TUESDAY,JUNE 7 , 2022 .THEWASHINGTONPOST EZ RE A
THEMARKETS6 Monitoryour investmentsat washingtonpost.com/markets Dataand graphicsby
GGaaiiinneerrssaannddLLoosseerrssffrroommtthheeSS&&PP 11550000 IInnddeexx
CCoommppaannyy CClloossee11 DD%%
CChhgg
ArconicCorp 30.55 7.
LiventCorp 30.23 7.
eHealthInc 11.30 7.
Sci ApplicationsInt94.17 6.
EncoreWire Corp 143.36 6.
iTeos Therapeutics 20.16 6.
SunrunInc 28.37 5.
GeneracHoldingsInc 284.34 5.
LoyaltyVenturesInc 11.07 5.
Coca-ColaCons 635.77 5.
EnphaseEnergyInc 206.97 5.
TrinityIndustries 26.78 5.
StanleyBlack&Dckr 120.32 5.
Saia Inc 221.22 5.
MercerInternational 15.85 5.
OmnicellInc 114.01 5.
InterfaceInc 14.83 5.
STAARSurgicalCo 68.60 5.
CivitasResources 83.50 4.
Park AerospaceCorp 13.00 4.CCoommppaannyy CClloossee
11 DD%%
CChhgg
Endo International 0.47 -20.
TactileSys Tech 8.07 -19.
OraSureTechnologies 3.37 -12.
ApolloMedicalInc 33.46 -10.
RedwoodTrust Inc 9.29 -9.
Vera BradleyInc 6.09 -9.
CytokineticsInc 39.41 -8.
Red RobinGrmt Brgrs 9.19 -6.
Pilgrim'sPride Corp 32.19 -6.
PaciraBioSciences 60.64 -5.
ArrowheadPharma 32.96 -5.
AeroVironmentInc 91.24 -5.
WorldAcceptance 132.93 -4.
EmergentBioSolutions 30.80 -4.
Cara Therapeutics 8.42 -4.
EnantaPharma 41.47 -4.
InvescoMortgageCap 16.75 -4.
ViasatInc 37.95 -4.
GameStopCorp 128.10 -4.
Greenhill&CoInc 11.58 -4.LIBOR3-Month
11 .. 6633 %%New Car Loan Natl
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122 , 00661 .. 337
DOWJONES
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11 .. 6688 %%Japan ¥
1331 .. 9900MMaarrkkeettss YYYTTTDD%%CChhgg
AAmmeerriiccaass CClloossee
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%%CChhgg
- 66 .. 11 %%% ++ 66 .. 11 %%%
BRAZILIBOVESPAINDEX 110185.91 -0.
S&P/TSXCOMPOSITEINDEX 20819.09 0.
S&P/BMVIPC 50060.53 -1.
- 66 .. 11 %%% ++ 66 .. 11 %%%
55 - yyrnnoottee
YYieelldd:
33 .. 0044 %%$1000investedover 1Year
30-Yr Fixed mtge
55 .. 4455 %%CCuurrrreennccyyEExxcchhaannggee
' 21
CClloossee
4, 112211 .. 4433
5Yr CD Natl
11 .. 2299EU €
00 .. 9944CCoonnssuummeerrRRaatteess
Note: Bank primeis from 10 majorbanks.FederalFundsrate is the market
rate, whichcan vary from the federaltargetrate. LIBORis the London
InterbankOfferedRate. Consumerrates are from Bankrate. All figuresas of
4:30 p.m. New York time.Canada$
1 .. 2266Mexico$
1199 .. 5588JJASONDJFMAMJ
31,
34,
36,
'22 - -yyrnnoottee
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22 .. 733 %%Britain£
00 .. 8800MoneyMarketNatl
00 .. 0088JJASONDJFMAMJ
1 1,
1 3,
1 7,
'11 DD%%CChhaannggee
00 .. 00 %%11 DD%%CChhaannggee
00 .. 44 %%1Yr CD Natl
00 .. 8822Bank Prime
44 .. 0000 %%Data and graphicsby:
6Mo CD Natl
00 .. 443311 DD%%CChhaannggee
00 .. 33 %%YYYTTTDD%%CChhaannggee
- 1133 .. 55 %%
SS&&PP 550000 IInndduussttrryyGGrroouupSSnnaapsshhoott
IInndduussttryyGGroouupp
DDaaiiillyy%%
CChhgg
- 41 .. 1 %%% CChhgg%% 1 YYr +41.. 1 %%%
Auto Components 33 .. 00
Distributors 22 .. 33
Internet&CatalogRetail 22 .. 00
PowerProdct&Enrgy Trdr 22 .. 00
Construction&Engineerng 11 .. 88
Media -- 1 .. 1
Biotechnology -- 11 .. 00
EnergyEquipment&Svcs -- 00 .. 88
Life Sciences -- 00 .. 77
Textiles&Apparel -- 00 .. 55INTERNATIONALSTOCKMARKETS
1100 - -yyrrnnoottee
YYiiieelldd:::
33 .. 004 %%AAssiiaaPPaacciiffiicc -- 155 .. 7 %% +1 55 .. 7 %%
S&P/ASX200 INDEX 7206.28 -0.
CSI 300 INDEX 4166.09 1.
HANGSENGINDEX 21653.90 2.
NIKKEI 225 27915.89 0.COMMODITIES
15-Yr Fixed mtge
44 .. 6666 %%FederalFunds
11 .. 0000 %%YYYTTTDD%%CChhaannggee
- 2222 .. 99 %%
CClloossee
3322 ,, 991155 .. 788
RATES
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- 99 .. 44 %%
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((TTiiicckkeerr)) 11 DD%%CChhgg
$$ 777755 $$ 22885522
Coffee(COFF.L) 0.
Copper(COPA.L) 2.
Corn (CORN.L) 2.
Cotton(COTN.L) 1.
CrudeOil (CRUD.L) 2.
Gasoline(UGAS.L) 4.
Gold (BULL.L) -0.
NaturalGas (NGAS.L) 7.
Silver(SLVR.L) 1.
STANDARD&POOR'S
Fuuttuureess CClloossee 1 DD%%CChhgg
Copper 4.44 -0.
CrudeOil 118.50 -0.
Gold 1843.70 -0.
NaturalGas 9.32 9.
OrangeJuice 1.81 0.
FFuuttuureess CClloossee 11 DD%%CChhgg
Silver 22.09 0.
Sugar 19.56 1.
Soybean 15.34 0.
Wheat 10.93 5.
Corn 7.43 2.EEuurrooppee -- 99 %% ++ 99 %%
STXE 600 (EUR)Pr 444.12 0.
CAC 40 INDEX 6548.78 1.
DAX INDEX 14653.81 1.
FTSE 100 INDEX 7608.22 1.1-Yr ARM
33 .. 2255 %%HomeEquityLoan Natl
77 .. 2277DoowwJJoonneess 3300 IInndduussttriaallss
CCoommppaannyy CClloossee^11 DDCChh%%gg CChhYYYggTTT%%DD
3M Co 146.21 0.2 -17.
AmerExpCo 167.02 0.1 1.
AmgenInc 245.44 -1.2 9.
AppleInc 146.14 0.5 -17.
Boeing 139.24 0.0 -30.
Caterpillr 223.63 0.3 8.
Chevron 176.83 -0.4 50.
Cisco Sys 45.33 0.2 -28.
Coca-Cola 62.87 -0.2 6.
Dow Inc 67.07 0.1 18.
GldmanSchs 320.51 0.6 -16.
HnywllInt 195.19 0.2 -6.
HomeDepot 303.89 -0.4 -26.
IBM 142.88 1.2 6.
Intel Corp 43.34 -0.1 -15.
CCoommppaannyy CClloossee^1 DDCChh%%ggCChhYYYggTTT%%DD
J&J 176.40 0.0 3.
JPMorgan 129.73 -0.3 -18.
McDonald's 248.07 -0.1 -7.
Merck&Co89.84 -0.1 17.
Microsoft 268.75 -0.5 -20.
NIKE Inc 120.23 -0.6 -28.
Prcter&Gmbl 145.32 -0.4 -11.
Salesforce 182.87 -1.1 -28.
Travelers Cos I176.98 1.6 13.
UntdHlthGr 490.18 0.9 -2.
VerznComm 51.24 0.8 -1.
Visa Inc 212.94 0.1 -1.
Walgreens 43.39 0.6 -16.
Walmart 124.87 -0.4 -13.
Walt Disney 107.83 -0.8 -30.BrazilR$
44 .. 7799$1000investedover 1Month
NASDAQCOMPOSITEINDEXBYEVANHALPERTheWhite House will tryto
calmthe turmoil in America’s
solarindustrybyexemptingit for
twoyears fromcrushingtariffs
on certain panels manufactured
abroad, amove the administra-
tion hopeswill gethundreds of
stalledprojects back on track.
ACommerce Departmentin-
vestigation into alleged dodging
of tariffs by Chinesepanel-and
cell-makers has paralyzedmuch
of the industry. Theinvestiga-
tion,whichcould go on for
months,carries the threatof
retroactive tariffs, driving up the
costofimporting theseparts and
severelyhampering the indus-
try’scapacity.
“Diversifying our energy
sources and responding to the
climate crisis have never been
moreurgent, and solarenergyis
an essential component of meet-
ing thoseneeds,”Commerce Sec-
retaryGinaRaimondosaid in a
statementMonday. “The Presi-
dent’s emergencydeclaration en-
sures America’sfamilieshave
accessto reliable and cleanelec-
tricity whilealso ensuringwe
have the abilitytohold our
trading partnersaccountable to
theircommitments.”
Thepauseon tariffswas wel-
comedby an industrythathas
been lobbyingaggressively for
the WhiteHouse to intervene in a
Commerce investigation thathas
driventhe market forlargesolar
installationsin the United States
into chaos.But it alsocreates
newchallengesfor the White
House, which is promising to
protectAmericanmanufactur-
ing.
Theadministration also an-
nounced Mondaythatitwill
invokethe DefenseProduction
Acttoboost domestic cl-
ean-energycompanies, particu-
larly the U.S. solarpaneland cell
manufacturers struggling to
compete with Asianimports.
“The president’s action is a
much-neededreprieve fromthis
industry-crushingprobe,”said a
statement from Abigail Ross
Hopper,presidentand chiefex-
ecutive of the SolarEnergyIn-
dustries Association.
Hundredsof big solarprojects
in the United States have been
frozenorsubstantially delayed as
investors became unnervedby
the prospectofhavingtopay
steep penalties retroactively.
Eightypercent of U.S. solar
firms saythe investigation has
jeopardizedat leasthalf the proj-
ects theyplannedto complete in
2022,according to an industry
survey. Thetariffs underconsid-
eration by Commerce couldex-
ceed50 percent of the priceof
panels.
Theadministration said that
the Commerceinvestigation will
continue unfettered and thattar-
iffs couldultimately be appliedto
the targeted manufacturers.Offi-
cialssaid trade lawallowsthe
presidentto invokeemergency
actionssuchas the temporary
reprieve fromtariffs.
“This is the exerciseofaspecif-
ic emergencyauthoritythe presi-
dent has underthe TariffAct that
applies broadly to the implemen-
tation of the trade laws as a
general matter,” said asenior
administration official, speaking
on the conditionofanonymityas
partofthe groundrules for acall
with reporters. “Heisexercising
thatauthority.”
Even so, analysts warnthatit
is not clearthe presidenthas that
authority. Themove probablywill be metwithlegal challenges
and could be overturnedin court.
“President Biden is signifi-
cantlyinterferingin Commerce’s
quasi-judicialprocess,”said a
statementfromMamunRashid,
chiefexecutiveofAuxinSolar,
the San Jose solar manufacturing
firm thatasked for the Com-
merce probe.“By taking this
unprecedented —and potentially
illegal —action, he has opened
the doorwidefor Chinese-fund-
ed specialinterests to defeat the
fair application of U.S. trade law.”
Rashid said his struggling
small solar firm has beenin the
process of scaling up to meet
domestic demandas installers
looked for products to replace
thosefromthe countries targeted
by the Commerce investigation.
America’slargestmanufacturer
of solarpanels, FirstSolar,was
also heavily criticalof the White
House action.
“This sendsthe messagethat
companies cancircumvent
Americanlaws and thatthe U.S.
government will letthem get
away withit as longas they’re
backed by deep-pocketed politi-
cal pressure campaigns,”Saman-tha Sloan, the company’svice
president for policy, saidina
statement.
She criticized the administra-
tion’s relianceon the Defense
Production Acttohelp domestic
panel-and cell-makers,callingit
an “ineffective use of taxpayer
dollars” thatwillnot go farin
boostingAmerican production.
But as American companies
suchas Auxinand FirstSolar
arguethatBiden is undermining
domestic manufacturing,firms
thatdevelop big solarprojects
saythe smatteringofAmerican
companiesmakingcells and pan-
els produce nowherenear
enoughtomeetthe surgingde-
mand.
TheAmerican Clean Power
Association says thatthe presi-
dent’s plan will enablesolarin-
stallationsto getback on track
whileseeding the scale-up of a
robustdomestic manufacturing
industry.
Theplan to use the acttoboost
availability of solar and other
cleanenergycomesas Americans
face soaringpricesfor gas and
oil, and as the administration is
strugglingtoshow it is acting tobringdownenergycosts. Clean
energycompanieshavestruggled
to quickly provideconsumers
withmoreeconomicallyattrac-
tive alternativesto costly fossil
fuelsas theyface the Commerce
investigation andother head
winds,such as strainedsupply
chains and inadequate infra-
structure.
In additionto solarpanelsand
cells,the DefenseProduction Act
is beinginvoked to spur domestic
outputofheatpumpsthatenable
moreefficientheating and cool-
ing in buildings;equipmentused
to makelow-emissionfuels;and
parts neededtoshore up the
nation’s powergrid.
TheWhite House is also vow-
ing to step up federal govern-
mentpurchases of cleanpower.
But the mostsignificant action
the administration tookfor the
greenenergyindustryMonday
was the pauseon solartariffs.
Theadministration has vowed
not to interfere in an investiga-
tion demandedbyAuxin and
backed by agroup of bipartisan
lawmakers who warnedof poten-
tial “rampanttrade violations”by
Chinesesolarcompanies.TheChinesefirms are accused
of dumpingheavily government-
subsidized solar panelsand cells
into the American market.Inves-
tigators areexaminingwhether
manufacturersin Malaysia, Thai-
land, Vietnam and Cambodia
have becomeconduitsfor such
Chinese materials. Executives
from Chinese solarcompanies
saythe allegationsare baseless,
notinghundredsof millions of
dollarsare being invested locally
in their SoutheastAsiasubsidiar-
ies on solartechnologyand oper-
ations,makingthe case thatthe
factories arenot merely pass-
throughs.
But as the investigation began
to unfold,the extent to whichit
paralyzed the American solar
industryalarmedlawmakers and
climateadvocates inside the
WhiteHouse. Administration of-
ficials,includingEnergySecre-
taryJennifer Granholm,warned
they had grown deeplycon-
cerned thatthe disruption it
created had imperiledthe ad-
ministration’s goal of reaching
100 percent clean energyby
2035.
Several Democratic senators
expressedalarmonacall with
top WhiteHouse officials late last
month,duringwhich theypres-
suredthe WhiteHouse to inter-
vene. Theadministration had
takenacautiousapproach,trying
to balanceBiden’s ambitiouscli-
mate agendawithhis pledgeto
restore the integrity of federal
agencies and his promises to
stand up for Americanmanufac-
turing.
“I’mglad the Bidenadminis-
tration is nowtakingconcrete
action,”said Sen.JackyRosen
(D-Nev.),who has lobbiedthe
White House to bringrelieftothe
industry.
Theadministration framed
thetemporarytariffexemption
as a“bridge” to hasten the avail-
abilityofcells and panels while
the investigation proceeds.The
solarparts fromcountries target-
ed in the investigation can be
imported without risk of the
threatenedtariffsfor 24 months,
theadministration said in afact
sheet, “toensurethe U.S. has
accessto asufficientsupplyof
solarmodules to meetelectricity
generation needs whiledomestic
manufacturingscalesup.”
“Weneed to boostshort-term
solar panel supply to support
construction projects in the Unit-
ed States rightnow,” the adminis-
tration statementsaid. “Gridop-
erators around the country are
relyingonplannedsolar projects
to comeonline to ensure thereis
sufficient power to meetde-
mand.”White House takes measures to boost the solar industry
MARYALTAFFER/ASSOCIATEDPRESS
Electricians install solar panels at LaGuardiaAirport in NewYork in November. ACommerceDepartmentinvestigation into alleged
dodging oftariffs by Chinese solarpanelandcell makers carriesthe threatofretroactivetariffs, drivingup the costofimportingthe parts.Tariffexemptionsare
meantto help frozen
projectsmoveforward