Zoom Boosts Outlook As Sales Surge in Shift to Remote Work

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***** TUESDAY,SEPTEMBER 1, 2020 ~VOL. CCLXXVI NO.53 WSJ.com HHHH $4.00

DJIA 28430.05 g 223.82 0.8% NASDAQ 11775.46 À 0.7% STOXX 600 366.51 g 0.6% 10-YR. TREAS. À 10/32 , yield 0.695% OIL $42.61 g $0.36 GOLD $1,967.60 À $3.00 EURO $1.1937 YEN 105.90 New Lebanon Leader Named, but Anger Lingers Over Blast Stocks What’s News Log Five Straight Business&Finance Months .S. stocks wrapped up U their best month since April, continuing an ex- Of Gains traordinary rally fueled by stimulus from Washington, signs of economic revival S&P 500 had its best and progress toward a coronavirus vaccine. A1, B9 August since 1986;  Zoom Video again low rates and stimulus raised its full-year outlook spur market rebound after quarterly sales more than quadrupled amid the BY ALEXANDER OSIPOVICH shift to working at home GES AND ANNA ISAAC and remote schooling. A1 IMA

 The Fed’s Clarida said ETTY U.S. stocks wrapped up the bank would resume talks /G their best month sinceApril,

at itsmeeting in two weeks ENCY continuing an extraordinary AG

over how it could refine its U rally fueled by stimulus from guidanceabout plans to keep Washington, signs of economic

rates lower for longer. A2 ANADOL revival and progresstoward a

O/ coronavirus vaccine.  J.C. Penney is flirting Thebenchmark S&P 500 in-

with collapse, eager for SHBAR

M dexadvanced7%for the lenders to agree to buy its SA month—itsbest August since assets out of bankruptcy

HOUS 1986—but endedonadown- after talks with potential AMID RUBBLE: Mustapha Adib, designated Lebanon’s next prime minister, visited parts of Beirut devastated by the Aug. 4 beat note, falling 7.70 points, bidders broke down. B1 blast that killed 180. He was confronted by locals angry over the explosion and seeking an overhaul of the government. A8 or 0.2%, to 3500.31onMonday.  American and Deltasaid All three major U.S. stock they were removing change indexes have climbed for five fees on most domestic flights, consecutivemonths aftera as the levies emergedasanew brutal Februaryand March competitivebattleground. B1 that endedthe longest bull Zoom Boosts Outlook as Sales market on record.  McDonald’s pushed TheS&P 500 has surged back against ex-CEO East- 35% over that period, itslarg- erbrook’s attempts to dis- est five-month percentage miss its lawsuit seeking to gain since 1938. clawback his severance. B1 SurgeinShifttoRemoteWork TheDow Jones Industrial  Berkshire’spurchase of Averageand the technology- stakes in five Japanese heavy Nasdaq Composite companies wasdescribed BY KIMBERLY CHIN panies to atool on which many months ended July 31. to supporting afutureof posted respectivemonthly by investorsand analystsas Americans have come to rely to Zoom said the number of working anywhere, learning gains of 7.6% and 9.6%, their aclassic Buffettmove. B1 Zoom Video Communica- stay connected with co-work- itsmost lucrativecustomers anywhereand connecting any- best performances sinceApril. tionsInc.raised itsfull-year ers, family and friends.Its user morethan doubled from a where,” Zoom Chief Executive TheDow is still 3.8%below  India’s GDP shrank by a outlook forasecond time dur- numbershaveskyrocketed. year ago. But itsappeal has Eric Yuan said. February’srecordand is off record 23.9% last quarter, ing the pandemic, cementing Zoom on Monday reported become increasingly broad Thepandemic has driven 0.4%for the year,while the the biggest blow the coro- its position as one of the big- sales of $663.5 million in the based. Smaller companies, many companies to embrace Nasdaq closed at another re- navirus pandemic has dealt gest corporatewinnersfrom July quarter, up from $145.8 with 10 or feweremployees, digital tools on an accelerated cord Monday, extending its to a major economy. A7 the shifttoworking from million ayear earlier,asit nowrepresent 36% of revenue, timeline.That has liftedthe rise for 2020 to 31%.  Walmart is trying again home and remote schooling. posted a profit of $185.7 mil- up from around 20% of sales fortunes of cloud-servicepro- TheS&P 500 set records to build amembership Thecoronavirus pandemic lion. Analystssurveyed by about six months ago. viderssuch as Amazon.comInc. PleaseturntopageA2 program that canrival almost overnight turned San FactSet had expected sales of “Organizations areshifting and MicrosoftCorp., as well as Amazon Prime. B4 Jose,Calif.-based Zoom from a $500 millionand net income from addressing their immedi- the companies that runonthe  Mom-and-pop investors fall niche application used by com- of $134 million forthe three ate business continuity needs PleaseturntopageA6 back in love with stocks..... B9 World-Wide THE COVID STORM  Biden, in his first address INSIDE sinceformally accepting the Democratic presidential nomination, accused ‘Try Getting It Yo urselves’: How Trump of failing to guard American safety amid the pandemic and turmoil in

GES Administration SowedSupplyChaos Wisconsin and Oregon. The

speech drew criticism from IMA the president, who wasex- ETTY pected to travel to Kenosha, O/G Wis.,onTuesday. A4, A5 White House put burden on states to procure medical equipment, causing problems that persist BELL

 Ajudgecan scrutinize AL BY MICHAEL C. BENDER onavirus pandemic wasbecoming clear way they could,asituation that made it the Justice Department’s JASONGAY AND REBECCA BALLHAUS in the U.S., stoking panic about short- harder to protect health-careworkers, unusual request to drop the criminal case against The U.S. Open gets ages of medical supplies,the Trump ad- treat infected patientsand slowthe Sergio Melgar, the chief financial of- ministration signaled to states they spread of the virus. former Trump national se- under way, but the ficerfor the largest health-caresystem shouldn’t expect the federal govern- Therewas asense,said Eric Dickson, curity adviser Flynn, an vibe won’tbethe same in central Massachusetts,was about to ment to meet their medical-supply chief executiveofUMassMemorial appeals court ruled. A3 without the fans. A14 runout of medical-grade N95 masks.A needs.InaMarch 16 conferencecall, Health Careand Mr.Melgar’s boss, that  TheEPA completed aset of Chinese companypoised to replenish President Trump told governorsthat “wewereall alone.Therewas nobody newguidelines fordisposing the supply wanted the money upfront. the federal government would tryto coming,therewas no help coming.You of coal ash and wastewater PERSONAL JOURNAL It wasafter midnight on March 20, help,but that for“respirators, ventila- were going to have to managethis on from coal-fired powerplants, Aquestfor racial toolatetoarrangeawiretransfer.So tors,all of the equipment—trygetting your own.” changes critics saycould diversityinAlzheimer’s Mr.Melgar took out his owncredit card it yourselves.” Less than two weeks later,Federal allowmorepollutants. A3 and authorized a$100,000 charge.“If I What followed, sayhospital adminis- PleaseturntopageA10 researchtargets  Lebanon named its am- don’t do this,” he recalls thinking,“we tratorsand stateofficials,was anation- clinical trials. A11 will runout.” wide free-for-all in whichmedical pro-  Reported cases in U.S. now exceed six bassador to Germanyasthe Days earlier,asthe spread of the cor- viders tried to getneeded supplies any million...... A6 country’snextprime minister, an appointment unlikely to placateprotesters. A8 Welcome Back,  India and China accused Companies Cut Back each other of moving troops acrosstheir disputed bor- Now Stay der in recent days in viola- On M.B.A. Job Offers tion of agreements. A7 In Your Dorm  AHouse panel said it BY PATRICK THOMAS ratestoprospectivestudents; planned to subpoena DeJoy iii fordocumentsrelated to mail those ratesranged between delays,evenasthe USPS com- Business-school studentsare 80% to 90% formanyhighly College semesters mittedto providing weekly bracing foranuncertain job ranked programs beforethe market this coming school year pandemic hit. begin with service-level updates. A5 as manytraditional corporate PwCsaid it has no plans to  Theadministration pro- recruitersshelvetheir usual fall hireupto100 second-year quarantines posed arule that would allow hiring plans. M.B.A. studentsasitusually Medicaretoapprovecover- At atime of year when many does each fall.This year,only BY MELISSA KORN ageofsome innovativemedi- business-school studentsare thosewho had summer intern- caldevicesthe same daythey polishing their networking skills ships with the firm gotjob of- For14days,Nick Cipriani sat areapproved by the FDA. A3 and getting their businesshair- fers in August forpositions that in aroom at the HolidayInn in  Died: John Thompson,78, cuts, anumber of big compa- will start aftergraduation in Saratoga Springs, N.Y. He ate nies,including consulting giant the spring of 2021, said Rod Ad- salad, napped on one of the two famed basketball coach. A14 One cloud PricewaterhouseCoopers, say ams,the U.S. recruitment leader queen-sizebeds,updated his ré- therewill be no jobs on offer to at thecompany. sumé and began to knit ascarf. CONTENTS Opinion...... A15-17 second-year M.B.A. candidates, “Those that have interned Occasionally,he’dlook out the Arts in ReviewA12-13 Personal Journal A11 Business News...... B3 Sports...... A14 beyond those who interned this with us have generally per- windowand see families playing fits all. Capital Journal...... A4 Technology...... B4 summer,looking to lock down a formed betterwhen they start at thepool. Crossword...... A13 U.S. News...... A2-6 position beforethey graduate. full-time,” he said. “You arenot Mr.Cipriani, aSkidmoreCol- Heard on Street.B10 Weather...... A13 Themurkyjob market has starting from ground zero.” legesophomorefromCincinnati, Choose the capabilities your business Markets...... B9 World News...... A7-9 both studentsand schools wor- Other companies saythey wasone of around 225students needs,when it needs them with the ried. M.B.A. studentscan pay aretaking await-and-see ap- put up by the school at hotels Dell Technologies Cloud. > $200,000 or moretoattend proach. Consulting giant Bain & for required two-week quaran- some of themost elitepro- Co.isreducing the number of tines beforemoving to campus grams,oncetwo yearsofliving second-year M.B.A.sitplans to to start the fall semester.Stu- Learn moreat costsare factored in, forthe hirebut has made offerstothis dentsreceived welcome packs DellTechnologies.com/Cloud promiseofanaccelerated ca- summer’s entireM.B.A. intern including snacks,instructions s 2020 Dow Jones & Company, Inc. All Rights Reserved reer and higher salary. Schools class, said Keith Bevans,a on when to put out dirty towels market strong job-placement PleaseturntopageA2 PleaseturntopageA9 P2JW245000-0-A00200-1------XA

A2 | Tuesday, September 1, 2020 THE WALL STREET JOURNAL. U.S. NEWS

swing.AfailurebyCongressto S&P500,monthly percentagechanges 2020 gains to 68%. Stocks End deliver additional relief mea- During Monday’ssession, FedWill sures forAmerican consumers 10% August Apple shares rose 3.4%, extend- and businesses could weigh on 7% ing their 2020 gains to 76%, af- Best Month market sentiment. terthe company’s4-for-1stock Resume “There’s uncertainty about 5 split took effect. Tesla shares, futuresupport,” Mr.Dunbar which have quintupled this Since April said. “Investorsare nervous year,jumped 13% afterthe Talkson generally,and keen to see sup- 0 electric-car maker’s5-for-1 port continue through lowin- split. Stock splits,which have ContinuedfromPageOne terest ratesand fiscal policy. been lesscommon in recent Guidance last week afterthe Federal Re- Anydiscussion of that being –5 years, oftenresult in abounce servesignaled that it was disrupted can make investors in acompany’sstock price. BY NICK TIMIRAOS likely to keep U.S. borrowing nervous.” Going intothe autumn, the costs low for an extended pe- Investorshavegained hope –10 strength of the economic re- A top Federal Reserve offi- riod.Meanwhile,recent eco- that theworld will overcome covery maybetested if the cial said the central bank nomic data, including July’s theCovid-19 pandemic thanks number of newcoronavirus in- would resume discussions at ordersfor durable goods,have to upbeat news about multiple fections in the U.S. and Europe itsmeeting in two weeks over –15 surpassed economists’ expec- vaccines in various stages of increases and promptsfresh re- howitcould refine itsguid- tations.The indexisup8.3% testing.Among the most ad- 2018 ’19 ’20 strictions on businessactivity. anceabout plans to keep in- in 2020. vanced candidates areone be- Source:FactSet Investorsare also braced terest rates lower for longer. “They’ve confirmed lower- ingdeveloped by theUniver- for a surge in volatility stem- FedViceChairman Richard for-longer ratesasfar as the sity of Oxfordand AstraZeneca. monetarypolicyjust because ties, energy and real estate. ming from any uncertainty or Clarida offered little specifics eyecan see,” said Richard Pfizer,with itspartner BioN- of lowunemployment and cast Among the best performing disputeabout the resultsof about what changes might be Dunbar,head of multiasset re- Tech, and Moderna also have doubt on economic models stocks in August were Royal the U.S. presidential election. considered or when they search at Aberdeen Standard experimental shotsthat have that the Fedused in the past Caribbean Group and MGM Re- “Wehaveaprettybig dis- might be unveiled, saying he Investments. “Alongside that shown promise. to justifyraising interest rates. sortsInternational,both up parity between the two candi- didn’t want to prejudgethe confirmation of cheap money FedChairman Jerome Pow- The tech sector of the S&P about 40%. Thetwo travel-and- dates and the two potential outcome of coming discus- and cheap discount rates, ell helped buoy investor opti- 500 led the way in August as leisurestocks were pummeled administrations,” said Jason sions. TheFed’snextpolicy we’vejust come through aU.S. mism last week by announcing it has formuch of the year, during the pandemic and are Pride,chief investment officer meeting is Sept. 15-16. earnings season that’s been a a shiftinthe central bank’s ending the month up 12%. still off by double-digitsona of privatewealth at Glenmede. Officials areturning their lot better than feared.” approach to monetary policy, That wasfollowedclosely percentagebasis in 2020. He noted that futures on the attention to what waysthey Still, some investorsare which eliminated anyconcerns by the consumer-discretionary Business-software provider Cboe Volatility Index are ele- canprovide moresupport to bracingfor apotential reversal that the Fed might ratchet up group—home to Amazon.com Salesforce.com Inc.joined vated in the period around No- the economyafter cutting rates in September.U.S.lawmakers ratestocombat inflation any- Inc.—and the communications those stocks at the top of the vember,toagreater degree to near zero in response to the arescheduled to return to work time soon. services segment—which in- S&P 500’sleaderboard, buoyed than in past presidential elec- downturn caused by the coro- following an August recess and Atop Fedofficial affirmed cludes Facebook Inc.and by last week’srobust earnings tions—an indication that trad- navirus pandemic in March. could resume talks to end the the U.S. central bank’snew Google parent Alphabet Inc. report and its inclusion Mon- ersare betting on volatility They arebuying Treasuryand gridlock on anew coronavirus stanceinaspeech on Monday. Both groups rose morethan dayinthe DowJones Indus- around the vote. “The market mortgagesecurities at arateof stimulus packageasNovember Vice Chairman RichardClarida 9%. The only sectors to finish trial Average. Shares rose 40% is basically saying that this is morethan $1 trillion ayear election campaigns go intofull said the Fedshouldn’t tighten August in the redwereutili- in August, extending their a big election,” he said. and have signaled no interest in raising ratesfor years. The coming discussions on U.S. WATCH how to tweak their asset purchase program or refine their so-called forwardguidance COURT about interest rateshavebeen smoothed by the conclusion Judge Warns Bannon last week of ayearlong policy About Statements revamp in which the Fed will seek periods of slightly higher Afederal judge Monday inflation afterperiods in warned former Trump adviser which pricepressures runbe- SteveBannon and three other low their 2% target. men accused of defrauding do- In remarks Monday, Mr. nors to the We Build the Wall Clarida said the central bank crowdfunding campaign to avoid needed to be moreskeptical of public statements thatcould af- models that predict higher in- fect their abilitytoget afair trial flation when setting interest- after its founder,Brian Kolfage, rate policy, given the weak recalled the prosecution awitch sponse of inflation to lower huntonFacebook. levels of unemployment over During aSkype hearing, U.S. the past decade. District Judge Analisa Torres told TheFed’snew framework

the defendants to avoid certain S states that the Fedwon’t raise

types of statements but stopped PRES interest rates simply because short of issuing aformal gag or- unemployment has fallen to a TED

der.“Do youunderstand, Mr. CIA lowlevel estimated to spur

Bannon?” said U.S. District Judge SO faster priceinflation, Mr.Clar- Analisa Torres. “Yes, your honor,” AS ida said. Mr.Bannon replied. The judge Concerns that too-low lev-

set atrial date forMay 24, 2021. JOURNAL/ els of unemployment would Mr.Bannon, Mr.Kolfage, An- lead to asurge in inflation led SUN drew Badolato and TimothyShea the Fedtoveryslowly begin

were arrestedAug. 20 and in- KEHN/ raising ratesin2015 after dicted on accusations theystole seven yearsinwhich rates

from hundreds of thousands of ANDREE were pinned near zero. people who donatedtothe We BEST FRIENDS: Dave Letarte and Daisy played a game of fetch Monday at the Woodbury Pond boat landing in Litchfield, Maine. Mr. Clarida signaled a note Build the Wall campaign, apri- of humility in his remarks vate effort to construct abarrier CHICAGO penses. ernment, debt refinancing, hiring budget problems, and that most Monday. The change “reflects along the southern U.S. border. For the current year, the na- slowdowns and service cuts. of the shortfalls for this year the reality that economic mod- Messrs. Kolfage, Badolato and Record $1.2 Billion tion’s third-largest city is already “It is clear that without an- and next are attributed to the els of maximum employment, Shea pleaded notguiltyMonday Budget Gap Forecast facing a nearly $800 million other round of federal stimulus pandemic. Still, the city faces while essential inputstomon- to one countofconspiracy to shortfall in its projected $4.4 bil- funding, Chicago, like many other one of the nation’s largest un- etary policy, can be and have commit wirefraud and one count Chicago officials projected a lion budget, essentially for the cities, will be facing a set of funded pension liabilities and been wrong,” he said. “A deci- of conspiracy to commit money record $1.2 billion budget gap same reasons. It hopes to close very hard choices,” said Mayor has been suffering from popula- sion to tighten monetary pol- laundering. Mr.Bannon had pre- next year as the coronavirus that gap by year-end through a Lori Lightfoot. tion decline, which also saps icybased solely on amodel viously enteredanot guiltyplea. pandemic wallops economic ac- combination of coronavirus-re- Officials said the city had economic growth. without anyother evidenceof —Corinne Ramey tivity and increases city ex- lated help from the federal gov- made strides to fix its structural —Joe Barrett excessivecost-push pressure…is difficult to justify given the significant cost to Do youenvisage your organization hiring moreorlessorabout than 1,000 employers found eastern University’s D’Amore- the economyifthe model M.B.A. Job the same number of management or leadership roles in 2020 that companies acrossanarray McKim School of Business. “We turns out to be wrong.” compared with 2019? of industries planned to hire arehoping the losses in tradi- Mr.Clarida said the Fed nearly 60% fewermanagement tional industries canbeactually needed to changeits policy- Offers Are Alot more Alittle bit more About the same Alittle bit less positions this year,shrinking takencareofbydifferent types setting framework because of- Alot less Don’tknow thenumber of landing spots of organizations,” he said. ficials will have lessroom to fornewly minted M.B.A.salong Amazon.comInc.and Micro- spur growth by cutting interest Dwindling Automotive with other white-collar work- softCorp.started their B-school ratesinaworld wherethey are ers, according to the Associa- recruiting processfor jobs and pinned near zero moreoften. Banking/ﬁnancial tion of M.B.A.sand Business internships earlier than before TheFed formally adopted a ContinuedfromPageOne services GraduatesAssociation, one of and indicated they plan to make 2% inflation target in 2012 but partner who leads recruiting for Consultancy thethree main accreditation moreofferstosecond-year sincethen has encountered the firm. Because of job-market bodies of businessschools, M.B.A.sthan usual, according to greater challenges boosting in- uncertainty,Mr. Bevans said he Education which conducted the research. Drew Pascarella,associatedean flation because itsmain policy expectsahigher percentageof Some sectors, including re- of M.B.A. programs at Cornell tool, a short-term benchmark interns than usual to accept. Energy tail and tourism, have been pre- University’s SC Johnson Gradu- interest rate,has been pinned EY,one of the largest pro- dictably hard-hit by pandemic ateSchool of Management. near zero. fessional services firms in the Engineering closures,which has curbed their world, is waiting to see howa ability to hire, survey respon- THE WALL STREET JOURNAL potential second wave of Legal services dentssaid. Other sectorswerea CORRECTIONS  (USPS 664-880) Covid-19 infections plays out surprise.Logistics companies, (Eastern Edition ISSN 0099-9660) beforeitfinalizes hiring plans Logistics forinstance, which areriding a AMPLIFICATIONS (Central Edition ISSN 1092-0935) forthe year.“In anormal year, pandemic-fueled surge in e- (Western Edition ISSN 0193-2241) we’d have everything buttoned Pharmaceuticals commerce,reported some of Editorial and publication headquarters: 1211 Avenue of the Americas, up and schedules set, we the largest management hiring Anew autonomous ship New York, N.Y. 10036 Real estate would have already been on drop-offs.“Some blue-chip or- called the Mayflowerwill be Published daily except Sundays and general campus in several places,” said 020406080100% ganizations that everyyear took unveiled in Plymouth, England. legal holidays. Periodicals postage paid at Dan Black,global recruiting afew M.B.A.sintotheir cohort The Keywords column in Sat- New York, N.Y., and other mailing offices. lead.“Thenextfour to five Note:Anonline survey of morethan 1,000 employers conducted between March 27 and May27 might take abreak forayear,” urday’sExchangesection in- Postmaster: Send address changes to 2020.Some percentages don't equal 100 because of rounding. The Wall Street Journal, 200 Burnett Rd., months aregoing to determine Sources: Association of M.B.A.sand BusinessGraduatesAssociation said Andrew Main Wilson,who correctly said it would be un- Chicopee, MA 01020. a lot of things.” runs the Association of M.B.A.s. veiled in Portsmouth, England. AllAdvertising published in The Wall Street While EY’shiring is uncer- fornow.“Nobody is making graduation.RelishCareerssaid Morethan half of respon- Journal is subject to the applicable rate card, tain, the firm plans to makea commitments yet,” he said. in arecent survey,morethan a dentsinbanking,energy,engi- William Hogarth’sprint of copies of which areavailable from the Advertising Services Department, DowJones lot of job offerstoundergradu- MateuszMadry, who is thirdof2021 M.B.A. candidates neering and construction said the South Sea Bubble,de- &Co. Inc.,1211 Avenue of the Americas, New ates,who typically take roles working to completehis had job and internship offers they were hiring fewerleader- scribed in the Masterpiecear- York, N.Y. 10036. The Journal reserves the rightnot to accept an advertiser’s order.Only in taxand assurancewhen they M.B.A. at Suffolk University’s rescinded or changed because ship roles in 2020 compared ticle in Saturday’sReview sec- publication of an advertisementshall graduate, Mr.Black said. Those Sawyer BusinessSchool in of the pandemic,compared with with 2019,and nearly two- tion, is an engraving.The constitutefinal acceptanceofthe advertiser’s unitsinvolveannuity work that Boston, said he struggled to about 20% of M.B.A.swho grad- thirds of organizations polled headline summaryincorrectly order. needs to be done regardlessof land an internship this sum- uated this year. in legal services and pharma- called it an etching. Letters to the Editor: Fax: 212-416-2891; email: [email protected] what is happening in the mer and instead worked at the Several big companies,in- ceuticals said they were in the Need assistance with your subscription? broader economy. “M.B.A.spri- university.“Thejob search for cludingMcKinsey &Co. and market forfewermanagers Noticetoreaders By web: customercenter.wsj.com; marily fill roles in consulting us M.B.A.s is so important in Boston Consulting Group, al- this year. In contrast, about a Wall Street Journal staff By email: [email protected] andstrategyand transaction, terms of connections and get- ready pushed back the start fourth of companies polled in membersare working re- By phone: 1-800-JOURNAL (1-800-568-7625) which tend to have moreproj- ting to knowpeople.When dates forspring graduates who insurance, entertainment and motely during the pandemic. Reprints &licensing: By email: [email protected]; ectwork that is affected more Covid[-19] hit, Ifeel likeIlost expected to begin full-time computersand electronics Forthe foreseeable future, By phone: 1-800-843-0008 by the relativestrength of the those connections,” the 30- roles this summer.Manygradu- said they planned to hiremore please send reader comments WSJback issues and framed pages: economy,” he said. year-old said. ates wholocked down summer management roles. only by email or phone, using wsjshop.com Kevin Stacia, an M.B.A. ca- Studentswho weren’t able to 2020 joboffersback in the fall As traditional M.B.A. em- the contactsbelow, not via Our newspapers are100% sourcedfrom reer coach and corporate-rela- land asummer internship—or of 2019 arestill waiting to hear ployers in consulting and finan- U.S. Mail. sustainably certified mills. tions manager at Georgia had their offer rescinded—fear when they canreport to work. cial services dial back, newem- Tech’sScheller Collegeof they could have atough time PwCsays some newemployees ployers in technologyare Readers can alert The Wall Street Journal to any errors in news articles GOTATIP FORUS? Business, said studentsand finding the job they thought the maynot start until November. emerging to fill the gap,said by emailing [email protected] or SUBMIT IT AT WSJ.COM/TIPS employers are stuck in limbo degree would givethem upon Arecent survey of more RajEchambadi,dean of North- by calling 888-410-2667. P2JW245000-0-A00300-1------XA

THE WALL STREET JOURNAL. Tuesday, September 1, 2020 | A3 U.S. NEWS U.S. ProposalWould Coal-Ash Regulations Eased Speed Up Medicare BY KATY STECH FEREK

TheU.S.Environmental Approval of Devices Protection AgencyonMonday completed aset of newguidelines fordisposing of coal ash BY STEPHANIE ARMOUR thepast to coordinatebetter and wastewaterfromcoal- so that coverage decisions firedpowerplants, changes The Trump administration come out sooner.CMS has of- that critics saycould allow proposed arule that would al- tenused different standards more pollutantsintothe na- low Medicare to approve cov- than the FDA when determin- tion’s waterways. erageofsome innovativemed- ing whether to approvecover- Therules,which ease

ical devices the same day the age of medical devices, which stricter guidelines set by the S

products are approved by the can lead to delays and uncer- Obama administration in 2015, PRES Food and Drug Administration. tainty for device manufactur- apply to coal ash, acommon TED Theproposal, which is set to ers. A patchwork system also byproduct of burning coal for OCIA

be published Tuesdayinthe exists where a device may be powerthat cancontain lead, SS Federal Register,stems from an approved for Medicare in one arsenic, mercuryand other /A October executiveorder signed state but not another. toxic pollutants. Some of it is by President Trump to bolster Under the proposed rule, used to makecement and the federal health-insurance CMS would establish a path- other products, but much of it HUMPHREY

program focused on seniors. way forfaster Medicarecover- gets dumped intoponds and MARK It is likely to buoy the $47 ageofdevicesthat aredesig- landfills from which it can A 2008 ash-pond spill at a Tennessee plant, shown last year, prompted the Obama administration rules. billion medical-devices indus- nated as part of the FDA’s leach into groundwater. try: Medicareisthe largest breakthrough devices pro- Theguidelines establish ties hadasked forthe relief, rules, which marked the first tough rules on coal ash and payerfor medical devices and gram, avoluntaryprogram for newcompliancedates,aswell with one trade group estimat- federal coal-ash standards, wastewaterfrompower covers about 60 million Amer- certain devices and products as changes in wastewater- ing that the 2015 rules would came in response to adam plants,saying anyleniency icans.Commercial insurers that provide formoreeffective treatment rules.Asenior EPA have led to the closingsof break at alarge ash pond in risks polluting groundwater. tend to followMedicare’slead treatment or diagnosis of life- official said the newrules will dozens of coal-ash dumps at a Tennessee in 2008 that de- On Monday, MaryAnne Hitt, a in determining what products threatening or irreversibly de- save the U.S. powersector cost of $23 billion to $35 bil- stroyed homes,released 1.1 Sierra Club national director, to cover. bilitating diseases or condi- roughly $140 million ayear by lion over 20 years. billion gallons of wetwaste said President Trump and Mr. Theproposal would mark a tions.One example is adevice reducing compliancecostsand “Newer, moreaffordable intotwo riversand covered Wheeler are“putting power significant acceleration in get- that shines light on the skin to other measures. pollution control technologies about 300 acres with toxic plant industryprofits before ting certain “breakthrough” diagnose Parkinson’s disease The revisions have been in and flexibility on the regula- sludge. The spill occurred af- the public’s health.” medical devices to patients. and candetect the disease ear- the works since2017and mark tion’sphase-in will reducepol- teradikefailed at apond Thomas Cmar, adeputy The lag time between FDA lier than traditional methods. the latest push in the Trump lution and save jobs at the holding wastefromthe util- managing attorney at non- approval and adecision on Theproposal will undergo a administration’sderegulatory same time,” EPA Administra- ity’s coal-burning powerplant. profit Earthjustice,said his coverage by the Centersfor 60-daypublic comment period. agenda at the request of the tor Andrew Wheeler said. Environmentalistshave group will challengethe re- Devicemakerscould volun- U.S. energy sector. Powerutili- The Obama administration criticized moves to roll back vised rules in court. tarily opt to use the faster Patientswould get Medicareapproval pathway by informing CMS of their inter- expedited access to est. Thecoverageapproval NewFlynn Ruling GoesAgainstDOJ some ‘breakthrough’ would start on the dateofFDA market authorization and con- medical gadgets. tinue for four years. BY SADIE GURMAN investigation intoMr. Trump. opinion. AJusticeDepartment plea to one count of lying to TheFDA has takensteps to AND BRENT KENDALL The2-1 ruling said the Democ- spokeswoman declined to the Federal Bureau of Investi- increase patients’ access to in- ractic-led House Judiciary comment. Mr.Flynn’sattorney gation about his Russian con- novative medical devices but Afederal judgecan scruti- Committee didn’t have legal didn’t respond to arequest for tactsshortly beforeMr. Medicare and Medicaid Ser- it hasalso been criticized by nizethe JusticeDepartment’s authority to go to court to en- comment. Trump’sinauguration. Thede- vices has a median time of 17 some public-health expertsfor unusual request to drop the forceasubpoena forMr. Mc- Thedecision means the trial partment sided with Mr. months,according to a2018 being tooquick to approve criminal case against Presi- Gahn’stestimony. Thecase, judgeoverseeing the case,U.S. Flynn’sdefense team, which ar- study led by Yale University medicaldevices, raising the dent Trump’sformer national- which holds potentially broad District JudgeEmmet Sullivan, gued that FBI officials had tried Medical School, adelaythat risk they could malfunction or security adviser Michael implications forCongress’s cannow proceed with his plans to set him up in aJanuary2017 can affect product sales. injure a patient. Flynn, aU.S.appeals court oversight powers, has seen a to hold ahearing examining At- interview. TheFDA approves new Therule would also change ruled Monday, the latest turn series of decisions cutting in torney General William Barr’s The McGahn case has seen medical devices that go to howdevicesare determined to in the legal saga. opposite directions. decision to abandon the case. similar seesaw rulings as Mr. market based on the product’s be reasonable and necessary Thedecision, on an 8-2 In the Flynn matter, the D.C. TheD.C.Circuit’sunsigned Flynn’s. TheJudiciaryCom- safety and efficiency. CMS de- forthe diagnosis or treatment vote,was asetback forthe de- Circuit’smajority said the for- opinion said Mr.Flynncould al- mitteeissued the subpoena to termines howthe devices will of an illnessorinjury, likely ex- partment and Mr.Flynn, who mernational-securityadviser waysreturn to the appeals Mr.McGahn last year as it was be reimbursed under the pro- panding Medicarereimburse- had filed an emergencyre- hadn’t cleared the high legal court if JudgeSullivan ulti- examining possible miscon- gram anddecides if they are ment forbreakthrough medical quest asking the U.S. Court of hurdles necessarytojustify mately decides not to dismiss duct by Mr.Trump.The White “reasonable and necessary.” devices.Without Medicareap- Appeals forthe District of Co- emergencyintervention before the case.The appeals court also House instructed Mr.McGahn “The lag time between FDA proval, patientsmust payout- lumbia Circuit to allowthe the presiding trial judgehad urgedJudgeSullivan to wrap not to appear. approval and Medicarecover- of-pocket forthe devices. dismissalofchargesand to finished his proceedings. up hisdeliberations “with ap- House Speaker NancyPelosi agehas been called the valley Themarket sizeofthe medi- end the case immediately. “Weare aware of no case in propriatedispatch.” (D., Calif.) said her chamber of death,” said CMS Adminis- cal-devicemanufacturing in- In a separate ruling Mon- which acourt of appeals has TheJusticeDepartment would immediately ask the full trator SeemaVerma in acall dustryinthe U.S. has grown day, a D.C. Circuit panel again ordered adistrict judgetode- sought to withdraw the charges appeals court to onceagain Monday, adding that the pro- 2.7% ayear on averagebetween threw out alawsuit by House cide apending motion in a against Mr.Flynnearlier this hear the case.The JusticeDe- posed change “would give se- 2015 and 2020,according to Democratsseeking to require particular way,” JudgeThomas year,concluding that it didn’t partment, which is represent- niors immediate access.” Ibis World, which provides in- former White House counsel Griffith, aGeorge W. Bush ap- believeitcould win the case at ing Mr.McGahn, didn’t respond FDAand CMS have tried in dustrymarket research. Don McGahn to testify in an pointee,wrote in aconcurring trial—despiteMr. Flynn’s guilty to arequest forcomment. With Remote Learning, Disabled Children Face Extra Hurdles

BY KRIS MAHER therapy.OnThursday, Evelyn started preschool from home BELLEVILLE, W.Va.—For in Evanston,Ill. She attended Anna Smith, an 18-year-old four of six 20-minutesessions with Down syndrome, losing from 9a.m. to about 11 a.m., out on in-person education this before Ms.Otts-Rubenstein, fall could mean losing access to who wasbyher side the entire the physical, occupational and time,called it quitsfor the day. speech therapiesshe receives In Washingtonstate,three through her public school. families of children with dis- With ParkersburgSouth abilities asked ajudgetoover- High School, in a hilly corner turn the state’semergencyed- of West Virginia near the Ohio ucation orders, saying that River, set to begin on Sept. 8, cutting the number of school Christina Smith says she isn’t days and the length of time in surehow her daughter Anna school violates the stateconsti-

will receive therapy this year. JOURNAL tution. Representatives forthe Anna hasn’t seen anythera- WashingtonState BoardofEd- REET

pists since March. ST ucation and the stateOfficeof

Studentswith disabilities LL Superintendent of Public In-

faceunique challenges as WA struction declined to comment.

schools turn to remote learn- THE Carolina Landa, of Olympia, R

ing because of the coronavirus FO Wash., one of the plaintiffs,said pandemic.Manystudentswho she worries that her job with had received therapies in CKER the stateDepartment of Correc- school nowcould receivethem THA tions could be at risk if she has

online or scaled back.With TIAN to provide educational services

plans forthe school year in KRIS and therapies to her son, Zach- flux,parentssay they simply ariah, 13,athome by herself. don’t knowyet howservices Anna Smith, an 18-year-old initiatives at TheArc,anon- At school Zach, who is autis- will be provided. Meanwhile, with Down syndrome, hasn’t profit disability advocacygroup. tic and nonverbal, usually has remotelearning itself often seen any therapists since Parentssay the lossofso- two teacher aides working with presentsnew hurdles forchil- March. Carolina Landa, right cial interaction has left some him in aclassroom with 11 dren with disabilities. with Zachariah, 13, and fiancé studentswith disabilities— other children with disabilities. “There’s just a lot of barri- Moises Vargas, doesn’t think manyofwhom have small cir- Ms.Landa wantshis school ersfor this being aproductive online classes will help her son. cles of close friends—feeling to provide at least limited in- and successful year for many more isolated than other stu- person classes and therapies studentswith disabilities,” special-education services that dents. Forchildren with be- forher son and other disabled said Christina Smith. students were entitled to since havioral disabilities, the rou- students. She said Zach usu- About 47,000 studentsin the beginning of the pandemic. tine of going to school can ally gets 30 hoursaweek of K-12 schools in West Virginia, Thefederal government help them regulatetheir emo- speech therapy,but she hasn’t or 18% of studentsenrolled, hasn’t granted waiversasare- tions.And forparents, the had ameeting yettogoover have disabilities,according to sult of the pandemic,sostates school dayoften provides a his education plan. She the West Virginia Department arestill required to provide six-hour reprievefromcon- doesn’t think online classes of Education. Aspokeswoman full services to students with stant at-home care. will be effective for him.

for the department didn’t re- disabilities.Parentsand advo- A Mary Otts-Rubenstein is in SinceMarch, Anna Smith spond to arequest forcom- cacy groups sayschool dis- theprocess of adopting a3- has rarely left her family’s 234- ment on how services will be trictsviolated federal law LAND year-old named Evelyn and said acrefarm. Because she has ju-

provided. when they didn’t provide ser- OLINA she washoping forsuch a venile rheumatoid arthritis and

Nationwide,about seven vices this spring. CAR break.Evelyn hascerebral palsy other health conditions,her million studentswith disabili- Under federal law, public as aresult of being shaken se- parentsbelieveher risk from ties in public schools receive schoolsare required to pro- Schools arerequired to craft this spring has meant many verely when shewas 3months Covid-19 is toogreat forher to specializedinstruction and vide a“free appropriatepublic an individualized education children with disabilities fell old. She can’t stand on her own attend school in person. some form of related services education” in the “least re- program, or IEP, agreed to by behind during the shutdown and has afeeding tube. She plans to log on to each year and make up about strictiveenvironment.” That parents, teachersand adminis- on the subjectsand skills they “I lovemykid, and Iwant classes with her mother by her 14%ofenrollment, according standard, first adopted in the trators. The plan includes the had been working on. my kid here. But she’sa24-hour side.Anna said she is still hop- to the National Center forEd- 1970s,has meant that students student’sgoals and what type “All studentsmay have lost kid,” said Ms.Otts-Rubenstein. ing to be able to wear aroyal- ucation Statistics. with disabilities are taught in of assistance or therapies the some learning last spring. “Wereally needed abreak.” blue dresswith arhinestone AMay survey by ParentsTo- general education classrooms student will receive, typically There’sageneral belief that Ms.Otts-Rubenstein and her belt to her prom this spring. gether,anadvocacygroup, as often as possible. through the school. studentswith disabilities lost wife, Rachel, plan to pay “It’sheartbreaking because found that only one in five Extraservices areprovided Theissues arecompounded morelearning,” said Shawn Ull- $3,300 this fall so Evelyn can my child is asocial butterfly,” families wasreceiving all the to studentswith disabilities. because the loss of therapies man, senior director of national continue in-person speech said Christina Smith. P2JW245000-6-A00400-17FFFF5178F

A4 | Tuesday, September 1, 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 Candidates Seek Campaign High Ground

For them, the president’s is a long way to go in a gen- Republican candidates Biden charged that the presi- has caused will never go failure to slow and stop the eral-election campaign only elected those years—Richard dent has “fomented” vio- away. Americans are being spread of the pandemic, and just begun. Nixon and Ronald Reagan— lence. reminded of Mr. Trump’s dodge responsibility for it, is For his part, Mr. Biden were challengers, while Dem- The problem for Mr. Biden handling of it in a dramatic proof that it is dangerous to pushed back hard Monday ocrats were in control of the is that his failure to force- way this week with the rocky live in his version of Amer- against the charge he toler- White House and trying to fully condemn looting and efforts to reopen schools ica. ates violence by proclaiming defend their response to tur- violence in the streets at the amid a pandemic. For President Trump and in a speech that violence in moil. President Trump is try- Democratic National Conven- CAPITAL JOURNAL the Republicans, the high the streets is “lawlessness, ing to pull off the reverse: tion two weeks ago played r. Trump’s Republi- By Gerald F. Seib ground is unrest in Amer- plain and simple. And those He is the incumbent, the into the narrative that he is can convention last ica’s streets, a continuing na- who do it should be prose- too weak or too unwilling— M week was designed tional trauma that they ar- cuted. Violence will not or both—to stand up to radi- to provide a reassuring pic- Sports and military meta- gue illustrates all that is bring change.” For Biden, it’s about cal forces within his own ture of Trump voters—“the phors are overused in writ- wrong with the Democrats In any campaign, the most party that are fine with de- real face of the silent major- ing about politics, but here’s who run America’s biggest important question is the the pandemic; for struction in the streets of ity” as Trump senior strate- a military metaphor that fits cities and what will be most basic one: What is it Trump, it’s unrest in Portland, Ore., and Kenosha. gist Jason Miller put it in a the moment: In any battle, wrong with the country if about? Mr. Trump has his own Wall Street Journal video in- the advantage goes to the Joe Biden becomes presi- The candidate and cam- America’s streets. vulnerabilities, though, and terview. army that seizes the strate- dent. paign that succeeds in fram- they also are considerable. But beyond that, it also gic high ground. ing the answer to that ques- The first is that he has was structured to give mod- The battle or them, Mr. Biden’s tion tends to be the one that avoided talking in any detail erate, swing voters a feeling for that high failure to forcefully wins. man on watch while the un- about the racial inequalities that it’s OK to vote for the ground in F condemn violence in Twice in recent history— rest unfolds, trying to win by that underlie the street pro- president by providing them 2020 is under the streets at his convention in 1968 and 1980—the pri- saying the turmoil would be tests. There is ample evi- enough reason to think he way right is proof that it will be unsafe mary issue was a broad feel- even worse if his opponents dence that even Americans isn’t racist, antigay or anti- now, and the in his version of America. ing that the wheels were were in charge. in the political center trou- women. outcome likely It’s a complicated race, coming off the national cart, The point Democrats will bled by street violence also The task for Mr. Biden’s will be decisive. but for right now it appears that events were careening be trying to drive home in are disturbed by examples of campaign now is to do the For Joe Biden and the that simple. At the moment, out of control in a frighten- coming days is that the vio- systemic racism that now same for moderate voters on Democrats, the high ground Mr. Trump’s metaphor feels ing way. lence Americans are seeing are on the table for national the question of law and or- is the coronavirus pandemic, more powerful and urgent, In both cases, Republicans isn’t a vision of Joe Biden’s discussion, and want those der: give them enough rea- a continuing crisis that they and he plans to make it more took advantage of that feel- America to come, but the re- dealt with as well. son to feel it’s OK to vote for argue illustrates all that is so by traveling Tuesday to ing to win. ality of Donald Trump’s Beyond that, the coronavi- him because he won’t let wrong with Donald Trump’s Kenosha, Wis., site of the The difference in those America that already exists. rus isn’t gone, and the mobs run loose in the presidency and leadership. most recent unrest. Yet there cases, though, was that the In his Monday speech, Mr. 183,000 American deaths it streets. Biden Says Trump Has Failed Country

PITTSBURGH—Launching blame the policeand lawen- his fall campaign, Democratic forcement,” Mr.Trump said of presidential nominee JoeBiden Mr.Biden, warning that other accused President Trump of cities could see violent out- failing to guardAmerican breaks if Democratstook the safety amid the coronavirus WhiteHouse. pandemic and racial turmoil in TheAug.23policeshooting Wisconsin and Oregon follow- in Kenosha, Wis.,ofJacob ingpoliceshootingsand kill- Blake, aBlack man who re- ings of Black people. mains hospitalized and para- GES lyzed, has touched off largely IMA By Ken Thomas, peaceful daytime demonstra- Sabrina Siddiqui tions followedbynightsofvio- GETTY and Catherine Lucey lenceand property destruction SE/ in the city.Separately,a17- Mr.Biden delivered his first year-old waschargedlast week

ANCE-PRES addressMondaysinceformally with first-degree intentional

FR accepting his party’s nomina- homicide and other countsaf- tion during avirtual conven- terprosecutorssaid he opened ENCE

AG tion,responding to the presi- fire on protesters, killing two dent’slaw-and-order message people and wounding another.

TUREN/ afteraweekend in which a In his speech, Mr.Biden

MA man wasfatally shot in Port- condemned actsofviolence land, Ore.,amid aclash be- and property destruction amid EPHEN

ST tween protestersand Trump the demonstrations.“Rioting is A crowd of people looked on as speakers talked about the shooting of Jacob Blake during a rally in Kenosha, Wis., on Saturday. supporters.The city has seen not protesting.Looting is not morethan three months of protesting.Setting firesisnot demonstrations sinceawhite protesting.None of this is pro- Kenosha County Voters Key In on policeofficer killed George testing.It’slawlessness, plain Floyd,aBlack man, in Minne- and simple,” he said. apolis on May25. He also presented himself as “The simple truth is Donald someone who could work with Race Relations and Public Safety Trumpfailed to protect Amer- demonstratorsfor racial justice ica. So nowhe’strying to scare as well as lawenforcement, say- America,” Mr.Biden said, adding,“Most cops aregood, de- ing that the president had fo- cent people” and that he could BY J OHN MCCORMICK expected to promotealaw-and- Before PresidentTrump, events in Wisconsin. mented violence. “bring the policetothe table.” order messagehis campaign Wisconsin’s Kenosha County “Wenever thoughtitcould “Donald Trump has been a Mr.Biden said in his re- KENOSHA,Wis.—Nowherein hopes will both rally his core hadn’t backed aRepublican happen here,” he said. “People toxic presenceinour nation marks that the president is us- this battleground statewas the supportersand boost his back- forpresidentsince1972. on the fencemight look at that forfour years, poisoning how ing the protests, which are previous presidential election inginsuburban America. Kenosha County and it could swing some.” we talk to one another,” Mr.Bi- broadly calling forracial jus- closer than hereinKenosha Ahead of his trip,Mr. Trump presidential results Andy Berg, aDemocrat who den said. He added that voters ticeand changes to policing,to County,wherelast week’s told reportersMondayatthe is acounty boardsupervisor, would need to decide in about trytoshiftfocus away from shooting of aBlack man by po- WhiteHouse that federal assis- Democrat Republican said he blames the president for 60 days whether “werid our- the coronavirus pandemic. lice—followedbyprotests, loot- tancehelped end the violence 0% 15 30 45 60 heightening divisions in the selves of this toxin or will we He rejected Republican at- ing and fatal violence—have el- in Kenosha. “Wemoved very, country. He also worries that makeitapermanent part” of temptstobrand him as a“Tro- evated race relations and public very quickly and as soon as we 2016 enough isn’t being done to reg- the nation’scharacter. jan horse” forasweeping lib- safety as campaign issues. moved, that wasthe end of ister newDemocratsamid Ke- Speaking at the White eral agenda. “Ask yourself: Do Images of burned and dam- that,” he said. “It wasverywell 2012 nosha’sunrest. “Weneed to get House Monday, Mr.Trump de- Ilook likearadical socialist aged cars,businesses and gov- behaved.” people registered in our com- scribed the former vicepresi- with asoftspot forrioters? ernment buildingsstill domi- Former Vice President Joe 2008 munities morethan we did last dent’sremarks in Pittsburgh as Really?” theformer vicepresi- natelocal news across Biden,the Democratic nominee, time,” he said. “I haven’t seen “strange,” saying he didn’t dent said. southeast Wisconsin, aregion has said the strategyisanat- 2004 as manypeople out thereregis- mention “the far leftorfrom Mr.Biden is expected to filled with the sort of suburban tempt to distract from afragile tering voters.” what Isaw he didn’t mention ramp up his campaign travel voters that areakey ingredient economy and Mr.Trump’sman- 2000 Locatedbetween Milwaukee the word antifa,” in areference afternextweek’sLabor Day in the formula forwinning this agement of the pandemic. and Chicago, Kenosha is nor- to aloose affiliation of far-left holiday, with stops in battle- stateand othersinNovember’s In asummer filled with ra- Source:Wisconsin Elections Commission mally afairly quiet and safe groups and individuals who ground states such as Wiscon- election. cial unrest, this city of roughly place. It has worked in recent saythey believeinconfronting sin, Minnesota, Pennsylvania “When Isee people burning 100,000 on Lake Michigan be- twonightslast week because yearstorevitalizeitself after those they consider racist, andArizona. the flag and burning down came the nation’slatestflash- shewas so frightened. While losing manufacturing jobs. anti-Semitic or fascist. —Catherine Lucey property,itsickens me,” Susan point afterJacob Blakewas she isn’t afan of Mr.Trump,she Travis Kruse,a42-year-old “[He] mostly seemed to contributed to this article. Nelson, a67-year-old suburban shot repeatedly in the back said she likes that he is trying industrial-suppliessalesman Kenosha resident, said before while reaching intoacar.The to protect Wisconsin property. who lives in aKenosha suburb entering agrocery storewith fallout has sincebecome afocus “He absolutely redeemed and plans to vote forMr. plywood covering itsdoorsand of the presidential race follow- himself because our governor Trump,said the unrest will help windows to protect against ing the completion of both na- wasnot doing what he needed the incumbent. “He’sdrawing a looting.“It’slikeawar zone.” tional political conventions. to do to protect the people of hardline,” Mr.Kruse said. “We Ms.Nelson, aretired teacher Interviews with morethan a Kenosha,” she said. “Trump did need to have lawand order and school superintendent who dozenlikely voters of all politi- what he needed to do and now, and local officials arelet- considersherself an indepen- calstripes acrossKenosha stepped in.” ting thingsgotoo far.” dent voter, said she votedfor County this past weekend re- Ms.Crawfordwasn’t alone Andrew Hitt, chairman of the President Trump in 2016,but vealed pocketsoffear. amongvoterscriticizing the Wisconsin GOP,said public she remains undecided in the “It’sfrightening,” said Janice state’sDemocratic governor, safety is rapidly rising as atop currentcontest. Klopstein,a59-year-old social Tony Evers, fornot moving issuefor manyvotersasthey Mr.Trump’s planned visit worker who plans to vote for moreswiftly to quell the vio- absorb images of destruction Tuesdaytotour the damaged Mr.Biden. “It gets dark and you lence. from Kenosha. “When people area and meet with local offi- don’t knowwhat’sgoing to hap- Mr.Evers has repeatedly aredeciding who to vote for, cials is likely to heighten politi- pen.” condemned the violenceand they aregoing to ask who is go- calpassions on both sides.Heis Manybusinesses remain said the statehas offered all as- ing to keep our families safe,” boardedupasfar away as 6 sistancerequested by local offi- he said. miles from the worstdamage. cials.Asked about complaints Philip Shulman,aDemo- Several voters said they worry over the stateresponse,Mr. cratic Party of Wisconsin Crafted in gold &platinum aboutnew violencewith each Evers’sspokeswoman, Britt spokesman, criticized Mr. Rush! Service milestone in the case of Mr. Cudaback,pointed to anews Trump forhis planned trip to Available Blake’sAug.23shooting as well conferencethe governor con- Kenosha, as has Mr.Evers.“Our as aseparatecase involving a ducted ThursdayinKenosha countryisinthe midst of multi- 17-year-old chargedwith the wherehedefended his actions. ple crises: aracial-justicecrisis, Aug.25shooting deaths of two Ms.Crawford’shusband, adevastating recession and a people amid the unrest. Barry Crawford,recounted see- global pandemic,” he said. Connie Crawford,a50-year- ing aneighbor on his roof with “Donald Trump has done abso-

old independent voterwho arifle at the peak of last week’s lutely nothing to help.Instead, /REUTERS works as an early childhood unrest. The50-year-old infor- he has used his officetofan the FREED Your Anniversary Immortalized consultant, said she lefther Ke- mation-technologyconsultant, flames of hatred and division, In Roman Numerals

nosha home to stay with afam- aRepublican, said Mr.Trump leaning intochaos and violence ALAN JOHN-CHRISTIAN.COM 888.646.6466 ily member in Milwaukee for will be helped by the recent as apolitical strategy.” Democratic nominee Joe Biden spoke in Pittsburgh on Monday. P2JW245000-6-A00500-11FFFF7178D

THE WALL STREET JOURNAL. ****** Tuesday, September 1, 2020 | A5 U.S. NEWS Kenosha Sister Identifies Man Probed in Shooting Arrests BY JOE BARRETT Mostly Afamily member said she identified aman policetold herthey areinvestigating in Outsiders the Saturday killing of aright- wing protester in Portland, BY JOE BARRETT Ore.,asMichael Reinoehl, a 48-year-oldformer profes- TheKenosha, Wis.,Police sional snowboarder who calls Department said Mondaythat himself amember of Antifa on most of the dozens of people social media. arrested in the week of pro- Mr.Reinoehl’ssister said tests since an officer shot Ja- she wasawakened Sunday cobBlakeinthe back have morning by threatening phone been from outside the city. calls from people who said Policesaid in anewsre- they were affiliated with a lease that 175people had been pro-Trump protester who died arrested as of 12:30 p.m. Sun- in aconfrontation Saturday dayonchargesincluding vio- night. She said she contacted lating curfew,burglary, carry- her local policedepartment ing concealed weapons and forprotection and they put possession of acontrolled her in touch with the Portland substance. Of those,102 listed Police Bureau. addresses outside the city,po- Portland officersshowed licesaid. her photographs taken Satur- Policesaid they have seized dayand asked if she could /REUTERS 20 firearms and areworking identify a man in them whom on an estimateofdamageto they were investigating in the OLLAND businesses. deadly shooting. She said the

A17-year-old resident of man was her brother. LEWIS-R nearby Antioch, Ill., was Mr.Reinoehl couldn’t be chargedThursdaywith six reached for comment. THIEU MA counts including first-degree Portland policehaven’t an- Policeofficers removedthe body of aman who waskilled during Saturdayclashes in Portland, Ore. Policesaid the victim is Aaron J. Danielson. intentional homicide in a nounced that they have asus- shooting that killed two peo- pect or have made arrests. wound to the chest, apolice cent protests. Theperson be- way! I am willing to fight for who is older than she is,moved pleand wounded another on They areseeking the public’s news release said. hind the account identified my brothersand sisters!” he away from home when she was Aug.25, according to acom- help in theirinvestigation. A law-enforcement official himself as an enthusiastic sup- wroteinaJune 16 post. “We young.She said he wasprevi- plaint filed by the Kenosha On Monday, policeidentified confirmed Mr.Reinoehl is a porter of the left-wing antifas- do not want violencebut we ously aprofessional snow- County district attorney.The the victim of the shooting as person of interest in the case. cist groupAntifa, short foran- will not run from it either! If boarder and that he had been suspect, Kyle Rittenhouse,is 39-year-old Aaron J. Danielson Thesister said she and her tifascist. Theloose affiliation the policecontinue to pick on estrangedfromhis family for in custody. of Portland. Afteranautopsy, family have lefttheir home be- of far-leftgroups and individu- and beat up innocent citizens at leastthe past three years. Mr. Trump on Monday ap- theOregonState Medical Ex- cause of the threats. als saythey believeincon- that arepeacefully voicing “I never really knewhim peared to defend Mr.Ritten- aminer’s Officedetermined the An Instagram account bear- fronting those they consider theirobjections,itmust be very well,” she said. house’sactions as rooted in manner of death as homicide ing Mr.Reinoehl’sname shows racist, anti-Semitic or fascist. met with equal force!” —Dan Frosch self-defense,echoing com- and the cause of death gunshot anumber of photos from re- “I am 100% ANTIFA all the Thesister said Mr.Reinoehl, contributed to this article. mentsmade by Mr.Ritten- house’s lawyer. “He wastrying to getaway from them, Iguess, it looks House to Subpoena DeJoy Despite Postal Pledge like, and he fell, and then they very violently attacked him,” Mr.Trump said. “I guesshe BY NATALIE ANDREWS dayshared datawith Congress hundreds of membersofCon- staff,wewerefrankly surprised expected to cast ballotsbymail. wasinverybig trouble…he AND PAUL ZIOBRO showing servicelevelsfor sev- gressfromboth parties have and confused by Chairwoman TheWhiteHouse and Mr. probably would have been eral classes of mail have im- sought documentsrelated to Maloney’s statement today DeJoy, amajor Trump donor killed.” WASHINGTON—TheHouse proved in recent weeks as the mail delays caused by changes about her intent to issue asub- named to the post this spring, Asked if privatecitizens Oversight Committeean- agencyran itstrucks on time to postal operations and prac- poena to the Postal Service.” have rejected such accusa- should be intervening like nounced plans to subpoena anddecreased the amount of tices,and the agencyhasn’t Democraticlawmakershave tions.Mr. Trump has fre- that, Mr.Trump said: “I’dlike Postmaster General Louis De- extratrips to movemail. provided the documentssince targeted Mr.DeJoy over a quently criticized effortsto to see lawenforcement take Joyfor documents related to Ahead of the release of the Mr.DeJoy testified before rangeofconcerns related to expand mail-in balloting. care of everything.” mail delays,evenasthe U.S. Postal Servicedata, House Congress in August. postal delays,including accus- Acommitteespokeswoman Violent clashes followedthe Postal Servicecommittedto OversightCommitteeChair- Theagencysaid that “given ing him of working with Presi- said despitethe newinforma- police shooting on Aug. 23 of providing weekly status up- woman Carolyn Maloney (D., the straightforwardand coop- dent Trumptointerfere with tion from the Postal Service, it Mr.Blake, aBlack man, who dates on service levels. N.Y.)announced her intention erativenature of these commu- the November election, wherea still planned to servethe sub- remains hospitalized. ThePostal ServiceonMon- to subpoena Mr.DeJoy,saying nications with the Committee historic number of voters are poena, likely on Wednesday.

Jacob Sanchez Diagnosed with autism

Lack of speech is asign of autism. Learn the others at autismspeaks.org/signs. P2JW245000-0-A00600-1------XA

A6 | Tuesday, September 1, 2020 THE WALL STREET JOURNAL. U.S. NEWS ReportedCasesinU.S. NowExceed 6Million GES IMA

BY ALLISON PRANG kins University.Three months newcoronavirus cases reported GETTY

ago, on May30, therewere in July. SE/ TheU.S.surpassed six mil- 24,450 cases reported. Forthe month through Aug. lion confirmed coronavirus All told, the U.S. added about 30,all four states sawadropin

cases as August came to aclose, 1.38 million cases in August the number of reported cases ANCE-PRES capping amonth during which through Monday, according to compared with amonth earlier, FR

thespread of the virus slowed Johns Hopkins,compared with though they still accounted for ENCE

in some hot spotsbut deaths the 1.87 million it added forall roughly 40% of totalnew AG acrossthe countryclimbed. of July. monthlycases in the U.S. The N/ OW

Thesix million mark came Arthur Reingold, head of the drop wasmost pronounced in BR roughly three weeks afterthe division of epidemiologyand Arizona, wherethe number of J. number of confirmed coronavi- biostatistics at the School of newcases reported through

ruscases reached five million. Public Health at the University Sundayfell morethan 70%com- FREDERIC That reflectsaslowdowninthe of California, Berkeley,said it pared with July’s total. Cases Flowers adorn a memorial honoring residents of Los Angeles who lost their lives to coronavirus. number of newdaily reported was“highly plausible” that fell by morethan 50% in Florida. cases—the rise from four mil- cases would increase in coming However, some states in the “We’vehad really very differ- York in OneontaonSundaybe- firesand Hurricanes Isaias and lion to five million cases hap- months compared with August Midwest arestarting to see ent situations in different parts came one of the latest to move Laura. pened over aperiod of about 2½ as schools reopen and people dailycase countstick up.On of the country,” Dr.Reingold to remotelearning afterthe TheU.S.conducted 20.8 mil- weeks. tireofprecautionarymeasures Thursday, Iowa reported 2,681 said, adding later that he would school, which has roughly 6,000 lion testsinAugust, according However, the number of daily such as social distancing. newcases,arecordfor the be surprised if morethan 5% or undergraduates,found more to datafromthe Covid Tracking confirmed infections remains el- Several U.S. hot spotsdid ap- state. Minnesotaand Kansas 10% of people have been in- than 100 cases. Project through Aug.30, com- evated compared with the earli- pear to getarespiteinAugust last week each reported more fected so far in most partsofthe Getting aclear pictureofthe pared with 22.4 million forJuly. est days of summer.The U.S. re- afterasurge of newcases swept than 1,000 newcases in aday U.S. virus in August remained achal- Nationally,the percentageof ported morethan 35,000 new through the south and west in forthe firsttime sincethe pan- Nowseveral newly reopened lengeastesting wasbeset by teststhat came back positive, cases forSunday, the smallest July.Four states—Arizona, Cali- demic started. Rural partsofIl- colleges and universities are delays and, at times,derailed in known as the positivity rate, daily increase sinceAug.23, ac- fornia, Florida and Texas—ac- linois and Ohio have also started struggling to contain outbreaks. some partsofthe countryby dipped to 5.35% on Aug.30, cording to datafromJohns Hop- counted fornearly half of all to see increases. TheState University of New natural disastersincluding wild- down from 8.6% amonth earlier. Crunch Time Nearsfor Potential Covid-19 Vaccines

Some 170vaccines arein Types of vaccines in development developmentaround the globe, Viral vector vaccines use a Genetic-code vaccines deliver specific genetic instructions teaching the body’s A virus-based Protein-based vaccines according to the World Health modifiedvirus different from cells to makeaprotein from the targeted virus,which in turn induces an immune vaccine uses akilled incorporateaprotein the targeted virus to serve as acarrier response.One type incorporates asynthetic,engineeredversion of messenger RNA,or or weakenedform of the from the virus,orsomething Organization, and morethan a of the vaccine teaching the body’s cells to mRNA.These aremolecules in the body that ferryDNA instructions formaking targeted virus to induce resemblingit, that will trigger handful arestarting or areclose makeaprotein from the targeted virus. immune-inducing proteins.Other gene-based vaccines use DNA itself. an immune response. an immune response. to the final stage of testing.

Howfar along the candidate Oxford/AstraZeneca Ad26COVS1 (vaccine) Moderna/NIAIDSmRNA-1273 inopharm vaccines are The UniversityofOxford/AstraZeneca The Moderna vaccine also uses agene-based China’s state-ownedSinopharm is Testing stages vaccine is designedtoprovide protection technology to provoke an immune response, developing twovaccines with the govern- typically move from by delivering into aperson’s cells the genetic though the code it deliverstakes the form of mentagencies Wuhan InstituteofBiological Preclinical preclinical to the code forthe spikes protruding from the new messenger RNA.Thosemolecules, Products and Beijing InstituteofBiological three phases of coronavirus.Then the cells canproducethe commonly referred to as mRNA,are the Products.Bothare basedonanolder Phases human clinical spikeproteins,generating an immune response that body’s molecular couriersferrying DNA instructions vaccine-making technique. trials. would be able to fightoffthe coronavirus. formaking proteins.The vaccine deliverstocells mRNA The group has enteredagreements to conduct testing 1 Delivering those genetic instructions is aweakened, formaking the coronavirus’s spikeprotein. in severalcountries,including Pakistan and the United harmlessversion of avirus thatcauses the common Moderna and the U.S. National InstituteofAllergy and Arab Emirates.The Wuhan Institutehas drawnconcern cold in chimpanzees. Infectious Diseases aretesting atwo-dose shot. The overits safety record,including oversome of its vaccines 2 In early testing, the vaccine successfully produced vaccine produced an immune response in early-stage forchildren. immune responses in humans with only minor side testing and wasgenerally well tolerated,with minor side The Chinese governmentsaysitstarted whatitcalls effects.APhase3trial enrolling 30,000 subjects effects observed in test subjects.Final-stage testing is “emergency use”ofsomeofits Covid-19 vaccines on 3 in the U.S. began in August. Other late-stage trials under way in the U.S. with a30,000-person trial that medical workersand border inspection officials in late Type of vaccine areunder way with severalthousand volunteers could yield interim resultsinthe fall. An mRNA vaccine July.Chineseofficials have said theyaim to makea Viral vector in the U.K.,Brazil and South Africa. has neverbeenapprovedfor anydisease. vaccine available to the public beforethe end of the year. Next step: Aims to file forregulatory clearanceinOctober. Next step: Aims to file forregulatory clearanceinOctober. Next step: Rollout targeted by end of the year. Production capacityestimate: AstraZeneca aims Production capacityestimate: 500 million to one billion Production capacityestimate: about 220million to maketwo billion doses available world-wide,and doses ayear starting in 2021. doses ayear. has said thatone billion maybeavailable this year. So far, 33 candidateshave Pfizer/BioNTech Johnson &Johnson Novavax (in Phase 2) made it to Phase 1 mRNA,BNT162b2 Ad26.COV2 NVX-CoV2373 clinical trials. The vaccine developedbyPfizer and Johnson &Johnson is developing avaccine U.S.-basedNovavaxismaking avaccine German partner BioNTechalso uses mRNA. thatuses aweakened form of acommon- thatconsists of twoshots given 21 days In aPhase 1trial, the vaccine generated cold virus,known as an adenovirus.Asingle apart thatdeliver proteins resemblingthe Genetic code neutralizing antibodies thathold promise dose of this vaccine provokedastrong spikejuttingout from the newcoronavi- to fightoffthe coronavirus and was immune response in early animal testing. rus.Researchershopethe proteins will generally well tolerated. The companyplans to launch by late September a trigger the productionofantibodies and immune cells Phase 3testing began in the U.S. in July,enrolling 60,000-person global study,which could be the largest thatcan fightoffthe coronavirus. about 30,000 people,and will expand overseas late-stage clinical trial of aCovid-19 vaccine. The shots also contain acomponent, calledanadjuvant, to include about 120 sites.The U.S. governmenthas The companywill carryout the study at nearly 180 to boostthe immune response.InPhase 1testing, the agreed to payPfizer and BioNTechnearly $2 billion locations in the U.S. and eightother countries where vaccine wasgenerally well tolerated and produced for100 million doses.Pfizer aims to seek regulatory transmission ratesare high, including Brazil, Chile and promising numbersofantibodies.Phase 2testing Weakened approvaloranemergency-use authorization in October. South Africa. began in August. virus Next step: Aims to file forregulatory clearance Next step: Expected to be available in U.S. by early 2021. Next step: The companyhas said Phase 3could start in October. Production capacityestimate: one billion world-wide in September. Production capacityestimate: Up to 100 million by the end of 2021,including 100 million doses forthe Production capacityestimate: 100 million doses for doses world-wide by the end of 2020,and about U.S.,with an option foranadditional 200 million, and use in the U.S.,with deliverybeginning by the end of 1.3billion by the end of 2021. 30 million doses forthe U.K.,with an option foran this year.Plans to manufacturefor other countries. additional purchase of up to 22 million. Nine have advanced into CanSino Biologics/Chinese Military Phase 3, which Sinovac CoronaVacAAcademyofMedical Science d5-nCoV Gamaleya ResearchInstitute Gam-COVID-Vac testswhether the dose thatwould be Sinovac, aprivateChinese company, began CanSino’s vaccine is initially aimed The Russian state-ownedGamaleya its final-stage trial in July in SãoPaulo, at the Chinese military. The Chinese Research Instituteisdeveloping avaccine given to the public Brazil, whereitistesting its vaccine to take companydevelopedthe shotwith the basedonacombination of twoadenoviruses, workssafely. advantage of ahigher infection rate.Sinovac militarybasedonaweakened virus which it has already testedonvolunteers. has also struck adeal with Indonesian behind the common cold. Russia effectively approveduse of the state-ownedpharmaceutical holding companyPTBio APhase 1study wasconducted in March in Wuhan, vaccine in early August, though the shothadn’t gone Farma to makeupto250 million vaccine doses each the early epicenterofCovid-19.The shotgot through final-stage testing. The governmentplans for year forthe Indonesian public,according to China’s governmentclearanceinJune formilitaryuse massvaccination to start in October,and will aim the statenewsagency. forone year. rollout at high-risk groups including health workers. Proteins Next step: Rollout targeted by end of the year. Next step: Rollout targeted by end of the year. Next step: Rollout targeted by end of the year. Production capacityestimate: about 300 million Production capacityestimate: 100 million to 200 Production capacityestimate: about 300 million doses ayear at aBeijing plant. million doses ayear starting in 2021. doses ayear at aBeijing plant.

Sources: U.S. FDA(stages of development); WHO (candidates);the companies; staff reports (frontrunners). Data as of Aug. 28.Ana Rivas, PeterLoftus and AlbertoCervantes/THE WALL STREET JOURNAL

furloughed or cut stuff,including the NewYork City Depart- information security officer in practice. It also said it was other investmentstodeliver Zoom Lifts ing in Silicon Valley, Zoom, ment of Education to halt use June. looking to open engineering growth and addresssome of which went public last year, of Zoom.New York schools a Zoom has also been caught centersinthe U.S. Ms.Steckel- itssecurity challenges.But Ms. has been trying to rapidly add monthlater approved Zoom up in tech tensions between bergsaid, though, that the Steckelbergsaid margins Full-Year personnel to manageissues its useagain afterthe company the U.S. and China, where Mr. companyhad no plans to stop would likely retreat over the growth has brought to the made security upgrades. Yuan was born. The company doing engineering work in remainder of the financial forefront. It added 500 staff in Thecompanyhired Jason wasrouting some overseas China. year as it hires workersand Outlook the quarter,53% morethan a Lee, previously thesenior vice calls through China where its Another challengefor Zoom adds capacity to managethe year ago. Bringing on more president of security opera- engineering team largely is has been that many of its us- larger scale of the business. staffisone of the company’s tions at Salesforce,asits chief based, buthas stopped that ersrely on afreeservice, Zoom in August rolled out ContinuedfromPageOne priorities for the rest of the which has weighed on profit- Zoom from Home—a lineup of cloud, such as Salesforce.com year, Chief Financial Officer Zoom VideoCommunications Shareand indexperformance ability as the companyex- dedicated videoconferencing Inc., which last week raised its Kelly Steckelbergtold analysts. quarterly revenue pandsits systems to handle devices designed to make the full-year outlook,and Zoom. Itsstock has morethan the larger customer numbers. use of its software—now that Zoom Theglobal boost in popu- quadrupled this year.The $700 million 400% Morethan 100,000 K-12 stu- theshifttoremotework has larity has put Zoom in the bat- stock that rose 8.6% in regular dentssigned up to use the become amoreenduring 350 tle forhow businesses work Mondaytrading advanced 600 Zoom platform free during the setup. remotely,pitting the company morethan 9% after-hoursfol- 300 pandemic, Mr. Yuan said. Mr.Yuan also said Zoom is against far largerrivals such lowing the earnings release. 500 Zoom’scost of revenue exploring howitcan benefit as Microsoftand Facebook Inc. Thespotlight the pandemic 250 climbed to $192.3million from companies shifting some big Zoom liftedits full-year has placed on Zoom has had a $27.9 million ayear earlier as it in-person gatheringstovirtual 400 outlook forsales to arangeof downside,exposing security 200 continues to add computing ca- events.Microsoftand Apple $2.37 billion to $2.39 billion, andsafety shortcomings that pacity to accommodatethe Inc., forinstance, staged high- with an adjusted operating the nine-year-old companyhas 300 150 surge in users. It has paid third- profile developer eventsduring profit of between $730 million scrambled to address. Thecom- 100 party cloud providerssuch as the pandemic as online only. and$750million. It previously panyembarked on a90-dayse- 200 Amazon and Oracle Corp.for In the current quarter, raised its outlook to full-year curity review, bringing in out- 50 additional capacity,weighing Zoom said it expects sales of sales to between $1.78 billion siderstohelp it addresssome S&P500 on margins.Adjusted gross $685 millionto$690 million 100 and $1.8billion, with adjusted of the problems,including mul- 0 margins fell to 72.3%from and adjusted earningsper operating income of $355 mil- tiple instances of so-called 82.2% in the year-agoperiod. share of 73 cents to 74 cents. lion to $380 million. It began Zoombombing when outsiders 0 –50 In the latest quarter, Analysts surveyed by FactSet theyear projecting lessthan crashed virtual meetings. FY2019 ’20 ’21 2019 2020 Zoom’sstrong revenue helped have forecast sales of $492 $1 billion in sales. Theproblems caused some Note:Fiscal second quarter ended July 31, 2020 offset higher costsasthe com- million and adjusted earnings While manycompanies have school administrators, includ- Sources: the company(revenue); FactSet (performance) panyadded staff and made of 45 cents a share. P2JW245000-4-A00700-1------XA

THE WALL STREET JOURNAL. **** Tuesday, September 1, 2020 | A7 WORLD NEWS India’sEconomyShrinksatRecordPace

Nationwide lockdown Change from ayearearlier in in attempt to control 2Q GDP pandemic sent GDP India down 23.9% in quarter Spain U.K. Mexico BY VIBHUTI AGARWAL AND ERIC BELLMAN France Italy NEW DELHI—India’s econ- Portugal omyshrank arecord23.9% last quarter—the biggest blow Belgium the coronavirus pandemic has Chile dealt to amajor economy—as Hungary anationwide lockdown and Austria fear of the fast-spreading pan- U.S. demic strangled spending. Grossdomestic product China took abeating in the April- –20% –10 0 June quartercompared with theyear-earlier quarter,ac- Note:OECD's 10 worstperformers plus China, U.S. and India. cording to government data Source:OECD released on Monday. S

That is theworst decline NEW then, afterthe end of the lock- amongall the major world G down, it improved to 11% in economies that have an- June. nounced GDP figuresfor the OOMBER This challenging period for quarter,according to the latest employees,aswell as small- tally from the Organization for business owners, could douse Economic Cooperation and De- spending in India foryearsby MUKHERJEE/BL

velopment. It is also India’s O shaking people’sfaith in the worstdecline since1996,when future, said Sonal Verma, No-

it started reporting quarterly ANINDIT mura’schief economist forIn- numbers. Consumer spending has plunged in India during the pandemic, sparking widespread closures of stores in cities like New Delhi, above. dia. India’slockdown, beginning “The trendgrowthincon- in late March, was among the millionconfirmed infections contract more than 5% in the rantsand layoff morethan virus arrived. It slowed to an sumption will be lower” than strictest in the world, shutting and 60,000 deaths from the vi- year ending next March, ac- half his50employees as In- 11-year low in the year that the past decade,she said. “You virtually everynonessential rus. With morethan 75,000 cording to manyeconomists’ dia’scoronavirus lockdown ended in March. That wasa nowhaveaconsumer who is part of theeconomy. Yetit newcases aday recently— estimates.Ifthat happens,it kept customers at home. steep slide from being the more cautious because of the managed only to delay the vi- more than any other country would be itsworst perfor- Thelockdown ended but his fastest-growing large economy uncertainty.” rus’sspread, which continued in the world—India is ex- mance in decades. customersdidn’t return. He a few years earlier. Most economistsexpect the to crush economic activity af- pected to surpassBrazil and Poor economic performance said he would have to close Indian authoritiesimposed economytostruggle forthe terthe lockdown began easing the U.S. to lead the world in will likely hamstring India as it what remains of his business, their stringent nationwide rest of the year started April 1, in May, just as outbreaks reported cases. tries to push back against which has survived every lockdown on the largest popu- as the pandemic penetrates started to hit India’sdensely That meansIndia’secon- China—whose economyhas re- other downturn in the past 22 lation of any nation, covering ruralareas and hinderscon- populated cities. omyislikely to struggle in cently begun growing again— years. all 1.3billion people. New sumer confidenceand pur- Investment plummeted 47% each of the next two quarters forinfluenceinAsia. It may “People arestill scared to Delhi started easing some re- chasing power. in the quarter,while consumer as companies and consumers also putpressureonIndian eat out because no one wants strictions in May, which led to Policy makers have revved spending fell almost 27%. Gov- remain hesitant, said Anagha leaderstotakepolitically diffi- to put their lives at risk,” he abounceineconomic activity. up fiscal and monetarystimu- ernment spending grew 16% Deodhar,aneconomist at cult steps,such as loosening said. “Hardly anymoney is Still, spending has remained lus but it hasn’t been enough, but wasn’t enough to over- ICICI Securities. regulations on employment and coming in and Ihavenosav- far belowpre-pandemic levels. economistssaid. NewDelhi come the pandemic downdraft. “The virus is fast moving to land, and accelerateother eco- ings left to cushion the coro- Thecountry’saverage un- has announced morethan Economistssaid the activity ruralgeographies and the hot nomic reforms to trytoboost navirus shock.” employment rate was19.3% in $250 billion in economic pack- picked up when the lockdown spotsinmegacities aregetting investment and employment, While the pandemic has hit the April-June quarter,accord- ages to help the economyand lifted, but has remained sub- worse,” she said. “That will some economists say. developing economies around ing to the Centrefor Monitor- the Reserve Bank of India has dued as the virus has spread make India’s road to recovery NewDelhi restaurant owner the world especially hard, In- ing the Indian Economy. The cut interest rates repeatedly. from the cities to rural areas. longer.” Nishant Bhatia said he had to dia’seconomyhad been strug- unemployment rate climbed to —Krishna Pokharel India has morethan 3.5 India’sGDP is expected to shut one of his two restau- gling even before the corona- over 23% in April and May contributed to this article. China-India Border Tensions Return Beijing’s Economic

BY RAJESH ROY discovered through drone and satellitereconnaissancethat Stimulus Pays Off NEW DELHI—India and Chinese troops were moving to China accused each other of occupy some of the heightson moving troops acrosstheir dis- the Indian side of the lake’s BY JONATHAN CHENG in the broader recovery thus puted border in recent days in southern bank.“Our soldiers far—rose to 54.3inAugust, violation of agreements, the proactively thwarted their plan BEIJING—A gauge of Chi- from July’s reading of 53.1. latest sign of tensions along the and occupied the strategically nese businessactivity outside Thesubindexmeasuring twocountries’ disputed border. important heightsbeforethey the factoryfloor rose to its construction activity fell TheIndian armysaid China could do so,” said the official. highest level in 2½ yearsin slightly to 60.2 from 60.5, attempted “provocativemili- “Therewasn’t anyphysical August, asign that Beijing’sef- while the new-orderssubindex tary movements” on the south- clash between the two forces.” fortstostimulateconsumption forthe entirenonmanufactur- S ernbank of aglacial lakeinthe Col. Zhang Shuili, spokes- at home arehaving an impact. ing sector,ameasureofbroad Himalayasinthe disputed area. PRES man forthe People’sLiberation China’sofficial nonmanu- demand, rose to 52.3inAu- Theofficial statement, which TED ArmyWestern Theater Com- facturing purchasing managers gust from 51.5 in July. CIA

included few details,said it SO mand, said Indian troops indexrose to 55.2 in August Thenonmanufacturing PMI

stoppedthe Chinese troop AS crossed the actual line of con- from 54.2 amonth earlier, dataare based on replies to movements. trol on thesouth bank of the mainly driven by the service monthly questionnaires sent TheChinese action, the In- KHAN/ lake,violating aprevious deal. sector,the National Bureau of to purchasing executives at dian army said, violated the AR “The Indian side wasdis- Statistics said Monday. It 4,000 companies in 37 non-

consensus reached during re- MUKHT loyaland went back on its marks the sixth consecutive manufacturing sectorsinclud- cent militaryand diplomatic India said Mondayitblocked Chinese troops in the Pangong border promise,” Col. Zhang was monththat the indextopped ing retail, aviation, software, talks between the two sides area. Above,Indian forces patrol Gagangeer,near the border,inJune. quoted as saying Mondayby the 50 mark that separates ex- real estate and construction. that arepart of the effortsto China’sofficial Xinhua News pansion from contraction. Economistssaid the strong resolveborder tensions. lies.These disputes have trig- said an armyspokesman. Agency. He called on the Indian Themanufacturing index, a improvement in service-sector Chinese Foreign Ministry geredshowdowns between the TheIndian armydidn’t dis- militarytowithdraw itsforces, gaugeofChina’sfactoryactiv- activity helped alleviate some spokesman Zhao Lijian told a forces of both sides. closedetails about what hap- according to Xinhua. ity,slipped to 51.0inAugust, concerns about atwo-track re- news conferenceMondaythat TheIndian armysaid Indian pened, what the Chinese forces Analystssaid the develop- from 51.1 in the previous month, covery in China, in which fac- China’sborder forces have ad- troops stopped forces of the were trying to do and howthey ment shows the two nuclear- falling slightly short of market tories rebounded to pre-virus hered to what is known as the People’sLiberation Armyby were stopped. Thearmystate- armed nations must do moreto expectations,though it, too, re- levels relatively quickly,fueled line of actual control, adefacto strengthening the Indian posi- ment said senior militarycom- bridgetheir mutual distrust. mained in expansionaryterri- by external demand as China border,and didn’t carryout action in the Pangong Lake area mandersofthe two sides were “They seem to be talking tory forasixth straight month. gained global market share, tivities acrossthe line. overnight on Aug.29. “The In- holding talks at aborder meet- past each other,rather than at While the nonmanufacturing but in which services, includ- In some areasoftheir dis- dian Armyiscommittedto ing point to trytoresolvethe each other,” said Manoj Joshi, a PMI survey covers avariety of ing restaurantsand retail,lan- puted border,particularly near maintaining peaceand tran- latest issues. distinguished fellowatthe Ob- industries,including construc- guished amid lingering fears Pangong Lake,China and India quility through dialogue,but is Asenior Indian government server Research Foundation, a tion and real estate, the subin- around the contagion. have conflicting claims on also equally determined to pro- official told TheWall Street NewDelhi-based think tank.“I dexmeasuring businessactivity —Bingyan Wang wherethe line of actual control tect itsterritorial integrity,” Journal that the Indian army think we’ll see morejockeying.” in the servicesector—a laggard contributed to this article. U.K. Presses Unity as Scotland’s Calls for Independence Grow

BY MAX COLCHESTER But the British government’s push the U.K. government to for constitutional relations. nated the high-profile COP26 against breaking from the U.K. AND JAMES HOOKWAY flat-footed response to the grant a fresh vote. To smooth tensions,Brit- climate-change conference to in the2014referendum. “But pandemic and Brexit—which Mr.Johnson has ruled out a ish government ministershave be in Glasgow next year. nowI’m beginning to think the EDINBURGH—British gov- Scotland overwhelmingly voted second independencereferen- been touring Scotland. Mr. TheU.K.government cost of staying with Boris John- ernment ministersinAugust against in 2016—has fueled a dum.Instead he is hammering Johnson, who has poor approval spends an average of £13,854 son in charge outweighs that.” inaugurated anew office resurgenceinpopularity for home the economic advan- ratingsnorth of the border,va- per person in Scotland, £1,661 If the SNP performs well in building in Scotland’s capital ending Scotland’s313-year tagestoScotland of being part cationed on the coast. His trea- morethan acrossthe rest of elections next year and Mr. that they touted as akey piece unionwith England. Forthe of the union. Scotland last surysecretarypaid avisit to the U.K., says Scotland’s gov- Johnson continues to resist of Prime Minister Boris John- firsttime in the modern era, year recorded a £15 billion talk up the extra £6.5billion of ernment. Ultimately,Scotland calls forareferendum, pro- son’splans to quiet rising calls supportfor independence is ($20 billion) deficit, equiva- must defer to the government ceedingsmay movetocourt. for Scottish independence. consistently polling above50%. lent to 8.6% of the coun- in London because the U.K. Matters of the union arere- TheQueen Elizabeth House TheJohnson government is try’seconomy. Unionistsargue London’sCovid Parliament there is sovereign served forLondon’sParlia- will host British civil servants going on the offensive. that if Scotland became inde- above that in Scotland. ment.But the SNP maychal- and, forthe firsttime in Scot- Outside the newgovernment pendent it would either have response and Brexit Currently 48 of the 59 law- lengewhether the Scottish land, a room for U.K. govern- building,some Edinburgh resi- to raise taxesorcut spending. fuel adrive to end the makerswho represent Scottish Parliament should have the ment cabinet meetings. dentsare unimpressed. “We Independenceadvocates say districtsinthe House of Com- right to triggerareferendum. With polls showing Scottish don’t need another outpost of the countrycould betterman- union withEngland. mons areheld by SNP lawmak- SNP officials stressthey don’t support forleaving the U.K. is the British government here,” ageits economyoutside the ers. But in aParliament with want to copy the separatist growing, the government has said James MacDonald Reid. U.K. and that the British gov- 650 lawmakers, that gives movement in the Spanish re- “toincrease the amount of “Weneed our independenceto ernment’sstanceondenying them little sway over laws. gion of Catalonia and hold a noisewemakeabout the fi- makeour owndecisions.” another referendum is unsus- funds the U.K. government TheBritish government is referendum that is illegal. nancial support and the bene- Scottish elections next year tainable.“If youoffer some- handed the Scottish Parliament nowtaking amoremuscular Independencecampaigners fits of being part of the United areexpected to provide a thing to people which they to managethe pandemic. stancewith Scotland. Losing canexploit the forces that Kingdom,” said Alister Jack, fresh platform for the pro-in- wish to have in democracyand Plans arebeing drawnupto Scotland would dent Britain’s helped makeBrexit areality, the U.K. government’ssecre- dependence Scottish National they areforbidden to have it brand infrastructure projects economic andpolitical clout said Ben Jackson, professor of tary of state for Scotland. Party to call for a second ref- by people who weren’t elected in Scotland with Union Jack and likely spell the end of Mr. modern historyatthe Univer- Scotland held areferendum erendum. TheSNP is expected by them, youhavedemocratic flags, to remind locals where Johnson’s term, analysts say. sity of Oxford.“Thecentral aron leaving the U.K. in 2014, to secureabig majority in crisis,” said Michael Russell, a themoney came from. Other Some Scotsare warming to gument is similar to the Brexit with Scotsrejecting indepen- Scotland’s Parliament and Scottish National Party law- sweetenersare in the pipeline: the idea of independence. Mal- argument in that it is about as- dencebyacomfortable margin. aims to use that mandateto maker and Scotland’sminister TheU.K.government desig- colm Elder,41, said he voted serting democratic sovereignty.” P2JW245000-0-A00800-1------XA

A8 | Tuesday, September 1, 2020 THE WALL STREET JOURNAL. WORLD NEWS Lebanon AppointsPrime Minister Turkish Economy Ascension of envoy to Germany is unlikely to Narrows placate protesters seeking broad changes Sharply

BY NAZIH OSSEIRAN BY DAVID GAUTHIER-VILLARS AND RAJA ABDULRAHIM ISTANBUL—The Turkish BEIRUT—Lebanon named its economy, hit hardbythe coro- ambassador to Germanyasthe navirus pandemic,contracted country’snextprime minister, sharplyinthe second quarter, an appointment that is unlikely jeopardizing President Recep to placateprotesterswho have Tayyip Erdogan’s central politi- sought acompleteoverhaul of calpledgeofrapidly reviving the nation’sleadership follow- economic prosperity. ing the deadly Beirut explosion. Turkey’s output shrank 9.9% President Michel Aoun asked in the second quarter com- Mustapha Adib to form anew pared with the year-earlier pe- government, the state-run Na- riod, and 11% compared with tional News Agencyreported on thefirst quarter of 2020,the

Monday, having secured the GES national statistical agencysaid

backingofamajority of law- IMA on Monday. Turkey suffered makersand several former from the near-paralysis of prime ministers, including Saad GETTY global air travel, which leftits Hariri and Najib Mikati. SE/ resortsstarved fortourists, and Lebanon’sprevious govern- monthslong lockdown mea- ment resigned under pressure sures imposed acrossthe Euro- ANCE-PRES

from protestersdemanding jus- FR pean Union, which disrupted ticefor the Beirut explosion on exportsofits automobiles and Aug.4that killed at least 180 GENCE other manufactured goods. /A

people.After quitting,Prime EID TheTurkish government ex- Minister Hassan Diab’scabinet pressed satisfaction that the served as acaretaker govern- SEPH country’sgross domestic prod- JO ment with limitedpowers. Lebanon’s Prime Minister-designate Mustapha Adib speaks with reporters at the presidential palace on Monday. uct contracted relatively less FormanyLebanese who than in certain major econo- have called forthe overhaul of consultant and one of the whichripped through main dorsing aprobe that has mostly Macron walked through one of mies.“Contrarytopessimistic an entirepolitical system they foundersofStreet, amovement commercial and residential implicated junior officials. the hardest-hit neighborhoods statements, our GDP showed accuse of corruption and mis- that has sought to expel politi- neighborhoods of the capital. Thegovernment has also and wasswarmed by volunteers good resultscompared to other management, Mr.Adib and any cians from public places. Theblast occurred when afire been criticized for providing in- clearing debris and business countries,” Turkish Finance government he forms will be “For the people to win, [the ignited 2,750tons of ammo- adequateassistance forthe ownerswho chanted forthe Minister Berat Albayrak said in seen as yetanother iteration of current ruling class] have to nium nitratethat had been cleanupand rebuilding,with “fall of the regime” and de- atweet, predicting aV-shaped aruling elitetrying to shield leave,” said Wassif Harake, an stored at thecity’s port for people mostly reliant on grass- nounced Mr.Aoun as acriminal recovery.“Thefoundations of themselves from the repercus- activist with thegrass-roots rootsorganizations and inter- and terrorist. Some urgedthe Turkey’s economyare robust sions of the blast and Lebanon’s group People’sMonitor for national aidgroups. French president not to give anddynamic,” he said. collapsing economy. Combating Corruption. “Ifthey Anynew government Theappointment of anew money to the government. Economists, however, Soon afterbeing designated stay,the people will lose.” premier came ahead of the ar- Mr.Diab’sgovernment was warned that turbulent months prime minister,Mr. Adib visited On Wednesday, Mr.Adib will is sure to be seen as rivalofFrench President Em- formed in Januaryafter Mr. lie ahead. Themain concern is two neighborhoods hit hardest begin consultations with law- yet another iteration manuel Macron, who has led ef- Hariri stepped aside in late that Turkey,which remains by the blast to inspect the dam- makersfromeach of the reli- fortstoraise international aid 2019 under pressurefrompro- highly dependent on overseas age, becoming the firstsenior giousgroups that sharepower of the ruling elite. in the wake of the explosion testers. funding,has alienated manyof Lebanese official to do so. under Lebanon’sconstitution: and pressed Lebanese politi- Thepolitical system is also the foreign investorswho But manylocal people were Christians,Sunni and Shiite cianstoaddresspolitical and an arenafor competition be- helped Mr.Erdogan transform quick to confront him. Muslims,aswell as others. In economic problems. tween regional powers such as the countryintoaregional eco- “You killed our children, you the past, that processhas taken nearly seven years. Protesters In hissecond visit sincethe Iran andSaudi Arabia, as well nomic powerhouse during the arenot allowedtobehere,” one months.Onceformed, the cabi- and activistsblame Lebanon’s explosion, the French president as France. Iran is asponsor of firstdecade of his 18-year rule. protester shouted at him. net will also need to be ap- ruling classfor the blast and is expected to push forover- Hezbollah, the Shiite-led armed By keeping itsbenchmark in- “It is not acceptable for proved by parliament. say yearsofneglect by local au- hauls in exchangefor aid and to group that is also Lebanon’s terest rate belowinflation, the thesepeople to be here. They Thenew prime minister thorities caused the highly com- mark the 100th anniversaryof most powerful political party. Turkish central bank has dis- arenot welcome and they are faces hugechallenges,including bustible material to explode. the creation of the stateof Iran’srival, Saudi Arabia, has a couraged investment in assets not allowedtobeamong us,” agovernment investigation into Lebanese leadershave modern-dayLebanon. historyofties with Lebanon’s denominated in Turkish lira, said Zaid Nassar,a28-year-old the cause of the explosion, sought to deflect blame by en- Twodays afterthe blast, Mr. Sunni Muslim politicians. causing record selloffs of Turk- ish bonds and stocks by foreign investorsthis year. “Turkey haslost the confi- Israeli Plane Flies to U.A.E., Marking New Era denceofforeign sourcesoffi- nancing,” said Mustafa Sonmez, an Istanbul-based economist. BY DOV LIEBER had been permittedtofly over “Unlessforeign investment Saudi Arabia. The flight took flow in, the Turkish economy ABOARD EL AL FLIGHT TO just under three hoursand 20 can’t grow.” THE UNITED ARAB EMIR- minutes,rather than seven Complicating matters for ATES—The firstdirect com- hoursbecause of the route Mr.Erdogan, government pol- mercial-airline flight from Tel over the kingdom. icyaimed at boosting growth Aviv arrived Mondayinthe Stanley Morais, director of by pumping up loan distribu- United Arab Emirates,carry- El Al’sinternational affairs, tion over the past year has ingtop Israeli and U.S. offi- called the flight a one-off and backfired. Encouraged to take cials looking to pave the way said no other flightswere cheap loans,businesses and foramoreopen and less planned over Saudi Arabia or households splurged on im- fraught relationship between to the U.A.E. ported products, even as tour- Israel and a Gulf Arab state. Theflight comes amid fric- ism cratered, reducing the Foryears, Israel has been tion between the U.A.E. and amount of foreign currencyen- largely isolated from itsneigh- Israel over whether the Israeli tering the countryand causing bors. Theflight followeda government would trytoblock gaping holes in the country’s U.S.-brokered normalization an Emirati purchase of U.S.- current account.

process between Israel and the OL manufactured F-35 stealth That hasexacerbated selling PO

U.A.E. that has also cleared S fighter planes.U.S.officials pressureonthe lira, which fell the way forabroader—and have said the U.A.E.’s purchase to arecordlow against the dol- PRES

moretransparent—commercial S/ of the planes was part of un- lar in August.

relationship. ELIA derstandingsthat led to the Turkishexporterssaid the

Israelis traveling to the NIR breakthrough. But senior Is- lira’ssteady weakening has be- U.A.E. and other Gulf nations Senior Trump aide Jared Kushner, second from right, took the flight from Tel Aviv. raeli security officials arepub- come asource of problems be- would generally stop over in licly opposing the sale,argu- cause,while it makes their Jordan or Turkey.Most Israe- While in the capital, Abu “I do hope that this is the flight. Afterlanding in Abu ing it would erode Israel’s air goods cheaper,italso increases lis who did business with the Dhabi, theIsraeli delegation ushering of anew hope that Dhabi, he said he believed the superiority. Mr. Kushner said the prices of imported products U.A.E., mostly tech and secu- will trytoreach bilateral peaceispossible,” JaredKush- accord “has the ability to theissue would be discussed they use. rity firms,entered the country agreementsonflights, eco- ner, asenior aide to President changethe whole course of between the Israeli prime min- “Mr.Erdogan is trying to with non-Israeli passports, nomic, cultural and scientific Trump who led the U.S. diplo- the Middle East.” ister and President Trump. hold his voterbase,” Mr.Son- sinceall businessties were partnerships,investmentsand matic effortsbehind the This wasalso the firsttime —Felicia Schwartz mezsaid. “But unhappinessis limited and informal. tourism. breakthrough,said on the an Israeli commercial airliner contributed to this article. growing.” U.S. Returns Archives of Saddam Hussein’s Baath Party to Iraq

BY MICHAEL R. GORDON formants, landed at the Bagh- he worked with Mr.Kadhimi shipped to the U.S.,wherethey dad airport on Monday. and asmall group of volunteers were initially kept in West Vir- As looterstorethrough Thetrove wasenvisioned as to catalog and scan the archive, ginia. There, aPentagon con- Baghdad afterthe U.S.-led inva- ahistorical resource forthe which contained party person- tractorhired local residentsto sion in 2003,Kanan Makiya Iraqi people and away to move nel records, internal correspon- organizeand digitizethem with heardthey were heading to- toward reconciliation of the dence, listsofinformantsand the help of the foundation’sAr- ward amemorial forafounder deep divisions in Iraqi society. even arecordofIraqi families abic-speaking researchers. of the political organization Fornow,however, the archive whose sons had been captured Some U.S. officials thought the that produced Saddam Hussein has become such asensitiveis- in the eight-year Iran-Iraq War. material might provide clues and became amajor forceof sue in the fraught situation in Thearchivewas enormous. aboutthe budding insurgency

disruption in the Middle East. Baghdad that it will initially be ION Mortarslanded near the house in Iraq,but Mr.Makiyasaw the He and Mustafa al-Kadhimi, kept under lock and key. AT and Mr.Makiya’steam received removal as away to preserve both human-rightsactivists, “Our hope is that we will be UND death threats. As sectarian vio- thearchive. FO

racedtothe building,where able to set up the appropriate Y lenceinthe capital began to Eventually,the archivewas they discovered atrove of offi- institutionalstructurewhere rise,the researchersgrewcon- sent to the Hoover Institution,

cial recordsinawaterlogged thesedocumentswill be avail- MEMOR cerned the archivecould be de- aconservative-leaning think AQ

basement that provided an in- able to the public,particularly IR stroyed or be captured by for- tank at StanfordUniversity in side look at theBaath Party. researcherstohelp educateall The archives contain more than six million pages of documents. mer membersofSaddam California. Access to the docu- Now, Mr.Kadhimi is Iraq’s of us about the horrorsofthe Hussein’sregime,Iranian- mentshas been closely super- prime minister.Mr. Makiyais Baathist regime,” said an Iraqi powerin1979. of his writings. backed Shiiteextremists or mil- vised; none of thedocuments living in Cambridge, Mass. And official in Baghdad. As the Iraqi capital wascon- Afterarriving at the scene itantsfromalQaeda in Iraq. areposted online and research- the archive, which wasre- “Wewant this to be alearn- vulsed by looting in 2003,Mr. with Mr.Kadhimi, Mr.Makiya “Itgradually became clear ersneed to agree not to dis- moved by the U.S. forsafekeep- ing moment, not amoment of Makiyaheardthat acrowd was uncoveredpiles of mysterious that Iraq wasnot ready fora tributepersonal information ing as violencespiraled in the revenge,” the Iraqi official converging on amemorial for documentsinthe basement, memoryproject likeours,” Mr. about ordinaryIraqis. Iraqicapital 15 yearsago, has added. “Doing this sort of setup Michel Aflaq,aSyrian who was whichalso ranunderneath an Makiyasaid. “The past wasnot “It belongsintheir keeping been sent back to Baghdad in maytakesome time.” one of the foundersofthe adjacent Baath Party headquar- really yetinthe past and was because it is their history,” a secret. TheBaath Party was Baath movement. Toward the ters. still being lived.” State Department official said AU.S.militarycargo plane founded in the 1940s as asecu- end of atumultuous career,Mr. With the approval of the U.S. Seeking to protect the cache, of the archives returned on stuffed with morethan six mil- lar pan-Arab movement. Sad- Aflaq wasthe nominal head of occupation authority,Mr. Mak- Mr.Makiyawent to Paul Wolfo- Monday.“Iraq is asovereign lion pages of documentsthat dam Hussein joined the organi- the Baath Party in Iraq,and af- iyahad the documentsmoved witz,then the toppolicyofficial country, and they should be re- hold the secretsofIraq’sdicta- zation in 1957 and used the terhis death apolitical shrine to his family’s former home in at thePentagon, and an agree- sponsible forany precautions torial past, including the names party to impose his iron will on wasestablished in his honor, Baghdad,which served as the ment wasstruck in February they need to prevent potential of Baath Party membersand in- the countryafter he came to including astatue and alibrary home of his foundation. There, 2005 forthe documentstobe misuse of this stuff.” P2JW245000-2-A00900-1------XA

THE WALL STREET JOURNAL. ** Tuesday, September 1, 2020 | A9 WORLD WATCH

RUSSIA CHINA BELARUS U.S. Says Warplanes Beijing Is Holding Opposition Leaders Approached Bomber Australian Journalist Jailed, Detained Russian pilots harassed aU.S. An Australian journalistfor Belarusian authorities on B-52 bomber flying overthe the Chinese government’sEng- Monday handed a jail sentence Black Sea and in international lish-language television news GES to a factory strike organizer and waters, crossing within 100 feet channel has been detained in IMA detained a leading opposition ac- of the bomber’s path, amaneuver China, straining already tense tivist, part of an effort to stifle the U.S. military called “unsafe diplomatic relations thathave GETTY weeks of protests against the and unprofessional.” been repeatedly testedamid SE/ country’s authoritarian leader af- The incidentonFridaywas the coronavirus pandemic. ter an election the opposition

the second between U.S. and Australia’sDepartmentof ANCE-PRES says was rigged.

Russian military forces in aweek. Foreign Affairs and Trade said FR Anatoly Bokun, who leads the LastTuesday, severalAmerican it wasinformed by Chinese au- strike committee at Belaruskali, ENCE

troops in northeastSyria were in- thorities on Aug. 14 of CGTN AG a large potash factory in Soli-

jured when aRussian military ve- anchor Cheng Lei’sdetention. KI/ gorsk, was detained by police

hicle struck their own, according The departmentsaid it wasas- OWS and handed a 15-day sentence

to U.S. officials. Some U.S. offi- sisting her and her family,but ODK on charges of organizing an un- SL

cials said theybelieve the colli- didn’tgiveareason forMs. Z sanctioned protest. sion wasdeliberate. Cheng’sdetention or her loca- Belarusian prosecutors have TEUS

The maneuver by Russian pi- tion. MA opened a criminal probe against lots operating twoSu-27 Flank- Australian consular officials HISTORIC OPENING: Solidarityfounder and former Polish PresidentLech Walesa, center,marksthe the opposition Coordination ers, afighteraircraft, createdtur- spokewith Ms. Cheng on 40th anniversary of the deal in Poland thatled to the creation of the Soviet bloc’sfirstindependent Council created to negotiate a bulencefor the U.S. bomber, Thursdayatadetention facility trade union. The eventwas held at Gate No.2atthe Gdansk Shipyard,wherethe deal wassigned. transition of power, accusing its according to aU.S. military state- via avideo link. The depart- members of undermining the ment. The U.S. released avideo mentsaid it wouldn’tcomment tween China and Australia pandemic. China warned its citizens not country’s security. Last week, of the incident. further because of Australian have steadily worsened since China’sambassador to the to traveltoAustralia because Belarusian courts gave 10-day The Russian military said the governmentprivacy obligations. the latter began seeking sup- country,Cheng Jingye, retali- of whatitsaysisarise in ra- jail sentences to two council flightofthe Su-27s “proceeded in The Chinese governmentdidn’t port from European leaders in ated to Australia’spandemic in- cial discrimination and violence members. Another council mem- strict compliancewith the interna- immediately respond to are- mid-April foraninvestigation vestigation call by threatening toward Chinese and Asian peo- ber, Lilia Vlasova, was detained tional rules” of using the airspace. questfor comment. into anyearly missteps that aconsumer boycottofAustra- ple thereduring the pandemic. Monday. —Nancy A. Youssef Diplomatic relations be- contributed to the coronavirus lian beef and wine. On June 5, —Stuart Condie —Associated Press FROM PAGE ONE

go through the quarantine,and Breakfast didn’t arriveuntil costsfor outside food delivery students. He gavehis welcome TheYale senior,fromNorth FirstLesson then continue to wear masks, well afternoon some days,Mr. when meals were inadequate. addresstofamilies on move-in Carolina, arrived with three wash their hands and avoid Nesmith says,achallengewhen Nadieda Dazile,anNYU ju- dayfromthe room.Heworea bagsofbelongingsand two days large groups oncethey areal- he wakesupby9a.m. “Luckily I nior,says she has been doing in- button-down shirt, blazer,gym worth of food, chosen from a Of College: lowedout of their rooms,the brought my applesauceand my formation sessions forjobs, shortsand no shoes. menu of eight options. schools won’t have to revert to Pop-Tartsinmysuitcase,as practicing coding and participat- Thedorm doesn’t really set- It just felt very much likea online instruction.Some col- personal necessities,” he says. ing in atrivia event. She is docu- tle down until midnight, past Dr. ghost town,” Ms.Jin says.The Quarantine legeswherestudentsdidn’t An NYU spokesman says the menting some of her experiences Casey’s normal bedtime.He courtyard, normally filled with quarantine on arrival and where school’s effort to deliver meals on YouTube,including putting hearsexplosions from neigh- chatting groups and yard off-campus gatheringshave to nearly 2,700quarantining on makeup and working out. bors’videogames,and the fe- games,was nearly deserted. ContinuedfromPageOne been documented have reported “I’m trying to fill up space,” male occupantsofaroom up- She and her suitematetalked and apacket of coloring pages spikes in Covid-19 case counts, she says.“But there’satime in stairsare “deeply committedto lateintothe night as they featuring past exhibitions from leading to campus closures. the daywhen it slows down, Taylor Swift,” he says. waited fortest results. “I ha- the school’sart museum. Sean Nesmith, aNew York you’rejust laying on your bed Fortwo,two-hour periods ven’t really spoken to anyone Ahighlight of Mr.Cipriani’s University junior from Marietta, scrolling through TikTok feeling each day, Dr.Casey and his my ownage in person forso quarantine wasacross-stitching Ga., has been bingeing episodes likethere’snothing else to do.” dorm-mates cangooutside to a long,” says Ms.Jin, who has class; Skidmoreprovided materi- of “Big Brother” and FaceTim- Brian Casey is spending two designated portion of the quad been home with herparents. als and gaveinstructions over ing with friends and family weeks in aroughly 12-by-15-foot forfresh air or agame of Fris- “Weboth just sat on the floor Zoom.They offered two pat- while staying alone in his on- ColgateUniversity dorm room bee,masked and distanced. andweregiddier than usual.” terns: messages reading “Wash campus apartment sinceAug. Lockdown necessity with no airconditioning.His When GraceJin arrived at Ms.Jin gother test results Your Hands” and “Wear AMask.” 18.Heand aneighbor some- biggest indulgenceiswalking Yale University,she wasre- back afterabout 20 hoursbut It’sanodd start to fall semes- times taponthe wall to see if students at 20 residencehalls down the hall each evening to quired to stay in her suiteuntil waited until her suitemategot teratcolleges struggling with they canhear each other,pris- was“unprecedentedly complex,” getacaffeine-free Diet Coke receiving anegativeCovid-19 hersback later that day. They howtofunction during the pan- oner-style.“That’sthe extent of and they “fell short.” NYU and from the soda machine. test result, which the school sprinted out of their dorm and demic.Lotsofschools are skip- our fun,” Mr.Nesmith says. itsfood servicevendor have He’sbeen busy.Amasked as- said would take 24-36 hours. intothe courtyardataround 10 ping in-person classes com- Decidedly lessfun: mealtime. doubled food-prep staff and sistant comes by the window Then she would need to stay in- p.m. yelling,“We’refree!” pletely. Forthose reopening NYU studentshaveposted takenother measures to im- onceaday to hand off packets side her residential collegefor So were the mosquitoes.The campus,isolation and quarantine widely on social media to com- provemeal service, he says. of papersheneeds to sign—be- therest of the 14-daystretch, pair retreated back inside,bit- have replaced the welcome par- plain about unappetizing meat Partway through quarantine, cause Dr.Casey is Colgate’s her movementsconfined to the tenand tired. ties that usually kick off the year. andmeals that don’t meet ko- which ends Tuesday, NYU au- president, and he offered to residence, dining hall, courtyard —Carly Wanna contributed Thehope is that if students sher or veganrestrictions. thorized residencehallstocover quarantine in solidarity with his and afew other dorm areas. to this article.

ONLINE SERIES: THE FUTURE OF LEISURE ANDDESIGN

RobinArzon VP, Fitness Programming, Peloton

Gwen Bethel Riley VP, Music Partnerships, Peloton

Jeanne Gang Founding Principal andPartner, Studio Gang

Arne Sorenson Presidentand CEO, Marriott International, Inc.

Shelli Ta ylor CEO, Alamo Drafthouse Cinema

What will travel, fitness andthe arts look likewhen the pandemic is over? Joinusto hearleadersfromthese industries discuss Meetusonline howcoronavirusisdrastically changing September 22 at 8PMET the waywespend ourfreetime, as well as howtheyplantoreopen in away that RegisterNow: wsj.com/rsvp both turns aprofit andkeeps workersand customerssafe. FREE ADMISSION

A10 | Tuesday, September 1, 2020 ** THE WALL STREET JOURNAL. FROM PAGE ONE

Garren Colvin, chairman of Supply the KentuckyHospital Associa- tion,said in an April 2email to Kentuckylawmakersthat one Burden Put hospital in thestate had lost itsshipment of masks when thetruck carrying supplies On States wasdiverted to St.Louis at the request of the FEMA.An- other hospital in the statelost ContinuedfromPageOne its delivery of masks from EmergencyManagement China when it wascanceled at AgencyAdministrator Peter the U.S. government’srequest, Gaynor told lawmakersthat according to the email. the federal stockpile—intended CK

foruse in severepublic-health TO emergencies that caused local ‘Extreme frustration’ shortages—had runout of sup- “I am sureyou cansense plies forthe states. SHUTTERS our extreme frustration as we A/ TheTrump administration areattempting to obtain po- has been criticized formini- tentially life-sparing resources, mizing thethreat of the virus LANE/EP but seem to be thwarted at ev- and offering mixed messaging TIN eryturn,” Mr.Colvin wrote. JUS

on mask-wearing and other S; In July, Riggs Lewis, an ex- waystoreducethe risk of in- ecutive at Norton Healthcare, PRES fection, among other things. whichruns dozens of clinics Formedical providersonthe TED and hospitals in Kentucky, CIA

front lines of the crisis,the ad- SO complained in alettertoKen- ministration’smost conse- AS tuckylawmakersthat the fed-

quential movewas to put the OCKI/ eral government’sreallocation

burden on states to figure OGR of testing supplies waspre- thingsout forthemselves. venting the network from get- SUE

Thereispermanent tension P: ting the supplies it needed to in American governancebe- TO perform in-house Covid-19 OM

tween what the federal govern- FR testing. ment should do and what should A Strategic National Stockpile warehouse in Oklahoma City, above. States inundated the federal government with requests for After Massachusetts lost a fall to the states.Itisn’t possible supplies. Nurses at Jacobi Medical Center in New York City, below, protested in April about the lack of personal protective equipment. shipment of three million N95 to knowwhether amorecen- masks because the federal tralized federal response to the chiefmanufacturing adviser, government seized them in a coronavirus pandemic would warned about the scarcity of NewYork port, Mr.Trump told have worked better. masksand gowns,writing a the state’s Republican gover- series of memossaying that nor,Charlie Baker,inthe shortages needed to be ad- March 16 conference call that ‘Notour job’ dressed, WhiteHouse officials the administration outbid him. In ameeting in mid-March said.Atthe time,top officials, Forthe next shipment, Mr. about the shortageofsupplies, including those in charge of Baker broughtstate lawen- recalled one senior White the supply chain, focused on forcement with him to the House official, JaredKushner, moreimmediateproblems, Boston airport when a plane, the president’sson-in-lawand such as outbreaks on cruise on loan from the NewEngland adviser told staffers: “We’rean ships,and ignored the memos, Patriots, delivered medical organization with 56 clients,” the officials said. supplies from China. referring to U.S. states and ter- Amongother things, Mr. Maryland Gov.LarryHogan, ritories.“It’snot our job to se- Navarrorecommended build- aRepublican, chartered aKo- curesupplies forthem. It’sour ing up the domestic supply by rean Air flight from Seoul to job to help them.” halting the export of N95 the Baltimore-WashingtonIn- Instead, the federal govern- masks and guaranteeing to U.S. ternational Airport to deliver ment’sapproach turned hospi- companies that the federal 500,000 Covid-19 testing kits. talsystems and stategovern- government would buy their Oncethe kitswereunloaded, mentsintorivals. products. Other WhiteHouse Maryland National Guard Medical providersbegged officials worried that would trucks,escorted by the Mary- and scavenged forsupplies. hamper China’sability to con- land State Police, carried the One doctor, worried his ship- tain the disease,animportant kits to asecurewarehouse in ment of masks and gowns goal at the time,and could an undisclosed location. would be seized by another prompt retaliatorymeasures. “Government contracting official told Dr.Kadlec: ‘We’re Dr.Andrew Artenstein, chief In Florida, hundreds of or- state, divided the supplies be- doesn’t happen overnight,” not going to have enough,” physician executiveatBaystate dersfor medical supplies tween two trucks to makesure she said. warning that the U.S. had, at Health in Massachusetts,had hadn’t come through by mid- at leastsome would get ‘People aredying’ Governorsand health-care most,three months’ worth of arranged a shipment from March. Planes that suppliers through. Mick Mulvaney,then the workerscalled on the adminis- supplies and might not be able China of masks needed desper- assured the statewereen Some states turned against acting-WhiteHouse staff chief, tration to addressthe short- to quickly getormakemore. ately by hishospital network. route from China were no- each other.One refused to summoned Mr.Navarro, who ages by invoking the Defense Thenextweek,FEMA took Themasks were coming intoa wheretobefound on flight giveanother contact informa- wasn’t on the administration’s Production Act, which gives over control of the pandemic warehouse in another stateon tracking websites.The federal tion forlab supplies,fearfulof coronavirus task force, to his the president powertomobi- response. the Atlantic coast—he won’t government diverted one of being outbid. Governors kept office in February, telling him lizeprivateindustryinsupport By the firstweek of March, saywhich—and he worried Florida’sorderstoNew York. shipment details secrets. to stay in his lane or be fired. of national defense.The ad- officials in Washingtonstate, that they wouldn’t makeit Shipmentsofmasks were can- Other governorsdispatched “People aredying,” Mr.Na- ministration wasinitially re- the nation’sfirst Covid hot back to Massachusetts. celed when foreign govern- statepolicetoairportsto varrotold Mr.Mulvaney,ac- luctant, some WhiteHouse of- spot,had put in two requests So Dr.Artenstein lefthis mentsoffered cash payments. guard their cargo. cording to someone familiar ficials recall. It argued that a forprotectivegear from the house at 4a.m. one Mondayin JaredMoskowitz,the Interviews with Trump ad- with the conversation. “Do judicious use of DPAwas national stockpile. HHS offi- early April to meet the ship- state’stop emergency-manage- ministration and stateofficials whatever youhavetodo, and needed to givecompanies con- cials told the statetoonly ask ment. Twoagentsfromthe ment official, said he asked and hospital executives,as I’ll do whatever Ihavetodo.” fidencethat the federal gov- forone week’sworth of equip- Federal Bureau of Investiga- Gov. Ron DeSantis and other well as internal documentsand When Vice President Mike ernment would be hesitant to ment. When the stateobjected, tion met him at the ware- state officials to lean on their emails reviewedbyThe Wall Pencetook over the task force interrupt existing supply stateofficials recalled, the house. contactsinWashingtontohelp Street Journal, showthat the in late February, his team chains and commandeer pro- HHS official said the federal Theagentsspent hoursvet- securesupplies,“because 49 WhiteHouse’sshifting of re- didn’t inviteMr. Navarroto ductionlines. government wasn’t prepared ting Dr.Artenstein and the other states areasking forthe sponsibility to the states came meetings. Theadministration ulti- to provide the level of supplies shipment. When the agents same things.” gradually,influenced in part by When Mr.Mulvaney and mately invoked the act on they were going to need. told him the masks might be Mr.DeSantis called Mr. itslaterecognition of the sup- Health andHuman Services March 27 to increase produc- confiscated by the federal gov- Trump,who had supported his ply threat and itsslownessin SecretaryAlexAzarfirst vis- tion of ventilators, in April and ernment, he called the officeof election, and that relationship mobilizing the federal govern- ited the Capitol to discusscor- Maytopay formasks and ‘It was every man for local congressman, House proved key,Mr. Moskowitz ment to coordinatearesponse. onavirus planning on Feb. 5, foam swabs and, in August, for Ways and Means Chairman said. Early on, some states and a lawmakersasked howmuch moreCovid-19 test kits, ac- himself,’ said an Richard Neal. “The federal government is small number of Trump offi- money the administration cording to aWhiteHouse re- executive at one Eventually,the FBI cleared a giant bureaucracy,” he said. cials were pushing forthe fed- would need to start buying port. Mr.Navarrohelped coor- theshipment, and dozens of “When everysecond countsto eral government to centralize supplies and speed domestic dinatethose moves. hospital company. boxes, covered in Chinese getdoctorsand nurses masks, thesupply chain, but the idea supply-chain development. By March 9, morethan a characters, were divided and we didn’t have the time that wasnever seriously consid- “They said, ‘Wehaveall the dozenstates—including Wash- loaded into apair of commer- sometimes it takesfor the ered inside the White House, money we need, and frankly ington, Massachusetts,New cial trucks. processofthe federal govern- officials said. it’snot our responsibility—it’s York and Florida—had con- Pennsylvania made itsfirst Dr.Artenstein had rented ment to respond. So going “It’snot likeanybody sat the states’ responsibility any- tacted the federal government request in early March. When two trucks not because of abovethat, and around that, around atable and said, ‘We’re way,’ ” recalled Sen. Chris to request personal protective only one-fourth of the request space limitations, but to send from allangles helped geta not going to do it,’ ” aformer Murphy(D.,Conn.), who at- equipment, according to an had been delivered amonth them on separateroutes to in- faster response.” administration official involved tended the briefing. email sent to HHS officials in- later, stateofficials said they crease the chances of them Florida received everything in the response said. “I think it RobertKadlec,aretired Air cluding Dr.Kadlec.Department realized the stockpile wouldn’t reaching Massachusetts.Covid it requested from the federal just became obvious over time Forcephysician whose HHS of- emails reviewedbythe Journal be enough. cases were surging in New government in March and we weren’t going to do it.” fice oversees the Strategic Na- showthat by then, the only re- With responsibility falling York and NewJersey,and he April, Mr.Moskowitz said. In lateMarch, the Trump tional Stockpile of medical quest fulfilled wasaportion of to governorsand hospital ex- feared his shipment would be Sincethen, the Trump admin- administration began playing a supplies,had commissioned in Washington’s. ecutives,rivalries emergedbe- stopped at astate line and im- istration has sent moresup- moredirect role in speeding Januaryasupply-chain task Mr.Mangosaid at the out- tween states racing to find pounded by another statethat plies to the stateand itslong- up thetransport of supplies forcetoexamine the federal set of the epidemic, every suppliersand lobby local busi- needed them. term-carefacilities. beyond what wasavailable in inventoryand find out what statebegan requesting sup- nesses to help manufacture “It was every man for him- In asurvey conducted in thenational stockpile. Short- shortages might emerge. plies, ofteninexcessofwhat supplies.Some governorsre- self,” Dr.Artenstein said. “I lateMarch by the U.S. Confer- ages persist in some places to Officials became aware the they needed. HHS officials cir- lied on corporatecontactsas had alot of people in the enceofMayors, 91.5% of the this day. stockpilewasn’t big enough. culated talking pointsfor how they built out emergencypro- throes of taking care of really 213cities consulted said they “President Trump’sswift Itsstock of N95 masks,gowns to inform states they wouldn’t curement teams,coordinated sick patients, who were afraid didn’t have enough facemasks andunprecedented coronavi- and gloves had been depleted geteverything they requested international deliveries and fortheir safety and their fami- forfirst respondersand medi- rusresponse has marshaled during the H1N1 flu pandemic from the stockpile.The stock- vetted forscammers. lies’ safety.Mybiggest fear calpersonnel, and 88.2% said the powerand might of the adecade earlier and never re- pile’spurpose,according to Further complicating mat- wasthat I’dreturn empty- they didn’t have enough PPE greatest mobilization since plenished. Many of the masks one of the talking pointsre- ters,when the federal govern- handed.” to protect those workers. World War II,” said White were past their expiration viewedbythe Journal, was“to ment beganspeeding up for- Both trucks made it back. Over the summer,the ad- Housespokeswoman Sarah dates. supplement stateand local eign shipmentstothe U.S.,it Baystate Health, forthe first ministration has been moreac- Matthews.“Likeall national HHS officials had become supplies during public health started redirecting some equip- time, put a supply warehouse tiveinaddressing supply emergencies,response is most alarmed by the number of N95 emergencies.” ment ordered by states to hot under 24-hour surveillance. shortages. successfulwhen it is locally masks hospitals were using: on In aMarch 12 meeting of spotsortothe national stock- States assembled teams to In June,WhiteHouse coro- executed, statemanaged and average, between 350 and 425 emergency-management lead- pile,meaning some states had wade through hundreds of navirus coordinator Deborah federally supported.” per coronavirus patient at the ersinDr. Kadlec’soffice, one their shipmentstaken away. emails offering up millions of Birx’steam began reaching out Paul Mango, deputy chief of time. If there was a major masks,which oftenturned out to hospitals and states to in- staff forpolicyatthe Depart- breakout, HHS’sMr. Mango to be scams. quireabout their PPE supplies. ment of Health and Human said, “wewould be in trouble.” Colorado officials seeking Thenational stockpilenow has Services,said: “I knowmaybe Mr.Azartestified in Con- to buy protectivegear re- 70 million N95 masks,and is some of the governorswere gressonFeb.26that the ceived aletterfromone dis- expected to have 140million not as happy with the fact that stockpile only had about 12 tributor that purported to be by the end of September, we intervened in certain ways, million N95 masks,but that writtenbyaNew Mexicooffi- HHS’sMr. Mangosaid. and maybe they feel that we thenation would need 300 cial verifying that the distribu- Thepresident declared vic- procured supplies that they million. torwas legitimate. When Col- tory over supply shortages on were hoping to getthem- But it wasn’t until amonth orado officials checked with July 21 at the WhiteHouse. selves….But forthe most part, later that HHSplaced orders New Mexico, they learned the “My administration currently everyone understands that for600 million N95 masks,to letter was fraudulent. has zero unfilled requestsfor OL

what we did wasbased on the be delivered over the following PO Some distributorsplayed equipment or anything else intent of getting what were,at 18 months. S states off one another to drive that they need from the gover- least early on, extreme scarce TheHHS spokeswoman said up the price, and states began nors,” he said. “No governor

supplies to the places that Mr.Azarordered available ICH/PRES suspecting each other of out- needsanything right now.” needed them most.” funds to be used forthe stock- OV bidding them forsupplies.The “It’sobviously not the

Some senior Trump offi- pile and that the agency MAR federal government sometimes case,” Gov.Hogan, the Mary-

cials sounded alarms early on. needed money from Congress PETE parachuted in to redirect ship- land Republican, said the next PeterNavarro, the president’s to buy additional N95 masks. Peter Navarro warned about the scarcity of masks and gowns. ments. day. P2JW245000-4-A010A0-2------NS

THE WALL STREET JOURNAL. **** NY Tuesday, September 1, 2020 | A10A GREATER NEW YORK Union CityPostponesLayoffsfor 22,000 Inches MayordeBlasio says members of his chamber “are willing to work with NewYork Toward officials will reassess City to identifythe best daily as theytry to get course forward without hurting working men and women Possible the powertoborrow and at the same time pursuing afiscally responsible course.” BY KATIE HONAN Aperson familiar with state Strike Senateleaders’ thinking on NewYork City will delay the vote said the chamber will BY LESLIE BRODY sending layoff notifications to likely approve borrowing, but 22,000 government workers, limitittobetween $1 billion TheNew York City teachers officials said Monday, after and $2 billion. union took afirst step Monday union leadersurged MayorBill Thecity,which has awork- night toward apossible strike, de Blasio to postpone the job forceofnearly 325,000 em- itsofficials announced, after cutstoallowmoretime to ployees,isrequired to provide its president said he is trying find alternativecost-saving a 30-day notice to employees to avert a job action and seek measures. who areindanger of losing adeal with City Hall to require Workersacrossall city their jobs. S new coronavirus testing. agencies were expected to be Labor leadershaveurged NEW

Theroughly 100-member notified Mondayifthey would G the city officials to find other executive board of the United be laid off by Oct. 1. Thelay- cost-saving measures.They Federation of Teachersunani- offs are considered alast-re- said their workerswereonthe OOMBER mously approved aresolution sort option by the city, which front lines during the pan-

telling the union’s leadership faces afinancial crisis brought GLE/BL demic, and have framed their

to keep negotiating with city on by the newcoronavirus NA opposition to the layoffs in officials,but if they can’t pandemic. moral terms.

reach adeal by mid-Tuesday “What I’ve said to our col- MICHAEL “That’snot the way to treat on safety criteria for reopen- leagues in the municipal labor Acityemployeedisinfects agateatthe Sunset Pool in Brooklyn. Nearly 325,000 people work forNYC. the people who sacrificed and ing,the union intends to bring movement is we will hold, but continued to put their life on a strike-authorization vote to it will be on a day-to-day ba- year, and $4.2 billion for next Democratswho control the andpasslong-term borrow- the lines,” Henry Garrido, the the delegate assembly. sis,” Mr. de Blasio said at his fiscal year,according to offi- stateSenatehavesofar ob- ing,” the mayorsaid of state executivedirector of District With the authorization, news conferenceonMonday. cials. jected. lawmakers. “That’swhat Council 37,the city’s largest President Michael Mulgrew “We won’t send off the layoff Unions representing gov- In the past week,New York would avert the layoffs in- public-employeeunion, said would be able to call astrikeif notices today, but each daywe ernment workershad asked City council membersand stantly and that’swhat we’ll last week. he deems it necessaryfor will reassess, because we have the mayorfor moretime to union leadershavejoined the be working on over these next Good-government groups safety reasons,union officials to address our fiscal crisis.” help persuade statelawmakers push forborrowing authority. few days.” have said some of the layoffs said. The3,200-member dele- Thecity needs to balancea to grant the city the powerto Their involvementhas helped Democratswho control the could be avoided if the city gate assembly is set to meet at $9 billion deficit during the borrow $5 billion. Mr. de Bla- sway some statesenatorswho stateAssembly have come out shifts more health-care costs 3:30 p.m. Tuesday. Ateachers next two years. It also must siohas been asking forsuch had concerns,according to a in support of borrowing. to unionized city employees, strikehasn’t happened in New fill a$1billion labor gapinits authority from the statelegis- person familiar with the matter. Aspokesman forthe state or by initiating retirement for York City since 1975. budget forthe current fiscal laturesinceMay,but fellow “Weneed them to step up senate, MikeMurphy, said some of the city’s workforce. On Mondayafternoon, Mr. Mulgrew said he wouldn’t give up his demand that the city U.S. Open Tennis Tournament Gets Under Way Without Fans in Queens Stadium mandatethat all studentsand staff be tested forCovid-19 or itsantibodies beforethey en- terschool buildingsfor the firsttime this fall. He said he aimedtoratchet up pressure on MayorBill de Blasio.The mayorhas called the strike threat astunt, and emphasized that by district data, most par- entswant to send their children to school in person. ACity Hall spokesman said Mondaynight the administration wascommittedtosafety and conversations with the

Leadersdemand mandatoryCovid19 testing beforeschool buildingsreopen.

UFT were continuing. At amorning news briefing, Mr.deBlasio said his team has considered mandatorytesting but believes “foravariety of reasons,itisnot the best way.” He said he encourages everyone to gettested.“We’re having ongoing conversations with the unions about the best way to do it,” he added. NewYork City is one of the fewbig districtsplanning to open forin-person instruction. It proposes ahybrid model, in which some studentschoose to take classes online from home

everyday,while otherslearn AN/REUTERS remotely part of the week and AR

go to school buildingsfor one, RHIZK two or three days aweek.The PA reopening of school buildings NIELLE

is set forSept. 10. DA NewYork’sTaylor Law PARTYOFTWO:The Louis Armstrong Stadium in Flushing Meadows wasnearly emptydue to the pandemic. Sevenplayers were put in a‘bubble’ because theywerein makes it illegal forteachersto contact with Benoit Paire, the Frenchman who dropped from the tournamentafter testing positivefor Covid-19, aperson familiar with the situation told the AssociatedPress. strike. Those who strikedon’t getpaid and canbefined twicetheir daily rate of pay, union officials said. Theunion also faces financial penalties. GREATERNEWYORKWATCH Thecity Department of Ed- ucation said Monday that responses from families so far NEW JERSEY Mr. Lamont will file an emer- The settlementwas reached indicate63% of studentswill gency renewal and declaration Fridayinthe federal lawsuit over come to school buildings, a Indoor Dining Can on Tuesday, giving legislative the June 7, 2019, death of Lay- percentagethat has ticked Resume on Friday leaders and top lawmakers on leen Polanco. The terms of the down from 70%inmid-August. the General Assembly’s Public settlementweren’tmade public. Some parentssay they are Indoor dining will resume and Health Committee 72 hours to David Shanies, the lawyer forMs. waiting to decide. movie theaters will reopen Fri- take no action or reject the re- Polanco’sfamily,said he hopes Teachersexpressed mixed day, both with limited capacity, in quest, said his chief of staff. the deal means her “wonderful views Mondayonwhether NewJersey, Gov. Phil Murphy Democrats control the 10-mem- and devotedfamily can find they would back astrike: Many said Monday. ber special committee. some small measureofpeace.” worried about health risks of Movie theaterattendancewill Mr. Lamont’s existing order, The 27-year-old Ms. Polanco entering classrooms but others be capped at 25% capacityor150 issued in March, is set to expire had been in custody since April were moreanxious about los- people, whicheverisless. Restau- on Sept. 9. He told reporters on 2019, unable to post $500 bail ing paychecks during ajob ac- rantswill only be able to have Monday there would be a lot of after an assault arrest. The city tion in atough economy. 25% capacityunder the new confusion if many of the health- medical examiner’s office ruled

Mr.Mulgrew said indepen- rules, which include maintaining /REUTERS related restrictions he has im- the cause of death was sudden

dent medical expertsadvised social distancing between tables. GAR posed to prevent the spread of unexplained death in epilepsy.

mandatorytesting forthe virus Masksmustbeworn except SE the coronavirus, ranging from Ms. Polanco’sfamily charged

or itsantibodies forall stu- when eating or drinking. MIKE limits on nursing home visits to in thelawsuit thatcorrection of- dentsand staff beforethey en- “Reopening responsibly will HOWIT’SDONE: StateSen. Brad Hoylman held arally Mondayfor a the continued closure of bars, ficers failed to check on her as terschool buildingsand help us restore one of our state’s bill to let local election boards establish absentee-ballotdrop-off sites. suddenly ended that day. she wasdying, ignoring the fact monthly testing of random keyindustries while continuing to —Associated Press thather medical condition meant samples afterthat. “It’snot like makeprogressagainst CONNECTICUT Covid-19 situation changes and she “could suffer serious injury the mayorisgoing to convince #COVID19,” Mr.Murphy, aDemo- quick actions become necessary. NEW YORK CITY or death without intervention.” me not to have amandated crat,wrote in atweet Monday. Extension Sought for But the top Republican in the Asked to comment on the testing program,” Mr.Mulgrew Michele Siekerka, the presi- Emergency Powers House of Representatives said Settlement Reached settlement, a spokesperson for said. “Too manypeople died.” dentofthe NewJerseyBusiness even though the pandemic is Over Inmate’s Death the city law department said Morethan 130 UFT mem- and Industry Association, said Gov. Ned Lamontsaid Monday continuing, that doesn’t neces- Ms. Polanco’s death “was an ab- bersdied of Covid-19,hesaid. Murphy’sannouncementwas he will file arequestfor afive- sarily mean the same orders The family of a transgender solute tragedy” and added that Themayor says his adminis- “unfortunately long overdue.” month renewalofhis public should remain in place. woman with epilepsy who died the city “will continue to do ev- tration is working hardtoopen On Tuesday, gyms and health health emergency powers with “They were appropriate in the in an isolated cell in New York erything it can to make reforms classrooms safely forin-person clubs arecleared to reopen, also legislativeleaders, adding the beginning,” said House Minority City’s Rikers Island jail complex towards a correction system instruction, with extraclean- at 25% capacityand with amask newFeb. 9deadline will provide Leader Themis Klarides. “They has settled its lawsuit with the that is fundamentally safer, ing,ventilation inspections and requirement. continuityand givehis adminis- are too broad for the time we city for $5.9 million, the family’s fairer, and more humane.” face-mask requirements. —Associated Press tration flexibilityifConnecticut’s are in now.” lawyer said. —Associated Press P2JW245000-2-A010B0-1------NS

A10B | Tuesday, September 1, 2020 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK NYC Parking Garages Idle Ex-Governor Cuts As many residents Ties With Group relocate during the pandemic, businesses BY JIMMY VIELKIND agreed to serveonits board said they were stepping away. struggle to stay afloat Former New York Gov. Da- They includethe NewYork City vidPatersonhas cut ties with Hospitality Alliance, which rep- BY PAUL BERGER anonprofit group that was resentsrestaurantsand night- lobbying to shape the state’s life; the transit advocacygroup Manhattan parking-garage economic recovery from the RidersAlliance; the environ- operatorssay they have lost Covid-19 pandemic,saying it mental-advocacygroup New thousands of monthly custom- was more focused on tax pol- York League of Conservation ersasmanyresidentshave icy than he initially realized. Voters;and Tech: NYC, which packed up their vehicles and TheCampaign forNew York’s representstechnologyfirms. moved out of NewYork City Futurewas formed in July by Tech: NYCExecutiveDirec- during the pandemic. employees of Tusk Strategies— tor Julie Samuels said her or- “People arecalling and can- apolitical consulting firm ganization wasexcited to work

celing permanently saying S founded by Bradley Tusk—and toward manyofthe stated they areleaving the city,” said Mr.Patersonhad signed on as goals of the Campaign forNew Rafael Llopiz,president of the PRES itschairman. Thegroup is plan- York’sFuture. “But when it ap-

Metropolitan Parking Associa- ZUMA ning amultimillion-dollar lob- peared that thefocus wasvery tion, whose membersoften bying effort, which will propel it heavily on taxes, that wasn’t

charge upwardof$500 a LEVINE/ intothe toptier of the state’s where we were,” she said.

month for a spot. B. advocacy groups. Eric Soufer,amanaging di- Almost allofthe parking- TheDemocratic former gov- rector of Tusk Strategies who

association members’ monthly RICHARD ernor, who was in office dur- serves as aspokesman forthe businessisresidential, Mr. Many vehicle owners left the city after the novel coronavirus struck New York in March. ingthe 2008 financial crisis Llopiz said.Ofthe 82,000 and the recession that fol- monthly customers who usu- County in August, he isn’t sure 95% of pre-pandemic levels. teacher,parked near their apart- lowed, said he didn’t knowthe David Paterson ally patronizethe trade when his family will perma- Other areas of the businessthat ment. “Nowit’sawful,” she said, details about who wasfunding said the group’sgarages,hesaid only nently return. catertoevents, hotels and “because everybody is driving.” the group,which said in its nonprofit was 33,000 spaces were filled in Caroline Smith, afreelance nightlifeare struggling,asthe- Parking in her neighbor- initialannouncement that it more focused mid-August. Monthly business marketer,pulled her carout of atersare closed and restaurants hood typically cost upwardof would support proposals to on tax policy usually is down about 5% in its$575-a-month spot in an operateatreduced capacity. $600 amonth, she said, add- “preserveand expand New in reshaping August. This August it is down Upper East Side garage in Some vehicle ownerswho ing that she recently found a York’stax base,” as well as N.Y.’s economy. 60%, he noted. April to park on the street af- remained in the city aretaking garage that is a10-minutewalk other issues such as expanding Manycar ownersdrove out terthe city suspended alter- advantageofthe slump to ne- from her apartment for$299. outdoor dining permanently, of the city afterthe pandemic nate side parking rules. gotiateamoreconvenient Thepandemic has closing street lanes to vehicu- campaign, has said it wasdis- struck NewYork in March to Thefamily rented ahome parking location and rate. prompted some NewYorkers lar traffic and creating agrant appointed by the groups’ de- stay with family or at second in Darien, Conn., in mid-June. Sharon Richter, a business to buy acar forthe firsttime. fund forminority-and partures. Left-leaning groups or rented homes.Now,with When Ms.Smith and her hus- coach, used to take public Emiley Jellie bought a2019 women-owned businesses. that support raising taxeshad manyschool parentsopting band, an investment banker, VolkswagenGolf Alltrack in “It seemed to me that Iwas voiced opposition on social forremotelearning and em- sawhow much time their chil- Mayafter adecade living in the forced intothis situation of media; Mr. Soufer faulted the ployers delaying the return to dren, aged 7and 10,spent out- ‘Itdawned on me this city without avehicle.She also defending the rich who want unspecified“loudest voices” the officeuntil the newyear, side,they decided to abandon found agaragethat is a10-min- to moveout of the city or state for “bullying” the campaign’s some residentshavedecided Manhattan and buy ahome in wasinsanitytokeep utewalk from her Manhattan who don’t want to be taxed former partners. to remain out of the city. nearby Westport. “I was like, paying,’ said one apartment. Therateof$350 a anymore,” Mr.Patersonsaid. NewYork City faces a$9 James Vitiello,atech entre- all right, maybe it’stime to month seemed so good that she He reiterated his position billion deficit over the next preneur,used to pay$750a give up my dream,” she said. Manhattanresident. paid forthe year in advance. that theNew York City and two years, and officials are month to park his SUVinaga- Some parking executives say Ms.Jellie used the caron statetax bases rely dispropor- preparingtolay off as many rage attached to his apartment thereare positivesigns forthe weekends to visit friends in the tionately on asmall number of as 22,000 municipal workers. building on Manhattan’sUpper industry. Jeff Eckerling,chief suburbs and drivetothe coun- topearners. “It’salso true that Gov. Andrew Cuomo’s budget East Side.“It dawned on me growth officer forSPPlus transitorataxi to her car, trytohike. She assumed she in acrisis,thereshould be officehas reduced revenue this wasinsanity to keep pay- Corp., said his company’s which she parked at West 57th would return to her officeata shared sacrifice,” he added. projections by $14.5billion as ing,” said Mr.Vitiello,who re- monthly businessisdoing bet- Street and 10th Avenue.The major bank beforeLabor Day. Mr.Paterson’sdeparture a result of the pandemic. located with his family to their terthan the parking association spot wasabout 30 blocks from But in July,when it became came afteratumultuous week Mr. Soufer hasn’t specified second home in Dutchess averageand is down about 25%. her apartment on Manhattan’s clear that the return would be for the new group, which Mr. who is funding the campaign’s County in March. Manyofthe firm’sroughly Upper West Side,but she said postponed, she gotinher car Tusk’sfirm said included rep- lobbying effort. He said Mr. Mr. Vitiello said he returns 50,000 NewYork City spaces the priceof$239 amonth was and drovetoher family’s sec- resentatives from the hospital- Tusk andWall Street execu- to the city forthe dayacouple arelocated in Manhattan’scen- worth the trek. ond home in BonitaSprings, Fla. ity, technology and construc- tives areamong the group’sfi- of times amonth, but he gave tral businessdistrict. Mr.Eck- Forawhile,during the pan- She gaveher Manhattan tion sectors. nancial backersand that the up his parking spot in July.Af- erling said parking forthose ar- demic,street parking wasso parking spacetoacolleague for AfterThe Wall Street Jour- relevant funderseventually ter enrolling his two children riving between 6a.m. and 10 easy that Ms.Richter and her free,but only until she returns. nal’sinitial report on the cam- would be listed in required in privateschools in Dutchess a.m. has rebounded to about husband, aBronx high-school “I knowI’ll be back,” she said. paign, several groups that had lobbying disclosure reports.

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HEALTH & WELLNESS PERSONAL JOURNAL.

BY CLARE ANSBERRY

rian Van Buren applied to five Alzheimer’s disease clinical trials after being AQuestfor Diversityin diagnosed with mild cog- Bnitive impairment and losing his mother and aunt to the illness. Alzheimer’sResearch He wanted to participatedespite apainful family historywith medi- calresearch: His grandfather died Black people are from syphilis afterinvolvement with the infamous Tuskegee study, more likely to develop in which African-American men Alzheimer’s than were deliberately leftuntreated. But Mr. Van Buren, 69, thinks whites, but they are it’s crucial to have more Black rep- resentation in clinical trials—espe- underrepresented in cially for Alzheimer’s disease. The condition disproportionately af- clinical trials fects African-Americans yet includes few of them in research. Mr. Van Buren has been rejected from all five trials, in part due to underlying health conditions that affect many African-Americans. Blacks are twice as likely to develop Alzheimer’s disease as whites, according to several studies. Researchers are still trying to understand why but believe it’s a mix of socioeconomic disparities, higher rates of chronic diseases such as diabetes and heart disease, Clockwise from left: Brian Van and genetics. Yet, Blacks represent Buren; his grandfather who was involved in the infamous Tuskegee study; Mr. Van Buren’s Blacksrepresent less grandmother, aunts and mother. than 5% of participants in most clinical trials for newneurologist, an African Ameri- canwho directed her mother to a newdrugsand therapies. clinical trial. In going through the trial, Ms.Latty,aNew York Univer- sity professor,says she understands whythereare few Latino less than 5% of participants in participants, manyofwhom are most clinical trials for new drugs caredfor by family memberswho and therapies, according to the areliving paycheck to paycheck and U.S. Food and Drug Administra- don’t have the resourcesshe does. tion. There’s no breakout for Alz- “The labor of getting a person,

TTY heimer’s specifically, but research- who is in a weakened condition LA ers in the field say the numbers and declining rapidly, to this facil-

ONNE are similar. ity in addition to her other ap- YV Latinos are 50% more likely to pointments in addition to working (2); develop Alzheimer’s, but are also full time in New York and living in underrepresented in clinical trials. Philadelphia, caused a lot of stress

JOURNAL As a result, those at greatest risk and anxiety,” she says. may not be well served by new Mr.Van Buren, of Charlotte, REET treatments—effectiveness may de- N.C., caredfor both his mother and ST

LL pend on factors that can be linked aunt afterthey were diagnosed

WA to race, such as socio-economic take multiple buses to get to trials. know African-Americans have a ing formarkersinthe blood that with Alzheimer’s.Heregistered

THE disparities and other health condi- In addition, some trials last for greater body-mass index. Is a rigid help identifywhether aperson is with an Alzheimer’s Association R tions, researchers in the field say. several months, which means care- BMI appropriate?” she asked, add- at higher risk, requires that 20% database to be notified of coming FO Blacks and Latinos are under- givers—often adult children or ing that many criteria can be of the participantsare either Afri- clinical trials.Heapplied to five TEL

PA represented in clinical trials in grandchildren—have to take un- eased without sacrificing science. can-American or Latino.“We will and wasrejected because of his di-

AR large part because they aren’t paid time off. The Alzheimer’s As- Minority participation targets keep the study open until we abetes,high cholesterol, sleep ap- IK

SW asked, says Stephanie Monroe, di- sociation, which is partnering with meet those numbers,” he nea and obesity.Two of the trials rector of the African American the African Methodist Episcopal says.“It’sanirreducible rejected him because he lives alone

BUREN/ Network Against Alzheimer’s. Re- Church and the National Hispanic minimum.” and doesn’t have 24/7 care. N search shows most would partici- Council on Aging to raise aware- Ramona Latty, 87,emi- He was able to participate in a VA pate if invited but many have lim- ness of clinical trials and their im- grated from the Dominican genetic study, as was his daughter,

BRIAN ited access to doctors, who portance, has an online trial match Republic,lived in the to see if they carry a gene that routinely refer individuals to clini- service to help connect individuals Bronx and raised her fam- puts them at higher risk. His cal trials. with Alzheimer’s disease to re- ily while working in afac- mother, Billie, was part of that

JOURNAL; “You can’t throw a sign on a search studies. tory,abeauty parlor and study, too, before she died. bus and expect people to call,” “Weare at acritical crossroad,” the mailroom of an insur- Billie never spoke about her REET

ST says Ms. Monroe, whose network says QuitaHighsmith, chief diver- ancecompany. Four years own father’s involvement in the LL is partnering with researchers to sity officer of biotechnologycom- ago, aftershe hallucinated Tuskegee study. Mr. Van Buren WA expand community outreach and panyGenentech. “Wedon’t want about people in her apart- learned about it from his aunt. “I THE recruit more minorities to partici- communities leftbehind,” she says. ment, her daughter, was surprised and then I was very R

FO pate in the trials and staff them. To make participation easier, Yvonne,brought her to a angry,” he says. “To this day, there

TEL “People want to know, ‘If I go to a especially for overwhelmed care- Yvonne Latty with her mother, Ramona, who neurologist. Thedoctor is distrust among the African- PA research site, is there going to be givers, Genentech, which has two was diagnosed with Alzheimer’s disease. said her mother had Fron- American community of the medi- AR

IK anyone there who looks like me?’ Phase III studies involving Alzhei- talLobe Dementia, aseri- cal community in general. A lot SW

: For Latinos, the question is, ‘Does mer’s medication, arranged to pick ous form of dementia that stems from Tuskegee.” anyone speak my language?’” says participants up at their door and should be built into trials at the affectsjudgment. When Yvonne Still, he says, African-Americans LEFT

P Ms. Monroe. take them to the clinical trial site. outset, says John Dwyer, president asked questions,she says he sug- and other minorities need to be in- TO Cost can be a barrier, says Carl The company also formed an ex- of Global Alzheimer’s Platform gested she Google foranswers and cluded in clinical trials so that OM

FR Hill, vice president of scientific en- ternal steering committee to ex- Foundation, a nonprofit that works gaveher ahotline number. “It was treatment works for them as well. gagement at the Alzheimer’s Asso- amine inclusion and exclusion cri- with more than 80 clinical trial alife-altering diagnosis and he gave “Something happened in our his- WISE ciation. Many people rely on public teria for biases, such as requiring sites across North America. me afew URLs,” she says. tory and we need to move on from OCK

CL transportation and may have to a certain body-mass index. “We One coming trial, which is look- Instead, Ms.Latty looked fora that,” he says.

Kevin Williams mountain bikes liams, started training to ride the typically been slipping out in the near his home. He logs a trail Colorado Trail, a485-mile path from eveningsmidweek to atrail network ride on Strava, right. DenvertoDurango, much of which close to my house.” sitsabove10,000 feet. Mr.Williams has been working “By summer,trails were getting remotely from home,his days often 20.Hewould normally see other rid- morecrowded forcycling and hiking starting at 6a.m. “I getalittle stir ersonthe trails and would use them and camping,” he says.“Bikepacking crazy,” he says.“Evening rides have to push his pace. He nowhad to find wasaway forustobikeand camp been agood way to unwind and pro- motivation from Strava,anapp that and getfurther away cess the day.” uses GPS to track performanceand from people.” On weekends,he shows howyour times stack up with Bikepacking is atype of uses his road biketo other cyclists. biketouring that com- exploregravelroads. “When you’relimited to only bines mountain biking He aims for10to12 roads and trails out the front door, with backpacking.Cy- hoursofsaddle time youfind yourself competing with clistsride self-sup- aweek. your neighbors,” he says.Mr. Wil- ported, filling bagson Largewildfires liams owns ahandful of KOMs,or their bikewith food, that brokeout across King of the Mountain titles,inhis clothes and camping western Colorado in area. In Strava-speak,that means equipment. July and August have he’sposted the toptime on aseg- Mr.Williams had to affected the air qual- ment of aride. adjust his training to ity.Asaresult, he WHAT’SYOUR WORKOUT? |JEN MURPHY He’snever ridden in person with focus on enduranceand says,he’sriding 20% his neighbor,Campbell Levy,but the efficiencyversus speed. to 30% slowerand two have become virtual competi- Thecouple departed on doing shorter rides. He GotCreativetoKeep tors.“Thefirst time Imet him, he July 31, averaging 30 to waswearing his Leadville 100 belt 70 miles aday over 10 The Diet (2) His DistanceonHis Bike buckle,” Mr.Williams says,referring days.“We sawtwo to three people a Go-toweeknight dish: Homemade to the award given to those who day,” he says. barbecue pizza.

JOURNAL completethe grueling 100-mile, Trail fuel: “When you’rebiking up ack in March, Kevin Williams due to both the virus and recent high-altitude mountain-bikeracein The Workout to 12 hoursaday and carrying your REET

ST wastraining fortwo 100-mile wildfires. Leadville,Colo.“He has aswagger Mr.Williams rides five to six days a ownfood, youneed lightweight, cal-

BLL about him. We followeach other on week and has adjusted when, where mountain bikeraces that he When the governor issued stay- orie-dense nutrition,” he says.Trail WA knewcould getcanceled due to the at-home orders in lateMarch, Mr. Strava.Ifhelogsafaster climb,I’m and howherides fairly dramatically butter, amix of nut butterand trail

THE coronavirus pandemic.The 30-year- Williams committedtoonly riding going out the next daytobeat him.” in response to the coronavirus.“I mix,comes in squeezable pouches R

FO old Small BusinessAdministration straight from his door.Often this in- Mr.Williams says he gotfaster on have shiftedmyride locations and that deliver nearly 800 calories. lender lives in Evergreen, Colo., and volves riding on less-trafficked dirt the bikeduring early quarantine schedule to makesureIentirely SEN logging miles used to be as simple roads around his neighborhood, and months,but when his raceswere avoid or limit my contact with oth- Essential Gear SMUS as hopping in his cartoaccesstrail even trails he finds lessappealing. canceled in May, he needed anew ers,” he says.  SantaCruzStigmataRival Build RA

IN networks.Overthe past five months, Mr.Williams wasregistered in goal. “It’salways nicetohavesome- “I have found it isn’t an option to cyclocrossbike: $3,600

AM he’shad to getcreative with his the open prodivision of both races thing to work toward,” he says.In ride my mountain bikeonthe week-  PivotMach 4SLPro XO1Build

BENJ workoutstostayflexible and safe and washoping to placeinthe top lateMay,heand his wife, Erika Wil- ends due to trail congestion, so I’ve mountain bike: $7,000. P2JW245000-0-A01200-1------NS

A12 | Tuesday, September 1, 2020 NY THE WALL STREET JOURNAL. ARTS IN REVIEW

the set feel morelikeaproper al- and has had along solo career, bum than it would otherwise. imbues “TeenageDream” with ex- In notes he prepared forthe al- trapoignancy, itslament forlost bum, Mr.Willner describes his youth hitting harder when deliv- youthful interest in early T. Rex—the ered by aformer pop star nowin British band wasformed in 1967 by his 60s.And Kesha opens the al- Bolan, who died in acar accident in bum with aspirited rendition of 1977atage 29—but stops short of “Children of the Revolution” that calling himself an obsessivefan. He combines the youthful trash-cul- says that in assembling this record tureattitude that defined her and researching Bolan’soeuvre, he early music with her later work’s wasmost impressed by the T. Rex spirit of empowerment. frontman as acomposer and wanted to highlight that side of him. On the album we getlush arrangements with strings, horns and woodwinds, and impressionistic texturesare generally favoredoverthe chunky guitar riffs and danceable rhythms that defined the originals. Leaning intoBolan as acomposer is away of sidestepping his lyrics, which sound great coming out of his mouth but seem very dated when voiced by anyone else.Bolan’s wordscombined sci-fiand fantasy mysticism, completewith tales of wizards and magic,with the searing The album ‘Angelheaded Hipster: “awopbopaloobop” sound-first en- The Songs of Marc Bolan and T. ergy of early rock ’n’ roll. In the U.S. Rex,’ above; Marc Bolan, left afew of his biggest hits, most notably “Bang aGong (Get It On)” from 1971’s“Electric Warrior,” gotradio It wouldn’t be atributealbum airplay, but he wasmoreofacult without afew weak tracks,and figure.InEngland, he wasamassive “Angelheaded Hipster” has its star. share. Some bands playittoo Given the inherent difficulty of straight—U2’stakeon“Banga translating Bolan’soddball songs, a Gong,” featuring EltonJohn on pi- surprising number on this set work ano,isinert, while Joan Jett offers beautifully.Nick Cave,without his ajust-OK “Jeepster” in which the darkly powerful band the Bad hardswing of the original is Seeds,offersatouching reading of missed. And sometimes the artist “Cosmic Dancer,” Bolan’smedita- just doesn’t bring enough personal- MUSIC REVIEW |MARK RICHARDSON tion on birth, death and the power ity to the table—see Sean Lennon of music to givemeaning to what and Charlotte Kemp Muhl on happens in between. Lucinda Wil- “Mambo Sun,” and garage rocker liams,whose ownwork is gritty King Khan on his perfunctorybar- HomagetoanOddball and blues-inflected, applies her dis- band take of “I Love to Boogie.” tinct phrasing to “Life’saGas,” and Still, whatever else youmight say the chamber-orchestrabacking about “Angelheaded Hipster,” it’s lends agorgeous dreaminess. De- not acash-in—too manyofthe art- Producer Hal Willner’s final project is a tribute to rocker Marc Bolan vendraBanhart descends from the istsare tooweirdortoo obscure acid-fried folk of Bolan’searliest and, as great as he was, there’s roducer Hal Willner essen- Monk,and songsfromDisney films. headed Hipster: TheSongsofMarc days,and he singsthe lesser- nothing about the current moment tially invented the tribute “I lovetoapproach subjectsthat I Bolan and T. Rex” (BMG), outFriday. known “Scenescof” from inside a that makes MarcBolan or T. Rex album in 1981 with the re- don’t knowanything about,” he Though the compilation wasnot his swirling cloud of reverb.And indie particularly relevant. Mr.Willner’s lease of “Amarcord Nino told RayPadgettinone of his last idea—the label approached him to rock singer-songwriter Father John curatorial hand defines the record, Rota,” which found an ar- interviews,for the book “I’m Your produceitonceitwas already in Misty makes “Main Man” sound which allows forittoserveasafine S P likeone of his owncompositions, epitaph. He wasasuperb listener rayofartiststackling work Fan: TheSongsofLeonardCohen.” motion—it bearshis signature. A by composer Nino Rota(best “It’sagreat way to learn about it, large cast of singersfromacrossthe transforming the catchy trifle into who approached music as afan, and FIELD known forscoring “Amarcord” and and then your audienceisgoing to rock and pop spectrum, quiteafew something profound. herewehaveone last opportunity ANNY

“The Godfather”). In the decades to learn with you.” of whom arelesser-known, offer Elsewhere, songsare elevated to hear it the way he did. /D

follow, Mr.Willner became the ac- Mr.Willner died of complications versions of MarcBolan’ssongs because of our awarenessoftheir ERS AV

knowledged master of the form, from Covid-19 in April at age64, so alongside studio bands that feature interpreters’ lives and careers. Mr. Richardson is the Journal’s ST overseeing setsthat saluted the he didn’t gettosee the release of manyofthe same musicians from MarcAlmond, the British singer rock and pop music critic. Follow ORIA

music of Kurt Weill and Thelonious his final project, the 26-song “Angel- one track to the next, which makes who fronted the group SoftCell him on Twitter @MarkRichardson. GL

CULTURAL COMMENTARY ‘Les Demoiselles d’Avignon’ (1907) thought that its combination of in- by Pablo Picasso, on view at the your-face confrontation and radi- Museum of Modern Art cal disruption would have been GETTING something to avoid. Yet I found it oddly consoling. “Relax,” the TO SEE ART safety considerations mandate that painting seemed to be saying. museums now admit just 25% of “We’ve been here before.” their normal visitor numbers, so As I was riding the escalator up AGAIN, IN on Saturday there were only some to the fifth floor soon after arriv- carefully laid out lines of people ing at MoMA that afternoon, the THE FLESH waiting to get their tickets, and man ahead of me said to his com- visitors who had them heading panion, “I’ve never seen it so into the galleries. Similarly at empty.” There’s the rub. Today’s BY ERIC GIBSON MoMA, its cavernous spaces, until art museum is predicated on a recently teeming with life, saw steady influx of large numbers of he line at the 81st Street en- only dribs and drabs of people. people and the income they pro- Ttrance to the Metropolitan Just as head-snapping: none of vide. In its 2019 fiscal year, the Museum of Art had snaked the usual pervasive selfie-taking. Met had over seven million visi- about a third of the way along the Instead, in both places people tors. Before the pandemic MoMA, façade—100 feet or so—by the were either ambling through the which reopened last October after time I joined it at 9:40 a.m. on galleries and glancing around, as an expansion and renovation, had Saturday. It was the museum’s though curious to see what was been expecting about three million much-heralded reopening day after what after so long, or standing in 2020. Take the visitors away closing in March because of the still and scrutinizing something. and you get a situation like the coronavirus. By the time the doors Everybody, in other words, was one a few weeks ago, when within opened 20 minutes later, it had there to look. days of each other three of the reached the southern corner and The closest thing to a crowd biggest museums in the country— hairpinned back up Fifth Avenue, was in the Met’s Lehman Wing, in the Met, the Museum of Fine Arts, extending almost to the steps lead- the display of Rembrandts and Boston, and the Philadelphia Mu- ing to the main entrance, and the other Dutch Golden Age canvases seum of Art—all announced staff line there. of various friends—where they Night” (1889) by Vincent van that had been relocated from the reductions of up to 23%. The sight recalled the heyday of were and how they were faring. Gogh, always the most popular, or European Paintings galleries. With So yes, having the museums blockbuster exhibitions, but this Still, the mood was buoyant. At something else? What about the those closed for renovation, I sus- back is something to shout about. assemblage was different; it fea- one point one of the three ex- atmospherics? And since it’s often pect the draw was that it was the But with their foot traffic forcibly tured mandatory temperature claimed, “I’ve been counting down overlooked that artworks, like cer- only way to get an Old Master fix. reduced by around 75%, all dining checks and six-foot spacing. Inside the days!” Hard to imagine she tain animals, change “color” de- Otherwise, no single section or ob- and most retail facilities shut- there would be more social dis- was the only person in line to have pending on the situation around ject in either museum got more at- tered, and other sourcesof

tancing, one-way traffic flow and a done so. them, I was curious to see whether tention than any other. earned income unavailable,it’s NY mask requirement. I’d come to look at the lookers, the current fraught zeitgeist would For me, one work spoke to the not as if the clock has been magi-

The vibe was different, too. both at the Met and MoMA, which affect the way the two museums’ moment. At MoMA, despite being cally turned back to lifebefore /MOMA,

Back then, as with the Museum of had reopened on Thursday. (Most collections came across. Would in- over 100 years old, Pablo Picasso’s lockdown. NY

Modern Art’s mammoth Picasso other New York museums will in dividual works register as they “Les Demoiselles d’Avignon” Which is why, for all the plea- ARS,

retrospective in 1980, you’d over- subsequent weeks.) How would the had previously? (1907), his painting of five nudes sure of the reopenings, at the end O/ hear snippets of excited chatter public react to seeing art for the Once inside the museums, the staring down the viewer, looked of the day one is left with a single SS PICA

about what lay in store. On Satur- first time in nearly six months? immediate impression was of a fresher than I’ve ever seen it. With sobering and inescapable fact: This O day, instead, the three 20-some- Toward what would they gravi- stunning emptiness. Normally, the its fragmented forms and nonillu- new model is unsustainable. BL PA

things directly ahead of me were tate—old favorites such as the Met’s Great Hall resembles the sionistic space it famously helped OF conducting a kind of pandemic roll Met’s Impressionist and Egyptian concourse of Grand Central Termi- launch modern art. In our current Mr. Gibson is the Journal’s Arts in E TAT

call, comparing notes on the status galleries and MoMA’s “The Starry nal at rush hour. But health and unsettled climate, you’d have Review editor. ES P2JW245000-0-A01300-1------XA

THE WALL STREET JOURNAL. Tuesday, September 1, 2020 | A13 ARTS IN REVIEW

BY BARRY MAZOR Clark on the latter’s2001 hit “No Fear”—and they coveredsome Lo- or nearly six months now, rettaLynn together to boot. rootsmusic makers—like Over the months of keeping the most everyone else—have Opryrolling this way,actssuch as been sidelined from their VinceGill and Reba McEntirehave Fusual working routines by been able to perform together with the pandemic.Performersin socially distanced backup bands on country, blues,Americana, folk and the big home stage. Thereare cer- bluegrassshareall of the challenges tainly feweractsper week getting musical artistsfacein2020—ven- ontothe Oprythis way,and the ues unavailable and facing closure, missing fan response is as noticeable recordsset forrelease without as in today’sno-crowd sports, but touring to promotethem, liveli- each week’sguestsget moretime hoods seriously diminished. But, in and intimatesurroundingsthan the addition, their typically close rela- norm—some compensation. Liveand tionships and interplaywith audi- archived Grand Ole Opry episodes, ences areseriously hampered by returned to television this year via 2020’slogistical realities. the new, streaming “Circle” network, Themost viable solution has areavailable. proved to be part innovation, part By now, even videostreams from throwback—liveorpre-recorded homes have gotten moresophisti- streaming video shows,usually em- cated. TwoNashville artistswho anating from the performers’ marrytraditional country, edgyturns homes,that, early on, resembled aside from it, and dollops of comedy 1930s radio broadcastsorprimitive have ongoing shows—Ketch Secor,of early ’50s variety TV.Guitar-picking the Old Crow Medicine Show, and singer-songwritersare not neces- THE STAYING INSIDE GUIDE BR549 co-founder Chuck Mead, who sarily adept at setting up cameras, wasthe musical director of the lighting and microphones.And Broadway hit “Million Dollar Quar- showproducersreported receiving CountrySongs: Sung, tet.” TheOld Crow series,“Hartland unusable videos with images shak- Hootenanny,” featuresfrantic coming from the performers’ foot edy sketches and, lessfrantically, stomping,amateur backlighting such top-shelf musical guestsas that produced unintended angel ha- Strummed, Streaming Molly Tuttle,Billy Stringsand Doug los,and performances with terrified Kershaw. singersfrozenand tongue-tied on Mr.Mead’sshow, “Lil’ SOBJambo- camera. ree,” featureshis three-pieceGrassy Theformat has gotten notably Roots music’s virtual offerings range from recorded concerts at the Knoll Boys Bandplaying traditional stronger,both technically and in barroom countryand rockabilly from performancecomfort, sinceMarch. Grand Ole Opry to hootenannies hosted at home “the little shack out back,” acon- Forthe younger-generation audi- verted garage,with musical guests enceattuned to playlistsofindivid- joining in, properly distanced, from ual tunes by varied artistsand short out in the driveway.With Carlene YouTube videos,streaming vaude- Carter,they offered perfect harmony, ville with anumber or two by each despitethe slight physical separation, performer is an easy extension—and on an electrified version of “Foggy full-set performances areregular Mountain Top,” firstintroduced by streaming attractions now, too. her ancestors, TheCarter Family. With their space- and cost-circum- Streams of moretraditional fare scribed production values,streams arenow available online as well. The from homes favordistinctive, pace- Little VillageFoundation and the Ar- conscious performersable to bring hoolie Foundation—the nonprofit off- musical surprises to the proceed- shoot of the historically important ings—historic vaudevillians’ talents. Arhoolie record label, focusing on Thegiftedquartet Our NativeDaugh- deep,regional rootsmusic—have a ters appeared on aspring rootsmu- websitefor regular “Working from sic video series,“Shut In &Sing,” Home” concertsbylesser-known folk and their vocaland instrumental artistsasbeautifully varied as CJ strengths were well-displayed. It was Chenier (zydeco), Veretski Pass the most performance-practiced of (klezmer), and La Familia Longoria the four,though, Rhiannon Giddens, (conjunto). who made the showbusiness-savvy And Nashville’sStation Inn, long moveofbreaking from the appropri- acherished home base forblue- ately serious tone of most of the Old Crow Medicine Show, top; Vince Gill and Reba McEntire performing at the Grand Ole Opry, above; Rhiannon grassmusic in particular,now of- group’ssongs, which reflect the trials Giddens, Leyla McCalla, Allison Russell and Amythyst Kiah of Our Native Daughters, below fers “Station Inn TV,” by subscrip- of African-American women across tion, with full shows featuring such YS WA

history. She amused with ajaunty, bluegrassbands as Special Consen- LK “myman thinks” version of country sus,TownMountain and JoeMull- FO honkytonker Junior Brown’scomical ins,and compatible traditionalist ode to adangerous ex,“My Wife actssuch as Western singersThe ONIAN Thinks You’reDead.” Farmer &Adele and bluegrassand SMITHS

Thevenerable Grand Ole Opry, blues band TheHowlin’ Brothers. Y;

which has always been vaudeville- Inevitably,artistsare rediscover- OPR based, is staging weekly,multiartist ing the heightened demand fornew, OLE

broadcasts, without liveaudiences unheardmaterialthat road-prac- ND

on hand—or the stagehands,broad- ticed vaudeville actsencountered RA

cast staff and back-up musicians when they firstappeared on net- O/G

dashing acrossthe stage, even as work television. So manyofthe ar- HOLL acts perform, as they have since chived video performances,paid or

1925.Inplaceofthat “good-natured free,are takendownafter only brief CHRIS riot,” as that style has been de- runs,soaudiences will return for W; scribed, the Opryhas featuredrela- the next, fresh stream. Sooner or SHO tively subdued trios of artists, most later,the Covid crisis will fade,but oftenplaying in quiet, song-trading, thereare multiplying reasons to be- “guitar pull” style,guestsand in- lievethe evolving video-streaming MEDICINE OW

ducted cast membersincluded. This format will be genrefriendly for CR has led to such touching moments some time to come. OLD

as current countrystarAshley P: McBrydedueting with her previous- Mr. Mazor reviews country and TO OM

generation countryheroine Terri roots music for the Journal. FR

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NewYork City 78 70 sh 78 73 t Dublin 64 55 sh 69 58 r Warsaw6154r 64 51 t s PONG ECOLEFRED Oklahoma City 87 70 t8770sh Edinburgh 64 54 c6356r Zurich 65 50 t6746t Solvethis puzzle online and discussitatWSJ.com/Puzzles. TUDE SANDSADDS P2JW245000-0-A01400-1------XA

A14 | Tuesday, September 1, 2020 THE WALL STREET JOURNAL. SPORTS

JASONGAY No Rafa, No Roger, No Problem

The U.S. Open is the biggestevent in tennis sincethe pandemic began—and the vibe without fans will be noticeably changed

TheU.S.Open is un- derway in NewYork Novak Djokovic City,and it’sgoing to celebrates after look weird. Correction: winning the Western Thetennis should re- & Southern Open. main world-class—the field includes all-timerslikeSerena Williams and Novak Djokovic,as well as up-and-comerslikeSofia Kenin and Stefanos Tsitsipas—but the Open’susual, rowdyvibe will be muted, owing to the fact that there’sstill, youknow, apandemic, and fans aren’t allowedonthe grounds of the Billie Jean King Na- tional Tennis Center in Queens. Which is abig deal. With due respect to the players,it’sthe crowd that makes the Open the Open. The concrete BJKNTC is,atits best, a thorough metaphor forits host town: alittle mobbed, sweaty,tipsy, sunburned, and raucous.While the Open thrives during the day, it really rocketstolifewhen night falls—you haven’t fully experienced GES it until you’vetrudged off the IMA grounds aftermidnight, click-clack- GETTY ing with the crowd acrossthat wood-slattedbridgetothe train, al-

ready exhausted forwork in afew OCKMAN/ hours, but thrilled to have stayed ST up late. TTHEW

That is the U.S. Open: What they MA come for, what they want, to paraphrase arevived, 39-year-old getafull go-ahead until mid-June, tournament to lose.Djokovic,a PlayersAssociation, acollection of Southern Open in solidarity with JimmyConnorsduring his magical and even afterthat, therewerecon- heavy favoriteinhis Mondayeve- men’splayers seeking to challenge the NBAprotest—a choicethat pro- Open runin1991. Wasn’t it only cerns about who would showup. ning opener against Damir the incumbent Association of Ten- vokedthe entiretournament to last year that the young Russian But afteratuneup tournament on Dzumhur,would have been the pick nis Professionals,orATP. shut down forthe day. Osaka, the star,Daniil Medvedev,harnessed all the grounds—the Western &South- even with with Roger and Rafa Oh right: Djokovic is also unde- fourth seed, opened Mondayeve- that crowd passion, firstasvillain- ern Open, relocated this year from here. The33-year-old Serbian has feated in 2020—a perfect 23-0,af- ning versus Misaki Doi, hoursafter ous heel,and then, by the tourna- Cincinnati—there’saconfidenceit had himself some kind of year: ati- terathree set triumph over Milos the U.S. phenom CocoGauff fell in ment’sfinal,became an honorary canbepulled off.Thereare adjust- tle in January at the Australian Raonic in the Western &Southern three setstoAnastasija Sevastova. NewYorker? ments: all but two of the courtswill men’sfinal on Saturday. It will be an odd two weeks: a TheOpen’snoisy intensity is exclusively rely on HawkeyeLive “It’sstrangetosee empty different kind of Open, in adiffer- point of pride.“Thewordthat al- technologytomakelines calls,all It will be an odd two stands,” Djokovic said later.“The ent kind of NewYork,but also a wayscomes to my mind is energy,” the ball kids will be old enough to circumstances areveryunusual. But hopeful signal forarecovering city the U.S. Tennis Association CEO, vote,and the talent will have to weeks: a different kind we have to accept that, we have to flattened by the virus in March. Michael Dowse,told me,acknowl- fetchtheir owntowels between of Open, in a different deal with it and trytoembraceit.” Thewhole surreal extravaganzawill edging what everyorganizer of ev- points. Theplayers areisolated at On the women’sside,it’sanother be televised acrossESPN,with eryevent has had to acknowledge nearby hotels and privateresi- kind of New Yo rk. opportunity forSerena Williams to some tweaks owing to the circum- in 2020,that this version of the dences,and testing is frequent, and win her 24th major afterapro- stances (get ready forvideo player Thing They’rePutting On won’t be though therewas aCovid-19 posi- longed residencyat23, which in- boxes, alathe video fans at NBA likeany version prior. tiveannounced on Sunday—the cluded the birth of her daughter games). Dowse,the USTA boss, told Playersare making agoofit, but USTA declined to name the player, Open (his 17th major tournament Olympia. (“I’vebeen definitely me that tennis,asport with natural they knowthe atmospherewill be but both the AP and L’Equipe re- championship overall), then an- proudly stuck here, party of one,” social distance, has undergone a odd and off-kilter.“Obviously,it’s ported it wasFrance’sBenoit other win in Dubai, then the shut- Williams said the other day.)The boomlet on the recreational side, much betterwith the fans here,” Paire—the proceedingscarryon. down, then his chaotic exhibition woman who defeated Williams in likegolf,and he’seager to see if it Kim Clijsters, the three-time On the men’sside,with Rafa Na- tournament in Serbia and Croatia last year’s final, Canada’sBianca manifestsintoeyeballs. women’ssingles champion, un-re- dal and Roger Federer absent—the in June which wound up with sev- Andreescu, isn’t here,but the field “Wesay we don’t have fans in- tired oncemore, said in her intro- former is staying in Europe to pre- eral players testing positivefor includes 2018 champion Naomi side,but thereare going to be mil- ductorynewsconference. parefor the French Open; the latter Covid-19,including himself.Now Osaka, who made waveslast week lions of people watching around the Of course,it’safeat that this is is still rehabbing from knee sur- Djokovic’sakey player in the move with her decision to step away from world,” he said. “People have been happening at all. TheOpen didn’t gery—it’sconsidered Djokovic’s to establish the Professional Tennis her semifinal at the Western & starved fortennis.”

Fernando Tatis Jr., left, of the San Diego Padres celebrates a home run John Thompson, with teammate Jurickson Profar. Ex-Georgetown ThePadres’ ascension felt likea long time coming.They have sat near or at the topoffarm-system Coach, Dies listsfor years, emerging as the dar- lingsamong scoutsand othersin BY LAINE HIGGINS the industrywho closely follow prospects. Thequestion was JOHN THOMPSON, who built whether all of that young talent Georgetown men’sbasketball intoa would ever amount to anything at powerhouse in the 1980s and be- the major-league level or allow came the firstBlack coach to win a them to competewith the mighty national championship in the sport, LosAngeles Dodgers, their division died on Monday. He was78. No im- rivals. mediatecause of death wasgiven. Thefirst month of the season With his trademark whitetowel has provided an answer. Fernando draped over his shoulder on game Tatís Jr., the Padres’ 21-year-old day, Thompson led Georgetown to a shortstop, has established himself heady decade of success that in- not just as aburgeoning superstar, cluded the 1984 NCAA champion- but as someone capable of estab- ship,three Final Four appearances lishing himself as the faceofthe in four yearsand seven Big East entiresport. He went intoMonday Conferencetitles.Thompson fin- leading the NL in home runs,runs ished his coaching career with are- scored, RBIs and totalbases,togo cord of 596-239. along with a.315 batting average “John Thompson Jr.altered the and 1.052 OPS that have made him historyofcollegebasketball an MVP favorite. ThePadres stole through both his on-court success him from the ChicagoWhiteSox in and his passionateadvocacyfor 2016 forpitcher James Shields,who equality forall coaches and stu- put up a5.31ERA in 77 games and dent-athletes,” said National Asso- is nowout of baseball. ciation of Basketball Coaches exec- The Padres Go All-In on Playoff Run But unlikeother teams that have utivedirector Craig Robinson. undergone wholesale rebuilds,the Thompson remade Georgetown, Padres haven’t waited around for onceapredominantly whitepro- BY JARED DIAMOND likeBlack Fridayatthe local Target, fornearly two weeks.(Chris An- prospectstograduatetoSan Diego. gram, acting as an advocatefor barging through the front door and tonetti, Cleveland’spresident of Preller has ferociously pursued ma- Black players and an example for ONE DAYAFTER the SanDiegoPa- buying whatever he could find on baseball operations,said Monday jor-league talent throughout his Black coaches.His legacyisbuilt on dres hobbled to the finish line of the shelves. that the decision to trade Clevinger tenure, even if it meantdipping into the players he developed and advo- their ninth consecutivelosing sea- Preller completed six deals in had nothing to do with the inci- the farm system or paying enor- catedfor throughout his 27 seasons son last September,Ron Fowler laid about 48 hours, capped off with a dent.) mous sums of money.Nobody in the with the Hoyas. It began with Patrick out the stakes forthe organization’s blockbuster Monday: ThePadres With Clevinger’s stock low—and Padres’ everyday lineup,and only Ewing,who appeared in three NCAA

futureinthe plainest possible sent six players to the Cleveland In- his salaryset to rise in arbitration one member of their starting rota- championship games during his four S

terms.Ifthe team didn’t competein dians in exchangefor MikeClev- this winter—the Padres pounced. By tion—right-hander Dinelson yearsatGeorgetown and later PRES 2020,the Padres’ executivechair- inger,adding alegitimateace that time,they had already brought Lamet—was originally draftedor starred forthe NewYork Knicks be- man said, “heads will roll, begin- pitcher to aroster that suddenly in apotential closer (Trevor Rosen- signed by SanDiego. fore taking on Thompson’sold role TED OCIA

ning with mine.” sees itself as aserious World Series thal), aslugging firstbaseman Meanwhile,the Padres have been in 2017. Following Ewing,therewas SS

It set an expectation that seemed contender.Clevinger,29, owns a (Mitch Moreland) and two new surprisingly aggressiveinfree AlonzoMourning,Dikembe Mu- /A aspirational at best. But as this bi- 2.97 ERAsince2017, second-best catchers(Austin Nola and Jason agency, outbidding big-market com- tombo and Allen Iverson. MILLS zarre, pandemic-shortened cam- among all American League starts Castro). Word of Preller’s last deal petitorslikethe Dodgersand New

paign racestothe home stretch, with at least 75 outingsoverthat to pick up reliever Taylor Williams York Yankees fortop players. DOUG Fowler’s challengenolonger sounds span. He won’t reach free agency from the Seattle Marinerstrickled They committed$144million S;

so crazy.The Padres entered Mon- until after2022. out at around 4:30 p.m. ET,ahalf- over eight yearstofirst baseman PRES

daywith the third-best record in It took an only-in-2020 situation hour afterthe trade deadline had Eric Hosmer before2018 and then UMA

the National League,putting them forCleveland to consider moving passed. topped that the next winter by /Z

comfortably in position to return to him at all. Clevinger brokehealth All told, the Padres had wel- awarding thirdbaseman Manny /TNS the playoffs forthe firsttime since protocols earlier this month by go- comed in 10 newplayers and parted Machado a10-year,$300 million

2006. ing out afteragame with ateam- with 16 othersbyMondayevening, contract. Clevinger representsthe ALFRED C.

And if the past few days serveas mateand then lying about his awhirlwind of activity that sent a finishing touch. K. anyindication, they want much whereabouts. His transgression in- clear messagetothe rest of the “It’sthe most exciting team in : morethan that. A.J. Preller,the Pa- furiated the rest of the clubhouse, baseball world: ThePadres,one of baseball by far,” Clevinger said. “It’s LEFT OM

dres’ freewheeling general manager, prompting the Indians to banish six current franchises without a definitely the placetoberight FR treated the annual trade deadline him to the minor-league complex championship,havefinally arrived. now.” John Thompson died at the age of 78. P2JW245000-0-A01500-1------XA

THE WALL STREET JOURNAL. Tuesday, September 1, 2020 | A15 OPINION Is Biden the New Humphrey? BOOKSHELF | By James Grant

When Donald focus groups.Itisthe only tan apartment, the entire na- issues that troubled his fellow Tradition,Ye s, Trump de- thing right now that is stick- tion can see Democratic offi- citizens most.” clared himself ing.” cials egging on protesters or In apiecefor the Atlantic “the president And so, after not mention- demonizing and undermining headlined “This Is HowBiden of lawand or- ing the issue at his convention police. Loses,” George Packer sums And Markets Too der,” compari- two weeks ago, Mr.Biden has This refusal of Democratic up the dilemma forthis year’s MAIN sons immedi- offered abelated it’s-all- politicians (including district nominee: “Kenosha has placed STREET ately rantoTrump’sfault denunciation. attorneys) to hold lawbreak- Democrats in a trap. They’ve Commerce and Manners Richard Nixon Given the media’s naked ani- ersaccountable is what’sre- embraced the protestsand the By William and 1968. mosity forthe president, it ally hurting Mr. Biden’s case. causes that drive them.” in Edmund Burke’s Political Economy McGurn Nixon toohad maywell pick up the Biden Within the Democratic Party, In aspeech Mondaymeant By Gregory M. Collins campaigned message. Thequestion is even themost tepid criticism to pull Mr.Biden out of this on law and order, against the whether Americans watching soon becomes an abject apol- trap, he asked: “Does anyone (Cambridge, 564 pages, $49.99) backdrop of urbanriotsfol- the mayhem will buy it. ogy. Last Thursday, Sen. Chris believe there will be less vio- lowing Martin Luther King Theproblem forMr. Biden MurphyofConnecticut lenceinAmericaifDonald rudence was the watchword of Edmund Burke, the Jr.’s assassination and antiwar isn’t so much the riotersthem- tweeted that “looting and Trump is re-elected?” But the P great 18th-century Irish statesman, except where his protesterswho clashed with selves.Those looting shops counter is this: If yourun a own money was concerned. The West’s founding Chicagopoliceright outside alongChicago’sMagnificent shop in Minneapolis, do you conservative lived his financial life on the edge of disaster. the Democratic convention. Mile,shooting people in Port- A garrulous Democrat believeMr. Biden will protect It was a mercy for him that members of Parliament were So the Nixon analogyis land,Ore., or setting cars on you when you need it? legally spared the rigors of debtors’ prison. apt. But it is incompletewith- fire in Kenosha aren’t Biden struggles to respond True, there are differences Money in the abstract was rather where Burke shone, out itscomplement: JoeBiden voters.The likelihood is they’re to urban violence. Is between 1968 and now. Then, especially in the pages of his immortal “Reflections on the as Hubert Humphrey. not voters at all, regarding Nixon wasthe challenger,so Revolution in France,” published in 1790, a year after the Like Mr. Biden, Humphrey America’spolitical system as this 2020—or 1968? he was free to criticize with- fall of the Bastille. wasagarrulous establishment rotten to the core. out having to do anything.He It cost money to turn anation upside down,and the liberal and vicepresident who But it’simpossible to miss had the further advantage of sans culottes could scrape up only so much by melting had spent decades in the Sen- the congruencebetween the property damage is bad”— having George Wallaceto down church bells and expropriating noble estates. ate. Each man wasnominated rioters’ imageofAmerica— only to delete the tweet after make him look like the more Anticipating modern central-banking practices, the new by adivided Democratic Party. systemically racist, economi- less than an hour because of reasonable alternative. French republic turned to the printing press. Its scrip, the Both were dogged by the en- cally unequal, sustained by left-wing blowback accusing President Trump,bycon- infamous assignat, couldn’t hold a candle to the good-as- thusiasm for their more pro- policebrutality—and today’s himofdrawing “anequiva- trast, is theincumbent. He gold British pound, as Burke gressiverunners-up,Sens.Eu- Democratic Party orthodoxy. lencybetween property crime has drawnabright redline by proceeded to demonstrate. gene McCarthyand Bernie Consider this Bernie Sanders and murder,” as he put it. promising to restore law and Liberty was the touch- Sanders. And these divisions tweet from May31, after In 1968 Humphrey’s loyal order.Ifhecan’t, he risks em- stone of English monetary made it difficult foreither demonstrations following support forPresident Lyndon boldening those committing arrangements, Burke’s presidential nominee to sound thedeath of George Floyd B. Johnson’sVietnam policy theviolenceand looking as argument ran. “Cash,” as as tough as his GOP rival. turned to looting and arson: alienated the party’s antiwar weak and fecklessasthe Dem- gold wasknown, wasthe In September 1968,the “The looting of Americahas wing,while organized labor, ocratic mayors and governors one and only legal tender. NewYork Times reported a been going on forover40 arguably his strongest constit- he rightly criticizes. Of course, bank notes were Harris survey confirming that years—and the culpritsare uency, wasrepelled by the Mr. Biden’s challenge is to handier than ingots, but lawand order was“one of the the ultra-rich.” lawlessness on the streets. It showMiddle Americaheis nobody had to accept such most powerful issues running Whether it’sMayor Jenny seemed to leave Humphrey strong enough to end the IOUs (not even the Bank of in [Nixon’s] favorthis year.” Durkan describing the Seattle paralyzed. Biographer Carl mayhem without alienating England’s) in lieu of gold This year’s equivalent came occupation as a“summer of Solbergwrote that “itwas the wing of his party sympa- itself.Weighing the sound- last week on CNN, when Don love,” Portland MayorTed ironic—and it must be said thetic to those causing it. nessof the issuing bank, an Lemon complained that Mr. Wheeler joining protesters pitiable—thatinthe period Maybe he will persuade the Englishman could choose one Biden’sstrategyofignoring outside the federal court- from [Robert F.]Kennedy’s American people he’sjust the or the other. the antipolice violence in Ke- house,orMayor Bill de Blasio death to the convention in Au- man forthe job.But what if Not so the Frenchman. The nosha, Wis.,was a“blind personally painting “Black gust, this most voluble of they conclude he’smerely the purepaper assignat wasmoney by law. Modern readerswill spot” that is “showing up in Lives Matter” on the street in American politicians had al- new Hubert Humphrey? scarcely take exception to such asystem, as they knowno the polling.It’sshowing up in front of Mr.Trump’sManhat- most nothing to sayabout the Write to [email protected]. other.“This noteislegal tender forall debts, public and private” is the legend stamped on everydollar bill. To Burke, however, it wasthe very absenceofcoercion that crowned the English monetaryregime.“They forget,” Plagues Are Back. Will Wars Follow? he wroteofthe revolting French, “that, in England, not one shilling of paper money of any description is received but By Vance Serchuk months ago. Yetjust as the ev- clashes areunfolding in shimaand Nagasaki settled of choice; that the whole has had itsorigin in cash actually idencesuggested apandemic places—from the South China that. By contrast, no one to- deposited; and that it is convertible at pleasure, in an instant he suffering inflicted by would strikesooner or later, Sea and Ukraine to cyber- dayhas aclear concept of and without the smallest loss, intocash again. Our paper is T Covid-19 fits awider thereare ominous signs of a space—wherebordersare what awar involving,say,cy- of value in commerce,because in lawitisofnone.” 21st-centurypattern: the great-powerconflagration be- blurryand the potential for berweapons or AI at scale Gregory Collins’s “Commerce and Manners in Edmund unexpected return of old pa- coming moreprobable. miscalculation is inherent. The would actually look like. Hu- Burke’s Political Economy” is a deep study of the thought thologies previouslythought First, the world’sforemost danger is compounded by the manity’s technological inge- of the man who famously preferred the days of chivalry to vanquished by the march of militarypowers—the U.S., technological upheavalthat is nuity is thereforeonthe cusp the modern age of “sophisters, economists, and calcula- progress,now suddenly back Chinaand Russia—areassidu- simultaneously occurring,with of outstripping itsstrategic tors.” The author sets out to answer a puzzling question: in virulently modern forms. ously modernizing their arse- innovations in fields likeartifi- andmoral imagination. How could one and the same writer mourn the destruction Until recently,outbreaks of nals forprecisely such acon- cial intelligence, robotics and AfterCovid-19,most nations of the French monarchy while espousing a set of economic infectious disease were are- flict, at the same time each spaceflight sparking unpre- will work to strengthen public- ideas to which Adam Smith himself would gladly have curring scourge of civilization. already perceives itself as un- dictable newarms races. health systems and preparefor signed his name? Only in the past few decades der attack and victimized. Yetsome think that, just as futurepandemics.That is nec- Mr. Collins, a lecturer in politics and economics at Yale did human beingsimagine we the threat of mutual assured essaryand appropriate. University, organizes his book by theme. There are sections had escaped this horror. destruction savedthe U.S. and Yetthe deeper,morediffi- on fiscal management, foreign trade, corporate governance, Great-powercompetition, By nowweshould be Soviet Union from obliterating cult lesson of this crisis is the American Revolution, Anglo-Irish commercial relations authoritarian alternatives to each other during the Cold philosophical: Leadersneed to and, of course, the tumult in France. In episode by episode, democracy—these too, not used to re-emerging War, asimilar deterrencewill recognizehistory’sintrinsic with admirable consistency, Burke supported free markets long ago, were presumed to threatswethought we’d again keep the world safe. potential fortragedy andculti- overmanipulated ones,though aforerunner of AynRand have been safely consigned to Don’t bet on it. Thedefin- vate the extraordinarycreativ- he wasn’t. As the laws of commerce are the laws of nature, the ash heap of history. Yetin consigned to history. ing weapon of the Cold War— ity and vigilancerequired to he laid it down, they are likewise “the laws of God.” geopolitics,asinbiology, it the nuclear bomb—had attri- defend against it. turnsout that mankind re- butesthat fostered akind of Foraworld that has mains susceptible to new Washingtonfeels it magnani- reciprocal restraint. Determin- grownaccustomed to think- How could a thinker who mourned the strains of old maladies. mously welcomed China into ing responsibility,and thus re- ing of progressasinevitable destruction of the French monarchy espouse If pandemic disease and the global economyand taliation, foranatomic attack and irreversible,this will be geopolitical rivalryhavebeen rushed to Russia’said afterthe wasstraightforwardwhen awrenching adjustment. But economic ideas akin to Adam Smith’s? two of humanity’s recurring Soviet collapse,only to be be- therewereonly two super- if Covid-19 leaves such aleg- afflictions over the centuries, trayed. ForBeijing and Mos- powers,and sincenuclear de- acy, it mayhelp inoculate great-powerwar completes cow,onthe other hand, the liverysystems aredifficult to mankind from even greater Burke, for many years a member of Parliament for the the trifecta. The U.S. was U.S. has been preying on them: conceal, verifiable agreements catastrophes looming on the commercial hub of Bristol, decried the imprisonment of largely complacent about the fomenting “color revolutions” to limit their numbersbecame horizon. insolvent debtorsand pushed forthe abolition of regulations firsttwo dangersuntil, to its against their political systems achievable.The technologies that unjustly barred Irish merchants from competing with surprise,they exploded on its while, under the guise of emerging todayare radically Mr. Serchuk is an adjunct English ones. Neither principled stand endeared him to his doorstep;itshouldn’t repeat “rules-based order,” denying different—easier to hide, senior fellow at the Center for money-minded constituents. “Let Government protect and that mistake with thethird. them theirrightfulspheres of harder to trace, lesssuscepti- aNew American Security and encourage industry,” Mr. Collins quotes his hero saying, Thenotion of awar erupt- influence. bletoarms control, and more served as foreign-policy ad- “secure property, repress violence, and discountenance ingbetween the great powers Great powers generally tempting to use. viser to former Sen. Joseph fraud, it is all they have to do. In other respects, the less anytime soon seems as im- avoid warwhen they clearly It also didn’t take special Lieberman. they meddle in these affairs the better; the rest is in the plausible and remoteas—well, recognizeeach other’s red creativity during the Cold hands of our Master and theirs.” the idea of the entireplanet lines and convey thedetermi- Wartoforesee the destruc- Walter Russell Mead is It’s not only Adam Smith that Burke’s writings call to being paralyzedbyavirus nationtoenforce their own. tion anuclear exchangewould away. mind. Long before the birth of Friedrich Hayek, the 20th- would have sounded six But today’sgreat-power unleash; the ruins of Hiro- century author of “The Road to Serfdom,” Burke observed how much better things worked when clever bureaucrats stood aside to let the forces of supply and demand do their spontaneous work. The Elusive Quest for ‘Peace of Mind’ And although he amazed his parliamentarycolleagues with the depth of his study of economic statistics,especially in the By Stephen Miller youcan achievesome peace Thereare well-known ways Michelangelo wasadiffi- fraught matterofthe East India Co.(whose governor general, of mind through faith, but to- to improvepeaceofmind: cult man with abad temper, Warren Hastings, he devoted seven yearstoimpeaching), ll Iwant is to have my talpeaceofmind is unattain- yoga,mindfulness, prayer, but it is reasonable to assume Burkealso knewwhat statistics could not measure. “There ‘A peaceofmind” is the able in this life. “Miseryisthe deep breathing.Iliketosip that when he wasmoving his is much gaiety,and dissipation, and profusion, which must refrain of apopular lot of man,” said Samuel coffee and watch the sunrise. hand to and fro, he wasn’t escape and disappoint all the arithmetick of political song originally sung by Bos- Johnson.Evenifyou aren’t But unlessyou arementally thinking about all the people economy,” wrotethe politician whose literarygifts one tonin1976and coveredby miserable,you will occasion- disciplined, you’ll have trou- he disliked. eminent critic put in the rarefied classof“abovemeretalent.” Stryper in 2009.Atleast a ally be angry, anxious and ble keeping negativethoughts Doing something that re- Mr.Collins helpfully carries the reader along with periodic half-dozenother songsare ti- scared. As Pascal put it: at bay. quires extreme concentration summaries of Burke’sthought. He places Burke’sbody of tled “PeaceofMind.” Is it Theonly way to stay empty is,strictly speaking,not peace work in the contextof18th-centurypolitics and philosophy, possible to achievepeaceof of negativity is to do some- of mind so much as an escape and he clearly shows that the arch defender of tradition mind? Reflections from thingthat requires totalcon- from the mind. Johnson told and honor and religion was also a penetrating exponent of TheAncient Greeks called Epicurus and Yeats to centration—learning amusi- Boswell, who suffered from the ideal of free people and free markets. it ataraxia, and the Epicure- calinstrument, hitting a depression, that he should There’s no mistaking this learned disquisition for a ans said yes. Summing up the the rock band Boston. tennis ball, playing chess, “contrivetohaveasmanyre- beach book.Mr. Collins devotes seven consecutivepara- views of Epicurus, A.C. Gray- climbing asheer rock face. treats for his mind as he can, graphs to an exegesis of “natural” in the setting of 18th- ling writes in “The Historyof Let’scall this Plan C. as manythingstowhich it centuryeconomics.The six pages he spends exploring Burke’s Philosophy” (2019): “The “When Iconsider the short If youdoanything that re- canfly from itself.” ideas about public granaries and the role of the commercial happylifeisthe lifeofat- duration of my life, swallowed quires totalconcentration, Most leisureactivities middleman mayprompt the layreader to recall that Samuel araxia, and one achieves it up in an eternity beforeand therewill be no room in your don’t requiretotal concentra- Johnson, who reveredBurke, scarcely ever read abook through philosophical under- after...Iamterrified. ... mind fornegativethoughts. In tion, but anyactivity that straight through. Even so,don’t skip toomuch in this one. standing of the true natureof Theeternal silenceofthese “Long-LeggedFly,” Yeatsde- shutsthe door even partly to “Anattempt to eliminatedistinctions among men,” Mr.Collins things, and by living in con- infinitespaces frightens me.” scribes Michangelo at work in negativethoughtsisgood. memorably writes,“would be an attempt to eliminateman.” formity with that understand- It is utopian to hope for the Sistine Chapel: “Weshould cultivateour gar- Mr. Collins, who seems to have read at least a part of ing.” Sincephilosophersstill completepeaceofmind, yet There on that scaffolding den,” Voltairefamously said. every book that could possibly bear on his subject, haven’t defined the true na- we strivefor some semblance reclines When youare doing some- intentionally steers clear of Burke’s tangled personal ture of things, this path to of it.Wedon’t want to be al- Michael Angelo. thingyou really enjoy, you finances. Interested students may turn to the second peaceisimpossible. waysirritable,muttering to With no more sound than have as much peaceofmind volume of F.P. Lock’s authoritative “Edmund Burke.” Is there a Plan B? The Sto- ourselves about people who the mice make as it is possible to have. According to Mr. Lock, the guiding light of conservatism ics thought ataraxia came annoyus. Unfortunately,most His hand moves to and got into debt in his late 30s and never got out. The wealth from apatheia—thatis, not Americans aretethered to fro. Mr. Miller is author of he accumulated was instead the kind that no government having anypassions whatever. electronic devices,which bom- Like along-legged fly “Walking New York: Reflec- can tax and no central bank can debase. But that’sunnatural, and who bardthem with information upon the stream tions of American Writers wantstobewithout feelings? that makes them anxious and His mind moves upon from Walt Whitman to Teju Mr. Grant, the founder and editor of Grant’s Interest Christians have argued that angry. silence. Cole.” Rate Observer, is the author of “John Adams: Party of One.” P2JW245000-0-A01600-1------XA

A16 | Tuesday, September 1, 2020 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR The Democratic State Budget Scare Biden Will Turn Fracking Jobs to Green Ones

ongress’s latest virus relief package is tail, which most states and cities nowtax since Your editorial “About Joe’s Energy den’s “green jobs promise.” In Bas- hung up over aid to stateand local gov- the Supreme Court gave them the go-ahead in Jobs” (Aug. 25) suggests that Vice tiat’s parable, a boy breaks a window C ernmentswith House Democratsstill 2018.InTexas sales-tax revenue so far this fis- President Joe Biden plans to extin- and the onlookers conclude that the guish five million fossil-fuel jobs for boy has performed a public service, demanding as much as $1 tril- calyear (Sept. 2019-July Tax revenue is coming lower-paying clean-energy jobs, and because his father will have to pay lion to forestall what they 2020), which ended Aug.31, is that unions aren’t pleased. the town’s glazier to replace the bro- warn will be horrific cutsto in much better than running 5% ahead of the last Both contentions are doubtful ken window, who will in turn spend public services. Don’t believe fiscal year and was a mere 1% based on our analysis of data from that money on other things. But it. State tax revenues are re- expected in most places. lowerlast month than the pre- official government sources, which breaking the shopkeeper’s window bounding as the economy re- vious July. shows current fossil-fuel jobs totaling doesn’t stimulate the economy. It opens and improves. Indiana’ssales-tax revenue only 1.9 million, nearly half of which shrinks it. The money the glazier gets We examined recent monthly revenue re- was 1.6% higher for the fiscal year that ended are at gas stations that will continue would have gone to another purchase ports for various states and, not surprisingly, in June than ayear earlier while itsoverall rev- to sell snacks and cigarettes well into that the boy’s father presumably val- Democratic states that maintained stricter and enue wasonly 6.3% lower. Even NewJersey col- the clean-energy future. That means ued more than replacing the shop- longer lockdowns appear to be recovering more lected amere1.6%lessinsales taxfor itsfiscal only slightly more Americans work in keeper’s window. After all, he could the rest of the fossil-fuel industry have broken the window himself. In- slowly. But even they are raking in more cash year that ended in June. Gov. Phil Murphyhas than work at hair salons and golf vesting in fossil-fuel alternatives may than they let on. projected a$2.2 billion budget surplus this fis- courses (820,000 total). or may not be good policy, but pre- Take California, which ended its fiscal year cal year—in part by raising taxes on million- More fundamentally, narrowly fo- tending that the green jobs created in June with $3.2 billion (2.6%) more revenue aires,oratleast those who haven’t fled to Flor- cusing on whether fossil-fuel jobs by eliminating fracking jobs, for ex- than itsMay budget forecast. ItsJuly revenues ida or Connecticut. should be horse-traded for renewable ample, will create economic prosper- beat estimates by 5.6% due to much betterthan Speaking of which, the Nutmeg State enjoyed ones misses bigger opportunities. Re- ity is the latest incarnation of a very expected individual taxpayments. Credit the re- a 3.3% year-over-year bump in sales-tax reve- wiring America’s recent jobs report old fallacy. bound in equities and the boom in tech stocks, nue for the fiscal year that ended in June. Its by energy experts Saul Griffith and PETER PITSCH which have lifted capital gains. The Nasdaq is monthly sales taxcollections were 60% higher Sam Calisch shows that aggressive in- Great Falls, Va. up 28% this year. in June than in 2019 and liquor taxrevenue was vestment in clean energy isn’t only California (and other wealthystates) will up a whopping 359% thanks in part to tax in- necessary for a livable climate, but Your editorial quotes an electrician will also create an additional 25 mil- saying: “With solar, you work your roll in morecapitalist clover in the months creases last fall. lion U.S. jobs, welcome news in a way out of a job.” I found that inter- ahead as a gusher of startups including Palan- Sales-tax revenue has been somewhat time of massive unemployment. esting and true based on a trip to tir,Airbnb, Unity and Sumo Logic go public. weaker in places that have kept retail and res- By definition, these jobs will be lo- Costa Rica last year. Our group’s This will allowventurecapitaliststomonetize taurantsunder wraps longer.InNew York sales- cal, building solar panels and wind guide had been a highly paid techni- shares and employees to cash in stock options. taxrevenue so farthis fiscal year from April to turbines in our communities. More- cian for a Spanish company, installing Democratslament that the wealthyhave July was down 22.2% from the same period in over, a Brookings Institution report vast wind farms across the country. grownricher during the pandemic,but blue the last fiscal year and 8.6% in the month of found that clean-energy jobs can Today, after the government statebudgetsbenefit. July.California’ssales-tax revenue in July was equal an 8%-19% bump in income for capped wind turbines due to an over- The Federal Reservehas also helped state an astounding 45% lower. workers, which explains why many supply of electricity, he had to return and local governmentsbykeeping interest rates Democrats warn that budget shortfalls will unions and building trades, such as to school and receive certifications as the 2.6 million working people in Cli- a guide and naturalist. He manages to lowand buying corporatedebt and Treasurys. result in widespread government worker lay- mate Jobs New York, support clean provide for his family, but he spends This has pushed investorsintoequities and offs, but so far this doesn’t appear to be the energy. 10 or more days away from home higher-yielding assets. Municipal bond funds case. Since February, state and local govern- Change makes everyone nervous, shepherding his charges through the have seen largerinflows as investorsseek arel- ment employment has shrunk 3.8% and 6.6%, but the good news for us all, includ- countryside. atively safe tax-exempt yield. As a result, bor- respectively,compared to 9% in privateindus- ing those in the fossil-fuel industry, is ROY NELSON rowing costs for many states and cities have try. StateslikeIllinois (8.6%), NewJersey (8.6%) that with clean energy the future can League City, Texas fallen during the pandemic,which is one reason and NewYork (10.4%) with bloated government be brighter and more prosperous. only Illinois and NewYork’sMetropolitan workforcesgoing intothe pandemic have shed ADAM ZUROFSKY Regarding Joe Biden’s plans for the Transportation Authority have tapped the Fed’s the most jobs. Executive Director fossil-fuel industry, all that is needed municipal lending facility. Thevirus will be herefor manymore Rewiring America is a Democratic campaign commercial Lowinterest rateshavealso generated a months,but the worstofthe lockdowns should Washington in Pennsylvania, Ohio and Texas with the tagline: “If you like your job, you boom in home buying and housing prices,espe- be over.Congresshas already doled out tens of In the 19th century Frédéric Bas- can keep your job. Period.” cially in the suburbs. State and local govern- billions of dollarstostate and local govern- tiat provided what is effectively a MARK SIMMONS ments generate roughly 40% of their general ments, and the Fed has repeatedly eased the simple, intuitive critique of Joe Bi- Fort Wayne, Ind. fund revenues from property taxes and won’t terms of itsstate and municipal lending facility. suffer as much budget pain as they did afterthe States and cities could use more flexibility in 2009 housing crisis. how they spend the federal relief they’ve re- Sales-tax revenue has also held up relatively ceived so far, but their finances don’t justify Trump’s BetterDealfor Pricing U.S. Drugs well in most states,thanks in part to online re- tens of billions more from taxpayers. Regarding your editorial “Trump’s companies to fight back hard Unforced Drug Error” (Aug.26): You against subsidized pricing when ne- arecorrect to point out that incre- gotiating with national health sys- Biden Speaks on the Violence mental measures cannot replacea tems around the world. While this thriving drug industry, and that drug won’t eliminatepricedisparities im- oe Biden on Mondayaddressed the vio- Laterheagain denounced “the right-wing mi- prices reflect the extraordinarily high mediately,the likely result should lenceinAmerican cities,and we were look- litias and whitesupremacistsand vigilantes cost of drug development aftercon- be lessdisparity in global drug J ing foraSister Souljah moment alaBill with assault weapons—oftenbetterarmed than sidering the hundreds of costly fail- prices within afew years. Clinton’srepudiation of ex- the police, ofteninthe middle ures that occur beforeone successful MICHAEL J. DUBOIS tremist remarks on race in His speech in of the violence—at these pro- drug is approved. But the notion that Chatham, N.J. 1992.What we heardwas Pittsburgh was not a tests.” single-payersystems dictatecosts largely adenunciation of Don- Fair enough, but foraman isn’t entirely correct. Outside the This is the exact same issue we ald Trump and not of the ex- Sister Souljah moment. of the left, denouncing right- U.S.,pharmaceutical companies nego- have with NATO: Americans bear a tremistsonthe political left. wing militias is easy.Surely tiatedrugprices directly with na- disproportionateshareofthe costs tional health systems.Pharma compa- of aprogram that benefitsboth us In Pittsburgh Mr.Biden as- Mr.Biden knows that the pro- nies knowthat lowerprofitmargins and the Europeans,thereby freeing sailed the excessiveuse of forcebypolice, and testsand riotssinceMemorial Dayare over- in Europe and elsewherecan be off- the Europeans to spend their money then he turned to the “violenceofextremists whelmingly led by Black Lives Matterand Antifa. set by higher margins in the U.S. The on social programs. and opportunists—right-wing militias,whitesu- Mr.Biden didn’t mention those groups in his pre- result is that Americans have,for de- In the short term, the U.S. refus- premacists, vigilantes—who infiltrateprotests pared remarks,and he never used the words cades,borne adisproportionate ing to paydrugmanufacturersmore carrying weapons of war.” “left-wing” to describe those who areburning amount of pharmaceutical R&D cost, will slowdevelopment of newdrugs. Only afterthat did he denounceviolencein businesses and attacking policeprecincts. Mr.Bi- effectively subsidizing drug prices In the long run, amoreequitable dis- general terms.“Iwant to be clear about this: Ri- den conflated the two sides,though leftist mili- elsewhereand by extension total tribution of the costswill allowdrug oting is not protesting.Looting is not protest- tantsare dominating urban streets. health-carecostsinother countries. companies to continue to innovate ing.Setting firesisnot protesting.None of this Mr.Biden spent most of his speech attacking This is unfair,President Trump while not penalizing Americans. is protesting—it’slawlessness—plain and sim- Mr.Trump forstoking division, and sometimes knows this and is pressuring phar- CHANA EISENBERG maceutical companies because it’s Monsey,N.Y. ple,” he said. “And those who do it should be the President has.But the concern manyAmeri- time to end an industrypractice prosecuted. Violencewill not bring change, only cans have about Mr.Biden is that he won’t be that allows foreign nations to take destruction. It’swrong in everyway.Itdivides strong enough to take on the radical left. On that advantageofour free-market eco- The Constitution Caused instead of unites.” point his speech wasn’t reassuring. nomic system and unfairly burden Tossed-Out Ballots Before Americans. President Trump knows he can’t David B. Rivkinand LeeA.Casey More Torture for Michael Flynn directly control drug prices outside sayin“Mail-In Voting Could Deliver the U.S. so he is employing astrat- Chaos” (op-ed, Aug.26) that they ne test of a judicial ruling in a contro- At aplea hearing,hemused without evidence egythat will cause pharmaceutical “assume no statewould want its versial case is whether it would have that Mr.Flynnmight have committedtreason companies to enter pricenegotia- electoral votestogouncast.” This is O come out the same way if the defen- and asserted his “disdain” and “disgust” forMr. tions with national health-caresys- exactly what happened in 1789 when tems knowing that the escape valve the two houses of the NewYork leg- dant’sname were John Doe. Flynn’s actions. A former previously available to them, i.e., islaturecouldn’t agree on aslateof On that measure, among oth- The D.C. Circuit goes to judgewhom JudgeSullivan free-market pricing in the U.S.,isno electors. NewYork’seight electoral ers, it’shardtocredit as le- great lengths to keep hired foradvice on the motion longer there. If R&D,the very life- votesdidn’t arrivebeforethe dead- gally justified Monday’sap- to dismisshad writtenananti- blood of the pharmaceutical indus- line and weren’t counted. Moreover, pellatecourt ruling against his prosecution going. Flynnop-ed. tryisthreatened, expect pharma North Carolina and Rhode Island had former national security ad- JudgeSullivan has even not yetratified the Constitution and viser Michael Flynn. suggested he could second- couldn’t participateinour nation’s In an en banc appeal of alower-court ruling, guessthe JusticeDepartment’sdismissal mo- Nancy Pelosi’s Recent $194- firstelection. Thus,George Washing- the full D.C. Circuit Court of Appeals vacateda tion by investigating if career prosecutorsdis- A-Ballot Postal Intervention tonwas unanimously elected our writ of mandamus issued by alower-court panel agreed with political appointees in the case. firstpresident but with electoral Regarding your editorial “The votesfromonly 10 of the original 13 on behalf of Mr. Flynn. The writ had ordered This is an unconstitutional judicial intrusion PhonyPost OfficeWar” (Aug.24): colonies. JudgeEmmet Sullivan to grant the JusticeDe- intoexecutiveauthority.IfJudgeSullivan TheHouse passed abill which will ROBERT S. HYAMS partment’s request to dismissthe prosecution takesthis course nowthat he’swon on appeal, prop up the U.S. Postal Serviceby Washington of Mr. Flynn on grounds that the original case we hope Attorney General William Barr tells $25 billion so it candeliver all the had no legal basis.Mr. Flynnsought the writ af- him to pound sand. JudgeSullivan might hold mail-in ballotsintime forthe presi- terJudgeSullivan refused to grant the motion Mr.Barr in contempt but then the case would dential election. Iwonder howmany Pepper ... to dismiss, go directly back on appeal. areexpected to use mail ballotsthis And Salt The en banc appeal of a writ is all but un- All of this continues the ordeal of Mr.Flynn, election. Idon’t think it matters to heardof, but then the D.C. Circuit these days is who has had his lifeturned upside down for the House howmanywill be mailed THE WALL STREET JOURNAL stacked with liberals appointed by Barack nearly four years. JudgeSullivan could now just as long as Congressgetsits $25 Obama. In an unsigned opinion, the en banc choose to hold his dismissal ruling until the No- billion forthe post office. In 2016 therewereabout 129 mil- court ducked the essenceofthe lower-court rul- vember election. If Joe Biden wins, the judge lion votescast forpresident. No one ing, which concerned judicial meddling in the might figure that the Biden JusticeDepartment knows howmanywill be cast this executivebranch’sprosecution power. Instead would reinstatethe prosecution and tortureMr. year,but if everyone of the 129 mil- the en banc judges made aprocedural case that Flynnfurther.AsJudgeNeomi Raoput it in her lion votesweremailed this Novem- the harm to the separation of powers was fine dissent: ber,which is an extremely high esti- “speculative” because JudgeSullivan hadn’t yet “By allowing the district court to scrutinize mate, $25 billion would be enough to issued a formal ruling in the case. ‘the reasoning and motives’ of the Department paythe Postal Service$194tode- But as JudgeKaren Henderson noted in dis- of Justice, the majority ducks our obligation to liver each and everyballot. sent, thereisnocase on record in which ajudge correct judicial usurpations of executivepower SAMUEL J. PUMA sought aRule 35 en banc appeal of amandamus and leavesFlynntotwist in the wind while the Carlsbad, Calif. ruling that essentially makes himself aparty to district court pursues aprosecution without a Lettersintended forpublication the case.She also pointed out that, “Fromearly prosecutor.The Constitution’sseparation of should be emailed to [email protected]. on in this case,the trial judge[JudgeSullivan] powers and itsprotections of individual liberty Please include your city, stateand has demonstrated a pattern of conduct that, require a different result.” telephone number.All letters aresub- “After 20 years of marriage don’t you taken together, raises serious concerns about What adispiriting,politicized performance ject to editing,and unpublished letters think it’s time you stopped calling cannot be acknowledged. the appearance of impartiality.” by the judiciary. Time for a pardon. your husband ‘that Harold person’?” P2JW245000-0-A01700-1------XA

THE WALL STREET JOURNAL. Tuesday, September 1, 2020 | A17 OPINION Portland’s Half-Century of Ruinous Leadership

By Mark Hemingway licepresencearound the Mark O. Hat- children’sbabysitteroverthe course field U.S. Courthouse wasjustified. of three yearsstarting when she was aron “Jay” Danielson was Thecity had stood by when rioters 14.His surprising exit from public life shot and killed Saturdayin burned theMultnomah County Jus- in 1990 waspart of aprivatesettle- downtownPortland, Ore., ticeCenter jail and the Portland Po- ment he’dnegotiated with the victim. A wherehewas participating liceBureau headquartersafew blocks Mr.Goldschmidt had takenthe girl to in a vehicle caravan to away.Violencehas accelerated since parties,and his relationship was showsupport forPresident Trump. the federal government secured a known to manyofthe state’spower No one has been charged, but the Or- protection agreement with the city brokers, manyofwhom arestill ac- egonian newspaper reportspoliceare andwithdrew itsincreased security tive in Oregon politics.Noone said investigating 48-year-old Michael presenceonJuly 31. In August, Port- anything fordecades.InaMay 2004 Forest Reinoehl,who described him- land policedeclared at least 14 riots, statement to the Oregonian, Mr. self on Facebook as “100% Antifa.” morethan in June and July com- Goldschmidt acknowledged having Not long afterDanielson waskilled, a bined. hadwhat he called “anaffair with a video wasposted to the internet of a Theday afterthe shooting,Mr. high school student fornearly a woman in Portland shouting intoa Wheeler blamed Portland’sviolence GES year.” bullhorn: “Our community canhold on Mr.Trump,saying the president IMA By 2004 the statuteoflimitations

itsown without the police. ...Iam “created thehate” that ledtovio- ETTY had expired, so Mr.Goldschmidt not sorryaf—fascist died tonight!” lence. He blamed the riotsonMr. /G faced no criminal charges. “I predict RD

That elicited cheers and applause Trump’srhetoric,asserting that the WA he’ll be back,” Vera Katz,another for-

from the crowd of dozens. president had praised whitesuprem- HO mer Portland mayor, told reporters. acistsafter the ugly “Unitethe Right” Michael Schrunk,then Multnomah THAN

rally in Charlottesville,Va., three NA County’s district attorney,said: “Out- Incredibly, Ted Wheeler yearsago. In fact, Mr.Trump said Mayor Ted Wheeler speaks to reporters July 22. rage over the affair will fade with “they should be condemned totally.” time.Ithink he still has something to may not be the worst It’sone thing to attack Mr.Trump, mittedtohaving been romantically transportation that became known as offer.” mayor Oregon’s largest city but Mr.Wheeler can’t even guarantee involved with an underage boy— light rail. He later became Jimmy In the yearsafter the scandal, Mr. the right of ordinaryRepublicans to though Mr.Adams asserted the rela- Carter’s transportation secretary. Goldschmidt retreated to his estatein has had in recent years. walk down the street. In April 2017, tionship didn’t turn sexual until after Elected governor in 1986,Mr. the South of France. His victim, Eliza- four months afterbecoming mayor, the boyturned 18.Not only did Mr. Goldschmidt shocked the statebyan- beth Lynn Dunham,lived alifeof Mr.Wheeler canceled the city’s an- Adams survivethe scandal; criticism nouncing he wouldn’t seek re-elec- tragedy and addiction and died in As athird-generation Oregonian nual rose parade after“antifascists” of his behavior wasroutinely branded tion in 1990.Hequickly became the hospicein2011 at 49.Her only conso- and former Portland resident, I’ve threatened violencebecause among homophobic and he survived two re- biggest lobbyist in the state. As lation wasthe removal of Mr.Gold- been bombarded with questions over themanycivic groups marching in call attempts. mayorand governor,hewas the ar- schmidt’sofficial portrait from the the past few months about whyone the parade was the Multnomah Mr.Adams’sagenda wassoenvi- chitect of the state’scelebrated Capitol. of America’swhitest cities has de- County GOP.“Youhaveseen how ronmentally progressivethat he ap- “smart growth,” which became a Messrs. Wheeler,Adams,and scended intocivic madnessfollowing much powerwehavedowntownand proved acity budget that did no ma- model forurban planning around the Goldschmidt offer different and dra- the policekilling of George Floyd.Vi- that the policecannot stop us from jorroad paving forfiveyears. He set country—and which has been criti- matic examples of howmuch Port- olent radicalism had been flourishing shutting down roads so please con- theprecedent forMr. Wheeler by al- cized fordramatically raising the cost land voters arewilling to tolerate, in the city foryearsbeforethe rest of sideryour decision wisely,” read the lowing Portland’smassiveOccupy of housing. provided their leadersburnish the the countrypaid attention, and threat sent to the city. Wall Street camps to take over city As aresult of his connections and city’s national reputation as abeacon MayorTed Wheeler’s fecklessleader- In 2018 Mr.Wheeler,who in his parksfor weeks afteritwas obvious expertise,Mr. Goldschmidt had a of progressivism. ship is no anomaly.The situation in capacity as mayoralso serves as po- they were athreat to public health hand in many of the state’sbiggest IlovePortland likenoother city, Portland has been enabled by 50 licecommissioner,ordered officersto and safety.Mostly,Mr. Adams will be development projects. But in 2004 and it is hardtosquarewhat’shap- yearsofpolitical leadership that has take ahands-off approach to protest- known forpresiding over Portland’s Portland newspapersreported that pening with residentsofthe city Iam been as corrupt and depraved as it erswho had set up acamp in front of burst intonational consciousness the state’sintegrated land use and blessed to know. Their commitment hasbeen “progressive.” the city’s Immigration and Customs when it became the cultural mecca transportation planning regulations to rectifying injusticeissincere. They Danielson’skilling wasaculmina- Enforcement building,trapped fed- known as “Portlandia.” He wasareg- were being manipulated to award Mr. abhorviolence, and they arepatriotic tion of morethan 90 days of unruly eral employees inside,and vandalized ular guest star on the TV comedy of Goldschmidt’slobbying clientshun- Americans.But if Portlandersbelieve protestsinPortland. It occurred the their cars.Though the protest camp the same name. dredsofmillions of dollarsofstate progressivegovernancerequires re- dayafter Mr.Wheeler sent President generated nearly 60 calls to police The most influential modern contracts. Portland regulators jecting basic notions of lawand or- Trump aletterbelligerently rejecting over 39 days,Mr. Wheeler publicly mayorofPortland wasNeil Gold- dubbed Mr.Goldschmidt, his devel- der,they are, to paraphrase H.L. federal help to restoreorder.“When supportedthe protesters. schmidt,who held the officefrom oper clientsand stateregulators“the Mencken,getting what they vote yousent the Feds to Portland” in Incredibly,Mr. Wheeler maynot 1973to1979.Mayor Goldschmidt light-rail mafia.” for—good and hard. July,Mr. Wheeler wrote, “you made be the Portland’sworst recent mayor. earned notoriety forredirecting fed- Soon after, the Willamette Week the situation far worse.” In 2008 the city elected SamAdams, eral highway funds to anew and ex- newspaper reported that when Mr. Mr. Hemingway is asenior writer In truth, the increased federal po- who,shortly afterhewas elected, ad- orbitantly expensiveform of public Goldschmidt wasmayor,heraped his at RealClearInvestigations. Biden Awakens to the Threat of Urban Riots

tion of the moral lawseems not to This proved hardtosustain even federal law-enforcement agentswere On National Public Radio last week, be the casualty count or the misery forthe most dedicated of editorial pulled back later that month after areporter listened reverently as into which so many lives have been airbrushers, so next up waswhat we defending against repeated attacks writer VickyOsterweil explained the FREE plunged, but the verdict from opin- might call the Reichstag Fire expla- on federal property,newsorganiza- thinking behind her newbook: “In EXPRESSION ion polls and focus groups.The lives nation. Black Lives Matterand antifa tions rushed to tell us that the vio- Defense of Looting.” Up next on “All By Gerard Baker of policeofficersand the hopes and protesterswereall blameless; it had lencewas nowover. With the federal ThingsConsidered”:Premeditated dreams of small-businessproprietors to be the alt-right and various other jackboots gone, Portland would be- murder—is it really so bad? namoment surely worthyofin- are a small matter to the ambitious categories of whitesupremacistswho come an idyll of urban tranquility. It’s easy to mock, but this is the I clusion in some futureedition of pol, but nothing pierceshis con- were committing the real crimes,de- Alas,itwas not to be.Some of point to which so much of our cul- “Profiles in Courage,” Democrats sciencemoresharply than an unset- faming those good, decent, peaceful Portland’sworst violencehas oc- turehas descended. Ideologically seem to have decided it’stime to tling conversation with a pollster. curred in themonth sincethe feds driven reportersand editorsare take a stand against the violence in To be fair,you canunderstand the lefttown, as BLM and antifa have in- bent on using their positions to sig- American cities. sudden alarm of these Democrats. With polls tightening,he tensified their assaults. nal to friends and colleagues that It hasbeen awhile coming.It’s Formost of the past three months a Unable to ignore, deny or misdi- they arefully enrolled in the modern true that JoeBiden has issued the complicit media has done itsbest to and his media alliesgive rect anylonger,the media turned to crusade against the country’stradi- occasional gentle bromide about the tell the public there was nothing to up on denial and look for acknowledging the violence but ex- tional institutions and values,the importanceofnonviolent expression, see here. Over the summer most plaining that, in fact, it’sall fine be- ones that protestersare intent on but the louder messagefromhim news coverage of the rioting has away to blame Trump. cause it’sjustified. This is atricky tearing down. and Democratic leaders throughout evolved through various phases: de- thing to do.Ignoranceofthe lawcan This journey through denial to ob- the summer has been vocalsupport nial, distraction, misdirection and, help makethe case,however, such as fuscation and eventually rationaliza- forthe protests, even as they rained finally, justification. anarchists. LikeO.J.Simpson’ssearch when Chris Cuomo of CNN de- tion of evil, is the noise that fills the mayhem on America’s cities. The first phase was essentially a forthe real killer,the media’shunt manded on live television: “Please, echo chamber occupied by the media Following the latest escalations in refusal even to acknowledgethere forthe true agentsprovocateurs show me where it says protests are and itsDemocratic Party friends. Kenosha, Wis.,and Portland, Ore.,in was anything wrong. As Minneapo- turned up next to nothing,soit supposed to be politeand peaceful.” Andyet the evidenceofthe past the past week, Mr. Biden has called lis,St. Louis and other cities de- moved on to the next defense. Evidently his expensiveeducation week or so suggeststhereisstill on all sides to desist—though it’sno- volved into chaos in June, we were It wasthe police, and especially didn’t gethim to the FirstAmend- room forhope.Athin, barely audible table that he has decided that blame told it wasall afiction. Perhaps a unidentified paramilitaryfascist ment to the Constitution, with all bat’ssqueak of truth canstill be lies with President Trump and not building or two had spontaneously storm troopersofPresident Trump’s that “right of the people peaceably heard above the din. Not much, but the Democratic officials who have combusted, but that wasit. Maybe it Praetorian Guard, who were respon- to assemble” language. enough so that ordinary Americans connived at the lawlessnessintheir wasall that warmth generated by sible forthe violence. This line of ar- Sincethe legal case forlawless- cantakeonthe task of educating cities. the “summer of love”—Seattle gument reached itsnadir in Portland nessisatough one,our taxpayer- their political leadersthrough focus Thereason forthis sudden asser- Mayor Jenny Durkan’s term. in July.You mayrecall that when funded media have had another go. groups and opinion polls. Vote for the Czar, It’s Important

By Ruth R. Wisse ruins.She wasanexcellent guide,but had joined the Communist Party, gime proved cruelerthan the evils it she chose forthis tutorial seemed as we came to the memorial forthe which wasillegal in Poland. She fol- had come to replace. TheCommu- especially incongruous.Approaching merican politics are in such a 1943 uprising in the Warsaw Ghetto, lowedhis example and emigrated nistshad learned from their time in what had been the ghetto, my mind A scramble that we need to think she said that Icould learn about that several years later. But once in So- czarist prisons to makeconditions throbbed with images of Nazi brutal- about howwevote, not just phase of Jewish historyonmyown. viet territory, she was arrested as a harsher,torturemorepainful and ity and itsconsequences—starved for whom. Should our choice be de- What shehad to tell me,however, I “Polish spy” and sent to labor camps deadlier.When weighing political children in the streets, the heroism termined by party loyalty,policy, the could hear only from her. in the Gulag.Inthe last of them, she options,never assume that change is of the Jewish fighters, the treachery perceived qualities of the candi- In the late 1920s in Vilna, Poland met her former teacher—before his forthe better. Firstascertain with of the Jewish police, the horror of dates? Iturned conservativewhen I (nowVilnius,Lithuania), she had execution in 1937.Erik didn’t want to ultimatecaution that youaren’t the final liquidation. learned to vote forthe lesser of been astudent of the Jewish literary talk,except to tell her one thing: “It opening the door for something far That mighthavebeen whymy evils. historian Max Erik, a fervent Com- was better under the czars.” worse. guide felt certain that I could learn That lesson wasunexpected. On munist who one daystole acrossthe This wasnoendorsement of czar- about the Holocaust on my own. my firsttrip to Poland, in 1978, Iwas sealed border to the Soviet Union so ism. Lifeunder that regime had been Thanks to the Allied victoryover put in touch with awoman who of- that he could join the great socialist grim, forJewsespecially.Historians A Polish ex-Communist Germanyand to Jewish insistenceon feredtoshowmearound the Jewish experiment. Radicalized by him, she debatewhether czarist authorities commemorating the victims of Na- instigated anti-Jewish pogroms or taught me a hard-earned zism, Americans had been made merely allowedthem to rage until lesson in the difference doubly alert to the evil of fascism. I theirenergies were spent. There would never underestimatethat PUBLISHED SINCE 1889 BY DOWJONES&COMPANY were expulsions and political sup- between bad and worse. threat. Socialistprogress, on the Rupert Murdoch Robert Thomson pression. By reneging on his prom- other hand, still enjoyedsome of its Executive Chairman, News Corp Chief Executive Officer, News Corp ises to allowdemocratic reform, romantic glow. Hence the third les- Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher Czar Nicholas II, who reigned from Farworse than czarism wasthe son: In my ownpolitics,Ishould Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: 1894until his abdication in 1917, socialistroad to totalitarian hell. concentrateonwarding off the like- Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; spurred the coming Communist rev- That wasthe second lesson. ThePo- lier mistake. Jason Anders, Chief News Editor; Louise Story, Chief Natalie Cerny, Chief Communications Officer; olution. Erik was among thousands land under communism Isaw in 1978 Americatodayisfar removed News Strategist, Product &Technology Officer Kamilah Mitchell-Thomas, Chief People Officer; EdwardRoussel, Chief Innovation Officer; of idealistswho embraced socialism wasfreer than the Soviet Union had from czarist Russia, but that lesson Thorold Barker, Europe; Elena Cherney, News Christina VanTassell, Chief Financial Officer in defianceofczarist and authoritar- been under Stalin, but my guide has governed my political thinking Features &Special Projects; Andrew Dowell, Asia; ian rule. wanted to be sure I appreciated the ever since. Because we in the U.S. AnthonyGalloway, Video &Audio; Brent Jones, OPERATING EXECUTIVES: Culture, Training &Outreach; AlexMartin, Print & Jason P. Conti, General Counsel; Rather than justifyErik’syouthful full lie of the socialist promise. Un- start from such abetterplace, our Writing; Michael W. Miller, Features &Weekend; TracyCorrigan, Chief Strategy Officer; idealism, or her own, for having re- der the guise of raising the down- “progressives” maydestroy even Emma Moody, Standards; Shazna Nessa, Visuals; Frank Filippo, Print Products &Services; sisted oppression, my guide wanted trodden, it trod everyone down more of the good that exists. When MatthewRose, Enterprise; Michael Siconolfi, Kristin Heitmann, Chief Commercial Officer; Investigations; Stephen Wisnefski, Professional News NancyMcNeill, Corporate Sales; to ensurethat as astudent of the equally to the lowest level in culture, thereisnobetterchoice, it is all the Thomas SanFilippo, Customer Service; Jewish ruins Iunderstood what was education, health and prosperity. moreimportant to vote forthe GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; truly at stake. Therewerethree She hadn’t left Poland with most of merely bad over the worse. Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; partstothe lesson—two that she theremaining Jews afterthe anti- Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International spelled out for me, and a third that Semitic purgesof1968 only because Ms. Wisse, a senior fellow at the WALL STREETJOURNAL MANAGEMENT: Professional Information Business: Joseph B. Vincent, Operations; Christopher Lloyd, Head; I have since added on my own. she felt too exhausted to start over Tikvah Fund and professor emerita LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head Thefirst wasthe all-important in Israel. But even forJewsithad of Yiddish literature and compara-

EDITORIAL AND CORPORATEHEADQUARTERS: political distinction between bad and been better under the czars. tive literature at Harvard, is author 1211 Avenue of the Americas, New York, N.Y., 10036 worse. Czarism might have seemed This wasn’t what I had expected of “Jews and Power” (Schocken, Telephone 1-800-DOWJONES intolerable, but the Communist re- from my visit to Warsaw.The venue 2020). P2JW245000-0-A01800-1------XA

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S&P 3500.31 g 0.22% S&P FIN g 1.24% S&P IT À 0.36% DJ TRANS g 1.21% WSJ $ IDX À 0.03% LIBOR 3M 0.241 NIKKEI (Midday) 23145.86 À 0.03% See more at WSJ.com/Markets J.C. PenneyRescue Plan Stumbles Buffett

Negotiations with two Group Inc.and Brookfield going to be held hostagein on past several lender-im- SycamorePartners also sub- Finds Property PartnersLP. negotiations,” he said, adding posed deadlines.The longer mitted a bid. mall landlords—Simon “We’vehit astalemate” in that Penney intended to nego- Penney lingers in bankruptcy, Mr.Sussberghad previously and Brookfield—falter; negotiations with several out- tiateand document the lender the greater the chanceofaliq- expressed optimism that a Bargains side bidders, Penney’s bank- deal within the next 10 days. uidation that would dismantle deal to preserve the business retailer turns to lenders ruptcy lawyer Joshua Sussberg No agreement has been the company’sretail opera- was within reach. said Mondayduring ahearing reached. tions and put most of its Brookfield declined to com- BY ANDREW SCURRIA in U.S. BankruptcyCourt in Putting the retail assets in 70,000 employees out of work. ment. Arepresentativefor Si- In Japan AND MIRIAM GOTTFRIED Corpus Christi, Texas.The de- lenders’ hands wasn’t the first Penney officials had been in mon didn’t respond to are- partment-store chain instead choicefor Penney or the lend- advanced talks with Simon, quest for comment. J.C. Penney Co.isflirting will pursue a bankruptcy sale ers. Their lawyer, Andrew Le- the biggest mall owner in the Negotiations snagged over BY SURYATAPA BHATTACHARYA with collapse, eager for lend- to toplenders, including H/2 Blanc, said the other bidders U.S. by number of locations, disagreementsabout whether AND MEGUMI FUJIKAWA ers to agree to buy its assets CapitalPartners LLC,that “havebeen adisappointment” andBrookfield, another big the landlords or the lenders outofbankruptcy aftertalks would turn them into owners and that trying to hammer out shopping-centercompany, would have authority to close Five venerable Japanese brokedownwith potential in exchange for debt forgive- atakeover so quickly is a about the sale of the chain’s or sell stores,according to companies were sitting in the biddersincluding shopping- ness, Mr. Sussberg said. “heavy lift.” retail operations and some people familiar with the mat- bargain bin in plain sight. It mall landlords Simon Property “Our lendersare no longer Negotiations have dragged real estate. Private-equity firm PleaseturntopageB5 took a90-year-old Warren Buf- fett to scoop them up. Mr.Buffettcelebrated his Priceasapercentageoffacevalue on 100-yearbonds 125% 90th birthdayonSunday— Argentina Failed MondayJapan time—by dis- closing BerkshireHathaway Inc.investmentsof5%each in 100% Mexico conglomerates that have histo- Proponents of €1.5 billion ries longer even than his own 4%-coupon legendarycareer as avalue in- bond maturing vestor.Berkshirebought stakes March 15,2115 in Itochu Corp., Mitsubishi 75 100-Year Bonds Corp., Mitsui &Co., Sumitomo Corp.and Marubeni Corp. Tokyoinvestorsand analysts Average recovery on Argentina’s bonds that areindefault described the moveasclassic 50 BY ANNA ISAAC investorscontended amore Buffett, finding companies that AND PAT MINCZESKI business-friendly president in Argentina trade at adiscount, payhealthy Argentina—Mauricio Macri $2.75 billion dividends and might offer less Argentina’s“centurybond” waselected in 2015—would 7.125%-coupon risk than is commonly per- didn’t last long,but itsrise succeed in pushing through an 25 bond maturing ceived. andfall holds lessons forin- overhaul of the economy and June 28,2117 Mr.Buffetthas been rela- vestorsatatime of market financial system that would tively quietduring the pan- optimism despite widespread benefit purchasersofthe demic apart from adeal an- economic dislocation. country’s securities. 0 nounced in early July in which An August restructuring “The buzzall revolved 2018 ’19 ’20 Berkshiresaid it would buy Do- guarantees that foreign credi- around high expectations minion Energy’s midstream tors will getlittle morethan around the key changeinpoli- energy businessfor $9.7 billion Total return sinceJune 30,2017 half of what they were due on tics,” said Richard Briggs, in- including debt. $65 billion of debt, including vestment manager on the 50% During the pandemic,Berk- the100-year bonds the gov- emerging-marketsteam at Mexico’s shireHathway has sold itsair- ernment sold three years ago GAMInternational Manage- centurybond* line holdings—and much of its at the height of a decadelong ment, part of Switzerland’s 10-plus-year stakes in banks,including Gold- emerging-markets boom. GAMHolding AG. “But the U.S. Treasurys man Sachs Group Inc., Wells Thecenturybond—a rarity fundamentals in Argentina, Fargo &Co.,and JPMorgan in marketsand almost unseen even throughout Macri’spe- Chase &Co. Thefirm has con- among issuerswhose bonds riod, were getting worse.” 0 tinued to grow itsstake in Bank arerated junk—was openly de- Some investorssay the idea Latin America of AmericaCorp. rided by manyinvestorsatthe of acenturybond is worth re- sovereign With $146.6 billion in cash at time of itssale,given the visiting because marketsin external debt, the end of the second quarter, ratedBBand South American nation’spoor the U.S. and elsewhereare lower† Berkshirehas plenty of ammu- record of paying off debt, a similarly showing signs of exu- nition fornew acquisitions,but struggling economy and frac- berance. Tesla Inc.shares Argentina’s Mr.Buffetthas oftensaid he is tious politics. have risen to over $2,200 –50 centurybond† having trouble finding good Theidea of aserial de- from around $400 at the start 2018 ’19 ’20 deals.After pandemic-related faulter issuing bonds lasting of the year. The S&P 500 and dips,stock indexesinthe U.S. intothe next centurywas Nasdaq CompositeIndexhave arenear record highs. “preposterous,” said Martin surgedtorecordlevelsthis As a result, Mr. Buffett has Argentina’s reserves,excluding gold, monthly Argentine pesoagainstthe dollar since2017 Schubert, president and chief year despite declining corpo- looked fornew targetsinunfa- executive of Eurinam, a com- rate profitsand asharp rise in $80 billion Countryreimposes 0% Countryreimposes miliar markets. Theconglom- pany that trades and advises U.S. unemployment. capital controls capital controls erateowns only ahandful of investorsonemerging-mar- “Treasuryyields aresolow, 60 –20 businesses outside the U.S.,in- kets debt. He stayed away it’sforcing investorsinto cluding Netherlands-based IMC from the bond. risk,” said Piotr Matys, emerg- 40 –40 International Metalworking Yetthe $2.75 billion in cen- ing-marketsstrategist at Ra- Cos. 20 –60 turybonds were quickly bobank Group NV.“That’swhy Thebiggest risk in all five snapped up by investorsseek- people arebuying crazy stuff.” 0 –80 Weekly data Japanese companies is of the ing yield at atime of soft Buyersofthe centurybond unknown. Typically known as 2018 ’19 ’20 2018 ’19 ’20 growth and lowinterest rates, included funds runbymajor tradingcompanies,all have a and their appeal was intensi- firms such as BlackRock Inc., *Euro-denominated; hedged U.S.-dollar return †Dollar-denominated dizzying portfolio of busi- Note:Average recovery of 54.5 centsonthe dollar is according the preliminary restructuring agreement. Returns forLatin America sovereigns and fied by the promise of regular HSBC Holdings PLC, Goldman Treasurysof10-years remaining maturityorgreater based on ICE BofA indexes. nesses and investments. paymentsfor decades.Bullish PleaseturntopageB2 Sources: ICE Data Services (prices, returns); International Monetary Fund via Federal ReserveBank of St.Louis (reserves); TullettPrebon (peso) PleaseturntopageB2 INSIDE McDonald’s Presses for Case Against Ex-CEO

BY HEATHER HADDON Theburgercompanyfired sexual relationships with em- early 2019.Mr. Easterbrook al- tigated his conduct last October. Mr.Easterbrook without cause ployees to secure a multimil- legedly destroyed that evi- Theattorney,Delaware- McDonald’s Corp.pushed in November after he acknowl- lion-dollar severancepackage. denceonhis electronic devices, based Daniel Herr,didn’t imme- back at former CEO SteveEast- edged having aconsensual re- McDonald’ssaid itsinvesti- and the companylater found it diately respond to arequest for erbrook’s attemptstodismiss lationship with an employee. gators unearthed email mes- on itscomputer servers. comment Monday. He previ- itslawsuit seeking to claw Thecompanysaid in August sageswith attachmentsthat Mr.Easterbrook’sattorney, ously wrotethat McDonald’s back his severance, saying that that an investigation stem- contained dozens of nude and responding to the company’s filed ameritlessand mislead- his attorney’s questions about ming from atip found evi- sexually explicit photos and suit, said in afiling two weeks inglawsuit in the wrong court the thoroughnessofitsinvesti- dencethat Mr.Easterbrook videos of Mr.Easterbrook with agothat McDonald’shad his venue.Mr. Herr didn’t com- gation intohis affairs should lied to investigators and its companyemployees and other emailaccount stored on comment directly on the allegations be addressedincourt. boardtocover up additional women between late2018 and panyservers when it firstinves- PleaseturntopageB4

BUSINESS Nestlé moves American, DeltaEnd Most Domestic ChangeFees further into health,

buying peanut-allergy BY DOUG CAMERON reassuranceabout returning to treatmentmaker. B3 the skies. Southwest Airlines American Airlines Group Co.has never chargedbaggage Inc. and DeltaAir Lines Inc. or changefees,apolicyithas said they were removing used as amarketing tool. changefees on most domestic American has gone astep flights, as the levies emerged further than United and Delta, as anew competitivebattle- dropping fees forinternational ground among airlines. flightstoand from Canada,

GES Themoves on Mondaybythe Mexico and the Caribbean, as

IMA two largest U.S. carrierscomes well as most domestic tickets. aday after United Airlines “Weneed to givepeople a ETTY

/G Holdings Inc.said that it is per- very good reason to do busi-

AFP manently ending flight change ness with American Airlines,” N/

TO fees formost domestic flights, Chief Revenue Officer Vasu

LS in the latest effort to boost de- Raja said in an interview. RA mand in an air-travel industry LikeUnited, American and CK TO

MARK hithardbythe pandemic. Deltadidn’t removecharges The sluggish rebound in pas- from long-haul flights, manyof

RETAIL senger demand sinceApril and which areoperated in tandem SHUTTERS concerns that Covid-19 cases with overseas partners. Mr. A/

Amazon gets /EP could rise during the fall and Raja said that could changeat U.S. approval for SER winter have pushed airlines to American when international LES

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gies.The carriersare seeking to American also took steps to ERIK provide passengerswith more PleaseturntopageB5 Carriers arelooking to reassurepassengers about returning to the skies. ADelta passenger in Atlanta in July. P2JW245000-5-B00200-17FFFF5178F

B2 | Tuesday, September 1, 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. companies’ stocks—which have Berkshire laggedbehind international A Goldman Sachs...... B1 Pfizer...... B4,B10 markets,” Mr.Okafuji said. Activision Blizzard....B10 H PricewaterhouseCoopers Representatives of the other ...... A1 Aimmune Therapeutics H/2 Capital Partners..B1 Nets Deals companies declined to com- ...... B3 Hapag-Lloyd...... B5 R ment in detail on Mr.Buffett’s Alcoa...... B10 Hermès...... B10 Raytheon Technologies move. Alibaba...... B3 Hewlett-Packard...... B10 ...... B4,B10 Alphabet...... B4,B9 Ritholtz Wealth In Japan Despitethe term trading Honeywell International Amazon.com....A2,A6,B4 ...... B4,B10 Management...... B9 company, the five companies American Airlines...... B1 HSBC...... B1 Robinhood Markets....B9 aremorelikeinvestment banks Amgen...... B4,B10 I S ContinuedfrompageB1 or private-equity firms.Ana- Ant Group...... B3 International Business Salesforce...... A6,B4,B10 Mitsubishi controls amajor- lystsatWestern investment Anthem...... B2 ServiceNow...... A2 ity stakeinJapanese conve- banks said the five were in- A.P. Moller-Maersk.....B5 Machines...... B4 Itochu...... B1 Southwest Airlines....B1 nience-storechain Lawson creasingly acting likeU.S.pri- Apple...... B4,B9,B10 Spirit Airlines...... B5 AT&T...... B10 J Sumitomo...... B1 Inc.;investsinoil and gas vate-equity firms by focusing Autonomy Capital...... B2 J.C. Penney...... B1 Susquehanna fields off Russia’sSakhalin is- on operating profitsand look- B JD.com...... B3 International Group..B9 land; owns one-fifth of Mitsub- ing forundervalued consumer Berkshire Hathaway...B1 JPMorgan Chase &B1,B2 Sycamore Partners.....B1 ishi MotorsCorp.; and has a businesses that could supply BlackRock...... B1 K T food unit dealing in, among steady cash flow,ifnot spec- C Kering...... B10 Take-Two Interactive otherthings, rapeseed, dried tacular growth. Charles Schwab...... B9 L Software...... B10 vegetables and nuts. Itochu in July said it Tesla...... B1,B4,B9 Chevron...... B10 “Japanese trading compa- planned to increase itsstake in

Lawson...... B2 GAN/REUTERS Cigna...... B2 Lazard...... B2 U nies areunique but they are Japanese convenience-store Citadel Securities...... B9 Uber...... B4 MOR LVMH...... B10 not easily understood,” said T operator FamilyMart Co.to Cosco Shipping...... B5 M United Airlines...... B1,B9 OT United Parcel Service.B4 JPMorganChase &Co. analyst SC nearly 95%. “In the last two to D Marubeni...... B1 V TatsuyaKikkawa.“Therehas Warren Buffett has looked for new targets in unfamiliar markets. three years, they’vebecome Delta Air Lines...... B1 McDonald's...... B1 been adiscount in the trading much more disciplined in in- Virtu Financial...... B9 Dominion Energy...... B1 Microsoft...... A2,A6,B10 companies,but that discount guide to what Berkshirelikely Share-priceand index vesting,” said Zuhair Khan, E Mitsubishi...... B1 W Mitsui...... B1 could disappear with this kind paid, although it didn’t dis- performanceonMonday managing director and fund Eastman Kodak...... B9 Walgreens Boots N Alliance...... B10 of attention.” close afigure. manager with Union Bancaire El Al Israel Airlines..B10 Analystssaid the valuations Theshares in the Japanese Marubeni +9.5% PrivéeinTokyo. Evergreen Marine...... B5 Nestlé...... B3 Walmart...... B4 Wells Fargo...... B1 of the companies were so low companies were purchased by Increasingly,the trading Exxon Mobil...... B4,B10 NetEase...... B3 Sumitomo +9.1% F - G Nikola...... B9 Y that they likely attractedMr. National Indemnity Co., one of companies resemble none Norton Healthcare....A10 Buffett. As of last week,all ex- Berkshire’slarge property-and- other than BerkshireHathaway Facebook...... A6,B3 Yum China...... B3 Mitsubishi +7.7% Novavax...... B9 FamilyMart...... B2 Z cept Itochu were trading at casualty insurers. Berkshire’s itself,analystssaid, sincethe FedEx...... B4 O - P Zoom Video 0.75 times book value or less, insurers makelong-term in- Mitsui &Co. +7.3% Omaha, Neb., conglomerate General Electric...... B10 Oracle...... A6 Communications...... A1 according to Goldman Sachs. vestments in stocks and also has avariety of holdings Book value is what acom- other assetsusing what Mr. Itochu +4.2% in energy,mining and con- pany’sassetsare worth after Buffett calls their float, Nikkei 225 +1.1% sumer goods,sometimes own- INDEX TO PEOPLE subtracting liabilities,soMr. or money they hold to payfu- ing companies outright and Buffettcould put down 75 tureinsuranceclaims. Source:FactSet othertimes taking smaller centsand getadollar of net In another sign of Berk- such undervalued stocks with stakes. B J Mohi-uddin, Mansoor.B9 assets in return. Thecompa- shire’smethodical planning,it solid financial health and TheJapanese companies Beauregard, Robert....B4 Juenger, Todd...... B10 O nies’ dividends arealso high said it had the equivalent of steady profitability,” said Ra- scour the globe forinvesting Bezos, Jeff...... B4 K Okafuji, Masahiro...... B2 relativetotheir stock prices. about $6 billion in yen-denom- kutenSecurities strategist opportunities, spending bil- Borsch, Matthew...... B2 Khan, Zuhair...... B2 R Sumitomo intends to payadiv- inated debt and only minor ex- Masayuki Kubota, who said he lions of dollarsayear.Mr. Kik- Briggs, Richard...... B1 idend of 70 yen(66 cents) in posuretothe risk of fluctua- has long studied Mr.Buffett’s kawa at JPMorgan Chase said Kikkawa, Tatsuya...... B2 Raja, Vasu...... B1 Buffett, Warren...B1,B10 Kolski, Kristi...... B4 the current fiscal year,which is tions in the yen-dollar investor letters. theirscouting abilities might S C Kubota, Masayuki...... B2 about 5% of the closing stock exchangerate. Thetrading Itochu Chief ExecutiveMa- come in handy in teaming up Schubert, Martin...... B1 Carter, Bryan...... B2 L priceMonday. companies paydividends in sahiroOkafuji said Berkshire’s with Berkshire. Steckelberg, Kelly...... A6 Shares in the five compa- yen. investment could be atrigger Mr.Buffetthimself hinted at D LeBlanc, Andrew...... B1 Lewis, Riggs...... A10 W nies finished Tokyotrading on “Overseas investorsmay to revitalizethe industry. “It is the possibility of joint deal- Daly, Kevin...... B2 M Whiteside, Janey...... B4 Mondayupbetween 4.2% and think Japanese stocks aren’t welcome news that one of the making with his newJapanese E - F Williams, Kevin...... A11 Matys, Piotr...... B1 9.48%. As of Friday, a5%stake attractive because of the coun- world’sleading investorshas allies.“Ihope that in the fu- Easterbrook, Steve.....B1 McGee, Jason...... B4 Y in each together wasworth try’sdemography, but thereis shown an interest in Japanese turetheremay be opportuni- Fairhurst, David...... B4 Melgar, Sergio...... A1 Yuan, Eric...... A1 about $6 billion, giving arough no other placewhich offers stocks—especially trading ties of mutual benefit,” he said. Neither Cigna nor Anthem Win Damages After Failed Deal

BY ANNA WILDE MATHEWS Both companies argued that strategyand took all of the ac- fered as a result of their star- for Cigna investors,” he said. she said. AND PEG BRICKLEY itserstwhile partner had sabo- tions necessaryand appropri- crossed venture.” Cignasaid the companyis Anthem said the insurer is tagedtheir proposed combina- atetopursue it.” Cigna, he Shares in Cigna fell 2.1% “pleased that the Court agreed “satisfiedwith the decision Cigna Corp.and Anthem tion, which foundered in 2017 said, had breached its obliga- Monday while shares in An- with us that Cigna did not determining that Cigna Inc.won’t have to paydam- aftercourt rulingsagainst the tion to trytoconsummatethe them rose 1.5%. cause the mergertofail.” The breached its obligation to use ages to one another over their merger on antitrust grounds. deal: “Rather than seeking to Investorshad largely dis- companystill believes in its best efforts to obtain regula- failed $48 billion mergerdeal, Cignawanted damages of completethe Merger, Cigna counted the likelihood of siz- case and is “evaluating our op- tory approval forthe merger,” aDelaware judgedecided $14.7billion, along with a sought to derail it,” he wrote. able damageawardsinthe liti- tions with respect to appeal,” and forfeited the breakup fee. Monday, potentially resolving breakup fee of about $1.8 bil- Calling the drama a“corpo- gation, but some believed abitter, yearslong legal battle lion, from Anthem. Anthem rate soap opera,” JudgeLaster Cigna might still getthe that had the two insurancegi- sought damagesof$21.1 bil- attached blame to both sides. breakup fee, which the judge antstrading accusations of lion from Cigna. Cigna proved that it waslikely didn’t uphold, said Matthew skulduggery. Vice Chancellor J. Travis that the deal would have been Borsch,ananalyst with BMO In dueling lawsuits,each of Laster, of the Delaware Chan- blocked regardlessofits ac- Capital Markets. “That was a the health-insurancegiants cery Court, wrotethat Anthem tions, he wrote. little bit of apositivesurprise sought billions of dollarsin had sought to completethe In the end, “each party forAnthem investors, and a damages from the other. merger and “chose asound must bear the losses it suf- little bit of anegativesurprise CK

TO IBKR charges 1 SHUTTERS

A/ margin loan rates OL/EP PO S from /PRES TA OMA

MABR 0.75% to 1.59% AN JU Argentine Vice PresidentCristina Kirchner and PresidentAlbertoFernández on Mondayasarestructuring plan fordebt wasformalized.

Some asset managersin- pricewhen ratesfall and to according to aperson familiar Argentina’s vested in the bond at least in decline lessinpricewhen with the matter. part because it wasincluded rates rise than many shorter- In the restructuring agree- Start Investing Today! in the JPMorganChase & term bonds, notwithstanding ment, the 100-year bond’sma- 100-Year Co.’sindexesofemerging-mar- questions about the health and turity will shorten substan- kets bonds,towhich billions capacity of the issuer to repay tially,along with itsvalue. of dollarsofinvestment in principal. Holderswill end up with ibkr.com/margin Bond Flops emerging markets are tied. Thedecision worked for bonds maturing in 15 and 26 To some portfolio manag- buyersfor awhile.For much yearsand canexpect to re- ers, the debt wasappealing for of early 2018,the return on coversomething broadly in ContinuedfrompageB1 acombination of reasons.It Argentina’s100-year bond ex- line with the recovery value of Sachs Group Inc. and Lazard sported an attractiveyield— ceeded that on Treasurys of at the restructuring,onthe order Interactive Brokers Rated #1 Ltd., which held the bonds in the centurybond offered 7.85% least 10 yearsinmaturity by of 54.5 cents on the dollar. Best Online Broker 2020 by Barron’s* their portfolios in the months yield at issue compared with double digits,asmeasured by That outcome doesn’t sur- afterthe sale,according to 2.77%atthe time on 30-year ICE DataServices indexes. The prise manywho sat out the public filings. U.S. Treasurys—and amatu- outlook for Argentina’s econ- century-bond sale,reasoning HSBC didn’t comment about rity that was many years off. omysoured through 2018,and that even in Argentina there Trading on margin is only for sophisticated itsfunds’ ownership of the Apotential plum forbuyers Mr. Macri lost power in 2019. were better risk-reward com- investors with high risk tolerance.You may lose centurybond. But Bryan was that purchasing the debt It is hard to tell who made binations on offer. Carter,head of global emerg- stood in manycases to im- the biggest gains or losses on “It made splashyheadlines,” more than your initial investment. ing-marketsdebt at HSBC proveabond portfolio’s risk the centurybond, because said Kevin Daly, investment Member -NYSE, FINRA, SIPC –*Interactive Brokers rated #1, Best Online Global Asset Management, said profile,because of arisk-man- much dataaren’t publicly manager foremerging-markets Broker according to Barron’s Best Online Brokers Survey of 2020: February that given lowrates globally, agement measurement known available. Autonomy Capital, debt at Aberdeen StandardIn- 21, 2020. For more information see, ibkr.com/info -Barron’s is aregistered thereisstrong demand from as convexity,ameasureofhow a hedge fund that bought Ar- vestmentsInc.“It wasone of 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 investorswith long time hori- prices changewith shifts in in- gentine debt including the theseclassic instrumentsthat for each interest rate tier listed on its website. Rates shown apply to IBKR Pro zons to ownlong-dated bonds. terest rates. In essence, avery centurybond, lost nearly $1 hedgefunds and nondedicated clients only. Rates subject to change. For additional information on margin loan rates, see ibkr.com/interest He expectsmoretocome to long-term bond likeacentury billion beforerecouping some emerging-market investors 08-IB20-1368CH1358 market to meet that demand. bond is apt to rise morein of those losses more recently, were looking at.” P2JW245000-5-B00300-1------XA

THE WALL STREET JOURNAL. ***** Tuesday, September 1, 2020 | B3 BUSINESS NEWS KFC’sChina Parent To OfferHong Kong SecondaryListing

BY JOANNE CHIU ing NewYork and plans offerings in Hong Kong and Shanghai. China’slargest restaurant TheHong Kong sharesales companyhas begun taking or- come as tensions between the dersfor aHong Kong sharesale U.S. and China widen to include that could raise morethan $2.5 financial-marketsissues. billion, in the latest movebya YumChina will sell about CK

U.S.-listed Chinese companyto 41.91 million shares and plans TO seek asecondarylisting in forits stock to start trading in Hong Kong. Hong Kong on Sept. 10,aterm Theoffering by YumChina sheetseen by TheWall Street SHUTTERS A/ Holdings Inc., which operates Journal showed.

KFCand PizzaHut in China, re- Themaximum offer pricefor ON/EP flectshow the Chinese economy thesmall portion of the deal re- is moving past the coronavirus served forindividual investors GILLIER pandemic.Asthe outbreak is 468 Hong Kong dollars URENT

peaked in February, YumChina (US$60.37), representing apre- LA wasforcedtoclose morethan a mium of about 7% to Yum The food maker added a potential blockbuster drug to its health-science unit with the $2.6 billion deal. A Nestlé lab in Switzerland. thirdofits outlets,but it said in China’sclosing priceinNew itsprospectus nearly all of its York Friday. That priceimplies restaurantswereopen as of end- atotal deal sizeofabout July,eventhough sales and prof- US$2.5billion, although the Nestlé Buys Biopharma Maker itswerestill trending unevenly. pricefor institutional investors Thedeal, led by Goldman might be slightly different. Sachs, would add to aseries of On the same basis,the final recent secondarylistingsin deal sizecould increase to Of Peanut-Allergy Treatment Hong Kong by Chinese compa- US$2.9billion if underwriters nies whoseshares arealready exercise an option to sell 15% traded in NewYork,such as moreshares.The companywill AlibabaGroup Holding Ltd., fixthe offer priceonSept. 4. BY OLIVIA BUGAULT has long been overshadowed ings as early as the following ary, when the drug wasap- JD.com Inc.and NetEase Inc. Shares of YumChina have by its better-known food and year. proved, Aimmune said its list Meanwhile, Ant Group Co., risen sinceU.S.fast-food opera- Nestlé SA said it agreed to consumer-goods lines.Mr. Aimmune’s Palforzia is the pricewould be $890 amonth, the Chinese technologyand fi- torYum Brands Inc.spun it off buy Aimmune Therapeutics Schneider,who took the reins first—and so far only—treat- or about $10,680 a year. Ana- nancial-services giant, is bypass- in late2016. Inc., abiopharmaceutical com- in 2017, has refocused the ment approved by the Food lystshavesaid it could have panythat earlier this year won companyonhigher-growth and Drug Administration to annual sales of $1 billion later approval for the firsttreat- businesses,initially under help reducethe frequencyand this decade. ment forpeanut allergies,ina pressurefromactivist investor severity of allergic reaction to Thetreatmentisn’t in- Facebook Warns Users deal valuing the companyat Daniel Loeb. He has pushed tended to allowallergic pa- $2.6 billion, including debt. Nestlé further into coffee, for tientstobegin eating peanuts, Nestlé previouslyhad a instance, and abandoned skin Aimmune’s list price but rather to reducethe risk Over Australia Proposal large stakeinAimmune,based care.Morerecently,Nestlé has of reactions afteraccidental in Brisbane, Calif. The agree- said it is reviewing options for for the treatment exposures. Children who take BY MIKE CHERNEY In ablog post Monday, Face- ment to buy the rest of the much of itsbottled-water would be about the newtherapy arestill ad- book said the proposal could companybulks up the Switzer- business. vised to keep avoiding peanuts SYDNEY—Facebook Inc.has lead it to impose asharing ban land-based packaged-food gi- In 2016,Nestlé made its $10,680 a year. and maintain access to emer- threatened to stop allowing that would apply to both local ant’sdecades-old health-sci- firstinvestment in Aimmune, gencyepinephrine shots, such Australians to sharenewson and international news stories. enceunit. It also adds a eventually building astake of as EpiPen, in case of reactions. itssiteand on Instagram if law- It warned that removing potential blockbuster prescrip- morethan 25%. Nestlé said Peanutsare among the makersallowmedia companies news sharingfromits site tion medication to its portfo- Mondayitwould pay$34.50 a peanuts, including anaphy- most common foods that trig- to demand payment from digi- could hurt publishers. In the lio,amid athree-year shake-up sharefor the rest of the com- laxis,inchildren aged 4 gerallergies.A2017study es- talplatforms. firstfivemonths of 2020,it at themaker of Nespresso cof- pany, representing a174% through 17. timated peanut-allergy preva- Australia in July unveiled a sent 2.3billion clicks to Austra- fee and Purina pet food engi- premium to itsclosing price Thedrug, derived from pea- lencehad increased 21% since plan that would requireFace- lian news websites at no neered by Chief Executive Friday. nut powder,works by expos- 2010,and that it affected book and Alphabet Inc.’sGoogle charge,and estimated the value Mark Schneider,aformer Nestlé said the deal, which ing patients to the substance nearly 2.5% of American chil- to negotiatewith media compa- of that traffic at $148 million. health-care executive. is expected to close in the they have been taught to dren. In people who are aller- nies over payment.Ifnoagree- TheAustralian Competition Over decades,Nestlé has fourth quarter and will be fi- avoid. Children prescribed the gic,peanutscan cause gastro- ment is reached, an independent and Consumer Commission, built alarge health-science nanced by cash, will add to its drug take escalating doses, intestinal problems and arbitrator would pick apayment which developed the proposed businessfocused mostly on di- organic growth by next year mixedwith other foods,to anaphylactic shock,apoten- deal from one of the sides. rules,didn’t have acomment. etary management. That unit and contributetocash earn- build up resistance. In Janu- tially deadly reaction.

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B4 | Tuesday, September 1, 2020 **** THE WALL STREET JOURNAL.

BUSINESS & TECHNOLOGY WSJ.com/Tech Amazon’s Drones Get FAA Approval

BY SEBASTIAN HERRERA AND ANDY PASZTOR

Amazon.com Inc.said Mon- dayitreceived federal approval to establish afleet of drones andwill begin limited testsof packagedeliveries to customers in the U.S.,although anumber of key steps remain before widespread use of the technol- ogywill be allowed. Theapproval from the Fed- eral Aviation Administration is amilestone in Amazon’spush to use unmanned aircrafttode-

AN/REUTERS liver packages to global con- AR sumers. Amazon didn’t say

RHIZK when exactly it would begin PA customer testsinthe U.S. The companyalso has testing sites NIELLE

DA in Canada, Austria, the U.K. and The event’sinteractivefan experienceishostedinthe cloud. Without fans in the stands, artificial intelligencewill help determine when to use crowdnoise in TV footage. other international locations,although at the moment it can only perform testsinvolving customersinthe U.S. and U.K. U.S. Open Turns to the Cloud, AI Routine dronedeliveries to U.S. consumersare still years away,partly because the FAA BY JAMES RUNDLE stance, the USTA worked with ticketing and digital strategy, is tailed information on players forreal-time highlightsthis needs to completerules forre- International BusinessMa- that while the U.S. Open’sweb- and present it in areadable year,IBM has been developing moteidentification of more TheU.S.Tennis Association chines Corp.tointroducea siteand app servearound 10 manner to fans. asystemtoadd audience than 480,000 drones currently is turningtocloud computing number of AI-poweredaddi- million visitorsevery year,the Various U.S. Open tourna- noise to broadcastsbased on registered forcommercial oper- and artificial intelligencetoen- tions to the tournament, in- tennis association expects ment applicationshavebeen highlights. ations, and issue separaterules hancethe experiences of fans cluding machine learning algo- viewership to be higher in hosted in the cloud foryears, Sportsbroadcasters, faced permitting drones to flyregu- who canonly watchthis week’s rithms that rapidly compose 2020 owing to the pandemic. but pulling off an event with- with similar issues in holding larlyoverpopulated areas. U.S. Open on televisions,com- broadcast highlight reels based Thefirst AI initiative, Open out fans in the stands and lim- matches in empty stadiums, Despitethe investments putersand smartphones. on crowd reaction. Questions,uses techniques ited staff on location required a have also tried this,notably in and interest in potential drone TheUSTAdecided on June “June 17th wasreally apiv- such as NLP to serveupan- full shifttoahybrid private- soccer, but IBM says itsproj- deliveries by startups as well 17 to hold this year’s tourna- otal moment. Alot of the solu- swers to plain-textdebate public cloud infrastructure, ect is unique. as deep-pocketed early adapt- ment, which began Mondayin tions that we had in the pipe- questions. said Jason McGee,chief tech- IBM has analyzedhow its ers such as Amazon, package NewYork,without fans due to line were no longer going to be Afan canask,for example, nology officer forIBM’scloud AI used crowd reactions to de- deliveries won’t proceed be- the coronavirus pandemic and viable,” said Kristi Kolski,mar- whether aparticular playeris platform. termine momentsofexcite- yond limited trials in the U.S. restrictions on large gather- keting program director for the greatest of all time.The Teams that previouslyhan- ment forhighlight reels to until newfederal regulations ings. IBM’ssportsand entertainment platform searches morethan dled on-sitesystems,including compile samples of audience go into effect. Thedecision led to sweep- partnerships unit. “No crowd, 40 million pieces of unstruc- forscoring and statistics, noisethat broadcasterscan Amazon has nowjoined ing changes to almost everyas- no roar,noAIhighlights.” tured datasuch as sportsnews needed to work remotely. add to footage. United Parcel Service Inc.and pect of the competition, from With atight deadline,the and analysis articles.Itextracts Those systems arenow hosted Appropriatesound clips will Wing,aunit of Google parent playing matches with elec- USTA and IBM teams decided pertinent information, such as in aprivatecloud. Thefan ex- be suggested by IBM’sWatson Alphabet Inc.,ingaining ap- tronic line calling to having to focus on the fan experience, wins,losses and other records, perienceishosted in apublic platform, based on similarities proval to operateunmanned air athletesuse food-ordering apps using AI-based techniques such and presentsthat as pros and cloud. in playtofootagecaptured in fleetsinthe U.S. fortestsin- formeal deliveries to their hos- as natural-languageprocessing, cons foronline debates. “Normally,statisticians cap- the previous tournament. volving customer deliveries. pitality suites at the Billie Jean or NLP,tocreateanumber of Another project uses similar turestats courtside.Today Decisions on when and “This is along time coming King National Tennis Center. newplatforms forengaging au- AI processes to generatefact they’reinJacksonville,watch- wheretouse the audience for Amazon,” former FAA Ad- Theabsenceoffans immedi- diences. sheets beforematches by que- ing matches on low-latency noise system will be at the dis- ministrator Michael Huerta ately presentedaproblem for Part of the reason forthis rying atrove of structured feeds,” Mr.McGee said. cretion of the USTA and ESPN, said.“They aredeveloping some of the USTA’s recent AI approach, said Kirsten Corio, data, such as match and perfor- And while the U.S. Open which is broadcasting the real-time data, which is help- projects. Last year,for in- USTA’s managing director of mancestatistics,todigest de- won’t use itsAIcapabilities event. fultothe [FAA]and gives Am- azon alot of experiencein working through the growing pains of getting this business Apple and Tesla Keep Rising established.” Amazon Chief ExecutiveJeff Bezosmade the ambitious pre- diction in 2013 that drone-deliv- To Peaks After Stock Splits ered packages would arriveat the doorsofcustomersinfive years. Although the company BY KAREN LANGLEY biggerwinners. theclose of businessFridayto completed itsfirst test flight in InvestorsonTwittersaid the when the priceadjustments England in 2016,the process Apple Inc.and Tesla Inc. websites of money managers took effect Monday. has takenlonger than manytop shares rose to newheights Vanguardand Fidelity Invest- “The vast majority of our Amazon executives expected. Mondayafter their stock splits mentsbriefly showedtheir as- customersholding AAPL and S Wing last year began to de-

took effect, extending their me- setswerevastly inflated. In TSLA sawpositions and prices PRES liver food and other supplies to

teoric rallies this year. some cases,the platforms had adjust forthe splitsonSatur- UMA customersinVirginia. Thecom- Apple added $4.23,or3.4%, increased the sharecounts day, via our website,” Fidelity /Z panyhas been conducting tests to $129.04after the tech giant’s without reducing the share spokesman Robert Beauregard GES in partnership with Walgreens shares began trading following prices.“Thestock splits—and said in an email. “All customers IMA and FedEx Corp. UPS has been PA

a4-for-1split, essentially giving associated increase in number would have seen updated posi- SO using itsdrones to carrymedi- investorsthree moreshares for of shares—went intoeffect after tions and prices prior to mar- calsupplies at ahospital net- YEN/

everyone they owned. Tesla market close on Friday,” Van- ketopen today.” PA work in Raleigh, N.C.Other shares jumped $55.64, or 13%, guardspokesman Charles Kurtz Also Monday, three new companies such as Uber Tech- to $498.32after the electric-ve- said in an email. “The newsplit- components joined the Dow UME nologies Inc.havealso con-

hicle maker’s 5-for-1split. Both adjusted prices went intoeffect Jones Industrial Average in GUILLA ducted limited drone-delivery stocks closed at records. beforemarketsopened this conjunction with Apple’sstock The tech giant’s market value has rocketed past $2 trillion. testsinthe U.S. Since announcing plans for split. Salesforce.com Inc., Am- the stock split on July 30,Ap- gen Inc.and Honeywell Inter- Share-priceand indexperformancesincethe end of June plehas risen 34%, in the pro- national Inc.replaced Exxon cess becoming the firstU.S. Mobil Corp., Pfizer Inc.and 140% Splits took effectMonday McDonald’s public companytosurpass$2 81% Raytheon Technologies Corp. Tesla trillion in market value and ex- Shares of four of those six 120 tending itsgains forthe year to Tesla price increase since its companies ticked loweronthe Presses Case 76%. Tesla shares,meanwhile, stock-split announcement day, as did most stocks in the av- have surged81% from the com- erage, while Salesforce rose 0.6% 100 pany’s Aug.11stock-split an- and Amgen added 0.1%. Since On Ex-CEO nouncement and have more the shake-up wasannounced last 80 than quintupled this year. morning. In between, clients week,shares of the newaddi- Thecompanies have said the mayhavetemporarily seen in- tions have gained ground, led by Splits announced ContinuedfrompageB1 splitsare intended to make flated position values as aresult Salesforce with ajump of 31%. 60 raised about Mr.Easterbrook’s their shares moreaccessible to of their newnumber of shares Theformer membershave alleged sexual relationships awider base of investors. Stock but pre-split prices.” slipped, with Exxon down 5.4% 40 Apple within the company. splitsleave the market values Vanguardbrokerage account andPfizerfalling 2.7%. “This brazen attempt at ta- of companies unchanged but clientswho ownApple and To prevent the substitution ble-turning has no merit,” lowerthe pricetagsofindivid- Tesla shares were alerted when of Dowmembersorthe split of 20 McDonald’swrote in afiling in ual shares. logging intotheir accountsthat amember’s stock from jolting Delaware Court of Chancery. NYSE FANG+ Index Some investorsmonitoring they would see largerpositions the overall indexlevel,such 0 McDonald’ssaid in the fil- their accountsoverthe week- than they actually held, Mr. changes areaccompanied by an ing that the evidence would end, though, mayhaveseen po- Kurtz said. He said trading was adjustment to the divisor used July August have been “buried somewhere sitions that looked likeeven disabled forboth stocks from to calculatethe average. Source:FactSet in the tens of thousands of his emails” in the company’sserv- ers, and that critiques of the thoroughnessofthe company’s WalmartSetsMembership Programfor Delivery,Discounts investigation don’t hold up. Thecompanyhas said its BY SARAH NASSAUER ing fresh food, toilet paper or spend moreand shop moreof- potential forWalmart to build Walmart attract moreofeach continuing investigation into electronics,sold in the average tenwith the retailer,she said. another stream of profitable customer’s spending over time. Mr.Easterbrook is also looking Walmart Inc.istrying again Walmart store. Deliveryfrom Theprogram is aversion of revenue through membership Amazon Prime includes free, intothe possibility of whether to build amembership program Walmart stores fornonmem- one Walmart has tested since with Walmart+, though how fast deliveryofmillions of the former CEO coveredup that canrival Amazon Prime, bers typically costsaround $9 last year called DeliveryUnlim- popular the program will be is items as well as access to video improprieties by other em- the Amazon.comInc.service per order. ited, which also offersfreegro- unclear.All current Delivery entertainment, streaming mu- ployees,including personnel in with morethan 150 million Thenew program doesn’t cery deliveryfor $98 ayear. Unlimited customerswill auto- sic and other perks for$119 a the human-resources depart- members. include free deliveryfromWal- Thecompanydeclined to say matically become Walmart+ year.Last year,Amazon added ment led by itsformer HR On Sept. 15,the retail giant mart.com, which sells millions howmanycustomershave customers, said Ms.Whiteside. AmazonFresh grocerydelivery chief,David Fairhurst. will launch Walmart+, a$98-a- of items. Walmart offersfree signed up forthat service. “WelikeWalmart’schances forPrime members, dropping McDonald’ssaid that Mr. year membership that includes shipping on most weborders Walmart had planned to of success with asubscription an extramonthly fee. It ex- Fairhurst was fired for cause free grocerydelivery, adis- above$35. launch Walmart+ in the spring, model,” said Simeon Gutman, panded online grocerypickup soon afterMr. Easterbrook’s count on gasfromWalmart Walmart hopes the newpro- internally calling it arebrand retail analyst at MorganStan- from Whole Foods stores amid termination for reportedly parking lotsand the ability to gram will appeal to busy shop- of Delivery Unlimited, accord- ley,inaJuly report. “Walmart the coronavirus pandemic. making women at the check out via amobile phone in persand will add moreperks ing to aperson familiar with has multiple assetsitcan lever- In 2017, Walmart scrapped a companyuncomfortable on stores. in coming months,said Janey the plan, but delayedthe age,” he said, including online previous attempt at amember- numerous occasions.Mr. Memberscan getfreehome Whiteside,Walmart’schief cus- launch because of the newcor- grocerypickup.Walmart could ship program called Shipping- Fairhurst said he leftthe com- deliveryfor some of the tomer officer.Intests, Walmart onavirus. lose money on the program at Pass that offered free shipping panytopursue other career roughly 130,000 items,includ- shopperswith amembership Some retail analystssee the first, he said, but it could help on Walmart.comorders. challenges. P2JW245000-2-B00500-1------XA

THE WALL STREET JOURNAL. ** Tuesday, September 1, 2020 | B5 BUSINESS & FINANCE

called forchangefees to be Rescue Idea American, curtailedorremoved alto- gether as a condition for federal aid to the industry, but ForPenney Delta End carriershaveopted forvolun- tary relaxation in an effort to

S lure back travelers. Seat assignmentsand other Collapses PRES Some Fees extras have remained popular

UMA through the pandemic-driven /Z ContinuedfrompageB1 ContinuedfrompageB1 travel downturn, according to GES ter. Penney is nowseeking a bolster itsbasic economytick- low-cost specialistssuch as IMA

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the assets by forgiving debt. PA erssuch as Southwest and unified protocols forpassenger- Afteryearsofmissteps, The longer the retailer lingers in bankruptcy, the greater the chance of a liquidation. Spirit Airlines Inc. health screening. Penney filed forbankruptcy in Ancillaryfees have climbed Thelooming end on Oct. 1to May when the coronavirus remained open as the landlords Inc. in 2016. Penney entered bankruptcy fivefold over the past decade federal payroll support pay- pandemic shut down nones- negotiated with the company, Simon has agreed to buy proposing to split itsretail op- andaccounted forabout 15% mentsthat included restrictions sential shopping acrossthe but some of those will nowbe Brooks Brothers Group Inc. erations and itsreal-estate of salesatU.S.carrierslast on furloughs and cutting flights countryand forced aparade of slated to close,according to a out of bankruptcy in ajoint holdingsintoseparatebusi- year,according to consulting has also triggeredworkforce re- department stores and other person familiar with the matter. bid with apparel-licensing firm nesses.The companywas firm IdeaWorksCompany. ductions about which the indus- retailers into chapter 11. Simon and Brookfield Authentic Brands Group LLC. seeking bidderstotakecontrol Deltagenerated $830 million trywarned earlier in the year. The company has since re- emergedasthe leading con- Themall owner has also been of an operating company that and American $818 million in United said it would fur- opened stores but roughly 150 tenderstobuy Penney’s retail in discussions with Ama- would hold Penney’s intellec- revenue from changeand can- lough 2,850 pilotsinthe com- of the 850 locations it had assetsinrecent weeks,eclips- zon.com Inc. about the possi- tual property and most of its cellation fees last year,according months if morefederal aid when it enteredbankruptcy ing other bidders. bility of turning space left by stores. ingtothe Transportation De- doesn’t emerge,and 36,000 are closing for good. Simon’sinterest marked its ailing department stores like Lenderswereexpected to partment. Overall, U.S. carriers employees—almost half itsdo- Mr.Sussbergsaid Monday latest forayintoacquiring dis- Penney intoAmazon distribu- carveout Penney’s distribu- reaped $2.8billion from the mestic workforce—have been that morestoreswill be shut- tressed tenantsafter it partici- tion hubs. tion centersand 160 stores levies,with changefees ranging told their jobs will be at risk. ting their doors. pated in buying Forever21Inc. Penney is one of Simon’s into investment trustswhile from $200 to $500,sometimes American said it would cut Stores inside Simon and out of chapter 11 in February topanchor tenants, second writingoff portions of a$5 exceeding the original fare. 1,600pilotsand as manyas Brookfield shopping malls had and purchasing Aéropostale only to Macy’s Inc. billion debt load. Some lawmakerslast spring 19,000 workers in total.

New Highs and Lows | WSJ.com/newhighs 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 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

EdwardsLife EW 86.41 1.8 GenerationBio GBIO 31.45 14.4 LincolnElectric LECO 99.00 -1.5 PanaceaAcqnWt PANA.WS 3.25 ... SunRun RUN 56.97 1.9 Yandex YNDX 70.11 4.6 GreencityAcqnWt GRCYW 0.17 -0.4 The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE eGain EGAN 13.79 0.3 GoDaddy GDDY 89.00 0.2 LiveOakBcshs LOB 22.43 6.9 Peloton PTON 77.80 0.9 Synopsys SNPS 222.03 0.8 Yext YEXT 20.01 5.8 HappinessBiotech HAPP 2.07 -2.3 American and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or low 8iEntsAcqnWt JFKKW 1.43 5.9 Grainger GWW 369.36 -0.2 LogitechIntl LOGI 76.00 3.4 Pro-Dex PDEX 31.75 15.4 TG Therap TGTX 25.02 1.2 YintechInvt YIN 7.29 1.3 Immatics IMTX 9.15 -3.1 in the latest session. %CHG-Daily percentage change from the previous trading session. EllsworthPfdA ECFpA 26.20 0.1 HUYA HUYA 29.13 -0.3 Mannatech MTEX 19.39 7.7 Progressive PGR 95.35 1.5 TasekoMines TGB 0.98 8.2 YumChina YUMC 59.35 2.1 InspireMD NSPR 0.34 -10.9 EnphaseEnergy ENPH 79.53 1.6 HamiltonBeach HBB 22.05 5.3 Materialise MTLS 42.64 13.8 ProtagonistTherap PTGX 22.68 0.4 10xGenomics TXG 115.71 3.9 ZoomVideo ZM 325.90 8.6 Kubient KBNT 3.65 1.1 Tenable TENB 38.01 0.5 Zscaler ZS 146.93 1.6 Monday, August 31, 2020 EsteeLauder EL 224.23 -0.5 HannonArmstrong HASI 42.80 0.1 MeritMedical MMSI 50.09 -1.4 ProtoLabs PRLB 147.18 5.5 LongviewAcqnWt LGVW.WS 0.85 -5.6 Evogene EVGN 2.15 11.3 HarborCustom HCDI 8.36 -4.7 Michaels MIK 11.53 1.1 Qualcomm QCOM 121.06 0.8 Tesla TSLA 500.14 12.6 MalaccaStraits MLACU 9.85 -0.1 52-Wk % 52-Wk % 52-Wk % ExOne XONE 13.16 5.7 HibbettSports HIBB 33.62 2.8 MonsterBev MNST 84.97 -0.8 RackspaceTech RXT 22.06 10.5 ThermoFisherSci TMO 433.45 1.1 Lows MountainCrestRt MCACR 0.29 -16.1 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg eXpWorld EXPI 45.45 8.6 HorizonAcqn HZAC.U 10.11 -0.1 MontroseEnvl MEG 29.90 -2.1 Replimune REPL 27.69 3.9 TrilliumTherap TRIL 11.55 10.3 NACCO Inds NC 20.50 -3.0 AcastiPharma ACST 0.23 -65.5 ExpeditorsIntl EXPD 89.12 -0.6 HudbayMinerals HBM 4.58 1.8 Moody's MCO 297.16 0.1 RevanceTherap RVNC 29.85 0.5 TrineAcqnWt TRNE.WS 2.72 0.4 NatlBankshares NKSH 24.83 -2.5 BRP Group 28.20 11.4 AIG Wt AIG.WS 0.35 -16.7 BRP Chemed CHE 521.40 1.2 FtacOlympus FTOCU 10.00 0.1 IAA IAA 53.06 0.7 MountainCrest MCACU 10.35 0.1 RhythmPharm RYTM 31.229.4 TruistFinlPfdR TFCpR 26.65 -0.3 9F JFU 1.52 -3.1 BlackKnight BKI 84.78 -0.3 TurquoiseHill TRQ 1.10 8.0 BEST BEST 4.00 -6.1 Highs Chewy CHWY 61.84 2.2 Fastenal FAST 49.08 ... IAC/InterActive IAC 136.36 0.3 NationalBeverage FIZZ 84.85 -1.0 S&P Global SPGI 369.28 -0.1 PioneerBancorp PBFS 8.03 -3.8 Bonso BNSO 3.48 2.8 UnionPacific UNP 196.19 -1.4 BP Prudhoe BPT 2.11 -5.8 ChickenSoupA CSSE 17.90 -5.7 FedEx FDX 224.20 -0.9 I-Mab IMAB 39.80 27.2 NiaMoPwr pfC NMKpC 109.29 0.4 SchneiderNatl SNDR 27.62 -0.5 PredictiveOncology POAI 1.05 -4.4 Ansys ANSS 340.03 0.7 BostonSciPfdA BSXpA 117.70 -0.3 ChickenSoupNts CSSEN 25.13 2.0 UPS B UPS 165.22 0.8 CF Finance II CFIIU 9.92 -0.2 Accenture ACN 243.54 -1.3 FifthThirdPfdB PNFPP 26.78 0.7 IllinoisToolWks ITW 200.98 -1.5 NVIDIA NVDA 543.00 1.7 SenecaFoods A SENEA 48.05 1.8 PropertySolns PSACU 9.85 0.2 BrighthousePfdB BHFAO 27.79 1.5 Chipotle CMG 1325.00 0.7 USCopperIndex CPER 19.00 0.8 CapstarSpacWt CPSR.WS 0.50 4.7 AcutusMedical AFIB 35.75 13.3 FstHorizonPfdE FHNpE 26.94 0.4 InariMedical NARI 84.91 -3.4 OaktreeAcqn OAC.U 12.00 0.5 SenecaFoods B SENEB 47.00 0.4 ChinaJoJoDrug CJJD 1.06 -3.6 PrudentialBncp PBIP 9.89 -8.4 BrilliantAcqnRt BRLIR 0.25 -13.3 Cintas CTAS 334.71 -0.2 UtzBrandsWt UTZ.WS 7.00 26.3 AdvMicroDevices AMD 92.64 6.2 Broadcom 350.58 0.7 FirstHorizonPfdC FHNpC 26.49 1.3 InspireMedical INSP 120.33 2.0 OfficePropNts2050 OPINL 26.58 1.3 ShockwaveMed SWAV 64.00 3.1 UtzBrands 19.16 12.6 ChinaSXTPharm SXTC 0.30 -4.6 Psychemedics PMD 4.47 -3.2 AVGO Cognex CGNX 69.50 1.2 UTZ AgilentTechs A 101.04 0.5 BroadcomPfdA AVGOP1243.20 0.3 FirstHorizonPfdD FHNpD 26.65 2.7 ICE ICE 106.63 0.6 OldDomFreight ODFL 204.44 0.9 SilkRoadMed SILK 61.77 0.7 VaronisSystems VRNS 125.58 -1.4 CN Finance CNF 3.09 -1.0 RockwellMedical RMTI 1.28 -0.8 CorbusPharm CRBP 9.78 1.8 Amazon.com AMZN3495.00 1.4 BrookfdRenewPfdA17 BEPpA 27.14 0.5 FirstHorizonPfdA FHNpA 26.75 0.8 IntuitiveSurgical ISRG 734.45 0.5 OntrakPfd OTRKP 25.20 0.8 SilvercorpMetals SVM 8.85 4.3 Vicor VICR 88.98 0.1 ColumbiaFin CLBK 10.62 -1.6 SINOPEC SHI 20.50 -3.6 CrowdStrike CRWD 126.55 6.0 Apple AAPL 131.00 3.4 Brown-Forman B BF.B 74.06 -0.6 FirstMidBncpPfdC FMBIO 26.40... iRhythmTechs IRTC 224.77 0.2 OptimizeRx OPRX 20.86 3.9 SoCA Ed pfD SCEpD 28.95 0.5 VivintSolar VSLR 31.29 1.2 CyclacelPharm CYCC 3.75 -1.8 ShilohIndustries SHLO 0.37 -64.2 AppliedUV AUVI 12.99 132.0 CCNeubergerII PRPB.U 10.18 0.7 DenisonMines DNN 0.54 1.7 FirstMidwestPfdA FMBIP 26.461.3 KensingtonCapA KCAC 9.95 0.2 OrionEnergySys OESX 6.47 3.4 SoCA Ed pfE SCEpE 25.91 -0.2 VivoPowerIntl VVPR 10.61 10.5 ECMOHO MOHO 1.83 0.1 SunBiopharma SNBP 3.09 -3.1 ArcelorMittalNts MTCN 33.12 0.4 CH Robinson CHRW 99.67 -0.4 Descartes DSGX 61.75 -0.3 FortressBiotech FBIO 4.06 4.6 KingswayFin KFS 2.94 -0.3 PPD PPD 34.70 1.0 SouthernNts20 SOJD 26.99 0.2 Watsco WSO 248.83 -0.6 E.MergeTech ETACU 9.98 ... TuanChe TC 1.08 -10.0 AthenePfdC ATHpC 27.27 0.5 CanadianSolar CSIQ 34.10 -0.1 Domo DOMO 41.20 4.4 FortunaSilver FSM 7.37 2.3 KuraOncology KURA 25.12 3.2 PRA Group PRAA 47.35 -0.1 SoCopper SCCO 48.70 -0.2 WescoPfdA WCCpA 27.77 0.9 EastRscs ERESU 9.87 ... 22ndCentury XXII 0.58 -7.1 AtlUnionPfdA AUBAP 26.44 0.2 CardiffOncology CRDF 8.29 4.7 DragoneerGrowth DGNR.U 12.45 -1.1 FreedomHolding FRHC 23.83 0.9 LandstarSystem LSTR 138.55 -1.0 PSBusParksPfdZ PSBpZ 26.97 -0.1 SproutSocial SPT 38.81 5.8 WestPharmSvcs WST 285.00 4.6 FedNat FNHC 8.39 -5.5 Uxin UXIN 0.72 -14.3 Atomera ATOM 13.30 16.4 Catalent CTLT 93.09 5.5 DycomInds DY 61.98 6.9 FreeportMcM FCX 15.89 -0.3 Lantronix LTRX 5.42 0.9 PTC PTC 91.94 0.3 St.Joe JOE 23.47 -0.6 Wipro WIT 4.38 -0.2 FoleyTrasimII BFT.U 9.98 -0.4 VarexImaging VREX 11.08 -1.4 AutoWeb AUTO 5.59 20.4 CheckmatePharm CMPI 16.49 2.0 EPAM Systems EPAM 328.96 0.3 GameStop GME 7.15 23.9 LennoxIntl LII 289.94 -1.5 Palomar PLMR 112.76 2.1 StarGroup SGU 9.80 5.0 XPeng XPEV 22.79 -10.0 GlobalBlue GB 8.00 -8.6 ZomedicaPharm ZOM 0.11 -9.2

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 (%) (%)

Monday, August 31, 2020 Closing Chg YTD iShJPMUSDEmgBd EMB 113.58 –0.01 –0.9 iShSilver SLV 26.23 2.42 57.3 Schwab US TIPs SCHP 61.93 0.45 9.4 VangdHlthCr VHT 207.47 0.40 8.2 iShMBSETF MBB 110.68 –0.04 2.4 iShTIPSBondETF TIP 126.98 0.45 8.9 SPDR DJIA Tr DIA VangdHiDiv VYM 83.79 –0.76 –10.6 Closing Chg YTD ETF Symbol Price (%) (%) 284.28 –0.84 –0.3 iShMSCI ACWI ACWI 82.35 –0.60 3.9 iSh1-3YTreasuryBd SHY 86.56 0.03 2.3 SPDR S&PMdCpTr MDY 351.40 –1.07 –6.4 VangdIntermBd BIV 93.65 0.18 7.4 ETF Symbol Price (%) (%) iShCoreMSCITotInt IXUS 59.37 –1.07 –4.1 iShMSCI EAFE EFA 64.98 –0.76 –6.4 iSh7-10YTreasuryBd IEF 121.51 0.11 10.2 SPDR S&P 500 SPY 349.31 –0.36 8.5 VangdIntrCorpBd VCIT 96.39 0.30 5.5 iShCoreS&P500 IVV 350.77 –0.35 8.5 CommSvsSPDR XLC 63.26 –0.47 18.0 iShMSCIEmgMarkets EEM 44.54 –2.22 –0.7 iSh20+YTreasuryBd TLT 162.19 0.66 19.7 VangdLC VV 163.11 –0.02 10.3 iShCoreS&P MC IJH 192.57 –1.05 –6.4 SPDR S&P Div SDY 96.36 –1.02 –10.4 CnsmrDiscSelSector XLY 150.09 –0.29 19.7 iShNasdaqBiotech IBB 135.60 1.92 12.5 iShRussellMCGrowth IWP 175.56 0.33 15.1 VangdMC VO 179.84 –0.33 0.9 iShCoreS&P SC IJR 73.97 –1.48 –11.8 TechSelectSector XLK 123.55 0.32 34.8 CnsStapleSelSector XLP 65.58 –0.29 4.1 iShNatlMuniBd MUB 115.98 0.10 1.8 iShUSTreasuryBdETF GOVT 27.90 0.14 7.6 VangdMBS VMBS 54.39 –0.04 2.3 UtilitiesSelSector XLU 59.25 0.30 –8.3 EnSelectSectorSPDR XLE 35.65 –2.17 –40.6 iShS&PTotlUSStkMkt ITOT 78.62 –0.34 8.2 iShPfd&Incm PFF 36.70 0.03 –2.4 JPM UltShtIncm JPST 50.87 0.03 0.9 VangdRealEst VNQ 81.75 –1.02 –11.9 VanEckGoldMiner GDX 42.27 0.74 44.4 FinSelSectorSPDR XLF 25.06 –1.18 –18.6 iShCoreUSAggBd AGG 118.37 0.22 5.3 iShRussell1000Gwth IWF 227.92 0.52 29.6 PIMCOEnhShMaturity MINT 101.93 –0.02 0.3 VangdS&P500ETF VOO 321.02 –0.35 8.5 VangdInfoTech VGT 328.15 0.31 34.0 FT DJ Internet FDN 198.39 0.77 42.6 iShSelectDividend DVY 84.69 –1.11 –19.8 iShRussell1000 IWB 195.15 –0.06 9.4 SPDR BlmBarcHYBd JNK 105.75 –0.04 –3.5 VangdST Bond BSV 83.16 0.04 3.2 VangdSC Val VBR 115.55 –1.39 –15.7 HealthCareSelSect XLV 108.26 0.24 6.3 iShEdgeMSCIMinEAFE EFAV 68.87 –0.59 –7.6 iShRussell1000Val IWD 121.91 –0.84 –10.7 SPDRBloomBar1-3MTB BIL 91.54 ... 0.1 VangdSTCpBd VCSH 83.09 0.06 2.5 VangdSC Grwth VBK 218.53 –0.10 10.0 IndSelSectorSPDR XLI 77.81 –1.24 –4.5 iShEdgeMSCIMinUSA USMV 65.13 –0.20 –0.7 iShRussell2000 IWM 155.43 –1.08 –6.2 SPDR Gold GLD 184.83 0.24 29.3 VangdSC VB 158.46 –0.93 –4.3 InvscQQQI QQQ 294.88 0.80 38.7 iShEdgeMSCIUSAMom MTUM 153.48 1.41 22.2 iShRussellMid-Cap IWR 58.76 –0.54 –1.4 SchwabIntEquity SCHF 31.97 –0.75 –4.9 VangdDivApp VIG 130.59 –0.82 4.8 VangdTotalBd BND 88.46 0.29 5.5 InvscS&P500EW RSP 111.40 –0.84 –3.7 iShEdgeMSCIUSAQual QUAL 107.58 –0.59 6.5 iShRussellMCValue IWS 83.18 –1.15 –12.2 SchwabUS BrdMkt SCHB 83.27 –0.18 8.3 VangdFTSEDevMk VEA 41.87 –0.69 –5.0 VangdTotIntlBd BNDX 57.74 –0.07 2.1 iSh3-7YTreasuryBd IEI 133.59 0.02 6.2 iShGoldTr IAU 18.77 0.21 29.4 iShS&P500Growth IVW 243.26 0.10 25.6 SchwabUS Div SCHD 57.28 –1.02 –1.1 VangdFTSE EM VWO 44.19 –2.10 –0.6 VangdTotIntlStk VXUS 53.48 –1.15 –4.0 iShCoreDivGrowth DGRO 41.12 –0.68 –2.3 iShiBoxx$InvGrCpBd LQD 135.60 0.44 6.0 iShS&P500Value IVE 116.21 –0.75 –10.7 SchwabUS LC SCHX 84.17 –0.19 9.6 VangdFTSE Europe VGK 54.42 –0.91 –7.1 VangdTotalStk VTI 177.28 –0.23 8.3 iShCoreMSCIEAFE IEFA 61.43 –0.66 –5.8 iShiBoxx$HYCpBd HYG 85.03 –0.14 –3.3 iShShortCpBd IGSB 55.09 0.11 2.7 SchwabUS LC Grw SCHG 120.11 0.29 29.3 VangdFTSEAWxUS VEU 51.66 –1.13 –3.9 VangdTotlWrld VT 83.49 –0.57 3.1 iShCoreMSCIEM IEMG 53.30 –2.09 –0.9 iShIntermCorpBd IGIB 61.16 0.23 5.5 iShShortTreaBd SHV 110.72 –0.01 0.2 SchwabUS SC SCHA 71.19 –0.92 –5.9 VangdGrowth VUG 239.31 0.40 31.4 VangdValue VTV 107.63 –0.84 –10.2

Biggest 1,000 Stocks | WSJ.com/stocks Net 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 Stock Sym Close Chg CentraisElBras EBR 6.48 -0.38 DaVita DVA 86.76 -0.18 ExtraSpaceSt EXR 106.55 -0.19 s FedEx FDX 219.84 -2.06 FiveBelow FIVE 109.45 -2.78 FoxB FOX 27.80 -0.12 Galapagos GLPG 133.16 2.21 How to Read the Stock Tables Footnotes: CenturyLink CTL 10.75 -0.24 Deere DE 210.06 0.16 ExxonMobil XOM 39.94 -0.75 Ferrari RACE 194.75 -1.55 Five9 FIVN 127.44 1.98 Franco-Nevada FNV 150.48 1.30 Gallagher AJG 105.30 0.25 The following explanations apply to NYSE, s-New 52-week high. CeridianHCM CDAY 79.52 0.67 DellTechC DELL 66.08 -0.13 F5Networks FFIV 132.33 2.06 FiatChrysler FCAU 11.03 -0.18 FleetCorTech FLT 251.45 -3.55 FranklinRscs BEN 21.06 -0.27 Gaming&Leisure GLPI 36.35 -1.14 NYSE Arca, NYSE American and Nasdaq Stock t-New 52-week low. Cerner CERN 73.37 0.57 DeltaAir DAL 30.85 -1.14 FMC FMC 106.86 -2.29 FidNatlFin FNF 32.83 -0.62 Floor&Decor FND 73.24 -0.02 s FreeportMcM FCX 15.61 -0.04 Gap GPS 17.39 -0.15 Market listed securities. Prices are composite dd-Indicates loss in the most recent CharlesRiverLabs CRL 218.95 1.49 DentsplySirona XRAY 44.87 -0.45 Facebook FB 293.20 -0.46 FidNatlInfo FIS 150.85 -1.62 FomentoEconMex FMX 58.33 -0.86 FreseniusMed FMS 42.38 0.13 Garmin GRMN 103.61 -0.15 quotations that include primary market trades four quarters. CharterComms CHTR 615.61 -0.03 DeutscheBank DB 9.53 -0.36 FactSet FDS 350.40 -2.52 FifthThirdBncp FITB 20.66 -0.45 FordMotor F 6.82 -0.12 Gartner IT 129.82 -1.66 as well as trades reported by Nasdaq BX FD-First day of trading. G H I CheckPoint CHKP 126.26 -0.63 DexCom DXCM 425.41 6.46 FairIsaac FICO 420.79 -4.69 58.com WUBA 55.36 -0.31 Fortinet FTNT 132.01 1.26 Generac GNRC 189.98 0.96 (formerly Boston), Chicago Stock Exchange, h-Does not meet continued listing Chegg CHGG 73.74 0.78 Diageo DEO 134.40 -1.49 Farfetch FTCH 27.69 0.33 FirstRepBank FRC 112.91 -1.83 Fortis FTS 40.04 0.24 GCI LibertyA GLIBA 80.78 -0.89 GeneralDynamics GD 149.35 -2.92 Cboe, NYSE National and Nasdaq ISE. standards s Chemed CHE 517.11 6.01 DiamondbkEner FANG 38.96 -1.18 s Fastenal FAST 48.86 0.02 FirstSolar FSLR 76.59 -3.41 Fortive FTV 72.11 -0.72 GDS Holdings GDS 80.94 -1.13 GeneralElec GE 6.34 -0.27 The list comprises the 1,000 largest lf-Late filing CheniereEnergy LNG 52.05 -0.33 DigitalRealty DLR 155.65 1.36 Fastly FSLY 92.84 -1.83 FirstEnergy FE 28.59 0.28 FortBrandsHome FBHS 84.08 -1.33 GFLEnvironmental GFL 18.25 -0.42 GeneralMills GIS 63.95 0.56 companies based on market capitalization. q-Temporary exemption from Nasdaq CheniereEnerPtrs CQP 36.19 0.34 DiscoverFinSvcs DFS 53.08 -1.17 FederalRealty FRT 79.24 -1.21 Fiserv FISV 99.58 -0.58 FoxA FOXA 27.86 0.04 GSXTechedu GSX 85.40 3.81 Continued on Page B6 Underlined quotations are those stocks with requirements. Chevron CVX 83.93 -1.70 DiscoveryB DISCB 36.50 -0.97 large changes in volume compared with the t-NYSE bankruptcy s Chewy CHWY 61.07 1.34 DiscoveryA DISCA 22.07 -0.81 v-Trading halted on primary market. issue’s average trading volume. ChinaEastrnAir CEA 20.31 -0.09 DiscoveryC DISCK 19.97 -0.71 vj-In bankruptcy or receivership or ChinaLifeIns LFC 12.18 -0.14 Disney DIS 131.87 -3.67 Boldfaced quotations highlight those issues being reorganized under the ADVERTISEMENT ChinaMobile CHL 35.03 -1.34 DocuSign DOCU 223.00 7.76 whose price changed by 5% or more if their Bankruptcy Code, or securities DolbyLab DLB 69.85 -0.49 previous closing price was $2 or higher. assumed by such companies. ChinaPetrol SNP 45.88 0.80 ChinaSoAirlines ZNH 26.21 -0.49 DollarGeneral DG 201.88 1.49 ChinaTelecom CHA 32.53 -1.34 DollarTree DLTR 96.27 1.54 The Marketplace Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and ChinaUnicom CHU 7.08 -0.34 DominionEner D 78.44 0.42 changes in the closing prices from 4 p.m. the previous day. s Chipotle CMG 1310.28 8.77 Domino's DPZ 408.96 -7.02 To advertise: 800-366-3975orWSJ.com/classiﬁeds Chubb CB 125.00 -1.39 Donaldson DCI 50.36 -0.74 Dover DOV Monday, August 31, 2020 Net Net ChunghwaTel CHT 36.92 -0.19 109.84 -1.54 Church&Dwight CHD 95.83 0.92 Dow DOW 45.12 -0.93 Net Stock Sym Close Chg Stock Sym Close Chg ChurchillDowns CHDN 174.76 -3.19 DrReddy'sLab RDY 58.17 -1.21 Stock Sym Close Chg BUSINESSOPPORTUNITIES COMMERCIAL REAL ESTATE Aptargroup ATR 118.39 0.26 BrookfieldMgt BAM 33.74 -1.10 Ciena CIEN 56.77 0.74 DraftKings DKNG 35.36 -0.96 A B C Aptiv APTV 86.12 -1.13 BrookfieldInfr BIP 43.55 -0.79 Cigna CI 177.37 -3.78 Dropbox DBX 21.17 0.45 Aramark ARMK 27.56 -1.25 BrookfieldPropREIT BPYU 11.53 -0.42 CincinnatiFin CINF 79.41 -0.98 DukeEnergy DUK 80.34 0.63 ArcelorMittal MT 12.56 -0.11 BrookfieldRenew BEPC 50.92 -1.80 DukeRealty DRE 38.55 -0.13 ABB ABB 25.50 -0.32 s Cintas CTAS 333.24 -0.64 #"" *#%,!" (',$ )+&!"$ ArchCapital ACGL 31.54 -0.73 Brown&Brown BRO 46.40 0.19 Dun&Bradstreet DNB 25.36 0.06 81%6( )656)(&/ %6!3 !,.+&-2 ;SZ#8Z 6#TZ Q<6V!Z 6W#6U-.N) Sh.L Sh8hGGN_ -. gNKhGM -M Y<9Z6W<4XW6 SVYZ VQ849#Q!Z AcadiaPharm ACAD 39.59 1.61 CiscoSystems CSCO 42.22 0.02 ArcherDaniels ADM 44.76 -0.14 s Brown-Forman B BF.B 73.17 -0.43 Dunkin' DNKN 76.08 -0.45 !7':'8785a KNGO gd AECOM ACM 39.51 0.28 CitizensFin CFG 25.87 -0.42 arGEN-X ARGX 231.27 2.34 Bruker BRKR 42.02 -0.07 Dynatrace DT 44.23 0.98 %80$ ":7-,$($+ *$#$/+-5 %$)9 !240-38 (KN )N&N.(NN. bF@a !--,N* W-(NG"-**-fN*) b),NPJiPhGGd_;Sk W-(NG;h*(.N*)_ SS!_ QWW RNcc SS!_ AES AES 17.75 -0.15 CitrixSystems CTXS 145.20 1.17 AristaNetworks ANET 223.45 1.41 Bunge BG 45.62 -1.05 ENI E 18.60 -0.37 #8W^! RNcc SS!_ YR#^VV RNcc SS!_ 9-0G') 8'J(N) RNcc SS!_ !k#W VRNcc SS!_ !k#W VV RNcc SS!_ X; Aflac AFL 36.32 -0.81 Clarivate CCC 29.44 0.54 RN0,KJ) ;h*(.N*) SS!_ X; RN0,KJ) RNcc SS!_ X; R'*M*NN)g-*-;h*(.N*) SS!_ X; R'*MRNcc SS!_ X; ArrowElec ARW 78.56 0.66 BurlingtonStrs BURL 196.93 -5.57 EOG Rscs EOG 45.34 -0.87 <4;02C&EB?= 7I) +5 G?I= (=ID# AGNC Invt AGNC 14.11 -0.03 Clorox CLX 223.50 6.37 UhPH)-. RNcc SS!_ X; UhPH)-. ;h*(.N*) SS!_ X; ?6D7IE:'E: ANGI Homesvcs ANGI 13.88 -0.04 Cloudflare NET 38.26 -1.39 U-K.)-. !J(d ;h*(.N*)_ SS!_ h.O X; U-K.)-. !J(d RNcc SS!a J. (KNJ* *N),NP(J&NR-*(LhLN "-**-fN*b)a AspenTech AZPN 127.03 -0.93 CDW CDW 113.65 -1.69 E*TRADE ETFC 54.10 -0.55 s Ansys ANSS 339.01 2.30 Coca-Cola KO 49.53 -0.30 (?)('HCE'I!)* D?!?F='(G )AC#?)H?E IEB -* Rh.hLJ.L Z.(J(bJN)a bP-GGNP(J&NGd_(KN 71R'(%'(Q>7!7!'82F_h))N( M-*(KJ.(KN RNcch.J.N ;GNOLN Assurant AIZ 121.56 -1.12 CF Industries CF 32.63 -0.58 EastmanChem EMN 73.11 -1.32 ASETech ASX 4.11 -0.06 Coca-Cola Euro CCEP 41.16 -0.76 (7? CE!G 8I(?E(?B .GA? +9'IF?(?) h.O 8NP'*J(d #L*NN0N.( b(KN 71R'(%' 9%:''?'>75a_ (-LN(KN* fJ(K PN*(hJ. *JLK() h.O ,*-,N*(d AstraZeneca AZN 56.00 0.31 CGI GIB 70.19 -0.69 Eaton ETN 102.10 -1.41 *N,*N)N.(J.L_ *NGh(J.L (-_-*h*J)J.L M*-0 (KN RN0gN*)KJ,V.(N*N)() bP-GGNP(J&NGd_(KN 76=RRB7':BR5a] ASML ASML 374.18 -5.29 Coca-Cola Femsa KOF 41.79 -1.88 Athene ATH 36.56 -0.82 s CH Robinson CHRW 98.30 -0.43 eBay EBAY 54.78 0.67 1?$?=)I! )G)(?H 'E (7? "C=!B3 "h)NO ',-. J.M-*0h(J-. ,*-&JONOgd(KN !--,N*!-0,h.JN) h.O (KNJ* hMiGJh(N)_ J( J) (KN AT&T T 29.81 -0.23 s Cognex CGNX 69.19 0.79 Atlassian TEAM 191.76 -0.67 CME Group CME 175.87 -1.16 Ecolab ECL 197.08 -3.42 '.ON*)(h.OJ.L -M 8NP'*NO ;h*(dbg'( fJ(K-'(h.d *NP-'*)N (-_-**N,*N)N.(h(J-. -* fh**h.(d -M h.d Azek AZEK 39.48 0.57 CognizantTech CTSH 66.86 -0.83 AtmosEnergy ATO 99.82 0.24 CMS Energy CMS 60.49 0.44 Ecopetrol EC 11.39 -0.28 @&!('A!? D!'E'D) CA?E EI('CE"'B? 'E HJ.Ogd_ 8NP'*NO ;h*(dh)(-hPP'*hPd -* P-0,GN(N.N))a (Kh( bJa (KN RN0gN*)KJ, V.(N*N)() P-.)(J('(N AbbottLabs ABT 109.47 -1.32 ColgatePalm CL 79.26 -0.11 Autodesk ADSK 245.70 -1.69 CNA Fin CNA 32.17 -0.76 EdisonInt EIX 52.48 0.31 IBB'('CE (C C&= ;E!'E? 9':'(I! (KN ,*J.PJ,hG h))N(-M(KN !--,N*W-(NG "-**-fN*)_bJJa NhPK !--,N* W-(NG"-**-fN*-f.) (KN *NL'Gh* AbbVie ABBV 95.77 1.60 Comcast A CMCSA 44.81 0.25 0N0gN*)KJ, -* GJ0J(NO,h*(.N*)KJ, J.(N*N)() J. J() *N),NP(J&NR-*(LhLN "-**-fN*-*Rh.hLJ.L Autohome ATHM 80.24 -4.53 CNH Indl CNHI 7.90 -0.07 s EdwardsLife EW 85.84 1.51 Abiomed ABMD 307.62 4.58 CommerceBcshrs CBSH 59.57 -0.02 8!I(>C=H "7?=?AI('?E() DIE %C'E >=CH Z.(J(d% bJJJa(KN R-*(LhLN "-**-fN*b)a -* Rh.hLJ.L Z.(J(bJN)a K-GO J.(N*N)() J. h,-*(M-GJ- -M FF K-(NG) Autoliv ALV 78.34 -0.73 CNOOC CEO 113.16 -0.78 ElancoAnimal ELAN 29.06 -0.07 s Accenture ACN 239.93 -3.06 SABESP SBS 8.70 -0.50 (7? DCH>C=( C> (7?'= 7CH?3 ,//- G-Ph(NO YG-*JOh_ RJPKJLh._ h.O 6N..N))NNb(KN 71:=<':7!'85a_h.O bJ&a (KN !--,N* W-(NG"-**-fN*) h*N ADP ADP 139.09 -2.25 CRH CRH 37.10 -0.78 Elastic ESTC 108.58 -1.81 ActivisionBliz ATVI 83.52 0.31 ConagraBrands CAG 38.36 0.20 ONg(-*)'.ON* h0Ncch.J.N G-h. J. (KN -*JLJ.hG ,*J.PJ,hGh0-'.( -M 1DF_C?[_[[[][[ b(KN 7I'LLB>!>' AutoZone AZO 1196.31 7.19 CRISPR Therap CRSP 93.46 2.75 ElbitSystems ESLT 134.33 -1.19 :&I=IE(??* AI('?E() "'!! F? C>>(7?'= Adobe ADBE 513.39 -3.05 ConchoRscs CXO 51.98 -0.28 J=B>5a_ fKJPK G-h. J) J. ONMh'G(] Avalara AVLR 132.41 1.59 CSX CSX 76.46 -0.61 ElectronicArts EA 139.47 -1.40 9'IF?('D H?B) C= (7?'= HCE?G FID#3 .#' /BR' P!RR 7BT' 3*7=@': "E )A)AB7++SAA BC?C QB87':> .!?' !> *=?*' P!7# H'P AdvanceAuto AAP 156.31 1.54 ConocoPhillips COP 37.89 -0.49 Avalonbay AVB 158.06 -1.56 CVS Health CVS 62.12 -1.09 EmergentBiosol EBS 114.05 -3.54 G=:T->!&=:? 6=??':*!BR 6=(' /'*7!=> UD$+A bJa h( (KN M*-.( )(N,) -M (KN QNfj-*H!-'.(d 8',*N0N s AdvMicroDevices AMD 90.82 5.27 ConEd ED 71.34 0.42 Avangrid AGR 48.04 -0.09 CableOne CABO 1840.33-15.76 EmersonElec EMR 69.47 -1.18 C= >&=(7?= 'E>C3 !-'*("'JGOJ.L_ G-Ph(NO h( A[ !N.(*N 8(*NN(_ QNfj-*H_ QNfj-*HF[[[@% h.O bJJa J. *NP-L.J(J-. -M (KN s AgilentTechs A 100.42 0.52 ConstBrands A STZ 184.48 -0.89 Avantor AVTR 22.57 0.58 CabotOil COG 18.97 0.02 Enbridge ENB 32.02 -0.54 !<3Vk^F>,h.ON0JP h.O *NGh(NO GJ0J(h(J-.) -. ,'gGJP h))N0gGJN)_ (KN 8hGN fJGG hG)- gN P-.O'P(NO AgnicoEagle AEM 82.50 0.47 ContinentalRscs CLR 17.18 -0.42 AveryDennison AVY 115.39 -2.79 CadenceDesign CDNS 110.91 0.05 EncompassHealth EHC 65.24 -0.92 &J*('hGGd &Jh -.GJ.N &JON- P-.MN*N.PN] 6KN 49S hOO*N)) h.O ,h))f-*OfJGG gN ,*-&JONO(-hGG *NLJ)(N*NO AirProducts APD 292.26 -4.50 Cooper COO 314.38 -1.51 ,h*(JPJ,h.()] BCE BCE 43.01 -0.57 CaesarsEntCZR 45.80 -3.25 EnelAmericas ENIA 7.11 -0.27 AkamaiTech AKAM 116.43 0.80 Copart CPRT 103.32 -0.76 6KN !-GGh(N*hG fJGG gN )-GO h) h)J.LGN '.J( h.O J) -MMN*NO 9/ K/E ,MQ0QK/E ,K.M 9JJ O9-J./] BHP Group BHP 55.06 -0.77 CamdenProperty CPT 90.94 -0.14 EnergyTransfer ET 6.42 -0.18 %7 %H"I:57 M5KIDD_ h) h0N.ONOb(KN 7/'*5:!7!'8 9*75a_ h.O 8NP'*NO ;h*(d*N)N*&N) AlexandriaRlEst ARE 168.38 -1.33 Costco COST 347.66 -0.71 2,4 6?=+180< +0=:-180<- 9=<40=- B2Gold BTG 6.74 0.09 CanNaturalRes CNQ 19.67 -0.47 EnterpriseProd EPD 17.56 -0.13 (KN *JLK( (- *N)(*JP( ,h*(JPJ,h(J-. J. (KN 8hGN (- ,*-),NP(J&NgJOON*)(Kh( *N,*N)N.( (Kh( (KN !-GGh(N*hG AlexionPharm ALXN 114.22 7.23 CoupaSoftware COUP 327.74 1.77 *:+868!401"? ;"-*:4-- +88?-( Baidu BIDU 124.57 -4.43 CanPacRlwy CP 295.68 -3.17 Equifax EFX 168.27 -0.10 fJGG .-(gN)-GO_ h))JL.NO_ ,GNOLNO_ OJ),-)NO -M_ Kd,-(KNPh(NO -* -(KN*fJ)N (*h.)MN**NO fJ(K-'( (KN Alibaba BABA 287.03 -1.97 Credicorp BAP 130.48 0.48 BakerHughes BKR 14.28 -0.52 Canon CAJ 17.16 -0.21 Equinix EQIX 789.78 2.76 2,4 608640+A !*?? ;4 ="9+*8:47 8: ,*J-**NLJ)(*h(J-. J. hPP-*Oh.PN fJ(K (KN 8NP'*J(JN) #P(h.O (KN )NP'*J(JN) Ghf) -M hGG -(KN* h,,GJPhgGN AlignTech ALGN 296.98 -3.60 CreditAcceptance CACC 386.80-72.63 Ball BLL 80.37 0.25 CanopyGrowth CGC 16.52 -0.38 Equinor EQNR 16.05 -0.14 J-A>-D1-@ 6! =N=N 3> LN#NN %8 4PI I'*J)OJP(J-.)_ '.GN)) h. NeN0,(J-. M*-0 )'PK *NLJ)(*h(J-. J) h&hJGhgGN] Alleghany Y 554.56 -7.17 CreditSuisse CS 10.97 -0.23 ;SZ#8Z 6#TZ Q<6V!Z (Kh((KN*N h*N ),NPJiP *N+'J*N0N.() M-*h.d ,-(N.(JhG gJOON* J. P-..NP(J-. BancoBilbaoViz BBVA 2.89 -0.17 CapitalOne COF 69.03 -2.10 Equitable EQH 21.19 -0.42 ;A +,4 -49"047 9047*+80( Allegion ALLE 103.39 -0.61 Cree CREE 63.10 -0.64 fJ(K -g(hJ.J.L J.M-*0h(J-._ gJOOJ.L -. (KN !-GGh(N*hG h.O ,'*PKh)J.L(KN !-GGh(N*hG bP-GGNP(J&NGd_(KN BancoBradesco BBDO 3.56 -0.13 CardinalHealth CAH 50.76 0.26 EquityLife ELS 66.29 0.28 AlliantEnergy LNT 54.15 -0.17 s CrowdStrike CRWD 125.73 7.09 70';5!:'?'>785a_ J.PG'OJ.L fJ(K-'( GJ0J(h(J-. bFa P-0,GdJ.L fJ(K (KN *N+'J*N0N.() h,,GJPhgGN (- (KN BancodeChile BCH 16.77 -0.41 Carlisle CSL 130.95 -0.37 EquityResdntl EQR 56.45 -0.58 Allstate ALL 93.00 -1.30 CrownCastle CCI 163.25 -0.54 )hGN -M (KN !-GGh(N*hG )N(M-*(K J. (KN V.(N*P*NOJ(-* #L*NN0N.( Oh(NO h) -M 8N,(N0gN* A_ E[F@ b(KN BancSanBrasil BSBR 5.17 -0.20 Carlyle CG 25.81 -0.26 ErieIndemnity A ERIE 213.44 5.93 AllyFinancial ALLY 22.88 -0.67 CrownHoldings CCK 76.85 -0.34 7K695a_ h0-.L 8NP'*NO ;h*(d h.O (KN K-GON*-M(KN 8N.J-* S-h. b(KN 7/'>!=: J=B>5a_ J.PG'OJ.L_ g'( BcoSantChile BSAC 15.38 -0.29 CarMax KMX 106.93 -0.32 EssentialUtil WTRG 42.50 -0.12 .-(GJ0J(NO (-_(Kh( )'PK gJOON* 0')( gN h7:'hGJiNO 6*h.)MN*NN_5 h.O (KN fJ..J.L gJOON* 0')( ONGJ&N* AlnylamPharm ALNY 132.64 1.23 CubeSmart CUBE 31.62 0.03 BancoSantander SAN 2.23 -0.09 Carnival CCL 16.48 -0.73 EssexProp ESS 216.51 -4.13 /:+404-+47$ '8:+=9+ )8??A #08-9,="40 =+ *N,GhPN0N.( L'h*h.(NN) M*-0 h8',,GN0N.(hG 6KJ*O ;h*(d& @3@3 fJ(K (KN ;GNOLNO Z.(J(d2) L-&N*.J.L O-P'0N.() h.O (KN O-P'0N.() L-&N*.J.L(KN RNcch.J.N S-h. Alphabet C GOOG 1634.18-10.23 CureVac CVAC 55.08 -4.07 BankofAmerica BAC 25.74 -0.56 CarrierGlobal CARR 29.85 -0.45 Etsy ETSY 119.70 0.04 =+ D+@B?0)32-@&?)-@/BB.A3@>C-@?$0BD h.O (KN 8N.J-* S-h._ h.O bDa P-0,GdJ.L fJ(K (KN -(KN* +'hGJiPh(J-.) h.O *N+'J*N0N.() bJ.PG'OJ.L g'( Alteryx AYX 120.83 -0.16 CyrusOne CONE 83.53 0.98 BankofMontreal BMO 63.57 0.37 Carvana CVNA 215.96 -2.48 EverestRe RE 220.08 -1.59 .-(GJ0J(NO (- (KN 6N*0) -M 8hGN *NGh(J.L (- (KN )hGN -M (KN !-GGh(N*hG b(KN 7.':?8 =& /BR'5a] AlticeUSA ATUS 27.58 0.21 80 =+ ';LNG =69*=L;N$ BankNY Mellon BK 36.98 -0.58 CaseysGenStores CASY 177.85 0.16 Evergy EVRG 53.22 0.24 #. -.GJ.N Oh(h)J(NM-* (KN 8hGN b(KN 74B7B8!7'5a J) h&hJGhgGN h( K((,=\\fff] Altria MO 43.74 -0.19 D E F 4#% +%'$,%& ',%&")/, !")# *2"%0 /0 )#% %-$".1%0) P--,N*K-(NG,-*(M-GJ-'PPM-*NPG-)'*N]P-0 fKJPK fJGG J.PG'ON PN*(hJ. *NGN&h.( J.M-*0h(J-. (Kh( 8NP'*NO BkNovaScotia BNS 43.22 -0.16 s Catalent CTLT 92.50 4.84 EversourceEner ES 85.71 0.94 AlumofChina ACH 1*6 ',%&") ("& *) )#% *$')"/05 4#% *$')"/0 1*6 (% ;h*(d,-))N))N) P-.PN*.J.L(KN !--,N*W-(NG "-**-fN*)_(KN R-*(LhLN "-**-fN*)_(KN Rh.hLJ.L 6.03 -0.32 Barclays BCS 5.82 -0.13 Caterpillar CAT 142.31 -1.32 DISH Network DISH 35.52 0.70 ExactSciences EXAS 75.29 2.13 s Amazon.com AMZN 3450.96 49.16 '*0'%22%&3 ./+)./0%&3 /, '/0)"0$%& *) *06)"1%5 Z.(J(JN)_ (KN ;*-,N*(JN)_(KN RNcch.J.N S-h._ h.O (KN V!# bP-GGNP(J&NGd_(KN 74!8*R=8'( IB7':!BR85a BarrickGold GOLD 29.65 0.45 Celanese CE 101.15 -2.79 DTE Energy DTE 118.67 0.81 Exelixis EXEL 22.22 0.59 Ambev ABEV h) fNGG h) (KN 6N*0) -M 8hGN] #PPN)) (- )'PK J.M-*0h(J-. fJGG gN P-.OJ(J-.NO ',-. NeNP'(J-. 2.25 -0.13 BauschHealth BHC 16.62 -0.29 CenovusEnergy CVE 4.72 -0.19 Danaher DHR 206.47 0.83 Exelon EXC 36.91 -0.13 -M hP-.iON.(JhGJ(d hL*NN0N.( fKJPKPh. gN M-'.O -. 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(),>#? #:=?%#? 4,>8>,,>!C !*+( /$ ApolloGlbMgmt APO 46.87 0.28 BristolMyers BMY 62.20 -0.17 WPP ADR WPP 1.6 .6594 SA Nov06 /Oct09 1#9#<0? -K'D$'0*G AppFolio APPF 168.03 -5.61 BritishAmTob BTI 33.77 -0.57 $,:D>,F 6)?- F>,):F?:,F :=B3 4B>%F>. (,635-5'4!0/",1)6+/ /4 !4<.0D0.?'!4<.'6#6#49 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and s Apple AAPL 129.04 4.23 s Broadcom AVGO 347.15 2.33 -%'/*)/( !.0+$ &,#"+&&, ! 4*#.$4&.#%22 ! *')"( $+$!%$,!#&++ ApplMaterials AMAT 61.60 -1.47 BroadridgeFinl BR 137.40 -1.07 ratio; SO: spin-off. P2JW245000-2-B00600-1------XA

B6 | Tuesday, September 1, 2020 ** THE WALL STREET JOURNAL. BIGGEST 1,000 STOCKS

Continued From Page B5 Net Net Net Net 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 Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg IHS Markit INFO 79.92 -0.71 KoreaElcPwr KEP 8.54 -0.14 MarketAxess MKTX 485.94 1.57 NewellBrands NWL 15.98 -0.24 Paylocity PCTY 147.25 0.91 ResMed RMD 180.78 0.55 SolarEdgeTech SEDG 221.15 -0.04 Textron TXT 39.43 -0.54 VMware VMW 144.44 -1.65 GeneralMotors GM 29.63 -0.39 ING Groep ING 8.09 -0.32 KraftHeinz KHC 35.04 0.16 Marriott MAR 102.91 -3.35 Newmont NEM 67.28 0.57 PayPal PYPL 204.14 -0.34 RestaurantBrands QSR 54.14 -1.27 SolarWinds SWI 21.03 -0.16 s ThermoFisherSci TMO 428.98 4.50 Vodafone VOD 14.77 -0.17 Genmab GMAB 37.76 0.56 IPG Photonics IPGP 161.73 2.08 Kroger KR 35.68 0.38 Marsh&McLen MMC 114.91 0.91 NewsCorp B NWS 15.07 -0.17 Pegasystems PEGA 128.47 -0.50 RexfordIndlRealty REXR 47.98 -0.12 Sony SNE 78.64 -0.75 ThomsonReuters TRI 76.37 -0.70 VornadoRealty VNO 35.83 -1.33 Genpact G 42.18 -0.53 IQVIA IQV 163.75 2.53 L Brands LB 29.40 -0.27 MartinMarietta MLM 202.87 -3.88 NewsCorp A NWSA 15.12 -0.14 s Peloton PTON 76.67 0.71 ReynoldsCnsmr REYN 33.23 ... Southern SO 52.18 -0.24 3M MMM 163.02 -2.64 VoyaFinancial VOYA 51.91 -0.43 Gentex GNTX 27.05 -0.23 IcahnEnterprises IEP 49.78 -0.42 LHC Group LHCG 208.44 2.76 MarvellTech MRVL 38.78 0.53 NextEraEnergy NEE 279.17 -0.38 PembinaPipeline PBA 24.74 -0.54 RingCentral RNG 290.77 -2.59 s SoCopper SCCO 48.10 -0.11 Tiffany TIF 122.50 -1.38 Vroom VRM 68.63 3.62 GenuineParts GPC 94.44 -0.44 Icon ICLR 186.41 3.67 Line LN 50.90 -0.12 Masco MAS 58.30 -0.24 Nike NKE 111.89 -0.40 PennNational PENN 51.10 -2.62 RioTinto RIO 61.23 -0.75 SouthwestAir LUV 37.58 -1.23 Toro TTC 75.28 -0.44 VulcanMatls VMC 120.00 -2.89 GileadSciences GILD 66.75 1.49 IDEX IEX 180.23 -0.66 LKQ LKQ 31.74 -0.88 Masimo MASI 224.00 4.22 Nikola NKLA 40.81 -0.54 Pentair PNR 45.14 -0.70 RitchieBros RBA 58.45 -1.21 Splunk SPLK 219.33 -1.09 TorontoDomBk TD 49.86 -0.34 GSK GSK 39.60 ... s IllinoisToolWks ITW 197.55 -3.11 LPL Financial LPLA 82.16 -0.20 Mastercard MA 358.19 -7.93 NiSource NI 22.16 -0.19 PenumbraPEN 209.15-11.80 RobertHalf RHI 53.20 -0.79 Spotify SPOT 282.16 2.80 Total TOT 39.57 -0.39 W X Y Z Illumina ILMN 357.22 3.22 L3HarrisTech LHX 180.74 0.85 MaximIntProducts MXIM 68.44 -1.78 Nokia NOK 4.90 -0.07 PepsiCo PEP 140.06 0.12 RocketCos. RKT 28.00 -0.42 Square SQ 159.56 3.63 ToyotaMotor TM 132.43 -1.49 GlobalPayments GPN 176.62 -0.65 WEC Energy WEC 94.08 0.46 Immunomedics IMMU 44.56 2.67 LabCpAm LH 175.75 -1.66 McCormickVtg MKC.V 204.30 0.22 NomuraHoldings NMR 5.16 ... PerkinElmer PKI 117.72 0.81 Rockwell ROK 230.53 -2.74 StanleyBlackDck SWK 161.30 -3.52 TractorSupply TSCO 148.83 1.92 Globant GLOB 177.58 1.33 WEX WEX 159.71 -4.33 ImperialOil IMO 16.43 -0.47 LamResearch LRCX 336.34-14.44 McCormick MKC 206.20 1.61 Nordson NDSN 186.49 -1.47 Perrigo PRGO 52.30 -0.52 RogersComm B RCI 41.62 -0.97 Starbucks SBUX 84.47 -0.53 TradeDesk TTD 481.30 -4.40 GlobeLife GL 82.48 -2.34 W.P.Carey WPC 69.37 -2.35 Incyte INCY 96.35 2.45 LamarAdv LAMR 69.23 -1.52 McDonalds MCD 213.52 -0.14 NorfolkSouthern NSC 212.53 -2.50 Roku ROKU 173.48 0.63 StateStreet STT 68.09 -2.02 Tradeweb TW 57.29 0.27 s GoDaddy GDDY 83.68 0.18 PetroChina PTR 34.51 -0.31 WPP WPP 42.39 -1.05 Infosys INFY 12.60 -0.21 LambWeston LW 62.85 -1.34 McKesson MCK 153.44 -0.01 NorthernTrust NTRS 81.89 -2.02 Rollins ROL 55.14 0.12 SteelDynamics STLD 29.52 -0.68 TraneTech TT 118.39 -1.91 GoldFields GFI 13.03 -0.36 PetroleoBrasil PBR 8.17 -0.33 Wabtec WAB 66.55 -0.54 IngersollRand IR 35.06 -0.70 MedicalProp MPW 18.58 0.01 NorthropGrum NOC 342.61 -2.14 RoperTech ROP 427.19 -2.99 Steris STE 159.64 2.00 TransDigm TDG 499.67 -7.10 GoldmanSachs GS 204.87 -1.59 LasVegasSands LVS 50.71 -1.45 PetroleoBrasilA PBR.A 8.01 -0.29 WalgreensBoots WBA 38.02 -0.74 Insulet PODD 218.25 3.91 Medtronic MDT 107.47 -0.39 NortonLifeLock NLOK 23.52 -0.53 RossStores ROST 91.08 -2.75 STMicroelec STM 30.25 0.16 TransUnion TRU 86.72 -0.37 Graco GGG 58.02 -0.15 Lear LEA 113.93 -2.90 Pfizer PFE 37.79 -0.12 Walmart WMT 138.85 -1.45 Intel INTC 50.95 0.52 MelcoResorts MLCO 19.52 -0.38 Novartis NVS 86.06 -0.54 RoyalBkCanada RY 76.12 -1.08 StoneCo STNE 51.00 -0.87 Travelers TRV 116.04 0.15 s Grainger GWW 365.43 -0.55 Leidos LDOS 90.49 -0.82 PhilipMorris PM 79.79 -0.95 WarnerMusic WMG 29.66 0.20 InteractiveBrkrs IBKR 53.02 -0.16 MercadoLibre MELI 1168.59-10.31 Novavax NVAX 110.34 2.60 RoyalCaribbean RCL 68.84 -1.28 Stryker SYK 198.16 -0.05 Trex TREX 149.49 0.10 Grifols GRFS 16.03 0.06 Lennar B LEN.B 59.30 -0.62 Phillips66 PSX 58.47 -3.32 WasteConnections WCN 100.03 -0.21 s ICE ICE 106.23 0.67 Merck MRK 85.27 -0.38 NovoNordisk NVO 66.04 0.21 RoyalDutchA RDS.A 29.68 -0.51 SumitomoMits SMFG 5.88 -0.07 Trimble TRMB 52.41 0.39 Grubhub GRUB 72.35 -0.65 Lennar A LEN 74.82 -1.11 Pinduoduo PDD 88.94 -0.26 WasteMgt WM 114.00 -0.01 InterContinentl IHG 57.96 -1.66 MetLife MET 38.46 -0.96 Novocure NVCR 82.75 0.75 RoyalDutchB RDS.B 28.10 -0.54 SunComms SUI 149.08 -0.04 Trip.com TCOM 30.24 -0.39 GuardantHealth GH 95.50 -0.64 s LennoxIntl LII 280.33 -4.36 PinnacleWest PNW 73.35 -0.13 Waters WAT 216.26 -1.17 IBM IBM 123.31 -1.76 NuanceComms NUAN 29.96 0.29 RoyalGold RGLD 136.32 0.88 SunLifeFinancial SLF 41.77 -0.96 Guidewire GWRE 112.31 0.22 LiAuto LI 16.30 -1.30 MettlerToledo MTD 970.78 4.17 Pinterest PINS 36.79 1.45 TruistFinl TFC 38.81 -0.78 s Watsco WSO 244.99 -1.36 IntlFlavors IFF 123.79 -0.68 Nucor NUE 45.46 -0.53 RoyaltyPharma RPRX 41.38 -0.69 SuncorEnergy SU 16.03 -0.57 HCA Healthcare HCA 135.72 -0.27 LibertyBroadbandC LBRDK 140.09 -1.44 MicrochipTech MCHP 109.70 -0.82 PioneerNatRscs PXD 103.93 -1.67 Twilio TWLO 269.76 5.31 Wayfair W 296.56-14.38 IntlPaper IP 36.27 -0.66 Nutrien NTR 36.87 -0.32 s SunRun RUN 56.56 1.05 HDFC Bank HDB 49.60 -1.49 LibertyBroadbandA LBRDA 138.19 -0.89 MicronTech MU 45.51 -0.18 PlainsAllAmPipe PAA 7.08 -0.14 Ryanair RYAAY 80.90 -5.10 Twitter TWTR 40.58 -0.49 Weibo WB 37.30 -1.19 Interpublic IPG 17.76 -0.52 s NVIDIA NVDA 534.98 9.07 Suzano SUZ 9.13 -0.27 HD Supply HDS 39.66 -0.74 LibertyGlobal C LBTYK 23.01 -0.02 Microsoft MSFT 225.53 -3.38 PlainsGP PAGP 7.31 -0.17 SAP SAP 165.41 -1.31 TylerTech TYL 345.31 7.68 WellsFargo WFC 24.15 -0.54 Intuit INTU 345.39 -0.72 SynchronyFin SYF 24.81 -0.97 HP HPQ 19.55 -0.30 LibertyGlobal B LBTYB 23.39 -1.61 MidAmApt MAA 117.12 -0.04 Polaris PII 101.04 -2.57 s S&P Global SPGI 366.42 -0.41 TysonFoods TSN 62.80 -0.69 Welltower WELL 57.52 -1.93 s IntuitiveSurgical ISRG 730.84 3.83 O P Q SyneosHealth SYNH 63.10 1.10 HSBC HSBC 21.63 -0.41 LibertyGlobal A LBTYA 23.37 -0.31 MiratiTherap MRTX 149.37 0.09 Pool POOL 327.84 -3.06 SBA Comm SBAC 306.07 -0.12 UBS Group UBS 12.15 -0.21 s WestPharmSvcs WST 283.96 12.37 InvitatHomes INVH 28.63 -0.03 Synnex SNX 127.15 -0.89 s HUYA HUYA 28.72 -0.08 LibertyFormOne A FWONA 36.18 -1.15 MitsubishiUFJ MUFG 4.18 -0.02 OGE Energy OGE 31.86 0.07 PostHoldings POST 88.02 -0.96 SEI Investments SEIC 52.36 -0.57 UDR UDR 34.81 -0.28 WesternDigital WDC 38.42 0.58 IonisPharma IONS 54.50 1.71 s Synopsys SNPS 221.30 1.81 Halliburton HAL 16.18 -0.09 LibertyFormOne C FWONK 38.98 -1.27 MizuhoFin MFG 2.74 -0.04 ONEOK OKE 27.48 -0.60 PrincipalFin PFG 42.11 -1.66 SK Telecom SKM 22.97 0.22 UGI UGI 34.53 0.13 WesternUnion WU 23.59 -0.37 iQIYI IQ 21.65 0.22 Sysco SYY 60.14 -1.75 HartfordFinl HIG 40.45 -0.73 LibertyBraves A BATRA 19.59 -0.40 MobileTeleSys MBT 9.32 -0.23 OReillyAuto ORLY 465.63 2.68 Procter&Gamble PG 138.33 -0.44 SS&C Tech SSNC 63.72 -0.50 Uber UBER 33.63 -0.17 WestlakeChem WLK 59.32 -1.86 s iRhythmTechs IRTC 220.18 0.44 Hasbro HAS 78.94 -2.00 LibertyBraves C BATRK 19.43 -0.40 Moderna MRNA 64.89 -2.60 OakStreetHealth OSH 44.63 -0.78 s Progressive PGR 95.04 1.36 StoreCapital STOR 27.04 -0.56 Ubiquiti UI 181.75 -1.69 WestpacBanking WBK 12.74 -0.11 IronMountain IRM 30.09 -0.25 T U V HealthpeakProp PEAK 27.64 -0.82 LibertySirius C LSXMK 35.99 -1.01 MohawkInds MHK 92.33 -4.00 OccidentalPetrol OXY 12.74 -0.39 Prologis PLD 101.86 -0.63 SVB Fin SIVB 255.38 0.37 UltaBeauty ULTA 232.18 -4.84 WestRock WRK 30.33 -0.73 ItauUnibanco ITUB 4.26 -0.22 Heico HEI 109.92 -0.67 LibertySirius B LSXMB 41.65 5.25 MolinaHealthcare MOH 184.97 1.15 Okta OKTA 215.37 7.39 Proofpoint PFPT 109.67 -1.36 Salesforce.com CRM272.65 1.55 TAL Education TAL 73.81 -3.12 Unilever UN 58.00 -0.57 Weyerhaeuser WY 30.31 -0.58 Heico A HEI.A 89.38 -0.17 J K L LibertySirius A LSXMA 36.31 -0.95 MolsonCoorsB TAP 37.64 -0.25 s OldDomFreight ODFL 202.18 1.86 PrudentialFin PRU 67.77 -1.87 Sanofi SNY 50.58 0.38 TC Energy TRP 46.66 -0.84 Unilever UL 59.58 -0.57 WheatonPrecMet WPM 53.37 0.33 HenrySchein HSIC 66.44 ... EliLilly LLY 148.39 1.05 MomentaPharm MNTA 52.17 -0.16 Ollie'sBargain OLLI 95.54 -1.58 Prudential PUK 32.26 -0.68 SareptaTherap SRPT 146.42 -1.04 TD Ameritrade AMTD 38.38 -0.80 s UnionPacific UNP 192.44 -2.69 Whirlpool WHR 177.72 -1.16 Herbalife HLF 49.15 -0.37 JD.com JD 78.64 -1.32 LincolnNational LNC 36.05 -1.34 Mondelez MDLZ 58.42 0.11 OmegaHealthcare OHI 30.97 -0.55 PublicServiceEnt PEG 52.24 0.08 Schlumberger SLB 19.01 -0.41 TE Connectivity TEL 96.60 -1.34 UnitedAirlines UAL 36.00 -1.34 Williams WMB 20.76 -0.31 Hershey HSY 148.64 -0.56 Joyy YY 85.44 -5.46 Linde LIN 249.74 -3.83 MongoDB MDB 233.80 7.89 Omnicom OMC 54.09 -1.02 PublicStorage PSA 212.40 -1.04 SchwabC SCHW 35.53 -0.75 Telus TU 18.41 -0.14 UnitedMicro UMC 3.54 -0.09 Williams-Sonoma WSM 87.76 -1.80 Hess HES 46.04 -0.90 JPMorganChase JPM 100.19 -2.58 LiveNationEnt LYV 56.80 -1.91 MonolithicPower MPWR 267.13 -2.33 ON Semi ON 21.37 -0.65 PulteGroup PHM 44.59 -0.73 ScottsMiracleGro SMG 168.53 0.68 TIM Part TSU 13.04 -0.48 s UPS B UPS 163.62 1.26 WillisTowers WLTW 205.53 -0.13 HewlettPackard HPE 9.67 -0.16 JackHenry JKHY 165.42 -2.06 LivongoHealth LVGO 137.30 4.34 s MonsterBev MNST 83.86 -0.68 OneConnectFinTech OCFT 21.57 -0.99 Qiagen QGEN 50.96 0.31 Sea SE 152.81 0.14 TJX TJX 54.79 -0.30 UnitedRentals URI 177.05 -5.48 s Wipro WIT 4.30 -0.01 Hill-Rom HRC 93.79 0.65 JacobsEngg J 90.27 0.81 LloydsBanking LYG 1.44 -0.03 s Moody's MCO 294.64 0.25 OpenText OTEX 45.38 -0.80 Qorvo QRVO 128.27 -1.03 Seagate STX 47.99 1.39 T-MobileUS TMUS 116.68 0.42 US Bancorp USB 36.40 -0.80 Wix.com WIX 294.63 2.66 Hilton HLT 90.36 -1.37 JamesHardie JHX 22.45 -0.55 LockheedMartin LMT 390.26 -2.93 MorganStanley MS 52.26 -0.63 Oracle ORCL 57.22 -0.66 s Qualcomm QCOM 119.10 0.90 SealedAir SEE 39.30 -1.58 TRowePrice TROW 139.21 0.10 UnitedHealth UNH 312.55 -1.82 Workday WDAY 239.71 -4.17 Hologic HOLX 59.72 -0.65 JazzPharma JAZZ 134.39 0.61 Loews L 35.86 -1.06 Morningstar MORN 160.15 -1.60 Orange ORAN 11.13 -0.25 QuantaServices PWR 51.25 -0.14 SeattleGenetics SGEN 158.34 4.68 TaiwanSemi TSM 79.25 -1.19 UnivDisplay OLED 175.50 -5.89 WynnResorts WYNN 87.45 -4.10 HomeDepot HD 285.04 -1.25 J&J JNJ 153.41 -0.23 s LogitechIntl LOGI 74.78 2.47 Mosaic MOS 18.23 -0.68 Orix IX 62.16 -0.19 QuestDiag DGX 111.24 0.49 SempraEnergy SRE 123.65 1.33 TakeTwoSoftware TTWO 171.19 0.13 UniversalHealthB UHS 110.35 -2.27 XP XP 49.39 -0.35 HondaMotor HMC 25.58 -0.13 JohnsonControls JCI 40.73 -0.57 Lowe's LOW 164.69 -0.82 MotorolaSol MSI 154.75 1.17 OtisWorldwide OTIS 62.90 -0.69 Quidel QDEL 175.96 12.99 SensataTechs ST 41.64 -0.57 TakedaPharm TAK 18.61 -0.17 VEREIT VER 6.72 -0.20 XPO Logistics XPO 88.27 -2.02 Honeywell HON 165.55 -2.83 JuniperNetworks JNPR 25.00 1.14 lululemon LULU 375.67 -1.81 Mylan MYL 16.38 0.15 OwensCorning OC 67.64 -1.53 ServiceCorp SCI 45.65 -0.60 TandemDiabetes TNDM 112.72 -0.24 VF VFC 65.75 -2.19 XcelEnergy XEL 69.47 0.82 HorizonTherap HZNP 75.12 2.68 KB Fin KB 30.95 -1.27 Lumentum LITE 86.00 0.75 NICE NICE 229.85 -0.27 PG&E PCG 9.26 0.13 R S ServiceNow NOW 482.02 -5.85 Target TGT 151.21 0.36 VICI Prop VICI 22.34 -0.64 Xilinx XLNX 104.16 -0.75 HormelFoods HRL 50.98 0.36 KE Holdings BEKE 51.29 1.54 Lyft LYFT 29.67 -1.10 NIO NIO 19.03 0.53 PLDT PHI 29.59 -0.12 ShawComm B SJR 18.69 -0.27 TataMotors TTM 9.74 -0.03 VailResorts MTN 217.67 -7.61 Xylem XYL 80.18 -1.80 DR Horton DHI 71.37 -0.47 KKR KKR 35.82 0.89 LyondellBasell LYB 65.48 -2.67 NRG Energy NRG 34.41 0.12 PNC Fin PNC 111.20 -1.15 RELX RELX 22.66 -0.16 SherwinWilliams SHW 671.05 -4.86 TeckRscsB TECK 11.52 -0.26 Vale VALE 11.00 -0.30 s Yandex YNDX 68.23 2.98 HostHotels HST 11.23 -0.46 KLA KLAC 205.14 -3.47 NVR NVR 4168.34-38.84 POSCO PKX 38.64 -1.50 RH RH 330.55 -0.99 ShinhanFin SHG 24.92 -1.01 TeladocHealth TDOC 215.69 7.12 ValeroEnergy VLO 52.59 -2.30 YumBrands YUM 95.85 -1.60 HowmetAerospace HWM 17.52 -0.49 KSCitySouthern KSU 182.04 -2.21 M N NXP Semi NXPI 125.76 -1.47 s PPD PPD 34.34 0.35 RPM RPM 84.77 -0.95 Shopify SHOP 1066.42 24.36 TeledyneTech TDY 313.61 -2.83 VarianMed VAR 173.67 0.92 s YumChina YUMC 57.71 1.21 HuanengPower HNP 16.65 -0.26 Kellogg K 70.91 0.94 Nasdaq NDAQ 134.42 2.58 PPG Ind PPG 120.40 -1.72 RaymondJames RJF 75.72 -1.00 Sibanye-Stillwater SBSW 12.31 -0.10 Teleflex TFX 392.95 7.93 Vedanta VEDL 7.01 -0.08 ZTO Express ZTO 33.53 0.81 Huazhu HTHT 44.73 -0.55 KeurigDrPepper KDP 29.83 -0.24 M&T Bank MTB 103.26 -2.04 NationalGrid NGG 56.48 -0.07 PPL PPL 27.63 -0.09 RaytheonTech RTX 61.00 -1.24 SimonProperty SPG 67.85 -1.99 Ericsson ERIC 11.65 -0.06 VeevaSystems VEEV 282.27 8.20 ZaiLab ZLAB 79.37 -2.06 Hubbell HUBB 144.92 -1.10 KeyCorp KEY 12.32 -0.27 MGM Resorts MGM 22.50 -1.36 NatlRetailProp NNN 35.44 -1.08 PRA HealthSci PRAH 106.91 2.06 RealPage RP 62.62 -0.52 SiriusXM SIRI 5.87 -0.09 TelefonicaBras VIV 8.73 -0.34 Ventas VTR 41.21 -1.51 ZebraTech ZBRA 286.53 6.37 HubSpot HUBS 299.68 -0.13 KeysightTechs KEYS 98.52 1.19 MKS Instrum MKSI 119.53 -2.25 Natura&Co NTCO 17.92 -0.60 s PTC PTC 91.41 0.26 RealtyIncome O 62.03 -1.18 Skyworks SWKS 144.85 1.23 Telefonica TEF 3.95 -0.07 VeriSign VRSN 214.80 6.66 Zendesk ZEN 96.38 1.64 Humana HUM 415.17 7.13 KilroyRealty KRC 58.52 -1.38 MPLX MPLX 18.27 -0.44 NatWest NWG 2.93 -0.06 Paccar PCAR 85.84 -0.65 RegencyCtrs REG 39.71 -0.73 SlackTech WORK 32.84 0.93 TelekmIndonesia TLK 19.93 -0.30 VeriskAnalytics VRSK 186.67 -0.68 Zillow C Z 85.76 -1.56 JBHunt JBHT 140.54 -1.21 KimberlyClark KMB 157.76 1.26 MSCI MSCI 373.27 -0.41 nCino NCNO 92.95 4.47 PackagingCpAm PKG 101.24 -1.03 RegenPharm REGN 619.93 17.32 Smartsheet SMAR 54.53 1.22 s 10xGenomics TXG 114.62 4.31 Verizon VZ 59.27 0.01 Zillow A ZG 85.28 -1.67 HuntingtonBcshs HBAN 9.41 -0.16 KinderMorgan KMI 13.82 -0.36 MagellanMid MMP 38.01 -1.17 NetApp NTAP 47.39 1.65 PagSeguroDig PAGS 42.14 -2.07 RegionsFin RF 11.56 -0.15 SmithAO AOS 48.97 -0.39 Tenaris TS 11.66 -0.12 VertxPharm VRTX 279.12 9.16 ZimmerBiomet ZBH 140.88 -0.79 HuntingIngalls HII 151.52 -0.94 KingsoftCloud KC 34.48 -0.44 MagnaIntl MGA 48.61 -2.06 NetEase NTES 487.21-16.96 PaloAltoNtwks PANW 257.41 2.74 ReinsGrp RGA 91.68 -2.13 Smith&Nephew SNN 40.65 -0.21 TencentMusic TME 15.63 -0.36 ViacomCBS B VIAC 27.85 -0.14 Zoetis ZTS 160.10 0.10 HyattHotels H 56.49 -2.67 KinrossGold KGC 8.88 -0.01 ManhattanAssoc MANH 97.25 -2.02 Netflix NFLX 529.56 5.67 PanAmerSilver PAAS 36.16 0.44 RelianceSteel RS 104.87 -1.40 Smucker SJM 120.18 0.53 Teradyne TER 84.97 -0.76 ViacomCBS A VIACA 30.54 -0.69 s ZoomVideo ZM 325.10 25.83 s IAA IAA 52.32 0.35 KirklandLakeGold KL 53.21 -0.24 ManulifeFin MFC 14.75 -0.46 Neurocrine NBIX 116.42 2.10 ParkerHannifin PH 206.01 -4.46 RenaissanceRe RNR 183.74 0.16 Snap SNAP 22.59 0.28 s Tesla TSLA 498.32 55.64 Vipshop VIPS 16.51 -0.58 ZoomInfoTech ZI 38.82 1.61 ICICI Bank IBN 10.74 -0.50 Knight-Swift KNX 45.46 -0.49 MarathonPetrol MPC 35.46 -1.63 NewOrientalEduc EDU 146.63 -2.52 Paychex PAYX 76.47 -0.84 Repligen RGEN 154.91 4.72 SnapOn SNA 148.27 -2.07 TevaPharm TEVA 9.87 0.27 Visa V 211.99 -3.72 s Zscaler ZS 143.34 2.21 IdexxLab IDXX 391.06 7.08 KoninklijkePhil PHG 47.49 -1.76 Markel MKL 1086.83-16.54 NYTimes A NYT 43.33 -0.47 PaycomSoftware PAYC 299.46 -0.38 RepublicSvcs RSG 92.72 -0.20 SOQUIMICH SQM 31.36 -0.94 TexasInstruments TXN 142.15 -1.34 Vistra VST 19.23 -0.07 Zynga ZNGA 9.06 ...

Mutual Funds Data provided by 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 USBdIdxInstPrem 12.57 +0.02 7.1 FPA Funds MFS Funds Instl PRIMECAP Odyssey Fds STIGradeAdml 11.00 ... 4.2 TotIntBdIxInv 11.54 -0.01 2.6 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. Fidelity Advisor I FPACres 32.02 -0.27 -2.4 IntlEq 27.66 -0.12 -0.7 AggGrowth r 48.69 +0.23 8.4 TotBdAdml 11.63 +0.02 6.9 USGro 62.28 +0.52 44.8 e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnoteseand s NwInsghtI 39.01 +0.10 19.3 Franklin A1 Northern Funds Schwab Funds TotIntBdIdxAdm 23.07 -0.02 2.6 WellsI 27.84 -0.03 3.4 apply. k-RecalculatedbyLipper,using updateddata. p-Distribution costsapply,12b-1. r- Fidelity Freedom CA TF A1 p 7.72 -0.01 2.9 StkIdx 40.22 -0.09 9.6 1000 Inv r 78.43 -0.09 NA TotIntlAdmIdx r 28.77 -0.24 NA Welltn 44.64 -0.10 4.3 Redemption charge mayapply. s-Stock split or dividend. t-Footnotespand rapply. v-Footnotes FF2020 16.52 -0.05 5.1 IncomeA1 p 2.13 -0.01 -5.9 Nuveen Cl I S&P Sel 54.20 -0.11 NA TotStAdml 86.35 -0.12 NA WndsrII 36.20 -0.28 0.2 xand eapply. x-Ex-dividend. z-Footnote x, eand sapply. NA-Notavailable due to incomplete FF2025 14.67 -0.05 5.0 FrankTemp/Frank Adv HYMunBd 16.88 -0.01 -2.9 TSM Sel r 61.12 -0.10 NA TxMCapAdml 182.05 -0.20 10.7 VANGUARD INDEX FDS price, performanceorcostdata. NE-Notreleased by Lipper; data under review. NN-Fund not FF2030 18.16 -0.07 4.8 IncomeAdv 2.11 -0.01 -5.8 Old Westbury Fds TIAA/CREF Funds TxMIn r 13.48 -0.06 -3.8 IdxIntl 17.20 -0.14 NA tracked. NS-Fund didn’texistatstart of period. Freedom2020 K 16.50 -0.05 5.0 FrankTemp/Franklin A LrgCpStr 15.84 -0.07 NA BdIdxInst 11.68 +0.01 6.8 USGroAdml 161.42 +1.35 44.9 SmValAdml 49.65 -0.69 NA Freedom2025 K 14.65 -0.05 5.1 Growth A p 134.19 -0.09 19.6 Parnassus Fds EqIdxInst 25.53 -0.03 9.4 ValAdml 42.01 -0.33 -8.7 TotBd2 11.55 +0.01 6.5 Freedom2030 K 18.14 -0.08 4.9 RisDv A p 73.86 -0.52 6.7 ParnEqFd 52.01 -0.15 11.0 VANGUARD ADMIRAL WdsrllAdml 64.22 -0.50 0.2 TotIntlInstIdx r 115.04 -0.96 NA Monday, August 31, 2020 Freedom2035 K 15.28 -0.08 4.5 FrankTemp/Franklin C PGIM Funds Cl Z 500Adml NA ... 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NA DivAppIdxAdm 35.47 -0.26 5.9 DivdGro 31.32 -0.19 3.4 DevMktsIndInst 13.50 -0.06 -3.7 Ultra 73.17 +0.58 40.3 HiYldBd Inst 7.52 ... 0.4 US CoreEq2 23.90 -0.12 1.8 TotRtnBdFdClInst 29.79 +0.09 11.7 EMAdmr 36.83 -0.67 NA Contra 17.53 +0.04 28.7 InvGrdCrBd 11.14 +0.03 NA INSTTRF2020 25.39 -0.04 5.3 DevMktsInxInst 21.10 -0.10 -3.7 American Funds Cl A BlackRock Funds A US Small 31.38 -0.43 -9.9 Harbor Funds EqIncAdml 72.65 -0.47 -7.1 ExtndInst NA ... NA ContraK 17.56 +0.04 28.8 TotRt NA ... NA INSTTRF2025 26.05 -0.05 5.3 AmcpA p 36.83 -0.10 11.6 GlblAlloc p 20.52 ... 10.1 US SmCpVal 27.83 -0.52 -18.8 CapApInst 109.95 +1.30 45.1 ExplrAdml 103.74 -0.49 6.7 GrwthInst 123.25 +0.59 32.0 CpInc r 10.07 -0.02 1.2 PIMCO Funds A INSTTRF2030 26.43 -0.06 5.2 AMutlA p 42.70 -0.15 -0.8 BlackRock Funds Inst USLgVa 32.76 -0.33 -14.1 Harding Loevner ExtndAdml NA ... NA InPrSeIn 11.55 +0.05 9.6 DivIntl 43.50 -0.16 7.4 IncomeFd 11.74 +0.01 NA INSTTRF2035 26.79 -0.07 5.1 BalA p 29.45 -0.06 4.7 StratIncOpptyIns 10.08 ... 2.9 Dodge & Cox IntlEq NA ... NA GNMAAdml 10.76 ... 3.4 InstIdx 313.08 -0.65 9.7 GroCo 32.23 +0.25 50.9 PIMCO Funds I2 INSTTRF2040 27.14 -0.08 4.9 BondA p 14.11 +0.03 9.3 Bridge Builder Trust Balanced 95.39 -0.69 -3.8 Invesco Funds Y GrwthAdml 123.24 +0.58 31.9 InstPlus 313.10 -0.65 9.8 GrowCoK 32.30 +0.25 51.0 Income 11.74 +0.01 NA INSTTRF2045 27.42 -0.09 4.7 CapIBA p 59.82 -0.18 -3.7 CoreBond 10.98 +0.02 7.2 Income 14.79 +0.02 7.1 DevMktY 46.02 -0.67 0.9 HlthCareAdml r 93.30 +0.42 9.3 InstTStPlus 73.88 -0.10 9.4 PIMCO Funds Instl CapWGrA 53.68 -0.17 3.7 CorePlusBond 10.69 +0.02 7.1 Intl Stk 37.75 -0.45 -13.4 InvGrBd 12.28 +0.03 8.1 JPMorgan I Class HYCorAdml r 5.85 ... 1.5 INSTTRF2050 27.47 -0.10 4.8 MidCpInst 49.24 -0.14 NA IncomeFd 11.74 +0.01 NA EupacA p 58.99 -0.27 6.0 Intl Eq 11.89 -0.08 -0.8 Stock 173.14 -1.93 -8.4 LowP r 46.86 -0.26 -6.4 CoreBond NA ... NA InfProAd 28.34 +0.12 9.5 INSTTRF2055 27.59 -0.09 4.8 MidCpIstPl 242.85 -0.71 NA Price Funds FdInvA p 63.30 -0.19 4.2 LargeCapGrowth 19.82 ... 25.2 DoubleLine Funds Magin 12.60 +0.01 23.5 EqInc NA ... NA IntlGrAdml 136.68 +0.17 33.0 LifeCon 22.02 -0.03 5.7 SmCapInst 76.02 -0.59 NA BlChip 162.58 +0.12 30.7 GwthA p 63.18 +0.36 23.6 LargeCapValue 12.88 -0.13 -5.0 CoreFxdIncmI NA ... NA OTC 17.43 +0.08 36.3 JPMorgan R Class ITBondAdml 12.66 +0.01 8.9 LifeGro 37.68 -0.11 5.1 STIGradeInst 11.00 ... 4.3 HI TrA p 9.72 ... 0.3 ClearBridge TotRetBdI NA ... NA Puritn 25.86 ... 14.5 CoreBond NA ... NA DivGro 55.21 -0.25 4.2 ITIGradeAdml 10.64 +0.01 8.5 LifeMod 30.18 -0.07 5.4 STIPSIxins 25.64 +0.02 3.8 ICAA p 41.63 -0.14 6.5 LargeCapGrowthI 68.51 +0.08 NA Edgewood Growth Instituti SrsEmrgMkt 21.28 -0.45 3.2 CorePlusBd NA ... NA EqInc 27.57 -0.27 -12.9 LTGradeAdml 11.93 +0.05 12.1 PrmcpCor 27.61 -0.17 -1.1 TotBdInst 11.63 +0.02 6.9 IncoA p 22.42 -0.11 -1.9 Columbia Class I EdgewoodGrInst NA ... 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NA CorBdInst 12.19 +0.03 7.3 LgCo 26.91 -0.06 9.7 SmCpIdxInstPrem 19.84 -0.21 -5.5 First Eagle Funds Growth I 161.47 -0.12 27.0 R2035 20.12 -0.09 5.7 SmGthAdml 76.84 -0.12 NA TgtRet2055 45.26 -0.15 4.8 CorePlusBdI NA ... NA BlackRock Funds TAUSCoreEq2 20.36 -0.11 1.9 TMktIdxInstPrem 98.68 -0.15 9.3 GlbA 57.94 -0.31 ... ValueI 41.56 -0.29 -6.0 R2040 28.65 -0.14 5.9 STBondAdml 10.89 ... 4.4 TgtRetInc 14.70 -0.01 5.4 CorePlusBdIS NA ... NA : ExploringGlobalInnovation by PrivateJet

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THE WALL STREET JOURNAL. Tuesday, September 1, 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 28430.05 t223.82, or 0.78% Trailing P/E ratio 27.91 18.96 3500.31 t7.70, or 0.22% Trailing P/E ratio * 36.19 22.30 11775.46 s 79.82, or 0.68% Trailing P/E ratio *† 37.98 23.52 High, low, open and close for each P/E estimate * 25.89 17.10 High, low, open and close for each P/E estimate * 26.74 17.65 High, low, open and close for each P/E estimate *† 33.93 21.13 trading day of the past three months. Dividend yield 2.18 2.28 trading day of the past three months. Dividend yield * 1.75 1.95 trading day of the past three months. Dividend yield *† 0.74 1.04 All-time high 29551.42, 02/12/20 All-time high 3484.55, 08/27/20 All-time high: 11775.46, 08/31/20

Current divisor 0.15198707565833 29000 3550 11600

27500 3400 11000

26000 3250 10400

24500 3100 9800 Session high DOWN UP 65-day moving average Session open Close 23000 65-day moving average 2950 9200 t 65-day moving average Close Open t 21500 2800 8600 Session low Bars measure the point change from session's open 20000 2650 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*1,131,664,761 26,214,589 Industrial Average 28643.66 28363.55 28430.05 -223.82 -0.78 29551.42 18591.93 7.7 -0.4 9.0 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 296,053,844 9,298,340 Transportation Avg 11377.89 11182.73 11185.35 -136.65 -1.21 11322.00 6703.63 10.5 2.6 6.3 Most-active issues in late trading Decl. volume* 828,294,081 16,642,503 Utility Average 808.97 799.80 803.22 2.49 0.31 960.89 610.89 -5.0 -8.6 2.6 Volume After Hours Issues traded 3,090 270 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 35808.39 35574.14 35661.56 -58.84 -0.16 35720.40 22462.76 19.0 7.9 11.7 Advances 899 115 SPDR S&P 500 SPY 11,293.1 348.83 -0.48 -0.14 349.96 348.75 Barron's 400 739.19 733.43 733.85 -5.87 -0.79 746.64 455.11 11.5 0.2 4.4 Declines 2,105 148 Eastman Kodak KODK 8,635.7 8.10 2.12 35.45 8.80 5.90 Unchanged 86 7 Apple AAPL Nasdaq Stock Market 5,769.8 129.28 0.24 0.19 130.76 126.44 New highs 77 6 Nasdaq Composite 11829.84 11697.41 11775.46 79.82 0.68 11775.46 6860.67 47.9 31.2 22.4 Zoom Video Communications ZM 5,696.2 406.00 80.90 24.88 410.00 323.95 New lows 93 Nasdaq 100 12167.46 12000.11 12110.70 114.85 0.96 12110.70 6994.29 57.5 38.7 26.5 PG&E PCG 3,967.0 9.15 -0.11 -1.19 9.26 9.15 Closing Arms† 1.01 0.94 Intel INTC 3,862.2 50.85 -0.10 -0.20 50.99 50.70 S&P Block trades* 5,531 176 Tesla TSLA 3,701.3 508.62 10.30 2.07 518.00 468.01 500 Index 3514.77 3493.25 3500.31 -7.70 -0.22 3508.01 2237.40 19.6 8.3 12.3 Nasdaq NYSE Arca iShares MSCI EAFE ETF EFA 3,201.1 65.40 0.42 0.65 65.40 64.94 MidCap 400 1946.50 1926.38 1926.54 -19.97 -1.03 2106.12 1218.55 2.4 -6.6 3.6 Total volume*3,621,015,566 237,663,504 SmallCap 600 910.49 898.79 898.79 -13.23 -1.45 1041.03 595.67 -2.2 -12.0 2.3 Percentage gainers… Adv. volume*1,833,072,323 81,333,397 Decl. volume*1,720,851,451 155,737,831 Other Indexes Eastman Kodak KODK 8,635.7 8.10 2.12 35.45 8.80 5.90 Issues traded 3,495 1,433 Russell 2000 1577.55 1561.88 1561.88 -16.47 -1.04 1705.22 991.16 4.5 -6.4 3.6 Zoom Video Communications ZM 5,696.2 406.00 80.90 24.88 410.00 323.95 Advances 1,289 507 NYSE Composite 13136.55 13043.63 13045.60 -125.36 -0.95 14183.20 8777.38 2.4 -6.2 3.2 Gogo Inc. GOGO 834.2 6.10 0.96 18.68 6.45 5.13 Declines 2,115 912 Westport Fuel Systems WPRT 195.3 2.00 0.30 17.65 2.32 1.69 Value Line 484.62 478.49 478.49 -6.13 -1.26 562.05 305.71 -5.0 -13.3 -2.5 Unchanged 91 14 DocuSign DOCU 313.8 240.84 17.84 8.00 244.89 222.50 NYSE Arca Biotech 5498.18 5383.95 5478.03 107.79 2.01 6142.96 3855.67 24.9 8.1 9.2 New highs 152 187 NYSE Arca Pharma 676.65 671.78 673.60 0.01 0.002 675.14 494.36 15.8 3.1 8.3 ...And losers New lows 29 22 KBW Bank 77.97 76.70 76.72 -1.62 -2.07 114.12 56.19 -17.6 -32.3 -6.2 ScanSource SCSC 55.7 22.05 -2.64 -10.69 25.59 21.50 Closing Arms† 0.57 0.95 § PHLX Gold/Silver 156.29 153.04 154.21 1.36 0.89 161.14 70.12 55.8 44.2 19.6 GenMark Diagnostics GNMK 51.2 12.00 -0.97 -7.48 12.97 12.00 Block trades* 16,734 1,412 § PHLX Oil Service 36.35 35.68 35.71 -0.67 -1.85 80.99 21.47 -43.2 -54.4 -33.4 Liberty Lat America Cl C LILAK 55.9 9.09 -0.45 -4.72 9.55 9.09 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 2277.77 2243.68 2260.43 -3.71 -0.16 2264.14 1286.84 50.2 22.2 26.6 Oceaneering Intl OII 362.8 5.15 -0.24 -4.45 5.44 5.15 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 26.50 21.77 26.41 3.45 15.03 82.69 11.54 39.1 91.7 35.6 POTX Global X Cannabis ETF 547.0 9.31 -0.37 -3.82 9.68 9.31 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 World The Global Dow 3094.52 –17.45 –0.56 –4.8 Aimmune Therapeutics AIMT 34.22 21.62 171.59 37.00 10.09 67.8 Regis Corp RGS 7.39 -1.69 -18.61 23.27 4.22 -54.3 DJ Global Index 445.18 –1.44 –0.32 2.6 Applied UV AUVI 11.60 6.60 132.00 12.99 5.00 ... ADiTx Therapeutics ADTX 3.21 -0.67 -17.27 9.58 2.83 ... DJ Global ex U.S. 252.67 –1.29 –0.51 –4.1 Akcea Therapeutics AKCA 18.28 6.90 60.63 22.79 8.00 -13.2 Garrett Motion GTX 2.75 -0.55 -16.67 12.64 2.50 -72.1 Americas DJ Americas 813.37 –1.64 –0.20 6.9 Genworth Financial A GNW 3.02 0.65 27.43 4.93 1.87 -31.8 Credit Acceptance CACC 386.80 -72.63 -15.81 539.00 199.00 -14.5 Brazil Sao Paulo Bovespa 99369.15 –2773.78 –2.72 –14.1 I-Mab ADR IMAB 39.44 8.44 27.23 39.80 9.30 ... SCWorx WORX 1.76 -0.31 -14.98 14.88 1.36 -48.7 Canada S&P/TSX Comp 16514.44 –191.35 –1.15 –3.2 GameStop Cl A GME 6.68 1.29 23.93 7.15 2.57 68.3 1847 Goedeker GOED 7.06 -1.14 -13.90 10.50 6.96 ... Mexico S&P/BMV IPC 36840.73 –953.52 –2.52 –15.4 AgEagle Aerial Systems UAVS 3.10 0.58 23.02 5.15 0.19 1090.0 Moxian MOXC 2.24 -0.31 -12.16 3.44 0.50 40.9 Chile Santiago IPSA 2595.87 –73.52 –2.75 –22.2 AutoWeb AUTO 5.37 0.91 20.40 5.59 0.50 111.4 Taylor Devices TAYD 9.35 -1.27 -11.96 13.39 6.61 -13.6 Kindred Biosciences KIN 4.96 0.77 18.38 11.93 3.11 -33.5 Chefs' Warehouse CHEF 14.81 -1.95 -11.63 42.06 3.55 -61.6 EMEA Stoxx Europe 600 366.51 –2.29 –0.62 –11.9 Sphere 3D ANY 2.69 0.39 16.96 5.55 0.33 110.2 Venus Concept VERO 2.87 -0.38 -11.56 10.41 2.06 -67.8 Eurozone Euro Stoxx 360.58 –3.74 –1.03 –10.7 Belgium Bel-20 3332.53 –46.07 –1.36 –15.8 Atomera ATOM 12.71 1.79 16.39 13.30 2.53 213.1 Dada Nexus ADR DADA 22.76 -2.94 -11.44 34.94 14.60 ... Denmark OMX Copenhagen 20 1321.23 6.71 0.51 16.3 AlloVir ALVR 32.39 4.38 15.64 45.28 18.15 ... Lazydays Holdings LAZY 10.88 -1.40 -11.40 16.26 1.55 129.1 France CAC 40 4947.22 –55.72 –1.11 –17.2 ProQR Therapeutics PRQR 6.30 0.85 15.60 10.98 4.46 -12.4 Calix CALX 19.45 -2.47 -11.27 22.69 5.61 223.6 Pro-Dex PDEX Cancer Genetics CGIX Germany DAX 12945.38 –87.82 –0.67 –2.3 28.86 3.86 15.44 31.75 11.40 101.3 5.37 -0.68 -11.24 10.39 1.92 72.1 Greenlane Holdings GNLN 3.07 0.41 15.41 6.35 1.02 -50.5 Cango ADR CANG 5.75 -0.72 -11.07 9.82 4.20 -2.8 Israel Tel Aviv 1394.16 –15.81 –1.12 –17.2 Italy FTSE MIB 19633.69 –207.31 –1.04 –16.5 Most Active Stocks Volume Movers Ranked by change from 65-day average* Netherlands AEX 549.20 –7.60 –1.37 –9.2 Russia RTS Index 1258.60 –7.02 –0.55 –18.7 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 55476.11 –580.98 –1.04 –2.8 Spain IBEX 35 6969.47 –163.53 –2.29 –27.0 NIO ADR NIO 225,687 68.6 19.03 2.86 20.97 1.19 Aimmune Therapeutics AIMT 44,611 3929 34.22 171.59 37.00 10.09 Sweden OMX Stockholm 698.47 –2.27 –0.32 2.6 Apple AAPL 223,801 41.8 129.04 3.39 131.00 51.06 Global X Cannabis ETF POTX 568 2893 9.68 2.11 24.37 6.52 Hermitage Offshore Svcs PSV Goldman Sachs ActBt US LC GSLC Switzerland Swiss Market 10135.56 –28.93 –0.28 –4.5 152,954 2858.4 1.16 50.59 3.05 0.31 11,357 2634 70.61 -0.13 70.97 44.30 General Electric GE 141,379 64.4 6.34 -4.08 13.26 5.48 Akcea Therapeutics AKCA 6,749 2390 18.28 60.63 22.79 8.00 Turkey BIST 100 1078.61 –21.94 –1.99 –5.7 Tesla TSLA 116,760 62.5 498.32 12.57 500.14 43.67 iSh ESG Aware U.S. Agg Bd EAGG 2,025 2157 56.63 0.12 57.30 52.25 U.K. FTSE 100 5963.57 … Closed –20.9 U.K. FTSE 250 17788.33 … Closed –18.7 Advanced Micro Devices AMD 90,449 49.5 90.82 6.16 92.64 27.43 Franklin Lib US Core Bd FLCB 2,227 2101 26.29 0.25 26.70 24.19 PG&E PCG 74,496 215.9 9.26 1.42 18.34 3.55 FT DW Moment Low Vol DVOL 664 2014 22.81 0.28 24.28 14.65 Asia-Pacific SPDR S&P 500 SPY 65,438 -14.3 349.31 -0.36 351.30 218.26 ProShr Ultra 20 + Yr Trea UBT 492 1827 65.29 1.24 82.51 46.69 Australia S&P/ASX 200 6060.50 –13.31 –0.22 –9.3 Acasti Pharma ACST 55,686 1600.8 0.24 -65.49 3.08 0.23 Franklin FTSE Europe ETF FLEE 168 1623 23.51 -1.34 25.53 16.01 China Shanghai Composite 3395.68 –8.13 –0.24 11.3 Finl Select Sector SPDR XLF 52,232 -21.7 25.06 -1.18 31.38 17.49 Rosetta Stone RST 8,881 1591 30.38 1.84 31.24 8.85 Hong Kong Hang Seng 25177.05 –245.01 –0.96 –10.7 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least India S&P BSE Sensex 38628.29 –839.02 –2.13 –6.4 5,000 shares =Has traded fewer than 65 days Japan Nikkei Stock Avg 23139.76 257.11 1.12 –2.2 Singapore Straits Times 2532.51 –7.12 –0.28 –21.4 Track the Markets South Korea Kospi 2326.17 –27.63 –1.17 5.8 Compare the performance of selected CURRENCIES & COMMODITIES Taiwan TAIEX 12591.45 –1.08 5.0 global stock indexes, bond ETFs, –137.40 currencies and commodities at Currencies Thailand SET 1310.66 –12.65 –0.96 –17.0 wsj.com/graphics/track-the-markets Sources: FactSet; Dow Jones Market Data U.S.-dollar foreign-exchange rates in late New York trading US$ 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 23175 0.01 Argentina peso .0135 74.1173 23.8 Europe Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Brazil real .1820 5.4936 36.7 Czech Rep. koruna .04545 22.004 –2.9 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .7664 1.3049 0.5 Denmark krone .1604 6.2360 –6.4 notes and bonds major U.S. trading partners Chile peso .001288 776.40 5.0 Euro area euro 1.1937 .8378 –6.0 A consumer rate against its Money Market/Savings Accts Colombiapeso .000267 3741.00 14.0 Hungary forint .003358 297.83 0.9 Ecuador US dollar 11unch Iceland krona .007274 137.48 13.5 benchmark over the past year 2.50% Bankrate.com avg†: 3.29% 8% Mexico peso .0457 21.8896 15.6 Norway krone .1145 8.7369 –0.5 Uruguay peso .02352 42.5150 14.5 Poland zloty .2714 3.6847 –2.9 One year ago

Sallie Mae Bank 0.80% 2.00 Euro Russia ruble .01352 73.974 19.2 Federal-funds s Asia-Pacific 2.00% Salt Lake City, UT 877-346-2756 t 4 Sweden krona .1156 8.6492 –7.7 1.50 Australian dollar .7376 1.3557 –4.9 target rate Switzerland franc 1.1066 .9037 –6.6 t First Internet Bank of Indiana 0.81% China yuan .1460 6.8484 –1.6 1.50 0 Turkey lira .1361 7.3497 23.5 Indianapolis, IN 888-873-3424 1.00 Hong Kong dollar .1290 7.7502 –0.5 Ukraine hryvnia .0362 27.6500 16.8 India rupee .01358 73.615 3.2 1.00 CFG Community Bank 0.90% UK pound 1.3368 .7481 –0.8 Tradeweb ICE 0.50 –4 s Indonesia rupiah .0000687 14563 4.9 Money market Baltimore, MD 888-205-8388 Monday Close t Yen s Japan yen .009443 105.90 –2.5 Middle East/Africa account yields WSJ Dollar index 0.50 0.00 Kazakhstan tenge .002382 419.89 10.0 Bahrain dinar 2.6546 .3767 –0.1 t TAB Bank 0.90% –8 Macau pataca .1253 7.9800 –0.5 Egypt pound .0630 15.8713 –1.1 Ogden, UT 800-355-3063 1 3 6 1 2 3 5 7 10 20 30 2019 2020 0.00 month(s) years Malaysia ringgit .2401 4.1655 1.8 Israel shekel .2982 3.3530 –2.9 S O N D J F M A M J J A VirtualBank 0.90% New Zealand dollar .6732 1.4854 unch Kuwait dinar 3.2748 .3054 0.8 maturity 2019 2020 Miami, FL 877-998-2265 Pakistan rupee .00604 165.495 6.8 Oman sul rial 2.5972 .3850 0.01 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0206 48.460 –4.4 Qatar rial .2747 3.641 –0.1 Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7350 1.3605 1.1 Saudi Arabia riyal .2666 3.7503 –0.03 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0008417 1188.07 2.9 South Africa rand .0590 16.9395 21.0 Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 2.00 -1.00 Sri Lanka rupee .0053839 185.74 2.4 Yield (%) 52-Week Total Return (%) Taiwan dollar .03404 29.380 –1.8 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 .03220 31.060 4.4 WSJ Dollar Index 87.55 0.03 0.03 –2.25 Libor, 3-month 0.24 0.23 0.23 l 2.16 -1.08 U.S. Treasury, Barclays 2477.190 0.490 0.480 1.910 0.400 6.98 5.15 Sources: Tullett Prebon, Dow Jones Market Data Money market, annual yield 0.23 0.24 0.23 l 0.78 -0.06 Five-year CD, annual yield 0.65 0.67 0.65 l 1.74 -0.82 U.S. Treasury Long, Barclays 4854.860 1.340 1.240 2.370 0.980 13.00 10.92 Commodities 30-year mortgage, fixed† 3.18 3.05 3.03 l 4.22 -0.64 Aggregate, Barclays 2277.240 1.160 1.140 2.460 1.020 6.46 5.09 Monday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.61 2.61 2.58 l 3.57 -0.45 Fixed-Rate MBS, Barclays 2228.400 1.250 1.200 2.690 0.930 4.54 3.64 Jumbo mortgages, $510,400-plus† 3.24 3.07 3.06 l 4.71 -1.09 DJ Commodity 635.22 -1.10 -0.17 647.86 433.70 6.53 -1.10 High Yield 100, ICE BofA 3179.809 n.a. 4.415 10.740 4.235 2.301 3.839 Five-year adj mortgage (ARM)† 3.29 3.21 3.06 l 4.78 -0.02 TR/CC CRB Index 153.21 -0.23 -0.15 187.39 106.29 -10.06 -17.53 Muni Master, ICE BofA 587.697 1.017 0.943 3.441 0.838 3.800 3.948 New-car loan, 48-month 4.19 4.26 4.17 l 4.65 1.29 Crude oil, $ per barrel 42.61 -0.36 -0.84 63.27 -37.63 -22.67 -30.22 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 n.a. n.a. 4.663 7.480 4.523 n.a. n.a. Natural gas, $/MMBtu 2.630 -0.027 -1.02 2.862 1.482 15.10 20.15 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. 1967.60 3.00 0.15 2051.50 1452.10 29.52 29.49 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 P2JW245000-0-B00800-1------XA

B8 | Tuesday, September 1, 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 Dec 33.32 34.04 32.76 32.86 –.38 187,845 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Dec 1.1933 1.1992 1.1911 1.1963 .0045 14,945 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Sept 100-060 100-140 99-310 100-130 11.0 85,464 Contract Open Eurodollar (CME)-$1,000,000; pts of 100% Index Futures Open High hi lo Low Settle Chg interest Sept 12.60 12.60 12.60 12.49 .17 81 Nov 12.26 12.50 12.25 12.36 .09 9,704 Sept 99.7700 99.7725 99.7650 99.7675 –.0025 1,447,613 Copper-High (CMX)-25,000 lbs.; $ per lb. Mini DJ Industrial Average (CBT)-$5 x index Wheat (CBT)-5,000 bu.; cents per bu. Dec 99.7100 99.7150 99.7050 99.7150 .0050 1,019,306 Sept 3.0135 3.0440 s 3.0120 3.0410 0.0460 5,836 Sept 28679 28783 28333 28416 –195 85,287 Sept 539.25 551.75 538.00 544.25 5.00 1,217 March'21 99.7950 99.8000 99.7850 99.8000 .0050 1,006,725 Dec 3.0280 3.0675 s 3.0280 3.0615 0.0420 133,736 Dec 28579 28660 28204 28289 –195 835 Dec 548.75 560.25 547.25 552.25 3.50 215,859 June 99.8100 99.8150 99.8000 99.8100 …939,460 Gold (CMX)-100 troy oz.; $ per troy oz. S&P 500 Index (CME)-$250 x index Wheat (KC)-5,000 bu.; cents per bu. Sept 1970.00 1973.10 1952.60 1967.60 3.00 3,070 Sept 3444.70 3524.20 s 3493.10 3498.90 –5.50 31,070 Sept 463.50 477.00 461.75 470.50 8.75 1,041 Currency Futures Oct 1966.70 1977.70 1955.00 1970.50 3.70 63,472 Dec …… …3488.50 –5.50 2 Dec 470.75 485.25 470.75 475.25 3.00 160,345 Mini S&P 500 (CME)-$50 x index Dec 1973.90 1985.80 1962.30 1978.60 3.70 403,976 Japanese Yen (CME)-¥12,500,000; $ per 100¥ Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Sept .9487 .9499 .9427 .9448 –.0040 150,926 Sept 3508.50 3524.50 s 3490.00 3499.00 –5.50 2,694,668 Feb'21 1980.20 1992.10 1970.10 1986.50 4.70 36,502 Sept 139.325 141.375 138.700 140.300 .275 5,201 Dec .9497 .9510 .9438 .9459 –.0040 1,873 Dec 3497.75 3514.00 s 3479.50 3488.50 –5.50 85,927 April 1993.60 1994.90 1975.00 1991.40 5.30 18,724 Oct 138.975 141.600 138.725 140.625 .450 17,830 Canadian Dollar (CME)-CAD 100,000; $ per CAD Mini S&P Midcap 400 (CME)-$100 x index June 1997.50 1997.50 1981.10 1995.40 6.00 8,351 Cattle-Live (CME)-40,000 lbs.; cents per lb. Sept .7644 .7681 .7632 .7677 .0040 134,035 Sept 1949.00 1957.30 1923.20 1925.80 –20.00 57,863 Palladium (NYM) - 50 troy oz.; $ per troy oz. Aug 104.000 104.500 103.500 104.500 1.275 70 Dec .7639 .7682 .7634 .7679 .0040 6,403 Dec 1923.60 1947.10 1922.70 1921.80 –20.20 9 Sept 2207.70 2268.00 2204.40 2245.40 47.60 575 Oct 104.575 106.000 104.525 105.300 .400 117,088 British Pound (CME)-£62,500; $ per £ Mini Nasdaq 100 (CME)-$20 x index Oct …… …2249.10 50.70 n.a. Hogs-Lean (CME)-40,000 lbs.; cents per lb. Sept 1.3353 1.3397 s 1.3303 1.3379 .0035 179,391 Sept 12002.75 12165.00 s 11988.25 12114.00 122.25 241,091 Dec 2225.20 2323.30 2224.10 2279.30 47.80 8,902 Oct 53.375 54.375 53.175 53.600 –.050 93,940 Dec 1.3363 1.3402 s 1.3310 1.3385 .0035 4,992 Dec 11987.50 12149.75 s 11976.25 12099.50 123.25 4,303 Swiss Franc (CME)-CHF 125,000; $ per CHF March'21 2254.80 2307.50 2230.70 2281.70 50.00 113 Dec 54.925 55.850 54.800 55.125 –.075 54,570 Mini Russell 2000 (CME)-$50 x index Sept 1.1066 1.1117 s 1.1050 1.1075 .0020 54,280 Platinum (NYM)-50 troy oz.; $ per troy oz. Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Sept 1576.90 1589.80 1558.10 1561.30 –14.40 501,811 Dec 1.1097 1.1145 s 1.1080 1.1104 .0020 602 Sept 935.60 940.80 931.30 935.70 –1.80 63 Sept 917.50 934.50 s 917.50 928.00 12.50 1,072 Dec 1577.60 1585.90 1554.70 1557.80 –14.50 1,121 Australian Dollar (CME)-AUD 100,000; $ per AUD Nov 762.90 762.90 747.50 747.50 –19.00 2,348 Oct 940.00 949.70 931.30 937.90 –2.10 46,891 Sept .7362 .7404 s .7341 .7389 .0032 132,797 Mini Russell 1000 (CME)-$50 x index Milk (CME)-200,000 lbs., cents per lb. Silver (CMX)-5,000 troy oz.; $ per troy oz. Dec .7367 .7404 s .7343 .7390 .0032 1,360 Sept 1945.80 1952.20 s 1939.50 1946.20 …8,477 Sept 27.725 28.485 27.610 28.437 0.827 10,548 Aug 19.75 19.77 19.74 19.77 .01 6,051 Mexican Peso (CME)-MXN 500,000; $ per MXN U.S. Dollar Index (ICE-US)-$1,000 x index Dec 27.830 28.650 27.790 28.594 0.804 140,874 Sept 15.79 16.00 15.52 15.68 –.01 4,116 Sept .04586 .04592 .04546 .04562 –.00022 129,249 Sept 92.30 92.49 t 91.99 92.13 –.25 28,697 Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Cocoa (ICE-US)-10 metric tons; $ per ton. Dec .04540 .04542 .04498 .04513 –.00021 3,746 Dec 92.23 92.50 t 92.01 92.14 –.25 2,222 Oct 42.91 43.57 42.56 42.61 –0.36 362,305 Sept 2,722 2,731 2,722 2,723 31 215 Euro (CME)-€125,000; $ per € Nov 43.30 43.89 42.84 42.90 –0.39 209,444 Dec 2,626 2,673 2,626 2,654 31 106,011 Sept 1.1914 1.1970 1.1888 1.1940 .0045 681,149 Source: FactSet Coffee (ICE-US)-37,500 lbs.; cents per lb. Dec 43.61 44.19 43.15 43.21 –0.41 271,620 Sept 129.05 130.80 127.15 129.80 2.70 685 March'21 44.52 45.00 44.01 44.06 –0.45 130,734 Dec 126.75 130.20 125.25 129.05 2.70 118,404 June 45.14 45.57 44.58 44.64 –0.48 180,011 | Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Bonds wsj.com/market-data/bonds/benchmarks Dec 45.67 46.11 45.14 45.21 –0.50 193,992 Oct 12.65 12.74 12.56 12.66 .06 357,639 NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. March'21 13.27 13.37 13.19 13.28 .06 268,754 Sept 1.2230 1.2333 1.1930 1.1961 –.0201 3,254 Tracking Bond Benchmarks Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Oct 1.2379 1.2569 1.2157 1.2173 –.0230 105,252 Nov 27.20 27.20 27.20 27.20 –.20 1,967 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Jan'21 26.61 26.61 26.61 27.00 …1,962 highs and lows for different types of bonds Sept 1.3241 1.3245 1.2627 1.2761 –.0394 6,181 Cotton (ICE-US)-50,000 lbs.; cents per lb. Total Total Oct 1.2412 1.2584 1.2116 1.2137 –.0328 135,164 Oct 64.60 64.60 64.60 64.41 .04 116 return YTD total return YTD total Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Yield (%) Yield (%) Dec 64.70 65.96 64.55 65.16 .08 118,184 close return (%) Index Latest Low High close return (%) Index Latest Low High Oct 2.629 2.653 2.497 2.630 –.027 227,765 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Nov 2.882 2.944 2.811 2.920 .004 199,836 Sept 114.05 114.35 112.00 113.80 –.25 1,093 Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays Dec 3.196 3.283 s 3.144 3.254 .046 103,082 Nov 118.00 118.00 115.90 116.80 –1.15 6,481 2228.40 3.7 Mortgage-Backed 1.250 0.930 2.690 Jan'21 3.295 3.384 s 3.258 3.355 .039 129,686 2277.24 6.8 U.S. Aggregate 1.160 1.020 2.460 March 3.122 3.190 s 3.090 3.167 .021 94,272 Interest Rate Futures U.S. Corporate Indexes Bloomberg Barclays 2170.46 3.3 Ginnie Mae (GNMA) 0.750 0.290 2.660 April 2.794 2.834 s 2.764 2.819 .012 80,146 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% 3365.26 6.9 U.S. Corporate 1.950 1.820 4.580 1317.12 3.9 Fannie mae (FNMA) 1.440 1.110 2.690 Sept 215-150 218-050 214-100 218-020 2-21.0 51,180 Agriculture Futures Dec 218-200 221-030 217-040 220-290 2-19.0 991,194 3064.13 5.8 Intermediate 1.290 1.230 4.400 2021.53 3.9 Freddie Mac (FHLMC) 1.420 1.080 2.710 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Corn (CBT)-5,000 bu.; cents per bu. 4957.99 8.9 Long term 3.020 2.730 4.930 587.70 3.9 Muni Master 1.017 0.838 3.441 Sept 348.75 353.00 346.00 348.50 2.50 9,702 Sept 176-210 177-150 175-270 177-120 30.0 20,964 Dec 174-310 175-260 174-060 175-230 30.0 Dec 360.00 364.25 356.25 357.75 –1.50 797,954 1,114,673 691.35 7.4 Double-A-rated 1.450 1.300 3.360 415.90 4.2 7-12 year 0.990 0.771 3.447 Oats (CBT)-5,000 bu.; cents per bu. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Sept 139-095 139-145 139-030 139-130 5.0 109,248 12-22 year Sept 274.25 6.75 2 886.67 6.0 Triple-B-rated 2.330 2.210 5.350 472.69 4.4 1.475 1.224 3.690 Dec 139-045 139-100 138-300 139-080 5.0 3,329,548 Dec 268.25 277.00 268.25 275.00 6.75 4,514 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% High Yield Bonds ICE BofA 455.07 3.2 22-plus year 2.232 1.765 4.123 Soybeans (CBT)-5,000 bu.; cents per bu. Sept 125-282 125-297 125-257 125-292 1.7 114,797 Sept 960.25 967.00 950.50 951.25 .75 1,759 0.7 High Yield Constrained Global Government J.P. Morgan† Dec 126-000 126-017 125-295 126-010 1.2 3,222,689 470.14 n.a. 5.151 11.400 Nov 955.50 966.75 952.25 953.50 3.00 394,784 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% 406.56 -7.1 Triple-C-rated n.a. 10.735 19.071 n.a. n.a. Global Government n.a. n.a. n.a. Soybean Meal (CBT)-100 tons; $ per ton. Sept 110-135 110-139 110-130 110-136 .1 86,576 Sept 305.10 307.00 302.00 304.60 3.00 4,306 Dec 110-152 110-155 110-145 110-151 … 1,948,814 3179.81 -0.4 High Yield 100 n.a. 4.235 10.740 n.a. n.a. Canada n.a. n.a. n.a. Dec 310.60 314.90 310.60 312.50 2.80 178,973 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Soybean Oil (CBT)-60,000 lbs.; cents per lb. Aug 99.9050 99.9075 99.9050 99.9050 .0000 188,131 424.54 0.7 Global High Yield Constrained n.a. 4.893 11.310 n.a. n.a. EMU§ n.a. n.a. n.a. Sept 33.63 34.22 32.86 32.96 –.43 2,870 Oct 99.9300 99.9300 99.9250 99.9250 –.0050 230,216 322.20 -2.0 Europe High Yield Constrained 3.930 2.464 8.183 n.a. n.a. France n.a. n.a. n.a. U.S Agency Bloomberg Barclays n.a. n.a. Germany n.a. n.a. n.a.

Cash Prices | wsj.com/market-data/commodities Monday, August 31, 2020 1863.21 5.2 U.S Agency 0.510 0.480 2.040 n.a. n.a. Japan n.a. n.a. n.a. These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— 1623.70 3.9 10-20 years 0.370 0.350 1.950 n.a. n.a. Netherlands n.a. n.a. n.a. separate from the futures price on an exchange, which reflects what the commodity might be worth in future 4270.42 11.9 20-plus years 1.510 1.170 2.480 n.a. n.a. U.K. n.a. n.a. n.a. months. 2880.56 5.4 Yankee 1.490 1.430 3.500 n.a. n.a. Emerging Markets ** n.a. n.a. n.a. Monday Monday Monday *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds Energy Aluminum, LME, $ per metric ton *1762.0 Wheat,No.1soft white,Portld,OR-u 5.2850 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan Copper,Comex spot 3.0410 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 55.500 Iron Ore, 62% Fe CFR China-s 124.4 Food Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.600 Shredded Scrap, US Midwest-s,m 235 Beef,carcass equiv. index Global Government Bonds: Mapping Yields Steel, HRC USA, FOB Midwest Mill-s 495 Metals choice 1-3,600-900 lbs.-u 187.69 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in Fibers and Textiles select 1-3,600-900 lbs.-u 172.67 Gold, per troy oz Broilers, National comp wtd. avg.-u,w 0.6382 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session Engelhard industrial 1970.00 Burlap,10-oz,40-inch NY yd-n,w 0.6200 Butter,AA Chicago 1.4875 Country/ Spread Under/Over U.S. Treasurys, in basis points Cotton,1 1/16 std lw-mdMphs-u 0.5991 Yield (%) Handy & Harman base 1970.00 Cheddar cheese,bbl,Chicago 143.75 Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago Handy & Harman fabricated Cotlook 'A' Index-t *71.10 2186.70 Cheddar cheese,blk,Chicago 179.75 0.125 U.S. 2 0.129 t l 0.156 0.113 1.512 Hides,hvy native steers piece fob-u n.a. LBMA Gold Price AM *1955.85 Milk,Nonfat dry,Chicago lb. 102.50 Wool,64s,staple,Terr del-u,w n.a. 0.625 10 0.702 t l 0.720 0.535 1.500 LBMA Gold Price PM *1957.35 Coffee,Brazilian,Comp n.a. Krugerrand,wholesale-e 2051.50 Grains and Feeds Coffee,Colombian, NY n.a. 5.750 Australia 2 0.260 t l 0.265 0.279 0.730 13.1 10.9 -78.2 Maple Leaf-e 2071.23 Eggs,large white,Chicago-u 0.8050 2.500 10 0.993 t l 1.033 0.828 0.895 29.2 31.3 -60.5 Barley,top-quality Mnpls-u n.a. American Eagle-e 2071.23 Flour,hard winter KC 14.50 Bran,wheat middlings, KC-u 83 l Mexican peso-e 2386.36 Hams,17-20 lbs,Mid-US fob-u 0.47 0.000 France 2 -0.580 s -0.586 -0.628 -0.820 -70.9 -74.3 -233.2 Corn,No. 2 yellow,Cent IL-bp,u 3.3900 Austria crown-e 1936.54 Hogs,Iowa-So. Minnesota-u 55.32 0.000 10 -0.095 s l -0.105 -0.200 -0.407 -79.6 -82.5 -190.7 Corn gluten feed,Midwest-u,w 100.7 Austria phil-e 2071.23 Pork bellies,12-14 lb MidUS-u n.a. Corn gluten meal,Midwest-u,w 407.1 0.000 Germany 2 -0.646 s l -0.663 -0.713 -0.916 -77.4 -81.9 -242.8 Silver, troy oz. Pork loins,13-19 lb MidUS-u 0.7731 Cottonseed meal-u,w n.a. Engelhard industrial 28.0000 Steers,Tex.-Okla. Choice-u 104.00 0.000 10 -0.394 s l -0.409 -0.521 -0.698 -109.6 -112.8 -219.9 Hominy feed,Cent IL-u,w 95 Handy & Harman base 28.1050 Steers,feeder,Okla. City-u,w 152.88 Meat-bonemeal,50% pro Mnpls-u,w 183 1.000 Italy 2 -0.078 s l -0.097 -0.029 -0.194 -20.7 -25.3 -170.6 Handy & Harman fabricated 35.1310 Oats,No.2 milling,Mnpls-u 3.0000 0.950 10 1.097 s l 1.044 1.014 1.034 39.6 32.4 -46.7 LBMA spot price *£20.5600 Fats and Oils Rice, Long Grain Milled, No. 2 AR-u,w 30.25 (U.S.$ equivalent) *27.3500 l Sorghum,(Milo) No.2 Gulf-u,k 5.3275 Corn oil,crude wet/dry mill wtd. avg.-u,w 44.0000 0.100 Japan 2 -0.108 s -0.113 -0.142 -0.309 -23.7 -26.9 -182.1 Coins,wholesale $1,000 face-a 22249 SoybeanMeal,Cent IL,rail,ton48%-u 304.90 Grease,choice white,Chicago-h 0.2650 0.100 10 0.053 t l 0.059 0.015 -0.277 -64.9 -66.0 -177.7 Other metals Soybeans,No.1 yllw IL-bp,u 9.3850 Lard,Chicago-u n.a. 0.400 Spain 2 -0.462 t l -0.457 -0.407 -0.579 -61.4 -209.1 LBMA Platinum Price PM *930.0 Wheat,Spring14%-pro Mnpls-u 6.7950 Soybean oil,crude;Centl IL-u 0.3434 -59.1 Platinum,Engelhard industrial 940.0 Wheat,No.2 soft red,St.Louis-u 5.6375 Tallow,bleach;Chicago-h 0.3150 1.250 10 0.409 s l 0.378 0.333 0.102 -29.3 -34.2 -139.8 Palladium,Engelhard industrial 2225.0 Wheat - Hard - KC (USDA) $ per bu-u Tallow,edible,Chicago-u n.a. 4.8788 0.500 U.K. 2 -0.053 l -0.053 -0.065 0.400 -18.2 -21.0 -111.2 4.750 10 0.317 l 0.317 0.105 0.480 -38.4 -40.2 -102.1 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; K=Prices are now in $ per Source: Tullett Prebon bushel *Data as of 8/28 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 31, 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. Marathon Oil MRO 6.600 Oct. 1, ’37 440 –11 n.a. 5.28 –2.04 Credit Suisse Group Funding CS 4.550 April 17, ’26 105 –9 n.a. 10.97 –2.05 Week —52-WEEK— Week —52-WEEK— Inflation Latest ago High Low Latest ago High Low General Motors Financial … 5.200 March 20, ’23 135 –9 138 … … July index Chg From (%) Altria MO 5.375 Jan. 31, ’44 226 –9 230 43.74 –0.43 level June '20 July '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 0.080 2.060 0.000 Banco Santander SANTAN 2.746 May 28, ’25 105 –9 n.a...... U.S. consumer price index Australia 0.25 0.25 1.00 0.25 13 weeks 0.105 0.100 1.950 0.000 Citigroup C 3.875 March 26, ’25 105 –8 104 51.12 –2.22 All items 259.101 0.51 1.0 Overnight repurchase 26 weeks 0.115 0.120 1.870 0.080 Core 267.703 0.53 1.6 Caterpillar Financial Services … 1.450 May 15, ’25 33 –8 46 … … U.S. 0.10 0.10 3.40 -0.07 Secondary market American Honda Finance HNDA 3.625 Oct. 10, ’23 42 –8 n.a...... International rates U.S. government rates Fannie Mae Week 52-Week 30-year mortgage yields …And spreads that widened the most Discount Latest ago High Low 30 days 1.904 1.836 3.388 1.751 0.25 0.25 2.75 0.25 National Australia Bank NAB 2.332 Aug. 21, ’30 165 14 n.a...... Prime rates 60 days 1.961 1.890 3.403 1.804 Federal funds Target TGT 4.000 July 1, ’42 85 10 83 151.21 0.24 U.S. 3.25 3.25 5.25 3.25 Other short-term rates Canada 2.45 2.45 3.95 2.45 Effective rate 0.0900 0.0900 2.3600 0.0600 Alaska Airlines ALK 4.800 Aug. 15, ’27 388 4391 38.95 –4.37 High 0.1000 0.1000 3.0000 0.1000 Japan 1.475 1.475 1.475 1.475 Week 52-Week BP Capital Markets BPLN 2.750 May 10, ’23 50 4n.a...... Low 0.0500 0.0500 2.0500 0.0100 Latest ago high low Policy Rates Bid 0.0500 0.0800 2.1200 0.0100 Morgan Stanley MS 4.000 July 23, ’25 70 46352.26 –1.19 Euro zone 0.00 0.00 0.00 0.00 Offer 0.0900 0.1100 2.5000 0.0500 Call money 2.00 2.00 4.00 2.00 UBS Group Funding … 4.125 Sept. 24, ’25 85 4n.a. … … Barclays BACR 4.950 Jan. 10, ’47 157 3153 ...... Commercial paper (AA financial) Key Interest Rates 90 days 0.17 n.a. 2.53 0.04 FedEx FDX 4.100 Feb. 1, ’45 190 3n.a. 219.84 –0.93 Data are annualized on a 360-day basis. Treasury yields are per annum, Libor High-yield issues with the biggest price increases… on actively traded noninflation and inflation-indexed issues that are One month 0.15675 0.17513 2.08900 0.14925 adjusted to constant maturities. Data are from weekly Federal Reserve Three month 0.24088 0.25000 2.16413 0.23375 Bond Price as % of face value Stock Performance release H.15. Six month 0.30988 0.31438 2.08525 0.28913 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg Week Ended 52-Week Week Ended 52-Week One year 0.44525 0.44100 2.07413 0.43913 Aug 28 Aug 21 High Low Aug 28 Aug 21 High Low Genworth Holdings GNW 4.800 Feb. 15, ’24 91.774 2.24 89.250 3.02 27.43 6-month Euro Libor Federal funds (effective) 0.12 0.13 1.92 0.06 Sealed Air SEE 6.875 July 15, ’33 127.780 1.03 n.a. 39.30 –3.86 1-year 0.13 0.13 1.86 0.13 One month -0.545 -0.540 -0.360 -0.621 0.09 0.10 2.19 0.04 2-year 0.15 0.14 1.73 0.11 Three month -0.509 -0.515 -0.142 -0.539 Royal Caribbean Cruises RCL 7.500 Oct. 15, ’27 89.000 0.88 89.250 68.84 –1.83 Commercial paper 3-year 0.18 0.17 1.68 0.13 Six month -0.473 -0.472 -0.052 -0.491 Carnival CCL 7.875 June 1, ’27 100.250 0.75 n.a. 16.48 –4.24 5-year 0.29 0.27 1.73 0.21 One year -0.371 -0.362 0.008 -0.441 Nonfinancial 7-year 0.50 0.47 1.84 0.39 Ford Motor F 7.450 July 16, ’31 117.000 0.75 115.750 6.82 –1.73 1-month 0.07 0.09 2.07 0.07 10-year 0.70 0.66 1.91 0.55 Secured Overnight Financing Rate 2-month Occidental Petroleum OXY 2.700 Aug. 15, ’22 98.608 0.61 98.000 12.74 –2.97 0.07 0.11 2.02 0.07 20-year 1.22 1.16 2.20 0.99 0.07 0.07 5.25 0.01 3-month 0.09 0.13 1.99 0.09 Elanco Animal Health ELAN 3.912 Aug. 27, ’21 103.250 0.50 103.322 29.06 –0.24 Financial Treasury yields (secondary market) Value 52-Week 1-month 0.11 0.09 2.15 0.08 Latest Traded High Low Gap GPS 8.375 May 15, ’23 111.500 0.50 110.375 17.39 –0.86 1-month 0.08 0.08 2.05 0.00 2-month n.a. 0.11 2.27 0.11 DTCC GCF Repo Index 3-month 0.14 0.14 2.44 0.14 3-month 0.11 0.10 1.95 -0.01 6-month 0.12 0.13 1.87 0.06 Treasury 0.123 37.000 6.007 0.002 …And with the biggest price decreases Discount window primary credit TIPS MBS 0.133 88.100 6.699 0.011 0.25 0.25 2.75 0.25 United Airlines Holdings UAL 4.875 Jan. 15, ’25 85.750 –1.66 84.625 36.00 –3.59 5-year -1.34 -1.25 0.41 -1.34 Notes on data: Treasury yields at constant 7-year -1.21 -1.14 0.35 -1.21 U.S. prime rate is the base rate on corporate Ford Motor Credit … 3.370 Nov. 17, ’23 100.250 –1.06 100.000 … … maturities 10-year -1.02 -0.99 0.35 -1.05 loans posted by at least 70% of the 10 largest Nokia Oyj NOKIA 4.375 June 12, ’27 109.450 –0.30 109.000 ...... 1-month 0.09 0.08 2.09 0.01 20-year -0.60 -0.59 0.47 -0.70 U.S. banks, and is effective March 16, 2020. 3-month 0.11 0.10 1.99 0.01 Long-term avg -0.40 -0.39 0.62 -0.50 Other prime rates aren’t directly comparable; Hughes Satellite Systems … 6.625 Aug. 1, ’26 113.250 –0.25 113.234 … … lending practices vary widely by location; Notes on data: Discount rate is effective March 16, 2020. Sensata Technologies ST Secured Overnight Financing Rate is as of 5.625 Nov. 1, ’24 109.540 –0.24 108.980 41.64 –1.35 Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates August 28, 2020. DTCC GCF Repo Index is L Brands LB 6.875 Nov. 1, ’35 102.750 –0.18 101.500 29.40 –0.91 on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by Depository Trust & Clearing Corp.'s weighted discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window average for overnight trades in applicable HCA HCA 5.375 Feb. 1, ’25 112.615 –0.14 112.691 135.72 –0.20 primary credit rate is charged for discounts made and advances extended under the Federal CUSIPs. Value traded is in billions of U.S. dollars. Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; Federal-funds rates are Tullett Prebon rates as Netflix NFLX 6.375 May 15, ’29 126.750 –0.13 n.a. 529.56 1.08 Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid of 5:30 p.m. ET. *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. yields for all TIPS with remaining terms to maturity of 10 years or more; Sources: Federal Reserve; Bureau of Labor Sources: Federal Reserve; for additional information on these rate data and their derivation, Statistics; DTCC; FactSet; Note: Data are for the most active issue of bonds with maturities of two years or more please see, www.federalreserve.gov/releases/h15/data.htm Tullett Prebon Information, Ltd. Sources: MarketAxess Corporate BondTicker; Dow Jones Market Data P2JW245000-4-B00900-1------XA

THE WALL STREET JOURNAL. **** Tuesday, September 1, 2020 | B9 MARKETS Yuan Rises Individuals Reshape Stock Market As Fears BY ALEXANDER OSIPOVICH Individual investors' ShareofU.S.equities Volumes forelectronic trading volume took placeoff- estimatedshareofU.S. trading volume executed trading ﬁrms thatexecute exchange, according to Rosen- Of Tariffs It’s one of the year’s biggest equities trading volume outside of stock exchanges individual investors’orders† blattSecurities,abrokerage market stories: Mom-and-pop firm. That is thehighest level investorshavefallen back in 20% 40% 70 billion shares that the firm has recorded since Recede lovewith stocks,lured by free it started tracking such datain tradingapps,aresurgent bull 2008.Stocks that arepopular Susquehanna BY CHONG KOH PING market led by technologycom- 15 30 60 with smallinvestors, such as panies and apandemic that has United Airlines Holdings Inc., China’syuan has rallied to its leftmillions of Americans at aremorelikely to trade in the strongest levels in morethan a home with little to do. dark.InJuly,62.6% of trading year,asthe country’seconomy Newdatashowanumber of 10 20 50 of United shares took placeoff- continues to recoverand inves- waysinwhich the individual- exchange, Rosenblattdata tors grow lessconcerned about trading boom has reshaped the Virtu show. fresh U.S. tariffs. U.S. stock market. Hereare five Financial Exchanges such the New 5 10 40 On Monday, the currency takeaways: York Stock Exchangeand Nas- traded at around 6.85 to the daq Inc.havelong complained dollar in both thetightly con- Individual stock trading that toomuch dark trading 0 0 Monthly trolled on- is at adecade high 30 harms market transparency. CURRENCIES shoremarket Trading by individuals ac- 2010 ’15 ’20* 2010 ’15 ’20 “It’salways aconcern when and freer off- countsfor agreater chunkof alarge part of trading goes on shoremarketsinHong Kong market activity than at any outside the price-discoverypro- Alphabet Correlation betweenchanges and elsewhere, building on time during the past 10 years, 20 cess,” said Justin Schack,a Carnival in astock's popularity on gains registered in the previous according to LarryTabb,head Robinhood and itsprice† managing director at Rosen- Tesla trading session. of market-structureresearch at Citadel blatt. Apple “The clearoutperformance BloombergIntelligence. 10 Securities by the Chinese economyversus During the firstsix months Hertz Big winners maybe the developed economies is fa- of this year,individual investors Novavax electronic traders voring the yuan,” said Mansoor accounted for19.5% of the Nikola Thefirms that executeindi- Mohi-uddin, chief economist at shares traded in the U.S. stock Kodak 0 vidual investors’ ordershave the Bank of Singapore. market, up from 14.9%last year –0.250 0.25 0.50 0.75 1.00 Oct. Jan. June enjoyedsurging volumes.The Surveysreleased Monday and nearly double the level MOVE OPPOSED MOVE TOGETHER 2019 ’20 threebiggest players in that showed Chinese businessactiv- from 2010,Mr. Tabb estimates. business—Citadel Securities, ity continued to expand fora His datadon’t go back further. *2020 data arefor January through June. †Figures arefor over-the-countertrades only.**Figures areone-day correlations Virtu Financial Inc.and sixth straight month in August. On some days this year, between changes in the number of Robinhood users holding astock and pricemoves. Based on data from Feb. 19 to Aug. 11. Susquehanna International Sources: BloombergIntelligence(individual investors); Rosenblatt Securities (off-exchange trading); Prospectsofacalmer rela- about 25% of market volume Finravia BloombergIntelligence(electronic trading ﬁrms); Ritholtz Wealth Management(correlation) Group LLP—traded acombined tionship between the U.S. and has been individual-investor ac- 69.4 billion shares over the Chinawerealso boosting the tivity,said JoeMecane,head of nal stock moves. mayindeed be driving their whythereissomuch individ- counter in June,morethan tri- yuan, Mr.Mohi-uddin said. “The execution services at Citadel In fact, such activity doesn’t shareprices.Inrecent months, ual-stocktrading in South Ko- ple the level from November, marketsseem to be favoring a Securities,anelectronic-trad- mattermuch formost stocks, such stocks have included East- rea. These include an underde- according to Bloomberg potential changeinleadership ingfirm that executes orders according to Nick Maggiulli, man Kodak Co., electric-truck veloped mutual-fund industry, a Intelligence. Most of the firms’ in the U.S.,and they arelooking forsuch brokerages as Robin- chief operating officer of startup Nikola Corp.and biotech-savvypopulation accus- over-the-counter trades come through the current tensions.” hood Markets Inc.and Charles RitholtzWealth Management. tech firm Novavax Inc. tomed to trading on smart- from individual investors. OTC Last week senior U.S. and Schwab Corp. But thereisevidenceofaRob- phones and pricewarsbybro- trading is atype of off-ex- Trading activity among indi- inhood effect in some smaller Asia is whereindividual kers that have led to zero or changetrading. viduals started climbing late stocks,hesaid. investors truly dominate near-zerocommissions,accord- Electronic trading firms U.S. and Chinese last year,when Schwaband Mr.Maggiulli has studied the ManyAsian stock markets ing to Mr.Ahn. profit from individuals’ trades other major brokerages cut relationship between howmany have traditionally been domi- All that leads to heavy spec- by collecting asmall difference officials affirmed stock-trading commissions to Robinhood usersown aparticu- nated by individual investors, ulation, he added. “Individuals between the buying and selling their commitment zero.Mr. Mecane drew aparal- lar stock and itsshareprice. If unlikethe institution-heavy U.S. in Asia tend not only to crowd prices of astock.It’shardto lel with the dot-com boom in Robinhood investorswerepush- market. In places such as main- in trading of small stocks but knowhow much money they to the trade deal. the 1990s,when web-based bro- ing prices up and down, one land China, frenzied trading by also to be very short-term ori- aremaking,though, because kers made it easier to trade would expect ahigh correlation individuals cancreateacasino- ented,” Mr.Ahn said. most areprivateand don’t re- stocks,just as abull market between those two things. likefeel, with exuberant bull port financials. wasunder way.“It wasreally Forsome of the hottest runs followedbyspectacular Moreofthe U.S. stock At Virtu, which is public,net Chinese officials affirmed their the start of asimilar trend,” he stocks on the app,including Ap- crashes. market is going dark trading income morethan tri- commitment to the two coun- said. “Back then, technological ple Inc.and Tesla Inc., such Individuals oftenaccount for Theindividual-investing pled to $744 million in the sec- tries’ phase-onetrade deal. andbusinessinnovation pro- correlations areweak.With morethan 80% of volume on boom hasled to historically ond quarter.Virtu’sstock is up “InAugust, the market has vided the firstforay intoinstant others, such as Google parent theShanghai Stock Exchange, high levels of “dark” trading,in 56% sincethe start of 2020.Al- gotten alot morecomfortable execution and self-directed re- Alphabet Inc., they arenega- while on the KoreaExchange’s which stocks arebought and though the firm doesn’t say with the idea that neither the tail investing.” tive, meaning that as moreRob- main Kospi market, nearly 84% sold on opaque privatevenues, howmuch of itstrading income U.S. nor the Chinese side has inhood usersbuy astock,its of shares traded so far this year rather than public exchanges. comes from individuals,Chief the inclinations nor the appetite Small investors power pricetends to drop. were on behalf of individual in- That is because online brokers ExecutiveDouglas Cifusaid on to walk back on the trade deal,” big movesinstocks Mr.Maggiulli found there vestors, according to datacom- typically funnel small investors’ an Aug.7earningscall that the said Sameer Goel, chief Asia It has been called the Robin- aresome stocks,though, with a piled by Hee-Joon Ahn,afi- trades to electronic trading retail boom had been abig macrostrategist at Deutsche hood effect, the idea that stam- high correlation between Rob- nanceprofessor at firms that executethe incoming boost to Virtu. Bank. pedes of investorsusing the inhood popularity andprice— SungkyunkwanUniversity in orders. “It certainly is greatfor our Mr.Goel said the yuan was popular app aredriving irratio- indicating that the app’susers Seoul. Thereare several reasons In July,43.2% of U.S. stock- business,” he said. nowinthe middle of itstwo- year trading rangeagainst a basket of currencies.Hesaid that meant Chinese policymak- China’s Big Banks Report Declines in Profit erswerelikely morecomfortable letting the currencyjoin a broader rally against the dollar, BY XIE YU aresupporting the real econ- Chinesebanks’ quarterly slashedbenchmark lending cut the ratesthey charge on especially with lessrisk of the omyand banks’ performance netincome,change from rates, stepped up government loans,tostimulatecredit de- trade deal collapsing. China’smajor banks reported should be in line with or slower ayearearlier spending and ordered banks to mand and economic activity. On Friday, the offshoreyuan their biggest profit drops in than economic growth,” said offer generous loans. Both totalnonperforming closed below6.86tothe dollar morethan adecade,asthe eco- Ms.Chen. 20% Forecasts In June,the State Council, loans and the bad-loan ratio at forthe firsttime sinceMay nomic impact of the pandemic Provisions,orfunds set aside China’scabinet, called on banks thebig four banks rose in the 2019,according to TullettPre- led them to take large provi- from profitstocover potential 10 to forgo1.5 trillion yuan ($218.5 firsthalf.Analystsand officials bon data. As of Mondayafter- sions against potential bad losses from soured loans,rose billion) in profit this year to expect soured debt to keep ris- noon in Hong Kong,the onshore loans. even as theshareofactual bad 0 support companies,especially ing forseveral more quartersas yuan had strengthened slightly China’stop four banks,which loans to totalcredit edged up smallerand morevulnerable moreloans go bad and because further to about 6.849 per dol- account formorethan one-third slightly.The increases in provi- –10 firms.Lendershavebeen told to the Chinese economystill faces lar,while the offshoreyuan was of the industry’stotal assets, all sions ranged from 27% at In- offer cheap loans,cut service headwinds from weak domestic at 6.848.Awidening gapbe- said net profit fell morethan dustrial &Commercial Bank of fees,defer loan repaymentsand consumption and rising geopo- –20 tween interest ratesinthe U.S. 10%year-over-year in the first China Ltd., the biggest lender extend moreunsecured loans to litical tensions.“As it takestime and higher ratesavailable in half,according to stock-ex- by assets,to97% at Bank of riskysmaller borrowers to help forthe economic downturn to China is also boosting the yuan, changefilingsonSunday. China Ltd., the fourth-largest –30 them stay afloat. showits effectswhile the gov- as investorsseek higher-yield- Thedeclines were in line lender.The second and third- 2013 ’15’20 It isn’tthe firsttime China’s ernment’smacropolicywas ing assets. Foreign purchases of with market expectations.Bei- largest banks, China Construc- largely state-controlled banks rolled out to offset them, we ex- Source:China Banking and Insurance Chinese bonds hit arecordin jing has told statebanks to sac- tion Bank Corp.and Agricul- Regulatory Commission; Jefferies (forecasts) have helped revivethe econ- pect thereisadelayfor the the second quarter. rificeearningsfor the benefit of tural Bank of China Ltd., omy. During the global financial nonperforming loans to emerge. The Federal Reserve’sshiftin the wider economyand to beef reported 49% and 35% in- net profit declined 9.4%froma crisis in 2009,they lent heavily Thus,Agricultural Bank of howitsetsinterest rates indi- up rainy-dayfunds,sincethe creases.Beforeprovisions,all year earlier,according to the as part of amassivenational China still faces apressureof catesthe U.S. central bank has a emergenceofbad debt nor- bigfour banks’ operating prof- ChinaBanking and Insurance stimulus package. rebounding bad loans,” Presi- tolerancefor policyeasing,said mally lagsbehind an economic itsrose by single-digit percent- RegulatoryCommission. Thenet interest margin nar- dent ZhangQingsong said. Chi Lo,senior economist for slump.Chen Shujin, an analyst ages from ayear earlier. China’seconomyshrank 6.8% rowedatthe topfour banks, China’sbanking regulator Greater China at BNP Paribas at Jefferies,said higher provi- At ICBC,first-half net profit in the firstquarter,the most Sunday’sresultsshowed. This is has urgedlenderstodispose of AssetManagement, implying a sionswerethe biggest reason fell 11.4% to 148.8 billion yuan severecontraction in decades, akey gaugeofbank profitabil- morebad debts, urging them to weaker dollar.But he said China forslimmer profits, which could ($21.67 billion). Nonperforming afterthe government locked ity,reflecting the differencebe- offload 3.4trillion yuan of bad has much lessneed forlower suppressearningsasother loans accounted for1.5%of down cities to control the coro- tween the interest chargedand loans this year,nearly 50% interest rates. That will support partsofthe economysuffered. ICBC’stotal credit, compared navirus. But grossdomestic what is paid forfunds.That higher than in 2019. the yuan, Mr.Losaid, as will a “A key messagethe regulator with 1.48% ayear earlier.Across product jumped 3.2% in the sec- narrowermargin is due to the —Grace Zhu likely recovery in annual eco- wantstodeliver is that banks the whole industry, first-half ond quarter,after Beijing government requiring banks to contributed to this article. nomic growth to arangeof6to 6.5% in 2021. Iris Pang,chief economist for Greater China at ING Bank NV Natural-Gas Prices Drop With Cooler Temperatures in Hong Kong,said a tumbling dollar in recent weeks had helped boost the yuan. BY JULIA-AMBRA VERLAINE Now, weather forecasts in- also damping prices.With She said China’smoveon dicate temperatures will de- most Americans working from Fridaytorestrict artificial intel- Natural-gas prices slid crease over the next few home andbusinesses shut, an- ligence-related exports,inretal- Monday,dragged down by weeks throughout the North- alystssay demand could dis- iation against U.S. pressureon cooler-than-expected weather east and Midwest. Some ana- appoint in the fall. That would Chinese technologycompanies, sweeping acrossthe country lysts said that could bring an help push up inventories

had fueled further gains in the and reduced gas-powered end to the climb,which began S ahead of the winter heating

currencyonMonday. “This cooling demand as the end of in June afternatural-gas fu- PRES season and alleviate any con-

shows that China has the room summer approaches. tures hit the lowest price in a TED cerns about shortages.

to fight back and there’ssome Futures for quarter-century. CIA The fallout from Hurricane resilienceinthe economyto COMMODITIES October deliv- Several compared the out- SO Lauraisalso weighing on sen- buffer this pressure,” Ms.Pang eryfell as look to a2016 rally that even- AS timent. Export facilities for said. much as 6% beforeclosing tually faded. Prices soared liquefied natural gasthat op- down 1% at $2.63 amillion about 87% between March and ONICLE/ erateonthe Gulf Coast were CHR

Britishthermal units. The July that year to almost $3 N forced to shut down, tamping AUCTION RESULTS movefollows arapid climb permillion British thermal TO down export demand. Here are the results of Monday's Treasury auctions. All bids are awarded at a single price at the market- that started two months ago, units. But because they have Analystsatenergy advisory clearing yield. Rates are determined by the difference /HOUS between that price and the face value. when hot temperatures had air risen so much recently, some firm Ritterbusch &Associates

conditioners on full blast and analysts said the shifting de- JESÚS said the steep increase in nat- 13-Week 26-Week theglobal economybegan to mand outlook could drive DE ural-gas prices has reached its Applications $152,840,024,800 $171,100,348,700 D. Accepted bids $60,532,375,800 $57,168,974,700 reopen, pushing up demand more volatility. top. " noncomp $758,395,100 $461,822,900

from facilities that liquefygas. “Demandwill be light the MARIE “Weexpect declines going " foreign noncomp $225,000,000 $100,000,000 Auction price (rate) 99.973458 99.941861 Demand forthe power-gen- next few days as weather sys- Facilities for liquefied natural gas were shut by Hurricane Laura. forwardtobegradual, with (0.105%) (0.115%) eration fuel tends to rise with tems with showers sweep nearby futures ratcheting 0.106% 0.117% Bids at clearing yield accepted 84.86% 41.90% extreme temperatures. In the across the northern and cen- Commodity Weather Group cooling expands moreintothe lowerpossibly to about the 912796TU3 9127964F3 summer,that means hot tral U.S. with highs of upper said lows intothe 40s could South and East as well. $2.43 mark at most by next Both issues are dated Sept. 3, 2020. The 13-week bills weather canmark abullish 60s to 80s,” NatGas- creepintoChicagooverthe Uncertainty around the week at this time,” they wrote mature on Dec. 3, 2020; the 26-week bills mature on March 4, 2021. signal for the market. Weather.com said. next 11-to15-dayperiod when global economic recovery is in a note to clients. P2JW245000-2-B01000-1------XA

B10 | Tuesday, September 1, 2020 ** THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Luxury Brands Think Back to Japan Exiles on Wall Street Covid-19 makes pricey European products reliantonChinesespending; the industryhas been herebefore Are Worth What happens if the Chinese lose their appetite for haute cou- ture? It seems inconceivable now, A Look but the luxury industry’s growing reliance on one nationality makes stocks such as Hermès and Gucci’s owner Kering riskier to own. Investors can find value Covid-19 is worsening an already among DJIA castaways lopsided look at manydesigner-fashion labels.Spending on expensive clothing and handbagsisrecovering History suggests the castoffs rapidly in China,but remains weak from the Dow Jones Industrial Av- everywhereelse.Bythe middle of erage are worth a second look the decade,nearly half of all global from investors. luxuryspending will come from Chi- Apple’s stock split, which became nese nationals,consulting firm Bain effectiveonMonday, triggered estimates,upfrom35% in 2019. changes throughout the index,which

Investorsare treating this expo- CK is weighted by sharepriceinstead of

sureasapositivefor now. At Louis TO by market value. Amgen, Honeywell Vuittonand Christian Dior,the top International and Salesforce.com fashion brands of industrybell- entered the 30-companyindex, SHUTTERS

wether LVMH MoëtHennessy Louis A/ while Exxon Mobil, Pfizer and Ray- Vuitton,sales rose 65% in China in theon Technologies areout.

the second quarter,compared with SKI/EP Those ousted stocks might seem

the same period of 2019.The com- VEV unattractivebased on recent perfor-

pany’sParis-listed stock is down PLA mance: Raytheon and Exxon Mobil

5.2% this year,while shares in rival ALEX shares have fallen sharply so far handbag maker Hermès areup8%. Spending on expensiveclothing and handbags is recovering rapidly in China.AHermès store in Guangzhou in April. this year,and Pfizer is lower, too. Brands have been herebefore. In But a2008 study by three research- 1985,55% of global luxurysales Japan’sluxuryboom wasn’t China’sfertility rate has long been by luxurycompanies increased ersinPomona College’seconomics were to the Japanese,according to ended by slowergrowth—fashioni- belowreplacement levels and has 230% year over year in the second department found that stocks re- Bernstein. That erahas alot in com- stas continued to spend through increased only marginally—to1.7 quarter,according to consulting moved from the indexoutper- mon with the current Chinese the country’s“lost decade” of the children per woman at the World firm Gartner. Another key reason formed those added over afive-year spending boom. Buoyedbyrapid 1990s—but by demographics.As Bank’slatestcount—sinceBeijing the Japanese luxurybubble popped period by an averageofmorethan economic growth, anewly affluent the population aged, spendthrift scrapped itsone-child policyin wasbecause brands became too 100 percentagepointssince1928. middle classsnapped up European young shoppersweren’t replaced in 2015.The cost of supporting an mainstream and lost their appeal. Buying Dowdropoutshas contin- luxurygoods to showoff their adequatenumberstokeep demand older population could weigh on Designershavelittle choicebut ued to producesome winners. Alcoa wealth and spent heavily on shop- high. Today, the Japanese count for disposable incomes in the future. to court the Chinese.Other nation- and Hewlett-Packard shares per- ping trips overseas.Today, young just 10% of global luxurysales. Themoreimmediatechallenge alities aren’t biting,most notably in formed well foryearsafter their Chinese consumerswhose incomes China’seconomynow is still at forbrands will be to protect their the industry’shome region: Luxury 2013 removal, as did AT&T fora arebolstered by their parents’ sav- an earlier phase of development exclusiveimage. With unsold inven- sales to European consumers have while against Apple aftertheir 2015 ingsare amajor source of growth than Japan’swas in the 1980s,and tory sitting in U.S. and European remained flat over thepast decade, swap. None other than Honeywell forluxurybrands.They arenot un- luxurybulls expect demand to con- boutiques,the temptation to flood brokerageJefferies estimates.But wasremoved from the Dowin2008. likeJapan’s“parasitesingles” who tinue swelling with itsmiddle class. the Chinese market with productsis the sector nowhas toomuch riding Itsshares have tripled sincethen. lived rent-free in the family home But the world’smost populous strong.Thereare signs that labels on one country. Shareprices should Shares of replacement Chevron fell. during the 1990s and spent achunk countrymight facedemographic arealready going all-out: One proxy discount that risk rather than re- Mean reversion—expectations of their wagesondesigner baubles. challenges earlier than Japan did. forChinese social media spending ward it. —Carol Ryan eventually catching up with reality— explains much of the phenomenon. Will historyrepeat? News of inclusion in the Dowand strong earnings, sent Salesforce soaring last Abe’s Unfinished Revolution Is on the Line week.Weak returns forthe removed stocks imply expectations arelow. Thestrategyisn’t foolproof; Ap- ple eventually rocketed past AT&T. Departing Japanese Prime Minis- But profitability stayed high even TheiPhone maker’s rally is respon- ter ShinzoAbe leavesbehind an im- afterthe Japanese currencyre- sible forabig chunk of the index’s pressiverecord. But his corporate bounded starting in 2015. gains this year.And General Elec- and financial overhauls were more The reason returns for investors tric has continued to be adud since gradual than explosive, and thereis in Japan have been merely decent its2018 removal. Then again, shares progresstobemade—or lost—by rather than world-beating is that of the conglomerate’sreplacement, his successors. price-to-earnings ratios remain drugstorechain Walgreens Boots While much of the Western world relatively low. A lack of megacap Alliance,havefallen by morethan waslosing touch with shareholder tech companies and a heavy one-thirdsinceentering the index. capitalism, symbolized by dubious weighting of low-profit, chroni- Removal from an indexisn’t rea- corporatecommitmentstoawider cally troubled financial firms are son to buy astock,but investors set of stakeholders,Japan moved in contributing factors, but even on a shouldn’t forget that dumpster div-

the oppositedirection. Increasingly S sectoral basis Japanese companies ing canyield arose. —Charley Grant robust governanceand stewardship are cheap. Warren Buffett’s rare codes have leftlarge companies less PRES overseas investment in five Japa- Share-priceperformancethis year

beholden to traditional family own- ZUMA nese trading companies with low

ersand senior managers, and more A/ valuations and rising payouts, an- 0% responsible to shareholders. nounced Monday, is an example of XINHU According to the Nomura Insti- I/ the sort of opportunities available. –10 tute of Capital Markets Research, OY As anygood revolutionaryknows, XIA

the proportion of Japan-listed DU apause in momentum is an oppor- shares owned as cross-sharehold- The prime minister’s transformation isn’t yetirreversible.Mr. Abe on Friday. tunity that reactionaries will exploit: –20 ings—mutual holdings among al- Old-fashioned management is eager lied companies, a frustrating road- Goldman Sachs analystsnotethat lar terms sinceMr. Abe took office. to backslide.Mr. Abe’stransforma- –30 block for activist shareholders— tender offershavehit arecord ¥3 Japan’scorporateprofits as a tion isn’t yetirreversible and needs has fallen slowly but consistently trillion already in 2020,surpassing percentageofsales,after spending avanguardinfuturegovernmentsto under Mr. Abe. It now stands at a the 2007 peak.Shareholder votesto almost all of 1955-2012 between 2% build on itssuccesses. –40 record low 13.6%, after accounting pressurereluctant boards to raise and 4%, haven’t fallen below5%in Therein lies the opportunity for for changes to disclosure regimes. payoutsare increasingly common. the past five years, suggesting a investors. Incomplete changes Pﬁzer Thereare other clear signs of im- Themost obvious and quantifi- secular break in profitability that have created a market that is com- –50 Raytheon provement. Buybacks last fiscal year able improvement maybecorporate should be closely guarded by Mr. paratively cheap, and rich in cash Technologies totaled almost ¥14 trillion ($133 bil- profitability.Little noticed even by Abe’ssuccessors. and potential. If standard-bearers –60 Exxon Mobil lion), according to CLSAJapan strat- professional investors, Japan’searn- Aweaker yenaccounted forno emerge to continue Mr. Abe’s fi- JFMAMJ JA egist Nicholas Smith, up 72%from ings-per-sharegrowthhas quietly small part of the increase immedi- nancial legacy, there is room for the year beforeand easily arecord. beaten most global marketsindol- ately afterMr. Abe came to office. more to be achieved. —Mike Bird Source:FactSet Activision Does Its Duty OVERHEARD

Give this much to Activision Activision Blizzard's the basic priceofthe newgame The air-travel business hasn’t designed antimissile defenses for Blizzard: They know how to build annual netrevenue from $60 to $70for the versions de- had much reason to celebrate in its fleet, given howmanyterrorist suspense. signed forthe two newconsoles. 2020, but on Monday it cheered plots have targeted its flights. Its The videogame publisher’s an- $8 billion Rival Take-TwoInteractiveSoft- something that was previously other claim to fame, enshrined in nual announcement of its next PR ware announced asimilar movefor impossible. El Al Flight 971 flew the GuinnessBook of World Re- “Call of Duty” installment is gener- OJ its“NBA2K21” game,which goes on EC

from Ben Gurion Airport in Tel cords, is the most passengers ever ally not big news, at least outside 6 TED sale this month. But the scale of Aviv to Abu Dhabi, the capital of on acommercial flight: 1,088 dur- of hard-core game enthusiasts. But “Call of Duty” mayinspireother the United Arab Emirates, crossing Operation Solomon,which air- this year’s was worth noting, given game publisherstofollow. New ing Saudi airspace in the process. lifted Ethiopian Jews to Israel in how late in the season it came. Ac- game prices have been relatively 4 Forthe U.A.E., peacewith re- the 1990s in aBoeing 747. Two tivision announced each year’s it- static forthe past 15 years—since gional tech and sciencepowerhouse were born on the flight. eration of the blockbuster game the PlayStation 3/Xbox360 era. Israel should bring manybenefits. Emirates operates the roomier franchise in April or May for the Todd Juenger of Bernstein esti- Knowing howtorun an airline Airbus A380, the world’slargest past 10 years. This year’s version, 2 mates that a17% pricerise canadd won’tbeone of them. passenger aircraft, but the airline’s called “Black Ops Cold War,” was 8-10 percentagepointstoagame’s The U.A.E.’s flag carrier, customers areprobably hoping that announced on Aug. 26. operating margin. That assumes Emirates, is regularly it won’ttry to snag the record from That strongly suggeststhe game 0 that thepriceincrease doesn’t af-

GES ratedamong the its newest diplomatic partner. didn’t escape the same remote- fect unit sales significantly. 2010 ’12 ’14 ’16 ’18 ’20

IMA world’stop carriers. work impact that has delayedsome But it seems agood year forAc- El Al is, putting it other big titles—most notably Mi- Source:FactSet tivision to try, as “Call of Duty”

GETTY charitably,not quite crosoft’s “Halo Infinite.” But Activ- faces alittle lesscompetition in the

SE/ in the same cate- ision’sdevelopment studiosseem and PlayStation consoles expected shooter category this coming sea- gory,and is one of to have found their feet quickly. to take placethe same month. son, especially with the “Halo” delay. the world’sleast- Thecompanysaid “Black Ops Cold Analystsgenerally expect “Cold Thecost of developing so-called tri- ANCE-PRES punctual airlines. War” will launch on Nov.13. that is War” to sell morethan 20 million ple-A games keeps rising, command- FR El Al’s unfortu- only slightly later than the typical units—similar to what past itera- ing budgetssimilar to major movies.

GENCE nate forteisun- launch windowthat “Call of Duty” tions have done.That assumes the Given the likelihood that the pan-

/A paralleled security, has adhered to forthe past decade pandemic’sdisruption of the devel- demic will continue to limit other HIB including Israeli- and still putsthe game in time for opment cycle hasn’t affected the entertainment options, gamersmay SA the holidayshopping season—not game’squality.But Activision seems find themselves with an extra$10 to RIM

KA to mention the launch of newXbox confident: Thecompanyplans to up spend anyway. —Dan Gallagher