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Ash Engulfs Island as Eruption Shows No Sign of Relenting Justices

What’s
News Question
Business & Finance
Abortion
Rights
P rofessional degrees
such as dentistry and vet-
erinary medicine are leaving
many students with immense
college debt, threatening the
Precedent
outlook for fields that provide Supreme Court case
essential public services. A1 over Mississippi law
 Stocks fell in a volatile ses- challenges protections
sion, dragged down by news
that the Omicron variant was dating to Roe v. Wade
detected in the U.S. The S&P
500, Dow and Nasdaq lost 1.2%,
BY JESS BRAVIN
1.3% and 1.8%, respectively. B1
AND BRENT KENDALL
 MLB team owners and the
players’ union ended talks WASHINGTON—The Su-
Wednesday without reaching preme Court’s conservative ma-
a new collective bargaining jority sharply questioned the
agreement, setting the stage propriety of constitutional pro-
for a possible lockout. A16 tections for abortion rights dat-
ing back almost five decades as
 Americans are applying
the justices heard arguments
for credit cards at a rate not
over the most significant abor-
seen since before the pan-
tion case in a generation.
demic, according to recent
EMILIO MORENATTI/ASSOCIATED PRESS

The court spent nearly two

data from the Federal Re-
hours on Wednesday debating
serve Bank of New York. B1
what to do about a 2018 Mis-
 Exxon Mobil said it would sissippi law that banned abor-
maintain a conservative bud- tions for women 15-weeks
get for the next five years, as pregnant—about two months
the outlook for oil and gas earlier than current Supreme
demand remains murky. B1 Court precedent allows. The
state seeks the invalidation of
 Square, the financial-ser-
the high court’s 1973 decision
vices company co-founded
BURIED: A fissure is seen next to a house covered with volcanic ash on La Palma, part of Spain’s Canary Islands, on Wednes- in Roe v. Wade establishing a
and led by former Twitter
day. Thousands of residents have been displaced since the eruption began 10 weeks ago as lava continues to flow. A10 woman’s right to terminate an
chief Dorsey, is changing its
unwanted pregnancy, pushing
corporate name to Block. B4
instead to let elected officials
 WeWork said in a securities decide how abortion should be

First Case of Omicron in U.S.

filing it would restate several regulated or prohibited.
quarters of its results and that Mississippi Solicitor General
management has concluded Scott Stewart argued that Roe
there was a material weak- and Planned Parenthood v.
ness in its internal control. B3 Casey, a 1992 decision narrow-
 Disney’s board elected
Susan Arnold as its new
chairman, succeeding Rob-
ert Iger, who is set to de-
Is Detected in San Francisco ing but not abolishing abortion
rights, were egregious missteps
that have divided the nation.
“They have no basis in the
Constitution. They have no
part later this month. B2
BY BETSY MCKAY fornia on Nov. 22, has mild South Africa first identified it new cases, but other data home in our history or tradi-
 Macau’s casinos have Covid-19 symptoms that are in late November. The World showed that Omicron had tions,” Mr. Stewart said.
shut down the VIP rooms The first known case of the improving. The person has Health Organization days later been identified in every test “They’ve damaged the demo-
of the gambling hub’s larg- Omicron variant in the U.S. been self-quarantining since designated it a variant of con- sample sequenced last week cratic process. They’ve poi-
est junket operator. B1 was identified in a San Fran- testing positive on Monday, cern, formally alerting health from the hot spot around the soned the law. They’ve choked
cisco resident who recently re- and all known contacts have authorities around the world major cities of Johannesburg off compromise. For 50 years,
World-Wide turned from South Africa, the so far tested negative for the to the extra risks the new and Pretoria. they’ve kept this court at the
federal Centers for Disease variant, health officials said. strain appears to carry. Please turn to page A10 center of a political battle that
Control and Prevention and The confirmed U.S. case Newly reported Covid-19 it can never resolve.”
 The Supreme Court’s con- California health officials said. raises the number of countries cases in South Africa almost  U.S. Omicron variant case Several conservative justices
servative majority sharply The CDC said on Wednes- where Omicron has been iden- doubled from Tuesday to hits stocks.................................... B1 expressed sympathy for those
questioned the propriety of day that the fully vaccinated tified to at least 24 on five 8,561. Officials didn’t specify  Covid-19 nearly doubles in arguments, with Justice Brett
constitutional protections for traveler, who returned to Cali- continents since scientists in which variant had caused the South Africa............................. A10 Please turn to page A4
abortion rights dating back
almost five decades as the

Bicycle Makers Offer Clues

justices heard arguments over
the most significant abor- Shooting Suspect Is Charged
tion case in a generation. A1

On the Persistence of Inflation

 The first known case of
the Omicron variant in the
U.S. was identified in a San
Francisco resident who re-
cently returned from South
Africa, officials said. A1
 Newly reported cases Higher component costs and intense demand mean increases are coming
of Covid-19 almost doubled
Wednesday in South Africa,
BY JASON DOUGLAS “The cost of our product is not going
the country with the highest
number of identified cases down,” says Richard Thorpe, chief executive
For a glimpse at why inflationary pres- of Karbon Kinetics Ltd., which sells Gocycle
of the new variant. A10
sures aren’t likely to ease anytime soon, con- electric bikes world-wide from its base in
 The WTA said it would sider the bicycle. Chessington, southern England. “If that is in-
SCOTT OLSON/GETTY IMAGES

halt its tournaments in China Bike prices in the U.S. and Europe rose flation, I wouldn’t call it transitory.”
because it isn’t satisfied that sharply at the start of the pandemic because Mr. Thorpe says that beginning Jan. 1, he
tennis player Peng Shuai is of booming consumer spending and snarl-ups plans to increase the prices of his range of
safe following an allegation in global supply chains that meant long de- folding e-bikes by up to 25%. The company’s
of sexual assault against a re- lays and higher costs for manufacturers. latest models will cost between $4,999 and
tired government official. A1 Now, manufacturers are working on build- $6,999, depending on the specification, com-
 The House committee ing bikes for 2022 in a continuing environ- pared with $3,999 and $5,999 in 2021.
probing the attack on the U.S. ment of economic uncertainty—with more The price increase is needed to cover the A makeshift memorial honors the four victims killed at Oxford
Capitol voted to recommend questions added recently by the emergence of higher costs of components and shipping, Mr. High School in Michigan. Police said the 15-year-old suspect
the Omicron variant of the coronavirus. To- Please turn to page A12 opened fire hours after a meeting with school officials. A3
holding former Justice De-
partment official Jeffrey Clark day’s rampant demand and strangled supply
in criminal contempt. A6 are already pushing next year’s prices higher.  Global inflation expected to endure.................... A2

 U.S. lawmakers worked

to reach an agreement on
a short-term spending patch
to avoid a potential partial
government shutdown. A4
 Russia ordered U.S. Em-
bassy staff who have been
in Moscow for more than
three years to leave the
country by Jan. 31. A10
 Californians may face
new water restrictions as the
state prepares to virtually
eliminate the water it supplies
to local communities amid
an unrelenting drought. A3
CONTENTS
Arts in Review... A15
Business News..... B3
Crossword.............. A16
Equities....................... B7
Heard on Street.. B11
Markets................... B10
s 2021 Dow Jones & Company, Inc.
All Rights Reserved
Suits, Blazers
—Who Wore
This Stuff?
i i i BY JOSHUA ROBINSON
Closet purges
reveal relics
from another life
BY ANNE MARIE CHAKER
Opinion.............. A17-19 Erin Fincher is having a
Personal Journal A13-14
Sports........................ A16 reckoning—with her closet.
Technology............... B4 In the nearly two years
U.S. News............. A2-8 since the pandemic started,
Weather................... A16
World News.......... A10
she has narrowed her social
interactions, spent months
holed up in leggings and
> sweatpants, had a baby and
reassessed her priorities. As
she looks ahead to the New
Year and prepares to go back
to the office a few times a
week, she realizes that much
Please turn to page A13
Women’s Tennis Pulls Debt Hamstrings
Tournaments in China New Professionals
The Women’s Tennis Asso-
ciation said Wednesday that it
would halt all of its tourna-
ments in China because it isn’t
satisfied that Chinese tennis
player Peng Shuai is safe fol-
lowing an allegation of sexual
assault against a retired senior
government official made last
month on her verified social-
media account.
Though the decision could
cost women’s tennis hundreds
of millions of dollars in future
revenue, WTA Chief Executive
Steve Simon said he would
willingly cut off one of the
sport’s largest business part-
ners until Ms. Peng’s status
was clarified.
Other sports organizations,
such as the National Basket-
ball Association and soccer’s
English Premier League, have
previously found themselves
in conflict with China over
various matters. But the
WTA’s move to suspend the
nine tournaments it has sched-
uled there for next year ap-
pears to be unprecedented in
global sports.
The break comes two months
before the sports world’s atten-
tion turns to Beijing for the
Winter Olympic Games, an
event for which the White
House has considered a diplo-
matic boycott in recent weeks.
“Chinese officials have been
provided the opportunity to
cease this censorship, verifi-
ably prove that Peng is free
and able to speak without in-
terference or intimidation, and
Please turn to page A12
BY REBECCA SMITH
AND ANDREA FULLER
Professional degrees like
dentistry and veterinary medi-
cine are leaving many students
with immense college debt,
threatening the outlook for
fields that provide essential
public services, according to a
Wall Street Journal analysis of
federal data.
The culprits span graduate
programs at big state schools,
for-profit colleges and some of
the U.S.’s elite private
universities.
Sara Jastrebski finished her
veterinary studies at the Uni-
versity of Pennsylvania in May
with about $400,000 in stu-
dent debt, including more than
$30,000 in loans from prior
studies elsewhere.
Now working as an associ-
ate veterinarian for about
$100,000 a year, Dr. Jastrebski,
29 years old, said she loves be-
ing a vet but is haunted by the
tremendous cost of her educa-
tion. “It doesn’t dominate my
thoughts, but it’s always
there,” she said.
In addition to programs for
veterinarians and dentists, chi-
ropractic medicine, physical
therapy and optometry pro-
duced graduates with some of
the worst combinations of high
debt and modest beginning
paychecks, according to newly
released data from the U.S. De-
partment of Education.
Students pursuing profes-
sional programs can take out
Please turn to page A8

A2 | Thursday, December 2, 2021
CAPITAL ACCOUNT | By Greg Ip
Omicron Could Widen Blue-Red Gap
Covid-19
has carved a
partisan di-
vide through
the U.S.
Demo-
cratic-leaning states have
gone further with social dis-
tancing, school closures,
mask mandates and vaccina-
tions than Republican-lean-
ing states. As a result, the
former had generally lower
rates of infection and death
than the latter—and paid for
it with much weaker job
growth. If the Omicron vari-
ant unleashes a new wave of
the pandemic, those partisan
gaps could be perpetuated.
The conventional wisdom
at the start of the pandemic
was that there was no trade-
off between lives and liveli-
hoods: Protective measures
that reduced transmission
would also minimize the eco-
nomic harm. That might
have been true in some
countries such as South Ko-
rea and China, but not in the
U.S., where infections and
economic activity appear to
be inversely related.
Of the 10 states with the
strongest recovery in pay-
rolls since February 2020, all
have Republican governors
and eight were carried by
Donald Trump in November
2020. Of the 10 states with
the worst job performance,
eight have Democratic gover-
nors and eight were carried
by President Biden.
Conversely, the 10 states
experiencing the highest
rates of Covid-19 infection
and death are predominantly
Republican, and those with
the lowest rates are mostly
Democratic.
Vaccinations weakened
the economic relationship
Yellen Backs Democrats’ Social Spending Package
BY NICK TIMIRAOS
AND AMARA OMEOKWE
Treasury Secretary Janet
Yellen defended Democrats’ ef-
forts to pass a roughly $2 tril-
lion social-spending package,
amid Republicans’ criticisms
that fiscal policy implemented
this year overstimulated the
economy and fueled higher in-
flation.
“We had a very sizable fis-
cal stimulus,” Ms. Yellen told
the House Financial Services
Committee on Wednesday.
“We addressed what was a
very substantial risk” of a pro-
longed economic downturn,
she said.
Ms. Yellen disputed con-
cerns raised by Rep. Patrick
McHenry (R., N.C.), the com-
mittee’s top Republican, and
other Republicans that the Bi-
den administration had spent
too much money when Con-
gress and the White House ap-
GEORGIA
Abrams Plans to Run
For Governor Again
Stacey Abrams said she is run-
ning for governor of Georgia for a
second time.
Ms. Abrams, a former state
representative, is the first Demo-
crat to declare her candidacy in
the 2022 Georgia gubernatorial
election. She lost her first bid for
governor to Republican Brian
Kemp in 2018, by 1.4 percentage
points. Mr. Kemp has said he
would seek re-election.
“I’m running for governor be-
cause opportunity and success in
Georgia shouldn’t be determined
by your ZIP Code, background or
access to power,” Ms. Abrams said.
Since the 2018 election, Ms.
Abrams has advocated against al-
leged voter suppression and
launched voter-registration drives
through Fair Fight Action, an or-
ganization she founded.
Mr. Kemp addressed Ms.
Abrams’s run quickly after her an-
nouncement. With Ms. Abrams in
control, he said, “woke politics
would be the law of the land and
the lesson plan in our schools.”
—Omar Abdel-Baqui
LOS ANGELES
Planned Parenthood
Says Records Hacked
Planned Parenthood Los Ange-
les said it is investigating a cyber-
Cumulative deaths from
Covid-19 per 100,000 people
California Illinois
300
200
100
0
April 2020 '21
*Based on 93,303 responses collected from April 10, 2020, to Sept. 16, 2021. The responses have a 1.1 percentage point margin of error.
Sources: Johns Hopkins University (deaths); Labor Department (payrolls); Gallup (poll)
somewhat, enabling most
states to grow even as the
Delta variant fueled new in-
fections, mostly among the
unvaccinated. Yet nearly two
years into the pandemic, the
economic gap remains wide.
In solid blue California and
Illinois, which imposed wide-
spread restrictions and
school closures, payroll em-
ployment in October was
still down about 5% from
February 2020. In Texas and
Florida, whose Republican
governors took prominent
stands against lockdowns
and mask and vaccine man-
dates, it was down just 0.5%
and 1.9%, respectively.
E
ven Delta, which
pushed the cumulative
per capita death toll in
Texas and Florida well above
that of California and Illi-
nois, didn’t change this pat-
tern: Job growth over Au-
gust and September was
similar across all four states.
Researchers disagree on
proved a $1.9 trillion relief
spending measure in March.
Ms. Yellen said the package,
which was approved in Con-
gress without GOP support,
had provided crucial support
to families struggling to stay
afloat during the pandemic.
“Inflation is a matter of de-
mand and supply, and it’s cer-
tainly true that the American
Rescue Plan put money into
people’s pockets,” Ms. Yellen
said. “But if you look at the
amount of inflation that we
have and its causes, that is at
most a small contributor.”
Her defense of the March
aid package came as Demo-
crats aim to give final con-
gressional approval for Presi-
dent Biden’s spending plan.
Republicans have pointed to
the March package to argue
that additional spending
would worsen inflation.
“You went forward with the
American Rescue plan, which
U.S. WATCH
BRIGHT LIGHTS, BIG CITY: The Rockefeller Center Christmas Tree,
a 79-foot Norway spruce adorned with more than 50,000 lights,
was turned on Wednesday night at a ceremony in New York City.
attack that compromised the per-
sonal information of thousands of
patients.
The reproductive healthcare
provider is notifying approxi-
mately 400,000 patients whose
names, address, insurance and
other identifying information were
breached, said local spokesman
John Erickson. Clinical information,
which can include details of a pa-
tient’s diagnosis, procedures and
prescriptions, was taken.
The cyberattack occurred in
October, when an unauthorized
user gained access to the pro-
vider’s network, installed mali-
cious software and extracted files
U.S. NEWS
Nonfarm payroll employment, Share of respondents who are
change since February 2020
Florida Texas
‘very worried’ over Covid-19*
Democrat Republican
30%
–5 20
–10 10
–15 % 0 alence of Covid-19 in their
Feb. 2020 '21 April 2020 '21
the impact of the virus, lock- ganization Gallup, notes that
downs, masks and other in- since February 2020, Demo-
terventions on health and crats have been more likely
the economy—no surprise than Republicans to worry
since so many other factors about illness, feel isolated,
are also at work. Demo- wear masks and work re-
graphics and weather influ- motely. Individuals might
ence vulnerability to have first adopted these be-
Covid-19, as does timing; havioral norms on the advice
Northeastern states bore the of political and public-health
brunt of the first wave. Eco- leaders and the media, said
nomic performance was af- Mr. Rothwell. They then in-
fected by dependence on ternalized them, and those
tourism or oil and gas, and preferences influence the
by out-migration, spurred by policies their elected leaders
crime and housing costs. implement: more restrictive
Even the contribution of in blue states, less in red.
partisanship is complex. Dif- There is no “right” trade-
ferent Covid-19 policies of off between lives and liveli-
elected leaders have played a hoods because people value
part in economic outcomes, economic vitality, personal
but so have voters’ varying freedom and health differ-
risk tolerance, which mani- ently. Thus, a lot of the re-
fests itself in how they shop, sponse to Covid looks inco-
work and travel. Indeed, some herent from the standpoint of
studies say voluntary actions costs and benefits. Evidence
explain more of the behavioral generally supports the use of
response to Covid-19 than masks but not closing ele-
government interventions. mentary schools. Yet risk-
Jonathan Rothwell, princi- averse blue jurisdictions
pal economist at polling or- tended to both mandate
Global Inflation Omicron variant of the corona-
virus sidestep existing vaccines,
Expected to Endure the world economy could face a
sharper slowdown than previ-
ously expected and a round of
The pickup in inflation rates price declines.
around the world will be longer Releasing the last of its
lasting and sharper than previ- four reports on the economic
ously anticipated, with a grow- outlook this year, the OECD
ing risk that households and said it now expects consumer-
businesses grow accustomed to price inflation in the U.S. to av-
faster price rises, the Organiza- erage 4.4% in 2022, up from
tion for Economic Cooperation 3.1% when it last released fore-
and Development said. casts in September.
Its chief economist also It said it now expects infla-
warned that should the new tion in the eurozone to be 2.7%,
we warned would increase in- year earlier, according to the
flation,” said Rep. Anthony Federal Reserve’s preferred
Gonzalez (R., Ohio). “You’re gauge—amid strong demand
set to repeat the exact same for goods and services that
mistake with Build Back Bet- have faced supply-chain bot-
ter,” he added, referring to the tlenecks associated with re-
social-spending plan. opening the economy from the
Inflation has surged this Covid-19 pandemic.
year—to 5% in October from a Ms. Yellen said inflation
NEW MEXICO
Baldwin Says He
Didn’t Pull Trigger
Actor Alec Baldwin said he
didn’t pull the trigger of the gun
that killed a cinematographer
and wounded the director on the
set of the Western film “Rust.”
“The trigger wasn’t pulled,”
Mr. Baldwin said in an ABC
JOHN MINCHILLO/ASSOCIATED PRESS
News interview with George
Stephanopoulos, according to ex-
cerpts released Wednesday.
Authorities are still investi-
gating the October shooting on
the low-budget movie set at the
Bonanza Creek Ranch near
Santa Fe, N.M. The sheriff for
Santa Fe County, Adan Mendoza,
said in October that Mr. Baldwin
had fired a live round from a re-
volver while rehearsing a scene,
resulting in the death of Halyna
from the system, he said. Planned Hutchins, the 42-year-old cine-
Parenthood Los Angeles took its matographer. The film’s director,
systems offline, notified law en- Joel Souza, was wounded.
forcement and hired a third-party A gun can be discharged
cybersecurity firm to assist in its without the trigger being pulled.
investigation, which is ongoing. A gun’s hammer can, for exam-
The breach happened between ple, get cocked and slip or be
Oct. 9 and Oct. 17, according to a poorly engaged.
copy of the letter sent to patients “I would never point a gun at
filed with the California attorney anyone and pull the trigger at
general. The incident was limited them, never,” Mr. Baldwin said in
to the local Los Angeles Planned the interview clip.
Parenthood affiliate. “At this time, Authorities have been trying
we have no evidence that any in- to figure out how live rounds
formation involved in this incident ended up on the set, which ex-
has been used for fraudulent pur- perienced production workers
poses,” the letter says. say is never supposed to happen.
—Talal Ansari —Talal Ansari
.
* *** THE WALL STREET JOURNAL.
Bill Gains
To Speed
Disclosure
masks and close schools while
risk-tolerant red jurisdictions
did neither. Masks are of
much more value to the un-
By Judges
vaccinated than vaccinated, BY JAMES V. GRIMALDI
but the unvaccinated are less AND COULTER JONES
willing to wear masks.
WASHINGTON—Federal
C
ountless studies illus- judges would have to speed dis-
trate the disconnect closure of stock trades and
between Covid-19 be- publish their financial-disclo-
havior and evidence. One, by sure reports online for the first
Ori Heffetz of Cornell Uni- time under a bipartisan bill
versity and Guy Ishai of He- overwhelmingly passed by the
brew University of Jerusa- House Wednesday.
lem, found that people had a Democrats and Republicans
reasonable sense of the prev- championed the legislation after
articles in The Wall Street Jour-
state but that their behavior nal found hundreds of lawsuits
had “close to zero correla- were overseen by judges involv-
tion” with that prevalence. ing corporate litigants in which
Another study found that the judges themselves or their
people tended to read, and families had an ownership stake.
trust, news sources that con- “This common-sense, bipar-
firmed their pre-existing bi- tisan legislation would serve to
ases about the pandemic. Yet fill a transparency void that
a third found that financial plagues our current federal ju-
incentives, reminders and dicial system, as recently ex-
public-health messages failed posed by The Wall Street Jour-
to nudge the unvaccinated nal in a series of reports,” said
into getting shots; in some Rep. Deborah Ross (D., N.C.),
cases, they did the opposite. who introduced the bill. “Per
This poses a challenge to those reports, 131 federal
Mr. Biden. He and state lead- judges broke the law by hearing
ers are deeply reluctant to cases where they had a finan-
return to lockdowns. Instead, cial interest.”
Mr. Biden’s plan is to get Passed by a vote of 422-4,
most of the population vacci- the House bill would require
nated. judges to disclose stock trades
But that plan has been valued at more than $1,000
frustrated by the virus’s mu- within 45 days, as already re-
tations and vaccine hesitancy. quired for members of Con-
Each new wave of infections gress and senior executive-
triggers ingrained fears even branch officials.
among the vaccinated, said It also would require the ju-
Mr. Rothwell. If Omicron diciary to post both the stock-
drives another wave, “It will trade reports and annual dis-
be another quarter of strug- closure-reports forms online
gle for restaurants and the within 90 days of being filed.
travel sector, more so in blue Currently, annual reports aren’t
states. A lot of red states, due until May of the following
they have decided the pan- reporting year and periodic
demic is over and have re- stock-trade reports aren’t re-
turned to normal life.” quired at all.
vated inflation.
up from 1.9%. The new fore- Ms. Yellen during Wednes-
casts were made before the day’s testimony said the so-
discovery of the Omicron vari- cial-spending package
ant. wouldn’t add to the national
In an interview, OECD Chief deficit or debt and would help
Economist Laurence Boone said to promote labor-force partici-
there is a growing risk that pation and ease financial con-
households and businesses will straints for American families.
come to expect that higher in- The nonpartisan Congres-
flation rates will persist. That is sional Budget Office found
the outcome central bankers that the package would add
fear most, since it opens the $367 billion to the deficit over
way for a vicious cycle of higher 10 years, but Ms. Yellen and
wage settlements and price other Democrats have noted
rises intended to cover those that estimate doesn’t include
higher costs. —Paul Hannon expected revenue from mea-
sures in the bill providing for
stricter tax enforcement at the
was being driven more heavily Internal Revenue Service.
by a shift in the composition The White House and Trea-
of spending to goods and away sury Department have esti-
from services than it was by mated those enforcement ac-
increased government outlays. tivities would generate
The Biden administration roughly $480 billion in reve-
has been working to show that nue over 10 years, while the
its policies will help address CBO estimates that figure
supply-chain issues and ele- would be $207 billion.
CORRECTIONS  AMPLIFICATIONS
The London Bullion Market 26 was labeled “now,” which
Association oversees the city’s was unclear.
$32 billion-a-day market in gold
bars. A Business & Finance arti- A significant number of
cle on Wednesday about busi- Spanish speakers are present on
ness travel incorrectly said it is five continents but not on Aus-
a $32 billion-a-month market. tralia and Antarctica. A Review
essay on Saturday about the
A chart with Saturday’s dominance of the English lan-
Heard on the Street column guage incorrectly referred to
about market reaction to the “all five continents.”
Omicron variant showed mar-
ket-implied probability that the Notice to readers
Federal Reserve will leave inter- Some Wall Street Journal
est rates unchanged at coming staff members are working re-
policy meetings, with the blue motely during the pandemic.
lines representing Nov. 26 and Please send reader comments
the gray lines representing Nov. only by email or phone, using
24. The graphic’s legend incor- the contacts below, not via U.S.
rectly was reversed. Also, Nov. Mail.
Readers can alert The Wall Street Journal to any errors in news articles by
emailing wsjcontact@wsj.com or by calling 888-410-2667.
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THE WALL STREET JOURNAL. * * Thursday, December 2, 2021 | A3

U.S. NEWS

Michigan Shooter Opened Fire

Hours After Meeting at School
BY BEN CHAPMAN
AND KRIS MAHER

School officials met with

Ethan Crumbley and his par-
ents Tuesday morning about
the teen, then, several hours
later, the 15-year-old opened
fire with a semiautomatic hand-
gun on his classmates, police
said, in what prosecutors de-
scribed as a planned shooting.
Mr. Crumbley, a sophomore,
was charged with 24 felony
counts, including first-degree
murder, terrorism and various
counts of assault, in connec-
PAUL SANCYA/ASSOCIATED PRESS

tion with Tuesday’s mass

shooting at the school in Ox-
ford, Mich., about 40 miles
north of Detroit, according to
prosecutors. Three students
were killed Tuesday; a fourth
died Wednesday, police offi-
cials said. Six other students
and one teacher were People gathered at Oxford High School in Michigan. On Wednesday, a fourth shooting victim died.
wounded in the incident that
roiled the semirural, primarily turning his fire into class- Scott Kozak, an attorney they acted quickly to lock
white community. rooms. Officers arrived and ar- appointed to Mr. Crumbley for themselves in rooms, which
It was the second time ad- rested Mr. Crumbley inside the the arraignment, said the they then barricaded while Mr.
ministrators had met with Mr. high school without incident court entered a plea of not Crumbley walked through the
Crumbley this week, according after he had fired more than guilty on Mr. Crumbley’s be- halls.
to Oakland County Sheriff Mi- 30 shots from a 9mm semiau- half. The judge ordered that he Andrew Sciacchitano, 31,
chael Bouchard. Oxford High tomatic handgun over a period be transferred from a juvenile who teaches AP calculus and
School administrators had also of about five minutes. The gun facility to the Oakland County algebra, said that as soon as
met on Monday with Mr. had unspent rounds in it, Mr. Jail, as prosecutors had re- he heard gunshots, he locked
Crumbley over “concerning Bouchard said. quested. his classroom door and pushed
behavior,” Sheriff Bouchard A preliminary investigation Students who died Tuesday a table with a coffee machine
said Wednesday. of Mr. Crumbley’s phone, so- were identified by police as and microwave on it against
The sheriff declined to elab- cial-media accounts and other Tate Myre, a 16-year-old who the door and then piled desks
orate on the meetings, citing documents recovered at the died in a police car as the offi- against that for a barricade.
the investigation. Oxford High scene indicated the attack was cer was driving him to the Mr. Sciacchitano said doors
School Principal Steven Wolf premeditated, Mr. Keast said. hospital; Hana St. Juliana, 14, at the school have been outfit-
didn’t respond to a request to “This defendant planned and Madisyn Baldwin, 17. ted with so-called nightlocks
comment. this shooting,” Mr. Keast said. A fourth student, Justin that keep them secure when
Surveillance video showed “He deliberately brought the Shilling, 17, died from his inju- shut and that administrators
Mr. Crumbley on Tuesday en- handgun that day with him, to ries Wednesday, police offi- typically carry walkie-talkies
tering a school bathroom with murder as many students as cials said. The teen had been to communicate quickly. Stu-
his backpack, said prosecuting he could.” transported to a hospital fol- dents know to rendezvous at a
attorney Marc Keast at the At his arraignment, Mr. lowing the shooting in critical local Meijer grocery as a safe
boy’s arraignment Wednesday Crumbley appeared in the condition, the officials said. gathering point away from the
afternoon. A minute or two courtroom via video hookup One teacher wounded in the school, he said.
later, Mr. Keast said, Mr. from the juvenile detention fa- shooting was treated Tuesday Sheriff Bouchard said Mr.
Crumbley exited the bathroom cility, sitting by himself at a and released, police said. Four Crumbley’s father had pur-
and began firing on students table, bare-armed, in a black of the students remained hos- chased the gun four days be-
in the hallway at a “deliberate detention-center vest. When pitalized Wednesday, police fore the shooting. Before the
and methodical pace.” District Court Judge Nancy said, including a 17-year-old shooting, the younger Mr.
Mr. Crumbley continued fir- Carniak asked him if he under- girl who was listed in critical Crumbley posted to social me-
ing on students for about five stood the 24 charges against condition. dia showing the weapon and a
minutes, Mr. Keast said, before him, he replied, “Yes, I do.” Teachers and students say target, the sheriff said.

More Water Curbs

Loom in California
BY JIM CARLTON California are drying up as a
two-year drought threatens to
Californians may face new extend into a third year. The
restrictions, including fines for state’s second-biggest reservoir,
ETHAN SWOPE/ASSOCIATED PRESS

improperly washing their cars, Lake Oroville, is at 30% capac-

as the state prepares to virtu- ity compared with a historical
ally eliminate the water it sup- average for this time of year of
plies to local communities 60%. The Folsom Lake reservoir
while it grapples with an unre- has fallen to 37% of capacity
lenting drought. from its historical level of 92%,
The state’s Department of according to state figures. Invisibly Set Sapphire Earrings
Water Resources said Wednes- Those readings would be
day that for the first time it is worse if not for a deluge of www.oscarheyman.com
preparing to allocate none of precipitation in October when A two-year California drought is threatening to extend into a
the water it is contracted to one of the strongest atmo- third year. Low water levels at Lake Oroville in August.
give next year to local dis- spheric rivers in decades
tricts, which handle what goes slammed into California.
into the taps of homes, busi- Downtown San Francisco re-
nesses and farms. That means corded 7.04 inches of rain in
that unless drought conditions October, the most in that
ease, no supplies will be month since 1889.
shipped except for critical Dryness returned in No-
health and safety needs, such vember, when San Francisco
as drinking water and sanita- recorded just 1.28 inches, or COLLECTION
tion. half its normal amount, as a
The most the state previ-
ously cut back on its water al-
ridge of high pressure diverted
storms to the Pacific North-
Fifty Fathoms
locations was 5% of what was west. With forecasts of a La
contracted, which it did twice Niña weather pattern that of-
over the past quarter of a cen- ten results in dry winters in
tury, including last spring. California, officials are wor-
“We need to prepare now ried that prolonged drought
for a dry winter and severe could wreak more havoc on a
drought conditions to continue state where the agriculture in-
through 2022,” said Depart- dustry is already struggling
ment of Water Resources Di- with reduced water supplies.
rector Karla Nemeth. “We’re worried about run-
Local agencies will have to ning out next year,” said Gary
rely largely on other sources Kremen, vice chair of the
to try to make up the differ- Santa Clara Valley Water Dis-
ence. Many have supplies trict, which supplies water to
stored underground as well as two million people in Silicon
in local reservoirs that are fed Valley.
by rainwater and water, such On Tuesday, California’s
as runoff from golf courses State Water Resources Control
and wastewater, that has been Board unveiled draft emer-
treated. However, that often gency regulations to make
isn’t enough to cover all of practices such as washing a
communities’ water needs for car without a shut-off nozzle a
©Photograph: Laurent Ballesta/Gombessa Project

multiple years. violation punishable by a fine.

Southern California agen- The board employed similar
cies are generally better stock- bans during California’s last
piled with their own reserves drought, which lasted from
than those in Northern Cali- 2013 to 2017.
fornia because the Los Angeles Local water agencies are
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 .

A4 | Thursday, December 2, 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

Government Shutdown Deadline Nears

BY ANDREW DUEHREN that would last until mid- or
late-January, while Republi-
WASHINGTON—Lawmak- cans have pushed for a longer
ers worked Wednesday to extension.
reach an agreement on a short- With current government
term spending patch to avoid a funding set to run out at 12:01
potential partial government a.m. Saturday, lawmakers will
shutdown this weekend, with need to act quickly to pass the
Democrats and Republicans eventual agreement through
still haggling over the details the House and Senate. Meeting
of the funding extension. that tight timeline would re-
Party leaders had initially quire unanimous consent in
hoped to release an agreement the Senate to waive some of
earlier this week. Democrats the chamber’s procedural hur-
have eyed a spending patch dles, and any individual sena-
tor can slow down the process.
Some Republicans are seek-
ing to include a measure in the
funding patch aimed at block-
ing the Biden administration
from enacting rules requiring
many employers to ensure
their workers are vaccinated
or tested weekly for Covid-19.
A group of 11 Senate Republi-
cans wrote a letter last month
criticizing the Biden adminis-
tration’s vaccine rules, which
are being challenged in court,
stating that they would “not
support—and will use all to shut down unless I get my
means at our disposal to op- way on something, and we’ll
pose—legislation that funds or see what happens,” Senate Ma-
in any way enables the en- jority Leader Chuck Schumer
forcement of President Biden’s (D., N.Y.) said Wednesday.
employer vaccine mandate.” “We won’t shut down,” Sen-
That position has raised the ate Minority Leader Mitch
possibility that a small num- McConnell (R., Ky.) said Tues-
ber of Republicans could block day. “Certainly, nobody should
an accelerated consideration be concerned about a govern-
of the spending patch if it ment shutdown.”
doesn’t include a measure Extending government
aimed at the vaccine rules. funding is one of several is-
“Look, you know every mem- sues Congress is hoping to ad-
ber can get up and say I want dress in the coming weeks.
The Senate has strained to
bring an annual defense policy
bill to the floor as Republicans
and Democrats fight over the
terms of its passage.
On the debt limit, the Trea-
sury Department has said the
government could exhaust its
ability to meet the govern-
ment’s obligations as soon as
Dec. 15. Messrs. Schumer and
McConnell have been discuss-
ing how to raise the debt ceil-
ing, largely avoiding a partisan
clash over the issue.

Court Hears ‘If you think about

some of the most
Arguments important cases,
the most
On Abortion consequential
cases in this
Continued from Page One
court’s history,
Kavanaugh suggesting the Con- there’s a string
stitution provided no guidance
on abortion, leaving the proce-
of them where
dure’s future to legislative dis- the cases overruled
cretion.
“If we think that the prior
precedent.’
precedents are seriously
wrong,” he said, does it not in- Justice Brett Kavanaugh
dicate “that the right answer is
actually a return to the posi-
tion of neutrality?”
U.S. Solicitor General Eliza-
beth Prelogar, arguing in de-
fense of abortion rights, re-
‘So when does the
sponded: “It’s not the right life of a woman
EVELYN HOCKSTEIN/REUTERS

answer because the court cor-

rectly recognized that this is a
and putting her at
fundamental right of women, risk enter the
and the nature of fundamental
rights is that it’s not left up to
calculus?’
state legislatures to decide
whether to honor them or not.” Justice Sonia Sotomayor
Justices Kavanaugh and Protesters on both sides of the abortion debate gathered outside the Supreme Court on Wednesday as justices heard arguments.
Samuel Alito said the court
throughout its history had dis- less to Brown than to Plessy v. Court should issue a more side of the ledger because those suggested, overruling Roe was
carded prior decisions that Ferguson, the 1896 case affirm- sweeping ruling that removes rights are now deeply ingrained. the only coherent way to affirm
were grievously wrong, includ- ing the constitutionality of ra- constitutional protections for Regarding the substance of the Mississippi ban.
ing in some of its most conse- cial segregation, saying: abortion altogether. the dispute, “not much has The Supreme Court is ex-
‘Is it your
quential cases. Had the court “Would it not be sufficient to Julie Rikelman of the Center changed since Roe and Casey,” pected to rule in the case by argument that a
not overruled precedent to de- say that was an egregiously for Reproductive Rights, repre- Justice Elena Kagan said. “Peo- the end of June.
cide that people couldn’t be wrong decision on the day it senting Mississippi’s only abor- ple think it’s right or wrong In its initial appeal to the
case can never be
prosecuted for gay sex or that was handed down and now it tion clinic, said a legal retreat based on the things that they high court, Mississippi argued overruled simply
racial segregation was uncon- should be overruled?” on abortion rights would “pro- have always thought it was that Roe need not be overruled
stitutional, Justice Kavanaugh Justice Amy Coney Barrett, pel women backwards.” right and wrong for.” to uphold the 15-week ban.
because it was
said, “the country would be a whom former President Donald “For a state to take control The difference, she said, is After the court’s majority egregiously
much different place.” Trump appointed to fill Justice of a woman’s body and demand that “there has been 50 years of shifted to the right with Justice
The gulf between the liberal Ruth Bader Ginsburg’s seat after that she go through pregnancy water under the bridge” estab- Barrett succeeding the late Jus-
wrong?’
and conservative wings was ev- her death last year, questioned lishing the right to end un- tice Ginsburg, Mississippi re-
ident in the lessons they drew whether abortion rights were wanted pregnancy in “the fabric framed its argument to urge Justice Samuel Alito
from the unanimous 1954 opin- necessary to protect women’s of women’s lives in this country.” that Roe and Casey be over-
ion in Brown v. Board of Educa- ability to participate in society
The Supreme Court Justice Sotomayor decried a ruled outright.
tion, which held unconstitu- and build careers, in light of is expected to rule statement from a Mississippi Mississippi’s 15-week ban isn’t
tional the separate-but-equal laws allowing women to surren- lawmaker that the state was the only abortion measure pend-
racial doctrine the court had der newborns to adoption.
in the case by the pursuing a harder line on abor- ing before the court. A month
adopted 58 years earlier. Chief Justice John Roberts end of June. tion because there were new ago, the justices heard argument
‘Feelings run high.
Liberals likened Roe to expressed openness to the 15- justices on the Supreme Court, over a Texas law that bans abor- And it is
Brown, which the court repeat- week ban at issue, putting saying: “Will this institution tion after about six weeks.
edly reaffirmed despite years aside broader implications for survive the stench this creates Although such a ban would
particularly
of resistance from Mississippi abortion rights. He suggested and childbirth with all the in the public perception that outlaw many pre-viability abor- important to show
and other Southern states that that reducing the time frame in physical risks and life-altering the Constitution and its read- tions, the court previously by a
accused the justices of exceed- which a woman could obtain an consequences that brings is a ing are just political acts?” 5-4 vote permitted it to take ef-
what we do in
ing their constitutional author- abortion wouldn’t dramatically fundamental deprivation of her Justice Neil Gorsuch was the fect in September while litiga- overturning a case
ity in pursuit of progressive so- abridge the ability to terminate liberty,” Ms. Rikelman said. most reticent of the court’s tion proceeds. The majority said
cial policies. an unwanted pregnancy. The only sympathy ex- newest conservatives. The few it wasn’t addressing the sub-
is grounded in
Cases such as Brown and By the end of the session, pressed for those arguments questions he did ask focused on stance of the law, but chose that principle and not
Roe, said Justice Sonia Soto- the preponderance of questions came from the court’s three lib- whether it was even possible to course because the measure au-
mayor, “entrenched [a] set of from conservative justices dis- eral justices, who said the same craft a coherent, workable legal thorizes private parties rather
social pressure, not
expectations in our society that played a focus not on whether legal considerations applied to- standard if the court sought than state officials to enforce political pressure.’
this is what the court decided, Mississippi could impose new day as they did in 1973 or 1992, only to narrow constitutional the law through civil litigation.
this is what we will follow.” limits on abortion rights but and if anything were even protections for abortion incre- —Alexa Corse
Justice Alito likened Roe rather whether the Supreme stronger on the abortion-rights mentally—or if, as both sides contributed to this article. Justice Stephen Breyer

A LA VIEILLE RUSSIE Harris Aide Tech’s Liability Shield Under Siege

Established 1851 Is Leaving BY JOHN D. MCKINNON

Antique Jewels and Fabergé White House WASHINGTON—House law-

makers signaled Wednesday
BRENDAN SMIALOWSKI/AGENCE FRANCE-PRESSE/GETTY IMAGES

they would press forward with

BY TARINI PARTI legislation to make internet
platforms more accountable to
Symone Sanders, senior ad- users, in what is expected to
viser and chief spokeswoman be a showdown between
for Vice President Kamala Har- Washington and Silicon Valley.
ris, is planning to leave the Legislators are seeking to
White House at the end of the scale back the legal protections
year, a White House official that generally allow social-me-
said. dia platforms such as Twitter
Ms. Sanders worked for Ms. Inc. and Meta Platforms Inc.’s
Harris during the general elec- Facebook to post user content
tion campaign and during the without being liable for it.
transition. Her departure fol- That shield was granted in Frances Haugen, a former Facebook employee who became a
lows the announcement of Section 230 of the Communi- whistleblower, testified before a House committee Wednesday.
Come in to take Ashley Etienne, the vice presi- cations Decency Act of 1996, a
dent’s communications direc- provision that big-tech compa- to change,” he said. Democrats under consider-
a closer look! tor, who recently said she nies view as a cornerstone of Other changes under con- ation. “It’s calling for more
would be leaving the White the modern internet. sideration would open up the censorship.”
Mon-Fri House this month. At a hearing Wednesday on tech platforms to liability for A key question is what, if
The official didn’t comment Section 230 bills, House En- content that interferes with anything, the closely divided
11am-5pm on the reason for Ms. Sand- ergy and Commerce Commit- users’ civil rights. Senate could pass.
and ers’s departure. Ms. Sanders, tee chairman Frank Pallone The current immunity also Among those testifying at
December who was the most public-fac- (D., N.J.) said the legal protec- could be lifted in cases of ha- Wednesday’s hearing was
Saturdays ing of Ms. Harris’s aides, tions have played an impor- rassment and stalking, wrong- Frances Haugen, a former
didn’t respond to a request for tant role in the internet’s ful death and international hu- Facebook employee who re-
11am-4pm comment. growth, but have encouraged man-rights laws, among other leased internal documents
Ms. Sanders frequently sat the companies to promote di- circumstances. showing harms from the com-
in on bilateral meetings along- visive and harmful content to Tech groups signaled oppo- pany’s products. She cited ex-
side Ms. Harris and other top draw more users. sition ahead of the hearing. amples including teenagers
aides with foreign leaders. She Some of the changes under “Changing Section 230 is a whose mental health is under-
also traveled with the vice consideration would allow bad solution to a problem social mined by Instagram, health-
president and was her top de- people seriously hurt by so- media sites are already working care professionals who must
fender, especially against GOP cial-media algorithms—includ- hard to fix,” said Chris Mar- deal with the consequences of
criticism regarding Ms. Har- ing some teenage girls who chese, counsel at NetChoice, a Covid-19 vaccine conspiracies
ris’s work on root causes of suffer body image issues—to tech trade association. and people world-wide world
745 Fifth Avenue migration from Northern Tri-
angle countries: El Salvador,
recover damages in court, Mr.
Pallone said. “For years now,
“I’m deeply troubled by the
path before us,” said Rep.
who experience the effects of
online radicalization.
(Between 57 th & 58 th Streets, 4 th Floor) Honduras and Guatemala. these platforms have acted Cathy McMorris Rodgers (R., A Meta spokesman said the
Ms. Sanders was previously above the law and outside the Wash.), the top Republican on Facebook platform aims to give
ALVR.com • 212.752.1727 a top campaign aide to Presi- reach of regulators and the the committee, referring to users a positive experience and
dent Biden. public, and it is time for that some of the bills sponsored by bring people closer together.
 .

THE WALL STREET JOURNAL. Thursday, December 2, 2021 | A5

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U.S. NEWS

Jan. 6 Panel Urges

Contempt Charge
BY SIOBHAN HUGHES
WASHINGTON—The House
committee investigating the
Jan. 6 attack on the U.S. Capi-
tol voted to recommend hold-
ing former Justice Department
official Jeffrey Clark in crimi-
CARLOS BERNATE FOR THE WALL STREET JOURNAL
contempt resolution sends the
matter to the full House. If the
House moves ahead with a
vote, it could then refer the
matter to the Justice Depart-
ment for potential prosecution.
Last month, federal prosecu-
tors charged Stephen Bannon,

nal contempt for failing to a onetime adviser to former

comply with a congressional
subpoena.
The Democratic-led commit-
tee voted 9-0 to hold Mr. Clark
in contempt, with the support
of the panel’s two Republicans,
Reps. Liz Cheney (R., Wyo.)
and Adam Kinzinger (R., Ill.).
Just ahead of the vote, Rep.
Bennie Thompson (D., Miss.),
the chairman of the committee,
said Mr. Clark had agreed to
Virginia Rep. Elaine Luria, who represents a military-focused district, spoke at a firefighter-training center in Virginia Beach last month. continue his deposition, which
President Donald Trump, with
criminal contempt for defying
a congressional subpoena.
Mr. Clark appeared for a de-
position on Nov. 5, but left be-
fore it was complete and de-
clined to answer questions,
with his lawyer stepping in to
cite executive and other privi-
leges, according to a tran-
script. A conviction for con-
tempt of Congress could result
in a fine and jail term of up to

Democrat Swims Upstream

BY ELIZA COLLINS
VIRGINIA BEACH, Va.—
Democrats’ difficult path to
retaining their House majority
runs through districts like that
of Rep. Elaine Luria.
The former Navy com-
mander flipped the seat in
2018 as Democrats took con-
trol of the House, and she won
re-election in 2020 as a mod-
erate who could work across
the aisle to advance the inter-
ests of her military-focused
district. Now, Ms. Luria is one
of Republicans’ top targets as
they try to take advantage of
sinking poll numbers for Presi-
dent Biden, redistricting that
favors the GOP and the histor-
ical tendency for the party
that wins the White House to
lose seats in the next election.
“I’m a Democrat in a Re-
publican district. So, you
know, every race is gonna be a
lot of work,” Ms. Luria said in
an interview last week, on a
day she toured flood zones, a
wildlife refuge and a fire-
fighter-training center.
Ms. Luria says she focuses
on defense policy and individ-
ual pieces of Mr. Biden’s
agenda when talking to con-
stituents but doesn’t highlight
the $2 trillion spending plan
for which she recently voted.
“I have really yet to speak
about Build Back Better in any
capacity as, like, a big pack-
age,” she said, instead focusing
on individual components such
as lowering prescription-drug
costs and free prekindergarten.
“You know what about early-
childhood education and pre-
K? We’re working on that,” she
said. Asked if she proactively
brings up the overall bill to
voters, Ms. Luria said: “I gen-
erally just talk about defense.”
Democrats, who have a
221-213 majority in the House,
point to reports from Moody’s
Investors Service and others
projecting no major inflation
impact from the proposal. Re-
publicans have attacked the
bill as wasteful and said it
could fuel inflation.
“I think it’s a problem for
our country, this spending
massive amounts of money,”
said former GOP Rep. Scott
Taylor, who lost to Ms. Luria
in 2018 and 2020 and hasn’t
ruled out another run.
The GOP has the wind at its
back in Virginia. Republican
Glenn Youngkin won the race
for governor last month, car-
rying Ms. Luria’s district by 8
points, according to the non-
partisan Virginia Public Access
Project. Just a year earlier,
Ms. Luria won re-election by 6
points, and Mr. Biden defeated
former President Donald
Trump in the district.
Ms. Luria, 46 years old,
spent two decades in the Navy
as a surface-warfare officer
and nuclear engineer, later
running a business called the
Mermaid Factory where visi-
tors painted plaster mermaids,
the symbol of Norfolk, where
she lives. She sold the busi-
ness after she was elected.
According to Ms. Luria’s of-
fice, one-fifth of the people in
the district are either active
military, veterans or military
family members. The district,
which includes Virginia Beach,
parts of Norfolk, as well as the
Eastern Shore of Virginia, is
home to the world’s biggest
naval station.
She emphasizes her work
with Republicans, including 11
bills she introduced that were
signed into law under Mr.
Trump, some of which related
to veterans.
Kirk Mardis, a 58-year-old
Air Force veteran, is the kind
of voter Ms. Luria will need to
win over. Mr. Mardis voted for
Mr. Biden in 2020 and then
Mr. Youngkin this year, and is
undecided on the House race.
Mr. Mardis said he worries
about the Build Back Better
bill’s impact on inflation.
“We’ve got too much money
floating around, and it’s creat-
ing an environment where it
just drives the prices up on ev-
erything,” he said.
Democrats’ domestic and
foreign policy is set to play a
central role in the Republican
primary in June. One front-
runner is state Sen. Jennifer
Kiggans, also a Navy veteran.
In an interview, Ms. Kiggans
said Republicans should follow
the lead of Mr. Youngkin, who
focused on voters’ frustration
with the economy and schools.
But Ms. Kiggans also said she
plans to tie Ms. Luria to Mr.
Biden’s Afghanistan with-
drawal, which culminated in
chaotic evacuations.
Ms. Luria has said that U.S.
failures led to the fall of Kabul.
Mr. Thompson said would have
to take place on Saturday. But
the panel went ahead with the
vote, saying it was needed to
keep pressure on Mr. Clark to
fulfill his obligations under the
subpoena and that the commit-
tee would re-evaluate the mat-
ter after he testifies.
The panel’s approval of the
Oregon Rep. DeFazio
Won’t Seek New Term
BY ELIZA COLLINS
WASHINGTON—Rep. Peter
DeFazio, the chairman of the
House Transportation Com-
mittee, said he won’t seek re-
election, becoming the latest
Democrat to retire ahead of
what is expected to be a diffi-
cult midterm election as the
party tries to hold on to its
House majority.
“It’s time for me to pass the
baton to the next generation
so I can focus on my health
and well-being,” Mr. DeFazio
said in a statement on
Wednesday. The Oregon law-
maker, 74 years old, was first
elected to the House in 1986
and has represented part of
Oregon’s coast, including the
college town of Eugene.
12 months. “We will not allow
anyone to run out the clock,
and we will insist that he must
appear on this Saturday,” Mr.
Thompson said.
Mr. Clark also has invoked
his Fifth Amendment right
against self-incrimination, ac-
cording to a letter from his law-
yer disclosed by the committee.
Democrats hold a narrow
221-213 majority in the House
and are facing headwinds due
to weak poll numbers for Pres-
ident Biden and the party, re-
districting that favors the GOP
and the tendency for the party
that wins the White House to
lose seats in the next election.
Mr. DeFazio’s announcement
makes him the 19th House
Democrat to not seek re-elec-
tion, either due to retirement
or to run for a different office.
Twelve House Republicans
aren’t running for re-election.
Mr. DeFazio’s seat was ex-
pected to become safer for
Democrats in the redistricting
process, but he would have to
give up his perch atop the
Transportation Committee if
Republicans won the majority. JANE ROSENBERG/REUTERS

Defense lawyer Laura Menninger questioned witness ‘Jane’ at the Ghislaine Maxwell trial on Wednesday.

Maxwell’s Lawyers Challenge

Accuser’s Memory of Abuse
BY JAMES FANELLI lawyer for Ms. Maxwell, asked “It was too difficult,” she
AND CORINNE RAMEY Jane about previous statements said. “Too difficult emotionally.
she made to federal investiga- Too difficult on every level.”

CODE BREAKER NEW YORK—A lawyer for

Ghislaine Maxwell tried to cast
doubt on an accuser’s testi-
SWISS CIPHER MACHINE mony at the British socialite’s
sex-trafficking trial on Wednes-
Cryptographic marvel. Historic importance. Rare device. day, challenging the woman’s
This Swiss-engineered cipher machine is a fascinating piece of memory and showing inconsis-
military and engineering history. Called the NEMA, short for the tencies with earlier statements
she made to federal investiga-
Neue Machine, or “New Machine,” it was developed by Zellweger
tors.
AG, along with a team of mathematicians in Uster, Switzerland A day earlier, the accuser,
during World War II. Only 640 of these machines are believed to who testified under the pseudo-
have been created. This particular model was one of the few war nym Jane, told jurors in a fed-
machines kept in reserve to be used in the event of the war coming eral court in Manhattan how
Ms. Maxwell helped disgraced
to Switzerland, and these so-called “Operational Machines” are financier Jeffrey Epstein sexu-
extraordinarily rare. It bears its original plaques and is marked with ally abuse her when she was an
its serial number. The original operating manual is also included. underage teen in the 1990s. Ms.
Circa 1946. Case: 53/4”h x 14 3/8 d x 123/4”w. #31-4146 Maxwell would touch the young
girl’s breasts and show her how
to massage Epstein, the accuser
said. In some incidents, the ac-
cuser said, she, Ms. Maxwell,
Epstein and others would have
orgies.
Jane is one of four accusers
expected to testify at the trial
that Ms. Maxwell allegedly re-
622 Royal Street, New Orleans, LA • 877-677-2801 • ws@rauantiques.com • msrau.com cruited and groomed them for
sex with Epstein. Ms. Maxwell
Since 1912, M.S. Rau has specialized in the world’s finest art, antiques and jewelry. faces six criminal counts, in-
Backed by our unprecedented 125% Guarantee, we stand behind each and every piece. cluding conspiring to entice a
minor to travel to engage in il-
legal sex acts.
During cross-examination on
Wednesday, Laura Menninger, a
tors and prosecutors that dif-
fered from testimony at trial.
Government notes from in-
terviews with Jane in 2019 and
2020 show that at one point
she wasn’t sure if Ms. Maxwell
had been present when Epstein
engaged in sexual contact with
her, she said. Jane also previ-
ously told federal investigators
that she had no specific mem-
ory of the first time Ms. Max-
well was involved in the sexual
encounters with Epstein, Ms.
Menninger said.
In her testimony on Tuesday,
Jane said her first sexual en-
counter with Ms. Maxwell and
Epstein was shortly after an in-
cident in which the financier
masturbated in front of her in
his Palm Beach, Fla., pool house
when she was 14 years old.
Jane frequently answered
that she didn’t recall making
earlier statements that diverged
from her testimony. At times,
she said the government’s notes
of previous interviews were in-
correct or had typos.
Jane said she didn’t give all
the details of her encounters
with Epstein during her early
meetings with investigators be-
cause she was in a “roomful of
strangers.”
However, over time, she grew
to trust some of the prosecutors
to share more information.
Ms. Maxwell’s lawyers have
said their client is a scapegoat
who wasn’t indicted until nearly
a year after Epstein’s 2019 death.
He died by suicide in jail about a
month after being charged with
trafficking and sexually abusing
underage girls.
Ms. Menninger asked Jane
about her travels with Epstein
and Ms. Maxwell, and her inter-
actions with notable figures. Jane
said that Epstein once introduced
her to former President Donald
Trump and that she flew with
Britain’s Prince Andrew on Ep-
stein’s private jet. Representa-
tives for Mr. Trump and Prince
Andrew didn’t respond to a re-
quest for comment.
Ms. Maxwell’s lawyers have
said that the accusers were fi-
nancially motivated. All four
have received multimillion-dollar
awards from a victim-compensa-
tion fund set up by the executors
of Epstein’s estate. Claimants re-
ceived larger awards if they were
cooperating with government in-
vestigators, said Ms. Maxwell’s
lawyers.
Jane said she has no finan-
cial motivation to testify.

THE WALL STREET JOURNAL.
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A8 | Thursday, December 2, 2021
Student
Debt Ties
Professionals
Continued from Page One
loans to cover all their school
costs and living expenses un-
der a federal loan program
called Grad Plus.
Rising student debt is doing
more than harming individual
borrowers, according to some
professional associations and
professors. It is also hurting the
occupations the borrowers are
entering. They cited data show-
ing that rural areas are short of
dentists, veterinarians and
other health providers, in part
because pay is generally lower
there and they suspect heavily
indebted grads feel compelled
to seek out higher-paying jobs,
often in affluent suburbs.
About 76% of professional
programs left recent students
with higher debt loads at grad-
uation than earnings two years
later, the Journal’s analysis of
nearly 500 programs classified
as professional degrees found.
That is worse than other de-
gree types: About 22% of mas-
ter’s programs in the data had
debt loads that high and 11% of
bachelor’s programs.
In three popular fields—chi-
ropractic medicine, dentistry
and veterinary medicine—ev-
ery professional program with
available data had median debt
loads that topped median earn-
ings two years after gradua-
tion, the latest data available.
The Journal previously re-
ported that most law degrees
leave students with heavy debt,
compared with income.
The Journal’s analysis of
professional programs excluded
medical school degrees. That is
because graduates seeking li-
censes to practice medicine are
required to complete residen-
cies that are often low-paid.
Outside of medicine, resi-
dencies that could temporarily
depress earnings are mostly
optional. Even so, the median
debt loads for many profes-
sional programs—often top-
ping $200,000—were out of
line with what those fields pay.
Nationwide, veterinarians in
Veterinarian Sara Jastrebski finished her studies in May with about $400,000 in student debt.
Straining to Repay
In several professional fields, every program with published data left students with higher debt
loads than early-career earnings.
Debt-to-income ratio by program
Veterinary
medicine
Dentistry
Chiropractic
medicine 1 (debt 2 3
equals income)
Note: Debt figures reflect 2015 and 2016 classes; earnings are measured roughly two years later. Figures are only for graduates who took out federal
loans. Includes programs classified as either professional degrees or doctorates. Data is not available for all schools.
Source: Education Department
2020 earned a median
$99,000, according to the Bu-
reau of Labor Statistics. Den-
tists earned a median $164,000
and chiropractors $71,000.
Debt counselors caution
students against taking out ed-
ucational loans that exceed a
single year of expected earn-
ings due to the difficulty of re-
payment. Under current loan
rules, many balances that can’t
be repaid within 20- to 25-year
periods will be shifted to tax-
payers through federal loan
forgiveness.
For recent graduates of den-
tistry programs, the gap be-
tween debt and income was
especially large for alumni of
two elite private universities:
the University of Southern Cal-
ifornia in Los Angeles and New
U.S. NEWS
4 5
York University in New York
City. In each case, the median
debt was more than four times
as much as median earnings.
NYU, which says it educates
nearly 10% of the nation’s den-
tists, tells current students
they should expect to spend
more than $572,000 for its
four-year program, including
living expenses. Federal data
showed NYU dentistry stu-
dents who graduated in the
2015 and 2016 classes had me-
dian debt of about $349,000
and, two years later, median
earnings of about $82,000.
NYU spokeswoman Rachel
Harrison said NYU grads who
want to be licensed dentists in
New York must pursue extra
training that reduces early ca-
reer earnings. “So that figure
* * THE WALL STREET JOURNAL.
spectrum was East Carolina
University, a public institution
in Greenville, N.C., which cre-
ated its dentistry program a de-
cade ago and accepts applica-
tions only from state residents.
Its graduates carried median
debt of about $131,000, and
their median income was nearly
as much, about $120,000.
“It didn’t happen by acci-
KRISTON JAE BETHEL FOR THE WALL STREET JOURNAL
dent,” said Gregory Chadwick,
dean of ECU’s dentistry pro-
gram. He said the school was
created expressly to create
dentists who would serve peo-
ple in poor and rural parts of
North Carolina. “They have to
have debt that’s manageable to
go out to those areas,” he said.
The American Dental Educa-
tion Association said 2020
dental school graduates with
federal loans owed an average
of nearly $305,000.
Recent graduates of chiro-
practic programs had some of
the worst debt levels, relative
to income.
Students who completed
their studies at Life Chiroprac-
tic College West, a nonprofit
college in Hayward, Calif., for
example, shouldered median
debt of nearly $180,000 but
had median earnings of about
$24,000 two years later, ac-
cording to the federal data.
Only a handful of other pro-
grams had a median debt load
of at least seven times income
6 7 (debt seven in any field.
times income) That isn’t the message de-
livered by the college’s web-
site. It lists 10 reasons pro-
spective students should
consider a chiropractic career,
does not even begin to mean- including this one: “Being a
ingfully reflect our graduates’ chiropractor is lucrative!”
earning potential,” she said. Life Chiropractic’s president
USC graduates included in twice canceled scheduled inter-
the data had median debt of views and offered no comment.
nearly $398,000 and median All 14 professional or doc-
earnings of about $91,000. Cur- toral chiropractic programs
rent USC students pursuing a with published federal data
doctor of dental surgery degree left students with median debt
can expect to spend nearly that was at least three times
$546,000 to complete the pro- median earnings.
gram, including living expenses, The amount of debt carried
according to the university. by veterinary students has
Avishai Sadan, dean of skyrocketed in the past 20
USC’s school of dentistry, said years, from an average of
early earnings might not be about $61,000 in 2000 to
relevant “given the fact that nearly $179,000 by 2020, ac-
43%-45% of our students indi- cording to data from the Asso-
cated they are going on to ciation of American Veterinary
complete advanced training Medical Colleges.
programs” that could boost Some veterinary professors
earnings in subsequent years. said they keep expecting appli-
On the other end of the cations to drop but it isn’t
.
happening. Nearly 11,000 quali-
fied applicants applied to U.S.-
accredited veterinary pro-
grams this past fall, a 5.5%
increase from a year earlier,
according to the Association of
American Veterinary Medical
Colleges. It said they competed
for about 4,300 seats.
“My explanation is that vet-
erinary medicine is a very emo-
tional profession, like nursing,”
said Peter Eyre, dean emeritus
of the publicly supported Vir-
ginia-Maryland veterinary col-
lege at Virginia Tech. As a re-
sult, he said, “they seem
willing to overborrow or over-
pay for what they’re getting.”
Median debt for PennVet
graduates was nearly $182,000
and median income, two years
later, was about $76,000.
Andrew Hoffman, dean of
the veterinary school for three
Qualified applicants
to U.S.-accredited
veterinary programs
rose 5.5% in the fall.
years, said his focus has been
to increase need-based schol-
arships and hold the line on
tuition increases. Need-based
scholarships average about
$10,000 a year, but more needs
to be done, the dean said. Esti-
mated annual costs for the
four-year program total nearly
$87,000 annually for Pennsyl-
vania residents and $97,000
for nonresidents.
Dr. Jastrebski, the PennVet
grad, is managing her debt
through a repayment plan that
bases her monthly payments on
her income. She said she
learned that she could make
more than $200,000 in pay-
ments over 20 years on the
plan and still have a balance of
about $700,000 because of ac-
cumulating interest.
If the unpaid balance is for-
given, it likely will count as in-
come, and she expects to be
presented with a final tax bill
that could exceed $200,000.
She said she hesitated to
tell her boyfriend about her in-
debtedness. “It does make me
nervous, having someone know
that I have that much debt at-
tached to me,” she said.
 .

THE WALL STREET JOURNAL. Thursday, December 2, 2021 | A9

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South Africa Cases Nearly Double Russia
Expels
Proportion of positive evade the body’s immune re-
tests rises in nation
that first reported
sponses whether derived from
vaccines or infection. The de-
velopments came as other evi-
dence emerged that vaccines
new strain of Covid-19 can still help in the fight
against the pandemic.
Newly reported cases of The NICD didn’t identify
Covid-19 almost doubled which variant was responsible
Wednesday in South Africa, for Wednesday’s rise in cases,
the country with the highest but other new data released
number of identified cases of earlier in the day by the Net-
the new Omicron coronavirus work for Genomic Surveillance
variant, as the U.S. reported in South Africa showed Omi-
its first case of the strain in cron was found in all test sam-
someone who had returned ples it sequenced from the hot
from a trip to the country. spot Gauteng province last
week. The authorities also
moved back the first identified
By Gabriele
Steinhauser in Omicron case to Nov. 8, when
Johannesburg, Denise 116 cases were reported.
Roland in London and Before the U.S. announce-
Dov Lieber in Tel Aviv ment, the WHO said the strain
had been found in 23 coun-
South Africa’s National In- tries world-wide and expected
stitute for Communicable Dis- it to spread to others.
eases said the number of re- A senior WHO official, Ma-
ported cases rose to 8,561 on ria van Kerkhove, told a press
Wednesday from 4,373 on conference that there were
Tuesday. Scientists don’t usu- early clues that the Omicron
ally focus on daily variations variant is more transmissible,
in numbers, but 1,275 cases and said the agency expected
were reported Wednesday, to know more about that in
Nov. 24. coming days.
The case numbers from a It also remains unclear
population of 60 million are whether the variant causes
still relatively low but, in an in- more-severe disease. “In terms
dication that large numbers of of the severity profile, we
infections are going unreported, have seen reports of cases
the proportion of positive tests with Omicron that go from
also increased—from 10.2% on mild disease all the way to se-
Tuesday to 16.5% of the total. vere disease,” she said.
The World Health Organiza- The organization’s chief sci-
tion has designated Omicron a entist, Soumya Swaminathan,
variant of concern because of said vaccines are likely to of-
its rapid spread in South Af- fer some protection against
rica and a large number of the variant. “We still need to
mutations, which may help the find out if there is any loss of
virus invade human cells and protection,” she said.
WORLD NEWS
Evolutionary changes in the
Covid-19 virus
Variant of concern
Ancestral virus
Detected in China
Dec. 2019
B.1
Europe
Early
2020
Sources: cov-lineages.org, Nextstrain (family
tree); World Health Organization (variants of
concern, dates of earliest documented samples)
Elsewhere, new anecdotal
evidence—though far from suf-
ficient to draw hard scientific
conclusions—suggests vaccines
help prevent serious illness and
curb the spread of the variant.
An Israeli probe into the
case of a 45-year-old cardiolo-
gist who contracted Omicron
showed he attended confer-
ences in London and in Israel
and came into contact with
more than 100 people over sev-
eral days after returning home.
But so far, there is only one
known person to have con-
tracted the Omicron variant
from him: another physician,
70 years old, who was in the
car with his colleague without
a mask, said Gili Regev-
Yochay, director of the infec-
tious-disease epidemiology
unit at Sheba Medical Center
Gamma
Brazil in central Israel, where both
Nov. ’20 infected physicians work.
The cardiologist’s wife and
three children tested negative,
Alpha Prof. Regev-Yochay said.
U.K. The doctor took multiple
Sept. ’20
polymerase-chain-reaction
tests before arriving at the
Omicron Nov. 21-23 conference in Lon-
Various don, so it is believed he was
Nov. ’21 infected either at the confer-
ence or on his journey back to
Beta Israel, Prof. Regev-Yochay said.
S. Africa She cautioned that not every-
May ’20 one who came into close contact
with the cardiologist has been
tested and that an Israeli Health
Ministry investigation into his
Delta case hasn’t concluded.
India The cardiologist is among
Oct. ’20 four Israelis confirmed with
the Omicron variant. All were
vaccinated and all have mild
symptoms, Israeli health offi-
cials said.
As the center of the first-
identified significant outbreak
of Omicron, South Africa has
the most cases for scientists
to study. But its experience
might have only limited rele-
vance to older, more heavily
vaccinated populations in
richer countries.
Young people are generally
much less likely to fall seri-
ously ill with Covid-19 than
older people, and just over
24% of South Africa’s popula-
tion of 60 million is fully vac-
cinated, far lower than in the
U.S. and most of Europe.
Researchers at the Univer-
sity of Hong Kong’s microbiol-
ogy department said they iso-
lated the Omicron variant
from clinical specimens late
Monday, a development that
could help the Chinese vaccine
makers with which the team
had shared its findings.
Yuen Kwok-yung, an infec-
tious-diseases professor who
led the research effort, said
the team was planning further
lab studies using mice to test
Omicron’s transmissibility and
capability for evading the
body’s immune system.
Hong Kong has found four
patients infected with the new
variant, three during their
stay in hotel quarantine and
another in a transit passenger.
For two of the patients who
had been fully vaccinated with
mRNA vaccines within six
months, their symptoms were
very mild, Prof. Yuen said. He
added that their antibody lev-
els in blood samples went up
10 times within a few days of
their infection being found.
South Korea reported its
first Omicron cases Wednesday,
with five people testing posi-
tive for the new variant, stem-
ming from a couple who had
traveled in November to Nige-
ria, local health officials said.
In Scotland, where health
authorities looked back at PCR
test samples since Nov. 1 with a
likely marker—a missing S-
gene—uncovered nine cases of
Omicron all linked to a single
event on Nov. 20. Scottish au-
thorities say that shared con-
nection suggests community
transmission is likely happen-
ing but is so far limited. None
of the cases had known links to
recent travel to southern Africa
and none has been hospitalized.
American
Diplomats
BY ANN M. SIMMONS
AND WILLIAM MAULDIN
Russia ordered U.S. Em-
bassy staff who have been in
Moscow for more than three
years to leave the country by
Jan. 31, a move that comes a
day before diplomats hold
talks to address the worsening
relationship between the two
countries.
Foreign Ministry officials
on Wednesday indicated that
the decision to remove the
U.S. Embassy staff was in re-
taliation for Washington’s ex-
pulsion of more than 50 Rus-
sian diplomats by June 30, in
line with previously imposed
term limits.
“Our American partners
have forced us to play that
way. We have long and persis-
tently tried to reason with
them and still direct them to
some kind of constructive so-
lution to the issue, but they
made their choice,” Foreign
Ministry spokeswoman Maria
Zakharova said Wednesday.
The State Department said
it had asked the Russian diplo-
mats to leave in line with ex-
isting policy.
“Just as the Russian Federa-
tion grants our diplomats with
an initial three-year stay in
Russia, the U.S. also informed
Russia about a year ago that
its diplomats would be subject
to the same three-year assign-
ments, which is not abnor-
mal,” said department spokes-

Omicron woman Jalina Porter.

Ms. Zakharova said Wash-
ington is violating diplomatic

Emerges norms and the sovereign

rights of states to determine
how long its diplomats remain

In U.S. in a host country. A further

group of U.S. diplomats could
be forced out by July 1 if no
compromise is found, she said.
Continued from Page One Russia’s Deputy Foreign
All three major U.S. stock
indexes finished lower, sharply
reversing early gains on the
news of the U.S. case and
Washington has
South African surge. ordered more than
Public-health officials have
said it was only a matter of
50 Russian envoys to
time before U.S. Omicron cases leave by June 30.
would be identified. The first
U.S. case was confirmed by the
CDC and the San Francisco De-
partment of Public Health Minister Sergei Ryabkov said
DAVID PAUL MORRIS/BLOOMBERG NEWS

through genetic sequencing Moscow isn’t pleased about

conducted at the University of taking the reciprocal measures
California, San Francisco. and urged the U.S. to abandon
San Francisco health direc- its requirements.
tor Grant Colfax said the per- The announcement of the
son, between 18 and 49 years diplomats’ removal come as
old, developed symptoms after tensions between Washington
returning from South Africa. and Russia continue to esca-
The patient had received two late over a variety of issues,
doses of Moderna Inc.’s most recently Russia’s military
Covid-19 vaccine but not a A Californian who flew back to San Francisco from South Africa on Nov. 22 became the first person in the U.S. detected with the variant. pressure on Ukraine and warn-
booster, and suffered mild ings by Ukrainian President
symptoms. that he wasn’t aware of other the U.S., rather than the 72 only for those 50 and above, that current vaccines help in Volodymyr Zelensky of a pos-
San Francisco and Califor- cases the CDC was reviewing hours currently allowed for adding that people ages 18 subduing severe symptoms, sible Moscow-backed coup.
nia state officials said they as potential Omicron variants. vaccinated travelers. and above could get an addi- studies into those matters will U.S. Secretary of State Ant-
didn’t plan to impose addi- White House Covid-19 coordi- “This new variant is cause tional dose. take days to weeks, scientists ony Blinken will meet with
tional pandemic restrictions nator Jeff Zients said federal for continued vigilance, not Omicron has an unusually have said. Meanwhile, public- Russian Foreign Minister Ser-
and encouraged residents to officials believe vaccines will panic,” Mr. Zients said. large number of mutations: health officials stress that ex- gei Lavrov at the Organization
follow existing advice to get provide at least some level of A senior WHO official, Ma- around 50, including more isting shots have reduced hos- for Security and Cooperation
vaccinated, including boosters, protection against severe dis- ria van Kerkhove, said there than 30 on the spike protein, pitalizations and deaths from in Europe summit in Stock-
and wear masks at public in- ease from the variant. Mr. Bi- were early clues that the Omi- the structure that the virus the other Covid-19 strains holm on Thursday, a State De-
door gatherings. den is expected to outline cron variant is more transmis- uses to attach to human cells thus far. partment official said. Mr.
“With the new variant plans on Thursday for contain- sible, and said the agency ex- and the main target of many The CDC has emphasized Blinken also plans to sit down
comes uncertainty, because ing the pandemic this winter pected to know more about current Covid-19 vaccines. the importance of vaccination, with Ukrainian Foreign Minis-
there’s lack of information,” through vaccination, boosters that in the coming days. To qualify as a variant of boosters and other prevention ter Dmytro Kuleba.
said California Gov. Gavin and testing rather than lock- The CDC raised its travel concern, a new virus strain measures such as wearing Earlier this week, the North
Newsom, a Democrat. “There’s downs. advisory to Level Four, its has to be proved to be more masks to stop the spread of Atlantic Treaty Organization
more panic than information The CDC said this week that highest, for eight African contagious, lead to more seri- the virus. The agency has said warned Moscow that it would
around this new variant, and rules under consideration by countries. The agency recom- ous illness or decrease the ef- everyone 5 years and older impose significant costs on
that just means we have to the Biden administration mended on Monday that ev- fectiveness of public-health should get vaccinated against Russia if it launched a new
keep our mind open but main- would require all travelers, re- eryone 18 and older get an ad- measures, Covid-19 tests, Covid-19. military incursion in Ukraine,
tain our vigilance.” gardless of their vaccination ditional shot after completing treatments or vaccines. —Tarini Parti, while making clear the limits
Anthony Fauci, chief medi- status, to present a negative a first course of Covid-19 vac- While there are signs the Christine Mai-Duc of the organization’s support
cal adviser to President Biden, Covid-19 test taken within 24 cination. The agency in No- Omicron variant is more and Jim Carlton for Kyiv, which isn’t a member
said at a White House briefing hours of boarding a plane to vember encouraged boosters transmissible, as well as hints contributed to this article. of the alliance.

WORLD WATCH
TURKEY
Central Bank Tries to
Prop Up Falling Lira
Turkey’s central bank moved
Wednesday to prop up the coun-
try’s collapsing currency, selling
foreign reserves after the lira
ADITYA PRADANA PUTRA/ANTARA FOTO/REUTERS
Mr. Erdogan to resign. But the
bank has limited ammunition to
engineer a full-scale recovery in
the lira without a change in pol-
icy from Mr. Erdogan, who has
tried to fight soaring inflation
with cuts in interest rates—a
course most economists say will
make the problem worse.
exploded during construction
works near the main train sta-
tion in Munich on Wednesday,
authorities said. The 550-pound
aerial bomb was struck during
drilling works, according to Ba-
varia’s Interior Ministry.
Unexploded bombs are still
found frequently in Germany. An
SPAIN
New Lava Threatens
Church on La Palma
A fresh river of lava from the
volcano on Spain’s La Palma is-
land threatened to engulf a par-
ish church that has so far sur-

reached new lows following
comments by President Recep
Tayyip Erdogan in defense of his
unorthodox economic policies.
The lira rebounded after the
bank said it was taking action to
address “unhealthy price forma-
tions in exchange rates.” The free-
falling lira has heaped economic
pressure on ordinary Turkish peo-
ple, who are struggling with rising
prices of food, fuel, medicine and
other essential goods.
LIGHT: A man holds a candle at a vigil in Jakarta, Indonesia, on Protests have erupted in
Wednesday to mark World AIDS Day. More than 35 million people Turkish cities in recent days,
have died world-wide of HIV or AIDS related illnesses since 1984. with demonstrators calling on
The Turkish lira gained 3.3%
to 13 to the dollar after the in-
tervention announcement,
bouncing back from a record low
of 13.91. Overall, the lira’s value
has dropped 40% this year.
—Jared Malsin
GERMANY
World War II Bomb
Explodes, Injuring 4
Four people were injured af-
ter a decades-old bomb dropped
from an aircraft in World War II
untold number of bombs, artillery
shells and hand grenades from
the war are still hiding under-
ground. Experts have estimated
that the unexploded ordnance to-
tals around 100,000 tons.
Last year, more than 10,000
residents in Frankfurt were told
to leave their homes after the
discovery of a 1,100-pound
bomb. In 2010, three members
of a bomb-disposal squad were
killed and others wounded dur-
ing an attempt to disarm an ex-
plosive device in Göttingen.
—Georgi Kantchev
vived the 10-week-old eruption.
The nearest lava flow to the
Los Llanos de Aridane church
has slowed down since it
started over the weekend but it
is only about half a mile away.
Molten rock from the Sept.
19 eruption on La Palma, part of
Spain’s Canary Islands archipel-
ago, has consumed over 1,500
buildings and covered over 2,800
acres.
Thousands of residents have
been displaced by the eruption,
which has not claimed any lives.
—Associated Press
 .

THE WALL STREET JOURNAL. Thursday, December 2, 2021 | A11

Together with small businesses,

we’re helping bring hope to the streets.

Small businesses are the heartbeat of every community. They make our neighborhoods vibrant
places to live, work, and raise families. Here are just a few ways Wells Fargo is giving hope a hand:
• Providing nonprofits with roughly $420 million through our Open for Business Fund to help
small businesses
• Helping nearly 282,000 small businesses keep 1.7 million people at work through Paycheck
Protection Program (PPP) funding*
• Pitching in to help beautify local business districts in cities nationwide
• Working together with more than 3 million small businesses to help
them get back to thriving
Join us in bringing hope to the streets by shopping local. Learn more at wellsfargo.com/impact.

* PPP data from Program inception in 2020 through 06/09/2021.

© 2021 Wells Fargo Bank, N.A. All rights reserved. IHA-7112904

A12 | Thursday, December 2, 2021
Bikes Offer
Clues on
Inflation
Continued from Page One
Thorpe says, and to provide a
financial cushion should sup-
ply-chain bottlenecks again
hurt production, as they did
this year. The company is also
aiming to bring in more per
unit, after shortages have kept
it from increasing production
to meet demand.
Prices for handlebars, brake
levers, reflectors and chains
have risen sharply over the
past 12 months. Mr. Thorpe is
still waiting for delivery of a
thousand pieces of an electrical
component he ordered more
than a year ago, and he is com-
peting with auto makers and
online ordering bots, which use
software to scoop up stock, to
get hold of computer chips.
He says he is making deci-
sions based on his belief that
supply-chain knots won’t un-
tangle and that consumer de-
mand won’t ebb anytime soon,
and says Omicron, a possibly
more-contagious variant of the
virus that causes Covid-19, has
reinforced that view. “It’s all
disruption, which costs
money,” Mr. Thorpe says. “It’s
the Wild West out there.”
The bicycle industry’s chal-
lenges—when generalized
across the economy—go to the
heart of the policy conundrum
facing the Federal Reserve and
central banks around the
world. Policy makers have ear-
lier said they believe inflation-
ary pressures will dissipate
over time as high demand for
consumer goods subsides and
kinks in the global supply chain
work themselves out.
With Omicron again closing
borders, that process looks set
to play out over a longer pe-
riod of time than initially
thought.
Fed Chairman Jerome Pow-
ell said Tuesday in testimony
to lawmakers that “it now ap-
pears that factors pushing in-
flation upward will linger well
into next year.” He signaled the
central bank would consider
quickening the wind down of
its easy-money policies, which
would open the door to raising
interest rates in the first half
of next year. Consumer-price
inflation in the U.S. rocketed to
a 31-year high in October.
The Bank of England has
signaled it expects to begin
gently lifting short-term inter-
est rates in the U.K. immi-
nently to restrain the acceler-
ating growth in prices. Central
banks from Canada to Australia
to Norway, New Zealand and
the Czech Republic have al-
ready begun withdrawing pan-
demic-era stimulus or nudging
up borrowing costs to manage
inflation.
Economists say the potential
economic effects of Omicron
are unclear, as health experts
still don’t know how dangerous
the variant is.
No respite
Bicycle makers and retailers
say they see no respite on the
horizon from the intense pres-
sure on prices.
“We don’t see any improve-
ment for 2022, for sure. We’re
going to be in the same boat
that we’ve been in since the
end of the summer 2020, when
there’s not enough supply to
meet demand,” says Larry
Pizzi, chief commercial officer
at Alta Cycling Group LLC,
based in Kent, Wash., which
owns cycling brands including
Diamondback, iZip and Redline.
The average selling price of
a new bicycle in the U.S. in
September was $346, up 28%
compared with 2020 and 54%
higher than the average selling
price of a bicycle in 2019, ac-
Tennis
Events Cut
In China
Continued from Page One
investigate the allegation of
sexual assault in a full, fair
and transparent manner,” Mr.
Simon said. “Unfortunately,
the leadership in China has
not addressed this very seri-
ous issue in any credible way.”
“While we now know where
Peng is, I have serious doubts
that she is free, safe and not
subject to censorship, coercion
and intimidation,” he said.
Ms. Peng, a former world
cording to data from NPD
Group Inc., a market research
agency.
Pandemic lockdowns in the
U.S. and Europe turbocharged a
cycling renaissance that was
already benefiting from grow-
ing consumer interest in per-
sonal fitness, greener forms of
transport and the proliferation
of bike lanes in big cities.
Countries such as the U.K.,
where Prime Minister Boris
Johnson is a cycling enthusiast,
designated bicycle repair an es-
sential service during lock-
downs, allowing stores to re-
main open.
In the U.K., bicycle prices
were 26% higher in October
2021 than they were at the be-
ginning of 2020, according to
official inflation statistics. The
country left the EU on Jan. 31,
2020, remaking trade agree-
ments. Brexit in most cases
didn’t cause tariffs on imports
of bikes or components from
the EU, though it did disrupt
supplies from EU manufactur-
ers.
In Germany, bicycle prices
were 9% higher in October than
they were in January 2020, ac-
cording to official inflation sta-
tistics published by Eurostat.
Sam Stooks, an engineer, worked on a Gocycle, which could use around 800 components.
No. 1 in doubles and a winner
of two major titles, was un-
heard from for more than two
weeks following a Nov. 2 post
on her account on the Twitter-
like Weibo platform that ac-
cused former Chinese Vice
Premier Zhang Gaoli of sexual
assault. The post disappeared
after about 20 minutes, and
searches for her name on Chi-
nese social-media platforms
have been blocked ever since.
Mr. Zhang, who played a key
role in securing the Winter
Games for Beijing, hasn’t ad-
dressed the allegation.
The WTA’s requests for an
accounting into Ms. Peng’s al-
legations poses a direct chal-
lenge to Beijing’s way of doing
things. The private lives of its
leaders, even in retirement,
are sacrosanct, and the gov-
FROM PAGE ONE
In Sweden and Poland, prices
were up 15% and 13% over the
same period, respectively. In
Lithuania they were up 16%, in
Hungary 19% and in Slovenia
18%.
For Mr. Thorpe, of Karbon
Kinetics, raising prices in 2022
is essential to cover ballooning
costs. A basic child’s bike
might have 50 components. A
The company said
the cost to produce a
bike is up 20% to 25%
since the pandemic.
full-suspension electric moun-
tain bike might have 350. Gocy-
cles have around 800. A single
missing part can cause delays
that bring the entire produc-
tion process to a halt.
Mr. Thorpe resisted pushing
up prices for Gocycles in 2021
because he spent a chunk of
the year explaining to unhappy
customers why supply-chain
disruptions meant there would
be delays to their orders. That
and cost pressures mean the
ernment has repeatedly sup-
pressed claims of sexual ha-
rassment by well-known men.
Letting Ms. Peng go unpun-
ished would be a significant de-
parture from established prac-
tice in China, where people
have few rights to speak openly
about party leaders.
At daily press briefings, For-
eign Ministry spokespeople in
Beijing have declined to answer
questions about Ms. Peng, say-
ing that they haven’t heard of
the situation. China’s Embassy
in Washington didn’t respond
to a request to comment.
The inclusion of Hong Kong
in the tournament suspension
will be seen as the latest indi-
cation that more Western or-
ganizations doubt the city re-
mains semiautonomous from
Beijing’s control, as spelled
company is unlikely to report a
profit this year, he says.
He says he is pressing ahead
with price increases for 2022
because he doesn’t expect
these supply-chain issues to
get much better. He estimates
the cost to the company of pro-
ducing a single bike has shot
up by 20% to 25% compared
with the cost before the pan-
demic, as competition between
manufacturers for common
parts pushes prices skyward.
Seatpost prices have gone
up 20% in the past 12 months.
So have prices for the cranks
the rider turns when pedaling.
Handlebars are up 11%. Brake
levers and calipers are up 14%.
Chain prices are up 17%, and
reflectors are up 50%, accord-
ing to Karbon Kinetics.
Mr. Thorpe learned Wednes-
day that higher prices for mag-
nesium—used in Gocycle
wheels—mean future shipments
of wheels will be 17% more ex-
pensive than they are now.
Multiple industries are com-
peting for the batteries, semi-
conductor chips and tiny elec-
tronic components Gocycle
uses for its dashboard displays,
power management systems
and charging ports.
out in its agreements for rul-
ing the former British colony.
In Washington, D.C., mem-
bers of Congress who take a
hard line on China congratu-
lated women’s tennis. “Thank
you, WTA, for having the cour-
age to stand up to the Chinese
Communist Party and suspend
all tournaments in China,” said
Sen. Marsha Blackburn (R.,
Tenn.), who has previously sug-
gested that U.S. athletes should
avoid the Olympic Games.
After global outcry from
athletes inside and outside the
sport, including tennis stars
such as Serena Williams and
Novak Djokovic, Ms. Peng re-
emerged at a youth tennis
tournament in Beijing on Nov.
21 and then appeared in a
video call with International
Olympic Committee President
* **** THE WALL STREET JOURNAL.
Richard Thorpe, CEO of Karbon Kinetics in Chessington, England.
Above, a motor controller, which contains multiple microelectronic
components, used on its folding electric bikes.
Mr. Thorpe says at one
point in the pandemic he be-
came so desperate for stock he
toyed with ordering some chips
from sellers he knew little
about on Chinese online com-
merce platform Alibaba. In the
end he thought it wiser to stick
with a trusted supplier and
swallow sharply higher prices.
One essential circuit board
in Gocycle bikes cost 1.66 eu-
ros, or about $1.87, as recently
as six months ago. Now Mr.
Thorpe says he is being quoted
prices as high as 30 euros to
40 euros for the same tiny
component.
A switch for controlling
power to the motor used to
cost 80 euro cents. The cheap-
est he can source them now is
1.70 euros. A Gocycle needs
seven of them.
Shipping a container full of
parts from China costs him
around $20,000, Mr. Thorpe
says. It used to cost $4,000.
Shortages of pallets and block-
ages at ports mean he can’t be
certain when shipments will
arrive. He estimates shipping
costs for a single bike have ef-
fectively doubled, on average,
depending on where exactly it
is destined.
Surprising demand
The flood of demand for
bikes as the pandemic arrived
took the industry by surprise,
executives say, an example of
how unprepared the global
economy was for the mass
switch in consumption to
goods from services as the
pandemic forced people to stay
home.
That switch has fueled rapid
price increases in everything
from consumer electronics to
used cars, propelling faster in-
flation overall. Consumer
prices in the U.S. rose by an
annual 6.2% in October, the
fastest rate of price-growth in
more than 30 years.
Alta’s Mr. Pizzi says at the
beginning of the pandemic he
thought he was going to be
canceling orders. By April
2020, he says, he was asking
his suppliers in Asia if there
was any way they could in-
crease production.
Before the pandemic, the
company would have expected
to sell 200,000 bikes a year. In
2020 it sold 250,000, exhaust-
ing its stock. “It was bike in,
bike out,” Mr. Pizzi says.
Alta could have sold another
125,000 or so last year if its
contractors in countries includ-
ing Thailand, Cambodia and
Vietnam could have kept up
with retailers’ appetite, he says.
“The pandemic has been a
curse for a lot of businesses,
but it has been a blessing for
ours,” says Woody Smith,
owner of Bike Mart, which has
five bike stores in Texas. He
sold 13,400 bikes in 2019. In
2020, he sold 18,200 and this
Thomas Bach later that day.
After the 30-minute call, orga-
nized by the Chinese Olympic
Committee, the IOC said she
was well but didn’t disclose
details of the exchange or
bring up the sexual-assault al-
legation, according to a person
familiar with the conversation.
The IOC’s role in smoothing
out the Peng situation comes
as China prepares to stage the
Games there in February. The
event has already drawn
plenty of criticism for China
over various issues, including
the country’s treatment of
ethnic minority Muslims.
The WTA didn’t respond to
requests to comment about
precisely how it determined
Ms. Peng’s location or whether
it has any more details about
her current situation.
.
EMLI BENDIXEN FOR THE WALL STREET JOURNAL (3)
year he is on track to sell
22,000. Manufacturers of the
bikes he sells over the past 18
months increased prices by
around 8% and 10% on average,
he says, which he passed on to
his customers. He says he
stayed in line with those rec-
ommended selling prices with-
out adding any premium.
Goods vs. services
Part of the explanation for
consumer demand for bikes is
a Covid-19-related trend that is
pushing up prices for all sorts
of manufactured goods. The
pandemic has meant people
are less able to spend their in-
come on eating out, overseas
travel and other services, so
have been splashing out on
gadgets and recreational prod-
ucts instead.
Retailers say consumer de-
mand pushing up bicycle prices
is still intense. Some bike buy-
ers are seeking ways to avoid
traffic or public transport as
they return to the regular com-
mute, a trend that is fueling
adoption of pricey electric
bikes in particular. Some retail-
ers say they are seeing recent
converts to cycling upgrade ba-
sic models for more expensive
rides.
Wary of being caught short
of stock, Mr. Smith of Bike
Mart says he has already
placed orders for 75% to 80%
of the bikes he anticipates he
will need for Christmas 2022.
Final prices with his suppliers
haven’t been agreed upon, but
he says he expects those mod-
els will be 8% to 10% more ex-
pensive than those he is selling
this year.
Karbon Kinetics, the maker
of Gocycles, has also absorbed
other cost increases, including
on staff. One new hire is a for-
mer aviation industry executive
who has been tasked with man-
aging the logistical headaches
of tangled global supply chains.
Others are focused on keeping
up stocks of spare parts and
servicing the growing number
of Gocycles on the road. En-
ergy prices are up, too.
The supply-chain mess
meant Karbon Kinetics fell 40%
short of its production goal
this year, making only 3,000 of
a planned 5,000 bikes—cutting
the company’s expected reve-
nue for the year.
Mr. Thorpe says he is hope-
ful of hitting the 5,000 mark in
2022, a more conservative goal
than the 10,000 or so he had
penciled in before the pan-
demic struck.
That is if he can get the
parts. The prospect of further
disruption because of the Omi-
cron variant means he is more
sure than ever that raising
prices is the right strategy, as
it will mean higher revenue on
every bike he can deliver. “I’m
so glad we made the plan we
did,” he says.
Until last month, the WTA
had viewed China as one of its
key areas for growth. Just three
years ago, Mr. Simon orches-
trated a 10-year deal for the
women’s tour that was due to
put the WTA Finals in China ev-
ery year until 2028 and double
the prize purse to $14 million.
Now, Mr. Simon said, he can
no longer trust China to keep
athletes safe. The tour was
due to return for its China
swing next fall.
“In good conscience, I don’t
see how I can ask our athletes
to compete there when Peng
Shuai is not allowed to com-
municate freely and has seem-
ingly been pressured to con-
tradict her allegation of sexual
assault,” Mr. Simon said.
—James T. Areddy
contributed to this article.

© 2021 Dow Jones & Company. All Rights Reserved.
FROM TOP: GETTY IMAGES; ANGUS MORDANT/BLOOMBERG NEWS
How Airlines Fail With Wheelchairs
Passengers with disabilities often find planes more inaccessible than other forms of travel
THE MIDDLE
SEAT
SCOTT
McCARTNEY
IF YOU FACED a one in 50 or even
one in 100 chance of losing your
ability to move through life inde-
pendently when you took your next
flight, would you take that chance?
That’s what motorized wheel-
chair-dependent travelers face. Many
don’t travel because of those odds.
About 1% to 2% of all wheelchairs
and scooters are mishandled—dam-
aged or delayed—by airlines, accord-
ing to Transportation Department
statistics. That can be catastrophic
to users who lose their mobility.
That’s just one of many issues
for passengers with disabilities.
The planes themselves present
more. As buses and trains have ac-
commodated wheelchair custom-
ers, planes often haven’t. Airlines
are exempt from the Americans
With Disabilities Act; they’re cov-
ered under separate legislation.
“Airlines have been the most
inaccessible. It’s not hit or miss;
it’s how they are,” says Tyler Ken-
dall, who lives near Denver. He
aids his wife, Hillary Kendall, a ho-
tel executive, when she needs to
fly for business meetings.
Tiny lavatories are hardly ac-
cessible to able-bodied passengers
and are all but unusable for people
with mobility challenges. Power
wheelchair users can’t drive onto
airplanes and strap down as they
do on buses and vans. They have
Closet Purges
Reveal Relics
Of Past
Continued from Page One
of her pre-pandemic wardrobe no
longer reflects her identity.
So she has filled three garbage
bags with clothes and shoes to do-
nate, and moved many other suits
and high-heeled shoes into basement
storage. She put away four black A-
line dresses, at least a half-dozen Ex-
press blazers, and at least 10 button-
down dress shirts.
“They were a person I used to put
out into the world,” says Ms.
Fincher, a graphic designer based in
the Washington, D.C., area. “As I look
at my clothing and weed things out,
sometimes I question, ‘Who was I
trying to be in the past and who do
I want to be in the future?’ ”
After living for so long in sweat-
pants, some people are finding that
their home closets—filled with suits,
FARRAH SKEIKY FOR THE WALL STREET JOURNAL (2)
formal shoes, purses, blazers and
belts—can feel like overstuffed relics
from another life. Nearly three-quar-
ters of respondents in a November
survey by consumer research firm
CivicScience of more than 4,200 U.S.
adults said their closets contain
many things they will never wear
again. Only 15% said they want to
leave their closets as-is.
Even Tim Gunn, the TV fashion
mentor known for his tailored suits
and coordinated pocket squares, says
PERSONAL JOURNAL.
to transfer to a skinny airplane
aisle chair and, in most cases, re-
main seated for a long flight.
Airline damage to wheelchairs
became something carriers had to
report to DOT in 2019 because the
wheelchair community grew so
frustrated with broken equipment.
In 2019, airlines carried nearly
686,000 wheelchairs and scooters;
10,584 were mishandled, or 1.5%.
That rate has declined to about
1.3% in 2020 and the first eight
months of 2021, according to the
latest DOT stats.
Those rates are about three
times the rate of regular baggage
mishandling. Still, they likely un-
derestimate the frequency of dam-
age to heavy power chairs. Col-
lapsible manual wheelchairs rarely
get damaged, airlines say.
The risk turned tragic this year
when United Airlines damaged a
$30,000 customized chair used by
Engracia Figueroa, a disability-
rights advocate traveling home to
Los Angeles from a July rally in
Washington, D.C. The chair was
specially designed to support her
injured spinal cord; she died from
complications resulting from the
loaner chair, according to Hand in
Hand, the domestic workers organ-
ization Ms. Figueroa supported.
United declined an interview
about wheelchair handling but said
in a statement, “While each cus-
tomer and their baggage is impor-
tant to us, we are particularly fo-
cused on taking care of special
items like wheelchairs and scoot-
ers, which are essential for those
Erin Fincher is donating or storing some of her pre-pandemic wardrobe.
his style has shifted during the pan-
demic. He now reaches more for ca-
sual attire such as jeans or chinos
paired with turtlenecks and a blazer,
he says. “It’s hard after you experi-
ence the comfort trap to go back to
clothes that constrain you,” says the
co-host, along with model Heidi
Klum, of “Making the Cut.” “I had an
epiphany in how I want to present
myself to the world,” he says.
The pandemic closet purge isn’t
merely an exercise in swapping for-
mal clothes for casual ones, stylists
say. The purge feeds a desire to sim-
plify during complicated, uncertain
times. And it’s an acknowledgment
that looks created in the before times
often seem false or irrelevant now.
“During Covid, we had to live
with ourselves for a long time, and
so it gave us time to think, like
THE WALL STREET JOURNAL.
Travelers often face challenges when
flying with a power wheelchair.
At Thanksgiving, holiday travel began ramping up. Airlines say transporting
motorized wheelchairs is much more difficult than handling baggage.
traveling with them.”
Airlines say transporting mo-
torized wheelchairs is much more
difficult than moving baggage be-
cause gates and planes aren’t
made to accommodate heavy, frag-
ile equipment and the chairs aren’t
made for air travel.
Customized chairs can weigh
400 pounds, requiring elevators or
lifts to get from the jet bridge to
the ground. Small cargo-hold
doors on narrow-body airplanes
may require turning motorized
chairs on their side. That puts
pressure on parts not built to
withstand that kind of weight.
They can fall off baggage loading
belts with steep inclines.
“Commercial aircraft are not de-
signed to accommodate mobility de-
vices, and mobility devices are not
‘Wait. What do we actually like?’ ”
says Payton Dale, a stylist based in
Nashville, Tenn. “So many of us are
walking around conveying this fake
persona of what we think we’re sup-
posed to be.”
Retreating into homes has blurred
the boundaries of work, family and
social life; clothing geared around
those siloed identities no longer
makes sense, she says. “Before, for
women especially, it was, ‘Here’s your
mom outfit. Here’s your office outfit.
Here’s the event outfit,’ ” says Ms.
Dale. “We were existing for other peo-
ple and the roles we created.”
During the pandemic she started
conducting what she calls “soul styl-
ing” sessions. She charges between
$450 and $600 for three virtual one-
hour sessions that involve discussion
of personality, style idols, and a
Thursday, December 2, 2021 | A13
designed to move easily into and out
of aircraft,” says J.C. Gulbranson, se-
nior vice president of airport opera-
tions at American Airlines.
American, which had the high-
est rate of wheelchair and scooter
mishandling in 2019 but cut that
rate by 40% in 2020 and the first
eight months of this year, says it is
working to improve training. It is
starting to acquire special lifts
that can be used at gates to safely
lower chairs and return them to
owners on jet bridges.
Delta, which has the lowest rate
of mishandling wheelchairs and
scooters among big U.S. airlines,
says it consults an advisory board of
wheelchair users who fly frequently.
Aisle chairs, the seats on wheels
that move immobile passengers
through aircraft aisles, are another
“mood board” of looks. Her business
has doubled since the start of the
pandemic, she says.
Holiday parties, a resumption of
some in-person office work, and in-
creased socializing, even under the
cloud of Omicron, has prompted
more questions from clients about
how they want to appear, says Ellen
Delap, a certified professional orga-
nizer in Kingwood, Texas. Closets
these days are “like an archaeologi-
cal dig,” she says. Suits, belts, purses
and formal attire often go to con-
signment or to storage, she says.
“People are seeking a simpler way to
get out the door.”
In the last six months, Julia Elrod
has pieced together a new look that
she describes as “retro academic
punk.” This winter, the senior pro-
gram analyst in Brentwood, Md.,
foresees a life that gets her out of the
house more: She will likely start
heading back into the office four
times a week, and hopes to get to-
gether more with friends and even go
out on dates with her husband.
Merely getting rid of a bunch of
clothes “felt like a Band-Aid,” she
says. She wanted not only to cull her
closet but also to find clothes that
better fit her new sense of self.
“Pandemic life kind of coincided
with becoming a new mom and
working from home and trying to
figure out what’s really important in
life,” she says. “I don’t want to be
the person fussing over a giant
wardrobe.”
Starting a year ago, she spent
$450 on consulting sessions with
Ms. Dale. She has pulled together six
garbage bags stuffed with leggings,
blazers and work pants that no lon-
.
PREP FOR THE TRIP
A irlines say there are steps
wheelchair users can
take to minimize the chances
of damage to their essential
equipment. Here are tips to
consider:
 Call the airline and have
the wheelchair added to your
reservation along with its
dimensions, weight and any
special-handling instructions.
 Remove everything possi-
ble—cushions, controls, etc.
 Have an extra key. (Keys
can break off.)
 Mark lift points as well as
places not to grab when lifting.
 Use the airplane’s front
closet for storage. The DOT
requires closet storage access
for passengers with disabilities.
 Tape instructions on the
chair for rolling operation:
How to unlock, put in neutral
and engage power move-
ment.
 Label the type of batteries
on the chair.
source of concern for advocates. Air-
craft aisles are typically about 18
inches wide—your rolling bag barely
fits. The narrow chairs don’t fit most
people, yet that’s the only way for
many to get to a seat.
Ms. Kendall, who travels with
her husband, says aisle chairs
leave her with bruising on her
hips. “It’s painful, embarrassing
and uncomfortable,” she says.
Rob Moore, a retired Wall
Street executive, travels exten-
sively with his wife even though
she has multiple sclerosis and uses
a power chair. Mr. Moore has had
crews stand holding blankets to
shield her as he works to get her
onto and off of an airplane toilet.
Wheelchair-dependent travelers
say what would make flying eas-
ier—and reduce expensive repairs
for airlines—is to allow them to
drive power chairs onto planes and
strap them down. A seat or two in
the first row might be removable or
fold up as seats on buses do.
An organization called All
Wheels Up has raised money to
fund research on carrying chairs
on airplanes for 10 years. The
studies show it is possible, says
Michele Erwin, All Wheels Up
founder, but a lot more work
needs to be done.
Strapping down wheelchairs in a
cabin raises regulatory questions of
whether evacuation tests would have
to include getting wheelchair occu-
pants out within the required 90
seconds. In addition, cabin floors
may not be strong enough to handle
the weight of a 400-pound custom-
ized chair plus its occupant.
Significant change may have to
wait for a new generation of air-
craft designed from the beginning
to accommodate power-chair users.
“This is the only industry that
gets to sidestep rules,” Ms. Er-
win says.
ger fit and will donate them. One of
her new favorite looks: an old Star
Wars or rock concert T-shirt paired
with a blazer and high-waisted jeans.
She wore the outfit to dinner re-
cently with a work friend. “I felt like
myself,” she says. “And like I could
focus on what I was out for and not
my clothes.”
Christopher Rim purged his closet
of 14 Tom Ford suits and over 30
ties, giving them to friends and to
his younger brother who works in fi-
nance. “I haven’t worn a suit since
February of 2020,” says the 26-year-
old founder of an education-consult-
ing firm, who lives in Miami. He met
recently with a client while wearing
a T-shirt and jeans; his client wore
the same. “A lot has changed. Peo-
ple are more relaxed and a little
more casual and comfortable,” he
says. “I think it’s a good thing.”
Ms. Fincher has been re-evaluating
her personal and professional style.
 .

A14 | Thursday, December 2, 2021 NY THE WALL STREET JOURNAL.

PERSONAL JOURNAL.
BY DALVIN BROWN

J
Apple’s VIP calling features,
including Favorites, let you better
ust got an iPhone 13? control how you reach people—and
Smart move. Apple’s new when they can reach you.
flagship has longer battery
life, refreshed cameras and
enhanced video recording. PERSONAL TECHNOLOGY
As you get comfort-
able with your new phone, don’t
forget to add people to your Fa-
vorites list—and put your most
Add Favorite People
elite crew into your Contacts
widget.
The benefits of adding people
To Your iPhone to
are twofold. You can surface their
names quickly when you want to
get in touch. And they, in turn, can
Save Hassle
call you when they need to, even if
your phone is set to “Do Not Dis-
turb.” And you don’t even need a
new iPhone to do it, just Apple’s
latest operating system, iOS 15, re-
leased in September.

Add to Favorites
Favorites is an easily over-
looked feature that lets you more
efficiently get in touch with people
you talk to the most often. It’s
tucked inside your Phone app,
which—unless you move it—can be
found at the bot-
tom-left of your
home screen. screen, long-press any blank
To add someone space on the screen. Once your
to the list, open the apps start wiggling, tap the + at
Phone app, tap the the top and search for the Con-
star icon on the tacts widget.
lower left side of The widget will add select con-
the screen and hit tacts to a more prominent icon on
the + on the upper formation will also be displayed in your home screen. By default, the
left-hand side. You a special Medical ID screen acces- widget recommends family mem-
can then decide
A buried setting lets you sible to people even when your bers and recent contacts. You can
CLOCKWISE FROM TOP: GABBY JONES FOR THE WALL STREET JOURNAL; DALVIN BROWN/WSJ (2)

whether to add a
shortcut to reach
them via text mes-
sage, phone call or
FaceTime. You can
add people multiple
times, for each
method of communi-
cation. Apple's iOS 15 allows users to add contacts
You can also ad- to their smartphone's home screen.
just the person’s
preferred contact
methods by tapping their name in
Contacts, scrolling down and tap-
ping “Add to Favorites.”
There are some quirks. If the
person has multiple phone num-
bers, you must add each number
individually. And your Favorites
could end up looking chaotic un-
less you manually shift them
around, as they aren’t automati-
cally organized alphabetically.
A star will appear next to any
contacts you’ve picked as a favorite.
Calls from these contacts by-
pass your Do Not Disturb settings
by default. You can turn this off in
your Settings menu by tapping on
Focus, then “Allowed Notifica-
tions,” which lets you edit their
access to you.
It’s important to note that text
messages from people in your Fa-
vorites list won’t ring through
when you’re in Do Not Disturb
identify people who can
call you, with an audible
ringer, even when your
phone is set to silent.
mode, even if you’ve added those
specific methods of communica-
tion. FaceTime calls do come
through, however.
In Case of Emergency
If you’d want to contact your
Favorite during an emergency,
consider adding them as an Emer-
gency Contact, too. They will re-
ceive a message with your location
whenever you trigger your phone’s
“Emergency SOS” function to call
authorities (in newer iPhones, by
holding down the power and vol-
ume-up buttons). Their contact in-
phone is locked.
To add an emergency contact,
find the person in the Contacts
app then select “Add to Emer-
gency Contacts” and follow the
instructions.
There’s even a buried setting
that lets you identify people who
can call you, with an audible
ringer, even when your phone is
set to silent. In Contacts, go to
this very special person, tap Edit
then tap on the Ringtone options.
At the top, you’ll see “Emergency
Bypass.” Needless to say, you
should be careful who gets this
power—and when.
The Contacts Widget
Apple’s iOS 15 gives you an-
other way to keep your most im-
portant contacts close at hand: the
Contacts widget.
To add it to your home
adjust the lineup by long-pressing
the widget, tapping “Edit ‘Con-
tacts,’ ” then tapping people’s
names to replace them with other
contacts.
The phone will prioritize these
contacts when you want to share
content. If you take a screenshot of a
photo online or choose to forward
an audio recording, the phone rec-
ommends these people as recipients,
an Apple spokeswoman said. If you
have location sharing enabled with
family members or friends, the wid-
get can automatically display their
locations as well as photos and links
you’ve exchanged.
Those people will have their
memoji or contact photo dis-
played prominently on your
screen. But you’ll still need to add
them to Favorites if you want
them to be able to call you in the
middle of the night.

FROM TOP: AMAZON STUDIOS; DISNEY+

Above, Amazon Prime Video’s 'Harlem'; below, ‘Diary of a Wimpy Kid’ from Disney+.

WHAT TO STREAM franchise for Disney+. The men, she says, the numbers
next film, “Rodrick Rules,” is game can “get a little dire.” If

Three New scheduled for 2022.

Writing the screenplays for
the animated films himself, Mr.
Releases Kinney says, has given him an
opportunity to “tell the stories
you are open to dating white
men and someone who is in-
terested in you on a dating
app has dated Black women
before, “then you’re like: wait,

To Catch in a better way than they’re

told on the page.”
“I started writing ‘Diary of a
do you have a fetish or do
you really like me and am I
overthinking this?”
BY CHRIS KORNELIS Wimpy Kid’ when I was 28 But more important to her

T
his week, Jeff Kinney re-
tells the “Wimpy Kid” ori-
gin story in movie form;
Tracy Oliver tells the story of
Black women on the New
York dating scene in “Harlem,”
and X Ambassadors frontman
Sam Harris turns the band’s
new album, “The Beautiful
Liar,” into a podcast about a
blind superhero. Here’s where
to stream these new re-
leases:
‘Diary of a Wimpy Kid’
(Disney+)
A new one-hour ani-
mated film that begins
streaming Friday on Dis-
ney+, “Diary of a Wimpy Kid”
is about Greg Heffley and his
best friend, Rowley Jefferson,
as they transition to middle
school: the classes, the bul-
lies, the lunchroom and, of
course, the dreaded “cheese
touch.” It is based on the first
novel in Jeff Kinney’s book
series that has sold more
than 250 million copies
world-wide.
The book was previously
adapted for the screen as part
of the four live-action feature
films released between 2010
and 2017. This time, the
screenplay was written solely
by Mr. Kinney. It is the first in
an animated reboot of the
years old and writing a good
story was never an imperative
to me. I was trying to write a
funny story. I was trying to tell
lots and lots of jokes,” says Mr.
Kinney, who added: “Only now,
at book 16, would I say I’m a
capable novelist.”
‘Harlem’
(Amazon Prime Video)
Tracy Oliver always enjoyed
“Sex and the City,” but when
she went to create her own
show about single women in
New York who share the inti-
mate details of their dating
lives and careers with each
other, she wanted it to reflect
the unique experiences of
Black women like herself.
Among the conundrums: If
you are a Black woman who
is interested in dating Black
than the love lives of the four
women at the center of “Har-
lem,” Ms. Oliver says, is the re-
lationship they have with each
other. “I’m really attracted to
the relationships of friends and
how we can kind of be real and
honest in a way that other re-
lationships aren’t,” she says.
“Harlem” begins streaming
Friday.
‘The Beautiful Liar’
(Various)
When Sam Harris and
his band, X Ambassa-
dors, were making their
most recent album, “The
Beautiful Liar,” he says he
felt a narrative structure
developing around the
songs. So he decided to turn
them into something more
than “just a bunch of songs
put together in a playlist.”
“The Beautiful Liar,” a
scripted podcast inspired by
the album, starring Mr. Harris
alongside Emily Hampshire of
“Schitt’s Creek,” is streaming
now on Spotify and other pod-
cast providers. It is a story
about a blind teenager named
Clementine (Rory Anne Dahl)
who discovers that she has
special powers and a voice in-
side her head known as “The
Shadow” (Ms. Hampshire). She
has to manage both while she
also manages being a teenager.
 .

THE WALL STREET JOURNAL. Thursday, December 2, 2021 | A15

ARTS IN REVIEW
Jean-Baptiste Le Prince, ‘Les
Pecheurs’ (‘The Fishermen’)
(1771), left; Giovanni De Pian,
after Francesco Galimberti,
‘The “Well,” for Violators of
State Law’ (1797), far left;
François-Philippe
Charpentier, after Jean-
Honoré Fragonard, ‘La
Culbute’ (‘The Tumble’)
(1766), bottom left

reproduce Ligozzi’s original

gold highlighting.
While artists like Le
Prince and Prestel achieve ex-
traordinary beauty, Goya em-
ploys aquatint to create shad-
owy backdrops underscoring
the irony of his bitter com-
mentaries on morally corrupt
ART REVIEW Spanish society, among them
the demonic “Buen Viage”

Drawing
(“Bon Voyage”) and the gro-
tesque “Están Calientes”
(“They Are Hot”) from the fa-
mous series “Los Caprichos,”
the latter depicting glutton-

Made Dreamy ous monks.

Similarly, a 1797 series of
eight aquatints by Giovanni
De Pian, after drawings by
Francesco Galimberti, capi-
BY BARRYMORE LAURENCE tint. Largely ignored since talizes on menacing chiar-
SCHERER its invention in the Nether- oscuro to emphasize the

T
Washington
raditionally the act
of drawing has
been fundamental
to the pictorial
arts. Though draw-
ings could be hand
copied, printmaking, as de-
veloped during the Renais-
sance, allowed them to be re-
produced and widely
distributed, enabling artists
to publicize their work and
satisfy market demand. This
demand rose once connois-
seurs began to collect draw-
ings as works of art in their
own right and to seek printed
reproductions in lieu of the
originals—whether as relief
prints (woodcuts) or intaglios
(engraving and etching).
During the mid-18th cen-
tury, when interest in col-
lecting and reproducing
drawings ran high, artists
began to exploit a sophisti-
cated form of etching—aqua-
NATIONAL GALLERY OF ART, WASHINGTON (3)
lands around 1650, it was
expressly intended to repro-
duce the linear and tonal el-
ements of ink-and-wash
drawings.
Through Feb. 21, 2022,
the National Gallery of Art is
presenting “Aquatint: From
Its Origins to Goya,” examin-
ing the remarkable beauty of
early aquatints. It features
some 100 rare and excep-
tional works, many recently
acquired by the National
Gallery, treating a variety of
subjects—from mythological
scenes, dramatic landscapes
and torchlit caverns to bit-
ing satires of contemporary
society. The exhibition has
been organized by Rena M.
Hoisington, head of the mu-
seum’s Old Master prints de-
partment, who has also writ-
ten the fascinating, richly
illustrated companion book.
Basically, to make an
aquatint, artists copied the
linear portions of a wash
drawing with a needle on a
copper plate coated with
acid-resistant varnish. They
then dipped the plate in
acid to etch the lines into
the copper. To copy the
wash portions, they applied
powdered rosin to those ar-
eas of the plate and used
heat to fuse the rosin to it.
Another acid bath etched
the copper only around the
rosin grains, leaving a mi-
croscopic texture of shallow
indentations that held the
printing ink. When printed,
especially in brown ink,
these areas appeared as
wash tones.
Labor-intensive and
therefore costly, aquatints
were initially published
throughout Europe and col-
lected by wealthy connois-
seurs, creating international
artistic exchanges that
themselves encouraged fur-
ther connoisseurship, leisure
travel and the rise of art
publishing.
Goya and Eugène Delacroix
are the familiar names here.
But visitors will discover
proves that it was no empty
boast. The fragile linear ren-
dering of an overgrown, ru-
ined castle contrasts with the
bolder etched textures of a
stand of trees framing the
view. Both capture the charm
of pen and ink against deli-
cately luminous layers of
passing aquatint clouds,
which convey the liquid qual-
ity of the original wash. In
the foreground, the titular
fishermen wear Russian peas-
ant garb, referring to the
years Le Prince spent pursu-
ing his art in sprawling Rus-
sia on the eve of Catherine
the Great’s reign.
German-born Maria Cath-
arina Prestel, whose works
here bespeak her technical
prowess, enjoyed great suc-
cess in her adopted Georgian
London. She used two plates
horrors of the former penal
cells within and beneath the
Venetian Doge’s palace,
where torments and execu-
tions awaited political pris-
oners. Possibly inspired by
Giacomo Casanova’s 1788
“Story of My Escape From
the Prisons of the Venetian
Republic,” this series was
likely familiar to Victor
Hugo when writing his 1835
drama “Angelo, Tyrant of
Padua,” which inspired Amil-
care Ponchielli’s 1876 opera,
“La Gioconda.”
In contrast, François-Phi-
lippe Charpentier’s “The
Tumble” (1766), after a
drawing by Jean-Honoré
Fragonard, lends erotic hu-
mor to the mix: In their
heated exertions, a pair of
amorous models overturn
the easel of the artist paint-
ing them. Charpentier’s deli-
cately etched figures em-
body the grace of pen-and-
ink drawing, while the
subtle play of light and
shadow replicate Fragon-
ard’s sensitive use of wash.
To help illustrate the
complex aquatint process,
Baltimore printmaker Tru
Ludwig has created an in-
valuable showcase display-
ing the materials employed
in each step, as well as the
printed results.
This beautifully conceived
show invites slow, deliberate
study. One hopes that the
museum will play to such
strengths and continue to
present similar exhibitions

many stars among less famil-
iar aquatint masters.
Among them, painter-
etcher Jean-Baptiste Le
Prince, a student of François
Boucher, became the first
aquatint celebrity, widely ad-
vertising his perfection of the
process even if he didn’t in-
vent it. His 1771 “Les Pêch-
eurs” (“The Fishermen”), re-
working his own drawing,
to reproduce, in 1781, the
swirling visual opulence of
the Florentine painter Jacopo
Ligozzi’s original 1585/90
brown wash drawing “The
Triumph of Truth Over Envy.”
The first plate printed the
etched outlines and aquatint
toning in brown ink; the sec-
ond added ocher outlines,
which Prestel then dusted
with powdered gold leaf to
that focus attention on unfa-
miliar aspects of art before
the invention of photography.
Aquatint: From Its Origins
to Goya
National Gallery of Art,
through Feb. 21, 2022
Mr. Scherer writes about the
fine arts and music for the
Journal.

DANCE REVIEW signs, the 13 partying children sug- neity. The pivotal character of god- up, the overall picture of this “Nut-

A Slightly Grown Up,

gest poised teens. father Drosselmeier’s Nephew, who cracker” remains in focus and hon-
Looking like a Junior Miss in her turns into the Nutcracker and then ors Balanchine’s savvy storytelling
19th-century party dress, Marie, into a little prince, gets confident and musically inspired choreogra-
the story’s child heroine, projects performing and pantomime from phy. And in the first two shows last

Glorious ‘Nutcracker’
an air of budding sophistication. Al-
ysse Barnecut and Athena Shev-
orykin, both age 12, play the part
with affecting dignity, if without
BY ROBERT GRESKOVIC Pre-Covid, a typical cast of children the ineffable charm of a smaller,
numbered 126, with 63 youngsters younger performer. Lucas Contre-
New York
the School of American Ballet’s
Reed Ouimet and Kensei Gunji
(both age 13), even as each cuts a
character of more stature than
might be expected—neither, for ex-
ample, fits especially comfortably
week, the NYCB company dancers
in the rotating casts that will take
on the ballet’s leading roles
throughout the run gave often im-
pressive performances.
As the Sugarplum Fairy and her

S
ince its premiere at City Cen-
ter of Music and Drama in
1954, George Balanchine’s two-
act production of Tchaikovsky’s
“The Nutcracker” for New York City
Ballet has been a work in progress.
When the ballet was moved to Lin-
coln Center’s grander New York
State Theater (now called the David
H. Koch Theater) in 1964, with new
set designs and effects by Rouben
Ter-Arutunian, it became the now-
familiar production that made it an
influential classic, spurring count-
less other stagings by different cho-
reographers for troupes all around
the U.S.
Due to the Covid-19 pandemic,
last year was the first since 1954
that NYCB didn’t perform “The Nut-
cracker.” Now the 2-hour ballet, in-
cluding intermission, is back on
stage at Lincoln Center, with new
adjustments from the version Bal-
anchine left at his death in 1983.
Over the years, NYCB has per-
formed Balanchine’s popular
Christmastime classic, based on
E.T.A. Hoffmann’s 1816 tale “The
Nutcracker and the Mouse King,”
ERIN BAIANO
in each of two alternate casts.
This year, a total of 74 dance stu-
dents are providing alternate casts
of 37 each, with some of them
hailing from additional dance
schools around the city. But all of
the ballet’s dance numbers remain
in place with individual student
participants taking on multiple
parts.
The impressively rehearsed and
coached youngsters, under the su-
pervision of Dena Abergel as chil-
dren’s repertory director, have roles
in the ballet’s Christmas Eve party
scene, its battle between mice and
toy soldiers, and the dance suite
that plays out during the second
act’s “Land of Sweets.” This year
these performers range in age from
12 to 16, compared with 8 to 13 in
previous years—a change dictated
by Covid protocols and the vaccina-
tion age cut-off when rehearsals for
the run began.
When the curtain goes up this
season on the narrative’s Stahl-
baum family Christmas party, Bal-
anchine’s child characters appear
more mature than the ones whom
NYCB’s “Nutcracker” audiences are
ras (age 13, from the Ailey School)
and Nathan Smith (13, from Ballet
Tech) portray Fritz, Marie’s bratty
brother, affectingly—with Mr. Smith
showing especially winning sponta-
on the little bed that brings the
Nutcracker into the battle scene
beneath the Christmas tree.
But despite instances of this kind
that seem to pop out as if in close-
Cavalier, petite Megan Fairchild
spun her way through her solo and
duet moves with unerring aplomb,
ably supported by Gonzalo Garcia,
who partnered her with elegance
and sweetness. As Dewdrop, leading
the “Waltz of the Flowers” arranged
for 14 swirling women, Indiana
Woodward made fleet and shim-
mering work of her often dashing
choreographic challenges.
Elsewhere, in two different roles,
energy-filled Roman Mejia made
“Tea” a showcase of taut, split-leg
jumps and subsequently led “Candy
Canes” with flying, turning moves
while wielding and passing through
his hoop as if some acrobatic court
jester. Kristen Segin led her four
sister Marzipan Shepherdesses
with striking pointework and sure
pirouettes.
If the two shows I attended are
anything to go by, the absence of
little boys and girls on stage will be
made up for by those in the audi-
ence, who in their dress-up finery
revealed bright eyes of eagerness
above the often-festive little face
masks they wore for this season of
“The Nutcracker.”

with its company dancers along- used to seeing. Dressed in new cos-
side student dancers from its affil- tuming, remade for the larger, older Mr. Greskovic writes about dance
iated School of American Ballet. dancers after Karinska’s original de- A scene from New York City Ballet’s current production of ‘The Nutcracker’ for the Journal.
 .

A16 | Thursday, December 2, 2021 * * THE WALL STREET JOURNAL.

SPORTS
time, which affects when they be-
LeBron James come eligible for arbitration and
free agency; and what they consider

Enters Covid to be constraints that disincentivize

spending on players, such as the
competitive balance tax.

Protocols There has been some consensus

on a few points. Both sides appear
amenable to adding teams to the
BY BEN COHEN playoff field in some form and to
bringing the designated hitter to
LEBRON JAMES missed the Los the National League, for instance.
Angeles Lakers’ game on Tuesday Mostly, however, negotiations
and will remain out indefinitely af- went nowhere, with neither side at
ter entering the NBA’s health and any point expressing any semblance
safety protocols, indicating the of optimism about a resolution be-
vaccinated NBA star registered a fore the deadline—publicly or pri-
positive or inconclusive test for vately.
Covid-19, which could make James Clearly, baseball as a whole isn’t
the most prominent athlete with a facing existential financial distress.
breakthrough infection. Teams have already spent nearly $2
His teammate Anthony Davis billion on free agents this offseason,
said that James was asymptomatic with the looming lockout causing a
and that “Covid’s a scary thing” in frenzied spending spree over the
comments that suggested he’d past week. Scherzer signed a three-
tested positive, which TMZ re- year contract with the New York
ported earlier on Tuesday. NBA Mets that will net him $43.3 million
teams have left public disclosure per season, an all-time record that
of Covid test results to players, far surpasses New York Yankees ace
and the Lakers have not elabo- Gerrit Cole’s $36 million annually.
rated on the details of James’s Shortstop Corey Seager’s 10-year,
situation. $325 million pact with the Texas
“Hopefully this is something Rangers was the ninth deal ever to
that’s short-term,” Lakers coach guarantee a player $300 million or
Frank Vogel said. “We’ll see.” more.
The team arranged for James’s MLB commissioner Rob Manfred, left, and MLB Players Association executive director Tony Clark during the World Series. Yet issues have persisted since
transportation to Los Angeles from the ratification of the previous la-

Baseball Braces for Lockout

Sacramento, said Vogel, who de- bor contract, the first after Tony
clined to specify whether his best Clark took over as the MLBPA’s ex-
player traveled by plane or car. ecutive director. Clark, a major-
“Health and safety protocols,” Vo- league first baseman from 1995
gel said. “That’s all I can say.”
The NBA’s vaccinated players
are sidelined by the league’s proto-
cols only if they have registered
After Contract Talks End through 2009 and the first former
player to lead the union, replaced
Michael Weiner, an attorney who
died in 2013.
positive or inconclusive tests, not Under the 2017 deal, players
if they have been exposed to the Discussions failed to yield a new collective bargaining agreement have faced a plodding employment
coronavirus or if they were deter- market in which even big-market
mined to be close contacts. If a clubs like the Yankees and Los An-
vaccinated player tests positive, BY JARED DIAMOND tration. changes designed to promote a geles Dodgers at times showed un-
the league’s pandemic rules man- “When you look at the 2016 CBA faster, more action-packed product characteristic austerity. Many teams
date that he’s out at least 10 days Major League Baseball team agreement and how that has on the field. The average MLB game treated the competitive balance tax
or until he returns two negative owners and the players’ union worked over the past five years, as in 2021 lasted a record 3 hours, 11 as a de facto salary cap. Front of-
tests at least 24 hours apart. ended talks Wednesday without players, we see major problems in minutes, and the sport has strug- fices began valuing young, cheap
His absence is the latest blow to striking a new collective bargaining it,” star pitcher Max Scherzer, a gled to replace its aging audience talent over more expensive veter-
a team already struggling with set- agreement, setting the stage for the member of the union’s eight-man with the young fans necessary to ans. The success of the Chicago
backs. The Lakers have a 12-11 re- sport’s first work stoppage since executive subcommittee, said ensure a sustainable future. Cubs and Houston Astros after
cord against one of the league’s the strike that resulted in the can- Wednesday. “First and foremost, we But the heart of the feud re- tanking inspired copycats.
easiest schedules in large part be- cellation of the 1994 World Series. see a competition problem.” volves around the core economics In the summer of 2018, the union
cause they have stumbled without The current deal was set to ex- The owners don’t share the that drive the industry. In that area, hired litigator Bruce Meyer to serve
the 36-year-old, previously inde- pire at 11:59 p.m. ET, at which point union’s position that an overhaul is the parties have not come close to in the newly created role of senior
structible James, who has already management could initiate a lock- necessary. They’ve shown little in- finding common ground. director for collective bargaining
missed half of their games this out. Such an action would freeze all terest in fundamentally reshaping The two sides floated various and legal. He is now the MLBPA’s
season with minor injuries and a offseason transactions and raise several key, longstanding tenets of lead negotiator, pitted against MLB
suspension. questions about whether the dis- the system, such as the time re- deputy commissioner Dan Halem.
The Lakers play three more pute will disrupt the start of spring quired to reach free agency, the sal- Meyer and Halem were also the
games in the 10 days that James
could be out, including two nation-
ally televised showdowns with
their rival Boston Celtics and Los
training in February or even open-
ing day on March 31.
A lockout is the outcome that
has long seemed inevitable, with
ary arbitration process and revenue
sharing among teams.
Management argues that the
players receive a fair share of the
Feb. 26
The date that Grapefruit and Cactus
chief negotiators during last year’s
dispute over how to start the sea-
son following the pandemic shut-
down. The two sides never reached
Angeles Clippers. unrest between the clubs and play- game’s overall revenues and have League play is scheduled to begin an agreement, and commissioner
ers building for years. Players are balked at any proposal that involves Rob Manfred wound up imposing a
seeking significant changes to a increasing their take. Rather, the 60-game schedule. It was a preview
system they view as broken in the league sees the issue as one of of what was to come.
wake of the previous CBA, which wealth distribution: that a small ideas throughout the process: MLB Manfred, a Cornell- and Harvard-
seems to have favored the owners number of highly rewarded super- pitched a draft lottery akin to the educated labor lawyer who led the
after taking effect ahead of the 2017 stars command a disproportionate NBA’s; automatic free agency at age league’s 2002, 2006 and 2011 CBA
season. The average player salary amount of the money allocated to 29 1/2 rather than after six years of negotiations as a deputy to Bud Se-
declined over that span. players, creating economic inequal- service time; changes to the com- lig, recently primed fans for the
A large point of contention is the ity and a shrinking middle class. petitive balance tax, which penal- lockout. “An offseason lockout that
MADDIE MALHOTRA/GETTY IMAGES

competitive landscape, particularly In other words, the players want izes teams for crossing certain pay- moves the process forward,” he said
TOP: RON BLUM/ASSOCIATED PRESS

the rise of “tanking”–a radical re- a larger slice of the pie. The owners roll thresholds; and replacing salary last month at the owners’ meetings
building strategy in which teams in- are willing to change how that slice arbitration with pay based on sta- in Chicago, “is different than a la-
tentionally make their rosters of the pie is divided among the tistical criteria. bor dispute that costs games.”
worse to save money and acquire players but are unwilling to cut The players had proposals of The question now is whether the
draft picks for the future. This ap- them a larger piece. their own to address their issues, two sides can regroup and strike an
proach, coupled with an increased Meanwhile, the owners have also such as efforts to have younger agreement to avoid that fate. To
reliance on data analytics, caused a sought an expanded postseason for- players paid more commensurate start spring training on time, the
squeeze on some veteran free mat—and the financial windfall as- with their performance; the alleged sides would likely need to settle
LeBron James is out indefinitely. agents, inspiring the players’ frus- sociated with it—as well as rule manipulation of players’ service their differences by around Feb. 1.

Weather The WSJ Daily Crossword | Edited by Mike Shenk

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THE WALL STREET JOURNAL.
OPINION
Omicron Reinfects Government
One might ex-
pect the Omi-
cron variant
of Covid-19 to
provide useful
lessons
the way gov-
for
WONDER
ernments deal
LAND
with the coro-
By Daniel
navirus pan-
Henninger
demic. It
won’t.
Public officials cite “sci-
ence,” but they’ve been flying
mostly by the seat of their
pants since the pandemic went
public in early 2020.
“Misinformation” has be-
come an everyday word, with
social-media companies like
Google, Twitter and Facebook
censoring posts about issues
such as climate, race and gen-
der. By that standard, they
should take down the accounts
of every government in the
world for how they have often
mishandled informing their
citizens about Covid-19.
Governments are the insti-
tutions to which people cede
authority so they can live their
lives in predictable ways. Gov-
ernments don’t exist to cause
disorder, though that looks to
be their most notable product
now.
Novel progressive theories
about criminal prosecution are
a primary cause of urban
crime waves, such as smash-
and-grab assaults on depart-
ment stores. Progressive pros-
ecutors won’t apologize for
these crimes, instead arguing
that some civil disorder is an
acceptable price to pay for ra-
cial justice as they define it.
You would think the crime
wave’s personal and physical
costs would produce a policy
adjustment, but these prosecu-
tors won’t budge. The crime
roars on.
Other than perhaps China,
Will Santa Claus Visit Chuck Schumer?
By Karl Rove
P
oliticians need ambition,
but Senate Majority
Leader Chuck Schumer
may be taking it too far in de-
manding that his chamber
pass the National Defense Au-
thorization Act, federal bud-
get, debt-ceiling increase and
Build Back Better Act before
Christmas.
After refusing to bring up
the NDAA for four months, Mr.
Schumer now insists it has to
pass this week without consid-
eration of the 20 or so amend-
ments offered by Democrats
and Republicans. GOP senators
won’t reward Mr. Schumer’s
slow-rolling dodge. They’ll
force votes on the amend-
ments, and after Mr. Schumer
gets over not having his way
procedurally, the NDAA will
pass overwhelmingly.
Mr. Schumer also must bro-
ker a deal to fund the govern-
ment before its money runs
out on Dec. 3. Democrats ha-
ven’t gotten their act together
well enough to push a Biden-
policy-centric budget. Republi-
cans are happy to pass con-
tinuing resolutions with less
spending and more Trump-era
policies. Democrats want to
fund government that way
only for a few weeks, Republi-
cans until March 2022. They’ll
likely split the difference.
Then there’s the debt ceil-
ing, which must be raised by
Dec. 15 or Washington can’t
borrow any more money. For
years, Democrats voted against
raising the debt ceiling when
‘No’ on Jerome Powell at the Fed
By Tom Cotton
W
hile Jerome Powell
was a better choice
than Lael Brainard for
Federal Reserve chairman, that
alone isn’t a good reason to
confirm Mr. Powell for a sec-
ond term. The Senate should
not support his reappointment.
The Fed’s core mission is to
ensure stable prices and a
sound currency. No one can se-
riously argue that it accom-
plished this mission under Mr.
Powell’s leadership. After
years of reckless policy, infla-
tion now exceeds 6%—the
highest rate in 30 years.
Mr. Powell has insisted for
months that inflation was only
“transitory.” This week he
conceded we should “retire”
the word. If only American
families could so blithely re-
tire the devastating effects of
inflation.
In the worst-case scenario,
the SARS-CoV-2 virus involves
no crimes. But it is a scourge,
and theories about addressing
it also haven’t budged much
since epidemiologists sud-
denly found themselves em-
powered and ordered lock-
downs of national populations
world-wide.
With Omicron’s discovery
days ago in South Africa and
before that the surge of infec-
tions in Europe, it is striking
how reflexively governments
are reverting to the strategies
used at Covid’s onset in early
2020—crude travel bans, lock-
downs, border closings and
quarantines.
In Austria (in its fourth
lockdown), Belgium, Italy and
the Netherlands street pro-
tests and riots have broken
out over new restrictions on
personal and commercial life.
These protests, coming after
living for nearly two years
with the pandemic, suggest
something has gone wrong
with governance at a deeper
level than mere disagreement
with public policy.
We have become condi-
tioned to endure the inadequa-
cies of government. Its defi-
ciencies and failures, however
significant, run most of the
time as grinding background
noise. Crime, gasoline prices,
potholes, migrant crises, what-
ever—somehow, life goes on.
The Covid pandemic has
been different. Its effects have
touched everyone. The great
irony of our experience with
this threat is that even before
Covid, most people under-
stood that the one attribute
necessary to live in a modern
world defined by quick, con-
stant change was flexibility.
Hour-to-hour adaptability is
the 21st century’s defining
characteristic.
One word defines govern-
Republicans held the presi-
dency and vice versa. Minority
Leader Mitch McConnell says
Democrats must use their rec-
onciliation authority to do it,
which Mr. Schumer opposes as
time-consuming and a tough
vote. But since they’re in
charge, Democrats will have to
raise the limit.
Last and most challenging
for Democrats is President Bi-
den’s multitrillion-dollar wel-
fare expansion—Build Back
Better. If it is approved in its
current form, it’ll be a demon-
stration of the true power of
bullying.
Traveling in a flying
sleigh may be easier
than passing what he
wants by Christmas.
The object of Democrats’
pressure campaign is Sen. Joe
Manchin of West Virginia,
whose support they need to
pass the BBB spending binge
through the 50-50 Senate.
They seem intent on getting
him to crack and uninterested
in compromising on the things
he’s consistently, clearly said
he requires or can’t support.
To get his vote, Mr. Man-
chin has stated that there must
be work requirements for the
child tax credit and its avail-
ability limited to families mak-
ing $60,000 or less. The bill
contains no such provisions.
He also opposes paid family
an inflationary economy can
collapse the value of money,
endangering society itself. In
less catastrophic but still seri-
ous conditions, Americans who
have played by the rules suffer
as the value of the money they
have painstakingly saved
slowly erodes.
He’s failed in his main
mission, to keep the
currency sound.
Likewise, 6% inflation has
wiped out any nominal wage
gains for workers. Inflation-
adjusted weekly earnings are
down 1.6% compared with a
year ago. And there’s no guar-
antee that 6% inflation is the
ceiling.
Mr. Powell also maintained
the Fed’s radical emergency
monetary policies a decade
ment’s response to the Covid
pandemic: rigidity.
No lesson of the past two
years could be clearer about
the distinction—now a danger-
ous one—between the public
and private spheres of our
lives.
What we have needed most
from government during
Covid’s two long years is mid-
course corrections. With some
exceptions—primarily Republi-
can governors—we haven’t
gotten significant adjustments.
Covid strategy needs a
midcourse correction.
It got Joe Biden’s
vaccine mandate.
The bad experience with
public schools in many states
should be the definitive case
study in government’s inabil-
ity to adjust under pressure. A
decadeslong entanglement of
political and public-sector in-
terests overwhelmed citizens
who wanted their children
back in school. Meanwhile,
Catholic and other private
schools—free of these slow
suffocations—adapted and re-
opened classrooms.
That thousands of schools
are closing now for “mental-
health days” should be as dis-
crediting of public-school ad-
ministration as the smash-
and-grab epidemic is to
progressive prosecutors.
The supply chain, normally
a daily miracle of flexibility, is
mired in sluggishness and
gridlock. Workers are scarce
because government’s Covid
shutdowns kept people away
from daily work habits too
long and because the Biden
administration’s emergency
leave as part of Build Back Bet-
ter. It’s still in the bill.
The senator says new pro-
grams must be “needs based
with means testing.” Good luck
finding that in the bill. There
must be “no additional hand-
outs or transfer payments.”
There are plenty. He also
doesn’t like the extra subsidy
for cars built in union plants—
which is still in the bill too. He
wants “fuel neutral” climate
policies focused on “innova-
tion, not elimination” of hy-
drocarbons. The bill would do
the opposite.
Mr. Manchin also objects to
the sheer size of Build Back
Better. He says the bill must be
paid for, that he won’t “sup-
port a reconciliation package
that expands social programs
and irresponsibly adds to our
nearly $29 trillion in national
debt.” Given the looming insol-
vency of Medicare (2026) and
Social Security (2033), he says
he “won’t support a multitril-
lion-dollar bill without greater
clarity about why Congress
chooses to ignore the serious
effect inflation and debt have.”
The biggest impediment to
Mr. Manchin’s support is what
he calls “shell games” to hide
the act’s true costs. The bill
collects revenue for 10 years
but sunsets its spending pro-
visions earlier—the child and
earned-income tax credits ex-
pire after a year, ObamaCare
subsidies after four, child-care
outlays and free universal pre-
school after six. But no one re-
ally thinks these programs
will end. Each expiration date
after the end of the 2007-08
financial crisis. The Fed had
thereby already exhausted the
normal tools of monetary pol-
icy when the pandemic hit
and was forced to use unprec-
edented levels of government
intervention to prop up the
U.S. economy. As a result, the
Fed’s balance sheet is nearly
$9 trillion and continues to
grow by more than $100 bil-
lion a month. For perspective,
the Fed’s balance sheet barely
surpassed $2 trillion after the
financial crisis.
The chief result of these
policies during the pandemic
has been to boost asset
prices—especially the stock-
market values of large corpora-
tions. But the cost has been in-
flation, which especially harms
working-class Americans.
Mr. Powell’s Fed has forced
millions of American families
to choose whether to pay the
mortgage, feed their families,
transfer payments suppressed
work-response patterns across
labor markets. We may assume
that Anthony Fauci, an archi-
tect of the long lockdowns,
would dismiss such criticism
as an attack on science.
The most notable exception
remains Operation Warp
Speed, the Trump administra-
tion’s departure from layers
of public-policy rigidity to
speed vaccine development.
And what policy, one may ask,
is being recommended to
fight Omicron from every
public pulpit in the world,
most notably Joe Biden’s?
Vaccines. Imagine if Opera-
tion Warp Speed had never
happened. In some sense,
we’d be dead.
Two federal judges this
week ruled against the Biden
vaccine mandate for hospital
workers. This newspaper re-
cently published an article on
whether the natural immunity
one gets from having a Covid
infection—as many hospital
workers, police and firefight-
ers have—should qualify as
sanctioned protection at this
stage of the pandemic. Most
of Europe gives such weight
to natural immunity when es-
tablished by a positive PCR
test.
This has become a difficult
call in the U.S. because public-
health authorities never con-
sidered including in their deci-
sion tree the natural immunity
conferred by millions of infec-
tions. Result: Much of the U.S.
leadership, led by Mr. Biden,
defaults to the inflexibility of
vaccine mandates and their
destructive social upheaval.
H.G. Wells’s imperative,
“adapt or perish,” is today
considered an obvious tool of
daily life. With one outsized
exception.
Write henninger@wsj.com.
provides Democrats a conve-
nient election-year issue.
That is why Texas Sen. John
Cornyn’s letter last Monday
asking the Congressional Bud-
get Office to score the act “as
if the temporary polices in the
bill were instead permanent”
is so important. The CBO re-
sponse will affirm the bill
would create a multitrillion
dollar flood of red ink if made
permanent—which is surely
the Democrats’ intent.
That leaves three scenarios.
Maybe threats from Demo-
cratic bigwigs will convince
Mr. Manchin to cave in and
vote for Build Back Better.
That’s unlikely; he sounds as if
he means what he says. Per-
haps Democrats will find the
right package of special bene-
fits for West Virginia to con-
vince Mr. Manchin to abandon
his principled stand, but that
seems improbable too.
The most likely outcome, in
my opinion, is that Mr. Man-
chin will show the country his
convictions matter: He’ll vote
no and Build Back Better will
fail, denying Mr. Schumer his
Christmas victory and the
Democratic left its transforma-
tional moment. We’ll find out
soon if the red-state Democrat
is one of those principled
Americans who puts country
ahead of party.
Mr. Rove helped organize
the political-action committee
American Crossroads and is
author of “The Triumph of Wil-
liam McKinley” (Simon &
Schuster, 2015).
fill up their gas tanks, heat
their homes or buy Christmas
presents. Instead of taking im-
mediate action to address this
crisis, the Fed has hidden be-
hind its “transitory” talking
point, all while pushing irrele-
vant woke agendas like climate
change and critical race
theory.
Most Americans live in a
world of accountability and
consequences, the lack of
which is one of the things they
hate most about Washington.
Failure is too often rewarded.
The Fed has manifestly failed
during Mr. Powell’s tenure,
further rigging our economy
in favor of the wealthy while
working people suffer. There
must be consequences for
such failure. Mr. Powell is not
the right choice to lead the
Fed.
Mr. Cotton, a Republican, is
a U.S. senator from Arkansas.
.
Thursday, December 2, 2021 | A17
BOOKSHELF | By Mark P. Mills
Where Is My
ThinkingMachine?
The Age of AI and Our Human Future
By Henry A. Kissinger, Eric Schmidt & Daniel Huttenlocher
(Little, Brown, 254 pages, $30)
A
mazement and alarm have been persistent features,
the yin and yang, of discourse about the power of
computers since the earliest days of electronic
“thinking machines.”
In 1950, a year before the world’s first commercial
computer was delivered, the pioneering computer scientist
Alan Turing published an essay asking “Can machines
think?” A few years later another pioneer, John McCarthy,
coined the term “artificial intelligence”—AI. That’s when
the trouble began.
The sloppy but clever term “artificial intelligence” has
fueled misdirection and misunderstanding: Imagine, in the
1920s, calling the car an artificial horse, or the airplane an
artificial bird, or the electric motor an artificial waterwheel.
“Computing” and even “supercomputing” are clear, even
familiar terms. But the arrival of today’s machines that do
more than calculate at blazing speeds—that instead engage
in inference to recognize a face or answer a natural language
question—constitutes a distinction with a difference, and
raises practical and theoretical questions about the future
uses of AI.
The amount of money
chasing AI alone suggests
something big is happening:
annual global venture investing
in AI startups has soared from
$3 billion a decade ago to $80
billion in 2021. Over half is
with U.S. firms, about one-
fourth with Chinese. More than
six dozen AI startups have
valuations north of $1 billion,
chasing applications in every
corner of the economy from the
Holy Grail of self-driving cars to
healthcare and shopping, and
from shipping to security.
Consider another metric of AI’s ascendance: An Amazon
search for “artificial intelligence” yields 50,000 book titles.
Joining that legion comes “The Age of AI and Our Human
Future.” Its multiple authors—Henry Kissinger, the former
secretary of state; Eric Schmidt, the former CEO of Google;
and Daniel Huttenlocher, dean of MIT’s Schwarzman College
of Computing—say their book is a distillation of group
discussions about how AI will “soon affect nearly every field
of human endeavor.”
“The Age of AI” doesn’t tackle how society has come to
such a turning point. It poses more questions than it answers,
and focuses, in the main, on news and disinformation, health-
care and national security, with a smattering about “human
identity.” That most AI applications are nascent is evidenced
by the authors’ need to fall back frequently on “what if” in
an echo of similar discussions nearly everywhere.
The authors are animated by the sense many share that
we’re on the cusp of a broad technological tipping point of
deep economic and geopolitical consequence. “The Age of AI”
makes the indisputable case that AI will add features to
products and services that were heretofore impossible.
In an important nod to reality, the authors highlight
“AI’s limits,” the problems with adequate and useful data-
sets and the “brittleness,” especially the “narrowness,” of
AI—an AI that can drive a car can’t read a pathology slide,
and vice versa.
However, AI’s narrowness is a feature, not a bug. This
explains why hundreds of AI startups target narrow appli-
cations within a specific business domain. It explains why
apps have been so astonishingly successful (consumers have
access to more than 200 million apps, most of which are not
games). Many are powered by hyper-narrow AI and enabled
by a network—the Cloud—of unprecedented reach.
The book’s discursive nature illuminates, if unintentionally,
a common challenge in forecasting AI: It’s far easier today
than in Turing’s time to drift into the hypothetical. While
narrow AI can be awesome, there’s yet a very long road to the
computational horsepower needed to go from an AI “engine”
that can infer “if you liked y, you’ll probably like x,” to broad
existential questions of AI’s threat to “perceptions of reality”
and humanity.
The next big step in artificial intelligence remains
unknown. Predicting AI’s possible implications
means spinning out mere ‘what if’ scenarios.
The authors’ occasional hyperbole (they’re hardly alone)
emerges from the assumption that artificial general intelli-
gence, AGI, is imminent. Even though they do note that
“scientists and philosophers disagree about whether true
AGI is even possible,” they still ask what will become of
human identity as “machines increasingly perform tasks only
humans used to be capable of.” But machines have inspired
that question since, well, the dawn of machines.
Such AGI imaginings are redolent of last decade’s (discred-
ited) trope of a “singularity” wherein computing power super-
sedes the brain. One might note that science remains a very
long way from fully explaining human intelligence, memory
and wisdom. More practically, Facebook, to take a famous
example, uses AI to help flag “inappropriate” content but
still employs 15,000 human “content moderators.” And nei-
ther can easily conquer the infamous “I know it when I see it”
problem of pornography.
While “The Age of AI” briefly cautions about the astounding
computational power needed to approach AGI, the technical
literature today is replete with analyses of the staggering
power-needs of even extant, narrow AI. Researchers point
out that the learning phase for a single AI application can
consume more energy than 10,000 cars do in a day. Overall,
the AI rush has driven a 300,000-fold aggregate growth in
computer power dedicated to training models over the past
half-dozen years.
If there are challenges to discerning the future, there are
also unexamined lessons from the recent past. The authors’
exploration of global competition for AI dominance is remi-
niscent of the early 1980s, when President Reagan ignored
exhortations to expand government spending on “next-
generation” computing to counter Japan’s programs, that
era’s “Asian tiger.” Relevant today, if unexplored in “The Age
of AI,” is exactly how America’s innovators went on to domi-
nate the subsequent digital decades.
Despite the authors’ declared optimism, they are captivated by
the notion that AI “is changing human thought.” History will likely
record that human thought and identity both endure and prosper.
Mr. Mills is a Manhattan Institute senior fellow, a faculty
fellow at Northwestern University’s McCormick School of
Engineering, and the author of “The Cloud Revolution.”
 .

A18 | Thursday, December 2, 2021 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Deterring Putin in Ukraine Don’t Forget the Victims of ‘Victimless Crimes’

S
ecretary of State Antony Blinken on Ukraine is the biggest prize, and Mr. Putin In “San Franciscans Get What They trance. They pulled in, opened the car
Wednesday made the toughest state- would like it to become a satellite dictatorship Voted for With Chesa Boudin” (Cross door, pushed him out onto the as-
Country, Nov. 27), Michael Shellen- phalt and sped off.
ments to date about Russia’s military like Belarus. His problem is that most Ukraini-
berger mentions that the San Fran- My client was notified and drove
buildup on its border with ans see a better future cisco district attorney had cam- 300 miles to try to be with her son.
Ukraine. And on Thursday The Russian is probing aligned with the West, even if paigned in part on lenient handling of During the several days before he
he’ll meet his Russian coun- to see if the U.S. really itthewould take decades to join “victimless crimes.” Among those died, she spent most of her time with
terpart in Stockholm as ten- EU or NATO. Mr. Putin is crimes he considered “victimless” him as a mother would. To take a
sions rise between Moscow would push back. looking for the right time and were open drug use. For me, this re- break, she visited our office and we
and the U.S. The question is means to make his move, and called an incident some years ago in- chatted. I am still haunted by the
whether President Biden’s en- he will if he thinks the costs volving a client. hurt, the fear, the dread vacant look
voy can convince Vladimir Putin that the U.S. will be acceptable. This sweet lady had a son deeply in her eyes as she discussed his prob-
means what it says. So far Mr. Putin has no reason to think they involved in drug abuse. He was un- lems and pending death.
“We’re deeply concerned by evidence that wouldn’t be. Mr. Biden gave the Russian what he able to keep a job. He was unable to This man had no insurance so the
support himself but he could get his good people of Idaho paid for his time
Russia has made plans for significant aggressive wanted by acceding to the Nord Stream 2 pipe-
hands on drugs. One night, his drug- in intensive care. Most important, how-
moves against Ukraine,” Mr. Blinken said line to Europe, and U.S. sanctions for Russia’s use buddies, while partaking in their ever, was the mother’s anguish. She
Wednesday at a meeting of NATO ministers in SolarWinds hack weren’t enough. Mr. Putin also “victimless” endeavors, saw him was a victim and never got over her
Latvia. “The plans include efforts to destabilize knows the West is divided, with Germany eager overdose. They loaded him in their son’s wasted life and senseless death.
Ukraine from within, as well as large scale mili- to give in. car—I have to give them credit for Victimless? Yeah, right.
tary operations.” In other words, Russia may be “Diplomacy is the only responsible way to re- that, at least—and drove him to a lo- DAVID G. DECKER
planning a coup in Kyiv. solve this potential crisis,” Mr. Blinken said cal hospital’s emergency-room en- Eagle, Idaho
“We are prepared to impose severe costs for Wednesday, but more than diplomacy will be
further Russian aggression in Ukraine,” Mr. needed for deterrence. The best way to send that
Blinken added, and “NATO is prepared to rein- message is more lethal military assistance to
force its defenses on the eastern flank.” Mr. Ukraine, whose troops are fighting and dying Inflation Sends Warren on a Wild Turkey Chase
Blinken didn’t get specific, and Ukraine isn’t a against Russian-backed separatists in the east. Regarding “Stupid Inflation Tricks” higher tax bracket from an increase
NATO member, but this was as clear a statement Ms. Malyar says Kyiv needs “anti-aircraft, (Review & Outlook, Nov. 29): By far in nominal wages. The government
of military deterrence as the alliance has been anti-ship, and anti-missile defense (including Pa- the greatest factor in the cost of rais- receives more from a person’s pay-
willing to make as Mr. Putin stirs trouble on his triot anti-aircraft and missile defense systems), ing a turkey (or a pig or nearly any check, even if he could afford less as
borders. Mr. Blinken had better mean it because electronic and anti-drone weaponry,” along with other meat animal) to market size is a consumer. Perhaps Sen. Warren
Mr. Putin may call his bluff. “artillery and mortar systems, reconnaissance the price of the grain the animal eats. could investigate this travesty?
Mr. Biden met with the Russian strongman in and medical equipment, ships and boats.” Because of rising world demand and JUSTIN PUROHIT
June, hoping for better relations, but the returns Much of that should already be on the way, so-so global production levels, the Jessup, Pa.
have been negative. Russia has tested an antisat- along with much more antitank weaponry in prices of corn and soybeans have
ellite missile, without warning, that could be Ukraine, as tanks are critical to taking and hold- jumped over 50% in the last two I gobbled up the editorial board’s
years. Meat prices reflect that cost keeping abreast of, and talking turkey
used against U.S. assets. Belarus, with support ing territory. A surge of NATO troops to Poland
increase. about, inflation’s impact on Thanks-
from Moscow, has weaponized migrants along would be useful, and it’s too bad the alliance For Sen. Elizabeth Warren to giving dinners. On Tuesday, even Fed-
the European Union border. didn’t decide to send them this week. Sending blame poultry executives for the eral Reserve Chairman Jerome Powell
Russia has also moved some 90,000 troops to NATO military advisers and trainers to Ukraine higher cost of your Thanksgiving din- acknowledged that “it’s probably a
the edge of Ukraine. Ukrainian deputy defense can’t be ruled out. ner, with no evidence other than the good time to retire” the word “transi-
minister Hanna Malyar told us that “the Russian The U.S. and Europe will also have to make price, is reckless, defamatory and ei- tory” to describe U.S. inflation. So, no
side continues to build capabilities by increasing clear that they are willing to go much further than ther ignorant or disingenuous. Or, as matter how it’s dressed, Sen. War-
the number of troops and weapon systems in the previous rounds of sanctions. Nord Stream 2 I suspect, all of the above. ren’s “asking DOJ to investigate”
occupied Crimea.” A broad winter invasion is should die, and tighter restrictions on Putin cro- ALAN TRACY companies for “abusing their market
possible. nies and Russian debt issuance are needed. Rus- Kiawah Island, S.C. power” simply won’t fly. Some would
Western leaders have consistently underesti- sia’s state-owned banks, energy firms and mining Mr. Tracy was special assistant to even say it’s foul.
the president for agricultural trade STEVEN D. RESKE
mated Mr. Putin because they misjudge his ambi- and metals companies are vulnerable.
and food assistance (1986-88). Minnetonka, Minn.
tions. He doesn’t want Russia to become a nor- The moment is more dangerous than most
mal European power. He views the breakup of Americans realize, as Mr. Putin sizes up the will The truly nefarious consequence of
the Soviet Union as a national tragedy, and he of the new Administration and Mr. Biden. What- inflation is being pushed into a Hannah Arendt Knew Adolf
wants to restore a Greater Russia by bringing the ever Mr. Putin says, it’s foolish to believe that
former Soviet republics back under Kremlin making an invasion more costly will somehow Eichmann Deserved to Die
sway. make him more likely to carry one out. An Annuity Offers Certainty, Norman Lebrecht, in reviewing two
books on the life and thought of Han-
But There’s a String Attached nah Arendt (Nov. 6), claims that “By
Advantage, Women’s Tennis Association The letter (Nov. 20) from James H. law and logic, she felt, [Adolf Eich-
Szostek of the American Council of Life mann] was unworthy of capture, trial,

T
oo many Western leaders and celebri-
ties apply a double standard when doing
business with China, forgiving behavior
from Beijing they’d deplore at home. Think the
NBA’s LeBron James on Hong Kong, or Black-
Rock CEO Larry Fink on governance standards
for business.
So it’s bracing, and welcome, to hear the
Women’s Tennis Association hold to principle
as it stands up for Peng Shuai, a Chinese tennis
star who publicly accused a high-ranking Com-
munist leader of sexual assault in a now-deleted
social media post from November.
In a new statement Wednesday, WTA chair-
man and CEO Steve Simon repeated “what is
needed here,” which is “a full and transparent
investigation—without censorship—into Peng
Shuai’s sexual assault accusation.” Although
Chinese media have released videos of Ms.
Peng, and she made a video call to the Interna-
tional Olympic Committee to say she was safe,
the WTA rightly says it can’t be sure she is
speaking freely.
Mr. Simon didn’t say it but we will: The IOC
can’t be trusted because it has an interest in
making everything about Ms. Peng look good
Sotomayor Gets Political
with the Winter Olympics scheduled for Febru-
ary in Beijing.
“As a result,” Mr. Simon says, “and with the
full support of the WTA Board of Directors, I am
announcing the immediate suspension of all
WTA tournaments in China, including Hong
Kong. In good conscience, I don’t see how I can
ask our athletes to compete there when Peng
Shuai is not allowed to communicate freely and
has seemingly been pressured to contradict her
allegation of sexual assault.”
Seldom do Western CEOs speak so honestly
to China, much less risk their lucrative China
markets over principle. The test now is whether
others will continue to speak out and keep the
pressure on. In particular, it will be telling to
see whether the WTA gets support from other
sports organizations, or whether they go the
NBA route.
If China is being honest, it will let Ms. Peng
leave the country and speak freely about her ac-
cusations. The way the WTA’s requests have
been treated is another reminder that if foreign
businesses don’t hold China to internationally
accepted rules, China will impose its own rules
on them.
Insurers about the so-called “4% rule” or execution.” But in “Eichmann in
makes the valid point that an annuity Jerusalem,” Arendt supported all
from an insurance company guarantees three. She unequivocally supported
more annual retirement income than a the death penalty, writing, “Because
standard withdrawal strategy. Not he . . . had played a central role in an
noted was that the typical annuity also enterprise whose open purpose was
guarantees that none of that original to eliminate forever certain ‘races’
$1 million investment will be returned from the surface of the earth, he had
after death—even if you receive only a to be eliminated.”
few annuity payments. That justice was done would have
Meanwhile, a standard withdrawal become even more evident, Arendt
strategy may preserve most of that adds, if the judges had said to Eich-
$1 million or even more for your mann: “And just as you supported
heirs. A simple comparison of initial and carried out a policy of not want-
payments shouldn’t be the last word. ing to share the earth with the Jew-
The certainty of an annuity comes ish people and the people of a num-
with a cost. ber of other nations—as though you
CLINT MYERS and your superiors had any right to
Charleston, S.C. determine who should and who
should not inhabit the world—we find
Mr. Szostek may be comparing ap- that no one, that is, no member of
ples and oranges. He appears to state the human race, can be expected to
an annuity provides better income want to share the earth with you.
than the 4% rule. I disagree. This is the reason, and the only rea-
Based on a $1 million investment, son, you must hang.”
he states the annuity would allow a PROF. LEROY COOPER
withdrawal of $56,000 a year. That’s Colorado State University
great to start, but 10, 20, 30 years Fort Collins, Colo.
later, that $56,000 might not seem so
great. Even if inflation returns to the
historical average of 3% or so, every Woke or Proto-Totalitarian?
24 years the cost of living will dou-
ble. If someone invests $1 million,
I cheered while reading Garry

T
Kasparov’s op-ed “‘Woke’ Is a Bad
he Supreme Court held a fascinating the legitimacy of her own institution into and we assume a 5% annual rate of
Word for a Real Threat to American
discussion on rights in the Constitution question. return and 3% a year increase in an-
Democracy” (Nov. 18). For people like
nual withdrawals, one could withdraw
and when to overturn its own prece- This is nasty stuff, and she must know it will over $43,000 the first year, and
me, who grew up in a communist
dents on Wednesday in the have the effect of fanning country, his assessment of the cur-
$105,000 in year 30. While the “4-
oral argument on Missis- The Justice loses her hostility to the Court in the percenter” would have less to spend
rent trend in American politics re-
sippi’s ban on abortion after broader public. Perhaps that flects what we know from firsthand
15 weeks (Dobbs v. Jackson
cool during oral was part of her point. Jus-
the first year, he is more likely to be
experience. We can feel it in our
able to maintain that standard of liv-
argument on abortion. tices who passionately dis- bones. Shutting down debate, mar-
Women’s Health Organiza- ing over his likely retirement years.
ginalizing and canceling people, de-
tion). The media consensus is agree with opinions often ILENE DAVIS
nying free and open expression of
that a majority is prepared to read their dissents from the Cocoa, Fla.
opinions, destroying people indi-
alter its standard of review for abortion regu- bench, but they don’t call into question the rectly or directly, is the way totali-
lation by the states, though you never know for motivations of their colleagues. tarian regimes gain and maintain
sure based on questions in oral arguments. Justice Stephen Breyer, a shrewder jurist, We All Pay Extra for Ethanol power.
One judgment we can safely make is that also made clear that he thinks it would dam- C. Boyden Gray contends in his let- Mr. Kasparov says it best: “De-
Justice Sonia Sotomayor is mad as hell about age the Court’s reputation to overturn the ter (Nov. 23) that ethanol is less ex- stroying the mechanisms of democ-
it, and she was willing to violate the Court’s two precedents. But he did so by teasing out pensive than gasoline. His comparison racy to preserve democracy won’t
normal standards of decorum to make her a colloquy on the standards of stare decisis is made gallon for gallon. A fair com- work.” It had been tried, but it never
parison, however, would be based on has worked.
point. From the start she ripped into the law- and whether Roe and Casey qualify as super
heating value. When burned, regular BARBARA ANDERSON
yer for Mississippi, but more notable were her precedents. gasoline yields approximately 115,000 Winter Park, Fla.
words that were intended as a message to her The other Justices took Justice Sotomayor’s British thermal units of heat per gal-
fellow Justices if they overturn Roe v. Wade bad temper in stride, and let’s hope they don’t lon. Ethanol yields 75,700 BTU a gal-
and Planned Parenthood v. Casey. let it affect their thinking. Brett Kavanaugh in lon. Now, factor in the prices cited by
“The newest ban that Mississippi has put particular was forceful in pointing out that the Mr. Gray. Gasoline selling for $2.28 a
Pepper ...
in place, the six-week ban, the Senate sponsor Constitution is “neutral” on abortion—neither gallon costs $1.98 per 100,000 BTU. And Salt
said we’re doing it because we have new Jus- in favor of banning it as some conservatives Ethanol selling for $2.20 a gallon
THE WALL STREET JOURNAL
tices on the Supreme Court,” the Justice said, want, nor defining it as an express right like costs $2.91 per 100,000 BTU.
getting personal about the newest members free speech. He asked if it wouldn’t be better Based on heat value, ethanol costs
of the Court, Brett Kavanaugh and Amy Coney for the Court to be neutral as well. more. And since ethanol reduces the
heating value of gasoline, it also re-
Barrett. “Will this institution survive the Chief Justice John Roberts seemed to be
duces mileage per gallon, requiring
stench that this creates in the public percep- looking for a middle ground on the issue, as more gallons to be consumed for the
tion that the Constitution and its reading are he often does. His questioning suggested that same number of miles driven.
just political acts? . . . I don’t see how it is the Court might be able to find the Mississippi DAVID BREDHOLD
possible.” law legal under Casey’s “undue burden” test Louisville, Ky.
Survive the stench? Just political acts? for abortion without overturning the prece-
It’s no surprise that Justice Sotomayor dents. Other Justices, notably Neil Gorsuch,
Letters intended for publication should
feels strongly about abortion rights. But with seemed skeptical that the Court could come up be emailed to wsj.ltrs@wsj.com. Please
those words she wasn’t addressing the legal with a clear definition for “undue burden.” include your city, state and telephone
questions at issue. She was asserting that if However the Justices rule, they should keep number. All letters are subject to
the Court revisits its abortion precedents its their eyes on the Constitution, not the politics editing, and unpublished letters cannot
be acknowledged.
motivation would be political. She is throwing or passions of the moment. “I’m loving this new open floor plan.”

THE WALL STREET JOURNAL.
Why I’m Backing Charter Schools
By Michael R. Bloomberg
A
merican public education
is broken. Since the pan-
demic began, students
have experienced severe
learning loss because
schools remained closed in 2020—
and even in 2021 when vaccinations
were available to teachers and it was
clear schools could reopen safely.
Many schools also failed to adminis-
ter remote learning adequately.
Before the pandemic, about two-
thirds of U.S. students weren’t read-
ing at grade level, and the trend has
been getting worse. Results from the
National Assessment of Educational
Progress, commonly known as the
nation’s report card, show that in
2019, eighth-grade math scores had
already fallen significantly.
The public school system
is failing. My philanthropy
will give $750 million to
a proven alternative.
Teachers understand the severity
of the problem, and many are doing
heroic work, yet some of their union
representatives are denying reality.
“There is no such thing as learning
loss,” said Cecily Myart-Cruz, head
of the Los Angeles teachers union,
in an interview with Los Angeles
Magazine this past summer. “Our
kids didn’t lose anything. It’s OK
that our babies may not have
learned all their times tables. They
learned resilience.”
What nonsense. How about read-
ing, writing and arithmetic, the criti-
cal skills we are funding schools to
teach?
A Vaccine Mandate Puts Patients at Risk
By Seema Verma
T
he Centers for Medicare and
Medicaid Services is threat-
ening to withhold payments
to healthcare facilities unless they
require the Covid-19 vaccine for
their workers. This action is mis-
guided. I am vaccinated and sup-
port the goal of increasing vaccina-
tion rates. But the CMS policy has
the potential to backfire and jeop-
ardize patient access, safety and
the quality of care for millions of
Americans.
Medicare and Medicaid serve
more than 140 million Americans
and pump over $1 trillion into the
U.S. economy. No healthcare entity
can ignore CMS requirements with-
out devastating financial implica-
tions. The CMS mandate will un-
doubtedly create patient safety and
Washington’s threat to
withhold Medicare and
Medicaid funding is likely
to do more harm than good.
quality concerns, violating the pur-
pose of the agency’s regulatory au-
thority. It already is giving rise to
legal challenges: On Monday a fed-
eral judge blocked enforcement of
the mandate in 10 states that had
sued over the requirement.
Many healthcare facilities have
spent months encouraging and cre-
ating incentives for staff to get vac-
cinated, because they recognize
that patients and staff risk con-
tracting Covid without the shot.
The healthcare system served pa-
tients last year without vaccines.
That wasn’t ideal, but it was better
than turning away people who need
care. Scores of healthcare workers
are resigning, retiring and cutting
back their hours. The September
jobs report showed 18,000 fewer
Americans working in healthcare,
with the nation’s hospitals losing
8,000 employees.
Many facilities are limiting the
number of patients they see be-
cause they lack staff. Rick Pollack,
president of the American Hospital
Association, said the new CMS pol-
icy may end up “exacerbating the
severe workforce shortage problems
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY
Rupert Murdoch
Executive Chairman, News Corp
Matt Murray
Editor in Chief
Neal Lipschutz Karen Miller Pensiero
Deputy Editor in Chief Managing Editor
Jason Anders, Chief News Editor
Thorold Barker, Europe; Elena Cherney, Coverage;
Andrew Dowell, Asia; Anthony Galloway, Video &
Audio; Brent Jones, Culture, Training & Outreach;
Alex Martin, Print & Writing; Michael W. Miller,
Features & Weekend; Emma Moody, Standards;
Shazna Nessa, Visuals; Matthew Rose,
Enterprise; Michael Siconolfi, Investigations
Paul A. Gigot
Editor of the Editorial Page
Daniel Henninger, Deputy Editor, Editorial Page;
Gerard Baker, Editor at Large
Instead of giving students the
skills they need to succeed in
college or in a trade, the public
education system is handing
them diplomas that say more
about their attendance record
than their academic achieve-
ment. This harms students, es-
pecially those from low-income
families. When and if they grad-
uate, they will try to find work
in an economy that values
knowledge and skills above all
else, and their old schools will
say to them: “Good luck!”
Other nations are rising to
this challenge and racing ahead,
but we are moving backward,
creating an economic and na-
tional-security crisis that will
worsen over time. Unless we
have the courage to rebuild pub-
lic education from the bottom
up, we will continue to doom
our most vulnerable to a life of
poverty and, in too many cases,
incarceration.
We know what works, be-
cause we can see it in real time.
Success Academy’s network of
47 public charter schools is
serving New York children
whose families predominantly
live below the poverty line.
Their students are outperform-
ing public-school students in
Scarsdale, N.Y.—the wealthiest
town on the East Coast and the
second-wealthiest town in America—
by significant margins. Yet a state-
wide cap on charter schools is block-
ing Success Academy from
expanding.
In New York and many other
places, enrollment in traditional
schools has fallen dramatically since
the start of the pandemic as parents
search for better alternatives. Mean-
while, across the country, charters
that currently exist.” Forcing the
resignation of unvaccinated health-
care workers could lead to the clos-
ing of hospitals and nursing homes,
especially in rural areas where even
losing a few staff could be cata-
strophic to operations.
The consequences could lead to
life-or-death issues for patients
across the country. A hospital in
Long Beach, N.Y., shut down its
emergency room due to a lack of
vaccinated nurses. A hospital in
Lewiston, Maine, closed its neo-
natal intensive-care unit—one of
only five in the state—in advance
of the governor’s Oct. 31 deadline
for all healthcare workers to be
vaccinated.
The CMS mandate could generate
a downward spiral: Already-ex-
hausted healthcare workers would
have to work longer hours to com-
pensate for the termination of un-
vaccinated colleagues, leading to
more burnout and retirements. This
could lead to delays in care, or the
postponement of needed healthcare
services. If patients put off needed
surgeries or preventive services like
mammograms that can lead to more
diagnoses of advanced diseases,
which are more complicated and ex-
pensive to treat. Amid an uptick in
Covid-19 cases in some states and
warnings of a potential fourth
wave, we need healthcare workers
on the frontlines, not the unem-
ployment lines.
The CMS should maintain the
goal of universal vaccinations for
healthcare workers, but the rule
should allow for more ramp-up
time before enforcing draconian
consequences, while carving out ex-
emptions for rural providers and
other healthcare facilities facing
staff shortages. These facilities
could be required to put together a
plan to increase vaccines and re-
duce transmission. Such a plan
could include further incentives for
staff to be vaccinated, requirements
for public transparency around
overall facility immunization rates,
regular testing of unvaccinated
workers, and removal of unvacci-
nated staff from patient-facing ac-
tivities, without terminating their
employment.
I don’t fault the CMS for trying
to get more healthcare workers
vaccinated. But we are talking
about individuals who have already
Robert Thomson
Chief Executive Officer, News Corp
Almar Latour
Chief Executive Officer and Publisher
DOW JONES MANAGEMENT:
Daniel Bernard, Chief Experience Officer;
Mae M. Cheng, SVP, Barron’s Group; David Cho,
Barron’s Editor in Chief; Jason P. Conti, General
Counsel, Chief Compliance Officer; Dianne DeSevo,
Chief People Officer; Frank Filippo, EVP, Business
Information & Services; Robert Hayes, Chief
Business Officer, New Ventures;
Aaron Kissel, EVP & General Manager, WSJ;
Josh Stinchcomb, EVP & Chief Revenue Officer,
WSJ | Barron’s Group; Jennifer Thurman, Chief
Communications Officer
EDITORIAL AND CORPORATE
HEADQUARTERS:
1211 Avenue of the Americas, New York, N.Y., 10036
Telephone 1-800-DOWJONES
.
Thursday, December 2, 2021 | A19
OPINION
than 150 new charters, many of
which have performed at the
highest levels. These schools
have helped reduce racial and
ethnic achievement gaps in New
York.
Today there are long waiting
lists for charter schools across
the country, but mayors and gov-
ernors aren’t getting the support
they need from Congress and the
White House to open new char-
ter schools. To begin meeting
the demand for charters,
Bloomberg Philanthropies is
launching a five-year, $750 mil-
lion effort to create seats for
150,000 more children in 20
metro areas across the country.
We will provide seed capital
to open new, high-quality char-
ter schools with leadership and
staff members that reflect stu-
dents’ diversity. This invest-
ment will also help existing
charter schools grow. We will
also fund work to strengthen
schools’ data systems, train and
develop principals and teachers,
and study what is working well
to develop best practices for
the nation.
This initiative builds on the
education work our foundation
DAVID KLEIN
has been doing for years, includ-
ing programs that train teenag-
ers for trades and other fields
that offer well-paid, stable ca-
saw their largest enrollment in- missing. As Ms. Myart-Cruz said, reers that are not easily automated
crease ever last year—240,000 more “You can recall the governor. You or moved overseas.
children. can recall the school board. But how It also builds on our financial-aid
Charters, which generally don’t are you going to recall me?” support to Johns Hopkins University,
operate under union contracts, also Ironically, she’s right. And as which has made the school’s admis-
have more flexibility to manage school failures worsen, children are sions process permanently need-
staffing, curriculum, testing and paying a terrible price for this lack blind. The idea behind the Hopkins
compensation. This allows them to of accountability. A union’s job is to gift is the same one driving this new
create a culture of accountability for represent its members, not to set ed- charter-school initiative: There
student progress week to week that ucation policy. They can have input, should be no connection between
many traditional public schools are but schools should focus on the family income or skin color and a
needs of students first, not the em- student’s opportunity to receive a
ployees. It’s the job of elected offi- great education—not in college, and
cials to make that clear and not ca-
ter to their political supporters and
campaign donors.
not in elementary, middle or high
school either.
We need a new, stronger model of
endured the stress of losing pa- During my time as mayor of New public education that is based on ev-
tients to Covid-19 and working gru- York, I worked closely with Randi idence, centered on children, and
eling hours. Local healthcare pro- Weingarten, now president of the built around achievement, excellence
viders need the flexibility to American Federation of Teachers. and accountability for all. The future
implement those approaches, not a While we often disagreed, we were of America’s most vulnerable chil-
Washington-knows-best, one-size- able to raise base pay for teachers dren—and of our country—is riding
fits-all nationwide rule. by 43% in exchange for a longer on whether we can deliver it.
school day. Our administration also
Ms. Verma is a health policy con- worked with the state Legislature to Mr. Bloomberg, founder of
sultant based in Indiana. She served raise the cap on charter schools, and Bloomberg LP, served as mayor of
as CMS administrator, 2017-21. over 12 years, we helped create more New York, 2001-13.
PAID ADVERTISEMENT
A MESSAGE FROM AMERICA’S HOSPITALS & HE ALTH SYSTEMS
Supporting the Health Care Workers Who
Supported All of Us
Health care is, at its core, people caring • Pushed for enactment of the Dr. Lorna
for people. But the pandemic has strained Breen Health Care Provider Protection
our health care workforce like never Act to invest in behavioral health
before. The Bureau of Labor Statistics services for health care workers and
found that hospital employment decreased prevent burnout.
by almost 100,000 from February 2020 to
• Advocated that Congress lift the cap on
September 2021, and 30% of health care
Medicare-funded physician residencies,
workers have considered leaving the
Rick Pollack boost support for nursing schools and
profession during the pandemic. President and CEO
faculty, provide scholarships and loan
American Hospital
Stress, trauma, burnout and behavioral Association repayment for certain providers, and
health disorders are at historic levels. expedite visas for all foreign highly
A recent survey found almost 60% of health care trained personnel.
workers reported impacts on their mental health
• Urged the government to investigate possible
during the COVID-19 response.
collusion and price gouging by nurse staffing
Our nation simply does not have enough clinicians agencies that are charging hospitals exorbitant
to care for patients today and not enough are in the prices for travel nurses, taking advantage
training pipeline for the future. Further, the health of the need for nurses to pad the agencies’
and well-being of doctors, nurses and all health care bottom lines.
workers is on an unsustainable path.
• Supported state efforts to expand scope of
Workforce shortages have a direct impact on practice laws allowing health professionals to
patient care. While hospitals always prioritize practice at the top of their licenses, and trained
critical services like emergency departments and teams on new models to improve the delivery
intensive care units, patients may experience longer of care.
waiting times. These delays could lead to additional
• Are working to hold commercial health insurance
emergencies or medical complications.
companies accountable for abusing prior
Some of these workforce challenges predate the authorization and other practices that increase
pandemic. The United States could face a shortage clinician burnout and harm patient access to care.
of up to 124,000 physicians by 2033, and will need
The bottom line: This national emergency
to hire at least 200,000 nurses per year to meet
demands immediate attention from
increased demand and replace retiring nurses. These
policymakers at every level of government.
trends – combined with an aging population and rise
in chronic diseases – all add up to create a daunting The people of our nation’s workforce have proven
challenge for our entire health care system. to be the real health care heroes – not only over
these past two years in the fight against COVID-19,
Hospitals and health systems are committed to
but every single day as they provide care, comfort
supporting the workforce, preparing them for
and compassion. Hospitals and health systems are
tomorrow and building a pipeline for the future.
committed to going the extra mile for them.
Together, we:
• Created programs and resources to promote
well-being and resiliency for caregivers.
To read more, visit www.aha.org
PAID FOR BY THE AMERICAN HOSPITAL ASSOCIATION
 .

A20 | Thursday, December 2, 2021 THE WALL STREET JOURNAL.

“Twilio is ranked 1 #

for market share in

Customer Data Platforms.”
– IDC, “Worldwide Customer Data Platform Market Shares, 2020”*

*IDC “Worldwide Customer Data Platform Market Shares, 2020: The Flight to First-Party Data Is On, and CDPs Win Big,” published July 2021 – ID #US48052920e

BUSINESS & FINANCE
© 2021 Dow Jones & Company. All Rights Reserved.
S&P 4513.04 g 1.18% S&P FIN g 1.10%
U.S. Omicron Case Hits Stocks
BY JOE WALLACE
AND CAITLIN MCCABE
Stocks fell Wednesday in a
volatile trading session,
dragged down by news that
the first known case of the
Omicron variant was identi-
fied in the U.S.
All three major U.S. indexes
finished lower in a stark turn-
around from earlier in the day.
Stocks rallied after the open-
ing bell, rebounding from their
post-Thanksgiving selloff. The
recovery reversed in the after-
noon after reports that new
Pandemic
Favorite
Shares
Suffer
BY KAREN LANGLEY
The prospect of higher in-
terest rates is diminishing in-
vestors’ appetite for riskier
corners of the stock market.
Many stocks suffering lately
are businesses tied to technol-
ogy and innovation, some of
which don’t regularly turn a
profit. The group includes
shares that soared last year as
the pandemic reshaped eco-
nomic activity and which may
have looked too expensive as
the U.S. economy increasingly
reopened.
Among the stocks whose
prices have dropped more than
30% over the past three
months: Snap Inc., Zoom Video
Communications Inc., Twitter
Inc., Pinterest Inc., Peloton In-
teractive Inc., Zillow Group
Inc., Beyond Meat Inc. and
Stitch Fix Inc. The S&P 500 has
slipped 0.2% over that period.
The decline in formerly high-
flying discretionary tech shares
highlights the risk raised by the
prospect of higher interest
rates. Investors and analysts
say they see no immediate
threat to the broader market’s
advance, which has been driven
by tech stalwarts like Microsoft
Corp., Apple Inc. and Google
parent Alphabet Inc.
“If you’re Amazon, Microsoft
or Apple, you don’t need to
borrow at low rates—you’ve
got huge cash balance sheets,”
said Greg Bassuk, chief execu-
Please turn to page B10
Casinos End
Ties to Junket
Operator
BY ELAINE YU
HONG KONG—Macau’s casi-
nos have shut down the VIP
rooms of the city’s largest jun-
ket operator, and its leader Al-
vin Chau has resigned following
his arrest on illegal gambling
and money laundering allega-
tions.
Casino operators informed
Macau’s Gaming Inspection and
Coordination Bureau that they
have ended their relationship
with the junket operator known
as Suncity and suspended its
rooms for high rollers starting
Wednesday, the regulator said.
The shares of U.S. casino op-
erators with subsidiaries in
Please turn to page B10
TECHNOLOGY: SQUARE CHANGES NAME TO BLOCK B4
S&P IT g 1.26%
* * * **
Covid-19 infections nearly
doubled in South Africa
Wednesday and that the
Covid-19 Omicron variant was
identified in California.
Losses accelerated near the
end of the session. The Dow
Jones Industrial Average lost
461.68 points, erasing an in-
traday rally of nearly 521
points. The blue-chip index
finished down 1.3% to
34022.04.
The S&P 500 fell 53.96
points, or 1.2%, to 4513.04. Its
3.1% loss for Tuesday and
Wednesday is the benchmark
Exxon Mobil’s capital and
exploration expenditures
$10.8B
$40 billion
as of the
third quarter
30
20
10
0
2010 ’15
Sources: the compaany (expenditures); S&P Capital IQ (profit/loss); FactSet (futures prices)
Exxon to Maintain Lean Spending
BY CHRISTOPHER M. MATTHEWS
Exxon Mobil Corp. said
Wednesday it will maintain a
conservative budget for the
next five years, as the outlook
for oil and gas demand re-
mains murky while coronavi-
rus-led economic risks persist
and some countries attempt
to wean themselves off fossil
fuels.
The Texas oil company,
which slashed spending in
2020 as the world contended
with waves of Covid-19, said it
is sticking to decreased
spending levels for years to
come. Exxon will spend be-
tween $20 billion and $25 bil-
lion a year on capital invest-
INSIDE
BANKING
Capital One becomes
the latest bank to
scrap overdraft
fees. B3
HEARD ON THE
STREET
How Omicron risk
could handicap big
banks. B11
DJ TRANS g 2.21%
THE WALL STREET JOURNAL.
WSJ $ IDX À 0.10%
index’s largest two-day per-
centage decline in more than a
year. The Nasdaq Composite
fell 283.64 points, or 1.8%, to
15254.05.
The emergence of the Omi-
cron variant is injecting un-
certainty into financial mar-
kets when investors were
already trying to ascertain the
impact of rising inflation.
Investors have little to go
on as they assess whether the
variant will lead to renewed
lockdowns, and, if so, how
governments and central
banks would respond to sup-
Quarterly profit/loss
$8.4B
2018
Crude-oil futures prices
$80 a barrel
70
60
’21
50
2021
ments through 2027, a 17% to
33% decrease from its pre-
pandemic plans.
Exxon reported earnings of
$6.8 billion in October, its
best quarterly performance
since 2017, as global energy
demand rebounded faster
than anticipated and oil pro-
duction struggled to keep
pace. U.S. oil prices fell more
than $17 a barrel in Novem-
ber, or about 20%, as inves-
tors grappled with the market
impact of a release from the
U.S. strategic petroleum re-
serve and, more recently, the
risks of the new Omicron
variant.
Exxon’s plans have been
months in the making and
Probe of Bezos Hack Claim Yields No Action
In 2019, Amazon.com Inc.
founder Jeff Bezos accused the
National Enquirer of attempt-
ing to extort him with embar-
rassing texts and photos, and
his security team suggested
that Saudi Arabia could have
gleaned this data by hacking
his phone.
By Corinne Ramey,
Dustin Volz
and Aruna Viswanatha
Probes by the U.S. govern-
ment haven’t led to any public
action on either front.
The Federal Bureau of Inves-
tigation examined the possibil-
ity of a hack as part of a broad
federal counterintelligence in-
vestigation into allegations of
Saudi-sponsored hacking and
espionage against the U.S.,
people familiar with the probe
MAXIMIZE WAREHOUSE
PRODUCTIVITY WITH AUTOMATION
LIBOR 3M 0.175
NIKKEI (Midday) 27750.67 g0.66% See more at WSJ.com/Markets
port the economy.
“Volatility in the short run
should be expected. Ulti-
mately, we’re dealing with a
little more uncertainty than
we have been,” said Chris Zac-
carelli, chief investment offi-
cer of Independent Advisor Al-
liance. “There’s enough cause
for concern that people are
shooting first and asking
questions later.”
Mr. Zaccarelli said his Char-
lotte, N.C., firm has been de-
laying expanding its position-
ing in cyclical sectors due to
concerns about Covid-19, and
Best quarterly performance since 2017
’19 ’20
–22%
since Nov. 1
Dec.
aren’t an immediate reaction
to the new variant, but reflect
uncertainty about commodity
markets as the world at-
tempts to move past Covid-19.
The company said Wednes-
day that its spending plans
provide flexibility to react to
“adverse market conditions.”
Exxon also said the budget
furthers its strategy of find-
ing structural cost savings
while investing in projects
that can generate returns
greater than 10%, even if oil
prices fall to $35 a barrel. The
company said it expected to
double earnings, compared
with 2019, by 2027.
While some of Exxon’s
peers have begun investing in
Amazon’s Jeff Bezos said the National Enquirer tried to extort him.
said. Mr. Bezos met at least
once with federal investigators
for that probe, the people said.
But the FBI didn’t obtain
Mr. Bezos’ phone, and the in-
vestigation into whether the
.
Thursday, December 2, 2021 | B1
Credit
remains balanced between
growth and value stocks. “We
Card
feel like in the absence of per-
fect information, it makes
sense to prepare for either
scenario,” he said.
Demand
Wednesday’s selloff was
broad-based. Among the S&P
500’s 11 sectors, only the utili-
Rises
ties group finished higher. The
sector is typically viewed as a
more defensive haven within
the stock market.
Sharply
The Russell 2000 index of
small-cap stocks lost 2.3%, BY ORLA MCCAFFREY
sliding into correction terri-
Please turn to page B10 Americans are applying for
credit cards at a rate not
seen since before the pan-
3Q 2021
$6.8B
demic.
Close to 27% of U.S. con-
sumers said in October that
they had applied for a credit
card in the past 12 months,
according to the Federal Re-
serve Bank of New York. That
is the highest level since 2019
and well above the record low
’21
of 16% recorded a year ago.
The New York Fed data
don’t account for the new
Omicron coronavirus variant,
which could set back people’s
travel plans and further snarl
supply chains.
But the rebound in credit-
card appetite through the be-
Please turn to page B2
Publishers
Sue Shopify
Over Piracy
–20.1 BY VIPAL MONGA
A group of five educational
publishers sued Shopify Inc.,
claiming the e-commerce com-
pany is liable for the unauthor-
ized school textbooks, test
renewable energy, Exxon’s in- packs and solutions manuals
vestment plan remains pre- sold by websites using
dominantly focused on fossil Shopify’s online tools.
fuels. The group, which includes
“Where there are no prac- Pearson Education Inc. and
tical alternatives, people will McGraw Hill LLC, filed for
continue to need the products copyright and trademark in-
we produce for decades to fringement in Virginia federal
come,” Chief Executive Darren court on Wednesday.
Woods said on a call with an- “Shopify plays host, enabler
alysts. “Our goal is to produce and protector to a world of
these products and solutions digital textbook pirates,” the
with lower or in some cases publishers said in their suit.
no emissions.” They claim statutory damages
In 2018, Mr. Woods laid out for copyright and trademark
a plan to spend more than $30 infringement that could be as
billion a year through 2025 to high as $550 million.
double profit and pump an ad- Shopify declined to com-
ditional one million barrels of ment on the specifics of the
oil and gas a day. That plan lawsuit, but said it takes ac-
Please turn to page B10 Please turn to page B4
nical steps—such as “jailbreak-
ing” the phone to bypass secu-
rity restrictions—and doesn’t
appear to have resolved key
questions about what, if any-
thing, the Saudis did, the peo-
ple said.
The Manhattan U.S. attor-
ney’s office separately investi-
gated whether the tabloid ex-
torted Mr. Bezos when it
PAUL ELLIS/PRESS POOL
threatened to publish racy
photos of Mr. Bezos. It has
closed the probe without
bringing charges, other people
familiar with the matter said.
The people said prosecutors
have determined that the
source of the photos and texts
Saudis hacked the phone was Michael Sanchez, the
wasn’t a high priority, the peo- brother of Mr. Bezos’ girl-
ple said. Though the FBI often friend Lauren Sanchez, with
doesn’t directly retrieve de- whom he was having an extra-
vices during an investigation, marital affair.
it stopped short of some tech- Please turn to page B2
interlakemecalux.com
(877) 632-2589

B2 | Thursday, December 2, 2021
INDEX TO BUSINESSES
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
Ally Financial..............B3
Alphabet......................B1
Amazon.com ............... B1
Apple...........................B1
AT&T............................B4
B
Baidu ......................... B11
Bain Capital ................ B9
Bank of America.......B11
Berkshire Hathaway...B2
Beyond Meat...............B1
Broadscale Acquisition
.....................................B4
C Las Vegas Sands ...... B10
Capital One .................B3
Carnival ..................... B10
Coca-Cola.....................B4
Credit Suisse...............B3
D W-Z
Didi............................B11
Discovery.....................B4
E Wynn Resorts...........B10
Elsevier........................B4
Equinor ASA ............... B4
INDEX TO PEOPLE
A G
Arnold, Susan.............B2
B H
Banga, Ajay.................B9
Bassuk, Greg...............B1
Bezos, Jeff..................B1
C than double to about $1.13 bil-
Chapek, Bob................B2
D Snowflake was one of the
Dimon, Jamie..............B3
Dixon, Gregg ............... B4
Dorsey, Jack................B4
F
Fairbank, Richard........B3
Ford, Bill......................B9
Disney Elects Iger
Successor as Chairman
BY ERICH SCHWARTZEL
Walt Disney Co.’s board of
directors has elected Susan
Arnold its new chairman, re-
placing Robert Iger, the long-
time chief executive set to de-
part this month.
Ms. Arnold, whose career in
business has included posi-
tions at the Carlyle Group Inc.
and Procter & Gamble Co., has
been a Disney board member
since 2007 and is to become
chairman on Dec. 31. She most
recently served as its lead in-
dependent director.
Her appointment is another
indication of the changing of
the guard happening at Disney
when Mr. Iger leaves at the
end of the year. As Disney’s
CEO from 2005 to 2020, Mr.
Iger enjoyed board support as
he oversaw a transformation
of the world’s largest enter-
tainment company, mostly
through a series of acquisi-
tions that put brands like Pixar
No Action
In Bezos
Hack Probe
Continued from page B1
Representatives for the
Manhattan U.S. attorney’s of-
fice and the FBI in Washing-
ton, D.C., declined to comment.
Mr. Sanchez didn’t respond to
requests for comment. A
spokesman for Mr. Bezos de-
clined to comment.
The government’s response
marks a quiet end to a bizarre
saga that captivated the busi-
ness and media worlds. It is
rare that a corporate executive
makes public, as Mr. Bezos did,
personal information about a
private affair while married.
Few details about the gov-
ernment’s broad response to
the Bezos saga with the Na-
tional Enquirer have previ-
ously been reported.
Mr. Bezos first made the
extortion allegations against
the National Enquirer’s owner
at the time in a post on the
web platform Medium in Feb-
ruary 2019. He wrote the post
a month after the Enquirer
published an article about his
extramarital affair and quoted
racy texts he sent to Ms. San-
chez.
Mr. Bezos said in the Me-
dium post that the Enquirer’s
then-parent, American Media
Inc., later threatened to release
the embarrassing photos of
him if he didn’t call off investi-
gators he hired to determine
how the Enquirer obtained his
personal text messages.
In the post, Mr. Bezos drew
connections between American
Media and “certain powerful
people” who might have incen-
tive to retaliate against him for
Exxon Mobil................B1
F
Peloton Interactive.....B1
Pinterest ..................... B1
S
Francisco Partners......B9
Shopify........................B1
G
Sirius XM....................B4
General Atlantic..........B9 Snap.............................B1
Goldman Sachs.........B11 Snowflake ................... B2
H Spotify.........................B4
Hepco Capital Square.........................B4
Stitch Fix.....................B1
Management.............B4
Suncity......................B10
Home Depot................B4
J T
Tencent......................B11
JPMorgan Chase..B3,B11
Twitter...................A4,B4
L U
UBS..............................B3
M United Airlines..........B10
Mastercard..................B9 V Snowflake Inc.’s revenue
McGraw Hill................B1 Voltus..........................B4
Meta Platforms.....A4,B1
MGM Resorts
Walt Disney................B2
International...........B10
Wells Fargo...............B11
Microsoft.....................B1
Moderna....................B10 WeWork ...................... B3
P SZillow ........................ B1
Pearson Education......B1 Zoom ........................... B1
P Street expectations.
Gardner, Kirt...............B3 Pizzi, Larry................A12
S product sales this quarter of
Hamers, Ralph............B3 Scarpelli, Michael.......B2
Hatfield, Jay ............. B10 Shapiro, Andrew.........B4
I T
Iger, Robert.................B2 Thorpe, Richard .......... A1
K W
Kelleher, Colm.............B3 Williams, Ev................B4
L Woods, Darren............B1
Lake, Marianne...........B3 Y
Levi, Barbara...............B3
M
Youngwood, Sarah......B3
Z Card
Mackay, Sebastian....B10 Zaccarelli, Chris..........B1
Animation, Marvel Studios and
Lucasfilm Ltd. under one roof.
His departure closes a chapter
for Disney as several other
high-ranking lieutenants are
following him out the door, an
exodus that will cement Mr.
Iger’s successor, Bob Chapek,
as the executive in charge.
Mr. Iger was named chair-
man in 2012 and has served as
the company’s executive chair-
man since ceding the CEO role
in 2020. Mr. Chapek joined the
board in April 2020 shortly af-
ter he was named CEO.
Under Mr. Iger’s tenure, he
had support from the board
when it came to sticking
around as CEO. The board ap-
proved a postponement to his
retirement several times before
he announced last year he was
stepping down for good.
In naming Ms. Arnold as its
chairman, Disney’s board is
turning to an executive with ex-
tensive experience on boards
and with consumer goods.
the Washington Post’s cover-
age, including then-President
Donald Trump and Saudi roy-
als. Mr. Bezos owns the Wash-
ington Post.
American Media merged
with Accelerate 360 LLC, a
Georgia-based logistics and
distribution business, in 2020.
A spokesman for Accelerate
360 and former American Me-
dia Chief Executive David
Pecker declined to comment.
In a statement, American
Media said in 2019 it “believes
fervently that it acted lawfully
in the reporting of the story of
Mr. Bezos” and that it was act-
ing in “good-faith negotiations
to resolve all matters with
him.”
In March 2019, the Journal
reported that Michael Sanchez,
the brother of Mr. Bezos’ lover,
received $200,000 from the
Enquirer’s publisher in ex-
change for sharing the billion-
aire’s secrets. The Journal
later reported that federal
prosecutors had evidence indi-
cating that the text messages
came from Ms. Sanchez’s
phone.
A lawyer for Ms. Sanchez
didn’t respond to requests for
comment. In a statement pro-
vided by her attorney last year,
Ms. Sanchez said of her
brother: “He secretly provided
my most personal information
to the National Enquirer—a
deep and unforgivable be-
trayal.”
Gavin de Becker, a security
consultant for Mr. Bezos, first
suggested the Saudis hacked
Mr. Bezos’ phone in an opinion
article published in the Daily
Beast a few months after the
initial Enquirer article. Mr. de
Becker’s investigators had de-
termined “with high confi-
dence that the Saudis had ac-
cess to Bezos’ phone, and
gained private information,”
Mr. de Becker wrote.
Mr. Bezos had reason to
Cloud-Data Company Snowflake
Reports Strong Growth in Sales
Firm expects product
revenue to more than
double this year to
about $1.13 billion
BY MARIA ARMENTAL
more than doubled in the lat-
est period and the cloud-com-
puting-services company is-
sued a bullish outlook,
cheering investors.
The Montana-based com-
pany, which went public last
year and has yet to reach prof-
itability, posted revenue of
$334.4 million on Wednesday
to generate a net loss of
$154.9 million, beating Wall
Snowflake also forecast
at least $345 million, also
head of analysts’ forecasts,
and said it now expects prod-
uct sales for the year to more
lion from the year earlier.
hottest stocks last year when
Demand
Increases
Continued from page B1
ginning of autumn suggests
consumers could continue to
drive the U.S. economic re-
covery.
“Many things are slowly
returning to more normal
times,” said Wilbert van der
Klaauw, senior vice president
at the New York Fed. “With
that, you expect the demand
for credit to come back to
pre-pandemic levels and con-
tinue on the same growth
path.”
Demand for credit cards
and other loans fell during
the early months of the pan-
demic.
Americans uncertain about
their finances worried about
taking on new debt. Restric-
tions on dining and travel
meant that people didn’t have
many places to spend money
anyway.
Things started to change
earlier this year after
Covid-19 vaccines boosted the
U.S. economy.
More Americans, after a
year of hunkering down,
suspect the Saudis had infil-
trated his phone. An official at
the Manhattan U.S. attorney’s
office had warned the billion-
aire’s security team several
times in 2019 that there were
security concerns with his
phone and he should stop us-
ing it, according to people fa-
miliar with the matter.
Mr. de Becker, in the Daily
Beast article, speculated
whether the Enquirer had
learned of the affair before Mr.
Sanchez, and said the results
of his investigation into the
circumstances around the En-
quirer article “have been
turned over to federal offi-
cials.”
The Enquirer’s publisher
had admitted in a 2018 agree-
ment with federal prosecutors
to aiding Mr. Trump during his
2016 presidential campaign by
suppressing the story of a
The FBI never got
access to Jeff Bezos’
phone or made the
case a priority.
woman who said she had an
affair with Mr. Trump, Mr. Be-
zos noted in his Medium post.
He also highlighted a news re-
port about Mr. Pecker seeking
financing in Saudi Arabia for
acquisitions.
Cybersecurity experts hired
by Mr. Bezos concluded in a
report that became public in
2020 that his phone was likely
hacked by a WhatsApp account
associated with Saudi Crown
Prince Mohammed bin Salman.
The report, by FTI Consulting
Inc., drew scrutiny from cyber-
forensics specialists who said
it didn’t explain several major
technical questions about the
alleged hack.
.
* **** THE WALL STREET JOURNAL.
BUSINESS & FINANCE
That level of outperformance,
he said, was unlikely to be re-
peated.
The company has benefited
significantly as the pandemic
changed how companies oper-
ate and pushed digital acceler-
ation into overdrive, boosting
the fortunes of cloud-comput-
ing companies broadly.
Snowflake’s data-warehous-
ing software has enjoyed ro-
bust demand by enterprises
GABBY JONES/BLOOMBERG NEWS
looking to speed up their busi-
ness-analytics abilities and be-
cause it works across all the
major cloud platforms.
Snowflake, whose investors
include Warren Buffett’s Berk-
shire Hathaway Inc. and Iconiq
Capital LLC, an investment
Snowflake has benefited as the pandemic changed how firm that manages money for
companies operate and pushed digital acceleration into overdrive. some of the most prominent
people in Silicon Valley, also
it went public. The stock that The strong revenue perfor- has set high expectations for
was priced at $120 as it listed mance in the most recent itself. The company in June
has given back some of its quarter was driven by addi- said it would hit $10 billion in
gains of last year. It closed tional business the company product revenue in its 2029
down more than 8% on didn’t anticipate, principally fiscal year.
Wednesday at around $311. from some of its large, estab- On Wednesday, Snowflake
Shares rose more than 15% in lished customers, Chief Finan- said it had 5,416 customers as
after-hours trading following cial Officer Michael Scarpelli of Oct. 31, compared with
the results. said on a call with analysts. 4,990 as of July 31.
DANIEL ACKER/BLOOMBERG NEWS
Some banks reported lowering credit-score requirements on credit cards in the third quarter.
started signing up for new spending and more people Share of consumers who
credit cards. carrying balances. applied for a credit card
The rise in applications Banks have been sending in the past 12 months
doesn’t guarantee bigger out more card offers and en-
30%
profits for lenders. ticing would-be cardholders
While people are request- with generous rewards. They 28
ing more cards and spending are also easing borrowing re-
more when they get them, quirements. 26
they are also paying off bal- Some banks reported low-
ances more quickly than they ering credit-score require- 24
did before the pandemic. ments on credit cards in the
Banks charge interest on third quarter, according to 22
balances that are carried the Federal Reserve.
month to month. Credit-card Americans also want to 20
balances remain $123 billion borrow more on their exist-
18
lower than they were at the ing cards.
end of 2019, according to the More than 11% of U.S. con-
16
New York Fed. sumers said in October that
Lenders are working to get they had applied for credit- 14
more people to sign up for limit increases in the past 12
2018 ’19 ’20 ’21
cards, hoping more sign-ups months, up from about 7% a
will translate into more card year ago. Source: Federal Reserve Bank of New York
An FTI spokesman declined
to comment.
Saudi Arabia has previously
said that “the parties dispute”
whether it was Mr. Sanchez
who tipped off the National
other than [Michael Sanchez]
produced the Pornographic
Materials to Defendants.”
denied the allegations about
the phone hack and called
them absurd. A spokesperson
Enquirer to the affair, as
American Media had said pub-
licly, and “whether any source
—Joe Palazzolo
and James Fanelli
contributed to this article.
at the Saudi Embassy didn’t
respond to requests for com-
ment.
The FBI had already been
investigating a possible hack
of Mr. Bezos’ phone as part of
its broader inquiry into Saudi
Arabia when the FTI report
was made public, a person fa-
miliar with the matter said.
“The FBI was never full
throttle” on the investigation
of the possible hack, the per-
son said. Because Mr. Bezos
wasn’t a member of Congress
or a senior government offi-
cial, the FBI didn’t view the
hack allegation as an urgent
national-security concern, an-
other person familiar with the
matter said.
The probe by the Manhattan
U.S. attorney’s office began
soon after Mr. Bezos accused
the National Enquirer of trying
to blackmail him. For Ameri-
can Media, the stakes were
high. The publisher had made
an agreement with the U.S. at-
torney’s office to avoid facing
campaign-finance charges, un-
der which it could be prose-
cuted if it committed any
crimes in the three years after
the deal.
Prosecutors interviewed
American Media executives in-
cluding Dylan Howard, Mr.
Pecker and James Robertson,
according to a person familiar
with the interviews. In declara-
tions filed in a civil lawsuit,
Mr. Robertson said Mr. San-
chez was the sole source for
the Enquirer’s affair article.
The suit, filed by Mr. San-
chez, alleges that the Enquirer
defamed him by saying he was
the sole source. The Enquirer
is contesting the claim.
A July ruling in the case
 .

THE WALL STREET JOURNAL. NY / NE Thursday, December 2, 2021 | B3

BUSINESS NEWS

WeWork Capital One to Drop Overdraft Fee

To Restate Consumer advocates well as a $35 nonsufficient

Nearly have said such fees

disproportionately
funds fee charged when a
transaction is denied.
Those enrolled in its over-

Two Years affect Black families

draft protection service will
be automatically switched to
a no-fee service next year. For

Of Results BY JOSEPH PISANI

Capital One Financial

BY ROBERT BARBA
WeWork Inc. said in a se-
curities filing it would re-
state several quarters of its
results, including its latest
one, and that management
has concluded there was a
material weakness in internal
control.
The office-sharing com-
those who aren’t enrolled, the
bank will reject any transac-
tions that would cause an ac-
Corp. said it would stop count to be overdrawn at no
charging customers overdraft cost. Those not currently en-
fees, making it one of the rolled can apply for the no-
largest banks to do so. fee service, the bank said.
The fees, which are During the Covid-19 pan-
charged when customers demic, some banks waived
don’t have enough money in overdraft fees or offered re-
their accounts to cover pay- funds.
ments, are a source of in- Financial firms brought in
come—and criticism—for an estimated $31.3 billion in
banks. consumer overdraft revenue

pany, which went public last
month through a combination
with BowX Acquisition Corp.,
a special-purpose acquisition
company, said the restate-
ment relates to accounting
The company went
public last month
through a merger
with a SPAC.
ANDREW KELLY/REUTERS
For years, politicians and in 2020, according to finan-
consumer advocates have said cial-data firm Moebs Services
the fees disproportionately Inc., down nearly 10% from a
affect Black families and year earlier.
those with low and moderate At a May Senate committee
incomes. hearing with U.S. bank chief
A report released in June The bank said it would stop charging the $35 fee as well as one for nonsufficient funds early next year. executives, Sen. Elizabeth
by Financial Health Network, Warren (D., Mass.) criticized
a research firm, found that
Black households and those
Online bank Ally Financial
Inc. eliminated its overdraft
more lenient on overdrafts.
Capital One didn’t give a
ing and help customers suc-
ceed.
JPMorgan Chase & Co. for
collecting nearly $1.5 billion
with low-to-moderate in- fees in June, saying that they reason for why it is scrapping The bank currently charges in overdraft fees in 2020.
comes were almost twice as
likely to incur overdraft fees
hurt people living paycheck
to paycheck. Some other
its fees now. In a letter to
employees, Chief Executive
$35 for overdrafts, according
to its website. Capital One
JPMorgan CEO Jamie Di-
mon said the bank waived
as white households or those banks have introduced prod- Richard Fairbank said Capital said it would stop charging fees upon request for those
with higher incomes. ucts and features that are One wants to reimagine bank- the fee early next year, as stressed by the pandemic.

UBS Selects JPMorgan Veteran as Next CFO

classification of common
shares issued as part of
BowX’s initial public offering.
It classified a portion of
those shares as permanent
equity. Given that the shares
had “certain redemption fea-
tures not solely within the
company’s control,” they
should have been classified
as temporary equity.
Given the classification er-
ror, “there was a material
weakness in internal control
over financial reporting re-
lating to the interpretation
and accounting for certain
complex features of the pub-
lic shares,” the company said
in a securities filing.
As a result of the finding,
the company plans to restate
financial statements for 2020
and the first three quarters
of 2021.
Shares of WeWork fell 5%
in after-hours trading.
BY MARGOT PATRICK
UBS Group AG named JP-
Morgan Chase & Co. executive
Sarah Youngwood as its next
chief financial officer, another
high-profile hire of an Ameri-
can banking veteran as the
Swiss bank takes on wealth-
management rivals in the U.S.
Ms. Youngwood, at JPMor-
gan for 24 years, has been CFO
for consumer and community
banking, a rung down from the
C-suite role she will take at
UBS. She is succeeding Kirt
Gardner, who UBS said decided
to leave after nine years. She is
set to take over in May after a
two-month handover period.
UBS named former Morgan
Stanley executive Colm Kelle-
her as its next chairman last
month, adding firepower to
the bank’s push to court more
rich American customers with
digital wealth advice.
Ms. Youngwood’s hire will
help balance the gender com-
position of UBS’s top manage-
ment team. In May it hired a
banking outsider from Rio
Tinto PLC, Barbara Levi, as
general counsel, and now will
have four women on the execu-
tive board, up from two in
2020. Ms. Youngwood’s JP-
Morgan roles included heading
finance for its global technol-
ogy unit and for the bank’s di-
versity and inclusion team.
Earlier, her jobs there were in
investor relations and the fi-
nancial institutions group in
Paris, London and New York.
She has French and American
citizenship.
One of Ms. Youngwood’s JP-
Morgan bosses, and a prede-
cessor there as consumer
banking CFO, is Marianne
Lake. Ms. Lake is one of bank-
ing’s most powerful women
and in a clutch of executives
who are seen as being
groomed as eventual succes-
sors to CEO Jamie Dimon. The
consumer bank is often JPMor-
gan’s largest division by profit.
UBS Chief Executive Ralph
Hamers has said that adding
gender and ethnic diversity at
the bank is a priority. He
championed a move in June to
let around two-thirds of UBS
staff mix working from home
with the office, positioning the
flexibility as a hiring advan-
tage. Some other big banks
pressured workers to return to holds.
the office full time. Mr. Gardner, 62 years old, is
Mr. Hamers has also homed leaving after playing a key role
in on digital products as a way in UBS’s revival of its fortunes
to spread UBS’s reach. In Octo- from financial-crisis basket
ber, he said the bank would case to global wealth manager
launch a digital investing plat- serving billionaires. He joined
form in the U.S. for customers UBS in 2013 and has been on
with between $250,000 and $2 the executive board as CFO
million in assets, down-market since 2016. UBS is now widely
from its current client base. seen as one of Europe’s stron-
Customers will be able to se- gest banks, reflected in its
lect from recommended invest- share price trading around
ments and bounce their port- book value.
folios off a human adviser if UBS rival Credit Suisse
desired. Group AG has also hired for
The move puts UBS into top jobs from American banks
more direct competition with to rebuild its credibility with
U.S. rivals such as Morgan investors. U.S. banks have
Stanley and Bank of America roared ahead of European
Corp.’s Merrill Lynch, which banks in the past decade with
have been building apps to stronger earnings and financial
bring in less-affluent house- health.

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TECHNOLOGY WSJ.com/Tech

Square to Rebrand as Block Electricity Startup

BY PAUL VIGNA nesses better than the current
name, which is mostly associ-
The company holds about
$220 million of bitcoin in its
tion of about $92 billion
compared with Twitter’s $35
Voltus to Go Public
Square Inc., the financial-
services company co-founded
and led by former Twitter Inc.
chief Jack Dorsey, is changing
ated with its merchant-pay-
ment services. However, the
new name also happens to
align with Mr. Dorsey’s inter-
corporate treasury.
CashApp business allows users
Its

to buy and sell bitcoin. In Au-

gust, the company started a
billion.
Square’s earnings for the 12
months through September
were $537 million on sales of
Via SPAC Merger
its corporate name to Block est in cryptocurrencies and new unit aimed at building a $16.7 billion, according to BY AMRITH RAMKUMAR public offerings. SPAC deals
Inc. the technology behind them, blockchain-based exchange for FactSet. Twitter lost $181 mil- also let companies quickly
The change will be effective called blockchain. trading crypto assets. lion on sales of $5 billion in Voltus Inc. is going public generate cash and raise their
later this month, the company Mr. Dorsey has emerged as Mr. Dorsey was one of the same period. by combining with a special- profiles, executives say.
said Wednesday. Its ticker one of the highest-profile Twitter’s four founders. In Square is the second high- purpose acquisition company As part of its SPAC merger,
symbol will remain SQ. backers of bitcoin, and to an 2009, he co-founded Square. profile Silicon Valley company in a merger that values the Voltus is raising a $100 million
The move comes just days extent has used Square as a Its first product was a mobile to change its name this year. electricity-market technology private investment in public
after Mr. Dorsey resigned as vehicle for that. “I don’t think credit-card reader for mer- In October, Facebook changed startup at about $1.3 billion, equity, or PIPE. PIPE investors
Twitter’s chief executive. He there’s anything more impor- chants. its name to Meta Platforms the companies said. include Equinor Ventures, the
was serving as CEO of both tant in my lifetime to work While Twitter may have a Inc., saying the new name re- Based in San Francisco, Vol- startup investing arm of Nor-
companies. on,” Mr. Dorsey said at a bit- higher profile, Square has be- flected its focus on virtual-re- tus uses software to manage wegian energy giant Equinor
Square said the new name coin conference earlier this come the more valuable com- ality products and platforms small, decentralized electricity ASA, and Ev Williams, co-
encompasses its various busi- year. pany, with a market capitaliza- dubbed the “metaverse.” systems known as distributed founder of Twitter Inc. and
energy resources for custom- Obvious Ventures.
ers such as Coca-Cola Co. and That money and funds held
Spotify Unveils List of Most-Streamed Artists for 2021 Home Depot Inc. Called DERs,
distributed energy resources
by the SPAC could be used to
accelerate Voltus’s growth
are anything that consumes, globally. The Broadscale SPAC
produces or stores electricity is backed by the investment
and can be connected to a firms Broadscale Group LLC
grid. Examples include a and Hepco Capital Manage-
store’s electricity demand and ment LLC and holds $345 mil-
electric-vehicle charging. lion, though investors can
By teaming up with grid op- withdraw money before the
erators in the U.S. and Canada deal goes through. Low share
to connect DERs to larger mar- prices often provide an incen-
kets, Voltus says it saves corpo- tive for such withdrawals.
rate customers money and de- A SPAC is a shell firm that
livers more reliable and raises money and trades on a
sustainable electricity. Chief Ex- stock exchange with the sole in-
ecutive Gregg Dixon compared tent of merging with a private
Voltus to home-rental firm company such as Voltus to take
Airbnb Inc. in that Voltus makes it public. After regulators re-
each DER a financial asset, let- view the private company’s fi-
ting customers sell their excess nancial and ownership informa-
electricity back to the grid. tion and the deal is completed,
CAROLINE BREHMAN/EPA/SHUTTERSTOCK

Some analysts say wide- the private firm then replaces

Bad Bunny had over 9.1 billion streams on the platform, making him its No. 1 streamed artist two years in a row.
Puerto Rican musician Bad
Bunny was Spotify’s most lis-
tened-to artist in 2021 despite not
releasing a new album, data from
the audio-streaming giant shows.
Spotify Technology SA re-
leased its 2021 Wrapped, an an-
nual list highlighting how its
roughly 381 million monthly ac-
tive users and 172 million paying
subscribers used the app. Spo-
tify’s Wrapped tells users how
many minutes they spent listen-
ing to music and what they lis-
tened to most—lists many users
posted to social media.
The Swedish company said
Bad Bunny had over 9.1 billion
streams on its platform, making
him its No. 1 streamed artist
two years in a row. Taylor Swift,
Korean pop band BTS, Drake and
Justin Bieber rounded up the top
five streamed artists globally.
Olivia Rodrigo didn’t break
into the top five artists, but her
debut album, “Sour,” was the
most-streamed album in the
world. The 18-year-old pop star
also had the most-streamed
song globally: “drivers license.”
The Joe Rogan Experience was
Spotify’s top-streamed podcast
globally. Vaccine-related playlists,
which include songs like “Hit Me
With Your Best Shot” by Pat Be-
natar, were streamed more than
42 million times.
News Corp’s Dow Jones &
Co., publisher of The Wall Street
Journal, has a content partner-
ship with Spotify’s Gimlet Media
unit.
—Omar Abdel-Baqui
spread adoption of DERs will be the SPAC in the stock market.
critical to reducing the world’s SPACs have raised more
dependence on fossil-fuel-con- than $150 billion this year,
suming power plants and de- nearly doubling last year’s
carbonizing the economy. then-record total, according to
“We’re at a really incredible SPAC Research.
inflection point in electricity To ease concerns about
markets,” Mr. Dixon said. SPAC insiders disproportion-
Founded in 2016, Voltus is ately benefiting from such deals
merging with the SPAC Broad- at the expense of other inves-
scale Acquisition Corp., one tors, Voltus executives and the
of many so-called blank-check blank-check company creators
firms focused on environmen- have made some of their shares
tal, social and governance—or subject to the stock price rising.
ESG—factors. Broadscale Acquisition CEO
Many other startups tied to Andrew Shapiro said Voltus
green energy have recently can be “a truly world-changing
reached similar SPAC deals, in company” and a good invest-
part because such mergers al- ment because it is a green-en-
low them to make business ergy technology firm that
projections. Those aren’t al- doesn’t need heavy spending
lowed in traditional initial or tangible assets to grow.

Chris Cuomo Tells of Shame

RE
JU AS
LE
ST E D

Over Suspension From CNN

!

BY BENJAMIN MULLIN there would be more program-

ming news to come, according
CNN anchor Chris Cuomo to people familiar with the
said being suspended by the matter. A CNN spokesman said
network was embarrassing, ad- Anderson Cooper would con-
dressing the controversy over tinue to anchor Mr. Cuomo’s
WN Actual size his role in the sexual-harass- hour for the rest of the week.
NDEESIG is 40.6 mm ment scandal involving his Mr. Cuomo said on his radio
brother, former New York Gov. program that he stood by his
EVAN AGOSTINI/ASSOCIATED PRESS

HUGE Silver Dollar Event! Andrew Cuomo, for the first

time since the network took
earlier apology for advising An-
drew Cuomo’s staff. “I’ve apolo-
The New Design Silver Eagle Has Made a Perfect Landing! him off the air. gized in the past, I mean it,” he


Chris Cuomo made his re- said. “The last thing I ever
he American Eagle Silver Dollar is the These 2021 Silver Eagles marks on Wednesday on his ra- wanted to do was compromise
most widely collected coin on the planet, dio show, “Let’s Get After It any of my colleagues and do
and has been since it was introduced in
Are Better than Perfect
Coins are graded on a 70-point scale, with a grade With Chris Cuomo,” broadcast anything but help.”
1986. During every one of those 35 years, it’s had by Sirius XM Holdings Inc. Af- CNN had no further comment
of 70 representing flawless perfection, even under
the same iconic design. But now that design is ter asking for the introductory Wednesday. On Tuesday, CNN
magnification. There’s no better grade, and no
changing, and collectors around the world are
grade more coveted by collectors. That’s especially music to be cut, the anchor ad- Chris Cuomo said in a statement that the newly
licking their chops.
true when we’re talking about “firsts”, like this dressed his suspension, saying, released records raised “serious
one. Here you go. These coins have been certified “It hurts to even say it.” governor’s accusers. questions” about Chris Cuomo’s
The Biggest-Ever Event in Coin by the Numismatic Guaranty Corporation (NGC),
Collecting History? CNN on Tuesday said Mr. “It’s embarrassing.” Chris conduct. “These documents point
one of the leading coin graders in the world, with a Cuomo was suspended indefi- Cuomo said on his radio show. to a greater level of involvement
The iconic Heraldic Eagle reverse design, which top grade of Mint State-70 (MS70). But that’s
has graced the back of every Silver Eagle since it nitely after records released by “But I understand it. And I un- in his brother’s efforts than we
just the beginning because these coins have also
was introduced over three-and-a-half decades the New York attorney general’s derstand why some people feel previously knew,” the CNN
received a First Releases pedigree, which means
ago, is being replaced by a beautiful new “Eagle they were received by NGC within 30 days of office provided a detailed look the way they do about what I spokesman said Tuesday.
Landing” design. This release of a new design release. That’s a designation that appeals to into his efforts to help his did.” Mr. Cuomo anchors the 9
is arguably a bigger deal than even the coin’s collectors because it means these are not just the brother, including giving de- CNN President Jeff Zucker p.m. hour. His suspension comes
introduction in 1986. That’s because when best of the best, they’re also the first of the best. tailed feedback on Andrew addressed Mr. Cuomo’s suspen- as CNN’s parent company, AT&T
President Ronald Reagan signed the Liberty While no one can predict the future value of Cuomo’s statements to the press sion on the network’s morning Inc., is preparing to merge its
Coin Act into law, he didn’t know American silver or of coins with perfect grades, many and gathering information about call Wednesday, saying he media assets with those owned
Eagles would have the impact they’ve had, year Americans are rushing to stock up, for coming stories involving the stood by the decision and that by Discovery Inc.
after year. The coins were so popular that themselves and for their loved ones.
between 1986 and 2020, over 535 million were

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SPECIAL CALL-IN ONLY OFFER Inc., and Elsevier Inc., says the cluding copyright and trade- United States Court of Appeals
company is a key intermediary mark infringement, and we in the Ninth Circuit.
GovMint.com • 14101 Southcross Dr. W., Suite 175 in the sales process and should don’t hesitate to action stores In 2019, a jury in Virginia
Dept. TRE151-01 • Burnsville, MN 55337 be responsible for policing re- when found in violation. To found Cox Communications lia-
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GovMint.com® is a retail distributor of coin and currency issues and is not affiliated with the U.S. government. The collectible coin market is un-
regulated, highly speculative and involves risk. GovMint.com reserves the right to decline to consummate any sale, within its discretion, including and testing tools without au- right and trademark reports for not disconnecting subscrib-
due to pricing errors. Prices, facts, figures and populations deemed accurate as of the date of publication but may change significantly over time. thorization. were reviewed within one busi- ers who were pirating music
All purchases are expressly conditioned upon your acceptance of GovMint.com’s Terms and Conditions (www.govmint.com/terms-conditions or
call 1-800-721-0320); to decline, return your purchase pursuant to GovMint.com’s Return Policy. © 2021 GovMint.com. All rights reserved. Though Shopify is based in ness day,” said the spokes- from major record companies.
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 .

THE WALL STREET JOURNAL. Thursday, December 2, 2021 | B5

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 .

B6 | Thursday, December 2, 2021 THE WALL STREET JOURNAL.

BIGGEST 1,000 STOCKS

Net 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 Stock Sym Close Chg
The following explanations apply to NYSE, s-New 52-week high.
BerkHathwy B BRK.B 275.00 -1.69 Catalent CTLT 127.31 -1.35 CrownHoldings CCK 105.50 -0.30 Grifols GRFS 10.56 -0.17 Marsh&McLen MMC 163.74 -0.28 Prudential PUK 33.56 -0.23 t TeladocHealth TDOC 93.44 -7.81
NYSE Arca, NYSE American and Nasdaq Stock t-New 52-week low.
Market listed securities. Prices are composite dd-Indicates loss in the most recent BerkHathwy A BRK.A 415660-1216.00 Caterpillar CAT 191.47 -1.88 CubeSmart CUBE 53.10 -0.82 GuardantHealth GH 97.66 -7.46 MartinMarietta MLM 401.25 -2.26 PublicServiceEnt PEG 62.44 -0.05 TeledyneTech TDY 412.86 -2.43
quotations that include primary market trades four quarters. BerryGlobal BERY 69.07 0.02 Celanese CE 148.94 -2.42 Cummins CMI 209.12 -0.63 Guidewire GWRE 112.92 -3.42 MarvellTech MRVL 70.95 -0.22 PublicStorage PSA 325.63 -1.75 t Teleflex TFX 289.48 -7.94
as well as trades reported by Nasdaq BX FD-First day of trading. BestBuy BBY 102.25 -4.61 Cemex CX 6.14 -0.01 CureVac CVAC 43.62 -4.60 HCA Healthcare HCA 225.61 0.02 Masco MAS 65.67 -0.23 PulteGroup PHM 50.07 0.04 Ericsson ERIC 10.02 0.02
(formerly Boston), Chicago Stock Exchange, h-Does not meet continued listing Bilibili BILI 62.55 -3.46 CenovusEnergy CVE 11.79 -0.07 CyrusOne CONE 88.95 -0.07 HDFC Bank HDB 66.30 0.83 Masimo MASI 275.06 -3.06 PureStorage PSTG 30.63 -0.34 TelefonicaBras VIV 8.70 -0.13
Cboe, NYSE National and Nasdaq ISE. standards Bill.com BILL 252.02-28.83 Centene CNC 70.18 -1.23 s HP HPQ 36.46 1.18 t Mastercard MA 306.28 -8.64 Qiagen QGEN 54.21 -0.92 Telefonica TEF 4.25 -0.09
The list comprises the 1,000 largest lf-Late filing Bio-Techne TECH 461.94-10.09 CenterPointEner CNP 25.76 -0.15 D E F HSBC HSBC 27.85 0.17 t MatchGroup MTCH 127.48 -2.51 Qorvo QRVO 146.10 -0.13 s TelekmIndonesia TLK 28.51 0.44
companies based on market capitalization. q-Temporary exemption from Nasdaq Bio-RadLab A BIO 755.56 2.36 CentraisElBras EBR 5.81 -0.02 Halliburton HAL 21.15 -0.44 McAfee MCFE 25.60 -0.25 Qualcomm QCOM 175.63 -4.25 10xGenomics TXG 144.29 -8.52
requirements. Biogen BIIB 229.50 -6.24 CeridianHCM CDAY 104.88 -4.52 DISH Network DISH 30.55 -0.70 HartfordFinl HIG 64.97 -1.13 McCormick MKC 86.55 0.73 QualtricsIntl XM 31.27 -1.09 Tenaris TS 19.64 -0.08
Underlined quotations are those stocks with
t-NYSE bankruptcy BioMarinPharm BMRN 84.50 -1.79 Cerner CERN 70.01 -0.44 DTE Energy DTE 109.15 0.81 Hasbro HAS 96.66 -0.25 McCormickVtg MKC.V 87.63 0.98 QuantaServices PWR 110.51 -3.27 t TencentMusic TME 6.66 -0.53
large changes in volume compared with the BioNTech BNTX 334.48-17.26 CharlesRiverLabs CRL 361.15 -4.72 Danaher DHR 319.72 -1.92 HealthpeakProp PEAK 32.51 -0.35 McDonalds MCD 244.18 -0.42 QuantumScape QS 27.31 -1.53 s Teradyne TER 152.35 -0.52
issue’s average trading volume. v-Trading halted on primary market. DRI 136.66 -1.29
vj-In bankruptcy or receivership or BlackKnight BKI 72.07 0.60 CharterComms CHTR 634.20-12.08 Darden Heico HEI 133.37 -5.15 McKesson MCK 215.41 -1.35 QuestDiag DGX 151.24 2.56 Tesla TSLA 1095.00-49.76
BlackRock BLK 900.33 -4.28 CheckPoint CHKP 110.15 -1.16 DarlingIngred DAR 65.07 -2.45 Heico A HEI.A 121.47 -2.73 MedicalProp MPW 20.74 -0.55 TetraTech TTEK 180.56 -3.92
Boldfaced quotations highlight those issues being reorganized under the
whose price changed by 5% or more if their Bankruptcy Code, or securities Blackstone BX 137.65 -3.80 CheniereEnergy LNG 101.78 -3.03 Datadog
DaVita
DDOG 164.53-13.76
DVA 94.75 0.25
HenrySchein HSIC 70.34 -0.72 t Medtronic MDT 105.47 -1.23 R S t TevaPharm TEVA 8.18 -0.07
previous closing price was $2 or higher. assumed by such companies. BlueOwlCapital OWL 14.76 -0.38 CheniereEnerPtrs CQP 42.44 0.23 Hershey HSY 175.51 -1.98 t MercadoLibre MELI 1104.20-84.21 TexasInstruments TXN 191.76 -0.61
t Boeing BA 188.19 -9.66 Chevron CVX 112.10 -0.77 DeckersOutdoor DECK 397.59 -7.81 HertzGlobal HTZ 23.14 -1.02 Merck MRK 74.44 -0.47 RELX RELX 30.72 -0.29 TexasPacLand TPL 1180.49-28.28
BookingHldgs BKNG 2067.01-34.84 Chewy CHWY 66.50 -1.76 Deere DE 341.55 -3.99 MetaPlatforms FB 310.60-13.86 RH RH 564.86-18.32 TXT 69.15 -1.65
Hess HES 72.86 -1.66 Textron
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and BoozAllen BAH 83.91 -0.03 ChinaEastrnAir CEA 17.42 0.03 DellTechC DELL 55.70 -0.77 HewlettPackard HPE 14.21 -0.14 MetLife MET 57.11 -1.55 RPM RPM 90.38 -0.66 ThermoFisherSci TMO 626.15 -6.68
changes in the closing prices from 4 p.m. the previous day. BorgWarner BWA 42.84 -0.44 ChinaLifeIns LFC 8.17 0.01 t DeltaAir DAL 33.53 -2.67 MettlerToledo MTD 1520.45 6.32 RalphLauren RL 116.45 0.41 ThomsonReuters TRI 118.85 -0.71
HighwoodsProp HIW 42.23 -0.97
BostonProps BXP 105.30 -2.54 ChinaPetrol SNP 44.04 0.29 DentsplySirona XRAY 48.31 -0.43 s MicrochipTech MCHP 84.47 1.04 RaymondJames RJF 94.91 -3.38 Thoughtworks TWKS 28.88 -0.32
Hill-Rom HRC 155.66 0.16
Net Net BostonSci BSX 38.14 0.07 ChinaSoAirlines ZNH 27.53 0.08 DeutscheBank DB 12.02 ... MicronTech MU 85.15 1.15 RaytheonTech RTX 79.05 -1.87 3M MMM 170.73 0.69
Wednesday, December 1, 2021 Hilton HLT 129.96 -5.11
Sym Close Chg Stock Sym Close Chg BristolMyers BMY 54.95 1.32 Chipotle CMG 1602.08-41.33 DevonEnergy DVN 40.84 -1.22 Microsoft MSFT 330.08 -0.51 RealtyIncome O 65.92 -2.00 t Toast TOST 35.31 -4.68
Net Stock DexCom DXCM 548.35-14.24
Hologic HOLX 73.06 -1.67
RegalRexnord RRX 156.08 -2.02
Stock Sym Close Chg Alphabet C GOOG 2832.36-16.68 AspenTech AZPN 144.54 -0.49 BritishAmTob BTI 33.72 0.07 Chubb CB 175.14 -4.33 HomeDepot HD 400.42 1.46 MidAmApt MAA 201.34 -4.91 TopBuild BLD 262.54 -7.25
Broadcom AVGO 554.76 1.08 ChunghwaTel CHT 40.56 0.46 Diageo DEO 200.77 -2.40 Middleby MIDD 171.99 -2.69 RegencyCtrs REG 68.68 -0.66 Toro TTC 100.38 -0.18
HondaMotor HMC 27.73 0.36
Altria MO 42.99 0.35 Assurant AIZ 149.27 -2.83 BroadridgeFinl BR 168.25 -0.32 Church&Dwight CHD 90.68 1.30 DiamondbkEner FANG 103.00 -3.73 MitsubishiUFJ MUFG 5.33 0.05 RegenPharm REGN 630.59 -5.94
A B C AlumofChina ACH 11.99 -0.34 AstraZeneca AZN 54.88 0.05 BrookfieldMgt BAM 55.40 -0.77 ChurchillDowns CHDN 217.57 -6.65 Dick's DKS 114.55 -3.01
Honeywell HON 199.42 -2.82
MizuhoFin MFG 2.49 0.04 RegionsFin RF 22.15 -0.60
TorontoDomBk TD 71.73 -0.33
HorizonTherap HZNP 105.45 1.69 TotalEnergies TTE 46.38 0.39
Amazon.com AMZN 3443.72-63.35 Athene ATH 81.09 -0.83 BrookfieldInfr BIP 56.10 -0.72 Ciena CIEN 59.97 -0.26 DiDiGlobal DIDI 7.81 0.18 MRNA 310.61-41.82 RelianceSteel RS 149.46 0.83
ABB ABB 34.15 -0.40 HormelFoods HRL 42.06 0.66 Moderna ToyotaMotor TM 178.29 0.44
Ambev ABEV 2.75 -0.07 Atlassian TEAM 357.21-19.11 BrookfieldRenew BEPC 36.26 -0.77 Cigna CI 194.72 2.82 DigitalRealty DLR 162.84 -4.90 MohawkInds MHK 165.31 -2.56 Repligen RGEN 276.84 -9.66
AECOM ACM 67.64 -1.30 DR Horton DHI 97.76 0.06 TractorSupply TSCO 223.92 -1.41
Amcor AMCR 11.26 -0.06 AtmosEnergy ATO 89.43 -0.89 Brown&Brown BRO 63.69 -0.72 CincinnatiFin CINF 112.85 -1.05 DigitalOcean DOCN 87.46-13.35 MolinaHealthcare MOH 282.28 -2.90 RepublicSvcs RSG 131.93 -0.33
AES AES 23.58 0.20 HostHotels HST 15.36 -0.34 TradeDesk TTD 95.22 -8.20
Amdocs DOX 68.34 -1.48 AuroraInnov AUR 12.27 -0.85 Brown-Forman B BF.B 70.64 0.28 Cintas CTAS 417.62 -4.57 DiscoverFinSvcs DFS 106.13 -1.72 MolsonCoorsB TAP 43.98 -0.46 ResMed RMD 253.29 -1.56
Aflac AFL 53.67 -0.47 HowmetAerospace HWM 27.41 -0.72 Tradeweb TW 95.99 -0.01
Amerco UHAL 701.22 -3.34 Autodesk ADSK 249.68 -4.51 Brown-Forman A BF.A 66.26 0.59 CiscoSystems CSCO 55.03 0.19 DiscoveryB DISCB 35.00 -0.02 MolsonCoorsA TAP.A 54.86 1.45 t RestaurantBrands QSR 54.35 -1.68
AMC Ent AMC 28.57 -5.37 HuanengPower HNP 18.06 0.29 TraneTech TT 185.44 -1.21
Ameren AEE 82.22 0.63 Autoliv ALV 95.53 -0.86 Bruker BRKR 81.01 0.02 Citigroup C 62.52 -1.18 t DiscoveryA DISCA 22.26 -1.01 monday.com MNDY 317.70-42.10 s RexfordIndlRealty REXR 69.87 -0.21
Ansys ANSS 380.14-11.34 Huazhu HTHT 40.88 1.36 TransDigm TDG 553.37-24.68
AmericaMovil AMX 17.84 0.42 ADP ADP 226.87 -4.02 BuildersFirst BLDR 70.22 0.78 CitizensFin CFG 46.52 -0.75 t DiscoveryC DISCK 21.80 -0.91 Mondelez MDLZ 58.56 -0.38 t RingCentral RNG 199.40-16.58
APA APA 25.25 -0.52 Hubbell HUBB 196.05 0.35 TransUnion TRU 109.41 -1.78
ASETech ASX 7.54 0.23
AmericaMovil A AMOV 17.78 0.52 AutoZone AZO 1806.83-10.24 Bunge BG 84.49 -2.08 t CitrixSystems CTXS 78.72 -1.71 t Disney DIS 142.15 -2.75 MongoDB MDB 456.89-41.21 RioTinto RIO 62.16 -0.53 Travelers TRV 145.48 -1.47
HubSpot HUBS 765.64-41.27
ASML ASML 804.00 12.49 AmerAirlines AAL 16.28 -1.41 Avalara AVLR 130.25 -9.43 BurlingtonStrs BURL 280.66-12.47 Clarivate CLVT 22.39 -0.95 dLocal DLO 32.40 -0.80
Humana HUM 417.62 -2.09 MonolithicPower MPWR 555.20 1.74 Rivian RIVN 115.69 -4.07 s Trex TREX133.92 1.15
t AT&T 22.23 -0.60 AEP AEP 80.28 -0.77 Avalonbay AVB 230.10 -8.77 CBRE Group CBRE 95.02 -0.55 Cleveland-Cliffs CLF 19.67 -0.68 DocuSign DOCU 230.79-15.57 t MonsterBev MNST 81.06 -2.72 RobertHalf RHI 108.02 -3.15
T JBHunt JBHT 185.99 -5.17 Trimble TRMB 84.01 -1.86
AbbottLabs ABT 126.74 0.97 AmerExpress AXP 150.06 -2.24 Avangrid AGR 50.85 0.23 CDW CDW 184.81 -4.55 Clorox CLX 165.76 2.91 DolbyLab DLB 83.40 -0.01 Moody's MCO 380.27-10.37 t Robinhood HOOD 23.93 -2.01 Trip.com TCOM 27.95 0.45
AmericanFin AFG 132.93 -0.68
HuntingtonBcshs HBAN 14.66 -0.18
AbbVie ABBV 115.91 0.63 Avantor AVTR 38.29 -1.19 CF Industries CF 57.29 -3.30 Cloudflare NET 164.21-24.03 DollarGeneral DG 222.79 1.49 MorganStanley MS 95.26 0.44 Roblox RBLX 113.41-12.69 TruistFinl TFC 58.35 -0.96
HyattHotels H 77.83 -0.94
Abiomed ABMD 305.71 -9.07 AmHomes4Rent AMH 39.67 -0.42 AveryDennison AVY 202.71 -2.36 CGI GIB 83.63 0.15 Coca-Cola KO 52.30 -0.15 DollarTree DLTR 132.60 -1.23 IAC/InterActive IAC 128.38 -5.27 Morningstar MORN 311.23 0.90 RocketCos. RKT 15.32 -0.18 TuSimple TSP 37.41 -2.58
Accenture ACN 360.14 2.74 AIG AIG 51.72 -0.88 AvisBudget CAR 253.27-21.32 CH Robinson CHRW 93.87 -1.22 Coca-ColaEuro CCEP 49.35 -0.02 DominionEner D 70.85 -0.35 MOS 33.62 -0.53 Rockwell ROK 332.01 -4.19
ICICI Bank IBN 18.52 0.06 Mosaic t Twilio TWLO 259.53-26.62
t ActivisionBliz ATVI 57.28 -1.32 AmerTowerREIT AMT 258.95 -3.53 AxonEnterprise AXON 164.77 -4.02 CME Group CME 220.01 -0.51 Cognex CGNX 74.94 -2.31 Domino's DPZ 511.65-12.49
ICL Group ICL 8.70 0.09 MotorolaSol MSI 245.95 -7.23 RogersComm B RCI 44.70 0.01 t Twitter TWTR 42.82 -1.12
Adobe ADBE 657.41-12.44 AmerWaterWorks AWK 167.80 -0.77 Azenta AZTA 113.10 ... CMS Energy CMS 59.00 0.15 CognizantTech CTSH 76.86 -1.12 DoorDash DASH 161.62-17.15 NICE NICE297.00 5.02 t Roku ROKU 207.75-19.86
IdexxLab IDXX 599.45 -8.62 TylerTech TYL 501.87-17.11
AdvanceAuto AAP 218.23 -2.49 AmericoldRealty COLD 31.41 -1.23 BCE BCE 50.25 -0.12 CNA Fin CNA 41.79 0.15 CoinbaseGlbl COIN 294.50-20.50 Dover DOV 162.83 -1.02
IHS Markit INFO 125.77 -2.05 NIO NIO 38.31 -0.82 Rollins ROL 31.94 -1.34 TysonFoods TSN 78.26 -0.70
AdvDrainageSys WMS 121.51 -2.20 Ameriprise AMP 284.94 -4.66 BHP Group BHP 55.27 -0.92 CNH Indl CNHI 16.53 0.17 ColgatePalm CL 75.39 0.37 Dow DOW 52.76 -2.17
ING Groep ING 13.66 -0.11 NRG Energy NRG 35.60 -0.42 RoperTech ROP 459.58 -4.57 UBS Group UBS 17.19 -0.09
AdvMicroDevices AMD 149.11 -9.26 AmerisourceBrgn ABC 114.08 -1.67 BHP Group BBL 54.09 -0.89 CRH CRH 48.02 -0.66 Comcast A CMCSA 49.08 -0.90 Doximity DOCS 64.76 -2.89 s NVR NVR 5404.56179.22 t RossStores ROST 104.87 -4.22
Invesco IVZ 21.97 -0.36 UDR UDR 54.58 -2.15
Aegon AEG 4.42 0.02 Ametek AME 135.80 -0.70 BJ'sWholesale BJ 63.27 -2.88 CSX CSX 34.44 -0.22 Comerica CMA 80.65 -1.88 DrReddy'sLab RDY 61.52 -0.92 s NXP Semi NXPI 223.00 -0.36 RoyalBkCanada RY 98.01 -1.02
IPG Photonics IPGP 162.40 -1.79 UGI UGI 41.31 0.06
AerCap AER 54.50 -1.54 t Amgen AMGN 200.80 1.92 BP BP 25.74 -0.22 CVS Health CVS 88.78 -0.28 t ConagraBrands CAG 30.45 -0.10 t DraftKings DKNG 31.24 -3.31 Nasdaq NDAQ 199.03 -4.20 t RoyalCaribbean RCL 64.27 -5.55
IQVIA IQV 259.25 0.12 UWM UWMC 6.80 -0.09
AffirmHldgs AFRM 116.57-10.11 Amphenol APH 79.99 -0.59 Baidu BIDU 148.83 -1.01 CableOne CABO 1748.31-23.75 Concentrix CNXC 164.74 -1.26 Dropbox DBX 23.71 -0.90 IcahnEnterprises IEP 49.91 -0.64 Natera NTRA 89.10 -2.36 RoyalDutchA RDS.A 41.59 -0.45 t Uber UBER 36.02 -1.98
AgilentTechs A 148.21 -2.69 AnalogDevices ADI 180.84 0.59 BakerHughes BKR 23.42 0.08 CadenceDesign CDNS 175.05 -2.41 Confluent CFLT 70.56 -7.46 DukeEnergy DUK 96.62 -0.39 NationalGrid NGG 66.00 -0.07 RoyalDutchB RDS.B 41.41 -0.65
Icon ICLR 272.97 2.50 Ubiquiti UI 296.67 -2.62
agilon health AGL 22.50 0.50 AngloGoldAsh AU 21.11 0.17 Ball BLL 90.91 -2.54 CaesarsEnt CZR 83.07 -7.00 ConocoPhillips COP 69.20 -0.93 s DukeRealty DRE 58.56 0.23
IDEX IEX 221.15 -3.44 NatWest NWG 5.55 -0.08 RoyaltyPharma RPRX 38.77 -1.00 t UiPath PATH 43.93 -4.32
t AgnicoEagle AEM 48.08 -1.72 AB InBev BUD 54.92 -0.80 BancoBilbaoViz BBVA 5.27 -0.03 CamdenProperty CPT 162.55 -2.66 ConEd ED 77.94 0.30 DuPont DD 73.79 -0.17 IllinoisToolWks ITW 230.81 -1.34 NetApp NTAP 89.46 0.58 RyanSpecialty RYAN 38.46 0.19 UltaBeauty ULTA 370.02-13.93
AirProducts APD 284.94 -2.50 t AnnalyCap NLY 7.98 -0.12 t BancoBradesco BBDO 3.01 -0.08 Cameco CCJ 22.41 -0.77 ConstBrands A STZ 223.19 -2.14 DutchBros BROS 48.06 -4.78 Illumina ILMN 357.66 -7.67 NetEase NTES 111.81 4.08 Ryanair RYAAY 95.38 -0.17 UnderArmour C UA 19.54 -0.53
Airbnb ABNB 163.08 -9.46 Anthem ANTM 404.65 -1.58 BancodeChile BCH 18.16 -0.84 CampbellSoup CPB 39.91 -0.42 ContinentalRscs CLR 42.68 -1.66 Dynatrace DT 58.19 -4.66 Netflix NFLX 617.77-24.13 SAP SAP 129.81 1.37
ImperialOil IMO 32.90 -0.19 UnderArmour A UAA 22.89 -0.70
AkamaiTech AKAM 109.08 -3.62 Aon AON 291.11 -4.66 t BancSanBrasil BSBR 5.67 -0.15 CIBC CM 110.10 -1.37 Cooper COO 373.53 -2.94 ENI E 26.38 -0.01 NewellBrands NWL 20.88 -0.59 S&P Global SPGI 449.06 -6.67
Incyte INCY 64.96 -2.76 t Unilever UL 50.61 -0.24
Albemarle ALB 259.85 -6.64 ApolloGlbMgmt APO 70.65 -0.13 BancoSantander SAN 3.09 -0.02 CanNtlRlwy CNI 126.20 -0.37 Copart CPRT 142.52 -2.64 EOG Rscs EOG 85.35 -1.65
Informatica INFA 33.96 1.77 Newmont NEM 53.87 -1.05 SBA Comm SBAC 339.30 -4.50 UnionPacific UNP 233.25 -2.39
Albertsons ACI 34.25 -0.94 s Apple AAPL 164.77 -0.53 BankofAmerica BAC 43.84 -0.63 CanNaturalRes CNQ 39.91 -0.91 Corning GLW 36.85 -0.24 EPAM Systems EPAM 595.01-13.54
Infosys INFY 22.44 -0.14 NewsCorp A NWSA 21.09 -0.53 SK Telecom SKM 43.81 -2.19 t UnitedAirlines UAL 39.06 -3.20
Alcoa AA 43.78 -2.75 ApplMaterials AMAT151.67 4.48 BankofMontreal BMO 103.43 -0.64 CanPacRlwy CP 68.75 -1.28 Corteva CTVA 44.66 -0.34 EastWestBncp EWBC 75.55 -1.45
IngersollRand IR 57.10 -1.24 NewsCorp B NWS 21.20 -0.35 SS&C Tech SSNC 74.05 -2.28 s UnitedMicro UMC 12.23 0.60
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ADVERTISE TODAY

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Grainger GWW 477.26 -4.15 Marriott MAR 142.50 -5.06 ratio; SO: spin-off.

NOTICE OF SALE
Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks
(800) 366-3975

Money Rates
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 ' $)     0 :7 8<773  36573 0 Effective rate 0.0800 0.0800 0.1000 0.0500 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet;
High 0.1500 0.0900 0.2000 0.0700 Tullett Prebon Information, Ltd.
 .

THE WALL STREET JOURNAL. * Thursday, December 2, 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
34022.04 t 461.68, or 1.34% Trailing P/E ratio 21.11 29.42 4513.04 t 53.96, or 1.18% Trailing P/E ratio * 28.81 41.34 15254.05 t 283.64, or 1.83% Trailing P/E ratio *† 35.92 37.92
High, low, open and close for each P/E estimate * 18.45 24.58 High, low, open and close for each P/E estimate * 22.45 25.95 High, low, open and close for each P/E estimate *† 30.37 31.45
trading day of the past three months. Dividend yield 2.01 2.02 trading day of the past three months. Dividend yield * 1.28 1.65 trading day of the past three months. Dividend yield *† 0.65 0.74
All-time high 36432.22, 11/08/21 All-time high 4704.54, 11/18/21 All-time high: 16057.44, 11/19/21

Current divisor 0.15172752595384

36600 4800 16200
Session high
DOWN UP
36000 4700 15850
t

Session open Close

Close Open
t

35400 4600 15500

Session low

34800 4500 15150

65-day moving average

65-day moving average 65-day moving average 14800

34200 4400

33600 4300 14450

Bars measure the point change from session's open

33000 4200 14100
Aug. Sept. Oct. Nov. Aug. Sept. Oct. Nov. Aug. Sept. Oct. Nov.
*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*1,140,237,018 21,453,362
Industrial Average 35004.64 34006.98 34022.04 -461.68 -1.34 36432.22 29861.55 13.8 11.2 10.0 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 216,454,136 1,984,119
Transportation Avg 16235.35 15491.51 15493.55 -349.60 -2.21 17039.38 12087.99 23.5 23.9 12.7 Most-active issues in late trading Decl. volume* 916,570,672 19,417,553
Utility Average 914.33 892.07 892.49 -1.07 -0.12 952.62 795.61 2.0 3.2 6.4 Volume After Hours Issues traded 3,534 281
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 47780.92 46192.41 46216.66 -690.30 -1.47 48824.98 38009.72 21.6 17.8 17.6 Advances 987 69
SPDR S&P 500 SPY 15,356.9 450.95 0.45 0.10 462.76 449.49
Barron's 400 1087.24 1048.96 1048.97 -13.67 -1.29 1127.20 810.45 29.4 23.1 15.1 Declines 2,412 204
KAR Auction Services KAR 11,647.9 14.54 0.11 0.76 14.54 14.43
Unchanged 135 8
Nasdaq Stock Market Bank of America BAC 7,642.5 44.02 0.18 0.41 44.17 43.80 New highs 35 …
Nasdaq Composite 15816.82 15243.93 15254.05 -283.64 -1.83 16057.44 12338.95 23.5 18.4 27.7 Apple AAPL 6,833.4 165.07 0.30 0.18 165.28 164.02 New lows 237 29
Nasdaq-100 16427.19 15864.00 15877.72 -258.20 -1.60 16573.34 12299.08 27.5 23.2 31.7 ICICI Bank ADR IBN 6,003.6 18.73 0.21 1.13 18.74 18.52 Closing Arms† 1.88 3.41
Bruker Corp BRKR 4,913.7 80.90 -0.11 -0.14 81.01 80.85 Block trades* 4,990 176
S&P
-1.18
TAL Education Group ADR TAL 4,509.6 5.04 0.03 0.60 5.04 4.97
500 Index 4652.94 4510.27 4513.04 -53.96 4704.54 3647.49 23.0 20.2 17.8 Nasdaq NYSE Arca
Invesco QQQ Trust I QQQ 4,289.8 387.36 0.24 0.06 395.25 385.91
MidCap 400 2776.54 2664.11 2664.52 -44.13 -1.63 2910.70 2191.87 21.6 15.5 12.4 Total volume*6,257,685,215 406,689,484
SmallCap 600 1380.46 1322.59 1322.62 -20.53 -1.53 1466.02 1051.69 25.8 18.2 11.2 Percentage gainers… Adv. volume*1,920,172,288 96,277,032
Digital World Acqn Cl A DWAC 4,011.3 57.30 12.95 29.20 59.39 43.96 Decl. volume*4,306,070,760 310,148,355
Other Indexes
Snowflake SNOW 972.8 349.61 38.61 12.41 367.35 310.47 Issues traded 4,904 1,666
Russell 2000 2253.37 2147.40 2147.42 -51.49 -2.34 2442.74 1838.03 16.8 8.7 11.9
Advances 1,190 342
NYSE Composite 16636.78 16133.21 16133.89 -185.08 -1.13 17310.51 14188.24 13.7 11.1 9.0 Salem Media Group SALM 118.8 3.02 0.27 9.81 3.04 2.66
Declines 3,512 1,317
Value Line 658.07 632.80 632.83 -10.86 -1.69 696.40 546.94 15.7 11.3 5.9 Stryker Corp SYK 286.9 262.04 22.94 9.59 262.04 239.10
Unchanged 202 7
NYSE Arca Biotech 5415.63 5258.34 5258.34 -80.71 -1.51 6319.77 5258.34 -5.6 -8.4 3.4
Moving iMage Technologies MITQ 228.0 2.06 0.18 9.57 2.69 1.87
New highs 63 9
NYSE Arca Pharma 772.91 757.33 762.13 4.79 0.63 811.41 667.24 12.2 10.5 7.8 ...And losers New lows 570 116
KBW Bank 135.18 129.30 129.33 -1.63 -1.25 142.61 92.72 37.6 32.1 8.4 Katapult Holdings KPLT 514.9 3.15 -0.51 -13.93 3.69 3.00 Closing Arms† 0.76 0.64
PHLX§ Gold/Silver 133.58 125.91 125.96 -4.26 -3.27 166.01 117.06 -10.4 -12.6 25.0 Elastic ESTC 200.6 129.00 -10.13 -7.28 139.15 121.21 Block trades* 35,105 1,445
PHLX§ Oil Service 52.37 49.14 49.14 -1.32 -2.61 69.77 41.84 17.5 10.9 -22.3 Arbutus Biopharma ABUS 2,725.6 4.35 -0.26 -5.64 4.69 4.26 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 3958.72 3806.32 3810.75 -22.47 -0.59 3912.02 2704.08 40.3 36.3 45.4 WeWork WE 117.3 8.02 -0.44 -5.20 8.54 7.65 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 32.61 22.38 31.12 3.93 14.45 37.21 15.01 47.0 36.8 19.9 Cumberland Pharm CPIX 151.7 3.89 -0.21 -5.12 4.09 3.89 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 724.65 –1.88 –0.26 12.1 Arbutus Biopharma ABUS 4.61 1.41 44.06 6.50 2.43 16.7 BeyondSpring BYSI 4.93 -7.84 -61.39 33.00 4.79 -53.5
MSCI ACWI ex-USA 336.10 5.00 1.51 3.0 Adv Human Imaging ADR AHI 4.48 1.37 44.05 5.61 3.04 ... AeroClean Technologies AERC 16.61 -8.39 -33.56 117.35 14.31 ...
MSCI World 3087.98 –13.82 –0.45 14.8 Roivant Sciences ROIV 8.89 2.26 34.09 10.87 5.80 ... Pioneer Power Solutions PPSI 7.07 -3.04 -30.07 12.44 3.09 98.6
MSCI Emerging Markets 1226.81 14.39 1.19 –5.0 Heartbeam BEAT 4.65 1.08 30.25 5.47 3.45 ... Biofrontera BFRI 4.33 -1.66 -27.71 10.40 2.25 ...
Americas MSCI AC Americas 1736.35 –22.92 –1.30 18.3 Build-A-Bear Workshop BBW 21.66 4.60 26.96 23.34 3.71 427.0 CTI BioPharma CTIC 1.64 -0.61 -27.11 4.13 1.61 -50.2
Canada S&P/TSX Comp 20464.60 –195.39 –0.95 17.4 OceanPal OP 6.54 1.32 25.29 12.09 3.56 ... Longeveron LGVN 20.43 -5.83 -22.20 45.00 2.84 ...
Latin Amer. MSCI EM Latin America 2040.47 3.62 0.18 –16.8 MDJM MDJH 3.00 0.49 19.52 8.60 2.29 -16.3 iSpecimen ISPC 14.59 -3.88 -21.01 28.98 4.75 ...
Brazil BOVESPA 100774.57 –1140.88 –1.12 –15.3 East Stone Acquisition ESSC 12.28 1.88 18.08 12.81 9.21 23.3 180 Life Sciences ATNF 5.05 -1.33 -20.85 13.05 2.18 98.8
Chile S&P IPSA 2831.11 –65.51 –2.26 –0.9 PS UlSh Bloomberg Nat Gas KOLD 10.39 1.42 15.83 58.85 5.66 -76.2 Aptevo Therapeutics APVO 7.93 -2.03 -20.38 51.75 6.38 -83.4
Mexico S&P/BMV IPC 50007.16 308.44 0.62 13.5 GCP Applied Technologies GCP 26.64 3.30 14.14 29.18 20.76 11.1 VectivBio Holding VECT 3.05 -0.78 -20.37 37.70 2.97 ...
EMEA STOXX Europe 600 470.86 7.90 1.71 18.0 Ambarella AMBA 204.89 25.37 14.13 227.59 77.06 139.1 Winc WBEV 7.87 -1.79 -18.53 14.20 7.76 ...
Eurozone Euro STOXX 466.38 9.85 2.16 17.3 Elevation Oncology ELEV 7.45 0.89 13.62 16.22 6.00 ... Cumberland Pharm CPIX 4.10 -0.93 -18.49 5.48 2.20 36.7
Belgium Bel-20 4154.97 41.57 1.01 14.7 IRSA-Inversions GDR IRS 4.82 0.57 13.41 5.17 3.48 4.8 Petros Pharmaceuticals PTPI 2.34 -0.52 -18.18 5.96 1.19 -41.4
Denmark OMX Copenhagen 20 1800.63 16.72 0.94 22.9 Compass Therapeutics CMPX 3.59 0.42 13.25 11.00 2.01 ... NuZee NUZE 3.81 -0.84 -18.06 14.00 1.90 -70.2
6881.87 2.39 24.0 IceCure Medical ICCM 4.89 0.55 12.67 16.00 0.18 191.1 Society Pass SOPA 7.40 -1.60 -17.78 77.34 7.31 ...
France CAC 40 160.71
Germany DAX 15472.67 372.54 2.47 12.8
Israel Tel Aviv 1889.60 25.75 1.38 26.1
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 26371.92 557.58 2.16 18.6 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 790.70 13.31 1.71 26.6
Russia RTS Index 1687.12 41.31 2.51 21.6 Arbutus Biopharma ABUS 319,542 12947.0 4.61 44.06 6.50 2.43 Atl Coastal Acqn Cl A ACAH 4,276 12924 9.89 1.12 9.99 9.61
South Africa FTSE/JSE All-Share 71198.08 723.06 1.03 19.8 Ardelyx ARDX 256,851 6368.4 1.23 7.89 9.23 0.82 BioRestorative Therapies BRTX 4,004 8644 5.81 -3.17 132.00 4.85
1.78 ProSh UltraPro Shrt QQQ SQQQ 206,239 85.5 6.65 5.39 17.87 5.69 Gl X SuperDiv EM SDEM 2,038 7938 10.70 -1.02 12.71 10.49
Spain IBEX 35 8452.60 147.50 4.7
1.69 Apple AAPL 149,196 85.4 164.77 -0.32 170.30 116.21 Broadscale Acqn Cl A SCLE 4,633 6178 9.88 0.92 12.14 9.60
Sweden OMX Stockholm 1002.95 16.623 30.5
Sundial Growers SNDL 144,574 33.3 0.57 -9.05 3.96 0.42 iShares MSCI Qatar ETF QAT 511 4614 20.61 1.43 21.34 17.43
Switzerland Swiss Market 12266.46 106.77 0.88 14.6
Turkey BIST 100 1857.40 47.75 2.64 25.8 SPDR S&P 500 SPY 130,784 81.0 450.50 -1.11 473.54 362.03 INSU Acqn III Cl A IIII 632 3763 9.85 0.66 11.32 9.54
U.K. FTSE 100 7168.68 109.23 1.55 11.0 Ford Motor F 125,067 49.2 19.58 2.03 20.79 8.43 Northern Star Inv II Cl A NSTB 5,284 3322 9.74 -0.41 11.62 9.38
U.K. FTSE 250 22912.73 393.01 1.75 11.8 Finl Select Sector SPDR XLF 101,471 95.2 37.54 -1.11 40.86 28.11 NV5 Global NVEE 2,461 3277 128.00 -2.66 133.26 69.75
Carnival CCL 82,258 153.3 16.38 -7.04 31.52 16.32 SPDR S&P 500 ESG ETF EFIV 525 2684 43.23 -0.98 45.30 33.85
Asia-Pacific MSCI AC Asia Pacific 191.65 1.87 0.98–4.1
American Airlines Group AAL 81,651 162.3 16.28 -7.97 26.09 13.85 SPDR Shrt Term Trea SPTS 16,738 2677 30.50 0.02 30.71 30.35
Australia S&P/ASX 200 7235.90 –20.07 –0.28 9.8
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3576.89 13.00 0.36 3.0 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 23658.92 183.66 0.78 –13.1
57684.79 1.09 20.8
Track the Markets
India S&P BSE Sensex 619.92
Japan NIKKEI 225 27935.62 113.86 0.41 1.8
Compare the performance of selected
global stock indexes, bond ETFs,
CURRENCIES & COMMODITIES
Singapore Straits Times 3098.25 56.96 1.87 8.9 currencies and commodities at
South Korea KOSPI 2899.72 60.71 2.14 0.9 wsj.com/graphics/track-the-markets Currencies
Taiwan TAIEX 17585.99 158.23 0.91 19.4 U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1590.81 22.12 1.41 9.8 Get real-time U.S. stock quotes and track most-active stocks, new US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data highs/lows and mutual funds. Available free at WSJMarkets.com Wed YTDchg Wed YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004402 22715 –1.6
CREDIT MARKETS Argentina peso .0099100.9641 20.1 Europe
Brazil real .1756 5.6958 9.7 Czech Rep. koruna .04444 22.500 4.8
Canada dollar .7801 1.2819 0.7 Denmark krone .1522 6.5695 7.8
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001192 839.06 18.1 Euro area euro 1.1321 .8834 7.9
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000252 3966.56 15.9 Hungary forint .003120 320.55 7.9
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007721 129.51 1.3
A consumer rate against its New car loan Mexico peso .0465 21.5162 8.2 Norway krone .1098 9.1097 6.2
benchmark over the past year 2.50% Uruguay peso .02268 44.0850 4.1 Poland zloty .2449 4.0833 9.4
Bankrate.com avg†: 3.61% 12% Asia-Pacific Russia ruble .01351 74.039 0.02
First Command Bank 2.49% 2.00 Sweden krona .1101 9.0786 10.3
Australian dollar .7105 1.4075 8.3
4.00% Fort Worth, TX 888-763-7600 Tradeweb ICE 6 Euro Switzerland franc 1.0866 .9203 4.0
China yuan .1570 6.3681 –2.5
t

t
Wednesday Close 1.50 s Turkey lira .0754 13.2628 78.3
New car loan First Savings Bank of Hegewisch 2.75% Hong Kong dollar .1283 7.7930 0.5
3.75 0 Ukraine hryvnia .0364 27.4500 –3.2
1.00 India rupee .01333 75.021 2.7
Chicago, IL 773-646-4200 UK pound 1.3278 .7531 2.9
Indonesia rupiah .0000695 14382 2.4
3.50 PNC Bank 2.97% One year ago 0.50 –6 s Japan yen .008867 112.78 9.2 Middle East/Africa
Prime rate Washington, DC 888-PNC-BANK t WSJ Dollar Index Yen Kazakhstan tenge .002293 436.11 3.5 Bahrain dinar 2.6529 .3770 –0.02
s

t 3.25 0.00 Macau pataca .1245 8.0310 0.5 Egypt pound .0637 15.7083 –0.2
Cambridge Savings Bank 3.24% –12
Malaysia ringgit .2371 4.2175 4.8 Israel shekel .3165 3.1594 –1.7
Cambridge, MA 888-418-5626 1 3 6 1 2 3 5 7 10 20 30 2021
3.00 New Zealand dollar .6810 1.4684 5.5 Kuwait dinar 3.3072 .3024 –0.6
Chase Bank 3.24% month(s) years
D J F M A M J J A S O ND Pakistan rupee .00570 175.375 9.4 Oman sul rial 2.5974 .3850 ...
Highland Park, IL 800-CHA-SE24 maturity Philippines peso .0199 50.341 4.8 Qatar rial .2747 3.640 –0.04
2021
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7324 1.3653 3.3 Saudi Arabia riyal .2665 3.7517 unch
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0008496 1177.06 8.4 South Africa rand .0623 16.0444 9.2
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0049322 202.75 9.4
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 0.25 -2.00 Taiwan dollar .03609 27.706 –1.4
Yield (%) 52-Week Total Return (%) Thailand baht .02964 33.740 12.3 WSJ Dollar Index 90.00 0.09 0.10 5.88
Prime rate* 3.25 3.25 3.25 l 3.25 -2.00 Bond total return index Close Last Week ago High Low 52-wk 3-yr
Libor, 3-month 0.17 0.18 0.11 l 0.25 -2.56 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Bloomberg 2416.460 1.120 1.270 1.280 0.570 –1.325 5.045
Money market, annual yield 0.07 0.07 0.07 l 0.20 -0.51
Five-year CD, annual yield 0.42 0.44 0.41 l 0.59 -1.58 U.S. Treasury Long, Bloomberg 4587.430 1.790 1.980 2.400 1.490 –2.160 11.467 Commodities
30-year mortgage, fixed† 3.27 3.21 2.83 l 3.37 -1.56 Aggregate, Bloomberg 2263.180 1.690 1.810 1.820 1.120 –0.714 5.550 Wednesday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 2.56 2.53 2.28 l 2.58 -1.60 Fixed-Rate MBS, Bloomberg 2209.080 1.940 2.060 2.060 1.180 –0.686 3.661
Jumbo mortgages, $548,250-plus† 3.27 3.22 2.85 l 3.41 -1.57 DJ Commodity 893.10 -0.75 -0.08 972.68 689.00 29.21 22.08
High Yield 100, ICE BofA n.a. n.a. 4.359 n.a. n.a. n.a. n.a. Refinitiv/CC CRB Index 218.39 -0.79 -0.36 241.18 158.28 36.99 30.15
Five-year adj mortgage (ARM)† 2.85 2.85 2.83 l 3.43 -1.56
Muni Master, ICE BofA 601.751 0.901 0.966 1.082 0.687 1.522 4.816 Crude oil, $ per barrel 65.57 -0.61 -0.92 84.65 45.28 44.81 35.14
New-car loan, 48-month 3.61 3.58 3.58 l 4.12 -1.06
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 909.848 5.019 5.043 5.098 4.295 –0.930 6.201 Natural gas, $/MMBtu 4.258 -0.309 -6.77 6.312 2.305 53.17 67.70
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
Gold, $ per troy oz. 1781.60 8.00 0.45 1952.70 1677.70 -2.42 -5.89
 .

B8 | Thursday, December 2, 2021 * THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

Contract
High hilo Low Settle Chg
Open
interest
Cash Prices Wednesday, December 1, 2021
Metal & Petroleum Futures March'22 234.50 238.30 231.55 233.25 .95 129,929 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
Contract Open
Sugar-World (ICE-US)-112,000 lbs.; cents per lb. separate from the futures price on an exchange, which reflects what the commodity might be worth in future
March 18.86 18.88 18.56 18.60 … 359,400 months.
Open High hi lo Low Settle Chg interest
May 18.58 18.58 18.25 18.27 –.01 149,048
Copper-High (CMX)-25,000 lbs.; $ per lb. Wednesday Wednesday Wednesday
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
Dec 4.3035 4.3450 4.2345 4.2475 –0.0305 6,262 Jan 37.00 37.10 37.00 37.02 .02 1,615 Iron Ore, 62% Fe CFR China-s 101.4 Wheat,No.2 soft red,St.Louis-u n.a.
March'22 4.3055 4.3515 4.2335 4.2475 –0.0325 115,898
Energy
March 37.00 … 2,797 Shredded Scrap, US Midwest-s,m n.a. Wheat - Hard - KC (USDA) $ per bu-u n.a.
Gold (CMX)-100 troy oz.; $ per troy oz. Cotton (ICE-US)-50,000 lbs.; cents per lb. Coal,C.Aplc.,12500Btu,1.2SO2-r,w 89.750 Steel, HRC USA, FOB Midwest Mill-s 1750 Wheat,No.1soft white,Portld,OR-u 11.0000
Dec 1774.80 1791.80 1772.30 1781.60 8.00 20,913 Dec 110.97 113.25 110.41 109.39 –2.26 113 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 30.700 Battery/EV metals
Jan'22 1776.00 1792.40 1772.50 1783.00 7.90 1,766 March'22 105.97 108.44 103.86 104.19 –2.22 141,095
Feb 1777.40 1795.70 1773.70 1784.30 7.80 420,136 Metals BMI Lithium Carbonate, EXW China, =99.2%-v,k 31400 Food
Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
April 1778.40 1796.20 1775.70 1786.30 8.00 42,673 Jan 122.90 124.55 120.85 121.20 –1.70 7,817 BMI Lithium Hydroxide, EXW China, =56.5% -v,k 30300 Beef,carcass equiv. index
June 1781.20 1799.00 1777.80 1788.10 8.00 24,708 March 125.85 126.50 123.15 123.55 –1.75 2,521 Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 14130 choice 1-3,600-900 lbs.-u 229.63
Aug 1784.20 1800.50 1780.80 1790.00 8.10 5,204 Engelhard industrial 1789.00 BMI Nickel Sulphate, EXW China, >22%-v,m 5613 select 1-3,600-900 lbs.-u 215.12
Palladium (NYM) - 50 troy oz.; $ per troy oz. Interest Rate Futures Handy & Harman base 1789.25 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 625 Broilers, National comp wtd. avg.-u,w 1.1116
Dec 1738.00 1740.00 1738.00 1751.10 48.00 67 Handy & Harman fabricated 1986.07
March'22 1725.50 1783.00 1725.50 1753.50 48.00 9,510 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Fibers and Textiles Butter,AA Chicago 1.9800
Dec 201-110 9.0 22,778 LBMA Gold Price AM *1797.60 Cheddar cheese,bbl,Chicago 160.00
Platinum (NYM)-50 troy oz.; $ per troy oz. Burlap,10-oz,40-inch NY yd-n,w 0.8100
March'22 200-040 201-280 198-090 200-260 8.0 1,219,903 LBMA Gold Price PM *1804.40 Cheddar cheese,blk,Chicago 185.75
Dec 934.50 7.90 19
Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Krugerrand,wholesale-e 1854.32 Cotton,1 1/16 std lw-mdMphs-u 1.0394 Milk,Nonfat dry,Chicago lb. 154.75
Jan'22 932.00 953.50 925.00 935.20 7.90 49,842
Dec 163-300 8.0 25,962 Maple Leaf-e 1872.15 Cotlook 'A' Index-t *123.05
Silver (CMX)-5,000 troy oz.; $ per troy oz. March'22 161-280 162-260 161-010 162-120 8.0 1,193,187
Coffee,Brazilian,Comp 2.2743
Dec 22.770 22.995 22.330 22.299 –0.466 6,611 American Eagle-e 1872.15 Hides,hvy native steers piece fob-u n.a. Coffee,Colombian, NY 2.8874
Treasury Notes (CBT)-$100,000; pts 32nds of 100% Wool,64s,staple,Terr del-u,w n.a.
March'22 22.875 23.060 22.325 22.339 –0.476 109,878
Dec 131-150 131-255 130-305 131-205 3.0 55,303
Mexican peso-e 2157.76 Eggs,large white,Chicago-u 1.3550
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. March'22 130-230 131-035 130-060 130-295 3.5 3,747,802 Austria crown-e 1750.70 Grains and Feeds Flour,hard winter KC 23.85
Jan 67.01 69.49 64.84 65.57 –0.61 356,410 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Austria phil-e 1872.15 Hams,17-20 lbs,Mid-US fob-u 0.57
Feb 66.68 69.18 64.62 65.37 –0.48 212,829 Dec 121-272 –2.0 72,862 Silver, troy oz. Barley,top-quality Mnpls-u n.a.
March 66.36 68.78 64.35 65.11 –0.38 167,134
Hogs,Iowa-So. Minnesota-u 71.31
March'22 121-100 121-142 120-290 121-110 –1.7 3,413,676 Bran,wheat middlings, KC-u 170
June 65.34 67.60 63.56 64.25 –0.22 176,066 Engelhard industrial 22.8000 Pork bellies,12-14 lb MidUS-u n.a.
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Corn,No. 2 yellow,Cent IL-bp,u 5.6000
Dec 63.25 65.20 61.82 62.43 –0.07 217,915 Dec 109-200 –2.5 40,761
Handy & Harman base 22.4830 Pork loins,13-19 lb MidUS-u 0.8677
Corn gluten feed,Midwest-u,w 179.0
Dec'23 60.34 61.82 59.16 59.67 0.09 98,158 March'22 109-090 109-101 109-055 109-091 –2.6 1,748,435 Handy & Harman fabricated 28.1040 Steers,Tex.-Okla. Choice-u 138.00
Corn gluten meal,Midwest-u,w 591.6
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. LBMA spot price *£17.1400 Steers,feeder,Okla. City-u,w 170.13
Jan 2.0836 2.1600 2.0579 2.0771 .0168 95,269
Cottonseed meal-u,w 308
Dec 99.9200 99.9200 99.9175 99.9175 –.0025 85,887 (U.S.$ equivalent) *22.8650
Feb 2.0805 2.1492 2.0491 2.0674 .0146 38,660 April'22 99.8450 99.8550 99.8350 99.8550 206,962
Hominy feed,Cent IL-u,w 165 Fats and Oils
Coins,wholesale $1,000 face-a 18752
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Meat-bonemeal,50% pro Mnpls-u,w 190
Jan 1.9596 2.0369 1.9303 1.9511 .0110 132,491 Dec 101-300 1.5 195,023
Other metals Oats,No.2 milling,Mnpls-u 7.4875 Degummed corn oil, crude wtd. avg.-u,w 56.5000
Feb 1.9552 2.0229 1.9157 1.9363 .0081 37,747 March'22 101-170 .5 1 LBMA Platinum Price PM *944.0 Rice, Long Grain Milled, No. 2 AR-u,w 27.75 Grease,choice white,Chicago-h 0.5300
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Eurodollar (CME)-$1,000,000; pts of 100% Platinum,Engelhard industrial 952.0 Sorghum,(Milo) No.2 Gulf-u n.a. Lard,Chicago-u n.a.
Jan 4.606 4.664 4.220 4.258 –.309 252,185 Dec 99.7950 99.8000 99.7875 99.7975 … 1,255,247 Palladium,Engelhard industrial 1760.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 355.80 Soybean oil,crude;Centl IL-u,w 0.6461
Feb 4.547 4.603 4.159 4.188 –.318 83,054 March'22 99.7050 99.7200 99.6900 99.7150 –.0050 1,062,124 Aluminum, LME, $ per metric ton *2635.0 0.5950
Soybeans,No.1 yllw IL-bp,u 12.1400 Tallow,bleach;Chicago-h
March 4.325 4.354 3.990 4.014 –.266 168,020 Dec 99.0350 99.0650 98.9700 99.0450 –.0300 1,253,504
Copper,Comex spot 4.2475 Wheat,Spring14%-pro Mnpls-u 11.9975 Tallow,edible,Chicago-u n.a.
April 3.971 3.981 3.761 3.786 –.148 120,291 Dec'23 98.4100 98.4500 98.3100 98.4150 –.0250 1,216,506
May 3.942 3.942 3.738 3.756 –.144 133,950
Oct 4.046 4.054 3.859 3.875 –.137 85,725 Currency Futures KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co;
K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark Mineral Intelligence;
Japanese Yen (CME)-¥12,500,000; $ per 100¥ W=weekly; Z=not quoted. *Data as of 11/30
Agriculture Futures Dec .8836 .8876 .8801 .8868 .0026 213,052 Source: Dow Jones Market Data
Corn (CBT)-5,000 bu.; cents per bu. March'22 .8847 .8888 .8814 .8879 .0026 3,070
Dec 568.00 576.00 567.00 572.00 5.00 16,228 Canadian Dollar (CME)-CAD 100,000; $ per CAD
March'22 568.75 576.25 567.25 571.50 4.00 732,521 Dec .7825 .7866 .7794 .7806 –.0016 138,233
Oats (CBT)-5,000 bu.; cents per bu.
Dec 723.00 723.00 705.25 710.00 –13.00 86
March'22 .7828 .7869
British Pound (CME)-£62,500; $ per £
.7797 .7808 –.0016 6,415
Bonds | wsj.com/market-data/bonds/benchmarks
March'22 709.00 722.25 696.00 703.25 –10.75 3,582 Dec 1.3298 1.3354 1.3262 1.3279 –.0003 222,128
Soybeans (CBT)-5,000 bu.; cents per bu. March'22 1.3309 1.3360 1.3270 1.3287 –.0004 6,053 Tracking Bond Benchmarks
Jan 1222.00 1237.00 1216.25 1228.25 11.00 228,347 Swiss Franc (CME)-CHF 125,000; $ per CHF
March 1231.25 1244.00 1223.50 1235.00 8.50 189,419 Dec 1.0890 1.0909 1.0852 1.0870 –.0019 49,454 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Soybean Meal (CBT)-100 tons; $ per ton. March'22 1.0916 1.0943 1.0887 1.0904 –.0019 1,018 highs and lows for different types of bonds
Dec 350.00 359.70 346.30 356.50 7.70 3,191 Australian Dollar (CME)-AUD 100,000; $ per AUD Total Total
Jan'22 342.60 353.00 340.70 349.10 7.30 123,103 Dec .7126 .7174 .7095 .7112 –.0009 195,540
return YTD total Yield (%) return YTD total Yield (%)
Soybean Oil (CBT)-60,000 lbs.; cents per lb. March'22 .7132 .7178 .7101 .7117 –.0009 5,981
close return (%) Index Latest Low High close return (%) Index Latest Low High
Dec 55.35 56.08 54.90 55.05 –.06 1,073 Mexican Peso (CME)-MXN 500,000; $ per MXN
55.49 56.12 55.05 55.18 –.03 122,242 Dec .04650 .04725 .04637 .04668 .00021 194,691 Mortgage-Backed Bloomberg Fixed Income Indices
Jan'22 Broad Market Bloomberg Fixed Income Indices
Rough Rice (CBT)-2,000 cwt.; $ per cwt. March'22 .04571 .04649 .04562 .04592 .00023 1,022
Euro (CME)-€125,000; $ per € 2263.18 -1.2 U.S. Aggregate 1.690 1.120 1.820 2209.08 -1.0 Mortgage-Backed 1.940 1.180 2.060
Jan 14.01 14.06 13.94 13.95 –.09 7,113
14.29 14.29 14.18 14.19 –.09 1,353 Dec 1.1342 1.1363 1.1305 1.1321 –.0006 662,607
March
March'22 1.1374 1.1393 1.1337 1.1351 –.0007 32,042 U.S. Corporate Indexes Bloomberg Fixed Income Indices 2146.98 -1.4 Ginnie Mae (GNMA) 1.980 0.710 2.100
Wheat (CBT)-5,000 bu.; cents per bu.
Dec 784.00 785.50 774.75 778.50 4.75 2,027 3430.04 -0.9 U.S. Corporate 2.290 1.740 2.410 1306.18 -0.8 Fannie mae (FNMA) 1.930 1.230 2.040
March'22 791.75 799.00 785.50 790.50 3.25 191,104 Index Futures
Wheat (KC)-5,000 bu.; cents per bu. 3078.65 -1.1 Intermediate 1.800 1.080 1.890 2004.84 -0.9 Freddie Mac (FHLMC) 1.930 1.210 2.040
Mini DJ Industrial Average (CBT)-$5 x index
Dec 824.25 824.25 810.25 814.25 –4.75 846
March'22 824.25 833.25 811.25 819.25 –3.00 130,506
Dec 34524 34986 33928 34002 –455 99,214 5166.54 -0.5 Long term 3.050 2.780 3.580 601.75 1.0 Muni Master 0.901 0.687 1.082
March'22 33922 –455 2,383
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Mini S&P 500 (CME)-$50 x index 695.10 -1.0 Double-A-rated 1.980 1.400 2.110 425.07 0.8 7-12 year 0.924 0.687 1.133
Jan 165.000 166.500 164.925 165.825 .975 17,924
Dec 4587.50 4650.75 4497.75 4508.50 –57.75 2,340,684
March 166.525 168.225 166.525 167.900 1.400 11,133
March'22 4502.50 –57.75 120,817 921.42 -0.2 Triple-B-rated 2.520 2.010 2.640 491.44 1.9 12-22 year 1.184 1.000 1.524
Cattle-Live (CME)-40,000 lbs.; cents per lb. Mini S&P Midcap 400 (CME)-$100 x index
Dec 136.575 137.425 135.900 136.000 .125 27,546 High Yield Bonds ICE BofA 484.22 3.3 22-plus year 1.699 1.443 2.125
Dec 2727.60 2775.90 2653.20 2661.50 –44.70 40,768
Feb'22 138.500 139.750 138.175 138.600 .700 128,903 Global Government J.P. Morgan†
March'22 2659.10 –44.70 10 513.73 3.7 High Yield Constrained 4.767 3.796 4.834
Hogs-Lean (CME)-40,000 lbs.; cents per lb.
Mini Nasdaq 100 (CME)-$20 x index 604.44 -1.8 Global Government 0.880 0.530 1.030
Dec 73.875 74.150 73.200 73.625 .250 25,972
Dec 16238.75 16427.50 15825.25 15869.75 –280.75 251,616 497.28 8.9 Triple-C-rated 8.129 6.304 9.193
Feb'22 80.550 80.650 79.250 80.125 .150 83,712
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. March'22 16245.00 16431.25 15836.00 15877.00 –278.50 6,731 n.a. n.a. High Yield 100 n.a. n.a. n.a. 831.79 -3.7 Canada 1.580 0.820 1.820
Jan 854.60 869.50 854.60 869.50 45.00 1,355
Mini Russell 2000 (CME)-$50 x index
Dec 2213.80 2255.90 2136.80 2146.30 –51.00 460,087 454.86 1.7 Global High Yield Constrained 5.104 3.968 5.138 411.35 -2.2 EMU§ 0.337 0.010 0.579
March 839.00 865.70 839.00 865.70 45.00 533
Milk (CME)-200,000 lbs., cents per lb. March'22 2144.90 –50.90 4,151
Mini Russell 1000 (CME)-$50 x index 346.84 2.7 Europe High Yield Constrained 3.083 2.304 3.161 772.22 -2.7 France 0.210 -0.160 0.450
Dec 18.17 18.27 17.98 18.04 .03 4,781
Jan'22 18.23 18.27 18.05 18.10 –.11 3,506 Dec 2510.00 –39.40 17,133 U.S Agency Bloomberg Fixed Income Indices 544.97 -1.3 Germany -0.320 -0.530 -0.010
Cocoa (ICE-US)-10 metric tons; $ per ton. U.S. Dollar Index (ICE-US)-$1,000 x index
Dec 2,320 2,320 2,320 2,320 6 28 Dec 95.96 96.14 95.67 96.02 .02 48,519 1848.49 -1.0 U.S Agency 1.050 0.460 1.140 295.14 -0.02 Japan 0.330 0.260 0.420
March'22 2,364 2,377 2,333 2,352 6 117,547 March'22 95.91 96.05 95.61 95.96 .03 3,187
1610.71 -1.0 10-20 years 0.950 0.350 1.050 604.85 -2.2 Netherlands -0.150 -0.450 0.130
Coffee (ICE-US)-37,500 lbs.; cents per lb.
Dec 234.00 234.45 233.45 234.20 .95 456 Source: FactSet 4270.64 -0.2 20-plus years 2.050 1.630 2.460 1062.69 -3.0 U.K. 0.840 0.510 1.340
2893.89 -1.4 Yankee 1.930 1.370 2.040 909.85 -2.6 Emerging Markets ** 5.019 4.295 5.098
Macro & Market Economics *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
Watching the Gauges: U.S. Supply and Demand
Inventories, imports and demand for the week ended November 26. Current figures are in thousands of barrels Global Government Bonds: Mapping Yields
or thousands of gallons per day, except natural-gas figures, which are in billions of cubic feet. Natural-gas Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
import and demand data are available monthly only.
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Inventories, 000s barrels Imports, 000s barrels per day Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
Expected Previous Year 4-week 5-year Expected Previous Year 4-week 5-year
Current change week ago avg avg Current change week ago avg avg 0.500 U.S. 2 0.563 s l 0.524 0.513 0.172
1.375 10 1.433 t l 1.440 1.573 0.933
Crude oil and
petroleum prod 1,222,155 ... 1,218 1,354 1,224 1,293 8,777 ... 8,431 7,800 8,450 9,149 5.500 Australia 2 0.366 s l 0.334 0.557 0.104 -20.1 -23.3 -7.2
Crude oil 1.000 10 1.744 s l 1.709 1.919 0.932 31.0 25.9 0.3
excluding SPR 433,111 -800 434 488 434 464 6,604 ... 6,436 5,399 6,335 7,096 0.000 France 2 -0.769 s l -0.777 -0.625 -0.653 -133.6 -134.4 -82.9
Gasoline 215,422 ... 211 234 213 232 643 ... 483 522 634 600
0.000 10 0.029 s l 0.022 0.275 -0.279 -140.5 -142.8 -120.7
Finished gasoline 18,884 -500 18 26 18 25 174 ... 31 60 89 64
Reformulated 22 ... 0 0 0 0 0 ... 0 0 0 0 0.000 Germany 2 -0.712 s l -0.735 -0.603 -0.717 -127.9 -130.2 -89.3
Conventional 18,862 ... 18 26 18 25 174 ... 31 60 89 64 0.000 10 -0.341 s l -0.349 -0.099 -0.524 -177.5 -179.9 -145.2
Blend. components 196,538 ... 193 208 195 206 469 ... 452 462 545 536 0.000 Italy 2 -0.172 s l -0.231 -0.025 -0.373 -73.9 -79.8 -54.9
Natural gas (bcf) 3,623 ... 4 4 4 4 ... ... ... ... ... ... 0.950 10 1.026 s l 0.969 1.226 0.679 -40.8 -48.1 -25.0
Kerosene-type 0.005 Japan 2 -0.116 s l -0.131 -0.099 -0.124 -68.3 -69.8 -30.0
jet fuel 36,072 ... 37 37 37 40 187 ... 85 90 147 128
0.100 10 0.067 s l 0.059 0.097 0.022 -136.8 -139.2 -90.7
Distillates 123,877 unch. 122 146 123 137 234 ... 332 614 271 193
Heating oil 8,400 ... 8 9 8 11 0 ... 0 0 0 15 0.000 Spain 2 -0.578 s l -0.629 -0.547 -0.582 -114.5 -119.6 -75.8
Diesel 115,477 ... 113 137 115 63 234 ... 332 613 271 178 0.500 10 0.443 s l 0.403 0.650 0.118 -99.1 -104.7 -81.0
Residual fuel oil 27,881 ... 28 30 28 33 258 ... 240 202 200 191 0.125 U.K. 2 0.528 s l 0.479 0.694 -0.007 -8.8 -18.3
-3.9
Other oils 292,831 ... 292 306 294 284 735 ... 724 844 742 757
4.750 10 0.823 s l 0.813 1.067 0.351 -61.1 -63.8 -57.8
Net crude, petroleum
products, incl. SPR 1,824,711 ... 1,822 1,992 1,830 1,949 ... 935 -919 193 2,206 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
1,266
Corporate Debt
Weekly Demand, 000s barrels per day Natural gas storage Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
Expected Previous Year 4-week 5-year Billions of cubic feet; weekly totals expectations
Current change week ago avg avg Investment-grade spreads that tightened the most…
Spread*, in basis points
Total petroleum Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
4250
product 20,222 ... 21,752 18,468 20,723 19,548 GA Global Funding Trust GBLATL 1.000 1.16 April 8, ’24 33 –13 n.a.
Five-year average
t

Finished for each week 3250 Ovintiv OVV 5.625 1.99 July 1, ’24 114 –8 96
Pricoa Global Funding I … 2.400 1.00 Sept. 23, ’24 13 –8 n.a.
motor gasoline 8,796 ... 9,334 7,973 9,158 8,697 –6 n.a.
8.100 2.18 May 15, ’30 70
t
Deere DE
Kerosene-type 2250
Natural gas, Met Tower Global Funding … 0.700 1.02 April 5, ’24 15 –6 n.a.
jet fuel 1,727 ... 1,510 1,134 1,553 1,553 lower 48 states Pacific Life Global Funding II PACLIF 1.375 1.36 April 14, ’26 16 –6 22
1250
Distillates 4,209 ... 4,391 3,789 4,308 4,000 Bank of Montreal BMO 1.850 1.34 May 1, ’25 13 –5 n.a.
Residual fuel oil 392 ... 511 510 437 165 Citigroup C 5.300 3.28 May 6, ’44 139 –5 137
250
Propane/propylene 1,673 ... 1,624 1,010 1,410 ... D J F M A M J J A S O N …And spreads that widened the most
Other oils 3,424 ... 4,382 4,052 3,857 ... 2021
Note: Expected changes are provided by Dow Jones Newswires' survey of analysts. Previous and average inventory data are in millions. Delta Air Lines DAL 4.750 3.24 Oct. 20, ’28 210 13 180
Sources: FactSet; Dow Jones Market Data; U.S. Energy Information Administration; Dow Jones Newswires Toyota Motor Credit TOYOTA 2.150 2.04 Feb. 13, ’30 58 8 n.a.
Caterpillar Financial Services … 0.800 1.42 Nov. 13, ’25 26 7 n.a.
6.650 2.82 Nov. 15, ’37 97 7 n.a.
Exchange-Traded Portfolios | WSJ.com/ETFresearch Walt Disney DIS
International Business Machines IBM 3.000 1.11 May 15, ’24 25 6 20
Closing Chg YTD Coca–Cola KO 2.500 2.60 June 1, ’40 74 6 64
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%)
Procter & Gamble PG 0.550 1.24 Oct. 29, ’25 3 6 n.a.
Schwab US TIPs SCHP 62.98 –0.29 1.4 UnitedHealth UNH 2.375 1.02 Aug. 15, ’24 18 6 13
Wednesday, December 1, 2021 Closing Chg YTD
ETF Symbol Price (%) (%) SPDR DJIA Tr DIA 340.46 –1.29 11.3
Closing Chg YTD SPDR S&PMdCpTr MDY 485.85 –1.61 15.7
ETF Symbol Price (%) (%) iShMSCI ACWI ACWI 101.74 –1.11 12.1 SPDR S&P 500 SPY 450.50 –1.11 20.5 High-yield issues with the biggest price increases…
ARKInnovationETF ARKK 98.60 –6.71 –20.8 iShMSCI EAFE EFA 76.40 –0.57 4.7 SPDR S&P Div SDY 119.87 –0.66 13.2 Bond Price as % of face value
CommSvsSPDR XLC 73.63 –2.31 9.1 iShMSCI EAFE SC SCZ 71.41 –0.71 4.5 TechSelectSector XLK 166.41 –1.37 28.0 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
CnsmrDiscSelSector XLY 200.75 –1.80 24.9 iShMSCIEmgMarkets EEM 49.02 0.37 –5.1 VangdInfoTech VGT 439.52 –1.82 24.2
DimenUSCoreEq2 DFAC 27.45 –1.19 ... iShMSCIEAFEValue EFV 48.80 –0.27 3.4 VangdSC Val VBR 168.72 –1.69 18.6 Ford Motor F 7.400 4.87 Nov. 1, ’46 136.280 2.01 n.a.
iShNatlMuniBd MUB 116.45 –0.00 –0.6 VangdExtMkt VXF 177.44 –2.88 7.7 1.15 125.875
EnSelectSectorSPDR XLE 54.01 –1.06 42.5 Occidental Petroleum OXY 6.450 4.12 Sept. 15, ’36 125.625
iSh1-5YIGCorpBd IGSB 53.87 –0.05 –2.4 VangdSC Grwth VBK 270.54 –2.53 1.1
FinSelSectorSPDR XLF 37.54 –1.11 27.3 6.875 Nov. 1, ’35 1.08 122.000
iShPfd&Incm PFF 38.32 0.09 –0.5 VangdDivApp VIG 161.11 –0.54 14.1 Bath & Body Works BBWI 4.74 121.581
HealthCareSelSect XLV 129.50 –0.18 14.2
IndSelSectorSPDR XLI 99.37 –1.39 12.2
iShRussell1000Gwth IWF 294.33 –1.85 22.1 VangdFTSEDevMk VEA 49.44 –0.52 4.7 Navient NAVI 6.750 4.62 June 15, ’26 108.642 1.02 108.360
iShRussell1000 IWB 251.42 –1.44 18.7 VangdFTSE EM VWO 49.16 –0.06 –1.9
InvscQQQI QQQ 387.12 –1.70 23.4 1.00
iShRussell1000Val IWD 157.12 –0.98 14.9 VangdFTSE Europe VGK 65.16 –0.58 8.2 American Airlines AAL 3.750 7.26 March 1, ’25 90.000 92.750
InvscS&P500EW RSP 151.68 –1.24 18.9
iShRussell2000 IWM 213.26 –2.25 8.8 VangdFTSEAWxUS VEU 59.76 –0.30 2.4 0.98 103.500
iShCoreDivGrowth DGRO 52.15 –0.40 16.4 Dish DBS … 7.750 6.75 July 1, ’26 103.875
iShRussell2000Val IWN 157.31 –1.97 19.4 VangdGrowth VUG 309.63 –2.14 22.2
iShCoreMSCIEAFE IEFA 72.47 –0.70 4.9
iShRussellMid-Cap IWR 78.41 –2.00 14.4 VangdHlthCr VHT 246.92 –0.51 10.4 Venture Global Calcasieu Pass VENTGL 4.125 3.69 Aug. 15, ’31 103.357 0.73 104.500
iShCoreMSCIEM IEMG 60.25 0.22 –2.9
iShCoreMSCITotInt IXUS 69.53 –0.46 3.5
iShRussellMCValue IWS 114.04 –1.35 17.6 VangdHiDiv VYM 105.37 –0.53 15.1 FirstEnergy FE 7.375 3.34 Nov. 15, ’31 133.970 0.72 134.500
iShS&P500Growth IVW 80.58 –1.40 26.3 VangdIntermBd BIV 88.92 0.08 –4.2
iShCoreS&P500 IVV 452.29 –1.17 20.5 iShS&P500Value IVE 145.80 –0.88 13.9 VangdIntrCorpBd VCIT 93.25 0.02 –4.0
iShCoreS&P MC IJH 265.90 –1.61 15.7 iShTIPSBondETF TIP 129.07 –0.31 1.1 VangdLC VV 209.91 –1.40 19.4 …And with the biggest price decreases
iShCoreS&P SC IJR 108.67 –1.49 18.2 iSh1-3YTreasuryBd SHY 85.75 0.01 –0.7 VangdMC VO 240.92 –2.09 16.5
iShS&PTotlUSStkMkt ITOT 101.93 –1.45 18.2 iSh7-10YTreasuryBd IEF 115.93 0.19 –3.4 VangdMC Val VOE 140.47 –1.38 18.1 Tenet Healthcare THC 6.875 5.07 Nov. 15, ’31 113.938 –1.07 116.199
iShCoreTotalUSDBd IUSB 53.06 0.07 –2.8 –0.98 55.191
114.63
iSh20+YTreasuryBd TLT 152.34 0.62 –3.4 VangdMBS VMBS 52.96 –0.06 –2.1 Transocean RIG 6.800 15.14 March 15, ’38 50.000
iShCoreUSAggBd AGG 0.02 –3.0 iShRussellMCGrowth IWP 111.38 –3.07 8.5 VangdRealEst VNQ 104.98 –1.65 23.6
iShSelectDividend DVY 114.37 –0.63 18.9 iShUSTreasuryBdETF GOVT 26.67 0.23 –2.1 VangdS&P500ETF VOO 414.24 –1.15 20.5
United States Cellular USM 6.700 4.41 Dec. 15, ’33 121.170 –0.73 123.053
iShESGAwareUSA ESGU 102.70 –1.34 19.4 JPM UltShtIncm JPST 50.55 –0.03 –0.5 VangdST Bond BSV 81.26 0.01 –2.0 QVC QVCN 5.950 6.01 March 15, ’43 99.270 –0.71 n.a.
iShEdgeMSCIMinUSA USMV 75.44 –0.68 11.1 ProShUltPrQQQ TQQQ 155.10 –5.13 70.6 VangdSTCpBd VCSH 81.42 –0.04 –2.2
iShEdgeMSCIUSAMom MTUM 179.23 –2.14 11.1 SPDR Gold GLD 166.16 0.40 –6.8 VangdShtTmInfltn VTIP 52.03 –0.17 1.8 Prime Security Services Borrower PRSESE 5.750 4.51 April 15, ’26 104.857 –0.64 105.731
iShEdgeMSCIUSAQual QUAL 139.06 –1.40 19.7 SPDRS&P500Growth SPYG 69.82 –1.50 26.3 VangdSC VB 215.13 –2.06 10.5 ADT Security ADT 4.125 2.21 June 15, ’23 102.875 –0.52 103.400
iShEdgeMSCIUSAVal VLUE 101.60 –0.61 16.9 SchwabIntEquity SCHF 37.97 –0.55 5.4 VangdTotalBd BND 85.34 0.06 –3.2
iShGoldTr IAU 33.84 0.48 –6.7 SchwabUS BrdMkt SCHB 107.68 –1.48 18.3 VangdTotIntlBd BNDX 57.25 0.09 –2.2
Liberty Interactive LINTA 8.250 7.12 Feb. 1, ’30 106.875 –0.50 107.081
iShiBoxx$InvGrCpBd LQD 132.84 0.01 –3.8 SchwabUS Div SCHD 75.57 –0.46 17.8 VangdTotIntlStk VXUS 62.01 –0.48 3.1
iShiBoxx$HYCpBd HYG 85.37 0.01 –2.2 SchwabUS LC SCHX 108.44 –1.25 19.2 VangdTotalStk VTI 230.16 –1.41 18.2 *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.
iShJPMUSDEmgBd EMB 107.86 0.70 –6.9 SchwabUS LC Grw SCHG 158.36 –2.10 23.3 VangdTotlWrld VT 103.17 –1.05 11.4 Note: Data are for the most active issue of bonds with maturities of two years or more
iShMBSETF MBB 107.59 0.02 –2.3 SchwabUS SC SCHA 97.90 –2.13 10.0 VangdValue VTV 137.57 –0.60 15.6 Source: MarketAxess
 .

THE WALL STREET JOURNAL. * Thursday, December 2, 2021 | B9

BANKING & FINANCE

Ex-Mastercard CEO
Tapped for New Job
Ajay Banga will graphic leaders on investment gies.
strategy. “He’s incredibly global, has
become vice chairman One area of focus will be on a deep understanding of
of private-equity firm financial inclusion—providing emerging markets and knows
individuals and businesses with financial technology, which is a
General Atlantic access to useful and affordable big area of investment for us,”
financial products—a passion said Mr. Ford, who has known

TING SHEN/PRESS POOL

BY MIRIAM GOTTFRIED of Mr. Banga’s, according to Mr. Banga for 20 years.
General Atlantic CEO Bill Ford. Mastercard said in Septem-
Ajay Banga, former chief ex- Mr. Banga, 62 years old, be- ber that Mr. Banga, who had
ecutive officer of Mastercard came CEO of Mastercard in been serving as executive
Inc., is joining General Atlan- 2010 and oversaw a more than chairman, would retire at the
tic as vice chairman, officials 13-fold increase in the com- end of this year.
at the private-equity firm said. pany’s market capitalization. Before joining Mastercard, Mr. Banga oversaw a more than 13-fold increase in Mastercard’s market capitalization.
Mr. Banga, who stepped He is credited with expanding he worked for nearly 13 years
down as CEO at the card net- the business into new markets at Citigroup Inc., serving in a named to the advisory board Based in New York and with sciences and technology
work Jan. 1 after more than a around the world and trans- variety of roles including CEO for BeyondNetZero, a General offices around the world, Gen- sectors. The firm was founded
decade in the role, will advise forming it through acquisitions of Asia Pacific for the bank. He Atlantic venture that invests in eral Atlantic specializes in in- in 1980 and manages over $78
General Atlantic’s top manage- from a predominantly card- began his career at the Indian companies developing means vesting in fast-growing compa- billion in assets.
ment on the firm’s strategy and based company to one offering subsidiary of Nestlé SA. to combat climate change, and nies in the consumer, financial- —AnnaMaria Andriotis
work with its sector and geo- a range of payment technolo- Mr. Banga was previously he will continue in that role. services, healthcare, life- contributed to this article.

Technology-Focused Firms Speed Up Fundraising

BY PREETI SINGH of fundraising, with mainstays ated returns of about 4.9 times raising conditions have contrib- larger sum, WSJ Pro Private billion for Vista Equity Partners
AND LAURA COOPER in the sector such as Vista Eq- invested capital and gross in- uted to technology-focused Equity previously reported. Fund VIII LP, while Francisco
uity Partners, Thoma Bravo, ternal rates of return of more firms opening new fundraising Meanwhile, Bain Capital is Partners aims to raise $2 bil-
As technology-focused pri- Silver Lake and Francisco than 50% so far, they said. drives at an accelerating pace. pitching investors on its second lion for a fund focused on
vate-equity firms come back to Partners quickly returning to Through the new fund, H.I.G. Silver Lake, for instance, said it technology-focused fund with a smaller company deals.
the fundraising market in seek more billions. will target midmarket compa- had closed its sixth flagship goal of raising $1.5 billion World-wide information-
droves, H.I.G. Capital is joining Miami-based H.I.G. is wading nies, the people said, building fund in January with roughly barely a year after wrapping up technology spending is ex-
the race with its debut technol- into that mix after generating on its previous tech deals, $20 billion. By October, the the strategy’s debut vehicle pected to increase almost 10%
ogy fund, according to people healthy returns on tech invest- which mostly involved small Menlo Park, Calif.-based firm with $1.25 billion. WSJ Pro Pri- to $4.24 trillion this year from
familiar with the matter. ments through its flagship—or and midsize companies. had begun taking steps to raise vate Equity has also reported $3.87 trillion in 2020, research
Tech-investment vehicles core—funds, the people said. Soaring enterprise valua- a seventh core fund that is ex- that Vista has taken steps to firm Gartner Inc. said in Octo-
have highlighted a record year Those investments have gener- tions coupled with frothy fund- pected to collect a similar or begin raising as much as $24 ber.

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 Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
CyclerionTherap CYCN 1.90 -12.8 GrowGeneration GRWG 15.22 -5.2 LiveOne LVO 1.71 -6.6 ParatekPharma PRTK 4.03 -3.6 ServiceProperties SVC 8.07 -5.1 TRxADEHEALTH MEDS 3.05 -5.7
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American DMC Global BOOM 35.31 -2.7 GuardionHlth GHSI 0.95 -5.5 LivePerson LPSN 35.67 -7.7 Park-Ohio PKOH 18.95 -7.9 ServiceSource SREV 1.03 -2.8 Tuniu TOUR 0.89 -3.3
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest D-MarketElec HEPS 2.32 -5.3 HEXO HEXO 0.99 -10.5 LixteBiotech LIXT 1.44 -10.4 Paya PAYA 6.13 -4.3 17Educ&Tech YQ 1.71 -9.3 TurningPtTherap TPTX 36.40 -4.2
session. % CHG-Daily percentage change from the previous trading session. DanimerScientific DNMR 11.53 -13.5 Hookipa HOOK 3.06 -4.6 Lizhi LIZI 2.00 -5.2 PayPal PYPL 179.15 -3.0 Shapeways SHPW 3.87 -9.2 Twilio TWLO 255.36 -9.3
DataStorage DTST 3.42 -5.2 HalozymeTherap HALO 32.16 -2.2 loanDepot LDI 4.57 -4.2 Paysafe PSFE 3.40 -5.2 SharpsCompliance SMED 7.12 -3.0 TwinVee VEEE 3.17 -6.2
Datasea DTSS 1.46 -4.3 HappinessDevt HAPP 0.64 -5.8 LocalBounti LOCL 5.75 -10.2 PaysafeWt PSFE.WS 0.60 -12.9 ShenandoahTel SHEN 24.55 -3.0 Twitter TWTR 42.80 -2.5
Wednesday, December 1, 2021 DayOneBiopharm DAWN 16.13 -10.6 HarpoonTherap HARP 5.68 -7.3 LogicBioTherap LOGC 2.81 -5.7 Pearson PSO 7.82 -2.7 Shift4Paymts FOUR 48.74 -5.4 2U TWOU 22.23 -6.5
52-Wk % 52-Wk % 52-Wk % DelTaco TACO 7.34 -4.2 HawksAcqnWt HWKZ.WS 0.48 -24.8 LongboardPharm LBPH 5.52 -0.8 PennNational PENN 47.61 -6.6 ShiftTech SFT 4.31 -6.3 TymeTechs TYME 0.66 -9.3
DeltaAir DAL 33.40 -7.4 HealthcareSvcs HCSG 16.73 -4.3 LordstownMotors RIDE 4.17 -10.7 PerformanceFood PFGC 38.82 -3.3 SiebertFin SIEB 2.63 -6.0 US Energy USEG 3.22 -9.2
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg DesktopMetal DM 5.84 -9.2 LL 15.01 -2.1 PRGO 35.77 -2.3
HealthEquity HQY 54.45 -0.4 LumberLiqu Perrigo SigilonTherap SGTX 3.00 -16.5 US Foods USFD 30.09 -4.1
BaudaxBio BXRX 0.35 -6.3 DieboldNixdorf DBD 7.95 -1.8 HeliusMedical HSDT 5.76 -14.6 Lyft LYFT 37.97 -5.9 Personalis PSNL 13.01 -3.5 SigmaLabs SGLB 2.24 -5.5 US PhysTherapy USPH 84.43 -1.7
Highs Lows BellerophonTherap BLPH
Benefitfocus BNFT
2.75
9.92
-11.3
-0.9
DigitalMediaWt DMS.WS
DigitalMedia DMS
0.40
4.15
-10.7
-8.0
HelixEnergy
Helm&Payne
HLX
HP
2.94 -0.7 MDJM
21.07 -5.2 MOGU
MDJH
MOGU
2.29
0.66
19.5
-1.9
PetIQ PETQ
PhaseBioPharm PHAS
19.75
1.87
0.8
-8.7
SilverbackTherap SBTX
SingularGenomics OMIC
6.55 -6.4 Uber
10.72 -3.8 Udemy
UBER
UDMY
35.80
23.53
-5.2
-13.8
AccretionAcqn ENERU 10.32 -0.4 ACI Worldwide ACIW 28.39 -2.6 BeyondMeat BYND 66.21 -5.7 DiscoveryA DISCA 22.20 -4.3 HemisphereMedia HMTV 6.87 -7.9 Macrogenics MGNX 16.57 -5.6 PhioPharm PHIO 1.28 -3.7 PATH 43.88 -9.0
SiNtxTech SINT 0.75 -12.2 UiPath
AldelFinWt ADF.WS 2.46 -0.9 AGNC Invt AGNC 15.08 -1.2 BYSI 4.79 -61.4 DiscoveryC DISCK 21.72 -4.0 6.11 -6.1 MagentaTherap MGTA 5.40 -2.3 PhoenixBiotech PBAX 9.92 0.3 2.00 -4.7
BeyondSpring Hims&HersHealth HIMS SmileDirectClub SDC 2.76 -8.5 UnicyciveTherap UNCY
Alpha&Omega AOSL 53.98 3.3 AlxOncology ALXO 30.64 -4.7 BigCommerce BIGC 40.00 -9.7 Disney DIS 142.04 -1.9 HSTO 0.44 -6.8 Magnite MGNI 16.74 -4.6 Pinduoduo PDD 61.86 -6.6 UL 50.60 -0.5
Histogen SoYoungIntl SY 3.41 -6.1 Unilever
Ambarella AMBA 227.59 14.1 AMTD Intl HKIB 3.16 -3.3 BCAB 21.75 -13.7 DiversifiedHlthcr DHC 2.61 -6.5 HoeghLNG Ptrs HMLP 3.96 -4.3 ManTechIntl MANT 67.08 -1.3 PintecTech PT 0.75 -1.6 UAL 38.88 -7.6
BioAtla SocietyPass SOPA 7.31 -17.8 UnitedAirlines
Apple AAPL 170.30 -0.3 AT&T T 22.22 -2.6 BDSI 2.69 -2.5 Doma DOMA 5.72 -7.9 9.66 -0.4 MarinusPharma MRNS 10.51 -5.0 Pinterest PINS 37.21 -6.9 UBX 1.90 -12.3
BioDeliverySci HomePlateAcqn HPLT SolarWinds SWI 13.84 -3.8 UnityBiotech
ArbutusBiopharma ABUS 6.50 44.1 ATN Intl ATNI 37.89 -0.5 DouYuIntl DOYU 2.55 -8.3 0.47 20.6 MarketWise MKTW 6.43 -8.4 PlanetGreen PLAG 1.07 -7.8 116.23 -2.0
Biofrontera BFRA 3.67 -3.6 HomePlateAcqnWt HPLTW Soligenix SNGX 0.81 -6.4 UniversalHealthB UHS
ArgusCapitalA ARGU 9.96 0.4 AVROBIO AVRO 3.69 -3.4 DraftKings DKNG 31.14 -9.6 4.74 -5.5 Marqeta MQ 18.44 -5.7 Playtika PLTK 16.43 -4.4 18.83 -3.1
BioHiTech BHTG 0.81 -7.2 HomologyMed FIXX Sonendo SONX 8.30 -13.3 UplandSoftware UPLD
ArqitQuantumWt ARQQW 10.05 -2.7 Ayro AYRO 2.06 -8.4 PHGE 1.69 -9.0 Duolingo DUOL 103.00 -5.4 1.45 -6.9 Mastercard MA 306.00 -2.7 PlusTherap PSTV 1.36 -8.0 USER 8.30 -0.2
BiomX HuizeHolding HUIZ SonimTech SONM 1.34 -4.9 UserTesting
Arteris AIP 27.57 -17.1 AbeonaTherap ABEO 0.60 -12.9 BiondVaxPharm BVXV 1.65 -3.5 Durect DRRX 0.91 -5.0 5.55 -8.1 MatchGroup MTCH 126.64 -1.9 PolarityTE PTE 0.44 -4.1 UTSI 1.05 -1.9
Humanigen HGEN Sono SEV 12.51 -16.4 UTStarcom
AtlCoastalAcqn ACAHU 10.34 0.6 AbsoluteSftwr ABST 8.59 -2.3 18.82 -10.9 DyneTherap DYN 12.55 -10.9 HTAQ.U 10.06 0.9 MatrixService MTRX 8.24 -4.9 PopCulture CPOP 1.85 -4.9 UTZ 13.72 -2.7
BioXcelTherap BTAI HuntCosAcqnI SonomaPharm SNOA 4.83 -8.3 UtzBrands
AtlanticusNts26 ATLCL 25.30 0.4 AcastiPharma ACST 1.26 -5.9 DynexCapital DX 16.45 -1.6 27.80 -2.6 MaxproCapWt JMACW 0.41 -2.4 PowerbridgeTech PBTS 0.83 -11.1 VYNE 0.93 -7.0
BitBrother BTB 0.74 -13.8 Hurco HURC SophiaGenetics SOPH 13.05 -4.9 VyneTherap
AxcelisTechs ACLS 67.19 2.7 Accolade ACCD 24.29 -5.2 E-HomeHousehold EJH 2.00 -7.0 0.06 -13.1 MedalistDivREIT MDRR 1.05 -4.5 PresidioPropPfdD SQFTP 23.00 -3.1 VACC 11.98 0.9
BlackDiamond BDTX 5.88 -1.8 HycroftMiningWt HYMCW SorrentoTherap SRNE 5.52 -7.2 Vaccitech
BabcockWilcoxPfdA BWpA 26.43 1.8 AcerTherap ACER 2.01 -4.3 EMX Royalty EMX 2.33 -6.4 29.14 -11.5 MedAvail MDVL 1.58 -7.5 PrimorisSvcs PRIM 21.47 -3.6 VAXX 10.73 -12.1
BlonderTongueLab BDR 0.90 -7.9 Hydrofarm HYFM SoteraHealth SHC 20.48 -2.9 Vaxxinity
BCTX 12.47 1.4 AcordaTherap ACOR 2.49 -3.1 EaglePointPfdD ECCpD 24.45 -1.0 MediciNova MNOV 2.98 -7.6 ProcessaPharm PCSA 5.01 -6.4 VECT 2.97 -20.4
BriaCellTherap
57.19 -2.3
BlueCity BLCT 1.65 -8.3 Hyliion HYLN 6.25 -4.2 SouthwestAir LUV 42.39 -4.2 VectivBio
BriaCellTherapWt BCTXW 7.04 7.8 ActivisionBliz ATVI Eargo EAR 4.76 -7.1 4.73 -9.8 Medtronic MDT 105.38 -1.2 ProfDiversity IPDN 0.93 -8.4 VEC 41.24 -1.4
AcuityAdsHoldings ATY 3.28 -7.3
BluejayDiag BJDX 2.60 -7.7 HyreCar HYRE SpectrumPharm SPPI 1.49 6.3 Vectrus
Build-A-Bear BBW 23.34 27.0 Boeing BA 188.00 -4.9 EastmanKodak KODK 5.63 -5.8 HysterYaleMatls HY 37.02 -5.6 MelcoResorts MLCO 9.09 -6.1 ProspectCapNt29 PBC 25.11 -1.3 VelodyneLidar VLDR 4.99 -9.1
AcumenPharm ABOS 7.44 -4.1 SpireGlobal SPIR 4.11 -2.8
EcoWavePower WAVE 6.02 -5.1 47.33 -2.0 MercadoLibre MELI 1104.04 -7.1 ProtoLabs PRLB 48.25 -3.0 1.11 -11.8
CaliforniaBncp CALB 19.90 1.1
AcutusMedical AFIB 3.02 -6.1
BoqiiHolding BQ 1.35 -8.0 IAA IAA SpireGlobalWt SPIR.WS 0.78 -1.8 VelodyneLidarWt VLDRW
EducDev EDUC 8.82 -3.8 11.94 -8.3 MetroMileWt MILEW 0.20 8.7 Pulmonx LUNG 30.60 -5.2 2.50 -3.1
CanterburyPark CPHC 18.42 5.9
Adagene ADAG 7.37 -1.5
BraggGaming BRAG 5.59 -8.1 IBEX IBEX Sportradar SRAD 13.98 -6.6 VenatorMaterials VNTR
EffectorTherap EFTR 5.95 -8.7 1.11 -5.1 MetroMile MILE 2.30 -9.1 PurpleInnovation PRPL 9.88 -3.9 VERO 1.19 -7.0
CapitalworksEMAcqn CMCAU 10.09 0.4
AdaptHealth AHCO 18.33 -5.9
Braze BRZE 66.01 -11.8 IMPAC Mortgage IMH SpragueRscs SRLP 13.54 -2.3 VenusConcept
EigerBioPharma EIGR 5.74 -6.2 5.40 -6.1 MicrobotMed MBOT 5.07 -1.2 Puxin NEW 0.36 -11.1 VZ 49.74 -1.0
Cars.com CARS 17.66 -0.7
AdaptiveBiotech ADPT 25.18 -3.4
BrickellBiotech BBI 0.29 -3.6 IN8bio INAB Sprinklr CXM 12.75 -10.0 Verizon
CavcoIndustries CVCO 316.62 1.8 BrightHealth BHG 3.21 0.9 8x8 EGHT 18.94 -12.1 InsuAcqnIII Wt IIIIW 0.64 -10.8 MidatechPharma MTP 1.36 -4.1 PyxisTankers PXS 0.58 -8.0 VeronaPharma VRNA 4.39 -7.9
ADDvantage AEY 1.82 -2.7 SpruceBio SPRB 2.37 -6.6
89bio ETNB 12.07 -7.6 MillicomIntl TIGO 30.64 -1.4 PyxisTankersPfdA PXSAP 13.25 -3.8 2.51 -11.0
CompassPfd CODIpB 27.75 1.0
Aditxt ADTX 0.81 -29.9
BrightHorizons BFAM 119.06 -3.2 i3Verticals IIIV 17.80 -4.0 Squarespace SQSP 31.73 -2.5 VersusSystems VS
EksoBionics EKSO 3.12 -3.4 0.48 3.0 MinervaNeurosci NERV 0.85 -6.8 QilianIntl QLI 3.04 0.3 VIACA 32.10 -3.7
CompassPfdC CODIpC 26.98 -0.7
AdvantageSolns ADV 6.94 -3.9
BrightView BV 13.22 -2.6 IXAcqnWt IXAQW Staffing360 STAF 0.98 -9.9 ViacomCBS A
ContextTherap CNTX 10.87 4.1 BrinkerIntl EAT 33.52 -2.7 ElPolloLoco LOCO 12.14 -3.4 icad ICAD 7.21 0.9 MinervaSurgical UTRS 5.91 -6.1 Quanterix QTRX 38.34 -3.6 ViacomCBS B VIAC 29.70 -4.0
AeroVironment AVAV 78.69 -2.4 StanleyB&D Un SWT 102.50 -0.5
CrixusBH3 A BHAC 9.88 -0.6 BroadmarkRealty BRMK 8.98 -0.1 ElectraVehicles SOLO 2.74 -7.1 IconicSports ICNC.U 10.02 -0.2 MingZhuLogistics YGMZ 1.99 -8.6 Quantum-Si QSI 6.09 -4.6 ViacomCBS Pfd VIACP 50.85 -1.4
AEyeWt LIDRW 0.69 -5.9 Startek SRT 3.82 -4.7
CrixusBH3AcqnWt BHACW 0.64 5.8 Broadwind BWEN 2.20 -9.1 ElectronicArts EA 120.08 -3.2 Immuron IMRN 3.06 -3.4 MiNK Therap INKT 11.11 0.7 Quhuo QH 1.53 -8.9 ViantTech DSP 9.22 -4.0
AgEagleAerial UAVS 2.00 -10.6 Steelcase SCS 10.96 -1.8
DukeRealty DRE 60.64 0.4 Bumble BMBL 32.00 -6.4 EledonPharm ELDN 4.53 -3.3 IndaptusTherap INDP 5.30 -10.1 MisterCarWash MCW 15.67 -0.4 QuoinPharm QNRX 3.25 -11.9 Viatris VTRS 12.07 -1.8
AgeX Therap AGE 0.64 -5.6 StitchFix SFIX 22.53 -9.4
12.81 18.1 BurgerFiIntl BFI 6.34 -2.3 ElevationOnc ELEV 6.00 13.6 IndonesiaEnergy INDO 2.72 -4.6 ModelN MODN 26.60 -4.5 QurateRetailA QRTEA 7.59 -5.0 VicinityMotor VEV 3.21 -3.1
EastStoneAcqn ESSC AgnicoEagle AEM 48.03 -3.5 StoneCo STNE 14.77 -3.8
ButterflyNtwk BFLY 6.73 -3.4 EliemTherap ELYM 12.82 -5.6 Infobird IFBD 1.30 -12.7 Momentus MNTS 6.37 -6.1 RLJ Lodging RLJ 12.01 -4.6 ViemedHealthcare VMD 4.96 -1.4
EastGroup EGP 211.16 -0.1 18.86 -9.5 SunCountryAir SNCY 25.27 -6.8
Agora API EllingtonResiMtg EARN 10.55 -1.1 MoneyLion ML 3.92 -5.7 RYBEducation RYB 1.80 -8.0 VillageFarms VFF 6.21 -6.0
EdisonInt EIX 66.42 0.5 Cadiz CDZI 4.00 -0.7 InnovativeIntl IOACU 10.02 -0.8 SunOpta STKL 5.84 -1.7
AileronTherap ALRN 0.56 -8.1 EEX 3.71 -5.8 4.20 -0.5
EnochianBio ENOB 13.78 -8.5 CASI Pharm CASI 0.86 -3.5 EmeraldHldg Inogen INGN 29.56 -2.9 MonoparTherap MNPR RaMedicalSys RMED 2.03 -7.2
SuperCom SPCB 0.66 -4.1
Vimeo VMEO 18.13 -6.0
AirIndustries AIRI 0.91 -8.0 EncompassHealth EHC 56.43 -1.8 MonsterBev MNST 80.92 -3.2 RealGoodFood RGF 7.03 -10.4 VincerxPharma VINC 9.96 -4.7
EsportsEnt10%PfdA GMBLP 9.75 0.3 CRISPR Therap CRSP 75.12 -5.8 InozymePharma INZY 7.59 -4.4 Sweetgreen SG 32.57 -14.5
AirSculptTech AIRS 10.17 -9.6 WATT 1.42 -3.3 17.04 -10.2
ExtraSpaceSt EXR 207.56 -0.2 CS Disco LAW 34.22 -5.5 Energous Inpixon INPX 0.62 -8.1 MonteRosaTherap GLUE RealNetworks RNWK 1.10 -9.1
SyrosPharm SYRS 3.61 -8.1
VinciPartnersInvt VINP 9.65 -4.7
Akerna KERN 2.12 -7.3 Eneti NETI 7.62 -8.9 MOG.B 68.48 -6.2 15.38 -5.2
ExtremeNetworks EXTR 14.07 -5.0 CTI BioPharma CTIC 1.61 -27.1 Intellicheck IDN 4.77 -4.5 Moog B RedRobin RRGB
Sysco SYY 68.05 -2.8
ViractaTherap VIRX 4.03 -10.8
Akumin AKU 1.48 -3.3 EnlivexTherap ENLV 6.71 -3.1 Moog A MOG.A 67.77 -2.0 Redfin RDFN 37.87 -6.2 Visa V 190.10 -1.9
FTACZeusAcqnUn ZINGU 10.13 0.1 C3.ai AI 33.73 -8.5 InterContinentl IHG 59.44 -1.8 TCR2 Therap TCRR 5.00 -2.5
AlaskaAir ALK 46.26 -4.7 Enservco ENSV 0.97 -5.8 MotusGI MOTS 0.45 -7.7 Redwire RDW 8.05 -8.6 ViveveMedical VIVE 1.45 -5.8
FactSet FDS 475.00 -1.2 CYREN CYRN 0.36 -5.2 IntlSeaways INSW 13.77 -5.1 TDCX TDCX 18.23 -1.1
AlgonquinPwrUn AQNU 44.30 -0.4 EnsysceBioWt ENSCW 0.14 -6.7 MovingiMage MITQ 1.86 -7.4 Reed's REED 0.41 -5.1 VMware VMW 113.94 -2.3
FinTechEvolA FTEV 10.29 5.6 CaladriusBiosci CLBS 0.89 -4.0 Intricon IIN 15.50 -5.9 TD Holdings GLG 0.46 -6.4
Alibaba BABA 121.90 -4.0 EnvericBiosci ENVB 1.21 -6.2 MustangBio MBIO 1.84 -7.4 Regis RGS 2.37 -12.5 Vroom VRM 13.22 -3.8
FirstIndRlty FR 62.73 0.9 CalitheraBiosci CALA 0.76 -7.6 Invacare IVC 2.32 -13.5 TMCthemetals TMC 2.62 -13.4 VyantBio
AligosTherap ALGS 13.07 -12.5 Epizyme EPZM 2.92 -10.6 MySize MYSZ 0.70 -9.7 RelmadaTherap RLMD 17.06 -4.2 VYNT 1.81 -5.2
GCPAppliedTechs GCP 29.18 14.1 CanFiteBiopharm CANF 1.08 -9.2 InvescoMtg IVR 2.93 -2.3 TMCtheMtlsWt TMCWW 0.50 -10.6 WaveLifeSci
Allbirds BIRD 15.61 -16.5 EquityCommnwlth EQC 25.12 -1.3 Mynaric MYNA 15.40 -3.2 RemitlyGlobal RELY 22.78 -4.9 WVE 3.66 -5.9
GigCapital4 GIG 10.07 -0.2 Cannae CNNE 29.16 -1.1 Invitae NVTA 15.62 -8.1 T-MobileUS TMUS 106.70 -1.9 WEX
AllegiantTravel ALGT 163.60 -5.5 Escalade ESCA 16.25 -3.8 MyovantSciences MYOV 15.30 -8.9 RenttheRunway RENT 12.15 -9.4 WEX 123.58 -2.2
GladstoneLand LAND 29.64 1.8 CanopyGrowth CGC 9.92 -7.2 IonisPharma IONS 25.59 -3.4 TOP Ships TOPS 1.02 -6.4 WM Tech
AllenaPharm ALNA 0.63 -6.6 EtonPharm ETON 3.65 -6.2 NMI Holdings NMIH 19.43 -0.7 ReShapeLife RSLS 1.72 -8.5 MAPS 6.72 -5.6
GranitePointPfdA GPMTpA 25.24 0.3 CardinalHealth CAH 45.85 -0.8 iQIYI IQ 5.60 -9.5 TPIComposites TPIC 16.26 -8.4 WalkMe
AlteraPfdA ALINpA 3.61 -4.1 EvaxionBiotech EVAX 4.10 -9.2 NOV NOV 11.68 -1.6 Resonant RESN 1.90 -9.1 WKME 17.71 -5.9
HP HPQ 38.38 3.3 15.48 -1.7 CardiovascularSys CSII 19.20 -3.4 iRobot IRBT 72.97 -3.8 TraconPharm TCON 2.31 -9.2 WeaveComms
AlticeUSA ATUS Eventbrite EB 13.61 -9.7 NabrivaTherap NBRV 0.70 -8.8 RestaurantBrands QSR 54.18 -3.0 WEAV 17.05 -1.1
HarborCustomWt HCDIZ 0.84 11.3 136.14 -2.1 Cardlytics CDLX 65.16 -3.5 IronNet IRNT 7.23 -9.2 T2Biosystems TTOO 0.59 -4.8 Weibo
Amedisys AMED EvofemBiosci EVFM 0.41 -5.9 NanoXImaging NNOX 17.99 -12.6 Rezolute RZLT 4.65 -8.5 WB 35.98 -9.6
HawksAcqnA HWKZ 9.78 0.8 AmVirtualCloudWt AVCTW 0.14 -19.0 Carecloud MTBC 6.60 -4.6 Itron ITRI 60.74 -1.6 TaboolaWt TBLAW 0.87 -11.6 Wejo
ExactSciences EXAS 80.26 -6.0 NanoStringTech NSTG 38.32 -6.8 RiceBranTech RIBT 0.40 -3.5 WEJO 5.20 -11.9
HomePlateAcqnWt HPLTW 0.73 20.6 AmericanWell AMWL 6.18 -4.3 CareMaxWt CMAXW 1.20 -12.3 J&JSnackFoods JJSF 134.68 -1.1 TabulaRasaHlth TRHC 10.66 -5.6 WestportFuelSys WPRT
Exagen XGN 9.63 -5.4 NantHealth NH 1.05 -6.3 RingCentral RNG 198.85 -7.7 2.25 -6.3
HudsonPacificPfdC HPPpC 25.39 0.2 Amgen AMGN 198.64 1.0 CarLotzWt LOTZW 0.58 -6.5 JBG SMITH Prop JBGS 27.12 -2.3 TakedaPharm TAK 13.17 -1.3 WestwaterRscs WWR
ExcellonRes EXN 1.10 -7.6 NatlHealthInv NHI 50.88 -2.5 Riskified RSKD 8.69 -7.4 2.65 -6.6
InFinTAcqnUn IFIN.U 10.10 0.2 AngionBiomed ANGN 3.30 -5.8 CarLotz LOTZ 2.79 -5.1 Joann JOAN 8.51 -5.6 TalkspaceWt TALKW 0.30 -6.3 WheelerREIT
Expro XPRO 13.39 -4.2 Natura&Co NTCO 9.01 -4.9 RiteAid RAD 11.50 -6.5 WHLR 1.96 -5.7
InsightAcqnWt INAQ.WS 0.75 -1.8 AnnalyCap NLY 7.98 -1.5 Carnival CCL 16.32 -7.0 JX Luxventure LLL 2.31 -10.9 Team TISI 1.15 -14.1 WheelsUp
F45Training FXLV 9.38 -11.7 NautilusBiotech NAUT 4.41 -8.2 Robinhood HOOD 23.89 -7.7 UP 4.12 -10.3
KLA KLAC 428.22 1.0 AntelopeEnterprise AEHL 1.91 -14.2 Carnival CUK 15.16 -6.1 JackintheBox JACK 80.85 -2.1 TeladocHealth TDOC 93.38 -7.7 WidePoint
FSDPharma HUGE 1.13 -2.5 Nautilus NLS 6.46 -5.5 RockwellMedical RMTI 0.40 -5.2 WYY 4.28 -4.0
KezarLifeSci KZR 15.64 1.8 AppHarvest APPH 4.67 -6.2 CarrolsRestr TAST 2.58 -8.7 JamesRiver JRVR 25.29 -4.2 Teleflex TFX 289.00 -2.7 Winc
FangHoldings SFUN 4.20 -6.7 NavideaBiopharm NAVB 1.20 -2.4 Roku ROKU 207.15 -8.7 WBEV 7.76 -18.5
KRA 46.60 ... AppHarvestWt APPHW 0.93 ... CastleBiosci CSTL 39.34 -4.4 JanuxTherapeutics JANX 14.39 -13.2 Telephone&Data TDS 17.26 -2.4 Wix.com
Kraton FennecPharm FENC 3.82 -11.4 NeoGenomics NEO 32.74 -4.3 RomeoPower RMO 3.68 -6.3 WIX 146.23 -4.1
10.14 0.7 Appian APPN 67.28 -8.4 CatalystBiosci CBIO 1.13 -4.2 JetBlue JBLU 12.86 -4.2 Telesat TSAT 28.23 -8.1 Woodward
LamfGlbl I LGVCU FidNatlInfo FIS 102.28 -2.0 NeptuneWellness NEPT 0.43 -9.9 Root ROOT 3.56 -9.5 WWD 102.43 -3.0
Aptargroup ATR 116.67 -2.3 CatchMarkTimber CTT 7.54 -1.4 JFrog FROG 30.03 -5.9 NerdWallet TempestTherap TPST 8.93 -5.7 WorkhorseGroup WKHS
LamResearch LRCX 711.83 2.0 FirstAdvantage FA 16.86 -2.7 NRDS 16.82 -2.0 RossStores ROST 104.79 -3.9 5.28 -9.1
Aptinyx APTX 2.11 -8.3 CECO Env CECE 5.91 -0.3 JianpuTech JT 0.98 -13.2 NerdyWt TencentMusic TME 6.65 -7.4 WunongNetTech WNW
LandmarkBncp LARK 29.00 ... FiverrIntl FVRR 131.77 -6.9 NRDY.WS 0.94 -13.0 RoyalCaribbean RCL 64.20 -7.9 2.75 -8.9
Aravive ARAV 3.03 -4.7 CellectarBiosci CLRB 0.66 -4.5 200.78 -3.0 Jiuzi JZXN 1.76 -5.7 NerdyA 5.69 -7.0 Terminix TMX 36.30 -2.7 WynnResorts
LexingtonRealty LXP 15.47 -1.3 FleetCorTech FLT NRDY SG Blocks SGBX 1.93 -4.3 WYNN 76.03 -6.1
ArcadiaBiosci RKDA 1.24 -3.1 Centogene CNTG 6.27 -3.9 FlotekIndustries FTK 0.65 -7.7 JobyAviation JOBY 7.27 -7.8 NeuBaseTherap NBSE 2.76 -6.4 TernsPharm TERN 6.12 -13.5 X4 Pharm
LibertyFormOne C FWONK 62.33 -3.8 SOS SOS 1.16 -8.6 XFOR 4.05 -6.5
ArdaghMetalPkg AMBP 9.06 -2.9 Cerence CRNC 71.73 -4.5 Flowserve FLS 29.54 -1.4 JumiaTech JMIA 11.16 -3.8 Neurocrine NBIX 79.89 -3.0 TevaPharm TEVA 8.15 -0.8 XL Fleet
LibertyFormOne A FWONA 59.11 -4.5 SP Plus SP 26.41 -2.3 XL 4.08 -9.9
Argan AGX 38.64 -1.6 CheetahMobile CMCM 1.31 -5.0 Fluent FLNT 1.69 -8.1 JustEatTakeaway GRUB 12.35 -0.9 NeuroOneMed NMTC 2.13 0.4 TherapeuticsMD TXMD 0.45 -7.6 XBiotech
MGP Ingredients MGPI 84.45 7.7 SabraHealthcare SBRA 12.52 -3.1 XBIT 11.80 -6.4
Arhaus ARHS 8.69 -9.5 CherryHillMtg CHMI 8.43 -1.4 ForesightAcqnA FORE 8.85 -10.1 KLX Energy KLXE 3.54 -11.5 NewPacificMetals NEWP 2.80 -6.8 ThermoGenesis THMO 1.17 -6.9 Xos
Matterport MTTR 37.60 -3.7 SageTherap SAGE 37.05 -4.5 XOS 3.69 -7.9
ArmourRes ARR 9.59 -1.9 ChinaIndex CIH 1.10 -2.7 Forian FORA 8.35 -2.6 KaivalBrands KAVL 1.11 -5.9 NewAge NBEV 1.11 -1.8 ThimblePointA THMA 9.27 -1.4 XosWt
MatterportWt MTTRW 25.83 -7.5 SchultzeSpecIIWt SAMAW 0.48 -10.9 XOSWW 0.77 -4.9
ArmstrongFlooring AFI 1.85 -5.1 ChinaJoJoDrug CJJD 0.48 -5.9 FormaTherap FMTX 13.55 -6.1 KaleidoBiosci KLDO 3.34 -5.0 NextPlayTech NXTP 0.96 -6.0 36Kr KRKR 1.35 -1.5 Y-mAbsTherap
Meredith MDP 59.16 0.1 ScopusBio SCPS 2.30 -6.0 YMAB 15.97 -6.1
Arrival ARVL 8.81 -6.0 ChinaSXTPharm SXTC 0.63 -7.7 ForteBiosci FBRX 2.38 -9.8 Kaltura KLTR 4.39 -6.1 NineEnergy NINE 1.17 -9.1 TianRuixiang TIRX 2.00 -6.0 YatsenHolding
MicrochipTech MCHP 88.93 1.2 ScottsMiracleGro SMG 138.12 -4.6 YSG 2.38 -8.4
ArtisanPtrsAsset APAM 43.06 -3.6 Cimpress CMPR 75.09 -2.6 FortunaSilver FSM 3.25 -6.6 KalVistaPharm KALV 13.60 -6.0 Nkarta NKTX 13.08 -16.6 TimberPharm TMBR 0.42 -9.2 Yext
ModivPfdSeriesA MDVA 26.39 ... scPharm SCPH 4.11 -3.0 YEXT 8.89 -5.3
AshfordHosp AHT 9.42 -11.3 CircorIntl CIR 25.83 -4.0 FrankBSPRealty FBRT 15.21 -0.8 KandiTech KNDI 3.53 -6.0 NordicAmTankers NAT 1.78 -8.6 12.90 -3.9 TitanPharm TTNP 1.29 -8.3 Yield10Bio
MountainCrestV MCAGU 10.13 0.7 SeaSpine SPNE YTEN 4.39 -10.1
AslanPharm ASLN 1.25 -9.7 CitrixSystems CTXS 78.72 -2.1 Freshpet FRPT 104.70 -2.9 KellyServices A KELYA 15.99 -4.3 Nordstrom JWN 20.02 -5.4 SECO 0.58 -8.5 Toast TOST 34.33 -11.7 YumChina 49.70 -0.8
NVR NVR 5410.00 3.4 SecooHolding YUMC
AspenGroup ASPU 2.85 -5.5 ClearSecure YOU 28.94 -6.0 FreshworksA FRSH 30.84 -12.4 Kemper KMPR 53.57 -3.2 NorthernStarII NSTB.U 9.85 -1.4 Sema4 SMFR 6.00 -9.3 TonixPharm TNXP 0.43 -9.0 YumanityTherap YMTX 3.77 -9.0
NXP Semi NXPI 234.68 -0.2
AstriaTherap ATXS 5.72 -10.1 CleverLeavesWt CLVRW 0.58 -10.6 Frontier ULCC 12.96 -2.5 Kidpik PIK 5.51 -4.5 NorthernStrII Wt NSTB.WS 0.64 -35.0 SendasDistrib ASAI 10.91 -7.8 Torm TRMD 6.93 -6.3 ZK Intl ZKIN 1.77 -14.0
NavitasSemiWt NVTSW 7.53 -1.3 CLVR 4.22 -12.7
Astronics ATRO 10.07 -2.8 CleverLeaves FuelTech FTEK 1.52 -6.7 KimballIntl B KBAL 10.13 -1.1 NorwegCruise NCLH 17.78 -8.8 SenesTech SNES 1.19 -4.0 TremorIntl TRMR 14.04 -7.8 ZWDataActionTech CNET 1.10 -0.9
NextEraEnergy NEE 89.68 1.2 CloverHealth CLOV 4.46 -9.9 KingsoftCloud KC 16.46 -4.5 Novan
NextEraEnergyUn NEEpO 65.46 1.2 Astrotech ASTC 0.73 -7.8 FuryGoldMines FURY 0.60 -3.7 NOVN 4.76 -5.2 SenseiBiotherap SNSE 6.60 -2.0 TrilogyMetals TMQ 1.53 -7.6 Zillow A ZG 52.36 -3.2
Athenex ATNX 1.67 -4.5 ClovisOncology CLVS 2.93 -7.0 FusionPharm FUSN 5.59 -3.6 KintaraTherap KTRA 0.65 -6.1 Nuwellis NUWE 1.43 -8.8 Sentage SNTG 1.58 -2.4 TripAdvisor TRIP 25.05 -3.1 ZionsBancorpNts ZIONL 26.68 -0.4
ON Semi ON 65.47 0.4 CodereOnlineLuxem CDRO 8.05 -14.5 KnotOffshore KNOP 12.34 -16.4 Nyxoah
Atreca BCEL 3.38 -5.8 FutureFinTech FTFT 1.40 -10.8 NYXH 19.32 -6.0 SeritageGrowth SRG 13.03 -7.8 Triterras TRIT 3.67 -16.9 Zovio ZVO 1.30 -1.5
OntoInnovation ONTO 101.26 -0.1 CoeurMining CDE 5.28 -5.7 KoninklijkePhil PHG 34.50 -1.9 ON24
ATRenew RERE 6.70 -2.7 GOL Linhas GOL 5.17 -8.2 ONTF 15.07 -4.0
PROOFAcqnIUn PACI.U 10.08 0.4 CommsSystems JCS 2.90 -4.6 Kubient KBNT 2.32 -7.1 OcularTherapeutix OCUL
AultGlobal DPW 1.60 -9.0 GRAVITY GRVY 75.00 -3.6 6.31 -7.6
PartnerComms PTNR 6.79 7.4 CommunityHlthcr CHCT 42.55 -1.1 KukeMusic KUKE 3.76 -6.0 OilDriAmerica
AuroraMobile JG 1.24 -11.3 GabelliDivPfdH GDVpH 26.52 -1.4 ODC 32.50 -1.5
PhoenixBiotech PBAXU 11.21
PhoenixBiotech PBAX 10.62
0.9
0.3
Autohome ATHM 31.00 -9.1 Compass
Compugen
COMP
CGEN
8.60
4.30
-9.6
-2.3
Galecto GLTO 2.63 -6.4 LAIX
LHC Group
LAIX
LHCG
0.75 -4.7 Okta
110.12 -3.9 OlemaPharm
OKTA 196.78 -8.0 IPO Scorecard
AvaloTherap AVTX 1.86 -6.5 GamidaCell GMDA 2.36 -7.4 OLMA 8.25 8.3
PhoenixBiotechWt PBAXW 0.58
PriorityIncmFdPfdJ PRIFpJ 25.21
8.5
-0.6
AvanosMedical AVNS 29.63 -1.6 ComSovereign COMS 0.96 -9.3 Gap GPS 15.96 -3.3 LTC Properties LTC 31.36 -1.3 OlinkHolding OLK 19.49 -6.2 Performance of IPOs, most-recent listed first
AveannaHealth AVAH 6.05 -5.6 ConagraBrands CAG 30.44 -0.3 GeminiTherap GMTX 2.45 -9.1 LairdSuperfood LSF 12.06 -9.2 OmegaFlex OFLX 112.69 -4.4
ProjectEnReimagUn PEGRU 10.36 0.3 % Chg From % Chg From
AvePoint AVPT 6.32 -8.5 ConsldWater CWCO 10.52 -3.4 GenerationBio GBIO 15.40 -10.3 LambWeston LW 50.22 -3.2 OncologyInst TOI 5.52 -5.2
Prologis PLD 156.70 0.6 AvePointWt AVPTW 1.16 -12.9 ContextLogic WISH 3.35 -10.2 GeneticTechs GENE 2.25 -5.9 LandosBio LABP 6.50 -7.5 OnconovaTherap ONTX 2.72 -8.7
Company SYMBOL Wed3s Offer 1st-day Company SYMBOL Wed3s Offer 1st-day
RR Donnelley RRD 10.83 -2.0 RCEL 13.14 -4.4 ContraFect CFRX 3.00 -9.7 1.16 -5.6 LandseaHomes LSEA 7.35 -1.8 1LifeHealthcare ONEM 15.57 -1.5 IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close
AvitaTherap GeniusBrands GNUS
RealBrokerage REAX 3.86 -2.1 AziyoBiologics AZYO 4.75 -5.4 ConveyHealth CNVY 6.20 -4.1 GeniusSports GENI 8.65 -6.7 LanternPharma LTRN 7.94 -4.4 111 YI 3.62 -5.2
RexfordIndlRealty REXR 72.59 -0.3 Azul AZUL 11.51 -8.3 CooTekCayman CTK 0.65 -10.2 GigCapital4 GIG 9.51 -0.2 LasVegasSands LVS 33.95 -4.6 Ontrak OTRK 5.80 -3.6
CapitalworksEmergingMarketsAcquisition 10.04 0.4 ... AeroClean Tech 16.61 66.1 –79.0
RoseHillAcqn ROSEU 10.14 -0.2 Bark BARK 4.61 -13.8 CorbusPharm CRBP 0.80 -7.3 GitLab GTLB 88.26 -7.5 Latch LTCH 7.71 -6.2 OpenLending LPRO 21.77 -5.8 CMCAU Dec. 1/$10.00 AERC Nov. 24/$10.00
RothCHAcqnVUn ROCLU 10.05 0.2 BarkWt BARK.WS 0.86 -11.3 CoreLabs CLB 22.37 -2.1 Glaukos GKOS 41.57 -3.0 LawsonProducts LAWS 46.31 -2.7 OppFi OPFI 4.61 -4.1
STAG Indl STAG 44.94 -0.7 Bio-key BKYI 2.35 -3.3 CoreMoldingTech CMT 8.75 -3.3 GlobalNetLease GNL 13.78 -2.8 LegalZoom LZ 17.38 -2.5 OptheaADR OPT 6.07 -2.9
PROOF Acquisition I 10.04 0.4 ... Beard Energy Transition Acquisition 10.10 1.0 0.2
SeaportGlblAcqnII SGIIU 10.25 0.1 BK Tech BKTI 2.03 -9.4 CorEnergyInfr CORR 3.72 -1.5 GlobeLife GL 85.25 -1.5 Leidos LDOS 87.45 -0.5 Orbsat OSAT 3.71 -7.7 PACI.UT Dec. 1/$10.00 BRD.UT Nov. 24/$10.00
SensusHealthcare SRTS 7.79 12.2 BRF BRFS 3.35 -3.7 CorsairGaming CRSR 21.18 -4.7 GlobusMaritime GLBS 2.29 -6.9 LejuHoldings LEJU 1.00 1.2 OrchardTherap ORTX 1.27 -5.9
SiTime SITM 321.00 1.3 BTRS BTRS 6.91 -6.7 CoupaSoftware COUP 178.50 -7.7 GloryStrNewMediaWt GSMGW 0.05 4.5 Lemonade LMND 44.99 -8.9 OrchidIslandCap ORC 4.34 -3.8
Roth CH Acquisition V 10.02 0.2 ... Everest Consolidator Acquisition 10.06 0.6 –0.1
Smith-Midland SMID 37.76 -3.3 BWX Tech BWXT 46.80 -1.9 Coursera COUR 28.39 -4.7 GlycoMimetics GLYC 1.63 -3.6 LendingTree TREE 107.69 -4.2 OrionEnergySys OESX 3.45 -8.5 ROCLU Dec. 1/$10.00 MNTN.UT Nov. 24/$10.00
Synalloy SYNL 15.20 4.6 Babylon BBLN 7.45 -4.5 Covetrus CVET 16.88 -6.0 GrandCanyonEduc LOPE 70.21 -3.1 LexinFintech LX 4.01 -4.5 Orphazyme ORPH 2.91 -8.0
Synaptics SYNA 298.44 1.7 Bally's BALY 35.53 -7.1 CrackerBarrel CBRL 119.39 -2.1 GraybugVision GRAY 2.27 -10.5 LianBio LIAN 11.63 -3.2 OscarHealth OSCR 8.56 -4.4
TLGY Acquisition 10.05 0.5 ... Vahanna Edge Acquisition I 10.02 0.2 –0.5
TLGY Acqn TLGYU 10.09 0.5 BancoBradesco BBDO 2.96 -2.6 CrixusBH3 A BHAC 9.72 -0.6 GreatPanther GPL 0.24 -7.3 LibertyOilfield LBRT 8.75 -4.9 OsmoticaPharm OSMT 1.19 -9.8 TLGYU Dec. 1/$10.00 VHNAU Nov. 23/$10.00
TelekmIndonesia TLK 28.81 1.6 BancSanBrasil BSBR 5.67 -2.6 CrixusBH3AcqnWt BHACW 0.50 5.8 GreenDot GDOT 34.36 -4.2 LifeStanceHealth LFST 7.64 -0.5 OverseasShip OSG 1.68 -5.6
Teradyne TER 158.22 -0.3 BankOZKPfdA OZKAP 24.35 -0.6 Cronos CRON 4.21 -7.1 GreenbrookTMS GBNH 5.14 -5.5 Lightspeed LSPD 46.65 -7.1 PCTEL PCTI 5.55 -1.8 Canna Global Acquisition 10.11 1.1 0.1 Mana Capital Acquisition 10.23 2.3 ...
TowerSemi TSEM 37.40 2.0 BannerAcqn BNNRU 9.07 -0.1 Cuentas CUEN 1.80 -7.5 GreenidgeGenNt GREEL 24.45 -0.7 Lilium LILM 6.60 -6.2 PMV Pharm PMVP 19.95 -8.1
Trex TREX 138.90 0.9 BannerAcqnWt BNNRW 0.49 0.6 CullinanOncology CGEM 16.45 -8.0 GreenidgeGen GREE 16.26 -13.0 LiminalBioSci LMNL 1.14 -10.2 PainReform PRFX 1.71 -3.4
CNGLU Nov. 30/$10.00 MAAQU Nov. 23/$10.00
UnitedMicro UMC 12.68 5.2 BaoshengMedia BAOS 1.16 -5.5 CuriosityStream CURI 6.72 -7.2 Greenlane GNLN 1.11 -5.8 LionElectric LEV 9.99 -8.3 PalisadeBio PALI 1.99 -14.6
VeraTherap VERA 37.11 -7.0 BassettFurniture BSET 15.18 -0.4 CVRx CVRX 11.12 -2.8 Groupon GRPN 19.93 -3.3 LiquidMedia YVR 1.18 -3.2 ParamountGroup PGRE 7.87 -1.0 Sources: Dow Jones Market Data; FactSet

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
TotRetBdI 10.48 +0.01 0.7 ContraK 19.77 -0.40 20.3 IntlEq NA ... NA AllAsset NA ... NA ExtndAdml 134.55 -3.95 8.6 VANGUARD FDS MdCpGrAdml104.70 -2.92 15.0
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. Edgewood Growth Instituti CpInc r 11.20 -0.02 8.9 Invesco Funds Y TotRt 10.33 +0.01 -0.7 GNMAAdml 10.58 ... -0.7 DivdGro 37.83 -0.21 15.3 MdCpVlAdml 72.75 -1.00 19.6
EdgewoodGrInst 61.94 -1.05 19.6 GroCo 40.58 -1.12 23.5 DevMktY 50.43 -0.09 -5.7 PIMCO Funds A GrwthAdml 159.42 -3.11 22.7 INSTTRF2020 27.86 -0.11 6.1 SmValAdml 72.48 -1.25 20.1
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e
Fidelity GrowCoK 40.71 -1.12 23.5 John Hancock Instl IncomeFd 11.84 -0.01 1.0 HlthCareAdml r 94.98 -0.21 6.1 INSTTRF2025 29.43 -0.14 7.2 TotBd2 11.13 +0.01 -1.3
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, DispValMCI 27.38 -0.34
500IdxInstPrem156.93 -1.87 21.7 InvGrBd 11.71 +0.02 0.1 17.4 PIMCO Funds I2 HYCorAdml r 5.88 +0.01 2.2 INSTTRF2030 30.46 -0.17 8.3 TotIntlInstIdx r133.32 -0.10 4.4
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r TotItlInstPlId r133.36 -0.10
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not Contrafund K6 22.67 -0.47 20.1 LowP r 51.92 -0.56 15.9 JPMorgan I Class Income 11.84 -0.01 1.3 InfProAd 28.89 -0.09 5.2 INSTTRF2035 31.43 -0.20 9.4 4.4
ExtMktIdxInstPre 85.38 -2.51 8.6 Magin 15.29 -0.24 22.8 EqInc NA ... NA PIMCO Funds Instl IntlGrAdml 158.66 -2.54 -1.0 INSTTRF2040 32.44 -0.23 10.5 TotSt 111.93 -1.66 19.2
available due to incomplete price, performance or cost data. NE-Not released by Lipper;
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. FidSerToMarket 15.34 -0.22 19.3 NASDAQ r 192.63 -3.56 19.1 JPMorgan R Class IncomeFd 11.84 -0.01 1.4 ITBondAdml 12.08 +0.02 -2.0 INSTTRF2045 33.36 -0.26 11.6 VANGUARD INSTL FDS
GrowthCompanyK6 23.59 -0.67 22.7 OTC 19.72 -0.33 22.4 CoreBond NA ... NA Price Funds ITIGradeAdml 10.05 +0.01 -1.3 INSTTRF2050 33.48 -0.28 11.7 BalInst 48.44 -0.41 10.9
IntlIdxInstPrem 48.30 -0.16 6.1 Puritn 26.73 -0.28 15.0 Lord Abbett A BlChip 190.68 -4.37 15.2 LTGradeAdml 11.27 +0.02 -1.2 INSTTRF2055 33.57 -0.27 11.7 DevMktsIndInst 15.93 -0.02 6.2
Wednesday, December 1, 2021 MidCpInxInstPrem 31.06 -0.63 15.4 SrsEmrgMkt 23.60 +0.01 -5.4 ShtDurIncmA p NA ... NA DivGro 70.13 -0.45 17.6 MidCpAdml 298.38 -6.36 17.3 IntlVal 41.40 -0.03 2.9 DevMktsInxInst 24.90 -0.03 6.2
Net YTD Net YTD Net YTD SAIUSLgCpIndxFd 21.64 -0.26 21.7 SrsGlobal 14.86 -0.04 3.6 Lord Abbett F EqInc 36.06 -0.31 16.9 MuHYAdml 12.08 ... 3.7 LifeCon 23.41 -0.08 4.4 ExtndInst 134.55 -3.95 8.7
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret SeriesBondFd 10.49 +0.01 -1.3 SrsGroCoRetail 28.45 -0.74 24.9 ShtDurIncm NA ... NA Growth 114.61 -2.80 18.2 MuIntAdml 14.73 ... 1.1 LifeGro 44.04 -0.31 10.2 GrwthInst 159.43 -3.11 22.7
SeriesOverseas 14.12 -0.08 13.9 SrsIntlGrw 19.89 -0.02 11.9
Lord Abbett I
HelSci 107.08 -1.61 8.3 MuLTAdml 12.19 -0.01 2.1 LifeMod 33.71 -0.17 7.2 InPrSeIn 11.77 -0.03 5.2
American Century Inv IntlVal Inst 40.03 +0.07 10.5 DivIncom I 30.19 -0.12 18.4 ShtDurInc p NA ... NA MuLtdAdml 11.18 ... 0.5 InstIdx 395.15 -4.70 21.7
Ultra 90.65 -1.80 19.4 Baird Funds Dimensional Fds SmCpIdxInstPrem 27.31 -0.66 9.6 SrsIntlVal 11.08 -0.02 9.8 LgCapGow I 73.05 -1.48 19.3 PrmcpCor 34.25 -0.31 18.2
TMktIdxInstPrem128.33 -1.91 19.3 TotalBond 11.12 +0.02 0.1
Metropolitan West
MidCap 123.85 -2.56 9.5 MuShtAdml 15.89 ... 0.3
STAR 33.19 -0.29 7.2
InstPlus 395.18 -4.69 21.7
American Funds Cl A AggBdInst 11.44 +0.01 -1.1 5GlbFxdInc 10.80 +0.01 -0.8 TotRetBdI 10.96 +0.01 -0.8 PrmcpAdml r179.80 -1.86 16.9 InstTStPlus 87.46 -1.30 19.4
AmcpA p 44.43 -0.77 17.8 CorBdInst 11.80 +0.02 -0.8 EmgMktVa 30.41 +0.18 8.3 USBdIdxInstPrem 12.05 +0.01 -1.4 Fidelity SAI NHoriz 89.94 -2.97 9.3 TgtRe2015 16.42 -0.05 4.4
TRBdPlan 10.28 +0.01 -0.8 RealEstatAdml 148.83 -2.30 26.0 MidCpInst 65.91 -1.41 17.3
AMutlA p 51.56 -0.24 17.0 BlackRock Funds EmMktCorEq 24.45 +0.10 2.4 Fidelity Advisor I TotalBd 10.53 +0.02 0.3 R2020 24.53 -0.14 7.8 TgtRe2020 36.37 -0.14 6.1
MFS Funds SmCapAdml 103.07 -2.16 11.4 MidCpIstPl 325.08 -6.93 17.4
BalA p 33.11 -0.13 11.3 HiYldBd Inst 7.75 +0.01 3.9 IntlCoreEq 15.49 -0.06 8.2 GrOppI 170.20 -5.04 9.7 Fidelity Selects
IIE 33.75 +0.10 10.2
R2025 21.08 -0.14 8.8 TgtRe2025 23.06 -0.12 7.1
SmGthAdml 95.08 -2.48 1.4 SmCapInst 103.06 -2.16 11.4
BondA p 13.50 +0.02 -0.7 BlackRock Funds A IntSmCo 21.95 -0.09 8.8 NwInsghtI 44.50 -0.92 20.8 Softwr r 30.32 -0.81 13.5 MFS Funds Class I R2030 31.31 -0.24 10.1 TgtRe2030 43.86 -0.25 8.2
STBondAdml 10.66 ... -0.9 SmCapIstPl 297.49 -6.23 11.4
CapIBA p 67.34 -0.12 8.8 GlblAlloc p 21.12 -0.14 4.2 IntSmVa 20.71 -0.03 8.9 Fidelity Freedom Tech r 30.10 -0.60 18.5 GrowthI 192.87 -3.05 19.7 R2040 34.08 -0.34 12.0
STIGradeAdml 10.82 ... -0.4 TgtRe2035 27.56 -0.17 9.3 STIGradeInst 10.82 ... -0.3
CapWGrA 64.03 -0.32 9.1 BlackRock Funds III TAUSCoreEq2 NA ... NA FF2020 17.49 -0.07 6.7 First Eagle Funds ValueI 52.52 -0.28 17.7 Schwab Funds
STIPSIxAdm 26.10 -0.04 4.8 TgtRe2040 48.86 -0.35 10.4 STIPSIxins 26.12 -0.04 4.8
EupacA p 66.35 -0.39 -0.3 iShS&P500IdxK535.04 -6.34 21.7 US CoreEq1 35.35 -0.42 20.2 FF2025 16.00 -0.08 7.6 GlbA NA ... NA Northern Funds 1000 Inv r 99.94 -1.44 19.6 TotBdAdml 11.28 +0.01 -1.2 TgtRe2045 31.42 -0.25 11.5 TotBdInst 11.28 +0.01 -1.2
FdInvA p 77.05 -0.75 15.3 BlackRock Funds Inst US CoreEq2 32.34 -0.36 21.0 FF2030 20.09 -0.11 8.6 Franklin A1 StkIdx 50.60 -0.60 21.6 S&P Sel 69.88 -0.83 21.7 TotIntBdIdxAdm 22.88 +0.01 -1.5 TgtRe2050 50.72 -0.41 11.6 TotBdInst2 11.13 +0.01 -1.2
GwthA p 78.24 -1.69 15.8 StratIncOpptyIns 10.22 ... 0.6 US Small 46.89 -0.67 22.9 FF2035 17.55 -0.12 10.7 IncomeA1 p 2.41 -0.06 9.3 Nuveen Cl I TSM Sel r 79.26 -1.18 19.3 TotIntlAdmIdx r 33.34 -0.02 4.3 TgtRet2055 55.07 -0.45 11.6 TotBdInstPl 11.28 +0.01 -1.2
ICAA p 51.49 -0.48 18.0 Bridge Builder Trust US SmCpVal 44.64 -0.62 30.6 FF2040 12.57 -0.10 12.1 FrankTemp/Franklin A HYMunBd 18.53 ... 9.8 VANGUARD ADMIRAL TotStAdml 111.97 -1.67 19.3 TgtRetInc 15.36 -0.04 4.0 TotIntBdIdxInst 34.33 +0.01 -1.4
IncoA p 25.69 -0.04 11.2 CoreBond 10.50 +0.01 -0.9 US TgdVal 30.38 -0.43 30.0 Freedom2025 K 15.99 -0.07 7.7 DynaTech A p155.44 -7.55 11.2 Old Westbury Fds 500Adml 417.55 -4.96 21.7 TxMCapAdml235.39 -3.22 20.1 TotIntBdIxInv
11.44 ... -1.5 TotStInst 111.99 -1.67 19.3
N PerA p 68.91 -0.78 13.9 CorePlusBond 10.37 +0.01 -0.4 USLgVa 44.32 -0.40 19.6 Freedom2030 K 20.08 -0.11 8.7 Growth A p NA ... NA LrgCpStr 19.43 -0.22 13.4 BalAdml 48.43 -0.41 10.8 TxMIn r 15.91 -0.02 6.2 USGro 73.27 -2.44 11.6 ValueInst 53.67 -0.34 17.6
NEcoA p 64.29 -1.14 8.0 Intl Eq 14.16 -0.04 6.0 Dodge & Cox Freedom2035 K 17.53 -0.12 10.7 RisDv A p 91.43 -4.26 14.6 Parnassus Fds CAITAdml 12.22 ... 0.8 USGroAdml 189.94 -6.31 11.7 WellsI 29.49 -0.04 6.0 WCM Focus Funds
NwWrldA 89.66 -0.66 1.9 LargeCapGrowth 24.33 -0.44 18.3 Balanced 113.77 -0.56 14.5 Freedom2040 K 12.58 -0.10 12.2 Guggenheim Funds Tru ParnEqFd 60.60 -0.52 21.2 CapOpAdml r208.65 -3.39 17.5 ValAdml 53.68 -0.33 17.6 Welltn 49.93 -0.22 14.1 WCMFocIntlGrwIns 27.71 -0.18 12.0
SmCpA p 84.87 -1.46 6.7 LargeCapValue 17.03 -0.13 17.1 Income 14.22 +0.02 -0.9 Fidelity Invest TotRtnBdFdClInst 28.95 +0.04 0.1 PGIM Funds Cl Z DivAppIdxAdm 43.73 -0.21 15.5 WdsrllAdml 83.33 -0.55 22.1 WndsrII 46.95 -0.32 22.0 Western Asset
TxExA p 13.63 ... 1.9 Calamos Funds Intl Stk 46.36 +0.20 6.1 Balanc 29.56 -0.27 13.8 Harbor Funds HighYield NA ... NA EMAdmr 40.73 +0.05 -0.8 WellsIAdml 71.44 -0.09 6.0 VANGUARD INDEX FDS CoreBondI 13.15 +0.02 -1.7
WshA p 57.65 -0.34 19.7 MktNeutI 14.41 ... 4.1 Stock 234.78 -1.99 23.8 BluCh 183.35 -4.95 20.8 CapApInst 120.07 -3.72 15.2 TotalReturnBond NA ... NA EqIncAdml 91.37 -0.47 17.3 WelltnAdml 86.23 -0.38 14.2 ExtndIstPl 332.04 -9.75 8.7 CorePlusBdI 11.93 +0.02 -2.3
Artisan Funds Columbia Class I DoubleLine Funds Contra 19.71 -0.41 20.2 Harding Loevner PIMCO Fds Instl ExplrAdml 133.37 -3.00 11.4 WndsrAdml 84.24 -0.93 19.0 IdxIntl 19.93 -0.01 4.3 CorePlusBdIS 11.92 +0.01 -2.3
 .

B10 | Thursday, December 2, 2021 * **** THE WALL STREET JOURNAL.

MARKETS & FINANCE

Omicron
Hits
Stocks
Continued from page B1
tory—or a drop of at least 10%
from a recent peak—for the
first time since June 2020.
Travel stocks were pun-

JOE BURBANK/ORLANDO SENTINEL/ASSOCIATED PRESS

ished. Cruise company Carni-
val fell $1.24, or 7%, to $16.38.
United Airlines Holdings lost
$3.20, or 7.6%, to $39.06.
Wynn Resorts sank by $4.95,
or 6.1%, to $76.06.
Vaccine
WEDNESDAY’S m a k e r
MARKETS Moderna
also tum-
bled, losing $41.82, or 11.9%,
to close at $310.61. That
marked the worst perfor-
mance in the S&P 500 on a
percentage basis. Travel-related stocks were punished on Wednesday. Carnival shares fell 7%. One of the company’s cruise ships in docked at Port Canaveral in Florida.
One major cause of concern
among investors is the ques- tled markets last week, Mr. sia, may pause plans to pump nomic Cooperation and Devel- Share-price performance Wednesday
tion of how effective Covid-19 Mackay added. more oil in January, or further opment said Wednesday it ex-
4%
vaccines will be against the Treasury yields fell, also re- cut output. pects consumer-price inflation
new variant. versing gains from earlier in Goldman Sachs analysts in the U.S. to average 4.4% in
Although drugmakers have the day, as investors sought said recent price declines sug- 2022, up from the 3.1% fore- 2
Pfizer
said the variant first identified safety in government bonds. gest traders are preparing for cast in September.
in South Africa looks like it Yields fall when bond prices daily global oil demand to fall The forecasts were made 0
could make existing vaccines rise. The yield on benchmark by more than 7% over the next before the Omicron variant
less effective, they expect to 10-year Treasury notes slid to three months. was discovered. –2
be able to update the shots. 1.433% from 1.440% Tuesday. Another cause for concern, However, the research
“We just don’t know how In energy markets, Brent oil stock investors say, is that the body’s chief economist said –4
much more infectious it is, prices, which have tumbled on rapid pace of inflation could the world could experience
how severe the symptoms are signs Omicron could curtail prevent the Federal Reserve price declines if the new vari-
and what the impact of that demand for jet fuel, fell 0.5% and other central banks from ant sidesteps existing vacci –6
is,” said Sebastian Mackay, a to $68.87 a barrel. The Organi- unleashing stimulus in the Overseas, the Stoxx Europe Royal
multiasset fund manager at zation of the Petroleum Ex- event of severe disruption 600 rose 1.7%. –8 Caribbean
Invesco. “What I’d assume porting Countries meets caused by Omicron. Early Thursday, Japan’s American
now is this probably isn’t Thursday to determine its re- Fed Chairman Jerome Pow- Nikkei 225 Stock Average was –10 Airlines
enough to derail the recovery sponse to recent price de- ell added to those worries down 0.7%, Hong Kong’s Hang
that’s going on.” clines. Tuesday when he opened the Seng Index was up 0.3% and –12 Five-minute intervals
Invesco’s multiasset funds Analysts say the cartel, still door to an interest-rate rise in South Korea’s Kospi was up Moderna
10 a.m. 11 noon 1 p.m. 2 3 4
have bought stocks at cheaper holding back production in the first half of 2022. 0.9%. U.S. stock futures were
levels since Omicron first rat- tandem with allies led by Rus- The Organization for Eco- up 0.6%. Source: FactSet

Exxon Macau
Spending Casinos
Stays Lean End Ties
Continued from page B1 Continued from page B1
proved ill-timed, especially af- Macau tumbled on Wednesday
ter the pandemic caused oil amid a broader market selloff.
prices to plummet. Exxon cut The shares of Wynn Resorts
its capital budget last year and Ltd. dropped 6.1% to its lowest
has said it would spend about level in a year. Las Vegas
$16 billion this year. Sands Corp. was down 4.6%,
The Wall Street Journal also to a one-year low. MGM
previously reported that Resorts International, which
Exxon’s board is debating has comparatively less expo-
whether to continue with sev- sure to Macau than its peers,
eral major oil and gas proj- fell 3.2% and its shares have
ects, includ- performed significantly better
COMMODITIES ing a $30 this year.
billion lique- On Thursday morning in
fied natural gas development Hong Kong, the shares of Wynn
in Mozambique. The board’s Macau and Sands China Ltd.
deliberations reflect pressure fell further and are near multi-
the company faces from in- year lows. They have plum-
TANNEN MAURY/EPA/SHUTTERSTOCK

vestors to restrain fossil-fuel meted this year due to Covid-19

investment to limit carbon outbreaks and an impending
emissions and return more regulatory overhaul that would
cash to shareholders. increase government industry
On Wednesday, Exxon said oversight.
it would invest in oil and gas Suncity previously facilitated
projects in Guyana, Brazil and a significant part of gambling
the Permian Basin in West revenue in the city, according
Texas and New Mexico but to analysts, helping Macau to
didn’t mention the Mozam- Exxon said it would invest in oil and gas projects in Guyana, Brazil and the Permian Basin in West Texas and New Mexico. eclipse Las Vegas as the world’s
bique project, called Rovuma. largest gambling hub before the
Mr. Woods told analysts in emissions as a proportion of said it would cut overall cor- Dutch Shell PLC made “net- Wednesday it could increase coronavirus pandemic. Junket
October that Exxon is com- total energy produced, from porate-wide greenhouse gas zero” pledges, or commit- that spending further if gov- operators formed a core part of
mitted to the project. its oil and gas production. emissions by approximately ments to reduce the emis- ernment policy changes. Macau’s casino industry, at-
Hedge fund Engine No. 1 The company said it believes 20% by 2030. sions from their operations as In February, Exxon created tracting high rollers from main-
waged a successful campaign its production business will Exxon has been considering well as taking other steps a low-carbon business unit to land China by lending them
to win three seats on Exxon’s cut greenhouse gas intensity a pledge to reduce net carbon such as buying carbon offsets commercialize carbon capture money and handling the collec-
board in May, arguing that 15% to 20% in 2021 relative to emissions to zero by 2050, to neutralize them. and storage, hydrogen, biofu- tion of any debts.
the energy company needs to 2016. Some environmentalists the Journal previously re- Exxon said this year that it els and other technologies. On Wednesday evening,
act faster to remake itself and have criticized the company’s ported, but made no such would increase spending on Most of those businesses Suncity Group Holdings Ltd., a
invest in clean energy. focus on carbon intensity, commitment Wednesday. Be- projects to cut carbon emis- aren’t profitable, say analysts, Hong Kong-listed company con-
Exxon said Wednesday it is noting that it can decline ginning last year, several sions to $15 billion through and need significant public- trolled by Mr. Chau, said the
ahead of schedule on targets while Exxon’s overall carbon large European oil companies 2027, up from $3 billion policy support and technolog- 47-year-old chairman has re-
to cut the carbon intensity, or emissions still increase. Exxon including BP PLC and Royal through 2025, and said ical advances to become so. signed as of Wednesday and is
also no longer an executive di-
rector of the firm. Mr. Chau

Pandemic Share-price and index performance, past three months

10%
was among 11 people arrested
in Macau in recent days after
mainland police issued a war-

Favorites 0
S&P 500
rant for his arrest.
Macau is the only place in
China where casino gambling is

Suffer –10
legal. Police in the gambling en-
clave on Sunday said a group
led by Mr. Chau had used a VIP
gambling business in Macau to
Continued from page B1 establish gambling platforms
tive at AXS Investments. “With –20 overseas and solicited residents
rising rates, the mega techs are in mainland China to engage in
much less affected.” illicit gambling activities online.
–30
Among those recent lag- Suncity Group’s shares have
gards, several companies have ZOOM VIDEO BEYOND plunged more than 50% this
TWITTER SNAP STITCH FIX
given investors reason to hesi- COMMUNICATIONS MEAT week. In a regulatory filing, the
–40
tate. Pinterest recently re- company said: “The Group has
ported fewer monthly active not been carrying on any VIP
users than Wall Street had ex- –50 business in Macau.”
pected. Snap said it expects It added that “such business
Oct. Nov. Dec. Oct. Nov. Dec. Oct. Nov. Dec. Oct. Nov. Dec. Oct. Nov. Dec.
growth to slow this quarter be- has been carried on” by a simi-
cause of changes to Apple’s Source: FactSet larly named company called
App Store privacy rules. Sun City Gaming Promotion
Beyond Meat said it expects Twitter, Zillow, Peloton, Beyond rise, those future cash flows be- money policies. profitless, money-losing com- Company Ltd., which is wholly
lower revenue in the fourth Meat and Snap reported losses. come worth less today in the “If the Fed tapers and rates panies tend to do poorly.” owned by Mr. Chau. This com-
quarter than analysts had pro- Beyond individual business calculations frequently used to are rising, then you’re likely to Stock losses continued pany also supplied “hotel ac-
jected. Zillow unexpectedly developments and forecasts, assign a value to a stock. have a more discerning stock Wednesday, with the S&P 500 commodation products” to the
ended its home-flipping busi- stocks tied to innovation tend The stock market slumped market,” said Jay Hatfield, dropping 1.2%. Many of the lag- group, a practice that was
ness. Zoom reported slowing to be vulnerable to expectations Tuesday after Federal Reserve chief executive and portfolio ging stocks fell further. Stitch stopped Wednesday, Suncity
sales growth. of rising interest rates. Many Chairman Jerome Powell sig- manager at Infrastructure Cap- Fix shares declined 9.4%, Pinter- said.
In the most recent quarter, such companies count on far- naled that the central bank ital Advisors. “In a more dis- est shares lost 6.9%, Zoom —Yi Wei Wong
Zoom, Pinterest and Stitch Fix off earnings growth to justify would consider moving more cerning market with higher in- shares dropped 6.5% and Beyond and P.R. Venkat
reported net income, while their stock prices. When rates quickly to wind down its easy- terest rates, overvalued, Meat shares retreated 5.7%. contributed to this article.

THE WALL STREET JOURNAL.
How Omicron Could Handicap Banks
Bigger balance sheets could reduce lenders’ flexibility to deliver for shareholders in another bout of Covid-19-related volatility
Bank stocks have proven resil-
ient during the pandemic. But as
uncertainty over the Omicron
Covid-19 variant coincides with a
changing regulatory picture, that
resilience is being tested anew.
Big lenders were among the
hardest-hit stocks in the market’s
intense reaction to the Omicron
variant last week, with S&P 500
banks dropping nearly 4% on Fri-
day, much more than the overall
index. In some respects, this
doesn’t track: Things that hurt
bank stocks as the pandemic and
lockdowns gathered momentum
last year included the suspension
of buybacks, a plunge in rates and
a surge of credit concern.
Today, rates are superlow, credit
losses have been more than man-
ageable and buybacks have re-
sumed. Big-bank stocks are up over
30% this year. So investors might
well see any near-term weakness in
banks as a buying opportunity. Yet
there are some other factors to
consider.
Beijing Goes
Full Nanny State
On Internet Tech
The Wild West days of China’s
consumer internet are now well
and truly over.
Instead, the sheriffs from Bei-
jing seem determined to micro-
manage industries like ride-hailing
and online advertising for the ben-
efit of the little guy—or at the
very least be seen to be doing so,
as regulators rally behind Presi-
dent Xi Jinping’s new policy of
“common prosperity.”
On Tuesday, Chinese regulators
published new rules for the ride-
hailing sector. Protecting drivers’
rights is a key objective, including
ensuring they get enough time off
and benefits like social insurance.
The guidelines also said ride-hail-
ing companies should set a “rea-
sonable” cap on their take from
fares—and disclose them publicly.
Language on the dangers of the
“disorderly expansion of capital”
and using “big data” to exploit
customers was repeated.
These broad guidelines may be
followed by other more specific
ones, but for now their lack of clar-
ity raises some obvious questions.
What level of commission rate is
reasonable, considering that ride
hailers like Didi have been losing
money for years? What exactly
constitutes predatory pricing?
What is clear is that the ride-
hailing business in China may need
to make fundamental changes to
its business model. The labor
rights of gig workers is a conten-
tious issue around the globe. Bei-
jing now looks ready to tackle it
more directly.
Chinese regulators have also is-
sued new draft rules on online ad-
JASON LEE/REUTERS
The ride-hailing business in China may need to make fundamental changes
to its business model. Above, Didi headquarters in Beijing in 2018.
Manufacturers’ Reprieve Rests on Course Virus Takes
American manufacturers’ supply-
chain problems began to ease last
month. The risk is that the Omicron
variant of Covid-19 could quickly
turn that into old news.
The Institute for Supply Manage-
ment on Wednesday said its index
of factory activity rose to 61.1 in
November from October’s 60.8, an
indication that manufacturing con-
tinues to grow rapidly. Anything
over 50 indicates expansion.
It was the details of the report
that were the most interesting, and
the most encouraging. Indexes of
production, orders and employment
growth all picked up, suggesting the
year will close out on a strong note.
HEARD STREET FINANCIAL ANALYSIS & COMMENTARY
A major one is banks’ size,
which can affect their capital re-
quirements, which in turn drives
how much cash is available for
buybacks or higher dividends.
Banks are still fairly loaded up
with government bonds and with
cash from deposits, causing their
balance sheets and thus their capi-
tal requirements to swell. So they
have relatively less flexibility to
absorb another round of inflows or
set-asides for possible loan losses
and emerge with the same degree
of excess capital.
Then there is the question of
how the changing composition of
the Federal Reserve under Presi-
dent Biden—especially when it
comes to bank supervision—affects
measures that would give banks
more flexibility, such as a long-
term exclusion of reserves from le-
verage measures.
Some of the largest lenders have
also long hoped for adjustment to
the extra capital requirement im-
posed on global systemically im-
vertising. To see how far the gov-
ernment is willing to wade in, look
at the proposed rules on pop-up
ads. Existing rules say users
should be able to close pop-up ads
using one button, but the new
rules are more detailed. Ads won’t
be permitted to contain count-
down timers or to require more
than one click to close. They won’t
be allowed to pop up more than
once on the same page.
The proposed regulations also
prohibit advertising medicine and
beauty products to underage peo-
ple, or online games that are
deemed bad for mental health.
Live-streaming sites—a popular
way to sell products in recent
years—are specifically forbidden
to advertise many health-related
products. Ads for after-school tu-
toring are also banned, but that is
effectively the case already—one
reason advertising revenue for
companies like Tencent and Baidu
slowed in the recent quarter.
Some of the proposed changes
may not mean much. Scrutiny for
online healthcare advertising, for
example, has been quite strict
since the 2016 death of a student
with cancer who sought treatment
through search engine Baidu.
Some may indeed make life bet-
ter for consumers or gig workers,
although they may also result in
slower employment growth in pre-
viously rapidly expanding sectors.
What is clear is that a year into
the regulatory action against con-
sumer tech, regulation continues
to get more intrusive, and there is
no obvious end in sight.
—Jacky Wong
Better still, an index of supplier de-
livery times, while still elevated, fell
from its October level. That actually
exerted a drag on the overall level
of the manufacturing index, since
slower delivery times are usually a
sign that things are getting better.
At the moment, however, the oppo-
site is true, and the decline in the
index suggests that just maybe sup-
ply-chain problems are easing.
The drop in the delivery-time
index jibes with other recent sig-
nals. Shipping rates have begun to
fall, while a drop in Covid-19 cases
helped boost production and ease
port problems in Southeast Asia.
South Korean trade figures re-
ON
THE
Index performance, year to date
50%
S&P 500 Banks
40
30
20
10 S&P 500
0 conditions driving the banks to be
Jan. June Dec.
Source: FactSet
portant banks, considered the key
firms for financial stability. Based
partly on banks’ size, these re-
quirements have been trending
higher through the pandemic and
This will be another record year for wind and solar farms, according to a report by the International Energy Agency.
Energy Prices Fuel Renewables
Higher energy prices are a worry
for consumers and central bankers
this winter, but they have the odd
benefit. Case in point: fueling the
renewable-energy revolution.
This will be another record year
for building wind and solar farms,
according to a report published
Wednesday by the International
Energy Agency. About 290 giga-
watts of generating capacity is ex-
pected to be installed, up 3% on an
exceptionally strong 2020. The
trend should continue with an av-
erage of 305 GW forecast annually
through 2026.
The investment comes despite
much higher costs. In the past two
years, freight rates rose nearly six-
fold, the cost of polysilicon used in
solar panels more than quadru-
pled, and prices of steel, copper
and aluminum—big inputs for pan-
els, turbines and electrical connec-
tions—are up by half or more.
The case for building more re-
newable-energy production still
adds up because of higher power
prices. Wholesale electricity prices
have risen across the world—by
more than double in the U.K.,
Spain and Germany—driven partly
by a global bidding war for gas,
coal and other fuels used in heat-
ing and power. These price changes
have little impact on the econom-
ics of existing wind or solar farms,
ported Wednesday showed a jump
in November exports, suggestive of
some easing of semiconductor sup-
ply concerns. Couple those
developments with an economy
that, after the holidays, will be en-
tering a time of year where many
supply constraints typically ease
and it seems as if manufacturers
might be about to get a bit of
wiggle room.
That is, of course, so long as
Omicron doesn’t spoil everything.
If the new coronavirus variant sets
off another surge of infections
globally then all bets are off. More
port closures, more factory shut-
downs, more shortages and more
Thursday, December 2, 2021 | B11
into this year. At third-quarter lev-
els of assets and other variables,
banks such as Bank of America,
Goldman Sachs, JPMorgan Chase
and Wells Fargo could be in line
to need higher buffers, according
to calculations by analysts at
Credit Suisse.
Keep in mind that these levels
aren’t completed until year-end,
and even then only turn into
higher minimums after a couple
more years. So banks in theory
have time to shrink back down,
which often happens.
But there has also long been the
prospect of a recalibration of these
measures to adjust for economic
bigger. That task would likely fall
to the next head of bank supervi-
sion—and a Democratic appointee
may be less inclined to make a fa-
vorable adjustment.
None of this is a threat to banks’
overall health or stability. But that
isn’t necessarily what matters for
stock prices. Investors right now
which often sell their first 10 to 25
years of power at contracted rates,
but it has improved the terms
agreed for new projects.
Renewable projects will also get
a boost from the increasingly am-
bitious climate policies of govern-
ments and companies. States have
promised $480 billion for clean
energy, with the majority expected
to be spent before 2024. Renew-
able power will become the largest
source of electricity globally by
2026, making up half the mix in
Europe, 40% in China and 30% in
the U.S. and India, according to
the IEA estimates.
This year’s supply-chain bottle-
necks reversed the sector’s long-
term trend of dramatic cost reduc-
tions. Over the past 12 years, the
cost of solar panels and wind tur-
bines dropped about 90% and 70%,
respectively, but in most places re-
cent cost inflation has made them
about 10% to 25% more expensive
than the average of the last two
years.
This has been a headache for
turbine and panel makers. They in-
creased prices for new contracts,
but some existing contracts mar-
gins were hit despite commodity
hedges and an effort to rein in
freight costs with more local
sourcing. Turbine manufacturer
Siemens Gamesa issued two profit
inflation could be in the offing.
Those are risks that seem to be at
the top of Federal Reserve policy
makers’ minds in light of Fed
Chairman Jerome Powell’s signal
Tuesday that, despite Omicron, the
central bank is still considering
speeding up the reductions, or ta-
pering, of its asset purchases.
What will actually happen re-
mains completely uncertain. Fore-
casts are always—but especially
during the pandemic—more stories
that could be true than stories that
will be true. Unfortunately for man-
ufacturers and everybody else, the
virus is still in control.
—Justin Lahart
.
are quite attuned to capital returns
and the capacity to add higher-
yielding assets over time.
Analysts at Goldman Sachs esti-
mated in November that while
seven of the largest U.S. banks had
excess capital representing about
8% of their market value, existing
capital-return plans could deplete
that surplus over the next three
years, even with solid earnings,
should there be rising capital mini-
mums and risk-weightings for cer-
tain assets.
There are some potential boosts
to bank earnings. A degree of eco-
nomic uncertainty could actually
drive more borrowing, if people
and companies drew down on lines
of credit. Market volatility can also
deliver big revenue for capital mar-
kets and trading desks. Long-term,
rising rates portend much stronger
earnings, too. But with all things
Covid-19, investors shouldn’t nec-
essarily expect the past to be a re-
liable guide for the future.
—Telis Demos
MARY ALTAFFER/ASSOCIATED PRESS
warnings this year.
Cost inflation may also lead to a
bout of indigestion for renewable
developers. While new projects
add up, the IEA says there are
about 100 GW of projects in prog-
ress which may have assumed
costs would continue to fall. These
could be delayed or struggle to
generate returns.
As long as commodity and
freight prices normalize in the next
year or two, though, the IEA doesn’t
expect cost inflation to throw the
renewables rollout off course. In the
longer run, perhaps the biggest risk
comes from higher interest rates, as
financing is a significant portion of
project costs. On the flip side, proj-
ect economics would be improved
by policy changes to speed things
up, such as quicker permitting,
more grid connections or increased
auction capacity.
Government efforts to up the
pace seem likely in the wake of the
COP26 climate conference. Even
the rapid expansion of renewable
generation forecast by the IEA
wouldn’t be enough to cut carbon
emissions to net zero by 2050—an
increasingly common target. Re-
newables remain the dominant
growth story in global energy, and
this year’s twists don’t really
change the likely ending.
—Rochelle Toplensky
The Institute for Supply
Management’s index of
supplier deliveries
80
70
60
Over 50 represents
50 slowing delivery times
40
2020 ’21
Source: FactSet
 .

B12 | Thursday, December 2, 2021 NY / NE THE WALL STREET JOURNAL.