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DJIA 35135.94 À 236.60 0.7% NASDAQ 15782.83 À 1.9% STOXX600 467.24 À 0.7% 10-YR. TREAS. g 13/32 , yield 1.529% OIL $69.95 À $1.80 GOLD $1,782.30 g $3.20 EURO $1.1294 YEN 113.53

Twitter’sDorseyBows OutAs CEOTop technology officerParag Agrawal namedto succeed co-founder;investor sought change

the start of the pandemic, Labor Departmentdata show, to 9.44 million. That is the high-est total since the financial-crisis year 2008,except for this summer.

The total amounts to an increase of 6% inthe self-employed, while the overall U.S. em-ployment total remains nearly 3% lower thanbefore the pandemic.

Entrepreneurs applied for federal tax-identification numbers to register 4.54 mil-lion new businesses from January throughOctober this year, up 56% from the same pe-riod of 2019, Census Bureau data show.

That was the largest number on recordsthat date back to 2004. Two-thirds were forbusinesses that aren’t expected to hire em-ployees.

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The pandemic has unleashed a historicburst in entrepreneurship and self-employ-ment. Hundreds of thousands of Americansare striking out on their own as consultants,retailers and small-business owners.

The move helps explain the ongoingshake-up in the world of work, with morepeople looking for flexibility, anxious aboutcovid exposure, upset about vaccine man-dates or simply disenchanted with pre-pan-demic office life. It is also aggravating laborshortages in some industries and addingpressure on companies to revamp their em-ployment policies.

The number of unincorporated self-em-ployed workers has risen by 500,000 since

BY JOSHMITCHELL AND KATHRYN DILL

Iran Returns to the Table as Talks Resume on Nuclear Deal

FRONT ROW: Enrique Mora of the European Union, center left, and Ali Bagheri-Kani, Iran’s chief nuclear negotiator, centerright, wait for the start of a meeting in Vienna on Monday to resume talks aimed at salvaging the 2015 nuclear deal. A12

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To Play Local MonopolyMight Require Real Dollars

i i i

New versions are popular, but somebusinesses don’t land spots on the board

WORCESTER, Mass.—Formonths, New England’s sec-ond-largest city has been buzz-ing about a Worcester versionof Monopoly com-ing this fall.

But the unveil-ing of the finishedboard showed thatthe growing genreof hyperlocal Mo-nopoly is hardlyall fun and games.

At this month’sWorcester Monop-oly launch cere-mony, representa-tives from TopTrumps USA, Inc., the creatorof the Worcester-themedgame, licensed by toy makerHasbro Inc., mingled with cityluminaries in the grand BeauxArts-style train station. Mo-

nopoly swag festooned thespace and a top-hat clad “Mr.Monopoly” mascot roamed by.(Yes, there was Free Parking.)

Hours later, a less polishedversion of Mr. Monopolysported a fake black eye at

nearby Ralph’sTavern, a belovedWorcester water-ing hole thatdidn’t land on thegame, despite lob-bying. Out back,patrons cheered asRalph’s owner ScotBove fed wholeMonopoly gamesinto a noisy wood-chipper.

“That was awe-some!” said Donna Vayo, a lo-cal mural artist who viewedthe shredding. “The boardslooked great crumbling at theback with all the money flying

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BY JENNIFER LEVITZAND JON KAMP

Twitter Inc. said Mondaythat Chief Executive OfficerJack Dorsey is stepping down,a departure driven in part byinvestors uncomfortable withhis roles running two large,publicly traded companies, ac-cording to people familiarwith the matter.

The Twitter co-founder, oneof Silicon Valley’s most promi-nent figures, is also CEO ofdigital-payments companySquare Inc. His split dutiesand outside hobbies have longdrawn criticism, and last yearactivist investor Elliott Man-agement Corp. pushed forchanges at Twitter, includingpotentially adjusting Mr.Dorsey’s role, the people said.

The company said in a secu-rities filing in November that ithad updated its CEO successionplan. The board, which includedan Elliott representative, andMr. Dorsey discussed plans atthe time for him to step downrelatively soon, the people said.He decided to resign now afterTwitter launched a number ofnew products in recent months,the people said.

Twitter’s board namedParag Agrawal CEO and amember of the board, effectiveimmediately. Mr. Agrawal waspreviously Twitter’s chieftechnology officer. Bret Taylor,Salesforce.com Inc. president

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BY GEORGIA WELLSAND KIRSTEN GRIND

istration could also authorizeCovid-19 boosters from PfizerInc. and BioNTech SE for use in16- and 17-year-olds as soon asnext week, according to a per-son familiar with the planning.

Omicron Reaction Deadline looms for hospital

staff to get vaccine ......... A6 Drugmakers weigh

retooling shots .................. A6 Variant sickens more in

South Africa....................... A10

couraged boosters only forthose 50 and above, addingthat people ages 18 and abovecould get an additional dose.

“The recent emergence ofthe Omicron variant (B.1.1.529)further emphasizes the impor-tance of vaccination, boostersand prevention efforts neededto protect against Covid-19,”CDC Director Rochelle Walen-sky said in a statement. Sheurged unvaccinated peoplewho are eligible for Covid-19shots to get them.

The Food and Drug Admin-

Omicron, identified lastweek by scientists in South Af-rica, has rattled officials in theU.S. and around the world, asresearchers race to understandthe changed pathogen. TheWorld Health Organizationwarned Monday that the vari-ant has high potential to spreadglobally and could drive freshsurges in Covid-19 infections.

Spread of the variant alsorisks intensifying supply-chaindisruptions that have fueled asurge in inflation this year,

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The federal Centers for Dis-ease Control and Preventionstrengthened its Covid-19booster-shot recommendations,reflecting the potential threatof the new Omicron variant tothe pandemic response in theU.S. and world-wide.

The CDC recommended onMonday that everyone 18 andolder get an additional shotafter completing a first courseof Covid-19 vaccination. Theagency earlier this month en-

BY BRIANNA ABBOTT

CDC Recommends All AdultsGet Booster to Fight Variant

Stocks GainAfter SelloffStocks bounced back fromFriday’s selloff, as fears easedabout the Omicron variant. B1

Workers Quit Jobs in DrovesTo Become Their Own BossesSeeking flexibility, employees are discovering their inner entrepreneurBY SEBASTIAN HERRERA

Amazon GetsFederal OrderTo Hold NewUnion Vote

Heard on the Street: Dorseypulls back ................................. B12

A federal official ordered anew unionization vote for Ama-zon.com Inc. workers in Ala-bama, saying the company vio-lated labor law in its campaignagainst organizing earlier thisyear, according to the NationalLabor Relations Board.

About 71% of Amazon em-ployees who voted in Bessemer,Ala., rejected unionization inApril, with many saying theywere wary of the cost of uniondues and weren’t persuadedthat a union would be able toboost their pay or benefits.

The NLRB ruled that Ama-zon’s actions throughout themail-in election—including itsdecision to install a U.S. PostalService collection box thatcould have confused employ-ees—were grounds to nullifythe results and hold the voteagain. It is unclear when anew vote will be held, and Am-azon might yet appeal to theNLRB’s governing board inWashington, according to aspokeswoman for the agency.

“Today’s decision confirmswhat we were saying allalong—that Amazon’s intimi-dation and interference pre-vented workers from having afair say in whether theywanted a union in their work-place,” said Stuart Appelbaum,president of the Retail, Whole-sale and Department StoreUnion. The RWDSU ran thecampaign to unionize Amazonworkers in Alabama.

An Amazon spokeswomansaid company employees“have always had the choice ofwhether or not to join a union,and they overwhelminglychose not to join the RWDSUearlier this year. It’s disap-pointing that the NLRB has

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FTC seeks companies’ dataon supply-chain crunch........ A2

Amazon hones its deliverysystem............................................ B1

Learn more atDellTechnologies.com/APEX

As-a-service,as you need it.Get technology your business needsright when it needs it. That's howAPEX keeps you agile.

CONTENTSArts in Review... A17Business News..... B3Capital Journal...... A4Crossword.............. A17Heard on Street. B12Markets..................... B11

Opinion.............. A19-21Personal Journal A15-16Sports....................... A18Technology............... B4U.S. News............. A2-8Weather................... A17World News... A10,12

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What’sNews

The CDC strengthenedits Covid-19 booster-shotrecommendations, reflectingthe threat the new Omicronvariant poses to the pan-demic response in the U.S.and world-wide. A1, A6, A10Drugmakers raised theprospect that Covid-19 vac-cines might be less effectiveagainst the new variant,which could create a needfor modified vaccines. A6TheTreasury is redirect-ing rental-assistancemoneyfrom some states and locali-ties that haven’t used the bulkof their funds to others facingbacklogs of aid requests.A3The sex-trafficking trial ofGhislaineMaxwell began asprosecutors and her defenseteam sparred over her role inJeffrey Epstein’s alleged sexabuse of underage girls.A3 Actor Jussie Smollett’strial on charges stemmingfrom allegations he orches-trated a hoax hate-crimeattack on himself began. A3 Iranmademany demandsas it resumed talks with theU.S. and other world powersaimed at salvaging the 2015nuclear deal. A12 A Pentagon review ofmilitary resources world-wide plans improvementsto bases in Guam and Aus-tralia to counter China. A12 The wife of a former left-ist president deposed bythe military 12 years agoappeared headed for a vic-tory in presidential elec-tions in Honduras. A12 Died: Lee Elder, thefirst Black golfer to play inthe Masters, 87. A4

Twitter said CEO JackDorsey is stepping down,

a departure driven in part byinvestors uncomfortablewith his roles running twolarge, publicly traded com-panies, according to peoplefamiliar with thematter. A1An NLRB official tossedout results from an Amazonunionization vote for ware-house workers in Alabama,saying that the company hasviolated labor law in its cam-paign against organizing. A1 The pandemic has un-leashed a historic burst inentrepreneurship and self-employment. A1Stocks and oil pricesbounced back from Friday’sselloff as investors’ fearsover the Omicron varianteased. The S&P 500, Dowand Nasdaq rose 1.3%, 0.7%and 1.9%, respectively. B1, B11Microsoft CEO Nadellasold about half of his sharesin the company last week. B1 Elizabeth Holmes testi-fied at her trial that she hadbeen raped while studyingat Stanford and not long af-ter entered into an abusiverelationship with the manwho would become her topdeputy at Theranos. B1Hertz plans to buy back asmuch as $2 billion of its stock,returningmore capital to in-vestorswho stood by the car-rental company through itsbankruptcy filing last year.B2 The FTC is seeking infor-mation from Amazon, P&G,Walmart and others on howthey handle supply-chainsnarls as it studies whetherthe problems have led to an-ticompetitive behavior. A2

Business&Finance

World-Wide

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A2 | Tuesday, November 30, 2021 * * * * THEWALL STREET JOURNAL.

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A man who traveled toHong Kong from South Africaon Nov. 11 and became one ofthe earliest known people in-fected with the Omicron vari-ant is 36 years old. In someeditions Monday, a Page Onearticle about the new virusconfiguration incorrectly saidhe is 32.

Daniel Zhang succeededJonathan Lu as chief executiveof Alibaba Group Holding Ltd.

A Page One article on Satur-day about Alibaba incorrectlysaid Mr. Zhang succeeded JackMa.

The first name of designerVirgil Abloh was misspelled asVirgII in the display text withan obituary in Monday’s Busi-ness & Finance section.

Clearlake Capital Group LPhas about $55 billion in assetsunder management. In some

editions Monday, a Business &Finance article about its dealto buy Quest Software Inc. in-correctly said Clearlake man-aged $43 billion in assets.

Notice to readersSome Wall Street Journal

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

Readers can alert The Wall Street Journal to any errors in news articles by emailing wsjcontact@wsj.com or by calling888-410-2667.

CORRECTIONS AMPLIFICATIONS

A Walmart in Rosemead, Calif. The retailer is one of a number of large companies that received an FTC request for information.

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demand for the company’sproducts.

Amazon workers in severalfacilities walked out last yearover working conditions. Thecompany has strict perfor-mance rates and break policiesthat have drawn ire from laboractivists and some govern-ment officials. Amazon hasalso been found to recordhigher injury rates than thenational average, according tofederal workplace data. Ama-zon has disputed those fig-ures, saying it reports injuriesmore comprehensively thanother companies.

Employee activism is on therise at many of the world’slargest technology companies,where workers have objectedto business dealings with theU.S. armed services, climate-mitigation policies theydeemed inferior, mandates toreturn to work or broad treat-ment of certain classes ofworkers.

Some employees at Alpha-bet Inc.’s Google, Apple Inc.and other companies havetaken issue with managementand taken their complaintspublic. Amazon, however, isunique: A majority of its em-ployees work in warehouses,are relatively unskilled and areon the front lines of a battle

for low-skilled workers acrossthe country.

Lisa Henderson, the regionaldirector overseeing the casefor the NLRB, ruled that Ama-zon’s actions throughout themail-in election were groundsto nullify the results and havethe vote be held again.

In her ruling, Ms. Hendersonsaid she agreed with an NLRBhearing officer in early Augustwho found that the mailboxAmazon set up “interfered withthe laboratory conditions nec-essary to conduct a fair elec-

tion.” That is because it couldhave made employees believeAmazon played a role in col-lecting and counting ballots,she said. Amazon wasn’t foundto have accessed any ballotssubmitted through the mailbox.

In addition, employees couldhave perceived the companywas tracking their vote through“vote no” pins and tags thecompany handed out becauseAmazon managers could seewhich employees took the pins,the hearing officer said.

Amazon has said the collec-

tion box was installed as a con-venience to employees, andthat it didn’t seek to intimidateworkers throughout the vote.

The Retail, Wholesale andDepartment Store Union wouldface an uphill battle on anynew vote, given the margin ofvictory and employee turnoverat the facility, labor research-ers said.

Alabama workers begantheir campaign about a yearago. Organizers said a unionwould give workers more le-verage in any disputes with the

company and allow them tocollectively bargain over safetystandards, training, breaks, payand other benefits, complaintsthat have popped up acrossmany company facilities. Ama-zon held regular meetings in-side the Alabama facility tomake its case that unionizationwas unnecessary.

While some employees saidthey believed a union couldhelp them negotiate betterterms with Amazon on issuessuch as breaks, other workerssaid they were wary of uniondues and weren’t persuadedthat the union would be able toadd significantly to their payor improve benefits.

The company has repeatedlyraised wages this year to com-pete for workers as a laborshortage has rippled throughthe U.S. economy. In some ar-eas, new Amazon employeeshave received hiring bonusesand pay around $20 an hour,and the company’s starting paynow averages more than $18 anhour. In 2018, Amazon made itsstarting wage $15 an hour. Am-azon doesn’t have any union-ized employees in the U.S.

A challenge for organizers isAmazon’s high rate of turnover,with facilities across the com-pany’s network regularlychurning through workers.

now decided that those votesshouldn’t count.” The spokes-woman said a union wouldhamper the efficiency of im-proving company policiesquickly and nimbly. The com-pany has previously said thatit didn’t violate labor laws andtreats workers fairly.

Amazon has said that theelection results are evidence ofits standing with workers. Afterthe vote concluded, ChairmanJeff Bezos said that Amazonneeded a “better vision” for itsworkforce. He set a companygoal to be “Earth’s best em-ployer” and “Earth’s safestplace to work.”

Amazon can appeal the de-cision to the NLRB’s governingboard in Washington, accord-ing to the NLRB spokeswoman.The NLRB is a federal govern-ment agency in charge of en-forcing U.S. labor law in col-lective bargaining and workerdisputes.

With Democrats holding amajority of the five-personboard, labor researchers ex-pect the board to side withworkers more than during for-mer President Donald Trump’sadministration.

Another election could hap-pen sometime in the next sev-eral months, and the NLRBmay schedule a vote that isheld before its governingboard rules on Amazon’s ap-peal, according to an agencyspokeswoman.

Working conditions for Am-azon warehouse employeeshave been in focus since thepandemic forced widespreadlockdowns of schools and of-fices, prompting an uptick inonline shopping that boosted

ContinuedfromPageOne

AmazonMust RedoUnion Vote

The new Omicron coronavi-rus variant risks intensifyingsupply-chain disruptions thathave fueled a surge in infla-tion this year, Federal ReserveChairman Jerome Powell saidin testimony released Mondayafternoon.

Mr. Powell is set to appearbefore the Senate BankingCommittee alongside TreasurySecretary Janet Yellen onTuesday morning.

Mr. Powell’s written testi-mony highlights how the newvariant could put the Fed in adifficult position in the comingmonths if it exacerbates infla-tion while also holding moreworkers back from seeking em-ployment, which could leadwages to continue accelerating.

“The recent rise in Covid-19cases and the emergence ofthe Omicron variant posedownside risks to employmentand economic activity and in-creased uncertainty for infla-tion,” Mr. Powell said.“Greater concerns about thevirus could reduce people’swillingness to work in person,which would slow progress inthe labor market and intensifysupply-chain disruptions.”

Mr. Powell said inflation,which rose by 5% in Octoberfrom a year earlier, according tothe Fed’s preferred gauge, is“running well above” the centralbank’s 2% goal. Supply-chain im-balances have made it harderfor producers to meet strongdemand, he said, while risingenergy prices and rents are alsoadding to higher inflation.

Forecasters, including thoseat the Fed, “continue to expectthat inflation will move downsignificantly over the next yearas supply and demand imbal-ances abate,” Mr. Powell said.While the persistence of supplyconstraints remains hard to pre-dict, “it now appears that fac-tors pushing inflation upwardwill linger well into next year.”

Mr. Powell also said labor-market slack is diminishingamid rapid improvement.“Wages are rising at a briskpace,” he said.

The Fed closed a chapter on

its aggressive pandemic policyresponse when it approvedplans at its latest meeting, inearly November, to shrink its$120 billion-a-month asset-purchase program by $15 bil-lion each in November and De-cember. At that pace, the assetpurchases would end in June.The Fed wants to end the as-set purchases before it lifts in-terest rates, which it held nearzero.

More recently, a handful ofofficials have said they wouldsupport deliberating at the Fed’sDec. 14-15 meeting whether toaccelerate the process of reduc-ing those purchases.

If officials were to quickenthe pace at which they reducethe purchases to $30 billion amonth after the Decembermeeting, they could concludethe program by March, givingthem more flexibility to raiserates in the first half of 2022.

Mr. Powell’s commentsshow the Fed is more attunedto a broadening of price pres-sures and optimistic about re-cent hiring progress, whichwould satisfy key thresholdsfor raising interest rates fromnear zero. His characterizationof the labor market is notablebecause the Fed has said itwon’t raise rates until the la-bor market approaches condi-tions consistent with maxi-mum employment.

Meanwhile, Ms. Yellen, inwritten testimony also releasedon Monday, again urged law-makers to address the nation’sdebt ceiling and said a failureto do so could threaten the U.S.economic recovery. The Trea-sury Department has been us-ing what it calls extraordinarymeasures, such as suspendingcertain investments, to con-serve cash as it bumps againstthe $28.88 trillion borrowinglimit set by Congress.

BY NICK TIMIRAOSAND AMARA OMEOKWE

Powell WarnsOf Variant’sSupply Risks

The Federal Trade Commis-sion is seeking informationfrom Amazon.com Inc.,Procter & Gamble Co., Wal-mart Inc. and others abouthow they are handling supply-chain snarls, part of a studyinto whether the problemshave led to anticompetitivebehavior and higher prices.

The document request isn’tpart of any law-enforcementaction, the FTC said. Instead,the agency said it is looking tounderstand the reasons behindthe widespread supply-chainproblems that have crimpedeconomic growth.

The agency is also seekingdocuments and informationfrom Kroger Co., C&S Whole-sale Grocers Inc., AssociatedWholesale Grocers Inc.,McLane Co., Tyson Foods Inc.,and Kraft Heinz Co. The com-panies have 45 days to respond.

The order will require thecompanies to detail how theyare navigating the supply-chain crisis, including how ithas affected the availability oftransportation, delayed ordersand led to increased prices.The FTC also wants to knowwhat companies are doing tofix the problems and how theyallocate products amongstores when products arescarce.

Representatives for thecompanies declined to com-ment, didn’t immediately re-spond or couldn’t be reachedto discuss the FTC’s action.

Companies have beenstruggling with delays to im-port goods and move themaround the country this year,as Covid outbreaks have dis-rupted ports, manufacturingsites and left many logisticscompanies short-handed. Doz-ens of boxships have beenwaiting for weeks to unload at

the ports of Los Angeles andLong Beach, Calif. Before thepandemic, it was unusual forany ships to wait.

While some major retailerssuch as Walmart have beenlargely able to sidestep thelogjams by moving importsearlier in the year or charter-ing their own vessels, somesmaller chains have beenscrambling to keep shelvesstocked.

President Biden met Mon-day with executives from sev-eral retailers and grocers, in-cluding the leaders ofWalmart, Best Buy Co. andFood Lion. He touted economicdata showing an uptick inBlack Friday sales and con-sumer spending. “We’re look-ing toward the holiday season.We feel a lot more like theones we had in the past,” hesaid.

Walmart Chief ExecutiveOfficer Doug McMillon said in

the meeting that despite sup-ply-chain concerns, the re-tailer’s inventory levels wereup by 10% ahead of the holidayseason. “We have more inven-tory than we did a year agoand have the inventory thatwe need to be able to supportthe business, and we are see-ing progress—the port andtransit delays are improving,”Mr. McMillon said.

FTC Chairwoman Lina Khansaid she hopes the supply-chain study will “shed light onmarket conditions and busi-ness practices that may haveworsened these disruptionsand led to asymmetric ef-fects.”

The U.S. Chamber of Com-merce, the chief advocacygroup for American compa-nies, recently said it was pub-licly challenging Ms. Khan,contending that she is over-stepping the agency’s legal au-thority.

BY PAUL ZIOBRO

FTC Seeks Documents From FirmsAs It Looks at Supply-Chain Crunch

The company’s actions during a mail-in union election at its Bessemer, Ala., site were ruled illegal.

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The Fed chief saidlabor-market slackis diminishing amidrapid improvement.

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assistance money over thecoming week and months.

Officials said an initial real-location, set to be unveiled inearly December, could exceed$800 million and come at therequest of states and localitiesthat acknowledge they havemore money than they canspend. Much of that moneymay be moved within states,rather than from one state toanother—for instance, from astate-run program to a city-runprogram, or vice versa.

By the end of the year, theadministration expects as muchas $20 billion of the $47 billionin rental-assistance fundingCongress authorized to bespent. An additional $5 billion

to $10 billion will be commit-ted to a specific tenant or land-lord but not yet distributed.

“There is less unspentmoney today than there wassix months ago, but we’re stillcommitted to make sure thatthe money that is unspent getsreallocated as quickly as possi-ble,” said Deputy Treasury Sec-retary Wally Adeyemo.

The rental-assistance pro-gram got off to a slow startthis year. Though just a frac-tion of the aid was distributedbefore a national eviction mor-atorium ended this summer,more money is now finding itsway to tenants and landlords.

While the program is over-seen by the Treasury Depart-

ment, it relies on a patchworkof more than 450 state, countyand municipal governmentsand charitable organizations todistribute the aid, which can beused to cover back rent, futurerent and utilities.

It took states and localitiesmonths to build new programsfrom scratch, hire staff andcraft rules for how the moneyshould be distributed. Often,tenants and landlords didn’tknow money was available, andmany of those who appliedfaced cumbersome applicationsand requests for documenta-tion. Treasury officials issuedguidance to ease the paperworkburden and boost the flow ofmoney to renters and landlords.

WASHINGTON—The Trea-sury Department is redirectingrental-assistance money fromsome states and localities thathaven’t used the bulk of theirfunds to others facing backlogsof aid requests, according toadministration officials.

The officials said theycouldn’t specify which jurisdic-tions would lose and gainfunds. But they said those withlarge amounts of unused fundsinclude rural states—such asMontana and North Dakota—while local officials in severalmore populous states—likeNew York and Texas—are ex-pected to exhaust their rental-

BY ANDREW ACKERMAN

Unspent U.S. Rental Aid to Be Redirected

“She knew exactly what shewas doing,” Ms. Pomerantzsaid. “She was dangerous. Shewas setting young girls up tobe molested by a predator.”

Bobbi Sternheim, a lawyerfor Ms. Maxwell, challengedthat depiction, calling her cli-ent a scapegoat who wasn’tcharged until nearly a year af-ter Epstein’s death in August

2019. Epstein died by suicidein jail about a month after hisindictment on sex-traffickingcharges.

“She is a convenient stand-in,” Ms. Sternheim said of herclient.

Ms. Maxwell faces six crimi-nal counts at trial, includingenticing a minor to travel toengage in illegal sex acts andtransporting a minor with theintent to engage in criminalsexual activity. She has pleadednot guilty and has said that shenever committed a crime.

The trial, which is set tolast about six weeks, is ex-pected to provide a windowinto what prosecutors havedescribed as Epstein’s sextrafficking of dozens of mi-nors in New York, Florida andelsewhere. In pretrial appear-ances, Ms. Maxwell has worna jail uniform. On Monday,dressed in a white sweater,Ms. Maxwell sat next to herlawyers, occasionally speakingto them and taking a sip froma coffee cup.

Four accusers and some oftheir relatives will testifyabout Ms. Maxwell’s allegedrole in the abuse, according toprosecutors. Ms. Pomerantzsaid one of the accuserswould describe how her abusebegan, starting with Ms. Max-well and Epstein befriendingher while she attended acamp for talented teens.

Ms. Sternheim describedEpstein as a “21st-centuryJames Bond” who attractedpeople with his wealth andcharisma but compartmental-ized and hid the darker partsof his life.

The lawyer challenged thefour accusers’ memories ofevents, saying they had beenwarped by the passage oftime. The defense plans to

call a memory expert to speakabout research showing howmemories fade and how peo-ple can develop memories ofevents that never occurred.

The four accusers werealso motivated by money, Ms.Sternheim said, noting thateach was awarded millions ofdollars from a victims com-pensation fund set up by law-yers and executors of Ep-stein’s estate. Accusers hadtheir awards enhanced if theyagreed to cooperate with thegovernment, Ms. Sternheimsaid.

Ms. Pomerantz said thefour accusers did receive set-tlements from the victims’fund, but that money wasn’t amotivation.

“They would pay anythingto have never met the defen-dant and Epstein,” she said.

Prosecutors said theywould also show flight re-cords of trips Ms. Maxwelland Epstein took with youngteenage girls on privateplanes.

After opening statements,Lawrence Paul Visoski, a for-mer pilot for Epstein, tookthe stand for the governmenton Monday. He was expectedto continue his testimonyTuesday morning.

The sex-trafficking trial ofGhislaine Maxwell began Mon-day with New York federalprosecutors and her defenseteam offering opposing por-traits of the British socialiteand sparring over her role infinancier Jeffrey Epstein’s al-leged sex abuse of underagegirls.

In opening statements, As-sistant U.S. Attorney Lara Po-merantz said in a federal courtin Manhattan that, between1994 and 2004, Ms. Maxwellrecruited young teenagers forEpstein and normalized abu-sive behavior, including show-ing them how to give himmassages.

Ms. Maxwell, 59 years old,was for some time Epstein’sgirlfriend but later worked forhim, helping to create a cul-ture of silence among his staffabout the abuse, Ms. Pomer-antz said. By procuring girlsfor Epstein, a multimillionairewith estates around the coun-try and in Paris, Ms. Maxwellalso enjoyed his jet-settinglifestyle and got to socializewith his circle of powerful andinfluential associates, Ms. Po-merantz said.

BY CORINNE RAMEYAND JAMES FANELLI

Maxwell Set Up Young GirlsFor Epstein, Prosecutor Says

Ghislaine Maxwell, left, a former associate of Jeffrey Epstein, speaks with her attorney at her trial in federal court in Manhattan on Monday.

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The defense, in itsopening statement,saidMs.Maxwellwas a scapegoat.

Smollett Trial Begins With Opening Statements in ChicagoCHICAGO—The criminal trial

of Jussie Smollett began withopening statements Monday,nearly three years after the ac-tor said he was the victim of ahate crime that prosecutors al-lege was a hoax orchestrated byMr. Smollett himself.

“When he reported the fakehate crime as a real crime, it vio-lated Illinois law,” said Dan Webb,the special prosecutor.

Mr. Smollett faces six countsof disorderly conduct for alleg-edly filing false police reports inearly 2019 after claiming thattwo men assaulted him while us-ing racist and antigay language.Polices later said they deter-mined the attack was carried outby two men whom Mr. Smollettknew and coordinated with. Mr.Smollett has pleaded not guilty.

Mr. Smollett’s lawyer, NenyeUche, said that police had madea rush to judgment. “JussieSmollett is a real victim,” he said.

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A4 | Tuesday, November 30, 2021 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X * * * * THEWALL STREET JOURNAL.

with $5.1 billion in annual rev-enue and about 216 million indaily active users, according toanalysts surveyed by FactSet.

Twitter shares initiallyjumped on a report of Mr.Dorsey’s departure, rising asmuch as 11% before they werehalted ahead of the announce-ment. They finished the daydown 2.7%. Twitter shares havedeclined more than a thirdover the past six months.

Since Mr. Dorsey returnedas CEO in 2015, Twitter shareshave gained 62.6%, versus230.1% for the Nasdaq Com-posite.

The battle with Elliott high-lighted many of Twitter’s busi-ness struggles. Twitter and El-liott reached a deal last yearin which the social-mediacompany agreed to appointtwo board members and com-mit to $2 billion in share buy-backs, with Mr. Dorsey re-maining CEO while Twitterdeveloped a succession plan.

Jack Dorsey is still Square CEO.

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Gerrymandering Turbocharges PartisanshipLawmakers see themselvesas members of a party first,and as representatives oftheir institution and theirstate only after that.

The polarizing effects ofthis evolution will be on dis-play in Congress again start-ing this week, as lawmakerstry to perform their mostbasic tasks: prevent a gov-ernment shutdown by pass-ing a spending bill, and pre-vent a national debt crisis byraising the debt ceiling.

The party-first mentalitywas even clearer before Con-gress broke for Thanksgiv-ing, when it finally passed abig bill funding improve-ments in the nation’s infra-structure system. Thoughleaders of both parties havebeen clamoring for an infra-structure bill for years, themeasure passed the Housealmost entirely with Demo-cratic votes, with somemembers casting votes thatappeared to be against theinterests of their states anddistricts. That was followedby the spectacle of some Re-publicans calling for punish-ing the 13 GOP colleagues

who dared to vote with Dem-ocrats to pass it.

F or a good illustration,look at Mr. Dingell’shome state of Michi-

gan. If any state needs an in-frastructure upgrade, it’sMichigan. The American So-ciety of Civil Engineers givesthe state’s infrastructure anoverall grade of D+. As thenation has seen, some lo-cales in Michigan can’t evendeliver safe drinking waterto their residents because ofthe sad condition of agedwater pipes.

Yet when the bill came toa final vote, six of the state’sseven Republicans votedagainst it. Nor was the phe-nomenon limited to Republi-cans. Democratic Rep.Rashida Tlaib also votedagainst it, in part becauseCongress wasn’t also passinga giant social-spending andclimate-change package thatshe and other progressiveDemocrats have been de-manding.

It’s possible the two par-ties are slowly destroyingthemselves with hyper-parti-

sanship. And while there area lot of root causes, a bigone is playing out anew,right now.

It’s gerrymandering—thatis, the process in which statelegislatures draw up Housedistricts designed not to berepresentative of the popula-tion of a certain area, butrather to be perfectly safefor representatives of oneparty or the other by pack-ing together Democratic andRepublican voters into es-sentially segregated en-claves.

Achieving this involvesdrawing district lines socreatively that many mem-bers of Congress never haveto worry about being de-feated by someone of theopposite party. As a result,they never have to listen tosomeone from the otherside, either at home or inWashington. In fact, theonly real danger to the jobsecurity of representativesfrom these districts is to of-fend the party activists bycompromising with theother side, which might pro-duce a primary challenge

from within their own party.In short, it’s a practice in

which politicians pick theirvoters, rather than the otherway around.

It isn’t only gerrymander-ing that produces this effect.To some extent, Americanshave self-segregated by mov-ing into areas where theyare surrounded by those whoshare their cultural and po-litical feelings.

But gerrymandering ismaking the process of build-ing fences between Ameri-cans much worse. And rightnow it’s under way anew, asstate legislatures use the re-sults of the 2020 census todraw new congressionalmaps. It’s an ugly spectacle.The nonpartisan PrincetonGerrymandering Project isgrading state districtingmaps as they emerge forfairness, and it already hasgiven F grades to Ohio, Illi-nois, North Carolina andTexas.

B oth parties are com-plicit, but because Re-publicans have more

power at the state level—

they have full control of boththe legislature and gover-nor’s office in 23 states,compared with 15 for Demo-crats—they have the advan-tage in this process.

It doesn’t have to be thisway. California, of all places,may be showing the way out.California used to be thechampion of composing safe,gerrymandered House dis-tricts. Between 2002 and2010, California, with its 53House districts, held 265House elections, and therewas a change in party handswithin those seats exactlyonce.

But then a decade ago,thanks to a ballot proposi-tion, a citizen-led commis-sion took the task of drawingcongressional districts awayfrom the state legislature.And, wonder of wonders,more competitive districtshave emerged.

Between 2012 and 2020,seats changed party hands 18times. Gerrymandering putslawmakers in hardened par-tisan silos; maybe Californiais showing how to breakthem down.

Over dinner a few yearsago, the late John Dingell,who served in the House ofRepresentatives longer thananyone in history, described

how Congresshad changedduring his ca-reer.

When hearrived in theHouse fromMichigan in

the 1950s, he said, memberssaw themselves as, first ofall, representatives of theirstate, secondly as represen-tatives of an institution (theHouse or the Senate), andonly third as members of ei-ther the Democratic or Re-publican party. Nowadays, hesaid, the order has reversed:

CAPITAL JOURNALBy Gerald F. Seib

U.S. NEWS

U.S.WATCH

TEXAS

Massacre SettlementOffer Criticized as Low

Lawyers for victims of the2017 massacre in SutherlandSprings argued Monday that theJustice Department was propos-ing too little in damages com-pared with other recent settle-ments over the government’sfailure to prevent mass shootings.

Air Force officials neglectedto add the Sutherland Springsshooter, a former airman whohad been convicted of domesticassault, to a registry that wouldhave prevented him from legallybuying the firearm he used tokill 26 people after opening firein a church.

At a hearing, the governmentproposed paying 20 SutherlandSprings survivors and families ofvictims a range of $300,000 to$5.779 million, based on factorsincluding pain and emotional suf-fering. Under the Justice Depart-ment’s proposal, 10 of the 20plaintiffs who filed lawsuits wouldget less than $1 million. One fam-ily that lost six members wouldreceive about $2.5 million.

The plaintiffs are requestingroughly $400 million in damagesfor the people impacted by theSutherland Springs shooting, ac-cording to a court filing.

U.S. District Judge Xavier Rod-riguez of the Western District ofTexas criticized the Justice De-partment’s proposal, saying itdidn’t seem high enough, giventhe Air Force’s level of culpabilityand the scope of the tragedy. Heis expected to issue a ruling ondamages in the coming weeks.

—Dan Frosch

OBITUARY

Lee Elder, PioneerIn Golf, Dies at 87

Lee Elder, the first Blackgolfer to play in the Masters,who helped pave the way forother Black golfers, has died. Hewas 87 years old.

Mr. Elder, a four-time PGATour winner, died Sunday in Es-condido, Calif., according to the

lizing force since he returnedto the CEO role in 2015, yearsafter Twitter fired him in2008 over concerns about hismanagement and absenteeism.

Known for its short-formmessaging service, Twitter is apopular venue for political andpop-culture discourse, but ithas struggled to find sources ofgrowth. Twitter use, measuredby monetizable daily active us-age, was up 13% year-over-yearto 211 million in the third quar-ter, topping the 11% increase inthe second quarter. That userbase remains a fraction of thesize of the other major social-media platforms, includingMeta Platforms Inc.’s Facebook,Alphabet Inc.’s YouTube andByteDance Ltd.’s TikTok.

Twitter is experimentingwith new products. In the thirdquarter, it launched a pilot of ashopping feature called ShopModule that allows businessesto showcase their products atthe top of their profiles and us-ers to purchase items withouthaving to leave Twitter. Thecompany also has launched asubscription service and Twit-ter Spaces, which lets usershave live audio conversations.

Not all such efforts havesucceeded. In July, the com-pany said it would scrap itsFleets feature, which allowedusers to post tweets, picturesand videos that would disap-pear after 24 hours.

In February, Twitter re-vealed lofty targets to reach atleast $7.5 billion in annual rev-enue in 2023 and a daily userbase of at least 315 million bythe end of that year. The com-pany is expected to end 2021

Despite the concessions andnew product releases, Elliottnever became fully comfort-able with Mr. Dorsey’s unwill-ingness to focus on Twitterfull time, according to peoplefamiliar with the matter. Twit-ter said Mr. Dorsey would re-main a member of its boarduntil his term expires in 2022.

Mr. Dorsey led Twitterthrough a tumultuous periodthat saw intense public debateover the role of social mediain society, particularly aroundhow such platforms shouldregulate speech.

Mr. Agrawal inherits thoseissues. Relatively unknown out-side of Twitter, where he hasworked as an engineer for morethan a decade, he will need toaddress some lawmakers’ callsto better police what the com-pany deems hate speech andmisinformation along with oth-ers’ allegations that Twitter im-properly censors users.

For years, Twitter’s highest-profile user was former Presi-dent Donald Trump, until Twit-ter permanently suspended hisaccount early this year, citingthe risk of incitement of vio-lence following the Jan. 6 at-tack on the U.S. Capitol by amob of his supporters. Themove renewed longstandingcomplaints from conservativeswho said the company is bi-ased against them, allegationsthat Mr. Dorsey has denied re-peatedly before Congress.

The episode also highlightedMr. Dorsey’s hands-off manage-ment approach: The CEO wasworking in French Polynesia atthe time and allowed his lieu-tenants to make the call.

and chief operating officer,was named chairman.

“I’ve decided to leave Twit-ter because I believe the com-pany is ready to move on fromits founders,” Mr. Dorsey said.

Elliott said Monday that itbelieves Messrs. Agrawal andTaylor are the right leadersfor the company.

Mr. Dorsey’s move doesn’taffect his position at Square,which he also co-founded.With a market capitalizationof almost $100 billion, Squareis more than twice as valuableas Twitter, which is valued atabout $37 billion.

With his long beard andnose ring, 45-year-old Mr.Dorsey is one of the businessworld’s most enigmatic figures.His management style involvesdelegating most major deci-sions to subordinates, in partto allow other executives tostep up. It also allows him topursue his personal passions.

In 2019, he said he plannedto work much of the followingyear from Africa, though helater abandoned those plansamid the pandemic. Lately, hehas been a vocal proponent ofcryptocurrency and an increas-ingly active philanthropist.

Many employees havepraised Mr. Dorsey as a stabi-

ContinuedfromPageOne

Jack DorseySteps AsideAt Twitter

PGA Tour, which announced Mr.Elder’s death on Monday.

He started playing golf at 16.After winning the MonsantoOpen in 1974, he was invited toplay in the Masters tournamentin 1975. He was the first Blackperson to receive an invitationto play at the Augusta, Ga.,event since it began in 1934.

Mr. Elder said he receiveddeath threats before the tourna-ment and had two bodyguards

with him at all times. Racistwords were shouted at himwhile in traffic, and he was de-nied entry into a restaurant, ac-cording to a 2019 interview hegave to Golf Digest. “It was adifferent time,” he said.

Although he didn’t make the36-hole cut at the 1975 Masters,his appearance there inspiredothers, including Tiger Woods.Mr. Woods was the first Blackperson to win and don a green

jacket at Augusta in 1997.In April, Mr. Elder was hon-

ored at a ceremony before the2021 Masters, appearing withfellow golfing legends Jack Nick-laus and Gary Player to kick offthe tournament. “It was one ofthe most emotional experiencesI have ever been involved in,” Mr.Elder told the PGA Tour in April.“It was something I will cherishfor the rest of my life.”

—Joseph Pisani

SUPREME COURT

Cosby ProsecutorsAsk for Case Review

Prosecutors in Pennsylvaniaon Monday asked the U.S. Su-preme Court to review a state-court ruling that overturned thesexual-assault conviction of en-tertainer Bill Cosby.

Mr. Cosby, 84, was convicted in2018 of drugging and assaultingAndrea Constand, a former Tem-ple University staff member. Hehad been serving a three-to-10-year sentence when the Pennsyl-vania Supreme Court ordered hisrelease in June. The state Su-preme Court determined he wasconvicted unfairly using evidencehe had divulged in a civil proceed-ing after being assured by a pre-vious prosecutor that no criminalcase would proceed against him.

On Monday, the MontgomeryCounty District Attorney’s Officefiled a petition for writ of certio-rari, in which it said the statecourt had incorrectly ruled that Mr.Cosby’s due-process rights guaran-teed by the 14th Amendment hadbeen violated during his trial.

Jennifer Bonjean, an attorneyfor Mr. Cosby, called the filingmeritless and said prosecutorshad failed to identify any consti-tutional question that is in dis-pute among courts. She said evenif prosecutors prevailed at the Su-preme Court, Mr. Cosby wouldn’timmediately return to prison be-cause the state court would beforced to take up another appealissue involving the use of addi-tional witnesses at trial. She saidshe is confident Mr. Cosby wouldprevail on that issue too.

—Kris Maher

SMOKY SCENE: Crews are battling a fire in North Carolina’s Pilot Mountain State Park that has grown to hundreds of acres in a few days.

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Thirty percent of workersat more than 2,000 hospitalsacross the country who weresurveyed in September by theCenters for Disease Controland Prevention were unvacci-nated. Applied to a nationwidehealthcare workforce of some22 million according to theCensus Bureau, that wouldequal nearly seven million whohave yet to get inoculated.

Some 17 million healthcareworkers are employed at facil-ities that receive reimburse-ment from the federal Medi-care and Medicaid programs,according to CMS. The Bidenadministration earlier thismonth made future reimburse-ment contingent on all eligiblestaff getting fully vaccinatedagainst Covid-19 by Jan. 4.The regulation allows for med-ical and religious exemptions.

Hospitals and recruiters saya combination of exemptionsand more workers choosing toget vaccinated in the comingweeks should help alleviatethe operational threat. Somefacilities said they didn’t ex-pect operational disruptions.But in some rural areas, theloss of one or two employeescan crimp a facility’s ability toprovide care, doctors and hos-

Some hospitals, nursinghomes and other healthcareproviders are preparing to op-erate without up to a third oftheir staff at the start of nextyear, if those workers don’tcomply with a federal mandateto get vaccinated againstCovid-19.

The Biden administration isrequiring facilities that receivefunding from the Centers forMedicare and Medicaid Ser-vices to have workers vacci-nated by Jan. 4. Two dozenstates are challenging the re-quirement in court. A federaldistrict court in Missouri onMonday issued an injunctiontemporarily blocking the man-date in 10 states: Alaska, Ar-kansas, Iowa, Kansas, Mis-souri, Nebraska, NewHampshire, North Dakota,South Dakota and Wyoming.Many healthcare providers inthose states and beyond arereviewing requests for reli-gious and medical exemptionsfrom the rule or firing workerswho won’t get the shots.

Separately, Supreme CourtJustice Stephen Breyer onMonday denied an emergencyapplication filed last week byemployees of Boston-basedhospital group Mass GeneralBrigham for a religion-basedexception to their Covid vac-cine requirement.

Some healthcare employersare setting a hard line againstexemptions, betting that willencourage more workers toget vaccinated. Others are be-ing more permissive. Andsome are looking to hire work-ers who have left or been de-nied exemptions at other hos-pitals and clinics. Thedecisions add up to a majoroperational threat for somehealthcare providers at a timewhen workers are in shortersupply than ever.

BY JULIE WERNAUAND KATHRYN DILL

compares to Delta and othervariants. Health authorities arestill trying to determinewhether Omicron has a highertransmission rate than othervariants, and whether it causesmore severe disease than othervariants.

Vaccine makers have begunlab tests to determine whethertheir existing vaccines providea sufficient neutralizing effectagainst the new variant.

Before knowing for certain,some drugmakers say it’s pos-sible their existing vaccineswon’t be sufficient to protectagainst the new variant.

“I think the results could be,which we don’t know yet, thatthe vaccines protect less,”Pfizer Chief Executive AlbertBourla told CNBC on Monday.If that is the case, the com-pany can create a new vaccinein less than 100 days, and hasalready begun work, he said.

Moderna Chief Medical Offi-cer Paul Burton said in an in-terview with the BBC on Sun-day the Omicron strain couldescape protection conferred byvaccines. He added that themutations in the new strainare associated with “immuneescape. You bring those to-gether, I think this is a veryconcerning virus.”

Pfizer and Moderna aretesting whether their existingCovid-19 vaccines provide pro-tection against the new vari-ant. At the same time, theycould have Omicron-targetedvaccines ready within a fewmonths, in case the originalvaccines aren’t sufficient.

“A modified booster is morelikely than not to be neces-sary,” Morgan Stanley analystMatthew Harrison wrote in aresearch note Monday. He esti-mated the market for Omicronbooster shots could be be-tween $20 billion and $50 bil-lion in 2022.

Johnson & Johnson also isevaluating the effectiveness ofits Covid-19 vaccine againstthe new strain and will beginwork on an Omicron-specificvaccine in case it is needed.

U.S. NEWS

ployees if those people stay.In places where mandates

have already gone into effect,vaccination rates have risen by20 percentage points, a recentWhite House report found. Be-fore the CMS mandate, morethan 2,500 hospitals, 40% ofthe nationwide total, had setvaccination requirements forworkers, according to the re-port.

“We did this months ago,”said Houston Methodist ChiefExecutive Marc L. Boom.

Roughly 85% of the morethan 26,000 staffers at Hous-ton Methodist were vaccinatedby the time the hospital’smandate took effect in March,leaving leaders to try to per-suade the remaining 15% andto evaluate requests for medi-cal and religious exemptions.Many who had taken flu shotsin previous years applied forreligious exemptions from theCovid-19 vaccine, requests thatwere largely denied.

Less than 1% of staff leftrather than comply, Dr. Boomsaid. He said the nearly 100%vaccination rate among re-maining staff helped insulateHouston Methodist from theworst of the summer surgedriven by the Delta variant.

Hospital Staff Rule LoomsHealth facilities bracefor a worker shortage ifthe unvaccinated don’tmeet requirement

Nurses and health workers protested short staffing at hospitals this month in Whittier, Calif.

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Drugmakers raised theprospect that existing Covid-19vaccines might be less effec-tive against the new Omicronvariant of the coronavirus,which could create a need formodified vaccines that bettertarget the concerning newstrain.

The prospect of new de-mand for booster shots, aswell as medicines to treat dis-ease caused by the new strain,have lifted the stock prices ofseveral drug companies in re-cent days, including Pfizer Inc.and Moderna Inc. Though theknowledge of Omicron is lim-ited at this point, investors arealready making bets that itsemergence will become a sig-nificant source of sales fordrugmakers.

“The more subtle impact ofOmicron is to shift investors’probabilities away from ex-pecting the virus will disap-pear and more toward antici-pating virus presence as thenew normal,” Bernstein analystRonny Gal wrote in a researchnote. “This will help the vac-cine/therapies manufacturers.”

Moderna shares rose 11.8%to $368.51 on Monday, after a21% rise in the stock on Friday.The company said it is testingwhether its Covid-19 vaccine iseffective against the Omicronvariant, while also developinga modified vaccine that specif-ically targets the variant.

Shares of Pfizer, which co-developed a Covid-19 vaccinewith BioNTech SE, fell nearly3% Monday after a 6.1% gainFriday.

The Omicron variant of thecoronavirus was identified inSouth Africa last week and hasbeen found in several othercountries. It has a high numberof mutations compared withother variants, which could bea sign it is better able to eludevaccines. Global health author-ities say it might increase therisk of reinfection comparedwith other variants.

It is unknown how Omicron

BY PETER LOFTUS

Drugmakers WeighRetooled Vaccines

pital operators said.Groups that advocate for

religious freedom includingLiberty Counsel, Thomas MoreSociety and the Center forAmerican Liberty said theyhave received thousands of re-quests for assistance frompeople who have been deniedreligious exemptions toCovid-19 vaccine mandates.

The groups have filed lawsuitson behalf of healthcare work-ers fighting vaccine mandates.

Condon McGlothlen, a part-ner and employment-law spe-cialist at Seyfarth Shaw LLP,said no one anticipated a situ-ation where thousands of em-ployees across the countrywould simultaneously requestreligious exemptions. He saidemployers are weighing thestaffing crunch if they lose un-vaccinated workers against therisk to the health of other em-

A combination ofexemptions andvaccinations shouldalleviate the threat.

Following its 2021 Annual Policy Dialogue on ‘Rethinking Democracy’,Club de Madrid, the world’s largest forum of democratic former Headsof State and Government working to strengthen inclusive democraticpractice, calls on leaders and citizens to urgently protect, nurtureand promote democracy. In an effort to galvanize political will, thePolicy Dialogue’s Concluding Document offers actionable proposals to‘rethink’ democratic systems. These have already been presented tothe organizers of the Summit for Democracy and other stakeholders.

Twenty years after its foundation, Club de Madrid is set on changingthe notion that democratic systems no longer deliver. Lack of trust ininstitutions, increasing inequality, persistent social exclusion and lowersocial mobility, self-serving elites, polarization and rising authoritariantendencies, all of which have been exacerbated by the COVID-19pandemic, are only some of the challenges confronting democracy.

This 2021 Policy Dialogue on ‘Rethinking Democracy’, organizedin collaboration with the Bertelsmann Stiftung and a wide arrayof partners, including the Alfred Landecker Foundation, GermanFederal Foreign Office, Boston Global Forum and Spain’s Ministryof Foreign Affairs, - formulated a set of far-reaching proposalsto adapt our leadership styles, information ecosystems andinstitutional frameworks to the realities of the 21st Century.

Club de Madrid reaffirms its conviction that liberal democracy is thebest system of government, and it welcomes the upcoming US-ledSummit for Democracy. As part of the Summit’s civil society workinggroup on countering authoritarianism, it also invites organizers to extenditsobjectivesbeyondthe immediategeopolitical interestsofanycountry.

The proposals call for the creation of an international peer-reviewmechanism on democratic practice and the appointment of a UNSpecial Rapporteur for Democracy. Democracies must counterdemocratic backsliding by reacting sooner to signs of concentrationof power, erosion of the rule of law, attempts to undermine thejudiciary, and attacks on media and civil society organizations.Responding to democratic backsliding before it’s too late requiresnew early warning mechanisms followed by decisive action.

Contemporary authoritarianism is an existential test for democraciesat the national and international levels. Illiberally inclined states areincreasing their influence in regional and international organizations.Democracies should collaborate to oppose and counter interferencefrom authoritarian regimes – transnational repression, cyberattacks,disinformation, digital authoritarianism and economic coercion.

Democratic governments must also work to ensure multilateralinstitutions reflect the values and principles of democracy,

Club de Madrid proposals for the protection and renewalof democracy ahead of US-led Summit for Democracy

particularly fundamental human rights. Their defense andpromotion should be at the center of both domestic and foreign policy.

Corruption remains a dangerous threat striking at the core ofcitizen’s trust of politicians and institutions. At a time of massiveinvestment through COVID-19 recovery funds, governments mustreaffirm their commitment to ending impunity for corruptionoffences. Club de Madrid calls for strengthening internationalcooperation in combating corruption and invites states to considerthe establishment of an International Anti-Corruption Court.

Political nationalism, polarizationand the increasinguseof divisiverhetoric also threaten democratic societies, endangering neutralpoliticalinstitutionsandnorms.Itisimportanttopreventthesefromleadingintoauthoritarianismandthefollowingrecommendationsareputforward:

- Governments and international organizations must urgently addressunattended social challenges fueling polarization. In line with UNSecretary General’s demands for a renewed social contract, Club deMadrid advocates for a World Social Summit in 2025 to better advancethe international development agenda and address citizen’s needs.

- Information ecosystems that support a safe, healthy, and fullyfunctioning societymust be established to tackle onlinedisinformationand hate speech. Democratic nations should strengthen supportto high-quality journalism, public interest media and transparencyin the access to information, free from monopolistic practices.

- The culture and practice of leadership recruitment should evolve,with more emphasis on ethical convictions, integrity, commitmentto the common good and team building. Responsible politicalleadership, as well as corporate and civil society leadership, are crucialto combating democratic backsliding and must evolve in contentand style to better address the complexity of current challenges.

- Civic education must be established as early on as early childhoodeducation to achieve greater civic literacy. Democracies should craftmechanisms to build and bolster citizens’ capacity to engage inpolicymaking, particularly youth’s engagement in politics, includingyoungwomenandgirls,and thepromotionof intergenerationaldialogue.

It is time to rethink democracywww.clubmadrid.org

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A8 | Tuesday, November 30, 2021 * * * * THEWALL STREET JOURNAL.

U.S. NEWS

ready required to wear maskson buses and subways in thenation’s largest city. Mayor Billde Blasio said the broader ad-visory wasn’t yet a mandate.

“We still need more data todetermine that is the rightway to go,” Mr. de Blasio, aDemocrat, said. “We want tofocus on vaccination.”

Mr. Biden urged people tocontinue to wear masks in in-door public settings, but hedidn’t ask state and local offi-cials to reinstate mask man-dates where they have beenlifted in the U.S.

The U.S. has joined othernations in imposing restric-

tions on some travelers fromsouthern Africa to slow thevariant’s spread, even as offi-cials acknowledged it is likelyalready in the U.S. Mr. Bidensaid he didn’t believe travelrestrictions were necessary forpeople arriving in the U.S.from beyond southern Africa.

Some countries in Asia im-posed broader restrictions onforeign students or visitors. Agrowing list of countries in-cluding Canada, the U.K., Is-rael and Australia have con-firmed cases of the Omicronvariant.

Much remains unknownabout the Omicron variant, in-

cluding its relative infectious-ness, severity or to what de-gree it might evade theimmune response from priorinfection or vaccination. Earlyevidence suggests Omicronmight present an increasedrisk of re-infection, comparedwith other versions of the vi-rus, according to the WHO, butthe agency said more will beknown in the coming weeks.

“It seems to be highlytransmissible just from thevery early data,” said Pia Mac-Donald, an infectious-diseaseepidemiologist at RTI Interna-tional, a research institute inNorth Carolina. “But again,

we’re going to have to seemore data.”

Officials in South Africasaid the rise of the variant hasbeen accompanied by an in-crease in hospitalizations.Doctors and officials said thatit is too early and that thenumber of patients has beentoo small to determinewhether Omicron causes moreor less severe disease thanother variants.

The U.S. hasn’t flagged anOmicron case. The governmenthas invested more in geneticsurveillance of Covid-19 vari-ants during the past year, butthe amount of sequencingdone still varies by state andcommunity.

Health officials and re-searchers published sequencesfrom more than 80,000 casesamples in the week endedNov. 20, according to the CDC,up from less than 40,000 aweek in April and May of thisyear. Overall, though, the U.S.has sequenced samples fromabout 1% of known cases, ac-cording to Johns Hopkins Uni-versity, and it lags behindcountries such as the U.K. thatare monitoring the virus morecomprehensively.

Scientists have some advan-tage in tracking Omicron overother variants, including Delta,which drove a surge in cases,hospitalizations and deathsacross the country this sum-mer and fall. A change in thevirus’s genome causes a flawin a commonly used PCR testthat gives researchers a quickway to flag a potential Omi-cron-linked case.

Other variants have

Federal Reserve Chairman Je-rome Powell said in preparedtestimony released Monday,ahead of an appearance beforeCongress Tuesday.

President Biden said Mon-day that his administrationwas working with Pfizer, Mod-erna Inc. and Johnson & John-son on plans for vaccines orboosters in case they areneeded to combat the Omicronvariant. Mr. Biden said that asof now officials don’t thinksuch measures will be needed.

He also said he would soonrelease more details on howhis administration plans tohandle Covid-19 this winter,including a focus on more vac-cinations, boosters and testingrather than lockdowns.

“This variant is a cause forconcern, not a cause for panic,”Mr. Biden, a Democrat, said.

Officials in New York Cityon Monday again tightenedguidance on wearing masks,strongly recommending thatpeople wear face coverings in-doors, regardless of their vac-cination status. People are al-

ContinuedfromPageOne

All AdultsUrged toGet Booster

Confirmed U.S cases of Covid-19,14-day-moving average

Number of Covid-19 patients hospitalizedin the U.S., 14-day-moving average

Source: Johns Hopkins UniversityNote: As of Nov. 28, 2021

Early evidence suggests the Omicron variantmight bemore infectious and present anincreased risk of re-infection, compared withother versions of the virus, according to theWorld Health Organization.

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A holiday market in New York City on Sunday, a day before cityofficials urged everyone to wear masks indoors.

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Why are scientists concernedabout the Omicron variant?

Antibodies from prior infec-tion or a vaccine might notrecognize Omicron’s spike pro-tein as well as versions fromprevious variants, said Dr.Lessells and other infectious-disease experts. He said earlyepidemiological data suggestthat Omicron could be betterat evading the immune sys-tem. Omicron has spreadquickly even in parts of SouthAfrica where the level of im-munity from past infection orvaccination is high, he said.

Will existing vaccines workagainst Omicron?

Vaccine makers are study-ing how the variant might af-fect their shots’ effectiveness.

BioNTech SE said it wouldtake about two weeks to deter-mine whether the vaccine it de-veloped with Pfizer Inc. wouldbe less effective against thenew variant. Moderna Inc. hassaid it is testing whether itsCovid-19 vaccine is effectiveagainst the Omicron variant andhas begun work on a boostervaccine to target Omicron.

South Africa’s health minis-ter says that he expects vac-cines to still protect againstsevere illness and death inpeople infected with Omicron.Physicians and scientists inSouth Africa have said thatthe majority of those currentlyhospitalized are unvaccinated.

The fastest way to test howwell vaccines are working is tolook at so-called neutralizingantibodies, which prevent thevirus from getting into cells.But that doesn’t capture the fullbreadth of immune defenses,which also include T cells, in-fectious-disease experts said.

“Protection from diseaserelies on a lot of responses,and it’s highly unlikely [Omi-cron] evades all of those,” saidTheodora Hatziioannou, aRockefeller University virolo-gist studying how variantsevade antibody protection.“We are not going back tosquare one. Vaccines are ouronly hope to get at least someprotection against this thing.”

Omicron is the latest vari-ant of the coronavirus to raiseconcerns about the course ofthe pandemic. Here is what weknow so far:

What is a viral variant?Viral variants are new ver-

sions of a virus that arise dueto small changes in its geneticcode. Over the course of thepandemic, there have beenmany variants of the SARS-CoV-2 virus, but only a hand-ful of note, including the Deltavariant. Most changes in thegenetic code, or mutations,don’t really affect how the vi-rus operates, but sometimesthey can give the virus an ad-vantage and allow it to spreadmore easily.

What makes Omicron differentfrom Delta or other variants?

Among the variants of con-cern, Omicron has the mostmutations, or changes to its ge-netic code. Omicron has about50 mutations, including morethan 30 that affect its signa-ture spike protein, the struc-ture that helps the virus infil-trate cells. The spike protein isthe principal target of vaccines.

Omicron shares spike-pro-tein mutations with earlier vari-ants, including Delta and Beta.One key difference: “It’s not adirect descendant of any of theother variants of concern,” saidRichard Lessells, an infectious-disease specialist at the Kwa-Zulu-Natal Research Innovationand Sequencing Platform inSouth Africa. “In terms of howit compares in terms of its kindof behavior and its properties,that’s the kind of million-dollarquestion that we’re trying tounderstand now.”

What are the symptoms of in-fection with Omicron?

It is still too early to tellwhether Covid-19 symptomsfrom the Omicron variant dif-fer from other variants. It alsois too early to know whetherOmicron causes more severedisease.

BY SARAH TOYAND DANIELA HERNANDEZ

What to Know AboutThe Omicron Variant

emerged and then faded whenthey were unable to competewith the dominant variant atthe time. As of Nov. 20, morethan 99.9% of sequenced casesin the U.S. were linked to theDelta variant.

Covid-19 cases in the U.S.have been ticking upwardsince late October to an aver-age of more than 90,000 a dayin late November. Hospital ad-missions have inched upward

as well. Data show a drop incases over the past few days;there is often a reporting lagaround holidays that is typi-cally followed by a bump innew case numbers.

Meanwhile, federal officialsare dispatching medical teamsto Michigan to help fight arise in Covid-19 hospitaliza-tions and help relieve doctorsand nurses, the state’s healthdepartment said last week.

Infectious-disease and pub-lic-health experts anticipatesome rise in cases and hospi-talizations this winter. Mostdon’t expect a surge as deadlyas last winter’s. They have saidbasic mitigation measures likemasking, testing and stayinghome when sick remain critical.

—Tarini Partiand Jimmy Vielkind

contributed to this article.

Much is unknownabout Omicron,including its relativeinfectiousness.

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Helping The WorldKeep Promises

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A10 | Tuesday, November 30, 2021 THEWALL STREET JOURNAL.

WORLDWATCH

RUSSIA

Navy Carries Out TestOf Hypersonic Missile

Russia’s navy successfullytest-fired a prospective hyper-sonic missile, the military said.

The Defense Ministry saidMonday that the Admiral Gorsh-kov frigate in the White Sealaunched the Zircon cruise mis-sile, hitting a practice target 215nautical miles away. The launchwas the latest in a series oftests of Zircon, which is set toenter service next year.

Russian President VladimirPutin has said Zircon would becapable of flying at nine timesthe speed of sound and have arange of 620 miles. Zircon is in-tended to arm Russian cruisers,frigates and submarines. It is oneof several hypersonic missilesunder development in Russia.

—Associated Press

SWEDEN

First Female PremierReclaims Top Post

Magdalena Andersson, wholast week was Sweden’s first fe-male prime minister for a fewhours before resigning because abudget defeat made a coalition

partner quit, was elected againon Monday as the Nordic na-tion’s head of government.

In a 101-173 vote with 75 ab-stentions, the 349-seat Riksdagelected Ms. Andersson, leader ofthe Social Democrats, as primeminister. She will form a one-party,

minority government. Her cabinetis expected to be named Tuesday.She will be installed after an audi-ence with King Carl XVI Gustav,Sweden’s figurehead monarch.

Ms. Andersson served asprime minister for seven hoursbefore stepping down last week

after the Greens left her two-party coalition. Their move fol-lowed the rejection of her gov-ernment’s budget proposal infavor of one presented by oppo-sition parties including the right-wing populist Sweden Demo-crats, who are rooted in a neo-

Nazi movement.Under the Swedish Constitu-

tion, prime ministers can benamed and govern as long as aparliamentary majority—a mini-mum of 175 lawmakers—isn’tagainst them.

—Associated Press

SYRIA

U.S. to Probe StrikeThat Killed Civilians

Defense Secretary LloydAustin ordered an investigationinto a 2019 U.S. strike in Syriathat killed dozens of people, in-cluding women and children, butthat wasn’t publicly acknowl-edged by the military until thisyear, the Defense Departmentsaid Monday.

Gen. Michael X. Garrett, whois in charge of Army ForcesCommand, will lead the inquiryand will look at the number ofcivilians killed, whether the U.S.complied with the laws of warin launching the attack, how themilitary records such events,and whether anyone should beheld accountable, Pentagonspokesman John Kirby said.

The decision follows a NewYork Times investigation thatreported this month that theU.S. military sought to hide theoutcome of the strike and neverinvestigated it, even after thedecision to launch it immedi-ately raised questions internally.

The strike, carried out inMarch 2019 in the Syrian cityof Baghuz, killed approximately80 people.

—Nancy A. Youssef

manufacturer Sinopharm.The recommendation came

as the U.A.E. authorities saidthey are monitoring the spreadof Omicron and would takefurther action after researchinto the characteristics of thevariant. The country, a globalhub for air travel, on Sundaysuspended flights to sevensouthern African nations.

So far, Israel has positivelyidentified four cases of Omi-cron within its borders. Allfour people were vaccinatedthree times and they currentlyhave mild symptoms.

Dr. Balicer said a study ofPCR tests from recent weeksindicated that the Omicronvariant hadn’t spread widelythrough Israel, prompting thegovernment to take severe ac-

tion swiftly—including closingits borders to foreigners—whileit feels it can cut the chain oftransmission and at least delaythe variant’s local spread.

Other countries are takingsimilar steps to help preventthe spread of the new variant.

As the British governmentprepared to begin enforcingmask mandates on publictransportation and in stores,the Department for Educationupdated its guidance forschools, recommending adultsand students 11 years old andup wear face masks in commu-nal areas. One of the U.K.’s con-firmed cases of Omicron hasbeen linked to a school in Eng-land’s southeastern region ofEssex, which is reinstating re-mote learning for one class.

Social Democratic Party leader Magdalena Andersson receives applause after the Swedish parliament elected her as prime ministeron Monday. Her first stint in the post lasted only seven hours last week. She is the country’s first female premier.

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can cases of Omicron were de-tected on Nov. 11, a time whenCovid-19 infections across thecountry were at their lowestlevel since the start of thepandemic. Since then, thedaily number of recordedcases nationwide has risensharply, to 3,220 on Sundayfrom around 300 a day.

Only a very small numberof the current Covid-19 casesin South Africa have been con-firmed as Omicron through ge-

nomic sequencing, the onlysurefire way to determinewhat variant caused an infec-tion. But Omicron shows updifferently from other variantsin one of the widelyused polymerase chain reac-tion, or PCR, tests, making iteasier to track. Based on thismethod, South African expertssay the vast majority of recentcases in Gauteng appear to becaused by Omicron.

In a document setting out

what actions governmentsshould take against Omicron,the WHO warned Monday thatthe variant had a high poten-tial to spread further globallyand could drive fresh surges ofCovid-19 infections. Theagency said it based this as-sessment on Omicron’s morethan 50 mutations, some ofwhich it said may give it thepotential to escape immuneresponses triggered by vacci-nation and previous infection

WORLD NEWS

human body and how that maydiffer from Covid-19 caused byother strains. But doctors andother experts cautioned thatthe overall number of patientsso far remains too small—andtheir infections too recent—todraw firm conclusions onwhether Omicron leads tomilder or severe cases ofCovid-19 than other variants.

South Africa is at the cen-ter of the race to understandthe properties of the variantand whether it is more harm-ful than other versions of thecoronavirus because some ofthe earliest cases were de-tected there and it is the coun-try with the largest knownOmicron-linked outbreak. Thatmeans that the first hospital-izations resulting from thevariant are likely to have hap-pened only recently, given se-vere illness from Covid-19takes up to two weeks fromcatching the virus to develop,and deaths lag even furtherbehind.

The average number of peo-ple admitted to the hospitalwith Covid-19 a day in Gau-teng province—home to Preto-ria and the economic capital,Johannesburg—jumped to 49during the two weeks endedNov. 27, according to the NICDdata. In the previous twoweeks, the average daily num-ber of Covid-19 admissionswas 18. The number of dailydeaths hasn’t changed, thedata showed.

The first known South Afri-

or be more contagious.The agency advised govern-

ments to step up sequencingof virus genomes to track Omi-cron in their countries andrely on the markers in somecommonly used Covid-19 teststhat can flag the variant in atest sample. Countries shouldalso get as many people aspossible vaccinated, requiresocial-distancing measuresand prepare their health sys-tems for a potential increasein infections, the WHO said.

The outbreak centered inGauteng appears to havestarted among people of col-lege age around Pretoria, a fac-tor that further distorts earlyconclusions about the kind ofdisease Omicron causes. Youngpeople are generally much lesslikely to fall seriously ill withCovid-19 than older people.

In South Africa, as in manyother countries, young peopleare also much less likely to bevaccinated against Covid-19than older age groups. On av-erage, just over 24% of SouthAfrica’s 60 million people arefully vaccinated. Dr. Jassat saidaround a fourth of patients ad-mitted with Covid-19 in Gau-teng were vaccinated.

The number of hospital ad-missions around Pretoria washighest for infants and chil-dren under 2, Dr. Jassat said.She added that some of thesechildren may have been admit-ted as a precaution. “We’re notsure if it’s related to the vari-ant circulating,” she said.

JOHANNESBURG—Theemergence of the Omicronvariant of the coronavirus inSouth Africa has driven asharp increase in Covid-19hospitalizations in the coun-try’s hot-spot province overthe past two weeks, althoughfewer patients are beingtreated for severe disease thanin previous surges, the coun-try’s National Institute forCommunicable Diseases said.

There has also been an un-usually high number of hospi-talizations of children under 2years old around the capital,Pretoria, where cases startedrising first, although some ofthese may be precautionary,the institute said.

Overall, the proportion ofpeople diagnosed withCovid-19 who have been ad-mitted to hospital over thepast two weeks is in line withother waves of infection inSouth Africa, which weredriven by other variants, saidWaasila Jassat, a public-healthspecialist at the NICD.

The data gives a first in-sight into what Omicron,which the World Health Organ-ization declared a “variant ofconcern” last week, does to the

BY GABRIELE STEINHAUSER

Omicron Sickens More in South AfricaHospitalizations rise,but fewer patientsface severe risk fromnew strain of Covid-19

On Monday, the main airport in Johannesburg was nearly empty as Europe, Asia, the Middle East andthe Americas curbed travel from South Africa, which has the largest known Omicron-linked outbreak.

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three-dose regimen against thestill-dominant Delta variant thatis surging in parts of Europe.

Israel was one of the firstcountries to conduct a large-scale booster campaign, begin-ning in mid-August andquickly opening it to all adultsand most of the teenage popu-lation. But about 20% of thoseeligible for a booster haven’tgotten one, meaning the over-all population is losing protec-tion in addition to the smallerunvaccinated contingent.

The U.A.E. also urged all itsresidents Sunday to get a thirddose of vaccines. Until recently,the country offered boostersonly to people with underlyinghealth conditions, those overthe age of 50, or those who hadtaken a shot made by Chinese

TEL AVIV—Israel, theUnited Arab Emirates and theU.K., all early adopters of theCovid-19 vaccine, are urgingresidents to get a booster shotas governments globally con-sider options to help fend offthe Omicron variant.

The U.K expanded its corona-virus booster program Mondayto cover the entire adult popu-lation, as well as halving thegap between the second andthird doses to three months.Before the emergence of theOmicron variant, only peopleabove the age of 40 were eligi-ble for a booster in the U.K.

“While we wait for the mistto clear on what this concern-ing variant means, there is notime to delay,” said England’sdeputy chief medical officer,Prof. Jonathan Van-Tam.

Prof. Ran Balicer, chairmanof the Covid-19 expert panelthat advises the Israeli govern-ment, acknowledged that thereisn’t enough data to see how ef-fective a booster shot would bein preventing severe illnessfrom the Omicron variant, butsaid the working hypothesis isthat the shots will do the job.

Even if boosters aren’t effec-tive against mild cases of theOmicron variant, Dr. Balicersaid, Israel along with othercountries must continue effortsto defend its population with a

By Dov Lieber,Rory Jones

and Isabel Coles

Nations Press for Covid Boosters

A man received a third shot of a coronavirus vaccine in Jerusalem this past August.

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deliver another setback toeconomies in the region thatare heavily reliant on tourism.

Indonesia, Southeast Asia’smost populous nation, had re-opened its borders to touristsin mid-October, but will re-quire all foreign travelers to bequarantined for a week uponarrival, up from the three days.Only about one-third of Indo-nesians are fully vaccinated.

Thailand, which recently re-duced entry rules to revive itstourism industry, has said itwould refuse entry to arrivalsfrom eight southern Africancountries starting Wednesday.

“Omicron reminds us thatthe global economic recoveryremains tethered to the pan-demic,” said Steven Cochrane,chief APAC economist atMoody’s Analytics.

Many countries in Asia hadkept virus numbers lower thanin the West throughout muchof the pandemic by using acombination of strict bordercontrols, which often includedgovernment regulated quaran-tines, and restrictions on dailylife. Some of those have triedto set a path to treatingCovid-19 as an endemic disease.

In China, which has kept itsborders closed despite pres-sure to reopen from businessgroups, health officials pointedto the emergence of the newvariant as evidence that it wasbetter to proceed with caution.

Many countries across Asiawere only just beginning to easetough border controls and coro-navirus restrictions that hadbeen in place for much of thepandemic. The Omicron variantis disrupting those reopenings.

From Japan to Australia,countries are recalibratingtheir plans to account for thenew variant, even though itmay take weeks for scientiststo better understand the poten-tial danger posed by Omicron.

On Monday, Japan said thatstarting Tuesday it wouldclose its borders to foreigners,including business travelersand foreign students, until theend of the year. Australia saidit would postpone plans to al-low students and skilled mi-grants to enter the countryuntil Dec. 15, and global travelhub Singapore said Sundaythat it would delay quaran-tine-free travel lanes for sev-eral Middle Eastern countriesbecause they were travelnodes for some of the affectedcountries in southern Africa.

Only a handful of caseshave been identified in the re-gion—three in Hong Kong andfive in Australia.

Omicron appears likely to

By Natasha Khanin Hong Kong,Mike

Cherney in Sydney andMiho Inada in Tokyo

Across Asia, VariantDisrupts Reopenings

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WORLD NEWS

may proceed as a mix of directtalks in Vienna interspersedwith consultations by the dele-gations in their capitals.

The Trump administrationquit the nuclear deal in May2018 and reimposed sweepingsanctions on Iran. In response,Iran has steadily expanded itsnuclear work beyond the agree-ment’s limits.

The Biden administrationhas set the restoration of the2015 deal as one of its mainforeign-policy goals. U.S. offi-cials have said re-entering thepact could serve as a platformfor talks on a broader agree-ment.

The parties, which includethe U.S., Britain, Germany,France, Russia, China and Iran,made significant progress intalks between April and Juneunder the previous Iranian gov-ernment of President HassanRouhani, who had negotiatedthe 2015 deal. They agreed onmost of a text for restoring thedeal and closed the gaps onsome difficult issues—includingwhich sanctions the U.S. wouldremove and the steps Iranwould take to wind back its nu-clear infrastructure and reduceits nuclear-fuel stockpile.

But those talks ground to ahalt days after an Iranian elec-tion in mid-June that broughtto power a new hard-line gov-ernment under President Ebra-him Raisi. Mr. Raisi has comeout in support of the nucleardeal, but remains suspicious ofthe U.S. and other Westernpowers.

Iran has used the hiatus inthe negotiations to advance itsnuclear activities, leading tosharpened Western warningsthat time is running out to re-store the nuclear deal.

Israel, meanwhile, hassharpened its warnings that itcould take military actionagainst Iran’s nuclear programif the talks don’t stop Iran’s nu-clear advance.

Iranian officials in recentdays have portrayed the talksnot as a negotiation on its nu-clear program but as a meansto agree to the conditions un-der which the U.S. will returnto the agreement.

VIENNA—Iran made manydemands as it resumed talkswith the U.S. and other worldpowers aimed at salvaging the2015 nuclear deal, doublingdown on its position before ne-gotiations first started in thespring and raising doubts overan early breakthrough.

The talks, taking place in theAustrian capital amid a strictcoronavirus lockdown, are in-tended to agree on the stepsIran and the U.S. will take to re-turn into compliance with the2015 deal, which lifted most in-ternational sanctions on Tehranin exchange for strict but tem-porary restrictions on Iran’snuclear work.

“The U.S. has no other wayfor its return to the JCPOA butto remove all the sanctions im-posed on the Iranian nationsince it walked out of theJCPOA,” Iranian Foreign Minis-ter Hossein Amir-Abdollahiansaid on Monday, referring tothe formal name of the deal,the Joint Comprehensive Planof Action.

He said the U.S. return tothe deal would depend on“guarantees that Iran’s eco-nomic partners would be ableto deal with Iran without wor-ries and with confidence.”

In a sign of the distance be-tween the two sides overreaching an agreement, Irancontinued to refuse to talk di-rectly with the U.S. team. Thatis forcing European diplomatsto shuttle back and forth in thenow-freezing Austrian weather,carrying negotiating positionsbetween the hotels where talkstake place and where the U.S.team is based.

Speaking after the first ses-sion, Enrique Mora, the Euro-pean Union official who coordi-nates the discussions, said theIranian team had agreed totalks on its nuclear work onWednesday, following discus-sions about sanctions on Tues-day. Mr. Mora said there was a“sense of urgency” about pro-gressing in the talks but thereis “no fixed timeline in mymind” to complete them. Hesaid the new round of talks

BY LAURENCE NORMAN

Iran Calls for SanctionsRelief in Nuclear Talks

ties stopped their count of thepresidential vote, and turned todetermining the winners of 128congressional races as well asmayors’ races that were also onthe ballot. The authorities have30 days to announce official vic-tors in all the races.

But despite the halt in thevote count, there were no ap-parent doubts that Ms. Castrohad won an overwhelming vic-tory. Calm prevailed in citiesthroughout Honduras wherestore owners who last weekfeared prolonged post electionstrife on Monday took downplywood and aluminum sheet-ing they had used to protectstorefronts from potential loot-ing. El Heraldo, one of thecountry’s leading newspapers,had a one word banner electionheadline—“Xiomara”—next to aphoto of the smiling candidate.

The election went smoothlyand there were no reports ofmajor violence, a marked con-trast to four years ago, whenPresident Juan Orlando Hernán-dez won re-election amid wide-spread allegations of fraud. Se-nior U.S. diplomats had traveledto Honduras last week to urgeall sides to respect the outcomeand hold a fair election.

A victory for Ms. Castrowould mark the return topower of the left after back-to-

back terms by Mr. Hernández,who is widely disliked in Hon-duras for overseeing a rise incorruption, social unrest andmass migration to the U.S. Mr.Hernández is also being inves-tigated by U.S. prosecutors,according to a court filing.

The outcome will also de-termine whether the smallCentral American nation con-tinues to recognize Taiwan orswitches allegiance to China,as promised by Ms. Castro.

Ms. Castro, who representsthe Libre party, is the wife ofManuel “Mel” Zelaya, a con-troversial former Honduranpresident. The military in2009 ousted Mr. Zelaya, whowas then an ally of Venezuelanstrongman Hugo Chávez, afterhe tried to change the consti-tution to allow re-election, amove they feared would leadhim to stay in power for good.Mr. Zelaya, who was his wife’scampaign manager, is ex-pected to play a major role inthe new government.

When Mr. Hernández waselected in 2012, however, hechanged the constitution andsubsequently ran for re-election.

Many voters were in themood for change. Poverty hassoared to a record 74% of thepopulation in 2021 from 59% in2019.

The wife of a former leftistpresident deposed by the mili-tary 12 years ago appearedheaded for a comfortable vic-tory in presidential electionsin Honduras.

With just over half the bal-lots counted on Monday, Xio-mara Castro de Zelaya had 54%of the vote, a 20-percentagepoint lead over her main rival,Nasry Asfura, the candidate ofthe ruling National Party, whohad 34% of the ballots.

“Out with war, out with hate,out with drug trafficking andorganized crime, out with cor-ruption,” Ms. Castro, who wouldbe the country’s first femalepresident, told jubilant support-ers in declaring victory. The Na-tional Party’s headquarters satempty, and Mr. Asfura made nostatement early Monday.

Although Mr. Asfura didn’tconcede, Ms. Castro got a boostwhen she received the backingof the country’s leading private-sector organization, whichpledged to work with her togenerate jobs in Honduras. Shealso received a message con-gratulating her on her triumphfrom Yani Rosenthal, the candi-date who came in third.

Honduras’s electoral authori-

BY JOSÉ DE CÓRDOBAAND JUAN CARLOS RIVERA

Honduran Leftist DeclaresVictory in Presidential Race

WASHINGTON—A Pentagonreview of military resourcesworld-wide plans to make im-provements to airfields inGuam and Australia to counterChina, but contains no majorreshuffling of forces as theU.S. moves to take on Beijingwhile deterring Russia andfighting terrorism in the Mid-dle East and Africa.

The review, an unclassifiedsummary of which was re-leased Monday, aims tosharpen the link between theU.S.’s vast military capabilitiesand the Biden administration’sstrategic priorities—counter-ing China’s military buildupand more assertive use ofpower chief among them.

Known as the global-pos-ture review, the assessmentplans for improvements to theairfields and other infrastruc-ture at U.S. bases in Guam andAustralia, augmenting a previ-ously announced deploymentof fighter and bomber aircraft,defense officials said.

While some details aboutthe repositioning of militarycapabilities are classified andothers have been previously

announced, defense specialistssaid the review’s lack of siz-able adjustments to militaryforces in Asia shows the chal-lenges the U.S. faces in rebal-ancing resources to confrontChina, while maintaining otherglobal commitments.

In the 10 months since Presi-dent Biden took office, his ad-ministration conducted a cha-otic end to the U.S. war inAfghanistan and has faced Mos-cow’s military threats againstUkraine. China has meanwhilestepped up military intimida-tion of Taiwan, a U.S. partner.

“The world is even more un-steady than six months ago,”said Mackenzie Eaglen, a seniorfellow and specialist in defensestrategy at the conservativeAmerican Enterprise Institute.

The pullout from Afghani-stan in particular, Ms. Eaglensaid, means the U.S. mustmonitor for terrorism threatsand collect intelligence fromfarther away, making it diffi-cult to shift resources. “That’spart of the reason you can’tsignificantly change force pos-ture in the Middle East andEurope, because we lost oureyes in Afghanistan,” she said.

The global outlook is fluid, a

senior defense official said, butthe review achieved some of itsobjectives, especially on China.

Another Pentagon officialsaid the military’s force struc-ture is evolving and that moreanalysis is required before anysignificant changes are made.

“It’s a moment in time,”Mara Karlin, who is perform-ing the duties of deputy un-dersecretary for policy, said,

referring to the posture as-sessment. “I expect that therewill be follow-on work.”

The Pentagon review wasbegun under Defense Secre-tary Lloyd Austin this yearand is one of several nationalsecurity and defense-policyblueprints the Biden adminis-tration is expected to releasein coming months.

Force posture in the MiddleEast, Europe and Africa will

continue to be analyzed, saidMs. Karlin.

The infrastructure improve-ments to airfields touted inthe review’s unclassified sum-mary will begin next year inGuam, which hosts a large na-val and Air Force contingentand thousands of Americanforces, and in Australia, whereMarines deploy on a rotationalbasis. Both are key in Wash-ington’s strategy to counterChina, officials said. The Pen-tagon also will send moreground and logistics forces toAustralia and make a range ofinfrastructure improvementsin Guam, including more fueland ammunition storage andother projects, Ms. Karlin said.

Improvements to airfields inGuam and Australia would ex-pand the ability of the U.S. toferry troops in and out of thearea for deployments or in theevent of a conflict, they said.The officials declined to provideadditional specifics on the im-provements, saying they wereclassified. Some shifting oftroops or capabilities associatedwith the review and in keepingwith the current strategy havebeen announced or have oc-curred, the officials said.

BY GORDON LUBOLD

U.S. to Bolster Bases to Deter ChinaThe Los Angeles-class fast-attack submarine USS Oklahoma City returned in August to a U.S. naval base in Guam.

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Outposts inAustralia,Guamwill getboost,but therewon’tbeabig force reshuffling.

Xiomara Castro de Zelaya on Sunday in Tegucigalpa celebrated her lead in the presidential election.

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Kimberly Friddle, foreground, started a logistics and fulfillment business, where she works alongside her oldest daughter, Samantha.

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businesses on the board to fi-nancially “sponsor the proj-ect,” Vice President of SalesScott Whitney said in an inter-view. He declined to commenton terms. Participating estab-lishments must sign confiden-tiality agreements, meaningthey can’t disclose the terms.

An email reviewed by TheWall Street Journal that TopTrumps sent a shop in PalmSprings, Calif., which is gettingPalm Springs Monopoly in thespring, laid out the three-yearterms for its “approved pack-

ages”: The “Bronze” costs$21,000˛for a square on theboard. The “Silver” is $36,000and adds a Community ChestCard plugging the business.

And $60,000 over threeyears gets a business the“Gold” package: a square, aCommunity Chest card, plus“an image on the centre boardmontage” and “on the box lidmontage.” Packages also in-clude varying numbers of freeMonopoly games, which retailfor around $40.

Top Trumps didn’t respond

The Worcester Monopoly board was unveiled at a launch party.

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in the air.”Board games are notorious

for provoking spats amongplayers. Modeling the toys afteractual real-life Main Streets isratcheting up the competition.In Worcester, game pieces areflying over the selection pro-cess for Worcester Monopolyand whether it’s Worcesterenough. Also absent are severalarea colleges, the city’s well-known seltzer maker and itsiconic lunch-car diners. A hot-yoga studio did make the cut.

A key beef? Emerging reve-lations that for some local es-tablishments, landing a cov-eted square on the gameknown for its colorful Monop-oly dollars required thousandsof real ones.

Top Trumps USA said sev-eral factors determine inclu-sion, including local input. TopTrumps does require some

ContinuedfromPageOne

to a request for comment onpricing.

Jeffrey Bernstein, the ownerof Destination PSP gift shopwho received the email, is aMonopoly aficionado who hascollected at least 150 boards—his favorite is a Hungarian ver-sion. But the entry cost was tooPark Place for him, and he saidhe was turned off by the rawcapitalism, even for an amuse-ment based on capitalism.

Atlantic City, N.J., is amodel for original Monopoly,patented in 1935, but lost itsmonopoly on locale long ago.Now, hundreds of adaptationsrange from city themes toboards with Disney princessesand the Beatles.

Localizing Monopoly can getdicey. Some shop owners, forinstance, prefer not to be listedon Community Chest or Chancecards with unpleasant out-comes, such as ponying upmoney, said Nona Watson,chief executive at the PalmSprings Chamber of Commerce.She helped create a “PalmSprings Opoly” game years agothrough a different company,to raise money for the cham-ber’s building, and said boardspots sold for far less.

Top Trumps USA is part of

Winning Moves UK Ltd., amain Hasbro partner in pro-ducing themed and localizedgames, Hasbro said. Hasbrosaid that given limited squareson Monopoly boards, “we doexpect there may be disap-pointment” in communities.Hasbro declined to commenton the pricing for places onthe Top Trumps board.

In a June Worcester public-ity blitz, Top Trumps said thegame would be “an accuratedepiction of what locals loveabout the area” and solicitedemailed feedback. More than60,000 ideas flowed in, thecompany said.

Business owners drummedup votes, including at the circa1934 Ralph’s Tavern, whereowner Mr. Bove is a Monopolyfan. “I always had to have thelittle dog, the Scottie dog,” hesaid of his favorite Monopolytoken. He even let customerspay with Monopoly money onenight to rally support. ButRalph’s didn’t get a square.Mr. Bove said he wasn’t askedto pay for one.

Top Trumps’s Mr. Whitneysaid Ralph’s was “hugely popu-lar” but that a tavern didn’t fita family game. Mr. Whitneysaid Top Trumps would donate

money to a Ralph’s patron, aMonopoly fan who is ill and forwhom the bar is raising money.

Worcester Monopoly doesinclude mainstay establish-ments, monuments and non-profit groups that didn’t pay.But the launch has spawned aside parlor game: Analyzingthe hodgepodge mix on theboard. A credit union scoredtwo squares, one around thecorner from a square featuringa yoga studio. Both companiesdeclined to discuss any pay-ments. No local diners, famousparts of the cityscape, got on.“It’s crazy,” said Kim Kniskern,who owns the Miss WorcesterDiner, listed on the NationalRegister of Historic Places. “Iwas waiting to see what dinerwas there.”

Amy Lynn Chase, the ownerof Crompton Collective bou-tique, said Top Trumps calledseveral times and offered her aspot for $20,000 “to as low as7,000.” She declined, but plansto sell boards and donate prof-its to an animal-rescue leaguethat is on the game. “We origi-nally thought this board wasgoing to be great for Worces-ter,” Ms. Chase said, “and thenthe conversation turned a littlenegative.”

This year, the share of U.S.workers who work for a firmwith at least 1,000 employeeshas fallen for the first timesince 2004, Labor Departmentdata show. Meanwhile, thepercentage of U.S. workerswho are self-employed hasrisen to the highest in 11years. In October, they repre-sented 5.9% of U.S. workers,versus 5.4% in February 2020.

The self-employment in-crease coincides with com-plaints by many U.S. compa-nies of difficulty in findingenough employees. In Septem-ber, U.S. workers resignedfrom a record 4.4 million jobs,Labor Department data show.

Kimberly Friddle, 50 yearsold, quit her job as head ofmarketing for a regional mort-gage company near Dallas inSeptember 2020. Her daugh-ters in the sixth and eighthgrade were struggling with at-tending school virtually, andboth were showing signs ofanxiety. Although her em-ployer was understanding, shewanted flexibility to providethem help without jugglingZoom meetings and projects.

Ms. Friddle planned to stayhome indefinitely with thesupport of her husband, apharmaceutical-company exec-utive. But when a friend con-tacted her the next month, shesaw an opportunity.

The friend sold home décoritems on Amazon.com from hishome in Canada, and Covid-re-lated border restrictions weremaking it difficult to processreturns. When he explainedwhat he needed—primarily,someone to examine returneditems for damage and shipthem back to Amazon—Ms.Friddle felt the work could bea good challenge and a chancefor her older daughter, Saman-tha, to gain work experience.

They began processing re-turns for him. When othersellers he knew needed helpwith warehouse-related tasksthat were also made harder bythe pandemic, he referredthem to Ms. Friddle.

Her own businessNow she runs an Amazon

logistics, warehousing and ful-fillment business full timefrom home outside Houstonplus rented warehouse spacenearby. Her older daughterworks with her about 10 hoursa week, and Ms. Friddle re-cently hired an assistant. Shehopes to expand her servicesto Walmart vendors.

In July, the family’smonthly income returned toroughly what it was before,Ms. Friddle said. Though thedecision to leave her job wasan emotional one, she said, achange after 27 years hasgiven her new energy and con-fidence, besides the flexibility.

“I didn’t have a plan when Ileft,” she said. “I wasn’t givingenough attention to the needsof my family. I wasn’t givingenough attention to the jobthat needed to be done. I feltlike I was failing everywhere.”

Now, “I feel so successfuland I wake up every day like,‘I wonder what’s going to hap-

ContinuedfromPageOne

pen today.’ ”Through the late 19th cen-

tury, a large share of Ameri-cans worked for themselves,as farmers or artisans. Withnew technology such as elec-tric lighting, manufacturingexpanded, and many peopleleft the field for the factoryfloor. They landed in an envi-ronment of strictly definedwork hours and hierarchies—workers overseen by managersoverseen by executives.

By the time Covid-19 ar-rived in the U.S., the advent ofapps, websites and companiescatering to entrepreneurs andfreelancers was already givingemployees options.

Then, the pandemic spurredsome people to “pause and re-evaluate their priorities,” saidAaron De Smet, a McKinsey &Co. senior partner and consul-tant on labor trends.

Marcus Grimm, 50, of Lan-caster, Pa., worked at advertis-ing agencies from the time hefinished college. For years, hetoyed with freelancing. “I hadalways considered it, but liter-ally just never had the guts tomake the move,” he said. “Iwas scared I would lose sleepevery night worrying aboutmy next dollar.”

Early in the pandemic, Mr.Grimm was laid off. He loggedonto Upwork, a website thatconnects freelance workersfrom a wide range of indus-tries with potential clients. Hefielded several assignmentsdoing ad campaigns for bigcompanies, charging a lowhourly rate.

Business flowed in. He hassteadily raised his rate, to$150 an hour. He said he nowearns more than in his old job,which paid $130,000 a year.

His favorite part is not hav-ing to deal with corporate pol-itics or any bureaucracy. Hecan go kayaking in the middleof the day.

“I’m the one who finds theclient, I’m the one who doesthe work, and I’m the one whodeals with any of the problemsthat come up,” he said.

One client offered to hirehim full-time, but he declined,Mr. Grimm said. “I told them,‘I’ve seen the light.’”

Etsy Inc., an online market-place for individuals to buyand sell items, says it had 7.5million active sellers as of

Sept. 30—up 2.6 million fromthat time in 2019. Eight in 10are women. Its surveys indi-cate more than 4 in 10 of thenew sellers started their busi-nesses for reasons related tothe pandemic, including forsome the need to stay home tocare for family members.

On a recent investor call,Upwork Inc. Chief ExecutiveHayden Brown, citing a Sep-tember 2020 survey, said: “Anew type of career path hasemerged, with half of the GenZ [age 18 to 22] talent pool ac-tually choosing to start theircareers in freelance ratherthan full-time employment.”

Based on a summer 2021survey, Upwork concluded that20% of people working re-motely during the pandemicwere considering leaving theirjobs for freelance work.

At LinkedIn, the number ofmembers who indicate theyare self-employed by listingservices from a field called“Open to Business” has qua-drupled since the pandemicbegan, to 2.2 million, the com-pany said. Nearly half of thenew entrepreneurs have a col-

lege degree and nearly 4 in 10a postgraduate degree.

Enterprises founded bywomen have grown by 27%and male-founded ones by 17%since the pandemic started,according to a LinkedIn analy-sis of user profiles. Mean-while, Labor Department datashow that in the two yearsthrough July, the number ofself-employed female workersactively at work has grown4.3%, while the number ofself-employed male workers isdown 1%, according to a PewResearch analysis.

Limited child-care or com-muting options have helpedspur some of the moves.

Matt Parrish of Raleigh,N.C., worked for a companythat built retaining walls sincegraduating from the Univer-sity of Florida roughly a de-cade ago. An engineer whomanaged projects, Mr. Parrish,31, grew tired of dealing withthe bureaucracy, such as whenhe wanted to hire someone. “Ienjoyed the work I was doing,but I definitely felt like I wasgetting more and more pi-geonholed because it was such

a large company,” he said.He also wanted a schedule

allowing more time with hisnewborn daughter. His em-ployer provided just two weeksof paid parental leave, he said.

Mr. Parrish resigned in Au-gust and went into business asa consultant to homeownersand commercial-building own-ers on building retaining wallsfor construction projects. Be-ing able to work from homeand care for his daughterthroughout the day was a pri-mary reason, he said.

Full-time tradingInstagram, YouTube and

TikTok have provided new av-enues to raise cash for aspir-ing entrepreneurs. Meanwhile,Robinhood Markets Inc. andcryptocurrencies such as bit-coin have spurred a new gen-eration of traders, some sosuccessful they have quit theirjobs to trade.

Josh Dorgan, who is 32,started trading cryptocurren-cies in 2017 with a straightfor-ward goal: to pay off the mort-gage on a house he and his

wife had bought in Omaha,Neb., as fast as possible.

Mr. Dorgan continued work-ing as a pediatric nurse whiletrading litecoin, ether andXRP. His trading, plus advisoryroles he took on with cryptocompanies, started takingmore time, becoming hard tobalance with his job managingthe dialysis unit at Children’sHospital & Medical Center inOmaha.

When he told his wife, alsoa nurse, he wanted to quit andfocus just on investing, she in-sisted they talk to a financialadviser first. With a profes-sional’s signoff, he quit thehospital job in August 2020.He said his trading profits thefollowing week equaled hisprevious full-year salary.

He tries to confine hiswork—including advising digi-tal-currency firms and creat-ing content for his nearly200,000 Twitter followers—tobetween 8:30 a.m. and noon,leaving time to spend with his10-month-old son, golfing andvisiting a lake house he andhis wife bought recently.

“You don’t just get into themarkets and make money outof thin air,” said Mr. Dorgan.Yet even in volatile tradingconditions, he said, he feelsfar less pressure than when hewas juggling investing with afull-time job: “When I’m at ared light, I don’t feel like I’mrushed to get home anymore.”

Part of the current shift toself-employment might provetemporary. The boom in self-employed day traders duringthe dot-com hoopla of the late1990s deflated along with thestock bubble.

A sharp rise in savings—boosted by a federal supple-ment to unemployment bene-fits, most recently $300 aweek, that was paid for aslong as 18 months of the pan-demic—provides some individ-uals a financial cushion to pur-sue self-employment. As theyrun down those savings, somemight again want a regularpaycheck, economists say.

In addition, if labor short-ages ease, freelancers couldface stiffer competition fromcompanies in landing clients.Finally, if the pandemic re-cedes, so might one piece ofthe impetus to leave regularwork in favor of self-employ-ment. Five percent of unvacci-nated adults say they left a jobbecause of a vaccine require-ment they opposed, accordingto a Kaiser Family Foundationsurvey in October.

Robert Spencer, 55, re-paired bridges for Washingtonstate’s government for nearlya decade as a welder and fab-ricator. Mr. Spencer, who hada bout of Covid-19 early in thepandemic, left the job in Octo-ber because he wasn’t willingto comply with a vaccine man-date for state employees.

Mr. Spencer, who workedfor himself before joining thestate, bought supplies to runhis own fencing business andlined up residential projects.

His wife now handles billingand accounts payable and re-ceivable. He says the two willneed to make financial adjust-ments in anticipation of a win-ter slowdown in home im-provement.

If the state should changeits rules and let everybodycome back, “then obviously Iwould, because of the bene-fits,” Mr. Spencer said. “Butuntil then—I’m not countingon it—I plan on doing whatI’m doing now. I enjoy it.”

2005 '10 '15 '20

*Excludes agriculture industries †Seasonally adjustedSources: Labor Department via the St. Louis Fed (workers); Census Bureau (applications)

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An energy-monitoring plug. A mouse of recovered plastic.Here are electronics made with sustainability in mind.

ECO-FRIENDLYGADGETGIFTS

PERSONALTECHNOLOGYNICOLENGUYEN

The world’s governments re-cently agreed on emissionscuts to slow the impact ofclimate change. There areways people can share inthe effort at home, too.

When it comes to buying andusing electronics, a helpful adagefrom fashion designer VivienneWestwood has stuck with me:“Buy less, choose well and makeit last.”Taken to an extreme, that

could mean buying no new prod-ucts. According to Apple’s envi-ronmental report, 81% of theiPhone 13’s life-cycle carbon emis-sions occur during production ofthe device. When giving gifts, youcould get refurbished devices, orprotective accessories that allowloved ones to hang on to theircurrent models longer—itemssuch as an Otterbox Defender Se-ries rugged case or an amFilmtempered-glass screen protector.You could avoid buying physi-

cal items altogether. Netflix andSpotify gift cards can be appliedto subscriptions, while Apple’s giftcards can be applied to a varietyof services in the company’s eco-system, from iCloud storage to in-store repairs.If you do want to buy some-

thing shiny and new, here aresome great gadgets and accesso-ries that aren’t just greenwashingand are made with sustainabilityand climate consciousness in mind.The Wall Street Journal isn’t

compensated by the brands or re-tailers for being listed in this guide.

AmazonSmartThermostatAmazon’s

latest gadget isa smart ther-mostat with asimple three-button display. Ituses information from Echosmart speakers and other con-nected devices, such as smartlights and your phone, to deter-

mine whether you’re away orsleeping, adjusting the tempera-ture accordingly. When you manu-ally adjust your heating or cool-ing, a small green tree iconappears, indicating energy-savingtemperature choices. You cantrack your energy usage and con-trol temperatures remotely usingthe Alexa app. Amazon’s versiondoesn’t have the sleek interfaceof Google’s Nest Learning Ther-mostat, but it costs far less. Thisis a great smart thermostat at afantastic price. Just be sure touse the compatibility checker be-fore you buy. $60; amazon.com

Vitamix FoodCycler FC-50Composting helps keep food

scraps out of landfills and pro-duces soil-enrichingfertilizer for plants.This electric food-waste processor is forthose who don’t havea local compost pickupservice or can’t bebothered with a back-yard bin. About thesize of a small trashcan, it takes eggshells,avocado peels, coffeegrounds and otherdinner remnants in abucket with an odor-eliminating carbon-fil-ter lid. When thebucket is full, youpower it on to startthe drying, grindingand cooling process.Keep in mind that cit-rus rinds, beet peelsand other high-sugarfruits can get stickyon the bucket’s heat-ing element. $400;vitamix.com

Nutr 2.0Nut-MilkMakerCows produce

the most green-house-gas emis-sions in the live-stock sector,according to theFood and Agri-culture Organiza-tion of theUnited Nations.For the sustain-ably minded,dairy alternativescan be expen-sive—and full ofextra additives.This gadgetshowed me howeasy it is tomake yourself. Ittakes about fiveminutes to pul-

verize the two tablespoons ofnuts and water required to pro-duce about a cup and a half of“milk.” I like to use the Nutr’s de-lay-start feature to soak nutsovernight for a creamier texture,and its warm mode to spin uplattes. It’s also an effective morn-ing alarm—this thing is loud. $169;thenutr.com

Eve EnergyIf you’ve ever wondered

whether any of your electronicsare energy vampires—appliancesthat use electricity even whenthey’re off—this smart plug cantell you. Eve’s app can also esti-mate how much your applianceswill cost you annually, based onthe going rates for electricity.You can control the plug andset schedules via the Eve orHome iOS apps as well asSiri. For away-from-homecontrol, you’ll need an iPad,HomePod Mini or Apple TV 4Kto serve as a hub. This is a giftfor someone who’s steeped inthe Apple ecosystem—there’s noAlexa or Google Assistant sup-port. $40; evehome.com

Specialized Turbo Vado SLTop image, leftThe transportation sector is

America’s biggest emitter ofgreenhouse gases. And cars—youknow, the ones we constantlydrive to the grocery store andback—produce over half thoseemissions. An electric bike canhelp cut down on personal fossil-fuel use. Specialized’s Turbo VadoSL 4.0 EQ is lightweight at 33pounds and doesn’t skimp onspeed, providing assistanceup to 28 miles an hourthrough its natural-feel-ing mid-drive motor. Andit has commuter-friendlyfeatures such as built-inlights and a rear rack forcargo. $3,750; special-ized.com

PopSocket Plant-Based PopGripPopSocket’s latest phone

holder/stand combo followsa similar trend. It’s made of35% organic material. (The com-pany is working on converting themount, which is made of plastic,to plants, too.) These grips help inother ways: By making yourphone easier to fold, there’s less

chance of you droppingit and needing exces-sive repairs or replace-ments. The top comesoff so you can chargeyour phone wirelessly.$15; popsockets.com

Garmin Tacx Neo2T Smart BikeTrainerUnlike

other bring-your-own-bike train-ers, Garmin’s model

doesn’t need to beconnected to a powersource. The Neo 2Tharnesses the powerof your legs totransmit dataabout your

output and speed, and automati-cally adjust resistance while usingtraining apps such as Zwift.When there’s a hill on-screen, itgets harder to pedal, and if thecourse has a cobblestone or dirtroad, the trainer can simulatethat feel, too. It’s one of the qui-etest trainers I’ve tested, at leastwhen I’m not bumping down acobblestone lane. $1,399;garmin.com

Microsoft Ocean-PlasticMouseThis cute wireless peripheral is

what I’d like the future of gadgetsto be: made of plastic waste re-covered from oceans and otherwaterways, and wrapped in 100%recyclable packaging. This onecontains just 20% recycled oceanplastic. I would like to see onemade with more. “As we progressthis new manufacturing process,we hope to see that numbergrow,” a Microsoft spokeswomansaid. The Bluetooth mouse iscomfortable but compact, andprobably better suited for smallerhands. While the mouse’s easy-to-connect Swift Pair featureworks only with Windows PCs,you can use its basic functionswith Macs and Chromebooks.$25; microsoft.com

IncipioOrganicorePhone CaseIncipio’s Organi-

core line has all theelements of a goodphone case. It cov-ers the device onall sides and hasraised edgesaround the screenand camera lenses. Plus, thepower and volume buttons areeasy to press. The bonus is thatit’s made of plants and helps keepplastic out of oceans and landfills.The clear version has better dropprotection, rated up to 14 feet,compared with the cheaper Or-ganicore model’s 8 feet of dropprotection. Just be careful if youuse MagSafe accessories, sincethey don’t always stick as se-curely as Apple’s official cases.$45; incipio.com

Grouphug Solar PanelChargeTop image, rightMost electricity in the U.S. is

generated by fossil fuels, thoughsome providers allow residentialcustomers to purchase theirpower from renewable sources.People who don’t have the op-tion—or the ability to installrooftop solar panels—can stillcharge some of their smallerelectronics using this window-hanging solar frame. A 10-wattpanel soaks up the sun’s raysand stores the power in abattery. When the LEDlight is green, you canstart powering your gad-gets. It isn’t big enoughto power a laptop oreven fully charge asmartphone (especiallyon cloudy days), but itwill top up an AppleWatch and other littlegadgets. $149; grou-phugtech.com

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ResearchLooks atTimingOf Shots

California, San Francisco.Dr. Gandhi thinks longer in-

tervals for newly vaccinatedpeople, including children,could eliminate the need for abooster later. She got her 11-year-old son vaccinated withhis first dose of the Covid-19vaccine on Nov. 20. She’ll de-lay his second shot until Janu-ary, eight weeks later.Canada recently cleared

Pfizer’s vaccine for childrenages 5 to 11. An advisory com-mittee recommended an in-terval of at least eight weeksbetween doses, citing emerg-ing evidence that a longerstretch results in more robustimmune response and makesvaccines more effective. Thecommittee also alluded to un-published data suggestingthat longer spacing might re-duce the risk of very rare sideeffects of myocarditis andpericarditis, inflammatoryheart conditions.

The U.K. recommends that16- and 17-year-olds who gotone dose of the Pfizer vac-cine wait 12 weeks or morefor their second dose. TheU.K doesn’t recommend asecond dose for 12- to 15-year-olds unless they’re athigher risk of developing se-vere illness from Covid-19.Many U.S. experts agree

that the three-to-four weekdose interval for mRNACovid-19 vaccines made sensewhen the shots for adultsfirst rolled out here and thinkit still makes sense now forchildren. A year ago, caseswere surging and doctors hadfew other tools to fight

Covid-19. Urgent clinical trialshad tested a short interval,and the public-health goalwas to maximize people’s pro-tection as quickly as possible.With a delay in getting the

second dose, “there’s the issueof what happens in the inter-val,” says Stanley Plotkin, avaccine expert and professoremeritus of pediatrics at theUniversity of Pennsylvania.People exposed to the viruswon’t be as well protected af-ter only one dose as after two.“So it’s a trade-off,” he says.The first Covid-19 shot gen-

erates memory B cells, whichhelp fight infection. Over time,the stronger memory B cellssurvive while the weaker onesdie, notes Deepta Bhattacha-rya, a professor of immunobi-ology at the University of Ari-zona College of Medicine inTucson. A second shot bol-sters that protection; if it hap-pens later in the process,

when the weaker cells havedied, the shot will boost astronger set of cells.Research from Canada and

the U.K. has found better im-mune responses and fewer in-fections when the first twoCovid-19 doses are spaced be-tween eight and 12 weeksapart or more, compared withthree-to-four weeks.“Three-to-four weeks be-

tween doses is really short formost vaccines, quite frankly,”says Danuta Skowronski, leadepidemiologist of influenzaand respiratory pathogens atthe British Columbia Centrefor Disease Control and leadauthor of the Canada study.

Studies are giving new insights on dosing of Covid vaccines.

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craft might change. And bookingwith miles still requires paying ap-plicable taxes and carrier fees.

Booking an award ticket canprovide some flexibility in times ofuncertainty. Airlines used tocharge significant fees to changeflights or to redeposit your miles,Mr. Morvitz says. But in responseto the pandemic, many U.S.-basedcarriers waived change fees forflights, including for those bookedwith miles. You should check eachairline’s policy for specifics on re-booking award travel, and any feesassociated with last-minutechanges or fare differences.

If you cancel a ticket for which

you paid cash, you will often begiven a travel voucher with an ex-piration date, says Leigh Rowan,founder of Savanti Travel, a full-service travel-management com-pany based in San Francisco. But ifyou cancel a flight booked withmiles, you will have more flexibil-ity, Mr. Rowan says, as most awardmiles don’t expire.

Think international beforedomestic

Airlines have different re-demption rates for award tickets.Most North American airlineshave dynamic pricing, meaningyou might not get a great deal

when you redeem points for cer-tain types of fares, such as somedomestic economy tickets, Mr.Rozum says.

When you book in advance,economy prices can be low, whilepoints and miles redemption ratescan be high, he says.

If you are flying internationally,particularly business or first class,you are more likely to get outsizevalue from miles and points, he says:“You can book tickets that are other-wise prohibitively expensive for arelatively low number of points.”

A PointsPros customer recentlybooked a business-class seat on aflight from Rome to Chicago,

Anyone sitting on atrove of frequent-fliermiles or credit-cardpoints that piled upduring the pandemicmight be closer to

done with their holiday shoppingthan they realized: Theycan give the gift of travel.

The Covid-19 pandemicand emergence of new vari-ants continue to be X-fac-tors in booking air travel.But award tickets can pro-vide more flexibility thantickets booked with cash.

Award travel can becomplex and overwhelm-ing. If you are consideringconverting your pile ofpoints into an airline ticketfor a friend or family mem-ber, consider these tips as astarting point to make themost of your miles.

Consider booking agift ticket directly

Many people assumethey need to transfer theirmiles to give them as a gift,says Adam Morvitz, founderand chief executive officerof point.me, formerlyknown as Juicy Miles, aNew York City-based award-booking service.

But transferring milescan be costly. If you trans-fer 5,000 United Airlinesmiles, a relatively smallnumber, it will cost $75, or$7.50 per 500 miles trans-ferred. There is also a $30processing fee.

Instead, Mr. Morvitzsuggests using your miles tobook an awards ticket insomeone else’s name. Thelargest U.S.-based carriers don’thave restrictions on whom you bookaward tickets for, he says. Thedownside: This method could requirea conversation with the personyou’re treating, so there aren’t anysurprises if you buy the ticket beforeyou give it as a gift.

Make the gift a promise of aflight instead of locking the trav-eler into specific dates and desti-nations, advises Jordan Rozum,award consultant with PointsPros,a boutique reward-consulting firmin Tampa, Fla.

Keep in mind that if you buy aticket in December for a tripmonths later, the schedule or air-IL

LUST

RATIONBY

FABIODELVO

Take Care of HolidayShopping—WithMiles

which cost 77,000 miles. The nextleg of the trip, from Chicago toSanta Barbara, Calif., would havecost 44,700 miles.

A good redemption rate is atleast 2 cents per airline mile, Mr.Rozum says. The cash price for thebusiness-class ticket for Rome toChicago was $2,600, making the

value more than 3 centsa mile. The cash pricefrom Chicago to SantaBarbara was $497,meaning the personwould only get 1.1 centsa mile.

Anyone planning totravel internationallyshould keep track oftheir destination coun-try’s latest pandemic pol-icies on foreign visitors.

Be strategic aboutwhen you transferpoints

Although it is possi-ble to book flights di-rectly through a travelcredit-card portal, it isoften a better deal totransfer the points to anairline loyalty programaccount and book fromthere, says Mr. Rowan.

The timing of whenyou transfer the pointsalso matters. Some-times airlines will offera bonus to transferpoints from a creditcard to their loyaltyprogram, but thesespeculative transfersdon’t make sense, Mr.Rowan says.

If you transferpoints without a spe-cific flight in mind,those points are thenstuck in the loyalty pro-

gram, and not available for otherbigger transactions. You shouldmove the points to an airline ac-count when “you’re ready to pullthe trigger on whatever flight theywant,” Mr. Rowan says.

Explore the option ofpooling points

Some airlines allow you to poolmiles with others with no addi-tional fees. JetBlue, for instance,allows up to seven people to poolpoints, so multiple family mem-bers can combine points for a giftfor someone else. The “PoolLeader” can nominate certainmembers to redeem points.

BY ALLISON POHLE

Two-dose vaccines aretypically spaced monthsand sometimes years

apart to provide long-lastingprotection from disease. Aschildren begin to get theirCovid-19 shots, emerging re-search in adults suggests thatwaiting longer between dosescould have similar benefits.Studies of longer spacing

between doses of mRNA vac-cines, and Canada’s recent en-dorsement of a longer intervalfor kids, are raising questionsabout the optimal dose timingas shots roll out for children inthe U.S. and elsewhere. But therisk calculus is tricky during apandemic: Delaying a seconddose would leave people lessprotected while they’re waiting,many doctors say.That reasoning is important,

they say, especially as casesrise again in many places, theOmicron variant emerges andholiday gatherings begin.The recommended interval

between the first two doses inthe U.S. is three weeks forPfizer’s vaccine, including forchildren ages 5 to 11. The rec-ommended interval for Mod-erna is four weeks, but ithasn’t yet been authorized forthose under 18.That timing differs from

most other multidose vaccines.In a pandemic with high levelsof virus circulating, a pair ofdoses in short succession canprovide more protection faster.But spacing doses of vac-

cine further apart might re-duce the number of infectionslater and result in higher anti-body levels, studies indicate.“Under the principles of

vaccinology, you get a betterimmune response if you havelonger spacing between thefirst two doses,” says MonicaGandhi, an infectious-diseasephysician at the University of

YOURHEALTHSUMATHIREDDY

PERSONAL JOURNAL.NY

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THEWALL STREET JOURNAL. Tuesday, November 30, 2021 | A17

ARTS IN REVIEW

KEEPCALM | By Adam VincentAcross1 Word on a gifttag

5 Nigerian-bornsinger with fourGrammys

9 Bundle of hay

13 For all to hear

14 Chowdermorsel

15 Semipreciousstone withbands of color

16 Sings out

17 “Carry on!”

19 Make believable

20 Gelatinous mass

21 Responds to thealarm

22 Left at a loss forwords

24 Brit whodefinitelywasn’t at aloss for words

26 Carry on

30 Center ofactivity

33 Implied

34 “Insecure” starIssa

35 Arnaz of “I LoveLucy”

36 Calculated thetotal

37 Need for aCantonese cook

38 Cellist’ssubstance

39 Rancher’spurchase

40 Carve out

41 Losingintensity

42 Four-term prez

43 Carry-on

45 Bracelet holder

47 “Makes senseto me”

48 Steer clear of

50 Line on a check

52 Is willing tobelieve

56 Carry on

58 Stares indisbelief

59 Scarf material

60 Equal

61 Of the past,poetically

62 Puts the kiboshon

TheWSJ Daily Crossword | Edited by Mike Shenk

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Previous Puzzle’s Solution

s

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

S E N D C U S P H I P P OO R E O E P E E I S A I DD O W N U N D E R P R U N EA S S A S S I N A L E S

T O O K L A D E NS I T E R E G I M E L E S SP R I D E L E I A W E EL I P D R E I D E L M I AA S P G I L D S C A N TT H E Y A N K E E S O N E S

C O R K S R E A ME B A Y G R A S P S A TT E N O R C R A S H I N T OA R O M A B E T O L A M ES T E A M S W A N E G O S

63 Destinations forde-stressing

64 Dark mark

Down1 Skedaddle

2 Sushi unit

3 Beat on“Survivor,” say

4 Rx writers

5 Heats to nearboiling

6 Furthermore

7 First light

8 The PromiseRing’s genre

9 “Let’s Dance”singer

10 Number?

11 Instrument on aGreek vase,maybe

12 They may findrunning into eachother awkward

13 Six-pack parts

18 Egg on

20 Dreamcatcher bit

23 Dispensarypurchase

25 Afternoon hour

26 It’s separated bywinnowing

27 Lent support to

28 Domain ofHades

29 Multitude

31 Putting intopractice

32 Watch the wholeseason, say

35 Classic gym classactivity

37 Ran waydownfield

38 Furious feeling

40 Comprises

41 Firecracker part

43 Stash out ofsight

44 There are threein a doublemagnum bottle

46 Puts on the line

48 Semicircularsection of acathedral

49 Rock band?

51 Polygon figure

53 Hot-weatherhairstyle, maybe

54 Excitedexclamation inmany a meme

55 Tax return fig.

57 Some corp.higher-ups

58 Slimy lump

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

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Omaha 55 39 pc 64 48 pcOrlando 73 52 s 75 55 pcPhiladelphia 45 34 pc 51 40 pcPhoenix 81 54 s 82 53 sPittsburgh 43 30 c 43 41 cPortland, Maine 38 29 s 43 29 pcPortland, Ore. 57 46 c 59 48 cSacramento 65 43 pc 67 42 pcSt. Louis 55 40 pc 63 48 pcSalt Lake City 52 33 s 51 35 pcSan Francisco 64 51 s 67 52 sSanta Fe 62 31 s 59 30 sSeattle 54 51 r 55 46 cSioux Falls 50 39 s 57 43 pcWash., D.C. 50 36 pc 52 44 c

Amsterdam 50 47 sh 50 38 shAthens 62 46 c 60 49 sBaghdad 77 56 pc 76 53 pcBangkok 83 75 c 81 70 pcBeijing 44 26 pc 48 27 pcBerlin 41 34 sh 45 35 shBrussels 50 46 sh 49 37 rBuenos Aires 77 62 s 72 64 pcDubai 84 71 s 86 69 sDublin 51 42 r 46 33 cEdinburgh 52 41 sh 43 30 c

Frankfurt 44 42 sh 46 36 shGeneva 36 34 c 43 37 shHavana 79 60 pc 82 59 sHong Kong 76 57 s 68 56 sIstanbul 57 40 r 52 48 pcJakarta 89 75 t 86 75 cJerusalem 76 50 pc 55 49 rJohannesburg 79 61 t 80 62 tLondon 53 47 c 49 33 cMadrid 54 31 s 53 38 pcManila 89 79 t 90 78 pcMelbourne 85 64 s 84 61 tMexico City 73 48 s 73 48 cMilan 43 30 s 45 36 pcMoscow 43 24 r 25 20 snMumbai 90 76 c 82 73 shParis 49 46 c 51 38 rRio de Janeiro 83 73 t 78 71 tRiyadh 82 57 s 81 57 sRome 53 46 s 61 54 pcSan Juan 89 76 pc 86 76 pcSeoul 52 23 r 37 23 pcShanghai 56 36 pc 51 38 pcSingapore 90 78 c 89 76 tSydney 72 67 c 75 65 rTaipei City 74 59 sh 63 59 cTokyo 63 60 pc 67 46 rToronto 38 30 sn 40 36 pcVancouver 51 49 r 51 41 shWarsaw 35 29 sf 40 37 pcZurich 37 36 sf 45 38 sh

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s...sunny; pc... partly cloudy; c...cloudy; sh...showers;t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice

Forecasts and graphics provided by AccuWeather, Inc.©2021

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PhoenixSan Diego

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Des MoinesSioux Falls

Jackson Birmingham

PhiladelphiaCheyenneReno

Santa Fe

ColoradoSprings

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the songs on exceedingly simpleconstructions, with lyrics aboutthe past, the power of love andwhat Mr. Young perceives as hu-manity’s indifference to the envi-ronment.

The best material on “Barn” of-fers a mix of these strands. Theopening “Song of the Seasons,” agentle ode to nourishing love, isan instant highlight, as it harksback to his midcareer peaks suchas the 1992 record “HarvestMoon.” As Mr. Young strums hisacoustic guitar and offers fills onharmonica, Mr. Lofgren providessympathetic accompaniment onaccordion. You can hear the roomand the palpable ease of friendswho have known each other for ahalf-century playing together.“Lookin’ through this clear vinylwindow / At the city and its lights/ Masked people walkin’ every-where,” Mr. Young sings, one of afew topical nods on the album.

If the first selection exemplifiesthe album at its gentlest, the fol-

lowing “Heading West” announcesthe grimy side of this group, put-ting the emphasis on Mr. Young’ssnarling and instantly identifiableguitar tone. It’s one of a few songswith facts drawn directly from Mr.Young’s life. The fragments ofmemoir return a couple of trackslater on “Canerican,” another rum-bling electric number in the veinof 1975’s “Cortez the Killer” thatexplores tribal affiliation and ideo-logical polarization. The title andlines like “I was born in Canada /Came south to join a band” alludeto Mr. Young’s status as a Cana-dian who has been a close ob-server of U.S. politics for many de-cades but did not become anAmerican citizen until 2020.

“Canerican” also exemplifiesthe album’s sole weakness: Therockers are too brief. Everythingabout the track’s loping rhythmsuggests it will take flight in away that only this group of musi-cians can pull off. But then itfades out just after the three-min-

quite cuts loose, and that keeps itfrom greatness.

Late in the set comes the ap-pealing “Tumblin’ Thru the Years,”another love song with a gorgeousand elemental piano part from Mr.Young. In the lyrics, he claims tobe saved from the randomness oflife, but the tune is so sweet andsimple that it makes rolling on andnot knowing where things are go-ing seem like a state of bliss. Andthe title is an apt description ofMr. Young’s path through music,filled with forward momentum butoften unsteady, coming up frombehind but always arriving in thepresent. He’s released some deeplyweird and often terrible work inthe past 15 years, but “Barn”shows what he does best, makingyou appreciate the bruised andbattered grandeur that only thisband can deliver.

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

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IFE(2)

Neil Young’s life in mu-sic is filled with sto-ries that highlight thesinger-songwriter’s ec-centricities. One oft-repeated tale from

singer Graham Nash, a onetimebandmate in Crosby, Stills Nash &Young, gets to the heart of theCanada-born musician’s preferencefor raw and naturalistic studio ex-periences. Mr. Young asked Mr.Nash to listen to his then-new 1972album “Harvest,” but the playbacksession took place on a rowboat inthe middle of the lake on Mr.Young’s property in Northern Cali-fornia. Two structures—Mr.Young’s house and a nearby barn—

were wired with enormous speak-ers, and the musicians listened tothe LP in stereo, as if the buildingsthemselves were the soundsources. At one point the album’sco-producer, Elliot Mazer, came tothe shore to check in on the mixwith Mr. Young. “I swear to God,”Mr. Nash told NPR’s Terry Gross ina 2013 interview, “Neil Youngshouted back: ‘More barn!’”

Mr. Nash’s tale undoubtedly in-fluenced the title of “Barn” (Re-prise), Mr. Young’s new LP withhis frequent backing band, CrazyHorse. It’s his 41st studio offeringand it comes out on Dec. 10. Theeponymous building is a restoredlog structure in Colorado, whereMr. Young and the group—bassistBilly Talbot and drummer RalphMolina are the core members, herejoined by multi-instrumentalistNils Lofgren, best known as amember of the E Street Band since1984—recorded most of the re-cord. A documentary film by Mr.Young’s wife, actress Daryl Han-nah, released separately, capturesthe sessions and the impossiblygorgeous mountaintop setting.

“Barn” follows the last albumwith Mr. Young and this iterationof Crazy Horse, 2019’s “Colorado.”The LPs have a few things in com-mon, but “Barn” sounds more off-the-cuff, which for this group is aplus. The sonics are raw but alsoheavily detailed, and they build

The recordmakesyou appreciate theartists’ bruised andbattered grandeur.

ute mark, and one can’t help butwonder what music lurks on theother side of that silence. Mr.Young’s work with Crazy Horse isabout balance. The best albumsfrom the outfit—“EverybodyKnows This Is Nowhere,” “Zuma,”“Ragged Glory”—bring competingelements into perfect harmony.They’re filled with tension be-tween hypnotic grooves and crudemusicianship, wide-open improvi-sation and carefully crafted form,visceral rave-ups and gentle bal-lads. “Barn” touches on each ofthese components, except for thejams. In mood and feel it’s a NeilYoung and Crazy Horse albumthrough and through, but it never

‘Barn,’ out Dec. 10, is the new albumby Neil Young and Crazy Horse.

MUSIC REVIEW | MARK RICHARDSON

Neil Young’sRural Rocking

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listed officially as “Bobby Fischer’scoach—bowling.”

Today, a second’s primary spe-cialty needs to be harnessing thevast computing power at a player’sdisposal.

The irony: The technology thatseemingly made traditional chessstudy obsolete only made secondsmore vital. Carlsen and Nepomnia-chtchi have access to the neuralnetworks and high-powered enginesthat understand their game betterthan any human on the planet. Ev-ery second multiplies the man-power to make that limitless datadigestible and actionable for thetwo competitors.

“Chess is basically bottomless,”Nielsen said. “So we’re trying tomap out strategies with advancedcomputers and even neural net-works and AI. They can calculate anabsurd amount of moves, so weneed computers to do that…and weinterpret the result.”

Their assistance is so influentialthat some top players have even re-fused to name their seconds. SergeyKarjakin, who challenged Carlsen in2016, declined to reveal his team,referring only to unnamed Russiangrandmasters. And in preparationvideos before the last championshipin 2018 against American Fabiano

Caruana, Carlsen’s camp blurred outthe faces of his cornermen, only forone of them to commit a blunder:He pushed a piece with his lefthand, dramatically narrowing thepossibilities of who it might be.

That mystery lefty turned out tobe the intensely creative Russianmaster Daniil Dubov, whose influ-ence on Carlsen would later becomeclear when he leaned on a specificvariation of the Sicilian defenseagainst Caruana.

“He’s kind of a scientist in thechess world,” says AlejandroRamirez, an American who was oneof Caruana’s seconds from 2018.“He has some ideas on the Svesh-nikov.”

“If we had known that, we wouldhave prepared for more against thatspecific opening,” says Cristian Chi-rila, a Romanian grandmaster andanother of Caruana’s seconds.

One of the peculiar realities ofthis role is the minimal importanceof the actual games. Seconds can’tcoach during the matches, so com-petition days become rare opportu-nities for helpers to do somethingelse: sleep.

Chirila and Ramirez both conkedout during the first Carlsen-Caru-ana game—that one game tookseven hours—and by the time they

woke up they had wildly differentexperiences. Caruana, despite play-ing with the white pieces, trailedCarlsen significantly midwaythrough and was in such a damagedposition that Ramirez thought hewas dreaming when he woke upand looked at the board.

“Am I in a nightmare?” hethought. “I woke up totally freakedout.”

While Chirila and Ramirez wereon the same team, they were actu-ally thousands of miles away fromeach other because of the gruelingnature of their jobs. Chirila was inLondon, where the match was beingplayed. Ramirez was near St. Louis,where the U.S. Chess Federation isbased. The team was split strategi-cally across six time zones so thatpeople could be plugging awayaround the clock. The U.S. sidewould work from about 6 p.m. to 3a.m., just in time to hand off theirwork in the European morning.

Carlsen’s team, already based inEurope, didn’t have a natural optionto create a 24-hour work cycle. Soit invented one: Carlsen flew hisseconds to Thailand.

“At that point, time becomes alimited resource,” Nielsen said. “Wedon’t want to waste it on peoplesleeping.”

JASON GAY

Steph Curry Is the NewRoger FedererThe basketball great is the most popular player in every arena he’s in, even allegedly hostile ones

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also need someone to work for youwhen you are resting.”

The life of a second is hardlyglamorous. They stay awake at allhours devouring information to dis-till for their champion at undis-closed training sites that becomethe greatest labs for chess studyand innovation. Their identities areclosely guarded secrets for monthsleading up to the match. And duringthe games themselves, they are dis-patched to locations as disparate asThailand and St. Louis to ensureround-the-clock productivity.

What makes the selection pro-cess so critical is that the pool ofpotential world-championship sec-onds is extremely shallow. Theyneed to be such excellent chessplayers that they can still possiblyteach something to someone likeCarlsen, which makes finding onethe chess equivalent of hiring aphysics tutor for Albert Einstein.

And competitorin this individualsport need tosuddenly trustthe types of peo-ple who theymay typicallycount as adver-saries.

“That’s a curi-ous moment, because normally onlyone guy is responsible for every-thing,” Nepomniachtchi said. “Andthis is something you learn fromchildhood: It’s only you. So that’swhy you normally don’t make toomany friends among the top chessplayers.”

Yet chess champions have alwaysbrought along seconds, in a varietyof roles, for these duels as far backas the 19th century. Most are thereto finesse opening theory. ButCarlsen also likes to talk fantasyPremier League and play soccer onoff days between games. WhenAmerican Bobby Fischer became aworld champion in Reykjavik in1972, he dismissed his main helperafter the 13th game and replacedhim with another chess master

WHEN MAGNUS CARLSEN pre-pared to take on India’s Viswana-than Anand for the 2014 WorldChess Championship in Sochi, theNorwegian champion had a Russianasset in his corner. His name wasIan Nepomniachtchi, an up-and-coming grandmaster Carlsen hadhandpicked as one of his “sec-onds”—a term for the elite playerswho moonlight as study compan-ions around the biggest matches.

Nepomniachtchi, known as an ag-gressive and fantastically intuitiveplayer, was a curious choice for hisold pal.

“It did turn some heads,” saidChess.com chief chess officer DannyRensch. “While Ian was his child-hood friend, he was also a potentialfuture foe.”

Seven years later, that potentialfoe is nowCarlsen’s actualfoe. He is facingNepomniachtchifor the worldchampionship ina best-of-14match that be-gan with threeconsecutivedraws in Dubai. And the chess intel-ligentsia believes that this may bethe best opportunity yet to de-throne the Norwegian who hasachieved the highest chess rating inhistory and has been world cham-pion since 2013.

The match is also a window intothe world of chess seconds, thegrandmasters who turn into corner-men for these heavyweight bouts.For months at a time and all theway through the match, the twocompetitors hunker down withteams of helpers, honing their strat-egies. They eat together. They exer-cise together. And they study sillyamounts of chess together.

“You need someone to debateyour ideas with,” said Carlsen’scoach, Peter Heine Nielsen. “You

BY ANDREW BEATONAND JOSHUA ROBINSON

The Secret LifeOf Chess Seconds

Magnus Carlsen, left, and Ian Nepomniachtchi are competing for the world championship in a best-of-14 match.

Steph Curry has reachedthe Roger Federer Zone.Let me explain.

It isn’t simply thatCurry is among basket-

ball’s greatest ever, or plays in anaesthetically stirring way, or is ad-mirably sportsmanlike, or is anNBA champion multiple timesover. It’s more of a vibe. As it waswith Federer and tennis in recentyears before he got hurt, there’s apublic urgency around Curry, todrop everything to watch him playbasketball, because you’re notquite sure you’ll ever see anyoneplay quite like this again.

On Sunday, amid a crush of NFLgames, Curry scored 33 points in aroad victory against the Los Ange-les Clippers, a win that improvedthe Golden State Warriors’ recordto 18-2 heading into Tuesday’sshiny showdown with 17-3 Phoe-nix. Curry did his usual Curry: 3-pointers from separate area codes,a dewdrop floater in the paint, awicked, no-look, behind-the-backpass to cutting teammate Dray-mond Green that tricked everyoneon the West Coast besides Green.Curry also got uncharacteristicallyfurious, earning a fourth-quartertechnical foul after gettingthumped on a drive to the basketand yelling at a referee who didn’tblow a whistle on the play.

The rare T only riled Curry up,and he unleashed a final flurry tofinish off the Clips. After hitting adagger 3 from the corner, Currypaused and made the technicalfoul hand gesture himself.

“Open for interpretation,” Currysaid dryly, when asked about itlater.

As Curry was pulled from thegame, fans in the Los Angelesarena stood and gave him an ova-tion.

This is becoming comically rou-tine. Not long ago, during a roadgame with the Nets, the Brooklyncrowd instead rained “M-V-P”chants upon Curry as he outdueledhis former teammate, Kevin Du-rant. The same happened twonights later in Cleveland—rowdyMVP chants from a city that Curryand the Warriors denied threerings in the prior decade.

Curry flies above the cloud line,in his own airspace of universalappeal. He may not always be themost dominant NBA player in theleague—on a given night, that titlecan alternate among Durant, Mil-

waukee’s Giannis Antetokounmpo,Dallas’s Luka Doncic, Denver’sNikola Jokic, and even LeBronJames, still going hard for the Lak-ers despite injuries in his 19th sea-son. While those players are mar-vels, all of them are routinelyassigned the villain’s hat. Curry isnot. He’s the most popular playerin every room he’s in. Otherwisehostile crowds urge him to play athis absolute best, even when it’sagainst their self-interest.

Curry’s heard “M-V-P” chantson the road before—years ago,fans in opposing arenas startedturning up early to watch him takepregame shooting practice—butnow the goodwill is constant, be-cause it was unclear if we’d getthis version of Curry again. TheWarriors are roaring once more,but it wasn’t so long ago that the

Bay Area dynasty scraped theNBA’s ocean floor—Durant left,Klay Thompson got hurt, andCurry himself was shut down withinjuries.

The bleak bummer stretch,which included a detour to thelousy team lottery, only bolsteredCurry’s precious appeal. To loseCurry being Curry and the War-riors being the Warriors was a re-minder that nothing in sports isforever, and it has added a layer ofappreciation to this rebooted run.

Federer reached this point, too.Early in his career, the Swissright-hander was a dominantchampion, collecting titles to thepoint of boredom. It wasn’t untilFederer got roughed up—repeated,heartbreaking losses to Rafael Na-dal and Novak Djokovic; a long,fallow stretch between major titles

from Wimbledon 2012 to Australia2017—that he became fully ren-dered as a warm character.Federer proved to be human, too,and it widened the circus aroundhim—the “Fedhead” pilgrims whoturned his matches into rock con-certs as his 40s beckoned. Anyonepitted against Federer in the pastdecade knew they would be play-ing one-against-two: againstRoger, and also the crowd.

Of course, like Curry, Federer isalso a visual wonder—no one’splayed the power modern gamewith such balletic grace, to thepoint his matches felt like watch-ing a masterpiece painted in realtime. Federer is hurt again, withserious doubt he’ll ever return tothe mountaintop, and while it’smelancholy for the sport, it’s satis-fying for anyone who saw him: a

player like Fed will likely neverhappen again.

Curry is there. His coach, SteveKerr, has made his own Federercomparison in the past. As theJournal’s Ben Cohen has writtenpersuasively, Curry’s added mar-ginal improvements and greatnessto his greatness, but the time tosee him is now. Curry is 33—notancient, but not promised fivemore years of it, either. If you’renot a basketball fan, or you’vebeen holding out for some reason,I recommend reconsidering, andadding the Warriors to your life.Start Tuesday versus Phoenix.What the 6-foot-2 wonder fromDavidson is doing is historic, butalso historically beautiful.

Like Roger Federer, to denyyourself Steph Curry is to denyyourself joy.

Champions have alwaysbrought along seconds,in a variety of roles.

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THEWALL STREET JOURNAL. Tuesday, November 30, 2021 | A19

The LetterAnd the SpiritThe Original Meaningof the 14th AmendmentBy Randy E. Barnett and Evan D. Bernick(Belknap/Harvard, 465 pages, $35)

BOOKSHELF | By Raymond Kethledge

‘Leadership’ and Dirty Tricks at HarvardCambridge, Mass.

H arvard Universityclaims to produce fu-ture leaders. So do

other colleges. But constantlytelling young people they’releaders seems to bring outsome of their worst qualities.

Harvard undergraduatesroutinely joke about their stu-dent government, the Under-graduate Council, which oftenappears to be a racket for po-litically ambitious students toaccrue résumé lines and titles.The council has a record ofwaste and mismanagement;between spring 2017 andspring 2018 it lost more than$100,000 in student-activityfunds—the groups that got themoney didn’t return it as un-spent funds or submit valid re-ceipts showing where it went.Even so, the student activitiesfee that funds council activi-ties increased by 167% in fall2018.

During this year’s election,the council’s leaders faced at-tacks from multiple candi-

dates, including me, who ar-gued that Harvard’s studentgovernment was wasteful, in-effective and ought to bedrastically reformed. In re-sponse, council leaders triedto cling to power.

Ten days before the elec-tion date, members of thecouncil passed retroactiverules allowing the “indepen-dent” Election Commission todisqualify candidates for arbi-

trary reasons, which included“violations of the spirit of theelection rules” and campaign-ing before an official startdate that was established onlyin the new regulations.

Although I dodged disquali-fication, there were othertricks. When the electionopened, the check box next to

my name was obscured on theballot, making it difficult forstudents to vote for me. Whenthe Election Commission wasasked about the error partwaythrough the voting period, itsaid the problem had beencorrected (it hadn’t) and that“all votes casted thus far”would be counted. The com-mission changed its mind onlyafter a flood of messagesurged it to restart the electionwith a fair ballot.

On Nov. 13, I was electedpresident of the Undergradu-ate Council. A Harvard Crim-son editorial called the deci-sion a “vote of no confidence”in the student government.

Instead of listening toconstituents, the Undergrad-uate Council’s leaders imme-diately began doing every-thing they could toundermine the election re-sults. Most notably, theCouncil’s lame-duck presi-dent and vice president sub-mitted a bill to prevent stu-dents from amending theirown student government’sconstitution, and make

meaningful constitutionalchanges impossible without asupermajority of studentgovernment leaders.

True, this is only studentgovernment, not Congress.What are the stakes? Vendingmachines? Free doughnuts?

Perhaps the willingness ofsome students to do whateverit takes for the right résumélines relates to the unspokenassumption that all collegestudents must be future lead-ers. College students rarelyget the chance to think aboutwhether that’s even some-thing they want; they oftenaspire to leadership positionsbefore thinking about whatthe responsibility reallymeans.

Leadership means morethan simply climbing to thetop and staying there. Lead-ership shouldn’t be about thetitle of your position; leader-ship should be about whatyou do for those you serve.

Mr. Cheng is a senior atHarvard College studying his-tory and mathematics.

By Michael Cheng

The student council’sextreme measuresto stave off a ‘voteof no confidence.’

OPINION

When the Su-preme Courton Wednes-day hears orala r g ume n t sabout a Mis-sissippi lawthat bansabortions af-ter the first15 weeks ofp regnancy,

the issue in contention will beclear. Ever since the Roe v.Wade decision in 1973 thecourt has held that womenhave a constitutional right toan abortion up to the point ofviability—roughly 24 weeks.Expect to read a great dealabout how pro-lifers seek toimpose their moral views onthe nation.

Nothing could be furtherfrom the truth. Certainly thepro-life community wouldcheer a ruling in Dobbs v.Jackson Women’s Health Or-ganization upholding the Mis-sissippi law. Pro-lifers wouldalso welcome the encourage-ment that would give otherstates to pass similar laws.

But the real issue in Dobbsisn’t abortion bans. It’swhether the court will allow ademocratic politics of abor-tion or continue to force oneside of the abortion argu-ment—the pro-life side—toplay by rules stacked againstit and the Constitution.

This is the status quo, theresult of what the SupremeCourt wrought in both Roeand its progeny, Planned Par-enthood v. Casey (1992). Ineach case, a handful of un-elected justices took abortion

What Pro-Lifers Wantout of the hands of the Ameri-can people and instead im-posed their own morality onthe entire country. In so do-ing, far from settling the is-sue, the Supreme Court onlynationalized and inflamed thepassions that abortionarouses on all sides. In Mon-day’s Washington Post, Mis-sissippi Attorney GeneralLynn Fitch put it this way: “InRoe, the court turned actualpolicymaking in state legisla-tures into an almost academicexercise.”

Roe has always been anawful decision, a truth longacknowledged even by manywho are pro-choice. This wasacknowledged too by thethree-justice plurality inCasey, when they invoked aRube Goldberg version ofstare decisis to gut the rea-soning behind Roe while pre-serving the outcome. Casey’scontribution was the equallyarbitrary “undue burden”standard, whose meaning noone can explain to this day.

The question now iswhether, after two incoherentSupreme Court rulings, thejustices will stick Americawith a third out of fear thatadmitting the constitutionaltruth about Roe and Caseywould damage the court’s le-gitimacy. Pity no one seems toask about the harm thesesame justices will inflict onthe Court if they don’t havethe integrity to acknowledgewhat they all know, which isthat Roe and Casey were verybadly decided.

It bears notice here thatsince Roe was decided, those

who oppose it have played bythe rules. They have done thehard work of proposing legis-lation, compromising to reacha bill that can pass, and thenworking to get laws enactedby their elected representa-tives in statehouses aroundthe country. They have dili-gently worked to elect Repub-lican presidents who cam-paigned on the promise of

nominating Supreme Courtjustices who would uphold theConstitution instead of legis-lating from the bench. Andthey have supported thesejustices through ugly nomina-tion fights—often at bottomover Roe.

Now pro-lifers have a Su-preme Court that may be asgood as it gets when it comesto upholding fundamentalconstitutional principles. Ifthe justices shy away fromdoing the right thing here,even with the security of theirlifetime appointments, a largesegment of the American peo-ple will conclude that our le-gal system has been designedto ensure they can never win.Many will become cynical,having concluded that if youplay by the rules you will loseto those who don’t. It wouldbe difficult to tell them theyare wrong.

Pro-lifers aren’t asking theSupreme Court to outlawabortion. They understandthat in a democratic society,this isn’t the court’s job butthe people’s—which they cando only by persuading theirfellow citizens of the right-ness of their cause. In con-trast, the way the pro-choiceside gets vapors whenever itsadherents believe Roe is atstake suggests they know fullwell how brittle a holding itis. It also underscores how lit-tle they trust their fellowAmericans to make these de-cisions themselves.

If Chief Justice John Rob-erts and Justices ClarenceThomas, Samuel Alito, NeilGorsuch, Brett Kavanaugh andAmy Coney Barrett wish toknow what pro-lifers expect inreturn for the support they’vegiven them, they will find itnicely summed up in AntoninScalia’s 2013 dissent in U.S. v.Windsor. There the issue wasthe Defense of Marriage Act,but the constitutional princi-ple at stake was the same.

“The Court,” Scalia wrote,“has cheated both sides, rob-bing the winners of an honestvictory, and the losers of thepeace that comes from a fairdefeat. We owed both of thembetter.”

This is what’s at stakeWednesday. And on the highlypolarized issue of abortion,even those who come downon the pro-choice side oughtto cheer for a decision thatwould, for the first time in 49years, give us back honest vic-tories and fair defeats.

Write to mcgurn@wsj.com.

It’s the job of theAmerican people, notthe Supreme Court,to decide abortion.

MAINSTREETBy WilliamMcGurn

As diplomatsprepare forDecember ’s110-govern-ment virtualSummit forDemocracy,there is muchhand-wring-ing over de-m o c r a c y ’ sglobal retreat.

That democratic recession isreal, but another fundamentalelement of the liberal worldorder is in even more trouble.

Free trade is as critical asdemocracy to the health ofworld order, but suspicion offree trade is an attitude thatunites Biden Democrats andTrump populists. In its latestTrumpian trade move, lastweek the Biden administra-tion doubled tariffs on Cana-dian lumber.

Meanwhile, Omicron-re-lated Covid fears led theWorld Trade Organization tocancel its ministerial meetingin Geneva. With the WTO los-ing both efficacy and legiti-macy, trade liberalization,next to American militarypower the single most impor-tant force binding the nationsof the world into a liberal or-der, is facing its most signifi-cant challenge since the GreatDepression.

Free trade matters. It hasdone vastly more than all theworld’s foreign-aid bureau-crats to raise living standardsand increase opportunities forpeople in emerging economies.And that is not all. By givingboth rich and poor nations a

Global Free Trade Is in Crisiscommon interest in the peaceand stability of the global sys-tem, free trade does morethan NGOs and activists topromote peace. Billions ofpeople around the world haveseen dramatic increases intheir living standards thanksto America’s trade leadership.That prosperity is what makesso many people in so manyplaces willing to accept aworld system that gives Amer-ica a privileged and uniquerole.

Like the crisis of democ-racy, the crisis of free trade ispartly due to the failures ofits friends and partly to thehostility of its enemies. Boththe free-trade and democracyagendas that emerged in theheady years following the col-lapse of the Soviet Unionwere simplistically conceivedand often poorly carried out.The WTO was useless in theface of systemic rule breakingand bending by China, whichwas admitted to the group in2001. American policy makersdid not think enough aboutthe domestic consequences ofthe dislocations associatedwith burgeoning global trade,allowing antitrade politiciansto make inroads in both par-ties. And an unwieldy 164-country negotiating processkeeps the WTO moving slowlyeven as the need for interna-tional cooperation on tradegrows.

Today the defenders offree trade face even moreproblems. The importance ofmaintaining or developing se-cure supply chains for goods

critical to military or othersensitive systems has com-bined with rising politicaltensions with China. That hasinitiated a process of decou-pling that over time will inev-itably politicize trade. Chinahas doubled down on effortsto develop its own informa-tion-technology industry forboth national-security andeconomic reasons.

The global climate-changemovement sees “green tar-iffs” as a tool to impose envi-ronmentalists’ policies on In-dia, China and othercountries. By limiting marketaccess to goods produced bycarbon-intensive methods,

rich countries could forcepoor ones to adopt FirstWorld environmental regula-tions. That is a weapon manygreen activists are eager towield, and uniting greenswith traditional protectionistconstituencies like laborunions would undercut sup-port for free trade in the U.S.and beyond.

Meanwhile, many EuropeanUnion officials see access tothe bloc’s enormous internalmarket as its strongest assetin international relations.Whether by supporting greentariffs on agricultural products

from the Amazon or by con-trolling the behavior of techgiants by threatening their ac-cess to Europe’s market, EUbureaucrats see trade restric-tions as their one real tool tomake Europe’s voice count inthe world. Brexit removed oneof the staunchest EU champi-ons of free trade from thebloc; support for free trade inBrussels seems likely to di-minish over time.

Although free trade hasbeen a pillar of the American-led world order since the1940s, the retreat from tradehas gained ground across theAmerican political spectrum.The Trump administration’sunfortunate decision, backedby many Democrats, to aban-don the Trans-Pacific Partner-ship—a trade pact specificallydesigned to limit Chinese eco-nomic influence in Asia andto push China toward morehonest and open trade poli-cies—has been politically andeconomically costly for theU.S.

The cause of free trade isunfashionable today, and de-veloping a trade agenda forthe 21st century will be hard.The WTO needs deep reform.Issues like climate change andsystemic cheating cannot beignored. In a world of grow-ing geopolitical competition,trade can’t be separated en-tirely from national security.

Nevertheless, world peace,global prosperity and Ameri-can power remain dependenton free trade. The threats tothe international trade sys-tem should worry us all.

Western leaders havefailed to deal witheconomic dislocationand China’s cheating.

GLOBALVIEWBy WalterRussell Mead

M easured against the sweep of Anglo-American legalhistory, judicial review—the power of unelectedjudges to invalidate, as contrary to higher law, an

act of the legislature—was a radical development. In 1610the formidable Edward Coke, then Chief Justice of the Courtof Common Pleas, suggested in Dr. Bonham’s Case that anact of Parliament contrary to the common law was “void”;but for nearly two centuries that idea went nowhere.

Only the innovation of a written constitution—whichHayek called the “American Contribution” to limitedgovernment—brought the matter to a head, in the 1803case of Marbury v. Madison. There, a minor provision ofthe 1789 Judiciary Act conflicted with Article III of theConstitution; the Supreme Court could not give effect to

both; and thus Chief JusticeJohn Marshall deduced aprinciple “essential to allwritten constitutions, that alaw repugnant to the consti-tution is void.” Hence the verypremise of judicial review is aconflict between a legislative(or executive) act and thewritten Constitution.

Yet since Marbury theSupreme Court has frequentlyinvalidated legislation basedon conflicts with rights absentfrom the written Constitution—so-called “unenumerated rights.”The first such instance was the

execrable Dred Scott decision in 1857, in which the Courtannounced a constitutional right to bring slaves into freeterritories. To divine these rights, the Court has employedformulations that are more oratory than legal rule: The rightsare “implicit in the concept of ordered liberty,” or “deeplyrooted in this Nation’s history and tradition,” or lie within“penumbras” or “emanations” of rights actually mentioned inthe Constitution. Each of these rights, once announced, is in-violable. And so, each time the Court discovers an unenumer-ated right, the sphere of self-government necessarily contracts.If this judicial review based upon unwritten rights is legiti-mate, then—as Robert Bork wrote in “The Tempting of Amer-ica” (1990)—“the Founders envisaged a much more dominantrole for the judiciary than has commonly been supposed.”

In “The Original Meaning of the 14th Amendment,” RandyBarnett and Evan Bernick aim to counter Bork on his ownoriginalist terms. Mr. Barnett is a prominent libertarian lawprofessor at Georgetown; Mr. Bernick, a self-described“libertarian of the left” at Northern Illinois University lawschool. Their book focuses on the 14th Amendment’s Privi-leges or Immunities Clause, which provides that “No Stateshall make or enforce any law which shall abridge theprivileges or immunities of citizens of the United States.”

That clause is different from most: Rather than referspecifically to a particular right—such as the right “to keepand bear arms” in the Second Amendment—the clause refersto “privileges or immunities” categorically, without spellingthem out. It thus lends itself, as Bork observed 30 years ago,to claims “that the law of the Constitution commands judgesto find rights that are not specified in the Constitution.”

The Supreme Court, for its part, rendered the clause nearlya dead letter only four years after the 14th Amendment’s1868ratification, in the Slaughter-House cases. Many commentatorshave sought to revive it since. Messrs. Barnett and Bernickmake a better case than most. The book’s style is oftenacademic: Terms like “underdeterminate” and “diachronicchanges”—and sentences like “we cannot fall back on thehermeneutical cliché that words have no inherent meaningoutside of discursive communities”—bring to mind Orwell’sadmonition never to use “a jargon word if you can think ofan everyday English equivalent.” But the book’s impressivearray of historical materials makes an important contributionto our understanding of the 14th Amendment.

The book’s most important materials concern the amend-ment’s framers, namely postwar congressional Republicans.Those materials make clear that “privileges or immunities”meant something to them. The authors make a serious casethat, at a minimum, “the privileges or immunities of citizensof the United States” included rights already enumerated inthe Constitution—including those in the first eight amend-ments. Nearly everyone assumed as much during congres-sional debates on the amendment. Even Bork agreed on thatpoint. Only the Supreme Court seems to disagree.

More controversial is the authors’ claim that “privilegesor immunities” comprised “civil rights,” which they defineas rights “essential to secure the liberty of the people.”The Constitution did not enumerate these rights, but—theauthors insist—other sources did. One source was JusticeBushrod Washington’s single-justice opinion in Corfield v.Coryell (1823), which the amendment’s framers frequentlycited. Another was the Civil Rights Act of 1866, which guar-anteed to black citizens “the same right” to make contracts,buy and sell property, and enjoy “full and equal benefit ofall laws and proceedings for the security of persons andproperty, as is enjoyed by white citizens.” The authorscontend that the framers thought these rights, too, wereamong the amendment’s “privileges or immunities.” Moredoubtful is the authors’ claim that the clause also incorpo-rates “fundamental” rights “deeply rooted in the nation’shistory and traditions.” That is precisely the formulationused by the Supreme Court in cases summoning “substan-tive due process”—one that has proven woefully inadequateas a device to restrain judicial will.

The authors offer even broader formulations, particularlywhen they invoke the amendment’s “spirit.” (In those pre-cincts, “penumbras” and “emanations” come to mind.) Andformulations such as “the natural and inalienable rightswhich belong to all citizens”—which is typical of the genreand comes from a dissenting opinion in Slaughter-House—evoke the fever dreams of the French Revolution more thanthe evolved institutions of the American. Whatever thehistorical evidence, the courts must discern “privileges orimmunities” solely by legal criteria—not philosophical ones.

Judge Kethledge sits on the U.S. Court of Appeals for the 6thCircuit and is a lecturer at Michigan and Harvard law schools.

Does the wording of the 14th Amendmentlend itself to claims that judges must ‘find rightsthat are not specified in the Constitution’?

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A20 | Tuesday, November 30, 2021 THEWALL STREET JOURNAL.

The Omicron Non-Emergency

M arkets rebounded Monday followingtheir Friday freak-out over the Omi-cron variant of Covid-19. President Bi-

den also seems to be calmingdown, though other politicianscontinue to impose restric-tions and mandates that willdo more harm than good.

Speaking at the WhiteHouse on Monday, Mr. Bidensaid Omicron is a cause for concern but notpanic. He stressed the need for vaccinations andbooster shots, but he said new lockdowns aren’tbeing considered. That’s a relief after his rushto block air travel from several countries insouthern Africa on Friday.

TheWorld Health Organization escalated itsrhetoric, warningMonday that the new variantposes “a very high risk.” But there’s little weknow about the variant beyond that it has alarge number of mutations in its spike protein,some of which have been linked to increasedtransmissibility and could make vaccine anti-bodies less effective. But mutations may alsobe making the variant less virulent.

South African doctors say Omicron casesthey’ve seen are milder and cause differentsymptoms, notably fatigue.Many are young peo-plewhomight be expected to havemilder symp-toms. But breakthrough infections have alsobeen mild. “I don’t think it will blow over butI think it will be amild disease hopefully,” saidSouth AfricanMedical Association chair Angel-ique Coetzee. “For nowwe are confident we canhandle it.”

South African President Cyril Ramaphosasaid Sunday the country won’t impose a lock-down or increase restrictions. "When we en-countered previous waves of infection, vaccineswere not widely available and far fewer peoplewere vaccinated,” he noted. “We also know thatthe coronavirus will be with us for the longterm.Wemust therefore findways ofmanagingthe pandemic while limiting disruptions to theeconomy and ensuring continuity.”

He’s right. Yet some European countries areagain flirting with lockdowns because theyworry their socialized health systems could getoverwhelmed. Many struggle during bad fluseasons, but there’s no reason to reimpose re-strictions in the U.S.

U.S. government survey data indicate 92% ofadults had Covid antibodies as of Septemberfrom vaccines or prior infection. It’s possible

Omicron could fuel a surge incases this winter, but manyfewer people are likely to getseverely ill than in past waves.Evidence also indicates thatboosters increase protectionagainst variants.

One politician who hasn’t got the messageis New York Gov. Kathy Hochul, who invokedOmicron to declare a disaster emergency thatwill let the state suspend elective proceduresat hospitals if their staffed-bed capacity fallsbelow 10%. But the real cause of the “disaster”is her mandate requiring that healthcare work-ers be vaccinated.

Ms. Hochul has refused to allow even reli-gious exemptions to hermandate. In Septembershe issued an executive order that would allowthe National Guard to fill staffing shortages athospitals and nursing homes if needed. Bymid-October, the state reported that 4,100 unvacci-nated workers were put on furlough or unpaidleave, 3,100 had been fired and another 1,300quit or retired.

Many hospitals, especially in upstate ruralareas, were already short of staff. Now thosethat are stretchedwill have to postpone electiveprocedures, which are a crucial source of hospi-tal revenue. Reprising Andrew Cuomo, Ms.Hochul is defending her destructive vaccinemandate while compensating for its unintendedharm with another destructive policy.

Meanwhile, a federal judge on Mondayhalted the Biden Administration’s vaccineman-date for health workers at hospitals that receivefederal funding. The ruling applies to 10 statesthat sued to block the Nov. 5 rule.

“The scale falls clearly in favor of healthcarefacilities operatingwith some unvaccinated em-ployees, staff, trainees, students, volunteers andcontractors, rather than the swift, irremediableimpact of requiringhealthcare facilities to choosebetween two undesirable choices—providingsubstandard care or providing no healthcare atall,” wrote Judge Matthew Schelp.

Lockdowns don't stop the virus, and vaccinemandates are hurting hospitals. The Omicronvariant is no excuse for more of either one.

Vaccine mandates arehurting hospitals, as ajudge blocks Biden’s.

Biden Joins the Lumber Tariff Wars

P resident Biden says he feels your painregarding inflation, and he’s made pub-lic-relations moves to show it, begging

ports to move goods fasterand OPEC to producemore oil.Too bad his Administration’spolicies reveal different prior-ities. Witness the CommerceDepartment’s decision to raisetariffs on lumber, which willraise building costs in an already strained hous-ing market.

The Commerce Department said last weekthat it will double the average tariff on Cana-dian softwood lumber to 17.9% from 8.99%.Softwoods like spruce and pine are the back-bone of light construction, and a steady supplyis key to restraining the rising cost of homebuilding. For decades U.S. sawmills haven’tbeen able to meet domestic demand, butthey’ve leaned on government to protect theirmarket share.

Now the Biden Administration is taking uptheir cause, squeezing imported wood. Com-merce Secretary Gina Raimondo has framed thedecision as a bargainingmove, pressuring Can-ada to curb its lumber subsidies. But the U.S.lobby admits the tariffs are a boon to Americanproducers.

“This is exactly what must happen for fur-ther expansion of U.S. softwood lumber manu-facturing and jobs,” said U.S. Lumber Coalitionco-chair Jason Brochu when the tariff hike wasproposed in May. That’s what tariff beneficia-ries always say as they charge customers moreamid limited supply.

There’s rarely a good time for trade restric-tions, but the timing of this one is tragicomical.The same month Commerce revealed its tariffplan, lumber hit a record price of $1,650 per

thousand board-feet, more than three times thelevel before pandemic supply shortages began.Restored production drove prices down over

the summer, but prices haverisen in recent months amidrising construction demand,and now standmore than 75%above their pre-pandemiclevel.

The shortage would bemuch worse if not for Canadian lumber, whichbacks up U.S. output. Canada’s provincial gov-ernments give a guaranteed price to timbergrowers, so U.S. producers have a point whenthey say the playing field is uneven. But Can-ada’s subsidies are a small and likely shrink-ing part of its competitive footing. Accordingto Working Forest, a trade publication, U.S.production has topped out at some 70% of do-mestic demand since the 1990s. Foreign pro-ducers fill the gap, led by Canada with aroughly 26% share.

The Biden Administration’s tariff resumesthe U.S.-Canada lumber war where PresidentTrump left off. After a 2006 agreement on soft-wood lumber expired in 2015, Trump CommerceSecretary Wilbur Ross later proposed to raisetariffs on imports. Washington and Ottawa con-tinued to haggle over each other’s trade protec-tions, but the Commerce announcement is anescalation that will do more harm to Americanhome builders and home buyers.

President Biden campaigned against his pre-decessor’s tariffs, but his trade policy in officehas been nearly as protectionist. He’s kept mosttariffs in place, though cutting these bordertaxes would be a fast and easy way to reduceinflationary cost pressure. The Administration’spriority is pleasing unions and favored busi-nesses, not reducing inflation.

How not to fightinflation: raise home

building costs.

Hong Kong Says Vote—or Else

W e bring you this message fromHongKong because China’s CommunistParty wants the world to forget how

it crushed the autonomy it promised to the ter-ritory. On Monday authorities issued arrestwarrants for two pro-democracy exiles whoused social media to recommend that HongKongers boycott sham legislative electionsscheduled for December.

Former pro-democracy lawmaker Ted Huiurged Hong Kongers to protest by casting blankballots, and former district councillor YauMan-chun encouraged a boycott. Both now facemul-tiple charges for “engaging [in] illegal conductof inciting another person not to vote, or to castinvalid vote, by activity in public during elec-tion period,” authorities saidMonday. The pen-alty is up to three years in prison.

Messrs. Hui and Yau fled abroad amid Bei-jing’s crackdown, but they could be arrested ifthey travel to the wrong country. This is oneway China is trying to enforce its politicalcrackdown even overseas. At least three otherHong Kongers have been arrested on similarcharges. Secretary for Security Chris Tang saidthis month said that anyone inciting electoralboycotts or protest votes may also be in viola-

tion of the national security law.During the November 2019 district council

elections, Hong Kongers humiliated China byvoting in record numbers to elect pro-democ-racy candidates. The government responded bypostponing the Legislative Council elections,originally scheduled for September 2020.

Beijing has since imposed new electoralrules that require all candidates to receivepre-approval from the Communist Party andswear an oath of fealty. The South ChinaMorning Post reported last week that onlythree of the 153 Legislative Council candidatesidentify as pro-democracy. Meanwhile, dozensof Hong Kong’s opposition leaders have beenarrested, disqualified from holding office, ordriven into exile.

Hong Kongers risk harsh penalties if theyprotest in public. The police have announcedplans to put some 10,000 officers on patrol onelection day. Boycotts and blank ballots are oneof the last ways for Hong Kongers to expresstheir political views. The Hong Kong PublicOpinion Research Institute surveyed residentsthis month and found only 52% planned to votenext month. No wonder the Communist Partyfears another embarrassment.

REVIEW & OUTLOOK

OPINION

Will China Render U.S. Carriers Irrelevant?Capt. Jerry Hendrix’s premise, that

the Navy should prioritize attack air-craft over another new fighter, is spot-on (“The U.S. Navy’s Range Has Dimin-ished Dangerously,” op-ed, Nov. 19). Hesuggests air refueling could mitigatefighter-range limitations, but it’s nopanacea. China is equipping its fight-ers with long-range missiles that willforce U.S. tankers to orbit at a distancebeyond our fighters’ unrefueled radius.

With aircraft carriers pushed1,500-2,000 miles from China to re-main outside ballistic-missile range,pilots would face unsustainable 7-to-10-hour missions. They alsowouldn’t have reliable divert basingin the absence of air refueling ontheir return legs. Put simply, U.S.fighters can’t reach China sustainablywithout putting tankers, carriers orthemselves at prohibitive risk.

How can we keep carriers relevant?Arm them with attack drones capableof launching from outside Chineseballistic-missile range; refueling frombeyond Chinese fighter/air-to-air mis-sile range; and penetrating Chineseair defenses. The Navy proved thiswas feasible with the X-47B un-manned aircraft. In my view, the deci-sion to truncate that program wasfueled not by strategic logic but by adeep-seated desire of naval-aviationleadership to preserve the primacy ofmanned fighters.

If the Navy doesn’t reverse course,national leadership may reconsiderthe country’s massive annual invest-ment in aircraft carriers. As a 34-yearnaval aviator and former carrier com-mander, I find that difficult to say.REAR ADM. TIMOTHY R. BEARD, USN (RET.)

Dallas

Biden’s Great Gasoline-Price ContradictionI don’t understand why President

Biden has a problem with higher gaso-line prices (“Strategic Political Oil Re-serve,” Review & Outlook, Nov. 24). Isit not the environmental movement’sobjective to make gasoline prices pu-nitively expensive to encourage Ameri-cans to use more fuel-efficient or elec-tric vehicles, so that our nationreduces greenhouse-gas emissions tosave the planet from warming?

A reader might conclude there is aserious dissonance between this ad-ministration’s energy and environ-mental policies. On the one hand, itmakes efforts to cancel oil pipelinesand stop energy exploration on fed-eral lands. On the other, Mr. Bidenbegs OPEC nations to increase oilproduction to bring down prices bymeeting the demand we are unwillingto supply ourselves.

This is folly. We could either livewith high gas prices, dependent onforeign supply, or keep prices lowerby increasing domestic production. Allwe are doing now is paying lip serviceto greenhouse-gas reduction whilehamstringing our own oil-and-gas in-dustry. The only beneficiaries seem tobe the OPEC cartel and countries weought not to enrich with our dollars.

MATT MORGANFrisco, Texas

The sun rises in the east and a jumpin gas prices is followed by a presiden-tial request that the Federal TradeCommission look into market manipu-lation (“Biden’s Gas-Price Diversion,”Review & Outlook, Nov. 18). This hasbeen occurring regularly since at leastthe Ford Administration and its “WhipInflation Now” (WIN) buttons.

Gasoline prices are a top-of-mind is-

sue, and it isn’t surprising political re-actions would follow. Perhaps PresidentJames Polk (1845-49) asked his cabinetto investigate when prices of oats andhay and other food for horses rose?

There are surely parts of the petro-leum-to-gasoline production chainthat could be more competitive. Get-ting rid of the ethanol mandate, asyou suggest, would be a fine place tostart. But the fundamental issue is therising price of petroleum at the well-head. Short-run anomalies in the pro-duction chain from the wellhead tothe gas pump should not distract us.

PROF. LAWRENCE J. WHITENew York University

The White House letter to FTCChair Lina Khan, referring to “mount-ing evidence” of price-gouging at thepump, shares a glaring deficiencywith Attorney General Merrick Gar-land’s memo to the FBI. Mr. Garlandreferenced a “disturbing spike in . . .threats of violence” by parentsagainst school officials. Neither mis-sive offered any factual documenta-tion of price manipulation or violence.

One almost yearns for a return ofthose vigilant, once-ubiquitous media“fact checkers” who seemed to de-clare every other utterance by theTrump administration a “lie.”

DARREN MCKINNEYWashington

President Biden’s calls for inquiryinto the price of gas reminds me ofthe story of a boy who kills his par-ents and then asks the court formercy because he is an orphan.

CHARLES JAANUSHUNTINGDON VALLEY, PA.

Tanzania Replies in DefenseOf Its Anti-Covid Campaign

I write to express concern about “ACovid-19 Coverup: Secret Burials,‘Acute Pneumonia’” (Page One, Nov. 5).Tanzania is making concerted effortsto combat the Covid-19 pandemic. Forexample, President Samia Suluhu Has-san, who took office in March, formeda special committee of experts to re-search, analyze and propose measuresto counter the spread of the pan-demic. She has abided by all the ex-pert committee’s recommendations.

Tanzania in June joined the Covaxfacility to gain access to vaccines. InJuly the government rolled out a vac-cination program, and the presidentwas inoculated live on national televi-sion to encourage Tanzanians to getvaccinated. The government has allo-cated about $2.2 million for scientificresearch aimed at combating Covid-19.

Tanzania is bouncing back fromthe pandemic at a commendablepace, and the sheer number of newinternational flights that have beenlaunched to transport tourists fromall over the world is a signal that weare not in a state of doom and gloom.

ELSIE S. KANZAAmbassador of Tanzania to the U.S.

Washington

Covid VaccineMisconceptionsIn “Left Betrays Working Class on

Covid Mandates” (op-ed, Nov. 22),Ted Rall quotes a registered nurse,who says, “Traditionally, the Covid-19vaccine isn’t a vaccine. . . . It’s trulygene therapy. The mRNA technologyhas never been used in human beingsbefore.” Mr. Rall should have chal-lenged this fallacious statement.

The Covid vaccine is a true vac-cine, and it is not gene therapy. ThemRNA never enters the cell nucleus,where DNA is for the most partstored and made. Finally, the mRNAtechnology has been used before invaccine development, treating Zika,the flu and Cytomegalovirus.

DAVID FORSTED, M.D.Wynnewood, Pa.

LETTERS TO THE EDITOR

“This is Andrews, he heads up ourGreed Rationalization Division.”

THEWALL STREET JOURNAL

Pilgrims and WampanoagsRegarding “Censoring the Pilgrims”

(Review & Outlook, Nov. 23): As the au-thor of a book on the Pilgrims, I had toresearch their relationship with thesurrounding Wampanoag confederacy.The Pilgrims did build on land clearedand settled by the Patuxet tribe, whichwas wiped out by plague in the greatdying of 1616-19; this was an uninten-tional gift. But their relationship withthe Wampanoags was firm and peace-ful for 50 years until King Philip’s War.This relationship was based on a treatyof mutual protection, signed on March22, 1621, by Gov. John Carver and thesachem Ousamequin, better known asMassasoit. This was the first treaty be-tween Native Americans and thosecoming to the New World.

The Wampanoags were important tothe Pilgrims’ survival, assisting themin growing crops, hunting and fishingand understanding native edible plants.Their contribution is incalculable. ThePilgrims in return cared for their sickduring an ensuing smallpox epidemic.

I weep for all the injusticeswreaked upon the Native Americansas this country grew. But you cannotrewrite history. It’s a fact that the Pil-grims and the Wampanoags lived inpeace with each other for a long time.

The Wampanoags have recentlybeen recognized federally and givensome tribal lands. It isn’t enough fortheir contributions, but it’s a begin-ning. After all, that first Thanksgivingwas a celebration shared by Pilgrimsand Wampanoags.

NOELLE A. GRANGER, PH.D.Durham, N.C.

Pepper ...And Salt

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This AbortionCase ‘FeelsDifferent’

By Andy Puzder

A prominent pro-choice attorneyand I appeared together on aSunday news show. It was 1989

and the Supreme Court was about tohear oral arguments inWebster v. Re-productive Health Services, in whichMissouri was asking the justices toreconsider Roe v. Wade. As a pro-lifeMissouri lawyer, I had drafted por-tions of the law at issue. My fellowguest represented its challengers. Hehad a couple of Supreme Court victo-ries under his belt on the abortion is-sue. After the interview, he confided:“This time feels different.”

He was right. Webster ended upbeing a rare win for the pro-lifemovement. It upheld a Missouri lawacknowledging that life begins at con-ception and granting unborn childrenrights in contexts other than abortion(such as criminal, tort and inheri-tance laws). The Supreme Court onWednesday will hear oral argumentsin Dobbs v. Jackson Women’s HealthOrganization, and that comment from32 years ago resonates. This timefeels different—and not only becausethere are new justices.

Acknowledging that human life be-gins at conception and grantingrights to unborn children made thelaw before the court in Webster dif-ferent from laws that focus on re-stricting abortion itself. Laws requir-ing that a woman or girl obtain herhusband’s or parents’ consent, for ex-ample, are obviously focused on lim-iting her right. Such laws reinforcethe impression that pro-lifers doubtwomen are competent to make im-portant decisions, rather than beingconcerned with the lives of unbornchildren. In any event, they permitabortions as long as women meetcertain conditions.

The Pennsylvania law before thecourt in Planned Parenthood v. Casey(1992) took the approach of restrict-ing a woman’s right. It contained in-formed-consent as well as spousaland parental consent provisions. Thejustices upheld the restrictions, apartfrom the spousal consent provision,as not constituting an “undue bur-den” on the abortion right. But theyreaffirmed that right—a blow tothose of us who were anticipating anoutright reversal of Roe three yearsafter Webster.

Unlike the law at issue in Casey,the Mississippi law in Dobbs focuseson protecting unborn children fromabortion. It outlaws abortion after 15weeks’ gestation, with exceptions formedical emergencies or severe fetalabnormalities. The law specificallyidentifies the state’s “interest in pro-tecting the life of the unborn.”

It notes that between the fifth andsixth weeks following conception, theunborn child’s “heart begins beat-ing.” In approximately the eighthweek the child “begins to move aboutin the womb.” At nine weeks, “all ba-sic physiological functions are pres-ent” along with teeth, eyes and geni-tals. At 10 weeks, “vital organs beginto function.” At the 11th week, the“diaphragm is developing” and thechild begins moving “freely in thewomb.” By the 12th week, the unbornchild “can open and close his or herfingers, starts to make sucking mo-tions, and senses stimulation fromthe world outside the womb,” having“taken on ‘the human form’ in all rel-evant aspects.”

The law’s clear focus is on protect-ing unborn children from abortion.But if abortion is the only context inwhich a state attempts to protect un-born children, it weakens the argu-ment that protecting a right to life isthe state’s actual motive. Fortunately,that isn’t the case in Mississippi.

Mississippi’s Criminal Code con-tains a preamble, similar to the lawthe court upheld in Webster, statingthat “the term ‘human being’ in-cludes an unborn child at every stageof gestation from conception untillive birth and the term ‘unborn child’means a member of the species homosapiens, at any stage of development,who is carried in the womb.” Itmakes seriously injuring or taking anunborn child’s life a felony punish-able by up to 20 years in prison—un-less done at the mother’s request.

The court has declined plenty ofcases that offered the opportunity toreview Roe and Casey. The justicesmight have been waiting for the rightcase—one that unequivocally focusedon the child. We don’t know how thecourt will rule. But as in 1989, thistime feels different.

Mr. Puzder is a former CEO of CKERestaurants and author of “The Capi-talist Comeback: The Trump Boomand the Left’s Plot to Stop It.”

The law before the highcourt this week focuses onprotecting the unborn,not restricting women.

A fter a year of deliberationover how best to respondto the economic crisiscaused by Covid-19, the In-ternational Monetary Fund

announced in August a new generalallocation of special drawing rightsequivalent to $650 billion. SDRs arefinancial instruments that providegovernments that are IMF sharehold-ers access to hard currency. The IMFand World Bank normally imposestrict transparency and reportingconditions on how funds may beused.

There were clear, negative, up-front consequences to any SDR allo-cation. SDRs must be distributed inproportion of IMF shareholding. AllIMF members, even rogue nations,receive them, so Iran got some $5billion and Belarus $1 billion. Thesewindfalls undermine international ef-forts to use economic pressure tochange these regimes’ bad behavior.

The allocation added more than $17billion to Russia’s record-high re-serves, enhancing Moscow’s ability toabsorb any international financialblowback arising from its decisionsto choke off European gas suppliesand amass troops on the Ukrainianborder.

Despite these drawbacks, the IMFand other proponents justified theSDR allocation on grounds that itsbenefits outweighed the harms asso-ciated with providing aid indiscrimi-nately. But because of the IMF share-holding formula, the SDR allocationon its own did little to achieve theIMF’s stated goal of providing assis-tance to poor countries. Only 3% of

Where Did That IMF Covid Cash Go?

the general allocation flowed to low-income countries.

To secure political support tomove forward with the SDR alloca-tion, the IMF and other proponentsmade grand promises about how thisnew SDR allocation would be differ-ent. The IMF suggested wealthycountries would channel their newSDRs to those truly in need, with theIMF and Group of Seven nationsstating that more than $100 billionwould be reallocated. To address thelack of conditionality on uses ofSDRs, the IMF publicly indicated itwould collaborate with the WorldBank and other international finan-cial institutions to ensure that SDRswere put to productive uses in linewith international best practices,and to do so with new standards oftransparency.

Unfortunately, the IMF appears tohave fallen into a classic trap of in-ternational organizations: actingbased on aspirations rather thanbinding agreements.

The Group of 20 industrial and de-veloping nations have said that some7% of the overall allocation has beenpledged for reallocation, but individ-ual G-20 nations—which received thelion’s share of SDRs—have largelybeen silent. Treasury Secretary Janet

Yellen was a strong advocate for theSDR allocation and repeatedly andpersuasively argued that rich coun-tries must redistribute their SDRs.But the Treasury Department has yetto disclose publicly its plans for re-allocating any of America’s roughly$110 billion. China, which receivedapproximately $40 billion, has alsonot disclosed its plans to reallocateits SDRs.

France is an exception, having an-nounced in September that it in-tended to transfer 20% of its newSDRs to African countries, though itis unclear whether any transfers haveactually occurred. The U.K., one ofthe strongest advocates for the SDRallocation, seems to be using its newSDRs as a device to cut its traditionalforeign aid while appearing to main-tain its commitment to spend a mini-mum percentage of national incomeon helping the vulnerable abroad.

Having acted in the absence ofagreement on planned novel mecha-nisms for more effectively usingSDRs in collaboration with the WorldBank and others, the IMF is now pre-dictably running into the challenge ofreallocating SDRs while satisfyingdonor countries’ demands that theybe able to recall their SDRs to usethem as reserve assets. Financial as-

sistance that can be taken away on awhim doesn’t count for much.

Poor countries are bearing thecosts of these delays. They wouldhave been better served by a pushfor traditional concessional loans orgrants rather than relying on theIMF and other nations to make goodon their promises of SDR redistribu-tion. Existing structures that are al-ready providing pandemic relief, in-cluding the World Bank’sInternational Development Associa-tion, would have been more effectiveat immediately and directly distrib-uting additional assistance in afaster and less wasteful manner tothose who really need it.

There is always a tension betweendelivering aid quickly during anemergency and optimizing effective-ness and accountability. At a mini-mum, no later than its next meetingin April 2022, the IMF should meetits pledges on large-scale SDR reallo-cations to poor countries, new meth-ods of increasing SDR effectiveness,and enhanced transparency.

Public confidence in internationalfinancial institutions has been under-standably shaken as a result of cor-ruption investigations into the IMF’semergency pandemic-relief loans,theft of World Bank assistance byelite government officials, and seri-ous questions regarding inappropri-ate Chinese influence at the WorldBank, the World Health Organization,and elsewhere. Lack of timely actionrisks further undermining thesebadly needed institutions and unfor-tunately encourages the cynical viewthat the SDR allocation was primarilya way for the IMF and its wealthymembers to appear as if they werehelping poor countries without actu-ally delivering.

Ms. Nordquist served as U.S. exec-utive director of the World Bank,2019-21, and is a fellow at the Uni-versity of Virginia’s Darden School ofBusiness. Mr. Katz served as a senioradviser at the Treasury Department,2019-21, and is a co-founder of Am-berwave Partners.

By DJ NordquistAnd Dan Katz

MAMUNURRA

SHID/N

URP

HOTO

VIA

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AGES

Iran got $5 billion, but theworld’s poor countriesaren’t benefitting from‘special drawing rights.’

A Covid ward in Dhaka, Bangladesh

OPINION

The Left, Ahmaud ArberyAnd ‘Felony Murder’

T ravis McMichael fired the shot-gun blasts that killed AhmaudArbery in February 2020, and

last week a Brunswick, Ga., juryfound him guilty of “malice murder.”Two other men—Mr. McMichael’s fa-ther, Gregory, and William Bryan—were acquitted on that charge butfound guilty of “felony murder,”which also carries a mandatory lifesentence. Progressive criminal-justicereformers have argued that felony-murder laws are unjust, and theyhave a point.

Under the felony-murder rule, ifsomeone is killed in the course of afelony, any participant in the felonymay be criminally liable for murder.The defendant doesn’t need to havepersonally caused the death, in-tended to kill, or, under Georgia’s law,even acted with reckless disregardfor human life.

Legal scholar Guyora Binder wrotethat U.S. states have maintained fel-ony-murder laws “in the teeth of aca-demic scorn.” Reformers liken felonymurder to the death penalty, in thatmost otherWestern democracies haverepealed such laws. They argue thatfelony murder is racially discrimina-tory and unfair in itself. “One of thebasic principles of a fair justice systemis that you are punished for the crimesyou commit, not those committed byother people,” as a 2019 item in theNew York Times put it.

Those arguments have recentlyhad an impact in all three govern-mental branches. In 2017, the Massa-chusetts Supreme Judicial Courtheld that a defendant couldn’t beconvicted of felony murder unlessprosecutors could prove he intendedto grievously injure someone or de-liberately created a “plain and

strong likelihood that death wouldresult.” The California Legislatureenacted a similar legal change in2018, allowing prisoners convictedof felony murder to petition for re-sentencing. Philadelphia’s progres-sive District Attorney Larry Krasnerpromises on his campaign website to“stop charging people who did notkill or intend to kill anyone underthe felony-murder doctrine.”

In the Arbery case, Gregory McMi-chael sat in the pickup truck with hisson pursuing Arbery unlawfully, butdidn’t fire his gun. Mr. Bryan was an-other degree removed from theshooting—he joined the chase in adifferent vehicle, unarmed and appar-ently ignorant of the McMichaels’weapons until the end.

The felony-murder convictionsshow the jury had no reasonabledoubt that the elder Mr. McMichaeland Mr. Bryan committed false im-prisonment and assault with a motorvehicle, and that those felonies led toArbery’s murder.

But the malice-murder acquittalsshow the jury had reasonable doubtthat those two defendants intendedto kill or should have known deathwould result from their actions. Thefelony-murder verdicts against themare faithful applications of Georgialaw. But they did not amount to jus-tice if progressive reformers are rightabout felony murder.

Mr. Willick is an editorial pagewriter at the Journal.

By Jason Willick

If the charge is unjust, twoof the defendants shouldnot have been convicted.

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Jamie Dimon’s Joke Is on JPMorgan’s ‘Stakeholders’

I n the reign of China’s Ming dy-nasty, the full kowtow involved“three kneelings and nine pros-

trations.” Perhaps it’s a sign of prog-ress that the Ming emperors’ modernsuccessor seems to be satisfied withtwo.

That’s the tentative conclusion wecan draw from the self-abasementlast week of Jamie Dimon, CEO of JP-Morgan Chase, before the ChineseCommunist Party. Mr. Dimon foundhimself in potential trouble with thecurrent executors of the Mandate ofHeaven when he repeated a joke hesaid he had told in Hong Kong ear-lier: “The Communist Party is cele-brating its hundredth year. So is JP-Morgan. I’d make you a bet we lastlonger.”

A day later, evidently alarmedabout the potential damage thismight do to his bank in China, Mr.Dimon was on his knees. “I regretand should not have made that com-ment,” he said in a statement. A bankspokesman added: “Dimon acknowl-edges that he should never speaklightly or disrespectfully about an-other country or its leadership.” TheChinese government graciously ac-cepted the double-grovel.

We can assume the spokesmancarefully chose the word “another,”since Mr. Dimon has long been a col-orfully outspoken commentator onthe quality of his own country’s lead-ers. In 2018, he expressed confidencethat if he ran for president, he wouldbeat Donald Trump. “I’m smarter

than he is,” Mr. Dimon said. “Thiswealthy New Yorker actually earnedhis money”; in contrast with Mr.Trump, “it wasn’t a gift from daddy.”

The public self-humiliation of theman who runs America’s largest fi-nancial institution is instructive forseveral reasons. For one thing, itsuggests the current fad for “stake-holder capitalism,” of which Mr. Di-mon has been an ardent advocate,has its limits. He was chairman ofthe Business Roundtable when it is-sued its sonorously titled “Statementon the Purpose of a Corporation” in2019. Along with 180 other top exec-utives, Mr. Dimon declared the needfor “modernized” principles by whichAmerican companies should live.

The idea is defined primarily incontradistinction to what has beencalled shareholder capitalism—theidea, most evocatively articulated byMilton Friedman, that companies’overriding obligation is to maximizereturns to their shareholders. Thestakeholder crowd believe insteadthat a company must diversify itspriorities: Shareholders are merelyone constituency to tend, behind cus-tomers, employees, suppliers andwider social, environmental and evencultural duties.

It’s a dubious proposition. In theage of woke tyranny and trial by so-cial media, it always seemed morelike a public-relations exercise to ap-pease progressive critics. And Mr. Di-mon’s obeisances last week provethat for his bank at least, the pursuitof profit is indeed paramount and re-turns to shareholders must take pri-ority over other interests, such ashuman freedom and dignity. JPMor-gan has a significant business inChina and wants more. Under the in-creasingly authoritarian rule of XiJinping, the mere suggestion that theparty’s role isn’t going to be aroundfor ever could prove very costly forthe bank’s investors.

But it’s a pity that Mr. Dimon soquickly dropped his “modernizedprinciples” into the garbage. Thismight have been one moment whenthe supposed commitment to widerresponsibilities in the world would

have been worth displaying.Mr. Dimon, to be sure, is only do-

ing what many American businessleaders have done for years: lectur-ing Americans on their flaws whilecravenly submitting to China. Thismay be the first time in history thatthe leading economic figures in onenation feel it safe and perhaps evenobligatory to trash their own coun-try, its leaders and its values whilelauding those of its increasingly bel-ligerent adversary.

There might never have been atime when corporate and culturalleaders have cheerfully exploited thefreedoms they enjoy in their owncountry to help burnish the imageand standing of a ruthless and bru-tal foreign autocracy. There are,however, some relevant historicalprecedents.

In 2004 Democratic presidential

nominee John Kerry dubbed Ameri-can chief executives who outsourcedjobs to China and elsewhere “Bene-dict Arnold” CEOs. He was widely de-nounced at the time, and back then itwas still common to see economicengagement with China as encourag-ing the country’s eventual politicalliberalization.

No one has that excuse today. Aswe observe the full character andambition of modern Chinese commu-nism—from the brutal suppression ofits people’s freedoms to the persecu-tion of minorities, from the illegal defacto annexation of Hong Kong to thethreats it makes to its neighbors andthe increasingly existential menace itposes even to our own way of life—perhaps that Benedict Arnold sobri-quet is a freshly apt description ofits enablers and apologists in ourranks.

His kowtow to China showsthat investor value is stillparamount—and maybe inthis case it shouldn’t be.

FREEEXPRESSIONBy Gerard Baker

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© 2021 Dow Jones & Company. All Rights Reserved. * * * * THEWALL STREET JOURNAL. Tuesday, November 30, 2021 | B1

TECHNOLOGY: BRANDS WARM TO NEW PLATFORMS B4

S&P 4655.27 À 1.32% S&PFIN À 0.31% S&P IT À 2.64% DJTRANS À 0.90% WSJ$ IDX À 0.01% LIBOR3M 0.171 NIKKEI (Midday) 28498.91 À 0.76% Seemore atWSJ.com/Markets

BUSINESS&FINANCEAmazon Hones Delivery SystemFulfillment networkhas nearly doubled intwo years, with morethan 930 U.S. facilities

Amazon has been preparing for the holiday rush since the start of the year. An Amazon warehouse in Country Club Hills, Ill.

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ENTERTAINMENTDisney’s missing

‘Simpsons’ episode inHong Kong raisescensorship fears. B4

ENERGYTurkey’s lira crisisexposes reliance onimported oil andnatural gas. B11

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Stocks and oil pricesbounced back from Friday’sselloff, with investors bettingthe Omicron Covid-19 variantwill cause less damage to theglobal economic recovery thaninitially feared.

The S&P 500 jumped 60.65points, or 1.3%, to 4655.27, re-couping some of its losses af-ter the index suffered its worstone-day percentage decline innine months. Friday’s selloffcame after South Africa identi-fied a fast-spreading strain ofthe coronavirus, which theWorld Health Organizationnamed Omicron, and countriesaround the world respondedwith new travel restrictions.

The Nasdaq Composite ad-vanced 291.18 points, or 1.9%,to 15782.83, boosted by inves-tor appetite for technologystocks.

The Dow Jones IndustrialAverage added 236.60, or 0.7%,

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BY CAITLIN OSTROFFAND FRANCES YOON

StocksRecoverAs FearsAbate onOmicron

to obtain and deliver certainproducts in as timely a man-ner as they did in the past.

Amazon has encouragedcustomers to shop early thisyear due to the supply-chainissues, and company execu-tives have said they are “readyto deliver” and have been pre-paring for the holidays sincethe start of the year. As ofmid-November, more than 98%of parcels that arrived at Ama-zon’s delivery centers, whichtypically are in close proximityto packages’ final destinations,were being delivered the nextday, according to estimatesfrom research firm ShipMatrixInc. At the same time, some

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In the past two years, Ama-zon.com Inc. has added work-ers at an unprecedented clipto keep up with a pandemic-induced surge in demand. As ithas done so, an even biggerexpansion drew less attention:The company is close to dou-bling the size of its fulfillmentnetwork.

Amazon blanketed thecountry with more than 450new facilities used to store,sort and ship items, accordingto logistics consultant MWPVLInternational, doubling downon a logistics empire that aimsto deliver items in one day orless, and increasingly to do sowithout the help of third-partyshippers.

Many of the new buildingsare concentrated near big cit-ies, putting more items forsale on the website closer tolarge population centers. Thefacilities also include morethan two dozen smaller out-posts stocked mostly withbestselling items, allowing thecompany to prepare for supplydisruptions while also expand-ing fast-shipping capabilities,according to MWPVL.

During the pandemic, Ama-zon put on hold its promise todeliver many items to custom-ers in one day. Nevertheless,the company continued tobuild out a network capable ofsuch a feat. The work pre-pared Amazon for an unusualholiday shopping season inwhich a national labor short-age and global supply-chainchallenges have constrainedthe ability of many companies

BY SEBASTIAN HERRERA

Holmes’s lawyers had laid outthe possibility of the defense incourt filings. She faces 11counts of fraud and conspiracyto commit fraud related to hertime running Theranos.

Ms. Holmes’s emotion whiledescribing her assault and rela-tionship with Mr. Balwani un-derscores the potential magni-tude of the disclosures. Incriminal trials, high-drama tes-timony from defendants, whenthey choose to testify, can

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Balwani has pleaded not guiltyto the same fraud and conspir-acy charges Ms. Holmes is bat-tling and faces a separate trialnext year.

The testimony capped Ms.Holmes’s direct questioningfrom her lawyers, during whichshe endeavored to fill out apicture of her defunct startupas a company with bold ambi-tions and an admirable visionthat struggled to meet technol-ogy deadlines. The testimonywasn’t unexpected. Ms.

partner appears at odds withevidence from the prosecutionin hundreds of text messagesbetween Ms. Holmes and Mr.Balwani that show lavish dis-plays of love and affection foreach other over several years,even after his departure fromTheranos in April 2016 as thecompany faced intensifyingregulatory and media scrutiny.

An attorney for Mr. Balwani,who witnessed the testimonyMonday, denied all abuse alle-gations against his client. Mr.

ness, that my convictions werewrong, that he was astonishedat my mediocrity and that if Ifollowed my instincts I was go-ing to fail,” Ms. Holmes said.

Over more than a decade,Ms. Holmes testified, Ramesh“Sunny” Balwani berated her,sexually abused her and dic-tated a punishing lifestyle con-sumed by work. He told herthat is what she must do to besuccessful, she testified.

Ms. Holmes’s testimonyabout her longtime romantic

In tearful and intense testi-mony, Elizabeth Holmes re-counted from the witness standMonday how she had beenraped while studying at Stan-ford University and not longafter entered into an abusiverelationship with the man whowould become her top deputyat Theranos Inc.

“He told me that I didn’tknow what I was doing in busi-

The episodes are amongmanyoperational challenges that havefaced Reef, a leading player inthe business of delivery-onlykitchens, as it pursues a strategyof rapid growth to open hun-dreds of kitchens around the U.S.

In addition to the three fire-ball incidents, Reef faced multi-ple citywide shutdowns over per-mitting and other regulatoryviolations, challenges connectingto local utilities, higher-than-ex-pected costs and a labor short-age, said former executives andmanagers. Many former employ-ees described the environment atReef as chaotic.

“The safety of our employeesand the communities where weoperate is our top priority,” a

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A few seconds after a cookturned on a stove in a tiny mo-bile kitchen in a Houston parkinglot in April, a fireball eruptedfrom the propane burners in thetrailer owned byReef Global Inc.

While the cook escapedharm—she happened to open arefrigerator that shielded her—itwas the second such incident atthe same trailer in four months.The first one injured a differentcook, as flames scorched her faceand gave her third-degree burnson her hands, rendering her un-able to work. A similar fireball inSan Francisco injured anotherReef employee in the spring, ac-cording to former Reef managersbriefed on the three incidents.

BY ELIOT BROWN

‘Ghost Kitchens’ ProveTo Be a Messy Business

paid sabbatical for longtimeemployees.

Goldman is also increasingits retirement fund matchingcontributions for U.S. employ-ees to 6% of total compensa-tion, or 8% for employeesmaking $125,000 a year orless. Additionally, the companyis eliminating the one-yearwaiting period before match-ing employee contributions.

“We wanted to offer a com-pelling value proposition tocurrent and prospective em-ployees and wanted to makesure we’re leading, not justcompeting,” Goldman’s head of

human resources, Bentley deBeyer, said in an interview.

Large banks are competingfor talent in a tight labor mar-ket and trying to combat em-ployee burnout. The issuesgained prominence in the pan-demic, which blurred the linesbetween work and home. Ju-nior bankers across the indus-try sometimes worked formonths without meeting theircolleagues in person.

In a self-conducted surveythis year, a small group ofGoldman’s first-year analystsreported they were working an

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Goldman Sachs Group Inc.is introducing several em-ployee benefits to attract andkeep employees in a pandemicthat has made many people re-evaluate their careers.

The Wall Street power-house is offering paid leavefor pregnancy loss and ex-panding the amount of timeemployees can take for be-reavement leave, according toa memo sent to employeesMonday and reviewed by TheWall Street Journal.

It is also introducing an un-

BY CHARLEY GRANT

Goldman Expands BenefitsTo Combat Worker Burnout

BY HEATHER SOMERVILLEAND SARA RANDAZZO

Holmes Testifies SheWas Raped at Stanford

Percentage ofAmazonpackages being delivered by each carrier*

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*Data through February Sources: the company (workforce); Nielsen Consumer (packages)

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1.47MAs of Sept.

A propane explosion at a Reef Global kitchen in Houston in April,as captured by security footage.

INSIDE

Microsoft Corp. Chief Exec-utive Satya Nadella sold abouthalf of his shares in the com-pany last week, according to afederal securities filing.

In the filing last week withthe U.S. Securities and Ex-change Commission, the Red-mond, Wash.-based softwarecompany reported Mr. Nadellasold 838,584 shares over twodays, down from close to 1.7million shares.

The transaction yieldedmore than $285 million forMr. Nadella. This is the single-

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BY AARON TILLEY

MicrosoftCEO SellsHalf HisShares

CNN said it would reviewnewly released records thatshow anchor Chris Cuomocoaching his brother, formerNew York Gov. Andrew Cuomo,on possible responses to alle-gations of sexual harassment.

The records, which were re-leased Monday by the office ofNew York Attorney GeneralLetitia James from an investi-gation conducted into allega-tions of sexual harassmentagainst Andrew Cuomo, in-clude text messages sent byChris Cuomo to one of hisbrother’s top aides and a tran-script of an interview withChris Cuomo conducted by in-vestigators working for Ms.James.

The records show thatChris Cuomo gave detailedfeedback on his brother’sstatements to the press andgathered information aboutcoming stories involving hisbrother’s accusers.

CNN, a unit of AT&T Inc.’sWarnerMedia, said that “thou-sands of pages of additionaltranscripts and exhibits” re-leased by Ms. James’s office

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BY BENJAMIN MULLIN

CNNAnchorFacesScrutiny

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B2 | Tuesday, November 30, 2021 * * * * * THEWALL STREET JOURNAL.

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

AAESC............................B3Amazon.com....A1,A2,B1American Airlines.....B11Apollo GlobalManagement.............B2

Apple.........................B11B

BioNTech........A1,A6,B11C

Carnival Cruise..........B11Chipotle Mexican Grill.....................................B4Clearlake Capital ........A2CloudKitchens.............B2Coinbase Global........B11

DDelta Air Lines .........B11

EEdgewell Personal Care.....................................B3Etsy...........................A14

FFord Motor................B12Fortnite Creative ........B4

GGalaxy Entertainment...................................B11Goldman Sachs...........B1

HHasbro.........................A1Hertz ...........................B2

IIntel.............................B7

JJatco............................B3Johnson & Johnson....A6

KKraft Heinz.................A2Kroger..........................A2

LLas Vegas Sands ......B11Lululemon ...................B7

MMatch........................B12Meta Platforms..........B4MGM China........B11,B12MGM ResortsInternational...........B11

Microsoft .............B1,B11Moderna...............A6,B11

NNissan..................B3,B12

PPeloton Interactive.....B7Pfizer..............A1,A6,B11Procter & Gamble..A2,B3

QQuest Software..........A2

RReef Global .................B1Restaurant BrandsInternational.............B2

Robinhood.................A14Roblox..........................B4Royal Caribbean........B11

SSands China..............B11Snap...........................B12SoftBank.....................B2Square..................A1,B12Suncity...............B11,B12

TTesla.....................B7,B12Theranos......................B1Tinder........................B12Toyota Motor............B12Twitter..........A1,B11,B12Tyson Foods................A2

UUpwork......................A14

VVerizon Communications.....................................B4VF................................B4Volkswagen...............B12

WWalmart......................A2Walt Disney................B4WarnerMedia..............B1WPP.............................B4Wynn Macau......B11,B12Wynn Resorts...........B11

YYum Brands.................B2

INDEX TO PEOPLE

BUSINESS & FINANCE

CyberMonday Online SalesWere Flat

targets, current and former exec-utives and managers said. Thissummer, the company wasspending over $30 million morethan it was making in sales eachmonth. At least three sizablerounds of management layoffshave happened this year.

Current executives say Reef ispoised for sustainable, fastgrowth. Its Wendy’s kitchens—which it operates as a franchi-see—are generating healthy prof-its, they say, and Reef recentlystruck deals with other nationalbrands, including the Burger Kingand Popeyes units of RestaurantBrands International Inc.

September food revenue hit$12million, up 600% from a yearearlier, according to documentsreviewed by The Wall StreetJournal.

Losses per kitchen narrowedsignificantly in the past sixmonths, and its best individualkitchens take in well over $4,000of revenue a day on average, sig-nificantly above the averagekitchen costs of about $1,800,current executives said.

The average kitchen takes inabout $1,250 a day in revenue.The figures don’t include othercosts, such as central food-hallpreparation expenses. “We arepleased to see the economics ofour business prove out as wecontinue to innovate and grow,”

the Reef spokesman said.Even with such improve-

ments, several former Reef man-agers and veterans of the ghost-kitchen sector said Reef willlikely struggle to meet investors’expectations for tech-like returns.

Reef is trying to raise asmuchas $1.5 billion in new funding tofurther expand globally, accord-ing to people familiar with theplans.

Bob Goldin, a food-industryconsultant at Pentallect Inc., saidghost kitchens have promise butnot on the high-growth, high-margin scale investors appear tobe betting.

“To me, this is a food busi-ness” characterized by “modestgrowth,” he said. The ghostkitchen-model is “for limitedtypes of restaurants and limitedtypes of products.”

Many cities view Reef’s trail-ers as food trucks, requiring Reefto tow them to a central commis-sary every night to refill theirwater. One former executive esti-mated that the company spentover $20,000 a day on towing attimes.

The Reef spokesman said thecompany is working with multi-ple cities to classify Reef trailers,which are designed to be station-ary, as distinct from food trucks,so they wouldn’t need to bemoved.

Amazon has said it is expand-ing its service to ship itemswithin five hours.

By the end of the year, Am-azon will have opened about30 of the fulfillment-and-deliv-ery centers, which can storeup to three million of the com-pany’s bestselling items. Thefacilities are opening nearsome of Amazon’s largest mar-kets, including near Chicago,Atlanta and Washington, D.C.Amazon is on pace to open 150of the centers in the next fewyears, Mr. Wulfraat said.

Amazon’s investments haveincreased its ability to delivermore of the orders of its cus-tomers on its own. As of thefirst quarter this year, Amazondelivered more than 56% of itsown packages, according to re-search from Nielsen ConsumerLLC. The labor crunch hasforced Amazon to at times re-route products, and during thethird quarter, Amazon spent $2billion on extra pay and othercosts related to its supplychain.

Amazon in October said itwas using more ports and haddoubled its container processcapacity, while its airplanefleet will soon total more than85 aircraft. It has also openedmore seasonal-focused facili-ties that are stocked in prepa-ration for upticks in demand,according to Mr. Wulfraat.

Brandon Fuhrmann, whosells kitchen products on Ama-zon, said the company re-cently allowed him to expandhis capacity at its U.S. ware-houses by about 25%. “That’s apositive sign” as the holidaysapproach, Mr. Fuhrmann said.

items like household productsand sporting goods wereshowing delivery windows of afew days, ShipMatrix said.

Brian Olsavsky, Amazon’schief financial officer, said thecompany’s inventory increasedin preparation for the busy pe-riod. For the first time in awhile, he said, the company isnot capacity-constrained.

“We’ve made commitmentsthat are larger than normal,”he said on a call with analystsin October. “Granted, it’s at acost penalty in many cases.”

Since the end of 2019, Ama-zon has hired roughly 670,000people, with its global work-force now totaling more than1.4 million, according to thecompany. During roughly thesame period, Amazon said itnearly doubled the size of itsfulfillment network. The com-pany now has more than 930facilities across the country.

For years, Amazon has re-lied on a system where manypackages are boxed in one fa-cility and then sorted andshipped at another. Lately, thecompany has started to openmore centers that double asfulfillment and delivery loca-tions, said MWPVL PresidentMarc Wulfraat, who collectsand analyzes real-estate data.

ContinuedfrompageB1

AmazonInvests inDeliveries

Reef stands out among ghost-kitchen startups given its largeamount of funding—over $1.5 bil-lion—as well as its businessmodel.While competitors tend torely on large shared kitchens fornumerous restaurant brands,Reef’s strategy is focused on put-ting trailer-size kitchens in park-ing lots near residential areas.

Since the summer, local offi-cials in New York City, Houston,Detroit and Chicago have sus-pended operations at some or allof Reef’s fleets of trailers for vio-lating regulations, totaling morethan 25 closures.

Many of the suspensions werefor kitchens that were operatingwithout permits, while otherswere for failing to tow the trail-ers to a central commissary ev-ery day, a requirement for foodtrucks in many cities.

Some have come back online,while new closures have occurredin Philadelphia andMinneapolis,current and former Reef employ-ees and city officials said.

Utility hookups routinely takemonths longer than expected, re-quiring expensive generators andwater deliveries, according toformer Reef managers. Foodwaste is a consistent problem, asis a broader labor shortage in thefood-service sector that has sentits cooks’ wages soaring.

Losses have exceeded internal

line last year.The figures are in line with

online retail sales for theThanksgiving weekend, whichfailed to surpass the previousyear’s sales for the first time inyears, according to some indus-try estimates.

Shoppers have been eager toreturn to stores, with manybig-box retailers, discountchains and department storesseeing foot traffic surge onBlack Friday. Placer.ai, an ana-lytics firm that uses mobile-de-vice location data to measurefoot traffic, said foot traffic atindoor malls rose 83.5% from2020, though the surge of in-person shopping wasn’t enough

to surpass pre-pandemic levels.The return to stores comes

amid a new threat to the U.S.pandemic recovery. The WorldHealth Organization announcedon Friday that the Omicroncoronavirus strain is a global“variant of concern.”

Online discounts were alsolower on Monday comparedwith last year, with smallerpromotions across electronics,appliances, apparel and sport-ing goods, Adobe said. Supply-chain disruptions have made itdifficult for some retailers tokeep their shelves stocked,spurring consumers to begintheir holiday shopping early.Out-of-stock messages are up

169% through Sunday com-pared with pre-pandemic lev-els, Adobe said.

“With a large part of the daycomplete, consumer spendingon Cyber Monday is not grow-ing as fast as it did last year,”Vivek Pandya, a lead analystfor Adobe, said. “While thespending may pick up duringthe evening hours on the WestCoast, it reaffirms that manyconsumers had fulfilled theirshopping urge earlier in theseason.”

Sixty-one percent of shop-pers surveyed by the NationalRetail Federation said they hadstarted holiday shopping be-fore Thanksgiving.

Online sales were flat CyberMonday, as smaller discountsgave shoppers less incentive tospend, but analysts say salescould finish slightly higherthan last year by the time WestCoast shoppers are finished forthe night.

Shoppers spent $7.1 billiononline as of 9 p.m. Easterntime in the U.S., according totransaction data compiled bythe Adobe Digital Economy In-dex. Shoppers are expected tospend between $10.4 billionand $11.1 billion on Cyber Mon-day, Adobe said. American con-sumers spent $10.8 billion on-

BY CHARITY L. SCOTT

Reef spokesman said. “We areproud of our track record of pre-paring good food in a safe andclean environment.” Reef rolledout propane detectors to itskitchens to prevent explosions,former managers said.

Seeking to leverage a boom infood-delivery apps, Reef andcompetitors build restaurantkitchens in warehouses or trail-ers, which are meant to becheaper and nimbler than tradi-tional storefronts. Business mod-els vary, but Reef generally actsas a franchisee, preparing andselling foodwith its ownworkersand paying a restaurant brand apercentage of each order. Theconcept became popular duringthe pandemic, as food deliverybecame clutch for consumers andrestaurants looked for cheaperplaces to prepare food they weredelivering.

Investors poured more than$3.5 billion into ghost-kitchenstartups in the past three years,according to data tracker Pitch-Book Data Inc.

Reef’s operational strains il-lustrate the challenges of meet-ing investors’ high expectationsin the food business, a sectortypically defined by low profitmargins and modest growth.

Reef, backed by investors in-cluding SoftBank Group Corp.,has said it plans to add thou-sands of mobile kitchens in park-ing lots around the world. Thecompany says it currently hasabout 350.

Chick-fil-A Inc. and YumBrands Inc.’s KFC have been ex-perimenting with ghost kitchens.Wendy’s Co. has joinedwith Reefin a deal that calls for Reef toopen and operate up to 700 loca-tions in North America, and theU.K. Reef’s rivals include Cloud-Kitchens, founded by Travis Ka-lanick, who co-founded UberTechnologies Inc.

SoftBank and Wendy’s de-clined to comment.

ContinuedfrompageB1

Funds PourInto GhostKitchens

Reef builds restaurant kitchens in parking-lot-based trailers. A New York ghost kitchen in 2020.

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heavily influence a jury’s deci-sion, former prosecutors say.

In her testimony, Ms.Holmes portrayed her formerboyfriend as controlling all as-pects of her life. He told herwhat to eat, how much—or lit-tle—to sleep, which employeesto speak to and for how longand how much time to spendwith her family.

She said she met Mr. Bal-wani, two decades her senior,when she was 18 years old.Three years later, they wereliving together. The pair ranTheranos in tandem after Mr.Balwani joined the company in2009, though they kept theirrelationship secret from manyemployees and investors.

In tears, Ms. Holmes testi-fied about the alleged rapewhile at Stanford University.She stopped going to class, shesaid, and decided the way for-ward was to drop out and startTheranos.

“I decided I was going tobuild a life by building thiscompany,” she said. She saidshe grew closer with Mr. Bal-wani. “He said that I was safenow that I had met him.” The

ContinuedfrompageB1

ness. Preferred shares giveowners priority for dividendpayments over owners of com-mon stock.

As travel has rebounded,Hertz has found sounder foot-ing in recent months, withgreater revenue and a return toprofitability. Its path throughthe past two years traced mar-kets’ unpredictable swings frompessimism to optimism andback again as the pandemic de-livered investors a steadystream of surprises.

The car-rental firm enteredthe pandemic bearing high lev-els of debt. The sudden drop intravel and an initial fall inused-car values during thespring of 2020 led Hertz to filefor bankruptcy in May 2020.Shares fell to a session low of56 cents last spring before indi-vidual traders started piling in,buying Hertz stock even thoughit temporarily appeared that arestructuring could wipe outequity owners.

The New York Stock Ex-change suspended trading ofshares last year after the bank-ruptcy filing, although the stockcontinued to change hands inover-the-counter markets.

AAgrawal, Parag......................A1,B11,B12

BBezos, Jeff..................A2Bourla, Albert.............A6Brandt, Chris...............B4

CChau, Alvin........B11,B12

DDorsey, Jack......................A1,B11,B12

FFazlian, Mohsen..........B7

GGarf, Rob.....................B2Goldin, Bob..................B2Gupta, Ashwani..........B3

HHolmes, Elizabeth ......B1

KKalanick, Travis...........B2

LLittle, Rod...................B3

MMcMillon, Doug..........A2Musk, Elon..................B7

NNadella, Satya ............B1

OOlsavsky, Brian...........B2Ozkardeskaya, Ipek...B11

RRad, Sean..................B12Redha, Hani...............B11

SSilverman, Ben...........B7

TTaylor, Fawn................B7

WWieser, Brain..............B4

ZZhang, Daniel .............A2Zuckerberg, Mark .......B4

Hertz Global Holdings Inc.unveiled a plan on Monday tobuy back as much as $2 billionof its stock, a move that wouldreturn more capital to investorswho stood by the car-rentalcompany through its bank-ruptcy filing last year.

Hertz shares rose 6% onMonday. The stock has declinedsince relisting on Nasdaq thismonth but is still well abovethe low levels where it wastrading earlier in the pandemic,when Hertz warned sharehold-ers their holdings might go tozero.

The company said the buy-back program’s first phasewould include $200 million ofrepurchases already authorizedas part of the relisting.

The rest of the $2 billionprogram would follow comple-tion of a deal for Hertz to buyback all of its Series A pre-ferred shares. Those shares,mostly owned by private-equityfirm Apollo Global Manage-ment Inc. were issued as partof efforts to rescue Hertz frombankruptcy as the coronaviruspandemic pummeled its busi-

BY MATT GROSSMAN

Hertz Readies BuybackOf $2 Billion in Shares

HolmesTestifiesOf Rape

court deputy brought Ms.Holmes a box of tissues. Herpartner, Billy Evans, andmother supported each otheras they looked on. The benchreserved for Ms. Holmes’s fam-ily and friends was packedtight with more people thanCovid protocols allow.

There were graphic mo-ments of testimony. Ms.Holmes accused Mr. Balwani offorcing her to have sex withhim, sometimes when he wasangry, leaving her emotionallyand physically hurt.

“He came upstairs and didthings to me that I didn’t wantand, and he hurt me,” she said.

Jurors saw notes she wroteto herself after one such al-leged encounter, saying, “Hurtsso much. Soo much. Can’t focuson anything remotely exceptwhy? Why hurting myself?”

Afterward, she texted Mr.Balwani: “My job is to love youwhen you’re stressed.”

“I know,” he responded, ac-cording to copies of the mes-sages shown in court.

On Tuesday, she will facecross-examination from thegovernment, which will likelyaim to point out inconsisten-cies between her testimonyand previous statements shehas made. Ms. Holmes can con-tinue to call witnesses to sup-port her defense, and the gov-ernment will have anopportunity to call new wit-nesses with a rebuttal.

—Christopher Weavercontributed to this article.

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THEWALL STREET JOURNAL. Tuesday, November 30, 2021 | B3

emissions rules known as Euro7, which could come into effectin 2025, will make electriccars less expensive than gaso-line-powered ones.

Nissan expects three-quar-ters of its European sales willbe electric or hybrid vehiclesby 2026. “The market is ready,the infrastructure is ready, thecustomer is aware of environ-mental issues and there is regu-lation coming,” said Mr. Gupta.

Similar dynamics could playout in China, he said.

Nissan is making bigger betswhen it comes to the two corecomponents of an electric vehi-cle, the battery and the motor.

It is teaming up with Chi-nese battery maker EnvisionAESC Group Ltd. to expandlithium-ion battery productionaround the world. The Japa-nese company spun off its bat-tery-production facilities toEnvision in 2019, but it contin-ues to purchase batteries fromthe Chinese company. Thoseplants can produce batterieswith a capacity of 7.5 giga-watt-hours a year. Nissan aimsto expand that capacity to 52gigawatt-hours in 2026 and130 gigawatt-hours in 2030.

For its motors, Nissan isleaning on Jatco Ltd., a com-pany that supplies its trans-

missions, aiming for a 30% re-duction in cost compared withits current Leaf EV.

Nissan is keeping the devel-opment of these two corecomponents in-house to dis-tinguish its EVs from competi-tors, Mr. Gupta said.

On batteries, the companysaid it would start productionof a solid-state battery by 2028.The batteries, which use solidinstead of liquid electrolyte, po-tentially offer greater safetyand power, but the technologyhas encountered troubles onthe road to commercialization.

Nissan said it believed solid-state breakthroughs would

The maker of Schick razorshas acquired women’s razormaker Billie Inc., after federalantitrust regulators scuttledan attempt by rival Procter &Gamble Co. to buy the onlinestartup.

Edgewell Personal CareCo. said Monday it paid $310million for Billie, which alsosells body lotion, lip balm and

Edgewell Chief ExecutiveRod Little said Billie hasgrown sales by 50% annuallyfor the past few years and hasabout 2.5 million customers.He said the brand will go onsale this winter at a bricks-and-mortar retailer, which hedeclined to name, with plansfor a broader retailer expan-sion. Billie agreed to be soldexclusively for a year at thefirst retailer.

and blades. P&G in 2017 cutprices and later acquired somesmaller brands. The companylately has been growing salesboth with Gillette and throughnewly-acquired brands.

The FTC also blockedEdgewell from buying Harry’sin a $1.37 billion deal, sayingthat the transaction wouldlead to higher consumerprices. Edgewell abandonedthe deal in early 2020.

halting plans to expand Billiesales into stores, stifled com-petition in an already consoli-dated category.

P&G walked away from thedeal in January.

P&G for decades has domi-nated the lucrative market formen’s razors but took somehits in recent years, as onlineupstarts like Harry’s and Dol-lar Shave Club lured customerswith cheaper, no-frills razors

than similar offerings for men,especially in consumer prod-ucts.

P&G, which commandsmore than half of the roughly$3 billion U.S. shaving marketwith Gillette and other brands,announced plans to buy Billiein January 2020. The FederalTrade Commission sued toblock the deal, arguing thatP&G’s strategy for the brand,which regulators said included

other personal care productsonline. Billie’s annual revenueis around $90 million, thecompany said.

Founded in 2017, Billie tar-gets younger consumers withcampaigns that show leg andbody hair and promise moreaffordable products. Billie hasa marketing campaign aroundthe so-called pink tax, coinedfrom a study that found thatwomen’s products cost more

BUSINESS NEWS

BY SHARON TERLEP

Schick Owner Buys Billie’s Razor Brand

Nissan is more optimistic thatpeople are ready for an EV.Still, it says conditions are toouncertain in two of its biggestmarkets, the U.S. and Japan, tomake any solid predictions. Itisn’t saying what proportionof vehicle sales in 2030 willcome from purely electric ve-hicles as opposed to hybridsthat still have a gasoline tank.

“It’s not conservative. It’ssensible. It’s grounded,” saidMr. Gupta in an interview. “Af-ter what all happened, we aresensible, and our message hasto be credible,” he said.

The plan didn’t boost Nis-san’s share price in a marketconcerned about the newCovid-19 virus variant. Nissanshares fell 5.6% in Tokyo trad-ing Monday.

Partly hedging its bets, thecompany is designing factoriesso that it can build both hy-brids and EVs on the sameproduction line. That meanslines won’t sit half-used asthey did when Nissan built upcapacity for the Leaf thatnever materialized.

Nissan was more willing tomake predictions about Eu-rope because it said it hadgreater confidence about thefuture of EVs there. The com-pany predicts that stringent

TOKYO—Nissan Motor Co.was once the world’s loudestproponent of electric cars, butthese days it is one of themore sober voices.

On Monday, the Japanese carmaker said it would spendabout $17.5 billion on 20 newbattery-powered models, aimingto have half its sales come fromelectric cars or hybrids by 2030.

Other car makers have setsimilar or more ambitious tar-gets. Ford Motor Co. has said40% of its sales in 2030 wouldbe from fully electric vehicles.

Nissan knows better thanmost how hard it is to predictelectric-vehicle sales, saidChief Operating Officer Ash-wani Gupta.

The car maker started sellingits Leaf electric hatchback in2010, and the next year, then-Chief Executive Carlos Ghosnsaid Nissan and its alliancepartner, Renault SA, would sella cumulative 1.5 million electricvehicles by 2016. They fell farshort of the target. The Leaf’sshort range and the lack of awidespread charging networkmeant few consumers wereready for a car that couldn’t befilled up at a gas station.

Fast-forward a decade, and

BY SEAN MCLAIN

Nissan, Burned inPast, Shuns BoldForecasts on EVs

The vehicle maker isn’t saying what ratio of sales will be purely electric, as opposed to hybrids, by 2030. Its plant in Tennessee.

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eventually bring the price ofEV batteries down to around$65 a kilowatt-hour from aglobal average of more than$100 currently, allowing it tosell EVs for the same price asgasoline-powered vehicles.

Other car makers are re-searching solid-state batteriesbut have generally shied awayfrom cost targets. “It’s reallycheap,” said Christopher Rich-ter, an analyst for CLSA, of Nis-san’s target. “I don’t know whatmagic potion Nissan has, butthat puts them in the game.”

Heard on the Street: Automaker needs to catch up.... B12

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Zuckerberg said last monththat the metaverse was five to10 years away from being de-veloped and adopted by alarge number of users. Mar-keting executives from compa-nies present in the metaverse,including Vans and Chipotle,said they have yet to use theplatform to sell physicalgoods.

Chipotle has handed outdiscounted or free burritos topeople in costumes aroundHalloween for the past two de-cades. This year, it chose to

host its long-running“boorito” promotion in themetaverse. The Mexican-foodchain turned to Roblox, whereit built a virtual store whereavatars could dress up in cos-tumes such as a Chip BagGhost or Burrito Mummy andtravel through a virtual mazeto retrieve a code for a freeburrito. It was Chipotle’s firstforay into the metaverse.

“We haven’t tried to sellanything yet on Roblox, butcertainly we would like to dosome experimentation,” said

Chris Brandt, Chipotle’s chiefmarketing officer.

Meta has reached out tosome advertisers to discuss adopportunities in the meta-verse. One executive at a digi-tal marketing firm said heplans to meet with Meta re-motely, through the company’svirtual-reality headset. An-other agency executive saidMeta is encouraging brands touse existing augmented realityfeatures, such as Instagram fil-ters that overlay real photoswith special effects, to getcomfortable with the types ofadvertising opportunities thatwill exist in the future.

Vans, a unit of VF Corp.that sells skateboarding ap-parel and gear, in Septemberlaunched a virtual skate parkin Roblox, where users can trynew tricks and earn points byhitting waffle-shaped floatingcoins while skating. They canuse the points to redeem itemssuch as virtual shoes andskateboard customizations.They can also use Robux, Rob-lox’s currency, to buy morespecific virtual items, such ascustomizable shoes.

Vans said the virtual skatepark has attracted more than48 million visitors.

—Patience Haggincontributed to this article.

Brands had been toying withthe metaverse for some timebefore Facebook’s recent namechange turned the term into ahousehold word. Now some ofthem are getting serious.

Companies including Chi-potle Mexican Grill Inc., Veri-zon Communications Inc. andstreetwear brand Vans earlierthis year built their own digi-tal worlds on metaverse-likeplatforms such as RobloxCorp. and Fortnite Creative inan attempt to improve brandrecognition and get existingcustomers more engaged.

Their efforts are a sign thatadvertisers, which have longbeen hesitant to spend market-ing dollars on experimental ef-forts, are warming to new digi-tal platforms. Facebook’s lateOctober announcement that itwould develop a metaverse en-vironment, including investing$10 billion on the effort thisyear and changing its name toMeta Platforms Inc., is ex-pected to accelerate that trend.

“Facebook saying, ‘We’regoing to put $10 billion intothis,’ I think provides a lot ofincremental confidence thatthis would be a worthwhile ex-periment,” said Brian Wieser,global president of businessintelligence at GroupM, a me-dia-buying company inside adagency behemoth WPP PLC.

The metaverse is a relativelynew term to describe a futuris-tic internet with virtual experi-ences where people can cus-tomize avatars—digital imagesrepresenting themselves—toplay games, make virtual pur-chases and interact and attendevents such as concerts andcomedy shows. Roblox isamong the highest-profilemetaverse-like platforms.

This futuristic version ofthe internet is unlikely to be-come a significant brandingplatform for companies soon.Meta Chief Executive Mark

BY ALEXANDRA BRUELL

BrandsWarmtoNewPlatformsAdvertisers take tometaverse-like worldsas companies see wayto engage customers

Streetwear brand Vans has a virtual skate park on Roblox that has attracted over 48 million visitors.

VANS

Can It Live LongerThan Second Life?

Some marketers are con-cerned that the metaversemay just be a repeat of LindenLab’s virtual world Second Life,said Kieley Taylor, global headof partnerships at GroupM.

Second Life, a communitymade up of islands and avatarsdeveloped by individuals andbusinesses, launched in theearly 2000s to much fanfarefrom advertisers, but never re-ally had a meaningful enoughuser base to stay relevant orgrow large enough for brands to

benefit, said Brian Wieser, globalpresident of business intelli-gence at GroupM, a media-buy-ing company within WPP PLC.

Others believe things willbe different this time around.

Chris Brandt, Chipotle’schief marketing officer, said heexpects consumers to welcomea more immersive web experi-ence, especially after pandemicconfinements led them tochange their habits.

“Being at home, using ava-tars, having the ability to geteverything delivered to yourhome—that changes the waypeople think about digital,” Mr.Brandt said. “I think the worldis more ready for it.”

sorship law allowing the gov-ernment to ban films deemed athreat to national security.

“Whether it’s self-censor-ship or whether it’s direct cen-sorship, it is based on the cal-culation of how significant theChina market is to Disney, orany other American company,”said Steve Tsang, director ofthe SOAS China Institute inLondon. “It is about the Chinamarket. And the clear under-standing that the Chinese gov-ernment will not hesitate touse its economic muscle basedon the size of its market to getits way.”

Disney has huge businessinterests in China, a marketthat it and other Hollywoodstudios are careful not to of-fend for fear of losing access.Disney, with resorts in Chinaand Hong Kong and extensivesales from its movie businessin the region, has moved ag-gressively to maintain thepeace with China over theyears, a fact that has broughtit some controversy in the U.S.

In 2016, Disney openedShanghai Disney Resort, a $5.5billion theme park and enter-tainment complex that tookmore than a decade of negoti-ations with Chinese authori-ties to mount. The companyoperates a smaller park inHong Kong, while its MarvelStudios releases are amongChina’s highest-grossing mov-ies of all time.

Yet the company has runafoul of Chinese authoritiesbefore. Last year, for example,Disney executives had to de-fend the decision to film por-tions of a new “Mulan” re-make in Xinjiang province,where the Chinese governmentis believed to house workcamps for members of the Uy-ghur minority. The contro-versy prompted Chinese au-thorities to block marketingfor the film, which ended upflopping in both Chinese andU.S. theaters.

—Erich Schwartzelcontributed to this article.

HONG KONG—The absenceof an episode of “The Simp-sons” from Walt Disney Co.’sstreaming service in HongKong is raising concerns aboutrising censorship in the Chi-nese territory.

Disney launched its stream-ing service, Disney+, earlier inNovember in Hong Kong fea-turing an array of program-ming owned by the entertain-ment giant, including 32seasons of the animated com-edy series.

Yet one episode is missingfrom “The Simpsons” lineup:Titled “Goo Goo Gai Pan,” theepisode from season 16 cen-ters on a trip to China by theshow’s namesake family. Alongthe way they encounter aplaque at Tiananmen Squarein Beijing that reads: “On thissite, in 1989, nothinghappened.”

The episode also features areference to the iconic “TankMan” photo, in which a manstands in front of a column oftanks after the military movedin to crush student-led pro-tests on June 4, 1989.

It isn’t known if Disney re-moved the episode under pres-sure, or whether it decided it-self to leave the episode out ofits lineup when it launched theDisney+ service in Hong Kongearlier in November. Repre-sentatives for Disney didn’t re-spond to requests for com-ment. A spokeswoman for theHong Kong Office of the Com-munications Authority, whichoversees broadcasters in thecity, declined to comment.

The episode’s absence fuelsconcerns about rising censor-ship in Hong Kong, and the ex-tent to which Western compa-nies are under pressure toassist in the effort or to self-censor following the impositionof a sweeping national securitylaw by Beijing last year that hasstamped out dissent across thecity. In October, Hong Kong’slegislature passed a film cen-

BY DAN STRUMPF

Missing ‘Simpsons’Episode in Hong KongFuels Censorship Fears

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Net YTDFund NAV Chg %Ret

American Century InvUltra 93.71 +1.60 23.4American Funds Cl AAmcpA p 46.24 +0.61 22.6AMutlA p 52.87 +0.42 20.0BalA p 33.68 +0.18 13.2BondA p 13.45 -0.01 -1.1CapIBA p 68.39 +0.36 10.5CapWGrA 65.52 +0.69 11.6EupacA p 67.62 +0.59 1.7FdInvA p 79.45 +0.81 18.9GwthA p 81.53 +1.16 20.7ICAA p 53.08 +0.59 21.6IncoA p 26.09 +0.10 12.9N PerA p 70.75 +1.01 17.0NEcoA p 66.89 +0.78 12.4NwWrldA 91.51 +0.95 4.0SmCpA p 87.55 +0.46 10.1TxExA p 13.62 +0.01 1.8WshA p 59.22 +0.54 23.0Artisan Funds

Net YTDFund NAV Chg %Ret

IntlVal Inst 40.43 +0.25 11.6Baird FundsAggBdInst 11.39 -0.02 -1.6CorBdInst 11.75 -0.01 -1.2BlackRock FundsHiYldBd Inst 7.75 +0.02 3.8BlackRock Funds AGlblAlloc p 21.39 ... 4.8BlackRock Funds IIIiShS&P500IdxK551.77 +7.21 25.5BlackRock Funds InstStratIncOpptyIns 10.24 +0.01 0.8Bridge Builder TrustCoreBond 10.46 -0.01 -1.3CorePlusBond 10.34 -0.01 -0.7Intl Eq 14.37 +0.05 7.6LargeCapGrowth 25.29 +0.36 22.9LargeCapValue 17.57 +0.06 20.9Calamos FundsMktNeutI 14.47 +0.02 4.5Columbia Class I

Net YTDFund NAV Chg %Ret

DivIncom I 30.99 +0.24 21.5Dimensional Fds5GlbFxdInc 10.79 ... -0.9EmgMktVa 30.46 +0.02 8.4EmMktCorEq 24.51 +0.05 2.7IntlCoreEq 15.72 +0.03 9.8IntSmCo 22.20 +0.03 10.0IntSmVa 20.91 -0.02 10.0TAUSCoreEq2 NA ... NAUS CoreEq1 36.54 +0.31 24.3US CoreEq2 33.41 +0.24 25.0US Small 48.62 -0.10 27.4US SmCpVal 46.48 -0.20 36.0US TgdVal 31.66 -0.10 35.5USLgVa 45.89 +0.05 23.8Dodge & CoxBalanced 116.16 +0.35 16.9Income 14.18 -0.01 -1.2Intl Stk 46.66 -0.03 6.8Stock 243.10 +1.41 28.2DoubleLine Funds

Monday, November 29, 2021

Mutual Funds Net YTDFund NAV Chg %Ret

Net YTDFund NAV Chg %Ret

Net YTDFund NAV Chg %Ret

Net YTDFund NAV Chg %Ret

Net YTDFund NAV Chg %Ret

Net YTDFund NAV Chg %Ret

Net YTDFund NAV Chg %Ret

Top 250 mutual-funds listings for Nasdaq-published share classes by net assets.

e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes eand s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply,12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and rapply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Notavailable due to incomplete price, performance or cost data. NE-Not released by Lipper;data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period.

TotRetBdI 10.48 ... 0.5Edgewood Growth InstitutiEdgewoodGrInst 64.48 +0.87 24.6Fidelity500IdxInstPrem161.84 +2.12 25.5Contrafund K6 23.65 +0.34 25.3ExtMktIdxInstPre 90.04 +0.14 14.5FidSerToMarket 15.88 +0.18 23.5GrowthCompanyK6 24.69 +0.45 28.4IntlIdxInstPrem 48.88 +0.12 7.4MidCpInxInstPrem 32.54 +0.21 20.9SAIUSLgCpIndxFd 22.32 +0.30 25.6SeriesBondFd 10.44 -0.02 -1.8SeriesOverseas 14.28 +0.09 15.2SmCpIdxInstPrem 28.51 -0.05 14.4TMktIdxInstPrem132.86 +1.47 23.5USBdIdxInstPrem 12.00 -0.02 -1.8Fidelity Advisor IGrOppI 178.93 +2.62 15.3NwInsghtI 46.47 +0.69 26.1Fidelity FreedomFF2020 17.68 +0.04 7.9FF2025 16.21 +0.05 9.0FF2030 20.38 +0.07 10.2FF2035 17.88 +0.09 12.8FF2040 12.85 +0.07 14.6Freedom2025 K 16.19 +0.05 9.1Freedom2030 K 20.37 +0.07 10.3Freedom2035 K 17.87 +0.09 12.9Freedom2040 K 12.86 +0.08 14.7Fidelity InvestBalanc 30.27 +0.25 16.5BluCh 191.82 +3.48 26.4Contra 20.56 +0.30 25.4

ContraK 20.62 +0.30 25.5CpInc r 11.29 +0.05 9.8GroCo 42.41 +0.78 29.0GrowCoK 42.55 +0.79 29.1InvGrBd 11.66 -0.01 -0.3LowP r 53.50 +0.14 19.4Magin 15.83 +0.37 27.1NASDAQ r 199.26 +3.69 23.2OTC 20.41 +0.35 26.7Puritn 27.45 +0.31 18.1SrsEmrgMkt 23.78 +0.15 -4.7SrsGlobal 15.03 +0.03 4.8SrsGroCoRetail 29.68 +0.56 30.3SrsIntlGrw 20.12 +0.21 13.2SrsIntlVal 11.16 +0.01 10.6TotalBond 11.07 -0.01 -0.4Fidelity SAITotalBd 10.48 -0.01 -0.1Fidelity SelectsSoftwr r 31.78 +0.53 19.0Tech r 31.15 +0.64 22.7First Eagle FundsGlbA 67.16 +0.24 9.6Franklin A1IncomeA1 p 2.50 ... 13.4FrankTemp/Franklin ADynaTech A p167.28 +3.56 19.7Growth A p 163.35 +2.56 20.6RisDv A p 97.83 +1.01 22.6Guggenheim Funds TruTotRtnBdFdClInst 28.82 -0.05 -0.4Harbor FundsCapApInst 126.28 +2.21 21.2Harding Loevner

IntlEq 29.76 +0.21 NAInvesco Funds YDevMktY 51.14 +0.55 -4.3John Hancock InstlDispValMCI 28.43 +0.12 21.9JPMorgan I ClassEqInc 23.43 +0.12 20.4JPMorgan R ClassCoreBond 11.94 -0.02 -0.9Lord Abbett AShtDurIncmA p 4.16 ... 0.9Lord Abbett FShtDurIncm 4.16 ... 1.0Lord Abbett IShtDurInc p 4.16 ... 1.1Metropolitan WestTotRetBdI 10.92 -0.02 -1.2TRBdPlan 10.24 -0.01 -1.2MFS FundsIIE NA ... NAMFS Funds Class IGrowthI NA ... NAValueI 53.96 +0.32 21.0Northern FundsStkIdx 52.19 +0.69 25.4Nuveen Cl IHYMunBd 18.49 ... 9.5Old Westbury FdsLrgCpStr 20.02 +0.17 16.8Parnassus FdsParnEqFd 62.42 +0.89 24.8PGIM Funds Cl ZHighYield 5.49 +0.02 4.5TotalReturnBond NA ... NAPIMCO Fds Instl

AllAsset NA ... NATotRt 10.29 -0.01 -1.1PIMCO Funds AIncomeFd 11.86 +0.01 NAPIMCO Funds I2Income 11.86 +0.01 NAPIMCO Funds InstlIncomeFd 11.86 +0.01 NAPrice FundsBlChip 199.22 +3.39 20.4DivGro 71.95 +0.74 20.7EqInc 37.32 +0.16 21.0Growth 119.90 +2.06 23.7HelSci 110.00 +0.02 11.3LgCapGow I 76.14 +1.42 24.4MidCap 129.24 +1.24 14.3NHoriz 94.90 +0.96 15.3R2020 24.91 +0.09 9.5R2025 21.46 +0.10 10.8R2030 31.97 +0.18 12.4R2040 35.02 +0.25 15.1Schwab Funds1000 Inv r 103.41 +1.23 NAS&P Sel 72.07 +0.94 NATSM Sel r 82.05 +0.90 NAVANGUARD ADMIRAL500Adml 430.62 +5.63 25.5BalAdml 49.37 +0.31 13.0CAITAdml 12.21 +0.01 0.7CapOpAdml r216.19 +2.11 21.8DivAppIdxAdm 44.96 +0.43 18.7EMAdmr 40.91 +0.08 -0.3EqIncAdml 94.02 +0.28 20.7ExplrAdml 139.24 +0.76 16.3

ExtndAdml 141.90 +0.23 14.6GNMAAdml 10.57 +0.01 -0.8GrwthAdml 165.13 +3.19 27.1HlthCareAdml r 96.61 -0.50 7.9HYCorAdml r 5.88 +0.02 2.2InfProAd 28.94 -0.07 5.4IntlGrAdml 163.69 +1.83 2.1ITBondAdml 12.02 -0.02 -2.5ITIGradeAdml 10.01 -0.01 -1.7LTGradeAdml 11.14 -0.05 -2.4MidCpAdml 313.03 +2.87 23.1MuHYAdml 12.06 ... 3.6MuIntAdml 14.71 ... 0.9MuLTAdml 12.18 +0.01 2.0MuLtdAdml 11.17 ... 0.4MuShtAdml 15.89 ... 0.3PrmcpAdml r185.23 +1.91 20.4RealEstatAdml154.33 +1.44 30.7SmCapAdml107.78 +0.14 16.5SmGthAdml 99.43 +0.40 6.0STBondAdml 10.67 +0.01 -0.8STIGradeAdml 10.82 ... -0.4STIPSIxAdm 26.23 +0.01 5.3TotBdAdml 11.23 -0.02 -1.6TotIntBdIdxAdm 22.82 -0.02 -1.8TotIntlAdmIdx r 33.72 +0.06 5.5TotStAdml 115.92 +1.27 23.5TxMCapAdml243.40 +3.02 24.2TxMIn r 16.13 +0.04 7.7USGroAdml 200.22 +2.85 17.8ValAdml 55.35 +0.20 21.3WdsrllAdml 85.74 +0.76 25.6WellsIAdml 71.99 +0.01 6.9WelltnAdml 87.63 +0.57 16.1WndsrAdml 87.32 +0.38 23.3

VANGUARD FDSDivdGro 38.82 +0.23 18.3INSTTRF2020 28.15 +0.09 7.2INSTTRF2025 29.81 +0.11 8.6INSTTRF2030 30.92 +0.13 9.9INSTTRF2035 31.98 +0.17 11.3INSTTRF2040 33.08 +0.19 12.7INSTTRF2045 34.09 +0.22 14.1INSTTRF2050 34.24 +0.22 14.2INSTTRF2055 34.33 +0.22 14.2IntlVal 41.97 +0.03 4.3LifeCon 23.60 +0.05 5.2LifeGro 44.91 +0.26 12.4LifeMod 34.17 +0.14 8.7PrmcpCor 35.29 +0.28 21.8STAR 33.84 +0.17 9.3TgtRe2015 16.53 +0.03 5.1TgtRe2020 36.74 +0.10 7.1TgtRe2025 23.36 +0.08 8.4TgtRe2030 44.53 +0.20 9.8TgtRe2035 28.04 +0.14 11.2TgtRe2040 49.83 +0.29 12.6TgtRe2045 32.12 +0.21 13.9TgtRe2050 51.88 +0.35 14.1TgtRet2055 56.32 +0.37 14.1TgtRetInc 15.45 +0.02 4.6TotIntBdIxInv 11.41 -0.01 -1.8USGro 77.24 +1.10 17.7WellsI 29.72 +0.01 6.8Welltn 50.74 +0.32 16.0WndsrII 48.31 +0.43 25.5VANGUARD INDEX FDSExtndIstPl 350.16 +0.54 14.6IdxIntl 20.16 +0.04 5.5

MdCpGrAdml110.31 +1.45 21.2MdCpVlAdml 75.94 +0.35 24.9SmValAdml 75.80 -0.06 25.6TotBd2 11.08 -0.02 -1.7TotIntlInstIdx r134.84 +0.24 5.5TotItlInstPlId r134.88 +0.24 5.5TotSt 115.88 +1.28 23.4VANGUARD INSTL FDSBalInst 49.38 +0.31 13.0DevMktsIndInst 16.15 +0.04 7.7DevMktsInxInst 25.24 +0.06 7.7ExtndInst 141.89 +0.22 14.6GrwthInst 165.14 +3.19 27.1InPrSeIn 11.79 -0.03 5.4InstIdx 407.52 +5.33 25.5InstPlus 407.54 +5.33 25.5InstTStPlus 90.54 +0.99 23.6MidCpInst 69.15 +0.63 23.1MidCpIstPl 341.04 +3.13 23.1SmCapInst 107.78 +0.14 16.5SmCapIstPl 311.10 +0.41 16.5STIGradeInst 10.82 ... -0.4STIPSIxins 26.25 +0.01 5.3TotBdInst 11.23 -0.02 -1.6TotBdInst2 11.08 -0.02 -1.7TotBdInstPl 11.23 -0.02 -1.6TotIntBdIdxInst 34.25 -0.02 -1.7TotStInst 115.94 +1.28 23.5ValueInst 55.35 +0.20 21.3WCM Focus FundsWCMFocIntlGrwIns 28.34 +0.36 14.5Western AssetCoreBondI NA ... NACorePlusBdI NA ... NACorePlusBdIS NA ... NA

Data provided by

52-Wk %Stock Sym Hi/Lo Chg

ATN Intl ATNI 39.78 -3.6AVROBIO AVRO 3.87 -2.7AbeonaTherap ABEO 0.64 -11.6AbsoluteSftwr ABST 8.60 -1.4AccelerateDiag AXDX 4.89 -0.8Accolade ACCD 25.54 -2.0AcerTherap ACER 2.08 -3.6AcordaTherap ACOR 2.64 -5.9ActivisionBliz ATVI 59.65 -0.5AcumenPharm ABOS 7.95 -1.8AcutusMedical AFIB 3.06 -4.8Adagene ADAG 8.50 -2.2AdaptHealth AHCO 20.11 -6.8AddexTherap ADXN 6.91 -2.9AdvantageSolns ADV 7.69 -2.5AdverumBiotech ADVM 1.86 -3.6AeriePharm AERI 9.15 -2.3AgeX Therap AGE 0.68 -2.8AirSculptTech AIRS 11.25 -1.2AirspanNetworks MIMO 5.10 -2.3Akerna KERN 2.25 0.4Akumin AKU 1.57 -2.5AlbireoPharma ALBO 22.69 -4.1AlgonquinPwrUn AQNU 45.81 0.1AlgonquinPwr AQN 13.62 0.4Alibaba BABA 130.55 -1.3Amarin AMRN 3.53 -2.2AIG PfdA AIGpA 26.34 0.1AmericanPubEdu APEI 19.33 -8.6AmVirtualCloud AVCT 1.41 10.7AmericanWell AMWL 6.46 1.5AmericanWoodmark AMWD 62.67 -2.9AmerCarMart CRMT 99.19 -0.9AmrytPharma AMYT 9.23 0.1AngionBiomed ANGN 3.58 -4.0AppHarvest APPH 4.83 -1.6AppliedGenetic AGTC 2.24 -4.6Aravive ARAV 3.25 -4.1ArcadiaBiosci RKDA 1.30 -3.5ArcutisBiotherap ARQT 15.56 -5.5Ardelyx ARDX 0.86 -3.4Argan AGX 39.86 -1.1ArmadaAcqnIWt AACIW 0.49 1.9ArtemisStratInvt ARTE 9.84 -0.5Astronics ATRO 10.62 -6.8Atreca BCEL 3.94 -9.0AudioEye AEYE 7.21 -4.6AusterlitzI A AUS 9.79 0.1AvaloTherap AVTX 2.00 -3.3

52-Wk %Stock Sym Hi/Lo Chg

HudsonPacificPfdC HPPpC 25.30 0.9HuntCosAcqnI HTAQ.U 10.18 0.5InflectionPointA IPAX 9.76 0.1Informatica INFA 35.24 4.3InnovativeIntl IOACU 10.17 0.3iRadimed IRMD 47.98 5.2iSpecimen ISPC 28.98 16.6KrystalBiotech KRYS 102.99 121.7LamResearch LRCX 682.29 6.0LandcadiaIV Wt LCAHW 1.53 -0.7LithiumAmericas LAC 41.17 14.8MGP Ingredients MGPI 81.51 8.3ManaCapAcqn MAAQU 10.35 -0.1Matterport MTTR 33.48 21.2MatterportWt MTTRW 21.71 36.6MaxproCapA JMAC 9.99 ...Meredith MDP 59.10 0.1MidAmApt MAA 211.18 3.2ModivPfdSeriesA MDVA 26.16 0.3MotorolaSol MSI 262.42 2.3NextEraEnergy NEE 88.92 3.0NorthernLightsWt NLITW 0.80 ...OP Bancorp OPBK 14.00 4.2OldDomFreight ODFL 364.83 1.5Pfizer PFE 55.70 -3.0PlymouthIndREIT PLYM 30.90 2.1PureStorage PSTG 32.24 7.4RR Donnelley RRD 10.35 10.0Rambus RMBS 27.99 3.2RealBrokerage REAX 3.83 0.5RoseHillAcqn ROSEU 10.13 0.2Servotronics SVT 13.00 6.3ShoulderUpTechUn SUAC.U 10.15 0.2SiTime SITM 319.55 1.5Smith-Midland SMID 35.50 11.5StateAutoFin STFC 51.87 0.2Synaptics SYNA 285.98 4.6TelekmIndonesia TLK 28.65 3.1Teradyne TER 154.87 5.5ThimblePointA THMA 10.10 ...VahannaTechI VHNAU 10.11 -0.2Valneva VALN 67.84 12.9WasteMgt WM 168.04 2.1Xilinx XLNX 234.18 4.1

LowsAmerisafe AMSF 53.44 -1.7AMTD Intl HKIB 3.32 -0.6AT&T T 23.85 -1.4

52-Wk %Stock Sym Hi/Lo Chg

HighsALSPOrchidAcqnIUn ALORU 10.12 0.2AccretionAcqn ENERU 10.22 0.2AdvMicroDevices AMD 162.51 4.6AeroCleanTech AERC 117.35 44.9ArborRaphaI ARCKU 10.25 0.2ArgusCapitalUn ARGUU 11.64 0.6ArmadaAcqnI AACI 9.89 4.8ArqitQuantumWt ARQQW 8.84 2.4ArtemisStratInvtWt ARTEW 0.58 8.8AshfordHospPfdI AHTpI 28.65 0.8AtlanticusNts26 ATLCL 25.24 0.8BerensonAcqnI BACA 9.79 ...BerryGlobal BERY 71.98 7.7BeyondAir XAIR 16.41 -7.2BiofronteraWt BFRIW 4.93 -9.1Biofrontera BFRI 10.40 -10.1BlueFoundryBncp BLFY 15.35 -2.0BrighthousePfdD BHFAM 25.28 0.6CF Acqn VIII Wt CFFEW 1.61 -7.0CalumetSpecialty CLMT 17.43 2.9CamdenProperty CPT 171.56 1.1Cars.com CARS 17.38 5.3CascadiaAcqn CCAIU 11.61 0.7CascadiaAcqnWt CCAIW 0.70 -2.9ChinaXiangFood PLIN 2.14 8.5ConEd ED 80.50 2.1Costco COST 560.78 1.6Covanta CVA 20.26 0.1DigitalRealty DLR 169.97 2.4Domtar UFS 55.50 ...EastStoneAcqn ESSC 10.59 3.4EdisonInt EIX 66.24 1.7ExtraSpaceSt EXR 204.98 2.1FactSet FDS 471.72 2.6FarmersBancp FMAO 30.00 5.0FatProjectsAcqn FATPU 10.15 ...FirstEagleAltNts26 FCRX 28.14 4.0FlexLNG FLNG 25.44 5.8FounderSPAC FOUNU 10.20 ...FrontierComms FYBR 35.15 -0.2GasLogPtrsPfdB GLOPpB 25.89 1.1GesherIAcqnA GIAC 10.50 -0.1GlobalFoundries GFS 73.25 4.8GoGreenInvts GOGN.U 10.24 0.2HarborCustomWt HCDIZ 0.73 0.4HennessyCapInvVIWt HCVIW 0.90 5.9HireRight HRT 19.46 ...

Monday, November 29, 2021

New Highs and LowsNetgear NTGR 26.34 -1.1NeuBaseTherap NBSE 3.01 0.3Neuronetics STIM 3.92 -2.9NeuroOneMed NMTC 2.15 -4.9NeuroPace NPCE 10.38 -11.4Nevro NVRO 84.17 -0.1NewYorkCityReit NYC 6.67 -5.7NexImmune NEXI 7.51 -2.0NextEraEnDebK NEEpK 25.04 0.1Nkarta NKTX 15.10 -6.6NomuraHoldings NMR 4.13 -1.7Novartis NVS 79.97 -0.5NuverraEnvl NES 1.49 6.7OakStreetHealth OSH 29.84 -0.3OmegaHealthcare OHI 27.41 -1.0OncologyInstWt TOIIW 0.80 -2.4OncoSecMedical ONCS 1.22 -6.1OpenLending LPRO 23.21 -2.0Opera OPRA 7.64 -0.8OrchidIslandCap ORC 4.70 0.1Orphazyme ORPH 3.16 -3.3OscarHealth OSCR 9.06 -5.6OsmoticaPharm OSMT 1.35 -3.5OtonomoTechWt OTMOW 0.44 -6.2OverseasShip OSG 1.77 -0.6PagSeguroDig PAGS 25.74 -2.6ParatekPharma PRTK 4.11 -5.5PAVmedWt PAVMW 0.26 -4.0Paya PAYA 6.32 -0.3PayPal PYPL 182.43 -0.3PaysafeWt PSFE.WS 0.70 -4.4PetIQ PETQ 20.51 -1.8Pharming PHAR 8.00 -3.3PhathomPharm PHAT 18.69 -5.4Pinterest PINS 40.47 -5.3PolarityTE PTE 0.45 -4.7PopCulture CPOP 2.07 0.9PowerFleet PWFL 6.09 -2.2ProfDiversity IPDN 1.06 -7.8ProfoundMed PROF 10.77 -4.0ProtoLabs PRLB 49.12 -2.5Pulmonx LUNG 31.98 -4.4PumaBiotech PBYI 3.06 -4.5PurpleInnovation PRPL 10.60 -2.5Q&K Intl QK 0.46 -7.8Quanterix QTRX 40.36 -5.4Quantum-Si QSI 6.21 -4.7Qutoutiao QTT 0.63 -3.8RE/MAX RMAX 26.05 0.1RYBEducation RYB 1.92 -8.3RapidMicro RPID 12.50 -4.7RealGoodFood RGF 8.35 -10.5RedRobin RRGB 16.36 -2.4RenaissancePfdG RNRpG 24.30 0.3RenaissancePfdF RNRpF 25.85 0.7ReNewEnergy RNW 7.79 -3.1RenttheRunway RENT 14.36 -8.1Repay RPAY 16.18 -4.1Resonant RESN 2.08 -3.7

RevanceTherap RVNC 12.34 -2.9RhythmPharm RYTM 8.80 -4.2RigelPharm RIGL 2.69 -2.5Riskified RSKD 9.24 -2.5RiteAid RAD 11.96 -2.7Robinhood HOOD 25.75 -3.0RocketPharm RCKT 23.15 -0.3RomeoPower RMO 3.88 -0.5SG Blocks SGBX 2.15 -4.3SI-BONE SIBN 19.10 -3.5SoarTechAcqnWt FLYA.WS 0.62 -8.8SabraHealthcare SBRA 12.93 -1.4SchweitzerMaud SWM 29.92 -4.6ScopusBio SCPS 2.53 ...SeaSpine SPNE 13.25 -0.9Seer SEER 21.25 -5.9SenesTech SNES 1.25 -3.8SenstarTech SNT 3.26 -5.1Sentage SNTG 1.69 -1.7Shapeways SHPW 4.33 -5.6ShattuckLabs STTK 8.47 -8.5ShenandoahTel SHEN 25.43 -0.9Shift4Paymts FOUR 50.75 -4.3ShiftTech SFT 4.54 -3.8ShiftPixy PIXY 0.84 -3.4SigilonTherap SGTX 3.69 -4.6SilkRoadMed SILK 41.43 -3.9SilverbackTherap SBTX 6.93 -3.1SinclairBroadcast SBGI 23.09 -1.5SiriusPoint SPNT 7.48 -0.3SkylightHealth SLHG 1.41 -12.0SmartShareGlbl EM 2.31 -6.4SmileDirectClub SDC 3.01 -2.2SolGelTech SLGL 6.55 -10.2SpectrumPharm SPPI 1.54 -6.5Sportradar SRAD 16.63 -4.6SpragueRscs SRLP 14.29 -3.8SpruceBio SPRB 2.54 -6.2Staffing360 STAF 1.11 -4.2Startek SRT 4.20 -2.6StateStreetPfdD STTpD 26.88 0.8Steelcase SCS 11.61 -1.9StitchFix SFIX 25.87 -5.7StoneCo STNE 15.74 -0.6StrategicEd STRA 55.46 -3.8StrongholdDig SDIG 17.70 -6.5StryveFoods SNAX 3.74 -4.5SummitWireless WISA 1.76 -3.8SunOpta STKL 6.08 -3.3TCR2 Therap TCRR 5.09 -2.5TMCtheMtlsWt TMCWW 0.57 -12.3T-MobileUS TMUS 110.33 -0.1TPBAcqnIWt TPBAW 0.67 6.0TPIComposites TPIC 18.02 -2.5TabulaRasaHlth TRHC 11.07 -0.8TactileSystems TCMD 19.14 -6.7TakedaPharm TAK 13.38 -0.3TalkspaceWt TALKW 0.31 -2.9TechnipFMC FTI 5.80 -1.9

TernsPharm TERN 6.49 -9.0ThimblePointA THMA 9.33 ...TianRuixiang TIRX 2.17 -2.1TitanMedical TMDI 0.67 -0.5Traeger COOK 12.68 -2.9TransportadGas TGS 4.15 -2.8Triterras TRIT 4.42 ...TrueCar TRUE 3.23 -2.4Tuniu TOUR 0.95 -5.9US PhysTherapy USPH 87.58 -0.9uCloudlink UCL 2.48 -11.7UcommuneIntl UK 0.63 -2.7UltragenyxPharm RARE 73.43 -3.6UniqueFabricating UFAB 2.22 -2.9UnityBiotech UBX 2.07 -5.9UnivDisplay OLED 142.48 1.2UniversalHealthB UHS 121.02 -2.5UplandSoftware UPLD 19.56 -1.6UroGenPharma URGN 11.66 -1.8UserTesting USER 9.35 -4.3UtzBrands UTZ 14.99 -1.7VNET VNET 10.33 -5.3VastaPlatform VSTA 2.47 -4.6VectivBio VECT 3.45 -10.4VelodyneLidar VLDR 5.44 -2.6VerricaPharm VRCA 8.51 0.8VeryGoodFood VGFC 0.94 -10.4ViacomCBS A VIACA 34.21 -1.3ViacomCBS B VIAC 31.55 -1.0ViacomCBS Pfd VIACP 53.72 -2.1Viatris VTRS 12.47 -1.8VillageFarms VFF 6.71 -3.8VincerxPharma VINC 10.66 -3.9Vipshop VIPS 9.60 -1.8ViractaTherap VIRX 4.55 -5.6ViveveMedical VIVE 1.52 -5.0VivoPowerIntl VVPR 4.46 -3.4VorBiopharma VOR 10.95 -4.0Vroom VRM 14.71 -5.1WM Tech MAPS 7.20 -3.2WW Intl WW 16.37 -5.4WalkMe WKME 19.53 -3.6Weber WEBR 13.56 -1.4Wejo WEJO 6.68 -5.8WellsFargoPfdA WFCpR 27.03 0.5WesternUnion WU 16.05 -1.5WheelerREIT WHLR 2.15 -7.1WhiteHorseNts2025 WHFBZ 25.04 -0.2WunongNetTech WNW 2.96 -2.9XL Fleet XL 4.42 -5.1XilioTherap XLO 14.68 -23.7Xunlei XNET 2.57 ...YumChina YUMC 49.96 -1.3YumanityTherap YMTX 4.11 -1.7ZealandPharma ZEAL 20.75 -1.6ZeviaPBC ZVIA 7.15 -6.4Zillow A ZG 52.43 -1.7ZimmerBiomet ZBH 123.43 -1.7Zogenix ZGNX 11.31 -2.6Zynga ZNGA 6.14 -4.2

JustEatTakeaway GRUB 12.92 -4.1KaleidoBiosci KLDO 3.64 -8.8KandiTech KNDI 3.76 -3.3Kemper KMPR 56.41 -2.6KeyTronic KTCC 6.07 -1.0KingsoftCloud KC 17.21 -2.0KintaraTherap KTRA 0.71 -4.4KoninklijkePhil PHG 35.53 -3.4KoreaElcPwr KEP 8.98 -0.9KronosBio KRON 11.50 -5.8Kyndryl KD 16.30 -0.1LHC Group LHCG 120.34 -2.5LairdSuperfood LSF 13.28 -1.8LancasterColony LANC 153.76 -2.2Landec LNDC 8.09 -4.8LandosBio LABP 7.24 -5.4LexinFintech LX 4.25 -3.1LifeMD LFMD 3.92 -5.9Lilium LILM 7.20 -8.3LiminalBioSci LMNL 1.20 1.6LiveOne LVO 1.88 -6.9LiveVoxWt LVOXW 0.56 -20.8loanDepot LDI 4.92 -4.4LongboardPharm LBPH 5.68 -3.7LordstownMotors RIDE 4.60 ...LoyaltyVentures LYLT 27.69 2.2LumberLiqu LL 15.85 -6.5MICT MICT 1.04 -4.5MagentaTherap MGTA 5.65 -5.6ManTechIntl MANT 69.35 0.6MarblegateAcqnWt GATEW 0.47 -0.3MarkerTherap MRKR 1.19 -2.4MarketAxess MKTX 352.62 -2.1MauiLand MLP 10.02 -2.0MaxproCapWt JMACW 0.42 -2.1MedAvail MDVL 1.69 -5.4MercadoLibre MELI 1223.34 -2.0MersanaTherap MRSN 6.64 -4.5MidatechPharma MTP 1.44 -2.4MillicomIntl TIGO 31.12 -1.5MinervaNeurosci NERV 1.00 -5.7MinervaSurgical UTRS 6.10 -3.2MiromatrixMed MIRO 6.45 -6.7MirumPharm MIRM 12.82 -2.7MizuhoFin MFG 2.46 0.8ModelN MODN 27.68 1.8MolecularTemp MTEM 4.04 -2.1MontereyBioAcqn MTRY 9.86 -0.1MontereyBioAcqnWt MTRYW 0.45 -4.2MotorcarParts MPAA 16.53 -4.3NN NNBR 4.52 -4.6NanoStringTech NSTG 40.18 -1.8NatlResearch NRC 40.63 -1.4NatlStoragePfdA NSApA 25.47 ...Natura&Co NTCO 9.43 -2.5Nautilus NLS 6.84 -3.9NektarTherap NKTR 10.97 -0.9NeoGenomics NEO 34.92 -3.7NerdWallet NRDS 20.50 -8.7

FleetCorTech FLT 211.35 -1.0FloraGrowth FLGC 1.90 9.6Flowserve FLS 30.81 -1.4FormaTherap FMTX 15.45 -5.0FortunaSilver FSM 3.39 -1.14D Molecular FDMT 20.95 -2.9FrequencyTherap FREQ 5.32 -5.3FreseniusMed FMS 29.93 0.5GAN GAN 9.61 -2.4Galecto GLTO 2.82 -4.7GaleraTherap GRTX 1.33 -8.8GamidaCell GMDA 2.65 -2.2Gap GPS 16.85 2.7GeminiTherap GMTX 2.75 -5.5Genetron GTH 9.53 -10.7Genfit GNFT 3.26 -2.4GlycoMimetics GLYC 1.71 -3.9GrandCanyonEduc LOPE 73.12 -3.2GraybugVision GRAY 2.50 -5.6GreenDot GDOT 36.76 -3.8GreenbrookTMS GBNH 5.46 -4.0Greenlane GNLN 1.20 -3.2GreenTree GHG 7.00 2.5Grifols GRFS 10.85 1.3GrowGeneration GRWG 16.56 -6.7GuardforceAI GFAI 1.40 -5.2HEXO HEXO 1.08 -5.9HUYA HUYA 7.50 -1.1HailiangEduc HLG 21.22 -3.1HalozymeTherap HALO 33.24 -1.7Hanger HNGR 17.06 -4.2HealthEquity HQY 55.93 -0.1Heartbeam BEAT 3.60 -4.1HeliusMedical HSDT 6.90 -3.8HemisphereMedia HMTV 7.80 -5.7Hims&HersHealth HIMS 6.57 -1.2HookerFurnishings HOFT 23.44 -6.3HycroftMiningWt HYMCW 0.07 -13.3HycroftMining HYMC 0.65 1.2HysterYaleMatls HY 39.53 -3.2IAA IAA 48.05 1.4IBEX IBEX 14.34 -5.4IHS Holding IHS 13.76 -2.6IMPAC Mortgage IMH 1.20 -4.8IonAcqn2 A IACB 9.28 -3.5ITTechPkg ITP 0.30 -4.3i3Verticals IIIV 18.50 -2.8Imara IMRA 3.05 -5.8Immunogen IMGN 4.72 -1.2Infr&EnerAltern IEA 9.93 -2.4Inogen INGN 31.10 -2.1InsightAcqnWt INAQ.WS 0.50 5.8InterstateP&LPfdD IPLDP 24.98 0.1Intevac IVAC 4.56 -4.4Invacare IVC 3.21 -2.1IonisPharma IONS 27.39 -5.5IronNet IRNT 8.38 -5.9Joann JOAN 9.17 -5.6JazzPharma JAZZ 121.14 -1.4

CrackerBarrel CBRL 123.46 -3.0Cronos CRON 4.38 -4.5CryoLife CRY 17.27 -5.2CullinanOncology CGEM 17.52 -3.5Cummins CMI 216.19 -1.1CuriosityStream CURI 7.05 -1.9CVRx CVRX 11.62 -7.7CymaBayTherap CBAY 3.32 -8.2CyteirTherap CYT 13.71 -6.1D-MarketElec HEPS 2.63 ...DSS DSS 0.84 -2.9DTE EnergyDebF DTY 25.10 0.7DaVita DVA 96.75 -0.4DecipheraPharm DCPH 7.63 -4.6DenaliTherap DNLI 43.64 -1.5DentsplySirona XRAY 48.56 -2.2DesktopMetal DM 6.37 -1.2Disney DIS 144.25 -0.2DiversifiedHlthcr DHC 2.75 -0.7DocGo DCGO 7.14 0.4DolbyLab DLB 85.05 0.1Dole DOLE 13.00 -2.0DouYuIntl DOYU 2.64 -2.2DynexCapital DX 16.94 ...Eargo EAR 5.16 -5.1EastmanKodak KODK 5.95 ...EffectorTherap EFTR 6.59 -1.5eHealth EHTH 21.94 -3.9890 5th Ave A ENFA 9.46 -3.889bio ETNB 13.03 -2.7ElPolloLoco LOCO 12.87 -3.5ElectraVehicles SOLO 2.96 -1.6ElectronicArts EA 123.07 -0.9ElevationOnc ELEV 6.14 2.9EliemTherap ELYM 13.45 -0.7Eltek ELTK 4.40 -1.3EmbotellAndinaA AKO.A 10.14 -5.1EmpireStateReal60 OGCP 7.88 -17.1EncompassHealth EHC 59.50 -2.6EnduranceAcqnWt EDNCW 0.51 -0.8EnergyFocus EFOI 2.20 -2.1EnjoyTechWt ENJYW 0.55 -5.3EnsysceBioWt ENSCW 0.15 -5.9EntergyBds66 EAI 25.07 0.2EntergyLA Bds66 ELC 25.15 0.4EnvericBiosci ENVB 1.33 -4.8Epizyme EPZM 3.19 -5.0Erasca ERAS 14.35 -4.6Escalade ESCA 17.76 -6.9EtonPharm ETON 3.94 -4.7EuronetWorldwide EEFT 105.26 -1.0EvaxionBiotech EVAX 4.60 -4.1Eventbrite EB 15.11 -6.8FSDPharma HUGE 1.29 -3.0FTACZeusAcqnUn ZINGU 10.05 0.4FangddNetwork DUO 0.65 -9.6FedNat FNHC 1.49 -6.5FennecPharm FENC 4.69 -50.4FinanceofAm FOA 4.14 -7.0

AvitaTherap RCEL 13.83 -1.5Aware AWRE 2.95 -2.0Axogen AXGN 9.11 -3.8Azul AZUL 12.42 -3.6BRF BRFS 3.59 -1.6BTRS BTRS 7.32 -5.4BWX Tech BWXT 48.42 -1.6Beachbody BODY 2.55 -10.6BeardEnerTran BRD.U 10.07 0.1Benefitfocus BNFT 10.02 0.1BerensonAcqnIWt BACA.WS 0.52 5.2BioAtla BCAB 23.25 -3.2BioDeliverySci BDSI 2.81 -3.1Biogen BIIB 235.18 -2.8BioXcelTherap BTAI 21.68 -1.5BlackDiamond BDTX 6.06 -3.6BlueHatInt BHAT 0.52 -4.5BlueCity BLCT 2.01 -4.9BostonBeer SAM 435.12 -2.7BraggGaming BRAG 5.91 -3.6BridgeBioPharma BBIO 37.64 -3.8BrightHealth BHG 3.31 -10.5BristolMyers BMY 54.60 -3.3BroadmarkRealty BRMK 9.25 -2.2BurconNutra BRCN 1.15 -1.7CI&T CINT 11.26 -7.6CLPS CLPS 2.65 -4.3CRISPR Therap CRSP 76.71 -1.0CanFiteBiopharm CANF 1.14 -3.9Cango CANG 3.18 -7.5CanopyGrowth CGC 10.97 -5.4CardiovascularSys CSII 21.06 -9.2CasaSystems CASA 4.59 5.4CastleBiosci CSTL 40.90 -4.1CatalystBiosci CBIO 1.23 -1.6CatchMarkTimber CTT 7.71 -1.0CECO Env CECE 6.02 -0.5CellebriteDI CLBT 8.15 -4.3CellectarBiosci CLRB 0.68 -4.2CentessaPharm CNTA 10.50 -0.3ChampionsOncology CSBR 8.38 -7.4CheetahMobile CMCM 1.41 -2.1ChickenSoupA CSSE 13.73 -4.6ChinaIndex CIH 1.25 -6.5ChinaNaturalRscs CHNR 0.95 -6.4ChinaOnlineEduc COE 1.80 1.6ChinaYuchai CYD 11.55 0.6CitrixSystems CTXS 80.48 -0.6CleverLeavesWt CLVRW 0.66 -10.3CleverLeaves CLVR 4.79 -6.5CloverHealth CLOV 5.05 -6.1CodexDNA DNAY 6.42 -2.9CoeurMining CDE 5.51 -1.0CognitionTherap CGTX 7.96 -7.3CommsSystems JCS 3.04 -1.2Compass COMP 9.03 -1.6CooTekCayman CTK 0.75 -4.8CorEnergyInfr CORR 4.01 0.5CorsairGaming CRSR 22.36 -1.6

52-Wk %Stock Sym Hi/Lo Chg

52-Wk %Stock Sym Hi/Lo Chg

52-Wk %Stock Sym Hi/Lo Chg

52-Wk %Stock Sym Hi/Lo Chg

52-Wk %Stock Sym Hi/Lo Chg

52-Wk %Stock Sym Hi/Lo Chg

52-Wk %Stock Sym Hi/Lo Chg

The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSEAmerican and Nasdaq Stock Market stocks that hit a new 52-week intraday high or lowin the latest session. % CHG-Daily percentage change from the previous trading session.

BUSINESS & FINANCE

largest stock sale for Mr. Na-della, according to Insider-Score.

“Satya sold approximately840,000 shares of his holdingsof Microsoft stock for personalfinancial planning and diversi-fication reasons,” a Microsoftspokesman said in a writtenstatement. “He is committedto the continued success ofthe company and his holdingssignificantly exceed the hold-ing requirements set by theMicrosoft Board of Directors.”

Analysts said the movecould be related to Washing-ton state instituting a 7% taxfor long-term capital gains be-ginning at the start of nextyear for anything exceeding$250,000 a year.

Since taking over as CEO in2014, Mr. Nadella has overseena turnaround in Microsoft’sfortunes and transformed thecompany into one of the mostvaluable companies in theworld as he focused the busi-ness on cloud computing andselling to large enterprises.The company is currentlytrading at a $2.53 trillion mar-ket capitalization, up about780% since he was appointedCEO.

During the pandemic, thecompany’s business has accel-erated even faster, as more or-ganizations sought out itstools to facilitate remote work.Its stock is trading up morethan 50% this year. Mr. Na-della was appointed chairmanof Microsoft’s board of direc-tors in June.

Microsoft shares rose 2.1%to $336.63 on Monday.

Ben Silverman, director ofresearch at InsiderScore, saidthe sale is similar to Tesla Inc.CEO Elon Musk’s recent stocksales. Mr. Musk took to Twit-ter this month pledging to sell10% of his stockholdings. TheTesla CEO was taking advan-tage of gains in the company’sstock price, Mr. Silvermansaid.

The filing of Mr. Nadella’stransaction was made publicon the Wednesday before thelong Thanksgiving weekend.

“There’s lots of savvinessgoing on with the super-wealthy in terms of trying tonot spook the stock while tak-ing advantage of market frothand getting ahead of tax-codechanges,” said Mr. Silverman.

ContinuedfrompageB1

MicrosoftCEO SellsShares

average of 95 hours a week andsaid job stress had harmedtheir physical and mentalhealth. Goldman in responsesaid it would hire more bankersand more strictly enforceboundaries around working

ContinuedfrompageB1

with about 25 engineers work-ing any given shift.

The lab gives Intel, which isbased in Santa Clara, Calif., acentralized, secure locationwhere security tests can be runfrom anywhere in the world.

Access to the building isstrictly controlled and ap-proved by senior managers,while surveillance cameraswatch the equipment at alltimes. Even its location is se-cret—Intel representatives de-

at the same pace. This createsa long tail of old products thatremain in widespread use, vul-nerable to attacks.

Intel’s answer to this conun-drum was to create a ware-house and laboratory in CostaRica, where the company al-ready had a research-and-de-velopment lab, to store thebreadth of its technology andmake the devices available forremote testing. After planningbegan in mid-2018, the Long-Term Retention Lab was upand running in the second halfof 2019.

The warehouse storesaround 3,000 pieces of hard-ware and software, going backabout a decade. Intel plans toexpand next year, nearly dou-bling the space to 27,000square feet from 14,000, allow-ing the facility to house 6,000pieces of computer equipment.

Intel engineers can requesta specific machine in a config-uration of their choice. It isthen assembled by a technicianand accessible through cloudservices.

The lab runs 24 hours a day,seven days a week, typically

clined to say where exactly it is.The lab brings commercial

value to Intel, Mr. Fazlian said,citing company research thatshows customers are morelikely to buy technology frommanufacturers that proactivelytest their products.

Establishing the lab requiredgetting hard-to-find equipmentto Costa Rica, hiring engineersand computer scientists whocould work on the machines,and tapping managers to putprocesses in place to make itwork, said Fawn Taylor, seniordirector of corporate remedia-tion programs for Intel’s prod-uct assurance and security unit.

At times, contributionscame from engineers who hadlong since moved on to otherprojects or even left the com-pany. They helped assembletechnical documentation anddiscussed what they knewabout products from yearsago, Ms. Taylor said.

Marcel Cortes Beer, a man-ager at the lab, said it gets1,000 requests a month tobuild equipment for remotesecurity tests, and 50 new de-vices come in weekly.

A few years ago, executivesat Intel Corp. began to realizethey had a problem. The com-pany was making dozens ofnew products each year, fromchips to software platforms,but it didn’t have a formalmethod for cataloging andstoring older technology soengineers could test it for se-curity flaws.

Some devices, such asSandy Bridge microproces-sors—launched in 2011 anddiscontinued in 2013—were soscarce that Intel’s security re-searchers resorted to combingthe internet for them.

“We had to actually go oneBay and start looking forthese platforms,” said MohsenFazlian, general manager ofIntel’s product assurance andsecurity unit.

Intel’s issue reflects a widerconcern: Legacy technologycan introduce cybersecurityweaknesses. Tech makers con-stantly improve their productsto take advantage of speedand power increases, but cus-tomers don’t always upgrade

BY JAMES RUNDLE

Intel Fills LabWith Old Tech to Test Security Flaws

The Costa Rica site has 6,000 pieces of computer equipment.

INTE

L

hours. Several banks, includingGoldman, also raised salariesfor junior bankers this year.

Goldman has also beenstricter than some other banksabout returning to the office.It told most of its staff mem-bers to return to the office inJune, and executives were vo-cal that working from homewasn’t a long-term solutionfor a Wall Street bank.

Paid time off to care forfamily is rare at U.S. compa-nies. Twenty-eight percent ofU.S. employees had the optionto take paid family leave overthe past year, according to a

Bipartisan Policy Center andMorning Consult poll from thespring.

Last year, Goldman intro-duced paid family leave foremployees facing issues re-lated to Covid-19. The optionremains popular with employ-ees, Mr. de Beyer said.

Under the new policies,Goldman employees are eligi-ble for five days of paid be-reavement leave for the loss ofa nonimmediate family mem-ber and 20 days’ leave for theloss of an immediate familymember.

Employees are also eligible

for 20 days of paid leave ifthey, a spouse or a surrogatehas a miscarriage or stillbirth.

The bank also is offering asix-week unpaid sabbatical foremployees with at least 15years at Goldman, while lon-ger-tenured employees are eli-gible for a longer break.

Goldman expects about4,000 employees, or about 10%of the workforce, will be eligi-ble.

Wall Street has never beenknown as a relaxed place towork, and shifting the corpo-rate culture to get employeesto actually take extended time

off could be a challenge, saidPeter Cappelli, director of theCenter for Human Resourcesat the University of Pennsylva-nia’s Wharton School.

“Taking a sabbatical is notthe kind of thing that super-engaged executives do,” hesaid. Still, he said, the exis-tence of the new benefitsmight give employees peace ofmind even if they don’t actu-ally use them.

Mr. de Beyer said the com-pany planned to spotlight se-nior managers who take thesabbatical to encourage otheremployees to take part.

GoldmanExpandsBenefits

exercise-bike maker copiedthe designs of its workoutleggings and bras to launchits own clothing line.

It also alleged Pelotonfiled its lawsuit to “wrestleaway Lululemon’s choice offorum.”

Lululemon said in its com-plaint, filed in the U.S. Dis-trict Court for the CentralDistrict of California, that itfirst sent a cease-and-desistletter to Peloton on Nov. 11,asking the company to stopselling the alleged copycatdesigns.

Peloton asked Lululemonfor extra time to respond, butinstead of responding, Pelo-ton filed its pre-emptive law-suit, according to Monday’scomplaint.

Peloton didn’t respond to arequest for comment Monday.In its lawsuit Friday, thecompany said Lululemon wasthreatening to sue because ofPeloton’s recent success.

The two companies formeda partnership in 2016, withLululemon supplying its ath-letic wear and Peloton stamp-ing its logo alongside Lulu-

lemon’s, as agreed, accordingto Lululemon’s complaint.

The co-branded clothingwas sold on Peloton’s websiteand in its stores.

Lululemon said Pelotonasked to end the partnershipearlier this year and shortlyafterward announced it waslaunching its own clothingline, according to the com-plaint.

Lululemon alleges thatPeloton didn’t spend any timecreating its own clothing andinstead started selling knock-offs of Lululemon leggings

and bras.Lululemon is asking the

court to stop Peloton fromselling the designs it saidwere copied, including work-out bras and leggings.

It is also asking that Pelo-ton pay Lululemon for lostprofits and other damagesbut didn’t specify an amount.

“We are confident in ourposition and look forward toproperly resolving this casethrough the courts,” saidShannon Higginson, Lulu-lemon’s general counsel andchief compliance officer.

Lululemon and Pelotonused to make workout clothestogether. Now, they arelocked in a legal battle.

The first lawsuit came lastweek, when Peloton Interac-tive Inc. pre-emptively suedLululemon Athletica Inc. inthe Southern District of NewYork, asking a federal courtto declare that it didn’t in-fringe Lululemon’s designs.

On Monday, Lululemon hitback with its own lawsuitagainst Peloton, alleging the

BY JOSEPH PISANI

Lululemon Alleges Peloton Copied Designs

P2JW334000-1-B00700-1--------XA

B8 | Tuesday, November 30, 2021 THEWALL STREET JOURNAL.

DividendChangesDividend announcements fromNovember 29.

Amount Payable /Company Symbol Yld% New/Old Frq Record

Amount Payable /Company Symbol Yld% New/Old Frq Record

ForeignB2Gold BTG 4.0 .04 Q Dec17 /Dec08

KEY:A: annual;M:monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO:spin-off.

NetStock SymClose Chg

A B CABB ABB 34.74 0.55AECOM ACM 72.30 0.18AES AES 23.62 -0.21Aflac AFL 55.70 0.13AGCO AGCO 114.10 -3.18AMC Ent AMC 36.84 -0.79Ansys ANSS 397.72 15.24APA APA 26.83 0.59ASETech ASX 7.42 0.21ASML ASML 815.01 32.99

t AT&T T 23.89 -0.33AbbottLabs ABT 128.03 2.15AbbVie ABBV 116.89 0.38Abiomed ABMD 319.12 -6.86Accenture ACN 365.82 12.22

t ActivisionBliz ATVI 60.31 -0.31Adobe ADBE 687.49 25.39AdvanceAuto AAP 227.27 0.54AdvDrainageSysWMS 127.55 1.82

s AdvMicroDevicesAMD 161.91 7.10Aegon AEG 4.46 -0.01AerCap AER 57.39 -0.35AffirmHldgs AFRM 132.15 -4.83AgilentTechs A 153.42 1.35agilon health AGL 21.43 -0.16AgnicoEagle AEM 50.68 -1.15AirProducts APD 291.35 -2.29Airbnb ABNB 180.08 6.22AkamaiTech AKAM 114.26 2.32Albemarle ALB 275.89 9.04Albertsons ACI 35.43 -0.29Alcoa AA 49.14 1.19Alcon ALC 78.49 0.58AlexandriaRlEstARE 205.26 0.81

t Alibaba BABA 131.61 -1.74AlignTech ALGN 634.47 0.25Alleghany Y 664.73 -9.97Allegion ALLE 128.68 -0.69AlliantEnergy LNT 57.28 0.54Allstate ALL 113.14 -1.17AllyFinancial ALLY 47.71 -0.67AlnylamPharmALNY 180.74 -7.79Alphabet C GOOG 2922.28 66.16Alphabet A GOOGL 2910.61 66.95Altria MO 43.48 -0.26AlumofChina ACH 12.23 -0.11Amazon.com AMZN 3561.57 57.01Ambev ABEV 2.90 -0.05Amcor AMCR 11.58 0.04Amdocs DOX 70.98 0.67Amerco UHAL 717.23 -5.11Ameren AEE 85.09 0.58AmericaMovil A AMOV 16.80 -0.10AmericaMovil AMX 17.11 0.04AmerAirlines AAL 17.74 -0.01AEP AEP 83.31 0.76AmerExpress AXP 157.86 1.04AmericanFin AFG 138.14 -0.94AmHomes4RentAMH 40.65 0.17AIG AIG 54.95 -1.10AmerTowerREITAMT 266.94 4.07AmerWaterWorksAWK 173.32 3.01Ameriprise AMP 293.71 1.97AmerisourceBrgnABC 120.23 ...Ametek AME 140.01 0.92Amgen AMGN 203.47 2.38Amphenol APH 82.93 1.31AnalogDevicesADI 183.20 5.20AB InBev BUD 57.36 -0.89AnnalyCap NLY 8.35 ...Anthem ANTM 416.22 0.70Aon AON 296.69 2.58ApolloGlbMgmtAPO 73.35 1.61Apple AAPL 160.24 3.43

ApplMaterials AMAT 151.22 7.93Applovin APP 90.26 -0.45Aptiv APTV 165.49 2.08Aramark ARMK 34.38 -0.50ArcelorMittal MT 27.52 -0.35ArchCapital ACGL 41.73 -0.16ArcherDaniels ADM 64.81 0.41AresMgmt ARES 82.23 0.06arGEN-X ARGX 276.32 0.22AristaNetworksANET 126.60 1.63ArrowElec ARW 124.42 0.45Asana ASAN 108.91 2.89AspenTech AZPN 146.11 0.95Assurant AIZ 156.04 -1.27AstraZeneca AZN 55.53 -1.05Athene ATH 84.25 2.07Atlassian TEAM 397.69 6.15AtmosEnergy ATO 93.80 0.42AuroraInnov AUR 12.75 0.95Autodesk ADSK261.15 6.98ADP ADP 235.90 6.28AutoZone AZO 1838.69 24.51Avalara AVLR 142.70 0.56Avalonbay AVB 240.78 1.39Avangrid AGR 52.28 0.61Avantor AVTR 39.78 0.16AveryDennisonAVY 215.53 1.58AvisBudget CAR 305.16 16.20AxonEnterprise AXON 179.75 2.55BCE BCE 50.83 0.26BHP Group BHP 55.96 1.53BHP Group BBL 54.50 1.32BJ'sWholesale BJ 65.90 -0.44BP BP 26.18 0.22Baidu BIDU 150.29 -2.77BakerHughes BKR 23.53 0.47Ball BLL 94.81 0.11BancoBilbaoViz BBVA 5.42 -0.11BancoBradesco BBDO 3.11 0.03BancodeChile BCH 19.15 -0.49BancSanBrasil BSBR 5.95 -0.08BcoSantChile BSAC 17.84 -0.75BancoSantander SAN 3.16 -0.04BankofAmerica BAC 45.59 -0.17BankofMontreal BMO 107.38 -0.26BankNY Mellon BK 57.01 0.26BkNovaScotia BNS 63.84 -0.43Barclays BCS 9.97 -0.01BarrickGold GOLD 19.15 ...Bath&BodyWks BBWI 75.87 1.26BauschHealth BHC 24.95 -0.30BaxterIntl BAX 76.03 -0.26BectonDicknsn BDX 243.61 -1.48BeiGene BGNE 343.20 -4.49BentleySystems BSY 50.06 0.68Berkley WRB 79.47 -1.00BerkHathwy B BRK.B 282.12 -0.97BerkHathwy A BRK.A 425260-2572.75

s BerryGlobal BERY 71.61 5.14BestBuy BBY 110.95 -3.82Bilibili BILI 67.57 -1.22Bill.com BILL 298.50 -1.50Bio-Techne TECH 479.69 6.22Bio-RadLab A BIO 749.56 -0.61Bio-RadLab B BIO.B 750.16 -19.73

t Biogen BIIB 236.11 -6.79BioMarinPharm BMRN 87.40 -0.18BioNTech BNTX 362.52 14.52BlackKnight BKI 73.14 1.20BlackRock BLK 928.00 26.36Blackstone BX 148.88 5.07BlueOwlCapitalOWL 15.53 0.09Boeing BA 198.50 -0.71BookingHldgs BKNG 2182.01 26.45BoozAllen BAH 86.08 0.88BorgWarner BWA 44.81 -0.42BostonProps BXP 110.34 -1.34BostonSci BSX 38.59 0.02

t BristolMyers BMY 54.64 -1.89BritishAmTob BTI 34.32 0.04Broadcom AVGO 564.34 17.75BroadridgeFinl BR 175.51 3.94BrookfieldMgt BAM 57.92 0.50BrookfieldInfr BIP 57.12 1.27BrookfieldRenew BEPC 37.41 1.03Brown&Brown BRO 65.41 0.65Brown-Forman A BF.A 69.28 -0.02Brown-Forman B BF.B 74.19 -0.21Bruker BRKR 83.87 0.65BuildersFirst BLDR 71.85 0.42Bunge BG 90.58 0.10BurlingtonStrs BURL 293.37 9.52CBRE Group CBRE 97.96 -0.13CDW CDW 194.80 3.64CF Industries CF 62.96 0.16CGI GIB 84.22 0.53CH Robinson CHRW 95.62 -0.66CME Group CME 225.33 3.17CMS Energy CMS 61.13 1.00CNA Fin CNA 43.06 -0.22CNH Indl CNHI 16.88 -0.06CRH CRH 49.14 -0.79CSX CSX 35.62 0.14CVS Health CVS 92.02 0.50CableOne CABO 1825.97 -14.99CadenceDesign CDNS 186.69 8.33CaesarsEnt CZR 93.48 2.28

s CamdenProperty CPT 168.85 1.87Cameco CCJ 24.98 0.96CampbellSoup CPB 41.20 -0.32CIBC CM 114.15 -0.52CanNtlRlwy CNI 128.37 1.50CanNaturalRes CNQ 41.88 0.92CanPacRlwy CP 71.70 0.39Canon CAJ 21.95 -0.51CapitalOne COF 147.02 -2.14Capri CPRI 60.23 -1.32CardinalHealth CAH 47.47 -0.13Carlisle CSL 231.98 -0.61Carlyle CG 56.80 2.05CarMax KMX 146.48 0.73Carnival CCL 18.16 0.21Carnival CUK 16.71 0.23CarrierGlobal CARR 55.98 0.60Carvana CVNA 291.97 0.86Catalent CTLT 133.96 1.65Caterpillar CAT 195.92 -2.81Celanese CE 159.79 -1.10Cemex CX 6.32 0.47CenovusEnergy CVE 12.44 0.05Centene CNC 73.77 -0.13CenterPointEner CNP 26.59 0.36CentraisElBras EBR 5.91 0.03CeridianHCM CDAY 112.97 1.62Cerner CERN 72.86 0.56CharlesRiverLabs CRL 375.31 0.03CharterComms CHTR 668.19 -4.68CheckPoint CHKP 111.11 0.79CheniereEnergy LNG 106.60 -0.29CheniereEnerPtrs CQP 43.09 -0.39Chevron CVX 114.85 0.34Chewy CHWY 68.66 -0.73ChinaEastrnAir CEA 17.75 -0.26ChinaLifeIns LFC 8.28 -0.10ChinaPetrol SNP 44.81 -0.26ChinaSoAirlines ZNH 28.26 -0.87Chipotle CMG 1678.10 -8.78Chubb CB 185.04 0.49ChunghwaTel CHT 40.36 0.36Church&Dwight CHD 93.75 0.41ChurchillDowns CHDN 228.33 -2.29Ciena CIEN 61.69 0.95Cigna CI 199.61 -2.42CincinnatiFin CINF 118.46 1.19Cintas CTAS 434.73 6.44CiscoSystems CSCO 55.76 1.09

NetStock SymClose Chg

NetStock SymClose Chg

Citigroup C 65.04 -0.46CitizensFin CFG 48.78 0.22

t CitrixSystems CTXS 82.37 -0.53Clarivate CLVT 22.83 -0.32Cleveland-Cliffs CLF 20.85 -0.99Clorox CLX 169.16 -5.05Cloudflare NET 191.09 -9.03Coca-Cola KO 54.58 0.85Coca-ColaEuro CCEP 51.82 1.11Cognex CGNX 78.66 2.47CognizantTech CTSH 79.71 1.31CoinbaseGlbl COIN 319.39 16.20ColgatePalm CL 77.71 0.65Comcast A CMCSA 51.53 0.43Comerica CMA 85.32 0.06ConagraBrands CAG 31.51 -0.09Concentrix CNXC 173.49 0.86Confluent CFLT 84.44 3.40ConocoPhillips COP 72.15 0.67

s ConEd ED 80.35 1.68ConstBrands A STZ 226.97 -2.35ConstBrands B STZ.B 225.60 -11.71ContinentalRscs CLR 46.47 1.02Cooper COO 381.19 1.25Copart CPRT 148.01 2.08Corning GLW 38.46 0.50Corteva CTVA 46.59 -0.24CoStar CSGP 79.99 2.40

s Costco COST 554.88 8.75CoterraEnergy CTRA 20.84 -0.16CoupaSoftware COUP 202.66 1.60Coupang CPNG 26.95 -0.44Credicorp BAP 118.48 1.70CreditAcceptance CACC 639.40 -6.13CreditSuisse CS 9.66 -0.01Crocs CROX 168.60 0.56CrowdStrike CRWD 224.57 -8.07CrownCastle CCI 185.83 2.33CrownHoldings CCK 108.40 -3.19CubeSmart CUBE 54.95 1.20

t Cummins CMI 217.27 -2.41CyrusOne CONE 89.38 0.14

D E FDISH NetworkDISH 33.13 -0.21DTE Energy DTE 111.49 0.83Danaher DHR 326.52 2.56Darden DRI 141.75 1.20DarlingIngred DAR 70.82 -0.46Datadog DDOG 182.99 1.74

t DaVita DVA 96.91 -0.38DeckersOutdoorDECK 415.20 0.67Deere DE 348.09 -11.21DellTechC DELL 57.57 1.39DeltaAir DAL 36.24 -0.14

t DentsplySirona XRAY 48.69 -1.10DeutscheBankDB 12.18 -0.06DevonEnergy DVN 43.92 1.22DexCom DXCM571.01 -20.95Diageo DEO 205.00 3.19DiamondbkEner FANG 109.93 2.45Dick's DKS 122.90 -5.60DiDiGlobal DIDI 7.81 -0.07

s DigitalRealty DLR 168.79 4.03DigitalOcean DOCN 104.44 4.23DiscoverFinSvcsDFS 113.32 -1.25DiscoveryA DISCA 24.59 -0.13DiscoveryC DISCK 24.05 -0.17

t Disney DIS 147.81 -0.30dLocal DLO 34.68 0.99DocuSign DOCU 251.50 1.87

t DolbyLab DLB 85.70 0.05DollarGeneral DG 225.07 0.65DollarTree DLTR 141.35 0.24DominionEner D 74.42 0.75Domino's DPZ 533.95 4.07DoorDash DASH 183.01 -4.91Dover DOV 171.80 1.06Dow DOW 56.86 -0.04Doximity DOCS 66.67 5.54DrReddy'sLab RDY 61.85 -1.14DraftKings DKNG 35.20 -0.84Dropbox DBX 24.95 0.61DukeEnergy DUK 100.22 0.94DukeRealty DRE 59.45 1.08DuPont DD 77.04 0.38DutchBros BROS 52.87 -1.40Dynatrace DT 64.47 1.50ENI E 26.68 0.39EOG Rscs EOG 88.39 0.97EPAM Systems EPAM 634.17 25.17EastWestBncp EWBC 78.50 0.58EastmanChem EMN 110.18 -0.32Eaton ETN 167.38 -0.13eBay EBAY 70.55 -1.92Ecolab ECL 227.15 0.92Ecopetrol EC 12.79 -0.02

s EdisonInt EIX 66.07 1.13EdwardsLife EW 110.71 1.19ElancoAnimal ELAN 30.19 -0.03Elastic ESTC159.39 5.57

t ElectronicArts EA 124.88 -1.09EmersonElec EMR 90.86 0.55Enbridge ENB 38.21 -0.78Endeavor EDR 28.49 0.16EnelAmericas ENIA 6.38 -0.04EnergyTransfer ET 8.61 -0.23EnphaseEnergy ENPH 256.71 9.29Entegris ENTG154.75 5.74Entergy ETR 105.07 1.98EnterpriseProd EPD 21.68 -0.31Equifax EFX 284.06 6.32Equinix EQIX 820.00 26.16Equinor EQNR 24.99 0.26

NetStock SymClose Chg

Equitable EQH 32.24 -0.21EquityLife ELS 84.82 0.63EquityResdntl EQR 86.22 1.95ErieIndemnity A ERIE 204.19 -5.00EssentialUtil WTRG 48.44 1.20EssexProp ESS 346.50 5.81EsteeLauder EL 340.05 6.30Etsy ETSY 281.48 -9.90EverestRe RE 264.37 -4.03Evergy EVRG 65.26 0.75EversourceEner ES 85.27 0.55ExactSciences EXAS 86.57 1.11Exelon EXC 54.17 0.74Expedia EXPE 166.50 6.70ExpeditorsIntl EXPD 126.76 2.87

s ExtraSpaceSt EXR 203.05 4.26ExxonMobil XOM 61.59 0.34F5 FFIV 231.07 4.82FMC FMC 103.54 0.90

s FactSet FDS 469.43 11.76FairIsaac FICO 350.66 5.04Farfetch FTCH 36.71 0.71Fastenal FAST 60.94 0.83FederalRealty FRT 125.99 1.04FedEx FDX 240.57 2.42Ferguson FERG 154.30 0.63Ferrari RACE 265.77 3.06FidNatlFin FNF 49.95 -0.89FidNatlInfo FIS 105.39 -2.62FifthThirdBncp FITB 42.99 0.51FirstHorizon FHN 16.62 0.10FirstRepBank FRC 214.45 3.22FirstSolar FSLR 106.85 0.93FirstEnergy FE 39.05 1.14FirstService FSV 198.42 4.73Fiserv FISV 97.47 -0.78FiveBelow FIVE 207.11 2.37Five9 FIVN 142.43 0.44

t FleetCorTech FLT 212.98 -2.17Floor&Decor FND 130.85 -1.54FomentoEconMex FMX 71.51 -0.74FordMotor F 19.67 -0.08Fortinet FTNT 343.30 15.91Fortis FTS 43.88 0.17Fortive FTV 76.23 0.51FortBrandsHome FBHS 102.96 0.03FoxA FOXA 36.92 -0.70FoxB FOX 34.49 -0.58Franco-Nevada FNV 141.15 3.50FranklinRscs BEN 33.75 0.61FreeportMcM FCX 37.98 0.74

t FreseniusMed FMS 30.22 0.14FreshworksA FRSH 35.64 0.09FullTruck YMM 12.77 -0.10

G H IGDS Holdings GDS 55.65 0.10GFLEnvironmentalGFL 40.12 0.53GXO LogisticsGXO 100.76 3.40Gallagher AJG 164.81 1.67GameStop GME 202.01 2.29Gaming&LeisureGLPI 45.78 0.23Garmin GRMN 139.24 -0.15Gartner IT 325.00 3.78Generac GNRC 424.58 -8.57GeneralDynamicsGD 194.44 1.07GeneralElec GE 98.40 0.56GeneralMills GIS 63.52 0.76GeneralMotorsGM 59.86 -0.31Genmab GMAB 38.64 -0.54Genpact G 49.77 0.77GenuineParts GPC 132.91 0.53GileadSciencesGILD 70.65 0.38GinkgoBioworksDNA 12.04 -0.02GitLab GTLB 100.02 4.03GSK GSK 41.36 0.34Global-EOnlineGLBE 62.65 -0.24GlobalPaymentsGPN 120.26 -2.90

s GlobalFoundriesGFS 70.54 3.25Globant GLOB 271.95 15.11GlobeLife GL 88.47 -0.61GoDaddy GDDY 69.09 2.30GoldFields GFI 10.92 0.23GoldmanSachsGS 386.54 -2.85GoodRx GDRX 40.10 3.28Graco GGG 75.19 0.07Grainger GWW 495.58 6.04

t Grifols GRFS 11.05 0.14GuardantHealthGH 103.90 -3.02Guidewire GWRE 118.47 2.15HCA HealthcareHCA 229.92 -1.08HDFC Bank HDB 67.15 0.27HP HPQ 35.93 1.35HSBC HSBC 27.84 0.07Halliburton HAL 22.25 0.60HartfordFinl HIG 68.61 -0.64Hasbro HAS 99.13 0.38HealthpeakProp PEAK 34.06 0.16Heico HEI 140.18 2.38Heico A HEI.A 127.00 0.12HenrySchein HSIC 73.77 0.13Hershey HSY 179.16 1.24HertzGlobal HTZ 25.30 1.43Hess HES 76.07 0.03HewlettPackardHPE 14.61 0.18HighwoodsPropHIW 43.95 -0.15Hill-Rom HRC 155.43 -0.12Hilton HLT 138.07 1.86Hologic HOLX 75.97 -0.86HomeDepot HD 406.82 4.12HondaMotor HMC 27.59 -0.39Honeywell HON 207.66 -0.55HorizonTherap HZNP 102.08 -2.42HormelFoods HRL 42.49 -0.32

NetStock SymClose Chg

DR Horton DHI 98.76 0.01HostHotels HST 16.42 -0.01HowmetAerospace HWM 28.50 -0.25HuanengPower HNP 17.57 1.27Huazhu HTHT 39.15 -0.52Hubbell HUBB 201.35 -1.40HubSpot HUBS 851.91 48.44Humana HUM 428.07 -0.42JBHunt JBHT 195.87 1.30HuntingtonBcshs HBAN 15.37 ...HyattHotels H 80.38 2.25IAC/InterActive IAC 130.81 4.57ICICI Bank IBN 18.99 0.17ICL Group ICL 9.04 0.02IdexxLab IDXX 631.30 23.78IHS Markit INFO 130.13 2.81ING Groep ING 13.75 -0.01Invesco IVZ 23.24 0.11IQVIA IQV 266.69 4.63IcahnEnterprises IEP 50.64 0.11Icon ICLR 276.08 4.08IDEX IEX 234.42 3.48IllinoisToolWks ITW 238.11 3.36Illumina ILMN 370.81 1.02ImperialOil IMO 33.63 0.77Incyte INCY 70.37 1.99

s Informatica INFA 34.40 1.41Infosys INFY 22.62 0.42IngersollRand IR 59.80 0.86Insulet PODD 295.87 0.48Intel INTC 50.00 1.22InteractiveBrkrs IBKR 75.35 1.02ICE ICE 131.90 2.22InterContinentl IHG 62.27 -0.49IBM IBM 118.50 2.69IntlFlavors IFF 147.19 2.62IntlPaper IP 47.22 -0.31Interpublic IPG 34.02 0.23Intuit INTU 694.66 27.75IntuitiveSurgical ISRG 334.74 5.51InvitatHomes INVH 41.27 0.12IronMountain IRM 46.86 0.17ironSource IS 8.84 -0.10ItauUnibanco ITUB 4.01 -0.02

J K LJD.com JD 87.91 -0.76JPMorganChase JPM 161.23 -0.70Jabil JBL 60.93 1.04JackHenry JKHY 152.31 1.17JacobsEngg J 146.09 0.36JamesHardie JHX 39.49 0.95JefferiesFin JEF 38.37 -0.71J&J JNJ 159.75 0.55JohnsonControls JCI 78.36 0.94JonesLang JLL 248.83 1.26JuniperNetworks JNPR 31.84 0.39

t JustEatTakeaway GRUB 13.10 -0.56KB Fin KB 46.17 0.64KE Holdings BEKE 21.24 0.26KKR KKR 76.31 1.96KLA KLAC 413.84 14.88KSCitySouthernKSU 296.19 1.26Kanzhun BZ 34.49 1.42Kellogg K 63.87 0.23KeurigDrPepperKDP 35.17 0.19KeyCorp KEY 22.83 0.13KeysightTechs KEYS 197.74 6.37KimberlyClark KMB 135.04 -0.23KimcoRealty KIM 23.28 0.04KinderMorganKMI 16.01 -0.25KirklandLakeGoldKL 39.92 -0.90Knight-Swift KNX 57.83 0.44

t KoninklijkePhil PHG 35.88 -1.26t KoreaElcPwr KEP 9.00 -0.08KraftHeinz KHC 34.78 -0.05Kroger KR 42.35 -0.79LKQ LKQ 57.60 0.04LPL Financial LPLA 162.61 2.81L3HarrisTech LHX 214.68 -0.44LabCorp.ofAmerica LH 291.92 2.62

s LamResearch LRCX 680.54 38.56LamarAdv LAMR 112.11 0.78LasVegasSands LVS 37.26 -0.61LatticeSemi LSCC 78.71 3.37Lear LEA 169.00 -2.24Leidos LDOS 90.55 -0.61Lennar B LEN.B 87.63 0.37Lennar A LEN 107.25 0.21LennoxIntl LII 322.12 4.66LeviStrauss LEVI 26.51 -0.69LiAuto LI 34.48 2.08LibertyBroadbandA LBRDA 156.34 -1.27LibertyBroadbandC LBRDK 159.94 -1.16LibertyGlobal A LBTYA 27.64 -0.43LibertyGlobal B LBTYB 27.43 -0.50LibertyGlobal C LBTYK 27.92 -0.33LibertyFormOne A FWONA 56.96 0.59LibertyFormOne C FWONK 60.05 0.78LibertyBraves A BATRA 28.22 -0.76LibertyBraves C BATRK 27.94 -0.59LibertySirius A LSXMA 49.89 0.43LibertySirius C LSXMK 49.73 0.42LifeStorage LSI 133.75 1.85EliLilly LLY 254.83 -5.54LincolnNational LNC 68.34 0.19Linde LIN 320.74 0.17LithiaMotors LAD 283.64 -2.33LiveNationEnt LYV 107.85 4.32LloydsBanking LYG 2.45 0.02LockheedMartin LMT 341.23 -1.49Loews L 55.11 0.04LogitechIntl LOGI 81.57 -3.20Lowe's LOW 248.58 0.89

NetStock SymClose Chg

s Pfizer PFE 52.40 -1.60PhilipMorris PM 87.35 -1.33Phillips66 PSX 69.86 0.61Pinduoduo PDD 71.96 3.50

t Pinterest PINS 40.54 -2.26PioneerNatRscs PXD 183.36 4.65PlainsAllAmPipe PAA 9.70 -0.20PlugPower PLUG 41.62 1.37Pool POOL 560.10 0.91PrincipalFin PFG 70.92 0.01ProcoreTech PCOR 83.30 3.64Procter&Gamble PG 149.02 1.55Progressive PGR 94.97 0.38Prologis PLD 153.28 3.40PrudentialFin PRU 105.03 -0.07Prudential PUK 34.66 -0.13PublicServiceEnt PEG 64.25 0.61PublicStorage PSA 331.89 4.87PulteGroup PHM 51.51 -0.08Qiagen QGEN 55.62 -0.85Qorvo QRVO 150.84 2.73Qualcomm QCOM 183.74 8.00QualtricsIntl XM 33.41 -0.47QuantaServices PWR 121.68 4.14QuantumScapeQS 30.32 -0.32QuestDiag DGX 156.70 1.75

R SRELX RELX 31.25 0.46RH RH 596.78 -2.56RLX Tech RLX 5.07 -0.44RPM RPM 93.02 1.51RalphLauren RL 119.12 2.69RaymondJamesRJF 100.57 2.03RaytheonTechRTX 82.94 -0.06RealtyIncome O 69.80 0.33RegalRexnord RRX 161.69 -1.22RegencyCtrs REG 70.76 -0.50RegenPharm REGN 654.40 11.05RegionsFin RF 23.54 0.07RelianceSteel RS 156.83 -1.37Repligen RGEN 291.18 5.17RepublicSvcs RSG 138.23 3.21ResMed RMD 256.92 5.71RestaurantBrandsQSR 57.20 -0.79RexfordIndlRealty REXR 71.00 0.74RingCentral RNG 222.08 -2.46RioTinto RIO 62.94 0.61Rivian RIVN 119.77 7.64RobertHalf RHI 114.76 0.19

t Robinhood HOOD 27.07 -0.85Roblox RBLX 129.36 6.71RocketCos. RKT 15.73 0.04Rockwell ROK 340.58 1.38RogersComm BRCI 45.24 -0.62Roku ROKU 231.28 -3.88Rollins ROL 35.33 -0.13RoperTech ROP 481.48 6.11RossStores ROST 111.66 1.65RoyalBkCanadaRY 101.70 0.18RoyalCaribbean RCL 69.89 1.91RoyalDutchA RDS.A 42.45 0.38RoyalDutchB RDS.B 42.46 0.46RoyaltyPharma RPRX 41.34 -0.55RyanSpecialty RYAN 40.11 0.02Ryanair RYAAY 98.12 -1.88SAP SAP 132.93 2.25S&P Global SPGI 464.93 10.40SBA Comm SBAC 355.57 4.52SEI Investments SEIC 61.52 0.60SK Telecom SKM 29.83 0.17SS&C Tech SSNC 78.48 -0.27StoreCapital STOR 33.74 0.63SVB Fin SIVB 724.50 10.31Saia SAIA 335.09 -0.74Salesforce.com CRM 296.74 12.53Sanofi SNY 48.21 -0.09SantanderCons SC 41.83 -0.14Sasol SSL 15.78 0.24Schlumberger SLB 29.65 -0.05SchwabC SCHW 80.10 0.95ScottsMiracleGro SMG 159.48 -1.95Sea SE 297.96 1.14Seagate STX 104.06 5.44Seagen SGEN 165.31 -4.19SealedAir SEE 64.20 1.05Sempra SRE 124.20 2.52SensataTechs ST 57.90 0.31SentinelOne S 58.07 0.44ServiceCorp SCI 66.63 -1.25ServiceNow NOW 672.82 23.27ShawComm B SJR 29.20 0.45SherwinWilliams SHW 334.28 10.98ShinhanFin SHG 30.28 0.20Shopify SHOP 1567.02 -9.68SignatureBank SBNY327.08 1.13SimonProperty SPG 159.94 -0.54SiriusXM SIRI 6.27 0.10SiteOneLandscape SITE 248.07 -1.13Skyworks SWKS 154.92 2.44SmithAO AOS 80.86 -0.14Smith&Nephew SNN 32.92 0.07Smucker SJM 129.37 -1.58Snap SNAP 48.85 -0.91SnapOn SNA 212.82 1.52Snowflake SNOW 364.78 2.18SOQUIMICH SQM 64.04 -0.43SoFiTech SOFI 18.43 0.22SolarEdgeTech SEDG 347.21 5.77Sony SONY 121.44 0.17Southern SO 62.82 0.78SoCopper SCCO 59.56 1.85SouthwestAir LUV 44.54 -0.42Splunk SPLK 125.00 0.15Spotify SPOT 246.60 -4.29Square SQ 212.87 0.79StanleyBlackDck SWK 184.15 1.42Starbucks SBUX 110.73 0.07StateStreet STT 93.19 -0.16SteelDynamics STLD 61.40 -2.11Stellantis STLA 17.53 -0.22Steris STE 226.69 -0.62STMicroelec STM 49.16 1.61Stryker SYK 243.50 0.02SumitomoMits SMFG 6.60 -0.03SunComms SUI 196.75 -0.25SunLifeFinancial SLF 53.81 -0.05SuncorEnergy SU 25.05 0.28SunRun RUN 47.86 0.45Suzano SUZ 9.95 0.10

s Synaptics SYNA 284.24 12.47SynchronyFin SYF 47.12 -0.56SyneosHealth SYNH 99.99 1.19Synopsys SNPS 355.87 13.71Sysco SYY 73.20 0.47

T U VTC Energy TRP 47.87 -0.27TD Synnex SNX 108.37 0.68TE Connectivity TEL 159.39 3.39Telus TU 23.13 0.15TelusIntl TIXT 35.40 1.62TFI Intl TFII 105.81 -5.13TJX TJX 70.67 1.31

t T-MobileUS TMUS 113.40 -0.13TRowePrice TROW 207.02 4.38TaiwanSemi TSM 119.28 2.19TakeTwoSoftware TTWO 169.60 -0.06

NetStock SymClose Chg

t TakedaPharm TAK 13.49 -0.04Tapestry TPR 41.74 -0.06TargaResources TRGP 53.96 -0.51Target TGT 249.16 2.59TataMotors TTM 30.96 0.60TeckRscsB TECK 26.55 0.52TeladocHealth TDOC106.41 -3.20TeledyneTech TDY 431.88 5.58Teleflex TFX 308.95 3.80Ericsson ERIC 10.30 0.18TelefonicaBrasVIV 8.87 -0.16Telefonica TEF 4.42 0.02

s TelekmIndonesia TLK 28.42 0.8610xGenomics TXG 144.45 -4.40Tenaris TS 20.11 -0.39TencentMusic TME 6.97 -0.19

s Teradyne TER 154.45 8.10Tesla TSLA 1136.99 55.07TetraTech TTEK 188.79 4.44TevaPharm TEVA 8.59 0.10TexasInstruments TXN 194.38 6.12TexasPacLand TPL 1263.01 20.02Textron TXT 72.79 0.06ThermoFisherSci TMO 648.77 10.03ThomsonReuters TRI 122.32 2.26Thoughtworks TWKS 30.18 0.523M MMM 176.23 0.71Toast TOST 43.68 0.58TopBuild BLD 274.86 -0.38Toro TTC 103.28 -0.32TorontoDomBk TD 73.37 -0.58TotalEnergies TTE 46.50 -0.14ToyotaMotor TM 177.47 -2.36TractorSupply TSCO 226.70 -1.66TradeDesk TTD 107.06 3.08Tradeweb TW 97.30 1.31TraneTech TT 192.93 -1.32TransDigm TDG 584.22 22.93TransUnion TRU 114.13 2.90Travelers TRV 152.40 -1.26Trex TREX 133.12 2.07Trimble TRMB 86.53 3.12Trip.com TCOM 27.12 -0.73TruistFinl TFC 61.06 0.98Twilio TWLO 293.23 2.98Twitter TWTR 45.78 -1.29TylerTech TYL 521.28 19.85TysonFoods TSN 81.88 0.54UBS Group UBS 17.15 0.09UDR UDR 57.47 1.78UGI UGI 43.40 -0.76UWM UWMC 6.90 -0.13Uber UBER 39.70 -0.82Ubiquiti UI 298.46 4.18UiPath PATH 49.49 -0.18UltaBeauty ULTA 401.42 1.89UnderArmour CUA 20.94 0.31UnderArmour AUAA 24.39 0.41Unilever UL 52.76 0.27UnionPacific UNP 239.46 -0.33UnitedAirlines UAL 42.54 0.28UnitedMicro UMC 11.43 0.30UPS B UPS 204.64 -0.66UnitedRentalsURI 357.02 -5.21US Bancorp USB 57.40 -0.10UnitedTherap UTHR 194.00 0.36UnitedHealth UNH 452.00 12.09UnitySoftware U 170.33 -9.56

t UniversalHealthBUHS 121.27 -3.09Upstart UPST 212.51 3.10VF VFC 73.73 -0.25VICI Prop VICI 28.13 0.32VailResorts MTN 333.45 -2.84Vale VALE 12.44 0.07ValeroEnergy VLO 68.17 0.16VeevaSystems VEEV 294.09 4.51Ventas VTR 49.12 -0.38VeriSign VRSN 244.46 3.44VeriskAnalytics VRSK 229.16 3.35Verizon VZ 51.66 -0.14VertxPharm VRTX 190.11 6.52Vertiv VRT 25.99 0.21

t ViacomCBS A VIACA 34.78 -0.45t ViacomCBS B VIAC 32.28 -0.33t Viatris VTRS 12.52 -0.23Visa V 196.29 -1.36Vistra VST 20.09 -0.07VMware VMW 120.38 -1.52Vodafone VOD 14.88 -0.06VornadoRealtyVNO 41.58 -0.57VulcanMatls VMC 199.35 1.90

W X Y ZWEC Energy WEC 90.49 1.32W.P.Carey WPC 78.75 1.57WPP WPP 71.10 0.48Wabtec WAB 92.47 -0.55WalgreensBootsWBA 46.08 0.18Walmart WMT 142.63 -2.27WarnerMusic WMG 42.70 -0.28WasteConnectionsWCN 137.19 2.98

s WasteMgt WM 166.83 3.36Waters WAT 341.22 2.79Watsco WSO 299.63 -0.61Wayfair W 267.51 -8.91Weibo WB 39.61 -3.18WellsFargo WFC 49.16 0.73Welltower WELL 82.04 0.12WestFraserTimberWFG 83.58 -0.16WestPharmSvcsWST 447.38 8.50WestAllianceBcpWAL 112.14 -0.01WesternDigitalWDC 58.99 1.23WestlakeChemWLK 98.36 -0.81WestpacBanking WBK 14.87 -0.03WestRock WRK 46.12 -0.22WeyerhaeuserWY 38.75 0.33WheatonPrecMetWPM 42.36 0.38Whirlpool WHR 222.78 -3.22Williams WMB 28.01 -0.23Williams-SonomaWSM 206.00 0.28WillisTowers WLTW 230.39 1.40WillScotMobileWSC 39.12 0.27Wipro WIT 8.56 0.18Wix.com WIX 159.37 -0.18Wolfspeed WOLF 129.01 5.01Workday WDAY 281.59 4.04WynnResorts WYNN 83.00 -2.69XP XP 29.84 0.28XPO Logistics XPO 76.24 0.27XcelEnergy XEL 65.59 0.83

s Xilinx XLNX 233.08 9.13XPeng XPEV 51.36 0.25Xylem XYL 123.80 1.16Yeti YETI 95.39 -1.48Yandex YNDX 72.00 1.56YumBrands YUM 125.25 1.05

t YumChina YUMC 50.47 -0.65ZTO Express ZTO 30.98 0.13ZebraTech ZBRA 607.20 16.48Zendesk ZEN 95.11 0.84Zillow C Z 54.26 -1.36

t Zillow A ZG 54.16 -0.91t ZimmerBiomet ZBH 123.50 -2.12ZionsBancorp ZION 64.91 0.74Zoetis ZTS 223.55 4.23ZoomVideo ZM 218.98 -1.23ZoomInfoTech ZI 69.86 -0.15Zscaler ZS 355.92 19.02

NetStock SymClose Chg

Monday, November 29, 2021

How to Read the Stock TablesThe following explanations apply to NYSE, NYSEArca, NYSE American and Nasdaq Stock Marketlisted securities. Prices are composite quotationsthat include primary market trades as well astrades reported by Nasdaq BX (formerly Boston),Chicago Stock Exchange, Cboe, NYSE National andNasdaq ISE.The list comprises the 1,000 largest companiesbased on market capitalization.Underlined quotations are those stocks withlarge changes in volume compared with theissue’s average trading volume.Boldfaced quotations highlight those issueswhose price changed by 5% or more if theirprevious closing price was $2 or higher.

Footnotes:s-New 52-week high.t-New 52-week low.dd-Indicates loss in the most recent fourquarters.FD-First day of trading.h-Does not meet continued listingstandardslf-Late filingq-Temporary exemption from Nasdaqrequirements.t-NYSE bankruptcyv-Trading halted on primary market.vj-In bankruptcy or receivership or beingreorganized under the Bankruptcy Code,or securities assumed by such companies.

Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. andchanges in the closing prices from 4 p.m. the previous day.

BIGGEST 1,000 STOCKS

iSh1-3YTreasuryBd SHY 85.86 0.05 –0.6iSh7-10YTreasuryBd IEF 115.11 –0.23 –4.0iSh20+YTreasuryBd TLT 149.32 –0.80 –5.3iShRussellMCGrowth IWP 117.68 0.84 14.6iShUSTreasuryBdETF GOVT 26.55 –0.13 –2.6JPMUltShtIncm JPST 50.59 0.04 –0.4ProShUltPrQQQ TQQQ 170.83 6.21 87.9SPDRGold GLD 166.62 –0.14 –6.6SPDRS&P500Growth SPYG 71.93 1.87 30.1SchwabIntEquity SCHF 38.54 0.50 7.0SchwabUSBrdMkt SCHB 111.46 0.97 22.5SchwabUSDiv SCHD 77.55 0.34 20.9SchwabUSLC SCHX 112.13 1.12 23.3SchwabUSLCGrw SCHG 164.06 1.94 27.8SchwabUSSC SCHA 102.25 –0.07 14.9SchwabUSTIPs SCHP 63.27 –0.24 1.9SPDRDJIATr DIA 351.19 0.62 14.8SPDRS&PMdCpTr MDY 507.04 0.14 20.7SPDRS&P500 SPY 464.60 1.23 24.3SPDRS&PDiv SDY 124.13 0.34 17.2TechSelectSector XLK 170.14 2.50 30.9VangdInfoTech VGT 452.15 2.27 27.8VangdSCVal VBR 176.46 –0.11 24.1VangdExtMkt VXF 187.19 0.19 13.7VangdSCGrwth VBK 282.96 0.37 5.7VangdDivApp VIG 165.72 0.92 17.4VangdFTSEDevMk VEA 50.19 0.48 6.3VangdFTSEEM VWO 49.11 0.14 –2.0VangdFTSEEurope VGK 66.02 0.70 9.6VangdFTSEAWxUS VEU 60.42 0.45 3.5VangdGrowth VUG 320.90 1.87 26.7VangdHlthCr VHT 252.65 –0.00 12.9VangdHiDiv VYM 108.48 0.24 18.5VangdIntermBd BIV 88.68 –0.07 –4.5VangdIntrCorpBd VCIT 93.26 0.01 –4.0VangdLC VV 217.09 1.17 23.5VangdMC VO 252.81 0.93 22.3VangdMCVal VOE 146.63 0.40 23.3VangdMBS VMBS 52.98 ... –2.0VangdRealEst VNQ 108.80 0.74 28.1VangdS&P500ETF VOO 427.24 1.21 24.3VangdSTBond BSV 81.32 0.02 –1.9VangdSTCpBd VCSH 81.56 0.09 –2.0VangdShtTmInfltn VTIP 52.32 ... 2.4VangdSC VB 224.85 0.15 15.5VangdTotalBd BND 85.26 –0.01 –3.3VangdTotIntlBd BNDX 57.06 –0.16 –2.5VangdTotIntlStk VXUS 62.73 0.43 4.3VangdTotalStk VTI 238.21 0.94 22.4VangdTotlWrld VT 105.86 0.89 14.3VangdValue VTV 141.88 0.22 19.3

Closing Chg YTDETF Symbol Price (%) (%)

ARKInnovationETF ARKK 106.92 –0.19 –14.1CommSvsSPDR XLC 77.84 0.86 15.4CnsmrDiscSelSector XLY 207.24 1.55 28.9DimenUSCoreEq2 DFAC 28.37 0.67 ...EnSelectSectorSPDR XLE 55.90 0.58 47.5FinSelSectorSPDR XLF 38.89 0.31 31.9HealthCareSelSect XLV 132.33 0.27 16.7IndSelSectorSPDR XLI 103.39 0.17 16.8InvscQQQI QQQ 399.69 2.17 27.4InvscS&P500EW RSP 157.77 0.84 23.7iShCoreDivGrowth DGRO 53.44 0.49 19.2iShCoreMSCIEAFE IEFA 73.53 0.52 6.4iShCoreMSCIEM IEMG 60.10 0.32 –3.1iShCoreMSCITotInt IXUS 70.35 0.34 4.7iShCoreS&P500 IVV 466.50 1.28 24.3iShCoreS&PMC IJH 277.46 0.04 20.7iShCoreS&PSC IJR 112.78 –0.24 22.7iShS&PTotlUSStkMkt ITOT 105.54 1.12 22.4iShCoreTotalUSDBd IUSB 52.99 0.02 –2.9iShCoreUSAggBd AGG 114.58 0.05 –3.1iShSelectDividend DVY 118.23 0.23 22.9iShESGAwareUSA ESGU 106.13 1.30 23.4iShEdgeMSCIMinUSA USMV 77.61 0.82 14.3iShEdgeMSCIUSAMom MTUM 187.89 1.53 16.5iShEdgeMSCIUSAQual QUAL 143.84 1.25 23.8iShEdgeMSCIUSAVal VLUE 104.80 0.30 20.6iShGoldTr IAU 33.94 –0.06 –6.4iShiBoxx$InvGrCpBd LQD 132.77 0.07 –3.9iShiBoxx$HYCpBd HYG 86.00 0.62 –1.5iShJPMUSDEmgBd EMB 107.49 0.86 –7.3iShMBSETF MBB 107.60 0.07 –2.3iShMSCIACWI ACWI 104.30 0.90 15.0iShMSCI EAFE EFA 77.52 0.51 6.2iShMSCI EAFESC SCZ 72.35 0.51 5.9iShMSCIEmgMarkets EEM 48.89 0.39 –5.4iShMSCIEAFEValue EFV 49.38 0.18 4.6iShNatlMuniBd MUB 116.37 –0.01 –0.7iSh1-5YIGCorpBd IGSB 54.08 0.09 –2.0iShPfd&Incm PFF 38.58 0.55 0.2iShRussell1000Gwth IWF 304.55 1.89 26.3iShRussell1000 IWB 260.10 1.16 22.8iShRussell1000Val IWD 162.55 0.40 18.9iShRussell2000 IWM 222.71 –0.06 13.6iShRussell2000Val IWN 164.22 –0.35 24.6iShRussellMid-Cap IWR 82.13 0.56 19.8iShRussellMCValue IWS 118.94 0.68 22.7iShS&P500Growth IVW 83.02 1.93 30.1iShS&P500Value IVE 150.65 0.46 17.7iShTIPSBondETF TIP 129.54 –0.23 1.5

Closing Chg YTDETF Symbol Price (%) (%)

Monday, November 29, 2021

Exchange-Traded Portfolios | WSJ.com/ETFresearch

Largest 100 exchange-traded funds, latest session

CLASS ACTION

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M NM&T Bank MTB 152.16 -0.63MGM ResortsMGM 41.13 -0.72MKS Instrum MKSI 158.34 3.31MPLX MPLX 29.98 -0.44MSCI MSCI 645.49 24.45Macy's M 29.75 -0.73MagellanMid MMP 46.79 -0.73MagnaIntl MGA 78.67 -1.71ManhattanAssocMANH 159.37 2.63ManulifeFin MFC 18.75 -0.29MarathonOil MRO 15.85 0.15MarathonPetrolMPC 61.78 0.43MaravaiLifeSciMRVI 43.20 1.71Markel MKL 1243.74 -1.60

t MarketAxess MKTX 352.96 -7.56Marqeta MQ 20.51 -1.54Marriott MAR 150.77 3.33Marsh&McLenMMC 167.03 0.62MartinMariettaMLM 418.34 3.42MarvellTech MRVL 75.02 3.03Masco MAS 67.34 0.26Masimo MASI 288.29 4.14Mastercard MA 323.01 -1.16MatchGroup MTCH 134.08 0.41McAfee MCFE 25.60 ...McCormick MKC 86.99 1.45McCormickVtgMKC.V 86.99 1.23McDonalds MCD 250.30 0.29McKesson MCK 223.27 1.66MedicalProp MPW 21.49 -0.12Medtronic MDT 110.28 -0.77

t MercadoLibre MELI1234.10 -24.61Merck MRK 74.89 -4.27MetaPlatforms FB 338.03 4.91MetLife MET 59.89 -0.21MettlerToledoMTD 1536.22 39.57MicrochipTechMCHP 84.40 4.33MicronTech MU 86.14 2.72Microsoft MSFT 336.63 6.95

s MidAmApt MAA 210.00 6.43Middleby MIDD 179.21 -1.72MitsubishiUFJ MUFG 5.38 ...

t MizuhoFin MFG 2.49 0.02Moderna MRNA 368.51 38.88MohawkInds MHK 174.38 -1.04MolinaHealthcareMOH 297.53 5.11MolsonCoorsB TAP 45.33 -0.27MolsonCoorsA TAP.A 56.50 4.00monday.com MNDY 365.66 26.30Mondelez MDLZ 60.64 0.39MongoDB MDB 525.98 7.37MonolithicPower MPWR 564.32 29.30MonsterBev MNST 86.85 -0.20Moody's MCO 397.27 13.18MorganStanleyMS 97.23 -0.70Morningstar MORN 318.90 8.27Mosaic MOS 36.03 0.71

s MotorolaSol MSI 259.50 5.92NICE NICE 285.31 9.09NIO NIO 40.46 0.47NRG Energy NRG 36.63 0.38NVR NVR 5281.73 -9.37NXP Semi NXPI 223.94 11.49Nasdaq NDAQ 209.08 5.40Natera NTRA 91.20 -3.46NationalGrid NGG 66.75 0.02NatWest NWG 5.61 ...NetApp NTAP 91.52 3.20NetEase NTES 110.12 -4.21Netflix NFLX 663.84 -1.80NewellBrands NWL 22.35 0.12Newmont NEM 55.40 -0.54NewsCorp A NWSA 21.82 0.37NewsCorp B NWS 21.88 0.27

s NextEraEnergyNEE 88.66 2.57Nike NKE 169.87 1.85NiSource NI 25.25 0.26Nokia NOK 5.62 0.07

t NomuraHoldings NMR 4.15 -0.07Nordson NDSN 262.15 3.93NorfolkSouthernNSC 268.74 -0.91NorthernTrustNTRS 119.94 1.05NorthropGrumNOC 356.39 2.41NortonLifeLockNLOK 25.31 0.32

t Novartis NVS 80.27 -0.43Novavax NVAX 193.96 -24.01NovoNordisk NVO 108.29 0.12Novocure NVCR 93.35 -3.66NuanceComms NUAN 55.33 -0.01Nucor NUE 112.07 -1.91Nutrien NTR 68.43 0.75Nuvei NVEI 96.29 1.23NVIDIA NVDA 333.76 18.73

O P QONEOK OKE 62.46 -0.01OReillyAuto ORLY 644.15 8.42OccidentalPetrolOXY 30.06 0.36Okta OKTA 223.61 0.92Olaplex OLPX 26.75 0.40

s OldDomFreightODFL 357.22 5.16Olin OLN 58.17 -0.53Omnicom OMC 67.47 -0.28OnHolding ONON 42.25 -0.86ON Semi ON 63.02 2.72OpenText OTEX 48.67 0.45OpendoorTechOPEN 16.14 -0.23Oracle ORCL 92.94 0.61Orange ORAN 10.79 -0.08Orix IX 101.12 -0.35OtisWorldwideOTIS 83.58 0.39Ovintiv OVV 35.83 1.67OwensCorningOC 87.13 -0.26PG&E PCG 12.38 0.14PNC Fin PNC 200.88 0.78POSCO PKX 55.52 -0.38PPD PPD 47.20 -0.15PPG Ind PPG 157.36 1.76PPL PPL 28.44 0.26PTC PTC 110.32 4.38Paccar PCAR 86.12 -0.42PackagingCpAm PKG 133.70 0.13

t PagSeguroDig PAGS 26.14 -0.71PalantirTech PLTR 21.07 0.04PaloAltoNtwks PANW 551.18 17.94ParkerHannifin PH 309.14 -0.50Paychex PAYX 123.73 1.28PaycomSoftware PAYC 447.43 9.59Paylocity PCTY 262.27 5.97

t PayPal PYPL 187.24 -0.55Pegasystems PEGA 117.24 2.39Peloton PTON 44.39 -2.02PembinaPipeline PBA 30.23 -0.23PennNational PENN 52.30 -0.47Pentair PNR 76.80 1.56Penumbra PEN 245.89 -4.27PepsiCo PEP 164.14 3.00PerkinElmer PKI 185.22 2.13PetroChina PTR 43.68 0.85PetroleoBrasil PBR 10.81 0.34PetroleoBrasilA PBR.A 10.46 0.26

NetStock SymClose Chg

P2JW334000-0-B00800-1--------XA

THEWALL STREET JOURNAL. * Tuesday, November 30, 2021 | B9

Get real-time U.S. stock quotes and track most-active stocks, newhighs/lows and mutual funds. Available free at WSJMarkets.com

ConsumerRates andReturns to InvestorU.S. consumer ratesA consumer rate against itsbenchmark over the past year

–0.20

–0.10

0.00

0.10

0.20%

D J2021

F M A M J J A S O N

t

Money marketaccount yields

t

Federal-fundstarget rate

Selected ratesMoneyMarket/SavingsAccts

Bankrate.comavg†: 0.07%LoneStarBank 0.40%Houston, TX 713-358-9400

ColoradoFederal SavingsBank 0.45%GreenwoodVillage, CO 877-484-2372

BankDirect 0.50%Richardson, TX 877-839-2737

TABBank 0.50%Ogden, UT 800-355-3063

BrioDirect 0.55%Montebello, NY 877-369-2746

Yield/Rate (%) 52-WeekRange (%) 3-yr chgInterest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)

Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 0.25 -2.00Prime rate* 3.25 3.25 3.25 l 3.25 -2.00Libor, 3-month 0.17 0.17 0.11 l 0.25 -2.57Moneymarket, annual yield 0.07 0.07 0.07 l 0.21 -0.51Five-year CD, annual yield 0.43 0.44 0.41 l 0.59 -1.5730-yearmortgage, fixed† 3.22 3.24 2.83 l 3.37 -1.6715-yearmortgage, fixed† 2.53 2.52 2.28 l 2.58 -1.68Jumbomortgages, $548,250-plus† 3.23 3.25 2.85 l 3.41 -1.63Five-year adjmortgage (ARM)† 2.85 2.85 2.83 l 3.43 -1.63New-car loan, 48-month 3.58 3.58 3.58 l 4.12 -1.11Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largestbanks.† Excludes closing costs.

Sources: FactSet; Dow JonesMarket Data; Bankrate.com

BenchmarkYieldsandRatesTreasury yield curveYield to maturity of current bills,notes and bonds

0.00

0.50

1.00

1.50

2.00

2.50%

1month(s)

3 6 1years

2 3 5 7 10 20 30

maturity

t

Tradeweb ICEMonday Close

tOne year ago

Forex RaceYen, euro vs. dollar; dollar vs.major U.S. trading partners

–12

–6

0

6

12%

2020 2021

Euro

s

Yen

sWSJ Dollar Indexs

Sources: Tradeweb ICEU.S. Treasury Close; Tullett Prebon; DowJonesMarketData

International Stock IndexesLatest YTD

Region/Country Index Close Net chg % chg % chg

World MSCIACWI 738.18 4.65 0.63 14.2MSCIACWI ex-USA 334.48 –1.26 –0.37 2.5MSCIWorld 3155.73 23.75 0.76 17.3MSCIEmergingMarkets 1218.99 –4.14 –0.34 –5.6

Americas MSCIACAmericas 1794.10 21.32 1.20 22.2Canada S&P/TSXComp 21149.00 23.10 0.11 21.3LatinAmer. MSCIEMLatinAmerica 2044.47 4.39 0.22 –16.6Brazil BOVESPA 102814.03 589.77 0.58 –13.6Chile S&P IPSA 2944.27 –48.15 –1.61 3.0Mexico S&P/BMV IPC 49796.30 303.78 0.61 13.0

EMEA STOXXEurope600 467.24 3.19 0.69 17.1Eurozone EuroSTOXX 460.87 2.41 0.53 15.9Belgium Bel-20 4139.68 12.95 0.31 14.3Denmark OMXCopenhagen20 1801.27 –5.32 –0.29 22.9France CAC40 6776.25 36.52 0.54 22.1Germany DAX 15280.86 23.82 0.16 11.4Israel TelAviv 1878.08 10.67 0.57 25.3Italy FTSEMIB 26041.55 188.56 0.73 17.1Netherlands AEX 787.01 5.38 0.69 26.0Russia RTS Index 1638.72 49.34 3.10 18.1SouthAfrica FTSE/JSEAll-Share 70008.54 1393.56 2.03 17.8Spain IBEX35 8455.20 52.50 0.62 4.7Sweden OMXStockholm 992.35 13.810 1.41 29.1Switzerland SwissMarket 12220.74 21.53 0.18 14.2Turkey BIST 100 1808.79 32.38 1.82 22.5U.K. FTSE 100 7109.95 65.92 0.94 10.1U.K. FTSE250 22756.33 218.44 0.97 11.1

Asia-Pacific MSCIACAsiaPacific 191.52 –2.08 –1.07 –4.2Australia S&P/ASX200 7239.80 –39.55 –0.54 9.9China Shanghai Composite 3562.70 –1.39 –0.04 2.6HongKong HangSeng 23852.24 –228.28 –0.95 –12.4India S&PBSESensex 57260.58 153.43 0.27 19.9Japan NIKKEI 225 28283.92 –467.70 –1.63 3.1Singapore Straits Times 3120.58 –45.69 –1.44 9.7SouthKorea KOSPI 2909.32 –27.12 –0.92 1.2Taiwan TAIEX 17328.09 –41.30 –0.24 17.6Thailand SET 1589.69 –20.92 –1.30 9.7Sources: FactSet; DowJonesMarketData

MajorU.S. Stock-Market IndexesLatest 52-Week % chg

High Low Close Net chg % chg High Low %chg YTD 3-yr. ann.

DowJones

Industrial Average 35287.91 34895.89 35135.94 236.60 0.68 36432.22 29638.64 18.5 14.8 11.5TransportationAvg 16502.16 16250.35 16362.01 146.36 0.90 17039.38 12087.99 31.4 30.8 15.3UtilityAverage 922.89 907.43 920.57 13.62 1.50 952.62 795.61 6.8 6.5 8.1Total StockMarket 48076.78 47534.77 47856.44 527.25 1.11 48824.98 37581.62 27.3 22.0 19.3Barron's 400 1098.27 1081.41 1088.29 4.51 0.42 1127.20 802.70 35.6 27.7 16.7

NasdaqStockMarketNasdaqComposite 15833.11 15644.61 15782.83 291.18 1.88 16057.44 12198.74 29.4 22.5 29.5Nasdaq-100 16437.16 16214.56 16399.24 373.66 2.33 16573.34 12268.32 33.7 27.2 33.5

S&P500 Index 4672.95 4625.26 4655.27 60.65 1.32 4704.54 3621.63 28.5 23.9 19.4MidCap400 2813.54 2766.61 2781.81 2.40 0.09 2910.70 2168.50 28.3 20.6 14.2SmallCap600 1396.75 1365.85 1372.49 -3.84 -0.28 1466.02 1034.51 32.7 22.7 12.8

Other IndexesRussell 2000 2281.28 2232.09 2241.98 -3.96 -0.18 2442.74 1819.82 23.2 13.5 13.7NYSEComposite 16794.55 16601.74 16683.98 59.11 0.36 17310.51 14006.47 19.1 14.9 10.4Value Line 667.02 656.04 659.69 0.25 0.04 696.40 539.16 22.4 16.0 7.5NYSEArcaBiotech 5497.21 5398.15 5412.08 13.93 0.26 6319.77 5329.50 -1.7 -5.7 4.6NYSEArcaPharma 773.55 765.33 765.56 -7.20 -0.93 811.41 667.24 14.3 11.0 8.4KBWBank 136.97 133.88 135.08 0.35 0.26 142.61 90.34 49.5 38.0 10.4PHLX§Gold/Silver 131.50 128.78 131.35 0.29 0.22 166.01 117.06 -2.5 -8.9 26.6PHLX§Oil Service 53.36 51.69 52.05 0.50 0.97 69.77 39.31 32.4 17.4 -21.4PHLX§Semiconductor 3914.70 3806.36 3910.54 153.41 4.08 3912.02 2663.49 46.8 39.9 47.4CboeVolatility 25.69 21.71 22.96 -5.66 -19.78 37.21 15.01 11.6 0.9 6.9

§NasdaqPHLX Sources: FactSet; DowJonesMarketData

LateTradingMost-activeandbiggestmoversamongNYSE,NYSEArca,NYSEAmer.andNasdaq issues from4p.m. to6p.m.ETas reportedbyelectronictradingservices, securitiesdealers and regional exchanges.Minimumsharepriceof$2andminimumafter-hoursvolumeof50,000shares.

Most-active issues in late tradingVolume AfterHours

Company Symbol (000) Last Net chg % chg High Low

CumberlandPharm CPIX 13,193.8 4.98 2.78 126.36 5.32 2.20SPDRS&P500 SPY 13,026.6 465.35 0.75 0.16 465.59 441.65InvescoQQQTrust I QQQ 6,775.8 400.19 0.50 0.13 400.19 398.53Global XCopperMiners COPX 4,308.5 35.65 0.13 0.37 35.65 35.39

EmergentBiosoltns EBS 4,150.8 42.10 … unch. 42.10 42.10Health CareSel Sector XLV 3,885.1 132.15 -0.18 -0.14 132.67 132.01Apple AAPL 3,065.4 160.36 0.12 0.07 160.55 150.50BTRSHoldings BTRS 3,022.0 7.36 … unch. 7.36 7.36

Percentage gainers…CumberlandPharm CPIX 13,193.8 4.98 2.78 126.36 5.32 2.20CrowdStrikeHoldings CRWD 570.3 279.62 55.05 24.51 279.62 223.51Chimerix CMRX 59.5 6.48 0.62 10.58 6.50 5.83Playstudios MYPS 120.4 4.60 0.34 7.98 5.11 4.26Steelcase SCS 100.9 12.40 0.77 6.62 12.40 11.63

...And losersNRXPharmaceuticals NRXP 359.5 7.65 -0.45 -5.56 8.23 7.62Lizhi ADR LIZI 325.1 2.40 -0.12 -4.76 2.99 2.35Adagio Therapeutics ADGI 74.2 44.73 -2.10 -4.48 47.09 44.33LPLFinancial Holdings LPLA 61.8 155.51 -7.10 -4.37 162.61 155.51OrionOfficeREIT ONL 256.9 17.91 -0.69 -3.71 18.68 17.91

TradingDiaryVolume,Advancers, Decliners

NYSE NYSEAmer.

Total volume* 989,846,080 26,300,777Adv. volume* 491,295,029 15,674,016Decl. volume* 485,427,318 9,847,492Issues traded 3,504 280Advances 1,858 121Declines 1,523 142Unchanged 123 17Newhighs 35 1New lows 125 9ClosingArms† 1.35 0.39Block trades* 4,220 206

Nasdaq NYSEArca

Total volume*4,785,342,890 271,298,989Adv. volume*2,386,206,206 197,053,271Decl. volume*2,341,432,518 72,024,761Issues traded 4,883 1,670Advances 1,993 1,205Declines 2,680 448Unchanged 210 17Newhighs 57 10New lows 346 35ClosingArms† 0.73 1.10Block trades* 24,791 1,053

* PrimarymarketNYSE, NYSEAmerican NYSEArca only.†(TRIN)A comparison of the number of advancing and decliningissueswith the volumeof shares rising and falling. AnArmsof less than 1 indicates buying demand; above 1indicates selling pressure.

PercentageGainers... Percentage Losers

Volume %chg from Latest Session 52-WeekCompany Symbol (000) 65-day avg Close % chg High Low

Petros Pharmaceuticals PTPI 238,327 3621.7 4.00 91.39 5.96 1.19Palatin Technologies PTN 161,492 4571.1 0.86 53.34 1.30 0.33ProShUltraProShrtQQQ SQQQ 145,124 33.7 6.05 -6.35 18.56 5.69NakedBrandGroup NAKD 100,199 42.2 0.64 -1.85 3.40 0.14Sundial Growers SNDL 88,816 -17.3 0.64 -2.92 3.96 0.42

Apple AAPL 87,457 12.1 160.24 2.19 165.70 116.21SPDRS&P500 SPY 83,948 18.7 464.60 1.23 473.54 359.17QualigenTherapeutics QLGN 80,514 1478.3 1.58 -7.06 4.66 0.93Finl Select Sector SPDR XLF 78,471 56.7 38.89 0.31 40.86 27.83Biofrontera BFRI 74,353 311.7 7.10 -10.13 10.40 2.25* Volumes of 100,000 shares ormore are rounded to the nearest thousand

Volume %chg from Latest Session 52-WeekCompany Symbol (000) 65-day avg Close % chg High Low

SPDREMFossil Fuel Free EEMX 402 7919 72.91 0.02 87.61 72.46TCWSpecial PurposeCl A TSPQ 3,051 7689 9.79 0.20 10.00 9.50Krystal Biotech KRYS 8,406 5333 88.24 121.65 102.99 38.86Fennec Pharmaceuticals FENC 2,941 5198 4.78 -50.41 10.08 4.69InvescoRussell 1000EW EQAL 1,311 4072 46.26 0.22 48.24 37.18

KludeIn I AcqnClA INKA 551 4060 9.84 0.00 10.10 9.64Waverley Cap 1 Cl A WAVC 426 3762 9.71 0.00 10.00 9.63MoringaAcquisition Cl A MACA 500 3718 9.72 -0.10 10.18 9.60Adagio Therapeutics ADGI 18,355 2997 46.83 86.43 59.50 17.38SPDRHlth Cr Eqp XHE 798 2900 114.72 -1.09 133.87 104.66* Common stocks priced at $2 a share ormorewith an average volumeover 65 trading days of at least5,000 shares =Has traded fewer than 65 days

Nasdaq Composite Index15782.83 s 291.18, or 1.88%High, low, open and close for eachtrading day of the past three months.

Year agoLast

Trailing P/E ratio *†P/E estimate *†Dividend yield *†All-time high:

35.92 37.9230.37 31.450.65 0.74

16057.44, 11/19/21

14100

14450

14800

15150

15500

15850

16200

Aug. Sept. Oct. Nov.

65-day moving average

EQUITIES

CREDIT MARKETS

CommoditiesPricing trends on some rawmaterials, or commodities

Monday 52-Week YTDClose Net chg %Chg High Low %Chg %chg

DJCommodity 918.04 -3.24 -0.35 972.68 689.00 32.97 25.49Refinitiv/CCCRB Index 225.72 -1.01 -0.45 241.18 158.28 41.02 34.52Crude oil,$per barrel 69.65 1.50 2.20 84.65 44.55 54.28 44.17Natural gas,$/MMBtu 4.854 -0.623 -11.37 6.312 2.305 68.42 91.18Gold,$ per troy oz. 1782.30 -3.20 -0.18 1952.70 1677.70 0.37 -5.85

CorporateBorrowingRates andYieldsYield (%) 52-Week Total Return (%)

Bond total return index Close Last Week ago High Low 52-wk 3-yr

U.S. Treasury, Bloomberg 2402.930 1.140 1.250 1.280 0.560 –2.399 4.889

U.S. Treasury Long, Bloomberg4498.500 1.890 1.980 2.400 1.440 –5.774 10.860

Aggregate, Bloomberg 2254.290 1.700 1.780 1.820 1.120 –1.371 5.436

Fixed-RateMBS, Bloomberg2208.280 1.950 2.000 2.060 1.180 –0.793 3.666

HighYield 100, ICEBofA 3406.180 4.408 4.113 4.587 3.162 4.026 6.022

MuniMaster, ICEBofA 600.870 0.919 0.943 1.082 0.687 1.429 4.811

EMBIGlobal, J.P.Morgan 904.797 5.098 4.933 5.098 4.295 –1.354 6.046

Sources: J.P.Morgan; Bloomberg Fixed Income Indices; ICEDataServices

Latest Session 52-WeekCompany Symbol Close Net chg % chg High Low %chg

Krystal Biotech KRYS 88.24 48.43 121.65 102.99 38.86 60.6Petros Pharmaceuticals PTPI 4.00 1.91 91.39 5.96 1.19 ...Adagio Therapeutics ADGI 46.83 21.71 86.43 59.50 17.38 ...AeroCleanTechnologies AERC 117.35 36.35 44.88 117.35 40.00 ...Pioneer Power Solutions PPSI 7.63 1.63 27.17 12.44 3.09 102.4

Matterport MTTR 33.05 5.78 21.20 33.48 10.45 ...NRXPharmaceuticals NRXP 8.10 1.35 20.00 76.99 4.07 -25.5Femasys FEMY 5.41 0.87 19.16 13.75 3.77 ...SnowLakeResources LITM 7.63 1.15 17.75 18.42 6.32 ...BiophytisADR BPTS 6.75 0.99 17.18 18.50 5.06 ...

iSpecimen ISPC 20.42 2.91 16.62 28.98 4.75 ...Draganfly DPRO 2.76 0.39 16.46 16.70 1.49 45.5DermataTherapeutics DRMA 3.13 0.43 15.93 6.95 2.23 ...KULRTechnologyGroup KULR 3.45 0.47 15.77 3.81 1.15 136.3PSUlShBloombergNatGas KOLD 8.17 1.08 15.23 58.85 5.66 -78.8

MostActiveStocks

Latest Session 52-WeekCompany Symbol Close Net chg % chg High Low %chg

Fennec Pharmaceuticals FENC 4.78 -4.86 -50.41 10.08 4.69 -38.9MiNKTherapeutics INKT 13.28 -6.73 -33.63 22.16 11.20 ...Vaxxinity VAXX 13.70 -4.76 -25.79 22.77 13.50 ...Xilio Therapeutics XLO 15.20 -4.71 -23.66 27.95 14.68 ...AuraBiosciences AURA 17.75 -4.87 -21.53 26.16 14.00 ...

TheseusPharmaceuticals THRX 14.49 -3.81 -20.82 24.54 13.71 ...AptevoTherapeutics APVO 10.53 -2.54 -19.43 51.75 6.38 -75.9ProShUlt BloombgNatGas BOIL 46.52 -10.82 -18.87 97.82 17.05 56.4ArmataPharmaceuticals ARMP 4.30 -0.92 -17.62 10.48 2.56 35.6La Jolla Pharmaceutical LJPC 3.89 -0.81 -17.23 7.85 3.35 -21.7

Icosavax ICVX 23.06 -4.49 -16.30 49.99 20.07 ...LianBioADR LIAN 13.43 -2.57 -16.06 16.37 12.99 ...AlliedHealthcare Prods AHPI 7.00 -1.32 -15.87 ... ... ...Huadi International HUDI 16.48 -2.97 -15.27 35.70 2.83 ...Longeveron LGVN 26.25 -4.42 -14.41 45.00 2.84 ...

VolumeMovers Ranked by change from65-day average*

Track the MarketsCompare the performance of selectedglobal stock indexes, bond ETFs,currencies and commodities atwsj.com/graphics/track-the-markets

CURRENCIES & COMMODITIES

CurrenciesU.S.-dollar foreign-exchange rates in lateNewYork trading

US$vs,Mon YTDchg

Country/currency inUS$ perUS$ (%)

AmericasArgentina peso .0099100.8870 20.0Brazil real .1785 5.6022 7.9Canada dollar .7850 1.2740 0.03Chile peso .001185 844.00 18.8Colombiapeso .000248 4035.00 17.9EcuadorUSdollar 1 1 unchMexico peso .0461 21.6733 9.0Uruguay peso .02263 44.1850 4.3Asia-PacificAustralian dollar .7142 1.4002 7.7China yuan .1565 6.3881 –2.2HongKong dollar .1282 7.7999 0.6India rupee .01332 75.053 2.8Indonesia rupiah .0000698 14323 1.9Japan yen .008808 113.53 9.9Kazakhstan tenge .002285 437.70 3.9Macau pataca .1244 8.0380 0.6Malaysia ringgit .2359 4.2385 5.4NewZealand dollar .6826 1.4650 5.2Pakistan rupee .00567 176.500 10.1Philippines peso .0198 50.385 4.9Singapore dollar .7306 1.3687 3.6SouthKoreawon .0008397 1190.96 9.7Sri Lanka rupee .0049315 202.78 9.5Taiwan dollar .03600 27.775 –1.1Thailand baht .02968 33.690 12.2

US$vs,Mon YTDchg

Country/currency inUS$ perUS$ (%)

Vietnam dong .00004406 22695 –1.7EuropeCzechRep. koruna .04416 22.644 5.5Denmark krone .1518 6.5857 8.1Euro area euro 1.1294 .8855 8.2Hungary forint .003074 325.26 9.5Iceland krona .007682 130.17 1.9Norway krone .1109 9.0207 5.2Poland zloty .2413 4.1449 11.0Russia ruble .01343 74.480 0.6Sweden krona .1103 9.0685 10.2Switzerland franc 1.0835 .9229 4.3Turkey lira .0780 12.8189 72.4Ukraine hryvnia .0366 27.3500 –3.5UK pound 1.3314 .7511 2.6Middle East/AfricaBahrain dinar 2.6518 .3771 0.02Egypt pound .0636 15.7184 –0.2Israel shekel .3162 3.1630 –1.6Kuwait dinar 3.3041 .3027 –0.5Oman sul rial 2.5976 .3850 –0.01Qatar rial .2749 3.637 –0.1SaudiArabia riyal .2666 3.7515 –0.01SouthAfrica rand .0619 16.1520 9.9

Close Net Chg %Chg YTD%Chg

WSJDollar Index 90.10 0.01 0.01 6.00

Sources: Tullett Prebon, DowJonesMarketData

Dow Jones Industrial Average35135.94 s236.60, or 0.68%High, low, open and close for eachtrading day of the past three months.

Year agoLast

Trailing P/E ratioP/E estimate *Dividend yieldAll-time high

21.81 29.4218.45 24.581.94 2.04

36432.22, 11/08/21

33000

33600

34200

34800

35400

36000

36600

Aug. Sept. Oct. Nov.

Current divisor 0.15172752595384

Bars measure the point change from session's open

tt

Session high

Session low

Session open

Close Open

CloseDOWN UP

65-day moving average

S&P 500 Index4655.27 s60.65, or 1.32%High, low, open and close for eachtrading day of the past three months.

Year agoLast

Trailing P/E ratio *P/E estimate *Dividend yield *All-time high

28.81 41.3422.45 25.951.28 1.65

4704.54, 11/18/21

4200

4300

4400

4500

4600

4700

4800

Aug. Sept. Oct. Nov.

65-day moving average

*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index

MARKETS DIGEST

P2JW334000-1-B00900-1--------XA

B10 | Tuesday, November 30, 2021 * THEWALL STREET JOURNAL.

Metal &PetroleumFuturesContract Open

Open High hi lo Low Settle Chg interest

Copper-High (CMX)-25,000 lbs.; $ per lb.Dec 4.3050 4.3750 4.2815 4.3370 0.0535 9,242March'22 4.3030 4.3815 4.2875 4.3410 0.0500 117,828Gold (CMX)-100 troy oz.; $ per troy oz.Dec 1791.70 1798.90 1780.00 1782.30 –3.20 48,262Jan'22 1794.50 1800.20 1782.00 1783.80 –3.10 1,511Feb 1795.20 1801.50 1782.50 1785.20 –2.90 419,629April 1792.40 1803.00 1785.40 1787.10 –2.80 42,209June 1797.00 1803.60 1786.70 1788.90 –2.70 23,758Aug 1800.00 1803.00 1790.30 1790.60 –2.60 5,441Palladium (NYM) - 50 troy oz.; $ per troy oz.Dec 1727.00 1797.00 1727.00 1784.20 –4.90 526March'22 1745.50 1804.50 1705.00 1789.20 8.00 9,120Platinum (NYM)-50 troy oz.; $ per troy oz.Dec 962.80 970.00 957.20 963.60 10.00 41Jan'22 954.00 979.50 951.30 964.50 10.20 51,652Silver (CMX)-5,000 troy oz.; $ per troy oz.Dec 23.135 23.415 22.730 22.799 –0.308 13,562March'22 23.160 23.460 22.765 22.852 –0.283 109,891CrudeOil, Light Sweet (NYM)-1,000bbls.; $ per bbl.Jan 69.23 72.93 68.86 69.95 1.80 374,123Feb 68.93 72.48 68.40 69.62 1.78 205,279March 68.48 71.98 68.20 69.28 1.80 168,853June 67.54 70.57 67.15 68.19 1.89 176,528Dec 64.42 67.85 64.41 65.88 1.90 215,442Dec'23 61.74 64.20 61.73 62.62 1.68 97,384NYHarborULSD (NYM)-42,000gal.; $ per gal.Dec 2.0945 2.2309 2.0945 2.1521 .0576 12,956Jan'22 2.1055 2.2278 2.1055 2.1482 .0575 102,371Gasoline-NYRBOB (NYM)-42,000gal.; $ per gal.Dec 2.0785 2.1631 2.0524 2.0771 .0477 17,315Jan'22 2.0060 2.1160 2.0017 2.0330 .0519 144,343Natural Gas (NYM)-10,000MMBtu.; $ perMMBtu.Jan 5.199 5.200 4.818 4.854 –.623 258,314Feb 5.135 5.135 4.734 4.768 –.596 82,896March 4.818 4.825 4.490 4.521 –.523 170,352April 4.241 4.294 4.072 4.106 –.246 119,905May 4.175 4.237 4.028 4.064 –.221 140,227Oct 4.266 4.316 4.121 4.165 –.202 88,191

Agriculture FuturesCorn (CBT)-5,000bu.; cents per bu.Dec 586.00 588.25 576.50 581.00 –5.75 105,685March'22 592.00 594.00 579.00 582.25 –9.50 744,801Oats (CBT)-5,000bu.; cents per bu.Dec 760.00 770.00 744.00 746.75 –8.25 457March'22 759.00 771.00 749.25 754.00 –5.75 3,612Soybeans (CBT)-5,000bu.; cents per bu.Jan 1260.75 1268.50 1240.75 1241.50 –11.25 236,347March 1270.25 1278.75 1251.25 1252.00 –11.00 189,057SoybeanMeal (CBT)-100 tons; $ per ton.Dec 357.60 362.90 346.80 347.70 –8.50 16,516Jan'22 350.90 355.30 342.20 342.70 –6.70 128,429SoybeanOil (CBT)-60,000 lbs.; cents per lb.Dec 59.30 60.31 58.17 58.26 –.76 9,248Jan'22 59.00 60.25 58.20 58.28 –.60 124,772RoughRice (CBT)-2,000 cwt.; $ per cwt.Jan 14.40 14.42 14.23 14.30 .01 7,626March 14.62 14.64 14.47 14.54 .02 1,181Wheat (CBT)-5,000bu.; cents per bu.Dec 837.75 840.50 805.00 807.50 –18.00 13,571

FuturesContracts Contract OpenOpen High hi lo Low Settle Chg interest

Contract OpenOpen High hi lo Low Settle Chg interest

Contract OpenOpen High hi lo Low Settle Chg interest

March'22 853.50 855.25 818.75 822.25 –18.00 194,977Wheat (KC)-5,000bu.; cents per bu.Dec 875.25 881.75 847.25 854.00 –11.00 6,300March'22 880.25 885.00 850.25 857.25 –11.75 131,917Cattle-Feeder (CME)-50,000 lbs.; cents per lb.Jan 167.500 168.300 165.175 165.725 –1.425 19,598March 167.975 169.075 165.975 166.550 –1.425 10,743Cattle-Live (CME)-40,000 lbs.; cents per lb.Dec 138.250 139.125 s 136.625 136.925 –1.175 33,522Feb'22 141.350 141.850 s 138.950 139.300 –1.900 129,797Hogs-Lean (CME)-40,000 lbs.; cents per lb.Dec 73.450 73.525 72.275 72.400 –.800 28,810Feb'22 81.975 82.025 80.750 80.925 –.100 88,180Lumber (CME)-110,000bd. ft., $ per 1,000bd. ft.Jan 773.00 796.20 769.60 794.50 28.30 1,307March 770.70 794.70 770.70 793.20 27.20 403Milk (CME)-200,000 lbs., cents per lb.Nov 18.03 18.03 18.00 18.02 .07 3,752Dec 18.32 18.32 17.90 18.16 –.16 4,885Cocoa (ICE-US)-10metric tons; $ per ton.Dec 2,322 2,322 2,322 2,322 –18 30March'22 2,403 2,425 2,372 2,378 –18 109,702Coffee (ICE-US)-37,500 lbs.; cents per lb.Dec 241.20 246.65 231.50 233.85 –10.00 486March'22 241.05 246.90 229.65 233.00 –9.95 133,243Sugar-World (ICE-US)-112,000 lbs.; cents per lb.March 19.56 19.66 19.15 19.19 –.16 376,760May 19.19 19.24 18.77 18.80 –.14 150,587Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.Jan 37.00 .10 1,598March 37.00 .10 2,814Cotton (ICE-US)-50,000 lbs.; cents per lb.Dec 118.03 118.20 116.01 116.65 .05 184March'22 113.16 113.58 111.11 111.41 –.37 150,328Orange Juice (ICE-US)-15,000 lbs.; cents per lb.Jan 124.00 126.80 123.95 125.25 1.65 8,208March 125.85 128.95 125.85 127.75 2.10 2,113

InterestRate FuturesUltraTreasuryBonds (CBT) - $100,000; pts 32nds of 100%Dec 198-270 198-270 196-190 197-200 –1-29.0 87,904March'22 198-040 198-160 196-030 197-040 –1-31.0 1,196,020TreasuryBonds (CBT)-$100,000; pts 32nds of 100%Dec 162-220 162-220 161-140 162-000 –28.0 100,634March'22 161-040 161-040 159-280 160-140 –28.0 1,155,727TreasuryNotes (CBT)-$100,000; pts 32nds of 100%Dec 130-310 131-060 130-205 131-015 –4.0 412,189March'22 130-070 130-135 129-280 130-090 –5.0 3,530,2255Yr. TreasuryNotes (CBT)-$100,000; pts 32nds of 100%Dec 121-217 121-280 121-162 121-257 .2 379,618March'22 121-032 121-107 120-295 121-085 .7 3,342,5062Yr. TreasuryNotes (CBT)-$200,000; pts 32nds of 100%Dec 109-218 109-238 109-200 109-231 .7 197,159March'22 109-125 109-137 109-097 109-130 .2 1,714,98130DayFederal Funds (CBT)-$5,000,000; 100 - daily avg.Nov 99.9200 99.9200 99.9200 99.9200 104,829April'22 99.8700 99.8800 99.8600 99.8700 –.0050 170,89310Yr. Del. Int. RateSwaps (CBT)-$100,000; pts 32nds of 100%Dec 101-085 –15.5 194,150Eurodollar (CME)-$1,000,000; pts of 100%Dec 99.7875 99.7975 99.7800 99.7925 .0050 1,308,749March'22 99.7200 99.7500 99.7150 99.7400 .0100 1,079,889Dec 99.1000 99.1450 99.0450 99.1150 … 1,285,302

Dec'23 98.4050 98.4700 98.3450 98.4300 –.0050 1,179,170

CurrencyFuturesJapaneseYen (CME)-¥12,500,000; $ per 100¥Dec .8817 .8851 .8776 .8794 –.0049 229,925March'22 .8829 .8863 .8788 .8806 –.0049 2,261CanadianDollar (CME)-CAD 100,000; $ per CADDec .7829 .7861 .7816 .7830 .0003 144,199March'22 .7833 .7863 .7819 .7832 .0003 4,914BritishPound (CME)-£62,500; $ per £Dec 1.3331 1.3363 1.3287 1.3292 –.0041 218,819March'22 1.3335 1.3369 1.3296 1.3299 –.0041 4,798Swiss Franc (CME)-CHF 125,000; $ per CHFDec 1.0839 1.0841 1.0788 1.0817 –.0024 51,059March'22 1.0887 1.0887 1.0822 1.0850 –.0025 616AustralianDollar (CME)-AUD 100,000; $ perAUDDec .7124 .7160 .7114 .7129 … 199,251March'22 .7134 .7163 .7118 .7133 .0001 1,824MexicanPeso (CME)-MXN500,000; $ perMXNDec .04572 .04606 .04533 .04597 .00025 194,987March'22 .04500 .04531 .04463 .04521 .00023 567Euro (CME)-€125,000; $ per €Dec 1.1300 1.1304 1.1262 1.1276 –.0030 676,940March'22 1.1330 1.1333 1.1292 1.1307 –.0030 25,863

IndexFuturesMiniDJ Industrial Average (CBT)-$5 x indexDec 34741 35246 34740 35077 219 102,396March'22 34646 35172 34646 35000 222 2,237Mini S&P500 (CME)-$50 x indexDec 4589.00 4669.75 4588.75 4651.00 55.25 2,338,297March'22 4582.00 4663.50 4582.00 4645.00 55.50 109,683Mini S&PMidcap400 (CME)-$100 x indexDec 2792.80 2814.80 2761.10 2778.20 2.60 41,250MiniNasdaq 100 (CME)-$20 x indexDec 16046.50 16437.75 16038.00 16390.75 339.75 253,059March'22 16396.00 339.25 6,422Mini Russell 2000 (CME)-$50 x indexDec 2231.10 2282.30 2226.00 2240.20 –3.10 473,972March'22 2238.50 –3.40 3,015MiniRussell 1000 (CME)-$50 x indexDec 2596.50 29.30 13,680U.S. Dollar Index (ICE-US)-$1,000 x indexDec 96.18 96.45 96.15 96.34 .23 52,802March'22 96.15 96.37 96.08 96.27 .23 2,913

Source: FactSet

Monday

IronOre, 62%FeCFRChina-s 100.0ShreddedScrap, USMidwest-s,m n.a.Steel, HRCUSA, FOBMidwestMill-s 1760Battery/EVmetalsBMI LithiumCarbonate, EXWChina, =99.2%-v,k 30650BMI LithiumHydroxide, EXWChina, =56.5% -v,k 29825BMICobalt sulphate, EXWChina, >20.5% -v,m 13816BMINickel Sulphate, EXWChina, >22%-v,m 5652BMI FlakeGraphite, FOBChina, -100Mesh, 94-95% -v,m 585

Fibers andTextiles

Burlap,10-oz,40-inchNYyd-n,w 0.8150Cotton,1 1/16 std lw-mdMphs-u 1.1116Cotlook 'A' Index-t *127.30Hides,hvy native steers piece fob-u n.a.Wool,64s,staple,Terr del-u,w n.a.

Grains andFeeds

Barley,top-qualityMnpls-u n.a.Bran,wheatmiddlings, KC-u 170Corn,No. 2 yellow,Cent IL-bp,u 5.6900Corn gluten feed,Midwest-u,w 174.7Corn glutenmeal,Midwest-u,w 591.1Cottonseedmeal-u,w 315Hominy feed,Cent IL-u,w 165Meat-bonemeal,50%proMnpls-u,w 190Oats,No.2milling,Mnpls-u 7.7900Rice, LongGrainMilled, No. 2AR-u,w 27.75Sorghum,(Milo)No.2Gulf-u n.a.SoybeanMeal,Cent IL,rail,ton48%-u,w 369.65Soybeans,No.1 yllw IL-bp,u 12.2200Wheat,Spring14%-proMnpls-u n.a.

Monday

Wheat,No.2 soft red,St.Louis-u n.a.Wheat -Hard - KC (USDA) $ per bu-u n.a.Wheat,No.1softwhite,Portld,OR-u 11.1250

Food

Beef,carcass equiv. indexchoice 1-3,600-900 lbs.-u 232.84select 1-3,600-900 lbs.-u 216.68Broilers, National compwtd. avg.-u,w 1.1116Butter,AAChicago 1.9900Cheddar cheese,bbl,Chicago 153.50Cheddar cheese,blk,Chicago 185.75Milk,Nonfat dry,Chicago lb. 155.25Coffee,Brazilian,Comp 2.3829Coffee,Colombian, NY 2.9910Eggs,largewhite,Chicago-u 1.3550Flour,hardwinter KC 24.45Hams,17-20 lbs,Mid-US fob-u 0.58Hogs,Iowa-So.Minnesota-u 72.98Pork bellies,12-14 lbMidUS-u 1.4116Pork loins,13-19 lbMidUS-u 0.7597Steers,Tex.-Okla. Choice-u 139.87Steers,feeder,Okla. City-u,w 172.75

Fats andOils

Degummed corn oil, crudewtd. avg.-u,w 56.5000Grease,choicewhite,Chicago-h 0.5300Lard,Chicago-u n.a.Soybean oil,crude;Centl IL-u,w 0.6534Tallow,bleach;Chicago-h 0.6350Tallow,edible,Chicago-u 0.7800

KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co;K=bi-weekly;M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=BenchmarkMineral Intelligence;W=weekly; Z=not quoted. *Data as of 11/26

Source: Dow JonesMarket Data

CashPrices Monday, November 29, 2021These prices reflect buying and selling of a variety of actual or “physical” commodities in themarketplace—separate from the futures price on an exchange,which reflectswhat the commoditymight beworth in futuremonths.

Monday

Energy

Coal,C.Aplc.,12500Btu,1.2SO2-r,w 89.750Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 30.700

Metals

Gold, per troy ozEngelhard industrial 1788.00Handy&Harmanbase 1785.95Handy&Harman fabricated 1982.41LBMAGold PriceAM *1809.80LBMAGold Price PM *1800.80Krugerrand,wholesale-e 1855.57Maple Leaf-e 1873.41AmericanEagle-e 1873.41Mexican peso-e 2159.21Austria crown-e 1751.87Austria phil-e 1873.41Silver, troy oz.Engelhard industrial 23.1500Handy&Harmanbase 22.8350Handy&Harman fabricated 28.5440LBMAspot price *£17.7300(U.S.$ equivalent) *23.6300Coins,wholesale $1,000 face-a 20325OthermetalsLBMAPlatinumPrice PM *978.0Platinum,Engelhard industrial 974.0Palladium,Engelhard industrial 1805.0Aluminum, LME, $ permetric ton *2618.5Copper,Comex spot 4.3370

| wsj.com/market-data/commodities

Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks

MoneyRates November 29, 2021

Key annual interest rates paid to borrowor lendmoney inU.S. and internationalmarkets. Rates beloware aguide to general levels but don’t always represent actual transactions.

InflationOct. index ChgFrom (%)

level Sept. '21 Oct. '20

U.S. consumer price indexAll items 276.589 0.83 6.2Core 281.617 0.62 4.6

International rates

Week 52-WeekLatest ago High Low

Prime ratesU.S. 3.25 3.25 3.25 3.25Canada 2.45 2.45 2.45 2.45Japan 1.475 1.475 1.475 1.475

PolicyRatesEuro zone 0.00 0.00 0.00 0.00

Week —52-WEEK—Latest ago High Low

Treasury bill auction4weeks 0.125 0.110 0.125 0.00013weeks 0.050 0.050 0.095 0.01526weeks 0.090 0.070 0.100 0.030

Secondarymarket

FannieMae30-yearmortgage yields

30 days 2.575 2.597 2.710 1.84860days 2.612 2.634 2.754 1.875

Other short-term rates

Week 52-WeekLatest ago high low

Callmoney2.00 2.00 2.00 2.00

Commercial paper (AA financial)90days 0.15 0.14 0.25 0.04

LiborOnemonth 0.09925 0.09238 0.15863 0.07263Threemonth 0.17088 0.16963 0.25388 0.11413Sixmonth 0.24600 0.24388 0.26663 0.14663One year 0.41988 0.42563 0.47163 0.21950

Euro LiborOnemonth -0.597 -0.574 -0.569 -0.607Threemonth -0.598 -0.579 -0.538 -0.598Sixmonth -0.552 -0.548 -0.513 -0.552One year -0.503 -0.492 -0.462 -0.511

SecuredOvernight FinancingRate0.05 0.05 0.11 0.01

Value 52-WeekLatest Traded High Low

DTCCGCFRepo IndexTreasury 0.057 43.500 0.125 -0.008MBS 0.080 20.000 0.131 0.002

Notes ondata:U.S. prime rate is the base rate on corporateloans posted by at least 70%of the 10 largestU.S. banks, and is effectiveMarch 16, 2020.Other prime rates aren’t directly comparable;lending practices varywidely by location;Discount rate is effectiveMarch 16, 2020.SecuredOvernight FinancingRate is as ofNovember 26, 2021. DTCCGCFRepo Index isDepository Trust&Clearing Corp.'sweightedaverage for overnight trades in applicableCUSIPs. Value traded is in billions ofU.S. dollars.Federal-funds rates are Tullett Prebon rates asof 5:30 p.m. ET.Sources: Federal Reserve; Bureau of LaborStatistics; DTCC; FactSet;Tullett Prebon Information, Ltd.

Switzerland 0.00 0.00 0.00 0.00Britain 0.10 0.10 0.10 0.10Australia 0.10 0.10 0.10 0.10

Overnight repurchaseU.S. 0.04 0.05 0.12 -0.04

U.S. government rates

Discount0.25 0.25 0.25 0.25

Federal fundsEffective rate 0.0800 0.0800 0.1000 0.0500High 0.0900 0.2000 0.2000 0.0700Low 0.0500 0.0500 0.0900 0.0000Bid 0.0700 0.0700 0.7000 0.0300Offer 0.0900 0.0900 0.1200 0.0500

Week —52-WEEK—Latest ago High Low

Global GovernmentBonds:MappingYieldsYields and spreads over or underU.S. Treasurys on benchmark two-year and 10-year government bonds inselected other countries; arrows indicatewhether the yield rose(s) or fell (t) in the latest session

Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis pointsCoupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago

0.500 U.S. 2 0.508 t l 0.518 0.491 0.1541.375 10 1.529 s l 1.484 1.555 0.841

5.500 Australia 2 0.332 t l 0.368 0.611 0.101 -18.0 -13.6 -5.51.000 10 1.757 t l 1.777 2.089 0.910 23.0 29.8 6.5

0.000 France 2 -0.795 s l -0.805 -0.612 -0.684 -130.7 -130.8 -84.10.000 10 0.045 s l 0.040 0.282 -0.341 -148.2 -143.9 -118.6

0.000 Germany 2 -0.752 s l -0.760 -0.580 -0.754 -126.3 -126.4 -91.00.000 10 -0.316 s l -0.334 -0.104 -0.585 -184.3 -181.3 -143.0

0.000 Italy 2 -0.254 s l -0.260 -0.020 -0.413 -76.6 -76.4 -56.90.950 10 0.978 s l 0.965 1.184 0.598 -54.9 -51.4 -24.8

0.005 Japan 2 -0.128 t l -0.124 -0.101 -0.141 -63.9 -62.7 -29.80.100 10 0.074 t l 0.077 0.100 0.030 -145.3 -140.2 -81.6

0.000 Spain 2 -0.653 s l -0.691 -0.526 -0.592 -116.5 -119.5 -74.90.500 10 0.434 s l 0.431 0.619 0.062 -109.3 -104.8 -78.4

0.125 U.K. 2 0.496 s l 0.458 0.707 -0.042 -1.6 -4.6 -19.84.750 10 0.861 s l 0.828 1.038 0.286 -66.6 -65.1 -56.0

Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close

CorporateDebtPrices of firms' bonds reflect factors including investors' economic, sectoral and company-specificexpectationsInvestment-grade spreads that tightened themost…

Spread*, in basis points

Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Lastweek

DeltaAir Lines DAL 4.500 3.13 Oct. 20, ’25 228 –23 n.a.

PhilipMorris International PM 3.250 0.96 Nov. 10, ’24 15 –17 22

WestpacBanking WSTP 1.019 1.07 Nov. 18, ’24 27 –11 28

GoldmanSachs GS 6.750 3.39 Oct. 1, ’37 144 –8 136

Baxter International BAX 1.322 1.38 Nov. 29, ’24 57 –5 n.a.

Coca–Cola KO 2.750 2.80 June 1, ’60 92 –4 n.a.

Comcast CMCSA 3.750 1.20 Sept. 16, ’24 37 –3 31

Johnson& Johnson JNJ 4.500 2.67 Sept. 1, ’40 74 –3 68

…Andspreads thatwidened themost

Jefferies JEF 4.150 2.70 Jan. 23, ’30 119 7 107

JPMorganChase JPM 3.875 1.03 Feb. 1, ’24 22 5 n.a.

MorganStanley MS 3.625 1.96 Jan. 20, ’27 78 3 70

Bank ofAmerica BAC 4.200 1.53 Aug. 26, ’24 70 2 54

Wells Fargo WFC 3.000 1.63 Feb. 19, ’25 41 2 28

AbbVie ABBV 4.400 3.15 Nov. 6, ’42 121 1 115

High-yield issueswith thebiggest price increases…BondPrice as%of face value

Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Lastweek

Ball BLL 4.000 1.40 Nov. 15, ’23 105.000 1.13 105.000

DishDBS … 7.750 6.91 July 1, ’26 103.250 1.13 104.500

FordMotor F 4.750 4.23 Jan. 15, ’43 107.250 1.00 108.320

Occidental Petroleum OXY 6.450 4.19 Sept. 15, ’36 124.750 1.00 127.250

TevaPharmaceutical FinanceNetherlands … 4.100 5.30 Oct. 1, ’46 83.500 1.00 84.250

Embarq … 7.995 6.95 June 1, ’36 109.500 0.88 112.235

Bath&BodyWorks BBWI 9.375 2.92 July 1, ’25 121.800 0.70 123.750

FirstEnergy FE 7.375 3.33 Nov. 15, ’31 134.000 0.58 135.750

…Andwith thebiggest price decreases

WeWork WEWORK 7.875 8.47 May1, ’25 98.250 –0.25 101.125

NaturaCosmeticos NATURA 4.125 4.90 May3, ’28 95.760 –0.24 97.080

Navient NAVI 6.500 1.61 June 15, ’22 102.625 –0.13 103.125

DishDBS … 5.875 3.21 July 15, ’22 101.625 –0.02 102.000

*Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100basis points=one percentage pt.; change in spread shown is for Z-spread.Note: Data are for themost active issue of bondswithmaturities of two years ormore

Source:MarketAxess

BroadMarketBloomberg Fixed Income Indices

2254.29 -1.6 U.S. Aggregate 1.700 1.120 1.820

U.S. Corporate IndexesBloomberg Fixed Income Indices

3411.25 -1.4 U.S. Corporate 2.320 1.740 2.410

3072.75 -1.3 Intermediate 1.810 1.080 1.890

5110.48 -1.6 Long term 3.120 2.780 3.580

689.63 -1.7 Double-A-rated 2.000 1.400 2.110

916.41 -0.6 Triple-B-rated 2.550 2.010 2.640

HighYieldBonds ICEBofA

512.80 3.5 HighYield Constrained 4.732 3.796 4.834

496.34 8.6 Triple-C-rated 8.171 6.304 9.453

3406.18 2.3 HighYield 100 4.408 3.162 4.587

454.13 1.5 Global HighYield Constrained 5.098 3.968 5.138

346.16 2.5 EuropeHighYield Constrained 3.085 2.304 3.085

U.SAgencyBloomberg Fixed Income Indices

1846.30 -1.1 U.SAgency 1.030 0.460 1.140

1610.45 -1.0 10-20 years 0.930 0.350 1.050

4221.49 -1.3 20-plus years 2.130 1.630 2.460

2883.46 -1.8 Yankee 1.950 1.370 2.040

Bonds | wsj.com/market-data/bonds/benchmarks

TrackingBondBenchmarksReturn on investment and spreads over Treasurys and/or yields paid to investors comparedwith 52-weekhighs and lows for different types of bondsTotalreturn YTD total Yield (%)close return (%) Index Latest Low High

*Constrained indexes limit individual issuer concentrations to 2%; theHighYield 100 are the 100 largest bonds † In local currency §Euro-zone bonds

** EMBIGlobal Index Sources: ICEDataServices; Bloomberg Fixed Income Indices; J.P.Morgan

Totalreturn YTD total Yield (%)close return (%) Index Latest Low High

Mortgage-BackedBloomberg Fixed Income Indices

2208.28 -1.0 Mortgage-Backed 1.950 1.180 2.060

2146.81 -1.4 GinnieMae (GNMA) 1.990 0.680 2.100

1305.65 -0.9 Fanniemae (FNMA) 1.940 1.230 2.040

2003.84 -0.9 FreddieMac (FHLMC) 1.940 1.210 2.040

600.87 0.9 MuniMaster 0.919 0.687 1.082

424.30 0.6 7-12 year 0.950 0.687 1.133

490.48 1.7 12-22 year 1.213 1.000 1.524

483.09 3.1 22-plus year 1.698 1.443 2.125

Global Government J.P.Morgan†

602.62 -2.1 Global Government 0.910 0.530 1.030

827.37 -4.2 Canada 1.650 0.810 1.820

n.a. n.a. EMU§ n.a. n.a. n.a.

770.61 -2.9 France 0.230 -0.160 0.450

544.14 -1.5 Germany -0.310 -0.530 -0.010

294.73 -0.2 Japan 0.340 0.260 0.420

603.46 -2.4 Netherlands -0.120 -0.450 0.130

1059.66 -3.3 U.K. 0.860 0.510 1.340

904.80 -3.1 EmergingMarkets ** 5.098 4.295 5.098

Key InterestRatesData are annualized on a 360-day basis. Treasury yields are per annum,on actively traded noninflation and inflation-indexed issues that areadjusted to constantmaturities. Data are fromweekly Federal ReservereleaseH.15.

WeekEnded 52-WeekNov 26 Nov 19 High Low

Federal funds (effective)0.08 0.08 0.10 0.05

Commercial paperNonfinancial1-month 0.05 0.06 0.29 0.022-month 0.07 0.07 0.11 0.033-month 0.08 0.09 0.15 0.04Financial1-month n.a. 0.10 0.13 0.052-month 0.12 0.11 0.23 0.083-month 0.14 0.14 0.18 0.07

Discountwindowprimary credit0.25 0.25 0.25 0.25

Treasury yields at constantmaturities1-month 0.10 0.08 0.10 0.003-month 0.06 0.05 0.10 0.01

WeekEnded 52-WeekNov 26 Nov 19 High Low

6-month 0.09 0.06 0.10 0.031-year 0.21 0.18 0.21 0.042-year 0.59 0.53 0.59 0.113-year 0.92 0.86 0.92 0.175-year 1.29 1.24 1.29 0.377-year 1.53 1.49 1.53 0.6410-year 1.61 1.60 1.72 0.8720-year 2.01 2.02 2.32 1.38

Treasury yields (secondarymarket)1-month 0.10 0.08 0.10 0.003-month 0.06 0.05 0.10 0.016-month 0.09 0.06 0.10 0.03

TIPS5-year -1.69 -1.88 -1.27 -1.887-year -1.31 -1.47 -1.06 -1.4710-year -0.99 -1.12 -0.63 -1.1420-year -0.59 -0.67 -0.08 -0.72Long-termavg -0.48 -0.55 0.03 -0.60

Notes on data:Federal-funds rate is an average for the seven days endedWednesday,weighted according to rateson broker trades;Commercial paper rates are discounted offer rates interpolated fromsales bydiscounted averages of dealer bid rates on nationally traded certificates of deposit;Discountwindowprimary credit rate is charged for discountsmade and advances extended under the FederalReserve's primary credit discountwindowprogram; rate is average for seven days endedWednesday;Inflation-indexed long-termTIPS average is indexed and is based on the unweighted average bidyields for all TIPSwith remaining terms tomaturity of 10 years ormore;

Sources: Federal Reserve; for additional information on these rate data and their derivation,please see,www.federalreserve.gov/releases/h15/data.htm

COMMODITIES wsj.com/market-data/commodities

P2JW334000-1-B01000-1--------XA

THEWALL STREET JOURNAL. * * * * Tuesday, November 30, 2021 | B11

AUCTIONRESULTSHere are the results ofMonday's Treasury auctions.All bids are awarded at a single price at themarket-clearing yield. Rates are determined by the differencebetween that price and the face value.

13-Week 26-WeekApplications $186,286,259,600 $159,648,439,300Accepted bids $64,856,704,600 $58,030,135,300" noncomp $446,075,000 $337,650,100" foreign noncomp $900,000,000 $1,000,000,000Auction price (rate) 99.987361 99.954500

(0.050%) (0.090%)0.051% 0.091%

Bids at clearing yield accepted 59.62% 79.49%912796L98 912796Q44

Both issues are datedDec. 2, 2021. The 13-week billsmature onMarch 3, 2022; the 26-week billsmature onJune 2, 2022.

“deserve a thorough reviewand consideration.”

“We will be having conver-sations and seeking additionalclarity about their significanceas they relate to CNN over thenext several days,” CNN said.

Andrew Cuomo steppeddown as governor of New Yorkthis year after Ms. James’s of-fice released its report,though he said that some ofthe allegations had no factualbasis.

A spokeswoman for ChrisCuomo referred to CNN’s Mon-day statement. A spokesmanfor Andrew Cuomo said as-pects of Ms. James’s investiga-tion into the former governorwere politically motivated.

“Today’s manipulated re-lease of hand picked witnesstestimony with selective re-dactions is typical,” the state-ment said.

CNN President Jeff Zuckersaid in an employee meetingin May that Chris Cuomo had“made a mistake” by partici-

ContinuedfrompageB1

and coronavirus restrictionscould threaten the global re-covery. In some of the toughermoves so far, Israel hasbanned foreigners from entryand Japan has said it wouldclose its borders to foreignvisitors until more informationabout the variant is available.

President Biden said Mon-day that Omicron was “not acause for panic.” The adminis-tration is working with drugcompanies to develop contin-gency plans for vaccines orboosters in case they areneeded, he said.

“There’s less likelihood wesee sustained downside fromsomething like a variant be-cause our ability to adapt to itis higher than it was,” saidHani Redha, a portfolio man-ager at PineBridge Invest-ments. “The ability to tailorvaccines makes a huge differ-ence.”

Moderna shares shot up$38.88, or 12%, to $368.51,adding to their gains after thestock surged more than 20%on Friday. The biotech com-pany has said it is working torapidly advance an Omicron-specific booster candidate.U.S.-listed shares of BioNTech,

which produces a Covid-19vaccine with Pfizer, added$14.52, or 4.2%, to $362.52.

Some travel and leisurestocks rebounded after steeplosses on Friday. Royal Carib-bean Group shares added$1.91, or 2.8%, to $69.89, whileshares of Carnival Cruise rose21 cents, or 1.2%, to $18.16.

Delta Air Lines and Amer-ican Airlines Group closedslightly lower after swingingbetween gains and losses.

Technology was the best-performing sector of the S&P500. Apple and Microsoftrose more than 2%.

Twitter fell $1.29, or 2.7%,to $45.78 after the social-me-dia company said Jack Dorseywas stepping down as chief ex-ecutive, effective immediately,and being succeeded by ParagAgrawal, who was previouslyTwitter’s chief technology offi-cer.

Bitcoin rebounded after thelargest cryptocurrency waspummeled by Friday’s selloff.The dollar value of bitcoinrose 3.5% from its 5 p.m. ETlevel Sunday to $58,266.08. Itsgains boosted cryptocurrencyexchange Coinbase Global,whose shares rose $16.20, or

5.3%, to $319.39.Investors sold U.S. govern-

ment bonds, which are viewedas safe assets to hold, pushingup yields. The yield on thebenchmark 10-year Treasurynote ticked up to 1.529% from1.484% Friday.

Overseas, the pan-continen-tal Stoxx Europe 600 rose0.7%. Early Tuesday, Japan’sNikkei 225 Stock Average wasup 0.8%, Hong Kong’s HangSeng Index was down 1.2% andthe Shanghai Composite wasup 0.1%. U.S. stock futureswere up 0.2%.

—Frances Yoonand Rebecca Feng

contributed to this article.

to 35135.94.Brent crude futures, the

benchmark in global oil mar-kets, rose 1% to settle at$73.44 a barrel. They tumbledmore than 10% Friday, in theirlargest one-day percentage de-

cline since April2020.

“Friday was apanic selloff,”

said Ipek Ozkardeskaya, senioranalyst at Swissquote Bank.“Traders have had time to sitback and breathe a bit,” sheadded, noting that trading vol-umes were lower over theThanksgiving weekend, likelyexacerbating declines.

Investors are awaiting moreclarity on the transmissibilityand severity of the Omicronvariant and data on how wellit can be contained by existingvaccines. Renewed travel bans

ContinuedfrompageB1

StocksStageRecovery

While new travel restric-tions could dent the recent re-covery in fuel demand, sometraders expect the Organiza-tion of the Petroleum Export-ing Countries and allies to de-lay projected supply increases.

“With uncertainty overOmicron, we expect that OPECwill shelve its target to in-crease output in January andkeep its quota flat,” MorganStanley analysts said in anote.

Brent crude, the globalbenchmark, added 1% to$73.44 a barrel, also paring

some of its recent slide.U.S. crude and Brent are

roughly 15% below multiyearhighs that they hit in October,potentially offering some re-lief to consumers and busi-nesses that face some of thehighest costs for fuel andother products in years enter-ing the winter.

Worries about high infla-tion prompted the U.S. andother countries to recently tapstrategic reserves to increasecrude supply, though manyanalysts doubt the inventoryreleases will meaningfully af-

fect prices.OPEC and allies had already

been considering pausingtheir production increases fol-lowing that announcement,The Wall Street Journal re-ported.

Many analysts expect thepath of the global demand re-covery and the response byproducers to continue swing-ing prices.

Investors will be monitor-ing the latest travel restric-tions caused by the Omicronvariant and holiday fuel de-mand in the coming weeks.

against the dollar on Monday,trading near a record low ofaround 12.84 to the dollar.

Gas powers more than aquarter of energy consumed inTurkey and demand is expectedto reach a record 60 billion cu-bic meters this year. Russia isthe biggest supplier despite asometimes rocky relationshipbetween the regional power ri-vals. Gazprom cut flows to pri-vate Turkish importers thatowed the Russian companyhundreds of millions of dollarsearlier this year.

State-owned Botaş, for itspart, is under strain from theslumping lira. The state firmsells gas at government-man-dated prices that are lower

than the cost of gas it importsfrom abroad. Adding urgencyto the contract renewal withGazprom, high internationalgas prices have deterred Botaşfrom topping up supplies withcargoes of liquefied natural gasfrom the U.S. and elsewhere.

Ali Arif Aktürk, an energyconsultant who used to work atBotaş and sits on the boards oftwo gas-distribution compa-nies, estimates that Botaş willlose between $4 billion and $5billion this year.

A Botaş representativedidn’t respond to requests forcomment.

Mr. Aktürk said the contractswill ultimately be part of dis-cussions between Mr. Erdogan

and Russian President VladimirPutin, also encompassing topicssuch as Syria and Ukraine.

Russia’s relations with Tur-key are less frosty than its tieswith the European Union,which should help Ankara ac-cess the gas it requires, saidChristof Rühl, a research fellowat Columbia University’s Cen-ter on Global Energy Policy andformer chief economist at BP.The Kremlin has, however, pro-tested in recent monthsagainst the use of Turkishdrones by Ukrainian govern-ment forces fighting Russia-backed separatists.

In one way, Turkey is betterplaced to weather rocketingenergy prices than when it last

faced a currency crisis in 2018.The country’s current ac-count—a measure of transac-tions with the rest of theworld—is in a rare surplus inpart because of a revival intourism before the emergenceof the Omicron variant.

Nonetheless, the rise inglobal energy markets is suck-ing dollars from the economythat is home to companiesladen with foreign-currencydebt. Turkey spent $3.67 bil-lion more on energy importsthan it collected from exportsin September, central-bankdata show, its biggest net out-lay since December 2014.

—Jared Malsincontributed to this article.

MARKETS

almost 15% of annual demand—are due to expire next month,just as Europe endures its big-gest gas-price crises in a gen-eration. Cold weather pushedgas prices in continental Eu-rope and the U.K. up about 8%Monday. The long-term dealsare for gas sent by Russia’sGazprom PJSC to state-con-trolled Botaş Petroleum Pipe-line Corp. and a group of pri-vate companies. Talks to renewthem are continuing.

“The situation is really dis-turbing,” said Gulmira Rzayeva,senior visiting research fellowat the Oxford Institute for En-ergy Studies. Turkey might ex-perience power outages overthe winter, she added.

Gazprom is a big winnerfrom the global gas shortage,generating record profits. Salesto Turkey have helped: Gas be-gan to flow through the Turk-Stream pipeline under theBlack Sea in early 2020 andGazprom says supplies to Tur-key more than doubled in thefirst 10 months of 2021. Ankarahas tried to reduce its relianceon Russian energy, sourcing gasfrom the U.S. and generatingmore power from renewables.

Turkish President RecepTayyip Erdogan will want toavoid a gas shortfall this win-ter. Russia could push Turkeyto move away from priceslinked to oil and toward pricesthat reflect spot trading at in-ternational gas hubs such asthe Netherlands, which arecurrently higher.

Energy prices are a big fac-tor behind Turkey’s inflationproblem. Consumer pricesrose almost 20% in Octoberfrom a year before, accordingto the Turkish Statistical Insti-tute. Transportation and a cat-egory of goods including elec-tricity, gas and other fuelscontributed 6.5 percentagepoints to that rise.

The Turkish lira fell 3.7%

Turkey’s currency crisis hasexposed a key weakness in itseconomy: a near-total depen-dence on imported energy tokeep households warm and fac-tories humming.

Turkey is surrounded bysome of the world’s richest re-serves of fossil fuels, in theMiddle East and Central Asia,but produces little oil, gas orcoal of its own. The country im-ports 93% of the oil and 99% ofthe gas it consumes, a vulnera-bility when energy prices indollars climb and the lira slides.

Both factors have hurt theeconomy of Turkey, a memberof the Group of 20 and theNorth Atlantic Treaty Organi-zation. Benchmark Brent oilprices are up 42% in dollarterms this year. Factor in theplunge in the Turkish lira, andthe cost is up more than 140%even after the slide in crudeprices since the Omicron vari-ant of the coronavirusemerged. The lira has lostmore than a third of its valuesince Turkey’s central bank be-gan to cut interest rates in theface of accelerating inflation inSeptember.

Rising energy prices are fur-ther straining Turks, who arealready struggling with risingprices for food, medicine andtransportation. The govern-ment lifted the price of gasolineby more than one lira a literlast week, prompting long linesto form at gas stations beforecosts went up at midnight.

Turkey’s energy situation isprecarious because supply con-tracts that cover 8 billion cubicmeters of natural gas a year—

BY JOEWALLACE

Turkey’s Lira Crisis Exposes Key FaultReliance on importedoil and gas is painfulwhen energy pricesspike and currency falls

Turkey's trade balance in energy,monthly*

Sources: Central Bank of the Republic of Turkey (trade balance); FactSet (change in Brent crude prices); Tullett Prebon (lira)*Covers trade in mineral fuels, mineral oils and their products †Data through Friday

$4

–4

–2

0

2

billion

’18 ’19 ’20 ’212017

ExportImport

Net

September

$4.4B

$773.8M

–$3.7B

HowmanyTurkish lira $1 buys

7

13

12

11

10

9

8

lira

Jan. 2021 June Nov.

Change in Brent crude pricessince the end of 2019 indifferent currencies† 150

–100

–50

0

50

100%

2020 ’21

Dollars

Lira

Scale inverted toshow changes in thestrength of the lira

year as China containedCovid-19 outbreaks.

Junket operators such asSuncity form a core part ofMacau’s casino industry, at-tracting high rollers frommainland China.

On Monday, shares of MGMChina Holdings Ltd. fell10.14%, while those of WynnMacau Ltd. and Sands ChinaLtd. fell 7.82% and 5.27%, re-spectively. The three are sub-sidiaries of Las Vegas-basedoperators MGM Resorts In-ternational, Wynn ResortsLtd. and Las Vegas SandsCorp. Local rival Galaxy En-tertainment Group Ltd.’sshares were down 5.42%.

Suncity Group didn’t re-spond to a request for com-ment. Mr. Chau couldn’t bereached for comment.

HONG KONG—Casino stocksfell and share trading of junketoperator Suncity Group Hold-ings Ltd. was suspended Mon-day morning after its chair-man was held by police overallegations of illegal gamblingand money laundering.

Alvin Chau, chairman and acontrolling shareholder ofMacau’s largest junket opera-tor, was among 11 people heldfor questioning in Macau onSaturday after mainland policeissued a warrant for his arrestlast week. Mr. Chau and othersorganized a cross-border gam-bling syndicate with operationsin mainland China, the Philip-pines and elsewhere, police inthe city of Wenzhou said.

The gambling enclave hasseen revenue plummet duringthe pandemic, although it hadstarted to recover since last

BY ELAINE YU

Macau CasinoStocks Slide AfterJunket Boss Arrest

Oil prices stabilized, claw-ing back some of their lossesafter a new variant of the cor-onavirus fueled crude’s worsttrading session since April2020.

U.S. crude ended the day up2.6% at $69.95 a barrel afterpreviously rising as much as6.9%, rebounding alongsidestocks and other commoditiesfollowing a Friday selloff

driven by thenew Omicronvariant of

the coronavirus. Oil fell 13%on Friday but is still up about45% for the year.

Crude’s recent volatilitymarks the latest big swing inenergy markets sparked byworries that Covid-19 travelrestrictions will weaken theglobal economy and sap de-mand for fuel. In the past 20months, oil has frequentlyfallen sharply when new vari-ants and travel restrictionsemerge, only to later reboundwhen demand picks up andlarge producers instill confi-dence in their supply.

Some analysts expect asimilar pattern to play out af-ter scientists detected thenew, fast-spreading Omicronvariant in South Africa.

BY AMRITH RAMKUMAR

Oil Prices Stabilize After Selloff

COMMODITIES

Investors will be monitoring the latest travel restrictions.

JAMES

MACD

ONALD

/BLO

OMBE

RGNEW

SU.S. crude-oil futures price

Source: FactSet

$85

60

65

70

75

80

a barrel

June 2021 Nov.

MONDAY’SMARKETS

Heard on the Street: Losingstreak isn’t over yet............ B12

pating in strategy sessionswith his brother but said hedidn’t see a point in suspend-ing Chris Cuomo, adding thattaking him off the air wouldamount to “punishment forthe sake of punishing.”

In September, Chris Cuomowas accused of groping a vet-eran TV journalist at a partyin 2005 when they were co-workers at Walt Disney Co.’sABC News. Chris Cuomo re-sponded by saying he regret-ted the incident, which he saidwasn’t sexual in nature. CNNhad no additional comment atthe time.

Andrew Cuomo has beenaccused by several women, in-cluding some that worked forhim, of sexual misconduct thatincluded inappropriate touch-ing and lewd remarks.

Ms. James’s report, whichwas released over the summer,said Andrew Cuomo grabbedthe breast of an executive as-sistant; caressed the neck,back and belly of a statetrooper; squeezed the rear endof another employee; inappro-priately touched two otherwomen, and over the years,made a habit of hugging andkissing staff members to theirdiscomfort. Andrew Cuomohas said he never touchedanybody inappropriately.

—Jimmy Vielkindcontributed to this article.

CNNAnchorUnder Fire

P2JW334000-4-B01100-1--------XA

B12 | Tuesday, November 30, 2021 THEWALL STREET JOURNAL.

Dorsey Pulls Back at TwitterGiving up the role of CEO is the right move, but that doesn’t mean the company’s problems are solved

MatchGroup share price

Source: FactSet

$180

130

140

150

160

170

June 2021 Nov.

Trial begins

HEARD ONTHESTREET

FINANCIAL ANALYSIS & COMMENTARY

Dating company Match Group isfacing an ugly lovers’ quarrel. In-vestors could wind up not justheartbroken but nearly broke.

Tinder co-founder Sean Rad andother early employees of thehookup app are suing Match and itsformer owner IAC/InterActiveCorp.alleging they knowingly under-stated Tinder’s value to investmentbanks back in 2017 to devalue thestock options of its early employ-ees. At stake for Match is morethan $2 billion in potential dam-ages. As of the end of the thirdquarter, Match had just $523 mil-lion in cash and cash equivalentsand short-term investments, thoughit also had a $750 million revolvingcredit facility. Match’s shares aredown more than 16% since the trialbegan in early November.

But investors are likely overesti-mating the risks. A litigation ana-lyst for Bloomberg Intelligence re-cently predicted Match has a 75%chance of winning the case, notingthat, while the company might haveoffered the banks a more bearishview on Tinder in contrast to thepicture it painted for analysts andinvestors on earnings calls, it didn’twithhold access to Tinder’s man-agement or data.

The case shows how hindsight is20/20 when it comes to fast-grow-ing companies. Tinder, Match’smost valuable asset by far, is re-sponsible for nearly 64% of thecompany’s total payers across itsmore than 10 brands and more thanhalf of its total revenue as of thethird quarter. But a 2017 reportfrom Barclays—one of two banksresponsible for valuing the com-pany to determine the price atwhich early employees’ stock op-tions would be settled—showedTinder did just $176 million in reve-nue in 2016 and, as of the firstquarter of 2017, had less than afifth of the payers it has today.

Ultimately, it seems, no one quitepredicted how much money pre-mium tier Tinder Gold would make.The Barclays report shows that,even as far out as 2020, Mr. Radback then predicted Tinder wouldgrow to do $892 million in revenue.Last year, the platform racked up$1.4 billion for Match.

The report from Barclays, datedJuly 2017, also showed U.S. registra-tion trends for Tinder had been de-clining since early 2015 and thatTinder faced a “challenged brandimage” globally, with the perceptionamong a significant percentage ofthe app’s target market that theapp was for “desperate people.” Thereport is clear, though, that Tinderwas already the top U.S. datingbrand in terms of monthly users.

The case is set to go to a jury inearly December. The risk is that ju-rors might fail to appreciate nu-ances of valuation, instead choosingto see an example of big tech com-panies looking to exploit the littleguy. The banks valued Tinder at $3billion in 2017, while the plaintiffsargue it should have been some-thing like $13 billion.

For Match, the worst-case sce-nario seems unlikely. But Matchcould choose to avoid a jury en-tirely with a settlement in the nextfew days. Litigation analysts believethe sum could amount to hundredsof millions of dollars.

Match wouldn’t be the firstcompany to hype the potential of aproduct to investors, while paint-ing a more temperate picture be-hind closed doors. While it mightnot have been the most candidway to approach business, it isn’tlikely to be seen as a multibillion-dollar mistake.

Any seasoned dater knows show-ing all your cards too early in a re-lationship is ill-advised.

—Laura Forman

MatchWon’t BreakHearts

Of Investors

The bar is high these days for carmakers announcing big-budget elec-tric-vehicle strategies.

Nissan shares fell 5.6% in Tokyoon Monday after the company saidit would invest almost $18 billionover five years to accelerate its EVrollout. Other Japanese auto stocksalso fell—the Tokyo market neededto catch up with Friday’s stock-mar-ket rout—but Nissan was hit harderthan its peers. It has been only sixmonths since Ford published a com-parable EV strategy, eliciting a eu-phoric reaction from Wall Street,but the party has moved on.

Nissan was a pioneer in all-elec-tric vehicles with the Leaf model,which was first introduced 11 yearsago, but didn’t maintain its leader-ship as battery technology and EVbranding then evolved rapidly un-der the flashier influence of Tesla.Since the arrest of former Chair-man Carlos Ghosn three years ago,Nissan has also been preoccupiedwith an operational turnaround fo-cused on reducing its productioncapacity and restoring a dentedbrand, particularly in the U.S.

for “electrified” vehicles, includingits hybrid “e-Power” technology thatuses a gasoline engine to recharge alithium-ion battery. This may be auseful transitional solution in placeswhere charging infrastructure isscarce, but it doesn’t position Nissanaggressively for the likely endgameof current automotive technology.

One distinctive focus of Nissan’spitch that did play into this end-game was solid-state batteries.Whereas U.S. and European automakers are relying on partners forthis potentially game-changing tech-nology, the Japanese company is de-veloping it in house at a cost ofabout $1.2 billion by 2026. That willfund the construction of a pilotplant next year, with mass produc-tion penciled in for 2028. If the betpays off, it could enable Nissan tomake up its lost ground in EV tech-nology further down the road.

But a significant breakthroughfrom Nissan still seems somewhatunlikely. The technology is notori-ously tough to build at automotivescale. If a car maker rather than astartup hits on a solution, it will

probably be Toyota. Nissan’slarger Japanese rival hopes tostart making solid-state batteriesin the mid-2020s following yearsof investment, but highlighted con-tinuing challenges at a technologyupdate in September.

Shares in Nissan and its globalalliance partner Renault have under-performed their peers dramaticallyin recent years. Mr. Ghosn’s exit lefta power vacuum that has yet to beconvincingly filled at a time whencar manufacturers need strong lead-ership to guide them through anawkward transition. Nissan’s newflagship EV, the Ariya, could helpshift investor perceptions in a way along-term strategy announcementwas never likely to. But the currentindustry problems with chip pro-curement mean it won’t reach theU.S. market until late 2022.

Corporate turnarounds in the carindustry are always drawn-out be-cause of the lengthy product devel-opment process, and Nissan also hasto contend with rapidly shiftingtechnology. The company remains awork in progress. —Stephen Wilmot

Jack Dorsey, seen in 2020, said the decision to step back was his own.

MICHAEL

REYN

OLD

S/ASS

OCIAT

EDPR

ESS

It seems even Jack Dorsey has acharacter limit.

After more than a year and ahalf of pressure from activist inves-tor Elliott Management, Mr. Dorseywill step down as the chief execu-tive officer of Twitter, the companysaid Monday. Chief Technology Offi-cer Parag Agrawal will succeed Mr.Dorsey as CEO, effective immedi-ately, the company also said, notingthat Mr. Dorsey will remain a mem-ber of Twitter’s board until histerm expires next year. Twitter’sstock was up immediately after thenews, but ended down more than2% on the day.

Mr. Dorsey, who is also the chiefexecutive and co-founder of pay-ments company Square, has beenworking to show he can success-fully manage two helms at once.Twitter said in March it hadformed a partnership with Elliottafter the firm took a roughly 4%stake in the company. Elliott haspushed for Mr. Dorsey’s removal,taking issue, among other things,with Mr. Dorsey’s split attentionand his plan to spend part of lastyear in Africa—a plan that Mr.Dorsey later said he was calling off“in light of Covid-19 and everythingelse going on.”

Elliott has reason to gripe. AsThe Wall Street Journal reportedlast year, Mr. Dorsey has been de-scribed as extremely hands-off atboth companies, delegating mostmajor decisions to subordinates inpart so he can pursue his personalpassions. Twitter was founded wellbefore Square, but the latter hasbeen, by some measures at least, amore rapid success. Today, Twitter’sfully diluted market value is roughly$40 billion; Square’s is more thandouble that.

That is, of course, not all downto Mr. Dorsey. While social media

has been under fire lately for itsrole in the spread of misinformationand the addictive nature of someplatforms, Square represents every-thing that is hot right now. Square’sstock more than tripled last year. Itnow boasts a recent acquisition ofpopular installment-payment plat-form Afterpay, neobank-like proper-ties and a heavy investment incryptocurrency bitcoin.

Whereas Square seems to be atthe forefront of many trends infintech, Twitter has been woefullybehind many in social media. Atan investor day earlier this year,Mr. Dorsey himself highlightedthree key weaknesses of Twitter,including lack of speed, innovationand trust.

Following in the footsteps ofFacebook’s Groups, Twitter hasbeen focused on innovating around

topics in hopes of identifying stron-ger signals of consumer intent andproviding the ability to serve morerelevant ads. Mr. Dorsey said earlierthis year that, while it used to takesix to 12 months to get a new prod-uct to its customers, Twitter hasbeen working toward getting a newfeature or product out in under afew weeks.

Not all its initiatives haveworked out, though. Recall Twit-ter’s ephemeral story-like feature“Fleets,” similar to a feature origi-nally developed by Snapchat whichFacebook successfully copied onboth its legacy Blue app and Insta-gram, but which Twitter had tosunset after less than a year be-cause it failed to catch on as hoped.

Innovation at Twitter is meant toboth promote engagement on theplatform but also, of course, to

boost revenue. In February, Twittersaid that, by the end of 2023, itwould work to at least double itsrevenue, reach at least 315 millionmonetizable daily active users andessentially double one internal mea-sure of the pace of features re-leased. Wall Street is projectingTwitter will indeed double its reve-nue from 2020 to 2023, but thatmonetizable daily users won’t reach315 million until 2025.

Twitter’s user growth has decel-erated in four out of the last fivequarters. This year, Wall Street isforecasting Twitter will increasemonetizable daily active users by aquarterly average of just 14% on-year. By contrast, Snap’s Snapchatalready boasts over 300 million dailyactive users and is projected to growits daily user base by a quarterly av-erage of nearly 22% this year.

In a resignation letter tweeted byMr. Dorsey, the co-founder of Twit-ter said the decision to leave thecompany was his own, noting “therearen’t many founders that choosetheir company over their own ego.”He talked about the drawbacks of acompany being founder-led, callingit “severely limiting.”

The choice of Mr. Agrawal forTwitter’s new leader seems a clearsign that more rapid product devel-opment will be its key priority go-ing forward. Should that help toconvert eyeballs into dollars moreefficiently, it will be a topic of con-versation that investors like.

But putting an engineer at thetop may not automatically fix Twit-ter’s problems. The very nature ofTwitter as a text and conversationmedium may make it inherentlymore limited than image and videosharing networks. The question nowbecomes whether, even with a newtrue North, Twitter can really fly.

—Laura Forman

Macau’s Casino Stocks Take a HitMacau’s losing streak isn’t over

yet. High-rollers from China andtheir financiers—previously a bigrevenue source for casinos—seemlikely to focus on keeping theirown heads from rolling ratherthan resuming their profligateways next year.

Shares of casino operators inthe semiautonomous Chinese cityplunged Monday after the govern-ment said that the chairman of thecity’s biggest junket operator wasbeing held for questioning. WynnMacau fell 8% while MGM Chinadropped 10%.

Trouble is brewing up north:The Chinese city of Wenzhou hasissued an arrest warrant for AlvinChau, chairman of junket operatorSuncity, accusing him of running across-boundary gambling syndi-cate to illegally recruit Chineseresidents to gamble outside ofmainland China. Chinese state me-dia previously condemned Suncitytwo years ago for facilitating capi-tal outflows with an online gam-bling platform.

Investors are worried Chinacould step up scrutiny of capitaloutflows to Macau more broadly,or to other places, by taking action

against companies that deliverhigh rollers to gambling venues.Goldman Sachs estimates thataround 70% of Macau’s VIP volumeis related to such junkets, whichrecruit and lend money to gam-blers from mainland China, andSuncity alone facilitates around athird of the VIP market. The banknow expects Macau’s gamblingrevenue from such high rollersnext year will only recover to 15%of 2019’s level, down from its orig-

inal forecast of 45%.One consolation is that casinos

are already much less reliant onVIP gamblers from the north thanbefore. A decade ago, almost three-quarters of Macau’s gambling reve-nue came from high rollers. Thatshare has been trending down foryears now and accounted for lessthan half of revenue in 2019. Thepandemic drove the figure furtherdown to around a third in the lat-est quarter, according to govern-

ment data. Operators have built upglitzy resort-style casinos that ca-ter to casual gamblers, somethingthe government is encouraging.

But tourists aren’t coming backto Macau yet either. The city’sgambling revenue in the first 10months of 2021 was 71% lowerthan the same period in 2019.Mainland visitors have startedcoming back as they can travelquarantine-free since last year. Butvolume remains far below pre-pan-demic levels as online visa applica-tions haven’t resumed yet. Recentflare-ups of Covid-19 in the main-land and Macau have furtherdamped visitor numbers.

The pending revision to Macau’sgambling laws is also clouding theoutlook for the sector. Investorsfret that stricter oversight andhigher costs are on the way.Macau’s six casino operators haveon average lost nearly half of theirmarket value this year, an evenworse performance than last year.

Macau, like many-tourism de-pendent destinations, has had aparticularly rough 18 months. Itcould still be quite a while until theodds are once again in its favor.

—Jacky Wong

Nissan Needs to Play Catch-Up

2005 '10 '15 '20

0

20

40

60

80

100billion pataca

MassVIP

Macau’s quarterly gambling revenue

Source: CEICNote: 1 billion pataca = $124 million

The company framed its lateststrategy, “Ambition 2030,” as anew, more outward-looking chap-ter, but many of its peers have al-ready made bolder commitmentsand projections. Ford said at itsMay investor day that it wouldspend at least $30 billion on EVsby 2025, for example. Nissan barely

touched on the theme of car soft-ware, which has been a big strate-gic focus for its peers this year.

The company’s targeted penetra-tion of EVs doesn’t look especiallyambitious, at 50% of its sales glob-ally by 2030. Volkswagen gave thesame number at its latest big strat-egy update in July, but for all-elec-tric vehicles alone. Nissan’s target is

The company was apioneer in all-electricvehicles with the Leaf,introduced 11 years ago.

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