MARKET WRAPS

Watch For:

U.S. Trade for June; U.S. Weekly Jobless Claims; Canada Trade for June.

Opening Call:

Stock futures edged up Thursday ahead of new data on the trade deficit and unemployment claims that could provide fresh insights into the pace of the economic recovery.

The major stock indexes have wobbled in recent days amid concerns that the rebound may be slowing and the Delta variant of Covid-19 is leading to a surge in cases. Fresh data Wednesday showed that the private sector added half as many jobs in July as economists expected. Despite the volatility, the S&P 500 is still hovering near its all-time high, boosted by strong quarterly results from the biggest businesses.

"We're pretty positive, we think that the earnings data is very strong," said Caroline Simmons, U.K. chief investment officer at UBS Global Wealth Management. Equity markets can continue to climb by 5% to 10% over the next year, she said.

The continued signs of weakness in the labor market also suggests that the Federal Reserve will hold off on scaling back its easy money policies for now, Ms. Simmons added.

"Unemployment is higher than it was pre-pandemic, and central banks feel there is still excess capacity in the labor market," Ms. Simmons said. "When it comes to it, we believe that monetary tightening will be relatively gradual, well flagged, and actually, equities will probably be able to absorb it."

Pharmaceutical company Moderna, food giant Kellogg and media conglomerate ViacomCBS are slated to report their results ahead of the opening bell. Novavax, Beyond Meat and American International Group are scheduled to post earnings after markets close.

Data on the U.S. trade balance for June is due at 8:30 a.m. ET. Economists expect the trade deficit to have widened after preliminary figures showed record goods imports with Americans buying more from overseas.

Data on jobless claims, seen as a proxy for layoffs, are set to be released at 8:30 a.m. ET. The figures released last week showed a moderate decline in claims, but they remain in a range that is nearly double the pre-pandemic average.

Overseas, the pan-continental Stoxx Europe 600 rose. The Bank of England's latest monetary policy decision, economic forecasts and minutes are due at 7 a.m. ET. Investors expect policies to remain on hold and are awaiting signals on when the central bank could begin to pull back on stimulus measures.

"We'll be looking for signs, anything from the BOE that adds to the hawkishness in the developed-market central bank narrative," said Arun Sai, multiasset strategist at Pictet Asset Management. Earlier this week, the Reserve Bank of Australia said it would go ahead with its plan to taper its bond-buying program despite an uptick in Covid-19 cases.

Among European equities, Germany's Siemens rose close to 5% after raising its full-year outlook and reporting revenue that beat analysts' expectations. Bayer slipped over 5% after it posted a net loss and said earnings continued to be affected by litigation costs for its Roundup weedkiller.

The Shanghai Composite Index slid by the close of trading, and Hong Kong's Hang Seng Index also declined. Chinese stocks slipped due to concerns about restrictions on movement amid new outbreaks of Covid-19, according to analysts at Commerzbank.

Forex:

The dollar traded flat as investors exercise caution ahead of the release of July's U.S. nonfarm payrolls report on Friday.

"The Federal Reserve has signalled clearly that it wants to see stronger employment growth to encourage it to begin tapering quantitative easing, which makes Friday's nonfarm payrolls report even more important for U.S. dollar direction in the near-term," MUFG Bank currency analyst Lee Hardman said.

ADP private payrolls data trailed expectations on Wednesday, which will have triggered downward revisions to forecasts for Labor Department's nonfarm payrolls report, he said. The DXY dollar index traded flat at 92.2400.

Sterling rose as traders await the Bank of England's policy decision. RBC Capital Markets currency strategist Adam Cole notes that BOE policymaker Michael Saunders and the central bank's Deputy Governor Dave Ramsden recently discussed paring back bond purchases, although it is unlikely a majority will vote for this yet.

"A substantial part of the government's fiscal support is being withdrawn at the end of September and we think risk management considerations mean that there is still a majority in favor of continuing with quantitative easing as planned."

The BOE is likely to vote 6-2 to maintain QE, with Saunders and Ramsden the only outliers, which could be disappointing for some sterling investors, Cole said.

Bonds:

In bond markets, the yield on the benchmark 10-year Treasury note edged up to 1.187% from 1.183% on Wednesday.

A bond market rally that drove yields sharply lower has prompted Pictet Asset Management to take profits on U.S. Treasuries and it has also reduced them to "neutral" from "overweight".

The downward move in bond yields was initiated by signs that the U.S. economic growth had started to peak, Pictet AM says. However, the bond rally was partly technical, helped by an unwinding of short positions, it said.

"With real yields also having hit all-time lows, investors have additional reasons to believe the market is richly valued, particularly at a time when the Fed is seen to be thinking about the first stages of monetary tightening," Pictet AM said.

Commodities:

Oil prices fell after both benchmarks recorded significant losses Wednesday. Those declines have come as market players continue to revise their demand expectations amid the spread of the Delta variant, said DNB Markets' Helge Andre Martinsen.

In addition, Energy Information Administration data showed a surprise large build in U.S. crude inventories, although "the key reason for the unexpected rise in crude inventories was the continued inflated net crude imports level," Martinsen said.

Separately, Saudi Aramco raised its selling prices for the U.S. and Asia but cut them for Europe, demonstrating the speed with which demand expectations for various regions have changed in recent months.

LME three-month copper prices were down 0.4% at $9,432 a metric ton after coming under Delta-variant-related pressure Wednesday along with the rest of the commodities basket.

On top of that, a strengthening U.S. dollar has also put pressure on metals, according to ING's Warren Patterson.

For copper specifically, Chile's output rose 2.3% in June from the same month last year, primarily due to gains at its Codelco mine, although production so far this year is down 1.2% from the same period in 2020.

London gold prices were flat after receiving a boost from weak U.S. jobs numbers.

TODAY'S TOP HEADLINES

Bayer Shares Tumble After Second-Quarter Loss

Shares in Bayer AG fell in early trading Thursday after the company posted a second-quarter net loss and an outlook on Ebitda before special items which is behind consensus.

At 0815 GMT, Bayer traded 5.2% lower at EUR47.23.

Read More ->

WPP PLC Swung to 1H Pretax Profit; Raises 2021 Guidance

WPP PLC on Thursday reported a swing to pretax profit for the first half of the year and raised its full-year guidance.

The London-based advertising group also said that it will buyback 350 million pounds ($486.1 million) worth of shares in the second half of this year.

Read More ->

Kuaishou Shares Dive in Hong Kong Amid U.S. App Shutdown, Regulation Fears

Kuaishou Technology shares were sharply lower Thursday, after the tech firm said it would shut down its U.S. app and amid renewed investor fears that Beijing may tighten curbs on short-video platform operators.

The stock fell as much as 16% to an intraday low of HK$88.70 in the afternoon, bringing its loss in the past three months to over 65%.

Read More ->

Weber Prices Below Expectations as Grill Maker Downsizes Its IPO

Grill maker Weber Inc. sold fewer shares at a lower price than expected in its initial public offering, people familiar with the matter said, the latest sign the new-issue market may be cooling after a torrid run this summer.

Weber sold 18 million shares at $14 apiece, the people said, ahead of its trading debut Thursday. The company and its selling shareholders had been planning to sell roughly 47 million shares at a price between $15 and $17. Instead, only the company sold shares in the offering, which pegs Weber's fully diluted valuation at roughly $5 billion.

Read More ->

Boeing Says Weather Unlikely the Cause of Starliner Postponement

Boeing Co. said a storm Monday near the launch site in Florida for its Starliner space capsule likely wasn't the cause of a problem with valves in a propulsion system for the vehicle, but teams plan more checks for water or electrical damage.

In a statement Wednesday evening, Boeing also said the problem concerned valves in the propulsion system for Starliner's service module.

Read More ->

ESR Cayman to Acquire ARA Asset Management for US$5.2 Billion

ESR Cayman Ltd. is planning to acquire ARA Asset Management Ltd. for US$5.2 billion in a move that would make it the largest real estate manager in Asia Pacific.

As part of the deal, ESR will issue shares worth US$4.29 billion, translating to 27.00 Hong Kong dollars per share (US$3.47), and another US$519 million in cash consideration, it said Thursday.

Read More ->

Jobless Claims Have Settled at Elevated Levels After Steady Declines

After a steady decline this spring, worker filings for new unemployment benefits have settled this summer at a level that is nearly double the pre-pandemic average.

The trend, some economists say, could be happening while the labor market continues to recover from the pandemic and be part of a development where claims remain higher because of greater awareness of unemployment insurance programs.

Read More ->

U.S. Trade Deficit Likely Widened in June as Economic Growth Boosted Imports

WASHINGTON-The U.S. trade deficit likely widened to near a record in June as the resurgent American economy drove strong demand for foreign-made goods.

Economists surveyed by The Wall Street Journal expect a Commerce Department report Thursday to show that the deficit in goods and services widened to $74.2 billion in June from $71.2 billion in May. That would put the trade gap just shy of the record $75 billion in March.

Read More ->

Senate Infrastructure Final Vote Expected as Soon as This Weekend

WASHINGTON-The Senate moved through a series of amendments to the roughly $1 trillion infrastructure package on Wednesday, with lawmakers anticipating a vote on final passage of the bill this weekend or early next week.

Since negotiators finished the 2,702-page bill last weekend, lawmakers have considered amendments offered by a mix of Republicans and Democrats to fine-tune elements of the bill. Republicans have pushed for an open-ended amendment process, while Senate Majority Leader Chuck Schumer (D., N.Y.) has called for the chamber to move quickly. Democrats are seeking to approve a budget outline for a $3.5 trillion climate and antipoverty package before the chamber departs for its August recess.

Read More ->

Interest-Rate Increases Could Come as Soon as Early 2023, Fed's Clarida Says

Significant fiscal stimulus this year is speeding the economy's recovery so that the Federal Reserve is able to consider lifting interest rates from near zero by early 2023, said a top central bank official in a speech Wednesday.

Fed Vice Chairman Richard Clarida said he expects that, under his current projections for inflation and employment, "commencing policy normalization in 2023 would...be entirely consistent with our new flexible average inflation targeting framework."

Read More ->

China State Media Outlet Urges Higher Taxes for Gaming Firms Amid Gaming Addiction Concerns

China's gaming companies should step up their social responsibility by paying more taxes, a state-owned media outlet said Thursday, stoking concerns that a regulatory crackdown may be looming.

Securities Times, a newspaper affiliated with Communist Party mouthpiece People's Daily, said that, after years of enjoying government subsidies and tax cuts, the gaming sector should brace for taxation that aligns with that of other industries.

Read More ->

German Manufacturing Orders Rose in June, Beating Expectations Despite Supply Disruptions

German manufacturing orders rose in June more than expected, despite widespread supply shortages.

Manufacturing orders increased 4.1% on month in June in adjusted terms, following a revised 3.2% drop in May, according to data from federal statistics office Destatis released Thursday.

Read More ->

U.S. to Set Electric-Vehicle Sales Target of 50% by 2030

WASHINGTON-Roughly half of all cars and light trucks sold in the U.S. by 2030 would be electric, hydrogen-fuel cell and plug-in hybrid vehicles under voluntary targets set to be announced Thursday by the Biden administration and backed by auto makers, contingent on government support.

In a joint statement, General Motors Co., Ford Motor Co., and Chrysler maker Stellantis NV said their commitment hinges on federal funding for manufacturing and supply-chain research and development, purchase incentives and an EV-charging network.

Read More ->

Iran to Swear In New President as Unease Grows Over Nuclear Deal

For the first time in years, all branches of power in Iran are set to fall under the control of hard-liners when a protégé of the supreme leader is sworn in as president, bolstering their power and adding to growing unease that the Islamic Republic's relations with the West could worsen.

President-elect Ebrahim Raisi, 60 years old, studied as a young man at one of Supreme Leader Ali Khamenei's Islamic seminaries. He also served on a panel that ordered the execution of thousands of political prisoners. Later, he moved up through the ranks to lead Iran's judiciary.

Read More ->

FDA Weighs Faster Timeline for Approving Pfizer Vaccine

WASHINGTON-U.S. Food and Drug Administration officials, under pressure to swiftly grant full approval to the Pfizer Covid-19 vaccine, are in an intense debate over whether the agency will make the decision this month or stretch the timetable into early or mid-September, according to people familiar with the discussions.

There has been a flurry of internal discussions about that timeline within the agency over the past two days, according to three people familiar with or involved in the talks.

Read More ->

Contractor Says Fired Supreme Court Justice Behind Killing of Haitian President

A Miami-based security contractor who hired Colombian mercenaries accused of killing Haitian President Jovenel Moïse last month said he was working with a former Haitian Supreme Court judge to help arrest Mr. Moïse and not assassinate him.

Antonio Intriago, owner of a South Florida-based firm called CTU Security, said the mercenaries went to the president's private villa to accompany Haitian police executing an arrest warrant for the president, according to a statement released Wednesday by three lawyers representing Mr. Intriago. They said the president was dead when the Colombians arrived, echoing testimony from some of the soldiers.

Read More ->

WHO Calls for Halt to Covid-19 Booster Shots to Tackle Shortfall in Developing World

The World Health Organization called Wednesday for a moratorium on Covid-19 booster shots until at least the end of September to address a shortfall in vaccine supplies to poor countries.

Read More ->

Legal Battle Looms Over New Eviction Moratorium

WASHINGTON-The Biden administration's latest eviction moratorium is set to face an immediate and possibly fast-moving legal challenge that could present high hurdles for the White House.

A group of property managers and realtors lodged objections in a Washington federal court to the new moratorium late Wednesday. The same plaintiffs, supported by the National Association of Realtors, challenged the previous moratorium, alleging the Centers for Disease Control and Prevention lacked legal authority to issue it.

Read More ->

New York Auto Show Canceled Because of Delta Variant

The New York auto show was canceled Wednesday as the recent rise in Covid-19 cases because of the Delta variant and related restrictions are prompting organizers of live events to re-examine their plans.

Country superstar Garth Brooks said Wednesday that he was weighing whether to finish out his stadium tour this year, citing the resurgence of the virus.

Read More ->

Write to sarka.halas@wsj.com

TODAY IN CANADA

Earnings:

Aurinia Pharms (AUP.T) 2Q

Badger Infrastructure Solus (BDGI.T) 2Q

Ballard Power Syss (BLDP.T) 2Q

BCE Inc. (BCE.T) 2Q

Bombardier Inc. Class A (BBD.A.T) 2Q

Bombardier Inc. Class B (BBD.B.T) 2Q

Brookfield Rnwble Ptrns (BEP.U.T) 2Q

Canacol Energy Ltd. (CNE.T) 2Q

Canadian Natural Resources (CNQ.T) 2Q

Cascades Inc. (CAS.T) 2Q

CCL Indus Inc. (CCL.A.T) 2Q

CCL Indus Inc. (CCL.B.T) 2Q

Constellation Software Inc. (CSU.T) 2Q

Domtar Corp. (UFS.T) 2Q

Enerplus Corp. (ERF.T) 2Q

Gildan Activewear Inc. (GIL.T) 2Q

goeasy Ltd. (GSY.T) 2Q

HLS Therapeutics Inc. (HLS.T) 2Q

IBI Grp Inc. (IBG.T) 2Q

Inter Pipeline Ltd. (IPL.T) 2Q

Interfor Corp. (IFP.T) 2Q

Jamieson Wellness Inc. (JWEL.T) 2Q

K-Bro Linen Inc. (KBL.T) 2Q

Kelt Exploration Ltd. (KEL.T) 2Q

Keyera Corp. (KEY.T) 2Q

Kinaxis Inc. (KXS.T) 2Q

Labrador Iron Ore Royalty (LIF.T) 2Q

Lightspeed POS Inc. (LSPD.T) 1Q

Maple Leaf Foods Inc. (MFI.T) 2Q

Open Text Corp. (OTEX.T) 4Q

Parkland Corp. (PKI.T) 2Q

Pembina Pipeline Corp (PPL.T) 2Q

Premium Brands Hldgs (PBH.T) 2Q

Primo Water Corp (PRMW.T) 2Q

Quebecor Inc. Class A (QBR.A.T) 2Q

Quebecor Inc. Class B (QBR.B.T) 2Q

Ritchie Bros. Auctioneers (RBA.T) 2Q

Russel Metals Inc. (RUS.T) 2Q

Sandstorm Gold Ltd. (SSL.T) 2Q

Saputo Inc. (SAP.T) 1Q

Silvercorp Metals Inc. (SVM.T) 1Q

Thomson Reuters Corp. (TRI.T) 2Q

Torex Gold Resources Inc. (TXG.T) 2Q

Western Forest Products (WEF.T) 2Q

Westport Fuel Syss (WPRT.T) 2Q

Economic Indicators (ET):

0815 Jul Official International Reserves

0830 Jun International merchandise trade

Stocks to Watch:

No items published

Other News:

ICE Canada Weekly Outlook: Canola Volatility Expected

The ICE Futures canola market saw some large price moves during the week ended Aug. 4, hitting their lowest levels in a month as investors booked profits before recovering to hold relatively range-bound overall. More choppiness is expected over the next few weeks, as the market waits to get a better handle on the size of the 2021/22 crop.

Hot temperatures and a lack of moisture have cut into the crop prospects across most of the Prairies, with production unlikely to live up to early expectations.

The 19.9-million-ton production forecast by Agriculture and Agri-Food Canada is "at least two million tons too high," said Errol Anderson of Pro Market Communications in Calgary, Alberta, adding that actual production was likely much smaller.

Statistics Canada's official survey-based estimates won't be released until the end of August, and until the production is better known Anderson expected the futures to see some wide price swings.

"It will stay very volatile right into the fall market," said Anderson.

Market Talk:

No items published

Expected Major Events for Thursday

02:00/JPN: Jul Imported Vehicle Sales

06:00/GER: Jun Manufacturing orders

06:00/GER: Jun Manufacturing turnover

06:45/FRA: Jun Industrial production index

08:00/UK: Jul UK monthly car registrations figures

08:30/UK: Jul CIPS / Markit Construction PMI

11:00/UK: Bank of England Monetary Policy Report

11:00/UK: UK interest rate decision

11:30/US: Jul Challenger Job-Cut Report

12:15/CAN: Jul Official International Reserves

12:30/CAN: Jun International merchandise trade

12:30/US: Jun U.S. International Trade in Goods & Services

12:30/US: 07/31 Unemployment Insurance Weekly Claims Report - Initial Claims

12:30/US: U.S. Weekly Export Sales

13:00/RUS: Weekly International Reserves

13:45/US: Bloomberg Consumer Comfort Index

14:30/US: 07/30 EIA Weekly Natural Gas Storage Report

16:00/US: Jul Monthly U.S. Retail Chain Store Sales Index

20:30/US: Federal Discount Window Borrowings

20:30/US: Foreign Central Bank Holdings

23:01/UK: Jul BRC-Sensormatic IQ Footfall Monitor

23:30/JPN: Jun Household Spending

23:50/JPN: Jul International Reserves / Foreign Currency

23:50/JPN: Jul Provisional Trade Statistics for 1st 20 days of Month

All times in GMT. Powered by Kantar Media and Dow Jones.

Expected Earnings for Thursday

AdaptHealth Corp (AHCO) is expected to report for 2Q.

America First Multifamily Investors LP (ATAX) is expected to report for 2Q.

Aptiv PLC (APTV) is expected to report $0.61 for 2Q.

Arrow Electronics (ARW) is expected to report $2.82 for 2Q.

BGSF Inc (BGSF) is expected to report for 2Q.

Beasley Broadcast Group (BBGI) is expected to report for 2Q.

Berry Global Group Inc (BERY) is expected to report $1.48 for 3Q.

Bio-Techne Corp (TECH) is expected to report $1.04 for 4Q.

Builders FirstSource Inc (BLDR) is expected to report $1.94 for 2Q.

CIGNA Corp (CI) is expected to report $4.06 for 2Q.

CRA International Inc (CRAI) is expected to report $0.90 for 2Q.

Cars.com Inc (CARS) is expected to report $0.04 for 2Q.

Cimarex Energy Co (XEC) is expected to report $1.89 for 2Q.

Dawson Geophysical Co (DWSN) is expected to report for 2Q.

Deluxe Corp (DLX) is expected to report $0.56 for 2Q.

Dine Brands Global (DIN) is expected to report $1.58 for 2Q.

Ecovyst Inc (ECVT) is expected to report for 2Q.

Edgewell Personal Care Co (EPC) is expected to report $0.69 for 3Q.

Gildan Activewear Inc (GIL,GIL.T) is expected to report $0.57 for 2Q.

GlycoMimetics Inc (GLYC) is expected to report $-0.34 for 2Q.

Grace (WR) & Co (GRA) is expected to report $1.12 for 2Q.

Hanesbrands Inc (HBI) is expected to report $0.37 for 2Q.

IES Holdings Inc (IESC) is expected to report for 3Q.

Intelligent Systems Corp (INS) is expected to report $0.27 for 2Q.

Itron Inc (ITRI) is expected to report $0.31 for 2Q.

Karyopharm Therapeutics Inc (KPTI) is expected to report $-0.75 for 2Q.

Kellogg Co (K) is expected to report $1.02 for 2Q.

Keyera Corp (KEY.T,KEYUF) is expected to report $0.47 for 2Q.

Lazydays Holdings Inc (LAZY) is expected to report for 2Q.

Maple Leaf Foods Inc (MFI.T,MLFNF) is expected to report for 2Q.

Myers Industries (MYE) is expected to report $0.24 for 2Q.

New Fortress Energy LLC (NFE) is expected to report $0.02 for 2Q.

NuStar Energy LP (NS) is expected to report $0.28 for 2Q.

ReShape Lifesciences Inc (RSLS) is expected to report for 2Q.

RioCan Real Estate Investment Trust (REI.UN.T,RIOCF) is expected to report for 2Q.

Strongbridge Biopharma PLC (SBBP,SBBP-NO) is expected to report $-0.14 for 2Q.

Urban One Inc (UONE,UONEK) is expected to report for 2Q.

Westrock Co (WRK) is expected to report $0.95 for 3Q.

WideOpenWest Inc (WOW) is expected to report $0.10 for 2Q.

Xtant Medical Holdings Inc (XTNT) is expected to report $-0.17 for 2Q.

Powered by Kantar Media and Dow Jones.

ANALYST RATINGS ACTIONS

ACV Auctions Raised to Overweight From Neutral by JP Morgan

Akamai Technologies Cut to Hold From Buy by Needham

Alnylam Pharmaceuticals Cut to Neutral From Overweight by Piper Sandler

American Water Works Cut to Neutral From Buy by Janney Montgomery Scott

Avanos Medical Cut to Equal-Weight From Overweight by Stephens & Co.

BeyondSpring Raised to Buy From Neutral by HC Wainwright & Co.

BJ's Restaurants Raised to Buy From Hold by Deutsche Bank

Bright Health Gr Raised to Buy From Neutral by Citigroup

Camping World Holdings Raised to Outperform From Neutral by Baird

Chatham Lodging Trust Raised to Buy From Neutral by B. Riley Securities

Chevron Cut to Hold From Buy by DZ Bank

Clorox Cut to Neutral From Overweight by Atlantic Equities

Corsair Gaming Cut to Neutral From Outperform by Credit Suisse

Gaming & Leisure Props Raised to Buy From Neutral by UBS

Global Blood Therapeutics Raised to Buy From Hold by Truist Securities

Holly Energy Partners Cut to Underweight From Neutral by JP Morgan

Invitae Raised to Buy From Hold by Benchmark

Marvell Technology Price Target Raised to $70.00/Share From $60.00 by Credit Suisse

Mercury Systems Cut to Hold From Buy by Truist Securities

Mercury Systems Cut to Neutral From Outperform by Baird

Meritage Raised to Outperform From Peer Perform by Wolfe Research

Newtek Cut to Underperform From Market Perform by Raymond James

OceanFirst Raised to Overweight From Equal-Weight by Stephens & Co.

Pinnacle West Capital Cut to Equal-Weight From Overweight by Barclays

Pinnacle West Capital Cut to Underweight From Sector Weight by Keybanc

Rhythm Pharmaceuticals Cut to Neutral From Buy by Ladenburg Thalmann

Rhythm Pharmaceuticals Cut to Underperform From Neutral by B of A Securities

Schlumberger Raised to Hold From Reduce by HSBC

Simon Property Raised to Buy From Neutral by B of A Securities

SolarWinds Cut to Hold From Buy by Berenberg

Under Armour Raised to Overweight From Neutral by JP Morgan

Unisys Raised to Buy From Hold by Canaccord Genuity

Zymergen Cut to Neutral From Buy by Goldman Sachs

Zymergen Cut to Neutral From Overweight by JP Morgan

Zymergen Cut to Reduce From Hold by HSBC

Zymergen Cut to Underperform From Buy by B of A Securities

This article is a text version of a Wall Street Journal newsletter published earlier today.

(END) Dow Jones Newswires

August 05, 2021 06:00 ET (10:00 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.