdValue VTV 139.72 0.66 17.5

New Highs and Lows Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
TangoTherapeutics TNGX 17.12 1.2 CatalystPtrsWt CPARW 0.87 ... NobleRockWt NRACW 0.49 -3.4
ADVERTISEMENT The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American TextainerPfdB TGHpB 25.36 0.2 CleanTechWt CLAQW 0.43 2.0 OrionBiotechOpps ORIAU 9.80 -1.1
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest ThunderBridgeIVWt THCPW 1.05 1.4 Colicity COLIU 9.77 -0.3 OrionEnergySys OESX 3.94 -3.9

The Marketplace
session. % CHG-Daily percentage change from the previous trading session. Trex TREX 114.61 -0.3 ColiseumAcqn MITAU 9.78 ... Owlet OWLT 5.54 -5.9
TritonIntlPfdE TRTNpE 26.76 0.2 CorsairPtrWt CORS.WS 0.70 -12.5 PAE Wt PAEWW 1.20 -3.3
Monday, September 13, 2021 Tronox TROX 25.48 11.1 CrownPropWt CPTK.WS 0.59 -7.8 PAE PAE 6.22 2.7
US NatGas UNG 18.46 4.3 CrucibleAcqnWt CRU.WS 0.88 -2.2 PassageBio PASG 10.40 -3.2
To advertise: 800-366-3975 or WSJ.com/classifieds 52-Wk % 52-Wk % 52-Wk % US12mthNtlGas UNL 13.74 3.3 DermataTherap DRMA 4.23 -4.2 PerdoceoEduc PRDO 10.54 2.3
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Ur-Energy URG 2.00 7.2 Dun&Bradstreet DNB 17.66 0.2 Pharming PHAR 9.87 -4.8
UraniumRoyalty UROY 4.66 24.3 Eargo EAR 19.25 0.2 PlumAcqnIWt PLMIW 0.72 -7.0
CentrusEnergy LEU 37.48 12.0 IHS Markit INFO 124.00 1.9
2.26 2.3 EsperionTherap ESPR 11.12 -3.6 Poshmark POSH 24.68 1.7
PUBLIC NOTICES BUSINESS OPPORTUNITIES Highs ChavantCap CLAY
ChesapeakeEner CHK
9.80
62.67
...
5.2
Identiv
IngersollRand
INVE
IR
20.50
55.62
-1.5
-1.3
VEON
Valaris
VEON
VAL 32.31 -0.2 EVgo EVGO 8.06 -2.1 PrimeImpactIWt PIAI.WS 0.63 ...
ACRESCmclPfdD ACRpD 25.78 0.3 VineEnergy VEI 16.70 5.5 ExcellonRes EXN 1.66 -1.0 QIWI QIWI 8.29 2.1
ChesapeakeWtB CHKEZ 33.04 8.8 IntlMediaAcqnA IMAQ 10.00 0.9
A10Networks ATEN 15.02 6.3 Vonage VG 16.36 4.4 Farmmi FAMI 0.27 -51.3 QellAcqn QELLU 9.80 -4.9
ChesapeakeWtA CHKEW 37.19 6.3 IntlMediaAcqn IMAQU 11.20 0.4
FCAP 41.66 3.9 QellAcqnA QELL 9.00 -6.1
 
       

 

 AbbottLabs
AcademySports ASO
ABT 129.70
46.57
-1.7
0.9
CimarexEnergy XEC 77.12 3.6 InvescoMtgPfdC IVRpC 25.99 -0.5
WasteConnections WCN
WasteMgt WM
133.48
156.74
-0.7
0.4
FirstCapital
FortressValueIV Wt FVIV.WS 0.88 -6.1 QuotientTech QUOT 6.24 -3.7
Cintas CTAS 409.80 0.7 ItamarMedical ITMR 30.38 46.6
         !
"  # $           

   AdagioTherap
AehrTestSys
ADGI
AEHR
58.59
12.41
-20.2
15.3
CloverLeafA CLOE 9.95 -0.1 JattAcqnA JATT 9.84 0.7
WattsWater WTS
WellsFargoPfdAA WFCpA
175.47
26.57
0.9
0.2
FrontierAcqn
FusionAcqnUn
FRONU
FUSE.U
9.86 0.1 Regis
9.90 -1.9 RingCentral
RGS
RNG
4.36 -4.1
217.23 0.7
CloverLeafCapRt CLOER 0.50 4.7 Jabil JBL 63.78 -0.1
$ %       &'(''       Alcoa
AldelFinWt
AA
ADF.WS
51.17
2.16
-0.6
9.1
CN Finance CNF 5.00 0.2 LatticeSemi LSCC 64.27 2.2
Wingstop WING
WintrustFinPfdE WTFCP
186.02
29.14
-1.7
-0.3
FutureFuel
GMedInnovWt GMVDW
FF 7.66 1.7 Riskified RSKD
0.34 -2.2 RiverNorthDoubRt OPPr
23.23 -13.8
0.02 -23.5
 )  *      )   ComputerPrograms CPSI 37.03 0.4 LaureateEduc LAUR 17.20 1.2 GAU 0.75 -6.0 RosecliffAcqnIWt RCLFW 0.49 -6.8
& ! +    ,*       
     AldelFin
AlpineAcqn
ADF.U
REVEU
11.25
10.07
0.8
0.3
ComstockRscs CRK 8.92 9.7 McapAcqn MACQU 10.27 0.9
WorldAcceptance WRLD
YPF YPF
209.00
5.86
5.1
5.2
GalianoGold
GenerationIncmUn GIPRU 9.61 -1.4 SchmittIndustries SMIT 4.27 -5.7
     ! (   $ CFMS 1.96 13.5 COOP 41.77 ...
    $ "      +# $    AlumofChina
AmerantBncpB AMTBB
ACH 23.90
25.00
8.3
6.9
Conformis
ContinentalRscs CLR 40.73 3.5
MrCooper
Napco Security NSSC 44.12 16.0
Yandex
ZentalisPharm
YNDX
ZNTL
81.88
73.25
2.0
3.1
GlenfarneMergerWt GGMCW
GlobalBlueWt GB.WS
0.55 -0.9 Scienjoy
0.49 -3.8 Sentage
SJ
SNTG
4.10 -2.3
3.65 -4.4
  , &$ # $
 ) -     AnteroResources AR 17.03 3.7
Corvel CRVL 172.58 0.9 Navient NAVI 23.50 1.9 HEXO HEXO 2.09 0.5 SeresTherap MCRB 5.69 -6.1
# $     # $ $
   $      
Aon
AriesIAcqn
AON
RAMMU
295.23
11.13
0.1
0.2
DT Midstream
DianaShipping
DTM
DSX
48.06
5.95
2.2
6.9
NexGenEnergy NXE
Nuvalent NUVL
6.17
40.82
-0.7
-1.7 Lows H.I.G.AcqnWt
Hookipa
HIGA.WS
HOOK
0.74 -9.7 ShelterAcqnI SHQAU
6.18 -1.3 SilverbackTherap SBTX
9.89 -0.2
14.10 -23.4
DigitalOcean DOCN 77.24 8.1 ON Semi ON 47.75 1.6
  $ * &  +  $ ,*  
   ArlingtonAssetPfC AAICpC
Asana ASAN
25.55
107.10
0.2
3.9 ElbitSystems ESLT 149.87 1.5 Orix IX 99.49 1.3
AcadiaPharm
AcropolisInfr
ACAD
ACRO.U
15.92
9.90
1.1
-0.2
HeartlandExp
Humanigen
HTLD
HGEN
16.03 0.1 SilverSPAC
6.03 -9.2 SkydeckAcqnWt SKYAW
SLVRU 9.80 0.3
0.79 -10.2
  ./ 0
   !   
   
 AthenePfdA ATHpA 30.08 -0.1 Equinor EQNR 23.40 1.8 OtterTail OTTR 58.60 -2.1 ActiniumPharm ATNM 5.88 -1.7 IndaptusTherap INDP 7.21 -4.2 SoYoungIntl SY 4.69 -11.6
 1     !    ATCO 15.95 0.6 Euroseas ESEA 31.41 0.9 PaloAltoNtwks PANW 485.75 1.3 AcutusMedical AFIB 10.69 -4.2 InozymePharma INZY 11.68 -5.5 SoaringEagleA SRNG 8.90 -6.7
$     (    2$   Atlas
Atrion ATRI 783.84 ... Exelon EXC 50.99 1.3 PhenixfinNts2023 PFXNL 25.97 2.4 AEye LIDR 7.58 1.5 InterPrivateIV A IPVI 9.67 -0.3 SoaringEagle SRNGU 9.38 -5.9
     $ # $    !    
 

 aTyrPharma LIFE 9.29 67.0 FFBW
FirstAdvantage FA
FFBW 11.79
24.73
...
-1.8
PilgrimPride PPC
PonoCapitalUn PONOU
28.38
10.17
-0.1
...
AlzamendNeuro ALZN 2.73 -5.8 Jiuzi JZXN 2.75 -5.8 StoneBridgeWt APACW 0.52 -5.5
   " $   $ $ AuriniaPharm AUPH 21.73 5.2 ArctosNorthWt ANAC.WS 0.65 -5.9 KinsTechWt KINZW 0.51 -2.4 StoneCo STNE 42.17 -0.1
$           
 

!"  
 "  
 Avantor AVTR 42.73 ... FirstLightAcqn FLAG.U 9.95 0.1 PopularCapPfd BPOPM 28.81 1.8 ArtisanAcqnWt ARTAW 0.47 -17.2 Latham SWIM 17.51 -3.3 SummerInfant SUMR 7.80 -1.4
FlexLNG FLNG 16.50 0.4 PopularPfd BPOPN 29.63 4.5 ArtisanAcqn ARTAU 9.76 -0.8 151.51 ... TLGAcqnOneWt TLGA.WS 0.50 -8.3
  $ "   $   # $     # $% & '  BELLUS Health BLU
BancoBBVA BBAR
5.15
4.98
21.9
7.4 FormulaSys FORTY 101.00 0.3 PriorityIncmPfdI PRIFpI 25.84 -0.2 AtlasCrestInvt ACIC.U 9.26 -3.0
LendingTree
LeoHldgsII Wt
TREE
LHC.WS 0.60 -7.6 ThunderBridgeIIIWt TBCPW 0.69 -0.7
   "    $   
  BancoMacro BMA 21.20 7.9 FrontierComms FYBR 33.34 1.5 Procter&Gamble PG 147.23 1.1 AtlasCrestInvt ACIC 8.79 -1.6 Limbach LMB 6.85 -3.5 ThunderBridgeIV A THCP 9.55 -1.5
3   !    $  Bio-Techne TECH 522.49 -2.7 GFL Env Un GFLU 86.89 0.3 QuantaServices PWR 117.19 -0.6 AvanosMedical AVNS 30.96 -0.3 LionGroup LGHL 1.23 -2.3 TortoiseEcoIII Wt TRTL.WS 0.95 -4.8
$
  3     #
  BlueOwlCapWt OWL.WS 4.88 3.2 GFLEnvironmental GFL 37.93 0.1 Radware RDWR 39.78 4.3 AytuBioPharma AYTU 3.16 -0.9 LiveOakMobilWt LOKM.WS 0.87 -3.3 TScanTherap TCRX 7.57 -6.9
BluegreenVac BVH 24.86 3.0 GabelliEqPfdG GABpG 26.58 2.7 RangeResources RRC 18.79 6.6 AzurRxBioPharma AZRX 4.08 -24.8 loanDepot LDI 7.19 -3.1 UWM Wt UWMC.WS 0.92 2.0
 4 $
      5( 
BrookfieldInfr BIP 58.58 -0.9 GencoShipping GNK 21.78 5.3 RepublicSvcs RSG 126.15 0.5 B.RileyPrin250 BRIVU 9.83 -0.5 MarketAxess MKTX 429.15 -1.5 UiPath PATH 53.52 0.4
        
THEMARKETPLACE C4 Therap CCCC 50.58 1.5 GladstoneNts2028 GAINZ 25.82 0.6 SPS Commerce SPSC 141.09 1.8 BTRS BTRS 10.02 -3.4 Markforged MKFG 7.50 -5.1 UnitedInsurance UIHC 3.01 -2.5
!(   !4 %(  & 6''%%% CHS PfdB CHSCO 29.39 0.7 GlobalConsumer GACQU 10.07 0.1 SafeBulkers SB 4.89 16.7 Beachbody BODY 6.28 -3.6 MarroneBioInnova MBII 0.89 -0.2 UpHealth UPH 3.92 -2.7
( $!* CHS PfdB4 CHSCL 30.19 0.7 GlbSpacSubUn GLSPT 9.96 0.1 SandRidgeEnergy SD 11.58 9.0 BeachbodyWt BODY.WS 1.50 -8.4 MercurySystems MRCY 46.36 0.4 ValorLatitudeWt VLATW 0.83 -2.4
  % %  (2      ADVERTISE TODAY CONSOL Energy CEIX 28.27 -1.6 GlobalShipLease GSL 24.07 -0.4 SendasDistrib ASAI 18.04 3.0 BerkeleyLights BLI 33.64 -4.1 Missfresh MF 4.13 -2.5 ViantTech DSP 12.29 -7.0
7 %  (2  %   /     8  CaliforniaRscs CRC 42.36 7.7 GraceWR GRA 69.96 ... SignatureBank SBNY 270.23 2.2 BiomX PHGE 3.15 -0.9 MolecularTemp MTEM 6.04 -1.1 ViemedHealthcare VMD 6.13 -0.8
(800) 366-3975 Cameco CCJ 26.57 0.1 GreatAjaxNts24 AJXA 26.70 0.3 Stantec STN 50.88 2.0 BiomXWt PHGE.WS 0.23 -3.1 MorphoSys MOR 12.28 -4.0 Waitr WTRH 0.97 -4.8
 "    8  " 5   ("
CapitalProduct CPLP 14.01 0.1 GreeneCnty GCBC 33.16 1.7 Starrett A SCX 13.60 10.9 BlueCity BLCT 3.16 -6.8 Movano MOVE 3.45 1.4 WashingtonPrime WPG 1.06 -6.1

  
© 2021 Dow Jones & Company, Inc. CasellaWaste CWST 77.44 1.2 GreenSky GSKY 9.02 6.1 SyneosHealth SYNH 95.59 1.2 BreezeHldgsRt BREZR 0.17 -13.6 Nanobiotix NBTX 11.80 -1.4 Waterdrop WDH 2.98 -5.6
All Rights Reserved. CedarRealty CDR 20.22 5.7 GpoFinGalicia GGAL 12.75 9.3 TelusIntl TIXT 36.99 0.5 BridgetownWt BTWNW 0.98 -1.0 NautilusBiotech NAUT 6.86 -2.7 XponentialFit XPOF 10.25 -3.1
CentralPuerto CEPU 3.25 17.0 HollysysAuto HOLI 20.92 6.3 TMCthemetals TMC 15.39 32.3 CalavoGrowers CVGW 35.22 -9.2 NiSunIntlEntDevt NISN 8.80 -5.6 Zynex ZYXI 12.39 -0.3
 .

THE WALL STREET JOURNAL. NY Tuesday, September 14, 2021 | B6A

RKLB

S PA C E I S
OPEN FOR
BUSINE S S

Rocket Lab is a global leader in space, delivering launch

and satellite services that unlock the potential of space
for civil, defense, and commercial markets.

To learn more visit: www.rocketlabusa.com

Neither Nasdaq, Inc. nor its affiliates makes any recommendation to buy or sell any security or any representation about any company’s financial
condition. Investors should undertake their own due diligence before investing. ©2021. Nasdaq, Inc. All rights reserved. Nasdaq.com
 .

B6B | Tuesday, September 14, 2021 NY THE WALL STREET JOURNAL.

You can help provide

adapted homes to
injured Veterans
GIVE NOW AT
HFOTUSA.ORG
866.787.6677

OUR MISSION
To build and donate specially adapted custom homes
nationwide for severely injured post-9/11 Veterans,
to enable them to rebuild their lives.

Homes For Our Troops is a national, publicly funded 501(c)(3) nonprofit organization that has been evaluated as one of America’s Top Rated Veterans and Military Charities.
 .

THE WALL STREET JOURNAL. Tuesday, September 14, 2021 | B7

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
34869.63 s 261.91, or 0.76% Trailing P/E ratio 23.70 27.48 4468.73 s 10.15, or 0.23% Trailing P/E ratio * 31.41 36.58 15105.58 t 9.91, or 0.07% Trailing P/E ratio *† 36.35 36.35
High, low, open and close for each P/E estimate * 18.94 26.54 High, low, open and close for each P/E estimate * 22.10 25.57 High, low, open and close for each P/E estimate *† 29.17 31.79
trading day of the past three months. Dividend yield 1.85 2.22 trading day of the past three months. Dividend yield * 1.31 1.79 trading day of the past three months. Dividend yield *† 0.66 0.77
All-time high 35625.40, 08/16/21 All-time high 4536.95, 09/02/21 All-time high: 15374.33, 09/07/21

Current divisor 0.15188516925198

35750 4600 15500

35250 4500 15125

34750 4400 14750

Session high 34250 4300 14375

DOWN UP
t

Session open Close

65-day 33750 65-day moving average 4200 65-day moving average 14000
moving average Close Open
t

Session low 33250 4100 13625

Bars measure the point change from session's open

32750 4000 13250
June July Aug. Sept. June July Aug. Sept. June July Aug. Sept.
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index

Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 850,352,607 29,936,408
Industrial Average 34939.10 34665.50 34869.63 261.91 0.76 35625.40 26501.60 24.6 13.9 10.1 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 592,600,604 13,264,793
Transportation Avg 14504.21 14354.05 14448.56 81.67 0.57 15943.30 10945.62 27.0 15.5 8.0 Most-active issues in late trading Decl. volume* 249,590,594 16,616,090
Utility Average 938.31 924.61 927.28 -1.86 -0.20 952.62 785.16 14.3 7.2 7.7 Volume After Hours Issues traded 3,443 287
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 46527.92 46071.58 46297.72 100.77 0.22 47089.89 33005.83 34.3 18.0 15.4 Advances 2,066 155
Apple AAPL 8,819.2 149.72 0.17 0.11 155.75 146.52
Barron's 400 1031.68 1020.14 1024.99 0.23 0.02 1047.16 687.57 42.5 20.3 9.7 Declines 1,234 123
GlaxoSmithKline ADR GSK 5,614.6 39.76 unch. unch. 40.00 39.76
Unchanged 143 9
Nasdaq Stock Market SPDR S&P 500 SPY 5,478.7 447.14 0.56 0.13 447.34 445.97 New highs 88 4
Nasdaq Composite 15215.44 15030.85 15105.58 -9.91 -0.07 15374.33 10632.99 36.6 17.2 23.5 Rio Tinto ADR RIO 5,272.0 74.58 0.80 1.08 74.60 73.70 New lows 36 5
Nasdaq-100 15562.28 15351.70 15434.50 -6.25 -0.04 15675.76 10833.33 36.9 19.8 26.9 Ford Motor F 4,698.4 12.93 -0.07 -0.50 13.03 12.86 Closing Arms† 0.69 2.23
VEON ADR VEON 3,991.2 2.21 unch. unch. 2.23 2.21 Block trades* 4,126 232
S&P
0.23
Coca-Cola KO 3,639.8 56.09 0.02 0.04 56.19 55.90
500 Index 4492.99 4445.70 4468.73 10.15 4536.95 3236.92 32.1 19.0 15.4 Nasdaq NYSE Arca
Cameco Corp CCJ 3,551.3 24.66 0.20 0.82 24.67 24.46
MidCap 400 2710.53 2685.70 2703.28 16.75 0.62 2773.83 1792.09 42.9 17.2 9.9 Total volume*4,676,722,217 227,850,894
SmallCap 600 1337.86 1324.11 1337.30 10.37 0.78 1414.12 822.63 52.5 19.5 7.4 Percentage gainers… Adv. volume*2,559,141,458 168,788,638
Communications Systems JCS 97.8 7.50 0.71 10.46 8.50 6.99 Decl. volume*2,054,111,570 51,348,170
Other Indexes
Katapult Holdings KPLT 1,857.8 7.38 0.62 9.17 7.66 6.69 Issues traded 4,613 1,550
Russell 2000 2244.72 2217.12 2240.78 13.24 0.59 2360.17 1451.46 45.8 13.5 9.3
Advances 2,218 1,065
NYSE Composite 16689.05 16563.23 16635.39 71.91 0.43 16926.72 12359.16 28.6 14.5 8.5 NRX Pharmaceuticals NRXP 207.5 11.98 1.00 9.11 13.00 11.02
Declines 2,167 445
Value Line 660.54 655.17 659.33 4.16 0.63 685.08 444.77 40.2 15.9 4.0 Cytokinetics CYTK 120.9 33.20 1.72 5.46 33.20 31.30
Unchanged 228 40
NYSE Arca Biotech 5910.45 5822.81 5840.03 -41.54 -0.71 6319.77 5199.12 9.0 1.8 4.3
SmileDirectClub SDC 1,488.6 6.29 0.31 5.18 6.35 5.83
New highs 81 46
NYSE Arca Pharma 761.55 750.32 753.29 -4.44 -0.59 811.41 613.07 13.6 9.3 8.6 ...And losers New lows 91 14
KBW Bank 127.57 125.82 127.33 2.30 1.84 134.82 69.87 63.8 30.1 5.9 Opendoor Technologies OPEN 757.5 16.97 -0.79 -4.45 17.76 16.51 Closing Arms† 0.82 0.87
PHLX§ Gold/Silver 131.33 127.81 130.12 1.70 1.32 166.01 125.78 -16.8 -9.8 26.9 MP Materials MP 94.6 34.60 -1.02 -2.86 35.62 33.98 Block trades* 26,942 812
PHLX§ Oil Service 54.89 53.25 54.49 2.19 4.18 69.77 26.30 64.6 22.9 -27.0 Olo OLO 761.1 33.10 -0.79 -2.33 33.90 33.10 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 3458.07 3405.34 3449.68 33.02 0.97 3449.68 2126.69 58.1 23.4 36.3 Genworth Financial A GNW 380.4 3.60 -0.08 -2.17 3.70 3.60 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 21.18 18.76 19.37 -1.58 -7.54 40.28 15.07 -25.1 -14.9 16.1 JPM Alerian MLP AMJ 2,235.5 17.62 -0.32 -1.78 17.98 17.62 Arms of less than 1 indicates buying demand; above 1

Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure.

International Stock Indexes Percentage Gainers... Percentage Losers

Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
World MSCI ACWI 737.62 0.34 0.05 14.1 aTyr Pharma LIFE 9.15 3.67 66.97 9.29 2.93 142.7 MiMedx Group MDXG 6.28 -9.25 -59.56 15.99 5.32 -0.4
MSCI ACWI ex-USA 353.49 –0.46 –0.13 8.3 Aterian ATER 17.98 6.18 52.37 48.99 3.04 129.0 Valneva ADR VALN 28.15 -18.65 -39.85 59.15 24.16 ...
MSCI World 3126.10 4.03 0.13 16.2 Itamar Medical ADR ITMR 30.25 9.61 46.56 30.38 16.36 39.6 AzurRx BioPharma AZRX 4.10 -1.35 -24.78 26.30 4.08 -43.1
MSCI Emerging Markets 1301.54 –7.40 –0.57 0.8 iRhythm Technologies IRTC 64.96 16.84 35.00 286.19 41.66 -70.5 Candel Therapeutics CADL 8.31 -2.59 -23.76 14.78 5.51 ...
Americas MSCI AC Americas 1734.81 2.91 0.17 18.2 TMC the metals company TMC 12.45 3.04 32.31 15.39 8.31 21.3 Silverback Therapeutics SBTX 14.90 -4.54 -23.35 63.41 14.10 ...
Canada S&P/TSX Comp 20666.41 33.35 0.16 18.5 REGENXBIO RGNX 43.40 10.32 31.20 50.26 25.93 51.4 Research Frontiers REFR 2.22 -0.66 -22.92 5.66 1.76 -7.3
Latin Amer. MSCI EM Latin America 2425.16 28.37 1.18 –1.1 Uranium Royalty UROY 4.35 0.85 24.29 4.66 0.81 383.3 VIQ Solutions VQS 3.79 -0.97 -20.29 7.92 2.70 31.6
Brazil BOVESPA 116403.72 2117.79 1.85 –2.2 Mayville Engineering MEC 17.30 3.38 24.28 22.16 8.62 89.7 Adagio Therapeutics ADGI 43.00 -10.90 -20.22 58.59 20.50 ...
Chile S&P IPSA 2937.06 –41.83 –1.40 2.8 BELLUS Health BLU 4.78 0.86 21.94 5.15 2.01 106.0 Calumet Specialty Prdts CLMT 6.14 -1.54 -20.05 8.00 2.38 156.9
Mexico S&P/BMV IPC 51496.71 –25.09 –0.05 16.9 Invacare IVC 6.49 1.01 18.43 10.94 5.03 -4.6 POINT Biopharma Global PNT 9.15 -2.11 -18.74 18.08 7.65 -28.2
EMEA STOXX Europe 600 467.69 1.35 0.29 17.2 Datasea DTSS 2.42 0.36 17.48 6.84 1.71 -28.2 Enveric Biosciences ENVB 2.82 -0.63 -18.26 15.04 1.54 -36.5
Eurozone Euro STOXX 468.59 1.54 0.33 17.9 RCM Techs RCMT 7.09 1.05 17.38 12.49 1.23 392.4 Onion Global ADR OG 5.59 -1.20 -17.67 11.71 2.76 ...
Belgium Bel-20 4189.76 11.76 0.28 15.7 Central Puerto ADR CEPU 3.16 0.46 17.04 3.25 1.90 35.6 Rocket Lab USA RKLB 15.40 -3.29 -17.60 21.34 9.50 ...
Denmark OMX Copenhagen 20 1796.45 8.10 0.45 22.6 Safe Bulkers SB 4.82 0.69 16.71 4.89 0.82 368.0 Dada Nexus ADR DADA 21.29 -4.50 -17.45 61.27 17.57 -17.5
6676.93 0.20 20.3 Mannatech MTEX 34.24 4.76 16.15 49.08 13.65 105.0 AXT AXTI 7.68 -1.55 -16.79 15.84 4.86 53.6
France CAC 40 13.16
Germany DAX 15701.42 91.61 0.59 14.5
Israel Tel Aviv 1803.34 9.13 0.51 20.3
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 25925.73 239.26 0.93 16.6 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Netherlands AEX 791.45 2.96 0.38 26.7
Russia RTS Index 1751.08 25.83 1.50 26.2 Farmmi FAMI 291,665 1878.1 0.28 -51.30 2.47 0.27 aTyr Pharma LIFE 109,574 57289 9.15 66.97 9.29 2.93
South Africa FTSE/JSE All-Share 64652.32 356.26 0.55 8.8 Aterian ATER 238,367 2846.4 17.98 52.37 48.99 3.04 Motive Capital Cl A MOTV 9,171 20754 9.89 1.54 10.87 9.61
Spain IBEX 35 8816.10 120.80 1.39 9.2 Camber Energy CEI 179,726 307.1 1.39 -8.55 3.10 0.33 Itamar Medical ADR ITMR 4,483 14700 30.25 46.56 30.38 16.36
ProSh UltraPro Shrt QQQ SQQQ 134,443 69.6 7.54 0.13 29.42 7.16 East Rscs Acqn Cl A ERES 1,960 5909 9.80 0.00 10.73 9.63
Sweden OMX Stockholm 973.77 –7.39 –0.75 26.7
0.12 12.8
aTyr Pharma LIFE 109,574 57289.3 9.15 66.97 9.29 2.93 Principal US SC Multi PSC 528 5522 45.65 -0.48 47.98 27.00
Switzerland Swiss Market 12074.81 14.17
Turkey BIST 100 1438.28 –0.44 –0.03 –2.6 Apple AAPL 102,114 30.8 149.55 0.39 157.26 103.10 Principal Value ETF PY 554 4280 42.62 0.42 44.40 27.73
U.K. FTSE 100 7068.43 39.23 0.56 9.4 SPDR S&P 500 SPY 83,285 35.7 446.58 0.26 454.05 319.80 Hartford TR Bd HTRB 2,349 3462 41.16 -0.07 41.93 39.92
U.K. FTSE 250 23775.73 42.17 0.18 16.0 Sundial Growers SNDL 82,206 -13.6 0.74 2.70 3.96 0.14 SportsTek Acqn Cl A SPTK 516 3283 9.67 -0.21 10.00 9.60
Ocugen OCGN 76,741 263.7 8.28 15.80 18.77 0.25 Principal Intl Multi PDEV 783 3134 32.61 0.66 32.68 24.60
Asia-Pacific MSCI AC Asia Pacific 205.64 –0.97 –0.47 2.9
AMC Entertainment Hldgs AMC 74,716 -33.3 51.69 3.05 72.62 1.91 Aterian ATER 238,367 2846 17.98 52.37 48.99 3.04
Australia S&P/ASX 200 7425.20 18.57 0.25 12.7
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3715.37 12.26 0.33 7.0 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 25813.81 –392.10 –1.50 –5.2
58177.76 –0.22 21.8
Track the Markets
India S&P BSE Sensex –127.32
Japan NIKKEI 225 30447.37 65.53 0.22 10.9
Compare the performance of selected
global stock indexes, bond ETFs,
CURRENCIES & COMMODITIES
Singapore Straits Times 3074.31 –24.49 –0.79 8.1 currencies and commodities at
South Korea KOSPI 3127.86 2.10 0.07 8.9 wsj.com/graphics/track-the-markets Currencies
Taiwan TAIEX 17446.31 –28.26 –0.16 18.4 U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1633.76 –1.59 –0.10 12.7 Get real-time U.S. stock quotes and track most-active stocks, new US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data highs/lows and mutual funds. Available free at WSJMarkets.com Mon YTDchg Mon YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004394 22761 –1.4
CREDIT MARKETS Argentina peso .0102 98.1822 16.7 Europe
Brazil real .1917 5.2154 0.4 Czech Rep. koruna .04659 21.466 –0.03
Canada dollar .7907 1.2648 –0.7 Denmark krone .1588 6.2963 3.4
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001274 785.06 10.5 Euro area euro 1.1812 .8466 3.4
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000261 3830.60 11.9 Hungary forint .003376 296.19 –0.3
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007807 128.09 0.2
A consumer rate against its Money Market/Savings Accts Mexico peso .0503 19.8713 –0.05 Norway krone .1157 8.6433 0.8
benchmark over the past year 2.50% Uruguay peso .02340 42.7300 0.9 Poland zloty .2595 3.8532 3.2
Bankrate.com avg†: 0.08% 10% Asia-Pacific Russia ruble .01376 72.670 –1.8
Lone Star Bank 0.40% 2.00 Sweden krona .1162 8.6027 4.6
Australian dollar .7369 1.3570 4.4
0.18% Houston, TX 713-358-9400 Tradeweb ICE 5 Euro Yen Switzerland franc 1.0842 .9223 4.2
t

s s China yuan .1550 6.4519 –1.2

Monday Close 1.50 Turkey lira .1186 8.4293 13.3
Money market BankDirect 0.50% Hong Kong dollar .1285 7.7800 0.3
0.12 0 Ukraine hryvnia .0374 26.7500 –5.6
account yields 1.00 India rupee .01359 73.565 0.7
Richardson, TX 877-839-2737 UK pound 1.3838 .7226 –1.3
t Indonesia rupiah .0000702 14253 1.4
Federal-funds 0.06 First Internet Bank of Indiana 0.50% 0.50 –5 s Japan yen .009090 110.01 6.5 Middle East/Africa
One year ago
target rate Indianapolis, IN 888-873-3424 t WSJ Dollar Index Kazakhstan tenge .002345 426.46 1.2 Bahrain dinar 2.6536 .3769 –0.1
t 0.00 0.00 Macau pataca .1247 8.0170 0.3 Egypt pound .0636 15.7186 –0.2
TAB Bank 0.50% –10
Malaysia ringgit .2409 4.1505 3.2 Israel shekel .3116 3.2094 –0.1
Ogden, UT 800-355-3063 1 3 6 1 2 3 5 7 10 20 30 2020 2021
–0.06 New Zealand dollar .7120 1.4045 0.9 Kuwait dinar 3.3272 .3006 –1.2
BrioDirect 0.55% month(s) years
O N D J F M A M J J AS Pakistan rupee .00595 168.200 4.9 Oman sul rial 2.5974 .3850 ...
Montebello, NY 877-369-2746 maturity Philippines peso .0201 49.873 3.9 Qatar rial .2746 3.641 –0.01
2020 2021
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7453 1.3418 1.6 Saudi Arabia riyal .2666 3.7507 –0.03
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0008522 1173.42 8.1 South Africa rand .0707 14.1432 –3.8
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0050128 199.49 7.7
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 0.25 -1.75 Taiwan dollar .03611 27.692 –1.4
Yield (%) 52-Week Total Return (%) Thailand baht .03043 32.860 9.4 WSJ Dollar Index 87.25 –0.01–0.02 2.65
Prime rate* 3.25 3.25 3.25 l 3.25 -1.75 Bond total return index Close Last Week ago High Low 52-wk 3-yr
Libor, 3-month 0.12 0.11 0.11 l 0.25 -2.22 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Barclays 2423.750 0.880 0.880 1.030 0.460 –2.297 5.155
Money market, annual yield 0.08 0.08 0.08 l 0.23 -0.39
Five-year CD, annual yield 0.44 0.44 0.42 l 0.65 -1.42 U.S. Treasury Long, Barclays 4512.120 1.840 1.880 2.400 1.280 –7.669 9.866 Commodities
30-year mortgage, fixed† 3.04 3.07 2.83 l 3.37 -1.58 Aggregate, Barclays 2277.710 1.430 1.430 1.630 1.120 –0.153 5.612 Monday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 2.33 2.34 2.28 l 2.64 -1.73 Fixed-Rate MBS, Barclays 2225.660 1.710 1.710 1.850 1.180 –0.080 3.917
Jumbo mortgages, $548,250-plus† 3.06 3.10 2.85 l 3.41 -1.77 DJ Commodity 902.65 2.02 0.22 915.91 611.51 44.82 23.38
High Yield 100, ICE BofA 3472.378 3.317 3.293 5.112 3.162 9.762 5.860 Refinitiv/CC CRB Index 221.20 0.77 0.35 221.21 144.12 50.99 31.83
Five-year adj mortgage (ARM)† 2.88 2.87 2.83 l 3.43 -1.58
Muni Master, ICE BofA 602.096 0.805 0.815 1.157 0.687 2.509 4.913 Crude oil, $ per barrel 70.45 0.73 1.05 75.25 35.79 89.08 45.20
New-car loan, 48-month 3.73 3.72 3.72 l 4.23 -0.70
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan 939.651 4.534 4.528 5.068 4.295 4.057 6.943 Natural gas, $/MMBtu 5.231 0.293 5.93 5.231 1.834 126.45 106.03
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services
Gold, $ per troy oz. 1792.00 2.40 0.13 1960.20 1677.70 -8.25 -5.34
 .

B8 | Tuesday, September 14, 2021 THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

Contract
High hilo Low Settle Chg
Open
interest Open
Contract
High hilo Low Settle Chg
Open
interest Open
Contract
High hilo Low Settle Chg
Open
interest

Metal & Petroleum Futures Dec 684.75 689.25 674.50 686.25 3.75 137,968 Canadian Dollar (CME)-CAD 100,000; $ per CAD S&P 500 Index (CME)-$250 x index
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Sept .7884 .7912 .7878 .7895 –.0005 54,671 Sept 4468.90 10.60 47,082
Contract Open .7883 .7912 .7876 .7894 –.0005 113,902
Open High hi lo Low Settle Chg interest
Sept 152.900 155.900 151.500 152.200 –2.050 2,671 Dec Mini S&P 500 (CME)-$50 x index
Oct 155.600 159.475 154.775 155.450 –2.275 13,671 British Pound (CME)-£62,500; $ per £ Sept 4461.00 4492.75 4444.75 4469.00 10.75 1,832,343
Copper-High (CMX)-25,000 lbs.; $ per lb. Cattle-Live (CME)-40,000 lbs.; cents per lb. Sept 1.3842 1.3845 1.3798 1.3834 –.0011 58,881 Dec 4451.75 4483.50 4434.50 4459.50 10.50 1,063,334
Sept 4.4145 4.4670 4.3355 4.3635 –0.0845 3,281 Oct 121.975 124.325 120.850 122.275 –1.150 69,489 Dec 1.3843 1.3852 1.3798 1.3834 –.0013 134,185
4.4260 4.4715 4.3315 4.3670 –0.0850 124,548
Mini S&P Midcap 400 (CME)-$100 x index
Dec Dec 126.775 129.050 125.675 127.150 –1.075 108,018 Swiss Franc (CME)-CHF 125,000; $ per CHF Sept 2687.30 2709.30 2683.50 2702.60 17.20 21,956
Gold (CMX)-100 troy oz.; $ per troy oz. Hogs-Lean (CME)-40,000 lbs.; cents per lb. Sept 1.0886 1.0895 1.0822 1.0860 –.0035 13,924
Sept 1789.80 1796.00 1784.00 1792.00 2.40 149 Dec 2681.30 2703.20 2677.10 2696.70 17.50 21,331
Oct 82.675 86.025 80.700 80.775 –1.675 60,086 Dec 1.0913 1.0917 1.0844 1.0860 –.0059 41,310
Oct 1787.50 1797.80 1782.30 1792.30 2.40 37,203 Australian Dollar (CME)-AUD 100,000; $ per AUD Mini Nasdaq 100 (CME)-$20 x index
Dec 76.125 80.025 73.125 73.375 –2.725 91,215 Sept 15452.50 15565.00 15350.25 15436.75 –4.75 173,115
Nov 1788.30 1794.50 1788.30 1793.30 2.30 33 Sept .7357 .7375 .7337 .7360 –.0005 59,651
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Dec 15443.00 15557.50 15342.75 15430.00 –4.00 78,770
Dec 1789.80 1800.20 1784.40 1794.40 2.30 410,625 Dec .7357 .7379 .7339 .7364 –.0004 161,625
Sept 514.90 515.00 500.00 505.60 –2.60 118
Feb'22 1791.30 1802.10 1786.80 1796.50 2.30 31,071 Mexican Peso (CME)-MXN 500,000; $ per MXN Mini Russell 2000 (CME)-$50 x index
Nov 607.10 626.90 596.40 605.00 –2.60 1,403
April 1788.60 1803.00 1788.60 1798.30 2.40 12,437 Sept .05032 .05037 .05024 .05032 … 35,256 Sept 2230.10 2249.10 2213.90 2241.10 13.30 312,476
Palladium (NYM) - 50 troy oz.; $ per troy oz. Milk (CME)-200,000 lbs., cents per lb.
Dec .04967 .04978 .04961 .04967 –.00004 174,815 Dec 2225.00 2244.40 2208.70 2236.10 13.40 180,566
Sept 16.58 16.62 16.56 16.59 … 4,300
Sept 2100.00 2100.00 t 2063.00 2076.60 –46.40 5 Euro (CME)-€125,000; $ per € March'22 2219.50 2235.00 2210.00 2231.40 12.80 1
Oct 17.38 17.60 17.36 17.50 .16 5,199
Dec 2122.50 2156.50 t 2047.00 2079.80 –46.50 8,319 Sept 1.1813 1.1815 1.1770 1.1804 –.0011 108,855 Mini Russell 1000 (CME)-$50 x index
Platinum (NYM)-50 troy oz.; $ per troy oz. Cocoa (ICE-US)-10 metric tons; $ per ton.
Dec 1.1837 1.1839 1.1791 1.1825 –.0011 620,412 Sept 2510.20 2518.90 2494.60 2507.20 5.60 7,876
Sept 2,677 2,677 2,677 2,677 34 195
Sept 955.00 956.00 t 953.50 957.70 1.00 197 U.S. Dollar Index (ICE-US)-$1,000 x index
Dec 2,599 2,650 2,599 2,637 34 101,747
Oct 951.00 958.40 t 942.20 957.50 1.00 52,630 Index Futures Sept 92.64 92.88 92.64 92.65 .06 2,871
Silver (CMX)-5,000 troy oz.; $ per troy oz. Coffee (ICE-US)-37,500 lbs.; cents per lb.
Sept 184.35 184.35 184.35 184.35 –1.25 41 Mini DJ Industrial Average (CBT)-$5 x index Dec 92.60 92.88 92.55 92.65 .08 42,542
Sept 23.690 23.755 23.325 23.753 –0.102 297
Dec 23.790 23.890 23.360 23.796 –0.104 122,869 Dec 187.40 188.45 185.20 186.80 –1.25 136,409 Sept 34647 34935 34601 34870 263 76,496
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Dec 34530 34821 34482 34754 263 36,513 Source: FactSet
Oct 69.74 70.97 69.51 70.45 0.73 241,588 Oct 18.81 19.02 18.57 18.98 .19 236,925
Nov 69.35 70.68 69.26 70.19 0.72 328,204 March'22 19.54 19.75 19.31 19.69 .18 354,249
69.10 70.28 68.89 69.81 0.68 309,416 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
Dec
Jan'22 68.56 69.83 68.50 69.37 0.65 131,197 Nov 35.00 … 2,000 Bonds | wsj.com/market-data/bonds/benchmarks
June 66.62 67.67 66.57 67.30 0.53 146,756 Cotton (ICE-US)-50,000 lbs.; cents per lb.
Oct 94.18 94.18 94.18 94.41 –.82 227
Dec 64.30 65.16 64.23
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal.
64.85 0.43 190,678
Dec 93.21 93.32 92.51 92.81 –.69 149,248 Tracking Bond Benchmarks
Oct 2.1436 2.1738 2.1380 2.1583 .0123 101,155 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Nov 2.1360 2.1708 2.1360 2.1566 .0130 88,423 Nov 141.65 142.70 140.90 142.10 2.00 10,138
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Jan'22 143.15 144.15 143.00 143.75 1.65 875 highs and lows for different types of bonds
Oct 2.1570 2.1822 2.1470 2.1609 .0069 96,825 Total Total
Nov 2.0956 2.1176 2.0874 2.1026 .0099 94,539 Interest Rate Futures return YTD total Yield (%) return YTD total Yield (%)
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. close return (%) Index Latest Low High close return (%) Index Latest Low High
Oct 4.945 5.289 s 4.879 5.231 .293 177,778 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
Nov 4.987 5.326 s 4.920 5.273 .300 223,531 Sept 200-010 1-04.0 13,140 Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays
Jan'22 5.144 5.482 s 5.091 5.430 .301 155,850 Dec 197-010 198-130 196-280 198-060 1-04.0 1,237,560
Treasury Bonds (CBT)-$100,000; pts 32nds of 100% 2277.71 -0.6 U.S. Aggregate 1.430 1.120 1.630 2225.66 -0.3 Mortgage-Backed 1.710 1.180 1.850
March 4.667 5.022 s 4.657 4.970 .290 117,008
4.001 s Sept 164-230 14.0 14,676 -0.7
April 3.857 3.857 3.942 .088 117,668 U.S. Corporate Indexes Bloomberg Barclays 2161.90 Ginnie Mae (GNMA) 1.740 0.680 1.840
May 3.744 3.862 s 3.744 3.814 .072 115,663 Dec 162-210 163-090 162-180 163-050 14.0 1,206,438
Treasury Notes (CBT)-$100,000; pts 32nds of 100% 3462.25 0.04 U.S. Corporate 1.990 1.740 2.320 1316.47 -0.1 Fannie mae (FNMA) 1.700 1.230 1.860
Agriculture Futures Sept 133-295 5.0 37,761
Dec 133-045 133-125 133-025 133-095 4.5 3,851,643 3117.80 0.1 Intermediate 1.360 1.080 1.600 2020.34 -0.1 Freddie Mac (FHLMC) 1.700 1.210 1.870
Corn (CBT)-5,000 bu.; cents per bu. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Sept 503.50 503.50 493.00 496.75 –6.00 311 5189.60 -0.1 Long term 2.960 2.780 3.580 602.10 1.1 Muni Master 0.805 0.687 1.157
Sept 124-030 1.5 19,872
Dec 517.50 519.75 507.50 513.25 –4.25 745,929 123-175 123-212 123-157 123-192 1.7 3,464,842
Dec 699.05 -0.5 Double-A-rated 1.730 1.400 1.990 426.11 1.0 7-12 year 0.803 0.687 1.156
Oats (CBT)-5,000 bu.; cents per bu. 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
Sept 502.00 503.00 497.00 492.25 4.75 4 Sept 110-102 110-105 110-100 110-102 .1 17,999 931.51 0.8 Triple-B-rated 2.200 2.010 2.570 489.95 1.6 12-22 year 1.155 1.000 1.663
Dec 493.50 512.75 488.50 510.25 17.25 3,914 Dec 110-050 110-053 110-043 110-051 .4 1,891,050
Soybeans (CBT)-5,000 bu.; cents per bu. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. High Yield Bonds ICE BofA 482.37 2.9 22-plus year 1.629 1.443 2.367
Sept 1271.75 1275.00 1271.75 1272.50 –2.75 61 Sept 99.9225 99.9250 99.9200 99.9200 95,518 520.53 5.1 High Yield Constrained 3.851 3.796 6.024 Global Government J.P. Morgan†
Nov 1290.00 1294.25 1277.00 1284.75 –1.75 345,844 Jan'22 99.9250 99.9250 99.9200 99.9200 100,125
Soybean Meal (CBT)-100 tons; $ per ton. 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% 502.90 10.1 Triple-C-rated 7.062 6.304 12.268 605.75 -1.5 Global Government 0.810 0.510 1.010
Sept 342.00 345.90 341.90 344.70 2.70 22 Sept 96-145 5.5 43,522
Dec 342.30 345.60 339.10 345.20 2.70 170,461 Dec 102-260 103-085 102-260 103-055 5.5 143,889 3472.38 4.3 High Yield 100 3.317 3.162 5.112 841.55 -2.6 Canada 1.330 0.720 1.560
Soybean Oil (CBT)-60,000 lbs.; cents per lb. Eurodollar (CME)-$1,000,000; pts of 100%
Sept 55.86 56.04 56.04 55.80 .06 121 465.30 4.0 Global High Yield Constrained 4.031 3.968 5.937 n.a. n.a. EMU§ n.a. n.a. n.a.
Sept 99.8825 99.8825 99.8800 99.8840 .0015 932,975
Dec 56.33 56.46 55.68 55.99 … 159,894 770.34 -2.9 France 0.220 -0.160 0.450
Dec 99.8200 99.8300 99.8200 99.8250 … 1,124,998 351.40 4.1 Europe High Yield Constrained 2.373 2.352 4.242
Rough Rice (CBT)-2,000 cwt.; $ per cwt. Dec'22 99.5600 99.5750 99.5550 99.5700 .0050 1,058,403
Sept 13.25 13.25 13.25 13.33 .06 39 Dec'23 98.9850 99.0100 98.9700 99.0000 .0100 1,041,761 U.S Agency Bloomberg Barclays 540.74 -2.1 Germany -0.240 -0.530 -0.010
Nov 13.48 13.60 13.46 13.55 .07 7,427
Wheat (CBT)-5,000 bu.; cents per bu. 1863.72 -0.2 U.S Agency 0.720 0.460 0.840 295.54 0.1 Japan 0.300 0.260 0.420
Sept 671.50 673.00 671.50 674.50 –.50 70
Currency Futures
1625.72 -0.1 10-20 years 0.600 0.340 0.710 602.25 -2.6 Netherlands -0.110 -0.450 0.130
Dec 690.00 690.00 679.00 687.00 –1.50 214,328 Japanese Yen (CME)-¥12,500,000; $ per 100¥
Wheat (KC)-5,000 bu.; cents per bu. Sept .9099 .9102 .9078 .9099 … 58,289 4264.60 -0.3 20-plus years 1.990 1.430 2.460 1052.44 -3.9 U.K. 0.900 0.510 1.210
Sept 672.75 684.00 666.25 678.25 2.00 6 Dec .9106 .9109 .9084 .9096 –.0009 187,785
2927.25 -0.3 Yankee 1.590 1.370 1.850 939.65 0.6 Emerging Markets ** 4.534 4.295 5.068
*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
Cash Prices | wsj.com/market-data/commodities Monday, September 13, 2021 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan

These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
separate from the futures price on an exchange, which reflects what the commodity might be worth in future Global Government Bonds: Mapping Yields
months.
Monday Monday Monday
Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Iron Ore, 62% Fe CFR China-s 122.6 Wheat,Spring14%-pro Mnpls-u 10.0600 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Energy
Shredded Scrap, US Midwest-s,m n.a. Wheat,No.2 soft red,St.Louis-u 6.4700 Country/ Spread Under/Over U.S. Treasurys, in basis points
Yield (%)
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 65.800 Steel, HRC USA, FOB Midwest Mill-s 1955 Wheat - Hard - KC (USDA) $ per bu-u 7.1225 Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 13.350 Battery/EV metals Wheat,No.1soft white,Portld,OR-u 10.8750
0.125 U.S. 2 0.213 t l 0.217 0.215 0.129
Metals BMI Lithium Carbonate, EXW China, =99.2%-v,k 15950 Food 1.250 10 1.323 t l 1.340 1.297 0.668
BMI Lithium Hydroxide, EXW China, =56.5% -v,k 18400
Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 12012 Beef,carcass equiv. index 5.500 Australia 2 0.020 s l 0.014 0.044 0.226 -19.7 -20.7 9.7
Engelhard industrial 1790.00 5775 choice 1-3,600-900 lbs.-u 247.59
BMI Nickel Sulphate, EXW China, >22%-v,m 1.000 10 1.282 s l 1.236 1.224 0.920 -4.1 -10.5 25.0
Handy & Harman base 1793.90 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 530 select 1-3,600-900 lbs.-u 218.01
Handy & Harman fabricated 1991.23 Broilers, National comp wtd. avg.-u,w 1.0578 0.000 France 2 -0.672 t l -0.655 -0.717 -0.631 -88.9 -87.6 -76.0
*1799.90
Fibers and Textiles Butter,AA Chicago 1.8025 0.000 10 0.004 s l 0.002 -0.124 -0.187 -134.0 -85.8
LBMA Gold Price AM -132.0
LBMA Gold Price PM *1794.60 Cheddar cheese,bbl,Chicago 146.25
Burlap,10-oz,40-inch NY yd-n,w 0.7775 0.000 Germany 2 -0.700 s l -0.703 -0.738 -0.685 -92.3 -81.4
Krugerrand,wholesale-e 1864.10 Cheddar cheese,blk,Chicago 181.50 -91.7
Cotton,1 1/16 std lw-mdMphs-u 0.9266
Maple Leaf-e 1882.02 Milk,Nonfat dry,Chicago lb. 135.50 0.000 10 -0.329 t l -0.327 -0.464 -0.478 -165.3 -166.9 -114.8
Cotlook 'A' Index-t *102.90
American Eagle-e 1882.02 Coffee,Brazilian,Comp 1.8011
Hides,hvy native steers piece fob-u n.a. Coffee,Colombian, NY 2.3922 0.600 Italy 2 -0.480 t l -0.468 -0.484 -0.121 -69.7 -68.8 -25.0
Mexican peso-e 2169.10 Wool,64s,staple,Terr del-u,w n.a.
Austria crown-e 1759.91
Eggs,large white,Chicago-u 1.2750 0.600 10 0.692 t l 0.708 0.557 0.987 -63.2 -63.3 31.6
Grains and Feeds Flour,hard winter KC 19.25
Austria phil-e 1882.02 0.005 Japan 2 -0.126 t l -0.125 -0.134 -0.142 -34.3 -34.5 -27.1
Hams,17-20 lbs,Mid-US fob-u 0.59
Silver, troy oz. Barley,top-quality Mnpls-u n.a. 0.100 10 0.046 s l 0.045 0.024 0.024 -129.6 -64.6
Hogs,Iowa-So. Minnesota-u 91.86 -127.7
Engelhard industrial 23.5000 Bran,wheat middlings, KC-u 120 Pork bellies,12-14 lb MidUS-u n.a.
Handy & Harman base 23.7950 Corn,No. 2 yellow,Cent IL-bp,u 5.0600 0.000 Spain 2 -0.617 t l -0.591 -0.608 -0.466 -83.4 -81.2 -59.5
Pork loins,13-19 lb MidUS-u 1.0834
Handy & Harman fabricated 29.7440 Corn gluten feed,Midwest-u,w 146.4 Steers,Tex.-Okla. Choice-u n.a. 0.500 10 0.327 t l 0.329 0.219 0.309 -99.6 -101.2 -36.1
LBMA spot price *£17.3200 Corn gluten meal,Midwest-u,w 514.9 Steers,feeder,Okla. City-u,w 171.63
(U.S.$ equivalent) *24.0250 0.125 U.K. 2 0.232 t l 0.248 0.140 -0.120 1.5 2.7 -24.9
Cottonseed meal-u,w 310
Coins,wholesale $1,000 face-a 19671 Hominy feed,Cent IL-u,w 155 Fats and Oils 4.750 10 0.657 t l 0.667 0.577 0.184 -66.6 -67.4 -48.7
Other metals Meat-bonemeal,50% pro Mnpls-u,w 355 Degummed corn oil, crude wtd. avg.-u,w 53.6600 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
LBMA Platinum Price PM *977.0 Oats,No.2 milling,Mnpls-u 5.4525 Grease,choice white,Chicago-h 0.5400
Platinum,Engelhard industrial 962.0 Rice, Long Grain Milled, No. 2 AR-u,w 27.75 Lard,Chicago-u n.a.
Palladium,Engelhard industrial 2165.0 Sorghum,(Milo) No.2 Gulf-u 6.7250 Soybean oil,crude;Centl IL-u,w 0.6872 Corporate Debt
Aluminum, LME, $ per metric ton *2896.5 SoybeanMeal,Cent IL,rail,ton48%-u,w 340.80 Tallow,bleach;Chicago-h 0.6625 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
Copper,Comex spot 4.3635 Soybeans,No.1 yllw IL-bp,u 12.5700 Tallow,edible,Chicago-u 0.7000 expectations
KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; Investment-grade spreads that tightened the most…
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=Benchmark Mineral Intelligence; Spread*, in basis points
W=weekly; Z=not quoted. *Data as of 9/10 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Source: Dow Jones Market Data
Caterpillar Financial Services … 0.600 0.31 Sept. 13, ’24 –12 –24 n.a.
Pacific Life Insurance PACLIF 9.250 3.55 June 15, ’39 172 –9 n.a.
Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks International Business Machines IBM 4.150 2.63 May 15, ’39 80 –5 85
Mitsubishi UFJ Financial MUFG 2.193 0.99 Feb. 25, ’25 19 –4 n.a.
Money Rates September 13, 2021
HSBC Holdings HSBC 4.950 2.19 March 31, ’30 87 –3 94
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Kinder Morgan Energy Partners … 5.625 3.59 Sept. 1, ’41 176 –3 182
guide to general levels but don’t always represent actual transactions. Liberty Mutual LIBMUT 4.569 2.02 Feb. 1, ’29 69 –3 n.a.
PepsiCo PEP 4.000 2.54 March 5, ’42 71 –3 n.a.
Week —52-WEEK— Week —52-WEEK—
Inflation Latest ago High Low Latest ago High Low
July index Chg From (%) …And spreads that widened the most
Switzerland 0.00 0.00 0.00 0.00 Treasury bill auction
level June '21 July '20 Ascension Health Alliance ASCHEA 4.847 2.73 Nov. 15, ’53 84 7 n.a.
Britain 0.10 0.10 0.10 0.10 4 weeks 0.060 0.035 0.090 0.000
U.S. consumer price index 0.10 0.25 0.10 UnitedHealth UNH 2.950 1.30 Oct. 15, ’27 49 6 56
Australia 0.10 13 weeks 0.040 0.045 0.110 0.015
All items 273.003 0.48 5.4 26 weeks 0.050 0.055 0.120 0.030 Microchip Technology MCHP 0.983 1.02 Sept. 1, ’24 57 5 56
Core 279.146 0.33 4.3 Overnight repurchase Morgan Stanley MS 3.875 1.22 Jan. 27, ’26 41 4 n.a.
U.S. 0.05 0.05 0.12 -0.04 Secondary market
International rates Sumitomo Mitsui Financial SUMIBK 0.948 1.20 Jan. 12, ’26 39 4 37
U.S. government rates Fannie Mae Sumitomo Mitsui Trust Bank SUMITR 0.850 0.68 March 25, ’24 24 4 n.a.
Week 52-Week 30-year mortgage yields
Discount Barclays BACR 3.650 1.22 March 16, ’25 42 3 43
Latest ago High Low 30 days 2.371 2.357 2.622 1.836
0.25 0.25 0.25 0.25 Brighthouse Financial Global Funding BHF 1.000 0.71 April 12, ’24 27 3 20
60 days 2.405 2.392 2.674 1.875
Prime rates
U.S. 3.25 3.25 3.25 3.25
Federal funds
Other short-term rates High-yield issues with the biggest price increases…
Effective rate 0.0800 0.0800 0.1000 0.0500 Bond Price as % of face value
Canada 2.45 2.45 2.45 2.45
High 0.0900 0.0900 0.1500 0.0700 Week 52-Week Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Japan 1.475 1.475 1.475 1.475 Latest ago high low
Low 0.0500 0.0200 0.0900 0.0000 United States Cellular USM 6.700 4.11 Dec. 15, ’33 124.759 0.93 n.a.
Policy Rates Bid 0.0700 0.0700 0.0900 0.0100 0.72 n.a.
Call money Ford Motor F 4.750 4.10 Jan. 15, ’43 109.139
Euro zone 0.00 0.00 0.00 0.00 Offer 0.0900 0.1000 0.1200 0.0500
2.00 2.00 2.00 2.00 Dish DBS … 5.875 1.04 July 15, ’22 104.000 0.50 103.500
Occidental Petroleum OXY 6.200 4.59 March 15, ’40 120.000 0.50 120.450
Commercial paper (AA financial)
Key Interest Rates 90 days 0.09 0.10 0.25 0.04 Teva Pharmaceutical Finance Netherlands … 3.150 3.98 Oct. 1, ’26 96.250 0.45 95.625
Graphic Packaging International … 3.500 3.05 March 15, ’28 102.625 0.44 n.a.
Data are annualized on a 360-day basis. Treasury yields are per annum, Libor
Navient NAVI 6.750 3.55 June 15, ’26 113.888 0.26 n.a.
on actively traded noninflation and inflation-indexed issues that are One month 0.08375 0.08300 0.15863 0.07263
Three month 0.11600 0.11463 0.25388 0.11413 HCA HCA 5.375 1.45 Feb. 1, ’25 112.879 0.25 112.651
adjusted to constant maturities. Data are from weekly Federal Reserve
Six month 0.14863 0.14875 0.27563 0.14663
release H.15. …And with the biggest price decreases
Week Ended
One year 0.22313 0.21950 0.40263 0.21950
52-Week Week Ended 52-Week
Sep 10 Sep 3 High Low Sep 10 Sep 3 High Low Nokia Oyj NOKIA 4.375 2.46 June 12, ’27 110.212 –1.03 111.148
Euro Libor
6-month 0.06 0.06 0.13 0.03 Bath & Body Works BBWI 6.694 3.25 Jan. 15, ’27 116.750 –0.63 117.500
Federal funds (effective) 1-year 0.08 0.07 0.14 0.04 One month -0.575 -0.580 -0.558 -0.607
0.08 0.08 0.10 0.05 Three month -0.565 -0.565 -0.510 -0.574 Telecom Italia TITIM 5.303 2.15 May 30, ’24 108.250 –0.50 108.600
2-year 0.23 0.20 0.26 0.11
3-year 0.44 0.41 0.47 0.15 Six month -0.535 -0.539 -0.491 -0.548 Ford Motor F 7.450 3.60 July 16, ’31 131.644 –0.33 131.717
Commercial paper
5-year 0.81 0.78 0.92 0.27 One year -0.495 -0.498 -0.423 -0.511
Nonfinancial Hat Holdings I … 3.750 3.49 Sept. 15, ’30 102.000 –0.25 n.a.
7-year 1.11 1.08 1.39 0.46
1-month 0.05 0.05 0.29 0.02 10-year 1.35 1.30 1.72 0.67 Secured Overnight Financing Rate Venture Global Calcasieu Pass VENTGL 4.125 3.59 Aug. 15, ’31 104.250 –0.25 105.156
2-month 0.06 0.06 0.12 0.03 0.05 0.05 0.11 0.01
20-year 1.87 1.84 2.32 1.20 Sensata Technologies ST 5.000 1.96 Oct. 1, ’25 111.760 –0.24 112.231
3-month n.a. 0.07 0.15 0.04
Financial Value 52-Week Ball BLL 4.000 1.24 Nov. 15, ’23 105.875 –0.14 106.345
Treasury yields (secondary market) Latest Traded High Low
1-month 0.08 0.07 0.17 0.05
2-month n.a. n.a. 0.23 0.08
1-month 0.06 0.04 0.10 0.00 *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.
3-month 0.09 0.10 0.18 0.07 3-month 0.05 0.05 0.12 0.01 DTCC GCF Repo Index Note: Data are for the most active issue of bonds with maturities of two years or more
6-month 0.06 0.06 0.13 0.03 Treasury 0.056 55.630 0.132 -0.008 Source: MarketAxess
Discount window primary credit MBS 0.057 17.000 0.143 0.002
TIPS
0.25 0.25 0.25 0.25
5-year -1.73 -1.71 -1.20 -1.86 Notes on data:
Treasury yields at constant 7-year -1.36 -1.36 -1.04 -1.44
maturities 10-year -1.04 -1.04 -0.63 -1.14
U.S. prime rate is the base rate on corporate
loans posted by at least 70% of the 10 largest
Dividend Changes
1-month 0.06 0.04 0.10 0.00 20-year -0.54 -0.54 -0.08 -0.62 U.S. banks, and is effective March 16, 2020.
3-month 0.05 0.05 0.12 0.01 Long-term avg -0.42 -0.42 0.03 -0.47 Other prime rates aren’t directly comparable; Dividend announcements from September 13.
lending practices vary widely by location;
Amount Payable / Amount Payable /
Notes on data: Discount rate is effective March 16, 2020.
Secured Overnight Financing Rate is as of Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record
Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates
on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by September 10, 2021. DTCC GCF Repo Index is Initial ENI ADR E 4.8 1.01944 SA Oct07 /Sep21
Depository Trust & Clearing Corp.'s weighted
discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window average for overnight trades in applicable CMS Energy Pfd. C CMSpC 4.8 .30625 Oct15 /Oct01 STMicroelectronics STM 0.4 .06 Q Sep28 /Sep21
primary credit rate is charged for discounts made and advances extended under the Federal CUSIPs. Value traded is in billions of U.S. dollars.
Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; Federal-funds rates are Tullett Prebon rates as Stocks Special
Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid of 5:30 p.m. ET. AzurRx BioPharma AZRX 1:10 /Sep13 A-Mark Precious Metals AMRK ... 2.00 Sep24 /Sep20
yields for all TIPS with remaining terms to maturity of 10 years or more; Sources: Federal Reserve; Bureau of Labor
Sources: Federal Reserve; for additional information on these rate data and their derivation, Statistics; DTCC; FactSet; Foreign KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual;
please see, www.federalreserve.gov/releases/h15/data.htm Tullett Prebon Information, Ltd. B2Gold BTG 4.2 .04 Q Sep30 /Sep22 S2:1: stock split and ratio; SO: spin-off.
 .

THE WALL STREET JOURNAL. * Tuesday, September 14, 2021 | B9

MARKETS

Uranium
Stocks Get
Private-Share Platform Sets SPAC
BY ALEXANDER OSIPOVICH Securities and Exchange Com- more lightly regulated type of company that would receive

Energized Forge Global Inc., an online

marketplace for buying and
mission rules, such deals are
typically limited to accredited
investors—people who meet
trading platform than a full-
fledged stock exchange.
A number of other compa-
investments from a group of
banks that include Goldman
Sachs Group Inc. and Morgan

Online selling shares of private firms,

plans to go public by merging
with a special-purpose acqui-
certain wealth criteria, such as
having a net worth of more
than $1 million, excluding
nies seek to bring together buy-
ers and sellers of private
shares. They include Carta Inc.,
Stanley.
Forge’s deal with Motive
Capital is expected to close
sition company. one’s home, or an annual in- ClearList, EquityZen Inc., Nas- late this year or in early 2022,

DAVID PAUL MORRIS/BLOOMBERG NEWS

BY WILL HORNER The deal with Motive Capi- come above $200,000. daq Private Market and Zanbato subject to approval by share-
tal Corp. values the resulting “The public markets need Inc. Last year, Forge acquired holders and regulators, the
Shares of uranium mining company at $2 billion, the an investment that is a proxy an older rival, SharesPost. companies said. In a SPAC
companies surged Monday as companies said. If completed, for the private markets,” Forge Many pre-IPO trading plat- deal, a private firm merges
retail traders from Reddit’s the transaction would make Chief Executive Kelly Ro- forms don’t disclose data on with a publicly traded shell
WallStreetBets forum focused Forge the first dedicated trad- driques said in an interview. their volumes or their number company and gets its spot on
their energies on the rallying ing platform for private shares “That’s Forge.” of users, making them difficult a stock exchange.
radioactive metal. to become a public company. San Francisco-based Forge to compare. Nasdaq Private Motive Capital is sponsored
Companies tied to uranium Trading in private shares said it has nearly 400,000 reg- Market—Nasdaq Inc.’s trading by Motive Partners, a private-
in Australia and the U.K. pow- has heated up in recent years istered users, including more platform for private shares— equity firm specializing in fi-
ered higher Monday, while as startups have waited longer than 123,000 accredited inves- Kelly Rodriques is CEO of Forge, says it has executed over $30 nancial technology. The SPAC’s
shares of U.S.-listed companies to hold initial public offerings. tors. The rest of the users are which plans a $2 billion value. billion of trades in total. But un- CEO is Blythe Masters, a former
also rose. Such trading allows employees mostly from the private com- like Forge, Nasdaq Private Mar- senior executive with JPMorgan
Sydney-listed uranium min- to cash out of their shares and panies selling shares and pro- the company. It has brokered ket has mostly focused to date Chase & Co. She is set to join
ers Peninsula Energy Ltd., lets some investors get early fessional investment firms. trades in shares of companies on tender offers, one-off deals Forge’s board after the deal.
Energy Resources of Austra- access to potentially fast- Forge was called Equidate such as Lyft Inc., Palantir in which a private company or Forge expects to raise more
lia Ltd. and Bannerman En- growing technology startups. before rebranding in 2019. It Technologies Inc. and Robin- big investor seeks to buy shares than $500 million from the
ergy Ltd. all closed more than Most individual investors has handled over $10 billion hood Markets Inc. before they within a specified period. deal, including cash held by
25% higher. U.K.-listed miner aren’t able to buy shares on worth of trades in more than went public. Forge’s market is In July, Nasdaq said it was the SPAC and a $120 million
Aura Energy Ltd. jumped Forge or other trading plat- 400 companies since it was registered with the SEC as an spinning out Nasdaq Private private investment in public
more than 35% and London- forms for pre-IPO stock. Under founded in 2014, according to alternative trading system, a Market into a stand-alone equity, or PIPE.
listed Yellow Cake PLC, a
company that acts as an ex-

Car Makers Shift Toward Eco-Friendly Steel

change-traded fund for ura-
nium, rose 13%.
Meanwhile, Canada’s Cam-
eco Corp. has become the
third-most-discussed company BY WILLIAM BOSTON chassis and support beams.
on WallStreetBets, after tech The auto industry accounts
giants Apple Inc. and Alibaba BERLIN—Auto makers are for around 12% of global steel
Group Holding Ltd., according racing to find cleaner steel to consumption, according to the
to SwaggyStocks, a website build their cars. World Steel Association. Ana-
that tracks mentions of ticker The industry’s approach lysts estimate that steel pro-
symbols on the forum. ranges from low-tech—using duction accounts for roughly
New York-traded shares of more recycled steel—to less- 7% of global carbon emissions
the uranium miner surged in proven methods, including try- related to energy production.
premarket trading before ing to source the metal from In the EU, steel makes up 25%
ending the day up 0.1%. Ura- hydrogen-powered mills in- of the bloc’s carbon-dioxide
nium Royalty Corp. shares stead of more conventional output from industrial produc-
jumped 24%. coal-fired ones. tion, according to H2 Green
Recent posts on WallStreet- The steel industry is one of Steel, a low-carbon steel
Bets, the message board at the the world’s biggest emitters of startup based in Sweden.
heart of the meme-stock carbon dioxide, and the auto Daimler is trying to reduce
frenzy earlier this year, have sector is one of the largest us- ROLF SCHULTEN/BLOOMBERG NEWS emissions from the steel it
put forward bullish arguments ers of steel. Steelmakers are uses. It buys recycled steel to
in favor of uranium prices and seeking ways to produce their make car bodies in the U.S.
related mining stocks, com- steel more cleanly. Auto mak- from a supplier that says it
plete with the forum’s typical ers—pushed by regulators, in- burns 70% less carbon dioxide
mix of memes and humor. vestors and climate-conscious than steel from conventional
One post on the site last customers—are joining that blast furnaces. About one-quar-
week pondered whether there search. ter of the steel in a typical pas-
was “A GME Like Opportunity European car makers and senger car today is made from
In Uranium?” using the ticker steelmakers are moving faster The Salzgitter AG steel plant in Germany is moving to harness hydrogen power in place of coal. recycled steel, according to
symbol for GameStop Corp., to develop and use lower-car- World Auto Steel, an associa-
the original meme stock. bon steel, analysts say. A Eu- Tighter regulations around The effort, which executives of the BMW brand, said at the tion representing the world’s
The WallStreetBets activity ropean Union climate plan, the world have greatly describe as a long-term goal, Munich car show last week. biggest steelmakers, based on
follows a sharp price rise for called the Green Deal, man- boosted the fuel efficiency of faces significant hurdles. A “But it will take some time.” data from the Steel Recycling
the physical metal used largely dates that the bloc’s manufac- the world’s passenger fleet meaningful shift among steel- Low-carbon steel is also Institute. Recycled steel
to fuel nuclear power plants. turers—including their supply over decades. Car makers have makers to lower-carbon pro- more expensive to make. doesn’t require the carbon-in-
New York-traded uranium fu- chains—become carbon-neu- tweaked combustion engines duction is still years away be- SSAB, the Swedish steelmaker, tensive process of melting iron
tures have surged roughly 40% tral by 2050. to burn cleaner and turned to cause of the long investment has said its fossil-fuel-free ore into steel.
in the past month to $42.40 a Earlier this month, Daimler lighter aluminum, carbon com- cycles in the steel industry. The steel would be 20% to 30% Daimler is also investing in
pound, their highest level in AG’s Mercedes-Benz signed a posites, and plastic to reduce more expensive to produce new technologies. In May, Mer-
about seven years. deal with Swedish steelmaker weight, further saving fuel. In than conventional steel. Arce- cedes bought a stake in H2
Huge purchases of the SSAB AB, whose Hybrit unit recent years, Tesla Inc. has led lorMittal SA has said making Green Steel. The Swedish com-
metal by the Sprott Physical will produce low-carbon steel the industry toward battery-
European companies steel using hydrogen at a plant pany plans to build a hydrogen-
Uranium Trust, a newly cre- for the auto company begin- powered electric vehicles, a are leading the way in Germany would raise pro- powered steel plant to provide
ated fund that gives investors ning next year. The agreement product that most auto mak- duction costs 60%. carbon-free steel for the auto
direct exposure to the metal, is part of Mercedes’s effort to ers have embraced as the in-
in producing the Auto makers are already fac- industry.
have been a significant driver make its entire auto fleet car- dustry’s future. metal more cleanly. ing increased prices for con- Using hydrogen instead of
of the rally and have helped to bon-neutral by 2039. Volvo All that has helped reduce ventional steel and other raw coal to fuel the heat-intensive
tighten an already tight mar- Cars is already sourcing steel the greenhouse-gas emissions materials amid bottlenecks and process of making steel can
ket, said Andre Liebenberg, from Hybrit, and BMW’s par- that occur as cars are driven. shortages. reduce the carbon dioxide
chief executive of Yellow Cake. ent company is investing in a Now, pressure is building to International Energy Agency While auto makers have emitted during production,
The fund, which trades on separate, low-carbon steel- clean up the process of making forecast in October 2020 that lessened their reliance on steel, but only if the hydrogen is it-
the Toronto Stock Exchange, making startup in the U.S. those vehicles in the first place. hydrogen-based steel produc- the metal still makes up about self produced without generat-
has amassed almost 25 million General Motors Co. has “Becoming more electric tion would account for “just 54% of the weight of the aver- ing carbon dioxide. H2 aims to
pounds of the metal since it pledged to be carbon-neutral and sustainable is not just under 15%” of primary steel age passenger car, according to do this by tapping Sweden’s
was first launched in July and by 2040. Toyota Motor Corp. about batteries and alternative production globally by 2050. the American Iron and Steel In- hydroelectric power to pro-
bought 850,000 pounds on one said it aims to reach that goal drives,” Markus Schäfer, “There is a lot of invest- stitute. A typical sport-utility duce hydrogen that in turn
day alone last week, according by 2050 and reduce carbon-di- Daimler’s chief operating offi- ment in the steel industry vehicle contains about 3,000 will power a small steel mill
to Sprott. The total mined oxide emissions in its European cer responsible for research now,” Oliver Zipse, chief exec- pounds of steel, which is used built to produce enough steel
supply of uranium was roughly supply chain 33% by 2030. and development, said in July. utive of BMW AG, the maker in parts such as door panels, for about three million cars.
120 million pounds in 2019, ac-
cording to the World Nuclear
Association.
Investors are also betting
that demand for the metal will
European gigawatt on certain days, ac-
cording to Mr. Konstantinov.
Full capacity stands at 24 giga-
return requests for comment.
Winners include U.S. and
Russian companies exporting
rise amid a global shift toward
less carbon-intensive sources
of energy. Governments in-
Energy watts. Maintenance work on
subsea cables restricted elec-
tricity imports from France.
gas to Europe, as well as renew-
able-power suppliers producing
electricity with near-zero oper-
cluding the U.S. and China
have pushed for a role for nu-
clear power in global efforts
Prices Rise Losers from the jump in
prices include power-intensive
companies that are due to re-
ating costs. Shares of Cheniere
Energy Inc., a major U.S. ex-
porter of liquefied natural gas,
PETER BYRNE/PA WIRE/ZUMA PRESS

to mitigate climate change, new multiyear energy deals have risen 51% this year.
helping to broaden the appeal Continued from Page One and firms that haven’t hedged The price surge shows the
of uranium among investors, possible in the future: The their electricity bills. need to have backup power
said Mr. Liebenberg. government has said all coal Two U.K. energy retailers— supplies for moments when
“The uranium market is plants must close by late 2024. PFP Energy and MoneyPlus the wind doesn’t blow and the
quite niche and small but the To be sure, abundant wind Energy—went out of business sun doesn’t shine, said Mark
interest I have seen from gen- power has at times led to peri- when electricity prices rose Dickinson, chief executive of
eralist investors has been much ods of cheap electricity. This this month. The companies, Inspired PLC, which advises
broader than I used to see in month, however, U.K. wind with a combined 94,000 gas companies on energy costs
the past,” said Mr. Liebenberg. farms produced less than one and power customers, didn’t and climate change. The U.K. has leaned on wind power as it aims to cut emissions.

Mutual Funds Data provided by

Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret
DoubleLine Funds Contra 19.79 -0.03 20.7 TotRtnBdFdClInst 29.30 +0.04 0.7 TotRt 10.45 +0.02 ... ExtndAdml 142.13 +0.24 14.6 WndsrAdml 85.48 +0.74 20.7 IdxIntl 21.36 +0.11 11.2
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. TotRetBdI NA ... NA ContraK 19.84 -0.04 20.7 Harbor Funds PIMCO Funds A GNMAAdml 10.64 -0.01 -0.4 VANGUARD FDS MdCpGrAdml105.74 -0.50 16.1
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e Edgewood Growth Instituti CpInc r 11.46 +0.03 10.7 CapApInst 120.03 -0.80 15.2 IncomeFd 12.11 +0.01 2.5 GrwthAdml 156.42 -0.31 20.2 DivdGro 37.93 ... 15.6 MdCpVlAdml 74.45 +0.51 21.9
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, EdgewoodGrInst 65.84 -0.79 27.2 GroCo 39.53 -0.19 20.3 Harding Loevner PIMCO Funds I2 HlthCareAdml r 99.92 -0.12 11.6 INSTTRF2020 28.22 +0.05 7.5 SmValAdml 73.76 +0.70 21.7
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r Fidelity GrowCoK 39.66 -0.19 20.3 IntlEq NA ... NA Income 12.11 +0.01 2.7 HYCorAdml r 6.02 ... 3.7 INSTTRF2025 29.90 +0.08 8.9 TotBd2 11.24 +0.02 -0.7
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not 500IdxInstPrem155.47 +0.36 20.2 InvGrBd 11.81 +0.01 0.5 Invesco Funds Y PIMCO Funds Instl InfProAd 29.25 +0.01 4.6 INSTTRF2030 30.99 +0.08 10.2 TotIntlInstIdx r142.89 +0.75 11.2
available due to incomplete price, performance or cost data. NE-Not released by Lipper; Contrafund K6 22.72 -0.05 20.3 LowP r 53.65 +0.42 19.8 DevMktY 53.90 +0.15 0.8 IncomeFd 12.11 +0.01 2.8 IntlGrAdml 175.41 -0.78 9.4 INSTTRF2035 32.03 +0.09 11.5 TotItlInstPlId r142.94 +0.76 11.2
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. ExtMktIdxInstPre 90.08 +0.16 14.6 Magin 14.89 -0.03 19.6 John Hancock Instl Price Funds ITBondAdml 12.28 +0.01 -0.8 INSTTRF2040 33.10 +0.09 12.8 TotSt 112.13 +0.23 19.1
FidSerToMarket 15.32 +0.03 19.1 NASDAQ r 190.36 -0.12 17.7 DispValMCI 27.91 +0.30 19.7 BlChip 196.47 -0.77 18.7 ITIGradeAdml 10.26 +0.01 0.2 INSTTRF2045 34.10 +0.11 14.1 VANGUARD INSTL FDS
GrowthCompanyK6 23.04 -0.12 19.8 OTC 19.74 -0.04 22.5 JPMorgan I Class DivGro 70.16 +0.19 17.4 LTGradeAdml 11.37 +0.05 -1.0 INSTTRF2050 34.25 +0.11 14.3 BalInst 48.66 +0.09 11.0
Monday, September 13, 2021 IntlIdxInstPrem 51.55 +0.31 13.3 CoreBond 12.10 +0.01 -0.1 EqInc DevMktsIndInst 17.06 +0.11 13.3
Puritn 29.46 +0.08 13.7 36.96 +0.38 19.2 MidCpAdml 303.29 +0.22 19.0 INSTTRF2055 34.34 +0.11 14.3
Net YTD Net YTD Net YTD MidCpInxInstPrem 31.92 +0.05 18.6 SrsEmrgMkt 25.42 +0.03 EqInc 22.98 +0.13 17.7 Growth 116.36 -0.33 20.0 MuHYAdml 12.15 DevMktsInxInst 26.67 +0.17 13.4
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret 1.8 ... 3.7 IntlVal 44.15 +0.35 9.7
SAIUSLgCpIndxFd 21.36 +0.05 20.2 SrsGlobal 15.80 +0.07 10.2 JPMorgan R Class HelSci 113.31 -1.05 14.6 MuIntAdml 14.82 ... 1.3 LifeCon 23.80 +0.05 5.7 ExtndInst 142.13 +0.25 14.6
American Century Inv IntlVal Inst 45.64 +0.36 14.5 DivIncom I 30.20 +0.14 17.9 SeriesBondFd 10.59 +0.01 -0.7 SrsGroCoRetail 27.58 -0.13 21.1 CoreBond 12.12 +0.02 ... LgCapGow I 74.30 -0.19 21.4 MuLTAdml 12.25 ... 2.0 LifeGro 44.96 +0.13 12.5
GrwthInst 156.43 -0.31 20.2
Ultra 90.69 -0.09 19.4 Baird Funds Dimensional Fds SeriesOverseas 14.80 +0.02 19.4 SrsIntlGrw 20.94 +0.06 17.8 Lord Abbett A MidCap 128.67 -0.45 13.8 MuLtdAdml 11.23 InPrSeIn 11.92 +0.01 4.6
... 0.7 LifeMod 34.27 +0.08 9.0
American Funds Cl A AggBdInst 11.58 +0.02 -0.4 5GlbFxdInc 10.96 ... 0.6 SmCpIdxInstPrem 28.45 +0.17 14.2 SrsIntlVal 11.62 +0.13 15.2 ShtDurIncmA p 4.19 ... 1.2 NHoriz 96.04 -1.02 16.7 MuShtAdml 15.92 InstIdx 391.40 +0.89 20.2
... 0.3 PrmcpCor 34.84 +0.17 20.2
AmcpA p 44.78 -0.04 18.7 CorBdInst 11.96 +0.02 ... EmgMktVa 33.02 +0.24 15.7 TMktIdxInstPrem128.18 +0.28 19.1 Lord Abbett F R2020 24.97 +0.04 9.8 PrmcpAdml r180.70 +0.71
InstPlus 391.43 +0.89 20.2
TotalBond 11.24 +0.01 0.7 17.5 STAR 33.98 +0.06 9.8
AMutlA p 51.24 +0.29 15.8 BlackRock Funds EmMktCorEq 26.32 +0.10 9.2 ShtDurIncm 4.19 ... 1.3 InstTStPlus 87.60 +0.18 19.2
USBdIdxInstPrem 12.21 +0.02 -0.7 Fidelity SAI R2025 21.50 +0.04 11.0 RealEstatAdml151.86 +1.04 27.8 TgtRe2015 16.58 +0.03 5.4
BalA p 33.29 +0.02 11.9 HiYldBd Inst 7.94 ... 5.4 IntlCoreEq 16.73 +0.13 16.2 Metropolitan West MidCpInst 67.00 +0.05 19.0
Fidelity Advisor I TotalBd 10.68 +0.01 0.9 R2030 32.01 +0.07 12.5 SmCapAdml 107.21 +0.54 15.6 TgtRe2020 36.85 +0.08 7.5
BondA p 13.60 +0.02 -0.2 BlackRock Funds A IntSmCo 23.90 +0.17 18.2 TotRetBdI 11.07 +0.01 -0.1 MidCpIstPl 330.44 +0.24 19.0
GrOppI 180.62 -0.55 16.4 U.S.TreBdIdx 10.19 +0.02 -1.4 R2035 24.19 +0.05 13.9 SmGthAdml 101.76 -0.06 8.4 TgtRe2025 23.44 +0.06 8.8
GlblAlloc p 21.82 +0.04 6.9 IntSmVa TRBdPlan 10.38 +0.01 -0.1 RealEstaInstl 23.50 +0.16 27.8
CapIBA p 68.73 -0.06 10.4 22.55 +0.27 18.2 NwInsghtI 44.61 -0.07 21.1 Fidelity Selects R2040 35.03 +0.09 15.1 STBondAdml 10.77 ... -0.1 TgtRe2030 44.65 +0.12 10.1
Northern Funds SmCapInst 107.21 +0.55 15.6
CapWGrA 66.26 +0.04 12.5 BlackRock Funds III LgCo 33.58 +0.07 20.1 Fidelity Freedom Softwr r 31.52 -0.09 18.0 Schwab Funds STIGradeAdml 10.96 ... 0.5 TgtRe2035 28.09 +0.07 11.4
StkIdx 50.12 +0.11 20.1 STIGradeInst 10.96 ... 0.6
EupacA p 72.70 +0.12 9.3 iShS&P500IdxK530.04 +1.20 20.1 TAUSCoreEq2 NA ... NA FF2020 17.80 +0.05 8.6 Tech r 29.33 ... 15.5 1000 Inv r 99.52 +0.19 19.1 STIPSIxAdm 26.45 ... 4.4 TgtRe2040 49.89 +0.15 12.7
Nuveen Cl I STIPSIxins 26.47 ... 4.5
FdInvA p 78.52 +0.23 17.3 BlackRock Funds Inst US CoreEq1 35.35 +0.13 19.8 FF2025 16.32 +0.05 9.7 First Eagle Funds S&P Sel 68.99 +0.15 20.1 TotBdAdml 11.39 +0.01 -0.6 TgtRe2045 32.13 +0.09 14.0 TotBdInst 11.39 +0.01 -0.6
GwthA p 78.30 +0.05 15.9 StratIncOpptyIns 10.38 ... 1.8 US CoreEq2 32.30 +0.14 20.5 FF2030 20.52 +0.06 10.9 GlbA 68.20 +0.40 11.3 HYMunBd 18.46 +0.01 8.3 TSM Sel r 79.17 +0.17 19.1 TotIntBdIdxAdm 23.00 ... -1.1 TgtRe2050 51.89 +0.16 14.2
Old Westbury Fds TotBdInst2 11.24 +0.02 -0.6
ICAA p 51.95 +0.21 18.7 Bridge Builder Trust US Small 46.77 +0.29 22.2 FF2035 18.00 +0.08 13.6 Franklin A1 VANGUARD ADMIRAL TotIntlAdmIdx r 35.73 +0.19 11.2 TgtRet2055 56.33 +0.17 14.2
LrgCpStr NA ... NA TotBdInstPl 11.39 +0.01 -0.6
IncoA p 25.98 -0.06 11.8 CoreBond 10.61 +0.01 -0.2 US SmCpVal 44.38 +0.50 29.5 FF2040 12.93 +0.06 15.3 IncomeA1 p 2.51 +0.02 13.0 500Adml 413.59 +0.94 20.2 TotStAdml 112.18 +0.23 19.2 TgtRetInc 15.57 +0.02 4.9 TotIntBdIdxInst 34.51 ... -1.1
N PerA p 69.79 +0.05 15.4 CorePlusBond 10.50 +0.01 0.5 US TgdVal 30.24 +0.34 29.0 Freedom2025 K 16.30 +0.05 9.8 FrankTemp/Frank Adv Parnassus Fds BalAdml 48.65 +0.09 11.0 TxMCapAdml234.72 +0.43 19.5 TotIntBdIxInv 11.50 ... -1.2 TotStInst 112.20 +0.23 19.2
NEcoA p 66.67 -0.17 12.0 Intl Eq 15.22 +0.07 13.9 USLgVa 45.23 +0.39 21.5 Freedom2030 K 20.51 +0.06 11.0 IncomeAdv 2.48 +0.01 12.8
ParnEqFd 64.67 +0.03 20.8 CAITAdml 12.29 ... 0.9 TxMIn r 17.04 +0.11 13.3 USGro 75.52 -0.64 15.1 ValueInst 54.49 +0.36 18.7
LargeCapGrowth 24.58 -0.05 19.5 Dodge & Cox Freedom2035 K 17.98 +0.07 13.6 PGIM Funds Cl Z CapOpAdml r212.13 +0.21 19.5 USGroAdml 195.74 -1.63
NwWrldA 96.23 -0.01 9.4 FrankTemp/Franklin A 15.2 WellsI 29.98 +0.10 7.1 WCM Focus Funds
LargeCapValue 17.51 +0.13 19.9 Balanced 116.34 +0.92 Freedom2040 K 12.93 +0.06 15.4 DynaTech A p165.28 -1.35 HighYield 5.63 +0.01 6.0 DivAppIdxAdm 43.52 +0.06 14.4 ValAdml
SmCpA p 92.35 -0.15 16.1 16.7 18.3 54.49 +0.36 18.7 Welltn 50.21 +0.20 14.4 WCMFocIntlGrwIns 29.41 -0.10 18.8
Fidelity Invest TotalReturnBond 14.77 +0.03 -0.3 EMAdmr 43.65 +0.08 5.4 WdsrllAdml 83.34 +0.56
TxExA p 13.69 ... 1.9 Calamos Funds Income 14.45 +0.01 0.2 Growth A p 159.03 -0.57 17.4 22.1 WndsrII 46.97 +0.32 22.0 Western Asset
PIMCO Fds Instl
WshA p 57.15 +0.33 18.3 MktNeutI 14.34 +0.01 3.5 Intl Stk 48.55 +0.37 11.1 Balanc 32.05 +0.10 13.8 RisDv A p 94.20 -0.13 17.9 EqIncAdml 92.77 +0.60 18.3 WellsIAdml 72.64 +0.24 7.1 VANGUARD INDEX FDS CoreBondI 13.36 +0.02 -0.5
Columbia Class I BluCh 180.77 -0.48 19.1 AllAsset NA ... NA ExplrAdml 137.82 +0.07 15.1 WelltnAdml 86.70 +0.33
Artisan Funds Stock 240.17 +2.94 26.4 Guggenheim Funds Tru 14.4 ExtndIstPl 350.75 +0.60 14.6 CorePlusBdI 12.23 +0.02 -0.3
 .

B10 | Tuesday, September 14, 2021 * **** THE WALL STREET JOURNAL.

HEARD STREET FINANCIAL ANALYSIS & COMMENTARY

ON
THE

Uranium Rally Half-Life Might Be Brief

Commodity prices, and mining companies’ stock prices run hot, but the gains only makes sense for those thinking long-term

Spot uranium oxide (U3O8) price This hot commodity needs to be NorthShore Global Uranium Min- In the midst of the excitement, company has some flexibility to
handled with care. ing ETF has jumped 74%. It isn’t there are a couple of things to use its working inventory if prices
$45 a pound
Spot uranium oxide prices are uncommon for a commodity’s rally keep in mind. One is that Sprott get too high.
up more than 68% since mid-July to spur a rise in the share prices isn’t buying the uranium directly Today’s speculations might be
and reached $44 a pound on Mon- of a company that extracts the from the miners. Miners partici- rooted in real fundamentals, of
40 day, the highest since 2014. The said material. That hasn’t always pate in the spot uranium market course. In the medium term, a rise
immediate catalyst seems to be a been the case for uranium, though, too, but they primarily depend on in uranium prices means mining
Canadian mutual fund that has for which supply and demand long-term contracts with utilities. companies might command higher
35 started loading up on the commod- tends to be more stable than a A lot of the spot market trading prices on future contracts with util-
ity. The fund, Sprott Physical Ura- commodity such as oil. action in uranium occurs among fi- ities. Longer term, the surge of buy-
nium Trust, began trading on the Why the rally? Jonathan Hinze, nancial players such as traders and ing could reflect a belief that the
30
Toronto Stock Exchange on July 19. president of uranium market re- banks, according to Mr. Hinze. In global green energy transition will
It started an at-the-market equity search firm UxC, said that there other words, the commodity’s rally require more nuclear energy, and
issuance of $300 million in mid- has generally been more interest itself doesn’t necessarily reflect thus more uranium mining. RBC an-
August and in less than a month in uranium this year driven by de- changes in the underlying supply alyst Andrew Wong wrote in a re-
25 raised $244.7 million. Last Friday, mand for investments meeting en- and demand dynamics today. search note that the uranium mar-
the fund increased its authorized vironmental, social and governance The rally could even hurt min- ket will be “in balance or in a slight
issuance by an additional $1 billion criteria. Other clean energy-related ers. Cameco, for example, buys deficit” through the mid-2020s,
20 to meet investor demand. commodities such as cobalt and uranium from the spot market to with a larger deficit forming in the
Uranium miners’ shares are as- copper have also seen price bumps cover some of its contracts with late-2020s as new reactors come
cending alongside the commodity’s this year. Online hype has played a utility customers after it idled online—primarily in China.
15 Weekly rally. Canadian giant Cameco’s role too. WallStreetBets, the forum some mines. For 2021, Cameco ex- Those betting on a quick
shares are up 49% since the mu- that sent GameStop shares to the pects to buy between 11 million to turnaround in nuclear energy’s
2013 ’15 ’17 ’19 ’21
tual fund made its debut, while moon, has been filled with specu- 13 million pounds of uranium to outlook, however, may want to
Source: UxC NexGen Energy is up 64%. The lation about uranium recently. cover its obligations, though the take a U-turn here. —Jinjoo Lee

Berlin’s Renters Want to Show Landlords the Door

Vote on whether apartments should be confiscated from corporate owners highlights risks of institutional housing investments
Berlin’s tenants are trying to Investor share of U.S. single-family home purchases, quarterly
evict large landlords. It is an ex- 15%
treme situation, but investors buy-
ing up homes in the U.S. should
still keep a close eye on what hap-
pens.
On Sept. 26, voters in Ger-
many’s capital will decide whether 10
to expropriate any landlord that
owns more than 3,000 properties
in the city. A clause in the German
CLEMENS BILAN/EPA/SHUTTERSTOCK

constitution allows for the move,

but it hasn’t been tested before. It 5
would affect real-estate invest-
ment trusts including Deutsche
Wohnen—which owns 116,000
properties in Berlin and is cur-
rently the target of an €18 billion 0
takeover bid, equivalent to roughly 2006 ’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18 ’19 ’20 ’21
$21 billion at current exchange
rates—and its suitor Vonovia. Berliners are angry about rising rents so there is a chance the vote will pass. Source: Redfin
Berliners are angry about rising
rents so there is a chance the vote creasing home prices have made home. Big private landlords are shows, while their much slimmer Berlin’s tenants are unusually
will pass. The likelihood of the German housing stocks a good bet vulnerable to public anger if a lot share of rented single-family powerful because 85% of the city’s
properties actually being confis- in recent years. Deutsche Wohnen, of housing stock is in their hands. houses is growing. The steady in- residents rent rather than own
cated is slim. The referendum isn’t Vonovia and LEG Immobilien have A wave of privatizations beginning come generated by residential real their homes. In New York, 46% of
binding and landlords would need delivered annual shareholder re- in the 1990s means that 15% of estate during the pandemic has people rent, based on data from
to be compensated to the tune of turns of 17% to 20% over the past Germany’s rented multifamily resi- made it more attractive than com- the U.S. Census Bureau, so tenants
€36 billion for the 240,000 units decade. The stock prices have been dential housing is now owned by mercial properties like shopping don’t necessarily have as loud a
likely to be affected, Berlin author- weak ahead of the vote, though, big companies, according to real- malls or offices, which have a his- political voice.
ities estimate, which would push and imply an 8% fall in asset val- estate analytics firm Green tory of greater volatility and face Still, tensions in the German
the city deep into debt. ues, according to UBS real-estate Street—unusually high for Europe. threats from new technology. In- capital are a reminder for inves-
But the tensions may force poli- analyst Charles Boissier. In the U.K., the number is just 2%. vestors, including family offices tors piling out of shops and offices
ticians to tighten rules in Ger- Expensive housing has become a By this yardstick, the U.S. is and companies, bought 16% of all and into homes that there are reg-
many’s highly regulated rental sec- more pressing problem globally among the countries most at risk U.S. single-family homes sold in ulatory risks. Keeping residential
tor, hitting returns in one of during the pandemic, as prices of a backlash. A full 37% of multi- the second quarter of this year, tenants happy may be good poli-
investors’ favorite residential mar- rose in many countries and people family homes are owned by big in- Redfin data shows, which was a tics as well as good business.
kets. Steady rent growth and in- spent unusual amounts of time at stitutions, the Green Street data record high since 2000. —Carol Ryan

MARKETS

S&P Edges Higher, Nasdaq Declines OPEC Expects Demand

BY ANNA HIRTENSTEIN
AND MICHAEL WURSTHORN
Share-price and index performance, Monday
8%
is signaling that bond inves-
tors see higher inflation lev-
To Surge Next Year
els as transitory, according to BY DAVID HODARI market. The pace of recovery
The S&P 500 eked out a Georgina Taylor, a multiasset in oil demand is now expected
Marathon Oil
modest gain, shaking off ear- fund manager at Invesco. On The world’s thirst for oil to be stronger than before and
Occidental
lier losses, thanks to rallying 6 Tuesday, traders will get a will exceed pre-pandemic lev- to mostly take place in 2022,
Petroleum
shares of energy companies. look at the latest readings on els next year, with improving after the emergence of the
The stock rally consumer prices. vaccination rates and increas- highly contagious Delta vari-
has paused lately, “There is not enough infla- ing public confidence in gov- ant stymied recovery this year.
MONDAY’S with both the S&P 4 tionary pressure to really feel ernments’ management of OPEC expects the variant’s
MARKETS 500 and Dow a reassessment of nominal Covid-19 spurring a recovery impact to be felt in oil markets
Jones Industrial S&P 500 growth over the long term,” in travel, the Organization of over the coming months. The
Average logging their steep- 2 energy sector she said. the Petroleum Exporting cartel trimmed its demand
est one-week declines since Bitcoin rose $120.94, or Countries said Monday. forecast for the final quarter
June on Friday. 0.3%, to $45,144.18. Among In its closely watched of this year.
Money managers are hop- Dow industrials other cryptocurrencies, ethe- monthly market report, OPEC While all of the world’s geo-
ing markets will get a fresh 0 S&P 500 rium fell $21.32, or 0.6%, to raised its forecast for global graphic regions are expected to
boost in the coming days, Nasdaq Composite $3,295.57. oil demand for 2022 by just contribute to the rebound in
which will bring about new Elsewhere, the Stoxx Eu- under a million barrels a day demand, oil consumption in
data on inflation, retail sales -2 rope 600 ticked up 0.3%, to 100.8 million barrels a day, the wealthy countries of the
and consumer confidence. snapping a four-session higher than 2019’s demand Organization for Economic Co-
Investors say they are also 9:30 a.m. noon 4 p.m. streak of losses. Early Tues- level of 100.3 million barrels. operation and Development is
closely watching a proposed Source: FactSet day, Japan’s Nikkei 225 was OPEC had previously forecast expected to remain below pre-
$3.5 trillion spending plan up 0.4% and Hong Kong’s a return to 2019 demand levels pandemic levels, OPEC said.
from Washington that could the strongest performance of mining company and explorer Hang Seng Index was up 0.1%. in the second half of next year, The cartel boosted its demand-
potentially send more funds the three indexes, rising Uranium Energy jumped 9 U.S stock futures were up but Monday’s report was the rebound forecast for develop-
toward healthcare, education 261.91 points, or 0.8%, to cents, or 2.8%, to $3.30 as in- 0.1%. first time the cartel said it ex- ing countries by twice as
and climate legislation. 34869.63. dividual investors sought out —Akane Otani pects demand to beat pre- much—600,000 barrels a day—
“I do believe that the bulls Energy shares were among bets that would benefit from contributed to this article Covid-19 levels for the full as that for OECD countries.
have a little more ammunition the strongest performers in a recent rise in uranium year. Oil prices rose Monday,
than the bears: Fiscal support the S&P 500 , rising alongside prices. OPEC’s forecast comes de- with Brent crude—the global
still remains on tap, activity the price of oil after the Or- Airbnb slipped $4.88, or AUCTION RESULTS spite efforts by governments benchmark—ending the day up
Here are the results of Monday's Treasury auctions.
indicators are strong,” said ganization of the Petroleum 3%, to $160.32 after Goldman All bids are awarded at a single price at the market- and companies to slash fossil- 0.8% at $73.51 a barrel. U.S.
clearing yield. Rates are determined by the difference
Gregory Perdon, chief invest- Exporting Countries said it Sachs Group analysts recom- between that price and the face value. fuel usage to hit net-zero crude futures added 1% to
ment officer of Arbuthnot expected global demand to mended investors sell the emissions targets. $70.45 a barrel, with around
13-Week 26-Week
Latham. “Risk is still on.” exceed pre-pandemic levels stock. Applications $175,694,130,200 $175,211,636,000
Combined with an un- half of Gulf of Mexico oil-and-
The S&P 500 advanced next year. Government bond prices Accepted bids $53,293,808,200 $49,965,366,000 changed supply-growth fore- gas production still out of ac-
10.15 points, or 0.2%, to Marathon Oil, APA and ticked higher Monday, with " noncomp $566,878,900 $404,317,500 cast for its noncartel counter- tion following Hurricane Ida
" foreign noncomp $120,000,000 $200,000,000
4468.73. The Nasdaq Compos- Occidental Petroleum rose at the yield on the benchmark Auction price (rate) 99.989889 99.974722 parts next year and a 200,000 and with U.S. data released
ite fell 9.91 points, or 0.1%, to least 6.5% apiece. U.S. crude 10-year U.S. Treasury note (0.040%) (0.050%) barrel-a-day cut to the same last week signaling strong gas-
0.041% 0.051%
15105.58, paring declines to- for October delivery gained edging down to 1.323% from Bids at clearing yield accepted 86.46% 12.92% forecast for this year—citing oline demand over the Labor
ward the end of the trading 73 cents, or 1%, to $70.45 a 1.340% on Friday. Yields fall 912796J67 912796N21 the impact of Hurricane Ida on Day weekend. Analysts expect
Both issues are dated Sept. 16, 2021. The 13-week bills
day. barrel. as bond prices rise. mature on Dec. 16, 2021; the 26-week bills mature on
U.S. oil production—OPEC’s es- the resurgence in travel to
The Dow industrials posted Meanwhile, shares of Texas The current level of yields March 17, 2022. timates signal a tightening oil continue.
 .

THE WALL STREET JOURNAL. Tuesday, September 14, 2021 | B11

HEARD ON THE STREET

China’s Fringe Dating Apps Need More Bantr

Action on
Tech Is Felt Lesser-used products might not be worth your money today, but they are definitely worth your time

In Seoul
Ted Lasso is quite the eligible
bachelor, but he isn’t on Tinder,
Bumble or Hinge. He and other
characters on Apple TV+’s latest
streaming sensation are on Bantr,
Investors are selling technology a fictional dating app centered on
stocks in a major Asian economy playful conversation rather than
on regulatory worries just as one traditional selfies and swipes.
of the country’s biggest online And while you can’t buy a piece
payment companies is about to go of Bantr, you can still bet on love
public. China? No, it’s South Korea. the Lasso Way by exploring the
Shares of South Korean internet growing list of fringe dating apps.
companies took a hit last week af- The sector is unique in that con-
ter the country’s financial regula- sumers use several apps at a time.
tors said fintech platforms selling Since January 2019, App Annie
products like insurance or funds data show U.S. users have spent a
aren’t mere advertisers, but have collective average of 7.4 million
to get financial licenses, too. hours on dating apps a month on
Shares of Kakao, which owns Android phones alone. It may seem
South Korea’s largest messaging daunting to compete against the
app, are down 20% since Sept. 6. likes of dating giants Match Group
KakaoBank is down 17%. The mo- and Bumble, which collectively
bile-only bank went public last boast more than $50 billion in fully
month and has become the coun- diluted market value, but plenty of
try’s most valuable listed financial businesses are trying.
company. Kakao’s payment unit Even lesser known apps aren’t
Kakao Pay is planning an initial so small. Coffee Meets Bagel,
public offering in October. Shares which hits users with algorithmi-
of Naver, another internet giant, cally curated matches every day at
fell 10% over the same period. noon, says it has made over 130
Foreign investors were quick to million matches since its launch in
run for the exits. They net sold 2012. Hily, which works to make it
around $1 billion of South Korean easier to start conversations, says

APPLE TV+
shares last week, according to it now has more than 22 million
Goldman Sachs. They are probably users. Snack, which is focused on
haunted by the specter of an ac- video-first dating, was the 10th While the Bantr app on 'Ted Lasso' is fictional, investors see big potential in online dating’s smaller rivals.
tion similar to the one happening most-downloaded dating app in
in China. Shares of Chinese e-com- the U.S. last month, according to nie data showed Hinge saw just ample, did $233 million in revenue doesn’t disclose Tinder’s total us-
merce giant Alibaba have nearly App Annie. Ashley Madison, among around 100,000 U.S. downloads in last year—just over the roughly ers, but it is estimated to have
halved from their peak last year, the top 20 downloaded dating apps January 2018. By March 2021, it $200 million that Match has hinted about 70 million of them. Of those,
for example. in the U.S. last month, is for those was seeing closer to 600,000. Hinge is on track to deliver this just 9.6 million were paying for
The financial impact of the new in a relationship or marriage look- Match said Hinge expanded year. Spark operates 13 brands, in- service on the app, according to
fintech rules shouldn’t be big, but ing for…something else. revenue 150% in the second quar- cluding Christian Mingle, JDate Match’s second-quarter results.
the worry is that more rules could They get even more granular. ter and is on track to more than and Zoosk. With a portfolio skewed Smaller companies might one
be coming and could broaden to The League says its matchmakers double revenue this year after tri- toward older users, the company day turn out to be gems in their
the whole internet sector. Some are Ivy League educated while pling it last year. says it has 30% market share in own right, but most aren’t there
South Korean politicians have Raya blurs the lines between dat- Match bought Hinge in part to online dating among those 45-plus. yet. Spark, for example, put up an
raised concerns about alleged anti- ing and professional networking diversify away from its hookup app And then there is eHarmony adjusted earnings before interest,
competitive practices by big tech and is so exclusive it is said to be Tinder because people’s dating owner ParshipMeet, which Reuters taxes, depreciation and amortiza-
recently and the impact on small graced by celebrities. Bristlr is an needs change over time. It oper- reported earlier this month is pre- tion margin of about 16% last
businesses. app for bearded people looking for ates smaller apps in which it sees paring for a 2022 public offering. year—well below Bumble’s 26%
With the very different political beard lovers, Lawyr is an app for big potential such as black singles That company operates eight total and Match’s 37%. But if it takes off,
system in South Korea, any new legal professionals, and Gutsy is app BLK and Latino dating app brands with a focus on the U.S., investors buying in now would get
regulatory actions there are un- an app for those with digestive Chispa, both of which it developed U.K. and continental Europe. In the it on the cheap: Spark’s shares
likely to be as swift and sweeping problems. in-house. It also bought a Cairo- second quarter it had €139 million, fetch less than five times enter-
as those in China. But tech inves- Some just need a larger plat- based Islamic dating app in 2019. equivalent to $164.2 million, in prise value to forward Ebitda.
tors already thoroughly trauma- form to help them take off. Con- With that in mind, investors revenue, according to its majority Match and Bumble trade at an av-
tized by the action in Beijing sider millennial-focused relation- would be wise to keep tabs on on- shareholder’s half-yearly financial erage of around 36 times.
should keep a close watch on ship app Hinge, in which Match line dating’s smaller players, some report. Investing in love may be tricky,
Seoul as well. took a majority stake in 2018 be- of which are publicly traded. Ber- The dating game is hard work, but finding it can really pay off.
—Jacky Wong fore acquiring it in 2019. App An- lin-based Spark Networks, for ex- even for market leaders. Match —Laura Forman

Trading isn’t just a hobby, it’s your future.

We built thinkorswim Trading™ to give you innovative tools,
access to trade desk experts, and a community of traders
who share strategies right on the platform. Because even
when you execute a short-term strategy, you never lose sight
of the big picture. Visit thinkorswim.com to learn more.

All investing involves risks, including loss of principal. TD Ameritrade, Inc., member FINRA/SIPC a subsidiary of the Charles Schwab Corporation. © 2021 Charles Schwab & Co., Inc. All rights reserved.
 .

B12 | Tuesday, September 14, 2021 THE WALL STREET JOURNAL.

Helping 17 million
small businesses
connect with
customers
With a free Business Profile on
Google, small businesses like
Colony Pumpkin Patch in North
Liberty, Iowa are connecting with
customers across Google Search
and Maps.

Colony Pumpkin Patch

4.7
Open • Closes 6PM

CALL CHAT DIRECTIONS WEBSITE

Colony
Pumpkin Patch

Find free resources for your small business

at grow.google/smallbusiness