Donald Trump Joe Biden

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******** WEDNESDAY,NOVEMBER 4, 2020 ~VOL. CCLXXVI NO.107 WSJ.com HHHH $4.00

DJIA 27480.03 À 554.98 2.1% NASDAQ 11160.57 À 1.9% STOXX 600 356.01 À 2.3% 10-YR. TREAS. g 10/32 , yield 0.881% OIL $37.66 À $0.85 GOLD $1,908.50 À $18.10 EURO $1.1722 YEN 104.50 What’s Swing States AreTight News

Business&Finance Biden, Trump locked in close contest amid pandemic and downturn

hina called asudden Chalt to the world’sbig- Economy, Midwest gest IPO,casting uncertainty over the futureoffintech giant Ant Group and delivering Virus and Likely Will arebuketoits controlling S

shareholder,Jack Ma. A1, A8 PRES

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their best daysinceJuly, NP

gaining 2.1%, while the S&P /C

500 and Nasdaq rose 1.8% Electorate ONIS To Victory and 1.9%, respectively. B13 KLEP

 Comcast is in talks with BY JOHN MCCORMICK President Trump and for- CHRIS Walmart to develop and dis- AND CHAD DAY mer Vice President JoeBiden

tributesmart TVs, as the ca- GES; remained locked in atight race

ble giant looks to become a Theportrait of Americare- IMA that wasexpected to come dominant hub forstreaming vealed in Tuesday’s presiden- down to afew key states that apps,not just TV channels. B1 tial election wasone of a GETTY were still counting votes deeply divided nation split be- SE/ Wednesdaymorning.  Aramcosaid it remains tween men and women, white committedtopaying its

and nonwhitevoters, urban ANCE-PRES quarterly dividend despite By Michael C. Bender, and ruralresidents, college FR Sabrina Siddiqui asharp drop in profit. B1 graduates and those who and Tarini Parti  Saudi Arabia and other ENCE

didn’t graduate from college, AG

OPEC membersare consid- T/ anddiffering views on the im- Thepresident wonOhio, ering deepening oil produc- portanceofcontrolling the HMID Iowa,Texas and the key prize

tion cutsamid fresh con- SC coronavirus pandemic versus of Florida, while Democrats cerns about demand. B13 TO preventing further damage to were heartened by astrong BER

 Europe’stop markets the economy. RO performanceinArizona, which watchdog said it found ase- Anational votersurvey : Mr.Trump wonin2016.That ries of problems with Ger- conducted forThe Wall Street LEFT set up ashowdowninPennsyl- OM

many’sregulatoryoversight Journal and other news organ- FR vania, Michigan and Wisconsin, and handling of Wirecard. B12 izations showedPresident Democratic nominee Joe Biden appeared last night in Wilmington, Del., and President which, along with states such Trump with his strongest sup- Trump visited his campaign headquarters in Arlington, Va., before election results Tuesday. as Georgia and North Carolina,  Prudential Financial port among men, whitevoters weren’t yetcalled. posted growth forthe third without acollegedegree,rural Biden 270electoral votes Mr.Biden, the Democratic quarter despitealow inter- residents and those who said Notyet called needed to win As of 1:10 a.m. ET Wednesday presidential nominee,has sus- est-rateenvironment and Trump the government should priori- tained awide lead in national fallout from the pandemic. B3 tizethe economyevenifitin- Wash. polls,but statewide raceshad  Bayerreported alossfor creases the spread of the coro- N.H. Maine been tighter.Mr. Biden said he the thirdquarter as the pan- navirus.Democrat JoeBiden Mont. N.D. Minn. Vt. believed he wasontrack to win demic compounded problems wasmoreheavily favoredby Ore. the election, while Mr.Trump the companyhas been facing women, urban and suburban projected confidenceinhis Idaho S.D. Wis. N.Y. sinceacquiring Monsanto. B3 residents, nonwhitevotersand Wyo. Mich. prospects. college graduates. Addressing supportersata  FoxCorp.boosted profit Pa. TheAPVoteCast survey, Iowa Mass. drive-in rally in Wilmington, and revenue on astrong Nev. Neb. whichincluded morethan Ohio R.I. Del., Mr.Biden said the elec- performancefromFox Utah Ill. Ind. 100,000 registered voters, Colo. W.Va. Conn. tion wasn’t over “until every News in itslatestquarter. B4 Calif. Va. N.J. didn’t attempt to predict the Kan. Mo. Ky. vote is counted.” winner of a race that has yet Del. “Weknewthis wasgonna N.C. World-Wide to be called. But it does sketch Tenn. Md. go long,but who knewwe Ariz. Okla. D.C. out in great detail the complex N.M. Ark. S.C. PleaseturntopageA4 mosaic of the 2020 American Ga.  Trump and Biden re- electorate,agroup expected to Miss. Ala. Maine 1st mained locked in atight race break aturnout record from Texas La. that wasexpected to come 2016,when morethan 136 mil- Maine 2nd ELECTION down to afew key states that Alaska lion cast a ballot in the presi- Fla. Neb.1st were still counting votes dential race. Neb.2nd Wednesdaymorning.The In aJournal interview Hawaii Neb.3rd 2020 president wonOhio,Iowa, TuesdayonMilwaukee’snorth Texas and Florida, while side,55-year-old Jeffrey Note:Maine and Nebraskaaward one electoral vote foreach congressional district and twofor the statewide winner Democratswereheartened Briggs, a Democrat and assis- Source:AssociatedPress THE WALL STREET JOURNAL  Go to WSJ.com for by astrong performancein tant building manager who is the latest results. Arizona. That setupashow- Black,said he strongly op-  House Democratsaim down in Pennsylvania, Mich- posed the president because of to widen majority... A5 igan and Wisconsin, which, 223 212  Voting sites take his rhetoric on race. along with states such as “People arejust fedupwith virus precautions... A7 Georgia and North Carolina, PleaseturntopageA6 Joe Biden Donald Trump weren’t yetcalled. A1, A4-7  Democratsgained their first seat in aquest to win control of the Senatewith avictorybyHickenlooper WhoeverPrevails, aNation Remains Divided in Colorado,yet their opportunities to retake the chamber were shrinking as BY GERALD F. SEIB this much wasclear: Any and in some cases they ap- President Trump wonthe Thevast swath of ruraland election night unfolded. A5 thought that the political pic- peared to have widened. The votesof61% of whiteworking- small-towncounties that were  Close U.S. House contests A divided nation is emerg- ture would look vastly differ- gapbetween men and women classmen, while Mr.Biden painted Republican redinthe were still being tallied late ing from awrenching presi- entafter ayear of bitterde- in Tuesday’svoting waslarge: wonanalmost identical 62% 2016 election that swept Mr. Tuesday as Democrats dential election bateand national reflection, Democrat Joe Biden drew the of the votesofwhitewomen Trump intothe WhiteHouse waited to see if they would ANALYSIS still divided—and and as aresult of acathartic votesof58% of women but with collegedegrees.The remain that color,while the ur- expand their majority and divided in many of presidential election, seemed just 49% of men, according to presidentmay have made ban counties that have become Republicans sought to hold the same ways it was before. to be fading away. AP VoteCast, abroad nation- some inroads with Black men the stronghold of the modern seats in the suburbs. A5 Theprecise outcome of the Instead, the same splits wide survey conducted forThe andHispanics in Florida, but Democratic Party remained presidential race wasundeter- that have been on displayin Wall Street Journal and other voters of color remain aheav- deep blue.The biggest move-  TheSupreme Court mined lateTuesdaynight, but recent yearsare still there, news organizations. ily Democratic constituency. PleaseturntopageA7 weighed whether trial judges must find juveniles “permanently incorrigible” before sentencing them to lifein prison without parole. A2 China HaltsAnt’sRecordIPO  Thesuspect in the killing Salesforce. of four people in aVienna at- After Meeting With Regulators tack had been convicted on terrorism chargesafter trying #1 CRM. to join ISIS but wasreleased BY JING YANG HowAnt stacks up by value from prison afterserving part AND SERENA NG againstthe biggest of his term, officials said. A22 withdrawnIPOsonrecord Ranked #1 for CRM Applications basedon IDC 2020H1 Revenue Market ShareWorldwide.  Ivory Coast’s president China called asudden halt to the world’s biggest initial 19.8% won a third term following public offering,casting uncer- an election that was boy- Ant Group (2020) Loterias y tainty over the futureoffinan- cotted by the opposition. A22 Apuestas cial-technologygiant Ant $34.40 billion del Estad (2011) Group Co.and delivering an ex- $10.13billion traordinaryrebuketoits con- JOURNAL REPORT trolling shareholder,Jack Ma. Artificial Intelligence: TheShanghai Stock Ex- changesuspended Ant’sblock- Howtomakesystems DB Mobility AIA Group buster IPO lateTuesday, aday (2010) lessbiased. R1-8 Logistics afterfour regulatoryagencies (2008) $10 billion 5.3% summoned Mr.Maand the Budweiser 4.8% CONTENTS Personal Journal A15-16 company’stop two executives $7.88billion APAC (2019) 3.9% Arts in Review... A17 Property Report... B6 3.8% Business News.. B3,5 Sports...... A18 to aclosed-door meeting. $9.02billion Crossword...... A18 Technology...... B4 Themeeting and “changes Source:Dealogic Note:Ant ﬁgureisaminimum. 2016 2017 2018 2019 2020H1 Heard on Street.B14 U.S. News...... A2-3 in the financial technologyreg- (previously withdrawn Some of these companies successfully Markets...... B13 Weather...... A18 ulatoryenvironment” consti- deals), staff reports (Ant) listedatalater date. Source: IDC, Worldwide Semiannual Opinion...... A19-21 World News A10-11,22 tute major eventsthat have SoftwareTracker,October 2020. disqualified Ant from listing on been on track to raise at least the world’smost valuable tech > Thursday, the exchangesaid. $34.4billion in total. “Ant startup,and Mr.Ma, its56- Thecompanysaid aconcur- Group apologizes forthe trou- year-old billionaireco-founder. rent Hong Kong listing would ble this has caused investors,” Theowner of the popular salesforce.com/number1CRM also be suspended. Ant plans to the companysaid in apost on PleaseturntopageA8 CRM market includesthe followingIDC-defined functional markets:Sales ForceProductivity andManagement, return the funds it has col- Chinese social media. MarketingCampaign Management, Customer Service, Contact Center,Advertising,and Digital Commerce s 2020 Dow Jones & Company, Inc. Applications. ©2020salesforce.com, inc. Allrightsreserved.Salesforce.comisaregisteredtrademark of All Rights Reserved lected from investorswho sub- Thedevelopment marksa  Jack Ma faces backlash from salesforce.com, inc.,asare other namesand marks. scribed to itsIPO,which had stunning turnaround forAnt, regulators...... A8 P2JW309000-0-A00200-1------XA

A2 | We dnesday, November 4, 2020 THE WALL STREET JOURNAL. U.S. NEWS HighCourtReviews Juvenile Life Sentences Justices

BY JESS BRAVIN said that wasn’t enough; the tees,Justices BrettKa- as afinding of fact?” she To Weigh court’srecent precedentsre- vanaugh and Amy Coney Bar- askedJusticeDepartment WASHINGTON—TheSu- quirethe trial judgetofind rett. lawyer Frederick Liu, who ar- S preme Court weighed Tues- the defendant permanently In Tuesday’sargument, the gued in support of Missis-

PRES Religious daywhether trial judges incorrigible beforethrowing newjustices asked tough sippi’sposition. must find juvenile offenders away the key,heargues. TED questions of both sides. “Courtsdon’t requirethat

“permanently incorrigible” “I absolutely believethat OCIA Thehigh court’s2016 deci- sort of uttering of magic

SS Rights

beforesentencing them to Brettsubstantively is not /A sion, Montgomeryv.Louisi- words” that explicitly pro- lifeinprison without the permanentlyincorrigible,” ana, “seems very clear in say- nouncethe defendant perma- BY JESS BRAVIN

possibility of parole. the defendant’slawyer,David CTIONS ing multiple times...that a nently incorrigible rather

It wasaquestion leftun- Shapiro, told the court. RRE finding of fact about incorri- than doing so implicitly at a WASHINGTON—TheSu- clearbyprior decisions that “His grandmother,the wife CO gibility is notrequired,” said sentencing hearing, Mr.Liu preme Court on Wednesday found unconstitutional sen- of the victim, testified on his OF JusticeKavanaugh. replied. will hear a Catholic organiza- tencing schemes that im- behalf.Acorrectional officer ENT Mr.Shapiro, Mr.Jones’s JusticeSamuel Alito, who tion’s argument that the First TM

posed such sentences without spokeofhis...extraordinary AR lawyer,said a“formal” pro- typically sides with prosecu- Amendment entitles it to ex-

considering factorsthat may record in prison,” he said. DEP nouncement wasn’t required, tors,sought to reframe the clude same-sexcouples from a makeyouthful offendersless Mr.Jones “committedamur- but effectively the trial judge discussion entirely,back to- Philadelphia child-welfarepro- morally culpable or better der forthe most immature SIPPI needed to determine that ward earlier conceptions of gram it helps runwith tax- SIS

candidates forrehabilitation reason possible,teenagein- MIS therewas no hope forthe de- punishment rather than the payer funds. than adult criminals. fatuation,” and remains “fully BrettJones gotlifewithout parole fendant, something the trial intricacies of recent prece- Thecase pitsthe city of In 2004, BrettJones,then capable of rehabilitation.” at 15 forkilling his grandfather. judgehadn’t done. dentsapplying the Eighth Philadelphia against archdio- 15 yearsold, killed his grand- Through 2016,the Su- JusticeKavanaugh was Amendment to juvenile sen- cese-affiliated Catholic Social father Bertis Jones with a premeCourt issued aseries fore acourt that has signifi- skeptical. “I’dbecurious tencing. Services,one of dozens of pri- kitchen knifeintheir Shan- of decisionslimiting the se- cantly changed since2016, what the distinction between “What would yousay to vate agencies that work as city non, Miss., home afterthe verest punishmentsfor juve- when by a6-3 vote it gave aformal finding of fact and anymembersofthis court contractorstoplaceorphans grandfather discovered the nile offenders. retroactiveeffect to itsprevi- an informal finding of fact whoare concerned that we and other at-risk children with teenager’s girlfriend with him In 2005,itruled that exe- ously announced rule forbid- might be in this serious con- have nowgottenlight years foster parents. in his bedroom. At asentenc- cuting offenderswho were ding automatic life-without- text,” he said. away from the original mean- Acivil-rightslaw in the city ing hearing following Mr. minors when they committed parole sentences for JusticeBarrettasked why ingofthe Eighth Amendment since1982 has prohibited dis- Jones’sconviction, the judge their crimes wasunconstitu- juveniles. prosecutorsfound Mr.Jones’s and who arereluctant to go crimination based on sexual said he considered “both mit- tional, and later decisions re- Twomembersofthat ma- position so problematic. anyfurther on this travel orientation. In 2018, officials igating and the aggravating quired additional steps be- jority,retired JusticeAn- “So your objection hereis intospace?” JusticeAlito learned that Catholic Social circumstances,” and then im- fore lifewithout the thonyKennedy and the late really that it’smaking the said. Services andanother foster- posed lifewithout parole. possibility of parole could be JusticeRuth Bader Ginsburg, statejump through toomany Adecision in Tuesday’s program contractor,Bethany On appeal to the Supreme imposed. have been replaced by more hoops to put something actu- case,Jones v. Mississippi, is Christian Services,had poli- Court, Mr.Jones’slawyer Tuesday’scase came be- conservativeTrump appoin- ally,formally on the record expected beforeJuly. cies against working with same-sex couples. Bethany Christian Services U.S. WATCH agreed to comply with the Philadelphia Code.Catholic Social Services said that church teachingsprohibited it KENTUCKY instructed cadets to “meet vio- highest court, since 2017. Community Center about 6 a.m. ting the parolee three times, Sher- from doing so.Catholic Social lence with greater violence” and Justice Wendlandt’s nomina- Tuesday when she was struck, iff Henderson said. The officer Services said it would refer State Police Head included three quotes from Hit- tion on Tuesday came about a said Sgt. Benjamin Granda. waschecked and released at alo- LGBT couples to other foster- Resigns After Report ler and a quote from Confeder- week after Mr. Baker nominated Officers tried to save the cal hospital, and the parolee was parent agencies. ate Gen. Robert E. Lee. Associate Justice Kimberly Budd woman, but she was pronounced flown to Strong Memorial Hospi- Philadelphia suspended re- The head of Kentucky State The Kentucky JusticeCabinet to be the Supreme Judicial dead at a hospital, Sgt. Granda tal in Rochester, wherehewas ferrals to Catholic Social Ser- Policeisstepping down days after has said the instructional materi- Court’s chief justice. If confirmed, said. listedinstable condition, Sheriff vicesand wroteclearer non- areport surfaced about old train- als were lastused in 2013 and she would be the first Black —Associated Press Henderson said. discrimination languageinto ing materials the agency used thatofficials areworking to woman to fill the seat. —Associated Press itscontract.The Catholic thatencouraged cadets to be “swiftly and thoroughly conduct Justice Wendlandt, born in NEW YORK agencyfiled suit, arguing that “ruthless” and quotedAdolf Hitler. an internal reviewofall training New Orleans, is the daughter of VERMONT under constitutional protec- PoliceCommissioner Rodney materials” used by statepolice. Colombian immigrants and has Parolee Is Shot After tions forreligious freedom Brewer’s resignation is effective —Associated Press engineering degrees from the Ramming Officer Rules Set forSki Hills and speech, the city couldn’t Wednesday, Kentucky Justiceand University of Illinois and the And School Sports require it to work with same- Public SafetyCabinet spokes- MASSACHUSETTS Massachusetts Institute of Tech- Aparole officer wounded apa- sexcouples to receivetax- woman Morgan Hall said. She nology, and a law degree from rolee with three shots through a Vermont officials released payer funds. didn’taddresswhy Mr.Breweris Pick for High Court Stanford University Law School. windshield after the man struck guidance Tuesday on the opera- Federal courts in Philadel- stepping down but said Lt.Col. Is a First for State —Associated Press the officer with his car outside a tion of ski resorts and on phia disagreed. Writing forthe Phillip Burnettwas selected to be motelinwestern NewYork, ac- school-based winter sports amid ThirdU.S.Circuit Court of Ap- acting commissioner. Massachusetts Appeals Court MISSOURI cording to the local sheriff. the coronavirus pandemic. peals,JudgeThomas Ambro Mr. Brewer was appointed by Associate Justice Dalila Argaez The officer went to the motel Skiers and riders must attest relied on a1990 Supreme Gov. Andy Beshear in January Wendlandt was nominated by Woman Going to Vote in Canandaigua Tuesdaytoarrest when they arrive at a ski area Court opinion by the lateJus- after previously leading the Gov. Charlie Baker to fill an open Hit by Car and Killed the man on aparole violation, On- that they have read, understood ticeAntonin Scalia that upheld agency from December 2007 to seat on the state’s highest court. tario County Sheriff Kevin Hender- and complied with Vermont’s ex- Oregon’s denial of unemploy- February 2016. Justice Wendlandt, if ap- An 85-year-old woman cross- son said. The man tried to flee in isting guidance on travel and ment benefits to adherents of The resignation comes after proved, would become the first ing a street Tuesday morning to acar and intentionally struck the quarantining, and ski resorts aNative American religion DuPont High School’s Manual Latina to serve on the Supreme vote was hit and killed by a car, officer,who landed on the hood. must collect and maintain con- who used peyote, acontrolled RedEye first reported on the Judicial Court, which dates to St. Louis County police said. The car crashed into autility tact tracing information from ev- substance, as a sacrament. training materials last week. The 1692. She has served on the ap- The woman was walking to a pole in the motelparking lotafter ery guest, as well as reduce With support from the newspaper said the presentation peals court, the state’s second- polling place inside the Affton the officer fired sevenshots, hit- their lodge and lift capacity, said Trump administration, Catho- Ted Brady, deputy commerce lic Social Services appealed to secretary. the Supreme Court. THE WALL STREET JOURNAL CORRECTIONS  AMPLIFICATIONS Lift capacity must be reduced Thecourt maypreferto (USPS 664-880) (Eastern Edition ISSN 0099-9660) (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) by half except for a party that is rule narrowly on thefactsof Editorial and publication headquarters: 1211 Avenue of the Americas, NewYork, N.Y. 10036 traveling together, and an en- the Philadelphia case or make Published daily except Sundays and general legal holidays.Periodicals postage paid at NewYork, N.Y.,and other mailing offices. RoyalCaribbean Group Noticetoreaders closed lift, such as a gondola, a broader pronouncement re- Postmaster:Send addresschanges to The Wall Street Journal, 200 BurnettRd., Chicopee, MA 01020. has canceled all sailingsex- Wall Street Journal staff may serve only one party unless calibrating the boundarybe- AllAdvertising published in The Wall Street Journal is subject to the applicable rate card, copies of which areavailable from the Advertising Services Department, DowJones &Co. Inc.,1211 Avenue of the Americas, NewYork, N.Y. 10036. The Journal cept those on Quantum of the membersare working re- it is large enough to allow for 6 tween church and state. reserves the rightnot to accept an advertiser’s order.Only publication of an advertisementshall constitutefinal acceptanceof the advertiser’s order. Seas through the end of the motely during the pandemic. feet of distance between cus- Wednesday’scase also may Letters to the Editor: Fax: 212-416-2891; email: [email protected] year.ABusinessNewsarticle Forthe foreseeable future, tomers, Mr. Brady said. giveanearly indication of how Need assistancewith your subscription? Tuesdayabout the company please send reader comments For school sports, spectators the newest justice,Amy Coney By web: customercenter.wsj.com; By email: [email protected] |Byphone: 1-800-JOURNAL (1-800-568-7625) incorrectly said it canceled all only by email or phone, using won’t be allowed at indoor Barrett,will approach cases Reprints &licensing: By email: [email protected] |Byphone: 1-800-843-0008 sailingsthrough the end of the contactsbelow, not via sporting events, and wrestling that pit LGBTrightsagainst WSJback issues and framed pages: wsjshop.com the year. U.S. Mail. and indoor track won’t take religious objectorstosame-sex Our newspapers are100% sourcedfromsustainably certified mills. place, said Natural Resources marriage. GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS Readers can alert The Wall Street Journal to any errors in news articles by Secretary Julie Moore. Adecision in the case is ex- emailing [email protected] or by calling 888-410-2667. —Associated Press pected before July. P2JW309000-0-A00300-1------XA

THE WALL STREET JOURNAL. We dnesday, November 4, 2020 | A3 U.S. NEWS Hospitalizations Hit Post-Summer Peak

BY ALLISON PRANG

The number of people hos- pitalized with Covid-19 in the U.S. topped 48,000 on Mon- day, according to datafrom the Covid Tracking Project, continuing amonthslong increase and hitting the highest point since mid-August. Theincrease comes as new confirmed infections arerising across the nation, and public- health officials and epidemiol- ogists worry that the coming holidayseason will accelerate the surge. In Ohio,hospitalizations onceagain hit anew high, top- ping 1,800 for Monday, rising morethan 100 from the previous day, according to data from the Covid Tracking Proj- ect. Similar to the U.S. as a whole, hospitalizations have been climbing in the state since early October. Mike Abrams,chief execu- tiveand president of the Ohio Hospital Association, said he expected the increase in hospitalizations to continue and is GES worried about the Thanksgiv- IMA ing holidaywhen families will

gather across the nation. GETTY “I do thinkthat we aren’t A/ finished setting recordson UR AM hospitalizations or positives in NAK

Ohio,” Mr. Abrams said. GO TheOhio Department of Texas reported the most hospitalizations in the U.S. on Monday, with more than 5,000. The Covid-19 intensive care unit at United Memorial Medical Center in Houston. Health reported 4,229 new coronavirus cases on Tuesday. steadily around the beginning Tracking Project data show. more than 3,000, and Florida, Forthe U.S. overall, Mon- of October. Hospital stays from the virus which had morethan 2,000, day’s hospitalization count is Thelatestincreases are have gotten shorter amid ad- according to the Covid Track- thehighest sinceAug.11, ac- morewidespread geographi- vances in treatment, helping ing Project. cording to Covid Tracking cally and reaching morere- ease pressureoncapacity,but Hospitalizationsare alag- Projectdata. TheU.S.hit a mote regions,which is ex- doctorsand health-caredisas- ging indicator and might not pandemic high of 59,940 hos- pected to further strain terexpertssay those improve- pop up until one to three pitalizations on April 15, that resources needed for disaster mentsaren’t enough to combat weeks afteranincrease in data showed, when New York response,expertsinhealth- the increase in hospitalizations. cases, said Albert Ko, depart- wasbearing the brunt of a care emergency planning say. Texas reported the most ment chairfor epidemiology surge in cases. After hitting a At least adozenstates, includ- hospitalizations in the country of microbialdiseases at the recent lowof28,608 hospital- ing Ohio, saw the numbers of Monday, with morethan Yale School of Medicine. izations on Sept. 20,hospital- Covid-19 patients in hospitals 5,000,followedbyIllinois and “We’regoing to go intoa izations began to increase set arecordMonday, Covid California, which both had bad period,” Dr. Ko said. IndustryCalls forMoreOversight Of Covid-19 TemperatureScanners

BY ROBBIE WHELAN SHOP ONLINE Security cameramanufac- WWW.LONGINES.COM turers are asking government regulatorsfor tighter over- sight of temperature-detecting cameras,saying that a flood of newproductsprompted by the Covid-19 pandemic endangers public safety by providing in- accurate fever screenings. Since the spring, hundreds of merchantshavebegun sell- S NEW

ing telethermographic sys- G tems—a category that includes dozens of devices such as cameras and kiosks that use OOMBER

infrared scanning and thermal GE/BL imaging to detect body heat from a distance. NOUVELA School administrators, man- AH

agersofgovernment office ELIJ buildingsand corporations have A thermal camera registered the temperature of customers at a Duluth, Ga., supermarket in March. been purchasing the technology and installing it at entrances of productsand they’rebeing up and operation, as well as AprilFDA guidelines. buildingsinthe hope that it will bamboozled intobuying this proper preparation of the per- He says that the cameras screen out people with fevers,a garbage,” said Dan Dietrich, son being evaluated,” wrote were tested for accuracy by a key symptom of the virus. president of JoganThermal Abigail Capobianco, the physician at a Las Vegas hos- But manyofthese devices Checkpoint,amanufacturer spokeswoman, in astatement. pital who is also acustomer of aren’t capable of providing ac- andvendor of temperature- TheFDA and the National eConnect. curatebody temperatureread- measuring equipment in Den- Institutes of Health have said However, eConnect doesn’t ingsthat would indicatefever, ver. fever alone isn’t an adequate followother FDArecommen- manufacturers and experts in In lateOctober,the Security indication of whether aperson dations,including that all infrared technologysay.In- IndustryAssociation, atrade has Covid-19, but the FDAsays thermal cameras use a“black- stead, many of them are used group that representscompa- thermal imaging devices have body device”—a heat-produc- to accurately detect security nies that maketechnologyfor been used to positiveeffect in ing element that provides a risks such as unauthorized privatesecurity providers, sent previous epidemics. referencetemperaturefor the people entering abuilding,or alettertoFDA Commissioner Newentrantsintothe mar- cameras to measureagainst— even thepresenceofacon- Stephen Hahn pleading with the ket say they are trying to ful- and that the cameras be cali- cealed weapon. Othersare agencytostepupenforcement fill an important public-health brated frequently. used to take the temperature of devices that don’t comply need and help customerspro- “Our system, youdon’t of industrial machines.But with agencyguidance. vide a sense of safety. need to calibrate it,” Mr. Val- few areaccurateenough to de- Among other complaints, Henry Valentino, a Las Ve- entino said. “Right out of the tect fevers in humans. the lettersaid manynew prod- gasentrepreneur who spent box, it’s super accurate.” Fearing shortages of tem- uctsused to detect fevers vio- the past decade selling point- Expertsininfrared imaging perature-screening equipment, lateFDA recommendations by of-sale security software to ca- sayitisimpossible forlow-end the U.S. Food and Drug Admin- trying to scan more than one sinos,jumped intothermal im- thermal cameras to produce istration opened the flood- person at atime,scansubjects aging in May, soon afterthe consistent, accuratereadings gatesinApril, issuing new while outdoors, scan subjects FDA relaxed its guidance. His withoutablackbody device, guidancethat loosened the wearing hatsorfacemasks,or company, eConnect Inc., buys and few devices with that tech- rules governing the telether- scan subjects in front of win- cameras made in China by nologycan be purchased for mographic devices. dows, all of which reduce ac- Shenzhen Eledy Technology lessthan $5,000 to $6,000. Theagencysaid it wouldn’t curacy. Co. Similar cameras retail on “The greatest danger is get- object to the distribution of “It has become increasingly thee-commerce siteAlibaba ting false negativereadings thermalcameras and other clear that therehavebeen for about $500. from devicesthat understate temperature-taking devices that some productsintroduced dur- Mr.Valentino says he in- body temperature,” said Jim hadn’t received agencyap- ing this time that are missing stalls his proprietarysoftware Seffrin,director of the In- proval, as long as the devices the mark when it comes to en- on the cameras.Hehas sold fraspection InstituteinBurling- were properly labeled and used hancing public safety,” read morethan 500 of these sys- ton, N.J.,which studies the to test forfevers. the letter, which wassigned by tems at acost of $3,600 each, thermal cameramarket. PopRocks Themoveprompted many Don Erickson,the association’s including warranty,tocasinos Established thermal camera newsellers, including many chief executive. and resorts, as well as ahospi- makerssay that the relaxed CONFETTI MULTICOLORED DIAMONDRING with little or no experience TheFDA has acknowledged tal system in Los Angeles and rules have allowedhundreds of with medical devices.Manyof receiving the group’sletter. An school districts in Oklahoma. companies to undercut them. these sellers rely on inexpen- agency spokeswoman declined On eConnect’swebsite, the “What’shappened is that sive imports from China that to comment on the letterbut thermal camerasystemisde- essentially the snake-oil sales- they rebrand, sometimes using said the public-healthemer- scribed as “FDACleared,” but men have jumped back into PA ULMORELLI.COM misleading marketing materi- gencycaused by the coronavi- no devicesold by Mr.Valen- the business,” said Gary Stra- als to target school districts, rus made it necessarytorelax tino’s companyappearsinthe han,chief executiveofICI NYC: 895MADISON (72ND&MADISON) airports, hospitals and busi- enforcement of regulations to FDA’spublic database forap- Thermal Cameras,amanufac- PHL: 1118WALNUTSTREET nesses at asteep markup,ven- ensureanadequatesupply of proved devices.Mr. Valentino turer in Beaumont, Texas. 212.585.4200 dors and scientists say. temperature-taking devices. explained that the languageon ICI’scamerasystems,which “The public just doesn’t “The accuracyofthese sys- the websitereferstohis com- cancost up to $20,000,have know howtoevaluatethese tems depends on carefulset- pany’sclose adherencetothe had FDAclearancesince2008. 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A4 | We dnesday, November 4, 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. ELECTION 2020 Race Ends With Heavy Turnout

ContinuedfromPageOne were going to go until maybe tomorrow morning,maybe even longer?” Mr.Biden said early Wednesday. “Wefeel good about whereweare.We really do.I’m heretotell you tonight we believewe’reon track to win this election.” Mr.Trump,meanwhile, tweeted: “Weare up BIG.” Thetwo candidates had been in avirtual tie in Florida, amajor prizeamong the battleground states,heading into thefinal dayofvoting,polls showed. Thestate wascentral to the Republican president’s path to victory, while avictory forMr. Biden wasmorereliant on Michigan, Pennsylvania and Wisconsin. Texas,atradition- ally Republican state, appeared competitivethis year but wasn’t seen as crucial to Mr. Biden’spath. Afteralong and tense election season shadowedbya deadly pandemic,the dayap- peared to lack major voting

glitches,cyber meddling or /REUTERS RD

disruptionsatpolling sites. FO

Theracefor control of the OX

Senate, which the Republicans NICK nowhold 53-47,also appeared Voters wait in line to casttheir ballots in Oklahoma City. About 100 million people, arecord, votedbeforeElection Day, the firstU.S. election held amid apandemic in morethan acentury. tight, with Democratspicking up one seat in Colorado and The electoral map as of 1:10 a.m ET Wednesday on track to expand their major- losing one in Alabama. ity,according to nonpartisan Manyofthe competitive election watchers. TheDemo- BIDEN TRUMP racesthat will determine Notyet called: 103 Maine cratscurrently control 232 whether Republicans remain in seatsinthe House,orabout control of the U.S. Senatewere 223212 54% of the 430 voting mem- still being counted. Democrat bersinthe chamber. John Hickenlooper beat Repub- Republicans picked up two 270electoral votesneeded to win N.H. lican incumbent CoryGardner Vt. seatsinMiami, their first in aSenateraceinColorado, pickup of the night, the AP whileDemocratic Sen. Doug Each square Mass. said. Republican Carlos Gimé- Jones wasdefeated by Repub- Wash. representsone nezbeat Rep.Debbie Mucarsel- lican TommyTuberville in Ala- electoral vote. Powell, afirst-term Democratic bama, AP said. Sens.Lindsey Conn. R.I. incumbent, in adistrict that Minn. Wis. N.Y. Graham of South Carolina and Mich. Democrat HillaryClinton won John Cornyn of Texas,Republi- Ore. N.D. in 2016.Republican Maria El- cans who faced unexpectedly Mont. S.D. vira Salazar beat Rep.Donna Iowa competitivechallenges in tra- Idaho Wy. Shalala, also afirst-term Dem- Neb. ditionally redstates, held on to Pa. ocratic incumbent. their seats. Democrat Cori Bush was Nev. Utah Colo. Ill. Theclosely contested Geor- Kan. Ind. Ohio easily elected to represent Mis- gia special election waspro- Del. souri’sFirst Congressional Dis- Mo. W.Va. Md. jected to go to aJanuaryrun- N.J. trict, becoming the firstBlack offbetween Republican Sen. N.M. Okla. woman to represent the state Va. Kelly Loeffler and Ebenezer Calif. Ariz. Ark. Tenn. Ky. in Congress. Baptist Church Pastor Raphael Mr.Trump and his team Warnock,aDemocrat, the AP sawanarrow path to victory Miss. said. La. Ala. N.C. D.C. by replicating his 2016 game About100 million people,a Texas plan: motivating his staunchest record number,had already supporters, mostly whitework- votedbeforeElection Day, Ga. ing-classvoters, with stops in choosing between aRepublican S.C. Michigan, Wisconsin and Penn- incumbent president pushing sylvania, three states that he forafaster reopening from flipped four yearsago that lockdowns and aformer vice 2016 Alaska helped propel him to the White president pledging to listen to results House.Mr. Trump woneach in expertsonthe pandemic and 2016 by 1percentagepoint or provide moreconventional Trump Fla. less, with awinning margin of leadership.Atotal of 137 mil- 306 fewerthan 80,000 votesacross lion people votedinthe presi- Hawaii all three states. dential election four yearsago. Clinton ForMr. Biden’scampaign, Morethan 40% of voters 232 theclosing hoursappeared to named the coronavirus as the have one primaryobjective: topissue facing the country, flipping Pennsylvania and its while just over one-quarter 20 Electoral Collegevotes back said it wasthe economy, ac- intothe Democratic Party’s cording to preliminaryresults Source:AssociatedPress column. from alarge survey of Ameri- THE WALL STREET JOURNAL Morethan 120 statewide cans participating in the 2020 ballot questions were also be- election. centered on Pennsylvania, in people casting their ballots Center to cast their ballotsfor to gethim out of therebecause ing put to voters in morethan Mr.Biden waswinning Michigan and Wisconsin, bat- by mail and through early vot- Mr.Biden Tuesdaymorning. it wasjust so poorly handled,” 30 states,including measures three-quartersofvoterswho tlegrounds wonbythe presi- ing.Several states have raised Theformer sales executive said Ms.Walker,who is nowa in Arizona, Montana, NewJer- citedthe pandemic as most dent in 2016.The Republican concerns about their ability to said she is not abig fan of the homemaker. sey and South Dakotathat important, whileMr. Trump incumbent used aseries of ral- quickly count ballots, and both former vicepresident, but feels In Pittsburgh, AlexSax,70, would legalizemarijuana and carried 80% of those who lies to trytogenerateenthusi- parties have dispatched teams he would be abetterpresident and his wife, Jackie Sax, 66, proposed restrictions on abor- named the economy, according asm among supporters, as Mr. of lawyerstobattleground than Mr.Trump,especially both votedfor Mr.Trump on tion in Colorado and Louisiana. to preliminaryresultsfrom Biden criticized his handling of states as they preparefor post- Tuesdayfor asecond time.Mr. Voters in Florida approved the AP VoteCast survey of the coronavirus pandemic and election legal challenges. Sax, aretired dentist, said he an amendment raising the morethan 100,000 voters con- urgedvoterstoendorse a In Pennsylvania, Gov.Tom Businesses in major supported Mr.Trump’seco- state’sminimum wage to $15 ducted forThe Wall Street changeinleadership. Wolf,aDemocrat, cautioned nomic policies and that he an hour over the next six Journal and other news organ- Thenation braced itself for Tuesdaynight that his state cities prepared for feared an increase on capital years, the AP said. izations. theelection results, with busi- might not be finished counting. potential violenceby gains and other taxesunder a California voters were de- It wasacampaign likeno nesses in NewYork,Washing- Milwaukee County Boardof Biden administration. ciding whether to changeProp- other in modern history, con- ton, D.C.,Los Angeles and Elections Director Julietta boarding windows. “His personality is not what osition 13 by allowing local cluding amid aworsening pan- other major cities preparing Henrysaid resultsfromthe Ilook forinaleader,but he governmentstoassesscom- demic and warningsofpossi- forpotential violencebyforti- state’smost populous county follows through on what he mercial property based on its ble civil unrest. Thewinner fying windows and doorswith wouldn’t be ready until says and his policies areinline current value,rather than cap- will assume leadership of a plywood or other coverings. Wednesdaymorning,according when it comes to the pandemic with what I’minfavor of,” said ping increases from the last fracturednation,batteredby Security fencing waserected to the Milwaukee Journal Sen- response. Mr.Sax,aregistered Democrat time it wassold. the coronavirus pandemic that around partsofthe White tinel. “We’velost so manypeople who added that his vote for —Catherine Lucey, Erin has claimed morethan 230,000 House complex. Whitney Walker,38years to Covid, and Ithink even if Mr.Trump in 2016 washis Ailworth, Dustin Volz, Maya lives,damaged the economy Thefirst U.S. election held old, waspart of astream of Trump had done everything firstfor aGOP presidential Goldman, Valerie Bauerlein and upended daily life. amid apandemic in morethan Black voters who came out to rightbut dropped the ball on candidate. and Arian Campo-Flores Theraceinrecent days had acenturyhelped spark asurge Detroit’sNorthwest Activities just that alone, that is enough House Democratsappeared contributed to this article. Tech Stocks Lead Vo latile Rally as Results Come In

uncertainty hanging high, trad- belief that therewas going to he planned to pull an all- that would result in asweeping marketsappeared thin at Investorsdoubled down on ersappeared to revert to some be agiant blue wave coming nighter. fiscal stimulus package, helping times.That canexacerbate betsonthe market’smost en- of the most trusted trades of tonight, and nowwe’renot “I want to see this re- benefit stocks broadly,aswell swingsboth up and down. during winnersastallies across thepast few years: betting on seeing those thingswethought solved,” Mr.diGaloma said. as shares of smaller,domestic Largetech companies like agrowing number of states technologystocks rising,cur- we were going to see,” said Stocks typically rise regard- companies. Amazon.com Inc.rose in off- rencies in emerging markets Thomas di Galoma, managing lessofwho has control in “Ifthat blue wave isn’t there hourstrading,asdid chip By Akane Otani, falling and bond yields,which director of ratestrading at Washington, but the trajectory then it’s...back to the play- stocks such as Skyworks Solu- Gunjan Banerji and move inversely to prices,re- SeaportGlobal Securities in of policies affecting everything book,” said Charlie McElligott, tions Inc.that analystsuse to Amrith Ramkumar treating from recent highs. NewYork. from energy to health care can across-asset strategist at No- gaugemomentum in the tech- Futures linked to the Nas- With news networks show- determine which sectorslead mura Securities International nologysector. showedthe odds fading fora daq 100,which heavily weights ing increasingly tight margins the way.The S&P 500 is up Inc., pointing to howNasdaq Theprospect of gridlock in quick election result and deci- shares of big tech companies, between the two presidential 4.3% this year. futureswerestrongly outper- Congress—which cancompli- siveDemocratic sweep. advanced 2.7%, at one point candidates in anumber of In recent weeks,manyWall forming their peers. “A lot of cate the calculus around more Relatively mutedmoves darting higher so quickly that states and odds forecast by the Street strategistscoalesced that positioningfor afuture fiscal stimulus—also sent gov- acrossthe marketsgaveway to trading wasbriefly halted. S&P betting marketsfluctuating around predictions that Mr.Bi- paradigm shift, that catalyst ernment bond yields lower. The large swingslateTuesdayas 500 futures added about 1%, from hour to hour,Mr. di Ga- denwould win the presidential isn’tthere.” yield on the 10-year Treasury election resultsshowedatight while DowJones Industrial Av- loma said he wasn’t surprised race,and that Democrats Mr.McElligottsaid liquid- noteslipped to 0.83% after race between President Trump eragefutures rose 0.4%. by the volatility sweeping would potentially take control ity—or howeasy it is to getin hovering around five-month and Democrat JoeBiden. With “Therewas atremendous acrossmarkets. He added that of Congress. In their estimates, or out of positions—in futures highs earlier in the evening. P2JW309000-8-A00500-1------XA

THE WALL STREET JOURNAL. ******** We dnesday, November 4, 2020 | A5 ELECTION 2020 SenatorsinColorado,Alabama Defeated

Republicans battle to commitmentstothe table.” In his victoryspeech, Mr. keep their majorityas Hickenlooper called forthe Ernst, Graham, countrytostepback from the partisan path it has traveled

McConnell, Cornyn win S during atension-filled year.

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ing incumbent GOP Sen. Cory CIA blue Americaorred America.” SO

Gardner in Colorado,the Asso- AS Both partiesare cautioning ciated Pressprojected. Yettheir that allthe Senateoutcomes opportunities to retake the GALL/ might not be known right away. chamber were shrinking as vote Sen. Susan Collins (R., counting went deeper intoelec- NEIBER Maine) said on the Hugh Hewitt tion night. radio showTuesdaythat if nei-

Republicans also picked up a CHARLIE ther she nor her Democratic op- seat by defeating Democratic S; ponent, Sara Gideon, earned Sen. Doug Jones in deep-red PRES 50% of the vote,“We probably

Alabama, theAPprojected, TED would not knowfor certain who with TommyTuberville,the Re- CIA wonfor another week,” because SO

publican candidateand former AS of the state’scomplicated Auburn head football coach, method forcounting votes. DILL/

winning.Anumber of GOP-held CH Thepresident wasafactor

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votescontinued to be counted. P: Trump wasbehind in the polls Democratsneed to gain TO in Maine, creating apotential OM

three seatstowin amajority if FR drag forSen. Collins,who has Democrat JoeBiden wins the declined to saywhether she WhiteHouse or four if Presi- WISE will support him. OCK

dent Trumpwins re-election. CL “This wasthe firsttime I Republicans arefighting to Republican TommyTuberville, above,oustedSen. Doug Jones, aDemocrat,inAlabama. Below, Georgia Democratic Senate challenger didn’t vote forSusan Collins— maintain their Senatemajority; Raphael Warnock, with former gubernatorial candidate Stacey Abrams, washeaded to arunoff,while Sen. Joni Ernst(R.,Iowa.) won. the very firsttime sinceshe they currently hold 53 of 100 started running,” said PatHov- seats. TheGOP is defending 23 sepian, 76,aDemocrat who seatsthis year,compared with lives in Biddeford, Maine.“It’s 12 forDemocrats, with highly likeshe gaveuponthe people competitivere-election battles that liveinMaine and is so in of Republicans in Iowa,Maine, line with Trump that Ijust North Carolina, Arizona and couldn’t vote forher again.” Georgiaviewedasthe crucial In North Carolina, the presi- racesmost likely to determine dent also wasonthe minds of whether Democratswill take voters,who were deciding be- control of the chamber. tween Republican Sen. Thom In 2016,GOP incumbents Tillis and Democratic chal- were able to localizetheir own lenger Cal Cunningham, a47- elections.This year,voterssaid year-old former statesenator their decisions were swayed in andaveteran of the wars in part by howthe WhiteHouse Iraq and Afghanistan. and Congressresponded to the Arizona Senatecandidate coronavirus pandemic,the en- Mark Kelly,aDemocrat, ex- suing crises in health care and pressed cautious optimism on the economy, and whether they Tuesdayabout his chances of want to maintain aGOP-held crat MJ Hegar conceded the leftopen by the retirement of Democratic Rev.Raphael War- enth term. ousting Republican Sen. Martha chamberinWashingtontoact race to RepublicanSen. John GOPSen. PatRoberts, the AP nock. “Wedon’t gettoknowwhich McSally. as acheck on Mr.Biden if he Cornyn,and South Carolina, said. SenateMajority Leader presidential candidatewill be- In Michigan, Republican John wins. whereRepublican Sen. Lindsey Attention will next turn to Mitch McConnell (R., Ky.) used gin anew term in January,” he James, abusinessman and vet- Those issues have raised Graham defeated Democrat Georgia, wheretwo Senate his re-election victoryspeech said. “Wedon’t knowwhich eran, washoping to unseat Democrats’ hopes forafew up- Jaime Harrison, the AP pro- seatsare in play. If no candi- Tuesdaynight to defend the party will control the Senate, Democratic Sen. GaryPeters. setsinRepublican-leaning jected. dategetsmorethan 50% of the U.S. Constitution and call for but some thingsare certain al- Some voters saythat Mr.Peters Montana, South Carolina, Kan- In Iowa,Sen. Joni Ernst won vote in Georgia, as strategists unity in the country, in anod to ready.Weknowgreat chal- is vulnerable in part because sas,Texas and Alaska, where re-election to asecond term, andpollsterssay is likely,the the polarized political climate lenges will remain beforeus, Mr.James,who is Black,can ap- Republicans were fending off defeating Democrat Theresa two contestswould go to run- that will animateCongressand challenges that could not care peal to minority voters. stronger-than-usual challenges Greenfield, according to the AP. offs,with the outcome not de- the WhiteHouse next year. lessabout our political polar- —Eliza Collins, Michelle from Democratic candidates RepublicanRep.Roger Mar- termined until January. TheAP “Tonight Kentuckysaid ization. We knowour next Hackman, Madeleine Ngo, who have far outraised them. shall also fended off achallenge projected that Republican Sen. we’rekeeping our front row president will need to unitethe Joshua Jamerson Those hopes were dashed from Democrat BarbaraBollier Kelly Loeffler washeaded fora seat in the Senate,” Mr.McCon- countryevenasweall continue and Jim Carlton TuesdayinTexas,whereDemo- to win aSenateseat in Kansas Jan. 5runoff in Georgia against nell said afterwinning his sev- to bring different ideas and contributed to this article. DemocratsFight to Widen Their MajorityinHouse

BY NATALIE ANDREWS pointing to his upset win in with Republican statelegislator AND KRISTINA PETERSON 2016. Stephanie Biceinadistrict Mr. Considered most at-risk on Trump wonbymorethan 13 WASHINGTON—Close U.S. TuesdaywereRepublicans who pointsin2016.Inrural New House contestswerestill being managed to survivethe blue Mexico,Rep.Xochitl Torres counted lateTuesdayasDemo- shiftthat swept Democratsto Small and GOP challenger cratswaited to see if they powerinthe House two years Yvette Herrell were vying for would expand their majority ago, when Democratspicked up control of adistrict that Mr. and Republicans sought to hold 31 seatsindistrictspreviously Trump wonbyabout 10 points. seatsinthe suburbs. wonbyMr. Trump.Manyof Republicans also hoped to While morethan half the the suburban seatsare in tradi- topple MinnesotaRep.Collin racesinthe 435-member House tionally right-leaning metroar- Peterson, who has served in had been decided, the outcome GES eas that have become moredi- theHouse since1991 and this of manytight racesinsubur- IMA verseinrecent yearsand year faces Michelle Fischbach, banareas remained uncertain. wheresome voters have cooled aformer lieutenant governor GETTY

Democrats’ hopes of making in- SE/ on the president. forthe state. roads in deep-red districtswon RepublicanRep.Ann Wag- Democratsintough races handily by President Trump in nerwas in atight race against have benefited from having Mr.

2016,meanwhile,werefizzling ANCE-PRES Jill Schupp, astate senator,to Biden at the topofthe ticket, as GOP incumbentsdefended FR hold her seat in the St.Louis strategistssaid.

theirseats. ENCE suburbs,whereMr. Trump won Another factor that contrib-

Control of the House wasex- AG by 10 pointsin2016.Some sub- uted to expanding the potential pected to stay in Democratic Y/ urban voters—particularly forDemocratsin2020 was LSK

handsthis election cycle,non- WA women—turned away from Mr. fundraising.ManyDemocratic

partisan campaign watchers KO Trump largely because of their candidates outpaced their op-

said.Both parties said they JEFF concerns over his personality, ponentsinearly fundraising, didn’t expect final resultsTues- Voters filled out their ballots at Life Stream Church in Allendale, Mich., on Tuesday. rather than policy, said aRe- allowing them to advertise daynight and that the final publican strategist who worked early.Outside Republican Housemargin wouldn’t be wonin2018.Maria ElviraSala- our majority—the biggest, Alaska, Montana, Pennsylvania on racesinthe battleground groups likethe Congressional known fordays or weeks,with zar, aCuban-American journal- most diverse,most dynamic and Michigan, among others. areas. Leadership Fund—the House heavy mail-in voting because of ist, beat Rep.Donna Shalala women-led majority in history,” Republicans currently hold 26 In Kent County,Mich., both GOPsuper PAC—had to spend the coronavirus pandemic ex- andCarlos A. Giménez, the Ms.Pelosi told reporterson statedelegations,and Demo- parties have their eyes on a in tight racesinOklahoma, pected to complicatethe mayorofMiami-Dade County Tuesday. cratscontrol 23,with Pennsyl- seat held by retiring Rep.Jus- NewYork and Utah to intro- counts. wonhis race against Rep.Deb- Republicans sought to label vania tied. tin Amash,alibertarian. Re- ducecandidates who started Ahandful of freshmen Dem- bie Mucarsel-Powell. Demo- Democratsrunning in tough Democratscurrently hold publican PeterMeijer is facing theircampaigns with little ocratswho had ousted GOP in- cratsattributed it to Mr.Bi- districts—many running on 232 seatsinthe House,with off against Democratic Hillary cash. cumbentsin2018 wonre-elec- den’sunpopularity with Cuban- moderateplatforms—as liber- 197 held by Republicans and Scholten.The district has been TheHouse Democrats’ cam- tion. Reps.Mikie Sherill of New Americans. alsorsocialists, hoping to win one by aLibertarian. TheCook held by conservatives forde- paign arm raised over $300 Jersey,Jason Crow of Colo- It could take aweek to know voters who oppose policies Political Report put Democrats’ cades,but residentssay the million this election cycle,its rado,Dean Phillips of Minne- the outcome of tight racesinIl- such as Medicare forAll and likely net gain at 10 to 15 seats, area has changed. chairwoman, Rep.Cheri Bustos sotaand ShariceDavids of Kan- linois,Michigan, Minnesota, the Green NewDeal. with apotential formore. In- Thepresident’sloyal base of Illinois,said on Tuesday. Be- sas all wonasecond term NewMexico, Virginia, Utah and They were hopeful Trump side Elections with Nathan made it hardfor Republican cause of that, the party spent Tuesdaynight. Pennsylvania, and even longer voters would expand the GOP’s Gonzales predicted Democrats candidates to distancethem- in 11 districtsheld by Republi- Republicans in moresafely forclose contestsinNew York, ranks in the House. would win anet gain of 14 to selves toomuch from him in cans that the president wonby redseatsthat Democratshad NewJersey,California and “Therewereabout eight 20 seats. those areas,said Doug Heye, a at least10points. hoped to oust also managed to Alaska. In 2018,latewins in million Trump voters from ManyHouse elections were House Republican strategist. “You makeyour ownluck hang on, an early indication California expanded the ini- 2016 whodidn’t showupin expected to be tied to the re- “You getnobenefit of the going intoany election. We that ablue wave wasunlikely tially narrow Democratic House 2018 because President Trump sult of the presidential race in doubt when youare critical of made one-thirdofabillion dol- to materialize. GOP Reps.John majority. wasn’t on the ballot—that’sone the district. Thenational WSJ/ Trump,and Trump supporters lars’ worth of luck,” she said. Carter in Texas,MikeTurner in House Speaker NancyPelosi of the reasons we lost the NBC News poll published on think youare atraitor,” when Ms.Bustos said that while Ohio and French Hill in Arkan- (D., Calif.) is expected to main- House,” House Minority Whip Sunday showedDemocratic youcriticizethe president, he manypeople expected Demo- sas all were re-elected, dashing tain control of the chamber. SteveScalise (R., La.) said on nominee JoeBiden leading said. cratsthis year to simply defend Democratic hopes of venturing Should Democratswin control PBS on Tuesday. “Ifthose eight President Trump 52% to 42% Republicans arelooking at the House seatsthey wonin intoterritorywon comfortably of the WhiteHouse and Senate, million people,they’regoing to among registered voters.Re- areas whereDemocratshad the 2018 midterms,they had by Mr.Trump in 2016. she is preparing to act on vote forPresident Trump…that spondentspreferred aCongress surprise wins in 2018 that they settheir hopes on Democratic Several Republicanwomen health care,immigration and helps us win those seatsback.” controlled by Democratsover hope to bring back to the red incursions intotraditionally were elected in safedistricts campaign financeoverhauls. Democratsalso have in- Republicans by 48% to 43%. column. deep-red districtsinArkansas, and the GOP picked up two “House Democratsare vested in winning statedelega- Mr.Trump has said polls un- In Oklahoma, Democratic Virginia and Texas,among oth- seatsinMiami that Democrats poised to further strengthen tions.They targeted racesin dercount his true support, Rep.KendraHorn faced off ers. P2JW309000-7-A00600-1------XA

A6 | We dnesday, November 4, 2020 ******* THE WALL STREET JOURNAL. ELECTION 2020

HowAmericaVoted:APVoteCastFindings from the Presidential Race Apre-election and Election Daysurveyinterviewedabout 140,000 people who said theyvoted in the election or intendedto. Hereare the preliminaryresults, which offer an early look at voting patterns and trends as we await voting resultsfromacrossthe nation. Votedfor Biden ForTrump By gender By Race By Age By Education By Income By Location 27% MEN 46%oftotal voters WHITE 73% of total 18-29YEARS 13%oftotal HIGH SCHOOL OR LESS of total UNDER $50,000 39%oftotal URBAN 21%oftotal 48% 45% 62% 49% 55% 68% 49% 53% 34% 50% 42% 30%

WOMEN 53% BLACK 12% 30-44 23% SOME COLLEGE 34% $50,000 TO $100,000 36% SUBURBAN 45% 57% 90% 56% 50% 51% 56% xx% 41% 8% 40% 47% 47% 41%

HISPANIC OR LATINO 10% 45-64 36%2COLLEGE GRADUATE 4% GREATER THAN $100,000 25% SMALL TOWN OR RURAL 17% 66% 50% 58% 53% 45% xx% 32% 48% 40% 44% 53%

ASIAN 2% 65 AND OLDER 27%1POSTGRADUATE 4% 72% 50% 61% 26% 48% 37%

Most important issue forvoters

41% 27% 9% 8% 4% 4% 3% 3% 1% Coronavirus The economy Health care Racism Climate Law Immigration Abortion Foreign and jobs change enforcement policy

Source:APVoteCastconducted by NORCatthe UniversityofChicago forthe AssociatedPress and FoxNews. The survey has twocomponents. Results arebased partly on atelephone and online survey of Note:Results maynot equal approximately 30,000 Americans, including about 3,000 interviews with members of the NORCAmeriSpeak panel and an online survey of about 110,000 voters, conducted Oct. 28–Nov. 3. Sample includes 100% due to rounding. voters drawnrandomly from anational listofregisteredvoters andadults participating through online panels. The margin of error for the national survey is expected to be: +/–0.6 pct. pt.

Judge’sUSPS Order Voters Split Isn’tMet in Time On Virus, Lawyers representing the federal governmentsaid the Economy U.S. Postal Servicecouldn’t comply in time with alast- minuteorder from afederal ContinuedfromPageOne judge to sweep adozenmail- him, with the racial divide he processing facilities in critical made worse,” he said. “It’slike states to ensurethatnobal- he did everything he could to lots were being held up. provehewas unfit foroffice.” U.S. District Court Judge In Bucks County,asubur- Emmet G. Sullivan issued an banareanear Philadelphia, Election Dayorder thatthe James Faber and his wife, Postal Servicesend inspectors KarenFaber,said they ap- into facilities in Arizona, Penn- proved of Mr. Trump’s record sylvania, Michigan, Georgia, on the economyand felt an- Florida and severalother other coronavirus shutdown states to makesurethere would be damaging. were no ballots thathadn’t As small-businessowners— been delivered. Mr.Faber,71, owns acar deal- In an afternoon reply to ership and Mrs. Faber runs a the court, the agency said it child-carecenter—they are couldn’tmeet the afternoon both dealingwith the effects deadline set by the court but of lockdowns. Mrs. Faber, 63, thatitwas working to com- said hercenter shut down in ply.The Postal Servicesaid it March and reopened in June, wasinthe processofsearch- and businessisstill down 50% ing 220 facilities thatprocess because parents are afraid of political mail forpotential inci- the virus.The couple fear that Voters queued up to enter the Coliseum in St. Petersburg, Fla., to vote in person on Election Day. dents involving election mail, aBiden presidencywould fur- including the facilities identi- ther hurt small businesses. fied by the judge. “He’sgoing to shut the The last-minutelegal ma- countrydown,” Mr.Faber said neuvering came as part of a of Mr. Biden. lawsuit filed earlier this year On acentral question of the againstthe Postal Serviceby campaign—balancing apan- the NAACP.

demic that has resulted in JOURNAL(3) In astatement, the Postal morethan 230,000 reported Servicesaid the agency has REET

deaths in the U.S. against fur- ST been regularly canvassing its

ther damagetothe economy— LL facilities to ensurethatpoliti- about six in 10 voters said it WA cal mail, including ballots, bal-

wasmoreimportant to limit THE lotrequests and voterregis- R

spread of the disease,while FO tration materials, weren’tleft about four in 10 said limiting behind sinceJanuary 2020, additional damagetothe MAN the start of the primary sea- economywas morecritical. WITT son. CK

Thenumbersweresimilar in ZA —Byron Tau the swing states of North Car- Bryanna Matthews, 18, in Pinellas Park, Fla., voted for Joe Biden. Kayla Smith, 23, voted for Donald Trump in Pinellas Park, Fla. olina, Pennsylvania, Florida and Georgia. parish priest andattorney in “Thisisnothing that anyone stronger on managing the According to the survey, nine of 10 votesfromhis party Among those who think the Guadalupe, Ariz., said he bur- could control.” economythan Mr.Biden by Mr.Trump narrowly wona nationwide,with the indepen- federal government’stop prior- ied21people who have died Thefederal government’s about 7 percentage points. largershareofwhitevoters dent vote more heavily favor- ity should be reducing the from Covid-19.Hevoted for response to the pandemic was Thevast majority of voters nationallythan Mr.Biden, 52% ing Mr.Biden over Mr.Trump, spread of Covid-19,about eight Mr. Biden. viewedasadeciding factor by said they had made up their to 46%, while Mr.Biden won 51% to 33%. in 10 backed Mr.Biden, while “He has caused the prob- 95% of voters.Mr. Biden, who minds beforeElection Day, nine in 10 Black voters.Among Among those 65 and older, about 8in10ofthose who lems that we have,” he said of stressed that he would better with about three-quarterssay- Latino and Hispanic voters, Mr.Biden and Mr.Trump re- think the firstconcern should the president. heed the adviceofdoctors ing they have known their Mr.Biden wonroughly two- ceived roughly equal shares of be limiting additional damage David Yates, 61, aretired than Mr.Trump has,was choice “all along.” Another thirds of the vote nationally. support. In Florida, wherese- to the economybacked Mr. contractor who now works at backed by slightly more than two in 10 said they decided In the battleground stateof niorsaccounted foralmost a Trump.OnMr. Trump’shan- aLowe’s Cos.store,worea half of those voters. over the course of the cam- Florida,hebeat Mr.Trump thirdofthe electorate, Mr. dling of the pandemic,nearly 6 handgun in his belt as he Asked who was better pre- paign, while just 5% said they among Hispanics,59% to 40%. Trump outperformed Mr.Bi- in 10 voters nationallysaid they votedfor Mr.Trump in Mill- pared to handle the pandemic, decided in the last few days. Mr.Trump continued to den, 54% to 45%, within that disapproved of the job he has creek Township, Pa. about half of voters picked Mr. With the strong possibility find strong support in rural agegroup.Mr. Biden received done,while about 4in10ap- “Explain to me how this is Biden, while alittle morethan of delayedtabulations,aquar- America, with 62%backing moresupport from voters ages proved. Donald Trump’s fault for this a third picked the incumbent. terofvoterssaid they arevery himtherecompared to 36% 18 to 29 than Mr. Trump, 63% David Myers, an 81-year-old coronavirus,” said Mr.Yates. Mr.Trump wasviewedas confident that resultswill be for Mr. Biden. to 33%. counted accurately and slightly Voters with lessthan acol- While both parties sought morethan four in 10 said they legedegree were the most to expand the electorate, Mr. aresomewhat confident. An- likely to support Mr.Trump, Bidensaw stronger support other quarter said they arenot with 48% of those voters back- from first-time voters,win- very confident, while 7% said ing him. Mr.Biden received ning six in 10 of them. they arenot at all confident. the support of 60% of those Morethan three-quartersof Among those expressing the with acollegedegree or voters said it wasveryimpor- leastconfidence, Mr.Trump higher. tant for the next president to received 60% of the vote. Thevast majority held a bring the countrytogether. Mr.Biden found stronger gloomyviewonthe nation’s Within that group,Mr. Biden support in suburban America, trajectory, with 63% saying it was supported by roughly six traditionally acritical swing is going in the wrong direc- in 10. area in presidential elections. tion. In the battleground state Roughly four in 10 voters He had the support of 57% in of Pennsylvania, that number said Mr.Trump has made those areas, compared to 41% wasroughly even with the na- Washingtonwork better, while for Mr. Trump. tional total. half said worseand roughly “Everytime Isee some- Survey participantswere one in 10 said he hasn’t thing about Trump,it’sjust equally grim on their assess- changed the nation’s capital. negative,” said Angel Gaston, ment of the economy, with six The survey was conducted JOURNAL 34,who lives in Burnsville,a in 10 rating it poor or not very Oct. 28 through Nov.3by

REET Minneapolis suburb.She voted good and four in 10 viewing it NORCatthe University of Chi- ST

LL for Mr. Biden. as good or excellent. cago. It has a margin of error

WA But Grant Haughton, 77, Mr.Biden built an 18-per- of plus or minus lessthan 1 said he liked howMr. Trump centage-point advantage percentagepoint on the full THE

R projected toughnessonracial- among women voters.Men sample. FO justiceprotests. “I don’t see were moreclosely divided, —Douglas Belkin, Shan Li, anymoreprotestswith with 49%backing Mr.Biden Eliza Collins, Kris Maher, NDERS

PO Trump,” said Mr.Haughton, and 48% supporting Mr. Aaron Zitner, Deena Winter H

AS who lives in suburban Sterling Trump. and Joshua Jamerson David Myers, a local parish priest, visiting his local polling place Tuesday in Guadalupe, Ariz. Heights, Mich. Each candidatewon about contributed to this article. P2JW309000-7-A00700-1------XA

THE WALL STREET JOURNAL. ******* We dnesday, November 4, 2020 | A7 ELECTION 2020 Glitches Seen, But No Major Disruptions

BY ALEXA CORSE investigations intounfounded AND ANDREW DUEHREN claims about improper voting administration. “The misinfor- Voting on the final dayof mation being shared online is the 2020 election proceeded unprecedented and relentless,” with some voting-system prob- said Ms. Roh. lems,misinformation and Theelection took place phone calls intended to intimi- amid contentious partisan pol- JOURNAL

date,but without the long itics and after months of pro- REET ST

lines,demonstrations and tests that saw occasional vio- LL

other jarring disruptions offi- lenceand sometimes drew WA

cials prepared for. armed extremists. Election of- THE

Election officials in Ne- ficials and lawenforcement R FO

braska and Michigan warned anticipated dealing with pro- N

voters of anonymous robocalls testers and individuals bran- FSO meant to discouragevoting, dishingguns around voters, TA andfederal law-enforcement and some cities arebracing for GUS agencies areinvestigating.Ne- possible postelection violence. braska said the calls tell voters Overall, election and other MICHELLE to “staysafeand stay home” officials said problems when City workers counted ballots as they came in at the Pennsylvania Convention Center in Philadelphia on Tuesday. while residentsofFlint, Mich., they cropped up fell within the received calls telling them to scope of technologymishaps the beginning of counting,of- use of voting by mail. attempt to trytoundermine officials have criticized Presi- avoid long polling lines by vot- andother discreteissues that ficials said, but not the report- Tens of millions of Ameri- confidenceinthe election. dent Trump’srepeated remarks ing Wednesday. typically occur on Election Day. ing of results. cans were expected to vote “Our operations, our focus, that the vote mayberigged “Obviously this is FALSE “Our goal is no news is good In Nevada, astate court Tuesday,adding to the record our work does not end today,” against him as contributing to and an effort to suppress the news,” said Milwaukee Mayor judgesaid 30 precinctsin number of roughly 100 million he said. “This is the start of a the chargedatmosphere. His vote,” Michigan Attorney Gen- TomBarrett. “I will saythat Clark County should remain Americans who already voted time frame that we see be- calls forsupporterstomonitor eral Dana Nessel wroteon the daystarted out smoothly.It open an hour later than sched- by mail or early in-person. tween nowand the certifica- the voting have fueled concerns Twitter. is continuing to runsmoothly.” uled, after issues were raised Concerns about cyber-intru- tion of the vote.” among election officials about Pennsylvania, astate both Malfunctions with polling by both Democratsand Repub- sions,especially by foreign Alegal adviser to Democrat unauthorized,self-appointed presidential campaigns see as station systems arose in Ohio, licans.Alawsuit filed by the governmentsand their agents, Joe Biden’s presidential cam- individuals disrupting polling pivotal, sawaheated mix of NewYork City and afew other stateRepublican Party and also didn’t materializelikethey paign said Election Dayvoting places.The WhiteHouse has challenges. A Republican law- places around the countryon Trump campaign cited Twitter did in the 2016 election. The saw “minimal issues and dis- said Mr.Trump is seeking to suit asked afederal judgeto Tuesday. North Carolina or- postsfromNevada’ssecretary head of the National Security ruptions” with some minor de- prevent voterfraud. throw out some ballotsina dered 10 precinctstoextend of statetelling voters standing Agencyand U.S. Cyber Com- lays at afew voting sites in Georgia’sFulton County was Philadelphia suburb alleging voting hoursafter some polling in line at some county polling mand, ArmyGen. Paul Naka- Florida, North Carolina and stationing alaw enforcement local officials mishandled stations opened latedue to places to be patient as techni- sone,said the level of foreign Arizona. officerateach of its255 poll- them. Unverified claims about equipment issues and others calproblems slowedthem interferenceappeared lesssig- “By and large,voting is pro- ingstations Tuesdaybecause discarded ballotsand voting sawvoting interrupted. from opening. nificant than what officials wit- ceeding smoothly,” said Bob of concerns that armed individ- issues shared on social media Georgia extended hoursin Afew polling sites in Phila- nessed during the largely quiet Bauer. He said rejection rates uals or othersmight trytoin- drew denials by officials,who 25 polling places in six coun- delphia, Detroit and some 2018 midterms. of ballots have been very low timidatevoters, according to called them misinformation. ties over technical and other other areas initially sawlong He said his agencies would in battleground states such as itselection director. Jane Roh, aspokeswoman issues.Apipe also burst at a lines beforethinning out. Some be on high alert until votesare Florida, Wisconsin and North —Erin Ailworth, Dustin Volz, forPhiladelphia’sdistrict at- ballot processing facility in officials attributed the more certified next month as there Carolina. Ben Chapman torney, said the office was in- Fulton County,which includes manageable lines to the longer remained ample opportunities ManyDemocratsand some and Sara Randazzo undated with calls asking for aswath of Atlanta, delaying early-voting period and wider forRussia, Iran or othersto former Trump administration contributed to this article.

markably similar to the one A Divided seen four yearsago, and elec- Vo ting Sites Employ Precautions tion-night returns confirmed that that map continues to ac- Nation curately portray the divisions BY JIM CARLTON of America. It is clear from the voting OVERLAND PARK,Kan.— Remains outcome that Democratsare Dennis Randall showedupto beginning to makeinroads in vote on Tuesdayatthe Blue states that onceseemed far Valley High School gymnasium ContinuedfromPageOne from their grasp—the states of hereand checked in with apoll ment in the ensuing four years Georgia and Texas in particular. worker seated behind aplexi- came among suburban women Demographics seem destined glassshield. Then he waited moving against the president, to driveboth toward them in forsomeone to disinfect the butheoffset his losses there, the long run, but not enough to voting machine beforestepping

at leasttosome extent, by cre- put them within their reach up to mark his choices with a (2) ating newvotersamong work- now. In addition, Democrats disposable pen emblazoned ing-classwhitemen. seem to have ridden awaveof with an “I Voted” slogan. In sum, the most bitter demographic changetoflip Ar- “The thing that impressed JOURNAL

presidential campaign in mem- izona from redtoblue. me is youdon’t have anyphys- REET ory, conducted against the Similarly,the votesofyoung ical contact with anything ex- ST LL

backdrop of apandemic and Americans areflowing toward cept the pen,” said Mr.Ran- WA summer of racial reckoning, Democratsaswell, but not yet dall,68yearsold, who was THE

seems not to have altered the in enough numberstoradically one of the first to vote in this R fundamental contoursofthe alter the national equation. Kansas City,Mo.,suburb after FO American body politic. There In manyplaces,the election the school doors opened at 6 have been changes in the mar- confirmed, redAmericais a.m. on Tuesday. CURRID TIE

gins, to be sure, but the mas- growing morered and blue For U.S. voters used to the KA siveturnout seen in this year’s Americamoreblue.President same election ritual everyfour Kali Cruz, above,with her son Mateo, and Aime Katumba, below, were among the voters who took voting seems to have only con- Trump sought to do something years, Tuesdaywas full of precautions to casttheir ballots at the Johnson County Arts and Heritage Center in Overland Park, Kan. firmed with greater intensity no president had ever even at- strange sights. how deep the divides run. tempted to do before: runfor Philadelphia poll workers U.S. Senate. Thecampaigns of What allthis says about the re-election without ever having gavegloves to voters.South RepublicanRep.Roger Mar- ability of those in Congress topped 50% job approval in the Carolinians were given cotton shall and Democratic stateSen. andthe WhiteHouse to gov- venerable Gallup poll. He swabs to makeselections on a Barbara Bollier,who arevying ern effectively is hard to say. showed, onceagain, that peo- touchscreen. To provide more to succeed retiring GOP Sen. Therehavebeen plenty of im- ple who don’t particularly like room forsocial distancing, PatRoberts, spent arecord portant issues on the table in him, and who don’t likemany arenas andstadiums where $55 million combined. Late the 2020 presidential debate: of the thingshedoes,are will- teams likethe Sacramento Tuesday, Mr.Marshall wasthe thelevel of taxation, the ur- ing to vote forhim. Kings and Los Angeles Dodg- winner,the AP said. gencyofcounteracting climate And Mr.Biden wastrying to ersusually playwereturned Arecord265,000 of Johnson change, the contoursofthe bridgethe gapbetween a into polling stations. County’s roughly 430,000 reg- American health-care system, Democratic Party of the new Covid-19 already changed istered voters had cast their the country’swillingnessto leftand aDemocratic Party of the way people arevoting this ballotsbymail or early in-per- accept new immigrants. the old center,wherehehas year.Itwas abig reason 101.9 son as of Tuesdayafternoon. But at itsheart, the 2020 spent his career. million people cast early bal- Yetlines at the polls on Tues- race wasmoreabout cultural Yetthey both found that lots, compared with 58.8 mil- daystill ranaslong as 30 peo- issues andattitudes: Should they were most successfulin lion in 2016,according to data ple,separated by social-dis- the countryworrymoreabout winning the votes not of peo- compiled by the Associated tancing markersonthe floor. public health or economic ple who were forthem, but of Press. On Tuesday, it changed One issue manylocal gov- health? Should asummer of those who were against the how polling stations operate, ernmentsfaced wasfinding social unrest leave Americans other guy. as most election officials tried election stafferstoreplacethe worrying moreabout systemic In that sense,the Trump to followguidancefromthe normal cohort of older volun- racism or abreakdown of law era, which has been a time of federal Centersfor Disease teersand workerswho bowed and order? Is the country’s deep division,remained pre- Control and Prevention. out because of their high growing diversity astrength to cisely that as the nation pon- ForOlathe,Kan., poll super- Covid-19 risk. State directed local officials to Park to cast his vote forMr. relish or ahurdle to overcome? dered whether to givehim visor Christina Kliewer, the In California’s Sacramento allowthose not wearing masks Trump.“Idid it out of respect At firstblush, it doesn’t ap- four more years. The two 70- pandemic even meant she County,wherethe workersare to vote alongside those wearing forelders,” said the 27-year- pear the election showeda something contenderswere couldn’t bakeElection Day paid $16.47 an hour, the high them—with no different rules. old small-business owner. consensus emerged on any of battlingdeep intoTuesday cookies,asshe did in 2016. numbers of people left unem- RobertWachter,chairman of Aime Katumba said he was thosequestions.Instead, the night without aclear outcome, TheU.S.isnow experiencing ployed by pandemic business the Department of Medicine at so fearfulofcontracting the debateoverall of them seems though their battle did con- aCovid-19 surge.The seven-day closures helped, said Janna the University of California, San coronavirus that he had barely destined to carry on. firm that nobody has yet averageofnew daily cases is Hayes, spokeswoman forthe Francisco, said voting in person lefthis home the past two The presidential campaign emergedtobridgesome of the the highest the countryhas county. represented arisk similar to months.But the 48-year- playedout acrossamap re- nation’s most basic splits. ever seen at 83,805 cases,and In Johnson County,1,700 of shopping in agrocery store. old African immigrant wanted S the number of people in hospi- the 2,200 totalpaid workers On Tuesdaymorning at the to vote in his firstpresidential

PRES tals has reached the highest were replaced by younger peo- Blue Valley High School gym, election afterbecoming aU.S.

UMA level sincemid-August. ple,said county elections com- NancyLane and Robyn DeSau- citizen two yearsago, so he /Z In Johnson County,Kan., missioner Connie Schmidt. telwerethe only ones of more ventured out anyway. TER population 600,000,new re- Many jurisdictions decided than adozenvotersstanding at An information-technology GIS

RE ported cases set adaily record not to enforce mandates requir- ballot machines whose faces student, Mr.Katumbasaid he of 287 on Friday. Schools and ing people to wear masks in were uncovered. “Masks are waspleased it took only 10 UNTY restaurantsare open—with ca- polling places to avoid creating harmful,” said the 54-year-old minutes to go in and out of the CO pacity limits—and most cities apossible barrier to people ex- Ms.DeSautel, achiropractor. polling station at the Artsand

ANGE and towns requiremasks to be ercising their right to vote. Ms.Lane added: “There’stoo HeritageCenter and that he OR worn in public. Fresno County,Calif., much conformity.” Both women didn’t have to touch anything A/ Voterenthusiasm in the planned to direct voters who said they votedfor Mr.Trump. except the pen to fill out his area has been driven both by refuse to followthe statewide Even though he didn’t feel ballot. “It wassonice, not what

PHOMICIND the presidential election, mask mandatetofill out their personally afraid, Miguel Bo- Iexpected at all,” said Mr.Ka- A wherePresident Trump was ballotsoutside the polling sta- jorquez donned a black mask tumba, who votedfor former

HAR projected by the Associated tion,said Brandi Orth, county when he stopped at a polling Vice President JoeBiden. TC

WA Presstobethe winner in Kan- clerkand registrar of voters. station inside the Artsand —Chad Day in Washington The massive turnout seems to confirm how deep the divides run. sas,and acompetitiveracefor In Kansas,the Secretaryof HeritageCenter in Overland contributed to this article. P2JW309000-0-A00800-1------XA

A8 | We dnesday, November 4, 2020 THE WALL STREET JOURNAL. FROM PAGE ONE

“This looks likeahugeviola- Ant IPO tion of the norms,ofrelations between the government and the privatecompanies,” he said, Abruptly adding that companies aresup- posed to operatewithin the country’sregulatorycon- Suspended straintsand political system. TheNew York-listed shares of Alibaba Group Holding Ltd., ContinuedfromPageOne whichowns a33% stakeinAnt, Chinese mobile-paymentsnet- fell 8.1% on Tuesdayfollowing work Alipayhad been going the IPO suspension.Alibaba full steam ahead formonths in said in astatement that it will preparation forthe IPO,which be proactiveinsupporting its would have beat the record sister company, and will help $29.4 billion raised by Saudi Ant “adapt to and embracethe Aramcolast year while bypass- evolvingregulatoryframe- ing the biggest exchanges in work.” the U.S. Mr.Ma, who previouslyran Ant’sstock sales,which Alibaba, and his colleagues

were split evenly between CK have built some of China’smost

Hong Kong and Shanghai, were TO valuable high-tech businesses, heavily oversubscribed by in- an important achievement in a stitutionalinvestorsfromthe countrywhose leadersare ea- SHUTTERS

U.S. to China, as well as small A/ gertosee China assume tech- investors, who submitted about nological leadership.

$3 trillion in orders forits SKI/EP Alibaba, forits part, has

shares.InvestorsfromChina’s VEV helped solidifyChina’sposition

national pension fund to global PLA in the global capital markets. The financial-technology giant’s listing would have been the biggest market debut yet on Shanghai’s fledgling Nasdaq-style Science and

private-equity firms and asset- ALEX Last year,the e-commerce giant management giants BlackRock Technology Innovation Board, the bourse known as the STAR Market. Ant used the code name ‘Project Star’ for its initial offering. pulled off ahuge secondary Inc.and Fidelity Investments listing in Hong Kong,evenas were in line to reap windfalls China. It sells insuranceand detail about what led them to the financial hub wasracked by from Ant’smarket debuts. mutual funds to millions of pull the plug on Ant’sIPO. antigovernment protestsand Thedual listingshad valued people and manages the coun- Close observersofChina’sfi- social unrest. six-year-old Ant at morethan try’s largest money-market nancial regulatorylandscape Thedeal helped kick off a $300 billion, putting it on par mutual fund. have pointed to controversial trend of U.S.-traded Chinese with Mastercard Inc.and mak- Ant has billed itself as a commentsMr. Ma made at a companies seeking backup listing it worth morethan most technologycompanyinstead of public foruminShanghai last ingscloser to home,and has U.S. and Chinese banks. afinancial firm, and avoided month that some topChinese boostedtrading volumes in “The fact that [Chinese reg- some of the tough capital re- regulatorsalso spokeat. Hong Kong. ulators] waited till so close to quirementsand leverageratios “Wecannot regulatethe fu- Theplanned Ant listings the listing to pull it is very that banks in the countryare ture with yesterday’smeans,” would have been afurther vic- striking,” said EswarPrasad, a subject to. Mr.Masaid during aspeech at tory forHong Kong,and ahuge professoroftrade policyand Stock exchanges in Hong the forum. “There’snosystemic fillip forthe nascent STAR Mar- economics at Cornell Univer- Kong and Shanghai, as well as financial risks in China because ket. sity.“This sort of thing doesn’t China’ssecurities regulator, /REUTERS there’snofinancial system in Ant could revivethe IPO NG

happen without everybody in had earlier greenlighted Ant’s SO China. Therisks arealack of down the road, but that may Y

the topechelon of the political planstogopublic in afairly AL systems.” see the companyreorganizing realm coming on board.” expedient manner. BeforeMr. Ma spoke, China’s itsbusinessunits, revising its He said the movebringstoa Thelisting would have been the China Banking and Insur- sector were exchanged” at the Vice President Wang Qishan disclosures and reapplying to head concerns regulatorshave the biggest ever market debut anceRegulatoryCommission, meeting,and that it would em- said at thesame event that list. Investorscould also change long had about the opacity of on Shanghai’sfledgling Nas- theChina Securities Regula- braceregulation and service China needed to safeguardits theirviews on howmuch Ant is Ant’soperations and the over- daq-style Scienceand Technol- tory Commission and the State China’seconomyand itsciti- financial system from systemic worth afterconsidering the sizeinfluenceithas on the Chi- ogyInnovation Board. The Administration of Foreign Ex- zens. risks,and it needed to be apri- newinformation and Ant’s nese paymentsand financial bourse,known as the STAR changesaid lateinthe day On the same day, the coun- ority forfinancial institutions. growth prospectsinlight of landscapes. Market, is apet project of that they had summoned Mr. try’sbanking regulator re- Thebillionaire’scomments tighter regulations. Alipay, which has morethan President Xi Jinping of China, Ma, Ant’sexecutivechairman, leased draftrules on micro- “looked almost likeadirect “Ant has alot of work ahead one billion users in mainland andthe code name Ant used Eric Jing, andits Chief Execu- lending that, when contradiction to the lines being of it to getmarching orders China, handledmorethan $17 forits IPO was“Project Star.” tiveSimon Hu to ameeting, implemented, could slowthe proposed by one of the most from regulators,” Prof.Prasad trillion in digital paymentsin Themeeting called by the without providing details. expansion and profitability of powerful people of China,” said said. the year to June,and has facil- four financial regulatorson Ant said Mondaythat Ant’sfast-growing consumer Martin Chorzempa, aresearch —Stella Yifan Xie itated large volumes of con- Mondaychanged everything. “views regarding the health andbusinesslending units. fellowatPeterson Institutefor and Joanne Chiu sumer and businesslending in ThePeople’sBank of China, andstability of the financial Regulatorsdidn’t go into International Economics. contributed to this article. Chinese Regulators Send a Message to Ant’s Jack Ma

BY LINGLING WEI Liu He, President Xi Jinping’s the Shanghai Stock Exchange AND JING YANG point man on economic and fi- said it was because of a “sig- nancial policies. nificant change” in the regula- Jack Ma is getting a lesson It is hard to overstatethe tory environment, without about who is in charge. importanceinChina of Mr.Ma elaborating. ChineseregulatorsonTues- and his two companies. They In astatement on Chinese day suspended the initial pub- have become synonymous to social media, Antsaid: “We licoffering of Ant Group,the innovation. Themedia in will overcome the challenges online-financeoperation carved China, using Mr.Ma’sChinese and liveuptothe trust on the GES out of e-commerce giant Ali- name, calls the country’s ris- principles of: stable innova- IMA baba Group,just two days ing tech sector,“Theera of Ma tion;embraceofregulation; aheadofwhat wasplanned to Yun.” Mr.Ma’scriticism of servicetothe real economy; GETTY SE/ be the world’slargest-ever ini- regulatorslast week forsti- and win-win cooperation.” Ant tial public offering. fling innovation appearsto was on track to raise at least

Theextraordinaryregula- have brought his feud with the $34.4 billion in the IPO, valu- ANCE-PRES

tory action, according to Chi- government to ahead at a ingitatmorethan $300 bil- FR nese officials and others with risky time for Ant. lion. The U.S.-listed shares of ENCE

knowledgeofthe process, caps ForMr. Liu and his finan- Alibaba, whichowns about a AG

amonthslong tug of warbe- cial regulators, Ant’sbusiness thirdofAnt, fell morethan PEZ/

tween Mr.Ma, the co-founder model representsbig risks 8%, which would be itssecond LO of Alibaba and Ant, and top that must be reined in. When worst day since its 2014 IPO.

regulatorsled by Vice Premier it halted Ant’sIPO on Tuesday, Therisk that Ant poses to PHILIPPE the financial system is that it The media in China, using Jack Ma’s Chinese name, calls the country’s tech sector, ‘The era of Ma Yun.’ actslikeafinancial institution but isn’t regulated likeone. Alibaba Group has become China's mostvaluable company, previously called out Alibaba Ant runs China’subiquitous with amarket capitalization in excess of $800 billion. fornot reining in illegal activi- payment app,Alipay, and facil- ties on the e-commerce com- itates investmentsfor itscus- Stock pricesincelisting on the NYSE pany’s websites. tomers’ savings, sells insurance $300 In the summer of 2014, two and originates short-term months beforeAlibaba’sNew loans.Ant provides just asmall York IPO,officials from atop amount of the money it lends. 200 Chinese businessregulator Thebulk of the funds come went to the company’sHang- from morethan 100 commer- zhou headquartersand urgedit cial banksthat it has teamed 100 to clean up sales of fakemer- with and from the sale of secu- chandise and protect customers rities.Ant collectsfees forfa- on Taobao,its popular online 0 cilitating the transactions. marketplace. Theepisode be- However, that’swhereregu- 2015 '16'17 '18'19 '20 came public in early 2015,only latorsthink the risks come in: Source:FactSet afterAlibaba had finished rais- Anttakes businessaway from ing $25 billion and itsshares traditional lendersand leaves rules to potentially subject ing with China’scentral bank had started trading.Mr. Ma was them with the credit risk from firms likeAnt to morestrin- and three other topfinancial Alibaba’sexecutivechairman at both consumer and small-busi- gent capital and other regula- regulatoryagencies. the time,and the companyen- nessloans.Big state-owned tory requirements, Mr.Liu’s “It’smorethan adressing- gagedinararepublic spat with banks, apowerful lobbying team didn’t want to chokeoff down session,” said one of the the authorities.Alibaba eventu- forceinChina, increasingly thekind of innovation being officials with knowledgeofthe ally revamped itsapproach to see Mr.Ma’sinvention as a championed by such firms. event. Mr.Maand his team dealing with fakegoods. threat to their businesses. Wary of the potential for were informed of the newregu- Regulatorsare “veryaware They argueAnt hasn’t been re- heightened regulatoryscrutiny lations targeting firms likeAnt. of the powerand influencethat quired to abide by the tough over companies likehis,Mr. Ma “It means the companywould Ant and Alipayhave” in China, banking regulations on capital lashed out. At aShanghai con- have to examine howthey dis- said Chris Skinner,anindepen- and leveragethat they face. ferencelatelast month, he crit- close information to itsinves- dent commentator who follows Under draftrules,Ant would icized regulators, both at home tors,whether it has adequate the fintech industryclosely and be required to fund at least andabroad, forstifling innova- capital level to meet the new wroteabook called “Digital 30%ofeach loan it makes in tion. “Weshouldn’t use the way rules,and whether it should ad- Human” that included acase conjunction with abank or to manageatrain station to just itsoverall businessscope.” studyabout Ant. “But howdo other financial institution. regulateanairport,” Mr.Ma Already,regulatorshave youcontrol abeast that’sso Mr.Liu, the Chinese leader- said. “Wecannot regulatethe been concerned about the big now?” he said, adding that ship’seconomic czar,has spent futurewith yesterday’smeans.” frenzy over Ant’splanned IPO. the challengeishow to align the past few yearscracking ForMr. Liu and his regula- Thestock sale would have val- thecompany’sobjectives with down on private funds and tors,Mr. Ma’scomments, which uedAnt at morethan the likes regulators’ wishes. other institutions that make went viral on China’ssocial me- of JPMorgan Chase & Co. and Thelatestsalvofromfinan- loans outside the traditional dia, amounted to adirect attack Goldman Sachs Group. cial regulatorsreflectshow lending channel. Those lenders on them, the Chinese officials By making Ant more like a “Ant Group is still moreofa heightened risks in China’sfi- say. Shortly afterhis broadside, bank,regulatorscould stifle financing firm than atech nancial system already strug- Mr.Liu emphasized at aweek- itsgrowth, reduceits profit- company,” said Winston Ma, gling with toomuch debt. Hav- end meeting with financial reg- abilityand shrink the com- the former head of North ing closed down manyofthose ulatorsthe need forfintech pany’svaluation. Banks are Americafor China Investment lenders, Mr.Liu and his regu- firms to be regulated. Then, on typically valued much lower Corp., the country’ssovereign- latorsinrecent months shifted Monday, Mr.Maand acouple than tech companies. wealth fund. their focus to big fintech firms of executives from Ant were Theepisode harked back to —Xie Yu likeAnt. While drafting new summoned to ararejoint meet- how the Chinese government contributed to this article. P2JW309000-0-A00900-1------XA

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A10 | We dnesday, November 4, 2020 NY THE WALL STREET JOURNAL. WORLD NEWS Asian Enclaves Zero In on Quashing Virus

Aggressive measures families are fatigued. “A lot of places arerealizing largely eliminate cases that control of the virus is as rest of world looks probably the best way to keep an economyticking along,” said to contain outbreaks Simon Milne,director of the NewZealand Tourism Research As the coronavirus surges InstituteatAuckland University in the U.S. and Europe,some of Technology. “Ifyou open up partsofthe world aresticking quickly,yes,you getthat sugar to adifferent path: zero cases, hit to the economy, but you or near that. have to close down moreag- gressively again, which makes By Niharika Mandhana that withdrawalall the worse.” in Singapore China’sgross domestic prod- and Rachel Pannett uct expanded by 4.9% in the in Sydney thirdquarter from ayear earlier.Taiwan’sgrowthcame in These places areeasy to at 3.3%, buoyedbystrong ex- spot. CK portsand arebound in domes- TO Theemergenceofaround a tic consumption. Vietnam is dozenCovid-19 infections in the one of the few Southeast Asian

Chinese city of Qingdao SHUTTERS countries expected to deliver prompted authorities to test A/ positivegrowththis year.All nine millionresidents. New /EP threehavecrushed the virus.

Zealand, wherecases arerare, NGRIT Other small economies are traced aSeptember cluster to a YO taking moreofahit. In tour- trash-can lid. Thailand recently OJ ism-dependent Thailand, which NGR

welcomed itsfirst foreign tour- RU hasfewerthan 3,800 cases and istsinmonths—39 visitorsfrom Thailand, which has an aversion to even afew infections, admittedthe firstforeign tourists in months in October from low-risk China. 59 coronavirus deaths,an low-risk China—but imposed a aversion to even afew infec- 14-dayquarantine,concerned DifferentPaths opened their economies when tionshas prevented leaders that thenearly vanquished vi- cases were very low. Newout- from reopening to other low- ruscould sneak back in. Daily conﬁrmedCovid-19 cases, seven-dayrolling average breaks could then be isolated risk countries,causing asevere Vietnam hasn’t recorded a 80,000 U.S. and largely stampedout downturn. Hospitality execu- locally transmittedcase since through testing and tracing. tives arecalling foracon- September. Taiwan set a re- Holding case countsclose trolled relaxation of rules. cord of more than 200 days to nil has meant keeping bor- In NewZealand, businesses without domestic infec- 60,000 6,000 ders shut. Nearly all travelers that rely on foreign travelers tions.Australia, much of which to zero-tolerancejurisdictions and students—peggedat has been virus-free forweeks, servetwo-week quarantines in roughly 5% of itseconomy— touched zero newinfections designated facilities.Travel are likely to shrivel if a near- nationwide on Sunday. 40,000 4,000 bubbles have proved tough to absolute travel ban persists. “In Australia, 10 or 12 cases France negotiateevenbetween no-vi- “Because we’vegone for aday is regarded as adisas- rus governments. Many fami- elimination, Ithink we’rego- China ter,” said Shane Oliver,the lies arestill separated by bor- ing to keep our bordersclosed Australia Sydney-based chief economist 20,000 U.K. 2,000 der closures or facealong foraverylong time,” said Jar- at AMPCapital, an invest- Thailand wait in quarantine when they rodKerr,chief economist at ment-management firm. arepermittedtotravelbe- Kiwibank in NewZealand. Tenmonths sincethe coro- cause of an illness or death. As the pandemic drags on, navirus emerged, the world re- The trade-off, officials say, countries suppressing the vi- 0 0 mains divided between funda- is necessarytokeep deaths rusfaceaconundrum: Can mentally different approaches JMF AM JJASON JMF AM JJASON lowand enable the domestic they hold the line if much of to the pandemic. Source:European Center forDisease Prevention and Control economytoopen comfortably. the world fails to control Vast populations arelearn- It is a starkly different pic- Covid-19? ing to livewith Covid-19 in ception. Here, thereiszero one-off headline-grabbing Even mask-wearing has relaxed ture from Western countries, “Clearly,the longer this their midst. Their countries tolerancefor the coronavirus, events.Evenahandful of in- in manyareas.These places wheretough restrictions on goes on, the greater thereisof aretrying to manageand miti- which is seen as a dangerous fections is treated as a threat never experienced the kind of activities outside the home are an incentivetoreopen borders gate the spread but accept but beatable enemythat needs to be crushed. Public-health widespread transmission seen returning,including in the as the economic pain startsto that thepathogen will con- to be aggressively suppressed. messaging has focused on pre- in the U.S.,Europe,Latin U.K.,Franceand Belgium, as getworse and worseonceyou tinue circulating. Most of these places,which venting Covid-19 from estab- Americaand India. Most used hospitalizations rise again. In enter asecond tourist season,” In places that belong to the areall in the Asia-Pacific re- lishing a foothold. strictly enforced restrictions the U.S.,the seven-dayaverage said James Pomeroy, aLon- other camp,the disease has gion, no longer record cases as Lifeinthese partshas reon movement and mingling to of new cases is now the high- don-based global economist received afar morehostile re- daily counts or curves, but as turned to normal in most ways. control the firstwaveand re- est the country has seen, and with HSBC.

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THE WALL STREET JOURNAL. ** We dnesday, November 4, 2020 | A11 WORLD NEWS Hurricane Eta Strikes Attacks, Pandemic RattleFrance Nicaragua’s Coastline BY NOEMIE BISSERBE BY ANTHONY HARRUP government, or in churches AND STACY MEICHTRY AND JUAN MONTES and other buildings. Videos posted on Twitter NICE, France—Franceisen- MEXICO CITY—Hurricane by local residents showed tin during an autumn of agony. Etacrashed intonortheastern roofs blown off and dozens of Covid-19 is filling up the coun- Nicaragua on Tuesdayasa trees knocked down by strong try’shospitals.Its churches and Category4storm, knocking winds,aswell as violent schoolyards arehaunted by Is- down treesand powerlines, swells battering the Nicara- lamist terrorism. damaging homes and threat- gua’s Caribbean shore. It is acombination that has ening to bring significant Theslowspeed at which placed the French Republic and flooding to Nicaragua and the storm wasmoving—it had itspeople in an unusual stran- neighboring Honduras. slowed to 3 mph before land- glehold. Freedom of expression Aftermeandering offshore, fall—is cause forconcern, as it and the right to assemble en

the center of the storm made could bring about catastrophic masseare what animatedaily JOURNAL landfall around 4p.m. ET landslides and floods in com- life in modern France. REET

Tuesdaysouth of Puerto ing days,said Mario Montoya, Thepandemic,however, has ST CabezasonNicaragua’sCarib- a meteorologist at the Centro driven the French intolock- LL bean coast, with maximum Alexander vonHumboldt, a down, thrusting them into so- WA

sustained winds near 140 nonprofit in the Nicaraguan cial isolation and economic un- THE R

miles an hour. capital Managua. certainty,while the terrorist FO

Guillermo González, head of Etaisforecast to move attacks have sown dissension SER

Nicaragua’s disaster-manage- westward acrossasparsely andhardened divisions. KEY ment agency, said the coastal populatedareaofNicaragua, Thespring lockdown deliv- ANCE

area hadbeen feeling the ef- and later in the week across ered the firstshock to Elias FR fectsofthe storm since Honduras and parts of Guate- Panou, amechanic in Nice, NawelBoumehdi, acook in Nice, said, ‘The attacks, the virus, it createsthis climate of constantfear.’ around midnight Monday. As mala as atropical depression, forcing him to work through of middayTuesday, therewere bringing heavy rain to the re- thesummer without rest to and Mr.Paty gaveaclasson dinatetheir religious identity Then the attack on Notre reportsoffallen trees,downed gion with the threat of flood- feed his wifeand children. the limitsoffreespeech. He to auniform French one. Dame Basilicahappened. The electricity and telephone ing through Friday. On Oct. 29,hewas bracing showedstudentswhat trig- That is in part whysucces- suspect, who came from Tuni- posts, damaged roofs and ris- Etaisthe 28th named At- forFrance’ssecond national geredthe massacre: cartoons siveFrench governmentshave sia, arrivedinamigrant boat ing levels of rivers. lantic storm of the current lockdown when he learned that the satirical magazine pub- moved to expand the reach of on the Italian island of Lampe- “The good news is that up hurricane season, which runs his friend Vincent Loquès was lished of the Prophet Muham- laws on strict secularism across dusa in lateSeptember before until now, we don’t have re- through November. one of three people killed in a mad. Days later,policesay,a the public sphere. coming to NiceinOctober,au- portsofhuman casualties,” he Thestorm ties the record suspectedterrorist attack on Chechen Islamist decapitated In keeping with those stan- thorities said. said. forthe number of named NotreDame Basilica.Mr. Lo- Mr.Paty outside the middle dards,AmiraZaiter,a30-year- Ms.Zaiter said she is now Mr.Gonzálezsaid around storms set in 2005. It threat- quès wasthe church sacristan. school.The killing wastrig- old nursing assistant of Tuni- greeted with suspicion when 30,000 people had takenref- ens to be the most damaging Mr.Panou sang in the choir gered, prosecutorssaid,byvid- sian heritage,was in the habit walking in the street, where ugeeither at homes of rela- to Central Americainmore with Mr.Loquès’smother. eos that aparent, angryover of removing her Islamic head- she wearsher headcovering. tives,insheltersset up by the than two decades. Therewas no time forthe Mr.Paty’s lesson, posted on so- covering beforestarting work. In early October,Mr. Macron kinds of solemn public memori- cial media. delivered aspeech decrying als and marches that France Mr.Paty was“making repub- some Islamic associations and has traditionallymustered in licans,” President, Emmanuel Covid is filling up schools that he said were try- response to atrocities. Hours Macron said in aeulogyfor the ing to createaparallel society later,Mr. Panou and millions of slain teacher.“If this task today hospitals. Churches governed by different rules and other French were confined to mayseem daunting,especially and schools are values than those of the French their homes. whereviolence, intimidation Republic. Such activity,hesaid, “I have received ahammer and sometimes resignation take haunted by terrorism. constituted aform of “Islamic blow,” Mr.Panou said. “Vincent over,itismoreessential and separatism” that his govern- did not deservethis.Francedid morepressing than ever,” Mr. ment aimed to stamp out with not deservethis.” Macron said. newlaws. This autumn is turning out What makes someone When the pandemic broadsided NawelBoumehdi, a32-year- to be especially brutal forciti- French, in the eyes of believers FranceinMarch, Ms.Zaiter old cook in Nice, said such

S zens engaged in defending the in the republic,isanaccep- volunteered to work nightsin rhetoric has lefther feeling un-

PRES French Republic’sideals.That tanceofits ideals—equality, the intensive-careunit of aNice welcome. “The attacks,the vi- wasthe mission facing Samuel libertyand fraternity—as a hospital. When eastern France, rus, it creates this climateof TED

CIA Paty,a47-year-old history form of color- and ethnicity- an epicenter of the country’s constant fear,” she said. “Peo-

SO teacher,when he convened his blind identity. firstwave, needed reinforce- pleneed to stop telling us we AS

A/ classofmiddle-school students France’sminorities,manyof ments, Ms.Zaiter reported for need to integrateourselves into near Paris forthe firsttime whom areMuslims who trace duty thereaswell. French society.Mydad came

HERRER sincethe pandemic shut their heritagetoformer colo- “I came back exhausted, here from Morocco when he

OS schools in March. nies in NorthAfrica, don’t live physically and emotionally,” was22. He had to integrate

CARL Francehad just opened a in an U.S.-style melting pot. Ms.Zaiter said. She wasalso a himself,learn French and figure People stood outside a house surrounded by floodwaters brought on trial intothe Charlie Hebdo at- People of all faiths and back- hero, applauded by strangersin out away to makealiving.I by Hurricane Eta in Wawa, Nicaragua, on Tuesday. tack—fiveyearsafter the fact— grounds areexpected to subor- their windows everyevening. am French. Igrewuphere.”

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THE WALL STREET JOURNAL. ****** NY We dnesday, November 4, 2020 | A14A GREATER NEW YORK Short Wait Times Greet Voters in City New Yorkers say the pandemic, economy New Jersey Votes and crime are key To Make Pot Legal factors in their choices New Jersey voters ap- BY STEPHANIE YANG proved a ballot measure le- AND EMMA TUCKER galizing recreational marijuana, setting the stage for a

New Yorkers headed to the JOURNAL new market for cannabis in JOURNAL polls on Tuesdaytovoteinthe the Northeast. REET REET

presidential election and local ST The ballot measure adds ST LL

races, with the coronavirus LL an amendment to the state WA

pandemic, the state’sfinancial WA constitution allowing people

crisis and crime weighing on THE ages 21 and older to use /THE Y/

their minds. SS marijuana. The amendment

Manyvoterscast ballots PA allows the state to set up a quickly without anywaits, a TUCKER regulated market to grow, EMMA

stark differencefromthe CHARLES distribute and sell the drug. hourslong lines that plagued Ronand Debbie Grady showedtheir support forPresidentTrump in Brooklyn. CandiceAgardcasther ballotfor Joe Biden in Manhattan. New Jersey lawmakers in some early-voting sites in the the Democratic-controlled past two weeks. we wouldn’t have lost over tion Dayand during the early- 45% of the number of votes over,” she said of the election. Legislature were unable to At Fort Hamilton High 200,000 lives.” voting period that went from cast in the stateduring the Voting lines moved quickly secure enough support to School in BayRidge, Brooklyn, Daniel Wiig,aRepublican, Oct. 24 through Nov.1,accord- 2016 presidential election. in rural upstate areas. pass legislation to legalize the voters trickled intothe said he votedfor President ing to the city’s BoardofElec- At P. S. 33 Chelsea Prep in John Geurtze Jr., 65, voted substance in 2019, despite school’sgym shortly after Trump because he believes the tions.The numbersdon’t in- Manhattan, CandiceAgard,30, at theTownHall in NewScot- the backing of top Demo- polling opened at 6 a.m. economywas strong under the clude mail-in absentee ballots. said she held off on voting land, N.Y. “I votedtoget rid of crats, including Gov. Phil Mur- Frank Sossi, 57 yearsold, administration beforethe pan- Morethan 2.7million people early because she expected it Trump,” he said. phy. The governor has said said he voted for former Vice demic.The virus has devas- voted in New York City in the would lead to a light turnout In Brooklyn, Ron Grady and enforcement of marijuana PresidentJoe Biden alongside tatedNew York City’s economy. 2016 presidential election. on Election Day. his wife, Debbie Grady, stood laws has had a disproportion- his 22-year-old daughter,Dan- “Certain governmentslike In New York state, 2.5 mil- “I washoping it would work down the street from the Fort ate impact on Black and La- ielle Sossi. They said the NewYork have overblown it,” lion residents participated in to my benefit,” said Ms.Agard, Hamilton polling place in Bay tino New Jerseyans. Trump administration’span- Mr.Wiig said of the pandemic. early voting,accounting for asoftware engineer who cast Ridge,waving Trump flags. “Let me be BLUNT: Legal- demic response along with the “People have lost their jobs, 19.5%ofeligible voters.Offi- herballot forMr. Biden.She Mr.Grady said that recent izing marijuana is a matter of president’scharacter influ- people have committedsuicide, cialssaid that as of Oct. 27, added that she wasrelieved to protest movements to defund social justice, racial justice, enced their decision. people arealone.That’snot aboutone million additional be finally showing support for policedepartments around the and economic justice,” Mr. “Weneed achange,” said Trump,that’sthe local side.” absentee ballots from around her candidate, especially since countrywerehurting the na- Murphy tweeted Monday. Mr.Sossi, who identifies as an As of 9 p.m. Tuesday, a to- the statehad been returned. the pandemic has brought un- tion. “We’ve got lawlessness, —Joseph De Avila independent. “Wethink that if talof2,346,302 people in New Together,these figures certain times.“This is some- rioting,attacking storeowners and Paul Berger therewas abetterresponse, York City had votedonElec- amount to slightly more than thing we do have control and restaurants,” he said. Uneasy Retailers Prepare for Unrest Over Election Result

Manhattan’scentral busi- Trump Tower. nessdistrict wassubdued NYPD officials said Tuesday Tuesday—even by standards afternoon that voterturnout set during the coronavirus had been light to medium, and pandemic—as retailersboarded that no major incidentshad up stores in anticipation of been reported. “It’sbeen rela- possible unrest over the presi- tively quiet and anormal dential election. Election Daysofar,” NYPD Chief of Department Terence By Paul Berger, Monahan said. Stephanie Yang and Policeofficials said they Melanie Grayce West had no intelligencetoindicate JOURNAL

therewould be violenceinthe REET In 2016,the streetsofMid- city,though thousands of offi- ST LL

town Manhattanwereabuzz cers would be on standby over WA on Election Day. Thetwo pres- the coming days should they THE

idential contenders, Donald be needed. They urgedpeace- R Trumpand HillaryClinton, fulprotesterstoseparate FO held their main gatherings in themselves from anybody who Midtown—Mr.Trump at the appeared to want to cause BLESENER

NewYork Hilton Midtownand trouble. H RA

Mrs. Clinton at the JacobK. Theproteststhat did take SA Javits Convention Center. placeonTuesdayweresmall. Voters casttheir ballots at aBrooklyn polling placeTuesday. Absenteeballots could determine the results of severalraces. Thescene on Tuesdaywas More than a dozen people different, in part because of gathered at Cadman Plazain fearsofprotestsgoing awry Brooklyn in the afternoon be- Contests Remain Too Close to Call and potential looting.Countless fore they started marching in stores were coveredinply- the street, chanting acall and wood, particularly in the Times response accompanied by mu- BY JIMMY VIELKIND If Ms.Malliotakis is able to have been ratedastossups by led Ms.Balter 115,103 to Squareareaand the 34th sical instruments. hold the lead, she would be the nonpartisan Cook Political 85,801. Street shopping district, includ- Several blocks away,workers RepublicanAssemblywoman the only GOP member of Con- Report. OnondagaCounty is also ing at Macy’sflagship store. were putting up afencearound Nicole Malliotakis declared gressrepresenting NewYork Rep.John Katko, aRepubli- home to two competitiveraces TheNew York PoliceDe- an Apple storeand boarding up victorylateTuesdayoverU.S. City. canfromSyracuse,isfacing forthe NewYork stateSenate. partment deployedhundreds windows at aTargetstore Rep.Max Rose afteramassing Mr.Rose,aDemocrat, was Democrat Dana Balter,acol- Democratshope to makegains of officersatpolling sites along acommercial corridor in a36,591-votelead, but the As- fighting forasecond term af- legeprofessor.Rep.Anthony in seven districtsaround the around New York City. It also DowntownBrooklyn. Twopo- sociated Presshasn’t declared terhewas elected as part of a Brindisi, aDemocrat from statewhereincumbent GOP stationed additional officers lice officersand several NYPD awinner in the race to repre- blue wave in 2018,but the 11th Utica, is facing Claudia Ten- senators aren’t on the ballot outside Trump ToweronMan- sent partsofBrooklyn and Congressional District pro- ney—a Republican whom he because they either retired or hattan’s Fifth Avenue. StatenIsland. vided morevotes forPresident defeated in 2018. were elected to another office. People still went about ‘People are a little With 89% of the in-person Trump than HillaryClinton in On Long Island, Democrat Republicans aretargeting their business, but with acer- votesreported—cast both on 2016. The president backed Jackie Gordon and Assembly- first-term DemocratsinSouth tain unease. bit scared, and I am Election Dayand during nine Ms.Malliotakis,aformer may- man Andrew Garbarino, aRe- Brooklyn, the Hudson Valley “It’s fear of the unknown,” as well,’ said one days of early voting—Ms.Mal- oral candidatewho cam- publican, arevying foraSouth and on Long Island. TheGOP said Michael Hall, 52 years liotakis led 128,072 to 91,481, paigned on atheme of lawand Shoreseat nowheld by retir- has benefited from indepen- old, as he walked through store supervisor. according to the NewYork order. ing GOP Rep.Peter King. dent expenditures by lawen- Times Square City BoardofElections. “This race wasabout a As of Friday, around 1.4mil- forcement unions and acos- Manyretailerswerecon- Around 77,000 absentee shining city that, in amatter lion people in the counties metics heir. cerned about arepeat of the ballotswererequested from of months,lost itsluster, outside NewYork City had re- Susan Lerner, executivedi- vandalism and looting that vans followedclosely behind voters in the district, and closed itsbusinesses,boarded quested absentee ballots, and rector of the government sometimesfollowedBlack the group as they marched 41,663 have already been re- up itswindows and turned nearly 900,000 had been re- watchdog group Common Lives Matterprotestsinthe down Atlantic Avenue. turned, the boardsaid Tues- over itsstreetstothe criminal turned, according to the New Cause NewYork,said it was summer, said Mark Dicus, ex- Rodrick Covington, who led day. Enrolled Democratssub- element,” Ms.Malliotakis said. York State BoardofElections. normal that competitiveraces ecutivedirector of the SoHo the group singing intoamega- mitted 15,859 moreabsentee Speaking to reporters on Dustin Czarny, the Demo- wouldn’t be resolved on elec- Broadway Initiative, a neigh- phone, said the intention was ballotsthan enrolled Republi- StatenIsland, Mr.Rose said he cratic elections commissioner tion night—particularly with borhood improvement group. to encourageenthusiasm cans,according to the Board. understood he was fighting in Onondaga County,which is moreabsentee ballotscast as a Businesses that boarded up about voting on Election Day. To be counted, aballot from adeficit but wasn’t con- home to amajority of the vot- result of the pandemic. said they didn’t knowwhat to In the evening,around 50 must be both postmarked by ceding the race. ersinMr. Katko’sdistrict, said “NewYork voters should expect but wanted to be careful. people marched from Union Nov.3and received by election “Asasoldier who fought for his county had received 52,831 understand that they will not “People arealittle bit SquaretolowerManhattan, officials by Nov.10. By law, the our democracy, Ibelieveevery absentee ballotsasofMonday knowthe resultsofmanyclose scared, and Iamaswell,” said holding “Trump/PenceOUT absentee votescan’t be opened vote should be counted,” he afternoon. With 429 of 681 racesuntil morethan aweek Hassan Munir, the supervisor NOW” signs. Alarge police until afterpolls close on Elec- said. election precinctsinthe dis- later,and that this is not the of New York Gifts and Souve- presencefollowedthe peaceful tion Day, and the process of Threeother seatsinthe trict reporting to the State death of democracybut asign nirs, astore afew blocks from protest. counting them cantakeweeks. U.S. House of Representatives BoardofElections,Mr. Katko of life,” she said.

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A14B | We dnesday, November 4, 2020 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK

METROMONEY | By Anne Kadet Crisis Sparks New Wave of Street Vendors

If you like cluding ball caps and George The city’s storefront small street vendors Floyd pins. businesses are frustrated by as much as I While he has gotten some the “explosive” growth in do, you have flack from passersby who unlicensed vending this year, been de- say he is capitalizing on the says Randy Peers, president lighted by all pandemic, that isn’t how he and CEO of the Brooklyn the new sidewalk stands sees it. “I saved a lot of Chamber of Commerce. popping up around New York lives,” Mr. McBride says. “They are directly competing City, hawking everything It has been interesting to with bricks-and-mortar busi- from leopard-print face watch the vendors stay nesses struggling to reopen.” masks and empanadas to ahead of the trends. They He and other business lucky Buddha statues. The were offering Clorox wipes leadersare calling on the city sobering part: Many are run when stores were out of to betterenforce regulations. by people who lost their jobs stock, Black Lives Matter T- A spokeswoman for the because of the pandemic. shirts before the demonstra- mayor’s office says the po- They’ve taken to the streets tions and Biden-Harris pins lice will continue responding in hopes of earning a living. shortly after the ticket was to illegal-vending complaints Desmin McBride,who lost announced. as the city transfers enforce- his event-staffing job at “It’sthe way we eat now— ment to civilian agencies. A Brooklyn’sBarclays Center in we have to stay on our toes new enforcement system, set March, wasamong the first and think,” says Anthony to launch in the near future, of this newwave. Early in the “the UltimateHustla” Peter- would support small busi- pandemic,some neighbor- son, apersonable salesman ness of all kinds, she says. hoods weren’t taking the cor- who jumped intothe street- onavirus seriously,hesays, vending scene afterhis o how do the city’s vet- and their storeshelves were wholesale makeup business eran street vendors, still stocked with gloves, dried up in the lockdown. S who typically had been hand sanitizer and wipes.He Thanks to his wholesale Anthony’the Ultimate Hustla’ earning $50 to $100 a day bought inventorytoresell contacts, he got started de- Peterson, above,stays apace before the pandemic, view from afolding table,first in livering items such as masks with trends and recently added the new arrivals? DowntownBrooklyn, then at and wipes to vendors city- sweatshirts to his offerings. Some told me that be- his current location on East wide, then launched his own Desmin McBride, left, started tween the decline in pedes- 14th Street in Manhattan. stand on East 116th Street in selling disinfectantwipes and trian traffic and growing Within weeks, he didn’t Harlem. When the vending other supplies after he lost his competition, sales are down have to source his own in- scene there got too crowded, job, and has sinceexpanded. 30% to 40% from last year’s ventory—there were dealers he tried Midtown. “But Achilleas Fabiatos, below, sells levels—a challenging trend. delivering items directly to there’s nobody there,” he justone item, disposable masks. But thereisalso asort of street vendors around the says of the desolate office brother-and-sisterhood at city. With many stores district. “You don’t catch me play. Christopher “Red” Cobb, closed in the lockdown, where nobody else is!” (3) ahomelessman who has there was little competition, Now, he has settled in been operating aManhattan

at least initially. All spring, DowntownBrooklyn near the JOURNAL sidewalk stand foreight sales were “super good,” corner of Fulton Street and years, selling used items in- REET

says Mr. McBride. Elm Place, wherehestays ST cluding books and dishes,

apacewith trends.Early on, LL says he recently relocated he picture brightened he predicted people would tire WA from Union SquareWest to

further when, in the of blue medical masks.His THE his current placeablock east R

T FO wake of social-justice evolving selection, priced at because so manynew vendors protests, Mayor Bill de Bla- five masks for$20,includes were crowding his old spot. sio said the police would no Dior knockoffs and pink se- SLER But he is still happy to longer enforce street-vendor quin designs forparties. KES counsel the people who stop

regulations. “You gotwomen who want CALLA by his stand seeking advice Mr. McBride, like many to be bling-bling,shiny-sexy, on how to start their own vendors, was operating with- and guys who want to be “Rap Lives Matter” shirt fea- WOKE TRUST NOBODY” de- item—a boxof50disposable sidewalk operations—includ- out a license because of the sporty,” says Mr.Peterson. turing deceased hip-hop art- sign featuring a snarling masks for$10.Heearns $3 to ing whether it’s considered city’s longstanding morato- “That’sagood thing.” ists such as Tupac Shakur. panther. $5 profit per box, depending kosher to sell clothing from rium on issuing new permits. When temperatures rose And now that the weather ther vendorstakea on the wholesale rate. their own closet. Following the mayor’s an- in the summer, he was ready is cooling, it’s sweatshirts minimalist approach. “It’saveryhonest living,” “It’s not competition, ev- galore. “I think the public’s O nouncement, he says, he felt with T-shirts printed by a Achilleas Fabiatos,who he says.“Igiveyou agood eryone’s in need,” he says. free to expand. He grew his friend. Social-justice themes going to love it,” he says of lost his job managing aGreek price. Youwant it, youbuy it.” “They need to eat.” stand to three tables and were hot. He also designed his selection, which includes restaurant, nowtends aMan- Not everybody welcomes added additional items in- some originals including a a “WILD AND FREE STAY hattanstand offering just one the new vendors, of course. [email protected]

TheWall Street Journal CMO Networkconnectsleadersofthe world’smostinfluential brands to examine what—and who—is driving trends and provide the factstheyneed to chartthe path forward.

Member Voices |Four of our membersrespond to the belowquestion: Areyou satisfied with the progress big digital platforms have made toward being moreaccountable in terms of brand safety and measurement?

Linda Duncombe Julian Jacobs Kevin Iaquinto Luis Va zquez

ExecutiveVicePresidentand Chief Marketing, Co-Head, UTAMarketing, United TalentAgency ExecutiveVicePresidentand Chief Marketing Officer, Senior VicePresident, Worldwide Sales &Marketing, Product and Digital Officer,CityNational Bank Blue Yonder Tupperware Brands

“Wecan’t paint everydigital platform “Wehave along waytogo. Thepandemic “In my viewthereisstill much work to do “The pandemic hasbeen atesttosee how with the same brush–some organizations hasnot onlyaccelerated consumption and here. Thelarge digital platforms bear much digital platforms approach brand safety. aredoing alot of good in this area,while audience growth on these platforms, but responsibilityfor ensuring consumer privacy, Thereiscredit to be giventothe industry othersneed to be moreaccountable when simultaneouslyopened up newopportu- along with brand safety and measurement. fortrying to prune away false information, it comes to safety and measurement. nities foradvertisers. Unfortunately, there Theunintended consequences of what has mobilizesupportfor essential causes, and Brands and consumersalikeare faced remains agap in the development and been built areclear and morecontrol is educateadvertisersand publisherson with the current worldweliveinwhere innovation behind brand safety tools and warranted. In order to stem the tide of future navigating throughthe crisis. Butagap digital platforms aremoreimportant than capabilities. Advertisers, agencies and regulations, moreproactive commitment in needs to be filled to ensuredigital platforms ever.The pandemic haseveryone looking creativesmustcome together–wehave this area is going to be needed to ensurethat have the right measures to protect brand fordigital platform solutions likenever the responsibilitytodevelop educational brand advertising is as fraud-free,safeand integrity. With dataprivacy at the forefront, before–we all need and want to stay campaigns to shed light on this very issue viewable as possible.” thereremains achallengefor our discipline connected. Clearly,keeping it as part in order to gettowhereweneed to be.” to find the right platforms that enable of the conversation and holding companies brands to quantify the correlation among 87

00 accountable is reallyimportant.” marketing efforts,reputation and the J1

6D bottomline.” ed. serv re ts righ ll .A nc ,I o.

&C Membership is by invitation: [email protected] more: CMONetwork.wsj.com/inquire PROUDLYSPONSORED BY Jones ow

0D The Wall Street Journalnewsorganizationwas notinvolved in the creation of this content. 02 ©2 P2JW309000-0-A01500-1------XA

FAMILY & RELATIONSHIPS PERSONAL JOURNAL.

School Choices Second‑Guessed As Covid Rises

Health risks, disruption and anxiety fuel a new round of difficult family decisions about school

BY ALINA DIZIK started out virtual are reconsider- ing amid social isolation worries, ver the summer, Jenni- but feel increasing apprehension fer Parnell told her about the virus. kids’ school that she For many families, it’s not just would send her second- the virus risk that creates con- and fourth-graders back cerns, but also the upheaval that O rising cases wreak on the school as soon as their Denver elementary school reopened for in- experience: classes quarantine for person learning in late October. days, schools switch between in- But as coronavirus cases mounted person and remote-learning, fami- Tomand Jennifer Parnell changedtheir minds about sending their kids to schoolinperson; fornow theylearnathome. in the fall, she second-guessed her lies can’t rely on consistent child decision. care. Kids thrive on rou- “They don’t want to send their ing to NYC Department of Educa- in-person learning for older ele- “Cases were going up tine and structure; shift- children back to school but they tion data. Parents had a window mentary students for most of No- and we were entering ing school plans make it also don’t like this distance learn- in August to select in-person vember. Middle school and high- colder season,” she re- 54% difficult to establish hab- ing,” says Ms. Morrow. learning at the beginning of the school students remain remote. calls. “Things are still of parents in its and schedules. “It There are no nationwide num- year, and another window ending In Portage, Ind., rising cases very uncertain.” She NewYork City wasn’t ever clear what the bers showing how many parents in mid-November to go in-person worried Stephanie Williams, a 33- worried not only about schools chose right thing to do was and are changing their minds. Anec- for the rest of the year. year-old nursing assistant, about catching the virus, but remote in an people just don’t have dotally, most parents seem to be Parents in some other big sending her two elementary- also about disrupting her October poll. enough information,” says sticking with their original deci- school districts don’t have a school sons back to school when it kids’ routines once more Ye Li, an assistant professions so far, despite rising anxiety, choice: Los Angeles Unified School reopened for in-person learning in

JOURNAL if the school had to go sor at the University of say administrators and education District and Chicago Public October. Earlier in the fall, she had all-remote again. California, Riverside who studies executives. Many schools allow Schools aren’t yet offering in-per- told the school they’d go in per- REET

ST By October,she had changed her judgment and decision-making. families to switch to remote at any son learning for the majority of son. But she grew increasingly

LL mind: “Icalled them up and said, ‘I Kimberly Morrow, a Los Ange- time but limit switching to in-per- their students. worried about exposing her youn- WA think we want to stay virtual.’” les-based home-school teacher and son to designated time periods, In Denver, where the Parnells gest child, who has respiratory

THE Rising Covid cases across the author, says parents she speaks to such as quarterly. live, about 4.5% of students problems, and mother-in-law, who R

FO country are fueling a new round of are rethinking their choices “al- In New York City, the country’s changed their learning option be- baby-sits.

OLF difficult decisions about school for most daily” and are concerned biggest school district, about 54% tween Sept. 29 and Oct. 26, with She agonized over the decision.

WO families. Some who were sending with the rise in cases. “They don’t of parents opted for fully remote most of those switching to remote, She wasn’t sure whether the kids in person, or planned to, have feel their children are getting the learning in an Oct. 16 survey, up says a spokesperson. At the end of school would be able to keep her CHEL Pleaseturntothenextpage

RA reversed course. Others who attention they need,” she says. from 30% in mid-August, accord- October, the district decided to nix

take. They installed an indoor planning to phase-in studentswho HowRemote swing, and set up a sensory corner wish to return to campus starting with textured fabrics, kinetic sand next week. TheHoods arewaiting Learning and dried macaroni, like the one to see whether coronavirus cases he had at school. continue to rise in their area. About six weeks into the shut- The complexity of reintroducing Upendeda down, school resumed online and special-needs students to in-per- there was more structure for Jo- son school is great because they siah, including a virtual morning won’t be returning to what they Boy’sWorld meeting with his teacher and had known before, Dr. Rich said. classmates and video sessions with The Hoods plan to prepare Jo- tkt FAMILY school therapists. The Hoods also siah for seeing teachers wearing &TECH were overseeing remote school for masks and other protective gear JULIE their 8-year-old son, Jeremiah, by wearing those items around JARGON who doesn’t have special needs. him before he goes back. They are It has been a major adjustment trying to get him used to wearing for the family. Mr. Hood, who is a mask, but he won’t keep one on efore the pandemic,10-year- hoping to play football for one for more than a few minutes. old Josiah Hood had ateam of more season before he retires, gets “How do we get young children B up early to work out so that he’s with special needs to socially dis- 17 people helping him with physical therapy,occupational ther- back before the boys begin their tance?” Ms. Hood wonders. apy,speech therapy and behavioral school day. “It’s like a tag team,” In addition to safety concerns, therapy at home and at school. he said. He relieves his mother they worry about how Josiah will When the school he attends for when she needs a break, steps in adjust to yet another new routine. children with developmental dis- when Sara has to take calls and of- A week or two before he returns, abilities abruptly closed in March, ten takes Josiah outside to get they plan to drive to school in the Josiah, who has autism, was sud- fresh air and exercise. morning and again in the after- denly without the structure and “I don’t mind being a stay-at- noon so he gets used to the trip. routine he needed to thrive. home dad right now,” Mr. Hood They will adjust his schedule to The nationwide school shut- Ten-year-old Josiah Hood has physical therapy sessions at home now with said. “Sara has sacrificed enough closely mirror his school day. down last spring came as a jolt to his father, Ziggy Hood; on a break with his mother, Sara Hood. for me and my career.” “If we can get him back in all students, but for those with Ms. Hood is a fitness influencer school soon, great,” Mr. Hood said. special needs, it was earthshaking. months of work with him cangoout She recalled one time when her and a partner at an influencer and “I know I can’t do all the things Now, as many schools across the the windowintwo weeks.Iremem- husband wasdoing physical therapy digital-marketing agency; she also the teachers can.” country begin transitioning stu- ber my husband, myself and my with Josiah, trying to help him bal- is creating a spice dents back into classrooms, it’s be- mother-in-lawstaring at each other anceonaball. “It waslikeacircus,” company. She coming clear that the path back like, ‘What arewegoing to do?’ ” she said. “It wasone of those mo- works from the will be precarious. After the initial panic, Ms. Hood mentswhereyou had to decide if time the boys go to Special-needs students have went into fix-it mode. She re- youwant to laugh or cry, and we sleep into the early been among the first invited back, searched everything she could decided to laugh.” morning. “I call 8 but in some districts they have re- about the services Josiah needed Maintaining a routine is critical p.m. to 2 a.m. the turned only to find substitute and divided duties among her new for many children with special second half of my teachers. Other districts have team of three. Last year, she got needs, and for those on the autism workday,” she said. pushed back reopening plans due certified in Applied Behavioral spectrum in particular. “Kids on All the work that to rising cases of coronavirus or Analysis, a set of techniques that the autism spectrum tend to be went into estab- have closed schools just days after can help people with autism im- very concrete thinkers, so anytime lishing a routine reopening, sending special-needs prove social skills and communica- their environment or routine can be undone in students into a tailspin once again. tion, so she made that her focus. changes it is seen as a challenge to an instant, how- As soon as Josiah’s school Her husband, Evander “Ziggy” be resisted or feared,” said Mi- ever, and this fall, closed, not only did all of his Hood, a National Football League chael Rich, a pediatrician at Bos- the Hoods are fac-

(2) school support come to a halt—so free agent, took on the task of ton Children’s Hospital. ing some tough did home visits from private thera- helping Josiah with physical ther- The Hoods created a routine to choices. Sending APHY pists, because he is immunocom- apy. Her mother-in-law, who lives mimic school, with lessons and Josiah back to GR

TO promised. with them in Washington, D.C., re- therapies going from 8 a.m. to 1:30 school would in-

PHO “The only way Iknowhow to searched how to help Josiah with p.m. and breaks for recess and volve a lot of work,

ELL cope is to figure out solutions.But occupational therapy. lunch. The Hoods posted every- and if school were

XW when Covid hit, Icried in the “The firsttwo weeks were awful. thing on a giant color-coded calen- to close again,

MA showerfor asolid hour,” Josiah’s Josiah wasfrustrated and we were dar, with picture cards to show they’d be back at ON mother,SaraHood, said. “I was frustrated and Iwas crying because their nonverbal son what he would square one.

ANTW thinking,‘What if he regresses?’ Six Ifelt Iwas failing,” Ms.Hood said. be doing and how long it would Josiah’sschool is P2JW309000-0-A01600-2------XA

A16 | We dnesday, November 4, 2020 THE WALL STREET JOURNAL. PERSONAL JOURNAL. | FAMILY & RELATIONSHIPS Tough Calls MY RIDE | A.J. BAIME On School ARaceCar That’saWorkofArt ForFamilies

ContinuedfrompageA15 JOURNAL children safe but also felt bad

REET keeping them away from ST classmates. “The kids get a LL different experience when WA they are in class versus at THE

R home,” she says. FO In September,she changed

OLF her mind and opted to stay WO remote. “We decided it would

CHEL be bettertokeep them at

RA home and see whathappens

(4); to everybodyelse,ashorrible as thatsounds,” says Ms.Wil- liams.Now she hopes to be JOURNAL able to send them back in

REET January. Within the Portage ST

LL Township Schools district,

WA about 75%are currentlyat-

THE tending in-person, with 5% of

R parentsswitching their choice FO forthe second quarter, says spokesperson Amanda Alaniz. MEDLEY Other families arestrug- TE

KA gling with social isolation. In : Southlake, Texas,Marci Lee LEFT originallychose to keep both OM

FR her kids remote; both she and her husband have immune- system challenges.But she worried as she sawher fourth-grade son become in- creasinglyunhappy. “It’sdiffi- cult forany parent,” says Ms. Lee, an entertainment publi- cist. “He doesn’t have that zest forlife.”

With Jackson Pollock in mind, this duo from Michigan Tech used rocks to transform their 1998 BMW 528i

Abby Hempy, 24, a graduate student, and Tucker Alsup, 29, a re- Elle Parnell, 10, plays with her search engineer, both at Michigan brother Reid at home.. Tech in Houghton, Mich., on their 1998 BMW 528i racing art car, as told to A.J. Baime. After going back and forth for weeks, they decided to Ms.Hempy: Ifirst heardabout send their younger son back in the GrassrootsMotorsports person. “We felt his mental $2,000 Challengeawhile ago. I Mr. Alsup: I wanted to help. Abby our expenses.BFGoodrich do- The BMW 528i that Abby Hempy health was more important always wanted to do it but never has worked on all kinds of proj- nated acouple setsofracing and Tucker Alsup turned into a than our health risks,” says had the time.Sincethe coronavi- ects, but hasn’t done a lot of hard- tires,and an organization that racing ‘art car’ is adorned from the Ms. Lee, who will reconsider russhut down the Advanced core engine-bay mechanical work, supportswomen in racing called hood to the trunk with pebbles from the plan next quarter. Their PowerSystems lab whereIwork which I have been doing for a long ShiftUpNow donated money. the shores of Lake Superior. older son, who can drive him- at school, Ihad time on my time. So I started working on the self to baseball practice and hands.The rules of the competi- car with her. Mr. Alsup: Abby picked up the me- see friends, will stay remote tion arethat youhavetoput to- chanical stuff quickly. Also, she Mr. Alsup: We could not afford a for now. gether aracing carwith a$2,000 Ms.Hempy: We spent last sum- was taking care of the budget, and trailer, so the week before the The changed in-person budget, then youcompeteatthe mer on the carinthe yard of one I am not a big fan of doing that competition, which was on Oct. school experience is discour- event in Florida in three competi- of my professors, because we did stuff. We decided I would do the 23-24, we drove the car from aging some families. In Inver- tions.It’sinthe spirit of keeping not have ashop.Wetoreapart driving in the competition. I grew northern Michigan to Florida, ness, Ill., Tracy Callahan and racing cheap,because anyone can the engine and the morewe up go-karting and had competed stopping in North Carolina [where her 15-year-old son decided to win if they spend enough money. fixed, the morewerealized we in a couple county-fair races. these pictures were taken]. The stay virtual after learning the Ibought aBMW for$800 and still had to fix. Meanwhile,we competition was awesome! We details of the school’s “hybrid” started working on it. had to find sponsorstohelp with Ms.Hempy: Ihavealways been came in 27th in the autocross instruction model. After an involved in danceand art. My event [a timed competition in all-remote start to the year, mother is an artist. BMW has a which drivers navigate a course] students who opted for in-per- historyofcollaborating with art- and also in the drag race, out of son learning still wouldn’t be ists, creating art cars and racing 32 cars. We were 20th in the con- attending class in person ev- them. So that became the theme cours [cars are judged for innova- ery day, and some teachers behind our car. Inamed the team tion and presentation]. We were have opted to remotely in- Onofrio Pollock aftertwo artists not super competitive, but we had struct kids who are in person. that inspireme. Judy Onofrio is a ton of fun. Her son didn’t likethe an artist from whereIamfromin prospect of newrules and Minnesota, known forher giant Ms. Hempy: We didn’t place really lessfreedom to socializeat sculptures.And Pollock,asin well, but everyone was intrigued school, she says.Athome, Jackson Pollock,anartist from by our car. Other teams were fo- he’s able to order takeout for NewYork from the firsthalf of cused on quickness, and when we lunch and enjoys working the 20th century. Iused rocks explained that our initial goal was with his online studygroup. from the shores of the Keweenaw to build an art car, people got on “It’snot likeI’m some mean Peninsula on the car, so it ex- board. On the ride back, Tucker mom,” Ms.Callahan says. “My presses alittle bit of where and I were already making plans son absolutelysaid, ‘I don’t Tucker and Inow live. for next year’s car. want to do this.’ ”

LETTERS ing illnessfromCOVID-19and of discrimination if ICU beds arein ReadersShareTheir Tips shortsupply, I’m hardlyencour- aged by the advice, “Think two On Pandemic Fatigue yearsahead.” “Think two years ahead” Really gets me seething, s the pandemic drags on, agnosed with Parkinson’s five Fighting down my dread Ellen Byron wrote about new years ago just as we retired. That I won’t be breathing. A Since, we have avoided crowded ways to recharge in an arti- —Felicia Nimue Ackerman cle on Oct. 26. Readers weighed in restaurants and events with Providence, R.I. with their own ideas on the sub- crowds, in addition to venues ject. Here is an edited selection of which are not mobility-friendly. Tired all the time?Get out reader responses: Tonight we will take in Lyrics and getfresh air and sun- and Lyricists from the 92d Street shine and travel acrossour We have learned in recent years Y on Zoom while we dine in our vast land. Idropped more about mindfulness and self-care; small apartment with one of my than astone (14pounds) by These must be balanced with elegant versions of Marsala. walking trails and stepping thinking about others and the Creativity, innovation, imagina- up my physical activity and world around us. tion are key components and skills eating healthy. The pandemic has provided an for resilience. Plopping in front of acom- enormous time slot for something —Connie Mitchko puter canbetiring,espe- called rest and relaxation. I Florham Park, N.J. ciallywhen youliveinfear worked for 25 years commuting and anxiety.Not being able two hours into NYC each way Iget together with severalfolks to eatatyour favoriteres- while being a single parent raising much older than myself onceor taurant or buygoods from a a daughter. I would have never twiceaweek forcoffee.Theyare businessthatwent bellyup

TUTTLE complained about working from all much moreafraid of dying Routines help. A very clean house quiet for the winter, so other canbefrustrating and depressing. home! from lonelinessthan COVID.For keeps me in a good mental space, forms of exercise need to be So whatdoyou do?Enjoycooking. JEAN Basically the pandemic is de- myself,Ivisualizeaverywarm as do well-tended gardens and picked back up. Cook foryourself to your tasteand BY toxing major segments of our beach with warm waterand see- planning/executing good menus. —Thomas Beckett experiencethe pleasureofserving ION

AT country while others are used to ing smiling facesasacurefor But with winter coming, some ad- yourself and eating healthybut de-

TR modest lifestyles and disciplines. “stress.” justments are necessary. Once the As a73-year-old whose ageputs licious food. US

ILL For example, my husband was di- —Peter Sullivan bulbs go in, gardening will be her at high risk of life-threaten- —Girish Kotwal P2JW309000-0-A01700-3------XA

THE WALL STREET JOURNAL. We dnesday, November 4, 2020 | A17 ARTS IN REVIEW

Ariana Grande performing live in Los Angeles in 2018 ANZUONI/REUTERS MARIO

riana Grande has ex- MUSIC REVIEW |MARK RICHARDSON and hintsofclubby Europop. pressed an ambition to But these areoutliers. Most of release music “in the way the record comprises slow-to- Athat a rapper does”—that midtempo numbersdesigned for is, when she feels like it ‘Positions’: PopDiva’s bedrooms rather than dance rather than when her label thinks floors, and toomanyofthese the time is right. As the singer has tracks bleed together.There’sa matured and seized control of her certain thrill in hearing Ms. career, she’s come close to that de- Grande in her raunchiest mode, sire. In just a little over two years, Safe SetofSlowJams but the melodies on songslike she’s released three studio albums “Nasty” and “West Side” are and a live record, including her nothing special. As “Positions” new LP, “Positions” (Republic), out Though slickly produced, it sounds like music in search of a spark wearson, the lack of hooks be- now. And she’s the rare artist who comes aproblem. It’struethat, is both prolific and consistent. given the after-hoursmood, mas- Most pop singers this deep into a single-minded album, without freedom. Fear and vulnerability sivesingalong choruses might be career have taken an ill-advised songsthat scream “hit single,” and canwait foranother day—“Posi- adistraction, but some variety or turn at some point, perhaps a the tracks arebeautifully recorded tions” is all about fantasy. anew wrinkle in Ms.Grande’s genre experiment or movie tie-in and mixed to frame Ms.Grande’s At times,the spacious produc- aesthetic would have helped. This gone awry. To cite one example, voice. Thereare orchestral touches tion and artfulblend of hip-hop, year,she hit No.1onthe Hot 100 compare Ms. Grande, now 27, with hereand there, but they’remostly R&B and pop bring to mind music twice—with Lady Gaga on “Rain Miley Cyrus, a child television star subtle,keeping the focus on the re- released in the firsthalf of the on Me,” one of the most explosive of the same age who has released cord’s slinkyrhythms.This is mu- 2000s,agolden agefor radio hits. pop songsofthe year,and also some great singles and some truly sic firmly in the singer’s comfort ScottStorch, aproducer from when paired with Justin Bieber on awful full-length records while zone.And it’spredictably slick and that era, contributes to “My Hair,” the ballad “Stuck With U,” atune leaping from one genre to the accomplished, if also alittle safe. one of this record’s highlights. with morewarmth and charm next. But since Ms. Grande’s 2013 Ms.Grande has the multioctave There’snothing particularly than anything here. debut, “Yours Truly,” which had a rangeofadiva, but her rhythmic clever about the lyrics,onthis “Positions” is about mood and slightly antiquated theatricality re- phrasing owesalot to hip-hop, song or elsewhere—“Come run vibe morethan breakout songs, a flecting her past in musical the- with clipped vowels clustered into your hands through my hair” record that hums along nicely but ater, her records are filled with phrases that gather energy and of carnality: Here, Ms.Grande sets pretty much covers it—but the never detonates.And while Ms. up-to-the-minute pop and R&B, then burst forwardatjust the the scene foranight of ecstasy, track exhibitshis characteristic Grande has clearly mastered the featuring guest spots from equally right moments. That’sher mode with some sexactsdescribed ex- color,including asteel-drum-like styles found here, it would be in- relevant stars. Ms. Grande has on the opening “Shut Up.” Backed plicitly and othersrequiring arith- accent, ahorn, and aneo-disco teresting to see her moveonto great taste, a powerhouse voice, by plucked and bowedstringsand metic to decode.And “Motive,” a string line.Ms. Grande takeshis something else,totry her hand at and a likable public persona, and little else,Ms. Grande struts sleek house number with aguest lead with one of her best vocal songswhereshe’snot so assured so far she’s made few mistakes. ahead and confidently batsaside rapfromLos Angeles vocalist Doja performances on the record, and has moretolose. From one angle,“Positions”—a critics,half-rapping her words. Cat, completes the opening trip- jumping up an octaveand adding solid and well-produced collection Thefollowing “34+35” adds crisp, tych. Lyrically,this album is an in- abit of gospel growlonthe cho- Mr. Richardson is the Journal’s rock of sex-focused R&B slowjams—ex- minimal percussion as it zeroes in vitation to inhabit her world of rus. “LoveLanguage” adds an- and pop music critic. Follow him on tends her streak.It’saparticularly on the record’s overriding theme wealth, confidence, and sexual other welcome twist, with piano Twitter @MarkRichardson.

TELEVISION REVIEW |JOHN ANDERSON On CBS, Kidney- Donor Comedy

nce upon a time, network close-to-perfect casting. Ositcoms filled the autumn Thomas Middleditch (“Silicon air like falling leaves, some Valley”), who is blessed with what developing into hits, spinoffs and might be called Resting Anxiety franchises, others being raked into Face,isDrew, atherapist with an piles and set on fire. The 30-min- online degree who learns that his ute comedy—more like 22 minutes, kidneysare in collapse.Heneeds a with commercials—is an art in it- donor; his doctor (Jason Kravits) self, but its status has seemed iffy suggestsfamily.“Great,” Drew says, in the wake of bingeable series of “a Republicankidney.” It will help hour-long installments, high-end youpee,the doctor says,“it won’t casts, high-flown themes and tell youwhat bathroom to use.” highly untraditional decency stan- Gratuitous,perhaps,but funny. dards. And yet it persists. Why? Among Drew’s problems is his Because sometimes you just want native misanthropy, which means an apple-cider doughnut instead of he doesn’t have a lot of friends, Thanksgiving dinner. period, and certainly not “kidney Accordingly, “B Positive” does friends.” A divorced dad of one, he seem like an effort to put some has enough of a social circle to be starch on the network table, and a invited to a wedding, where his few steroids in the formula. An ex- plight has made him desperate ecutive producer is sitcom peren- enough to confide in an old high-

nial Chuck Lorre (“Two and a Half school classmate, Gina. She is suf- CBS Men,” “The Big Bang Theory”), ficiently moved to offer him one of Thomas Middleditch as Drew and Annaleigh Ashford as Gina in the new sitcom ‘B Positive’ who has other current hits as well her kidneys, and sufficiently in- (“Young Sheldon,” “The Kominsky ebriated to fall out an open win- Method”). The director of the first dow. Where can it go? Mr. Lorre’s whose residents are played by, among them—all women-focused two episodes (all that were avail- As Gina, Annaleigh Ashford—a shows have never shied away from among other familiar TV faces, shows, it’s worth noting. Ms. Ash- able due to pandemic production) Tony-winner for “You Can’t Take It sitcom tropes, and the “Odd Cou- Bernie Kopell (“The Love Boat”) ford is the tart source of most of is James Burrows (“Cheers,” With You” and an actress with a ple” dynamic seems fated to domi- and Linda Lavin. Drew makes the comedy in “B Positive,” a show “Taxi,” “Frasier”). The creator is hint of Judy Holliday—is a comedy nate “B Positive,” especially as friends—OK, acquaintances—at the that manages to make some seri- Marco Pennette, whose career delinquent of constant delight. The Drew tries to keep Gina on the dialysis center he visits three days ous points about health without goes back to the fabled “Kate & Al- writing sparkles; so does Ms. Ash- straight and narrow long enough a week, an acerbic group played by killing the mood. For instance, the lie.” The themes include renal fail- ford. The edginess of the dialogue, to appropriate her vital organ. But Darryl Stephens, Terrence Terrell, National Kidney Registry that ure, organ transplants, promiscu- the rather outré subject matter the show has been set up with Briga Heelan and David Anthony Drew calls tells him it has a 10- ity, drug and alcoholic abuse and and a seeming disregard for what enough sidebars to avoid routine. Higgins. year waiting list. The hold music is death, none of which are a soft- has long constituted the stuff of Gina, whose permanent address is There have been ambitious ex- “Stayin’ Alive.” pedaling of anything in the Covid network sitcoms are, in a word, re- unclear since she owes some shady plorations of the half-hour format era, and make the show feel like it freshing. people money, works as a van in recent seasons, “Fleabag,” “Bet- B Positive was made for adults. It also has The question, naturally, is: driver for a senior-living facility, ter Things” and “Russian Doll” Begins Thursday, 8:30 p.m., CBS P2JW309000-0-A01800-2------XA

A18 | We dnesday, November 4, 2020 THE WALL STREET JOURNAL. SPORTS College Teams Took aBreak to Vote

Athletes had the day off to do their civic duty. But the midweek interruption left some coaches grouchy.

BY LAINE HIGGINS

t the height of the Black Lives Matter protests over the summer, Athe National Collegiate Athletic Association began a drive to bar practices on Election Day so that players could vote. On Tuesday, collegiate athletes had the day off to do their civic duty. But the move to stoke enfran- chisement became a point of irri- tation for one important group:

big-time college football coaches. S “I didn’t really understand the day off thing,” Clemson coach PRES Dabo Swinney said recently. “Most TED CIA

of our guys have already been vot- SO

ing. There will be a few who go AS vote here, but certainly always

have the time to go get that done.” TRIBUNE/ Taking a hiatus from organized

team activities on Nov. 3 was a BEND

grass-roots idea that started with UTH Georgia Tech assistant basketball SO coach Eric Reveno in June follow-

ing the death of George Floyd and ANKLIN/ FR

it quickly spread across multiple T

conferences and universities. The BER NCAA Student Athlete Advisory RO Committee proposed an official rule change and by mid-September it was codified as an official off day. GAN/REUTERS;

“We know it represented the MOR voice of student-athletes across SH JO

the country who continue to ex- P: press a desire to increase their TO OM

civic engagement at local, state FR and federal levels,” said University of Clemson coach Dabo Swinney, above, wasn’t thrilled that the Tigers had to Pennsylvania athletic skip practice on Nov. 3. Left, Notre Dame’s Daelin Hayes and coach Brian Kelly. director Grace Cal- houn, who chairs the “It’s actually unfortunate to me the Election Day pause by asking NCAA Division I the NCAA did this.” His squad al- players to come in on Sunday Council. ready lost several workouts in Oc- morning despite the team’s plane As social justice tober due to a Covid-19 outbreak. not arriving back in South Bend movements spilled Oklahoma coach Lincoln Riley from their Saturday game at Geor- into the sports world proposed setting aside two hours gia Tech until around midnight. over the summer, of the day for athletes to vote be- Players also had to take an extra Clemson was one of tween practices and classes in- antigen test on Sunday because dozens of universities stead. “To take the whole day to the lab handling Notre Dame’s PCR that made a signifi- me, I think it’s a little bit of an tests, which usually has over 36 cant push to get all overreaction.” hours to process postgame tests, athletes registered to To be sure, most coaches in the couldn’t turn around results in un- vote. Even Alabama Pac-12 Confer- der 12 hours be- coach Nick Saban— ence are on fore the team’s who admitted on the board with the The off day is Sunday practice. day after the presi- democratically “Less than an dential election in minded off day. particularly problematic ideal situation,” 2016 that he wasn’t They also won’t to coaches of programs said Kelly. aware America had play their first Clemson also headed to the polls— game of the sea- that recruit nationally. shifted its usual organized a drive to son until five Monday and get his entire roster days after the Tuesday train- set up with absentee election. ing sessions up ballots. The off day is particularly prob- by a day, but planned a different Though giving lematic to coaches of programs approach for this week. At an Oc- players an extra day that recruit nationally. tober team meeting, the Tigers de- of rest midweek might seem like a won’t be any Sunday confessionals son, who will travel South Bend, “Our roster is from all over the cided to hold player-led workouts no-brainer, it’s disruptive in a in 2020, however, because the Ti- Ind., on Saturday to face No. 4 country. For them to run out to at team facilities on Nov. 3. sport as steeped in routines as col- gers have a bye this weekend. Notre Dame in a game that has big the local polls, they won’t be going “I don’t think that is the smart- lege football, where coaches come Most every other major pro- implications for the College Foot- over [to] the Clay Middle School est thing to not practice on that up with slogans that correspond to gram in college football wasn’t so ball Playoff race. to vote,” said Notre Dame coach day,” Swinney explained. every possible kind of practice. At lucky and scrambled the rhythm of Swinney isn’t the only coach Brian Kelly on Monday. He added Whether or not Kelly agrees, Louisiana State, for example, coach their practices this week to leave miffed by losing a crucial Tuesday that 90 of the program’s 114 play- that’s not what his team was set to Ed Orgeron starts every week with Tuesday free. Nowhere will this practice. ers had submitted absentee ballots do. “Tell the Truth Monday” followed schedule switch carry more conse- In the swing state of Florida, as of Oct. 31. “We’re giving out ‘VOTE’ stick- by “Competition Tuesday.” There quences than for top-ranked Clem- Gators’ coach Dan Mullen said, The Fighting Irish adjusted to ers on campus,” he said.

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THE WALL STREET JOURNAL. We dnesday, November 4, 2020 | A19 OPINION 100 Years of Media Lying BOOKSHELF | By James Romm

Themedia leaker of American in- dence.” Acenturylater Avenging contretemps telligencesecrets. oursisstill aprofes- of the day, Whatever themeritsof sion that doesn’t treat the departure the position, it lefthim evidenceseriously,that

of irascible skepticalofformer in- GES ahundred times aday A Conspiracy

left-wing telligencechiefs John IMA blithely assertspropo- BUSINESS journalist Brennan and James sitions that the re- WORLD Glenn Green- Clapper in their latest GETTY ported factsdon’t sup- The Last Assassin

wald from brazenness, demanding VIA port. Acultureof By Holman W. the news site that newly revealed in- actual stupidity reigns By Peter Stothard Jenkins, Jr. he co- formation about the Bi- CTION in manynewsrooms (Oxford, 274 pages, $27.95) founded, dens be treated as Rus- LLE wherecareful reason- CO TheIntercept.com, is only partly sian disinformation ing is jauntily eschewed hey had to be likethe Furies of tragedy,hounding aresult of his insistenceontak- despitealack of evi- in favor of treating down the guilty until the last stain wascleansed.” PICTURE ‘T ing seriously newevidencethat denceofRussian in- factsasunrelated So writes esteemed British journalist Peter

JoeBiden became mixed up in volvementand despite LIFE adornmentsonprede- Stothardofthe Roman commanderswho punished the

his son’sinfluence-peddling theBidens themselves THE termined storylines. killersofJulius Caesar.That sentenceboth summarizes Y/

business, which his editorsap- not denying the authen- VO Of course nothing is the plot of his taut historical narrative, “The Last parently thought overwrought. ticity of the newly dis- newunder the sun. The Assassin,”and also exemplifies itsdarkly lyrical style.In MCA

Aback storyisthe lingering closed information. D parable of the em- prose that evokes (and oftenquotes) tragic verse, Mr. S miasma over the press’shan- Alas,there’snosign peror’s newclothes is Stothardtells agrim tale that spans 15 chaotic yearsand

dling of the Steele dossier and of this being slapped THOMA believed to date, in 19 violent deaths. itspromotion of the Russia down as it should. We Walter Lippmann some form, to the 14th Thestory of Caesar’s fall has been retold countless collusion story. Mr.Greenwald areindanger of becom- century. Theterm times,most notably by Plutarch and Shakespeare, but the and ahandful of colleagues on ing likeRussia, whereintelli- friend and naggerofthe pow- groupthink waspopularized in eventsthat followedthat cataclysmic event in 44 B.C. are the leftinconveniently have genceofficials trytocontrol erful he would become,with a the 1970s.Lippmann spokeof far lessfamiliar,inpart because they’resocomplex. not been satisfied with the our domestic politics with lies syndicated column that ran “stereotypes”;todaywetalk Caesar’s murderers, whose numbersmay have ranged into press’snon-accountability in and intimidation. What was from 1931 to 1967.His youthful about“narratives.” Lately be- the 30s,scattered in manydirections afterthe Ides of the “objectivity” that journal- critique ringsbells today. He havioral economics has con- March, when they realized their support at Rome was istsonceprized and nowtreat complained of apress addicted tributed the terms “availability dangerously thin. Caesar’s avengers, led by MarcAntony A 1920 pundit and a as an encumbranceexcept an to “standardized constellations bias” and “preferencefalsifica- and Octavian, took afterthem, but these two rivals for all-purpose wall against such of ideas,” who “come to be- tion” forour incentivetobe- powerwereoften at odds, 2020 provocateur pressures and temptations to lieve[their] habitual emphasis lievewhat othersbelieve, or each willing to partner with have in a common a publish fantasy in placeofre- is the only possible one,” and pretendto, as well as our dis- conspirators now and again ality? Unfortunately,anatural who self-interestedly exagger- incentivetoinvest in learning to do the other harm. respect for facts. suspicion is that the institu- ateand overplaythe impor- aboutatopic if all we want is Themulti-pronged tional pressrallied around the tanceofwhatever is being re- to exhibit the approved opin- manhunt covers three Bidens partly in an unspoken ported (in our agetothe point ion. continents and claims nearly the matter. He published a hope that Tuesday’selection of hysteria). These will always be hur- a score of victims. The most pieceunder the headline “Rob- would let it slink away from He hadfaith in the reader dles to an honest and compe- notorious conspirators, ert Mueller Obliterated anyreckoning over the collu- nottobesiloed or bubbled as tent pressaslong as we have a Brutus and Cassius, took Trump-Russia ConspiracyThe- sion hoax. we liketosay now. Thepub- press. Amainstream media in their own lives after losing ories.” He published another Theyear 2020 will be mem- lic’s“desiretoknow, the dis- cahootswith dishonest and the Battle of Philippi in 42 on the“The10Worst, Most orable forafew reasons but it likeofbeing deceived and manipulativeintelligence B.C. A less prominent figure, Embarrassing U.S. Media Fail- wouldn’t hurt to mark the made game of” wasafounda- sources, on the other hand, is Gaius Trebonius, was the first ures on the Trump-Russia 100th anniversaryofjournalist tion of ourevery democratic aspecial problem that falls to conspirator killed, after two Story.” He and afew others, and critic Walter Lippmann’s hope.And areporter’s highest our generation to put right. I days of gruesome torture; such as MattTaibbi of Rolling “Liberty and the News.” In re- function wastoprovide rele- don’t underratethe commer- Cassius Parmensis,apoet and Stone, spent recent yearsdem- issuing the book in 2007, vant and reliable facts. “In his cial motivesatplay. People playwright of small repute, onstrating the unweirdpropo- Princeton University Press professional activity it is no flock to websites that tell them wasthe last. This Parmensis is thus the “last assassin” of sition that ajournalist canbe called it the classic account of businessof[the reporter’s]to what they want to hear; they the book’stitle,aman who lived to see Antony’sdefeat at both anti-Trump and anti-lies- howthe pressthreatens de- care whose ox is gored.” also seek out information that Actium, in 31 B.C.,but fell victim the next year to the about-Trump. mocracywhenever it has an What stands outfor me, is objectiveand reliable.Both victorious Octavian (later known as Augustus). If his name ringsabell, Mr. agenda otherthan the free though, is his repeated invoca- maybegood businesses but A tale of such breadth and scope, with characters often Greenwald wasanally of Ed- flow of ideas. tion of phrases such as the we in journalism, especially shifting venue or changing political partners, would strike ward Snowden and continues Lippmann, at 31, wasnot “uses of evidence,” “standards the cable channels,need to de- terror into many authors, but Mr. Stothard is a writer of to defend the betrayer and yetthe Pulitzer-sanctified of evidence,” “a sense of evi- cide which businesswe’rein. rare talent. Former editor of both the Times of London and the Times Literary Supplement, he has a longstanding passion for the classical world and has used it as a touchstone in his previous memoirs and political studies. An Election Doesn’t Have to Tear Us Apart Here, in his first historical narrative, he weaves a tense, fast-paced tale from the manystrands of aturbulent era. As this piece the early hoursofWednesday to vote in person on Nov.3, those who supported Mr.Bi- In an opening list of 13 assassins and five of their supporters, goes to press, morning should determine the while the majority of Mr.Bi- den, should unite to back the he lays out the path we will follow: All will meet their Americans outcome of the contest are den’sweremailing in their legally established electoral dooms, one by one, chapter by chapter. acrossthe wrong and dangerous. What- ballots. Anyeffort to stop the process. Mr.Stothardmakes Cassius Parmensis the central thread countryare ever Mr.Trump intends,his count and freeze the resultsas The2016 election reminded of this tangled skein, and not only for reasons of longevity. still voting.I remarks undermine his sup- of election night would leave Americans that the outcome Parmensis was a literary man, an author of several POLITICS don’t know porters’ willingnesstoaccept millions of legal and legiti- of presidential contestsisde- tragedies. A single line of his plays has survived: nocte & IDEAS who will win the resultsofacontest that mate ballots uncounted, sub- termined by the Electoral Col- intempesta nostrum devenit domum,“lateatnight he theelection, may not be settled until days verting the will of the people. legeand not by apopular came down to our house,” describing the prelude to the By William andthere’sa after the polls close. One hopes that Mr. Trump vote.Inthis election, Ameri- notorious rape of Lucretia by the Roman prince Tarquin. A. Galston significant UnlessJoe Biden wins some won’t turn his words into ac- cans have learned that each Mr.Stotharddeploys this haunting verseatthree pointsin chanceyou of the hotly contested South- tion. But if he does,the nation statecontrols howits election his story, describing it as “the line of Cassius Parmensis don’t either,evenifyou’re ernand Southwestern states would be in crisis—unlessthe processes.Starting the dayaf- that so fitted the fears of the time.” The refrain helps reading this on Wednesday. that Mr.Trump carried in individuals and institutions terthe election, the bipartisan deepen the tragic tones of this tale. But the most important ques- 2016 (North Carolina, Florida, who canshape public percep- National GovernorsAssocia- Roman sources record that Parmensis was a student of tion isn’t who wins; it is Georgia, Texas and Arizona), tions act responsibly. tion should defend the legiti- Epicureanism, and this too seems to endear him to Mr. whether the outcome the race will come down to macyofthe process, however Stothard’s heart. “The Last Assassin” often explores strengthens—or further un- the Blue Wall—Pennsylvania, long it takestocount the bal- Epicurean thought, which explained all phenomena dermines—trust in governing Michigan and Wisconsin— Both parties can lots. according to physical laws and not the mythic forces that institutions. whereMr. Trump in 2016 If the election result isn’t inspired dread. Since Epicureans thought of death as mere Can Americans come to- pulled off surprising victories defend the legitimate known on Wednesday, the dissolution, rather than ajourney to an afterlife, they found gether across divisions to af- by narrow emargins. process of counting, most important person in the nothing fearful in it—or so they professed. When death firm some simple truths? Ev- Along with nearly every countrywon’t be either Presi- actually loomed, as Mr. Stothard imagines, Parmensis too ery legitimate vote should be other state in the country, all even if it takes days. dent Trump or Mr.Biden, but fell prey to monstrous visions. counted, and the resultsofthe three Blue Wall states have re- SenateMajority Leader Mitch count—whenever it is com- ceived record numbersof McConnell. As the senior Re- pleted—should be respected. mail-in ballots. Unlikemost Part of this will require republican in the legislative A manhunt across continents sought to ﬁnd— That a ballot has been cast otherstates, however, Penn- thinking television coverage. branch, the course he pursues and punish—the men who plotted the murder doesn’t always mean that it sylvania and Wisconsin don’t Networks competetocall will influencehis colleagues should be counted. Some mail- allowthe processing of mail-in racesearly,but thereisreason and rank-and-file Republicans. of Julius Caesar. Each would meet his doom. in ballots will fail to conform ballotsuntil Election Day, and to wait, and this year is an ex- If Mr.Trump persistsinre- to the relevant stateproce- Michigan doesn’t begin until ample.Apandemic shifted jecting the legitimacyofvotes dures.Otherswill arriveafter the day before. With millions tens of millions of voters away counted afterelection night, “Rejecting the fear of death was a skill of logic, a lesson the deadlines established by of envelopes to open, signa- from in-person voting toward what will Sen. McConnell do? that could be learnt,” Mr. Stothard writes, as though legislatures and courts. Con- tures to verify, and ballots to mail-in ballots. The networks Will he defend the rule of law, inhabiting Parmensis’s thoughts. “Only the material was testing these ballots is legiti- prepare for tabulation, these canhelp makeAmericans or will he back the president’s real. . . . He knew all that. He absolutely knew it. But then mate, and mechanisms are in states will be hard pressed to morecomfortable with the effort to maintain powerby again, like all student Epicureans, Parmensis knew that placetoresolvemost of these finish counting by Friday. fact that the outcome in many nullifying the valid votesof knowledge was not enough.” The gap between philosophic disputes. If the election is close in states maynot be known for millions of Americans? If he ideals and lived realities forms an important theme of this That said, there is no legal these three states,the lead some days. acts as the patriot Ibelieve book. (Strangely though, Mr. Stothard pays no attention to basis forchallenging an entire could easily changehands be- Theprint presshas arole him to be,hewill do the right Stoicism, the principal creed that Brutus and other leading category of legitimate ballots tween election night and the to play as well. A coalition of thing.Ifhedoesn’t, he will be conspirators followed.) counted afterelection night. final count. Surveysindicate newspapers,including those remembered as the man who Though not a scholar by trade, Mr. Stothard has President Trump’srepeated that the majority of President who endorsed President intensified acrisis he could grounded “The Last Assassin” in the historical sources for statementsthat the resultsin Trump’ssupportersplanned Trump forre-election and have ended. this era, as he discusses in an endnote. The letters of Cicero, many of which give intimate details of the day-by- day course of events, serve him well, as do the later works of Plutarch, Appian and Cassius Dio. But he freely departs At 18, I Wasn’t Mature Enough to Vote from these sources to explore what certain people were thinking or feeling, or even to briefly look at the world By Robert P. Crease ficesIhadn’t heardof. In a When Ireturned for the Federalist Papers. “The through their eyes. choiceIwould regret, Iwrote Thanksgiving,Icared less aim of everypolitical constitu- Thetorturer called the Samarian, employedinthe attack ’ll never forget the election in the name of my girlfriend’s about the unlawful patriotic tion is,orought to be,first to on Gaius Trebonius,isastriking example.Heismentioned I of 1971. father.Itseemed an innocuous polling worker than the humil- obtain forrulersmen who only once, obliquely,inaspeech of Cicero. YetMr. Stothard It wasaturbulent time. and privateexpression of love. iation. Teenagersmocked me possessmost wisdom to dis- devotes two riveting paragraphs to this shadowy figure: Thousands of people were ar- So Ithought. Living next with their version of arecent cern, and most virtue to pur- “He knew about heating knives, sharpening whips and rested in anti-Vietnam War door to my girlfriend, in a Temptations song: “I guess sue,the common good of the hauling a human body on the rack of wood and iron that protests. President Nixon was house whose lawn sprouted you’ll say/What canmakeme society,” wroteJames Madison the Romans called a horse. He knew how to challenge making lawlessnessacam- little American flags, wasa vote this way?Mygirl!” Ihad in Federalist No.57. Theciti- deniers of the fear of death.” paignissue,and Ifaced the proved opponentsofthe 26th zens in the nation they were This sort of free indirect discourse is more typical of draft. Still, Ihad fallen in love Amendment right: 18-year-olds building didn’t vote inside fiction than ancient history, but Mr. Stothard wields it so with agirl down the street, In 1971 I wrote in were tooimmaturetovote. bubbles,asIhad. expertly that only the most umbratic scholar would object. which put me inside apeaceful Even yearslater,Inever got Everyone lives in some sort In the instance quoted above, he has clearly done his bubble.For amoment, Ifelt my girlfriend’s dad. sympathy. My wifewas incred- of bubble.Only when we iden- research on Roman methods of torture and uses the mature. A poll worker told ulous.Otherssaid thingslike, tifythem canwevoteoutside Samarian as an opportune way to share intriguing details. That summer thecountry “18-year-olds do awfully dumb them. That’swhen we truly As with Plutarch, who is evidently not only a source but an also sawabitterfight over everyone in town. things.” My son said, “Why belong to the same nation as inspiration, his focus is always on the human dimension of passageofthe 26th Amend- didn’t youvotefor your dog?” the authorsofthe Federalist his story, the quirks and foibles of his huge ensemble cast. ment to lowerthe voting age. He had apoint. Misty,ablack Papers. “The Last Assassin” is by no means an easy read, Despiteopposition by those woman who worked in the lo- lab,was loyaland competent especially for those who feel oppressed by a welter of who thought 18-year-olds too calpolling office. Startled to at herjob,and protected the Mr. Crease is aprofessor in polysyllabic names. But the vigor of Mr. Stothard’s prose, immaturetovote, it wasrati- find an offbeat write-in vote, entirefamily without taking the philosophy department at and the acuity of his insight, will propel manyreaders fied that July.Iwould turn 18 she figuredout the sender, sides.She wasmature—push- Stony Brook University.His past all difficulties, into an ancient Roman world that is on Oct. 22;Election Daywas 11 whichwasn’t difficult given ing 60 in dog years—and most recent book is “The startlingly real. days later.Iwas in college, so the small number of absentee would have been the firstfe- Workshop and the World: Irequested an absentee ballot. ballotsinalittle town in an male mayorofthe village. What Ten Thinkers Can Teach Mr. Romm is the editor and translator of “How to Give: On the ballot were names I off-year election. She gleefully Backatschool after Us About Science and Author- An Ancient Guide to Giving and Receiving,” a sampling of didn’t knowrunning forof- spread the news. Thanksgiving,Iwas assigned ity.” Stoic wisdom. P2JW309000-6-A02000-1------XA

A20 | We dnesday, November 4, 2020 ****** THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR Philly, Catholics and Foster Kids Masks Are No Panacea but Make Good Sense

eligious liberty is America’sfirst free- CSS argues that the appeals court was Regarding Dr.Joseph A. Ladapo’s ment mandates to wear masks and dom, enshrined in the opening 16 words wrong,that itsbeliefs were treated with hostil- “Masks AreaDistraction From the the effectivenessofactually wearing R of the Bill of Rights. But the rise of pro- ity.Itadds that foster care isn’t a“public accom- Pandemic Reality” (op-ed, Oct. 29): masks.Mask mandates in the U.S. ha- In Februarywhen epidemeologist ven'tbeen as effectiveasthey could gressivesecularism is putting modation” likearestaurant. The Supreme Court’s Chen Chien-Jen, wasTaiwan’svice be because manypeople aren’t com- increased tension on American Agencies weigh prospective president, he instituted the strictest plying.Itisindisputable that U.S.- pluralism. Case in point is Ful- next religious liberty parentsbased on subjective mask mandateofany countrywith a manufactured N95 masks stop 95% of ton v. Philadelphia,anappeal judgments about their family weekly allocation of high-quality viral particles from entering the from aCatholic foster agency case could be big. lives.The city mayconsider masks to everyone.Despitedirect wearer’s nasal passages and thereby that theSupreme Court will race when placing specific flightsfromWuhan, Taiwan has had greatlyreducethe chanceofinfec- take up Wednesday. children. only seven Covid deaths in seven tion. This is whyour health-care To the left, the case is simple: Catholic Social Maybethat’senough to win, but CSS also months. workerswear them. Studies have Services (CSS)won’t certifygay couples forfos- asks the Court to throw out Smith as “unsup- Dr.Ladapo cites an old study from shown that the cloth masks worn by ter placements. Philadelphia says this violates ported by the text, history, and tradition of the June.The University of Kansas re- the public canoffer protection to the the city’s nondiscrimination rules,meaning that Free Exercise Clause.” An amicus brief by aJew- cently released astudy on the effec- wearer in the 30% to 50% range, de- tivenessofmask wearing which says pending on the fitand fabric used. CSS cannolonger be contracted as afoster ish group adds that minority faiths have the Kansas counties with amask man- And if two people areinclose prox- agencyunlessitchanges itspolicy. CSS sued. To most at stake: Imagine a hypothetical law that datehaveaninfection rate 50% imity and talking to one another,and hear progressives,what it’sasking forisareli- “required practices incompatible with kosher lowercompared with those without. both individuals arewearing cloth gious license to discriminateagainst Philly’s animal slaughter.” The brief cites the case of a Taiwan and Kansas conducted large- masks,the protection is even greater. LGBT citizens. family denied damages after a child was given population studies that leave little Wearing masks curbs the spread of Thedetails aremorecomplicated. Religious an autopsy “against the commands of their doubt that masks work.Weneed to the Covid virus,and the morepeople work in this spheregoes back centuries,and CSS Hmong faith.” makehigh-quality,three- or four- who wear masks,the greater the re- says the firstCatholic orphanageinPhiladelphia Philadelphia countersthat CSS does not have layersurgical or N95 masks available duction in infections. dates to 1798.Todayabout two dozenagencies aconstitutional right to work “onthe City’s be- to everyone,together with astrong ROBERT SOMMERS, PH.D. facilitatefoster care.For decades,that included half, with City funds, pursuant to a City con- national mask mandateasTaiwan Jacksonville, Fla. CSS.Itserves all children, regardlessofsexual- tract, in amanner that the City has determined has. If we followTaiwan’slead, we What is it aboutmasks that en- ity.Ifagay couple were to ask forahome study, would be harmful to its residents.” An obvious could lowerthe coronavirus’srepro- courages facile rationalization CSS would refer them elsewhere. “But the resolution is for Philadelphia to give CSS an ex- duction rate to under one,thereby against common sense? Which do cord shows,” it says, “that no same-sex couple emption, while explaining to the public that fos- controlling it. youbelieve, obscurestatistical stud- had ever approached CSS in this way.” tercareexiststohelp children and that gaycou- THOMAS HALLQUIST, DDS ies or your owneyes? And if required Thegenesis of the case wasaPhiladelphia In- ples are welcomed by other agencies. Oshkosh, Wis. to spend 45 minutes in aWalmart quirer article in 2018 that highlighted the CSS But the progressivewinnersofthe culturewar store, which would yourather have: policy. Soon thereafter, CSS says a city official seem unwilling to givequarter to the losers. In Masks arelow-tech and, though no one wearing masks or everyone? pushed it to changeits approach, saying that it’s 2008 BarackObama said he believed “that mar- thereissome scientific debate, pro- MARK WETMORE “not 100 yearsago” and urging it to follow“the riageisthe union between aman and awoman.” vide either asmall or alarge benefit Vermillion,S.D. teachingsofPope Francis.” Theofficial, accord- Adecade later,CSS wastold that itspolicy, based in preventing the spread of the virus. Ibelievewecan walk and chewgum Dr.Lodapo fails to addressanim- ing to the city, is also Catholic and was merely on the same view, disqualified it from longstand- (i.e.,implement other safeguards) at portant lack in current debates about trying to find common ground. ing good work with Philadelphia’schildren. the same time. controlling and combating the virus. When CSS refused to budge, the city froze its Meantime,Joe Biden wantstorenew the effort PROF. JOEL E. FISHMAN, M.D., PH.D. Citizens and politicians alikehave foster referrals and itscontract wasallowedto to foist contraceptives ontothe health plans of- University of MiamiSchool of grasped tightly ontothe idea of expire. An appeals court sided with the city,say- feredbythe Little Sistersofthe Poor. Medicine masks as ahelpful measurefor area- ing that CSS is owed no exemption, since the In a big, diverse country of 330 million peo- Miami son: It is something concrete, physi- nondiscrimination policyis“aneutral, generally ple, questions of religion are best approached caland positiveweall cando. applicable law.” Theprecedent hereisthe 1990 with an inclination toward pluralism and an at- Dr.Ladapo fails to distinguish be- BETH RICCIARDI ruling in Employment Division v. Smith,inwhich titude of liveand let live. But if that’stoo much tween the effectivenessofgovern- Port Washington,N.Y. aNative American wasdenied statebenefitsaf- to hope as militant secularism advances, then ter using peyote in a ritual. at leastthe faithful have the FirstAmendment. Brazil’s Government Is Protecting Its Forests So Much for the Landslide President Jair Bolsonarohas de- tled acriminal group involved in il- clared on multiple occasions that legaltimber trade acting in surge of unexpected votesfor Donald oftenderided by their colleagues,seem to have the Brazilian government maintains conservation unitsand indigenous Trump has confounded the forecast- betterjudged the electorate. azero-tolerancepolicytoward envi- lands in the states of Goiás and A ers—again. Whether it’senough to Mr.Biden still seems likely to win the popu- ronmental crime (“Illegal Loggers Pará. carryhim to victoryinthe lar vote,but the margin will Undercut Brazil Forest Efforts,” TheBrazilian administration Electoral College, as it did in Trump confounds the be narrowerthan predicted World News,Oct. 29). Those words formed aNational Councilfor the 2016,was uncertain as we pollsters again as the and the Electoral Collegewas have been translated intoactions.A LegalAmazon, headed by Vice Presi- went to pressTuesdaynight. still up forgrabs.Lamenting special legislation—the Guarantee of dent Hamilton Mourão,tofight envi- race goes to the wire. Lawand Order decree—was adopted ronmental crimes in the Amazon But by making the 2020 race the Electoral Collegeisa to allowthe use of the armed forces rainforest and foster sustainable de- close,and perhaps taking it hardy perennial, but both par- in the protection of the Amazon velopment. Atask force, with atotal intoovertime,Mr. Trump has ties knowthat it’sthe mea- rainforest. Thousands of troops have cost on the order of $70million, pulled off asecond hugepolitical surprise.At sure of victoryordefeat. Both campaigns fo- been deployedtothat end. In the started itswork in Mayunder the least afew pollstersmight be looking foranew cused on those swing states. case of Rondônia, the object of par- auspices of the council. It has seized line of work. Thetight race reminds us that democracy ticular attention in the story, Bra- morethan six million cubic feet of Theanalystscalled Florida forPresident is surprising,and humility is good journalism zil’sfederal policelaunched an oper- illegal wood, and morethan $260 Trump,asheoutperformed his numbersfrom practice. Especially in this year of Covid-19 and ation last July against illegal logging million in environmental fines have 2016.Georgia and North Carolina were trending an economic recession, Democratsthought in that state. Other similar opera- been paid sincethen. red, but Arizona seemed to have flipped to Dem- they were set up forablue wave.But while tions have been implemented, NESTOR FORSTER JR. achieving concreteresults. In Octo- Ambassador of Brazil to the U.S. ocratsfromfour yearsago. Therevenge of the they looked set lateTuesdaytoretain aHouse ber,the federal policealso disman- Washington John McCain Republicans? Decisivestatesinthe majority,the Senatewas still in doubt and GOP Upper Midwest, including Wisconsin and Michi- incumbentslooked to be holding on in Iowa gan, were tooclose to call. and North Carolina. Exaggeration Keeps Democratic Pols United Pennsylvania, as expected, wasanelectoral Another surprise wasMr. Trump’sappar- mess. At the last updateTuesdaynight, Phila- ently strong performanceamong minorities, Regarding LanceMorrow’s “The Paul, Lisa Murkowski, Susan Collins delphia had tallied only about 76,000 of especially among Hispanic-Americans.Hedid Amazing,Horrifying AgeofExagger- and the lateJohn McCain. However, 350,000 mail ballots. Some counties won’t even especially well with those voters in Miami- ation” (op-ed,Oct. 28): Talk about the Democratic opposition has been start to count these votesuntil Wednesday. Dade County in Florida. exaggeration! Didn’t Mr.Morrow consistently aunified bloc.Does Either candidatehad apath to win by our Thereasons will take some study,but our watchthe hearingsfor JudgeAmy that mean that Democratscan’t deadline.But it’salready clear that the biggest guessisthat one wasthe economy’sstrong Coney Barrett’sconfirmation? Ac- think forthemselves? What is the cording to the Democratic opposi- influencethat NancyPelosi and early losersare the pollsters. Themainstream performancebeforethe pandemic.This lifted tion (without even asking her a Chuck Schumer have that cankeep media polls all had Mr.Biden winning in awalk wagesfor low-skilled workersinparticular af- question), she wasgoing to elimi- their membersfromevenconsider- with apopular vote margin in the upper single terthe slowgrowthObama years. If Mr.Trump natehealth care formillions of ing or voting forsomething that digits. They were off in particular on Florida. does win asecond term, his latefocus on the Americans.And then afterher con- their leadership doesn’t want? Is it Theoutlier pollsterslikethe Trafalgar Group, economywill be part of the explanation. firmation, Sen. Chuck Schumer said all amatterofmoney and power? that this was“one of the darkest Is that whyweelected our repre- days” in the historyofthe Senate. sentatives? Britain Locks Down, Again One reason forthis hyperbole is PAUL B. VISCONTI that membersofthe opposition can Scottsdale, Ariz. ess than a year ago Boris Johnson won Mr. Johnson has been forced to promise he never accept gracefully that they ahistoric victory, and an 80-seat parlia- won’t do this,and he has agreed to submit any lost on anyissue.Itisinteresting that therehavebeen Republican What Those Two A-Bombs L mentarymajority,inthe U.K.’s last gen- extension beyond Dec.2toParliament. He can’t congressmen and senatorswho On Japan Helped Avoid eral election. You might have assume he’dwin that vote if seem to think forthemselves based forgotten, because nowMr. The new U.K. shutdown the public can’t celebrate on moral principles such as Rand Regarding William Lloyd Stear- Johnson is lurching from one is a political blunder Christmas. man’s“IOwe My Lifetothe A-Bomb” politicalmisstep to another. Part of Mr.Johnson’spoliti- (op-ed, Oct. 28): America’splans for Thenew Covid-19 lockdown he by Boris Johnson. caltrouble arises because the Teachers Should Weigh Less the invasion of Japan included acon- announced over the weekend opposition Labour Party claims Risk for Greater Benefits comitant order forPurple Heart med- may be the worst. the newlockdown wouldn’t als in anticipation of alarge number Everything about this second lockdown is have been necessaryifonly Mr.Johnson had In response to David R. Hender- of casualties.Thankfully those med- going wrong forMr. Johnson so far.His an- acted sooner.That’seasy forLabour to saysince son and Ryan Sullivan’s“End the als weren’t needed then, but that School Shutdown” (op-ed, Oct. 21), stockpile wasample enough to be nouncement wasbotched—pre-empted by leaks they’renot accountable forthe economic wreck- reader Douglas Peterson wrotethat distributed during Korea, Vietnam, to the media from within his owngovernment, age. But the messagemight resonatewith frus- he believes teachersare overly ex- two wars in Iraq,and Afghanistan. which forced him to unveil the measures days trated voters nowimagining another month stuck posed to Covid when they areat PAUL L. NEWMAN earlier than planned. He looks muddled and in- in their homes and, formany, off work. school (Letters,Oct. 28). On the con- Merion Station, Pa. decisive because he is imposing a month-long Anew political challengeisarising from Ni- trary, research has shown that chil- lockdown when only weeks agoheargued a gelFarage, who’s converting his old Brexit Party dren areatverylow risk of getting two-week lockdown would be a “disaster.” into a new anti-lockdown party called Reform sick from the virus and, importantly, Pepper ... Thenew policyismotivated by concern over UK.Mr. Farage’s critics oftenbrand him an op- that teachersand day-care workers And Salt swamping the socialized National Health Ser- portunist, but his base has always been Eng- arenomorelikely to become in- viceifcoronavirus cases keep rising.The NHS land’snorthern working classand he knows his fected than most other professions. THE WALL STREET JOURNAL is swamped everyyear by seasonal flu, al- supporters. Forthose teacherswho continue to avoid schools,logic dictates that though the models maybewrong to assume the Those voters handed Mr. Johnson the elec- they also avoid stores and restau- same would happen this year.Social distancing tion victoryinDecember on the strength of the rantsgiven the risk of those loca- and handwashing appear to have suppressed Prime Minister’s Brexit convictions, but they tions likely exceeds that of aschool. normal fluinthe southern hemispherethis stand to lose the most economically the longer Iwonder if anyofthese concerned summer. lockdowns grind on. Mr.Johnson should worry teachershaveset foot in agrocery Thenebulous scienceand bad economics of if Mr. Farage spies a new political opportunity storeorhavegone out to dinner the newlockdown areprompting arebellion among these crucial voters. sinceMarch. I’m just asking fora amongTories, about adozenofwhom may Polls still show around 70% of Britons say friend. vote against their Prime Minister Wednesday they support lockdown measures,but public be- ED RYDER when thelockdown comes beforeParliament. havior such as haphazardsocial distancing and Chicago Several dozenmoreare unhappy with the re- fudging of current restrictions on socializing Lettersintended forpublication striction but maytoe the line fornow.They’re suggest lockdown fatigue is mounting.Someone should be emailed to [email protected]. worried about whether thereisanexit plan af- will have to find aworkable balanceamong Please include your city, stateand tersenior government minister Michael Gove Covid precautions,the economy, human nature telephone number.All letters aresub- on Sundayhinted the lockdown could be ex- and mental health. Mr. Johnson’s latest lock- ject to editing,and unpublished letters “It was the typical “His lawyer said, cannot be acknowledged. tended through Christmas. down isn’t it. her lawyer said.’” P2JW309000-0-A02100-1------XA

THE WALL STREET JOURNAL. We dnesday, November 4, 2020 | A21 OPINION A Diagnosis for American Polarization

By Andrew Hartz asked her if she felt anything cussions of free speech, work- positiveabout her whiteiden- placediscrimination and hy areevidenceand tity,the question could have more. reason largely absent provoked her.Besides,I Take ahypothetical sexdis- from political discus- couldn’t think of anything pos- parity in mental health. If W sion? Whyare well- itiveabout whitepeople that women were to have depres- supported factsoften didn’t sound racist, even to my sion moreoften than men, sex- no match foremotion? Much of it ownears. Nor could Ithink of ism and male privilegewould canbeexplained by aprocess called asingle shortcoming in an- be normal explanations.But if “splitting.” Though little known to other ethnic group that didn’t men were to have agreater in- the public,the term is used widely soundracist. Even exploring cidenceofdepression, the by mental-health professionals. thetopic in my ownthoughts causes would likely include Ifirst noticed splitting afew felt somehowwrong. high female emotional intelli- yearsago, when Iprovided psycho- As hertherapist, Iwanted gence, toxic masculinity and so therapy to adepressed collegestu- to help,but it wasn’t clear how forth. In other words, it dent. At firstour sessions focused to do so.Would it have been doesn’t matterwhich group is on her depression, but my patient, a racist to ignoreher comments over- or underrepresented. The whitewoman, took frequent detours or racist to explorethem? causes arethe same: male bad- intoracial politics.She “loved” Mal- Should she be free to see her- nessand female goodness. All colm Xand railed against “white self as black if she wanted? Or nonsplit explanations end up privilege.” Then she told me that should she embraceher white sounding falseand immoral— she “identified” as black. identity? Or neither—should I especially coming from awhite encouragecolorblindness? man. Thecase wasriddled with ER People oftenrationalize ST

‘Splitting’ is a defense pitfalls.Ithink this is largely FO their splitting.Itcan be ar-

what people mean by “political PHIL gued that distorting the truth mechanism by which we correctness.” It isn’t that peo- to frame entiregroups as all frame ideas or people in ple arefrustrated they can’t sayrac- selves as purely righteous,wehave doing it, or why. They’reunaware of good or all bad is “social justice.” ist things. It is that virtually any to split off our shortcomings. the uncomfortable mix of emotions Nonsplit observations canbedis- all-or-nothing terms. comment about race canbeframed At the root of this processisdis- that arose, the anxiety that drove missed as “social constructs” while as racist. It is amazewithout an es- tressovercontradictions.Itcan be them to split, or their inability to split commentsdescribe important cape,oratleast it canfeel that way. painful to think that the people we toleratenuance. “lived realities.” But none of these She said she felt “black on the in- But eventually I found a framework idealizeare flawedand the people Howcan we overcome splitting? rhetorical moves changethe fact side” because she “got it” and forunderstanding my patient. we loathe have virtues.Bypushing In psychoanalysis, they say “inter- that splitting distortsreality,is wasn’t ignorant or hateful. Every- Splitting is adefense mechanism these conflictsout of awareness, pret the defense beforethe content.” hurtful, and fostersdivision and thing she said about black people by which people unconsciously splitting reduces anxiety and makes This means it is more effective to hatred. was positive, even idealizing. They frame ideas,individuals or groups of the world appear morecoherent—in talk about splitting and howitworks By the time Ihad developed this were always blameless, strong vic- people in all-or-nothing terms—for the short term. It also severely dis- before shifting the dialogue to the formulation, the patient had left tims.Bycontrast, everything she example,all good or all bad. The tortsreality,making it hardtode- pros and cons.Until we addressthe treatment forunrelated reasons.It said about whitepeople wasaggres- term waspopularized in itscurrent velop solutions to problems,which processofsplitting itself,contrary washeartbreaking.Ithink this ap- sively critical and shaming.They usagebythe psychoanalyst Melanie oftengrowworse as aresult. Split- evidencerarely penetrates. proach could have helped her and were ignorant oppressors, fragile, Klein in the 1930s and ’40s.Its ting canwarp identity,morality, AfterIfound this framework for others, too. Encouraging nonsplit di- selfish and guilty.One had no power; name describes howintolerable memories and desires.Itmakes con- my patient, my views on identity alogue could makethe world amore the other had all of it, and so forth. thoughtsand feelingsare split off versation difficult, impairsrelation- politics changed dramatically.Isaw enlightened place. It might even This led me to believe that she felt from thesubject’sawareness, lead- ships and canevenlead to mental splitting throughout our culture, and cureour disorder. black because whitenessfor her was ingtoapartial viewofthe world. illness. not only on race,but also on gender intolerably negative, whereas black- To see our opponentsaspureevil, Splitting wastheorized by Klein and other categories.Nonsplit com- Mr. Hartz is apsychologist in ness was appealing. we have to split off the partsof to be an entirely unconscious pro- ments cansound racist or sexist to New York City and amember of Het- Iwas unsurehow to respond. If I them that areadmirable.Tosee our- cess,sopeople don’t realizethey’re manypeople.This affectsmost dis- erodox Academy. What’s So Great About High Vo ter Turnout?

Nearly 100 million Thelast time 65% of eligible voters politics.” Another 17.5%statedthat daily lives. West Africatold me that she people votedbefore participated in apresidential elec- they were “too busy” to vote,and Voterturnout in 2008 wasthe thought Mr.Trump’srantsabout Election Day, which tion wasin1908. 12.9% said that they didn’t care for highest since1960 and no doubt re- walls and deportations were mostly is just under three- We had hintsofwhat wasto the candidates or forthe campaign flected the historic natureofBarack bluster.Anoff-duty policeofficer quartersofthe total come in the 2018 midterms.Four issues being discussed. Just 6% Obama’selection. This year,the up- said that Mrs. Clinton had spent too vote in 2016.Partly, year earlier,turnout wasthe lowest cited registration problems. tick in voting most likely reflects much time talking about foreign UPWARD that’sdue to pan- on record forany midterm election Everysooften thereare calls for the electorate’sapprehension about policy, which to him made her MOBILITY demic fear of sinceWorld WarII. In 2018,itwas “universal” or mandatoryvoting the country’sfuturewith Donald sound out of touch with what was crowded polling the highest in morethan acentury. laws to getmorepeople engaged. Trump at the helm, or at least happening here. By Jason L. places,but it also Demographically,people with lower Butit’sthe people who care about that’swhat JoeBiden and the Dem- We’ll have to wait forthe results Riley reflectsamuch levels of education and income are the outcome of an election who are ocrats hope. Mr. Biden spent the fi- to find out whether these attitudes broader concern less inclined to vote,asare recent nal days of his campaign appealing hold four yearslater,but in impor- about the current stateofpolitics in immigrants. Democratspoint to to the black voters who didn’t turn tant waysthis relativeindifference America. “voter suppression” as the reason, In 2016, people in Harlem out forHillaryClinton in Detroit turned out to be warranted. Before Some people vote out of civic conveniently ignoring that black and Philadelphia four yearsago and the Covid outbreak,low-income mi- duty,otherswhen they areexcited, turnout has grownsincethe 1990s, said they were neither thus mayhavecost her important norities were experiencing record and still otherswhen they areanx- even in states with strict voterID surprised nor worried swing states.They arethe same lowlevelsofpoverty and unemploy- ious or even scared. But in atypical laws,and that in 2012 it surpassed voters Ispokewith in NewYork ment, and no one should be sur- presidential year,morethan 40% of therateofwhitevoter turnout. An about Trump’s victory. City’s Harlem neighborhood aweek prised if the president improves his all eligible voters don’t vote at all. analysis of the 2018 elections by afterMr. Trump waselected and performanceamong black and His- Since1980,the averageturnout has the PewResearch Center reported most of the nation wasstill in panic voters on Tuesday. been 56%, according to the Ameri- that “all major racial and ethnic most likely to participate. Do we re- shock. In the end, that maynot be canPresidencyProject at the Uni- groups sawhistoric jumps in voter ally want their votesdiluted by un- Thepeople Iencountered weren’t enough to compensatefor a44% versity of California, SantaBarbara. turnout.” interested people who arevoting Trump supporters, but neither were job-approval rating or asharp de- This year,predictsMichael Themost likely culprit of lower only because it’srequired by law? they especially surprised by his vic- cline in support among seniorsand McDonald,the University of Florida voterturnout in the U.S. is wide- In away,voter indifferencecan sig- tory or panicky. If anything,they suburban women. But whether or political scientist who administers spread apathy. A2008 Census Bu- nal ahealthydemocracy. People struck me as impassive. Aminister not he wins asecond term, Mr. the U.S. Elections Project, turnout reau survey of eligible but unregis- who decide that voting isn’t worth told me that he supported the presi- Trump has succeeded demonstrably mayreach 65%, which is not only teredvotersfound that the largest their time areexpressing content- dent-elect’slaw-and-order message in undermining the left’snotion well aboveaverage forthe past 40 percentageofrespondents(46%) ment, acertain level of satisfaction but that the federal government can that Democratic governanceis yearsbut asignificant jump from said they were “not interested in with howmuch or howlittle politics only do so much about inner-city somehowaprerequisitefor reduc- the59% who turned out in 2016. theelection” or “not involved in and politicians intrude on their crime.Ahair salon owner from ing social inequality in America. How Rabin’s Assassination Gave New Life to Oslo

By Natan Sharansky seemed in danger.But at Rabin’sfu- and the Beit Lid bus stop suicide selves accused of pleasing the mur- These ridiculous accusations and Gil Troy neral the eulogies didn’t stressauni- bombings on Jan. 22,1995,whose derer. Sighing “Ifonly Rabin were helped right-wing ideologues dodge fying,nonpartisan worryabout de- perpetratorsmurdered 20 young sol- alive,” Oslo’s champions acrossthe the hardquestions and necessary sraeli Prime Minister Yitzhak mocracy, peaceornational survival; diersand one civilian. TheBeit Lid at- world could blame Israel forevery soul-searching about their behavior I Rabin wasassassinated at apeace instead, they emphasized one political tack also included an aborted plan to clash, absolving Arafat and Palestin- during theanti-Oslo campaign: Did rally on Nov.4,1995.The day25 camp’sfear that the Oslo processwas ambush Rabin. But Rabin’sdoubts ian terroristsofresponsibility. we crossthe line with postersof yearsago marks one of the lowest threatened. President Bill Clinton de- were buried with him. Rabin in an Arafat-style kaffiyeh or momentsinIsraeli—and even Jew- fined Rabin as “a martyr forpeace” We have opposed the Oslo Accords an SS uniform? Did we dehumanize ish—history. This is not, as manybe- rather than an avatar of democracy. sinceRabin signed them in 1993.In- The murder of the Israeli our opponents? Did we fuel the lieve, because Rabin’sassassination Oslo—one diplomatic strategythat stalling adictator likeArafat in Ra- lynch-mob atmosphere? killed the Oslo peaceprocess between had already begun to fail—was in this mallah wasastrangeway to make prime minister should be If memorializing Rabin remains so Israel and the Palestinians.Itdidn’t. way consecrated and romanticized. peace. Predictably,his regime op- remembered as a blow not intertwined with idealizing Oslo,the Hamas terrorism and Yasser Arafat’s Rabin’slegacybecame about perpetu- pressed Palestinians and threatened magnitude of the assassin’scrime lies did that. But that makes it no less ating “his” peaceprocess. Israelis.The assassination abruptly to peace but to democracy. risks being minimized when peacefi- essential to memorializeand even rit- This spin overlooked Rabin’sgrow- shiftedour energies from debating nally breaks out or adifferent ap- ualizeRabin’sdeath. As the prime ing skepticism about Palestinian in- Oslo to mourning our leader. proach works.Todaythe Abraham Ac- minister warned minutes beforehis tentions as Hamas bombs exploded Theconventional wisdom is that For25yearsthe perpetual peace- cordsoffer anew and improved murder: “Violenceerodes the basis of and Arafat, president of the newPal- Rabin’sassassin killed hope forpeace. processorshavedemanded moreIs- model of peacemaking.Rather than Israeli democracy. It must be con- estinian Authority,green-lighted ter- True,the evil act wasintended to de- raeli concessions,believing that one trusting demagogues likeArafat, who demned and isolated.” rorism. Rabin wasparticularly devas- rail Oslo,but it backfired. Making morewithdrawalorgesturewill ap- need Israel as the Palestinians’ enemy Aftertwo bulletsfelled Rabin, the tatedbythe Bus No.5suicide Rabin apeace-processmartyr artifi- pease Palestinian maximalists. There fortheir ownsurvival, the latest Israeli democratic miracle that the bombing in TelAviv on Oct. 19,1994, cially extended Oslo’s life. Suddenly, is amagical faith that if only abrave agreementsare with willing partners Jewish people had built since1948 in which 22 civilians were murdered, peace-processskeptics found them- leader likeRabin emerged, he could in the United Arab Emirates and Bah- bringpeacewhatever the circum- rain. By normalizing relations,the stances—whether Israel’spartner rec- plan is to build trust from the bottom Notable & Quotable ognizes itsright to exist or not. up through cultural, economic and PUBLISHED SINCE 1889 BY DOWJONES&COMPANY As Jews,the world expertsatturn- diplomaticexchange. Rupert Murdoch Robert Thomson Alex Abad-Santos writing at ing tragedies intonation-buildingop- It is time to stop politicizing Executive Chairman, News Corp Chief Executive Officer, News Corp Vox.com, Nov. 3: portunities,weshould have used Rabin’sassassination, atragedy of Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher Rabin’smonstrous murder to restore biblical proportions.Let’smaster the Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: Forfour yearsTim Fitzgerald, a unityand strengthen democracy. Un- moral lesson about debating with Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; PR coordinator,has locked away a fortunately,partisan furies overpow- raised voices and firm principles Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; pair of Saint-Laurent sneakers...in ered metaphysical hopes. without turning violent or writing off News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; the deepest, darkest part of his Likud’sunexpected victoryover one another.Building on tradition, Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer closet. He wasanintern and working Rabin’ssuccessor,Shimon Peres, in this awfulanniversaryshould become Andrew Dowell, Asia; AnthonyGalloway, Video & at YSLin2016 and decided to don 1996 furtherfouled the atmosphere. anew Jewish fast day. It would make Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; the pair on Election Day. Fitzgerald Peres’sdisappointed supporters amoral statement: We affirm the im- Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; wore them all day, including to vote blamed the victor,Benjamin Netan- portancenot of meretolerance, but of Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; for Hillary Clinton for president. yahu, forthe rhetoric that killed true acceptanceofour fellowcitizens Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News “Weall thought it wascute. I Rabin. “First youmurdered, then you and their right to disagree with us. Thomas SanFilippo, Customer Service; votedthat night and then it all hap- stole” the election, some Peressup- GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; pened,” Fitzgerald told me. . . . porterscried. Only afew made this Mr. Sharansky was apolitical pris- Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; “I thinkthe next morning Iput awfulaccusation publicly,but many oner in the Soviet Union and aminis- Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International them back in their box and just put believed it privately.Nearly everyone ter in four Israeli governments. Mr. WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: them back in the closet and just on Israel’sleftblamed anyone on Is- Troy is aprofessor of history at LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head never thought about them again. I’m rael’sright forRabin’sdeath—and for McGill University. They are co-au-

EDITORIAL AND CORPORATEHEADQUARTERS: not superstitious, but they just felt anything else that misfired with the thors of “Never Alone: Prison, Politics, 1211 Avenue of the Americas, New York, N.Y., 10036 tainted and brought back the trauma Palestinians.Every Oslo critic became and My People,” on which portions of Telephone 1-800-DOWJONES of that night,” Fitzgerald told me. aBrutus. this article are based. P2JW309000-0-A02200-1------XA

A22 | We dnesday, November 4, 2020 THE WALL STREET JOURNAL. WORLD NEWS Vienna Suspect Had Terror Ties Ivory Coast Alleged gunman who her home.“He wasalways po- liteand quiet, but we all knew left four dead was he wasanIslamist,” said the President’s convicted of seeking neighbor. Authorities said Mr. Fejzu- to join Islamic State laiposted aphotoofhimself Election beforethe attack on social me- VIENNA—The gunman sus- dia with the assault rifle, pis- pected of killing four people in toland macheteheused in the Contested an attack in Vienna wascon- attack. victed on terrorism charges Nikolaus Rast, acriminal BY GABRIELE STEINHAUSER last year aftertrying to join GES defense lawyer in Vienna who Islamic State in Syria but was IMA defended Mr.Fejzulai in 2019, IvoryCoast’sPresident

released from prison after GETTY said he wasshocked to dis- Alassane Ouattara wonacon-

serving part of his term, au- SE/ coverthat his former client troversial third term in office thorities said Tuesday. carried out the attack.Mr. Fej- following an election that was zulai came from anormal fam- boycottedbythe opposition

By William Boston, ANCE-PRES ily that hadnothing to do with and harshly criticized by Ruth Bender FR radical Islamist ideologybe- Western observers. and Bojan Pancevski fore he gotcaught up with the Mr.Ouattara,aformer In- GENCE

/A wrong people, Mr. Rast said. ternational MonetaryFund of-

Theterror group claimed MAR Mr.Fejzulai, who played ficial who turned the world’s

responsibility forthe attack KLA soccercompetitively at the largest cocoaproducer intoone

carried out by Kujtim Fejzulai, JOE age of 16, became radicalized of Africa’sfastest-growing a20-year-old who authorities Chancellor Sebastian Kurz, right, and other Austrian officials paid respects in Vienna on Tuesday. afterfrequenting aVienna economies,won 94%ofthe say opened fire on passersby mosque,the Austrian security vote in Saturday’selection, the and people enjoying alast following raids on nearly two managedtoprocureillegal Syria to join Islamic State,ac- official said. country’selectoral commission night out on Monday, before dozenhouses acrossAustria weapons and plan his attack cording to Austrian officials. The mosque was raided by said Tuesday. Even beforethe Austria’scoronavirus lock- on Tuesday. Two people were undetected, underlining the Afterhis release in December, policeonTuesdaymorning. full resultswerepresented, op- down took effect. Thegroup arrested in the Swisscanton difficulties European countries he received asubsidized Theimprovised basement position parties had declared posted avideo of the assail- Zurich in relation to the Vi- face in keeping tabs on thou- apartment in ahousing project prayer house is located next to the vote illegal, citing atwo- ant’spledgetoits leader on enna attack,Swissand Aus- sands of extremists. in Vienna under aderadical- an office of the Austrian asy- term limit forpresidents, and online channels, according to trian authorities said. Mr.Fejzulai is believed to ization program aimed at fa- lumauthority and investiga- said they would set up their the SITE Group that monitors Authorities said Mr. Fejzu- have acted alone during the cilitating reintegration. tors are looking into whether owntransitional government. extremists. lai wasreleased from prison in attack, Mr. Kurz said, but the According to several neigh- it wasused to recruit refugees Thestandoff,along with the “He wasadedicated Isla- December because he was people arrested aresuspected borsinterviewedthereon arriving to the country. On opposition’scall forits sup- mist terrorist who had young and showedgood be- of sharing his violent ideology Tuesday, Mr.Fejzulai hosted Tuesdayafternoon, the porterstomobilize, has pledged his allegiancetothe havior, and had been in a de- and will nowbeinvestigated meetingsatthe apartment mosque was closed. sparked concern of morevio- Islamic State terror organiza- radicalization program runby forpossible links to the crime. with other men. Ebrahim Afsah, aprofessor lenceinacountrythat remains tion,” Austrian Chancellor Se- a nongovernmental organiza- An Austrian security official “Young men with long of Islamic law at Vienna Uni- divided aftertwo civil wars. bastian Kurz told TheWall tion. said investigators pored over beards came in and out of his versity,said the failuretostop On Tuesday, the United Na- Street Journal in an interview. Theattack is likely to rekin- one terabyte of video data apartment, and they often the spread of Islamism—a tions High Commissioner for Fourteen memberswho po- dle a debate in Europe, which from thenight of the attack would hand out copies of the movement seeking to impose a Refugeessaid 3,200 Ivorians licesaid were part of anet- is experiencing anew wave of and established that, contrary Quran to residents,” said Mar- strict interpretation of Islamic had fled intoneighboring Li- work supporting Mr.Fejzulai— terrorist attacks,about the to some witnesses’ claims, no tin Wimmer,who owns ashop lawonsociety,including beria, Ghana and Togo in an- some of whom police say are comparatively short prison other shooter was present. in the building whereMr. Fej- through violence—was partly ticipation of violence. Islamistswith criminal re- sentences for some terrorism Mr.Fejzulai, born in the zulai lived. duetoeffortsbythe stateto Morethan 40 people died in cords—werearrested and will convictions and what to do Austrian town of Mödling to On the eveofthe attack, nurtureMuslim religious insti- the lead-up to the election, stay in detention under a with radicalized convictswho ethnic Albanians from North Mr.Wimmer and another tutions as abulwark against while manymorewereinjured, judge’sorder while the investi- have served their terms.De- Macedonia, was sentenced to neighbor said they sawMr. Fe- radicalization. observersfromthe U.S.-based gation continues,Mr. Kurz spite being known to security 22 months in prison in April jzulai help an older woman —Benoit Faucon Carter Center and the Electoral said. Thearrestsweremade services,Mr. Fejzulai still 2019 fortrying to travel to carryher shopping bagsinto contributed to this article. Institutefor Sustainable De- mocracyinAfricasaid Monday. “The overall contextand processofthe polls did not al- Economic Woes Test Argentine Leadership lowfor agenuinely competitive election,” the groups said, pointing to Mr.Ouattara’s deci- BY RYAN DUBE sion to runagain, the disquali- fication of 40 of 43 opposition When Argentine President candidates and the boycottde- AlbertoFernándezwas elected clared by the remaining three. last year,manyhoped he could Josep Borrell,the foreign- lift the country out of a pain- policychief of the European ful economic recession. Union,which due to the coro- Buttoday, the economy navirus pandemic sent asmall is facing agrowing crisis,ashe team of expertstomonitor the struggles to come up with an vote instead of afull observa- economic plan while managing tion mission, raised concerns afractious Peronist coalition. over significant disparities in Itsleftist base is loyaltoVice voterturnout acrossthe West President Cristina Kirchner, African country. IvoryCoast’s the powerful former president. electoral commission said Under his leadership,the overall turnout was54%, but countryhas seen manyerratic the opposition said that turn- policies that have fueled a out wasjust 10%, without giv- deepeningcurrencycrisis OL ing evidence. PO

and undercut confidencein S Ivory Coast’s vote came on the government, economists theheels of last week’s con- /PRES

and political analystssay.Now TA tested election in Tanzania,in

investors are questioning Mr. OMA which the opposition accused Fernández’s ability to avoid a President John Magufuli of full-blown financial crash in MABR fraud. In Ivory Coast’s neigh- South America’ssecond-big- AN bor Guinea, the opposition is JU gest economy. TheInterna- President Fernández, right, is under fire for a foundering economy as he grapples with supporters of Vice President Kirchner, left. challenging the Oct. 18 re-elec- tional MonetaryFund expects tion of President Alpha Condé grossdomestic product to Mrs. Kirchner’s time in office. bondholders to restructure$65 her loyalists to key posts, in- thepresident’steam, noting in the country’sconstitutional contract 12% this year amid a Thegovernment says itseco- billion in foreign debt. His ap- cludingthe interior minister that there have been govern- court, arguing that he is also coronavirus pandemic that has nomic policyhas aimed to en- proach to dialogue appeared to and the attorney general. He is ment mistakes and appearing breaking a two-term limit. killed 30,000 Argentines. surelong-term financial stabil- yield betterresultsfor Argen- advancing a judicial overhaul to call for a cabinet shake-up Mr.Ouattara,who is 78 Thegovernment’spolicies ity,with the firststepbeing the tina than Mrs. Kirchner’s bitter that sparked protestsbypolit- by asserting that some minis- yearsold, wonplauditsearlier have prompted foreign busi- restructuring of debt with pri- confrontations with creditors. ical opponentswho see it as ters “don’t function.” Mrs. this year fordeclaring that he nesses to leave,and store vate bondholders. It blames its As his deputy,Mrs.Kirch- an attempt to block corruption Kirchner tried to show she is wouldn’t runagain, instead shelves areshort of everything economic troubles on the previ- probes into Mrs. Kirchner, in- accommodating,saying she fa- pickinghis prime minister, from shampoo to car parts. ous administration, and said the cludingthrough the removal voredcompromise with politi- Amadou Gon Coulibaly, as can- “There is acompletelack of downturn has been made worse The lack of a clear of the judges overseeing her calopponentsand the private didate for his Rally of the Re- confidenceinthe management by the coronavirus pandemic. cases.She denies wrongdoing. sector to solvethe currency publicans party.But when Mr. of the economy, and that really Mr.Fernándeztook over a governing plan has “Cristina’s influence is un- crisis. Gon Coulibaly died of a heart relates to uncertainty over who cash-strapped government and dogged President deniable,” said MatiasCaru- Mr.Fernándezsaid he attack in July,Mr. Ouattara is making economic policy,” alanguishing economysaddled gati, an economist with Seido, didn’t see the letterascriti- said he had little choicebut to said Benjamin Gedan,anArgen- with fast-rising unemploy- Alberto Fernández. aBuenos Aires-based consult- cism of his administration. rerun, arguing that anew con- tina expert at the Wilson Cen- ment, afar cryfromthe Kirch- ing firm. “So is her discontent Latin Americahas along stitution, passed in 2016,reset ter, aWashingtonpolicygroup. ner yearswhen acommodity with some of Alberto’spoli- historyofpowerful former the clock on the two-term He said acrash could fuel pro- boom meant an economic cies.” presidents like Mrs. Kirchner limit. This viewwas supported testsand political unrest—and windfall and steady growth. ner has had an outsizerole for That displeasuresurfaced influencing policythrough by the country’s top court. pose arisk to Mr.Fernández’s He seemed to be in control avicepresident. Some ana- this past week with a3,000- handpicked successors. Themoveadded fire to a ability to govern. this year,with his approval lystssay her priorities have word letterMrs.Kirchner “It creates a very unstable tense election, with opposition The lack of a clear govern- rating about 70%asheimple- been to shield herself from in- wrotetomark the 10th anni- situation.Ayear on, we still supportersangryoverthe ex- ing plan has doggedMr. mented an early lockdown that vestigations intocorruption versaryofthe death of her don’t knowwith clarity who is clusion of two of Mr.Ouattara’s Fernándezfromthe beginning, initially worked. Afterdefault- allegations during her time as husband, Néstor Kirchner,who heading the government,” said key challengers: former Presi- as he has grappled with the ing forthe ninth time in Ar- president and strengthen the served as president of Argen- Jimena Blanco, an economist dent Laurent Gbagbo and Guil- various Peronist factions,which gentina’shistory, his govern- political powerofLaCámpora. tina from 2003 to 2007. in Buenos Aires with consult- laume Soro, aformer prime were bitterly divided during ment reached a deal with Mr.Fernándezappointed In it, she took aswipe at ing firm Verisk Maplecroft. minister and rebel leader. WORLDWATCH

NIGERIA JointTask Forcevigilante BAHRAIN Bahrain said some of those UGANDA later Tuesday on the outskirts of group. arrested had targeted a bank Kampala, the capital. Extremists Kill 12, The military hasn’tcom- State Convicts 51 ATM and a transportation com- Leading Opposition Police said Mr. Wine was re- Kidnap 9 Others mentedonthe attack. On Militancy Charges pany, while others allegedly pos- Candidate Arrested moved from his vehicle because Boko Haram and abreak- sessed gasoline bombs and authorities feared he had “plans Insurgents killed at least12 away faction, the Islamic State Bahrain said it convicted 51 other items. The arrests took Ugandan police again arrested of holding illegal processions” people and abducted nine West Africa Province, have people, more than half of them place last year, the statement Bobi Wine, a popular singer and into Kampala following his certi- women and young girls in Nige- been abducting girls as part of abroad, on charges of belonging said. opposition presidential hopeful, fication. Another presidential ria’stroubled northeast, resi- their violentcampaign to estab- to a militant group amid a Of those convicted, the king- shortly after he was successfully candidate, Patrick Amuriat of the dents said Tuesday. lish strict Islamic rule in north- yearslong crackdown on dissent. dom described 27 as “fugitives certified as a candidate in next opposition Forum for Democratic The incident occurred Sunday eastNigeria. The governmentdescribed abroad.” The suspects received year’s election. Change, was similarly arrested. morning at Takulashi village, less Both groups arealso in- those convicted as belonging to sentences ranging from five Mr. Wine, who is seeking to Critics say President Yoweri than 12 miles from Chibok in volved in abducting high-profile an unnamed militantgroup that years to life in prison. One de- unseat Uganda’s long-time Museveni, in power since 1986, Borno state. That is where Boko people likeaid workers for received orders from Iran’spara- fendant was acquitted. leader, was dragged from his car increasingly depends on the Haram extremists abducted 276 money. military Revolutionary Guard. It The statement named none by police. The local NBS Televi- armed forces to assert his au- schoolgirls from their dormito- Theyare known to execute alleged the Guardsupplied weap- of those convicted. Lawyers who sion, reporting from the scene, thority. Mr. Museveni was nomi- ries in 2014, causing interna- hostageswhen demands aren’t ons and funding to aid the group defended them in court could said the singer, whose real name nated as a candidate Monday. tional outrage. met. in plans to strike“economic and not be immediately identified. is Kyagulanyi Ssentamu, was put Mr. Wine, 38, has captured “The attackers killed men Nigeria’sarmyhas formore vital installations, securitypatrol Iran’s mission to the United Na- into a police van amid violent the imagination of many Ugan- and went away with women than adecade battled to quell sites, the headquarters of the tions did not respond to a re- scuffles between police and his dans. He is especially popular and young girls,” said Uba Kolo, the insurgency. Ministry of Interior and (the) quest to comment. supporters. with poor people in urban areas. amember of the local Civilian —Associated Press Bahrain Defense Force.” —Associated Press He was returned to his house —Associated Press P2JW309000-4-B00100-1------XA BUSITECHNOLNEOGY: ZOOMSSTACKLES TRICK&FY ROLE OF POLICINGINITS SERANVICE B4 CE

S&P 3369.16 À 1.78% S&P FIN À 2.20% S&P IT À 1.80% DJ TRANS À 3.06% WSJ $ IDX g 0.65% LIBOR 3M 0.225 NIKKEI (Midday) 23626.38 À 1.42% See more at WSJ.com/Markets Comcast, Walmart Talk TV Pact Aramco

Under the plan, cable Under the terms the compa- apps andwatch programming. familiar with the matter said. and we don’t share details of Pledges nies arediscussing,retail gi- That would put Comcast up Walmart, adominant seller those discussions,” said Ryan and retail giants ant Walmart would promote againsttech companies that of TV sets,already has apart- Peterson,vicepresident of would develop, TV setsrunning Comcast soft- already are the major players nership with Rokutosell electronics at Walmart U.S. To Keep ware and would getashareof in the streaming era’sliving smart TVsunder the Walmart Comcast Chief Executive distribute smart sets recurring revenue from Com- room—Apple TV maker Apple brand Onn. Brian Robertssaid at aconfer- cast in return, the people said. Inc., Fire TV maker Ama- TheComcast talks with ence in September that Com- BY LILLIAN RIZZO Athirdparty would likely zon.com Inc. and Roku Inc. Walmart areatanearly stage cast has itssightsset on de- Dividend AND PATIENCE HAGGIN manufacturethe sets, and one The strategy would enable and may not result in a pact, veloping smart TVs“on a possibility is that they could Comcast to market to consum- people familiar with the talks global basis.” Mr.Roberts Comcast Corp.isintalks carryWalmart branding,they ers nationwide, a change in a said. didn’t discussany specific BY SUMMER SAID with Walmart Inc.todevelop said. U.S. cable industrywhere AComcast spokeswoman deals or timing. and distribute smart TVs, ac- TheComcast software, players have stuck fordecades declined to comment. Focusing on smart TVsand Saudi Aramco, the world’s cording to people familiar drawing on expertise the com- to their regional footprints. “We’reconstantly having streaming technologycould largest oil producer,said it re- with the matter, as the cable pany has developed and tech- Comcast would be able to pro- conversations with current help Comcast movebeyondits mains committedtopaying its giant looks to become adomi- nology it has acquired, would mote itsnew streaming ser- and newsuppliersabout inno- eroding traditional cable TV quarterly dividend, amounting nant hub for streaming apps, aimtohelp consumersnavi- vice, Peacock,front and center vation and newproductswe business, which continues to to $18.75billion everythree not just TV channels. gate through their streaming in the smart TVs, the people canbring to our customers, PleaseturntopageB2 months,despiteasharp drop in profit driven by lower crude prices. Shareofglobal manufacturing capacitybycountry Aramco’sdividend commitment has been abellwether Asia Captures 100% Forecasts* for energy investors—a large, Others recurring payout the company U.S. promised to make in a bid to lureinvestorstoits long-de- Chip Production 80 Europe layedinitial public offering last year. Japan Other big oil companies, such as RoyalDutch Shell PLC From the U.S. 60 and BP PLC,have cut their South dividends in recent months to Korea preservecash, amid sharply BY ASA FITCH America’sbiggest semicon- falling oil demand and prices 40 AND LUIS SANTIAGO ductor companybymarket thanks to the pandemic. value,has itschips made Taiwan Saudi Arabia Oil Co., as it In 1990,the U.S. and Eu- largely outside the U.S. As of is officially called, said Tues- rope produced morethan 2019,the shareofsemicon- daythat free cash flow came 20 three-quartersofthe world’s ductor sales by U.S.-based in at $12.4billion in the quar- semiconductors. Now, they companies wasaround 47%. ter, significantly belowthe China producelessthan aquarter. Thegrowthofcontract dividend payout. Aramco Japan, South Korea, Taiwan manufacturerslikeTSMC,the didn’t break out howitwould 0 and China have risen to largest and most advanced of makeupthe shortfall, but the squeeze out the U.S. and Eu- itskind, have helped speed 1990 2000 '10 '20 '30 company’s debt ticked higher rope.And China is on paceto the shiftofchip-making out- in the quarter. become the world’slargest side the U.S. South Korea’s U.S. shareofthe global U.S. shareofchip manufacturing compared Aramcosaid itsnet debt as chip producer by 2030. Samsung Electronics Co.is semiconductorsales to other industries,2019 apercentageoftotal market Theepicenter of chip pro- another big playerinthe con- 55% 2019 value,its preferred metric for 47% duction shiftedpartly because tract chip-making business, Aerospace 49% borrowing,rose to 21.8% at governmentsoutside the U.S. and most of itsfactories 50 the end of the quarter,up 25% offered often-hefty financial aren’t in the U.S. Theraw ma- Medical equipment from 20% in the quarter ended incentives forfactorycon- terials that go intochip-mak- 45 Pharmaceuticals 23% June 30. struction to build up domes- ing,including industrial Thestate oil giant is re- tic industries.Chip companies chemicals and silicon crystals, 40 Petrochemicals 19% viewing plans to expand at also have been attracted by also largely come from out- home and abroad in the face Chip manufacturing 12% growing networks of suppli- side theU.S. 35 of sharply loweroil prices and ersoutside of the U.S.,and an TheU.S.has kept alarger the heavy dividend burden, Computing hardware 8% expanding workforce of sliceofthe industrial pie in TheWall Street Journal previ- 30 skilled engineerscapable of some other fields of chip- Consumer electronics 3% ously reported. operating expensivemanufac- making—especially in ubiqui- ’90 2000 ’10 2019 Aramco’s flexibility to cur- turing machinery. tous software tools used to tail itsdividend is morelim- Comparision of government incentives U.S.†Asia average‡ China** While manufacturing has design the layout of chip cir- ited than publicly traded com- leftthe U.S. in recent de- cuitry. Land panies such as Shell. Aramco cades,manyofthe world’s Theflight of high-tech sold just asmall sliver of itself largest chip companies are manufacturing from the U.S. Construction and facilities to privateinvestorsonthe lo- stillU.S.-based. Intel Corp., has been atheme fordecades calSaudi exchangelast year. the largest American chip as supply chains and factories Equipment TheSaudi government still companybysales,does much in Asia developed, taking ad- Labor and beneﬁts owns 98% of the companyand of itsmanufacturing in the vantagenot just of govern- relies on Aramcodividends for U.S.,although it toohas ment handouts but cheaper Corporatetax reductions much of its funding. opened factories in places in- labor and lessregulation. Still, energy watchershave cluding Ireland, Israel and That exodus is particularly Statetax reductions scrutinized the company’s China. Other big U.S. chip pronounced in computing maintenanceofthe quarterly companies,though, contract hardwareand consumer elec- Property tax reduction payout, looking forany signs out all their manufacturing to tronics,compared with other 0% 20 40 60 80 100 that the current downturn is Asian producerssuch as Tai- high-profile manufacturing *2020 is an estimate,2021-30 areforecasts †Based on abest-case scenario with currentincentives and recent agreements testing itsability to meet that wanSemiconductor Manu- sectors. ‡Excludes China **Mainland China obligation. Aramco is one of facturing Co. Nvidia Corp., If thingscontinue on their Notes: Incentives areonthe ﬁrst10years of operation; all countries include a100% reduction on equipmentimport costsand a5%R&D write-off theglobal oil patch’shardiest and deferral; notexhaustive forexample,which is based in currenttrajectory, the U.S.’s Sources: VLSI Research projection, SEMI, BCGanalysis (global capacity);Semiconductor Industry Association (U.S. shareofsales); BCGanalysis of macro- players.Itbenefitsfromplen- SantaClara, Calif., and is PleaseturntopageB2 economic data from OxfordEconomics (industries); BCGanalysis (incentives) tiful, easy-to-pump oil and a global network of buyers, making it by far one of the lowest- cost producersinthe world. Hollywood’sSpecial Effects MigratetoTech Firms Other companies,such as Exxon Mobil Corp., have also held the line on dividends, even as they cutjobs and capi- BY R.T. WATSON Facebook Inc. and Apple Inc. pletely immersive, AR super- built some of Hollywood’s sual effectsprofessionals have tal spending. areamong the tech giantsthat imposes images onto the real most memorable digital effects traded careersworking fortop Aramco said it posted net Silicon Valley’s biggest in recent yearshavebeen both world. Apple,Google,Face- reflectsthe viewthat mass- Hollywood firms such as In- PleaseturntopageB13 companies aresnapping up luring visual artistsaway from book, Microsoft Corp.and user adoption of AR and VR dustrial Light &Magic (whose the people and technologybe- Hollywood and acquiring tech- others are developing special platforms depends on creating credits include the Star Wars hind some of Hollywood’s nologyfirst used to createdig- glasses or headsets for these lifelikeexperiences.Populating films), Digital Domain (Mar- blockbustersinaneffort to ital effectsfor blockbusters applications,also called ex- the platforms with realistic vel) and Weta Digital (“Lordof INSIDE improvetheir augmented- and like “Rogue One: A Star Wars tended reality. charactersand sceneryiscen- the Rings,” “Jumanji: TheNext virtual-reality offerings. Story” and “Avatar.” Silicon Valley’s recruitment tral to that effort. Level”)infavor of often Alphabet Inc.’sGoogle, While VR is almost com- of artistsand engineerswho In recent years, former vi- PleaseturntopageB4 Hotels Attract Remote Workers With Daytime Rates

BY ESTHER FUNG daypasses at reduced rates rooms mostly empty during the while othersoffer longer-term week.Anumber of ownersna- BUSINESS Francis Meynardand his packages forseven days or tionwide have already looked Rising farm exports wiferecently checked intoa morethat waiveresort fees or at more drastic changes,such to China help revive Hyatt Regency in Huntington include a complimentary sec- as converting their properties Beach, Calif.The oceanfront ond room forguests’ children. to apartmentsorrenting them fortunes of farmers property featuresabeach bon- “The long-term trend of how out as homelessshelters. and agribusiness. B3 fire and poolside cabanas.But we fill hotels will likely shift,” Marriottlast week launched the real-estateexecutive said PeggyFang Roe,global of- itsprogram, allowing loyalty- checked in to work. ficerofcustomer experienceat programmemberstocheck in “It was very efficient,” Mr. Marriott. “We’reseeing in- andout between 6a.m. and 6

Meynard said, noting that he TIONAL creasing leisuretravelers, but p.m., with no overnight stay in- savedmorethan an hour aday it’snot 365 days and it’snot cluded. This caters to business commuting.Hewould start going to fill all of our hotels.” professionalswho arelooking INTERNA

work at 8a.m., finish by 5 TT Some smaller hotels and foralternatives to working p.m., breaking fora45-minute inns overseas, from Germany from home but still want to be

gym session at lunchtime. MARRIO to Australia, are also pitching in their ownplaceatnight. The He enjoyed this routine so Marriott’s program aims to offer an alternativetoworking from home. their rooms as temporary companyalso reached out to its much, he added, “you don’t re- workspaces. corporatepartners, including ENERGY ally feel guilty about working Hilton Worldwide Holdings but unable or reluctant to re- Makeshiftoffices arethe lat- those in the technologyand Saudis,other OPEC in a resort.” Inc.and HyattHotels Corp.are turn to their workplace,hotel est way that hotel ownersare consulting industries,tooffer producersconsider With the pandemic relent- dipping their toes intothe per- rooms offer achangeofscen- trying to boost revenue during this as an amenity to their staff. lessly pounding thetravelin- sonal-officebusiness. With ery, aquiet setting and regu- their most difficult period in Aftermonths of working at deeper cutsas dustry,hotel operatorssuch as manypeople growing bored of larly sanitized public spaces. memory,when the collapse in home with children, petsor Covid-19 casesrise. B13 MarriottInternational Inc., working in isolation at home Some hotels arepromoting corporatetravelhas lefthotel PleaseturntopageB5 P2JW309000-4-B00200-17FFFF5178F

B2 | We dnesday, November 4, 2020 **** THE WALL STREET JOURNAL. INDEX TO BUSINESSES BUSINESS & FINANCE

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

A Evidation Health...... R7 NextEra Energy...... B12 French Firm StopsU.S.LNG Talks Alibaba...... A8 Exxon Mobil...... B1 Nvidia...... B1 Alphabet...... B1,B4,R4 F O Amazon.com Facebook...... B1,B4 Olayan...... B6 BY COLLIN EATON ...... B3,B6,B14,R2 Ferrari...... B14 Overstory...... R6 AND SARAH MCFARLANE American Electric Power Fidelity Investments..A8 P ...... B12 Freeport-McMoRan.....B6 Panasonic...... R7 French powercompany En- Ant Group...... A1,A8 G Apple...... B1,B6,R4,R7 Pfizer...... B14 gie SA has halted negotiations Archer Daniels Midland Grainger...... B6 Pinterest...... R2,R5 on amultibillion-dollar con- ...... B3 Greystar Real Estate R tract to import U.S. liquefied Partners...... B6 Atlas Residential...... B6 Range Resources...... B13 natural gas, raising alarms in Grosvenor Britain & Royal Caribbean...... A2 the American energy industry B Ireland...... B6 Royal Dutch Shell...... B1 that environmental concerns Bayer...... B3 H BlackRock...... A8,B6 S could limit the foreign market Halliburton...... B13 BNP Paribas...... B12 Samsung...... B1 for the fuel. Hilton...... B1 BP...... B1,R7 Saudi Arabian Oil B1,B13 Engie didn’t provide details

Huawei Technologies..B2 S Bunge...... B3 Schlumberger...... B13 Hyatt Hotels...... B1 about the proposed LNG deal C Shenzhen Eledy with NextDecade Corp., which NEW I Technology...... A3 G Cargill...... B3 wasreportedly a$7billion, ICI Thermal Cameras..A3 SilviaTerra...... R6 Chelsfield...... B6 20-yearcontract, or the rea-

Intel...... B1 Southern...... B12 OOMBER Cognetivity son it canceled talks with the Neurosciences...... R7 International Business Spotify...... B3 /BL Machines...... R4,R7 StoreDot...... R7 Houston-based exporter. CY Cognitive Software.....R5 Last month, Politicoand Comcast...... B1 J - L T CILHA ConocoPhillips...... B13 French news outlet La Lettre A Jogan Thermal Taiwan Semiconductor MAR Corteva...... B3 Checkpoint...... A3 Manufacturing...... B1 reported that the French gov-

Cortland...... B6 JP Morgan Chase...... B6 TDK...... R7 ernment, which owns about CYRIL D LinkedIn...... R4 Twitter...... B4 24% of Engie, had pushed En- The French government owns about 24% of Engie. An Engie R&D center in Stains, France. 21st Century Fox...... B4 gie to delayorcancel the deal Daimler...... R7 M Descartes Labs...... R6 Marathon Petroleum B13 U over concerns about the envi- NextDecade,which is planning processes to cut carbon emis- gasfacilities amid concerns Duke Energy...... B12 Marriott...... B1 Unilever...... R6 ronmental and climateimpact to makeaninvestment decisions at itsLNG project by that the emissions could harm E Microsoft...... B1,R4,R7 W - Z of fracking, and related emis- sion on the project next year, about 90%. effortstoexport the fuel Moderna...... B14 sions of methane,apotent declined to provide details “Our work to dateconfirms around the world. But the oil eConnect...... A3 Walmart...... B1,R2 Eli Lilly...... R7 N Walt Disney...... B3 greenhouse gas. France’sMin- about itsnegotiations. that reliable,competitively and gas industry has been di- Engie...... B2 Netflix...... B3,B6 Wayfair...... B14 istryofthe Economyand Fi- Patrick Hughes,asenior priced LNG and responsible vided over whether to support EQT...... B13 Newmont...... B6 Wirecard...... B12 nance didn’t respond to a re- vice president at NextDecade, environmental stewardship are stronger regulations. Etsy...... R2 NextDecade...... B2 Zoom...... B4 quest for comment. said the company has worked not mutually exclusive,” Mr. Some biggercompanies in- NextDecadeiscourting po- to meet the environmental and Hughes said. cluding Exxon Mobil Corp.and tential customers for its pro- social goals of itscustomers ManyAmerican oil and gas RoyalDutch Shell PLC have posed Rio Grande LNG export amid aglobal energy transi- companies arevoluntarily warned the Trump administra- INDEX TO PEOPLE facility in Brownsville, Texas, tion, pointing to an October moving to reduce leaks of tion that failuretoenact whichithas said could have announcement that it will use methane—which is amore tougher regulations could A - B G Nasser, Amin...... B13 the capacity to export 27 mil- carbon captureand storage powerful greenhouse gasthan weaken the argument that gas Adkerson, Richard...... B6 Grosvenor, Hugh...... B6 P lion metric tons of LNG ayear. technologyand proprietary carbon dioxide—from oil and is a cleaner fuel. Banfield, Bill...... B5 Guilbeault, Steven...... B3 Peterson, Ryan...... B1 Bourla, Albert...... B14 H Poynder, Marlene...... B5 C Hennigan, Michael....B13 R Chandra, Subash...... B13 K Reyes, Mark...... B5 Asia Wins Clark, Buddy...... B13 Kestenbaum, Avi...... B5 Roberts, Brian...... B1 D M - N S Demosthenes, Schinnerl, Erwin...... B5 On Chip Ma, Jack...... A1,A8 Alexandra...... B5 Mac Gorain, Seamus B13 Shalom, Lisa...... B5 Dietrich, Dan...... A3 Mannix, James...... B6 Strahan, Gary...... A3 F Marcelli, Solita...... B13 V - W Production Faith, Bob...... B6 McLean, Tom...... B5 Valentino, Henry...... A3 Fang Roe, Peggy...... B1 Monier, Stephane.....B13 Waller, Sarah...... B6 Fox, Matt...... B13 Mueller, Kurt...... B6 Wrubel, Brian...... B6 ContinuedfrompageB1 shareofchip-making is expected to shrink further in coming years, in part because China’scapacity is increasing quickly. This trend has caused concern in Washingtonasthe U.S.’s technological rivalry with Beijingheatsup. China is pouringtens of billions of dollarsintoits chip industry,

GES hoping to eventually match or

IMA surpassother countries. Chips areincreasingly be- ETTY

/G ingviewedacrossthe globe as anational-securitypriority because of the powerful role SILBIGER

H they playnot only in con- RA

SA sumer technologybut in mili- Focusing on smart TVs and streaming technology could help taries and cyberwarfare. The Comcast move beyond its eroding traditional cable TV business. U.S. has placed newrestric- tions on China’sindustryin gramming. recent years, including black- Comcast, TheX1, which is licensed by listing Chinese telecom giant some other cable providers, HuaweiTechnologies Co.and could be the road map forthe preventing some Chinese Walmart software Comcast would put chip-makersfrombuying Earn Extra Income on smart TVs, Mr.Robertssaid American manufacturing last month. equipment without alicense. In Talks Comcast already sells Flex Thecoronavirus pandemic streaming devices poweredby has given further impetus to Lending Your Fully aslimmed-down version of its aU.S.push to bring moreof ContinuedfrompageB1 X1 software.Those devices, the chip-making industry lose subscribersashouseholds similar to an Apple TV or back to American soil. Fac- cut the cord. So far this year, Roku,are available free to tory shutdowns because of thecompanyhas lost nearly broadband-only Comcast cus- the health crisis disrupted Paid Shares 1.2 million cable TV subscrib- tomers. Flex’s monthly active supply chains in Asia, fueling ers. Itsbroadband access busi- user base is over one million concern that the industry’s ness, meanwhile,has surged, Comcast subscribers, Mr.Rob- concentration therecould im- even during the coronavirus ertssaid on an earningscall pact U.S. access to acritical pandemic, adding morethan last week. technologyduring times of Starting at $0 Commissions 1.4 million customers. Still, Comcast executives crisis. Comcast is under scrutiny believeFlexhas alimited fi- Analystssay U.S. govern- 1 from activist investor Trian nancial payoff and think the ment incentives could help to on US listed stocksand ETFs Fund Management LP,which companycan earn higher reversethat trend. Atop recently took astake in the profit margins in the long run chip-making factory—the kind company. It isn’t clear what by embedding software di- that makes central processing Trian wants, beyond itsbelief rectly intoTVs,one of the unitsthat go intocomput- that Comcast shares areun- people familiar with the mat- ers—caneasily cost more dervalued. ter said. than $30 billion to build and Comcast is fairly latetothe Thecompanyhas said pub- operatefor 10 years, analysts game in distribution of licly Flex“increases the life- estimate. So financial assis- streaming apps.Rokuand Am- time value” of itsbroadband tancetodefray some of those azon together have a roughly customersand nowcontrib- costscan changethe calculus 70%shareofthe U.S. market utes to Peacock’s growth. on whether to invest or not. for streaming-media devices, Comcast also has been mak- TheU.S.historically hasn’t with Apple in third place, ac- ing acquisitions,manywithout offered federal incentives to cording to research firm Parks much fanfare, to bolster its chip-making,although states Associates. Alphabet Inc. has technologyand enable it to ex- do provide avariety of en- recently launched a new play pand itsofferingsnationwide. ticementsfor factory-build- forthe market with Google In 2017, it acquired Watchwith, ing,including subsidized land TV,aversion of itsChrome- an operator of cloud-based and taxbreaks.InAsia, by cast technologythat will come metadata, search and recom- contrast, countries typically with a remote control, so us- mendation technology, adopt- offerfreeorcheap land, and ibkr.com/lendit erswon’t have to cast pro- ing some of itsfeatures forX1. givemorehelp with purchas- gramming from their phone to Last year,Comcast bought ing manufacturing equipment their TV. Dutch company Metrological, that accountsfor most of the Comcastbelieves it is in a which had already helped inte- cost of chip-making. strong position to compete, grateNetflix Inc.and other given investmentsithas made streaming services ontothe X1

in cable technology in recent box. GES

years and the vast movie and Earlier this year, the cable IMA TV assetsthe companyhas giant bought Xumo LLC,an Interactive Brokers Rated #1 underits NBCUniversal um- ad-supported video service. GETTY

brella. Xumo,which repackages tradi- SE/ Best Online Broker 2020 by Barron’s* Comcast has spent nearly a tional TV content intonew decade developing the soft- digital channels,isused by LG ware behind itsadvancedX1 Electronics Inc.inits smart ANCE-PRES Member -NYSE, FINRA, SIPC –*Interactive Brokers rated #1, Best Online Broker according to FR Barron’s Best Online Brokers Survey of 2020: February 21, 2020.For more information see,ibkr.com/ cable set-top box, which was TVs. Xumo featureswill likely info -Barron’s is aregistered trademark of Dow Jones &Co. Inc. [1] IBKR Lite provides commission- meant to movebeyondthe ba- be integrated intothe smart ENCE free trades in US exchange-listed stocksand ETFs routed to select market makers. IBKR may charge sic channel menus consumers TV operating software Com- AG non-commission related fees. For more information, see ibkr.com/liteinfo URI/

have seen for years. cast develops. FO Neither Nasdaq, Inc. nor its affiliates makes any recommendation to buy or sell any security or any It integrates streaming Comcast’s $39 billion buy- AS

S representation about any company’sﬁnancial condition. Investors should undertaketheir own due apps,soviewers cantoggle out of European pay TV giant diligence before investing. ©2020.Nasdaq, Inc. All Rights Reserved. nasdaq.com OLA 10-IB20-1398CH1303

between those and channels, Skyalso provided some of the NIC and avoiceremoteallows con- technologyused in itsU.S. ABeijing facilityofJapanese sumerstosearch through pro- products. chip maker Renesas Electronics. P2JW309000-0-B00300-17F7DF7178F

THE WALL STREET JOURNAL. We dnesday, November 4, 2020 | B3 BUSINESS NEWS Prudential Exports to China Lift Agribusiness Navigates U.S. sales of pork, corn Pandemic and soybeans have surged, in turn leading With Gain to crop-price rallies In Profit BY JACOB BUNGE Rising agricultural exports BY LOGAN MOORE to China arehelping revivethe fortunes of some agribusiness Prudential Financial Inc. companies and farmers, after posted growth in the third the coronavirus pandemic up- quarter despitealow inter- ended the U.S. farm sector. est-rateenvironment and fall- China’seffort to boost pork out from the coronavirus pan- production, and buy moreU.S. demic. grain and meat following this Prudential’sprofitin- year’s U.S.-China trade agree- creased almost 5% to $1.49 ment, aredriving asurge of billion in the quarter ended U.S. farm goods acrossthe Pa- Sept. 30,upfrom$1.42 billion cific in recent months,accord- the same quarter last year, ing to government estimates. the companyreported Tues- Growing demand around the dayevening. world forfood staples like “During the thirdquarter, vegetable oil and starch are /REUTERS we continued to executeon keeping U.S. agriculture com- GES our 2020 priorities.Wecon- panies’ processing plantshum- tinued to repriceproducts ming,industryexecutives said. CHINAIMA and pivot to lessrate-sensi- “China has come roaring Chinese hog farmers, who are racing to rebuild the country’s pork supply, are buying large amounts of animal feed. A farmer in Heihe, China. tiveproducts,” said Charles back from the pandemic,” said Lowrey, Prudential chairman Juan Luciano,chief executiveof of Agriculturedata. China’s Year-to-dateperformancein government payments to re- agreed purchases.Another and chief executive. Archer Daniels Midland Co., purchased or contracted sales futures prices* cord levels,though farmer wave of coronavirus-driven “Wealso took further mea- on aconferencecall last week. of corn areatanall-time high bankruptcies this year have shutdowns could again disrupt sures to rotate our earnings “Their recovery has surprised of 8.7million tons,the USDA 20% continued to rise. the U.S. food industry. As mix toward higher growth everybody.” GraingiantsADM and the Officeofthe U.S. Farm commodity sales to cases have jumped, agriculture markets,” he said. and Bunge Ltd. attributed ris- Trade Representativesaid in China areincreasing as de- futures over the past week 10 Soybeans Prudential, one of the larg- ing profitsduring their most an October report, and U.S. mand growsgenerally forfood have given back some of their est U.S. insurers, kicked off recent quartersinpart to soybean sales to China have ingredientsand animal feed, recent gains. higher commodities exports. surged since early August. 0 Corn agricultureindustryexecutives Greg Heckman, CEO of Theagencies’ report esti- said, while dryweather slowed Bunge, said higher demand mated Chinese buyershad planting in Brazil and raised ‘China has come had the company’ssoybean committed to $23.6 billion in –10 Lean concerns about the eventual hogs 8.5% processing plantsrunning at a U.S. agricultural purchases so sizeofthat country’sharvest. roaring back from record paceinrecent months, far this year,following aso- –20 Recentcrop-pricerallies the pandemic,’ says Increase in assets under churning out feed ingredients called phase one trade deal arelifting some farmers’ spir- management, to $1.65 trillion forChinese hog farmersracing between Washingtonand Bei- its, said Angie Setzer, vice the CEO of ADM. to rebuild the country’spork jing,agreed in January. –30 president of grain forMichi- supply afteradeadly swine Though only about $12.7bil- gan-based Citizens LLC,which disease cut deeply intothe lion of that figure has been trades in corn and soybeans. –40 the insuranceearningsseason China’spork supplies.Ashipped to China through Sep- “There’s more of a pep in the At Citizens,Ms. Setzer said this week. spokeswoman forclosely held tember, according to calcula- JFMAMJ JASON step of the farmers,” she said. higher crop prices in recent Thecompanyisoften seen Cargill Inc.said China’s need tions by the Peterson Institute *Continuous contracts Improved prospectsfor months have helped ease ne- as the bellwether forthe for grain is likely to persist. forInternational Economics, Source:FactSet farmerscould help seed and gotiations with farmers, who quarter’s insurance-industry U.S. pork exportstoChina and the totalremains far be- pesticide supplierssuch as areoften reluctant to arrange performance. over the firsteight months of low the U.S. target of $33.4 duction and trade battles.The Bayer AG and Corteva Inc., and sales when prices aredown. Assetsunder management 2020 totaled morethan $1.5 billion for 2020, agribusiness pandemic added to that eco- farm equipment maker Deere& Citizens has agreed on prices forthe Newark,N.J.-based billion, representing arecord, executives have been upbeat. nomic slump this year by dis- Co., reap higher profits. forabout 86% of the soybeans companyincreased 8.5% to according to U.S. Department Farmersacrossthe U.S. grain rupting the U.S. food industry Some agriculture-market that farmers have committed $1.65 trillion, with assetsun- belt foryearshavebeen strug- and snarling global commerce. observerswarned that China to sell sinceSept. 1, compared der management by the com-  Anti-China sentiment among gling with lowcropand live- The Trump administration may not meet U.S. targets for with only about half at the pany’sglobal investment trading partners is up ...... B14 stock prices due to high pro- has responded by boosting imports, and could back out of same time last year, she said. management arm at arecord high. ForinsurerslikePruden- tial, profit comes from invest- Bayer Posts Loss on Crop-Science Problems ing client’spremiums until claims aredue. These investmentsare BY RUTH BENDER “The impact of the pan- Bayerscrapped acrucial part largely in theform of pre- demic is placing additional of the deal—a $1.25 billion mium bonds.Lowerinterest BERLIN—Bayer AG posted strain on our Crop ScienceDi- proposal forresolving possible ratesmean lowerreturns on a loss for the third quarter as vision,” said financechief futurelawsuitssincethe weed- these investments. the coronavirus pandemic Wolfgang Nickl. killerscontinue to be sold—af- Because the Federal Re- compounded problems the Sales in the pharmaceuti- terafederal judgevoiced con- servehas said that interest German chemical and drug gi- cals division, which suffered at cerns about itsstructure. rates will remain lowfor ant has been facing sinceits the beginning of the pandemic BayeronTuesdaysaid com- S yearstocome,Prudential acquisition of Monsanto just as hospitals around the world pleting anew proposal pro- NEW

and other insurershavere- over two years ago. G postponed regular treatments tecting it from futurelawsuits evaluated theirproducts, Bayeralso said it would to deal with the surge in would requiremoretime but

raising prices on some,elim- need an extra$750million on OOMBER Covid-19 patients, continued that anew solution would

inating others. top of a settlement worth up BL to recoverinthe quarter but probably cost in the range of S/

Prudential has also put a to $10.9 billion it announced AU still declined 6.1% compared $2 billion, instead of $1.25 bil-

focus on cutting costs. over the summer to resolve a KR with the year-earlier period. lion. Investorshavebeen eager Thefirm said that it has al- legal battle with U.S. plaintiffs ALEX In the second quarter,prob- to see Bayercompletethe ready cut $135 million this alleging the Roundup weedkill- A weedkiller sample at a Bayer CropScience facility in Frankfurt. lems related to the Monsanto deal. Mr.Baumann declined to year out of its$140million ersinherited from Monsanto purchase had already pushed provide details of what such a goal. cause cancer.Bayer has con- Last month, Bayer issued a net profit of €1.04 billion. The Bayertoanet lossofnearly solution would look like, but It also plans to slash an ad- sistently denied that Roundup profit warning for2021, blam- companysaid it had to make $11 billion as money wasset he said Bayer had reached an ditional $250 million by the or itsingredientscause cancer. ing lowprices formajor crops, noncash impairment charges aside to coverthe proposed agreement in principle fora end of 2023 foratotal of Bayer, the inventor of aspi- falling demand forbiofuel and of €9.3 billion on various as- Roundup settlement deal. deal that addressed the con- $750 million in cuts. rin, bet big on agriculturewith tougher competition in the soy setsinits agricultureunit, in- Chief ExecutiveWerner cerns raised by the judge. “Weare continuing to im- its$63 billion acquisition of market. Bayer then said it excluding goodwill. Sales fell 14% Baumann defended the Mon- Bayerhas yettosign final provehow we help our cus- Monsantoin2018.The move pected to writedownthe to €8.51billion, draggeddown santo purchase on a call with deals forall pending claims. tomers, and our employees wassupposed to help the Ger- value of assets in the agricul- mostly by the crops-science reporters, arguing that long- Thecompanysaid it had arecreating newways of man companytap intorising tural businessinthe “mid to unit. Crop-sciencesales hurt term growth prospectsfor the reached final settlement deals working,” said Mr.Lowrey. demand driven by rapid popu- high-single-digit billion euros” notably in North America, due farming branch remained in- forsome 88,500 of roughly Prudential reported its lation growth. Instead, it ex- range. to ahigh level of product re- tact, despitethe current crisis. 125,000 totalfiled and unfiled earningsafter the market posed Bayertoopen-ended le- Bayerswung to anet loss turns from farmers, such as on Besides troubles on the Roundup claims.Some ana- closed on Tuesday. It ended galliabilities and amarket of €2.74 billion, equivalent to corn, due to lowerthan antici- global agriculturemarket, lystssaid they were hopeful the daywith itsshares up that has been severely dis- about $3.2 billion, in the three pated plantageacreages this Bayer’sRoundup settlement this meant afinal deal was 2.8%. rupted by the pandemic. months ended Sept. 30 from a year. plan also hit snags. In July, coming soon. Canada ProposesCultural Levy on Streaming Services

BY PAUL VIEIRA same way Canadian broad- aremeant to addressaregula- castersalready have regula- tory imbalance, as streaming Canada proposes to compel tory obligations.” services from abroad aremak- online streaming services to Mr.Guilbeault said Can- ing inroads in the Canadian set aside part of their revenue ada’sLiberal government in- economyatthe expense of the to fund domestic television tends to pursue additional tax- domestic cultural industry. and music production as the related issues focused on Under the proposed revamp, government looks to force biggercompanies in the tech- online-streaming services global digital players to make nologysector,such as Face- would be defined as broad- abiggercontribution to the book Inc.and Alphabet Inc.’s castersunder Canadian law, local economy. Google.The discussion of digi- and thereby subject to the Themove, unveiled Tues- taltaxes,asproposed by Euro- same rules as legacydomestic daybyCanadian officials, pean countries such as France, broadcasters. would also order streaming has triggered trans-Atlantic In 2018,orthe most recent services such as Netflix Inc., friction and the threat of tar- annual figures available, Can- Amazon.com Inc.’sPrime iffs from WashingtononEuro- ada’sbroadcasterscontributed Video, Walt Disney Co.’s Dis- pean goods and services. roughly 20% of revenue to fi- ney+, and SpotifyTechnology Thechanges areoutlined in nanceCanadian programming. SA to meet certain Canadian- legislation to be introduced to ANetflix spokeswoman said content requirements, such as GABLE/REUTERS the Canadian legislaturefor the companywas reviewing Airing, moreprogramming to serve BLAIR approval. TheLiberal govern- the proposed changes,and the country’sfrancophone and Minister of Canadian Heritage Steven Guilbeault in February. ment runs aminority govern- stood ready to work in part- November 11 indigenous populations. ment, so it would requirethe nership with Canada’scultural at Canada’s broadcast regula- shows, films and music. wares, such as entertainment, support of another party to sector. In 2017, Netflix signed torestimates,according to its Canada’sregulatoryreach is and paying taxes. put through changes. adeal with the Canadian gov- 7 P.M. EST most recent financial data, the latest example of how “This is about our cultural Some of the crucial regula- ernment, pledging to spend a that streaming services record countries aretrying to ensure sovereignty. It’s about invest- tory details will be established minimum C$500 million over annual revenue of roughly 5 alevel playing field between ment and jobs.It’sabout eq- by Canada’sbroadcast regula- a five-year period on original rsvp at billion Canadian dollars, or the domestic industries and large uity,” said Steven Guilbeault, tor, the Canadian Radio-televi- Canadian productions. WsJInnovators.com equivalent of $3.77billion. global technology companies, Canada heritageminister.“We sion and Telecommunications Representatives from Dis- Canada is eyeing nearly C$1 which aren’t necessarily sub- areasking these large and Commission,after legislation ney,Amazon and Spotify ©2020 DoWJones &company,Inc. billion ayear to financethe jected to local laws when it wealthycompanies to invest is passed. didn’t respond to requestsfor all rIghts reserveD. 1DJ8102 making of Canadian television comes to providing their in Canadian artists, in the Officials said the changes comment. P2JW309000-0-B00400-1------XA

B4 | We dnesday, November 4, 2020 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech Zoom Wrestles With Policing Its Users

Video servicedoesn’t ganizers said Ms. Khaled was gram director at StanfordUni- scheduled to appear.Meetings versity’s Cyber Policy Center. monitor meeting about Zoom’s alleged censor- “Content moderation is a big contentbut can block ship where she wasn’t due to thanklessjob,” she said. appear were allowedtotake “You’reconstantly doing ajob controversial groups place, the company said. that usersdisagree with, or “It’s an issue of concern to half the public disagrees with, BY AARON TILLEY everyone who is in higher edu- and youget yelled at by Dem- cation who is moreorlessde- ocrats and Republicans.” Zoom Video Communica- pendent on Zoom,” said An- Zoom says it is looking to tions Inc.’srise as alifeline for drew Ross, aNew York betterhandle content issues, manybusinesses and individu- University professor of social but it is relatively small, with als during the pandemic is and cultural analysis and mod- around 3,000 employees in to- drawing the companyintoa erator of the event. tal. Twitterhas morethan fraught area that has caused It wasn’t Zoom’sfirst expo- 5,000 employees, in compari- problems at much larger tech suretothe minefield of inter- son, and Facebook has around firms: policing its service. national politics.InJune,itre- 15,000 people dedicated just to Zoom has been criticized by sponded to arequest from the handling content moderation. some lawmakers and users in Chinese government and Both have yearsofexperience

recent months afteritblocked S blocked accountsofactivists dealing with such dicey issues, public eventsplanned on its involved in avideoconference and have evolved theirpolicies NEW

servicearound politically sen- G on the 1989 Tiananmen Square Aparna Bawa, Zoom’s chief sitivetopics.Attimes,those massacre. Zoom took action operating officer,said it is

whom it blocked as well as OOMBER not just against accountsfrom adding stafftoits trust and

their allies have accused the /BL participantsinChina, but also safety team to deal with sensi- company of censorship, echo- overseas, including in the U.S., tive issues. “We’ve taken sig-

ing chargessome lawmakers MORRIS saying it was complying with nificant steps,” she said at The

last week leveled at the chief UL Chinese law. It later restored Wall Street Journal Tech Live executives of Facebook Inc., PA the accountsoutside China conference last month. VID

Twitter Inc.and Google par- DA saying they were suspended TheChina incident, she ent Alphabet Inc. A San Francisco elementary-school teacher speaks to students learning remotely over Zoom Video. by mistakeand promised to do said, sparked soul searching at Zoom was founded in 2011 better in the future. Zoom. She said the company largely to provide video-com- where groups masquerade as the use of itsservicefor awe- Facebook and Alphabet’s Tech companies increas- aims to “balanceboth our ob- munications services to busi- others. Thevideoconferencing binar at SanFranciscoState YouTube also removed the ingly arecaught between ligations in local jurisdictions nesses.But when Covid-19 app’srules have evolved this University.The meeting wasto meeting,saying it violated those who saythey need to and our ownprinciples forthe struck,Zoom wonpopular year,and the companyhas feature Leila Khaled, amember their policies around support- take moreresponsibility for free and open exchangeof adoption,including by many said it wasn’t well-prepared to of the Popular Front forthe ing people or organizations potentially harmful or contro- ideas.” academic institutions.Manyof handle politically sensitiveis- Liberation of Palestine,which considered dangerous. versial content people dissem- Zoom says it is becoming those usershaverelied on a sues when itsuse took off dur- the U.S. government has desig- Zoom also blocked a series inateusing their services,and morecareful about what free Zoom service. Corporate ing the pandemic. nated aterrorist organization. of follow-up Zoom webinarsin otherswho accuse the compa- events to block or allow. customersstill account forthe In cases whereZoom has TheLawfareProject, apro- October organized, in part, by nies of censoring.But the bat- Early in the pandemic, bulk of Zoom’s revenue. takenaction and blocked a Israel group,said it lobbied apro-Palestinian group in con- tle has previously focused on Zoom struggled to deal with Zoom said usersmay not public event, the companyhas Zoom to block the meeting. junction with staff at several social-media platforms,rather “Zoombombing”—where peo- use itsservicetobreak the said it acted onceitbecame Zoom, which didn’t identify U.S. and overseas universities than acommunications tool ple gain unauthorized access law, promoteviolence, display aware of avirtual gathering who alerted it to the meeting, to addresswhat they said was like Zoom. to ameeting and sharehate- nudity or commit other infrac- that would transgress its rule said it wasblocked because censorship by the company. “The more visible Zoom is, speech or pornographic im- tions.The policies aresimilar, or local laws.“Zoom does not Ms.Khaled’saffiliation with a Zoom’s action was earlier re- the morepressureonthem to ages.Zoom adjusted itssoft- though not as sweeping,as monitor meeting content,” a group the U.S. has designated ported by BuzzFeed News. be content police,” said ware,bychanging default those of social-media compa- company spokeswoman said. aterrorist organization vio- Zoom again said the meeting Daphne Keller,aformer settingsand introducing vir- nies that also target posts Zoom in September blocked lated its service terms. violated its rules, because or- Google lawyer and nowapro- tual waiting rooms.

nies have leaned on the exper- Tech Firms tise of visual-effectsprofessionals as they seek to create lifelikedigital objectsand Hire Talent characters. While heading the USC In- stitute for Creative Technolo- From Films gies,Mr. Debevec and others designed what many in visual effects consider the most so- ContinuedfrompageB1 phisticated device for captur- higher-paying gigsattech ing digital scans of humans companies developing AR and that canthen be animated VR applications and hardware. later.The Light Stage,asthe “It’sharder to makeas deviceisknown, is anine-foot much money working in visual diameter spherical devicewith effects,” said Paul Debevec, a 14,000 lightsand morethan veteranofthe visual-effects 40 cameras. industrywho is nowaprofes- In 2017, Google built its sor at the University of South- own, biggerLight Stage.With ern California. About 4½ years Mr.Debevec’shelp,the com- agoGoogle hired Mr.Debevec, pany is using the device, in an award-winning pioneer in part,totry to createthor- the creation of convincing dig- oughly convincing digital hu-

ital humans, to help the com- C mans forARand VR plat- panyadvance extended reality. forms.

“A lot of the most talented DEBEVE Hao Li, another former UL

individuals that I’vemet PA head of the USC lab, has also through the visual effects in- Google uses Light Stage technology to create realistic digital copies of people that can then be imported into AR or VR platforms. haddigital-character technol- dustry find their way intothe ogyheco-developed forHolly- tech industry,” he said. Three Meanwhile,Silicon Valley recently leftHollywood fora ficult to turn aprofit, and “Our smartphone world has wood acquired by Silicon Val- of Mr.Debevec’steam joined has been pouring billions of job in technology. He now compensation forworkershas become so laden, so rich. We ley.Apple bought facial- him at Google. dollarsintoextended-reality works developing AR plat- suffered. spend so much time looking tracking technologydeveloped Working in visual effectsin technology, creating jobs that forms forone the world’slarg- Thereverse hasbeen true down into this screen, there’s by Mr.Liand colleagues and film and TV canmean long, some visual-effectsprofession- est tech companies. in AR and VR.Consulting com- very little morewecan do used it as the basis forits Ani- unpredictable hours, limited als find hard to turn down. Hollywood’svisual effects pany AccenturePLC said last with that,” says early VR de- moji, which allows usersto compensation, poor job secu- “The difference is, in tech, industryhas struggled in re- year it projectscompany veloper Mark Pesce. “The next meld their own facial expres- rity and paltrybenefits—many you are broadly treated more cent years.Evenasits work spending in the immersive [thing] is to turn the world sions with animated creatures. call it the “cool tax” one pays like a human being,” said one has become ubiquitous in film technologies to grow to $121 into the screen…that is what Some of his collaboratorson forthe pleasureofworking in veteranvisual effectsartist and television, falling prices billion by 2023 from $21 bil- AR offers.” the project started working at Hollywood. who,likemanyofhis peers, have made it increasingly dif- lion in 2020. In recent yearstech compa- Apple shortly after the sale.

ADVERTISEMENT Showroom News Unit BuoysFox’s Results, To advertise: 800-366-3975orWSJ.com/classiﬁeds ButDropinSports HurtsAdSales

BY JOE FLINT News and FoxBusinessincludes tainment channels as well. PORSCHE AND DAVE SEBASTIAN the FoxSports1Network,rose Mr.Murdoch also sought to 3.1% to $1.33 billion, FoxCorp. changethe perception that the Fox Corp.boosted profit said Tuesday, while revenue at FoxNewsaudienceisvery and revenue on astrong per- the broadcast division was conservative. Mr.Murdoch formancefromFox News in its largely flat at $1.35billion. said 38% of the Fox News au- latest quarter,showing how Advertising revenue de- dienceare registered indepen- crucialthe cable news net- clined 6.9% because of a pull- dents. “Wespeak to the broad- work is forthe media com- back in livesporting events est audience of anyone in our pany, as other areas of its related to the coronavirus competitive set,” he said. XUU businessdeclined. pandemic, and as advertisers Thecable-network pro- PA XUU'(33?3( H'VNT? =&# *[(c\/*[(c\ U^ Z] @UP;aXAA FoxNewsleads all cable- reduced their spending.The gramming division posted a UX XUUbFR JH =&# S]C(3_b3??Y/*[(c\ U: Z] @PUXaXAA news channels in ratings. Fox drop was partly offset by the 3.6% rise in affiliatefees to UX XUUbFR JH =&#- =''(;- *D,F "1?0 *[(c\/*[(c\ &b3??Y R^ Z] 'LM@PAXaXAA Corp.ExecutiveChairman and cable unit, which posted an $973million and an 18% rise UX XUUF(39( :H =&# bN(3_2 J?_/*[(c\ 1^ Z] 'LM@URUaXAA Chief Executive Lachlan Mur- 18% increase in advertising in advertising revenue to $299 U> XUU'(33?3( :H 'VNT? !2JK2, S(K( M3(Y9?/*[(c\ U1^ Z] 'LM@UU:aXAA PAU1 XUU'(33?3(H'VNT? =&# doch said he expected aslower revenue.Overall revenue from million. *[(c\/*[(c\"U0^Z] "'LM U; XUUbFR =&#-=''(;-*D,F"1?0- (K/.F0 7F20; +?[[VI/*[(c\UA^ Z] @UP0aXAA news cycle after Election Day, affiliatefees rose 10% to $1.53 TheFox Broadcast network @UUPaXAA UR XUU'(33?3( H'VNT? =&# B8].?/*[(c\RA^ Z] 'LM@1XaXAA which could result in fewer billion. had atougher quarter.Adrev- A> XUUFN3$V 'VNT? 41B0>EJ1/- $2/0E>A*F>E.10 B8].?/*?]9? UP^Z]@>PaXAA %J+K>2J/F:2/1J6G5=EGF> #10 viewers,though he said he FoxCorp.and Wall Street enue fell 15% at $670million Q,',O/',+#OO#/L,O,Q#J, didn’t expect the network to Journal parent News Corp because of fewersportsonthe PA L(Y(Z?3( :HTV3. FN3]2ZV b?Y.](Y*[N?/*[(c\XPZ]@UAXaXAA lose its first-place status. share common ownership. network and lessoriginal PA '(E?YY? B8].?/*[(c\0^Z]@1XaXAA Revenue for the fiscal first In his remarks,Mr. Mur- scripted programming. Affili- U1 L(Y(Z?3( :H #G?c4 = 72IF)9H#@HTE_?3 !2JK2, b?Y.](Y *[N?/*[(c\ U^ Z] @UP;aXAA polled by FactSet were target- FoxNews, which is oftenover- Foxsaid it recognized gains b3?E *[(c\/*[(c\":^Z]"'LM U> 1U>'(EZ(Y bFH !2JK2, J(c]Y9 +?[[VI/*[(c\1^Z]'LM @1XaXAA ing $2.58 billion. Operating shadowedbythe network’s related to cash payment re- @PA:aXAA expenses fell to $1.17billion pro-Trump prime-time lineup ceived from Walt Disney Co. HL#'`,SF+/#-MF`'H from $1.47 billion. of Tucker Carlson, Sean Han- forthe reimbursement of Fox’s UX Q?3c?_?27*?YCH;0A :Q,F`'*[(c\/*[(c\PX^ Z] 'LM@>1aXAA UX *QB ::A] 837BFF+ !2JK2, b[(c]?3 H][K?3/*[(c\ 0^ Z] @:XaXAA FoxCorp.posted aprofitof nity and Laura Ingraham. prepayment of taxliabilities U> *QB 0;A] G%3]K? 'VYK?3.]$[?HT(c? b3?E/*[(c\PR^ Z] 'LM@1AaXAA $1.1 billion, or $1.83 ashare, “The news team has done a from Disney’s divestitureof U> *QB Q;;A]G%3]K?=72IF)LC#@ Q?3c?_?27*?YC HS ;;ALV[(3 B8].?/LV3c?[(]Y O(TT( X^ Z] 'LM@>UaXAA or 80 centsashare, in the is coming off astrong quarter Thecompany, whose busi- U1 %V_9? D]T?3bFH J!]Y([ #_].]VY 6W1: V< UAA5B8].?/*[(c\P^Z]@PRXaXAA comparable period last year. whereitagain dominated its nesses include Fox News, the PAU1Q?3c?_?27*?YCHS:;A U1 '8?K3V[?. 'V3K?..? )A0PS) J(c]Y9 +?[[VI/*[(c\>^Z]@0XaXAA Excluding special items,earn- cable-news competition as FoxBroadcast Network,Fox *[(c\/*[(c\"UR^Z] "'LM UA !?33(3] :;> `.([]( JV22V'V32( 6J?_5/*[(c\ UX^ Z] @U0:aXAA @0XaXAA ingswere$1.18 ashare, ahead well as broadcast television. Sportsand local television sta- ,$$ 64&<93 9C<$E:9 H@C2 H&.$92 L9+&3.4@.&IM @M: !&<9M3&M+2 *9$&D94B @M: %@M:$&M+ '9935 *9@$94 &3 MI. 4936IM3&>$9 7I4 64&<&M+ 944I435 of the 76 centsashareana- He also said the network’s tions, was spun off from 21st 811(G0F(K11A =J64&M+-9$:; #! !%94:-"+-=-<2 -< &54)-.)8 ("56 0; *-<6 $41-:+437 lysts had expected. commentatorstypically beat CenturyFox and began trading 3@$93?&34&M+)@E39M5/*544 %1-99-<2 Cable-network programming not only rival news outletson as a separate public company revenue,which besides Fox the ratingsfront but enter- in March 2019. P2JW309000-0-B00500-1------XA

THE WALL STREET JOURNAL. We dnesday, November 4, 2020 | B5 BUSINESS NEWS Hotels Lure CouplesSay ‘WeDo’ to Owning Homes Remote By following tips, ner in Olympia, Wash. unwed partners can Foryounger couples,tenants Workers in common tends to be the mitigate many hurdles most common form of titling,as to buying houses each oftenwantstohavean ContinuedfrompageB1 ownership stakebut maynot loud roommates,some white- BY VERONICA DAGHER want the other person to inherit collar workerssay they areea- that stake(as would be the case gerfor quieter spaces,espe- As U.S. home sales rise to a if they owned the home in joint cially if they have adeadline,an 14-year high and families tenancywith rightsofsurvivor- important call or apresentation. search forlargerspaces in ship), said AviKestenbaum,a “I liveinManhattan, so the quarantine,moreunmarried partner at Meltzer,Lippe,Gold- living spaceiscramped and couples maybeconsidering stein &Breitstone. noisy,” said Lorenzo Haggiag, buying ahouse together.For acybersecurity executivewho them, thereisadifferent set Whatifwebreak up? said he is looking to book his of risks,both financial and If the relationship doesn’t firstday passstayinaMar- practical, to consider. work out, there are some key riotthotel near his Hell’s Thenumber of unmarried questions the couple will need Kitchen neighborhood. partnersliving together nearly to answer, Mr.Kestenbaum “You canhear the noise tripled in the past said,such as will therebea from thestreets, the sirens PERSONAL two decades to 17 forced sale or canone partner from the fire department. The FINANCE million, with a buy out the other and forwhat walls in my building arethin. notable increase price, and howwill the pro- If my neighbor plays the televi- among those aged 65 or older, ceeds be split? sion or music loudly,you could according to the U.S. Census Mr.Kestenbaum recom- hear that,” said Mr.Haggiag, Bureau. In turn, some financial mends awrittenand signed le- wholives in aone-bedroom advisersare getting morere- galagreement, such as asimple apartment with his girlfriend. questsfor advicefromcouples partnership agreement solely Marriott’sday passisavail- of all ages who want to buy a dealing with the home,toan- able in cities such as Atlanta, home together but have no in- swerthese questions and to Phoenix,Dallas and NewYork, terest in getting married. also spell out each of the par-

andsome locations abroad. At Forexample,Andrew Feld- N ties’ rightsand obligations,even the Ritz-Carlton in Atlanta, the man, afinancial planner in Chi- SO if the relationship continues. daypasscostshalf as much as cago, recently received acall

an overnight stay, said Erwin from oneofhis clientswho is RICHARD Whatare the tax CK

Schinnerl, the hotel’s general living with her boyfriend and JA benefits? manager.Rates arearound histwo children. They arerun- One of the benefitstobuy- $135 forastandardguest ning out of spaceand she in- nancial-planning app. to put their “best foot for- Who should hold the ing ahome as an unmarried room and $270 for a suite. tends to buy ahouse within a Makesureyou discussyour ward” by having the individual title to the house? couple is the ability to bunch Some smaller-hotel owners few weeks and have him pay finances with full transpar- with the most income,best Howthe house is titled is itemized deductions on one said such “desks foraday” rent to help coverthe mortgage. ency,including anydebtsor FICOand best debt-to-income crucial. Depending on your sit- person’s tax return and take promotions help to raise occu- While this would work out income the other partner isn’t go through the application uation, you’ll want to make the standarddeduction on the pancyrates butaren’t along- well foreveryone in the short aware of.You’ll also need to process, he said. surethat youand your partner partner’s taxreturn, said Alex- term solution sincedemand is term, it is riskybecause,on decide if and to what extent Thebuyer who is more discussthe legality of home- andraDemosthenes,acertified limited to people living nearby. her current budget, it would be you will share finances going qualified canbethe only one ownership with your respec- public accountant and finan- “These day-rentals area very difficult forher to keep forward, he said. on the mortgageand this could tive, independent lawyers, said cial planner in BocaRaton,Fla. temporary Band-Aid to an in- thehouse without his help. It will be important to dis- result in afavorable interest Mr.Reyes,the financial plan- If the couple were married dustrythat is hemorrhaging,” “The upside is easy butthe cusshow repairs, property rate and mortgageterms if the neratAlbert. Titling options but filing separatetax returns, said Lisa Shalom, whose fam- downside is abig unknown,” taxesand other home ex- other partner has alow credit include sole ownership,joint they would have to either both ily owns the Andrew Hotel in Mr. Feldman said. penses will be shared or han- score, forexample. tenancywith rightsofsurvi- itemizeorboth take the stan- New York’s Long Island. Here is a guide for what to dled.Having ajoint bank ac- Themortgageholder will be vorship,ortenantsincommon. dard deduction. However, But these programs arestill consider beforeyou buy a count dedicated to house solely responsible forthe entire Titling canplayacrucial role when the couple isn’t married, necessarytoshiftpeople’sper- place together. expenses such as repairs may debt, so if youbreak up and during abreakup or when one one individual canitemize ceptions,hotel executives said. be a good idea, he said. youhold the mortgage, youwill partnerdies.Itwill also deter- their deductions (if the totalis They will recognizethat going Howdoyou knowifyou owe all the money,hesaid. mine who gets howmuch equity higher than the standard), intohotels is something people and your partner are Who should apply for Lendersalso let both part- in the house. claiming the mortgageinter- candoand be safe, even if they ready to buy ahouse? the mortgage? nersapply forthe mortgageto- If the couple own property est, property taxesand all aren’t prepared to stay over- Unmarried couples buying a gether—allowing incomes and as tenantsincommon and the other allowable deductions, night, said Marlene Poynder, If youhaven’t discussed home together canbenefit debtstobecombined. deceased partner doesn’t while their partner canchoose general manager at Conrad howyou and your partner from greater flexibility when Thelowest of the two FICO name the surviving partner as to take the standarddeduction. NewYork Downtown. Thelux- sharemoney and expenses, applying for a mortgage, said scores,however, will be used. the beneficiaryofthe house, This could maximizededuc- uryhotel offersaday-use rate you will want to do that first Bill Banfield,executivevice Applying together could allow the survivor could become a tions forthe couple over and starting at $300 that includes beforecommitting to buying a president of capital marketsat the couple to borrow more, de- co-owner with their latepart- abovewhat they could claim as abreakfast and lunch room house,said Mark Reyes,afi- Rocket Mortgage. pending on their financial situ- ner’s relatives or heirs, said amarried couple,resulting in serviceand acocktail at 4p.m. nancial planner at Albert, afi- They have the opportunity ation. TomMcLean, afinancial plan- maximum taxsavings, she said.

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B6 | We dnesday, November 4, 2020 THE WALL STREET JOURNAL. THE PROPERTY REPORT Mining Firm Mulls Giving Up Its Base In Phoenix

BY ALISTAIR MACDONALD

Freeport-McMoRan Inc. Chief ExecutiveRichardAdker- son says he has afine officeat the mining company’sPhoenix headquarters, looking out acrossthe city.Hejust isn’t surehewantstoreturn to it. The pandemic left companies around the world looking at when,and in what numbers, they will return to headquar- A rendering of a roof terrace planned for a project by Grosvenor Britain & Ireland, which bought a former biscuit factory in London's Bermondsey neighborhood. ters.Freeport-McMoRan is pondering whetheritneeds one. Businesses including JP MultifamilyHousing Booms in U.K. MorganChase &Co. and Net- flix Inc.havepushed to get employees back intothe office. Real-estate firms, mated at $13 billion, is largely Others, including Apple Inc. based on prime central Lon- and BlackRock Inc., say they including that of a don real estate. But seven plan to go back,but in alim- duke’s, are betting on yearsago, his property firm, ited way. Grosvenor Britain &Ireland, At Freeport-McMoRan, a the growing sector bought a15-acreformer bis- copper miner,some executives cuit-factory siteinthe Ber- areexploring ditching their BY RUTH BLOOMFIELD mondsey neighborhood of downtownPhoenix headquar- South London with plans to ters.They say remoteworking Multifamily housing is a build new apartments there. has worked well so far,and relatively newphenomenon in Work began on the sitein employees aresaving time by the U.K.,but it is rapidly October,and the firstapart- not commuting.Staff canmeet drawing acrowd of newin- mentsare likely to be ready in when needed at an existing,

vestment from both sides of (2) 2024, Grosvenor said. open-plan satellite office on the Atlantic. Property company theoutskirtsofthe city,they

Britonshavetraditionally IRELAND Grainger,which refocused its say. aspiredtohomeownership, & businessonmultifamily apart- “Weare showing we canget

whether asingle-family house AIN mentsin2016,has operated the work done remotely…we

in the countryoratownhouse BRIT primarily in midmarket neigh- arequestioning ourselves—do or apartment in the city.But borhoods whererental de- we really need the headquar-

as home prices climbed, grow- VENOR mand from young profession- ters?” Mr.Adkerson said. OS

ing at an average of 6.9% an- GR als is high. Grainger has built Mr.Adkerson and other se- nually since 1980, renting has A rendering of multifamily apartment buildings planned for the Bermondsey neighborhood. a6,045-unit BTRportfolio nior executives saythat such a evolved from atemporaryrite worth £1.68 billion. Another move could have downsides, of passage for 20-somethings professionally managed, pur- thirdquarter, about half the ganreplacing the 20th-century 8,536 unitsare planned over and the companyhasn’t made to a long-term lifestyle. pose-built properties with a activity typical forathird system of rent control with the next three to five years. a final call. Before any deci- One-thirdofBritain’s35- range of lifestyle amenities is quarter.Shopping malls and one that allowedfor annual Kurt Mueller,director of sion, the companyplans to to-44-year-olds were renting what fuels the opportunity” in leisuresectorslikehotels and rent increases and tenant evic- corporateaffairsfor Grainger, test different conceptsfor us- in 2017, compared with fewer the U.K., said Bob Faith, chief restaurantshavebeen particu- tion forthose who fall behind said the pandemic has ing the main office. Executives than one in 10 in 1997,accord- executiveofGreystarReal Es- larly hardhit by the pandemic. on rent. strengthened demand for saythey also need to deter- ing to government datapub- tate Partners. If Covid-19 hits the British Meanwhile,homeownership high-quality rentals. mine how the absenceofan lished in February. The Charleston, S.C.-based economyevenharder,itcould levels aredropping.In2007, “Moreand morepeople That meansdemand for firm has built a$5.3billion pressure the multifamily busi- almost three-quartersofBrit- have realized howimportant it rental apartmentsissoaring portfolio of multifamily build- nessand rents. But fornow, ons owned their home.By is to have aniceproperty and At Freeport, about across the U.K. and multifam- ingsinthe U.K. since2013. these properties have been 2016,this had fallen to around a good landlord,” Mr. Mueller ily housing is starting to take Greystar said it plans to de- performing well in part be- six in 10. said. 5% of its 28,000 hold. The sector is on pace in liver 10,000 multifamily units cause people areworking and Renting is particularly com- Some developersare exper- employees work in 2020 for a record investment in London by 2022, up from spending more time at home, mon in higher-priced neigh- imenting with luxuryoptions. of £4.02 billion, equivalent to some 5,600 today. Other U.S. so they have been willing to borhoods.InLondon, one- Saudi Arabia’s Olayan Group office settings. about $5.2 billion, up from property firms, including At- pay up for nicer spaces. Brit- thirdofall households rent, and developer Chelsfield are £2.83 billion in 2019,accord- las Residential and Cort- ain enters a second lockdown according to CBRE. It forecasts working on aprime multifam- ing to real-estateagency land, own and operate multi- on Thursday, keeping the qual- this will more than double by ily development in upscale Knight Frank. family buildingsinU.K.cities. ity of their housing at the 2030. Knightsbridge. office would affect collabora- Thereare now46,000 mul- Multifamily’s investment forefront of people’s minds. Oneofthe highest-profile When completed in 2022, tion and teamwork,and affect tifamily unitsinthe U.K.,in boom comes at a challenging James Mannix, head of resi- investorsinmultifamily hous- the 35 apartmentswill “target newemployees joining the or- developments of 75 homes or time forcommercial property dential development and in- ing—“build to rent” or BTR, as the topend of the rental mar- ganization. “They aretwo big more, with another 84,000 un- in the U.K. According to real- vestment at Knight Frank,said it is known in Britain—is the ket” amongdomestic and for- questions we have not an- der way. estate agent Savills, commer- the rootsofthe current boom 29-year-old DukeofWestmin- eign customers, said Sarah sweredtoour satisfaction,” “The same trends we see in cial investment volumes go back to the 1980s,when ster, Hugh Grosvenor. Waller, who is managing the Mr.Adkerson said. the U.S. whererenterswant reached £7. 2billion in the Conservativegovernmentsbe- Theduke’swealth, esti- project. Theconversationsunder way at Freeport echo debates at companies around the world as they measurewhat, if Redemption Requests Stress Funds as Prices Fall anything,has changed for good as the pandemic has disrupted lifeand business. The BY PETER GRANT Quarterly change of NCREIF discussions arepivotal not AND ESTHER FUNG open-endedcorefund index only forbig companies and workers but also for city tax Some of the most conserva- 3% revenues and the businesses tive real-estate funds are suf- and jobs that depend on fering from falling property downtownworkers. values,putting their fund 2 Headquarters have plenty managersinatough spot as of corporatefans.“Thereis investors look to cash out. still going to be aneed forhu- These real-estateinvestment 1 mans to interact,” said Tom vehicles areknown as “core” Palmer, the CEO of Newmont funds because they buy higher Corp., amining company quality properties and limit 0 based in Denver, “evenifyou their debt. Thebiggest core will need alot lessfloor funds have raised billions of space.” dollarsfrompensions and other –1 At Freeport, only about 5% institutional investorsthat seek of its28,000 global employees steady,lower-risk returns. work in officesettings. The Nowthat the pandemic has mining company’s Freeport- –2 caused values of hotels, retail McMoRan Center in Phoenix is 2017 ’18 ’19 ’20

properties and even many of- MY aleased spacewhereabout

fice buildingstotumble,inves- ALA Source:National Council of Real Estate 850 employees and contrac- tors are lining up to cash out UBS Trumbull sold foranominal amountthe roughly half stakeithad in WaterTowerPlace, aChicago mall. InvestmentFiduciaries tors take up the top eight of of thesefunds.That has put thetower’s26floors. fund managersinabind: They cil of Real EstateInvestment afterthe financial crisis. in an email that manyfunds put highly discounted prices.The Freeport executives saythe either have to sell property Fiduciaries have investors Theaverage queue fora in redemption requestswhen fund sold itsroughly half stake pandemic has shown that into a stormy market to raise waiting to redeem tens of bil- real-estate core fund is equal the market “sold off.” Nowthat in WaterTowerPlace, amall in technology allows workers to that cash, or tell investors lions of dollarsofinvestments, to 8% of the assetsinthe marketshavestabilized some Chicago, to itspartner Brook- getbywithout being in the of- they can’t getsome or all of according to industry partici- funds,which beforethe pan- funds arenow “rethinking field Asset Management fora fice. The company conducted the money they want back. pants. TheCouncil said it demic were redeemable upon those requests,” he said. nominal amount, according to several employee surveysin TheSan DiegoEmployees doesn’t tabulateredemptions. request, industryparticipants J.P. Morgan Asset Manage- people familiar with the matter. which amajority of employees RetirementSystemtried to re- Those 25 funds had a total say. The longest redemption ment’s $40 billion Strategic It also sold StamfordTown viewremotework positively, deem about $85 million from of $267.1 billion grossreal-es- queue is forthe UBS Trum- Property Fund is meeting re- Center, a retail property once too. the $9.5 billion AEW Core tate assets at the end of Sep- bull Property Fund, where it demption requestspartly by valued at over $200 million “Rather than standing over Property Trust in the first tember,according to the amounts to about 40% of the selling some of itsmorestable for$20 million, essentially the somebody’s shoulder looking quarter,but itsconsultant said Council. Their redemption is- fund’s $18 billion of assets. properties,such as office value of the land, people said. at theircomputer and the it has received only afraction sues mean moreheadaches for Chicago’s Metropolitan buildingswith long-term Several retailersincluding spreadsheet, yousharethe of itsrequest. “Todate, 16% cash-starved investorsinthese WaterReclamation District leases to tenantswith good AppleInc., H&M, and jewelry screen, and people arelooking has been paid, and it will funds,including public pen- Retirement Fund is among credit,say people familiar seller Pandorahaveleftthat at it together,” said Kathleen likely take several quartersto sionsthat, as of March 31, theinvestorstrying to with- with the firm. Town Center to go to anewer Quirk, Freeport’s chief finan- receive the full amount,” said held $4.93trillion lessthan draw from the UBS fund, ask- Thefirm recently agreed to mall. cial officer.Preparing the com- aSeptember report from the cost of promised future ing for $32 million, according sell afully leased Seattle of- “In the best interest of in- pany’sfirst-quarter results Townsend Group. obligations,according to Fed- to an August report by Mar- fice building to Amazon.com vestors, we have takenanum- from home was difficult and Aspokeswoman forAEW eral Reserve data. quette Associates,aconsultant Inc.for morethan $625 mil- ber of steps to reposition the involved latenights. Thesec- said that the CoreProperty ACouncil indextracking the to the pension lion, according to people fa- investment mix and asset val- ond quarter “was very close to Trust fund in late March sus- performanceofcorefunds— With the redemption queue miliar with the matter. J.P. uation of the Trumbull Prop- routine,” she said. pended all payouts due to the including their income and at more than $8 billion, “we Morganalso has agreed to sell erty Fund over the past 18 Another incentiveiscosts. pandemic but resumed meet- changing property values—fell anticipateasignificant lag,ex- the Crescent officecomplexin months,” afund spokes- TheS&P 500 companyde- ing aportion of requestsin 1.6% in the second quarter of tending beyond 2021 before Dallas formorethan $650 mil- woman said. Thefund isn’t clined to sayhow much money the second quarter. 2020 from the firstquarter.It the redemption request is lion, according to people fa- required to sell assets“or it would save by ditching its Overall, morethan 15 of the was the index’s first decline met,” the report said. miliar with the matter. take other extraordinarysteps headquarters, but Ms. Quirk 25 open ended core funds since2009,when this group of Brian Wrubel,chief execu- UBS Trumbull, meanwhile, to fulfill redemption re- said it has been part of the tracked by the National Coun- funds began ayearslong rally tive of Marquette,pointed out has been dumping properties at quests,” she added. conversation. P2JW309000-0-B00700-2------XA

THE WALL STREET JOURNAL. We dnesday, November 4, 2020 | B7

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B8 | We dnesday, November 4, 2020 NY/NE THE WALL STREET JOURNAL. BIGGEST 1,000 STOCKS

Net Net Net Net Net Net How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg The following explanations apply to NYSE, NYSE s-New 52-week high. Avantor AVTR 23.71 0.30 Canon CAJ 18.09 0.32 s DaVita DVA 92.95 3.88 FirstEnergy FE 30.12 0.19 HomeDepot HD 277.37 6.63 KinrossGold KGC 8.22 0.02 Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. s AveryDennison AVY 145.21 3.51 CanopyGrowth CGC 20.46 -0.47 DeckersOutdoor DECK 251.59 -3.31 Fiserv FISV 98.95 1.66 HondaMotor HMC 24.49 0.26 KirklandLakeGold KL 47.14 0.91 listed securities. Prices are composite quotations dd-Indicates loss in the most recent four that include primary market trades as well as quarters. AxaltaCoating AXTA 25.78 0.14 CapitalOne COF 77.57 1.89 Deere DE 239.96 8.26 FiveBelow FIVE 136.61 4.76 Honeywell HON 179.21 5.60 Knight-Swift KNX 38.85 1.00 trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. AxonEnterprise AAXN 101.68 3.73 CardinalHealth CAH 48.79 1.27 DellTechC DELL 61.75 1.46 Five9 FIVN 149.19 5.00 HorizonTherap HZNP 73.45 -0.22 KoninklijkePhil PHG 48.40 1.57 Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing BCE BCE 40.82 0.36 Carlisle CSL 129.13 0.77 DeltaAir DAL 30.90 0.68 FleetCorTech FLT 235.14 4.61 HormelFoods HRL 50.00 0.54 KoreaElcPwr KEP 9.01 0.11 Nasdaq ISE. standards BHP Group BHP 49.55 1.46 Carlyle CG 25.34 -0.05 DentsplySirona XRAY 47.77 0.07 Flex FLEX 14.150.39 DR Horton DHI 69.46 0.28 KraftHeinz KHC 31.78 0.11 The list comprises the 1,000 largest companies lf-Late filing BHP Group BBL 40.29 1.30 CarMax KMX 93.12 4.04 DeutscheBank DB 9.96 0.32 Floor&Decor FND 79.02 4.21 HostHotels HST 11.38 0.44 Kroger KR 32.74 0.68 based on market capitalization. q-Temporary exemption from Nasdaq BP BP 16.18 0.08 Carnival CCL 13.71 0.16 DexCom DXCM 331.77 19.77 FomentoEconMex FMX 54.21 1.44 HowmetAerospace HWM 18.63 0.78 L Brands LB 33.73 0.71 Underlined quotations are those stocks with requirements. B2Gold BTG 6.77 0.21 Carnival CUK 11.77 0.15 Diageo DEO 133.78 3.00 FordMotor F 7.88 0.17 HuanengPower HNP 15.42 0.54 LHC Group LHCG 223.71 6.64 large changes in volume compared with the t-NYSE bankruptcy Baidu BIDU 134.11 0.06 s CarrierGlobal CARR 36.95 1.85 DigitalRealty DLR 145.89 -0.06 Fortinet FTNT 112.41 1.82 Huazhu HTHT 38.93 -0.39 Line LN 51.57 0.32 issue’s average trading volume. v-Trading halted on primary market. BakerHughes BKR 15.88 0.17 Carvana CVNA 191.00 5.99 DiscoverFinSvcs DFS 69.36 2.15 Fortis FTS 39.97 0.21 Hubbell HUBB 153.65 3.71 LKQ LKQ 34.39 1.45 Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being s Ball BLL 93.75 3.55 CaseysGenStores CASY 174.60 6.77 Fortive FTV 64.99 1.67 HubSpot HUBS 298.97 8.09 LPL Financial LPLA 82.78 2.25 whose price changed by 5% or more if their reorganized under the Bankruptcy Code, DiscoveryB DISCB 28.47 -5.53 Humana HUM L3HarrisTech LHX 178.81 8.41 previous closing price was $2 or higher. or securities assumed by such companies. BancoBilbaoViz BBVA 3.07 0.16 CatalentCTLT 95.51 6.98 DiscoveryA DISCA 21.12 ... FortBrandsHome FBHS 84.94 0.36 423.43 14.85 BancoBradesco BBDO 3.21 0.09 Caterpillar CAT 167.69 4.42 DiscoveryC DISCK 19.20 0.07 FoxA FOXA 27.04 -0.36 JBHuntJBHT 128.72 6.29 LabCpAm LH 210.49 3.26 BancodeChile BCH 16.09 -0.03 Celanese CE 118.62 1.12 Disney DIS 124.02 3.89 FoxB FOX 26.70 -0.19 HuntingtonBcshs HBAN 11.09 0.28 LamResearch LRCX 370.53 19.58 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and Cemex CX Franco-Nevada FNV 141.06 2.64 HuntingIngalls HII 156.90 7.40 LamarAdv LAMR 69.06 3.69 changes in the closing prices from 4 p.m. the previous day. BancSanBrasil BSBR 5.62 0.06 4.26 0.10 DocuSign DOCU 208.43 6.87 BcoSantChile BSAC 14.29 -0.19 Centene CNC 64.64 2.26 s DolbyLab DLB 80.15 2.25 FranklinRscs BEN 20.01 0.42 IAA IAA 59.54 1.55 LambWeston LW 67.23 1.56 BancoSantander SAN 2.17 0.08 CenterPointEner CNP 21.79 0.32 DollarGeneral DG 214.10 4.58 s FreeportMcM FCX 18.77 0.53 ICICI Bank IBN 11.97 0.41 LasVegasSands LVS 49.02 -0.15 Tuesday, November 3, 2020 Net Net BanColombia CIB 26.27 0.54 CentraisElBras EBR 5.59 0.15 DollarTree DLTR 93.65 2.53 FreseniusMed FMS 38.88 0.78 IdexxLab IDXX 444.10 13.05 Lear LEA 126.61 3.68 Net Stock Sym Close Chg Stock Sym Close Chg BankofAmerica BAC 24.69 0.61 CeridianHCM CDAY 87.20 3.11 DominionEner D 82.91 1.25 s IHS Markit INFO 83.93 1.61 Leidos LDOS 87.96 2.23 Stock Sym Close Chg BankofMontreal BMO 61.99 1.88 Cerner CERN 72.45 0.58 Domino's DPZ 383.24 7.21 G H I ING Groep ING 7.61 0.45 Lennar B LEN.B 60.42 1.45 Alleghany Y 580.91 15.58 Anaplan PLAN 54.88 0.41 BankNY Mellon BK 35.99 0.89 CharlesRiverLabs CRL 237.45 4.63 Donaldson DCI 49.44 1.24 Invesco IVZ 13.98 0.50 Lennar A LEN 74.37 1.86 Allegion ALLE 104.08 2.57 AngloGoldAsh AU 25.41 0.13 GCI LibertyA GLIBA 80.22 0.95 A B C BkNovaScotia BNS 42.81 0.77 CharterComms CHTR 591.99 3.56 Dover DOV 117.16 2.29 IPG Photonics IPGP 194.97 4.32 LennoxIntl LII 291.25 7.67 AlliantEnergy LNT 56.44 -0.25 AB InBev BUD 53.85 1.61 GDS Holdings GDS 87.47 1.46 Barclays BCS 5.88 0.37 CheckPoint CHKP 118.30 2.79 Dow DOW 48.73 0.91 IQVIA IQV 160.14 5.01 LeviStrauss LEVI 16.07 0.24 ABB ABB 25.45 0.52 Allstate ALL 92.92 2.02 AnnalyCap NLY 7.29 0.05 GFLEnvironmental GFL 20.50 0.75 BarrickGold GOLD 27.78 0.62 Chegg CHGG 73.17 0.29 DrReddy'sLab RDY 66.47 0.55 IcahnEnterprises IEP 51.35 0.60 LiAuto LI 24.05 1.17 AcadiaPharm ACAD 46.60 0.96 AllyFinancial ALLY 28.56 0.96 Anthem ANTM 293.46 15.21 GSXTechedu GSX 68.66 3.15 BauschHealth BHC 16.29 -1.05 Chemed CHE 489.33 7.87 DraftKings DKNG 37.47 1.75 Icon ICLR 190.37 4.04 LibertyBroadbandC LBRDK 139.76 1.57 AECOM ACM 47.40 0.44 AlnylamPharm ALNY 129.05 4.14 Aon AON 179.96 -0.68 Galapagos GLPG 120.51 5.98 BaxterIntl BAX 77.26 -1.41 CheniereEnergy LNG 48.02 0.97 Dropbox DBX 18.20 0.23 IDEX IEX 180.42 1.66 LibertyBroadbandA LBRDA 138.99 1.70 AES AES 20.27 0.27 Alphabet A GOOGL 1645.66 21.34 ApolloGlbMgmt APO 39.32 0.90 Gallagher AJG 107.99 1.46 BectonDicknsn BDX 237.72 2.93 CheniereEnerPtrs CQP 35.61 -0.76 DukeEnergy DUK 95.52 1.70 s IllinoisToolWks ITW 208.20 6.12 LibertyGlobal A LBTYA 19.53 0.74 Aflac AFL 36.24 0.72 Alphabet C GOOG 1650.21 24.18 Apple AAPL 110.44 1.67 Gaming&Leisure GLPI 38.68 1.19 BeiGene BGNE 300.00 1.00 Chevron CVX 71.74 -0.41 DukeRealty DRE 40.27 1.23 Illumina ILMN 296.63 3.75 LibertyGlobal C LBTYK 19.27 0.83 s AGCO AGCO 86.94 6.82 Alteryx AYX 128.20 5.95 ApplMaterials AMAT 61.83 1.50 Gap GPS 20.95 0.12 BentleySystems BSY 35.96 0.18 Chewy CHWY 64.24 3.45 Dun&Bradstreet DNB 26.78 0.73 ImperialOil IMO 14.38 0.42 LibertyFormOne A FWONA 34.32 1.09 AGNC Invt AGNC 13.94 -0.05 AlticeUSA ATUS 27.24 0.46 Aptargroup ATR 119.56 1.37 s Garmin GRMN110.62 0.73 Berkley WRB 63.54 1.54 ChinaEastrnAir CEA 20.04 0.35 Dunkin' DNKN106.03 -0.16 Incyte INCY 84.95 0.51 LibertyFormOne C FWONK 37.22 1.11 Ansys ANSS 315.91 4.68 Altria MO 37.39 0.91 s Aptiv APTV 101.79 3.91 Gartner IT 140.80 15.78 BerkHathwy B BRK.B 206.63 2.32 ChinaLifeIns LFC 11.31 0.37 DuPont DD 59.61 0.81 Infosys INFY 14.30 0.05 LibertyBraves A BATRA 21.54 1.10 ASETech ASX 4.68 0.05 AlumofChina ACH 5.66 0.21 Aramark ARMK 28.73 0.33 s Generac GNRC 221.54 8.97 BerkHathwy A BRK.A 3106594284.00 ChinaMobile CHL 31.84 0.41 Dynatrace DT 35.38 0.88 s IngersollRand IR 38.75 2.77 LibertyBraves C BATRK 21.40 1.13 ASML ASML 372.06 6.85 Amazon.com AMZN 3048.41 43.93 ArcelorMittal MT 14.46 0.46 GeneralDynamics GD 138.20 2.11 BerryGlobal BERY 48.83 1.50 ChinaPetrol SNP 41.59 0.81 ENI E 15.18 0.26 Inphi IPHI 138.63 0.78 LibertySirius C LSXMK 36.07 0.93 AT&T T 27.46 0.12 Ambev ABEV 2.25 0.07 ArchCapital ACGL 31.91 0.55 GeneralElec GE 7.85 0.33 BestBuy BBY 118.82 3.10 ChinaSoAirlines ZNH 27.42 1.01 EOG Rscs EOG 35.02 -0.13 Insulet PODD 223.10 7.13 LibertySirius A LSXMA 35.92 0.89 AbbottLabs ABT 109.56 2.08 Amcor AMCR 11.14 0.29 ArcherDaniels ADM 47.90 -0.66 GeneralMills GIS 60.89 1.16 BeyondMeat BYND 146.35 2.79 ChinaTelecom CHA 32.59 0.72 EPAM Systems EPAM 314.12 0.42 Intel INTC 44.85 0.39 EliLilly LLY 130.98 -0.65 AbbVie ABBV 87.96 -0.29 Amdocs DOX 57.00 -0.23 AresMgmt ARES 41.61 -0.49 GeneralMotors GM 35.35 0.80 Bilibili BILI 44.62 0.16 ChinaUnicom CHU 6.34 0.13 EastmanChem EMN 84.63 1.31 InteractiveBrkrs IBKR 48.76 0.94 s LincolnElectric LECO 107.85 2.92 Abiomed ABMD 260.80 5.95 Amedisys AMED 260.23 5.85 arGEN-X ARGX 257.46 7.97 Genmab GMAB 34.38 0.41 Bill.com BILL 99.74 3.02 Chipotle CMG 1209.55 21.01 s Eaton ETN 111.25 3.91 ICE ICE 96.06 1.40 LincolnNational LNC 37.39 1.02 AcceleronPharma XLRN 104.00 1.64 Amerco UHAL 358.74 7.29 AristaNetworks ANET 249.49 33.37 Genpact G 36.38 0.72 Bio-Techne TECH 266.34 6.34 Chubb CB 135.28 0.66 EatonVance EV 61.47 1.04 InterContinentl IHG 52.98 2.15 Linde LIN 234.09 5.51 Accenture ACN 225.71 5.52 Ameren AEE 84.32 1.11 ArrowElec ARW 81.18 1.38 Gentex GNTX 28.98 0.69 Bio-RadLab A BIO 601.57 10.55 ChunghwaTel CHT 38.31 0.06 eBay EBAY 48.92 1.05 IBM IBM 114.16 1.25 LithiaMotors LAD 249.18 9.80 ActivisionBliz ATVI 76.26 -0.14 AmericaMovil A AMOV 11.96 0.28 ArrowheadPharm ARWR 59.47 1.25 GenuineParts GPC 98.15 4.63 s Bio-RadLab B BIO.B 600.00 9.00 Church&Dwight CHD 89.00 1.10 Ecolab ECL 192.61 3.76 IntlFlavors IFF 107.23 2.16 LiveNationEnt LYV 53.34 3.11 AdaptiveBiotech ADPT 48.22 2.38 AmericaMovil AMX 12.17 0.25 AscendisPharma ASND 166.45 3.96 Gerdau GGB 4.03 0.14 Biogen BIIB 247.01 -1.98 ChurchillDowns CHDN 163.59 10.54 Ecopetrol EC 9.54 0.18 IntlPaper IP 46.52 1.47 LloydsBanking LYG 1.48 0.08 Adobe ADBE 454.02 9.08 AEP AEP 90.89 -0.34 AspenTech AZPN 112.46 1.37 GileadSciences GILD 58.83 0.30 BioMarinPharm BMRN 72.61 -0.81 Ciena CIEN 39.65 0.50 EdisonInt EIX 58.41 0.86 Interpublic IPG 19.35 0.43 LockheedMartin LMT 363.44 11.02 AdvanceAuto AAP 157.43 6.05 AmerExpress AXP 96.29 2.89 Assurant AIZ 126.31 -3.62 GSK GSK 35.26 0.86 BioNTech BNTX 87.22 0.12 Cigna CI 183.88 9.04 EdwardsLife EW 74.21 1.61 Intuit INTU 324.73 8.31 Loews L 37.89 0.56 AdvMicroDevices AMD 76.58 1.88 AmericanFin AFG 77.47 0.40 AstraZeneca AZN 51.70 1.08 GlobalPayments GPN 165.90 5.54 BlackKnight BKI 91.43 2.49 CincinnatiFin CINF 73.69 1.47 ElancoAnimal ELAN 31.24 -0.59 IntuitiveSurgical ISRG 682.00 6.02 LogitechIntl LOGI 88.14 3.06 s AgilentTechs A 107.03 1.79 AmHomes4Rent AMH 28.69 0.31 Athene ATH 34.99 2.57 Globant GLOB 181.14 1.77 BlackRock BLK 629.26 14.39 Cintas CTAS 330.02 9.65 Elastic ESTC 99.98 0.74 InvitatHomes INVH 28.00 0.34 Lowe's LOW 164.65 4.42 AgnicoEagle AEM 82.49 1.51 AIG AIG 32.89 0.44 Atlassian TEAM 182.06 -2.23 GlobeLife GL 85.15 1.90 Blackstone BX 51.98 0.65 CiscoSystems CSCO 36.68 0.78 ElectronicArts EA 120.74 0.93 IonisPharma IONS 47.00 0.23 LufaxHolding LU 12.66 -1.14 AirProducts APD 289.04 2.35 AmerTowerREIT AMT 234.23 0.74 AtmosEnergy ATO 97.63 2.12 GoDaddy GDDY 74.14 2.05 Boeing BA 153.65 5.05 Citigroup C 43.53 1.32 EmersonElec EMR 70.40 2.44 iQIYI IQ 24.92 -0.27 lululemon LULU 327.13 11.63 AkamaiTech AKAM 95.67 -0.14 AmerWaterWorks AWK 157.10 2.80 Autodesk ADSK 248.31 7.57 GoldFields GFI 11.82 0.04 BookingHldgs BKNG 1669.58 65.45 CitizensFin CFG 29.01 0.98 Enbridge ENB 27.72 0.23 iRhythmTechs IRTC 221.00 9.00 LumenTech LUMN 9.11 0.23 Albemarle ALB 97.62 0.78 AmericoldRealty COLD 36.79 0.55 Autohome ATHM 99.25 0.84 GoldmanSachs GS 197.93 7.73 BoozAllen BAH 83.68 2.49 CitrixSystems CTXS 115.97 1.54 EncompassHealth EHC 63.34 0.29 IronMountain IRM 27.30 0.78 Lumentum LITE 81.79 0.37 Albertsons ACI 15.22 0.56 Ameriprise AMP 167.45 3.00 Autoliv ALV 78.36 2.36 GoodRx GDRX 47.50 0.67 BorgWarner BWA 36.34 0.74 Clarivate CCC 29.00 1.17 EnelAmericas ENIA 6.59 -0.09 ItauUnibanco ITUB 4.17 0.07 Lyft LYFT 26.23 1.73 Alcon ALC 59.22 2.07 AmerisourceBrgn ABC 102.15 3.21 ADP ADP 166.48 5.02 Graco GGG 63.36 0.70 BostonBeer SAM 1003.80 -34.94 Clorox CLX 212.25 -2.67 EnergyTransfer ET 5.50 0.33 LyondellBasell LYB 72.86 0.95 AlexandriaRlEst ARE 155.75 0.83 Ametek AME 105.29 3.02 AutoZone AZO 1164.65 23.50 Grainger GWW 371.22 7.99 BostonProps BXP 77.90 1.85 Cloudflare NET 53.05 1.00 EnphaseEnergy ENPH 104.75 0.92 J K L AlexionPharm ALXN 117.02 2.19 Amgen AMGN 220.06 -0.15 Avalara AVLR 144.14 1.37 Grifols GRFS 17.30 0.08 BostonSci BSX 35.15 0.60 Coca-Cola KO 49.35 0.73 Entegris ENTG 80.06 3.01 M N Alibaba BABA 285.57 -25.27 Amphenol APH 116.50 1.43 Avalonbay AVB 151.15 5.81 Grubhub GRUB 75.08 1.45 JD.com JD 82.69 0.37 BrightHorizons BFAM 157.54 1.48 Coca-Cola Euro CCEP 35.74 -0.43 Entergy ETR 108.19 2.85 AlignTech ALGN 465.01 6.57 AnalogDevices ADI 119.75 1.27 Avangrid AGR 51.25 1.02 GuardantHealth GH 107.69 2.60 Joyy YY 92.27 -2.38 M&T Bank MTB 110.01 3.97 Cognex CGNX 70.16 2.54 BristolMyers BMY 61.24 1.75 EnterpriseProd EPD 16.57 0.17 Guidewire GWRE 99.27 3.58 JPMorganChase JPM 103.41 3.16 MGMGrowthProp MGP 28.05 0.92 CognizantTech CTSH 71.94 1.14 BritishAmTob BTI 32.65 0.43 Equifax EFX 150.00 8.15 HCA Healthcare HCA 136.09 5.49 JackHenry JKHY 156.15 4.38 MGM Resorts MGM 21.75 0.78 s ColgatePalm CL 83.11 2.95 Broadcom AVGO 353.76 2.51 Equinix EQIX 752.28 13.96 HDFC Bank HDB 60.15 1.11 JacobsEngg J 101.94 2.82 MinisoGroup MNSO 20.24 0.94 Comcast A CMCSA 42.62 1.22 BroadridgeFinl BR 143.66 2.89 Equinor EQNR 13.13 -0.23 HD Supply HDS 42.65 1.01 JamesHardie JHX 26.00 1.13 MKS Instrum MKSI 115.07 2.90 Dividend Changes Comerica CMA 48.81 1.60 BrookfieldMgt BAM 31.95 1.92 Equitable EQH 22.42 0.48 HP HPQ 18.62 0.21 JazzPharma JAZZ 148.65 1.40 MPLX MPLX 18.46 0.46 CommerceBcshrs CBSH 65.86 2.00 BrookfieldInfr BIP 44.93 1.28 EquityLife ELS 61.93 1.76 HSBC HSBC 22.54 1.13 JFrog FROG 71.81 1.32 MSCI MSCI 369.47 12.62 ConagraBrands CAG 36.25 0.65 Dividend announcements from November 3. BrookfieldPropREIT BPYU 14.92 0.07 EquityResdntl EQR 52.53 3.22 Halliburton HAL 12.99 0.19 J&J JNJ 138.50 -0.19 MagellanMid MMP 35.98 0.15 ConchoRscs CXO 42.43 -1.34 s BrookfieldRenew BEPC 69.55 -0.19 ErieIndemnity A ERIE 240.38 4.45 HartfordFinl HIG 39.52 0.18 s JohnsonControls JCI 44.22 0.28 MagnaIntl MGA 52.98 1.64 Amount Payable / ConocoPhillips COP 29.31 -0.92 Brown&Brown BRO 44.32 -0.09 EssentialUtil WTRG 42.33 0.50 Hasbro HAS 84.71 2.31 JonesLang JLL 115.26 -2.56 ManulifeFin MFC 14.48 0.75 Company Symbol Yld %New/Old Frq Record ConEd ED 81.32 1.54 Brown-Forman B BF.B 72.94 2.08 EssexProp ESS 224.03 7.03 HealthcareAmer HTA 26.00 1.11 JuniperNetworks JNPR 20.10 0.43 MarathonPetrol MPC 31.91 0.61 ConstBrands A STZ 184.84 8.45 Brown-Forman A BF.A 67.40 2.71 EsteeLauder EL 224.79 0.94 HealthpeakProp PEAK 28.53 0.28 KB Fin KB 38.24 0.93 Markel MKL 975.66 15.63 Increased Cooper COO 323.96 3.44 Bruker BRKR 43.98 -0.05 Etsy ETSY 130.45 4.01 Heico HEI 112.97 4.34 KE Holdings BEKE 66.82 -3.00 MarketAxess MKTX 539.69 0.90 CDW Corp. CDW 1.2 .40 /.38 Q Dec10 /Nov25 s Copart CPRT 116.38 2.98 Bunge BG 56.48 -1.59 EverestRe RE 215.64 8.64 Heico A HEI.A 99.48 3.25 KKR KKR 34.89 -0.16 Marriott MAR 96.09 3.19 CBSH Q CoreLogic CLGX 75.93 -0.47 Commerce Bancshares 1.6 .27 /.2449 Dec18 /Dec02 BurlingtonStrs BURL 197.59 5.01 Evergy EVRG 56.98 0.67 HenrySchein HSIC 60.41 -1.81 KLA KLAC 210.88 8.65 Marsh&McLen MMC 106.57 1.68 Corning GLW 33.67 1.20 Ellington Financial EFC 9.3 .10 /.09 M Dec28 /Nov30 CBRE Group CBRE 51.93 -0.74 EversourceEner ES 91.98 1.39 Herbalife HLF 46.39 0.86 KSCitySouthern KSU 183.52 5.40 MartinMarietta MLM 276.16 5.17 Corteva CTVA 32.93 -0.55 Entergy ETR 3.5 .95 /.93 Q Dec01 /Nov12 CDW CDW 130.72 4.27 ExactSciences EXAS 126.15 4.26 Hershey HSY 142.72 1.94 Kellogg K 64.38 0.44 MarvellTech MRVL 37.19 0.30 CoStar CSGP 879.94 29.06 Enviva Partners EVA 6.6 .775 /.765 Q Nov27 /Nov13 CF Industries CF 27.02 -1.05 Exelixis EXEL 21.09 0.48 Hess HES 36.91 -1.13 KeurigDrPepper KDP 27.80 0.76 Masco MAS 55.96 1.22 Costco COST 371.96 7.57 Estee Lauder Cl A EL 0.9 .53 /.48 Q Dec15 /Nov30 CGI GIB 62.53 1.45 Exelon EXC 42.47 1.51 HewlettPackard HPE 9.32 0.41 KeyCorp KEY 13.77 0.34 Masimo MASI 235.00 9.64 CoupaSoftware COUP 255.55 8.26 TAIT Q CH Robinson CHRW 89.22 1.88 Expedia EXPE 98.80 4.08 HighwoodsProp HIW 31.38 0.86 KeysightTechs KEYS 107.72 2.98 Mastercard MA 295.39 5.42 Taitron Components 6.3 .04 /.035 Nov30 /Nov13 Credicorp BAP 119.74 2.38 CME Group CME 153.48 1.20 ExpeditorsIntl EXPD 86.89 -1.73 Hill-Rom HRC 88.47 -1.93 KimberlyClark KMB 135.35 1.00 MaximIntProducts MXIM 70.80 0.98 CreditSuisse CS 10.19 0.56 Reduced CMS Energy CMS 65.30 0.95 ExtraSpaceSt EXR 116.85 1.00 Hilton HLT 90.65 2.65 KinderMorgan KMI 11.99 0.10 McAfee MCFE 16.09 -0.37 Cree CREE 64.93 1.07 North Eur Oil Royalty Tr NRT 11.2 .02 /.11 Q Nov25 /Nov13 CNA Fin CNA 32.43 0.77 ExxonMobil XOM 33.41 -0.58 Hologic HOLX 71.92 1.36 KingsoftCloud KC 31.27 1.60 Continued on Page B9 CNH Indl CNHI 8.55 0.46 CrowdStrike CRWD 126.86 2.39 F5Networks FFIV 135.93 4.70 Foreign CNOOC CEO 94.78 1.38 CrownCastle CCI 160.35 0.87 FMC FMC 104.65 -2.30 CrownHoldings CCK 92.26 2.70 Assured Guaranty AGO 2.8 .20 Q Dec02 /Nov18 CRH CRH 38.32 1.54 Facebook FB 265.30 3.94 CRISPR Therap CRSP 86.82 0.66 CubeSmart CUBE 34.48 0.40 FactSet FDS 319.48 8.30 MiX Telematics ADR MIXT 2.2 .06156 Q Dec03 /Nov20 s New Highs and Lows | WSJ.com/newhighs CSX CSX 84.22 2.46 Cummins CMI 232.03 4.35 FairIsaac FICO 402.71 11.86 Pyxis Tankers Pfd. A PXSAP 11.1 .1991 Nov20 /Nov13 CVS Health CVS 59.45 1.37 CureVac CVAC 48.58 1.50 s Farfetch FTCH 34.18 2.18 Shaw Communications B SJR 5.4 .0741 M Jan28 /Jan15 CyrusOne CONE CableOne CABO 1794.95 34.30 71.71 0.62 Fastenal FAST 46.22 1.70 The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE American Shaw Communications B SJR 5.4 .0741 M Feb25 /Feb15 CabotOil COG 16.80 -0.62 D E F Fastly FSLY 68.93 3.82 and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or lowinthe latest Westpac Banking ADR WBK 9.4 .21821 Dec28 /Nov10 CadenceDesign CDNS 113.59 3.08 FedEx FDX 274.48 7.50 session. %CHG-Daily percentage change from the previous trading session. Special CaesarsEntCZR 50.11 3.45 DISH Network DISH 26.29 0.47 Ferrari RACE 196.01 12.83 CamdenProperty CPT 98.38 3.87 DTE Energy DTE 126.46 0.76 FiatChrysler FCAU 12.96 0.34 Tuesday, November 3, 2020 Capital Southwest CSWC 11.1 .10 Dec31 /Dec15 CampbellSoup CPB 47.89 0.21 DadaNexus DADA 30.73 -1.49 FidNatlFin FNF 32.62 0.66 52-Wk % 52-Wk % 52-Wk % Wingstop WING 0.5 5.00 Dec03 /Nov20 CIBC CM 77.55 1.88 Danaher DHR 234.76 2.32 FidNatlInfo FIS 128.49 4.52 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg CanNtlRlwy CNI 104.91 2.44 Darden DRI 93.10 1.26 FifthThirdBncp FITB 24.51 0.40 HavertyFurn 26.67 -0.1 Timken 64.50 1.8 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: CanNaturalRes CNQ 16.68 0.49 DarlingIngred DAR 45.42 1.58 FirstRepBank FRC 129.10 1.88 HVT TKR Highs Hovnanian HOV 38.40 7.7 Tortoise II A SNPR 10.45 -0.9 spin-off. CanPacRlwy CP 320.40 6.80 Datadog DDOG 90.14 1.81 FirstSolar FSLR 87.24 -1.65 Huntsman HUN 25.66 -0.4 TraneTech TT 142.37 2.7 AGCO AGCO 87.49 8.5 IHS Markit INFO 85.00 2.0 UltragenyxPharm RARE 102.77 6.8 AcadiaHealthcare ACHC 37.57 6.6 Identiv INVE 7.25 4.5 UnitedTherap UTHR 137.34 1.9 AcmeUnited ACU 29.85 1.6 IderaPharm IDRA 3.14 2.7 UplandSoftware UPLD 46.20 7.2 AddusHomeCare ADUS 117.77 8.0 IllinoisToolWks ITW 209.55 3.0 WattsWater WTS 116.83 2.0 ADVERTISEMENT AgilentTechs A 108.11 1.7 Immunovant IMVT 45.50 0.7 WorthingtonInds WOR 51.84 2.3 AjaxI AJAX.U 10.20 0.2 Infr&EnerAltWt IEAWW 0.69 10.2 ZebraTech ZBRA 322.90 8.9 AlaskaCommSys ALSK 3.07 59.2 IngersollRand IR 38.99 7.7 AllegroMicro ALGM 21.43 6.3 InspireMedical INSP 160.90 31.8 Lows AlmadenMinerals AAU 1.16 -8.7 JohnsonControls JCI 45.08 0.6 Business Real Estate&Auctions ATIF ATIF 0.76 -41.7 AltraIndlMotion AIMC 47.00 3.2 Kadant KAI 131.46 8.1 AbeonaTherap ABEO 0.99 1.9 AptivPfdA APTVpA 125.81 3.6 LatticeSemi LSCC 36.80 4.3 To advertise: email [email protected] or WSJ.com/classiﬁeds AdvantageSolns ADV 7.89 -5.5 Aptiv APTV 103.15 4.0 LefterisAcqn LFTRU 9.96 0.1 ApreaTherap APRE 20.50 0.6 AveryDennison AVY 146.02 2.5 Leslie's LESL 23.64 4.5 BellicumPharm BLCM 2.84 -4.0 Ball BLL 93.95 3.9 LifeSciAcqn LSAC 15.79 0.3 BenitecBiopharm BNTC 2.55 3.8 BiohavenPharm BHVN 81.46 4.3 LincolnElectric LECO 108.30 2.8 COMMERCIAL PROPERTIES MULTI STATEOFFERINGS BiondVaxPharm BVXV 2.61 4.4 BioLifeSols BLFS 32.00 4.6 Littelfuse LFUS 208.70 2.2 BrickellBiotech BBI 0.48 -4.0 BioLineRX BLRX 3.30 10.5 LiveOakBcshs LOB 39.68 3.7 BullHornUn BHSEU 9.79 0.1 Bio-RadLab B BIO.B 600.00 1.5 MallardAcqn MACUU 10.07 -0.2 CVR Partners UAN 0.57 -2.7 BrookfieldRenew BEPC 71.96 -0.3 Matson MATX 58.34 10.4 CaliforniaRscs CRC 12.50 0.1 BrookfieldRenew BEP 59.34 1.4 MaxLinear 28.53 3.3 MXL Check-Cap CHEK 0.27 -3.6 CSW Industrials CSWI 93.15 4.2 MettlerToledo MTD 1080.94 2.1 CohnRobbinsA CRHC 9.65 ... CarrierGlobal CARR 37.01 5.3 NIO NIO 35.87 6.5 D8 Holdings DEH.U 9.89 ... ChesapeakeUtil CPK 102.03 0.9 Navistar pfD NAVpD 26.30 5.4 EsperionTherap ESPR 23.90 -16.5 CohnRobbinsWt CRHC.WS 1.00 -2.2 NewBeginnings NBA.U 10.05 ... FoleyTrasII Wt BFT.WS 0.99 -2.0 ColgatePalm CL 83.42 3.7 Orbcomm ORBC 5.24 12.9 FortressValueIIWt FAII.WS 1.17 -4.5 CollectorsUniv CLCT 70.00 19.3 PackagingCpAm PKG 123.99 4.6 GasLog GLOG 2.34 -0.4 CommunityHlthSys CYH 8.5519.3 Pennant PNTG 47.94 7.1 GreatAjaxNts24 AJXA 23.37 0.9 CiaSiderurgica SID 3.89 6.9 Pentair PNR 53.08 4.2 GreenwichLife GLSI 3.37 -0.3 ConstructionPtrs ROAD 22.50 4.8 PerkinElmer PKI 135.49 0.4 HallofFameWt HOFVW 0.14 -4.4 Copart 118.77 2.6 CPRT Pinduoduo PDD 100.26 6.7 HappinessBiotech HAPP 1.64 ... Crocs CROX 56.00 2.5 ProvidenceService PRSC 126.00 2.0 IntercorpFinSvcs IFS 20.26 1.6 Cummins CMI 233.02 1.9 QuantaServices PWR 68.27 1.3 JaguarHealth JAGX 0.19 4.4 DanaherPfdB DHRpB 1361.41 1.5 RegalBeloit RBC 107.65 1.9 JupiterWellness JUPW 4.90 -9.3 DaVita DVA 93.83 4.4 RibbitLeapA LEAP 11.78 0.3 KBLMergerIV KBLM 6.12 -13.8 dMYTechII Wt DMYD.WS 1.70 13.7 Rockwell ROK 254.79 3.3 LAIX LAIX 1.61 -0.9 DolbyLab DLB 80.49 2.9 SPS Commerce SPSC 89.68 3.3 LiminalBioSci LMNL 4.15 -4.8 DuddellStreet DSACU 9.90 0.2 SQZ Biotech SQZ 16.42 12.1 MallardAcqn MACUU 9.90 -0.2 DycomInds DY 70.94 2.3 SVB Fin SIVB 313.67 1.2 MetenEdtechX METX 2.48 -5.7 Eaton ETN 111.99 3.6 Saia SAIA 159.62 5.2 NabrivaTherap NBRV 0.47 -2.3 EnsignGroup ENSG 63.55 3.5 Saratoga7.25Nts SAK 26.33 1.8 Neovasc NVCN 0.79 -0.1 EnvivaPartners EVA 44.87 0.8 SchmittIndustries SMIT 5.40 2.3 NorthernOil&Gas NOG 3.51 -5.1 Farfetch FTCH 34.66 6.8 ScholarRock SRRK 47.44 -8.1 1347 Property PIH 2.94 -2.4 FreeportMcM FCX 19.02 2.9 ShattuckLabs STTK 28.58 4.1 OptheaADR OPT 11.64 -2.9 Freshpet FRPT 126.79 5.8 SleepNumber SNBR 67.72 1.8 RaMedicalSys RMED 0.17 8.3 Garmin GRMN 111.78 0.7 Sony SNE 87.25 1.1 RiverNorthDoublPfd OPPpA 24.40 -0.2 Generac GNRC 222.20 4.2 SoCopper SCCO 54.94 -0.5 Tim TIMB 9.92 -1.5 GeneralFinNts25 GFNSZ 25.23 0.5 StifelFinlPfdC SFpC 27.51 0.8 TitanPharm TTNP 0.10 -3.2 GreenBrickPtrs GRBK 19.95 11.6 SummitStateBk SSBI 13.95 7.2 trivago TRVG 1.26 0.8 HalozymeTherap HALO 32.62 11.3 Systemax SYX 30.00 2.5 uCloudlink UCL 10.00 -6.5 HavertyFurn A HVT.A 26.42 9.6 ThermoFisherSci TMO 501.73 2.3 Zomedica ZOM 0.06 0.7 Borrowing Benchmarks wsj.com/market-data/bonds/benchmarks

AUCTIONS MASSACHUSETTS Money Rates November 3, 2020 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 .8?! 0&%?%8 don’t always represent actual transactions.

:@5*(46 Week —52-WEEK— Inflation Latest ago High Low 688790&' #<@D&HA Sept. index Chg From (%) 60 days 1.987 1.952 3.403 1.804 *LA%P]&4;L )"=)&]94 )9" )&&]OO>(;] 48 Three month 0.22475 0.21325 1.96050 0.20863 3277&:4KH *A +=)=:4 C94 Six month 0.24388 0.24650 1.92625 0.23375 4@] I8P4@])O4 '8PP>"8P F)>;P8)"S /4'85 %79; 095' D'::')F G7'':I>FA Policy Rates One year 0.33400 0.33175 2.01200 0.32763 !4464.(60064;6C%6;:40 &43/6<5;.0* !>0] &1P( &14O 89 #E4)4] E4P]]4S 12:58974>4!9:A /"988!:#A Euro zone 0.00 0.00 0.00 0.00 #O4>:)4]" 48 @)0] )VVP8.>:)4];L 0'54>27>:45A 6447>+4!9:5A '4+? Switzerland 0.00 0.00 0.50 0.00 Euro Libor [A$JJJ (1>;")(;] OR1)P]Y]]4S *#8&/' 6;"/ ), ?% ))?> Britain 0.10 0.10 0.75 0.10 *F!1/)+:@ WJ):$ B]"I80 W[ 89 One month -0.576 -0.566 -0.360 -0.621 :#<%$;= ;= -$%8 Australia 0.25 0.25 0.75 0.25 O>4] 8P 89;>9] )4 #F!1/)+9]4/8P4L 0.11 0.09 1.65 0.01 [JJS[JWS[JJ3 Discount "53"6<<50 '/44.;. '52+6C EEB=::!:">)9; Value 52-Week />;;>):O#F!1/)+S&8:6\):>;489 %6C#(*><*** 0.25 0.25 2.25 0.25 Latest Traded High Low %& G#D#F 'HED,I+H ,C'DZHI##FE$ ZI'S G#D#F 'HED,I+H$ *FHX#F UN32T NN7?N222S B6 39? C!+ (,M& .0'% *=@,MM$ Federal funds &+%, $*'' -(")#/" !*$*!.* *C-#FQE GF#KZCK K,-,GGM-S DTCC GCF Repo Index Effective rate 0.0900 0.0900 1.6200 0.0600 Treasury 0.130 65.900 1.720 0.002 !,'XEHI$"MM#)"M3K)+K<22)1 'D;;&:& 4)/ ) 60/5D20+) 09(&@&9(&95)AD<23 High 0.1000 0.1000 1.6500 0.1000 MBS 0.129 35.900 1.763 0.011 1&)2) +)2&&23(02&+5&( +D;;&:& AD<9(&( 09 C%>*= D6& )<+50D9 0/ /52<+5<2&( 5D Low 0.0500 0.0500 1.5800 0.0100 Notes on data: :08& 09(080(<); (<1&2/ )9 D@@D25<9051 5D )+9<02&8)20DA=HG258H) +3 ',HGEH"*!& $.5?)4 %!).#- (#32 4 weeks 0.080 0.085 1.620 0.000 Discount rate is effective March 16, 2020. $?!@G*!G"HGD/ 13 weeks 0.095 0.100 1.565 0.000 Secured Overnight Financing Rate is as of '-?= &;;?5.@)/.:9 26 weeks 0.110 0.110 1.580 0.080 November 2, 2020. DTCC GCF Repo Index is ?F><-0B'().1% >:6AA7 average for overnight trades in applicable >B9-60 <9>6C Secondary market CUSIPs. Value traded is in billions of U.S. dollars. *588 4%7'1(('.(%% *9(<%"# &#'? 55D5; 3=145!$ Federal-funds rates are Tullett Prebon rates as %..=%.C=%..B -40;;0):/563<6/4=+D:EK)+K<22)1 3/0.*".0 2-!,*/&!("$')# Fannie Mae of 5:30 p.m. ET. +-6 35#HD B& :5"D!") ,G!;HG <770A6,0771> Sources: Federal Reserve; Bureau of Labor $# %,I"#M E= I#MEHI) K,I,#"I# *FHX#F F# M"' >,C=.C*,'B= KHID# ;= MH;%#FK,I ,C' M"' 30-year mortgage yields >>....,.%= *C7#F5EGF#K"CK K,7 ,GGM7= %%%+0.!".0,/0+(/1 **%#@"./?)38"?+ Statistics; DTCC; FactSet; 30 days 1.953 1.920 3.388 1.751 Tullett Prebon Information, Ltd. P2JW309000-0-B00900-1------NS

THE WALL STREET JOURNAL. NY We dnesday, November 4, 2020 | B9 BIGGEST 1,000 STOCKS

Continued From Page B8 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 NetApp NTAP 46.29 1.35 Orix IX 63.71 1.97 PrincipalFin PFG 41.80 2.09 RoyalCaribbean RCL 57.57 0.55 SOQUIMICH SQM 38.00 0.09 TeledyneTech TDY 326.98 13.60 UnderArmour A UAA 14.77 0.31 WarnerMusic WMG 26.65 0.41 SolarEdgeTech SEDG Unilever UN 58.69 1.15 WasteConnections WCN 100.68 1.13 McCormickVtg MKC.V 189.05 5.30 NetEase NTES 85.91 1.58 OtisWorldwide OTIS 62.71 0.57 Procter&Gamble PG 141.22 2.72 RoyalDutchA RDS.A 26.87 0.20 206.37 -61.35 Teleflex TFX 332.19 12.22 Unilever UL 58.96 1.15 WasteMgt WM 114.71 4.04 McCormick MKC 187.68 2.51 Netflix NFLX 487.22 3.10 OwensCorning OC 66.89 -1.22 Progressive PGR 94.47 0.07 RoyalDutchB RDS.B 25.49 0.41 SolarWinds SWI 21.26 0.41 Ericsson ERIC 11.50 0.24 s UnionPacific UNP 185.38 6.14 Waters WAT 217.13 -5.09 McDonalds MCD 216.80 4.24 Neurocrine NBIX 95.87 -0.11 PG&E PCG 9.67 0.02 Prologis PLD 104.39 2.52 RoyalGold RGLD 121.69 0.23 Sony SNE 86.41 0.91 TelefonicaBras VIV 7.34 -0.11 PrudentialFin PRU 67.78 1.85 RoyaltyPharma RPRX 38.12 0.54 Southern SO 59.86 0.85 Telefonica TEF 3.44 0.04 UnitedAirlines UAL 34.02 0.24 Watsco WSO 233.64 4.71 McKesson MCK 160.01 7.98 NewFortressEner NFE 36.38 -0.10 PNC Fin PNC 119.39 4.94 s SoCopper SCCO 53.92 -0.29 TelekmIndonesia TLK 17.69 0.34 UnitedMicro UMC 5.38 0.16 Wayfair W 274.11 18.47 MedicalProp MPW 19.07 0.45 NewOrientalEduc EDU 160.79 -0.57 POSCO PKX 48.91 1.05 Prudential PUK 26.17 1.57 Ryanair RYAAY 85.44 2.93 SouthwestAir LUV 38.85 0.45 10xGenomics TXG 137.32 1.27 UPS B UPS 163.48 3.93 Weibo WB 40.53 -1.08 Medtronic MDT 103.13 0.70 NYTimes A NYT 40.57 0.10 PPD PPD 33.63 0.93 PublicServiceEnt PEG 59.32 0.83 SAP SAP 109.71 3.88 Splunk SPLK 194.78 3.44 UnitedRentals URI 201.45 8.78 WellsFargo WFC 22.09 0.19 MelcoResorts MLCO 16.33 0.32 NewellBrands NWL 19.50 0.59 PPG Ind PPG 136.86 1.68 PublicStorage PSA 235.48 2.67 S&P Global SPGI 334.75 6.83 TencentMusic TME 14.87 0.12 Spotify SPOT 236.53 4.93 US Bancorp USB 40.82 1.08 Welltower WELL 59.01 2.27 MercadoLibre MELI 1233.97 18.11 Newmont NEM 66.67 1.94 PPL PPL 28.84 0.73 PulteGroup PHM 43.15 1.00 SBA Comm SBAC291.01 -2.51 Teradyne TER 89.83 0.13 Square SQ 158.21 2.98 s UnitedTherap UTHR 136.50 2.52 WestPharmSvcs WST 277.03 5.63 Merck MRK 76.92 0.21 NewsCorp A NWSA 13.50 0.21 PRA HealthSci PRAH 103.13 3.61 Qiagen QGEN 49.26 0.60 SEI Investments SEIC 50.95 1.39 Terminix TMX 48.21 1.46 StanleyBlackDck SWK 173.63 4.92 UnitedHealth UNH 321.35 9.25 WesternDigital WDC 37.48 0.45 MetLife MET 39.97 1.27 NewsCorp B NWS 13.38 0.19 PTCPTC 92.16 5.28 Qorvo QRVO 128.46 0.52 SK Telecom SKM 21.59 0.48 Tesla TSLA 423.90 23.39 Starbucks SBUX 88.39 2.42 UnitySoftware U 98.07 3.94 WesternUnion WU 20.60 0.27 s MettlerToledo MTD 1065.50 22.25 NextEraEnergy NEE 76.02 0.89 Paccar PCAR 91.78 2.95 Qualcomm QCOM 125.45 1.48 SS&C Tech SSNC 62.05 2.15 TevaPharm TEVA 8.88 0.08 s StateStreet STT 62.38 2.70 UnivDisplay OLED 198.79 4.96 WestlakeChem WLK 74.01 3.08 MicrochipTech MCHP 108.97 3.86 Nike NKE 124.59 2.20 s PackagingCpAm PKG 123.25 5.38 QuantaServices PWR 67.32 0.87 StoreCapital STOR 27.48 0.74 TexasInstruments TXN 147.30 1.70 SteelDynamics STLD 32.32 0.43 UniversalHealthB UHS 118.21 4.33 WestpacBanking WBK 12.73 0.18 MicronTech MU 51.08 1.37 Nikola NKLA 18.84 0.26 PagSeguroDig PAGS 38.60 1.11 QuestDiag DGX 126.50 1.66 s SVB Fin SIVB 310.57 3.59 Textron TXT 39.44 1.72 Steris STE 176.38 -5.19 VEREIT VER 6.66 0.30 WestRock WRK 39.76 0.65 Microsoft MSFT 206.43 4.10 NiSource NI 24.03 0.58 PalantirTech PLTR 10.50 -0.04 Quidel QDEL 257.25 8.84 Salesforce.com CRM 237.13 4.68 s ThermoFisherSci TMO 491.50 10.95 STMicroelec STM VF VFC 70.75 1.98 Weyerhaeuser WY 28.39 0.27 MidAmApt MAA 123.32 3.48 Nokia NOK 3.39 0.12 PaloAltoNtwks PANW 227.92 6.07 Sanofi SNY 47.55 1.14 32.15 1.05 ThomsonReuters TRI 82.35 3.33 R S VICI Prop VICI 23.92 0.28 WheatonPrecMet WPM 47.15 0.44 NomuraHoldings NMR 4.77 0.14 PanAmerSilver PAAS 33.97 1.17 SantanderCons SC 21.73 0.54 StoneCo STNE 53.38 0.43 3M MMM 165.51 2.57 MiratiTherap MRTX 221.05 4.94 Whirlpool WHR 197.77 5.04 Nordson NDSN 200.31 3.31 SareptaTherap SRPT 141.34 4.05 Stryker SYK 208.26 5.48 Tiffany TIF 131.00 0.08 VailResorts MTN 232.26 1.97 MitsubishiUFJ MUFG 4.18 0.13 ParkerHannifin PH 226.20 8.18 RELX RELX 21.16 0.79 Williams WMB 18.98 0.21 NorfolkSouthern NSC 223.50 8.44 Schlumberger SLB 15.76 0.18 SumitomoMits SMFG 5.84 0.17 Toro TTC 84.73 1.61 Vale VALE 10.99 0.27 MizuhoFin MFG 2.63 0.07 Paychex PAYX 86.54 3.24 RH RH 359.74 18.61 Williams-Sonoma WSM 96.25 4.13 NorthernTrust NTRS 82.54 3.49 SchwabC SCHW 42.56 1.30 SunComms SUI 141.20 2.06 TorontoDomBk TD 45.58 0.99 ValeroEnergy VLO 39.48 -0.42 MobileTeleSys MBT 8.03 0.20 PaycomSoftware PAYC 369.14 8.54 RPM RPM 88.15 0.04 WillisTowers WLTW 180.51 0.94 NorthropGrum NOC 304.82 8.19 ScottsMiracleGro SMG 158.02 2.68 SunLifeFinancial SLF 41.74 1.44 Total TOT 32.37 0.62 VarianMed VAR 172.87 0.33 Moderna MRNA 69.08 1.97 Paylocity PCTY 186.19 5.63 RaymondJames RJF 79.98 1.52 Wipro WIT 4.85 0.08 NortonLifeLock NLOK 21.57 0.63 Sea SE 166.39 6.72 SuncorEnergy SU 11.90 0.15 ToyotaMotor TM 135.87 2.63 VeevaSystems VEEV 270.94 2.90 MohawkInds MHK 116.99 2.30 PayPal PYPL179.81 -7.95 RaytheonTech RTX 57.04 1.29 Wix.com WIX 244.85 -8.39 Novartis NVS 81.05 1.28 Seagate STX 50.35 1.78 SunRun RUN 54.00 -0.18 TractorSupply TSCO 135.99 2.59 Ventas VTR 42.98 2.01 MolinaHealthcare MOH 211.59 12.74 Pegasystems PEGA 116.01 2.61 RealtyIncome O 59.25 -0.39 Workday WDAY 209.18 3.70 NovoNordisk NVO 65.26 0.23 Seagen SGEN 168.50 -0.01 Suzano SUZ 9.10 0.32 TradeDesk TTD 586.08 26.92 VeriSign VRSN 191.51 2.31 MolsonCoorsB TAP 38.68 1.13 Peloton PTON 111.70 -1.74 RegencyCtrs REG 37.43 1.23 WynnResorts WYNN 74.57 -1.28 Novocure NVCR 113.83 1.67 SealedAir SEE 41.53 1.04 SynchronyFin SYF 26.66 0.70 Tradeweb TW 56.40 0.05 VeriskAnalytics VRSK 187.95 5.80 Mondelez MDLZ 54.42 0.08 PembinaPipeline PBA 21.34 0.38 RegenPharm REGN 557.19 8.61 XP XP 42.34 1.22 NuanceComms NUAN 32.57 1.07 SempraEnergy SRE Synnex SNX 141.39 4.21 s TraneTech TT 141.26 3.71 Verizon VZ 57.75 0.05 MongoDB MDB 226.97 2.79 PennNational PENN 56.06 3.03 RegionsFin RF 14.03 0.27 129.10 1.48 XPO Logistics XPO 94.16 3.73 Nucor NUE 50.05 1.18 Synopsys SNPS 221.74 5.96 TransDigm TDG 508.56 14.13 VertxPharm VRTX 211.14 3.72 MonolithicPower MPWR 314.39 -0.87 s Pentair PNR 52.81 2.11 ReinsGrp RGA 103.99 1.49 SensataTechs ST 45.37 0.58 XcelEnergy XEL 72.98 1.20 Nutrien NTR SyscoSYY 60.25 3.16 ViacomCBS A VIACA 31.29 0.53 MonsterBev MNST 79.52 1.60 38.40 -3.19 Penumbra PEN 249.69 1.52 RelianceSteel RS 111.59 0.67 ServiceCorp SCI 48.95 1.55 TransUnion TRU 82.33 2.57 ViacomCBS B VIAC 30.13 0.53 Xilinx XLNX 120.82 2.34 Moody's MCO 269.18 3.25 NVIDIA NVDA 520.78 17.55 PepsiCo PEP 137.04 1.89 RenaissanceRe RNR 165.50 2.10 ServiceNow NOW 480.05 4.05 Travelers TRV 126.34 2.42 T U V Vipshop VIPS 21.36 ... XPeng XPEV 22.21 1.49 MorganStanley MS 51.18 1.80 s PerkinElmer PKI 133.15 0.51 Repligen RGEN 178.01 7.87 ShawComm B SJR 16.72 0.20 Trex TREX 70.90-0.84 O P Q Visa V 188.34 3.60 Xylem XYL 91.61 3.02 Morningstar MORN 199.31 4.30 Perrigo PRGO 45.36 -0.25 RepublicSvcs RSG 92.40 2.54 SherwinWilliams SHW 710.09 0.79 TAL Education TAL 66.86 0.52 Trimble TRMB 52.68 1.94 Vistra VST 18.39 0.65 Yandex YNDX 57.71 0.83 Mosaic MOS 17.19 -2.37 OGE Energy OGE 32.51 0.74 PetroChina PTR 29.83 0.81 ResMed RMD 202.46 5.66 ShinhanFin SHG 28.57 0.58 TC Energy TRP 39.87 0.91 Trip.com TCOM 29.15 -0.17 VMware VMW 131.93 4.93 YumBrands YUM 96.77 1.52 MotorolaSol MSI 166.00 2.53 ONEOK OKE 28.92 -0.31 PetroleoBrasil PBR 6.88 0.16 RestaurantBrands QSR 54.00 2.24 Shopify SHOP 941.72 26.73 TE Connectivity TEL 101.78 2.28 TruistFinl TFC 44.76 1.28 Vodafone VOD 13.92 0.11 YumChina YUMC 53.15 0.50 Mylan MYL 15.14 ... OReillyAuto ORLY 449.05 7.59 PetroleoBrasilA PBR.A 6.86 0.19 ReynoldsCnsmr REYN 29.69 0.10 Sibanye-Stillwater SBSW 12.96 0.44 Telus TU 17.21 0.17 Twilio TWLO 280.37 6.99 ZTO Express ZTO 29.07 -0.26 VornadoRealty VNO 34.03 1.53 MyoKardia MYOK 223.49 0.21 OakStreetHealth OSH 48.57 1.76 Pfizer PFE 36.19 -0.04 RingCentral RNG 257.01 -0.54 SimonProperty SPG 64.99 0.28 TJX TJX 53.99 2.25 Twitter TWTR 41.73 2.26 ZaiLab ZLAB 84.60 2.66 VoyaFinancial VOYA 50.02 1.25 NICE NICE 235.67 6.07 OccidentalPetrol OXY 9.69 0.04 PhilipMorris PM 71.82 0.19 RioTinto RIO 58.82 1.41 SiriusXM SIRI 5.82 0.04 T-MobileUS TMUS 111.12 0.73 TylerTech TYL 395.26 7.82 s VulcanMatls VMC 150.16 0.72 ZebraTech ZBRA 319.22 26.15 s NIO NIO 35.50 2.18 Okta OKTA 208.50 4.64 Phillips66 PSX 47.52 -0.44 RitchieBros RBA 64.72 1.51 Skyworks SWKS138.80 -3.32 TRowePrice TROW 132.15 3.18 TysonFoods TSN 56.49 -1.14 Zendesk ZEN 114.66 4.69 NRG Energy NRG 32.73 0.56 OldDomFreight ODFL 198.14 4.39 s Pinduoduo PDD 97.72 6.10 RocketCos. RKT 19.38 0.45 SlackTech WORK 25.38 0.33 TaiwanSemi TSM 87.69 1.98 UBS Group UBS 12.73 0.79 W X Y Z Zillow C Z 91.69 2.53 NVR NVR 4118.98 89.71 OmegaHealthcare OHI 30.23 0.49 PinnacleWest PNW 81.76 0.69 s Rockwell ROK 253.37 7.98 Smartsheet SMAR 50.67 1.28 TakeTwoSoftware TTWO 158.88 4.85 UDR UDR 34.57 1.78 Zillow A ZG 92.46 2.67 NXP Semi NXPI 138.88 1.57 Omnicom OMC 50.05 1.33 Pinterest PINS 59.58 1.20 RogersComm B RCI 41.30 0.20 SmithAO AOS 53.30 0.45 TakedaPharm TAK 15.84 0.10 UGI UGI 33.81 0.56 WEC Energy WEC 104.25 1.11 ZimmerBiomet ZBH 136.41 3.89 Nasdaq NDAQ 124.91 1.73 ON Semi ON 25.05 0.69 PioneerNatRscs PXD 82.20 -0.60 Roku ROKU 203.49 -3.39 Smith&Nephew SNN 36.25 1.14 TandemDiabetes TNDM 113.07 5.07 Uber UBER 35.77 0.96 W.P.Carey WPC 65.91 2.01 Zoetis ZTS 163.14 0.25 NationalGrid NGG 61.43 1.77 OneConnectFinTech OCFT 20.22 -0.13 PlainsAllAmPipe PAA 6.57 0.07 Rollins ROL 59.42 1.27 Smucker SJM 116.98 0.32 Tapestry TPR 24.06 0.43 Ubiquiti UI 192.04 6.68 WPP WPP 41.30 1.94 ZoomVideo ZM 451.51 -1.49 Natura&Co NTCO 15.99 0.05 OpenText OTEX 37.61 1.21 PlugPower PLUG 16.95 1.48 RoperTech ROP 383.35 2.41 Snap SNAP 41.17 0.38 Target TGT 156.73 2.34 UltaBeauty ULTA 217.53 6.75 Wabtec WAB 65.62 3.94 ZoomInfoTech ZI 37.62 0.67 NatWestNWG 3.32 0.28 Oracle ORCL 56.80 0.35 Pool POOL 364.18 6.89 RossStores ROST 91.64 3.05 SnapOn SNA 163.92 0.11 TeckRscsB TECK 13.48 -0.07 s UltragenyxPharm RARE 102.00 6.47 WalgreensBoots WBA 37.37 1.58 Zscaler ZS 134.65 0.22 nCino NCNO 72.56 3.36 Orange ORAN 11.17 -0.11 PostHoldings POST 90.68 2.45 RoyalBkCanada RY 72.19 1.63 Snowflake SNOW 262.13 9.90 TeladocHealth TDOC 195.24 4.84 UnderArmour C UA 13.01 0.23 Walmart WMT 142.78 2.38 Zynga ZNGA 9.51 0.24

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 SeriesOverseas 10.72 +0.10 -0.6 Fidelity Selects IntlEq 26.16 +0.43 -6.1 1000 Inv r 74.63 +0.90 NA TotIntlAdmIdx r 27.77 +0.36 -5.7 USGro 57.48 +0.18 33.6 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. SmCpIdxInstPrem 19.96 +0.38 -4.9 Softwr r 23.76 +0.08 23.6 Old Westbury Fds S&P Sel 51.38 +0.63 NA TotStAdml 82.18 +1.02 4.5 WellsI 27.33 +0.22 2.2 e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnoteseand s TMktIdxInstPrem 94.20 +1.17 4.3 Tech r 26.02 +0.07 36.1 LrgCpStr 15.43 +0.17 2.4 TSM Sel r 58.34 +0.72 NA TxMCapAdml 172.31 +2.13 5.2 Welltn 43.29 +0.39 1.6 apply. k-RecalculatedbyLipper,using updateddata. p-Distribution costsapply,12b-1. r- USBdIdxInstPrem 12.38 +0.02 6.6 First Eagle Funds Parnassus Fds TIAA/CREF Funds TxMIn r 12.84 +0.19 -7.9 WndsrII 35.42 +0.57 -2.0 Redemption charge mayapply. s-Stock split or dividend. t-Footnotespand rapply. v-Footnotes Fidelity Advisor I GlbA 56.21 +0.79 -3.0 ParnEqFd 50.26 +0.50 7.4 EqIdxInst 24.37 +0.30 4.4 USGroAdml 149.00 +0.47 33.7 VANGUARD INDEX FDS xand eapply. x-Ex-dividend. z-Footnote x, eand sapply. NA-Notavailable due to incomplete NwInsghtI 36.42 +0.18 11.4 Franklin A1 PGIM Funds Cl Z VANGUARD ADMIRAL ValAdml 40.76 +0.80 -10.8 IdxIntl 16.60 +0.21 -5.8 price, performanceorcostdata. NE-Notreleased by Lipper; data under review. NN-Fund not Fidelity Freedom CA TF A1 p 7.64 -0.01 2.4 TotalReturnBond 14.74 +0.03 NA 500Adml 305.76 +3.73 4.0 WdsrllAdml 62.86 +1.02 -1.9 SmValAdml 50.17 +1.22 -13.6 tracked. NS-Fund didn’texistatstart of period. FF2020 16.27 +0.13 3.5 IncomeA1 p 2.08 +0.01 -6.8 PIMCO Fds Instl BalAdml 40.93 +0.33 6.1 WellsIAdml 66.21 +0.55 2.3 TotBd2 11.47 +0.02 6.1 FF2025 14.42 +0.12 3.3 FrankTemp/Frank Adv AllAsset NA ... NA CAITAdml 12.22 -0.01 3.0 WelltnAdml 74.75 +0.68 1.7 TotIntlInstIdx r 111.04 +1.43 -5.7 FF2030 17.81 +0.17 2.8 IncomeAdv 2.06 +0.01 -6.7 HiYld 8.73 +0.02 0.5 CapOpAdml r 164.52 +1.59 4.3 WndsrAdml 63.80 +1.22 -10.8 TotItlInstPlId r 111.07 +1.44 -5.7 Tuesday, November 3, 2020 Freedom2020 K 16.26 +0.13 3.5 FrankTemp/Franklin A InvGrdCrBd 11.01 +0.03 NA DivAppIdxAdm 34.65 +0.55 3.9 VANGUARD FDS TotSt 82.15 +1.02 4.4 Net YTD Net YTD Net YTD Freedom2025 K 14.40 +0.12 3.3 Growth A p 128.37 +1.32 14.4 TotRt 10.88 +0.02 NA EMAdmr 36.90 +0.33 1.4 DivdGro 30.44 +0.51 0.5 VANGUARD INSTL FDS Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret RisDv A p 71.25 +1.33 3.1 Freedom2030 K 17.80 +0.17 3.0 PIMCO Funds A EqIncAdml 70.65 +1.33 -9.0 INSTTRF2020 24.93 +0.17 3.4 BalInst 40.93 +0.33 6.1 Guggenheim Funds Tru IncomeFd 11.71 +0.01 NA American Century Inv BlackRock Funds TAUSCoreEq2 19.73 +0.31 -0.9 Freedom2035 K 14.92 +0.16 2.0 ExplrAdml 104.21 +1.39 7.2 INSTTRF2025 25.48 +0.20 3.0 DevMktsIndInst 12.86 +0.19 -7.8 TotRtnBdFdClInst 29.64 +0.04 11.7 PIMCO Funds I2 ExtndAdml 100.18 +1.35 5.7 Ultra 66.76 +0.38 28.0 HiYBlk 7.45 +0.01 0.2 US CoreEq1 25.61 +0.37 0.1 Freedom2040 K 10.43 +0.13 1.7 INSTTRF2030 25.77 +0.23 2.6 DevMktsInxInst 20.09 +0.28 -7.9 Fidelity Invest Harbor Funds Income 11.71 +0.01 NA GNMAAdml 10.73 +0.01 3.4 ExtndInst 100.17 +1.34 5.7 American Funds Cl A HiYldBd Inst 7.45 +0.02 0.1 US CoreEq2 23.14 +0.35 -1.1 INSTTRF2035 26.03 +0.25 2.1 Balanc 25.58 +0.23 9.2 CapApInst 99.40 +0.22 NA PIMCO Funds Instl GrwthAdml 114.08 +0.63 22.4 GrwthInst 114.09 +0.63 22.4 AmcpA p NA ... NA BlackRock Funds A US Small 31.62 +0.62 -9.0 INSTTRF2040 26.29 +0.28 1.6 BluCh 139.95 +0.60 35.4 Harding Loevner IncomeFd 11.71 +0.01 NA HlthCareAdml r 88.80 +1.33 4.1 InPrSeIn 11.44 +0.04 8.9 AMutlA p NA ... NA GlblAlloc p 19.75 ... 5.9 US SmCpVal 28.02 +0.68 -17.9 INSTTRF2045 26.48 +0.30 1.1 Contra 16.23 +0.08 19.2 IntlEq 24.12 +0.36 1.3 Price Funds HYCorAdml r 5.79 +0.01 1.3 InstIdx 295.52 +3.59 4.0 BalA p NA ... NA BlackRock Funds Inst USLgVa 32.05 +0.65 -15.5 INSTTRF2050 26.53 +0.30 1.2 ContraK 16.26 +0.08 19.2 Invesco Funds Y BlChip 151.72 +0.58 22.0 InfProAd 28.07 +0.08 8.8 InstPlus 295.54 +3.60 4.0 BondA p NA ... NA StratIncOpptyIns 10.04 ... 3.0 Dodge & Cox INSTTRF2055 26.63 +0.30 1.2 Bridge Builder Trust CpInc r 9.91 +0.03 0.2 DevMktY 45.69 +0.48 0.2 DivGro 53.38 +0.82 1.1 IntlGrAdml 135.70 +2.01 32.0 InstTStPlus 70.31 +0.88 4.5 CapIBA p NA ... NA Balanced 92.97 +1.14 -5.6 IntlVal 32.96 +0.48 -12.2 CapWGrA NA ... NA CoreBond 10.91 +0.02 7.2 Income 14.68 +0.03 6.9 DivIntl 42.01 +0.40 3.7 JPMorgan I Class EqInc 26.80 +0.56 -14.8 ITBondAdml 12.56 +0.01 8.4 MidCpInst 49.03 +0.86 1.9 LifeCon 21.62 +0.13 4.2 EupacA p NA ... NA CorePlusBond 10.63 +0.02 7.1 Intl Stk 35.58 +0.67 -18.4 GroCo 30.35 +0.08 42.1 CoreBond NA ... NA EqIndex 87.96 +1.07 3.9 ITIGradeAdml 10.58 +0.01 8.3 MidCpIstPl 241.82 +4.27 1.9 LifeGro 36.52 +0.37 1.8 FdInvA p NA ... NA Intl Eq 11.53 +0.16 -3.8 Stock 166.32 +2.98 -11.5 GrowCoK 30.42 +0.08 42.2 EqInc NA ... NA Growth 87.82 +0.46 19.7 LTGradeAdml 11.73 +0.05 10.8 SmCapInst 76.44 +1.28 -2.8 LifeMod 29.51 +0.24 3.1 GwthA p NA ... NA LargeCapGrowth 18.76 +0.17 18.5 DoubleLine Funds InvGrBd 11.73 +0.02 7.8 JPMorgan R Class HelSci 92.74 +0.74 13.9 MidCpAdml 221.96 +3.92 1.9 STIGradeInst 10.97 ... 4.3 PrmcpCor 26.90 +0.33 -3.7 HI TrA p NA ... NA LargeCapValue 12.55 +0.23 -7.0 CoreFxdIncmI 11.18 +0.02 3.6 LowP r 43.22 +0.77 -7.3 CoreBond NA ... NA LgCapGow I 53.74 +0.31 22.0 MuHYAdml 11.67 -0.01 2.2 STIPSIxins 25.43 +0.02 3.5 ICAA p NA ... NA ClearBridge TotRetBdI 10.69 +0.02 3.5 Magin 11.83 +0.11 16.0 Lord Abbett A MidCap 102.04 +1.13 7.0 MuIntAdml 14.64 ... 3.3 STAR 29.27 +0.26 7.8 TotBdInst 11.55 +0.02 6.6 IncoA p NA ... NA LargeCapGrowthI 63.52 +0.36 NA Edgewood Growth Instituti NASDAQ r 138.35 +0.57 22.8 ShtDurIncmA p NA ... NA NHoriz 80.35 -0.33 35.3 MuLTAdml 12.02 -0.01 3.5 TgtRe2015 15.77 +0.08 3.9 TotBdInst2 11.47 +0.02 6.2 IntBdA p NA ... NA Columbia Class I EdgewoodGrInst 48.92 +0.59 27.0 OTC 15.09 +0.01 25.8 Lord Abbett F R2020 22.78 +0.17 3.1 MuLtdAdml 11.20 ... 2.6 TgtRe2020 33.62 +0.23 3.4 TotBdInstPl 11.55 +0.02 6.6 N PerA p NA ... NA DivIncom I 23.06 +0.35 -4.1 Fidelity Puritn 24.38 +0.20 10.6 ShtDurIncm NA ... NA R2025 18.36 +0.16 3.3 MuShtAdml 15.93 ... 1.6 TgtRe2025 20.44 +0.17 3.0 TotIntBdIdxInst 35.01 +0.02 4.0 NEcoA p NA ... NA Dimensional Fds 500IdxInstPrem 114.91 +1.40 4.0 SrsEmrgMkt 21.77 +0.27 5.5 Metropolitan West R2030 26.72 +0.27 3.2 PrmcpAdml r 145.50 +1.56 0.9 TgtRe2030 37.39 +0.33 2.6 TotStInst 82.19 +1.02 4.5 NwWrldA NA ... NA 5GlbFxdInc 10.89 ... 1.5 Contrafund K6 17.08 +0.07 18.1 SrsGlobal 12.40 +0.17 -5.8 TotRetBd 11.58 +0.01 7.3 R2035 19.63 +0.21 3.2 RealEstatAdml 111.20 +2.70 -13.3 TgtRe2035 22.99 +0.22 2.1 ValueInst 40.76 +0.80 -10.8 SmCpA p NA ... NA EmgMktVa 24.17 +0.24 -14.0 ExtMktIdxInstPre 67.39 +0.90 5.6 SrsGroCoRetail 25.55 +0.06 43.9 TotRetBdI 11.58 +0.01 7.6 R2040 27.93 +0.32 3.2 SmCapAdml 76.44 +1.28 -2.8 TgtRe2040 39.76 +0.42 1.6 WCM Focus Funds TxExA p NA ... NA EmMktCorEq 20.53 +0.19 -4.0 FidSerToMarket 11.32 +0.14 4.3 SrsIntlGrw 18.25 +0.24 4.2 TRBdPlan 10.89 +0.01 7.5 PRIMECAP Odyssey Fds SmGthAdml 76.82 +0.59 10.3 TgtRe2045 25.00 +0.28 1.2 WCMFocIntlGrwIns 21.59 +0.26 14.2 WshA p NA ... NA IntlCoreEq 12.25 +0.17 -10.0 IntlIdxInstPrem 39.08 +0.57 -9.0 SrsIntlVal 8.41 +0.16 -15.1 MFS Funds Class I AggGrowth r 48.33 +0.26 7.6 STBondAdml 10.86 ... 4.3 TgtRe2050 40.25 +0.45 1.2 Western Asset Baird Funds IntSmCo 17.01 +0.17 -9.6 MidCpInxInstPrem 23.50 +0.41 ... TotalBond 11.13 +0.02 7.0 Growth I 150.29 +0.71 18.2 Putnam Funds Class Y STIGradeAdml 10.97 ... 4.3 TgtRet2055 43.70 +0.50 1.2 CoreBondI NA ... NA AggBdInst 11.80 +0.02 7.3 IntSmVa 15.86 +0.21 -17.7 SAIUSLgCpIndxFd 17.75 +0.22 3.9 Fidelity SAI ValueI 40.59 +0.75 -7.8 StDurInc 10.10 ... 1.4 TotBdAdml 11.55 +0.02 6.6 TgtRetInc 14.49 +0.07 4.3 CorePlusBdI 12.36 +0.02 NA CorBdInst 12.12 +0.01 7.1 LgCo 25.41 +0.31 4.0 SeriesBondFd 10.72 +0.01 6.6 TotalBd 10.56 +0.02 6.5 MFS Funds Instl Schwab Funds TotIntBdIdxAdm 23.33 +0.01 4.0 TotIntBdIxInv 11.67 +0.01 4.0 CorePlusBdIS 12.35 +0.01 NA

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B10 | We dnesday, November 4, 2020 THE WALL STREET JOURNAL. MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 27480.03 s554.98, or 2.06% Trailing P/E ratio 27.32 20.36 3369.16 s58.92, or 1.78% Trailing P/E ratio * 37.25 23.48 11160.57 s 202.96, or 1.85% Trailing P/E ratio *† 36.81 25.28 High, low, open and close for each P/E estimate * 22.26 18.15 High, low, open and close for each P/E estimate * 25.01 18.55 High, low, open and close for each P/E estimate *† 30.25 22.25 trading day of the past three months. Dividend yield 2.24 2.24 trading day of the past three months. Dividend yield * 1.79 1.89 trading day of the past three months. Dividend yield *† 0.76 0.99 All-time high 29551.42, 02/12/20 All-time high 3580.84, 09/02/20 All-time high: 12056.44, 09/02/20

Current divisor 0.15198707565833 29000 3650 12100

28000 3525 11450

27000 3400 10800

26000 3275 10150 Session high 65-day moving average DOWN UP 65-day moving average Session open Close 25000 3150 9500 t 65-day moving average Close Open t 24000 3025 8850 Session low Bars measure the point change from session's open 23000 2900 8200 July Aug. Sept. Oct. July Aug. Sept. Oct. July Aug. Sept. Oct. *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 6p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 860,859,195 10,607,209 Industrial Average 27640.21 27138.69 27480.03 554.98 2.06 29551.42 18591.93 -0.0 -3.7 5.3 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 729,989,252 7,258,991 Transportation Avg 11617.34 11315.62 11559.96 343.54 3.06 11988.83 6703.63 4.6 6.0 5.8 Most-active issues in late trading Decl. volume* 126,015,957 3,238,309 Utility Average 899.45 885.33 889.78 13.22 1.51 960.89 610.89 4.9 1.2 5.7 Volume After Hours Issues traded 3,150 270 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 34792.49 34265.47 34611.39 648.96 1.91 36434.12 22462.76 10.0 4.8 8.9 Advances 2,480 196 SPDR S&P 500 SPY 8,922.1 336.06 0.03 0.01 336.17 334.71 Barron's 400 753.16 742.32 749.80 16.51 2.25 767.01 455.11 6.9 2.4 3.0 Declines 585 65 Finl Select Sector SPDR XLF 5,749.5 24.82 -0.03 -0.12 24.86 24.76 Unchanged 85 9 Cnsmr Staples Sel Sector XLP Nasdaq Stock Market 5,560.9 64.40 0.11 0.17 64.41 64.17 New highs 62 2 Nasdaq Composite 11213.92 11004.84 11160.57 202.96 1.85 12056.44 6860.67 32.3 24.4 18.2 Invesco QQQ Trust I QQQ 3,583.2 274.65 ...... 275.07 273.61 New lows 13 2 Nasdaq 100 11356.08 11115.55 11279.91 195.15 1.76 12420.54 6994.29 37.4 29.2 21.5 Apple AAPL 2,921.6 110.35 -0.09 -0.08 110.84 110.08 Closing Arms† 0.75 1.06 iShares Core MSCI EM IEMG 2,585.7 54.40 -0.08 -0.15 54.48 54.26 S&P Block trades* 5,514 106 Intel INTC 2,547.6 44.85 ...... 44.96 44.74 500 Index 3389.49 3336.25 3369.16 58.92 1.78 3580.84 2237.40 9.6 4.3 9.2 Nasdaq NYSE Arca iShares Russell 2000 ETF IWM 2,535.1 160.75 0.51 0.32 161.05 159.80 MidCap 400 1988.76 1957.97 1980.51 43.40 2.24 2106.12 1218.55 -0.9 -4.0 2.6 Total volume*3,202,926,639 275,245,977 SmallCap 600 923.04 906.46 918.90 23.51 2.63 1041.03 595.67 -7.2 -10.0 0.7 Percentage gainers… Adv. volume*2,517,157,076 211,152,177 Decl. volume* 655,243,040 63,641,051 Other Indexes Digirad DRAD 1,369.2 3.50 0.97 38.07 3.60 2.58 Issues traded 3,615 1,419 Russell 2000 1620.77 1571.95 1614.30 45.70 2.91 1705.22 991.16 0.9 -3.2 2.6 Super Micro Computer SMCI 65.8 26.23 3.02 13.01 27.37 23.21 Advances 2,821 1,200 NYSE Composite 12936.90 12781.17 12877.45 215.28 1.70 14183.20 8777.38 -3.5 -7.4 1.3 Itau Unibanco Holding ADR ITUB 176.1 4.46 0.29 6.95 4.60 4.06 Declines 691 199 Chemours CC 52.8 22.44 0.68 3.13 22.78 21.76 Value Line 482.76 469.87 480.75 10.88 2.32 562.05 305.71 -10.4 -12.9 -3.8 Unchanged 103 20 Canopy Growth CGC 83.3 20.96 0.50 2.44 20.96 20.25 NYSE Arca Biotech 5330.97 5251.05 5308.17 82.66 1.58 6142.96 3855.67 17.9 4.8 8.1 New highs 52 16 NYSE Arca Pharma 637.10 629.10 630.32 5.35 0.86 675.64 494.36 5.0 -3.6 5.5 ...And losers New lows 27 6 KBW Bank 81.71 80.41 81.07 2.14 2.71 114.12 56.19 -25.5 -28.5 -7.4 Iron Mountain IRM 147.0 26.66 -0.64 -2.34 27.50 26.66 Closing Arms† 1.06 2.45 § PHLX Gold/Silver 148.31 145.57 147.41 2.72 1.88 161.14 70.12 57.9 37.9 22.2 KAR Auction Services KAR 54.8 15.93 -0.38 -2.33 16.60 15.51 Block trades* 14,126 1,372 § PHLX Oil Service 30.48 29.05 29.52 0.38 1.31 80.99 21.47 -58.7 -62.3 -39.7 Amkor Technology AMKR 176.0 11.90 -0.26 -2.14 12.16 11.90 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 2319.91 2279.32 2302.73 42.66 1.89 2433.48 1286.84 33.1 24.5 21.0 Veeva Systems Cl A VEEV 76.1 265.32 -5.62 -2.07 276.70 264.81 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 36.44 34.19 35.55 -1.58 -4.26 82.69 11.54 171.4 158.0 57.3 LTHM Livent 139.3 11.34 -0.24 -2.07 11.63 11.31 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 1.85 World The Global Dow 2989.80 54.35 –8.0 Aptevo Therapeutics APVO 11.23 4.93 78.25 11.73 2.94 23.3 SolarEdge Technologies SEDG 206.37 -61.35 -22.92 317.88 67.02 147.8 1.82 DJ Global Index 433.81 7.76 –0.05 Inspire Medical Systems INSP 160.50 38.75 31.83 160.90 40.53 165.0 OneSpan OSPN 18.20 -4.31 -19.15 33.33 10.88 -7.4 DJ Global ex U.S. 248.40 4.35 1.78 –5.8 Infr Engy Alternatives IEA 8.88 1.76 24.72 9.41 1.63 231.3 Greenhill GHL 10.56 -2.50 -19.14 23.08 7.28 -39.6 Americas DJ Americas 786.19 14.56 1.89 3.3 Medley Management Cl A MDLY 6.45 1.26 24.28 33.00 2.80 -80.0 Intrepid Potash IPI 9.18 -1.96 -17.59 31.70 6.00 -68.5 Brazil Sao Paulo Bovespa 95979.71 2027.31 2.16 –17.0 Revlon Cl A REV 5.20 1.00 23.81 25.24 3.96 -78.5 Ambow Education ADR AMBO 2.20 -0.45 -16.98 6.43 1.10 58.3 Canada S&P/TSX Comp 15939.15 242.28 1.54 –6.6 Lordstown Motors RIDE 15.99 2.92 22.34 31.80 9.50 61.2 Esperion Therapeutics ESPR 24.20 -4.79 -16.52 76.98 23.90 -40.7 Mexico S&P/BMV IPC 37466.09 478.23 1.29 –14.0 GW Pharmaceuticals ADR GWPH 108.21 18.92 21.19 141.98 67.98 -19.7 Build-A-Bear Workshop BBW 3.78 -0.65 -14.67 5.68 1.01 5.3 Chile Santiago IPSA 2425.47 –34.22 –1.39 –27.3 JAKKS Pacific JAKK 5.75 1.00 21.05 14.40 3.00 -26.3 KBL Merger IV KBLM 7.84 -1.25 -13.75 11.50 6.12 -25.8 Fulcrum Therapeutics FULC 11.16 1.89 20.39 22.96 5.90 75.2 Mosaic MOS 17.19 -2.37 -12.12 22.50 6.50 -20.6 EMEA Stoxx Europe 600 356.01 8.15 2.34 –14.4 TeleNav TNAV 4.76 0.79 19.90 6.50 3.45 1.1 Kennametal KMT 29.06 -3.62 -11.08 38.73 14.45 -13.4 Eurozone Euro Stoxx 347.59 8.17 2.41 –14.0 Belgium Bel-20 3154.13 76.55 2.49 –20.3 Galera Therapeutics GRTX 9.58 1.56 19.45 19.50 5.58 ... IRSA-Inversions GDR IRS 3.80 -0.43 -10.17 7.58 2.57 -24.0 Denmark OMX Copenhagen 20 1347.41 11.63 0.87 18.6 VivoPower International VVPR 7.09 1.15 19.36 24.33 0.59 453.9 ProSh Ult Bloombg Nat Gas BOIL 36.08 -3.98 -9.94 156.10 22.50 -76.6 France CAC 40 4805.61 114.47 2.44 –19.6 Community Health Systems CYH 8.46 1.37 19.32 8.55 2.25 184.8 Micro US Big Banks 3X Inv BNKD 9.51 -1.05 -9.92 97.12 9.00 -66.5 Collectors Universe CLCT Aurinia Pharmaceuticals AUPH Germany DAX 12088.98 300.70 2.55 –8.8 69.13 11.18 19.29 70.00 13.26 152.9 13.97 -1.53 -9.87 21.93 4.90 166.1 Tremont Mortgage Trust TRMT 3.43 0.51 17.47 6.86 1.63 -27.2 Forte Biosciences FBRX 35.05 -3.76 -9.69 53.99 6.33 261.8 Israel Tel Aviv 1354.97 9.85 0.73 –19.5 Italy FTSE MIB 18986.24 586.21 3.19 –19.2 Most Active Stocks Volume Movers Ranked by change from 65-day average* Netherlands AEX 554.48 10.57 1.94 –8.3 Russia RTS Index 1108.15 38.82 3.63 –28.5 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 53187.81 569.77 1.08 –6.8 Spain IBEX 35 6751.60 166.00 2.52 –29.3 NIO ADR NIO 215,905 92.0 35.50 6.54 35.87 1.66 Aptevo Therapeutics APVO 30,345 68431 11.23 78.25 11.73 2.94 Sweden OMX Stockholm 703.99 11.06 1.60 3.4 Beasley Broadcast Cl A BBGI 128,424 66694.7 1.70 37.10 5.15 1.15 Vanguard SC 600 Gr ETF VIOG 616 2922 161.41 2.55 171.98 99.36 Apple AAPL Frequency Electronics FEIM Switzerland Swiss Market 10003.82 212.14 2.17 –5.8 106,718 -36.8 110.44 1.54 137.98 53.15 196 2807 10.05 5.24 12.19 5.95 General Electric GE 97,302 -3.7 7.85 4.39 13.26 5.48 iSh Morningstar SC Growth JKK 202 2755 251.87 2.47 262.27 133.27 Turkey BIST 100 1150.71 17.12 1.51 0.6 SPDR S&P 500 SPY 89,841 27.6 336.03 1.77 358.75 218.26 Innovation NextGen Proto KOIN 129 2463 32.60 2.45 35.75 20.62 U.K. FTSE 100 5786.77 131.79 2.33 –23.3 U.K. FTSE 250 17491.70 311.18 1.81 –20.1 ProSh UltraPro Shrt QQQ SQQQ 85,070 28.6 23.68 -5.09 162.15 18.95 LeaderShares Equity Skew SQEW 187 2425 29.05 2.07 30.14 23.78 Sundial Growers SNDL 80,049 350.2 0.19 12.97 4.02 0.14 Xtrkr MSCI USA ESG Ldrs USSG 1,197 1815 30.74 1.93 32.55 20.12 Asia-Pacific Finl Select Sector SPDR XLF 75,634 36.3 24.85 2.22 31.38 17.49 LeaderShs Activist Ldrs ACTV 475 1749 25.12 1.99 25.36 24.00 Australia S&P/ASX 200 6066.40 115.10 1.93 –9.2 Transocean RIG 75,363 201.1 0.87 20.89 7.28 0.65 KBL Merger IV KBLM 105 1647 7.84 -13.75 11.50 6.12 China Shanghai Composite 3271.07 45.95 1.42 7.2 Bank of America BAC 64,821 11.1 24.69 2.53 35.72 17.95 WisdomTree Bloom USD BullUSDU 846 1475 26.47 -0.11 32.49 26.08 Hong Kong Hang Seng 24939.73 479.72 1.96 –11.5 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least 1.27 India S&P BSE Sensex 40261.13 503.55 –2.4 5,000 shares =Has traded fewer than 65 days Japan Nikkei Stock Avg 23295.48 … Closed –1.5 Singapore Straits Times 2497.22 54.09 2.21 –22.5 Track the Markets South Korea Kospi 2343.31 43.15 1.88 6.6 Compare the performance of selected CURRENCIES & COMMODITIES Taiwan TAIEX 12736.01 1.15 6.2 global stock indexes, bond ETFs, 144.70 currencies and commodities at Currencies Thailand SET 1221.33 19.17 1.59 –22.7 wsj.com/graphics/track-the-markets Sources: FactSet; Dow Jones Market Data U.S.-dollar foreign-exchange rates in late New York trading US$ vs, US$ vs, Tues YTD chg Tues YTD chg CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004314 23180 0.03 Argentina peso .0127 78.6833 31.4 Europe Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Brazil real .1737 5.7564 43.2 Czech Rep. koruna .04368 22.894 1.0 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .7612 1.3138 1.1 Denmark krone .1574 6.3544 –4.6 notes and bonds major U.S. trading partners Chile peso .001317 759.50 2.7 Euro area euro 1.1722 .8531 –4.3 A consumer rate against its Five-year ARM, Rate Colombiapeso .000262 3819.50 16.4 Hungary forint .003227 309.89 4.9 Ecuador US dollar 11unch Iceland krona .007155 139.76 15.4 benchmark over the past year 2.50% Bankrate.com avg†: 3.22% 10% Mexico peso .0474 21.1167 11.6 Norway krone .1066 9.3777 6.8 Uruguay peso .02325 43.0200 15.8 Poland zloty .2580 3.8760 2.2

5-year Hanscom Federal Credit Union 2.50% 2.00 WSJ Dollar index One year ago s Russia ruble .01263 79.150 27.5 adjustable-rate Asia-Pacific 4.00% Hanscom AFB, MA 800-656-4328 t 5 Sweden krona .1133 8.8291 –5.7 tmortgage (ARM) 1.50 s Australian dollar .7163 1.3961 –2.0 Yen Switzerland franc 1.0963 .9122 –5.7 Webster Bank 2.63% China yuan .1498 6.6777 –4.1 3.00 0 Turkey lira .1190 8.4021 41.2 Hartford, CT 888-493-2783 1.00 Hong Kong dollar .1290 7.7521 –0.5 Ukraine hryvnia .0349 28.6500 21.0 Tradeweb ICE India rupee .01340 74.625 4.6 2.00 Associated Bank, NA 2.88% UK pound 1.3064 .7655 1.5 Tuesday Close 0.50 –5 s Indonesia rupiah .0000686 14585 5.1 Rockford, IL 800-682-4989 t Euro Japan yen .009569 104.50 –3.8 Middle East/Africa 5-year Treasury 1.00 0.00 Kazakhstan tenge .002308 433.36 13.5 Bahrain dinar 2.6522 .3771 ... note yield Glens Falls Natl Bank Trust Co 2.88% –10 t Macau pataca .1251 7.9910 –0.3 Egypt pound .0637 15.7071 –2.1 Glens Falls, NY 518-793-4121 1 3 6 1 2 3 5 7 10 20 30 2019 2020 0.00 month(s) years Malaysia ringgit .2406 4.1565 1.6 Israel shekel .2930 3.4133 –1.2 N D J F M A M J J A S ON Florence Savings Bank 3.00% New Zealand dollar .6700 1.4925 0.5 Kuwait dinar 3.2669 .3061 1.0 maturity 2020 Florence, MA 800-644-8261 Pakistan rupee .00625 160.100 3.3 Oman sul rial 2.5975 .3850 –0.01 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0207 48.301 –4.8 Qatar rial .2747 3.641 –0.1 Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7353 1.3600 1.0 Saudi Arabia riyal .2666 3.7508 –0.01 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0008839 1131.39 –2.1 South Africa rand .0624 16.0377 14.6 Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.50 -1.00 Sri Lanka rupee .0054248 184.34 1.7 Yield (%) 52-Week Total Return (%) Taiwan dollar .03494 28.621 –4.3 Close Net Chg % Chg YTD % Chg Prime rate* 3.25 3.25 l 4.75 3.25 -1.00 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03222 31.040 4.3 WSJ Dollar Index 88.25 –0.58–0.65 –1.47 Libor, 3-month 0.22 0.21 0.21 l 1.96 -1.17 U.S. Treasury, Barclays 2453.690 0.600 0.540 1.870 0.400 7.08 5.11 Sources: Tullett Prebon, Dow Jones Market Data Money market, annual yield 0.21 0.19 0.19 l 0.71 -0.12 Five-year CD, annual yield 0.59 0.61 0.59 l 1.45 -0.88 U.S. Treasury Long, Barclays 4709.240 1.510 1.430 2.370 0.980 14.18 10.31 Commodities 30-year mortgage, fixed† 3.08 3.04 2.93 l 4.22 -0.84 Aggregate, Barclays 2265.170 1.250 1.200 2.410 1.020 6.33 5.01 Tuesday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.62 2.56 2.48 l 3.57 -0.62 Fixed-Rate MBS, Barclays 2224.260 1.340 1.330 2.690 0.930 3.94 3.63 Jumbo mortgages, $510,400-plus† 2.98 3.09 2.93 l 4.42 -1.31 DJ Commodity 638.07 4.32 0.68 657.83 433.70 0.73 -0.66 High Yield 100, ICE BofA 3190.541 4.559 4.602 10.740 4.235 1.945 3.653 Five-year adj mortgage (ARM)† 3.22 3.23 2.85 l 4.61 -0.24 TR/CC CRB Index 147.02 1.12 0.77 187.39 106.29 -19.26 -20.86 Muni Master, ICE BofA 585.205 1.152 1.120 3.441 0.838 4.193 3.895 New-car loan, 48-month 4.14 4.13 4.13 l 4.56 1.13 Crude oil, $ per barrel 37.66 0.85 2.31 63.27 -37.63 -34.20 -38.32 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 888.243 4.850 4.800 7.480 4.523 2.783 3.490 Natural gas, $/MMBtu 3.059 -0.185 -5.70 3.354 1.482 6.88 39.74 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. 1908.50 18.10 0.96 2051.50 1452.10 28.88 25.60 Get real-time U.S. stock quotesand track most-activestocks, newhighs/lows and mutual funds. Available free at WSJMarkets.com P2JW309000-0-B01100-1------XA

THE WALL STREET JOURNAL. We dnesday, November 4, 2020 | B11

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 March'21 105.35 108.75 105.35 106.05 .70 81,928 Canadian Dollar (CME)-CAD 100,000; $ per CAD Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Nov .7584 .7632 .7558 .7593 .0034 116 Contract Open Agriculture Futures March 15.00 15.23 s 14.66 14.72 –.25 453,417 Dec .7563 .7632 .7558 .7593 .0034 118,398 Open High hi lo Low Settle Chg interest Corn (CBT)-5,000 bu.; cents per bu. May 13.91 14.03 13.64 13.67 –.21 166,497 British Pound (CME)-£62,500; $ per £ Dec 396.25 403.25 395.25 401.00 3.50 640,758 Copper-High (CMX)-25,000 lbs.; $ per lb. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Nov 1.2917 1.3079 1.2914 1.3027 .0125 656 Nov 3.0945 3.1175 3.0845 3.0870 0.0135 2,068 March'21 401.00 407.00 399.50 406.00 4.25 467,145 Jan 28.32 28.40 s 28.32 28.36 .06 1,834 Oats (CBT)-5,000 bu.; cents per bu. Dec 1.2918 1.3084 1.2918 1.3029 .0125 142,463 Dec 3.0860 3.1230 3.0795 3.0925 0.0155 124,113 March 28.20 28.22 s 28.20 28.20 .14 3,053 Swiss Franc (CME)-CHF 125,000; $ per CHF Dec 293.75 296.00 291.50 296.00 3.50 4,201 Cotton (ICE-US)-50,000 lbs.; cents per lb. Gold (CMX)-100 troy oz.; $ per troy oz. Dec 1.0898 1.0982 1.0892 1.0972 .0091 51,793 March'21 293.75 296.50 293.25 296.75 3.50 1,385 Dec 68.74 70.33 68.73 70.24 1.51 108,636 Nov 1891.50 1892.00 1891.50 1908.50 18.10 351 March'21 1.0924 1.1012 1.0924 1.1004 .0091 152 Soybeans (CBT)-5,000 bu.; cents per bu. March'21 69.60 71.30 69.60 71.20 1.48 85,119 Dec 1896.40 1912.20 1887.60 1910.40 17.90 414,992 Nov 1051.00 1068.50 1051.00 1059.00 8.25 4,319 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD Jan'21 1911.60 1913.90 s 1911.50 1914.00 18.30 1 Jan'21 1053.00 1070.75 1051.75 1064.25 12.00 381,133 Nov 114.20 114.20 114.20 114.20 –3.90 62 Nov .7052 .7174 .7030 .7141 .0092 272 Feb 1903.40 1919.00 1895.20 1917.40 17.70 62,782 Soybean Meal (CBT)-100 tons; $ per ton. Jan'21 115.15 116.15 114.00 115.20 .10 8,674 Dec .7052 .7176 .7030 .7143 .0093 134,622 April 1907.00 1924.00 1900.50 1922.40 17.60 27,183 Dec 376.20 379.80 374.50 377.20 2.10 134,951 Mexican Peso (CME)-MXN 500,000; $ per MXN June 1913.20 1927.60 1905.80 1926.90 17.50 19,063 Jan'21 369.90 374.10 369.30 371.90 2.00 88,950 Interest Rate Futures Nov .04696 .04746 .04662 .04692 .00032 56 Palladium (NYM) - 50 troy oz.; $ per troy oz. Soybean Oil (CBT)-60,000 lbs.; cents per lb. Dec .04657 .04735 .04654 .04678 .00032 117,080 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Nov …...... 2292.40 78.10 ... Dec 33.19 33.97 33.18 33.78 .59 130,601 Euro (CME)-€125,000; $ per € Jan'21 33.09 33.85 33.09 33.65 .57 100,105 Dec 216-000 216-020 213-020 214-110 –1-14.0 990,211 Dec 2225.50 2309.70 2223.90 2297.80 77.40 8,470 Nov 1.1644 1.1744 1.1637 1.1710 .0074 1,764 Rough Rice (CBT)-2,000 cwt.; $ per cwt. March'21 213-010 214-110 211-140 212-220 –1-14.0 116 Platinum (NYM)-50 troy oz.; $ per troy oz. Dec 1.1651 1.1751 1.1648 1.1717 .0075 618,877 Nov 12.54 12.56 12.53 12.49 –.05 166 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Nov 868.10 875.40 868.10 871.40 15.60 45 Jan'21 12.33 12.35 12.23 12.25 –.04 8,760 Dec 172-260 172-280 171-130 172-010 –23.0 1,214,580 Jan'21 862.60 886.60 858.10 875.00 15.50 49,577 Wheat (CBT)-5,000 bu.; cents per bu. March'21 173-130 174-020 172-210 173-090 –24.0 12,709 Index Futures Silver (CMX)-5,000 troy oz.; $ per troy oz. Dec 607.00 616.50 604.00 608.00 .50 208,987 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Mini DJ Industrial Average (CBT)-$5 x index Nov 24.160 24.160 24.160 24.305 0.299 216 March'21 608.00 615.50 604.75 610.00 2.00 89,005 Dec 138-100 138-110 137-305 138-030 –6.5 3,061,199 Dec 26852 27534 26807 27376 580 87,593 Dec 24.170 24.485 23.975 24.334 0.301 117,276 Wheat (KC)-5,000 bu.; cents per bu. March'21 137-290 137-300 137-185 137-230 –6.0 18,725 March'21 26792 27428 26716 27280 582 3,453 Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Dec 553.00 562.75 552.25 557.00 4.00 105,282 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% S&P 500 Index (CME)-$250 x index Dec 37.03 38.32 36.57 37.66 0.85 366,840 March'21 558.00 567.25 556.75 562.25 4.25 70,066 Dec 125-197 125-197 125-145 125-172 –2.0 3,106,642 Dec 3337.00 3360.40 3300.90 3361.60 61.10 15,212 Jan'21 37.37 38.63 36.93 37.99 0.81 252,173 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. March'21 125-280 125-295 125-242 125-270 –2.0 11,262 March'21 …… …3352.20 61.50 26 Nov 137.275 137.350 135.750 136.125 –.850 4,111 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Feb 37.82 39.02 37.35 38.41 0.78 133,774 Mini S&P 500 (CME)-$50 x index Jan'21 134.225 134.425 132.700 133.175 –.875 23,413 Dec 110-131 110-131 110-120 110-122 –.7 1,967,543 Dec 3304.00 3382.75 3301.25 3361.50 61.00 2,386,203 March 38.24 39.43 37.79 38.83 0.75 144,237 Cattle-Live (CME)-40,000 lbs.; cents per lb. March'21 110-127 110-131 110-121 110-122 –.7 1,373 March'21 3296.75 3372.50 3292.50 3352.25 61.50 29,722 June 39.38 40.42 38.89 39.85 0.61 206,494 Dec 108.675 108.700 107.575 107.825 –.725 99,533 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Mini S&P Midcap 400 (CME)-$100 x index Dec 40.63 41.49 40.17 40.96 0.38 249,247 Feb'21 110.675 110.800 110.100 110.300 –.225 68,621 Nov 99.9125 99.9150 99.9100 99.9150 .0025 158,227 Dec 1932.30 1984.40 1931.10 1976.70 44.60 56,060 NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Hogs-Lean (CME)-40,000 lbs.; cents per lb. Jan'21 99.9250 99.9300 99.9200 99.9250 .0000 161,743 March'21 …1971.60 1931.10 1975.20 44.60 ... Dec 1.1162 1.1417 1.1000 1.1271 .0148 124,760 Dec 66.500 66.800 65.150 65.400 –.550 79,172 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Mini Nasdaq 100 (CME)-$20 x index Feb'21 65.950 66.175 64.975 65.525 .225 52,078 Jan'21 1.1259 1.1526 1.1105 1.1377 .0155 56,692 Dec 100-315 101-020 100-235 100-290 –9.5 140,958 Dec Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. 11074.75 11347.00 11064.50 11265.75 202.50 218,454 Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Eurodollar (CME)-$1,000,000; pts of 100% March'21 11056.00 11336.00 11055.00 11256.50 203.25 2,082 Dec 1.0590 1.0883 1.0411 1.0769 .0249 134,430 Nov 515.70 540.10 510.90 536.40 29.40 437 Nov 99.7750 99.7750 99.7675 99.7700 –.0025 149,968 Jan'21 511.70 534.80 505.60 526.10 23.30 1,549 Mini Russell 2000 (CME)-$50 x index Jan'21 1.0520 1.0801 1.0360 1.0693 .0225 58,581 Dec 99.7600 99.7600 99.7500 99.7500 –.0050 1,030,903 Milk (CME)-200,000 lbs., cents per lb. Dec 1565.10 1620.10 1564.40 1611.00 46.30 521,474 Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. March'21 99.7900 99.7950 99.7850 99.7850 –.0050 1,048,052 Oct 21.59 21.61 21.59 21.61 .02 4,849 Mini Russell 1000 (CME)-$50 x index Dec 3.236 3.241 3.041 3.059 –.185 167,043 June 99.7950 99.8000 99.7850 99.7900 –.0050 852,003 Nov 23.66 24.09 s 23.39 23.86 .06 5,520 Dec 1883.20 1887.30 1846.10 1878.10 35.60 8,882 U.S. Dollar Index (ICE-US)-$1,000 x index Jan'21 3.364 3.367 3.175 3.195 –.180 207,461 Cocoa (ICE-US)-10 metric tons; $ per ton. Currency Futures Feb 3.327 3.327 3.141 3.159 –.173 87,022 Dec 2,260 2,295 2,248 2,290 33 52,395 Dec 94.04 94.06 93.30 93.56 –.58 25,830 March 3.204 3.219 3.043 3.063 –.156 134,331 March'21 2,263 2,312 2,263 2,308 44 77,225 Japanese Yen (CME)-¥12,500,000; $ per 100¥ March'21 93.98 93.98 93.31 93.53 –.58 671 April 3.000 3.001 2.895 2.907 –.095 76,477 Coffee (ICE-US)-37,500 lbs.; cents per lb. Nov .9547 .9577 .9544 .9562 .0021 275 Oct 3.069 3.079 2.989 3.006 –.074 96,261 Dec 102.80 106.25 102.75 103.45 .65 86,043 Dec .9553 .9581 .9547 .9565 .0021 181,755 Source: FactSet

| Cash Prices | wsj.com/market-data/commodities Tuesday, November 3, 2020 Bonds wsj.com/market-data/bonds/benchmarks These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— separate from the futures price on an exchange, which reflects what the commodity might be worth in future Tracking Bond Benchmarks months. Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Tuesday Tuesday Tuesday highs and lows for different types of bonds Energy Aluminum, LME, $ per metric ton *1834.5 Wheat - Hard - KC (USDA) $ per bu-u 5.7200 Total Total Copper,Comex spot 3.0870 Wheat,No.1soft white,Portld,OR-u 5.9500 return YTD total Yield (%) return YTD total Yield (%) Coal,C.Aplc.,12500Btu,1.2SO2-r,w 59.500 Iron Ore, 62% Fe CFR China-s 117.7 Food close return (%) Index Latest Low High close return (%) Index Latest Low High Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.750 Shredded Scrap, US Midwest-s,m 281 Mortgage-Backed Bloomberg Barclays Steel, HRC USA, FOB Midwest Mill-s 700 Beef,carcass equiv. index Broad Market Bloomberg Barclays Metals choice 1-3,600-900 lbs.-u 176.53 Fibers and Textiles 2265.17 6.3 U.S. Aggregate 1.250 1.020 2.410 2224.26 3.5 Mortgage-Backed 1.340 0.930 2.690 Gold, per troy oz select 1-3,600-900 lbs.-u 160.65 2169.31 3.3 Ginnie Mae (GNMA) 0.290 2.660 Engelhard industrial 1908.00 Burlap,10-oz,40-inch NY yd-n,w 0.6250 Broilers, National comp wtd. avg.-u,w 0.6909 U.S. Corporate Indexes Bloomberg Barclays 0.830 Butter,AA Chicago 1.4250 Handy & Harman base 1908.30 Cotton,1 1/16 std lw-mdMphs-u 0.6749 3353.25 6.6 U.S. Corporate 2.040 1.820 4.580 1314.06 3.7 Fannie mae (FNMA) 1.510 1.110 2.690 Handy & Harman fabricated 2118.21 Cotlook 'A' Index-t *75.75 Cheddar cheese,bbl,Chicago 252.50 Cheddar cheese,blk,Chicago LBMA Gold Price AM *1886.75 Hides,hvy native steers piece fob-u n.a. 273.50 3060.72 5.7 Intermediate 1.380 1.230 4.400 2016.64 3.6 Freddie Mac (FHLMC) 1.500 1.080 2.710 Milk,Nonfat dry,Chicago lb. 107.00 LBMA Gold Price PM *1889.90 Wool,64s,staple,Terr del-u,w 3.22 Coffee,Brazilian,Comp 0.9614 Krugerrand,wholesale-e 1985.78 4920.87 8.1 Long term 3.110 2.730 4.930 585.21 3.4 Muni Master 1.152 0.838 3.441 Coffee,Colombian, NY 1.5031 Maple Leaf-e 2004.87 Grains and Feeds Eggs,large white,Chicago-u 1.0150 683.48 6.3 Double-A-rated 1.580 1.300 3.360 413.21 3.6 7-12 year 1.150 0.771 3.447 American Eagle-e 2004.87 Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 15.60 Mexican peso-e 2310.16 3.7 12-22 year Bran,wheat middlings, KC-u 125 Hams,17-20 lbs,Mid-US fob-u 0.81 885.48 5.8 Triple-B-rated 2.390 2.210 5.350 469.85 1.654 1.224 3.690 Austria crown-e 1874.59 Corn,No. 2 yellow,Cent IL-bp,u 3.8800 Hogs,Iowa-So. Minnesota-u 70.26 Austria phil-e 2004.87 High Yield Bonds ICE BofA 453.27 2.8 22-plus year 2.358 1.765 4.123 Corn gluten feed,Midwest-u,w 131.8 Pork bellies,12-14 lb MidUS-u n.a. Silver, troy oz. Corn gluten meal,Midwest-u,w 479.0 Pork loins,13-19 lb MidUS-u 0.8261 470.49 0.7 High Yield Constrained 5.533 5.151 11.400 Global Government J.P. Morgan† Engelhard industrial 24.3600 Cottonseed meal-u,w 320 Steers,Tex.-Okla. Choice-u n.a. 5.2 Global Government Handy & Harman base 24.2100 Hominy feed,Cent IL-u,w 102 Steers,feeder,Okla. City-u,w 145.00 411.89 -5.9 Triple-C-rated 11.380 10.735 19.071 613.47 0.570 0.390 1.060 Handy & Harman fabricated 30.2630 Meat-bonemeal,50% pro Mnpls-u,w 275 -0.1 High Yield 100 860.94 7.1 Canada 0.840 0.590 1.740 LBMA spot price *£18.5600 Oats,No.2 milling,Mnpls-u 3.1200 Fats and Oils 3190.54 4.559 4.235 10.740 (U.S.$ equivalent) *23.9750 Rice, Long Grain Milled, No. 2 AR-u,w 28.38 Corn oil,crude wet/dry mill wtd. avg.-u,w 42.0000 424.43 0.7 Global High Yield Constrained 5.546 4.893 11.310 419.60 4.9 EMU§ 0.072 0.059 0.794 Coins,wholesale $1,000 face-a 18389 Sorghum,(Milo) No.2 Gulf-u 6.1100 Grease,choice white,Chicago-h 0.2800 France Other metals SoybeanMeal,Cent IL,rail,ton48%-u 376.20 Lard,Chicago-u n.a. 322.71 -1.8 Europe High Yield Constrained 3.983 2.464 8.183 794.58 4.7 -0.130 -0.160 0.430 LBMA Platinum Price PM *855.0 Soybeans,No.1 yllw IL-bp,u 10.4750 Soybean oil,crude;Centl IL-u 0.3466 U.S Agency Bloomberg Barclays 554.65 3.5 Germany -0.510 -0.740 -0.050 Platinum,Engelhard industrial 878.0 Wheat,Spring14%-pro Mnpls-u n.a. Tallow,bleach;Chicago-h 0.3250 Palladium,Engelhard industrial 2316.0 Wheat,No.2 soft red,St.Louis-u 6.2300 Tallow,edible,Chicago-u 0.3300 1860.35 5.1 U.S Agency 0.530 0.470 1.950 294.80 -1.1 Japan 0.300 0.040 0.320 1622.93 3.8 10-20 years 0.390 0.340 1.850 618.96 3.8 Netherlands -0.400 -0.540 0.080 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly; Z=not quoted. *Data as of 11/2 4227.16 10.8 20-plus years 1.630 1.170 2.480 1080.99 7.6 U.K. 0.640 0.390 1.180 Source: Dow Jones Market Data 2872.73 5.1 Yankee 1.530 1.430 3.500 888.24 0.7 Emerging Markets ** 4.850 4.523 7.480 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds Exchange-Traded BANKRATE.COM® MMA, Savings and CDs ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan Portfolios Average Yields of Major Banks Tuesday, November 3, 2020 Global Government Bonds: Mapping Yields MMA 1-MO 2-MO 3-MO 6-MO 1-YR 2-YR 2.5YR 5YR Largest 100 exchange-traded funds, Type Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in latest session National average selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session Tuesday, November 3, 2020 Savings 0.09 0.06 0.06 0.09 0.13 0.18 0.21 0.18 0.32 Closing Chg YTD Jumbos 0.19 0.07 0.07 0.10 0.14 0.20 0.24 0.19 0.34 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points ETF Symbol Price (%) (%) Weekly change Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago CommSvsSPDR XLC 60.05 1.49 12.0 Savings 0.00 0.00 0.00 0.00 0.00 -0.01 -0.01 -0.01 -0.01 0.125 U.S. 2 0.168 s l 0.168 0.129 1.560 CnsmrDiscSelSector XLY 147.16 2.20 17.3 Jumbos 0.00 0.00 0.00 0.00 0.00 -0.01 0.00 -0.01 -0.01 l CnsStapleSelSector XLP 64.29 1.64 2.1 0.625 10 0.881 s 0.857 0.698 1.716 FinSelSectorSPDR XLF 24.85 2.22 –19.3 2.250 Australia 2 0.108 t l 0.125 0.173 0.839 -6.0 -4.3 -72.1 FT DJ Internet FDN 189.58 1.73 36.3 HealthCareSelSect XLV 105.00 1.46 3.1 Consumer Savings Rates 1.000 10 0.783 t l 0.834 0.796 1.109 -9.8 -2.3 -60.7 IndSelSectorSPDR XLI 80.22 2.95 –1.5 Below are the top federally insured offers available nationwide according to Bankrate.com's InvscQQQI QQQ 274.65 1.73 29.2 0.000 France 2 -0.716 s l -0.721 -0.659 -0.595 -88.4 -88.9 -215.5 InvscS&P500EW RSP 112.20 2.08 –3.0 weeklysurveyofhighestyields.Forlatestoffersandreviewsofthesefinancialinstitutions,please l iSh3-7YTreasuryBd IEI 132.77 –0.05 5.6 visit bankrate.com/banking/reviews. Information is believed to be reliable, but not guaranteed. 0.000 10 -0.343 s -0.350 -0.261 -0.063 -122.4 -120.7 -177.9 iShCoreDivGrowth DGRO 40.34 1.79 –4.1 0.000 Germany 2 -0.792 s l -0.800 -0.705 -0.652 -96.8 -221.2 iShCoreMSCIEAFE IEFA 60.33 2.58 –7.5 High yield savings -96.0 iShCoreMSCIEM IEMG 54.48 0.52 1.3 Bank Yield Bank Yield 0.000 10 -0.617 s l -0.637 -0.534 -0.383 -149.7 -149.4 -209.8 iShCoreMSCITotInt IXUS 58.90 1.99 –4.8 Phone number Minimum (%) Phone number Minimum iShCoreS&P500 IVV 337.28 1.79 4.3 (%) 1.000 Italy 2 -0.349 t l -0.340 -0.255 -0.185 -51.7 -50.8 -174.5 iShCoreS&P MC IJH 197.49 2.22 –4.0 Money market and savings account Six-month CD l iShCoreS&P SC IJR 75.39 2.52 –10.1 1.650 10 0.703 t 0.719 0.793 0.995 -17.7 -13.8 -72.1 iShS&PTotlUSStkMkt ITOT Live Oak Bank $1 0.70 Live Oak Bank $2,500 0.60 76.26 1.90 4.9 0.100 Japan 2 -0.120 l -0.120 -0.133 -0.272 -28.8 -183.2 iShCoreUSAggBd AGG 117.17 –0.04 4.3 (866) 518-0286 (866) 518-0286 -28.8 iShSelectDividend DVY 86.55 1.75 –18.1 CFG Community Bank $1,000 0.70 First Internet Bank of Indiana $1,000 0.55 0.100 10 0.046 l 0.046 0.021 -0.180 -83.5 -81.1 -189.5 iShESGAwareUSA ESGU 76.64 1.82 7.5 (888) 205-8388 (888) 873-3424 iShEdgeMSCIMinEAFE EFAV 67.57 1.94 –9.4 0.400 Spain 2 -0.580 s l -0.584 -0.515 -0.410 -74.8 -75.2 -197.0 iShEdgeMSCIMinUSA USMV 63.60 1.68 –3.0 Popular Direct $5,000 0.70 State Bank of India California $1,000 0.50 iShEdgeMSCIUSAMom MTUM 144.92 1.81 15.4 (800) 274-5696 (877) 707-1995 1.250 10 0.110 t l 0.125 0.226 0.269 -77.1 -73.2 -144.7 iShEdgeMSCIUSAQual QUAL 104.24 1.88 3.2 s l iSh5-10YIGCorpBd IGIB 60.52 –0.12 4.4 One-month CD One-year CD 0.500 U.K. 2 -0.032 -0.067 -0.026 0.528 -20.0 -23.5 -103.2 iShGoldTr IAU 18.17 0.55 25.3 Lone Star Bank $1,000 0.20 Live Oak Bank $2,500 0.80 4.750 10 0.276 s l 0.220 0.248 0.666 -60.5 -63.7 -105.0 iShiBoxx$InvGrCpBd LQD 134.10 0.10 4.8 (713) 358-9400 (866) 518-0286 iShiBoxx$HYCpBd HYG 84.44 0.86 –4.0 State Bank of India California CFG Community Bank Source: Tullett Prebon iShJPMUSDEmgBd EMB 110.69 0.81 –3.4 $1,000 0.15 $500 0.73 iShMBSETF MBB 110.09 –0.03 1.9 (877) 707-1995 (888) 205-8388 iShMSCI ACWI ACWI 80.45 1.84 1.5 Washington Savings Bank $500 0.10 Ally Bank $0 0.65 Corporate Debt iShMSCI EAFE EFA 63.82 2.62 –8.1 (978) 458-7999 (877) 247-2559 iShMSCIEmgMarkets EEM 45.48 0.44 1.4 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific iShMSCIJapan EWJ 60.09 2.11 1.4 Two-month CD Two-year CD expectations iShNatlMuniBd MUB 115.08 –0.01 1.0 Lone Star Bank $1,000 0.20 Goldwater Bank $5,000 0.80 iSh1-5YIGCorpBd IGSB 54.78 –0.05 2.2 (713) 358-9400 (480) 281-8200 Investment-grade spreads that tightened the most… iShPfd&Incm PFF 36.48 0.52 –3.0 Spread*, in basis points iShRussell1000Gwth IWF 214.51 1.77 21.9 State Bank of India California $1,000 0.15 First Internet Bank of Indiana $1,000 0.75 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week iShRussell1000 IWB 188.18 1.76 5.5 (877) 707-1995 (888) 873-3424 iShRussell1000Val IWD 121.14 1.88 –11.2 VirtualBank $10,000 0.15 Comenity Direct $1,500 0.75 Marathon Oil MRO 6.600 6.28 Oct. 1, ’37 462 –14 456 iShRussell2000 IWM 160.24 2.84 –3.3 MCD –12 n.a. iShRussellMid-Cap IWR 60.01 2.16 0.7 (877) 998-2265 (833) 755-4354 McDonald's 6.300 2.77 Oct. 15, ’37 112 iShS&P500Growth IVW 57.47 1.77 18.7 Three-month CD Five-year CD General Motors GM 6.250 4.52 Oct. 2, ’43 287 –10 n.a. iShS&P500Value IVE 114.52 1.74 –12.0 Lloyds Banking LLOYDS 3.750 1.75 Jan. 11, ’27 87 –8 96 iShShortTreaBd SHV 110.69 0.02 0.2 BrioDirect $500 0.50 Ally Bank $0 1.00 iShSilver SLV 22.44 0.13 34.5 (877) 369-2746 (877) 247-2559 Pfizer PFE 3.000 0.83 Dec. 15, ’26 43 –8 47 iShTIPSBondETF TIP 125.27 –0.08 7.5 Goldwater Bank $5,000 0.35 First Internet Bank of Indiana $1,000 0.96 Cooperatieve Rabobank RABOBK 3.375 0.59 May 21, ’25 20 –7 n.a. iSh1-3YTreasuryBd SHY 86.37 –0.02 2.1 iSh7-10YTreasuryBd IEF 119.92 –0.22 8.8 (480) 281-8200 (888) 873-3424 ViacomCBS VIAC 4.375 3.70 March 15, ’43 205 –7 222 iSh20+YTreasuryBd TLT 157.66 –0.58 16.4 Lone Star Bank $1,000 0.25 Goldwater Bank $5,000 0.95 Bank of America BAC 3.300 0.47 Jan. 11, ’23 26 –6 26 iShRussellMCGrowth IWP 178.18 2.23 16.8 (713) 358-9400 (480) 281-8200 iShUSTreasuryBdETF GOVT 27.60 –0.14 6.4 …And spreads that widened the most JPM UltShtIncm JPST 50.75 ... 0.6 High yield jumbos - Minimum is $100,000 PIMCOEnhShMaturity MINT 101.90 –0.01 0.3 Exelon Generation … 6.250 4.84 Oct. 1, ’39 316 18 300 SPDR BlmBarcHYBd JNK 105.10 0.95 –4.1 Money market and savings account Six-month CD SPDRBloomBar1-3MTB BIL 91.53 ... 0.1 Canadian Imperial Bank of Commerce CM 3.500 0.38 Sept. 13, ’23 17 11 11 SPDR Gold GLD 178.92 0.57 25.2 CFG Community Bank 0.80 Live Oak Bank 0.60 Bank of Montreal BMO 3.300 0.80 Feb. 5, ’24 41 10 39 SchwabIntEquity SCHF 31.49 2.54 –6.4 (888) 205-8388 (866) 518-0286 WSTP 10 14 SchwabUS BrdMkt SCHB 80.40 1.84 4.6 Westpac Banking 2.000 0.37 Jan. 13, ’23 16 Luana Savings Bank 0.60 First Internet Bank of Indiana 0.55 SchwabUS Div SCHD 57.76 1.78 –0.3 Anglo American Capital AALLN 4.750 2.24 April 10, ’27 136 8 135 SchwabUS LC SCHX (800) 666-2012 (888) 873-3424 81.05 1.80 5.5 7 SchwabUS LC Grw SCHG 114.37 1.86 23.1 ableBanking, a division of Northeast Bank 0.60 Merrick Bank 0.50 BMW US Capital BMW 3.800 0.75 April 6, ’23 54 47 SchwabUS SC SCHA 73.06 2.83 –3.4 (877) 505-1933 (866) 638-6851 Bank of Nova Scotia BNS 2.375 0.52 Jan. 18, ’23 31 7 26 Schwab US TIPs SCHP 61.05 –0.05 7.8 HollyFrontier HFC 2.625 2.84 Oct. 1, ’23 263 7 246 SPDR DJIA Tr DIA 274.65 2.02 –3.7 One-month CD One-year CD SPDR S&PMdCpTr MDY 360.96 2.23 –3.8 SPDR S&P 500 SPY 336.03 1.77 4.4 Lone Star Bank 0.20 Live Oak Bank 0.80 High-yield issues with the biggest price increases… SPDR S&P Div SDY 96.81 1.83 –10.0 (713) 358-9400 (866) 518-0286 Bond Price as % of face value TechSelectSector XLK 113.10 1.76 23.4 State Bank of India California 0.15 CFG Community Bank 0.73 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week UtilitiesSelSector XLU 64.67 1.44 0.1 (877) 707-1995 (888) 205-8388 VanEckGoldMiner GDX CF Industries CF 4.950 3.56 June 1, ’43 121.530 2.03 119.430 39.37 1.92 34.5 VirtualBank 0.10 Ally Bank 0.65 VangdInfoTech VGT 304.02 1.81 24.2 Occidental Petroleum OXY 7.875 8.74 Sept. 15, ’31 94.000 2.02 96.250 VangdSC Val VBR 119.52 2.29 –12.8 (877) 998-2265 (877) 247-2559 Netflix NFLX 5.875 2.85 Nov. 15, ’28 121.604 1.32 120.316 VangdSC Grwth VBK 224.19 2.55 12.8 Two-month CD Two-year CD VangdExtMkt VXF 135.33 2.55 7.4 American Airlines AAL 11.750 12.02 July 15, ’25 99.000 1.25 96.000 VangdDivApp VIG 130.19 2.02 4.4 Lone Star Bank 0.20 Goldwater Bank 0.80 1.25 VangdFTSEDevMk VEA 40.95 2.55 –7.1 (713) 358-9400 (480) 281-8200 Ford Motor F 7.450 4.80 July 16, ’31 122.000 119.600 VangdFTSE EM VWO 44.49 0.27 0.0 State Bank of India California 0.15 Comenity Direct 0.75 Navient NAVI 6.500 3.64 June 15, ’22 104.424 1.18 103.625 VangdFTSE Europe VGK 51.79 2.96 –11.6 Gap GPS 8.375 2.91 May 15, ’23 113.230 1.18 112.375 VangdFTSEAWxUS VEU 50.95 1.82 –5.2 (877) 707-1995 (833) 755-4354 VangdGrowth VUG 225.55 1.81 23.8 VirtualBank 0.15 First Internet Bank of Indiana 0.75 PulteGroup PHM 6.000 3.64 Feb. 15, ’35 126.125 1.18 n.a. VangdHlthCr VHT 204.52 1.71 6.7 (877) 998-2265 (888) 873-3424 VangdHiDiv VYM 82.33 1.55 –12.1 …And with the biggest price decreases VangdIntermBd BIV 92.55 –0.15 6.1 Three-month CD Five-year CD VangdIntrCorpBd VCIT 95.37 –0.08 4.4 BrioDirect 0.50 Ally Bank 1.00 Nabors Industries NBR 4.625 32.97 Sept. 15, ’21 80.095 –0.91 n.a. VangdLC VV 156.75 1.79 6.0 Royal Caribbean RCL 7.500 9.99 Oct. 15, ’27 87.750 –0.60 88.830 VangdMC VO 183.07 2.21 2.7 (877) 369-2746 (877) 247-2559 VangdMBS VMBS 54.13 0.09 1.8 Goldwater Bank 0.35 First Internet Bank of Indiana 0.96 Genworth Financial GNW 7.625 7.58 Sept. 24, ’21 100.030 –0.47 100.125 VangdRealEst VNQ 79.93 1.93 –13.9 (480) 281-8200 (888) 873-3424 Telecom Italia Capital TITIM 6.000 4.41 Sept. 30, ’34 116.350 –0.40 118.875 VangdS&P500ETF VOO 308.66 1.76 4.3 Lone Star Bank 0.25 Goldwater Bank 0.95 VangdST Bond BSV 82.72 –0.02 2.6 CF Industries CF 5.375 3.88 March 15, ’44 122.750 –0.38 n.a. (713) 358-9400 (480) 281-8200 VangdSTCpBd VCSH 82.68 0.02 2.0 Bombardier BBDBCN 8.750 9.49 Dec. 1, ’21 99.250 –0.25 101.000 VangdSC VB 163.48 2.42 –1.3 Notes: Accounts are federally insured up to $250,000 per person. Yields are based on method of Ford Motor Credit … 4.250 3.55 Sept. 20, ’22 101.250 –0.25 101.595 VangdTotalBd BND 87.53 –0.02 4.4 compounding and rate stated for the lowest required opening deposit to earn interest. CD VangdTotIntlBd BNDX 58.31 –0.07 3.1 Netflix NFLX 5.500 1.63 Feb. 15, ’22 104.875 –0.25 105.375 VangdTotIntlStk VXUS 52.68 1.93 –5.4 figures are for fixed rates only. MMA: Allows six (6) third-party transfers per month, three (3) of VangdTotalStk VTI 171.97 1.92 5.1 which may be checks. Rates are subject to change. *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. VangdTotlWrld VT 81.48 1.89 0.6 Source: Bankrate.com, a publication of Bankrate, Inc., Palm Beach Gardens, FL 33410 Note: Data are for the most active issue of bonds with maturities of two years or more VangdValue VTV 106.28 1.72 –11.3 Internet: www.bankrate.com Source: MarketAxess P2JW309000-0-B01200-1------XA

B12 | We dnesday, November 4, 2020 THE WALL STREET JOURNAL. BANKING & FINANCE Wirecard Probe FaultsRegulators Trading Steadies BY PATRICIA KOWSMANN While “discovering fraud is of BaFin forallowing itsstaff not to aprime responsibility to trade shares in Wirecard, Europe’stop markets of the financial supervision of including while it wasinvesti- Profits watchdog said it found aseries financial reporting,” said Ste- gating the company. of problems with Germany’s venMaijoor, ESMA’s chair- Thefact that even avery regulatoryoversight and han- man, “a bettersupervisory S small proportion of staff At BNP dling of Wirecard AG, the fin- processcould have increased PRES traded shares of Wirecard is tech darling that collapsed the chances of discovering concerning,said ESMA,add- BY SIMON CLARK ZUMA

amid allegations of fraud. this earlier.” A/ ing that BaFin is currently in- TheEuropean Securities ABaFin spokeswoman de- vestigating the issue. BNP Paribas SA’s net profit and MarketsAuthority said in clined to comment on ESMA’s In the U.S.,the Securities held steady in the thirdquar- areport Tuesdaythat BaFin, findings. SIMON/DP and Exchange Commission terasincome from trading se- EN

Germany’sfinancial and mar- Fabio De Masi,deputy floor SV prohibitsemployees from buy- curities offset adecline in re- kets supervisor,might lack in- leader of Germany’sLeftParty ing or selling securities issued tail banking earnings. dependencefromthe German and amember of the Bunde- by an entity under investiga- France’sbiggest bank said government and proper inter- stag’sfinancecommittee, said tion by thecommission. net profit forthe three months HOERMANN/ nal controls.Itpointed to key the report wasaslap in the ESMA also raised concerns to Sept. 30 was€1.89 billion, ANK

stafftrading Wirecard shares, facefor BaFin. He called for FR aboutstructural problems in equivalent to $2.2 billion, including during periods when the regulator to be overhauled German overseers were found to have missed warnings on the company. Germany’soversight of compa- slightly down from the same it wasinvestigating the com- and fornew restrictions to be nies.Itsaid neither BaFin nor period in 2019.Pretaxprofit pany. put in placebetween it and nue.Investorsand journalists ESMA’s findingscast doubt on FREP appeared to have enough from the Paris-based bank’s ESMA said both BaFin and the financeministry. had warned foryearsofpossi- that assessment. powers to request information, global marketsunit soared another body,the Financial Re- BaFin andFREP have been ble fraudulent accounting or TheParis-based regulator including from auditors, that 67% to €648 million. BNP porting Enforcement Panel, or underintense scrutinysince money laundering at the com- said BaFin frequently reported could substantiatesuspicions Paribas’sshares rose more FREP, missed warnings raised Wirecard filed forinsolvency panyand itsbank,Wirecard and provided details about of criminal activity. than 5%. by thepress about Wirecard. in June afteritsaid that more Bank. Wirecard to the financeminis- Although the reviewisnon- European banks have re- Thetwo bodies also had trou- than $2 billionofits cash that BaFin PresidentFelix try—in some cases beforeit binding, its findings could ported better-than-expected ble exchanging information wasbelieved to be held in Hufeld has called the Wire- took anyaction itself—raising guide the European Commis- resultsfor the thirdquarter as with each otherbecause of bank accounts probably didn’t card collapse adisaster but questions about itsindepen- sion,the executivearm of the the coronavirus pandemic hit stiff rules,including over con- exist.The figure represented a insisted Germany’ssupervi- dence. European Union,intomaking the economy. It is unclear if fidentiality,ESMA said. bigchunk of itsreported reve- sorymechanisms were sound. Thereport wasalso critical regulatorychanges. theprogresscan continue as France, Germanyand other na- tions lock down their populations to stem soaring infection UtilitiesOutpace S&P on Clean-Energy Hope rates. BNP Paribas Chief Executive Jean-Laurent Bonnafé said the BY CAITLIN MCCABE tor,” Mr.Thalacker said, adding bank wasdemonstrating high that utilities areable to grow resilienceinextraordinary Utilities stocks have been their earningsbyinvesting in times. standout performersinthe U.S. renewable-energy infrastruc- European governmentshave stock market lately.But not for ture. Formanyother industries, provided hundreds of billions the reasons that one tradition- he said, shifting to renewable of euros of financial support to ally might think. energy could come at acost. companies and workersto U.S. stocks have been bat- Although aDemocratic prop up the economyand teredbyastretch of turbulence sweep of the WhiteHouse and banks.Inexchange, the Euro- recently,finishing last week S Congresswould likely acceler- pean Central Bank told banks with their worstweekly perfor- PRES ate aclean energy shift,Mr. to refrain from paying cash

mance sincethe market rout in UMA Thalacker said he remains posi- dividends in 2020.BNP March. Given their recent /Z tiveonthe space regardlessof Paribas’scommon equity Tier

slide—and expectations for TIMES the election outcome.Despite 1ratiorose to 12.6% from moreelection-induced volatility Y President Trump’s effortstore- 12.1% in the firstnine months ahead—a moveintoutilities BA vivethe coal-powerindustry, of theyear,partly because it PA

stocks,aclassic defensive AM an industrywide focus on shift- didn’t paydividends. trade,would makesense.Inre- /T ing to greener energy has con- Franceand Germanyan- ality,however, the outperfor- ORD tinued—in part, Mr.Thalacker nounced newlockdowns last

manceofcompanies that pro- CLIFF said, because of the growing week and the U.K. government R.

vide electricity,water andgas S cost-efficiencyofrenewable en- said England is set to follow started much earlier,with the ergy sources. this week under the pressure sector beginning to outpace Mr.Thalacker pointstocom- of mounting cases and deaths. DOUGLA manyofits peersinSeptember. NextEraEnergy,aleader in renewables, has floatedanoffer to DukeEnergy.ADukestation in Florida. panies such as NextEraEnergy French President Emmanuel Sincethe S&P 500 set itslast Inc.asanexample of the sec- Macron has announced tough record Sept. 2, utilities have S&P500 sector Utilities 5.0% Share-priceand index tor’sprogress. NextEra, now restrictions requiring people climbed 7.7%, while other typi- performance performancesinceSept. 2 the nation’slargest renewable to remain inside their homes calsafety sectors, such as con- forOctober Communications 0.5 energy company, has had years while restaurants, bars and sumer staples and health care, 20% DukeEnergy of rapid growth as it built out shops deemed nonessential –0.8 Materials have tumbled. Meanwhile,safe- American wind andsolar farms nation- close. Electric Power havenassetsincluding gold ha- –1.0 Financials 15 wide.The company, which re- Some investorsand analysts ven’t seen asurge in demand, Southern cently made atakeover ap- worrythe government support –1.5 Industrials S&P500 either,with the metal finishing 10 proach to DukeEnergy,is has kept the real extent of Fridaywith itsworst two- –3.0 Consumer discretionary among the best performersin problem loans and underlying month decline sinceJuly 2018. the utilities sector this year, damagetobank balancesheets 5 Theutilities sector loggedthe –3.0 Consumer staples rising 26%. TheS&P 500 has at bayand that aclearer pic- largest gain in the S&P 500 last –3.4 Real estate risen just 4.3%. ture will emerge only when month, rising 5% as the bench- 0 “Wethink the horse has kind these programs end. mark indexfell 2.8%. It wasthe –3.8 Health care of leftthe barn on climate BNP Paribas said provisions firsttime sinceJanuarythat –4.7 Energy –5 changeand we see this continu- forbad loans rose 47%to utilities were the topperformer ing to gain steam in spiteofthe €1.25 billion in the thirdquar- –5.2 Technology of the S&P 500’s11groups,and –10 election,” Mr.Thalacker said. tercompared with the same it came as itsother sectors—ex- S&P500 –2.8% Although manyinvestorsare period last year. The provi- cluding communication ser- Oct. Nov. embracing the possibility of a sions declined from the previ- vices—tumbled forthe month. Source:FactSet Democratic sweep,which might ous quarter,inwhich €1.45 bil- Theisolated rise in utilities increase the likelihood of aro- lion wasset aside. shares underscores howthe re- sector will powerforward.” glaring and as states have in- Investorsare hopeful that bust stimulus package, many TheFrench bank joined cent gains in the sector are Recentgains in the sector creasingly required companies Mr.Biden’sproposed $2 trillion acknowledgethat Mr.Biden’s London-based Barclays PLC morethan just amoveto have been led by companies in- to generatemoreoftheir plan to combat climatechange, taxplan could crimp earnings. and Frankfurt-based Deutsche safety.Instead, investorssay cluding American Electric powerfromrenewable sources. which includes agoal to Christopher Harvey,head of BankAGinreporting strong they arebetting that the group Power Co., DukeEnergy Corp. Already,progressisunder achievezerocarbon emissions equity strategyatWells Fargo results from trading and in- will be akey beneficiaryif and Southern Co., all of which way:The U.S. in 2019 consumed from the grid by 2035,may fur- Securities,agreed the utilities vestment banking during the Democratic candidateJoe Bi- have risen 12% or moresince morerenewable energy than ther juiceutilities stocks.Some spacewill likely benefit if Mr. thirdquarter. denwins the presidential race theSept. 2market high. The coal forthe firsttime in more areanticipating the potential Biden is elected. But he also be- TheStoxxEurope 600 thanks,inpart, to his green-en- three companies,which provide than 130 years, the U.S. Energy foraninfrastructurepackage lieves the sector’s recent rise is Banks indexhas fallen 38% ergy proposals. electricity and natural gasto Information Administration that could include broad incen- tied to itsunderperformance this year.BNP Paribas’sshares “The liftinutilities recently millions of customerscom- said this year. tives forclean energy,including sinceU.S.stocks bottomed this aredown37% in 2020,faring is not related to the historical bined, have said that bigger Yetatthe same time,EIA the extensions of current tax spring.Stocks have charged better than crosstown rival dividend, safety-seeking rota- moves intorenewable energy datashow, thereisstill along creditsorthe creation of new higher in recent months thanks Société Générale SA, whose tion that we’reaccustomed areapriority. way to go. Renewable energy ones,said James Thalacker, to fast-growing tech companies: shares have fallen 59% after to—it’sanew world,” said Foryears, large U.S. utilities sourcessuch as solar and wind managing director at BMO Cap- TheS&P 500’sinformation the bank washit by coronavi- James McDonald, chief execu- have been committing to ambi- still makeuponly asmall piece ital Markets. technologysegment is up 61% rus-related trading losses in tiveofficer and chief invest- tious goals to reducecarbon of the pie when it comes to U.S. “Wethink that longer-term, from the March 23 market low. itsinvestment bank.Société ment officer of Hercules In- emissionsasthe threat of cli- electricity generation, with nat- this blue wave,ifithappens, Theutilities group,incontrast, Générale will publish itsthird- vestments. “IfBiden wins,this matechangehas become more ural gasstill in the lead. would definitely benefit the sec- has risen 44%. quarter resultsThursday. Emerging-Market Assets Advance on Hopes of U.S. Growth

BY JOE WALLACE stimulus. Investorsare betting thataDemocratic victorywould beneﬁt manyemerging markets. from stocks and bonds in devel- “The prospectsofablue Change in value againstthe dollar sinceJune Netnonresident purchases of oping economies in the early FarfromWashington, inves- wave bode well foremerging- emerging-market assets days of the pandemic.Its recov- tors have been betting on a market currencies,” said Piotr 10% South erygathered pace this fall, Democratic victorythat they Matys, senior emerging-market Korean $40 billion when investorsgrewmorecon- figure would benefit many strategist at Rabobank. “Ifthe won fident that the Democrats emerging markets. Democratsare in full control, it Mexican might win the presidencyand That helped Mexico’s peso would be easier forthem to im- peso 20 Senate. strengthen 3.8%inOctober and plement alarge-scale fiscal 0 Mexico’scurrencywould be hit 20.87pesos adollar last packagetorevive economic ac- 0 one of the biggest beneficiaries week,its strongest level in tivity,which would be also pos- of moreU.S.stimulus,said morethan seven months.South itivefor the export-oriented Claudia Calich,afund manager Africa’srand climbed 2.7% [emerging-market] economies.” at M&GInvestments. M&G has –10 –20 against the U.S. Manydevelopingeconomies recently bought peso-denomi- CURRENCIES currency, itsbig- remain in aprecarious position. Bonds nated Mexican government gest monthly ad- Turkey is among the most vul- –40 Stocks bondsand, unlikefour years vancesinceMay.Bolstered by nerable: Investors’ concerns ago, decided not to hedgethe Turkish Asia’s economic recovery from aboutits ability to financeits –20 currencyexposureheading into the pandemic,South Korea’s current-account deficit aftera lira –60 polling day. July Nov. wongained 3.1% in itsbest per- series of interest-ratecutswere Jan. July Oct. That is abold move: The formancesinceJune 2019. compounded last month by ten- Sources: TullettPrebon (currencies); InstituteofInternational Finance(purchases) peso tanked on election night Money managersare wager- sions with the U.S. over an air- in 2016 when resultspointed to ing that an acceleration of defense system procured from the past week to trade at 21.21 economiesthis year and next, vestor AshmoreGroup.“If the victoryfor President Trump, growth in the U.S. would be a Russia. The lirahas plumbed a adollar.Jitters ahead of the the International Monetary U.S. wasanemerging market, who had takenatough line on boon foremerging markets series of record lows,and fell election, concerns that Euro- Fund said in October. the dollar would have been Mexicoduring the campaign. that rely on overseas demand to itsall-time weakest level of pean lockdowns will crimp the An expansion of the U.S. def- toast along time ago.” Therally in emerging-mar- forgoods,services and rawma- 8.53 adollar on Tuesday. world economy, and atumble in icit would nonethelessboost Feweconomies areasketcurrencies signals an easing terials.Wall Street views a Underscoring the fragility of oil prices prompted the decline. currencies like Russia’sruble closely tethered to the U.S. as of the crisis that struck in the Democratic sweep—wherethe emerging-market assetsduring Emerging marketsasa and Colombia’speso by weigh- Mexico,the second-largest ex- spring,when trade,tourism party wins the WhiteHouse the worsteconomic downturn whole,excluding China, areon ing on the dollar,said Gustavo porter to Americaafter China. and commodity prices col- and control of Congress—as the in decades,Mexico’speso gave course to experienceagreater Medeiros,deputy head of re- Thepeso tumbled when inves- lapsed. Investorshavesince clearest path to moreeconomic up 0.8% of itsrecent gains over lossofoutput than advanced search at emerging-market in- tors pulled billions of dollars cautiously returned. P2JW309000-4-B01300-1------XA

THE WALL STREET JOURNAL. **** We dnesday, November 4, 2020 | B13 MARKETS Dow Rallies to Best Day Since Summer

BY ANNA HIRTENSTEIN Theindexclimbed on eight of Indexperformanceonpresidential Election Day economy, said Stephane Mon- government-debt market, AND PAUL VIGNA those occasions. ier, chief investment officer at which tends to underperform Equities have generally per- DOWJONES NASDAQ LombardOdier.That would in timesofhigher economic TheDow Jones Industrial formed well under President INDUSTRIAL AVERAGES&P 500 COMPOSITE givefresh impetus to astock- growth. “Ifwesee aDemo- Averagehad itsbest daysince Trump—the S&P 500 has market rally that has waned in craticsweep,[10-year Trea- 4% July as tens of millions of surged57% sincethe 2016 recent weeks. sury] yields could go up to 1% Americans headed to the polls election. But the market lately “We’ll wait to have the first or potentially higher,” he said. to select the next president. is being buoyedpartly by bets 3 part of the resultsand add TheWSJ Dollar Index, Theblue-chip indexrallied that former Vice President Joe risk to our client portfolios in which measures the greenback 554.98 points, or 2.1%, to Biden will win the White the case of aclear Democratic against abasket of currencies, 27480.03, itsbiggest one-day Houseand Democratswill 2 +2.1% +1.8% +1.9% or Republican sweep,” said declined 0.7%. point and percentagegain take control of Congress. Mr.Monier.“We will stay very Alibaba Group Holding sinceJuly 14.The S&P 500 Thestock market usually cautious in the case of asplit slumped$25.27,or8.1% to rose 58.78points, or 1.8%, to feels moreapprehensiveabout 1 result.” $285.57after the Shanghai 3369.02. TheNasdaq Compos- Democratsthan Republicans, If the Democratsemerge Stock Exchange postponed iterose 202.96 but “this is a unique year and victorious,hesaid he plans to technologystartup Ant TUESDAY’S points,or1.9%, aunique election,” said Solita 0 0 buy emerging-market equities. Group’sblockbuster initial MARKETS to 11160.57. Marcelli, the Americas chief –0.02 –0.01 If it is aRepublican win, Mr. public offering.Alibaba owns As election investment officer at UBS Monier plans to invest in a33% stakeinAnt. –1 resultscame in Tuesdaynight, Global Wealth Management. small and midcap stocks. —Frances Yoon contributed U.S. stock futures bounced Elections and stocks do 1984 2000 ’20 1984 2000 ’20 1984 2000 ’20 Theyield on the benchmark to this article. around. At about 10 p.m. East- have arelationship,though it Note:Markets were closed on Election Dayprior to 1984. 10-year U.S. Treasurybond ern time,U.S.stock futures is impossible to saydefini- Source:Dow Jones Market Data rose to 0.881%, itshighest were up 1.5%. tively which drives the other. level sinceJune 8, from AUCTION RESULTS At middayWednesdayin Forelection yearssince1928 the chances of a“blue wave” fearfulofablue wave and Bi- 0.848% Monday. Prices fall Here are the results of Tuesday's Treasury auction. All bids are awarded at a single price at the market- Tokyo, the Nikkei Stock Aver- in which the S&P 500 is posi- outcome, in which Democrats den, pricing in what it would when yields rise. clearing yield. Rates are determined by the difference agewas up 1.4% and Hong tive in the three months be- win both the WhiteHouse and mean fortaxes and regula- ABiden win could mean between that price and the face value. Kong’sHang Seng Indexwas fore Election Day, the incum- control of Congress, Ms.Mar- tions,” she said. Those fears “morefiscal stimulus,where 52-WEEK BILLS Applications $125,651,781,100 up 0.4%. bent party has won87% of the celli said, because it would have receded though. “The we could get stronger growth Accepted bids $39,377,361,100 Stocks have typically fared time,according to brokerage makeitmorelikely lawmakers market has come around quite outcomes and higher infla- " noncompetitively $248,480,200 " foreign noncompetitively $0 well on Election Day. TheS&P firm BTIG. would approveagenerous abit.” tion,” said Seamus Mac Go- Auction price (rate) 99.863500 500 has risen 0.9% on average IncludingTuesday’srally, stimulus packagetospur eco- If Democratsemerge as the rain,head of global ratesat (0.135%) Coupon equivalent 0.137% on the 10 days from 1984 to theS&P 500 is up morethan nomic activity under the new winners, the government J.P. MorganAsset Manage- Bids at clearing yield accepted 23.86% 2020 that Americans went to 2% sinceAug.3. administration. could spend an additional $3 ment. Cusip number 9127964W6 the polls to elect apresident. Themarket has warmed to “A lot of people were very trillion to bolster the U.S. This would weigh on the The bills, dated Nov. 5, 2020, mature on Nov. 4, 2021. Gas-Focused Fracking Companies Show Signs of Life

BY COLLIN EATON at $3.0590 per million British come, up from $919 million. Year-to-dateperformance $40 abarrel, manylargerpro- some companies,the firm AND REBECCA ELLIOTT thermal units. U.S. shale-oil producers ducers should be able to hold said, likely resulting in high Theresult is areversalof likely will struggle to hold Natural gas Crude oil production relatively steady default levels. Asplit reality is emerging fortunes in the U.S. shale production flat over the next 50% over the next two yearswhile At least 248North Ameri- forU.S.shale drillers: Those patch, whereoil companies two years, compared with De- spending lessthan they take canproducershavesought that primarily pump oilare have long overshadowedtheir cember 2020 levels, Conoco- in from operations, according bankruptcy protection since still struggling to survive, gas-focused peers.The market Phillips Chief Operating Offi- 0 to Morgan Stanley. But $30 a the start of 2015,including 40 while those that producenatu- value of the six largest public cerMattFox said last week. barrel would result in produc- this year through September, ralgas areslowly seeing signs Appalachiangas companies, ThecompanyexpectsU.S. tion declines and, forsome, according to Haynes &Boone. of recovery. including EQT Corp.and shale drillerstopump 6.5mil- –50 “unsustainably high leverage,” Analystsand tradersexpect Oil-focused fracking compa- RangeResources Corp., has lion to seven million barrels a the investment bank said. natural-gas prices to remain nies are under extreme finan- climbed about 18% sincethe day of oil in December, down Even before the pandemic, aloftnextyear amid increased cial strain,asrenewedcon- start of 2020. That compares from 8.2million ayear earlier. –100 oil and gasproducers had U.S. exportsofliquefied natu- cerns about with a53% drop in the com- “Ifyou comparethat to the been saddled with debt runup ral gas and as colder weather COMMODITIES the coronavi- bined market capitalization of trajectorywewereon, that’s during the fracking boom. For lifts domestic consumption of ruspandemic the 25 largest U.S. oil compa- at least four million barrels a –150 those with weaker balance fuels used in residential and weigh on crude prices. nies,according to datafrom daylessthan the pre-Covid sheets, looming debt maturi- commercial heating. But gas-focused drillersare S&P Global Market Intelli- trend,” Mr. Fox told analysts, ties are particularly problem- Shares of EQT, the largest getting along-awaited re- gence. explaining that production –200 atic, said Buddy Clark,apart- U.S. gas producer, have more prieve. Natural-gas prices are “Being in natural gas, we would likely have been up,not JFMAMJ JASON ner at the law firm Haynes & than tripled from their low in climbing ahead of winter and think,isanimportant thing down, from ayear earlier Boone LLP.That is because re- February, though they remain Note:WTI crude oil settled at negative$37 a arelesssensitivetolockdowns right now,” Marathon Petro- without the pandemic. barrel on April 20. financing is likely to be expen- 86% below their 2014 high. that erode demand for trans- leum Corp.Chief Executive ConocoPhillips,one of the Source:FactSet siveasinvestorscontinue to Butevenwith prices above portation fuels. Michael Hennigan said during largest independent U.S. oil steer clear of the oil patch. $3 per million British thermal U.S. benchmark oil prices the company’sthird-quarter producers, reported a$450 from lowactivity levels in May Companiesgenerally need units, U.S. shale-gas compa- tumbled about 11% last month earnings call Monday. million lossfor the thirdquar- and June. to refinanceatleast ayear be- nies aren’t experiencing a to their lowest level since The Ohio-based refiner re- ter, compared with a $3.1 bil- ButmanydrillersinWest fore their debt comes due,lest windfall, said Subash Chandra, early June,beforeedging up ported a$1billion quarterly lion profit a year earlier. Texas and North Dakotaex- they risk breaking terms on an analyst at Northland Secu- to $37.66abarrel on Tuesday, lossasits fuel-making busi- Theoil-pricedrophas tract natural gas as a byprod- their debt arrangements, Mr. rities Inc. as some European countries ness posted a $1.6 billion loss clouded predictions by oil- uct of the oil they areseeking. Clark said. “It’sgoing to help margins, imposed newlockdowns amid from operations,compared field-services companies such They hadproduced so much of As of September,roughly but they’re not making a kill- aresurgenceincases of with $989 million in operating as Halliburton Co.and the excess gasthat they $126 billion in U.S. oil- and ing,” Mr.Chandrasaid. “It’s Covid-19,the illnesscaused by income during the same pe- Schlumberger Ltd. of aslow flooded the natural-gas mar- gas-producer debt was set to just $3 gas.” the newcoronavirus.Mean- riod last year. The company’s but steady pickup in fracking ket, keeping prices depressed mature through 2025, includ- Natural-gas prices averaged while,U.S.benchmark natural- pipeline business, which in- activity in U.S. oil regions,an- foryears. That pressure is ex- ingabout $40 billion by the about $3.31per million British gasprices soared 33% last cludes natural-gas processing alystssaid. Consulting firm pected to ease forgas produc- end of 2022, according to an thermal unitsinthe decade month to their highest level in and transportation, helped to RystadEnergy said fracking in ersasoil companies limit pro- S&P Global Ratingsanalysis of ended in 2019,according to nearly two years, beforeset- offset those losses,generating North Americalikely reached a duction growth, analystssaid. ratedcompanies.That wall the Energy Information Ad- tling slightly loweronTuesday $960 million in operating in- peak in October afterrecovery If oil rebounds to roughly might be “insurmountable” for ministration. OPECConsiders More Cuts as Demand Flags

BY BENOIT FAUCON tion gradually,instagesoftwo GES

AND SUMMER SAID million barrels of added crude IMA aday,every six months,as-

Saudi Arabia and other suming the worstofthe pan- GETTY

OPEC membersare considering demic would fade before the SE/ deepening oil production cuts end of this year. In the sum- amid rising Covid-19 cases in mer, the group moved ahead ANCE-PRES

the West and fresh economic with thefirst increase in out- FR lockdowns in Europe that could put. Thenextextratwo million curb oil demand further,ac- barrels aday were expected to ENCE cording to oil officials and ad- start flowing in January. AG visersinthese countries. Last month, TheWall Street TheOrganization of the Pe- Journal reported that Saudi troleum Exporting Countries Arabia and other producers NURELDINE/ YEZ

had hoped to be in aposition had started debating whether FA to start turning production or not to delayopening up the Prices remain at about half the level that Saudi Arabia needs to balance its spending this year. A Saudi Aramco oil-processing plant. back on. In April, OPEC,a13- spigotsbythree months.Such member cartel led by Saudi a scenario, at a minimum, is Thediscussions come after slowthe spread of the disease. during the period. layinrestoring production. Arabia, and 10 Russia-led pro- nowincreasingly likely,OPEC U.S. crude futures last week Prices remain at about half Fast recovery in Libya’soil Moscow is nowopen to keeping ducers, agreed to carryout re- officials said. closed to as lowas$36.17, the level that Saudi Arabia production, nowat800,000 curbs in placeafter consulting cord production cuts of 9.7mil- Amid increasingly bearish oil their lowest finish sinceJune needs to balanceits spending barrels aday,compared with Russian oilcompanies,accord- lion barrelsaday.The cutbacks prospectsmorerecently,Saudi 1.They are40% lowerthan this year,according to the In- 100,000 barrels a day in late ingtoone Russian oil official. came afterthe initial flare-up Arabia andother oil producers they were at thebeginning of ternational MonetaryFund. September, is also keeping a TheUnited Arab Emirates,a of the newcoronavirus closed in the OPEC allianceare also the year.Inrecent weeks, Earlier Tuesday, Saudi Arabia caponprices,analystssay. crucial OPEC voice and typi- economiesaround the world, considering newcutsasone of Covid-19 cases in the U.S. and Oil Co., or Aramco,Saudi Ara- Libyarecently reopened fields cally a staunch Saudi ally, is grounded flightsand public several options to deal with Europe have soared, spurring bia’sstate-controlled oil com- and portsafter atruce be- stillreluctant to delayrestor- transportation and closed of- lackluster demand, officials in big economies like Germany, pany, said it would payout its tween warring factions there. ing production after coming ficesand factories. these countries said. Deeper Franceand the U.K. to reintro- normal quarterly dividend of Russia, thecartel’smost im- under pressurefromthe king- The accord called for pro- curbs are“nowanoption,” said ducetough restrictions on $18.75billion,despitebringing portant oil-market ally,was ini- dom to comply with agreed ducers to return that produc- one of these officials. travel and businesstohelp in just $12.4billion in cash tially reluctant to endorse ade- cuts, according to the officials.

the same quarter ayear ago. economic reopeningsinChina thecontinent. said in the statement. ment floated. Aramco Sales fell 25% to 200 billion ri- and elsewhereinAsia, and fit- Likemanyother companies “Wecontinue to adopt adis- Aramcoshares closed up yals,hit by refining and chem- fulebbs to virus cases in the that have recently reported ciplined and flexible approach slightly Tuesdayat34.40 riyals, icals margins,the company West. earnings, Aramcosaid the third to capital allocation in the face or about $9.17. That is 2.40 ri- To Keep said Tuesday. Morerecently,asurge in quarter—in which manyglobal of market volatility,” he said. yals,orabout 64 cents, above On aquarter-to-quarter ba- Covid-19 cases in the U.S. and economic indicatorsshowed In its December IPO, Dhah- itsDecember IPO price. sis,net income rose forthe Europe have hit markets signs of better-than-expected ran-based Aramcopromised Aramcosaid itsthird-quar- Dividend firsttime sinceJune 2019,due afresh. International oil activity—was encouraging. shareholders $75billion in an- tercapital expenditures stood to a partial recovery in crude prices fell Mondaytoafive- “Wesaw early signs of are- nual dividends forthe next at $6.4 billion as the company prices over thelatestthree- month low, to about $38 a covery in the thirdquarter five years. continues to cut costs. It has ContinuedfrompageB1 month period. barrel, as investorsbet eco- due to improved economic ac- That pledge helped con- previouslysaid itscapexfor income of 44.2 billion Saudi Afterfalling steeply earlier nomic activity would fall in tivity,despitethe headwinds vince private investors to pay this year is expected to be at riyals,equivalent to $11.79 bil- in the year,oil prices have sta- Europe amid several new facing global energy markets,” apremium forthe thin sliceof the lower end of a $25 billion lion, down 45% compared with bilized somewhat amid pandemic lockdowns across Chief ExecutiveAmin Nasser Aramcoshares the govern- to $30 billion range. P2JW309000-0-B01400-1------XA

B14 | We dnesday, November 4, 2020 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY China Risks A Lonely Return To Greatness

Economy, exports have surged back, but success

conceals shifts in global political environment S PRES China is opening to the world companies aresharply lessoptimis- ZUMA

again, but the world’sheartsand tic on China’sfive-year outlook since A/ minds areclosing to China. Sino- 2018,according to the American U.S. “decoupling” will be costly for Chamber of Commerce in Shanghai. XINHU

the U.S.,requiring expensiveinvest- OxfordEconomics calculates that WEN/

mentsand imaginativereforms to significant economic decoupling JING offset.The same is true forChina— with the U.S. alone would entail a ANG

only moreso. If other advanced roughly 8% smaller Chinese econ- HU economies also pull away,China’s omyby2040 than otherwise ex- Anti-China sentiment among the country’s largest trading partners has risen. President Xi Jinping last month. prospectswill darken sharply. pected. If other advanced economies China’s economyand exports join the bandwagon, that could mean els,came from Xinjiang last year. vulnerable to overseas pressure. A aftertheir useful lifehas ended have surgedback thanks to itssuc- a17% smaller economy. Thereislit- Beijing’s new plan to offset all coordinated effort to target thanks to local—or central—gov- cessful, early control of the pan- tle sign of such aconcerted effort this, memorialized in its obscure- China’s ICT exports among ad- ernment support. Recent examples demic.But this early success con- now—but that might changewith a sounding “dual-circulation” strat- vanced economies would be im- include steel, solar panels,electric ceals worrying structural shifts in moremultilaterally minded White egy, is twofold. First, it is selec- mensely costly for companies like vehicles,aluminum and robotics. the global political environment. House,orifthe bilateral investment tively opening up the economy to Apple, but probably disastrous for And this time,Chinese companies Anti-China sentiment among China’s treaty long under negotiation be- entice foreign companies to stay China. On the other hand, moving won’t have the option of exporting largest trading partnersisupdra- tween Europe and China falls apart. put, most notably in automobiles more capital and labor into the their way out of trouble. matically.Afull 71% of Germans, Beijing’sheavy-handed tactics on and finance. New rules doing away ICT sector, as Beijing clearly hopes Reforms of China’sbankruptcy 73%ofAmericans and 75%ofSouth itsperiphery, especially against the with some joint-venture require- to do, could raise the economy’s system in the past decade have Koreans surveyed by PewResearch Uighur minority in Xinjiang,could ments have already elicited invest- overall productivity if done right. helped mitigatethis problem, but this summer had anegativeimpres- also trip up potential areas of coop- ments from companies such as Chinese companies areamassing only partially.The pervasivedistor- sion of China. Foreign direct invest- eration likeclimatechange. An Oc- Tesla and JPMorgan Chase. aformidable warchest: Listed firms tions in China’scredit marketsbene- ment has held up so far—but that tober report from S&P Global high- Second, it is marshaling enor- in “strategic sectors” will raise fiting politically favoredcompanies could shift oncethe rest of the lighted that about athirdofglobal mous resources to unlock domestic about 1.2 trillion yuan, equivalent to showlittle sign of disappearing.Al- world is back on itsfeet. American polysilicon, used to makesolar pan- consumption and its own ability to $179 billion, of newdebt equity and lowing even morebankruptcies and produce high-tech goods—espe- financethis year,according to ahigher cost of capital forstate Debt as percentageofgross domestic product, cially information technology like Gavekal Dragonomics.Numberslike firms could impingeonother priori- households and nonproﬁts serving households semiconductors—to substitute for that should makeWestern and ties—likesocial or financial stability closing overseas markets and re- Asians competitorsnervous. and local government finances—that 100% stricted high-tech imports. Nonetheless, the question is Beijing maystill be reluctant to sac- This makes acertain amount of whether that money will be well rificeupon the altar of efficiency. 80 sense.ANovember 2019 Interna- spent, particularly without the Overall, Beijing’s dual-circula- tional MonetaryFund working pa- competitive discipline of export tion strategy is a risky bet for a U.S. per found China’sinformation and markets. In the past, Chinese com- country that has thrived on an in- 60 Japan communication technology, or ICT, panies in industries considered tegrated global trading system. China sector has experienced by far the strategic have used that label—and The essence of the gamble is that Germany fastest productivity growth of Chi- the implicit or explicit state back- Chinese markets can replace for- 40 nese high-tech industries in the past ing it comes with—to raise mas- eign ones without a gargantuan two decades: Labor productivity in sive sums and then plow them into loss of efficiency—and that foreign ICTasof2015 wasroughly twiceas enormous new capacity in a race companies will continue to ignore 20 high as in medicine,the second to undercut competitors. human-rights abuses and growing most productivehigh-tech sector. That pushes margins lowerfor uneasiness at home in exchange 0 ICTproductsare also overrepre- everyone,makes real investment in for concrete but limited market sented in China’sexports, and for- research moredifficult, and often openings. On both counts, that 2007 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18 ’19 ’20 eign companies areheavily invested. resultsin“zombie” firms that hang looks like a bet that could easily Source:Bank forInternational Settlements But this also makes the sector around sucking up resourceslong go wrong. —Nathaniel Taplin

OVERHEARD Investors Shouldn’t Bank on a Vaccine A vaccine with that lower effi- Some answers are coming soon cacy profile would still be useful in Does racing help the busi- on whether the Covid-19 vaccines the public-health effort. After all, ness of selling cars? Ferrari’s in development are safe and effec- the seasonal flu vaccine typically capacity to churn out impres- tive. Investors shouldn’t be too reduces visits to a doctor by 40% sive results despite its worst hopeful for an entirely conclusive to 60% in a given year. performance on the track in answer just yet, however. Even once Pfizer is ready to years suggests the link isn’t a Pfizer Chief Executive Albert submit its request for emergency

strong one. Bourla said last week the company S use to regulators, the process The Italian auto maker has has nearly completed enrollment might take longer than investors emerged from the spring lock- for its late-stage Covid vaccine PRES expect. No one should be surprised

downs with a slight dent to trial. Once there are 32 confirmed ZUMA if the FDA convenes an advisory

this year’s numbers but its cases in the trial, an independent A/ committee to review the data. Af- profit engine running smoothly. data monitoring committee will ter all, the Covid-19 vaccination It said Tuesday that it sold conduct an interim data analysis, XINHU development timeline is far slightly fewer vehicles in the the first of four scheduled during JINI/ quicker than for a typical vaccine. third quarter, but only due to the trial. And potential safety issues in vac- SINDEL/

production planning. Orders in Those results could be available N cines typically generate far more

October were particularly as soon as this week. Mr. Bourla TA concern than in other drug classes, NA

strong, suggesting Ferrari’s said once safety data are finalized, YO because they are intended for a far noisy sports cars remain as it is possible Pfizer will apply for Vaccines’ safetyissues generatemoreconcern than those of other drug classes. broader population. Such a step popular as ever among the su- an emergency use authorization would help the public gain trust in perrich. with the Food and Drug Adminis- such, efficacy won’t be declared at treme result, the trial will con- the vaccine, but will also take The company’s performance tration as early as the third week the first interim analysis unless at tinue. The next analysis is slated time. in the motor-racing season, of November, which would allow least 26 of the 32 Covid-19 cases to take place after 62 cases, and As a result, Pfizer has taken a which started in July after a the company to begin distributing are among patients who received a the trial isn’t scheduled to con- conservative approach to its vac- delay due to the pandemic, is the vaccine. Moderna is on track placebo instead of the vaccine. clude until there are 164 cases. At cine rollout timeline: While the another matter. Its team cur- for an interim review of its data Those results would suggest that that threshold, success will be de- company expects to have 30 mil- rently ranks sixth in the so- later this month. the vaccine reduces the risk of in- clared if the risk of infection is re- lion to 40 million doses manufac- called constructor standings for Investors should keep their fection by 77% after accounting for duced by about 52%. The longer tured by the end of the year, it 2020 compiled by Formula One hopes in check for that data read- the trial’s margin for error. Con- the trial takes for a conclusive re- doesn’t include any sales in its on the basis of Grand Prix re- out because the bar for the vac- versely, the trial could be stopped sult, the less effective a final vac- 2020 financial outlook. sults. It hasn’t finished a year cine to be declared effective is for futility if early results are par- cine is likely to be. And even if the Investors betting on a vaccine that far down the leaderboard very high at first. The drug must ticularly discouraging. drug is clearly effective at the first as a key component of a return to for decades. Ferrari Chairman show a higher rate of efficacy at Both those scenarios are rela- interim analysis, the efficacy rate normal economic activity would do John Elkann has talked in the small sample sizes, all else equal, tively unlikely. If the first interim might drop over time as the rest well to take a similarly conserva- Italian press of “car design mis- to be statistically significant. As analysis doesn’t result in either ex- of the trial unfolds. tive approach. —Charley Grant takes.” A high stock-market valua- tion suggests investors see little risk of any impact on the Ferrari brand from the racing Wayfair Finally Starts to Feel Comfortable team’s woes. So why does the company bother with expensive motor sports at all? Wayfair is finally proving its quarterly profit afterstraight quar- tion seems wise.While Wayfair is Wayfair quarterly netincome/loss businesscase this year as customers terly losses ever since its2014mar- likely to have abreakout year,it keep shopping forfurnitureand ketdebut.The profit figure was could be tough to replicatesuch a $300 million home productsfromtheir couches. manytimes higher than what ana- high sales growth rate going for- Totalrevenue rose 66.5%inthe lystshad penciled in. ward.Analystsexpect Wayfair to 200 thirdquarter compared with ayear Wayfair’s conservativeapproach swing back to net losses in the earlier,aslowdown compared with to hiring seems to be paying off— fourth quarter,beforereturning to 100 the previous quarterbut exceeding operating expenses related to head profit by the thirdquarter of 2021. analyst expectations.Wayfair is in a count ticked up 3.6% from ayear While thereisalot to be excited 0 sweet spot: Not only arefurniture earlier despitethe revenue surge. about forWayfair,its shareprice –100 and home décorawinning category Advertising spending is becoming seems to be pricing in the optimism. during the pandemic,but morepeo- moreefficient as repeat customers Itsenterprise value is almost 53 –200 ple areonline shopping forthe first account forahigher shareoforders. times forwardearningsbeforeinter- time.This had been asignificant Wayfair will continue to be cau- est, taxes, depreciation and amorti- –300 hurdle forsellersoflarge,expensive tious with costs. It plans to keep zation, steeper than Amazon’s 27

/REUTERS productssuch as furniture, which staffing expenses flat andsays the times,according to S&P Global Mar- –400 shopperspreferred to see in person. current logistics footprint is enough ketIntelligence. As bright as itsfu- 2017 ’18 ’19 ’20 ’21

ALBOUY Thereal surprise wasonthe bot- to handle the demand surge,the turelooks,ithas some waystogo tomline: Net income was$173.2mil- chief executivesaid on Tuesday until it truly becomes the Amazon Note:Datafor 4Q 2020 and after areprojections Source:FactSet

PIERRE lion, marking asecond consecutive morning’searningscall. Their cau- of furniture. —Jinjoo Lee P2JW309000-0-R00100-1------XA ARTIFICIALJOURNINAL REPOTELRT LIGENCE

0 0 1 0 1

HOWTOMAKE AI LESS BIASED

Artificial-intelligence systems can unfairly penalize certain segments of the population. Here are some of the ways researchers and tech companies are addressing that. By Michael Totty

1 1 1 0 CK TO

IS 1 GES: IMA JOURNAL; REET ST LL WA THE / WEBB A. KEITH

SARTIFICIAL INTELLIGENCE How could this be? How could software uted equally. Instead, its predictions can often spreads into moreareas of pub- designed to take the bias out of decision reflect and exaggerate the effects of past dis- lic and privatelife, one thing has making, to be as objective as possible, pro- crimination and prejudice. become abundantly clear: It can duce these kinds of outcomes? After all, the In other words, the more AI focuses on get- be justasbiased as we are. purpose of artificial intelligence is to take ting only the big picture right, the more it is AI systems have been shown millions of pieces of data and from them prone to being less accurate when it comes to A to be less accurate at identify- make predictions that are as error-free as certain segments of the population—in particu- ing the facesofdark-skinned possible. lar women and minorities. And the impact of women, to givewomen lowercredit-cardlim- But as AI has become more pervasive— this bias can be devastating on swaths of the itsthan their husbands,and to be morelikely as companies and government agencies use population—for instance, denying loans to AI to decide who gets loans, who needs creditworthy women much more frequently to incorrectly predict thatBlack defendants more health care and how to deploy police than denying loans to creditworthy men. will commit futurecrimes than whites.Racial officers, and more—investigators have dis- In response, the AI world is making a strong and gender bias has been found in job-search covered that focusing just on making the fi- push to root out this bias. Academic research- ads,softwarefor predicting health risksand nal predictions as error-free as possible can ers have devised techniques for identifying searches forimages of CEOs. mean that its errors aren’t always distrib- PleaseturntopageR4 Inside • SHOPPING WITH AI Saving • DEMENTIA CLUES • JUST IMAGINE An e-commerce surge Forests is feeding retailers a AI may be able to help reveal early A Wish List flood of data they’re Satelliteimageryand signs of cognitive using to improve their AI analysis combine What if AI could to help those fighting decline in activities helps us deal recommendations for deforestation, pests like typing, sleeping with annoying customers R2 and fires R6 and speaking R7 co-workers? R8 P2JW309000-0-R00200-1------XA

R2 | We dnesday, November 4, 2020 THE WALL STREET JOURNAL. JOURNAL REPORT | ARTIFICIAL INTELLIGENCE

these photos, known as Pins,are available forpurchase. “The moreweknowabout aPin and the objects and products inside it and their attributes,wecan return morerelevant results basedon searches,” Mr.King says,adding that the sitehas enlistedfashion industry pros who makesureclothing styles arebeing correctly identified. Mr.King says precise visual-search capabilities enable userstoask “what material is this made from” or “whatis the color scheme of this dress,” and get answers thatalso directthem to similar items forsale. Pinterest’s visual-search capabilities canalso identifyincidental objects within aphoto, likeavase in the background of arestaurant, and make the items searchable foruserswho want to buy them, Mr.King says.

Natural-language processing The other big AI tool that is revolu- tionizing e-commerce, advanced natural-language processing, helps retailers hone search results by interpreting buyers’ intentions from the terms and phrases they use. “There’s a paradox of choice that really matters,” Mike Fisher, Etsy’s chief technology officer, says about the online marketplace’s 80 million- plus items for sale. “You don’t want it to be overwhelming,” he says. Five years ago, Mr. Fisher says, search was purely based on keyword matching. This means it was easy to miss relevant merchandise when customers typed in a search query. Today, Etsy’s search engines “learn” from a customer’s past queries as well as from other customers’ Mr.Hetu says,“or justget it wrong.” past queries and purchases. Billions Computer vision, also known as of historical data points are consulted In Search of Better Online object recognition, recognizes dozens to make links between the terms of features from aproduct photo shoppers have used and the products and compares them with similar they eventually find. Recommendations items in astore’s database,quickly This relieves shoppers of the “bur- tagging anyoverlapping attributes— den” of having to formulate “the ‘per- BY ANGUS LOTEN likeaVenn diagram thathas furni- fect’ search query,” Mr. Fisher says. tureasthe overall subject and black, The tool also enables Etsy to map ayfair Inc. has 37,173 results based on instructions for By using AI, leather and contemporaryasthree out synonyms within a hierarchy of kinds of coffee mugs very specific input, AI algorithms go retailers are circles thatintersect at the center. colors. So if a customer searches for for sale. Factor in dif- further by using the results they leveraging Mr.Miller,aformer vicepresident a teal rug, say, the algorithm can find ferent colors, sizes or produce to then fine-tune the in- of Amazon.comInc.’ssupply-chain products matching the query, but materials, and the structions and “learn” how to handle data to help operations,saysWayfair trains its also options in other hues of blue, range of options rises new input, repeating the cycle over customers find computer-vision algorithm with a which would otherwise be buried above 70,000. It’s Jim and over again. what they are combination of supplier and cus- deeper in the catalog. Miller’s job to help Gartner predicts that within the looking for— tomer photos, and photosgenerated Mr. Fisher says the next step will Wshoppers find the mug next five years, the world’s 10 larg- by three-dimensional imageryofa be to train algorithms to combine they want—along with a set of espresso est retailers will be using AI models even when the given piece of furniture. product and search data over time to cups, a waffle iron or other products they as the backbone of product customers The algorithm captures design determine a shopper’s overall taste. didn’t know they wanted. searches and recommendations— don’t know features,materials,styles,color,vin- That requires associating an array of In the past five years, the company’s and as a competitive edge. what that is tage and avastarray of other ele- elements that aren’t linked in an ob- success rate has jumped 50%, measured Companies keep their algorithms ments. It then takes thatinforma- vious way, like flannel pajamas and by the number of clicks it takes for a cus- a closely guarded secret. Ama- tion, along with tags addedby midcentury décor. “The tricky part is tomer to add an item to their carts and zon.comInc.’s AI algorithms scour professional designers, and applies it going across chairs and shirts or jew- how often they buy those items, among millions of listings for items match- to similar items in the store’s exten- elry to detect a similar style,” he says. other variables, according to Mr. Miller, the ing a buyer’s search query, weighing siveline of products.The richer the Taken together, natural-language Boston-based online retailer’s chief tech- processing, computer vi- nology officer. sion and vast stores of He credits the gains to advances in customer data enable smart software. Rather than asking cus- SmarterSearch online retailers to better tomers to browse through the entire cata- interpret a search query, HowimprovedAItools and data arehelping shoppershome in on whattheywant. log of mugs, he says, algorithms, artificial identify a more precise intelligence and troves of data “are doing set of relevant products, the work behind the scenes.” and pull out a smaller Since the coronavirus outbreak, online assortment of personal- retailers like Wayfair, Etsy Inc. and Pinter- ized choices unique to estInc. are ratcheting up efforts to lever- each shopper—all just a age data from a surge in e-commerce to few clicks. get better at helping customers find what Many traditional they are looking for—even when they don’t stores with a heavy on- know what that is. line presence are also To do that, these Web-only stores are Ashopper comes Natural-language Computer vision has Personalization Abetter looking to AI to ratchet supercharging search-and-recommendation to aretailer processing interprets taggedproducts in narrows the queryto search result. up search. engines by feeding data into sophisticated websitetosearch aquerywith greater retailer's catalog with reﬂect shopper's Walmart Inc. takes algorithms, building predictive models with foraproduct and precision. For manyattributes (far preferences,basedon advantage of data from a level of accuracy unimaginable just a types in "warm instance, it can morethan human pastshopping habits its physical stores and few years ago. socks." associate warm socks taggerscould add ﬁve and personal data its website to build out Not all of the capabilities are new—al- with materials like yearsago). (male,middle-aged, a robust profile of cus- gorithms have been around for decades. wool even though lives in Brooklyn, etc.) tomers, says Ravi Jari- But the rapid expansion of computing "wool" isn't a wala, a company keyword. power and cloud storage in recent years spokesman. has enabled sellers to gather and crunch “Because we have a data on a massive scale. Source:WSJ Reporting, Kevin Hand/THE WALL STREET JOURNAL massive data set be- Shoppers generate data on retail web- tween our online and sites every time they place an item in a offline purchases, the virtual cart, hover over product pages, click more than 100 variables, such as listofkeywordstaggedtoaproduct, algorithms are incredibly well in- on product recommendations and ulti- past purchases, age, gender, and a the morelikely an algorithm is to formed,” he says. According to Mr. mately make a purchase. Stores create long list of criteria known only to producerelevant search results. Jariwala, most Walmart customers more-robust customer profiles by adding company insiders. The model improvesovertime by continue to shop in the physical

their shoppers’ ages and genders, where learning from its successes and stores, but a growing number are JOURNAL they live, the local weather or seasonal from its mistakes,such as when a paying online for delivery, or ordering REET

events and holidays—and in some cases Predictive mislabeledproduct is spotted and online for in-store pickup. “This is ST data drawn from all over the internet by Computer vision corrected. “You’re taking averylarge how people are shopping now and LL

models WA third-party services. Online retailersuse computer-vision catalog and parsing it and segregat- we don’t see that changing any time

Twogreatly improvedtools thatmost models to automate the processof have a level ing it into searchable terms,to soon,” Mr. Jariwala says. /THE

online retailersuse to turn thatdatainto assigning keywords, or tags,toiden- of accuracy matchwhatyou want,” Mr.Miller “So much of our shopping has HAND sales arecomputer vision and natural-lan- tifyindividual products.The systems unimagined says.When acustomer enters a drifted online and there’s a lack of guage processing, says BobHetu,avice aredesignedto“see” productsand store with millions of products,they tolerance for companies that aren’t KEVIN presidentand analyst in tech research firm label them with alistofattributes, just a few aregoing to need as much help as getting it right,” says Jon Duke, a vice CH:

Gartner Inc.’s retail industryservices unit. such as chair,teak,Scandinavian, years ago. theycan get to find the rightaisle, president for retail insights at tech SEAR

The former helps to indexproducts in a and so on. Adecade ago,Mr. Hetu he says. research firm International Data Corp. TIER website’svirtual catalog using visual cues, says,online product photoswere Pinterest Inc., the 10-year-old so- “These tools are proving their while the latter aggregates and learns manually taggedwith ahandful of cial-media platform, has trainedits worth during the crisis,” he says. SMAR from wordsthatshoppersuse when de- descriptiveterms. object-recognition model on billions scribingproducts theyare looking for. Both The problem is twopeople manu- of images savedbyusersfrom Mr. Loten is a reporter for The Wall MPBELL; CA rely on algorithms poweredbymachine ally tagging items canlook at the around the Web, says JeremyKing, Street Journal in New York. He can Y

learning, asubset of artificial intelligence. same chair,orgarment, or bedding the site’ssenior vicepresidentofen- be reached at HARR Where standard algorithms generate and pick out very differentattributes, gineering. Manyofthe objects in [email protected]. P: TO P2JW309000-0-R00300-1------XA

THE WALL STREET JOURNAL. We dnesday, November 4, 2020 | R3

Special Advertising Feature

Creating the Connected Enterprise

Newtechnology is empowering businesses to break down silosand driveabetteremployeeexperience

nAugust2019, aknife-wielding canactually understand whereyou arein PwC study found half of workersprefer assailant tore through Sydney, the process, you’regiven an all-around digital interactions forcommon HR tasks, Australia’scitycenter,killing one betterexperience.” likemaintaining schedulesand updating Ipersonand injuring another.While benefits. “A subpar employeeexperience agroup of bystanderswas eventually canhavearipple effect acrossthe able to subdue and restrain him until Breaking down silos organization, shaping the customer law enforcement arrived, policewere The connected enterpriseoffers experience,”Pino adds. left with the difficult task of combing aroad map away from the siloed through morethan 14,000 video clips workflows that define most businesses Magellan Health found acreative captured by phonesand CCTV cameras while giving employees the freedom to solution in VERN, a“virtual employee” to piecetogether afull account spend less time on mundane tasks— poweredbyServiceNow. Shortfor Virtual of the attack and confirm the identityof and moretime on truly meaningful work. EmployeeResource Network, VERN the attacker. allows Magellan employees to resolveHR Typically,business functions have questions quickly using self-servicetools Gordon Dunsford,chiefinformation their ownsilos, each with itsown set of and automated case management. and technology officer systems,applications and methods of Of the 700searchesthat VERN fields of the NewSouth Wales communication. The financedepartment daily,75% canbeansweredimmediately PoliceForce,saysin might useone system of record while using existing content. Of the remaining the pastprocessing the HR team reliesonanother.Inreality, cases, the majorityare resolved within 75% that volume of data work is rarely limited to asingle silo. three hours. would haverequired Inefficienciesinevitably arisewhen one ateam of at least60 arm of the companyneeds to collaborate of HR questions “Weneed to attract people who officers and atimeline of or communicatewith another. embracethe company’svision and canbeanswered one year to complete. values,”saysPat Tourigny, senior vice immediately using By uploading the foot- “Onceyou getvisibilityintowhat’s president of HR shared services at age to acloud-based happening, youcan starttomake Magellan Health. “Bycreating the best automated and machine-learning plat- self-servicetools strategic decisions about what you possible professional experience, we form, authoritieswere want to do foryour business,” Wright canbuild our reputation as an employer able to usefacial says.“Take aprocess likeonboarding: If of choice.” recognition software to youcan dramatically reducethe time it confirm the man’s identityinasingle day. takestoget someone intoacompany, and then dramatically reducethe Connecting theworkplace “It’s notjustabout howtodothings amount of time it takesthem to become From Wright’s point of view, the value moreintelligently,” Dunsford notes, “but productive, that’s ahardcostbenefit for of tools likeserviceportals and virtual alsoabout howtodothem at speed.” your business.” agentshas already been provenin countless IT departments, which have This AI-driven policework is just relied on similar technologiesfor years. one example of abroader trend. Africtionless experience Today,other business unitsare waking up Organizations around the world are Work tends to happen acrossmultiple to the idea that these solutions candrive using digital workflows,big dataand channels,some formal (likeemail and efficiency acrossthe enterprise, opening AI to accelerateroutine processes. conferencecalls), some not(likea up abetterway to work —one that puts DaveWright, chiefinnovation spontaneous conversation with co- technology in serviceofpeople,rather officeratServiceNow, calls this “the workers). Without asingle governing than the other wayaround. connected enterprise.” platform, simple taskscan become frustratingly convoluted, with employee “Wehaveanew generation coming “Think about using arideshareapp,” experiencetaking ahit. intothe workplacethat doesn’t accept Wright says.“Youcan seethe routethe the status quo.Theywant to use caristaking, whereitisonthe route “When youdon’t haveaclear and something that cangivethem agreat and when it’s going to gettoyou. Now accurateunderstanding of howyour experience,”Wright says.“Giving people imagine if youcould take that experience people usetechnology in their jobs, the freedom to do what theywant, and overlay it to anybusiness process, their overall experienceatwork can wheretheywant and howtheywant has whether it’s acustomer care issueorfixing suffer,”saysMikePino,partner forPwC’s amuch greater benefit to acompany apieceofindustrial IoT equipment. If you Workforce of the Futurepractice. A2018 than justcreating happier employees.”

The Wall Street Journal news organization was notinvolved in the creation of this content. Wall Street Journal Custom Contentisaunit of The Wall Street Journal advertisingdepartment. P2JW309000-0-R00400-1------XA

R4 | We dnesday, November 4, 2020 THE WALL STREET JOURNAL. THE WALL STREET JOURNAL. We dnesday, November 4, 2020 | R5 JOURNAL REPORT | ARTIFICIAL INTELLIGENCE

1 0 Quiz 0 1 0 across the U.S. Because 15% of them were  Continued from opposite page women, four women appeared in the first page of 25 results. In the first “Terminator” film, a From “Seeing women appear in the first few 8. cyborg played by Arnold HOWTO pages can be crucial to hiring female talent,” Schwarzenegger has been sent Frankenstein says Megan Crane, the LinkedIn technical re- back in time—to accomplish what? To HAL to ‘The cruiter performing the search. “If they were a A. Head off social media REMOVETHE few pages back without this AI to bring them B. Kill the future mother of Terminator’: Test to the top, you might not see them or might a resistance leader BIAS FROM not see as many of them.” C. Prevent the development Your Smarts on Other tools give users the ability to ar- of lethal anticyborg AI in Pop Culture range the output of AI models to suit their technology ARTIFICIAL own needs. D. Save humankind from a Pinterest Inc.’ssearch engine is widely used nuclear holocaust BY DANIEL AKST forpeople hunting forstyle and beauty ideas, INTELLIGENCE but until recently userscomplainedthatitwas Artificial intelligence has been a fea- frequently difficult to find beauty ideas for In which of these movies does ture of popular culture since long be- specific skin colors. Asearch for“eyeshadow” 9. a Turing test figure promi- fore the term was coined in 1955. mightrequireadding other keywords, such as nently? It makes an appearance in “The Il- ContinuedfrompageR1 “dark skin,” to seeimages thatdidn’t depict A. “Transcendence” iad” of ancient Greece, where we meet when AI makes unfair judgments, and the only whites.“People shouldn’t have to work B. “An Education” the robotic helpers of the god He- designers of AI systems are trying to im- 0 extra hardbyadding additional search terms C. “Ex Machina” phaestus, as well as in the Middle prove their models to deliver more-equitable D. “The History Boys” Ages, when the legend of the golem results. Large tech companies have intro- 1 as a powerful creature brought to life duced tools to identify and remove bias as by a rabbi emerged in Jewish lore. part of their AI offerings. 0 Which author, in which More generally, AI has been a staple As the tech industry tries to make AI SCIENTISTS HAVE 10. work, invented the term of science fiction for something like fairer, though, it faces some significant ob- “robot”? Hint: the story involves 200 years. stacles. For one, there is little agreement IDENTIFIEDMANY (what else?) robots who come to The appeal of thinking machines, about what “fairness” exactly looks like. Do DIFFERENT WAYS TO dominate the human race. particularly those that seem human, is we want an algorithm that makes loans DEFINE AND MEASURE A. Daniel Defoe in the satire understandable. If we could create an without regard to race or gender? Or one “Atalantis Major” intelligent being, it might relieve our that approves loans equally for men and FAIRNESSINAI. B. Karel Čapek in his play loneliness, protect us from our ene- women, or whites and blacks? Or one that “R.U.R.” mies, cure our illnesses, comfort our takes some different approach to fairness? C. E.M. Forster in the griefs. Then again, it might just as What’smore, making AI fairer cansome- story “The Machine Stops” easily turn on us, destroy us, and take times makeitlessaccurate. Skeptics might to feel represented,” says Nadia Fawaz, Pinter- D. Jules Verne in his novel “ over the world. Books, movies and argue thatthis means the predictions,how- est’stechnical lead forinclusiveAI. Journey to the Center other cultural representations of AI ever biased, arethe correctones.But in fact, Improving the search results required label- of the Earth” are shot through with this tension: thealgorithm is already making wrong deci- ing amorediverse set of image data and Will the being we create be our savior sions about disadvantagedgroups.Reducing training the model to distinguish skin tones in or our crucifier? those errors—and the unfair bias—canmean the images.The software engineersthen Test your knowledge of AI in cul- accepting acertain lossofoverall statistical addedasearch featurethatlets usersrefine Answers ture by answering these questions. accuracy.Sothe argumentends up being a their results by skin tones ranging from light question of balance. beige to dark brown. 1. A.The subtitle has causedsome In AI as in the rest of life, less-biasedre- After an improved version was released debate among readers. Shelley’sbook Thanks to the sentient creature at sults forone group mightlook lessfair for this summer, Pinterest says, the model is is oftenread as acritique of scientific 1. its center, Mary Shelley’s “Fran- another. 0 three times as likely to correctly identify mul- hubris—areadingthatseems to some kenstein” (1818) is a landmark of AI “Algorithmic fairnessjustraises alot of tiple skin tones in search results. at variancewith the idea of the scien- literature. But the actual title was, these really fundamental thornyjusticeand 1 tist(the eponymous Frankenstein) as “Frankenstein, or…” Or what? fairnessquestions thatasasocietyweha- Prometheus. Both the scientistand A. the Modern Prometheus ven’treally quitefigured out howtothink 0 hiscreation have their sayin1 the B. the Man Who Would Be God about,” says AliceXiang, head of fairness, novel. C. How Toys Become Real transparency and accountabilityresearch at 1 STRUGGLING WITH D. Optimism the Partnership on AI,anonprofit thatre- 0 PERVASIVE ISSUES 2. D. “Erewhon” deals with apeople searches and advances responsible uses of AI. who,fearingatechnological revolt, Here’sacloser look at the work being done Despite the progress, some problems of AI have bannedmostmachines.The au- “Erewhon” (1872), a satirical sci- to reducebias in AI—and whyit’ssohard. bias resist technological fixes. thor explores howevolution canapply 2. ence-fiction novel by Samuel Forinstance, justasgroups canbeunder- to technology in a playful section of Butler, is one of the earliest to deal represented in training data, theycan also be the novelcalledThe Book of the Ma- with smart machines that can (rather overrepresented.This,critics say, is aproblem chines. Butler eventually came to re- ominously) make more of themselves. with manycriminal-justiceAIsystems such as pudiate Darwin’s ideas. Which of these is believed to have in- IDENTIFYING BIAS “predictivepolicing” programs usedtoantici- fluenced Butler’s thinking about this pate wherecriminal activity mightoccur and 3. C. The false Maria of “Metropolis,” subject? Before bias can be rooted out of AI algo- preventcrime by deploying policeresourcesto instead of rallying the workers, in- A. Sigmund Freud rithms, it first has to be found. International patrol those areas. spires them to chaos until they burn B. Jean-Jacques Rousseau BusinessMachines Corp.’s AI Fairness 360 Blacksare frequently overrepresented in heratthe stake. Restoredtosome- C. Gottlob Frege and the What-if tool from Alphabet Inc.’s 0 the arrestdatausedinthese programs,the thing likeits original glorythankstoa D. Charles Darwin Google are some of the many open-source critics say, because of discriminatory polic- 16mm printdiscoveredinBuenos Ai- packages that companies, researchers and 1 ing practices. res, the movie,inthe wordsoffilm the public can use to audit their models for “If your data contains thatsort of human critic Roger Ebert,“fixed forcountless In FritzLang’ssilentfilm “Me- biased results. 1 bias already,weshouldn’t expect an algo- laterfilms the image of afuturistic 3. tropolis” (1927),the likenessofan One of the newest offerings is the rithm to somehow magically eradicatethat cityasahell of material progressand activistonbehalf of workersistrans- LinkedIn Fairness Toolkit, or LiFT, introduced bias in the models thatitbuilds,” says Mi- human despair.” ferred onto arobotinthe serviceofan in August by Microsoft Corp.’s professional chael Kearns, aprofessor of computer and evil dictator. Name thatactivist/robot. social-network unit. The software tests for information scienceatthe Universityof 4. A. “2001” was directed by Stanley A. Artemesia biases in the data used to train the AI, the Pennsylvania and the co-author of “The Kubrick,who co-wrotethe scriptwith B. Joan model and its performance once deployed. Ethical Algorithm.” Arthur C. Clarkebasedonsome of the C. Maria Then there’sthe lack of agreementabout latter’s short stories. D. Zenobia whatisfair and unbiased. To many, fairness means ignoring race or gender and treating ev- 5. B. The British directorRidleyScott more important than saying the technol- biased results. Some accuracy is sacrificed in the pro- eryone the same.Othersargue thatextra pro- (whose late brother Tony was a film HAL is the famously malevolent AS THE TECH INDUSTRY TRIES TO MAKE AI ogy is 95% accurate.” One of the early users of OpenScale was cess. In one test, an auto lender saw a 4% tections—such as affirmativeaction in univer- directortoo)isalso known forthe 4. computer in the film “2001: a FAIRER,ITFACES SIGNIFICANTOBSTACLES. a lender that wanted to make sure that its increase in loan approvals for Black borrow- sity admissions—areneeded to overcome feministclassic “Thelma and Louise.” Space Odyssey” (1968). What does credit-risk model didn’t unfairly deny loans ers, while the model showed a 0.2% decline centuries of systemic racism and sexism. the acronym HAL stand for? to women. The model was trained on 50 in accuracy, in terms of likeliness to repay. In the AI world, scientists have identified 6. C. “Neuromancer” wasGibson’s de- A. Heuristically Programmed years of historical lending data which, re- “It’s staggering how cheap that trade-off is,” many different ways to define and measure but novel as well as the first book of ALgorithmic Computer one common benchmark contained more REWORKING flecting historical biases, meant that women Mr. Kamkar says. fairness, and AI can’t be made fair on all of the SprawlTrilogy.The otherswere B. Higher Ability Language than 77% male faces and nearly 84% white ALGORITHMS were more likely than men to be considered Over time, AI experts say, the models will them. For example, a “group unaware” model “CountZero” and “Mona LisaOver- Synthesizer ones, according to the study, conducted by credit risks even though they weren’t. become more accurate without the adjust- would satisfy those who believe it should be drive.” C. Hyperintelligent FIXINGTHE DATA Joy Buolamwini, a researcher at the MIT When the training data isn’t accessible or Using atechnique calledcounterfactual ments, as data from new successful loans to blind to race or gender, while an equal-oppor- Artificial Logician Media Lab, and Timnit Gebru, currently a can’t be changed, other techniques can be modeling, the bank could flip the gender asso- women and minorities get incorporated in tunity model might require taking those char- 7. B. In the 2013 movie,directedby D. Helping All Legacy Beings Oncebias is identified, the next stepisremov- senior research scientist at Google. used to change machine-learning algo- ciatedwith possibly biasedvariables from “fe- future algorithms. acteristics into account to produce a fair out- Spike Jonze, lonely Theodore Twom- ing or reducing it.And the placetostart is the Most researchers agree that the best rithms so that results are fairer. male” to “male” and leave all the othersun- come. Some proposed changes could be bly (played by Joaquin Phoenix) falls data usedtodevelop and train the AI model. way to tackle this problem is with bigger One way that bias enters into AI mod- changed. If thatchangedthe prediction from legally questionable. in love with Samantha, an AI assis- Which director, persistently inter- There are several ways that problems and more representative training sets. Ap- els is that in their quest for accuracy, the “risk” to “norisk,” the bank could adjustthe Meanwhile, some people question how tantplayedbyJohansson, in afuture 5. ested in artificial intelligence, with data can introduce bias. Certain groups ple Inc., for instance, was able to develop a models can base their results on factors importanceofthe variables or simply ignore ADJUSTING RESULTS much we should be relying on AI to make Los Angeles. made “Prometheus,” “Blade Runner” can be underrepresented, so that predictions more accurate facial-recognition system for that can effectively serve as proxies for them to makeanunbiasedloan decision. In critical decisions in the first place. In fact, and “Alien”? for that group are less accurate. For instance, its Face ID, used to unlock iPhones, in part race or gender even if they aren’t explic- other words, the bank could change howthe When the data or the model can’tbe many of the fixes require having a human in 8. B. Made on the cheap,this AI clas- A. Tony Scott in order for a facial-recognition system to by training it on a data set of more than itly labeled in the training data. model viewedthatbiaseddata, much like fixed,thereare waystomakepredictions the loop to ultimately make a decision about sic has sincebeenincludedinthe Na- B. Ridley Scott identify a “face,” it needs to be trained on a two billion faces, a spokeswoman says. It’s well known, for instance, that in glasses cancorrectnearsightedness. lessbiased. what’s fair. Pinterest, for instance, relied on a tional Film Registry, a list of movies C. A.O. Scott lot of photos to learn what to look for. If the Shortly after the Gender Shades paper, credit scoring, ZIP Codes can serve as a “You’re debiasing the model by changing LinkedIn’s Recruiter tool is used by hiring diverse group of designers to evaluate the considered “culturally,historically or D. Byron Scott training data contains mostly faces of white IBM released an updated version of its vi- proxy for race. AI, which uses millions of its perspective on the data,” says Seth Do- managers to identify potential job candi- performance of its skin-tone search tool. aesthetically significant” and desig- men and few Blacks, a Black woman re-en- sual-recognition system using broader data correlations in making its predictions, can brin, vice president of data and AI and chief dates by scouring through millions of Manytechnologists remain optimistic that natedfor preservation by the Library tering the country might not get an accurate sets for training and an improved ability to often base decisions on all sorts of hidden data officer of IBM Cloud and Cognitive LinkedIn profiles. Results of a search are AI could be lessbiasedthan its makers. They of Congress. William Gibson’s landmark AI match in the passport database, or a Black recognize images. The updated system re- relationships in the data. If those correla- Software. “We’re not fixing the underlying scored and ranked based on the sought-for saythatAI, if done correctly,can replacethe 6. novel “Neuromancer” (1984) is man could be inaccurately matched with duced error rates by 50%, although it was tions lead to even a 0.1% improvement in data. We’re tuning the model.” qualifications of experience, location and racistjudge or sexisthiring manager,treat ev- 9. C. Named for mathematician Alan the first book of a trilogy—called photos in a criminal database. A system de- still far less accurate for darker-skinned fe- predictive accuracy, it will then use an in- Zest AI, a Los Angeles-based company other factors. eryone equitably and makedecisions that Turing, the test requires a computer CK

what? TO signed to distinguish the faces of pedestri- males than for light-skinned males. ferred race in its risk predictions, and that provides AI software for lenders, uses a But the rankings can reflect longstanding don’t unfairly discriminate. to act so convincingly human—in live A. The Foundation Trilogy IS ans for an autonomous vehicle might not Since then, several large tech companies won’t be “race blind.” technique called adversarial debiasing to racial and gender discrimination. Women are “Evenwhen AI is impacting our civil liber- chat, forexample—thataperson can’t B. The Dune Trilogy GES: even “see” a dark-skinned face at all. have decided facial recognition carries too Because past discriminatory lending mitigate biases from its credit models. It pits underrepresented in science, technical and ties,the fact is that it’s actually betterthan tell if it’s human or AI. C. The Sprawl Trilogy Gender Shades, a 2018 study of three many risks to support—no matter how low practices often unfairly denied loans to a model trained on historical loan data engineering jobs, and as a result might show people,” says Ayanna Howard,aroboticistand D. The AI Trilogy commercial facial-recognition systems, found the error rate. IBM in June said it no longer creditworthy minority and women borrow- against an algorithm trained to look for bias, up far down in the rankings of a traditional chair of the School of Interactive Computing at 10. B. We get the word “robot” from

JOURNAL/IMA they were much more likely to fail to recog- intends to offer general-purpose facial-rec- ers, some lenders are turning to AI to help forcing the original model to reduce or ad- candidate search. the Georgia InstituteofTechnology. the1920hit “R.U.R.” by Čapek,who nize the faces of darker-skinned women than ognition software. The company was con- them to expand loans to those groups just the factors that lead to biased results. In 2018, LinkedIn revised the Recruiter AI “can even get better and better and derived it from rabota,anOld Church REET

Scarlett Johansson played Sa- ST lighter-skinned men. IBM’s Watson Visual cerned about the technology’s use by gov- without significantly increasing default The result is a lending model that has tool to ensure that search results on each better and be less biased,” she says. “But we Slavonic term forforcedlabor.Itis 7. mantha, the disembodied virtual LL Recognition performed the worst, with a ernments and police for mass surveillance risk. But first the effects of the past bias two goals—to make its best prediction of page reflect the gender mix of the entire also have to make sure that we have our rooted in the historic CentralEuropean WA assistant who becomes the object of a nearly 35% error rate for dark-skinned and racial profiling. have to be stripped from the algorithms. credit risk but with the restriction that the pool of qualified candidates, and don’t penal- freedom to also question its output if we do systemofserfdom. In the play, the ro- human’s affections—in which movie? THE women, compared with less than 1% for “Even if there was less bias, [the tech- IBM’s Watson OpenScale, a tool for outcome is fairer across racial groups. “It’s ize women for low representation in the think it’s wrong.” bots do all the work and eventually

A. “She” WEBB light-skinned males. One reason was that da- nology] has ramifications, it has an impact managing AI systems, uses a variety of moving from a single objective to a dual ob- field. For example, LinkedIn posted a recent rise up to kill nearly all the humans. B. “Her” A. tabases used to test the accuracy of facial- on somebody’s life,” says Ruchir Puri, chief techniques for lenders and others to cor- jective,” says Sean Kamkar, Zest’s head of job search for a senior AI software engineer Mr. Totty is a writer in San Francisco. He can C. “Adaptation” recognition systems were unrepresentative; scientist of IBM Research. “For us, that is rect their models so they don’t produce data science. that turned up more than 500 candidates be reached at [email protected]. Mr. Akst is a writer living in New KEITH D. “Lost in Translation” York’s Hudson River Valley. He can Continued opposite page * be reached at [email protected]. P2JW309000-0-R00600-1------XA

R6 | We dnesday, November 4, 2020 THE WALL STREET JOURNAL. JOURNAL REPORT | ARTIFICIAL INTELLIGENCE

 AI helps prepare for, suppress and recover from fires.

should prioritizeacting on first, given limited capacities?” Some big businesses arehiring private companies to help them sift through the data. False positives are aproblem because without confidenceinthe alerts,“youend up not having either the rightconversation with the rightsupplier,orthe most meaningful conversation thatyou could be having,” says Giulia Stellari, directorofglobal sustainable sourcing at consumer-goods giantUnilever. In March, Unilever hired Des- cartes Labs to whittle down the deforestation alerts it receives, with a focus on palm-oil production in In- donesia and Malaysia. Descartes used machine-learning techniques to better distinguish between the vegetation of forests that need to be protected and palm plantations where fires and replanting are a natural part of the agricultural process, says Cooper Elsworth, an applied scientist at the Santa Fe, N.M.- based firm. That, he says, allowed Unilever to narrow down 40,000 alerts in the first half of 2020 to just a few hundred of particular sa- AI Sees the Forest and the Trees lience and importance. New markets? Satellite-imagery analysis can help fight Södra’sefficiency at locating diseased August, the federal governmentand Perhaps the mostambitious hope pests, wildfires and deforestation treesbyasmuch as 20%, helping save the stateannounced their shared com- inspired by these advancing technol- its membershundredsofthousands of mitment to treatatleastone million ogies is thattheywill allownew BY TED ALCORN cubic metersoflumber annually. acres annually. marketstoemerge thatpriceall of It is just one example of how high- It is arduous forcrews to identify the natural benefits of the world’s beetle no larger than a grain of rice is ravag- resolution satellite imagery and artifi- wherethe forest is dense and needs forests—such as sequestering car- ing European forests, infesting and killing trees cial-intelligence-driven analysis are to be cleared,however, and agencies bon from the Earth’s atmosphere faster than they can be culled to slow the in- changing how we understand and in- have typically developedindividual and supporting wildlife—and harness sects’ spread. It turns out the best way to spot teract with forests. Scientists say treatmentprojects of smaller than resources to protectthem. the pests, and stop them, may be from space. these technologies on their own won’t 5,000 acres,saysEli Ilano, forest su- In Pennsylvania, an experimentis For years, Swedish forestry cooperative be decisive in preserving biodiverse pervisor forthe Tahoe National Forest. under way to test thatproposition. Södrahas deployed hundreds of foresters to habitats or forestalling climate The adventofEarth-observation data Max Lowrie, who helps his dad walk the widely spaced spruce on properties it change—but they make possible a has changedthatbyanorder of mag- and brothersmanage atreefarm on Ahelps manage, monitoring the trees’ bark for real-time awareness of the world’s nitude.In2018, the U.S. Forest Service 145acres,saysheheardabout a drilling holes that are a telltale sign of infesta- forests that past conservationists and other partnersinitiatedaproject newkind of carbon offset last year tion. But it can take days to assess a single 100-acre estate by could have only dreamed of. covering 275,000 acres of the North at ameeting of the Woodland Own- foot, and Södra oversees more than five million acres. Last year, Yuba watershed, relying largely on re- ersofClarion-AlleghenyValley. In re- the beetles damaged five million cubic meters of lumber, about a motely sensed data and machine turn forforgoing atimber harvest quarter of the season’s potential yield, says Johan Thor, an ap- Fire prevention learning to create the treatment this year,landownerswould be paid plied physicist and head of data science at the cooperative. As California endures the most de- plan—without relying on staff on the forthe carbon their forestsabsorb— So in early 2019, Södra began working with the Dutch tech- structive fire season in its modern ground. “Comparethattoyearsand but unliketypical offset contracts nology company Overstory to find the beetles from above—way history, state and federal agencies are yearsofcrews and crewsofpeople that areonly open to those with above. By matching high-resolution satellite imagery with geo- adopting similar technologies to as- out trying to characterizethe land- huge holdings,landownerswith as graphic readings of sick trees as recorded by the company’s har- sist in preparing for, suppressing and scape,” says Mr.Ilano.“It’s much faster, fewas30acres could participate, vesters, and integrating other satellite-derived data such as recovering from wildfires. it’s much safer, it’s much cheaper.” and theywould be paid annually and land-surface temperature, they were able to train a model to Forest managerssay the only way for- allowedtorevise their contract each quickly and accurately locate infested areas. The complexity of ward is to acceleratethe paceatwhich year.Combined, the participantsen- the data—with a profusion of tree species and canopy heights— areas of the stateare “treated”—includ- Fighting deforestation rolled66,000 acres,and were ex- was “a sweet spot for machine learning,” says Overstory’s chief ing through controlledburns and by Whereas foresters in California are pected to sequester100,000 metric executive officer, Indra den Bakker. thinning, mulching or removing under- working to preventfutureblazes,con- tons of carbon-dioxide equivalent. Mr.den Bakker estimatesuse of the technology could improve brush with heavy equipment. In early servationists seeking to guardthe “It makes sense: We’redoing world’stropical forestsare trying something good forthe Earth, we to hold businesses accountable should be rewarded forour work,” forfires in the immediate past. says the 53-year-old Mr.Lowrie,who AI in the Skyfor Protecting Forests Much of deforestation in received $3,649 in mid-October. these areas is driven by global The project hinged on a map of Improvedsatellite-imageryanalysis is giving conservationists and companies newwaystomonitor forestsinnear real agribusinesses that source com- the Pennsylvania forests of unprec- time.InSweden, forestry cooperativeSödraisapplying this technology to pinpointinfestations of bark beetles. modities like palm oil, soy and edented detail from SilviaTerra, a cacao from hundreds of thou- forestry-data company. Using artifi- sands of farms, some of which cial intelligence to process an enor- raze protected forests to convert mous amount of satellite imagery them into cropland. Conserva- of various types and time periods, tionists have long employed sat- the company can estimate the size ellite imagery to flag incidents and the species of the trees based of deforestation and name and on factors like when their leaves be- shame the agribusinesses that gin changing color in the fall. profit from the destruction. Zack Parisa, SilviaTerra’s CEO, Global Forest Watch, set up says landowners are typically paid by the nonprofit World Re- for the only dimension of their hold- sources Institute in 2014, issues ings that can be weighed and val- tens of thousands of deforesta- ued—timber—even if the same acre- 1 The pests: The 2 Satellitepatterns: In 3 Dataanalysis: Using 4 Improveddetection: European sprucebark the past, Södra's geolocation readings The data allows tion alerts every week. age creates harder-to-measure beetle is tiny, but its foresters monitored the from mechanical harvest- Södra’sforesters to move As the number and type of sat- benefits like recharging aquifers, impact on forestsis treesonfoot, atime-con- ersand other data, morequickly to infested ellites have increased,Global For- supporting wildlife and storing car- massive: The insect suming process. Now Overstory wasable to train areas.Inpreliminarytrials estWatch’s gazehas sharpened. bon. He believes satellite data and damages or destroys as satellites offer aﬂow of amodel to identify the companyestimatesit “Whatyou do with that artificial intelligence are changing much as aquarter of the contemporaneous images infestedtrees from could increasetheir flood of information?” asks that. “Our core thesis is that ‘mea- lumber on the ﬁvemillion of the forests. Above, satelliteimagery. Above, efficiency by up to 20%, Crystal Davis, the directorof surements make markets,’ ” he says. acres thatSödramanages. healthytrees (red)and areas the model predicts helping preserve Global Forest Watch. “Howdo infestedtrees (blue). areinfested, overlaid with hundredsofthousands of youfigureout which ones mat- Mr. Alcorn is a writer in New York. the location of treesknown metric tons of lumber termostand which ones we Email him at [email protected]. to be sick. each year.

Source:Södra, Overstory,Planet Labs Inc. (satellite imagery), Kevin Hand/WALL STREET JOURNAL

The WayWeTreat Robots Says aLot About Ourselves

Astudy looksatthe conditions homelesspeople themselves. structed ahead of time how to be- under which people will abuserobots, “It could be that some people are have) and three robots work on a and when otherswill intervene threatened by technology, but their project together. Cozmo starts mak- behavior is also driven by curiosity,” ing mistakes, such as pointing to the says Marynel Vázquez, assistant wrong piece at the wrong time. The

BY BONNIE MILLER RUBIN professor of computer science at human following instructions then S

Yale and co-author of the study. mistreats Cozmo by insulting, push- PRES If a person starts abusing arobot, will other peo- “They want to see what will hap- ing and shaking the machine. ZUMA

ple intervene if the robot’sfriends showsadness? pen.” She adds: “The more we un- Nine out of 15 people strongly in- O/

That was the objective of a new study by re- derstand human/robot interaction, tervened in response to the abuse AFL searchers at the Interactive Machines Group at the more we will be able to design when the bystander robots ex- A/

Yale University. these machines so they can work pressed sadness. Only three out of UNOD As robots become increasingly present in public and better for people.” 15 intervened when the other robots TS

work spaces,inroles such as securityguards and baris- The Yale research team set up didn’t react. Of those that inter- SHIO YO

tas,harm from humans is surprisingly common. Robot its experimenttosee if humans vened, most admonished the at- S;

researcherssay photosofpeople punching, kicking, would showmoreempathyifby- tacker verbally, while one participant PRES even beheading these machines arepopular online. stander robots expressedsadness went even further, taking the robot TED

HitchBOT, arobotattempting across-country overthe mistreatmentoftheir fel- off the table. Expressions treated the robot. “Such a reaction CIA trek from NewYork to California in 2015,never got lowrobot, Cozmo.The diminutive, The research team also noted of sadness showed us there’s a threshold” regard- SO AS beyond Philadelphia, whereitwas dismembered by commercial android is mobile,ver- conditions in which humans’ patience by fellow ing people’s willingness to defend or

an unknown assailant. (Offerstorepair the droid bal and conveysunhappinesswith a was tried more sorely. In a pilot test, robots not to defend the poorly performing FUNEZ/ poured in, proving thatall is notlostfor humanity.) downcastand droopyfacial expres- Cozmo made a severe mistake and swayed robot, Prof. Vázquez says. S ELIA

Afew yearslater,arobotinSan Franciscothathad sion worthyofPixar. destroyed an artifact the team had people’s P: been programmedtoprevent homelessencamp- In the experiment, two humans built. After seeing the robot get reactions. Ms. Rubin is a writer in Chicago. She TO ments wasattacked,perhaps unsurprisingly,by (one of whom was secretly in- abused, the other human mildly mis- can be reached at [email protected]. OM FR P2JW309000-0-R00700-1------XA

THE WALL STREET JOURNAL. We dnesday, November 4, 2020 | R7 JOURNAL REPORT | ARTIFICIAL INTELLIGENCE

Early detection of dementia can be crucial to treatment.

paired individuals.The factorsmost closely associatedwith early dementia includedslowertyping speed,awider varianceinwake-up times on consec- utivedays, and the number of messages sent and received on phones and tablets, asign of socialengage- ment, according to Luca Foschini, co- founder and chief data scientistat SanMateo,Calif.-basedEvidation. Research hasshown thatspeech patterns—such as slowerspeech, morepauses and shorter phrases— also mayhave promise in identifying patients with mild cognitiveimpair- ment. In arecentstudy publishedin CurrentAlzheimer Research,nearly 8,900 individuals were asked to read aloud short sentences,and machine algorithms were able to distinguish between healthyindividuals and those with increasing degreesofcog- nitiveimpairmentbyprocessing the acoustics of speech.

Sharing the results Much of this research is in the early stages, so many questions remain unanswered. For example, is speech analysis a better indicator of early- stage dementia than visual-information processing? Is more data always better or is there an optimal combination of information? Should human experts guide the formulas and tell Finding Early Clues of Dementia the machines which factors to focus on, or allow AI to search the data and develop its own patterns? Then there is the so-called black- Artificial intelligence may help clinicians Making doctors better generativediseases,including a study box problem: Because the algorithms detect declines in cognitive abilities Much of the currentmachine-learning of internet-search behavior with Mi- themselves are rarely shared, it isn’t research is focusedonsifting through crosoft Corp.Inthatstudy,researchers clear how a decision is being made. BY SHIRLEY S. WANG patients’electronic health recordsto found thatmachine-learning algo- This is particularly important in the determine whatcombination of risk rithms trainedtoanalyzesubjects’cur- health field, where for clinicians the esearchers are studying whether arti- factorsmostaccurately reflects cogni- sor movements in terms of speed, “how” is important to trusting the in- ficial-intelligencetools thatanalyze tivedecline. changes in direction and tremors, as formation, says Seyed-Mahdi Khaligh- things liketyping speed,sleep patterns One such study,fundedbythe NIA well as whether the subjects repeated Razavi, co-founder and chief scientific and speechcan be usedtohelp clini- and publishedthis year in the Journal search queriesorrepeatedly clicked on officer of CognetivityNeurosci- cians betteridentifypatients with of the American Geriatrics Society, ex- search results, could help detectPar- ences, a Canadian-based company early-stage dementia. aminedelectronic recordsofmorethan kinson’s disease.Preliminaryanalyses that has developed an AI-based tool Huge quantities of data reflecting 16,000 medical visits of 4,330 partici- showedthe strategy holds promise for that analyzes the speed at which in- our abilitytothink and processinfor- pants in a Kaiser Permanente Washing- detecting Alzheimer’s,aswell. dividuals process visual information R mation arenow widely available, ton health system. Using amodel that “Every touchpointinthis journey to detect early signs of dementia. thankstowatches and phones thattrack movement identified31factorsassociatedwith canbeimprovedwith AI,” particu- What’smore, machines learn based cognitivedecline—including changes in larly in the first stage of screening on the data they’re fed, so if thatdata and heartrate, as well as tablets, computersand vir- the way patients walk,prescription-refill formemoryproblems,saysDr. Do- is biased—say, it comes only from tual assistants such as Amazon Echo thatcan record patterns thatindicatetheyaren’ttaking raiswamy. people of only one ethnicity—it could the way we type,search theinternet and paybills. medications as prescribed, and an up- In 2019,drugmaker Eli Lilly &Co., lead to incorrectconclusions,saysDr. Building on previous studies linking biological tick in emergency-care technology giant Apple Inc.and Khaligh-Razavi, aneuroscientist. markersorchanges in certain behaviorstoearly use—researcherswere health-technology firm Evidation Another huge debate in the field cognitivedecline,researchersand companies are able to flag morethan Health Inc.presenteddatashowing centersonwhether individuals should nowtesting whether machine learning canbe 75 1,000 visits thatresulted thatfour commonly useddevices—a be able to get the result of such anal- usedtosiftthrough and makebetter sense of in adementia diagnosis, phone,tablet,smartwatch and sleep yses on their own, or whether the in- howthis complexdatafits together,with the million people including nearly 500 in sensor—could collect useful informa- formation could be given to aclinician goal being to help clinicians detectdiseases such will be living which the patient’scogni- tion overa12-week period that, when first.“Thereisalot of turmoil about as Alzheimer’s sooner. Dementia is one of the with dementia tivechanges previously analyzed by amachine-learning algo- should we givethe information to mostsignificantglobal health concerns,with 75 by 2030, by had gone undetectedin rithm, mightallowprovidersand care- consumers,” says Evidation’s Dr.Fos- million people projected to be living with it by one estimate. the health system. The giverstodistinguish healthypeople chini, adding thatheisastrong be- 2030,upfrom46.8million in 2015,according to researchersconcluded from those with mild cognitiveimpair- lieverthatindividuals should be the Alzheimer’s Disease International, an interna- thatifpatients with mentorearly dementia. The team fo- ownersoftheir owndata. tional federation of Alzheimer’s associations. scores in the top5%of cusedondatathatprevious research The way the results are presented Cognitivechanges typically begin yearsbeforememory their model were sentfor additional hassuggestedare indicativeofcogni- to patients also matters. For in- lapses become apparenttoindividuals or their families.Early evaluation, an estimatedone in six tivedecline,including grossand fine stance, to reduce obsessing over the detection is difficult because initial changes aresubtle,and would be found to have dementia. motorfunction, circadian-rhythm numbers, it could be presented to therearen’tenough dementia experts available to screenpeo- The goal of using artificial intelli- shifts and language. them as a trend over time, rather ple.Yet early detection can be crucialtocoming up with the genceinhealth careisn’t to replace The researchersdeveloped“behav- than a number that can be compared righttreatmentplan and preserving apatient’squalityoflife, humans but rather to assistdoctors, iorgrams,” depicting aday in the lifeof with a patient’s last result, Dr. Fos- says Nina Silverberg, directorofthe Alzheimer’s Disease Re- says P. Murali Doraiswamy,professor participantsacrossall the signals chini says. “The burden of who offers search CentersProgram at the National InstituteonAging. and directorofthe NeurocognitiveDis- acrossall of the data-gathering chan- information is to make sure it’s un- Having moreand differenttypes of data, coupledwith ordersProgram at DukeUniversity nels,and found thatamachine-learn- derstood by the user,” he says. betterwaystomakesense of it,means“thereisdefinitely School of Medicine.Dr. Doraiswamy ing algorithm could analyzethe 40- an opportunity nowthatwejustdidn’t have before,” says has collaborated on severalprojects in- plus data streams to find differences Ms. Wang is a writer in London. Dr.Silverberg. volving machine learning and neurode- between cognitively healthyand im- Email her at [email protected].

Electric-Car Batteries GetaBoost HowAIHelps Build Better Batteries Working toward faster-charging, saferand morepowerful electric vehicles, From Artificial Intelligence batteryresearchersare usingAItospeed up the search forbettermaterials capabilityand aresearcher’s ability and the testing process. Below, alook at howAIcould improve lithium ion to glean information from the data. batteries. AI, or machine learning, changes e- Researchers can use AI some cases, in a matter of weeks. To recharge, all of that. Fast computers trained to speed up development “Historically we have operated the processis e- to recognize specific patterns are on human intuition and experi- reversed sifting through vast amounts of of batteries that are ence, making small changes in e- data stored in the cloud, tapping Electric e- e- Electrons safer and recharge faster things that have worked in the current into materials databases, experi- e- past,” says George Crabtree, direc- e- ment results and years of scientific e- e e- tor of the Joint Center for Energy e- literature, in a high-powered search BY SUZANNE OLIVER Storage Research, established by to identify which battery chemis- the U.S. Department of Energy at tries are likely to outperform and Artificial intelligence is poised the University of Chicago Argonne which are likely to fail. e- to add some juice to electric vehi- lab to accelerate battery research. e- e- Current At its research labinAlmaden, Current cles—by speeding up improve- “Machine learning speeds up this e- e- collector Calif., International BusinessMa- collector ments in battery technology. materials discovery process by or- e- chines Corp.has scientists using AI Researchers are moving closer ders of magnitude.” e- to acceleratedevelopmentofalith- to delivering batteries thatare In particular, AI allows research- ium ion batterythatisfast-charging e- 1 Anode (-) safer, recharge faster and are ers to identify the sweet spot be- and free of heavy metals. IBM says more sustainable than the genera- tween faster charging times and a e- it has discoveredaway to use an Separator tion of lithium ion batteries now in battery’s expected life. iodine-basedmaterial thatcan be Electrolyte use. Within five years, experts say, “The robustcharging perfor- 2 Cathode(+) sourcedfrombrines found in salt- electric vehicles, or EVs, will reach manceofour EVsthatsimultane- water, potentially making this bat- price parity with traditional com- ously extends the lifeofour battery much cheaper to producethan Anode: Stores lithium and Cathode: When the battery bustion-engine cars, thanks in part teries would notbeachievable 1 2 today’slithium ion formulations. releases lithium ions (lithium is recharged, the lithium ions to the role AI is playing. without AI,” says DanielleCory, minus an electron) when the and electrons travelback to the One recent set of possible mate- The battery makes up 25% of General Motors engineering group batteryisdischarging. The anode by their separatepaths. rials for use in the electrolyte—a an EV’s total cost, and half of that manager—next generation controls. separator allows lithium ions to The electrolyte facilitatesthe substance inside a battery that as- battery cost is materials. Using AI, Lithium ion batteries have three passthrough while electrons are movementofthe lithium ions. sists with the generation of the battery researchers can speed up basic components, but each is forced to travelseparately electrical current—had about 20,000 the exploration and testing of a composedofmultiple materials. producing an electric current. potential compounds. Using tradi- AI’shelp: Using AI, vast universe of new material for- This createsanalmostlimitless researchersare developing tional computational methods to mulations that could make up a universe of possible replacement screen those candidates could have AI’shelp: AI enables researchers an iodine-based alternative battery. The result is that ad- materials when scientists want to taken five years. Machine learning to identifysynthesized organic to cobalt, an expensive, vances in research and develop- tinker to improve price, safety or evaluated them in nine days. /REUTERS compounds thatcould boostthe difficult to recycle heavy ment are happening at a pace pre- performance. Before AI, asearch anode’s capacitytohold lithium metal used in mostlithium viously unheard of. Discoveries fornew materials wasdone with ion batteries. Ms. Oliver is a writer in New York FUENTES ions. O

that once would have taken years traditional statistical analysis, City. She can be reached at AL to achieve now are possible, in which waslimited by computing Source:Energy.gov, WSJreporting ,Kevin Hand/THE WALL STREET JOURNAL [email protected]. GONZ P2JW309000-0-R00800-1------XA

R8 | We dnesday, November 4, 2020 THE WALL STREET JOURNAL. JOURNAL REPORT | ARTIFICIAL INTELLIGENCE

What if AI could bail you out when you tracking to figure that usually writes or emails she usually zone out? out), and it manages your sends or even (once we go full Big respective calendars and Brother) based on things she has scheduling requests to said in the vicinity of a phone or digi- minimize the occasions tal home assistant. when you’re on the phone at the same time. If your The problem: Your boss or col- office-mate has an 11 a.m. leagues feel annoyed when you zone call booked next Tuesday, out on a call and don’t know what it will suggest 10 or noon they’re talking about when they ask as the best times for your you a question. own group meeting. The solution: the job saver. When- The problem: the ever you’re on a call, this app is run- dreaded “Zoom meeting ning in the background, transcribing fatigue.” You have so the conversation and using pattern many video calls on your recognition to predict when the con- calendar that your brain versation is coming around to a topic (and legs) are going that directly concerns you. numb. Thirty seconds before your boss calls your name, the job saver deliv- The solution: the meet- ers a small electric shock through ing evader. This tool your keyboard to get your attention, helps you see when you followed by a 20-second briefing that can avoid yet another tells you what you missed while you video call by drawing on were playing “Words With Friends.” pre-existing information in your company communications. The problem: Your colleagues in- The Work Problems Let’ssay you’re about to setupa terruptyou via email, messaging or videocall to discussthe plan foryour phone justwhen you’ve finally gotten quarterly sales report.Meeting evader into agood flowonyour ownwork. IWish AI Could Solve prompts youfor ameeting agenda, so younotethatyou need the latest sales The solution: inspiration protec- figures,highest-value leads and sales, tor. This app keeps a record of your Among them: Your brain is numb line communication so thatyou’re ac- and currentconcerns and sales drivers. work habits, so it knows the differ- from so many video calls tually able to understand one another. Meeting evader then scans through ence between a day when you’re just The colleague who always sounds the sales team’s shared driveand knocking out emails and an afternoon BY ALEXANDRA SAMUEL angry because she writes in all caps, Slack/Teamschannels,aswell as your where you’re really feeling the spark with no greetings or friendly asides? ownemail history,and compiles the in- of inspiration. hether you’re sitting in an office or toiling The colleague translator warms her formation youthoughtrequired a When your choice of applications from home, often the hardest part of work is up by converting her messages to meeting. Nowyou have your full report, or typing speed suggests that you having to deal with colleagues. Sometimes it’s sentence case and adding in a few plus an extra hour back in your day! have entered a flow state, the inspi- collaborating with them, sometimes it’s avoid- words like “Hope you’re having a ration protector turns off your incom- ing them. great day.” Got a junior assistant who The problem: It’s hard to come up ing-message notifications, closes the If only AI could help. floods you with so much background with great ideas when you’re working background window that might pro- W I believe that it can, if we put our minds to information and flattery that you solo, but your colleagues are too busy duce audible Facebook message it. Or somebody’s mind to it. What if the technology that’s so can’t figure out what he’s trying to to help you brainstorm. pings and maybe even flips your good at guessing our next Amazon purchase or even figuring say? The colleague translator parses phone into airplane mode. Anyone out what we’re going to type next in our emails could help do his emails and gives you the bullet- The solution: the colleague simula- who tries to contact you gets an the same thing in our communications with our colleagues? It point, actionable version. tor. You identify the colleagues you’d auto-reply telling them that you’re could anticipate what we need and instantly find ways to fine- like to include in your online brain- currently unavailable. tune our interactions to make collaboration easier. The problem: You’re trying to con- storming session, and the colleague The system could also schedule Here are my nominees and my wild imaginings about what duct a client call, but the person at simulator constructs a simulated ver- your sweetie’s lunch break at the AI could do for us. the adjacent desk—this might be sion based on their messages, emails same time, so you can take that re- your office-mate, your spouse or and social-media presences. freshing walk together. GES The problem: It takes multiple meetings or dozens of your roommate—is on a call at the Need the insight of the brainy co- IMA emails for you and your colleagues to reach an understanding same time, and it’s so distracting. worker who’s always up-to-date on the Dr. Samuel is a technology researcher ETTY

on a key issue. latest industry research? Colleague and the co-author of the forthcoming /G

The solution: the colleague translator. This AI tool will The solution: the call director. simulator scans everything she’s read book “Remote Inc.: How to Thrive at TO learn the communication styles of your various colleagues by You give it a list of nearby colleagues or linked to, and echoes her point of Work…Wherever You Are.” She can be CKPHO

studying their emails and text messages,and adjusttheir on- (or it uses its omniscient location view based on the kind of posts she reached at [email protected]. TO IS

117.2 million clinical network transactions*

Connecting 5,000 providers and 2,400 payers*

15 billion healthcare transactions processed*

1 in 3 U.S. patient Some seedata. records cross our We seeahealthcare system platform* transforming forthe better.

TheChangeHealthcarePlatform. Ourpowerful platformfuels data andanalyticsolutions to connect payers andproviders andenable more accurate ﬁnancial transactions,operational eﬃciencies andimproved clinicaldecision making.It’show we areworking to make thehealthcareexperiencebetterfor everyone. ChangeHealthcare.com/Transforming

*Source: FY20 Change Healthcare Annual Report