华尔街日报-2021-09-29（搜搜报告）.pdf
* * * *WEDNESDAY,SEPTEMBER 29,2021 VOL.CCLXXVIII NO.76WSJ.comHHHH $4.00DJIA34299.99g569.38 1.6%NASDAQ14546.68g2.8%STOXX600452.35g2.2%10-YR.TREAS.g15/32, yi e ld1.534%OIL$75.29g$0.16GOLD$1,735.80g$14.20EURO$1.1685YEN111.50ImpasseDeepensOn DebtCeilingIncreaseAsGOPblockslatestDemocr ati ceffort,YellensaysU. S.couldexhaustcashbyOct.18WarrenCallsFedsPowellDangerous,OpposesSecondTermFACEOFF: Democratic Sen. Elizabeth Warren, speaking with Fed Chairman Jerome Powell before Tuesdays hearing, declaredher opposition to his second term because of his efforts to loosen financial regulations imposed after the financial crisis. A4KEVIN DIETSCH/GETTY IMAGESBYKEVINARMSTRONGReservations, Lines, BouncersBingo Hal l s Are a ToughTicketiiiChurches see pent-up demand f ori n-person pl ayi ngofpopul ar gameEDISON, N.J.Tony Cesareo,the bingo director at St. HelenaChurch, unlocked the door tothe parish hall from the inside.It was two hoursbefore the night sfirst game, but al-ready62playerswerestandinginthe parking lot. Thejackpot was high, at$4,056.Players had beenunruly of late. Torestore order, Mr.Cesareo set up arope line and man-dated that they preorder pack-ages of game tickets via textmessage.Now, 106 gamblers were onthe reservation list. As he readoff the first 12 names, 20 play-ers surged forward past oth-ers, some who leaned on canesfor balance.“Don t run anybody over,please,” Mr. Cesareo said.The pandemic forced manychurches to close for morethan a year. Nowpastorshavere-opened their doorsforservicesandare also seeing pent-up demand for in-personbingo.Insome spots, securityguards and good Sa-maritans struggle tokeep peace at thedoor.“Patience!”saidNellValentine,63,asshewatched a middle-age womanhold her elderly mother s handso as not to lose her to therush of players.Bingo has long been a go-toPleaseturntopageA12Call me maybeFacebook Inc. has comeunder increasing fire in re-cent days for its effect onyoung users and its effortsto create products for them.Inside the company, teams ofemployees have for yearsbeen laying plans to attractpreteens that go beyondwhat is publicly known,spurred by fear that Face-book could lose a new gener-ation of users critical to itsfuture.Internal Facebook docu-ments reviewed by The WallStreet Journal show thecompany formed a team toBYGEORGIAWELLSANDJEFFHORWITZSPORTSAfter a season ofmissteps, the Yankeesare still trying to figureout their identity.A16OMAR RAWLINGS/GETTY IMAGESWASHINGTONRepubli-cans blocked Democratslatesteffort to raise the debt limit,intensifyingahigh-stakesshowdown in the Senate hoursafter Treasury Secretary JanetYellen told lawmakers the gov-ernment would be unable topay its bills as soon as Oct. 18unless Congress acts soon.WithSenateRepublicanshaving lined up against thedebt-limit increase, the devel-opments raise new pressure onDemocratic leaders to find abackup plan to avoid a defaulton U.S. obligations. That couldinclude adding a debt-ceilingmeasure to an already compli-cated package to bypass a GOPfilibuster in the Senate, or ex-ploring other, unprecedentedapproaches to keep the federalgovernment liquid.“It is imperative that Con-gress swiftly addresses thedebt limit. If it does not, Amer-ica would default for the firsttime in history,” Ms. Yellenwarned in testimony before theSenateBankingCommittee,listing a financial crisis and re-cessionaspossibleconse-quences.SenateRepublicanshavesaid that Democrats, as theparty in power, should raisethe ceiling themselves. Demo-PleaseturntopageA4By Siobhan Hughes,Nick Timiraosand Kate DavidsonBUSINESS & FINANCEAuto makers arepouring money intodeveloping solid-statebatteries for cars.B1Federal Judges Heard CasesDespite a Financial InterestMorethan130federaljudges have violated U.S. lawand judicial ethics by oversee-ing court cases involving com-panies in which they or theirfamily owned stock.A Wall Street Journal inves-tigationfoundthatjudgeshave improperly failed to dis-qualify themselves from 685court cases around the nationsince 2010. The jurists wereappointedbynearlyeverypresident from Lyndon John-son to Donald Trump.About two-thirds of federaldistrict judges disclosed hold-ings of individual stocks, andnearly one of every five whodid heard at least one case in-volving those stocks.Alerted to the violations bythe Journal, 56 of the judgeshave directed court clerks tonotify parties in 329 lawsuitsthat they should have recusedthemselves. That means newjudges might be assigned, po-tentially upending rulings.When judges participated insuch cases, about two-thirdsof their rulings on motionsthatwerecontestedcamedown in favor of their or theirfamily s financial interests.In New York, Judge Ed-gardo Ramos handled a suitbetween an Exxon Mobil Corp.unit and TIG Insurance Co.over a pollution claim whileowning between $15,001 and$50,000 of Exxon stock, ac-cording to his financial disclo-sure form. He accepted an ar-bitration panel s opinion thatTIG should pay Exxon $25 mil-lion and added $8 million ofinterest to the tab.In Colorado, Judge LewisBabcock oversaw a case in-volving a Comcast Corp. sub-sidiary, ruling in its favor,while he or his family held be-tween $15,001 and $50,000 ofComcast stock.At an Ohio-based appealscourt, Judge Julia Smith Gib-bons wrote an opinion that fa-vored Ford Motor Co. in atrademark dispute while herhusband held stock in the automaker. After she and the oth-ers on the three-judge appel-late panel heard argumentsbut before they ruled, her hus-band sfinancialadviserbought two chunks of Fordstock,eachworthupto$15,000, for his retirement ac-count.PleaseturntopageA10By James V. Grimaldi,CoulterJonesand Joe PalazzoloStocks sank Tuesday, log-ging their sharpest pullbacksince May, as rising bondyields deepened a rout oftechnology company shares.For much of the past de-cade, many investors had piledinto shares of fast-growingtechnology companies, wager-ing they would deliver rela-tively robust profit growtheven in a sluggish economicenvironment. This week, thattrade hit a roadblock.With the economy out ofStocks Dive as Bond YieldsDraw Technology Investorsthe worst of the pandemic-fueled crisis, the Federal Re-serve signaled last week thatit could start to reverse itspandemic stimulus programsas soon as November andraise interest rates sometimenext year.Thatappearstohaveprompted an unwinding ofsome of the market s most en-during tradespushing Trea-sury yields to their highestlevel in months and sendinginvestors out of popular tech-nology stocks.Investors agree the eco-nomic outlook has improvedsignificantly since 2020. Butmany wonder how well themarket will be able to standon its own once the Fed be-gins to taper its monthly assetpurchasesespeciallysincethey credit much of the mar-ket s rebound from its pan-demic low to extraordinarylevels of monetary and fiscalsupport from Washington.Some investors have alsoexpressed concerns about theeconomic outlook. Inflationhas made a surprising come-backthisyear,somethingsome worry will start to cutPleaseturntopageA2BYAKANEOTANIANDWILLHORNER0 . 53 . 53 . 02 . 52 . 01. 51. 00 . 50%MondayTuesdayIndexper f or manc eoverthepas ttwodays ,five-minuteinter val sU. S. 1 0-yearTr eas ur yyiel dSo urce s: Fact Se t(p e rfo rmance ); Tulle t tPre bo n (yi e ld )Tuesday1 . 534%Dowindustrials1 . 4%NasdaqComposite3. 3%S&P5002. 3%1. 5 51. 2 51. 3 01. 3 51. 401. 451. 5 0%SeptemberINSIDEFacebooksEffortToAttractPreteensReachesBackYearsDocuments show moves came i n responseto competi ti on from Snapchat,Ti kTokNICHOLAS ALBRECHT FOR WSJ House progressives split overinfrastructure vote. A4study preteens, set a three-year goal to create moreproducts for them and com-missioned strategy papersabout the long-term businessopportunities presented bythese potential users. In onepresentation, it contem-plated whether there mightbe a way to engage childrenduring play dates.“Why do we care abouttweens?” said one documentfrom 2020. “They are a valu-PleaseturntopageA12Sixthinaseries Facebook seeks new advicefrom Oversight Board. A12CONTENTSArts in Review. A15Business News. B3Crossword. A16Heard on Street. B14Markets. B13Opinion. A17- 19Personal JournalA13- 14Property Report. B6Sports. A16Technology. B4U.S. News. A2- 7Weather. A16World News. A8- 9s 2021 Dow Jones & Company, Inc.All Rights ReservedWhatsNews Republicans blockedDemocratslatestefforttoraisethedebtlimit,intensify-ingashowdownintheSen-atehoursafterTreasurychiefYellentoldlawmakersthegov-ernment would be unable topayitsbillsassoonasOct.18unlessCongressactssoon.A1 The House Democratsprogressive bloc split overwhether lawmakers shouldvote for a roughly $1 trillioninfrastructure package thisweek even if a separate edu-cation,healthcareandclimatepackage remains in flux.A4 Federal judges failed torecuse themselves from 685lawsuits from 2010 to 2018involvingcompaniesinwhichthey or their families heldshares, a Wall Street Jour-nal investigation found.A1 Milley called the evacua-tion of Americans, Afghansand allies out of Kabul a “lo-gisticalsuccessbutastrategicfailure,”duringaSenatehear-ing in which some Republi-canssaidheshouldresign.A7Thousands of healthcareworkersinNewYorklosttheirjobs when a new Covid-19vaccine mandate went intoeffect, forcing some nursinghomestostopadmittingnewpatients and hospitals towarnoflongerwaittimes.A6 Regulatory clearance ofthe Pfizer and BioNTechvaccine for young childrenmay not come until Novem-ber, according to a personfamiliar with the matter.A6 The U.S. released a Rus-sianhacker from its custodythis week, handing him overto Russian authorities de-spitelong resistingMoscow sefforts to retrieve him.A9U.S. stocks slid, loggingtheir sharpest pullbacksince May, as rising bondyields deepened a rout oftechnology companyshares. The S&P 500, Nas-daq and Dow lost 2%, 2.8%and 1.6%, respectively.A1 Banks are on pace thisyear to merge at a level notseen since the 2008 finan-cial crisis, announcing morethan $54 billion in dealsthrough late September.B1 Sen. Warren said shewould oppose a second termfor Powell if Biden nomi-nates the Fed chief, high-lighting the intraparty di-vide over his candidacy.A4 Home-price growthclimbed to a record in Julyas buyers continued to com-pete fiercely amid a short-age of homes for sale.A3 China Evergrande Groupsaid it plans to raise about$1.5 billion by selling aminority stake in a Chi-nese bank to a state-owned enterprise.B1, B11 Hidden debt and prob-lematic projects are emerg-ing as features of China sBelt and Road Initiative, ac-cording to researchers.A9 OPEC forecast its shareof the crude market will riseto 39% by 2045 from about33% now, as output by otherbig producers ebbs.B1 Australias competitionwatchdog expressed con-cernsaboutthedominanceofGoogle in a large part of theonline-advertising sector.B4 Lego posted a 46% rise infirst-half sales to the equiva-lentof$3.62billion,whilenetprofit more than doubled.B3Business&FinanceWorld-Wide.更多细分领域报告请关注搜搜报告（s o s o y a n b a o ），行研君胃：s o s o b a o g a oA2| Wednesday, September 29, 2021THE WALL STREET JOURNAL.A legislative package thatSenate Democrats are trying topass has a $3.5 trillion pricetag. A photo caption with aU.S. News article on Mondayabout Sen. Kyrsten Sinema in-correctly gave the figure as$3.5 million.A Business and Finance ar-ticle on Tuesday about Cre-ative Artists Agency s deal toacquire rival talent agencyICM Partners was written byErich Schwartzel and Joe Flint.Joe Flint s byline incorrectlywas omitted.Notice to readersWall Street Journal staffmembers are working remotelyduring the pandemic. For theforeseeable future, please sendreadercommentsonlybyemail or phone, using the con-tacts below, not via U.S. Mail.Readers can alert The Wall Street Journal to any errors in news articles byemailing or by calling 888-410-2667.CORRECTIONS AMPLIFICATIONSTHE WALL STREET JOURNAL(USPS 664-880) (Eastern Edi ti on I SSN 0099-9660)(CentralEdi ti on I SSN 1092-0935) (Western Edi ti on I SSN 0193-2241)Edi tori aland publ i cati on headquarters:1211 Avenue of the Americas, New York, N.Y. 10036Publ ished dail y except Sundays and generall egalhol idays.Periodical s postage paid at New York, N.Y., and other mail ing offices.Postmaster: Send address changes to The Wal lStreet Journal ,200 Burnett Rd., Chicopee, MA 01020.Al lAdvertising publ ished in The Wal lStreet Journalis subj ect to the appl icabl e rate card, copies of which areavail abl e from the Advertising Services Department, Dow Jones & Co. Inc., 1211 Avenue of the Americas, NewYork, N.Y. 10036. The Journalreserves the right not to accept an advertisers order. Onl y publ ication of anadvertisement shal lconstitute finalacceptance of the advertisers order.Letters to the Edi tor:Fax: 212-416-2891;email : wsj .l trswsj .comNeed assi stance wi th your subscri pti on?By web: customercenter.wsj .com;By email : wsj supportwsj .comBy phone: 1-800-JOURNAL (1-800-568-7625)Repri nts & l i censi ng:Byemail : customreprintsdowj Byphone: 1-800-843-0008WSJ back i ssues and framed pages:wsj Our newspapers are100% sourced from sustai nabl y certi fi ed mi l l s.GOT A TI P FOR US? SUBMI T I T AT WSJ.COM/TI PSreporters in a summary ofEurope s view. He acknowl-edged the recent U.S. tensionsbut said, “We are allies, part-ners and friends, and yes,we ve had recent disagree-ments, but we agree these is-sues should not cloud ourjudgment.”Cecilia Malmstrom, a for-mer European Commissionerfor Trade now serving as afellow at Peterson Institutefor International Economics,said the Europeans “don twant this to turn into a clubwheretheyonlydiscussChina.” Nonetheless, she be-lieves the council will be agood step toward improvingU.S.-EU relations.The trade initiative offers aframework to discuss emerg-ingandlong-termissuesthrough working groups on 10issues,includingsupplyU.S. NEWSwith it in confronting Beijingover what it says are human-rights abuses and unfair eco-nomic practices. Many Euro-pean leaders, however, wantto take a more measured ap-proach in dealing with China,an important trading partner.“The thrust of the meetingas viewed by the Biden ad-ministration is how to collab-orate with allies to betterconfront China,” says PaulTriolo, head of global tech-nology policy practice at Eur-asia Group, a consulting firm.“That s a challenge becausethe EU side is not eager tomake this all about China.”Tensionswerefurtherstrained by a decision by theU.S. and the U.K. to developnuclear submarine capabilityfor Australia, at the expenseof a multibillion-dollar dealFrance had struck with Aus-tralia. France pushed unsuc-cessfully to delay the Pitts-burgh meeting as a result.The new cross-Atlantic ini-tiative, called the Trade andTechnology Council, “is notabout any specific third coun-try,” Valdis Dombrovskis, theEU s executive vice presidentand trade commissioner, toldchains, export controls, tech-nology platforms and cleantechnologies.The establishment of thecouncil was proposed by Eu-ropean officials and agreed toin June between the leadersof the two sides. To empha-size its importance, the inau-gural meeting will be jointlyled by Secretary of S
