Mcdonald's Sues Fired CEO, Says He Lied About Conduct

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**** TUESDAY,AUGUST 11, 2020 ~VOL. CCLXXVI NO.35 WSJ.com HHHH $4.00

DJIA 27791.44 À 357.96 1.3% NASDAQ 10968.36 g 0.4% STOXX 600 364.65 À 0.3% 10-YR. TREAS. g 3/32 , yield 0.573% OIL $41.94 À $0.72 GOLD $2,024.40 À $14.30 EURO $1.1739 YEN 105.96 After Night of Looting, Chicago’s Magnificent Mile on Edge Lebanon What’s News Premier, Cabinet Business&Finance Resign cDonald’ssued ex-CEO MEasterbrook, seeking Government’s collapse to recoup tens of millions it paid him in severance and comes as protests benefits and alleging he intensify following lied about sexual relationships with employees be- deadly Beirut explosion fore his ouster last fall. A1  The EPA is preparing to BY JARED MALSIN rescind requirements that AND NAZIH OSSEIRAN oil-and-gas producers be equipped to detect methane BEIRUT—Lebanese Prime leaks in their systems. A2 Minister Hassan Diab and his  The U.S. budget deficit cabinet resigned under pres- shrank last month as house- surefromproteststhat have holds and businesses made sought to overturn the coun- taxpaymentsdelayedfrom S try’spolitical leadership fol- NEW

April, the CBO estimated. A2 G lowing last week’s deadly explosion that devastated large  Marriott posted itsworst parts of central Beirut. quarterly loss ever, but a OOMBER

/BL “I set out to combat corrup- budding travel recovery in TS tion, but Idiscovered that cor-

China offered signs of hope DIL ruption is biggerthan the as the pandemic continues to

PHER state,” said Mr.Diab in atele- hit the lodging industry. B1 TO vised addressonMonday. “I

 Kodak shares plunged CHRIS declare today the resignation 28% after news that a SECURED: Officers blocked streets in downtown Chicago on Monday after hundreds of looters responding to social-media of this government. God bless planned $765 million loan calls descended on the city’s upscale shopping area overnight after police shot a man they said had fired at them first. A3 Lebanon.” to the company was put on Beirut hasbeen rocked by hold amid congressional protestsinrecent days,with and regulatory scrutiny. B1 thousands demanding justice for the more than 150 people  IACsaid it has spent just killed in the blast. The explo- over $1 billion to build a12% McDonald’s Sues Fired CEO, sion,which occurred when a stakeinMGM Resorts, with fire at awarehouse ignited a plans to work with the ca- cache of chemicals,destroyed sino operator to expand its aswath of the capital’scity online-gambling business. B1 Says He Lied About Conduct center,including thousands of  The Dow rose for the homes and businesses,the seventh straight session, port of Beirut and much of the gaining 1.3%, while the city’s famed nightlife district. S&P 500 added 0.3%. The BY HEATHER HADDON found he had ashort-term, relationship,according to a Easterbrook destroyed evidence Rather than resolving the Nasdaq dropped 0.4%. B9 consensual relationship with person familiar with the in- about the sexual relationships political and economic crisis in McDonald’sCorp.said it is an employee over text and quiry. and lied about his behavior dur- Lebanon,the cabinet’sresigna-  The Trump administra- suingformer Chief Executive video,but Mr.Easterbrook de- McDonald’sreopened the ing the initial investigation last tion is likely to triggermore tion outlined a plan to SteveEasterbrook and seeking nied anyphysical sexual rela- matterafter it received an fall, the complaint said. political instability in one of the commercialize a swath of to recoup tens of millions of tionships with McDonald’sem- anonymous tip in July about a During itsinvestigation, Middle East’smost important military radio frequencies dollarsitpaid in severance ployees,according to the relationship between Mr.East- McDonald’s found dozens of centersofcultureand finance for use in 5G networks. B3 and benefits, alleging that he complaint filed Monday. erbrookand an employee, ac- sexually explicit photographs and an enclave of relativesta-  Nikola said it secured an lied to the boardabout sexual Investigatorswho con- cording to the lawsuit. An in- and videos of women including bility next to war-torn Syria. order for2,500 electric gar- relationships with employees ducted the reviewfor the com- vestigation found that Mr. the employees that had been “Not only do we have an bagetrucks from refuse man- beforehis ouster last fall. panydidn’t find additional in- Easterbrook allegedly engaged sent from Mr.Easterbrook’s absence of government and a ager Republic Services. B4 The fast-food giant dis- appropriatecommunications in three additional relationships corporateemail account to a political vacuum, but we’rego- missed Mr.Easterbrook with- between Mr.Easterbrook and with employees that were sex- personal Hotmail account, ac- ing to have a severe problem World-Wide outcause in November 2019, companyemployees on his ual in nature, including the one cording to the complaint and a with the function of the state following an investigation into mobile devices and so limited that triggeredthe July inquiry. person familiar with the probe. of Lebanon,” said Imad his conduct. Investigators their probe to the consensual Investigatorsfound that Mr. PleaseturntopageA2 PleaseturntopageA7  Lebanon’sprime minister and his cabinet resigned under pressure from protests Biotech Stocks Get a Boost that have sought to overturn China QuicklyTightens Grip the country’spolitical leader- Investors have poured a record $9.4 billion into U.S.-listed ship after last week’sdeadly biotech IPOs so far this year, amid hopes for a vaccine and blast that devastated large expected government investments in drug development. B1 parts of central Beirut. A1 On Hong Kong With Arrests  China’s campaign to U.S.-listedIPOsbynumber of deals quash dissent in Hong 200 Kong accelerated with the BY JOHN LYONS racy protests, in the latest tary of State Mike arrest of pro-democracy All others AND JOYU WANG movebyauthorities to enforce Pompeo wrotethat he was media baron Jimmy Lai. A1 Biotech a newnational security law troubled by Mr.Lai’sarrest and  Beijing said it would im- 150 HONG KONG—China’scam- imposed on Hong Kong. called it further proof the Com- pose sanctions on 11 U.S. citizens, including Repub- paign to quash dissent in Hong China’senforcement of that munist Party “has eviscerated Kong accelerated with the ar- lawiscontributing to the rapid Hong Kong’sfreedoms and lican Sens.Cruzand Rubio, 100 rest of pro-democracy media deterioration of relations be- eroded the rightsofits people.” in aretaliatorymeasure. A8 baron JimmyLai,sending an tween the U.S. and China.In Sinceearly July,when au-  HHS chief Azar met ominous signal about the fu- recent days,the U.S. has sanc- thorities set up aspecial en- with Taiwan’s president in Taipei, a trip made amid 50 ture of afreepress and the tioned the city’s Beijing-backed forcement bureau in aHong new limits on those challeng- leader,Carrie Lam, and other Kong hotel, democracy-themed the increasingly contentious ing Beijing’stightening grip on officials.China responded by books have been removed from U.S.-China relationship. A8 the former British colony. announcing it would sanction libraries,studentshavebeen  Trump administration 0 Mr.Lai wasamong 10 U.S. lawmakers,including Re- banned from singing songs officials and Democratic ne- 2010 ’12 ’14 ’16 ’18 ’20 swept up Monday, including publican Sens.Marco Rubio of PleaseturntopageA8 gotiatorsurged each other Note:Dataare through August7each year. Source:Dealogic Agnes Chow, a23-year-old Florida andTed Cruz of Texas, to return to the negotiating politician who is well-known in retaliation.  U.S. health chief praises table to craftabroad coro- forhelping to lead pro-democ- In atweet Monday, Secre- Taiwan, angers Beijing...... A8 navirus relief package. A4  Thefederal government spent nearly $250 billion What’sSalsa on enhanced unemploy- School Chief Tackles ment benefits from early April to the end of July. A4 Without Dip?  Confirmed coronavirus No-Win Reopening cases topped 20 million glob- A Dull Dance ally,while the U.S. reported itslowest number of newin- iii fections in about aweek. A6 Fans say lockdown Dallas superintendent makes wrenching Ready for  ProtestsgrewinBelarus choices that administrators face nationwide over the handling of the presi- version is no fun anything. dential vote,inwhich Lukash- BY TAWNELL D. HOBBS proach would gamble with enkoclaimed victory. Russia without contact their lives as Covid-19 runs pressed forstronger ties. A7 DALLAS—Schools superin- rampant in the area, citing Dell Technologies On Demand is  Antarctica’s ice shelves BY KEJAL VYAS tendent Michael Hinojosa an Arizona teacher’s recent pay-as-you-go IT —giving youthe stepped on a land mine death as an example. aremelting faster than they BOGOTÁ,Colombia—Salsa while laying plans to reopen After consulting a county choice and flexibility youneed to arebeing replenished, even in areas typically thought danceinstructor Yused his 153,000-student district leader, Dr. Hinojosa changed preparefor anything. to be lessvulnerable to cli- Taborda shook his hips,side- amid the coronavirus pan- his stance. He would now al- stepped and sashayedfacing a demic. He wanted teachers low teachers to apply to matechange, astudy said. A3 wall in his apartment, seem- instructing from classrooms, work from home if they had Learn moreat ingly trying to seducehis own even if students were at reliable internet and minimal CONTENTS Opinion...... A15-17 shadow, while studentswatch home, to make sure they distractions. He asked a DellTechnologies.com/OnDemand Arts in Review... A13 Personal Journal A11-12 Business News...... B3 Sports...... A14 him danceonavideo chat app. stayed focused. staffer to write new lan- Capital Journal...... A4 Technology...... B4 “One,two,three,cha-cha- “It is better for us if they guage. “I don’t want to have Crossword...... A13 U.S. News...... A2-6 cha,” Mr.Taborda instructed come in,” Dr. Hinojosa said a firestorm,” he said. Heard on Street.B10 Weather...... A13 on arecent Saturdaynight, to from his office at Dallas In- Dr. Hinojosa’s experience Markets...... B9 World News...... A7-8 the sound of frogschirping in dependent School District shows the heart-wrenching the background. Eight stu- headquarters late last decisions facing superinten- > dents, all watching from their month. “It is unprofessional dents throughout America as ownhomes,tried mimicking if kids are yelling in the PleaseturntopageA10 his moves while shooing away background, dogs barking their cats and dodging furni- and husbands walking back  Gerald F. Seib: Virus testing ture. and forth.” fails to make the grade...... A4 s 2020 Dow Jones & Company, Inc. All Rights Reserved TheCovid-19 pandemic has The teachers’ response  Protecting hardest hit proves PleaseturntopageA10 was swift and clear: His ap- tough...... A6 P2JW224000-4-A00200-1------XA

A2 | Tuesday, August 11, 2020 **** THE WALL STREET JOURNAL. U.S. NEWS EPAtoRescind Methane Rulesfor Oil and Gas

BY TIMOTHY PUKO sight of smog and greenhouse- They were adopted in 2016 natural-gas production surging, meet that it would be unprofit- lengethe newrule.And the gasemissions.The changes also under former President Obama the EPAresponded in 2016 able to drill in some places. Environmental Defense Fund, a TheEnvironmental Protec- ease reporting requirementsfor amid concerns about methane- with requirements forcompa- But largerproducers, includ- nonprofit that has oftencollab- tion Agencyispreparing new the industryand, forsome fa- gasleaks contributing to cli- nies to makeplans forreducing ing international giants Exxon orated with the major oil com- rules that would rescind regula- cilities,how oftenaplant must mate change. emissions at newwells and the Mobil Corp., RoyalDutch panies on methane,warned tions formethane-gas emissions, check forleaks of other pollut- Methane accountsfor about pipelines they feed. That in- Shell PLC and BP PLC, favored that therule changes would including ending requirements ants, the officials said. 10% of U.S. greenhouse-gas cluded regular checks to close retaining the rules,saying a createarisk forU.S.gas sales that oil-and-gas producershave Thenew rules,expected to emissions,and it is about 25 leakyvalves,pipelines and lack of climateregulation un- into Europe,which is moving systems and procedures to de- be signed andissued this week, times as potent as carbon diox- tanks in the sprawling network dermines their promise that to tighten emissions laws. tect methane leaks in their sys- adopt most of the core ele- ide in trapping the earth’s covering millions of miles that the U.S. natural gasthey sell is “The Trump EPA’smethane tems,senior Trump administra- mentsoftwo proposals from heat, according to estimates supplies home furnaces,power acleaner source of energy. rollbacks aren’t just bad cli- tion officials said. 2018 and 2019.Agencyofficials used by theEPA.Agencyfig- plants, industrial sites and Several states and environ- matepolicy, they’reacompeti- Therule changes will apply arefulfilling adirectiveby ures showthe oil-and-gas in- other consumers. mental groups arelikely to tivedisadvantagefor American to wells drilled since2016 and President Trump to ease regu- dustryhas long been the na- Rescindingthese require- fight the decision. Basil Seg- gasinaworld demanding going forward, and removethe lations on U.S. energy production’slargest emitterofmentswas apriority forsmall- gos, commissioner of New cleaner energy,” said Ben Rat- largest pipelines,storage sites ers and have said the rules be- methane,evenbeforethe shale and midsizeoil-and-gas pro- York’sDepartment of Environ- ner,asenior director at the and other partsofthe trans- ing eliminated areduplicative boom. ducers, which saythe mental Conservation, on Twit- fund whoworks with compa- mission system from EPAover- of other federal and staterules. As the drilling boom sent requirementsweresocostly to tersaid his agencywould chal- nies on methanereduction. U.S. WATCH Monthly Budget Deficit Narrows

BY KATE DAVIDSON

WASHINGTON—Thefederal budget deficit shrank last month from ayear earlier as households and businesses made taxpaymentsthat had been delayedfromApril, the Congressional Budget Office estimated. TheCBO on Mondaysaid the budget gaplast month totaled $61 billion, compared with $120 billion in July 2019, as revenue jumped. TheInter- nal Revenue Servicepushed back the April 15 tax-payment deadline in an effort to keep more cash in Americans’ wal- lets in the early weeks of the coronavirus pandemic. Taxreceiptstotaled $563 billion, compared with

S $312 billion in the same period

PRES ayear earlier,which the CBO attributed to the delayedpay- TED

CIA ment deadlines.

SO But the agencynoted re- AS ceiptswerestill down 10% be- EZ/

RT tween April and June from a CO year earlier,reflecting the

JULIO deep economic downturn trig- Crewsconverged on the wreckage of afatal natural-gas explosion MondayinBaltimore. Rescuers were continuing to pick through the rubble in search of moresurvivors. geredbythe pandemic. Thedeficit forthe first10 BALTIMORE unbelievable,” said Diane Glover, AIR TRAVEL ministration said Monday. overthe weekend and needed to months of fiscal year 2020 who lives across the street. The Therehas been asignificant be rescued, officials said. reached $2.8trillion, the CBO Gas BlastKills One, morning explosion shattered her More Guns Found increase in loaded guns at The International Fund forAn- estimated,$1.9trillion more Rubble Traps Others windows and blew open her In Carry-on Bags checkpoints, said TSAAdminis- imal Welfaresaid the dolphins than thedeficit recorded in front door, bending the frame. trator David Pekoske. He said were found stranded by harbor the same period last year.Rev- A natural-gas explosion de- Rescuers were painstakingly With air traffic nearing a screeners arealready working in officials in Wellfleet on Sunday. enues were 1% lowerand out- stroyed three row houses Mon- going through the wreckage by five-month high, airport security conditions of heightened risks Stacey Hedman, amanager lays were 51% higher in the pe- day in Baltimore, killing a hand. “We’re prepared to be here is finding guns in passenger and that“no one should be in- with the Yarmouth-based group, riod. woman and trapping other peo- throughout the night and as carry-on bags at three times troducing newones.” said ateam of about 50 volun- Federal spending has soared ple in the wreckage. long as it takes,” Baltimore Fire the rate recorded beforethe FBI figures showtherewere teers used beach-ready stretch- afterCongressapproved tril- At least six people were seri- Department spokeswoman Blair pandemic. morethan 3.6 million firearms ers to carry nearly adozenofthe lions in economic relief mea- ously injured as firefighters Adams said Monday afternoon. And 80% of the guns are background checksrequestedin dolphins to safety. Theyalso sures. Outlays totaled $624 bil- searched for more survivors. “We’re trying to make sure that loaded. July,a79% increase from July gave the marine mammals IV flu- lion last month, a68% increase Dozens of firefighters con- we comb through every area to The discoveries at airports 2019. ids and vitamins, and deployed from thesame period last year. verged on the piles of rubble. A determine if there are any vic- come as U.S. gun sales surge. —Associated Press boats to guide them back to Outlays morethan doubled fourth house in the row was tims inside.” Analystsbelieve manyofthe deeper waters. Twodolphins from April through July,after ripped open, and windows were Baltimore Gas & Electric Co. firearm purchases arebeing MASSACHUSETTS were in poor health and were eu- rising 7% in the firstsix shattered in nearby homes, leav- spokeswoman Linda Foy said, made by first-time buyers. thanized, she said. months of the fiscal year,the ing the northwest Baltimore “Once we make the area safe, Officers found 15.3 guns for Dozens of Stranded The organization said teams CBO said. neighborhood of Reisterstown we can then begin to make re- every million people screened in Dolphins Rescued were on the lookout Mondayto TheCBO has projected the Station strewn with debris and pairs and to also understand July,compared with 5.1 per mil- makesurethe dolphins don’tget annual deficit could total$3.7 glass. what happened.” lion people in July of lastyear, About 45 dolphins were stranded again. trillion in the fiscal year that “It’s a disaster. It’s a mess. It’s —Associated Press the Transportation SecurityAd- stranded on abeach on Cape Cod —Associated Press ends Sept. 30.

Patrick McGurn, special grant wasvalued at hundreds justifyfiring him forcause,the indirect reports. Proxy-advi- McDonald’s counsel to proxy-advisoryfirm of thousands of dollars, ac- complaint said. sory firm GlassLewis advised Institutional Shareholder Ser- cording to the suit. Afterreceiving the anony- shareholdersthis year to vote vices, said such clawbacks are In the suit, McDonald’ssaid mous tip in July,McDonald’s against the company’sexecu-

GoesAfter rarely so sweeping or so pub- itsseverance plan with Mr. GES brought in outside counsel tivepay packagegiven the sev-

lic. “This isn’t your standard Easterbrook included aprovi- IMA again to investigate. eranceafforded to Mr.Easter- clawback,” he said. sion that it canstoppayment McDonald’ssaid in the com- brook. ETTY

Ex-CEO Mr.Easterbrook,appointed of benefitsand requirethe for- /G plaint, filed Mondayinthe That payout included CEO in 2015 helped McDonald’s mer CEO to payback severance Court of Chanceryofthe State $700,000 in cash severanceto streamline operations and if it determined at anytime of Delaware,that Mr.Easter- Mr.Easterbrook.Total com- ContinuedfromPageOne modernize. He also took part in that he committedanact that ANGERER brook breached his fiduciary pensation, including equity

Mr.Easterbrook had deleted acultureofpartying and frat- would have allowedhim to be DREW duties as acompanyofficer awards, amounted to $17.4mil- the photos from his company- ernizing among some senior firedfor cause.The company Steve Easterbrook in 2019. and committedfraud. lion in 2019. issued phone,and they weren’t managersand rank-and-file em- said afiring forcause could be Thecompanysaid it is seek- StockholdersinMay ap- discovered during the corpo- ployees,The Wall Street Jour- carried out in case of aserious gagedinother relationships ing to recoverthe amount it proved totalcompensation and rate investigation that trig- nal previouslyreported, citing violation of itsstandards and with employees,according to paid him in compensation and equity awardsfor Mr.Easter- geredhis firing,according to some former employees and employment policies,along McDonald’s. severancebenefits. It is also brook. the complaint. people currently connected to with dishonesty,fraud, illegal- McDonald’ssaid in the com- seeking to prevent him from Mr.Kempczinski, who “McDonald’sdoes not toler- the company. ity or moral depravity. plaint that to have firedMr. exercising stock options. served under Mr.Easterbrook ate behavior from any em- McDonald’shired outside At the time of his firing,Mr. Easterbrook for cause last Some shareholder groups as the head of McDonald’sU.S. ployee that does not reflect counsel last year to investigate Easterbrook said that the con- year, it would have had to had criticized the board’sdeci- business, pledged to overhaul ourvalues,” Chris Kempczin- the consensual relationship be- sensual affair wasamistake, provethat his behavior had sion to categorizethe firing as the company’scultureafter as- ski, who succeeded Mr.Easter- tween Mr.Easterbrook and an and that he agreed with the constituted “dishonesty,fraud, without cause despiteconduct suming the job in November. brook as CEO in November, employee. Investigatorsfound board’sdecision to dismiss illegality or moral turpitude.” that violated longstanding He outlined hisplans to re- wroteinacompanywide mes- evidenceofsexting,orsending him. Mr.Easterbrook also said At the time,boardmembers companypolicies forbidding newcompanyvalues during a sageMonday. explicit content via messaging at thetime that he hadn’t en- felt they lacked evidenceto relationships with direct and virtual summit latelast month. Mr.Easterbrook didn’t re- apps,between the two over spond to requeststocomment. several weeks. Because McDonald’sdecided Attorneysalso searched the CORRECTIONS  AMPLIFICATIONS THE WALL STREET JOURNAL to fire Mr.Easterbrook with- backup datafor Mr.Easter- (USPS 664-880) (Eastern Edition ISSN 0099-9660) (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) out cause,hereceived sever- brook’scompany-issued phone Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036 anceand benefitsthat he and iPad but found no evi- China holds roughly $1.1 unemployment benefitsgave Published daily except Sundays and general legal holidays. could have been denied had denceofimproper relation- trillion of Treasurys. ABusi- the figure as morethan 12 mil- Periodicals postage paid at New York, N.Y., and other mailing offices. theboardfound him at fault. ships with other employees, nessand Financearticle Mon- lion. Postmaster: Send address changes to The Wall Street Journal, 200 Burnett Rd., Chicopee, MA 01020. Mr.Easterbrook’scompensa- according to the complaint and dayabout U.S. government All Advertising published in The Wall Street Journal is subject to the applicable rate card, copies of tion, benefitsand stock were aperson familiar with the in- bonds incorrectly said China Noticetoreaders which are available from the Advertising Services Department, Dow Jones & Co. Inc., 1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the right not to accept an advertiser’s order. potentially worth nearly $42 vestigation. Investigatorsre- held about $1.8 trillion. Wall Street Journal staff Only publication of an advertisement shall constitute final acceptance of the advertiser’s order. million, according to an analy- viewedcompanyemail on Mr. membersare working re- Letters to the Editor: Fax: 212-416-2891; email: [email protected] sis at the time by executive- Easterbrook’sphone but not Around 30 million workers motely during the pandemic. Need assistance with your subscription? payfirm Equilar. additional messages that were receiving extrajobless Forthe foreseeable future, By web: customercenter.wsj.com; By email: [email protected] Boardeffortstorecover weren’t stored on his devices, paymentsfromthe federal please send reader comments By phone: 1-800-JOURNAL (1-800-568-7625) Reprints &licensing: compensation from CEOs for the person said. government in mid-July.In only by email or phone, using By email: [email protected] |Byphone: 1-800-843-0008 activities and statementsper- McDonald’salleged in its some editions Thursday, aU.S. the contactsbelow, not via WSJback issues and framed pages: wsjshop.com taining to their termination are suit that Mr.Easterbrook ap- News article about enhanced U.S. Mail. Our newspapers are100% sourcedfromsustainably certified mills. unusual, said Steven Hall,man- proved astock grant to an em- aging director of payconsulting ployee with whom he washav- Readers can alert The Wall Street Journal to any errors in news articles by GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS firm Steven Hall &Partners. ing asexual relationship.The emailing [email protected] or by calling 888-410-2667. P2JW224000-6-A00300-1------XA

THE WALL STREET JOURNAL. ****** Tuesday, August 11, 2020 | A3 U.S. NEWS IceShelves

In Antarctica S PRES TED OCIA SS

Melting Fast /A RD FO AW CR

BY DANIELA HERNANDEZ newwork is asignificant step A toward mapping out where, TERES

Theice that hangsoff the when, howand howfast the S; edge of Antarctica and floats melt of Antarctica’sice shelves PRES on the ocean is melting faster is happening underwater. Un- than it is being replenished, likeinGreenland, wheremost TED even in pocketsofEast Ant- of the melt is happening on OCIA SS

arcticatypically thought to be the surface, Antarctica’sice is /A lessvulnerable to climate largely melting from below. ST change, according to astudy Theresearchersshowed published Monday. that the mechanism and rate ARBOGA

These structures,known as of ocean-driven melt differed REX iceshelves,shed nearly 4,000 by location. Themelt rate also gigatons of their massbe- wasn’t uniform acrosstime: CHARLES

tween 1994 and 2018, accord- Most of the lossoccurred in a P: ing to the newresearch, which period of lessthan adecade,in TO OM

leveraged nearly 25 yearsof the mid-2000s,after which it FR satellite measurements of ice continued but at aslowerrate. Kajal Dalal walked through her family’s vandalized store in downtown Chicago on Monday. Below, a display window is boarded up. thickness. It echoes findingsof Iceshelves abutting the numerous previous studies re- Weddell Sea to the east of the porting the retreat and desta- Antarctic Peninsula, including Chicago Boosts Police Presence bilization of Antarctic ice the Ronne and Filchner ice shelves but goes further,help- shelves,melt at depths of ing scientists understand the thousands of meters, where processes driving the melt the pressureisextremely high. After Night of Looting and Unrest around theentirecontinent That lowers the melting point over longer time periods and of icetolessthan minus 2de- with high spatial resolution. grees Celsius.Much of the wa- BY JOE BARRETT Lake The looting Antarctic icelosscan rever- teraround Antarcticaisal- AND ERIN AILWORTH Michigan spread to the berate acrossthe entireplanet, ready abovethat temperature, Magniﬁcent changing global weather pat- naturally increasing the rate of CHICAGO—Chicagoans Mile shopping terns,the researchersand melt, according to Susheel steeled themselves forthe district and CHICAGO other expertssaid. Adusumilli,ageophysicist at possibility of moreunrest af- farther north Thestudy, published in the the University of California, terhundreds of lootersre- into Lincoln Park. journal Nature Geoscience, is SanDiego’sScripps Institution sponding to social-media calls CHINATOWN part of arelatively newscien- of Oceanographyand the descended on the city’s up- tific discipline that aims to un- study’s lead author. scaleMagnificent Mile and 55 derstand howthe ocean inter- “Atgreat depths,it’seasier other shopping areas over- Shooting in West actswith icesheets. Icesheets to melt the ice.…That’sbeen nightfollowing the police Englewood on aremassiveswaths of icethat knownfor along time,itjust shooting of aman who officers Sundayat2:30p.m. coverAntarcticaand Green- hasn’t been mapped before” said had firedonthem first. GAGE land. Theedges of icesheets with this level of detail, he said. Thescene Mondayinparts PARK 90 can spill over onto the ocean, Theanalysis showedRonne of Chicagowas reminiscent of forming ice shelves. and Filchner weren’t losing as the days following the Minne- Ice-shelf meltwaterdoesn’t much massasother iceshelves apolis police killing of George The ﬁrst reports directly contributetosea-level around the continent, includ- Floyd on May25: broken win- of looting came 94 late Sunday rise.Instead, the structures ing Getz in West Antarctica, dows at looted mom-and-pop evening on the CHATHAM slowdownthe movement of considered the most vulnera- shops and big retail chains South Side. 1mile ice flowing from the interior of ble region to climatechange. alike, roads closed to traffic to the continent out to sea. The Melting at Getz and in East contain the violence, and in- 1km smaller they are, the lessthey Antarctica’sTottenIce Shelf is creased policepresenceinaf- hold back the flow and the driven mostly by adifferent fected neighborhoods. hospital and expected to sur- faster iceonland canreach the process. Their underbellies are As shop ownersand volun- vive. ocean. That extraice is what enveloped by warmed ocean teers swept up glass Monday Policeidentified the suspect drives increasesinsea levels. waters with temperatures of 2 morning,manydowntown in the shooting as Latrell Allen “One of the biggest un- to 3degrees Celsius.With cli- streetsand highway ramps re- of Chicagoand said he was knowns when we think about mate change, more warm wa- mained closed. chargedwith two countsofat- the futureprognosis of ice- terseeps to greater depths,in- On Monday,Chicago’spo- tempted first-degree murder sheet response…is really what’s creasing the proportion of the licesuperintendent, David and felonypossession of a happening at the ice-ocean in- ice shelf that is vulnerable to Brown, ordered limited access firearm. Policesaidagun was terface. It’sone of the partsof melting. to downtown between 8 p.m. recovered from the scene. the polar ice-sheet system that Some areas seem to be and 6 a.m. and said he would Mr.Brown, the Chicagopo- we knowthe least about,” said moreat-risk than othersdue deployofficerstoother neigh- liceSuperintendent, said Mon- Michele Koppes, aglaciologist to yet-unknown causes.The borhoods to prevent further daythat acrowd of protesters at theUniversity of British Co- satellitedatarevealedmelting looting.PoliceonMonday gathered at the siteofthe lumbia, in Vancouver,who is concentrated in narrow re- night said therewerenore- shooting and that anger rose wasn’t involved in thestudy. gions in some partsofthe ports of unrest. as misinformation spread She and otherssaid the continent. On Mondayafternoon, Alen through the crowd. Music,owner of KEA Con- “This was not an unarmed struction, wasreinstalling the cus and NikeChicagoline the murders in major cities. juvenile,unfortunately,asbe- boards at aFloyd’s Barbershop streets. It extended as far “It’sstarting to look likeit ing propagated on social me- in the Lincoln Park area. It north as Lincoln Park,amostly did acouple of months ago,” dia,” MayorLori Lightfoot said was the fifth business he had whiteand affluent area hit in said Tracey Flaherty,a34-year- Monday. boarded up that day. Mr. Mu- the firstwaveofunrest after old marketer,noting the newly “Tempersflared fueled by sic said he thought the looting the death of Mr.Floyd. boarded-up businesses in her misinformation as the after- has leftpeople “frustrated and Chicago shootingsare up neighborhood of LincolnPark. noon turned intoevening,” Mr. pissed off, to be honest, more roughly 50% year-to-datecom- Police said the looting was Brown said. than scared.” pared with the same period of sparked by ashooting that Thepolicefound multiple Thelooting started lateSun- 2019.Therewere31shootings happened around 2:30 p.m. lo- social-media postsurging loot- dayonthe city’s heavily Black over the weekend, including caltime Sunday, when Chicago ers to converge on downtown S SouthSide,afew miles from three homicides,policesaid. policetried to confront aman in acaravan of cars,headded.

PRES thesiteofthe shooting.Some Through Aug.2,the city has matching the description of a Overnight, police deployed on social media speculated that seen 450 murderssofar this person seen with a gun. 400 officers to quell the loot- UMA

/Z the initial looting wasjust adi- year, up from 291 in the same The20-year-old ranand ing. Policealso raised down- SA version, as looting quickly period last year,a55% in- shot at pursuing officers, po- town drawbridges,closed free- /NA spread north to the Michigan crease. Amid a surge in crime lice said. Officersfired back way ramps and made more CK Avenue shopping district, acrossthe country, Chicago and hit him, they said. The than 100 arrests in the early-

HARBA wherestoreslikeNeiman Mar- has accounted for one of eight suspect was transported to a morning hours. Y JEREM The Getz Ice Shelf in West Antarctica, shown in 2016, is considered to be the most vulnerable region to climate change. Notre Dame Begins Unusual Fall Term Antarctic ice loss can reverberate across the entire planet.

Mapping Antarctica's Hidden Melt BYMELISSA KORN must.Orientation eventsare Covid-19 test result within with morethan 50,000 signs conducted outdoors, in small seven days before arriving on reminding people to wash their Much of Antarctica's icelossishappening underneath the On Friday night, Stephanie groups, or virtually. its South Bend, Ind., campus. hands, wear masks when they surface, whereice thathangs off the edge of the continent Swegle and her roommatepar- This summer, manycolleges Unlikemanyother colleges,it areinproximity to othersand touches ocean water. ticipated in a near-sacred ac- and universities revised their doesn’t plan on conducting to stay 6feet apart when pos- Lossfrombottomofice shelves, meters/year Ocean temperature tivity forUniversity of Notre reopening plans,shifting masstesting of asymptomatic sible.They have images of (Positivenumbersmean moreloss) above freezing Dame students: They watched classes online and discourag- studentsthroughout the term Touchdown Jesus,marking 6 the movie “Rudy.” ingstudentsfromcoming to and didn’t requirestudentsto feet between raised arms. -4 -2 0 2 4 1°C 1.5 2 The first-year students sat campus as the coronavirus quarantine themselves fora Upon arrival, studentsgot in the stands of the football pandemic continued to spread period upon arrival. As of Fri- welcome bagsstocked with a stadium next to each other, acrossthe country. On Thurs- day, the school said it had one refillable bottle of hand sani- wearing masks.About 6feet day, Johns Hopkins University positive case on campus, and tizer, athermometer and aset away,another set of room- said undergraduateinstruction six other people in quarantine of cloth NotreDame facemasks. Weddell Sea mates settled in forthe feel- would moveonline; aday later, as a precautionary measure. Studentscan pick up food from good flick.Six feet from there, Princeton University said it Hundreds of studentsand dining halls but must eat else- another pair. would have avirtual fall forall faculty have signed a petition where, including in outdoor Ms.Swegle,an18-year-old undergraduates,rather than requesting that the school tentserected around campus. EAST ANTARCTICA biologymajor from Seattle, bringing first-year students conduct morewidespread test- And they will have assigned had an odd introduction to and juniorsback to campus. ing,expressing concern about seatsinclassrooms to help with collegelifebut her experience Yetsome institutions,in- virus exposureasstudents contact tracing in case other at NotreDame,which brought cluding the University of Mich- travel from around the coun- studentstest positive. WEST studentsback last week and igan and Louisiana State Uni- tryafter taking their tests. In- “I’m really excited to be on ANTARCTICA ROSS ICE SHELF started classes on Monday, of- versity,will welcome students diana’sseven-day positivity campus,” said SamAnderson, Moremelting fers apreviewfor what others back on campus.All aremaking rate is 5.2%, according to the who drovewith his family from warmer ocean mayexpect. at leastsome adjustments, like latest dataonthe state’s from Couer d’Alene in northern Hundreds of thousands of having large lectures online or health-department website. Idaho last week.His mother studentswill descend on cam- requiring studentstosign up NotreDame said it has stocked him with agiant con- puses around the countryin foratime to pick up their takenmanyprecautions in re- tainer of hand sanitizer,Lysol coming weeks,beginning their lunch. Manyalso have asked opening the campus to stu- spray and disinfecting wipes. fall terms under unprece- studentstosign contracts dents, including deep-cleaning Still, thereisanagging dented circumstances.Move-in agreeing to followpublic- facilities, stocking 10,000 gal- worryinthe background. “I’m is tightly scheduled, and par- health guidelines,likenot host- lons of hand sanitizer and re- nervous therecould be ahot entsare discouraged from lin- ing or attending large parties. purposing auditoriums to spot in South Bend and things Notes: Icesheet data from 2010–2018; temperaturedatamostly from 1990s–present Sources: Susheel Adusumilli, Scripps Institution of Oceanography; gering toolong as they say NotreDame required that space out larger classes. could getout of control pretty MatthewR.Siegfried, Colorado School of Mines; NatureGeoscience their goodbyes.Masks area studentssubmit anegative It also has plastered campus fast,” Mr. Anderson said. P2JW224000-6-A00400-17FFFF5178F

A4 | Tuesday, August 11, 2020 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ****** THE WALL STREET JOURNAL. U.S. NEWS Virus Testing Still Isn’t Making the Grade

Crucially,anew generation stresses the need foraneco- of somewhat lessaccurate nomic recovery from the cor- but cheaper and morerapid onavirus plunge, yetthe lack screening testsisbecoming of amoreeffectivetesting available,yet the CDC has yet strategyishampering the ef- to provide full guidanceon fort. Indeed, the value of howbest to use them, public- rapid testing in accelerating health activistssay.Reopen- economic activity is becom- CAPITAL JOURNAL ing schools safely would be ing moreclear as moreis By Gerald F. Seib far easier if rapid testswere learned about the disease. widely available,along with a plan on howbest to use he real goal of testing When the historyofthe them. is “toidentifypeople coronavirus crisis is written, T and take them out of the absenceofanational illions moredollars the chain of transmission testing strategytobetter would be needed to rec- when they arepositive,” says slowthe virus’sspread while B Mr.Shah. One of the most tifythese problems,yet speeding the reopening of Congressisgridlocked and JOURNAL crucial lessons learned about

the economyand schools has failed to passanew coro- REET the coronavirus recently is ST

maygodownasthe biggest navirus stimulus bill with LL that almost half of the spread

government failure. such funds.The executiveor- WA of the disease is done by peo- In some re- dersPresident Trump has ple who aren’t yetshowing THE

spects, testing signed in recent days to fill R anysymptoms and that most in America the gapdon’t addresstest- FO asymptomatic spread occurs NS

looks likea ing,and he has said testing is PO in the firstfew days afterthe success story. aproblem forthe states. virus has been contracted. SICA

Almost six “Wecan still getthis JES That finding underscores the months into right,” says Rajiv Shah, presi- Health-care workers tested patients at a pop-up Covid-19 testing location in Los Angeles in July. urgencyofidentifying those the crisis,the U.S. does more dent of the Rockefeller Foun- who arecarrying the virus coronavirus teststhan any dation, which firstproposed a dateofits plan. with no test result provided. spikeincases. but not showing symptoms, other country. TheCenters national testing program in Hereisareal-lifestory Then the full week of vaca- Beyond that, the dispari- and rapidly taking them out forDisease Control and Pre- April. “But it requires apara- that illustrates whereweare: tion came and went, still ties in testing availability are of circulation. vention reportsthat some 65 digm shift.” As anation,the Aman wasscheduled to go with no result. Twelvedays on vivid displayevery day. Widespread use of antigen million testshavebeen done U.S. nowisdoing 4.5million on aweek’sfamily vacation afterthe test wastaken, and NBAplayers and White tests, which detect proteins to date. testsaweek; the Rockefeller at the beginning of the afterfamily membershad House officials canget daily associated with the virus in Yetthe U.S. has amish- Foundation plan calls for month, and, in an attempt to dispersed back to their testsand instant results, but lessthan an hour without the mash of testing effortsthat ramping that up to 30 mil- be sureitwas safetogather, homes,therestill wasnore- averageAmericans can’t. The need forlaboratorywork, vary widely from stateto lion. Given that it likely will allfamily memberstook cor- sult. If the man actually was coronavirus is hitting partic- would be abig help.With state. Results oftenare so be four months or morebe- onavirus testsinadvance.Be- carrying the virus,hehad no ularly hardinminority com- that in mind, seven states, slowtoarrivethat millions of fore avaccine is available,the cause the vacation was way of knowing.Not only munities,yet testing is with aid from the Rockefeller those testshavebeen ren- incentivetoimprovetesting planned forMassachusetts, would other family members harder to find forpeople Foundation, last week formed dered nearly useless. Those remains high. which requires atest within have been at risk,they all there, particularly because acompact to jointly purchase who aretested could be un- “Weneed, aboveall, an ef- 72 hoursbeforevisitorsar- could have carried the virus they maynot be able to af- millions of these rapid-result witting carriersofthe disease fectivenational testing strat- riveinthe state, the test was back to their owncommuni- ford the consultation with a tests. That’sastepforward— while they wait forresults, egy—something the nation scheduled three days before ties.This potential forunwit- doctor oftenrequired before but not the same as ana- which helps explain the sum- sorely lacks today,” the foun- the start of the vacation. ting spread is one reason the atest is approved. tional strategy to do the mertime virus resurgence. dation said in the latest up- Those three days passed U.S. has seen asummertime TheTrump administration same. Both Parties Press For a Resumption Of Aid Negotiations

BY NATALIE ANDREWS round of relief.“Anytime they AND SARAH CHANEY want to meet, they’rewilling to negotiate, have anew proposal, WASHINGTON—Administra- we’remorethan happy to meet,” tion officials and Democratic said Mr.Mnuchin. leadersurged each other to re- Democrats, who have backed turn to the negotiating table to $3.5 trillion in newspending, craftabroad coronavirus pack- said that Mr.Trump acted ille-

GES ageafter President Trump’sex- gally,breaching congressional

IMA ecutiveactions on joblessand spending authoritywith the ex- other aid, though neither ecutiveorders, and that his plan GETTY reached out to the other. wouldn’t provide enough relief SE/ TreasurySecretarySteven to the unemployed. They argue Mnuchin said he believed states Republicans areaiming toolow could start rolling out additional with their $1 trillion aid package. ANCE-PRES

FR federal unemployment payments “I hope saner voices in the within two weeks,asofficials RepublicanParty will prevail and ENCE

AG made clearthat states could say, ‘Sit down with Pelosi and sit

KI/ provide $300 aweek in federal down with Schumer,’ ” Mr.

OWS funds forunemployedworkers Schumer said on MSNBC.“We without adding anyoftheir own arenot going to settle forsome SMIAL funds.The initial plan released skimpy thing that doesn’t work.” AN Saturdayhad envisioned atotal Mr.Trump signed four exec-

BREND weekly payment of $400,with utiveactions over the weekend A Secret Service agent told President Trump to leave the White House briefing room Monday. He returned a short time later. states kickingin$100. aimed at providing joblessaid, “Wedon’t have to do that,” suspending the collection of Mr.Trump said at anewsbrief- payroll taxes, avoiding evictions Trump Evacuated From Briefing Room ing,referring to the statefund- and assisting with student-loan ing.“So we’ll see what it is,de- payments. pends on the individual states.” Thecongressional talks BY REBECCA BALLHAUS going to have to step outside.” seemstobeverywell under confirmed that an officer had Theexecutiveactions came brokedownevenasthe eco- “Excuse me?” Mr.Trump control,” he said. been involved in ashooting afternegotiations between Re- nomic stakes of failing to reach WASHINGTON—President asked. Mr.Trump said he felt safe near the WhiteHouse. publicansand Democratsona an agreement escalated. Hous- Trump wasabruptly escorted “Stepoutside,” the agent re- and that the episode “might In asubsequent tweet, the newaid packageended Fridayat ingadvocates saytens of mil- from the briefing room minutes peated. nothaveanything to do with agencysaid aman and aSecret astalemate. lions of Americans could poten- intoanewsconferenceafter Thepresident returned to me.” He said that he asked to Serviceofficer were both trans- Administration officials have tially lose their homes in the shotswerefired outside the the briefing room soon after- return to the briefing room and ported to alocal hospital. “At accused congressional Demo- coming months afterafederal White House on Monday. ward and told reportershehad that he didn’t believethe pe- no time during this incident crats, led by House Speaker evictionmoratorium and a ASecret Serviceagent inter- been takentothe Oval Office rimeter around the White wasthe WhiteHouse complex NancyPelosi and SenateMinor- $600 weekly supplement to un- rupted the president’sprepared out of an abundanceofcaution. House had been breached. breached or were anyprotect- ity Leader Chuck Schumer,of employment benefits—which remarks about the stock market He said law-enforcement offi- TheSecret Serviceina ees in danger,’’the agency making unreasonable demands Democratswant to extend—ran and told him, “Sir,we’rejust cials had shot asuspect. “It tweet later Mondayevening added. in negotiations forthe next out at the end of July. $250 Billion Spent on ExtraJobless Benefits Biden ExpectedtoPick acking BY ERIC MORATH The federal governmentspentnearly $250 billion on the equates to about 31 million Running Mate Midweek $600 weekly enhancementtojoblessbeneﬁts thatexpired July 31. $600 payments that week, Thefederal government though aLabor Department BY TARINI PARTI year-old former vicepresident Weekly spending Federal Pandemic spent nearly $250 billion on spokeswoman said weekly AND KEN THOMAS as the head of the party.IfMr. Unemployment Compensation extra$600-a-week unemploy- $20billion amountsmight include back Biden wins, his running mate per 1,000 workers ment benefitsfromearly April payments. WASHINGTON—JoeBiden’s would become the firstwoman to the end of July,the Labor U.S. $1.5 million California received the larg- allies have been told to expect to serveasvicepresident. Department said, as millions of 15 est totalamount, $38.4 billion, an announcement midweek re- People familiar with the pro- Michigan $2.9 workerswerelaid off because andSouth Dakotareceived the vealing his choiceofrunning cess said the four-member of the coronavirus pandemic. NewYork 2.6 least, $177.1 million, according mate, according to aperson fa- search committeewrapped up Workerswho permanently 10 to the Journal’sanalysis. miliar with the process, and itsvetting of the candidates. lost their jobs,werefur- Pennsylvania 2.4 Michigan received the larg- multiple people said his search Thecommitteeincluded former loughed or had their hourscut est amount of benefitswhen committeehas finished itswork. Connecticut Sen. Chris Dodd, Idaho 0.6 were able to tap$600 in fed- 5 adjusting forthe sizeofthe la- Mr.Biden, the presumptive LosAngeles MayorEric Garcetti, eral unemployment benefitson bor forceinFebruary2020, Democraticpresidential nomi- Rep.Lisa Blunt Rochester (D., Utah 0.5 topofthe amount they quali- beforethe pandemic took hold nee,has been considering a Del.)and Cynthia Hogan, afor- fied forfromthe state, under a 0 South Dakota 0.4 in the U.S. Thestate received group that includes California mer Apple Inc.vicepresident. relief lawCongresspassed and $2.9million per 1,000 workers Sen. Kamala Harris,former Mr.Biden spent the weekend April May June July July President Trump signed in 10 1 5 3 31 in the state. It wasfollowedby Obama national security adviser at hisvacation home in Reho- March. NewYork and Pennsylvania. Susan Rice, Rep.Karen Bass(D., both Beach, Del., returning to his Note:Dates areweek ending. Compensation totals arebased on February 2020 labor force. Thebenefits expired on July Sources: Labor Department(spending); analysis of Labor Departmentdata(compensation) Nationally,about $1.5million Calif.), Michigan Gov.Gretchen Wilmington, Del., residenceto 31.Mr. Trump on Saturday in benefitswerepaid per 1,000 Whitmer, Massachusetts Sen. appear at afundraiser Monday. signed an executiveorder that ginning of August sawweekly as Federal Pandemic Unem- workers, counting both the Elizabeth Warren and Illinois Thewomen under consider- would replacethe largerpay- payments decline to near the ployment Compensation, were employedand unemployed. Sen. TammyDuckworth. ation have faced intense scru- mentswith $300 aweek in en- $332 averageweekly payment paid out to states starting the Michigan wasamong states Mr.Biden’sdecision as he tinyinaprocess that up until hanced unemployment bene- made under those programs in firstfull week of April. The with the most unemployment challenges President Trump has the final weeks wasunusually fits,and called on states to the past year.Self-employed peak week forpaymentscame applications in March and been closely watched and could public.The campaign has con- provide an additional $100 a and gig workers—who don’t the week that ended June 26, April when auto-factoryshut- playamajor role in the Demo- sulted groups that help women week. usually qualifyfor unemploy- when $18.6 billion wasdistrib- downs rippled through the cratic Party’s leadership for getelected to officetoprepare Individuals tapping regular ment assistance—sawauted, according to Labor De- manufacturing-heavystate. yearstocome.The woman Mr. forwhat they believewill be stateprograms,the largest steeper decline in payments. partment datarequested by Those plantshavesincebeen Biden chooses would be well- sexist attacks,aperson familiar source of benefits, at thebe- The$600 payments, known TheWall Street Journal. That allowedtoreopen. positioned to succeed the 77- with thediscussions said. P2JW224000-0-A00500-1------XA

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A6 | Tuesday, August 11, 2020 **** THE WALL STREET JOURNAL. U.S. NEWS Protecting Hardest Hit Proves Tough Global Infections BY CHARITY L. SCOTT Health officials and activ- Surpass istshavefaced challenges making coronavirus information, testing and treatment 20 Million available to membersofsome communities hit hardest by BY ALLISON PRANG Covid-19,confounding efforts AND DAVID HALL to stop the virus. Immokalee,Fla., near Fort Confirmed cases of the new Myers, is suffering from one of coronavirus surpassed 20 mil- the state’shighest coronavirus lion globally,while the U.S. re- tolls because manyresidents ported itslowest number of work essential jobs that don’t newcases in about aweek,as allowsocial distancing.The lo- newinfections in some parts calhealth department’s calls of the country trended down. formask wearing and other Fewerthan 47,000 new precautions weren’t accessible cases were reported Sundayin to manyresidentswho lack in- the U.S., while the total num- ternet access and speak indige- ber of confirmed cases ex- nous languages,acommunity- ceeded five million, according group leader says. to datacompiled by Johns Likewise,few residentsofa Hopkins University.

predominantly Black neighbor- JOURNAL Thirteen states—Arkansas, hood in St.Augustine,Fla., Hawaii, Idaho,Illinois,Indiana, REET

have undergone testing,despite ST Kansas,Minnesota, New hundreds of cases in the area LL Hampshire, North Dakota, because sites aretoo far to WA South Dakota, Texas,Vermont THE

reach by foot or bike, according R and Virginia—have higher

to alocal official. And under- FO seven-dayaveragesofnew funded hospitalsinthe Navajo confirmed cases than two-

Nation in the Southwest were OMWELL week averages as of Aug.9,ac-

forced to flyout the sickest CR cording to aWall Street Jour- Covid-19 patients, the nation’s nal analysis of Johns Hopkins president says. MARIE data. That held true for42 SE

Localgroups,health agencies RO states and Washington, D.C.,a and hospitals said they aretak- Elbin Sales Pérez and Yecenia Solorzano, who both contracted the coronavirus, with their children in Immokalee, Fla., one of the month earlier,reflecting ade- ing action to overcome the hur- state’s hardest-hit areas. Robert Nimmons IV says testing sites in the West Augustine area of St. Augustine are inaccessible to many. cline in reported cases in dles.Their challenges,however, many parts of the country. areadding to difficulties tack- U.S. Covid-19 hospitalization miles away,and can’t be Theaccumulation of five ling the fast-spreading virus as ratesper 100,000 population reached without crossing ama- million cases shows howthe cases surge in manyparts of jor highway,hesays. U.S. has handled the pandemic theU.S., while threatening an NativeAmerican As aresult, few of West Au- lessefficiently than elsewhere even heavier toll on communi- gustine’spredominantly Black around the world, said Jeff 299 ties home to some people most residentsare undergoing test- Morris, professor and director vulnerable to the virus. ing,Mr. Nimmons said. TheZIP of biostatistics at the Perel- Black,Latino andNative Non-Latino Black Code that includes the West man School of Medicine at the American populations are 267 Augustine neighborhood had University of Pennsylvania. amongthe hardest hit by 504 cases as of Saturday, mak- “Our focus this summer Covid-19,according to the Cen- Latino ing it acounty hot spot, ac- should have been to getour ters forDisease Control and 265 cording to Florida Department virallevelsdownaslow as Prevention. JOURNAL of Health data. possible by the end of sum-

Black people account fora Asian/Paciﬁc Islander REET “With the rise in cases that’s mer” forschools to open fifthofcoronavirus cases and ST going on in Florida now, we safely, Mr. Morris said. “That Latinos fornearly athird, ac- 73 LL knowthat could be aproblem really hasn’t happened.” WA cording to the CDC data, here, and the biggest issue here President Trump has de- Non-Latino White THE though they represent about R is the testing,” he said. fended his response to the 13% and 19% of the U.S. popula- 57 FO Misinformation about pandemic,saying,“Ithink

tion, respectively.Meantime, KESL Covid-19 among their congrega- we’re just doing very well.” TE NativeAmericans arehospital- Note:March 1–July 25 tions prompted Black churches Issues over reopening OT ized at arate5.3 times more Source:Centers forDisease Control in Rochester,Minn., to seek the schools during the pandemic and Prevention

than whites afteradjusting for CHARL Mayo Clinic’shelp to dissemi- have split Americans, and su- age, while Black and Latino natethe facts, said LaPrincess perintendents face hard deci- people arehospitalized more tors.And manyare also at washing,social distancing and Codes in the state’smajor cit- Brewer, apreventivecardiolo- sions as they trytoeducate than 4.5times whites. higher risk of developing severe wearing masks because resi- ies.AsofSaturday,morethan gist at the hospital. children whilenavigating an Among the big factorsbe- cases because they suffer from dentsspeak several different 2,100 cases were attributed to Some community members array of opposing forces. hind thedisproportionateim- conditions likeheart disease, languages and some can’t read the area, according to the local were open to rumors, such as KentuckyGov.Andy pact, said SandroGalea,dean of asthma anddiabetes,hesaid. well, according to Silvia Perez, health department. the erroneous idea that Black Beshear,aDemocrat, said the Boston University School of “The disproportionaterates one of the group’sleaders. Thecoalition rewrotesome people areimmune to the virus, Monday the state was recom- Public Health, manycommunity of Covid is largely duetothe Thelocal health department of the health department’sma- due to longstanding distrust of mending that schools wait to memberswork in essential jobs fact that thesecommunities publishes materials to itsweb- terials and then translated health authorities resulting begin in-person classes until likefarming,food processing have much greater exposure, siteinEnglish, Spanish and them into10languages spoken from ahistoryofunethical ex- Sept. 28,citing arise in cases andconstruction that can’t be but also because recognizing Haitian Creole but many by residents, Ms.Perez said. perimentation, Dr.Brewersaid. over the past five to six weeks done remotely or by social dis- that risk,wehavenot put in Immokalee residentsdon’t have In the West Augustine SinceApril, Dr.Brewerhas and an increasing number of tancing.Cases arealso more placecompensatorymecha- internet access and some don’t neighborhood of St.Augustine, been working with Black infections in children, among likely to spread because sizable nisms to offer testing,services speak anyofthose languages, local officials have struggled to churches and other local organ- other things. numbersliverelatively close to andopportunities forinforma- Ms.Perez said. help residentsundergo testing izations to explain howthe cor- “Tosend tens of thousands each other,ifnot in the same tion to these communities,” Dr. At one point in June,the ZIP because the test sites aren’t ac- onavirus is spread,what pre- of our kids back intoin-person houseorapartment. Galea said. Code that includes Immokalee cessible on foot or by bike, said cautions to take and howto classes when we don’t have Dr.Galea said manypeople In Immokalee,the Coalition had the largest number of coro- RobertNimmons IV,chairper- recognizesymptoms in church control on this virus isn’t the in these communities have lim- of Immokalee Workersfaced navirus cases in Florida, out- sonofthe local development newsletters,through webinars right thing to do forour kids,” ited access to testing and doc- challenges encouraging hand strippingmorepopulous ZIP board. Thenearest one is 3 and on social media. Mr. Beshear said. Hospitals’ Policies Come Under Religious-Rights Scrutiny

BY STEPHANIE ARMOUR icychoices about religion and provided aform acknowledging howtohandle religion in the risk,and will allowclergy The Trump administration health care,” said Richard visitswith adherencetosafety has stepped up interventions Katskee, legal director at protocols,” said University of in complaints by patients and Americans United for Separa- Maryland Medical System health workerswho saythey tion of Church and State,alit- spokeswoman Jania Matthews. have been victims of discrimi- igation and advocacy group. Legalexpertssaid the nation under policies that hos- Luke Goodrich, vicepresi- agency’suse of the Religious pitals and other health organi- dent and senior counsel at the Freedom Restoration Act as the zations have adopted to Becket Fund forReligious Lib- basis forits authority is unusual. combat the coronavirus. erty,aWashington, D.C.,non- RobertTuttle,aresearch As the Department of Health profit that defends religious professoroflaw and religion and Human Services’ Officefor freedom, said theagencyhad at George WashingtonUniver- Civil Rightshas intervened in authoritybecause most large sity’s LawSchool, said champi- the complaints, it has been ne- hospitals getfederal funding.He oning religious rightsduring a gotiating settlementsand issu- added that protecting religious pandemic risked endangering ing guidancetoremind health freedoms wascritical even dur- others. “It risks the health and organizations,statesand local ing apandemic—and canbe JOURNAL safety of others,” Mr.Tuttle

governmentsabout their re- done safely.“Youdon’t have to REET said. “What’shappening under sponsibilities under federal law. put religion and public health ST the current administration, LL

Some legal experts say the againsteach other,” he said. WA and HHS is the poster child, is agencyisoverstepping its TheOfficefor Civil Rights ashifttoreligious freedoms THE

statutoryauthority.Lawyers intervened afteracomplaint R no matterwho sufferscollat- who advocatefor religious wasfiled June 11 on behalf of a FO eral damagesfromit.”

rightsdisagree and saythe ac- medical student who wasdoing LMER TheOfficeofCivil Rights tions are legally sound. rotations at StatenIsland Uni- PA also became involved in the TE

Theofficecites laws it says versity Hospital, in NewYork NA spring in disputes over ration- giveitauthority to intervene in City.The complaint said the Susanna Marcus holds aphoto of herself and husband SidneyMarcus. Mrs. Marcus asked apriesttovisit ing decisions involving ventila- religious-discrimination claims hospital required him to shave her husband at the hospital, but the hospital systematthe time had banned visitors due to the pandemic. tors to ensurethey weren’t when health organizations get his beardsothat he could wear discriminatory. In July,itis- federal money.They also point aprotectivemask.The student adhered with his cultural and George’s Hospital Center,in equipment, wasn’t allowedin, sued remindersagainst dis- to the Religious Freedom Resto- said shaving would violatehis spiritual beliefs so he could Maryland. While Mrs. Marcus’s according to the complaint. crimination to health-carepro- ration Act of 1993,which essen- religious commitment to not continue his medical studies, condition improved, her hus- “I didn’t knowmuch about vidersthat getfederal funding, tially prohibitsthe federal gov- cuthis hair. safely.” At no point wasthe band’scondition worsened, and his condition, we couldn’t com- including hospitals and state ernment from substantially Thecivil-rightsofficesaid it studentasked to shave his he wasput on aventilator be- municate, and Iwas very fear- agencies.The guidancein- burdening aperson or institu- communicated with the student beard, Mr.Preston said, but he cause of the accident. Neither fulfor his condition,” Mrs. Mar- cluded instructions to ensure tion’sreligious exercise.“This is and provided technical assis- wasinformed about safety of the Marcuses had Covid-19. cus said. “Webelieveinthe minorities didn’t facelonger atime when the safeguards are tancetothe hospital. Theoffice guidelines that stateauser Mrs. Marcus asked apriest sacraments, our souls are wait times forcareand weren’t put under stress,” Roger Sever- said the hospital then granted must be clean shavedtobeap- to visit her husband at the united in God, and Ineeded to denied access to intensivecare. ino, head of the Officefor Civil the student an accommodation propriately fittested foran hospital to administer the sac- knowhehad access to that.” Theofficehas takenanum- Rights, said in an interview. and let him wear an alternative N95 mask.Hesaid the student rament of anointing the sick, TheOfficefor Civil Rights ber of steps to champion reli- Some legal expertsand ad- form of protection called a wasreassigned to rotations in which has been known as last provided technical assistanceto giousrights, including arule vocatessaid the office’sactions PoweredAir Purifying Respira- non-Covid-19 areas until a rites.But the hospital system, the hospital, and HHS officials that enables health-carepro- in religious discrimination torthat he could wear with a poweredair-purifying respira- University of Maryland Medi- said thehospital system subse- viderstorefuse to perform, claims involving hospitalsstand beard. tor could be provided instead calSystem, had implemented a quently agreed to changeits pol- accommodate, or assist with on shakylegal ground, saying Christian Preston, a hospi- of an N95 mask. policybanning visitorsbe- icy, allowing clergy to see pa- certain health-careservices on itsinterpretation of the lawis talspokesman, said, “When he In another complaint, Sid- cause of the pandemic,accord- tients. Thesystemdidn’t dispute religious or moral grounds.A overly broad and is riskydur- raised concerns over his reli- ney and Susanna Marcus suf- ing to aJune 9complaint Mrs. the details of the complaint. federal judge in Manhattan ing apublic-health emergency. gious needs, immediate steps feredsevereinjuries in acar Marcus filed with the office. “Wehavesinceamended our blocked the rule in November, “HHS has no statutoryau- were takentounderstand and accident on Memorial Dayand Thepriest, who had agreed to policy, with all individuals visit- saying it exceeded the agency’s thority to be enforcing itspol- make an accommodation that gottreatmentatPrince wear personal protective ing aCovid-19 positivepatient authority.HHS is appealing. P2JW224000-0-A00700-2------XA

THE WALL STREET JOURNAL. Tuesday, August 11, 2020 | A7 WORLD NEWS Putin SeekstoBolsterTiesWithBelarus

As presidential policeagain moving in to de- two sides that could driveMr. tain protestersnationwide. Lukashenkocloser to Moscow, election results spark Manyprotesterssaid the tilting the center of gravity in nationwide protests, election resultswereincredu- Eastern Europe further in Mr. lous,asdid Mr.Lukashenko’s Putin’sfavor—at least if the Be- Russia offers support main opponent,Svetlana Tikh- larusian leader survives. anovskaya.A37-year-old first Thewidening crackdown is BY ANN M. SIMMONS timer who stepped intothe driving awedgebetween the ring to unitethe opposition af- Belarusian president and the MOSCOW—As protests terher husband, apopular U.S. and Europe,which had grew in Belarus over the han- YouTuber,was arrested foral- been trying to build acloser dlingofthe weekend’spresi- legedly inciting unrest, she relationship with Minsk to bal- dential election, Russia moved wonjust under 10% of the vote. anceRussia’sgrowing influ- swiftly to congratulate Presi- He wasone of three opposition ence in the region. dent Alexander Lukashenkofor candidates who were barred TheEuropean Union con- his electoral win and pressfor from contesting the vote. demned the actions of riot po- stronger ties with itsneighbor Ms. Tikhanovskaya told re- lice. TheU.S.urged the Be- ahead of what is expected to portersinMinsk on Monday larus government to refrain be asecond night of protests. S that she is the legitimatewin- from the use of force.

Russiaand Belarus are PRES ner of the election and urgeda “Lukashenkowill be amuch

closely linked by languageand TED peaceful transition of power. weaker figure even if he re-

culture. Belarus oncewas aSo- CIA Neither Ms.Tikhanovskaya mains president,” said Daragh SO

viet stateand is strategically AS nor her campaign could be McDowell,head of Europe and located in the center of Eastern Police and protesters faced off Sunday in Minsk after disputed early presidential election results. reached to comment. principal Russia analyst at Europe,onRussia’swestern Independent online poll- Verisk Maplecroft, afirm spe- flank.Inrecent years, Mr.Lu- vote.Inhis messagetoBe- Dmitri Trenin, director of the ment of the struggling econ- stershad reported exit polls cializing in global risk. kashenko has sought acloser larus’sleader,Mr. Putin said Carnegie Moscow Center,a omyand agrowing list of al- giving Ms.Tikhanovskaya up If Mr.Lukashenkowereto relationship with Europe and he hopedthe two countries think tank.Some of Mr.Lu- leged human-rightsviolations. to 86% of the vote. fall, political analystssaid the U.S.,annoying the Kremlin. would expand their integra- kashenko’s ownsupporters Tens of thousands of people Mr.Lukashenkosaid Mon- Russiawould be eager to see a But now Russian President tion,building on strong eco- might be willing to drop him poured intothe streetsofthe day that authorities wouldn’t compliant partner installed in Vladimir Putin appears to de- nomic and security ties. after26yearsinpower, Mr. capital, Minsk,and other cities, allowBelarus to be ripped Minsk. “Belarus is too impor- tect an opportunity to re-es- “Putin’s calculus is that as Trenin said. clashing with riot police, after apart by instability,the Belar- tant for Russia to give it up,” tablish itsinfluenceinBelarus Lukashenkofaces agrowing Apreliminarycount Mon- exit polls projected alandslide usian statenewsagency, Belta, Mr.Trenin said. “Thus,Be- by shoring up Mr.Lukashenko challengefromthe Belarusian day awarded the veteran win forMr. Lukashenko. cited him as saying. larus as a tug of war between after an unprecedented wave population…he has nowhereto leader 80% of the vote,despite Mondaybrought another Thedisputesetsthe stage Russiaand the West seems the of protestsfollowing Sunday’s turn other than Moscow,” said rising anger about his manage- dayofdemonstrations,with foraconfrontation between the likely futurefor that country.”

WORLDWATCH Mauritius Struggles to Contain Oil Spill From Grounded Tanker

NIGER court—equal to the number of people believedtohave been Gunmen AreSought killed at Stutthof during his ser- In Killing of Tourists vicetherein1944 and 1945. Because he was17and 18 at Armed forces from Niger and the time of his crimes, Mr.Dey’s Franceare pursuing the gunmen case washeardinjuvenile court who killed sevenaid workers, and he wasgiven atwo-year mostly French citizens, and a suspended sentence. leading guide in aNiger giraffe Mr.Dey wasconvicted under park considered one of the safer newlegal reasoning thateven places in the West African nation. though therewas no evidence The group had been on aday linking him to aspecific crime, as of sightseeing Sundaywhen they acamp guardhewas guiltyof were attacked justbeforenoon, accessory to murders committed according to one of the aid while he wasthere. groups theyworked for, Paris- His conviction is nowconsid- based NGO ACTED.Anambu- ered legally binding, after his at- lancesentbythe French military torneyand three people who had stationed in Niger found the bod- joined the trial as co-plaintiffsde- ies laterinthe dayintheir cided to retract their appeals, the burned-out vehicle in the giraffe Hamburgstate court said. reserveinKoure, the group said. Thateases the wayfor more The victims were six French possible prosecutions of concen- citizens and one Nigerien working tration camp guards even though forACTED and Geneva-based IM- it has been 75 years sincethe PACT Initiatives. The other victim end of World WarII. wastheir Nigerien guide. —Associated Press CK

Niger’s Interior Minister TO Alkache Alhada said Mondaythat MALAYSIA the area around Kourehas been cordoned off by Niger’s armyand Ex-FinanceMinister SHUTTERS A/

French soldiers from Operation FacesNew Charge /EP Barkhane. French prosecutors ES RC

said theyopened aprobe onto Malaysia’sformer financemin- FO “murders in relation to aterrorist isterpleaded notguiltyMonday

undertaking.” to asecond corruption charge re- ARMED The NGOs condemned “the latedtoa$1.5 billion undersea

senselessand barbaric killing of tunnel project and slammed the FRENCH our colleagues and their guide.” case as atrumped-up charge by —Associated Press the newgovernment. Rescue teams are racing to Stormy conditions are compli- Akihiko Ono, executive vice other materials to help prevent LimGuan Eng wasfirst pump an estimated 3,000 metric cating the cleanup. Helicopters president of Mitsui O.S.K. Lines, the thick oil from reaching the GERMANY charged Fridaywith soliciting 10% tons of oil from a Japanese-op- have been deployed to help with which operates the tanker, has shore. Environmental experts of potential profits in 2011 as a erated bulk carrier stranded on a the effort. apologized for the accident and have said the damage in many Nazi Camp Guard’s bribe forthe project planned in coral reef off Mauritius before Rescue workers are attempt- said the company will do all it affected areas is significantand Appeals AreDropped northern Penang state. On Mon- the ship breaks up entirely. ing to maneuver other vessels can to help with the recovery. could takeyears to repair. day, he wasaccused of abusing The 984-foot-long MV close to the stricken Wakashio It is araceagainsttime, how- The economic toll also could Allappeals againstthe convic- his powerasPenang chief minis- Wakashio is slowly coming apart to speed up the operation. ever.Mauritius’sPrime Minister be significant. Before the pan- tion of a93-year-old Nazi concen- tertoobtain 3.3 million ringgit after running aground on July France has sent a navy ship Pravind Jugnauth said cracksalong demic, Mauritius and its 1.3 mil- tration camp guardhave been ($786,000) as inducementto 25. Already, more than 1,000 and technical advisers from the the hull of the vessel had grown lion people had been heavily de- dropped, aHamburgcourt said help alocal firm securethe con- metric tons of bunker fuel have island of Réunion to assist after and thatitcould break in half. pendent on tourists who come Monday, making the decision le- struction contract. The project spilled out, polluting coral reefs, Mauritius appealed for help, us- Meanwhile, thousands of vol- to experience the ecological di- gally binding and easing the way wasapprovedduring Mr.Lim’s lagoons and pristine shoreline ing oil-trapping nets, pumps and unteers have gathered along the versity of its reefs, beaches and forpossible futureprosecutions. tenureasPenang chief minister along the Indian Ocean island’s other equipment to deal with coasttobuild improvised barriers mangrove forests. Bruno Deywas convicted last from 2008 to 2018, beforehebe- southeast coast. the spill. made from strawbrooms and —Costas Paris month of 5,232 counts of acces- came Malaysia’sfinanceminister. sory to murder in Hamburgstate —Associated Press

shows howmuch the Lebanese forces retook the buildings. Lebanese leaderssought to Government public has turned against po- “The people demand the deflect blame over the blast by litical leaders, including politi- fall of the regime!” chanted a endorsing aprobe that has so cians from arangeofreligious largecrowd of demonstrators far homed in on junior officials. Collapses and political factions.For in downtownBeirut on Sunday Beforethe blast, Lebanon manyLebanese,the explosion night as some shot fireworks wasexperiencing itsworst symbolized government inep- at ranks of security officers, economic crisis in decades, In Lebanon titude that underpinned an who fired tear gas. along with an accelerating cor- economic crisis in recent Protests continued Monday, onavirus outbreak and recur- months. with demonstratorsclashing ring antigovernment protests. ContinuedfromPageOne Theresignation is unlikely to with security forces that fired Thecountry’sballooning debt, Salamey,apolitical scientist resolvethe crisis.Lebanon’s tear gasoutside parliament. At itsbanking sector’s collapse at Lebanese American Univer- economyremains in free fall, JOURNAL least 25 protesterswerein- andalockdown imposed to

sity in Beirut. “Weare heading and protestershavedemanded REET jured in the clashes,according curb the virus have intensified toward the unknown.” an overhaul to the entirepoliti- ST to the Lebanese Red Cross. those economic troubles.Leb- LL

Following the resignation, calsystem, not simply are- WA Foreign leaderswerealso anon’s poor and middle class Mr.Diab’scabinet becomes a placement of the government. putting pressureonthe Leba- have been the worsthit by the THE

caretakergovernment with lim- Lebanon’sconstitution is R nese government. President crisis,with manygoing hungry ited powers until anew govern- designed to sharepower FO Emmanuel Macron of France, as sections of the country

ment is formed, which is ex- among the country’sChris- RLING who visited Beirut following went dark during long power

pected to occur through apact tians,Sunni and ShiiteMuslims TA the blast, has called foranin- cuts. The country is also suf- M

among the rival political fac- and other religious groups. SA ternational investigation. He fering from hyperinflation and tions. In the past, it has taken Many of Lebanon’spolitical Antigovernment protests intensified in Beirut on Monday. said the United Nations,not soaring unemployment. months to form acabinet as the leadersare former warlords the Lebanese government, nation’sparties hammer out a from the civil warinthe 1980s, Saudi Arabia, has a history of rooted problems—from an would handle hundreds of mil- deal that satisfies acomplexset and manyLebanese nowview ties with Lebanon’sSunni economic tailspin to rolling lions of dollarsinaid that for- of political interestsand reli- the entirepolitical classasre- Muslim politicians. powercutsand spreading hun- eign countries pledged Sunday. gious groups.Mr. Diab said over sponsible fordecades of cor- Mr.Diab’sgovernment ger—have shaken the country TheLebanese public has the weekend that he would re- ruption and neglect that culmi- lasted lessthan eight months. severely.The explosion capped blamed the country’spolitical quest early elections,but no nated in last week’sexplosion. It wasformed in Januaryafter aseries of crises that have un- leadersfor the blast, which oc- timeline has been set foravote. Lebanon’s political system the former prime minister, derlined the government’sfail- curred afterastore of explo- BeforeMr. Diab resigned, is also an arenafor competi- Saad Hariri, stepped aside in uretoaddressLebanon’smost sivechemicals ignited in the Lebanon’spolitical factions tion among regional powers late2019 under pressurefrom pressing challenges. Over the port of Beirut on Aug.4,killing withdrew support forthe gov- such as Iran and Saudi Arabia, proteststhat demanded politi- weekend, thousands of demon- morethan 150 people and in- ernment and aseries of key of- as well as France. Iran is a caloverhauls and an end to stratorssurgedintocentral juring thousands of others. The ficials quit the cabinet in recent sponsor of Hezbollah, the Shi- corruption. Beirut,marching on govern- 2,750metric tons of the explo- Your Legacy days,including the ministersof ite-led armed group that is Lebanon’sgovernment was ment buildingsand briefly siveammonium nitratehad sat BroughttoLife

finance, justiceand health. also Lebanon’smost powerful under intense pressurebefore seizing control of aseries of at theport foryearsafter it Family Crest Rings -Research Included Thecabinet’sdissolution political party.Iran’srival, the blast. Multiple deep- ministries beforesecurity wasloaded off aleaking ship. JOHN-CHRISTIAN.COM 888.646.6466 P2JW224000-2-A00800-1------XA

A8 | Tuesday, August 11, 2020 ** THE WALL STREET JOURNAL. WORLD NEWS U.S. Health Chief Praises Taiwan, Angers Beijing During a rare visit, Ms.Tsai welcomed Mr. without evidencethat China Azar’s presenceasasign of deliberately spread the patho- Alex Azar cites Taipei’sstrengthened relations gen to damage the U.S. econ- success in handling with Washington—Taiwan’s omy and China’s government main arms supplier and a key accusing Mr. Trump of trying the Covid-19 pandemic informal ally forresisting Bei- to shirk responsibility for his jing’seffortstoassimilatethe handling of the crisis. BY CHUN HAN WONG island. “Your visit testifies to Thestatus of Taiwan, which

the fact that over the past 40 Beijing claims as itsown, is OFFICE/REUTERS HONG KONG—A rare meet- yearsorsoTaiwan-U.S.rela- among the most delicateis- ing between the topU.S. tions have never been better,” sues in the U.S.-China relation- health official and Taiwan’s she said. ship,and one that even the

presidentinTaipei helped About an hour beforeMs. Trump administration has PRESIDENTIAL

Washington firm up ties with Tsai met with Mr.Azar, the tried to handle carefully. AN IW

the island democracy, while most senior U.S. official to visit TheCommunist Party has TA tiptoeing close to ared line in Taiwan in four decades,China sought to gain control of the Alex Azar andPresidentTsai Ing-wen, right, met Mondayastensions grew between the U.S. and China. itsincreasingly contentious dispatched jet fightersintoair- island sinceMao Zedong’s relationship with Beijing. spacenear the island, accord- forces seized power on main- seriously damaging China-U.S. to triggeramuch moreforce- andquarantine processes,as Health and Human Services ing to Taiwan’sDefense Minis- land China in 1949 and drove relations as well as peaceand ful response from Beijing. well as widespread mask wear- Secretary Alex Azar relayed a try. TheTaiwanese air force Chiang Kai-shek to relocatehis stability in the Taiwan Strait.” In sending Mr.Azar, the ing and compliancewith so- messageofsupport from the tracked the Chinese warplanes Nationalist government to Tai- Mr.Azaristhe firstU.S. Trump administration also cial-distancing measures. White House and praised Tai- with air-defense missiles and wan. Washingtoncut formal cabinet official to visit Taiwan seized achancetohighlight Ms.Tsai has tried to tap wan’sCovid-19 actions in his drovethem away with itsown ties with Taipei in 1979,when since2014, when then-admin- theremarkable success Tai- this success to burnish Tai- meeting Mondaywith the is- aircraft, the ministrysaid. it switched to recognizing the istrator of the Environmental wanhas enjoyedinlimiting wan’s global image and coun- land’s leader, Tsai Ing-wen. Thetrip came amid a Communist government in Protection AgencyGina the Covid-19 contagion while ter China’scampaign to diplo- “Taiwan’sresponse to steady deterioration in ties be- Beijing, though the U.S. has McCarthyled a delegation to usingless-coercivemethods matically isolatethe island.In Covid-19 has been among the tween Washingtonand Beijing committed to helping Taiwan the island. Thechoiceofa than China, wherethe pan- recent months,she and her most successfulinthe world, as tensions ratchet up be- defend itself. lower-level cabinet secretary demic first erupted. government sought to portray and that is atributetothe tween the two powers over is- AChinese foreign ministry largely conforms with past Taiwan has confined itsout- Taiwan as an energetic con- open, transparent, democratic sues spanning trade, technol- spokesman, addressing arou- practice. Both Republican and break to 480 confirmed cases tributor to international public natureofTaiwan’ssociety and ogy and global influence. The tine briefing on Monday, re- Democratic administrations and seven deaths so far among health, offering medical exper- culture,” Mr.Azartold Ms.Tsai, Covid-19 pandemic also has peated Beijing’sexhortations have avoided sending secretar- apopulation of nearly 24 mil- tise and donating masks and in an apparent swipe at China been asource of friction, with forWashingtontocease official ies of State, Defense or Trea- lion.Health expertscredit the supplies to foreign govern- and itsauthoritarian system. President Trump suggesting contactswith Taipei and “avoid sury to Taipei, which is likely island’s strict border controls ments. China Retaliates, Imposing Sanctions On 11 Americans

BY SHA HUA the coming presidential election.“If we ignorethose ac- China said it would impose tions and meet them mainly sanctions on 11 U.S. citizens,in- with ridicule,then we might cluding Republican Sens.Ted gain moreinternational sup- Cruz and Marco Rubio, in retal- port than be directly confront- iation forsimilar measures by ing them,” the editorial said. Washington against Hong Kong Theforeign ministry’sMr. and mainland Chinese officials Zhao also listed, among others, on Friday. the heads of five U.S.-based Themeasureisthe latest nongovernmental organiza- volley in adiplomatic spat be- tions,including Kenneth Roth tween the U.S. and China that of Human RightsWatch,Carl has involved closingconsulates Gershman of the National En- in Houston and the southwest- dowment forDemocracy, and ern Chinese city of Chengdu Michael Abramowitz of Free-

GES and aprevious round of recip- domHouse.

IMA rocalsanctions.President They,too,had already been Trump has also been turning subjectedtosanctions in De- GETTY up thepressureonChina on cember because of their pro- Y/ IL several fronts, holding military democracystanceonHong DA exercises in the South China Kong shortly afterPresident

APPLE Sea and signing apair of execu- Trumpsigned the Hong Kong A search at the headquarters of Apple Daily in Hong Kong on Tuesday, after the arrest of media mogul Jimmy Lai. tiveorders that would restrict HumanRightsand Democracy transactions involving two Act into lawtomonitor the Daily newsroom, all of it live- that in five yearsHong Kong roactive. China-based smartphone apps, city’s autonomy. Mr.Roth had Hong Kong streamed by staffersbeing kept will notbewhat it is today.” Both Mr.Lai and Ms.Chow TikTok and WeChat. been refused entrytoHong away from their cubicles by of- The series of arrests Mon- were prominent figuresina China’sforeign ministry Kong in January. Membersof ficers manning acordon line. daymorning included Mr.Lai’s full-court pressonWashington didn’t offer details on what the the Trump administration ArrestsAim Policebrought ahandcuffed two sons and four employees last year by democracyadvo- sanctions would entail. The weren’t included. Mr.Lai intothe newsroom at from his publishing company. cateswho sought to encourage moveappearstobelargely Besides Messrs. Cruz,of onepoint during the raid. Laterinthe day, policear- U.S. lawmakerstopasslegisla- symbolic andrestrained, as Texas,and Rubio,ofFlorida, At Dissent “Everyone,let’smentally rested Ms.Chow, along with tion, including the Hong Kong most of those listed had been Beijing also imposed sanctions prepare. Theroad ahead will two others. Over the weekend, Human Rightsand Democracy targeted by Beijing before. on Republican Sens.Tom Cot- be darker and moreterrifying Ms.Chowhad posted on social Act, designed to protect Hong “In response to the errone- tonofArkansas,Josh Hawley ContinuedfromPageOne than what we’veimagined,” media that suspicious men Kong by authorizing sanctions ousactions of the U.S.,China of Missouri and PatToomey of deemed political, and apromi- SunnyCheung,apro-democ- were surveilling her home. if China eroded itsautonomy. hasdecided to impose sanc- Pennsylvania, as well as Rep. nent lawprofessor and democracy activist who traveled to At anewsconferenceMon- ThearrestsofMr. Laiand tions todayonthose individuals Chris Smith (R., N.J.). All are racy activist wasremoved Washingtonlast year,wrote daynight, Hong Kong Police Ms.Chowmay add apersonal who behavedbadly on Hong hawkish on China and have from his university job. Elec- on his Facebook account fol- dimension to worsening U.S.- Kong-related issues,” Zhao Li- urgedthe U.S. government to tion authorities disqualified 12 lowing Mr. Lai’s arrest. China relations,asseveral U.S. jian,China’sforeign-ministry adopt harder stances toward opposition candidates from a Mr.Lai, in his early 70s, has Mr. Lai has angered officials have met them. For spokesman, said on Monday. Beijing,such as sanctions on September legislativeelection, been an unapologetic critic of example,Mr. Laimet with Vice China had already an- Chineseofficials fortheir ac- before postponing the election the pro-Beijing leadership in China as a promoter President MikePenceand Mr. nounced punitiveactions tions in Xinjiang or Hong Kong, forafull year,citing the Hong Kong,asemiautonomous of free speech and a Pompeo last year. against Sens.Cruzand Rubio or their role in the spread of Covid-19 pandemic. Chinese city.During last year’s Before Monday’sarrest, Mr. and other U.S. officials last the coronavirus. Thearrest of Mr.Lai, the protests, the paper wasamust critic of Beijing. Laiwas already facing month afterthe Trump admin- “Lastmonth China banned outspoken publisher of the pop- read forpro-democracyHong charges, including unlawful as- istration penalized senior Chi- me.Todaythey sanctioned me. ular Apple Daily news,was the Kongers, who areinthe major- sembly,for participating in nese officials over the treat- Idon’t want to be paranoid but biggest moveyet under the new ity,according to polls.The pa- large marches that drew hun- ment of Uighur Muslims in the Iamstarting to think they law, but it wasn’t asurprise to per printed posters for some Senior Superintendent Li Kwai- dreds of thousands into Hong far-western Xinjiang region. don’t likeme,” Mr.Rubio him. He predicted he would be protestsand had published in- wahsaid the 10 arrestswere Kong’sstreetslast year.The TheU.S. then blacklisted the tweeted in response to the among the law’sfirst targets. vestigations intosenior police part of an investigation into national security charges are Xinjiang Production and Con- news of Beijing’smeasureon “Whatever we write, or officials forallegedly violating foreign collusion and alleged more consequential. struction Corps,aparamilitary Mondaymorning. whatever we say, they can la- local land-use laws. fraud. Thepoliceofficial al- Although he expected the organization that runs large- Mr.Roth, on TwitterMon- bel secession or subversion or In the interview, Mr.Lai said leged that some of those ar- crackdown to be harsh, he also scale farms and other busi- daymorning, called the move whatever they decide accord- China’scrackdown would erode rested were involved in agroup vowedtoremain in Hong Kong. nesses in the region. “little morethan an effort to ing to their expedience,” Mr. the rule of lawinHong Kong that had sought to persuade “They want to intimidate In acommentaryonSunday, distract attention from its Laitold TheWall Street Jour- and destroy the city’s status as foreign countries to introduce me,tofrighten me to leave,so the Global Times,astate- wholesale assault on the rights nal hours before the law was aglobal financial center. sanctions on Hong Kong. that Idisgracemyself,dis- backed nationalistic tabloid, of the people of Hong Kong.” enacted on June 30. “Billions of dollarsare Thenational security law, credit Apple Daily and under- urgedBeijing to showrestraint WhiteHouse presssecretary Yetthe public way it was transacted in seconds here, and which places special emphasis mine the solidarity of the pan- with the U.S. Theeditorscalled Kayleigh McEnanycalled carried out suggestsauthori- without the rule of lawthere on preventing foreign influence democrat movement,” Mr.Lai on the Chinese government to China’smovea“symbolic and ties were using it to send a will not be mutual trust, and on Hong Kong affairs, makes said on June 30.Newspaper refrain from tit-for-tat actions ineffectual action” in abriefing chilling message. Hundreds of without mutual trust, transac- lobbying overseas governments officials lateMondaysaid they just to gain the moral high on Monday, but declined to say Hong Kong policeofficerspar- tions of billions in seconds are forsanctions and other mea- were scrambling to put out a ground, arguing that manyof whether the president would ticipated in araid of the Apple impossible,” he said. “I am sure sures acrime.The lawisn’t ret- paper Tuesday. the U.S. moves were driven by respond. Apple Daily Founder Is Longtime Party Critic Hong Kong media mogul been alongtime critic of Kong and mainland China as duced the National Security JimmyLai,founder of the pop- China’sruling Communist well as overseas.Heused the LawonJune 30,manycom- ular Apple Daily newspaper, Party and in recent weeks has fortune it made him to found mentatorsand pro-Beijing wasarrested Mondaymorning taken to doing a weekly Q&A his firstmagazine—“Next groups said Mr.Lai would be a at hisresidenceonallegations with viewers on his Twitter Weekly,” agossipy tabloid mag- top target. of foreign collusion under account. He financially sup- azine—and later,in1995, Mr.Lai met U.S. Secretary China’snational-securitylaw. ported thecity’s pro-democ- founded Apple Daily,which be- of State MikePompeo in the His two sons and four employ- racy politicians. came increasingly political in WhiteHouse in July 2019 to ees from his media company Born in 1948 in the southern content. As aconsequence, he discuss Hong Kong’s political were also arrested, and about Chinese provinceofGuang- sawhis mainland shops shut. situation as residentsofthe 200 policeofficersraided the zhou, neighboring Hong Kong, Policehavesaid only that city staged massprotests

GES newspaper’s newsroom. Mr.Lai fled the mainland at Mr.Lai wasarrested with against asince-withdrawnbill

IMA Themedia mogul is the age12. He traveled to Macau, other Next employees on sus- that would have enabled crim- founder of Next Digital,which then aPortuguese colony, and picion of colluding with for- inal suspects to be sent from

GETTY publishes Apple Daily as its smuggled himself to Hong eign forces to interfere with the city to mainland China for Y/ IL flagship newspaper,which reg- Kong,which wasunder British China’snational security in trial. Mr.Lai also met Vice DA ularly criticizes China’s lead- rule.In1981 he established a Hong Kong,without providing President MikePenceonthe

APPLE ers and supported last year’s clothing chain, called Giordano, specifics.But his arrest was trip,which drew condemna- Police lead Jimmy Lai through the Apple Daily headquarters Monday. protest movement. He has which became popular in Hong no surprise.When China intro- tion from topChinese officials. P2JW224000-0-A00900-1------XA

THE WALL STREET JOURNAL. Tuesday, August 11, 2020 | A9

: Exploring Global Innovation by PrivateJet

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A10 | Tuesday, August 11, 2020 THE WALL STREET JOURNAL. FROM PAGE ONE

dance,” he said. “Thank good- likewe’relosing apart of our Salsa Goes nessthat we have unlimited identity.” internet access” on the boat. John Arcila, director of the People all over the world Sabor Maniceroschool where Solo in arefeeling lonely amid social Mr.Taborda teaches,had distancing guidelines to con- watched his businessgrow trol the spread of coronavirus. from aone-room operation six Pandemic Exercise helps our bodies yearsago to athree-floor stu- release endorphins,dopamine dio in acommercial building and adrenaline that cangivea attending morethan 100 stu- ContinuedfromPageOne shot of energy and upliftemo- dentsaday. forced people in much of the tions,said Carolina Paredes,a Thevirtual classes bring in world to keep their distance Bogotá-based psychologist and about10% of the usual reve- from one another.That is es- dancetherapist. Humans also nue,said Mr.Arcila, who won- pecially hardfor fans of salsa, thriveoff the hormone oxyto- ders whether the businesscan the sensual style of dancing cin, whichour brains release survivemuch longer. that was born in the Latin in response to touching,cud- Mr.Ospina, Cali’smayor,is American and Caribbean en- JOURNAL dlingorevenpetting adog, struggling to tame dancing.

clavesofNew York and has be- REET she said. City policehavebeen mired in ST

come apassion formillions. LL In Argentina, citizens are agame of whack-a-mole,try-

“It’saveryserious prob- WA struggling with the indefinite ing to shut down hundreds of lem,” said JorgeIvánOspina, closureoftheir beloved milon- clandestine parties each week. THE themayor of Cali, Colombia, Salsa dance instructor Yused Taborda teaches a virtual salsa class from his apartment in Colombia. gas, musical venues where Worn out by the effort, Mr. calling the art of dancing in couples embrace and slow Ospina last month reinstated a pairsthe preferred form of lockdown, nearly one-quarter formorethan four months on because of the carpeting. dancethe tango, cheek-to- citywide curfew and aban on communication among his con- of Cali’snightlifespots, includ- the17-deck cruise ship where “I just tell him, ‘Hey profes- cheek. liquor sales—each in effect stituents. “It’show we seduce, ing some iconic ones,have he works as achef,docked sor,can youslowitdownfor a Though salsa is faster only on weekends—tocontain howweflirt, howwehavea gone bankrupt, according to much of thetime morethan moment while Ifinish this paced, physical contact is also Cali’sappetitefor fiestas.“No- personality.Dancing solo is a the BarsAssociation of Colom- 6,000 miles away in Genoa, It- twirl?’ ” said the bearded 31- an integral part of it. Men tra- body wantstobethe person break in our social fabric.” bia. Moreare likely to follow aly. year-old. ditionally take the lead, using who turns the lightsoff on the Fewplaces take salsa as se- as the number of Covid-19 While confined mostly to He said salsa wascritical to subtle touches and shifts in party,” said Mr.Ospina, adoc- riously as Cali, which calls it- cases in Cali rises. his cabin, Mr.Baños used his battling boredom and depres- body weight to tell their part- torbytraining but also asalsa self theworld’ssalsa capital. Amid the troubles,salsa phone afew times aweek to sion along with morethan 300 nersofthe next step.Seam- aficionado.“But this is duty.” Blessed with aperpetual schools and even some night- log in to online lessons from fellow crew members. Not lessly swapping dancepartners Mr.Baños returned to Cali spring climate, the city of 2.2 clubs aretrying to reinvent Mr.Taborda and other instruc- even theonboardgym was in nightclubs called salsatecas early this month, butnow is million people boastssome 120 themselves by holding online tors at theSabor Manicero open. So,during his breaks is part of the charm. stuckalone at an apartment danceacademies and 3,000 danceclasses and parties. dancehall in Cali. His dance from keeping the kitchen run- “You might as well keep us completing amandatorytwo- bars, lounges and restaurants, Those classes have been vi- moves were limited to a6-foot ning,heturned to salsa forex- in acage,” said Roxana week quarantine. manyofwhich convert into talfor Cali natives such as strip of spacebetween the bed ercise and as an alternativeto Rengifo,anevent planner who “When Iget out of this,the salsa venues at night. Juan Sebastian Baños,who un- and closet. At times,Mr. Baños watching Netflix videos. organizes dancecompetitions firstthing I’m going to want to But afterfivemonths of til recently wasquarantined struggled with the spin moves “Being Latino, I need to in Cali. “Ifwecan’t dance, it’s do is go out to dance,” he said.

decisions based on levels of No-Win community transmission and the capacity to mitigatespread in schools. The CDC advises School reopened schools to increase physical distancebetween students, keeping studentsin Reopening small groups and wearing masks or cloth facecoverings. Even as Dr. Hinojosa hopes ContinuedfromPageOne to get students in class, he is they trytoeducatechildren preparing to roll out what he while navigating an array of says will be a robust remote- opposing forces, few stable. learning program, which he They must balance rapidly expectsalso to be afallback changing statistics that proj- foranyone needing quaran- ect the potential lossoflearn- tine.Manydistricts, including ing—and potential lossof Dallas,say remotelearning

lives.Government directives (2) will be morerigorous this areshifting.Aplan forthe fall time around andsimilar to may face teacher-union back- what a student would receive lash. Changethe plan, and JOURNAL on campus.Dallas teachers

some parentsobject. Reopen REET will give studentszeros for and astudent gets Covid-19— ST undone work, unlike before. LL

and the district has to roll out WA Dr.Hinojosa is painfully another plan. aware of problems nationally THE

Asuperintendent’sdecisions R in the spring,when schools canaffect the economy, deter- FO rolled out remotelearning mining if parentscan head back LEE quickly to millions of students.

to work or need to be home PHER Manystudentsdidn’t have in-

helping their children learn. TO ternet access,some parents “Flexibility is the name of weren’t available to teach CHRIS the game,” Dr.Hinojosa said, ‘We cannot afford to get further behind,’ says Dr. Michael Hinojosa, superintendent of the Dallas Independent School District. Below their children, and many “because things are changing in red mask, Dr. Stephanie Elizalde, the district’s chief of school leadership, at a board meeting to discuss delaying re-entry. teacherslacked training to de- in real time,sometimes by the liver instruction remotely. hour.” He is among holdouts: cate their children. Othersde- boardmeeting whereheheard It has been a balancing act He hasn’t given up on offering mand flexibility in switching from dozens of speakers, via a forDr. Hinojosa, trying not to both in-person and remote to in-person learning if they livefeed, including teachers getcrosswise with spirited learning,despitemoredis- arecalled back to work,in- not wanting to teach in person. parents, teachersand politi- tricts locally and nationally stead of waiting until the end “Wecan catchuponlearning, ciansinadistrict sitting in announcing they will start on- of the nine-week period as the butwecannot replacelives,” heavily Democratic Dallas in a line-only. district prefers. one teacher said. Another said: Republican-controlled state. Issues over reopening have “IfIhavetogoback to “This has been one of my split the U.S., with some peo- work, they have to go back to greatest lifechallenges.” ple wanting campuses open to school,” said Dallas parent On the agenda: his proposal Case studies in-person learning while some Kendall McKimmey.“Ican’t that Dallas push itsreopening Dr.Hinojosa expectstohave unions haven'truled out so- lose my job over it.” date back three weeks, giving to deal with positiveCovid-19 called safety strikes over re- Adistrict spokeswoman himmoretime to prepare. A cases when schools reopen, opening.Some school districts said therewould be some flex- board member noted his con- judging from cases in other have already started the new ibility for parents needing to stituents’ concern with the U.S. school districts. school year, with many offer- switch to in-person learning. proposal, which would also de- In GwinnettCounty Public ing remotelearning and some layschool’send to June 18, Schools,Georgia’slargest dis- opening doors to students. saying it would interfere with trict, staff returned to school Largedistrictssuch as Chi- Teacher backlash summer activities like camps July 29. By the next day, offi- cago and LosAngeles have Dr.Hinojosa faces backlash and vacation. cials reported about 260 em- scrapped in-person learning from teacherslikeDiane Board member Joyce Fore- ployees had tested positivefor plans fornow.AsCovid-19 Birdwell, 59.“Idon’t want to man questioned why the dis- coronavirus or been in contact flares acrossthe country, die,and Idon’t want to get trict hadn’t involved teachers with someone who had. School manydistrictsare focusing on sick,” she said. “But Ican’t re- morewith the conversation is scheduled to start in Gwin- improving remote learning. tireyet. So if the schools re- urge them to support the re- ingsare cleaned daily and dis- surrounding reopening plans. nett on Aug. 12 with teachers TheDallas district released open, I really don’t have a quest. “The teachersare the infected weekly. “Can Iget some kind of required to instruct from itsreopening plan last month, choice but to go back.Iknow very people that arehaving to Thevideo’s orderly scenario commitment that the teachers classrooms with studentsre- but said therecould be the superintendent is doing do the work,that arehaving likely won’t last as people get will be brought to the table?” turning on astaggered basis changes based on input from what he cantokeep us all safe, to risk their lives,” she said. lax, said Dallas teacher Leslie shesaid. Dr.Hinojosa apolo- despite their objections. parents, teachersand circum- but the virus doesn’t care.” Dr.Hinojosa said that Daroche,47. “When aparent gized, saying he made deci- “Therehavebeen no stances with the virus.The Some Dallas teacherscite teachers have a valid concern drops their kids off at school, sions in the speed of the mo- changes in the district’sexpec- plan mostly centers on safety the situation in Arizona’s about contracting the virus in they trust that the school will ment. “I accept your request,” tation that teachers report to procedures,such as wearing Hayden-Winkelman Unified classrooms and that the dis- keep them safe,” she said. “I he told Ms. Foreman. schools,” the district said in a masks,social distancing and School District,wherethree trict is relying on medical ex- don’t want that safety plan to statement. cleaning buildings. Thedistrict teachersshared aclassroom perts to advise it as it makes be me, making sure kids keep TheDallas district plans to has delayedthe school start during virtual summer school. reopening decisions. their masks on and don’t Delay approved have studentswho start in-per- date to Sept. 8 from Aug. 17. One got sick the first week of While Texas teachers breathe on each other.Every Shortly afterthe board son send in assignmentsbylap- class. All three tested positive unions don’t have the legal teacher wantstogoback to votedunanimously to delay top, to become familiar with forCovid-19,despiteprecau- right to strike, he said they school and be with their kids, the school year’s start to Sept. the online platform, said Dr. Academic gains tions such as masks,tempera- canmakeliferough, so he but youwant to go back safe.” 8, he dashed acrossthe hall Stephanie Elizalde,the dis- Thestudent body in Dr.Hi- ture checks, social distancing works with them. “They’re foranewsconference. “We’re trict’schief of school leader- nojosa’s district is about 70% and cleaning.The teacher very organized,” he said. “If going to listen to the parents, ship.That way,she said, “At Hispanic,22% Black and 6% showing the firstsymptoms they getmad and youjust diss ‘Flexibility is the we’regoing to listen to the anygiven time,ifwehaveasit- white. He fearslosing aca- died,and eight employees in them, then they canmakealot teachers,” he said, answering uation, they canlearn at home.” demicgains made under his all—13% of employees—got in- of noise. They can make your name of the game, questions in English and Span- Dallas will isolatestudents watchinthe district, which fected in the 300-student dis- life miserable.” because things are ish. “And we’regoing to espe- with Covid-19 symptoms until statedatashowwent from trict, said the district’ssuper- TheDallas district’sreopen- cially listen to the science.” their parentscan getthem. For having 37 low-performing intendent, Jeff Gregorich. ing plan, released July 21, re- changing in real time.’ But the science, too, is positivecases,Dallas County’s schoolsin2015 to eight in “I have no idea right now quires studentsand staff to shifting over theories on chil- health department will aid in 2019.Hefeels his studentsare what it is that Icould have wear protectivefacecoverings dren’srole in the pandemic, contact-tracing to determine defeating the odds likehedid done differently,” Mr.Grego- and encourages social distanc- complicating planning.Some whoneeds to quarantine or if as an immigrant boyinthe rich said. One of the three ing at 6feet. Schools will sep- Dr.Hinojosa came to the health expertssay children aschool needs to close. district, whereatleast 90% of teachers, Angela Skillings, 43, aratestudentswith plexiglass U.S. from Mexicoasayoung who getinfected tend to do Students who purposely studentsqualifyfor free or re- said she and the other two when in classrooms or lunch- boywith his family,attending very well,but othersdon’t, cough, sneeze or spit on an- duced-priced lunches. “wereverycareful,” adding, rooms,won’t allowvolunteers schools in the Dallas district. and children can pass it on to otherstudent with the inten- It has been about five “We’renot surewho had it inside,and will confine par- He started his career in the adults. Arecent study in South tion of spreading the virus months sincehis students first, who gave it to who.” ents to the front office. district as ateacher and Koreafound children between facerepercussions.The Dallas learned in classrooms,and re- Dallas’sAlliance-AFT teach- Avideo accompanying the coach. He is nowinasecond ages 10 and 19 spread the new district guidelines requirethat, motelearning waslessthan ersunion wantsonly online plan shows masked students stint as superintendent, with coronavirus much morethan forintentional incidents, apo- stellar afterafast spring roll- learning until January, or at a getting mandatorytempera- an education career spanning those under 10. liceorsecurity officer be out, he said: “Wecannot af- minimum the firsteight weeks ture checks beforeentering 40 years, about 26 of them In writing aplan, the dis- called to determine the viola- ford to get further behind.” of school, and under a steady school. At classrooms,they spent leading school districts, tricthas watched the Centers tion forpossible consequences. Dr. Hinojosa is listening to decline in confirmed Covid-19 slip offmasks and slide on including in Cobb County in forDisease Control and Pre- Dr.Hinojosa said he is mak- parentsashecontinues to cases and hospitalizations. faceshields,orwear both if suburban Atlanta. vention, which encourages ing decisions forthe long haul. fine-tune the plan. Some want Union President Rena Honea parentschoose.All students On the workdaylatelast schools to reopen forin-per- “This thing maygoonfor a schools reopened, as they has asked her 5,000 members receivearefillable bottle of month, stretching past 15 sonlearning this fall but says while,” he said. “The kids have can’t stay home to help edu- to contact board members to hand sanitizer. School build- hours, Dr.Hinojosa attended a school officials should make got to keep on learning.” P2JW224000-2-A010A0-1------NS

THE WALL STREET JOURNAL. ** NY Tuesday, August 11, 2020 | A10A GREATER NEW YORK Rise in Violent NYC Crimes Scrutinized

Changes to laws,fewer ing,including alaw to crimi- Dr.Herrmann said that a nalizeofficers’ use of choke- drop in arrests had coincided arrests, Covid-19 and holds,could deter enforcement. with the rise in crimes.He clogged courts among NewYork City implemented cited NYPD figures that show the changes and removed 82,737 arrests were made be- the reasons cited nearly $1 billion in funding to tween Jan. 1and Aug.2,a39% the NYPD afterweeks of dem- decrease from the 134,661 ar- BY BEN CHAPMAN onstrations in the city over the restsinthe same period for May25killing of George Floyd 2019.Hesaid adropinarrests NewYork City has seen a in Minneapolis policecustody. could contributetoanin- surgeinshootingsand other Afterthe changes,arrestsfell. crease in crime. violentcrime amid the pan- Politicians including Brook- David Kennedy,another demic,but the factorsdriving lyn Borough President Eric Ad- John JayCollegeprofessor, the trend are up for debate. ams have questioned whether said that otherfactorscould Thenumber of shooting officersmight be staging a be behind the increased shoot- victims wasup81%, and work slowdownasaprotest ings. Residents,hesaid, are shooting incidentsrose 76% against the changes.NYPD of- staying closer to home be-

from Jan. 1through Aug.2, S ficials have denied that. cause of social distancing and compared with the same pe- Some research shows that thus could be morepredict- riod in 2019,according to New PRES crimemay rise in economic able targets. York PoliceDepartment fig- TED downturnsinsome settings, Abreakdown in trust be-

ures. OCIA and manypeople living in the tween some residentsand po- SS

Thecity recorded 237 ho- /A city have lost their jobs as a licealso maybeplaying arole, micidesbetween Jan. 1and result of the pandemic and the Mr.Kennedy said, citing asim-

Aug.2,a31% increase from WENIG shutdown designed to curb its ilar rise in crime in Baltimore

the 181 during the same period SETH spread. following the controversial in 2019. Davell Gardner Jr., who was 1 year old, was killed last month during a shooting in Brooklyn. Christopher Herrmann, a death of Freddie Gray in 2015. Theyear-over-year increase former crime analyst supervi- Mr.Graydied aftersuffering in those crimes is morepro- have varying theories on what “clearly has absolutely no un- certain as adeterrent forcar- sor with the NYPD,said the injuries while in custody in a nounced than anyinmore is propelling the rise. derstanding of howthe crimi- rying an illegal guninNew NYPD and Mr.deBlasio are police van. than two decades,according During an Aug.4newscon- nal justice process works.” York City. He also has blamed navigating uncharted waters Dr. Herrmann said the rise to the police, and the problem ference, Mr.deBlasio said the A few days later, New York factorsincluding changes to in contending with the current in shootings in June and July seems to be intensifying. rise in violence was fueled by stateChief Administrative statebail laws and the release rise in violent crimes. also could have occurred be- Shooting incidentswereup a“perfect storm” of factors, JudgeLawrenceMarks said of prisonersfromcity jails “It’sanunprecedented in- cause the city began to ease 201% in the four-week period though he singled out a back- statecourtswerereturning to during the pandemic as rea- crease,and that’sproblem lockdown measures,creating a ended Aug. 2, compared with log in the state court system, normal afterthe pandemic sons for the uptick in crime. number one,for both the setting forpent-up violence the same period in 2019,while which he said hindered prose- temporarily closed some According to city data, only mayor and the police depart- after such incidentsfell at the the number of shooting vic- cutions. courts, with morethan 22,000 35 of 4,500 inmates released ment,” said Dr.Herrmann, who start of the pandemic. tims rose 165%, and the num- Thestate’s OfficeofCourt arraignmentsconducted since from RikersIsland sincethe is aprofessor at John JayCol- “I’m calling it a backlog of berofhomicides climbed by Administration has pushed mid-April and grand juries restart of the pandemic have legeofCriminal Justice. violence,” Dr. Herrmann said. 50%. back against the mayor’sas- turning this month. been rearrested on weapons “Problem number two is you “Hatred andanimosity don’t TheNYPD,Mayor Bill de sertion. On July 27, a spokes- Meanwhile,NYPD Commis- charges. canblame it on alot of differ- really go away during apan- Blasio, judges,local politi- man forthe office, Lucian sioner Dermot Shea has said Mr.Shea also has said that ent things,” he said of the in- demic.They kind of get cians,and criminologistsall Chalfan, said Mr.deBlasio that justicemust be swiftand some recent changes to polic- crease in crime. worse.” Most Students Demonstrators Take a Seat to Call for Rent Relief Set to Return

BY LEE HAWKINS de Blasio said, adding the summer’s planning forthe fall A majority of students and “putsusineffectively 180 de- teachersinNew York City’s grees different from wherewe public-school system will re- were when this crisis began.” turn to in-person teaching in All of the state’sdistricts September,Mayor Bill de Bla- will be required to provide on- sio said Monday. line information to parentsde- According to city officials, tailing their plans,including about 74%ofstudentsand those for remote-learning in- 85% of teacherswill go back to struction, howthey will test classrooms while the rest will andtrace forinfections and learn and teach from home,as what they will do if a student

part of ahybrid of optional in- or teacher tests positive. GES

person classes and remote Thestate’s infection rate IMA learning designed to help con- forthe virus is currently un- trol and staveoff the infection der 1%. Mr. Cuomo has said a GETTY rate for the new coronavirus. district canreopen forin-per- SE/ Thedisclosureabout the son instruction if its region’s nation’s largest public-school daily coronavirus infection ANCE-PRES

system follows Gov.Andrew rate averages below 5% for 14 FR Cuomo’sdecision Fridaytoal- days.Mr. de Blasio has set a

lowschools acrossthe stateto tougher standard, saying a3% GENCE /A

threshold sends the message GO of “health and safety first,” NTIA

Chancellor noting he hadworked on the SA

Richard plan with unions for teachers M. Carranza said and principals.

knowing how NewYork City Schools Chan- MICHAEL manystudents cellor RichardCarranzasaid UP IN ARMS: Protesters staged asit-in MondayataBrooklyn courthouse to demand thatrenters be protected from eviction. As tenants will return is having theofficial number of struggle to payrentduring the coronavirus crisis, Gov. Andrew Cuomo lastweek extended amoratorium on evictions until Sept. 4. keytoplanning. morethan 700,000 returning studentsiscritical to the month of planning that lies ahead. reopen,meaning that New As the city prepares,italso York City will be one of the faces pressurefromsome par- Museums Plan to Reopen—Cautiously few metropolitan districtsin ents and stakeholders. the countrytoresume face-to- TheUnited Federation of face classes. Teachers, the union that rep- BYCHARLES PASSY so,” astate representativesaid. open six days a week. Mr.Kliger said the exhibi- Fridaywas the deadline for resentsabout 120,000 current Museums in the rest of the Mr.Kliger said museums tion would nowbeextendedto parents to notify the Depart- city DOE employees,asked its Even though NewYork City statehavebeen allowedto areinabetterposition to May2021, but that couldn’t ment of Education whether membersand the public to museumsaren’t yetpermitted welcome visitors again. safely operatethan many entirely make up forthe loss theirchildren would be at- sign apetition listing safety to open indoorsbecause of Officials with city museums other spaces, such as restau- in revenue.The museum is tending school in person. Par- measures it says the schools coronavirus restrictions im- that have set restart dates said rants. “People canwalk slashing its annual budget by entshad the option of keeping must have in place. As of Mon- posed by the state, afew are they would take manyprecau- through amuseum with a 40% to about $9 million, he studentsathome forfull-time dayafternoon, morethan planning their returns. tions to ensurevisitor safety, mask on. Idon’t think they can added. remote learning. 66,000 people had signed. The TheMuseum of Jewish Her- eat with amask on,” he said. Acrossthe country, hun- With only four weeks re- union—which has been a ma- itage—a Living Memorial to Thecost of being closed for dreds of museums have remaining beforethe doorsre- jor part of reopening and dis- the Holocaust, located in New Yo rk officials so long is starting to have a opened sincebeing closed ear- open forNew York City’s 1.1 cussions and has seen prelimi- lowerManhattan, said Monday significant effect on museums. lier in the year,according to million students, parents and nary plans—said the mayor’s that it aims to open its doors will let cultural Last week,the Metropolitan LauraLott, president and CEO the principals and teachers plan “does not meet the safety again on Sept. 9. It joins insti- institutions know Museum of Art said it wascut- of the American Allianceof unions arestill pressing the standards our children and tutions such as the Metropoli- ting 353 employees as aresult Museums. Still, Ms. Lott said department to divulgemore school staff need.” tanMuseum of Art,the when it is safe. of aprojected shortfall of $150 that some have had to shut details about safety and so- Mr.Cuomo stressed in a American Museum of Natural million. TheMet has said it down onceagain in partsof cial-distancing plans. briefing Mondaythat the plan History, the New-York Histori- plans to reopen Aug.29, pend- the countrywherecoronavirus Mr.deBlasio noted Monday will need the blessing of par- cal Society and Poster House ing state approval. numbers have risen. that unlikeinmanyother cit- entsand teachers. Schools that have set reopeningsfor from limiting capacity to pro- TheMuseum of Jewish Her- Museums that have wel- ies,New York City’s virus infec- generally keep children of sim- this month or next. viding hand-sanitizing stations. itagealso is taking asignifi- comed visitorsback aren’t tion rate has been under 3% for ilar age together, he said, “so But sincethe statere- At the Museum of Jewish cant financial hit, especially necessarily seeing strong at- two months running. the theory is a student is not scinded indoor cultural activi- Heritage, plans also call for because the institution was tendancebecause concerns “We’re different and we’re going to be in the immediate ties in the city—originally,mu- opening only three days a seeing large numbers of visi- about catching the virus may ready. We are the only major company of hundreds of peo- seums were set to be part of week to allow time for the fa- tors foraspecial Auschwitz be keeping patrons away, Ms. urban school district in Amer- ple the way youwould be in a the fourth phase of reopening cility to be deep-cleaned. Pre- exhibition at the time of its Lott said. “Being open isn’t icaplanning forin-person museum.” that took effect in the five viously,the museum had been shutdown in March. the whole answer,” she added. classes this fall,” he said. “It’sfundamentally differ- boroughs on July 20—these “Wehaveset very stringent entthan amuseum because plans might seem likeexer- standards,and we have to it’samuch morecontrolled cises in wishful thinking.Still, meet those standards,” Mr.de circumstance,” Mr.Cuomo officials with the institutions Blasio said. “Ifatany point, said.“If the parentsofNew said they remain hopeful and the situation changes,I’ll be York City and the teachers of want to be prepared. the first to say it.” NewYork City sayit’sasafe “Obviously,it’saveryfluid

TheDOE’splan includes re- plan, then it’s a safe plan.” situation,” said Jack Kliger, S

quired facecoveringsfor all, Mr. de Blasio said the DOE president and chief executiveof PRES with afew exceptions,and on- would continue to provide de- the Museum of Jewish Heritage. UMA

going deep cleaningsinall tails to all concerned parties. On Monday, stateofficials /Z

schools.Each classroom will “Weare getting ready every said they stilldidn’t have a GES

have fewerstudentstoallow single day…to keep people datefor when museums in the IMA

forsocial distancing,with op- healthy and safe,” Mr. de Bla- city could reopen. PA timal class sizes of nine to 12 sio said, “and to makesurewe “Wewill continue to track SO students, the DOE has said. caneducateour kids as best thedataand the science, and ARSKI/

“Everything is firing on all as possible under the toughest will makeadecision on re- MP cylinders. Whether it’shand conditions.” opening cultural institutions in LA

washing,facecovering,dis- —Akane Otani NewYork City when health ex- JOHN tancing,open windows,” Mr. contributed to this article. pertsdetermine it is safetodo The Museum of Jewish Heritage aims to open on Sept. 9 after being closed because of the pandemic. P2JW224000-2-A010B0-1------NS

A10B | Tuesday, August 11, 2020 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK

GREATERNEW Music Scene Is Left on Blue Note YORKWATCH

BY LAURA COOPER Mr. Cuomo’s office on setting standardsand safely holding NEW JERSEY The pandemic has silenced the outdoor concerts. New York City’s once-vibrant Theseries wasset to kick Man Charged With livemusic scene and leftits off Aug.8with aperformance Killing Roommate future in doubt. from Southside Johnny & the Nearly five months after AsburyJukes.Singer-song- The roommate of acollege the city went intolockdown in writer Joan Osborne—who studentwho wasfound dead in an attempt to stop the spread played the opening showat their apartmentoverthe week- of Covid-19,concert halls, City Winery’soriginal Varick end wascharged Mondaywith clubs and arenas remain Street location in Manhattan— murder and twoweapons GES closed with no guidance from is slated to perform Sept. 19. counts. IMA the stateonwhen things Theopportunity to take the The body of Yuting Ge, 23

might return to normal. ETTY stageatthe concert series is years old, wasfound shortly af- Theshut down has been /G particularly important to Ms. ter12:30 p.m. SaturdaybyJer- particularly painful forthe Osborne,who will be releasing seyCitypolice, who had re- MPKINS

city’s independent music- TO anew record in September. sponded to reports of a venue owners, manyofwhom Thepandemic forced her to “suspicious condition” at the BILL already were battling rising cancel her touring schedule apartmentMr. Ge shared with (2); rentsand competition from forthe year,including con- Tong Cheng, 26. Multiple lacera- large event spaces and global certsthat would support the tions were found throughout

corporations such as Anschutz JOURNAL new release. Mr.Ge’sbody,according to the Entertainment Group and Live “I am always out on the Hudson County Prosecutor’s Of- REET

Nation Entertainment Inc. ST City Winery CEO Michael Dorf hopes to stage outdoor concerts, but there are no plans to open its new road doing concerts,” said Ms. fice. Paul Rizzo,owner of The LL space on Pier 57, below right. The Bitter End’s owner says the Greenwich Village spot may not reopen. Osborne,who lives in Brook- Mr. Cheng received his gradu- BitterEnd, said he isn’t sureif WA lyn. “My jobs disappeared in ate degree from Stevens Insti- THE

he canreopen his business R the span of a week.” tute of Technology, and Mr. Ge

even when concertsare per- FO Under the proposed plan, was attending the same school,

mitted again. AR City Winery’soutdoor con- prosecutors said. It wasn’t clear The60-year-old club in SK certscould seat up to 380 how long they had been room- Manhattan’sGreenwich Village BHA people,Mr. Dorfsaid. The mates. has playedhost to Neil Young, venue will conduct tempera- Mr. Cheng was arrested with-

Joni Mitchell, Bob Dylan and GABRIELA ture checks, have timed entry out incident early Monday at a

other famous musicians. P: and seat groups in pods 10 hotel in nearby Weehawken. It More recently,itiscredited TO feet apart. The outdoor space wasn’t known if he has retained OM

with helping to launch the ca- FR itself usually could fit around an attorney. reer of Stefani Germanotta, 2,000 people without social Authorities haven’t disclosed the international pop super- WISE distancing. a possible motive for the attack. OCK

star knownasLady Gaga. It CL “Weare cautiously optimis- —Associated Press generally had four to five live tic,” Mr. Dorf said. music performances every andperformancespaces, ac- formed early in the pandemic than 150 venues as members, City Wineryhas been able HUDSON VALLEY night in aspacethat canfit up cording to anightlifestudy in an attempt to band together including The Bitter End, the to offset some lost concert to 230 people. commissioned by MayorBill independent music venues Bowery Ballroom, Knitting and event revenue by serving Brooklyn Woman Dies “One of the reasons Imight de Blasio’sOfficeofMedia and across the country. Factory and Baby’s All Right. alcohol and food, something in Rock-Climbing Fall not open is Imay not generate Entertainment that waspub- TheNational Independent NYIVAfound that the average most clubs can’t do.However, enough money for my staff to lished last year. Venue Association, which has NewYork venue has $50,000 the businessrecently poured A 25-year-old Brooklyn makealiving,let alone my- These venues generated about 2,500 membersand has in monthly expenses even if its $20 million intoanew space woman fell to her death while self,” Mr.Rizzo said of the nearly 20,000 jobs, $373 mil- been activeinlobbying for doors remain closed. at Manhattan’sPier 57.That rock climbing over the weekend, prospect of operating at alim- lion in wages and $1.2 billion music spaces,found that with- Some venues with space venue is set to be completed New York State Police said. ited capacity. in economic output, the report out federal assistance, 90% of have held outdoor musical in the coming weeks, but has Lauren Sobel was climbing in Not only are the owners of said. its members would be forced events. no plans to open soon. the area of the Trapps Trailhead venues feeling the financial Oh My Rockness, a curated to close permanently if the City Winery—which has Gavin DeGraw playedhis at the Mohonk Mountain Pre- stressassociated with the concert calendar that tracks shutdown lasts six months or three locations in NewYork— firstconcert in NewYork City serve in Gardiner, in Ulster novel coronavirus,but those performances by independent longer. has sold out of ticketstoits at The Bitter End in 1997. The County, at about 3:30 p.m. on who work behind the scenes to artists, as well as better- “No amount of creativity or planned outdoor concert se- gig inspired him to moveto Sunday. make music happen—such as known acts such as Billy Joel, businessacumen cankeep a ries in the Hudson Valley.Last the city,wherehebecame a Police said Ms. Sobel was the sound technicians and promot- as of lateJuly listed 1,620 business with zero revenue, week it told ticket holdersthe regular at the venue playing lead climber in a group of three ers—along with the musicians shows in the greater NewYork 100% fixed costs and no time “ConcertsInThe Vineyard” shows and hanging out with and was setting protection gear themselves have all dealt with City area between March 15 frame as to when they canre- series wasdelayedasGov.An- the musicians that frequented in the rocks about 70 feet up itsfallout and likely will for andDec.31. Manyofthose open again,” said Audrey Fix drew Cuomo’s office was still the space. the rock face when she lost her some time. shows were postponed or can- Schaefer, communications di- reviewing itsoutdoor enter- “NewYork City likes to pride grip and fell approximately 50 As of 2016,New York City celed. By comparison, some rector for NIVA. tainment application. itself as being acultural mecca, feet. had 2,400 venues,ranging 8,450 concertswerelisted in TheNew York Independent MichaelDorf, the founder but without places likeThe Bit- She was pronounced dead at from concert and entertain- the same period ayear earlier. Music Association, alocal and chief executiveofCity terEnd theremight not be any- the scene. ment halls to informal cultural A nationwide organization NIVAoffshoot, countsmore Winery, has been working with thing left,” Mr.DeGraw said. —Associated Press

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HEALTH & WELLNESS PERSONAL JOURNAL.

© 2020 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Tuesday, August 11, 2020 | A11 Coronavirus Turmoil Raises Depression RisksinYoung Adults Social isolation and vanished opportunities hit thoseoncusp of careersand adulthood

BY ANDREA PETERSEN up to 27.2%, from 25% measured last fall in a survey by the college or Da’Trevion Moss, a 23- health association, which is a re- year-old college student at search and advocacy group pro- the University of Dubuque moting student health. In a survey in Iowa, the Covid-19 pan- taken in April by Active Minds— Fdemic has dealt a series of which has chapters on more than personal blows. His sum- 550 college campuses—about 80% mer internship at a local hospital of 2,086 college students reported was canceled. Many of his plans that Covid-19 had “negatively im- for starting an on-campus chapter pacted” their mental health. of Active Minds, a young adult Even before the pandemic, mental-health-advocacy organiza- young people showed rising rates tion, had to be shelved. And now of mental-health problems. Ac- he’s anxious about going back to cording to a spring 2019 survey of in-person classes as the virus con- nearly 68,000 college students by tinues to spread. the American College Health Asso- “I felt like my career, all the ciation, about 24% had been diag- things I was looking forward to nosed with or treated for anxiety and planning, were all ruined,” problems in the preceding 12 says Mr. Moss, who is starting his months, and 20% had been diag- senior year and goes by Tre. “I nosed with or treated for depres- was hurt and devastated by that.” sion. Those rates were about dou- The social isolation has made ev- ble those found in the survey a erything harder, he says. “I really decade earlier. The stress of Covid thrive off face-to-face interactions. can make existing mental-health Not having that for the past four problems worse and cause new or five months has been really, re- ones, psychologists say. ally difficult.” “Emerging adulthood is a very The pandemic and its economic intense time of life,” says Jeffrey fallout are taking a toll on the Jensen Arnett, a senior research mental health of many Americans. scholar at Clark University in But the burden is perhaps greatest Worcester, Mass. From the ages of for those on the brink of adult- roughly 18 to 29, young people The pandemic’s socialisolation has made everything harder,saysDa’Trevion Moss, asenior at the UniversityofDubuque. hood, young people “are making big de- who are often seeing cisions about their young people aredriven to seek Austin. “Studies have shown arela- deliversfood to needy families and their dreams of ca- education, their ca- moreindependencefromtheir fami- tionship between unemployment attending protestsfor the Black reers, romances and reer path, their ro- lies,connect with their peersand and suicide and unemployment and Lives Mattermovement “adds adventures dashed. mantic relation- pursue romantic relationships,says illicit drug use and unemployment structureand gives me aboost in “A number of kids ships,” Mr. Arnett KarenL.Bierman, director of the and alcohol use.This teenageand myself.” Ahigh-school sophomore are expressing that says. “It’s the liftoff Child Study Center at Pennsylvania young-adult population is particu- this year in Bethesda, Md., James these are supposed decade for your en- State University. larly susceptible to those influ- says,“Doing something I’m passion- to be the best try to an adult ca- The uncertainty around if and ences,” Dr.Nemeroff says. ateabout that’sdoing some good in years—high school reer path. To have when the pandemic will end, and Several psychologistsrecom- the world, that’simportant to me.” and college—the that suddenly blown what life will look like in that fu- mend that teens and young adults Thepandemic might be teach- most free years,” up with no sign of ture, is also causing create“pods” with afew ing some young adultsanimpor- says Anne Marie Al- when it’s going to distress. Nearly friends they cansee tant lesson, says Victor bano, a professor of end, it’s tough.” “One of the things without social distanc- Schwartz,apsychiatrist and chief medical psychology Sophia Shieh, that carries young peo- ing.The key is to allow medical officer at the JedFoun- in psychiatry at Co- who is 21 and enter- ple through all of the 41% young people to meet dation, amental-health-education lumbia University Ir- Sophia Shieh’s study-abroad ing her junior year at things they have to do of college students their needs forsocial in- and advocacygroup focusing on ving Medical Center program wascanceled. Boston College, ap- is some vision of the in a survey from teraction in asafeway, young adults. Covid-19,says Dr. in New York. “The plied forthree sum- future. Here’s a life I the end of March says Columbia’sDr. Al- Schwartz,“has undermined the SHIEH possibility that Covid is going to mer internships.They were all cansee for myself that through May bano.“If youpen them fantasy that Ithink teens and PHIA completely change this period of celed, as washer summer work- looks interesting. Sud- reported symptoms in,” she says,“you’rego- young adultsand their families SO their life, and they won’t ever get study job.Perhaps the biggest blow, denly that gets hard to of depression. ing to makeyour kids have had, that lifeiscontrollable it back, is overwhelming for a lot however, wasthe cancellation of her see,” says Joseph P. Al- moredepressed and and predictable given the right of them,” she says. study-abroad program in Oxford, len, a professor of psy- anxious.” (They’ll also resources.” Young people,Dr. JOURNAL; Nearly 41% of college students England, whereshe had planned to chology at the Univer- be morelikely to sneak Schwartz says,can “learn howto

REET reported symptoms of depression spend the coming school year. sity of Virginia. Dr. Allen says this out to those big,unsupervised par- adjust and roll with things.” ST

LL in a survey of 18,764 students from “I was really sad,” says Ms. can zap motivation to do things ties,she adds.) Mr. Moss in Iowa says what has

WA the end of March through May by Sheih, who says she has found sol- like study for the SAT or even just Focusing on what youcan control been helping him is sticking to a the American College Health Asso- ace in online support groups run get off the sofa, which can make helps,says MaryAlvord, apsychol- schedule. He has started going to THE

R ciation and the Healthy Minds Net- by her college’s counseling center mental-health issues even worse. ogist in ChevyChase, Md. “Every the gym every day, writing poetry FO work, a research project based at and in a virtual Bible study group Thegrinding unemployment that session, Istart with, ‘What’sunder and heading out for regular walks. KER the University of Michigan, Boston she conducts with friends. has hit young people especially your control right now, what’sgoing He sees a therapist weekly and, af- AC University and the University of Psychologistssay that the social hardislikely to have other harmful well?’ And when thingsare not go- ter his internship fell through, got NIEL California, Los Angeles. That is up isolation and the curtailing of some effects, notes Charles B. Nemeroff, ing well, ‘What areaspectsyou can his old job back at Starbucks. DA

P: from 35.7% in a Healthy Minds sur- autonomyimposed by the pandemic professor and chair of the depart- do something about?’ ” “I’m trying to keep a positive TO vey from fall 2019. Also, suicide areparticularly difficult forteenag- ment of psychiatryatDell Medical James Robinson, 15,says volun- mind-set,” he says. “I’m ready to OM

FR risk measured in the spring ticked ersand young adults. At these ages, School at the University of Texas at teering with an organization that tackle so many things.”

clinically,Itell them my story. It bronchitis” as well as another rare growing in her backyard or taste ‘This is a virus we don’t under- ACovid causes tremendous relief.People be- respiratory virus. the hot chocolateshe makes every stand.’” gin to believethere’shope,” she Her cough worsened; her chest morning.“I’m abean-to-bar choco- By lateMay,she wasstarting to Doctor Who says. and stomach hurt from the deep latier,” she says.“Imakechocolate. feel better. She started running up She has seen patients virtually coughing. At times Dr. Kivlahan Ican’t smell or tasteit.” stairs. AJune 8antibody test came since March, and plans to resume felt so weak she had to rest in the She finished her will and ad- back positive. And aJune 11 PCR Understands in-person care at UCSF’s acute shower. “I was short of breath just vance directive for end-of-life care, test wasfinally negative. “I cele- Covid-19 symptom clinic this week. sitting there,” she recalls. “I had to worried that she would end up in brated by taking awalk outside Her Patients “Because this virus has so many lay down with my head down off the hospital on a ventilator. “I with amask on,” she says. unique ways of impacting the hu- the bed just to breathe.” packed a bag several times to go Still, she has lingering symptoms. man body, my personal illness has When she went to the emer- to the hospital and just decided I She has amild cough and hasn’t re- allowed me to reassure and direct gency room again, she got an EKG can make it one more night at gained her sense of smell and taste. YOUR HEALTH care in a special way,” Everyfew days she has astrong SUMATHI she says. tasteand smell of fire.“When the REDDY One of her biggest sensation of forest firescome in my challenges psychologi- mouth and nose and lastsseveral cally was persistently hoursintothe night, Ihavetolook s head of primarycareatUni- testing positive for outside to see if Northern California Aversity of California, SanFran- the virus for three is on fire,” she says. cisco, Coleen Kivlahan sees up months, even though She’shad some newminor cog- to 20 Covid patientssome days in doctors didn’t believe nitiveissues,experiencing occa- virtual appointments. Some gotin- she was contagious sional word substitutions of com- fected months ago, but still have the whole time. Start- mon wordsincasual conversation. persistent symptoms. ing in March, she “I interchangepand q,” she says. She understands their experience tested positive for “Several times aday,Iwould betterthan most: She has lived it. Covid nine times be- writethe wrong word or saythe Dr.Kivlahan, 67,isone of an esti- fore finally receiving a wrong word.” mated tens of thousands of so- negative test in June. But her heart and lung function called long-haul Covid patients. “I spent months not are near normal, she says, and her Manyhad cases initially considered being able to hug my energy level is back up. “I’m now mild or moderate, but months later kids,” she says, refer- 90 percent,” she says. still struggle with awide-ranging ring to her four adult She is a patient at UCSF’s post- battery of symptoms that canin- children. “All that Covid multidisciplinary clinic, says clude fatigue,chest pain and cogni- emotion and anxiety Lekshmi Santhosh, physician lead tiveissues.Expertsestimatethat as absolutely affects our of the clinic and an assistant pro- manyas15% of Covid patientsmay organ systems and in- fessor of pulmonary and critical experiencelong-term symptoms, creases the stress hor- Coleen Kivlahan, a doctor at UCSF, has experienced long-term symptoms of Covid-19. care medicine at UCSF. She esti- though much remains unknown. mone cortisol. Those mates they have seen 40 to 50 pa- Besides the physical toll, long- things are hard to tease out from to rule out a heart attack because home,” she says. tients like Dr. Kivlahan who have JOURNAL term patientsfaceanemotional one the virus effect itself.” her chest pain was so bad. By Her symptoms continued in persistent symptoms.

REET as well. One frustration they often Dr.Kivlahan fell ill March 6. She March 21 she felt a little better. April, especially in the evening.“I Dr.Kivlahan enrolled in aUCSF ST voiceisthat doctorsdon’t believe took aCovid diagnostic test afew But a second wave of symptoms could not take afull breath, the study. She thinks it’simportant to LL

WA their symptoms arereal, or can’t days later,but it came back nega- came days later. Her cough re- pressureinmychest wassointense learn moreabout long-haulers. understand what it’sliketobesick tive. By March 12, she had afever, turned, along with chills, chest Ihad to lie very still in bed to avoid “These arepatients who weren’t in THE

R formonths with no certainty about severeshortnessofbreath andter- pain and shortness of breath. The breathing deeply,” she wroteina the ICU,weren’t on avent, didn’t FO

O when they might getbetter. rible night sweats. next day she went to UCSF’s respi- symptom diaryofher illness. die.But they have ongoing symp- “I’m sureyou can’t understand” She went to the emergency de- ratory screening clinic. She finally She tested positive for Covid-19 toms that arejust scaryand un- CENZ

DE is something Dr.Kivlahan says she partment and took a second Covid tested positive for Covid-19. again April 8. “It was a big emo- known,” she says.“We canlearn a oftenhearsfromnew patients. But test, which again came back nega- Aday or two later she noticed tional backslide,” she says. “It was great deal about the virus by under-

ANGELA she does.“When it’sappropriate tive. Tests showed she had “diffuse she could no longer smell the mint really the first time I felt like, standing those lasting symptoms.” P2JW224000-0-A01200-1------NS

A12 | Tuesday, August 11, 2020 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL. | HEALTH & WELLNESS

 Lowell Observatory in Arizona says the diagonal lines in this 2019 image of a galaxy group are trails of reflected light left by Starlink That satellites. A rocket with Starlink satellites lifted off in Florida Friday.. AP Y/ DA TO

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FR tens of thousands” of bright satellites in lowEarth orbit, the working group reported at an online meet- SCIENCE activemeteor showers of the year, crowding intolow-Earth orbit, never anything of this scale,” said ing of policymakers, satelliteoper- JOURNAL with up to 150 meteorsper hour aerospaceexpertssaid. astronomer John Barentine, direc- atorsand skywatcherslast month. ROBERT visible on aclear night. It’slaunched astruggle over the torofpublic policyatthe Interna- Amid the growing furor, SpaceX LEE HOTZ This year,hundreds of those dark of night. “Weare going tional Dark-SkyAssociation, aerospaceengineershavescram- shooting starslikely will be satellite through this newspaceindustrial founded by astronomers20years bled to modifytheir satellites,ac- streaks. revolution, and the numbersofsat- agotopromotesky-friendly cording to statementsand astron- ikethousands of sky-watch- Fordecades,astronomers, ecolo- ellitesare going up dramatically,” lighting. omyworkshop presentations by the ersthis summer,Cason gistsand health authorities have said astronomer Jonathan McDow- TheSpaceX network,designed to company. They also loweredthe Berrywas eager to photo- worried about the skyglowfrom ell at the Harvard-Smithsonian Cen- offer low-cost global broadband proposed altitude formanyofthe graph the comet Neowise at streetlightsand other artificial out- terfor Astrophysics in Cambridge, services,isauthorized by the U.S. to futuresatellitesinorder to reduce Litsbrilliant peak this past door lighting.Inthe brightly lighted Mass. “Right now, thereisnoright orbit up to 12,000 satellites,but the the time in sunlight. July.Ifhemissed the cities that half of the Earth’spopu- to an unclutteredsky.” companyhas sought permission for “Spacecompanies work hardon chance, it would be 6,000 yearsbe- lation nowcalls home,only afew According to federal filings, 30,000 more. Onceit’sall opera- improving the satellites,” said Ralf fore the comet passed so close by tional, SpaceX expectstoretireand Vandebergh, aprofessional astro- Earth again. replacefrom2,000 to 8,000 Star- photographer in the Netherlands On the night, the collegesenior, link satellites everyyear,allowing who specializes in imaging space- who lives outside Lufkin, Texas,set them to burn up brightly in the at- craft. “Atthis point, I’m pretty his cameraonatripod in his back- mosphere. optimistic.” yard,framed the comet in his view- Thecompanydidn’t respond to a Last January, SpaceX engineers finder and triggeredthe time-lapse request forcomment. launched aStarlink satellitepainted shutter. When he checked the re- SpaceX is just the firstsatellite black to dim itsbrightness. Inde- sult, though, he sawthat the long companytoflood the zone.InMay, pendent astronomerswho tracked exposures had picked up bright OneWeb asked the Federal Commu- it in orbit calculated that it cut the lines,likescratches,acrossthe im- nications Commission forpermis- glarebyhalf.But the coating ages.“Ithought it wassomething sion to launch as manyas48,000 soaked up so much additional heat on my lens or my screen,” he said. satellites.Early last month the Brit- that it threatened to affect the sat- “They were streaks from satellites, ish government and Bharti Global of ellite’sonboardelectronics—and like40orsomething,that streamed India purchased the company; One- made it glowevenmorebrightly in acrossthe sky. Iwould saythey Webdidn’t respond to arequest for infrared frequencies oftenused for ruined it.” comment on their plans.OnJuly 30, astronomy, Dr.McDowell said. He’dprobably been photobombed the FCCapproved Amazon’splans “Thereisstill along way to go by Starlink satellites.Inthe past 14 to launch 3,236 satellites forits beforepeople arehappy,” said as- months,SpaceX,the space-trans- Kuiper high-speed broadband ser- tronomer Jeremy Tregloan-Reed at portation and aerospacecompany vice, arival to the SpaceX project. the University of Antofagastain led by Elon Musk, has launched In China, several companies are northern Chile,who led the team about 600 of them. Theartificial planning networks of up to athou- that tracked and analyzedSpaceX’s constellation glitters overhead from dozenstars maybevisible on a SpaceX and other companies plan sand or so satellites.(Around the blackened satellite, dubbed “Dark- reflected sunlight long afterdark clear night, expertssay.Morethan to launch up to 80,000 newsmall globe,approval methods vary for sat,” in orbit. and beforesunrise.Another 118 of athirdofhumanity can’t see its communications satellites in the companies trying to launch these SpaceX engineersalso equipped the satellites arescheduled for ownhome galaxy of the MilkyWay, next decade or so intoanarrow communications satellites.) dozens of itslatestsatelliteswith launch in the next few months. an international team that mapped band of spacearound Earth, where Manyastronomersfear that just experimental visorstoact as sun- August traditionally offersprime the geographyofnight lighting re- they will glint brightly in the glare about everytelescope study from shades to block the sunlight. viewing foramateur and profes- ported in 2016. of the rising or setting sun. Indeed, hundreds of ground-based observa- SpaceX’sMr. Musk,the CEO, sional sky-watchers, with four plan- Forthe past year,however, asthey will outnumber the starsnor- tories world-wide will somedaybe tweeted in April that all of the com- etaryclose approaches,three me- tronomersand aerospaceengi- mally visible world-wide with the marred by the satellitestreaks that pany’sfutureStarlink satellites teor showers,two dwarfplanets neershavebeen grappling with unaided eye, potentially depriving spoiled Mr.Berry’simages. would be equipped with visors. and one asteroid making an appear- disruptivelighting changes in the everyone of an unblemished viewof Theastronomersworrymost “It is amitigation, not asolu- anceinthe night sky— capped by skyitself.The problem arises from the night sky. about the impact on the U.S.-funded tion,” said Dr.Barentine about the the peak of the summer Perseids on spacecraftdesign, altitude and the “Therehavebeen satellites or- Vera C. Rubin Observatory, cur- visors. “No one is pretending this is Aug.12, one of the best and most sheer number of newsatellites biting the earth for60years, but rently under construction on Cerro solved.”

ANATOMY OF AWORKOUT of NBAorNFL players running with The Exercise JEN MURPHY high knees or side shuffling in the 1. 2. background of the pregame show. Walking Deep Lunge These dynamic drills areintended to Why: A more active variation AWarm-Up getthe heart rate up and increase of the lunge, this drill helps blood flow and rangeofmotion, open up the groin, hamstring, ThatDoubles while also working on coordination. glutes and lower back. Agood dynamic warm-up should As ItsOwn addressall muscle groups,says Mr. How: Lacerte(pictured right) who served 1. Take a big step forward as the athletic trainer forthe U.S. with your left leg into a lunge Exercise Olympic gold-medal winning 1992 position. Dream Team and the Boston Celtics. 2. Your right knee will hover natomy of a Workout is a He has players foam roll, focusing slightly off the ground. Reach Anew column where sports on anytight spotsofthe body,for to the inside of the left ankle performance coaches and five minutes beforethe warm-up. with your left elbow. Your athletic trainers break down exer- Dr.Lacertecreated asix-drill rou- right hand will be on the floor cises and drills they use. tine forwsj.com. Each drill should for balance. If youplayedhigh school sports, be done forthe length of half of a 3. 4. 3. Pause two seconds, then your warm-up most likely involved basketball court, about 50 feet, and step your right foot up to jogging afew laps and performing canbefollowedwith alight jog meet the left. static stretches.This pregame ritual back.Focus on technique rather Stand tall and repeat on has been replaced in the pros by than speed. Theentirewarm-up the opposite side. the dynamic warm-up,aseries of should take 10 to 12 minutes.

JOURNAL exercises that mimic the move- This routine prepares the body Option:

REET mentsused in sports. for a variety of activities, from 4. If your leftleg is forwardin

ST Thegoal is to activate, or con- basketball to a CrossFit session. It alunge position, keep the right LL tract, then relax agroup of muscles, can also be turned into a workout hand on the ground and reach WA rather than stretch them, explains by doing a second round that adds the lefthand up toward the THE

R Ed Lacerte, the Westford,Mass.- cardio-focused exercises like high- skytoget atrunk rotation and

FO based director of playerhealth and knee running between drills. opening in the chest. Bring

ONG performancefor the USABasketball your gazeuptoward the hand LU men’sjunior national team. See more of these exercises at as youtwist. Repeatonthe NY

TO You’veprobably caught aglimpse WSJ.com/news/life-arts. oppositeside. P2JW224000-0-A01300-1------XA

THE WALL STREET JOURNAL. Tuesday, August 11, 2020 | A13 ARTS IN REVIEW KBILL AC BR WN SHA Mike Mogis, Conor Oberst and Nate Walcott of Bright Eyes; the group’s new album is ‘Down in the Weeds, Where the World Once Was’

MUSIC REVIEW |MARK RICHARDSON ter, someone deeply loved who is secretly miserable,and who leaves the world because he likes “cine- matic endings.” It could be about Bright Eyes Channels thePersonal Mr.Oberst’sbrother (he reminisces about being “back with youinBen- son,” an Omaha neighborhood), but The indie band, led by singer-songwriter Conor Oberst, issues its first album in nearly a decade it also sounds likeitcould be addressed to alover,and it benefits from this ambiguity.Mr. Oberst onor Oberst released “A ing,” and when Bright Eyes became lection’srichly orchestrated cham- second track,“Danceand Sing,” carefully builds his story, from a Collection of Songs Writ- just one group among manyhe ber-pop production—thick with but the album doesn’t reflect this meaninglessfragment of overheard ten and Recorded worked with. He’sreleased solo strings, horns,woodwinds,bag- idea—this is arecordthat will be conversation to atouching denoue- 1995-1997,” his first album work and recordswith his punk pipes,dulcimers, achoir and instantly familiar to longtime fans, ment wherealifeseems to end, Cunder the name Bright band (Desaparecidos), amorecon- more—calls back to the wall-of- though Mr.Oberst’slyrics areau- and the music beautifully tracks Eyes, in early 1998, just ventional rock outfit(Conor Oberst thentically rawand direct. the dramatic turns. before he turned 18. As its title and the Mystic Valley Band), an In the past five years, Mr. Late in the album comes “To makes clear, the set contains mate- acoustic indie supergroup (Mon- Oberst split from his wife and his Death’sHeart (In ThreeParts),” the rial conceived during the few prior stersofFolk) and, most recently, brother died, and there are allu- record’s most striking song,which years, starting around the time the in aduo with singer-songwriter sions to both events on “Down in weaves personal and public trage- songwriter, raised in Omaha, Neb., Phoebe Bridgers(BetterOblivion the Weeds.” It unfolds in a sad and dies intoadeeply affecting expres- would have been a high-school Community Center). Amid all this lonely world, one where lived ex- sion of woe. In the bridgethe sophomore. From the beginning, activity,Bright Eyes,which crystal- perience doesn’t necessarily add singer says “Still think of NewYork Bright Eyes was a vehicle for chan- lized as aproper band when multi- up to wisdom. The folky midtempo everytime /Isee your facenow it neling the intensity of feeling as- instrumentalistsMikeMogis and “Tilt-a-Whirl” begins with the just feels likeanother life,” and sociated with youth. Mr. Oberst’s Nate Walcottbecame full-time words “My phantom brother came then later mentions the 2015 at- cracking, quavering voice sug- membersin2005,sloweddown. to me / His backlit face was hard tacks at the Bataclan theater in gested that the words coming out Afterthe 2011 record “The People’s to see” and adds in the chorus, Paris.“They sing ‘Éphémère… of his mouth contained an urgent Key,” Mr.Oberst set aside Bright “Life’s a solitary song / No one to éphémère… éphémère…” Mr.Oberst message that the world needed to Eyes,and thereweremurmurings clap or sing along / It sounds so offers, “and Wish YouWereHere.” hear. Ensuing Bright Eyes LPs like that the album might be itsfinal sweet and then it’s gone.” On the In a surreal twist, he’s talking 2000’s “Fevers and Mirrors” and statement. ‘Down in theWeeds, piano-led ballad “Hot Car in the about Pink Floyd’s 1975 album of 2002’s “Lifted or The Story Is in But Bright Eyes is back.“Down Sun,” he sings “Chopped the celery that name, and the final verse the Soil, Keep Your Ear to the in the Weeds,Wherethe World Wherethe WorldOnce and made the soup / Didn’t have tweaks lines from the earlier re- Ground” were filled with furiously OnceWas,” out next week on Wa s’ is characteristically much else to do / I was dreaming cord’s title track. “All these same strummed acoustic guitars and Dead Oceans,isareminder of the of my ex-wife’s face” and then two fears / Year after year,” goes a thick arrangements that throbbed band’sessential qualities,and of heavywithemotion lines later describes a dog dying borrowed couplet, offering an im- in time with his word-dense songs what setsthis group apart from inside of an overheating Chevrolet. plicit argument for the existence about unrequited love, self-loath- Mr.Oberst’sother work.This Mr.Oberst has agiftfor imbuing of this release: Almost 25 years af- ing and being misunderstood. band is an outlet forhis most per- mundane phrases with mystery. In ter Mr. Oberst’s first recording, the But Mr.Oberst’sindie-level fame sonal statements—on aBright sound approach of classic Bright the firstpart of “Stairwell Song,” a tension, anxiety and despair are grew when he joined the 2004 Eyes record,hedoesn’t worry Eyes records, though it’snow de- wearyfanfaredripping with horns still here, and Bright Eyes remains “Votefor Change” tour alongside about going over the topemotion- livered with moresophistication and strings, he describes agroup of the project that allows him to dig artistsincluding BruceSpringsteen ally.But while his affectivefervor and clarity.The trio wrotethe mu- people engaged in idle chatterand deepest into his psyche. and R.E.M. It then expanded fur- is intact, he’sa40-year-old man sic together,with Mr.Oberst sup- then adds the plainspoken aside ther afterthe success of the writing about his lifenow,and ap- plying the words. “Got to change “For an enigmatic guy/You Mr. Richardson is the Journal’s group’swarm and accessible 2005 proaches the material with a likeyour lifeisdepending on it,” seemed relatable.” From there, the rock and pop music critic. Follow album “I’m Wide Awake, It’sMorn- broader perspective. And this col- Mr.Oberst suggestsonthe LP’s song zeroes in on asingle charac- him on Twitter @MarkRichardson.

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A14 | Tuesday, August 11, 2020 THE WALL STREET JOURNAL. SPORTS College Football FacesDecision on Fall Season

As the sport’s major conferences decide whether to play amid the coronavirus pandemic, players are also weighing in

BY LAINE HIGGINS AND RACHEL BACHMAN

ollege football is rapidly ap- Cproaching its coronavirus reckoning, with major conferences coming to grips with whether it is safe to attempt a season and athletes organizing themselves in hopes of both ensuring their health and getting back on the field. A chaotic sequence of events over the weekend showed how the discussion about canceling or postponing the season is accelerating. The Mid-American Conference on Saturday canceled all fall sports including football, becoming the first of the sport’s top-tier conferences to do so.

Then on Sunday night, commis- GES

sioners of the five most powerful IMA conferences met in a hastily planned meeting without a clear GETTY resolution. Presidents and chancel-

lors from Big Ten schools also met OCKMAN/ on Sunday, as the conference con- ST fronted the fact that its teams need to begin contact practices TTHEW MA

soon to begin the season as S; planned on Sept. 3. But throughout the weekend, PRES college football players were TED

weighing in. The captains of the OCIA SS

Ohio State University football team /A released a statement Saturday say- ST ing that they wanted to play and MA AJ

trusted the health protocols laid P: out by the university. That night, TO OM

Clemson’s star quarterback, Trevor FR Lawrence, tweeted, “I don’t know about y’all, but we want to play.” Above,Ohio Stateplayers after the 2019 Big Tenchampionship. Clemson’s Ten, Big 12, Pac-12 and Southeast- Jon Steinbrecher. “Ultimately the The messages marked a shift in Trevor Lawrence, below, tweeted ‘I don’tknowabout y’all, but we want to play.’ ern Conferences. decision maker on that is likely to thde grass-roots concerns ex- Months ago in March, when col- be the virus and where we are at pressed by athletes in recent days. lege basketball’s marquee tourna- that point in time,” he said. In separate letters drafted by ath- ment evaporated almost overnight, The move immediately placed letes in the Pacific-12 and Big Ten these five commissioners were op- pressure on bigger and more pow- last week, athletes had laid out erating in lockstep and had almost erful conferences. health and social-justice initia- daily calls. Teams in the Big Ten would tives. The Pac-12 group even But college football’s gover- normally be ramping up to contact threatened to sit out the season. nance is diffuse, and in recent in practices, but in the wake of the At 12:01 on Monday morning, weeks the conferences have been MAC announcement, the Big Ten however, the various athlete acting independent of each other presidents told coaches to sit tight groups merged in a loosely orga- to try to preserve their seasons. over the weekend. nized social-media campaign led Over a series of weeks, they have “I think there will be pushback by players in all five major confer- canceled nonconference games and on some of the campuses if there’s ences with the hashtags “#We- rearranged schedules to feature no football from people who be- WantToPlay” and “#WeAreUnited.” matchups almost entirely featuring lieve that those consequences The group is seeking cogent health conference opponents. were overrated or not accurately protocols and the ability to opt out The lack of uniformity was evi- predictive,” said Jo Potuto, a law without penalty while allowing dent in the conferences’ schedul- professor at Nebraska who served players to organize an association ing decisions: the Big Ten planned for two decades on various com- to represent players’ interests. to kick off its season on Sept. 3, mittees in the Big Ten, Big 12 and The players gained a supporter while the SEC and Pac-12 said they NCAA. “And schools will have to in President Trump. On Monday would wait three more weeks until deal with that.” afternoon he tweeted, “The stu- Sept. 26. Teams in the Big Ten Howmuch sway athleteshavein dent-athletes have been working started the first phase of training the matterisunclear.Although too hard for their season to be camp last week, with their start morethan three dozenplayers cancelled. #WeWantToPlay.” football conferences. “My strong just under four weeks away, dates less than six weeks away. have said they would forgoany It all left the impression that, guess is no season.” there’s no longer any wiggle room Then on Saturday came a blow 2020 season, they have no decision with time running out to prepare The scramble is all owing to the for a “wait and see” approach to from the Mid-American Confer- making power. That restssquarely for a season, the mad dash might continuing coronavirus pandemic. work for college athletics. ence, the first league in the top in the hands of the 65 university be for naught, said Dave Ridpath, a The spread of the virus has slowed That means a final decision tier Football Bowl Subdivision to leadersand five men leading the college sports expert and profes- somewhat in the past month but must come soon from the commis- announce it would postpone fall major athletic conferences. sor at Ohio University. “I believe not near enough to consider the sioners of the five biggest and athletics until the spring. “The power conferences are re- they have been pushed in a cor- U.S.’s transmission curve flattened. wealthiest conferences in college The decision came with a ca- ally calling the shots right now,” ner,” said Ridpath of the biggest With the start of football season athletics: the Atlantic Coast, Big veat, according to commissioner said Ridpath.

JASONGAY Paul George of the Los Angeles Clippers poses with a fish he caught Secrets of the NBA’s inside the NBA’s Orlando, Fla., bubble. guards and powerforwards. But Disney’s Whittsaid that the Bass-Fishing All-Stars resort lakes—originally stocked with 70,000 bassfingerlingsinthe late1960s when construction was TheNBA will soon fin- Paul of OKCissaid to be skillful. under way,and not fished forclose ish itsregular season Indiana’s T.J. Leaf and Memphis’s to adecade afterthat—haven’t had inside itspandemic-de- Jonas Valanciunas,too.Even anyform of recent resupply. fying bubble on Disney Boban’sbeen fishing—as in Boban “Wehaven’t stocked it in years,” property in Orlando, Marjanovic,the beloved 7-foot-4 Whittsaid. “It’snaturalnow.” Fla. Next up: the bub- big man from the Dallas Mavericks. TheNBA denied anyrestock. ble playoffs,with abubble cham- “My fishing skills aregetting “Reportsofthe NBAstocking pion to be crowned in October. much better,” said Marjanovic.“I the pond with fish arecomplete Will it be the Clippers? The wassooooo bad.” abalone,” said league spokesperson Bucks? TheBroncos? TheRed “They’rereally competitivewith MikeBass. “Thereisnothing fishy Wings? each other,” said Michael Whitt, going on.” Ihavenoidea! This isn’t acol- who supervises recreation at the Yes, the NBAspokesperson’s umn about basketball. Disney resortsand hotels.“Some name is MikeBass. So technically, This is about fishing.Specifi- of them will sneak out in the morn- BASSDENIESBASS. cally,bassfishing. ing and come find us and say, ‘Hey, In the end, the best part about Bassfishing is quitethe leisure canyou showmesome tricks?’ ” fishing inside the bubble is that diversion inside the NBAbubble, Who’sthe NBA’sfishing MVP? it’s, youknow, fishing.The world’s wherethe world’sfinest hoopers What’sthe All-NBAFishing First gone upside down forthe past few arewalled off from the outside Team? months.Apandemic lingers. Pro- world, with unlimited access to a “There’sacouple of guys on the testsfor social justicecontinue. Xanadu of Florida vacation habits. Magic that I’dput up against them There’spressureinside the bubble, Youhaveyour golf nuts, your ten- anytime,” said Whitt. too—topush on in the playoffs, nis hackers, your cornhole bean- Likewhom? makethose critical shots, and not bag-throwers,your pickleballers, “GaryClark,” Whittsaid of the let Giannis Antetokounmpo dunk and, of course,therewas some Orlando forward, who grew up in in your face. scatteredgrumbling about the North Carolina. “IfIhad to choose But fish arefish. They’renot room service. someone formyfishing team, I’d tions,casting,water temperature, sink—they’reheavier worms,soI watching cable news or calling No offense to those silly pas- choose GaryClark…you cantell he depth, and on and on and on. Style don’t have to put aweight on intosportsradio to yell about your times,but bubble fishing is where knows what he is doing.” and situation is as meaningfulasit them to throw them pretty far.” minutes.Their world is the lake, it’sat. As soon as the NBAturned When IspoketoClark,he is in basketball. Do youuse crank- “It’snot rocket science,” said not the Lakers. up in Orlando, playerInstagram sounded likehe’dgone to heaven. baits? Spinnerbaits? Do youdead- Hall. “Either you’regoing to use a “It’sreally calming,” said Clark. feeds began to fill with photos of He’dbrought his owntackle into stick? Drop shot? livebait, you’regoing to use ajig, “For howeverlong I’m out there…I tall men holding small fish. the bubble. (I act likeIknowwhat Iam you’regoing to use crankbait…you candetach myself from outside Thebubble,itturns out, is a “I do all kinds [of fishing], but talking about. Idonot knowwhat switch it up.” world. It’sprobably the best part fishing paradise. I’m really good at bassfishing,” he Iamtalking about. Imerely share Therehas been some talk that about fishing.” “It’sreally good,” said Devon told me.“Cat fishing or deep-sea my home with a7-year-old who is the fishing in the bubble maybe “It makes youhavepatience,”

Hall of the Oklahoma City Thunder. fishing,you can’t really control if obsessed with bassfishing.That too good, so good that it seemed said Hall. “I enjoythat.” GES

“I’vecaught some good-sized bass something is hitting that day. kid could fill acar ride from the suspicious,tothe point where Of course,these fishermen are IMA out here.” [With bassfishing], my theoryis St.LawrenceRiver to NewYork league observershavewondered if also proathletes.They want to

Thebest-known fisherman in that if youdanceyour worm the City yapping about the last basshe the NBAordered the bubble water- win. They visualizesuccess.Inthe GETTY NBAcircles is probably Paul right way in the water…” caught. Iknowthis because he did front restocked with bassbefore bubble,they dream about atrophy, George of the Clippers, aperennial See: This is the other thing.If it the other day.) the players arrived. Perhaps com- and holding it high in the air.

All-Staronthe court who has youknowabit about bassfishing, “I use plastic worms,GaryYa- missioner Adam Silver wassnor- “There’snoway this lake TEN/NBAE/ OR

hosted afishing tournament of his youknowitisasport with endless mamotoSenkoworms,” Clark said. keling among the weeds,attaching doesn’t have 10-pound basshang- PO

own. But anglersabound. Chris talk about baits, techniques,loca- “I loveSenkoworms cause they hawgstothe hooks of point ing out in there,” Clark said. JIM P2JW224000-0-A01500-1------XA

THE WALL STREET JOURNAL. Tuesday, August 11, 2020 | A15 OPINION Who Needs Billionaires? BOOKSHELF | By Tunku Varadarajan

Rep.Alexan- back to the city.“Iliterally to let it stand would be a MichaelBloombergoncesaid The Harrowing dria Ocasio- talk to people all daylong newtax.But in the end he NewYork City is a“luxury,” Cortez has a who arenow in their Hamp- did let it stand, although he meaning people were willing demand for tons house who also lived trimmed it back abit, and 10 to paymorefor the high Gov. Andrew here, or in their Hudson Val- yearslater this “temporary” value it provides.The ques- Of a Homeland Cuomo. In a ley house or in their Connect- taxremains. tion is whether the wealthy MAIN newvideo, icut weekend house,and I Likewise with Mr.Cuomo’s will still be willing to pay STREET the progres- say, ‘You gottacome back, opposition to hiking taxeson that premium—andunder- Eat the Buddha siveDemo- when areyou coming back?’ ” the rich today: It’slimited to writethe spending—for acity By William crat from Mr.Cuomo said. NewYork.He’sfine with the whereshootingsand murders By Barbara Demick McGurn Queens says “‘We’ll go to dinner,I’ll feds taxing the rich forhim, areonthe upswing,not to (Random House, 325 pages, $28) it’stime “to buy youadrink.Come over, then distributing the money mention rising homelessness stop protecting” billionaires I’ll cook,’” the governor tells back to states. and other afflictions. gaba, an eastern Tibetan town with 10,000 people, and“passabillionaires tax.” them. But “they’renot com- On topofall this,the N is “the undisputed world capital of self-immolation.” Theidea is to makebillion- ing back right now. And you Covid-19 pandemic has ex- So writes BarbaraDemick,author of “Eat the Buddha,” airescover NewYork state’s knowwhat else they’rethink- AOC demands even posed howvulnerable over- an oral history of Ngaba. In 2009, she tells us, a Buddhist expected $13.3 billion Covid- ing? If Istaythere, Ipay a taxedstatesand cities are. monk “doused himself in gasoline on the main street, while induced budget shortfall. lowerincome taxbecause more onerous taxes. Tens of thousands of people calling for the return of the Dalai Lama”—Tibet’s exiled It’shardly asurprise to they don’t paythe NewYork Not so fast, says Gov. have nowdiscovered they can spiritual leader. A wave of self-immolations followed. Ms. find Ms.Ocasio-Cortez enlist- City surcharge.” Forhigh- work remotely, meaning they Demick says that 156 Tibetans have set themselves on fire ing in the new#MakeBillion- earnersthat’snearly 4% of Andrew Cuomo. don’t even have to be in the since then, “nearly one-third of them from Ngaba.” (The airesPay campaign. In Albany, income on topofAlbany’s greater NewYork area to do most recent was in November 2019.) Thirty were monks abillionaires taxand an take of alittle under 9%. theirjobs.Inthe long term from Ngaba’s Kirti Monastery, the town’s largest. ultramillionaires taxare al- Almost instantconfirma- “Cuomo’s plan is twofold,” this will have unsettling im- Why Ngaba? Why was ready among the bills under tion of thesoundnessofthe says E.J.McMahon of the plications foreverything this “nothing little town,” consideration. Yetinhis re- governor’s assessment here EmpireCenter forPublic Pol- from the city’s workforce to which got its first traffic sponse Mr.Cuomo sounded came when Bill de Blasio icy. “First, he’sbanking on a stateand local taxrevenues— light only in 2013, “putting downright Republican, almost blasted him forit. Themayor compromise congressional and not only forNew York. Tibet back in the head- as if he were channeling emphasizes he has no inten- deal that gives him sufficient “You arekidding yourself lines”? Why were “so many economist Art Laffer of Laf- tion of trying to makethe federal aid to plug this year’s if youthink youcan be one of its residents willing to ferCurvefame: city’s taxpolicymoreattrac- budget hole.Then, hope Bi- of the highest-taxed states, destroy their bodies by one “A single percent of New tivetopeople with wealth. den wins and Democratskeep have areputation forbeing of the most horrific methods York’spopulation pays 50% of AndifCongresswon’t pony the House and take the Sen- anti-businessand have a imaginable”?The title of the taxes, and they’rethe up thedollarsthe city and ate, which probably means rosy economic future,” the Ms. Demick’s book offers an most mobile people on the stateneed, “weshould imme- anotherround of stimulus governor said back in 2011. answer, evoking blasphe- globe,” the governor said. diately return in Albanyto and big federal taxin- It’sastruetodayasitwas mous incidents from 1935, With 118 billionaires,New the discussion of atax on creases.” then, even if the Cuomo the remembrance of which York revenues would take a wealthyNew Yorkers.” Mr.Biden has also pledged yearshavedone little to has been kept alive by bighit if even just ahandful This isn’t the firsttime to liftthe caponfederal de- changeNew York’sranking generations of unforgiving of them were to leave. Mr.Cuomo has takenissue ductions forstate and local as one of America’smost townsfolk. Some of his best friends with the soak-the-rich crowd, taxes—another item on Mr. overtaxed states.And if the That year, Mao Zedong’s arebillionaires,Mr. Cuomo though he hasn’t put his Cuomo’s wish list. Politicians governor hopes to persuade Communist troops, in strategic went on to say, and NewYork money wherehis mouth is.In in high-tax states lovethis billionaires nowthinking of retreat from the Chinese Nationalists, descended on Ngaba needs to be nicer to them. his 2010 runfor governor,he deduction because it hides leaving to stay put, he’ll at the end of their Long March. Starved and ragged, yet He’spersonally been begging vowedtoallowa“tempo- from taxpayers the true costs have to offer them more well enough armed to vanquish the locals, they desecrated those who have takenrefuge rary” millionaire’stax to ex- of their stategovernments. than ahome-cooked dinner. Ngaba’s monasteries. Not only did the soldiers steal at summer homes to move pireonschedule,saying that Billionaireformer Mayor Write to [email protected]. treasures and defecate on religious texts, they boiled and ate the hides of ceremonial drums. “They even ate figurines that had been sculpted out of barley flour and butter”— votive offerings made by the monks. Ms. Demick writes that Saffron India Is an Opportunity and Danger “as far as the Chinese were concerned, they were literally eating the Buddha. They knew it was sacrilegious, but they Indian Prime about 1.4billion people and sponded to Pakistani med- with theirbagspacked.” didn’t care.” Minister Nar- 22 languages needs an idea dling in Kashmir with support This is apopular line with Ngaba’s first, harrowing encounter with the Communists endraModi around which it canrally as it forrebel groups in Pakistan, manyIndians,but has led to a foreshadowed its forcible incorporation into China—along didn’t only summons the energy forthe notably in the tumultuous significant worsening of nor- with the rest of Tibet—in 1950. In the ensuing decades, laythe cor- contest. Thestale Nehruvian provinceofBalochistan. China mally friendly Indian-Bangla- many more indignities were heaped on the Tibetans. nerstone of a mix of secularism and social- seeks to turn the strategically deshirelations.Bangladesh, Alongside a brutal cultural cleansing by the Chinese, the GLOBAL newHindu ism has lost itsmassappeal. located Balochi port of Gwa- already struggling to manage Tibetans were made vassals in their own land. Their VIEW temple last Mr.Modi’ssaffron politics has dar intoamajor sea and rail the influx of Rohingya refu- monasteries were razed during the Cultural Revolution, week.Hewas itsdrawbacks,but thereisno hub.Balochi independence gees from Myanmar,has no their farmlands, livestock and businesses seized, and their By Walter also setting realistic alternativeinIndia fightersrecently announced desire to absorb large num- territories flooded with Chinese settlers. Russell Mead the founda- today. that they intended to priori- bersfromIndia. China, always The 21st century gave Ngaba more fuel for resentment. tion foranew YetifHindu nationalism tizeChinese interestsand citi- on the lookout foropportuni- On March 16, 2008, months before the start of the Beijing order in the Indo-Pacific: one helps Mr.Modi assemble the zens in their violent indepen- ties in the region, has been Olympics, protests erupted after a monk at the Kirti in which India will have a political powerneeded to dencecampaign. This is quick to offer the Bangla- Monastery yelled “Long live His Holiness the Dalai Lama!” closer relationship with coun- makeIndia great, it comes unlikely to end well forany- deshis assistance, investment at a prayer meeting. As riled-up monks spilled out onto the tries likethe U.S.,Japan and with aprice: the intensifica- one. and support. main street, they were joined by ordinary Tibetans in an Australia, but in which Hindu- tion of India’srivalrywith ForU.S.strategists, saffron unprecedented display of insurrection against Chinese rule. Muslim and India-Pakistan Pakistan and the deepening of India’smilitancyisboth asig- The police opened fire. tensions will complicateef- Pakistan-China ties in re- Hindu nationalism’s nificant asset and amajor Howmanydied? “Exact numbers,” Ms.Demick says, fortsinWashingtonand Bei- sponse.Pakistan has long headache.Onthe positive “are hard to come by in China, a country with a penchant jing to keep U.S.-China rela- sought to undermine New rise will help the U.S. side,America’stask of build- for statistics but a political culture that prefers not to tions from spiraling out of Delhi’srule over the majority- check Beijing but ing aregional coalition to bal- publicize them when they present an inconvenient truth.” control. Muslim Jammu and Kashmir anceBeijing’spowerbecomes Xinhua, the state-run news service, stated that there had Mr.Modi’smanycritics in region. India’sdecision last raises the risk of war. much easier if India has asta- been no deaths. Tibetan exile groups, according to Ms. Indiaand the West have fo- year to strip the region of its ble governing party that is Demick, put the toll at 21 dead. cusedonthe domestic conse- semi-independent status ful- willingand able to focus on quences of India’sturn to filled alongtime demand of Hindunationalistpolicies theChina threat. Hindu nationalism—some- Hindu nationalists, but it also also increase India-China ten- But thereisanother side to Theordeals of apowerlessbut spiritual times called “saffron poli- increased the danger that sions in the northeast. In re- the story. Ever sincethe Cor- people suffering under Chinese rule—and tics”—which could alienate, Pakistan will infiltrateterror- cent decades,Muslim mi- cyraeans and Corinthians marginalizeand even endan- istsorarm Kashmiri resis- grantsfromBangladesh have droveareluctant Athens and protesting their fate dramatically. gerthe approximately 182 tancegroups. moved to India in search of Spartaintothe Peloponnesian millionMuslims,30million To block this,India must betterlives.InIndia’srestive War, the danger that hot- Christians and other religions bolster itsdefenses along the northeast, localpopulations headed allies candragtheir Testifying before a U.S. congressional commission in minority groups in India. Line of Control that separates see these migrantsasrivals superpowerpatronsintolocal 2011, the exiled head of the Kirti Monastery said: “The These concerns arenot base- Indian- and Pakistani-adminis- forresources. Hindutva politi- conflictshas been amajor people of this region have a particular wound causing less. Thenumber of attacks teredareas.But Beijing also cians—India’shard-line na- factor in international life. excessive suffering that spans three generations.” The self- on Christians has growndra- controls part of Kashmir,and tionalists—have long called Beijing cannot allowPakistan immolations, Ms. Demick suggests, are a form of hitting matically in recent years, Indian buildups in this strate- fortough action against such to collapse without massive back—the moral riposte to China of a powerless but while arangeoflegislation di- gicareathreaten Chinese ter- migrants,and the Modi gov- blows to itsprestigeand in- spiritual people who have “so thoroughly incorporated the rected at Muslims stokes fears ritorial interestsaswell as ernment has obliged. Along terests. Washingtoncannot Dalai Lama’s teachings about nonviolence that they hurt that India’slargest minority the security of transit lines on with otheranti-immigrant easily allowIndia to suffer nobody but themselves.” could be relegated to second- the China Pakistan Economic measures,arecent purge of humiliation at the hands of its The author, a former Beijing bureau chief for the Los classstatus. Corridor that come close to the citizenship rolls in the enemies.That gives both In- Angeles Times, has made three surreptitious trips to Ngaba. Therise of Hindu national- the Line of Control. Beijing northeastern stateofAssam dia and Pakistan leverageover (Foreigners are barred from the area.) Her story is woven ism is not only aresponse to does notintend to let New leftalmost two million peo- their allies,and increases the together from interviews she conducted in the town with domestic pressures.Beijing is Delhi dominatethe contested ple—mostly Muslims—in legal obstacles forAmerican strate- the help of interpreters, as well as from conversations she challenging NewDelhi by sea region, and this summer’s limbo.Mr. Modi has told mi- gistslooking to stabilizethe had with people from Ngaba who now live in India. The and land, from the Indian border clashes could be asign grantswho came later than Asian balanceofpowerwhile human portraits she paints are touching, often heart- Oceantothe mountains of of moretrouble to come. Bangladesh’s1971 WarofIn- minimizing the risk of aU.S.- rending, none more so than that of Gonpo, “the last Kashmir.This countryof India historically has re- dependence to “beprepared China war. princess,” daughter of the local king. Born in 1950, Gonpo was 9 when her father’s palace was confiscated and he was arrested by the Communists. She was deported to Beijing with her mother, her father joining Matching Homegrown Talent to Local Jobs them a year later, a shell of his former self after long spells in solitaryconfinement. She lost her parentswhen she By Jamie Dimon Young people in low-income tained pathwaysfor opportu- City Department of Educa- was17—her mother disappeared, her father killed himself— And Félix V. Matos and minority communities nities in the city,betteralign- tion, effectivenonprofitsand and was soon in the throes of the Cultural Revolution, Rodríguez feel this failurethe most. ing educational programs local community leaders, we branded as a class traitor even as she sought to survive as Unlessweactively work to with skills that employers canfinally help connect un- “a thoroughly Chinese girl.” She was spat on and beaten by oday’seconomic crisis close the gap, Covid-19 will need as the demands of the tapped talent with in-demand her peers, and eventually banished to hard rural labor. T is exacerbating eco- makematters worse. An in- labormarket rapidly evolve. jobs.The Jobs Council will Gonpo married a kind young man she met at the work nomic and racial di- clusiverecoverywill require This will alleviate unemploy- makeitpossible forour com- camp—a Han Chinese detainee—with whom she had two vides and exposing systemic collaboration between busi- ment—filling currently open panies to hire100,000 New children. She lives today in India, part of the Tibetan barrierstoopportunity.As ness, educational institutions, jobs through skills training Yorkersby2030,including at diaspora. So, too, does Tsegyam, another of Ms. Demick’s we begin to rebuild, business government and civic leaders. and empowering communities least 25,000 CUNY students. interlocutors: A schoolteacher, he circulated smuggled leadersneed to reaffirm their forthe jobs of the future. These arewell-paying jobs copies of the Dalai Lama’s autobiography in Ngaba and was commitment to benefit all We will focus on hiring for that will help NewYorkers jailed by the Chinese for posting pro-freedom signs in town. theirstakeholdersand the Our newCEO Jobs skills,not necessarily de- gain access to economic op- In 1992, he slipped across the border and works today as communities in which they Council will open grees.While credentials are portunity and apath to the the Dalai Lama’s private secretary. operate. important, an obsessivefocus middle class. There are other characters who bring Ngaba to life: When NewYork compa- doorsfor NewYorkers. on them unnecessarily pre- People oftensay that we Dongtuk, a young monk who offers a window into a nies do well, NewYorkers ventsqualified, talented peo- must “open the doors” of op- religious world in ferment; Norbu, a black-marketer who don’t always shareinthat ple from accessing promising portunity.Wewant to remove trades with the Chinese even as he resents them; and Hua, success.Evenbeforethe That is whytodaymorethan career pathways. A2017Har- those doorscompletely and an ethnic Chinese shop assistant who marries Norbu, pandemic,400,000 New two dozenemployers and ed- vard BusinessSchool study ensure NewYorkersare no beguiled by his exotic Tibetan ways. Yorkersremained unem- ucational institutions arean- found that as aresult of de- longer shut outofopportu- The union of Norbu and Hua suggests that the life of a ployedfrom2018-19,while nouncing the NewYork Jobs gree requirements, 3in5em- nity in theirown city.This Tibetan under Chinese rule is not always without joy. And 1.2 million job openingswent CEO Council,ajoint initiative ployers rejected qualified will strengthen the city and yet in truth, the mood of occupied Tibet is sad and unfilled. With avast pool of to transform job training,re- middle-skill candidates with help allofits residentsseize defeated—summed up by a character who appears late in studentsand amassiveedu- cruiting and hiring in the relevant experience. Skills- thejobs of today, tomorrow Ms. Demick’s valuable and elegant book. A successful cational system, the talent is city.Participantsinclude based hiring will liftthe bar- and beyond. businessman in Ngaba, he has two homes, two cars and the here.Too often, however, we Google, IBM, Verizon, Ama- rierstoentrythat hold black latest iPhone. But despite decades of trying—and no record missthe chancetomatch zon, McKinsey, Microsoft, and Hispanic candidates back. Mr. Dimon is CEO and of political trouble—he has yettobegranted apassport. high-achieving NewYorkers Memorial Sloan Kettering and By bringing together the chairman of JPMorgan Chase. “I have everything I might possibly want in life,” he says, from everyZIP Code and the City University of New city’s largest employers,the Mr. Matos Rodríguez is chan- “but my freedom.” borough with opportunities York. nation’slargest urban univer- cellor of the City University of at thecity’s topemployers. Thecouncil will createsus- sity system, the NewYork New York. Mr. Varadarajan is executive editor at the Hoover Institution. P2JW224000-0-A01600-1------XA

A16 | Tuesday, August 11, 2020 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR Blackballing Chinese Stocks A Caution to the Politicking Teachers Unions

he Trump Administration is hardening them from U.S. exchanges will drivethem to Your editorial “School-Opening Ex- Theeditorial boardisright to itsline against Beijing on manyfronts, Hong Kong or Shanghai wherethereare fewer tortion” (Aug. 4) shows how teachers chastise teachersunions forexploit- T including aban on some Chinese tech investor protections.ManyAmericans will still unions feel entitled to make ludicrous ing the pandemic to harm privateand demands and use government power charter schools.Ironically,bytheir platforms.This maybeneces- hold shares in these compa- Barring firms from U.S. to keep private and charter schools actions,teachersunions areacceler- saryinsome cases to protect nies through retirement and closed. They know this will drive ating adevelopment that mayerode national security.But the Ad- exchanges could play exchange-traded funds,espe- many private schools—their competi- some of their power: the rise of mi- ministration’sthreat last week cially those chasing higher tion—out of business. croschooling and “pandemic pods.” to kick Chinese companies off into Beijing’s hands. growth and yields. Republicans should be hitting the Themicroschool is a21st-century U.S. stock exchanges could As the Administration re- airwaves,reciting what the teachers reimagining of the one-room school- backfirebyharming Ameri- port notes,U.S.investors unions demand in exchangefor re- house,inwhich asmall number of cans and playing intoBeijing’shands. could still “purchase such securities on foreign opening schools.Manyvoterswill be studentsofvarying ages learn to- TheSenateunanimously passed abill in exchanges,and these purchases maybesubject surprised to learn that a“morato- gether.Generally,microschool par- May banning Chinese companies from U.S. ex- to fewerinvestor protections than in the rium on newcharter or voucher pro- entspool resourcestohireanin- changes if they don’t givethe Public Company United States.” What’smore, “China actively grams and standardized testing” is a structor,while “podding” parents necessarycondition. Some teachers take turns teaching themselves. Accounting Oversight Board (Pcaob) access to encourages mainland issuerstolist on Hong unions even demand the defunding of Microschools and pods arepop- their independent audits. Last week the Presi- Kong or mainland exchanges rather than on policebeforethey’ll return to the ping up nationwide in living rooms, dent’sWorking Group on Financial Markets foreign exchanges.” classroom. libraries,parks and partially shut- endorsed this policywhile admitting itsmyr- China’ssecurities market regulator recently In the Senate, Republicans should teredrestaurants. Families areturn- iad pitfalls. announced that it would support Hong Kong’s pass legislation offering every child ing to social media to connect with Congressestablished the Pcaob in the 2002 development as an international financial center in a district that doesn’t reopen a other potential poddersand share Sarbanes-Oxley Act afterthe Enron and World- by revising policies such as allowing mainland voucher to attend the school of his ideas.The “Pandemic Pods” Facebook Com accounting frauds.Manycountries includ- investorstobuy dual-classshares and relaxing choice. When other schools are will- group already has morethan 35,000 ing Franceand Belgium have privacyand na- requirementsfor listing.Beijing is also seeking ing to reopen, let Democrats explain membersand has spawned dozens of tional-security laws protecting businessrecords, to build Shanghai’snew tech STAR exchangeinto why children should be forced to re- official local chaptersplus countless but the U.S. has cooperativeagreementswith aNasdaq rival. main at home, held hostage by the moreindependent groups.Prenda, a teachers unions. microschool network in Arizona, be- morethan 70 to shareaudit information. Several large Chinese companies including RONDA ROSS ganwith seven studentsin2018.Now China, on theother hand, has barred anyin- JD.com and NetEase in recent months have an- Austin, Texas it’sapproaching 2,500 studentsand stitution, organization or individual in the nounced secondarylistingsinHong Kong or expanding nationwide. countryfromproviding evidenceorassistance Shanghai. China’sAnt Group,anAlibaba affili- To saythat teachersunions see Microschools have obvious bene- to aforeign country’scriminal proceedings. ate, last month unveiled plans to float shares Covid-19 as an “opportunity” is un- fits amid apandemic,including in- This has prevented the Pcaob from inspecting this year with dual listings in Hong Kong and fair.Teacherslikemyself want more person instruction and socializing the auditsofChinese firms even when the audi- Shanghai in what could be the world’s biggest than anything forlifetoreturn to with only minimal exposure. But tors are affiliates of U.S. accounting firms like initial-public offering in history. normal. Parentslikemewant the parentsmay find their studentslike Deloitte and KPMG. Executivechairman Eric Jing said the list- same.Weknowthat teaching and the personalized instruction and op- TheSecurities and ExchangeCommission has ingswould promoteShanghai’sSTARand Hong learning from home is difficult. It portunity to advanceattheir own wasn’t the best formyown children, pacebetterthan their previous identified 282 U.S.-listed companies including Kong exchanges by drawing global investors. As the studentsIteach or my fellow school environments. Tencent Music,Baidu and NIO electric cars for aPeterson Institutefor International Econom- educators. Thepandemic is spurring parents which the Pcaob faces obstacles to inspecting ics report explained last month, “the market for A reluctance to return to a work- to explorealternativeways of educat- audits. TheAdministration report claims this capital is global. Shutting out Chinese firms place that may be unsafe for adults, ing their children. As teachersunions putsAmerican investorsatrisk,and the Luckin from listing in the United Stateswould not deny children, families and communities is refuse to compromise forthe good of Coffee fraud this spring brought home the perils these firms access to US capital.” Instead, it something that many share. It isn’t students, manymicroschooling and of investing in Chinese equities. could help Beijing attract more foreign capital the design of teachers or teacher podding parentsmay never look But it’snot clear moreU.S.regulatoryoversight and in effect reward itsHong Kong oppression unions to keep students out of school back. would have prevented the fraud. Luckin’sauditor, (see nearby). for one second longer than necessary. JASON BEDRICK Ernst &Young Hua Ming LLP,said it discovered Asmarter U.S. policywould remind invest- JENNIFER EHMANN Director of Policy, EdChoice and reported to the company’saudit committee ment advisersoftheir fiduciaryduty vis-a-vis Getzville, N.Y. Phoenix that much of itssales in the three quartersafter Chinese equities and requirefund providersto it went public on Nasdaq last year were fabricated, disclose accounting risks forChinese compa- which the companydisclosed to investorsinApril. nies. Index stock trackers should also start The ACLU Responds on Prisonersand Covid Nasdaq halted trading in Luckin shares and said weighing acountry’sinvestor protections.De- it would delist the company. coupling U.S. financial marketsfromChina will Sean Kennedy’s “You’reMoreLikely tionally unrelated to decarceration. Thepolitical instinct to crack down on Chi- come at ahigh priceand mayhurt Americans to Catch Covid at Home Than in Jail” That said,Covid-19 is compounding nese companies is understandable,but booting morethan Beijing. (op-ed, July 25) is simply false.For the forces that lead to crime.These months,Covid-19 has ravagedprisons societal problems can’t be addressed and jails.AsofAug.6,morethan through the same mechanisms that 93,600 incarceratedpeople have created them: criminalization, oppres- Jimmy Lai Is Arrested in Hong Kong tested positiveand 790 have died. sion and incarceration. Massincarcer- Those people weren’t sentenced to die ation only leadstobrokencommuni- ast year’s protesters in Hong Kong are arole of instigating hatred, spreading rumors and they didn’t deservethat fate. But ties and morecrime. quickly becoming this year’s martyrsfor andsmearing Hong Kong authorities and the deprived of masks,manyincarcerated Americans arefinally acknowledg- L democracy. On Monday police arrested mainland foryears,” “playedanactiverole in in- people areliving in overcrowded cells ing that the criminal legal system media tycoon Jimmy Laiun- citing anti-government riots,” that aren’t adequately sanitized. views black and brownpeople as dis- der the newnational-security The pro-democracy and “isbacked and funded by Mr.Kennedy’s selective, anecdotal posable.Wereject this inhumanity— law, and some 200 officers media tycoon may foreign forces to bring about a presentation of crime ratesdoesn’t and the fearmongering talking points raided the newsroom of his ‘color revolution’” in Hong stand up to scrutiny. Early datashow that gotushere. pro-democracy Apple Daily. face life in prison. Kong.For yearsBeijing has co- that crime has remained level in most CYNTHIA ROSEBERRY Police arrested Mr. Lai for ercedadvertisers intoblack- cities that have released incarcerated ACLU sedition, criminal fraud and listingApple Daily,and watch people,and that crime ratesare func- Washington “collusion” with vaguely defined foreign forces. nowasittries to use the newlaw to drivethe Mr. Lai’s real crime is that he is Hong Kong’s newspaper out of business. most effectiveinternational advocateand All of this is a warning to local and interna- Fighting Back Against the Woke Corporation speaks the truth about the Communist Party. tional mediainHong Kong to shut up about What should you do “When Your understood that structural problems Mr. Lai met last year in Washington with Vice freedom or also risk arrest. Mr.Lai is the most Favorite Companies Go Woke” (op-ed, can’t be solved by individual action; President Mike Pence, Secretary of State Mike high-profile figure arrested under the newna- Aug. 6), as Dave Seminaracomplains that, after all, is what a structural Pompeo and MembersofCongress, and he has tional-security law, but latelast month the po- they have? Start by reading Noam problem means. also written for these pages. licearrested four little-known students, the Chomsky. Each was right. It’s just that the If Mr.Lai, 72,isconvicted under the newlaw youngest only 16. Or Herbert Marcuse, Michel Fou- consensus these companies are manu- he mayfacelifeinprison. On Mondaypolicealso Last week the U.S. imposed sanctions on cault or any of the other New Left in- facturing is every bit as zany and un- arrested Mr.Lai’stwo sons and four employees Chief ExecutiveCarrie Lam, police commis- tellectuals at which the right has patriotic as Mr. Chomksy himself. hurled invective for decades. Much of AARON SIBARIUM of his publishing company. All will have excellent sioner Chris Tang and nine otherswho have de- that invective was justified: Mr. Chevy Chase, Md. lawyers, but in another assault on the rule of law prived Hong Kongers of their rights. China re- Chomsky’s anti-Americanism, Mar- only judges approved by the Communist Party taliated Mondaywith sanctions against 11 cuse’s antiliberalism, and Foucault’s Like Dave Seminara, I have often candecide national-security cases. Americans including GOP Sens. Ted Cruz and obsession with power all contributed felt that companies I patronize no China’sstate-run media arealready predict- Marco Rubio, but that’s a sign the U.S. voices to what we now call “wokeness” and longer want me as a customer. Gone ing the verdict. TheGlobal Times wrote Monday are having an effect. As the Communist Party its corollary, the woke corporation. are the days when businesses did that Mr.Lai “iswidely seen as a‘modern trai- silences Hong Kongers, it’sall the moreimpor- But these thinkers won’t only give good simply by satisfying their cus- tor.’” It also claimed that Apple Daily “has played tant for the world to speak out for them. you a sense of where corporate woke- tomers. Now they feel the need to ness comes from. They’ll also give bully us with their newfound, politi- you the vocabulary to critique it. cally correct virtue. Each stressed the ways corporate I don’t expect anything I do to al- Mayhem Continues, Narrative Crumbles power could enforce cultural confor- ter this trend. But in my own way, I mity—through marketing, through fight back. I haven’t stepped foot in a he presshas been playing defense for an attempt to burn down abuilding that is occu- lobbying, through firing. Each argued Starbucks or attended a professional Portland anarchistsfor weeks,suggest- pied by people that youhaveintentionally that “formal” or procedural freedoms sporting event in years, and I don’t T ing riotsand arson against afederal trapped inside,” he said, “you arenot demon- are a double-edged sword—the same miss them. courthouse were provoked by strating.You areattempting to laws that protect your right to speech Some companies I can’t avoid. To federal agentsprotecting it. Looters rampage in commit murder.” also protect your employer’s right to balance them out, I patronize organi- When the Trump Administra- Chicago and arson Meanwhile in Chicagoon crack down on that speech. And each zations disfavored by the politically tion loweredthe profile of its Sundaynight, hundreds of correct. The Salvation Army is now agents in an agreement with returns in Portland. lootersransacked stores along the largest recipient of my charitable the stategovernment, the me- the Magnificent Mile,one of The FirstAmendment Is No giving, and I derive great satisfaction each time I write it a check. It’s my dia’sprotest cheerleaders America’spremier commercial Reason to Coddle Facebook own little counterrevolution. Mr. were eager to report that the real cause of the streets. TheChicagoTribune reports that some With due respect to Michael Seminara, here’s to the resistance. violencehad gone away.“Trump ordered federal looters“could be seen throwing merchandise O’Rielly, conservatives interested in DAVID ADANTE forces to quell Portland protests. But the chaos intorental trucks and other large vehicles before reform understand full well the pur- Massillon, Ohio ended as soon as they left,” said aJuly 31 Wash- driving away.” Thecity pulled up drawbridges pose of the First Amendment (“Mike ingtonPost headline. to control entrancetothe downtown, and 13 O’Rielly’s Free Speech Fall,” Review & So much forthat. Over the weekend Portland cops were injured. Outlook, Aug. 5). We simply don’t be- Pepper ... policewereforcedtodeclaretwo riots. On Friday Homicides in the city areup52% compared lieve that gigantic and massively And Salt policesaid “people defied orderstodisperse and to last year,and Alderman Brian Hopkins told powerful social-media platforms de- threw rocks,frozenorhard-boiled eggs and com- CBSlocal news on Fridaythat “Ifpeople are serve special statutory protection, as THE WALL STREET JOURNAL mercial-grade fireworks at officers,” the Associ- afraid to come downtown, they fear fortheir life, is laid out in Section 230. Section 230 carves out unique im- ated Press reports.Riotersalso “filled pool noo- they’renot going to want to shop here.” He said munities for platforms, privileges dles with nails and placed them in the road, agreater police presenceisneeded to protect that aren’t afforded to publishers causing extensivedamagetoapatrol vehicle.” On Chicago’sdowntownand that he “tried to im- such as The Wall Street Journal. No Saturdaynight, arsonistsset afireinside the Port- press” thegravity of the situation to the mayor conservative who believes in the rule land policeunion building and riotersoutside and policesuperintendent. “We’ll see if they re- of law should embrace such a princi- landed two officersinthe hospital. Rioting contin- spond,” he added. Judging by the mayhem of ple. Neither should Mr. O’Rielly, and ued lateSunday, injuring morepolice. Sundaynight, they did not. neither should the Journal. Thenarrativeofpeaceful protestersset upon All of this raises the question of howlong the BRENT BOZELL by bloodthirsty lawenforcement officersinPort- mainstream pressand Democratic politicians President, Media Research Center land is becoming unsustainable even forprogres- canpublicly maintain the fiction that violence Reston, Va. sives. Portland MayorTed Wheeler,who ostenta- surrounding “mostly peaceful” protestsisanui- Lettersintended forpublication tiously denounced the Trump Administration’s sanceoflittle consequenceand that the real vil- should be emailed to [email protected]. effortstoprotect the federal courthouse,had a lains arethe police. Thelonger this willful dis- Please include your city, stateand rendezvous with reality afterpeople tried to set tortion continues,the longer the economic telephone number.All letters aresub- ablazeapoliceprecinct on Wednesdaynight. immiseration of places likeChicagowill persist ject to editing,and unpublished letters “I worry where the next cannot be acknowledged. “When youcommit arson with an accelerant in even afterthe pandemic ends. billion is coming from.” P2JW224000-0-A01700-1------XA

THE WALL STREET JOURNAL. Tuesday, August 11, 2020 | A17 OPINION The Parties May Miss Conventions Get Ready For the Biden By Tevi Troy speak.Reagan gaveashort and pow- erfulspeech that both praised Ford’s ovid-19forcedDemocrats “kindnessand generosity” and made Stock Boom and Republicans to rethink astrong case forsupporting the Re- howthey will hold their publican ticket. Former Eisenhower C politicalconventions this and Nixon aide Steve Hess remem- By Ed Finn summer.Both will be bered it as “a marvelous little mostly virtual affairs, eliminating speech, which pretty much declared fJoe Biden is elected president, the handshakes and personal inter- him as the next Republican candi- expect turbulenceinthe stock actions that have shaped the parties I date.” It wasaspontaneous moment market.Between nowand Jan. fornearly 200 years. In this way,the of reconciliation, one unlikely to 20,when Mr.Biden would moveinto

pandemic is accelerating an evolu- GES happen today. the WhiteHouse,stocks could easily

tion that has been in motion forde- IMA That wasthe last closely con- drop 10%. cades.Eventsthat oncefeatured tested convention. Conventions have Over afour-year Biden term,

smoke-filled rooms,high drama and GETTY since become increasingly scripted however, thereisreason to be- unpredictable outcomes arenow affairs. Theprimaryprocess now lievethat the totalreturn on carefully produced spectacles de- brings the front-runner to the con- stocks,including reinvested divi- signed forsending prepackaged mes- MUSEUM/ vention with an insurmountable del- dends, will averageabout 10% a RY

sages to voters. TO egatelead, eliminating the need for year,asthey have fornearly a

Thepolitical conventions started HIS multiple ballots. Clinching the nomi- century. It’sevenpossible that in 1831 with the Anti-Masonic GO nation in advanceallows the pre- U.S. investorswill enjoyannual

Party’s meeting in aBaltimoresa- CHICA sumptivenominee’scampaign opera- stock returns of 15% or betterdur- loon. The Democratic Party held its The 1920 Republican convention in Chicago. tion to control the flow of the ing aBiden administration. firstconvention in 1832—in the convention and the messagesent to Themain threatsMr. Biden poses same Baltimoresaloon. Theabsence could broadcast aparty’s messageto found acompromise between the the wider world. For all the drama to the stock market areincreased of instantaneous communications the nation. Franklin D. Roosevelt Catholic Smith—controversial at the of past conventions,today’sare regulation and higher taxation. meantthat face-to-facemeetings wasanearly master of this capabil- time—and McAdoo,who didn’t back mostly drama-free. More regulation will mean lower were required fordifficult decisions ity.Long beforehis famous use of the Klan but refused to repudiateits Thereare good public-health rea- profits, lesseconomic growth and likechoosing anominee or deciding “Fireside Chats” as president, Roose- support. sons foravirtual convention in lowerstock prices.Avotefor Mr. on a party platform. velt directed his convention Theconventions maintained these 2020. But this year’s completion of Bidenisinpart avotetoaccept speeches to the wider listening roles intothe television age. In 1976, the transition of conventions, from those drawbacks in exchangefor world rather than just the assembled Ronald Reaganmade a late push in decision-making events to technol- lesspollution, moreworkplace They may be scripted crowd. At the 1924 and 1928 Demo- the GOP primaries and came to the ogy-enabled propaganda sessions, safety rules and moreworker rights. cratic conventions,Roosevelt capti- convention within striking distance maybetaking away an element of affairs, but they help with vated the nation with speeches de- of President Gerald Ford. This, too, what holds parties together.Conven- party unity and delivering signed forthe radio audience, was a boisterous affair, as the Rea- tions were designed forhashing out Expect some turbulence, including the famous 1924speech gan forces tried but failed to over- intraparty differences.They no lon- a campaign message. that introduced Wordsworth’s come Ford.VicePresident Nelson ger serve that function in the same but 15% annual returns phrase “happy warrior” to American Rockefeller,who supported Ford, way.Yet parties mayfind that if are possible even with the politics. fumed at Reagan backers who tore they don’t resolvetheir internal dis- As communications technologies Even as conventions gained an out the New York delegation’s tele- agreements in person, they’ll reap- threat of higher taxes. improved, conventions became sites ability to broadcast party messages phone. In those pre-cellphone days, pear in partysplitsifthe nominee forimportant choices.In1860,Abra- nationwide,they retained their role delegation telephones were essential loses or intra-administration infight- ham Lincoln didn’t attend the Re- as decision-making conclaves. That forcommunication with campaign ing he wins.Either way,parties may Themoreserious threat to the publican convention in Chicago but 1924Democratic convention was leadership. Reporter Ann Compton regret no longer having these oppor- stock market is increased taxes. Mr. learned from akid running from the raucous,taking 103 ballotstosettle recalled that “you couldn’t even tunities to settle differences and Biden’splan calls forboosting taxes telegraph officethat he had received on John W. Davis as itspresidential walk over to another delegation. So bring about reconciliation among on corporateprofits to 28% from the nomination on the third ballot. candidate. Theconvention wasnick- that shows just the extent to which former opponents. 21%. That would put adent of about In 1912, in aDemocratic nomination named the Klan-bake, as 20,000 tempers flared.” $130 billion in corporateprofits contest that went 46 ballots, an ab- Klansmen gathered nearby in sup- The floor fight was contentious, Mr. Troy is apresidential histo- each year,according to the Tax sent Woodrow Wilson kept up to port of William McAdoo over New but what happened afterward dem- rian, aformer White House aide, and Foundation. Theresulting market date via telephone. York Gov.AlSmith. Neither man onstrated the benefitsofthe in-per- author of “Fight House: Rivalries in drop would probably come in No- With the advent of radio,party won. In aconvention marred by son convention. Avictorious Ford the White House from Truman to vember,ifMr. Biden wins. leadersrealized that conventions cursing and fistfights, Democrats gaveReagan an opportunity to Trump.” Another Biden taxproposal that would triggerselling is aboost in thecapital-gains taxto39.6% from the current 20% on income of more Untangling the Media Myths of Covid-19 than $1 million ayear.(Plus the investment-tax surcharge of 3.8%.) If Clorox-injecting,quack-cure-peddling We should not fall intothe media’s Texas.Their death ratesare below Mr.Biden wins,this proposal would bozo in the WhiteHouse. trap of tendentiously asserting atight thoseofsimilarly populous coastal likely set off awaveofselling in No- Thedeath toll in the U.S. stands at link between politics and the virus. states,and while deaths continue to vember and December.Hardest hit FREE around 500 per million people.That But insofar as policyhas some effect, rise,itseems that the virus has would be stocks that have posted EXPRESSION is significantly higher than in Ger- it is worth noting that of the 10 states peaked fornow.Florida and Texas biggains in recent years. By Gerard Baker manyorJapan, forexample,but still (and the District of Columbia) with have also been among the most suc- Thestrategyfor manywealthy some way belowthe U.K.,Italy,Spain the highest death rates, eight have cessfulinkeeping their economies people holding stocks with hefty in- as therebeen in recent history and several other European countries. Democratic governments. from collapsing.AsoflateJuly the creases will be to sell this year and H amoretendentious,hysteri- Among the Group of Seven nations, That points to an even lessforgiv- shareofthe workforce claiming unem- pay23.8%tax on the gains instead cal, data-denying and frankly Americaisright in the middle. able dishonesty in all of this—the ap- ployment benefitswas lessthan 8% in of selling next year (or beyond) and disreputable exercise in misdirection That’snothing to celebrate, and parently willful refusal to attempt a Florida andlessthan 11% in Texas, risk paying Uncle Sam43.4%. Will than the way in which much of Amer- there’splenty of legitimatecriticism balanced assessment of the way gov- well belowNew York and most of the investorswho sell this year immedi- ica’smedia has coveredthe Covid-19 to be made of the Trump administra- ernmentshavehandled this unprece- Northeast. If the right measureofsuc- ately buyback intothe stock market epidemic? tion’sperformance. And the number is dented challenge. cess is minimizing deaths while maxi- or sit on the sidelines in cash? The Perhaps we canforgivethem the still rising,it’strue. But afair assess- The task all along with Covid mizing growth, Florida and Texas are answerwill help determine howfar endlessrepetition of pandemic porn; ment would notethe broad similarity wasn’t to extinguish the virus com- succeeding on both fronts. stocks fall between nowand aBiden the selectively culled stories of trag- in death ratesamong most large econ- pletely.Perhaps that could be Thereare manyreasons fordif- inauguration. edy about otherwise completely omies and adivergencefromthe achieved by shutting down the entire fering ratesofinfection, death and Stock-market reaction to Mr.Bi- healthyyoung people succumbing to numbersinsome of the others, rather economy. Thereal task wastobal- economic performance, and it would den’splans has been muted so far. the virus.While we knowthat the than suggesting this is auniquely ance the health and economic risks, be unwise at this stagetosay any- That’spartly because the Democrats chances of someone under 30 being American phenomenon. knowing that the long-term health thing about outcomes with absolute need control of the Senatetopass killed by Covid areveryslim, we Even lessforgivable is the naked, costsofeconomic ruin arelikely to certainty. hisproposals,and polls showthe knowtoo that news judgmentshave politically motivated selectiveuse be at least as costly as those of the But that is perhaps the greatest battle forthe upper chamber is still always favoredthe exceptional and andmanipulation of datatodamage virus itself. dishonesty of all: the media’sself- very much in question. Astuteinves- horrific over the routine and unre- Republicans and favorDemocrats. As we stand, the states that have serving insistencethat their narrow, tors arewatchingthe Senateraces markable. Typical of this is the steady stream of come closest to achieving this balance partisan narrativeofthis complex carefully. stories telling us what agreat job arethe ones that continue to be de- andevolving phenomenon is there- YetifaPresident Biden cancon- NewYork and other (Democrat-con- nouncedinthe media: Florida and vealed and unchallengeable truth. trol the federal budget deficit, if he They’recountless.States trolled) Northeastern states have canforge betterrelationships with been doing in managing the spread of America’strading partners, if he can reporters shamed have the virus,incontrast with the perfor- reversesome of President Trump’s done thebest, and theU.S. manceofother (Republican-led) How the Bidens Dodged anti-immigration policies,ifhecan states. bring alesscombativeatmosphere is averageamong itspeers. This is,literally,the oppositeof to Washingtonand the nation, there the reality.You probably don’t need The Payroll Tax is no reason to think that during his reminding that NewYork continues term averageannual stock returns, Perhaps we canevenforgivethem to enjoythe dubious record of one of By Chris Jacobs and one averageearner,retiring this includingdividends,can’t be in the the rapidly shifting headlines—each the highest death ratesofany region year,will have paid atotal of 10% range, as they have forthe past one shouting with absolutecerti- in the entireworld. oe Biden responded to President $209,000 in Medicaretaxes during 95 years. tude—about the basic factsofthe vi- Farfrom“flattening the curve,” J Trump’spartial suspension of their working lives.The Bidens Given Mr.Biden’sambitious plans rusand itscontext: itslethality and NewYork,again, did precisely the op- payroll-taxcollections with a avoided paying nearly twicethat to use increased taxrevenue to fund transmissibility,the meritsofmask- posite. It suffered abarely fathom- statement calling it the “first shot in much in Medicaretaxes during two morespending on green energy, wearing,orthe effectivenessofthis able surge in deaths that over- anew,recklesswar on Social Secu- years. Themaximum payroll taxaf- health care and infrastructure, it’s or that therapy.The scienceisevolv- whelmed much of the state’smedical rity.” He continued: “Our seniorsand fected by Mr.Trump’ssuspension is conceivable he could spur the U.S. ing,and so tooisthe reporting. capacity. millions of Americans with disabili- $1,984—lessthan 1/250th of the economyenough to push annual Butthereare largerrepresenta- Arelated fiction is the suggestion ties areunder enough stresswithout amount the Bidens avoided in stock returns to 15%. Returns aver- tionsofthis massiveand complex that NewYork’seconomyisnow Trumpputting their hard-earned So- 2017-18. aged 17.5%ayear under President storythat we should mark as simply bouncing back as itscases and cial Security benefitsindoubt.” Bill Clintonand 16.3%ayear under unforgivable. deaths,mercifully,continue to dwin- Mr.Biden’sobjections might be President Barack Obama, according First, the notion, implicit or at dle toward zero.Yet by the unem- morepersuasivehad he and his They used an S-corp to to SamStovall,chief investment times explicit, in so much of the re- ployment rate and other measures, wife, Jill, not gone out of their way strategist at the research firm porting,that the U.S. handling of the the economic recovery in NewYork is to avoid funding seniors’ entitlement avoid paying more than CFRA. Comparethis with 14.6%a pandemic hasbeen aglobally unique lagging states such as Florida and benefits. According to their taxre- $500,000 in levies for year under PresidentsRonald Rea- failure. This is quickly ascribed to the Texas,with commutersand tourists turns,in2017 and 2018 the Bidens ganand George H.W. Bush.George ignoranceand malevolenceofthe still staying away. and his wifeJill avoided payroll Medicare and ObamaCare. W. Bush,who wasplagued by the taxesonnearly $13.3 million in in- crashof2008 afew months before come from book royalties and speak- he leftoffice, clocked in with aneg- ing fees.They did so by classifying TheBidens didn’t avoid anySo- ative 4.5% ayear.Fromthe inaugu- PUBLISHED SINCE 1889 BY DOWJONES&COMPANY the income as S-corporation profits cial Security tax, which applied only ration of Donald Trump through Rupert Murdoch Robert Thomson rather than taxable wages. to the first$127,200 of income in Aug.7,stock returns have averaged Executive Chairman, News Corp Chief Executive Officer, News Corp TheBidens did paythemselves 2017and $128,400 in 2018.But they about 13.7%ayear. Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher “salaries” from their corporations— would under Mr.Biden’stax plan, Mr.Biden would be helped by the Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: CelticCapri Corp.and Giacoppa which would impose the 12.4% Social fact that support forthe American Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; Corp.—of nearly $750,000 between Security taxonincome over stockmarket remains strong.De- Natalie Cerny, Chief Communications Officer; Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; them over two years, and they paid $400,000; the same loophole he spitethe economic effectsofthe na- News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; full taxesonthat income.But they used in 2017-18would shield him tion’shealth crisis,manyU.S.com- Thorold Barker, Europe; Elena Cherney, News Christina VanTassell, Chief Financial Officer circumvented the payroll taxonthe from his owntax.And howcan Mr. panies areinremarkably good Features &Special Projects; Andrew Dowell, Asia; OPERATING EXECUTIVES: nearly 95% of their income that re- Biden claim to protect Medicareand shape,especially when it comes to AnthonyGalloway, Video &Audio; Brent Jones, Kenneth Breen, Commercial; mained. Atax expert interviewed by ObamaCarewhen he avoided more technological prowess and global Culture, Training &Outreach; AlexMartin, Print & Jason P. Conti, General Counsel; Writing; Michael W. Miller, Features &Weekend; TracyCorrigan, Chief Strategy Officer; the Journal in 2019 called the Bi- than $500,000 in taxesthat fund the competitiveness. Thereisplenty of Emma Moody, Standards; Shazna Nessa, Visuals; Frank Filippo, Print Products &Services; dens’scheme “pretty aggressive”; two programs? capital available to start newbusi- MatthewRose, Enterprise; Michael Siconolfi, Kristin Heitmann, Chief Commercial Officer; another told the paper it served Themedia have largely ignored nesses and expand existing ones. Investigations; Stephen Wisnefski, Professional News NancyMcNeill, Corporate Sales; solely to avoid the payroll taxes. the Bidens’ accounting legerdemain, Thenation will getback to full em- GerardBaker, Editor at Large Thomas SanFilippo, Customer Service; Josh Stinchcomb, Advertising Sales; Of the taxesthe Bidens avoided, fixating on Mr.Trump’stax returns ployment onceCovid-19 passes,and Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; Daniel Henninger, Deputy Editor, Editorial Page 2.9% of their income,around instead. Butatleast the president the current strength of the stock Jonathan Wright, International $385,000,would have funded Medi- isn’t looking to raise taxesonevery- market reflectsinvestors’ belief that WALL STREETJOURNAL MANAGEMENT: Professional Information Business: Joseph B. Vincent, Operations; Christopher Lloyd, Head; care.The other 0.9%, nearly one else. the crisis will recede next year. LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head $120,000,was part of ObamaCare

EDITORIAL AND CORPORATEHEADQUARTERS: andfund that law. Mr. Jacobs is founder and CEO of Mr. Finn, aconsultant to media 1211 Avenue of the Americas, New York, N.Y., 10036 According to the Urban Institute, Juniper Research Group and author companies, was editor and president Telephone 1-800-DOWJONES acouple featuring onehigh earner of “The Case AgainstSingle Payer.” of Barron’s, 1998-2017. P2JW224000-0-A01800-1------XA

A18 | Tuesday, August 11, 2020 THE WALL STREET JOURNAL.

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S&P 3360.47 À 0.27% S&P FIN À 0.64% S&P IT g 0.33% DJ TRANS À 2.73% WSJ $ IDX À 0.13% LIBOR 3M 0.257 NIKKEI (Midday) 22708.70 À 1.70% See more at WSJ.com/Markets Marriott Posts Worst Loss Ever Kodak’s

Rebound in China companyswung to asecond- prospect that businesscan pandemic has led to world- year. Stock Hit quarter lossof$234 million, only getbetter. wide cutbacks in business “The recovery of travel in offers hope; 96% of or 72 centsashare, from a Marriottsaid that forthe travel and cancellations of Greater China demonstrates North American year-earlier profit of $232 threemonths ended June 30 conferenceevents. While lei- the resiliencyofdemand once By Delay million, or 69 centsashare, it had an adjusted lossof64 suretravelduring the summer thereisasense that the virus properties are open as travel remained depressed centsashare, wider than the has shown some pickup in the is betterunder control and re- during the usually lucrative 41 centsashareanalysts U.S.,hotel executives have strictions canbesafely In Loan BY DAVE SEBASTIAN summer season. polled by FactSet predicted. said it could be two or more lifted,” Mr.Sorenson said on a ChiefExecutiveArne So- Impairment chargesand bad- yearsuntil businesstravelre- conferencecall. MarriottInternational renson called the latest period debt expense due to Covid-19 turns to pre-Covid-19 levels. China, wherethe coronavi- BY RACHAEL LEVY Inc.posted itsworst quarterly “the worstquarter we have hurt reported and adjusted re- Mr.Sorenson said Mar- ruswas firstdetected, man- lossever, though abudding ever seen by far.” sultsby$61 million and $54 riott’soccupancyinthe region aged to bring down infection Eastman Kodak Co.shares travel recovery in China of- Marriott’sshares rose 3.6% million, respectively,after that encompasses mainland ratesasoutbreaks spread to lost morethan aquarter of feredhope even as the pan- on Mondayasinvestorsap- taxes. the companysaid. China, Hong Kong,Macau and the rest of the world, and the their value Mondayafter demic continues to pound the parently focused on bright Thehotel industryissuf- Taiwan reached 60% in the countryhas rebounded sooner news that aplanned $765 lodging industry. spots, including signs of life fering through itsworst pe- latest quarter,compared with than others. million loan to the company Theworld’slargest hotel in Chinese travel and the riod in modern times, as the 70%atthe same time last PleaseturntopageB2 wasput on hold as the deal has come under congressional and regulatoryscrutiny. TheU.S.International De- IACBuys InvestorsPour RecordBillions Into velopment FinanceCorp.announced plans last month to lend Kodak the funds to pro- 12% Stake duce drug ingredientsatits Biotech IPOsAmid Va ccine Chase factories,marking anew area of businessfor the company. In MGM But in atweet lateFriday, the agencysaid that “recent alle- BY CORRIE DRIEBUSCH gations of wrongdoing raise Resorts serious concerns.Wewill not So far this year,U.S.-listed proceed anyfurther unless biotech companies have raised these allegations arecleared.” BY COLIN KELLAHER roughly $9.4 billion in initial AKodak spokeswoman public offerings, already beat- said Mondaythat it “appreci-

IAC/InterActiveCorp., flush ing the $6.5 billion raised in GES ates andsupports” the deci-

with cash from the recent all of 2018,the biggest year on IMA sion by theagencytoawait spinoff of online dating site record,according to Dealogic clarification beforemoving

Match.com, on Mondaysaid it datagoing back to 1995. GETTY forwardwith the process.

has spent just over $1 billion This year’s biotech issues SE/ Thecompanysaid on Friday to build a12% stakeinMGM have jumped an average of it would launch an internal ResortsInternational,and 34% on their firstday of trad- review. ANCE-PRES

that it plans to work with the ing,the biggest averagefirst- FR Monday, shares of Kodak casino operator to expand its daypop forthe sector since fell 28% to $10.73, afterlos- online-gambling business. the tech boom in 2000. ENCE ing as much as 43% earlier in Theinternet holding com- Therecent surge in biotech AG the session. Thestock ended EM/

pany run by billionaire Barry stocks extends beyond IPOs,as ST 2019 at $4.65,and wastrad- Diller said it plans to be ami- investors chase companies SY ing below$3for much of the nority investor and along- working on potential vaccines TH year beforehitting ahigh this

term strategic partner to to combat Covid-19.They also HEAL year of $60 following the ini- MGM, adding that it would anticipatethe industrymay RD tial news of the loan. FO

“welcome the opportunity to benefit from moreinvestment Y The Securities and Ex-

contributetoMGM’ssuccess by governmentsindrugdis- HENR changeCommission is inves- in any way that MGM’s board covery and development. Moderna’s candidate for a Covid-19 vaccine is given to a trial volunteer last week in Detroit. tigating howKodak con- would look favorably on our Still, thereare reasons to be trolled disclosureofthe loan, involvement.” skeptical. Biotech stocks in Biotechnology companies have surpassedall prior word of which began to MGM said it welcomed the general cantend to be volatile, annual recordsinIPO fundraising, as investors bet emerge on July 27,causing investment, and that it plans depending on the success or $10.0 billion Kodak’sstock pricetorise to offer IACrepresentation on failureofcompanies’ key big on newdrug discovery and developments. 25% that day. its board. drugs. Some longtime biotech TheSEC is also expected IACsaid itsinterest in investorsare wary of the run- Average ﬁrst-day performance 2000 to examine the stock options +38.5% Through Aug. 7 MGM wasinitially piqued by up and warn thereare risks to forU.S.-listedbiotech IPOs granted to executives on July the company’sonline gambling chasing companies at early through Aug. 7each year 2020 $9.4 billion 27.The option grantsin- operations,which currently stages of development. +33.6% stantly became profitable,at account foratinyportion of TheNasdaq Biotechnology least on paper,after Kodak’s its revenue. Indexisup12% so far this loan became public knowl- “IAC’sfoundational concept year,compared with the S&P edge. of seeking opportunities to 500’s4%rise.InJune,asthe 7.5 Several Democrat-led con- build interactivebusinesses is coronavirus pandemic swirled, gressional committees,mean- our base rationale,” Mr.Diller the exchange-traded fund is- while, have raised concerns said. “Thereisadigital first suer ETFMG launched aprod- aboutthe “lack of pharma- opportunity within MGM Re- uct that focuses specifically on ceutical experience” at sorts’ already impressive off- companies engaged in the test- Average Kodak,which historically has line businesses, and with our ing and treatmentsofinfec- 2000-’20 been aphotographycompany, experiencewehope we can tiousdiseases.The fund, the +8.4% and about the stock-option strongly contributetothe Treatments, Testing and Ad- grants made to executives growth of online gaming.” vancementsETF,trades under andboardmembersbefore 0 MGM, likeother casino op- the ticker GERM. 5.0 the announcement. erators, has been suffering Public companies are al- On Monday,WhiteHouse from the continuing financial ready taking advantageofthe IPOFIRST-DAY POP spokeswoman Kayleigh toll that pandemic-related flood of money intothe bio- McEnanysaid the administra- shutdowns and curtailed tech sector by issuing more tion “will not proceed any Amount raised in biotech IPOs global travel have takenonthe stock at arecordpace. So far further [with the Kodak loan] gambling industry. this year,biotech companies Rest of the year unlessthese allegations are IACsaid it believes MGM have raised morethan $32 bil- Through Aug. 7 cleared” and that President has enough cash and access to lion in follow-on offerings, al- Trump takesthe allegations capital to makeittothe other ready the most ever in ayear, seriously. side of the pandemic competi- according to Dealogic. PeterNavarro, President 2.5 PleaseturntopageB2 Manyinvestorswho have Trump’strade adviser who spent yearsanalyzing and buy- wasinvolved in the plans,has ing shares of biotech compa- recently distanced himself nies saythe market’senthusi- from thecompany. “VERY INSIDE asm forhealth-carecompanies disappointed last week’s might be overdone,particu- great deal with Kodak tar- larly forcompanies that ap- nished by allegations.Abso- pear to be rising on betsthat lutely RIGHT movebyDFC!” testing forCovid-19 vaccines Mr.Navarrosaid in atweet will be successful. $5.8M on Fridayevening.Mr. Na- One companytouting avac- 0 varrotold TheWall Street cine candidate is Moderna 1995 2000 ’05 ’10 ’15 ’20 Journal on Sundayhis Inc., which has seen itsmarket “tweetsare crystalclear.” PleaseturntopageB9 Source:Dealogic PleaseturntopageB2

TECHNOLOGY Online used-vehicle Covid-19 Elevates Role of Chief Medical Officer seller Carvana gets

closer to profitability. BY PATRICK THOMAS made the appointmentsbe- the scope of sectorsinneed of B4 cause they need expert medical medical leadersand expanding Tyson Foods Inc.and Royal adviceabout howtokeep em- the duties of chief medical of- Caribbean Cruises Ltd. may ployees and consumerssafe. ficers at companies that had notappear to have much in Most companies don’t have one before this year, said An- common, but both have added achief medical officer,but drew Diamond,the chief medi- chief medical officers to their moreare exploring their op- calofficer of One Medical, a executive teams recently. tions as they seek health ex- companythat provides pri- While the food processor pertise. Traditionally, compa- marymedical care in the

and cruise-ship companyoper- nies with theofficerstended workplacetocompanies in- S

ateinvastly different indus- to be health-careorpharma- cluding Alphabet Inc.’sGoogle. PRES tries,both rely on thousands ceutical companies or big hos- “The moreyou actually TED

of lower-wageworkerstodo pital systems,wheremedical have to be responsible forcar- CIA

their jobs in confined quarters. chiefs manageteams of doc- ing forpeople,the morelikely SO MARKETS That work environment has led tors and researchersand help youneed aCMO,” Dr.Diamond AS OY/

Shares of home- to coronavirus outbreaks this with product development. said. “In the case of acruise NR building companies year onboardships and in Aslan Pharmaceuticals Ltd. line, these ships all have doc- CO plants,causing widespread and Selecta Biosciences Inc., tors on the ship.Itmakes a rally,driven by low

businessdisruption and sick- forinstance, named newchief good bit of sense.” MICHAEL mortgage rates. B9 ening some workers. Tyson medical officers this month. RoyalCaribbean recently Tyson Foods said it testedabout one-thirdofits U.S. workers and that and RoyalCaribbean said they Thepandemic is broadening PleaseturntopageB2 the overall infection rate is below1%.One of its plants in Indiana in May. P2JW224000-4-B00200-17FFFF5178F

B2 | Tuesday, August 11, 2020 **** THE WALL STREET JOURNAL. INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes citenotablereferences to mostparent companies and businesspeople in today’s edition. Articles on regional page inserts aren’t cited in these indexes.

A I R Airbnb...... B2 IAC/InterActiveCorp Republic Services...... B4 Alphabet...... B1 ...... B1,B9 Royal Caribbean Cruises Amazon...... B4,B10 Instacart...... B2 ...... B1,B9 Aslan Pharmaceuticals K Royal Caribbean Group ...... B1 KeyCorp...... B10 ...... B3 AT&T...... B3 Kroger...... B10 Royal Dutch Shell...... A2 Auth0...... B4 L S B Lennar...... B9 Salesforce.com...... B2,B3 Barrick Gold...... B3 Liberty Media...... B3 Saudi Arabian Oil.....B10 Berkshire Hathaway...B9 M Selecta Biosciences....B1 Best Buy...... A3 Shift Technologies...... B4 Madrona Venture Group Boeing...... B9 Simon Property Group ...... B4 BP...... A2 ...... B9 Marriott International Sinclair Broadcast Group C ...... B1 ...... B9

Carvana...... B4 McDonald's...... A1 JOURNAL Starbucks...... B4 Caterpillar...... B9 MGM Resorts T REET CureVac...... B9 International...... B1,B9 ST CVS Health...... B3 Microsoft...... B4 Target...... B10 LL WA D Moderna...... B1 10x Genomics...... B2 THE

Montage International Tesla...... B9 R

D.R. Horton...... B9 FO ...... B2 Tyson Foods...... B1 Dominion Energy...... B3 JR. N Duke Energy...... B3 U

Netflix...... B9,B10 NOBLE E United Airlines...... B9 Nike...... B4 Eastman Kodak.....B1,B9 V

Nikola...... B4 MICHAEL Equilar...... A2 Verizon Communications Norwegian Cruise Line Occupancy plunged in the quarter,but the chain said 91% of its properties world-wide have reopened. The Marriott Marquis in NewYork. Exxon Mobil...... A2 ...... B2 ...... B3 in various phases of reopen- nies and trips that don’t in- April lows, when RevPAR was F Norwest Venture Voodle...... B4 Partners...... B4 Vroom...... B4 Marriott ing and some bordersremain volveflying,Mr. Sorenson down as much as 90%and oc- Facebook...... B9 closed, Mr.Sorenson said. said. cupancybottomed at 11% for NVR...... B9 W Foot Locker...... B3 He said 91%ofMarriott’s “Wetoo oftensee [big the week of April 11, Mr.So- Fuse Venture Partners P Walmart...... B10 Posts Its morethan 7,400 world-wide companies] making decisions renson said...... B4 PulteGroup...... B9 Walt Disney...... B10 properties have reopened, about keeping offices closed TheBethesda, Md., com- with allhotels in mainland forasmuch as the next year— panysaid revenue forthe Worst Loss China, Hong Kong,Macau and frustrating to us because,ina quarter fell 72%fromayear Taiwan having been in opera- sense,that’sjust sort of with- earlier to $1.46 billion. Ana- INDEX TO PEOPLE tion sinceearly May. drawing from the economy,” lystswerelooking for$1.68 ContinuedfrompageB1 In North America, 96% of Mr.Sorenson said. billion. A Foy, Linda...... A2 Musk, Elon...... A12 China’sconsumer economy Marriotthotels areopen, he Comparable systemwide Marriottsaid it had liquid- Arcila, John...... A10 G N has become avital refuge for said, adding that the company revenue per available room, a ity of about $4.4billion as of manyU.S.companies,helping expectsdemand to continue closely watched industrymet- June 30, including about $2.3 B Garcia, Ernie...... B4 Newell, James...... B4 them offset the damagefrom picking up through Labor Day. ric known as RevPAR,fell 84% billion in cash and cash equiv- Baños, Juan...... A10 Gordon, Marshall...... B9 Nimmons, Robert...... A6 tumbling sales back home. Businessand group travel forthe second quarter. alents. Baranovsky, Dan...... B9 H P But the broader Asia-Pa- is still weak but improving, Occupancyfell about 57 Thecompanysaid it con- cific region is recovering at a with demand potentially be- percentagepoints. Those fig- tinues to expect the pandemic Barrile, Parker...... B4 Hardman, Lee...... B9 Paredes, Carolina...... A10 slowerpace, as countries are ing driven by smaller compa- ures have improved from to hurt itsresults. Bass, Mike...... A14 Hornbuckle, Bill...... B2 Perez, Silvia...... A6 Borumand, Cameron...B4 J R Brower, Tom...... B2 Johnson, Calvin...... B2 Reichardt, Carl...... B9 agoits intent to lend $765 mil- between the companyand the medical supplies and medicine. Buffett, Warren...... B9 Loan Delay lion to the onetime photo Trump administration with At the time the loan was Rengifo, Roxana...... A10 C K leader to produce drug ingre- media outletsbeforethe pub- disclosed, Mr. Trump said he S Capozzi, Heidi...... A2 Kempczinski, Chris.....A1 dients. The planned loan, the lic announcement. was“proud to announceone Carter, Kellan...... B4 Key, Forest...... B4 Schmieding, Holger....B9 Hits Kodak first of its kind under the De- Some media companies of the most important deals in fense Production Act, sought then published that informa- the historyofU.S.pharmaceu- Coster, Paul...... B4 Kratsios, Michael...... B3 Shah, Rajiv...... A4 to help Kodak produceingredi- tion before deleting it follow- tical industries.Myadminis- Crigger, Lara...... B10 L Short, Karen...... B10 Shares entsfor generic drugs, in turn ingarequest from the com- tration has reached a historic Silver, Adam...... A14 D Liberty, Jason...... B3 helping the U.S. reducereli- pany. agreement with agreat Ameri- Sorenson, Arne...... B1 Diamond, Andrew...... B1 Lougee, Dave...... B3 ance on foreign companies. Last week,Mr. Navarrode- can company.” Diller, Barry...... B1,B9 M T ContinuedfrompageB1 Thenewssent Kodak’sstock clined to answer a reporter’s In response to aquestion Taborda, Yused...... A1 Aspokeswoman forthe DFC skyrocketing. question about Kodak on a aboutthe SEC inquiryata E - F Marshall, Ryan...... B9 had no additional comment. TheJournal recently re- conferencecall announcing a news briefing Aug.4,the pres- Easterbrook, Steve.....A1 McGurn, Patrick...... A2 Y The Trump administration ported Kodak had shared in- separateexecutiveorder to ident said he “wasn’t involved Fadem, Zack...... B4 Milton, Trevor...... B4 Yruma, Edward...... B10 announcedabout two weeks formation about an agreement boost domestic production of in the deal.” IAC Buys 12% Stake In MGM

ContinuedfrompageB1 tively stronger,adding that MGM’slow sharepriceand fu- tureprospectspresented a once-in-a-decade opportunity. “IAC’sexpertise in growing and expanding brands online is anaturalfit forour focus on GES enhancing the resort experi- IMA

encethrough curated and per- ETTY sonalized offerings, as well as /G digital enhancementsinsports MILLER betting and online gaming,”

said Bill Hornbuckle,who was ETHAN named MGM’spermanent MGM and other casino operators aresuffering from the impact of curtailed global travel. chief executiveatthe end of July afterserving as acting and Care.comand holds ama- lion in cash on hand and no according to a filing with the chief sinceMarch. “Wewel- jority stakeinAngie’sList par- debt. Securities and ExchangeCom- come their collaboration and ent ANGI Homeservices,ear- IACspent roughly $1.02 bil- mission. areexcited at the possibilities lier this year completed the lion buying 59 million MGM Shares of MGM rose 14%to it will bring.” separation of Match Group shares,including some 34.4 $21.65 Monday, while IAC IBKR charges IAC, which operates Vimeo Inc., leaving IACwith $3.9 bil- millionshares sinceJuly 29. shares fell 1.3% to $131.27. margin loan rates1 Othernonhealth-careem- der fire forplayerconcussions the past five months,and Companies ployers—from tech companies that can lead to other serious nearly 100 of them have died, to school systems—that aren’t health problems. according to estimates from forming newchief medical offi- Tyson Foods created its the Centersfor Disease Con- from AddHealth cerroles arestill tapping out- newchief medical officer role trol and Prevention.Tyson side companies likeOne Medi- as it ramps up employeemoni- said it has tested about one- calasthey trytobetter toring forthe virus.The com- thirdofits U.S. workforce and 0.75% to 1.59% Experts manageworkplacehealth, Dr. panysaid it expectstohire that the overall infection rate Diamond said. One Medical cli- nearly 200 nurses and support currently is below 1%. entsneed help testing employ- staff to help with on-sitetest- Forsome companies that ContinuedfrompageB1 ees, providing clinical adviceto ing at its plants in places like have had chief medical offi- named Calvin Johnson, a for- workerswho test positivefor Dakota City,Neb., Waterloo, cers,the work is taking on mer chief medical officer at thevirus,and offering guide- Iowa, and Wilkesboro, N.C. new, different dimensions.Be- the prison health-caresystem linesonthe best waystore- “This position will help im- fore the pandemic,the chief Start Investing Today! Corizon Health, as itsnew turn people to an officesetting. plement our Covid monitoring medical officer of cloud-com- chief medical officer. In addi- SinceCovid-19’sarrival in strategy, which includes ongo- puting giant Salesforce.com tion to overseeing worker the U.S.,the companyhas seen ing,weekly testing of workers Inc. was focused on products health for the cruise line, the awaveofnew demand, Dr.Di- that Salesforce sold to clients, ibkr.com/margin companysaid Dr.Johnson is amond said. One Medical has such as software that orga- also tasked with collaborating been working with big em- Cruise operators are nizes drug information and on the newHealthySail Panel, ployers including Instacart patient status that health agroup meant to establish Inc.and Airbnb Inc.and has working to win back companies use.Today, Dr.Ash- Interactive Brokers Rated #1 newsailing protocols forthe started working with smaller consumers’ wini Zenoozsays her role is industryduring the pandemic. companies,including luxury- moreinwardfacing.She is try- Best Online Broker 2020 by Barron’s* Theother HealthySail mem- hotel operator MontageInter- confidence. ing to help thousands of em- bercompanyisNorwegian national and life-sciences ployees addressmental-health Cruise Line Holdings Ltd., company 10x Genomics. issues that can arise from re- which has had achief medical “All these other companies moteworking arrangements, Trading on margin is only for sophisticated officer since 2015. aretrying to figure out, how without symptoms, as well as while also working with Sales- investors with high risk tolerance.You may lose Cruise operators are work- do Ibring people back to work testing of those who have force’s real-estate division on ing to win back consumers’ safely,” he said. symptoms or have had close the logistics of returning to more than your initial investment. confidenceafter widespread Some organizations that contact with someone with the office. Member -NYSE, FINRA, SIPC –*Interactive Brokers rated #1, Best Online Covid-19 outbreaks on several have added chief medical offi- symptoms or has tested posi- “Everycompanyisthinking Broker according to Barron’s Best Online Brokers Survey of 2020: February ships in the early months of cers did so when they came tive,” said TomBrower, senior of the health and wellness of 21, 2020. For more information see, ibkr.com/info -Barron’s is aregistered the pandemic.Cruise-ship under pressure from a health vicepresident of health and their employees,” she said. trademark of Dow Jones &Co. Inc. [1] Margin Loan rate as of 07/08/2020. IB calculates the interest charged on margin loans using the applicable rates workerssuffered from more crisis.For instance, the Na- safety at Tyson. “The role of achief medical for each interest rate tier listed on its website. Rates shown apply to IBKR Pro confirmed cases of Covid-19 tional Football League created Thousands of employees officer is becoming alot more clients only. Rates subject to change. For additional information on margin loan rates, see ibkr.com/interest than passengers, according to a chief medical officer role in who work in meat-processing prevalent and alot morepow- 08-IB20-1368CH1358 federal data. 2017 after the sport came un- plants have been infected over erful in the business world.” P2JW224000-2-B00300-1------XA

THE WALL STREET JOURNAL. ** Tuesday, August 11, 2020 | B3 CORPORATE WATCH BUSINESS NEWS Military Airwaves Set for 5G Use

BY DREW FITZGERALD bid on licenses forthem. The FCCand other U.S. agencies spectrum called the Citizens industryhas long sought the that have sometimes squab- Broadband Radio Service TheTrump administration rightsfor moremid-band bled over federal 5G policies. showedthat the frequencies, outlined aplan Mondayto spectrum, which is considered Department of Defense offi- which arewidely used outside commercializeaswath of mili- ideal for new fifth-generation cials have been leeryofpast the U.S.,are in strong de- tary radio frequencies for use wirelesssignals because of its effortstocommercializetheir mand. in next-generation 5G net- extensivebandwidth and reserved spectrum.The mid- FCCChairman Ajit Paicom- S works,yielding to cellphone reach. band spectrum at issue is used mended the decision in a NEW

G carriersthat have sought the “Under this administra- fornaval radar systems,mis- statement as “a key milestone spectrum fortheir ownuse. tion’sapproach, the American sile control and air traffic, in securing United Stateslead-

OOMBER TheWhiteHouse plan privatesector will continue to among other uses. ership in 5G.”

BL would arrangefor the Federal build the next 5G networks,” Recenttechnological ad- “The FCClooks forwardto T/ Communications Commission WhiteHouse technologyad- vances have made it possible moving quickly to adopt ser-

SHOR to auction 100 megahertz of viser Michael Kratsios said fortelecom companies to send vicerules forthe 3.45 GHz prized mid-band spectrum during atelephone briefing dataoverfrequencies reserved band and then hold an auction

MICHAEL starting in December 2021, al- with reporters. forthe militarywhen it is not to bring this prime mid-band Foot Locker said comparable-store sales grew 18% in the quarter, lowing telecom companies Theframework,ifadopted, otherwise in use.Asenior ad- spectrum to market,” he said, driven by pent-up demand and a boost from the federal stimulus. such as AT&T Inc.and Veri- would strikeararecompro- ministration official said an referring to the spectrum zonCommunications Inc.to mise among the Pentagon, ongoing auction of nearby band. LIBERTY MEDIA loss as the coronavirus pandemic hit the company’ssales. Loss Is Reported The NewYork Citycompany As Revenue Declines said comparable-store sales grew Some Groceries AreStill HardtoFind Sticker Shock As forstore prices,theyremain 18% in the second quarter,driven At the beginning of the pandemic,itwas nearly impossible to find toilet LibertyMedia Corp. swung to by pent-up demand and aboost about 5% higher on average asecond-quarter loss on falling from the federal stimulus. paper,cleaning supplies or cannedsoup.Fivemonths later, supplies of those than ayear ago, IRI says. revenue as the pandemic ham- Foot Locker expects earnings goods arerecovering, according to data from market-researchfirm IRI. Consumer goods prices, pered operations forits sports per shareof38cents to 42 —Annie Gasparroand Stephanie Stamm change from ayearearlier† subsidiaries. cents, compared with 55 centsa The Englewood, Colo., com- year earlier.The latest results in- Still Spare TOTAL TOTAL pany, which controls radio broad- clude $18 million of coststhe As Covid-19 casescontinue to rise in certain states,grocers arereporting anew increasein NONEDIBLE EDIBLE casters and sports organizations, companyincurred from social staples purchases thatcould lead to scarcity.The even-stronger demand foritems such as 5.3 5% recorded alossof$326 million, unrestduring the quarter,Foot 4.2 baking ingredients and paper towels has made it tough formanufacturerstoproducethe 3.4% compared with aprofit of $116 Locker said. 3.3 1.8 items fast enough to keep shelves full. 1.0 million ayear earlier.Revenue Adjustedearnings per share 0 was$1.91 billion, compared with areexpected to be 66 centsto TOTAL TOTAL Jan. 1-Feb. 23 revenue of $2.81 billion in the 70 cents, according to the com- Weekly stock NONEDIBLE EDIBLE Prices normally year-ago quarter. pany. Analystswereexpecting availability 100% Feb. 24-March 22 fluctuatebetween The company’sholdings in- an adjustedlossof60cents a by department March 23-July 12 1%-2% year overyear clude satelliteradio operator Siri- share, according to FactSet. and product 95% 5%-7% average usXM, motorsports brand For- Foot Locker declined to pro- 93% 91% pre-pandemic mula One, and the Atlanta vide guidancefor the full fiscal Mostdramatic out-of-stock range Braves. Severalbusinesses were year,having withdrawnprevious drops in products. 88% Notable increases hurt by the pandemic, Liberty guidanceinMarch. It cited uncer- Weeksended Prices forfood and household March 22 and goods surgedduring the said, as public-health measures tainty from the impact of the March 29. March August* March August* delayedthe start of the Formula pandemic on team sports and hardest-hit months of the One season and barred fans back-to-school shopping. pandemic as manufacturers from attending baseball games —Matt Grossman and retailersdramatically cut Other Vitamins, Office,school Refrigerated Coffee back on discounts. during the abbreviatedseason. products weight loss supplies Breakfast dough and tea Libertysaid its BravesHold- SALESFORCE.COM remain hard Paper Household Personal ings subsidiary is expected to be to find as the products cleaning cleansing CVStoTeam on industry out of compliancewith some 11.3 debt covenants as of June 30. It struggles to WorkplacePrograms keep up with 9.6 is holding credit discussions to 89 8.4 demand. 88 88 88 8.0 7.6 obtain waivers and covenant Salesforce.com Inc. and CVS 87 7.1 modifications, the companysaid. Health Corp. said theywill col- —Matt Grossman laborateonservices to help 3.0 workplaces and campuses return Household 1.9 2.5 DUKE ENERGY to in-person operations following Household plastics, Canned cleaning storage Pest control Frozenmeals Frozenmeat† vegetables Pipeline Exit Hits coronavirus-relatedclosures. The programs will combine Refrig- Financial Results CVS-led Covid-19 testing with Canned erated Salesforce.comdata-manage- vegetables Baking meats DukeEnergy Corp. reported a menttools to help institutions 9.5 second-quarter loss after the util- implementhealth protocols. Un- 8.1 ityand apartner stopped trying der the partnership, manage- 85 82 84 6.1 to build the Atlantic CoastPipe- menttools from Salesforce.com’s 80 80 4.2 line, and Dukereported lowervol- Work.comwebsitewill be inte- 3.2 umes due to the pandemic. grated with CVS’sCovid-19 test- 1.8 2.2 Dukesaid it lost $817 million, ing protocols, called Return 0.1 or $1.13 ashare, down from a Ready. 66 profit of $820 million, or $1.12 a The program will manage –1.4 share, ayear earlier. Covid-19 testing forpeople asso- Manufacturersoffood, beverages,paper products and cleaning supplies rampedupproduction Lastmonth, Dukeand Domin- ciatedwith customer institu- in the spring to help grocersget shelves back in shape.Now,roughly 10% of items remain out of ion Energy Inc. said theywould tions, and enable reporting and stock,compared with anormal range of 5% to 7% beforethe pandemic. Notable decreases abandon the proposed $8 billion contact-tracing forpeople who Over-the- Afew categories areoffering Atlantic CoastPipeline. Dominion test positivefor the viral disease. counter Paper Cookies and Frozenfruits morediscounts than usual. said then it would sell the rest of —Matt Grossman medicine Laundry products Dairy crackers and vegetables Grooming-supply companies, its gas transmission and storage forinstance, aretrying to boost unit to BerkshireHathaway Inc. MGM RESORTS sales because people have for$9.7 billion including debt. DisputeWith Unions stoppedprioritizing their Dukesaid expenses relatedto 93 92 appearanceregularly as they 90 its stakeinthe pipeline totaled Over SafetySettled 89 aren’t going to work or many $1.63 billion forthe quarter.Ex- 87 social events. cluding those costs, the company MGM Resorts International 7878 reported an adjustedprofit of and Nevada hospitalityworkers Thatmightnot seem significant, but Grooming Sports/ supplies energy drinks $1.08 ashare, 5cents morethan agreed to end alegal dispute leaving shelves 90% full forhalf ayear forecasts from analysts, accord- overCovid-19 safetyonthe Las would cost the supermarket industry 2.1 1.6 1.1 ing to FactSet. Vegas Strip, the groups said some $10billion in lostrevenue,according Operating revenue fell to $5.42 Monday. to research from tradeassociations. billion, lowerthan the consensus Culinary Union Local 226 and estimate of $5.85 billion, from Bartenders Union Local 165, Forgrocery shoppers, it means that –3.2 –3.0 $5.87 billion year overyear.Com- through their jointbargaining someone with 20 items on their listwould Lowest mercial and industrial customers agency,filed alawsuit against in-stock:40%. be out of luck on twoofthem. Shopper –5.7 used lesspowerinthe quarter, MGM Resorts in June claiming surveys have shown thatifpeople can’t includes paper *Week ended Aug. 2are estimates. Dukesaid, weighing on volumes. the companyfailed to protect towels and find whattheyare looking for, theywill †Includes poultry and seafood —Micah Maidenberg casino workers in the pandemic. toilet paper. tryadifferentstore. Source:IRI “Wehave resolved the law- BARRICK GOLD suit and the underlying griev- Quarterly Profit and ances, and we have worked together to get first-in-the nation RoyalCaribbean Revenue Fell 94% in Quarter,Dragging It to Loss Revenue Increase legislation to protect workers in the hospitalityindustry,” the Barrick Gold Corp. reported companyand the unions said in Royal Caribbean Group’s rev- higher profit and revenue forthe ajointwrittenstatement. enue nearly dried up for the sec- second quarter as it made —Katherine Sayre ond quarter as it missed out on changes to its operations at a usually lucrative summer mines because of the pandemic, HERTZ GLOBAL travel season, sending it to a and said it stayed within its Shares Sold After loss of more than $1.6 billion 2020 production guidancerange. amid the Covid-19 pandemic. The Torontomining company Bankruptcy Filing The cruise operator, which postedprofit of $357 million, or has said it expects to post a 20 centsashare, compared with Hertz Global Holdings Inc. loss for the entire year, on Mon- $194 million, or 11 centsashare, a raised $29 million selling its day posted quarterly revenue of year earlier.Adjustedearnings likely worthlessstock beforereg- $175.6 million, down 94% from were 23 centsashare, compared ulators dissuaded the bankrupt the year-ago period, as it took with the 18 centsashareana- rental-car companyfromselling no sailings. That beat the $47.4

lystspolled by FactSet expected. more. million analysts polled by Fact- S The companysaid it produced The Florida-based company, Set had expected. 1.15 million troy ounces of gold, which filed forchapter 11 protec- Royal Caribbean and other PRES

down from 1.35 million in the tion in May, on Mondaydis- cruise operators under the ZUMA prior year,asBarrick had previ- closed the results of an effort to Cruise Lines International Asso- ously expected. Average realized sell as much as $500 million in ciation have extended their sail- WIRE/ PA

gold pricewas $1,725 per ounce. shares despitethe severe finan- ing pause in the U.S. to at least S/ Revenue was$3.06 billion, up cial strains thatdrove the com- the end of October, a month

from $2.06 billion ayear earlier. panyintobankruptcy. past the expected expiration of TTHEW

Analystswerelooking for$2.96 Hertz launched the stock sale the Centers for Disease Control MA billion. Barrick raised its quarterly after its bankruptcy filing, hoping and Prevention’s no-sail order.

dividend 14% to 8cents ashare. to capitalizeonaspeculative Royal Caribbean said it ex- ANDREW —Dave Sebastian frenzy fueled by risk-hungry day pects an average cash burn of traders thatgave the companya about $250 million to $290 mil- “We continue to take sub- requested cash refunds as of quarter sailings. FOOT LOCKER golden opportunitytoraise capi- lion a month during a prolonged stantial actions to bolster our fi- June 30. Like other cruise lines, For the second quarter, Royal tal it needed to coverits bills. sailing hiatus, and that it is find- nancial position,” finance chief Royal Caribbean also offers fu- Caribbean swung to a loss of Gain Is Forecast Hertz suspended the stock ing ways to reduce its spending. Jason Libertysaid. It expects in- ture cruise credits at a premium $1.64 billion, or $7.83 a share, ForSecond Quarter sale after the Securities and Ex- The company said it had liquid- terest expenses for the rest of as an alternative to cash re- from a profit of $472.8 million, change Commission raised ques- ity of about $4.1 billion in cash the year to be between $505 funds, a measure that helps it or $2.25 a share, in the compa- Foot Locker Inc. said it ex- tions, but notbeforeissuing 13.9 and cash equivalents as of June million and $515 million. conserve cash. As of the end of rable year-ago quarter. Adjusted pects to return to aprofit when million shares, netting $29 mil- 30, and that it has about $11.3 The company said about 60% the quarter, the company said it losses were $6.13 a share, it releases results forits fiscal lion, according to asecurities fil- billion in committed credit facili- of 2021 bookings are new, and had $1.8 billion in customer de- steeper than the $4.82 a share second quarter,which ended ing by the companyonMonday. ties to fund its ship deliveries that about 48% of guests posits, of which about $300 mil- analysts had expected Aug. 1, following afirst-quarter —Becky Yerak planned through 2025. booked on canceled sailings have lion correspond to the fourth- —Dave Sebastian P2JW224000-0-B00400-1------XA

B4 | Tuesday, August 11, 2020 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech Nikola Gets Order For2,500 Electric Garbage Trucks

BY JOHN D. STOLL siasm about electric vehicles. Tesla’srecent string of profits Nikola Corp.said it secured and success expanding produc- an order for2,500 electric tion fueled that exuberance. garbagetrucks from refuse gi- Nikola shares soared after ant Republic Services Inc., the IPO,briefly surpassing the with the announcement com- market value of Ford Motor Co. ing lessthan aweek afterana- As of Friday’sclose,shares lysts complained about a lack were trading only slightly above of clarity on the businessplan the IPO priceand 60% lower and order bank. than itsJune 9high. Shares Theelectric-vehicle com- closed Monday at $44.81,up panyhas forseveral years 22%fromFriday’sclose,reflect- S touted robust interest in the ing optimism surrounding the

NEW electric and fuel-cell trucks it RepublicServices deal. G plans to massproduceand Nikola has announced orders sell.Last week,Nikola pub- for14,000 trucks,including a OOMBER lished itsfirst earningsreport commitment to start selling its

ON/BL sincegoing public in June,los- firstunitstoAnheuser-Busch in

LL ing $86 million while pulling 2021. Initially,Nikola aimed to FA

T. in essentially no revenue. start delivering those trucks Analystscomplained the this year.USXpressInc.an TRICK

PA company’stimetable is confus- over-the-road shipper,placed a The company, known fortowers thatdispense cars, posteda25% quarterly sales increase as the pandemic steers morepeople to online buying. ing,with some wondering how significant order with Nikola, much demand forits products helping fill out abacklog of or- and services thereactually is. dersestimated to be worth sev- “Is this what we get?” JP- eral billion dollars. Used-Car Retailer Carvana Morgan analyst Paul Coster TheU.S.subsidiaryofAn- asked executives last Wednes- heuser-Busch InBev SA placed dayonaconferencecall after an ordertwo yearsago foras executives walked through re- manyas800 Nikola hydrogen- Gains With Online Shopping sults. Mr.Coster wanted to electric trucks.Itplans to use knowwhen Nikola would ex- them forlong-haul deliveries pand itsbusinessmodel. from breweries to distributors. Electric and fuel-cell vehicles Mr.Milton said Monday’san- BY NORA NAUGHTON close,but remain double Investorsare betting on Competitor Vroom went have long captivated the pub- nouncement represented an im- where they started the year. used-carstartups to seize public in June in an effort to lic’simagination, but have had portant development forthe Carvana Co., an online-only Carvana, known forits tall, ashifttoonline carsales. challengeCarvana and take little success without govern- trucking industry he hopes to seller of used vehicles,isgen- glasstowers that dispense ve- advantageofinvestor enthusi- ment incentives.While Tesla disrupt. Traditional garbage erating newinterest from both hicles purchased by custom- Three-month performance asm for online-car retailing. Inc.iscelebrated and the most trucks,hesaid, are“dirty,loud car buyers and Wall Street as ers, was built with the intent In the stock’sfirst dayof valuable U.S. automaker by and pollutelikecrazy.” 120% its business benefits from the of giving car buyers an alter- trading, Vroom’s shares more market capitalization, its Republic Services President burst in internet shopping. nativetogoing to adealer- than doubled and have re- founder,Elon Musk,spent years JonVander Ark said predeter- 100 Carvana’srecent success ship.Shopperscan browse and Carvana mained elevated, closing at battling skeptics. mined routes,constant stop- comes at acritical moment for purchase preowned models Vroom $64 ashareMonday, nearly In an interview, Nikola’s ping and starting,and the abil- 80 the eight-year-old company, through the company’sweb- S&P500 triple the $22IPO price. founder,TrevorMilton,said the ity to park the trucks for which wasfounded with the site, and then arrange for the Vroom’smarket value is $7.4 deal with Republic Services ful- charging overnightortoswap mission of changing the way purchase to be delivered by 60 billion, compared with Car- fills one of three milestones re- out batteries bolster the case people buy cars but has yetto truck to their home or office. vana’snearly $33 billion mar- cently promised by the end of forashifttoe-trucks. turn aprofitand is fending off Carvana promotes aseven- 40 ket capitalization. 2020.Inaddition to amajor or- While Republic Services’ cost tougher competition in the on- dayreturn policytoease con- ShiftTechnologies,aSan der,Nikola executives arecom- per truck is currently undis- line-retailing space. cerns about buying acar sight 20 Francisco-based startup with a mitting to announcethis year closed, Mr.Milton committedto TheTempe,Ariz., company unseen. similar internet-only model, is whichautomaker will be its apricetag under $500,000 per last week posted a25% in- Used vehicles—unlikethose 0 looking at apublic offering. partner on production of the unit—which is the going rate crease in vehicles sold forthe sold new—aren’t required to Carvana is working through Badger passenger truck; and it forelectric garbagetrucks cur- second quarter,atime when be sold through afranchise –20 itsown growing pains, aims to name apartner fora rently sold by competitors, he many dealerships were still dealership network, allowing June July Aug. though. hydrogen filling station net- said.Prices fornew gasoline- closed because of the Covid-19 Cavana and rivals Vroom Inc. Source:FactSet Compared with moreestab- work it wantstobuild. poweredgarbagetrucks fall in pandemic.Total revenue grew and ShiftTechnologies Inc.to lished used-car retailers, Car- “Ifwedidn’t have anything arangeofnearly $200,000 to 13% to $1.12 billion forthe operatewithout bricks-and- servicethat allows customers vana has to spend moreonad- to talk about we’d have a bad morethan $300,000. April-to-June period. mortar storefronts. to skip the showroom. It is vertising and marketing to situation,” Mr.Milton said. “We’vedone our homework, “What we needed wasan Growing demand forused starting to trim positions in grow itsbrand recognition. It Last month, Nikola broke and we’vetalked to everybody,” eventthat would generatethe vehicles has helped liftbusi- the physical showroom, as a also is working to build out its ground on afactoryonthe Mr.Vander Ark said. Thetrucks willingnesstotry something nessfor Carvana and itsrivals, result. network of so-called recondi- outskirts of Phoenix. will come with higher upfront new,” Chief ExecutiveErnie especially with inventory still Afew yearsago, Carvana tioning centers—places where Founded in 2014, Nikola has coststhat could be driven down Garcia said. “That maybehap- tight on the new-car lot be- andother used-car retailers it cleans and fixescarstoget drawncomparisons to Tesla. In over time due to lowermainte- pening nowfaster than it ever cause of virus-related factory likeCarMax Inc.presented a them ready forsale—tospeed June,when Nikola went public nanceand usagecosts. Republic has.” constraints. wake-up call fortraditional up itsturnover of used-car via areverse merger,investors Services said it could bump up But the used-car retailer is Carvana has steadily in- autodealers, said RhettRicart, stock. droveupits value amid enthu- itsorder to 5,000 units. still losing money as it invests creased sales in the past three chairman of the National Au- On topofthat, manyofits heavily in its own operations yearsand expanded intomore tomobile Dealers Association existing centerswereclosed in an effort to grow itsU.S. than 260 marketsinthe U.S. andaFord dealer in Colum- temporarily this spring as part market share, and analysts The used-car retailer expects bus, Ohio.But dealershave of the lockdowns. polled by FactSet don’t expect to sell up to 265,000 cars in sinceadjusted and nowhave “The fact that Carvana is it to be profitable on anet ba- 2020,anearly 50% increase manyofthe same tools,he multiple yearsahead of the sis until 2023. Challenges re- over 2019. said. competition on this front cer- lated to reconditioning used As more businesses moved “That’sbeen accelerated by tainly helps,” said Zack Fa- vehicles forsale also have online to capture the surge in Covid-19,” Mr.Ricart said. dem, an analyst forWells weighed on results. Forthe shopping traffic,traditional “Other entrants might have Fargo&Co. But it is still April-to-June quarter,the dealershipsalso have scram- had it easy before, but now building itsoperations,and companyreported alossof bled to makethe shift to inter- new-cardealersare going to that cantaketime,headded. $160 million. net retailing,building out be averyformidable adver- Carvana has set agoal of Still, Carvana’slatestre- their websites with moreca- sary in the used-car market.” eventually sellingmorethan sultsbeat Wall Street’sexpec- pabilities and investing in de- Investors, meanwhile,are two million vehicles annually tations,and the company’s livery personnel. increasingly placing their bets through itsonline retailing stock rose 28% the dayafter Dealership chainAutoNa- on the upstarts. Carvana’s network. the quarterly report, closing at tion Inc., forinstance, has stock pricehas morethan qua- “IfCarvana canachievea PINCA/REUTERS

$222.99. moved aggressively to shiftits drupled sincelateMarch, certain level of scale,they can IMO SS

Shares have sinceretreated operations online,promoting a when lockdowns began prolif- be very profitable,” Mr.Fadem MA to $190.12, as of Monday’s newstore-to-door delivery erating across the U.S. said. Nikola’s founder, Trevor Milton, said the deal fulfills a milestone. Seattle Proves Fertile Ground for Software Startup Deals

BY ELAINE CHEN on had consumed the local tal- trepreneur who leftMicrosoft 2015 to 2019,according to ent, Mr.Barrile said. afterworking in itsSeattle and PitchBook. Venturecapitalistsare in- Another reason could be Beijing offices,buuteeq wassold Mr.Barrile said his firm, creasingly targeting deals in Se- that angel investing didn’t take in 2014toPriceline Group Inc., Norwest, added six Seattle attle, wherethey sayaburgeon- off in Seattle as it did in Silicon the travel-siteoperator now startups to itsportfolio in the ing startup ecosystem holds the Valley,said James Newell,man- called Booking HoldingsInc. past four years. “Ifyou really potential to support moreen- aging director at VoyagerCapi- Mr.Key said he hadconsid- had to makealong-term bet on terprise software innovation. tal, aSeattle-based venture- ered basing the startup in the aregion, anyregion, you’dbet Deal activity in the Seattle capital firm that last year BayArea, but chose Seattle for on the region with the best tal- region has growninrecent launched afund targeting start- itslowercost of living.He ent,” he said. “And that’swhat years. Thenumber of venture ups in the Pacific Northwest stayed thereand nowruns a makes me so bullish on Seattle.” investmentsinstartups in the and western Canada. newstartup—backed by Ma- Seattle would remain adraw region rose to 433 in 2019,up But in recent years, more drona, among other venture forventureinvestorsifthe al- 18% from 367 in 2015,according people broughttoSeattle by firms—called Voodle Inc., teredworking patterns caused to PitchBook DataInc.—the Microsoft, Amazon and others which sells ashort-video com- by thecoronavirus pandemic

third-sharpest increase among NERS have formed their ownstart- munications app forbusinesses. provetobepermanent and major U.S. hubs forventure-cap- RT ups,which areinsome cases Mr.Newell of Voyagersaid people continue working from PA ital investment, afterPhiladel- nowproducing anew genera- Microsoftand Amazon have also home,Mr. Barrile said.Startup phia and Denver. Thecombined tion of entrepreneurs, said Tim contributed to the ecosystem by founderswill still want to meet

value of deals in the Seattle re- VENTURE Porter,amanaging director at letting startups use their cloud with employees in person, and

gion climbed to $3.7 billion FUSE Madrona VentureGroup,an- platforms in exchangefor cred- Seattle is an attractiveplaceto from $2.1 billion over that pe- Cameron Borumand and Kellan Carter founded the Fuse venturefund. other Seattle firm. its, hoping they will eventually livegiven itsclimate, the qual- riod,the dataprovider said. Seattle startups founded by sign up as customers. ity of itsschools and itstax Localinvestorsare set to said they expect to invest 2019,itvied with Washington, alumni of MicrosoftorAmazon Thepresenceoflocal institu- system, he said. pump morecapital intothe re- roughly $100 million over the D.C.,for fifthplaceinPitch- include digital freight broker tions such as University of And with engineersdrawn in gion. Aformer partner and a next three to four years. Inves- Book’sdeal count, behind Sili- Convoy Inc., sales-management Washington’scomputer-science by Microsoftand Amazon, the former principal at Ignition tors in the fund include current conValley,New York,Los An- software provider Outreach program and the Allen Institute region is positioned to develop Partners, aSeattle-based ven- and former executives at Pacific geles and Boston. Corp.and identity-authentica- of Artificial Intelligencehas software to servethe changing turefirm, in July announced Northwest companies,includ- “I’m kind of surprisedthat tion software provider Auth0 also cultivated innovation, Mr. needs of companies during the the launch of anew fund called ing Microsoft Corp., Ama- the startup ecosystem is just Inc. They allraised funding at Porter of Madrona said. pandemic,the founding part- Fuse VenturePartners to zon.com Inc., Nike Inc.and coming intoits own. It’skind of valuations over $1 billion in Investorsare taking notice. ners of Fuse said. makeseed and Series Ainvest- Starbucks Corp., Fuse said. alatebloomer,” said Parker 2019. As well as local players,firms “There’samassivebehav- mentsinSeattle startups. Despitebeing home to Ama- Barrile,apartner at Norwest One of Madrona’spast in- outside Seattle areincreasingly ioralshiftthat’shappening Fuse founding partnersKel- zon, with Microsoftinnearby VenturePartners,aPalo Alto, vestmentswas buuteeq Inc., a active. Thenumber of deals in right nowfor all enterprises, lan Carter and Cameron Boru- Redmond, Wash., Seattle has Calif.-based venture-capital software provider forthe hotel theSeattle metropolitan area and software is going to be a mand declined to comment on lagged behind in venture-capi- firm. One reason could be that industry.Founded in 2009 by completed by non-Seattle in- key enabler of that,” Mr.Carter howmuch they have raised, but talactivity.Between 2015 and Microsoftand Amazon earlier Forest Key, aSeattle-based en- vestorsincreased by 40% from said. P2JW224000-0-B00500-1------XA

THE WALL STREET JOURNAL. Tuesday, August 11, 2020 | B5 P2JW224000-0-B00600-1------XA

B6 | Tuesday, August 11, 2020 THE WALL STREET JOURNAL.

NEW HIGHS AND LOWS WSJ.com/newhighs

52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg American and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or low in the latest session. %CHG-Daily percentage change from the previous trading session. Kemper KMPR 85.70 -1.1 PGT Innovations PGTI 19.29 2.3 StoneCo STNE 50.60 -3.8 TraneTech TT 119.05 1.7 UnitedRentals URI 184.21 4.4 Whirlpool WHR 178.41 2.2 FreelineTherap FRLN 15.50 -9.4 KimberlyClark KMB 158.93 0.5 PSBusParksPfdZ PSBpZ 25.99 0.5 SturmRuger RGR 90.74 2.2 TrebiaAcquisition TREB 10.14 0.3 UnitedHealth UNH 320.47 0.7 Williams-Sonoma WSM 94.60 0.7 IBEX IBEX 15.00 11.4 UnityBiotech UBX 15.44 14.9 Monday, August 10, 2020 Kirkland's KIRK 7.48 16.1 PTK Acqn Un PTK.U 10.16 0.9 SummerInfant SUMR 15.60 20.0 Trevena TRVN 3.68 31.5 WirelessTel WTT 1.69 7.9 LanternPharma LTRN 11.01 -3.2 KuraOncology KURA 21.56 4.3 Paccar PCAR 90.64 1.8 SunnovaEnergy NOVA 29.61 3.1 TrueCar TRUE 6.47 -0.7 Usio USIO 3.72 21.8 XcelEnergy XEL 73.00 0.2 LongviewAcqnWt LGVW.WS 0.94 -3.7 Vaxcyte PCVX 43.93 9.0 52-Wk % 52-Wk % 52-Wk % L Brands LB 27.69 5.6 PacificEthanol PEIX 3.30 20.4 SuperiorGroup SGC 22.29 0.9 TruistFinlPfdO TFCpO 27.59 -0.1 YucaipaAcqn YAC.U 10.15 -0.2 NaviosMariPfdH NMpH 1.75 -6.7 VertivWt VRT.WS 6.33 1.0 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg LHC Group LHCG 214.97 -5.6 PaciraBioSci PCRX 61.86 4.5 TD Holdings GLG 3.73 11.1 UFP Inds UFPI 62.18 0.9 Nkarta NKTX 23.44 -2.0 VirtusInvtPtrs VRTS 146.10 -0.3 LakelandFin LKFN 53.00 2.0 Palomar PLMR 107.00 3.0 Lows CECO Env CECE 8.64 3.9 eXpWorld EXPI 32.20 0.7 TFI Intl TFII 44.76 0.4 USA Truck USAK 11.50 3.8 VistaOutdoor VSTO 22.45 5.1 OccidentalPetrolWt OXY.WS 4.01 5.0 LandstarSystem LSTR 129.72 1.2 PennNational PENN 51.00 -7.4 Highs CentrusEnergy LEU 19.90 10.8 Fabrinet FN 76.85 -4.9 TPIComposites TPIC 30.79 6.5 US Xpress USX 10.47 5.2 VivintSmartHmWt VVNT.WS 7.00 15.8 Capstar CPSR.U 10.07 -0.3 RecroPharma REPH 3.13 -24.1 CenturyAluminum CENX 11.33 2.8 Fastenal FAST 48.59 -1.1 Lantronix LTRX 4.97 10.7 PitneyBowes PBI 7.08 12.0 Target TGT 134.11 0.9 UtdCmtyBksPfdI UCBIO 26.12 1.0 Watsco WSO 240.57 0.7 CheckmatePharm CMPI 13.04 -6.7 ScorpioTankers STNG 11.84 -3.5 ASGN ASGN 73.62 1.7 CharlesRiverLabs CRL 221.97 -1.3 FedEx FDX 200.46 9.0 Lazydays LAZY 15.20 11.0 PlugPower PLUG 12.20 6.7 TopBuild BLD 151.73 2.6 UPS B UPS 162.70 1.7 WheelerREIT WHLR 2.51 8.1 FatBrandsPfdB FATBP 12.95 -4.8 TOP Ships TOPS 1.38 -23.6 A10Networks ATEN 8.88 1.7 ChartIndustries GTLS 76.76 2.2 FennecPharm FENC 10.67 12.9 Lennar B LEN.B 58.65 3.7 ProvidenceService PRSC 94.02 2.1 AdvEnergyInds AEIS 80.27 1.6 Chemed CHE 515.38 -1.0 Fonar FONR 26.47 0.9 Lennar A LEN 76.69 1.7 PublicStoragePfI PSApI 27.82 -0.6 AlloVir ALVR 42.93 19.0 Cintas CTAS 316.52 2.1 FortBrandsHome FBHS 81.15 1.5 LibertyBroadbandC LBRDK 146.84 -1.6 PublicStoragePfK PSApK 27.57 -0.1 AltraIndlMotion AIMC 42.15 12.3 Clearfield CLFD 19.27 -0.7 FreedomHolding FRHC 20.12 0.7 LibertyBroadbandA LBRDA 149.01 -0.8 PublicStoragePfJ PSApJ 27.43 -0.1 AmerFinDeb2060 AFGD 26.79 0.6 ClearwayEnergyC CWEN 27.07 -0.6 FulgentGenetics FLGT 43.81 21.3 LightInTheBox LITB 3.89 18.5 QuantaServices PWR 48.27 4.0 Dividend Changes AmerSupercond AMSC 12.33 3.1 ClearwayEnergyA CWEN.A 25.19 0.8 GCI LibertyA GLIBA 84.93 -1.8 LiveRamp RAMP 56.08 3.3 RangeResources RRC 8.44 1.9 AmerWaterWorks AWK 150.47 -0.5 CollectorsUniv CLCT 41.20 1.2 GCPAppliedTechs GCP 26.93 -0.4 Lowe's LOW 154.71 0.6 RanpakWt PACK.WS 2.03 6.8 Dividend announcements from August 10. APi Group APG 15.01 0.3 Comcast DECS CCZ 64.95 1.2 GRAVITY GRVY 83.50 0.5 lululemon LULU 347.35 0.6 Ranpak PACK 9.30 2.1 AptivPfdA APTVpA 111.24 2.3 ComfortSystems FIX 54.69 2.0 GenieEnergy GNE 9.39 1.7 MYR Group MYRG 39.94 2.0 RedHillBio RDHL 10.17 11.7 Amount Payable / Amount Payable / Arconic ARNC 23.17 5.9 Majesco MJCO 16.60 23.8 RegalBeloit RBC 98.27 0.8 ConagraBrands CAG 38.12 -0.3 GibraltarInds ROCK 66.26 4.8 Company Symbol Yld %New/Old Frq Record Company Symbol Yld %New/Old Frq Record AresMgmt ARES 42.40 3.1 ConsldComm CNSL 8.48 3.7 GoldStandrdVntr GSV 1.14 -12.4 Mannatech MTEX 18.28 -0.9 RenewableEnergy REGI 38.61 7.9 ArtisanPtrsAsset APAM 39.60 -1.5 ConstructionPtrs ROAD 21.63 9.2 GoldenStarRscs GSS 5.20 -1.2 MarineMax HZO 31.97 -1.2 Rent-A-Center RCII 33.242.4 Increased Stocks AtHomeGroup HOME 16.34 3.4 Corning GLW 32.25 0.9 GoresHoldingsV GRSVU 10.30 0.6 Masco MAS 58.53 0.3 RitchieBros RBA 58.37 4.3 TOPS AtlUnionPfdA AUBAP 25.99 0.1 Covetrus CVET 23.83 3.1 Grainger GWW 353.74 0.8 MasoniteIntl DOOR 92.30 2.3 RocketPharm RCKT 28.00 4.0 Badger Meter BMI 1.1 .18 /.17 Q Sep11 /Aug28 TOP Ships 1:25 /Aug10 Avaya AVYA 16.47 10.8 CreditAcceptance CACC 533.58 2.1 GreatPanther GPL 1.05 5.7 MaxarTech MAXR 26.16 -1.2 Rockwell ROK 231.47 2.5 Carlisle Cos CSL 1.6 .525 /.50 Q Sep01 /Aug18 BHP Group BHP 57.40 2.3 McCormick MKC 202.55 0.1 Rollins ROL 55.11 -0.1 Foreign Cree CREE 74.14 1.4 HCI Group HCI 62.93 2.2 Chemed CHE 0.3 .34 /.32 Q Sep04 /Aug17 BRP Group BRP 21.25 7.9 Crexendo CXDO 12.78 -17.6 HUYA HUYA 28.59 -9.8 McCormickVtg MKC.V 201.65 -0.2 RoperTech ROP 444.06 0.1 Argo Group Intl Hldgs ARGO 3.4 .31 Q Sep11 /Aug28 DOV Q BankofAmPfdLL BACpN 26.99 0.3 Cummins CMI 210.67 5.5 HarvardBioSci HBIO 4.41 0.2 MercadoLibre MELI 1270.00 -5.8 RushEnt A RUSHA 50.85 1.9 Dover Corp 1.8 .495 /.49 Sep15 /Aug31 BCE Inc BCE 5.9 .62183 Oct15 /Sep15 ITW Q BerryGlobal BERY 54.20 0.1 CymaBayTherap CBAY 7.09 10.2 Hawkins HWKN 55.47 3.3 MeritageHomes MTH 105.50 1.9 SIGA Tech SIGA 8.10 -1.3 Illinois Tool Works 2.3 1.14 /1.07 Oct14 /Sep30 Brookfield Renewable Ptrs BEP 3.8 .434 Q Sep30 /Aug31 BestBuy BBY 105.43 1.3 DaqoNewEnergy DQ 128.76 -2.8 HolicityUn HOLUU 10.15 ... MetallaRoyalty MTA 10.11 7.5 SPS Commerce SPSC 82.82 1.8 KLAC Q KLA 1.8 .90 /.85 Sep01 /Aug17 Essent Group ESNT 1.7 .16 Q Sep10 /Aug31 BigLots BIG 49.10 6.2 DarlingIngred DAR 33.33 2.7 HomeDepot HD 275.00 1.1 MitekSystems MITK 11.82 2.5 STAG Indl STAG 33.99 -0.4 PennyMac Finl Svcs PFSI 1.2 .15 /.12 Q Aug28 /Aug17 BioceresCropWt BIOX.WS 0.63 1.8 DasekeWt 0.27 33.0 HormelFoods 52.18 0.7 MrCooper COOP 19.63 4.4 Semtech SMTC 60.56 2.7 Euronav EURN 11.0 .47 Q Aug28 /Aug19 DSKEW HRL Switch Cl A SWCH 1.2 .05 /.0294 Q Aug31 /Aug18 BioLifeSols BLFS 23.36 7.4 Daseke DSKE 6.65 18.0 DR Horton DHI 71.83 1.9 NatlEnerSvsWt NESRW 1.18 7.4 SenecaFoods A SENEA 44.07 1.8 Magna Intl MGA 3.2 .40 Q Sep04 /Aug21 BioSpecificsTech BSTC 69.73 3.6 DeckersOutdoor DECK 221.19 3.8 Humana HUM 423.85 0.4 NatureSunshine NATR 11.38 1.3 SenecaFoods B SENEB 44.20 2.8 Reduced Open Text OTEX 1.6 .1746 Q Sep25 /Sep04 BlackKnight BKI 81.87 3.2 Deere DE 191.35 3.5 HutchisonChina HCM 32.63 2.5 Nautilus NLS 13.12 2.9 SeresTherap MCRB 33.00 389.2 Pembina Pipeline PBA 7.3 .1578 M Sep15 /Aug25 BlueknightEner BKEP 1.79 11.9 DigitalRealtyPfdL DLRpL 27.48 ... IES Holdings IESC 27.97 1.3 Neogen NEOG 82.06 -3.9 SilkRoadMed SILK 51.98 2.8 Apollo Investment AINV 12.5 .31 /.45 Q Oct07 /Sep21 PLDT ADR PHI 3.9 .77448 SA Sep15 /Aug19 BoozAllen BAH 85.30 ... DormanProducts DORM 86.98 -3.4 IHS Markit INFO 84.37 -0.5 NexPointPfdA NREFpA 24.73 0.6 SilvercorpMetals SVM 8.49 9.4 Sabine Royalty Tr UBI SBR 8.1 .1017 /.32732 M Aug31 /Aug17 BowXAcquisitionUn BOWXU 10.12 ... DrReddy'sLab RDY 62.60 2.5 IllinoisToolWks ITW 195.90 2.8 NextEraEnergy NEP 64.41 0.6 SimpsonMfg SSD 102.13 1.4 Ritchie Bros RBA 1.5 .22 Q Sep16 /Aug26 BrighthousePfdB BHFAO 26.57 1.0 EQT EQT 17.97 -0.1 InariMedical NARI 69.47 5.3 Nike NKE 106.83 3.5 SiTime SITM 66.66 7.8 Initial Sun Life Financial SLF 3.9 .4132 Q Sep30 /Aug26 BrookfieldRenew BEPC 48.67 0.4 EnvivaPartners EVA 42.22 2.6 InnovativeIndProp IIPR 118.07 2.0 NorthernTrPfdE NTRSO 27.21 0.4 SorrentoTherap SRNE 19.39 30.5 CEVA CEVA 46.50 8.5 Equinix EQIX 805.81 -1.1 InstalledBldg IBP 90.40 1.8 OakStreetHealth OSH 44.40 12.8 SportsmansWrhs SPWH 17.49 -1.4 CAI International CAI 4.6 .25 Sep25 /Sep11 Special CanNtlRlwy CNI 101.49 1.4 EtonPharm ETON 8.74 17.9 InterDigital IDCC 65.96 3.9 OmegaFlex OFLX 129.70 2.8 Stepan SCL 115.80 0.1 United Commty Bks Pfd I UCBIO 6.6 .4536 Sep15 /Aug31 Apollo Investment AINV 12.5 .05 Oct07 /Sep21 CanPacRlwy CP 287.16 1.7 Etsy ETSY 141.41 -0.3 IntlMoneyExpress IMXI 18.08 -1.1 Omeros OMER 25.46 50.9 StewartInfo STC 44.86 0.2 CarrierGlobal CARR 29.57 1.7 ExOne XONE 10.73 -0.1 KKR KKR 37.17 0.3 OtisWorldwide OTIS 65.30 1.2 StockYardsBncp SYBT 43.00 0.8 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: spin-off.

Mutual Funds Data provided by Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret EdgewoodGrInst 47.07 -0.31 22.2 OTC 15.90 -0.09 24.3 Invesco Funds Y TotRt 10.98 -0.01 7.9 CAITAdml 12.40 +0.01 4.0 WdsrllAdml 62.76 +0.39 -2.1 WndsrII 35.37 +0.22 -2.1 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. Fidelity Puritn 24.95 -0.07 10.4 DevMktY 44.10 -0.25 -3.3 PIMCO Funds A CapOpAdml r162.98 +0.36 3.3 WellsIAdml 68.03 +0.17 4.4 VANGUARD INDEX FDS e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnotese 500IdxInstPrem116.67 +0.32 5.2 SrsEmrgMkt 20.79 -0.09 0.8 JPMorgan I Class IncomeFd NA ... NA EMAdmr NA ... NA WelltnAdml 75.86 +0.07 2.7 IdxIntl NA ... NA and sapply. k-RecalculatedbyLipper,using updateddata. p-Distribution costsapply, Contrafund K6 17.08 -0.13 18.1 SrsGlobal 12.50 +0.01 -5.1 CoreBond 12.54 -0.01 NA PIMCO Funds I2 EqIncAdml 72.30 +0.61 -7.5 WndsrAdml 64.89 +0.90 -9.3 SmValAdml NA ... NA 12b-1. r-Redemption charge mayapply. s-Stock split or dividend. t-Footnotespand r ExtMktIdxInstPre 65.95 +0.06 3.4 SrsGroCoRetail 24.65 -0.20 38.9 EqInc 17.79 +0.15 NA Income NA ... NA ExplrAdml 102.62 -0.35 5.6 VANGUARD FDS TotBd2 11.68 -0.01 7.6 apply. v-Footnotesxand eapply. x-Ex-dividend. z-Footnote x, eand sapply. NA-Not IntlIdxInstPrem 40.02 +0.10 -6.8 SrsIntlGrw 18.16 -0.07 3.7 JPMorgan R Class PIMCO Funds Instl ExtndAdml NA ... NA DivdGro 30.49 +0.19 0.7 TotIntlInstIdx r NA ... NA available due to incompleteprice, performanceorcostdata. NE-Notreleased by Lipper; MidCpInxInstPrem 23.18 +0.11 -1.3 SrsIntlVal 8.83 +0.03-10.8 CoreBond 12.56 -0.01 NA IncomeFd NA ... NA GNMAAdml 10.78 -0.01 3.5 INSTTRF2020 25.04 +0.01 3.9 TotItlInstPlId r NA ... NA data under review. NN-Fund nottracked. NS-Fund didn’texistatstart of period. SAIUSLgCpIndxFd 18.17 +0.05 5.1 TotalBond 11.59 -0.01 7.9 CorePlusBd 8.87 ... NA Price Funds GrwthAdml 113.96 -0.45 22.0 INSTTRF2025 25.62 +0.02 3.6 TotSt NA ... NA SeriesOverseas 11.03 -0.04 2.3 Fidelity SAI Lord Abbett A BlChip 149.78 -1.42 20.5 HlthCareAdml r 92.14 -0.48 8.0 INSTTRF2030 25.90 +0.02 3.1 VANGUARD INSTL FDS SmCpIdxInstPrem 20.11 +0.20 -4.2 TotalBd 11.08 ... 7.4 ShtDurIncmA p 4.17 ... 0.9 DivGro 53.86 +0.08 1.7 HYCorAdml r 5.86 ... 1.4 INSTTRF2035 26.17 +0.03 2.6 BalInst 41.39 +0.04 6.8 Monday, August 10, 2020 Lord Abbett F TMktIdxInstPrem 94.73 +0.23 4.9 Fidelity Selects EqInc 27.78 +0.34-12.2 InfProAd 28.12 -0.03 8.7 INSTTRF2040 26.43 +0.03 2.1 DevMktsIndInst 13.20 +0.03 -5.9 Net YTD Net YTD Net YTD ShtDurIncm 4.17 ... 1.0 USBdIdxInstPrem 12.70 -0.01 8.1 Softwr r 23.83 -0.30 23.9 EqIndex 89.37 +0.25 5.1 IntlGrAdml 126.89 -1.37 23.4 INSTTRF2045 26.62 +0.04 1.7 DevMktsInxInst 20.64 +0.06 -5.8 Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Lord Abbett I Fidelity Advisor I First Eagle Funds Growth 86.70 -0.62 18.2 ITBondAdml 12.75 -0.01 9.5 INSTTRF2050 26.67 +0.04 1.7 ExtndInst NA ... NA American Century Inv Baird Funds ShtDurInc p 4.17 ... 1.1 GrwthInst 113.97 -0.45 22.0 5GlbFxdInc 10.87 ... 1.3 NwInsghtI 36.29 -0.26 11.0 GlbA 57.38 +0.21 -1.0 HelSci 89.94 -0.99 10.5 ITIGradeAdml 10.71 ... 9.0 INSTTRF2055 26.77 +0.03 1.7 Ultra 66.37 -0.44 27.2 AggBdInst 11.97 ... 8.3 EmgMktVa 24.95 +0.19-12.5 Metropolitan West LTGradeAdml 12.48 -0.04 17.0 InPrSeIn 11.46 -0.01 8.8 Fidelity Freedom FPA Funds LgCapGow I 52.94 -0.36 20.2 IntlVal 33.73 +0.09-10.1 American Funds Cl A CorBdInst 12.29 ... 7.9 EmMktCorEq 20.37 -0.01 -5.5 TotRetBd 11.72 -0.01 8.3 MidCpAdml NA ... NA InstIdx 300.17 +0.82 5.2 FF2020 16.27 +0.01 3.5 FPACres 31.55 +0.13 -3.8 MidCap 99.97 -0.08 4.9 LifeCon 21.84 +0.01 4.8 AmcpA p 35.60 -0.12 7.9 BlackRock Funds IntlCoreEq 12.44 +0.05 -9.0 TotRetBdI 11.72 -0.01 8.5 MuHYAdml 11.86 +0.01 3.1 InstPlus 300.19 +0.82 5.2 FF2025 14.42 +0.01 3.3 Franklin A1 NHoriz 75.94 -0.85 27.9 LifeGro 36.73 +0.05 2.4 AMutlA p 42.15 +0.18 -2.1 HiYBlk 7.54 ... 0.4 IntSmCo 17.04 +0.04 -9.6 TRBdPlan 11.02 -0.01 8.4 MuIntAdml 14.85 +0.01 4.2 InstTStPlus 70.89 +0.16 5.0 FF2030 17.80 +0.01 2.8 CA TF A1 p 7.85 ... 4.5 R2020 22.84 +0.01 3.4 LifeMod 29.68 +0.03 3.7 BalA p 29.19 +0.05 3.8 HiYldBd Inst 7.54 ... 0.4 IntSmVa 16.20 +0.08-16.1 MFS Funds Class I MuLTAdml 12.25 +0.01 4.8 MidCpInst NA ... NA Freedom2020 K 16.26 +0.01 3.5 IncomeA1 p 2.12 +0.01 -6.3 R2025 18.40 +0.01 3.5 PrmcpCor 26.89 +0.20 -3.7 BondA p 14.24 -0.02 10.2 BlackRock Funds A LgCo 25.80 +0.07 5.2 ValueI 41.04 +0.20 -7.2 MuLtdAdml 11.26 ... 2.7 MidCpIstPl NA ... NA Freedom2025 K 14.40 +0.01 3.3 FrankTemp/Frank Adv R2030 26.75 +0.01 3.3 STAR 29.25 -0.01 7.7 CapIBA p 59.51 +0.22 -4.2 GlblAlloc p 20.00 ... 7.3 TAUSCoreEq2 19.91 +0.14 -0.4 MFS Funds Instl MuShtAdml 15.97 +0.01 1.6 SmCapInst NA ... NA Freedom2030 K 17.79 +0.01 2.9 IncomeAdv 2.10 +0.01 -6.3 R2035 19.63 +0.01 3.2 CapWGrA 51.86 -0.05 0.1 BlackRock Funds Inst US CoreEq1 25.89 +0.15 0.8 IntlEq 26.89 -0.03 -3.5 PrmcpAdml r144.76 +0.72 0.4 TgtRe2015 15.84 +0.01 4.3 STIGradeInst 11.00 ... 4.1 Freedom2035 K 14.90 +0.01 1.9 FrankTemp/Franklin A R2040 27.88 +0.01 3.0 EupacA p 56.77 -0.34 2.0 MultiAstIncome 10.69 ... 0.2 US CoreEq2 23.37 +0.15 -0.4 Nuveen Cl I RealEstatAdml NA ... NA TgtRe2020 33.78 +0.03 3.8 STIPSIxins 25.44 ... 3.0 Growth A p 127.12 -0.18 13.3 PRIMECAP Odyssey Fds FdInvA p 61.34 +0.10 0.9 StratIncOpptyIns 10.07 ... 2.6 US Small 32.04 +0.27 -8.0 Freedom2040 K 10.41 +0.01 1.5 HYMunBd 17.12 +0.02 -1.8 SmCapAdml NA ... NA TgtRe2025 20.55 +0.02 3.6 TotBdInst 11.76 -0.02 8.0 RisDv A p 71.71 +0.29 3.6 AggGrowth r 47.35 -0.22 5.5 GwthA p 58.82 -0.36 15.0 Bridge Builder Trust US SmCpVal 28.53 +0.56-16.7 Fidelity Invest Oakmark Funds Invest SmGthAdml NA ... NA TgtRe2030 37.59 +0.04 3.1 TotBdInst2 11.68 -0.01 7.6 FrankTemp/Franklin C Growth r 40.75 -0.02 -0.5 HI TrA p 9.66 ... -0.5 CoreBond 11.08 -0.01 8.1 USLgVa 32.75 +0.46-14.1 Balanc 26.65 +0.02 9.3 OakmrkInt NA ... NA STBondAdml 10.90 ... 4.3 TgtRe2035 23.11 +0.02 2.6 TotBdInstPl 11.76 -0.02 8.0 Income C t 2.15 +0.01 -6.6 Schwab Funds ICAA p 40.18 +0.11 2.8 CorePlusBond 10.75 -0.01 7.7 Dodge & Cox BluCh 141.19 -1.10 31.1 Old Westbury Fds STIGradeAdml 11.00 ... 4.1 TgtRe2040 39.97 +0.05 2.1 TotIntBdIdxInst 34.94 +0.04 3.5 FrankTemp/Temp Adv 1000 Inv r NA ... NA IncoA p 22.29 +0.10 -2.5 Intl Eq 11.62 -0.02 -3.1 Balanced 95.49 +0.99 -3.7 Contra 16.23 -0.13 19.2 LrgCpStr 15.15 -0.05 0.5 TotBdAdml 11.76 -0.02 8.0 TgtRe2045 25.14 +0.04 1.8 TotStInst NA ... NA IntBdA p 14.24 ... 6.8 LargeCapGrowth 18.48 -0.08 16.7 Income 14.89 ... 7.8 ContraK 16.26 -0.13 19.2 GlBondAdv p 9.92 +0.01 -4.4 Parnassus Fds S&P Sel NA ... NA TotIntBdIdxAdm 23.28 +0.02 3.5 TgtRe2050 40.47 +0.06 1.8 ValueInst 41.76 +0.40 -9.2 N PerA p 51.90 -0.27 9.8 LargeCapValue 12.74 +0.14 -6.1 Intl Stk 36.93 +0.35-15.3 CpInc r 9.99 ... 0.2 Guggenheim Funds Tru ParnEqFd 49.87 +0.10 6.5 TSM Sel r NA ... NA TotIntlAdmIdx r NA ... NA TgtRet2055 43.93 +0.06 1.7 WCM Focus Funds NEcoA p 50.73 -0.44 11.0 ClearBridge Stock 172.68 +2.57 -8.6 GroCo 29.38 -0.24 37.5 TotRtnBdFdClInst 30.01 -0.01 12.4 PGIM Funds Cl Z TIAA/CREF Funds TotStAdml NA ... NA TgtRetInc 14.60 ... 4.7 WCMFocIntlGrwIns 20.97 -0.19 10.9 NwWrldA 73.04 -0.47 3.5 LargeCapGrowthI NA ... NA DoubleLine Funds GrowCoK 29.44 -0.24 37.6 Harbor Funds TotalReturnBond NA ... NA EqIdxInst 24.49 +0.06 4.9 TxMCapAdml NA ... NA TotIntBdIxInv 11.64 +0.01 3.5 Western Asset SmCpA p 64.50 -0.43 9.6 Columbia Class I CoreFxdIncmI 11.29 -0.01 3.9 InvGrBd 12.36 -0.01 8.6 CapApInst 97.69 -1.03 29.0 PIMCO Fds Instl VANGUARD ADMIRAL TxMIn r 13.19 +0.04 -5.8 USGro 56.47 -0.63 31.3 CoreBondI NA ... NA TxExA p 13.61 +0.01 3.6 DivIncom I 23.63 +0.14 -2.2 TotRetBdI NA ... NA LowP r 46.42 +0.46 -7.2 Harding Loevner AllAsset NA ... NA 500Adml 310.58 +0.85 5.2 USGroAdml 146.36 -1.62 31.4 WellsI 28.08 +0.07 4.3 CorePlusBdI NA ... NA WshA p 46.20 +0.26 -3.0 Dimensional Fds Edgewood Growth Instituti Magin 11.89 -0.07 16.6 IntlEq NA ... NA InvGrdCrBd NA ... NA BalAdml 41.38 +0.03 6.8 ValAdml 41.76 +0.40 -9.2 Welltn 43.93 +0.04 2.6 CorePlusBdIS NA ... NA

Biggest 1,000 Stocks | WSJ.com/stocks Net Net Net Net Net Net Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg

ChinaPetrol SNP 44.24 0.25 ExactSciences EXAS 84.95 -1.74 Inphi IPHI 117.59 -7.80 MohawkInds MHK 90.66 5.01 Quidel QDEL 229.69 -43.07 TelekmIndonesia TLK 20.00 -0.12 How to Read the Stock Tables Footnotes: ChinaSoAirlines ZNH 23.64 0.31 Exelixis EXEL 21.73 -0.63 Insulet PODD 203.94 -13.79 MolinaHealthcare MOH 189.30 -6.71 10xGenomics TXG 96.90 0.77 The following explanations apply to NYSE, NYSE s-New 52-week high. ChinaTelecom CHA 29.64 0.34 Exelon EXC 38.31 -0.62 Intel INTC 49.22 1.19 MolsonCoorsB TAP 37.90 0.63 R S Tenaris TS 12.17 0.10 ChinaUnicom CHU 5.74 0.12 Expedia EXPE 84.91 2.35 InteractiveBrkrs IBKR 49.55 -1.66 Mondelez MDLZ 55.49 -0.11 TencentMusic TME 15.69 -0.33 Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. RELX RELX 22.15 -0.01 Chipotle CMG 1161.00 -19.62 ExpeditorsIntl EXPD 85.19 -0.26 ICE ICE 99.16 -1.80 MongoDB MDB 191.80 -7.85 Teradyne TER 87.10 -0.47 listed securities. Prices are composite quotations dd-Indicates loss in the most recent four RH RH 311.64 0.31 Chubb CB 130.96 1.01 ExtraSpaceSt EXR 105.03 1.27 InterContinentl IHG 52.80 1.20 MonolithicPower MPWR 272.14 -6.59 Tesla TSLA 1418.57 -34.14 that include primary market trades as well as quarters. RPM RPM 83.94 -0.38 ChunghwaTel CHT 36.59 -0.26 ExxonMobil XOM 44.51 1.07 IBM IBM 127.11 2.15 MonsterBev MNST 82.00 -1.19 TevaPharm TEVA 11.87 -0.05 trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. RaymondJames RJF 75.96 1.18 Church&Dwight CHD 94.78 -0.18 F5Networks FFIV 139.62 -0.96 IntlFlavors IFF 130.55 3.75 Moody's MCO 271.15 -4.37 TexasInstruments TXN 135.41 1.85 Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing RaytheonTech RTX 64.23 3.00 ChurchillDowns CHDN 161.41 -1.31 FMC FMC 110.36 0.59 IntlPaper IP 36.31 0.82 MorganStanley MS 50.58 0.23 Textron TXT 38.86 1.28 Nasdaq ISE. standards RealPage RP 60.47 -0.54 Ciena CIEN 60.56 -0.43 Facebook FB 263.00 -5.44 Interpublic IPG 19.12 0.71 Morningstar MORN 158.56 -2.01 ThermoFisherSci TMO 410.16 -4.17 The list comprises the 1,000 largest companies lf-Late filing RealtyIncome O 62.46 -0.26 based on market capitalization. Cigna CI 183.00 4.81 FactSet FDS 356.26 0.44 Intuit INTU 304.18 -5.25 Mosaic MOS 18.40 1.21 ThomsonReuters TRI 74.24 -0.63 q-Temporary exemption from Nasdaq RegencyCtrs REG 42.87 1.22 Underlined quotations are those stocks with requirements. CincinnatiFin CINF 83.42 1.75 FairIsaac FICO 437.26 -4.46 IntuitiveSurgical ISRG 683.00 -2.85 MotorolaSol MSI 142.22 -2.04 ThorIndustries THO 108.30 -1.72 RegenPharm REGN 608.24 -11.97 large changes in volume compared with the t-NYSE bankruptcy s Cintas CTAS 316.40 6.39 Farfetch FTCH 25.89 -1.32 InvitatHomes INVH 30.03 -0.17 Mylan MYL 16.36 ... 3M MMM 161.44 3.11 RegionsFin RF 11.50 0.24 issue’s average trading volume. v-Trading halted on primary market. CiscoSystems CSCO 47.73 0.30 s Fastenal FAST 47.93 -0.52 IonisPharma IONS 54.10 -2.11 NICE NICE 216.13 -1.86 Tiffany TIF 125.18 0.36 ReinsGrp RGA 94.62 2.65 Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being Citigroup C 52.86 0.74 Fastly FSLY 78.18 -1.15 iQIYI IQ 22.50 -0.11 NIO NIO 14.21 0.79 Toro TTC 73.59 0.82 RelianceSteel RS 106.64 2.50 whose price changed by 5% or more if their reorganized under the Bankruptcy Code, CitizensFin CFG 25.88 0.45 FederalRealty FRT 80.23 1.42 IronMountain IRM 29.75 0.30 NRG Energy NRG 34.98 0.70 TorontoDomBk TD 46.43 0.66 RenaissanceRe RNR 187.84 -1.96 previous closing price was $2 or higher. or securities assumed by such companies. CitrixSystems CTXS 137.57 -3.57 s FedEx FDX 199.98 16.45 ItauUnibanco ITUB 4.74 0.05 NVR NVR 3910.01 35.00 Total TOT 39.21 0.27 Repligen RGEN 147.81 -4.96 Clarivate CCC 28.23 -0.66 Ferrari RACE 184.25 -1.70 NXP Semi NXPI 121.39 0.68 ToyotaMotor TM 130.57 0.61 RepublicSvcs RSG 90.89 0.30 Clorox CLX 233.36 -4.13 FiatChrysler FCAU 11.23 0.24 J K L Nasdaq NDAQ 131.53 -1.34 TractorSupply TSCO 147.15 -0.95 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and ResMed RMD 175.15 1.91 CloudflareNET 36.99 -3.07 FidNatlFin FNF 35.44 0.27 NationalGrid NGG 59.18 -0.02 TradeDesk TTD 465.73 -27.47 changes in the closing prices from 4 p.m. the previous day. JD.com JD 61.49 -0.57 RestaurantBrands QSR 54.77 1.04 Coca-Cola KO 47.72 -0.08 FidNatlInfo FIS 146.16 -1.62 NatlRetailProp NNN 36.73 0.36 Tradeweb TW 51.66 -1.19 Joyy YY 77.57 4.11 RexfordIndlRealty REXR 47.14 -0.76 Coca-Cola Euro CCEP 41.96 0.53 FifthThirdBncp FITB 21.03 0.58 Natura&Co NTCO 17.02 -0.22 s TraneTech TT 118.85 2.00 JPMorganChase JPM 100.64 1.26 ReynoldsCnsmr REYN 33.01 0.50 Cognex CGNX 65.54 -1.60 58.com WUBA 55.77 -0.03 NatWest NWG 3.02 0.07 TransDigm TDG 482.57 7.18 Monday, August 10, 2020 Net Net JackHenry JKHY 183.78 -0.22 RingCentral RNG 265.42 -3.58 CognizantTech CTSH 67.11 -0.37 FirstAmerFin FAF 54.49 0.56 nCino NCNO 76.79 1.42 TransUnion TRU 86.36 -1.02 Stock Sym Close Chg Stock Sym Close Chg JacobsEngg J 91.12 -0.20 RioTinto RIO 61.61 0.66 Net ColgatePalm CL 76.65 0.41 FirstRepBank FRC 116.14 0.02 NetApp NTAP 44.27 1.47 Travelers TRV 119.12 1.76 JamesHardie JHX 21.70 -0.38 s RitchieBros RBA 58.13 2.42 Stock Sym Close Chg Comcast A CMCSA 43.02 0.21 FirstSolar FSLR 72.50 -0.43 NetEase NTES 456.38 -10.12 Trex TREX 137.08 -1.96 Aon AON 192.84 -2.60 BorgWarner BWA 40.49 1.58 JazzPharma JAZZ 126.35 0.27 RobertHalf RHI 55.10 1.52 CommerceBcshrs CBSH 60.01 0.07 FirstEnergy FE 30.06 0.62 Netflix NFLX 483.38 -11.35 Trimble TRMB 48.41 -0.76 Apache APA 16.28 0.74 BostonBeer SAM 794.41 -31.38 J&J JNJ 148.03 -0.57 RocketCos.RKT 21.67 -3.23 A B C SABESP SBS 10.68 -0.20 Fiserv FISV 99.34 -4.57 Neurocrine NBIX 112.56 -2.55 Trip.com TCOM 28.40 0.58 ApartmtInv AIV 37.61 0.58 BostonProps BXP 90.95 0.91 JohnsonControls JCI 40.10 1.05 s Rockwell ROK 229.32 5.68 s ConagraBrands CAG 37.74 -0.10 Five9FIVN 115.84 -7.43 NewOrientalEduc EDU 139.42 -1.45 TruistFinl TFC 39.42 0.36 ApolloGlbMgmt APO 48.77 -0.01 BostonSci BSX 38.98 0.01 JuniperNetworks JNPR 26.03 0.09 RogersComm B RCI 41.27 0.12 ABB ABB 26.06 0.07 ConchoRscs CXO 53.23 1.96 FleetCorTech FLT 236.40 -4.21 NYTimes A NYT 44.50 -1.11 Twilio TWLO 250.05 1.05 Apple AAPL 450.91 6.46 BrightHorizons BFAM 120.31 -1.34 KB Fin KB 31.72 1.17 Roku ROKU 150.41 -5.98 AcadiaPharm ACAD 41.29 -1.44 ConocoPhillips COP 39.64 1.34 Flex FLEX 11.46-0.20 NewellBrands NWL 17.50 0.35 Twitter TWTR 37.44 0.30 ApplMaterials AMAT 65.24 1.67 BristolMyers BMY 61.82 0.80 s KKR KKR 37.01 0.11 s Rollins ROL 54.78 -0.08 ADT ADT 11.93 -0.27 ConEd ED 75.38 0.27 Floor&Decor FND 67.98 0.13 Newmont NEM 67.89 -1.02 TylerTech TYL 336.37 -20.51 Aptargroup ATR 117.00 -2.25 BritishAmTob BTI 33.92 0.70 KLA KLAC 203.09 0.24 s RoperTech ROP 441.32 0.42 AECOM ACM 38.84 0.31 ConstBrands A STZ 171.45 -0.07 FomentoEconMex FMX 58.40 0.55 NewsCorp B NWS 14.95 0.63 TysonFoods TSN 64.56 1.76 Aptiv APTV 86.44 2.58 Broadcom AVGO 327.36 1.43 KSCitySouthern KSU 184.49 -2.55 RossStores ROST 92.51 3.07 AES AES 17.59 0.43 ConstBrands B STZ.B 171.48 -0.54 FordMotor F 7.09 0.23 NewsCorp A NWSA 14.84 0.50 UBS Group UBS 12.28 0.09 Aramark ARMK 24.52 0.94 BroadridgeFinl BR 136.60 1.35 Kellogg K 69.02 -0.50 RoyalBkCanada RY 72.03 0.73 Aflac AFL 37.47 0.95 ContinentalRscs CLR 18.49 1.31 Fortinet FTNT 126.88 -4.12 NextEraEnergy NEE 283.64 -4.14 UDR UDR 35.97 0.08 ArcelorMittal MT 12.28 0.52 BrookfieldMgt BAM 32.93 0.61 KeurigDrPepper KDP 29.76 0.13 RoyalCaribbean RCL 57.31 5.21 AGNC Invt AGNC 13.89 0.26 Cooper COO 306.83 2.91 Fortis FTS 40.56 0.34 s Nike NKE 105.41 3.55 UGI UGI 35.24 0.47 ArchCapital ACGL 32.73 0.24 BrookfieldInfr BIP 43.90 1.08 KeyCorp KEY 12.71 0.18 RoyalDutchA RDS.A 31.45 0.61 ANGI Homesvcs ANGI 15.50 -0.21 Copart CPRT 98.86 -0.38 Fortive FTV 71.86 -0.37 Nikola NKLA 44.81 8.09 Uber UBER 32.27 -0.63 Ansys ANSS 308.78 -3.59 ArcherDaniels ADM 44.49 0.46 BrookfieldPropREIT BPYU 12.00 0.16 s KeysightTechs KEYS 97.77 -0.37 RoyalDutchB RDS.B 29.94 0.53 Corning GLW 32.15 0.30 s FortBrandsHome FBHS 81.02 1.21 NiSource NI 24.81 0.06 Ubiquiti UI 190.73 -1.25 ASETech ASX 4.73 ... s AresMgmt ARES 42.07 1.26 s BrookfieldRenew BEPC 48.22 0.20 KilroyRealty KRC 59.14 0.59 RoyalGold RGLD 137.52 -1.67 Corteva CTVA 25.42 0.10 FoxA FOXA 24.40 -0.27 Nokia NOK 4.91 -0.07 UltaBeautyULTA 219.12 15.24 ASML ASML 365.41 -0.66 arGEN-X ARGX 228.22 -2.54 Brown&Brown BRO 45.93 -0.13 s KimberlyClark KMB 158.09 0.83 RoyaltyPharma RPRX 45.76 2.00 CoStar CSGP 831.46 1.04 FoxB FOX 24.68 -0.21 NomuraHoldings NMR 4.95 0.03 Unilever UN 58.18 -0.09 AT&T T 30.20 0.18 AristaNetworks ANET 222.47 -8.33 Brown-Forman A BF.A 63.18 0.10 KinderMorgan KMI 14.54 0.22 Ryanair RYAAY 78.72 1.48 Costco COST 340.00 -0.91 Franco-Nevada FNV 152.70 -0.87 Nordson NDSN 201.64 2.19 Unilever UL 59.57 -0.12 AbbottLabs ABT 100.04 -1.19 AscendisPharma ASND 143.26 -2.71 Brown-Forman B BF.B 69.40 0.68 KingsoftCloud KC 33.01 -0.45 SAP SAP 159.64 -1.53 CoupaSoftware COUP 285.18 -4.13 FranklinRscs BEN 22.38 0.07 NorfolkSouthern NSC 204.50 5.51 UnionPacific UNP 186.85 3.92 AbbVie ABBV 92.38 -0.54 AspenTech AZPN 101.65 -1.19 Bruker BRKR 44.33 0.20 Credicorp BAP 128.84 0.39 KinrossGold KGC 9.32 -0.09 S&P Global SPGI 344.07 -3.20 FreeportMcM FCX 14.38 0.42 NorthernTrust NTRS 83.66 0.41 UnitedAirlines UAL 37.54 3.21 Abiomed ABMD 300.02 -10.80 Assurant AIZ 124.20 1.99 Bunge BG 46.80 1.34 s CreditAcceptance CACC 524.41 10.80 KirklandLakeGold KL 51.30 -1.28 SBA Comm SBAC 300.83 -10.45 FreseniusMed FMS 42.66 -0.27 NorthropGrum NOC 335.73 6.46 UnitedMicro UMC 4.28 ... AcceleronPharma XLRN 95.62 -3.50 AstraZeneca AZN 55.38 -0.03 BurlingtonStrs BURL 182.14 1.95 CreditSuisse CS 11.16 0.15 Knight-Swift KNX 43.51 0.73 SEI Investments SEIC 53.27 0.02 NortonLifeLock NLOK 23.00 -0.36 s UPS B UPS 159.59 2.69 Accenture ACN 230.34 -1.22 Athene ATH 36.35 0.94 CBRE Group CBRE 45.37 1.35 s Cree CREE 73.69 1.03 G H I KoninklijkePhil PHG 52.03 -0.57 SK Telecom SKM 22.39 0.77 Novartis NVS 82.39 -0.52 s UnitedRentals URI 181.26 7.67 ActivisionBliz ATVI 82.26 -0.21 Atlassian TEAM 165.95 -4.98 CDW CDW 113.00 -1.77 CrowdStrike CRWD 97.00 -4.75 KoreaElcPwr KEP 8.08 -0.08 SS&C Tech SSNC 61.56 0.59 s Novavax NVAX 178.51 8.22 US Bancorp USB 37.47 0.01 Adobe ADBE 443.29 -6.28 AtmosEnergy ATO 106.04 0.33 CF Industries CF 34.88 1.75 CrownCastle CCI 166.18 -2.01 GCI LibertyA GLIBA 82.14 -1.48 KraftHeinz KHC 34.79 -0.62 StoreCapital STOR 25.56 -0.35 NovoNordisk NVO 64.62 -0.02 s UnitedHealth UNH 319.10 2.07 AdvanceAuto AAP 153.32 1.35 Autodesk ADSK 231.88 -4.36 CGI GIB 70.53 -1.02 CrownHoldings CCK 73.82 -0.33 GDS Holdings GDS 78.41 -2.10 Kroger KR 35.03 -0.21 SVB Fin SIVB 240.10 2.76 Novocure NVCR 78.31 -0.73 UnivDisplay OLED 185.50 -1.01 AdvMicroDevices AMD 82.24 -2.61 Autohome ATHM 83.97 -0.85 CH Robinson CHRW 96.64 0.85 CubeSmart CUBE 30.65 0.44 GFLEnvironmental GFL 20.49 -1.07 s L Brands LB 27.49 1.45 Salesforce.com CRM 197.16 -3.89 Autoliv ALV 69.62 2.20 NuanceComms NUAN 29.09 -0.39 UniversalHealthB UHS 112.62 3.18 Aegon AEG 3.35 0.10 CME Group CME 165.34 -1.80 s Cummins CMI 210.17 10.90 GSXTechedu GSX 96.56 -10.43 s LHC Group LHCG 201.06 -12.02 Sanofi SNY 50.91 -0.60 Nucor NUE 46.10 1.76 VEREIT VER 6.58 0.05 AgilentTechs A 97.14 -0.64 ADP ADP 138.17 0.18 CMS Energy CMS 63.04 0.16 CyrusOne CONE 83.31 -1.68 Galapagos GLPG 183.02 -7.73 Line LN 51.08 -0.03 SantanderCons SC 19.35 0.37 Nutrien NTR 36.68 1.20 AgnicoEagle AEM 81.89 -0.46 AutoZone AZO 1174.72 -7.50 CNA Fin CNA 34.57 0.41 Gallagher AJG 107.44 0.63 LKQ LKQ 30.76 0.62 SareptaTherap SRPT 159.00 0.03 VF VFC 64.01 2.73 NVIDIA NVDA 446.60 -1.38 AirProducts APD 281.24 -0.45 Avalara AVLR 119.51 -3.20 CNH Indl CNHI 7.73 0.30 D E F Gaming&Leisure GLPI 39.30 0.42 LPL Financial LPLA 83.98 -1.11 Schlumberger SLB 20.22 0.59 VICI Prop VICI 23.13 0.25 AkamaiTech AKAM 107.87 -1.35 Avalonbay AVB 153.80 -0.06 CNOOC CEO 111.56 2.66 Garmin GRMN 102.11 0.22 L3HarrisTech LHX 179.18 3.54 O P Q SchwabC SCHW 33.80 -0.24 VailResorts MTN 202.34 5.62 Albemarle ALB 87.22 2.78 Avangrid AGR 49.11 -0.14 CRH CRH 38.98 0.19 DISH Network DISH 35.37 1.20 Gartner IT 132.63 1.09 LabCpAm LH 187.38 -5.73 ScottsMiracleGro SMG 155.72 -2.75 Vale VALE 11.36 0.20 Avantor AVTR 20.70 -0.97 DTE Energy DTE 120.23 1.37 ValeroEnergy VLO 53.55 0.89 Albertsons ACI 15.37 0.02 CRISPR Therap CRSP 90.77 0.96 Generac GNRC 166.32 -12.28 LamResearch LRCX 375.76 3.32 OGE Energy OGE 33.79 0.51 Sea SE 122.70 -6.30 AveryDennison AVY 116.18 0.36 CSX CSX 74.08 1.15 Danaher DHR 202.05 -3.35 VarianMed VAR 173.33 -0.49 Alcon ALC 61.27 -0.67 GeneralDynamics GD 156.56 3.59 LamarAdv LAMR 65.12 ... 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McDonalds MCD 204.12 -0.48 Pool POOL 325.49 -3.11 TIM Part TSU 14.40 0.22 Xylem XYL 79.00 1.85 AVIATION BUSINESSOPPORTUNITIES Entergy ETR 105.70 1.03 ICICI Bank IBN 9.96 0.34 McKesson MCK 152.39 0.39 PostHoldings POST 89.24 0.31 TJX TJX 56.52 1.07 YamanaGold AUY 6.44 -0.04 EnterpriseProd EPD 18.31 0.41 IdexxLab IDXX 377.19 -4.57 MedicalProp MPW 19.91 0.04 PrincipalFin PFG 45.56 1.24 T-MobileUS TMUS 116.07 0.98 Yandex YNDX 57.00 -2.16 Equifax EFX 164.67 -1.97 s IHS Markit INFO 83.53 -0.43 Medtronic MDT 100.38 0.33 Procter&Gamble PG 134.10 0.55 TRowePrice TROW 138.66 -0.97 YumBrands YUM 91.34 0.52 s Equinix EQIX 782.74 -8.96 ING Groep ING 7.94 0.09 MelcoResorts MLCO 19.30 1.93 Progressive PGR 90.12 -0.61 TaiwanSemi TSM 79.87 -0.16 YumChina YUMC 52.91 -0.44 -1* /0#+& 4)'.")*%+, 3., 25+& !0$0,)(0' Equinor EQNR 16.17 0.18 IPG Photonics IPGP 158.20 -5.06 s MercadoLibre MELI 1124.31 -69.66 Prologis PLD 103.73 -1.34 TakeTwoSoftware TTWO 174.73 -0.23 ZTO Express ZTO 36.00 -0.34 ;5("$' *5'8$=@ @=8$'% Proofpoint PFPT 107.67 -1.43 TakedaPharm TAK 18.19 0.04 ZaiLab ZLAB 79.65 -0.70 .AA-/D5 /D9A.BC1 BC =1C9/"A%!F7,&& DC 1/.- Equitable EQH 21.59 0.31 IQVIA IQV 159.64 -0.90 Merck MRK 80.91 -0.11 30,. 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(20!4' .A1/C<. /D9A.BC1. CD+3 =+A%.A7 Immunomedics IMMU 40.92 -2.03 117.05 0.56 &#C/5 &B+<: 3E>40 7AE-27>2 s Etsy ETSY 134.72 -0.34 ImperialOil IMO 16.70 0.46 MitsubishiUFJ MUFG 3.98 0.03 Qorvo QRVO 129.47 -1.50 Teleflex TFX 376.40 2.90 ZoomVideo ZM 250.00 -8.73 5/"*$3)'0+!)"+'"13.3'*0,40- 0* EverestRe RE 231.88 -0.31 Incyte INCY 94.32 -2.61 MizuhoFin MFG 2.57 0.02 Qualcomm QCOM 106.36 -1.89 Ericsson ERIC 11.63 ... ZoomInfoTech ZI 43.20 -2.90 DDB+<:"B)#8+#C+9<.!9? 2(%,&&&,#### Evergy EVRG 54.06 -1.10 Infosys INFY 12.59 -0.01 MobileTeleSys MBT 8.88 -0.03 s QuantaServices PWR 48.20 1.84 TelefonicaBras VIV 9.44 0.08 Zscaler ZS 122.39 -3.46 EversourceEner ES 88.55 -0.47 IngersollRand IR 35.03 1.13 Moderna MRNA 72.01 -2.09 QuestDiag DGX 121.24 -3.97 Telefonica TEF 4.23 0.07 Zynga ZNGA 9.47 -0.26 P2JW224000-0-B00700-1------XA

THE WALL STREET JOURNAL. Tuesday, August 11, 2020 | B7 MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 27791.44 s357.96, or 1.30% Trailing P/E ratio 28.15 18.73 3360.47 s9.19, or 0.27% Trailing P/E ratio * N/A 22.67 10968.36 t 42.63, or 0.39% Trailing P/E ratio *† N/A 23.54 High, low, open and close for each P/E estimate * N/A 16.92 High, low, open and close for each P/E estimate * N/A 17.69 High, low, open and close for each P/E estimate *† N/A 21.24 trading day of the past three months. Dividend yield 2.40 2.33 trading day of the past three months. Dividend yield * N/A 1.92 trading day of the past three months. Dividend yield *† N/A 1.05 All-time high 29551.42, 02/12/20 All-time high 3386.15, 02/19/20 All-time high: 11108.07, 08/06/20

Current divisor 0.14579812049809 30000 3500 11000

27500 3250 10500

25000 3000 10000

22500 2750 9500 65-day moving average Session high DOWN UP 65-day moving average Session open Close 65-day moving average t 20000 2500 9000 Close Open t 17500 2250 8500 Session low Bars measure the point change from session's open 15000 2000 8000 May June July Aug. May June July Aug. May June July Aug. *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4p.m. to 6:30 p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 863,983,509 26,340,972 Industrial Average 27803.86 27488.21 27791.44 357.96 1.30 29551.42 18591.93 7.3 -2.6 8.4 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 654,943,585 10,753,153 Transportation Avg 10890.57 10640.55 10864.94 288.56 2.73 11304.97 6703.63 8.3 -0.3 6.0 Most-active issues in late trading Decl. volume* 203,364,011 15,097,586 Utility Average 848.71 838.24 841.03 -2.20 -0.26 960.89 610.89 1.9 -4.3 4.6 Volume After Hours Issues traded 3,062 269 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 34311.87 34040.24 34277.41 83.31 0.24 34631.28 22462.76 15.8 3.8 10.8 Advances 2,172 148 Intel INTC 6,399.0 49.20 -0.02 -0.04 49.30 49.12 Barron's 400 733.16 728.96 730.98 2.85 0.39 746.64 455.11 11.8 -0.2 4.9 Declines 827 111 Invsc Natl AMT-Fr Muni PZA 5,506.7 27.18 ... unch. 27.19 27.18 Unchanged 63 10 SPDR S&P 500 SPY Nasdaq Stock Market 4,472.4 335.08 -0.49 -0.15 336.82 335.01 New highs 123 10 Nasdaq Composite 11040.24 10849.46 10968.36 -42.63 -0.39 11108.07 6860.67 39.5 22.2 20.8 Microsoft MSFT 4,249.5 208.09 -0.16 -0.08 208.50 207.90 New lows 50 Nasdaq 100 11159.38 10941.87 11085.17 -54.22 -0.49 11267.08 6994.29 46.6 26.9 24.2 Grifols ADR GRFS 4,096.5 17.49 0.04 0.23 17.65 17.45 Closing Arms† 0.79 1.52 Freeport-McMoRan FCX 3,296.4 14.40 0.02 0.14 14.48 14.30 S&P Block trades* 4,982 219 Twitter TWTR 3,051.4 37.50 0.06 0.16 38.12 37.25 500 Index 3363.29 3335.44 3360.47 9.19 0.27 3386.15 2237.40 16.5 4.0 11.3 Nasdaq NYSE Arca Altice USA Cl A ATUS 3,046.3 27.79 ... unch. 27.79 27.79 MidCap 400 1955.74 1943.73 1947.13 8.60 0.44 2106.12 1218.55 4.0 -5.6 4.5 Total volume*4,048,870,231 220,152,021 SmallCap 600 927.27 914.10 920.49 8.82 0.97 1041.03 595.67 -0.0 -9.9 3.5 Percentage gainers… Adv. volume*2,600,199,115 144,241,285 Decl. volume*1,395,963,067 72,955,197 Other Indexes Pfenex PFNX 71.7 12.25 4.59 59.92 12.65 7.66 Issues traded 3,452 1,419 Russell 2000 1593.83 1573.75 1584.67 15.49 0.99 1705.22 991.16 6.0 -5.0 4.9 Equillium EQ 703.3 12.16 2.11 21.00 15.47 10.05 Advances 2,045 925 NYSE Composite 12854.52 12794.53 12844.02 78.17 0.61 14183.20 8777.38 2.0 -7.7 2.9 Clearside Biomedical CLSD 1,065.1 2.10 0.31 17.32 3.13 1.80 Declines 1,313 467 Magnite MGNI 514.4 8.08 0.97 13.64 8.32 6.80 Value Line 483.33 476.77 482.73 5.96 1.25 562.05 305.71 -4.1 -12.6 -1.8 Unchanged 94 27 j2 Global JCOM 57.7 68.16 8.05 13.39 69.25 59.95 NYSE Arca Biotech 5682.80 5576.59 5614.42 -63.61 -1.12 6142.96 3855.67 24.0 10.8 14.0 New highs 133 76 NYSE Arca Pharma 662.07 657.94 659.51 -1.67 -0.25 672.00 494.36 13.8 0.9 8.4 ...And losers New lows 827 KBW Bank 79.02 77.70 78.24 0.82 1.06 114.12 56.19 -15.4 -31.0 -6.1 Mesoblast ADR MESO 72.6 13.81 -3.61 -20.72 18.30 13.45 Closing Arms† 0.84 1.07 § PHLX Gold/Silver 158.97 152.64 153.03 -1.11 -0.72 161.14 70.12 61.3 43.1 22.1 iShares Core MSCI EM IEMG 2,101.6 42.24 -10.41 -19.77 52.62 42.24 Block trades* 20,464 1,276 § PHLX Oil Service 39.89 38.53 39.66 1.44 3.77 80.99 21.47 -39.0 -49.3 -31.5 Kaleyra KLR 114.2 5.19 -1.06 -16.96 6.25 4.76 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 2187.98 2148.11 2179.60 0.74 0.03 2209.81 1286.84 50.6 17.8 27.2 Haverty Furniture HVT 79.2 13.50 -2.70 -16.67 16.20 13.00 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 23.52 21.46 22.13 -0.08 -0.36 82.69 11.54 4.9 60.6 11.3 NGL NGL Energy Partners 112.8 4.35 -0.61 -12.30 4.96 4.30 Arms of less than 1 indicates buying demand; above 1 §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. International Stock Indexes Percentage Gainers... Percentage Losers Latest YTD Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg 0.63 World The Global Dow 3011.52 18.84 –7.4 Seres Therapeutics MCRB 22.70 18.06 389.22 33.00 2.52 705.0 Reata Pharmaceuticals A RETA 104.41 -51.79 -33.16 257.97 70.00 32.9 0.19 DJ Global Index 430.28 0.81 –0.9 Omeros OMER 21.32 7.19 50.88 25.46 8.50 15.8 Addex Therapeutics ADR ADXN 14.69 -6.32 -30.07 37.52 6.19 ... DJ Global ex U.S. 246.59 0.32 0.13 –6.4 BiomX PHGE 8.00 2.37 42.10 11.50 4.52 -22.0 Eastman Kodak KODK 10.73 -4.15 -27.89 60.00 1.50 406.1 Americas DJ Americas 781.64 2.02 0.26 2.7 Commercial Vehicle Group CVGI 4.07 1.10 37.04 8.02 1.24 -43.6 Navidea Biopharm NAVB 3.46 -1.32 -27.62 5.36 0.49 561.8 Brazil Sao Paulo Bovespa 103444.48 668.93 0.65 –10.6 Cleanspark CLSK 12.20 3.01 32.75 13.00 0.97 22.0 Recro Pharma REPH 3.34 -1.06 -24.09 19.21 3.13 -66.1 Canada S&P/TSX Comp 16605.50 61.02 0.37 –2.7 Adamas Pharmaceuticals ADMS 4.98 1.20 31.75 7.78 1.90 -22.2 TOP Ships TOPS 1.72 -0.53 -23.56 242.75 1.38 -99.0 Mexico S&P/BMV IPC 38289.76 284.76 0.75 –12.1 Trevena TRVN 3.13 0.75 31.51 3.68 0.46 242.1 Universal Security UUU 2.27 -0.58 -20.35 4.10 0.30 81.6 Chile Santiago IPSA 2747.92 –3.31 –0.12 –17.6 Sorrento Therapeutics SRNE 18.82 4.40 30.51 19.39 1.39 818.0 NuZee NUZE 31.84 -8.12 -20.32 51.57 5.05 -11.6 Cumulus Media CMLS 4.95 1.01 25.63 18.15 3.00 -65.5 Baudax Bio BXRX 2.76 -0.68 -19.77 10.14 2.16 ... EMEA Stoxx Europe 600 364.65 1.10 0.30 –12.3 Majesco MJCO 16.21 3.12 23.83 16.60 4.57 110.0 Hycroft Mining Holding HYMC 12.51 -2.96 -19.13 16.17 7.35 22.0 Eurozone Euro Stoxx 357.71 0.59 0.17 –11.4 Belgium Bel-20 3355.27 15.18 0.45 –15.2 Neuronetics STIM 4.33 0.81 23.01 12.20 1.25 -56.4 Crexendo CXDO 9.30 -1.99 -17.63 12.78 3.00 165.7 Denmark OMX Copenhagen 20 1290.66 –5.46 –0.42 13.6 Seritage Growth Prop Cl A SRG 13.70 2.52 22.54 45.70 5.00 -65.1 Amer Virtual Cloud Techs AVCT 6.58 -1.26 -16.07 12.96 1.45 -36.2 France CAC 40 4909.51 19.99 0.41 –17.9 Nikola NKLA 44.81 8.09 22.03 93.99 10.16 340.6 Quidel QDEL 229.69 -43.07 -15.79 306.72 55.25 289.8 Usio USIO Everspin Technologies MRAM Germany DAX 12687.53 12.65 0.10 –4.2 3.46 0.62 21.83 3.72 0.75 22.3 5.36 -0.99 -15.59 9.01 1.75 -15.6 Ashford AINC 8.27 1.46 21.46 29.71 4.86 -71.2 Sohu.com ADR SOHU 20.19 -3.50 -14.77 25.71 5.41 111.4 Israel Tel Aviv 1398.82 –1.70 –0.12 –16.9 Italy FTSE MIB 19651.57 135.15 0.69 –16.4 Most Active Stocks Volume Movers Ranked by change from 65-day average* Netherlands AEX 557.08 –2.49 –0.44 –7.9 Russia RTS Index 1267.96 –3.47 –0.27 –18.1 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low South Africa FTSE/JSE All-Share 56757.73 … Closed –0.6 Spain IBEX 35 7053.90 103.40 1.49 –26.1 Sorrento Therapeutics SRNE 141,499 216.0 18.82 30.51 19.39 1.39 Omeros OMER 18,102 4347 21.32 50.88 25.46 8.50 Sweden OMX Stockholm 693.05 1.05 0.15 1.8 American Airlines Group AAL 120,191 27.1 14.00 7.44 31.67 8.25 Oaktree Acquisition Cl A OAC 1,771 4215 10.59 3.12 10.66 9.40 Trevena TRVN Fst Tr VI Multi-Asset Div MDIV Switzerland Swiss Market 10090.91 22.88 0.23 –5.0 108,069 1911.3 3.13 31.51 3.68 0.46 3,594 3108 14.55 1.11 19.06 9.01 Ocugen OCGN 105,858 233.3 0.71 28.18 17.40 0.17 Eton Pharmaceuticals ETON 4,314 2495 7.83 17.92 8.74 2.50 Turkey BIST 100 1075.52 14.93 1.41 –6.0 ProSh UltraPro Shrt QQQ SQQQ 103,080 23.4 5.62 1.44 37.69 5.34 Unity Biotechnology UBX 7,246 1623 11.98 14.86 15.44 4.62 U.K. FTSE 100 6050.59 18.41 0.31 –19.8 U.K. FTSE 250 17724.94 102.01 0.58 –19.0 Seres Therapeutics MCRB 95,209 13036.9 22.70 389.22 33.00 2.52 Invsc MSCI Global Timber CUT 255 1376 26.60 0.61 29.74 17.50 General Electric GE 94,112 -5.8 6.67 4.22 13.26 5.48 Vanguard Russell 3000 VTHR 235 1291 152.26 0.25 154.30 97.77 Asia-Pacific NIO ADR NIO 82,889 -26.6 14.21 5.89 16.44 1.19 Amplitude Hlthcr Cl A AMHC 306 1287 9.95 -0.50 10.25 9.45 Australia S&P/ASX 200 6110.20 105.36 1.75 –8.6 iShares Silver Trust SLV 81,077 92.2 27.00 3.09 27.39 10.86 Flagstar Bancorp FBC 4,229 1222 31.58 -3.81 40.00 16.76 China Shanghai Composite 3379.25 25.22 0.75 10.8 MGM Resorts Intl MGM 71,028 161.0 21.65 13.77 34.64 5.90 GX Acquisition Cl A GXGX 931 1211 10.26 0.39 10.60 9.30 Hong Kong Hang Seng 24377.43 –154.19 –0.63 –13.5 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least 0.37 India S&P BSE Sensex 38182.08 141.50 –7.4 5,000 shares =Has traded fewer than 65 days Japan Nikkei Stock Avg 22329.94 … Closed –5.6 Singapore Straits Times 2545.51 … Closed –21.0 Track the Markets South Korea Kospi 2386.38 34.71 1.48 8.6 Compare the performance of selected CURRENCIES & COMMODITIES Taiwan TAIEX 12894.00 0.51 7.5 global stock indexes, bond ETFs, 65.13 currencies and commodities at Currencies Thailand SET 1322.01 –2.39 –0.18 –16.3 WSJ.com/TrackTheMarkets Sources: FactSet; Dow Jones Market Data U.S.-dollar foreign-exchange rates in late New York trading US$ vs, US$ vs, Mon YTD chg Mon YTD chg CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004315 23178 0.02 Argentina peso .0137 72.8775 21.7 Europe Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Brazil real .1825 5.4802 36.3 Czech Rep. koruna .04482 22.311 –1.6 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .7490 1.3352 2.8 Denmark krone .1576 6.3435 –4.8 notes and bonds major U.S. trading partners Chile peso .001241 806.00 9.0 Euro area euro 1.1739 .8519 –4.5 A consumer rate against its New car loan Colombiapeso .000265 3772.07 14.9 Hungary forint .003405 293.65 –0.6 Ecuador US dollar Iceland krona benchmark over the past year 11unch .007285 137.26 13.3 Bankrate.com avg†: 4.27% 4.00% 8% Mexico peso .0445 22.4757 18.7 Norway krone .1106 9.0387 3.0 Uruguay peso .02354 42.4750 14.4 Poland zloty .2668 3.7484 –1.2

First Command Bank 2.75% s 3.00 WSJ Dollar index Euro s Asia-Pacific Russia ruble .01361 73.457 18.4 5.40% Fort Worth, TX 888-763-7600 4 Sweden krona .1141 8.7612 –6.5 One year ago Australian dollar .7149 1.3988 –1.8 Prime rate Switzerland franc 1.0922 .9156 –5.4 First Savings Bank of Hegewisch 2.75% t China yuan .1436 6.9619 –0.02 t 4.80 2.00 0 Turkey lira .1363 7.3355 23.3 Chicago, IL 773-646-4200 Hong Kong dollar .1290 7.7504 –0.5 Ukraine hryvnia .0362 27.6500 16.8

India rupee .01336 74.876 4.9 t 4.20 Think Mutual Bank 2.99% 1.00 UK pound 1.3072 .7650 1.4 Tradeweb ICE Monday Close –4 Indonesia rupiah .0000683 14640 5.5 New car loan Rochester, MN 800-288-3425 t s Middle East/Africa Yen Japan yen .009437 105.96 –2.5 3.60 First FSB of Mascoutah 3.00% 0.00 –8 Kazakhstan tenge .002384 419.44 9.9 Bahrain dinar 2.6529 .3770 –0.02 Macau pataca .1252 7.9870 –0.4 Egypt pound .0625 15.9895 –0.4 Mascoutah, IL 888-415-3279 1 3 6 1 2 3 5 7 10 20 30 2019 2020 3.00 month(s) years Malaysia ringgit .2384 4.1955 2.6 Israel shekel .2933 3.4098 –1.3 S O N D J F M A M J JA Cambridge Savings Bank 3.24% New Zealand dollar .6591 1.5172 2.1 Kuwait dinar 3.2707 .3057 0.9 maturity 2019 2020 Cambridge, MA 888-418-5626 Pakistan rupee .00593 168.500 8.7 Oman sul rial 2.5974 .3850 ... Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0204 49.067 –3.2 Qatar rial .2734 3.658 0.4 Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7279 1.3738 2.1 Saudi Arabia riyal .2666 3.7509 –0.01 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0008431 1186.08 2.7 South Africa rand .0565 17.6909 26.4 Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 2.00 -1.00 Sri Lanka rupee .0054142 184.70 1.9 Yield (%) 52-Week Total Return (%) Taiwan dollar .03402 29.391 –1.7 Close Net Chg % Chg YTD % Chg Prime rate* 3.25 3.25 l 5.25 3.25 -1.00 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03213 31.120 4.6 WSJ Dollar Index 88.85 0.11 0.13 –0.79 Libor, 3-month 0.26 0.25 0.24 l 2.18 -1.05 U.S. Treasury, Barclays 2499.570 0.440 0.430 1.910 0.400 9.48 5.64 Sources: Tullett Prebon, Dow Jones Market Data Money market, annual yield 0.25 0.26 0.25 l 0.78 -0.04 Five-year CD, annual yield 0.68 0.69 0.67 l 1.96 -0.77 U.S. Treasury Long, Barclays 5035.030 1.140 1.150 2.370 0.980 22.69 12.77 Commodities 30-year mortgage, fixed† 3.07 3.10 3.03 l 4.22 -0.85 Aggregate, Barclays 2298.080 1.030 1.050 2.460 1.020 8.75 5.59 Monday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.62 2.73 2.62 l 3.57 -0.49 Fixed-Rate MBS, Barclays 2231.040 0.990 1.020 2.690 0.930 5.18 3.83 Jumbo mortgages, $510,400-plus† 3.10 3.14 3.06 l 4.71 -1.23 DJ Commodity 608.80 5.07 0.84 647.86 433.70 2.37 -5.22 High Yield 100, ICE BofA 3164.027 4.420 4.321 10.740 4.285 3.092 3.908 Five-year adj mortgage (ARM)† 3.23 3.24 3.06 l 4.78 -0.10 TR/CC CRB Index 147.58 0.73 0.50 187.39 106.29 -13.50 -20.56 Muni Master, ICE BofA 592.749 0.838 0.913 3.441 0.838 5.015 4.343 New-car loan, 48-month 4.27 4.27 4.17 l 4.67 1.39 Crude oil, $ per barrel 41.94 0.72 1.75 63.27 -37.63 -23.65 -31.31 Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan 910.201 4.543 4.690 7.480 4.523 5.861 4.752 Natural gas, $/MMBtu 2.153 -0.085 -3.80 2.862 1.482 2.28 -1.64 banks.† Excludes closing costs. Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services Gold, $ per troy oz. 2024.40 14.30 0.71 2051.50 1452.10 34.48 33.23 Get real-time U.S. stock quotesand track most-activestocks, newhighs/lows and mutual funds. Plus, deeper money-flows data and email delivery of keystock-market data. Available free at WSJMarkets.com P2JW224000-0-B00800-1------XA

B8 | Tuesday, August 11, 2020 THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Contract Open Contract Open Contract Open Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Metal & Petroleum Futures Wheat (CBT)-5,000 bu.; cents per bu. Eurodollar (CME)-$1,000,000; pts of 100% Sept 1.1795 1.1810 1.1745 1.1753 –.0039 692,286 Aug 99.7625 99.7675 99.7500 99.7525 –.0125 196,228 Contract Open Sept 495.25 497.25 490.00 491.00 –4.50 146,320 Open High hi lo Low Settle Chg interest Dec 502.50 505.00 498.50 499.75 –3.75 122,141 Sept 99.7800 99.7800 99.7650 99.7650 –.0150 1,478,889 Index Futures Dec 99.7350 99.7350 99.7200 99.7200 –.0150 998,757 Copper-High (CMX)-25,000 lbs.; $ per lb. Wheat (KC)-5,000 bu.; cents per bu. Mini DJ Industrial Average (CBT)-$5 x index Aug 2.8230 2.8695 2.8230 2.8585 0.0680 1,156 Sept 415.00 417.25 410.00 414.00 –1.50 121,163 March'21 99.8000 99.8000 99.7900 99.7900 –.0100 920,050 Sept 27364 27713 27260 27679 346 94,181 Sept 2.7860 2.8850 2.7820 2.8615 0.0690 98,174 Dec 426.75 428.75 422.25 426.00 –1.25 90,300 Dec 27201 27575 27137 27548 342 493 Gold (CMX)-100 troy oz.; $ per troy oz. Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Currency Futures S&P 500 Index (CME)-$250 x index Aug 2026.40 2043.80 2017.50 2024.40 14.30 4,590 Aug 142.825 143.825 142.250 143.575 .850 5,427 Japanese Yen (CME)-¥12,500,000; $ per 100¥ Sept 3346.20 3354.70 3335.80 3352.70 7.90 25,288 Sept 145.350 145.725 143.975 145.400 .275 12,603 Oct 2034.50 2050.90 2018.90 2030.30 12.30 68,637 Aug .9428 .9460 .9417 .9439 –.0001 1,278 Dec …… …3342.40 7.90 2 Dec 2044.80 2060.80 2028.70 2039.70 11.70 405,747 Cattle-Live (CME)-40,000 lbs.; cents per lb. Sept .9447 .9464 .9419 .9442 –.0001 152,807 Mini S&P 500 (CME)-$50 x index Feb'21 2046.90 2069.60 2041.20 2050.10 11.60 34,053 Aug 102.800 103.850 102.575 103.600 .800 17,079 Canadian Dollar (CME)-CAD 100,000; $ per CAD Sept 3347.00 3357.25 3329.00 3352.75 8.00 2,626,708 April 2059.00 2078.80 2054.00 2059.60 11.60 14,622 Oct 106.500 107.500 106.225 107.150 .700 123,946 Aug .7475 .7499 .7467 .7491 .0019 13,951 Dec 3333.00 3346.75 3318.75 3342.50 8.00 62,151 June 2069.10 2083.00 2065.80 2066.70 11.20 7,661 Hogs-Lean (CME)-40,000 lbs.; cents per lb. Mini S&P Midcap 400 (CME)-$100 x index Palladium (NYM) - 50 troy oz.; $ per troy oz. Sept .7474 .7500 .7466 .7491 .0019 117,435 Aug 51.850 53.425 51.650 53.125 2.125 11,464 Sept 1931.80 1953.90 1930.30 1944.40 8.60 57,495 Aug ……s …2265.20 92.60 ... British Pound (CME)-£62,500; $ per £ Oct 51.600 54.150 51.500 53.825 2.850 106,522 Dec 1936.10 1948.90 1930.80 1941.40 6.10 4 Sept 2207.30 2350.30 2194.50 2270.40 93.80 6,906 Aug 1.3052 1.3103 1.3021 1.3070 .0016 628 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Mini Nasdaq 100 (CME)-$20 x index Dec 2219.80 2361.30 2215.80 2284.40 95.40 3,381 Sept 1.3060 1.3106 1.3021 1.3071 .0016 174,317 Sept 650.00 664.90 s 646.30 662.50 14.50 2,506 Sept 11140.25 11156.50 10928.25 11072.00 –50.75 233,781 Platinum (NYM)-50 troy oz.; $ per troy oz. Swiss Franc (CME)-CHF 125,000; $ per CHF Nov 583.80 594.40 s 582.90 593.10 12.60 980 Dec 11117.00 11130.00 10915.00 11055.75 –50.50 2,109 Aug ...... s ... 997.50 32.40 15 Sept 1.0972 1.0973 1.0898 1.0936 –.0024 55,911 Milk (CME)-200,000 lbs., cents per lb. Mini Russell 2000 (CME)-$50 x index Oct 981.10 1026.90 977.30 1002.70 32.30 51,677 Dec 1.0977 1.0999 1.0927 1.0963 –.0024 162 Aug 19.32 19.70 19.30 19.43 .07 5,914 Sept 1568.60 1594.10 1561.50 1583.90 17.70 509,628 Silver (CMX)-5,000 troy oz.; $ per troy oz. Australian Dollar (CME)-AUD 100,000; $ per AUD Sept 16.19 16.70 16.13 16.24 .01 4,411 Dec 1566.60 1591.00 1559.70 1580.80 18.00 557 Aug 28.200 28.340 s 28.115 29.249 1.716 174 Aug .7148 .7183 .7141 .7151 .0001 317 Cocoa (ICE-US)-10 metric tons; $ per ton. Mini Russell 1000 (CME)-$50 x index Sept 28.525 29.530 27.960 29.261 1.721 124,171 Sept .7156 .7185 .7141 .7152 .0002 121,982 Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Sept 2,543 2,559 2,471 2,495 –51 42,236 Sept 1858.60 1860.80 1845.80 1859.50 4.30 8,092 Mexican Peso (CME)-MXN 500,000; $ per MXN Sept 41.50 42.33 41.17 41.94 0.72 339,035 Dec 2,519 2,535 2,466 2,488 –35 85,045 U.S. Dollar Index (ICE-US)-$1,000 x index Aug .04458 .04466 .04438 .04444 –.00014 81 Oct 41.63 42.54 41.43 42.17 0.68 237,605 Coffee (ICE-US)-37,500 lbs.; cents per lb. Sept 93.42 93.69 93.28 93.57 .16 33,848 Sept .04441 .04454 .04416 .04428 –.00014 128,914 Nov 42.01 42.86 41.83 42.50 0.64 140,491 Sept 115.05 117.15 111.60 112.60 –2.85 54,679 Dec 93.46 93.70 93.33 93.59 .16 1,277 Euro (CME)-€125,000; $ per € Dec 42.32 43.15 42.11 42.80 0.61 255,936 Dec 117.25 119.45 114.20 115.30 –2.60 86,822 Aug 1.1789 1.1802 1.1739 1.1746 –.0039 1,407 June'21 43.63 44.44 43.60 44.13 0.50 164,090 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Source: FactSet Dec 44.27 45.04 44.20 44.73 0.39 183,874 Oct 12.59 12.82 12.41 12.55 –.12 381,614 NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. March'21 13.18 13.40 13.04 13.16 –.09 238,918 Sept 1.2268 1.2444 1.2217 1.2369 .0170 81,624 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Oct 1.2480 1.2668 1.2442 1.2596 .0168 48,105 Bonds | wsj.com/market-data/bonds/benchmarks Sept 27.50 27.50 27.50 27.50 .50 1,071 Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Nov 27.20 27.20 27.20 27.20 …2,631 Sept 1.2195 1.2491 1.2081 1.2293 .0217 97,029 Cotton (ICE-US)-50,000 lbs.; cents per lb. Tracking Bond Benchmarks Oct 1.1553 1.1817 1.1462 1.1669 .0210 67,669 Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Oct 62.40 62.78 62.40 62.34 .46 104 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Sept 2.257 2.275 2.118 2.153 –.085 284,837 Dec 62.36 63.11 62.01 62.80 .44 120,341 highs and lows for different types of bonds Oct 2.385 2.401 2.254 2.287 –.089 148,013 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Total Total Nov 2.726 2.734 2.607 2.640 –.080 111,990 Sept 113.95 113.95 111.10 112.50 –1.85 5,154 return YTD total Yield (%) return YTD total Yield (%) Dec 3.041 3.055 2.946 2.975 –.069 89,305 Nov 117.60 117.60 114.50 116.00 –1.60 3,366 close return (%) Index Latest Low High close return (%) Index Latest Low High Jan'21 3.150 3.159 3.056 3.079 –.068 123,750 March 2.960 2.984 2.900 2.915 –.058 81,730 Interest Rate Futures Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Agriculture Futures 2298.08 7.8 U.S. Aggregate 1.030 1.020 2.460 2231.04 3.9 Mortgage-Backed 0.990 0.930 2.690 Sept 226-150 227-060 225-130 225-270 –27.0 1,042,806 Corn (CBT)-5,000 bu.; cents per bu. Treasury Bonds (CBT)-$100,000; pts 32nds of 100% U.S. Corporate Indexes Bloomberg Barclays 2175.09 3.5 Ginnie Mae (GNMA) 0.290 0.290 2.660 Sept 307.50 311.75 307.50 310.50 2.75 475,268 Sept 181-150 182-000 181-020 181-090 –10.0 1,079,886 3424.71 8.8 U.S. Corporate 1.830 1.820 4.580 1318.20 4.0 Fannie mae (FNMA) 1.240 1.110 2.690 Dec 320.50 323.75 320.50 323.00 2.25 699,447 Dec 180-000 180-100 179-140 179-200 –10.0 26,116 Oats (CBT)-5,000 bu.; cents per bu. Treasury Notes (CBT)-$100,000; pts 32nds of 100% 3073.25 6.1 Intermediate 1.240 1.230 4.400 2023.43 3.9 Freddie Mac (FHLMC) 1.210 1.080 2.710 Sept 272.50 276.00 269.50 270.25 –4.00 552 Sept 139-300 140-045 139-265 139-280 –2.5 3,443,690 Muni Master Dec 263.75 265.25 256.75 258.50 –6.00 3,744 Dec 139-280 140-020 139-245 139-255 –2.5 35,305 5164.93 13.3 Long term 2.760 2.730 4.930 592.75 4.8 0.838 0.838 3.441 Soybeans (CBT)-5,000 bu.; cents per bu. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Aug 869.50 878.25 869.50 876.50 6.25 1,093 706.44 9.4 Double-A-rated 1.320 1.300 3.360 420.11 5.3 7-12 year 0.771 0.771 3.447 Sept 126-007 126-045 125-317 126-005 –.5 3,417,423 Nov 867.50 875.75 865.25 873.25 5.75 376,423 478.47 5.6 12-22 year 1.237 1.224 3.690 Soybean Meal (CBT)-100 tons; $ per ton. Dec 126-052 126-087 126-042 126-047 –.5 35,927 901.69 7.6 Triple-B-rated 2.220 2.210 5.350 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Aug 280.10 283.80 t 279.80 282.20 2.20 837 High Yield Bonds ICE BofA 461.38 4.7 22-plus year 2.008 1.765 4.123 Dec 286.80 290.90 t 286.20 289.60 2.80 169,836 Sept 110-144 110-150 110-139 110-141 –.2 2,157,627 Soybean Oil (CBT)-60,000 lbs.; cents per lb. Dec 110-154 110-162 110-154 110-155 –.2 1,122 468.27 0.3 High Yield Constrained 5.418 5.151 11.400 Global Government J.P. Morgan† 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Aug 31.27 31.36 31.27 31.19 –.16 382 6.0 Global Government Dec 30.74 30.99 30.52 30.75 …174,096 Aug 99.9100 99.9100 99.9050 99.9050 –.0050 186,568 397.82 -9.1 Triple-C-rated 12.587 10.735 19.071 617.62 0.490 0.390 1.060 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Oct 99.9350 99.9350 99.9300 99.9300 –.0050 246,828 3164.03 -0.9 High Yield 100 4.420 4.285 10.740 871.40 8.4 Canada 0.670 0.590 1.740 Sept 11.51 11.73 11.51 11.71 .19 5,987 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Nov 11.57 11.77 11.57 11.76 .18 3,518 Sept 101-245 101-255 101-135 101-150 –7.0 73,256 422.25 0.2 Global High Yield Constrained 5.510 4.893 11.310 414.19 3.5 EMU§ 0.196 0.109 0.794 320.02 -2.6 Europe High Yield Constrained 4.086 2.464 8.183 787.75 3.8 France -0.040 -0.160 0.430 U.S Agency Bloomberg Barclays 550.60 2.8 Germany -0.420 -0.740 -0.050 Cash Prices | wsj.com/market-data/commodities Monday, August 10, 2020 1866.89 5.4 U.S Agency 0.500 0.480 2.040 Japan These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— 295.83 -0.8 0.260 -0.070 0.320 separate from the futures price on an exchange, which reflects what the commodity might be worth in future 1623.87 3.9 10-20 years 0.380 0.350 1.950 614.00 3.0 Netherlands -0.320 -0.540 0.080 months. 4334.18 13.5 20-plus years 1.370 1.170 2.480 1099.88 9.4 U.K. 0.500 0.390 1.180 Monday Monday Monday 2912.25 6.5 Yankee 1.420 1.420 3.500 910.20 3.2 Emerging Markets ** 4.543 4.523 7.480 Aluminum, LME, $ per metric ton *1744.0 Wheat,No.1soft white,Portld,OR-u n.a. Energy *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds Copper,Comex spot 2.8585 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan Coal,C.Aplc.,12500Btu,1.2SO2-r,w 55.500 Iron Ore, 62% Fe CFR China-s 235.0 Food Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.600 Shredded Scrap, US Midwest-s,m 234 Beef,carcass equiv. index Steel, HRC USA, FOB Midwest Mill-s Metals 444 choice 1-3,600-900 lbs.-u 174.97 Global Government Bonds: Mapping Yields Fibers and Textiles select 1-3,600-900 lbs.-u 161.66 Gold, per troy oz Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in Broilers, National comp wtd. avg.-u,w 0.6739 Burlap,10-oz,40-inch NY yd-n,w 0.6300 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session Engelhard industrial 2033.00 Butter,AA Chicago 1.4775 Cotton,1 1/16 std lw-mdMphs-u 0.5884 Handy & Harman base 2044.50 Cheddar cheese,bbl,Chicago 148.00 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points Cotlook 'A' Index-t *71.25 Handy & Harman fabricated 2269.40 Cheddar cheese,blk,Chicago 163.00 Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago Hides,hvy native steers piece fob-u n.a. LBMA Gold Price AM *2061.50 Milk,Nonfat dry,Chicago lb. 94.25 0.125 U.S. 2 0.125 t l 0.137 0.165 1.636 Wool,64s,staple,Terr del-u,w n.a. LBMA Gold Price PM *2031.15 Coffee,Brazilian,Comp 1.0795 0.625 10 0.576 s l 0.568 0.646 1.748 Krugerrand,wholesale-e 2112.97 Grains and Feeds Coffee,Colombian, NY 1.6447 5.750 Australia 2 0.268 s l 0.268 0.252 0.736 14.3 13.1 -90.0 Maple Leaf-e 2133.29 Eggs,large white,Chicago-u 0.6150 Barley,top-quality Mnpls-u n.a. 2.500 10 0.876 s l 0.837 0.866 0.953 30.1 26.9 -79.6 American Eagle-e 2133.29 Flour,hard winter KC 13.35 Bran,wheat middlings, KC-u 82 0.000 France 2 -0.622 t l -0.590 -0.597 -0.751 -72.7 -238.7 Mexican peso-e 2457.62 Hams,17-20 lbs,Mid-US fob-u n.a. -74.7 Corn,No. 2 yellow,Cent IL-bp,u 2.9800 Austria crown-e 1994.47 Hogs,Iowa-So. Minnesota-u 52.33 0.000 10 -0.234 t l -0.216 -0.143 -0.272 -81.0 -78.4 -202.0 Corn gluten feed,Midwest-u,w 96.4 Austria phil-e 2133.29 Pork bellies,12-14 lb MidUS-u n.a. 0.000 Germany 2 -0.704 t l -0.681 -0.692 -0.862 -81.8 -249.8 Corn gluten meal,Midwest-u,w 403.4 -82.9 Silver, troy oz. Pork loins,13-19 lb MidUS-u 0.8536 Cottonseed meal-u,w 245 0.000 10 -0.525 t l -0.507 -0.464 -0.572 -110.1 -107.5 -232.0 Engelhard industrial 28.4500 Steers,Tex.-Okla. Choice-u 100.00 Hominy feed,Cent IL-u,w 95 1.000 Italy 2 -0.095 t l -0.071 -0.053 0.344 -22.0 -20.8 -129.3 Handy & Harman base 28.9890 Steers,feeder,Okla. City-u,w 154.13 Meat-bonemeal,50% pro Mnpls-u,w 170 Handy & Harman fabricated 0.950 10 0.922 t l 0.934 1.222 1.817 34.7 36.5 6.9 36.2360 Oats,No.2 milling,Mnpls-u 2.9100 Fats and Oils l LBMA spot price *£21.6600 Rice, Long Grain Milled, No. 2 AR-u,w 30.25 0.100 Japan 2 -0.124 -0.124 -0.141 -0.272 -24.9 -26.1 -190.8 (U.S.$ equivalent) *28.3300 Sorghum,(Milo) No.2 Gulf-u 8.6738 Corn oil,crude wet/dry mill wtd. avg.-u,w 46.6700 0.100 10 0.010 l 0.010 0.020 -0.219 -56.5 -55.8 -196.7 Coins,wholesale $1,000 face-a 24287 SoybeanMeal,Cent IL,rail,ton48%-u 283.40 Grease,choice white,Chicago-h 0.2500 0.400 Spain 2 -0.438 t l -0.417 -0.423 -0.487 -56.3 -55.4 -212.3 Other metals Soybeans,No.1 yllw IL-bp,u 8.5400 Lard,Chicago-u 0.3900 1.250 10 0.256 t l 0.277 0.408 0.252 -32.0 -29.2 -149.6 LBMA Platinum Price PM *979.0 Wheat,Spring14%-pro Mnpls-u 6.0075 Soybean oil,crude;Centl IL-u 0.3119 Platinum,Engelhard industrial 989.0 Wheat,No.2 soft red,St.Louis-bp,u 5.1600 Tallow,bleach;Chicago-h 0.3100 0.500 U.K. 2 -0.025 t l -0.007 -0.095 0.445 -15.0 -14.4 -119.2 Palladium,Engelhard industrial 2230.0 Wheat - Hard - KC (USDA) $ per bu-u 4.3400 Tallow,edible,Chicago-u 0.3800 4.750 10 0.132 t l 0.140 0.157 0.487 -44.4 -42.8 -126.1 Source: Tullett Prebon KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks; G=ICE; H=American Commodities Brokerage Co; M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly, Z=not quoted. *Data as of 8/7 Source: Dow Jones Market Data Corporate Debt Price moves by a company's debt in the credit markets sometimes mirror and sometimes anticipate, moves in that same company’s share price. Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks Investment-grade spreads that tightened the most… Money Rates August 10, 2020 Spread*, in basis points Stock Performance Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a guide to general levels but don’t always represent actual transactions. Air Lease AL 3.625 April 1, ’27 290 –37 n.a. 30.82 3.35 UniCredit UCGIM 4.625 April 12, ’27 175 –32 n.a...... Week —52-WEEK— Week —52-WEEK— Inflation Latest ago High Low Latest ago High Low AerCap Ireland Capital DAC AER 4.450 April 3, ’26 440 –16 476 32.56 3.14 June index Chg From (%) Legg Mason … 4.750 March 15, ’26 88 –16 n.a. … … level May '20 June '19 Switzerland 0.00 0.00 0.50 0.00 Treasury bill auction Britain 0.10 0.10 0.75 0.10 4 weeks 0.080 0.090 2.065 0.000 Raytheon Technologies RTX 7.000 Nov. 1, ’28 114 –16 130 64.23 4.90 Australia 0.25 0.25 1.00 0.25 U.S. consumer price index 13 weeks 0.100 1.960 0.000 0.105 Walgreens Boots Alliance WBA 3.800 Nov. 18, ’24 62 –15 76 42.86 3.23 All items 257.797 0.55 0.6 Overnight repurchase 26 weeks 0.120 0.105 1.890 0.080 Core 266.302 0.19 1.2 Boeing BA 5.805 May 1, ’50 312 –14 343 179.41 5.52 U.S. 0.11 0.13 3.40 -0.07 Secondary market International rates U.S. government rates General Motors GM 5.200 April 1, ’45 317 –14 338 27.98 4.72 Fannie Mae Week 52-Week Discount 30-year mortgage yields …And spreads that widened the most Latest High Low ago 0.25 0.25 2.75 0.25 30 days 1.779 1.778 3.388 1.751 60 days 1.831 3.403 1.804 Prime rates Federal funds 1.833 Nissan Motor Acceptance … 2.600 Sept. 28, ’22 286 31 n.a. … … U.S. 3.25 3.25 5.25 3.25 Effective rate 0.0900 0.0900 2.3600 0.0600 Other short-term rates AT&T T 3.400 May 15, ’25 65 14 67 30.20 0.60 Canada 2.45 2.45 3.95 2.45 High 0.1100 0.1100 3.0000 0.1000 Japan 1.475 1.475 1.475 1.475 Baxter International BAX 3.750 Oct. 1, ’25 56 11 55 83.10 2.94 Low 0.0500 0.0500 2.0500 0.0100 Week 52-Week Policy Rates Bid 0.0700 0.0800 2.1200 0.0100 Latest ago high low McDonald's MCD 3.500 July 1, ’27 65 11 n.a. 204.12 –0.23 Euro zone Offer 0.1000 0.1100 2.5000 0.0500 0.00 0.00 0.00 0.00 Call money Mitsubishi UFJ Financial MUFG 2.559 Feb. 25, ’30 108 10 n.a. 3.98 0.76 2.00 2.00 4.00 2.00 CSX CSX 3.800 April 15, ’50 124 9132 74.08 1.58 Key Interest Rates Commercial paper (AA financial) QUALCOMM QCOM 2.600 Jan. 30, ’23 16 824106.36 –1.75 90 days 0.14 n.a. 2.53 0.04 Data are annualized on a 360-day basis. Treasury yields are per annum, High-yield issues with the biggest price increases… on actively traded noninflation and inflation-indexed issues that are Libor adjusted to constant maturities. Data are from weekly Federal Reserve One month 0.16825 0.15700 2.19738 0.14925 Bond Price as % of face value Stock Performance release H.15. Three month 0.25688 0.24900 2.17525 0.24200 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg Six month 0.33313 0.30350 2.08525 0.28913 Week Ended 52-Week Week Ended 52-Week One year 0.45538 0.44675 2.07413 0.44350 MGM Aug 7Jul 31 High Low Aug 7Jul 31 High Low MGM Resorts International 4.625 Sept. 1, ’26 102.000 2.97 97.375 21.65 13.77 6-month Federal funds (effective) 0.11 0.12 1.97 0.06 Euro Libor ADT Security ADT 4.875 July 15, ’32 112.250 2.25 100.750 11.93 –2.21 1-year 0.13 0.13 1.86 0.13 One month -0.544 -0.517 -0.360 -0.621 0.10 0.09 2.19 0.04 2-year 0.11 0.13 1.73 0.11 Continental Resources CLR 4.900 June 1, ’44 88.030 2.03 86.250 18.49 7.63 Three month -0.475 -0.452 -0.142 -0.539 3-year 0.13 0.15 1.68 0.13 Commercial paper Six month -0.462 -0.422 -0.052 -0.491 American Airlines AAL 5.000 June 1, ’22 63.750 2.00 56.750 14.00 7.44 5-year 0.21 0.25 1.73 0.21 One year -0.350 -0.320 0.008 -0.441 Nonfinancial 7-year 0.39 0.42 1.84 0.39 Iron Mountain US Holdings … 5.375 June 1, ’26 106.000 1.75 n.a. … … 1-month 0.10 0.11 2.12 0.10 10-year 0.55 0.58 1.91 0.55 2-month Secured Overnight Financing Rate Transocean RIG 7.250 Nov. 1, ’25 45.000 1.75 48.750 2.38 6.25 0.10 0.12 2.09 0.10 20-year 0.99 1.01 2.20 0.99 3-month 0.12 0.13 2.10 0.12 0.09 0.10 5.25 0.01 Carnival CCL 6.650 Jan. 15, ’28 82.000 1.50 78.750 15.44 8.58 Financial Treasury yields (secondary market) Value 52-Week 1-month 0.11 n.a. 2.15 0.08 Enova International ENVA 8.500 Sept. 15, ’25 95.469 1.50 91.969 18.39 2.17 1-month 0.08 0.09 2.05 0.00 Latest Traded High Low 2-month 0.12 n.a. 2.27 0.11 3-month 0.15 0.16 2.44 0.15 3-month 0.10 0.10 1.99 -0.01 DTCC GCF Repo Index 6-month 0.11 0.12 1.92 0.06 …And with the biggest price decreases Discount window primary credit Treasury 0.128 26.530 6.007 0.002 TIPS MBS 0.132 76.200 6.699 0.011 0.25 0.25 2.75 0.25 Bombardier BBDBCN 5.750 March 15, ’22 89.688 –4.06 93.500 ...... 5-year -1.28 -1.13 0.41 -1.28 Notes on data: Treasury yields at constant 7-year -1.18 -1.05 0.35 -1.18 Bausch Health BHCCN 5.250 Jan. 30, ’30 99.000 –2.29 103.000 ...... maturities 10-year -1.05 -0.95 0.35 -1.05 U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest Triumph TGI 5.250 June 1, ’22 80.750 –2.25 82.000 8.02 7.51 1-month 0.08 0.09 2.09 0.01 20-year -0.70 -0.65 0.47 -0.70 U.S. banks, and is effective March 16, 2020. 3-month 0.10 0.10 2.03 0.01 Long-term avg -0.50 -0.44 0.62 -0.50 Other prime rates aren’t directly comparable; Comstock Escrow … 9.750 Aug. 15, ’26 100.173 –1.83 100.250 … … lending practices vary widely by location; Notes on data: Discount rate is effective March 16, 2020. Sinclair Television … 5.500 March 1, ’30 98.970 –1.53 100.880 … … Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates Secured Overnight Financing Rate is as of Ford Motor F on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by August 7, 2020. DTCC GCF Repo Index is 5.291 Dec. 8, ’46 95.750 –1.50 95.730 7.09 3.35 discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window Depository Trust & Clearing Corp.'s weighted HudBay Minerals HBMCN 7.625 Jan. 15, ’25 –1.50 101.750 ... average for overnight trades in applicable 101.500 ... primary credit rate is charged for discounts made and advances extended under the Federal CUSIPs. Value traded is in billions of U.S. dollars. Transocean RIG 8.000 Feb. 1, ’27 41.750 –1.25 49.250 2.38 6.25 Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; Federal-funds rates are Tullett Prebon rates as Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid of 5:30 p.m. ET. yields for all TIPS with remaining terms to maturity of 10 years or more; *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread. Sources: Federal Reserve; Bureau of Labor Note: Data are for the most active issue of bonds with maturities of two years or more Sources: Federal Reserve; for additional information on these rate data and their derivation, Statistics; DTCC; FactSet; please see, www.federalreserve.gov/releases/h15/data.htm Tullett Prebon Information, Ltd. Sources: MarketAxess Corporate BondTicker; Dow Jones Market Data P2JW224000-5-B00900-1------XA

THE WALL STREET JOURNAL. ***** Tuesday, August 11, 2020 | B9 MARKETS

Lira’s Fall Share-priceand indexperformance 25%

Drives 20

MGM Concerns 15 Resorts International

For Euro S Simon

Property NEW

B Y C AITLIN OSTROFF 5 G DowJones Thelira’ssharp drop in recent Industrial 0 Average OOMBER

days is fueling concerns of afall- /BL out that could spread beyond S&P500 Turkey’s borders. Next up: the –5 Nasdaq euro. Composite SHARRETT

Aug. 7Aug. 10 KE

The lirahas fallen almost 19% LU against the dollar this year,on Source:FactSet Caterpillar shares rose 5.3% and helped blue-chip stocks achieve their seventh straight day of gains. pacefor itssteepest annual decline since2018,when it lost morethan one-quarter of its value.Against the euro, it has Dow Extends Its Winning Streak lost afifth of itsvalue this year. Turkey’s central bank has tried to prop up itscurrencyby BY DAVID BENOIT employed. That wasone of the slowing newcase numbers and entertainment companies Gold rose 0.7% to $2,024.40 depleting most of itsown for- AND ANNA ISAAC four executiveordersaimed at as asign that moderatemea- also jumped, with United Air- atroyounce, and silver eign-exchangereserves and sell- extending relief spending after sures might makeitpossible lines rising $3.21, or 9.4%, to climbed 6.2% to $29.249 a ing billions of borroweddollars TheDow Jones Industrial the WhiteHouse and lawmak- to contain the virus,without $37.54, and RoyalCaribbean troy ounce. Both metals had to buy lira. But effortshavefal- Averageclimbed, extending its ersoneither side of the aisle again crimping economic ac- Cruises up $5.21, or 10%, to posted nine straight weeks of teredinrecent weeks.The cur- winning streak to seven ses- in Congressfailed to reach an tivity severely. $57.31. gains heading intothis week rencyhas dropped 6.6%against sions,asinvestorsassessed the agreement on abroader stim- Thestimulus debates come Casino operator MGM Re- and areupsharply forthe the dollar sinceJuly 24,prompt- chances of federal stimulus ulus package. Thepresident’s as investorsare turning their sortsInternational surged year. ing speculation that the central spending and the slowing pace directives facecriticism for attention back to broader $2.62, or 14%, to $21.65, lead- In bond markets, the yield bank is running lowonoptions. of newcoronavirus infections. not offering sufficient aid and macroeconomic uncertainty, ing the S&P 500,after Barry on the benchmark 10-year U.S. Therenewedpressureonthe Theblue-chip indexclimbed forpossibly breaching con- afterweeks of focus on U.S. Diller’s IAC/InterActiveCorp Treasuryticked up to 0.573% currencyisraising alarms about 357.96points, or 1.3%, to gressional spending authority. corporateearningsand which disclosed it had acquired a from 0.562% Friday. Turkey’s long-term ability to re- 27791.44, buoyedbyshares of “The legal basis forTrump companies appear best placed 12% stake, valued at about $1 Therecent roller coaster at payits foreign debtors, which in- Boeing and Caterpillar.The to do much herewith execu- to survivethe crisis. billion.Other casinos also rose Eastman Kodak continued as clude European banks.Aweaker S&P500 added 9.19 points, or tiveordersisshaky. He won’t Last week,Citigroup’sde- on the investor’s take that the government froze the liraalso makes importsmoreex- 0.3%, to 3360.47and is within getfar,” said Holger Schmied- rivatives desk sawclients MGM would rebound from the planned loan the companywas pensiveand 1% of itsFebru- ing, chief economist at Beren- trading individual stocks three coronavirus. to gettopivot itsoperations CURRENCIES threatenstoMONDAY’S aryrecord. bergBank. times as much as they traded ClassBshares of Warren to producedrugingredientsat curb Turkey’s MARKETS TheNasdaq Still, with the coming No- indexes, asplit they expect to Buffett’s BerkshireHathaway itsfactories.Shares dropped appetitefor goods from Europe Composite vember elections,politicians revert to normal levels,said rose $3.10,or1.5%, to $212.58 $4.15, or 28%, to $10.73. They when the pandemic has already dropped 42.63 points, or 0.4%, arelikely to work out adeal Dan Baranovsky, the head of after the sprawling enterprise had hit $60 two weeks agoaf- eroded trade and output from to 10968.36, draggedlowerby that offers aid to voters,he Citi’sNorth American equity reported resultsSaturday, terthe plan wasannounced. the trading bloc.“If the situation shares of the technologygiants said. “It’shighly likely to have derivatives and cash trading writing down the value of its Shares of Simon Property continues to intensifyinTurkey, that have pushed the stock adeal this week that extends desk. aerospace-partsmaker but in- Group rose $3.28,or5.3%, to that could have spillover effects market higher since late support to the end of the “Hereweare coming out of creasing itsplanned stock $65.47. Thelargest mall owner on the euro,” said LeeHardman, March. year,” Mr.Schmieding said. aprettyimportant earnings buybacks. in the U.S. has been in talks acurrencyanalyst at Japan’s Investorsare attempting to TreasurySecretarySteven and guidanceseason and peo- Front-month Nymexcrude with Amazon.com to take over MUFGBank. gaugewhether steps takenby Mnuchin expressed hope dur- ple aregoing to focus on forSeptember deliverygained spaceleftbyailing depart- Turkey isn’t amember of the President Trump over the ing an interviewonCNBC macroconcerns,specifically 72 cents, or 1.75%, to $41.94 a ment stores forits fulfillment European Union, though it has a weekend to offer aid to Amer- Mondaythat acompromise stimulus,” he said. barrel. centers. close trading relationship with ican households will go into could be reached with Demo- Energy,industrial and ma- Worries remain that gov- At middayTuesdayinTo- thetrading bloc.Last year,Tur- effect or potentially spur a cratic leadersthis week. terial stocks led the S&P 500 ernment actions around the kyo, the Nikkei 225Stock Av- key wasits sixth-largest export newround of congressional TheU.S.also reported its and Dowindustrials. world to fight the pandemic’s eragewas up 1.7%. Also early market formerchandise. deal making. lowest number of newcorona- Boeing added $9.39, or impact will eventually fan in- in the day, Hong Kong’sHang European banks have reduced Mr.Trump on Saturdaydi- virus cases in nearly aweek, 5.5%, to $179.41, while Cater- flation. Seng Indexwas up 2.3% and their exposuretoTurkey since rected the federal government as newinfections in some pillar gained $7.10,or5.3%, to Thetrading around that SouthKorea’sKospi wasup thecountry’s2018 currencycri- to provide $300 aweek in ad- partsofthe countrytrended $142.02. themeisaccelerating,Citi’s 1.3%. U.S. stock futures were sis,asaweakening liracould ditional paymentstothe un- down. Economistspointed to Airlines,cruise operators Mr.Baranovskysaid. up 0.2%. leave Turkish companies and banks struggling to makeinter- est paymentsorredeem their overseas debt. But Spanish and Home-Building Shares Feed on Low Rates French banks continue to have the most loans outstanding to Turkey of all non-Turkish lend- BY KAREN LANGLEY ers, according to the Bank forIn- ternational Settlements, far out- Shares of home builders pacing U.S. banks. have been on atear sincethe Turkey has fueled demand for stockmarket bottomed in late importsthis year by lowering in- March, boosted by arecovery terest ratesand expanding ac- in thehousing market as re- cess to cheap credit forhouse- cord-lowmortgagerates draw holdsand companies.That is buyers. particularly problematic because TheS&P 500’shome-build- it comes as the countryisearn- ing subindustryindex—made ing lessdollarsand euros be- up of Lennar Corp., D.R. Hor- cause of waning tourism and a ton Inc., PulteGroup Inc.and S

slump in exports.The funding NVR Inc.—is up 23% this year PRES gapbetween importsand ex- and closed Mondayatits first portshas widened, increasing record in 15 years. TheS&P ZUMA the current-account deficit and 500,incomparison, has risen

exacerbating the need forforeign 4% andiswithin 1% of itsFeb- JOURNAL/ currencies. ruaryhigh. QUE An embattled Turkish econ- Thehousing market has omyand reduced demand for picked up afterhealth and eco-

European goods maypose a nomic fearstied to the coronavi- ALBUQUER

threat to the EU’srecoveryfrom ruspandemic sent sales plung- ON/ the virus-induced recession, in- ing earlier this year.Sales of

vestorssaid. Speculation that newsingle-family homes in- THOMPS theEUwould rebound faster creased sharply in June from the JIM than the American economy, in prior month, according to the The housing market has picked up momentum. Sales of new single-family homes increased sharply in June from the prior month. part because it has curtailed Commerce Department, beating fresh outbreaks moreeffectively economists’ expectations. ing analyst at BTIG,said factors arecordlast week. Thehome-building indexlast tinue to see gains,analystssay, than the U.S., pushed the euro Abig factor supporting de- contributing to the home- On an earningscall last closed at arecordinJuly 2005, if interest ratesstaylow and to atwo-year high against the mand: Mortgagerates have builder rally include lowinter- month, PulteGroup Chief Execu- according to DowJones Market consumerscontinue to priori- dollar at theend of July. tumbled. In July,the average est ratesand limited inventory tiveRyanMarshall said recov- Data. It has morethan doubled tizetheir homes,particularly in Theeuroslid 0.4%against the rate on a30-year fixedmort- of homes,aswell as the “idea eryindemand fornew homes from its2020 lowinlateMarch. arecovering job market. dollar Monday. TheICE U.S. Dol- gage fell to 2.98%, according to of home as afortress, asafety during the second quarter “was Shares of D.R. Horton and Len- “I think the momentum belar Index, which measures the Freddie Mac,its lowest level in net from Covid, as well as a nothing short of outstanding.” nar have surgedmorethan 30% hind them is pretty strong,” Mr. greenbackagainst abasket of nearly 50 yearsofrecord-keep- placeofwork forsome people.” Year-over-year ordersincreased this year,while Pulteisup16% Reichardt said.“Iexpect them major currencies,gained 0.2%. ing. Asurge in construction also 50% forthe month of June,he and NVR has risen 2.7% to continue to perform well on The yield on the 10-year U.S. Carl Reichardt, home-build- helped push lumber futures to said. Builder stocks could con- arelativebasis.” Treasury rose to 0.573%, from 0.562% Friday. with the National Instituteof latoryfiling. mentsand alongtime biotech technologies.” Biotech Allergy and Infectious Dis- Thecompany, which is in investor,referring to what he Even as vaccine research AUCTION RESULTS eases,isembarking on aPhase the early stages of developing regardsasthe hype around and trials arebeing fast- Here are the results of Monday's Treasury auctions. 3trial. acoronavirus vaccine,was in early-stagebiotech companies. tracked, few drugstypically All bids are awarded at a single price at the market- clearing yield. Rates are determined by the difference IPOs Set Investorswill soon have an- thenewsinMarch when the He and his firm look at new advancebeyondearly-stage between that price and the face value. other coronavirus-related German government accused companies coming to market, testing.According to the Food stock to bet on. AGerman bio- the Trump administration of preferring to take amorecon- and Drug Administration, 13-Week 26-Week Records tech company, CureVac BV,is trying to persuade CureVac to servativeapproach to selecting about 70%ofdrugs moveon Applications $154,712,240,900 $158,040,432,900 Accepted bids $60,347,426,900 $56,994,546,800 expected to list shares on the relocatetothe U.S.,The Wall which stocks to hold, he said. from Phase 1, which testsfor " noncomp $726,880,900 $632,272,300 Nasdaq Stock Market in an IPO Street Journal reported at the “Wetend not to invest in a safety and dosage. Only one- " foreign noncomp $300,000,000 $280,000,000 Auction price (rate) 99.973458 99.939333 ContinuedfrompageB1 later this month, according to time.CureVac closed afinanc- lotofIPOs because manyare thirdprogressbeyondPhase 2, (0.105%) (0.120%) valuation balloon to nearly people familiar with the mat- ing round that nettedit$640 at an early stage,” Mr.Gordon and even fewerare ultimately 0.106% 0.122% Bids at clearing yield accepted 40.06% 53.62% $30 billion, up from roughly ter. On Monday, the company million last month. said. “Wewant to wait till approved. While Phase 1stud- 9127962Z1 9127964C0 $7 billion at the start of the said it hopes to raise more “It’scrazy,” said Marshall there’sstrong proof of concept ies typically take several Both issues are dated Aug. 13, 2020. The 13-week bills year.Moderna, which code- than $200 million in itsIPO, Gordon, asenior health-care in humans,and we’renot will- months,subsequent trials can mature on Nov. 12, 2020; the 26-week bills mature on Feb. 11, 2021. signed thevaccine candidate according to an updated regu- analystatClearBridgeInvest- ing to chase such early-stage take years.

Exchange-Traded Portfolios | WSJ.com/ETFresearch

Closing Chg YTD Closing Chg YTD Closing Chg YTD Closing Chg YTD Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) iShJPMUSDEmgBd EMB iShSilver SLV VangdHlthCr VHT Monday, August 10, 2020 Closing Chg YTD 114.34 0.15 –0.2 27.00 3.09 61.9 Schwab US TIPs SCHP 61.48 –0.08 8.6 204.20 –0.47 6.5 iShMBSETF MBB 110.81 0.08 2.5 iShTIPSBondETF TIP 126.02 –0.12 8.1 SPDR DJIA Tr DIA 278.14 1.28 –2.4 VangdHiDiv VYM 83.81 0.92 –10.6 Closing Chg YTD ETF Symbol Price (%) (%) iShMSCI ACWI ACWI 79.56 0.25 0.4 iSh1-3YTreasuryBd SHY 86.54 –0.02 2.3 SPDR S&PMdCpTr MDY 355.16 0.54 –5.4 VangdIntermBd BIV 94.14 –0.03 7.9 ETF Symbol Price (%) (%) iShCoreMSCITotInt IXUS 58.30 0.29 –5.8 iShMSCI EAFE EFA 63.84 0.33 –8.1 iSh7-10YTreasuryBd IEF 122.40 –0.11 11.1 SPDR S&P 500 SPY 335.57 0.30 4.3 VangdIntrCorpBd VCIT 96.86 –0.05 6.1 iShCoreS&P500 IVV 336.96 0.30 4.2 CommSvsSPDR XLC 59.73 –0.33 11.4 iShMSCIEmgMarkets EEM 43.98 0.25 –2.0 iSh20+YTreasuryBd TLT 169.12 –0.45 24.8 SPDR S&P Div SDY 97.75 1.25 –9.1 VangdLC VV 155.64 0.28 5.3 CnsmrDiscSelSector XLY 142.06 13.3 iShCoreS&P MC IJH 194.41 0.46 –5.5 1.20 iShNasdaqBiotech IBB 134.87 –1.00 11.9 iShRussellMCGrowth IWP 169.40 –0.96 11.0 TechSelectSector XLK 113.42 –0.28 23.7 VangdMC VO 177.75 0.36 –0.2 CnsStapleSelSector XLP 63.84 0.52 1.4 iShCoreS&P SC IJR 75.78 1.00 –9.6 iShNatlMuniBd MUB 117.22 0.04 2.9 iShUSTreasuryBdETF GOVT 28.18 –0.12 8.6 VangdMBS VMBS 54.50 0.07 2.5 UtilitiesSelSector XLU 61.47 –0.03 –4.9 EnSelectSectorSPDR XLE 38.33 3.09 –36.2 iShS&PTotlUSStkMkt ITOT 75.57 0.28 4.0 iShPfd&Incm PFF 36.17 0.36 –3.8 JPM UltShtIncm JPST 50.83 0.02 0.8 VangdRealEst VNQ 82.52 0.16 –11.1 VanEckGoldMiner GDX 42.39 –0.82 44.8 FinSelSectorSPDR XLF 25.02 0.72 –18.7 iShCoreUSAggBd AGG 119.32 –0.09 6.2 iShRussell1000Gwth IWF 210.21 –0.51 19.5 PIMCOEnhShMaturity MINT 101.84 ... 0.2 VangdS&P500ETF VOO 308.34 0.32 4.2 VangdInfoTech VGT 302.23 –0.32 23.4 FT DJ Internet FDN 183.01 –0.95 31.5 iShSelectDividend DVY 86.45 1.61 –18.2 iShRussell1000 IWB 186.67 0.21 4.6 SPDR BlmBarcHYBd JNK 105.81 –0.07 –3.4 VangdST Bond BSV 83.18 0.04 3.2 VangdSC Val VBR 117.57 1.36 –14.2 HealthCareSelSect XLV 106.05 –0.34 4.1 iShEdgeMSCIMinEAFE EFAV 67.56 0.04 –9.4 iShRussell1000Val IWD 121.49 0.91 –11.0 SPDRBloomBar1-3MTB BIL 91.54 ... 0.1 VangdSTCpBd VCSH 83.02 –0.02 2.5 VangdSC Grwth VBK 214.69 –0.67 8.0 IndSelSectorSPDR XLI 76.98 2.46 –5.5 iShEdgeMSCIMinUSA USMV 64.26 –0.11 –2.0 iShRussell2000 IWM 157.79 1.04 –4.8 SPDR Gold GLD 190.15 –0.35 33.1 VangdSC VB 158.79 0.47 –4.1 InvscQQQI QQQ 270.31 –0.43 27.1 iShEdgeMSCIUSAMom MTUM 140.92 –0.79 12.2 iShRussellMid-Cap IWR 58.23 0.45 –2.3 SchwabIntEquity SCHF 31.42 0.42 –6.6 VangdDivApp VIG 126.94 0.50 1.8 VangdTotalBd BND 89.28 –0.11 6.5 InvscS&P500EW RSP 110.67 1.05 –4.4 iShEdgeMSCIUSAQual QUAL 103.52 0.24 2.5 iShRussellMCValue IWS 83.74 1.36 –11.6 SchwabUS BrdMkt SCHB 79.96 0.33 4.0 VangdFTSEDevMk VEA 41.12 0.39 –6.7 VangdTotIntlBd BNDX 58.19 0.07 2.8 iSh3-7YTreasuryBd IEI 133.82 –0.02 6.4 iShGoldTr IAU 19.31 –0.31 33.2 iShS&P500Growth IVW 227.16 –0.15 17.3 SchwabUS Div SCHD 56.96 1.28 –1.7 VangdFTSE EM VWO 43.43 –0.02 –2.3 VangdTotIntlStk VXUS 52.51 0.31 –5.7 iShCoreDivGrowth DGRO 40.50 0.75 –3.7 iShiBoxx$InvGrCpBd LQD 138.46 –0.22 8.2 iShS&P500Value IVE 116.23 0.96 –10.7 SchwabUS LC SCHX 80.58 0.24 4.9 VangdFTSE Europe VGK 53.60 0.17 –8.5 VangdTotalStk VTI 170.27 0.28 4.1 iShCoreMSCIEAFE IEFA 60.18 0.33 –7.8 iShiBoxx$HYCpBd HYG 85.21 0.05 –3.1 iShShortCpBd IGSB 55.02 0.01 2.6 SchwabUS LC Grw SCHG 111.76 –0.30 20.3 VangdFTSEAWxUS VEU 50.72 0.30 –5.6 VangdTotlWrld VT 80.91 0.27 –0.1 iShCoreMSCIEM IEMG 52.65 0.29 –2.1 iShIntermCorpBd IGIB 61.47 –0.07 6.0 iShShortTreaBd SHV 110.72 ... 0.2 SchwabUS SC SCHA 71.73 0.46 –5.2 VangdGrowth VUG 221.50 –0.30 21.6 VangdValue VTV 107.11 0.99 –10.6 P2JW224000-0-B01000-1------XA

B10 | Tuesday, August 11, 2020 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Aramco’s Dividend Focus Isn’t Enough

Unlike Shell and BP, the oil company kept its payout, but international investors are still unlikely to buy into the Saudi concern

Oil industry investors have been company. Global investorsavoided forminority investorsinAramco, earlier this year,but effortstorene- year to date. By contrast, Shell’s rocked by two jarring dividend the company’sDecember initial dividends areone area wherethe gotiatethe purchase priceyielded value nearly halved and other rivals cuts this year, but the biggest oil public offering on worries of politi- kingdom’sinterestsalign with theirs. only deferred payment terms. aredownaround athirdormore. company of them all has stayed calinterferenceand an expensive Over 98% of the dividends being Another example of misaligned Aramcoisanefficient, low-cost pro- the course. That discipline will do shareprice. Both concerns remain. paid go to cash-hungryRiyadh. incentives that hit the company’s ducer,but itsstrong shareperfor- little to attract foreigners to Saudi On Sunday, Aramcoreported bottomline wasRiyadh’sill-timed manceislessabout confidenceand Aramco, though. tough second-quarter results. Net pricewar with Moscow in March. moreabout itsinvestor base,who It wasabrutalsecond quarter income of $6.6 billion wasinline Thestrong share Aramcowas ordered to open the areprimarily locals.Shares traded forthe entireoil sector: Profits with expectations,but cash flow taps and ramped up to produce12.1 broadly flat on Monday at 33.10ri- were hit hardbyCovid-19 lock- disappointed and debt rose.A performanceislessabout million barrels of oil on April 2, its yals,still well abovethe 24 riyals downs exacerbating an ill-timed closely watched industrymetric,net confidenceand more highest ever daily total. Just days that international investorssaid pricewar. Saudi Arabian Oil had it debt as apercentageoftotal capital, later, futures prices briefly fell below they would be willing to pay—and worsethan most because it also jumped to 20.1% from net cash of about itsinvestorbase. zero in the U.S. as the countryran that wasbeforethe pandemic hit. wasamajor contributor to massive 4.9% last quarter.The company’s out of places to storeoil. Eventually, Dividend discipline isn’t likely output cutsthat helped to stabilize target rangeisnet debt of 5% to Saudi officials were major contribu- to lureinternational investorsnow. the priceofcrude in the past few 15%. One reason forthe jump is that tors to the successfuleffort by the It is possible that mounting finan- months.The companynevertheless Aramcostarted to consolidatethe Sometimes the state’sinterests Organization of the Petroleum Ex- cial pressurecould forcethe king- confirmed it would pay$18.75bil- borrowingsofSabic,the chemical trump the company’s, though. porting Countries and itsnonmem- dom to sell moreAramcoshares in lion in dividends forthe quarter. companyitbought from the Saudi Aramcoagreed in March 2019 to ber allies to stabilizecrude prices the futuretononlocal buyers, but That isn’tagreat surprise givenits sovereign-wealth fund in June. buy 75%ofSabic from the king- closer to $40 abarrel. doing so will requireeither adra- majority shareholder—the Kingdom Privately owned oil companies BP dom’ssovereign-wealth fund for$69 Despitethe tough quarter, matic recovery in the priceofoil of Saudi Arabia—needs the cash and and RoyalDutch Shell both recently billion to diversifyits downstream Aramco’sshares have outperformed or alowerasking pricefor shares. it is the one calling the shots at the cut their payouts. However, luckily business. Sabic’smarket value fell those of their rivals,downabout 6% —Rochelle Toplensky

Share-priceperformance, year to date Drop in Tourism Kroger Walmart Target 20% Is Lingering Threat 10 For Emerging Markets 0

–10 Thereare manytypes of eco- might be worsefor the country nomic activity forwhich coronavi- from afinancial-stability perspec- rus-related workarounds have been tivethan Thailand’sfar larger –20 S found. International tourism isn’t shortfall. one of them. Another finding of the IMF is PRES –30 That is potentially disastrous for that economies with high Interna- UMA

/Z JFMAMJ JAahandful of emerging-market econ- tional CountryRisk Guide scores—

TNS omies.Tourism is amajor source of an assessment made up of political, The company’s model of shipping goods from its retail outlets paid off. Source:FactSet foreign income forsome.Among financial and economic measures, those most at risk is Turkey. including acountry’scurrent ac- In areport last week,Interna- count and foreign debt exposures— Target Hits on Winning Formula tional MonetaryFund economists have seen their effectiveexchange gauged howdepressed revenues ratesplungefar morethan those will be this year.Thailand is the with higher scores. worst-affected, with anet impact of Thelink between poor risk met- around minus-6.1 percentagepoints rics and poor currencyperfor- Surging e-commerce sales should translate into a lasting advantage in itscurrent-account balance. The mancehas been far closer during net impact on other major emerg- the pandemic than during the ing economies ranges from Tur- global financial crisis. Target is set to emerge as ama- that Target has plenty of runway Virtually everywhere one looks, key’s minus-2.5percentagepoints Even countries which look capa- jor winner from the pandemic.In- leftonits existing model by making Target has some competitive edge. to Mexico’sminus-0.8 point. ble of weatheringthe shock may vestorsjust need to look past some moreefficient use of itsretail net- Its low food prices, on par with A6.1-percentage-point fall for suffer if the pandemic dragson. near-term challenges. work.She estimates that this year Walmart, give it an advantage over Thailand would still leave it with a Vaccine development means ev- The Minneapolis retailer has Target will generate$341 of revenue supermarkets that have cut back narrow current-account surplus, erything fortourism-focused econ- been meeting consumer needs for asquarefoot of retail space, com- on promotions, notes Ms. Short. In based on the nearly 7% surplus the omies,and investorslooking at everything from pantry foods to pared with $510 for Walmart.This apparel and home goods, Target’s countryhad last year.But the 2.5- emerging marketsshould keep that baby clothes through surging e- suggeststhat Target could allocate private-label brands, known for percentage-point hit to Turkey link in mind. International travel commerce sales. This will help it morespaceinits existing stores to quality and design savvy, give it a would push the countryintoanag- maybethe last thing to recover cement relationships with custom- inventoryand fulfillment operations moat against competition from gregatedeficit of around 1%, based from the pandemic.The same goes ers for years to come and to grab without sacrificing retail sales. desperate retailers. on last year’s narrow surplus.Given forthe financial security of the share from less adept rivals. Therehavebeen negatives from Despite all this, Target’s shares itsexisting macro-financial woes economies most exposed. In the three months through May the pandemic,notably weak cloth- are up around 3% so far this year, and acollapsing currency,that —Mike Bird 2, Target’scomparable sales rose ing sales.Targettook impairments compared with gains of 9% and 10.8% from ayear earlier,driven by in the quarter on itsapparel and ac- 21% at Walmart and Kroger, re- Impactofpredictedtourism shortfalls Russia 1.09 pct. pts. a141% leap in digital sales.Digital cessories inventory, which contrib- spectively. Target looks expensive on the current-account balance in 2020 sales accelerated through the quar- uted to afall in operating margins, at 26 times projected earnings for China 1.09 ter, rising 282% in April alone.More to 2.4% from 6.4% ayear earlier. the fiscal year ending in February, than five million customersshopped Something similar could happen according to FactSet. But if one Korea 0.48 at Target.comfor the firsttime. when Target next reportsquarterly looks past that to next year, as in- Target said it saw digital-sales earningsonAug.19—especially vestors these days are increasingly Brazil 0.46 levels that it wasn’t planning for given the risk of adismal back-to- inclined to do, Target is priced at India until three years from now. But its school season. But, as painful as 19 times fiscal 2021 earnings, com- –0.20 model of shipping goods from its this might be forTarget, it will be pared with 24 times for Walmart. –0.84 Mexico retail outlets paid off as store em- far worsefor manyofits competi- Walmart’sexample is illustrative. ployees were able to quickly pivot tors,notes KeyBanc analyst Edward Thestock’smultiple has averaged 16 –1.08 South Africa to fulfilling orders. Some 80% of Yruma. Think of department stores times forwardearningsoverthe digital sales were fulfilled from likeMacy’sand youth clothing past 10 years, but it rose to an aver- –1.50 Malaysia stores during the quarter. brands likeOld Navy.“It’snot about ageof22times over the past two –2.48 Turkey Some worrythis model could be- being betterorworse in e-com- years—and even higher than that come along-term weaknessifTar- merce than Amazon or Walmart,” now—as investorsgradually gaveit –6.09 Thailand getneeds to start investing morein he says.“It’sabout capturing share credit forits e-commerce success. warehouses and logistics.But Bar- from all these other retailersthat Target is due forasimilar rerating. Note:Forecastbased on U.N. World Tourism Organization predictions and IMF staff calculations clays analyst KarenShort argues can’t makethose investments.” —Aaron Back Source:International Monetary Fund DisneyInvestors Could Look GoofySoon OVERHEARD

Walt Disney investorsare enjoy- Walt Disney’sshareprice have been out of commission—a ing the recent show, but they might scenario that will be ending soon. If something seems too good ing foreign companies since the not gettheir happily ever after. $150 Streaming strength aside,abet to be true, it usually is. That cer- values of the stocks they own Following better-than-feared fis- on Disney right nowhas to be a tainly is the case for the Global X can change between their official cal third-quarter earnings last 140 bet that the theme-park business MSCI Nigeria ETF, a $32 million trading hours and those in New week, shares of the media giant will recoverinearnest. Moreover, exchange-traded York. But not by have recovered to early February 130 even if all itsreopened parks can fund that can be 18.2%. levels achieved before the corona- stay that way,investing in them bought for $26.2 The culprit here virus pandemic hit the U.S. Inves- 120 carries alot morerisk forthe fore- million. is the dysfunc- tors pricing in a relatively quick seeable future. Parks nowhaveca- The West Afri- tional Nigerian pandemic recovery should brace 110 pacity limits.Can excitable children can nation’s econ- economy, which for some plot twists. safely keep masks on at all times omy has taken a has maintained In last year’s June quarter,the 100 while racing around to their favor- hit because of the multiple exchange two businesses hardest hit by the vi- iteride,waiting in line or eating? price of oil, but rates for the naira. rus, including park visitsand studio 90 Can all adults, forthat matter? that isn’t the rea- Now, with pres- entertainment, made up morethan Expectations for resurgence in son behind the sure mounting and half of Disney’s revenue.Inthe com- 80 theme-park visits have made Dis- fund’s whopping calls for an over- parable period this year,the units ney a crowded long bet for many discount to net as- haul, the rates housing those businesses were down JFMAMJ JAinvestors. That creates an opportu- set value, accord- might be unified by acombined 74%year over year Source:FactSet nity for those on the other side of ing to Lara Crigger with the result be- and comprised lessthan aquarter of the trade. Short interest in Disney of ETF.com. ing a sudden de- the company’stotal topline. newservicenow has almost athird is just 1.5% of the stock’s free Unlike with valuation of the Streaming has been astandout of Netflix’s totalsubscribers. float, according to FactSet. Further closed-end mutual rate used to calcu- performer amid the pandemic,but That certainly is an impressive progress toward a vaccine could funds, such dis- late the net asset itsstellar growth could slowaschil- feat and proof that consumers are sting those skeptics, but the odds counts rarely last long for an ETF value. dren head back to school—even if hungry for Disney’s content. But it are decent that the coming months because market makers pounce Investors should think twice

that means remotelearning.Dis- is also illustrative of a tired par- will turn into a scary ride for on them. Small discrepancies can before taking advantage of this TUNDE/REUTERS

ney+ subscribersreached morethan ent’s need to find something for those who expect everything to occur with U.S.-listed ETFs own- bargain. SO 57 million in the quarter ended June children to do amid shelter-in- work out just fine. OLABI

27,meaning that in just months,the place orders and while schools —Laura Forman AF