Omicron's Persistence Tests View On Long-Lasting Defenses: For Personal, Non-Commercial Use Only

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What’s
Louisville Gallops Into First Full-Capacity Derby Since 2019
Economy
News Extends
CLOCKWISE FROM LEFT: CAL SPORT MEDIA/ASSOCIATED PRESS (2); SAM UPSHAW JR./COURIER JOURNAL/USA TODAY SPORTS
World-Wide Strong
A third group of civilians
was being evacuated
Hiring
from the labyrinth of bun-
kers beneath Mariupol’s
Azovstal steel plant Fri-
day, officials said, as
Growth
Ukraine’s military counter- Unemployment stays
attacked against Russian
forces in the east. A1, A6-7 at 3.6%; labor force
 New Omicron subvariants declines in tight
are spreading, despite sig- market for workers
nificant protection from
vaccinations and prior infec-
BY JOSH MITCHELL
tion, as policy makers con-
sider measures to keep the
The U.S. labor market ex-
evolving virus at bay. A1, A5
tended a run of rapid job
 Alleged members of the growth last month despite in-
.
Oath Keepers had until Fri- creased economic uncertainty
day to enter plea negotiations and jittery markets, as em-
ly
ahead of a scheduled summer ployers rushed to serve waves
trial on the Capitol riot, with of consumers who are shop-
federal prosecutors telling ping, dining out and traveling
defendants they could face
life in prison if convicted. A4
 A federal judge tossed a
on
BLUEGRASS PICKING: Kentucky Derby Week, with its thoroughbreds, fancy hats and mint juleps, is seeing its biggest crowds
since before the pandemic. The Derby itself is Saturday, and more than 150,000 people are expected to attend.
more.
The economy added
428,000 jobs in April, dupli-
cating March’s increase and
lawsuit filed last year by
marking the 12th straight
us ,
former President Trump

month of gains above 400,000,
l
against Twitter and its
Omicron’s Persistence Tests

the Labor Department said
e
then-chief executive Dorsey
al a
Friday. The unemployment

over alleged censorship. A4
rate remained at 3.6%, just a
 Sinn Féin, a political shade above the prepandemic
ci on
party committed to the re- level of 3.5%, a half-century
View on Long-Lasting Defenses

unification of Ireland, was low.
poised to win a historic Restaurants, hotels and
victory in elections in other leisure and hospitality
Northern Ireland. A9 industries led the way in hir-
er s
ing last month, though facto-

 A gas explosion tore
ries, warehouses and white-
through an iconic hotel in
BY BRIANNA ABBOTT
m er
cron hit late last year, the Cen- once again. partment at Emory Univer- collar companies all posted
downtown Havana, killing
AND JON KAMP ters for Disease Control and These recurring run-ins sity’s Rollins School of Public strong job gains. Wage growth
at least 22 people and injur-
Prevention estimates. That with a changing virus demon- Health. “And we’re now super- cooled a bit but remained ro-
ing dozens more, according
New Omicron subvariants likely shielded many from strate the challenge of main- aware of that.” bust, with workers’ average
to Cuba’s government. A9
are spreading, despite signifi- more-severe disease, but the taining long-lasting defenses, A nationwide survey of hourly earnings up 5.5% over
m rp
cant protection from vaccina- variant still fueled a record even as Covid-19 vaccines and blood donors published by the the past year, though that
Business & Finance tions and prior infection, as case surge and the second- exposures build up protection CDC estimated that about 94% isn’t enough to keep up with
policy makers consider mea- highest peak in Covid-19 against the virus’s worst out- of people ages 16 and up had inflation.
sures including open-ended deaths. Immune defenses bol- comes. Please turn to page A5 Friday’s report included a
 The U.S. economy added vaccination drives to keep the stered by the massive wave ap- “This is not a virus that a puzzling decline in the labor
co Fo
428,000 jobs in April, dupli- evolving virus at bay. pear to be muting the impact one-shot or a one-time infec-  Administration sees potential force—the first since Septem-
cating March’s increase and Much of the U.S. population of the yet-more-infectious tion gives you lifelong immu- surge in infections.................. A5 ber—as 363,000 people re-
marking the 12th straight already had some level of anti- Omicron variants even as cases nity,” said Jodie Guest, vice  Moderna tries to fend off treated to the sidelines,
month of gains above bodies to the virus when Omi- and hospitalizations increase chair of the epidemiology de- patent-infringement claims.. A5 shrinking what was already a
400,000, the Labor Depart- tight labor pool.
ment said. The unemployment Investors, bracing for fur-
rate remained at 3.6%. A1, A2
 U.S. stocks ended a wild Chinese EXCHANGE Ukraine Villagers ther interest-rate increases as
Please turn to page A2
Tech Firms
week with declines. The S&P
Return to Ruins
500, Nasdaq and Dow shed Nonfarm payrolls, one-month
0.6%, 1.4% and 0.3%, respec- net change
April
Pull Back
tively. Yields on medium and 800,000
long-term U.S. Treasurys ex- +428,000
n-
tended recent gains. B1, B11

BY YAROSLAV TROFIMOV “Now that the Russians
 Chinese tech firms are
quietly pulling back from do- In Russia MALA ROHAN, Ukraine—
have been expelled, we are
back home, and we’re going to 600,000
no
ing business in Russia under Mykola Kotov returned here rebuild once again,” Mr. Kotov,
pressure from U.S. sanctions BY DAN STRUMPF and began to repair his family 67 years old, said as he exam-
and suppliers, despite calls home, damaged when Ukrai- ined the property.
by Beijing for companies to HONG KONG—Chinese tech nian forces fought to oust Rus- Returning in recent days 400,000
resist overseas coercion. A1 companies are quietly pulling sian troops from this strategic are many other residents of
back from doing business in village near Kharkiv. Mala Rohan, one of the first
 A group led by Los Ange-
Russia under pressure from The brick house was built villages that Ukrainian forces
les Dodgers part-owner 200,000
U.S. sanctions and suppliers, by Mr. Kotov’s grandmother in secured as they pushed Rus-
Todd Boehly reached a deal
despite calls by Beijing to resist 1943 from the ruins of the sian troops away from
to acquire Chelsea Football
overseas coercion. family home that was de- Kharkiv, the country’s second-
Club from Roman Abramov-
Several major companies are stroyed when this village was most-populous city. For more
ich for almost £4.3 billion, 0
equivalent to $5.2 billion. B1
curtailing shipments in Russia, GRAD-ICAL liberated from the Nazis that than a month, Russian forces
where Chinese tech firms domi- How the Class of 2022 year. Now, part of the roof has Please turn to page A6 2021 ’22
 Western ports are brac- nate the market for many prod- been blown off, windows bro-
ing for increased conges- ucts, without making any public
is using its leverage in ken and walls pockmarked by  Evacuation efforts continue
Note: Seasonally adjusted
Source: Labor Department
tion when China eventually announcements, according to a hot job market. shrapnel—minor damage com- for civilians in Mariupol....... A6
lifts stringent Covid-19 re- interviews with people familiar B1 pared with several collapsed  Hungary holds up EU deal to  U.S. stocks end tumultuous
strictions in major cities. B3 with the matter. houses down the street. embargo Russian oil.............. A7 week with declines................. B1
They include PC giant Len-
 Nvidia agreed to pay
ovo Group Ltd. and smartphone
Use It as a Cooler! Makers of EVs
$5.5 million to settle an SEC
and gadget maker Xiaomi
probe that found it didn’t
adequately reveal the impact
of cryptomining on its sales
Corp., the people said. In con-
trast to many Western firms,
Tout the Uses for Their ‘Frunk.’
TikTok Work Culture:
the companies have avoided
of powerful chips designed
for computer gaming. B3
public statements about Rus-
sia’s war in Ukraine or their
i i i Pressure and Secrecy
business there as Beijing op- Front trunk becomes way for companies
poses Western sanctions.
NOONAN Consumer drone giant SZ to stand out as the competition grows Ex-U.S. staffers recount litany of stresses
DJI Technology Co. made the
The End of Roe unusual move of announcing BY NORA ECKERT gine for a battery pack, which
Will Be Good the suspension of its business typically lines the vehicle’s With a seemingly bottom- them veterans of other ma-
For America A13 last month in both Russia and Drivers can now have less floor. That opens up a big less feed of goof-offs, dance- jor tech companies, say Tik-
Ukraine pending a review. junk in their trunk, and more front-end cavity for a new offs and good-natured Tok emphasizes relentless
China’s exports of tech prod- in their frunk. role. pranks, TikTok bills itself as productivity and secrecy to
CONTENTS Opinion............... A11-13
Books..................... C7-12 Sports....................... A14 ucts to Russia fell sharply in People have While under- the happiest place on the in- a degree uncommon in the
Business News...... B3 Style & Fashion D2-3 March from February, with long prized having hood storage has ternet. industry.
Food......................... D6-7 Travel...................... D8-9 shipments of laptops declining storage space in long existed on As TikTok continues its
Gear & Gadgets D10-11 U.S. News............ A2-5
Heard on Street...B12 Weather................... A14
more than 40%, smartphones the back of their niche vehicles, it By Georgia Wells, torrid growth, those condi-
Obituaries................. A9 World News....... A6-9 down by nearly two-thirds and cars, whether for was never anything Yoree Koh and tions are increasingly a
exports of telecom base sta- stashing tools or car makers made a Salvador Rodriguez source of tension at U.S. of-
tions down 98%, according to tailgating. As more big deal about. To- fices of the app, a unit of
> buy electric vehi- Ready for
the most recently available Chi- anything day, as competition Fueling its success: an ex- Beijing-based ByteDance Ltd.
nese government data. China’s cles, they’ll in- among EV produc- acting management style Founded just six years ago,
trade with much of the world creasingly be tossing stuff in ers heats up, they have un- and demanding internal cul- TikTok recorded the most
has also been disrupted by the an inelegantly named space leashed their designers on the ture that belie its buoyant downloads of any app
s 2022 Dow Jones & Company, Inc.
Covid-19-related lockdown in where the engine used to be. front trunk and made a fea- public image, say employees through the first quarter of
All Rights Reserved Shanghai, which is home to Meet the frunk, for front ture as mundane as storage at its U.S. offices. 2022, according to analytics
Please turn to page A6 trunk. EVs trade out the en- Please turn to page A10 The employees, many of Please turn to page A10
A2 | Saturday/Sunday, May 7 - 8, 2022 * ****** THE WALL STREET JOURNAL.
U.S. NEWS
Inflation Eclipses Strong Wage Gains
BY DAVID HARRISON ment said Friday. Those gains Friday’s report also includes Some of the labor market’s Change from a year earlier in flation pressures in the near
were well below the 8.5% in- signs that wage gains could be hottest sectors are showing hourly earnings and inflation term, which are being largely
Wage increases are settling crease in consumer prices in starting to cool as employers signs of cooling pay growth, driven by supply-chain prob-
at a historically high rate but March from a year earlier, ac- are hiring at a robust rate. perhaps signaling broader 15% Leisure and hospitality lems and higher energy and
aren’t keeping up with infla- cording to a separate Labor Wages for all private-sector easing of wage pressures in workers’ earnings food costs due to the war in
tion, which has accelerated Department report. workers rose 0.3% in April the coming months. 11% Ukraine, Mr. Coulton said.
this year. “The wages are not keeping from the previous month, the Wage gains in the leisure “If wage growth stabilizes
The result is many workers up,” said Diane Swonk, chief slowest pace in all but one of and hospitality industry, 10 at these levels over the course
are receiving big raises—and economist at Grant Thornton. the past eight months. which exceeded 13% annually CPI of the summer, I think [Fed of-
8.5%
may still be struggling to pay “It leaves workers chasing a “That may be starting to in November and December, ficials] will become more con-
for more expensive gasoline, moving target on inflation and suggest that the incremental eased to 11% year-over-year in fident in their forecast that
groceries and rent. Strong it erodes their living stan- pressure on wages, month to April. Transportation and wage growth will slow in
wage growth can exacerbate in- dards.” month, might be starting to warehousing industries saw 5 2023,” he said.
flationary pressures if employ- So far this year, annual wage ease a little bit,” said Brian wages rise 7.1% on the year to All Fed Chairman Jerome Pow-
ers decide to increase prices to growth has held in a range of Coulton, chief economist at April, down from 7.7% in private ell has said the central bank’s
workers’
offset raises. However, econo- 5.2% to 5.6% a month. That’s Fitch Ratings. March. rate increases are intended to
earnings
mists said the latest readings well above the 3.4% monthly Employers have added an And in retail, wages year 0 5.5% take some pressure off the la-
could be a sign that such pres- increases recorded in the six average 552,000 jobs a month over year were up 4.9% in bor market, which he de-
sures are starting to ease. months to February 2020, right for the past six months. The la- April, slowing from March’s 2019 ’20 ’21 ’22 scribed in March as “tight to
Note: Earnings are seasonally adjusted.
The tight labor market before the pandemic became bor-force participation rate 6.1%. Retail sector wages on a CPI as of March.
an unhealthy level.”
boosted average hourly earn- widespread in the U.S. Still, slipped to 62.2% in April, but is monthly basis fell 0.4% in Source: Labor Department The Fed raised its bench-
ings for private sector workers broader inflation has acceler- higher than it was in 2021, April from March. mark rate by a half-percentage
by 5.5% in April from the pre- ated from a 7% annual gain in when it averaged 61.7%. That The fact that wage gains for the Federal Reserve, econ- point following its meeting
vious year, a slightly slower December while wage growth suggests better wages may be have stabilized while inflation omists said. this week and hinted that
pace than in March, when they held mostly steady. April price drawing some workers into the has continued to accelerate It suggests that labor costs more such raises could be
rose 5.6%, the Labor Depart- data will be released next week. labor market in the past year. should be a comforting sign are not likely to aggravate incoming at future meetings.
Job Growth The U.S. economy added 428,000 jobs in April with gains across a broad range ages 25 and 54, according to
of sectors, while unemployment remained at 3.6%. the Labor Department.
Economists were at a loss
Ex Official
Remains U.S. unemployment rate
15%
April
Labor force participation rate
64%
Payrolls, change since Feb. 2020
0 million
to explain the labor-force
drop, given that Covid-19 in-
fections and deaths have
Eyes Fed
Robust
3.6% 62.2% -1.2M
10
63
62
–5
–10
fallen sharply this year, the al-
lure of higher wages and the
urgency for a paycheck caused
Rate Rise
Continued from Page One
the Federal Reserve tries to
5
61 –15
by rapidly rising consumer
prices.
The labor-force participa-
To 3.5%
cool the economy and bring 0 60 –20 tion rate—the share of the BY NICK TIMIRAOS
.
down inflation, on Friday ex- 2020 ’21 ’22 2020 ’21 ’22 2021 ’22 population 16 and older em-
tended one of Wall Street’s ployed or looking for work— STANFORD, Calif.—A for-
ly
worst selloffs since the pan- fell 0.2 percentage point last mer senior Federal Reserve of-
demic began. The broad S&P April nonfarm payrolls by sector, one-month net change month to 62.2%, down 1.2 per- ficial said it was likely that the
500 fell by 0.6%, capping a Transportation and warehousing Healthcare Durable goods
centage points from its pre- central bank would need to
fifth consecutive week of
losses, the longest streak since
June 2011.
“No doubt, amid all of the
+52,000 on +34,300 manufacturing
+31,000
pandemic level. For prime-age
workers—those aged 25 to
54—it only edged down to
82.4% from 82.5%, close to its
raise its benchmark interest
rate over the next year to at
least 3.5% or to even higher
levels that deliberately slow
sea of negative news, the la- prepandemic level. economic growth to bring
us ,
bor market continues to be There are several reasons down inflation.

l
the bright and shining star— Social assistance +6,600 Nondurable goods why the labor force is so tight. “Even under a plausible
e
al a
Retail trade Wholesale trade manufacturing

for now,” said Kathy Bostjan- Education Chief among them: many older best-case scenario in which
cic, chief U.S. economist at Ox- +29,200 +22,200 +24,000 workers retired early during most of the inflation over-
ford Economics. “Domestic +18,000 the pandemic. shoot last year and this year
ci on
demand in the U.S. still re- New research also suggests turns out to have been transi-
mains resilient. We’re short of Professional Financial Information that while infections and tory, the funds rate will, I be-
workers and we’re short of in- Utilities +300 and business +35,000 +12,000 deaths from Covid-19 have lieve, ultimately need to be
services
ventories. That’s going to help fallen sharply this year, many raised well into restrictive ter-
Food services and drinking places +41,000
propel demand for workers.” would-be workers are still ritory,” said Richard Clarida,
er s
The combination of aggres- +43,800 scared of catching the virus or referring to the federal-funds
Other services
sive hiring and low unemploy- passing it on to loved ones rate, in remarks prepared for
+11,000
m er
ment will likely embolden the and are avoiding human con- delivery Friday at a conference
Fed as it shifts its focus from tact, including searching for at Stanford University’s Hoo-
pushing down unemployment Local government jobs. About 3 million adults ver Institution.
Accommodation
to tamping down high infla- +21,000 Mining and are avoiding returning to work From 2018 until this past
tion. The Fed this week raised +22,300 Federal, state logging because of virus fears, accord- January, Mr. Clarida served as
m rp
its benchmark interest rate by government +9,000 ing to the research. Fed vice chairman, making
Arts, entertainment
the most since 2000 and plans and recreation +11,300 +1,000 To be sure, last month’s him a top lieutenant to Fed
additional increases in 2022 Construction drop in the labor force could Chairman Jerome Powell.
Note: Seasonally adjusted. March and April are preliminary. April’s
to rein in the highest inflation payrolls by sector do not equal 428,000 because of rounding. +2,000 just be a one-month blip The Fed on Wednesday
in 40 years while aiming to Source: Labor Department Kurt Wilberding/THE WALL STREET JOURNAL rather than the start of a raised its policy rate by a half-
co Fo
keep job growth steady. trend. percentage point for the first
Former U.S. Treasury Sec- downs and pandemic-related lack of supply as millions of waitstaff since 2020 and has One potential explanation is time since 2000, to a range
retary Larry Summers, in a restrictions, they are going to adults remain on the sidelines. added benefits such as boost- that many workers have be- between 0.75% and 1%. Mr.
Wall Street Journal interview concerts, dining out and trav- Mona Ghattas said she ing healthcare contributions. come much more selective Powell suggested the Fed is on
Friday, raised doubts about eling at levels last seen since needs an additional half a She needs workers because about the types of jobs and track to raise rates by another
the Fed’s ability to cool the before the pandemic—and em- dozen workers to wait tables business at the establishments work environments they seek. half-percentage point in both
economy without causing a ployers are stepping up hiring at the restaurant behind her has been brisk. Some are no longer willing to June and July.
downturn. “It’s definitely as a result. pharmacy, Duran Central Phar- Customers sometimes face work long hours for meager Mr. Clarida cited a widely
odds-off that we will have a In the year through April, macy, and manage the nearby long waits. Ms. Ghattas hands pay doing strenuous tasks. used policy-setting rule sug-
soft landing,” he said. Mr. employers added 6.63 million Remedy Coffee shop, all of them pagers and beeps them, Employers say some workers gesting that if inflation a year
Summers added that the risks workers to their payrolls—the which she owns and operates sometimes an hour later, when accept job offers and then from now was running at 3%,
for the economy are quite sub- biggest 12-month gain, aside in Albuquerque, N.M. She said their table or order is ready. never show up. the Fed would need to raise
stantial and that historically, from earlier in the pandemic, it is hard to find workers, and Due to the labor shortage, she Ms. Ghattas’s experience interest rates to 4% to eventu-
n-
the current mix of high infla- on records dating to 1939. Em- when she does, many quit said she has scaled back the helps explain why U.S. gross ally bring inflation down to
tion and low unemployment ployers posted a record-high within days or even hours. restaurant’s hours. domestic product fell at a 1.4% the central bank’s 2% goal.
has led to a recession within 11.5 million job openings in “It seems like I am continu- Millions had joined the la- annual rate in the first quar- That is above the highest
two years. March, separate federal fig- ally looking to hire,” Ms. Ghat- bor force over the past year, ter. Companies are eager to rate projection submitted by
no
While Covid-19 lockdowns ures showed. tas said. “Turnover is high— as workers got vaccinated and boost output but are strug- any of 16 Fed officials before
in China and Russia’s invasion Yet employment remained higher than it’s ever been. I employers lured them with gling to find enough workers their March 15-16 meeting.
of Ukraine have stoked fears down 1.2 million jobs in April can hire somebody and they higher wages. That progress to serve them—which ulti- Mr. Clarida, who teaches
of a global economic slow- compared with prepandemic might show up or they might stalled last month as several mately restrains output. economics at Columbia Uni-
down, American consumers levels. The biggest obstacle not show up.” hundred thousands workers —Sarah Chaney Cambon versity, said rates would have
are spending as if in boom preventing a full recovery and Ms. Ghattas said she has fell out of the labor force, in- and Harriet Torry to rise more if inflation is
times. After two years of lock- even stronger job growth is a doubled the wages of her cluding many women between contributed to this article. higher than 3% next year.
CORRECTIONS  AMPLIFICATIONS U.S. WATCH

President Biden has been in Media Co. and IHS Markit. GEORGIA FLORIDA
MALCOLM DENEMARK/FLORIDA TODAY/ASSOCIATED PRESS
office for 151/2 months. A World

News article on Thursday about Peloton Interactive Inc.’s Greene Is Cleared Sheriff Fired After
a postponed speech by Secretary name was misspelled as Pele- For Midterm Ballot Parkland Gets a Post
of State Antony Blinken incor- ton in a headline in some edi-
rectly said Mr. Biden has been in tions Friday with a Business & An administrative law judge The Florida sheriff ostracized
office more than 18 months. Finance article about the com- in Georgia ruled that Republican for his agency’s response to the
pany. Rep. Marjorie Taylor Greene can high-school massacre in Parkland
An index published by appear on the ballot in the mid- that left 17 people dead will
Caixin Media Co. and S&P Eric Smith paid $615,000 in term elections, rejecting a law- again be heading a law-enforce-
Global Inc. showed that April’s 2003 for his home in Holly- suit that accused her of engag- ment agency as the police chief
services-sector activity in woodland. A photo caption ing in insurrection ahead of the of a small South Florida munici-
China fell. A World News arti- with a Mansion article on Fri- Jan. 6, 2021, Capitol riot. pality.
cle on Friday about China’s day about the California Judge Charles Beaudrot said in Former Broward County Sher-
economy incorrectly said the neighborhood incorrectly said an opinion that the group that iff Scott Israel was appointed
index is published by Caixin he bought the house in 2013. backed the lawsuit had provided police chief of Opa-locka in an
insufficient evidence to show that BLAST OFF: SpaceX launched a payload of 53 Starlink mini flat- announcement made by city
Readers can alert The Wall Street Journal to any errors in news articles by she engaged in an insurrection. panel internet satellites from the Kennedy Space Center on Friday. manager Darvin Williams at a
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was no evidence that she en- WASHINGTON, D.C. week on unionization, a first for part of Miami-Dade County.
gaged in plotting an attack on the Democratic-led body, adding Mr. Williams said the former
THE WALL STREET JOURNAL the Capitol, and said only activi- Congressional Staff that she expects the bill to pass. sheriff would start Monday and
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THE WALL STREET JOURNAL. * * * * * * Saturday/Sunday, May 7 - 8, 2022 | A3
U.S. NEWS
Hepatitis
Cases Draw
Scrutiny
Of CDC
BY RENÉE ONQUE
EDDIE MOORE/THE ALBUQUERQUE JOURNAL/ZUMA PRESS

Dozens of additional hepati-
tis cases among children are
under investigation in the U.S.,
officials said, widening the
scope of a mysterious illness
that has led to hospitalizations
and organ transplants world-
wide.
The Centers for Disease
Control and Prevention said
Friday that it had received re-
ports of 100 additional cases of
children with symptoms simi-
lar to those of nine children
with acute hepatitis in Ala-
bama. The CDC said cases have The Calf Canyon/Hermits Peak Fire burned fields and forests on Thursday. Officials urged residents to prepare for severe winds and high temperatures this weekend.
New Mexico Warns of Acute Fire Risk

been detected since October in
25 states and territories in-
cluding New York, California,
Florida, Texas and Puerto Rico.
Five deaths have been re-
ported following infection, said
Jay Butler, deputy director for BY JENNIFER CALFAS Active wildfires in New Mexico Grisham said it is difficult to weather. He said there would
infectious diseases at the CDC. predict whether the preven- be little time to prepare if the
Over 90% of patients were hos- New Mexico officials urged COLORADO tive efforts will be effective. fire spreads quickly over the
pitalized, 14% received liver residents to prepare for severe Sixteen thousand homes weekend.
Farmington
transplants and more than half winds and high temperatures were under evacuation orders, “We want to ensure that we
had a confirmed adenovirus in- this weekend, which could fur- Ms. Grisham said. At least 170 can say go back, and we don’t
Cooks Peak
fection, he added. ther fuel the state’s second- homes have been destroyed have to go in and rescue you
Public-health experts said largest fire on record. Calf Canyon/ since the fire began, she said. again. That’s something that
Cerro Pelado
the cases may be associated Gov. Michelle Lujan Gri- Hermits Peak Some residents in evacua- weighs really heavily on us,”
with an adenovirus because it sham on Friday warned of 100 Santa Fe Las Vegas tion zones have chosen not to Mr. Lopez said during a press
40
has been the most frequently hours of powerful winds, with leave. Travis Martinez, a briefing Thursday evening.
.
detected virus in tested sam- gusts up to 70 miles an hour, Albuquerque
spokesman assigned to the “We have to be prepared for
ples. Hepatitis has previously and high temperatures start- state’s emergency operations the worst, that’s what we do.”
ly
been linked to this type of ade- ing Saturday morning. center, said some in Mora So far no injuries or deaths
novirus in children, but almost “This is the worst possible County had stayed behind to related to the fire have been
NEW MEXICO
exclusively in those who were set of conditions for any fire,” Bear Trap
protect their homes. Volun- reported, Mr. Lopez said. “We
immunocompromised.
that adenoviruses, which can

Re-
searchers said they aren’t sure
the Democrat said during a
press briefing. “It’s the worst
possible set of conditions for
this fire.”
on Nogal Canyon
McBride
teers have been bringing food
and water to them, he said.
Ms. Grisham urged those
who stayed behind to leave
don’t want that to change,” he
added.
Severe weather conditions
are forecast to last several
Water
The Calf Canyon Fire Friday before what she de- days. The National Weather
us ,
sparked in mid-April and com- scribed as a historic fire Service issued a red-flag warn-
Officials say dozens
l
bined with the Hermits Peak 25 weather event. ing—indicating weather condi-
e
al a
of additional cases Fire, which began about a “One hundred hours of tions ripe for the fast fire
month ago. The combined wind and extreme tempera- spread—across the state. For
among children are blaze has scorched more than tures is extremely concerning, northern and central New
ci on
El Paso
under investigation. 168,000 acres, becoming the
MEXICO
TEXAS and I need as many people out Mexico, the warning will last
second-largest fire recorded in of those evacuated areas as into next week.
New Mexico history. Twenty Sources: National Interagency Fire Center, InciWeb possible, safely,” the governor President Biden approved a
percent of the fire was con- said. disaster declaration for New
also cause respiratory and gas- tained as of Friday morning. new evacuations around Las moderate weather at the end San Miguel County Sheriff Mexico on Wednesday, making
er s
trointestinal illnesses in chil- The fire, burning east of Vegas, N.M. of the week to build and Chris Lopez said he hesitated additional resources and fund-
dren, are the definite cause. Santa Fe, picked up steam this More than 1,300 firefighters strengthen fire lines. But with to allow residents to return to ing available for communities
m er
“One of the things that does week amid turbulent winds working on the blaze were gusty winds forecast to return their evacuated homes be- destroyed by wildfires this
seem to be unusual in this in- and dry conditions, prompting able to take advantage of more Saturday, fire officials and Ms. cause of the incoming spring.
stance is that many of the
children who are affected, all
Baby Formula Is Getting Even Harder to Find

of them among the nine in Al-
m rp
abama, did not have immuno-

compromising conditions,”
said Dr. Butler.
Public-health officials are BY JOSEPH PISANI for only about 10 days. formula manufacturers, after sages on retailers’ websites The FDA is investigating the
probing whether a version of “It is really devastating,” consumer complaints of bacte- and apps. That is the highest complaints. An Abbott spokes-
co Fo
adenovirus detected in some It is getting more difficult said the 26-year-old. “I didn’t ria contamination that could rate since it started rising woman said in a statement Fri-
hepatitis cases in the U.S. and for Haley Hodge to find baby think that I would get to the cause severe illness in infants. above 10% in November. A day that after reviewing avail-
U.K., could have mutated. Pre- formula to feed her 3-month- point where I’m constantly Major stores have limited normal rate is less than 10%. able data, formula made at its
vious Covid-19 infection is also old. worried—can I feed my child?” how much formula shoppers The Abbott recall, which Sturgis facility “is not likely
being investigated as a possi- When her son, born six Baby formula has been can buy, and manufacturers are was later expanded, covered the source of infection in the
ble cause, though Covid-19 vac- weeks premature, first left the scarce for months in stores trying to produce more. Still, some powdered formula made reported cases and that there
cinations have been ruled out hospital in late February, she and online, hurt by Covid-19 the shortage has worsened. at its Sturgis, Mich., plant, in- was not an outbreak caused by
because many patients aren’t would often drive to two stores pandemic-related supply-chain Nationwide, 40% of the cluding versions of its Similac, products from the facility.”
old enough to receive them. in Louisville, Ky., before finding issues that caused shortages of most popular baby formula Alimentum and EleCare brands. Abbott has said it is work-
Hepatitis, or inflammation some. Recently she had to go many other products, including brands were out of stock in Five infants who consumed the ing with the FDA to restart
of the liver, is most commonly to 12 stores in town, and her sneakers and pet food. Short- the week starting April 24, up products have been hospital- production at the Sturgis
caused by an infection—usu- sister hit six others in nearby ages were exacerbated by a from 31% two weeks earlier, ized and two have died, ac- plant. In the meantime, the
ally due to the hepatitis vi- La Grange, Ky. Together, they February recall by Abbott Lab- according to Datasembly, cording to the Food and Drug company is trying to make
n-
ruses—or by high levels of al- came up with enough formula oratories, one of the biggest which tracks out-of-stock mes- Administration. more formula available.
cohol consumption. It is very
rare in children, but mild hepa-
titis can occur in young people
Pig Heart Transplanted Into
no
as a result of viral infections

or reactions to medication.
Typically, hepatitis infections
in children are mild and go un-
detected, according to public-
health experts. But serious
Patient Had an Animal Virus
cases can lead to liver failure
or require patients to undergo BY AMY DOCKSER MARCUS and was found free of the vi- used in Mr. Bennett’s pig or-
a liver transplant. AND JOSEPH DE AVILA rus, Dr. Griffith said during a gan have revived hopes in re-
Globally, cases of severe webinar hosted by the Ameri- cent years that clinical trials
hepatitis in children have been A common pig virus was de- can Society of Transplantation of xenotransplantation could
detected in recent months in tected in the first genetically last month. MIT Technology be possible.
the U.K., Ireland, Denmark, the modified pig heart trans- Review earlier reported on the From previous work involv-
Netherlands, Spain, Norway, planted into a man, but doctors webinar. ing the transplantation of ge-
Italy, France, Romania, Israel involved in the groundbreaking Mr. Bennett’s case has been netically modified pig organs
and Belgium. Excluding the surgery said they don’t know closely watched by the wider into baboons, researchers
U.S., there have been over 200 yet if the virus contributed to transplant community, which learned that long-term survival
detected cases, according to the patient’s death. has struggled for years to ad- can be affected by the pres-
Umesh Parashar, chief of the The presence of the virus dress the shortage of organs. ence of a virus called pig cyto-
viral gastroenteritis branch in was detected about 20 days af- More than 100,000 patients megalovirus, or CMV.
the division of viral diseases ter David Bennett, a 57-year- are on the waiting list for a This was the virus found in
at the CDC. old handyman and father of donor organ at any given time, the heart transplanted into Mr.
Parents and families two, received the heart in an and more than 6,000 patients Bennett.
shouldn’t be alarmed given the experimental surgery, accord- Mr. Bennett’s donor pig was
small number of cases, but ing to Bartley P. Griffith, a pro- tested for CMV and other
should look for symptoms, fessor of transplant surgery pathogens using nasal swabs,
health authorities said. Symp- who performed the operation
Doctors don’t know including before the pig was
toms of recent cases include at the University of Maryland yet if the virus shipped to Maryland and just
pale feces, dark urine, nausea Medical Center in Baltimore. before the transplant occurred
and vomiting, fever and joint Mr. Bennett seemed to be
contributed to the several days later.
pain. Other symptoms include doing well despite the pres- man’s death. “Those tests were consid-
a yellowing of the eyes and ence of the virus, but on day ered sufficient at the time,”
skin known as jaundice. 45 he took a turn for the worse said Muhammad Mohiuddin, W I LD C H I LD S N A P- OV E R
Adenoviruses can be spread and appeared very sick, Dr. professor of surgery and scien- PE N DA N TS W I T H SA PPH I R ES
through respiratory droplets Griffith said, adding it wasn’t die every year before getting tific director of the Cardiac Xe- & BRILLIANT DIA MONDS
and direct contact. Having clear why. one, according to the United notransplantation Program at
children wear masks in indoor Mr. Bennett, who died in Network for Organ Sharing, the University of Maryland
public settings could help if March two months after the the nonprofit under contract School of Medicine. “We are
the cases are confirmed to be surgery, had been ineligible to with the federal government finding out it was not the case.”
connected to adenoviruses, of- receive a human-heart trans- that helps allocate organs. He added that more sensitive
ficials said. plant because he didn’t com- In an effort to address the tests will be used in the future.
Public-health experts advise ply with doctors’ orders or at- longstanding shortage, re- Doctors don’t know if the
parents and guardians to take tend follow up visits. The Food searchers have been trying for virus damaged the pig heart
precautionary measures to re- and Drug Administration had decades to develop the trans- or if the virus infected Mr. PAU L MO R E L L I . C O M
duce the spread of infection, to grant a special emergency plantation of an organ be- Bennett. “So far we have no
including making sure children authorization for the doctors tween different species, or xe- evidence of either of those N YC : 8 95 M A D I S O N ( 72 N D & M A D I S O N )
wash their hands often and to perform the surgery. notransplantation. things,” Dr. Mohiuddin said, P H L : 1118 WA L N U T S T R E E T
cover their mouth and nose The donor pig had been Advances in gene editing adding that they are still con- 212. 5 8 5 . 42 0 0
when coughing or sneezing. screened before the procedure techniques such as the one ducting tests.
A4 | Saturday/Sunday, May 7 - 8, 2022 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ******** THE WALL STREET JOURNAL.
U.S. NEWS
SYLVIA JARRUS FOR THE WALL STREET JOURNAL (2)

Nancy Anter, above left, director of Pregnancy Aid Detroit, arranged baby clothes on Thursday. Dr. Lauren Owens, above right, collected signatures for an abortion-rights ballot initiative in Ypsilanti, Mich.
Michigan Gears Up for Abortion Fight

Democratic governor Michigan is one of at least a tion provider filed a similar we cannot fully enforce that is Those on both sides of the group is advocating for more
handful of states including lawsuit the same day against because of Roe v. Wade.” issue who serve pregnant funding so it can help women
and GOP leaders get Wisconsin, Kansas and Penn- the state’s Democratic attor- Currently, abortions are rel- women are preparing for that who carry their babies to full
ready for a possible sylvania where Republicans ney general. atively easy to obtain in Mich- to change. term. The Republican-con-
and Democrats are deadlocked Lisa Harris, a professor of igan up to about 24 weeks of Renee Chelian, founder and trolled Legislature included
overturning of Roe over whether to heavily re- obstetrics and gynecology at pregnancy, the point of fetal chief executive of Northland funding in the most recent
strict abortion or allow it the University of Michigan viability—reflecting the pro- Family Planning Centers, state budget that he said would
BY LAURA KUSISTO widely. The future could hang who provides abortions, said tection of the Supreme Court’s which operates several abor- have facilitated their work, but
on ballot initiatives in some of doctors at her hospital are 1973 Roe v. Wade decision en- tion clinics in the Detroit area, the governor vetoed it.
DETROIT—A leaked draft these states, as well as the re- preparing for the possibility shrining abortion rights. said she plans to shut down at “Whoever the governor is,
Supreme Court opinion over- sults of the next elections for they will have to largely stop Around 30 facilities provide least temporarily if the Su- we’ve been out there advocat-
turning Roe v. Wade has governor or the legislature. performing the procedure— abortion in the state, and on preme Court overturns Roe ing that these services are
.
raised uncertainty about the In Michigan, a law passed in and discussing how they could because of concerns doctors necessary for women,” Mr.
future of abortion across the 1931 could automatically spring add more beds in their birth could face jail time. Long said.
ly
country, but nowhere does back into effect if Roe is over- center and more spots in their “Our physicians cannot take State leaders are dead-
that future look less clear than turned, making it a felony to neonatal intensive care unit in
A 1931 law if revived a chance,” Ms. Chelian said. locked. While Ms. Whitmer op-
in politically moderate states perform an abortion unless the case births go up. would immediately Pregnancy Aid Detroit, poses a state ban, Republicans
like Michigan.
This swing state, which
voted for Republican Donald
Trump in 2016 and Democrat
life of the woman is in danger.
The law, if revived, would im-
mediately become one of the
strictest in the country.
on
Doctors are also readying
themselves in case efforts to
protect abortion succeed and
Michigan becomes a destina-
become one of the
strictest in the U.S.
which opposes abortion, sits
in a low-income neighborhood
on Eight Mile Road between
two abortion clinics and pro-
in the Legislature have been
supportive of restricting abor-
tion. Ms. Whitmer and state
Attorney General Dana Nessel
Joe Biden in 2020, is on the Abortion-rights advocates tion for patients from nearby vides pregnant women with are both up for re-election and
us ,
precipice of becoming either a are pushing a ballot measure states, she said. maternity and baby clothes, have made abortion rights
l
state with some of the tightest that would take the state in “The uncertainty is actually average women drive less than formula and diapers, and ac- central to their campaigns.
e
al a
abortion restrictions or one the opposite direction, making deep and it goes in two differ- 20 miles to one. cess to a doula and breast- Abortion-rights groups are
that provides robust rights for it one of the first in the nation ent directions,” Dr. Harris said. Michigan has a 24-hour feeding support. in the process of gathering
the procedure. to explicitly protect abortion Antiabortion groups say waiting period after patients Nancy Anter, the group’s di- some 425,000 signatures by
ci on
Some 22 largely Republi- in its constitution. they, too, view this as a poten- read state-mandated materials rector, said they are preparing mid-July for the ballot measure
can-led states are poised to The state’s Democratic gov- tially transformational mo- that can be obtained online, as for a potential uptick in de- to enshrine abortion rights in
ban most abortions if the Su- ernor, Gretchen Whitmer, sued ment. “Michigan state law is well as parental consent laws mand and recently leased ad- the state’s Constitution. A simi-
preme Court overturns Roe v. local prosecutors last month really one of the best in the and restrictions on whether ditional space. lar measure failed by more
Wade, while many Democratic- in an attempt to get the Michi- nation to protect the unborn Medicaid and private insur- Paul Long, president and than 20 percentage points in
er s
led states are calling for fewer gan Supreme Court to declare child,” said Genevieve Marnon, ance pay for abortions. Provid- chief executive of the Michigan 1972, but recent polling data
restrictions on abortion and the state’s 1931 law unconsti- legislative director of Right to ers say it is rare for these reg- Catholic Conference, the advo- show a narrow majority of
m er
the adoption of new abortion tutional. Planned Parenthood Life of Michigan, referring to ulations to stop a patient from cacy arm of the Catholic state residents support at least
rights under state law. of Michigan and a local abor- the 1931 law. “The only reason obtaining an abortion. Church in the state, said the some access to abortion.
Judge Dismisses Trump Lawsuit Against Twitter

m rp
BY SARAH E. NEEDLEMAN ruled against Mr. Trump and speech by the government, not Trump and Mr. Dorsey didn’t top European regulator cau- and incitements of violence.
co Fo
other plaintiffs who were by private companies. respond to requests for com- tioned that Mr. Musk would Mr. Musk is getting closer
A federal judge tossed a seeking class-action status Twitter banned Mr. Trump’s ment. need to follow the bloc’s new to closing the deal for Twitter.
lawsuit filed last year by for- against the social-media com- personal account two days af- The ruling highlights a po- rules on content moderation. In a regulatory filing Thursday
mer President Donald Trump pany, saying claims that their ter the Jan. 6, 2021, attack on tential challenge for Mr. Musk Mr. Musk’s comments have he said he assembled a group
against Twitter Inc. and its Twitter accounts were cen- the U.S. Capitol by a mob of as he works to complete a $44 sparked a debate over the pa- of investors to provide more
then-chief executive Jack sored by Twitter didn’t violate his followers, citing the risk of billion deal to buy Twitter and rameters of online discourse than $7 billion to back his bid.
Dorsey over alleged censor- their First Amendment rights. further incitement of violence. take it private. The Tesla Inc. and how the tech companies In previous filings he said he
ship, an issue that the com- Mr. Trump was the most Mr. Trump since has started CEO has indicated that he behind the biggest social plat- lined up more than $25 billion
pany’s potential new owner, prominent plaintiff in the case. his own social-media platform, plans to loosen the company’s forms enforce their rules. Twit- in debt from a group of banks
Elon Musk, has said he would “Plaintiffs are not starting Truth Social, and said he has content-moderation practices, ter and its industry peers have led by Morgan Stanley, Bank
clamp down on. from a position of strength,” no plans to return to Twitter and he has suggested that de- struggled to strike a balance of America Corp. and Bar-
U.S. District Judge James the judge wrote, citing case should that become an option. bate on the platform should be between letting users speak clays PLC. He also said he
Donato of the Northern Dis- law that the First Amendment A spokeswoman for Twitter open as long as it doesn’t their minds and avoiding the would personally commit $21
n-
trict of California on Friday applies only to restrictions of declined to comment. Mr. break the law. Last month, a spread of hate, misinformation billion in equity.
no
Oath Keepers’ Plea-Deal Deadline Passes

BY ALEXA CORSE gue their conduct was compa-
AND ARUNA VISWANATHA rable to treason, which could
result in a recommended life
WASHINGTON—Alleged sentence.
members of the Oath Keepers “If a seditious conspiracy
Signature Auction | May 21-22
®
militia had until Friday to en- involves a conspiracy to en-
MANUEL BALCE CENETA/ASSOCIATED PRESS
ter plea negotiations ahead of gage in conduct that ‘is tanta-

THE SCOTT RUMMELL COLLECTION a scheduled summer trial on mount to waging war against
Featuring the First Cars You Ever Drove! the Jan. 6, 2021, Capitol riot,
with federal prosecutors tell-
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Park-Used Disneyland Autopia Car
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Nine members of the group wrote.
Est. $50,000+ are fighting seditious conspir- A spokesman for the U.S.
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Disneyland - Original brought in the investigation to ton didn’t respond to a re-
Silk-Screened Skyway date, for their alleged efforts quest to comment.
Park Attraction Poster to storm the Capitol in early Members of the Oath Keepers were allegedly among the pro- Mr. Wilson would likely
Est. $4,000+ 2021 and prepare for violence. Trump mob that stormed the U.S. Capitol last year. face between 5 and 6½ years
The prosecutors’ push appears in prison under his plea agree-
part of a broader effort to gain facts filed in connection with didn’t have a real plan for any ment.
cooperation as they expand William Wilson’s plea, he said violence. Mr. Rhodes didn’t In January, prosecutors
their investigation beyond the the group’s leader, Stewart enter the Capitol building that charged 11 people, including
violence that occurred at the Rhodes, called an unidentified day, but prosecutors said he Mr. Rhodes, with seditious
Capitol itself. person over speakerphone on directed his followers to the conspiracy. Two of those de-
“The government lacks a the evening of Jan. 6 and area. fendants have pleaded guilty
ton of pressure points to try urged the individual to tell Mr. The federal judge oversee- to seditious conspiracy, as did
to force plea negotiations in Trump to enlist groups such ing the cases on Friday Mr. Wilson, who wasn’t among
Park-Used Disney World Mr.
Toad’s Wild Ride Vehicle advance of trial, so this is a as the Oath Keepers to forcibly granted a defense request to the 11 defendants charged in
Est. $100,000+ pretty noncontroversial way to block the transfer of presiden- move the first group of defen- January. The remaining nine
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View All Lots and Bid at HA.com/7258 tions up,” said Ben Glassman, 2020 election loss. The person September. A prosecutor said guilty.
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Jim Lentz, ext. 1991 or JimL@HA.com veteran from North Carolina A lawyer for Mr. Rhodes, talks. and that the group went to
became the third member of James Lee Bright, said he In a letter from this past Washington to help with secu-
the group to plead guilty to hadn’t seen corroborating evi- Monday viewed by The Wall rity and logistics for a Jan. 6,
seditious conspiracy, and the dence of the alleged call, add- Street Journal, prosecutors 2021, rally that took place be-
first to specifically describe an ing, “If true, it actually shows told the defendants they had fore the rioting. “I do believe
attempt to involve then-Presi- a real lack of connection be- until Friday to enter plea ne- this case is about getting peo-
Paul R. Minshull #16591. BP 12-25%; see HA.com. dent Donald Trump in their ef- tween Stewart and the presi- gotiations and advised them ple to plead guilty and not
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According to a statement of used bombastic language but trial, the government could ar- said.
THE WALL STREET JOURNAL. * * * * * * * Saturday/Sunday, May 7 - 8, 2022 | A5
U.S. NEWS
Moderna Seeks to
Dismiss Patent Suit
BY PETER LOFTUS substance of our claims, Mod-
erna is trying to shift respon-
Moderna Inc. is trying to sibility for its patent infringe-
fend off rival companies’ ment to the U.S. taxpayer,”
FREDERIC J. BROWN/AGENCE FRANCE-PRESSE/GETTY IMAGES

claims that its Covid-19 vac- Genevant said.
cine infringes their patents, The provision of the federal
arguing that the companies patent law usually applies to
may only pursue their claims defense contractors and not
seeking royalties from the fed- pharmaceutical companies,
eral government. since the U.S. government isn’t
Moderna on Friday filed a typically the sole, direct pur-
motion to dismiss some of the chaser of drugs and vaccines.
patent-infringement claims in But during the Covid-19
the lawsuit, which was filed in pandemic, the federal govern-
February by two small bio- ment has been the only U.S.
technology companies, Arbu- purchaser of doses of Mod-
tus Biopharma Corp. and Ge- erna’s Covid-19 vaccine for use
nevant Sciences GmbH, in in the U.S., and has distributed
federal court in Delaware. them at no cost to vaccine re-
It is the latest move in the cipients since late 2020. In A nurse dispensed a Covid-19 booster shot in Los Angeles on Thursday. To win more funding to fight the pandemic, the Biden administration
legal battles that are breaking 2021, Moderna delivered 332 is said to be making a push now on Capitol Hill to lay out its projections for cases this fall and winter and to detail its contingency planning.
out among companies and the million vaccine doses to the
White House Sees Potential Surge

government over patents sur- government for distribution
rounding Covid-19 vaccines. and recorded $5.4 billion in
Arbutus and Genevant U.S. revenue.
claimed in their lawsuit that Moderna wants a judge to
Moderna’s vaccine has compo- dismiss the lawsuit’s claims
nents covered by their pat- seeking royalties on the sale of BY STEPHANIE ARMOUR ing the Omicron wave during Covid-19 cases could tick up in Paxlovid, a Covid-19 treatment
ents, and they are seeking roy- its Covid-19 vaccine doses to the winter, the official said. the fall, especially if a new pill from Pfizer Inc., could run
alties from the multibillion- the U.S. government. The Biden administration The Biden administration variant emerges and in parts out by October and November,
dollar sales of Moderna’s “This law provides an im- estimates 100 million Ameri- had initially sought $30 billion of the U.S. where the weather and the U.S. would have 500
vaccine. The patents cover portant statutory protection cans may become infected in additional pandemic fund- is cooling. million to 600 million fewer
tiny substances called lipid for authorized government with Covid-19 in the fall and ing to buy more Covid-19 vac- The projection of 100 mil- tests than the one billion esti-
nanoparticles, which encase suppliers and played a critical winter without additional cines, drugs and tests as part lion infections doesn’t account mated it would need, the offi-
the genetic material messen- role in encouraging compa- funding to help combat the of a $1.5 trillion spending for a new variant that could cial said.
ger RNA in the vaccine and nies, including Moderna, to pandemic and buy new vac- package, then pared it back to be more dangerous, the senior The federal government
help get into human cells once step up and help the Govern- cines for a fall booster cam- $22.5 billion. administration official said. also wouldn’t be able to roll
injected. ment fight the Covid-19 pan- paign. Republicans have opposed Without new funding, the out a fall booster campaign,
Moderna, of Cambridge, demic,” Moderna said. The infections would result providing new funds, saying Biden administration has been the official said.
.
Mass., says its vaccine doesn’t In addition to the vaccine from a virus that is rapidly previous funding rounds ha- unable to enter into negotia- The official sketched out
infringe the patents and that it supply contracts, Moderna has adapting and waning natural ven’t been exhausted. tions with Japanese drug- what that fall booster cam-
ly
uses its own proprietary lipid received at least $1.7 billion and vaccine immunity, as well Senate lawmakers negoti- maker Shionogi & Co. for sup- paign might look like, saying it
nanoparticle technology. from the federal Biomedical as from lack of money for up- ated a bipartisan deal to repur- plies of an experimental Covid- would likely begin with people
Moderna said in the new Advanced Research Develop- dating vaccines and for stock- pose unused funds to provide 19 treatment that has shown who are at high risk of severe
court filing that even if it had
infringed the patents, federal
patent law protects govern-
ment contractors from certain
ment Authority to fund the de-
velopment of the vaccine, ac-
cording to a securities filing.
Moderna also collaborated
on
piling tests and treatments, a
senior administration official
said Friday.
The cases would amount to
$10 billion for Covid-19 tests
and treatments, but that deal
got hung up in a dispute over
U.S.-Mexico border policy.
promise, the official said.
Going forward, the official
said, the government wouldn’t
have funds to purchase new
illness and death and then be
expanded to the broader public,
potentially including children.
In the campaign, the gov-
patent-infringement lawsuits. closely with National Insti- a million a day over the Democrats have also been vaccines for the fall and stock- ernment may offer a “bivalent”
us ,
A section of the law requires tutes of Health scientists in course of three to four divided over a proposal to pair pile drugs and tests for a po- vaccine that combines both the
l
that a patent holder must file the design and testing of its months, according to a senior more funding for Covid-19 mea- tential new wave of cases when original strain and the domi-
e
al a
a claim against the U.S. in the Covid-19 vaccine. administration official, who sures with the administration’s the weather turns colder. nant variant, the official said,
U.S. Court of Federal Claims if The company drew criti- shared the estimate as part of $33 billion Ukraine package. The White House would re- making it more effective.
the patent holder believes that cism last year when it de- a White House push to secure To win funding, the adminis- direct money away from plans If cases climb rapidly or an-
ci on
a product manufactured for clined to name NIH scientists $22.5 billion in new funding to tration is making a push now to stockpile Covid-19 tests and other variant emerges, large
the government by a contrac- as inventors on a company ap- combat the pandemic. on Capitol Hill to lay out its treatments to buy enough federal vaccination sites are
tor infringes the patent. plication for a U.S. patent for Currently, more than projections and detail its con- Covid-19 vaccines for seniors again possible, the person
Genevant said it would op- its vaccine. Moderna subse- 60,000 cases a day are re- tingency planning should the this fall if Congress doesn’t said. The administration is
pose Moderna’s motion to dis- quently dropped that patent ported in the U.S. Roughly 130 funding not come through, the approve new funding, the offi- also likely to again call for
er s
miss the patent claims. application, saying it valued million to 140 million infec- person said. cial said. masking as community cases
“Rather than respond to the its cooperation with the NIH. tions occurred in the U.S. dur- Some health experts warn If that happens, supplies of surge, the person said.
m er
Omicron Weekly Covid-19 reinfections

New York
people strained hospitals. CDC
data suggests that more than
half of people in the U.S. have
m rp
Tests View 200 per 100,000 population

150
infection-induced antibodies,
up from 34% in December.
Now, those infections from
On Defenses
100 the Omicron surge are likely
50 helping to blunt the effect of
co Fo
0 an Omicron subvariant, BA.2,

2021 ’22
that is currently dominant in
Continued from Page One the U.S. Some health officials
some antibodies to the SARS- Minnesota and experts hope that built-up
CoV-2 virus by November 2021, 200 protection from Covid-19 vacci-
either through vaccination or nation and exposures is reach-
prior infection. The U.S. had 150 ing a point where the virus is
just come off a wave sparked 100 less dangerous for most people
by the Delta variant, and some 50
and its spread less disruptive.
hoped the country might have But even mild Covid-19
reached a turning point. 0 cases can lead to lasting com-
Then Omicron hit. A signifi- 2021 ’22 plications, public-health ex-
cant number of mutations perts said, and the full health
Washington
n-
helped it dodge our built-up risks associated with repeated

immune responses, immunolo- 100 exposures aren’t clear. New
gists and epidemiologists said. 50 variants could also spoil hard-
Protection from prior infection won progress, they said, par-
0
no
and vaccination declined, ticularly if the virus spreads

2021 ’22
studies found, and booster unimpeded.
doses to guard against the vi- Source: State health departments “To decrease the changes,
rus became more imperative. it’s about decreasing the space
Data indicate Omicron trig- out reinfection data by vacci- the virus can actually play in
gered big surges in reinfec- nation status, counted the and limiting that space to
tions while it also pushed tal- highest number during Omi- evolve,” said Ali Ellebedy, an
lies of known cases to record cron among unvaccinated peo- immunologist at Washington
highs. ple and the lowest number University School of Medicine
“We knew before Omicron among boosted people. in St. Louis.
that SARS-CoV-2 was capable Arriving nearly two years Research that hasn’t been
of some immune escape,” said into the pandemic, Omicron peer-reviewed suggests that
Sarah Cobey, an associate pro- also caught many people with other Omicron subvariants,
fessor of ecology and evolu- diminished protection long af- such as BA.2.12.1, may better
tion at the University of Chi- ter their first exposure or lat- escape the immune responses
cago. “Omicron made it clear
that these adaptations could
sometimes be leaps.”
est vaccination. Protection
against Covid-19 infection
wanes in the months after vac-
from the Omicron variant that
surged this winter. The CDC
estimates BA.2.12.1 recently
HONEST ABE
Rhode Island’s health de- cination or exposure, evidence represented 36% of U.S. cases. MOSES JACOB EZEKIEL
partment estimates 3.2% of re- suggests. This fall will likely present
ported cases during the state’s The jump in reinfections is another test. Respiratory vi- Historic giant. Gifted artist. Captivating portrait.
Delta-variant surge last year “correlating with Omicron, ruses tend to flare as people This remarkably lifelike bronze bust depicts one of the most
were reinfections. The known and it is also correlating with congregate indoors, and people admired figures in American history, Abraham Lincoln. It was
reinfection rate there jumped waning immunity,” said Umair hit during the Omicron wave created as a special commission by the American sculptor Moses
to 13.3% from late December Shah, secretary of health in will be many months past their
to mid-January. Data from Washington state. infections. Meantime, only
Jacob Ezekiel, who was interestingly a Southern native. The
Minnesota show the percent- Protection against severe about half of eligible people in expressive piece perfectly captures the most distinctive features
age of reinfections reaching disease can also diminish but the U.S. have gotten a booster of the Great Emancipator’s face, as well as the essence of his
similar highs early this year, appears to be more stable. The shot, underscoring the chal- powerful personality. Other sculptures by the artist reside in the
during the Omicron surge. Omicron wave didn’t hospital- lenge of asking people to re- Smithsonian American Art Museum and the Arlington National
States including New York, ize or kill people at the same peatedly roll up their sleeves Cemetery. Signed (on base). Circa 1896. 10”w x 51/2”d x 15”h. #31-5277
Louisiana and Washington are rate as earlier variants, likely to bolster their protection.
also collecting data on reinfec- because of built-up immune “We will get exposures,”
tions, which are generally con- protection in the population, said Adolfo García-Sastre, di-
sidered to be new after 90 immunologists said. rector of the Global Health
days. Health departments “What we’ve seen with and Emerging Pathogens Insti-
broadly acknowledge their Omicron is a tremendous tute of the Icahn School of
counts are low because so amount of infections. Not as Medicine at Mount Sinai in
many people go untested or many have translated to se- New York. “The question is
use at-home tests, making re- vere disease,” said Alessandro how often, and what is the
infections particularly hard to Sette, a professor at the La percentage of severe disease?”
track. Jolla Institute for Immunology 622 Royal Street, New Orleans, LA • 888-767-9190 • ws@rauantiques.com • msrau.com
Vaccinated people had in California. “Vaccine efficacy
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Colorado, a state that breaks and the sheer number of sick Covid boosters.
A6 | Saturday/Sunday, May 7 - 8, 2022 NY * *** THE WALL STREET JOURNAL.
THE UKRAINE CRISIS

Rescue Efforts Under Way in Mariupol
Moscow is trying to rary accommodations. has sought to thrust south from
The United Nations said al- Izyum, which is southeast of
seize control of last most 500 civilians were evacu- Kharkiv, but has encountered
part of city by Monday, ated in two previous opera- stiff Ukrainian resistance.
tions with its assistance. Gen. Zaluzhniy’s comments,
Zelensky adviser says Ukraine’s Deputy Prime which came after a phone call
Minister Iryna Vereshchuk with the U.S. chairman of the
BY JAMES MARSON said the evacuations pro- Joint Chiefs of Staff, Army Gen.
AND GEORGI KANTCHEV ceeded slowly because Russia Mark Milley, reflect optimism
was violating a cease-fire. among Ukrainian officials that
A third group of civilians was Moscow has previously repeat- Russia’s offensives are running
being evacuated from the laby- edly denied targeting civilians. out of steam and that the de-
rinth of bunkers beneath Mariu- The Azov Regiment sta- ployment of heavy weapons
pol’s Azovstal steel plant Friday, tioned at the steel plant said systems from the West could
officials said, as Ukraine’s mili- one fighter had been killed and turn the tide in the east of the
tary counterattacked against six wounded as a car was struck country in the coming weeks.
ALEXANDER ERMOCHENKO/REUTERS
Russian forces in the east. while moving toward some ci- Other officials cautioned,
For weeks the Mariupol de- vilians to evacuate them. however, that the counterof-
fenders’ dogged stand tied Azovstal, a sprawling Soviet- fensive was localized.
down Russian forces there, re- era complex of warehouses, fur- President Biden said Friday
ducing the units available else- naces, tunnels and rail tracks in the U.S. is sending another
where. Now, Ukraine says it the southeastern city of Mariu- round of security assistance to
has largely blunted Russia’s of- pol, has become a focal point in Ukraine that will include artil-
fensives in other areas in the the war in recent weeks. Ukrai- lery munitions, radars and
east and is hoping to use heavy nian soldiers have continued to other equipment. An adminis-
weapons to push them back. hold out as Russia stepped up A bus carrying civilians evacuated from the Azovstal steel plant arrived Friday in Bezimenne, Ukraine. tration official said the equip-
On Friday, Ukrainian and its bombing of the plant. ment is valued at up to $150
Russian officials said a total of Russian ground forces had Azovstal in comments via vid- have any diplomatic talks with were counterattacking around million.
50 civilians, including chil- blockaded Azovstal and as- eolink with Chatham House, them after that,” he said. the northeastern cities of Mr. Biden said the Ukraine
dren, were evacuated from the saulted some parts of it in the the U.K. think tank. Oleksiy Arestovych, an ad- Kharkiv and Izyum, said Army funding authorized by Congress
plant during the day. The Rus- past 24 hours, supported by “If they kill people who can viser to Mr. Zelensky, said Rus- Gen. Valeriy Zaluzhniy, chief of is nearly depleted, and he has
sian Ministry of Defense said warplanes, the Ukrainian Gen- be exchanged as prisoners of sia was seeking to seize the the Ukrainian General Staff. asked Congress for $33 billion
that the evacuees were handed eral Staff said Friday. war or just released as civil- last part of Mariupol by Mon- Ukraine’s military has more to fund weapons and pro-
over to representatives of the Ukrainian President Volod- ians or be helped as wounded day, when Moscow celebrates pushed Russian troops back to vide longer-term economic and
United Nations and the Inter- ymyr Zelensky on Friday or injured, civilian and mili- the anniversary of the victory the east of Kharkiv, curbing the humanitarian aid to Ukraine.
national Committee of the Red called for Russia to release or tary alike, if they destroy over the Nazis in World War II. shelling of the country’s sec- —Catherine Lucey
Cross for delivery to tempo- exchange those remaining at them, I don’t think we can Elsewhere, Ukrainian forces ond-most-populous city. Russia contributed to this article.
Chinese semiconductors don’t end up in

third-party goods shipped to
tries where those firms are
based oppose them. China’s
offer numerous levers for the
U.S. government to pull.
to find parts for its military.
If a Chinese PC firm were
Lenovo, the world’s largest
maker of PCs and the No. 2
.
Russia, according to people fa- overall exports to Russia fell Despite the sanctions, some cut off from a key chip supplier, seller of the devices in Russia,
Tech Firms miliar with the matter. One 27% in value from February to items have been able to slip “that would be catastrophic,” behind HP Inc., last year.
ly
supplier sent a letter to all its March, official trade data show. through. For example, the Rus- said Steve Brazier, chief execu- The company, a top PC seller
customers in March pushing China has expanded its tool sian telecom operator Beeline, tive of market research firm in the U.S., halted shipments
Pull Back them to comply, while sales

staff reached out as well, ac-
cording to one of the people.
on kit of measures to counter for-
eign sanctions, including rules
that could compel Chinese
owned by Dutch company Veon
Ltd., said this month that it
took delivery in March of tele-
Canalys. “You can understand
why they might be motivated
not to get caught by that.”
shortly after Russia’s war
started and foreign sanctions
began to take effect, though
China’s Ministry of Com- companies not to comply with communications equipment Although U.S. sanctions con- some existing inventory re-
Continued from Page One merce in April acknowledged foreign sanctions it deems un- from Chinese telecom giant tain carve-outs for some con- mains for sale in the country,
much of China’s global exports. that sanctions have disrupted justified, though so far Beijing Huawei Technologies Co. It said sumer electronics devices, they according to suppliers, logistics
us ,
The pullback follows waves trade with Russia, but urged hasn’t issued any such orders. the shipment resulted from a must be sold directly to non- companies and market re-
l
of wide-ranging financial sanc- companies “not to submit to Western sanctions include 2021 assessment of future in- governmental organizations or searchers who track the move-
e
al a
tions and export controls im- external coercion and make im- blocks on exports to Russia’s frastructure needs, saying the consumers, said Kevin Wolf, a ment of company products.
posed by the U.S. and its allies proper external statements.” defense sector and the export delivery was “in full compliance former Commerce Department Xiaomi, the No. 2 phone
on Russia following its invasion The sharp decline in tech ex- of products made using U.S. with all applicable laws, includ- official and a partner in Akin seller in Russia last year behind
ci on
of Ukraine. The U.S. has threat- ports to Russia highlights the equipment, software or blue- ing U.S. export controls.” Gump Strauss Hauer & Feld Samsung Electronics Co., has
ened to punish Chinese compa- sweeping nature of the West’s prints, even when those prod- In April, U.S. Commerce Sec- LLP. Most major tech vendors also cut shipments to Russia,
nies that flout the rules. sanctions and their ability to ucts are made by non-U.S. com- retary Gina Raimondo said ex- sell their products via third- according to people familiar
Major U.S. chip companies reach deep into supply chains panies. The measures have port controls have cut Russia’s party distributors and retailers with the matter, with one dis-
that supply Chinese firms are to compel the behavior of com- proven especially effective in high-tech imports by more than on the ground. tributor operating in the region
er s
pressing customers to comply panies based far away, even the technology sector, whose half, and left Russia short on Among Chinese companies saying there has been no deliv-
with the rules and ensure their when the governments of coun- complex global supply chains semiconductors and struggling to halt shipments to Russia is eries in recent weeks.
m er
Join the Best Sporting Returning

m rp
Villagers
MANU BRABO FOR THE WALL STREET JOURNAL
Club in America
Find Ruins
co Fo
Now Accepting Membership Applications

Call 401-387-4155 Continued from Page One
stationed in Mala Rohan the
artillery and the multiple-
launch rocket systems that
wrecked Kharkiv’s eastern
neighborhoods.
“Homeland is homeland. Lyubov Vorontsova, left, discovered that Russian soldiers had left
There is nothing like it,” said behind garbage and hand grenades in her kitchen in Mala Rohan.
Lyubov Vorontsova, 68, who
returned to Mala Rohanto dis- tion of 2,900, some 200 people time—for cigarettes. “He said,
n-
cover her summer kitchen full remained in Mala Rohan in late we have come to protect you,”
of what she said were soiled March. More than 200 others Mr. Kotov recalled, “and my
uniforms, half-eaten rations have come back in recent days, wife asked him: from whom?”
and garbage, as well as two with more trickling in every Ukrainian President Volod-
no
hand grenades, that had been day, said Lyubov Zlubina, a ymyr Zelensky “has brought
discarded by the retreating member of the village council 200,000 Nazis to attack you,”
Russian troops. who owns a large cattle farm. the soldier replied, he said.
In northern Ukraine, near Mala Rohan’s cellphone Soon after, Russian troops
Kyiv, Chernihiv and Sumy, the tower, disabled under Russian started telling villagers to pre-
quick Russian withdrawal in control, is already operational. pare for evacuation to Russia.
late March allowed a sem- On Thursday, electricity-com- “Evacuation is the scariest
blance of normal life to re- pany crews were working on word. After they said it, I was
sume quickly in the liberated restoring the power lines and too afraid to step outside. I
come and experience the world’s finest territories. Not so in the coun- gas-company workers were don’t want to go to Russia, but
tryside around Kharkiv, where surveilling damage to the if they force you to go under
four season sporting club set on 3,500 acres in Richmond, Ukrainian forces continue to the gun, you have to go.,” said
Rhode Island with more than 20 luxurious amenities such as fight pitched battles for village Natalia Menshenina, 65. The
after village. Russians never got around to
the OH! Spa, The Preserve Equestrian Training Stables, The In the past week, Ukrainian
With the Russians taking away residents of Mala
forces have retaken a string of gone, ‘we are back Rohan. Ms. Menshenina says
Maker’s Mark Hobbit House, The Safari Tent Scotch and Cigar villages north and northeast of she still lives in her cellar be-
Kharkiv, evacuating thousands
home, and we’re cause all the windows in her
Experience, the world’s longest indoor range, hiking, ziplining, of civilians who had been going to rebuild.’ house have been shot out.
and more. Whether you seek the thrilling or the serene, Preserve trapped there. Most of the damage oc-
On Friday, Ukraine’s military curred when the Russians
Sporting Club & Residences offers a combination of unspoiled said it pushed farther north to were expelled from the village.
seize several more villages, ad- pipelines into homes. Ukrai- On that day, Ms. Zlubina’s
nature and refined luxury for everyone. vancing toward the Russian nian military explosive-ord- farm on the edge of the village
border. Russia’s Ministry of nance units were inspecting caught fire, with 140 heads of
Defense confirmed the loss of houses and gardens. cattle dying, she said.
the village of Tsyrkuny, its last The level of devastation in “As a going-away present,
outpost in the immediate vi- the village surpasses what they just burned it all down,”
cinity of Kharkiv that was used happened during World War she said. She managed to save
to shell the city for months. II, residents say. hundreds of other animals,
One result of that advance, “We are so tired of this war,” mostly pigs. “I’d like to re-
which moved the front line said Mykola Devyatko, 85, who build, but who will fund it
farther away from here, is that was 6 when the Nazis were now? By myself, I just can’t af-
All rights reserved. The Preserve Sporting Club & Residences reserves the right for price changes, errors and misprints. Restrictions apply.
Mala Rohan is no longer being pushed out of Mala Rohan. ford it,” she said.
shelled and its civilians like “The other war was not as bad. Vasily Perepelitsa, 77, gri-
Mr. Kotov, who was evacuated Then all they had were a rifle, a maced as he recalled the vil-
along with most other resi- machine gun, and maybe Katy- lage’s experience with the Rus-
dents after Ukrainian forces usha rockets. Now, with the sian army.
entered here on March 26, can weapons that they have, they “Russia has covered itself in
finally return. are just leveling everything.” disgrace from head to toes
“It’s quieter now, all the Two Mala Rohan villagers here. Nobody ever expected the
troops here are ours, and have been killed and one Russians to do this until I saw
nothing is falling on our heads woman was raped by a Rus- it with my own eyes,” he said.
anymore,” said Zoya Kramts- sian soldier during the occu- “And when they were escaping
ova, 63, who returned to Mala pation, local officials and vil- our village, they were escaping
87 Kingstown Road, Richmond, Rhode Island 02898 Rohan from Kharkiv. “I hope lagers say. Mr. Kotov said a like dogs. Firing left and right,
PreserveSportingClub.com l 401.539.4653 l SalesTeam@ThePreserveRI.com the Russians never come back Russian soldier came to his at random. They didn’t leave a
and only our own boys stay.” home, trying to trade bread— single window or door that
Out of the prewar popula- mostly unavailable at the wasn’t shot through.”
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, May 7 - 8, 2022 | A7
THE UKRAINE CRISIS
Americans Open
Doors and Hearts
To Refugee Wave
BY MICHELLE HACKMAN generosity of refugees’ family
AND ALICIA A. CALDWELL members, friends and even
strangers such as Ms. Brucker
Marianna Brucker, a mother to manage the resettlement ef-
of twins from suburban At- fort without the help of the
lanta, had only a tenuous con- U.S. government.
SCOTT MCINTYRE FOR THE WALL STREET JOURNAL

nection to Ukraine when Rus- The makeshift system for
sia invaded and began Ukrainians has its drawbacks,
dropping bombs on apartment including a lack of government
buildings and hospitals. benefits for refugees. But if it
Her children’s nanny was a works, private sponsorship
recent immigrant from Ukraine, could become a regular feature
and she relayed daily updates of the U.S. refugee-admissions
of her friends who were left program, opening the path to
homeless and suffering. all nationalities and potentially
Ms. Brucker stepped in to expanding the number of refu-
help. First, she started a dona- gees the U.S. is able to take in.
tion drive to collect thousands The government needs pri-
of diapers and sanitary napkins, vate help. The official resettle-
which she sent to a Polish hu- ment system atrophied under Anastasia Sibiriakova, center, celebrated at a party for newly arrived Ukrainian families in Weston, Fla., on Sunday.
manitarian organization work- President Donald Trump, when
ing along the Ukrainian border. the nine agencies responsible withdrew its remaining troops contribute time or money to the family of five needed to make she said, Mr. Watstein opened
But it didn’t feel like enough. for resettlement—who are from the country, triggering the resettlement effort. room for another family of the door and told them: “This
So, Ms. Brucker decided to paid by the government per resurgence of the Taliban. Days after Russia invaded five in their five-bedroom house is your house.”
offer up her own home. In do- person they help—closed “What we’ve learned from Ukraine, Adam Watstein, a rabbi home. Community members They have been living there
ing so, she has become part of about a third of their offices in Americans putting their hands in Weston, Fla., urged his con- donated bunk beds, and Mr. for a month and a half, and
an informal network of Ameri- the midst of a historically low up to help is that, if we tap into gregation to open their homes Watstein’s children doubled up are now looking for an apart-
cans who are making it possible acceptance of refugees. that broader capacity of the to potential refugees. His wife, to make room for their new ment in Weston to live near
to resettle Ukrainian refugees. Some of those offices re- American people, our ability to Angie, was born there, so it felt guests. the Watsteins. Meanwhile,
With its creation of a new opened after President Biden welcome is far greater,” said more personal. Together, they Anastasia Sibiriakova and members of Mr. Watstein’s
sponsorship program for took office and more money be- Nazanin Ash, the chief executive logged on to UkraineTakeShel- her husband were worried community are now hosting
Ukrainian refugees—which re- gan to flow. The system was of Welcome.US, a new nonprofit ter, a website created by two that it was too good to be 30 other families.
ceived more than 14,500 appli- then overwhelmed by the that has been acting as an um- Harvard undergraduates, and true. “This must be a joke, no- “I tell my family, ‘God saved
cations in its first 10 days— abrupt arrival of more than brella organization for compa- matched with a Ukrainian fam- body is going to meet us,” she us,’ ” Ms. Sibiriakova said.
the Biden administration is 76,000 Afghans evacuated from nies, volunteer organizations ily who had U.S. tourist visas. recalled her husband saying “Now we have to make the
.
betting that it can rely on the Kabul last summer after the U.S. and other entities that wish to Suddenly, Mr. Watstein’s ahead of the flight. Instead, best of it.”
ly
Hungary Holds Up EU Agreement to Sanction Russian Oil on
BY LAURENCE NORMAN in trying to arm Ukraine. He is sixth since Russia invaded services to Russia, including oil imports. The Czech Repub- over Ukraine, saying he had al-
insisting on more time and EU Ukraine on Feb. 24. insurance for oil shipments. lic, which has also lobbied for ways warned that embargoes
The European Union is money if Hungary is to join the The EU’s executive body, the The commission proposed more time, would get until on Russian energy would be
us ,
struggling to finalize the rest of the bloc in transitioning European Commission, re- offering Hungary and Slovakia, mid-2024. very hard on Hungary. Mr. Or-
l
terms of an oil embargo on away from Russian oil, diplo- cently sent member states a which are heavily dependent Mr. Orban slammed the ban said the bloc’s sanctions
e
al a
Russia amid resistance by mats say. proposal that would see the on Russian oil delivered via commission’s proposal in an in- have hit the European econ-
Hungary, whose leader Hungary’s opposition bloc stop crude-oil purchases the Druzhba pipeline, a year terview with state radio Friday. omy harder than Russia’s—an
claimed Friday that the pro- means an oil-embargo deal from Russia within six months, longer than the rest of the EU “The proposal on the table now argument that no other EU
ci on
posed embargo would hit his wasn’t approved Friday, as of- and ban the import of Russian to stop buying Russian energy creates a Hungarian problem, leaders have made.
economy like an atomic bomb. ficials had hoped, but is still refined oil products by year- imports. and there is no plan to solve Mr. Orban won re-election
Prime Minister Viktor Orban possible by Monday, according end. The proposed sanctions However, in an updated it,” he said, saying his country in April after pledging that his
has long cultivated close ties to people familiar with the include the removal of three proposal, circulated Friday by needed five years to shift away government would maintain a
with Moscow and hasn’t joined EU’s negotiations. All 27 mem- more Russian banks from the the commission, Hungary and from Russian energy. distance from the Ukraine war
er s
other EU and North Atlantic ber states need to agree to the Swift financial messaging net- Slovakia were offered until the Mr. Orban accused the com- and reject measures that lead
Treaty Organization countries sanctions package, the bloc’s work and a ban on providing end of 2024 to cut off Russian mission of breaking EU unity to Hungarian economic pain.
m er
m rp
The Mideast Crisis: Can Israel Survive?

co Fo
May 8 6:30 PM ET Walk Network Sunday

May 8 10:30 PM ET TCT Sunday
May 8 10:30 PM ET CTVN Sunday
Discover Israel’s
May 9 9:30 AM ET CTVN Monday place in Bible
n-
May 11 9:00 PM ET TCT Wednesday prophecy

no
May 11 9:30 PM ET CTN Wednesday

May 11 10:00 PM ET Walk Network Wednesday
and today’s
May 12 10:00 PM ET CTVN Thursday current events!
May 13 8:30 PM ET Daystar Network Friday
May 15 6:30 PM ET Walk Network Sunday How will it all play out?
Does current news point to
the soon return of Christ?
May 15 10:30 PM ET CTVN Sunday
May 15 11:00 PM ET WHT Sunday Our new broadcast special
May 18 9:00 PM ET TCT Wednesday
lays out the timeline of Bible
prophecy, with a special focus
May 18 9:30 PM ET CTN Wednesday
on the current happenings in
May 18 10:00 PM ET Walk Network Wednesday
the Middle East and Israel’s
May 18 10:00 PM ET CTVN Wednesday significance. Don’t miss it!
May 19 10:00 PM ET CTVN Thursday
May 22 6:30 PM ET Walk Network Sunday
May 22 11:00 PM ET WHT Sunday
Brand-new from Jack Van Impe Ministries

Find the full broadcast schedule at Jack Van Impe Ministries International®
Dr. Rexella Van Impe

www.jvim.com/the-mideast-crisis-can-israel-survive/
A8 | Saturday/Sunday, May 7 - 8, 2022 * *** THE WALL STREET JOURNAL.
WORLD NEWS
Philippine Vote Has Regional Resonance
With populist Duterte vote for Mr. Duterte’s succes- elected they aren’t likely to later won an election. Cambo- porters view him as a tough- history” by cultivating closer
sor, raising questions about fundamentally change Mr. Du- dia has been governed by the talking, no-nonsense leader. ties with Moscow and Beijing.
leaving office, election how much of his divisive leg- terte’s policies or investigate same man for 37 years. All Amid pressure from Wash- “I think we are moving in the
to test brutal legacy, acy will endure. The front-run- him and other officials in- three have moved closer to ington over human-rights is- right direction,” Mr. Marcos
ner is Ferdinand Marcos Jr., volved in the drug war. Ms. China. sues, Mr. Duterte threatened said.
closer ties to Beijing the son and namesake of the Robredo has pledged a Mr. Duterte also steered his to renege on key military com- Mr. Marcos’s campaign
country’s late dictator, and his tougher line on China and country toward China. He vis- mitments. The Philippines’ se- didn’t respond to requests to
BY FELIZ SOLOMON running mate is the departing would allow a probe of extra- ited Beijing early in his term curity establishment ulti- comment. His cousin and
president’s daughter, Sara Du- judicial killings. and has boasted of a rapport mately persuaded him to mayor of the northern Philip-
MANILA—In his 2016 inau- terte-Carpio. The dynastic duo The political picture exem- with President Xi Jinping. At soften his stance toward the pines city of Laoag, Michael
gural speech, Philippine Presi- has a commanding lead in plifies the U.S.’s challenges in home, he and his political al- U.S., which supports Manila’s Marcos Keon, described Mr.
dent Rodrigo Duterte pledged opinion polls, outpacing an Southeast Asia, where Wash- lies publicly harassed critics, territorial claims in the South Marcos as sensible, though
to use any means within his opposition ticket headed by ington has struggled to bal- saddled the news media with China Sea and is a mutual de- sometimes indecisive, and said
power to root out corruption, departing Vice President Ma- ance its priorities of promot- lawsuits, and undermined ac- fense-treaty ally. a Marcos presidency’s foreign
crime and drugs, warning that ria Leonor Robredo. ing human rights and countability commissions. Geopolitics hasn’t been a policy would seek balance.
“the ride will be rough.” Mr. Marcos and his running democracy while strengthen- Mr. Duterte, who in public central campaign issue for Mr. “Of course the Marcoses are
He kept his word. Mr. Du- mate haven’t taken clear posi- ing partnerships to counter speeches has urged citizens to Marcos, but he has indicated very close with China, but
terte’s antidrug crusade left tions on the fate of Mr. Du- China’s rise. kill suspected criminals, has his support for pro-China poli- Bongbong is a pragmatist,”
thousands of people dead. His terte’s China policy or interna- Myanmar is ruled by a mili- also said his administration is cies in the past. Mr. Keon said in an interview,
human-rights record sparked tional calls to investigate tary junta that seized power committed to protecting hu- In a 2016 speech, he ex- referring to Mr. Marcos by his
criticism in the West, intensify- alleged human-rights viola- last year, Thailand by an army- man rights and accused what pressed distrust of Washing- nickname. “I don’t think he’d
ing Manila’s embrace of China. tions under his administration. backed government that he called interest groups of ton and praised Mr. Duterte’s compromise the U.S. relation-
On Monday, Filipinos will Political analysts say that if staged a coup in 2014 and trying to discredit him. Sup- ability to “feel the pulse of ship,” he said.
Millions Are Caught in Beijing-Imposed Lockdowns

BY RACHEL LIANG
Omicron Concerns
At the end of last year, life
was very different for Dong Halt Asian Games
Na. Co-founder of a bustling
karaoke lounge in the south-
ern port town of Dongxing, Less than three months
China, she would get off work after Beijing hosted the Win-
late and meet friends for mid- ter Olympics and Paralympics,
night snacks. the Olympic Council of Asia
Her business now hangs by on Friday said this year’s
a thread, after local authorities Asian Games in China are be-
.
shut entertainment venues to ing postponed because of
prevent the spread of Covid-19,
ly
concerns about the spreading
and she spends hours most Omicron variant of Covid-19.
days talking to complete The OCA said new dates
strangers on her phone to kill would be announced in the
time and ease her anxiety.
“All I want is to know when
my business can reopen,” said
Ms. Dong, 36 years old, who
on near future after talks with
local organizers and the Chi-
nese Olympic Committee.
The postponement re-
has been living off her savings flects a growing concern in
us ,
and is struggling to pay debts. Beijing ahead of a major

l
While much of the world’s meeting of the ruling Com-

ALEX PLAVEVSKI/EPA/SHUTTERSTOCK
e
al a
focus has been on the eco- munist Party this fall.

nomic and social costs of the The Asian Games were to
lockdown now entering its take place from Sept. 10-25
ci on
sixth week in Shanghai, many in the eastern city of Hang-

millions more people across zhou and would involve more
the country have been caught than 11,000 athletes. The lat-
in longer or recurring shut- est edition was in 2018 in Ja-
downs by China’s stringent karta.
er s
Covid-19 policies. All but one —Associated Press

of the 31 provinces, major cit- While much of the world has focused on a Covid-19 lockdown in Shanghai, above, many more people around China have been affected.
m er
ies and autonomous regions

have seen full or partial lock- to pass 100 new reported Still, as most of the world Vietnam. Though small, Dongx- Ms. Dong grew anxious. Govern- and resentment in Qian’an city
downs since March, The Wall cases on any single day. There dismantles barriers against ing was thronged by visitors ment help has been sparse. Two after hundreds of residents
Street Journal found. were 72 new locally transmit- the virus, China’s restrictions and business boomed—even as food packages and a one-off were told on April 27 to give
There were a total of 114 ted infections detected in the are leaving the country in- China, and then the rest of the payment of $9 are all she has the keys to their apartments to
m rp
high- to mid-risk virus hot city on Thursday, compared creasingly isolated. world, grappled with the out- received, Ms. Dong said. She local authorities to stop them
spots in a dozen Chinese cities, with 4,088 in Shanghai—which The impact of the zero- break of Covid-19 in early 2020. has been paying off a car loan, from leaving home. After many
the National Health Commis- also accounted for all 12 of the Covid strategy on domestic The business employed more and has had to draw on her sav- refused, officials sealed their
sion said Friday. Such areas are day’s new Covid-19-related demand as well as manufac- than 60 people and over 80% ings to survive. She is consider- doors shut using steel wire.
typically subject to lockdowns, deaths. Of the 4,439 new cases turing and trade has led econ- of its rooms were booked every ing taking out a short-term, In other compounds, apart-
co Fo
restrictions on movements and nationwide, less than 10% had omists to cut their forecasts day in their first five months, high-interest credit-card loan. ment doors were sealed without
public gatherings and business any symptoms. for economic growth this year. Ms. Dong said. The government should any negotiation, including that
closures. The severity and ex- The government says the And the effect goes beyond In December, things came make more effort to help peo- of college student Tanky Tang,
tent of control measures varies, success in keeping a lid on the economy, reaching into to a halt. After discovering one ple cope with the financial im- who declined to give her full
though fear of seeing a repeat outbreaks and deaths justifies many aspects of everyday life Covid-19 case in routine test- pact before imposing new Chinese name. “I was upset and
of the disruption caused by maintaining its strategy. Fol- and creating strain and uncer- ing, Dongxing authorities or- lockdowns, she said, as well as felt like the government didn’t
Shanghai’s runaway outbreak lowing a meeting on Thursday tainty for ordinary people. dered a partial lockdown of communicating better on poli- trust me,” the 23-year-old said.
makes any easing of controls of the Communist Party’s rul- Ms. Dong is among them. the town, shut all entertain- cies. “More transparency will A few days later, the local
unlikely for now. ing Politburo, China’s leaders The native of eastern Shandong ment businesses and closed make us feel more assured,” government stopped the prac-
Beijing has suspended vowed to “resolutely fight province moved to Dongxing in the border with Vietnam. More she said. tice after many residents in
schools, locked down neigh- against all words and deeds late 2019, investing $2 million lockdowns have followed since, In China’s steelmaking the city of 775,000 took to
borhoods and restricted travel that distort, doubt and deny together with some friends to and Ms. Dong’s karaoke lounge heartland of Hebei province, Weibo, China’s equivalent of
into and around the capital to our Covid prevention policies,” open a karaoke lounge in the has been closed throughout. government policies to curb Twitter, to protest the harsh
n-
stem an outbreak that has yet Xinhua News Agency reported. port town on the border with As the shutdown persisted, the virus have sparked anger measures.
In China, Even Mail Gets Covid Scrutiny

no
BY WENXIN FAN leave no perceived gaps in

their defenses.
Very little about daily life in Pointing to mail as a source
China is untouched by the of infection also allows Chi-
country’s zero-Covid policies. nese authorities to assign
That includes the mail. blame elsewhere when out-
In many places, it goes breaks occur.
through an extensive sanitiza- That has particularly been
tion process, and those who true when it comes to interna-
receive letters and packages tional mail. Since 2020, Chi-
are often required to get nese officials have cited im-
tested for the virus. ported products as a potential
COSTFOTO/DDP/ZUMA PRESS
After a worker at a postal source of outbreaks.

distribution center in the east- China’s National Health
ern city of Hangzhou tested Commission, as well as au-
positive for Covid-19 in March, thorities in Hangzhou and the
the company that operates the State Post Bureau, didn’t re-
facility shut it down and the spond to requests to comment.
every
city sent hundreds of thou- For many, the precautions
sands of messages to those Workers sort packages at a mail processing center in Chenzhou. have made getting mail and
who had received deliveries deliveries so inconvenient that
asking them to get tested for ducted 260,000 Covid-19 tests. testing being conducted in they are now thinking twice
one
the virus. Many were left waiting for Beijing. about receiving them.
Ailly Gao, a 40-year-old their deliveries. One of Ms. The precautions being In January, a woman in
graphic designer in the city, Gao’s colleagues had ordered taken with the mail are a part Shenzhen got a package con-
got one of the messages on her frozen sausages. When the de- of a system that doesn’t leave taining KitKat bars and cos-
phone shortly after the arrival livery finally arrived, 11 days anything to chance when it metics from her boyfriend in
of two bouquets of Persian but- late, they were already de- comes to Covid-19. Even Japan whom she hadn’t seen
tercup flowers, which she had frosted, she said. China’s own health experts ac- in two years because of the
deserves a decent ordered on a whim one night
while watching a live-stream-
Ye Yu, a teacher, said a clay
teapot he had ordered arrived
knowledge the chances of get-
ting infected from a piece of
pandemic.
Within days, the health
place to live. ing social-media channel.
“I was a little nervous,” Ms.
at Hangzhou’s airport on
March 12 and stopped moving.
mail are extraordinarily low.
Dali Yang, a professor at
code on her phone flipped to
warning yellow from green.
Gao said of taking the test. After waiting for two weeks, the University of Chicago who Local officials called her to tell
“What if I got unlucky?” he started calling everyone he specializes in Chinese politics, her it had changed because
The positive case at the could think of to complain— said it wasn’t surprising to see she had received international
postal distribution center including the delivery com- Chinese officials using exten- mail. After testing negative,
ended up rippling through pany, a local government of- sive systems, even when they she said she would still be
Hangzhou, which is home to e- fice and a hotline for the city’s carry substantial costs and the willing to get packages from
Learn more at commerce company Alibaba mayor. “How does this not af- probability of catching the vi- her boyfriend.
Group Holding Ltd. and a fect the economy?” he asked. rus from a package is very “But probably not anytime
habitat.org. population that may be among China’s fight against Covid low. soon,” said Koori, who asked
the most dependent in the includes all kinds of tactics, The fact that many officials to be identified only by her
world on ordering goods on- from lockdowns that have kept have been fired after Covid first name, adding jokingly: “I
line. Within 24 hours of send- people in Shanghai in their cases emerged on their watch don’t want to cause more trou-
ing the messages, the city con- homes for weeks to the mass might be motivating them to ble for the medical personnel.”
THE WALL STREET JOURNAL. * * * * * * * * Saturday/Sunday, May 7 - 8, 2022 | A9
WORLD WATCH WORLD NEWS
Sinn Féin Poised

CUBA
Hotel Explosion Kills
At Least 22 People
A large gas explosion tore
through an iconic hotel in down-
town Havana on Friday, killing at
To Win Election
least 22 people and destroying a BY MAX COLCHESTER land also would need to hold a
large part of the building, accord- AND PAUL HANNON referendum.
ing to Cuba’s government. The election was dominated
The Cuban presidency said 21 A political party committed by day-to-day issues such as
ALEXANDRE MENEGHINI/REUTERS
adults and one minor had died, to the reunification of Ireland inflation and a troubled
and that 50 adults and 14 mi- is set to win a historic victory healthcare system, rather than
nors were injured. Cuban Presi- in Northern Irish elections, existential questions about ge-
dent Miguel Díaz-Canel said a marking a shift in the U.K. re- ography. One of the big win-
gas deposit at the hotel ex- gion that traditionally has ners was the Alliance Party,
ploded. “This wasn’t a bomb or been dominated by parties which is largely neutral on the
an attack, it was a lamentable loyal to Britain. question of reunification.
accident,” he said. Pro-unification party Sinn Over recent years, a change
Havana Gov. Reinaldo García Havana’s Hotel Saratoga was being renovated before a deadly blast caused massive damage. Féin claimed 29% of votes cast of Sinn Féin’s leadership has
Zapata said the Hotel Saratoga, in elections held Thursday, allowed the party to distance
was undergoing repairs and that settler homes in the occupied approve 4,000 homes, calling con- student protesters who were beating a field of other parties itself from its association with
there were no tourists in it, state- West Bank, the interior minister struction in the West Bank a “ba- camped outside Parliament criti- including the pro-British Dem- the IRA, and present itself as
run newspaper Granma reported. said Friday. sic, required and obvious thing.” cizing lawmakers for not ousting ocratic Unionist Party, which more concerned with bread-
—José de Córdoba If approved, it would be the —Associated Press President Gotabaya Rajapaksa secured 21.3%. The exact num- and-butter issues such as
biggest advancement of settle- and his government over the ber of seats won by each party housing and health. The party
ISRAEL ment plans since the Biden ad- SRI LANKA worst economic crisis in decades. in the 90-member assembly won the largest share of the
ministration took office. The The protest began Thursday has yet to be decided under a vote in a 2020 election in the
More Settler Homes White House is opposed to set- Police Break Up after a government-backed deputy system of proportional repre- Republic of Ireland.
Set for West Bank tlement growth. Student Protests speaker was elected in Parliament, sentation in which votes can Meanwhile the staunchly
Interior Minister Ayelet Shaked in what was seen a key victory for be transferred from weaker pro-U.K. DUP’s share of the
Israel is set to advance plans tweeted that a planning commit- Police used tear gas and a wa- the governing coalition. candidates. vote fell sharply from 28% in
for the construction of 4,000 tee would convene next week to ter cannon on Friday to disperse —Associated Press The victory for Sinn Féin, 2017 as former supporters ex-
which for decades was the po-
litical wing of the Irish Repub-
OBITUARIES lican Army, would be a first in
Northern Ireland since its cre-
A win by the pro-
ation in 1921 and threatens to unification party
upend a delicate power-shar-
JAC K CA K E B R E A D ing arrangement in the region.
would mark a shift
1930 — 2022 “This is an election of real in Northern Ireland.
change,” said Michelle O’Neill,
Sinn Féin’s leader in Northern
Ireland.
Car Repairman Moved The result doesn’t mean

that reunification of the island
pressed disappointment with
its handling of the U.K.’s de-
.
of Ireland will happen soon, parture from the European
but it shows signs of possible Union, a project the
ly
Into Napa Valley Wine momentum in that direction,
some analysts said.
“What it has done is it has
DUP backed. British Prime
Minister Boris Johnson agreed
to place a customs border be-
BY JAMES R. HAGERTY
on Mr. Cakebread married his high
school sweetheart, Dolores, attended
turned it into an open ques-
tion and a live question,” said
Duncan Morrow, a professor
of politics at Ulster University.
tween Northern Ireland and
the U.K. as part of a wider
Brexit deal with the EU.
The DUP says the agree-
the University of California, Berkeley, A referendum must take ment cuts off Northern Ireland
I
us ,
n the 1960s, Jack Cakebread ran an and served in the Air Force in the early place for Northern Ireland to from Britain, undermining the
l
auto repair shop in Oakland, Calif. 1950s as an engine mechanic. rejoin the Republic of Ireland. unity of the U.K. It has called
e
al a
In his spare time, Mr. Cakebread Back home, he took over his father’s The referendum can only be for the so-called Northern Ire-
was a Little League Baseball coach and business while pursuing photography triggered by the British gov- land Protocol to be renegoti-
freelance photographer who had stud- as a sideline. Though he was mostly in- ernment if opinion polls con- ated.
ci on
ied under Ansel Adams. His stark terested in the type of picture that sistently show that the North- But in Northern Ireland, a
black-and-white images of nature might hang in a gallery, he wasn’t ern Irish want reunification. majority supports the post-
adorned calendars and were displayed above shooting wedding photos to help Around 37% of Northern Irish Brexit arrangement, polls
in museums and galleries. support his family. people favor reunification, and show, a finding that has
When a reporter asked why he When he went into the wine busi- 49% want to stay part of the leached support for the DUP.
er s
didn’t chuck his day job at the garage, ness in the 1970s, it was a family proj- U.K., according to an analysis The most immediate impact
Mr. Cakebread said: “There are proba- ect. Dolores Cakebread planted a gar- of several polls by pollster Lu- of the vote will likely be
m er
bly only 10 photographers in the world den and prepared meals for friends cid Talk. The Republic of Ire- months of political paralysis.
who do photography strictly as an art who came to help with bottling. His
and make a living at it.” son Bruce studied viticulture and enol-
Photography led to another art, ogy at the University of California, Da-
however. A publisher asked Mr. Cake- vis and later helped run the business
m rp
bread to take portraits of leading vint- along with another son, Dennis.
ners for a book, “The Treasury of Jack Cakebread augmented his edu-
American Wines” by Nathan Chroman. hospital in Napa, Calif. He was 92. cation by completing an executive pro-
Inspired by his conversations with He disdained showy and overly oaky gram at Stanford University’s business
the winemakers, Mr. Cakebread felt an wines. “I don’t like a two-by-four in my school. He also led seminars for busi-
co Fo
urge to take up their craft. On a whim, glass,” he said. “What I like is an un- ness students around the country.
PETER MORRISON/ASSOCIATED PRESS
he offered to buy 22 acres of land near dertone.” In 2003, 10 students from Harvard
Rutherford, Calif., in 1972. To his sur- Business School traveled to Rutherford
M
prise, the offer was accepted. aking wine wasn’t as glamorous for three days of what was called Cake-
At first, growing grapes and produc- as it sounded, he told the Oak- bread U. The students tasted wines,
ing wine amounted to little more than land Tribune in 1987. It involved learned how they were made and lis-
a strenuous hobby for Mr. Cakebread such chores as extracting rocks from tened to experts on marketing, distri-
and his wife, Dolores Cakebread, who farm equipment and shoveling sticky bution and finance, the New York
shuttled between the garage in Oakland grape skins. Times reported. They were invited to
and the vineyard, an hour’s drive north. “You can have plenty of money to blend their own wine.
Gradually, they acquired more land. spend,” he said. “You can hire the best The final assignment was to devise ‘This is an election of real change,’ Sinn Féin’s leader in Northern
Cakebread Cellars became one of the winemaker and manager. But when you business plans for their own wine ven- Ireland, Michelle O’Neill, center, with party colleagues, said Friday.
more prominent labels in the early get out there in late April at 4 in the tures. One group of students proposed
n-
days of the boom that made Napa Val- morning, and the temperature is plum- to borrow $5 million from Cakebread
ley a world-renowned wine region. meting, there ain’t one doggone thing Cellars and piggyback on Mr. Cake-
Cakebread Chardonnay became a fix- you can do about it. You get humble real bread’s production and distribution
ture on restaurant wine lists. By the quick.” systems. For more information:
In Memoriam
no
late 1980s, the business was successful Born in 1930, he grew up in Oakland. Mr. Cakebread nixed that idea: “I wsj.com/inmemoriam
enough to allow the family to sell the As a boy, he swept floors in Cake- told them: ‘I think you guys failed this
auto repair shop and focus on produc- bread’s Garage, founded by his father one. Try again.’ ”
ing a growing variety of wines. in 1927. By age 11, he was learning auto His wife died in 2020. Mr. Cakebread
Patrick McConnell Ellen Marie Hancock
With other Napa vintners, Mr. Cake- mechanics. His father also owned a is survived by three sons, four grand-
May 2, 2022 April 19, 2022
bread crisscrossed the U.S. to promote farm, where the family grew almonds children and two great-grandchildren.
wine in what they dubbed the “Napa and apricots. ROCK ISLAND, ILL. - formerly Chicago. RIDGEFIELD, CONN. - Ellen Marie Hancock,
Valley Flying Circus.” “In those days, by God, no work, no  Read in-depth profiles at Author and publisher of 79, died peacefully on Tuesday, April 19,
industry guidelines on 2022. A resident of Ridgefield, Connecti-
Mr. Cakebread died April 26 at a eat,” he recalled. WSJ.com/news/types/obituaries safety and compliance with cut, for the past 45 years, she is survived
government regulations by Jason, her husband of 50 years, and
in the workplace. CEO and her siblings Peter, Paul and Patricia
Managing Director Geneva Mooney. Ellen was born in the Bronx, New
Research LTD and York, on April 15, 1943, a daughter of the
M O RTO N M OW E R G EO RG E D. G OU L D Cornerstone Compliance Co. late Peter and Helen (Houlihan) Mooney.
Missed by his colleagues and She grew up in New Rochelle, New York
1933 — 2022 1927 — 2022 friends. Adored by his bereft where she graduated from The Ursaline
widow, Linda, and beloved School, The College of New Rochelle, and
daughter, Audra. Fordham University with a MSc Degree
Doctor Devised Banker Embraced in Mathematics. Pursuing her interest

in technology, Ellen began a successful
business career with IBM in 1968. She
steadily advanced from an entry-level
Heart Device Public Service position on to numerous management

and executive roles. Ultimately, Ellen was
appointed IBM Senior Vice-President with
IN
global responsibilities, the first female
I W
to achieve this position in IBM, based on
n the basement of Balti- implantable cardioverter hen New York City York amid “unending abuse” major accomplishments throughout her
more’s Sinai Hospital,
Michel Mirowski and
defibrillator, or ICD, in dogs.
The device was implanted
was on the brink of
bankruptcy in 1975,
from people living in other
parts of the country who
MEMORIAM career. Following her 27 years at IBM,
Ellen moved on to senior leadership roles
at National Semiconductor Corporation,
Morton Mower began work- in a human, a woman from George D. Gould got a phone were eager to kick the city Apple, Inc., and then to Chief Executive
ing in the late 1960s on a California, for the first time call at 1 a.m. from Mayor while it was down. That Honor your loved one’s life Officer of Exodus Communications. Ellen
was deeply devoted to education as
project that struck some of in 1980 and later went into Abraham Beame, who in- abuse “raised my competi- in The Wall Street Journal evidenced by her philanthropy and service
their colleagues as lunacy. widespread use with the ap- vited the financier to a tive hackles,” he said. as a Marist College Board of Trustees
The two cardiologists’ goal proval of the U.S. Food and breakfast a few hours later. New York Gov. Hugh member for 34 years, including 7 years
Share your loved as Board Chair. She was also a Board
was to perfect a battery- Drug Administration. The meeting resulted in Carey, a Democrat, ap-
one’s story with an member at Santa Clara University, as
powered device to implant in “If something had gone Mr. Gould’s appointment as pointed Mr. Gould in 1976 to well as a corporate board member of Col-
human chests and give the awry, we would have never one of the original board serve in another role, chair-
announcement in the gate-Palmolive, Electronic Data Systems,
heart a shock whenever an lived it down,” Dr. Mower members of Municipal As- man of the state’s Housing pages of The Wall Street RAND Corporation and Aetna, Inc. Ellen
Journal, either in our actively participated in organizations that
irregular heartbeat threat- told the Lancet in 2015. “We sistance Corp., or MAC, Finance Agency. supported women in business. She was a
ened to cause sudden death. were these two crazy guys which monitored the city’s In 1985, the Reagan ad- national or regional member of St. Mary’s Church in Ridgefield.
Some patients liken the who wanted to put a time spending and issued bonds ministration appointed him editions. Our In Memoriam A Memorial Mass will be celebrated in
Ellen’s honor on Monday, June 6, 2022, at
700-volt shock to being bomb in people’s chests, so to keep it solvent. Mr. Gould as an undersecretary of the notices provide a dignified 11:00 AM at Marist College Our Lady Seat
kicked in the chest by a to speak.” briefly served as chairman Treasury. In that job, he way for friends, family and of Wisdom Chapel - 3399 North Road;
horse. Bernard Lown, a re- Eli Lilly & Co. acquired the of MAC in 1979. dealt with failing savings- colleagues to pay tribute. Poughkeepsie, NY followed by a reception
at the Hancock Center. There will be
nowned Harvard University technology, and other device A graduate of the Phillips and-loan associations, or no wake, and interment will take place
cardiologist, denounced the makers entered the market. Academy, Yale and Harvard, S&Ls, and with the after- privately. In lieu of flowers, contributions
idea in a 1972 medical-jour- Dr. Mirowski died in 1990. Mr. Gould mixed a Wall math of the October 1987 To learn more, visit may be made to the Ellen M. Hancock
Endowed Scholarship Fund at Marist
nal article and warned that Dr. Mower, who worked as a Street career with a heavy stock-market crash. WSJ.com/InMemoriam College, 3399 North Rd, Poughkeepsie, NY
the device might electrocute research director at Eli Lilly, dose of public-service jobs Mr. Gould died April 26 12601. Kane Funeral Home in Ridgefield is
people. died April 25. He was 89 involving financial messes. at his home in Palm Beach, in care of arrangements.
The Baltimore doctors and had cancer. Part of his motivation, he Fla. He was 94. © 2022 Dow Jones & Company, Inc.
All Rights Reserved.
persisted and tested their —James R. Hagerty said, was to defend New —James R. Hagerty
FROM PAGE ONE

being in an intense atmo-
At TikTok, sphere. Others list challenges,
including documents written
in Chinese and translated with
Pressure software that doesn’t always
FROM TOP: JESSICA PONS FOR THE WALL STREET JOURNAL (2); ELIAS WILLIAMS FOR THE WALL STREET JOURNAL
capture the subtleties.
And Secrecy “Working at TikTok

stretched me in more ways
than I could count, and taught
me more about product strat-
Continued from Page One egy, execution, and cross-cul-
firm Sensor Tower. tural nuances than I could
TikTok’s U.S. operation had have initially imagined,” wrote
about 1,500 employees as of Melody Chu, a former senior
mid-2020, and TikTok has said product manager who worked
it would like to increase that on helping creators make
to 10,000. Much of their work money from their content, in a
involves converting products post on Medium. Even so, Ms.
developed in China for an Chu, who has described her-
American audience and tap- self as a veteran of Facebook,
ping the U.S. advertising mar- Roblox and Nextdoor, left Tik-
ket, representing one of the Tok in November.
boldest experiments in bridg- She said she spent so many
ing the work cultures of the dinnertimes on calls with col-
world’s two tech superpowers. leagues in China rather than
In Los Angeles, the base of with her husband that they
TikTok’s U.S. operation, some sought marriage therapy. Her
employees complain of sleep weight dropped precipitously
deprivation exacerbated by and she had trouble sleeping,
frequent weekend work and she wrote. All interests, in-
mandatory meetings with col- cluding time with her parents
leagues across the globe. and her own mental health,
Several former U.S. employ- took a back seat to TikTok.
ees said they averaged 85 “If I knew that working at
hours of meetings a week at TikTok would cost me this
TikTok, and had to carve out much, I would never have Some ex-U.S. employees
additional time to complete taken the job” in June 2020, said to attend virtual meetings
their work. Another said he she wrote. Yet she didn’t re- with managers in Beijing, they
persuaded his boss to spare gret having joined, she added, had to begin their workweek
him from working back-to- because by doing so she on Sunday afternoon, which is
back all-nighters only after he proved to herself that she has Monday morning in China.
shared medical lab results what it takes to succeed. “I actually think I devel-
showing a potentially life- oped a sleep disorder from
threatening condition. working so late into the eve-
Former employees de- Chance for a payout nings,” Chloe Shih, a former
scribed weight fluctuation, Many TikTok employees employee in California, said in
stress or emotional lows so tolerate the hours and lack of a YouTube video. “Knowing
.
severe they sought therapy. work-life boundaries because that the majority of the com-
One said she felt such pres- of the prospect of a payout if pany is awake when I am sup-
ly
sure to be present during its parent company goes pub- posed to be sleeping gives me
back-to-back meetings at Tik- lic. “You want to be on that so much anxiety at night.”
Tok that she bled through her rocket ship,” said Pabel Marti- “While meetings often span
pants rather than excuse her-
self to get a tampon.
TikTok borrows some of its
nez, who was a global account
director for ad sales at TikTok
until February.
Mr. Martinez said he left af-
on time zones, as is typical for
global companies, we continue
to focus on ways to provide
employees support and flexi-
ter he objected to having to bility,” said the TikTok spokes-
us ,
work all weekend even though woman. She added that TikTok
Former U.S. staffers
l
his project was on schedule, encourages workers to use

e
al a
at TikTok told of and the response he received personal time off, schedules
from a manager was: “That’s no-meeting times and discour-
stress so severe they not how we do business here.” ages off-hours messaging.
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sought therapy. ByteDance put plans to go Many tech startups give

public on hold about a year new employees restricted
ago when regulators urged it stock units, or RSUs, to entice
to focus on data security. them to accept less salary for
approach from Amazon.com TikTok’s revenue reached At top, TikTok’s offices in L.A. a chance at a big payout if the
er s
Inc., also known for a demand- about $4 billion in 2021 and is “I actually think I developed a firm goes public. TikTok didn’t
ing work culture. TikTok exec- projected to be as much as $12 sleep disorder from working so begin offering RSUs to a ma-
m er
utives regularly tell employees billion this year, according to a late,” former employee Chloe jority of U.S. employees as
“It’s always day one,” repeat- person familiar with its busi- Shih said in a YouTube video. part of hiring and bonus pack-
ing a line popularized by Ama- ness operations. ages until the summer of
zon’s Jeff Bezos to encourage Last year, Singapore-based signal that I received was: ‘We 2020. When it did, it didn’t ex-
innovation and avoid compla- Shou Zi Chew became TikTok’s don’t trust you,’” he said. tend the awards to most exist-
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cency. Other maxims, such as chief executive, replacing an “There’s a level of secrecy at ing U.S. employees, creating
“Be candid & clear,” are interim CEO, Vanessa Pappas, TikTok that was very differ- confusion and frustration.
splashed across TikTok office who now works out of Los An- ent” from other tech compa-
walls, and employees are geles as TikTok’s chief operat- nies where he had worked.
judged in part based on their ing officer. U.S. employees say TikTok attracts plenty of No answers
co Fo
adherence to the concepts. the move further anchored applicants, yet it appears to At a town hall meeting in
TikTok said it has made TikTok’s power base in the grapple with high attrition. April 2021, Dylan Juhnke, who
adjustments to its practices East. American Kevin Mayer Lucas Ou-Yang, a former Tik- worked on brand partnerships
and work culture to reach its was TikTok’s CEO in early Tok engineering team manager at the app, asked the head of
goal of “building and fostering 2020 but left after about three in Mountain View, Calif., wrote U.S. human resources why se-
a team that is empowered to months, at a time when the in a thread on Twitter that the nior leaders dodged questions
support our growing global Trump administration was pressure to keep up with Chi- about pay, according to people
community.” In a statement, it trying to force a sale of the nese colleagues and work on familiar with the exchange. He
added: “We encourage a cul- app to an American company. their schedules led all 10 of said if TikTok wasn’t planning
ture of transparency and feed- TikTok doesn’t make an or- the product managers he to provide answers to such
back, and are committed to ganization chart available to worked with to quit about a questions, it should say so.
building an equitable platform employees. It’s a policy com- year into the job. Not long after, Mr. Juhnke
and business that allows both mon among Chinese compa- In November, after a unit in was reprimanded for his be-
n-
our community and our em- nies that want to deter com- the engineering department havior at the town hall. Hu-
ployees to thrive.” petitors from poaching. hosted an all-hands meeting to man resources launched an in-
Long hours and tight dead- The result can be to leave discuss a flood of U.S. depar- quiry and discussed whether
lines are hardly novel at fast- people confused about whom tures, executives agreed to a TikTok could fire him, said a
no
growing tech companies like to contact on other teams or new policy of trying to hold person familiar with the dis-
this, nor is a skewed sleep cy- about who is sending them meetings in English if not all cussions. He resigned a couple
cle rare for employees of for- messages. For months, some participants speak Chinese. of months later. TikTok didn’t
eign firms. But TikTok’s U.S. ex-employees said, members Pabel Martinez said at TikTok he was told not to share certain Last year, the Chinese gov- comment on accounts of spe-
workforce has such stresses to of the human resources and fi- data. “The signal that I received was: ‘We don’t trust you,’” he said. ernment told employers that a cific employee experiences.
an unusual degree, said people nance teams in the New York work schedule at some Chi- TikTok describes itself as a
who have worked both there office didn’t know there were what team they were on. Mr. Martinez, the former nese tech firms of 9-9-6, home for “joyful, entertaining,
and elsewhere in tech. separate teams performing the “Let’s just say LinkedIn was ad-sales account director, said meaning 9 a.m. to 9 p.m. 6 diverse and unexpected expe-
Former employees have same functions in California. a tab on my browser that was presentations at TikTok fre- days a week, wasn’t legal. riences.” In a memo posted in-
taken to social media sites Jamie Lim Yin Yin, a former constantly open,” she said in a quently included blurred or ByteDance said it would adopt ternally when he left, Mr.
such as YouTube and Medium employee in Singapore, said YouTube video. missing numbers, and his a “1075” standard: 10 a.m. to 7 Juhnke said: “The way TikTok
to recount their experiences at when she got emails from col- A TikTok spokeswoman managers instructed him not p.m. five days a week. Many employees are being treated is
TikTok’s U.S. offices. Some de- leagues, she had to look them said there is a way for employ- to share certain data with employees say the longer the exact opposite of what the
scribe an emotional high from up on LinkedIn to figure out ees to look up worker profiles. lower-level employees. “The hours remain the expectation. TikTok platform stands for.”
Corvair and older versions of word “frunk” isn’t his favorite. gimmick. The frunk in his
EV Makers the Volkswagen Beetle. But it
wasn’t until the rise of the EV,
Lucid has a British CEO, but
“froot”—for front boot—hasn’t
Tesla Model Y is too small to
store anything useful, the sub-
and Tesla Inc.’s marketing of stuck, either. Lucid refers to it urban Cleveland resident said.
Market the spot as a “frunk,” that the
concept became widespread,
as simply the “front trunk.”
Some auto makers and cus-
When the car is in his garage,
he has to shift around a picnic
The Frunk Mr. Baker said.

Earl Banning, a neuropsy-
tomers say the front space is a
boon to owners of pickups, so
table, bikes and a wheelbarrow
to access the front trunk, he
NIC ANTAYA/EPA/SHUTTERSTOCK
chologist in Dayton, Ohio, they don’t have to buy stow- said.

used his Tesla Model 3’s frunk away compartments or put But the frunk on a Mustang
Continued from Page One for toting luggage or pungent stuff in the truck bed and see Mach-E came in handy for
space something to brag Thai takeout, but he wanted to it slide around. Mike Norton when he ran for a
about. do something to show it off. Not all EV makers are get- Minneapolis city council seat
Last month, when Ford Mo- He posted a picture of his dog ting their frunk on. Volks- last year. At campaign stops,
tor Co. celebrated the start of in the open frunk at Twitter wagen AG uses the front-end he used it as a cooler so he
production for its electric hashtag #frunkpuppy. space in its electric ID.4 SUV could offer constituents root
F-150 Lightning pickup, the The Ford F-150 Lightning pickup and its ‘Mega Power Frunk,’ The number of electric ve- for components that would beer.
truck’s 14.1-cubic-feet frunk hicles sold in the U.S. rose 92% typically crowd the cabin, such Tom Martin of Chadds Ford
took center stage. Chief Execu- Ford calls a “frunkgate,” party. France was likely the first last year, according to data as the mechanical guts for Township, Pa., who has a Ford
tive Jim Farley listed the ways The frunk name has its de- home of the front trunk, said from data provider EV-vol- heating, ventilation and air F-150 Lightning on order, is
people could use its “Mega tractors, including some who Brian Baker, principal histo- umes.com. Producers are lean- conditioning, a spokesman eager to use its under-the-
Power Frunk,” like hauling say the portmanteau makes rian at the Automotive Hall of ing into the front-trunk idea said. The team behind Fisker hood trunk for golf clubs and
400 pounds of concrete or wet them cringe. “It sounds like Fame. He said French design- even if unsure what to call it. Inc.’s Ocean SUV skipped the the power outlets for cooking
and dirty gear. you’re swearing,” said Rich ers created automobiles Rivian Automotive Inc. uses front trunk as a cost-saving equipment on ski trips.
The built-in power outlets Scheer, director of design for around the start of the 20th the front trunk to highlight move, funneling the money He is a little jarred by the
can charge other EVs “like for the GMC Hummer EV. “Like century that had a middle or the brand’s outdoorsy attri- saved into battery improve- word for it, frunk. “The first
your friends who own Teslas,” your mom’s going to yell at rear engine and small com- butes, promoting it for stow- ments, said CEO Henrik Fisker. time you hear it, it sounds
Mr. Farley said. And “hell, you you for saying it aloud.” partment under the hood. ing camping or hiking gear. Both the VW and Fisker EVs like: ‘What are you talking
tell me how many beers you’d General Motors Co. execu- Engines eventually claimed Lucid Group Inc. has mar- still have traditional back-of- about?’” Mr. Martin said.
be able to fit in that frunk.” It tives are trying to trademark a that spot on most vehicles, al- keted the front trunk in its Air the-vehicle trunks, as is the “Just like any other thing, you
comes with a drain, so it could term they prefer: the though a front trunk contin- sedan by filling it with frozen norm for EV sedans. get used to it after a while.”
serve as a cooler during a “eTrunk.” So far, nobody has ued to grace some well-known turkeys at Thanksgiving. Chief To Tesla owner Gary Way, —Mike Colias contributed to
game-day tailgate, or what tried to steal that from them. cars, such as the Chevrolet Engineer Eric Bach said the the front trunk is kind of a this article.
OPINION
What I Learned When I Ran for Governor
By Danielle Allen perspective. The hypothesis of my Unlike the Iowa presidential cau-
W
candidacy was that we Americans cuses, these aren’t proportional.
e often hear that aren’t who our national politics During the caucuses, the path to
America is a deeply and politicians tell us we are. Na- ballot access disappeared. Could
polarized society, ditional election results lead us to we have organized better? Sure,
vided by party, re- believe that we’re at each other’s though I invite anyone to give it a
gion, and lifestyle. throats, bitterly divided, full of shot in pandemic conditions. Could
We the people, pundits tell us, are hate and hostility for one another. I have been a better candidate? Ab-
hopeless, too busy pulling down My research and civic leadership— solutely. But I was good enough to
the other side to clean up the including practical engagement on outraise two of the three long-
wreckage. But what if we the peo- Covid policy through a rapid re- standing politicians in the race. I
ple aren’t really the problem? sponse impact initiative at Har- would have liked to have had the
What if most everyday Americans vard—taught me something differ- chance to bring my message di-
share a moral compass, even if ent. rectly to primary voters, but the
they sometimes approach issues I had noticed one mode of politi- law of politics was that our cam-
from different directions? What if cal participation in which Ameri- paign must, in such conditions, fail.
the real problem is that our politi- cans often show clear agreement What does this experience tell
cal institutions stop us from com- on issues: state ballot measures. us? We the people are healthy, but
CHAD CROWE
ing together? They are used in a variety of our vehicles of political participation
states, and they reveal an Ameri- need some attention. We need either
can people with a shared moral refurbished or new vehicles of par-
American voters are orientation. In 2018, a 65% major- ticipation to have a healthy democ-
hungry for common sense ity of Floridians passed a ballot include a respect for entrepreneur- At the same time, we saw how racy. The parties continue to own
proposition to restore voting rights ship and business, and the need to voters struggled to fit that energy and steer our mechanisms of repre-
and purpose. The parties to people who had completed their build partnerships that link civil into existing political institutions. sentation; they are the only vehicle
are giving them strife and felony sentences. In 2020, more society, the public sector and the Too many people no longer saw a currently available for putting for-
than 75% of Massachusetts voters marketplace in resisting the power place for themselves in political ward a case for representation. Yet
division instead. favored the Right to Repair Initia- of monopolies. parties. Active volunteers for my the majority has turned their backs
tive, which gives small auto shops I ran on a commitment to knit campaign—ones who were willing on these vehicles. Our system of
a legal right to access car data, al- the state together as one common- to host organizing house parties, representation is in crisis.
In December 2020, I set out to lowing them to remain competitive wealth, and the campaign call voters, and tell their neighbors The good news is that we the
test this possibility by journeying with auto manufacturers. In that launched with a video titled, “Re- about us—weren’t willing to enroll people want to participate. The
into the heart of American politics. same year, 73% of Mississippians imagine.” It called Massachusetts in my party on behalf of our cam- people of Massachusetts—and, I’d
I launched a 15-month campaign voted in a new state flag to replace to transformation in the language paign. The majority of Massachu- wager, of America—are hungry for
for governor of Massachusetts. I old emblems of the Confederacy of the Declaration of Indepen- setts voters are no longer enrolled common-sense representation and
was a political outsider and a first- with new forward-facing symbols. dence. We wanted to forge part- in a political party. common purpose. But we need
time candidate. I hadn’t run for These three examples give a nerships across communities and Yet the parties control which healthy parties, or alternatives, if
anything since secretary of com- glimpse of a people with a steady among the public sector, nonprof- candidates make it to the ballot for we’re going to have the voice,
munications in high school, and appealing moral compass ori- its and business. In the 200-some the state primary. Party primaries choice, and representation we de-
unless you count faculty council at ented toward inclusion and fair- communities we visited, we en- are open to unaffiliated voters, but serve. In 2021, I decided to throw
.
the universities where I’ve been a ness. That’s our America. countered an appetite and readi- the majority of voters can’t partici- my hat in the ring to give people
professor. When Woodrow Wilson The goal of my campaign was to ness to build those partnerships. pate in determining which candi- that choice. In 2022, I hope we
ly
ran for office, people asked him sync our politics back up with that Everywhere across our Common- dates will be available for their can reinvigorate Americans’ politi-
why he’d left the university. His an- supermajority. We wanted to give wealth, people were ready to come consideration until the primary. cal participation by giving them
swer: “I was tired of the politics.” voice to the commitments that together and face pressing chal- Our campaign foundered inside the institutions that empower partici-
There’s a deep truth there, but at
the end of the day, I can’t pretend
running for faculty council is any-
thing like running for governor. I
on
more than two-thirds of voters can
get behind. These include a com-
mitment to inclusion and fairness,
carried out in a spirit of unity—the
lenges—the opioid epidemic, the
housing crisis, the threat of rising
sea levels. People were hungry to
come together. My hokey meta-
Massachusetts Democratic Party
ballot-access process, where candi-
dates compete with one another to
get their name on the ballot in
pation.
Ms. Allen is on leave from Har-

vard, where she is a university pro-
truly was a novice. same spirit behind those diverse, phor of “knitting the state to- roughly 600 winner-take-all local fessor and director of the Edmond
us ,
Which means I brought a fresh successful ballot measures. They gether” traveled well. caucuses. J. Safra Center for Ethics.
l
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Teachers Unions vs. Children With Autism

ci on
Ann Wiesner’s other families might not have gotten children with autism. near Lionsgate can simply apply for or sometimes hostility from the tra-
daughter struggled the opportunity to attend Lionsgate Lionsgate opened in 2008 with 61 the lottery. ditional district or school.”
in school until she without grants from the Charter students. Now it has 340 students on The pandemic heightened the How would schools like Lionsgate
was admitted to Li- School Program, a federal fund that three campuses. It claims its gradu- need for high-quality special educa- be able to describe their potential
er s
onsgate Academy, supports new charters and those ates live independently at rates more tion. A 2020 survey by the advocacy impact on the racial makeup of
a Minnetonka, looking to expand. From 2017-19, Li- than four times the national average group ParentsTogether found that feeder schools? Lionsgate draws kids
m er
Minn.-based char- onsgate received grants totaling for adults on the autism spectrum. 40% of kids in special education from more than 40 districts and ad-
CROSS
ter school that more than $500,000 to open a new Lionsgate graduates are also more hadn’t received support at all during mits them by lottery. It’s shocking
COUNTRY
specializes in serv- campus. But new regulations pro- likely to have attended college and that spring, and only 20% received that the Education Department
By Naomi
ing children on the posed in March by the Education De- worked for pay. all the services they were legally would deny autistic children a good
Schaefer Riley
autism spectrum in partment would make it much more due. The majority of parents report education in the name of preventing
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grades 7 through difficult for schools like Lionsgate to that their school districts haven’t of- change in the racial makeup of other
12. Now, the girl “thinks about the get that support. Proposed new rules from fered any compensatory services to schools.
future,” her mother says. “She talks The rules, influenced by teachers make up for the deficits their kids Cara Bell, whose son Nolan will
about getting a job and living on her unions, would require charter opera- Washington would hinder suffered as a result of Covid closings graduate from Lionsgate this year,
own.” If regulators in Washington tors to submit a “community impact charter schools like and other restrictions. says she doesn’t know where he
co Fo
have their way, other children will analysis” involving “descriptions of Which makes it all the more out- would be without the school: “His
be denied that opportunity. community support and unmet need Lionsgate Academy. rageous that the Education Depart- long-term mental health and sense
At her 900-student elementary for the proposed charter school, in- ment proposes to put the onus on of self would be pretty significantly
school, even with a paraprofes- cluding information on over-enroll- charters to demonstrate that they diminished.” Nolan was regularly
sional by her side, “she got into ment of existing public schools.” The Special education has become a are needed. Charter schools applying bullied at his old school and used to
conflicts in the hallway, shoving schools would also have to show catchall in many districts for chil- for federal grants will also have to spend all of his energy on survival,
matches with other kids who were that they “would not otherwise in- dren with behavior problems, men- show that they are collaborating Ms. Bell says. Now he has a part-
sitting in what she thought was her crease racial or socio-economic seg- tal-health issues and physical dis- with local public schools—something time job and has been able to “learn
seat,” says Ms. Wiesner, who for regation or isolation in the schools abilities. Under the Individuals with many futilely try to do. Charters reg- at the highest level he can.”
privacy reasons asked me not to from which the students are, or Disabilities Education Act, school ularly attempt to share best prac- As for the proposed regulations,
use the girl’s name. Lionsgate has would be, drawn to attend the char- districts have to provide a “free tices but are usually rebuffed by Ms. Bell states the obvious: “I don’t
smaller classes, a calmer environ- ter school.” and appropriate public education” neighborhood schools that have lit- think that someone offering a com-
ment and a staff that understands Yet public-school overenroll- to children with disabilities in the tle incentive to cooperate. Wendy peting service is the right person to
n-
autistic kids. Though they are paid ment isn’t why Lionsgate opened— least restrictive environment. When Swanson-Choi, executive director of ask if there is a need. There is a long
less on average than teachers at or why it has a wait list of more they can’t do this, they have to pay Novation Education Opportunities, a waiting list here. We need more Li-
area public schools, the Lionsgate than 200 families. There are seats for private schools that will. Fami- Minnesota nonprofit that authorizes onsgates.”
teachers aren’t burdened with piles at regular schools for children like lies with resources can spend years charter schools, says that typically
no
of paperwork and can devote their Ms. Wiesner’s daughter—but their fighting in court over whether their when a district hears a charter is Ms. Riley is a senior fellow at the
time to teaching. special education-programs can’t children are receiving those ser- opening, “we either experience no American Enterprise Institute and
The Wiesners and hundreds of successfully meet the needs of vices. Those lucky enough to live interest in collaboration or support author of “No Way to Treat a Child.”
Chinese Spies Violate U.S. Sovereignty and Americans’ Rights

By Michael Cunningham Operation Fox Hunt, the precursor to March 2022, another suspected Chi- federal officials responsible for most exclusively target people of
A
Operation Sky Net, launched in 2014. nese conspirator was charged in New China policy to take seriously the Chinese origin.
Chinese immigrant found a State media report that 1,273 fugi- York for involvement in Operation threat posed by illegal Chinese police Washington should also clearly
note stuck in the door of his tives were returned to China in 2021 Fox Net dating back to 2017. Five operations. show Beijing, through words and ac-
New Jersey home in Septem- alone. These figures don’t include others were charged for harassing Instead, the Justice Department tions, that these incursions into U.S.
ber 2018: “If you are willing to go victims who so far haven’t suc- and spying on Chinese immigrants at last month announced the end of the sovereignty will no longer be toler-
back to mainland [China] and spend cumbed to the agents’ demands. Nor Beijing’s behest. (No pleas have yet China Initiative, a program launched ated. Not a meeting should go by in
10 years in prison, your wife and do they include the harassment of been entered in these cases.) in 2018 to confront Chinese threats which U.S. officials don’t press their
children will be all right. That’s the Chinese activists and ethnic minori- These piecemeal victories, how- to our national security, in favor of Chinese counterparts on this issue.
end of this matter!” Welcome to Op- ties overseas, which is even more ever, can’t keep pace with the large what it called a “threat-driven ap- Beijing’s illegal police operations de-
eration Sky Net, a campaign widespread but not part of Operation number of Chinese operations in the proach” that doesn’t specifically fo- mand a whole-of-government re-
launched by the Chinese government Sky Net. U.S., the majority of which are never cus on Chinese activities. This is a sponse, one conducted with the same
in 2015 to repatriate overseas “fugi- prosecuted. Puzzlingly, stopping blow to American security. The ini- intensity used to oppose China’s eco-
tives” through any means. these illegal operations by foreign tiative wasn’t always implemented nomic espionage and unfair trade
Under this program, Chinese po- Federal officials need to agents doesn’t appear to rank high perfectly, but it resulted in important practices. While economic espionage
lice and security personnel routinely among the priorities of U.S. law en- convictions and helped drive aware- poses serious threats to U.S. busi-
conduct illegal operations in other step up investigation and forcement. ness of the threats posed by China. nesses, these acts undermine Ameri-
countries. Their activities in the U.S. prosecution of Beijing’s That such brazen threats to the If the department is truly dedi- can sovereignty. They can’t be left
violate their victims’ constitutional U.S. legal system and sovereignty cated to countering threats and pro- unchecked.
rights and make a mockery of our Operation Sky Net. usually go unprosecuted is shocking. tecting the rights of Asian-Ameri-
nation’s sovereignty. The U.S. gov- It’s hard to imagine Beijing would cans, it should reinstate the China Mr. Cunningham is a visiting fel-
ernment and law-enforcement com- turn a blind eye if U.S. officers en- Initiative and do all in its power to low in the Heritage Foundation’s
munity rarely speak out about these Washington is well aware of these tered China on tourist visas and sur- combat these operations, which al- Asian Studies Center.
acts, much less prosecute the perpe- activities. As early as 2015, the State veilled, interrogated and intimidated
trators. That has to change. Department warned Beijing to stop residents. China’s reaction to Can-
Notable & Quotable: Homes

In January the human-rights or- sending police officers on covert ada’s arrest of Huawei executive
ganization Safeguard Defenders re- missions in the U.S. More recently, Meng Wanzhou shows that it doesn’t
leased a report about the methods Federal Bureau of Investigation Di- tolerate even legitimate arrests of its
used in Operation Sky Net. Chinese rector Christopher Wray highlighted citizens by foreign officers operating Press secretary Jen Psaki at a leaked document. We obviously want
police harass or detain targets’ rela- Operation Fox Hunt in a January within their legal jurisdictions. Bei- May 5 White House briefing: people’s privacy to be respected. We
tives in China, hire local thugs or pri- speech, and Assistant Attorney Gen- jing felt entitled to hold Canadian want people to protest peacefully if
vate detectives to stalk them in for- eral Matthew Olsen mentioned it in citizens hostage to secure Ms. Q: These activists posted a map they want to—to protest. That is
eign countries, and send officers February. Meng’s return. with the home addresses of the Su- certainly what the President’s view
abroad to intimidate people into re- But occasional warnings are of lit- Not treating China’s activities as preme Court justices. Is that the would be.
turning to China. In some countries, tle value unless they are followed up violations of sovereignty allows Bei- kind of thing this President wants to Q: So he doesn’t care if they’re
including Australia, they have gone by serious action. The FBI eventually jing to export elements of its totali- help your side make their point? protesting outside the Supreme
so far as to kidnap people and smug- got involved in the case targeting the tarian system. It also weakens inter- MS. PSAKI: Look, I think the Pres- Court or outside someone’s private
gle them back to China. New Jersey man, resulting in nine in- national norms by sending the ident’s view is that there’s a lot of residence?
Beijing claims that more than dictments. (Four of the defendants message that such infractions have passion, a lot of fear, a lot of sadness MS. PSAKI: I don’t have an official
10,000 people have been repatriated have pleaded not guilty, according to no consequences. It is past time for from many, many people across this U.S. government position on where
from more than 120 countries since publicly available court records.) In U.S. law-enforcement agencies and country about what they saw in that people protest.
OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR
Who’s a Threat to Democracy? History, Democracy and the Test of the Future
T
he latest theme on the political left is of sadness from many, many people across this Regarding Francis Fukuyama’s “The hundred years enough to provide a
that the Supreme Court Justices who country about what they saw in that leaked doc- Long Arc of Historical Progress” (Re- reliable predictor for the eons of hu-
view, April 30): First, human nature man history that lie before us?
might overturn Roe v. Wade are at war ument,” she rationalized.
hasn’t evolved one iota. It is a mixed Tocqueville provides reasons to
with democracy. It’s a strange Ms. Psaki also declined to nature, part animal and part rational, doubt that. He explained that the lev-
argument, since overturning The pro-choice left is criticize the leak of the draft and the rational has only a very tenu- eling of democracy is a “social state”
Roe would merely return abor- attacking the legitimacy opinion, though it clearly ous control over the passionate. It is in which political rights may be given
tion policy to the states for po- harms the reputation of the a credit to long-established laws and “to every citizen or to none.” In the
litical debate in elections and of the Supreme Court. Court. What happened to Pres- institutions that human beings have democratic social state, a debased
legislatures. That’s the defini- ident Biden’s concern for de- come together to form relatively love of equality can come to domi-
tion of democracy. clining public trust in govern- peaceful and productive nation-states. nate the love of freedom. And thus
But since they brought it up, by all means let’s ment institutions? We haven’t become better. “when the citizens are more or less
talk about who is really threatening democracy. The threats against the Court are enough that Second, the progress of nation- equal, it becomes difficult to defend
An independent judiciary is crucial to demo- a fence has gone up around the Supreme Court states must be viewed in the context their freedom from the encroach-
of the international order. It is a ments of power.”
cratic self-government, and after the leak of Jus- building, and new security has been laid on. A
Hobbesian order with no overarching In our own times, Hitler achieved
tice Samuel Alito’s draft opinion, the left is tar- violent act by a fanatic can’t be ruled out, and power to create or enforce law. The power and established a regime of
geting the Justices who might vote to end Roe. this warrants the attention of Attorney General equilibria that arise from efforts to murderous racial inequality. Would
i i i Merrick Garland. Federal law makes it a crime balance opportunities and threats are that regime have fallen in 1945 if he
An outfit known as Ruth Sent Us is inviting to threaten federal judges, and that includes unstable and require great skill and didn’t also threaten so many other
people to harass six “extremist justices.” The threats of vigilantism. cost to maintain. It isn’t destined that powerful nations? Would it have fallen
group, named after the late Justice Ruth Bader A Virginia statute makes it a misdemeanor to liberal nations win or even survive the inevitably? Perhaps, and perhaps not.
Ginsburg, this week published the locations of picket “before or about the residence or dwell- inherent anarchy of the current order. ROBERT M. SAMUELS
their homes in a map on its website (though it ing place of any individual, or who shall assem- JIM REARDON Kensington, Md.
vanished without explanation on Friday). ble with another person or persons in a manner Belmont, Mass.
During a sermon I heard many
The group is calling for protests at Catholic which disrupts or threatens to disrupt any indi-
When Alexis de Tocqueville argued years ago, the priest postulated: “Is
churches this Sunday and at the Justices’ homes vidual’s right to tranquility in his home.” One or for the idea of the great democratic the normal state of the world peace
next week. Why Catholic? Presumably because more of the targeted Justices live in Virginia. revolution as a permanent tendency interrupted by war, or is it war inter-
the church teaches that abortion is wrong and i i i of human history, the evidence he rupted by periods of peace?” When I
four of the five Justices said to be joining Justice So which side of the Roe argument is really cited was 700 years of history in mentioned it to him some years later,
Alito’s opinion are Catholic. The anti-religious antidemocratic? The law before the Supreme France and the Christian world. The he didn’t remember having said it. I
animus at work here isn’t subtle. Court is Mississippi’s ban on abortion after 15 wave of democratization in Europe will never forget it.
Everyone has the right to protest, but assail- weeks. The abortion-rights movement has failed since the Renaissance has been DAVID BREDHOLD
ing the families of judges at home is a blatant at- to persuade the people of Mississippi, and now strong. But is the evidence of several Louisville, Ky.
tempt at intimidation. If the leaker wanted to it wants five unelected Justices, 1,000 miles
mobilize public hostility to the Court, he is suc- away in Washington, to take that policy choice
ceeding. away from the voting public.
Where would someone get the idea to harass Fundamental rights promised by the Consti- Take Putin Seriously on the Nuclear Threats
the Court? Well, perhaps from Senate Majority tution aren’t subject to popular rule, but Justice
.
In “Putin Really May Break the Nu- being dismissed by Western strate-
Leader Chuck Schumer, who stood on the Su- Alito’s point in his draft opinion is that abortion clear Taboo” (Declarations, April 30), gists who think of war as a one-two
ly
preme Court steps in March 2020 as the Justices isn’t one of them, and nobody seriously imag- Peggy Noonan argues persuasively exchange. . . . Whereas we view nu-
considered a previous abortion case. ined it might be until Roe in 1973. that we need to take Vladimir Putin’s clear weapons as a deterrent, the
“I want to tell you, Gorsuch, I want to tell you, The actual threat to democratic norms is the threats seriously. Americans’ assump- Russians see them as a ‘compellant.’”
on
Kavanaugh, you have released the whirlwind and left’s onslaught on the legitimacy of the Supreme
you will pay the price. You won’t know what hit Court. An independent judiciary is the guarantor
you if you go forward with these awful deci- of the freedoms that actually are in the Constitu-
tions about the impossibility of de-
ploying nuclear weapons (“That
won’t happen! It has never hap-
pened!”) are incorrect.
He concluded, “There is something
innately destabilizing in the very fact
that we consider nuclear war unfeasi-
ble and suicidal for both, and our
sions,” he literally screamed. tion. Democrats should reflect on the way that
Ms. Noonan reaches this conclu- chief adversary views it as feasible
us ,
He was referring to Justices Neil Gorsuch and judges appointed by Mr. Trump turned back his
sion by looking at the poor Russian and winnable for himself.”
l
Brett Kavanaugh. Chief Justice John Roberts bogus claims of a stolen election in 2020. military performance in Ukraine and Nearly a half-century later, that ar-
e
publicly rebuked Mr. Schumer, but what did he The Supreme Court’s job is to say what the
al a
at Mr. Putin’s nihilistic character. May ticle deserves a rereading by U.S. pol-
mean by “the whirlwind”? law is, not to be a body of philosopher kings to I suggest a third, historical factor? icy makers.
Remarkably, White House press secretary Jen impose progressive outcomes. Overturning Roe Mr. Putin is a Soviet man; he lived his DANIEL PIPES
ci on
Psaki has declined to criticize the Ruth Sent Us won’t usurp democracy. It will put the abortion first 39 years in the Soviet Union, President, Middle East Forum
intimidation tactics. “I think the president’s view debate back where it belongs in a democracy— rose to the rank of lieutenant colonel Philadelphia
is that there’s a lot of passion, a lot of fear, a lot for voters to decide. in the KGB foreign intelligence and
publicly rued the U.S.S.R.’s demise. There are precedents for Russian
He was shaped by and continues to despots risking everything in past
er s
The Inflationary Jobs Report reflect Soviet doctrines.

One of those doctrines concerns
wars when they were losing. Mr. Pu-
tin fancies himself a heroic Russian
T
m er
the use of nuclear weapons. Almost leader like Peter the Great or Czar Al-
he 428,000 net new jobs last month in 5.5% from a year ago, increases have slowed exactly 45 years ago, my father, Rich- exander I, who defeated Napoleon. In
the Labor Department’s Friday report is over the past few months. This may be partly ard Pipes, revealed this doctrine in a 1812, when Napoleon invaded Russia
mildly encouraging since every major due to employers hiring more lower-wage Commentary magazine article, “Why and occupied Moscow, Alexander I
industry added workers. But workers, which may reduce the Soviet Union Thinks It Could burned the Russian capital to the
m rp
the report also contains a Employers added average earnings. Some may Fight & Win a Nuclear War.” ground. To Russians, it was the nu-
warning that inflationary workers, but labor also be struggling to increase “The strategic doctrine adopted by clear holocaust of their time—seen
pressure may be starting to pay amid other inflationary the USSR over the past two decades from 100 miles away.
hurt the labor market. participation fell. pressures. calls for a policy diametrically oppo- As Nazi armies ravaged the Soviet
While the unemployment But workers also have less site to that adopted in the United Union, Joseph Stalin declared a des-
co Fo
States,” he wrote. “The notion of an perate scorched-earth policy, torching

rate remained unchanged at of an incentive to keep work-
extended nuclear war is deeply em- countless Russian and Ukrainian
3.6%, the labor participation rate fell 0.2 per- ing or return to work if their real wages are fall- bedded in Soviet thinking, despite its towns and displacing millions.
centage points to 62.2% and total employment ing, as they have for 10 of the past 12 months. This Samson-like option, a nuclear
declined by 353,000. Numbers from the house- Large wage increases for production-level strike, is something that a strongman
hold survey can fluctuate from month to month. workers helped draw more Americans into the Liberalism Is the Answer, like Mr. Putin, blinded to civilian car-
But labor participation and the workforce have labor market last year. But real wages for un- nage, could contemplate.
been trending up since January 2021 as lock- skilled workers have been declining at an accel-
But Not the Kind You Think FRANK RICHTER
downs eased and vaccines rolled out. April rep- erating rate this year. To make America great again, we Clawson, Mich.
resented the biggest labor participation decline Worker paychecks can’t buy as much as they must know what made her great the
since September 2020. did even a few months ago, and those without first time. Tunku Varadarajan, sum-
What happened? Demand for workers isn’t the luxury to work from home have been marizing the views of John Cogan MIA in Rome: Moral Clarity
and Kevin Warsh (“America Needs a
falling, as nearly every employer survey shows slammed by surging gasoline prices. Expecta- As a Catholic, I am disappointed in
n-
Return to First Principles,” Weekend

businesses are desperate to hire. This week’s tions for continued economic growth rest with Interview, April 30), emphasizes
Pope Francis invoking moral relativ-
JOLTS report estimated a record 11.5 million job solid consumer spending, but the jobs report ism in the case of Russia’s unpro-
“ideas, individuals and institutions.”
openings in March. The National Federation of raises the question of how long this will con- voked invasion of Ukraine (“Pope
But the answer is simpler and more
Independent Business says 47% of small busi- tinue if real wages keep falling. Francis Blames NATO,” Review & Out-
no
profound: liberalism. The secret to

look, May 4). The pope chides the
ness owners reported job openings they The Federal Reserve is worried that tighten- U.S. success is what Adam Smith
Russian Orthodox Church for being
couldn’t fill last month. ing too aggressively could tip the country into called “the obvious and simple sys-
Vladimir Putin’s “altar boy” but then
Perhaps the answer is that hourly earnings a recession, but meanwhile inflation is taking tem of natural liberty.”
sees NATO’s “barking” as somehow
rose a mere 0.3% in April. While wages are up a toll on the labor market. Liberalism here doesn’t mean the
provoking the invasion. Would he
left side of our political spectrum. It
have attributed World War II as
is a political philosophy that respects
partly caused by barking Poles? In
Republicans for Border Taxes human persons, detests institutional
coercion and honors the rule of law.
our world of frequent moral ambigu-
ity, Mr. Putin’s behavior represents a
W
This means a politics of minimal gov-
ith prices rising fast, you’d think Re- Former U.S. Trade Representative Robert rare case of clarity—clear evil. The
ernment, an economics of free enter-
publicans would want to find ways to Lighthizer agreed to let American businesses pe- ethical force of the Catholic Church
prise and a civil society of engaged
cut prices. But on Wednesday 18 Sen- tition for tariff exclusions. About 87% of re- should not be diluted by misapplied
and conscientious citizens.
evenhandedness.
ate Republicans, including quests were rejected through Some on the right now complain
JACK KACZOROWSKI
many purported free-traders, Eighteen GOP Senators January 2020 but at least about the failures of liberalism, in this
Los Angeles
voted to keep higher tariffs on some businesses got relief. Yet larger sense. Tellingly, these failures
U.S. businesses.
vote against a waiver most waivers have by now ex- manifested decades after U.S. elites
The Senate this week for- process for tariffs. pired, and unions are pressing abandoned liberalism. Surprise, sur-
mally sent its industrial policy the Biden Administration not prise: When we run liberalism out of Fox Guarding the Henhouse
the public square, the public square
bill that includes subsidies for to reinstate them. looks pretty illiberal.
Relying on our political class to
chip makers and other unnecessary spending to Enter the Crapo-Wyden provision, which identify “disinformation” (“Disinfor-
ASSOC. PROF. ALEXANDER WILLIAM SALTER
a conference committee with the House. We’ll would extend expired exclusions and require the mation for Dummies,” Review & Out-
Texas Tech University
leave arguments against the legislation for an- U.S. trade rep to consider new requests. The look, May 2) is like replenishing law-
Lubbock, Texas
enforcement agencies with convicts.
other day. House didn’t include it in its chip bill, so Penn-
ROBERT MAXWELL
But the Senate bill, unlike the House version, sylvania Sen. Pat Toomey this week offered a Summit, N.J.
at least includes some useful provisions. One by motion to instruct the conference committee to Why Does an Art Major Pay
Sens. Ron Wyden (Ore.) and Mike Crapo (Idaho) keep it. The Same as an Engineer?
would re-establish Section 301 tariff waivers, Only 53 Senators and a mere 29 Republicans
which allow for exceptions. voted in favor. The 18 GOP no votes included The fair and effective solution to Pepper ...
the student-debt problem (“The Tax-
The Trump Administration imposed tariffs up many who have previously backed waivers, in-
payer Con of the Century,” Review &
And Salt
to 25% on Chinese goods as a punishment for un- cluding Arkansas’s John Boozman, South Caro- Outlook, April 30) would be to break THE WALL STREET JOURNAL
fair trade practices. U.S. businesses have been lina’s Tim Scott, Oklahoma’s James Lankford, with the historical practice of charg-
punished instead. Chinese suppliers are the only and even Mr. Crapo. ing a fixed tuition for all students, in-
source of some materials and goods. So the tariffs What explains this about-face? Our sources dependent of their choice of major. If
are a de facto tax that is passed on to customers say Mr. Lighthizer warned that the wrath of Don- universities charged art and English
and makes U.S. manufacturers less competitive. ald Trump would descend on Republicans who majors more than engineering ma-
They also disrupt supply chains as businesses try voted to reinstate the tariff exclusions—no mat- jors, for example, the student-debt
to avoid tariffs by sourcing goods from countries ter that American businesses and customers problem might solve itself.
with less capacity to produce them. would benefit. Some Republicans might argue ERIC JOHNSON
Aspen, Colo.
For example, Tesla and SK Innovation have that the government shouldn’t pick winners and
pushed for tariff waivers for artificial graphite, losers via exceptions, but that’s what Section 301
Letters intended for publication should
which is needed to make lithium-ion batteries. tariffs do in the first place. be emailed to wsj.ltrs@wsj.com. Please
Tesla last year noted that “no company in the Tariffs masquerade as tough-on-foreigner include your city, state and telephone
United States is currently capable of producing policies, but they mainly punish Americans. Re- number. All letters are subject to
artificial graphite to the required specifications fusing to allow exceptions hurts U.S. firms, not editing, and unpublished letters cannot
be acknowledged.
and capacity needed for Tesla’s production.” the Chinese.
OPINION
The End of Roe Will Be Good for America

50 years who used “the issue” mouths,” but my assignment is
to accrue money and power. more rigorous. It is to have a
But this long life tells me the heart. Use the moment to come
overwhelming majority of peo- forward as human beings who
DECLARATIONS ple held their views for serious care about women and want to
By Peggy Noonan reasons. They sincerely saw give families the help they
L
the prohibition of abortion as a need. Align with national legis-
et’s start with true anger sin against women; they sin- lation that helps single moth-
and end with honest hope. cerely saw abortion on demand ers to survive. Support women,
The alarm many felt at the as a sin against life. including with child-care cred-
leaking of an entire draft You have to respect the op- its that come in cash and don’t
Supreme Court decision posing view. immediately go to child care,
shouldn’t be allowed to dissipate as And you have to respect to help mothers stay at home
time passes. Such a thing has never that as a wound, the Roe v. with babies. Shelters, classes
happened. Justice Samuel Alito’s Wade decision never healed, in parenting skills and life
preliminary opinion being taken never could. Josh Prager, in his skills. All these exist in various
from the court, without permission stupendous history of that de- forms: make them better,
JIM YOUNG/REUTERS
or right, and given to the press was cision, “The Family Roe,” noted broader, bigger.
an act of sabotage by a vandal. It the singular fact of this ruling: This is an opportunity to
hardly matters whether the leaker Other high court decisions that change your party’s reputation.
was of the left or right. It reflected liberalized the social order— Democrats too. You have
the same spirit as the Jan. 6 Capitol desegregation of schools, elim- been given a gift and don’t
riot—irresponsible destructiveness. ination of prayer in the Outside the Supreme Court in January 2011. know it. You think, “Yes, we
As the book has been thrown at the schools, interracial marriage, get a hot new issue for 2022!”
rioters, it should be thrown at the gay marriage—were followed by draft, didn’t think Roe was correct as party orthodoxy, let dissenters But you always aggress more than
leaker. public acceptance, even when the or even logical, and came to see the know they were unwelcome, pushed you think. The gift is that if, as a na-
rulings were very unpopular. Most decision as largely a product of hu- ever more extreme measures to tional matter, the abortion issue is
came to have overwhelming sup- man vanity. Of all the liberal jurists please their activists, and survived removed, you could be a normal
A mistaken decision, a port. But not Roe. That was the ex- who have faulted it, the one who on huge campaign donations from party again. You have no idea, be-
ception. It never stopped roiling sticks in the mind was Ruth Bader the abortion industry itself. Republi- cause you don’t respect outsiders,
product of vanity, roiled America. Mr. Prager: “Opposition to Ginsburg, who after questioning can politicians were often insincere how many people would feel free to
and distorted our politics Roe became more hostile after its Roe’s reasoning said, in 1985, that it on the issue, and when sincere al- join your party with the poison
issuance.” appeared “to have provoked, not re- most never tried to explain their cloud dispersed. You could be some-
and poisoned our culture. Why? Because all the other deci- solved, conflict.” It did. thinking and persuade anyone. They thing like the party you were before
sions were about how to live, and I am pro-life for the most essen- took for granted and secretly disre- Roe: liberal on spending and taxa-
Roe was about death. Justice Alito tial reason: That’s a baby in there, a spected their pro-life groups, which tion, self-consciously the champion
The justices can’t sit around and seems to echo this thought in his human child. We cannot accept as a consultants regularly shook down of working men and women, for
say oh no, we’re just another victim draft opinion, which would turn the society—we really can’t bear the for campaign cash. They ticked off peace and not war. As you were in
of the age. If they have to break questions of legality and illegality weight of this fact, which is why we the “I’m pro-life” box in speeches, 1970.
some teacups to find who did it, over to each state. This is not a so- keep fighting—that we have decided got applause and went on to talk Or, absent the emotionally coher-
break them. Chief Justice John Rob- lution to the issue, it is a way of that we can extinguish the lives of about the deficit. They were for- ing issue of abortion, you can
erts worries, rightly, about the managing it—democratically. our young. Another reason, and given a great deal because of their choose to further align with ex-
.
court’s standing. This is the biggest Some states, New York and Cali- maybe it veers on mysticism, is that so-called stand, and this contrib- tremes within the culture, and re-
threat to it since he joined. At the fornia for instance, have already I believe the fact of abortion, that it uted, the past 25 years, to the main abnormal.
ly
very least it might be good if the passed their own liberal abortion exists throughout the country, that party’s drift. But the end of Roe could be a his-
justices would issue a joint state- laws. Some states, such as Texas and we endlessly talk about it, that the Abortion distorted both parties. toric gift for both parties, a chance
ment that they are appalled by the Utah, will ban most or all abortions children grow up hearing this and Advice now, especially for Repub- to become their better selves.
publication of the decision, don’t ac-
cept it, won’t countenance it.
Apart from the leaker, here is
what I always want to say when the
on
within their boundaries. It will be absorbing it and thinking, “We end
uneven, a jumble. But the liberal the life within the mother here,”
states will have their liberal deci- “It’s just some cells”—that all of this
sion, the conservative states their has released a kind of poison into
lican men, if Roe indeed is struck
down: Do not be your ignorant
selves. Do not, as large dumb misog-
ynists, start waxing on about how if
And if Roe is indeed overturned,
God bless our country that can make
such a terrible, coldhearted mistake
and yet, half a century later, redress
issue is abortion. The vast majority conservative ones, and that is as the air, that we breathed it in for 50 a woman gets an illegal abortion she it, right it, turn it around. Only a
us ,
of human beings on both sides are close to resolving the dilemma as years and it damaged everything. In- can be jailed. Don’t fail to embrace thinking nation could do that. Only
l
utterly sincere and operating out of we, as human beings in a huge and cluding of course our politics. compromise because you can make a feeling nation could do that. We’re
e
al a
their best understanding of life. Yes, varied nation, will get. It left both parties less healthy. money on keeping the abortion issue not dead yet, there are still big
there were plenty of people the past I respect and agree with the Alito The Democrats locked into abortion alive. I want to say “Just shut your things going on here.
ci on
Ukraine Crisis Reveals the Folly of Organic Farming

By Bjorn Lomborg than conventional agriculture and the irresponsibility of organics. Or- venient details when food shortages Policy makers and nonprofits
er s
T
the food produced costs 50% ganic farming rejects synthetic ni- aren’t in the headlines, but the war must urgently focus on ways to pro-
he energy crisis caused by more—all while generating no mea- trogen fertilizer, but there is cur- in Ukraine has put world hunger on duce more food for the world’s poor-
m er
the war in Ukraine disabused surable increase in human health rently far from enough organic everyone’s mind. Russia and Ukraine est at less cost. Genetic engineering,
many politicians of the no- or animal welfare. nitrogen to feed the world. It turns normally provide more than a quar- better pest management and more
tion that the world could make a This higher cost is untenable in out that synthetic nitrogen is di- ter of the world’s exported wheat irrigation would go a long way to-
swift transition to green energy developing nations, and it was irre- rectly responsible for feeding four and significant supplies of corn, veg- ward increasing yields. Ramping up
powered by solar, wind and wishful sponsible for activists in wealthy billion people, more than half the etable oil and barley. Almost a third the production of artificial fertilizer,
m rp
thinking. As food prices skyrocket economies to push inefficient farm- world’s population. of global potash, a potassium-rich as well as considering removing reg-
and the conflict threatens a global ing methods on them. Nowhere is product crucial for plant growth, ulation that makes its fossil-fuel in-
food crisis, we need to face an- this tragedy more obvious than Sri comes from Russia and Belarus and puts more expensive, will also help.
other unpopular reality: Organic Lanka, where the imposition of or- As food prices skyrocket, most is likely subject to sanctions. These simple, common-sense ap-
farming is ineffective, land hungry ganics has been calamitous. Presi- Russia also produces 8% of the proaches can curb price hikes, avoid
the world needs to admit it
co Fo
and very expensive, and it would dent Mahinda Rajapaksa ran for world’s nitrogen, the price of which hunger and even help the environ-
leave billions hungry if it were em- election in 2019 promising a transi- can’t live without modern, had already more than tripled over ment. Agriculture already uses 40%
braced world-wide. tion to organic food production. This the two years before the invasion. of the ice-free land on the earth. In-
For years, politicians and the policy produced nothing but misery. efficient agriculture. Most nitrogen is made from fossil creasing its efficiency will allow us
chattering classes have argued that The eschewing of fertilizer caused fuels, and many factories have had to keep more land wild and natural.
organic farming is the responsible rice production to drop by 20% in to stop production as the pandemic It’s time to let go of this self-in-
way to feed the world. The European the first six months after the switch Wealthy consumers can take the and climate policies have raised the dulgent obsession with organics and
Union pushed last year for members to organic farming was imple- related price increases, but many price of nonrenewable energy. And it focus on scientific and effective ap-
roughly to triple organic farming by mented. Last winter, farmers pre- poor households in the developing doesn’t help food prices that the proaches that can feed the planet.
2030. Influential nonprofits have dicted that tea yields could fall by as world spend more than half their in- costs of transport have more than
long promoted organic farming to much as 40%. Food prices rose; the come on food. Every 1% hike in food doubled since the pandemic began. Bjorn Lomborg is president of the
developing nations, causing fragile cost of vegetables quintupled. Pro- prices tips another 10 million people The result will be devastation. Copenhagen Consensus and Visiting
countries like Sri Lanka to invest in tests finally forced Sri Lanka mostly into global poverty. Advocating for Rising fertilizer prices could de- Fellow at Stanford University’s Hoo-
n-
such methods. In the West, many to give up its organic foray this past global organics implicitly means crease rice yields by 10% in the next ver Institution. His latest book is
consumers have been won over: winter, too late to rescue much of suggesting that billions should forgo season, leading to a drop in food “False Alarm: How Climate Change
About half the population of Ger- this year’s crop. food. production equivalent to what could Panic Costs Us Trillions, Hurts the
many believes that organic farming Sri Lanka’s example underscores It is easier to ignore these incon- feed half a billion people. Poor, and Fails to Fix the Planet.”
no
can fight global hunger.

The rise in food prices—buoyed
by increased fertilizer, energy and
transport costs—amid the conflict in
Ukraine has exposed inherent flaws
How Does Russia Lose? Putin May Tell Us Monday
in the argument for organic farming. Only one of Vladi- It’s worth pausing to note how commentary in the U.S. seems to General Staff Valery Gerasimov, one
Because organic agriculture shirks mir Putin’s bets is thoroughly nothing is turning out accept as inviolable President Bi- of the war’s three authors along
many of the scientific advancements paying off: His oil the way he planned. Tens of thou- den’s pledge that U.S. troops will with Mr. Putin and Defense Minister
that have allowed farmers to in- and gas revenues sands of dead, whole cities reduced not become directly engaged. Are Sergei Shoigu, made an unusual
crease crop yields, it’s inherently are still intact and to rubble, horrific war crimes, the we still quite sure about this? visit to the front lines last week.
less efficient than conventional even benefiting Russian economy in tatters, now a Ukrainian President Volodymyr Presumably he went to see for him-
farming. Research has conclusively from higher prices. burgeoning series of direct attacks Zelensky has made no bones about self the state of his army. What con-
BUSINESS
shown that organic farming pro- His most char- by Ukraine air power on Russian soil. it: He is eager for NATO intervention. clusions did he draw, especially
WORLD
duces less food per acre than con- acteristic miscal- Thousands of military-age Russians What’s more, he currently faces mili- about its ability to hold territory
By Holman W.
ventional agriculture. Moreover, or- culation, after wit- are reported to be fleeing the coun- tary-cum-political choices—about against a Ukrainian counteroffen-
Jenkins, Jr.
ganic farming rotates fields in and nessing Ukrainians try to avoid becoming fodder in his whether to trade ground or risk his sive in coming months fortified by
out of use more often than conven- mobilizing by the military debacle. troops on the attack—that can’t help a large influx of Western equip-
tional farming, which can rely on hundreds of thousands in 2004 and Listen to the statements or tweets but be influenced by a suspicion that ment?
synthetic fertilizer and pesticides to again in 2013-14 to protect their of his most Western-facing servants, the Biden administration no longer is Which brings us to Joe Biden. He
maintain fertility and keep away country against political dominance Foreign Minister Sergei Lavrov and willing to let Ukraine fail. has conducted his presidency, at
pests. by Russia, was to believe they all-purpose lapdog Dmitri Medvedev. least by one interpretation, as if he
Taking this and the lower pro- wouldn’t defend it militarily. He They don’t bother suggesting the meant what he said early on: a tran-
duction in a given field into ac- told himself these earlier demon- war isn’t a disaster for Russia, only If he would rather be sitional figure.
count, organic farming produces strations weren’t real, they were that it can become a disaster for the He chose to cater to the left. It
between 29% to 44% less food than foreign-organized and -financed, West too. defeated by NATO than didn’t make him popular but didn’t
conventional methods. It therefore just as he tells himself the same Jack Watling and Nick Reyn- Ukraine, his Victory Day enfeeble him by provoking a civil
requires as much as 78% more land about protests in Russia. olds, authors of an analysis pub- war in his own party. He wanted out
lished by the U.K.’s Royal United speech may let us know. of Afghanistan and didn’t care what
Services Institute, share an intu- the exit looked like.
ition of this column: In mid-March, In a podcast with the Journal’s
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY Mr. Putin passed up an opportunity Likewise the Russian side, which Gerard Baker, former CIA chief and
Rupert Murdoch Robert Thomson to cut his losses. “Instead, the deci- has become disabused of easy vic- Secretary of State Mike Pompeo al-
Executive Chairman, News Corp Chief Executive Officer, News Corp sion was made to not only continue tory and recognizes the degree of lowed the possibility Ukraine could
Matt Murray Almar Latour with the narrative of a struggle NATO commitment, has felt the yet fail and “we’ll live in that
Editor in Chief Chief Executive Officer and Publisher
against Nazism in Ukraine, but to ground shifting. To return to a world.” This isn’t the worst of the
Karen Miller Pensiero, Managing Editor DOW JONES MANAGEMENT: expand the scope of ambition to theme, it becomes increasingly con- possible outcomes (nuclear war
Jason Anders, Deputy Editor in Chief Daniel Bernard, Chief Experience Officer; one of systems confrontation”—i.e., ceivable Mr. Putin would prefer be- would be). But in the past few
Neal Lipschutz, Deputy Editor in Chief Mae M. Cheng, SVP, Barron’s Group; David Cho,
Barron’s Editor in Chief; Jason P. Conti, General
between Russia and NATO, which ing stopped by the Western alli- weeks, presumably based on the
Thorold Barker, Europe; Elena Cherney, Coverage; Mr. Putin, in a fact that is perhaps ance, with its acknowledged best military advice, with solid in-
Andrew Dowell, Asia; Brent Jones, Culture, Counsel, Chief Compliance Officer; Dianne DeSevo,
Training & Outreach; Alex Martin, Print & Chief People Officer; Frank Filippo, EVP, Business not widely appreciated, has always superiority in conventional air telligence and who-knows-what
Writing; Michael W. Miller, Features & Weekend; Information & Services; Robert Hayes, Chief acknowledged to his people greatly power, rather than by Ukraine, communication with elements of
Emma Moody, Standards; Shazna Nessa, Visuals; Business Officer, New Ventures; outclasses Russia in conventional which would only dramatize the the Putin regime, Mr. Biden has put
Aaron Kissel, EVP & General Manager, WSJ;
Matthew Rose, Enterprise; Michael Siconolfi,
Josh Stinchcomb, EVP & Chief Revenue Officer,
military power. hollowness, corruption and lack of U.S. chips on forcing Russia to
Investigations
WSJ | Barron’s Group; Jennifer Thurman, Chief Whatever Mr. Putin has in mind, motivation of the Russian army and swallow something that resembles
Paul A. Gigot Communications Officer his annual Victory Day speech on paint an unacceptable contrast be- defeat rather than the simple stale-
Editor of the Editorial Page Monday, marking the collapse of tween the two regimes. mate Mr. Putin is likely now going
Gerard Baker, Editor at Large EDITORIAL AND CORPORATE
HEADQUARTERS:
the Hitler regime in 1945, is ex- Hold on to your hat. If Mr. Putin for. Anything that looks more like
1211 Avenue of the Americas, New York, N.Y., 10036 pected by military analysts to wants to draw NATO into the war, a failure by Ukraine will also look
Telephone 1-800-DOWJONES frame what comes next. Meanwhile, he knows how to do it. Chief of the like a failure by the U.S.
SPORTS
That was about as many as anyone
Verstappen Leads F1’s New Guard could hope for at a time when
Mercedes drivers were taking
roughly two out of every three
Grands Prix and sweeping up six
straight championships.
The reigning world champion is chasing more glory, starting with Sunday’s Miami Grand Prix Then, the 2021 campaign
changed all of that.
“The years before, they were
pretty boring, because of one team
really dominating massively,” Ver-
stappen says.
In a single season, Verstappen
won as many races as he had in
his entire career. He led the cham-
pionship most of the way, and
even as Hamilton closed the gap
on him, Verstappen held his nerve.
After a controversial stewards’ de-
cision at the Abu Dhabi Grand
Prix, Verstappen found himself in
a position to seal the title by pass-
ing Hamilton on the final lap of
the final race. The first person the
newly minted world champion
went to find was his father Jos.
“Once you realize that you’ve
won the championship, it’s like
your life goal is achieved,” Ver-
stappen says. “Everything you
worked for the last few years was
worth it.”
The moment the season ended,
however, everything Verstappen
and Red Bull had worked toward
was swept off the table. F1 was en-
tering a new chapter. Gone was
the so-called Hybrid Era of turbo-
charged V6 engines, which had
lasted since 2014. This year
brought a fresh set of specs and
design regulations that sent every
team back to the drawing board.
“Inevitably, somebody’s going to
get it right, and someone’s going
BY JOSHUA ROBINSON pion Fernando Alonso) or spend Red Bull driver Max Verstappen won the Formula One drivers’ title last year. to get it wrong,” Horner said be-
.
their free time jet-setting to char- fore the start of the sea-
Miami ity galas and fashion shows (see: son.
ly
F
rom the time he learned seven-time world champion Lewis Seemingly out of no-
how to walk until the Hamilton), Verstappen says his where, Ferrari got it
moment he became For- idea of a day off is “having a nice right. Heading into the
mula One world cham-
pion last year, nearly ev-
erything in Max Verstappen’s life
was geared toward racing a car as
lunch…pretty basic stuff.”
But that shouldn’t be mistaken
for a lack of commitment, espe-
cially not in a sport that requires
on fifth race of the season
here, Leclerc has two vic-
tories and leads the world
championship standings.
fast as humanly possible. drivers to compete in 22 race Mercedes was one of the
us ,
The son of a former F1 journey- weekends around the world, nine teams to get it badly
l
man driver, he was in go-karts as a months of the year. Ahead of this wrong. The team is still
e
al a
toddler and in motorsport’s fast- weekend’s heavily hyped first-ever waiting for its first win
est, most prestigious series before Grand Prix in Miami, an interna- and Hamilton has yet to
many of his friends had driver’s li- tional convention for A-listers and finish higher than third.
ci on
censes. He was so young when he Champagne-fueled parties that Red Bull, meanwhile,
reached F1, in fact, that officials happens to feature some motor has been somewhere in
later imposed a minimum age of 18 racing, Verstappen sits second in between. Verstappen has
to race. It’s now known as the Ver- the overall standings behind Fer- been on the top step of
stappen Rule. rari’s Charles Leclerc. the podium twice, but
FROM TOP: HOCH ZWEI/ZUMA PRESS; MIGUEL MEDINA/AGENCE FRANCE-PRESSE/GETTY IMAGES

er s
So it’s somewhat surprising And he’s been putting in the also torn his hair out
when Verstappen—the kid born for hours his entire life. His father Jos over the car’s reliability
m er
Formula One, the champion who made 106 starts in F1 across the issues. When his miracle
ended a decade of Mercedes domi- 1990s and early 2000s, though he of engineering suddenly
nance—describes his off-the-track was rarely in contention for much dies on him, he’s not shy
philosophy with little more than a of anything. Because of the vast Max remembers. “You always have couldn’t compete with Mercedes in about letting his team know over
shrug. disparities between team budgets, to work harder.” the near future, so it might as well the radio with a string of Dutch-in-
m rp
“When I get home, I don’t really engine manufacturers, and aerody- From the beginning, Verstappen take a chance on a driver who flected expletives. Only once he’s
think about Formula One too namics, a Formula One field is was on his own accelerated time- needed some seasoning. In Ver- out of the cockpit does he become
much,” Verstappen said in an in- made up of a few serial winners line. He was born in 1997, the same stappen, it found a boy who had more of a glass-half-full guy.
terview with The Wall Street Jour- and a majority of drivers who year that Hamilton signed his first torn up a lower racing series and “I have a 100% win record of
nal. “If you’re constantly in this F1 spend their time as pack fodder. contract with McLaren, the team brimmed with the confidence of a the races I actually finished,” he
co Fo
zone, it’s not healthy. You need to Jos Verstappen was one of the lat- that launched his career before he 17-year-old with 900 horsepower says.
switch off from it.” ter: over his nine-year career, he joined Mercedes. At 16, Verstappen under his right foot. The Emilia Romagna Grand Prix
Verstappen, 24, stays out of finished on a race podium just was racing with pros. And at 17 “That was a calculated risk,” last month, outside Bologna, Italy,
that zone by trying to keep his life twice. years and three days, he got the says Red Bull team principal Chris- was one of them. After controlling
as simple as possible—to the ex- So when Max began to show an call from Red Bull’s sister team tian Horner. “Now he’s very much the race from start to finish, Ver-
tent anyone can manage that while interest behind the wheel during Toro Rosso to drive an F1 practice the finished article.” stappen was in a chirpy mood
living in Monaco, the principality his childhood on Belgium’s border session. It didn’t take long after his 2015 again. He took the checkered flag,
on the French Riviera where the with the Netherlands, Jos set a “I wasn’t ready at 17,” Hamilton debut for Verstappen to prove that thanked his engineers for a 22nd
curbs are painted with F1 track much higher bar. “He always said, said at the time. he could poach a victory here and career victory, and was ready to
markings year-round. While some ‘Even if you’re winning races and But Red Bull was thinking long there. Without ever driving the get back to not thinking about F1.
drivers keep F1 simulators in their it looks good and everyone is term. It had no other choice. The quickest car in the field, he “That,” he said on the team ra-
homes (like two-time world cham- happy, it’s never good enough,’ ” team understood that its car grabbed 10 wins in five seasons. dio, “was a very lovely Sunday.”
n-
Weather
Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
50s 40s 30s <0
MLB Moves to Drop Covid Restrictions
no
Edmonton
40s 0s
Vancouver Calgary 70s
Seattle
Winnipeg
10s BY JARED DIAMOND
50s AND LOUISE RADNOFSKY
30s 20s
40s 40s
Helena 60s 60s Ottawa
Montreal 30s
Portland Bismarck
40s Billings Augusta 40s BACK IN 2020—when the
Eugene Boise 60s 60s
40s 40s Mpls./St. Paul Toronto Albany Boston 50s pandemic was new, vaccines
40s 50s Pierre Sioux Falls Milwaukee Detroit Buffalo 40s
Hartford
60s were months away and little
60s
Chicago Cleveland w York
New
70s
was understood about
MATT MARTON/USA TODAY SPORTS
Sacramento Reno Des Moines

Salt Lake City Cheyenne Omaha Philadelphia Covid-19—one player testing
Indianapolis Pittsburgh 80s
San
Francisco 70s 70s Springfield
Denver 50s Washington D.C. positive for the coronavirus
Topeka Kansas Charleston 90s
Colorado
Springs
City Richmond was enough for Major
70s Wichita St. Louis Louisville 100+
80s Las
Vegas 80s Nashville
Raleigh League Baseball to cancel a
Los Angeles
Santa Fe Memphis 60s
Charlotte
Columbia
game. An outbreak of cases,
Phoenix Albuquerque
San Diego 100s Oklahoma City
Little Rock Atlanta 70s as the Miami Marlins and St.
Tucson Birmingham Warm Rain Louis Cardinals experienced
90s El Paso Ft. Worth Dallas Jackson
90s Mobile 80s
Jacksonville Cold
that season, could sideline a
20s 100s Austin Houston T-storms
team for a couple of weeks.
30s
40s New Orleans Orlando
Stationary Snow
Two years later, MLB has Rays catcher Francisco Mejía landed on the Covid IL on April 22.
80s San Antonio Tampa
Anchorage Honolulu 90s Miami a new approach: treating
50s Showers Flurries Covid like any other injury the myriad coaches and sup- allow our industry to move
70s
that might arise as a result port staff who have tested forward responsibly,” MLB
Ice of playing baseball, like a positive. The Cardinals, for said in a statement.
Forecasts and graphics provided by AccuWeather, Inc. ©2022
pulled hamstring or sore el- instance, currently have Additions to the Covid IL
U.S. Forecasts City
Today
Hi Lo W
Tomorrow
Hi Lo W City Hi
Today
Lo W
Tomorrow
Hi Lo W
bow. three medical officials and a have been frequent, with at
s...sunny; pc... partly cloudy; c...cloudy; sh...showers;
Omaha 75 56 s 74 67 t Frankfurt 72 52 c 71 51 pc The shift comes as base- clubhouse attendant out with least one player going on it
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice ball, much like the rest of Covid. The Seattle Mariners almost every day since the
Orlando 88 71 pc 91 69 pc Geneva 67 53 c 68 50 sh
Today Tomorrow Havana 89 72 pc 89 70 t
City Hi Lo W Hi Lo W
Philadelphia 53 44 r 54 44 r the country, is trying to drop recently had to bring up a middle of April.
Phoenix 100 73 s 94 67 s Hong Kong 83 74 t 83 76 t
Anchorage 52 40 pc 51 41 pc Pittsburgh 52 43 r 60 42 s Istanbul 65 51 s 66 51 s its last remaining restric- few coaches from the minor Some players were out for
Atlanta 68 53 pc 74 54 s Portland, Maine 52 39 pc 56 39 s Jakarta 92 77 t 93 78 t tions in an effort to return to leagues to fill in for a while. as little as one day before re-
Austin 101 73 s 100 72 s Portland, Ore. 55 43 r 53 43 sh Jerusalem 65 50 pc 72 57 s something resembling nor- Yet even as new, more turning to the active roster.
Baltimore 54 44 r 54 46 r Sacramento 73 47 pc 65 40 pc Johannesburg 70 52 pc 67 46 c
Boise 56 36 sh 53 34 sh St. Louis 71 51 s 75 61 pc London 67 47 pc 65 45 pc
mal life. transmissible Covid variants Others missed weeks: Tampa
Boston 50 45 c 52 45 pc Salt Lake City 65 46 pc 59 39 pc Madrid 78 51 s 80 52 s One month into the sea- make their way around the Bay Rays catcher Francisco
Burlington 62 39 pc 67 41 s San Francisco 63 49 s 60 48 pc Manila 97 83 s 99 83 pc son, around 50 players have league—and the nation—the Mejía landed on the Covid IL
Charlotte 72 52 t 66 46 pc Santa Fe 85 53 s 83 48 s Melbourne 59 49 sh 61 45 c
Chicago 60 46 s 65 55 pc Seattle 53 41 r 53 42 sh Mexico City 83 59 s 83 57 c
been put on the Covid-re- baseball schedule has not on April 22 and didn’t return
Cleveland 53 44 sh 59 48 pc Sioux Falls 73 54 pc 67 58 r Milan 70 57 t 69 57 r lated injured list, according been disrupted. Every game to the team until Thursday.
Dallas 97 75 s 99 74 s Wash., D.C. 55 45 r 54 46 sh Moscow 60 49 c 63 41 r to Stats Perform. More than has been played as planned Regular testing for Covid
Denver 82 45 pc 79 47 s Mumbai 93 84 s 93 84 pc
two-thirds of teams have save for normal disruptions has been eliminated for as-
Detroit
Honolulu
63 44 pc 62 48 pc
84 73 pc 85 73 pc
International Paris
Rio de Janeiro
69
78
52 sh
70 pc
71 51 s
76 67 pc been affected. like rain. It’s a signal not ymptomatic people, with
Houston 92 76 s 98 75 s Today Tomorrow Riyadh 102 75 pc 98 73 s The Cincinnati Reds have that Covid has disappeared, players taking a test only if
Indianapolis 64 45 pc 70 53 c City Hi Lo W Hi Lo W Rome 71 53 t 70 53 t
Kansas City 73 59 s 79 71 pc Amsterdam 63 44 sh 59 42 s San Juan 87 74 pc 88 76 pc
put three players on the but that MLB believes it can they report feeling unwell.
Las Vegas 94 65 s 84 55 s Athens 73 57 s 73 57 pc Seoul 76 55 pc 70 50 c Covid-IL since Tuesday. The coexist with the virus in a These updated protocols,
Little Rock 79 58 s 86 70 s Baghdad 83 60 pc 88 64 pc Shanghai 81 61 c 77 60 c San Francisco Giants had way it couldn’t before. MLB said, “were established
Los Angeles 76 57 pc 70 53 pc Bangkok 89 77 t 90 78 t Singapore 89 80 c 89 81 t four players out last week. “While we will continue to in consultation with our ex-
Miami 91 75 c 91 74 t Beijing 65 47 pc 60 48 s Sydney 67 50 s 68 57 s
Milwaukee 58 44 s 58 51 c Berlin 70 49 sh 67 44 pc Taipei City 83 71 t 81 71 t At one point last month, the operate in a manner that at- perts to prioritize the health
Minneapolis 70 50 s 60 55 t Brussels 65 48 sh 65 45 s Tokyo 70 60 s 70 56 pc Oakland Athletics had seven tempts to prevent infection and safety of our players and
Nashville 66 50 c 75 58 c Buenos Aires 72 59 s 71 57 c Toronto 57 41 s 56 43 s players out for Covid reasons and transmission to the ex- staff above all and to pre-
New Orleans 88 72 pc 89 73 pc Dubai 100 83 s 99 81 s Vancouver 53 42 c 53 42 r
New York City 52 44 r 54 46 pc Dublin 59 45 pc 65 49 pc Warsaw 67 52 c 67 45 sh at the same time. tent possible, we are confi- vent significant disruptions
Oklahoma City 82 69 s 94 72 s Edinburgh 57 46 c 64 51 pc Zurich 64 48 t 67 48 sh And that doesn’t count dent that our protocols will to our schedule.”
EXCHANGE
Meetless Ready to Yield

The gentle art of The upside to this
avoiding pointless year’s bond-market
meetings B5 beatdown B5
BUSINESS | FINANCE | TECHNOLOGY | MANAGEMENT THE WALL STREET JOURNAL. * * * * * * * * Saturday/Sunday, May 7 - 8, 2022 | B1
DJIA 32899.37 g 98.60 0.3% NASDAQ 12144.66 g 1.4% STOXX 600 429.91 g 1.9% 10-YR. TREAS. g 14/32 , yield 3.124% OIL $109.77 À $1.51 GOLD $1,881.20 À $7.20 EURO $1.0548 YEN 130.54
Stocks End
Tumultuous
Week With
Declines
BY GUNJAN BANERJI
AND WILL HORNER
Stocks ended a wild week with

modest declines, extending a selloff
that has dragged the S&P 500 to its
longest weekly losing streak in more
than a decade.
The major indexes have swung
wildly in recent sessions as investors
have tried to gauge the impact of the
Federal Reserve’s plan to raise inter-
est rates on the economy. Many in-
vestors find themselves caught be-
tween competing hopes: that rate
increases will be significant enough
to tame rapidly rising inflation, but
not so large that they will derail eco-
nomic growth.
Those worries, alongside rapidly
rising yields in the government-bond
market, have hit shares of technol-
ogy and growth stocks especially
hard as investors re-evaluate the
once-highflying group.
The S&P 500 on Friday shed 23.53
points, or 0.6%, to 4123.34, capping
.
a fifth consecutive week of losses,
the longest streak since June 2011.
ly
The technology-heavy Nasdaq Com-
posite lost 173.03 points, or 1.4%, to
12144.66. The Dow Jones Industrial
on Average lost 98.60 points, or 0.3%, to
32899.377, after slumping more than
1,000 points Thursday, its worst day
since 2020.
Please turn to page B11
us ,
l
 Treasury yields extend recent gains

e
al a
after jobs report................................... B11

ci on
Group Led
By Boehly
er s
m er
Reaches Deal
For Chelsea
m rp
BY CARA LOMBARDO
ANDREA D’AQUINO
AND BEN DUMMETT
A group led by Los Angeles Dodg-

co Fo
ers part-owner Todd Boehly reached

a deal to acquire Chelsea Football
Club from Russian billionaire Roman
What New Grads Want

Abramovich for almost £4.3 billion,
equivalent to $5.2 billion, the team
said late Friday, marking a record sale
price for a professional sports team.
The completion of the deal is ex-
pected later this month, assuming it
wins regulatory approvals, Chelsea
The class of 2022 holds a lot of leverage in a hot hiring market. Money, flexibility said. It follows a roughly two-month
and specific assignments are important—but so is a chance to come into an office. auction process that attracted a who’s
who of American bidders seeking to
n-
acquire the marquee sports brand.

The Boehly group, which includes
eet the class of 2022. BY LINDSAY ELLIS fices and rethink how their workplaces U.S.-based investment firm Clearlake
They are the most in- will operate. In a survey of 196 employ- Capital among others, beat out two
no
demand college graders during February and March, 16% told other U.S.-led groups for the right to
uates to enter the job work, training and mentorship. the National Association of Colleges and negotiate a final deal.
market in years. Companies that are struggling to fill Employers they would double new-grad- The Chelsea sale is a high-profile
They have the expec- open positions have good reason to re- uate hires from last year. example of the financial reshuffling
tations to match. spond. Many big employers—from tech- Because new graduates can afford to of Russian wealth sparked by the
Grads are seeking nology giant Dell Technologies Inc. to be choosy, some are taking their time to war in Ukraine.
more money and professional-services firm KPMG—are lock in a new job, recruiters say. About Mr. Abramovich has owned Chel-
flexibility and specifics about likely as- either stepping up college recruiting or half of new grads who hadn’t decided sea for almost 20 years, spending
signments than previous classes. Some lowering entry-level job requirements on a job had gotten at least one offer lavishly on players and absorbing to-
want their employers to take stands on to compete. without accepting, according to a tal team losses of more than $1 bil-
social issues. And after wrapping the They are also seeking to make up for March survey of more than 2,500 soon- lion to turn the English Premier
last two years of their education under a surge in turnover over the past year, to-be graduates by Chicago recruiting League club into a consistent per-
pandemic conditions, they are highly especially among younger workers, as firm LaSalle Network. former often competing for titles. It
adaptable yet hungry for face-to-face they seek to bring more staff back to of- Please turn to page B4 Please turn to page B2
The Many Steps Needed to

Make Shoes Close to Home
BY TREFOR MOSS main centers of modern shoemaking.
“For 30 years all the innovation, all the
Ardoix, France capacity in sports footwear has been in
After 15 years of manufacturing en- Asia,” said Guillaume Meyzenq, vice pres-
tirely in Asia, French sportswear firm Sal- ident for footwear at the 75-year-old
omon SAS, eager to cut emissions and re- company, which also makes skiing equip-
duce bottlenecks, decided it was time to ment and other sportswear. “We have a
start making its signature sports shoes at huge challenge to change how this indus-
home. The challenge, in a country where try works.”
FELIX LEDRU FOR THE WALL STREET JOURNAL
shoemaking died out years ago, was how For decades, Western companies have
to build the necessary supply chain. made everything from clothes to toys in
The first phase of Salomon’s solution Asia, Eastern Europe or Latin America,
was to build an automated sneaker fac- taking advantage of cheaper labor and
tory in this small town near the Alps. It highly developed supply chains. But the
also redesigned its shoes, drastically business case for that practice has eroded
shrinking its supply chain by slashing the in recent years amid repeated shocks to
number of components in each sneaker the global economy, prompting many
by nearly two-thirds. That still left the companies into a rethink.
matter of sourcing materials in a region In 2018, then-President Donald Trump’s
largely devoid of suppliers. Until now it trade war with China strained ties with
has sourced soles and other parts primar- Beijing, jolting companies that relied on
ily from China and Vietnam, two of the Please turn to page B6 Salomon makes two types of shoes at the largely automated factory in Ardoix, France.
B2 | Saturday/Sunday, May 7 - 8, 2022 * ******* THE WALL STREET JOURNAL.
THE SCORE
THE BUSINESS WEEK IN 7 STOCKS
SPIRIT AIRLINES INC. STARBUCKS CORP. KELLOGG CO.

PERFORMANCE OF HOSPITALITY STOCKS THIS WEEK
 Spirit would rather ride with
Frontier than JetBlue. The
Source: FactSet
 Starbucks wants to serve up
more benefits for its baristas.  More price increases may
crunch Kellogg’s sales. The
SAVE carrier rejected an acquisition
offer from JetBlue Airways
5% SBUX The coffee chain on Tuesday
said profits and sales grew in
K maker of Frosted Flakes and
Eggos on Thursday posted a
9.4% Corp. in favor of an existing 9.8% the latest quarter, and Chief 3.5% 15% rise in first-quarter earn-
plan to merge with rival bud- Executive Howard Schultz ings, thanks to higher prices
get airline Frontier Group Holdings Inc. outlined expanded wages and benefits and steady sales growth. So far, U.S.
0
JetBlue’s offer for Spirit came with a that the company aims to extend to its shoppers have mostly withstood food
higher price tag than Frontier’s cash- workers. The move comes as a battle makers’ higher price tags, but Kellogg
and-stock offer, but Spirit’s board said it between the company and newly union- and other industry giants say that could
believed there was too much risk that Marriott ized employees escalates. Starbucks said change later in the year. The company
regulators would bar a merger with Jet- –5 it would invest roughly $200 million in expects additional increases amid wors-
Blue. Still, JetBlue said Monday that it stores and employees, including higher ening cost inflation from lingering sup-
isn’t giving up and made the details of hourly pay, fixing cafe equipment, in- ply-chain disruptions and the war in
its latest offer public in an effort to win Hilton creased training and an app for better Ukraine, and price sensitivity is starting
over Spirit shareholders. Spirit shares workplace communication. Starbucks to show in frozen meals and cereal. Kel-
–10
fell 9.4% Monday. shares gained 9.8% Wednesday. logg shares added 3.5% Thursday.
Airbnb
CHEGG INC. TWITTER INC. PELOTON INTERACTIVE INC.

–15
 Chegg is learning a tough les-

son. Inflation and higher
Mon. Tues. Wed. Thurs. Fri.
 The world’s richest person is
getting some help from his  Peloton is gearing up to sell
a sizable minority stake. The
CHGG wages turned more students
away from the education
TWTR sembled
friends. Elon Musk has as-
investors including a
PTON once-hot bike maker is look-
ing for buyers as its stock
30% company, according to Chief MARRIOTT INTERNATIONAL INC. 2.7% Saudi prince, Oracle Corp. co- 7.7% continues to sink, The Wall
Executive Daniel Rosensweig,
who said around 1 million have either  People are ready to travel like it’s 2019. Marriott’s
first-quarter sales jumped 81% as the hotel giant
founder Larry Ellison and a
bitcoin exchange to pony up more than
Street Journal reported
Thursday. The fitness company is tar-
forgone or postponed higher education
enrollment in the past two years. Chegg,
MAR said it saw the largest surge in global travel de- $7 billion to back his deal for Twitter
Inc. The biggest contribution comes
geting potential investors including in-
dustry players and private-equity firms
which sells study materials and oper- 4.7% mand since the onset of the pandemic, and from Prince al-Waleed bin Talal of Saudi that could take a stake of around 15%
ates a learning platform for high school Arabia, who agreed to retain a stake to 20%. Peloton has also drawn interest
and college students, thrived during the Airbnb’s gross bookings in the latest quarter grew valued at $1.9 billion following Mr. in recent months from potential suitors
pandemic as at-home education took 67% to $17.2 billion—a record for the home-sharing firm. Musk’s takeover. The Tesla Inc. CEO has like Amazon.com Inc. that have explored
off. The company reported quarterly rev- The results follow similarly positive readouts from airlines. told potential Twitter investors that he a full purchase of the company as an
enue that fell short of expectations and could return the company to public mar- activist investor urged it to consider a
cut its outlook for the year. Chegg Marriott shares added 4.7% Wednesday. kets after a few years of ownership. sale. Peloton shares lost 7.7% Friday.
shares plummeted 30% Tuesday. Twitter shares rose 2.7% Thursday. —Francesca Fontana
The Phantom Alerts Sending A Deal Is
.
ly
Reached for
iPhone Users on Wild Goose Chases on Chelsea
Apple alerts users when an unknown AirTag is ‘near you.’ When those people don’t Continued from page B1
won last year’s Champions
us ,
appear to be in the path of any rogue tracker, confusion and concern follow. League, the top tournament
l
among European clubs.

e
al a
In March, the Russian oligarch,

BY DALVIN BROWN under pressure from U.K.-imposed
sanctions because of his ties to
ci on
the Kremlin, put the team up for
A
pple Inc. has overshot sale. U.K. government officials
its efforts to notify have closely followed the process
people when they’re to ensure proceeds of the sale
being followed by un- don’t benefit Mr. Abramovich.
er s
known AirTags: The Of the total investment, £2.5

company has been billion will be used to buy the
m er
alerting even when someone isn’t shares in Chelsea, and that

likely being tracked at all. money will be distributed to
Apple created its $29 quarter- charity. The remaining £1.75 bil-
size Bluetooth device to help peo- lion is earmarked for investment
ple keep track of their keys and in the club, including its stadium
m rp
other personal items, but they’re and women’s team.

also being used to track people— The price tag would surpass
sometimes without permission. the $2.4 billion acquisition in
In response to unwanted AirTag 2020 of Major League Baseball’s
tracking, Apple designed a system New York Mets by billionaire
co Fo
to notify iPhone users if they were hedge-fund manager Steven A.

being followed by someone else’s Cohen as the most ever paid for a
AirTag. Your iPhone detects if the professional sports team, accord-
unknown AirTag is moving along ing to Dealogic’s data on publicly
CHAYA HOWELL/THE WALL STREET JOURNAL; GETTY IMAGES
with you, and, if so, an alert pro- announced transactions.

vides a map of the simultaneous Mr. Boehly, former president
paths. Then, you can trigger the of financial firm Guggenheim
errant AirTag’s internal alarm to Partners LLC who now runs hold-
audibly pinpoint it. ing company Eldridge Industries,
These notifications can be help- in 2019 made an offer to buy
ful and could even prevent a dan- Chelsea but was rebuffed after
gerous situation. But in recent the price fell short of the $3 bil-
weeks, some iPhone users have be- lion Mr. Abramovich was seeking,
n-
gun receiving alerts, often in the The Wall Street Journal reported.
middle of the night, for AirTags In 2012, Mr. Boehly was part of
that might not be in their path at the ownership group that snapped
all. The pop-up alerts have sparked up the Dodgers for $2.15 billion.
no
confusion and concern, and have The Chelsea deal underscores

led recipients on wild goose chases. the growing popularity of the
The maps on phantom AirTag Premier League among U.S. audi-
alerts share a similar pattern: ences. NBCUniversal, owned by
straight red lines radiating out An Apple spokesman said that early April. down to the centimeter. Comcast Corp., last year agreed
from the user’s location. If an such alerts could have resulted “It was a shock to my morning,” But because they are cheap and to pay close to $2.7 billion to ex-
AirTag were in motion (perhaps from an iPhone receiving area Wi- he said. “I thought, ‘Who would easy to use, AirTags became a tool tend its Premier League broad-
flying?) along these paths, it Fi signals that temporarily con- want to stalk me? Who would to surreptitiously track others. Po- casting rights for six years. That
would be crossing in the middle fused its location services. A poten- want to hurt me?’ ” He searched lice departments throughout the is nearly triple the $1 billion
of city streets, passing through tial fix would be to go to Settings > fruitlessly for the AirTag, had a country said they received reports value of the broadcaster’s current
construction zones, even pene- Privacy > Location Services, and mechanic check under his car and of alleged AirTag stalking. In some six-year deal, which expires soon.
trating walls. toggle the switch off and on while asked his neighbors if they owned cases, people found AirTags they With the Boehly group deal,
When the maps in these particu- Wi-Fi is enabled on the iPhone. He one. They didn’t. didn’t own on their cars or in their U.S. investors would control more
lar notifications are viewed side by also said that in more densely pop- Mr. McClain said he and his fi- purses. English Premier League clubs
side—or compared with clearer ex- ulated areas, AirTags owned by ancée spent the next day on edge, In February, Apple published a than U.K. owners, cementing
amples of AirTag stalking—they ap- others nearby could inadvertently hoping the alert was the result of safety guide for AirTags and said it their position as a dominant
pear to be the result of a bug. But trigger unwanted alerts. a glitch. was working on more ways for force in the league.
it can be alarming for an individual Marcus Geisler experienced a people to protect themselves One rival group in the running
to receive this unexplained alert. ‘It was scary’ similar alert. “The AirTag’s pattern against unwanted AirTag tracking. for Chelsea was headed by Ste-
The scope of the rogue AirTag Ryan McClain, a 25-year-old of movement on the map looked su- phen Pagliuca, co-owner of the
alert issue isn’t clear, though ac- marketer in Indianapolis, discov- per weird,” said the 45-year-old To- Boston Celtics and co-chairman
counts have popped up on Twitter, ered a safety alert on his iPhone ronto-based consumer researcher. “I ‘I checked my purse, of private-equity firm Bain Capi-
Reddit, Facebook and elsewhere. when he woke up one day in thought maybe my neighbor’s dog tal.
accidentally swallowed it,” Mr. Gei- looked all around to Another was led by Philadel-
sler said. He looked all over but make sure no one put an phia 76ers co-owners and pri-
never found an AirTag. vate-equity veterans Josh Harris
“It was scary,” said Natalia Gar- AirTag on me.’ and David Blitzer.
cia, a 24-year-old nonprofit worker
who got an iPhone alert after a
night out in downtown Chicago. “I AirTag detection is turned on by
checked my purse, looked all default in Apple’s Find My app.
around to make sure no one put an And last week, Apple began updat-
PATRICK T. FALLON/AGENCE FRANCE-PRESSE/GETTY IMAGES
AirTag on me,” she said. ing AirTag software to make the

When she tried to make the devices’ speakers emit a louder
supposed tracker emit its alarm chime when lost or triggered in an
sound, the Find My app said alert for an unknown AirTag.
“AirTag Not Reachable.” While phantom tracker alerts
might be a nuisance, you probably
Lost and found shouldn’t disable AirTag detection
Apple introduced AirTags in altogether.
April 2021. The devices rely on “Getting false alarms with
nearby Apple products to relay technology is a common occur-
their locations to the company’s rence,” said John DeCarlo, direc-
Find My network. If you attach an tor of the master’s program in
AirTag to your keys, you can criminal justice at the University
check Apple’s Find My app to of New Haven and a former Bran-
track them down. If you have an ford, Conn., police chief. “If you
Apple created AirTags to help people keep track of personal items, but iPhone 11 or later model, you can turn the notifications off, it Todd Boehly in 2019 made a bid
they’re also being used to track people—sometimes without permission. pinpoint your AirTag’s location leaves you without the benefits.” for the club but was rebuffed.
THE WALL STREET JOURNAL. * * * * * * * Saturday/Sunday, May 7 - 8, 2022 | B3
BUSINESS NEWS
Ports Race to Avoid New Pains

BY COSTAS PARIS heading to Europe and the China are denting sales, dis- are skeptical that boxships said warehouses in Shanghai
Nvidia
Settles
Western ports are bracing
for increased congestion when
U.S., some officials say import-
ers could face more delays in
the arrival and handling of
rupting operations and putting
added strain on supply chains
that could be felt well into the
from China will deluge U.S. and
European ports. The Port of
Shanghai didn’t close during
are operating at 20% to 50% ca-
pacity, cargo at European ports
is moving slowly and about 10%
Crypto-
China eventually lifts stringent
Covid-19 restrictions in major
cities, which could come just
their cargoes, as well as higher
delivery costs. Recent lock-
downs in cities across China
summer.
The peak season for liner
ships usually starts in late Au-
the pandemic, but export vol-
umes have fallen by as much as
30% since March, according to
to 12% of the global container
fleet remains stuck at ports.
Mr. Seroka of the Los Ange-
Disclosure
as many importers start to
load up for the back-to-school
and holiday shopping seasons.
have weighed on factory activ-
ity, which in April fell to the
lowest level since the early
gust and ends in November.
Liner executives say this year’s
season is starting earlier, with
the Freightos Baltic Index. In-
ventory levels are already ele-
vated for a range of companies
les port said fallout from
China’s lockdowns has been lim-
ited so far. As of late last week,
Probe
Import gateways such as days of the Covid outbreak. several American importers that are trying to avert short- 39 ships were waiting to anchor BY DAVE MICHAELS
California’s Los Angeles and “I can’t say whether we will renting cargo space on ships for ages or delayed deliveries. outside Los Angeles and Long
Long Beach ports, which han- go back to a 100 ships queuing deliveries in early June. Ama- “Shanghai has not had a big Beach, compared with more WAS H I N GT O N — N v i d i a
dle more than a third of all up to dock, but we really need zon.com Inc., Walmart Inc. and impact yet, but congestion is than 100 earlier in the year. Corp. has agreed to pay $5.5
containers coming into the to get the existing cargo out of thousands of other importers of still a big issue,” said Soren million to settle a regulatory
U.S., are still inundated with the port and out of Southern furniture, toys, homeware and Skou, chief executive of Den- investigation that found it
uncollected cargo more than California,” said Gene Seroka, electronics have sought to mark’s boxship giant A.P. Watch a Video didn’t adequately reveal the
two years into the pandemic. executive director of the Port move up shipments to avert de- Moller-Maersk A/S. Scan this code impact of cryptomining on its
Once full export shipments of Los Angeles. lays and have enough inventory Mr. Skou said boxes at East to see a WSJ sales of powerful chips de-
resume in ports including Some U.S. companies are for the back-to-school and year- Coast ports are piling up as documentary signed for computer gaming.
Shanghai, which moves more warning that lockdowns in end holiday buying seasons. cargo owners fear the West about global The Securities and Ex-
than a quarter of all containers Shanghai and elsewhere in Some shipping executives Coast will stay congested. He supply chains. change Commission said
Nvidia’s sales of its graphics
processing units, or GPUs,
China’s Gen Z Collectors Upend the Art Market were materially boosted in its
2018 fiscal year by consumers
who bought them to mine new
units of cryptocurrencies.
BY KELLY CROW Nvidia kept investors in the
dark about that fact over two
Carson Guo was a 17-year- quarters, depriving sharehold-
old with a fondness for urban ers of information they needed
streetwear when he set out to to understand its future finan-
join the art world’s big leagues. cial performance, the SEC said
His father, an executive at a Friday.
major Chinese conglomerate, Nvidia, which is based in
collected modern masters like Santa Clara, Calif., settled the
Picasso—but the younger Mr. SEC’s allegations without ad-
Guo felt ready to collect on his mitting or denying the claims.
own. One day during his A representative for the com-
school lunch break, he placed pany declined to comment.
the winning, $800,000 bid for Nvidia’s shares fell about 2%
.
a set of 248 Supreme skate- Friday.
board decks at Sotheby’s. Nvidia’s powerful GPUs have
ly
The fact that a teenager won been popular with people who
PETER PARKS/AGENCE FRANCE-PRESSE/GETTY IMAGES
shocked Sotheby’s executive use them to run complex math-

Patti Wong three years ago— ematical functions that unlock
but today she said she studies
the differing art tastes of fa-
ther and son. “These young
collectors grew up going to art
on new units of cryptocurrencies
such as ether. The company
now produces GPUs designed
specifically for cryptomining
fairs and auctions, and they’re operations.
us ,
digitally savvy and well-in- Before its 2018 fiscal year,

l
formed,” Ms. Wong said. cryptomining didn’t meaning-

e
al a
“They’re discovering new art- fully impact Nvidia’s sales of

ists and even finding artists the GPUs, the SEC said. That
older generation overlooked.” changed as rising prices for
ci on
As New York’s chief auction cryptocurrencies drove greater

houses kick off a two-week se- demand for Nvidia’s GPUs, par-
ries of spring sales that will Young collectors are now a common sight at Sotheby’s Hong Kong, where Javier Calleja’s ‘I Hope You Don’t Mind’ was sold recently. ticularly in China.
aim to sell off $2 billion worth The company’s gaming reve-
of art, young collectors half a as many as three years ago. entrepreneur and collector the global art stage and auc- nue, which included sales of
er s
world away in China are poised Buoyed in part by their Federico Tan said he’s watched tion houses often sent has- chips used for cryptomining,
to set the pace as they com- ebullience, overall art sales local collectors line up to buy been Western art to Hong rose 52% in the second quarter
m er
pete remotely for everything last year in China grew 35% to paintings of playful characters Kong. Yet Justin Sun, the 31- of its 2018 fiscal year com-
from high-end watches to dino- $13.4 billion, according to an by several Spanish artists at year-old creator of the Tron
saur artifacts to Andy Warhol. art-market report published galleries and auctions in Hong cryptocurrency exchange, said
Mr. Guo is part of this lat- by the Swiss fair Art Basel and Kong and Shanghai. he is as intrigued by recent
est wave of savvy, Chinese col- UBS two months ago. Today, some of these artists art-school graduates as he is
Demand for some of
m rp
lectors to join the art world’s David Chau, a 37-year-old such as Javier Calleja and Ed- by the $78.4 million Alberto Nvidia’s GPUs fell in
upper echelons. These new- Shanghai collector and gar Plans are international art Giacometti “Nose” sculpture
comers are young, often edu- founder of that city’s Art021 stars, selling for as much as he won at Sotheby’s last fall.
2018 as crypto
SOTHEBY’S
cated in the West and flush fair, is arguably an elder $1.5 million and $690,000 at Taking note, auction houses prices crashed.
from self-made or family for- statesman of the millennial auction, respectively. In 2019, now take potential art stars to
co Fo
tunes in banking, tech or real- set. Mr. Chau started trading auction houses in mainland Hong Kong and Shanghai to
estate. Plenty in this cohort sports cards and comic books Japanese artist known for China were selling Mr. Calleja’s see how they fare early on.
under the age of 40 started after his parents sent him to a painting polka dots on pump- pieces for around $30,000, the During Sotheby’s recent pared to the same period one
small by bidding online during Canadian boarding school at kins and creating immersive, same amount Mr. Plans’ works Hong Kong spring sales, which year prior, and 25% during the
the pandemic, but auction age 9. By the time he was a mirrored rooms filled with were selling for in the fall of sold $496 million in art, Asian third quarter of that year, the
houses say they are starting to college freshman in Vancouver, sparkly lights. Ms. Wong at 2020. Mr. Tan sees the same millennials and Gen Z collec- SEC said in a settlement order.
stretch for bigger-ticket items he was buying $2,000 works Sotheby’s said millennials in tastemaker set aligning now tors, or people under 30, ac- Investors and analysts who fol-
and reshaping global tastes to on paper by Dayu Wu, a 1920s mainland China and Hong around Hong Kong’s own Kas- counted for a third of the bids, lowed the company “routinely
match their own. As a result, predecessor of modern master Kong recently spotted a ing Lung, known for drawing the house said. Phillips held a asked senior management
the houses are hustling to al- Zou Wou-Ki who has since en- chance to score bargains by monster-like characters. “New Now” sale in London about the extent to which in-
ter their offerings to suit, from joyed his own market surge. pivoting away from the pump- “It feels like almost every around the same time in which creases in gaming revenue dur-
high-end watches and hand- Mr. Chau said he later kins to instead buy Ms. day, I hear about another millennials from mainland ing this time frame were
bags to collectible sneakers reaped a tiny sum reselling his Kusama’s older, “Infinity Net” young artist about to blow China and Hong Kong won driven by cryptomining,” ac-
n-
and edgy art. early buys, and he said he sees paintings from the late 1950s. up,” Mr. Tan said, “and people pieces by emerging artists cording to the SEC’s order.
Dealers say the newer influx the same speculative energy Four years ago, the going rate here in Hong Kong are fueled Georgia Dymock, Caleb Hahne Nvidia couldn’t track which
entering the art market wants among China’s up-and-comer for a “Net” painting from 1959 by the FOMO,” or the fear of and Tala Madani. specific chips were purchased
to show off their cultured life- collectors today. was under $6 million. Now, missing out. “The young collectors here for the purpose of cryptomin-
no
style on social media and be- “Younger collectors get such pieces have sold for as The fact that global collec- have a ton of purchasing ing, the SEC said. But some
yond, and they’re hitting the their information from social much as $8 million at So- tors could be taking their art- power, and they’re rejecting salespeople reported internally
art market in droves. So- media, but they work hard and theby’s Hong Kong, according buying cues from collectors in their parents’ tastes because what they believed was signifi-
theby’s said it’s selling art to they’re working harder now at to auction database Artnet. Hong Kong marks a major de- they trust their own,” said cant year-over-year increases
at least 4,000 Asian collectors collecting,” he said. Over the past two years in parture from 15 years ago, Jonathan Crockett, Asia chair- in demand due to cryptomin-
under the age of 40 now, twice Consider Yayoi Kusama, the Hong Kong, fashion-marketing when New York tastes ruled man at Phillips. ing, the SEC said.
Nvidia disclosed in one se-
CORPORATE EARNINGS WATCH

curities filing that cryptomin-
ing was a significant part of
one sub-segment of product
sales, but the reporting didn’t
UNDER ARMOUR DRAFTKINGS items like asset sales, adjusted sufficiently address whether
earnings were 37 cents a share. that trend would continue,
Shares Fall Amid Sales Increase 34% Sales of $4.91 billion, mean- fluctuate, or cease in the fu-
Supply-Chain Issues As Loss Widens while, topped analysts’ expecta- ture, the SEC said.
tions of $4.73 billion. Public companies are sup-
Under Armour Inc. shares fell DraftKings Inc. said first- —Will Feuer posed to disclose known trends
24% Friday after the company quarter sales rose by more than and uncertainties that can ma-
said Covid-related supply-chain a third, adding that record infla- CINEMARK terially impact their financial
pressures hurt its sales in the tion was having no impact on performance, but Nvidia didn’t
latest quarter and warned that gambling habits. Sales Soar as report the big influence of
those issues wouldn’t abate soon. Still, the Boston-based com- Theatergoers Return cryptomining on the growth of
DAVID PAUL MORRIS/BLOOMBERG NEWS
The athletic-equipment company’s quarterly loss continued gaming sales until the end of
pany also issued guidance be- to widen with ballooning operat- Cinemark Holdings Inc. sales its 2018 fiscal year, the SEC
neath Wall Street’s expectations, ing expenses to attract custom- soared for the recently ended said. “Nvidia’s disclosure fail-
saying that increased operating ers. Chief Executive Jason Rob- quarter as moviegoers began ures deprived investors of crit-
costs, including those for ship- ins said that the company had their return to theaters. ical information to evaluate the
ping and wages, would weigh on two million monthly customers, The cinema company, based company’s business in a key
earnings this year. up 29% from a year ago, and in Plano, Texas, said sales were market,” said Kristina Littman,
Under Armour’s Class A shares that it has a strong pipeline of four times that of the quarter chief of the SEC’s Crypto As-
fell 24% to $10.87. They have lost new jurisdictions to enter over ended March 31 versus a year sets and Cyber Unit.
half their value this year. the next year. The company before, when some of the Demand for some of Nvidia’s
Overall sales in the quarter raised its sales outlook slightly Goodyear posted quarterly sales of $4.91 billion. chain’s locations were still closed GPUs slipped in late 2018 as
ended March 31 rose 3% to $1.3 for the year, following better- due to the pandemic. prices for cryptocurrencies
billion, just short of expectations than-expected revenue. GOODYEAR The Akron, Ohio-based com- Cinemark said that box-office crashed. Nvidia said at the
from analysts polled by FactSet. For the period ended March pany said organic sales, which momentum picked up in the sec- time that it expected crypto-re-
Apparel sales rose 8%, while sales 31, DraftKings reported a net loss Price Rises Offset strip out the effects of acquisi- ond half of the quarter, however, lated revenue to be negligible
of footwear fell 4% and accesso- of $467.7 million, or $1.14 a share, Higher Expenses tions and currency impacts, rose as Covid cases once again fell in in the future.
ries revenue fell 18%. compared with a loss of $346.3 20% from a year earlier. the U.S. Mr. Gamble said the Nvidia now says crypto’s
Under Armour reported a loss million, or 87 cents a share, a Goodyear Tire & Rubber Co. Net sales jumped 40%, driven box-office recovery is improving. price volatility, as well as
of $59.6 million, or 13 cents a year earlier. On an adjusted basis, sales rose in the first quarter as by the acquisition of Cooper Tire Overall for the three months evolving standards for technol-
share, compared with a profit of the company said its net loss the tire maker’s price increases & Rubber Co., which closed in ended March 31, the company ogy and government regula-
$77.7 million a year earlier, or 17 was 74 cents a share. have outpaced surging costs. June of last year. posted a first-quarter loss of $74 tion, make it difficult for the
cents a share. On an adjusted ba- Analysts polled by FactSet The company anticipates Overall for the three months million, or 62 cents a share, com- company to estimate “with any
sis, Under Armour said the loss were expecting a first-quarter prices rising further still, as it ended March 31, the company pared with $208.3 million, or reasonable degree of precision”
was 1 cent a share. Analysts re- adjusted loss of $1.09. First- warned of higher costs for raw posted profit of $96 million, or $1.75 a share, a year earlier. Rev- the impact of cryptomining on
cently polled by FactSet had fore- quarter revenue came in at $417 materials, transportation and en- 33 cents a share, compared with enue hit $460.5 million, compared its business, according to its
cast a profit of 4 cents. million, up 34% from a year ago. ergy, as well an impact from $12 million, or 5 cents, a year with $114.4 million last year. most recent annual report is-
—Inti Pacheco —Dean Seal plant closures in China. earlier. Stripping out one-time —Will Feuer sued in March.
B4 | Saturday/Sunday, May 7 - 8, 2022 * *** THE WALL STREET JOURNAL.
EXCHANGE
What Does Percentage of 2022 college

graduates by number of job offers
received, but not yet accepted
The Class of
‘You just have to
60%
have this quiet
2022 Want?
confidence that 50
you’re going to do
40
fine,’ said new
Continued from page B1 grad Liam Burke. 30
Here is a closer look at what
these grads want—and what they
20
are getting:
10
Salary
Pay is thus far more generous
than some grads were expecting. 0
Liam Burke, 22, graduated early in Zero One or Three Five Seven
March from Western Washington two or four or six or more
University and got three offers be-
Source: LaSalle Network survey of more than 2,500
fore accepting one. The position he upcoming 2022 college graduates conducted in March
took as a buyer and planner in the 2022
aerospace sector, he said, brought a
salary higher than the first two of-
fers—and came in above the range TimelyMD cited the importance of
he shared during the interview pro- flexible work hours.
cess. Some want that flexibility to in-
Mr. Burke said it was “nerve- clude a choice between on-site and
racking” to wait for a best-fit job remote work. In fact, 60% of 571
and let the other offers pass, but respondents to a March and April
“you just have to have this quiet survey of seniors from recruiting-
confidence that you’re going to do software firm iCIMS said they
fine.” wanted a hybrid arrangement.
Among those who have accepted Yet new grads aren’t as excited
jobs, 53% said their starting salary about full-time remote arrange-
was greater than they expected, ments. Just 11% are interested in
while 41% said it was what they an- that setup, according to LaSalle
ticipated, according to a survey of Network’s March survey of more
more than 1,000 college seniors than 2,500 soon-to-be graduates.
from TimelyMD, a telehealth com- “I feel like I will get bored of
pany providing medical treatment just being at home all the time,”
and counseling to students, pub- said Sydney Washington, a senior
lished in April. at the University of North Texas.
Salary is a particularly high pri-
ority for new graduates. Raised in Networking
the aftermath of the 2008-09 fi- Students say they are looking
.
nancial crisis, they are part of a for jobs on LinkedIn and on organi-
generation that experts say is risk- zations’ job sites, in addition to
ly
averse and craves financial secu- connections from professors. They
rity. The pandemic, and inflation, turn to social media and campus
sharpened their focus on pay, stu- career centers for guidance.
dents and campus career advisers
say.
Even Wall Street is adjusting. In-
vestment-banking salaries are up
on
Liam Burke, who graduated from Western Washington University, got three job offers before accepting one.
“They don’t really need our help
in leveraging the digital tools in
front of them,” said Julia Overton-
Healy, director of career services at
23% for interns, said Terina Mat- required to help attendees park in classes ever and about a 20% in- a workplace’s culture. St. John Fisher College in Roches-
us ,
thews-Davis, client director for a large gravel lot before the curtain crease from last year. “They know “I don’t see myself being super ter, N.Y. “They need more help in
l
rose. He recently accepted a job at they have options,” said Mr. Powell, comfortable working in an environ- how to engage in relationship
e
al a
Northern Stage, a theater in White the firm’s national partner in ment where I am the only person building—how to have those first-
53%
River Junction, Vt., as an assistant charge of university talent acquisi- of color,” she said. contact conversations with an
master electrician. tion. “The competition is really Ms. Sheikh, a practicing Muslim, alum, for example.”
ci on
Grads want the same specifics fierce.” said she closes many job interviews Sanja Marinovic, 21, initially
from bigger employers. Candidates One management-consulting by asking if she can have space and struck out last fall when she ap-
of college seniors said their starting for positions at Dell want to know company, Oliver Wyman, tried to time in an office to conduct her plied to jobs in food safety and
salary was more than expected who they will be working for and recruit new candidates in March daily prayers. She is looking for a quality assurance. But she read ca-
what projects they will tackle, ac- with a San Francisco development role in human resources or in a reer advice on Reddit, where users
er s
cording to Jennifer Newbill, the and networking event called the Di- school, either in the classroom or suggested seeking informational in-
company’s director of emerging tal- versity Leadership Summit. The au- in administration. terviews first. Those introductory
m er
early careers for AMS, a company ent. Dell is planning to hire 1,580 dience was composed of sopho- “I think the responses to ques- conversations helped her know
that helps firms recruit new em- new graduates in 2022 for full-time mores and juniors from diverse tions like that are very telling to what certifications to cite.
ployees. The rise compared with a work, a 19% increase from last year. backgrounds, and company repre- me about the company’s morals For the job she eventually ac-
year ago is even higher for new KPMG gets questions about the sentatives discussed consulting and and values,” she said.
hires, to $110,000 from $85,000, accompany’s work on social issues, careers as well as sustainability.
m rp
68%
cording to Ms. Matthews-Davis. according to the managing partner They finished one session by an- Flexibility
Employers recruiting in other who oversees the company’s hiring nouncing that the firm would plant Many new graduates are hungry
fields ranging from social sciences of college grads. That executive, 64 trees, one for each attendee, in for in-person interactions with
to engineering said they planned to James Powell, said some prospec- students’ names. their future colleagues, having
raise pay for class of 2022 candi- tive hires want to know about an One senior who said she pays at- spent years in virtual internships of college seniors said flexible
co Fo
dates above rates commanded by organization for LGBTQ employees tention to a company’s demograph- and courses. work hours are important
the previous class, according to a that Mr. Powell lists on his ics is Niha Sheikh, a 22-year-old at Eugene Thomas, a 22-year-old
NACE survey of 124 companies con- LinkedIn profile. the University of Texas at Austin. Yale University senior from New
ducted last fall. KPMG is planning to hire 4,500 She said she has connected with York City, said working on-site was
These boosts are crucial “to get college recruits to full-time posi- current and former employees on a priority. He accepted a product cepted—a food-safety auditing post
students to accept and not renege tions, one of its largest new-hire LinkedIn to get an unfiltered view of engineering job with farm-equip- in Los Angeles—she did a phone
on your offer,” Ms. Matthews-Davis. ment giant Deere & Co. after a re- screen on a Friday and then did a
mote internship last summer and panel interview the following Tues-
Culture and responsibilities will participate in a two-year rota- day, getting the formal offer the
It is more than just salary, how- tion at the company. next day.
ever. Work responsibilities are im- “I don’t even think I entertained She was surprised by the speed,
portant to new grads such as Aus- the option of remote work,” he said. given how long other hiring teams
tin Bowles, 21. The senior at Remote school, he said, “felt like I had taken with her application. Her
n-
Coastal Carolina University said he was swimming in molasses or some- career adviser, at the SUNY College
saw “tons and tons” of listings for thing....I felt a lack of motivation.” of Environmental Science and For-
his desired first job as an electri- Flexibility is still a key compo- estry in Syracuse, N.Y., reviewed
cian for theater companies, and nent for Mr. Thomas, who said he the offer with her and said the fast
no
weeded out postings that were un- was able to get deadlines pushed pace was normal in a tight labor
clear about what the job actually back during his internship last market.
entailed. summer after his mother was hos- “Once there was a company that
He wanted to avoid the limita- pitalized. Other grads said the was interested in me, they really
tions of a prior gig where he was same; 68% of seniors surveyed by seemed interested in me,” she said.
FROM TOP: CHONA KASINGER FOR THE WALL STREET JOURNAL; WENDY P. OSBORNE/SUNY ESF; KIM TADLOCK; CHRISTOPHER CAPOZZIELLO FOR THE WALL STREET JOURNAL
Eugene Thomas, bottom, said

working on-site was a priority.
Sanja Marinovic, top, was
surprised at how quickly she
landed her job once interviews
began. Niha Sheikh, far right, said
she is monitoring demographics
and culture during her job search.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, May 7 - 8, 2022 | B5
EXCHANGE
T Pointless Meetings Are the

he corporate world has or you won’t have a meaningful
always loved meetings role to play. In that case—unless
just a little too much. the meeting in question is politi-
But the pandemic ac- cally sensitive or you’ve been di-
Worst. You Can Avoid Them.

celerated the problem, rectly asked to attend by your
as managers desper- boss—you can likely beg off with a
ately attempted to supervise their friendly note. “Thanks so much for
direct reports after the shift to re- inviting me,” you could say. “I’m
mote work, and team members slammed working on another proj-
strove to coordinate with each Smart strategies to avoid unnecessary professional get-togethers ect right now, but if you can send
other and maintain some sem- me the meeting minutes, I’d be glad
blance of social connection. to weigh in afterward.”
A 15,000-person study by Re- BY DORIE CLARK
claim.ai showed that professionals Be honest
now spend more than half the stan- It may feel risky to be honest
dard workweek—a full 21½ hours— about your meeting aversion—but
in meetings, an increase of 7.3 odds are, many of your colleagues
hours a week just since the pan- share it. If a noncritical invitation
demic began. Even as many compa- comes your way, you may actually
nies have returned to the office or gain the respect of your peers for
adopted hybrid arrangements, it speaking up. “I have to be honest
seems the bias toward more meet- with you,” you could say. “I kind of
ings may have stuck. The overall hate meetings. I want to be helpful
number of meetings remains up to you, so if my presence is impor-
nearly 70% versus February 2020, tant, I’ll be there. But if there are
the study reports. other ways I could pitch in—whether
And of course, more of our meet-
ings are held virtually—an additional
challenge because they can be par- ‘Instead of meeting as
ticularly exhausting compared with
in-person meetings, Stanford re- a team to brainstorm,
search has shown, given the inten- maybe we could delegate
sity of close eye contact and the
mentally stressful temptation to it to one person.’
monitor one’s own reflection.
So what do we have to show for
this surfeit of meetings? Appar- that’s hopping on a quick call with
ently not much. One 2017 study of you beforehand to strategize, or
senior executives by Harvard Busi- emailing you some ideas I’ve brain-
ness School professor Leslie Perlow stormed—I think I can probably be
and her colleagues showed that most useful that way. What do you
only 17% believed meetings were a think and how can I help?” At a min-
good use of either group or individ- imum, your peers will know where
ual time. Indeed, the time we spend you stand, and will probably hesitate
in meetings is time that we’re not before wantonly inviting you to fu-
ALISON SEIFFER
accomplishing the “deep work” we ture nonessential gatherings. But in
actually get evaluated on, whether many cases, you may be able to craft
.
that’s closing sales, completing a win-win solution with this strat-
analyses, completing reports or de- egy—helping in a deeper and more
ly
veloping new strategies. targeted fashion, while avoiding the
As most of us know all too well, dragged-out performativity that so
much of our actual work ends up held sacred, companywide, for more many meetings), they’ll likely re- eryone to skip a meeting no one many meetings devolve into.
getting shunted to nights and
weekends.
So if you’re feeling the burden of
endless meetings, here are four
on
focused work. Companies like Face-
book parent Meta Platforms Inc. and
Atlassian Corp. have adopted the
practice, and researchers are bullish.
vert to their old habits unless
they’re “disrupted” from that be-
havior. You—kindly and gently—
can be the disrupter by reminding
really wanted or needed.
Interrogate the invitation

If it’s the default in your com-
Meetings generally aren’t any-
one’s idea of a good time. But too
often, we accept them as a neces-
sary “tax” on our productivity—the
strategies you can employ to fight One recent study by Prof. Benjamin them of what they’re already feel- pany to suggest a meeting, the bar inevitable cost of being part of an
us ,
back—even if you’re part of a meet- Laker, of the University of Reading’s ing. “I don’t know about you,” you for a meeting-worthy occasion is organization. But that doesn’t have
l
ing-happy culture. Henley Business School, and his col- could say, “but it seems like we’re likely low. So you can’t simply as- to be true. By using these strategies,
e
al a
leagues declared: “When one no- all pretty exhausted from so many sume that because you’ve been in- you can evade the most painful and
Address the problem meeting day per week was intro- meetings these days. Instead of vited that it will be a good use of least productive meetings, leaving
upstream duced, autonomy, communication, meeting as a team to brainstorm your time. Instead, make it stan- room for more important work.
ci on
Let’s face it: If everyone around engagement, and satisfaction all im- about our retreat, maybe we could dard practice to “interrogate the
you seems to love meetings, it’s hard proved, resulting in decreased mi- just delegate it to one person to invitation” by asking the meeting Dorie Clark is a marketing strategy
to be the voice arguing against them, cromanagement and stress, which come up with initial ideas and host what the meeting topic will be consultant who teaches executive
in favor of greater productivity. In- caused productivity to rise.” Cite the then at our next official team and what, specifically, they’d like education at Duke University’s
stead, try to tackle the problem up- experts and make your case. meeting, we could review them. you to contribute. Fuqua School of Business and
er s
stream. If you’re the boss, you can What do you think?” You’re not If they give a vague answer (“It’d Columbia Business School. Her
implement a “meeting-free Friday” Appeal to shared sentiment shirking responsibility by dodging be nice to have you there and get newest book is “The Long Game:
m er
(or Monday, etc.) experiment, in Even when people are dissatis- an ill-conceived meeting: Your sug- your perspective”), that’s a sign How to Be a Long-Term Thinker in
which at least one day a week is fied with a situation (i.e., too gestion is making it easier for ev- that either the agenda is ill-formed a Short-Term World.”
m rp
THE INTELLIGENT INVESTOR | JASON ZWEIG

co Fo
The Upside to the Bond

Market’s Beatdown
The four-decade-long bull market in bonds is over,
but that doesn’t mean you should dump them
n-
How much more serve raised interest rates six

of a beating can times for a total of 2.5 percentage
no
bond investors take? points, bonds lost only 3% in the

So far in 2022, aggregate.
with inflation raging, Almost never has the U.S. bond
bonds have lost market lost as much money as in
10%—among the the first four months of 2022, ac-
worst returns in U.S. history. On cording to Edward McQuarrie, an
Wednesday, the Federal Reserve emeritus professor of business at
raised interest rates by 0.5 per- Santa Clara University who studies
centage point, the sharpest in- asset returns over the centuries.
crease in 22 years. Long-term Treasury bonds lost
Yet, just as your body begins more than 18% this year through
healing from an injury before you April 30. That surpasses the previ-
can feel any improvement, the ous record, a loss of 17% in the 12
worst for bond investors might al- months ended in March 1980, says
ALEX NABAUM
ready be ending. Those who dump Mr. McQuarrie. The broad bond
bonds now might be making a mis- market has performed worse so
take by selling low after buying far in 2022, he says, than in any
high. complete year since 1792 except
Let’s start by putting the pain one. That was all the way back in
in historical perspective. 1842, when a deep depression ap-
The U.S. bond market has had proached rock-bottom. “I think the long downtrend in turn of bonds depends far more on recent rout in bonds has raised
positive returns, before inflation, It’s worth noting that, adjusted interest rates has finally come to their income than on changes in their expected returns.
in all but four years since 1976. for inflation, at least nine past pe- an end,” says Mr. Taylor. “People price. Since 1976, just over 90% of “At these starting yields now,
Even in 1994, when the Federal Re- riods have been worse, says Bryan have been wrong about the direc- the average annual return of the you have more cushion to weather
Taylor, chief economist at Global tion of rates for 40 years, but I U.S. bond market has come from rising rates,” says Lauren Wa-
Financial Data, a research firm in have to think that at this point interest and reinvesting it, accord- gandt, co-manager of T. Rowe
Returns on U.S. bonds*, San Juan Capistrano, Calif. they might finally be right.” ing to Loomis, Sayles & Co., an in- Price Corporate Income Fund.
value of $10,000 Inflation is like kryptonite for The prospect of losing money as vestment manager in Boston. “And we’re starting to see some
$250 thousand
bonds, whose interest payments rates rise seems to be freaking Thanks to the recent plunge in value emerge.”
are fixed and thus can’t grow to many people out. After pouring prices, the yield on the aggregate Yields on corporate bond in-
Total keep pace with rises in the cost of $592 billion into bond funds last U.S. bond market, at about 3.6%, dexes, she says, are brushing their
200 return living. Until recently, inflation year, investors have yanked $104 has doubled since Dec. 31. highest levels in at least 11 years.
seemed like a problem of the dis- billion so far in 2022, according to People always chase the past The recent rise in yields also
Return tant past, when it often plagued the Investment Company Institute. with their money. Investors added means that shorter-term U.S. Trea-
150 from bond investors. But a gradual rise in rates isn’t more than $445 billion to bond sury securities are likely to be
income For most of the four decades bad for bond investors—so long as funds in 2020, largely because more effective buffers against fu-
since 1981, interest rates have inflation comes under control. past returns were so strong. But ture declines in stocks.
100 been falling and bond prices ris- Make no mistake: Investing in by the end of that year, the yield If your recent losses make you
ing, creating a tailwind of capital bonds is an act of faith that the on the U.S. bond market had fallen feel like bailing out on bonds, re-
gains for fixed-income investors. Fed can tame inflation. And that, to barely more than 1%—meaning member why you own them. Bonds
50 You not only earned interest on as U.S. Treasury Secretary Janet that future returns were bound to aren’t meant to make you rich;
Return your bonds but pocketed extra Yellen has said, “will require skill be feeble. they keep you from becoming poor
from price profit as they went up in value. and also good luck.” Investors were too enthusiastic while paying you some income
0 change Over some long periods, such as If the Fed does rein in inflation, then. Maybe they’re too pessimis- along the way.
1980 ’90 2000 ’10 ’20 the 20 years ended in March 2020, though, bond investors should be tic now. “It’s important not to get too
bonds earned even higher returns fine—and should do better over The single best predictor of the emotional about the recent returns
*Bloomberg U.S. Aggregate Bond Index
Note: Return from income includes reinvested coupons than stocks, without any of their time as they reinvest their income future returns of bonds, before in- we’ve seen,” says Ms. Wagandt.
and other items such as paydowns bloodcurdling losses. rather than taking it as cash. flation, is their yield to maturity. “There’s more income and more
Sources: Baird Advisors; T. Rowe Price Those glory years are gone. Over the long run, the total re- As prices fall, yields rise, so the value now.”
EXCHANGE
The Trick to local supply chain capable of pro-

viding over 70% of the required
parts; the company said it is striv-
Making Shoes ing for 100%.

The Boston-based company still
imports some key parts, notably
In France soles, from a number of Asian sup-

pliers. “The [local] supply base isn’t
as strong as it should be,” Mr.
Wheeler said, adding that building it
Continued from page B1 out “takes a lot of time and a lot of
smooth relations between the money.” The company has been iden-
world’s top two economies. tifying local manufacturers with the
Then from 2020 onward the pan- skill and machinery to start making
demic brought waves of factory clo- footwear components, including
sures, as well as port blockages and working with a maker of bulletproof
truck shortages, disrupting supply vests to produce material for the up-
chains and pushing up freight costs. per section of a sneaker.
Now, Russia’s invasion of Ukraine In France, Salomon has less to
has rattled these global systems work with. Salomon’s redesigned
anew, further exposing vulnerabili- shoe has 26 parts, down from over
ties in international trade. 70 in its other models. The sole is a
These crises have made “re-shor- sandwich of five separate layers of
ing”—a play on offshoring that re- rubbery material. The upper shoe
fers to the return of production to a comprises 14 parts, including color-
company’s home country—increas- ful plastic trims and a horseshoe-
ingly attractive. “Re-shoring used to shaped mesh that forms the
be a topic for boring conferences; sneaker’s body. The tongue is a
now it’s a topic for the boardroom,” structure of six layered parts. Shoe-
said René Buck, chief executive of laces are the final component.
BCI Global, a supply-chain consult- But only one part is currently be-
ing firm. “What’s changed is that ing sourced locally—the fiber for
these disruptions have the main body of the sneaker, which
become a constant.” Chamatex produces in a separate
Roughly two-thirds of plant next door to the new factory.
U.S. and European manu- Mr. Meyzenq said getting the
facturers say they will shoe plant up and running will be
bring some of their Asian key to convincing suppliers to work
production home by with them.
2025, with a fifth saying “Now we are going part by part
they will bring back most looking for European suppliers,” he
or all of it, according to a said. While there are few footwear
survey of 125 companies suppliers in France, neighboring It-
conducted late last year aly retains some shoemaking capac-
by BCI. ity, as do other European countries.
Toy maker Mattel Inc. Laces and some other parts can
last month said it would be sourced relatively easily, he said,
.
shift some production out but others aren’t readily available
of Asia to Mexico. Bed- in Europe. These include soles—a
ly
ding maker Tempur Sealy multilayered cushion that is decep-
International Inc. recently opened lion, in the project so far, with more tively tricky to make because it
three new U.S. production facilities. planned. must retain its form and springi-
Footwear production is tricky to
repatriate, say consultants and ex-
ecutives, because Asian shoemakers
use cheap, plentiful, low-skilled la-
on
The plant requires 15 human
workers a shift; a typical shoe fac-
tory in Asia would require five
times as many to match its output.
ness through years of use—as well
as the specialized plastic sections in
the upper shoe. Vietnam is the best
source for many of these parts to-
bor. That model can’t be re-created Some operate sewing machines— day, according to Mr. Meyzenq.
us ,
in the West, prompting companies this intricate work is still best done Developing a local chain for all
l
to turn to automation. by hand—while others monitor the these components will likely take
e
al a
Salomon’s Advanced Shoe Fac- automated production lines. years, Mr. Meyzenq said. Like New
tory—a collaboration with local fi- One machine uses heat and pres- Balance, Salomon will need to iden-
ber producer Chamatex SA—opened sure to stick the sneaker’s upper tify companies with skills that can
ci on
last year and is initially making two parts together. Others spray glue be harnessed for shoe making.
types of trail-running and hiking onto soles that are then bonded Even so, the plant will start us-
shoes due to hit stores later this with the rest of the shoe, or use la- ing additional local parts in around
year after several delays. The local sers to cut sections of sneaker from 2024 and should eventually rely en-
models are priced at 130 and 160 colorful plastic sheets. Another tirely on European parts, he said.
er s
euros, respectively, the equivalent stores hundreds of green molds, If the French project is success-
of $142 and $174, in line with Salo- known as lasts, that are used to ful, Salomon wants to build a simi-
m er
mon’s existing range. The company give the sneakers their shape. The Advanced Shoe Factory, a partnership among four companies, will be lar automated plant in the U.S. to
is banking on the shoe’s local, sus- Salomon, which manufactures able to produce one million pairs of shoes a year with just 15 employees meet demand there. The aim is for
tainable back story being a strong shoes in several Asian countries in- a shift, a fraction of the number needed at a traditional facility in Asia. the new plants to meet around a
selling point, Mr. Meyzenq said. cluding China, started work on its quarter of local demand in the U.S.
The France-made shoes will be plan in 2017 as a way to reduce its and Europe, Mr. Meyzenq said.
FELIX LEDRU FOR THE WALL STREET JOURNAL (3)
m rp
as profitable as those made in Asia, carbon emissions while also other in Atlanta the following year, still makes most of its sneakers out- That will make the company bet-
Mr. Meyzenq said, thanks to savings strengthening and shortening its but by 2020 it had shut both down. side the U.S., it wanted to meet ter able to withstand supply-chain
from lower transportation costs and supply chain. The project continued The company reverted to its previ- growing demand for its U.S.-made disruption, and also meet environ-
the elimination of customs duties. even after the company’s Finnish ous model of chiefly making shoes products, while also building up its mental targets by cutting emissions,
At full tilt, the plant is slated to owner, Amer Sports Oyj, was ac- in Asia and South America to be resilience against future supply-chain he said.
co Fo
make one million pairs a year; Salo- quired by China’s Anta Sports Prod- closer to suppliers, and has no disruption, said Dave Wheeler, the Still, Asia will be the workhorse
mon will take half of that capacity, ucts Ltd. in December 2018. plans to try to move production to company’s chief operating officer. for the bulk of the company’s global
and two other French footwear Other Western sneaker makers North America or Europe again, a “The closer we can have it to our output for the foreseeable future.
brands, Babolat and Millet, which have had mixed success with local spokesman said. consumer, the better,” said Mr. “It’s one thing to drive innova-
are also partners in the factory, will production. By contrast, New Balance Inc. Wheeler. tion, but you still have to be prag-
take the rest. The partners have in- Adidas AG opened an automated opened a sixth U.S. plant in Methuen, Having never stopped making matic,” said Mr. Meyzenq. “Asia will
vested €10 million, roughly $11 mil- plant in Germany in 2016, and an- Mass., in March. While the company shoes in the U.S., New Balance has a remain.”
PERSONAL BOARD OF DIRECTORS Brian Niccol took the reins Mr. Niccol got a summer internship working at
n-
of Chipotle Mexican Grill Inc. Procter & Gamble Co. under Mr. Cappozzo in
The trusted advisers of top business leaders 1995, then landed his first job working on
when the burrito chain’s sales
brands including Scope mouthwash with the execu-
had plummeted after a series
Brian Niccol of food-safety scares. He had
tive the following year. Mr. Cappozzo helped Mr. Nic-
no
col learn the P&G principle of distilling an idea down

just faced similar food-quality to key points that can fit on a one-page memo, not
CEO of Chipotle Mexican Grill Inc. concerns at Taco Bell. just stringing along ideas in a PowerPoint presenta-
As that chain’s marketing Craig Cappozzo tion, he said. “It takes some practice, it takes some
chief and president, Mr. Niccol CEO, Thriving Brands Co. discipline, it takes some focus, and that’s really
introduced the “Live Mas” helped me over time,” Mr. Niccol said. “He helped me
transition from being a college kid to an executive.”
slogan and helped launch the
hit snack-food mashup Dor-
itos Locos Tacos. Mr. Bergren, then the president and CEO of
In 2018, Mr. Niccol, now 48, Pizza Hut, promoted Mr. Niccol to become
became one of Chipotle’s first the chain’s marketing chief in 2007. Mr. Ber-
outside chief executives, suc- gren helped him think creatively in ways Mr. Niccol
said he hadn’t previously explored. The two men
ceeding founder Steve Ells.
pushed Pizza Hut into online ordering and helped
He beefed up food-safety develop one of the first pizza-chain ordering apps
procedures and was early to for iPhone, an achievement that still excites Mr.
offer delivery through compa- Scott Bergren Niccol. He often calls his old mentor to talk, and
nies like DoorDash Inc. He Former Yum Brands Inc. often leaves the conversation surprised by new in-
executive sights that hadn’t occurred to him, Mr. Niccol said.
dreamed of building online or-
dering tools at Chipotle that
could rival those at Starbucks
Corp. and Domino’s Pizza Inc. Mr. Egasti, the general manager of snacks at
That came in handy when P&G who oversaw the Pringles account in
the pandemic hit, closing 2000, was Mr. Niccol’s boss at the time. Mr.
many of Chipotle’s dining Egasti was dreaming up exclusive chip flavors for
rooms. Online sales ac- retailers to try to increase sales. Mr. Egasti taught
counted for nearly half of or- Mr. Niccol to focus on one specific product and
what customers wanted from it, and to block out
ders last year. other distractions. His advice: “You can’t skip what
Chipotle’s sales hit a record Jamie Egasti your customers are telling you they need.”
in 2021, and the company’s Former Procter & Gamble
shares are trading at almost Co. executive
five times the price when Mr.
Niccol started the job. He
hopes to reach a total of
Mr. Niccol rose through the Yum ranks dur-
7,000 stores in North Amer- ing Mr. Novak’s tenure, and became head of
ica, up from 3,000 today. Taco Bell in 2015. Mr. Novak freely offered
“Have we had a perfect both praise and criticism, Mr. Niccol recalled. The
path to getting here? No,” Mr. two would work on specific points of personal im-
Niccol said. “Are we commit- provement for the year. “He was always a huge
ted to doing the right things? champion of making me better,” Mr. Niccol said.
Absolutely.” David Novak Mr. Novak also introduced Mr. Niccol to others who
Former Yum Brands Inc. remain influential advisers in his life, including
Here are four of his trusted Home Depot Inc. co-founder Ken Langone and CVS
CHIPOTLE
advisers. CEO and chairman

Health Corp. Chairman David Dorman, he said.
—Heather Haddon
MARKETS DIGEST
Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Track the Markets: Winners and Losers
Last Year ago Last Year ago Last Year ago A look at how selected global stock indexes, bond ETFs, currencies and
32899.37 Trailing P/E ratio 18.70 30.01 4123.34 Trailing P/E ratio * 22.58 37.89 12144.66 Trailing P/E ratio *† 28.96 36.73 commodities performed around the world for the week.
t 98.60 P/E estimate * 17.39 20.73 t 23.53 P/E estimate * 18.25 22.97 t 173.03 P/E estimate *† 22.86 28.79
Stock Currency, Commodity, Exchange-
Dividend yield 2.17 1.73 Dividend yield * 1.49 1.37 or 1.40% Dividend yield *† 0.82 0.71 index vs. U.S. dollar traded in U.S.* traded fund
or 0.30% or 0.57%
All-time high: Nymex natural gas 11.03%
All-time high Current divisor All-time high
16057.44, 11/19/21
36799.65, 01/04/22 0.15172752595384 4796.56, 01/03/22 S&P 500 Energy 10.17
Nymex RBOB gasoline 9.20
35100 4625 14300 Wheat 5.10
65-day Nymex crude 4.85
moving average 65-day moving average
13900 Russian ruble 3.41
34600 4525
Mexico peso 1.34
Lean hogs 1.29
34100 4425 13500
S&P 500 Utilities 1.24
65-day S&P 500 Communication Svcs 1.06
Session high moving average 13100
33600 4325 Bloomberg Commodity Index 0.66
DOWN UP
NIKKEI 225 0.58
t
Session open Close

33100 4225 12700 S&P 500 Financials 0.57
Close Open
t
WSJ Dollar Index 0.52

Session low 32600 4125 12300 S&P 500 Industrials 0.35
Bars measure the point change from session's open Dow Jones Transportation Average 0.24
11900 Australian dollar 0.21
32100 4025
Mar. Apr. Mar. Apr. Mar. Apr. Indonesian rupiah unch.
Weekly P/E data based on as-reported earnings from Birinyi Associates Inc. † Based on Nasdaq-100 Index
-0.02 Euro area euro
-0.02 iSh 1-3 Treasury
-0.21 S&P 500
Major U.S. Stock-Market Indexes Trading Diary -0.24 Dow Jones Industrial Average
Volume, Advancers, Decliners -0.34 Canada dollar
Latest 52-Week % chg
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. NYSE NYSE Amer. -0.45 S&P 500 Health Care
Dow Jones Total volume*1,069,035,208 16,131,731 -0.49 S&P SmallCap 600
Industrial Average 33055.84 32474.69 32899.37 -98.60 -0.30 36799.65 32632.64 -5.4 -9.5 7.6 Adv. volume* 338,219,397 2,154,473 -0.51 South Korean won
Transportation Avg 15057.29 14600.41 14900.85 -183.25 -1.21 17039.38 14000.78 -9.6 Decl. volume* 724,238,321 13,732,735 -0.53 Japanese yen
-6.5 11.0
Issues traded 3,426 289 -0.56 S&P 500 Materials
Utility Average 1010.87 992.18 1007.16 8.89 0.89 1071.75 869.74 10.7 2.7 9.0
Advances 1,005 94 -0.56 Indian rupee
Total Stock Market 41820.49 40883.00 41433.22 -343.34 -0.82 48929.18 41433.22 -5.9 -14.8 11.1
Declines 2,297 182 -0.62 S&P/TSX Comp
Barron's 400 961.81 938.29 952.74 -9.07 -0.94 1127.20 943.84 -6.4 -13.9 10.0
Unchanged 124 13 -0.67 S&P 500 Information Tech
Nasdaq Stock Market New highs 28 1 -0.77 S&P MidCap 400
Nasdaq Composite 12358.42 11990.15 12144.66 -173.03 -1.40 16057.44 12144.66 -11.7 -22.4 14.3 New lows 616 43 -0.86 iShNatlMuniBd
Nasdaq-100 12926.58 12522.77 12693.53 -157.02 -1.22 16573.34 12693.53 -7.5 -22.2 17.7 Closing Arms† 0.94 2.21 -0.87 Chinese yuan
Block trades* 4,757 167 -1.10 Norwegian krone
S&P
-1.10 VangdTotIntlBd
500 Index 4157.69 4067.91 4123.34 -23.53 -0.57 4796.56 4063.04 -2.6 -13.5 12.0 Nasdaq NYSE Arca
-1.20 iShiBoxx$HYCp
MidCap 400 2505.60 2450.44 2480.95 -33.80 -1.34 2910.70 2480.95 -10.4 -12.7 7.9 Total volume*5,278,586,832 480,748,472 -1.23 VangdTotalBd
SmallCap 600 1222.14 1196.06 1208.75 -13.01 -1.07 1466.02 1208.75 -12.0 -13.8 6.9 Adv. volume*1,339,278,363 115,693,553 -1.25 Nasdaq-100
.
Decl. volume*3,914,406,183 363,716,864 -1.31 South African rand
Other Indexes
ly
Issues traded 4,929 1,731 -1.32 Russell 2000
Russell 2000 1867.73 1821.10 1839.56 -31.58 -1.69 2442.74 1839.56 -19.0 -18.1 4.4
Advances 1,177 302 -1.34 S&P 500 Consumer Staples
NYSE Composite 15652.61 15360.16 15566.56 -86.05 -0.55 17353.76 15566.56 -6.2 -9.3 6.3 Declines 3,524 1,413 -1.47 Comex gold
Value Line 586.18 571.13 577.87 -8.31 -1.42 696.40 577.87 -14.3 -14.0 1.6 Unchanged 228 16
NYSE Arca Biotech
NYSE Arca Pharma
KBW Bank
4665.55
824.57
113.56
4503.34
814.46
110.56
4533.15 -132.41 -2.84
822.81
112.50
-0.22
-1.20
-0.03
-1.06
on 6022.37
887.27
147.56
4533.15
714.12
110.06
-18.1
14.0
-15.3
-17.9
-0.5
-14.9
-1.8
11.8
3.3
New highs
New lows
Closing Arms†
24
1,095
0.98
32
692
0.59
-1.49
-1.53
-1.54
-1.57
Shanghai Composite
Swiss franc
Nasdaq Composite
Nymex ULSD
PHLX§ Gold/Silver 140.38 137.59 138.51 -1.97 -1.40 167.76 117.06 -11.4 4.6 26.3 Block trades* 25,636 1,851
us ,
-1.59 iShiBoxx$InvGrdCp
PHLX§ Oil Service 78.78 76.36 77.91 0.29 0.37 87.06 48.31 26.2 47.8 -5.1 -1.67 iSh 7-10 Treasury
l
* Primary market NYSE, NYSE American NYSE Arca only.

PHLX§ Semiconductor †(TRIN) A comparison of the number of advancing and declining
e
3044.82 2926.09 2982.06 -23.47 -0.78 4039.51 2851.15 -4.2 -24.4 24.5 -1.68 iShJPMUSEmgBd
al a
issues with the volume of shares rising and falling. An

Cboe Volatility 35.34 29.83 30.19 -1.01 -3.24 36.45 15.01 80.9 75.3 25.0 -1.88 KOSPI Composite
Arms of less than 1 indicates buying demand; above 1
Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. -1.88 UK pound
ci on
-2.08 FTSE 100

International Stock Indexes Percentage Gainers... -2.39 iSh TIPS Bond
Latest YTD Latest Session 52-Week
-2.54 BOVESPA Index
Region/Country Index Close Net chg % chg % chg Company Symbol Close Net chg % chg High Low % chg -3.00 DAX
World MSCI ACWI 643.67 –6.41 –0.99 –14.7 Arena Group Holdings AREN 15.00 4.55 43.54 19.58 6.60 -18.8 -3.04 Comex copper
er s
MSCI ACWI ex-USA 292.83 –4.31 –1.45 –15.0 Nuvectis Pharma NVCT 18.20 4.22 30.19 18.94 3.08 ... -3.05 IBEX 35
MSCI World 2762.21 –21.91 –0.79 –14.5 Vinco Ventures BBIG 3.29 0.72 28.02 12.49 1.94 41.2 -3.09 S&P/ASX 200
m er
MSCI Emerging Markets 1031.50 –27.22 –2.57 –16.3 Tabula Rasa HealthCare TRHC 4.10 0.88 27.33 53.38 2.77 -91.3 -3.09 Soybeans
Funko Cl A FNKO 21.22 4.50 26.91 27.20 15.28 -16.6 -3.10 Comex silver
Americas MSCI AC Americas 1573.11 –11.06 –0.70 –13.9
Canada S&P/TSX Comp 20633.28 –0.30 –2.8 Swvl Holdings SWVL 7.47 1.44 23.88 11.40 4.17 -23.4 -3.18 Corn
–62.89
Latin Amer. MSCI EM Latin America 2238.15 5.1
Forge Global FRGE 32.58 5.58 20.67 47.50 9.10 231.4 -3.20 FTSE MIB
–17.40 –0.77
m rp
Global Cord Blood CO 2.63 0.43 19.55 6.31 2.10 -49.0 -3.37 S&P 500 Consumer Discr
Brazil BOVESPA 105134.73 –169.46 –0.16 0.3
Closed DMC Global BOOM 25.41 4.11 19.30 63.50 18.74 -54.4 -3.65 S&P/BMV IPC
Chile S&P IPSA 3060.69 … 9.1
Radius Gl Infr Cl A RADI 14.71 2.21 17.68 18.79 11.70 -0.1 -3.78 S&P 500 Real Estate
Mexico S&P/BMV IPC 49541.81 –988.14 –1.96 –7.0
Sky Harbour Group SKYH 7.31 1.07 17.15 43.41 5.25 -27.3 -3.90 S&P BSE Sensex
EMEA STOXX Europe 600 429.91 –8.35 –1.91 –11.9
BellRing Brands BRBR 24.42 3.56 17.07 34.19 20.36 -6.1 -4.21 Euro STOXX
Eurozone Euro STOXX 407.65 –7.22 –1.74 –14.9
Udemy UDMY 12.54 1.79 16.65 32.62 9.66 ...
co Fo
Belgium 4021.28 –6.7

-4.22 CAC-40
Bel-20 –75.92 –1.85 Grid Dynamics Holdings GDYN 17.39 2.35 15.63 42.81 9.09 13.0
Denmark OMX Copenhagen 20 1693.29 –49.81 –2.86 –9.2 -4.55 STOXX Europe 600
PS UlSh Bloomberg Nat Gas KOLD 6.82 0.90 15.20 171.20 5.87 -95.9
France CAC 40 6258.36 –110.04 –1.73 –12.5 -4.84 iSh 20+ Treasury
Germany DAX 13674.29 –228.23 –1.64 –13.9 Percentage Losers -5.16 Hang Seng
Latest Session 52-Week *Continuous front-month contracts
Israel Tel Aviv 1936.56 … Closed –2.1
Company Symbol Close Net chg % chg High Low % chg
Italy FTSE MIB 23475.72 –283.99 –1.20 –14.2 Sources: FactSet (stock indexes, bond ETFs, commodities), Tullett Prebon (currencies).
Netherlands AEX 682.19 –14.00 –2.01 –14.5 Joint JYNT 17.41 -10.62 -37.89 111.06 14.09 -67.7 THE WALL STREET JOURNAL
Russia 1088.02 –31.8 Endo International ENDP 1.42 -0.60 -29.70 7.07 1.28 -74.8
RTS Index –31.90 –2.85
South Africa FTSE/JSE All-Share 67978.14 –1704.51 –2.45 –7.8
Meten Holding Group METX 1.95 -0.77 -28.18 50.10 1.60 -95.7 Methodology
Spain
Under Armour Cl C UA 9.85 -3.44 -25.88 23.00 9.67 -51.3 Performance reflects price change (except DAX, Bovespa, and Tel Aviv 35, which
IBEX 35 8322.00 –112.70 –1.34 –4.5
Under Armour A UAA 10.89 -3.40 -23.79 27.28 10.39 -55.5 reflect total returns). Commodities are represented by the continuous front-month
Sweden OMX Stockholm 793.71 –14.49 –1.79 –23.5 futures contract. Bond exchange-traded fund performance may diverge from that of
Switzerland Swiss Market 11730.42 –146.85 –1.24 –8.9 SAI.TECH Global SAI 5.25 -1.53 -22.57 12.60 4.85 ... their underlying index. Bond categories are represented by the following ETFs: U.S.
Turkey BIST 100 2458.72 –0.31 32.4 Guardant Health GH 39.32 -11.40 -22.48 137.84 36.33 -71.0 Bonds Total Market: Vanguard Total Bond Market; 1-3 Yr U.S. Treasurys: iShares 1-3
n-
–7.54
fuboTV FUBO 3.25 -0.87 -21.12 35.10 2.87 -81.1 Year Treasury; U.S. 7-10 Yr Treasurys: iShares 7-10 Year Treasury; 20+ Yr U.S.
U.K. FTSE 100 7387.94 –115.33 –1.54 0.05 Treasurys: iShares 20+ Year Treasury; Treasury Inflation-Protected Securities (TIPS):
U.K. FTSE 250 19819.67 –270.29 –1.35 –15.6 Bill.com Holdings BILL 121.00 -31.24 -20.52 348.50 109.09 -21.5 iShares TIPS; Investment Grade Corporate Bonds: iShares iBoxx $ Investment Grade
Austin Gold AUST 2.96 -0.76 -20.43 29.00 2.88 ... Corporate; High Yield Corporate Bonds: iShares iBoxx $ High Yield Corporate; Municipal
Asia-Pacific MSCI AC Asia Pacific 164.19 –2.92 –1.75 –15.0 Bonds: iShares National Muni; International Bonds: Vanguard Total International;
Bloom Energy BE 15.13 -3.84 -20.24 37.01 12.55 -34.9
no
Australia S&P/ASX 200 7205.60 –159.10 –2.16 –3.2 Emerging Market Bonds: iShares J.P. Morgan USD Emerging Markets.
Zai Lab ADR ZLAB 28.55 -7.23 -20.21 181.92 25.74 -81.9
China Shanghai Composite 3001.56 –66.20 –2.16 –17.5
Remitly Global RELY 8.30 -2.09 -20.12 53.65 7.93 ...
Hong Kong Hang Seng 20001.96 –791.44 –3.81 –14.5
Bandwidth Cl A BAND 21.41 -5.33 -19.93 145.97 21.11 -83.0 See an expanded year-to-date and current quarter
India S&P BSE Sensex 54835.58 –866.65 –1.56 –5.9
Better Therapeutics BTTX 1.88 -0.46 -19.66 29.40 0.91 -81.0 list of selected global stock indexes, bond ETFs, currencies
Japan NIKKEI 225 27003.56 185.03 0.69 –6.2
Singapore Straits Times 3291.89 –51.68 –1.55 5.4 Most Active Stocks and commodities at
South Korea KOSPI 2644.51 –33.06 –1.23 –11.2 Volume % chg from Latest Session 52-Week wsj.com/graphics/track-the-markets
Company Symbol (000) 65-day avg Close % chg High Low
Taiwan TAIEX 16408.20 –287.92 –1.72 –9.9
Thailand SET 1629.58 –13.72 –0.83 –1.7 ProShares UltraPro QQQ TQQQ 232,887 99.2 34.61 -3.49 91.68 33.10
Sources: FactSet; Dow Jones Market Data ProSh UltraPro Shrt QQQ SQQQ 200,147 100.0 49.81 3.88 65.85 28.15
SPDR S&P 500 SPY 149,528 39.1 411.34 -0.60 479.98 404.00 Currencies
Scan this code to get real-time U.S. stock quotes Advanced Micro Devices AMD 144,136 34.7 95.34 1.57 164.46 72.50
and track most-active stocks, new highs/lows Invesco QQQ Trust I QQQ 138,763 76.8 309.25 -1.20 408.71 305.11 U.S.-dollar foreign-exchange rates in late New York trading
US$vs, US$vs,
and mutual funds. * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
Fri YTDchg Fri YTDchg
Available free at WSJMarkets.com 5,000 shares =Has traded fewer than 65 days Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004356 22957 0.4
Argentina peso .0086116.2500 13.2 Europe
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race Brazil real .1968 5.0816 –8.8 Czech Rep. koruna .04215 23.726 8.4
Selected rates
and
Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .7754 1.2897 2.0 Denmark krone .1418 7.0546 7.9
U.S. consumer rates notes and bonds major U.S. trading partners Chile peso .001164 858.99 0.8 Euro area euro 1.0548 .9481 7.8
Colombiapeso .000247 4049.50 –0.4 Hungary forint .002762 362.04 11.5
A consumer rate against its New car loan Ecuador US dollar Iceland krona
1 1 unch .007594 131.69 1.5
benchmark over the past year Tradeweb ICE 3.50% Mexico peso .0496 20.1539 –1.7 Norway krone .1054 9.4846 7.7
Bankrate.com avg†: 4.34% Friday Close 20%
Uruguay peso .02405 41.5750 –7.0 Poland zloty .2238 4.4675 10.9
t
First Command Bank 2.74% 2.80

WSJ Dollar Index Asia-Pacific Russia ruble .01449 69.000 –7.7
4.20% Fort Worth, TX 888-763-7600 10
2.10
s Sweden krona .1006 9.9411 9.8
Euro Australian dollar .7077 1.4130 2.7
First Savings Bank of Hegewisch 3.00%
s Switzerland franc 1.0114 .9887 8.4
t
New car loan 3.90 0 China yuan .1500 6.6665 4.9

1.40 Turkey lira .0669 14.9494 12.2
Chicago, IL 773-646-4200 Hong Kong dollar .1274 7.8499 0.7
One Ukraine hryvnia .0331 30.2500 10.6
t
India rupee .01299 76.954 3.3

3.60 Cambridge Savings Bank 3.24% year ago 0.70 –10 UK pound 1.2340 .8104 9.6
Indonesia rupiah .0000690 14497 1.7
Prime rate Cambridge, MA 888-418-5626 Yen
s
Japan yen .007661 130.54 13.4 Middle East/Africa

t 3.30 0.00 –20
Frost Bank 3.74% Kazakhstan tenge .002276 439.29 1.0 Bahrain dinar 2.6522 .3771 0.03
Houston, TX 800-513-7678 1 3 6 1 2 3 5 7 10 20 30 2021 2022 Macau pataca .1236 8.0910 0.7 Egypt pound .0541 18.4813 17.6
3.00 month(s) years Malaysia ringgit .2288 4.3700 4.9 Israel shekel .2940 3.4019 9.4
M J J A S O N D J F M AM Third Coast Bank, SSB 3.75%
maturity New Zealand dollar .6407 1.5608 6.7 Kuwait dinar 3.2594 .3068 1.4
2021 2022 Humble, TX 281-446-7000 Pakistan rupee .00537 186.360 5.8 Oman sul rial 2.5971 .3850 0.01
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0191 52.413 2.8 Qatar rial .2746 3.641 –0.02
Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7216 1.3859 2.8 Saudi Arabia riyal .2666 3.7509 –0.1
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0007874 1270.04 6.8 South Africa rand .0624 16.0206 0.5
Sri Lanka rupee .0027778 360.00 77.4
Federal-funds rate target 0.75-1.00 0.25-0.50 0.00 l 1.00 -1.50 Yield (%) 52-Week Total Return (%) Taiwan dollar .03369 29.680 7.1 Close Net Chg % Chg YTD%Chg
Prime rate* 4.00 3.50 3.25 l 4.00 -1.50 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .02912 34.340 3.3 WSJ Dollar Index 96.04 0.15 0.16 7.24
Libor, 3-month 1.40 1.33 0.11 l 1.41 -1.16
U.S. Treasury, Bloomberg 2160.230 3.020 2.880 3.020 0.780 –8.755 0.003 Sources: Tullett Prebon, Dow Jones Market Data
Money market, annual yield 0.08 0.08 0.07 l 0.08 -0.57
0.84 0.41 l -1.17 U.S. Treasury Long, Bloomberg 3484.140 3.370 3.100 3.370 1.720 –16.829 –0.958
Five-year CD, annual yield
30-year mortgage, fixed† 5.47
0.76
5.50 3.00 l
0.84
5.58 1.27 Aggregate, Bloomberg 2007.770 3.610 3.480 3.610 1.340 –9.776 –0.019
Commodities Friday 52-Week YTD
15-year mortgage, fixed† 4.75 4.74 2.28 l 4.76 1.08
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
Fixed-Rate MBS, Bloomberg 1996.300 3.700 3.590 3.700 1.590 –9.580 –0.984
Jumbo mortgages, $647,200-plus† 5.45 5.48 3.03 l 5.59 1.06 DJ Commodity 1206.91 -12.46 -1.02 1264.48 853.12 34.18 27.55
High Yield 100, ICE BofA 3151.906 6.886 6.992 7.438 3.162 –6.886 1.269
Five-year adj mortgage (ARM)† 3.73 3.60 2.82 l 3.74 -0.66 Refinitiv/CC CRB Index 311.32 -2.54 -0.81 315.95 200.00 50.42 33.97
New-car loan, 48-month 4.34 4.31 3.41 l 4.34 -0.42 Muni Master, ICE BofA 548.707 3.063 2.913 3.063 0.687 –8.265 0.178 Crude oil, $ per barrel 109.77 1.51 1.39 123.70 62.05 69.14 45.95
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan 777.085 7.013 6.780 7.013 4.516 –14.874 –1.952 Natural gas, $/MMBtu 8.043 -0.740 -8.43 8.783 2.886 171.91 115.63
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
Gold, $ per troy oz. 1881.20 7.20 0.38 2040.10 1721.50 2.74 2.94
MARKET DATA
Futures Contracts Open
Contract
High hilo Low Settle Chg
Open
interest Open
Contract
Open
interest Open
Contract
Open
interest
Metal & Petroleum Futures July 796.25 796.75 776.50 784.75 –12.75 649,679 Oct 18.99 19.29 18.71 19.26 .35 181,627 June .7690 .7696 .7653 .7666 –.0012 249,984
Oats (CBT)-5,000 bu.; cents per bu. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Canadian Dollar (CME)-CAD 100,000; $ per CAD
Contract Open 36.50 –.10 875
May 657.50 –32.00 2 July May .7761 .7803 .7745 .7749 –.0030 654
Open High hi lo Low Settle Chg interest
July 657.50 670.00 622.25 627.50 –32.00 2,046 Sept 36.40 –.10 2,320 June .7790 .7803 .7743 .7747 –.0029 137,005
Copper-High (CMX)-25,000 lbs.; $ per lb. Soybeans (CBT)-5,000 bu.; cents per bu. Cotton (ICE-US)-50,000 lbs.; cents per lb.
May 4.2930 4.2990 4.2300 4.2615 –0.0235 4,285
British Pound (CME)-£62,500; $ per £
May 1671.00 1674.00 1654.00 1655.50 –23.00 1,314 May 146.87 –5.15 18 May 1.2354 1.2379 t 1.2277 1.2332 –.0018 924
July 4.2905 4.3190 4.2350 4.2670 –0.0245 111,503
July 1649.50 1650.00 1618.00 1622.00 –25.00 322,216 July 148.22 148.72 143.36 143.61 –5.15 94,685 June 1.2355 1.2380 t 1.2276 1.2331 –.0019 269,897
Gold (CMX)-100 troy oz.; $ per troy oz.
May 1874.70 1890.30 1871.50 1881.20 7.20 956
Soybean Meal (CBT)-100 tons; $ per ton. Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Swiss Franc (CME)-CHF 125,000; $ per CHF
May 423.40 –3.50 591 May 190.15 2.85 688
June 1877.50 1894.00 1865.00 1882.80 7.10 414,880 June 1.0170 t 1.0126
1.0194 1.0138 –.0003 49,992
July 1873.10 1892.00 1873.10 1886.20 7.20 159 July 420.00 421.00 412.70 413.60 –6.30 180,834 July 173.60 179.65 173.60 176.15 2.85 9,751
Sept 1.0232 t 1.0196
1.0260 1.0207 –.0003 234
Aug 1884.50 1900.80 1872.40 1890.20 7.20 106,103 Soybean Oil (CBT)-60,000 lbs.; cents per lb.
May 85.20 86.81 85.20 88.40 1.90 199
Australian Dollar (CME)-AUD 100,000; $ per AUD
Oct 1886.40 1908.40 1882.20 1897.70 7.00 13,086 Interest Rate Futures May .7124 .7136 .7060 .7076 –.0017 184
Dec 1895.60 1916.80 1889.30 1906.10 6.60 31,152 July 81.87 81.93 79.85 80.90 –.95 159,882
Palladium (NYM) - 50 troy oz.; $ per troy oz. Rough Rice (CBT)-2,000 cwt.; $ per cwt. Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% June .7117 .7139 .7062 .7079 –.0018 146,340
May 2021.20 –154.10 1 May 16.72 16.72 16.72 16.62 –.08 6 June 154-170 154-250 151-13 151-190 –2-00.0 1,269,382 Mexican Peso (CME)-MXN 500,000; $ per MXN
June 2179.00 2182.00 1980.00 2023.20 –154.20 5,586 July 17.07 17.19 16.95 17.00 –.08 7,822 Sept 150-260 –1-31.0 8 May .04959 .00043 10
Platinum (NYM)-50 troy oz.; $ per troy oz. Wheat (CBT)-5,000 bu.; cents per bu. Treasury Bonds (CBT)-$100,000; pts 32nds of 100% June .04909 .04950 .04894 .04934 .00044 152,781
May 979.50 979.50 979.50 954.60 –17.20 161 May 1097.00 1.00 407 June 137-230 137-290 136-04 136-100 –31.0 1,175,329 Euro (CME)-€125,000; $ per €
July 973.10 974.70 941.00 956.00 –17.40 56,265 Sept 135-110 –1-00.0 21,009 1.0542 1.0602 1.0487 1.0551 .0031 1,712
July 1102.00 1127.50 1087.75 1108.50 2.00 175,570 May
Silver (CMX)-5,000 troy oz.; $ per troy oz. Wheat (KC)-5,000 bu.; cents per bu. Treasury Notes (CBT)-$100,000; pts 32nds of 100% June 1.0556 1.0615 1.0499 1.0563 .0031 687,678
May 22.280 22.485 22.090 22.325 –0.075 2,882 June 118-060 118-095 117-195 117-255 –8.5 3,660,701
May 1159.25 –6.50 24
July 22.520 22.665 22.110 22.367 –0.076 114,374 Sept 117-055 –9.0 31,343
July 1173.25 1189.25 1154.00 1170.50 –6.50 97,274 Index Futures
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Cattle-Feeder (CME)-50,000 lbs.; cents per lb. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
June 108.70 111.18 107.24 109.77 1.51 255,911 June 112-095 112-162 112-007 112-072 –1.2 3,830,653 Mini DJ Industrial Average (CBT)-$5 x index
May 160.325 161.100 159.100 159.550 –.775 4,358
July 107.07 109.53 105.72 108.33 1.59 194,886 Sept 111-232 –2.5 13,512 June 32933 32966 32376 32809 –101 80,140
Aug 174.625 176.025 174.225 174.700 .325 24,683
Sept 103.11 105.35 101.85 104.45 1.61 111,422
Cattle-Live (CME)-40,000 lbs.; cents per lb. 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Sept 32897 32947 32385 32804 –104 724
Dec 97.41 99.35 96.28 98.73 1.42 251,646 June 105-121 105-177 105-100 105-143 2.5 2,227,520
June 133.925 134.050 132.625 132.750 –1.025 112,621 Mini S&P 500 (CME)-$50 x index
June'23 89.66 90.63 88.48 90.20 0.79 124,248 Sept 105-005 2.4 2,318
Aug 136.000 136.175 135.075 135.350 –.675 97,710 June 4146.50 4153.25 4062.00 4119.50 –23.75 2,154,373
Dec 84.45 85.19 83.41 84.77 0.53 130,617 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
Hogs-Lean (CME)-40,000 lbs.; cents per lb. Sept 4148.75 4156.50 4065.75 4123.00 –24.00 20,577
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. May 99.2325 99.2325 99.2275 99.2325 .0025 364,108
June 4.0573 4.0966 3.9076 3.9543 –.0870 59,123 May 102.500 102.850 101.700 102.200 –.600 1,797 Mini S&P Midcap 400 (CME)-$100 x index
July 98.5450 98.5650 98.5300 98.5600 .0050 317,517
July 3.8345 3.8618 3.7396 3.7888 –.0316 49,854 June 106.675 106.725 103.700 104.100 –2.975 67,085 June 2510.60 2515.30 t 2441.90 2475.50 –33.70 55,798
10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% 2483.30 –33.70 3
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. June 85-035 –11.5 13,382
Sept
June 3.6700 3.8220 s 3.6334 3.7590 .1003 106,385 May 990.00 1005.00 985.00 1000.10 –19.90 340
Three-Month SOFR (CME)-$1,000,000; 100 - daily avg. Mini Nasdaq 100 (CME)-$20 x index
July 3.6009 3.7106 s 3.5573 3.6610 .0810 64,632 July 853.10 853.10 824.90 827.10 –46.80 1,670 June 12883.25 12928.75 t 12519.00 12695.75 –162.25 235,415
March 99.4875 99.4925 99.4875 99.4925 .0050 528,377
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Milk (CME)-200,000 lbs., cents per lb. June'23 96.6650 96.7650 96.6200 96.6950 .0300 643,619
Sept 12888.00 12961.25 t 12557.50 12730.00 –164.50 2,818
June 8.843 8.996 s 7.957 8.043 –.740 118,206 May 24.92 25.05 24.92 25.01 .07 5,525 Mini Russell 2000 (CME)-$50 x index
July 8.896 9.052 s 8.039 8.128 –.713 173,911
Eurodollar (CME)-$1,000,000; pts of 100%
June 24.40 24.55 24.24 24.46 –.20 5,057 May 98.4825 98.5025 98.4600 98.5025 .0125 128,868 June 1873.80 t 1815.30 1836.60 –31.50 502,628
1876.40
Sept 8.821 8.954 s 7.991 8.068 –.705 85,161 Cocoa (ICE-US)-10 metric tons; $ per ton. Sept 1864.00 t 1818.00 1837.40 –32.20
1876.40 454
Oct 8.790 8.952 s 7.986 8.069 –.698 97,685 Sept 97.3100 97.3650 97.2800 97.3500 .0500 1,005,309
May 2,500 –19 45 Dec 96.7900 96.8450 96.7450 96.8200 .0450 1,369,158 Mini Russell 1000 (CME)-$50 x index
Jan'23 9.071 9.235 s 8.289 8.380 –.673 64,480 2,511 t 2,514
2,459 2,492 –19 105,322
July Dec'23 96.5500 96.6500 96.4950 96.5900 .0350 1,184,134 June 2258.80 2283.20 t 2232.10 2263.00 –15.90 13,428
May 4.888 4.953 s 4.675 4.742 –.130 61,462
Coffee (ICE-US)-37,500 lbs.; cents per lb. U.S. Dollar Index (ICE-US)-$1,000 x index
May 214.55 214.55 211.45 211.60 –6.80 119 June 103.61 104.11 s 103.24 103.69 –.11 54,337
Agriculture Futures Currency Futures
July 216.30 216.50 210.00 210.45 –6.80 96,666 Sept 103.38 103.84 s 103.10 103.49 –.07 531
Corn (CBT)-5,000 bu.; cents per bu. Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Japanese Yen (CME)-¥12,500,000; $ per 100¥
May 800.00 800.00 784.25 792.25 –11.50 3,361 July 18.84 19.21 18.57 19.16 .38 356,214 May .7683 .7688 .7648 .7660 –.0011 532
Source: FactSet
Exchange-Traded Portfolios | WSJ.com/ETFresearch Bonds | wsj.com/market-data/bonds/benchmarks

Closing Chg YTD
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) Global Government Bonds: Mapping Yields
iShRussellMCValue IWS 112.62 –0.79 –8.0
Friday, May 6, 2022 Closing Chg YTD
ETF Symbol Price (%) (%) iShRussell1000 IWB 226.66 –0.73 –14.3 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Closing Chg YTD iShS&P500Growth IVW 66.20 –0.84 –20.9
ETF Symbol Price (%) (%) iShCoreUSAggBd AGG 101.57 –0.42 –11.0 iShS&P500Value IVE 148.78 –0.33 –5.0 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
CnsmrDiscSelSector XLY 158.15 –1.27 –22.6 iShSelectDividend DVY 126.53 0.36 3.2 iShShortTreaBd SHV 110.19 0.03 –0.2
iShESGAwareUSA ESGU 91.61 –0.72 –15.1 iShSilver SLV 20.66 –0.58 –4.0 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
CnsStapleSelSector XLP 76.72 0.10 –0.5
iShEdgeMSCIMinUSA USMV 72.75 –0.56 –10.1 iShTIPSBondETF TIP 118.18 –0.26 –8.5 Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
DimenUSCoreEq2 DFAC 25.46 –0.66 –12.1
iShEdgeMSCIUSAQual QUAL 122.32 –1.11 –16.0
EnSelectSectorSPDR XLE 82.92 2.98 49.4
iShGoldTr IAU 35.74 0.20 2.7
iSh1-3YTreasuryBd SHY 82.88 –0.01 –3.1 2.500 U.S. 2 2.696 t l 2.722 2.500 0.155
FinSelSectorSPDR XLF 34.74 –0.71 –11.0 iSh7-10YTreasuryBd IEF 101.09 –0.57 –12.1
110.81 –0.85 –16.4 1.875 10 3.124 s l 3.066 2.606 1.561
.
iShiBoxx$InvGrCpBd LQD iSh20+YTreasuryBd TLT 113.67 –1.47 –23.3
HealthCareSelSect XLV 129.78 –0.31 –7.9
iShJPMUSDEmgBd EMB 89.35 –1.35 –18.1 iShUSTreasuryBdETF GOVT 23.83 –0.38 –10.7
IndSelSectorSPDR XLI 95.52 –0.68 –9.7 2.750 Australia 2 2.767 s l 2.726 2.139 0.100 9.1 10.0 -6.0
ly
iShMBSETF MBB 97.03 –0.17 –9.7 JPM UltShtIncm JPST 50.17 –0.02 –0.6
InvscQQQI QQQ 309.25 –1.20 –22.3 iShMSCI ACWI ACWI 90.63 –0.99 –14.3
InvscS&P500EW RSP 147.25 –0.92 –9.5 iShMSCI EAFE EFA 67.27 –0.97 –14.5
ProShUltPrQQQ TQQQ 34.61 –3.49 –58.4 1.000 10 3.470 s l 3.393 2.938 1.651 40.4 32.5 8.3
iShCoreDivGrowth DGRO 50.81 –0.31 –8.6 SPDRBlm1-3MTB BIL 91.44 ... 0.01
iShMSCIEmgMarkets EEM 40.93 –1.37 –16.2
iShCoreMSCIEAFE IEFA 63.37 –1.05 –15.1 iShMSCIEAFEValue EFV 47.33 –0.48 –6.1
SPDR Gold GLD 175.42 0.17 2.6 0.000 France 2 0.337 s l 0.281 0.036 -0.643 -236.0 -244.1 -80.4
iShCoreMSCIEM IEMG 50.58 –1.17 –15.5 SPDRS&P500Value SPYV 39.93 –0.25 –4.9
iShNatlMuniBd MUB 105.80 –0.31 –9.0
SPDRPtfS&P500 SPLG 48.40 –0.53 –13.3 0.000 10 1.675 s l 1.568 1.185 0.142 -144.9 -150.0 -142.6
iShCoreMSCITotInt
iShCoreS&P500
iShCoreS&P MC
iShCoreS&P SC
iShS&PTotlUSStkMkt
iShCoreTotalUSDBd
IXUS
IVV
IJH
IJR
ITOT
IUSB
60.69
413.21
247.36
99.01
91.34
47.03
–1.12
–0.54
–1.33
–1.07
–0.80
–0.34
–14.4
–13.4
–12.6
–13.5
–14.6
–11.1
iSh1-5YIGCorpBd
iShPfd&Incm
iShRussell1000Gwth
iShRussell1000Val
iShRussell2000
iShRussellMid-Cap
IGSB
PFF
IWF
IWD
IWM
IWR
50.79
33.14
239.94
157.56
182.58
71.26
on
–0.14
–1.07
–1.13
–0.28
–1.66
–1.37
–5.7
–16.0
–21.5
–6.2
–17.9
–14.2
SchwabIntEquity
SchwabUS BrdMkt
SchwabUS Div
SchwabUS LC
SchwabUS LC Grw
SchwabUS SC
SCHF
SCHB
SCHD
SCHX
SCHG
SCHA
33.62
48.28
77.03
48.75
63.63
42.51
–0.91
–0.74
0.23
–0.69
–1.21
–1.71
–13.5
–14.6
–4.7
–14.3
–22.3
–17.0
0.000
0.000
0.000
Germany 2
10
Italy 2
0.319 s
1.135 s
1.083 s
l
l
l
0.291
1.048
0.969
-0.038
0.649
0.422
-0.686
-0.220
-0.287
-235.7
-193.2
-159.3
-233.5
-202.0
-165.7
-84.7
-178.8
-44.8
Schwab US TIPs SCHP 57.83 –0.29 –8.0 0.950 10 3.153 s l 3.024 2.323 0.920 8.6 -4.4 -64.8
us ,
SPDR DJIA Tr DIA 329.07 –0.35 –9.4

0.005 Japan 2 -0.045 s l -0.047 -0.035 -0.127 -272.1 -267.3 -28.8
Borrowing Benchmarks | WSJ.com/bonds
l
SPDR S&PMdCpTr MDY 452.34 –1.33 –12.6

SPDR S&P 500 SPY 411.34 –0.60 –13.4
0.200 10 0.245 s l 0.230 0.245 0.090 -282.1 -283.8 -147.8
e
al a
SPDR S&P Div SDY 125.27 –0.14 –3.0

TechSelectSector XLK 140.57 –0.80 –19.2 0.000 Spain 2 0.785 s l 0.670 0.318 -0.507 -189.1 -195.6 -66.8
Money Rates May 6, 2022 UtilitiesSelSector XLU 72.21 0.80 0.9
0.700 10 2.257 s l 2.112 1.667 0.453 -95.6 -111.5
VanEckGoldMin GDX 34.24 –1.13 6.9 -81.0
ci on
VangdInfoTech VGT 362.75 –1.09 –20.8

Key annual interest rates paid to borrow or lend money in U.S. and VangdSC Val VBR 165.24 –1.04 –7.6 0.125 U.K. 2 1.501 t l 1.544 1.475 0.046 -117.5 -108.2 -11.4
international markets. Rates below are a guide to general levels but VangdExtMkt VXF 144.26 –2.14 –21.1
4.250 10 1.998 s l 1.967 1.710 0.795 -106.9 -110.1 -77.3
VangdSC Grwth VBK 213.82 –2.24 –24.1
don’t always represent actual transactions. VangdDivApp VIG 152.98 –0.57 –10.9
Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
VangdFTSEDevMk VEA 43.89 –0.90 –14.0
Week —52-WEEK—
Inflation Latest ago High Low
VangdFTSE EM VWO 41.93 –1.36 –15.2
March index Chg From (%) VangdFTSE Europe VGK 56.73 –1.53 –16.9
Corporate Debt
er s
VangdFTSEAWxUS VEU 52.66 –1.05 –14.1

level Feb. '22March '21 Switzerland 0.00 0.00 0.00 0.00
Britain 1.00 0.75 1.00 0.10
VangdGrowth VUG 245.40 –1.37 –23.5 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
VangdHlthCr VHT 237.34 –0.69 –10.9
U.S. consumer price index Australia 0.35 0.10 0.35 0.10 VangdHiDiv VYM 109.52 0.10 –2.3 expectations
m er
VangdIntrCorpBd VCIT 80.70 –0.57 –13.0

All items 287.504 1.34 8.5
VangdLC VV 188.23 –0.64 –14.8 Investment-grade spreads that tightened the most…
Core 289.305 0.43 6.5 Secondary market VangdMC VO 216.25 –1.30 –15.1 Spread*, in basis points
VangdMC Val VOE 143.31 –0.34 –4.7 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Fannie Mae VangdMBS VMBS 47.62 –0.29 –9.9
International rates –15
30-year mortgage yields VangdRealEst VNQ 99.90 –1.19 –13.9 Athene Global Funding … 1.716 4.13 Jan. 7, ’25 122 140
m rp
VangdS&P500ETF VOO 378.10 –0.63 –13.4

Week 52-Week 30 days 4.952 4.669 4.952 2.216 VangdST Bond BSV 76.85 –0.14 –4.9 Lloyds Banking LLOYDS 4.450 4.00 May 8, ’25 107 –14 121
Latest ago High Low 60 days 5.047 4.735 5.047 2.261 VangdSTCpBd VCSH 76.67 –0.18 –5.6
VangdShtTmInfltn VTIP 50.53 0.14 –1.7 Citigroup C 4.125 4.53 July 25, ’28 152 –11 172
Notes on data:
Prime rates VangdShortTermTrea VGSH 58.92 –0.05 –3.1
Royal Bank of Canada RY 0.750 3.36 Oct. 7, ’24 68 –8 n.a.
U.S. prime rate is the base rate on corporate VangdSC VB 193.00 –1.54 –14.6
U.S. 4.00 3.50 4.00 3.25 loans posted by at least 70% of the 10 largest VangdTaxExemptBd VTEB 49.66 –0.22 –9.6
U.S. banks, and is effective May 5, 2022. Other Svenska Handelsbanken SHBASS 0.550 3.31 June 11, ’24 62 –7 63
Canada 3.20 3.20 3.20 2.45 VangdTotalBd BND 75.25 –0.42 –11.2
prime rates aren’t directly comparable; lending VangdTotIntlBd 50.27 –0.57 –8.9 –7
Japan 1.475 1.475 1.475 1.475 BNDX Sumitomo Mitsui Financial SUMIBK 2.448 3.66 Sept. 27, ’24 94 n.a.
co Fo
practices vary widely by location. Complete VangdTotIntlStk VXUS 54.59 –1.03 –14.1
Money Rates table appears Monday through VangdTotalStk VTI 205.95 –0.80 –14.7 Unilever Capital UNANA 2.000 3.39 July 28, ’26 38 –6 n.a.
Policy Rates Friday. VangdTotlWrld VT 91.94 –0.99 –14.4
Euro zone 0.00 0.00 0.00 0.00 Sources: Bureau of Labor Statistics; FactSet VangdValue VTV 142.50 –0.05 –3.1 Bank of America BAC 3.950 3.95 April 21, ’25 107 –5 115
…And spreads that widened the most

Dividend Changes Morgan Stanley MS 3.700 3.59 Oct. 23, ’24 86 17 87
Citigroup C 4.400 4.11 June 10, ’25 121 16 129
Amount Payable / Amount Payable /
Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record NatWest Markets NWG 0.800 3.76 Aug. 12, ’24 107 15 97
Increased BPP 5.75% Pfd. 3 Cl A BPYPN 7.3 .35938 Q Jun30 /Jun01 Deutsche Bank DB 1.686 4.28 March 19, ’26 125 11 n.a.
Barings BDC BBDC 8.6 .24 /.23 Q Jun15 /Jun08 BrightSphere Invt Group BSIG 0.2 .01 Q Jun24 /Jun10
Brigham Minerals MNRL 2.2 .16 /.14 Q May27 /May20 Brookfield Infrastructure BIP 3.5 .36 Q Jun30 /May31 Goldman Sachs GS 6.750 5.41 Oct. 1, ’37 233 11 235
Chesapeake Energy CHK 2.1 .50 /.4375 Q Jun02 /May19 Brookfield Prop 6.5% Pfd. BPYPP 7.5 .40625 Q Jun30 /Jun01 Delta Air Lines DAL 7.000 4.37 May 1, ’25 148 10 150
Chesapeake Utilities CPK 1.7 .535 /.48 Q Jul05 /Jun15 Brookfield Prop Pfd. 2 A BPYPO 7.7 .39844 Q Jun30 /Jun01
Clearway Energy Cl A CWEN.A 4.4 .3536 /.3468 Q Jun15 /Jun01 Canadian Natural Res 3.7 .5844 Jul05 /Jun17 JPMorgan Chase JPM 4.250 4.36 Oct. 1, ’27 136 9 143
n-
CNQ Q
Clearway Energy Cl C CWEN 4.2 .3536 /.3468 Q Jun15 /Jun01 Franco-Nevada FNV 0.9 .32 Q Jun30 /Jun16 Barrick Gold ABXCN 5.250 5.14 April 1, ’42 170 8 169
Enviva EVA 4.5 .905 /.86 Q May27 /May16 Gerdau ADR GGB 0.4 .116 Q Jun02 /May18
Falcon Minerals FLMN 8.5 .18 /.145 Q May31 /May18
Genco Shipping & Trading GNK 14.0 .79 /.67 Q May24 /May16
Gildan Activewear GIL 2.2 .169 Q Jun20 /May26 High-yield issues with the biggest price increases…
Open Text OTEX 2.3 .2209 Q Jun24 /Jun03 Bond Price as % of face value
Natural Resource Partners NRP 6.0 .75 /.45 Q May24 /May17
Perrigo PRGO 3.2 .26 Q Jun21 /Jun03
no
Oaktree Specialty Lending OCSL 8.6 .165 /.16 Q Jun30 /Jun15 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
PennantPark Inv PNNT 7.9 .145 /.14 Q Jul01 /Jun17 SiriusPoint 8% Pfd. B SPNTpB 7.6 .50 Q May31 /May16
Sprott SII 2.2 .25 Q May31 /May16 Owens–Brockway Glass Container … 5.875 4.94 Aug. 15, ’23 101.125 0.50 101.528
RLI Corp RLI 0.9 .26 /.25 Q Jun21 /May31
Ryerson Holding RYI 1.5 .125 /.10 Q Jun16 /Jun02 Textainer Group Holdings TGH 3.0 .25 Q Jun15 /Jun03
Tetra Tech TTEK 0.7 .23 /.20 Q May27 /May13 Textainer Group Pfd A TGHpA 7.0 .4375 Q Jun15 /Jun03 …And with the biggest price decreases
UGI UGI 3.7 .36 /.345 Q Jul01 /Jun15 Textainer Grp Pfd. B TGHpB 7.0 .39063 Q Jun15 /Jun03
Vistra VST 2.7 .177 /.17 Q Jun30 /Jun22 Dish DBS … 7.750 11.30 July 1, ’26 88.485 –5.64 94.188
Special
Reduced American Financial Group AFG 1.5 8.00 May27 /May20 Embarq … 7.995 9.83 June 1, ’36 86.172 –2.45 89.250
Sturm Ruger RGR 5.1 .68 /.86 Q May31 /May16 Berry (bry) BRY 2.2 .13 Jun15 /May16 Venture Global Calcasieu Pass VENTGL 4.125 5.59 Aug. 15, ’31 89.547 –2.18 92.000
Initial Brigham Minerals MNRL 2.2 .44 May27 /May20
Nordstrom JWN 6.950 6.82 March 15, ’28 100.595 –1.91 102.500
Alpha Metallurgical Rscs AMR 0.9 .375 Jul01 /Jun15 Chesapeake Energy CHK 2.1 1.84 Jun02 /May19
Civitas Resources CIVI 2.9 .90 Jun29 /Jun15 Occidental Petroleum OXY 6.450 5.83 Sept. 15, ’36 106.000 –1.75 108.659
Stocks EOG Resources EOG 2.3 1.80 Jun30 /Jun15
Brookfield Infrastructure BIPC 3:2 /Jun13 Telecom Italia Capital TITIM 7.200 8.92 July 18, ’36 86.297 –1.70 n.a.
Northeast Community Bncp NECB 6.6 .18 May31 /May16
Brookfield Infrastructure BIP 3:2 /Jun13 –1.57
Evofem Biosciences EVFM 1:15 /May06 SIGA Technologies SIGA ... .45 Jun02 /May17 Prime Security Services Borrower PRSESE 5.750 7.14 April 15, ’26 95.303 96.306
Meten Holding Group METX 1:30 /May06 Texas Pacific Land TPL 0.8 20.00 Jun15 /Jun08 Nokia Oyj NOKIA 6.625 5.70 May 15, ’39 109.970 –1.51 115.500
Sources: FactSet; Dow Jones Market Data
Foreign *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.
Argo Group Intl Pfd A ARGOpA 7.1 .4375 Q Jun15 /May31 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; Note: Data are for the most active issue of bonds with maturities of two years or more
BCE Inc BCE 5.4 .7168 Q Jul15 /Jun15 S2:1: stock split and ratio; SO: spin-off. Source: MarketAxess
New Highs and Lows Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
AlerisLife ALR 1.36 -11.0 AptevoTherap APVO 3.94 -1.0 AvidityBio RNA 13.35 -5.0 BirdGlobalWt BRDS.WS 0.24 -7.7 CaesarsEnt CZR 59.30 -4.8 ChromaDex CDXC 1.76 -3.3 CorMedix CRMD 3.20 -1.8
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE Alexanders ALX 240.13 -1.0 ApyxMedical APYX 3.39 -4.2 AvitaMedical RCEL 5.67 -7.0 BirdGlobal BRDS 1.43 -7.1 Caesarstone CSTE 8.67 -4.7 ChurchillVI Wt CCVI.WS 0.40 -19.3 CorsairGaming CRSR 14.12 0.7
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low Alight ALIT 8.06 -4.8 AquestiveTherap AQST 1.17 -4.7 AxonEnterprise AXON 94.80 -3.5 BitDigital BTBT 1.92 -4.0 CaladriusBiosci CLBS 0.45 -10.1 Cimpress CMPR 45.98 -2.9 Cortexyme CRTX 3.22 2.3
in the latest session. % CHG-Daily percentage change from the previous trading session. AligosTherap ALGS 1.03 -5.5 ArborRltyPfdF ABRpF 23.05 -1.0 AxosFinancial AX 36.55 0.7 Bitfarms BITF 2.64 -4.6 CalavoGrowers CVGW 29.94 -4.5 CircorIntl CIR 17.60 -3.2 CorvusPharm CRVS 1.26 -4.5
AlkalineWater WTER 0.52 -6.7 ArchCapitalPfdG ACGLN 18.17 -2.0 AyalaPharm AYLA 2.21 -5.5 BitNile NILE 0.31 -9.2 CalWtrSvc CWT 49.92 0.2 CiscoSystems CSCO 48.85 -0.6 CostamarePfdE CMREpE 25.45 0.3
AlkamiTech ALKT 10.57 -2.3 ArcusBiosci RCUS 21.15 -6.0 AytuBioPharma AYTU 0.46 -8.0 BlackDiamond BDTX 2.06 -7.6 CalitheraBiosci CALA 0.23 -1.4 CitigroupPfdK CpK 25.46 -0.1 Coty COTY 7.07 -1.9
Friday, May 6, 2022 Allakos ALLK 3.38 -4.0 ArgoBlockchain ARBK 7.15 -2.0 Azenta AZTA 69.52 -2.7 Blackbaud BLKB 51.07 0.8 CallawayGolf ELY 19.46 -2.6 CitizensFinPfdE CFGpE 19.55 -1.4 Coupang CPNG 11.59 0.4
52-Wk % 52-Wk % 52-Wk % AllarityTherap ALLR 1.40 -4.1 AriesIAcqnWt RAMMW 0.29 -0.5 BarkWt BARK.WS 0.38 -4.7 BlackBerry BB 5.55 -3.6 Calyxt CLXT 0.31 -17.9 Citizens CIA 2.46 -1.6 Covetrus CVET 13.39 10.5
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg AlliedHealthcare AHPI 2.27 -6.1 ArmstrongFlooring AFI 0.27 -6.1 B&G Foods BGS 24.08 -10.0 BlackLine BL 59.60 -1.7 CambiumNtwks CMBM 13.57 -15.7 CleanEarthA CLIN 9.83 -0.5 Crocs CROX 59.57 -7.3
Allot ALLT 5.42 -4.1 ArmstrongWorld AWI 81.94 -0.5 BIMI Intl BIMI 0.85 -4.6 BlackSkyTech BKSY 1.34 -4.9 CanadaGoose GOOS 19.56 -5.0 CleanEnerFuels CLNE 4.55 -13.6 CrucibleAcqnWt CRU.WS 0.16 10.7
PepGen PEPG 16.99 7.4 AccelerateWt AAQC.WS 0.25 -7.4
AllstatePfdI ALLpI 19.64 -2.4 ArqitQuantum ARQQ 7.17 -15.2 BitMining BTCM 1.46 -3.9 BlendLabs BLND 3.93 -7.4 Canna-GlobalWt CNGLW 0.10 -23.0 ClearOne CLRO 0.60 -9.9 Crypto1AcqnWt DAOOW 0.19 -9.4
Highs PioneerNatRscs PXD
PostHoldings POST
272.47
81.26
5.3
7.0
AccelerateDiag AXDX
Accuray ARAY
0.72 -1.2
2.29 -4.6
AllstatePfdH ALLpH 21.09 -1.4 Arrival ARVL 1.91 -1.5 BM Tech BMTX 6.85 -3.5 BlinkCharging BLNK 17.21 -2.3 Cannae CNNE 21.11 -2.6 Cloudflare NET 60.90 -15.7 CueBiopharma CUE 3.76 -1.8
AclarionWt ACONW 1.00 -13.0 AlphaTauMed DRTS 8.07 -1.9 ArrowheadPharm ARWR 36.48 -8.3 B.RileyNts2026 RILYK 24.22 0.2 BlinkChargingWt BLNKW 13.64 -9.7 CanooWt GOEVW 0.76 1.3 ClovisOncology CLVS 0.96 -32.6 Curis CRIS 0.85 -3.9
RingEnergy REI 5.09 0.2 AcordaTherap ACOR 0.94 -19.2
AlphaMetal AMR 178.70 2.3 AlphaTeknova TKNO 9.88 -9.3 Arteris AIP 9.49 -0.8 Babylon BBLN 1.13 3.4 BlueHatInt BHAT 0.26 -4.1 Canoo GOEV 4.26 -0.4 Co-Diagnostics CODX 4.19 -4.3 CustomersBncpNt34 CUBB 23.50 -2.2
SagaliamAcqn SAGAU 10.70 0.7 AcumenPharm ABOS 3.55 -3.4
AmalgamFin AMAL 20.31 1.0 AltairEngg ALTR 50.72 -4.0 Arvinas ARVN 44.96 -7.2 Backblaze BLZE 7.70 -19.3 BoltBiotherap BOLT 1.40 -4.7 CapitalOnePfdJ COFpJ 18.75 -2.0 CocrystalPharma COCP 0.42 -9.2 Cvent CVT 5.58 -5.2
SaratogaNts2027 SAT 24.98 1.1 Adagene ADAG 3.23 -7.7
AmplifyEnergy AMPY 7.76 1.2 Altimmune ALT 4.21 -1.1 Asana ASAN 23.54 -6.6 Balchem BCPC 118.00 -1.1 Bonso BNSO 2.28 7.0 CapitalOnePfdK COFpK 18.14 -1.9 CodeChainNew CCNC 0.70 -3.8 CyclacelPharm CYCC 1.75 -4.4
TrepontAcqnI A TACA 10.10 0.1 AdaptHealth AHCO 12.30 1.1
ArrowrootAcqnA ARRW 9.83 0.1 AltusPower AMPS 5.58 0.3 AscendisPharma ASND 82.20 -7.9 Ball BLL 70.33 -6.4 BoqiiHolding BQ 0.29 -7.0 CapOneFinlPfdL COFpL 17.25 -2.0 Codexis CDXS 11.00 -0.9 CyclerionTherap CYCN 0.59 -15.4
TsakosEnergy TNP 13.90 0.2 AdaptimmuneTher ADAP 1.65 -3.9
ArtisanAcqn ARTAU 10.97 -2.0 AlumofChina ACH 9.76 -6.7 AsensusSurg ASXC 0.38 -3.3 BallardPower BLDP 7.59 -6.2 Braskem BAK 15.36 -2.0 CapitolFedFin CFFN 9.36 0.5 CodiakBioSci CDAK 2.82 -6.5 CycloTherap CYTH 2.22 0.9
USGasolineFd UGA 67.83 3.8 AdaptiveBiotech ADPT 7.95 -7.1
AtlanticusNts26 ATLCL 25.22 -1.7 Amarin AMRN 1.25 -0.7 AshfordHospPfdH AHTpH 19.55 -4.3 Bandwidth BAND 21.11 -19.9 BridgeBioPharma BBIO 6.44 -10.8 Capri CPRI 42.77 -1.9 CoffeeHolding JVA 2.91 -7.9 CymaBayTherap CBAY 1.90 -5.0
UnumGroup UNM 36.51 13.8 ADDvantage AEY 1.07 -2.5
Avnet AVT 47.73 -0.2 Amazon.com AMZN2261.63 -1.4 AshfordHospPfdI AHTpI 19.72 -4.8 BankofAmPfdSS BACpS 19.23 -1.4 BrightHorizons BFAM 85.58 -6.2 CaraTherap CARA 7.96 -4.9 Cognex CGNX 54.30 -10.9 CyteirTherap CYT 1.83 -6.2
Valaris VAL 61.70 -3.5 ADialPharm ADIL 1.29 -0.7
Bausch+Lomb BLCO 20.20 11.1 Ambarella AMBA 74.35 -2.8 AshfordHospPfdD AHTpD 20.92 -7.4 BankofAmPfdHH BACpK 23.65 -1.4 BrighthousePfdB BHFAO 24.61 -0.5 CardiovascularSys CSII 14.70 -2.4 CoherusBioSci CHRS 8.41 -4.4 CytekBiosci CTKB 8.50 -4.1
ValeroEnergy VLO 129.27 2.7 AditEdTechWt ADEX.WS 0.19 -14.7
BeaconRoof BECN 64.90 1.7 Amedisys AMED 115.06 -2.0 AslanPharm ASLN 0.53 -0.3 BankofAmPfd2 BMLpH 18.18 -0.2 BrighthouseFinlPfC BHFAN 19.62 -1.1 Cardlytics CDLX 30.46 -8.8 CoinbaseGlbl COIN 100.25 -9.2 CytomXTherap CTMX 1.53 0.6
Vistra VST 27.10 4.8 Adobe ADBE 382.82 -2.4
BreezeHldgs BREZ 10.90 1.5 AmerEagle AEO 14.26 -4.4 AspenInsPfd AHLpD 22.02 -3.4 BankofAmPfd1 BMLpG 18.09 -1.2 BrightSpire BRSP 7.82 0.1 CareDx CDNA 25.14 -18.6 ColicityWt COLIW 0.34 -2.0 DIRTT Envl DRTT 0.90 -3.5
AdvDrainageSys WMS 97.61 -2.3 DISH Network DISH 21.77 -19.1
CONSOL Energy CEIX
CartesianGrwII RENEU
55.26 2.7
10.04 0.2
Lows AdvMergerPtrsWt AMPI.WS 0.40 3.1
AmerFinDeb2060 AFGD 23.30 -3.1
AmOutdoorBrands AOUT 11.93 -1.8
AspenInsPfd AHLpE
AspiraWomenHlth AWH
21.76 -2.9
0.61 -0.6
BankofAmPfdL BMLpL
BankofAmPfdE BACpE
19.99 ...
20.52 -1.5
Brink's
Broadstone
BCO
BNL
54.44 -1.8
19.41 1.1
CarLotz
CarLotzWt
LOTZ
LOTZW
0.79 -4.2
0.10 -7.7
CollegiumPharm COLL
Colonnade II Wt CLAA.WS
14.59 -5.3
0.26 -14.0 D-MarketElec HEPS 1.53 -3.7
AdverumBiotech ADVM 1.01 -3.8 AmericanRscs AREC 1.56 -5.3 AssurantNts2061 AIZN 21.17 -2.2 BankofAmNt66 MERpK 25.34 -0.8 BrookfldBRP4.875Nt BEPI 17.59 -0.3 CarlyleNts2061 CGABL 17.89 -1.9 ColumbiaSportswr COLM 76.01 -4.3 DRDGOLD DRD 7.30 -3.3
CenovusEnergy CVE 20.47 1.2 ABB ABB 28.72 -1.9
AegleaBioTherap AGLE 1.37 -12.0 AmerSoftware AMSWA 15.49 -2.8 AteaPharm AVIR 5.31 -1.8 BankFinancial BFIN 10.01 -0.5 BrookfieldFinNts BAMI 17.62 -1.2 CarneyTechII Wt CTAQW 0.19 -10.3 ColumbusMcKinn CMCO 34.35 -1.4 DTE EnergyDeb77 DTW 22.43 -0.5
CenovusEnergyWt CVE.WS 15.40 1.9 AC Immune ACIU 3.17 1.5
ConocoPhillips COP 107.71 4.7 10.73 -3.3 AethlonMedical AEMD 1.04 0.5 AmerStWater AWR 74.77 0.1 AthenaCnsmrWt ACAQ.WS 0.14 -11.8 Barnes&NobleEduc BNED 2.60 -1.5 BrookfieldFinNts BAMH 17.74 -2.0 Cars.com CARS 9.72 -8.3 Comcast A CMCSA 39.47 -0.9 DTE EnergyDeb80 DTB 18.50 -1.5
ADC Therap ADCT
CornerGrowthA COOL 9.87 0.1 ADS-TEC ADSE 6.25 0.6 AevaTech AEVA 3.14 -9.2 AmVirtualCloud AVCT 0.50 -11.3 AthenePfdB ATHpB 21.65 -1.5 BarnesGroup B 32.32 -1.9 BrookfldInfrPfdA14 BIPpB 17.91 -0.7 Carter's CRI 78.54 -0.9 CommunityHlthSys CYH 6.90 -0.7 DTE EnergyDebE DTG 19.00 -1.2
DeepLakeCapA DLCA 10.35 -0.1 AGNC InvtPfdD AGNCM 22.94 -1.0 AffiliatedNts61 MGRD 17.00 -0.8 Ametek AME 118.94 0.8 AthenePfdD ATHpD 18.45 -3.1 BaudaxBio BXRX 1.25 -9.7 BrookfldInfrPfdA13 BIPpA 18.64 -1.8 CartesianGrwII RENEU 9.99 0.2 CommVaultSys CVLT 57.46 -1.7 DXP Ents DXPE 22.72 -2.7
DevonEnergy DVN 69.75 3.8 AGNC InvtPfdE AGNCO 23.00 -0.3 AffiliatedMgrDeb MGR 22.83 -0.7 AmicusTherap FOLD 6.24 -5.3 AtlanticusNts26 ATLCL 24.49 -1.7 BauschHealth BHC 15.86 -4.3 BrookfdRenewPfdA17 BEPpA 19.83 -0.8 Carvana CVNA 40.76 -5.0 CompassDigitalWt CDAQW 0.25 0.7 DakotaGold DC 3.65 -0.5
DorianLPG LPG 17.59 0.3 AGNC InvtPfdF AGNCP 22.48 -0.7 AffiliatedNts60 MGRB 18.44 -1.5 Amplitech AMPG 2.31 -4.0 Atlassian TEAM 193.61 -4.9 BayFirstFinancial BAFN 16.60 -2.9 BrooklynImmuno BTX 0.87 -4.3 CassInfoSys CASS 35.93 -2.0 Compass COMP 5.09 -3.3 Daktronics DAKT 3.25 -1.2
EOG Rscs EOG 132.35 7.1 AlxOncology ALXO 10.06 -4.9 Affimed AFMD 3.39 -9.5 AmylyxPharm AMLX 7.64 -17.6 AtossaTherap ATOS 0.95 1.4 BeamTherap BEAM 33.89 -3.6 Bsquare BSQR 1.26 -2.2 CastleBiosci CSTL 20.00 -3.2 Compugen CGEN 2.03 -5.9 DareBioscience DARE 1.06 -2.7
FirstGuarBcshs FGBI 27.44 1.9 AMC Networks AMCX 31.69 -1.5 AffirmHldgs AFRM 23.42 -7.7 Amyris AMRS 3.18 -9.1 AtriCure ATRC 44.73 -9.1 BeasleyBroadcast BBGI 1.62 0.6 BurfordCapital BUR 7.73 -2.9 CatalystPtrsWt CPARW 0.39 -11.3 ComputeHlthWt CPUH.WS 0.34 -8.2 DarioHealth DRIO 4.42 -7.1
GardinerHlthcr GDNR 9.95 ... ATAI Life ATAI 3.67 -3.7 Agenus AGEN 1.66 -5.1 AnavexLifeSci AVXL 8.26 -7.5 AudioEye AEYE 3.75 2.9 BedBath BBBY 11.77 -5.4 BurningRockBio BNR 4.07 -17.2 CECO Env CECE 4.25 -3.4 comScore SCOR 1.86 -2.6 DataStorage DTST 2.33 -7.1
GoresTechPtrs GTPAU 10.58 -1.3 AT&T PfdA TpA 19.68 -1.5 AgileTherap AGRX 1.73 -4.8 Anghami ANGH 7.10 -5.7 AuroraCannabis ACB 2.75 -4.1 BellerophonTherap BLPH 1.18 -7.7 ButterflyNtwk BFLY 2.97 -6.6 Cellectis CLLS 3.35 -10.2 ComSovereign COMS 0.26 -10.0 DatChatWt DATSW 0.31 -34.7
HaymakerIII HYACU 10.10 ... A2ZSmartTech AZ 3.70 2.5 AgreeRealtyPfdA ADCpA 18.00 -1.0 Angi ANGI 4.10 -7.8 AustinGold AUST 2.88 -20.4 Benefitfocus BNFT 9.18 -5.6 ButterflyNtwkWt BFLY.WS 0.47 -7.3 Cemex CX 4.13 -1.9 ComstockMining LODE 0.90 -11.8 Dave DAVE 3.16 -8.2
HaymakerIII A HYAC 10.11 -0.1 AVROBIO AVRO 0.81 -3.6 AimfinityInvtI AIMAU 9.95 -0.2 AngioDynamics ANGO 19.30 -3.1 AutolusTherap AUTL 2.83 -12.9 BicycleTherap BCYC 19.99 -5.5 CCNeubergerIII Wt PRPC.WS 0.47 -5.8 Cemtrex CETX 0.31 -6.7 ComtechTel CMTL 12.19 -4.6 DaveWt DAVEW 0.44 -23.1
Hess HES 117.33 7.0 AxiosSustGrwRt AXACr 0.09 ... AirT AIRT 16.00 -8.5 AnikaTherap ANIK 19.95 2.2 AvadelPharm AVDL 4.17 -6.1 BigLots BIG 29.73 -2.0 C5AcqnWt CXAC.WS 0.20 -12.4 CentralGarden CENT 41.96 -2.3 ConcordAcqnIIWt CNDA.WS 0.30 -1.4 DAVIDsTEA DTEA 2.00 1.3
HudsonTech HDSN 9.70 2.5 AXIS CapPfdE AXSpE 21.16 -0.1 AirSculptTech AIRS 9.70 -1.3 ApartmtInv AIV 5.84 -0.7 Avalara AVLR 67.59 12.1 Bill.com BILL 109.09 -20.5 CI Financial CIXX 12.45 -2.3 CenturyTherap IPSC 7.99 -19.6 ConcordAcqnIIIWt CNDB.WS 0.26 -1.1 DeepLakeCapWt DLCAW 0.16 14.4
Kellogg K 73.30 3.6 AXT AXTI 5.65 -2.4 AkamaiTech AKAM 95.08 -3.3 APi Group APG 16.68 -0.5 AvaloTherap AVTX 0.27 0.3 BioAtla BCAB 2.14 -9.2 CIIGCapPtrsIIWt CIIGW 0.22 ... CeridianHCM CDAY 52.79 -2.8 Confluent CFLT 21.17 -16.0 DellTechC DELL 45.36 -3.6
KimbellRoyalty KRP 17.96 0.2 AZEK AZEK 20.02 -5.0 AkariTherap AKTX 1.00 -5.0 ApolloStratII Wt APGB.WS 0.54 -2.7 AvalonAcqnWt AVACW 0.15 -37.5 BioCryst BCRX 8.96 -7.1 CMSEnerNts2079 CMSD 24.33 -1.1 ChannelAdvisor ECOM 12.48 -6.6 Conmed CNMD 116.01 -4.9 DenaliTherap DNLI 22.52 -3.8
LavaMedtech LVAC 10.05 0.4 Abcam ABCM 13.76 -4.1 AkebiaTherap AKBA 0.38 -7.0 AppFolio APPF 100.70 0.2 AvanosMedical AVNS 27.54 -5.8 Biogen BIIB 190.65 -3.8 CN Energy CNEY 1.30 -1.5 SchwabPfdD SCHWpD 24.69 0.2 ConnectBiopharma CNTB 0.61 -10.7 DermataTherap DRMA 0.89 -10.1
MesaRoyalty MTR 16.74 21.6 AbCelleraBio ABCL 7.06 -4.1 AkernaWt KERNW 0.07 -22.2 Appian APPN 42.18 0.7 Avaya AVYA 8.62 -7.8 BioLifeSols BLFS 12.02 -2.2 CNO Financial CNO 21.06 -1.2 ChathamLodgPfd CLDTpA 22.06 1.5 Constellium CSTM 15.26 3.2 DermTech DMTK 7.41 -4.6
NaviosMaritimPf NMpG 19.98 -1.1 AbeonaTherap ABEO 0.16 -9.4 Akerna KERN 0.59 -5.6 AppliedDNA APDN 1.45 -3.9 AveannaHealth AVAH 2.69 3.6 BiomX PHGE 1.20 0.1 CompassPath CMPS 7.94 -6.0 ChemomabTherap CMMB 2.85 -1.9 ContextLogic WISH 1.55 -5.3 Descartes DSGX 56.58 -1.8
NuvectisPharma NVCT 18.94 30.2 Abiomed ABMD 252.06 -5.4 AlamoGroup ALG 116.69 -3.9 AppliedGenetic AGTC 0.80 -6.2 AvePoint AVPT 4.58 -1.5 BionanoGenom BNGO 1.38 -7.1 CRISPR Therap CRSP 46.58 -6.5 ChengheAcqn CHEAU 10.05 -0.3 Cooper COO 334.93 -3.0 DieboldNixdorf DBD 3.79 -1.3
OccidentalPetrolWt OXY.WS 43.16 5.7 Absci ABSI 4.62 -6.7 Alarm.com ALRM 56.32 -5.2 AppliedOptoelec AAOI 2.42 -3.1 AvePointWt AVPTW 0.70 -2.7 BionanoGenomWt BNGOW 0.33 -4.3 CSW Industrials CSWI 102.66 -0.5 CherryHillPfdB CHMIpB 22.56 0.3 CooTekCayman CTK 0.10 -17.5 Digimarc DMRC 21.49 -11.0
OccidentalPetrol OXY 64.98 4.3 AbsoluteSftwr ABST 7.11 -3.1 AldeyraTherap ALDX 2.65 -2.5 Applovin APP 32.99 -8.2 AvidBioservices CDMO 12.34 -3.4 BioPlusAcqnWt BIOSW 0.15 -1.3 C3.ai AI 15.33 -5.2 ChewyA CHWY 26.34 -5.5 CorbusPharm CRBP 0.29 -7.0 DigitalBrands DBGI 0.21 -54.7
OmnichannelA OCA 10.00 0.1 AccelEnt ACEL 10.37 -5.1 Alector ALEC 8.82 -6.5 ApreaTherap APRE 1.27 -5.6 AvidTechnology AVID 23.27 -7.8 Bioventus BVS 8.70 -8.9 Curo CURO 8.85 0.1 ChinaYuchai CYD 10.10 -2.2 CoreScientific CORZ 4.83 -2.8 Continued on Page B10
THE WALL STREET JOURNAL. * * * * * Saturday/Sunday, May 7 - 8, 2022 | B9
BIGGEST 1,000 STOCKS

YTD 52-Week Yld Net YTD 52-Week Yld Net YTD 52-Week Yld Net
How to Read the Stock Tables % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg
The following explanations apply to NYSE, NYSE Arca, NYSE American and Nasdaq Stock Market listed securities. 37.78 24.24 14.67 FirstHorizon FHN 2.7 13 22.50 0.16 -26.13 104.28 54.60 MagnaIntl MGA 3.0 14 59.79 -0.15 45.00 25.90 12.74 Sasol SSL 0.05800 23.78 -0.38
Prices are composite quotations that include primary market trades as well as trades reported by Nasdaq BX -20.69 66.73 48.05 FirstIndRlty FR 2.2 28 52.50 -1.13 t -20.36 188.52 120.79 ManhattanAssoc MANH ... 67 123.84 -2.16 43.67 46.27 25.89 Schlumberger SLB 1.6 29 43.03 0.95
(formerly Boston), Chicago Stock Exchange, Cboe, NYSE National and Nasdaq ISE. t -29.83 222.86 142.51 FirstRepBank FRC 0.7 18 144.91 -4.35 1.57 22.19 17.66 ManulifeFin MFC 4.6 7 19.37 -0.02 -19.83 96.24 65.73 SchwabC SCHW 1.2 24 67.42 -2.43
The list comprises the 1,000 largest companies based on market capitalization. Underlined quotations are those -17.23 123.12 61.24 FirstSolar FSLR ... 36 72.14 -4.27 71.44 29.00 10.41 MarathonOil MRO 0.9 23 28.15 0.47 t -65.94 372.70 74.00 Sea SE ... dd 76.20 -5.71
stocks with large changes in volume compared with the issue’s average trading volume. Boldfaced quotations 2.62 48.85 35.42 FirstEnergy FE 3.7 20 42.68 0.20 49.90 96.90 50.19 MarathonPetrol MPC 2.4 21 95.92 1.82 -26.87 117.67 78.20 Seagate STX 3.4 10 82.62 -0.10
highlight those issues whose price changed by 5% or more if their previous closing price was $2 or higher. -7.78 119.86 89.91 Fiserv FISV ... 37 95.71 -3.84 -22.74 63.55 23.16 MaravaiLifeSci MRVI ... 21 32.37 3.82 -20.16 192.79 117.46 Seagen SGEN ... dd 123.44 -5.25
t -29.16 237.86 142.41 FiveBelow FIVE ... 30 146.56 -4.95 7.70 1519.24 1155.00 Markel MKL ... 10 1329.02 -7.51 -2.77 70.72 53.87 SealedAir SEE 1.2 18 65.60 0.80
-22.64 211.68 80.52 Five9 FIVN ... dd 106.23 -2.74 -35.56 498.97 256.25 MarketAxess MKTX 1.1 42 265.04 -10.93 24.66 173.28 119.56 Sempra SRE 2.8 52 164.90 3.78
Footnotes: h-Does not meet continued listing v-Trading halted on primary market. 0.19 290.14 200.78 FleetCorTech FLT ... 22 224.26 -19.42 4.41 195.90 127.23 Marriott MAR 0.7 38 172.52 -5.14 -25.84 65.58 43.61 SensataTechs ST 1.0 22 45.75 -0.69
s-New 52-week high. standards vj-In bankruptcy or receivership or -7.53 19.50 14.88 Flex FLEX ... 9 16.95 -0.27 -6.93 183.14 131.96 Marsh&McLen MMC 1.3 26 161.77 0.57 t -48.29 78.53 25.46 SentinelOne S ... dd 26.11 -3.18
t-New 52-week low. lf-Late filing being reorganized under the t -42.17 145.89 73.38 Floor&Decor FND ... 28 75.18 -4.28 -21.46 446.46 329.69 MartinMarietta MLM 0.7 31 346.00 -10.14 -2.24 72.07 51.51 ServiceCorp SCI 1.4 15 69.40 -0.14
dd-Indicates loss in the most recent q-Temporary exemption from Nasdaq Bankruptcy Code, or securities t -12.01 89.59 68.07 FomentoEconMex FMX 2.1 38 68.38 -2.68 -33.99 93.85 40.79 MarvellTech MRVL 0.4 dd 57.75 -0.54 t -29.64 707.60 438.12 ServiceNow NOW ...416 456.74 -12.59
four quarters. requirements. assumed by such companies. -31.58 25.87 11.28 FordMotor F 2.8 5 14.21 -0.32 -24.44 71.06 48.78 Masco MAS 2.1 23 53.06 -0.98 -3.89 31.60 27.71 ShawComm B SJR 3.1 18 29.16 0.27
FD-First day of trading. t-NYSE bankruptcy -25.88 371.77 195.96 Fortinet FTNT ... 70 266.37 -18.15 -3.40 399.92 305.61 Mastercard MA 0.6 36 347.12 -6.25 32.95 58.68 36.32 Shell SHEL 2.2 10 57.70 0.76
1.18 51.66 43.12 Fortis FTS 3.5 23 48.84 0.79 -43.99 182.00 69.28 MatchGroup MTCH ... 83 74.07 -2.81 -22.37 354.15 233.32 SherwinWilliams SHW 0.9 40 273.38 -3.57
Stock tables reflect composite regular trading as of 4 p.m. and changes in the closing prices from 4 p.m. the previous day. -20.33 79.87 56.06 Fortive FTV 0.5 34 60.78 -0.30 21.15 26.99 17.95 Mattel MAT ... 9 26.12 -0.40 7.31 39.17 29.00 ShinhanFin SHG 3.9 5 33.17 0.20
-33.67 114.00 68.27 FortBrandsHome FBHS 1.6 13 70.91 -2.07 0.96 107.35 77.85 McCormick MKC 1.5 35 97.54 1.10 t -72.59 1762.92 355.13 Shopify SHOP ...304 377.49 -35.60
Friday, May 6, 2022 YTD 52-Week Yld Net -6.23 44.95 34.16 FoxA FOXA 1.4 14 34.60 -1.94 -6.45 271.15 217.68 McDonalds MCD 2.2 26 250.78 1.86 -3.43 20.64 11.15 Sibanye-Stillwater SBSW 8.6 4 12.11 -0.50
% Chg Hi Lo Stock Sym % PE Last Chg t -6.45 40.91 31.71 FoxB FOX 1.5 13 32.06 -1.66 34.36 335.60 184.43 McKesson MCK 0.6 38 333.99 18.76 -27.39 374.76 223.96 SignatureBank SBNY 1.0 14 234.86 -11.11
YTD 52-Week Yld Net 8.86 169.32 124.95 Franco-Nevada FNV 0.9 39 150.54 -1.19 -22.05 24.13 17.58 MedicalProp MPW 6.3 10 18.42 -0.20 -24.00 171.12 113.41 SimonProperty SPG 5.4 19 121.42 -0.92
50.79 70.60 29.53 CanNaturalRes CNQ 3.7 12 63.71 -0.10 -25.32 38.27 24.45 FranklinRscs BEN 4.6 7 25.01 -0.03 ... 135.89 98.38 Medtronic MDT 2.4 29 103.45 -1.10 -4.41 7.29 5.75 SiriusXM SIRI 1.4 18 6.07 -0.06
% Chg Hi Lo Stock Sym % PE Last Chg 0.61 84.22 64.37 CanPacRlwy CP 0.8 23 72.38 -0.49 -9.23 51.99 30.02 FreeportMcM FCX 1.6 11 37.88 -1.76 -31.21 1970.13 858.99 MercadoLibre MELI ...551 927.55 14.33 -31.86 197.62 103.13 Skyworks SWKS 2.1 13 105.71 -1.73
ABC -5.12 25.48 21.00 Canon
-12.44 177.95 119.88 CapitalOne
CAJ 3.1
COF 1.9
12 23.18
5 127.04
0.29
-3.29
-5.30 42.45 28.75 FreseniusMed FMS
-29.15 22.80 4.12 FullTruck YMM
1.6
...
16 30.74
dd 5.93
-0.16
-0.61
15.33 91.40 70.89 Merck
-39.42 384.33 169.00 MetaPlatforms FB
MRK 3.1 16 88.39
... 15 203.77
0.38
-4.51
t -30.81 86.74 57.66 SmithAO
-6.67 44.47 30.75 Smith&Nephew SNN
AOS 1.9 19 59.40
2.3 27 32.31
0.47
-0.25
t -24.02 39.11 28.72 ABB ABB 2.4 12 29.00 -0.56 13.17 64.53 45.85 CardinalHealth CAH 3.3 dd 58.27 0.40 8.08 73.18 55.21 MetLife MET 3.0 9 67.54 0.04 3.70 145.82 118.55 Smucker SJM 2.8 27 140.84 3.24
-7.99 79.97 58.36 AECOM ACM 0.8 50 71.17 -0.42 5.96 275.13 178.73 Carlisle CSL 0.8 25 262.90 0.81 GHI -22.47 1714.75 1225.56 MettlerToledo MTD ... 40 1315.90 4.55 -47.01 83.34 24.32 Snap SNAP ... dd 24.92 -2.35
-13.83 27.00 19.76 AES AES 3.0 dd 20.94 -0.39 -31.35 60.62 36.04 Carlyle CG 3.4 5 37.69 -0.70 -22.40 90.00 63.34 MicrochipTech MCHP 1.5 40 67.56 -0.54 1.28 259.99 197.75 SnapOn SNA 2.6 14 218.13 -3.84
-0.27 67.20 51.28 Aflac AFL 2.7 10 58.23 0.20 -27.28 155.98 85.36 CarMax KMX ... 14 94.70 2.32 -21.82 43.71 25.91 GFLEnvironmental GFL 0.2 dd 29.59 0.73 -24.48 98.45 65.67 MicronTech MU 0.6 9 70.35 -0.94 t -54.16 405.00 151.21 Snowflake SNOW ... dd 155.27 -10.91
6.27 155.87 108.56 AGCO AGCO 0.8 10 123.30 -7.53 -20.87 31.52 14.94 Carnival CCL 0.0 dd 15.92 -0.62 -33.52 105.92 48.38 GXO Logistics GXO ... 39 60.38 -1.94 -18.31 349.67 238.07 Microsoft MSFT 0.9 29 274.73 -2.62 56.40 90.87 40.53 SOQUIMICH SQM 0.5 38 78.87 -1.40
-49.41 72.62 9.14 AMC Ent AMC 0.0 dd 13.76 -0.93 -20.82 27.31 13.89 Carnival CUK 0.0 dd 14.64 -0.51 -3.06 187.02 135.50 Gallagher AJG 1.2 36 164.48 -0.51 -19.57 231.63 154.07 MidAmApt MAA 2.4 36 184.55 -1.81 -10.25 389.71 199.33 SolarEdgeTech SEDG ... 81 251.81 -14.42
-34.79 413.89 258.00 Ansys ANSS ... 51 261.59 -11.08 -30.35 58.89 36.23 CarrierGlobal CARR 1.6 13 37.78 -0.18 -22.70 344.66 77.58 GameStop GME 0.0 dd 114.70 -4.43 -20.41 201.34 145.31 Middleby MIDD ... 18 156.61 -1.51 t -33.81 133.75 83.09 Sony SONY 0.5 13 83.66 -1.27
64.04 45.27 15.54 APA APA 1.1 17 44.11 2.81 t -79.95 376.83 40.76 Carvana CVNA ... dd 46.48 -2.44 -8.75 51.46 41.81 Gaming&Leisure GLPI 6.2 20 44.40 -0.92 8.79 6.78 5.15 MitsubishiUFJ MUFG 3.2 7 5.94 0.07 8.88 77.23 60.12 Southern SO 3.6 35 74.67 0.61
-16.65 9.62 6.20 ASETech ASX 3.3 6 6.51 -0.06 -0.02 229.18 170.82 CaseysGenStores CASY 0.7 23 197.32 -5.68 t -22.13 178.81 104.71 Garmin GRMN 2.5 19 106.03 -2.72 -7.06 3.21 2.33 MizuhoFin MFG 4.5 6 2.37 -0.01 -0.49 83.29 54.92 SoCopper SCCO 6.8 14 61.41 -1.18
-30.79 895.93 544.00 ASML ASML 1.0 37 551.00 -13.17 -22.81 142.64 86.34 Catalent CTLT ... 36 98.83 -1.82 -24.38 369.00 221.50 Gartner IT ... 27 252.81 -6.74 -47.08 497.49 122.01 Moderna MRNA ... 4 134.40 -7.62 7.66 63.68 36.75 SouthwestAir LUV 0.0 49 46.12 -0.88
7.88 25.57 16.62 AT&T T 5.5 8 20.03 0.08 3.83 246.69 179.67 Caterpillar CAT 2.1 18 214.65 -1.28 -31.32 524.31 217.10 Generac GNRC ... 32 241.69 -18.83 -17.79 231.80 117.56 MohawkInds MHK ... 10 149.77 -3.33 56.65 8.68 3.81 SouthwesternEner SWN ... dd 7.30 -0.22
-20.23 142.60 105.36 AbbottLabs ABT 1.7 26 112.27 -0.74 -11.35 176.50 132.26 Celanese CE 1.8 8 148.99 -2.56 14.93 254.99 182.66 GeneralDynamics GD 2.1 21 239.60 0.36 -3.13 350.19 239.20 MolinaHealthcare MOH ... 26 308.11 -3.45 t -10.67 176.66 102.58 Splunk SPLK ... dd 103.37 -8.67
12.87 175.91 105.56 AbbVie ABBV 3.7 22 152.83 0.65 s 66.12 20.47 7.20 CenovusEnergy CVE 1.6 27 20.40 0.24 -17.19 116.17 72.61 GeneralElec GE 0.4 dd 78.23 -0.36 14.65 61.48 42.46 MolsonCoorsB TAP 2.9 11 53.14 0.50 -55.27 305.60 95.22 Spotify SPOT ... dd 104.68 -0.91
t -28.30 379.30 252.06 Abiomed ABMD ... 87 257.54 -14.71 1.98 89.92 59.67 Centene CNC ... 33 84.03 -0.79 5.97 73.80 56.67 GeneralMills GIS 2.9 19 71.40 0.65 -0.87 69.47 57.62 Mondelez MDLZ 2.1 22 65.73 0.50 -35.83 225.00 118.90 StanleyBlackDck SWK 2.6 14 121.03 -2.58
-28.66 417.37 276.88 Accenture ACN 1.3 30 295.74 -2.96 10.10 33.00 23.58 CenterPointEner CNP 2.2 14 30.73 -0.21 -32.49 67.21 37.25 GeneralMotors GM 0.0 7 39.58 -0.37 -43.38 590.00 238.01 MongoDB MDB ... dd 299.71 -16.22 -34.58 126.32 73.38 Starbucks SBUX 2.6 20 76.52 -0.96
17.00 99.46 56.40 ActivisionBliz ATVI 0.6 25 77.84 -0.92 24.96 9.61 5.17 CentraisElBras EBR 3.9 11 7.61 -0.12 -22.12 49.07 30.08 Genmab GMAB ... 43 30.81 -2.51 -9.81 580.00 301.53 MonolithicPower MPWR 0.7 88 444.94 -7.04 -3.00 27.00 22.37 StarwoodProp STWD 8.1 16 23.57 -0.26
t -31.05 699.54 382.82 Adobe ADBE ... 39 391.01 -9.50 t -47.45 130.37 52.79 CeridianHCM CDAY ... dd 54.89 -1.58 -23.62 54.03 37.68 Genpact G 1.2 21 40.54 2.11 -9.76 99.89 71.78 MonsterBev MNST ... 34 86.67 3.63 -24.59 104.87 66.47 StateStreet STT 3.3 10 70.13 -1.09
-15.43 244.55 187.16 AdvanceAuto AAP 3.0 21 202.86 1.53 1.22 94.46 69.08 Cerner CERN 1.1 47 94.00 -0.12 -6.71 142.97 115.63 GenuineParts GPC 2.7 20 130.79 0.49 -23.08 407.94 287.01 Moody's MCO 0.9 28 300.44 -3.57 28.34 100.37 50.54 SteelDynamics STLD 1.7 4 79.66 -1.75
t -27.03 138.02 97.61 AdvDrainageSys WMS 0.4 35 99.34 -2.38 9.78 23.99 18.97 ChangeHlthcr CHNG ... dd 23.47 -0.08 11.79 7.27 4.19 Gerdau GGB 0.4 3 5.50 -0.05 -14.19 109.73 80.03 MorganStanley MS 3.3 11 84.23 -0.71 -25.75 21.99 13.06 Stellantis STLA 8.1 3 13.93 0.51
-33.75 164.46 72.50 AdvMicroDevices AMD ... 36 95.34 1.47 -35.78 460.21 230.62 CharlesRiverLabs CRL ... 29 241.96 -6.23 -15.74 74.12 57.19 GileadSciences GILD 4.8 17 61.18 -0.17 -28.04 350.21 229.33 Morningstar MORN 0.6 58 246.08 -6.63 -7.68 255.93 188.10 Steris STE 0.8 77 224.71 -2.26
2.83 6.22 3.89 Aegon AEG 3.3 6 5.08 0.02 -29.48 825.62 410.33 CharterComms CHTR ... 17 459.77 3.57 -51.30 137.00 30.74 GitLab GTLB ... dd 42.37 -5.42 63.02 79.28 28.26 Mosaic MOS 0.7 15 64.05 -0.68 -25.18 52.15 34.16 STMicroelec STM 0.6 14 36.57 -0.18
-29.29 71.38 43.75 AerCap AER ... 6 46.26 -1.10 3.11 149.62 107.85 CheckPoint CHKP ... 20 120.19 -2.75 -0.02 46.97 37.80 GSK GSK 4.5 16 44.09 -0.30 -23.99 273.65 189.23 MotorolaSol MSI 1.5 29 206.51 -3.88 -10.22 281.16 230.16 Stryker SYK 1.2 46 240.08 -1.28
t -75.19 176.65 23.42 AffirmHldgs AFRM ... dd 24.95 -2.07 -5.04 539.87 403.00 Chemed CHE 0.3 29 502.36 0.48 -10.49 202.84 116.75 GlobalPayments GPN 0.8 35 121.00 -4.89 t -36.00 319.88 188.03 NICE NICE ... 67 194.29 -1.39 -11.34 7.74 5.87 SumitomoMits SMFG 4.9 6 6.02 0.05
-24.16 179.57 116.49 AgilentTechs A 0.7 31 121.08 -1.07 45.21 150.00 80.05 CheniereEnergy LNG 0.9 dd 147.27 4.47 -13.24 79.49 43.59 GlobalFoundries GFS ... ... 56.37 1.44 -52.90 55.13 13.01 NIO NIO ... dd 14.92 -0.46 -21.41 211.79 160.09 SunComms SUI 2.1 53 165.02 -1.59
-34.56 44.83 14.36 agilon health AGL ... dd 17.67 -0.34 33.95 61.91 38.00 CheniereEnerPtrs CQP 5.0 19 56.58 0.12 t -38.22 354.62 190.00 Globant GLOB ... 85 194.05 -9.90 40.07 24.06 11.46 NOV NOV 1.1 dd 18.98 0.19 -11.22 58.49 48.69 SunLifeFinancial SLF 4.2 9 49.44 -0.38
7.98 74.50 45.42 AgnicoEagle AEM 2.8 30 57.38 -0.71 44.37 97.61 47.16 ChesapeakeEner CHK 2.1 1 93.15 -2.42 6.73 108.61 85.25 GlobeLife GL 0.8 14 100.03 0.57 -3.90 46.10 31.94 NRG Energy NRG 3.4 5 41.40 3.69 48.02 37.93 17.10 SuncorEnergy SU 3.6 17 37.05 0.14
-22.49 316.39 216.24 AirProducts APD 2.7 24 235.82 -0.16 45.45 174.76 92.86 Chevron CVX 3.3 16 170.69 4.43 -9.29 90.43 65.70 GoDaddy GDDY ... 43 76.98 -1.32 -25.27 5982.44 4224.65 NVR NVR ... 12 4415.62 -30.38 -5.37 13.36 8.37 Suzano SUZ 1.2 8 10.22 -0.30
-18.41 212.58 129.71 Airbnb ABNB ...117 135.84 -7.25 t -53.54 97.74 26.34 ChewyA CHWY ... dd 27.40 -1.58 13.10 17.20 7.75 GoldFields GFI 2.1 14 12.43 -0.33 -22.04 239.91 164.75 NXP Semi NXPI 1.9 22 177.58 -0.79 6.46 32.78 17.72 Switch SWCH 0.7660 30.49 0.06
t -18.52 123.25 95.08 AkamaiTech AKAM ... 26 95.37 -3.30 -12.16 23.46 15.85 ChinaEastrnAir CEA ... dd 16.25 -0.24 -18.19 426.16 302.21 GoldmanSachs GS 2.6 6 312.96 -0.11 t -27.48 214.96 150.57 Nasdaq NDAQ 1.6 22 152.29 -2.61 -17.98 52.49 33.76 SynchronyFin SYF 2.3 5 38.05 -1.28
3.70 291.48 152.58 Albemarle ALB 0.7102 242.41 5.91 -12.76 10.79 6.93 ChinaLifeIns LFC 5.9 7 7.18 ... -57.78 17.15 2.63 Grab GRAB ... 3 3.01 -0.02 1.45 80.20 59.53 NationalGrid NGG 4.6 25 73.37 -0.81 -28.14 104.18 66.77 SyneosHealth SYNH ... 32 73.79 0.01
-0.26 37.99 18.51 Albertsons ACI 1.6 11 30.11 -0.01 8.41 55.77 40.60 ChinaPetrol SNP 13.0 5 50.42 0.53 t -24.46 81.09 59.83 Graco GGG 1.4 24 60.90 -1.00 -9.82 50.33 40.65 NatlRetailProp NNN 4.9 29 43.35 -0.89 -25.45 377.60 225.02 Synopsys SNPS ... 48 274.71 -7.63
2.45 98.09 31.00 Alcoa AA 0.7 16 61.04 -2.42 -14.67 36.35 25.01 ChinaSoAirlines ZNH 0.0 dd 25.31 -1.14 -7.78 529.91 391.16 Grainger GWW 1.4 21 477.92 -3.50 -24.19 70.04 41.10 NatlStorage NSA 3.8 55 52.46 -2.65 5.00 91.53 68.05 Sysco SYY 2.4 54 82.48 -1.15
-20.94 88.78 65.60 Alcon ALC 0.3 90 68.88 -1.74 -22.52 1958.55 1277.41 Chipotle CMG ... 56 1354.53 -15.33 11.84 19.07 10.10 Grifols GRFS 3.8 11 12.56 1.27 -13.91 7.00 4.99 NatWest NWG 5.2 7 5.26 -0.01
-20.76 224.95 171.50 AlexandriaRlEst ARE 2.6 63 176.68 -2.50 -16.05 157.46 110.94 ChoiceHotels CHH 0.7 25 130.95 -3.13 4.88 167.24 103.70 GpoAeroportuar PAC 2.4 25 144.18
-11.51 279.02 199.76 HCA Healthcare HCA 1.0 11 227.35
-2.65
3.16
-20.65 96.82 72.04 NetApp NTAP 2.7 17 72.99 -0.12 TUV
-24.19 230.89 73.28 Alibaba BABA ... 24 90.05 -4.59 8.20 218.99 155.78 Chubb CB 1.5 11 209.16 1.16 -13.14 120.84 68.62 NetEase NTES 1.3 23 88.41 -2.78
-57.33 737.45 270.37 AlignTech ALGN ... 32 280.41 -3.31 0.73 45.87 39.12 ChunghwaTel CHT 2.8 26 42.52 0.56 t -20.02 79.39 51.11 HDFC Bank HDB 1.4 19 52.04 -1.36 t -69.96 700.99 175.81 Netflix NFLX ... 16 180.97 -7.35 19.17 59.06 44.77 TC Energy TRP 5.2 21 55.46 0.57
30.20 43.30 27.16 HF Sinclair DINO 0.0 13 42.68 0.46 -6.60 108.02 71.88 Neurocrine NBIX ... 87 79.55 -5.73 -11.45 130.93 96.09 TD Synnex SNX 1.2 16 101.27 -1.78
24.52 862.87 585.10 Alleghany Y 0.0 11 831.26 -3.49 -6.60 105.28 80.76 Church&Dwight CHD 1.1 29 95.73 0.95 -21.09 166.44 120.22 TE Connectivity TEL 1.8 17 127.31 -0.34
-15.00 148.69 105.06 Allegion ALLE 1.5 22 112.57 -1.19 -16.56 262.20 175.01 ChurchillDowns CHDN 0.3 31 201.00 -0.18 -1.54 41.47 26.11 HP HPQ 2.7 7 37.09 -0.82 86.16 49.30 19.17 NewFortressEner NFE 0.9106 44.94 -0.71
3.65 38.61 24.31 HSBC HSBC 4.0 11 31.25 -0.19 2.93 30.10 20.36 NewellBrands NWL 4.1 13 22.48 -0.11 6.36 27.50 21.36 Telus TU 4.1 26 25.07 0.43
-4.44 65.37 54.46 AlliantEnergy LNT 2.9 22 58.74 -0.12 -29.52 78.28 49.51 Ciena CIEN ... 17 54.25 -0.49 -9.05 56.86 32.46 Ternium TX 6.6 2 39.58 -1.22
10.97 144.46 106.11 Allstate ALL 2.6 11 130.56 -1.02 16.23 272.81 191.74 Cigna CI 1.7 17 266.90 14.82 63.31 42.60 17.82 Halliburton HAL 1.3 22 37.35 0.66 17.49 86.37 52.60 Newmont NEM 3.0 55 72.87 0.53
4.45 78.17 59.86 HartfordFinl HIG 2.1 10 72.11 0.10 t -24.84 26.21 16.57 NewsCorp B NWS 1.2 20 16.91 -2.68 -25.04 120.50 77.99 TFI Intl TFII 1.3 12 84.04 -0.24
-12.16 56.61 39.62 AllyFinancial ALLY 2.9 5 41.82 -1.36 11.00 143.22 108.88 CincinnatiFin CINF 2.2 10 126.46 0.61 -20.43 77.35 57.92 TJX TJX 2.0 22 60.41 -1.30
-20.54 212.00 125.00 AlnylamPharm ALNY ... dd 134.75 -1.99 -13.37 461.44 338.00 Cintas CTAS 1.0 34 383.94 -2.80 -9.69 105.73 81.16 Hasbro HAS 3.0 34 91.92 -0.16 t -23.31 27.96 16.54 NewsCorp A NWSA 1.2 21 17.11 -2.62
-57.16 102.95 31.36 HashiCorp HCP ... dd 39.00 -7.33 -22.38 93.73 68.52 NextEraEnergy NEE 2.3 98 72.47 0.63 9.33 150.20 101.51 T-MobileUS TMUS ... 57 126.80 -2.76
-20.09 3030.93 2193.62 Alphabet A GOOGL ... 21 2314.93 -15.18 t -22.16 64.28 48.85 CiscoSystems CSCO 3.1 18 49.33 -0.28 t ... 35.40 25.03 TPG TPG ... ... 25.89 -0.12
-20.06 3042.00 2230.05 Alphabet C GOOG ... 21 2313.20 -21.73 -14.52 80.29 47.78 Citigroup C 4.0 6 51.62 0.31 -15.07 37.69 30.16 HealthpeakProp PEAK 3.9 33 30.65 -0.53 29.89 28.42 16.02 NielsenHoldings NLSN 0.9 18 26.64 -0.07
-5.00 159.29 122.94 Heico HEI 0.1 59 137.01 -0.15 t -31.31 179.10 110.66 Nike NKE 1.1 30 114.49 -4.14 -36.01 224.56 122.22 TRowePrice TROW 3.8 10 125.83 -1.52
19.37 57.05 42.53 Altria MO 6.4 34 56.57 0.62 -15.32 57.00 38.42 CitizensFin CFG 3.9 8 40.01 -0.58 -23.84 145.00 90.22 TaiwanSemi TSM 1.7 20 91.63 -0.52
t -27.82 23.90 9.76 AlumofChina ACH ... 9 9.91 -0.71 6.78 123.68 78.07 CitrixSystems CTXS 1.5 41 101.00 -0.40 -12.04 139.65 105.00 Heico A HEI.A 0.2 49 113.04 0.57 6.81 32.59 23.65 NiSource NI 3.2 23 29.49 0.18
10.62 92.68 70.25 HenrySchein HSIC ... 19 85.76 2.32 -20.26 6.40 4.51 Nokia NOK 0.3 15 4.96 -0.15 t -35.70 195.82 113.45 TakeTwoSoftware TTWO ... 25 114.27 -5.96
t -31.16 3773.08 2261.62 Amazon.com AMZN ... 55 2295.45 -32.69 -37.71 34.79 11.71 Clarivate CLVT ... dd 14.65 -0.13 7.41 17.56 13.17 TakedaPharm TAK 4.8 11 14.64 0.18
-6.43 3.95 2.50 Ambev ABEV 3.9 18 2.62 -0.09 10.79 34.04 15.81 Cleveland-Cliffs CLF 0.0 4 24.12 -0.91 16.84 231.59 167.10 Hershey HSY 1.6 29 226.05 2.21 -13.16 5.65 3.67 NomuraHoldings NMR 4.8 9 3.76 -0.02
-19.69 46.00 14.15 HertzGlobal HTZ ... dd 20.07 -0.28 -17.80 272.28 197.20 Nordson NDSN 1.0 25 209.82 -3.57 t -25.27 49.66 29.60 Tapestry TPR 3.3 10 30.34 -1.14
6.66 13.18 10.66 Amcor AMCR 3.7 21 12.81 0.17 -11.71 191.75 127.02 Clorox CLX 3.0 42 153.94 5.67 44.47 81.50 36.25 TargaResources TRGP 1.9 dd 75.47
5.67 84.39 68.33 Amdocs DOX 2.0 19 79.08 -0.33 t -50.11 221.64 60.90 Cloudflare s 58.38 117.33 61.93 Hess HES 1.3 50 117.25 7.68 -14.10 299.19 238.62 NorfolkSouthern NSC 1.8 21 255.74 -1.13 0.77
NET ... dd 65.61 -12.20 12.70 35.71 21.94 HessMidstream HESM 7.1 17 31.14 1.34 -2.69 268.98 184.00 Target TGT 1.6 16 225.21 -5.55
-25.59 769.90 523.94 Amerco UHAL 0.0 10 540.42 -1.10 9.34 67.20 52.28 Coca-Cola KO 2.7 27 64.74 0.23 -11.92 135.15 102.28 NorthernTrust NTRS 2.7 15 105.35 -1.30
-0.51 17.76 12.99 HewlettPackard HPE 3.1 6 15.69 -0.26 21.09 490.82 344.89 NorthropGrum NOC 1.3 13 468.70 2.04 -17.33 35.38 18.48 TataMotors TTM ... dd 26.53 -0.77
4.09 99.20 79.35 Ameren AEE 2.5 24 92.65 -0.60 -12.91 63.04 42.33 Coca-ColaEuro CCEP 4.5 19 48.71 -0.82 38.58 44.93 19.32 TeckRscsB TECK 1.0 7 39.94 -0.87
-10.02 22.39 14.36 AmericaMovil A AMOV 2.1 11 18.94 -0.53 t -30.12 92.17 54.30 Cognex -11.01 48.98 39.29 HighwoodsProp HIW 5.0 14 39.68 -0.62 -4.93 30.91 20.88 NortonLifeLock NLOK 2.0 16 24.70 0.59
CGNX 0.5 35 54.34 -6.67 -8.02 167.99 114.70 Hilton HLT 0.4 55 143.48 -6.41 -6.72 493.97 391.28 TeledyneTech TDY ... 34 407.52 -10.44
-11.23 22.60 14.31 AmericaMovil AMX 1.8 11 18.74 -0.47 -14.88 93.47 66.19 CognizantTech CTSH 1.4 18 75.52 1.92 -11.91 33.95 14.90 NorwegCruise NCLH ... dd 18.27 -0.69
-3.20 81.04 60.10 Hologic HOLX ... 12 74.11 -0.66 -1.89 95.17 79.09 Novartis NVS 2.5 8 85.82 -0.39 t -17.92 428.36 268.29 Teleflex TFX 0.5 26 269.61 -8.17
-0.67 26.04 12.44 AmerAirlines AAL 0.0 dd 17.84 -0.70 t -58.89 368.90 100.25 CoinbaseGlbl COIN ... 7 103.74 -10.51 -29.07 14.01 7.57 Ericsson ERIC 2.1 10 7.71
13.02 65.02 45.03 AmCampus -9.96 85.61 72.20 ColgatePalm CL 2.4 32 76.84 0.75 t -29.08 420.61 289.41 HomeDepot HD 2.6 19 294.31 -4.80 -0.58 122.16 75.04 NovoNordisk NVO 1.0 33 111.35 -1.44 -0.27
ACC 2.9162 64.75 0.05 -6.22 33.42 25.57 HondaMotor HMC 3.1 6 26.68 0.33 15.84 11.78 7.62 TelefonicaBras VIV 6.4 15 10.02 -0.12
12.00 104.81 80.22 AEP AEP 3.1 19 99.65 -0.01 t -20.52 61.80 39.47 Comcast A CMCSA 2.7 13 40.00 -0.38 -2.54 232.76 59.57 Novocure NVCR ... dd 73.17 -7.03
-6.27 236.86 174.42 Honeywell HON 2.0 26 195.43 -2.44 t -44.24 12.24 5.02 NuHoldings NU ... dd 5.23 -0.19 16.27 5.39 4.10 Telefonica TEF 3.4 3 4.93 -0.03
2.17 199.55 149.89 AmerExpress AXP 1.2 17 167.15 -3.86 -6.41 102.09 63.07 Comerica CMA 3.3 11 81.42 -1.51 9.45 33.20 20.44 TelekmIndonesia TLK 4.0 18 31.73 -0.65
8.58 152.29 117.57 AmericanFin AFG 1.5 6 149.10 0.59 1.51 77.32 61.81 CommerceBcshrs CBSH 1.5 17 69.78 -0.36 -19.47 120.53 83.42 HorizonTherap HZNP ... 39 86.78 -5.61 19.62 187.90 87.71 Nucor NUE 1.5 5 136.55 -4.27
6.56 55.11 40.48 HormelFoods HRL 2.0 31 52.01 0.44 38.02 117.25 57.08 Nutrien NTR 1.8 19 103.79 0.27 47.03 33.28 18.80 Tenaris TS 0.0 12 30.67 -0.17
.
-14.22 44.07 35.89 AmHomes4Rent AMH 1.9 91 37.41 0.05 4.22 39.09 30.06 ConagraBrands CAG 3.5 17 35.59 0.17 -41.31 16.58 2.95 TencentMusic TME ... 14 4.02
9.44 65.73 44.54 AIG AIG 2.1 5 62.23 0.11 t -35.44 110.45 67.85 DR Horton DHI 1.3 5 70.02 -0.91 -23.68 140.23 43.10 Nuvei NVEI ... 70 49.59 -1.66 -0.22
-19.18 208.48 141.38 Concentrix CNXC 0.7 18 144.36 -4.31 -8.19 92.65 59.74 TenetHealthcare THC ... 9 75.00 0.52
-16.56 303.72 220.00 AmerTowerREIT AMT 2.2 42 244.07 2.59 t -68.87 94.97 21.17 Confluent 16.39 21.63 14.67 HostHotels HST 0.6 dd 20.24 0.49 -36.50 346.47 134.59 NVIDIA NVDA 0.1 49 186.75 -1.69
ly
CFLT ... dd 23.73 -4.52 10.05 37.66 27.41 HowmetAerospace HWM 0.2 60 35.03 -0.39 -35.23 168.91 102.51 Teradyne TER 0.4 20 105.92 -2.59
-21.10 189.65 144.20 AmerWaterWorks AWK 1.8 21 149.01 0.65 s 49.20 107.71 51.41 ConocoPhillips COP 1.7 18 107.69 4.83
-11.62 332.37 236.35 Ameriprise AMP 1.9 10 266.60 -2.85 10.15 99.22 71.17 ConEd ED 3.4 24 93.98 1.32 -29.16 28.77 13.05 HuanengPower HNP 5.2 dd 18.71
-28.31 59.86 21.98 Huazhu HTHT 0.0 dd 26.77
-0.61
-2.25
OPQ -18.09 1243.49 546.98 Tesla
-23.70 192.91 116.01 TetraTech
TSLA ...117 865.65
TTEK 0.7 28 129.56
-7.63
-3.56
19.66 167.19 111.34 AmerisourceBrgn ABC 1.2 19 159.01 3.82 -1.39 261.52 207.35 ConstBrands A STZ 1.3 dd 247.47 -4.44 2.48 42.74 32.49 OGE Energy OGE 4.2 11 39.33 -0.01 -2.12 11.54 7.24 TevaPharm TEVA ... 21 7.84 -0.07
t -16.26 148.07 118.94 Ametek AME 0.7 28 123.13 0.96 ... 68.68 38.00 ConstellationEner CEG 0.9 ... 60.27 0.11 -5.65 212.54 170.76 Hubbell HUBB 2.1 21 196.51 -0.37
t -45.93 866.00 325.97 HubSpot HUBS ... dd 356.38 15.17 11.64 75.07 48.51 ONEOK OKE 5.7 20 65.60 1.55 -11.15 202.26 160.50 TexasInstruments TXN 2.7 19 167.45 -1.68
5.13 258.81 198.64 Amgen AMGN 3.3 23 236.50 2.15 38.90 66.86 28.31 ContinentalRscs CLR 1.4 14 62.17 1.44 -13.85 748.68 519.32 OReillyAuto ORLY ... 19 608.40 4.85 14.01 1773.95 946.29 TexasPacLand TPL 0.8 41 1423.84 19.69
-19.48 88.45 64.13 Amphenol APH 1.1 26 70.42 -0.74 t -19.43 463.59 334.93 Cooper COO 0.0 18 337.55 -10.34 -7.16 475.44 351.20 Humana HUM 0.7 18 430.66 -3.34
-14.00 218.18 155.11 JBHunt JBHT 0.9 22 175.79 0.12 s 124.01 64.98 21.62 OccidentalPetrol OXY 0.8 42 64.94 2.65 -11.22 79.45 63.27 Textron TXT 0.1 20 68.54 -1.18
-11.17 191.95 143.81 AnalogDevices ADI 1.9 49 156.13 -2.11
42.62 70.25 39.92 Anaplan
-13.43 9.64 6.32 AnnalyCap

111.37 39.24 10.22 AnteroResources AR
8.87 533.68 355.43 Anthem
PLAN ... dd 65.39 -0.21
-8.39 26.96 14.57 AngloGoldAsh AU 1.0 13 19.22 -0.72
-9.17 79.67 52.65 AB InBev BUD 0.7 24 55.00 -2.08
NLY 13.0 4 6.77 0.09
... dd 36.99 -0.71
ANTM 1.0 20 504.64 -2.22
-27.70 161.12 106.37 Copart
-0.99 46.45 33.21 Corning
17.89 62.04 40.60 Corteva
-6.89 21.30 13.59 Cosan
-25.21 101.05 49.00 CoStar
-11.33 612.27 371.11 Costco
on CPRT ...
GLW 2.9
CTVA 1.0
CSAN 4.1
CSGP ...
COST 0.7
71.32 33.00 14.28 CoterraEnergy CTRA 1.8
24 109.62
30 36.86
24 55.74
6 14.59
76 59.11
41 503.36
19 32.55
-3.47
0.33
-2.30
-0.63
-1.89
-13.96
0.68
-13.42 17.79 12.98 HuntingtonBcshs HBAN 4.6 18 13.35
15.80 228.66 175.50 HuntingIngalls HII 2.2 16 216.25
-2.01 41.65 24.09 Huntsman
-10.84 108.10 67.70 HyattHotels
t -40.97 179.12 75.79 IAC/InterActive IAC
-6.47 22.34 15.88 ICICI Bank
12.20 12.96 6.43 ICL Group
HUN 2.5 6 34.18
H 0.0 dd 85.50
... 12 77.16
IBN 0.3 19 18.51
ICL 1.4 18 10.85
-0.26
-3.49
-0.43
-0.97
-4.62
-0.34
-0.29
t -54.30 276.30 100.05 Okta
t -54.03 30.41 12.82 Olaplex
5.61 91.61 65.76 Omnicom

-40.41 55.87 19.75 OnHolding
-18.83 71.25 34.01 ON Semi
OKTA ... dd 102.45
OLPX ... 40 13.39
-21.78 373.58 245.56 OldDomFreight ODFL 0.4 29 280.34
10.22 65.30 39.90 Olin OLN 1.3 7 63.40
OMC 3.6 13 77.38
ONON ... dd 22.53
ON ... 17 55.13
-8.72
0.05
-2.96
-0.79
-0.50
-0.71
-0.10
-18.07 672.34 438.72 ThermoFisherSci TMO 0.2 28 546.68
-21.09 123.60 92.22 ThomsonReuters TRI 1.9 8 94.39
-15.82 208.95 139.74 3M
t -55.72 69.93 14.41 Toast
t -20.18 117.92 78.24 Toro
MMM 4.0 16 149.53
TOST ... dd 15.37
TTC 1.5 23 79.75
-5.83 86.02 62.81 TorontoDomBk TD 3.7 11 72.21
8.65 60.03 40.33 TotalEnergies TTE ... 8 53.74
-3.83
-0.27
0.07
-1.08
-1.79
-0.57
1.25
-4.75 341.98 223.19 Aon AON 0.8 45 286.29 -0.26 t -59.02 46.00 11.59 Coupang CPNG ... dd 12.04 0.05 t -19.29 55.25 37.37 OpenText OTEX 2.3 21 38.32 -0.44 -6.48 213.74 151.16 ToyotaMotor TM 2.3 9 173.30 3.37
-17.78 55.82 42.96 AptIncmREIT t -44.32 706.95 358.18 IdexxLab IDXX ... 43 366.64 -18.47
us ,
AIRC 4.0 16 44.95 -1.18 8.81 182.11 88.67 Credicorp BAP 0.9 12 132.82 0.02 -16.88 106.34 70.23 Oracle ORCL 1.8 28 72.49 -0.31 -15.10 241.54 170.82 TractorSupply TSCO 1.8 23 202.56 -1.66
-26.96 81.07 49.64 ApolloGlbMgmt APO 3.0 7 52.90 -0.47 -34.27 15.97 8.97 ING Groep ING 9.3 ... 9.15 -0.42
-12.81 703.26 381.93 CreditAcceptance CACC ... 10 599.58 -5.43 t -19.81 29.71 18.14 Invesco 15.45 13.09 9.85 Orange ORAN 6.1220 12.18 0.04 -46.62 114.09 46.71 TradeDesk TTD ... 71 48.92 -6.24
-11.43 182.94 122.25 Apple AAPL 0.6 26 157.28 0.74 -30.71 11.19 6.42 CreditSuisse CS 0.5 dd 6.68 -0.07
IVZ 4.1 6 18.46 -0.39
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-24.21 285.61 204.50 IQVIA IQV ... 39 213.82 -1.50 14.19 39.48 27.25 Organon OGN 3.2 7 34.77 -0.10 t -36.22 102.33 63.08 Tradeweb TW 0.5 55 63.87 -1.78
-28.51 167.06 107.90 ApplMaterials AMAT 0.9 16 112.50 -0.97 -19.51 298.48 150.02 CrowdStrike CRWD ... dd 164.81 -16.17 -9.77 112.91 79.51 Orix IX 3.4 9 91.84 1.50 t -33.56 207.06 131.48 TraneTech TT 2.0 22 134.22 -2.47
t -64.46 116.09 32.99 Applovin 10.14 61.03 48.93 IcahnEnterprises IEP 14.6 dd 54.62 1.21
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APP ...372 33.50 -2.98 -12.52 209.87 157.16 CrownCastle CCI 3.2 54 182.60 1.01 -14.34 92.84 71.07 OtisWorldwide OTIS 1.6 26 74.58 -0.10 -8.20 688.03 552.72 TransDigm TDG 0.0 46 584.12 -13.52
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-9.19 158.97 109.55 Aptargroup ATR 1.4 34 111.23 -1.57 -27.57 313.00 204.80 Icon ICLR ... 90 224.31 -3.44
-4.63 130.42 95.27 CrownHoldings CCK 0.8 dd 105.50 -3.76 65.04 57.60 21.91 Ovintiv OVV 1.4 11 55.62 0.49 t -28.79 125.35 83.00 TransUnion TRU 0.5 50 84.44 -0.61
-38.26 180.81 94.75 Aptiv APTV 0.0 86 101.84 -2.79 -20.42 240.33 181.66 IDEX IEX 1.1 30 188.06 -1.70
-22.44 57.34 40.69 CubeSmart CUBE 3.9 42 44.14 -1.85 4.90 109.89 79.35 OwensCorning OC 1.5 9 94.93 -0.13 9.72 187.98 144.44 Travelers TRV 2.2 11 171.64 -0.37
-2.77 39.95 31.22 Aramark ARMK 1.2288 35.83 -0.02 -15.21 249.81 195.25 IllinoisToolWks ITW 2.3 25 209.27 1.10
4.28 147.39 100.35 Cullen/Frost CFR 2.3 20 131.46 0.71 t -34.54 526.00 239.03 Illumina 3.46 13.19 8.24 PG&E PCG ... dd 12.56 -0.05 t -26.51 96.49 59.89 Trimble TRMB ... 33 64.08 0.81
-12.44 37.87 26.59 ArcelorMittal MT 2.1 2 27.87 0.34 -7.53 273.65 187.72 Cummins CMI 2.9 15 201.72 -2.31 ILMN ... 49 249.05 -42.67
46.15 54.15 23.94 ImperialOil IMO 2.0 14 52.76 0.25 3.16 38.69 23.71 PLDT PHI 3.3 15 36.85 -0.40 -13.48 42.04 14.29 Trip.com TCOM ... dd 21.30 -1.12
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4.70 50.73 36.52 ArchCapital ACGL ... 10 46.54 0.09 -16.91 228.14 164.10 PNC Fin PNC 3.6 14 166.62 -2.25 -16.21 68.95 47.98 TruistFinl TFC 3.9 11 49.06 -0.39
32.76 98.88 56.91 ArcherDaniels ADM 1.8 17 89.73 0.32
-16.46 90.08 50.46 AresMgmt ARES 3.6 32 67.89 -1.32
DEF 2.45 88.26 61.91 Incyte
-21.57 26.39 17.81 Infosys
INCY ... 18 75.20
INFY 1.2 28 19.85
-2.08
-0.46 -4.36 92.19 54.20 POSCO PKX 4.4 4 55.75 -0.12 t -59.22 412.68 104.50 Twilio TWLO ... dd 107.38 -9.35
30.46 39.54 23.57 DCP Midstream DCP 4.4 23 35.85 1.12 t -29.21 62.64 43.09 IngersollRand IR 0.2 24 43.80 -1.73 -25.46 182.97 111.32 PPG Ind PPG 1.8 29 128.53 -3.04 15.22 73.34 31.30 Twitter TWTR ...218 49.80 -0.56
-9.64 356.78 248.21 arGEN-X ARGX ... dd 316.43 -3.91 -2.76 30.71 25.27 PPL PPL 2.7169 29.23 0.43 t -32.35 557.55 362.45 TylerTech TYL ... 94 363.91 -16.30
-22.80 148.57 78.33 AristaNetworks ANET ... 38 110.98 ... t -31.50 47.05 21.77 DISH Network DISH ... 6 22.22 -5.26 t -22.74 324.81 191.26 Insulet PODD ...916 205.57 -21.34
8.48 140.23 108.22 DTE Energy DTE 2.7 28 129.68 0.85 -13.98 58.41 43.50 Intel INTC 3.3 7 44.30 -0.30 -8.87 153.73 96.55 PTC PTC ... 27 110.41 -1.74 4.20 100.72 69.88 TysonFoods TSN 2.0 9 90.82 -0.08
-6.96 137.95 107.11 ArrowElec ARW ... 8 124.93 0.46 -4.26 97.56 77.96 Paccar PCAR 1.6 15 84.50 -0.70 -4.09 21.48 14.42 UBS Group UBS 2.9 8 17.14 -0.05
7.26 170.16 122.29 AspenTech AZPN ... 41 163.25 -4.25 -8.61 44.18 28.50 DXC Tech DXC 0.0 dd 29.42 -0.31 t -30.81 82.83 54.27 InteractiveBrkrs IBKR 0.7 19 54.95 -2.47
-24.25 333.96 238.32 Danaher DHR 0.4 29 249.24 -2.67 t -27.02 139.79 98.67 ICE ICE 1.5 14 99.81 -1.82 19.33 168.50 124.78 PackagingCpAm PKG 2.5 17 162.47 -0.58 -16.57 61.06 44.68 UDR UDR 3.0100 50.05 -0.56
20.99 194.12 144.18 Assurant AIZ 1.4 26 188.58 -0.85 t -47.94 29.29 9.42 PalantirTech PLTR ... dd 9.48 -0.64 -17.90 48.55 33.05 UGI UGI 3.7 8 37.69 0.59
10.49 71.70 53.33 AstraZeneca AZN 2.2 dd 64.36 -0.59 -13.64 164.28 116.03 Darden DRI 3.4 16 130.10 2.59 -5.41 73.79 58.74 InterContinentl IHG 1.4 42 61.68 -0.58
9.80 87.44 58.70 DarlingIngred DAR ... 20 76.08 0.67 3.00 145.99 114.56 IBM IBM 4.8 23 137.67 1.75 -9.32 640.90 322.23 PaloAltoNtwks PANW ... dd 504.87 -24.77 4.97 40.96 30.02 US Foods USFD ... 68 36.56 -0.63
t -46.95 483.13 193.61 Atlassian TEAM ... dd 202.26 -10.45 t -9.47 51.19 29.94 ParamountA PARAA 3.2 5 30.21 -1.82 t -37.82 52.36 24.75 Uber UBER ... dd 26.07 -0.76
-38.24 199.68 73.04 Datadog DDOG ...137500 110.00 -1.87 -18.92 157.08 113.40 IntlFlavors IFF 2.6121 122.15 -0.60
er s
9.67 122.95 85.80 AtmosEnergy ATO 2.4 22 114.90 -0.14 -7.52 47.45 27.25 ParamountB PARA 3.4 5 27.91 -1.81 -24.10 344.77 225.14 Ubiquiti UI 1.0 27 232.79 -43.03
-31.09 344.39 180.19 Autodesk ADSK ... 87 193.77 -4.62 -9.49 136.48 94.38 DaVita DVA ... 12 102.96 -3.98 2.51 61.80 40.45 IntlPaper IP 3.8 11 48.16 0.05
-32.67 451.49 231.88 DeckersOutdoor DECK ... 16 246.65 -12.34 -12.47 39.98 30.45 Interpublic IPG 3.5 13 32.78 -0.37 t -14.64 340.00 260.23 ParkerHannifin PH 2.0 21 271.54 -4.62 t -60.28 90.00 16.10 UiPath PATH ... dd 17.13 -0.50
-12.02 248.96 187.29 ADP ADP 1.9 32 216.94 -1.62 -9.04 141.92 96.12 Paychex PAYX 2.5 33 124.16 -0.43 -5.56 438.63 299.77 UltaBeauty ULTA ... 22 389.43 -7.20
5.96 133.48 88.32 AutoNation AN ... 6 123.82 0.96 10.08 446.76 320.50 Deere DE 1.1 21 377.46 -5.58 -38.48 716.86 385.66 Intuit INTU 0.7 50 395.71 -14.15
t -18.85 61.54 45.36 DellTechC DELL ... 6 45.58 -1.68 t -37.42 369.69 221.07 IntuitiveSurgical ISRG ... 50 224.85 -9.13 -28.89 558.97 278.37 PaycomSoftware PAYC ... 77 295.24 -5.81 -17.31 61.81 43.11 Unilever UL 4.1 16 44.48 -0.34
-4.60 2267.40 1367.96 AutoZone AZO ... 18 2000.00 26.91
m er
4.91 48.54 29.75 DeltaAir DAL 0.0 52 41.00 -1.13 -16.21 45.80 34.15 InvitatHomes INVH 2.3 97 37.99 -0.13 -23.11 314.50 154.26 Paylocity PCTY ...115 181.58 -7.29 -8.87 278.94 195.68 UnionPacific UNP 2.1 22 229.59 -1.89
-15.90 259.05 191.69 Avalonbay AVB 3.0 26 212.43 -4.29 t -56.69 310.16 80.90 PayPal PYPL ... 27 81.68 -3.75 8.54 60.59 30.54 UnitedAirlines UAL ... dd 47.52 -1.38
-10.49 55.57 42.20 Avangrid AGR 3.9 21 44.65 0.42 -27.25 69.54 39.22 DentsplySirona XRAY 1.2 21 40.59 -0.22 3.65 58.61 40.53 IronMountain IRM 4.6 35 54.24 -0.34
-21.28 16.70 9.46 DeutscheBank DB 0.0 7 9.84 -0.05 24.00 5.89 3.60 ItauUnibanco ITUB 2.9 9 4.65 0.05 13.45 12.38 7.68 Pearson PSO 2.9 33 9.53 0.04 -30.94 12.68 7.49 UnitedMicro UMC 2.7 9 8.08 0.04
-26.22 44.37 28.64 Avantor AVTR ... 36 31.09 0.37 29.84 41.21 28.89 PembinaPipeline PBA 4.9 25 39.38 1.20 -16.06 233.72 175.22 UPS B UPS 3.4 15 179.92 0.13
-18.11 229.24 156.51 AveryDennison AVY 1.7 20 177.34 -1.93 s 58.21 69.75 24.05 DevonEnergy DVN 5.2 13 69.69 2.54
23.38 545.11 65.87 AvisBudget CAR ... 8 255.86 -17.84 -34.47 659.45 318.45 DexCom DXCM ...170 351.89 -27.40 JKL 4.25 114.57 72.35 PenskeAuto
t -30.88 80.40 49.31 Pentair
PAG 1.6 6 111.78
PNR 1.7 16 50.48
-0.06
-0.97
-11.08 414.99 285.59 UnitedRentals URI
-12.25 63.57 47.84 US Bancorp
... 14 295.46
USB 3.7 11 49.29
-7.74
0.05
t -38.86 209.00 94.80 AxonEnterprise AXON ... dd 95.99 -3.52 -14.51 223.14 175.46 Diageo DEO 2.1 26 188.20 -6.87 -20.64 92.69 41.56 JD.com JD ... dd 55.61 -3.78
32.53 147.99 65.93 DiamondbkEner FANG 2.0 9 142.93 4.34 -1.90 177.62 143.58 PepsiCo PEP 2.7 23 170.41 0.02 14.32 39.25 17.98 US Steel X 0.7 2 27.22 -0.58
3.59 59.34 48.12 BCE BCE 5.4 23 53.91 0.12 -21.87 172.96 118.22 JPMorganChase JPM 3.2 9 123.72 -0.20 6.01 58.13 38.82 PerformanceFood PFGC ...184 48.65 -0.21 -14.80 218.38 158.38 UnitedTherap UTHR ... 18 184.09 -2.90
-19.59 147.39 82.81 Dick's DKS 2.1 7 92.46 -4.95
m rp
9.11 82.07 51.88 BHP Group BHP 10.6 10 65.85 0.06 -17.43 72.11 50.84 Jabil JBL 0.6 11 58.09 -0.32 -26.45 203.16 137.13 PerkinElmer PKI 0.2 18 147.87 -0.05 -0.50 553.29 383.12 UnitedHealth UNH 1.2 27 499.62 4.90
-7.90 74.09 43.08 BJ'sWholesale BJ ... 20 61.68 -1.53 -65.06 18.01 1.65 DiDiGlobal DIDI ... dd 1.74 -0.20 10.78 205.37 147.50 JackHenry JKHY
-20.24 178.22 130.10 DigitalRealty DLR 3.5 29 141.08 -0.28
1.1 40 184.99 -1.14 14.75 57.87 38.63 PetroChina PTR 6.2 7 50.73 0.27 t -59.90 210.00 55.75 UnitySoftware U ... dd 57.34 -4.68
19.64 34.16 22.64 BP BP 4.0 dd 31.86 0.64 -1.02 150.32 114.11 JacobsEngg J 0.7 48 137.81 0.24 28.23 16.09 8.74 PetroleoBrasil PBR 20.6 5 14.08 0.43 -1.43 165.00 116.23 UniversalHealthB UHS 0.6 11 127.80 1.51
-21.53 209.17 102.18 Baidu BIDU ... 26 116.76 -7.32 -3.94 135.69 100.07 DiscoverFinSvcs DFS 2.2 7 111.01 -4.43 t -31.60 41.85 27.23 JamesHardie
t -28.79 187.58 108.30 Disney DIS 0.0 65 110.29 -2.32 JHX 1.0 25 27.83 -0.91 28.09 14.84 8.89 PetroleoBrasilA PBR.A 22.4 4 12.95 0.29 -44.55 401.49 71.09 Upstart UPST ... 60 83.89 -5.15
33.54 39.78 19.23 BakerHughes BKR 2.2 99 32.13 0.11 19.81 189.00 117.64 JazzPharma JAZZ ... dd 152.64 -0.58 -16.95 61.71 38.48 Pfizer PFE 3.3 11 49.04 0.59 t -34.98 90.48 47.09 VF VFC 4.2 13 47.61 -1.48
t -25.30 98.09 70.33 Ball BLL 1.1 21 71.91 -4.89 -51.04 314.76 71.00 DocuSign DOCU ... dd 74.57 -6.36 -17.29 44.47 28.99 JefferiesFin JEF 3.7 6 32.09 -0.58
-24.87 104.25 69.18 DolbyLab 4.15 112.48 85.64 PhilipMorris PM 5.1 17 98.94 -0.83 -3.95 33.35 26.23 VICI Prop VICI 5.0 18 28.92 -0.84
-17.21 7.25 4.76 BancoBilbaoViz BBVA 5.7 6 4.86 0.04 DLB 1.4 29 71.54 -3.89 3.10 186.69 155.72 J&J JNJ 2.6 24 176.37 -0.39 32.98 96.76 63.19 Phillips66 PSX 3.8 17 96.36 1.84 -24.22 376.24 221.38 VailResorts MTN 3.1 47 248.47 -1.31
11.90 4.42 2.54 BancoBradesco BBDO 4.1 8 2.95 0.04 -0.96 262.20 185.15 DollarGeneral DG 0.9 23 233.56 -0.08 -34.50 81.77 51.80 JohnsonControls JCI 2.6 31 53.26 -0.92
16.99 177.19 84.26 DollarTree DLTR ... 28 164.39 2.95 -34.49 143.11 23.21 Pinduoduo PDD ... 47 38.19 -2.09 12.13 23.18 11.16 Vale VALE 17.0 4 15.72 -0.29
28.01 23.77 15.60 BancodeChile BCH 5.1 10 20.11 -0.18 -25.04 275.76 184.21 JonesLang JLL 0.0 11 201.89 -7.79 5.00 88.54 62.78 PinnacleWest PNW 4.6 14 74.12 1.32 s 71.99 129.27 58.85 ValeroEnergy VLO 3.0 21 129.18 3.35
20.48 9.02 5.18 BancSanBrasil BSBR 9.6 ... 6.47 0.10 6.95 88.78 70.37 DominionEner D 3.2 23 84.02 0.98 -10.19 38.14 25.48 JuniperNetworks JNPR 2.6 31 32.07 0.29
t -39.43 567.57 335.30 Domino's DPZ 1.3 26 341.79 0.10 -37.58 81.77 18.32 Pinterest PINS ... 47 22.69 0.06 -31.56 343.96 166.48 VeevaSystems VEEV ... 67 174.86 -3.59
19.71 24.29 15.37 BcoSantChile BSAC 4.4 9 19.50 -0.19
co Fo
1.49 55.31 42.29 KB Fin KB 4.3 5 46.85 0.06 s 48.55 272.47 133.73 PioneerNatRscs PXD 6.5 16 270.18 13.70 11.44 64.02 45.44 Ventas VTR 3.2436 56.97 -0.03
-15.20 4.38 2.77 BancoSantander SAN 2.7 5 2.79 -0.03 t -51.57 257.25 63.11 DoorDash DASH ... dd 72.11 -1.04
-26.76 184.04 131.03 Dover DOV 1.5 17 133.01 -2.22
-39.02 54.49 7.31 KE Holdings BEKE ... dd 12.27 -0.96 16.92 12.38 8.64 PlainsAllAmPipe PAA 8.0 20 10.92 -0.01 t -32.22 257.03 170.42 VeriSign VRSN ... 24 172.05 -3.70
18.87 44.33 27.64 BanColombia CIB 3.0 16 37.55 -0.68 -28.12 83.90 50.01 KKR KKR 1.2 7 53.55 -1.81 14.60 12.96 9.24 PlainsGP PAGP 7.5 37 11.62 -0.03 -18.93 231.57 167.37 VeriskAnalytics VRSK 0.7 30 185.42 -2.50
-15.82 50.11 35.40 BankofAmerica BAC 2.2 11 37.45 -0.09 19.76 71.86 52.07 Dow DOW 4.1 7 67.93 -0.54 -22.96 457.12 285.89 KLA KLAC 1.3 16 331.35 -2.05
t -30.88 107.79 34.60 Doximity DOCS ... 57 34.65 -4.04 -31.24 46.50 17.51 PlugPower PLUG ... dd 19.41 -1.85 -7.10 59.85 45.55 Verizon VZ 5.3 9 48.27 0.43
-2.88 122.77 95.37 BankofMontreal BMO 3.2 10 104.62 -0.81 -43.64 44.96 13.46 Kanzhun BZ ... dd 19.66 -1.77 t -30.34 582.26 380.39 Pool POOL 0.8 22 394.30 -6.26 15.63 292.75 176.36 VertxPharm VRTX ... 28 253.93 -12.44
-24.66 64.63 41.77 BankNY Mellon BK 3.1 11 43.76 -0.34 -22.24 75.50 47.88 DrReddy'sLab RDY 0.6 22 50.86 -0.15 s 12.90 73.30 59.54 Kellogg
t -52.13 64.58 12.96 DraftKings DKNG ... dd 13.15 -1.29
K 3.2 16 72.73 2.50 -2.86 80.36 58.66 PrincipalFin PFG 3.6 11 70.26 -1.25 -26.46 16.29 9.66 Viatris VTRS 4.8 dd 9.95 -0.10
-11.12 74.86 59.05 BkNovaScotia BNS 5.0 10 63.72 -0.57 0.27 39.35 32.44 KeurigDrPepper KDP 2.0 22 36.96 -0.10 -4.63 165.35 131.94 Procter&Gamble PG 2.3 27 156.00 1.54 -6.41 252.67 186.67 Visa V 0.7 33 202.82 -2.42
-27.54 12.20 7.19 Barclays BCS 4.2 ... 7.50 -0.08 -13.85 33.00 19.90 Dropbox DBX ... 25 21.14 -0.16 -15.52 27.17 17.90 KeyCorp KEY 4.0 8 19.54 -0.24 6.63 120.17 89.35 Progressive PGR 0.4 30 109.46 -2.95 s 16.91 27.10 15.47 Vistra VST 2.7 dd 26.62 1.21
18.00 26.07 17.27 BarrickGold GOLD 1.8 20 22.42 -0.14 6.12 116.33 95.48 DukeEnergy DUK 3.5 23 111.32 1.27 -32.80 209.08 134.65 KeysightTechs KEYS ... 27 138.78 -2.13 -16.32 174.54 112.00 Prologis PLD 2.2 28 140.88 -4.10 t -13.16 167.83 99.10 VMware VMW ... 23 100.63 -3.89
-24.32 82.00 44.17 Bath&BodyWks BBWI 1.5 11 52.82 -1.24 -24.19 66.22 44.13 DukeRealty DRE 2.3 19 49.76 -1.26 -0.24 79.06 60.37 KilroyRealty KRC 3.1 43 66.30 -0.94
-19.01 86.28 64.35 DuPont DD 2.0 22 65.42 -0.72 -1.44 124.22 94.51 PrudentialFin PRU 4.5 9 106.68 -1.06 0.67 20.36 14.53 Vodafone VOD 6.7 dd 15.03 -0.44
-15.20 89.70 69.72 BaxterIntl BAX 1.6 35 72.79 -0.20 -3.72 145.79 117.32 KimberlyClark KMB 3.4 27 137.60 0.92 t -33.23 43.60 22.81 Prudential PUK 1.5 dd 22.99 -0.87 t -13.35 50.91 35.90 VornadoRealty VNO 5.8 69 36.27 -0.48
5.22 277.29 229.24 BectonDicknsn BDX 1.3 41 257.97 -1.67 -10.51 81.40 32.42 DutchBros BROS ... ... 45.56 -0.18 -2.68 26.57 19.54 KimcoRealty KIM 3.3 14 23.99 -0.21
t -40.94 80.13 33.77 Dynatrace 4.05 75.61 58.96 PublicServiceEnt PEG 3.1 dd 69.43 0.54 -18.16 213.65 163.00 VulcanMatls VMC 0.9 34 169.88 -7.20
-45.64 426.56 136.09 BeiGene BGNE ... dd 147.29 -12.19 DT ...132 35.64 -1.43 21.69 20.19 15.01 KinderMorgan KMI 5.8 43 19.30 0.45 -10.06 421.76 269.55 PublicStorage PSA 2.4 33 336.88 -12.39
-20.36 71.92 34.45 BentleySystems BSY 0.3138 38.49 -0.08
25.22 71.53 47.13 Berkley WRB 0.5 14 68.78 0.72
4.81 32.56 21.91 ENI
s 48.85 132.35 62.81 EOG Rscs
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EOG
4.7 7 28.98
2.3 17 132.22
0.49
8.80
-18.87 62.29 44.22 Knight-Swift KNX 1.0 10 49.44 -0.78 -25.14 63.91 39.61 PulteGroup PHM 1.4 5 42.79 -0.51 WXYZ
12.84 64.80 43.67 Kohl's KSS 3.6 9 55.73 -1.64 -15.88 36.71 16.79 PureStorage PSTG ... dd 27.38 -0.40
6.40 544389 407773 BerkHathwy A BRK.A ... 9 479500 -1900.00 -48.09 725.40 168.59 EPAM Systems EPAM ... 44 347.00 1.00 -29.63 58.67 25.48 KoninklijkePhil PHG 3.70 106.82 86.84 WEC Energy WEC 2.9 24 100.66 -0.41
88.22 45.50 15.71 EQT EQT 1.2 dd 41.05 -0.87
3.2 6 25.93 -0.15 -17.63 58.00 41.32 Qiagen QGEN ... 20 45.78 -0.30
6.65 362.10 270.73 BerkHathwy B BRK.B ... 9 318.88 0.20 -2.63 12.28 8.20 KoreaElcPwr KEP 4.9 dd 8.90 0.06 t -31.50 201.46 104.37 Qorvo QRVO ... 12 107.12 -1.72 11.82 208.38 123.01 WEX WEX ... 57 156.98 -5.89
-19.67 74.73 52.54 BerryGlobal BERY ... 11 59.27 1.45 -7.02 93.51 65.87 EastWestBncp EWBC 2.2 12 73.16 -1.16 21.42 44.95 32.78 KraftHeinz KHC 3.7 44 43.59 0.45 -5.17 86.48 71.72 W.P.Carey WPC 5.4 28 77.81 -0.53
-23.13 193.58 122.17 Qualcomm QCOM 2.1 14 140.58 -1.06
-10.03 141.97 85.58 BestBuy BBY 3.9 9 91.41 -0.80 -12.42 130.47 98.24 EastmanChem EMN 2.9 17 105.89 0.22 18.98 62.78 35.91 Kroger KR 1.6 25 53.85 ... t -49.24 49.03 17.01 QualtricsIntl -19.85 83.69 58.82 WPP WPP 3.5 16 60.55 -1.50
-14.77 175.72 139.12 Eaton ETN 2.2 27 147.29 -1.09
XM ... dd 17.97 -0.36
-55.06 129.24 14.93 Bilibili BILI ... dd 20.85 -0.65 -15.26 60.43 42.36 LKQ LKQ 2.0 14 50.87 0.07 2.56 140.04 84.40 QuantaServices PWR 0.2 36 117.59 -3.40 -2.51 100.05 76.30 Wabtec WAB 0.7 28 89.80 -1.86
t -51.43 348.50 109.09 Bill.com BILL ... dd 121.00 -31.24 t -26.60 81.19 47.03 eBay EBAY 1.8 dd 48.81 0.77 11.93 220.80 127.03 LPL Financial LPLA 0.6 32 179.19 -5.25 -15.66 55.96 41.80 WalgreensBoots WBA 4.3 6 43.99 0.21
-21.22 174.16 125.77 QuestDiag DGX 1.9 9 136.30 0.12
-27.91 543.85 347.88 Bio-Techne TECH 0.3 73 372.93 -13.22 -29.58 238.93 154.85 Ecolab ECL 1.2 43 165.20 -1.49 14.35 279.71 200.71 L3HarrisTech LHX 1.8 26 243.83 2.35 3.37 160.77 132.01 Walmart WMT 1.5 31 149.56 -3.18
-33.63 832.70 485.96 Bio-RadLab A
t -19.30 468.55 190.65 Biogen
BIO ... dd 501.46 -5.99
BIIB ... 20 193.61 -7.57
26.07 19.81 11.52 Ecopetrol
3.00 73.32 54.14 EdisonInt
EC
EIX
9.0 8 16.25
4.0 35 70.30
-0.09
1.48
-19.96 317.17 232.01 LabCorp.ofAmerica LH 1.1 12 251.49 -0.46 RS t -24.60 39.70 17.55 WarnerBrosA WBD ... 9 17.75
-32.52 50.23 27.88 WarnerMusic WMG 2.1 39 29.14
-1.13
0.01
-33.50 731.85 449.50 LamResearch LRCX 1.3 15 478.23 -3.09
-22.41 131.73 87.32 EdwardsLife EW ... 41 100.52 -2.84
n-
-10.29 94.20 71.59 BioMarinPharm BMRN ...453 79.26 -2.71 -13.97 124.32 97.81 LamarAdv LAMR 4.2 27 104.35 -2.84 -12.51 32.71 25.43 RELX RELX 2.4 27 28.53 -0.72 -6.99 145.62 115.75 WasteConnections WCN 0.7 54 126.75 -0.65
-47.18 464.00 121.32 BioNTech BNTX 1.1 3 136.17 -5.75 t -16.17 37.49 23.25 ElancoAnimal ELAN ... dd 23.79 -0.39 -0.36 85.72 49.71 LambWeston LW 1.6 39 63.15 -0.28 -16.48 101.48 75.11 RPM RPM 1.9 24 84.36 -0.53 -3.07 170.18 136.97 WasteMgt WM 1.6 36 161.78 3.14
-14.45 84.27 52.00 BlackKnight BKI ... 21 70.91 -0.90 17.73 238.97 122.85 ElbitSystems ESLT 1.0 33 205.00 -1.11 -8.90 59.84 31.26 LasVegasSands LVS 0.0 dd 34.29 -1.26 t -17.10 142.06 95.78 RalphLauren RL 2.8 15 98.54 -1.67 -11.99 428.22 288.32 Waters WAT ... 29 327.93 -5.31
-31.34 973.16 610.00 BlackRock BLK 3.1 16 628.62 -5.19 t -12.59 148.93 114.39 ElectronicArts EA 0.6 52 115.29 -4.32 -28.41 204.91 123.28 Lear LEA 1.7 36 130.98 0.18 71.28 34.61 10.88 RangeResources RRC 0.0 dd 30.54 -0.16 -17.96 318.98 252.50 Watsco WSO 3.4 21 256.68 -3.56
-21.56 149.78 83.75 Blackstone BX 4.0 14 101.49 -3.47 -5.34 105.99 83.42 EmersonElec EMR 2.3 18 88.01 -1.22 16.10 111.12 81.07 Leidos LDOS 1.4 20 103.21 -0.85 -3.17 117.37 81.96 RaymondJames RJF 1.4 14 97.22 -2.05 t -65.17 339.56 56.23 Wayfair W ... dd 66.17 -1.28
-40.44 289.23 82.72 Block SQ ...318 96.19 0.64 16.25 47.42 36.20 Enbridge ENB 5.9 20 45.43 0.85 -30.98 96.42 62.58 Lennar B LEN.B 2.3 5 66.00 -0.40 10.74 106.02 79.00 RaytheonTech RTX 2.3 34 95.30 -1.02 -13.75 65.00 45.60 WebsterFin WBS 3.3 15 48.16 -1.28
-17.77 17.89 9.35 BlueOwlCapital OWL 3.3 dd 12.26 0.12 t -43.79 35.28 18.59 Endeavor EDR ... dd 19.61 -0.39 -32.39 117.54 73.01 Lennar A LEN 1.9 6 78.54 -0.26 -7.64 75.40 62.46 RealtyIncome O 4.5 70 66.12 -0.98 -7.15 60.30 41.47 WellsFargo WFC 2.2 9 44.55 -0.21
-26.04 258.40 143.38 Boeing BA 0.0 dd 148.90 -1.57 -0.55 7.64 5.14 EnelAmericas ENIA 1.6 14 5.41 0.10 t -34.41 356.36 206.57 LennoxIntl LII 1.7 17 212.74 -0.78 t -25.57 176.91 125.26 RegalRexnord RRX 1.1 23 126.66 -4.61 3.10 99.43 70.74 Welltower WELL 2.8394 88.43 -1.54
no
-8.54 2715.66 1796.45 BookingHldgs BKNG ...177 2194.23 22.32 41.31 12.48 7.96 EnergyTransfer ET 6.9 11 11.63 -0.05 -28.89 30.73 17.34 LeviStrauss LEVI 2.0 12 17.80 -0.45 -8.98 78.78 61.48 RegencyCtrs REG 3.6 32 68.58 -0.99 6.58 144.43 93.80 WescoIntl WCC ... 18 140.25 0.11
-0.53 91.46 69.68 BoozAllen BAH 2.0 20 84.34 -1.08 -9.32 282.46 108.88 EnphaseEnergy ENPH ...141 165.89 -15.25 -34.83 37.45 15.98 LiAuto LI ... dd 20.92 -0.75 -1.34 747.42 492.13 RegenPharm REGN ... 9 623.05 -16.32 -4.60 102.61 64.72 WestFraserTimber WFG 1.1 3 90.97 -1.53
-15.75 55.55 34.85 BorgWarner BWA 1.8 14 37.97 -0.13 -16.97 158.00 101.16 Entegris ENTG 0.3 35 115.06 0.46 -31.79 188.76 103.31 LibertyBroadbandA LBRDA 0.0 28 109.75 1.08 -3.12 25.57 18.02 RegionsFin RF 3.2 9 21.12 -0.33 -34.68 475.35 300.18 WestPharmSvcs WST 0.2 34 306.34 -8.42
3.42 133.11 103.20 BostonProps BXP 3.3 38 119.12 -0.55 5.88 126.81 98.50 Entergy ETR 3.4 23 119.27 0.97 -28.88 194.05 107.40 LibertyBroadbandC LBRDK ... 29 114.57 1.06 8.41 131.66 94.32 ReinsGrp RGA 2.5 13 118.70 8.53 -27.04 124.93 73.31 WestAllianceBcp WAL 1.8 9 78.54 -1.71
-3.84 47.49 37.96 BostonSci BSX ... 77 40.85 -1.18 22.72 27.65 20.42 EnterpriseProd EPD 6.9 13 26.95 0.34 -16.20 30.49 23.37 LibertyGlobal C LBTYK ... 1 23.54 -0.89 21.55 211.66 135.46 RelianceSteel RS 1.8 8 197.18 -0.37 -8.83 78.19 43.85 WesternDigital WDC 0.0 10 59.45 -1.74
22.97 78.17 53.22 BristolMyers BMY 2.8 27 76.67 0.42 -0.44 52.03 37.60 Envista NVST ... 24 44.86 1.13 -18.57 30.58 22.40 LibertyGlobal A LBTYA ... 1 22.59 -0.73 -40.73 327.32 138.41 Repligen RGEN ... 62 156.97 -1.54 14.95 27.29 17.97 WesternMidstrm WES 7.8 12 25.60 0.45
10.00 47.23 33.62 BritishAmTob BTI 7.0 10 41.15 -0.11 -29.95 300.11 199.62 Equifax EFX 0.8 33 205.10 -3.13 -2.91 71.17 42.84 LibertyFormOne C FWONK ...101 61.40 0.58 -3.05 145.98 106.46 RepublicSvcs RSG 1.4 33 135.19 4.86 41.46 141.19 78.06 Westlake WLK 0.9 9 137.40 -1.39
-4.80 27.19 21.02 BrixmorProp BRX 4.0 24 24.19 -0.25 -15.65 885.26 662.26 Equinix EQIX 1.7132 713.44 0.05 -4.50 64.70 37.80 LibertyFormOne A FWONA ... 93 56.67 0.59 -22.43 301.34 189.83 ResMed RMD 0.8 38 202.05 -1.68 20.38 62.03 40.78 WestRock WRK 1.9 18 53.40 -0.79
-12.82 677.76 419.14 Broadcom AVGO 2.8 33 580.10 0.11 35.62 39.15 18.45 Equinor EQNR 1.6 10 35.71 0.89 -9.57 32.69 24.75 LibertyBraves A BATRA ... dd 26.00 -0.28 -13.46 70.74 52.16 RestaurantBrands QSR 4.1 19 52.51 -0.76 -2.53 43.04 32.65 Weyerhaeuser WY 1.8 11 40.14 -0.51
-22.42 185.40 137.58 BroadridgeFinl BR 1.8 31 141.84 -1.23 -10.52 37.13 27.54 Equitable EQH 2.5 dd 29.34 -0.27 -12.10 31.27 24.17 LibertyBraves C BATRK ... dd 24.70 -0.38 -11.76 84.68 52.47 RexfordIndlRealty REXR 1.8 82 71.57 -2.15 2.84 51.91 36.39 WheatonPrecMet WPM 1.3 26 44.15 -0.14
-19.77 62.47 44.41 BrookfieldMgt BAM 1.2 20 48.44 -0.77 -16.46 88.70 67.62 EquityLife ELS 2.2 48 73.23 -0.17 t -20.85 56.26 39.83 LibertySirius A LSXMA ... 23 40.25 -1.68 t -59.22 315.00 75.18 RingCentral RNG ... dd 76.41 -4.89 -18.57 257.68 164.52 Whirlpool WHR 3.7 7 191.09 1.06
0.67 69.01 52.44 BrookfieldInfr BIP 3.5 37 61.22 0.08 -15.50 94.32 71.62 EquityResdntl EQR 3.3 21 76.47 -1.35 t -20.90 56.19 39.77 LibertySirius C LSXMK ... 23 40.22 -1.78 1.69 95.97 59.58 RioTinto RIO 11.6 5 68.07 -0.90 40.82 37.05 23.53 Williams WMB 4.6 30 36.67 0.76
-2.20 45.43 31.10 BrookfieldRenew BEPC 3.6 14 36.02 -0.29 -11.67 234.96 158.46 ErieIndemnity A ERIE 2.6 31 170.18 0.17 t -16.98 58.13 42.50 LibertySirius B LSXMB ... 24 42.50 -2.10 t -72.23 179.47 28.71 Rivian RIVN ... ... 28.79 -1.92 t -26.87 223.32 122.36 Williams-Sonoma WSM 2.5 8 123.69 -8.66
-17.13 74.00 50.78 Brown&Brown BRO 0.7 27 58.24 -0.62 -16.91 53.93 44.06 EssentialUtil WTRG 2.4 27 44.61 0.03 -21.19 154.45 93.58 LifeStorage LSI 3.3 35 120.72 -5.32 -12.97 125.77 83.46 RobertHalf RHI 1.8 16 97.06 -1.68 -10.52 271.87 199.78 WillisTowers WTW 1.5 7 212.50 -3.63
-10.50 76.15 57.92 Brown-Forman A BF.A 1.2 36 60.67 -0.66 -11.02 363.36 279.63 EssexProp ESS 2.8 42 313.43 -3.12 7.49 314.00 191.75 EliLilly LLY 1.3 44 296.90 4.53 -43.02 85.00 9.00 Robinhood HOOD ... dd 10.12 -0.49 -16.11 42.00 26.14 WillScotMobile WSC ... 38 34.26 -0.40
-11.31 81.57 62.33 Brown-Forman B BF.B 1.2 38 64.62 -0.57 -35.09 374.20 227.49 EsteeLauder EL 1.0 26 240.30 -1.53 -2.40 148.54 121.66 LincolnElectric LECO 1.6 25 136.12 0.37 t -73.04 141.60 27.33 Roblox RBLX ... dd 27.81 -2.63 t -36.07 9.96 6.16 Wipro WIT 1.1 21 6.24 -0.10
-27.11 92.35 56.35 Bruker BRKR 0.3 34 61.16 0.32 t -60.55 307.75 81.11 Etsy ETSY ... 29 86.38 -4.55 t -16.23 77.57 56.38 LincolnNational LNC 3.1 8 57.18 -1.84 t -38.71 22.68 8.21 RocketCos. RKT 0.0 4 8.58 -0.18 -27.64 142.33 75.06 Wolfspeed WOLF ... dd 80.88 -5.62
-24.06 86.48 39.24 BuildersFirst BLDR ... 8 65.09 -0.82 4.89 308.20 234.87 EverestRe RE 2.2 9 287.32 3.18 -10.90 352.18 267.51 Linde LIN 1.5 40 308.66 -3.95 t -38.51 354.99 210.21 Rockwell ROK 2.1 39 214.51 0.07 11.55 39.71 26.98 WooriFin WF 5.1 4 35.84 0.03
23.43 128.40 71.73 Bunge BG 1.8 9 115.23 0.41 -0.74 73.12 59.46 Evergy EVRG 3.4 18 68.10 -0.18 -0.04 387.63 274.03 LithiaMotors LAD 0.6 7 296.84 -0.86 9.13 64.55 44.19 RogersComm B RCI 3.0 21 51.98 -1.03 t -30.65 307.81 185.56 Workday WDAY ...2033 189.46 -6.36
-32.52 357.34 171.15 BurlingtonStrs BURL ... 33 196.70 -11.21 -0.64 94.63 78.44 EversourceEner ES 2.8 26 90.40 0.58 -22.71 127.75 74.01 LiveNationEnt LYV ... dd 92.51 -2.62 -57.57 490.76 83.72 Roku ROKU ... 99 96.83 -5.62 -8.23 93.86 65.23 WyndhamHtls WH 1.6 24 82.27 -2.02
-25.15 111.00 79.84 CBRE Group CBRE ... 14 81.22 -0.55 t -29.33 133.99 53.69 ExactSciences EXAS ... dd 55.00 -1.23 t -17.25 3.00 2.08 LloydsBanking LYG 5.0 5 2.11 -0.02 -0.53 40.11 28.50 Rollins ROL 1.2 51 34.03 0.61 t -22.04 136.83 65.37 WynnResorts WYNN 0.0 dd 66.30 -2.19
-16.68 208.71 159.91 CDW CDW 1.2 24 170.62 -0.59 17.56 25.77 15.50 Exelixis EXEL ... 30 21.49 -0.80 26.45 479.99 324.23 LockheedMartin LMT 2.5 20 449.43 6.28 -10.69 505.00 417.54 RoperTech ROP 0.6 42 439.30 -4.20 -29.92 53.08 19.20 XP XP ... 17 20.14 -1.29
41.03 113.48 43.19 CF Industries CF 1.6 13 99.82 -0.47 14.26 50.71 30.52 Exelon EXC 2.9 27 47.06 0.16 11.57 68.20 51.35 Loews L 0.4 11 64.44 0.68 -15.79 134.22 84.44 RossStores ROST 1.3 20 96.24 -3.65 7.95 76.05 61.16 XcelEnergy XEL 2.7 24 73.08 0.29
-10.17 93.93 77.25 CGI GIB ... 17 79.50 0.11 t -26.78 217.72 131.43 Expedia EXPE 0.0114 132.33 -7.17 t -26.12 140.17 60.36 LogitechIntl LOGI 1.6 16 60.94 -2.22 -5.19 119.41 96.85 RoyalBkCanada RY 3.8 11 100.63 -1.11 -55.73 56.45 18.01 XPeng XPEV ... dd 22.28 -0.83
-0.61 112.15 84.67 CH Robinson CHRW 2.1 15 106.97 0.60 -19.54 137.80 94.95 ExpeditorsIntl EXPD 1.2 12 108.05 -1.01 -25.61 263.31 182.08 Lowe's LOW 1.7 16 192.29 -3.63 -9.17 98.27 61.45 RoyalCaribbean RCL 0.0 dd 69.85 -3.74 -28.94 138.78 80.00 Xylem XYL 1.4 37 85.21 -1.07
-7.92 256.94 185.79 CME Group CME 1.9 27 210.37 -2.90 -19.88 228.84 141.67 ExtraSpaceSt EXR 3.3 29 181.66 -8.04 -52.30 57.75 16.12 Lucid LCID ... dd 18.15 -0.70 23.70 147.70 92.01 RoyalGold RGLD 1.1 31 130.14 -2.44 -16.90 139.85 111.63 YumBrands YUM 2.0 21 115.39 -0.23
4.15 73.76 57.92 CMS Energy CMS 2.7 15 67.75 0.27 49.84 92.05 52.10 ExxonMobil XOM 3.8 15 91.69 1.38 -8.70 13.04 4.08 LufaxHolding LU 6.2 5 5.14 -0.13 -0.33 47.10 34.86 RoyaltyPharma RPRX 1.9 26 39.72 -1.05 -19.32 69.67 33.55 YumChina YUMC 1.2 20 40.21 -0.53
3.27 50.33 41.44 CNA Fin CNA 3.5 10 45.52 -0.07 -30.33 249.00 166.02 F5 FFIV ... 30 170.50 -0.13 -19.01 485.82 278.00 lululemon LULU ... 42 317.05 -26.55 -7.29 42.43 25.57 RyanSpecialty RYAN ...147 37.41 0.36 12.40 91.23 33.30 ZimIntShipping ZIM 58.9 2 66.16 0.49
-14.85 17.13 13.06 CNH Indl CNHI 1.9 12 14.38 -0.09 8.29 140.99 87.27 FMC FMC 1.8 21 119.00 0.46 -13.07 15.45 9.31 LumenTech LUMN 9.2 5 10.91 0.17 -16.49 127.25 74.12 Ryanair RYAAY ... dd 85.46 -0.54 -9.53 34.82 19.72 ZTO Express ZTO 0.0 28 25.53 -1.15
-25.66 54.54 37.59 CRH CRH 3.0 12 39.25 -0.37 -22.19 495.39 317.55 FactSet FDS 0.9 35 378.17 -4.48 t -52.00 63.07 19.59 Lyft LYFT ... dd 20.51 -1.52 t -31.38 151.48 95.53 SAP SAP 1.6 20 96.14 -3.68 t -42.44 615.00 333.37 ZebraTech ZBRA ... 23 342.59 -5.16
-7.50 38.63 29.48 CSX CSX 1.2 20 34.78 0.13 -19.32 553.97 342.89 FairIsaac FICO ... 23 349.89 -12.78 19.51 118.02 84.17 LyondellBasell LYB 4.1 6 110.22 -1.21 t -26.73 484.21 337.96 S&P Global SPGI 1.0 25 345.76 -1.14 9.20 153.43 87.90 Zendesk ZEN ... dd 113.88 -3.85
-2.39 111.25 79.33 CVS Health CVS 2.2 17 100.69 2.96 -17.02 64.75 48.84 Fastenal FAST 2.3 31 53.16 -1.02 -12.06 391.15 281.45 SBA Comm SBAC 0.8 86 342.09 -0.28 t -40.41 124.70 34.45 Zillow C Z ... dd 38.05 -1.73
-21.45 192.70 118.11 CadenceDesign CDNS ... 55 146.37 -3.03
-5.67 34.19 22.60 CAE CAE 0.0 84 23.81 -0.24
-15.54 140.51 109.89 FederalRealty FRT
-18.72 319.90 192.82 FedEx FDX
3.7 36 115.14
1.4 14 210.21
-2.44
2.97
MN -8.94 65.22 54.03 SEI Investments SEIC 1.4 13 55.49
-4.72 55.30 24.35 SK Telecom SKM 4.8 8 25.41
-0.70
-0.41
t -39.94 124.90 33.26 Zillow A ZG ... dd 37.37
-2.36 169.62 105.23 ZimmerBiomet ZBH 0.8117 120.33
-1.68
-2.21
t -35.90 119.81 59.30 CaesarsEnt CZR ... dd 59.95 -3.00 t -35.46 183.67 114.21 Ferguson FERG 2.2 14 115.77 -4.83 11.00 186.95 128.46 M&T Bank MTB 2.8 13 170.48 -1.66 -6.91 88.27 67.05 SLGreenRealty SLG 5.4 10 68.79 -0.56 -11.48 75.44 47.06 ZionsBancorp ZION 2.7 9 55.91 -1.50
-16.72 180.37 119.44 CamdenProperty CPT 2.5 44 148.81 -1.74 -23.55 278.78 178.87 Ferrari RACE 0.7 36 197.86 -4.20 -14.64 51.17 35.72 MGM Resorts MGM 0.0 12 38.31 -0.99 t -23.88 84.85 61.88 SS&C Tech SSNC 1.3 21 62.40 -0.74 -30.66 249.27 167.46 Zoetis ZTS 0.8 39 169.21 -2.24
9.31 32.49 15.34 Cameco CCJ 0.4 dd 23.84 -0.64 -21.92 56.44 39.23 FidNatlFin FNF 4.3 5 40.74 -0.06 10.00 35.49 26.01 MPLX MPLX 8.7 11 32.55 0.16 -21.08 37.13 26.80 StoreCapital STOR 5.7 27 27.15 -0.60 t -47.59 406.48 94.01 ZoomVideo ZM ... 21 96.38 -4.46
14.29 50.52 39.76 CampbellSoup CPB 3.0 16 49.67 1.05 -9.97 153.40 85.00 FidNatlInfo FIS 1.9 67 98.27 -2.33 -17.02 60.19 23.18 MP Materials MP ... 53 37.69 -2.06 t -27.20 763.22 466.56 SVB Fin SIVB ... 17 493.74 -19.63 -27.18 79.17 37.86 ZoomInfoTech ZI ...174 46.75 -2.86
-6.88 132.48 102.97 CIBC CM 4.4 9 108.54 -0.65 -13.87 50.64 34.35 FifthThirdBncp FITB 3.2 11 37.51 -0.47 t -33.80 679.85 395.01 MSCI MSCI 1.0 45 405.61 -10.44 t -33.22 311.75 165.58 Salesforce CRM ...113 169.70 -2.60 -46.18 376.11 157.03 Zscaler ZS ... dd 172.94 -17.47
-5.31 137.19 100.66 CanNtlRlwy CNI 2.0 21 116.34 -2.01 -21.48 947.71 610.67 FirstCitizBcshA FCNCA 0.3 16 651.60 -10.63 5.71 53.85 43.58 MagellanMid MMP 8.5 11 49.09 0.19 2.59 58.10 46.92 Sanofi SNY 2.5 18 51.40 -0.08 26.25 11.25 5.57 Zynga ZNGA ... dd 8.08 -0.24
Mutual Funds Data provided by

Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret
Stock 230.43 -1.28 -5.2 Contra 14.59 -0.13-21.2 CapApInst NA ... NA ParnEqFd 53.91 -0.64-14.9 BalAdml 42.36 -0.27-12.9 TxMCapAdml212.32 -1.58-14.1 MdCpVlAdml 74.20 -0.35 -4.2
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. DoubleLine Funds ContraK 14.64 -0.14-21.2 Harding Loevner PGIM Funds Cl Z CAITAdml 11.07 -0.02 -8.6 TxMIn r 14.10 -0.16-14.1 SmValAdml 70.99 -0.78 -7.3
TotRetBdI 9.43 -0.03 -8.4 CpInc r 10.09 -0.05 -8.9 IntlEq NA ... NA HighYield 4.92 -0.03 -8.8 CapOpAdml r163.90 -2.10-15.3 USGroAdml 116.26 -2.72-31.0 TotBd2 9.80 -0.04-10.6
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e Edgewood Growth Instituti GroCo 27.09 -0.51-25.7 Invesco Funds Y TotalReturnBond 12.65 -0.07-11.7 DivAppIdxAdm 41.52 -0.23-10.5 ValAdml 55.58 -0.01 -2.6 TotIntlInstIdx r117.19 -1.53-14.2
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, DevMktY
EdgewoodGrInst 39.92 -1.14-34.0 GrowCoK 27.20 -0.51-25.7 34.94 -0.91-25.7 PIMCO Fds Instl EMAdmr 34.95 -0.65-14.5 WdsrllAdml 73.51 -0.37-10.2 TotItlInstPlId r117.22 -1.53-14.2
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r InvGrBd TotSt
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not
Fidelity 10.36 -0.04-10.1 John Hancock AllAsset NA ... NA EqIncAdml 90.78 +0.12 -1.0 WellsIAdml 64.21 -0.13 -7.9 100.19 -0.82-14.5
500IdxInstPrem143.27 -0.80-13.1 LowP r 50.37 -0.16 -6.4 BondR6 14.20 -0.08-11.1 ShortT NA ... NA ExplrAdml 95.26 -2.22-20.0 WelltnAdml 72.65 -0.47-12.9 VANGUARD INSTL FDS
available due to incomplete price, performance or cost data. NE-Not released by Lipper; Contrafund K6 18.36 -0.16-21.0 Magin BalInst
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period.
11.45 -0.57-25.5 John Hancock Instl TotRt NA ... NA ExtndAdml 109.43 -2.43-21.0 WndsrAdml 78.83 -0.33 -3.3 42.37 -0.27-12.9
ExtMktIdxInstPre 68.56 -1.52-21.0 NASDAQ r 153.18 -2.14-22.2 DispValMCI 26.24 -0.14 -5.2 PIMCO Funds A GNMAAdml 9.63 -0.01 -8.2 VANGUARD FDS DevMktsIndInst 14.12 -0.16-14.1
FidSerToMarket 13.61 -0.11-14.4 OTC 14.78 -0.23-24.6 JPMorgan I Class IncomeFd NA ... NA GrwthAdml 126.30 -1.71-23.4 DivdGro 35.68 -0.24 -6.8 DevMktsInxInst 22.07 -0.24-14.1
Friday, May 6, 2022 GrowthCompanyK6 16.98 -0.34-25.8 Puritn 23.75 -0.11-12.5 CoreBond 10.63 -0.04 -9.4 PIMCO Funds I2 HlthCareAdml r 83.92 -1.01 -9.2 IntlVal 36.50 -0.43-12.2 ExtndInst 109.42 -2.43-21.0
Net YTD Net YTD Net YTD InflPrBdIndInsPr 10.41 -0.04 -6.7 SAIUSQtyIdx 16.30 -0.10-14.0 EqInc 22.95 +0.01 -3.3 Income NA ... NA HYCorAdml r 5.37 -0.03 -8.4 LifeCon 20.31 -0.14-11.7 GrwthInst 126.30 -1.72-23.4
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret IntlIdxInstPrem 42.04 -0.47-14.7 SrsEmrgMkt 16.56 -0.32-21.2 JPMorgan R Class PIMCO Funds Instl InfProAd 26.31 -0.11 -6.4 LifeGro 38.43 -0.34-13.5 InPrSeIn 10.72 -0.04 -6.4
MidCpInxInstPrem 27.57 -0.37-13.8 SrsGlobal 12.93 -0.15-14.1 CoreBond 10.64 -0.04 -9.4 IncomeFd NA ... NA IntlGrAdml 98.72 -2.71-29.1 LifeMod 29.32 -0.22-12.6 InstIdx 349.66 -1.94-13.1
American Century Inv Artisan Funds MktNeutI 13.97 -0.03 -3.8 SAIUSLgCpIndxFd 19.76 -0.11-13.1 SrsGroCoRetail 15.25 -0.28-25.3 Lord Abbett A ITBondAdml 10.53 -0.04-10.8 InstPlus 349.66 -1.94-13.1
Ultra 67.05 -1.02-23.5 IntlVal Inst 38.48 -0.57 -9.2 Columbia Class I Price Funds PrmcpCor 30.28 -0.23-10.0
SeriesBondFd 9.27 -0.04-10.5 SrsIntlGrw 14.81 -0.24-22.5 ShtDurIncmA p 3.98 ... -3.5
BlChip 128.70 -2.02-27.6 ITIGradeAdml 8.67 -0.04-12.1 InstTStPlus 72.92 -0.60-14.5
American Funds Cl A Baird Funds DivIncom I 29.61 -0.01 -5.9 STAR 27.11 -0.27-15.1
SeriesOverseas 11.15 -0.20-22.6 SrsIntlVal 10.28 -0.06 -8.0 Lord Abbett F
DivGro 66.21 -0.32-10.4 LarCapAd 95.02 -0.67-14.4 MidCpInst 59.15 -0.82-14.9
AmcpA p 34.54 -0.56-24.0 AggBdInst 10.06 -0.05-10.9 Dimensional Fds ShtDurIncm 3.97 -0.01 -3.5 TgtRe2015 13.17 -0.07 -9.9
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Fidelity SAI MidCpAdml 267.76 -3.73-14.9 RealEstaInstl 21.92 -0.25-13.3
BalA p 30.23 -0.11 -9.4 BlackRock Funds EmgMktVa 29.02 -0.38 -6.2 ShtDurInc p 3.97 ... -3.4
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B10 | Saturday/Sunday, May 7 - 8, 2022 * ******* THE WALL STREET JOURNAL.
BUSINESS & FINANCE
Indonesia Apollo
Targets
Bucks Year’s Retail
Global Selloff Market
MADE NAGI/EPA/SHUTTERSTOCK
BY DAVE SEBASTIAN up stocks in mining and mate-
rials companies. BY CHRIS CUMMING
Indonesia is among the Shares in the coal miner PT
world’s best-performing Adaro Energy Tbk, for exam- Apollo Global Management
emerging markets this year, as ple, have risen nearly 50% this Inc. said it will release a slate of
global stock investors pile into year. The company’s PT Adaro funds designed for individual
a market buoyed by commod- Minerals Indonesia Tbk sub- investors, making it the latest
ity exports and a huge domes- sidiary has surged since it alternative-asset giant to set its
tic consumer base. went public in January, and its While Indonesia is a tourist destination, travel is less important to its economy than in Thailand. sights on the fundraising poten-
The MSCI Indonesia Index shares are now worth 27 times tial of the so-called retail mar-
has risen about 12% in dollar as much as their initial public Net flows from foreign institutional investors into grow 5% this year, up from a ket.
terms this year through Thurs- offering price. Adaro Minerals some major equity markets in Southeast Asia* 3.7% increase in GDP last year. The New York firm said
day, while the benchmark com- mines and trades coking coal, Indonesia’s central bank hasn’t Thursday it expects to release
piler’s broader emerging-mar- which is used for making iron Indonesia Thailand Malaysia begun to lift policy rates but one to two new investment
kets gauge is down 14%, data and steel. Indonesian markets $4 billion 2022 $3.7B market-based interest rates products designed for individ-
from Refinitiv shows. will reopen Monday after be- $5B have risen, with one-year gov- ual investors each quarter for
2
Meanwhile, flows from for- ing closed for holidays from $1.7B ernment bond yields rising the next 18 to 24 months. That
eign institutional investors April 29 onward. 0 from less than 3.7% at the end pace would mark a major ex-
into equities in the Southeast Indonesia and other South- of last year to nearly 4.4%, Re- pansion for Apollo’s retail busi-
Asian nation reached $5 bil- east Asian markets such as –2 finitiv data shows. ness, which had four product
lion in January through April, Malaysia are benefiting from Indonesia has been spared offerings as of last year.
according to Goldman Sachs. “a number of factors that in- –4 some of the problems facing Apollo executives also said
That is nearly double 2021’s clude reopening-related opti- China or its more tourism-de- Thursday the firm hired 125
full-year total and contrasts mism in the region as well as –6 pendent neighbors in South- people for its global wealth
with outflows across emerging support from a deepening –8 east Asia such as Thailand, business in the first quarter.
Asia of $47.8 billion. base of domestic investors in which before the pandemic The unit serves individual in-
Global stocks and bonds each country,” said Vijay –10 would attract visitors from vestors and now has 145 em-
have been besieged this year Vaidyanathan, head of global 2017 ’19 ’21 2017 ’19 ’21 2017 ’19 ’21 China, said Kiran Nandra- ployees.
by a series of challenges, in- capital markets for Southeast Koehrer, head of emerging-eq- Apollo Chief Executive Marc
cluding the Russia-Ukraine Asia at Morgan Stanley. Performance this Turkey 17.3% uities management at Pictet Rowan said the company has
war, rapid inflation, strict Mr. Vaidyanathan added year of some Asset Management. “It’s been the second-largest such group
Indonesia 12.1
lockdowns in China, and a that these indexes were more MSCI indexes† a good place to be,” Ms. Nan- among alternative-investment
.
shift to tighter monetary pol- weighted toward value Brazil 10.0 dra-Koehrer said. managers, and he is optimistic
icy by the Federal Reserve and stocks—or shares that trade at Chinese stocks have sold off the firm will exceed its previ-
ly
–5.9 India
other central banks. modest valuations compared sharply this year, with the ously announced target of rais-
–13.9 Emerging markets
Emerging markets that with measures such as earn- government locking down ing $50 billion from individual
have outperformed have ings or book value—rather –15.5 Taiwan many major cities as part of investors over the next five
tended to have significant ex-
posure to commodities and
banks, said Herald van der
Linde, head of Asia equity
than growth stocks.
Indonesian bank stocks have
also risen. These make up a
large part of the MSCI index
on –20.0
–16.5
*2022 figures through April †MSCI indexes in dollars, as of May 5

South Korea
China
its zero-Covid policy.
While Indonesia is a tourist
destination thanks to locales
such as the vacation island of
years. “The market for alterna-
tives is broader than perhaps
we even imagined,” Mr. Rowan
said.
strategy at HSBC. “Indonesia’s and local equivalents such as Sources: Goldman Sachs (flows); Refinitiv (index performance) Bali, international travel is less As the era of loose-money
us ,
got both of them,” he said. Jakarta’s IDX Composite Index. important to the overall econ- policies recedes, individual in-
l
Indonesia is the world’s Shares in PT Bank Central Tbk is up 18%. van der Linde at HSBC. “As the omy than in Thailand, which vestors will need to look be-
e
al a
largest coal exporter and a Asia Tbk, Indonesia’s biggest Investors expect higher in- economy picks up, banks will has lost out on many prospec- yond public stocks and bonds,
producer of other key com- company by market value, terest rates will allow banks to be able to do more business,” tive tourists from either Russia Mr. Rowan said. Investors will
modities such as oil, gas, have gained 11% this year, charge more on loans, and are he said. or China. The country’s 270 need to abandon the traditional
ci on
nickel and palm oil. It has ben- while stock in the state-backed anticipating economic recov- The Asian Development million strong population of- 60%/40% balance of public
efited from rising commodity microfinance lender PT Bank ery as Indonesia loosens Bank forecasts Indonesia’s fers companies a big domestic stocks and bonds to meet their
prices, and investors have bid Rakyat Indonesia (Persero) Covid-19 restrictions, said Mr. gross domestic product will consumer market to tap. retirement goals and are likely
to substantially increase the
amount they invest in alterna-
Amazon Fires Some Managers at New York Warehouse

er s
tives, he added.
“I could see a day in the not
m er
too distant future when a cli-

ent’s portfolio is not 10% or 15%
BY TALAL ANSARI A spokeswoman for Ama- or not we’re doing the best we sought to bring representation outcome of the election in alternatives, but 50%,” Mr.
zon confirmed the company could be for our team,” the to the nation’s second-largest Staten Island because we be- Rowan said.
Amazon.com Inc. fired a had made management spokeswoman said. It wasn’t private employer. lieve having a direct relation- Apollo aims to launch a
m rp
number of management em- changes at the facility after clear how many individuals “Today the people have ship with the company is best broad slate of new vehicles for
ployees at a New York ware- evaluating operations and were fired at the location. spoken, and the people wanted for our employees.” The com- such investors, beyond tradi-
house. leadership over the past sev- Employees at JFK8 voted a union,” Chris Smalls, who pany has plans to appeal its tional alternatives such as pri-
The JFK8 facility is Ama- eral weeks. 2,654 to 2,131 in favor of orga- has led the organization effort loss, according to a legal filing vate-equity and real-estate in-
zon’s largest in Staten Island, “Part of our culture at Ama- nizing, the National Labor Re- among Amazon’s Staten Island made public in April, saying come vehicles to encompass
co Fo
and workers there voted last zon is to continually improve, lations Board said. It was seen workers, said after the vote. that union organizers threat- strategies such as stable value,
month to establish the tech gi- and we believe it’s important as a major victory for labor At the time, Amazon said it ened employees into voting in total return, investment-grade
ant’s first union in the U.S. to take time to review whether activists, who have long was “disappointed with the favor of the union. fixed income and others.
New Highs and Lows Stock

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Continued From Page B8 52-Wk % 52-Wk % JamesHardie JHX 27.23 -3.2 MarinusPharma MRNS 5.73 -1.8 NovaLifestyle NVFY 0.92 -6.5 PoseidaTherap PSTX 2.37 -10.2 SCE II Pfd SCEpG 20.47 -3.8 StryveFoods SNAX 0.84 -2.3 UplandSoftware UPLD 12.91 1.5
JAMF 27.11 -5.7 MarkforgedWt MKFG.WS 0.42 -1.9 NovaVisionWt NOVVW 0.05 -5.7 PostHldgsWt PSPC.WS 0.41 -7.7 SCEpK 22.83 -1.8 MSC 2.61 -17.4 UGRO 6.50 -2.0
52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg JamfHolding SCE V Pfd StudioCity urban-gro
JawsJuggernautWt JUGGW 0.46 -13.8 Marpai MRAI 1.10 -10.9 NovaGoldRscs NG 5.75 -2.5 PowerREIT PW 22.00 1.5 SCE VI Pfd L SCEpL 19.54 -1.6 SummitMaterials SUM 26.40 -5.5 UrbanOutfitters URBN 23.02 -4.6
Stock Sym Hi/Lo Chg Fastly FSLY 12.64 -5.0 GuardantHealth GH 36.33 -22.5 JerashHldgs JRSH 5.30 1.5 Marqeta MQ 7.75 -13.3 Novan NOVN 2.60 -5.7 Precigen PGEN 1.20 -3.8 SellasLifeSci SLS 2.52 -3.7 SummitTherap SMMT 1.11 -8.2 Usio USIO 2.36 -8.3
FatProjectsAcqnWt FATPW 0.14 -12.5 Guidewire GWRE 76.68 -3.9 UTZ 13.12 -1.0
DigitalBrandsWt DBGIW 0.14 -44.9 JetBlue JBLU 10.47 -3.1 Marygold MGLD 1.21 -0.8 NuHoldings NU 5.02 -3.5 Precipio PRPO 0.98 1.0 SI-BONE SIBN 16.90 -9.2 SumoLogic SUMO 8.47 -6.2 UtzBrands
FateTherap FATE 23.89 -11.1 HDFC Bank HDB 51.11 -2.5 VBI Vaccines VBIV 1.20 -2.8
DigitalTurbine APPS 28.59 -6.2 JFrog FROG 20.10 -5.3 Matterport MTTR 4.86 -6.4 NuCana NCNA 0.61 -2.2 PrecisionBio DTIL 1.85 0.5 SITECtrsPfdA SITCpA 23.73 -2.6 SunstoneHotelPfdI SHOpI 19.55 0.5
FedAgricMtgPfdC AGMpC 24.60 -0.1 HEXO HEXO 0.34 -4.1 VF VFC 47.09 -3.0
DigitalOcean DOCN 33.16 0.4 JohnsonOutdoors JOUT 73.38 -0.9 MaxCyte MXCT 4.94 -3.4 NurixTherap NRIX 9.51 -8.0 PreludeTherap PRLD 4.02 -0.2 SJW Group SJW 57.17 0.5 SunstonePfdH SHOpH 20.72 -3.2
Ferguson FERG 114.21 -4.0 H.I.G.AcqnWt HIGA.WS 0.21 -11.2 VOXX Intl VOXX 7.06 -4.3
DimeComPfdA DCOMP 21.59 0.2 Joint JYNT 14.09 -37.9 Maximus MMS 65.94 -1.5 NuvationBio NUVB 4.41 -5.5 PremierFinl PFC 25.58 -1.5 SOBR Safe SOBR 3.24 -25.0 SuperCom SPCB 0.38 0.4
FibroGen FGEN 8.31 -5.4 HTG Molecular HTGM 0.71 -6.3 VSE VSEC 39.48 -1.8
Disney DIS 108.30 -2.1 JPMorganPfdMM JPMpM 17.35 -2.6 McEwenMining MUX 0.62 1.3 Nuwellis NUWE 0.68 -4.0 Primerica PRI 114.40 -10.6 SS&C Tech SSNC 61.88 -1.2 SuperiorGroup SGC 15.06 -0.8
FidelityD&D FDBC 36.17 -0.6 HUTCHMED(China) HCM 10.15 -9.3 VTEX VTEX 4.91 -1.3
dLocal DLO 19.69 -9.3 JPMorganPfdDD JPMpD 23.53 -1.3 mCloudTechnologies MCLD 2.41 -13.5 OFSCapNts2028 OFSSH 23.15 -1.2 PriveterraAcqnWt PMGMW 0.10 -7.1 STAG Indl STAG 34.42 -2.2 Surgalign SRGA 0.18 -6.6
FieldTripHealth FTRP 0.85 -9.6 Hagerty HGTY 8.26 -1.7 VahannaTechI Wt VHNAW 0.16 -40.0
dMYTechGrpVIWt DMYS.WS 0.46 1.0 JumiaTech JMIA 6.30 -7.9 MeiraGTx MGTX 9.36 -1.9 OLB Group OLB 1.34 0.7 Pro-Dex PDEX 12.40 -10.4 SVB Fin SIVB 466.56 -3.8 Surmodics SRDX 34.28 -4.4
FiestaRestaurant FRGI 6.17 -0.8 HainCelestial HAIN 24.85 -4.9
n-
Dole DOLE 11.55 -1.2 KKR Nts 2061 KKRS 18.41 -0.9 MelcoResorts MLCO 4.83 -3.3 OPKO Health OPK 2.53 -4.4 ProcoreTech PCOR 47.39 -2.4 SVB Fin PfdA SIVBP 20.00 -2.0 SutroBioph STRO 5.62 -5.6 Valens VLNS 0.83 1.5
FifthThirdPfdB FITBP 24.44 0.3 HallofFameResort HOFV 0.77 -4.7 ValensSemicon VLN 3.33 -5.9
Doma DOMA 1.56 -0.6 KoreGroup KORE 4.30 -4.2 MercurityFintech MFH 1.37 -12.2 OTRAcquisition OTRA 9.25 -5.9 ProQR Therap PRQR 0.64 -4.5 SVF Invt Wt SVFAW 0.40 -11.7 SynchronyPfdA SYFpA 18.91 -2.9
FinInstitutions FISI 27.22 -1.1 HallmarkFin HALL 3.22 -2.4 VandaPharm VNDA 9.24 -2.0
Domino's DPZ 335.30 ... KVH Inds KVHI 7.75 1.5 MereoBioPharma MREO 0.56 -2.0 Oatly OTLY 3.18 -7.8 ProspectCapPfdA PSECpA 17.90 -0.5 SachemNts2027 SCCE 23.94 1.0 Synlogic SYBX 1.38 -13.6
FinTechAcqnVWt FTCVW 0.73 -10.8 HamiltonLaneI Wt HLAHW 0.16 -24.0 Vapotherm VAPO 3.61 -18.5
Domo DOMO 35.77 -8.9 Kaltura KLTR 1.37 -4.1 MeridianLink MLNK 15.41 -2.7 OceanBioChem OBCI 7.45 -1.2 ProspectorCapWt PRSRW 0.16 7.3 SafeguardSci SFE 3.93 -1.7 TDH PETZ 0.23 -4.8
FirstCitizensPfdA FCNCP 22.27 -0.9 HamiltonLane HLNE 66.81 -3.1 Velo3D VLD 3.17 -2.4
DoorDash DASH 63.11 -1.4 Kamada KMDA 4.86 -0.8 MesaAir MESA 3.26 -2.4 OcularTherapeutix OCUL 3.47 -9.9 ProtaraTherap TARA 3.33 -2.6 SageTherap SAGE 28.17 -8.6 TelusIntl TIXT 20.73 3.7
FirstEagleAltNts26 FCRX 23.98 0.7 Hanesbrands HBI 12.20 -0.9 VelodyneLidar VLDR 1.64 -6.8
DoubleDown DDI 10.09 -2.8 KandiTech KNDI 2.40 -3.2 Mesoblast MESO 3.53 -0.8 OfficePropIncm OPI 20.18 -0.9 Proterra PTRA 5.74 -5.3 Salesforce CRM 165.58 -1.5 TFF Pharm TFFP 4.37 -4.3
First HS Educ FHS 0.81 -9.6 Hanger HNGR 15.07 -6.3 VelodyneLidarWt VLDRW 0.53 -2.2
Doximity DOCS 34.60 -10.4 Katapult KPLT 1.55 -3.6 MetaFinancial CASH 40.57 -2.6 Okta OKTA 100.05 -7.8 Prudential PUK 22.81 -3.6 SallyBeauty SBH 14.28 1.2 TFS Fin TFSL 13.96 -6.5
FirstHorizonPfdC FHNpC 25.47 -0.2 HappinessDevt HAPP 0.21 2.1 Veracyte VCYT 17.59 -3.0
KPLTW 0.17 ... MetallaRoyalty MTA 5.40 -2.0 OLPX 12.82 0.4 PublicStoragePfP PSApP 18.11 -2.1 IOT 11.05 -7.5 TPG 25.03 -0.5
no
DraftKings DKNG 12.97 -8.9 KatapultWt Olaplex Samsara TPG

FirstHorizonPfdF FHNpF 18.68 -2.2 HarpoonTherap HARP 2.05 -6.3 Vericel VCEL 26.49 -5.7
DriveShackPfdC DSpC 20.50 -2.7 KelsoTechs KIQ 0.35 1.7 MetenHolding METX 1.60 -28.2 OldNatlBncpPfdC ONBPO 25.18 0.4 PublicStoragePfQ PSApQ 17.70 -2.6 SandySpringBncp SASR 38.56 -0.6 TPGPaceBenWt TPGY.WS 0.47 -8.4
FirstLightWt FLAG.WS 0.21 -12.5 HartfordFinPfdG HIGpG 24.86 -0.6 VeriSign VRSN 170.42 -2.1
DriveShackPfdD DSpD 22.49 -1.0 KeyCorpPfdF KEYpJ 22.39 -1.6 MetLifePfdF METpF 21.68 -2.3 OlemaPharm OLMA 2.23 -7.5 PublicStoragePfdR PSApR 17.82 -2.0 SangamoTherap SGMO 3.87 -3.7 TraconPharm TCON 1.90 ...
FirstRepBkPfd FRCpJ 18.51 -2.1 HarvardBioSci HBIO 3.70 -8.7 Veritone VERI 8.99 -9.8
DuckCreekTech DCT 14.95 -0.2 KeyCorpPfdG KEYpK 22.09 -2.2 Metlife pfA METpA 21.78 -1.8 Olo OLO 9.83 -2.9 PublicStoragePfG PSApG 22.95 -0.6 SarcosTech&Robotic STRC 4.00 -1.4 TTEC TTEC 63.62 -5.4
FirstRepBkPfdK FRCpK 16.45 -1.8 Hayward HAYW 13.76 -2.7 VerraMobility VRRM 13.35 -3.0
DukeEnerDeb78 DUKB 24.55 -1.0 KimcoRealtyPfdL KIMpL 23.40 -0.6 MicroStrategy MSTR 282.55 -6.4 Omeros OMER 2.88 -4.5 PublicStoragePfI PSApI 22.16 -1.9 SaulCentersPfdD BFSpD 23.11 -1.5 T2Biosystems TTOO 0.30 -21.4
FirstRepBkPfdL FRCpL 16.80 -2.4 HealthAssurWt HAACW 0.39 -8.2 VerricaPharm VRCA 6.10 -3.6
DukeEnergyPfdA DUKpA 25.10 -1.2 KimcoRealtyPfdM KIMpM 23.19 -0.6 Microvast MVST 4.61 -4.3 OmnichannelWt OCA.WS 0.09 -16.7 PublicStoragePfJ PSApJ 21.03 -2.4 ScholarRock SRRK 5.98 -5.9 Taboola TBLA 4.15 -5.5
FirstRepBank FRC 142.51 -2.9 HealthCatalyst HCAT 14.30 -5.2 VersaBank VBNK 9.61 -1.9
Dun&Bradstreet DNB 14.83 -1.4 KiniksaPharm KNSA 8.77 -5.5 MidwestHolding MDWT 10.79 -4.9 OnconovaTherap ONTX 1.30 -5.1 PublicStoragePfK PSApK 21.90 -2.0 Schrodinger SDGR 22.39 1.5 TabulaRasaHlth TRHC 2.77 27.3
FirstRepBkPfdM FRCpM 16.28 -2.2 HealthcrTriangle HCTI 0.67 -7.5 VersusSystems VS 0.74 -4.7
DuneAcqnWt DUNEW 0.04 -20.5 KintaraTherap KTRA 0.19 -2.2 MillerIndustries MLR 26.11 -0.6 Oncorus ONCR 1.06 -3.5 PublicStoragePfdL PSApL 20.71 -2.4 Science37 SNCE 3.41 -6.1 TactileSystems TCMD 12.64 -6.5
FirstRepubBkPfdN FRCpN 17.79 -2.9 Helbiz HLBZ 1.26 -4.4 VerveTherap VERV 12.70 -6.9
Dynatrace DT 33.77 -3.9 KiromicBiopharma KRBP 0.49 -20.0 MillerKnoll MLKN 29.67 -4.5 180LifeSci ATNF 1.20 2.3 PublicStoragePfM PSApM 18.81 -1.9 ScionTechI Wt SCOAW 0.19 -13.3 TakeTwoSoftware TTWO 113.45 -5.0
FirsthandTechVal SVVC 2.84 -2.0 HeliusMedical HSDT 2.35 -8.3 VeryGoodFood VGFC 0.20 -2.1
Dynatronics DYNT 0.62 -4.8 Kopin KOPN 1.43 -9.2 MiMedx MDXG 3.59 -7.9 OneEquityPtrsIWt OEPWW 0.20 -9.1 PublicStoragePfdS PSApS 18.17 -1.4 Sea SE 74.00 -7.0 Talkspace TALK 1.20 ...
FirstService FSV 118.55 1.1 HemisphereMedia HMTV 3.58 -5.3 Viad VVI 26.06 -6.1
EBET EBET 3.02 -7.7 KornitDigital KRNT 63.00 -3.1 Mind CTI MNDO 2.46 -1.6 OneSpan OSPN 11.91 -7.8 PublicStoragePfdO PSApO 17.63 -2.0 SeaSpine SPNE 8.56 -6.6 TandemDiabetes TNDM 74.39 -5.3
Fisker FSR 9.61 1.2 HepionPharm HEPA 0.85 -0.8 VictoryCapital VCTR 25.49 -0.2
E-HomeHousehold EJH 0.44 -7.5 KratosDefense KTOS 13.72 -9.2 MinervaNeurosci NERV 0.47 -7.1 OnyxAcqnIWt ONYXW 0.15 -6.2 Pulmatrix PULM 4.83 -1.0 SeelosTherap SEEL 0.56 -2.4 TangoTherap TNGX 6.06 -7.0
FiveBelow FIVE 142.41 -3.3 HeritageInsurance HRTG 3.55 -6.1 ViewRay VRAY 2.41 9.6
EJF Acqn Wt EJFAW 0.51 -18.5 KronosBio KRON 4.26 -7.0 MiNK Therap INKT 1.92 -5.8 OpenText OTEX 37.37 -1.1 PumaBiotech PBYI 1.98 -11.4 SelectiveInsPfdB SIGIP 18.57 -1.0 Tapestry TPR 29.60 -3.6
FiverrIntl FVRR 46.70 -8.4 HeronTherap HRTX 3.95 -7.2 VigilNeurosci VIGL 3.03 -7.2
ESCO Tech ESE 60.80 -1.8 Kubient KBNT 0.87 -5.1 MiratiTherap MRTX 56.00 -9.0 OpGen OPGN 0.39 -4.6 PurpleInnovation PRPL 3.62 -4.8 SemiLEDS LEDS 2.51 -6.5 TarsusPharm TARS 10.93 -8.0
Flagstar FBC 34.60 -0.3 Heska HSKA 99.84 -4.1 VillageFarms VFF 3.89 -4.3
EVI Industries EVI 12.65 -1.4 KymeraTherap KYMR 18.40 -4.9 Missfresh MF 0.29 -7.0 OptimizeRx OPRX 24.82 -9.4 PyrophyteAcqnWt PHYT.WS 0.29 -5.9 SemlerScientific SMLR 30.74 -3.3 TaskUs TASK 24.55 -2.8
Floor&Decor FND 73.38 -5.4 HighTide HITI 2.91 -8.0 VincerxPharma VINC 2.30 -6.0
EagleBancorp EGBN 49.15 -0.5 36.63 -4.3 LavaTherap LVTX 3.77 -2.5 MisterCarWash MCW 13.30 -0.1 Oragenics OGEN 0.26 -5.9 PyxisOncology PYXS 2.15 -5.4 SempraNts79 SREA 23.09 -1.8 TattooedChef TTCF 7.57 -1.0
FocusFinPtrs FOCS HighwayHldgs HIHO 2.13 -3.7 VirginGalactic SPCE 6.35 -9.3
EaglePointPfdC ECCC 24.45 -0.4 68.07 -3.8 LL Flooring LL 12.18 -4.1 MistrasGroup MG 5.54 -3.5 OramedPharms ORMP 5.05 -4.9 Q2Holdings QTWO 44.55 -2.2 Semrush SEMR 9.15 -1.6 Tech&EnerWt TETCW 0.25 -14.5
FomentoEconMex FMX HilleVax HLVX 13.22 -12.9 ViridianTherap VRDN 9.91 -5.3
EaglePointPfdA EICA 22.97 -1.7 ForesightAuto FRSX 0.75 -1.8 LM Funding LMFA 2.12 -1.7 MitekSystems MITK 10.12 -2.6 OrbitalEnergy OEG 0.98 -4.7 QVC Nts2067 QVCD 20.02 -6.2 SenesTech SNES 0.56 -5.3 TechTarget TTGT 60.70 -2.5
2.26 -10.2 HillstreamBio HILS 1.11 -3.4 LXP Industrial LXP 11.56 -1.9 MobiquityTechs MOBQ 1.00 -5.5 OrchardTherap ORTX 0.42 -10.3 Qorvo QRVO 104.37 -1.6 SeniorConnectI Wt SNRHW 0.13 -13.3 Teleflex TFX 268.29 -2.9 ViriosTherapeutics VIRI 3.64 -1.1
Eargo EAR Forestar FOR 15.27 -3.0 Hippo HIPO 1.58 ... LXP Ind Pfd C LXPpC 50.06 -1.7 MC 41.81 -0.5 Organogenesis ORGO 6.17 -7.6 XM 17.01 -2.0 SENS 1.24 -5.3 TLS 7.30 -6.0 VirnetX VHC 1.27 -7.2
EastRscsAcqnWt ERESW 0.12 -20.0 Forian FORA 2.98 -0.6 Moelis QualtricsIntl Senseonics Telos
eBay EBAY 47.03 1.6 Histogen HSTO 0.17 -0.5 LakelandBcp LBAI 14.79 -0.8 Mogo MOGO 1.74 -3.8 OricPharm ORIC 2.88 -6.7 QuanergySystems QNGY 1.47 -5.1 SentinelOne S 25.46 -10.9 10XCapVentureAcqnIIIWt VCXB.WS 0.14 -12.0 VirtusInvtPtrs VRTS 170.00 -0.8
FormaTherap FMTX 5.79 -10.0 HiveBlockchain HIVE 1.36 -4.8 VislinkTech VISL 0.75 -3.7
Ecoark ZEST 1.94 -7.4 FortressCapWt FCAX.WS 0.36 -2.6 LancasterColony LANC 131.21 -4.8 MolecularPtrs MOLN 6.76 -2.4 OrionOffice ONL 12.98 -0.8 Quantum QMCO 1.75 -2.7 SeresTherap MCRB 4.04 -6.9 10xGenomics TXG 45.32 1.5
HomeBancorp HBCP 35.03 -1.2 LABP 0.70 -6.7 MolecularTemp MTEM 1.45 -8.2 OFIX 27.44 -8.3 QUMU 1.21 -7.5 ServiceProperties SVC 6.57 -3.0 TenayaTherap TNYA 7.09 -9.4 VivoPowerIntl VVPR 1.08 -7.5
EdgewiseTherap EWTX 7.37 -5.1 4D Molecular FDMT 10.09 -4.3 LandosBio OrthofixIntl Qumu
HomeDepot HD 289.41 -1.6 LE 13.04 -2.8 ML 1.57 -9.6 OrthoPediatrics KIDS 41.35 -0.4 QNRX 0.75 -2.3 NOW 438.12 -2.7 TNC 59.64 -1.1 VMware VMW 99.10 -3.7
EdifyAcqnWt EACPW 0.12 ... FoxB FOX 31.71 -4.9 Lands'End MoneyLion QuoinPharm ServiceNow Tennant
Honest HNST 3.63 -4.7 0.55 -7.3 0.21 -4.3 27.50 -14.8 0.50 -7.4 52.73 -2.4 34.93 -10.2 VorBiopharma VOR 5.01 -4.9
EffectorTherap EFTR 2.53 -6.4 FoxFactory FOXF 77.21 -4.0 Lannett LCI MoneyLionWt ML.WS OutsetMedical OM Quotient QTNT ShakeShack SHAK Teradata TDC
HorizonGlobal HZN 3.25 -14.2 VornadoRealty VNO 35.90 -1.3
EHang EH 7.71 -4.7 FrequencyElec FEIM 7.60 -1.3 Latch LTCH 2.98 -4.4 MonoparTherap MNPR 2.00 -0.9 OxfordSquareNts28 OXSQG 24.20 -1.5 QuotientTech QUOT 4.44 -8.9 ShattuckLabs STTK 3.22 -7.3 TerritBanc TBNK 21.52 -2.5
DR Horton DHI 67.85 -1.3 Vroom VRM 1.27 -5.6
8x8 EGHT 8.51 -3.3 Freshpet FRPT 63.52 -6.1 LatchWt LTCHW 0.44 -4.3 MorganStanleyPfdL MSpL 19.48 -2.3 OysterPtPharma OYST 5.84 -7.2 QurateRetailPfd QRTEP 62.10 -19.3 ShelterAcqnIWt SHQAW 0.02 8.5 TheBancorp TBBK 20.01 -1.1
HowmetAeroPfd HWMp 68.00 -0.3 11.08 -3.3 20.02 -1.6 4.11 -1.4 4.15 -12.9 1.15 -4.1 1.83 -11.7
VyGlblGrowthWt VYGG.WS 0.47 -0.5
EksoBionics EKSO 2.07 -4.5 Frontdoor FTDR 24.04 -10.3 Latham SWIM MorganStanleyPfdA MSpA PCTEL PCTI QurateRetailB QRTEB ShiftTech SFT The9 NCTY
HubSpot HUBS 325.97 4.4 VyantBio VYNT 0.80 -9.0
ElPasoEngy pfC EPpC 47.15 -1.3 Frontier ULCC 9.42 -5.5 LeapTherap LPTX 1.17 -0.8 MotorcarParts MPAA 14.35 -1.7 PG&E6%Cum.Pfd. PCGpA 22.94 -1.8 QurateRetailA QRTEA 2.90 -15.3 ShiftPixy PIXY 0.26 -19.7 TherapeuticsMD TXMD 0.15 -11.2
HudsonPacProp HPP 21.93 -1.7 W.R.BerkleyDeb59 WRBpF 20.60 -1.6
ElancoAnimal ELAN 23.25 -1.6 fuboTV FUBO 2.87 -21.1 LefterisAcqnWt LFTRW 0.19 -11.7 MotorsportGames MSGM 0.78 -2.1 PLBY Group PLBY 8.16 -3.3 RaptTherap RAPT 11.76 -11.5 Shopify SHOP 355.13 -8.6 ThermoGenesis THMO 0.42 -4.3
HuntingtonPfdH HBANP 18.00 -3.1 WRBerkleyDeb60 WRBpG 17.95 -1.6
ElancoAnimalUn ELAT 37.03 -2.3 FultonFinlPfdA FULTP 19.74 -2.2 LegatoMergerIIWt LGTOW 0.27 -6.9 MustangBio MBIO 0.65 -4.2 PMV Pharm PMVP 12.60 -16.0 RBCBearingsPfdA ROLLP 87.37 -1.2 Shutterstock SSTK 65.00 -1.3 TheseusPharm THRX 7.21 2.7
HyreCar HYRE 1.32 -5.0 W.R.BerkleyDeb61 WRBpH 18.70 -0.8
Elastic ESTC 62.30 -4.0 GAMCOGlbGoldPfB GGNpB 22.70 0.6 CBTCS 04-6 JBK 24.00 -4.3 MyMD Pharm MYMD 3.10 -2.4 PSBusParksPfdZ PSBpZ 17.32 -1.0 REEAutoWt REEAW 0.24 -5.3 Shyft SHYF 23.42 -0.5 Thoughtworks TWKS 16.95 -2.8
HyzonMotorsWt HYZNW 0.80 -7.0 Waitr WTRH 0.22 -8.0
ElcLastMile ELMS 0.80 -6.1 GH Research GHRS 10.94 -0.7 LendingTree TREE 70.04 -10.5 Myomo MYO 2.71 1.1 PVH PVH 64.64 1.4 REE Automotive REE 1.66 -2.7 SierraLakeWt SIERW 0.13 -6.7 3D Systems DDD 10.92 -4.0
HyzonMotors HYZN 3.50 -5.1 WarburgPinI-A Wt WPCA.WS 0.42 -14.3
electroCore ECOR 0.38 -3.2 GMedInnov GMVD 0.85 -5.4 LennoxIntl LII 206.57 -0.4 MyovantSciences MYOV 8.40 -3.7 PacBiosciCA PACB 5.70 -4.7 REGENXBIO RGNX 22.03 -8.1 SigilonTherap SGTX 1.00 -2.8 ThunderBridgeIIIWt TBCPW 0.45 4.3
IAC/InterActive IAC 75.79 -5.6 WarbyParker WRBY 19.50 -3.2
ElectronicArts EA 114.39 -3.6 GT Biopharma GTBP 1.51 -3.5 Leslie's LESL 18.07 1.7 NGM Biopharm NGM 10.91 -5.6 PacGE pfH PCGpH 18.94 -5.3 RF Acqn Rt RFACR 0.12 -23.3 SigmaLabs SGLB 1.14 -4.8 TianRuixiang TIRX 0.74 -4.9
IdexxLab IDXX 358.18 -4.8 WarnerBrosA WBD 17.55 -6.0
EloxxPharm ELOX 0.29 -0.9 GX Acqn II Wt GXIIW 0.18 -9.9 LexiconPharm LXRX 1.77 -2.7 NICE NICE 188.03 -0.7 PacGE pfG PCGpG 19.99 -10.1 RGC Resources RGCO 20.05 3.4 SilenceTherap SLN 10.92 2.5 TigaAcqnWt TINV.WS 0.13 -28.6
IG Acqn Wt IGACW 0.20 -9.0 WashFedPfdA WAFDP 18.07 -1.4
ElysGameTech ELYS 1.36 -5.4 GalectinTherap GALT 1.43 -5.1 LianBio LIAN 2.37 -8.6 NI NODK 15.07 -0.2 PacWestBancorp PACW 31.88 -2.3 RH RH 286.07 -5.1 SilverbackTherap SBTX 3.01 -3.2 TileShop TTSH 5.11 -13.6
I-Mab IMAB 11.66 -6.3 Wayfair W 56.23 -1.9
eMagin EMAN 0.76 -11.5 Galecto GLTO 1.49 -5.6 LibertyBroadPfdA LBRDP 25.70 -0.5 NLS Pharm NLSP 0.63 -21.0 PalantirTech PLTR 9.42 -6.3 RadiusHealth RDUS 5.46 -2.3 SilverSunTechs SSNT 2.52 -0.8 Tilly's TLYS 8.33 -0.8
INNOVATE VATE 2.80 -2.7 Weber WEBR 8.50 -2.8
EmbotellAndinaB AKO.B 10.45 -2.4 GalmedPharm GLMD 0.73 -10.6 LibertyLatAmA LILA 8.39 -4.1 NMI Holdings NMIH 18.15 -0.3 PalisadeBio PALI 0.47 -27.6 Radware RDWR 25.25 -2.4 Similarweb SMWB 11.19 -4.5 TilrayBrands TLRY 4.58 -3.1
Invesco IVZ 18.14 -2.1 WejoWt WEJOW 0.27 -6.1
Emcore EMKR 3.04 5.5 Garmin GRMN 104.71 -2.5 LibertyLatAmC LILAK 8.33 -3.9 NSTS Bancorp NSTS 11.41 -1.5 PapaJohn's PZZA 86.37 -3.0 RalphLauren RL 95.78 -1.7 SingularGenomics OMIC 3.69 -5.0 TitanPharm TTNP 0.65 -5.8
iBio IBIO 0.27 -4.6 Wejo WEJO 2.67 ...
Endeavor EDR 18.59 -2.0 GatesIndustrial GTES 12.37 -3.2 LibertySirius B LSXMB 42.50 -4.7 NabrivaTherap NBRV 0.26 -10.3 ParTechnology PAR 31.42 -1.9 Ranpak PACK 11.60 -17.6 SiteOneLandscape SITE 125.11 0.2 Toast TOST 14.41 -6.6
Ideanomics IDEX 0.59 -6.0 WellsFargoPfdACC WFCpC 17.50 -2.2
EndoIntl ENDP 1.28 -29.7 GauchoGroup VINO 1.12 -6.0 LibertySirius C LSXMK 39.77 -4.2 NamTaiProperty NTP 4.74 -4.2 ParamountPfdA PARAP 40.83 -4.4 RapidMicro RPID 4.73 -2.0 SixFlags SIX 33.05 -1.0 TonixPharm TNXP 0.14 0.8
iHeartMedia IHRT 13.88 -12.5
WellsFargoPfdL WFCpL1196.00 -0.9
Energous WATT 0.91 -6.5 GeneticTechs GENE 1.43 -5.9 LibertySirius A LSXMA 39.83 -4.0 NanoStringTech NSTG 16.93 -5.8 ParamountA PARAA 29.94 -5.7 Rapid7 RPD 71.17 -6.6 SkeenaRscs SKE 8.47 -2.0 Toro TTC 78.24 -2.2 WelsbachTechRt WTMAR 0.11 -0.7
EnerSys ENS 63.96 -1.1 1.56 -6.4 Illumina ILMN 239.03 -14.6 LifetimeBrands LCUT 11.15 -5.1 NantHealth NH 0.67 -4.3 ParkerHannifin PH 260.23 -1.7 ReadyCapPfdE RCpE 21.15 -0.9 SkillsoftWt SKIL.WS 0.72 -5.3 Tradeweb TW 63.08 -2.7
Genetron GTH Wendy's WEN 18.27 -2.2
EnphysAcqnWt NFYS.WS 0.18 -16.5 GeniusBrands GNUS 0.65 -5.1 iMediaBrands IMBI 3.06 -12.6 LigandPharm LGND 86.77 -2.4 Nasdaq NDAQ 150.57 -1.7 PartnerRePfdJ PREpJ 18.94 -1.5 ReadyCapNts2026 RCB 24.84 -0.4 Skillsoft SKIL 4.71 2.0 Traeger COOK 5.29 -11.2 WescoPfdA WCCpA 28.06 -0.3
EnstarPfdD ESGRP 25.06 -1.1 GeniusGroup GNS 5.07 1.8 Immuneering IMRX 4.73 -6.7 LightningWt ZEV.WS 0.58 2.7 NatlCineMedia NCMI 2.06 -4.6 PatriaLatAmOppWt PLAOW 0.16 -18.8 RealNetworks RNWK 0.46 -7.0 Skillz SKLZ 1.93 -5.8 TraneTech TT 131.48 -1.8 WstAstMtgCap WMC 1.38 -9.2
EnsysceBio ENSC 0.83 -10.9 GeniusSports GENI 3.52 -10.4 Immunic IMUX 5.88 -4.2 Lightspeed LSPD 19.04 -4.4 NatlRurUtilNt2064 NRUC 23.02 0.3 Paymentus PAY 13.88 -3.1 RealReal REAL 4.97 -2.3 SkyWaterTech SKYT 5.77 -7.2 TransActTechs TACT 5.82 -4.7 WestwaterRscs WWR 1.19 -8.4
EntergyBds66 EAI 23.85 -2.1 GeniusSportsWt GENI.WS 0.55 -4.0 InariMedical NARI 61.53 -12.3 LiminalBioSci LMNL 0.70 -5.3 NatlStoragePfdA NSApA 24.41 -0.7 PayPal PYPL 80.90 -4.4 ReataPharm RETA 22.62 -7.9 SmartRent SMRT 4.24 -1.6 TransUnion TRU 83.00 -0.7 WholeEarthBrds FREE 6.32 -4.7
EntergyLA Bds66 ELC 23.66 -1.6 GenoceaBiosci GNCA 0.22 -8.1 IndependenceWt ACQRW 0.30 6.9 Limoneira LMNR 10.52 -2.2 Natura&Co NTCO 6.40 -6.3 PebblebrookPfdH PEBpH 18.58 -4.2 RecursionPharm RXRX 5.53 -6.0 SmithAO AOS 57.67 0.8 TremorIntl TRMR 10.96 -1.2 Willdan WLDN 25.22 -3.2
EntergyTX PfdA ETIp 24.01 -0.5 GeorgiaPwrNt77 GPJA 23.89 -1.3 IndiaGlblCap IGC 0.65 -3.8 LincolnNational LNC 56.39 -3.1 NatrlOrderAcqnWt NOACW 0.11 ... Pegasystems PEGA 66.45 -2.4 RedRobin RRGB 10.52 -2.5 SmithMicro SMSI 2.71 -2.5 Trevena TRVN 0.26 -2.8 Williams-Sonoma WSM 122.36 -6.5
EnthusiastGaming EGLX 1.75 -4.9 Gildan GIL 30.17 -1.9 IndLogistics ILPT 14.48 -4.3 LionElectric LEV 5.83 -2.2 NatureSunshine NATR 13.16 -14.0 Peloton PTON 14.70 -7.7 RedHillBio RDHL 1.45 -6.3 SnowLakeRscs LITM 3.76 -6.3 Trex TREX 51.76 -0.9 WindtreeTherap WINT 0.66 -7.8
EntradaTherap TRDA 5.55 -8.9 GinkgoBioworksWt DNA.WS 0.51 -5.3 Infinera INFN 5.83 -6.5 Lipocine LPCN 0.80 -4.3 nCino NCNO 31.01 -5.6 PennNational PENN 33.92 -6.1 RegalRexnord RRX 125.26 -3.5 Snowflake SNOW 151.21 -6.6 Trimble TRMB 59.89 1.3 Wingstop WING 81.37 -4.5
EnvericBiosci ENVB 0.22 -4.6 Glatfelter GLT 8.68 0.3 InfinityPharm INFI 0.70 -6.8 LiqTechIntl LIQT 1.22 -3.5 NeoGenomics NEO 9.12 -3.8 PennsWoodsBncp PWOD 22.50 -0.2 RegionsFinPfdE RFpE 17.60 -4.0 SoYoungIntl SY 1.19 -5.5 TriStateCapPfB TSCBP 24.25 1.4 Wipro WIT 6.16 -1.6
EquitablePfdA EQHpA 20.55 -0.3 GlimpseGroup VRAR 3.80 -3.5 InflaRx IFRX 1.55 -5.3 LiquiditySvcs LQDT 12.61 -11.1 NeoleukinTherap NLTX 1.17 -6.1 PA Reit Pfd D PEIpD 3.47 3.5 RegulusTherap RGLS 0.17 -1.8 SocietyPass SOPA 1.80 -2.6 TritonIntlPfdD TRTNpD 23.86 -1.2 Wix.com WIX 68.36 -2.9
EquitablePfdC EQHpC 17.65 -2.3 Global-EOnline GLBE 20.85 -7.0 IngersollRand IR 43.09 -3.8 LivaNova LIVN 63.36 0.2 Nephros NEPH 2.20 -12.5 PA Reit PEI 0.44 -11.9 RekorSystems REKR 2.48 -4.0 SolenoTherap SLNO 0.17 -5.5 trivago TRVG 1.76 -6.8 WolverineWwide WWW 18.40 -2.5
EquityDistrWt EQD.WS 0.21 -11.1 GlobalMedREIT GMRE 13.15 -3.4 InMode INMD 22.89 -2.3 LiveOakBcshs LOB 41.73 ... NerdWallet NRDS 7.63 -15.5 Pentair PNR 49.31 -1.9 RelativityAcqnWt RACYW 0.05 7.1 SolidBiosci SLDB 0.50 3.2 TroikaMedia TRKA 0.40 -1.7 Workday WDAY 185.56 -3.2
Erasca ERAS 6.80 -5.6 GlbNetLeasePfdB GNLpB 23.71 -0.4 InnovativeIndProp IIPR 132.57 -4.7 LiveOakCrestWt LOCC.WS 0.40 -13.7 NerdyWt NRDY.WS 0.60 -10.7 Penumbra PEN 142.73 -2.4 RenaissancePfdG RNRpG 17.87 -2.1 SoloBrands DTC 5.86 -1.2 TruistFinlPfdO TFCpO 21.95 -0.9 WorthingtonInds WOR 45.10 -2.6
ErosSTX ESGC 1.55 -7.0 Globant GLOB 190.00 -4.9 Inogen INGN 23.04 3.5 LiveOakMobilWt LOKM.WS 0.34 -12.8 NerdyA NRDY 3.25 -2.0 PeoplesBncpOH PEBO 27.14 -0.6 Renalytix RNLX 4.47 1.3 SomaLogic SLGC 5.99 -4.5 Trupanion TRUP 61.05 -2.7 WynnResorts WYNN 65.37 -3.2
EsportsEnt GMBL 0.50 -5.2 GloryStarNewMedia GSMG 0.74 -6.2 Inotiv NOTV 13.04 -2.9 LiveRamp RAMP 27.55 -4.0 Netflix NFLX 175.81 -3.9 PepGen PEPG 11.50 7.4 Renasant RNST 29.49 -2.2 Sonder SOND 3.14 -10.5 Trustmark TRMK 27.39 -1.8 X4 Pharm XFOR 1.06 -1.8
EssaPharma EPIX 5.22 -0.7 GlycoMimetics GLYC 0.66 -2.9 Inseego INSG 2.15 1.5 LloydsBanking LYG 2.08 -0.9 NetSolTech NTWK 3.53 -0.7 PerellaWeinberg PWP 5.70 0.5 ReneSola SOL 4.43 -8.1 SonicFoundry SOFO 2.04 1.4 TScanTherap TCRX 1.65 -2.2 XOMA XOMA 17.86 6.9
EssentialProp EPRT 22.40 -0.9 GoldStandrdVntr GSV 0.36 -3.2 InsightAcqnWt INAQ.WS 0.27 -0.9 loanDepot LDI 2.66 -0.7 NeuBaseTherap NBSE 1.00 -4.9 PerellaWeinbergWt PWPPW 0.54 -1.2 RenovareEnvl RENO 0.30 -6.1 Sono SEV 3.56 -8.7 Tucows TCX 48.47 -7.0 XBiotech XBIT 6.83 -4.8
Etsy ETSY 81.11 -5.0 GoldenFalconWt GFX.WS 0.15 -11.4 InspiraTech IINN 1.90 -2.4 LocafyWt LCFYW 0.01 -40.3 NeuroOneMed NMTC 0.56 -11.1 PerimeterSolns PRM 8.19 -7.2 Repay RPAY 12.78 -4.1 Sonos SONO 21.34 -3.8 Tuniu TOUR 0.57 -3.2 XpresSpa XSPA 0.90 -5.8
Everi EVRI 16.28 -1.6 GoldenbridgeRt GBRGR 0.03 -50.0 Inspirato ISPO 5.05 -3.3 LogicMark LGMK 1.53 ... NeuroPace NPCE 6.01 3.6 Perrigo PRGO 31.95 0.5 Replimune REPL 14.64 -7.1 Sony SONY 83.09 -1.5 Tupperware TUP 9.82 -6.3 Yeti YETI 45.77 -5.8
EvofemBiosci EVFM 1.39 -15.5 GoldmanSachsPfA GSpA 18.87 -0.5 InstilBio TIL 6.31 -5.2 LogitechIntl LOGI 60.36 -3.5 Nevro NVRO 49.74 -8.4 Personalis PSNL 5.04 -3.3 RevolutionMed RVMD 16.90 -16.3 SophiaGenetics SOPH 5.34 -14.0 TurningPoint TPB 27.91 -2.2 YatsenHolding YSG 0.55 -3.2
Evotec EVO 11.38 -4.2 GoldmanSachsPfC GSpC 19.13 -4.1 Insulet PODD 191.26 -9.4 LucidDiag LUCD 2.00 -3.2 NY CmntyBcp NYCB 9.10 -0.6 PetIQ PETQ 16.90 2.3 Revolve RVLV 30.74 -1.5 SouthernNts20 SOJD 20.30 -1.7 22ndCentury XXII 1.74 -2.8 YirenDigital YRD 1.73 -8.0
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MARKETS
Treasury Yields Extend Recent Gains

Bond investors parse overnight session but fell just percentage point. however, were revised higher Investors “are not really Treasury yields are largely
before the release of the non- The yield on the benchmark so that the year-over-year in- convinced of anything at the determined by the average
Labor Department farm labor report. They then 10-year U.S. Treasury note set- crease in April matched expec- moment,” said Jim Vogel, in- short-term interest rate that
data that sent mixed bounced around after the data tled at 3.124%, up from 3.066% tations for a 5.5% gain. terest-rates strategist at FHN investors expect over the life
was reported before rebound- Thursday to its highest close Bond investors have been Financial. of a bond, as investors demand
signals about inflation ing to surpass overnight highs. since November 2018 and near parsing measures of worker Investors, he said, initially an equal or greater return to
Friday’s climb extended the its highest level in more than a pay because rising wages are seized on some aspects of the what they think they could get
BY SAM GOLDFARB previous day’s surge, which decade. seen as a crucial long-term jobs report that justified lower by just reinvesting in over-
caught many investors off The move came after the driver of overall inflation. yields, such as the monthly in- night lending markets.
Yields on medium and long- guard. Just a day earlier, Fed- Labor Department said the Rapidly rising consumer prices crease in earnings. Then they As it stands, interest-rate
term U.S. Treasurys extended eral Reserve Chairman Jerome economy added 428,000 jobs have driven bond yields found other aspects that justi- derivatives show that inves-
recent gains Friday after new Powell had lifted both stock in April, above analysts’ expec- sharply higher this year by fied higher yields, including a tors expect the Fed’s bench-
data presented a mixed picture and bond prices by saying Fed tations for a 400,000 increase. lifting expectations for how decline in the labor-force par- mark rate to rise to nearly
of the labor market. officials weren’t actively con- Average hourly earnings rose high the Fed will raise interest ticipation rate, which some 3.5% next year from its current
Yields, which rise when sidering a future interest-rate just 0.3%, below estimates of a rates over the next year in an could see as adding to infla- target range between 0.75%
bond prices fall, climbed in the increase of three-quarters of a 0.4% gain. Earnings in March, effort to control inflation. tion pressures. and 1%.
Defensive ETFs Attract

Net flows into defensive ETFs* Defensive ETF and index performance this year
$80 billion Through April 25% VanEck Gold
$50.4B Miners ETF
70 20
Investors Amid Turmoil 60
50
15
10
Utilities
SelectSector
SPDR ETF
Consumer
40 5 Staples
BY HARDIKA SINGH Persistent inflationary pres- grocer Kroger Co. are among
Select Sector
sure, geopolitical turmoil and the best performers in the fund 30 0 SPDR ETF
Jittery investors are pour- worries about a potential reces- this year. Both stocks have
ing money into exchange- sion have dragged the S&P 500 jumped nearly 20%, while the 20 –5 Health Care
traded funds tied to defensive down 13% this year. The tech- fund itself has slipped 0.5%. Select Sector
sectors, seeking safety in a nology-oriented Nasdaq Com- Meanwhile, the Health Care 10 –10 SPDR ETF
market that continues to be posite Index has fallen even far- Select Sector SPDR ETF logged 0 –15 S&P 500
whipsawed by worries about ther, off 22%. The latter $1.7 billion in inflows in April,
rising interest rates. suffered its worst session since the most since July 2021. The 2017 ’18 ’19 ’20 ’21 ’22 Jan. 2022 March May
Net inflows into defensive June 2020 on Thursday, with Utilities Select Sector SPDR *Data includes ETFs in the healthcare, consumer staples, utilities and real-estate sectors, along with precious metals, Treasurys and commodities.
ETFs—or those related to the investors worried about the ETF had $923 million in net Sources: Morningstar (flows); FactSet (performance)
consumer staples, healthcare, pace of the Federal Reserve’s flows last month and the Real
utilities and real-estate sec- campaign to raise rates. Estate Select Sector SPDR ETF S&P 500 this year, with utili- they are valued based on ex- ting that inflation will remain
tors, along with precious met- ETFs in the consumer staples received $306 million. Those ties up 0.7% and staples off pectations of growth far into elevated are turning to com-
als, Treasurys and commodi- and healthcare groups have inflows were the most since 0.6%, respectively. The tech the future. “We’re not in the modities-focused funds. Russia’s
.
ties—have totaled $50 billion seen some of the biggest in- January 2022 and December sector has dropped 19%, and recession camp, but we do invasion of Ukraine powered
this year, according to Morn- flows of late. The staples, 2021, respectively. the communication-services think there’s going to be pock- commodities from aluminum to
ly
ingstar data through April. healthcare, utilities and real-es- “These funds are constructed group—which includes tech- ets in the bull [market] where wheat to new highs this year.
That sum has already out- tate sectors are considered basically to offer smooth rides nology-driven companies, like you see recession or much Commodities tend to rise along-
paced the group’s $42 billion safety plays because consumers to investors. I think of them like Netflix Inc., Alphabet Inc. and slower growth,” said Keith Ler- side inflation and serve as a
in inflows for all of 2021 and
is on track to top 2020’s total
of $75 billion as well.
“Investors want safety, they
tend to pay for food, hospital
bills, electricity and rent before
discretionary purchases.
The Consumer Staples Se-
on
house cats—they’ll pull an occa-
sional rodent into the house
and they’re going to do what
you expect most of the time,
Facebook parent Meta Plat-
forms Inc.—has fallen 25%.
The Fed on Wednesday ap-
proved a half-percentage-point
ner, co-chief investment officer
and chief market strategist at
Truist Advisory Services Inc.
Mr. Lerner says his firm has
hedge against declines in the
other assets in a portfolio.
The VanEck Gold Miners ETF
has risen 6.8% this year and re-
want security, and they want lect Sector SPDR ETF, which but they’ll misbehave every interest rate increase—the been recommending areas of ceived $432 million in net flows
us ,
to go somewhere where they tracks shares of 34 companies once in a while because it is in largest since 2000—and a plan the market like staples, in April, the most since June
l
feel like their money is going in industries from tobacco to their nature,” Mr. Jackson said. to shrink its $9 trillion asset healthcare stocks and real-es- 2021. The Invesco DB Commod-
e
al a
to be a little more protected, food and beverage, recorded Behind the energy group, portfolio as officials kicked into tate investment trusts to in- ity Index Tracking Fund, which
even in a turbulent environ- $1.25 billion in net inflows in which has climbed about 45% higher gear a campaign to slow vestors this year as a hedge holds commodities futures in
ment,” said Ryan Jackson, April, the most since January. this year, the utilities and con- four-decade highs in inflation. against a global growth slow- energy, precious metals, indus-
ci on
manager research analyst of Shares of Marlboro cigarette- sumer staples segments are Tech stocks are especially sen- down or an aggressive Fed. trial metals and agriculture sec-
passive funds at Morningstar. maker Altria Group Inc. and the best performers in the sitive to rising rates because Other investors who are bet- tors categories, is up 36%.
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HEARD STREET ON
THE
FINANCIAL ANALYSIS & COMMENTARY
Will Politics Clog

Up Clean Energy?
Elected leaders can help nations transition to renewable
fuels if they’re able to avoid short-term partisan thinking
In the world’s transition to der to decarbonize the global

lower-emission fuels, politics is a economy, according to estimates
big part of both the solution and from consulting firm McKinsey.
the problem. Only a fraction of that will come
Decarbonization is shaping up from public sources, but the incen-
to be the next industrial revolu- tives, goals and regulations politi-
tion—a massive shift that will lead cians set strongly affect private in-
to the decline of some industries vestment, risks and returns.
and the rise of others, creating In the absence of a global car-
both risks and opportunities for bon price—a political nonstarter—
investors. Even though renewable well-designed national energy
energy is now often cheaper than plans can be powerful ways to ac-
burning fossil fuels, the time pres- celerate the transition by coordi-
sure imposed by global warming nating action and reducing invest-
means politics will be instrumental ment risk. To reach anything close
in making the shift happen. to the common goal of net-zero
The messiness of those politics emissions by 2050, change needs
is coming into sharper focus once to be at least twice as fast as
TAYLOR CALLERY
again, as U.S. legislators attempt when the world shifted from coal
to revive some of the clean-energy to oil last century.
initiatives included in President However, elected leaders have
Biden’s failed Build Back Better incentives to lean toward short-
bill. term, partisan thinking and local
Annual investment in physical issues. This is the opposite of the
assets will have to increase by $3.5 consistent, linked-up kind of plan- is boosting incentives for offshore partment of Commerce investiga- “You can think of the grid as
trillion to $9.2 trillion a year in or- ning needed. turbines, including streamlining tion threatening retroactive anti- being the interstate highway for
.
Britain’s latest energy security planning and permitting, which is dumping tariffs on solar panels electrons,” says former FERC
plan, published last month, is a many developers’ key gripe. How- made in Cambodia, Malaysia, Thai- chairman Norman Bay of Wilkie
ly
Global share of primary energy useful example. It contained some ever, the plan didn’t include any land and Vietnam has led to de- Farr & Gallagher. “Imagine what
100% much-needed initiatives to stream- significant incentives for onshore layed and canceled orders. It is the national highway system
Coal
line approvals for offshore wind wind. Land-based turbines are rel- threatening projects and ulti- would look like if the federal gov-
75
Oil
Natural gas
on
farms and accelerate investments
in energy efficiency. However, it
also focused too much on shiny
new infrastructure projects to be
atively cheap and quick to build,
but often face local opposition.
The system could be simplified,
but would inevitably mean limiting
mately local installation jobs, caus-
ing a “rapid degeneration of the
U.S. solar industry,” according to
Solar Energy Industries Associa-
ernment had not taken the lead
in 1956 of planning it, getting
rights of way, and covering the
costs.”
Other
built many years from now, while people’s right to object, rarely a tion. President Eisenhower’s Federal-
us ,
non-fossil
fuels avoiding more contentious solu- winning political strategy. Yet there are signs of progress Aid Highway Act of 1956 wasn’t
l
50 tions that could be delivered much In the U.S., where the energy in other areas. One key bottleneck universally popular, but it was
e
al a
Renewables
sooner. transition is a much more partisan is approval for transmission lines: fairly successful in delivering a na-
There were headline-grabbing issue than in the U.K., the politics A record 1,400 gigawatts of total tional road network. Such a
ambitions for up to eight new nu- are arguably even tougher. Upcom- generation and storage capacity sweeping national act seems un-
ci on
25 clear plants, as well as funding for ing midterm elections are weigh- are currently seeking interconnec- likely in the current political cli-
small nuclear reactors from British ing heavily on the timing, content tion to the grid, more than the mate, but more mundane actions
corporate icon Rolls-Royce. Those and approach to reviving any of current U.S. generating capacity of by officials at the FERC and else-
will take years or even decades to the clean energy incentives from 1,200 gigawatts, according to a where might benefit from flying
0 Proj. start producing energy, if they the failed Build Back Better bill. new paper from Berkeley Lab. The under the radar. Key areas of en-
er s
1900 ’50 2000 ’50 happen at all. New U.K. nuclear Even the name is verboten. Federal Energy Regulatory Com- ergy transmission that rely on
plants have been a political hot There are political ambitions to mission is now working on a series them, such as transmission lines,
m er
Note: Projections after 2019; BP's accelerated scenario; potato for years. foster domestic solar-panel proof proposed rule changes to may not be a bad place for inves-
data may not add to 100% due to rounding. Britain also aims to become the duction, but they will take years to streamline the processes for ap- tors to look.
Source: BP Energy Outlook 2022
“Saudi Arabia of wind power” and bear fruit. Meanwhile, a U.S. De- proving transmission lines. —Rochelle Toplensky
m rp
As of March there were

1.9 job openings for each Block Needs
co Fo
unemployed worker, the

Labor Department said.
A Solid Foundation
The financial-tech company formerly known as
Square needs its Cash App to keep growing
ADAM GLANZMAN FOR THE WALL STREET JOURNAL
With so many fintech stocks Performance of fintech and digital-

tumbling, Block may be among the commerce stocks, year-to-date
sturdier ones.
n-
Financial-technology and digi- 0%

tal-commerce companies’ shares
have been hit hard by the market’s
turn against growth stocks. Among
no
them is Block, formerly known as –20

Square. Its shares are down more
than 40% so far in 2022. But it
isn’t quite as downtrodden as
some others that play in those
realms, with companies such as –40
Block
The Economy’s ‘Help Wanted’ Sign Affirm and Shopify both down
more than 70%. Block is also trad-
ing around the same multiple of
enterprise value to forward earn- –60 PayPal
ings before interest, taxes, depreci-
ation and amortization it was at
Sluggish workforce participation doesn’t bode well for action by the Fed the end of 2019. Multiples for Shopify
stocks such as Adyen, PayPal and Affirm
There are two ways for the job growth might not soon put a dent better than it was during the Shopify are all now lower than –80
market to cool off. One is for hir- in the job market. worst of the pandemic, but a lot of they were at that point in time. Jan. Feb. March April May
ing to slow considerably. The other What would help the situation a the things that seemed like they One driver of this may be
is for more people to enter the la- lot is for more people to come might draw even more people back Block’s big exposure to in-person Source: FactSet
bor force. The latter is obviously back into the workforce. Even into the labor force, such as the shopping, via its Square seller
preferable, but it isn’t clear how though the unemployment rate is availability of vaccines, the easing business, which has been rising
much of the latter the U.S. is going barely higher than the 50-year low of Covid-19 concerns and the end- sharply as pandemic restrictions people use debit cards linked to
to get. of 3.5% it registered in February ing of extra benefits for the unem- recede and e-commerce growth their accounts. Notably, Cash Card
The Labor Department on Fri- 2020, just before the Covid-19 cri- ployed, didn’t have as much of an slows. The company said Thursday gross profit was up 50% in the
day reported that the economy sis struck, there were 1.2 million effect as economists hoped. that Square card-present gross first quarter over last year, with
added a seasonally adjusted fewer jobs than there were back Maybe with the advent of payment volume—a proxy for in- the company saying it saw many
428,000 jobs in April—equal with warmer weather, the continued store payments—grew by 41% users making day-to-day purchases
March’s gain and showing employ- easing of Covid-19 worries and the year-over-year in the first quarter. like groceries and fast food. That
ment is growing at a heady clip. The tighter the supply of erosion of savings many Ameri- That was 20 points faster than may be an indicator that people
The unemployment rate, which is cans built up during the pandemic, card-not-present GPV, which are are using Cash App similar to a
based off a separate survey, held workers gets, the harder more people will go on the job often e-commerce sales. checking account.
at a very low 3.6%. it will be to bring hunt. That is certainly what the Another driver is resilience in Along those lines, Block said
The Federal Reserve now wants Fed is looking for: In his press growth for Cash App, Block’s con- that recurring paycheck deposits
to cool the job market down. The inflation under control. conference Wednesday following sumer-finance and payments app. into the app were up 2½ times in
shallower the supply of workers the Fed’s meeting, Chairman Je- What distinguishes Cash App in March from a year earlier.
gets, the more wages rise and the rome Powell said that he and many investors’ minds is that it Block has an investor day com-
harder it will be to bring inflation then. Throw in population growth other members of the central isn’t just a play on e-commerce or ing up later this month, and one
back under control. But hiring isn’t and the shortfall from prepan- bank’s rate-setting committee shopping, but also on banking’s thing investors might want is
a switch the central bank can sim- demic levels is even larger. “generally expect that we’ll get digital transformation. Excluding more perspective on how much
ply turn on and off. It will take The reason the unemployment some additional participation.” the new addition of recently ac- growth can come from continuing
time for its interest-rate increases rate is low despite reduced em- If that increase doesn’t come, quired Afterpay’s results, Cash user expansion versus further en-
to work their way into an economy ployment levels is that, to be however, the Fed will be put in a App’s gross profit grew 17% in the gagement and monetization of al-
in which underlying demand recounted as unemployed, one must position where it will feel it needs first quarter, despite a tough com- ready-active users—much as atten-
mains strong. The Labor Depart- be actively seeking work. A lot of to bring job growth down sooner parison with the stimulus-check tion has shifted to per-user
ment reported earlier this week people aren’t doing that. The la- rather than later. To do that, it surge a year earlier. The company revenue growth across fintech.
that as of March there were a re- bor-force participation rate—the will need to lift rates more quickly, is still expecting that the second Block may have a solid base, but
cord 1.9 job openings for each un- share of workers with a job or ac- raising the odds that it goes too half of 2022 will generate faster investors will still want to know
employed worker. That indicates tively looking for one—was 62.2% far and sends the economy into a year-over-year growth. how much more can be built on
employers are so desperate for last month, versus 63.4% in Febru- recession. Cash App makes money in sev- top of it.
workers that even slower demand ary 2020. That is, of course, much —Justin Lahart eral ways, one of which is when —Telis Demos
REVIEW
Fragile X The Roots of War

An inherited disorder The urge to violence
can have unusual effects and the need for
in those who carry the remedies Books C7
gene for it C5
CULTURE | SCIENCE | POLITICS | HUMOR THE WALL STREET JOURNAL. * * ** Saturday/Sunday, May 7 - 8, 2022 | C1
.
ly
on
us ,
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e
al a
ILLUSTRATION BY ROBERT NEUBECKER; CARLOS E. SERRANO/GETTY IMAGES (BOOKS)
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er s
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N
obody likes to feel interview for a job you desperately
anxious. Anxiety is
among the most per- IN PRAISE OF want? Anxiety prompts your mind and
body into action. Your worries impel
ANXIETY
vasive and reviled of you to prepare meticulously for the
human emotions. An interview, while your heart races and
entire industry has pumps blood to your brain so that you
n-
sprung up to aid us stay sharp and focused, primed to

in eradicating it, from self-help books pursue your goals.
and holistic remedies to pharmaceuti- In a pair of studies published in the
cals and cutting-edge cognitive behav- journal Emotion by Jeffrey Birk, my-
no
ioral therapy. Yet we are an ever more self and colleagues in 2011, we in-
profoundly anxious society. Epidemio- duced anxiety in young adults by ask-
logical studies show that over 100 mil- ing them to vividly imagine being a
lion people in the U.S. will suffer from passenger in a car accident and help-
an anxiety disorder in their lifetime. Rather than suppress this ing injured people in its aftermath.
Rates, especially among the young, Compared with a second group who
have been rising for the past decade. misunderstood emotion, we experienced a happy mood induction,
Our efforts to contain anxiety aren’t the anxious group showed a greater
working. need to understand its ability to focus and control their at-
As a clinical psychologist and neu- tention during a computerized assess-
roscience researcher, I have devoted essential evolutionary role in ment.
the past 20 years to understanding Over the past decade, research has
difficult emotions like anxiety, and I motivating us to action. also shown something that many sci-
believe that we mental health profes- entists didn’t expect: higher levels of
sionals have made a terrible mistake. By Tracy Dennis-Tiwary dopamine, the “feel good” hormone,
We’ve convinced people that anxiety when we’re anxious. We have long
is a dangerous affliction and that the Please turn to page C2
solution is to eliminate it, as we do
with other diseases. But feeling anx- and prepare for it. Anxiety places us ary advantage. Emotions provide key
ious isn’t the problem. The problem is in the “future tense” (pun intended)— information about our well-being and Dr. Dennis-Tiwary is professor of
that we don’t understand how to re- a state in which we are motivated not prepare us to act. Fear, for example, psychology and neuroscience and
spond constructively to anxiety. That’s only to survive but to thrive, by being signals that you may be in danger— director of the Emotion Regulation
why it’s increasingly hard to know more persistent, hopeful and innova- from a predator, bully or speeding Lab at Hunter College. This essay is
how to feel good. tive. car—and readies your body and mind adapted from her new book,
This “bad” feeling isn’t a malfunc- It was the father of evolutionary to fight or take flight. “Future Tense: Why Anxiety Is
tion or failure of mental health. It’s a theory, Charles Darwin, and his intel- Anxiety, by contrast, has nothing to Good for You (Even Though It Feels
triumph of human evolution, a re- lectual heirs, such as psychologists do with present threats. Instead, it Bad),” published by Harper Wave, a
sponse that emerged along with one Nico Frijda and Joseph Campos, who turns you into a mental time traveler, division of HarperCollins (which,
of our greatest attributes: the ability saw that unpleasant emotions like drawing your attention to what lies like The Wall Street Journal, is
to think about the uncertain future anxiety confer a profound evolution- ahead. Will you succeed or fail in that owned by News Corp).
Inside
CATHOLIC CHURCH MIND & MATTER PARENTING
Not
By refusing to call
Ukraine’s defense a ‘just Retired Starting conflicts
with their peers is
As a young
researcher, Jane
war,’ is Pope Francis At 87, venture capital a way for some Goodall saw
revising Catholic pioneer Alan Patricof children to win various types of
sees potential in the
doctrine—or signaling a fast-growing over-60 popularity, a new mothers among
nuclear fear? C4 market. C6 study shows. C4 chimps. C3
C2 | Saturday/Sunday, May 7 - 8, 2022 * *** THE WALL STREET JOURNAL.
REVIEW
Using Anxiety to Survive and Thrive

Continued from the prior page hand of a stranger, and the last third
known that dopamine spikes when were left alone.
an experience is pleasurable and also Researchers found that holding a
in anticipation of such rewards, acti- loved one’s hand in particular
vating brain areas that motivate and calmed areas of the brain that are
prepare us. The fact that anxiety typically activated when people are
also boosts dopamine levels points highly anxious. Such social buffering
to its role in making positive possi- should be no surprise. We’ve known
bilities into reality. for years that anxiety increases lev-
I reaped these benefits during one els of the hormone oxytocin, which
of the most difficult experiences of primes us to seek out more social
my life—when my infant son was di- support and connection. Humans
agnosed with a heart condition re- evolved to rely on “emotional out-
quiring open-heart surgery. It was sourcing,” turning to others when a
anxiety that kept me going, even challenge arises. Managing anxiety is
when I was running on empty. I wor- no exception.
ried and planned, read everything I Finally, there are many ways to
could find on his condition, imagined use anxiety to create a deeper sense
all the possible outcomes, found the of personal fulfillment. Beginning in
best doctors and persevered through 1938, the Harvard Study of Adult De-
every obstacle and sleepless night. velopment, one of the longest-run-
Today, at 13 years old, he runs on ning and most comprehensive longi-
the school track team and lives like tudinal studies ever conducted,
he never had a heart condition. asked a fundamental question: What
Anxiety isn’t just useful in emer- leads to a healthy and happy life?
gency situations. It also spurs us to Following over 1,300 people from all
be more creative in general. In a se- walks of life over decades, the study
ries of studies published in 2008 in has found that one of the best pre-
the Journal of Personality and Social dictors—better than social class, IQ
Psychology, Carsten De Dreu and col- and genetic factors—is having a
leagues experimentally increased sense of purpose.
anxiety and other emotions (such as A sense of purpose doesn’t mean
sadness, happiness and anger) some grand vision or a burning life
through autobiographical writing mission. Purpose refers to the values
about a past event. People induced and priorities that make us who we
to feel more anxious showed greater
Anxiety can’t do are and give our life meaning. Re-
creative fluency during a problem- its job unless it search by Geoffrey Cohen and col-
solving task, including the quantity leagues at Stanford shows that when
and originality of their ideas and
makes us people take time to express the pur-
.
their ability to persist when obsta- uncomfortable, poses they hold dear and to contem-
ly
cles arose. It takes effort and imagi-
nation to see future possibilities, and
use it in the right way.
The first priority is to listen to
working through anxiety rather than
avoiding it. Instead of allowing so-
forcing us to sit plate why—whether it’s relation-
ships, skills or even humor—their
anxiety keeps us focused on them. yourself. Imagine you’ve been sitting cially anxious children to stay home, up and pay mood lifts, concentration and learn-
Many of us feel overwhelmed by
chronic anxiety and don’t see any
benefit from it. We have come to be-
lieve that the best way to cope is to
on
with free-floating anxiety for a cou-
ple of days. You’ve been trying to ig-
nore it—just keep calm and carry
on—but it’s getting to you. So you
for example, parents learn to gradu-
ally expose them to challenging situ-
ations and provide support. In a
2020 study published in the Journal
attention. ing improve, relationships are more
fulfilling, and physical health even
gets a boost. A study published in
2014 in the Annual Review of Psy-
us ,
treat anxiety like Covid-19 or cancer decide to tune in to what your anxi- of the American Academy of Child chology by Dr. Cohen and colleagues
by trying to eradicate it. But treating ety is telling you and go through a and Adolescent Psychiatry, Dr. Leb- panel of judges. Half of the partici- showed that these benefits can per-
l
e
anxiety like a disease is a recipe for mental checklist. What’s been both- owitz and colleagues reported that pants were taught to anticipate and sist for months or even years.
al a
ering me? Is it that fight I had with 87% of the clinically anxious children interpret their responses—hearts That’s why it’s crucial to channel
my husband? No, that got resolved. showed less severe anxiety after racing, butterflies in their stomach, the benefits of anxiety, like persis-
ci on
Is it that work deadline looming over their parents received the therapy. stumbling over words—as signs that tence and hope, toward purpose. The
me? No, that’s well enough in hand. This approach also applies to the they were energized and preparing Canadian psychologist Patrick Gaud-
Treating anxiety Is it my acid reflux, which has gotten
worse, giving me stomach pains for
problem of teen anxiety. By the time
children in the U.S. turn 18, tens of
to face the challenge ahead. They
were further informed that anxiety
reau coined the term “excellencist”
for people who strive toward excel-
like a disease the past few days? Yes, that’s it. millions of them will have been diag- evolved to help our ancestors sur- lence and savor having a purpose.
er s
prevents us Once you identify the source of nosed with an anxiety disorder, ac- vive and thrive by delivering blood They experience higher levels of anx-
your anxiety, you have useful infor- cording to the National Institute of and oxygen to muscles, organs and iety than their less striving counter-
from
m er
mation. And you now know what ac- Mental Health. The blame is often the brain, so that they work at peak parts but don’t suffer the burdens of
distinguishing tion to take. When you schedule that placed on social media and the con- capacity. perfectionism—the relentless pursuit
appointment with the doctor, your stant comparison with others that it Those participants who learned to of flawlessness that leads to high
between anxiety begins to lessen. You know encourages. But that’s too simplistic: reframe their anxiety as an advan- rates of burnout.
m rp
ordinary anxiety you’re on the right track. When you A study by Erin Vogel and col- tage, compared with those who In a pair of studies published in
and anxiety see your doctor and get a plan to leagues, published in 2015 in the didn’t, performed better under pres- 2022 in the British Journal of Psy-
deal with the problem, the anxiety journal Personality and Individual sure, were more confident and chology, Dr. Gaudreau, Jean-Chris-
disorders. wanes. If you were to find out that Differences, showed that it was only showed biological signs—steadier tophe Goulet-Pelletier and colleagues
teens who were already heart rates, lower blood pressure—of assessed divergent thinking, a key
co Fo
deeply invested in their so- being focused and engaged. The indicator of creativity, in hundreds
cial standing who had lower study showed that when we believe of young adults by asking them to do
self-esteem and more anxiety anxiety is a benefit rather than a such things as using common objects
after viewing acquaintances’ burden, our bodies follow suit and in novel ways. People who tended to
positive social media pro- better prepare us to meet the chal- pursue excellence over perfection in
files. lenges ahead. these exercises made mistakes, but
The key factor in the de- A similar effect comes from being they came up with more—and more
bilitating anxiety of teens is in the presence of others, which can original—answers. Thomas Edison
whether they are spending cause anxiety in some contexts but wrote, “I have not failed. I have just
inordinate amounts of time can also provide a pathway out. Re- found 10,000 ways that won’t work.”
swiping and scrolling as a search shows that receiving direct He was an excellencist, a master of
way to soothe and distract social support is one of the best turning anxiety over his failures into
n-
themselves. This tendency to ways to manage all types of distress, purpose.

reject and suppress un- including anxiety. A 2006 study from Today we too often treat anxiety
wanted feelings and thoughts the University of Wisconsin, for exas a malfunction to repair, but anxi-
only serves, paradoxically, to ample, brought participants into the ety doesn’t need fixing. What needs
no
increase them in the long lab to take part in a high-anxiety sit- fixing is our disease model of deal-
term. Teens and their par- uation: They entered a loud, claus- ing with it, which is meant to in-
ents need to see such avoid- trophobic MRI machine to have their crease stability and destigmatize
ance for what it is, try to brain scanned and were told to ex- psychological struggle but is not
identify the underlying cause pect electrical shocks in the course succeeding and may even be causing
and find a way to channel it of the procedure. One third of the harm. Once we rescue anxiety from
into relief. When they think group were allowed to hold the hand this mindset, we’ll be in a better po-
of anxiety as an advanta- of a loved one, one third held the sition to rescue ourselves.
geous feeling that tells us
what we care about, they can
be better motivated to pur-
sue the future they want,
whether it’s joining the
school newspaper, trying out
for a team or saying hi to a
new classmate.
It also helps to learn more
about anxiety and how it
works. In a pair of studies
its spiraling out of control; it pre- there was something seriously published in 2013 in the journal Clin-
vents us from distinguishing be- wrong, anxiety would return, moti- ical Psychological Science, Harvard
tween ordinary anxiety and anxiety vating you to take whatever addi- researchers invited adults with so-
disorders, which occur when our tional steps were necessary to deal cial anxiety disorder, who live in
ways of coping with anxiety serve to with the illness. dread of negative social evaluation,
amplify it in ways that are out of As this suggests, it’s no solution to take part in an experiment that
proportion to the situation and keep simply to evade the causes of anxi- was designed to feel distressing to
us from functioning in our profes- ety. Consider new research on how them—giving a speech in front of a
sional and personal lives. When we parents help their children to deal
say anxiety is a public health crisis, with such problems. A parent’s natu-
what we really mean is that the way ral response is to try to accommo-
we cope with anxiety is a public date a child’s intense anxiety. The
health crisis. family of a child worried about fly-
We need to develop a new mind- ing in airplanes, for example, might
When we say
set about this misunderstood emo- limit vacations to drivable destina- anxiety is a public
tion. Reframing and reclaiming anxi- tions. But even though this may health crisis,
ILLUSTRATIONS BY ROBERT NEUBECKER
ety as an advantage and a valued comfort the child in the moment, it

part of being human isn’t easy or prevents them from learning to cope what we really
just a matter of willpower. It takes in the long run. mean is that the
practice and time, and it doesn’t A new type of therapy called
mean that anxiety becomes enjoy- SPACE (Supportive Parenting for way we cope
able. Anxiety can’t do its job unless Anxious Childhood Emotions), devel- with anxiety is a
it makes us uncomfortable, forcing oped by Eli Lebowitz and colleagues
us to sit up and pay attention. We at the Yale Child Study Center,
public health
don’t need to like anxiety—just to teaches parents a better option— crisis.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, May 7 - 8, 2022 | C3
REVIEW
What Chimpanzees Taught

Me About Motherhood started to show reasonably appropri-
ate maternal behavior.
Both Passion and Patti taught me
that while some mothering skills are
clearly innate, experience also plays
a critical role. Over time I learned
Accompanied by her own mother on her first research trip to Africa, Jane Goodall discovered that the practice a juvenile daughter
gets as she plays with and carries an
that with chimps, as with humans, some mothers are better at it than others. infant sibling also plays a role in de-
veloping her subsequent maternal
behavior.
BY JANE GOODALL When I arrived from the field to
A
start work on my Ph.D. at Cambridge
t age 10, I read Edgar University, I had never been to uni-
Rice Burroughs’s “Tar- Jane Goodall (right) versity and had no bachelor’s degree.
zan of the Apes” and and her mother I was shocked when some of the pro-
resolved that I would Vanne at the Gombe fessors told me that I had done my
go to Africa, live with reserve in Tanzania, study all wrong. I should not have
wild animals and write books about mid-1960s. named the chimpanzees but given
them. I had no thought of becoming them numbers. I could not talk about
a scientist—just a naturalist, an ex- chimpanzees having personalities or
plorer. I never dreamed of living minds capable of solving problems,
with animals as absolutely exotic as and I should absolutely not attribute
chimpanzees. I would have in fact emotional states such as joy, sad-
studied any animal in Africa—I just ness, despair, grief and so on to any
wanted to be out in the wild. animal. That was the height of an-
Almost everyone laughed at me. thropomorphism, a cardinal sin.
After all, we had very little money. All those things were unique to
Africa was so far from London, and humans, I was told. Fortunately, I
we knew little about it. World War II had learned very early on that this
was raging. And I was just a girl. was not true—from my dog, Rusty.
“Dream about something you can Anyone who has shared their life in
achieve,” they said. But I was fortu- a meaningful way with any animal
nate to have a supportive mother companion knows that of course
who told me, “You will have to work they have personalities, emotions
hard, take advantage of opportuni- and minds. We are part of and not
ties, and if you never give up you separate from the animal kingdom.
may find a way.” But back then, in the mid-1960s, I
The first time I went to Africa, in
1957, I was 23. On the ship heading
.
there I met the pioneering anthro- I got to
ly
pologist Louis Leakey, who sug-
gested that I should work with chim-
know the
panzees. He was not at all concerned chimpanzees
that I had not been to college—he
wanted someone whose mind was
uncluttered by the very reductionist
on as well as I
had known
thinking of the ethologists of the my friends at
us ,
time. And he felt that women might

be more patient out in the field. He school.
l
e
did not try to teach me what to do—
al a
there was no protocol for me to fol-

low. was told that a scientist must at all
ci on
It seemed like a crazy undertaking times be objective, and that this is

to almost everyone. In those days it not possible if you have any feelings
was almost unheard of for a young of empathy.
woman to travel abroad on her own. In fact, that isn’t true. Empathy
In fact, the British authorities in can help you understand, intuitively,
er s
what is now Tanzania—then Tangan- the motivation behind certain behav-

yika, a last outpost of the crumbling ior. This can then serve as a basis for
m er
British Empire—refused to allow me scientific investigation. Is my intu-

to go to Gombe national park on my ition true or false? In fact, in my
own. opinion, it is a lack of empathy that
It was my wonderful mother who has enabled scientists to carry out
m rp
volunteered to accompany me. While in the end—but I only had money to ping leaves from a twig, creating an- gums and her hair thinning, she many very cruel experiments on sen-
I was out in the forest from dawn to stay for six months, and there would other tool for the same purpose. I would fearlessly charge an adult tient beings. There is so much hard
dusk, she stayed in our little camp, be no more unless I got results. knew this would really thrill Leakey, male baboon if he threatened any of work still required to save chimpan-
and she soon started a “clinic,” When I got back each evening, de- as only humans were thought to use her offspring. She would even go to zees and to save this planet—so
handing out aspirins, Epsom salts jected, Mum would boost my morale and make tools. help her adolescent son, Faben. many challenges to face and hurdles
co Fo
and other simple medicines to the by pointing out that, in fact, I was During the years when I spent al- Passion was the absolute oppo- to overcome. But as my mother told
fishermen who camped along the learning quite a lot, albeit from a most all of my time at Gombe, I got site, seldom waiting for her infant, me as we sat around the fire at
beach in the fishing season. Thus, distance, through binoculars. I had to know the chimpanzees of the Ka- Pom, to climb onto her back before Gombe, tired from a day in the for-
from the very start, she helped build found a peak from which I could sakela community as well as I had moving off. She hardly ever played est, we have to have hope. The hope
up an excellent relationship with the overlook two valleys. I learned what known my friends at school. Each with her, and it was up to Pom to that tomorrow will bring change.
local community. But most impor- foods the chimpanzees were eating— one had his or her own personality, keep out of harm’s way, for Passion The hope that we shall all do our bit
tantly, from my point of view, she I would go and collect specimens af- and they were as different, one from would not often go to her aid. Inter- to make this a better world for all.
helped to boost my morale when I ter they had gone. I saw how they the other, as we are. Three females, estingly, she was more attentive to
returned to camp, weary and de- sometimes traveled alone, some- Flo, Passion and Patti, taught me her subsequent infant. Dr. Goodall is an award-winning
pressed. times in different-sized groups. And about chimpanzee mothering and, And Patti was so utterly incompe- animal behavior expert who has
For in the early days, if I managed I was also learning about their dif- moreover, that there are good and tent that she did not even know how studied chimpanzees in Tanzania
to get anywhere near the chimpan- ferent calls. not-so-good mothers. to carry her first infant as she trav- for more than 60 years. This essay
n-
zees, they would quickly vanish into It was sad that I made my first re- Flo was an excellent mother, pro- eled and was apt to place her hand is adapted from the new book
the forest, highly suspicious of this ally significant observation just two tective but not overly so, and also af- under his rump, so his head bumped “Chimpanzee Memoirs: Stories of
JGI/HUGO VAN LAWICK
strange white ape who had suddenly weeks after my mother had to return fectionate and playful. Above all, like along the ground. Not surprisingly, Studying and Saving our Closest
invaded their world. As days became to England. I saw David Greybeard, my own mother, Flo was supportive. he did not live long—and her second Living Relatives,” edited by Ste-
no
weeks and weeks became months, I the first chimpanzee who had begun When I first got to know her, she infant only survived in spite of phen Ross and Lydia Hopper,
became increasingly depressed. I to lose his fear of me, using a grass must have been well over 40, but Patti’s poor maternal skills. It wasn’t which will be published on May 10
knew I could gain the chimps’ trust stem to fish for termites and strip- even with her teeth worn to the until she had her third baby that she by Columbia University Press.
Flying Catholic nobles opposed to

Queen Elizabeth I. In an ex-
to look like he’s working for
one country when actually he’s
Colors tended metaphor about “notable

pirates” who fly “flags of all
princes and countries,” Norton
in the employ of another.”
Conspiracy theorists have
often resorted to “false flag”
Designed accused a bishop of hanging “a
false flag of religion.”
talk, as when so-called “tru-
thers” claimed that the attacks
WORD ON
THE STREET For Likewise, in a spiritual essay
from 1648, Walter Montagu de-
of Sep. 11, 2001 were actually
false-flag operations carried
BEN
ZIMMER Deception cried those who deceitfully dis-
play “colors of love and sincer-
ity, when all the exterior
out by the U.S. or Israel. As
Merrill Perlman observed in
the Columbia Journalism Re-
civilities and correspondencies view in 2018, conspiratorial
are but set out as false flags, by “false flag” accusations have
UKRAINIAN PRESIDENT Volod- Russia, meanwhile, has made nated in the 16th century to de- which the enemy may be exploded since 9/11, particu-
ymyr Zelensky has accused its own accusations against scribe intentionally misrepre- boarded with the more safety.” larly on the far right.
Russia of numerous “false-flag Ukraine of “false-flag opera- senting one’s motives. A And in a 1688 sermon, George In recent years, “false flag”
attacks,” most recently regard- tions,” which Mr. Zelensky has common story has it that the Halley painted Catholicism as “a has proved to be a useful ex-
ing explosions in the break- asserted are a projection of expression was born on the religion that acts in disguise and pression in the field of infor-
away Moldovan region of Moscow’s own intentions. “If high seas, where pirate ships masquerade, changes frequently mation security, for misleading
Transnistria. Western observ- you want to know what Russia’s would disguise themselves by its colors, and puts out a false evidence that deflects responsi-
ers backed up the claims, with plans are,” he has said, “look at flying some country’s national flag to conceal the pirate.” bility for cyberattacks. As Bri-
what Russia accuses oth- colors before launching sneak Fast-forward a few centu- anne Hughes, author of the Cy-
[False Flag]
ers of.” attacks on approaching vessels. ries, and “false flag” had bersecurity Style Guide, wrote
In military and political It is a colorful tale (quite lit- planted itself in the world of in the latest issue of the jour-
contexts, a “false flag” ac- erally), but even though pirates espionage. A 1966 New York nal American Speech, false
tion is conducted with the did likely engage in this prac- Times article about an African flags may “lead investigators
intent of disguising one’s tice, early recorded uses of spy network explained, “‘False away from the real attackers
own responsibility and “false flag” refer not to actual flag’ agents are hired in the be- and toward red herrings” and
the U.S.-based Institute for the pinning the blame on another ensigns flown on ships but to lief that they are spying on be- are “intended to take up time
Study of War concluding that party. Such a ruse can serve as more figurative emblems. The half of one country A when ac- and plant doubts about the
“Russian forces likely con- a pretext for going to war, earliest example noted in the tually their employer is country ability to confidently attribute
ducted a false-flag attack in when an attack is staged on Oxford English Dictionary comes B.” In the 1979 spy thriller an attack to anyone at all.” Pi-
JAMES YANG
Transnistria…to amplify Rus- one’s own side and then blamed from a 1569 tract in which the “False Flags” by Noel Hynd, a rates of the information age
sian claims of anti-Russian sen- on an enemy. English writer Thomas Norton character says that a “false-flag deceive with computer code,
timent in Moldova.” The phrase “false flag” origi- railed against an uprising of job” is when “someone is made not pieces of colored fabric.
REVIEW
MIND & MATTER
SUSAN PINKER
How Children
Use Conflict to
Win Popularity
IF YOU’VE EVER
watched someone start
an argument just to win
it, then you’ve witnessed
a maneuver the person
has likely been honing since third
grade. Stirring up conflict is how some
young children manage to achieve top-
dog status, according to a study re-
cently published in the journal Person-
ality and Individual Differences.
The idea that aggression can stoke a
certain popularity isn’t new, says Brett
Laursen, the lead author and a psychol-
FROM TOP: VATICAN MEDIA/ROPI/ZUMA PRESS; SERHII NUZHNENKO/REUTERS

ogy professor at Florida Atlantic Uni-
versity. But the study showed a pattern
among schoolchildren that stemmed
from aggressors creating repeated con-
flicts; classmates would often submit
rather than engage.
When researchers use the term
“popularity” to describe the type of
status involved, it’s not the usual con-
notation. “We don’t mean that other
kids really like these kids,” said Dr.
Laursen. “It’s more a sign of domi-
nance. Popular kids set standards and
control resources, like who sits next to
you at lunch, or who gets invited to
your birthday party, or who pays atten-
tion to you.”
Aggression doesn’t necessarily mean
using physical force, he said. “Always
.
hitting other kids can backfire. It’s
ly
Is Ukraine’s War Just?
much safer to use conflict—without Pope Francis displays a flag
hitting—to get others to back sent to him from Bucha,
down…You just need disagreements Ukraine, at the Vatican, April 6.
where people demonstrate their fealty
to you, because they’re afraid of what
might happen.” Yet being aggressive in
order to climb the social ladder doesn’t
on
The Pope Hasn’t Said that war is a fit instrument with
which to repair the violation of
us ,
work for everyone, he added. “That’s justice.”

the head scratcher.” Pope Francis has stressed the
l
e
To explore the issue, Dr. Laursen, Pope Francis has hesitated to invoke the Catholic ‘just war’ doctrine danger of nuclear war over
al a
working with doctoral candidates Mi- Ukraine, most recently on Easter,

chael Yoho and Sharon Faur, asked 356 that would recognize the moral legitimacy of Ukraine’s self-defense. when he quoted from a 1955 man-
ci on
elementary-school students—all third-, ifesto by Betrand Russell and Al-

fourth- and fifth-graders—to fill out bert Einstein: “Shall we put an
detailed questionnaires near the begin- BY FRANCIS X. ROCCA There is enough ambiguity in considered to be consistent with end to the human race, or shall
ning of their fall semester. The kids the pope’s remarks to have that tradition. But papal reluc- mankind renounce war?” Given
S
were queried about their opinions and ince Russia invaded sparked a debate over their inter- tance to endorse military force is that Russian President Vladmir
er s
beliefs, and about how many disagree- Ukraine in late Feb- pretation. Joseph Capizzi, a pro- a relatively recent phenomenon: Putin has repeatedly suggested
ments they’d had the day before and ruary, Pope Francis fessor of theology at the Catholic Medieval pontiffs called for cru- that he might use nuclear weap-
m er
with whom. They were asked to nomi- has made clear that University of America, sees the sades against Muslims in the ons in response to interference
nate classmates who “talk bad about he condemns the pope’s reticence to explicitly label Holy Land, Pope Julius II with his aims in Ukraine, Ms.
others behind their backs,” who “get “violent aggression against Ukraine’s struggle a “just war” (1503-13) led his troops into bat- Cusimano Love speculates that
into trouble at school, or who “hit, Ukraine” and sympathizes with not as a rejection of the Ukrai- tle against rival Italian rulers and the pope is concerned not to des-
m rp
push or shove others.” There were also “victims whose innocent blood nian defense but as caution lest the French, and the Holy See con- ignate Ukraine’s struggle a just
cries out to heaven.” he seem to bless war as such: tinued to have its own army until war if doing so might contribute
But the pope has also raised “We need to avoid thinking that, the late 19th century. to escalation “far beyond a nar-
questions about whether he if this war is OK to fight, then According to Maryann Cusi- row track to self-defense.”
thinks the Ukrainians have a right what we’re saying is this war is mano Love, a professor of inter- Like his predecessors since
co Fo
to defend themselves through the pure, this war is good,” Mr. national relations at the Catholic Pope Benedict XV (1914-22), Pope
use of arms. He has on several Capizzi said, characterizing the University of America, two his- Francis has stressed the impor-
occasions said that weapons pope’s concern. tance of international law as the
aren’t the solution to the war; Some commentators have arbiter of legitimate military ac-
called it madness for countries to pointed to the pope’s reference in Pope tion, says Daniel Philpott, a pro-
increase their military spending late March to “the sufferings of fessor of political science at the
in response to Russia’s aggres- women and men who are defend-
Francis has University of Notre Dame. The
sion; and spoken against the in- ing their land” as an implicit rec- stressed the Vatican’s official Compendium of
creased use of sanctions in re- ognition of the Ukrainian’s right danger of the Social Doctrine of the Church
sponse to the invasion. He has to armed resistance. Ukrainian cites the U.N. Charter’s prohibi-
TOMASZ WALENTA
twice cited Mahatma Gandhi’s ad- President Volodymir Zelenksy nuclear war tion of force except in legitimate
vocacy of nonviolent resistance, told Italy’s parliament in late over defense or in peacekeeping mea-
n-
and said emphatically that there March that the pope said to him sures authorized by the U.N. Se-
is no such thing as a “just war.” in a private telephone call: “I un- Ukraine. curity Council.
Has Francis repealed the tradi- derstand that you must defend In 2014, when asked about U.S.
questions about who the students tional Catholic teaching widely yourselves.” bombing of Islamic State mili-
no
would choose to spend time with or known as just war theory, which But can such remarks be rec- torical events changed the Vati- tants in Iraq, Pope Francis said
avoid. Thus, the researchers got an holds that nations may under cer- onciled with the pope’s difficulty can’s orientation in this regard. that “it is licit to stop the unjust
overview of the social dynamics of each tain conditions legitimately de- in labeling Ukraine’s a “just With the loss of the papal states aggressor,” but warned that such
class near the beginning of the year. At fend themselves by military war”? “If you believe that in central Italy in 1870 came the action had often been used as a
the end of the semester, the research- force? Ukraine is justified in seeking to “decoupling of religious authority pretext for wars of conquest.
ers asked the same students to com- Pope Francis has in the past repel an aggressor, then you are from the European state system” “One nation alone cannot deter-
plete the questionnaires again. suggested that military action arguing that this is a just war,” under which the Holy See had mine how to stop an unjust ag-
The results showed that children can be justified. As cardinal in wrote Philip Lawler, director of made alliances and fought wars gressor. After the Second World
who maintained a frequent pattern of 2012, the year before he was the website Catholic Culture: “If with other territorial powers, she War, there was the idea of the
aggression had raised their status at elected pope, he honored Argen- there is no such thing as a just said. Then came the “increasing United Nations: that is where dis-
the end of the term, while those who tine soldiers who died during the war, then a country would have destructiveness of modern war- cussion was to take place.”
didn’t continue their confrontational 1982 invasion of the Falkland Is- no moral choice but to surrender fare” in the 20th century, which Pope Francis has shown a spe-
behavior failed to get the popularity lands as “sons of the fatherland” to any aggressor.” And yet, there was practically impossible to rec- cial concern about the use of
boost. In short, a small number of stu- who had gone out in its defense is also a “very cautious element oncile with classic just-war crite- force by the U.S. and its allies. In
dents in each grade kept initiating dis- “to claim what belonged to the in Catholic doctrine on the use of ria, including the sparing of non- 2013, when President Barack
agreement, presumably with the inten- fatherland and had been armed force,” notes James combatants. Obama was considering airstrikes
tion to command respect. Dr. Laursen usurped.” As pope in 2016, he Turner Johnson, professor emeri- In his 1963 encyclical Pacem in in Syria to punish the govern-
added, “Most of these disagreements wrote to a conference on nonvio- tus of religion at Rutgers Univer- terris (“Peace on Earth”), pub- ment President Bashar al-Assad
were not big arguments, but rather dis- lent conflict resolution, remind- sity—one that recalls St. Paul VI’s lished the year after the Cuban for his use of chemical weapons,
plays of dominance, say, overruling ing participants that the Second 1965 words to the United Nations missile crisis brought the world the pope led 100,000 people in a
someone’s suggestion, just to let others Vatican Council had stated that General Assembly: “Never again to the brink of nuclear conflict, four-hour prayer vigil for peace
know who’s the boss.” “governments cannot be denied war!” St. John XXIII wrote that “it no in St. Peter’s Square. In an inter-
What sets these students apart is the right to legitimate defense Pope Francis’ position could be longer makes sense to maintain view with the Italian daily Corri-
their tendency to “think strategically once every means of peaceful set- ere Della Sera published earlier
about manipulating others,” suggested tlement has been exhausted.” this week, Pope Francis said that
Dr. Laursen, adding that it’s likely a But he has more recently ex- the “barking of NATO at the door
lasting trait. “For people who care pressed greater wariness, writing of Russia” might have provoked
about their status, a disagreement is in his 2020 encyclical Fratelli the invasion of Ukraine.
never just a disagreement. Whether tutti (“Brothers, all”) that “it is Some speculate that the pope
you’re 15 or 50, everything is an exer- easy to fall into an overly broad is leery of playing a part in a con-
cise in maintaining and improving pop- interpretation of this potential flict with the potential to escalate
ularity.” right” to self-defense by force, between NATO and Russia, as he
Other research has shown that such especially given the threat posed sees his role as one that should
belligerent behavior, rather than being to civilians by modern weapons transcend geopolitics. Writing for
penalized, is rewarded even more at of mass destruction. “It is very the website of the Italian daily Il
older ages. That may paint a bleak pic- difficult nowadays to invoke the Fatto Quotidiano, Marco Politi,
ture of our social world, but at least it rational criteria elaborated in author of three books about the
describes only a small cohort of people. earlier centuries to speak of the pope, used a term applied to
As Dr. Laursen points out, society tends possibility of a ‘just war,’” he Pope Pius XII for his vocal anti-
to rely on pecking orders of one kind wrote. communism in the early years of
or another. Perhaps some of these the Cold War: Mr. Politi ex-
younger toughs will yet have time to plained, “He does not want to be
find less combative ways to rise in sta- Ukrainian service members near the military chaplain of the
tus. We can only hope. Chernihiv, Ukraine, April 2. West.”
REVIEW
The Surprising Legacy

BY ANNE SKOMOROWSKY ASK ARIELY
G
DAN ARIELY
enetic dis-
Of a Genetic Disease
eases like
sickle cell
anemia or
To Fight Bias,
cystic fibro-
sis occur when a section of
Call Attention
a chromosome or a single
gene is defective or miss-
To Who You Are
ing, and their effects are
unmistakable. But in re- Dear Dan,
cent years researchers I’m advising a young
have found that other ge- refugee from Afghani-
netic conditions are more stan who is resettling in
subtle, affecting things like the U.S. She has been
temper and the ability to offered admission to several colleges
learn, which are often and is setting up meetings to inquire
thought of as simply part about financial aid. To what extent
of an individual’s personal- should she highlight her identity in
ity. Even more surprising, requesting these meetings?
researchers are starting to —Stefanie
understand how these
traits can appear in carri- It is understandable to be reluctant
ers of a genetic disease to draw attention to an identity that
who don’t have the full- might be subject to prejudice. In
blown disease themselves. past studies, two groups of employ-
That was the case for ers were shown the exact same re-
Carol, now in her 70s. (I sume—but for one group, the re-
have changed her name sume bore a name associated with a
and those of her family minority. The employers were less
members to protect their likely to respond to the minority
privacy.) For most of her candidate. So it is perhaps not sur-
life, she assumed that ev- prising that in a recent survey, only
erything wrong with her 35% of women and members of ra-
family was just the way cial minorities said they were likely
families were. Growing up to highlight these aspects of their
in a Chicago suburb in the identities when seeking career sup-
1950s, she was scorned by port.
her father, Lewis, who ex- Recent research has found, how-
pressed his contempt for ever, that making deliberate, explicit
her and his wife in one mention of one’s identity can be
blow: “You’re stupid like beneficial. In one study, city council
your mother.” When Carol Research on fragile X syndrome shows that even people who don’t have representatives were sent emails
.
grew up and had children the disease can be shaped by it in deeply personal ways. asking for advice on a career in poli-
ly
of her own, her daughter tics. Some representatives got
Amy was introverted and a emails from senders who drew at-
poor student. Counselors at the X chromosome. Typical X- CDC, it is diagnosed in approxi- throughout his brain. His execu- tention to their identities, whereas
school told Carol that Amy’s
problem was that she couldn’t
measure up to her mother’s ex-
pectations.
on
linked diseases, like hemophilia,
only affect men, and only women
can be unaffected carriers. That is
because women have two X chro-
mately one in 7,000 men and one
in 11,000 women. The fragile X
carrier state is much more com-
mon, affecting up to
tive function was severely im-
paired, as was his capacity for
empathy. His poor impulse con-
trol and inability to
others got emails from the same
senders, but without the identity
call-out. Response rates to emails
were higher when senders made ex-
us ,
Then a surprising development mosomes, and men one X and one one in 150 women stay on task made plicit mention of their identities, and
shed new light on the role that Y. and one in 450 men him lash out at his this effect was even stronger for
l
Images of fragile
e
genes might play in the family’s But fragile X is not typical of in the U.S. X chromosomes, wife and two daugh- women and members of racial and
al a
woes. When Amy was 12, her X-linked diseases either. In one of Until the late with normal X ters. Research in the ethnic minorities.
cousin Ben was diagnosed with the early scientific conferences 1980s, premutation chromosomes at past few years has The researchers concluded that
ci on
fragile X syndrome, the most about the disease, in 1986, popu- carriers were be- far right in both shown that the fragile calling attention to your identity re-
common known inherited form of lation geneticist Stephanie Sher- lieved to have no rows for X premutation is as- minds people to be aware of their
autism and intellectual disability. man showed that in a family af- symptoms. Since comparison. sociated with a broad potential biases and to try to coun-
Ben’s diagnosis set off a cascade fected by fragile X, each then, however, pre- array of psychiatric teract them. Assuming that your
of genetic tests, which showed generation has more members mutation symptoms and medical prob- mentee is seeking financial aid from
er s
that Amy had fragile X syndrome with the syndrome than the one have been found to be widespread lems, including anxiety, depres- institutions that view prejudice as
too, providing an explanation for before. A man is more likely to and even life-defining. The pre- sion, phobias, sleep disorders, fi- negative, she would do well to men-
m er
her social anxiety and learning have a grandson with fragile X mutation isn’t a mild form of bromyalgia, migraines and other tion her identity in asking for meet-
disabilities. But the unusual than a brother who has it. This fragile X syndrome, but it has its forms of chronic pain. Most of ings about financial aid.
mechanism behind fragile X seemed paradoxical at first, since own means of wreaking havoc in these aren’t traditionally thought
meant that not only Carol but it was so unlike typical genetic the carrier’s body and brain. It to be caused by a tiny alteration
m rp
even her father, who didn’t have diseases, and it came to be known causes mutated, toxic RNA to in a single gene.
the syndrome, could still have as the Sherman paradox. build up in the ovaries, where it Lewis, Carol and Amy repre-
been affected by it. A few years later, researchers can lead to infertility and early sent three generations of a fragile
Fragile X syndrome is named discovered the explanation. It menopause, and the neurons, X family. Amy, with full-mutation
after a defect in the X chromo- turned out that there is a minor where it ties up useful proteins so fragile X syndrome, can’t make
co Fo
some that causes it to pinch so form of the fragile X mutation they can’t do their jobs. Brain change or drive on a highway.
that it looks like a known as a premuta- cells called astrocytes may die Carol, a carrier, suffers from anxi-
little piece is about tion. In the carrier young. About 70% of elderly car- ety, depression and chronic pain.
to break off. As a A hidden state, the X chromo- rier men and a smaller percentage Lewis, a carrier too, appeared
result, the body is some appears nor- of women develop a constellation healthy until he reached old age
unable to produce mutation mal. But with each of tremor, ataxia or gait distur- but was a punitive, even cruel fa-
an important pro- may generation the pre- bance, and personality change. ther and husband. Today it’s not
tein, preventing the mutation becomes This last symptom raises the a mystery when a genetic muta-
brain from develop-
account for more significant, a intriguing possibility that a hid- tion produces a defective protein
traits people
RUTH GWILY
ing normally. With rare phenomenon den genetic mutation may ac- that causes disease. But premuta-
classic genetic dis- known in genetics as count for an array of character tion carriers like Carol and Lewis,
eases, people are
might not anticipation. At a traits that people might not think once thought to be unaffected,
think of as
n-
affected when they certain point a of as hereditary. Carol learned raise questions about previously
inherit two copies
of a defective gene,
hereditary. threshold is crossed,
and the apparently
from genetic testing that she had
passed on the fragile X mutation
unrecognized ways that genes can
affect the way we think, act and Dear Dan,
one from each of unaffected carrier to her daughter Amy from her fa- feel. Switching between working from the
no
their parents. The parents them- gives birth to a child with fragile ther Lewis, whose meanness and office and working from home, com-
selves each have only one copy of X syndrome. irritability had been considered Dr. Skomorowsky is a clinical bined with ever-changing Covid
the gene, having inherited it from The discovery of the premuta- just an unfortunate part of his instructor in psychiatry at NYU guidelines, has increased the number
RICHARD J. GREEN/SCIENCE SOURCE
one of their own parents and not tion also clarified several myster- personality. Upon his death, how- Grossman School of Medicine. of meetings my employees have each
the other. ies about fragile X disorders. In ever, neuropathological examina- This essay is adapted from her week, and everyone is unhappy
This makes them carriers of contrast with other X-linked dis- tion of Lewis’s brain confirmed new book, “The Carriers: What about it. What can I do to support
the disease: They are able to pass eases, both men and women can that he had the tremor/ataxia the Fragile X Gene Reveals my employees? —Benedict
it down to their children, but they be carriers, and girls and boys syndrome. About Family, Heredity, and
don’t suffer from it themselves. can be born with full mutation Looking back, Carol now be- Scientific Discovery,” published Introduce at least one meeting-free
Fragile X belongs to a set of dis- fragile X syndrome. Fragile X is a lieves that her father’s behavior this week by Columbia day a week. Most meetings are un-
eases in which the mutation is on rare disease; according to the was influenced by changes University Press. productive, and teambuilding can
happen by other means.
Researchers surveyed employees
at more than 70 companies across the
globe that had instituted meeting-free
days. Employees reported feeling
THE ROOF OF Mexico City’s able for touching. At the De- more empowered, autonomous, satis-
Estadio Alfredo Harp Helú, EXHIBIT troit Tigers’ Comerica Park, ti- fied and productive than they had be-
where Los Diablos Rojos (the ger sculptures’ eyes light up fore the policy. They also felt less
Red Devils) play baseball, uses
bright cantilevered canopies to
shelter more than half the at-
FIELDS OF DREAMS when the Tigers score a home
run.
Other homages are quieter.
stressed and less micromanaged.
The authors concluded that three
meeting-free days a week was opti-
tendees. At T-Mobile Park, A statue of the late business- mal, reducing stress by 57% and im-
home of the Seattle Mariners, man Ben Cheney watches ev- proving productivity by 73% com-
the roof is designed like an ery home game in Cheney Sta- pared with having zero meeting-free
umbrella. When closed, it cov- dium, which he helped fund days.
ers players and fans but lets in and which hosts the Tacoma, For the strategy to work, however,
fresh air through open sides. Wash., Rainiers, an affiliate of you must make sure that you aren’t
Elegant roofs are just one the Mariners. just piling up all the meetings you
of the features on display in At Oracle Park in San Fran- would have held every day on the
Dan Mansfield’s new book “Re- cisco (left), a famous feature non-meeting-free days. Having meet-
markable Ballparks” (Pavilion). isn’t even visible to most Gi- ing-free days should instead cause
At Cincinnati’s Great American ants fans inside the park. Dur- everyone to think more carefully
Ball Park, two smokestacks being every game, Mr. Mansfield about the meetings they set and the
yond the center-field fence writes, “boaters and kayakers number of people they invite to at-
flame up when a Reds pitcher carrying fishing nets” bob in tend them. You might also consider
scores a strikeout. the water, waiting to retrieve which goals can be achieved using
Some parks pay special trib- balls that come over the 24- other means of communication.
ute to their home teams’ foot-high right field wall and
DAVID WALL/ALAMY
names. At Tropicana Field in land in the Bay. An electronic Have a dilemma for Dan? Email
St. Petersburg, Fla., the Tampa counter on the right field wall your question to:
Bay Rays play next to a keeps track of every ball flying AskAriely@wsj.com
10,000-gallon tank full of On game days at San Francisco’s Oracle Park, boaters in the bay out that way. Questions may be edited or
cownose rays that are avail- can use fishing nets to retrieve home run balls. —Peter Saenger revised.
REVIEW
ture capital business was still novel.
Early bets on Apple, AOL and Cellu-
lar Communications Inc. grew the
company, and new laws in the late
1970s that lowered the capital-gains
tax rate and allowed pension funds
to make venture investments
boosted the amount of money in the
venture market.
Although he has been a benefi-
ciary of tax provisions that reward
investors, Mr. Patricof has long ar-
gued that they are unfair and costly
to general taxpayers. “I’ve never
known a venture investor who’s ever
said I’m not going to start this com-
pany because I have to pay a higher
tax,” he says.
In the 1980s Mr. Patricof’s firm,
rebranded Apax Partners, spread to
the west coast and Europe to capital-
ize on larger deals. But the burst of
the dot-com bubble around 2000
nudged the company toward lower-
risk acquisitions and takeovers,
which held less appeal. “I like work-
ing with young companies who are
breaking out and starting some-
‘I always say if
you finished your
career, go back
into the same
business.’
thing,” he explains of his decision to
pull back from firm, which he finally
CHRIS SORENSEN FOR THE WALL STREET JOURNAL
left in 2005.
After spending some years fund-
raising for Democratic politicians
.
and supporting charities that fight
ly
poverty in New York and around the
world, Mr. Patricof decided to get
back into the venture business with
on Greycroft in 2006, betting on digital
firms like the Huffington Post and
Venmo. Mr. Patricof is now chairman
emeritus of the fund, which manages
us ,
over $2 billion.
In a male-dominated industry, Mr.
l
A
e
Patricof partnered with women in
al a
lan Patricof has no WEEKEND CONFIDENTIAL | EMILY BOBROW each of his funds: “I’ve just gone af-
plans to move to Flor- ter the best people, and if they hap-
Alan Patricof
ci on
ida, and he does not pen to be women, great,” he says.

want to play golf. Patricia Cloherty, now known as the
“There’s too much re- first female venture capitalist, had
tirement at 60 now,” says the pio- little investing experience when Mr.
neering venture capitalist, who Patricof made her a partner in 1971,
er s
launched his second fund, Greycroft, after she spent years in the Peace
when he was 72 and his third, Prime- Corps. “I thought she was smart,” he
At 87, the venture capital pioneer says he’s just getting started.
m er
time Partners, in 2020 when he was says.

85. Now 87, he is out most nights, As he notes in “No Red Lights,”
takes long bicycle rides on weekends Mr. Patricof learned a few lessons
in the Hamptons and plans to run— they still have a lot to give. doors in search of work. He says he his own deals at Central National the hard way. He says he failed to in-
m rp
or walk—his sixth New York City “I always say if you finished your got lucky when a “typical Yalie” at a Corporation (CNC), the investing vest in a fledgling coffeehouse busi-
Marathon this fall. “I don’t know career, go back into the same busi- prestigious investment firm called arm of the Gottesman family, which ness in Seattle in the 1980s because
how to sit and do nothing,” he says ness,” he says. “You’ve got the best Naess & Thomas decided to bypass had made a fortune in the paper he didn’t see the appeal of hanging
over video from his Manhattan Rolodex, you know where all the the latest crop of Ivy League gradu- business. Although the company’s $1 out over coffee. “I imagine Howard
home. “There are possibilities in ev- bodies are.” ates and hire him as a securities ana- billion portfolio favored traditional Schultz laughing at me as Starbucks
co Fo
ery time of life.” The son of Jewish immigrants lyst trainee: “It felt like the begin- industries, Mr. Patricof seized the opens store number fifteen thou-
As he writes in his new memoir, from Eastern Europe, Mr. Patricof ning of something big, and it was.” chance to invest in young, prepublic sand,” he writes.
“No Red Lights,” published this grew up playing stickball with broom Mr. Particof swiftly learned how firms. He backed an early medical Yet Mr. Patricof believes his loy-
week, Mr. Patricof’s interest in handles on the Upper West Side of to clock industry trends and predict device company called Datascope alty to business fundamentals has al-
meaningful longevity moved him to Manhattan and nursed early dreams a company’s value. His nights study- that became a market leader in car- lowed him to capably surf several
start Primetime, a $50 million ven- of a future in finance. His father, a ing business at Columbia, where he diology products. booms and busts. He says he is al-
ture fund for the over-60 market. former fabric merchant who later earned an M.B.A. in 1957 and met his His backing helped start New York ways looking to back companies that
“Listen, this is the fastest growing sold stocks on Wall Street, taught first wife (they divorced after seven magazine in 1968, and he was the solve a problem, serve a large mar-
part of the population, so we’ve got him how to read the stock pages but years), taught him how to use earn- company’s chairman when Rupert ket and are managed by a nimble
to figure out how to keep these peo- was “adamant” that his son “be on ings and dividends to assess a com- Murdoch bought the weekly in a hos- founder—“Bet on the jockey, not the
ple active, motivated, interested and the buying side” and not become an- pany’s future and opened his eyes to tile takeover in 1976. (Mr. Murdoch is horse,” he writes. He worries that
entertained,” he says. other salesman. Mr. Patricof wallpa- “the burden debt can put on a young executive chairman of News Corp, too many investors today fail to
n-
Mr. Patricof says he became inter- pered his teenage bedroom with the company.” which owns Dow Jones & Co., pub- grasp that most business valuations
ested in the shifting needs of older front pages of corporate annual re- But Mr. Patricof soon grew bored lisher of The Wall Street Journal.) are rooted in wishful thinking, warn-
people while caring for Susan, his ports, but his Depression-era child- betting on established businesses. “The sale never had to happen,” Mr. ing that companies like Zoom and
wife of 50 years, who died in 2021 hood left a mark: He still flies coach “Stocks would go up and down, and Patricof notes wistfully. “It’s the one Peloton “will require fifty years of
no
after a long bout with Alzheimer’s. (unless it’s international) and rides I felt so remote,” he says. “Building a that got away.” earnings to justify current prices.”
He also noticed how many of his the bus and subway. “I’m not suffer- company from the earliest stages is Hot off his private investment In life and in investing, Mr. Patri-
friends reached retirement age with ing,” he says with a laugh. just so much more satisfying and ex- successes, Mr. Patricof decided to go cof believes in playing the long
significant stores of energy. He wor- After studying finance at Ohio citing than owning stock in GM, IBM into business for himself. He opened game. “I’m going to live until I’m
ries that too many people are being State, Mr. Patricof spent several or International Paper.” the doors of Alan Patricof Associates 114,” he says. “I’ve got 27 more years
nudged out of the workforce when months knocking on Wall Street In 1960 Mr. Patricof began making in 1970, when he was 35 and the ven- to go.”
Could previously intracta-

ble sinus problems.
stead of Cap’n
Crunch back in 1963,
like Mustang and Cougar to de-
scribe their products. Nobody
Medicines Couldn’t the drug

company call it No
More Polyps! or
it would have sunk
without a trace.
Marketed as Acet-
purchasing a Range Rover or a
Lamborghini is going to confuse
it with an Element.
MOVING Have Shrink ‘em Fast!, the

way makers of any
aminophen or Xa-
nax, neither Wheat-
But that is exactly what hap-
pens with Pregabalin, a perfectly
TARGETS
JOE
Less Silly other breakthrough
product would?
ies nor Rice Krispies
would have been
fine medication with a goofy
name. Pregabalin, the generic
QUEENAN
Names? One of life’s great
mysteries is why
popular medications
able to go toe to toe
with Cheerios and
Kellogg’s Frosted
version of the more mellifluously
titled Lyrica, is a swell drug that
helps people’s muscles to relax
have weird names that make no ing a sale on Fluticasone Propi- Flakes. And Lucky Charms would so they can get to sleep. But
sense. Generics, arguably, are the onate this week?” On the other have clocked them. Pregabalin doesn’t sound like a
We could LIKE MANY PEOPLE who page worst: Sulfamethoxazole- hand, is Qbrelis really an im- Similarly, if one of America’s wonder drug. It doesn’t sound
through fashion magazines look- Trimethropim, just for instance, provement over Lisinopril? most famous soup companies like anything.
take ing at clothes they could not pos- is not a name that comes trip- I don’t want to tell people had marketed its Campbell’s Am I suggesting that drug
them sibly afford or Tuscan palazzos ping off the tongue. Neither are who have come up with some re- Chunky Healthy Request Hearty companies should start giving
more they could never afford to rent, I Lisinopril, Ipratropium Bromide markable new drug how to run Italian-Style Wedding with Meat- their products catchier names
enjoy thumbing through publica- or Bupropion, all generic names their business, but I just don’t balls and Spinach Soup as Hearty like Snickers or Skittles? No, and
happily tions looking at ads for drugs of common medications found in get these names. It seems to me Levothyroxine, I don’t think the the public would probably be
if they that are far out of my price many fine medicine cabinets. that if you’re going to ask some public would have lapped it up. If suspicious of antidepressants
were range. One of my favorites goes But many brand names, cho- people to shell out up to $12,000 the Beatles had branded them- with names like Charmin or No
by the brand name Dupixent, sen by pharmaceutical compa- a year to get their sinuses fixed, selves as The Mupirocins when More Tears. Still, there must be a
named which massively shrinks nasal nies after great market-research the miracle cure should have a they emerged from Liverpool in middle ground between that and
like cars polyps. It lists for over $3,000 a expense, are only somewhat less fancy moniker, like SinoVinctus the early ’60s, would they have Polyethylene Glycol.
month and apparently still can weird. Voltaren, used to ease ar- or NecroNostril. become the most famous rock By the way, there’s a generic
or soups. cost over $1,000 after the insur- thritis pain, is easier to remem- Imagine if the Byzantine no- band of all time? I don’t think so. name for that paradigm-busting
ance company ponies up a good ber and say than Diclofenac So- menclature process favored by One obvious criticism of drug sinus drug, Dupixent, with the
chunk of the tab. The palazzo dium. “Hey, could you pass me a Big Pharma had been used in names is that they do not evoke fancy brand name meant to make
MARK MATCHO
would be cheaper. vial of that Flonase over there?” other industries. If the Quaker- the magic of the item being of- it easier to remember. The real,
Nothing about the word comes more readily to the Oats Company had christened its fered. Car companies through the unvarnished name is Dupilumab.
Dupixent suggests that it solves tongue than “Are you guys hav- beloved kiddie cereal Lipitor in- years have used flashy names Thanks for the upgrade, guys.
BOOKS
River of the Gods Ever in Vogue

The Victorians’ Anna Wintour’s
search for the source life in print and
of the Nile C12 in fashion C11
READ ONLINE AT WSJ.COM/BOOKSHELF THE WALL STREET JOURNAL. * * ** Saturday/Sunday, May 7 - 8, 2022 | C7
Why Leaders Choose War Understanding the impulse toward international conflict
Why We Fight
By Christopher Blattman
Viking, 388 pages, $32
BY ADAM KUPER
O
N JULY 30, 1932, ex-
actly 6 months before
Hitler became chancel-
lor of Germany, Albert
Einstein sent a despair-
ing letter to Sigmund Freud. “Dear Pro-
fessor Freud,” Einstein wrote. “Is there
any way of delivering mankind from
the menace of war? It is common
knowledge that, with the advance of
modern science, this issue has come
to mean a matter of life and death for
civilisation as we know it.”
Rulers and their arms-merchant
cronies manipulate public opinion,
Einstein reflected. But “how is it possi-
ble for this small clique to bend the will
of the majority, who stand to lose and
suffer by a state of war, to the service
of their ambitions?” Propaganda had to
be part of any explanation. The govern-
ment “has the schools and press,
usually the Church as well, under its
thumb,” he wrote. “This enables it to or-
ganize and sway the emotions of the
.
masses, and makes its tool of them.”
ly
But as a rationalist, Einstein was still
FADEL SENNA/AFP/GETTY IMAGES
baffled. “How is it these devices succeed

so well in rousing men to such wild en-
thusiasm, even to sacrifice their lives?”
Is it down to human nature, he won-
dered? Perhaps “man has within him a
lust for hatred and destruction.”
on
us ,
In his response, Freud wrote that

men, like all male animals, are pro-
l
e
grammed to settle conflicts by fighting. AS UKRAINE BURNS A member of the Ukrainian special forces in Kharkiv on March 30, after the city was attacked by Russian forces.
al a
“Violent compulsions” may sometimes

be counterbalanced by “ties of senti- government that can put an end to strategy, “works out how one side will times less than rational. Every cool Dr. ating table, but sanctions are leaky,
ci on
ment,” but only within narrow bounds. wars between nations. behave based on what it believes its Jekyll is liable to turn into a hot Mr. and it is hard to target only the right
In “Why We Fight: The Roots of War Perhaps men are indeed easily opponent will do.” Applied to the study Hyde, particularly when pressed for time people. Mediators may build trust and
and the Paths to Peace,” Christopher roused to martial fervor, but it is up of auctions and bargaining by John and operating with partial and conflict- facilitate discreet communication, yet
Blattman, an economist and political to the leaders of nations to make de- Nash, winning him a Nobel Prize in ing information. The slow thinker in us they can only give a helping hand.
scientist at the University of Chicago, cisions about war and peace. “In my economics in 1994, game theory lays is logical, respectful of evidence, ready Almost at the very moment that
er s
draws on recent economic theories view, there are no good or bad leaders,” down strategies for predicting and to consider objections. The fast thinker “Why We Fight” was published, its con-
to address the great questions of Mr. Blattman writes. “There are only countering your opponent’s moves in is impulsive and passionate. And, of clusions were being put to a grim real-
m er
war and peace that have been debated constrained and unconstrained ones.” any negotiation, helping you decide course, the fast thinker is more likely world test as Vladimir Putin’s Russia
for millennia. Democratic leaders have to take their when to push your luck, when to bluff to make a catastrophic misjudgment. invaded Ukraine. Mr. Blattman’s list
Mr. Blattman agrees with Freud that voters into account. The media ask hard and when to fold. Most leaders don’t of war’s precipitating causes seems to
male aggression is easily aroused and questions. The system imposes checks know anything about the arcane mod- fit the case well enough. The political
m rp
that all sorts of intergroup violence on executive power. And so, for nearly els of economics, but experience has Male aggression may opposition, the media—even Mr. Putin’s
follow a similar pattern. “When I say a century now, democracies have not taught them the logic of deal-making. inner circle of generals and spooks—
war, I don’t just mean countries duking gone to war against other democracies. Game theory assumes, among other
help explain soccer riots, had been silenced. The Russian public
it out,” Mr. Blattman writes. “I mean Autocrats, meanwhile—particularly things, that “both groups have the but can it account was fed fake news. Wishful thinking
any kind of prolonged, violent struggle if they run resource-rich economies— same information and agree on the for the total wars took over. In thrall to a fantastic dream
co Fo
between groups. That includes villages, find it easier to let their soldiers and probabilities” of outcomes. As Mr. of a greater Russia, Mr. Putin miscal-
clans, gangs, ethnic groups, religious civilians bear the costs of war while Blattman points out, however, “the of the modern world? culated. He overestimated the fitness
sects, political factions, and nations. they indulge their own ambitions and world is seldom so stable, transparent, of his own armed forces and underesti-
Wildly different as these may be, their fantasies. Consequently, Mr. Blattman or easy to assess.” Negotiators often mated the resilience of his opponents.
origins have much in common.” writes, “it’s the places ruled by strong- operate in semidarkness, where crucial The cause of peace is best served, He was too confident that Russia’s nat-
Mr. Blattman offers a string of anec- men with few checks that appear to information is lacking or potentially Mr. Blattman concludes, through a mix ural resources and financial reserves
dotes about feuding gangs in Chicago be the most warlike with neighbors.” misleading. When much is uncertain, of institutional constraints and slow would insulate his regime from sanc-
and in Medellín, Colombia. But scale Some autocrats may go to war to judgments are more likely to be impul- thinking: “interdependence, checks and tions. Will he now accept that he blun-
matters. Gang wars, punch-ups be- distract the population from more im- sive, directed by habit, emotion and balances, rules and enforcement, and dered, act rationally and cut his losses?
tween two lots of sports fans, even mediate concerns. Others are out for prejudices. Confirmation bias takes interventions.” Both Einstein and Freud The terrible logic of war suggests
medieval sieges (among the author’s vengeance or glory, or are committed over, along with other cognitive short- looked forward, more in hope than ex- that a genuine negotiation will begin
other examples) are very different in to some religious crusade. These are cuts. Groupthink rules. pectation, to an effective role for inter- only when both parties are forced to
n-
many important ways from the total but a few examples of what economists To understand decision-making national bodies. Mr. Blattman accepts recognize that a stalemate has been
wars of the modern world. As Mr. call the agency problem. (You expect under these conditions, Mr. Blattman that these institutions may have moral reached. If Mr. Putin has to withdraw,
Blattman observes, wars between your agent to act in your interests, but turns to the writings of Daniel Kahne- influence, but it is seldom decisive. other autocrats may rethink their
nations are less common now than he has interests of his own.) man, who won the 2002 Nobel Prize in Economic interdependence raises the options. But should he be able to claim
no
ever before precisely because the As an economist, Mr. Blattman economics for his work on how people cost of conflict and gives negotiators a win, the demonstration effect could
consequences are so terrifying. And assumes that, leaving aside the occa- make decisions in the real world. bargaining tools, but leaders who con- be catastrophic.
there is another critical difference: sional madman, leaders—democrati- “Humans are not well described by the trol oil and gas fields are largely unac-
National governments can, in theory, cally elected or otherwise—weigh their rational-agent model,” Mr. Kahneman countable to their citizens. Financial Mr. Kuper is a fellow of the
control violence within their boun- options and seek to make optimal observed in his 2011 bestseller, “Think- punishment will sometimes bring British Academy. His next book
daries; but there is no international choices. Game theory, the science of ing, Fast and Slow.” We are all some- vulnerable governments to the negoti- is “The Museum of Other People.”
Hurry Up, ance here and there, there is precious

little about Roger Federer in Mr. Dyer’s
pages. Yo, Rog, catch you later, or make
What is not in the book is as nota-
ble as what is. Early in his book, for
example, Mr. Dyer informs us that he
Please. that elsewhere!

Geoff Dyer is English by birth,
was unable to get through Anthony
Powell’s 12-volume roman fleuve
upbringing, and education, the author “Dance to the Music of Time.” “My
It’s Time.
FABRICE COFFRINI/AFP/GETTY IMAGES
of some 20 previous books, fiction only regret, when I gave up on it,” he

and nonfiction, and long resident in writes, “was that I had not abandoned
the United States. Works of travel it sooner, ideally before I’d even
The Last Days (“The Missing of the Somme,” “White started.” On the following page he tells
of Roger Federer Sands”) and criticism (“See/Saw: us that he has had no better luck with
By Geoff Dyer Looking at Photographs,” “Broad- Robert Musil’s “The Man Without
sword Calling Danny Boy: Watching Qualities,” Marcel Proust’s “In Search
Farrar, Straus & Giroux,
‘Where Eagles Dare’”) have been well- of Lost Time,” and Henry James’s “The
304 pages, $28 received. I know him only from his Ambassadors”; that in more than one
BY JOSEPH EPSTEIN occasional essays, which are generally LATE RETURNS Federer at the 2021 Geneva Open. attempt he had not got beyond page 81
sprightly, never less than interesting, of Fyodor Dostoyevsky’s “The Brothers
D
ESPITE ITS TITLE, and usually fairly short. “The Last a love of music. Others are on some “the great literary achievement of Karamazov” and found nothing “quite
“The Last Days of Days of Roger Federer” is a great rag- of the jazz musicians he admires: our time.” Mr. Dyer is also high on as boring as [Joseph Conrad’s] Nos-
Roger Federer” isn’t bag of a book, containing 180 sections Coltrane, Art Pepper, Keith Jarrett, D.H. Lawrence, whom Bertrand Russell friggin’-tromo.” He makes no mention
about Roger Federer, of varying length on everything but et al. The tennis careers of Björn Borg, of Montaigne’s essays, or the late
who receives scant that most useful of all appliances Andy Murray and John McEnroe are poems of W.B. Yeats—both, like the
mention in its pages. “One of the ques- found in the modern kitchen. touched upon, but not gone into at Reflections on aging; novels he couldn’t read, great works
tions that had got me interested in this In Mr. Dyer’s book we are treated any depth. on the subject of his announced theme:
subject—things coming to an end, to rather dullish disquisitions on Bob We learn that among Mr. Dyer’s
on things not done the toll that age takes on talent. His, he
artists’ last works, time running out— Dylan and Jack Kerouac, both of whom favorite novelists are Jean Rhys, and books not read; tells us, is a book “about last things,
was the long-running one of Roger Mr. Dyer much admires. He provides Robert Stone, Mavis Gallant, Elizabeth on Dylan, on Nietzsche. [and] also about things one comes round
Federer’s eventual retirement,” Geoff some abstract pages on the painters Bowen, Eve Babitz, Larry McMurtry, to at last, late in the day, things one was
Dyer writes. “It seemed important that de Chirico and J.M.W. Turner, and Shirley Hazzard and James Jones. But not much on Federer. in danger of going to one’s grave with-
a book underwritten by my own expe- several abstruse ones on Nietzsche. He thinks Annie Dillard a great writer out having read or experienced.”
rience of the changes wrought by aging A number of passages on Beethoven’s and prefers Joy Williams to P.G. Wode- As for those experiences, “The Last
should be completed before Roger’s late quartets come neither to trenchant house. His poet of choice is Louise once described as “a writer of a cer- Days of Roger Federer” provides an
retirement, in the long twilight of his insights nor useful conclusions; he Glück. He cites David Thomson’s tain descriptive power whose ideas account of Mr. Dyer’s adventures on
career.” Apart from a cameo appear- tells us he has no musical training, only “Biographical Dictionary of Film” as cannot be too soon forgot.” Please turn to page C8
BOOKS
‘A classic is a book that has never finished saying what it has to say.’ — I TA LO CA LV I N O
FIVE BEST NOVELS BASED ON THE CLASSICS
Dinitia Smith
The author, most recently, of ‘The Prince,’ a retelling of Henry James’s ‘The Golden Bowl’
A Thousand Acres But in retelling “The Iliad” in the attic. Jean Rhys doesn’t thirsty for her,” he says, “but that —and turns it on its head. Only
By Jane Smiley (1991) through the eyes of its women, disguise her prequel novel’s effort is not love.” Rochester suspects fragments of the Stesichorus poem
1
Ms. Barker makes it relevant to to investigate female sexuality. her of being part black, which remain. Ms. Carson, a poet and
“There are only two or the modern world and thus She depicts Bertha as the causes him to hate her for the classicist, mimics its fragmentary
three human stories,” succeeds in enriching the story. troubled, unloved daughter of an passion she inspires in him. form, its jumps from image to
Willa Cather wrote, image. The overall effect is mys-
“and they go on repeating teriously moving. In Stesichorus’
themselves as fiercely as if they version, Herakles steals the cattle
had never happened before.” of the winged monster Geryon and
Shakespeare based “King Lear” slaughters Geryon. But Ms. Carson
on a story about an English makes Geryon a sympathetic figure,
king, Leir, from “Holinshed’s a shy teenage boy who is gay.
Chronicles.” An earlier version And unlike the figure in the myth,
of the Leir story appeared in Geryon falls in love with Herakles,
Geoffrey of Monmouth’s 12th- who is also gay and spurns him
century “History of the Kings and breaks his heart. The original
of Britain.” And in “A Thousand fable ends in violence, but “Auto-
Acres,” Jane Smiley tells the biography of Red” is a tale of
story again. Larry is a tyrant reconciliation. One day, Geryon
who rules over a vast empire, encounters Herakles and his lover,
in this case a thousand-acre farm and the three stand peacefully
in Iowa. The novel is an account together side by side, “with arms
of today’s American farmlands, touching, immortality on their faces.”
made prosperous by chemical
fertilizers and transformed into
giant agribusinesses. When Larry The Hours
tells his three daughters that he By Michael Cunningham (1998)
5
is incorporating the farm and
dividing it between them, Ginny This novel, an offshoot
and Rose applaud the arrange- of Virginia Woolf’s “Mrs.
.
ment. But Larry’s third daughter, Dalloway,” is a kind of
ly
Caroline, has her doubts—an metafiction, with scenes of
attitude that infuriates him and Woolf herself struggling over the
leads to his decision to disinherit first sentence of her novel, going
her. Larry’s family falls apart.
In a fit of rage, he wanders off
into a stormy night.
on mad and killing herself. Like Woolf’s
prose, Michael Cunningham’s is
delicate and elliptical; and like
“Mrs. Dalloway,” “The Hours” is
us ,
framed in the course of one day

The Silence of the Girls and told through interior mono-
l
e
By Pat Barker (2018) logues. But whereas in the original
al a
2
Mrs. Dalloway struggled with her
Pat Barker has rewritten sexuality, in “The Hours” Clarissa
ci on
an old story from a is a fully realized lesbian who lives

feminist point of view. with her partner, Sally. Clarissa has
In this case, it’s nothing been given Mrs. Dalloway’s first
less than “The Iliad,” a male name and, like her namesake,
adventure story in which the is getting ready for a party—in
V. TONY HAUSER/STRATFORD FESTIVAL
er s
women, often exquisitely Clarissa’s case, for her former lover

beautiful stick figures, are Richie, a gay poet who has received
m er
tossed back and forth between a literary prize. More than a story
the warriors. Ms. Barker’s main about a genteel upper-class woman,
character, Briseis, witnesses at its dark center “The Hours” is
Achilles killing her father and about the AIDS epidemic. Richie is
m rp
brothers. He then takes her as a dying of the syndrome. Clarissa

war prize. What did the women visits him in his apartment; in a
in the Trojan wars do after horrifying scene, he jumps from
seeing their families slaughtered KEEP ME IN TEMPER Christopher Plummer as King Lear in 2002. the window and commits suicide
by men? Ms. Barker has Briseis before her eyes. Richie’s mother,
co Fo
say: “I do what countless women Wide Sargasso Sea impoverished Creole Jamaican Autobiography of Red now an old woman whom he has
before me have been forced to do. By Jean Rhys (1966) family. Her stepfather marries By Anne Carson (1998) hated for abandoning him, arrives
3 4
I spread my legs.” The author her off to Rochester—he isn’t at Clarissa’s house, and Clarissa
has been criticized for the In Charlotte Brontë’s novel, named in the novel—who at first Anne Carson’s novel-in-verse and Sally offer her the food meant
anachronisms inevitable in Jane Eyre discovers that responds to Bertha’s awakening is loosely based on the Greek for her dead son’s party. “Come in,
attempts to give the women of Rochester has a mad wife, sexuality. Eventually, though, it poet Stesichorus’ depiction Mrs. Brown,” Clarissa tells her.
such an epic an interior life. Bertha, who is imprisoned becomes repulsive to him. “I was of the 10th labor of Herakles “Everything’s ready.”
things about poetry readings is their on he adds: “For a long while I wasn’t publish what you have written—you comic geniuses, who in his late novels
One
n-
coming to an end: “Which raises a sure if I was having such trouble getting keep it to yourself; you keep the manu- turned dark. Or consider Proust, on
question: Why did we come if, while on with this book because I’d started script to yourself because nobody the night before his death, dictating
Writer’s being here, we would end up being so

preoccupied by no longer being there?”
it prematurely (too far from the end wants it.” The hope of every writer, as changes in the manuscript of “In Search
of my writing life) or because I’d left he grows older, is that the call for his of Lost Time,” suggesting he was still
no
What “The Last Days of Roger it too late (and had already come to the work will not cease, that editors, read- not satisfied with the finished work.
Endgame Federer” seems really to be about is
Geoff Dyer’s fear, at age 63, of growing
end).” He later remarks on those ers, he himself will look forward to his Or Balzac, that most productive of nov-
“unwritten and unwriteable elists, a human factory of fiction,
old and out of it. Throughout the book, books [that] become part having finally achieved financial
Continued from page C7 he regales the reader with his medical of—get folded into a book stability, at last married to the
pot and his dallying with the hallucino- problems. “Over the years assorted one can write. This one.” woman who after long years
genic drug dimethyltryptamine. “As far lower back troubles have left me feel- Too bad Mr. Dyer yielded to his wooing, about to
as I can discover,” he writes, “DMT, ing as if I were either as brittle as glass couldn’t stick to his an- move into the perfect home with
unlike LSD, carries no risk of perma- or locked in concrete, sometimes both nounced subject, for the her, and “when,” in the words
nent mental damage or derangement at the same time. But it’s my neck toll age takes on talent, is a of his biographer Stefan Zweig,
(once you re-emerge from the ultimate that has been the Achilles’ heel.” Block rich one. Think of athletes,
permanence of eternity) aside from that metaphor! Mr. Dyer recounts his almost of all whose careers all was ready, he moved in—only
becoming a bit of a DMT bore.” A pity treatment by acupuncture. We learn are done before they are to die. He had designed for him-
that Mr. Dyer’s wife, his editor, his that he continues to play tennis but, 40, and who are con- self the perfect study in which
friends have left it to me to tell him owing to a shoulder problem, is unable demned to live out their to complete La Comédie humaine,
that in these pages he is more than a any longer to serve. days no longer able to do fifty further volumes of which
“bit” but a serious, a genuinely heavy- The author finds himself crying the thing they did best were already planned, but he
weight DMT bore. more as he grows older: at certain and in a condition of ever never wrote a line in it. His eye-
movies, at speeches by Martin Luther diminishing fame. (Some sight failed completely, and the
King Jr., at newsreel footage of the years ago, I was introduced only letter we possess from the
BETTMANN ARCHIVE/GETTY IMAGES
The hope of every artist, Hindenburg aflame. He fears becoming to the 1938 All-American rue Fortunée, addressed to Théo-
a “creepy” old man, “permanently running back and pro foot- phile Gautier, is in the handwriting
as he grows older, is that excluded from re-entry” into the sexual ball player Marshall Gold- of his wife, with a single line
the call for his work will realm. “The only thing worse is if this berg, who all but hugged scrawled laboriously by Balzac
not cease, that he won’t be is a result of self-expulsion whereby and kissed me when I knew himself: “I can no longer read
you have retired from that market- who he was.) Or think of or write.”
forgotten while still alive. place on the self-fulfilling grounds that, movie directors, who, such
since no one in their right mind could are the financial and orga- James Joyce, after “Ulysses,”
ever be attracted to you, it’s in the best nizational complexities of TOLSTOY ‘Old age comes as one of life’s great surprises.’ retreated into that verbal Tower
“But I Digress” might have been an interest of everyone concerned if you putting together a movie, of Babel known as “Finnegans
apt title for this book, in whose pages stop having any sexual take on the are fortunate if they can do what they next poem, essay, story, novel, play. Wake.” Yet W.B. Yeats in his last de-
digressions abound, some more inter- world—any sexual identity—at all.” do best, work on a new movie, only at The fear of being forgotten while still cades wrote his best poems. If you see a
esting than others. In the realm of Sixty, according to the current cant, is six- or seven-year intervals. For a film alive, for a writer, is likely to bring on pattern here, do let me know, for I don’t.
uninteresting extended digressions, the new 40. Sixty-three, however, Geoff director who just made a flop, the wait heavy depression. Meanwhile, I hope that Geoff Dyer’s
Mr. Dyer recalls stealing shampoo from Dyer’s age, seems to be the new 112. can be a long one. An aged, or even an Several are the traps that await writ- shoulder heals, that he is able to return
hotels and his ambition never to have Mr. Dyer was apparently aware aging, rock singer is a pitiful spectacle. ers in old age. To begin with a tender to the tennis court without handicap
to buy shampoo again. He speculates that this muddle, this hodgepodge, this The toll of time on writers is per- trap, think of the writers rendered in ef- and that all his first serves go in,
about whether tennis pros, similarly, huggermugger of a book may not be haps most interesting of all. Geoff Dyer fect posthumous by winning the Nobel and that a decade or two from now
steal towels from the tournaments in coming off, for well into the last half writes that retirement for a writer is Prize—that is, those writers who after he returns to the subject of the toll of
which they play. He rattles on about of it he writes: “I am so much happier different than retirement for others. winning the Nobel Prize never write age on the artist and, this second time
English railway stations. He provides writing this book, each day adding to— For one thing, for a writer “the dif- another good book. Or of Leo Tolstoy, round, nails it.
an account of his attendance at Burn- while simultaneously trying to resolve ference between work and retirement the greatest of all novelists, who, caught
ing Man festivals, events celebrating —the complicating difficulties of its is imperceptible.” For another: “If you up in a reforming Christianity later in Mr. Epstein is the author, most
creativity, self-expression and cultural structure, than I would have been if I have retired—are no longer able to his life, ceased to write powerful fiction. recently, of “Gallimaufry: A Collection
difference. He argues that the best had not been working on it.” Two pages write or are finding it impossible to Or of Charles Dickens, one of literature’s of Essays, Reviews, Bits.”
BOOKS
‘Energy will do anything that can be done in the world.’ —JOHANN WO LFGANG VO N G OETHE
Putting It All Together move people efficiently—but both

How the World
Really Works efficiently and cleanly.
By Vaclav Smil Mr. Smil wants his readers to
confront certain environmental
Viking, 326 pages, $28
and economic realities. “It is hard to
BY KYLE HARPER understand,” he writes, “why modern
‘I
economics, that body of explanations
JUST WANT to say and precepts whose practitioners
one word to you. Just exercise more influence on public
one word . . . Plastics.” policy than any other experts, has
Such is the memorable largely ignored energy.” It says a lot
career advice given to about both political polarization and
the aimless 21-year-old Benjamin capacity for wishful thinking that
Braddock, played by Dustin Hoffman, such an independent outlook, hard to
in “The Graduate” (1967). The plastics pigeonhole, feels rare and refreshing.
industry was, and is, the symbol for The “just the facts, ma’am,”
everything uncool: an inauthentic attitude of “How the World Really
material, the boring bourgeois Works” cuts through the excesses
business of making and selling it, of alarmism and denialism. Critics
all with a whiff of environmental will argue that this leads Mr. Smil
unfriendliness. to underestimate the chances of
Yet plastics are, according to technological breakthroughs and en-
Vaclav Smil, one of the “four pillars” vironmental catastrophe alike. Both
of modern civilization, along with are possible. After all, before Fritz
ammonia, steel and concrete. While Haber figured out how to synthesize
the notorious drink bottle destined to ammonia, the world was going to
pollute the ocean is the stereotypical starve, and warnings along those
image of plastics, moldable synthetic lines were as dire as any climate
materials make possible everything catastrophism today. Mr. Smil says
from lightweight vehicles to pipelines virtually nothing about hydrogen fuel
to medical equipment. or nuclear fusion. In a hundred years,
Similarly, ammonia is the “gas that these game-changers might look a
feeds the world”: the Haber-Bosch lot like the Haber-Bosch process
process that fixes reactive nitrogen (and some future Mr. Smil might be
and allows the synthesis of fertilizer touting them as the underrated
is, according to Mr. Smil, “perhaps the innovation of the previous century).
most momentous technical advance in Equally, some might accuse “How
GETTY IMAGES
.
history.” Steel is the skeleton of our the World Really Works” of playing
ly
built environments and transportation down climate change. Mr. Smil the
networks, as irreplaceable for modern empiricist has a deep-rooted distaste
structures as bones are for the body. for computer models and for doom-
And concrete, “the most massively
deployed material of modern civili-
zation,” is, in a literal sense, the
foundation of our civilizations.
on
and materials through our societies,
and the daunting environmental
challenges that follow. But we are
given bravura treatments of how to
without a serious appreciation of
current global dependence on fossil
energy. Arbitrary, long-range targets to
be achieved in years that end in “5” or
and prescription, instead aiming to
understand how we got here (to a
time when half of the world enjoys
at least a decent standard of living),
saying. He argues that we will likely
have enough food, oxygen and water
to subsist, but is that sufficient?
As his body of work convincingly
us ,
Mr. Smil is a polymath who has think rationally about risk and where “0” are his bête noire. Fossil energy, because he believes that to be a reminds us, modern growth is sudden
carved out a unique academic career. to place our worries: asteroids and he makes clear, remains the hidden prerequisite for clear and honest and jarring, and was achieved by the
l
e
Born in 1943 in German-controlled cosmic radiation? (no); the Yellow- basis not just of transportation but thinking about how to get where we unprecedented mobilization of finite
al a
Czech Bohemia, he holds a Ph.D. in stone supervolcano and geomagnetic also heavy industry, construction and resources and the consequent de-
geography and spent four decades in storms arising from the sun? (sort agriculture. In a few stunning pages, mands on the planet’s physical,
ci on
a department of environmental science of); speeding and distracted driving? Mr. Smil walks you through a stomach- A bravura account of chemical and biological systems.
in Winnipeg, Canada. He studies the (absolutely). We are offered advice on turning calculation of how much One unsettling conclusion of his
history of energy and materials— diet from the perspective of personal diesel-fuel equivalent of fossil energy
how energy and materials realistic outlook might be, in the
the physical, chemical and biologi- health (hint: average lifespans in goes into every chicken, loaf of bread, flow through today’s words of the Roman historian Livy,
cal bases of human societies—and Japan and Spain say more than a and tomato you eat. societies, helping to that we can survive neither our
er s
has written more than 40 books thousand meta-studies) as well as The other foil for Mr. Smil is vices nor their remedies. For his part,
(“Growth,” “Harvesting the Biosphere” planetary well-being (grains and a breathless techno-optimism—the define modern life. Mr. Smil looks over the horizon of the
m er
and “Should We Eat Meat?” are my sardines do pretty well). promise that apps, AI or terraforming future with humility and calmness,
personal favorites). His painstaking The tone of this book, as of his Mars can rescue us from our greatest foreseeing “a mixture of progress and
research on subjects too technical others, is a plain-spoken scientific civilizational challenges. Mr. Smil want to go (to a decent standard of setbacks, of seemingly insurmount-
(or mundane) for most professional realism. Reading Mr. Smil is a bit like has a strong preference for physical living to everyone in a sustainable able difficulties and near-miraculous
m rp
historians makes him an indispensable watching a grumpy uncle put the technologies over digital ones. He is manner). As poor societies aspire to advances.”
resource for understanding how the naive cousins in their place at a a poet of the cement kiln, the steel emulate the growth path of recent
modern world came into being. Mr. proverbial Thanksgiving squabble. forge, PVC and the diesel engine. He successes like China, their middle- Mr. Harper, a professor at the
Smil’s unique approach is something In particular, Mr. Smil wants to lacks the same regard for nifty smart- class lifestyles will need energy and University of Oklahoma, is the
like a worldview and a way of life. correct what he sees as two increas- phones or disembodied software. materials, too. And the sobering author of “Plagues Upon the Earth:
co Fo
“How the World Really Works” ingly common bad ideas. In other words, there is something reality is that energy and material Disease and the Course of Human
represents the highly readable dis- One is environmentalism of the kind in “How the World Really Works” for transitions are hard and expensive. History” and “The Fate of Rome:
tillation of this lifetime of scholarship. that promotes what the author argues everyone to hate. At the same time, They are even harder when the ulti- Climate, Disease, and the End of
Its chief theme is the flow of energy are “unrealistic” decarbonization goals Mr. Smil disavows both prediction mate goal is not to feed, house and an Empire.”
sible to pigeonhole: sometimes pain- They would have been un- within their relatives. Ms.
Nature’s fully selfish but also laudably giving,
at times cold and selfish but at others
successful in projecting
their genes into the future.
Preston claims such models
are not fully satisfactory
Helping
n-
wonderfully generous, not only with This is why, the author because they do not spe-
time or money but even life and limb. argues, people feel an urge cify their particular neuro-
Ms. Preston’s book develops a to help victims “who are biological mechanisms. But
Hands plausible hypothesis to explain the young, helpless, vulnerable, explanations at the evo-
no
extraordinary, heart-warming side of distressed, and need imme- lutionary level—which rely
our dual personality. Her “altruistic diate aid that is feasible.” on adaptive plausibility
The Altruistic Urge response model” is based on the Not that the rest of us are and use a different concep-
By Stephanie D. Preston widespread instinct of adults to care out of luck, but the altruis- tual framework than those
Columbia, 320 pages, $35 for offspring. This inclination is tic urge among bystanders focused on the inner work-
not limited to parental tendencies, increases the more the vic- ings of individuals—are no
GERARD MALIE/AFP/GETTY IMAGES
BY DAVID P. BARASH though it appears to have derived tim exhibits these traits less likely to have their
A
from them. Nor is it unique to moth- and the more the would-be own mechanical basis than
LL THE WORLD loves ers or even human beings. The au- altruist perceives that aid theories derived from pa-
a lover. All the world thor writes: “I decidedly do not try could be effective. rental care.
also loves an altruist, to explain our broad swath of human The psychologist B.F. Among the various hy-
someone who gives goodness. I simply make the argu- Skinner suggested that we potheses explaining altru-
time, money or assis- ment that there exists a specific type give credit for a behavior, ism, the semi-parental one
tance to another. In “The Altruistic of altruism that has persisted in our especially an admirable developed in this book has
Urge,” Stephanie D. Preston explores genome for quite a long time and one, in inverse proportion NURTURE A 1-day-old gorilla and its adoptive mother. not heretofore received the
how and why we developed—at least exists across species, one that pow- to the degree that we can attention that it deserves.
some of us and under certain condi- erfully influences our motivation to explain it. If the altruistic impulse is deeply conserved over evolutionary On the other hand, given the di-
tions—a surprisingly powerful drive help—even heroically.” motivated by a more-or-less auto- time. Toward this end, the book versity of altruistic circumstances
toward helping others. Ms. Preston, a professor of psy- matic response derived from paren- explains the important difference and of likely motivations, it seems
Examples of altruism in action are chology and the director of the tal care-taking and shared by many between analogy and homology. The unlikely that a one-size-fits-all
ingrained in the public imagination. Ecological Neuroscience Lab at the other mammals, then perhaps it, too, former is a convergence of function model is called for. This, in turn,
In 2007 Wesley Autrey saw a young University of Michigan, is aware that is less admirable. But who cares? (the wing of a bird and the wing of reduces one’s confidence that Ms.
man have a seizure and fall onto the altruism is multi-dimensional. Deci- Admirable is as admirable does. a fly) and the latter is a result of Preston’s unitary hypothesis is as
subway tracks in New York City; Mr. sions to donate money or attention Ms. Preston emphasizes that “the shared evolutionary ancestry (the wing comprehensive as she suggests.
Autrey immediately jumped down often result from conscious delibera- altruistic response model assumes of a bat and the arm of a human). But it is certainly plausible as one
and pressed the man’s body beneath tion that takes time. Her altruistic that decisions to help need not be explanation among many, and “The
his own while an oncoming train response model, by contrast, applies conscious, and rely upon machinery Altruistic Urge” should be taken
passed just inches above them. The to quick mental processing and im- that is available across species.” She A professor of psychology seriously, and not only because it
world was transfixed several years mediate reactions (e.g., Mr. Autrey), recounts the heart-warming story of
ago following the effort to rescue a the kind of deeds later described a female gorilla at a Chicago zoo
asks how and why humans ends on a lovely note: “Maybe the
next time you find yourself staring
group of Thai soccer players trapped by the often-heroic altruist as auto- who, while caring for her own infant, developed a surprisingly at pictures of cute puppies on the
in an underwater cave. One of the matic rather than thought out. retrieved a 3-year-old boy who had powerful drive toward internet, lurching to help a toddler
rescuers died during the operation, She argues that this urge reflects fallen into an enclosure. who slips on the slide, or feeling
but all the boys were saved. our ancestry as care-giving mam- The foundational study on which helping others. that tug on your heartstrings for a
When anthropologist Margaret mals. This is clearly favored by evo- Ms. Preston’s hypothesis rests was refugee in a distant land, you will
Mead was asked to identify the first lution; Homo sapiens is an “altricial” conducted decades ago and found consider this ‘altruistic urge’—which
sign of human civilization, it’s said species, one whose offspring are that postpartum rats would continue “The Altruistic Urge” is not en- is by no means perfect, but is natu-
that she referred to a prehistoric born altogether helpless, that de- to retrieve pups for hours, until tirely convincing, though admittedly ral, adaptive, rational, and some-
fractured femur that had healed. velop slowly and are therefore in the researchers—but not the rat- it is not altruistic to say so. The times funny or even beautiful.”
Given the time required to mend need of immense amounts of care. mommas!—became bored, exhausted author compares her own model of
such a debilitating injury, this an- (As opposed to, say, young antelopes and gave up. The author is clear that altruism with other evolutionary Mr. Barash is professor of psy-
cient ancestor would not have that can run soon after birth.) Adults her explanation for human altruism explanations currently in vogue, chology emeritus at the University
survived without an immense not endowed with an impulse to pro- is not a simplistic case of extrapo- notably kin selection, in which sup- of Washington and the author,
amount of care provided by others. vide such care are unlikely to have lating from rats to people. Rather, posed altruists are in fact working most recently, of “Threats: Intimi-
We are a complex species, impos- been “fit” in the evolutionary sense. she proposes a tendency that is for the survival of genes located dation and Its Discontents.”
BOOKS
‘There is no more sombre enemy of good art than the pram in the hall.’ — C YRIL CO N N O LLY
Nurturing Life, and Art

The Baby Sheldon,” a Hugo award-winning biog- light connections and patterns. All of letters: She actually left her husband Toni Morrison wrote on a pad in her
on the Fire Escape raphy of the science-fiction writer her subjects suffered periods of de- to pursue a more fulfilling life and in car when traffic slowed during her
By Julie Phillips who adopted a male pen name and pression and failure. Many left early divorcing him lost all legal rights to commute to her publishing job. And
kept her true identity secret for years. marriages, and several lost children. their children. Alice Neel also lost cus- Alice Walker, in a haunting evocation
Norton, 310 pages, $27.95
Ms. Phillips can’t resist a good Most had more than one spouse or tody of a child from her first marriage, of maternal guilt, imagined her
BY HELLER MCALPIN story or a good quote, so her book partner. The luckiest, including Alice but she and Lessing both raised the daughter as she worked, “the lonely
I
brims with both. The anthropologist Walker and Ursula K. Le Guin, had sons they later bore. Each found a way sucking of her thumb / a giant stopper
S IT POSSIBLE to be both a Margaret Mead observed that hours partners who encouraged their work, to live and work “against the grain,” in my throat.”
great mother and a great art- get lost “not because the baby cries, although most did not. Almost all had as an “outlaw mother.” Ms. Phillips, who oddly calls these
ist? As every mother knows, but because the baby smiles so much.” at least one accidental pregnancy— Most of the women profiled here women by their first names, high-
childrearing can be sublime Novelist Jenny Offill comments often while still in their late teens— worked at home, not at 9-to-5 jobs, lights a range of experiences. Le Guin,
and stupefying, Ms. Walker and Angela
thrilling and exhausting. Carter preferred monoga-
And like creative work, mous relationships, while
you can lose yourself in it, poet Audre Lorde’s open
but also find yourself. The marriage to a gay man en-
novelist Jane Smiley put abled her to raise children
it this way: “Far from de- as a lesbian. Susan Sontag
priving me of thought, managed to retain custody
motherhood gave me new of the son she had at 19,
and startling things to but had to “lie about her
think about and the moti- love for women” to do so.
DORIS LESSING ARCHIVE, BRITISH ARCHIVE FOR CONTEMPORARY WRITING (BACW), UNIVERSITY OF EAST ANGLIA
vation to do the hard work Ms. Phillips is especially

of thinking.” interested in “the changes
In “The Baby on the that came with feminism,”
Fire Escape: Creativity, and what she calls “hero-
Motherhood, and the tales,” whose narrative
Mind-Baby Problem,” Julie arcs echo fairy tales in
Phillips explores how which the protagonists get
maternity has affected lost in the woods but
artists and writers—par- eventually find their way.
ticularly those born in the Despite her determina-
1930s, who came of age tion not to criticize other
in the postwar years when mothers’ choices, Ms. Phil-
women were expected to lips acknowledges that
stay at home with their some things these women
children. Her focus is on did made her uncomfort-
.
the tug-of-war between able. But the larger picture
ly
books and babies, poetry remains inspiring—includ-
and prams, art and adoles- ing Ms. Walker’s rags-to-
cents. She is interested in riches success story, fueled
the way divided attention
and constant interruptions
can conspire, along with
maternal bliss and ma-
on in part by the civil-rights
movement, which fed her
sense of vocation. Le Guin
was determined to keep
us ,
ternal guilt, “to erode her domestic life separate

creative work.” from her writing—the one
l
e
Although Ms. Phillips anchored in realism, the
al a
doesn’t delve into her per- LOVE, AGAIN Doris Lessing with her third child, Peter, in 1946. other let loose in a magical
sonal story, she does dis- world of fantasy. Having
ci on
close that her children, who were in astutely, “The love you feel for your and many had abortions. “The Baby and struggled to find physical and a husband who was game about pitch-
elementary school when she first con- child has a way of obliterating what- on the Fire Escape” implicitly makes mental space in which to create. The ing in with child care helped.
ceived of this project, are now both in ever you used to think you loved.” a case for the importance of reproduc- source of Ms. Phillips’s title is from a Although “The Baby on the Fire
college. You could say that “The Baby English sculptor Barbara Hepworth, tive rights, showing how the advent remark by Alice Neel’s Cuban in-laws, Escape” examines the particular
on the Fire Escape” grew along with of effective birth control during these who “claimed, on no evidence, that she challenges of gifted artists as they
er s
them. It’s an expansive, absorbing women’s lifetimes helped motherhood had once left her baby on the fire escape tried to balance the demands of
survey of women (mainly writers) In a book about working go from accident and obligation to of her New York apartment when she creative work with the demands of
m er
who produced notable and often deliberate choice. was trying to finish a painting.” In fact, motherhood, the book actually ad-
groundbreaking work: Alice Neel,
artists coming to grips Many of these women started out Neel frequently painted mothers and dresses a problem faced by all moth-
Doris Lessing, Ursula K. Le Guin, with motherhood, the following what Ms. Phillips calls “the children, including the somewhat shell- ers: how to nurture both the child’s
Audre Lorde, Alice Walker, Angela focus is on the tug-of-war motherhood plot”—the expectation shocked portrait of motherhood that development and one’s own. Ms. Phil-
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Carter, Susan Sontag, Penelope Fitz- that they would marry, have children adorns this book’s cover. lips makes it clear in this illuminating
gerald, Lorna Sage, Shirley Jackson. between books and babies. and embrace selflessness. Instead, Mothers found other creative ways work that there’s no single best way
Like these artist-mothers, Ms. Phil- they ended up “on a journey of self- to write, short of resorting to fire to do this. But there are, she con-
lips juggles a lot. She has chosen her discovery.” Nobel laureate Doris Less- escapes. A.S. Byatt has said she some- cludes, two absolute necessities: time,
subjects well, to illustrate varied who had four children, including trip- ing was, in her time, infamous for times wrote with her baby perched on and a firm sense of what’s important
co Fo
personal circumstances including race, lets, said, “I found one had to do some having abandoned her two small chil- her desk in a plastic infant seat. (I can to you as a person in your own right.
financial situation, sexual identity and work every day, even at midnight, dren in what was then called Southern relate; I tried this with my firstborn,
family background. She also picks up because either you’re a professional Rhodesia (now Zimbabwe) for her dangling a rattle from an architect’s Ms. McAlpin reviews books
on themes of gender inequality or you’re not.” writing career. But Ms. Phillips shows lamp overhead.) Elizabeth Smart sent regularly for the Journal,
addressed in her first book, “James With so much material to keep this isn’t strictly accurate, correcting her four children to boarding school, the Christian Science Monitor
Tiptree, Jr: The Double Life of Alice B. straight, Ms. Phillips strives to high- the record after poring over Lessing’s her youngest at just 6. Nobel laureate and NPR.org.
The Nostalgia Artist

n-
THE TITLE OF Georgi a fictional character created by that recent events have imbued the Hoople and of course the experimental novella obsessed
Gospodinov’s novel the author (and this novel’s with the terrible force of reality. Pogues always seems to be with questions about the
no
“Time Shelter” (Liveright, narrator). Thus the book flows Nostalgia is accessed blasting in the background— meaning—should any in
304 pages, $27) refers to a between the remembered and through the primal act of but the psychedelia has a fact exist—of experimental
sanatorium established in the purely imagined as easily storytelling in Patrick McCabe’s demonic aspect that Dan artwork. The narrator is an
Switzerland for patients as it wanders through time. “Poguemahone” (Biblioasis, and Una are prone to attribute artist in some unspecified
suffering from amnesia. The “Wanderer” is the appro- 603 pages, $27.95), an to some malign spirit. “Such capacity who is compulsively
clinic functions like “a bomb priate word for this most immense, audacious novel-in- a parcel of speculative, / way- turning over the problem of
shelter of the past”—each floor unhurried and discursive of verse told in the voice of the ward raiméis / or seafóid—/ what her work should be as
represents a different decade writers. In Angela Rodel’s aging Anglo-Irish raconteur fanciful garbage,” says an she walks from her day job as
FICTION and is filled with the minutiae translation from the Bulgarian, Dan Fogarty. Dan has come indomitable aunt about such an office drone to a gallery to
SAM SACKS of the era (even its distinctive the novel rambles among to the English coast to see his superstitions, and her skepti- meet friends. Since art “could
scents), allowing for full elaborations of its fantastical older sister, Una, who at age 70 cism is borne out as Dan’s be made from anything at all
immersion in a cherished conceit, flashbacks to the devious personality becomes and could be about or relating
period of history. So successful narrator’s youth, and medi- THIS WEEK visible through his unreliable to anything at all, how
is the treatment that soon the tations on the current con- narration. The true nature of therefore, I could not stop
Time Shelter opens its doors dition of Europe with no Time Shelter his controlling, almost asking myself, did you—I—
to patients who aren’t afflicted apparent cohesive structure. By Georgi Gospodinov incestuous relationship with pluck from the stream of life
A novel by memory impairment. Then Caveat lector: This makes for Una is central to the book’s or ideas the contents of your
from the craze is nationalized, and an extremely diffuse and piece- Poguemahone series of dark disclosures. —my—work?”
each country holds a refer- meal book. But the absence of By Patrick McCabe The notable feature, though, She does her best. At the
Bulgaria endum to determine precisely a stabilizing center of gravity is the writing. This is free office, when her boss isn’t
visits a which halcyon years they want, is symptomatic of a continent The Longcut verse in the freest possible looking, she takes photographs
fanciful collectively, to return to. still recovering from the By Emily Hall sense—nothing more, really, of an egg-shaped rock; she
mental- Mr. Gospodinov, one of hammer-blows of World War II than line breaks imposed on an chops a pencil eraser into
Bulgaria’s most popular and the Cold War. “I’ve roamed otherwise unbroken monologue. bits; she films a construction
health contemporary writers, is a like a flaneur through the suffers from dementia in an The style operates under the crane outside her window.
clinic nostalgia artist. In the manner arcades of the past,” says assisted-care facility. The visit, assumption that the Irish oral Yet somehow none of these
that of Orhan Pamuk and Andreï Gaustine, who understands along with Una’s incapacity, tradition is intrinsically poetic, attempts seem to signify
Makine, his books are pre- the human need for a fixed has prompted him to recount which is true to an extent, but anything artistic. The silliness
helps occupied with memory, its point of history to retreat into. his family history in a London perhaps not to the extent that of the gestures and the absurd
patients ambiguous pleasures and its Like all nostalgists, Mr. neighborhood for poor Irish this verbose, frequently repeti- recursions of the narrator’s
to wistful, melancholy attraction. Gospodinov also grasps the refugees. His confessions pour tive novel thinks. Mr. McCabe inner monologue give “The
He is most drawn to minor dangers of escapism. “The out in a volcanic spray of takes exaggerated liberties with Longcut” a humorous flavor,
relive and personalized details—what more a society forgets,” he vernacular, Gaelic-infused the reader’s time and patience though it is not the sendup
the best he calls “the nothingness of writes, “the more someone memory fragments and in the way that an elderly of the contemporary art world
years everyday life” as it was experi- produces, sells, and fills the character sketches. patron might with a stranger that I briefly expected (and,
of their enced under the shadow of freed-up niches with ersatz- As is usual for Mr. McCabe at a pub. There are plenty of I admit, sort of hoped for).
Soviet totalitarianism. But an memory.” And as the Time (author of the 1992 goose- outrageous stories, all delivered Instead the wheel-spinning
lives. element of narrative fantasy Shelter expands its reach, prickler “The Butcher Boy”), with unflagging flair, but resolves in a final crescendo
indebted to the philosophical it becomes increasingly Dan’s confidences are steeped prospective readers are advised of stirring if desperate affir-
fictions of Jorge Luis Borges susceptible to nationalistic in a macabre atmosphere of to equip themselves like that mations about the creative
situates these reminiscences illusions. This difficult but sexual abuse, insanity and cornered pub-goer: with a tall act, with its constant failures
into broader metaphysical rewarding novel concludes suicide. “Poguemahone” evokes glass of whiskey at hand. and essential hopefulness.
investigations. In this case, the with an image of Europe the expected 1970s trio of sex, Emily Hall’s debut, “The For those few pages, at least,
Time Shelter is the brainchild brought to the brink of re- drugs and rock ’n’ roll—the Longcut” (Dalkey Archive, all the pointless frustration
of a figure named Gaustine, newed conflict—an abstraction music of David Bowie, Mott 144 pages, $15.95), is an suddenly makes sense.
BOOKS
‘People respond well to those who are sure of what they want.’ —AN N A WIN TO U R
A Wintour’s Tale sold clothes at Biba, moved on

Anna: The Biography
By Amy Odell to Harrods and then became a
fashion assistant at Harpers &
Gallery, 447 pages, $29.99
Queen magazine. She earned
BY BRENDA CRONIN promotions but was restless
B
for a bigger stage: New York.
Y NOVEMBER 1978, Finding her feet in Manhattan
a young Anna in her 20s took time. There was
Wintour had already the dismissal from Harper’s
experienced her Bazaar—Ms. Wintour recalled
share of setbacks. that her American boss “told me
She had lost a job in a London that I was too ‘European’”—
clothes shop, been fired from followed by the stint at Viva.
Harper’s Bazaar and now watched “I needed a job and Viva offered
the doors close on Viva, the me an enormous amount of
magazine (run by the founder freedom,” Ms. Wintour later told
of Penthouse) where she had the Guardian. After Viva closed,
been the fashion editor. Helming she rebounded with posts at
the legendary Vogue—the goal Savvy and, later, at New York
Ms. Wintour blithely scribbled magazine, where her work caught
down after leaving high school the eye of Condé Nast’s editorial
—looked to be a long shot. director, Alexander Liberman.
Despite the inauspicious He and Condé Nast chairman
prologue, a decade later Ms. S.I. Newhouse—a kindred spirit
Wintour became Vogue’s editor who, like Ms. Wintour, eschewed
in chief, an office that became small talk—hired her as Vogue’s
the foundation for her emergence creative director in 1983.
SONIA MOSKOWITZ/IMAGE/GETTY IMAGES
as a cultural and business She hop-scotched from there

impresario. Now 72 years old to the top job at British Vogue in
and still running Vogue—and an London, then back to New York,
executive at its parent, Condé getting married and having two
Nast—she wields a nonpareil children along the way. In 1988,
clout that ranges far beyond Newhouse offered her the top
decreeing what to wear. Her job at Vogue, replacing Grace
interest and approval are courted Mirabella, who had been at the
by pop stars and Hollywood magazine for more than 35 years.
directors. She transformed a Mirabella discovered she had
.
staid Metropolitan Museum of Art JUST WARMING UP Anna Wintour in New York, ca. 1990, two years after taking the helm at Vogue. been cast aside after her husband
ly
fundraiser into a glitzy cash cow heard it on the news. (She
with preening celebrities and put fundraising grim descant that sets off an otherwise to embrace digital media and attract young shouldn’t have been completely blind-sided.
muscle behind the presidential campaigns glittering tale. The tone is leavened by readers without alienating old ones—and When Ms. Wintour interviewed at Vogue
of both Barack Obama and Hillary Clinton.
Ms. Wintour, whose ascent is recounted
in fashion journalist Amy Odell’s “Anna:
The Biography,” is a challenging subject
morsels of fashion-industry waspishness,
such as the jewelry designer who expresses
on
his dismay with Ms. Wintour’s reign at British
Vogue in a pin reading: “Vague Vogue Vomit.”
still do.
The magazine editor as infallible arbiter
of taste was a role that Ms. Wintour, with
her meticulous tenue, Spartan zeal and
and Mirabella asked what job she would
like there, she answered, “Yours.”)
Like any effective chief executive,
Ms. Wintour exercised “unprecedented,
us ,
because every shred of her public story Ms. Wintour’s rejoinder to such sentiments, incandescent ambition, had been rehearsing iron-fisted discipline,” Ms. Odell writes.
has already been captured in photographs, she told the New York Times: “Any reaction for all her life. Born in England in 1949 to She “always had her eye on the bottom line”
l
e
profiles, books and social-media posts. is better than none.” an American mother and a British father, and “expected as much from her team as
al a
Ms. Wintour, who declined to be interviewed In Ms. Odell’s workmanlike account, she pored over issues of Seventeen from she expected from herself.” Her assistants
for the project, dismisses the notion of Ms. Wintour is a regimented contrast with still receive a hefty instruction manual and
ci on
writing a memoir, colleagues say, protesting: her zany antecedents atop fashion magazines. are schooled on an unwritten list of the
“I’m so bored by me.” Vogue alumna Carmel Snow, who became The most influential voice in verboten, including chewing gum, dithering
Nevertheless she fascinates multitudes, editor of Harper’s Bazaar in 1934, would and wearing head-to-toe black.
for whom her first name is enough, like peruse Paris fashion-show pictures in bed
the world of fashion built her A grand master in the culture of
Vogue cover girls from Madonna to Rihanna. in her hotel suite, clad in nightie and pearls. career on a legendary work reciprocity, Ms. Wintour makes introductions
er s
Desultory googling yields tidbits about Ms. Before Snow’s protégée Diana Vreeland ethic—and never lost sight that can ignite or turbo-charge careers.
Wintour’s daughter’s wedding (Colin Firth became Vogue editor in 1963, she wrote a As fashion designer Lazaro Hernandez tells
of the power of relationships.
m er
presided), her pals (Roger Federer, Serena column for Harper’s Bazaar titled, “Why the author: “She does so much for so many
Williams) and the gardens of her Long Island Don’t You . . . ,” which included the people that when she asks something of you,
retreat (landscaped by her friend Miranda suggestion: Why don’t you rinse your blond you do it. Not because she’s this powerful
Brooks). She is better known than many of child’s hair in dead champagne to keep it her grandmother in the U.S. Inclined neither figure, just because she’s hooked you up
m rp
the designers she champions, perching in gold, as they do in France? to athletics nor academics, she was fastidious and she’s done so much for you.”
the front row of their fashion shows in her Ms. Wintour appears here as no madcap about her appearance and clothes. When In “The September Issue,” a 2009
colorful dresses, dark glasses, bangs and bob. visionary but rather as a paragon of disci- heading out to a date at a march in London documentary about assembling Vogue’s
The 2006 comedy “The Devil Wears Prada,” pline and decision. In fashion and publishing, protesting the Vietnam War, she apparently autumn door-stopper, Ms. Wintour says:
based on a novel by a onetime Wintour where careers often span seasons and not took great pains deciding what to wear and, “Fashion’s not about looking back. It’s
co Fo
assistant, only enhanced her mystique, years, she has prevailed through tumultuous before leaving, inquired: “Daddy, am I for or always about looking forward.” Ms. Odell’s
with Meryl Streep playing an imperious decades. She joined Condé Nast in 1983, against Cambodia?” book is a step toward decoding Anna
editor who doles out aesthetic edicts and during the salad days of lavish fashion shoots Her father, Charles Wintour, was editor Wintour, but it’s far from the final word.
scalding silences in equal measure. and expense accounts. But in the early of the Evening Standard, a London tabloid.
But Ms. Wintour is an austere foil to that aughts, many newspapers and magazines Known there as Chilly Charlie for his austere Ms. Cronin is an associate editorial
caricature, intent on industry, not frivolity. foundered as advertising and subscriptions manner and curt delivery, he suggested that features editor on the Journal’s
Her early-to-rise ethos imparts a slightly dwindled. Publishers waged fitful campaigns she aim herself at Vogue. Ms. Wintour briefly opinion pages.
Derring-Do With a Didactic Vibe

n-
INTREPID GIRLS outwit rogues, In Christina Soontornvat’s in the Dark,” which won a 2021 sense with startling clarity Lev Grossman returns to the
no
thwart empires, and rescue fantasy adventure “The Last Newbery Honor. what animals are feeling. She droll milieu of 2020’s “The
abused and vulnerable animals Mapmaker” (Candlewick, The moral messaging is con- also finds herself brought into Silver Arrow.” In that book—
in four novels for readers ages 355 pages, $17.99), the tone is siderably more heavy-handed repeated contact with Betty’s illustrated, as here, by Tracy
10 to 14. In three of the books, urgent and earnest. In a class- in two sequels to celebrated old ally in persecution, a boy Nishimura Bishop—11-year-old
as the heroine performs her conscious fictional kingdom original stories. The first picks whose cruelty to others turns Kate got a magical, sentient
acts of bravery or defiance, modeled to some extent on up a year after the events re- out to spring from the abuse steam locomotive as a birthday
the author who created her is Thailand, 12-year-old Sai is counted in Lauren Wolk’s 2016 he suffers at home. gift from her eccentric uncle,
choosing to make moral points. determined to escape her Newbery Honor-winning novel, Ms. Wolk seems to be on and she and her younger
The most exuberant and least small-time criminal father and “Wolf Hollow.” “My Own Light- something of a crusade with brother Tom set off in it to
CHILDREN’S didactic of this week’s stories rise above her humble origins. ning” (Dutton, 307 pages, $17.99) this story, for she hits certain save animals in trouble. Now
BOOKS is a caper involving a girl whose The girl’s street smarts and her themes so often and so expli- Uncle Herbert is missing,
MEGHAN parents are so rotten that they skill with pen and ink have THIS WEEK citly that her characters seem which means that the children
COX GURDON might have sprung from the allowed her to secure a place in less to think and breathe as can no longer confidently
imagination of Roald Dahl. the workshop of a distinguished The Pear Affair individuals than as actors pursue their mission: A train
To the unloving Melinda cartographer, and when her By Judith Eagle following a script. Like Ms. traversing the Great Secret
and Gerald Magnificent, their master asks her to join him on Illustrated by Jo Rioux Soontornvat, she wants young Intercontinental Railway must
daughter Nell is a bore and an imperial sea voyage, she readers to understand that a have a manifest, but without
an irritant whom they have jumps at the chance. On the The Last Mapmaker person’s outsides may not re- Uncle Herbert, the children
installed in boarding school expedition, he and she are By Christina Soontornvat flect a person’s insides. She have neither clearance nor
Four so as to pursue their flashy supposed to chart resource-rich hopes to persuade children instructions. Kate’s eagerness
adventure lifestyle unimpeded. In Judith new lands for colonial conquest. My Own Lightning that someone can be privileged to find her uncle and rescue
Eagle’s “The Pear Affair” It is a risky venture, not least By Lauren Wolk without realizing it and that creatures in distress prompts
novels (Walker, 288 pages, $17.99), due to the sea monsters that one person’s experience is for her to set out nonetheless—
for girls, we learn that Nell’s only are rumored to prowl the The Golden Swift no other person to recount: with near-disastrous results.
each comfort has been her corre- waters around the virgin By Lev Grossman “I figured it was your story The ecological themes that
with a spondence with her beloved terrain. “Everyone scoffs at Illustrated by to tell,” a character says. “It Mr. Grossman touched with
former au pair, Perrine, nick- sailors’ tales,” Ms. Soontornvat Tracy Nishimura Bishop wasn’t my place to tell [her] delicacy in the first book—
modern- named “Pear.” Pear’s letters writes, “but there’s always secret,” says another. Such habitat destruction, species
day have stopped coming, though, something to learn from them scrupulosity in not-telling may endangerment—he whacks
message. so Nell engineers a trip to if you know what to listen for.” is set, as was its predecessor, seem an odd idea for a novelist with a mallet here, which
Paris (with her awful parents) On the ship, Sai is alarmed in rural Pennsylvania during to promote, given that telling alas makes for a less enjoy-
Some to track her old companion to encounter a face from her World War II. We are back in other people’s stories is what able read. It’s not that his
are down. In this fun and lively past—one of many sinister the company of Annabelle novelists do, but in making this environmental message is
written story illustrated by Jo Rioux, developments on a journey McBride, who had been the point Ms. Wolk is reinforcing bad, per se, but that even
Nell finds herself among franco- fraught with unexpected perils. target of the vicious bully Betty a warning against “appropri- well-delivered lectures are
by phones in a state of alarm: A Sai comes to understand that Glengarry. A storm is gathering ation” that is very much in tedious. With their latest
talented “mysterious spore” is wrecking people are not always as they as the story opens, and within social-media vogue. “My Own books, Ms. Wolk and Mr.
story- the city’s supply of baguettes. seem; that outward nobility can a few pages Annabelle is struck Lightning” is not a political Grossman join the cohort
tellers, As Nell races to track down conceal cruel intentions and by lightning. When she comes book, but the creaking of its of contemporary writers
the missing Pear, she acquires that a man who seems a to consciousness—jolted back machinery makes it feel less who are so eager to catechize
others a posse of quirky friends, scoundrel (her father, for into life by an unknown good like a story relayed for the young readers and disabuse
by uncovers a dastardly scheme instance) may not be a villain samaritan—she discovers that enjoyment of children than them of wrongthink that they
drab and learns certain terrible at all. This is a deftly told story the shock has changed her. one told for their instruction. forget to tell a cracking story.
(but ultimately acceptable) with a strong anti-colonialist Smells are sharper, sounds are In “The Golden Swift” Children’s literature is getting
scolds. truths about her own life. vibe by the author of “A Wish clearer, and Annabelle can (Little, Brown, 262 pages, $16.99), poorer for it.
BOOKS
‘Cease, man, to mourn, to weep, to wail;/Enjoy thy shining hour of sun;/We dance along Death’s icy brink,/But is the dance less full of fun?’ —RICHARD FRANCIS BURTON
Beguiled by the Nile

River of the Gods
By Candice Millard
Doubleday, 348 pages, $32.50
BY HOWARD SCHNEIDER
C
ANDICE MILLARD is
drawn to the rivers that
challenged the outsiders
who tried to explore them.
The backdrop of her fine
2005 book, “River of Doubt,” is a trib-
utary of the Aripuaña River in Brazil.
In “River of the Gods,” she surveys the
“genius, courage, and betrayal” involved
“in the search for the source of the Nile.”
As a consequence of the struggle
between the French and British over
who would dominate Egypt in the 18th
and 19th centuries, especially after the
decipherment of the Rosetta Stone’s
hieroglyphics in 1822, “Europe’s fasci-
nation with Egyptian history and the
Nile Valley,” Ms. Millard writes, “had
grown into a full-scale frenzy.” One
result was a lust to discover the source
of that mythic body of water. Indeed,
such an objective was the “Holy Grail
of exploration.” (Specifically, Ms. Mil-
lard’s book is about one of the river’s
CHRISTOPHE CALAIS/CORBIS/GETTY IMAGES
branches, the White Nile.)

Two of those hell-bent on seizing the
grail, both of them British, are the most
renowned stars of this book: Richard
Francis Burton (1821-1890) and John
Hanning Speke (1827-1864). The third
star was the African Sidi Mubarak
.
Bombay (1820-1885)—former slave, loyal
ly
friend and invaluable associate to Burton
and Speke.
Burton was an extraordinary man in NILE-ISTS The search for the source of the famed African river has been an obsession of adventurers for centuries. Above, the Nile near Juba, South Sudan.
many ways. Though he left Oxford with-
out a degree and felt “cut off from his
country and distrusted by his country-
men,” he was what today would be
on
Speke, who wished to join him. Burton
reluctantly agreed, and in 1855 the two
set out on their mission, accompanied
The landscape and weather are often
brutal. Supplies are swiftly depleted or
stolen. The donkeys are obstreperous.
find a “roaring waterfall” emptying into
the White Nile. Once more Speke per-
suades himself that he has found the
there are some disappointing lacunae
in “River of the Gods.” For instance,
she doesn’t offer her own theory on
us ,
called an overachiever: explorer, lay by African porters and Sidi Mubarak In February 1858, after nearly eight Nile’s provenance—yet again he lacks whether Speke’s death was an accident
anthropologist, linguist (25 languages Bombay. The expedition didn’t last long. months and more than 850 miles of scientific proof. And Burton still refuses or a suicide. A definitive conclusion
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and at least 12 dialects), author, master Attacked by brigands, the adventurers merciless travel, the expedition reaches to accept his claims. The British and, in- may not be possible, but readers may
al a
swordsman, sexologist. Fascinated with were lucky to escape alive. Speke was Lake Tanganyika. Ms. Millard speaks of deed, the world, however, accept Speke’s still want to know her thoughts on
the sexual practices of foreign cultures, speared twice; Burton was speared the lake’s “verdant and azure beauty.” assertions. In 1864, back in England and the subject.
ci on
he wrote about them after engaging through the mouth. Speke would write of it being “one of on the eve of a scheduled debate be- Then there’s the incident in 1871,
in firsthand research. the most beautiful inland seas in the tween Burton and Speke about this issue, when Burton’s “anger and bitterness,
His exploratory tours de force could world.” Burton is convinced that they Speke goes hunting and is killed by a this time directed at the Jewish people
be breathtaking. In 1853, he journeyed to At the height of Europe’s have found the origin of the Nile; at the blast from his shotgun. Accident? Sui- of Syria, once again rose to destroy any
Mecca, a city that forbade non-Muslims fascination with Egypt, very least, they are the first Europeans cide? To this day, no one knows for sure. hope he had” of ascending England’s
er s
from entering on penalty of death. to see it. An Arab trader, however, tells As for Speke’s discovery, it turns greasy pole of social triumph, “and he
To pass as a Muslim, Burton arranged to two men, opposite them that another lake, Nyanza, is the out that he was close. “In 2006,” we are was forced out” as consul in Damascus.
m er
be circumcised “according to the Arabic in almost every way, Nile’s actual source. While Burton recu- told, “a British explorer named Neil Does that imply that Burton was an
rite.” He lived to tell his tale, and his perates from his various ailments, McGrigor claimed to have made the first anti-Semite? Ms. Millard doesn’t pro-
book about his exploits made him
joined forces to find Speke leads a small mission and travels full ascent of the Nile from sea to source, vide any details; nor does she discuss
famous. (For the record, he wasn’t the the origin of the Nile. north for a month to Lake Nyanza, the and then to have traced the Nyanza’s Burton’s attitude toward Jews else-
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first European Christian to enter Mecca largest lake in Africa with an area of largest feeder, the Kagera River, which where in the book—which leaves
and survive.) nearly 27,000 square miles. He chris- is now considered to be the most remote the subject frustratingly ambiguous.
Unlike Burton, Speke was a member But Burton wasn’t the kind of fellow tens it Lake Victoria. Speke believes headstream of the Nile.” (Burton and Speke thought that people
of Britain’s upper classes. He was Bur- to be deterred by such minor inconve- this to be the true source of the White For Burton, much of his life post-Lake of color were inferior to Caucasians.
ton’s “opposite in almost every way.” niences. Soon he accepted an assign- Nile, but he lacks proof, because the Nyanza was a wretched affair. He was It should be noted, though, that both
co Fo
But, like Burton, he was an officer in ment from the Royal Geographical expedition’s scientific equipment—a consigned by his country to a series of men abhorred slavery.)
the army of Britain’s East India Co. and Society to return to East Africa’s lake sextant, thermometers, chronometers, piddling, poorly salaried consul posi- Ultimately, the identity of the person
was an “experienced traveler, a skilled regions and find the Nile’s source, and protractors and a device “to measure tions and copped a knighthood in 1886. who first discovered the source of the
surveyor, and an excellent shot.” he was again joined by Speke, Bombay, the speed and distance traveled by “Moving from consulate to consulate, he White Nile may be a trivial matter.
It was inevitable that Burton, be- and a number of African soldiers, guides water”—has been rendered useless by was ignored by the British government, Ms. Millard conscientiously investigates
guiled by the mystique of finding the and porters. the harsh weather. When he returns to the Royal Geographical Society, and the the issue, of course, but “River of the
Nile’s source, would be eager to be the This second mission, the centerpiece Burton, the latter is dubious about his wider public, despised by Speke’s family Gods” is compelling because she does
hero who did so. The goal filled him of Ms. Millard’s book, goes beyond har- claims; Speke, in turn, is angered by and friends, and relegated to near pov- justice to the psyches and behavior of
“with an almost overwhelming sense of rowing and into the ghastly. Burton and Burton’s skepticism. The animosity and erty,” Ms. Millard writes. To help make Burton and Speke—keenly flawed but
adventure and the possibility of great Speke are tormented by diseases: Burton mistrust between them would smolder ends meet, he translated the “Kama enthralling, sometimes marvelous people.
achievement,” Ms. Millard writes. While suffers near-paralysis; Speke almost for the rest of their lives. Sutra” and the “Arabian Nights.”
cooling his heels in Aden before begin- goes blind. Speke’s ear is invaded by a In 1861, Speke returns to Lake Ms. Millard’s research and very read- Mr. Schneider reviews books for
n-
ning his quest, he was approached by bug that renders him deaf in that ear. Nyanza, and a week later he and Bombay able storytelling are admirable, but newspapers and magazines.
Bestselling Books | Week Ended April 30

no
With data from NPD BookScan
Hardcover Nonfiction Hardcover Fiction Methodology

TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST NPD BookScangatherspoint-of-salebook data
AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK frommorethan 16,000locationsacrossthe U.S.,
representingabout 85%ofthe nation’s booksales.
Finding Me 1 New The Mothers and Daughters of... 6 3 Cat Kid Comic Club: On Purpose 1 1 Beautiful 6 3 Print-book data providersincludeall majorbooksellers,
Viola Davis/HarperOne Shannon Bream/Broadside Dav Pilkey/Graphix Danielle Steel/Delacorte webretailersand food stores.Ebook dataproviders
includeall majorebook retailers.Freeebooks and
Atomic Habits 2 2 Eat Your Heart Out 7 New Oh, the Places You’ll Go! 2 4 The Good Left Undone 7 New those sellingforless than 99centsare excluded.
James Clear/Avery Daphne Oz/Morrow Dr. Seuss/Random House Books for Young Readers Adriana Trigiani/Dutton The fictionand nonfictioncombinedlists include
aggregatedsalesfor allbook formats (exceptaudio
The Palace Papers 3 New Parent Nation 8 New Dream Town 3 2 The Flames of Hope 8 6 books, bundles,boxedsets andforeign
Tina Brown/Crown Dana Suskind/Dutton David Baldacci/Grand Central Tui T. Sutherland/Scholastic language editions)and featurea
combinationof adult,youngadultand
Just Tyrus 4 New Atlas of the Heart 9 4 Run, Rose, Run 4 5 The Investigator 9 7 juvenile titles. Thehardcover fiction
Tyrus/Post Hill Brené Brown/Random House James Patterson & Dolly Parton/Little, Brown John Sandford/Putnam and nonfictionlists alsoencompassa
mixof adult,young adultandjuvenile titles whilethe
Off With My Head 5 New Good Eats 10 New City on Fire 5 New The Baxters 10 New business listfeatures onlyadulthardcover titles.
Stassi Schroeder/Gallery Alton Brown/Abrams Don Winslow/Morrow Karen Kingsbury/Atria Refer questionsto Teresa.Vozzo@wsj.com.
Nonfiction Ebooks Nonfiction Combined Fiction Ebooks Fiction Combined Hardcover Business
TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST
AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK
The Palace Papers 1 New Finding Me 1 New Shadow Fire 1 New Cat Kid Comic Club: On Purpose 1 2 Atomic Habits 1 2
Tina Brown/Crown Viola Davis/HarperOne Christine Feehan/Berkley Dav Pilkey/Graphix James Clear/Avery
Just Tyrus 2 New The Palace Papers 2 New City on Fire 2 New Shadow Fire 2 New Amplify Your Influence 2 New
Tyrus/Post Hill Tina Brown/Crown Don Winslow/Morrow Christine Feehan/Berkley René Rodriguez/Wiley
Finding Me 3 New Just Tyrus 3 New Immortal Rising 3 New It Ends With Us 3 4 The Virtual Leader 3 New
Viola Davis/HarperOne Tyrus/Post Hill Lynsay Sands/Avon Colleen Hoover/Atria Takako Hirata/Matt Holt
The Promise of Psychedelics 4 New Atomic Habits 4 2 Dream Town 4 1 Dream Town 4 1 Zero to IPO 4 3
Peter Silverstone/Ingenium James Clear/Avery David Baldacci/Grand Central David Baldacci/Grand Central Frederic Kerrest/McGraw-Hill
Real Freedom 5 — Off With My Head 5 New The Investigator 5 5 Where the Crawdads Sing 5 6 StrengthsFinder 2.0 5 6
Gregory Mohr/Best Seller Stassi Schroeder/Gallery John Sandford/Putnam Delia Owens/Putnam Tom Rath/Gallup
Set Boundaries, Find Peace 6 9 The Mothers and Daughters of... 6 3 Fading Shadows 6 New Verity 6 9 Extreme Ownership 6 8
Nedra Glover Tawwab/TarcherPerigee Shannon Bream/Broadside Kathleen Brooks/Laurens Colleen Hoover/Grand Central Jocko Willink & Leif Babin/St. Martin’s
Mastering...French Cooking, Vol. 1 7 — Good Eats 7 New Noble Legend 7 New City on Fire 7 New The Sale 7 New
Julia Child/Knopf Alton Brown/Abrams L.T. Ryan/Liquid Mind Don Winslow/Morrow Jon Gordon & Alex Demczak/Wiley
The War on the West 8 New Eat Your Heart Out 8 New The Other Half of the Grave 8 New Oh, the Places You’ll Go! 8 — Dare to Lead 8 7
Douglas Murray/Broadside Daphne Oz/Morrow Jeaniene Frost/NYLA Dr. Seuss/Random House Young Readers Brené Brown/Random House
Off With My Head 9 New Atlas of the Heart 9 4 Cold Snap 9 New The Seven Husbands of Evelyn Hugo 9 7 The Five Dysfunctions of a Team 9 —
Stassi Schroeder/Gallery Brené Brown/Random House Marc Cameron/Kensington Taylor Jenkins Reid/Washington Square Patrick M. Lencioni/Jossey-Bass
The Concise Human Body Book 10 — The War on the West 10 New The Girls in the Stilt House 10 — Immortal Rising 10 New Think Again 10 10
DK/DK Douglas Murray/Broadside Kelly Mustian/Sourcebooks Landmark Lynsay Sands/Avon Adam Grant/Viking
PLAY
NEWS QUIZ DANIEL AKST From this week’s NUMBER PUZZLES SOLUTIONS TO LAST
WEEK'S PUZZLES
Wall Street Journal
1. The State Dept. About what share of Cell Blocks Cell Blocks
declared that bas- global wheat exports Divide the grid
ketball star Britt- do the two countries into square or
ney Griner is be- usually account for? rectangular blocks, For previous
ing wrongfully each containing
weeks’ puzzles,
held in Russia on A. A tenth one digit only.
and to discuss
drug charges. B. A fifth Every block must
strategies with
Which city’s team C. A quarter contain the number
other solvers, go
did she play for? D. A third of cells indicated by
to WSJ.com/
the digit inside it.
puzzles.
A. Kirov
6. California lawmakers shelved
B. Moscow Killer Sudoku
proposed legislation—to do
C. Yekaterinburg Level 3 Suko
what?
D. Omsk
A. Mandate a four-day work-
2. A leaked Supreme Court draft week for larger firms
opinion would overturn the con- B. Eliminate the tax-exempt
stitutional right to abortion. status of religious institutions
What case was it drafted for? C. Make the state a sanctuary Killer Sudoku Level 4
for illegal immigrants As with standard
A. Meridian Planned Parent- D. Require the sun to carry a Sudoku, fill the
hood v. Dobbs warning that it can cause cancer grid so that every
B. Dobbs v. Jackson Women’s column, every row
Health Organization and every 3x3 box Mind the Gap
7. Trainer Bob Baffert was R E C A L L S P I N E A D I O S
C. Biloxi Regional HMO v. Mis- contains the digits
barred from the Kentucky O C E A N I A E T O N I C A L A S K A
sissippi 1 to 9. Each set of
A C R I D L Y L A P S E O F M E M O R Y
Derby, but two of his former cells joined by
D. Mississippi vs. Yoknapa- D E N D R A S K Y T E L I G U A N A S
horses will run on Saturday. dotted lines must O B O E S A C S N E T S
tawpha OB/GYN
Name them. add up to the F A L L I N G A P A R T S I N K I N G
S P E E D E R O T T A WA V I A
target number in T R E X R E P O A P P R E H E N D
3. The Fed decided to raise the A. Taiba and Messier its top-left corner. O I L B R O K E N P R OM I S E S
federal funds rate—by how B. Taibbi and Merci Within each set P L E D G E S WE V E A R I D
much? C. Tabitha and Merced of cells joined by S E R V E D A N A I S D E T E S T
D. Tabulate and Mecredi Y E T I K E N T C OM F O R T
dotted lines, a digit S E C U R I T Y B R E A C H N A V
A. A quarter point cannot be repeated. C A R P A T H I A A U T O B O C A
B. Half a point U S A P R A D A S R U S T R E D
8. Dried flowers are suddenly all M E T H O D S S E P A R A T EW A Y S
C. Three-quarters of a point
the rage. Explain. OMN I L E T O E Y R E
D. Zero; it put off any increase Suko T O E P I C K E P A L A B E M E R I L
Place the numbers S P L I T D E C I S I O N MA S T E R Y
A. They’re a home remedy for P A I N T S C L I N G Y A C T S F O R
.
4. Outside investors committed Covid. 1 to 9 in the spaces
FROM TOP: NED DISHMAN/NBAE/GETTY IMAGES, FLAVIO COELHO/GETTY IMAGES
S H A G S S A S S Y C H O I C E
so that the number
ly
$7 billion in new financing for B. They’re a symbol of Ukrai-
Elon Musk’s Twitter acquisi- nian resistance. in each circle is equal
to the sum of the
Shoe Boxes
tion—including $500 million C. They’re a trendy Mother’s
four surrounding B O O S T A G N EW S C R U B
from which outfit controlled by Day present.
on B Y T E S E T O N F E R B E R
ALL PUZZLES © PUZZLER MEDIA LTD - WWW.PUZZLER.COM
spaces, and
Changpeng Zhao? D. High herbal tea prices are
each color total R A P T E L L E N C E S S N A
inspiring home brewers.
is correct. C H E E P R I N S E C O K E S
A. A16z V R O OM P U R I T Y C H O P
B. Alibaba L E T T E R S H A L L OW E R
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C. Sequoia Capital S Q U A R E D O F F A L I A S
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is scrambling wheat markets. S AM B A T I NMA N L E S T

B E E T L E S T H A T S A L L
H A R E I N E R T A N D R E A
V I C A R N A N A T O M C A T
Answers are listed below the O R A T E D M I S T S C H E R
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crossword solutions at right. The extra letters spell LOST SOLES.

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Answers to News Quiz: 1.C, 2.B, 3.B, 4.D, 5.C, 6.A, 7.A, 8.C
THE JOURNAL WEEKEND PUZZLES edited by MIKE SHENK
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1 2 3 4 5 6 7 8 9 10 11 12 13 14 37 Fighter pilot’s 1 2 3 4 5 6 7 8 9
attire
15 16 17 18 19 10 11
38 Midwest native
20 21 22 23 39 “Ye Olde” 12 13
24 25 26 27 emporium
co Fo
41 Intensify 14 15
28 29 30 31 32
43 Pitch on a
33 34 35 36 37 38 39 programme 16 17
40 41 42 43 44 Box of bills 18 19 20 21 22
45 Customary
44 45 46 47 48 49 50
46 Cheap cleaning 23 24
51 52 53 54 55 tool
25 26 27
56 57 58 59 60 61 62 49 “Indeed!”
52 B in music? 28
63 64 65 66 67 68 69 70 71
53 Blow one’s top
72 73 74 75 76 77 78 79 29 30
54 Lazybones
80 81 82 83 84 85 55 Potato presses 31 32
n-
86 87 88 89
58 Tour hire
62 With 19-Across,
90 91 92 93 94 95 96 wrestling style KEY
97 98 99 100 101 102 64 Disapproval from
the stands
no
103 104 105 106 107 108

66 “Codswallop!”
109 110 111 112 113 114 115 68 She’s featured on
Justin’s “Beauty CODE 13
116 117 118 119
and a Beat”
120 121 122 123
___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___
71 Atop
124 125 126 127 74 Firth froth Code 13 | a cryptic puzzle by Emily Cox & Henry Rathvon
76 Like some flags
Ice Melt | by Ross Trudeau and pasts Letters from Down answers 25 Vocal church ensemble 7 Record collection I have
78 Quito setting crossing the grid’s shaded row form leaves as a group? (5) placed behind vault (7)
Across 50 Scat syllable 97 Qualify with 3 End for an an encoded 13-letter phrase. Once
81 Cause of some
1 “So?” 51 Oscar of “Dune” conditions academic address
head scratching those letters are in place, transfer 26 Gives good, impassioned 8 Get worked up about failing
4 Funny fellow 52 Aggressive 98 “I live to serve” 4 Laborious 82 Attention-
them in alphabetical order to the speeches (6) weapon (5)
image 100 Under-the-table voyage? seeking utterance
top row of the Key box below the
7 Wince cause, grid. In the second row of that box, 28 Story about a crash site in 9 In a digital recording, the
maybe consulting? flirting 5 Surrounded by 83 Captain America
56 Clumsy fellow 103 Brother of Dori fill in the rest of the alphabet in Wyoming (7) guy felt a yearning (5)
11 Netanyahu 6 Funny bit portrayer Chris
and Nori, in “The order. The two rows will provide
nickname 57 History division
Hobbit”
7 Milan-based tire 85 Pro tip, e.g. the key for decoding the Code 13 29 The North embraced by a 12 Lafayette, for one Parisian
15 Urban park 59 Afr. neighbor manufacturer 89 Black Sea port South Georgia town (6) who lodged in ruins (7)
104 Superlative finish phrase in the shaded row, which
sound 60 Motion of the 8 Each residents some may find apt.
16 Waterloo native ocean 105 Explosive 9 Castaway’s spot 90 Pepper with Nerf 30 Canadian leader talking real 13 Have the chops to belt
experiments darts, say money (7) song in Italian (7)
18 ___ facto 61 Babe in the 10 Bound-to-
movies, e.g. 107 Honeycomb unit succeed 91 Put on an act Across
19 See 62-Down 31 Those who make obeisance 16 Combat casualties, after
63 Innocence 109 “Shoo, kitty! Her 92 Imposing building 1 Make a drawing of small
20 Many a time 11 End-of-level to a different side (7)
embodied Honor doesn’t
enemy in a sailboat (6) the second one is sent to
21 Sushi bar order want you on her 93 Surge of
video game the front, given honors (7)
with eel inside 65 Sphere lap!”? adrenaline 32 Audio device ready,
12 Apple 5 Matinee idol who sang
and avocado on 67 Crossword clue 114 “That’s a terrible 95 Addict’s action, receiving radio band (6) 19 Chapter including right
the outside with a question introduction sometimes clumsily in “A Star” (7)
hiding place!”
of 2017 string of words (6)
23 Discovery mark, frequently 96 Wright of “Black Down
116 Slogged away 10 Painting Homer takes gold
channel? 69 Canon initials 13 It smells nice Panther” 1 Refreshed, yet was 20 Talk quietly, returning pair
117 Like some and goes down and blue (7)
24 A pair of Club C 70 Almond kin military bands the drain
99 Backs in the obviously nervous (6) of Caribbean drinks (6)
85s, e.g. 72 John, for Gielgud 119 Dominate during America’s Cup 11 Cigar exploding outside left
14 Freelancer’s bill 101 Gray story 2 Hilarious joke encountered 21 Stuff pitched in the main
26 Democratically 73 Commotions play something pungent (6)
elected comedian 16 Groom’s answer character who’s in Catskill era (6) planes in the morning (6)
Margaret? 75 Snap 120 Like the path of blue 12 Young women I study
a high fly ball 17 Out and about
28 Zip 77 Mykonos vowel 102 Ritardando, in embraced by moms (7) 3 The supreme autocratic 22 Act of flipping spouts off
121 Plural word, e.g. 19 Issa of “Awkward
29 Control, literarily 79 “Gulp!” Black Girl” music Russian, initially?? (4) (4-2)
122 Shirley Temple, 104 Posting at LAX 14 Gives cause for concern
31 Basketball legend 80 One sent to for one 22 Org. for the Jets 4 Reach the top rise mostly 23 Get ready to catch nothing
Bird unseat senators? and the Sharks 106 Manx male when carrying large branch
84 Cop on a crack 123 Govt. rule (6) by chopper (6) (5)
32 Polynesian paste 23 Mets’ div. 108 Fencing move
team 124 Govt. agents 5 View creative studies
33 Rampages 25 High-potassium 110 Pulitzer winner 15 Hit large mammal in the 24 Leave bagel capital of
86 Sundial figure 125 Promotional snack Robert ___ Butler involving western lovers South America (5)
35 Big cat hybrid goodies sea (5)
87 “I didn’t expect 27 Happy 111 Nourished (11)
38 “Hamlet” courtier that!” 126 Bug juice? 27 Novel idea, helping staffer
Himalayan’s 112 Hungry 17 Tense soprano practiced
40 Pacino playing a 88 Bacon, familiarly 127 Before, back sound 6 Pass over ruined region (6) (4)
convict?
Himalayan’s (8)
89 Heavily favored when 30 Twins manager sound
42 Horrid digs Down 18 SEE DIRECTIONS Get the solutions to this week’s Journal Weekend Puzzles in next
s
90 2021 Kristen Baldelli 113 Lago contents

44 Rutabaga relative Stewart film 1 Nut with a cupule 34 Pizzeria order 115 Wapiti Saturday’s Wall Street Journal. Solve crosswords and acrostics
47 URL ender
23 Packed the ship taken by online, get pointers on solving cryptic puzzles and discuss all of the
94 Actor Patel 2 “It’s scary, but 36 Breaking an 118 Houston’s ___ team (8)
48 “Bien sûr!” playing a doctor? we’re doing this” NFL tie, e.g. Stadium puzzles online at WSJ.com/Puzzles.
REVIEW
ICONS
A Painter’s Painter
(1882-85), a graphite-and-watercolor
double-sided drawing on loan from
Mr. Johns’s collection, and the magis-
terial “The Large Bathers (Les
Grandes Baigneuses),” one of the art-
ist’s last completed paintings, on loan
from London’s National Gallery.
Less familiar Cézanne motifs also
get a viewing, including his depic-
tions of skulls, represented by Chi-
cago’s own watercolor work-on-pa-
per, “The Three Skulls.” In the final
gallery of “Cezanne,” early bather
works once owned by Matisse and Pi-
casso are displayed along with an
1880s work, “Five Bathers,” on loan
from a Swiss museum, which antici-
pates Picasso’s Cubist approach to
space.
Around the time the show opens,
the art market will test the Cézanne
waters with two noteworthy New
York sales. During the last decade of
his life, Cézanne was drawn to the
ochre-colored rock formations of the
sandstone quarry at Bibémus, near
Aix-en-Provence, and on May 12
Christie’s will auction a quarry paint-
ing from around 1895 with a presale
estimate of $5-8 million. The work is
being sold by the heirs of Cézanne’s
Paris art dealer, Ambroise Vollard.
Then on May 17 Sotheby’s will
auction “Clairière (The Glade),” also
from around 1895, as part of a deac-
.
cession sale by the Toledo Museum
ly
of Art. The painting is expected to
fetch a high price due to its size, with
a presale estimate of $30-40 million.
BY J.S. MARCUS
on grammar and pronunciation rules.)
At well over 3 feet high, it is “among
the largest format landscapes that
A
The show emphasizes Cézanne’s rep- Cézanne ever painted,” says Julian
s modernism settles
The biggest Paul Cézanne show of the utation as an “artist’s artist.” Monet, Dawes, head of Impressionist and
21st century explores his role in the
us ,
into the distant past, Picasso and Jasper Johns all collected modern art at Sotheby’s in the Amer-
the role of French art- invention of modernism. his work, and the organizers go to icas.
l
e
ist Paul Cézanne in great lengths to identify who owned Three years ago, Christie’s sold a
al a
forging that movement what among the nearly 125 artworks fruit still life that belonged to media
has never seemed more certain. Born and objects on view. mogul S.I. Newhouse for over $59
ci on
in 1839, Cézanne pointed the way The first work to greet visitors is million. The highest price ever paid
ahead by looking backward, turning “Forest Floor (Sous-Bois)” (ca. 1894), for a Cézanne was in 2011, when “The
traditional genres such as still life in which colorful undergrowth, an Card Players” was bought in a private
and landscape into vehicles of subjec- unusual horizon line and a vagueness sale by the state of Qatar, reportedly
TOP: THE NATIONAL GALLERY, LONDON; BOTTOM: THE ART INSTITUTE OF CHICAGO.
tive expression. The first retrospec- in the brushwork serve to break for over $250 million. The Chicago
er s
tive of his work in Paris after he died down the boundary between the real show includes an early 1890s draw-
in 1906 jolted the history of Western and imaginary. Cézanne revisited the ing, “A Study for the Card Players,”
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art, making Cézanne a source of in- same motifs, and often the same set- related to another oil painting of the
spiration for everything from Cubism tings, over the course of his working motif.
to abstraction. life, and the show opens with a total Cézanne’s human figures often
In recent years, the world’s lead- of five similar forest scenes from the have an impassive quality, leading
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ing museums have mounted compel- 1870s, the 1890s and the early years many critics to wonder if he imbued
ling exhibitions focusing on specific of the 20th century. Immediately con- his celebrated apples with greater
aspects of Cézanne’s work. Now the fronting audiences with variations on emotion than his human subjects. For
Art Institute of Chicago offers the a similar subject will help illustrate Dr. Groom, who used to think of the
first full-fledged survey in the 21st that “every stroke matters” with Cé- artist “as kind of cold,” working on
co Fo
century with “Cezanne,” opening May zanne, says co-curator Gloria Groom. the show has been an eye-opener. “I
15. (The title dispenses with the cus- Dr. Groom says that one of the had never taken the time to under-
tomary accent over the first “e,” painter’s key innovations was to up- stand Cézanne,” she says. “He may
which the painter didn’t originally date and transform the motif of a not be as accessible as a Monet or a
use. Co-curator Caitlin Haskell says nude figure in a landscape. Cézanne’s Manet, but now I see what he was
the accent was added in the 1860s to Top: Paul Cézanne, ‘The Large Bathers (Les Grandes Baigneuses)’ (ca. so-called bather works abound in the trying to do—translate sensation into
make his name conform to Parisian 1894-1905). Above: ‘The Three Skulls’ (1902-6). show, including “Three Bathers” brushwork.”
MASTERPIECE | ‘AREOPAGITICA’ (1644), BY JOHN MILTON

n-
A Ringing Defense the only record of a

no
meeting between the
Of Free Speech
era’s greatest scribe
and its greatest scien-
tist, and it would have
happened when Milton
traveled to Italy in
BY JOHN J. MILLER widely regarded as the world’s 1638. The reference to
first important essay in defense of Catholic orders also
NOBODY KNOWS WHY John Mil- free speech. highlights a glaring in-
ton’s first wife left him in 1642 af- The 1644 treatise takes its pecu- consistency in Milton’s
ter only a few weeks of marriage. liar name from the Areopagus, a thought, as his hatred
Perhaps the fact that the 33-year- rocky mount just below the Acrop- of persecution could
old writer was twice the age of olis in Athens. The ancient Greeks not overcome his
Mary Powell had something to do gathered there for debates and tri- loathing of Catholi-
with it. Whatever the details, this als. It’s also the site of Paul’s ser- cism. At the end of
bad match may have planted the mon in Acts 17. Milton presented “Areopagitica,” Milton
seeds for the finest prose work of his essay in the form of a speech, assured his fellow
Milton’s career. though he never delivered it. Protestants that his vi-
Today, Milton is best known for That’s probably just as well: At sion of free speech
“Paradise Lost.” Long before writ- nearly 18,000 words, it would have had limits: “I mean
ing that epic poem about the fall taken about three hours. not tolerated Popery,
of man, however, he was a polemi- “Give me the liberty to know, to social value of free expression: heard,” he wrote, “but what is and open superstition.”
cist who participated in the politi- utter, and to argue freely accord- “Where there is much desire to grave.” Be wary even of a sanc- Modern readers who are accus-
cal controversies of his day. One of ing to conscience, above all liber- learn, there of necessity will be tioned song that has a good beat: tomed to the First Amendment
them involved the rules of matri- ties,” wrote Milton, in a line that much arguing, much writing, many “There must be licencing dancers, and its guarantees tend to agree
mony, and shortly after his separa- has echoed across centuries. An- opinions; for opinion in good men that no gesture, motion, or deport- with the major themes of “Are-
tion from Mary, Milton penned other famous passage is engraved is but knowledge in the making.” ment be taught our youth but opagitica.” Milton’s contempo-
several tracts in favor of permit- above the entrance to the reading Restricting it, wrote Milton, “will what by their allowance shall be raries, however, were unper-
ting divorce due to incompatibility. room of the New York Public Li- be to the discouragement of all thought honest.” And watch what suaded: Parliament passed its
This idea shocked many Puritans, brary: “A good Booke is the pre- learning, and the stop of Truth.” you wear: “Our garments also licensing law, which remained in
and one clergyman said that Mil- tious life-blood of a master spirit, Even “bad books” have a role, as should be referr’d to the licencing place until 1695. In the long run, of
ton’s pamphlets were “deserving imbalm’d and tresur’d up on pur- “they to a discreet and judicious of some more sober work-masters course, “Areopagitica” and its
to be burnt.” pose to a life beyond life.” That Reader serve in many respects to to see them cut into a less wanton principles prevailed.
Then came a new controversy, may sound like extravagant non- discover, to confute, to forewarn, garb.” A censor ultimately acts in In other news, the Miltons rec-
not over burning books but over sense, but Milton was deadly seri- and to illustrate.” Their challenges futility, he wrote, like “that gallant onciled. After three years of es-
banning them. A bill in Parliament ous. He equated censorship with promote the development of mor- man who thought to pound up the trangement, Mary came back to
demanded that printers receive murder: “Who kills a Man kills a als: “I cannot praise a fugitive and crows by shutting his Parkgate.” John. Their union went on to pro-
government approval for their reasonable creature, Gods Image; cloister’d vertue, unexercis’d & un- A minor curiosity of “Areopagit- duce four children—but not before
publications, in part to guard but hee who destroyes a good breath’d, that never sallies out and ica” is Milton’s brief mention of giving birth to an essential docu-
against the supposed heresies of Booke, kills reason it selfe, kills sees her adversary.” visiting “the famous Galileo grown ment in the history of freedom.
DAVID GOTHARD
Milton and his fellow authors. For the image of God.” Milton also imagined “ridicu- old, a prisner to the Inquisition,
Milton, this licensing scheme was Amid the rousing rhetoric and lous and weary” efforts to extend for thinking in Astronomy other- Mr. Miller is director of the Dow
an illiberal outrage—and he said lofty abstractions, “Areopagitica” prohibitions beyond printers and wise then the Franciscan and Do- Journalism Program at Hillsdale
so in “Areopagitica,” which is now offers a compelling case for the mocked them. “No musick must be minican licencers thought.” This is College.
OFF DUTY
Value for the Cord Order

Valedictorian Conquer clutter
Tips on buying with these
the most devices to corral
time-honored your charging
gift for grads D2 cables D10
FASHION | FOOD | DESIGN | TRAVEL | GEAR THE WALL STREET JOURNAL. * * ** Saturday/Sunday, May 7 - 8, 2022 | D1
Fresh- No time
picked herbs or patience for
make a simple, seeds? Plant
delicious sauce for seedlings for a
this salad of spicy garden jump-
carrots. start.
Grow
Your Own
Green
Market
.
ly
on It’s surprisingly easy and
satisfying to do, whether you
us ,
have an acre to play with or

l
e
just a few pots on a balcony
al a
ci on
BY SARAH KARNASIEWICZ
T
HE ALLURE of raising your
Edible own produce is enough to Skip
flowers are spark a primal thrill in even the high-
er s
easy to grow and the greyest-thumbed cooks— maintenance

add instant and many more of us have plants and grow
m er
glamour to a been succumbing to it in recent seasons. what you know

plate. According to a survey from the National you’ll eat.
Gardening Association, upward of 18 mil-
lion novice gardeners have picked up a
m rp
shovel since 2020.

Research shows that in times of stress,
exposure to plants yields benefits for both
mental and physical health. Still if your ex-
perience is limited and your yard is more
co Fo
alleyway than Eden, the barriers to entry

can seem daunting. The solution, accord-
ing to the experts I polled? Broaden your
concept of what a kitchen garden can be.
“You don’t need to plant a farm,” said
Timothy Hammond, a Houston-based ur-
ban gardener and educator who shares tips
under the Instagram handle @bigcitygar-
dener. “The key is to take a realistic look at
your situation—how much space you have,
what growing zone it’s in, how much sun-
light it gets—and set yourself up for little
n-
wins.” If you’re resourceful, he added, you

Please turn to page D6
no
JUSTIN CHUNG FOR THE WALL STREET JOURNAL
BLOOM WHERE YOU’RE PLANTED Clockwise from top left: Moroccan spicy carrots with chermoula (find a recipe at wsj.com/food) at Ziza Urban Farm in Los Angeles; planting a paprika
pepper seedling at Ziza Urban Farm; Nina Anakar and Nina Weithorn at Ziza Urban Farm; Julia Sherman, harvesting ingredients for a salad in her Los Angeles garden.
Inside
TEE’D OFF
Yes, the
search for
the perfect
white
T-shirt is
maddening.
That’s why
we wrote
this guide D3
AUTOBIOGRAPHICAL BITES A JOLT OF SEX APPEAL VA-VA-VOOM AT THE INN

Two new, and very personal, Its head-turning silhouette, says Dan Neil, Hotels that offer bed, board—and
cookbooks D7 gives this Hyundai EV its allure D11 architecture that’s never boring D9
D2 | Saturday/Sunday, May 7 - 8, 2022 * *** THE WALL STREET JOURNAL.
STYLE & FASHION

TOP OF THE
CLASS From left:
Similar styles at
TagHeuer.com;
Speedmaster
Moonwatch,
$6,400, Omega,
212-207-3333;
Datejust 41,
$8,150, Rolex,
212-319-8040
SERGE BLOCH
Notable Recipients Reminisce
“I received a Rolex GMT-
Master II when I graduated.
Watch Me Now What Grads Want
Four soon-to-be graduates
divulge their watch wishes
It’s steel with a black dial.
.
My mom wanted it to go “I’d love a Rolex. I want to be a
ly
with everything. I still wear They might be tech-obsessed Gen-Zers, but today’s graduates still nurse and I want a timeless, dura-
it every day.”—Dominic ble watch I could wear to the hos-
Chu, Senior Markets want mechanical watches. Tips to buy tickers they’ll appreciate. pital, the beach or a nice dinner.”
Correspondent, CNBC on
BY REBECCA MALINSKY 1928 Elgin watch ad shilling grad-watch sales in the past
—Sofie Burstein, 18, Oak Park
(Calif.) High School class of 2022
A
“My brother bought me a bezels between $15 and three years, the youths “ap- “I’m a huge Fossil fan. I want one
us ,
gold-and-stainless Rolex NDREW Shear’s $1,500 declares: “This solves preciate a mechanical item with a two-toned bracelet and
son is in pre- the graduation gift problem.” that’s not disposable.”
l
Datejust for college grad- the nautical thing that twists

e
uation. I kept it for about school, but the With a penchant for vin- Nolan Daniel White, 20, a around.”—Noah Kahn, 22,
al a
10 years then sold it to 36-year-old dad tage, today’s grads, who have watch-savvy TikTok star, has University of Kansas
buy an Oyster Perpet- has already pur- grown up with the internet 142,000 followers who hang class of 2022
ci on
ual.”—Matthew Harris, chased his child’s college at their fingertips (and on on his every recommenda-
Jewelry Designer, Mateo graduation gift: a Rolex Day- their wrists), obsess over tion. Gen Zers desire analog “I love 1940s and ’50s dress
tona from 2017, the year his old-school watches’ mechani- accoutrements for “the same watches. The Jaeger-LeCoultre
son was born. Mind you, Mr. cal workings and supreme reason people still drive a Reverso is my favorite—it’s the
“I got a Michele watch Shear is a vintage watch style. “Young customers 1967 Mustang despite the perfect size.” —Simon Goldman,
er s
with a mother-of-pearl dealer through his company come in having been up all fact that you can buy a Tesla 21, Pratt Institute class of 2023
face and crocodile band Sheartime, so he’s profes- night studying on YouTube,” Model 3 that will fully charge
m er
after college. I’d coveted it sionally obligated to believe said Ruediger Albers, U.S. for $3,” he said. They have “I’ve already pulled the trigger on
for years so it was a huge mechanical watches will still president of watch retailer “character” and “soul.” Even a vintage 1977 Cartier Tortue.”
deal when I got one. It be covetable in 2040. Tradi- Wempe. According to Ira so, grads won’t love just any —Nolan Daniel White, 20,
made me feel very adult.” tion is on his side: Watches Melnitsky, U.S. president and old watch. Here, a primer on Queen’s University (Kingston,
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—Hannah Fidell, Director have been beloved milestone CEO at Tourneau | Bucherer, buying worthy timepieces for Ontario) class of 2022
gifts for at least a century. A which has seen an uptick in the class of 2022.
T Timely Advice From the Experts

co Fo
HE IDEA of buying than watches by many

your grad a watch other brands.
that dates to his or If newness is a must,
her birth year, as watch Watch sellers, executives and collectors offer guidelines to consider a Tudor, said
dealer Andrew Shear did, is help you find that optimal gift Italian watch collector
ERRATA CARMONA
an approach recommended Auro Montanari. It’s a

by many dealers, executives brand with a long history,
and collectors. Not only is now owned by Rolex and
such a watch sweetly senti- selling watches of a com-
mental, it can be cost-effec- parable design. Should
tive—even if you don’t plan money be no object, Mr. Face It: Your Grad
ahead. Prices on new Montanari suggests buy-
Might Lose the Watch
n-
watches have been steadily ing an Omega Speedmas-

climbing for the last deter—the watch worn by When Steve Kivel, president of
cade, and a secondhand Apollo 11 astronauts dur- Grand Central Watch, was entering
watch from 2000 or 2001, ing the 1969 moon land- college in the ’80s he saved up to
no
when many of this year’s ing. But with a starting buy a Movado watch. Three days
college grads were born, price of around $6,000, into his freshman year, some sopho-
will likely cost less than it’s perhaps best suited mores swiped it off his desk. “I
something box fresh. for offspring who, say, couldn’t tell my father, but lesson
Whether going new or graduated summa cum learned,” he said. His advice to par-
vintage, Steve Kivel, presi- laude or got an early job ents when selling them a graduation
dent of Grand Central offer from NASA to be- watch? Give the gift in tandem with
Watch, a New York store come an actual astronaut. a warning about responsibility.
that sells new and used Christopher Walken authoritatively explains the history of a gold watch in ‘Pulp Fiction.’ Mr. Albers added that But talk is cheap, watches are
timepieces, recommends anyone in search of a pricey and kids rarely listen, so if
capping your spend at $500 thing or two about account- timepiece for a lower cost. from a seller who is knowl- more delicate watch you’re planning on buying a serious
for high-school graduates. ability. He prefers micro- “A Davosa has the same edgeable and stands behind should snap up Cartier’s timepiece (particularly one over
ALAMY (PULP FICTION)
However, he advocates be- brands like Davosa or Baltic weight and look as a Rolex their product,” said Mr. classic Tank. “In stainless $3,000), Wempe’s Mr. Albers sug-
ing less conservative when to the big names like Tis- for a fraction of the price,” Shear. He has a soft spot steel it is an entry-level gests including it on your home-
it comes to shopping for sot, explaining that these he said. for Rolexes old and new be- price point and it looks owners insurance. For watch-spe-
college grads who, one companies offer a high If going the vintage cause, he said, they tend to fantastic,” he said. “It cific coverage, consider plans from
would hope, have learned a quality, often Swiss-made route, “make sure you buy retain their value better never goes out of style.” Jewelers Mutual, Zillion or Chubb.
COLLEGIATE ARM CANDY / SIX WATCHES TO SUIT ALL SORTS OF GRADUATING SENIORS—NO MATTER THEIR MAJOR
For History Nerds For Engineering Aces For Classics Scholars For Oceanography Majors For Minimalist Art Students For Econ Prodigies
If she enjoys researching He’ll appreciate the reliability This elegant option tracks the Your submergible scientist will You needn’t be Agnes Martin to The cost-benefit analysis of
obscure artifacts, she’ll relish of this ticker’s self-winding hours while being timeless, if be delighted that this stainless appreciate the clean aesthetic this practical, well-priced
reading up on this renowned Swiss movement. Aquascaphe not quite as timeless as specimen is water-resistant up of this unpretentious style. Club wristwatch won't take any
brand. Vintage Universal Genève GMT Watch, $1,055, “The Iliad.” Tank Must Watch, to 200 meters. Tudor Black Bay Campus 38 Watch, $1,650, time at all. Vintage Diver
Watch, $850, Chrono24.com Baltic-Watches.com $2,610, Cartier.com Watch, $3,900, Tourneau.com Nomos-Glashuette.com Watch, $379, Davosa-USA.com
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, May 7 - 8, 2022 | D3
STYLE & FASHION
Blank Canvases Which Tee

Is Cut Out
For You?
BABY
A quintet of white
A white tee that hits all the marks is more elusive than you’d think. Here, some suggestions. T-shirts—from teensy
baby tees to extra-
oversize ones—that
BY ARIA DARCELLA sizes are too baggy or long. cater to a variety of sar-
S
Women’s styles frustrate torial tastes, wants and 1 | T-shirt, $55,
IMPLICITY IS the Emily Casey, 32, a software needs PrettiesVenice.com
most difficult engineer in Brooklyn, tending
thing to secure in to bunch under her arms. She
FITTED SLUB
this world,” wrote prefers the XS men’s tees
George Sand (aka from Everlane, which are
Amantine-Lucile-Aurore small enough to flatter her
Dudevant). In her mid-19th frame without clenching her
century heyday, women were hips—a fit she finds stays rel-
more concerned with corsets atively constant from season
and trains than comfy tops. to season. José Ramón Reyes,
GETTY IMAGES (HARRIS, AGULIERA, OLSEN, LIVELY, KRAVITZ), SPLASH NEWS (BEYONCE)
But her declaration could eas- founder of New York-based
ily apply to the modern quest wardrobe-consulting service
for simplicity—in the form of the Custom Project, fre-
the perfect, plain white tee quently alters T-shirts to ac-
that universally satisfies in commodate clients’ specific 2 | T-shirt, 3 | T-shirt,
terms of fit, look and feel. It’s tastes, tailoring them and $35, Aritzia.com $64, Monrow.com
fashion’s white whale. even adding shoulder pads.
Many have attempted to But for those of us who OVERSIZE COST EFFECTIVE
capture this elusive, cotton can’t spring for customized
prey. In the mid-2000s, Ash- basics, here’s a primer on
ley and Mary-Kate Olsen the wide world of tees, and
the best brands to try.
T-shirts are like

romantic partners— 1 Be My Baby
Itsy bitsy baby tees come
in a variety of silhouettes and
most people’s lengths, hitting from just
requirements are above the belly button to
barely below the bustline. For 4 | T-shirt, $150, 5 | T-shirt, $15,
idiosyncratic. his clients, New York stylist Toteme-Studio.com Uniqlo.com
Ron Hartleben sometimes
.
cuts the bottom off a child’s
ly
made the perfect tee their extra-large Hanes T-shirt. If can find your kindred tee— everything from slightly exag-
mission. They launched their you’re not into a DIY project, not too loose, not too tight. gerated proportions to
line the Row in 2006 and an the OG baby-tee brand, Pret- overtly baggy boyfriend fits,
extra-soft, roomy, white tee
with a single French seam
was among the brand’s first
on ties, still produces its iconic
shrunken 1990s style (pic-
tured). Wary of showing too
3 Join the Slub
Slub tees—in which the
cotton is irregularly woven
so it’s hard to know if you’re
getting something attrac-
tively roomy or sloppily huge.
garments. In 2017, stylist much skin? The Custom Proj- and slightly textured—give Totême’s tee hits the sweet
us ,
Karla Welch and her client ect’s Mr. Reyes suggests off a knowingly laid-back air. spot with its moderately wide
Justin Bieber tried their luck, wearing high-waisted pants Mr. Hartleben prefers labels sleeves and torso. The cut is
l
e
devising a handful of “per- or skirts, or choosing a bag- like Re/Done and James Perse relaxed but more polished
al a
fect” options for men and gier fit. “It feels a little bit for their vintage feel. Re/Done than, say, an extra-wide
women—including cropped less revealing,” he said. “hit the nail on the head,” he shoulder or to-the-knee hem.
ci on
and sleeveless takes—under said, with a ’90s-style slub

the label x Karla. Now sold
by retailers including
MatchesFashion.com, the
2 Fit Decision
Slim tees are a dime a
dozen, but securing the right
formula. “The fabric is light
enough to be very casual,”
but you can still wear it with
5 On the Money
Clearly, T-shirts inspire
overthinking. But in a perfect
tees have satisfied a lucky fit for your body is a rare ac- something dressier, like a world, they shouldn’t require
er s
few, including Gwyneth Pal- complishment. Mr. Hartle- suit, he said. Another notable overspending. Uniqlo’s tee
trow and Kaia Gerber. But ben’s advice is simple: Try be- choice: the thin, cotton-blend (pictured) looks elevated
m er
for many, the hunt continues. fore you buy. “Make the effort Monrow crew-neck (pic- thanks to its thick cotton fab-
The problem is that T- to physically go into a store tured), whose fitted silhou- rication but is objectively a
shirts are like favorite foods that has the T-shirts you’re ette makes it easy to tuck in bargain at $15. Another
or romantic partners—most interested in,” he said. An- or team with a blazer. thrifty brand, namechecked
m rp
people’s requirements are id- other pro tip: Focus on retail- by both Mr. Reyes and Mr.
iosyncratic.
At 5 feet tall, Danielle
Hurd, 26, a recent graduate of
ers that carry an extended
range of sizes and fabrics, like
Uniqlo, which offers XXS to
4 Hit It Big
The term “oversize” is
used indiscriminately, making
Hartleben, is Kim Kar-
dashian’s Skims, which offers
a range of fits and cuts in
Toronto Metropolitan Univer- GREAT WHITE SHIRT Fashion editor Sarah Harris chicly paired a XXL, so that, via tireless fit- it the least reliable of T-shirt sizes from XXS to 4X, start-
co Fo
sity, finds that even small loose white tee with leather pants at London fashion week in 2018. ting-room contortions, you descriptors. The label covers ing at about $40.
C. 2000 C. 2006 C. 2008 C. 2010 C. 2016

TEE FOR TWO
DECADES The baby tee, a When Olsen sisters Hipsters—eager to Around the same Everything old
teensy cut prized Ashley (here in ’07) appear both blasé time, American Ap- eventually becomes
White-T-shirt by Y2K stars like and Mary-Kate and stylish— parel-style tees— new again. The
tastes have Christina Aguilera, launched the Row, helped spur the i.e., anything with a later half of the
changed was a ’90s hold- they debuted their rise of the pricey, low neckline—be- decade saw a re-
drastically—and over. Many credit perfect tee. It first sexy slub tee, an came popular. The vival of classic,
often—since the the Pretties de- skewed slouchy, irregular weave Vs were deep and oversize, crew-neck
early aughts. signer Linda Melt- and now the brand seen here on Blake scoops ample, as T-shirts, like the
We track the zer with populariz- sells ‘perfect’ styles Lively as Serena in Beyoncé demon- one seen here on
n-
evolution. ing it pre-aughts. multiple shapes. ‘Gossip Girl.’ strates in ’15. Zoë Kravitz.
no
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D4 | Saturday/Sunday, May 7 - 8, 2022 NY * *** THE WALL STREET JOURNAL.
DESIGN & DECORATING

Tone
Poem
Want to make a statement in a
subtle, 2022 way? Decorate with
many shades of the same color.
BY KATHRYN O’SHEA-EVANS
FRAN PARENTE/OTTO (BEDROOM); ANNIE HYREFELDT (KITCHEN)

OU HAVE LIKELY seen the de-
sign tactic of “tone on tone”
before: perhaps a house whose
siding has been painted steel
blue and window frames navy.
Design pros often bring this mostly mono-
chromatic flourish indoors—adorning walls,
upholstery and painted furniture in various
shades of a single color—but your average
person rarely does.
“It can get overwhelming for people to do
it on their own,” said Fariha Nasir, a Hous-
ton, Texas, designer. Hewing to a single hue
might seem like the décor equivalent of let-
ting a majority shareholder control your SWEET CREAMS Although it is usually tough to get excited about beige, in an apartment in Recife, Brasil, design firm Studio Arthur Casas,
company. But a room scheme without visual based in São Paulo, conjured both peacefulness and punch by layering tones in the color’s family as well as a range of textures.
interruptions and drastic chromatic transi-
tions can have considerable impact. Farrow & Ball paint deck; she likes that the well. The 1920s English society decorator
“A tone-on-tone interior can be very brand’s colors are “a little bit lower in tonal Syrie Maugham was a progenitor of the
strong, restful and pure at the same time,” value.” She may begin with the company’s tonal approach, said Alexis Barr, instructor
said London designer Rose Uniacke, who re- dusty pink, Calamine, as a main paint of design history at the New York School of
cently limited herself to sands-of-time choice, then pull fabric in varying shades of Interior Design. She often focused on snowy
.
shades—oat, ecru and a tawny fawn—in a that color, she said. “I don’t worry if one palettes, marrying white-as-whole-milk up-
ly
Holland Park sitting room. Certainly one swatch is light pink and one is a rose.” holstery, thick, creamy wool carpets and
could pull together a punchy bedroom of li- panels of mirrors for a timelessly moneyed
lac walls, amethyst headboard and eggplant mien. A century on, Maugham’s tonal interi-
carpet, but most of the designers we spoke
with opted for subdued colors when taking
this chromatically focused route. New York
designer Steven Gambrel, for example, has
on
‘A tone-on-tone interior
can be very strong, restful and
ors “still read as chic, clean and remarkably
modern,” Ms. Barr said.
Designers say it’s crucial to inject a
tone-on-tone space with textural differ-
pure at the same time.’
us ,
variously sheathed rooms in schemes of ences. For a client’s dining room in Hous-
chocolate, olive and smoke—tempered pal- ton, Ms. Nasir painted the wall, trim and
l
e
ettes his clients often request. “It’s a feeling ceiling in a rich brown, Glidden’s Sweater
al a
they’re asking for, something that is rela- To find his color muse for any particular Weather, then hung velvet draperies in the
tively quiet,” he said. room, Mr. Gambrel considers the pigments same tint that would reflect light differ-
ci on
Dre Shapiro, founder of Dre Design in of Mother Nature he sees outside its win- ently for a layered effect.
Los Angeles, similarly spurns clear, bright dows. In a room facing a glimmering har- Mr. Gambrel always tosses in an element
colors in favor of earthier options, with bor, for example, he might lean toward gray of juxtaposition, like raw metal or ebonized
some kind of brown mixed in, she said, “be- blues and icy silvers. Tone on tone “really wood, which helps to ground the space. “A
cause they’re easier on the eye.” To suss brings you in,” he said. “It’s super comfort- hit of dark is really critical,” he said. Two grays and touches of black make a
er s
out her starting point, Charleston, S.C., de- ing, super warm.” “Without it, your eye doesn’t know where soothing Swedish kitchen by Nordiska Kök
signer Cortney Bishop often reaches for a Chromatically restricted rooms also age to rest itself.” and homeowner Sandra Guerroro.
m er
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Good Rug Hunting
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Design expert Clara Jung scrutinizes

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furnishings retailers to find outdoor
rugs she can unreservedly recommend
UP TICKING
“Oh, my God, I love this piece so much,” said
Clara Jung after spotting this happily
n-
striped rug among the spring releases from

Enjoy the most amenity rich, four-season private sporting destination and Annie Selke. Ms. Jung, founder of Banner
lifestyle community in America. Located in Richmond, Rhode Island, Day Interiors in Berkeley, Calif., likes how the
The Preserve is set among 3,500 protected acres where the journey from earthy colors “modernize traditional ticking
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pattern.” Woven of recycled plastic bottles

refined luxury to pristine nature is a simple matter of opening your front into a wool-like texture, the rug is soft on
door. Your Preserve home encompasses every imaginable contemporary soles. “Who doesn’t like to be barefoot out-
luxury within multiple different environments. Some of the home-owner side?” asked Ms. Jung, who would bring in
benefits are: contemporary patio furniture in black iron or
teak to keep the carpet from skewing “too
• Gated, secure community country.” Zanzibar Ticking Indoor/Outdoor
• Fully furnished residences Rug, from $68, AnnieSelke.com
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the shade change isn’t “in your face,” said
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to hide outdoor dirt and debris. The de-
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is easy to clean. “You don’t want to put a
white rug outside—except maybe in non-
stop-sunshine Mexico,” said the designer.
“This is a great compromise to achieve a
light and airy look.” Heathered Ombré
Outdoor Rug, from $341, RH.com
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A TINGE OF FRINGE
Post-lockdown, a lot of “people are warming
to bolder colors both indoors and out,” said
Ms. Jung. She approves of this burnt-orange
rug by Blu Dot in the latest Perigold cata-
log, noting that its terra-cotta bands will
pop against outdoor greenery. Though the
carpet is 100% practical polyester, the color
fluctuations and irregularities reflect its ar-
tisanal manufacture. The trim, too, tips it
toward the nonindustrial. “Fringe is uncom-
mon in outdoor rugs,” said Ms. Jung. “It
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per Indoor/Outdoor Area Rug, from $750,
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EATING & DRINKING

Eat Your Garden
Continued from page D1 Siskiyou Seeds or New York’s
can make a container garden Hudson Valley Seed Co. Prefer
out of almost anything, from a flavor-first approach? Row 7
burlap bags to buckets—even Seeds, whose founders include
an old dresser. (Pull out a chef Dan Barber, develops new
drawer, drill holes in the bot- varieties of veggies and grains
tom, et voilà: a raised bed.) with an eye to both taste and
You might start with a sustainability.
salad garden made up mostly Just don’t expect instant
of herbs, lettuces and gratification. Many seeds need
greens—many of which take 6-8 weeks of tending from
well to container growing and germination until they’re
can survive in spots with sturdy enough for the ground.
cooler temperatures or just 6 If you’re going to start seeds
hours of sunlight—rather than in June, research what will do
pouring your resources into best in your region as a mid-
prima donnas like heirloom summer or early fall planting.
tomatoes, eggplants and mel- Want a head start? Skip seeds
ons that need long hours of altogether and head to a local
direct sun to thrive and come nursery to purchase seedlings,
with a steep learning curve. primed and ready to go.
“Everyone wants to jump “In my garden, I tend to fo-
right to tomatoes,” Mr. Ham- cus on things I either eat all
mond said. “But even under the time or are tricky to find,”
the best circumstances, you said Julia Sherman, the Cali-
BY YOUR LEAF Clockwise from top: Jess Damuck waters the hydroponic tower in her Los Angeles backyard; celery and grapes can only grow tomatoes for fornia-based artist and writer
with smoked almonds; grilled lettuce salad with citrus salsa (recipes below). Inset: Nina Anakar prepares a salad in the garden. about 45 days a year. Herbs, on behind the cookbooks “Salad
the other hand, can be har- For President” and “Arty Par-
vested practically year round.” ties.” This spring, that in-
Much of the world, he added, cluded lemon verbena and
cooks with herbs everyday. holy basil for tea, fava beans,
Food stylist, recipe devel- mizunas and purple mustards,
oper and cookbook author arugula, calendula, cannabis
Jess Damuck once worked as (the leaves are delicious in
Martha Stewart’s “salad chef.” salads) and borage, a Mediter-
Ms. Damuck says that in her ranean herb with brilliant blue
Los Angeles backyard garden, edible flowers and tender, cu-
she devotes prime real estate cumber-flavored foliage. “I’m
.
to lettuces, from bitter chico- also obsessed with iceberg,”
ly
ries to speckled bibb. For es- she said. “It takes longer to
pecially tender herbs, like dill grow than some other let-
and parsley, that can get tuces, but it’s worth it because
on scorched in the harsh sun, she
relies on the Lettuce Grow
Farmstand, a modular hydro-
ponic tower that she calls
it’s so hard to get organic.”
For Phoebe Tran, edible
garden manager at Brooklyn
Grange and chef/founder of
us ,
“magical” and can be used to the Vietnamese pop up Bé

garden both indoors and out. Bếp, gardening is a way to
l
Hearty Harvest | Use the fruits (and vegetables) of your labors to make these delicious salad recipes
e
Ms. Damuck has collected preserve connections to her
al a
her favorite harvest-based

Grilled Lettuce Salad chopped combine. amount of grated Man- 1. Prepare an ice bath. recipes in her new cookbook,
JUSTIN CHUNG FOR THE WALL STREET JOURNAL (GARDENS); F. MARTIN RAMIN/THE WALL STREET JOURNAL (SEED PACKETS)
ci on
With Citrus Salsa 1/

8 teaspoon celery 2. Set a grill pan over chego, sliced soft- Slice ends off celery on “Salad Freak” (Harry N.
Total Time 25 minutes seed high heat or fire up the boiled eggs and edible a diagonal, and discard. Abrams). “A good salad can be
Serves 2 as a main, 4 1/
4 cup extra-virgin grill. Slice romaine blossoms, if using. Thinly shave stalks an amazing palette for creativ-
as a side or appetizer olive oil hearts or little gem —Adapted from ‘Arty crosswise on a mando- ity,” she said. “One of my fa-
Zest and juice of 1/2 heads in half length- Parties’ by Julia Sher- line, about the thick- vorite things is to combine in-
er s
For the salsa: lemon wise and drizzle with man (Harry N. ness of a coin. Transfer gredients mono-chromatically
1/
3 cup finely chopped For the salad: grapeseed oil, rubbing Abrams) shavings to ice bath —like purple snow peas with
m er
fresh parsley leaves 2 romaine hearts or gently until well coated along with leaves. Let daikon and pea blossoms—so
1/
2 clove garlic, finely heads of little gem but still intact. Sprinkle Celery and Grapes soak to crisp up, at you taste with your eyes as
grated lettuce with salt and pepper. With Smoked least 10 minutes, then well as your mouth.”
1 scallion, ends 13/4 teaspoons grape- 3. When pan or grill is Almonds drain, dry and transfer That said, kitchen garden- Incorporated into
m rp
trimmed, thinly seed oil hot, place 2 lettuce- Total Time 20 minutes to a large mixing bowl. ers needn’t aim for a yard full
sliced on the 1/
2 teaspoon fine sea head halves, cut-side Serves 2-4 2. Add grapes to bowl of exotics either. “Right now
simple recipes,
diagonal salt down, and sear undis- with celery. Shave I’m in love with celery,” Ms. herbs are a
6 kumquats, seeded Freshly ground black turbed until you have 6 stalks celery, plus cheese with a vegeta- Damuck said. “It’s surprisingly garden gift that
and sliced into thin pepper deep-brown grill marks leaves from the ble peeler or very thinly easy to grow, this perfect
keeps giving.
co Fo
rounds, or zest of 1 For serving: and edges begin to whole head slice, and add to bowl. crunchy vegetable with leaves
lemon Finely grated crisp, 3-5 minutes. Flip 1 cup grapes, halved Chop almonds with a that are like an herb built right
1/
2 cup minced celery Manchego cheese and cook 1 minute 4 ounces Manchego, serrated knife and add in.” Her current favorite: an
1/
2 teaspoon flaky sea 2 soft-boiled eggs more. Transfer to a Pecorino or to bowl. Dress with a “insanely beautiful” Chinese heritage and community. “As a
salt Edible blossoms, such serving platter. Repeat Parmesan cheese glug of olive oil, lemon pink variety (see “Seed to Vietnamese cook in New York,
1/
8 teaspoon smoked as calendula, chive with remaining lettuce. 6 ounces smoked juice, salt and pepper Salad,” below). you’re incredibly limited by
paprika or nasturtium 4. To serve, stir lemon almonds flakes, if using. Transfer Browsing seed catalogs can the ingredients you can find,”
1 teaspoon red pepper (optional) juice into salsa. Ar- Extra-virgin olive oil to a serving bowl, plat- be a great way to get an idea of she said. “So part of my moti-
flakes range lettuce on a plat- Juice of 1 lemon ter or individual plates. the wide array of varieties vation is to track down tradi-
2 teaspoons brined 1. Make the salsa: Com- ter and spoon salsa Flaky salt —Adapted from ‘Salad available. If you’re committed tional herbs and vegetables—
capers, drained, bine all ingredients ex- generously overtop. Crushed red pepper Freak’ by Jess Damuck to using only open-pollinated like malabar spinach and rice
dried and roughly cept lemon juice. Stir to Garnish with a healthy flakes (optional) (Harry N. Abrams) and heirloom seeds, check out paddy herb—and bring them
n-
the Oregon-based company back.” This season, she’s add-

ing mini white eggplants and
fish mint to the mix.
Ziza, a Los Angeles-based
no
restorative urban farming ini-

tiative run by Nina Anakar
and Nina Weithorn, combines
a sprawling garden (Ziza Ur-
ban Farm) with a Moroccan
comfort food pop-up and ca-
tering business (Ziza Foods).
“Because we want to be an ex-
ample of a creative alternative
to industrial agriculture, we’re
constantly experimenting,”
said Ms. Anakar, whose Mo-
roccan heritage and roots in
California serve as inspiration
for her weekly menus. “Right
now on the farm we have over
25 fruit trees and tropical and
Litchi Tomato Big Blue Tree Collards native plants, edible annuals
Seed to Salad This spiny, shrubby plant pro- Homegrown collard leaves and perennials, and dozens of
Nine tasty, out-of-the- duces showy white flowers are tender enough to shred culinary and medicinal herbs.”
ordinary varieties to try and fruit that looks like cherry and use in salads. Tree col- In her rented front-yard
tomatoes and tastes like a lards—the lazy gardener’s su- plot, she takes a more per-
Red Malabar Spinach cross between the two (cher- perfood—are a hardy, shrub- sonal, small-scale approach
In regions where summer ries and tomatoes, that is). like perennial variety that can heavy on container plants and
temps stay steadily above 75 $3.50, RareSeeds.com live for up to 15 years. $9, Pro- staples fundamental to her
and leafy greens tend to go to jectTreeCollard.com cooking, like coriander, chives,
seed, this heat-tolerant vari- Chinese Pink Celery dill, cilantro, fennel fronds,
ety is a great alternative. Chinese varieties tend to be Buena Mulata Peppers bay leaves, Moroccan mint and
$3.50, RareSeeds.com slimmer, smaller and easier to This striking heirloom cay- zaatar. “As a chef, herbs are
raise than European celer- enne starts off a brilliant pur- one of the most important
Microgreen Pea Shoots ies—great for beginning gar- ple and turns orange and red. things I grow, because they’re
These sweet, tiny greens re- deners. This vivid, bubble- Use it fresh in stir fries or sal- so much better fresh than any-
quire only a small tray, a gum-pink specimen is no ho- sas, or dried as a pantry spice. thing you can buy,” she said.
sunny windowsill and an av- hum crudité-platter filler. $4, $4, TrueLoveSeeds.com Incorporated into simple reci-
erage of 3 weeks from sow- RareSeeds.com pes like the pungent Moroccan
ing to harvest. $4.78, West- Zaatar sauce chermoula, which Ms.
CoastSeeds.com Alaska Nasturtium Not to be confused with the Anakar uses in a spicy carrot
These cheerful flowering seasoning blend of the same salad or as a topping for
Saltwort plants, closely related to wa- name, the herb zaatar is a grilled veggies and fish, herbs
Also known as land seaweed, tercress, are a cinch to grow tender perennial with a flavor are also a garden gift that
roscano, friar’s beard or Rus- and as pretty as they are pep- somewhere between oregano keeps giving. “Tomatoes and
survival instruments for modern heroes
sian thistlewort, this green pery and delicious. The Alaska and thyme. To preserve your squash are lovely but fleeting,”
extend your international limited warranty
for up to 8 years on panerai.com has succulent leaves that variety is particularly eye- harvest, bind bunches with she said. “But I’m still cooking
snap with a salty bite. $5.15, catching. $3.85, UprisingOr- string and hang to dry. $6.95, with the peppers and herbs I
JohnnySeeds.com ganics.com TerritorialSeed.com dried last summer.”
EATING & DRINKING

BY ADINA STEIMAN
N
OW MORE THAN ever,
people rely on cook-
books to travel to the
places they’ve never
been—and the places
they long to return to. But in the
quest for dishes that conjure a place
and its people, it’s easy to lose track
of a basic question: Who’s doing the
cooking, which stories get told and
what exactly is an authentic recipe
anyway? Two new cookbooks grap-
ple with those questions—and de-
liver delicious answers.
In “Mi Cocina: Recipes and Rap- SPECIAL SAUCE Find the recipe for
ture from My Kitchen in Mexico” Mom Duke’s Shrimp from chef
(Clarkson Potter), ex-Bon Appétit Kwame Onwuachi at wsj.com/food.
food editor Rick Martínez shares
dishes inspired by a nearly two-year that, in its own way, asserts the
journey through every state in Mex- right to weave a personal cuisine
ico, one he began in 2019. But Mr. from a blend of ancestral recipes, di-
Martínez doesn’t claim to be an ex- verse influences and idiosyncratic
pert in Mexican cuisine. After a obsessions: Kwame Onwuachi’s “My
childhood eating Chef Boyardee in America: Recipes from a Young
Austin, Texas, he freely admits, he Black Chef” (Alfred A. Knopf), writ-
“had a very scattered, incomplete ten with Joshua David Stein. “The
picture of Mexico.” pantry is the soul of the diasporic
Even after he traveled every- kitchen, where hardship has been al-
where from the Yucatán to Baja Cali-
fornia, he resisted the pressure to
create a definitive book of “real”
Mexican cuisine. “When you call Getting personal doesn’t
something authentic, you’re neces- just mean putting a
sarily saying that everything else is
not,” he writes. “You’re saying there
unique spin on beloved
is only one true version of a dish recipes. Food carries
and therefore everyone else is mak- memories.
ing it wrong.”
Instead of attempting to re-cre-
ate the splendid sopa de Lima, pes-
cado a la talla or chicharrones en chemized into...the richest, deepest,
salsa verde he encountered in his most delicious flavors of the world,”
.
travels, he delivers “a highly per- writes Mr. Onwuachi, a James Beard
ly
sonalized love letter to that dish, Award-winning chef.
with my own unique sazón, of Mr. Onwuachi’s pantry is a family
course—my personal flair and sig- tree with roots in the American
nature that makes these dishes my
own.” It’s an approach that feels
new and intuitive at the same time.
Isn’t every cook a prism through
on
WISH YOU WERE HERE This shrimp aguachile recalls one Rick Martínez enjoyed on Mexico’s Pacific coast.
BOOKS COOKED
South, Trinidad and Tobago, Ja-
maica, Nigeria and beyond. Jamai-
can jerk paste sits side by side with
his mom’s Creole house spice and
us ,
which any number of culinary influ- obe ata din din, the Nigerian pepper
Messy Delicious
ences are refracted? stew that forms the foundation for
l
e
So Mr. Martínez’s take on a countless dishes. Recaito, the Puerto
al a
sweet, salty fruit snack called gaspa- Rican green seasoning base, recalls
cho moreliano features generous the author’s childhood in the Bronx;
ci on
slices of pineapple, jicama and the spiced Ethiopian oil nitter kib-
mango rather than the traditional beh, his time as an up-and-coming
small dice, transforming the dish In two new cookbooks, culture and autobiography collide in exciting ways chef in Washington, D.C. Rather than
into a striking accessory for “every- keeping these flavorings separated
thing from grilled meat to fish.” Af- in the name of “authenticity,” Mr.
er s
ter tasting carnitas all over Mexico, entire pig in a copper pot). lime juice and dressed with cucum- telling than the contents of a cook’s Onwuachi often intermingles them
Mr. Martínez shares his favorite ver- Getting personal doesn’t just bers, avocado and serrano salsa, pantry. The slew of condiments, sea- in his dishes to emphasize their con-
m er
sion from Mexico City: tender rather mean putting a unique spin on be- conjures his time on the Pacific sonings and salsas—from oil-roasted nections. “They are not islands but
than crispy, seasoned just with salt loved recipes. Food carries memo- coast in a town called Barra de Navi- salsa macha to charred salsa part of the same river,” he writes.
and pepper, with “a little funk” from ries. Tamales are a tribute to his dad, where he ate it on the beach for tatemada—are packed with the vi- Freely interweaving these flavor-
a combination of braised pork shoul- mother, who taught him how to breakfast all 10 days he was there. brancy that has always been a hall- ings has another advantage: It’s flat-
m rp
der, ham shank and pig’s trotter (his make them the way she did just a The modestly titled but ambitious mark of Mr. Martínez’s cooking. out delicious. Coconutty Jamaican
slightly “more manageable” alterna- year before she died. Aguachile, a “Básicos” section is as unique as a Pantry-based recipes are funda- stew peas get an aromatic founda-
tive to the practice of cooking the ceviche-like mix of shrimp cured in fingerprint. There’s nothing more mental to another new cookbook tion from a ginger-garlic purée he
learned from a friend in India, plus a
sprinkling of his mom’s house spice.
co Fo
Rick Martínez’s oregano, four fresh Kwame bean, but I owe this processor, combine 2 Mr. Onwuachi’s take on the burger is
Pro-Level Pantry avocado (jalapeño, Onwuachi’s Key particular preparation large stems ginger, a whole world on a bun, topped with
Wisdom leaves, and serrano, Base Flavor to my friend Alex peeled and thinly pickles tossed with Trini green sea-
RUN FULLER (MI COCINA); CLAY WILLIAMS (MY AMERICA)
bay leaves.” habanero, Sanchez… [His cooks sliced, with 1½ cups soning and bacon roasted with Ja-
“I don’t generally like and po- “GGP—ginger-garlic in Mumbai] told peeled garlic cloves and maican jerk powder.
using dried herbs be- “…I have blano) purée—is a key ingre- me it’s in everything ¾ cup grapeseed oil. The recipe for Mom Duke’s
cause they tend to found that allows dient in the majority they make, Process until Shrimp tells the story of two of this
lose their flavor as keeping my me to of dishes that come and once smooth. chef’s deep loves: his mother’s take
they sit (and who kitchen approxi- out of my kitchen. I started us- Keep in an on peel-and-eat shrimp and New Or-
knows how long they stocked with six mate the regional fla- The combination of ing it as a airtight con- leans–style barbecue shrimp. Sim-
have been sitting on different types of vors of each dish the wake-up-your- base flavor, tainer in the mer the shrimp in a broth enhanced
the shelf at the dried chiles (ancho, without having to mouth zing of ginger I understood refrigerator with beer, wine and Worcestershire,
n-
store), but the three chipotle, guajillo, special-order chiles and the slightly softer why.” 1 week, or in then give the sauce a silky finish
that I do keep in my pasilla, chile de árbol, whenever I get garlic is common To make the freezer 6 with cold butter. It’s a winning com-
pantry are Mexican and cascabel) and a craving.” throughout the Carib- it: In a food months. bination that would come only from
the mind of this chef.
no
SLOW FOOD FAST / SATISFYING AND SEASONAL FOOD IN ABOUT 30 MINUTES
Whole Roasted Maitakes With Soppressata Vinaigrette

YOU COULD THINK OF this dish as stuffed- croutons lend texture, and marjoram pro-
mushroom adjacent, but it’s leaner, brighter vides a fresh, aromatic note.
and works as a meal (along with a salad, per- “I’d say the number one mistake cooks
haps). In her second Slow Food Fast recipe, make is undercooking the mushroom,” said
Melissa Rodriguez grills big, frilly maitakes Ms. Rodriguez. “These should move around
and dresses them with the classic Italian- on the grill so they get really high and then
JOURNAL, FOOD STYLING BY SEAN DOOLEY, PROP STYLING BY CATHERINE PEARSON; MICHAEL HOEWELER (PORTRAIT)
style stuffed-mushroom elements—bread, moderate heat.”

The Chef onions, garlic, herbs—plus a few surprises. This recipe provides a nice snapshot of
Melissa Rodriguez While any large mushroom will work here, the cooking the chef is doing at her new
Ms. Rodriguez likes the way maitakes turn restaurant Mel’s: classic Italian flavors de-
Her Restaurants tender and meaty within as the edges crisp. livered in unexpected ways. It also reflects
Mel’s, in New York They take well to her sharp vinaigrette made the way Ms. Rodriguez cooks at home. “I
City; Al Coro and with rendered bits of soppressata. Spoon it eat a lot of vegetables accented with a bit
Discolo, both soon on as soon as the mushrooms come off the of meat,” she said. “The soppressata
to open, also in grill and they’ll drink it up. Olive-oil-fried brings a ton of flavor.” —Kitty Greenwald
Manhattan
Total Time 20 minutes with salt. Grill mushrooms pepper to taste.
What She’s Known Serves 4 over medium-high heat until 3. Make the croutons: In a
For Italian cooking 21/2 pounds maitake browned and very crisp on all second sauté pan over me-
with finesse. mushrooms sides, about 5 minutes. Move dium heat, sweat chopped
Technical command 7 tablespoons olive oil mushrooms to medium heat garlic in 3 tablespoons olive
in the service of Kosher salt and freshly and continue cooking until oil for 1 minute. Add crou-
inviting flavor ground black pepper centers are tender and warm, tons and cook until golden
combinations. 1 small shallot, minced about 10 minutes more. brown on all sides, 3-5 min-
¼ cup diced soppressata 2. Make the dressing: In a utes. Season with salt and
1 tablespoon Sherry vinegar medium sauté pan over me- add marjoram. Toss to com-
2 cloves garlic, minced dium heat, sauté shallots bine and remove pan from
1 cup coarsely torn croutons with 2 tablespoons olive oil heat. Transfer herbed crou-
from sourdough or other until translucent, about 3 tons to a paper towel.
rustic bread minutes. Add soppressata 4. To serve, arrange mush-
2 tablespoons fresh and cook until it browns at rooms on 4 plates and spoon
marjoram leaves edges and renders its fat, warm dressing over top. Scat-
2-3 minutes. Turn off heat ter herbed croutons over top
1. Preheat a grill to high heat. and stir in vinegar to deglaze and serve immediately, with a
Toss mushrooms in 2 table- pan, scraping up all browned radicchio or other leafy salad MEAT CUTE This recipe for grilled maitake mushrooms includes a
spoons olive oil and season bits. Season with salt and on the side. delicious vinaigrette made with bits of smoky, spicy soppressata.
ADVENTURE & TRAVEL

1
JOURNAL CONCIERGE / AN INSIDER'S GUIDE
Baltimore
6 2
SHURAN HUANG FOR THE WALL STREET JOURNAL (PAINTED LADIES, BLUE CRABS, MUSEUM, COCKTAIL, PARK); JUSTIN T. GELLERSON FOR THE WALL STREET JOURNAL (BASEBALL FIELD)
.
ly
Rich in African-American history, outdoor diversions and
on
fresh seafood, this port city is just warming up
ADVERTISERS coined Baltimore’s nickname thusiasts (the Preakness Stakes takes place
us ,
“Charm City” in the 1970s to boost civic mo- the third Saturday in May). Sunny days also
l
rale. After the pandemic compromised its send more seafood seekers to the emerging
e
al a
charms, the city promises to exude palpable waterfront neighborhoods Harbor East and
charisma this spring. It’s flush with new festi- Harbor Point to satiate crab cake cravings at
ci on
vals like the monthly Baltimore by Baltimore places like the stylish Blk Swan. Kids in tow?
series, with live music and crafts (May 7 Drop by the National Aquarium or the re-
through October), and the Lost Weekend lit- freshed Rash Field Park. For more ways to ab-
erary fair (May 13—15). Baltimore Orioles sorb Baltimore’s best offerings, heed the ad-
fans are on the loose, as are horse racing en- vice of these five locals. —Julekha Dash
er s
5 3
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4
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BALTIMORE, THE MERRIER Clockwise from top: The Victorian ‘Painted Ladies’ row houses in Baltimore’s Charles Village neighborhood; blue crabs at L.P. Steamers; Reginald F. Lewis Museum of
Maryland African-American History and Culture; Oriole Park at Camden Yards; a ‘Bright and Hazy’ rum cocktail at Topside, the rooftop restaurant at Hotel Revival; Rash Field Park
no
THE MUSICIAN THE CHEF THE HOTELIERS THE SMALL-BUSINESS

Dan Deacon Jesse Sandlin Eddie & Sylvia OWNER
Electronic musician Former ‘Top Chef’ Brown Kalilah Wright
and composer contestant and owner Owners of the luxe Owner of Mess in a
of Highlandtown Ivy Hotel, and Bottle, a T-shirt com-
restaurant Sally O’s Magdalena bistro pany and retail outlet
WANDER AND PONDER / Green Mount SOUND JUDGMENT / Ottobar or Metro OPEN BOOK / Enoch Pratt Free Library BED, BATH AND ROOFTOP / Hotel Revival
Cemetery Most of the gravestones are quite Gallery Those are two solid choices to get a They were always open, even during Covid. Baltimore [5] I like the colors and the ar-
old, weatherworn. It’s a really beautiful park. real Baltimore vibe and see local bands. They did a major renovation to the central li- chitecture, it’s priced really well and in a
It’s a nice place to walk and reflect. 1501 2549 N. Howard St., 1700 N Charles St. brary and it is beautiful inside and well good neighborhood. It has a rooftop res-
Greenmount Ave. equipped. Main branch at 400 Cathedral St. taurant at the top, great service and peo-
BUILDING BLOCKS / Tour Baltimore neigh- ple. 101 West Monument St., from about
COSMIC BIRD CALL / Ekiben The Neighbor- borhoods One of the cool things about Balti- GAME TIME / Camden Yards [4] and M & T $150 a night
hood Bird fried chicken bowl is the greatest more is the architecture in different neigh- Bank Stadium Catch a football game at M
gift the universe has ever given me. Their borhoods—from the cobblestone in Fells & T Bank Stadium or a baseball game at GRUB HUB / Whitehall Market There are a
sambal mayo is so good. 1622 Eastern Ave. Point, on the water, to Highlandtown with its Oriole Park at Camden Yards: Baltimore has variety of options depending on what you
formstone. Mount Vernon has mansions with two major sports teams and I’m pulling for want to eat. Heritage Kitchen is a Filipino
SPIN AROUND / Druid Hill Park It has some wrought iron and, when you get to Charles both. It’s a great way to spend an afternoon. restaurant and the food is just amazing.
really nice trails, especially for biking. It’s just Village, you see the Victorian “painted ladies,” 1101 Russell St & 333 West Camden St. 3300 Clipper Mill Rd.
massive and you can easily forget that you’re [1] colorful row houses.
in the city. 900 Druid Park Lake Dr. VIP ROOM / National Great Blacks in Wax TOP TEXTILES / Nubian Hueman They’re
PICNIC TACOS / Cocina Luchadoras Their al Museum They have significant figures in Black woman-owned and they have great
TUNED IN / Current Space Since 2004, it’s pastor and carnitas tacos are amazing. It’s Black history sculpted in wax. I haven’t seen kimonos, African prints, incense and really
been a real cornerstone of the music and art predominantly carryout. A friend and I picked that in many cities. 1601-03 East North Ave. nice products. 211 W Read St.
scene. They have a nice outdoor space where up lunch the other day and ate it down by
they host events and, inside, a recurring exhi- the water in Fells Point. 253 S. Broadway INSTRUMENTAL ROLE / Baltimore SHOWSTOPPER / Reginald F. Lewis
bition space. It’s the kind of spot I would go Symphony Orchestra They represent the Museum [3] I love the design which was
to see either a music show or an art exhibi- ACE ART / Baltimore Museum of Art The classics; they do opera; they do pop music. created by Black architect Philip Freelon.
tion and just trust the curation. 421 N. How- sculpture garden is really beautiful and it has Their music program, OrchKids, serves nearly Their exhibits amplify Black culture and
ard St. some great exhibits. 10 Art Museum Dr. 2,000 schoolchildren. Black art. 830 E Pratt St.
PLUS, DON'T MISS.
Fort McHenry National Monument and Historic Shrine The fort’s bombardment inspired Francis Scott Key to pen the national anthem in 1814. Explore the exhibits in the visi-
tor center, followed by the star-shaped fort, then grab an outdoor table at nearby L.P. Steamers [2] for blue crabs. 2400 E Fort Ave. / Union Collective A cocktail bar, brewery
FREEVECTORMAPS
and urban winery make this former Sears warehouse one of the city’s liveliest drinking spots. 1700 W 41st St. / Fadensonnen Sit inside the dimly lit natural wine bar or the laid-
back courtyard beer garden. 3 W. 23rd St. / Ministry of Brewing Drink IPAs seated next to imposing Romanesque Revival columns in this former 19th-century German Catholic
church. 1900 E. Lombard St. / American Visionary Art Museum Dedicated to self-taught artists, with offbeat treasures like the 8-foot-tall ‘Cosmic Galaxy Egg.’ 800 Key Hwy.
THE WALL STREET JOURNAL. * * * * NY Saturday/Sunday, May 7 - 8, 2022 | D8A
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Physical distance can keep you safe and healthy. But if an emotional
distance forms between you and those closest to you, it may be due
to drug or alcohol use. Partnership to End Addiction works with you
to establish the connections that can help save lives and end addiction.
Get support to help your child at DrugFree.org

ADVENTURE & TRAVEL
Luxe Hotels
architect Bjarke Ingels and his
firm set out to make it blend in.
“The idea was to embed the
five floors in such a way that
Branch Out
they cascade with the land-
scape and only really appear to
be one or two floors,” said Mr.
Ingels. Mission accomplished.
Each of the hotel’s 56 rooms
now open onto the zigzagging
New retreats—in Brazil, Switzerland and

Sweden—whose architects have gone Jacarandas sprout
outrageously organic with their designs from holes in the steel
roof, making the
BY PAIGE DARRAH exterior look like a
H
OTEL DEVELOPERS are, increasingly, enlisting giant chia pet.
famous architects and letting them produce de-
signs that bear more resemblance to installation
art than to their boxy brethren. French entre- roof, showing off views of fir
preneur Alexandre Allard hired Pritzker Prize- trees and errant herds of cows.
winning architect Jean Nouvel to transform an old hospital As for the roof itself, Mr. Ingels
compound in Brazil’s largest city into a luxury hotel. “I called says it’s meant to have a ser-
up one of the guys who designed Paris’ Institut du Monde Ar- pentine look as it climbs the
abe and said, ‘Jean, we have to create something crazy that will hill. Once grass is laid down, it
stand out as an architectural symbol in São Paulo’s sea of other- will function as a faux hiking
wise banal concrete high-rises,’” said Mr. Allard, whose vertical trail. Indoors, several upside-
forest hotel, the Rosewood São Paulo, is slated to fully open this down trees adhered to the
summer. Mr. Nouvel isn’t the only architect whose tastes are lobby’s ceiling give it a decid-
running woodsy. Modern treehouse cabins are sprouting in the edly “Stranger Things” vibe.
Scandinavian hinterland, and the roof of a new Swiss lodge is
designed to double as a walking trail. Here, we talk to the archi- Cabins With Glass Ceilings
tects about their natural impulses. Atop a little hill in southern
Sweden, deep in the Småland
region’s highlands, architect
A Leafier São Paulo that were “happy,” and then Gert Wingårdh built Trakt For-
When designing the new tower plot and test the transplanted est Hotel, slated to open this
for Rosewood São Paulo, Pritz- ecosystem. The result: a 26- summer. Trakt is only the sec-
ker Prize-winning architect floor forest. Some 240 trees ond treehouse hotel in Sweden,
Jean Nouvel reckoned that part now line the facade. Pink trum- which is somewhat surprising
of the Bela Vista neighborhood pets and violet-flowering jaca- given the country’s traditions.
around Avenida Paulista was randas traverse several floors, According to Mr. Wingårdh,
.
lacking in two things: terraces and poke through holes in the who built his first treehouse
ly
and trees. “I wanted to use veg- weathered-looking steel roof so ROOT AND BOARD Clockwise from top: The lobby of the reimagined Hôtel des Horlogers circa 1959, most Swedish chil-
etation as an architectural ma- that the building resembles a in the Swiss village of Le Brassus; Rosewood São Paulo comprises a former hospital dren construct a small cottage
terial, ensuring it invaded the chia pet. building and a newly built ‘vertical forest tower’; a suite at Sweden’s Trakt Forest Hotel. in a tree at some point. Mr.
guest rooms,” said Mr. Nouvel.
Fourteen robust species were
recruited from Brazil’s Mata
Atlântica rainforest, but con-
Swiss Stranger Things
Covered in snow five months a
year, Vallée de Joux, 50 min-
on Wingårdh’s father worked at a
quarry, which meant easy ac-
cess to interesting materials.
“We made mine out of these
us ,
cerns mounted that São utes from Geneva, is some- wooden boxes with the word
l
Paulo’s gusty winds might times perceived as a kind of ‘explosives’ printed on them.”
e
wreak havoc with a vertical for- Swiss Siberia, where multigen- Trakt is less rudimentary. All
al a
est. “The difficulty wasn’t dis- erational groups of watchmak- five accommodations are ele-
playing these 40- and 50-foot- ers across many brands toil the vated on thin pillars of lac-
ci on
tall trees,” the architect said, winters away. In the architec- quered steel. From afar, they
but in re-planting them onto turally tame village of Le Bras- appear to be floating in a circle.
the building so that they could sus (pop. 1,400), a five-story Inside each cabin, 7-foot win-
prosper. Myriad engineers were building might have stuck out. dows serve as ceilings, so the
engaged to consult with an in- So when replacing the old Hô- forest dweller can lay on the
er s
digenous Tupi Guarianí tribe tel des Horlogers with a bed and gaze up at the sway-
chief, who helped find trees much larger structure, Danish ing canopy, as a child would.
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GEAR & GADGETS

All Tied Up?
Six cable management solutions to untangle
the rat’s nest on your desk
BY NINA MOLINA other surface. Then, one by one and
I
before you plug anything into a
F YOU WORK from home, socket, arrange your items in a way
and are anything like us, that seems most functional. “When
your desk may have begun to we’re setting up a new desk, most of
resemble the looping “Spa- us just want to get straight to work,”
ghetti Junctions” that bridge said Sam Beckman, who makes vid-
our interstates. Managing the sprawl eos about technology for YouTube.
of cables required to connect one’s But if you take the time to try sev-
devices can feel as daunting as solv- eral arrangements, he said, you’ll
ing an infrastructure crisis. But with eventually find the most efficient, ti-
the bevy of handsome organizational diest setup. Once you’ve landed on a
tools now available, it doesn’t need favorite and added the vital cables,
to be a bleak proposition. consider using these management
ELIOT WYATT
Begin by restoring your desk to a tools—ranked here by ascending lev-

more primordial state. Unplug all els of neat-freakiness—to help keep
your devices and move them to an- things straight.
FOR THE MILDLY BOTHERED, WITH FEW DEVICES FOR THE ASPIRING, BUT REALISTIC, MINIMALIST FOR OBSESSED ORGANIZERS SEEKING A CHALLENGE
Wherever they originate, Adhesive cable clips allow Even if all your cables are Upon close inspection, Once you’ve found ways Even with your mess un-
.
your cables usually lead you to route your cords routed to the power strip some entry-level desk or- to streamline how your der the strictest control
ly
to one of a few destina- systematically over the underneath or on top of ganizers can reveal a devices connect, it is time thanks to all the preced-
tions, be that a laptop, surface of your desk, in- your desk in a sensible mullet-like mien: clean on to take matters a step ing devices, your mind can
USB hub or power brick. stead of letting them manner, they can still be the top, messy at the further. Use one or two still be cluttered if your
The Matador Re-Ties Re-
usable Zip Ties allow you
to tightly bind all the
cords on the same path
sprawl or droop wherever
their whims (and gravity)
might lead them. Besides
black and white, the Blue
on a bit of an eyesore. The
Yamazaki Home Cable
Management Box allows
you to hide the mess. The
back. You might be en-
couraged by their appar-
ent tidiness but succumb
to melancholy every time
of the organizers from
this set of elegant Con-
tainer Store x KonMari
Stackable Bamboo
desk is your kitchen table,
covered in toast crumbs.
Consider upgrading to
something more suitable
us ,
so that they don’t spread Lounge CableDrops come company says this also you glimpse the tangle of Drawer Organizers to to work, like the Herman
l
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GEAR & GADGETS

SILHOUETTE NOUVEAU
Though functionally similar
to the Kia EV6, the Ioniq 5
boasts futuristic styling.
energy-flow graphics there)

and the center touch screen,
all in a white, iPod-like
frame propped atop the
dash console.
The Hyundai also retains
the skeuomorphism of a Start
button and physical gearshift
stalk to the right of the steer-
ing wheel.
Other cabin notes: With
the Limited trim, the front
center console slides back
and forth between the seats,
which is both convenient and
ergonomically smart. The
seating comfort is quite good,
the posture upright. If you
want to relax while charging,
the driver seat has a powered
leg rest. The rear seat backs
can also recline a bit.
You want features? The
Limited throws the book at
you. All of Hyundai’s driver-
assist systems, from lane-
keeping to rear cross-traffic
alert to head-up display, are
included, as well as rain-
sensing wipers, hands-free
RUMBLE SEAT / DAN NEIL power liftgate, a full-length
fixed sunroof and lots more.
Navigation and Android
The Hyundai Ioniq 5: An EV

Auto/Apple CarPlay are in-
cluded with all cars.
The Hyundai also offers
limited vehicle-to-load charg-
That Really Looks the Part

ing. Users can plug into the
.
car’s charging port with the
ly
external V2L adapter, about
the size and shape of a vin-
tage Ericofon handset. From
“HOW DID you get one?”
Holding his young daugh-
ter by the hand, a father
walked across the parking lot
same skate-like platform as
the Kia (reviewed in April)
and takes a similar approach
to the retail market. The base
on that rapid recharging is out
there, if needed.
Features and options vary
a little between the Ioniq 5
sional rattling from the rear
cabin of our test car I could
not isolate (seat belt?). And
everyday quick: Our matte-
spoke leather-wrapped steer-
ing wheel has a good hand. As
for ride quality: not great.
Our tester sat on tarty 20-
there users can draw up to 1.9
kW of electricity, enough to
supply an overnight campsite.
For EV doubters, this last
us ,
to get a better look at the model SE Standard Range and EV6, but in the main the gray test car waltzed away inch aluminum wheels with item might be the most per-
2022 Hyundai Ioniq 5 Limited ($41,195, before available tax cars are two answers to the from ostentatiously fast cars spars and center-cap all suasive: The Ioniq 5 comes
l
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AWD, an amiable and feature- credits) has a single rear mo- same question. What sepa- between stop lights, including painted black like goth finger- with Hyundai’s usual 10-year
al a
rich electric crossover tor (168 hp) and 58.0 kWh rates them is exterior styling. a motorsports-tuned Dodge nails. These look wicked but or 100,000-mile powertrain
dressed in Euclidean couture. battery pack, good for 220 The EV6’s streetside presen- Challenger that didn’t give up toughen up the ride. warranty, in this case includ-
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But, really, the daughter miles of range. Long Range tation—characterized by its so easily. Compared to the daring ing battery pack, the onboard
was steering. M’lady was models step up to a 77.0 kWh low roof, turret-like window With its low center of mass outside, the Hyundai’s inte- charger, motors and power
quite starry-eyed over the battery pack, good for up to openings and soft-shoul- and wide stance, the Ioniq 5 rior style seems deliberately electronics. Also included is
Ioniq 5’s cubistic cuteness, 303 miles, says the EPA. dered, sinuous shape—speaks has a confident handling quotidian. The signature bit five years of unlimited-miles
which seemed age-appropri- All-wheel drive versions a familiar, even traditional id- character, with little body roll is the dual-display panel, roadside assistance.
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ate given that the Ioniq 5 feature the larger pack and iom for sporty hatchbacks. It in fast curves and fairly high combining the driver’s in- They don’t even have that
looks like it’s made of the additional motor up doesn’t scream electric, in cornering limits. The two- strument screen (some kinky in Minecraft.
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stacked Minecraft blocks. A front, delivering a dexterous, other words.

simple, almost naive design With a face like Boba
motif of repeating boxes, like Fett’s helmet, the Ioniq 5
eight-bit pixels, unites de- The Ioniq 5 feels and its future intent pack a
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tails including the interior wallop. Please consider the

solidly assembled,
door trim, the charge-port
door and LED taillights. with a soft-singing
dramatic diagonal light lines
along the sides that intersect
The Early Bird
I could have signed Dad to and interrupt the lower body
a long-term lease on the spot,
effortlessness
around town.
trim. Alas, on the driver’s Gets the Poplin.
co Fo
the poor sap. He said he had side this detail looks a bit
been looking but these birds
are still pretty rare. I ex-
like an incised-metal Z, as if
it was out of the Russian
2 for $499
plained that sales of the potent, digitally managed army’s motor pool.
Ioniq 5—the first offering 320 hp. The entry point for Same car, only different. As part of the Frank Stella
from Hyundai’s sub-brand for long-range AWD is $48,745 Hyundai Motor Group’s de- Collection, our timeless, cotton
electrics—have been limited (SE AWD). But if you really sign leadership clearly means rich “Perfect Poplin” suits are
to a few EV-certified dealer- want to indulge yourself to put some distance between now offered at the sale price
ships in 26 states, at last with government funds, you the two brands’ visual iden-
of 2 suits for $499!
count, most observing Cali- crave the maximally tity in the era of electrifica-
fornia’s Zero-Emission Vehi- equipped Limited AWD tion. And yet it’s curious: Kia A definite warm weather
cle (ZEV) program. ($57,440), like our test car. is supposed to be the more necessity for the well dressed
n-
Kia’s EV6 is pretty much Shoppers, please note youth-appealing, hamster- man, available as two-button
the same car as the Hyundai, that both batteries are 800- loving of the two, but it’s the
I offered, but it’s available in volt systems, so they are Hyundai with the symmetry-
models in a classic fit.
all 50 states. Daughter able to digest DC fast charg- breaking modernism. In your choice of khaki,
no
seemed not at all interested ing (a maximum 235 kW). The Ioniq 5 feels stout, sol- olive, oyster or navy.
in the un-boxy one. There The opportunity here is that idly assembled, with a glid-
hangs a tale. some penny-wise buyers, ing, soft-singing effortless- Reg. $295 each,
But first, how about some with access to home charg- ness around town and a Sale: 2 for $499
boilerplate? The Ioniq 5— ing and limited routine driv- whispering strength on the
midsize, four-door, five-seat ing, could live happily with highways. I would call it dead
hatchback—is built on the the smaller battery, knowing quiet, but there was occa-
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the sole retail outlets.
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THE WALL STREET JOURNAL. * * * * Saturday/Sunday, May 7 - 8, 2022 | S1
Special Advertising Feature
Alaska
BACK TO BEAUTY
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Hello, Paradise!
no
Sail into Alaska’s cruising season
PHOTO COURTESY OF NORWEGIAN CRUISE LINES

Cruise ships from Norwegian Lines, including the Norwegian Encore (above) and the smaller ships of Oceania Cruises and Regent Seven Seas,
will carry thousands of passengers to Alaska this summer. The destination is so popular some sailings are almost full.
GET THE MOST Cruising can offer you the experience — and summer — of a lifetime
OUT OF YOUR TRIP
Plenty of Room
What’s “If there’s anything Alaskans know how to do, it’s socially distance,” says Sarah Leonard,
New president and CEO of the Alaska Travel Industry Association. “We have more wildlife
than people in most towns, with 130,000 black and brown bears across the state.”
New cruise ports opened in Sitka and

Ketchikan; Icy Strait Point added a The Way to Go
new pier and gondola transportation
Alaska “is a good entry-level cruise for people who are newbies to cruising as there are no
system; and the Sealaska Heritage
language barriers, the currency is the same and your cell phone might even work,” says
Arts Campus in Juneau is preparing
enthusiast Darla Bernard from Rochester, New York.
for its grand opening in June.
Fun for the Kids

From the moment you leave port, your kids will be entertained on board, where cruise lines
provide supervised programs and parties. Once ashore, children will love dancing with Native
Americans, hiking to lakes, fishing in streams and watching real lumberjacks climb trees.
PHOTO COURTESY OF HUNA TOTEM CORPORATION
Meet the Native Americans operating a new What Alaskan institution has been named Yes, you can see bears — if you are ready to take a
INSIDE Skyglider and ZipRider at Icy Point Strait. one of America’s Cultural Treasures? seaplane across the wilderness.
PAGE S2 PAGE S4 PAGE S6
The Wall Street Journal news organization was not involved in the creation of this content.
S2 | Saturday/Sunday, May 7 - 8, 2022 * *** THE WALL STREET JOURNAL.
Alaska
BACK TO BEAUTY
Ready to Get Away?

F I N D W O N D E R AN D E XC I T E M E N T W I T H O U T L E AV I N G T H E C O U N T RY
PHOTO COURTESY OF NORWEGIAN CRUISE LINES

Hiking on a glacier is an ultimate Alaskan experience. A favorite shore excursion from Norwegian Cruise Line
.
ships is a helicopter ride to the Mendenhall Glacier in Juneau with a walk across the icy terrain.
ly
New venues, ancient glaciers and 130,000 bears are waiting
on
T
he summer of 2022 belongs the top of the world’s longest ZipRider, which is “not Seward to Vancouver in August, is priced at $20,599
for the faint of heart,” Richardson laughs, “because per person. Less expensive cabins are available on all
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in about a mile, you drop 1,330 feet and can reach three lines during this summer’s cruise season, al-
to Alaska. New ports are
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speeds of 60 miles per hour.” There’s no age limit for though “space on Oceania in August is quite scarce,
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the ZipRider — Richardson says one guest was 100 so anyone looking to sail this year should act fast,”
open, whales are breaching years old — but you must weigh at least 75 pounds. says a spokesperson for the line.
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More earthbound adventures include whale and bear Oceania is considered a premium line offering a
and tourism is alive again. watching, hiking, ATV riding and attending perfor- luxurious experience. Its ships are known for their
mances by Native dancers. gourmet chefs, whose cooked-to-order menus in-
“About 80% of our employees are Native locals. And clude Alaskan seafood, like halibut and king crab,
“Alaskans are nothing if not resourceful, and
the really neat thing is that many of the people you and who host an Alaskan Chef’s Market Dinner on
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throughout the pandemic some tourism businesses

meet own the place, because they are shareholders,” most cruises. A popular excursion is a visit and tast-
and destinations took the opportunity to expand
Richardson reveals. While other cruise ships may use ing at a family-owned oyster farm.
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their offerings,” says Sarah Leonard, president and

the new facilities, only Norwegian and its sister brands, Norwegian Cruise Line ships do carry thousands of
CEO of the Alaska Travel Industry Association.
Oceania and Regent Seven Seas, have berthing rights. passengers and feature raucous on-board entertain-
“Alaskans are definitely excited to welcome travelers
ment venues, but several of them, including Bliss, the
back and share these new experiences.”
CULTURAL AND
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very ship that made this year’s first cruise, also contain
The first cruise ship to sail to Alaska this season
was the Norwegian Bliss, which left Seattle on April LUXURIOUS DELIGHTS private enclaves of luxury cabins, gourmet restaurants,
private decks and pools and even butlers.
23 and made stops in Juneau, Glacier Bay National Also new this year — so new that the first
Park and Ketchikan. By the end of the 2022 season in Norwegian Bliss passengers were too early for its
THE HAVEN
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September, at least one million travelers are expect- opening — is the Sealaska Heritage Arts Campus in
ed to visit there by cruise ship. Juneau. Rosita Kaaháni (“It means a woman in the You feel like you’re on a floating mansion when
place of a man,” she says) Worl, president of the you’re in The Haven,” states Richard Lounsbury, from
ICY STRAIT POINT Sealaska Heritage Institute, reports that the campus Rochester, New York, who, along with his wife Darla
One of the projects completed during the two- will teach and showcase Native arts. “Our goal is to Bernard, are longtime Norwegian cruisers. “The spe-
year, COVID-19-fueled lull was a partnership be- make Juneau the Northwest Coast arts capital of the cial treatment begins pre-cruise with a dedicated
tween Norwegian Cruise Lines Holdings and Native world. Our artists created the first 360-degree totem phone concierge department. During the boarding
American tribes to expand and improve the Icy Strait pole. Usually, totem poles are carved only on one process,” Bernard adds, “there’s a separate check-in
Point Port in Hoonah. When those first passengers side, but ours will stand between our buildings and for Haven guests. Some of the bathrooms in Haven
from the Norwegian Bliss disembarked at Icy Strait, will be seen from all angles. This summer, visitors can cabins have floor-to-ceiling windows, so you can sit
near Glacier Bay National Park, no lines of vans and watch our artists carve totem poles.” in the tub and look out over the ocean.”
n-
motorcoaches were waiting to take them on excur- Visitors arriving from June 8 to 11 will also be able Many families take multigenerational cruises to
sions. Instead, a new gondola system whisked them to attend Celebration, a biennial festival of Native Alaska, and booking grandparents into The Haven
aloft toward an historic salmon canning factory culture. “Our people will come on canoes from other while their adult children and grandchildren enjoy a
that’s been transformed into a visitors’ and perfor- villages and we’ll have a big parade through town, Norwegian ship’s more active amenities is a perfect
no
mance center where they can choose from 31 differ- plus 35 groups will be doing Native dances, food con- solution, says Gene Y. Miyake, managing director of
ent excursions. tests and the Baby Regalia Review of young children Non-Stop Travel in Honolulu. Miyake, who took an
“Our elders who used to watch cruise ships pass will be dressed in traditional clothing,” Worl says. Alaskan cruise last fall on the Norwegian Encore, dis-
by on their way to Glacier Bay were inspired to build Of course, many are drawn to Alaska for its scen- closes, “Even easily bored teenagers will love the ship’s
something here,” explains Mickey Richardson, di- ery and wildlife. While ships of all sizes can enter double-deck Go Kart track, its virtual reality venue
rector of marketing for Huna Totem, the Native cor- Glacier Bay to watch whales breach, sea lions and ot- called the Galaxy Pavillion and the laser tag area. And
poration that owns 23,000 acres there. “We formed a ters play and glaciers calve (shed some of their ice if the family takes shore excursions together, they all
corporation with 1,550 aboriginal shareholders from into the ocean), passengers on smaller ships can get have something to talk about at dinner that night.”
the Tlingit tribe, built a pier and began offering ex- closer to the action. Oceania and Regent Seven Seas No matter where your cabin is located, Bernard
cursions. With help from Norwegian Cruise Lines, we ships carry about 700 to 1,200 passengers compared reports that a cruise to Alaska this summer “is a good
recently built a second pier and installed a gondola to the 5,000 or more on traditional cruise ships. entry-level cruise for people who are newbies to
transporter that can carry more than 4,000 visitors per Luxury brand Regent Seven Seas Cruises’ ships cruising as there are no language barriers, the cur-
hour, removing the need for at least 100 tour buses.” also feature spectacular suites, with deluxe furniture rency is the same and your cell phone might even
A second gondola system, the Skyglider, opens up and linens, extra bedrooms and bathrooms, private work. It’s more casual than other cruises because the
the best views in Alaska, soaring over 196 acres of first- balconies and a personal butler. The master suite guests are onboard for the natural beauty. The scen-
growth forest and nature trails. It also takes visitors to on Seven Seas Mariner, for a seven-day cruise from ery and wildlife are spectacular.”
PHOTO COURTESY OF OCEANIA CRUISE LINES
PHOTO COURTESY OF REGENT SEVEN SEAS
There may be whales outside, but inside an Oceania cruise ship, guests can A majestic mix of mountain, sea and air makes every Regent Seven Seas
enjoy gourmet meals and fine wines in Toscana, a Tuscany-style restaurant. Alaskan cruise a jaw-dropping experience.
EVERY
LUXURY
INCLUDED
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SPACE AT SEA™
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The luxury of personal space is central to the promise of An Unrivaled Experience®

with Regent Seven Seas Cruises. It provides the extravagant freedom guests
need to explore and relax to the fullest in some of the largest balconies and most
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UPGRADE & EXPLORE MORE

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and $1,000 Shipboard Credit per suite on select voyages
This special offer ends June 30, 2022
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CALL 1.844.473.4368 OR CONTACT YOUR TRAVEL ADVISOR

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*For applicable sailings and terms and conditions, please visit RSSC.com/Upgrade-and-Explore-More
Alaska
BACK TO BEAUTY
Learning About the

First People of Alaska
A
by Julie Bennett
PHOTO BY CHRISTOPHER WU
ccording to Travel Alaska, the state’s official
vacation information site, about 15% ofAlaska’s
total population are Native people, who can
trace their ancestry back 10,000 years. Alaska is
Dancers at the Alaska Native Heritage Center in Anchorage perform a song from
home to 229 federally recognized tribes and 11 distinct cultures. Western Alaska.
“But for many years, having an Alaskan experience generally Cruise lines now highlight Alaska’s Native cultures with videos
Tours Galore meant tourists checked off bucket lists of glaciers, mountains, brown and lectures. Marcia Rector, a frequent Regent Seven Seas cruiser
bears and whales. It seemed many were not aware that people have who sailed to Alaska in 2019, says that onboard talks by author,
been here for thousands of years and still use the same tools, follow anthropologist and storyteller Terry Breen “brought every destina-
For an in-depth understanding the same traditions and perform the same dances as their ances- tion to life for us. In Ketchikan, we learned about Tlingit and Haida
of Native American Culture, tors,” says Emily Edenshaw, president and CEO of the Alaska Native cultures and the stories depicted on totem poles.”
consider these shore Heritage Center (ANHC) in Anchorage, one of several institutions Oceania is even helping pioneer a new port at Klawock, a small
excursions. You can find and businesses founded to fill in the knowledge gap. town with one of the largest collections of totems in the world.
them at NCL.com. The Heritage Center contains cultural objects from that past and
KETCHIKAN
includes replica villages representing each distinct culture, with POWERFUL EXPERIENCES
Natives ready to engage visitors in demonstrations of their arts, Native groups are also becoming tour providers. In February,
Alaska Culture Experience games and dances. “We want visitors of all ages to have an active the Huna Totem Corporation, owners of Icy Strait Point port and
• Visit Totem Bight State Historical experience here and bring our cultures out from behind museum attractions, joined Doyon Limited to purchase 80% of Alaska
Park glass,” Edenshaw says. Independent Coach Tours. The joint venture, called Na-Dena’ LLC,
Saxman Native Village &
.
will focus on sustainable tourism, providing jobs for Natives and
Lumberjack Show FULL OF LIFE
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culturally immersive experiences for tourists. In addition to its tour
• Visit Saxman Totem Park In 2020, the Ford Foundation named the Heritage Center one of bus operations, Na-Dena’ employees will serve as greeters at de-
• See The Great Alaskan “America’s Cultural Treasures,” awarding the center a grant of $3 mil- parture ports like Seattle.
Centuries ago, Tlingit tribespeople carved canoes; today they
Lumberjack Show
Ketchikan Native Tlingit
Walking Tour
on
lion to support its general operating expenses over the coming years.
“I think visitors today want to be more inclusive and are more inter-
ested in cultural and regenerative tourism,” Edenshaw says. Because
a stop in Anchorage begins or ends the majority of cruises, tourists
own and operate American Dream Cruises, a fleet of six small ships
that carry passengers between southern Alaskan cities and bring
tourists into Indigenous-owned venues, like Hobart Bay.
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SKAGWAY can plan to visit the center before boarding their ships or airplanes. The website of the Alaska Native Heritage Center in Anchorage
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Haines Native Culture Experience Exploring the fascinating history and culture of the Sitka tribe is explains that cultural tourism goes beyond introducing tourists
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to Native artists and storytellers. “It’s the perpetuation of our
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• Enjoy a scenic tour of the Chilkat easier than ever because a variety of Native-led tours are now avail-
Bald Eagle Preserve able as port excursions from cruise lines, including Regent Seven Seas ways of life; it is healing, language revitalization; it is the accu-
and Norwegian. Visitors to the town of Sitka will hear about the 1804 rate telling of Alaska Native history; it’s our youth knowing they
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• Traditional songs and storytelling

in the Tlingit village of Klukwan battle between the natives and Russians who had settled there. Native are part of a community that is living and vibrant, with a robust
guides lead visitors through the Sitka National Historical Park, point- future, and that we have had and still have a powerful experience
ing out medicinal plants and talking about the history of totem poles. to share.”
ICY STRAIT POINT
Tours end with the Naa Kahidi dance performance in a traditional If you want to study Native culture before leaving home, Travel
Hoonah Sightseeing
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style Tlingit Clan House or with a tour of the Alaska Raptor Center Alaska, the state’s official vacation information website, has a col-
where Natives provide medical treatment for injured bald eagles. orful section devoted to it at travelalaska.com.
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IT’S YOUR HEART

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THAT TAKES YOU PLACES

We make your travels to the worlds most magical destinations possible.
But its your endless passion for discovery that leads you there.
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2 for 1 Cruise Fares

FREE Roundtrip Airfare*
FREE Airport Transfers*
plus choose one:
FREE Shore Excursions
FREE Beverage Package
FREE Shipboard Credit
*Visit OceaniaCruises.com/terms for Terms and Conditions.
CALL 855-OCEANIA (855-623-2642) — VISIT OCEANIACRUISES.COM/WJ — CONTACT YOUR TRAVEL ADVISOR

DISCOVER TRUE LUXURY IN ALASKA

Book an Alaska cruise in 2022 and let the pampering begin in The Haven By Norwegian®
The best way to cruise Alaska is with Norwegian Cruise Line. Hidden away at the top of most of our ships is The Haven,
an exclusive enclave with our most luxurious and well-appointed accommodations. Bask in tranquility in The Haven

who will make all your arrangements on board and on shore. Best of all, youre just steps away from a variety of unique
specialty restaurants, award-winning shows and exciting activities your ship has to offer. Experience true luxury at sea
on an Alaska vacation youll never forget.
BOOK ONLINE AT NCL.COM | CALL US AT 1.888.NCL.CRUISE | OR CONTACT YOUR TRAVEL ADVISOR
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Norwegian Encore, Glacier Bay
©2022 NCL Corporation Ltd. Ships Registry: Bahamas and USA. 429428 04/22
The Haven Courtyard The Haven Sun Deck The Haven Observation Lounge
Special Advertising
Special Feature
Advertising Section
Alaska
BACK TO BEAUTY
Watching Bears,
Whales &
Mountains
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You can’t get much closer to an iceberg than these Lindblad Expedition guests. Lindblad passengers take Zodiacs from their ship to explore Alaska’s coastline.
PHOTO COURTESY OF LINDBLAD EXPEDITIONS
See it all during onboard adventures, shore excursions and land tours
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by Julie Bennett
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verybody has a peak Alaska Lindblad is not as port-focused as larger ships, MEI-Travel, because some popular excursions
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experience. For Teresa but does make some stops. Hawkins recalls a visit sell out fast.
Hawkins from Cornelius, to Petersburg, a village founded by Scandinavian “Once you book an Alaska cruise, it’s best to
North Carolina, it was getting settlers. “It was fun to explore. We looked up at a sit down with your traveling companions to dis-
close to a big brown bear in a big tree and there must have been 10 or 12 eagles, cuss excursion options,” Mahnken advises. “Are
er s
solo kayak. “We traveled on just sitting on branches.” you looking for something active, like zip lining,
the Lindblad ship National Because of Lindblad’s partnership with National or maybe a bit more relaxing like whale-watch-
Geographic, select voyages to Alaska have a ing? Do you prefer to learn more about Native
m er
Geographic Venture in
September 2019,” she says. National Geographic photographer onboard, and American culture or do you want to hop on a he-
“I was paddling a kayak along the coast, looked every voyage has a Lindblad-National Geographic- licopter and set foot on a glacier? The hard part
up and there was a bear fishing in a stream, not certified photo instructor to help guests get those will be deciding, but once you do, you will have
m rp
50 feet away. He looked at me and our eyes con- great shots. But you may have to wait until 2023 to the experience of a lifetime.”
nected. I took a great picture and have been using take them, because almost all Lindblad expedi- “A Celebrity cruise to Alaska is spectacular,
it on notecards ever since.” tions are sold out for this year. but adding the land tour gives you more of the
Karen Kuest, the expedition development There is still availability on the three Celebrity iconic Alaskan experiences,” Halcomb says. “For
manager for North and Central America for ships that will be visiting Alaska this summer, more opportunities to see Alaska’s wildlife big
co Fo
Lindblad Expeditions, reports that guests on reports Brendan Halcomb, the line’s manager of five — moose, caribou, Dall sheep, bears and
their 62- or 100-passenger ships (two of each) cruisetours sales and marketing. “Wherever you wolves — you should take the land tour before or
have intimate experiences with Alaskan wildlife travel in Alaska with Celebrity, you’ll discover after your cruise.” Such land tours start in Seward,
and scenery every day. “Because we have small- destinations that take your breath away,” he says, Anchorage or Fairbanks and include luxury travel
er vessels, we can get into coves or shallower “and a new luxury experience onboard that is ex- via motorcoach and domed rail car, a dedicated
water. When we’re in Glacier Bay, for example, traordinary.” Celebrity offers seven-night sailings local tour guide and overnights in the best local
our deck is only 15 feet above the water and we with the option to add a two- to six-night land lodges. All land tours will visit Denali National
can see the porpoise, whales and otters playing tour as part of the cruisetour experience. Park, the home of Denali, North America’s high-
around us, or spot wolves on nearby shorelines. With the exception of Lindblad and other ex- est peak.
Guests can get even closer on Zodiacs, kayaks or pedition ships, all cruises to Alaska offer shore More adventurous travelers can skip the
n-
stand-up paddle boards. We also take you hiking excursions, optional journeys you book through arranged land tours and book journeys on
in nearby forests, where you can smell the hem- the cruise line for each port you visit. But you their own. The website of Visit Anchorage at
lock and spruce trees and really absorb Alaska,” better book them quickly, warns Beci Mahnken, anchorage.net offers lists of companies that can
Kuest says. a certified travel advisor who is affiliated with provide “urban and wild” experiences.
no
PHOTO COURTESY OF LINDBLAD EXPEDITIONS
PHOTO COURTESY OF CELEBRITY CRUISES

A Celebrity Cruisetour to Denali National Park before or after your cruise can include rides on ATVs (left). A breaching whale shows off her talents for Lindblad
explorers (center). Passengers often spot moose, Dall sheep and even bears from the domed rail cars that are part of a Celebrity Cruisetour (right).
Fishing One bucket list Alaska item is catch- Glaciers If your dream is to get close to Bears There is never a guarantee you’ll see bears on
ing salmon, which you can do from a glacier, Lisa Kruse, director of a bear-viewing flight with Rust’s Flying Service,
a chartered boat or by gearing up sales and marketing for Phillips but the tours are timed for success, “because
at The Bait Shack and fishing Ship Cruises and Tours, LLC, says their we only go to each location when the bears
Creek in downtown Anchorage. cruises can take you and your are most active,” says Cole Chambers, director
family to see wildlife and 26 gla- of sales and marketing for the Anchorage-
Proprietor Dustin Slinker rents out
ciers in one day. Their high-speed based company. July is when the bears return
fishing gear and waders, and can
to Brooks Falls to feed on salmon in Katmai
even get you hooked up with a State catamarans cruise the calm wa-
National Park and Preserve. Later in the season,
of Alaska fishing license. He also ters of Prince William Sound from
flights go to Lake Clark National Park and
offers a team of licensed, insured Whittier, providing a smooth cruise
Preserve, where a guided pontoon takes you to
fishing guides. If you want to explore experience for everyone. “We offer
Crescent Lake where bears also fish for salmon.
outside Anchorage, Slinker says, a no-seasickness guarantee — or
“you can take the rented gear along your money back,” she says.
for your own Alaska DIY experience.”
.
ly
on
us ,
l
e
al a
ci on
er s
m er
m rp
co Fo
DISCOVER THE
WILD SIDE OF LUXURY
n-
With its snow-capped mountains, active glaciers, and

captivating wildlife, Alaska will awe even the most seasoned
no
explorers. Starting this May, the stunning Celebrity Solstice®

offers perfectly timed -night Alaska sailings from Seale.
Discover the wonders of Juneau, Dawes Glacier, the
Inside Passage, and more—while enjoying every luxury
on board—with drinks, Wi-Fi, and tips Always Included.
TO SEE CURRENT OFFERS

AND ITINERARIES SCAN
THE QR CODE WITH YOUR
CELLPHONE CAMERA
CALL --- | CONTACT YOUR TRAVEL ADVISOR | VISIT CELEBRITYCOM
*Always IncludedSM Pricing Packages apply to inside, ocean view, veranda, Concierge Class, or AquaClass® stateroom (“Eligible Bookings”). All guests in an Eligible Booking who choose the “Always Included” pricing package
will receive a Classic Beverage Package, Gratuities (“Tips”) Included, and an unlimited Basic Wi-Fi package. ©2022 Celebrity Cruises Inc. Ships’ registry: Malta and Ecuador.
Alaska

BACK TO BEAUTY
Taking Your Children

on a Great Adventure Alaska is the perfect
choice for multi-
generational cruises.
by Julie Bennett Grandparents, parents
C
and children can share
ertified travel consultant Jeanna Golpira a visit to a kennel where
Iditerod huskies are raised
says her four childrenhave taken many trips, in Denali National Park
or the view from the deck
but their favorite of all was an extended of a luxury Regent Seven
Seas cruise ship.
cruise to Alaska in the summer of 2019.
PHOTO COURTESY OF REGENT SEVEN SEAS
“We flew in three days early to take a Celebrity and marketing manager, says Celebrity cruises board the ship, they receive a specially designed
Cruisetour to Denali National Park before our have supervised onboard programs for younger field notebook to keep track of what they learn dur-
cruise,” Golpira says, “and everyone, including our children, ages 3 to 12. “We have hundreds of ac- ing the trip. The educator leads them on hikes, for
children, then ages 12 to 18, had a fabulous ex- tivities that encompass art, recreation, culinary example, and they get down and dirty to explore ev-
perience. We saw bears and moose at Denali and experiences and STEM. When parents ask about erything and, because kids are so agile, they can get
stayed in luxurious lodges. On board, when the excursions suitable for children, I suggest the White to places not accessible to big people. A huge hit for
ship entered Glacier Bay, my husband and I stayed Pass & Yukon Route Railway Tour out of Skagway; the kids is earning their Zodiac driver’s license.”
on our balcony, but our kids had great fun racing the Alaska SeaLife Center in Seward, where you Whether children will enjoy a full-day, air-and-
around to get the best views of the glaciers.” see octopus, puffins and sea lions; or a visit to an land, bear-viewing adventure depends on their
“Hands down,” she adds, “the best excursion was Iditarod dog training kennel. But the highlight for ages. Cole Chambers, director of sales and mar-
the day we took a helicopter out of Juneau to stand most kids is the Great Alaskan Lumberjack Show keting for Rust’s Flying Service, says, “Due to the
on a glacier, then traveled to a mushers’ camp to go in Ketchikan, where lumberjacks climb trees, use duration of the tours, we generally don’t recom-
dog sledding with huskies. It was the adventure of chainsaws and try to balance on floating logs.” mend parents take children under 6 on our bear-
a lifetime. And at the end, they put a husky puppy Oceania cruises include an Alaska Explorer viewing excursions, but kids love our flightseeing
.
into everyone’s arms. Our cruise motto became, Youth Program for children ages 5 to 12. The pro- trips.” Children of all ages can participate in Native
ly
‘Everything should end with puppies!’” gram is supervised by experienced youth counsel- dances and interactive crafts at the Alaska Native
ors and features interactive and culturally focused Heritage Center in Anchorage.
ANIMALS FOR EVERYONE ongames and activities. Matthew Worden, chief exploration officer
No puppies, but another excursion the whole Youth programs on Norwegian cruises include at Go Hike Alaska, says kids ages 4 and up are
family liked was fishing for salmon from a charter Splash Academy, with supervised sports and other welcome on their Flora & Fauna Nature Walk in
fishing boat in Ketchikan. “I caught the biggest fish activities for kids 3 to 12, and Entourage, with su- Chugach State Park’s Glen Alps, where hikers
us ,
on the boat,” Golpira reports, “and we were able pervised video games, arts, music and sports for might see snowshoe hare, lynx, moose and bears.
l
to have it frozen and shipped back home. The kids kids 13 to 17. They are also invited to join Backcountry Eats and
e
al a
also loved seeing whales breach during a boat tour Foraging Treats, also in Chugach State Park and
out of Icy Strait Point.” ACTIVITIES ABOUND Talkeetna. “Both foraging and cooking are fun for
ci on
The kids enjoyed being on the ship, watching the “The Global Explorers Program, led by a National younger kids,” Worden says. “But children should
shows and devouring the food. “The only problem Geographic-certified field educator, for kids ages 4 be at least 8 for the more strenuous five-hour long
is my husband now wants to retire to Alaska,” she to 18, is so much fun, we have to keep adults from Valley and Forests Hike.”
laughs. “We live in Delaware, and I was hoping for trying to participate,” laughs Karen Kuest, the expe-
the tropics.” dition development manager for North and Central Julie Bennett is a freelance writer specializing in
er s
Brendan Halcomb, Celebrity’s Cruisetours sales America for Lindblad Expeditions. “When kids franchising, small business and lifestyle issues.
m er
m rp
VISITANCHORAGE.NET
ALASKA
co Fo
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experts at Lindblad Expeditions and National Geographic.
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Prices from $4,660* trips and dates
©2022 Lindblad Expeditions. Lindblad Expeditions and the Eye are the trademarks of Lindblad Expeditions. All rights reserved.
©2022 National Geographic Partners, LLC. All Rights Reserved. NATIONAL GEOGRAPHIC and the Yellow Border are trademarks
of National Geographic Society and used with permission.
*Rates are per person in a Category 1 cabin based on double occupancy on select departures. Call for details.

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WSJ

former President Trump

against Twitter and its

Omicron’s Persistence Tests

Friday. The unemployment

party committed to the re- level of 3.5%, a half-century

View on Long-Lasting Defenses

ing last month, though facto-

tended recent gains. B1, B11

A2 | Saturday/Sunday, May 7 - 8, 2022 * ****** THE WALL STREET JOURNAL.

bor market continues to be There are several reasons down inflation.

Retail trade Wholesale trade manufacturing

CORRECTIONS  AMPLIFICATIONS U.S. WATCH

office for 151/2 months. A World

THE WALL STREET JOURNAL. * * * * * * Saturday/Sunday, May 7 - 8, 2022 | A3

EDDIE MOORE/THE ALBUQUERQUE JOURNAL/ZUMA PRESS

New Mexico Warns of Acute Fire Risk

that adenoviruses, which can

Baby Formula Is Getting Even Harder to Find

abama, did not have immuno-

as a result of viral infections

A4 | Saturday/Sunday, May 7 - 8, 2022 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ******** THE WALL STREET JOURNAL.

SYLVIA JARRUS FOR THE WALL STREET JOURNAL (2)

Michigan Gears Up for Abortion Fight

Judge Dismisses Trump Lawsuit Against Twitter

Oath Keepers’ Plea-Deal Deadline Passes

ter plea negotiations ahead of gage in conduct that ‘is tanta-

THE WALL STREET JOURNAL. * * * * * * * Saturday/Sunday, May 7 - 8, 2022 | A5

FREDERIC J. BROWN/AGENCE FRANCE-PRESSE/GETTY IMAGES

White House Sees Potential Surge

Omicron Weekly Covid-19 reinfections

Tests View 200 per 100,000 population

0 an Omicron subvariant, BA.2,

helped it dodge our built-up risks associated with repeated

and vaccination declined, ticularly if the virus spreads

A6 | Saturday/Sunday, May 7 - 8, 2022 NY * *** THE WALL STREET JOURNAL.

THE UKRAINE CRISIS

Chinese semiconductors don’t end up in

Pull Back them to comply, while sales

Join the Best Sporting Returning

Now Accepting Membership Applications

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, May 7 - 8, 2022 | A7

THE UKRAINE CRISIS

SCOTT MCINTYRE FOR THE WALL STREET JOURNAL

The Mideast Crisis: Can Israel Survive?

May 8 6:30 PM ET Walk Network Sunday

May 11 9:00 PM ET TCT Wednesday prophecy

May 11 9:30 PM ET CTN Wednesday

Brand-new from Jack Van Impe Ministries

Dr. Rexella Van Impe

A8 | Saturday/Sunday, May 7 - 8, 2022 * *** THE WALL STREET JOURNAL.

Millions Are Caught in Beijing-Imposed Lockdowns

and is struggling to pay debts. Beijing ahead of a major

While much of the world’s meeting of the ruling Com-

focus has been on the eco- munist Party this fall.

sixth week in Shanghai, many in the eastern city of Hang-

Covid-19 policies. All but one —Associated Press

ies and autonomous regions

In China, Even Mail Gets Covid Scrutiny

BY WENXIN FAN leave no perceived gaps in

After a worker at a postal source of outbreaks.

THE WALL STREET JOURNAL. * * * * * * * * Saturday/Sunday, May 7 - 8, 2022 | A9

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