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Policy Is Reversed
On Migratory Birds
The Biden administration on
Monday reversed a policy imposed
under President Donald Trump
that drastically weakened the gov-
ernment’s power to enforce a cen-
tury-old law that protects most
U.S. bird species.
Mr. Trump ended criminal pros-
ecutions against companies re-
sponsible for bird deaths that
could have been prevented. The
move halted enforcement prac-
tices under the Migratory Bird
Treaty Act.
Interior spokesman Tyler
Cherry said the agency planned to
come up with new standards
“that can protect migratory birds
and provide certainty to industry.”
—Associated Press
KANSAS
Coach Leaves After
Misconduct Claims
Les Miles is out as the Univer-
sity of Kansas’ head football
coach days after he was placed on
administrative leave amid sexual
misconduct claims from his tenure
at Louisiana State University.
Kansas announced Mr. Miles’s
departure Monday night, describ-
ing it as a mutual agreement.
Last week, LSU released a law
firm’s review about the univer-
sity’s handling of misconduct
complaints. It alleged Mr. Miles
“tried to sexualize the staff of
student workers in the football
program,” saying he wanted them
to look a certain way. The report
revealed LSU’s then-athletic direc-
tor urged firing Mr. Miles in 2013.
—Associated Press
growth as pandemic lockdowns
end.
“The main market element is
what’s happening in the yield
market: The U.S. tech side is
suffering from the current nor-
malization in the cost of capi-
tal,” said Samy Chaar, chief
economist at Lombard Odier.
“The market is currently ac-
knowledging that we’re in a re-
covery. Flows are rebalancing
to better reflect this cyclical re-
covery.”
Among other stocks, General
Electric rose 57 cents, or 4.2%,
to $14.17. The Wall Street Jour-
nal reported that the industrial
conglomerate was nearing a
$30 billion deal to combine its
aircraft-leasing business with
Ireland’s AerCap.
Investment
firm
Athene
Holding gained $2.92, or 6%, to
$51.80, after it said it would
combine in an all-stock deal
with Apollo Global Manage-
ment.
Overseas, the pan-continen-
tal Stoxx Europe 600 rose 2.1%,
led by banking stocks.
In Asia, the Shanghai Com-
posite dropped 2.3% and Hong
Kong’s Hang Seng Index de-
clined 1.9% as investors grap-
pled with signs that Chinese
policy makers will take more
action to rein in debt and pre-
vent asset bubbles from form-
ing. Early Tuesday, the Shang-
hai benchmark was down 1.2%
but the Hang Seng was up
0.9%. U.S. stock futures were up
0.6%.
much as 652 points earlier in
the session, setting an intraday
record before pulling back.
The S&P 500 fell 20.59
points, or 0.5%, to 3821.35,
pulled lower by losses in the
tech, communication services
and healthcare groups.
In the bond market, the
yield on benchmark 10-year
U.S. Treasurys ticked up for the
fourth consecutive session to
1.594%, its highest since Febru-
ary 2020, from 1.551% Friday. In
addition, many investors are
continuing to keep an eye on
the pace in which rates go up.
“Even though we got some-
what of a respite from the ris-
ing-rate reaction, we do think
that’s really important to keep
an eye on,” said Lisa Erickson,
the head of traditional invest-
ments at U.S. Bank Wealth
Management. “Certainly the
trajectory for rates is up as the
economy reopens, so a lot of it
just depends on the speed and
the pace of how quickly rates
go up.”
President Biden’s $1.9 tril-
lion Covid-19 relief plan was
approved in the Senate over
Continued from Page One
Nasdaq
Falls Into
Correction
the weekend and faces a vote in
the House as early as Tuesday.
The additional fiscal spending
is expected to bolster the pace
of economic recovery and boost
inflation. As the outlook bright-
ens, money managers are mov-
ing out of government bonds
and technology stocks and into
sectors such as banks and en-
ergy that are likely to rebound
with the economy.
“Stimulus checks into peo-
ple’s bank accounts will be a
big propeller of growth, given
the consumer in the U.S. makes
up such a big part of U.S.
growth,” said Shaniel Ramjee, a
multiasset fund manager at Pic-
tet Asset Management. “The
underlying strength of the U.S.
economy, growing expectations
that the stimulus gets fully
passed, plus inflation expecta-
tions rising because of oil:
These are all likely to continue
to push bond yields higher.”
Tech stocks have been re-
treating in recent weeks as vac-
cination programs advance and
economic data point to the re-
covery being under way. The
Nasdaq Composite Index de-
clined more than 2% last week,
losing ground for a third con-
secutive week. That is because
investors are betting that the
largest media, communications
and online-shopping companies
will log a slower pace of
Feb. 12
March
12400
12600
12800
13000
13200
13400
13600
13800
14000
14200
Correction level
Nasdaq Composite
Source: FactSet
-%
A chart
with a Page One ar-
ticle on Wednesday about Asian
economies showed quarterly
gross domestic product for the
U.S., U.K. and China for 2020
and forecasts for 2021. The
chart incorrectly labeled the
fourth quarter of 2020 as the
first quarter of 2021.
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