华尔街日报-2021-12-22.pdf

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1、* * * *WEDNESDAY,DECEMBER 22,2021 VOL.CCLXXVIII NO.147WSJ.comHHHH $5.00DJIA35492.70560.54 1.6%NASDAQ15341.092.4%STOXX600473.991.4%10-YR.TREAS.g20/32, yield 1.487%OIL$71.12$2.51GOLD$1,787.90g$5.80EURO$1.1288YEN114.08Per c ent agec hangei npopulat i on,J uly1,2021,f r omayearear li erSource: U.S. Cens

2、us BureauErik Brynildsen, Angela Calderon and Kurt Wilberding/THE WALL STREET JOURNALAnnualper c ent agec hangei nU. S. populat i ons i nc e1900Es t i mat edc hangei npopulat i on,J uly1,2021,f r omayearear li erN.J .C o n n .Md .De l .R.I.D.C.Te xasC al if.Mo n t.Ariz.Ne v.IdahoC o l o .N.M.UtahOre

3、 .Wyo .Il l .Kan .Io waNe b.S.D.Fl a.Min n .Okl a.N.D.Wis.Al a.Ga.Mo .Ark.La.N.Y.Pa.In d .Te n n .N.C .Ky.Mich.Va.Miss.OhioS.C .Main eW.Va.Vt.N.H.Mass.Wash.HawaiiPue rtoRicoAl aska3%21+1+2+3%n ochan ge201%101900203040506070809020001020America spopulat iongrew0.1%t hisy ear,t helowes trat eonrecord.3

4、00K200K100KNewYor kCali f or ni aIlli noi sMas s ac hus et t sLoui s i anaPenns ylvani aD.C.Puer t oRi c oMi c hi ganNewJ er s ey+300K+100K+200KTexasFlor i daAr i zonaN.Car oli naGeor gi aS.Car oli naUt ahTennes s eeIdahoNevada+310, 288319, 020TopgainersToplos ersCatsandDogsDont GetSupplyChainsiiiPe

5、t-food outputis snarled; lookswith sad eyesBYJAEWONKANGAfter an online order didn tshow on time, Phyllis Pomettastopped at five different storesbefore she hit pay dirt. Thereit was on the shelf: beef stew-flavored dog food.Ms. Pometta scooped upabout four cans, which weren ther preferred brand. She

6、wasdesperate, with supplies of thefood she usually bought forher dog nowhere to be foundonline or in stores.Karma, a Pomeranian res-cue, wasn t as desperate. Shesniffed the food and rejectedit.Ms. Pometta coaxed the dogto try it by adding beef-fla-PleaseturntopageA13dose of that reality in recenttra

7、ding sessions. The S&P 500fell nearly 2% last week, asshares of Microsoft, Nvidia, Ap-ple, Alphabet and Tesla all slidat least 4.2%. This week, thosefive stocks continued to play apart in driving the index, withall of them falling Monday be-fore mounting a small recoveryamid Tuesday s 0.6% gain fort

8、he S&P 500.Investors appeared to betrading out of those stocks andshares of other high-growthcompanies in favor of more de-fensive holdings, such as con-sumer staples and utilities, inPleaseturntopageA6late last year and in early 2021.Investors appeared to be re-turning to a favored trade ofthe past

9、 decadefocusing on afew large, growing, profitabletech companiesfor safety, an-alysts said, as they contendwith a string of anxieties thathave sapped confidence.That has the S&P 500andthe more than $5 trillion thatfollowitthroughpassivefundson precarious footingheading into the new year, sev-eral an

10、alysts and investors said.“If those companies, for what-ever reason, stop performing,there s nothing to support themarket,” said Peter Cecchini, di-rector of research at hedge fundAxonic Capital.Investors have been getting aThe stock market s rise thisyear has narrowed around ashort list of big tech

11、 companies,a sign of possible weaknessheading into 2022.Five of the biggest stocks inthe S&P 500 account for morethan half of the broad bench-mark s gain since April, ana-lysts at Goldman Sachs found.Of the S&P 500 s 24% advancethis year, those stocksMicro-soft Corp., Nvidia Corp., AppleInc., Alphab

12、et Inc. and TeslaInc.areresponsibleforaround a third.The dominance of a handfulof tech behemoths marks a shiftfrom the more-inclusive run-upthat propelled the stock marketand blackout hours whenmeetings are banned. Execu-tives are experimenting withnew ways of working, includ-ing four-day workweeks

13、andasynchronous schedules thatallow people to set their ownhours.Employers say burnout,long an issue for Americanworkers and exacerbated bythe pandemic, is a primecause. A September survey bythink tank the ConferenceBoard found that more thanthree-quarters of 1,800 U.S.workers cited concerns suchas

14、stress and burnout as bigchallenges to well-being atwork, up from 55% sixmonths earlier. Half saidworkload-related pressurewas harming their mentalPleaseturntopageA12In the first 10 months ofthis year, America s workershanded in nearly 39 millionresignations, the highestnumber since tracking beganin

15、 2000.Some want better jobs.Others, a better work-life bal-ance. Still others want a com-plete break from the corpo-rate grind. Almost two yearsinto the pandemic that leftmillions doing their jobs fromhome, many Americans arerethinking their relationshipwith work.Companies are strugglingto stop empl

16、oyees from leav-ing and to boost morale.Some are trying mandatorycompanywide vacation daysBYTE-PINGCHENANDRAYA.SMITHWorkerBurnoutChallengesBossesAs stress and resignations rise, empl oyersexperiment with new ways ofworkingcelebrities sell personalizedmessages. SoftBank can usethe money for a range o

17、f pur-poses, one of the people said.The deal between the in-vesting giants shows Soft-Bank s ravenous need for cashand highlights Apollo s pushinto lending, a territory tradi-tionally dominated by banks.Using borrowed money tomake investments, rather thanits own cash, would increaseSoftBank s profit

18、s if those betsturn out to be winnersandexaggerate losses if they sour.SoftBank, whose holdingsrange from Japanese telecomsto European chip makers andPleaseturntopageA6SoftBank Group Corp. is fi-nalizing a $4 billion loan fromApolloGlobalManagementInc. backed by SoftBank s sta-bleoftechnology-startu

19、pstakes, as the Japanese con-glomerate seeks to weatherturbulence in its portfolio.The loan would be securedby SoftBank s second VisionFund, people familiar with thematter said. That roughly $40billion pot includes stakes in150 companies such as Indiane-commercegiantFlipkart;digital-banking startup

20、Revo-lut; and Cameo, a site whereBYLIZHOFFMANANDMIRIAMGOTTFRIEDSoftBankTapsApol l oFor$4Bi l l i onLoanWASHINGTONThe Bidenadministration is preparing todistribute 500 million free at-home Covid-19 testing kits toAmericans and deploy militarydoctors and nurses to overbur-dened hospitals this winter,

21、asthe Omicron variant becomesthe dominant form of the vi-rus in the U.S.“We have to do more. Wehave to do betterand wewill,” President Biden said atthe White House on Tuesdayduring a speech outlining thenewcoronavirus-responsemeasures.Mr. Biden s administrationis grappling with how to pub-By Andrew

22、Restuccia,Sabrina Siddiquiand Brianna Abbottlicly underscore the urgencysurrounding the highly trans-missible variant, while seekingto convey that the U.S. is bet-ter prepared to battle the pan-demic than it was a year ago.“Over 200 million Ameri-cans should have the peace ofmind they did not have i

23、nMarch of 2020,” the presidentsaid, referring to the vacci-nated population in the U.S.“They re protected from hos-pitalization. They re protectedfrom death.”His remarks came as theCenters for Disease Controland Prevention said OmicronPleaseturntopageA8U. S.toDisburse500MillionCovid Test KitsU.S., R

24、ussia Face Tense TalksRus s i anPr es i dentVladi mi rPut i naddr es s edameet i ngoft hec ount r ysDef ens eMi ni s t r y Boar di nMos c ow onTues day.TheU. S.andRus s i aar es ett oholdt alksnextmont ht ot r y t ode-f us et ens i onsovert hemi li t ar y bui ldupnearUkr ai ne.A10MIKHAIL TERESHCHENK

25、O/TASS/ZUMA PRESSBYMICHAELWURSTHORNMarket Fl ashesWarni ngAsFew StocksFuelGai ns Bi den consi ders l i fti ng travelban. A8 NHL pul l s out of Bei ji ngOl ympi cs. A16 Stocks rebound after3 daysof drops. B1New es t i mat esr eleas edby t heCens usBur eau s how t hepandemi c sf alloutasCovi d-19bec a

26、met henat i onst hi r d-leadi ngc aus eofdeat h.TheU. S.addedjus t393,000 peoplei nt heyeart hatendedJ uly 1, af t eraver agi ngmor et han2 mi lli onayearovert hepas tdec ade.A4Pandemic Sets Back Population GrowthTMCONTENTSArts in Review. A15Business News. B3Crossword. A16Heard on Street. B12Markets

27、. B11Opinion. A17- 19Personal JournalA13- 14Property Report. B6Sports. A16Technology. B4U.S. News. A2- 8Weather. A16World News. A9- 12s 2021 Dow Jones & Company, Inc.All Rights ReservedWhatsNewsThe Biden administrationis preparing to distribute500 million free kits forCovid-19 tests to be adminis-te

28、red at home to Americansand deploy military doctorsand nurses to overburdenedhospitals this winter, as theOmicron variant becomesthe dominant form of thecoronavirus in the U.S.A1 New travel restrictionsand other steps to curb thespread of the Omicron vari-ant were put in place world-wide as further

29、evidenceemerged of just how rapidlythe new strain spreads.A9 Blinken said the U.S.expects to hold talks withRussia next month to tryto defuse tensions overthe country s militarybuildup near Ukraine asPutin hardened his rheto-ric toward the West.A10A jury found Harvard pro-fessor Charles Lieber guilt

30、yon six counts related to pay-ments he received from aChinese government talentprogram, delivering a winfor the U.S. government.A3 California officials re-leased a new set of con-gressional district mapsthat will result in moredistricts that analysts ex-pect to be competitive.A4TheBidenadministratio

31、nisconsideringanotherexten-siontothemoratoriumonstudent-loanpayments.A4AttacksbytheIran-backedHouthimilitantgroupagainstSaudiArabiahavemorethandoubledthisyearfromlast,accordingtoareportbytheCenterforStrategicandIn-ternationalStudies.A11SoftBank is completing a$4 billion loan fromApollo backed by Sof

32、tBank sstable of technology-startupstakes as the Japanese con-glomerate seeks to weatherturbulence in its portfolio.A1Thestockmarketsrisethisyearhasnarrowedaroundashortlistofbigtechcompa-nies,asignofpossibleweak-nessheadinginto2022.A1 The S&P 500 and Dowgained 1.8% and 1.6%, re-spectively, recouping

33、 someground lost after Covid-19concerns hit markets. TheNasdaq added 2.4%.B1NatWest Markets pleadedguilty to wire and securitiesfraud, admitting that someof its traders engaged inschemes between 2008 and2018 to manipulate U.S.Treasury markets.B1 About 1,400 Kelloggunionized workers ratified anew fiv

34、e-year contract withthe cereal maker, conclud-ing a 2 month strike.B1 Hedge fund D1 lost 12%in its public investments forDecember through Mondayamid big swings in stocks inrecent trading sessions.B1TheSECnamedlawpro-fessorWilliamBirdthistletoserveastheagency stopreg-ulatorofassetmanagers.A2 The Turk

35、ish currencymounted a dramatic, par-tial reversal from amonthslong collapse afterErdogan announced a res-cue plan for the lira.A9 General Mills will raiseprices further in comingmonths as it grapples withcost inflation and supply-chain disruptions.B3Business&FinanceWorld-Wide.更多细分领域报告请关注搜搜报告（s o s o

36、 y a n b a o ），行研君胃：s o s o b a o g a oA2| Wednesday, December 22, 2021* *THE WALL STREET JOURNAL.THE 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

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40、g: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 PSPrices for solar panels haverisen to 28 euro cents (about 31cents)perwatt,accordingtoEyal

41、Podhorzer, chief executive of Is-rael-based Econergy RenewableEnergy Ltd. A Business and Fi-nance article Monday incorrectlygave the price per kilowatt.Notice to readersSome Wall Street Journalstaff members are working re-motely during the pandemic.Please send reader commentsonly by email or phone,

42、usingthe contacts below, not viaU.S. Mail.Readers can alert The Wall Street Journal to any errors in news articles byemailing or by calling 888-410-2667.CORRECTIONS AMPLIFICATIONSWil l iam Birdthistl e s academic research has focused on investmentfunds, executive compensation and corporate governanc

43、e.ILLINOIS INSTITUTE OF TECHNOLOGYU.S. NEWSaccording to JPMorgan Chase.Major U.S. ports are pro-cessing almost one-fifth morecontainer volume this yearthan they did in 2019, even asvolumes at major Europeanports like Hamburg and Rot-terdam are roughly flat or lagbehind 2019 levels. The busi-est U.S.

44、 container ports areleaping ahead of their coun-terparts in Asia and Europe inglobal rankings as volumessurge, according to shippingdata provider Alphaliner.In Europe, “durable goodsconsumption is showing noth-ing like the boom that is ongo-ing in the United States,” saidFabio Panetta, who sits on t

45、heEuropean Central Bank s six-member executive board, in aspeech last month. Consump-tion of durable goods hassurged about 45% above 2018levels in the U.S., but is uponly about 2% in the eurozone,according to ECB data.Factory gate prices in Chinaare far outpacing consumerprices, signaling a gulf be-

46、tween weak domestic demandand strong overseas demandthat is powered in particularby U.S. hunger for China smanufactured goods.While tangled global supplychains also play a role in driv-ing global inflation, economistsand central bankers are increas-ingly pointing to ultrastrongU.S. demand as a root

47、cause.“Are we crowding out con-sumersinothercountries?Probably,”saidAnetaMarkowska,chieffinancialeconomist at Jefferies in NewYork. “The U.S. consumer has alot more purchasing power as aresult of fiscal policy than con-sumers elsewhere. Europe couldbe in a stagflationary scenarionext year as a conse

48、quence.”The U.S. accounts for al-mostnine-tenthsoftheroughly 22-percentage-pointsurge in demand for durablegoods among major advancedeconomies since the end of2019, according to data fromthe Bank of England.“Very strong U.S. demand iscertainly where global supplybottlenecksstarted,”saidLars Mikael J

49、ensen, head ofnetwork at container ship gi-ant A.P. Moller-Maersk A/S.“It s like a queue on a high-way. The increase in volume inthe U.S.takes ships away fromother markets,” said Mr. Jensen.“Problems in one place will trig-ger problems somewhere else,we live in a global world.”The U.S. economy will likelygrow around 6% in 2021 and4% or more in 2022, the high-est rates for decades, analystssay. Strong U.S. growth mo-mentum is expected to pushthe unemployment rate to thelowest level in almost sevendecades by 2023, according toDeutsche Bank analysts.U.S. economic output is likelyto surpass its