Collapse in Oil Prices Deepens, Dragging Down Markets Globally
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P2JW113000-6-A00100-17FFFF5178F ****** WEDNESDAY,APRIL 22, 2020 ~VOL. CCLXXV NO.94 WSJ.com HHHH $4.00 DJIA 23018.88 g 631.56 2.7% NASDAQ 8263.23 g 3.5% STOXX 600 324.31 g 3.4% 10-YR. TREAS. À 17/32 , yield 0.571% OIL $10.01 À $47.64 GOLD $1,678.20 g $23.40 EURO $1.0860 YEN 107.77 It’s ‘Keep Me Home From the Ballgame’ in Seoul Senate What’s News Approves Aid Deal Business&Finance ForSmall fresh plunge in oil prices Adragged down invest- mentsfromstocks to curren- Business cies,stinging investorsanew and deepening the energy industry’scrisis. A1,B1, B13 BY KRISTINA PETERSON The Dow industrials AND ANDREW DUEHREN dropped 631.56 points, or 2.7%, while the S&P 500 WASHINGTON—Congressio- and Nasdaq slid 3.1% and nal leadersstruck adeal with 3.5%, respectively. B13 theWhiteHouse to send hun- Theadministration is dredsofbillions of dollarsiN considering offering stimu- fresh aid to small businesses lus funds to oil-and-gas pro- andhospitals,the federal gov- ducersinexchangefor gov- ernment’slatesteffort to keep ernment stakes in the firms pacewith the twin economic or their crude reserves. A8 and public-health crises created GES by the pandemic. Netflix ended the first IMA TheSenatepassed the quarter with nearly 16 mil- $484 billion bill by avoicevote lion newsubscribersaround GETTY on Tuesday, sending it to the the world, morethan dou- House foranapproval expected ble the number forecast. A1 Thursday. President Trump WarnerMedia’s HBO SUNG-JUN/ wroteonTwitterthat he sup- Max will be launched on CHUNG ported the legislation, whose fi- May 27, joining a crowded GOING DEEP: The Korean Baseball Organization opened its preseasoN Tuesday, after a delay because of the coronavirus. nal componentswereham- video-streaming market. B7 The league said its regular seasoN will begin May 5, with games also initially played without fans in attendance. mered out between topWhite RichardBranson is fight- House officials and congressio- ing to save his travel and nal leadersinthe early-morn- tourism empireamid the in- ing hoursTuesday. dustrymeltdown caused by Thepackage, which lawmak- the coronavirus pandemic. A1 Collapse in Oil Prices Deepens, ersdescribed as an interim emergencybill, also includes Expedia is in advanced funding to ramp up the nation’s talks to sell astake to pri- testing forthe newcoronavi- vate-equity firms Silver rus, but it doesn’t include fund- Lake and Apollo aftertravel Dragging Down MarketsGlobally PleaseturntopageA4 bans ravagedits business. B1 Snap reported asurge in growth in subscriber num- Afurther plungeinoil prices overseas.Tuesday’sdropcame cus on the energy sector could bersand revenue forthe first pulled down investmentsfrom By Joe Wallace, aday afterone contract forU.S. contributetomoredeclines. THE quarter,ashomebound peo- stocks to currencies on Tues- David Hodari crude fell below$0for the first “The looming question is CORONAVIRUS ple turned to itschat app. B1 day, stinging investorsanew and Amrith Ramkumar time,forcing sellerstopay buy- nowhow some of these big en- and adding even moreurgency erstotakebarrels off their ergy companies aregoing to PANDEMIC Facebook will pay $5.7 to the crisis sweeping the en- commodity market is beginning hands. stay afloat,” said Mohit Bajaj,di- billion forjust under a10% ergy industry. to compound worries about the Anxiety about the crash’sim- rector of exchange-traded fund stakeinJio Platforms,the U.S. stock indexeshave coronavirus. pact on large energy producers trading solutions at WallachBeth Joblessclaims vary greatly holding companyfor the mo- largely shrugged off concerns Themost heavily traded U.S. from the U.S. to Saudi Arabia Capital. “People arepointing statebystate,A2 bile operator that upended about bankruptcies and job crude-oil futures contract de- helped drag the S&P 500 down PleaseturntopageA8 India’stelecom industry. B2 Colleges map out fall losses in the energy sector clined 43% to $11.57 abarrel, 3.1%, bringing the broad equity semesterscenarios, A3 Coca-Cola said itsglobal while rebounding from aMarch itslowest close in 21 years. Its gauge’sfall forthe week to White House weighs rescue sales volume has fallen 25% 23 multiyear low. But this record lowis$10.42indatago- nearly 5%. It is still up more for oil-and-gas producers... A8 ‘Bat Woman’ of China sincethe beginning of April week’sdrops showthat recent ing back to 1983.During the than 20% from itsMarch low Wagers on crude burn some drawsscrutiny, A11 amid pandemic lockdowns. B2 chaos in the world’sbusiest evening, it wastrading at $13 point, but traderssaid anew fo- individual investors................. B1 World-Wide Shutdowns Can’t Sleep? Trading Is Open BordersClosed by TheSenate passed abill Trading in overnight stock futures has soared this year, to send hundreds of billions adding to a nearly nonstop stretch of market activity and of dollarsinfresh aid to small Send More luring more investors to join in the action. B1 businesses and hospitals,iN Virus Imperil the federal government’slat- 500,000 contracts Annual average daily volumes esteffort to keep pacewith Customers in overnight trading the crises created by the cor- European Farming onavirus pandemic. A1, A4 To Netflix 400,000 E-mini E-mini E-mini Trump said his adminis- S&P500 Nasdaq 100 Dow tration would temporarily bar futures futures futures Agriculture in the EU depends on easy newimmigrants, including 300,000 BY JOE FLINT some family membersofU.S. migration and an interconnected market AND MICAH MAIDENBERG citizens and foreign work- erslooking to movetothe 200,000 Netflix Inc. ended the first Caroline Goursat had re- nomic system built on border- U.S.,inthe next 60 days. A3 quarter with nearly 16 million cently finished training as a lessmigration and asingle Governors around the newsubscribersaspeople 100,000 flight attendant when France market that matches labor nation are pursuing differ- stuck at home due to the coro- went intoastrict coronavirus supply with demand. Nowhere ent routes in their efforts navirus pandemic areincreas- lockdown, sealing itsborders is that moreapparent than in to restart local economies ingly turning to streaming ser- 0 and grounding planes.Days the sudden reordering of its that have been hit by the vices to entertain themselves. later,the 19-year-old was agricultural industry. 2017 ’20* coronavirus pandemic. A5 The15.8million net cus- waking up at dawn to pick Normally,workersfrom tomer additions were more *Figures for2020are through March Source:CME whiteasparagus at afarm in poorer partsofthe EU,par- TheU.S.intelligence than double what the stream- southern France. ticularly Central and Eastern community’s conclusion that Russia interferedinthe ing giant had forecast—a Europe,would take manyof 2016 election wasaccurate breakneck pace of growth the By Nick Kostov, these jobs.Each spring they and based on strong sources company said was unlikely to Stacy Meichtry hopscotch the continent on continue.Netflix nowhas buses,moving from farm to and sound analysis,abipar- Branson Fights to Save and Bojan Pancevski 182.9million subscribers farm to plant and pick crops. tisan Senatereport said. A3 world-wide. “It’squitetaxing,” said Ms. Now, with manyborders TheState Department “Likeother home entertain- Travel, Tourism Empire Goursat, who spends half her closed because of the corona- has assessed that Russia, ment services,we’reseeing daybending over to carefully virus pandemic,manyiN China and Iran aremounting temporarily higher viewing pick the asparagus without Western Europe arerethink- disinformation campaigns andincreased membership BY BENJAMIN KATZ trans-Atlantic shuttle,isasking snapping off their slender ing the dependenceondistant against the U.S. relating to growth,” Netflix said in itslet- AND ALISTAIR MACDONALD forfinancial assistancefromthe shoots. pools of labor—and aretrying the coronavirus outbreak. A3 tertoshareholders, noting U.K. government. Ms.Goursat is asoldier in to spur an interest in farm The White House is that much of that growth LONDON—Twomonths ago, Mr.Branson, 69 yearsold, France’s“great agricultural work among people closer to came in March when shelter- Richard Branson launched the became one of Britain’sbest- army,” thousands of locally home. closely monitoring devel- at-home orders began. “Weex- ScarletLady,the firstcruise known billionaires by putting recruited workerswho are Thecrisis is putting other opments regarding the status of North Korean pect viewing to decline and ship in aglobe-spanning travel hisVirgin brand on an array of deploying to the country’s agricultural practices under dictator Kim amid specula- membership growth to decel- and tourism empirebearing his businesses,including planes fields afterthe coronavirus scrutiny, including the use of PleaseturntopageA7 Virgin Group brand. and trains,cola and bridal pandemic disrupted the flow long-haul trucks to movelive- tion about his health. A11 Today, the cruise ship busi- gowns,often taking an equity of seasonal laborers. stock and produce, and farms’ Amajority of voters sup- Heard on the Street: Netflix nessisonhold. One of his air- stakeand licensing fees in ex- Covid-19 is tearing at the growing specialization on portschanging election law rides the tiger......................... B14 lines,Virgin Australia, filed for change. Several of his biggest European Union’sbinding niche,luxuryproductssuch as so that everyone canvote Social distancing gives Snap bankruptcy Tuesday. Another, forays arefocused on travel and principles,raising questions whiteasparagus. by mail,aWall Street Jour- a boost..........................................